Senegalese Prime Minister Ousmane Sonko has said his government will not pursue a debt restructuring, even as the country faces mounting repayment pressures and reduced access to international financing. Speaking on Thursday at a joint press conference with Mauritania’s prime minister in Dakar, Sonko said Senegal could navigate its fiscal challenges without renegotiating its debt, insisting that public debt levels remain manageable if properly accounted for.
The International Monetary Fund (IMF) has estimated Senegal’s public debt at about 132% of GDP at the end of 2024, a sharp rise driven by heavy borrowing linked to infrastructure spending and delayed fiscal disclosures. In response to concerns over data transparency and debt sustainability, the IMF has suspended a $1.8 billion lending program, complicating the government’s financing plans. Sonko’s administration has accused the previous government under former President Macky Sall of concealing the true scale of public liabilities, including off-budget borrowing and guarantees. Authorities say an ongoing audit of public finances will clarify Senegal’s real debt position.
Senegal’s debt is held by a mix of creditors, including multilateral institutions, bilateral partners and commercial lenders. In recent months, the government has increasingly turned to regional bond markets within the West African Economic and Monetary Union to meet funding needs. Sonko said the government is focusing on improving revenue collection, curbing wasteful spending and restoring credibility with lenders as it seeks to stabilize the economy without resorting to restructuring talks.
