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.

At the end of 2023, the total outstanding debt represented 99.67% of gross domestic product, a report from Senegal's Court of Auditors said. That compared with a previously recorded figure of 74.41%.

"These findings point to serious lapses in budget controls and public financial reporting, underscoring the need for urgent reforms," IMF Mission Chief Edward Gemayel said in a statement on Wednesday after concluding meetings with President Bassirou Diomaye Faye and other officials.

Priority steps to bring down public debt "include streamlining tax exemptions and phasing out costly, untargeted energy subsidies," he said.

--Reuters--