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In recent months, a wide-ranging debate has shaken the Senegalese economic sphere: that of the hidden debt, revealed by Court of Auditors and confirmed by IMF.
Between hidden figures, makeup budgets and undeclared commitments, this case exposes the fragility of the country's financial governance under the former regime.
This article proposes comprehensive and documented synthesis from several sources (Report of the Court of Auditors, IMF communiqués, analyses by Reuters and Investment.com), to allow each person to understanding the facts, measuring the issues and forming an informed opinion on an issue essential for Senegal's economic credibility.
When budgetary transparency crumbles
Between 2019 and 2024, Senegal experienced one of the most serious crises of budgetary sincerity in its history.
The final report of the Court of Auditors, published in February 2025, reveals a colossal bank debt contracted outside the budget, hidden from official statistics and unreported to the International Monetary Fund (IMF).
This situation, now confirmed by the IMF itself, illustrates a deep drift in the direction of public finances, where the principles of transparency and budgetary sincerity have been diverted to mask the reality of debt.
The revelations of the Court of Auditors: a parallel system of public financing
1. Bank debt outside the budget
The Court held that The State of Senegal contracted over CFAF 2,517 billion of debts to commercial banks, without parliamentary authorization or registration in public accounts.
These loans, housed in bank accounts opened in the name of the State but managed outside the control of the Treasuryfor extrabudgetary costs: support to SENELEC, at SAR, refinancingAir Senegal, and even operations without legal basis.
👉 These debts have not been reported to the IMFThis constitutes a violation of the Code of Transparency and the UEMOA framework of budgetary discipline.
2. Expenditure financed without legal coverage
On one overfinancing of CFAF 604.7 billion in 2023the Court notes that 481.4 billion was spent without budgetary authority.
These amounts have been used to repay bank debts or finance projects not approved by the Finance Act, including through the special account "CAP Government", which provides 155 billion without legal coverage.
3. Artificially reduced deficits
The official budget deficits presented to the IMF were undervalued between 3 and 7 GDP points Every year.
According to the Court, the real deficit was between 9% and 12% of GDP for the period 2019-2023, against 4.9% to 6.3% in the documents transmitted to the IMF.
| Year | Official deficit (% GDP) | Estimated real deficit | Difference |
|---|---|---|---|
| 2019 | 3,9 % | 9,8 % | +5.9% |
| 2021 | 6,3 % | 11,5 % | +5.2 pts |
| 2023 | 4,9 % | 12,3 % | +7,4 pts |
4. Public debt close to GDP
The Court of Auditors' report assesses the total public debt at CFAF 18,558 billion at the end of 2023either 99.7% of GDP ; well above the 70% threshold set by WAEMU.
This debt was officially presented to 74.4% of GDP in reports submitted to the IMF, showing a concealment of more than 25 points of GDP.
IMF confirmations: an international fiscal scandal
1. IMF corrects official figures
In its press release of 26 March 2025 (IMF Press Release No 25/77), the IMF acknowledged that it had revised Senegal's statistics:
"Following the audit of the Court of Auditors, the change tax deficit has been revised up by 5.6 percent points of GDP, and the central government debt from 74.4% to 99.7% of GDP by end-2023. "
In other words, the IMF validates the findings of the Court of Auditors: Senegal has provided inaccurate figures for several years.
2. Total debt estimated at 132 per cent of GDP
In a note of 6 November 2025 (IMF Press Release No 25/360), the IMF considers that the enlarged public debt (including public enterprises and arrears) achieved 132% of GDP at the end of 2024.
This explosion in debt is due to the reintegration of hidden debts, unrecorded guarantees and liabilities of public enterprises.
3. A hidden debt of USD 7 billion
According to Joint IMF-Reuters Report (Reuters, "Senegal), the hidden amounts reach about US$7 billion, contracted between 2019 and 2024.
These undeclared loans were refinanced by the Senegalese banking system, creating enormous pressure on national liquidity.
4. UEMOA Regional Alerts
The WAEMU 2025 monitoring report of the IMF (WAEMU Monitoring Note 2025) notes that Senegal's "enlarged" debt has increased to 107.4% of GDP at the end of 2023 After revision, and calls for "a profound reform of budgetary governance".
Budgetary manipulation mechanisms
| Mechanism | Description | Impact |
|---|---|---|
| Ex-budget debt | Direct borrowing from banks without parliamentary authorization | Fake official statistics |
| Redeployed overfunding | Surpluses used for non-budgeted expenditures | Contouring the Public Treasury |
| Undeclared guarantees | Over CFAF 2,265 billion of hidden guarantees | Budgetary risk underestimated |
| Special accounts (CAP, PDIES) | Expenditure implemented without parliamentary scrutiny | Opaque and illegal |
| Irregular transfers of revenue | Income recorded in the wrong period | Artificially reducing deficit |
Summary of key audited figures between IMF and Court of Auditors
| Indicator | Prior to audit (official data) | After revision IMF / Court of Auditors | Source |
|---|---|---|---|
| Central public debt (2023) | 74.4% of GDP | 99.7% of GDP | IMF – 26 March 2025 |
| Extended debt (State + public enterprises) | 85% of GDP | 107.4% of GDP | IMF – WAEMU Note 2025 |
| Total debt (including guarantees and arrears) | – | 132 % of GDP (2024) | IMF – Nov 6, 2025 |
| Amount of hidden debts | – | USD 7 billion | Reuters / IMF |
| Revised average budget deficit | 6 % of GDP | 11.6% of GDP | Court of Auditors + FM |
Economic and institutional consequences
- International credibility started The IMF speaks of a "loss of tax credibility". Senegal, once cited as a model of fiscal stability, is under close scrutiny.
- Risk of sanctions and enhanced audit International donors are now conditional on independent audits and the publication of all off-balance-sheet commitments.
- Budget margins reduced : debt service (interest and commissions) exceeds CFAF 567 billion in 2023, limiting public investment capacity.
- Fragilisation of the local banking sector : Senegalese banks, heavily exposed to sovereign debt, risk a deterioration in their prudential ratios.
Lessons learned: restoring budgetary sincerity
This scandal highlights the need to:
- reintegrate all bank debts within the scope of public debt ;
- reform cash flow to prevent parallel management;
- public disclosure of extrabudgetary accounts and State guarantees ;
- strengthening the role of the Court of Auditors and Parliament in budgetary control.
A debt of confidence above all
The issue of Senegal's hidden debt is not just a matter of numbers: it translates a crisis of confidence in public administration. For several years, decisions have been taken outside the legal frameworkto the detriment of transparency and accountability.
The IMF has now corrected the data, but the credibility of the country remains to be rebuilt.
The real challenge for Senegal will now be to restoring trust between the state, citizens and financial partners, demonstrating that accounting truth is no longer negotiable.
Main references
Official Records of the International Monetary Fund
| Document type | Date | Description | Direct link |
|---|---|---|---|
| IMF Press Release No. 25/77 | 26 March 2025 | The IMF confirms the revision of Senegal's deficit and debt after the conclusions of the Court of Auditors. The central government's public debt goes from 74.4% to 99.7% of GDP at the end of 2023. | https://www.imf.org/en/News/Articles/2025/03/26/pr2577-senegal-imf-staff-concludes-visit |
| IMF Press Release No 25/360 | 6 November 2025 | The IMF believes that Extended public debt (State + public enterprises + arrears) achieved 132% of GDP at the end of 2024confirming the seriousness of the situation. | https://www.imf.org/en/News/Articles/2025/11/06/pr-25360-senegal-imf-concludes-visit |
| Regional Report – WAEMU Monitoring Note 2025 | January 2025 | This macroeconomic surveillance report for the WAEMU area indicates that Senegal's extended debt reaches 107.4% of GDP at the end of 2023 After revision. | https://meetings.imf.org/-/media/Files/Publications/CR/2025/English/1wauea2025001-print-pdf.ashx |
| Article IV Consultation Report – Senegal 2023 (No 1SENEA202003) | May 2023 | Reference report on the macroeconomic situation in Senegal before the discovery of hidden debts. As a basis for comparison. | https://www.imf.org/-/media/Files/Publications/CR/2023/English/1SENEA202003.ashx |
International journalistic sources
| Media | Date | Content | Direct link |
|---|---|---|---|
| Reuters – "Explare: Senegal | April 2025 | Detailed survey of Senegal's hidden debt, citing IMF figures (US$ 7 billion unreported). | https://www.reuters.com/world/africa/senegals-billion-hidden-debt-why-it-is-an-imf-headache-2025-07-24/ |
| Investing.com – "IFM confirmed Senegal concealed $7bn in hidden debt | April 2025 | Official resumption of the IMF's confirmation of hidden debts and their implications for Senegal's fiscal credibility. | https://www.investing.com/news/economy/imf-confirms-senegal-concealed-7bn-in-hidden-debt-4150221 |
| IntelliNews – "IFM confirmed Senegal conceaned $7bn in debt under formation government" | May 2025 | Supplementary macroeconomic analysis with direct quotations from the IMF and the ECBAO economists. | https://www.intellinews.com/imf-confirms-senegal-concealed-7bn-in-debt-under-former-government-373518 |
Between accounting truth and the return of the spectrum of financial supervision
The case of Senegal's hidden debt goes beyond the simple question of accounting irregularities: it reveals a deep crisis of transparency and fiscal governance. For several years, the authorities maintained a statistical fiction that distorted the perception of the country's real financial situation. As a result, confidence (essential political and financial capital) has weakened, both among citizens and international partners.
Today, the revision of the figures by the Court of Auditors and the IMF marks a turning point: it imposes on Senegal a full adjustment of budgetary policy, but also one return under close IMF supervision.
This increased supervision, already evident in recent Washington press releases, puts the risk of slide to a conditional control regime, where each expenditure, reform or budget arbitrage would be validated under a strengthened adjustment programme.
Such a scenario would painfully remind the years of structural adjustment During the 1980-1990s, when policies dictated by the international financial institutions had profoundly affected public services, economic sovereignty and the social fabric of the country.
To avoid this spiral, Senegal must now restoring the sincerity of its accountsstrengthening the democratic accountability and prove its ability to leading structural reforms alone without dependent on external guardianship.
Perhaps the heaviest debt to repay is not financial, but moral: that of lost trust.
