[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109713-en":3,"doc-seo-109713-105":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},109713,1099514067415,"Rowan","https://ap-avatar.wpscdn.com/avatar/100002539d78ffe74a7?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779092875211072502",8,"Research & Report","Central African Republic - Joint World Bank-IMF Debt Sustainability Analysis - January 2021 - High risk assessment","Joint World Bank-IMF Debt Sustainability Analysis for the Central African Republic concludes the country remains at high risk of external and overall debt distress, unchanged from the previous DSA. Solvency indicators have weakened, while liquidity indicators breach baseline thresholds. Standard stress tests, pandemic-related uncertainty, a volatile security environment, and sizable contingent liabilities underpin the assessment. Debt is projected to stay sustainable over the medium term only if committed ECF policies and structural reforms are fully implemented.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nCentral African Republic  \nJoint World Bank-IMF Debt Sustainability Analysis  \nJanuary 2021  \nPrepared jointly by the Staffs ofthe International Development Association (IDA1)  \nAnd the International Monetary Fund (IMF) Approved by Marcello Estevão (IDA), Vitaliy Kramarenko and Seán Nolan (IMF)  \n\n| Central African Republic: 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\nThe Central African Republic (C.A.R.) remains at high risk of external debt distress and overall high risk of debt distress, unchanged from the most recent DSA.2 Solvency indicators have deteriorated relative to the previous DSAs, and liquidity indicators breach their thresholds under the baseline scenario. Sensitivity of debt indicators to standard stress tests, increased uncertainty of the economic outlook owing to the pandemic, a volatile security environment, and sizeable contingent liabilities are all considerations supporting the high-risk assessment. Debt is projected to remain sustainable over the medium term provided that the policies and structural reforms to which the authorities committed to under the ECF arrangement continue to be implemented. Given the difficult debt situation, staff recommend that the government continues to rely heavily on grant financing, with concessional debt financing to be considered in exceptional cases.3  \n1 This DSA has been prepared jointly by the IMF and World Bank, following the revised LIC-DSF Framework and Guidance Note (2017) in effect as of July 1, 2018.  \n2 Country Report No. 20/137, April 2020.  \n3 With a score of 2.42, C.A.R.’s composite indicator signals a weak debt-carrying capacity (Text Table 3) .  \nPUBLIC DEBT COVERAGE  \n1. The coverage of public sector debt is in line with the previous DSA, exhibiting some gaps. Information is available on the central government’s contractual debt obligations. State and local governments do not borrow, there are no social security funds guaranteed by the public sector, and the government has not guaranteed other debt (Text Table 1) .  \n2. Compared to the last DSA, the end-2019 debt stock has been revised downward, while some moderate contingent liabilities are likely to materialize. The downward revision of the public debt, from 47.8 percent of GDP to 47.2 percent at end 2019, primarily reflects the latest debt restructuring from China, FIDA and Telco BG for a total ofCFAF 8 billion.  \n3. 4 Since then, about CFAF 6 billion in additional arrears have been identified, including about CFAF 3 billion in pensions arrears, CFAF 2 billion in salary arrears to former state agents of Bangui Municipality and the Parliament, and CFAF 1 billion in commercial arrears.  \n4. The implementation of the new legal framework governing SOEs will improve their financial oversight, which, along with other steps, should lead to better debt coverage going forward. The implementing decrees of the new legal framework governing the functioning of public and quasi-public institutions and enterprises were adopted at the beginning of October and the debt unit continues to improve its capacity through training and better IT systems supported by development partners. Better communication between the debt unit and the Treasury should also help avoiding the recurrence of recent temporary delays in the repayment of external debt obligations.5  \n5. The contingent liabilities stress test assumes a shock of 15 percent of GDP for its tailored portion (Text Table 1). This significant amount reflects the uncertainty about nonguaranteed SOE debt and arrears, potential additional domestic arrears, and financial market risks. The contingent liabilities shock from SOE debt is set at 5 percent of GDP (instead","cbCaiq5tr9QSVGTX","https://ap.wps.com/l/cbCaiq5tr9QSVGTX","pdf",387098,5,1,17,"English","en",105,"# Executive Summary\n## Debt distress risk assessment\n## Public debt coverage and revisions\n## Contingent liabilities stress test design","[{\"question\":\"What is the assessed risk of debt distress for the Central African Republic?\",\"answer\":\"The analysis rates both the risk of external debt distress and the overall risk of debt distress as High.\"},{\"question\":\"Why does the report maintain a high-risk debt distress assessment?\",\"answer\":\"It cites deteriorating solvency indicators, liquidity threshold breaches under the baseline scenario, and stresses from uncertainty, volatile security conditions, and sizeable contingent liabilities.\"},{\"question\":\"Under what conditions is debt projected to remain sustainable over the medium term?\",\"answer\":\"Debt remains sustainable in the medium term if the authorities implement the policies and structural reforms committed under the ECF arrangement.\"}]","Central African Republic - Joint World Bank-IMF Debt Sustainability Analysis - January 2021 - High risk assessment | PDF",1784482028,43,{"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},"central-african-republic-joint-world-bank-imf-debt-sustainability-analysis-january-2021-high-risk-assessment","",{"@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/central-african-republic-joint-world-bank-imf-debt-sustainability-analysis-january-2021-high-risk-assessment/109713/",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","2026-07-29","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},"What is the assessed risk of debt distress for the Central African Republic?","Question",{"text":77,"@type":78},"The analysis rates both the risk of external debt distress and the overall risk of debt distress as High.","Answer",{"name":80,"@type":75,"acceptedAnswer":81},"Why does the report maintain a high-risk debt distress assessment?",{"text":82,"@type":78},"It cites deteriorating solvency indicators, liquidity threshold breaches under the baseline scenario, and stresses from uncertainty, volatile security conditions, and sizeable contingent liabilities.",{"name":84,"@type":75,"acceptedAnswer":85},"Under what conditions is debt projected to remain sustainable over the medium term?",{"text":86,"@type":78},"Debt remains sustainable in the medium term if the authorities implement the policies and structural reforms committed under the ECF arrangement.","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},[95,99,103,107,111,116,121,124,129,132,136],{"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":20,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},"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":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":20,"slug":139},19,"General","general"]