{"id":74144,"date":"2026-01-04T13:45:00","date_gmt":"2026-01-04T13:45:00","guid":{"rendered":"https:\/\/www.africa-press.net\/senegal\/politique\/avertissement-sur-les-risques-des-eurobonds"},"modified":"2026-01-04T22:36:08","modified_gmt":"2026-01-04T22:36:08","slug":"avertissement-sur-les-risques-des-eurobonds","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/senegal\/economie\/avertissement-sur-les-risques-des-eurobonds","title":{"rendered":"Avertissement sur les Risques des Eurobonds"},"content":{"rendered":"

Africa-Press – Senegal. <\/strong><\/span>Depuis la fin des anne\u0301es 2000, le Se\u0301ne\u0301gal, a\u0300 l\u2019instar de plusieurs pays africains, a renoue\u0301 avec les marche\u0301s financiers internationaux a\u0300 travers l\u2019e\u0301mission d\u2019eurobonds. Invite\u0301 de l’e\u0301mission Jury du Dimanche sur iRadio ce dimanche 4 janvier 2026, Mamadou Oury Diallo a analyse\u0301 ce choix strate\u0301gique qui a permis de mobiliser des ressources importantes pour les politiques publiques, tout en soulignant qu’il comporte des risques majeurs. L\u2019inspecteur du Tre\u0301sor et ancien fonctionnaire a\u0300 la Banque mondiale re\u0301sume la situation en pre\u0301cisant que si les eurobonds ont ouvert des possibilite\u0301s, ils sont indissociables de nouvelles vulne\u0301rabilite\u0301s.<\/p>\n

Ancien directeur de la dette et des investissements au ministe\u0300re de l\u2019E\u0301conomie et des Finances, Mamadou Oury Diallo de\u0301finit ces instruments comme des obligations e\u0301mises sur le marche\u0301 des capitaux, ge\u0301ne\u0301ralement en dollars ou en euros. Ils permettent aux E\u0301tats de financer leurs projets lorsque les recettes fiscales s’ave\u0300rent insuffisantes. Cependant, il pre\u0301cise que contrairement aux pre\u0302ts concessionnels des institutions multilate\u0301rales comme la Banque mondiale ou la BAD, les eurobonds sont contracte\u0301s a\u0300 des conditions de marche\u0301, avec des taux d\u2019inte\u0301re\u0302t plus e\u0301leve\u0301s et des e\u0301che\u0301ances plus courtes.<\/p>\n

Du financement concessionnel aux re\u0301alite\u0301s du marche\u0301<\/b><\/p>\n

Mamadou Oury Diallo rappelle que, pendant plusieurs de\u0301cennies, les pays africains de\u0301pendaient presque exclusivement de l\u2019aide publique au de\u0301veloppement. Avant les anne\u0301es 2000, l’acce\u0300s aux marche\u0301s financiers internationaux e\u0301tait inexistant pour ces nations qui vivaient essentiellement de financements concessionnels. Le tournant s’est ope\u0301re\u0301 vers 2007-2008, avec les premie\u0300res e\u0301missions re\u0301ussies du Ghana, suivies par celles du Se\u0301ne\u0301gal dans un contexte international alors marque\u0301 par des taux d’inte\u0301re\u0302t bas.<\/p>\n

Si cet acce\u0300s aux marche\u0301s a offert une marge de man\u0153uvre budge\u0301taire, l’expert avertit qu’il impose de\u0301sormais de jongler avec des instruments financiers complexes. E\u0301tant souvent libelle\u0301s en devises e\u0301trange\u0300res, les eurobonds rendent les pays e\u0301metteurs extre\u0302mement sensibles aux chocs externes, tels que l\u2019appre\u0301ciation du dollar, la hausse des taux directeurs internationaux ou les tensions ge\u0301opolitiques mondiales.<\/p>\n

Discipline budge\u0301taire et soutenabilite\u0301 de la dette<\/b><\/p>\n

Pour Mamadou Oury Diallo, le recours aux eurobonds impose une discipline beaucoup plus forte dans la gestion des finances publiques. Il rappelle que les crises de la dette des anne\u0301es 1980 et 1990 ont lourdement pese\u0301 sur les e\u0301conomies africaines, menant aux programmes d\u2019ajustement structurel. Pour l’ancien haut fonctionnaire international, ces obligations ne sont ni des solutions miracles, ni des outils a\u0300 diaboliser, mais leur efficacite\u0301 de\u0301pend strictement de la qualite\u0301 des investissements qu’elles financent.<\/p>\n

Dans un contexte mondial marque\u0301 par l\u2019incertitude et le resserrement des conditions financie\u0300res, il appelle a\u0300 une utilisation beaucoup plus prudente de ces leviers. Selon lui, la capacite\u0301 de l\u2019E\u0301tat a\u0300 ge\u0301ne\u0301rer des recettes futures et la transparence dans la gestion de la dette sont les cle\u0301s de la re\u0301ussite. Il conclut en pre\u0301venant que dans un monde devenu plus volatil, les marges d\u2019erreur sont aujourd\u2019hui beaucoup plus faibles qu\u2019auparavant.<\/p>\n

Pour plus d’informations et d’analyses sur la Senegal<\/span>, suivez Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Senegal. Depuis la fin des anne\u0301es 2000, le Se\u0301ne\u0301gal, a\u0300 l\u2019instar de plusieurs pays africains, a renoue\u0301 avec les marche\u0301s financiers internationaux a\u0300 travers l\u2019e\u0301mission d\u2019eurobonds. Invite\u0301 de l’e\u0301mission Jury du Dimanche sur iRadio ce dimanche 4 janvier 2026, Mamadou Oury Diallo a analyse\u0301 ce choix strate\u0301gique qui a permis de mobiliser des […]<\/p>\n","protected":false},"author":82,"featured_media":74143,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,20,10],"tags":[44],"class_list":["post-74144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie","category-top-nouvelles","category-toutes-les-actualites","tag-senegal-2"],"yoast_head":"\nAvertissement sur les Risques des Eurobonds - Senegal<\/title>\n<meta name=\"description\" content=\"Depuis la fin des anne\u0301es 2000, le Se\u0301ne\u0301gal, a\u0300 l\u2019instar de plusieurs pays africains, a renoue\u0301 avec les marche\u0301s finan ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/senegal\/economie\/avertissement-sur-les-risques-des-eurobonds\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avertissement sur les Risques des Eurobonds\" \/>\n<meta property=\"og:description\" content=\"Depuis la fin des anne\u0301es 2000, le Se\u0301ne\u0301gal, a\u0300 l\u2019instar de plusieurs pays africains, a renoue\u0301 avec les marche\u0301s finan ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/senegal\/economie\/avertissement-sur-les-risques-des-eurobonds\" \/>\n<meta property=\"og:site_name\" content=\"Senegal\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-04T13:45:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-04T22:36:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/senegal\/sites\/13\/2026\/01\/sm_1767594495.383723.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditorfr\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditorfr\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/senegal\/economie\/avertissement-sur-les-risques-des-eurobonds#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/senegal\/economie\/avertissement-sur-les-risques-des-eurobonds\"},\"author\":{\"name\":\"cfeditorfr\",\"@id\":\"https:\/\/www.africa-press.net\/senegal\/#\/schema\/person\/2b1cf3cd81a31e3cd26889ca66d677f1\"},\"headline\":\"Avertissement sur les Risques des Eurobonds\",\"datePublished\":\"2026-01-04T13:45:00+00:00\",\"dateModified\":\"2026-01-04T22:36:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/senegal\/economie\/avertissement-sur-les-risques-des-eurobonds\"},\"wordCount\":578,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/senegal\/economie\/avertissement-sur-les-risques-des-eurobonds#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/senegal\/sites\/13\/2026\/01\/sm_1767594495.383723.jpg\",\"keywords\":[\"Senegal\"],\"articleSection\":[\"\u00c9conomie\",\"Top Nouvelles\",\"Toutes les actualit\u00e9s\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/senegal\/economie\/avertissement-sur-les-risques-des-eurobonds#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/senegal\/economie\/avertissement-sur-les-risques-des-eurobonds\",\"url\":\"https:\/\/www.africa-press.net\/senegal\/economie\/avertissement-sur-les-risques-des-eurobonds\",\"name\":\"Avertissement sur les Risques des Eurobonds - 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