[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109787-en":3,"doc-seo-109787-105":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},109787,2336464648746,"Skyler","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","Senegal - Joint World Bank-IMF Debt Sustainability Analysis - January 2020","Joint World Bank–IMF analysis assesses Senegal’s external and overall debt sustainability and assigns a moderate risk of debt distress. The assessment explains the move from low to moderate risk since January 2019, driven by a shift in public debt composition toward non-concessional external borrowing, including financing for hydrocarbon sector investment. Stress tests indicate more significant and prolonged threshold breaches for key external debt ratios due to higher external debt service. Despite limited near-term shock absorption, the report finds substantial long-run borrowing space, conditional on fiscal consolidation, reforms, and prudent medium-term borrowing.","Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nSENEGAL  \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)  \nApproved by Marcello Estevão (IDA), Annalisa Fedelino and Maria Gonzalez (IMF)  \nPub lic Disc losure Authorized  \n\n| Senegal Joint Bank-Fund Debt Sustainability Analysis |  |\n| --- | --- |\n| Risk of external debt distress | Moderate |\n| Overall risk of debt distress | Moderate |\n| Granularity in the risk rating | Limited shock absorption space in the short run and substantial space over the long-run |\n| Application of judgment | No |\n\nCompared with the January 2019 DSA, Senegal’s risk of debt distress (external and overall) has moved from low to moderate, reflecting a significant shift in the composition of public debt towards non-concessional external debt, including to fund investments to develop the hydrocarbon sector. As a result, the DSA shows more significant and prolonged breaches of the thresholds under the stress tests for three out of four key external debt ratios, driven by higher external debt service. Although the country has limited space to absorb shocks in the near term, it maintains substantial space for borrowing over the long run. The moderate risk of debt distress is predicatedon adherence to the planned fiscal consolidation path, an acceleration of reforms, and a prudent borrowing strategy, especially over the medium term, as reflected in the authorities’ Program Statement. Looking ahead, addressing fiscal risks from the broader public sector, including the energy sector, will be critical to anchor debt sustainability.  \nBACKGROUND  \n1. Compared with the previous DSA (the January 2019 DSA, based on the end-2017 stock of public debt), the current DSA uses the end-2018 public debt stock as a starting point. Like the January 2019 DSA, the current DSA continues to use the broader coverage of the public sector, which is deemed comprehensive as debts from 26 major parastatals and SOEs are included (Box 1). During 2018, the public sector debt-to-GDP ratio slightly increased to 61.4 percent inclusive of the 2018 budget overfinancing (1.6 percent of GDP) initially put in an escrow account to meet the 2019 financing needs. However, the composition of new borrowing changed markedly, driven by large Eurobond issuances, and a decline in the share of domestic debt as the government refrained from issuing on the regional bond market during the year. The change in debt composition is also characterized by a rapid and unanticipated increase in the share of short-term external borrowing as the government resorted to two bridge loans—CFAF 125 billion to finance the one-off government transfer to the state-owned electricity utility, Senelec, and CFAF 150 billion for liquidity needs. Combined with the introduction of additional financing (compared with the last DSA) for Petrosen’s full investment for the development of oil and gas projects (Box 2 below) this has led to a significant increase in external debt service starting in 2020 compared with past projections. The rebasing of GDP in 2018 on the contrary contributed to lowering the debt-to-GDP ratio.  \nBox 1. Coverage of Public Sector Data in the DSA  \nThis DSA, similar to the previous one, is based on a broader coverage of the public sector. The public sector includes the (i) central government, (ii) para-public entities which are part of the general government, and (iii) SOEs.  \nTotal public debt data, including debt of para-public entities and SOEs, are provided by the authorities. Revenue and expenditure data on para-public entities and SOEs are derived from technical assistance (TA) reports from the Statistics and Fiscal Affairs Departments of the IMF. Combining the central government deficit of 3.3 percent of GDP with data from other public-sector entities, puts the 20","cbCait9MnGNJgGOO","https://ap.wps.com/l/cbCait9MnGNJgGOO","pdf",572404,4,1,25,"English","en",105,"# Executive Summary\n## Risk rating and assumptions\n# Background\n## Methodology and data coverage\n## Debt composition changes and implications\n## Public sector debt coverage (Box 1)","[{\"question\":\"What is Senegal’s risk rating for external debt distress and overall debt distress?\",\"answer\":\"The analysis assigns a moderate risk of external debt distress and a moderate risk of overall debt distress.\"},{\"question\":\"Why did Senegal’s risk rating shift from low to moderate compared with January 2019?\",\"answer\":\"A major factor is the composition change in public debt toward non-concessional external borrowing, including financing for hydrocarbon sector investments, which raises external debt service and affects stress-test outcomes.\"},{\"question\":\"What conditions are emphasized to sustain debt stability over the medium to long term?\",\"answer\":\"Debt sustainability is predicated on adherence to the planned fiscal consolidation path, acceleration of reforms, and a prudent borrowing strategy—especially over the medium term—along with addressing broader public-sector fiscal risks such as those related to the energy sector.\"}]","Senegal - Joint World Bank-IMF Debt Sustainability Analysis - January 2020 | PDF",1784482373,63,{"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":87,"head_meta":89,"extra_data":91,"updated_unix":29},"senegal-joint-world-bank-imf-debt-sustainability-analysis-january-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/senegal-joint-world-bank-imf-debt-sustainability-analysis-january-2020/109787/",{"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","2026-07-30","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},"What is Senegal’s risk rating for external debt distress and overall debt distress?","Question",{"text":76,"@type":77},"The analysis assigns a moderate risk of external debt distress and a moderate risk of overall debt distress.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"Why did Senegal’s risk rating shift from low to moderate compared with January 2019?",{"text":81,"@type":77},"A major factor is the composition change in public debt toward non-concessional external borrowing, including financing for hydrocarbon sector investments, which raises external debt service and affects stress-test outcomes.",{"name":83,"@type":74,"acceptedAnswer":84},"What conditions are emphasized to sustain debt stability over the medium to long term?",{"text":85,"@type":77},"Debt sustainability is predicated on adherence to the planned fiscal consolidation path, acceleration of reforms, and a prudent borrowing strategy—especially over the medium term—along with addressing broader public-sector fiscal risks such as those related to the energy sector.","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"]