The ratings agency S&P Global Ratings has lowered Senegal's sovereign rating from “B” to “B-” with a negative outlook, according to an announcement dated July 14. This deterioration, the second since March 2025, reflects the continuing concerns of investors over the country's high debt, estimated at 23,563 billion CFA francs (around 119% of GDP) at the end of 2024 according to a recent report by Barclays Plc, as well as the uncertainties surrounding negotiations with the IMF. In a statement released this morning, the Ministry of Finance and Budget of Senegal reacted by reaffirming its “capacity to honor its commitments” and its commitment to strengthened budgetary transparency

In reaction to this, Senegal says it takes note of this decision and wishes to reaffirm its commitment to fiscal transparency and to reassure all its partners that the State's capacity to meet its commitments, which is in no way called into question by this revision.

The ministry also says that discussions with the International Monetary Fund (IMF) are continuing in a proactive and constructive manner, with the aim of holding a Board meeting on “misreporting” as soon as possible. “The Senegalese authorities, eager to strengthen transparency and trust, have shared all the deliverables resulting from the reconciliation and reliability exercise carried out by the independent international firm”, informs the department headed by

According to the press release, the 2025 financing plan is being implemented in accordance with the objectives of the Senegalese authorities. It is noted in the same wake that since the beginning of the year, substantial resources have been mobilized both from external partners and on the domestic market, in particular through the issuance of public securities that have attracted foreign investors alongside regional players, as well as two (2) Public Offerings that have been successfully conducted.

Also, the press release states that Senegal is actively preparing its financing strategy for 2026, in line with its prospective fiscal planning approach. “The government remains mobilized and committed to implementing the necessary reforms with responsibility, transparency and rigor under the supervision of the highest authorities,” the text says

The ministry finally says that the government reaffirms its willingness to dialogue with all stakeholders and to communicate transparently on the evolution of the country's economic and financial situation.