Senegal moves closer to a program with the IMF

A mission from the International Monetary Fund (IMF), led by Ms. Mercedes Vera Martin, head of mission for Senegal, stayed in Dakar from June 15 to 19 to assess the evolution of the macroeconomic situation in the country and to discuss with the authorities on the challenges ahead.

At the end of the visit, the IMF welcomed the commitment of the Senegalese authorities to the implementation of reforms intended to correct the inadequacies revealed by errors in reporting public data. The institution particularly appreciated the efforts aimed at strengthening public finance management, budgetary governance and transparency, as well as the institutional reforms undertaken to unify public debt management functions.

“The Senegalese economy has demonstrated a certain resilience despite a difficult international context. Real GDP growth reached 6.7% in 2025, supported mainly by the development of the hydrocarbon sector. At the same time, the current account deficit narrowed significantly thanks to increasing oil exports and falling imports,” the statement added.

The IMF also notes an improvement in the budgetary situation. The overall deficit fell from 13.4% of GDP in 2024 to 6.4% in 2025, as a result of a rationalization of public spending. However, the IMF estimates that fiscal vulnerabilities and debt-related risks remain high.

Discussions between the two sides focused on the consequences of the war in the Middle East on the Senegalese economy, the state’s financing needs for the rest of the year, as well as reforms likely to support economic growth, strengthen social protection mechanisms and improve public governance.

For their part, adds the source, the Senegalese authorities have reaffirmed their desire to conclude a new program with the IMF. “Discussions will continue around reform priorities, including fiscal consolidation, reducing debt-related vulnerabilities, improving public governance and promoting inclusive and sustainable growth,” the document says.

The IMF finally reiterated its availability to support Senegal in its efforts to achieve economic recovery and strengthen macroeconomic stability.

O. FEDIOR