By Portia Crowe
The International Monetary Fund’s (IMF) new mission chief for Senegal will make a short trip to the West African nation early next week, an IMF spokesperson said, but no substantive negotiations are expected.
Senegal is grappling with a debt burden that the Fund said hit 132% of GDP at the end of 2024 after the country’s current leadership uncovered billions of dollars in borrowing not reported by the previous administration.
The IMF froze a $1.8bn (R29.45bn) lending programme over the controversy, forcing Senegal to rely heavily on regional debt auctions to meet its financing needs. For months the government has been in talks with the Fund to establish a new programme.
Mission chief Mercedes Vera Martin will visit Senegal with her predecessor, Edward Gemayel, for a “primary introductory visit” early next week, the spokesperson said late on Wednesday.
Both are expected to meet Senegalese authorities, but no substantive negotiations are expected in the immediate future, a person familiar with the matter said.
Spokespeople for Senegal’s finance and economy ministries did not immediately respond to requests for comment.
Vera Martin oversaw Zambia’s debt restructuring as head of mission there from 2023 to 2025. Gemayel will take over from her as Zambia mission chief.
Senegalese authorities have repeatedly ruled out a debt restructuring but have said they hope to finalise a loan programme with the IMF quickly.
Reuters
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