NAIROBI (Reuters) – Senegal’s sovereign greenback bonds fell on Friday after a authorities audit revealed bigger debt and deficit figures than the earlier administration had reported, Tradeweb knowledge confirmed.
The 2033 maturity fell 2.3 cents to bid at 84.54 cents on the greenback by 0720 GMT, whereas the 2048 subject was down by 2.42 cents.
The Worldwide Financial Fund stated the federal government had shared preliminary findings of the report with the Washington-based fund, including that it welcomed the audit and was working with the federal government to find out acceptable subsequent steps.
The audit ordered by the brand new authorities of President Bassirou Diomaye Faye confirmed the deficit on the finish of 2023 stood at over 10% in contrast with round 5% the earlier authorities had reported, the minister for the financial system Abdourahmane Sarr stated late on Thursday.
Faye’s administration had due to this fact chosen to not request a disbursement from the IMF in July underneath its $1.8 billion, three-year lending program, Sarr stated, to keep away from operating afoul of IMF guidelines.
Each side are in discussions on the way in which ahead, the federal government stated.
