Senegal is said to pick Lazard Inc. as a financial adviser, according to people familiar with the matter, a sign the government may be studying a debt overhaul.

The West African nation has been grappling with rising debt service costs amid global interest rate increases and currency pressures. International Monetary Fund programs and Eurobond maturities have added urgency to fiscal consolidation efforts.

Lazard, a global financial advisory and asset management firm, has advised numerous sovereigns on debt restructurings, including Greece, Argentina, and Zambia. Its appointment suggests Senegal is exploring options to reprofile obligations or negotiate with creditors.

No official announcement has been made, and the scope of Lazard's mandate remains unclear. The move comes as Senegal seeks to maintain market access while addressing fiscal imbalances highlighted by rating agencies.