Senegal plans to mobilize 6,075 billion CFA francs (US$9.5 billion) through domestic public securities in 2026, nearly matching the volume raised last year, the country’s debt director said on Thursday.
The West African country is turning primarily to regional and domestic markets after the International Monetary Fund (IMF) suspended its cooperation program in the wake of a hidden debt scandal, reducing Senegal’s access to international financing.
Speaking at the 8th Public Securities Market Meetings in Togo, Aliou Diouf, Senegal’s director of debt, said the target is ambitious but feasible. “This amount is not very far from what was achieved in 2025, which stood at 5,716 billion CFA francs. The difference of nearly 300 billion CFA francs shows it is realistic to reach this goal on the domestic market,” Diouf said.
Senegal plans a structured approach to achieve its financing objectives, combining treasury bills, bonds, syndications, and Sukuk instruments to attract a diverse set of investors.
The state aims to raise 4,132 billion CFA francs (US$6.5 billion) directly from the domestic market, supplemented by syndicated operations targeting 1,200 billion CFA francs (US$1.9 billion) through four separate auctions conducted quarterly.
A Sukuk issuance is scheduled for August, expected to mobilize 180 billion CFA francs ($280 million), catering to investors who follow Islamic finance principles. The Sukuk will complement conventional instruments such as Assimilable Treasury Bills (BATs) and Assimilable Treasury Bonds (OATs).
Over the year, Senegal expects to collect 1,008 billion CFA francs (US$1.6 billion) by the end of March, rising to 1,966 billion CFA francs (US$3.1 billion) by June. By the end of the third quarter, cumulative mobilization is projected at 3,150 billion CFA francs (US$4.9 billion), before reaching the full target of 4,132 billion CFA francs (US$6.5 billion) from the regional public securities market.
Diouf said the plan reflects a deliberate shift toward domestic resource mobilization as the country navigates fiscal pressures and limited external borrowing options. “We are relying on a combination of instruments to optimize market participation and investor confidence,” he said.
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The strategy comes amid intense budgetary constraints, with Senegal facing significant debt obligations and public spending pressures. Analysts said relying on domestic and regional markets could reduce reliance on foreign financing but may require careful management of interest rates and investor demand to avoid crowding out private investment.
Syndicated operations, Diouf explained, will be launched in March, June, September, and December, ensuring a predictable flow of liquidity to meet the state’s financing requirements throughout the year.
Experts say Senegal’s inclusion of Sukuk is notable, as it broadens the investor base and reflects growing interest in Sharia-compliant instruments in West Africa. “The Sukuk issuance is a strategic move to attract local investors seeking compliance with Islamic finance principles,” Diouf said.
Despite the suspension of IMF support, Senegal has successfully tapped regional markets via UMOA-Titres, the West African Economic and Monetary Union’s securities platform, in recent years. In 2025, the state raised 2,224 billion CFA francs (US$3.5 billion) locally, part of a broader strategy to ensure fiscal sustainability and maintain access to critical financing.
The 2026 public securities program signals Senegal’s commitment to fiscal discipline while adapting to changing financial conditions, combining traditional and innovative instruments to meet budgetary needs and support public investment.
