Senegal plans to take swift action to reduce its budget deficit after Moody’s downgraded the country’s long-term debt rating from Ba3 to B1. The downgrade followed an audit by newly elected President Bassirou Diomaye Faye, which revealed a budget deficit of 10% in 2023—almost double the 5.5% reported by the previous administration. The audit also showed Senegal’s debt stood at 83.7% of GDP at the end of 2023, higher than the previously reported 73.6%.