Financing the 2026 budget and structural reforms . The funds raised through this operation, arranged by investment management and brokerage firm Invictus Capital & Finance, will support the country’s 2026 budgetary requirements. The draft Finance Law for 2026 forecasts a total budget of 7,433.9 billion CFA francs (around $13.4 billion), marking a 12.4% increase compared to 2025.
A significant portion of these proceeds will also be allocated to the National Transformation Agenda, a program designed to finance major infrastructure projects and reforms aimed at improving living standards and stimulating economic growth. According to Senegal’s Ministry of Finance and Budget, the operation aligns with a long term strategy for medium-term debt management while also contributing to the deepening of the regional financial market, strengthening Senegal’s position within WAEMU.
Increasing reliance on the regional market amid high debt levels
This new borrowing is expected to raise an already critical debt level. According to the International Monetary Fund (IMF), Senegal’s total public debt, including that of state owned enterprises, reached around 132% of GDP at the end of 2024. The current debt crisis began in mid-2024 following the disclosure of massive underreporting of deficits and debt. Subsequent audits by the Court of Auditors confirmed that 2023 debt exceeded previously reported figures by 25 percentage points of GDP.
In 2025, Senegal raised 4,004 billion CFA francs from the regional financial market. While this strategy addressed immediate financing needs, it also heightens risks for WAEMU, especially ahead of the crucial March 2026 maturity of a €1 billion eurobond.
