The International Monetary Fund’s (IMF) new mission chief for Senegal will visit the West African country early next week for an introductory trip, the Fund said on Wednesday, amid ongoing concerns over Senegal’s high debt levels.
IMF spokespersons said Mercedes Vera Martin will travel to Dakar alongside her predecessor, Edward Gemayel, for a “primary introductory visit” to meet Senegalese authorities. The visit is not expected to involve substantive negotiations or commitments on a new loan programme.
Vera Martin previously oversaw Zambia’s debt restructuring as head of the IMF mission there from 2023 to 2025. Gemayel, who is accompanying her, will take over as Zambia mission chief following the handover.
Debt burden and frozen programme
Senegal has been grappling with a rising debt burden, which the IMF estimated at 132% of gross domestic product (GDP) at the end of 2024. The increase followed revelations by the current government of previously undisclosed borrowings, amounting to billions of dollars, under the former administration.
In response to the undisclosed debt, the IMF froze a $1.8 billion lending programme for Senegal, leaving the government to rely heavily on regional debt auctions to finance its budget and manage fiscal pressures. Authorities have been in discussions with the Fund for several months to establish a new programme.
More Read
Despite the high debt levels, Senegalese officials have repeatedly ruled out formal debt restructuring, stressing instead the desire to reach a new loan agreement with the IMF quickly.
Purpose of the visit
According to a person familiar with the matter, the upcoming visit is intended primarily as an introduction. Vera Martin and Gemayel are expected to meet with officials from Senegal’s finance and economy ministries to discuss the country’s macroeconomic situation, ongoing fiscal reforms, and the potential framework for a new IMF-supported programme.
The IMF said the visit aims to build relationships and facilitate future discussions rather than negotiate immediate funding arrangements. Spokespeople for Senegal’s finance and economy ministries did not immediately respond to requests for comment.
More Read
Context and regional implications
Senegal is considered one of West Africa’s more stable economies, but the discovery of unreported borrowing has raised concerns among investors and development partners. The suspension of IMF support has increased reliance on regional capital markets, with authorities turning to West African debt auctions to cover financing needs.
Analysts say a new IMF programme would likely include fiscal consolidation measures, improved debt transparency, and policy reforms designed to restore confidence among international creditors. Such a programme could help Senegal manage debt service obligations, reduce fiscal pressures, and support macroeconomic stability.
The Fund has played a central role in advising African governments on debt sustainability in recent years, particularly in countries facing high debt-to-GDP ratios or opaque borrowing practices. Senegal’s case underscores ongoing challenges in ensuring transparency and long-term fiscal planning in emerging economies.
Next steps
While no substantive negotiations are scheduled during the visit, the presence of the new mission chief is seen as a signal of continued engagement and intent to resume programme discussions. Observers expect technical and policy teams from both sides to follow up in the coming months to design a programme framework that could be presented for IMF board approval.
Senegalese authorities have emphasised the importance of quickly restoring IMF support to maintain market confidence, secure financing at favourable rates, and continue development spending, including infrastructure projects and social programmes.
The outcome of the discussions will be closely monitored by regional and international investors, as a stable IMF programme could underpin fiscal stability, support economic growth, and influence borrowing costs for the West African nation in both regional and global markets.
