Controversy over TRS: Key clarifications from Finance Minist...

Économie

Controversy over TRS: Key clarifications from Finance Minister Cheikh Diba

Auteur: Youssoufa Sané

il y a 1 mois 4195 Lectures 4 Commentaires | Français

Polémique sur les TRS : Les grandes précisions du ministre des Finances Cheikh Diba

Finance and Budget Minister Cheikh Diba held a press conference on Thursday to address the issue of Total Return Swaps, following a Financial Times article that has generated considerable controversy in recent days.

He explained to journalists that the use of these TRS operations reflects the State's desire to contribute to the deepening of the regional market by attracting foreign international investors to these issues.

These bonds were then used to finance the needs of the state, Sheikh Diba said. And above all, he added, these bonds "allowed the state to finance itself on significantly more favorable terms than those of international markets, while controlling risks and optimizing debt servicing."

A saving of 36 billion

For example, he points out that if Senegal had chosen to finance itself on the Eurobond market, it would have paid an average rate of between 11% and 12% in 2025, compared to 7% with TRS (Tunisian Refinancing Companies). He asserts that "this interest rate differential of 11% to 12% on international financial markets, compared to 7%, allows for savings of 36 billion CFA francs through this 5% difference."

The minister also wanted to clarify the rumors circulating about the details of the operation: "There are no binding conditions and there are no hidden liabilities, as some would have you believe. International investors subscribed to these auctions by the State of Senegal. Following these auctions, the financing is obtained by the Treasury as with any other issue on this market," he said.

No state property was pledged as collateral.

Cheikh Diba also clarifies that "No property of the State of Senegal has been pledged as part of the mobilization of these funds," and that there is "no legal transfer of ownership of securities that would be different from a classic issue on the public securities market."

He also emphasizes that the operations do not grant preferential credit treatment. "The investors concerned remain holders of bonds issued on the public securities market," clarifies the Minister of Finance and Budget.

Cheikh Diba also responded to those who claim that TRS remain opaque instruments: "They are not opaque because Senegal, like other countries, has been using different types of swaps for many years, notably in 2011, 2015 and 2018, allowing the State to protect itself against the risks of currency fluctuations," he said.

Auteur: Youssoufa Sané
Publié le: Jeudi 26 Mars 2026

Commentaires (3)

Financier il y a 1 mois

Opération de communication non contradictoire. Il fallait retourner à l'assemblée Nationale et affronter les députés de l'opposition. Beaucoup de questions sans réponses.
Galsen il y a 1 mois

Aucun document publié ils ne font que des discours.on doit toujours les croire sur la base de leur discours.Sortez les rapports en commençant par mazar
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Vrai patriote il y a 1 mois

Refuser la restructuration de la dette avec le FMI et faire du troc avec des fonds vautours. Quelle hérésie.
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Mon pays il y a 1 mois

Une dette est une dette. Son corollaire demeure les contraintes et le remboursement a échéance.
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