IMF Probes $11 Billion Hidden Debt on Senegal’s Books

The International Monetary Fund said an internal review has uncovered about $11.3 billion in previously unreported liabilities on Senegal’s balance sheet as of the end of 2023. The figure includes obligations of state-owned enterprises that the Fund estimates at roughly 7.4 percent of the West African nation’s gross domestic product. A spokesperson for the Fund said staff are still collecting additional information from Dakar and will brief the IMF board on why the debt went undetected. The Fund aims to conclude discussions with the Senegalese authorities ‘soon’ on a package of remedial steps to improve transparency and debt reporting before making a formal assessment of the country’s updated debt position.