Dette publique : Les exigences du mouvement Sénégal bi ñu bokk face aux montages financiers opaques
The Sénégal bi ñu bokk movement, led by the former mayor of the city of Dakar, Barthélemy Toye Dias, reacted on March 27, 2026 to the press briefing of the Minister of Finance concerning the recently revealed debt operation.
Despite official explanations, concerns persist about the transparency and true cost of this funding.
According to available information, Senegal contracted nearly 650 million euros in 2025 from international financial institutions, via sophisticated mechanisms involving in particular the Africa Finance Corporation (AFC) and First Abu Dhabi Bank.
These operations would be based on instruments called "Total Return Swaps" (TRS), which are rarely used by states.
Behind this technicality, the movement points out, "Senegal obtained immediate liquidity by mobilizing its own sovereign bonds under conditions that remain largely opaque today."
A concern for creditors
The statement clarifies: "Contrary to what one might think, in finance, it is normal for some creditors to be repaid before others."
But the problem, Barthélemy Dias's colleagues continue, "lies elsewhere: the exact terms of this new funding have not been made public." This uncertainty, they argue, undermines the country's credibility on international markets.
A high financial cost
Available information suggests that "Senegal would have had to provide a larger volume of bonds as collateral than the amount actually received in cash," resulting in an immediate haircut. In other words, "to quickly obtain resources, the country would have accepted very unfavorable financial terms."
This situation arises while Senegal is in dialogue with the International Monetary Fund (IMF).
For Sénégal bi ñu bokk, "in the international financial system, trust is based first and foremost on the clarity of the commitments made by States. Any opacity can weaken a country's credibility and increase the cost of its financing."
The demands of the movement
The network of cadres of the Sénégal bi ñu bokk movement demands "the full publication of the terms of these financial operations", "the clarification of any guarantees committed", "transparency on their real cost to public finances" "and full information for the National Assembly and the Senegalese people".
In conclusion, the statement reiterates that "the public debt belongs to the Senegalese people. And the Senegalese people have the right to know."
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