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Senegal Recalculating GDP to Improve Debt Metrics After Credit Downgrade, Finance Ministry Says
Senegal Recalculating GDP to Improve Debt Metrics After Credit Downgrade, Finance Ministry Says
Sputnik Africa
Senegal Recalculating GDP to Improve Debt Metrics After Credit Downgrade, Finance Ministry Says 16.07.2025, Sputnik Africa
2025-07-16T12:51+0200
2025-07-16T12:51+0200
2025-07-16T14:02+0200
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Senegal Recalculating GDP to Improve Debt Metrics After Credit Downgrade, Finance Ministry Says The rise in Senegal's debt-to-GDP ratio, cited in S&P's recent credit downgrade, does not reflect updated GDP figures, which will be released after a rebasing process to provide a more accurate economic picture, the Finance Ministry stated.S&P Global Ratings lowered Senegal's sovereign credit rating from "B" to "B-" with a negative outlook on Monday, citing a debt-to-GDP ratio reaching 118% in 2024.Senegal is committed to budget transparency and fiscal discipline, the ministry noted, adding that the country's ability to meet financial obligations remains strong and unchanged.Senegal is currently in talks with the IMF, aiming to hold a board meeting on data reporting. The IMF froze its $1.9 billion program for Senegal — agreed in June 2023 — after an audit by the new government revealed higher-than-reported budget deficits and debt levels.However, while the country has not received IMF financial support for over a year, it is "still standing," Prime Minister Ousmane Sonko said earlier.AI-generated image
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sputnik africa, economy, politics, senegal, international monetary fund (imf), gdp, west africa, west african economic and monetary union (waemu)
sputnik africa, economy, politics, senegal, international monetary fund (imf), gdp, west africa, west african economic and monetary union (waemu)
Senegal Recalculating GDP to Improve Debt Metrics After Credit Downgrade, Finance Ministry Says
The rise in Senegal's debt-to-GDP ratio, cited in S&P's recent credit downgrade, does not reflect updated GDP figures, which will be released after a rebasing process to provide a more accurate economic picture, the Finance Ministry stated.
S&P Global Ratings lowered Senegal's sovereign credit rating from "B" to "B-" with a negative outlook on Monday, citing a debt-to-GDP ratio reaching 118% in 2024.
Senegal is committed to budget transparency and fiscal discipline, the ministry noted, adding that the country's ability to meet financial obligations remains strong and unchanged.
Senegal is currently in talks with the IMF, aiming to hold a board meeting on data reporting. The IMF froze its $1.9 billion program for Senegal — agreed in June 2023 — after an audit by the new government revealed higher-than-reported budget deficits and debt levels.
However, while the country has not received IMF financial support for over a year, it is "still standing," Prime Minister Ousmane Sonko said earlier.
AI-generated image
