Senegal expected to pick Lazard as financial advisor on debt matters, source says

LONDON, July 15 (Reuters) - Senegal is expected to appoint Lazard as its financial advisor on debt matters, according to a source familiar with the situation, as investors watch closely how the country plans to tackle its debt burden.

The West African nation has been working to shore up public finances since 2024, when the then-new government disclosed previously unreported debts that eventually topped $13 billion, more than a quarter of its gross domestic product.

A selection process has been underway to choose a financial advisor in recent days, sources told Reuters last week.

Lazard declined to comment. Senegal's finance ministry did not immediately respond to a request for comment.

The news was first reported by Bloomberg.