Dégradation de sa note souveraine : Le Sénégal rassure les marchés, selon Babo Amadou Ba
Against all expectations, financial markets reacted positively after Moody's downgraded Senegal's sovereign rating from B3 to Caa1. Analysts described the situation as a "paradox."
A guest on the Seneweb Eco program this Sunday, October 26, Dr. Babo Amadou Ba believes that this reaction is primarily due to a return of confidence linked to the transparency displayed by the Senegalese authorities. "The International Monetary Fund (IMF) came out recognizing the existence of a hidden debt. Senegal played the transparency card, and that is what the markets welcomed," he said.
Despite Moody's negative rating, the immediate impact on bonds was limited. The country continued to raise significant amounts in the WAEMU regional market, raising more than 2.1 trillion CFA francs.
The 3FPT's general manager points out, however, that this downgrade could increase the cost of future borrowing, as investors now demand a higher risk premium. "The nominal interest rate will explode, which is normal. But Senegal still has leverage, namely bilateral and multilateral borrowing, and recourse to the domestic market," he explains.
To strengthen its economic sovereignty, the government is now relying on an endogenous financing model, structured around the Economic and Social Recovery Plan. This plan aims to mobilize 5,667 billion CFA francs over three years, with an emphasis on governance, transparency, and the exploitation of internal resources.
While Moody's rating complicates access to international Eurobonds, the IMF and the World Bank remain key partners. A new mission from the International Monetary Fund is in Dakar to discuss an updated program, incorporating the challenges of debt transparency and sustainability.
"The market is, above all, a question of trust. And for now, Senegal has managed to maintain it," concludes Dr. Ba.
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