Senegal’s Ministry of Finance announced it achieved estimated savings of 35 billion CFA francs in 2025 by using “total return swap” (TRS) mechanisms instead of traditional eurobond issuances.
Speaking in Dakar, Finance Minister Cheikh Diba explained that while eurobond rates would have ranged between 11% and 12%, the government secured financing at around 7%, generating a significant cost advantage.
Between April and November 2025, the state mobilized 721 billion CFA francs through these alternative operations.
The minister stressed that the strategy was conducted without pledging state assets or creating hidden liabilities, and fully complied with legal and transparency standards.
He said the approach reflects Senegal’s broader objective of diversifying financing sources and reducing reliance on volatile international markets, while ensuring the funding of key public expenditures and debt servicing.
