Senegal Expects to Meet $480 Million March Eurobond Payment on Time

DAKAR, Feb 18 – Senegal expects to make more than $480 million in Eurobond payments due in March on time, two sources familiar with the matter said on Tuesday.

The West African country has raised sufficient financing through tax revenues and the regional debt market to cover the payment, which is worth nearly half a billion dollars with funding arrangements still being finalised.

Senegal faces the repayment as it manages a rising debt burden. The International Monetary Fund said the country’s public debt reached 132 percent of gross domestic product at the end of 2024. The increase followed the discovery by the current administration of billions of dollars in previously unreported borrowing under the former government.

The IMF froze a $1.8 billion lending programme in response to the debt reporting controversy. As a result, Senegal has relied more heavily on regional debt auctions to meet its financing needs. The government has held discussions with the IMF for several months to negotiate a new programme.

Tax collections in the first quarter are expected to remain strong with revenues from corporate income tax, personal income tax, value added tax and dividend tax to contribute to covering the Eurobond obligations.

Senegal has raised 510 billion CFA francs, equivalent to about $922 million, on the regional market so far this year. In January, the government said it plans to raise 4.132 trillion CFA francs on the regional market in 2026.

Two other people briefed on the matter said they expect the country to meet the March payment deadline. A spokesperson for Senegal’s finance ministry did not immediately respond to a request for comment however.