IMF says ‘urgent reforms’ needed to address Senegal’s debt woes

DAKAR, March 26 (Reuters) – The International Monetary Fund on Wednesday called for Senegal to streamline tax exemptions and phase out costly energy subsidies as part of “urgent reforms” after an audit revealed misreporting of economic data.

The IMF suspended its existing $1.8 billion credit facility to the Western African nation pending a review of state finances, which confirmed last month that the debt and budget deficit were much wider than former President Macky Sall’s administration reported.

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DAKAR, March 26 (Reuters) – The International Monetary Fund on Wednesday called for Senegal to streamline tax exemptions and phase out costly energy subsidies as part of “urgent reforms” after an audit revealed misreporting of economic data.

The IMF suspended its existing $1.8 billion credit facility to the Western African nation pending a review of state finances, which confirmed last month that the debt and budget deficit were much wider than former President Macky Sall’s administration reported.