An International Monetary Fund official said its mission to Senegal had concluded without a new lending programme, but that it aimed to finalise one “as soon as possible”.
Mission Chief Edward Gemayel told journalists that talks would continue in the coming weeks and that Senegal was serious about getting its debts in check after discovering billions in debt that the previous administration had not reported to the IMF.

“We still need some more discussions. Hopefully, in the coming weeks we can reach a conclusion,” Gemayel said.

The Fund froze Senegal’s previous $1.8 billion lending programme last year after the then-new leaders revealed the hidden debts, which have since ballooned to more than $11 billion.

The country is now seeking a fresh lending programme, but also needs the IMF board to approve a crucial debt misreporting waiver.

Gemayel said the Fund was working on the waiver in tandem with the new lending programme, though the two may not go before the board at the same time.

He said there was still outstanding technical work on the debt sustainability analysis, which will determine what Senegal must do to secure the programme – including whether it might need to restructure debts.

The country started talks on a new programme last month and an IMF team has been in Dakar since October 22.

–Reuters–