Senegal to issue $500 mln to $1 bln in foreign debt this year - CNBC Africa

Senegal to issue $500 mln to $1 bln in foreign debt this year

Western Africa

by Reuters 0

Senegal's Macky Sall says country plans to issue $500 mln to $1 bln in foreign debt this year. PHOTOS: Wikipedia

Senegal plans to issue between 500 million US dollars and one billion US dollars in foreign debt this year, starting from June, to cover its budgetary needs, an economic advisor to President Macky Sall told Reuters.

(READ MORE: IMF praises Senegal’s growth plan)

Mamadou Fall Kane also said the West African country's government was concerned by the strength of the U.S. dollar and was using currency swaps to hedge its risk on dollar-denominated debt.

Senegal, which uses the CFA currency that is pegged to the euro, was also looking to increase its presence in European markets, he said.

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