The International Monetary Fund (IMF) has halted financial assistance to Senegal following the discovery of undisclosed debts in a report by the Court of Audit.
IMF Communications Director Julie Kozack stated that any further financial support would remain on hold until a final resolution was reached. She emphasized that this decision aligns with IMF regulations and aims to ensure transparency in financial reporting.
Kozack reaffirmed the IMF’s commitment to working with Senegalese authorities to address the discrepancies and maintain debt sustainability. In response to the situation, the Senegalese government, under Prime Minister Ousmane Sonko, withdrew from the second review of the IMF’s $1.8 billion program, resulting in the suspension of associated payments.
The report disclosed an unreported debt of 2.5 trillion CFA francs ($4.13 billion) owed to local banks, adding further strain to the country’s economy.