Senegal aims to finalise a new programme with the International Monetary Fund swiftly, Finance Minister Cheikh Diba said in Dakar on Tuesday.
He told lawmakers that talks with the IMF were progressing smoothly as the country grapples with a deepening debt crisis.
Senegal’s debt reached 132 percent of gross domestic product by the end of 2024, according to the IMF.
The figure rose sharply after the current government uncovered billions of dollars in liabilities unreported by the previous administration.
The discovery shook confidence in the country’s public finances and complicated relations with international lenders.
Last year, the IMF froze a 1.8 billion dollar loan package amid concerns over undisclosed debt.
This month, however, the Fund said significant progress had been made towards agreeing a new programme.
The IMF is still conducting an internal investigation into how the hidden debt escaped detection for so long.
Diba said consensus had been reached on correcting financial data, with work continuing on budgetary and debt-related reforms.
He said the IMF was reviewing Senegal’s proposals and the financial instruments developed to stabilise the economy.
A new IMF mission chief is expected to begin work in January, raising hopes for faster negotiations.
Diba said concluding an agreement quickly was a pressing need for the West African nation.
His measured tone contrasted with Prime Minister Ousmane Sonko’s sharper rhetoric in recent weeks.
Sonko told supporters last month that the IMF was pushing Senegal to restructure its debt.
He said the government opposed such a move, calling it a disgrace that would damage national pride.
Despite tensions, Senegal plans to keep raising funds through various channels, including issuing Eurobonds.
The government hopes renewed cooperation with the IMF will help restore credibility and steady the economy.