[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111586-en":3,"doc-seo-111586-105":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},111586,687197207639,"Asher","https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd",8,"Research & Report","Dominica - Joint World Bank-IMF Debt Sustainability Analysis - Global risk assessment","Joint World Bank–IMF analysis concludes that Dominica’s debt is sustainable in principle, yet the country faces a high risk of external and overall debt distress. The assessment links elevated vulnerability to COVID-19 effects and earlier debt pressure from the 2015 and 2017 natural disasters, leaving public debt peak levels above the relevant benchmark for a prolonged period. Progress toward the 60% of GDP regional target by 2035 is not assured under current policies, requiring fiscal consolidation and dedicated risk-management funds, alongside reforms to raise tourism capacity and reduce energy import dependence.","Public Disclosure  \nPub lic Disc losure Authorized  \nApproved by:  \nManuela Francisco and Oscar CalvoGonzalez (IDA) and Ceyda Oner and Fabian Bornhorst (IMF)  \nPrepared by the staff of the International Development Association (IDA) and the International Monetary Fund (IMF) .  \n\n| DOMINICA: JOINT BANK-FUND DEBT SUSTAINABILITY ANALYSIS2 |  |\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 judgment | No |\n\nDominica’s debt is sustainable, but the country remains at high risk of debt distress with elevated levels of public and external debt. The COVID-19 pandemic compounded preexisting debt sustainability challenges, as the economy was still recovering from back-to-back natural disasters (ND) in 2015 and 2017. Public debt peaked at 112.5 percent of GDP in 2020, declining to 103.3 percent of GDP in FY2022/23 . While the baseline assumes public debt to continue to fall over the medium and long run, current policies are insufficient to meet the regional debt target (60 percent of GDP) by 2035, and the present value of the public debt ratio remains above the benchmark for a protracted period, signaling persistent risks. Implementation of fiscal consolidation consistent with national fiscal rule and savings under dedicated risk management funds—Vulnerability Risk and Resilience Fund (VRF) and Debt Repayment Fund (DRF)—is needed to put public and external debt on a firm sustainable path, reducing vulnerabilities. This should be combined by reforms to expand tourism capacity and reduce energy imports, including by ensuring proper earmarking of Citizenship-by-  \n1 The last published DSA for Dominica can be accessed here. This DSA follows the Guidance Note of the Join Bank-Fund Debt Sustainability Framework for Low Income Countries  , February 2018.  \n2 Dominica’s score in the Composite indicator (CI) is 3.01 which implies a medium debt carrying capacity. The CI is calculated based on data from the October 2023 WEO and the 2022 CPIA data.  \ninvestment (CBI) inflows. Main downside risks to the debt sustainability outlook include slower global growth and associated spillovers to tourism, further natural disaster (ND) shocks, and weaker than projected revenues from the CBI program.  \n1. Public sector debt includes central government direct and guaranteed debt of both external and domestic debt. Central government direct debt accounts for about 84 percent of total public debt. Guaranteed debts are directed to State Owned Enterprises (SOEs), including borrowing under the Petrocaribe arrangement with Venezuela.3 Public and Publicly Guaranteed (PPG) external debt is mostly owed to multilateral creditors, while the National Bank of Dominica (NBD) and the Dominica Social Security (DSS) are the main domestic creditors. There is no borrowing by local/state governments and no borrowing by the central bank on behalf of the government. External debt is defined using a residency criterion, but there is no material difference between defining external debt on the residency or currency basis. SOE’s non-guaranteed debts, which are mostly domestic and mainly from the NBD, Agricultural and Industrial Development (AID) Bank of Dominica, and DSS, are not included in the public debt stock but they are expected to be small relative to their guaranteed part.4 Other SOEs are not permitted to borrow externally without government guarantees. It is still expected that all SOE debts (both guaranteed and nonguaranteed) will be included in the public debt with progress on monitoring the SOEs under the Public Procurement and Disposal of Public Property Act.5 Recent measures implemented to improve coverage and timeliness of debt reporting include introducing an annual Debt Portfolio Review (DPR), including loan guarantees under the 2019 DPR, submitting the DPR to Parliament and publishing the DPR on the Ministry of Finance website in line with the incentives p","cbCaimWV8fbkkIxU","https://ap.wps.com/l/cbCaimWV8fbkkIxU","pdf",668741,1,20,"English","en",105,"# Risk assessment summary\n## Debt distress ratings and judgment\n# Debt sustainability drivers and challenges\n## COVID-19 and natural disaster impacts\n## Public debt dynamics and policy gaps\n# Policy recommendations and downside risks\n## Fiscal consolidation and risk-management funds\n## Tourism, energy imports, and CBI inflows\n# Debt coverage and creditor structure\n## Public sector definitions and SOE treatment\n## Debt reporting measures and reviews\n# Contingent liability stress testing\n## PPPS and financial market shock calibration","[{\"question\":\"What is the overall risk rating of debt distress for Dominica?\",\"answer\":\"The analysis assigns a high overall risk of debt distress, including a high risk of external debt distress.\"},{\"question\":\"Why does the report highlight persistent debt vulnerabilities despite sustainability?\",\"answer\":\"Public debt declines from the 2020 peak but remains above the benchmark for a prolonged period, driven by COVID-19 compounded stress and continued elevated public and external debt.\"},{\"question\":\"What measures does the analysis recommend to strengthen debt sustainability?\",\"answer\":\"Implement fiscal consolidation aligned with the national fiscal rule, use dedicated risk-management funds, and combine these with reforms to expand tourism capacity and reduce energy imports, including proper earmarking of Citizenship-by-Investment inflows.\"}]",1784490799,50,{"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":86,"head_meta":88,"extra_data":90,"updated_unix":27},"dominica-joint-world-bank-imf-debt-sustainability-analysis-global-risk-assessment","",{"@graph":35,"@context":85},[36,53,68],{"@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/dominica-joint-world-bank-imf-debt-sustainability-analysis-global-risk-assessment/111586/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-20","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 risk rating of debt distress for Dominica?","Question",{"text":75,"@type":76},"The analysis assigns a high overall risk of debt distress, including a high risk of external debt distress.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Why does the report highlight persistent debt vulnerabilities despite sustainability?",{"text":80,"@type":76},"Public debt declines from the 2020 peak but remains above the benchmark for a prolonged period, driven by COVID-19 compounded stress and continued elevated public and external debt.",{"name":82,"@type":73,"acceptedAnswer":83},"What measures does the analysis recommend to strengthen debt sustainability?",{"text":84,"@type":76},"Implement fiscal consolidation aligned with the national fiscal rule, use dedicated risk-management funds, and combine these with reforms to expand tourism capacity and reduce energy imports, including proper earmarking of Citizenship-by-Investment inflows.","https://schema.org",{"og:url":51,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":92},[93,97,101,105,110,114,119,122,126,129,133],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":102,"show_sort_weight":103,"slug":104},"Exam",70,"exam",{"id":106,"doc_module":4,"doc_module_name":45,"category_name":107,"show_sort_weight":108,"slug":109},5,"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":45,"category_name":112,"show_sort_weight":28,"slug":113},6,"Technology","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":21,"slug":125},9,"Religion & Spirituality","religion-spirituality",{"id":21,"doc_module":4,"doc_module_name":45,"category_name":127,"show_sort_weight":21,"slug":128},"World Cup","world-cup",{"id":130,"doc_module":4,"doc_module_name":45,"category_name":131,"show_sort_weight":130,"slug":132},10,"Lifestyle","lifestyle",{"id":134,"doc_module":4,"doc_module_name":45,"category_name":135,"show_sort_weight":106,"slug":136},19,"General","general"]