Economists and financial experts from Africa and Asia gathered in Dakar on Monday, May 11, to discuss alternative solutions to Senegal’s worsening debt crisis ahead of a major Conference expected to be attended by Prime Minister Ousmane Sonko on Tuesday, May 12.
The Forum focused on finding alternatives to austerity measures traditionally promoted by the International Monetary Fund and the World Bank as concerns grow over Senegal’s rising public debt.
Participants proposed measures including debt restructuring, renegotiation of loan repayment conditions, increasing tax revenues while encouraging investment, and seeking partial cancellation of what some described as “illegitimate” debt.
Economist Demba Moussa Dembele criticised the IMF’s long-standing role in Senegal, arguing that austerity policies and restrictions on public investment had worsened the country’s economic difficulties.
Experts at the Forum also cited examples from Kenya, Pakistan and Uruguay as possible models for debt management and restructuring. The Conference, organized by the ‘Think tank Ideas Africa Network’, is expected to conclude on Wednesday, May 13, with a series of recommendations aimed at helping policymakers address Senegal’s financial challenges.