Dette publique : l’avertissement de Mamadou Oury Diallo sur les risques des eurobonds
Since the late 2000s, Senegal, like several other African countries, has re-engaged with international financial markets through the issuance of Eurobonds. A guest on the program "Jury du Dimanche" on iRadio this Sunday, January 4, 2026, Mamadou Oury Diallo analyzed this strategic choice, which has enabled the mobilization of significant resources for public policies, while also emphasizing that it carries major risks. The Treasury Inspector and former World Bank official summarized the situation by stating that while Eurobonds have opened up opportunities, they are also inextricably linked to new vulnerabilities.
Mamadou Oury Diallo, former director of debt and investment at the Ministry of Economy and Finance, defines these instruments as bonds issued on the capital markets, generally in dollars or euros. They allow states to finance their projects when tax revenues prove insufficient. However, he specifies that unlike concessional loans from multilateral institutions such as the World Bank or the African Development Bank, Eurobonds are contracted under market conditions, with higher interest rates and shorter maturities.
From concessional financing to market realities
Mamadou Oury Diallo points out that, for several decades, African countries depended almost exclusively on official development assistance. Before the 2000s, access to international financial markets was nonexistent for these nations, which relied primarily on concessional financing. The turning point came around 2007-2008, with Ghana's first successful bond issuances, followed by those of Senegal, in an international context then characterized by low interest rates.
While this access to markets has provided some budgetary flexibility, the expert warns that it now requires juggling complex financial instruments. Often denominated in foreign currencies, Eurobonds make issuing countries extremely vulnerable to external shocks, such as a strengthening dollar, rising international interest rates, or global geopolitical tensions.
Budgetary discipline and debt sustainability
For Mamadou Oury Diallo, the use of Eurobonds requires much greater discipline in the management of public finances. He points out that the debt crises of the 1980s and 1990s weighed heavily on African economies, leading to structural adjustment programs. According to the former senior international official, these bonds are neither miracle solutions nor tools to be demonized, but their effectiveness depends strictly on the quality of the investments they finance.
In a global context marked by uncertainty and tightening financial conditions, he calls for a much more cautious use of these levers. According to him, the state's ability to generate future revenue and transparency in debt management are the keys to success. He concludes by warning that in a world that has become more volatile, the margins for error are now much smaller than before.
Commentaires (12)
Les sénégalais d'origine de la Guinée mom de 80% à 85% seeni carte d'identité ay fausse carte d'identité la. Ci nii wala ca née !
Pourquoi on attend toujours pour remplacer les cartes d'identité sénégalaises !
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