In a strategic move to manage its debt crisis, Senegal is reportedly poised to hire Lazard as its financial adviser. Sources reveal this effort comes as part of a strategy to stabilize the nation’s debt-laden finances.
The appointment emerges from a selection process initiated by the Senegalese authorities, highlighting their dedication to resolving the financial challenges exacerbated by previously undisclosed debts, which exceeded $13 billion, over a quarter of the GDP.
While Senegal has consistently opposed a sovereign debt restructuring, fiscal pressures are mounting, with a new IMF program hinging on proving debt sustainability. Analysts at Citi suggest a renegotiation may become unavoidable as international bonds are already…