[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111138-en":3,"doc-seo-111138-105":29,"detail-sidebar-cat-0-en-105":90},{"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":4,"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},111138,549758146520,"Patrick","https://ap-avatar.wpscdn.com/avatar/80002397d8c0411e94?_k=1775819394049821470",8,"Research & Report","CAMBODIA - Joint Bank-Fund Debt Sustainability Analysis","Cambodia faces a low risk of external and overall debt distress, with debt-carrying capacity assessed as medium. The baseline scenario reflects announced policies, including U.S. reciprocal tariff measures, and lower growth from structural shifts in global trade and investment flows. Debt burden indicators remain under threshold levels in both baseline and adverse cases. Stress tests highlight the highest vulnerability to contingent liabilities and growth shocks.","Public Disclosure Authorized  \nPub lic Disc losure Authorized  \nApproved by:  \nManuela Francisco and Lalita Moorty (IDA) , and Rupa Duttagupta and Cemile Sancak (IMF)  \nPrepared by the staff of the International Development Association (IDA) and the International Monetary Fund (IMF)  \n\n| CAMBODIA: JOINT BANK-FUND DEBT SUSTAINABILITY ANALYSIS |  |\n| --- | --- |\n| Risk of external debt distress | Low |\n| Overall risk of debt distress | Low |\n| Granularity in the risk rating | Not applicable |\n| Application of judgment | No |\n\nCambodia remains at low risk of external and overall debt distress, and its debt-carrying capacity is evaluated as medium.1 The baseline scenario incorporates announced policies, including those by the U.S. on reciprocal tariffs, as well as lower potential growth due to structural shifts in global trade and investment flows. The total public and publicly guaranteed debt-to-GDP ratio is projected to rise by 6.3 percentage points of GDP over the next decade. Debt burden indicators are projected to remain below their thresholds in both the baseline and adverse scenarios. Stress tests show that debt sustainability is most vulnerable to contingent liabilities and growth shocks.  \n1 Cambodia’s Composite Indicator (CI), based on data submitted to the July 2025 WEO and the World Bank’s 2024 Country Policy and Institutional Assessment (CPIA), is 2 .99, indicating medium debt-carrying capacity. This represents a slight decline from the 2024 DSA value of 3.02.  \n1. The debt sustainability analysis (DSA) covers central government debt and state-owned enterprise (SEO) debt guaranteed by the central government. By law, state and local governments and the central bank do not engage in borrowing, and SOEs do not contract non-guaranteed loans. There are currently no extra-budgetary funds, and the National Social Security Fund is funded by deposits and does not constitute a liability for the general government (Text Table 1) . As in the previous DSA, external debt is defined on a currency basis.  \n| 1 | Subsectors of the public sector | Sub-sectors covered |\n| --- | --- | --- |\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 | X |\n\n2. The DSA includes contingent liabilities stress tests for public-private partnerships (PPPs) and a financial market shock (Text Table 2) .  \n• The shock scenario for SOE debt is set to 0 percent of GDP because , by law , SOEs do not engage in non-guaranteed external borrowing , and guarantees to SOEs are included in public and publicly guaranteed (PPG) debt.  \n• The end-2024 capital stock of PPPs is estimated at around 40 percent of GDP, which, assuming a 35 percent shock to the total PPP stock, corresponds to a contingent liability of 14 percent of GDP.  \n• The financial market shock is calibrated at 10 percent of GDP, double the default value of 5 percent. This adjustment reflects elevated risks from high private sector indebtedness, with bank credit to the private sector remaining substantial at approximately 126 percent of GDP at end-2024 and a loan-todeposit ratio of 108. It also accounts for a sharp decline in banks’ profitability amid rising NPL ratios, as well as the absence of a comprehensive bank resolution framework and a deposit insurance regime.  \n| The country's coverage of public debt | The central government, central bank, government-guaranteed debt, non-guaranteed SOE debt |  |  |\n| --- | --- | --- | --- |\n|  | Default | Used for the\u003Cbr>analysis | Reasons for deviations from the default settings |\n| 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>Financia","cbCaivju47EKKGv0","https://ap.wps.com/l/cbCaivju47EKKGv0","pdf",674735,1,18,"English","en",105,"# Debt distress risk ratings\n## Capacity and baseline assumptions\n# Coverage and scope of the DSA\n## Central government, guarantees, and SOE debt\n## Treatment of PPPs and financial market shocks\n# External debt and debt composition\n## External PPG debt level and concessional terms\n## Public domestic debt developments","[{\"question\":\"How does Cambodia’s analysis rate the risk of debt distress?\",\"answer\":\"The analysis assigns low risk for both external debt distress and overall debt distress. Granularity in the risk rating is not applicable, and no judgment is applied.\"},{\"question\":\"What scenario assumptions drive the baseline projections?\",\"answer\":\"The baseline incorporates announced policies, including U.S. reciprocal tariffs, and assumes lower potential growth due to structural shifts in global trade and investment flows. Total public and publicly guaranteed debt-to-GDP is projected to rise over the next decade.\"},{\"question\":\"Which factors make debt sustainability most vulnerable in stress tests?\",\"answer\":\"Stress tests indicate vulnerability primarily to contingent liabilities and growth shocks. Contingent liability scenarios cover PPP-related shocks and a calibrated financial market shock.\"}]",1784488781,45,{"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":85,"head_meta":87,"extra_data":89,"updated_unix":27},"cambodia-joint-bank-fund-debt-sustainability-analysis","",{"@graph":35,"@context":84},[36,53,67],{"@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/cambodia-joint-bank-fund-debt-sustainability-analysis/111138/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":61,"encodingFormat":60,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-19",true,{"@type":64,"interactionType":65,"userInteractionCount":4},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"How does Cambodia’s analysis rate the risk of debt distress?","Question",{"text":74,"@type":75},"The analysis assigns low risk for both external debt distress and overall debt distress. Granularity in the risk rating is not applicable, and no judgment is applied.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"What scenario assumptions drive the baseline projections?",{"text":79,"@type":75},"The baseline incorporates announced policies, including U.S. reciprocal tariffs, and assumes lower potential growth due to structural shifts in global trade and investment flows. Total public and publicly guaranteed debt-to-GDP is projected to rise over the next decade.",{"name":81,"@type":72,"acceptedAnswer":82},"Which factors make debt sustainability most vulnerable in stress tests?",{"text":83,"@type":75},"Stress tests indicate vulnerability primarily to contingent liabilities and growth shocks. Contingent liability scenarios cover PPP-related shocks and a calibrated financial market shock.","https://schema.org",{"og:url":51,"og:type":86,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":88,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":91},[92,96,100,104,109,114,119,122,127,130,134],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":93,"show_sort_weight":94,"slug":95},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":97,"show_sort_weight":98,"slug":99},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":101,"show_sort_weight":102,"slug":103},"Exam",70,"exam",{"id":105,"doc_module":4,"doc_module_name":45,"category_name":106,"show_sort_weight":107,"slug":108},5,"Comic",60,"comic",{"id":110,"doc_module":4,"doc_module_name":45,"category_name":111,"show_sort_weight":112,"slug":113},6,"Technology",50,"technology",{"id":115,"doc_module":4,"doc_module_name":45,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":123,"doc_module":4,"doc_module_name":45,"category_name":124,"show_sort_weight":125,"slug":126},9,"Religion & Spirituality",20,"religion-spirituality",{"id":125,"doc_module":4,"doc_module_name":45,"category_name":128,"show_sort_weight":125,"slug":129},"World Cup","world-cup",{"id":131,"doc_module":4,"doc_module_name":45,"category_name":132,"show_sort_weight":131,"slug":133},10,"Lifestyle","lifestyle",{"id":135,"doc_module":4,"doc_module_name":45,"category_name":136,"show_sort_weight":105,"slug":137},19,"General","general"]