Suspicions of "toxic" loans: The FDR accuses the government of undermining national sovereignty

The Front for the Defense of Democracy and the Republic (FDR) accuses the Senegalese government of having contracted, in opacity, financial loans deemed "particularly toxic", jeopardizing the economic sovereignty of Senegal.

In a statement published on Tuesday, March 24, 2026, the opposition denounces "shady financial dealings" and believes that "Prime Minister Ousmane Sonko is resorting to toxic financial expedients" going so far as to "mortgage Senegal."

The FDR thus points to the use of complex financial mechanisms, such as "Total Return Swaps" (TRS), which are considered risky.

Moreover, the FDR leaders' conference fears that "Senegalese money will be used first to repay private bankers before financing our schools, hospitals or infrastructure."

Reacting to the Finance Ministry's statement, the FDR believes that the government's "denial" "only reveals its unease while simultaneously exacerbating it." It maintains that the explanations provided "do not answer the question posed," particularly regarding "the hidden use of toxic loans."

The opposition is therefore demanding "a precise and detailed indication of the assets pledged, the annual financial charges, as well as the amounts and beneficiaries of commissions." It is also calling on the National Assembly to "establish a parliamentary commission of inquiry to shed light on these loans."

Furthermore, the FDR demands "respect for the constitutional obligations of transparency and good governance", believing that "Senegal is not a personal asset that can be pledged in secret".

As a reminder, on Monday, March 23, 2026, the "Financial Times" revealed that the Senegalese government had raised nearly one billion dollars through sophisticated financing arrangements, including Total Return Swaps (TRS), in collaboration with institutions such as First Abu Dhabi Bank. These mechanisms allow the government to obtain financing outside of traditional debt channels.