The IMF praised Senegal for acting to engage reforms to strengthen its economy, while also working with the IMF to clarify and amend it’s debt position after it uncovered misreporting of how much the African country owed creditors, a spokesperson for the Fund said Thursday, (June 12) in Washington, D.C.

The IMF, a key financier for the debt-laden country, froze disbursements on its program with Senegal last year after an audit under new President Bassirou Diomaye Faye found the previous administration had understated deficits, pushing its end-2023 debt ratio to roughly 100% of GDP,versus the previously reported 74%.

“We strongly welcome the new (Senegalese) government's commitment to transparency in revealing the discrepancies in the reported debt and the fiscal deficits. The authorities are conducting their own audit, and that audit is ongoing. We understand that the audit is close to being finalized, and we're waiting for its completion to better understand the challenges and how we can move forward. And so ultimately, as we wait for that report, we are going to refrain from, kind of commenting on, on any numbers. We're waiting for the report and we will remain very closely engaged,” IMF spokesperson Julie Kozack told reporters at her regular press briefing.