The International Monetary Fund (IMF) reached a staff-level agreement with Senegal on a new three-year financing program worth about $2.2 billion, the IMF said on Tuesday. 

The agreement could pave the way for a 36-month arrangement under the IMF's Extended Credit Facility (ECF).

The proposed program, equivalent to about 475% of Senegal's IMF quota, is intended to support the government's economic and financial reform program for 2026-2029.

However, the deal is not yet final. It remains subject to approval by IMF management and the Fund's Executive Board. Senegal must also take decisive corrective measures to address a previous misreporting case and secure financing assurances from its development partners before the program can be approved.

The IMF said its support is expected to help unlock additional financing from the World Bank, African Development Bank and other development partners.

"Key reforms under the IMF-supported program aim to restore the sustainability of public finances while protecting vulnerable households. The fiscal strategy focuses on strengthening domestic resource mobilization and streamline expenditure, while reinforcing social safety nets, particularly through targeted cash transfers," Mercedes Vera-Martin, Division Chief at the African Department, IMF, said.

The government has also announced its intention to seek debt treatment as part of efforts to restore debt sustainability. The IMF said the program would support Senegal's efforts to reduce fiscal and external vulnerabilities while protecting priority social spending.

During the mission, the IMF delegation met President Bassirou Diomaye Faye, Prime Minister Ahmadou Al Aminou Lo, Minister of Economy, Finance and Planning Cheikh Diba, Budget Minister Bassirou Sarr, and other senior officials.