[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110012-en":3,"doc-seo-110012-105":31,"detail-sidebar-cat-0-en-105":93},{"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":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},110012,13056703020460,"Valentina","https://ap-avatar.wpscdn.com/avatar/be000253dac470eee5d?_k=1778207105932848923",8,"Research & Report","Benin - Joint World Bank-IMF Debt Sustainability Analysis - December 2020","Benin faces a moderate risk of external and overall debt distress, with the core rating unchanged from the previous May 2020 DSA but with increased vulnerabilities. Under the baseline, all projected external debt burden indicators except one remain below thresholds; the debt service-to-revenue ratio slightly exceeds its threshold in 2024–2025. Although this breach is brief, extreme shock scenarios breach other limits via the PV of debt-to-exports and debt service-to-exports. Public and publicly guaranteed debt stays at moderate risk, while the PV of public debt-to-GDP remains under the prudent benchmark across scenarios.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nBENIN  \nJoint World Bank-IMF Debt Sustainability Analysis  \nDecember 2020  \nPrepared Jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF)  \nApproved by Marcello Estevão (IDA) Catriona Purfield and Maria Gonzalez (IMF)  \nBenin: Joint Bank-Fund Debt Sustainability Analysis  \n\n| Risk of external debt distress | Moderate |\n| --- | --- |\n| Overall risk of debt distress | Moderate |\n| Granularity in the risk rating | Limited space to absorb shock |\n| Application of judgement | Yes |\n\nBenin remains at moderate risk of external and overall debt distress. The rating is unchanged from the previous May 2020 Debt Sustainability Analysis (DSA), but risks to debt sustainability have increased. All the projected external debt burden indicators but one are below their thresholds under the baseline.1 The debt service-to-revenue ratio temporarily exceeds its threshold under the baseline (in 2024 and 2025) . The breach is short-lived and small, but would also mechanically signal a high risk of debt distress. Nevertheless, given the breaches of the other thresholds (PV of debt-to-exports and debt service-to-exports) under the extreme shock scenarios and Benin’s fiscal path, staff assess the risk of external debt distress to remain at moderate. Benin’s spread is no longer above the market financing module’s benchmark. The issuance of the COVID-19 T-Bill has increased rollover risk. Policy slippages and vulnerabilities due to the COVID-19 and the Nigeria border closure shocks are downside risks to the baseline. Public and publicly guaranteed (PPG) debt (external plus domestic) remains at moderate risk of distress. Nonetheless, the PV of public debt-to-GDP ratio remains below its prudent benchmark in both the baseline and shock scenarios.  \n1 The DSA follows the IMF and World Bank Staff Guidance Note on the Application of the Joint Fund-Bank Debt Sustainability Framework (DSF) for Low-Income Countries (LICs) (February 2018). Benin retains a medium-rated debt-carrying capacity, given the 2.9 Composite Indicator, which is based on the 2020 October WEO and the 2019 CPIA released in July 2020 (Text Table 9) . Benin’s CPIA rating improved due to higher economic and public sector management ratings.  \nPUBLIC DEBT COVERAGE  \n1. In the Debt Sustainability Analysis (DSA) of Benin, public debt covers both the debt of the central government as well as the guarantees provided by the central government (Text Table 1).2 The DSA classifies external and domestic debt based on the currency criterion, given data constraints that prevent the use of the residency criterion. Debt to the IMF owed by the Central Bank is included in external debt.3  \n2. The authorities completed an audit of the stock of unpaid claims held by the private sector on the government in January 2019. They identified a stock of arrears to suppliers of 0.2 percent GDP, incurred before 2016. This amount of arrears was added to the 2019 debt stock. The current fiscal projections also assume a gradual clearance of the arrears over 2020-22 at a pace of 0.1 percent of GDP per year.  \n3. The guaranteed debt of state-owned enterprises (SOEs) is included in the baseline analysis. Because SOEs can entail contingent liabilities for the government and create fiscal risks, it is important to have an exhaustive overview of their financial situation.4 The authorities have made progress in the area of monitoring in past years, by collecting financial information on SOEs. In early 2019, they produced an estimate of 0.6 percent of GDP for the non-guaranteed commercial debt of 13 state-owned companies at end-2018.5 For end-2019, SOEnon-guaranteed commercial debt is estimated at 0.5 percent of GDP. To address contingent liability risks, the authorities adopted a new law on SOEs in July 2020, which was promulgated on September ","cbCaiguIiyljyujH","https://ap.wps.com/l/cbCaiguIiyljyujH","pdf",506431,5,1,23,"English","en",105,"# Risk Assessment\n## External Debt Distress Risk\n## Overall Debt Distress Risk\n# Debt Coverage and Methodology\n## Public Debt Coverage\n## Audit of Unpaid Claims and Arrears\n## Treatment of State-Owned Enterprises (SOEs)","[{\"question\":\"Benin的外债和总体债务可持续性风险等级如何？\",\"answer\":\"Benin的外债和总体债务可持续性风险均为“中等风险”。该评级较上一版（2020年5月DSA）未变，但对债务可持续性的风险有所上升。\"},{\"question\":\"基准情景下哪些指标出现了超过阈值的情况？\",\"answer\":\"在基准情景下，除一个指标外，其余外债负担指标均低于阈值；债务偿付/收入比率在2024和2025年短暂超过阈值。\"},{\"question\":\"如何在分析中覆盖公共债务并处理未付索赔和SOEs？\",\"answer\":\"公共债务覆盖中央政府债务及中央政府提供的担保，并按货币标准区分外债与国内债。政府还将私营部门对政府未付索赔（存量拖欠）计入2019年债务存量，并在分析中将担保SOE债务纳入基准，同时将非担保SOE债务作为或有负债冲击处理。\"}]","Benin - Joint World Bank-IMF Debt Sustainability Analysis - December 2020 | PDF",1784483454,58,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":88,"head_meta":90,"extra_data":92,"updated_unix":29},"benin-joint-world-bank-imf-debt-sustainability-analysis-december-2020","",{"@graph":37,"@context":87},[38,55,70],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,52],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":51},"https://docshare.wps.com/document/research-report/",3,{"item":53,"name":13,"@type":44,"position":54},"https://docshare.wps.com/document/benin-joint-world-bank-imf-debt-sustainability-analysis-december-2020/110012/",4,{"url":53,"name":13,"@type":56,"author":57,"headline":13,"publisher":59,"fileFormat":62,"inLanguage":24,"description":14,"dateModified":63,"datePublished":64,"encodingFormat":62,"isAccessibleForFree":65,"interactionStatistic":66},"DigitalDocument",{"name":9,"@type":58},"Person",{"url":42,"name":60,"@type":61},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":67,"interactionType":68,"userInteractionCount":20},"InteractionCounter",{"@type":69},"ViewAction",{"@type":71,"mainEntity":72},"FAQPage",[73,79,83],{"name":74,"@type":75,"acceptedAnswer":76},"Benin的外债和总体债务可持续性风险等级如何？","Question",{"text":77,"@type":78},"Benin的外债和总体债务可持续性风险均为“中等风险”。该评级较上一版（2020年5月DSA）未变，但对债务可持续性的风险有所上升。","Answer",{"name":80,"@type":75,"acceptedAnswer":81},"基准情景下哪些指标出现了超过阈值的情况？",{"text":82,"@type":78},"在基准情景下，除一个指标外，其余外债负担指标均低于阈值；债务偿付/收入比率在2024和2025年短暂超过阈值。",{"name":84,"@type":75,"acceptedAnswer":85},"如何在分析中覆盖公共债务并处理未付索赔和SOEs？",{"text":86,"@type":78},"公共债务覆盖中央政府债务及中央政府提供的担保，并按货币标准区分外债与国内债。政府还将私营部门对政府未付索赔（存量拖欠）计入2019年债务存量，并在分析中将担保SOE债务纳入基准，同时将非担保SOE债务作为或有负债冲击处理。","https://schema.org",{"og:url":53,"og:type":89,"og:title":13,"og:site_name":60,"og:description":14},"article",{"robots":91,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":94},[95,99,103,107,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":96,"show_sort_weight":97,"slug":98},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":100,"show_sort_weight":101,"slug":102},"Literature",80,"literature",{"id":54,"doc_module":4,"doc_module_name":47,"category_name":104,"show_sort_weight":105,"slug":106},"Exam",70,"exam",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":122,"slug":123},30,"research-report",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":127,"slug":128},9,"Religion & Spirituality",20,"religion-spirituality",{"id":127,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":127,"slug":131},"World Cup","world-cup",{"id":133,"doc_module":4,"doc_module_name":47,"category_name":134,"show_sort_weight":133,"slug":135},10,"Lifestyle","lifestyle",{"id":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":20,"slug":139},19,"General","general"]