{"id":8932,"date":"2026-03-25T12:40:40","date_gmt":"2026-03-25T12:40:40","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=8932"},"modified":"2026-03-25T12:41:16","modified_gmt":"2026-03-25T12:41:16","slug":"emprunts-non-divulgues-du-senegal-comprendre-les-causes-les-couts-et-lopacite","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=8932","title":{"rendered":"Emprunts non divulgu\u00e9s du S\u00e9n\u00e9gal : comprendre les causes, les co\u00fbts et l\u2019opacit\u00e9"},"content":{"rendered":"

Par . PrAmath Ndiaye, \u00e9conomiste<\/strong><\/p>\n

FASEG-UCAD<\/strong><\/p>\n

Selon le Financial Times<\/em>, le S\u00e9n\u00e9gal a mobilis\u00e9 en 2025 pr\u00e8s de 650 millions d\u2019euros aupr\u00e8s de Africa Finance Corporation et de First Abu Dhabi Bank, \u00e0 travers des instruments financiers complexes appel\u00e9s Total Return Swaps (TRS)<\/em>.<\/p>\n

Ces op\u00e9rations interviennent apr\u00e8s la confirmation, la m\u00eame ann\u00e9e, de l\u2019existence d\u2019au moins 7 milliards de dollars de dettes non d\u00e9clar\u00e9es, portant l\u2019encours total \u00e0 plus de 40 milliards de dollars, soit plus de 130 % du PIB.<\/p>\n

Elles s\u2019inscrivent dans un contexte marqu\u00e9 par la suspension du programme avec le FMI, la d\u00e9gradation de la notation souveraine et des tensions croissantes sur les capacit\u00e9s de financement du pays.<\/p>\n

Les causes : une contrainte de financement devenue critique<\/strong><\/p>\n

Le recours \u00e0 ces emprunts non divulgu\u00e9s s\u2019explique d\u2019abord par une fermeture progressive des march\u00e9s internationaux<\/strong>. La perte de cr\u00e9dibilit\u00e9 budg\u00e9taire a entra\u00een\u00e9 une hausse des primes de risque, rendant les \u00e9missions d\u2019eurobonds difficiles, voire inaccessibles.<\/p>\n

Dans le m\u00eame temps, le march\u00e9 r\u00e9gional UMOA-Titres, bien que mobilis\u00e9, ne dispose pas de la profondeur n\u00e9cessaire pour couvrir des besoins de financement importants et r\u00e9p\u00e9t\u00e9s.<\/p>\n

\u00c0 cela s\u2019ajoute la suspension du programme avec le FMI, qui prive le S\u00e9n\u00e9gal non seulement de ressources financi\u00e8res, mais aussi d\u2019un signal essentiel de confiance vis-\u00e0-vis des investisseurs.<\/p>\n

Enfin, la r\u00e9v\u00e9lation des dettes cach\u00e9es a renforc\u00e9 la d\u00e9fiance, pla\u00e7ant le pays dans une situation de tension de liquidit\u00e9 imm\u00e9diate.<\/p>\n

Dans ce contexte, les TRS apparaissent comme un instrument de dernier recours<\/strong>. Un Total Return Swap est un financement d\u00e9guis\u00e9 o\u00f9 un pays obtient rapidement du cash en \u00e9change de ses obligations, tout en continuant \u00e0 payer des int\u00e9r\u00eats et en prenant des risques suppl\u00e9mentaires.<\/p>\n

Co\u00fbts et risques : un financement cher et porteur de fragilit\u00e9s<\/strong><\/p>\n

Le principal inconv\u00e9nient des TRS r\u00e9side dans leur co\u00fbt particuli\u00e8rement \u00e9lev\u00e9<\/strong>.<\/p>\n

Contrairement \u00e0 un emprunt classique, le S\u00e9n\u00e9gal supporte un double niveau de charge : d\u2019une part, le rendement des obligations utilis\u00e9es comme garantie, et d\u2019autre part un taux de financement index\u00e9 sur un taux de r\u00e9f\u00e9rence, le plus souvent l\u2019Euribor (Euro Interbank Offered Rate) \u2014 c\u2019est-\u00e0-dire le taux auquel les banques de la zone euro se pr\u00eatent de l\u2019argent entre elles \u00e0 court terme \u2014 auquel s\u2019ajoute une marge. Au total, le co\u00fbt peut atteindre environ 12 % par an<\/strong>, contre 6,4 % \u00e0 7 %<\/strong> sur le march\u00e9 r\u00e9gional UMOA-Titres.
\nLe TRS appara\u00eet ainsi comme un financement pr\u00e8s de deux fois plus co\u00fbteux<\/strong>.<\/p>\n

Mais au-del\u00e0 du co\u00fbt, c\u2019est la structure m\u00eame de ces op\u00e9rations qui pose probl\u00e8me.<\/p>\n

D\u2019abord, elles reposent sur une sur-collat\u00e9ralisation<\/strong> : le S\u00e9n\u00e9gal engage plus d\u2019actifs (garantie) qu\u2019il ne re\u00e7oit de liquidit\u00e9s, ce qui r\u00e9duit ses marges de man\u0153uvre futures.<\/p>\n

Ensuite, elles introduisent une hi\u00e9rarchie implicite entre cr\u00e9anciers, en accordant une priorit\u00e9 de fait aux pr\u00eateurs impliqu\u00e9s dans ces montages, au d\u00e9triment des autres investisseurs.<\/p>\n

Surtout, elles exposent le pays \u00e0 des appels de marge<\/strong>. En cas de d\u00e9gradation de la situation financi\u00e8re, de baisse de la valeur des obligations (donn\u00e9es en garantie) ou de remont\u00e9e des taux, le S\u00e9n\u00e9gal peut \u00eatre contraint de mobiliser rapidement des liquidit\u00e9s en devises, ce qui peut accentuer les tensions. Ce risque n\u2019est pas th\u00e9orique. Il s\u2019est d\u00e9j\u00e0 mat\u00e9rialis\u00e9 dans d\u2019autres pays. L\u2019Angola en 2025, par exemple, a eu recours \u00e0 un m\u00e9canisme similaire en contractant un Total Return Swap<\/em> avec une grande banque internationale. Lorsque la valeur des obligations utilis\u00e9es en garantie a diminu\u00e9, le pays a d\u00fb faire face \u00e0 un appel de marge d\u2019environ 200 millions de dollars (120 milliards FCFA), illustrant la brutalit\u00e9 potentielle de ces instruments. Ce type de situation peut transformer une tension financi\u00e8re progressive en crise imm\u00e9diate de liquidit\u00e9, en obligeant l\u2019\u00c9tat \u00e0 trouver en urgence des devises.<\/p>\n

En somme, les TRS permettent de gagner du temps \u00e0 court terme, mais au prix d\u2019une fragilisation accrue \u00e0 moyen terme.<\/p>\n

Le pourquoi de l\u2019opacit\u00e9 : entre technique et strat\u00e9gie<\/strong><\/p>\n

L\u2019opacit\u00e9 qui entoure ces op\u00e9rations tient en partie \u00e0 leur nature. Les TRS sont des produits d\u00e9riv\u00e9s<\/strong>, souvent non comptabilis\u00e9s, \u00e0 tort, comme des emprunts classiques, ce qui peut conduire \u00e0 une sous-estimation de l\u2019endettement r\u00e9el.<\/p>\n

Mais cette opacit\u00e9 r\u00e9pond aussi \u00e0 des logiques strat\u00e9giques : \u00e9viter d\u2019envoyer un signal n\u00e9gatif aux march\u00e9s, respecter des clauses de confidentialit\u00e9 impos\u00e9es par les pr\u00eateurs, ou encore pr\u00e9server une marge de n\u00e9gociation avec les partenaires internationaux, notamment le FMI.<\/p>\n

Toutefois, cette absence de transparence finit par se retourner contre le pays, en fragilisant sa cr\u00e9dibilit\u00e9 financi\u00e8re<\/strong>.<\/p>\n

En conclusion, le recours aux TRS illustre une r\u00e9alit\u00e9 simple : lorsque la confiance s\u2019\u00e9rode, les conditions de financement deviennent plus co\u00fbteuses, plus complexes et plus risqu\u00e9es.<\/p>\n

Le S\u00e9n\u00e9gal ne paie pas seulement un taux d\u2019int\u00e9r\u00eat \u00e9lev\u00e9. Il paie aujourd\u2019hui le prix de l\u2019\u00e9rosion de la confiance. Dans ce contexte, la priorit\u00e9 est claire : restaurer la transparence, r\u00e9tablir la cr\u00e9dibilit\u00e9 et revenir \u00e0 des modes de financement soutenables.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Par . PrAmath Ndiaye, \u00e9conomiste FASEG-UCAD Selon le Financial Times, le S\u00e9n\u00e9gal a mobilis\u00e9 en 2025 pr\u00e8s de 650 millions d\u2019euros aupr\u00e8s de Africa Finance…<\/p>\n","protected":false},"author":1,"featured_media":8412,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-8932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-contribution","wpcat-16-id"],"yoast_head":"\nEmprunts non divulgu\u00e9s du S\u00e9n\u00e9gal : comprendre les causes, les co\u00fbts et l\u2019opacit\u00e9 - challenges economiques<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/challengeseconomiques.com\/?p=8932\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emprunts non divulgu\u00e9s du S\u00e9n\u00e9gal : comprendre les causes, les co\u00fbts et l\u2019opacit\u00e9 - challenges economiques\" \/>\n<meta property=\"og:description\" content=\"Par . 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