Senegal’s public debt-to-GDP ratio increased to 99.7% in 2023, up from 65.6% in 2019, and the budget deficit for 2023 was estimated at 12.3% of GDP. This led Moody’s Ratings to downgrade Senegal’s long-term foreign currency rating to B1, four steps below investment grade. The IMF will review the findings and may label the country at high risk of debt distress.