Senegal discovered its money problems are bigger than anyone thought. The country's judges examined all the money records and discovered that the old government did not tell the truth about how much money it spent and borrowed.
This news made people worried about Senegal's money promises to other countries. The judges said Senegal owed more money than what the old leaders wrote down in their books. They found that Senegal borrowed almost as much money as everything the country makes in a year.
The new president, Bassirou Diomaye Faye, asked the judges to check all the money records when he became president in April 2024. The old president, Macky Sall, and his team said they only borrowed about three-quarters of what the country makes. The judges found they actually borrowed much more than that.
Because of these money problems, Senegal decided not to ask for more help from the International Money Fund, which gives loans to countries. The Money Fund said it wants to help Senegal fix these problems, but first, it needs to look at what the judges found.
The judges also found other mistakes in the money records from 2019 to March 2024. They said the old government told the Money Fund different numbers than what was real. Money experts think Senegal might borrow even more money this year, which worries some people. The people in charge of Senegal's money said they would make new rules to handle money better and would talk to people who gave them loans.
This news made people worried about Senegal's money promises to other countries. The judges said Senegal owed more money than what the old leaders wrote down in their books. They found that Senegal borrowed almost as much money as everything the country makes in a year.
The new president, Bassirou Diomaye Faye, asked the judges to check all the money records when he became president in April 2024. The old president, Macky Sall, and his team said they only borrowed about three-quarters of what the country makes. The judges found they actually borrowed much more than that.
Because of these money problems, Senegal decided not to ask for more help from the International Money Fund, which gives loans to countries. The Money Fund said it wants to help Senegal fix these problems, but first, it needs to look at what the judges found.
The judges also found other mistakes in the money records from 2019 to March 2024. They said the old government told the Money Fund different numbers than what was real. Money experts think Senegal might borrow even more money this year, which worries some people. The people in charge of Senegal's money said they would make new rules to handle money better and would talk to people who gave them loans.
