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Investing.com -- The International Monetary Fund is extending discussions with Senegal as both parties work to finalize a framework for a new lending program, Bloomberg reports.
Talks that began in Dakar last month have been "productive" according to Bloomberg, citing an IMF spokesperson, and will continue in the coming days.
Senegal is pushing to quickly secure an agreement with the IMF following meetings in Washington last month between Finance Minister Cheikh Diba and IMF Managing Director Kristalina Georgieva.
The West African nation needs a new program after the IMF suspended a $1.8 billion facility last year due to misreported debt figures. An audit of Senegal’s finances conducted by President Bassirou Diomaye Faye’s administration revealed that the previous government concealed $7 billion of borrowing, which led to credit downgrades from S&P Global Ratings and Moody’s Ratings further into junk territory.
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