Officials engage in a discussion on trade policies affecting West African nations during a regional summit.
Senegal has unveiled an ambitious plan, largely financed through domestic resources, to raise nearly $10 billion by 2028 in a bid to tackle its deepening debt crisis. Prime Minister Ousmane Sonko announced measures including tax hikes, subsidy cuts, and renegotiation of energy contracts. The move comes after the Faye administration uncovered $7 billion in hidden debt, triggering the suspension of an IMF loan and a credit downgrade by S&P. Now, with debt nearing 120% of GDP, the government is focused on fiscal reform, aiming for a 3% deficit by 2027. In the meantime, the government plans to rebase the country’s GDP and tighten public spending in a bid to restore investor confidence ahead of new IMF talks regarding new funding.
Bloomberg