Senegal has postponed until June 23 the publication of its budget execution reports for the last two quarters, the finance ministry said in a statement, as the new administration works to rebuild investor trust after a hidden-debt scandal.

The original release date for the reports was not immediately clear.

The International Monetary Fund (IMF) froze disbursements on its programme with Senegal last year after the nation admitted it had misreported debt and deficit data. The IMF, whose financing is seen as key for the West African nation, said no talks on a new arrangement can start until the case is resolved.

A review of government finances by Senegal's court of auditors in February found Dakar had understated its deficits by up to seven percentage points of GDP a year, pushing the end-2023 debt ratio to about 100% of GDP versus the 74% the previous government had reported.

The finance ministry said in a communique dated June 16 that fourth-quarter 2024 and first quarter data will now be released on June 23 to guarantee the "sincerity and reliability" of the figures.

That reflects the government commitment to "restore budget orthodoxy and transparency", it said, adding identifying, reclassifying, and verifying data was part of its strategy to clean up public finances.

Earlier in June, the IMF welcomed Senegal's plan to boost tax compliance and cut reliance on external funding, but stressed it does not affect the waiver process, leaving the programme still in limbo after a year without cash.

Kevin Daly, investment director at aberdeen Investments, said it was still potentially "a very bumpy road ahead for Senegal". "We are negative on Senegal," he said.

Senegal's dollar bonds are the worst performing in Africa according to JPMorgan data, handing investors losses of 11.5% year-to-date, against 4.9% returns for the average African sovereign.

Senegal's 2033 bonds traded 0.3 cents down at 65.75 cents, Tradeweb data showed. They are at a significant discount to regional peers, said Ninety One portfolio manager Thys Louw.