« Le Sénégal n'est plus crédible », le constat alarmant de Thierno Alassane Sall sur les marchés
The standoff between the government and the opposition over debt management is intensifying. Last Thursday, at a press conference, the Minister of Finance and Budget, Cheikh Diba, asserted that the use of Total Return Swap (TRS) transactions had been "made public in the economic and financial report annexed to the 2026 budget law." This version was categorically denied by Thierno Alassane Sall.
Invited to the Grand Jury program this Sunday, March 29, the leader of La République des Valeurs (The Republic of Values) formally denied the minister's statements. According to the member of parliament, neither the budget reports nor the finance laws mention these complex operations. "The minister said that he informed us in the National Assembly. I said that was completely false. It is not included in the draft finance law," he insisted on RFM radio.
Discrepancies in figures with the Financial Times
Thierno Alassane Sall is questioning the consistency of the government's communication, which he considers contradictory to revelations in the international press. "Its communication, on certain points, is at odds with the information published by the Financial Times," he noted, pointing to discrepancies regarding interest rates and the actual guarantees of these loans.
As an illustration, the former minister cites financial arrangements that he considers deeply unbalanced: "For an amount made available of 105 million euros, bonds worth 150 million euros were issued." A ratio which, according to him, reflects an unusual and worrying level of guarantee.
"Senegal's signature is no longer credible."
Beyond the technical controversy, Thierno Alassane Sall is alarmed by the risks to public funds. He mentions safeguard clauses that could force the state to inject emergency liquidity should economic indicators deteriorate. "We are in a financial crisis, facing budgetary pressures, which makes cash management extremely difficult," he warned.
According to the parliamentarian, the creditors' demand for such guarantees sends a disastrous signal to international markets: "The fact that guarantees are being requested means that Senegal has accepted that its signature is no longer credible." He considers this observation all the more serious given that these levels of collateral are, in his view, "extremely high."
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