Following the publication of an official report revealing a significant deterioration in budgetary indicators, the agency of On Friday, Moody's downgraded Senegal's sovereign rating by two notches, going from B1 to B3, with a negative outlook.

The decision of the Moody's rating agency comes two weeks after the publication of a report by the Court of Auditors Senegalese questioning the budgetary data communicated under the presidency of Macky Sall (2012-2024). According to Moody's, the new data “limits considerably the fiscal room for manoeuvre of Senegal and contribute to high financing needs”, while revealing “significant deficiencies past in terms of governance.”

Moody's states that the downgrade is linked to “significantly more unfavorable fiscal indicators revealed by the Court of Auditors of Senegal”, which found public debt reaching 99.67% of the gross domestic product, a figure higher than previously declared.

Faced with Moody's decision, the government Senegalese expressed deep disagreement on Saturday. In a press release, the Ministry of Finance and Budget denounced an evaluation considered “speculative, subjective and biased”, considering that it does not take into account the ongoing reform efforts or the economic reality of the country.