Senegal is seeking a faster route through the G20’s debt restructuring process, with World Bank President Ajay Banga urging members to apply lessons from earlier cases to speed up the West African country’s negotiations.

Banga said he would meet Senegalese President Bassirou Diomaye Faye on Monday to discuss how the World Bank can help ensure Senegal’s case moves through the G20 Common Framework “at the fastest speed” of previous restructurings.

The push comes after Senegal agreed with the International Monetary Fund on a $2.2 billion, three-year loan program and announced plans to reorganize its debt under an enhanced version of the G20 framework.

Senegal seeks faster debt deal

Senegal said its restructuring would exclude borrowings denominated in the regional CFA franc currency, narrowing the debt covered by the process.

The G20 Common Framework was launched in 2020 during the COVID-19 pandemic to help the world’s poorest countries restructure unsustainable debt. But previous cases exposed delays in reaching agreements.

Zambia’s restructuring took well over a year, while Ghana completed its process in just over a year.

Banga said G20 members have since worked to reform the process and shorten the time required to complete restructurings, giving Senegal an opportunity to benefit from those changes.

The World Bank, IMF and G20 members also established the Global Sovereign Debt Roundtable, bringing together borrowing countries and private-sector participants to address obstacles that had slowed previous negotiations.

The parties have additionally developed a debt restructuring playbook intended to make the process more transparent.

Faye heads to Washington

Faye is expected to meet U.S. Treasury Secretary Scott Bessent and IMF Managing Director Kristalina Georgieva during his Washington visit.

Banga said Senegal’s government still has to take the necessary steps to put its restructuring on track, but added that Faye is focused on doing so.

For Senegal, a faster restructuring could provide greater clarity over its debt obligations as the government works with international lenders to stabilize its finances.