The President of Senegal, Bassirou Diomaye Faye, is taking direct control of negotiations with the International Monetary Fund (IMF) to address the country’s mounting debt crisis. This move comes as the government grapples with the fallout from undisclosed liabilities uncovered in 2024 under the previous administration.

While Senegal’s Prime Minister, Ousmane Sonko, hosted a Dakar symposium on “finding alternatives to structural adjustment pressures from Bretton Woods institutions”—featuring economists and academics—President Faye made headlines by meeting IMF Managing Director Kristalina Georgieva on the sidelines of the Africa Forward Summit in Nairobi. The two leaders explored potential solutions to Senegal’s debt woes, with both sides agreeing to continue discussions. The presidential office emphasized that the matter is a top priority for President Faye, who is personally invested in resolving it.

The meeting also addressed the broader economic fallout from geopolitical tensions in the Middle East, particularly the surge in global energy prices and its strain on Senegal’s economy. The government’s proactive stance underscores its commitment to managing debt sustainably while shielding the country from external shocks.

Earlier this year, concerns arose when the IMF suspended a $1.8 billion funding program in 2024 after detecting discrepancies in financial reporting. Now, Dakar is seeking a new loan arrangement to tackle a debt burden that has ballooned to over 130% of GDP. The IMF has also revised down its growth forecasts for Senegal and warned of a wider-than-anticipated current account deficit.

President Faye’s direct involvement signals a strategic shift, prioritizing transparency and fiscal reform while resisting external pressure for drastic austerity measures.