[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109727-en":3,"doc-seo-109727-105":31,"detail-sidebar-cat-0-en-105":92},{"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},109727,1099514067438,"River Wang","https://ap-avatar.wpscdn.com/avatar/100002539ee87300030?x-image-process=image/resize,m_fixed,w_180,h_180&k=1780474512215547542",8,"Research & Report","Joint World Bank-IMF Debt Sustainability Analysis - Moldova - March 2020","Debt distress risk for Moldova remains low, unchanged from the September 2019 Debt Sustainability Analysis. The report finds overall public debt dynamics sustainable and identifies limited but existing space to absorb shocks, supported by the projected PV of total PPG debt staying below the new 70 percent benchmark. While external public debt is expected to increase due to development needs and investment financing, relatively high private external debt for a low-income country could still pose risks. Fiscal discipline and stronger public investment management frameworks are emphasized, alongside macroeconomic reforms to unlock growth potential.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nREPULIC OF MOLDOVA  \nJoint World Bank-IMF Debt Sustainability Analysis  \nMarch 2020  \nPrepared jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF) Approved by Marcello Estevão (IDA) and Philip Gerson (EUR)  \n\n| Joint Bank-Fund Debt Sustainability Analysis |  |\n| --- | --- |\n| Risk of external debt distress | Low |\n| Overall risk of debt distress | Low |\n| Granularity in the risk rating | Not applicable |\n| Application of judgment | No |\n\nMoldova’s risk of debt distress remains low—unchanged from the previous Debt Sustainability Analysis (DSA) published in September 2019. Overall public debt dynamics are sustainable and there is some space to absorb shocks in total public debt (baseline projections show that Moldova’s PV of total PPG debt (external plus domestic)-to-GDP ratio remains below the new debt distress benchmark of 70 percent); a small increase in the external debt level in percent of GDP is explained by substantial developmental needs, which would require large public and private investments. Public investments are largely financed by concessional donor funding and commercial borrowing in the longer-term. Private sector external debt remains relatively high for a low-income country which, despite mitigating factors, could pose risks to external debt sustainability. In view of the country’s significant vulnerability to shocks, fiscal discipline remains critical to ensure sustainability. To improve the efficiency of public investment, a comprehensive strategy to strengthen public investment management frameworks needs to be developed. In the medium-tolong term, strong macroeconomic policies and institutions are needed to unlock growth potential, such as: improving governance and fighting corruption; strengthening banking intermediation; creating a business-friendly environment for the private sector to flourish; ensuring a transparent and efficient energy sector; and addressing adverse impacts from demographic trends and labor emigration.  \nPUBLIC DEBT COVERAGE  \n1. Moldova’s public debt includes obligations of the public sector (central government, local authorities, and public entities). Debt data includes external and domestic obligations of the central government, including arrears to suppliers and guaranteed debt. Total debt data also includes debt ofstate and municipal enterprises, companies with full or majority public ownership, and of local public authorities with maturity ofa year and above, as stipulated in Law No. 419 (2006) on Public Sector Debt, State Guarantees and State On-lending.1 The debt coverage is on the residency basis.  \n\n| Text Table 1. Moldova: Public Debt Coverage |  |  |  |  |  |\n| --- | --- | --- | --- | --- | --- |\n|  | Subsectors of the public sector\u003Cbr>Central government\u003Cbr>State and local government\u003Cbr>Other elements in the general government 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) Central bank (borrowed on behalf of the government)\u003Cbr>Non-guaranteed SOE debt |  | Check box |  |  |\n| 1\u003Cbr>2\u003Cbr>3\u003Cbr>4\u003Cbr>5\u003Cbr>6\u003Cbr>7\u003Cbr>8 |  |  | X\u003Cbr>X\u003Cbr>X\u003Cbr>X\u003Cbr>X\u003Cbr>X |  |  |\n| Public debt coverage and the magnitude of the contingent liability tailored stress test |  |  |  |  |  |\n| 1 | The country's coverage of public debt The central, state, and local governments plus social security, central bank, government-guaranteed debt, non-guar |  |  |  |  |\n|  |  | Default |  | Used for the analysis | Reasons for deviations from the default settings |\n| 2\u003Cbr>3\u003Cbr>4\u003Cbr>5 | Other elements of the general government not captured in 1.\u003Cbr>SoE's debt (guaranteed and not guaranteed by the government) 1/\u003Cbr>PPP\u003Cbr>Financial market (the default value of 5 percent of GDP is the minimum value) | 0 percent of GDP\u003Cbr>2 perc","cbCaiaIdjxqAYGZN","https://ap.wps.com/l/cbCaiaIdjxqAYGZN","pdf",402348,4,1,18,"English","en",105,"# Risk assessment of debt distress\n## External and overall debt distress risk\n# Public debt coverage\n## Definition of covered obligations\n## Contingent liability stress testing approach\n# Background on debt dynamics\n## Drivers of public debt changes (2013–2018)","[{\"question\":\"How does the report rate Moldova’s risk of debt distress?\",\"answer\":\"The report assesses both the risk of external debt distress and the overall risk of debt distress as low. This rating is unchanged from the prior DSA published in September 2019.\"},{\"question\":\"What benchmark is used to evaluate debt distress in the analysis?\",\"answer\":\"The report states that Moldova’s projected PV of total PPG debt remains below the new debt distress benchmark of 70 percent.\"},{\"question\":\"Why is public investment described as important for debt dynamics?\",\"answer\":\"The report links a small increase in external debt to substantial developmental needs that require large public and private investments, with public investments largely financed through concessional donor funding and longer-term commercial borrowing.\"}]","Joint World Bank-IMF Debt Sustainability Analysis - Moldova - March 2020 | PDF",1784482093,45,{"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":87,"head_meta":89,"extra_data":91,"updated_unix":29},"joint-world-bank-imf-debt-sustainability-analysis-moldova-march-2020","",{"@graph":37,"@context":86},[38,54,69],{"@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":20},"https://docshare.wps.com/document/joint-world-bank-imf-debt-sustainability-analysis-moldova-march-2020/109727/",{"url":53,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":42,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-29","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"How does the report rate Moldova’s risk of debt distress?","Question",{"text":76,"@type":77},"The report assesses both the risk of external debt distress and the overall risk of debt distress as low. This rating is unchanged from the prior DSA published in September 2019.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"What benchmark is used to evaluate debt distress in the analysis?",{"text":81,"@type":77},"The report states that Moldova’s projected PV of total PPG debt remains below the new debt distress benchmark of 70 percent.",{"name":83,"@type":74,"acceptedAnswer":84},"Why is public investment described as important for debt dynamics?",{"text":85,"@type":77},"The report links a small increase in external debt to substantial developmental needs that require large public and private investments, with public investments largely financed through concessional donor funding and longer-term commercial borrowing.","https://schema.org",{"og:url":53,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":93},[94,98,102,106,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":107,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},5,"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":107,"slug":139},19,"General","general"]