Senegal remains in financial limbo tonight as the International Monetary Fund confirms it will take several more weeks before presenting the country’s debt misreporting case to its Executive Board.

The delay follows intense discussions between IMF staff and Senegalese officials on how to correct major discrepancies in the nation’s financial reporting. The scandal first came to light in September 2024, when hidden debts were revealed to have surged from $1.9 billion to more than $11 billion. That disclosure led the IMF to freeze a previously approved $1.8 billion lending program.

IMF mission chief Edward Gemayel says talks on corrective measures are still underway, but stressed that the Fund stands ready to support Senegal with an ambitious reform package once the data is validated.

Meanwhile, Prime Minister Ousmane Sonko has announced a sweeping recovery plan designed to stabilize the economy through domestic financing. The initiative pledges that 90 percent of the program will be funded internally—reducing future dependence on foreign borrowing.

Senegal is also rebasing its economy for the first time since 2018 in an effort to reset its debt-to-GDP ratio to more sustainable levels.

For Senegal, these steps mark a crucial pivot as it tries to rebuild investor trust and unlock international financial support.

Reporting by Ehud Jones.