[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110734-en":3,"doc-seo-110734-105":29,"detail-sidebar-cat-0-en-105":82},{"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},110734,1099514067438,"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","Senegal - Joint World Bank-IMF Debt Sustainability Analysis - June 2021","Senegal faces a moderate overall risk of external and public debt distress under the current baseline scenario, with limited near-term capacity to absorb shocks. The assessment ties the rating to gradual post-COVID-19 recovery, adherence to a prudent fiscal path, and strengthened debt management. It emphasizes that continued sustainability must rest on a prudent borrowing strategy prioritizing concessional external financing and domestic regional funding, while further strengthening debt data quality, coverage, and risk containment measures.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nSENEGAL  \nJoint World Bank-IMF Debt Sustainability Analysis  \nJune 2021  \nPrepared Jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF)  \nApproved by Marcello Estevão, Abebe Adugna (IDA), Annalisa Fedelino and Chad  \n\n| Senegal: Joint Bank-Fund Debt Sustainability Analysis |  |\n| --- | --- |\n| Risk of external debt distress: | Moderate1 |\n| Overall risk of debt distress | Moderate |\n| Granularity in the risk rating | Limited scope to absorb shocks |\n| Application of judgment | No |\n\nSenegal’s faces a moderate risk of overall debt distress (external and public) under the current baseline scenario, with limited scope to absorb shocks in the near term. This rating is predicatedon a gradual recovery from the COVID-19 pandemic, adherence to a prudent fiscal path (in line with regional convergence criteria) and strengthened debt management. The outlook for Senegal remains highly uncertain, primarily a reflection of uncertainty regarding the path of the COVID- 19 pandemic, the pace of the vaccination campaign, and developments in key trading partners. Continued debt sustainability will need to be anchored in a prudent borrowing strategy that prioritizes concessional external borrowing and domestic regional financing in line with programmed financing needs, combined with continued efforts to strengthen debt management and contain fiscal risks.  \n1 Senegal’s debt carrying capacity is classified as strong (calculated based on the October 2020 WEO and 2019 World Bank’s Country Policy and Institutional Assessment (CPIA) score) . The applicable thresholds to public and publicly guaranteed external debt are: 55 percent for the Present Value (PV) of debt-to-GDP ratio, 240 percent for the PV of debt-to-exports ratio, 21 percent for the debt service-to-exports ratio, and 23 percent for the debt service-to-revenue ratio. The applicable benchmark for the PV of total public debt for strong debt carrying capacity is 70 percent of GDP.  \nDEBT COVERAGE  \n1. This DSA uses abroad definition of public debt. The assessment includes public and publiclyguaranteed debt held by (i) the central government, (ii) para-public entities, and (iii) state-owned enterprises (SOEs), combining data provided by the authorities with information compiled by IMF technical assistance (Text Table 1).2 The DSA classifies external and domestic debt based on currency, given data constraints that prevent the use of a residency-based definition. In terms of contingent risks, the default financial sector shock of 5 percent of GDP is more than adequate to cover potential bank recapitalization needs discussed in the staff report, which are estimated to be less than 1 percent of GDP.  \nText Table 1. Senegal: Coverage of Public Sector Debt and Design of the Contingent Liability  \nStress Test  \n2. Efforts are underway to strengthen the quality and coverage of public debt data. The national debt committee (CNDP), chaired by the Minister of Finance, has been revitalized in the past year and is now reviewing all large public investment decisions, including those by SOEs. As part of the Fund-supported program, the authorities have engaged an audit firm to conduct an audit to assess whether the recording and communication of data on public debt (including the debt of the SOE sector) is accurate, exhaustive and in line with best practices. This should help improve the quality and timeliness of the data available to the authorities for planning and debt management purposes. Following some administrative delays, the audit is expected to be completed in the first half of 2021.  \n2 The inclusion of para-public enterprises and SOEs began in 2017. The list of entities covered by the DSA is provided in the Technical Memorandum of Understanding. The 2018 public sector balance sheet was compiled with support f","cbCainYTAFu8kKzn","https://ap.wps.com/l/cbCainYTAFu8kKzn","pdf",574932,1,19,"English","en",105,"# Risk rating and outlook\n## Baseline assessment and uncertainty factors\n## Implications for borrowing strategy\n# Debt coverage and methodology\n## Public debt definition and included entities\n## Contingent liabilities and stress test coverage\n# Data quality and governance measures\n## Role of the national debt committee (CNDP)\n## Planned audit and expected timeline\n# Background: debt dynamics\n## Drivers of rising public investment and spending\n## Eurobond access and financing implications\n## COVID-19 impacts on debt and macroeconomic variables","[{\"question\":\"How does the analysis define and cover public debt?\",\"answer\":\"The DSA uses an abroad definition of public debt, including public and publicly guaranteed debt held by the central government, para-public entities, and state-owned enterprises, using authority data supplemented by IMF technical assistance.\"}]",1784486812,48,{"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":77,"head_meta":79,"extra_data":81,"updated_unix":27},"senegal-joint-world-bank-imf-debt-sustainability-analysis-june-2021","",{"@graph":35,"@context":76},[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/senegal-joint-world-bank-imf-debt-sustainability-analysis-june-2021/110734/",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],{"name":71,"@type":72,"acceptedAnswer":73},"How does the analysis define and cover public debt?","Question",{"text":74,"@type":75},"The DSA uses an abroad definition of public debt, including public and publicly guaranteed debt held by the central government, para-public entities, and state-owned enterprises, using authority data supplemented by IMF technical assistance.","Answer","https://schema.org",{"og:url":51,"og:type":78,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":80,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":83},[84,88,92,96,101,106,111,114,119,122,126],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":85,"show_sort_weight":86,"slug":87},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":89,"show_sort_weight":90,"slug":91},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":93,"show_sort_weight":94,"slug":95},"Exam",70,"exam",{"id":97,"doc_module":4,"doc_module_name":45,"category_name":98,"show_sort_weight":99,"slug":100},5,"Comic",60,"comic",{"id":102,"doc_module":4,"doc_module_name":45,"category_name":103,"show_sort_weight":104,"slug":105},6,"Technology",50,"technology",{"id":107,"doc_module":4,"doc_module_name":45,"category_name":108,"show_sort_weight":109,"slug":110},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":112,"slug":113},30,"research-report",{"id":115,"doc_module":4,"doc_module_name":45,"category_name":116,"show_sort_weight":117,"slug":118},9,"Religion & Spirituality",20,"religion-spirituality",{"id":117,"doc_module":4,"doc_module_name":45,"category_name":120,"show_sort_weight":117,"slug":121},"World Cup","world-cup",{"id":123,"doc_module":4,"doc_module_name":45,"category_name":124,"show_sort_weight":123,"slug":125},10,"Lifestyle","lifestyle",{"id":21,"doc_module":4,"doc_module_name":45,"category_name":127,"show_sort_weight":97,"slug":128},"General","general"]