The financial rating agency Moody's maintains Senegal's rating at Ba3 with a negative outlook. This revision of the outlook on Friday follows the widening of the budget deficit to 6.1% due to support measures for businesses and households to stem the effects of the Covid-19 pandemic.

It should be recalled that the agency had put under surveillance,  last June,  the notes of Senegal and Côte d'Ivoire after their accession to the Debt Service Suspension Initiative launched by the G20 countries.

Since the beginning of the health crisis, Senegal has committed significant expenditures under the Economic and Social Resilience Plan (PRES) with a budget of 1000 billion FCFA. It aims to support the health sector, vulnerable populations, Senegalese living abroad, macroeconomic and financial stability, companies for the maintenance of jobs, the security of the country's regular water supply, electricity, fuel, medicines and basic foodstuffs. 

The plan was financed with the support of the international community, budget reframing, grants and goodwill contributions, and the use of market-based financing instruments.

The persistence of the pandemic is reducing visibility into the medium- and long-term economic outlook. However, the implementation of the National Economic Recovery Plan (PREN) currently being drawn up by the Government should strengthen the conditions of macroeconomic stability and the prospect of a growth-enhancing economic recovery that would position Senegal on its pre-health crisis trajectory.

As a reminder, Senegal, which is now considered on the subregional and international capital markets as a reference state issuer,  has always respected its financial commitments to its creditors.