Senegal’s parliament elected Ousmane Sonko as its speaker days after he was fired as prime minister by President Bassirou Diomaye Faye.
Sonko’s new role gives him a platform to challenge the president’s legislative agenda, deepening uncertainty over the government’s future and how it will repay public debt estimated to have reached 132% of GDP.
The relationship between the former allies deteriorated in recent months as they disagreed over the handling of Senegal’s debt crisis. Faye appointed a former central banker as the country’s new prime minister, ahead of talks with the IMF on a new funding program that could lead to a debt restructuring program that Sonko opposes. Sonko, who heads the largest party in the National Assembly, could use his new role to prevent Faye garnering parliamentary support for his policies.
Senegal’s dollar bonds fell sharply in recent days as investors weighed up the political turmoil roiling the West African country.