The mission led by Edward Gemayel, the IMF's mission chief for Senegal, was scheduled to end on November 4th. It has since been extended. "I think it's important to look back a bit," explained Edward Gemayel, reflecting on the progress made between the Bretton Woods institution and the Senegalese government in an interview with the APS news agency. "The Mazars report was finalized at the end of June. That's when we had good data on public debt, which allowed us to move forward with the new program. In July, we implemented a strategy to address the misreporting. In August, we visited Dakar. In September, there was another visit," he added.

The process, which began several months ago, intensified in October in Washington, before continuing in Dakar for more than two weeks. "At this stage, we have made enormous progress in our discussions on economic policies and the reforms needed for the new program, as well as on corrective measures for undisclosed debt," he said.

An economy deemed resilient

The IMF mission chief gave a generally positive assessment of the economic situation: “We note the resilience of the Senegalese economy, despite the various challenges it faces. Growth this year is estimated at approximately 8%, which is very strong.” He added that this performance is expected to decline slightly in 2026 due to a decrease in hydrocarbon production, without this affecting the overall momentum of the economy.

According to him, "inflation remains under control," and the authorities have shown "a very clear determination to improve the public finance situation." Gemayel noted that "the budget deficit was approximately 13.5% of GDP last year. This year, it is estimated to reach 7.8%. Preliminary data demonstrate that this target will be met."

The initial draft budget for 2026 confirms this direction, according to the representative. It projects a deficit reduced to 5.4% of GDP, with a target of 3% in 2027, "in line with regional recommendations." For Gemayel, these efforts reflect "the spirit of transparency and good governance that they initiated when this new government was appointed."

Areas of vigilance

While discussions are progressing, the IMF is calling for caution regarding certain budget projections. "On the issue of the 2026 Finance Law, where revenues are quite substantial, we have recommended that the authorities be a little more vigilant, more conservative in their projections," stated Edward Gemayel.

The International Monetary Fund is urging caution to ensure that the new fiscal measures included in the Economic and Social Recovery Plan (PRES) produce the desired results. "We told the authorities to be careful, just to make sure they don't get too optimistic," it stated.

However, he believes that on the main reforms, "we are on the same page." The corrective measures related to hidden debt, the publication of the debt stock, and the end of preferential treatment are, in his view, moving in the right direction.

Towards a new program

The institution and the Senegalese authorities now want to quickly conclude a new program. "There is a very strong commitment from our director general. We ourselves were here for two weeks and we stayed a little longer, to show the strength of this commitment," said Edward Gemayel, without however giving a date.

Final discussions are expected to continue "in the coming weeks, virtually from Washington."

According to him, the Senegalese government did not wait for the IMF to act. "Since last year, it has been implementing very positive reforms and economic policies. Take the budget, for example. Last year, the deficit was 13.5% of GDP. This year, without a program with the IMF, the deficit will be 7.8%," he explains.

He also cites "an allocation of 35 billion CFA francs for transfers to vulnerable households" included in the 2026 finance law.

The misreporting case

Regarding the misreporting issue, Edward Gemayel detailed the approach in two parts: "The first pillar is the corrective measures that must be put in place to prevent a repetition of what has happened in the past. There is a set of 10 to 11 measures that the authorities have agreed upon and are in the process of implementing."

The second part concerns the negotiation of the new program, which the IMF hopes to finalize quickly. According to him, both issues could be submitted simultaneously to the Executive Board.

The issue of subsidies

When asked about the energy price cuts announced by the government, Edward Gemayel stated: "We are very clear about the authorities' intention to contain subsidies, and even to reduce them. Energy subsidies are falling quite significantly, by about 30 to 40% compared to this year."

He nevertheless stressed the need to preserve social safety nets. "With the reduction in subsidies, transfers for electricity must be ensured, and this is provided for in the 2026 finance law," he added.

On debt and prospects

Addressing the issue of public debt, estimated at 132% of GDP, the head of the International Development Fund mission to Senegal indicated that "the authorities want to put it on a downward trend." He outlined a two-pronged approach: fiscal consolidation and "active debt management" to transform some short-term loans into long-term loans, a strategy deemed "appropriate."

During this interview, Edward Gemayel was keen to reiterate the role of the international organization, which is often targeted by politicians: "Our goal is to help the Senegalese, to ensure that the population has an economy more conducive to employment and growth."