[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111215-en":3,"doc-seo-111215-105":29,"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":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},111215,8796095360427,"Lucas Martin","https://ap-avatar.wpscdn.com/davatar_994ba38a5ba835b3df7d355c54d3ed8d",8,"Research & Report","Debt Vulnerabilities in Low-Income Countries - Recent Developments and Trends - October 10, 2025","Debt Vulnerabilities in Low-Income Countries examines how public debt risks have evolved and how those shifts show up across external and domestic debt profiles. The report highlights key indicators used in debt sustainability assessment, including IMF-World Bank LIC-DSF risk ratings, breaches of debt indicator thresholds, and gross financing needs. It also details domestic debt transparency developments, stress episode analysis across central banks and domestic banking sectors, and the exposure of central banks and banks to sovereign and private sector claims.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nDEBT VULNERABILITIES IN LOW-INCOME COUNTRIES RECENT DEVELOPMENTS AND TRENDS1  \nOctober 10, 2025  \nPrepared by the staffs of the World Bank Group and the International Monetary Fund  \nApproved by Manuela Francisco (WB) and Guillaume Chabert (IMF)  \n1 Prepared by Mellany Pintado Vasquez, Wissam Harake, Patricio Merlani, Chenyu Mao, Muazu Ibrahim, Mariela Caycho Arce, Tessy Vasquez Baos, and Tsegaye Anduanbessa Assayew (WB) and Christopher Dielmann and Miguel Ricaurte (IMF) under the overall guidance of Luca Bandiera (WB) and Karina Garcia (IMF) . Data analytics and visualization support were provided by Joyce Saito, Songchen Xie, Luisa Ballen, and Chen Chen. Administrative assistance was provided by Claudia Isern and Eiman Afshar (all IMF) .  \nTABLE OF CONTENTS  \nINTRODUCCION __________________________________________________________________ 4  \nEVOLUTION OF PUBLIC DEBT VULNERABILITIES _________________________________________ 6  \nEVOLUTION OF PUBLIC DOMESTIC DEBT VULNERABILITIES_______________________________ 14  \nKEY TAKEAWAYS ________________________________________________________________ 27  \nBOXES  \n1. Developments in Domestic Debt Transparency ______________________________________________________ 17  \n2. Analysis of Domestic Debt Stress Episodes: Central Bank and the Domestic Banking and Non-Banking Sectors’ Balance Sheet Characteristics _____________________________________ 25  \nFIGURES  \n1. Number of LICs and Youth Living in Countries with High Debt Vulnerabilities, 2024 ___________ 5  \n2. Public Debt to GDP and Primary Balances to GDP______________________________________________ 7  \n3. Evolution of IMF-World Bank LIC-DSF Risk Ratings_____________________________________________ 8  \n4. High External Debt Risk Rating: Pattern of Breaches of Debt Indicators Thresholds by Type ___ 9  \n5. Evolution of GFNs by Components ____________________________________________________________10  \n6. LIC Bond Spreads and Underlying Yields ______________________________________________________11  \n7. Overall Interest to Revenue and External Debt Service to Revenue ____________________________ 12  \n8. External Public and Publicly Guaranteed Principal Payments, By Creditor Type________________ 13  \n9. Public External Financing Supply and Needs __________________________________________________13  \n10. Evolution of Domestic Public Debt-to-GDP in LICs___________________________________________15  \n11. Share of Domestic Public Debt in LICs _______________________________________________________15  \n12. Composition of Public Domestic Debt in 2024 _______________________________________________16  \n13 Average Nominal Interest Rate on Domestic Debt, 2024 _____________________________________18  \n14. Distribution of Real Domestic Interest Rates in 2024 _________________________________________18  \n15. Evolution of Domestic Public Debt Service-to-Revenues _____________________________________19  \n16. Domestic Public Debt Service-to-Revenues, 2024 ___________________________________________19  \n17. Maximum Average Solvency Breaches _______________________________________________________21  \n18. Domestic Debt Vulnerabilities over the Next 5 Years (2025-29) ______________________________ 22  \n19. LICs Central Banks’ Exposure to Sovereign ___________________________________________________24  \n20. LICs Domestic Banks’ Exposure to Sovereign vs. Private Sector ______________________________ 24  \n21. LICs with Claims on the Sovereign Exceeding 25% of Balance Sheet _________________________ 24  \n22. LICs with Banks’ Claims on the Private Sector Exceeding 25% of Balance Sheet______________ 24  \n23. Central Banks’ Claims on the Sovereign ______________________________________________________26  \n24. Domestic Banks’ Claims on the Sovereign____________________________________________________26  \n25. Domestics Banks’ Claims on the ","cbCaipfs4aocMlkR","https://ap.wps.com/l/cbCaipfs4aocMlkR","pdf",2303894,1,46,"English","en",105,"# Table of Contents\n## Introduction\n## Evolution of Public Debt Vulnerabilities\n## Evolution of Public Domestic Debt Vulnerabilities\n## Key Takeaways\n## Boxes\n## Figures\n## Annexes\n## References\n## Abbreviations and Acronyms","[{\"question\":\"What does the report cover about debt vulnerabilities in low-income countries?\",\"answer\":\"It covers the evolution of public debt vulnerabilities, including external and domestic debt developments, and links changes to debt sustainability assessment indicators and risk ratings.\"},{\"question\":\"How does the report analyze domestic debt vulnerabilities and stress episodes?\",\"answer\":\"It examines domestic debt transparency developments and analyzes domestic debt stress episodes by focusing on central bank and domestic banking and non-banking sector balance sheet characteristics.\"},{\"question\":\"Which types of debt risk indicators and financing needs are emphasized?\",\"answer\":\"The report emphasizes IMF-World Bank LIC-DSF risk ratings, breaches of debt indicator thresholds, and gross financing needs, supported by multiple figures on debt-to-GDP, balances, and interest/revenue 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