The International Monetary Fund and World Bank are finalising an updated debt sustainability analysis for Senegal, with negotiations expected to continue in the coming weeks, following the West African nation’s disclosure of $7 billion in previously hidden debts, Bloomberg reports.

IMF spokesperson Julie Kozack told reporters in Washington that the review focuses on debt dynamics, the credibility of Senegal’s financing strategy, and measures to restore investor confidence.

A recent IMF mission concluded without an agreement on a new funding programme. Senegal’s prior $1.8 billion package was frozen last year after the hidden debts came to light, raising questions about the country’s fiscal transparency.

Prime Minister Ousmane Sonko has ruled out debt restructuring, a stance that triggered a selloff in Senegalese bonds. Yields on the 2048 dollar-denominated debt rose further on Tuesday, while shorter-term maturities eased.

Senegal will not face immediate debt-related payments linked to the IMF programme, with Kozack noting that staff and management would not request early repayment. The decision is pending discussion by the IMF’s executive board.