Senegal is continuing talks with the International Monetary Fund (IMF) on a new programme, “with the best interests of our country and our people in mind”, a Senior Adviser to President Bassirou Diomaye Faye told Reuters this Wednesday.

Aminata Toure, High Representative of the President and a former Prime Minister, said the suspension of a previous programme had impeded agreements with other donors, but the country remained “committed to all its payment engagements”.

“So far we didn’t default, and we don’t intend to default at all,” she said.

Senegal is grappling with a debt burden that reached 132% of gross domestic product at the end of 2024, according to IMF figures, after the government uncovered billions of dollars in misreported borrowing by the previous administration.

The IMF froze a $1.8 billion lending programme after the discovery, and the two sides have been in talks for months over a replacement.

“Senegal is willing to have a deal, but at the same time, Senegal is very strong on defending its own interests,” Toure said. “The discussions are going on; they are not blocked.”

Senegal owes more than $480 million to Eurobond holders next month and expects to make the payments on time.

“Sometimes you have to focus on priorities; that doesn’t mean that you are not interested in the rest,” she said.

University students have recently protested over claims of unpaid financial aid, with one student dying last week following a campus raid. Following the incident, the higher Education Minister said Senegal was not currently in arrears to students.

Toure said in November the IMF had proposed a debt restructuring but that Senegal would not agree to one.

Toure said on Wednesday that debt restructuring was “a very complex issue.”

“Some decisions can have long-term impacts, including even blocking, sometimes, your growth prospects.”

–Reuters–