To reclaim its sovereignty, Senegal must approach debt differently
The country must break the cycle of flawed structural adjustment that only feeds its debt crisis
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The country must break the cycle of flawed structural adjustment that only feeds its debt crisis
Senegal private sector dialogue: PM Ahmadou Al Aminou Lô met about 15 business groups in Dakar and pledged a payment timetable for state arrears. The post Senegal Private Sector Dialogue: PM Lô Pledges Arrears Timetable appeared first on The Rio Times.
Senegalese football star Sadio Mané is betting millions of dollars of his own money that the West African nation’s mangoes can become a crop that spurs economic development in the country of his birth.
Senegal, the cash-strapped nation that recently agreed a $2.2 billion bailout from the International Monetary Fund and is seeking to rework its debts, is among African sovereigns included in a new frontier-markets bond index being introduced by JPMorgan Chase & Co.
In February Dakar said it was against restructuring. In September it entered a G20 process, and the World Bank president wants it done at record speed. The post Senegal Debt Restructuring Was Unthinkable in February. Now Dakar Wants It Fast appeared first on The Rio Times.
The International Monetary Fund said that Senegal’s debt sustainability analysis, or DSA, is being prepared under the “current framework” for low-income countries, according to a spokesperson.
Some holders of Senegal’s eurobonds are starting to form a creditor group and picked White & Case LLP as their legal adviser in preparation for debt-restructuring talks with the country, people familiar with the matter said.
SENEGAL · MARKETS Key Facts —What happened S&P Global Ratings cut Senegal’s long-term foreign-currency rating from CCC+ to CC on September 4, the country’s lowest grade in nearly 26 years, and kept the outlook negative. —Why S&P says the government’s planned debt restructuring is highly likely to leave foreign-currency creditors with losses. —The backdrop Billions […] The post S&P Cuts Senegal to CC, Its Lowest Credit Rating in 26 Years appeared first on The Rio Times.
Senegal will seek to negotiate a debt reprofiling instead of a restructuring in talks with creditors as the West African nation moves to make its loans sustainable to qualify for an International Monetary Fund program.
Senegal economy enters a critical phase in September 2026: new oil and gas revenue, a third Moody's downgrade to Caa2, hidden-debt fallout and stalled IMF talks. The post Faye government faces deeper Moody’s Caa2 downgrade as Senegal economy oil cash meets hidden debt bill appeared first on The Rio Times.
S&P Global Ratings cut Senegal’s credit score further into junk territory, saying a distressed debt exchange or default on the country’s foreign-currency commercial debt is “extremely likely” after the government launched a plan to restructure its obligations.