Marché local de la dette : L’Etat du Sénégal franchit la barre des 1000 milliards de FCFA et dépasse un objectif
It's a well-known fact. Since the start of the so-called hidden debt saga, Senegal has seen its program with the International Monetary Fund (IMF) suspended and its access restricted by the international financial market. In this difficult situation, the Senegalese authorities have focused on the regional debt market to find resources.
At the end of the first quarter, their main target was reached. Indeed, during March 2026, the State of Senegal raised 323.2 billion FCFA. In February, the country had already raised 378.7 billion FCFA on the local public securities market, and 366.7 billion FCFA in January 2026.
1068.6 billion FCFA in government securities
The quarterly total therefore shows an overall harvest of 1068.6 billion FCFA, of which 665.8 billion was collected via Treasury Bills (BAT) and 402.7 billion FCFA through Treasury Bonds (OAT).
In its initial schedule for issuances on the regional public securities market (UMOA-Titres), the State of Senegal projected 1,008 billion FCFA by the end of March (including the proceeds from the first public offering). It has therefore exceeded its target by more than 60.6 billion FCFA.
A total harvest of 1372 billion with the EPA1
Even better, the State of Senegal raised 304.1 billion FCFA in its first EPA of 2026. This brings its total to 1,372 billion FCFA, putting it ahead of its forecasts in the regional market.
While the state has so far managed to hold its own in the local market, the resources it obtains there are, however, dominated by short-term loans. This does not truly eliminate the risk of refinancing.
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