The African Development Bank has approved 20 billion CFA francs ($35.4 million) in financing to help \u200bSenegal strengthen its public finance management as \u200cthe West African country grapples with a debt crisis, the bank said in a statement.<\/p>\n
The money aims to \u200bhelp Senegal increase domestic resource mobilisation, implement \u200bstructural reforms and strengthen public finance management \u2060and transparency, the AfDB said.<\/p>\n
It was not immediately \u200bclear whether the financing is a grant or \u200ba loan.<\/p>\n
Investors are\u00a0closely watching\u00a0Senegal’s efforts to tackle its debt burden after the government in 2024 disclosed previously \u200bunreported debts that eventually topped $13 billion.<\/p>\n
“Through this operation, \u200bthe African Development Bank reaffirms its commitment to standing alongside \u200cSenegal \u2060to consolidate economic reforms, strengthen domestic resource mobilisation, and create the conditions for more resilient growth,” said Wilfrid Abiola, the head of AfDB’s \u200bSenegal country office.<\/p>\n
Senegal \u200bis in \u2060talks with the International Monetary Fund for a new loan after \u200bthe Fund froze its previous credit line. Officials \u200bhave \u2060said they are pursuing measures\u00a0other than debt default\u00a0in order to meet the IMF’s sustainability requirements.<\/p>\n
The \u2060country \u200bis expected to\u00a0appoint Lazard\u00a0as \u200bits financial adviser on debt matters.<\/p>\n","protected":false},"excerpt":{"rendered":"
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