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World Bank President Ajay Banga announced he would meet with Senegalese President Bassirou Diomaye Faye on Monday to discuss Senegal’s request for debt restructuring under the G20 Common Framework.
Banga confirmed to Reuters that the institution aims to expedite the process, building on past reforms designed to eliminate historical delays.
“We’re going to discuss how we can be helpful to ensure that his case goes through the G20 Common Framework at the fastest speed of any of the prior cases,” Banga told Reuters.
Senegal announced plans earlier this month to reorganise its debt using an “enhanced” version of the framework—excluding borrowings in the regional CFA franc currency—following a staff-level agreement with the International Monetary Fund (IMF) for a $2.2 billion, three-year loan programme.
Past restructurings under the 2020 framework faced significant delays; Zambia’s process stretched past a year, while Ghana completed its agreement in just over twelve months.
In response, international financial bodies established the Global Sovereign Debt Roundtable and published a debt restructuring playbook to streamline future applications.
President Faye’s Washington itinerary also includes scheduled meetings with US Treasury Secretary Scott Bessent and IMF Managing Director Kristalina Georgieva to secure broader international backing.
“He’s got to do the right things, but he’s focused on doing it, so we’ll see,” Banga said.
