{"id":171279,"date":"2026-03-24T07:43:19","date_gmt":"2026-03-24T07:43:19","guid":{"rendered":"https:\/\/www.nettali.com\/?p=171279"},"modified":"2026-03-25T06:25:12","modified_gmt":"2026-03-25T06:25:12","slug":"revelation-du-financial-times-650-millions-deuros-leves-en-secret","status":"publish","type":"post","link":"https:\/\/www.nettali.com\/2026\/03\/24\/revelation-du-financial-times-650-millions-deuros-leves-en-secret\/","title":{"rendered":"REVELATION DU FINANCIAL TIMES - 650 millions d\u2019euros \"non divulgu\u00e9s\", lev\u00e9s"},"content":{"rendered":"<p><strong>NETTALI.COM - Des financements contract\u00e9s en toute discr\u00e9tion pour \u00e9viter un d\u00e9faut de paiement relancent le d\u00e9bat sur la transparence et la soutenabilit\u00e9 de la dette publique s\u00e9n\u00e9galaise.<\/strong><\/p>\n<p>Le S\u00e9n\u00e9gal se retrouve au coeur d\u2019une nouvelle pol\u00e9mique financi\u00e8re. Selon des informations rapport\u00e9es par le Financial Times et reprises par plusieurs m\u00e9dias africains, le pays aurait mobilis\u00e9 environ 650 millions d\u2019euros \u00e0 travers des emprunts non divulgu\u00e9s en 2025, afin d\u2019\u00e9viter un d\u00e9faut de paiement sur sa dette ext\u00e9rieure.<\/p>\n<p>Ces financements auraient \u00e9t\u00e9 obtenus aupr\u00e8s de l\u2019Africa Finance Corporation (AFC) et de la First Abu Dhabi Bank (FAB), via des instruments financiers complexes appel\u00e9s swaps de rendement total.<\/p>\n<p>Contrairement aux emprunts classiques, ces m\u00e9canismes permettent d\u2019obtenir des liquidit\u00e9s en \u00e9change de garanties sur des obligations souveraines, sans n\u00e9cessairement passer par une communication officielle sur les march\u00e9s.<\/p>\n<p>D\u2019apr\u00e8s les \u00e9l\u00e9ments r\u00e9v\u00e9l\u00e9s, un premier accord sign\u00e9 avec l\u2019AFC aurait permis au S\u00e9n\u00e9gal de mobiliser jusqu\u2019\u00e0 350 millions d\u2019euros, dont une premi\u00e8re tranche de 105 millions d\u2019euros effectivement d\u00e9caiss\u00e9e. Un second accord conclu avec la First Abu Dhabi Bank aurait permis d\u2019obtenir 300 millions d\u2019euros suppl\u00e9mentaires, sur une dur\u00e9e de trois ans. Ces op\u00e9rations auraient \u00e9t\u00e9 adoss\u00e9es \u00e0 des obligations en francs CFA, c\u00e9d\u00e9es temporairement aux cr\u00e9anciers en garantie.<\/p>\n<p>Le recours \u00e0 ces produits d\u00e9riv\u00e9s, rarement utilis\u00e9s par les \u00c9tats africains, interroge sur la lisibilit\u00e9 de la gestion de la dette publique. D\u2019autant que, selon le Fonds mon\u00e9taire international (FMI), les conditions exactes de ces accords n\u2019ont pas \u00e9t\u00e9 rendues publiques.<\/p>\n<p>Ces emprunts s\u2019inscrivent dans un contexte de fortes tensions sur les finances publiques. Le S\u00e9n\u00e9gal a r\u00e9cemment d\u00fb honorer des \u00e9ch\u00e9ances importantes sur ses eurobonds, notamment en mars 2026, dans un environnement marqu\u00e9 par la suspension du programme du FMI. Cette suspension fait suite \u00e0 la d\u00e9couverte d\u2019environ 13 milliards de dollars de dette non d\u00e9clar\u00e9e, h\u00e9rit\u00e9e de la pr\u00e9c\u00e9dente administration.<\/p>\n<p>Une r\u00e9v\u00e9lation qui a profond\u00e9ment fragilis\u00e9 la cr\u00e9dibilit\u00e9 financi\u00e8re du pays et compliqu\u00e9 son acc\u00e8s aux financements concessionnels. Dans ce contexte, le recours \u00e0 des financements alternatifs appara\u00eet comme une solution de court terme pour maintenir la solvabilit\u00e9 de l\u2019\u00c9tat. Mais il comporte des risques importants. Les swaps de rendement total sont g\u00e9n\u00e9ralement assortis de clauses contraignantes. En cas de d\u00e9gradation de la note souveraine ou de tensions sur les march\u00e9s, ils peuvent entra\u00eener des obligations de remboursement anticip\u00e9, accentuant la pression sur les finances publiques.<\/p>\n<p>Des analystes estiment que le S\u00e9n\u00e9gal aurait contract\u00e9 entre 750 millions et 1 milliard de dollars de ce type d\u2019instruments en 2025, avec des garanties sup\u00e9rieures aux montants emprunt\u00e9s. Une configuration qui pourrait acc\u00e9l\u00e9rer un sc\u00e9nario de restructuration si la situation se d\u00e9t\u00e9riore.<\/p>\n<p>Par ailleurs, la dette publique du S\u00e9n\u00e9gal atteignait d\u00e9j\u00e0 environ 132 % du PIB \u00e0 fin 2024, selon le FMI, un niveau particuli\u00e8rement \u00e9lev\u00e9 pour une \u00e9conomie \u00e9mergente.<\/p>\n<p>Au-del\u00e0 de l\u2019aspect financier, ces r\u00e9v\u00e9lations posent la question de la gouvernance de la dette. Le S\u00e9n\u00e9gal s\u2019est engag\u00e9 aupr\u00e8s du FMI et de la Banque mondiale \u00e0 am\u00e9liorer la transparence, notamment \u00e0 travers la publication r\u00e9guli\u00e8re de donn\u00e9es consolid\u00e9es sur l\u2019endettement. Or, le recours \u00e0 des emprunts non divulgu\u00e9s semble aller \u00e0 rebours de ces engagements. Il pourrait fragiliser davantage la confiance des partenaires techniques et financiers, au moment o\u00f9 le pays cherche \u00e0 ren\u00e9gocier un nouveau programme avec le FMI. Le pr\u00e9sident Bassirou Diomaye Faye et son Premier ministre Ousmane Sonko ont r\u00e9affirm\u00e9 leur volont\u00e9 d\u2019\u00e9viter une restructuration de la dette, jug\u00e9e pr\u00e9judiciable \u00e0 la souverainet\u00e9 nationale. Mais cette position se heurte \u00e0 une r\u00e9alit\u00e9 budg\u00e9taire de plus en plus contraignante.<\/p>\n<p>Entre aust\u00e9rit\u00e9, tensions sociales et besoins de financement croissants, l\u2019\u00c9tat s\u00e9n\u00e9galais \u00e9volue d\u00e9sormais sur une ligne de cr\u00eate. Si ces emprunts ont permis de gagner du temps, ils pourraient aussi compliquer les marges de manoeuvre \u00e0 moyen terme. Dans un contexte de surveillance accrue des march\u00e9s et des institutions internationales, la question n\u2019est plus seulement d\u2019\u00e9viter le d\u00e9faut, mais de restaurer durablement la confiance.<\/p>\n<div class='share-to-whatsapp-wrapper'><div class='share-on-whsp'>PARTAGER SUR : <\/div><a data-text='REVELATION DU FINANCIAL TIMES - 650 millions d\u2019euros \"non divulgu\u00e9s\", lev\u00e9s' data-link='https:\/\/www.nettali.com\/2026\/03\/24\/revelation-du-financial-times-650-millions-deuros-leves-en-secret\/' class='whatsapp-button whatsapp-share'>WhatsApp<\/a><div class='clear '><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>NETTALI.COM - Des financements contract\u00e9s en toute discr\u00e9tion pour \u00e9viter un d\u00e9faut de paiement relancent le d\u00e9bat sur la transparence et la soutenabilit\u00e9 de la dette publique s\u00e9n\u00e9galaise. Le S\u00e9n\u00e9gal se retrouve au coeur d\u2019une nouvelle pol\u00e9mique financi\u00e8re. Selon des informations rapport\u00e9es par le Financial Times et reprises par plusieurs m\u00e9dias africains, le pays aurait [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":171280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.8 (Yoast SEO v17.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>REVELATION DU FINANCIAL TIMES - 650 millions d\u2019euros &quot;non divulgu\u00e9s&quot;, lev\u00e9s | Nettali.com<\/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:\/\/www.nettali.com\/2026\/03\/24\/revelation-du-financial-times-650-millions-deuros-leves-en-secret\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"REVELATION DU FINANCIAL TIMES - 650 millions d\u2019euros &quot;non divulgu\u00e9s&quot;, lev\u00e9s\" \/>\n<meta property=\"og:description\" content=\"NETTALI.COM - Des financements contract\u00e9s en toute discr\u00e9tion pour \u00e9viter un d\u00e9faut de paiement relancent le d\u00e9bat sur la transparence et la soutenabilit\u00e9 de la dette publique s\u00e9n\u00e9galaise. 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