Senegal’s debt authorities insist the country’s finances are now fully transparent and aligned with International Monetary Fund figures. Officials say earlier reporting gaps have been resolved after fresh audits.
Alioune Diouf, Senegal’s public debt director, said both sides are now working from identical data following reviews covering 2019 to 2024. He rejected claims of discrepancies or hidden arrears beyond grace periods.
“We are aligned on all the figures… there is no difference,” he said during an investment event in New York.
However, recent government debt and deficit figures still differ from IMF World Economic Outlook estimates, highlighting lingering statistical gaps.
The IMF suspended a $1.8 billion programme in 2024 after misreporting concerns triggered wider scrutiny of Senegal’s debt practices. Since then, financial disclosures have been expanded through new bulletins and reporting standards.
Diouf said financing operations in 2025, including derivative-linked instruments, were conducted through domestic auctions and appear only in aggregate issuance totals. He said they are not separately itemised.
“These are operations carried out through auctions,” he explained, adding that transparency now exists at a consolidated level rather than line by line.
Senegal is also facing scrutiny over total return swap-style structures, which officials describe as cheaper alternatives to external borrowing. Diouf said they are tied to domestic securities and do not create margin-call risks.
He insisted the state retains control over interest rate dynamics in local markets, reducing exposure to sudden financial shocks.
“We’re working to pay on time,” he said, denying arrears beyond grace periods despite reported delays to some external creditors.
Reuters previously reported delays in payments to Paris Club lenders, including several European countries, though within standard grace windows.
Diouf said some liabilities previously labelled as hidden debt were bank loans later converted into government securities, identified through audits rather than missed payments.
Talks with the IMF continue, with officials aiming to finalise a programme agreement as debt data reconciliation advances but differences remain unresolved.
