Sénégal’s credit rating slump amid political strife between diomaye and sonko

The international credit rating agency Moody’s has recently downgraded Sénégal’s sovereign credit rating from Caa1 to Caa2, effective August 28, 2026. This decision reflects mounting refinancing pressures and the prolonged absence of an agreed program with the International Monetary Fund (IMF). While financial analysts cite these factors as primary drivers of the downgrade, political observers point to a different, more divisive cause.

Thierno Alassane Sall, a prominent opposition lawmaker and leader of the République des Valeurs (RV) party, has publicly attributed the nation’s economic woes to what he describes as a reckless internal feud between President Bassirou Diomaye Faye and his former political mentor, Ousmane Sonko. In a scathing statement, Sall accused the two leaders—affectionately (or ironically) nicknamed “Kiiraay” and “Pastef”—of waging a “fraticidal war” that has deepened the hardships faced by ordinary citizens.

“Once again, Sénégal finds itself at the mercy of credit rating agencies due to the irresponsible infighting between Diomaye and Sonko,” Sall remarked. “The deterioration of living conditions, the escalation of social suffering, and the spread of widespread poverty are, in no small part, consequences of their unchecked conflict.”

The timing of the downgrade is particularly sensitive, as a delegation from the IMF is currently engaged in negotiations with the Sénégalais government in Dakar. The objective? To finalize a new financial assistance program aimed at stabilizing the economy. Yet, as political tensions escalate, the prospects for such an agreement remain uncertain.

Sall urged the public to reflect on the leadership’s handling of the crisis ahead of upcoming elections. “Let the people remember who has prioritized personal ambition over national stability,” he stated. “The time has come to hold those responsible accountable and break free from the cycle of mismanagement.”