[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110840-en":3,"doc-seo-110840-105":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},110840,962075114765,"Quinn","https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd",8,"Research & Report","Cambodia - Joint World Bank-IMF Debt Sustainability Analysis - November 2021","Joint World Bank-IMF Debt Sustainability Analysis for Cambodia assesses the risk of external and overall debt distress under a LIC-DSF framework. Results indicate low risk overall and low risk of external debt distress, while sustainability remains vulnerable to additional shocks to exports and growth. Baseline projections reflect COVID-19 impacts on growth, tourism exports, and revenues, with debt burden dynamics rising over the next decade.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nCAMBODIA  \nJoint World Bank-IMF Debt Sustainability Analysis  \nNovember 2021  \nPrepared Jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF)  \nApproved by Marcello Estevão, Hassan Zaman (IDA); Anne-Marie Gulde Wolf, Bjorn Rother  \n(IMF)  \n\n| Cambodia: Joint Bank-Fund Staff 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 | Yes. Application of customized stress scenario to account for exceptional and transitory factors during 2020 related to the pandemic. |\n\nThe Debt Sustainability Analysis 1 indicates that Cambodia remains at low risk of external and overall debt distress. The current debt carrying capacity 2 is consistent with a medium classification. The baseline macroeconomic scenario reflects fallouts from the COVID-19 shock on growth, exports (notably, the tourism sector), and revenues. The total PPG debt-to-GDP ratio is projected to rise by around 5 percentage points during the next decade. Under standard settings, one of the debt burden thresholds is breached, which would imply a moderate risk rating. On an exceptional basis owing to the largely temporary impact of the pandemic, 2020 was dropped from the calculations of historical average and variances, equivalent to multiplying the calculated standard deviation by a lower factor to align it with the pre-pandemic stress test parameters through a customized stress test, which has been used for the risk ratings through the application of judgment. On this basis, the sustainability threshold is not breached in the stress scenario. Overall,  \n1 This debt sustainability analysis was conducted using the Joint Bank-Fund Debt Sustainability Framework for Low-Income Countries (LIC-DSF) approved in 2017.  \n2 Cambodia’s Composite Indicator (CI) index, based on April 2021 WEO update and the World Bank’s 2019 CPIA, indicates that the county’s debt carrying capacity is medium (2.966) . The country classification is downgraded from a strong rating (3.075) applied in the 2019 DSA.  \nthe analysis shows that the overall risk of debt distress is low, but debt sustainability is vulnerable to further shocks to exports and growth. These findings reinforce the importance of implementing reforms to increase the economy’s resilience to external shocks and encourage export and economic diversification, and efforts to mobilize fiscal revenue and further enhance public financial management.  \nPUBLIC DEBT COVERAGE  \n1. TheDSA covers central government debt and debt guaranteed by the central government to state-owned enterprises (SOEs). By law, state and local governments and the central bank do not engage in external borrowing, and SOEs do not contract non-guaranteed external loans. Currently, there are no extra budgetary funds, and the National Social Security Fund is funded by deposits and does not constitute aliability for the general government (text table 1). Consistent with the previous DSA, external debt is defined on a currency basis. The contingent liabilities stemming from PPPs (5.3 percent of GDP)3 and financial market (5 percent of GDP) are included in the stress test scenario (text table 2).  \n\n| Text Table 1. Public Sector Debt Coverage |  |\n| --- | --- |\n| Subsectors of the public sector | Sub-sectors covered |\n| Central government | X |\n| State and local government |  |\n| Other elements in the general government\u003Cbr>o/w: Social security fund |  |\n| o/w: Extra budgetary funds (EBFs) |  |\n| Guarantees (to other entities in the public and private sector, including to SOEs) | X |\n| Central bank (borrowed on behalf of the government) | X |\n| Non-guaranteed SOE debt | X |\n| Text Table 2. Design of Contingent Liability Stress Test |  |\n|  |  |\n\n3","cbCaieNeFjcQkVAI","https://ap.wps.com/l/cbCaieNeFjcQkVAI","pdf",1050660,1,17,"English","en",105,"# Executive Summary\n## Debt distress risk ratings and judgmental stress testing\n# Debt Coverage and Methodology\n## Public sector debt coverage and contingent liabilities\n## Design of contingent liability stress test\n# Background on Debt\n## External public debt structure and debt-to-GDP evolution\n## Arrears, domestic debt, and planned bond issuance","[{\"question\":\"What does the analysis conclude about Cambodia’s risk of debt distress?\",\"answer\":\"The analysis concludes that Cambodia faces a low risk of external debt distress and a low overall risk of debt distress. However, it warns that debt sustainability is vulnerable to further shocks to exports and growth.\"},{\"question\":\"How does the report treat the pandemic impact in the debt sustainability assessment?\",\"answer\":\"It applies judgment by using a customized stress scenario that drops 2020 from historical averages and variances. This aligns the stress test parameters with pre-pandemic conditions.\"},{\"question\":\"What does the debt sustainability analysis cover in terms of government liabilities?\",\"answer\":\"It covers central government debt and central-government-guaranteed debt of state-owned enterprises. It also includes contingent liabilities from PPPs and financial market-related exposures in the stress test scenario.\"}]",1784487336,43,{"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-world-bank-imf-debt-sustainability-analysis-november-2021","",{"@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-world-bank-imf-debt-sustainability-analysis-november-2021/110840/",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},"What does the analysis conclude about Cambodia’s risk of debt distress?","Question",{"text":74,"@type":75},"The analysis concludes that Cambodia faces a low risk of external debt distress and a low overall risk of debt distress. However, it warns that debt sustainability is vulnerable to further shocks to exports and growth.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"How does the report treat the pandemic impact in the debt sustainability assessment?",{"text":79,"@type":75},"It applies judgment by using a customized stress scenario that drops 2020 from historical averages and variances. This aligns the stress test parameters with pre-pandemic conditions.",{"name":81,"@type":72,"acceptedAnswer":82},"What does the debt sustainability analysis cover in terms of government liabilities?",{"text":83,"@type":75},"It covers central government debt and central-government-guaranteed debt of state-owned enterprises. It also includes contingent liabilities from PPPs and financial market-related exposures in the stress test scenario.","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"]