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".
Breakdown
- Senegal denies secretly borrowing over $750 million to avoid default
- Financial Times reported loans from Africa Finance Corporation and Abu Dhabi bank 13s
- Loans reportedly give lenders privileges over existing bondholders 23s
- Finance ministry says loans are part of strategy to diversify financing 29s
- Current government accuses ex-president's administration of concealing budget issues 54s