The International Monetary Fund (IMF) has confirmed that the administration of former Senegalese President Macky Sall deliberately concealed up to $7bn in public debt between 2019 and 2024, following an audit commissioned by the new government.<\/p>\n
The IMF\u2019s validation of the findings, reported by APA News, supports earlier claims made by President Bassirou Diomaye Faye shortly after taking office.<\/p>\n
In response to the reported discrepancies, the IMF suspended its $1.8bn credit facility to Senegal in 2024, pending a full review of the country\u2019s fiscal reporting. The suspension remains in place as the IMF awaits adequate corrective measures from the new government to address the misreporting of key economic indicators.<\/p>\n
A delegation from the IMF, led by mission chief Edward Gemayel, endorsed the findings of Senegal\u2019s Court of Auditors, which revealed that Sall\u2019s administration had understated national debt, causing the actual debt-to-GDP ratio to approach 100%, significantly higher than the official figure of 70%. This misrepresentation allowed the country to access international loans under more favourable terms, misleading global investors and financial institutions.<\/p>\n
The audit\u2019s publication has fuelled political tensions in Dakar, with opposition groups accusing President Faye and Prime Minister Ousmane Sonko of leveraging the investigation to undermine the former regime. However, the IMF has publicly supported the new leadership\u2019s emphasis on transparency and commitment to fiscal reform<\/p>\n
The Court of Auditors has also revised Senegal\u2019s 2023 budget deficit from 4.9% to 12.3% of GDP, intensifying concerns over the country\u2019s financial stability. Credit rating agencies Moody\u2019s and Standard & Poor\u2019s have since downgraded Senegal\u2019s sovereign rating, further complicating the government\u2019s economic recovery plans.<\/p>\n
Justice Minister Ousmane Diagne has confirmed that criminal investigations are underway against former officials implicated in alleged offences, including embezzlement and money laundering, as part of a wider anti-corruption initiative.<\/p>\n
Reuters<\/em><\/strong><\/p>\n Source: the standard newspaper<\/p>\n","protected":false},"excerpt":{"rendered":" The International Monetary Fund (IMF) has confirmed that the administration of former Senegalese President Macky Sall deliberately concealed up to $7bn in public debt between 2019 and 2024, following an audit commissioned by the new government. The IMF\u2019s validation of the findings, reported by APA News, supports earlier claims made by President Bassirou Diomaye Faye […]<\/p>\n","protected":false},"author":3,"featured_media":4402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,35],"tags":[],"class_list":["post-4401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","category-senegambia"],"_links":{"self":[{"href":"https:\/\/buzz7.net\/index.php?rest_route=\/wp\/v2\/posts\/4401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buzz7.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buzz7.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buzz7.net\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/buzz7.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4401"}],"version-history":[{"count":1,"href":"https:\/\/buzz7.net\/index.php?rest_route=\/wp\/v2\/posts\/4401\/revisions"}],"predecessor-version":[{"id":4403,"href":"https:\/\/buzz7.net\/index.php?rest_route=\/wp\/v2\/posts\/4401\/revisions\/4403"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buzz7.net\/index.php?rest_route=\/wp\/v2\/media\/4402"}],"wp:attachment":[{"href":"https:\/\/buzz7.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buzz7.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buzz7.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}