By Portia Crowe
DAKAR (Reuters) -The International Monetary Fund will not decide before May whether Senegal must repay money disbursed under a now-frozen programme, it said on Thursday, meaning the West African state will likely miss its goal of having a new programme in place by June.
The IMF’s Senegal mission chief Edward Gemayel also told investors on Thursday that discussions on a new bailout programme – which would follow a decision on the waiver – are expected to begin in June or July, according to three people on the call.
The IMF froze its $1.8 billion bailout programme after Senegal’s government, elected last year, revealed that the previous government had misreported economic data and the country’s debt was higher than previously thought.
Investors had been expecting a waiver on the repayment of the funds before the end of April. Senegal’s finance minister said in February the West African country hoped for a new programme by June.
“The authorities are making every effort to secure the waiver,” an IMF spokesperson said, noting that the earliest possible date for the board to consider it would be May.
The decision would be contingent on receiving the final debt data and an agreement on corrective measures.
“Only after these steps will discussions on a new program commence,” she said.
A spokeswoman for Senegal’s finance ministry said the situation was dynamic.
“We are currently really focused on preparing for the IMF Spring Meetings, which we will be taking part in, and also on implementing the reforms as we have indicated,” she said.
(Reporting by Portia Crowe in Dakar; Editing by Nia Williams)
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