Senegalese President Bassirou Diomaye Faye is due to meet International Monetary Fund Managing Director Kristalina Georgieva in Washington on Tuesday as the government seeks to advance a new economic reform programme designed to restore fiscal stability and address mounting debt pressures.
The IMF has confirmed the meeting, saying the two leaders will discuss recent economic developments in Senegal and the government’s economic reform programme. The talks come at a consequential stage in Dakar’s engagement with the Fund, following a staff-level agreement reached earlier this month on a proposed 36-month Extended Credit Facility worth about US$2.2 billion.
The proposed programme has not yet been approved by the IMF’s Executive Board. According to the Fund, approval is conditional on further corrective action in response to weaknesses identified in Senegal’s reporting of public finances, as well as the receipt of financing assurances from the country’s development partners.
The agreement marks a further stage in efforts by the Senegalese authorities to rebuild confidence in the country’s public finances after discrepancies in previously reported fiscal and debt data were brought to light. The IMF has said the government has taken steps to strengthen fiscal governance, improve debt management and enhance the transparency of public finances, while noting that further measures remain necessary.
The scale of the fiscal challenge is significant. The IMF said Senegal’s overall fiscal deficit narrowed from 13.4 per cent of GDP in 2024 to 6.4 per cent in 2025, while the economy expanded by 6.7 per cent last year, supported in large part by the expansion of the hydrocarbon sector. Non-hydrocarbon growth, however, was considerably weaker at 2.2 per cent in 2025, underscoring the importance of broadening growth beyond the emerging oil and gas economy.
Senegal’s authorities are seeking to use the new programme to address those structural pressures while protecting spending considered important to households and development. The IMF says the proposed reforms include stronger domestic revenue mobilisation, tighter expenditure management, improved public debt administration, closer monitoring of domestic arrears and greater oversight of state-owned enterprises. The programme also envisages measures aimed at improving the business environment and financial inclusion.
For Dakar, the negotiations are taking place within a broader national policy framework rather than in isolation from domestic priorities. The government has continued to promote its Senegal 2050 development agenda, with public-sector reform, economic sovereignty, social equity and the recovery of public accounts forming part of its stated policy priorities.
Senegal’s Council of Ministers confirmed that President Faye would undertake a working visit to Washington on 14 and 15 September before travelling to Abu Dhabi for an official visit from 16 to 17 September.
The Washington visit has also included engagement beyond multilateral financial institutions. Faye has met representatives of the US Chamber of Commerce and the U.S.-Africa Business Center, with discussions centred on trade, investment and Senegal’s economic priorities.
The IMF agreement also envisages Senegal seeking debt treatment as part of efforts to restore debt sustainability. The Fund has stressed that decisions over the country’s debt strategy ultimately rest with the Senegalese authorities, while IMF and World Bank teams have been working with Dakar on updated assessments of the country’s debt position.
The issue is particularly sensitive given the scale of Senegal’s accumulated obligations. The IMF said public-sector debt was estimated at 132 per cent of GDP at the end of 2024, while emphasising that Senegal had continued to meet its debt obligations. The figure reflects the broader reassessment of Senegal’s public finances following the disclosure of previously unreported liabilities.
The proposed IMF programme therefore represents more than a financing arrangement. For Dakar, it is also part of an effort to restore credibility in public financial management while creating room for investment and social expenditure. For the Fund and Senegal’s other development partners, the process involves balancing the need for fiscal consolidation with the economic and social priorities of a country seeking to sustain growth and expand the benefits of its emerging hydrocarbon economy.
President Faye’s meeting with Georgieva is consequently likely to be closely watched in Dakar and beyond. The immediate question is whether the government can translate the reforms agreed with IMF staff into a credible and domestically owned fiscal strategy, while securing the financing needed to support Senegal’s development ambitions without placing an unsustainable burden on future public finances.
The proposed US$2.2 billion programme remains subject to the IMF’s formal approval process. Until that process is completed, the agreement between Senegal and IMF staff should therefore be regarded as a preliminary programme framework rather than a final disbursement commitment.
