Senegal will brief its external creditors on October 6 on how it plans to treat its debt, in a virtual meeting hosted and chaired by International Monetary Fund (IMF) staff, the finance ministry said on September 30.

The meeting, at 12:00 GMT, will cover Senegal's economic and financial situation, its reform programme and its debt treatment strategy, "including creditor engagement plan, timeline, and next steps", the ministry said. IMF staff and Senegalese officials will give presentations, followed by questions from creditors. Creditors must register by 09:00 GMT on October 5.

It is the first formal meeting with creditors since September 1, when Senegal launched its debt treatment plan and reached a staff-level agreement with the IMF on a 36-month Extended Credit Facility of about $2.2bn. Dakar said it would seek relief through an enhanced version of the G20 Common Framework. Approval by the IMF board depends on corrective action over past debt misreporting and on financing assurances from creditors, according to export credit insurer Credendo.

The terms have not been published. Senegal intends to leave CFA franc debt issued on the regional market outside the treatment, which would leave international bondholders and official bilateral lenders to bear most of it, Credendo said. About $4.8bn of Eurobonds fall within the scope, Ecofin Agency reported.

Senegal has not missed a payment. It paid a coupon due on September 13 on its 2048 bond. Moody's cut the sovereign rating to Caa2 on August 28 and said the rating was consistent with losses of 10% to 20% for private creditors, according to Ecofin Agency, which said all five of Senegal's international bonds traded below 50 cents on the dollar or euro after the plan was announced.

The debt crisis dates from 2024, when the government disclosed previously misreported borrowing that analysts now put at about $13bn, Reuters reported.