Senegal's economy minister comments on debt

Senegal's economy minister comments on debt

Senegal's economy minister, Ousmane Sonko, recently sparked controversy with his speech to his party, the African Patriots of Senegal for Work, Ethics and Fraternity (PASTEF), where he accused President Bassirou Diomaye Faye of failing to defend him from "unjust attacks" and "insidious obstacles." This incident comes amidst a deepening fiscal crisis and a growing power struggle between the two leaders [1].

The crisis has been exacerbated by a credit downgrade from ratings agency S&P, which has made it difficult for Dakar to tap international capital markets. The International Monetary Fund (IMF) support was frozen last year, further complicating Senegal's efforts to manage its economy. The country's debt to GDP ratio has been a significant concern, with the recent audits uncovering $13 billion in hidden debt accumulated between 2019 and 2023 [2].

Sonko's comments, made on July 10, highlighted the authority problem in Senegal rather than the economic crisis. He suggested that either Faye would address the issue or he himself would take the lead. This public rebuke has put additional strain on the government's efforts to stabilize the economy. The premier also criticized the civil service and judiciary in his speech [1].

The power struggle has not gone unnoticed by the international community. The IMF has been cautious in its dealings with Senegal, withholding further payments and demanding reforms to prevent "misreporting." The World Bank's recent package to Senegal also reflected similar caution, with only a small portion earmarked for technical assistance [2].

The economic analyst Abdoul Wahab Touré suggested that if resources are used wisely, Senegal could achieve double-digit growth. However, the country's current fiscal crisis and the ongoing political tensions may hinder such progress [2].

References:
[1] https://www.yahoo.com/news/articles/senegal-power-struggle-deepens-debt-104002364.html
[2] https://www.semafor.com/article/07/25/2025/senegals-power-struggle-deepens-debt-crisis