LONDON and NEW YORK, Sept. 11, 2026 /PRNewswire/ -- A diverse group of the largest, long-term institutional holders of international bonds issued by Senegal have formed an ad hoc group (the "Ad Hoc Group") for the purpose of engaging with the Senegalese authorities. The formation of the Ad Hoc Group comes in response to announcements of 1 September 2026 by the Ministry of Finance, Economy and Planning of the Republic of Senegal of (1) intentions to seek a debt treatment plan and (2) a staff-level agreement with the International Monetary Fund on key economic policies intended to underpin a three-year $2.2 billion Extended Credit Facility.
The Ad Hoc Group is prepared to engage with the Senegalese authorities and represent the interests of international bondholders. Such a process must necessarily ensure that any debt treatment will be economically justifiable, equitable and sustainable, and is based on reasonable economic assumptions which incorporate appropriate adjustment efforts. The Ad Hoc Group takes note of the stated commitment of the Senegalese authorities to a compressed implementation timeline, early and enhanced information sharing and parallel consultations with creditors in connection with an enhanced Common Framework process.
For the forthcoming debt treatment process to achieve its aims, it will be essential that the authorities work collaboratively with all stakeholders, including bondholders, to ensure the burden is fairly spread across Senegal's financial creditors in accordance with best international practice. The Ad Hoc Group urges authorities to commit to maximum transparency, which will be necessary to avoid a protracted process. The Ad Hoc Group can and will be a constructive partner to the authorities should these principles be followed.
The Ad Hoc Group is in the process of establishing a steering committee which will coordinate its activities. In the meantime, the Ad Hoc Group has retained White & Case LLP as legal advisor to represent the Group in the forthcoming process.
Holders of Senegal bonds who wish to learn more about the Ad Hoc Group and its objectives, or discuss recent developments, may contact White & Case by emailing WCSenegal@whitecase.com.
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