{"id":8406,"date":"2025-10-06T12:19:46","date_gmt":"2025-10-06T12:19:46","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=8406"},"modified":"2025-10-06T12:20:17","modified_gmt":"2025-10-06T12:20:17","slug":"senegal-leurobond-2028-bondit-apres-lannonce-du-fmi-sur-le-dossier-de-dette-cachee","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=8406","title":{"rendered":"S\u00e9n\u00e9gal : l\u2019eurobond 2028 bondit apr\u00e8s l\u2019annonce du FMI sur le dossier de \u00ab dette cach\u00e9e \u00bb"},"content":{"rendered":"<p class=\"texte textearticle\"><strong>Les march\u00e9s financiers ont salu\u00e9 l\u2019annonce du FMI, qui a inscrit \u00e0 l\u2019agenda de son conseil d\u2019administration, ce vendredi 3 octobre, l\u2019examen du dossier de mauvaise d\u00e9claration budg\u00e9taire du S\u00e9n\u00e9gal. Un signal qui \u00e9loigne la perspective d\u2019un remboursement anticip\u00e9 et rouvre la voie \u00e0 un nouvel accord.<\/strong><\/p>\n<p class=\"texte textearticle\">L\u2019eurobond 2028 du S\u00e9n\u00e9gal (coupon 4,75\u00a0%) a connu une envol\u00e9e spectaculaire ce vendredi 3 octobre 2025, \u00e0 la Bourse de Francfort. Le titre a progress\u00e9 de +3,24\u00a0% en une seule s\u00e9ance, pour s\u2019\u00e9tablir \u00e0 90,15, soit une hausse de pr\u00e8s de 17\u00a0% depuis son point bas du 10 juillet dernier. Cette dynamique montre le regain de confiance des investisseurs apr\u00e8s plusieurs mois de doutes nourris par l\u2019affaire dite de \u00ab\u00a0misreporting\u00a0\u00bb (fausse d\u00e9claration de la dette publique).<\/p>\n<p class=\"texte textearticle\"><strong>Des correctifs exig\u00e9s par le FMI<\/strong><\/p>\n<p class=\"texte textearticle\">Le FMI a confirm\u00e9 qu\u2019il travaille \u00e9troitement avec les autorit\u00e9s s\u00e9n\u00e9galaises depuis sa mission du 19 au 26 ao\u00fbt, men\u00e9e \u00e0 la suite du rapport de la Cour des comptes publi\u00e9 en f\u00e9vrier dernier. Cette mission avait pour objectif d\u2019\u00e9valuer les mesures correctives \u00e0 mettre en \u0153uvre apr\u00e8s la constatation de donn\u00e9es budg\u00e9taires et de dettes inexactes. Parmi les r\u00e9formes discut\u00e9es figurent\u00a0: la centralisation de la gestion de la dette, le renforcement du Comit\u00e9 national de la dette publique, un audit exhaustif des arri\u00e9r\u00e9s de paiement,\u00a0la cr\u00e9ation d\u2019une base de donn\u00e9es centralis\u00e9e de la dette, et la consolidation des comptes de l\u2019\u00c9tat dans un compte unique du Tr\u00e9sor (TSA). Ces mesures, selon Julie Kozack, porte-parole du FMI, visent \u00e0<em> \u00ab\u00a0restaurer la transparence budg\u00e9taire, assurer la fiabilit\u00e9 du reporting et pr\u00e9venir de futurs cas de mauvaise d\u00e9claration\u00a0\u00bb<\/em>.<\/p>\n<p class=\"texte textearticle\"><strong>Vers une d\u00e9rogation et un nouveau programme<\/strong><\/p>\n<p class=\"texte textearticle\">La question centrale pour les investisseurs est de savoir si le S\u00e9n\u00e9gal serait contraint \u00e0 un remboursement anticip\u00e9 des fonds d\u00e9j\u00e0 engag\u00e9s dans le cadre du pr\u00e9c\u00e9dent programme. L\u2019hypoth\u00e8se d\u2019une telle sanction semble d\u00e9sormais \u00e9cart\u00e9e. Le conseil d\u2019administration devrait accorder une d\u00e9rogation, permettant au pays de solder le dossier sans d\u00e9clenchement de d\u00e9faut technique.<\/p>\n<p class=\"texte textearticle\">Le FMI souligne toutefois que certaines discussions restent ouvertes entre ses \u00e9quipes et les autorit\u00e9s de Dakar. Celles-ci devront \u00eatre conclues avant la cl\u00f4ture officielle du dossier de \u00ab\u00a0misreporting<em>\u00a0\u00bb<\/em>. Parall\u00e8lement, les contours d\u2019un nouvel accord de financement sont d\u00e9j\u00e0 en discussion, avec en toile de fond la soutenabilit\u00e9 de la dette publique, tant en termes de volume que de co\u00fbt.<\/p>\n<p class=\"texte textearticle\"><strong>Un cas pilote pour la r\u00e9gion ?<\/strong><\/p>\n<p class=\"texte textearticle\">Au-del\u00e0 du cas s\u00e9n\u00e9galais, une question \u00e9merge\u00a0: le pays peut-il devenir un cas pilote pour d\u2019autres \u00e9conomies africaines confront\u00e9es \u00e0 des d\u00e9fis similaires de dette et de transparence budg\u00e9taire ? Sur ce point, la prudence domine au FMI. <em>\u00ab\u00a0Nous sommes une organisation qui apprend et nous tirons des le\u00e7ons de chaque exp\u00e9rience, mais \u00e0 ce stade notre priorit\u00e9 reste de soutenir le S\u00e9n\u00e9gal\u00a0\u00bb<\/em>, a pr\u00e9cis\u00e9 Mme Kozack.<\/p>\n<p class=\"texte textearticle\"><strong>Le plus dur reste \u00e0 venir<\/strong><\/p>\n<p class=\"texte textearticle\">Si la r\u00e9action positive du march\u00e9 offre une bouff\u00e9e d\u2019oxyg\u00e8ne \u2014 le S\u00e9n\u00e9gal ayant des eurobonds \u00e0 rembourser dans les prochains mois \u2014 le chemin demeure sem\u00e9 d\u2019emb\u00fbches. Le pays devra convaincre sur sa capacit\u00e9 \u00e0 mettre en \u0153uvre ces r\u00e9formes structurelles et \u00e0 restaurer durablement la confiance des bailleurs. La prochaine \u00e9tape se jouera donc au conseil d\u2019administration du FMI, avec en ligne de mire la conclusion d\u2019un nouveau programme cens\u00e9 garantir la soutenabilit\u00e9 du stock et du co\u00fbt de la dette.<\/p>\n<p><strong>(Agence Ecofin) <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Les march\u00e9s financiers ont salu\u00e9 l\u2019annonce du FMI, qui a inscrit \u00e0 l\u2019agenda de son conseil d\u2019administration, ce vendredi 3 octobre, l\u2019examen du dossier de&#8230;<\/p>\n","protected":false},"author":1,"featured_media":8407,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[],"class_list":["post-8406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-a-la-une","wpcat-23-id"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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