The Senegalese government and the International Monetary Fund (IMF) have agreed on a new $2.2 billion credit line to support Senegal's economic and financial reform program for 2026–2029, the IMF Communications Department announced on September 1.
The program entails restoring macroeconomic stability and public debt sustainability, reducing fiscal and external vulnerabilities, increasing social spending, and supporting private sector-led economic growth.
"The agreement remains subject to approval by the IMF management and the Executive Board, and it requires decisive corrective actions [on the part of Senegalese authorities] to support the authorities' request for a waiver of responsibility in case of misreporting prior to Executive Board approval," said IMF Mission Chief for Senegal Mercedes Vera Martin.
According to the Fund, Senegal's economy grew by 6.7% in 2025, driven by the start of full-scale oil production. Inflation stood at 1.4%. In the first quarter of 2026, non-oil GDP growth accelerated to 4.7% year-on-year. IMF experts believe the country has good prospects for steady economic development in the coming years.
The IMF expects the Senegalese government to increase domestic revenues, improve control over public spending, and manage public debt more effectively. Senegalese authorities intend to enhance monitoring of domestic debt and strengthen oversight of state-owned enterprises. The IMF program is expected to help attract additional financing from the World Bank, the African Development Bank, and other partners.
Senegal's National Assembly Speaker and former Prime Minister Ousmane Sonko criticized the agreement. He noted that statements from the IMF and the government do not disclose details of the country's future commitments, including those concerning debt management, public finance reforms, protection of vulnerable households, domestic resource mobilization, social spending, and oversight of state-owned enterprises.
"The diplomatic language used by both sides contains no information on the details of this draft agreement, nor on Senegal's commitments. ... Having participated in these discussions for many months and being aware of certain directions that merely repeat past mistakes, I call for absolute transparency," he emphasized.
He called on the government to publish the memorandum on economic and financial policies on which the IMF arrangement is based, or to submit the document to the National Assembly. According to him, the key provisions of the commitments should be reflected in a possible supplementary budget act or the draft 2027 budget.
In the autumn of 2024, the IMF suspended an $1.8 billion assistance program, demanding "corrective measures" and full transparency from Senegal's government. Senegalese authorities were forced to consider debt restructuring options, although Sonko previously called this "a disgrace."
At the end of June, Senegal's Minister of Industry and Commerce, Serigne Guèye Diop, stated that Senegal was ready to consider restructuring its public debt if such a step were necessary to stabilize the financial situation and reach an agreement with the IMF.