By Portia Crowe
DAKAR, Jan 15 – The International Monetary Fund’s new mission chief for Senegal will make a short trip to the West African nation early next week, an IMF spokesperson said, but no substantive negotiations are expected.
Senegal is grappling with a debt burden that the Fund said hit 132% of gross domestic product at the end of 2024 after the country’s current leadership uncovered billions of dollars in borrowing not reported by the previous administration.
The IMF froze a $1.8 billion lending programme over the controversy, forcing Senegal to rely heavily on regional debt auctions to meet its financing needs. The government has for months been in talks with the Fund to establish a new programme.
Mission Chief Mercedes Vera Martin will visit Senegal with her predecessor, Edward Gemayel, for a “primary introductory visit” early next week, the spokesperson said late on Wednesday.
Both are expected to meet with Senegalese authorities, but no substantive negotiations are expected in the immediate future, a person familiar with the matter told Reuters.
Spokespeople for Senegal’s finance and economy ministries did not immediately respond to requests for comment.
Vera Martin oversaw Zambia’s debt restructuring as head of mission there from 2023 to 2025. Gemayel will take over from her as Zambia mission chief.
Senegalese authorities have repeatedly ruled out a debt restructuring but have said they hope to finalise a loan programme with the IMF quickly.
(Reporting by Portia Crowe; Editing by Karin Strohecker and Joe Bavier)
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