[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109951-en":3,"doc-seo-109951-105":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},109951,1374391974585,"Genevieve","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","Cabo Verde - Joint World Bank-IMF Debt Sustainability Analysis - October 2020","Cabo Verde’s joint World Bank–IMF debt sustainability analysis concludes that both external and overall debt distress risks remain high, unchanged from the prior April 2020 assessment. Under the baseline, the present value of external PPG debt-to-GDP breaches its threshold during 2020–24, and the total public debt-to-GDP during 2020–27. Stress tests extend breaches further. The assessment is based on assumptions about post-2020 recovery, debt service reprofiling under DSSI, and growth-friendly fiscal consolidation, with emphasis on prudent borrowing, stronger debt management, and export and output diversification for long-term stability.","Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nCABO VERDE  \nJoint World Bank-IMF Debt Sustainability Analysis  \nOctober 2020  \nPrepared Jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF)  \nApproved by Marcello Estevão (IDA), Annalisa Fedelino and Johannes Wiegand (IMF)  \nPub lic Disc losure Authorized  \n\n| Cabo Verde: Joint Bank-Fund Debt Sustainability Analysis |  |\n| --- | --- |\n| Risk of external debt distress | High |\n| Overall risk of debt distress | High |\n| Granularity in the risk rating | Sustainable |\n| Application of judgement | No |\n\nCabo Verde’s risk of external and overall debt distress remains high, unchanged from the joint Debt Sustainability Analysis (DSA) of April 2020. The present value (PV) of public and publiclyguaranteed (PPG) external debt-to-GDP ratio breaches its threshold during 2020–24 under the baseline, and protractedly under stress test scenarios. The PV of total public debt-to-GDP ratio is projected to breach its threshold during 2020–27 under the baseline scenario and during 2020–31 under stress test scenarios. The debt sustainability assessment is predicated on several assumptions, including a gradual recovery of economic activity in 2021, reprofiling of debt service of all official bilateral creditors under the debt service suspension initiative (DSSI), growthfriendly fiscal consolidation in the post-pandemic period as well as resumption of structural reforms, notably to restructure State-Owned Enterprises (SOEs) and improve the business environment. Prudent borrowing policies and strengthened debt management, as well as measures to enhance the functioning of the government securities market are critical to stabilizing debt dynamics over time. In view of Cabo Verde’s vulnerability to exogenous shocks, sustained progress in export and output diversification are also needed for long-term debt sustainability.  \nPUBLIC DEBT COVERAGE  \n1. The coverage of the public sector is in line with the previous DSA (Text Table 1). Consistent with fiscal accounts, the social security fund and local governments are excluded from the DSA, while the coverage of extra budgetary funds (EBFs) is focused on government support to State-Owned Enterprises (SOEs) through onlending and capitalization operations. Government guarantees to SOEs’external borrowing are included in the baseline stock of debt, while publicly-guaranteed domestic debt and non-guaranteed debt by SOEs are excluded because of limited information on the repayment schedule. Efforts to broaden the coverage of public sector debt are ongoing, including by supporting debt transparency reforms through a World Bank Development Policy Financing Operation.1  \n\n| Text Table 1. Cabo Verde: Coverage of Public-Sector Debt and Design of Contingent Liability\u003Cbr>Stress Test |  |  |  |  |  |\n| --- | --- | --- | --- | --- | --- |\n|  |  |  Subsectors of the public sector  Check box \u003Cbr>Central government X\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) X\u003Cbr>Guarantees (to other entities in the public and private sector, including to SOEs) X Central bank (borrowed on behalf of the government) X Non-guaranteed SOE debt |  |  |  |\n|  | 1\u003Cbr>2\u003Cbr>3\u003Cbr>4\u003Cbr>5\u003Cbr>6\u003Cbr>7\u003Cbr>8 |  |  |  |  |\n| Public debt coverage and the magnitude of the contingent liability tailored stress test |  |  |  |  |  |\n|  | 1 | The country's coverage of public debt  The central government plus extra budgetary funds, central bank, government-guaranteed debt  |  |  |  |\n|  |  |  | Default | Used for the analysis | Reasons for deviations from the default settings |\n|  | 2\u003Cbr>3\u003Cbr>4\u003Cbr>5 | Other elements of the general government not captured in 1.\u003Cbr>SoE's debt (guaranteed and not guaranteed by the government) 1/\u003Cbr>PPP\u003Cbr>Financial market (the default value of 5 percent of GDP is the minimum valu","cbCaip7VX6lPIBZY","https://ap.wps.com/l/cbCaip7VX6lPIBZY","pdf",441534,3,1,19,"English","en",105,"# Risk of debt distress\n## External debt distress risk\n## Overall debt distress risk\n# Debt sustainability assumptions and policy implications\n## Baseline and stress test breaches\n## Key macro-fiscal assumptions\n## Required policy measures\n# Public debt coverage\n## Coverage scope and exclusions\n## Treatment of guarantees and SOE debt\n# Contingent liability stress test design\n## Tailoring to coverage gaps\n## Calibration of shocks","[{\"question\":\"What is Cabo Verde’s assessed risk of external debt distress and overall debt distress?\",\"answer\":\"Both risks are rated High. The assessment states this is unchanged from the joint DSA of April 2020.\"},{\"question\":\"During which periods do debt indicators breach their thresholds under the baseline and stress tests?\",\"answer\":\"The PV of external PPG debt-to-GDP breaches during 2020–24 under the baseline and protractedly under stress tests. The PV of total public debt-to-GDP is projected to breach during 2020–27 under the baseline and during 2020–31 under stress test scenarios.\"},{\"question\":\"What assumptions underpin the debt sustainability analysis for Cabo Verde?\",\"answer\":\"The analysis assumes a gradual recovery of economic activity in 2021, reprofiling of official bilateral debt service under DSSI, and growth-friendly fiscal consolidation alongside resumption of structural reforms, including restructuring SOEs and improving the business environment.\"}]","Cabo Verde - Joint World Bank-IMF Debt Sustainability Analysis - October 2020 | PDF",1784483181,48,{"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},"cabo-verde-joint-world-bank-imf-debt-sustainability-analysis-october-2020","",{"@graph":37,"@context":86},[38,54,69],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,51],{"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":20},"https://docshare.wps.com/document/research-report/",{"item":52,"name":13,"@type":44,"position":53},"https://docshare.wps.com/document/cabo-verde-joint-world-bank-imf-debt-sustainability-analysis-october-2020/109951/",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","2026-07-30","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 Cabo Verde’s assessed risk of external debt distress and overall debt distress?","Question",{"text":76,"@type":77},"Both risks are rated High. The assessment states this is unchanged from the joint DSA of April 2020.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"During which periods do debt indicators breach their thresholds under the baseline and stress tests?",{"text":81,"@type":77},"The PV of external PPG debt-to-GDP breaches during 2020–24 under the baseline and protractedly under stress tests. The PV of total public debt-to-GDP is projected to breach during 2020–27 under the baseline and during 2020–31 under stress test scenarios.",{"name":83,"@type":74,"acceptedAnswer":84},"What assumptions underpin the debt sustainability analysis for Cabo Verde?",{"text":85,"@type":77},"The analysis assumes a gradual recovery of economic activity in 2021, reprofiling of official bilateral debt service under DSSI, and growth-friendly fiscal consolidation alongside resumption of structural reforms, including restructuring SOEs and improving the business environment.","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},[94,98,102,106,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":48,"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":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":22,"doc_module":4,"doc_module_name":47,"category_name":137,"show_sort_weight":107,"slug":138},"General","general"]