[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109945-en":3,"doc-seo-109945-105":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},109945,1374391974585,"Genevieve","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","Benin - Joint World Bank-IMF Debt Sustainability Analysis - May 2020","Benin is assessed as having a moderate risk of external debt distress, with the overall risk rating unchanged from the previous November 2019 Debt Sustainability Analysis. External debt burden indicators remain below baseline thresholds, but the debt service-to-revenue ratio breaches its threshold under an extreme depreciation shock. The room to absorb shocks has narrowed to limited space, while COVID-19 and Nigeria border closure shocks, along with policy slippages, pose downside risks. For public and publicly guaranteed debt, the overall risk stays moderate, and the present value of public debt-to-GDP remains below its prudent benchmark in both baseline and stress scenarios. ","Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nBENIN  \nJoint World Bank-IMF Debt Sustainability Analysis  \nMay 2020  \nPrepared jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF)  \nApproved by Marcello Estevão (IDA) and Dominique Desruelle and, Craig Beaumont (IMF)  \nPub lic Disc losure Authorized  \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 shocks |\n| Application of judgement | No |\n| Macroeconomic projections | 2020 real GDP growth is revised down from 6.7 percent to 3.2 percent |\n\nBenin remains at moderate risk of external debt distress. The rating is unchanged from the previous November 2019 Debt Sustainability Analysis (DSA) . All the projected external debt burden indicators are below their thresholds under the baseline, but the debt service-to-revenue ratio exceeds its threshold in the case ofan extreme depreciation shock. 1 Compared to the previous DSA, the room to absorb shocks has been narrowed from “some space” to “limited space”. In addition, Benin’s spreads remain volatile and are above the market financing module’s benchmark. Policy slippages and vulnerabilities due to the COVID-19 and the Nigeria border closure shocks are downside risks to the baseline.  \nWith regard to public and publicly guaranteed (PPG) debt (external plus domestic), the overall risk of debt distress remains also moderate because of the external debt rating. Nonetheless, the PV of public debt-to-GDP ratio remains below its prudent benchmark in both the baseline and shock scenarios.  \n1 Under the revised Debt Sustainability Framework for Low-Income Countries, Benin’s Composite Indicator is 2.96 based on the October 2019 WEO and the 2018 CPIA, corresponding to the medium debt-carrying capacity.  \nPUBLIC DEBT COVERAGE  \n\n| Text Table 1. Benin: Subsectors of the Public Sector |  |\n| --- | --- |\n| 1 | Subsectors of the public sector Sub-sectors covered |\n|  | Central government X |\n| 2 | State and local government |\n| 3 | Other elements in the general government |\n| 4 | o/w: Social security fund |\n| 5 | o/w: Extra budgetary funds (EBFs) |\n| 6 | Guarantees (to other entities in the public and private sector, including to SOEs) X |\n| 7 | Central bank (borrowed on behalf of the government) X |\n| 8 | Non-guaranteed SOE debt |\n\n| Text Table 2. Benin: Magnitude of the Contingent Liability Tailored Stress Test |  |\n| --- | --- |\n| 1 |  The country's coverage of public debt The central government, central bank, government-guaranteed debt |\n|  | \u003Cbr>Default\u003Cbr>Used for the analysis\u003Cbr>Reasons for deviations from the default settings |\n| 2 | Other elements of the general government not captured in 1. 0 percent of GDP 0.0 |\n| 3 | SoE's debt (guaranteed and not guaranteed by the government) 1/ 2 percent of GDP 0.6 |\n| 4 | PPP 35 percent of PPP stock 2.6 |\n| 5 | Financial market (the default value of 5 percent of GDP is the minimum value) 5 percent of GDP   5.0  \u003Cbr>Total (2+3+4+5) (in percent of GDP) 8.2 |\n| 1/ The default shock of 2% of GDP will be triggered for countries whose government-guaranteed debt is not fully captured under the country's public debt definition (1.). If it is already included in the government debt (1.) and risks associated with SoE's debt not guaranteed by the government is assessed to be negligible, a country team may reduce this to 0%. |  |\n\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.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.  \n2. The a","cbCainAfWZnQP5uM","https://ap.wps.com/l/cbCainAfWZnQP5uM","pdf",581844,6,1,22,"English","en",105,"# Risk assessment and baseline results\n## External debt distress risk\n## Public and publicly guaranteed (PPG) debt coverage\n# Macroeconomic and projection drivers\n## GDP growth revision\n## Shocks and downside risks\n# Debt coverage and contingent liabilities\n## Public debt definition and classification\n## Public debt subsectors covered\n## Contingent liability stress test inputs","[{\"question\":\"Benin的外部债务困境风险评级是多少？\",\"answer\":\"Benin被评为外部债务困境风险为“中等风险”。该评级较上一份2019年11月DSA保持不变。\"},{\"question\":\"基准情景下的外部债务指标是否低于阈值？\",\"answer\":\"是的，基准情景下所有外部债务负担指标均低于阈值。但在“极端贬值冲击”情景中，债务偿付/收入比率超过其阈值。\"},{\"question\":\"在PPG公共债务方面，整体风险结论是什么？\",\"answer\":\"由于外部债务评级，公共及有担保公共债务（外部加国内）整体困境风险仍为“中等风险”。同时，在基准与冲击情景下，公共债务（占GDP）现值仍低于审慎基准值。\"}]","Benin - Joint World Bank-IMF Debt Sustainability Analysis - May 2020 | PDF",1784483152,55,{"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-may-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-may-2020/109945/",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的外部债务困境风险评级是多少？","Question",{"text":77,"@type":78},"Benin被评为外部债务困境风险为“中等风险”。该评级较上一份2019年11月DSA保持不变。","Answer",{"name":80,"@type":75,"acceptedAnswer":81},"基准情景下的外部债务指标是否低于阈值？",{"text":82,"@type":78},"是的，基准情景下所有外部债务负担指标均低于阈值。但在“极端贬值冲击”情景中，债务偿付/收入比率超过其阈值。",{"name":84,"@type":75,"acceptedAnswer":85},"在PPG公共债务方面，整体风险结论是什么？",{"text":86,"@type":78},"由于外部债务评级，公共及有担保公共债务（外部加国内）整体困境风险仍为“中等风险”。同时，在基准与冲击情景下，公共债务（占GDP）现值仍低于审慎基准值。","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},[95,99,103,107,112,116,121,124,129,132,136],{"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":108,"doc_module":4,"doc_module_name":47,"category_name":109,"show_sort_weight":110,"slug":111},5,"Comic",60,"comic",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},"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":108,"slug":139},19,"General","general"]