Senegal's government has rejected a Financial Times report alleging it covertly borrowed €650 million (approximately $754 million) to avert a default, asserting that the transactions adhered to market transparency standards. The new administration, which took office in April 2024, claims that the previous government under Macky Sall concealed significant debt levels. The loans were obtained from the Africa Finance Corporation and First Abu Dhabi Bank, with a 7.1% interest rate, and are part of a broader strategy to diversify funding sources as Senegal grapples with a substantial budget deficit nearing 14% of GDP and a public debt projected at 132% of GDP by the end of 2024. The government emphasized that these financial maneuvers were not hidden and aimed to improve the nation's fiscal situation. An International Monetary Fund (IMF) team previously indicated that Senegal had made misleading statements regarding its financial health during the 2019-2023 period, leading to the suspension of a $1.8 billion aid program.