[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110174-en":3,"doc-seo-110174-105":29,"detail-sidebar-cat-0-en-105":95},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},110174,962075006959,"Anda","https://ap-avatar.wpscdn.com/avatar/e0002397efbe92a78e?_k=1776741047341049297",8,"Research & Report","Benin - Joint Bank-Fund Debt Sustainability Analysis - Moderate risk of external and overall debt distress","Benin faces a moderate risk of external and overall debt distress, remaining unchanged from the prior DSA (December 2022). Under the baseline, all projected external debt burden indicators stay below high-risk thresholds, yet shock-absorption capacity is limited. Select stress tests breach high-risk limits, especially for commodity price and export-related shocks, while a high debt-service-to-revenue ratio leaves debt vulnerable to revenue shortfalls and rollover-cost increases. The public debt PV-to-GDP ratio remains below the prudent benchmark but is sensitive to natural-disaster shocks. Strengthening revenue mobilization, prudent borrowing, and active debt management are central to mitigating risk.","Public Disclosure  \nPub lic Disc losure Authorized  \nApproved by:  \nAbebe Adugna and Manuela Francisco (IDA) and Annalisa Fedelino and Geremia Palomba (IMF)  \nPrepared by the staff of the International Development Association (IDA) and the International Monetary Fund (IMF) 1.  \n\n| BENIN: JOINT BANK-FUND DEBT SUSTAINABILITY ANALYSIS |  |\n| --- | --- |\n| Risk of external debt distress | Moderate |\n| Overall risk of debt distress | Moderate |\n| Granularity in the risk rating | Limited space to absorb shocks |\n| Application of judgment | No |\n\nBenin remains at moderate risk of external and overall debt distress, unchanged from the previous DSA (December 2022) . All projected external debt burden indicators remain below high-risk thresholds under the baseline scenario. Nevertheless, the space to absorb shocks remains limited. External debt burden indicators breach high-risk thresholdsin select stress tests, particularly commodity price and export-related shocks. The high debt service-to-revenue ratio continues to leave debt vulnerable to revenue underperformance or shifts in market sentiment that could increase rollover costs. Moreover, although the baseline present value (PV) of the public debt-to-GDP ratio remains below its prudent benchmark, it is vulnerable to natural disasters as illustrated by the shock scenario, based on Benin’s exposure to such events. Sustained revenue mobilization efforts, along with continued prudent borrowing and active debt management strategy, will be important for mitigating the risk of debt distress.  \n1 Prepared by the IMF and the World Bank. This DSA follows the Guidance Note of the Join Bank-Fund Debt Sustainability Framework for Low Income Countries , February 2018. Benin retains a medium-rated debt-carrying capacity, given the 2.99 Composite Indicator, which is based on the October 2022 WEO and the 2021 CPIA .  \n1. This Debt Sustainability Analysis (DSA) covers central government and central bank debt as well as guarantees provided by the central government (Text Table 1) .2 Central bank debt borrowed on behalf of the government (i.e. , debt to the IMF) is included as external debt. External debt is defined on a currency basis owing to data limitations, except for debt from the regional development bank (BOAD), which is included as external debt for the purpose of the DSA.  \n\n|  |  |  |  |\n| --- | --- | --- | --- |\n|  | 1\u003Cbr>2\u003Cbr>3\u003Cbr>4\u003Cbr>5\u003Cbr>6\u003Cbr>7\u003Cbr>8 | Subsectors of the public sector Sub-sectors covered |  |\n|  |  | \u003Cbr>Central government\u003Cbr>State and local government\u003Cbr>Other elements in the general government\u003Cbr>o/w: Social security fund\u003Cbr>o/w: Extra budgetary funds (EBFs)\u003Cbr>Guarantees (to other entities in the public and private sector, including to SOEs) Central bank (borrowed on behalf of the government)\u003Cbr>Non-guaranteed SOE debt | X\u003Cbr>X\u003Cbr>X |\n|  |  |  |  |\n\n2. Debt coverage remains fairly comprehensive but does not include non-guaranteed SOE debt and the non-financial debts of other government entities.3 Benin received a high score for sectoral coverage on the IDA Debt Reporting heat map for 2022. Although public debt does not include non-guaranteed SOE debt, the authorities recently published the outstanding stock of non-guaranteed SOE debt (comprising 13 SOEs) in their annual fiscal risk report, which stood at 1.9 percent of GDP at end-2021. They also included details on on-lending to SOEs in quarterly debt bulletins in 2021, as part of IDA’s Sustainable Development Finance Policy (SDFP) and most recent Development Policy Operations.4 Also, under the SDFP, the Debt Management Office and the Directorate in charge of SOEs (General Directorate of State Participations and Denationalization , DGPED) established a monitoring system following the adoption by ministerial order of a risk-based framework for granting SOE guarantees. More information on the finances of the SOEs (particularly income statements) and their debt is needed to fully incorporate them into the baseline. The aut","cbCaivLiTNi8q77m","https://ap.wps.com/l/cbCaivLiTNi8q77m","pdf",718802,1,23,"English","en",105,"# Risk assessment and key findings\n## External and overall debt distress risk\n## Shock absorption capacity and stress tests\n## Debt-service vulnerability and rollover costs\n# Debt coverage and methodology\n## What debt is included in the DSA\n## Coverage limitations and additional reporting\n## Contingent liabilities shock calibration\n# Mitigation priorities\n## Revenue mobilization and borrowing strategy\n## Active debt management and monitoring","[{\"question\":\"Benin的外债与总体债务风险评级是什么？\",\"answer\":\"Benin被评为外债与总体债务风险均为“中等风险”，且与2022年12月的上一份DSA保持不变。\"},{\"question\":\"在基准情景下，外债负担指标是否达到高风险阈值？\",\"answer\":\"否。基准情景下，所有外债负担指标都保持在高风险阈值以下，但抗冲击空间仍然有限。\"},{\"question\":\"哪些压力测试更容易使指标突破高风险阈值？\",\"answer\":\"商品价格冲击以及与出口相关的冲击等压力测试可能使外债负担指标突破高风险阈值。\"},{\"question\":\"为降低债务困境风险，DSA强调的关键措施有哪些？\",\"answer\":\"需要持续加强财政收入动员，并保持审慎借款与积极的债务管理策略，以缓解债务困境风险。\"}]",1784484237,58,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":90,"head_meta":92,"extra_data":94,"updated_unix":27},"benin-joint-bank-fund-debt-sustainability-analysis-moderate-risk-of-external-and-overall-debt-distress","",{"@graph":35,"@context":89},[36,53,68],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/benin-joint-bank-fund-debt-sustainability-analysis-moderate-risk-of-external-and-overall-debt-distress/110174/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-22","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81,85],{"name":72,"@type":73,"acceptedAnswer":74},"Benin的外债与总体债务风险评级是什么？","Question",{"text":75,"@type":76},"Benin被评为外债与总体债务风险均为“中等风险”，且与2022年12月的上一份DSA保持不变。","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"在基准情景下，外债负担指标是否达到高风险阈值？",{"text":80,"@type":76},"否。基准情景下，所有外债负担指标都保持在高风险阈值以下，但抗冲击空间仍然有限。",{"name":82,"@type":73,"acceptedAnswer":83},"哪些压力测试更容易使指标突破高风险阈值？",{"text":84,"@type":76},"商品价格冲击以及与出口相关的冲击等压力测试可能使外债负担指标突破高风险阈值。",{"name":86,"@type":73,"acceptedAnswer":87},"为降低债务困境风险，DSA强调的关键措施有哪些？",{"text":88,"@type":76},"需要持续加强财政收入动员，并保持审慎借款与积极的债务管理策略，以缓解债务困境风险。","https://schema.org",{"og:url":51,"og:type":91,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":93,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":96},[97,101,105,109,114,119,124,127,132,135,139],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":98,"show_sort_weight":99,"slug":100},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":102,"show_sort_weight":103,"slug":104},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":106,"show_sort_weight":107,"slug":108},"Exam",70,"exam",{"id":110,"doc_module":4,"doc_module_name":45,"category_name":111,"show_sort_weight":112,"slug":113},5,"Comic",60,"comic",{"id":115,"doc_module":4,"doc_module_name":45,"category_name":116,"show_sort_weight":117,"slug":118},6,"Technology",50,"technology",{"id":120,"doc_module":4,"doc_module_name":45,"category_name":121,"show_sort_weight":122,"slug":123},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":125,"slug":126},30,"research-report",{"id":128,"doc_module":4,"doc_module_name":45,"category_name":129,"show_sort_weight":130,"slug":131},9,"Religion & Spirituality",20,"religion-spirituality",{"id":130,"doc_module":4,"doc_module_name":45,"category_name":133,"show_sort_weight":130,"slug":134},"World Cup","world-cup",{"id":136,"doc_module":4,"doc_module_name":45,"category_name":137,"show_sort_weight":136,"slug":138},10,"Lifestyle","lifestyle",{"id":140,"doc_module":4,"doc_module_name":45,"category_name":141,"show_sort_weight":110,"slug":142},19,"General","general"]