[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110057-en":3,"doc-seo-110057-105":31,"detail-sidebar-cat-0-en-105":92},{"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},110057,1099513958607,"Jiven","https://ap-avatar.wpscdn.com/avatar/100002390cf8733938c?x-image-process=image/resize,m_fixed,w_180,h_180&k=1778829742770036399",8,"Research & Report","Benin - Joint World Bank-IMF Debt Sustainability Analysis - Moderate Risk Assessment","Benin faces a moderate risk of both external and overall debt distress, unchanged from the December 2020 analysis. Under the baseline, external debt burden indicators remain below thresholds, yet limited shock-absorption capacity is evident in selected stress scenarios, especially those linked to exports. Vulnerability is reinforced by a high debt service to revenue ratio, exposure to natural-disaster shocks, and sensitivity to revenue underperformance or market sentiment. Mitigation relies on sustained revenue mobilization, prudent borrowing, and active debt management supported by the IMF program.","Public Disclosure Authorized  \nPub lic Disc losure Authorized  \nApproved by:  \nAbebe Adugna and Marcello Estevão (IDA) , 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 2020) . All the projected external debt burden indicators are below their thresholds under the baseline scenario. Nevertheless, the space to absorb shocks remains limited, with external debt burden indicators breaching high-risk thresholds in selected stress scenarios, in particular related to exports, which illustrates vulnerabilities related to Benin’s transit-dependent economy. The high debt service to revenue ratio leaves debt vulnerable to revenue underperformance or shifts in market sentiment that could increase rollover costs. Moreover, although the baseline present value (PV) of public debt-to-GDP ratio remains below its prudent benchmark, it is vulnerable to natural disasters as illustrated by the shock scenario, which was applied based on Benin’s historic and potential climate-related exposure to natural disaster shocks. Sustained revenue mobilization efforts, including in the context of the IMF-supported program, along with continued prudent borrowing and active debt management strategy, will be important for mitigating the risk of debt distress.  \n.  \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. The baseline also includes on-lending from the central bank related to the 2021 IMF general SDR allocation as part of the domestic debt stock: in line with the WAEMU-wide agreement, the BCEAO on-lent Benin its portion of the SDR allocation (1 .0 percent of GDP) .  \n\n|  |  |\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|  |  |\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\u003Cbr>analysis 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 1.4 Stock of SOE debt not captured in\u003Cbr>the baslined (based on end-2021 estimate) . |\n| 4 | PPP 35 percent of PPP stock 2.4 |\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) 8.8 |\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\n2","cbCaip83wuyJpDIr","https://ap.wps.com/l/cbCaip83wuyJpDIr","pdf",855100,2,1,20,"English","en",105,"# Risk of debt distress assessment\n## Baseline vs. stress scenarios\n## Exposure channels and vulnerabilities\n## Debt composition and debt management measures","[{\"question\":\"What is Benin’s overall risk of debt distress in this analysis?\",\"answer\":\"The analysis rates Benin’s external debt distress risk as moderate and the overall risk of debt distress as moderate.\"},{\"question\":\"Why do stress scenarios still indicate higher vulnerabilities for Benin?\",\"answer\":\"Shock absorption is limited, and certain stress scenarios breach high-risk thresholds, notably those related to exports.\"},{\"question\":\"What policy actions are highlighted to mitigate the risk of debt distress?\",\"answer\":\"Sustained revenue mobilization, prudent borrowing, and continued active debt management are emphasized, including measures within the IMF-supported program.\"}]","Benin - Joint World Bank-IMF Debt Sustainability Analysis - Moderate Risk Assessment | PDF",1784483708,50,{"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":87,"head_meta":89,"extra_data":91,"updated_unix":29},"benin-joint-world-bank-imf-debt-sustainability-analysis-moderate-risk-assessment","",{"@graph":37,"@context":86},[38,54,69],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,48,51],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":20},"https://docshare.wps.com/document/","Document",{"item":49,"name":12,"@type":44,"position":50},"https://docshare.wps.com/document/research-report/",3,{"item":52,"name":13,"@type":44,"position":53},"https://docshare.wps.com/document/benin-joint-world-bank-imf-debt-sustainability-analysis-moderate-risk-assessment/110057/",4,{"url":52,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":42,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-31","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"What is Benin’s overall risk of debt distress in this analysis?","Question",{"text":76,"@type":77},"The analysis rates Benin’s external debt distress risk as moderate and the overall risk of debt distress as moderate.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"Why do stress scenarios still indicate higher vulnerabilities for Benin?",{"text":81,"@type":77},"Shock absorption is limited, and certain stress scenarios breach high-risk thresholds, notably those related to exports.",{"name":83,"@type":74,"acceptedAnswer":84},"What policy actions are highlighted to mitigate the risk of debt distress?",{"text":85,"@type":77},"Sustained revenue mobilization, prudent borrowing, and continued active debt management are emphasized, including measures within the IMF-supported program.","https://schema.org",{"og:url":52,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":52},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":93},[94,98,102,106,111,115,120,123,127,130,134],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":53,"doc_module":4,"doc_module_name":47,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":107,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},5,"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":30,"slug":114},6,"Technology","technology",{"id":116,"doc_module":4,"doc_module_name":47,"category_name":117,"show_sort_weight":118,"slug":119},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":124,"doc_module":4,"doc_module_name":47,"category_name":125,"show_sort_weight":22,"slug":126},9,"Religion & Spirituality","religion-spirituality",{"id":22,"doc_module":4,"doc_module_name":47,"category_name":128,"show_sort_weight":22,"slug":129},"World Cup","world-cup",{"id":131,"doc_module":4,"doc_module_name":47,"category_name":132,"show_sort_weight":131,"slug":133},10,"Lifestyle","lifestyle",{"id":135,"doc_module":4,"doc_module_name":47,"category_name":136,"show_sort_weight":107,"slug":137},19,"General","general"]