[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109643-en":3,"doc-seo-109643-105":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},109643,7971461740909,"Levi","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","Sierra Leone - Joint World Bank-IMF Debt Sustainability Analysis - June 2020","Joint World Bank–IMF Debt Sustainability Analysis for Sierra Leone assesses external and overall debt distress risk as High, while granularity of the rating remains Sustainable and judgment is not applied. The baseline scenario incorporates COVID-19 effects, projecting a sharp growth contraction, weaker exports, a widening fiscal deficit, and higher external and public financing needs in 2020. Debt sustainability remains, but the COVID-19 shock elevates vulnerabilities through larger and more prolonged indicator breaches and stresses export and growth shocks.","Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nSIERRA LEONE  \nJoint World Bank-IMF Debt Sustainability Analysis1  \nJune 2020  \nPrepared Jointly by the staffs ofthe International Development Association (IDA)  \nand the International Monetary Fund (IMF)  \nApproved by Marcello Estevão (IDA), Dominique Desruelle and Kevin Fletcher (IMF)  \nPub lic Disc losure Authorized  \n\n| Sierra Leone: 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| Macroeconomic projections | This DSA incorporates the expected economic impact of the COVID-19 pandemic and policy response, with a sharp decline in growth (down more than 7 percentage points relative topre-crisis projections) and exports (down one-third), and the fiscal deficit widens (by 3½ percentage points of GDP, including expected additional budget support grants and debt relief) in 2020. Growth is assumed to gradually rebound in 2021. The outlook is clouded with uncertainty and risks. |\n| Financing strategy | With little fiscal space and a shallow domestic banking system, highly concessional financing and grants from development partners will be essential to meet the urgent and large financing gaps arising from the pandemic. This DSA incorporates a proposed RCF disbursement equivalent to 50 percent of quota. |\n| Realism tools flagged | No |\n| Mechanical risk rating under the external DSA | High |\n| Mechanical risk rating under the public DSA | High |\n\n1 The DSA follows the IMF and World Bank Staff Guidance Note on the Bank-Fund Debt Sustainability Framework for Low-Income Countries (February 2018) . The Composite Indicator (CI) score of 2.693 based on the October 2019 WEO and the World Bank’s 2018 CPIA (released in July 2019) indicates a medium debt-carrying capacity. The corresponding external debt indicative thresholds are: 40 percent for the present value (PV) of debt-to-GDP ratio; 180 percent for the PV of debt-to-exports ratio; 15 percent for the debt service-to-exports ratio; and 18 percent for the debt service-to-revenue ratio. Debt coverage remains unchanged from the previous DSA.  \nWhile Sierra Leone’s debt remains sustainable, the risk of external and overall debt distress remains high—and the COVID-19 shock has elevated risks. The baseline macroeconomic scenario reflects both the deleterious effects of the COVID-19 shock on growth, exports, and revenues, and measures to combat the health and socio-economic effects of the pandemic. External and domestic financing needs have widened sharply in 2020, worsening all external and public finance indicators relative to the last DSA in March 2020, despite additional grant assistance from development partners. This DSA also assumes that the external financing gap created by the shock will be almost entirely filled by disbursement of the Rapid Credit Facility (RCF) (which would be on-lent to support the budget) and additional budget and project support grants from the World Bank after the COVID-19 shock. It also assumes debt service relief under the IMF’s Catastrophe Containment and Relief Trust (CCRT), and that the authorities are seeking temporary relief under the Debt Service Suspension Initiative supported by the G20 and Paris Club. The authorities are continuing discussions with development partners to finalize support to address the relatively small remaining gap.  \nThe setback to revenue mobilization under the baseline is long-lasting, and results in a larger and more prolonged breach of the external-debt-service-to-revenue ratio relative to the previous DSA. The PV of public-debt-to-GDP tracks downward from 2021, but remains above the threshold until 2024. While other indicators also deteriorate with the COVID-19 shock, they remain below the thresholds. The public-debt-service-to-revenue ratio and gross","cbCailiJMiBAlHNe","https://ap.wps.com/l/cbCailiJMiBAlHNe","pdf",458987,4,1,10,"English","en",105,"# Executive Summary\n## Risk of debt distress\n## Baseline macroeconomic scenario\n## Financing strategy and assumptions\n## Debt dynamics and indicator breaches\n## Stress scenarios and vulnerabilities\n## Policy implications","[{\"question\":\"What are the debt distress risk ratings in this analysis?\",\"answer\":\"Both the external debt distress risk and the overall risk of debt distress are rated High. The granularity in the risk rating is marked as Sustainable.\"},{\"question\":\"How does the COVID-19 pandemic affect the baseline scenario?\",\"answer\":\"The analysis incorporates expected COVID-19 impacts, including a sharp decline in growth and exports, and a fiscal deficit widening in 2020. Growth is assumed to rebound gradually in 2021, but uncertainty remains elevated.\"},{\"question\":\"What financing and relief assumptions underpin the strategy?\",\"answer\":\"The document assumes concessional financing and grants are essential given limited fiscal space, including a proposed Rapid Credit Facility disbursement equivalent to 50 percent of quota. It also assumes debt service relief under the IMF’s CCRT and temporary relief under the Debt Service Suspension Initiative.\"}]","Sierra Leone - Joint World Bank-IMF Debt Sustainability Analysis - June 2020 | PDF",1784481697,25,{"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},"sierra-leone-joint-world-bank-imf-debt-sustainability-analysis-june-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/sierra-leone-joint-world-bank-imf-debt-sustainability-analysis-june-2020/109643/",{"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 are the debt distress risk ratings in this analysis?","Question",{"text":76,"@type":77},"Both the external debt distress risk and the overall risk of debt distress are rated High. The granularity in the risk rating is marked as Sustainable.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"How does the COVID-19 pandemic affect the baseline scenario?",{"text":81,"@type":77},"The analysis incorporates expected COVID-19 impacts, including a sharp decline in growth and exports, and a fiscal deficit widening in 2020. Growth is assumed to rebound gradually in 2021, but uncertainty remains elevated.",{"name":83,"@type":74,"acceptedAnswer":84},"What financing and relief assumptions underpin the strategy?",{"text":85,"@type":77},"The document assumes concessional financing and grants are essential given limited fiscal space, including a proposed Rapid Credit Facility disbursement equivalent to 50 percent of quota. It also assumes debt service relief under the IMF’s CCRT and temporary relief under the Debt Service Suspension Initiative.","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},[94,98,102,106,111,116,121,124,129,132,135],{"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":22,"doc_module":4,"doc_module_name":47,"category_name":133,"show_sort_weight":22,"slug":134},"Lifestyle","lifestyle",{"id":136,"doc_module":4,"doc_module_name":47,"category_name":137,"show_sort_weight":107,"slug":138},19,"General","general"]