Dakar, Senegal: A staff team from the International Monetary Fund (IMF), led by Mr. Edward Gemayel, visited Senegal from August 19-26, 2025, to discuss corrective measures following the Court of Auditors' report published on February 12, 2025. The mission engaged with the authorities on actions needed to address the misreporting case before consideration by the IMF Executive Board, reviewed the current debt situation, and exchanged views on the contours of a potential new IMF-supported program.
At the conclusion of the visit, Mr. Gemayel issued the following statement:
"The IMF staff team commended the Senegalese authorities on their commitment to fiscal transparency and accountability, following their disclosure of the large misreporting that occurred over the past few years. We have had productive discussions with the authorities on corrective measures aimed at strengthening transparency in public financial management, ensuring reliable budget execution reports, and preserving fiscal sustainability. These measures will help address the systemic issues identified in the Court of Auditors' report, which confirmed significant data misreporting for the 2019-2023 period.
"Following the comprehensive reconciliation exercise conducted by Forvis Mazars, an international audit firm, the authorities have revised the stock of central government debt from [74.4] percent to 111.0 percent of GDP at end-2023. This revision primarily reflects previously undisclosed liabilities. At end-2024, the revised debt statistics show central government debt reached 118.8 percent of GDP.
"Despite these fiscal challenges, Senegal's economy has shown resilience, with growth accelerating to 12.1 percent year-on-year in the first quarter of 2025. This performance has been driven by strong hydrocarbon sector expansion following the start of production at the Sangomar and GTA fields. However, non-hydrocarbon growth remains subdued at 3.1 percent year-on-year, reflecting persistent challenges in the construction sector due to payment arrears and structural difficulties in chemical industries. Inflation has remained contained at 0.7 percent year-on-year through July 2025.
"The mission discussed with the authorities a comprehensive set of remedial measures to address the root cause of the misreporting. These include centralizing debt management functions, strengthening the role of the National Public Debt Committee, and completing the ongoing comprehensive audit of payment arrears launched by the Inspectorate General of Finance on July 21, 2025. Discussions also covered the establishment of a centralized debt database, measures to strengthen budgetary commitment controls, and the progressive consolidation of bank accounts under the Treasury Single Account. Discussions on several corrective measures will continue over the next few weeks before the misreporting case can be presented to the IMF Executive Board.
"The authorities have expressed their intention to request a new IMF-supported program. The IMF stands ready to assist Senegal in designing an ambitious reform agenda aligned with the national development strategy, Vision 2050, and the recently released Economic and Social Recovery Plan, while also incorporating lessons from the Court of Auditor's findings. In this context, the mission took note of four strategic pillars that the authorities intend to prioritize: (i) strengthening public financial management and budget transparency; (ii) supporting the recovery of strategic sectors to foster inclusive growth; (iii) enhancing human capital and improving social equity; and (iv) strengthening resilience to climate shocks and natural disasters. These priorities aim to consolidate macroeconomic stability, strengthen fiscal balances, achieve better control of debt, and promote sustainable and resilient growth.
"The IMF staff team thanks the Senegalese authorities for their warm hospitality, the candor of discussions, and excellent cooperation throughout the mission."
During the visit, the team met with Mr. Cheikh Diba, Minister of Finance and Budget; Mr. Ahmadou Al Aminou Lo, State Minister, Minister to the President of the Republic; Mr. Boubacar Camara, Minister, Secretary General of the Government; and other senior government officials. The team also held productive discussions with other stakeholders.
