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Mission Chief Edward Gemayel told journalists that talks would continue in the coming weeks and that Senegal was serious about getting its debts in check after discovering billions in debt that the previous administration had not reported to the IMF.
The International Monetary Fund says its mission to Senegal has ended without a new lending program but an official said the body is planning to finalize one soon.
Mission Chief Edward Gemayel told journalists that talks would continue in the coming weeks and that Senegal was serious about getting its debts in check after discovering billions in debt that the previous administration had not reported to the IMF.
The Fund froze Senegal’s previous $1.8 billion lending programme last year after the then-new leaders revealed the hidden debts, which have since ballooned to more than $11 billion. The Fund estimates that at the end of last year, total public sector debt stood at 132 percent of GDP, including 4 percent in domestic expenditure arrears.
The country is now seeking a fresh lending program, but also needs the IMF board to approve a crucial debt misreporting waiver.
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Gemayel said the Fund was working on the waiver in tandem with the new lending programme, though the two may not go before the board at the same time.
