Gambiaj.com – (DAKAR, Senegal) – A delegation from the International Monetary Fund (IMF) arrived in Dakar on Tuesday, March 18, to scrutinize the findings of an audit on Senegal’s public finances conducted under the administration of former President Macky Sall. The visit, coming weeks after the Court of Auditors’ damning report, could have far-reaching implications for the country’s financial stability and future economic programs. The institution may choose to make a derogation to approve a new program in April while the Senegalese government searches for liquidity.

Led by IMF division head Eddy Gemayel and Senegal’s IMF representative Majdi Debbich, the delegation engaged in discussions with Economy Minister Abdourahmane Sarr and Finance and Budget Minister Cheikh Diba.

A spokesperson for the IMF told Jeune Afrique that the audit was under review by the fund’s legal and fiscal department, with its findings set to be communicated to Senegalese authorities.

The discussions revolved around the initial misreporting of Senegal’s public finances and the possibility of a new economic and financial program. According to sources close to the matter, the IMF may send another mission before its board meets in June to assess Senegal’s eligibility for further financial support.

The Court of Auditors’ report, published on February 12, exposed a stark contrast between previous official estimates of Senegal’s debt and the actual figures.

While the former government claimed a debt level of 25% of GDP (about 4,700 billion CFA francs) at the end of 2023, the audit revealed that the real debt stood at nearly 100% of GDP, a dramatic increase from 54.71% in 2018.

This revelation aligns with accusations made last September by Prime Minister Ousmane Sonko, who alleged that Macky Sall’s administration had misrepresented Senegal’s financial health to both citizens and international partners.

The IMF had already suspended a previous financial program agreed upon in June 2023 under Macky Sall’s leadership. Out of a $1.8 billion package, $770.5 million had been disbursed before the program was halted due to concerns over the accuracy of Senegal’s financial disclosures.

Despite the IMF’s insistence that it is not questioning the credibility of the Court of Auditors’ report, its review process remains standard for all nations dealing with sensitive financial issues. Before the audit’s publication, the IMF had already approached the Central Bank of West African States (BCEAO) for clarification on Senegal’s fiscal health.

The Senegalese government, facing an urgent need for liquidity, eagerly awaits the IMF’s conclusions. If the fund determines that the country’s economic prospects remain viable, its board of directors may approve a new program, a move backed by Senegal’s diplomatic partners.

According to Jeune Afrique, a special exemption could be granted to fast-track approval of the 2025 economic program, with a final decision expected by the end of April.