Senegal: Faye meets with the IMF ahead of $2.2 billion decision

This meeting comes two weeks after an agreement was reached at the staff level between Dakar and the IMF on a 36-month extended credit facility covering the period from 2026 to 2029. This program still requires approval from the IMF’s management and board of directors.

The IMF specified on September 1 that the agreement also necessitates corrective measures related to the issue of inaccurate financial information provided under the previous administration, as well as assurances of funding from Senegal’s partners.

The program aims to restore the viability of public finances, reduce budgetary and external vulnerabilities, increase social spending, and support private sector growth. Authorities have also committed to strengthening debt management and monitoring domestic arrears.

The meeting with Kristalina Georgieva is part of Bassirou Diomaye Faye’s working visit to Washington on September 14 and 15. The Senegalese presidency announced this trip during the Council of Ministers meeting on September 10.

After Washington, the head of state is set to travel to Abu Dhabi on September 16 and 17 for an official visit to the United Arab Emirates. This trip comes as Dakar seeks to strengthen its financial and investment partnerships.

The IMF indicates that Senegal plans to adopt a medium-term revenue strategy in 2027 to increase domestic resources and create more room for priority spending.