Forces of Financial Audits Senegal will review its Approach to the IMF Program

As of now, the $1.8 billion IMF aid program secured in 2023 remains suspended. According to Finance Minister Cheikh Diba, the deal needs to be restructured. The government hopes to have a new agreement by the first quarter of 2025.

According to Minister of Finance Cheikh Diba, during the annual IMF meetings in Washington, Senegal’s program with the international organisation needs to be changed after an audit revealed a higher debt and budget deficit than previously disclosed.

According to Mr. Diba, who Bloomberg cited, the present program has to be modified. “We are in discussions with the Fund.” The administration’s current goal is to reach a new deal with the IMF by the first quarter of 2025.

By the first quarter of 2025, the government now hopes to have a new deal with the IMF. The IMF’s 2023 $1.8 billion program is currently “on hold,” and the 338 billion CFA francs that were supposed to be paid this year have been rescheduled for 2025.

“We were aware of the ramifications,” said Minister Diba, “but we felt we had to do something about the fundamental differences between the data presented to the Fund, which served as the foundation for our relationship.

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