Senegal denies covertly borrowing 650 mn euros to avoid default
Debt-laden Senegal has denied a report in the Financial Times that it covertly borrowed 650 million euros ($754 million) to avoid a default, saying it acted in line with "market transparency rules". But the Financial Times reported Monday that the new government had secretly "tapped 650 million euros from development lender Africa Finance Corporation and First Abu Dhabi Bank last year in borrowings that gave them privileges over existing bondholders".
Debt-laden Senegal has denied a report in the Financial Times that it covertly borrowed 650 million euros ($754 million) to avoid a default, saying it acted in line with "market transparency rules". But the Financial Times reported Monday that the new government had secretly "tapped 650 million euros from development lender Africa Finance Corporation and First Abu Dhabi Bank last year in borrowings that gave them privileges over existing bondholders".
