The International Monetary Fund said it’s explored various options with Senegal to tackle the nation’s “significant debt vulnerabilities,” though it’s up to the government to decide how it deals with the issue.
Prime Minister Ousmane Sonko last week ruled out a debt restructuring to address the strain that’s been placed on state finances by last year’s discovery of billions of dollars in undisclosed borrowing. His comments sparked a selloff of Senegalese bonds on Monday, with the yield on the nation’s 2048 dollar debt rising further on Tuesday as rates on shorter-dated maturities eased.