The International Monetary Fund is weighing a new support programme for Senegal after billions of dollars in unreported liabilities surfaced last year, prompting the suspension of an existing 1.8 billion US dollar facility, Bloomberg reported.

The discovery of about seven billion US dollars in hidden debt by the administration of President Bassirou Diomaye Faye has complicated Senegal’s fiscal outlook and forced the government into negotiations with the IMF to restore credibility and unlock fresh funding.

According to IMF estimates, Senegal’s total public liabilities — including debts of state-owned enterprises, reached 132 percent of gross domestic product (GDP) by the end of 2024, a level the Fund describes as “challenging.” The government’s own figures place central government debt at 119 percent, while an independent audit calculated the ratio at 99.7 percent for 2023.

Mission chief Edward Gemayel, who led a two-week IMF delegation to Dakar, said both sides are “working as fast as possible” to reach an agreement on reforms and debt management. The Fund could present the case to its board in December or early next year, depending on progress.

Before any new disbursements, the IMF’s executive board must decide whether to grant a waiver for 700 million US dollars already released under the suspended programme. That review could coincide with the approval of a new arrangement, Gemayel said.

IMF Africa Director Abebe Selassie also held talks with President Faye in Dakar over the weekend, according to state-owned newspaper Le Soleil.

Gemayel cautioned that Senegal’s 2026 draft budget, which projects tax revenues to rise by five percent of GDP within a year, was “very ambitious” and would require careful implementation. The IMF expects growth to slow to three percent in 2026, down from about six percent this year.