[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110017-en":3,"doc-seo-110017-105":31,"detail-sidebar-cat-0-en-105":84},{"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},110017,13056703020460,"Valentina","https://ap-avatar.wpscdn.com/avatar/be000253dac470eee5d?_k=1778207105932848923",8,"Research & Report","Republic of Congo - Joint World Bank-IMF Debt Sustainability Analysis - January 2020 - In debt distress assessment","The Republic of Congo is classified as “in debt distress” based on an assessment of external public debt indicators amid the continued buildup of external arrears. Despite a recent restructuring agreement with China, external public debt remains unsustainable, with net present value of external debt staying above the indicative threshold and debt-service-to-revenue indicators breaching over the next three years. The worsening reflects large fiscal deficits, oil economy terms-of-trade losses and lower real growth, plus rising domestic arrears and statutory advances, keeping overall public debt indicators above thresholds. Restoring sustainability depends on fiscal consolidation, restructuring private commercial claims, and clearing arrears.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION INTERNATIONAL MONETARY FUND  \nREPULIC OF CONGO  \nJoint World Bank-IMF Debt Sustainability Analysis  \nJanuary 2020  \nPrepared jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF) Approved by Marcello Estevão (IDA), Zeine Zeidane and Martin Sommer (IMF)  \n\n| Republic of Congo: Joint Bank-Fund Debt Sustainability Analysis |  |\n| --- | --- |\n| Risk of external debt distress | In debt distress |\n| Overall risk of debt distress | In debt distress |\n| Granularity in the risk rating | Unsustainable |\n| Application of judgement | No |\n\nBased on an assessment of external public debt indicators and given the continued buildup of external arrears, the Republic of Congo is classified as “in debt distress”. Moreover, despite the recent restructuring agreement with China, external public debt remains unsustainable with the net present value of external debt in percent of GDP projected to remain above the indicative threshold in the medium term, and the debt service to revenue indicator exhibiting significant breaches over the next three years.1 The increase in debt in recent years reflects large fiscal deficits, a large termsof-trade loss which caused nominal GDP to decline through deflation in the oil economy, and a decline in real GDP growth. Domestic debt has also been rising due to the accumulation of domestic arrears and statutory advances from BEAC, leading to further deterioration of overall public debt indicators: the net present value of public debt to GDP remains above its indicative threshold over the medium term. Given the accumulation of domestic and external arrears, the overall assessment confirms that the Republic of Congo remains in debt distress. Going forward, restoring debt sustainability crucially hinges on the pursuit of fiscal consolidation and the restructuring of private commercial claims, while clearance of arrears remains crucial for ending the debt distress event.  \n1 Congo’s debt carrying capacity was rated weak according to the composite indicator (CI) based on the October 2019 WEO.  \nPUBLIC DEBT COVERAGE  \n1. The coverage of public debt in this DSA is limited to central government debt, but includes oil-backed debt contracted by SNPC, the largest state-owned enterprise. The stock of debt includes public and publicly guaranteed debt of the central government. Local governments in Congo are not allowed to borrow and depend on local taxes and transfers from the central government. Debt from oil-backed pre-financing arrangements contracted with oil traders through SNPC and guaranteed by the central government is included in the analysis and is the main source of noncentral government debt in Congo. However, debt from state owned enterprises (SOEs) not guaranteed by the government is not included in this analysis because of limited information on their fiscal performance.2 As regards the national oil company (SNPC), transparency has improved with the October 2019 publication of the 2018 financial statement audited by a reputable private accounting firm, but information on debt and fiscal performance in other years remains limited, with the exception of government-guaranteed debt.3 While the government-guaranteed debt is included inthe DSA stock of debt, non-government guaranteed debt owed by SNPC is not included due to incomplete information. The level of fiscal risk posed by the commercial operations of SNPC is still being determined.4 The potential fiscal risks would be partly mitigated by a positive operating balance over several years, continued efforts to improve transparency regarding its balance sheet, and SNPC’s control over several oil fields from which it will continue to derive its revenues.5 SNPC appears to satisfy some criteria for managerial independence,6 and does not benefit from direct government subsidies, though its subsidiary (CORAF) has ","cbCaiaoSkmELlVFe","https://ap.wps.com/l/cbCaiaoSkmELlVFe","pdf",953372,3,1,25,"English","en",105,"# Risk assessment and overall conclusion\n## External debt distress classification\n## Unsustainable public debt indicators\n# Drivers of rising debt\n## Fiscal deficits and oil economy losses\n## Domestic arrears and BEAC advances\n# Public debt coverage and scope\n## Central government and oil-backed debt inclusion\n## Exclusions for non-guaranteed SOE debt\n## Data limitations and transparency considerations\n# SNPC-related fiscal risks and mitigation\n## Managerial independence and subsidies\n## Contingent liabilities and stress testing","[{\"question\":\"What steps are highlighted as crucial to restore debt sustainability going forward?\",\"answer\":\"The report emphasizes fiscal consolidation and restructuring private commercial claims. It also stresses that clearing arrears is crucial to end the debt distress event.\"}]","Republic of Congo - Joint World Bank-IMF Debt Sustainability Analysis - January 2020 - In debt distress assessment | PDF",1784483485,63,{"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":79,"head_meta":81,"extra_data":83,"updated_unix":29},"republic-of-congo-joint-world-bank-imf-debt-sustainability-analysis-january-2020-in-debt-distress-assessment","",{"@graph":37,"@context":78},[38,54,69],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,51],{"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":20},"https://docshare.wps.com/document/research-report/",{"item":52,"name":13,"@type":44,"position":53},"https://docshare.wps.com/document/republic-of-congo-joint-world-bank-imf-debt-sustainability-analysis-january-2020-in-debt-distress-assessment/110017/",4,{"url":52,"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","2026-07-30","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72],{"name":73,"@type":74,"acceptedAnswer":75},"What steps are highlighted as crucial to restore debt sustainability going forward?","Question",{"text":76,"@type":77},"The report emphasizes fiscal consolidation and restructuring private commercial claims. It also stresses that clearing arrears is crucial to end the debt distress event.","Answer","https://schema.org",{"og:url":52,"og:type":80,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":82,"canonical":52},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":85},[86,90,94,98,103,108,113,116,121,124,128],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":87,"show_sort_weight":88,"slug":89},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":91,"show_sort_weight":92,"slug":93},"Literature",80,"literature",{"id":53,"doc_module":4,"doc_module_name":47,"category_name":95,"show_sort_weight":96,"slug":97},"Exam",70,"exam",{"id":99,"doc_module":4,"doc_module_name":47,"category_name":100,"show_sort_weight":101,"slug":102},5,"Comic",60,"comic",{"id":104,"doc_module":4,"doc_module_name":47,"category_name":105,"show_sort_weight":106,"slug":107},6,"Technology",50,"technology",{"id":109,"doc_module":4,"doc_module_name":47,"category_name":110,"show_sort_weight":111,"slug":112},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":114,"slug":115},30,"research-report",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},9,"Religion & Spirituality",20,"religion-spirituality",{"id":119,"doc_module":4,"doc_module_name":47,"category_name":122,"show_sort_weight":119,"slug":123},"World Cup","world-cup",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":125,"slug":127},10,"Lifestyle","lifestyle",{"id":129,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":99,"slug":131},19,"General","general"]