Visual of coins and bonds symbolizing financial strategies to stabilize Nigeria’s Naira currency.
Senegal’s international bonds gained sharply after the government unveiled plans to reduce its budget deficit over the next several years. The announcement boosted investor confidence despite ongoing debt challenges. Dollar-denominated bonds due in 2033 and 2048 posted strong gains following projections that the fiscal deficit will narrow from 5.4% of gross domestic product this year to 4.9% in 2027 and 3% by 2029. The plan comes as Senegal seeks to restore credibility after revealing billions of dollars in previously undisclosed debt, prompting the International Monetary Fund to suspend a $1.8 billion lending program in 2024. Negotiations for a new IMF agreement continue, with the Fund calling for additional reforms, including an independent audit of payment arrears, to improve transparency and strengthen public finances.
Bloomberg