DAKAR, April 22 – Senegal says its public debt data is now fully transparent and aligned with figures from the International Monetary Fund, following a period of scrutiny over previously undisclosed liabilities.
Public debt director Alioune Diouf said the government and IMF are now working with identical figures after audits covering 2019 to 2024. The effort comes after the IMF halted a $1.8 billion support program in 2024 due to earlier misreporting, raising concerns about the country’s fiscal transparency.
Diouf emphasized that recent reforms have improved disclosure, including the publication of quarterly budget reports, debt statistical bulletins and compliance with IMF data standards.
However, some inconsistencies remain. Government-reported debt-to-GDP and deficit figures differ from those in the IMF’s World Economic Outlook, highlighting ongoing questions about data alignment.
The government has also faced scrutiny over its use of derivatives-linked financing, particularly total return swap-type structures. Diouf defended these instruments as cost-effective alternatives to external borrowing, noting they are embedded within domestic debt issuance and reflected in aggregate auction data rather than disclosed individually.
He added that the swaps are tied to domestic government securities and structured to avoid margin calls, arguing that risks are minimal due to the government’s influence over local interest rate dynamics.
The renewed focus on transparency is part of Senegal’s broader effort to rebuild investor confidence and restore credibility with international partners after the earlier reporting issues.
