A team from the International Monetary Fund (IMF), led by Edward Gemayel, visited Senegal between August 19 and 26, 2025. The visit focused on discussing measures to address issues highlighted in a report by Senegal’s Court of Auditors published earlier this year. The mission also reviewed Senegal’s current debt status and considered the possibility of a new IMF-supported program.
Edward Gemayel stated: "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 an audit by Forvis Mazars, authorities revised central government debt figures significantly upward—from 74.4 percent to 111 percent of GDP at the end of 2023—mainly due to previously undisclosed liabilities. Revised statistics show that central government debt reached 118.8 percent of GDP at end-2024.
Despite these challenges, Senegal’s economy recorded a growth rate of 12.1 percent year-on-year in the first quarter of 2025, largely due to expansion in hydrocarbon production after operations began at Sangomar and GTA fields. However, non-hydrocarbon sectors grew more slowly at 3.1 percent year-on-year amid ongoing difficulties in construction and chemical industries caused by payment arrears and structural issues. Inflation was reported as contained at 0.7 percent year-on-year through July.
Gemayel added: "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 IMF team discussed several remedial actions with officials including consolidating debt management functions under one authority; strengthening oversight bodies like the National Public Debt Committee; continuing audits into payment arrears; establishing a centralized database for debt; improving controls over budget commitments; and consolidating bank accounts within a Treasury Single Account system.
According to Gemayel: "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 on several corrective measures will continue over the next few weeks before the misreporting case can be presented to the IMF Executive Board."
Senegalese officials indicated plans to seek support for a new IMF-backed reform agenda that aligns with national priorities such as enhancing public financial management and budget transparency; supporting key sectors for inclusive growth; improving human capital; increasing social equity; and building resilience against climate-related risks.
Gemayel concluded: “The authorities have expressed their intention to request a new IMF-supported program... In this context, the mission took note of four strategic pillars that ... aim to consolidate macroeconomic stability, strengthen fiscal balances, achieve better control of debt, and promote sustainable and resilient growth.
"The IMF staff team thanks ... for their warm hospitality ... candor ... excellent cooperation throughout..."
During its stay in Dakar, meetings were held with Cheikh Diba (Minister of Finance and Budget), Ahmadou Al Aminou Lo (State Minister), Boubacar Camara (Secretary General), other senior officials as well as various stakeholders.