2/24/2025–|Last update: 2/24/202508:08 PM (Mecca time)
Moody’s credit rating agency has announced the decline in the Senegalese economy from B1 to B3, which means a weak and risky degree.
Moody’s said that the new classification came after the Senegalese Accounting Bureau report, which revealed violations and forgery in the economic data that were provided to international institutions and financial partners.
On February 13th, the Prime Minister of Senegal, Othman Sonko, announced the results of the financial investigation prepared by the Audit Bureau on the period from 2019 to March 31, 2023, and revealed that the public debt in 2023 represented 99.67% of the GDP, while the system was The previous one says it is only 70%.
20 years ago, Senegal has not been classified among the countries that suffer from severe financial risks, and the new Moody’s arrangement would much increase interest rates on borrowing that the government may resort to due to the lack of foreign aid and the limited public resources.
The classification may also affect investor confidence, and causes the expansion and financing of economic projects.
In the context, the Senegalese authorities intend to open judicial investigations against those responsible for running the country in the previous period, for committing errors that may lead to forgery and embezzlement crimes, money laundering and illegal enrichment.
Earlier, Senegalese Minister of Justice, Othman Diani, said that the perpetrators of these crimes will not escape punishment, and the law will be applied to everyone without exception.
