US wants Senegal debt restructuring wrapped up in less than a year
TLT•The United States wants Senegal’s debt restructuring completed in less than a year, Treasury Undersecretary Erin Browne said. Senegal is also seeking a staff-negotiated IMF agreement for a $2.2 billion program.
1. US urges swift process
The United States views Senegal’s request for debt restructuring as a “great example” of progress under the Group of 20 Common Framework and wants the work completed in less than a year, Treasury Undersecretary for International Affairs Erin Browne said.
2. Debt roundtable discussions
Browne co-chaired a meeting of the Global Sovereign Debt Roundtable with the heads of the IMF and World Bank. The group’s progress report was released alongside the IMF-World Bank annual meetings; the roundtable was established to help speed up debt treatments after lengthy processes in Zambia and Ghana.
3. IMF support and next steps
Senegal’s debt treatment aims to return its finances to a sustainable trajectory. IMF Managing Director Kristalina Georgieva said the IMF would support Senegal with a staff-negotiated agreement for a $2.2 billion program. Browne said participants also discussed whether to expand eligibility for debt treatments beyond the poorest countries, with further discussions planned for next year.
