[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111507-en":3,"doc-seo-111507-105":30,"detail-sidebar-cat-0-en-105":91},{"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":13,"seo_description":14,"update_tm":28,"read_time":29},111507,8796095461564,"Liam","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","Côte d’Ivoire - Joint Bank-Fund Debt Sustainability Analysis","Côte d’Ivoire’s overall and external public debt is assessed as a moderate risk of debt distress. The external debt service-to-revenue indicator breaches the threshold three times during 2024–2026, reflecting the inclusion of the January 2024 Eurobond emission in the baseline and the absence of the still-finalizing debt management operation. Other external debt burden indicators stay below thresholds, though all are sensitive to stress scenarios, particularly shocks to exports. The deterioration is tempered by limited breaches, reform implementation, strong market access, and moderate financing pressure signals.","Public Disclosure  \nPub lic Disc losure Authorized  \nApproved by:  \nAbebe Adugna and Manuela Francisco (IDA) and Montfort Mlachila and Boileau Loko (IMF)  \nPrepared by the staff of the International Development Association (IDA) and the International Monetary Fund (IMF) .  \n\n| CÔTE D'IVOIRE : 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 | Yes |\n\nCôte d’Ivoire’s overall and external public debt remain at moderate risk of debt distress. The external debt serviceto-revenue indicator breaches the threshold three times, in 2024, 2025 and 2026, one additional breach compared to the last debt sustainability analysis (DSA) due to the inclusion of the January 2024 Eurobond emission in the baseline but without the debt management operation (DMO) as it is still being finalized. Though the ratio remains below the threshold during the remainder of the projection period. The other projected external debt burden indicators are below their thresholds under the baseline. All indicators are susceptible to stress scenarios, the most extreme of which involves a shock to exports. The PV of overall debt-to-GDP ratio is below its threshold, but exceeds it in most stress scenarios, the most extreme of which involves the shock to exports. The impact of the deterioration in debt burden metrics is mitigated by the limited number of breaches, Côte d’Ivoire’s history of successful implementation of reforms under the current and the past two Fund arrangements, and its strong track record of market access, sustained active debt management, and moderate risk signal from the market financing pressures tool. This  \n1 Under the revised Debt Sustainability Framework for Low-Income Countries, Côte d’Ivoire’s Composite Indicator (CI) is 2.94 based on the October 2023 WEO and the 2022 CPIA, corresponding to a medium debt carrying capacity.  \nassessment is further supported by the recent Eurobond issuance, which has been announced to be mainly used for a DMO and should improve debt sustainability prospects. The space to absorb shocks remains limited.  \n1. Public debt covers both the debt of the central government, as well asthe guarantees provided by the central government, including those guarantees that pertain to state-owned enterprise (SOE) debt (Text Table 1) . The DSA classifies external and domestic debt based on the currency criterion, given data constraints that prevent the use of the residency criterion.2 The debt of local governments is excluded from the DSA coverage. Local governments are authorized to borrow within limits and under conditions set by decree. There is no information available on this debt. On SOE debt, the authorities have continued to improve debt coverage and monitoring in recent years. At end-2022, SOE guaranteed and non-guaranteed commercial debt amounted to 1.3 and 0.7 percent of GDP, respectively. In the context of the current DSA, the following approach is taken:  \n• All guaranteed SOE debt and on-lent debt is included in the debt stock in the baseline.3  \n• Non-guaranteed SOE debt is captured as a contingent liability shock-this shock is set at 0.7 percent of GDP.4  \n\n|  |\n| --- |\n| Subsectors of the public sector\u003Cbr>Central government\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)\u003Cbr>Guarantees (to other entities in the public and private sector, including to SOEs)\u003Cbr>Central bank (borrowed on behalf of the government)\u003Cbr>Non-guaranteed SOE debt Check box 1\u003Cbr>2\u003Cbr>3\u003Cbr>4\u003Cbr>5\u003Cbr>6\u003Cbr>7\u003Cbr>8 X\u003Cbr>X\u003Cbr>X\u003Cbr>X\u003Cbr>\u003Cbr> |\n\n2. Efforts to increase the government’s capacity to record and monitor public debt and contingent liabilities continue. The authorities are committed to further enhancing data coverage of SOEs in the DSA baseline, including","cbCaiuoVxARhJ985","https://ap.wps.com/l/cbCaiuoVxARhJ985","pdf",939708,2,1,27,"English","en",105,"# Risk of debt distress\n## External debt burden indicators and thresholds\n## Stress scenarios and shock to exports\n# Baseline coverage and methodology\n## Debt definitions and guarantees (SOEs)\n## Contingent liability stress test\n# Data and policy actions\n## Strengthening debt recording and monitoring\n## Debt transparency, fiscal sustainability, and debt management","[{\"question\":\"What is the overall and external risk assessment for Côte d’Ivoire’s debt distress?\",\"answer\":\"The analysis rates both overall and external public debt as a moderate risk of debt distress.\"},{\"question\":\"Why does the external debt service-to-revenue indicator breach the threshold in multiple years?\",\"answer\":\"It breaches three times in 2024, 2025, and 2026 because the baseline includes the January 2024 Eurobond emission, while the debt management operation is not yet incorporated.\"},{\"question\":\"Which stress scenario is considered the most extreme and how does it affect key ratios?\",\"answer\":\"The most extreme scenario involves a shock to exports, under which the PV of overall debt-to-GDP exceeds its threshold in most stress cases even though it stays below the threshold under the baseline.\"}]",1784490442,68,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":28},"cote-divoire-joint-bank-fund-debt-sustainability-analysis","",{"@graph":36,"@context":85},[37,53,68],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,47,50],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":20},"https://docshare.wps.com/document/","Document",{"item":48,"name":12,"@type":43,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":43,"position":52},"https://docshare.wps.com/document/cote-divoire-joint-bank-fund-debt-sustainability-analysis/111507/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":24,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":41,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-23","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What is the overall and external risk assessment for Côte d’Ivoire’s debt distress?","Question",{"text":75,"@type":76},"The analysis rates both overall and external public debt as a moderate risk of debt distress.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Why does the external debt service-to-revenue indicator breach the threshold in multiple years?",{"text":80,"@type":76},"It breaches three times in 2024, 2025, and 2026 because the baseline includes the January 2024 Eurobond emission, while the debt management operation is not yet incorporated.",{"name":82,"@type":73,"acceptedAnswer":83},"Which stress scenario is considered the most extreme and how does it affect key ratios?",{"text":84,"@type":76},"The most extreme scenario involves a shock to exports, under which the PV of overall debt-to-GDP exceeds its threshold in most stress cases even though it stays below the threshold under the 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