This note analyses the crisis in Senegal as a crisis of fiscal credibility that has shifted the constraint towards liquidity and refinancing. It argues that reducing the risk premium requires a coherent strategy based on transparency, credible IMF anchoring, concessional bridge financing, active liability management and targeted consolidation. Finally, it shows that the use of complex instruments and the regional market may offer temporary respite, but in the medium-term increases opacity, the fragility of refinancing and regional vulnerabilities, whilst reinforcing the need for transparency, governance and policy coherence.
