[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110769-en":3,"doc-seo-110769-105":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},110769,687197207057,"Sage","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","Dominica - Joint World Bank-IMF Debt Sustainability Analysis","Joint World Bank-IMF debt sustainability analysis for Dominica concludes that the country’s debt is sustainable, yet the overall risk of debt distress remains high. Elevated public and external debt levels persist, with the COVID-19 pandemic intensifying pre-existing vulnerabilities after the 2015 Tropical Storm Erika and 2017 Hurricane Maria. Public debt peaked at about 106% of GDP in 2020, while reforms and a fiscal consolidation plan aim to place debt on a downward path and reduce the debt-to-GDP ratio toward a 60% regional target by 2035.","Public Disclosure  \n1  \nPub lic Disc losure Authorized  \nApproved by:  \nRobert R. Taliercio and Marcello Estevão (IDA) Julie Kozak and Natalia Tamirisa (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 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 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 in 2015 and 2017. Public debt peaked at 106 percent of GDP in 2020. The authorities remain committed to the fiscal consolidation plan committed to in the 2020 IMF Rapid Credit Facility Disbursement. The plan would put debt on a downward trajectory and bring the debt-to-GDP ratio below the regional debt target of 60 percent of GDP by 2035. While the COVID-19 pandemic has worsened the debt trajectory, the execution of the fiscal consolidation plan, along with a sound recovery from the pandemic and continued CBI inflows, would put public and external debt on a sustainable path. Main downside risks to the debt sustainability outlook include a more prolonged impact of the COVID-19 pandemic resulting in slower growth and weaker tourism-related revenue, natural disasters, and weaker than projected revenues from the Citizenship-by-Investment program.  \nPUBLIC DEBT COVERAGE  \n1. Public sector debt includes central government direct and guaranteed debt. Dominica’s public and total external debts are high, estimated at 106 and 105 percent of GDP respectively, in 2020. Central government direct debt accounts for over 80 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 and the Dominica Social security are the main domestic creditors. Recent measures to improve coverage and timeliness of debt reporting include introducing an annual Debt Policy Review (DPR), including loan guarantees under the 2019 DPR, submitting the DPR to Parliament and publishing the DPR on the Ministry of Finance website. SOE’s non-guaranteed debts, which are mostly domestic and mainly from National Bank of Dominica, the Agricultural and Industrial Development Bank of Dominica, and the Dominica Social Security , are not included in the public debt stock but they are expected to be small relative to their guaranteed part.4 SOEs are not permitted to borrow externally without government guarantees. It is expected that all SOE debts will be included in the public debt with progress on monitoring the SOEs under the Public Procurement and Disposal of Public Property Act.5 There are no Public-Private Partnerships in Dominica and therefore no related contingent liability has been included. 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. There is no material difference between defining external debt on the residency or currency basis. The financial market contingency liability included is above the default to account for enhanced risk from natural disasters6.  \n\n|  |\n| --- |\n| 1\u003Cbr>2\u003Cbr>3\u003Cbr>4\u003Cbr>5\u003Cbr>6\u003Cbr>7\u003Cbr>8 Subsectors of the public sector Sub-sectors covered 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 (borrowe","cbCainZ5MTiO3tbB","https://ap.wps.com/l/cbCainZ5MTiO3tbB","pdf",844030,1,21,"English","en",105,"# Risk assessment and outlook\n## External debt distress risk\n## Overall risk of debt distress and judgment usage\n\n# Debt composition and coverage\n## Public sector and external debt definitions\n## Debt reporting improvements and reviews\n## Treatment of SOE and guarantees\n## Contingent liabilities and exclusions\n\n# Background on debt dynamics\n## Natural disasters and revenue impacts\n## COVID-19 effects on growth and debt ratios\n## Financing from Citizenship-by-Investment","[{\"question\":\"How does the analysis rate Dominica’s risk of debt distress?\",\"answer\":\"The analysis assigns a high risk of external debt distress and a high overall risk of debt distress. Despite this, it states that Dominica’s debt is sustainable.\"},{\"question\":\"What factors worsened Dominica’s debt outlook before and during the COVID-19 period?\",\"answer\":\"Tropical storm Erika (2015) and Hurricane Maria (2017) weakened public revenues and increased reconstruction spending. COVID-19 then further deteriorated debt dynamics through lower output growth and continued pressure on finances.\"},{\"question\":\"What policy approach is intended to improve Dominica’s debt trajectory by 2035?\",\"answer\":\"Authorities are committed to a fiscal consolidation plan supported by the 2020 IMF Rapid Credit Facility disbursement. The plan, together with sound post-pandemic recovery and continued Citizenship-by-Investment inflows, is expected to bring the debt-to-GDP ratio below the 60% regional target by 2035.\"}]",1784486974,53,{"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},"dominica-joint-world-bank-imf-debt-sustainability-analysis","",{"@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/dominica-joint-world-bank-imf-debt-sustainability-analysis/110769/",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},"How does the analysis rate Dominica’s risk of debt distress?","Question",{"text":74,"@type":75},"The analysis assigns a high risk of external debt distress and a high overall risk of debt distress. Despite this, it states that Dominica’s debt is sustainable.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"What factors worsened Dominica’s debt outlook before and during the COVID-19 period?",{"text":79,"@type":75},"Tropical storm Erika (2015) and Hurricane Maria (2017) weakened public revenues and increased reconstruction spending. COVID-19 then further deteriorated debt dynamics through lower output growth and continued pressure on finances.",{"name":81,"@type":72,"acceptedAnswer":82},"What policy approach is intended to improve Dominica’s debt trajectory by 2035?",{"text":83,"@type":75},"Authorities are committed to a fiscal consolidation plan supported by the 2020 IMF Rapid Credit Facility disbursement. The plan, together with sound post-pandemic recovery and continued Citizenship-by-Investment inflows, is expected to bring the debt-to-GDP ratio below the 60% regional target by 2035.","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"]