The African Development Bank (AfDB) has approved a financing Worth 20 billion CFA francs (US$35.4 million) to support Senegal’s public finance management as the country works to address its debt challenges.
The funding will support domestic revenue mobilization, structural reforms, and improvements in public finance management and transparency. The AfDB said the package underscores its commitment to supporting Senegal’s economic reforms and efforts to build a more resilient economy.
Senegal is also negotiating a new loan program with the International Monetary Fund (IMF) after its previous credit line was frozen. The government has indicated it will pursue measures other than debt default to meet the IMF’s debt sustainability requirements, while the country is expected to appoint Lazard as its financial adviser on debt matters.