US wants to see Senegal’s debt restructuring completed within a year

The United States said it views Senegal’s request for debt restructuring as a “great example” of progress on the Group of 20 Common Framework.

US Treasury undersecretary for international affairs, Erin Browne, on Thursday said Washington wants to see work on the case completed in less than a year.

He had co-chaired a meeting of the Global Sovereign Debt Roundtable together with the heads of the International ​Monetary Fund and World Bank.

Senegal is in the midst of a debt treatment that aims to return its finances to a sustainable trajectory.

It has been in a financial crisis triggered by the discovery in 2024 of undeclared public debt incurred by the previous administration

On Wednesday, the International Monetary Fund said it was optimistic that Dakar would be able to renegotiate its debts with creditors.

Its managing director, Kristalina Georgieva, said a successful conclusion would demonstrate that improvements to the G20 debt treatment framework were working.

The initiative was launched in 2020 by the G20 and the Paris Club to help low-income countries with unsustainable debt manage insolvency or liquidity problems.

This followed criticism about protracted processes in the cases of Zambia and Ghana.