Sénégal: Deloitte Appointed for Public Debt Audit to Secure IMF Program

• Deloitte has been chosen to audit Senegal's public debt, a condition for a $2.2 billion IMF program.
• This audit follows previous reconciliation work by Forvis Mazars, which reported central government debt at 111% of GDP, while the IMF estimates 132% by end-2024.
• Parliamentary approval of budget measures, including contested public investment cuts, is also required for the IMF program.
• The IMF is closely monitoring legislative debates but requires a budgetary framework compatible with agreed policies.
• Senegal aims to secure in-principle agreements with official creditors and bondholders by December.

The overarching goal of the Sénégal programme FMI dette is to restore the nation's debt sustainability and facilitate its re-entry into international capital markets.

Senegal has appointed Deloitte to conduct an audit of its public debt, a critical step toward fulfilling conditions for a substantial $2.2 billion program with the International Monetary Fund (FMI). This significant development, exclusively reported by Bloomberg on November 13, 2026, through journalists Jorgelina Do Rosario, Matthew Hill, and Katarina Hoije, underscores Dakar's commitment to fiscal transparency. The selection of Deloitte, which reportedly occurred last month, is a prerequisite for the IMF's board to formally review the proposed financial assistance package.

The engagement of Deloitte for this audit dette publique Sénégal comes amidst a period of heightened scrutiny over the nation's financial health. While individuals familiar with the matter, who requested anonymity due to the non-public nature of the information, confirmed the appointment, Deloitte itself refrained from comment. Similarly, the Senegalese Ministry of Finance did not provide a response to inquiries via phone or email at the time of Bloomberg's publication, indicating the sensitivity surrounding these ongoing financial maneuvers.

This new audit by Deloitte builds upon earlier reconciliation work performed by Forvis Mazars, which had previously assessed Senegal's financial obligations. Following that initial effort, Senegalese authorities reported the central government's debt at 111% of the Gross Domestic Product (PIB), a notable increase from approximately 74% recorded at the close of 2023. The International Monetary Fund's own assessment presents an even more challenging outlook, estimating the country's debt to reach 132% of PIB by the end of 2024.

The overarching goal of the Sénégal programme FMI dette is to restore the nation's debt sustainability and facilitate its re-entry into international capital markets. The audit dette publique FMI Sénégal is therefore a foundational element in demonstrating fiscal responsibility and building confidence among global investors and financial institutions. Achieving these objectives is paramount for Senegal's long-term economic stability and growth prospects.

While the Deloitte audit addresses a key financial condition, securing the IMF board's final approval for the $2.2 billion program also hinges on Senegal's Parliament adopting specific budgetary measures outlined in the country's financial texts. This legislative requirement has introduced a political dimension to the process, as deputies from Pastef, the majority party in the Assembly led by Ousmane Sonko, have voiced opposition to certain proposed provisions.

Specifically, the contested measures include planned reductions in public investment, which have become a point of contention within the legislative body. The IMF is closely monitoring these internal debates, with spokesperson Julie Kozack confirming on Thursday that the institution is tracking discussions surrounding the 2026 budget bill and the 2027 spending plan. Kozack emphasized that while the IMF refrains from engaging in domestic political discourse, it necessitates a budgetary framework that aligns with the policies agreed upon with Senegalese authorities to ensure the soutenabilité dette Sénégal.

In parallel with these internal processes, Senegal has communicated its intentions to its various creditors. The nation aims to reach in-principle agreements with both official creditors and bondholders by December. This ambitious timeline reflects the urgency with which Dakar is pursuing comprehensive solutions to its public debt challenges, seeking to stabilize its financial position and pave the way for future economic development. The outcome of these negotiations, alongside the findings of the Deloitte audit and parliamentary actions, will be critical in shaping Senegal's fiscal trajectory.

Lawyers should advise clients on the potential implications of Senegal's public debt audit by Deloitte and the ongoing IMF program, particularly concerning changes in fiscal policy, government contracting, and debt restructuring efforts. Compliance officers should monitor the evolving regulatory and economic landscape as these developments may impact investment and operational risks in Senegal.

Source: Original reporting via Bloomberg