Dérogation, remboursement ou blocage des crédits…: Les autorités sénégalaises à l'écoute de la décision "cruciale" du Fmi
This Friday is an important day for Senegalese authorities. The Executive Board of the International Monetary Fund (IMF) will examine the country's case, which has been rocked by a so-called hidden debt scandal. Will Senegal emerge unscathed? In any case, several countries that have been mired in this type of situation have suffered.
IMF asks Tajikistan to repay
In 2002, the Executive Board took a firm stance on Tajikistan. The country had received $31.6 million under the Poverty Reduction Facility in 2000. However, the information on the country's external arrears available to the IMF at the time the disbursements were approved was incorrect.
The country's authorities did not inform him of the arrears accumulated under two government guarantees.
The IMF's decision was final. "The Executive Board requested Tajikistan to repay the non-compliant disbursements in advance, plus interest," the financial institution stated in its February 13, 2002 press release, which is still available on its website.
Mozambique cut off from credit for 6 years
Then, in 2013, Mozambique was also rocked by a serious "hidden debt" scandal, stemming from undisclosed external loans taken out between 2012 and 2015. The amount: approximately $1.37 billion, according to the IMF. After the scandal was unearthed, the IMF deprived the country of real disbursements for six long years (except for emergency loans, notably for Covid), starting in 2016.
Deprived of serious international financing, the country plunged into a serious crisis and its currency collapsed. Prosecutions were launched against several individuals involved in the so-called "hidden" debt affair. Eleven of them were convicted, including Ndambi Guebuza, son of former President Armando Guebuza.
And it was not until May 9, 2022, that the IMF announced an Extended Credit Facility (ECF) of 340.8 million Special Drawing Rights (approximately $456 million) for the Republic of Mozambique. Today, the government has accumulated external arrears to several creditors, according to Fitch, which places the country's debt at 91% of GDP.
Malawi benefits from exemptions
Malawi was also criticized in 2021 for falsifying its international reserves data in order to obtain a loan. The IMF Executive Board, after scrutinizing the matter, "granted waivers." However, Joseph Mwanamveka and Dalitso Kabambe, Malawi's Minister of Finance and Governor of the Central Bank, respectively, were arrested.
"They orchestrated the falsification, with the aim of making the IMF believe that the Malawian government met the conditions related to the Extended Credit Facility. Following this maneuver, the IMF suspended the said Extended Credit Facility," the Police said on December 8, in a press release now available on its website.
Will corrective measures save Senegal?
Today, just as it ruled on the cases of Malawi, Tajikistan, and Mozambique, the IMF Executive Board will rule on Senegal. Corrective measures were enacted during the last IMF mission to Senegal and implemented by the country's authorities. An IMF technical mission was even welcomed to the General Directorate of Public Accounting and the Treasury on September 15.
"The mission discussed with the authorities the measures to be taken to address this problem. This point was important before the review by our Executive Board," said Julie Kozack, head of IMF communications, last August. Now that all these steps have been completed, the Senegalese authorities are waiting for the Executive Board's final decision, which could help or complicate the task for the current Senegalese authorities.
Commentaires (16)
La FMI ont les entend qu'en Afrique !
Aidez-nous svp wakh ba falou liguéy mossi wara topou mais pas Ay touma wala Ay soss
Wa Salam
L'apport du FMI.dans le cadrage macro économique n est pas determinant. Le Senegal compte plussurses ressources endogènes.
Certes leur décision de traîner les pieds peut influer sur la capacité d 'enprunt et lecoût de la dette, mais ce n est pas un frein pour la poursuite du PRES.
il faut que ça soit clair.
Comprenez cela. Le Senegal ira de l'avant avec ou sans le FMI
Voici le résultat
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