Senegal’s sovereign rating decline: political tensions blamed for economic woes
On August 28, 2026, Moody’s, the international credit rating agency, downgraded Senegal’s sovereign rating from Caa1 to Caa2. This decision was primarily driven by significant refinancing pressures and the prolonged absence of a formal program with the International Monetary Fund (FMI). However, for Deputy Thierno Alassane Sall, who also leads the République des Valeurs (RV) political party, this economic setback stems directly from what he terms an “irresponsible fratricidal war” between President Diomaye Faye and his former mentor, Ousmane Sonko.
Thierno Alassane Sall voiced his strong disapproval, stating that it came as no surprise that Senegal’s rating had once again been lowered by Moody’s. He explicitly linked this degradation, in part, to the “irresponsible fratricidal war” unfolding between the factions he referred to as “Kiiraay” and “Pastef,” represented by Diomaye and Sonko. Sall asserted that the Senegalese populace owes a portion of their deteriorating living conditions, escalating hardships, and widespread social distress to this ongoing political conflict.
Furthermore, the deputy urged citizens to reflect on the accountability and, more critically, the perceived indifference of both the executive and parliamentary bodies towards the challenges they face. He called upon the population to “remember” these circumstances during upcoming elections, with the ultimate goal of removing current leaders from power.
This significant credit rating downgrade occurs concurrently with an FMI mission currently engaged in discussions with the Senegalese government in Dakar, aiming to establish a new economic program for the nation.
Thierno Alassane Sall voiced his strong disapproval, stating that it came as no surprise that Senegal’s rating had once again been lowered by Moody’s. He explicitly linked this degradation, in part, to the “irresponsible fratricidal war” unfolding between the factions he referred to as “Kiiraay” and “Pastef,” represented by Diomaye and Sonko. Sall asserted that the Senegalese populace owes a portion of their deteriorating living conditions, escalating hardships, and widespread social distress to this ongoing political conflict.
Furthermore, the deputy urged citizens to reflect on the accountability and, more critically, the perceived indifference of both the executive and parliamentary bodies towards the challenges they face. He called upon the population to “remember” these circumstances during upcoming elections, with the ultimate goal of removing current leaders from power.
This significant credit rating downgrade occurs concurrently with an FMI mission currently engaged in discussions with the Senegalese government in Dakar, aiming to establish a new economic program for the nation.