This comes after the International Monetary Fund (IMF) announced that Senegal could be eligible for a debt restructuring program an initiative usually extended to countries that are struggling or unable to meet their loan obligations.

Last year, Senegal’s debt stood at $1.8 billion, but after an audit conducted by the new administration of President Bassirou Diomaye Faye, who succeeded Macky Sall, it was revealed that there were undisclosed liabilities, bringing the total debt to $11 billion.

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Prime Minister Ousmane Sonko said: “The IMF is advising us to renegotiate this excessive debt inherited from Macky Sall’s administration. What we told our partners is that we do not want a debt restructuring because it would be a humiliation for Senegal.”

He added:“That would imply that Senegal is a bad student who borrowed money with the intention of defaulting. We told them that this country is a proud and dignified nation, that Senegalese people will stand up for themselves and manage their own affairs with honor.”

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According to the IMF, by the end of last year, Senegal’s total public debt, including debts held by state-owned enterprises, had reached 132% of the country’s Gross Domestic Product (GDP), of which 4% was owed to domestic creditors.

Edward Gemayel, the head of the IMF mission, told the media that talks will continue in the coming weeks, and that Senegal has shown willingness to reduce its debt levels.

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Gemayel added that the ongoing debt sustainability analysis will determine whether a debt restructuring is truly necessary.

However, in order for Senegal to access IMF funds, it must demonstrate concrete measures showing that it can place its debt on a sustainable repayment path, as required by the IMF.