[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110957-en":3,"doc-seo-110957-105":29,"detail-sidebar-cat-0-en-105":91},{"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":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},110957,687197207919,"Theodora","https://ap-avatar.wpscdn.com/avatar/a000253d6f5f7c60be?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779446848396160552",8,"Research & Report","Sierra Leone - Joint World Bank-IMF Debt Sustainability Analysis - March 2021","Joint World Bank-IMF Debt Sustainability Analysis for Sierra Leone assesses external and overall debt distress risk under a forward-looking baseline shaped by the COVID-19 shock. Although debt is sustainable on a forward-looking basis, the risk of distress remains high, with debt indicators deteriorating after the shock. The analysis incorporates external financing assumptions for 2021, IMF relief measures, and lowered thresholds reflecting weaker global and domestic growth, while stress tests emphasize sensitivity to growth, commodity prices, and exports.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nSIERRA LEONE  \nJoint World Bank-IMF Debt Sustainability Analysis1  \nMarch 2021  \nPrepared Jointly by the staffs ofthe International Development Association and the International Monetary Fund (IMF) Approved by Marcello Estevão (IDA), Abebe Selassie and Anna Ilyina (IMF)  \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 on a forward-looking basis |\n| Application of judgment | No |\n\nWhile Sierra Leone’s debt is sustainable on a forward-looking basis, the risk of external and overall debt distress remains high, and the COVID-19 shock has elevated these risks. The baseline projection reflects the deleterious effects of the COVID-19 shock on growth, exports, and revenues, as well as the cost of measures to counter the health and socioeconomic effects of the pandemic. External and domestic financing needs have increased, and debt indicators have worsened, following the shock. This DSA assumes that the external financing gap in 2021 will be filled by a second disbursement under the IMF’s Rapid Credit Facility (RCF) and additional budget support grants from the World Bank. It also reflects relief under the IMF’s Catastrophe Containment and Relief Trust (CCRT) and the Debt Service Suspension Initiative (DSSI) . Indicative thresholds were lowered due to weaker growth—particularly globally but also domestically. While the downward trajectory of the present value of public debt-toGDP ratio over the medium to long term is broadly similar to the previous (June 2020) DSA, it takes somewhat longer to track below the now lower threshold, which primarily reflects weaker global growth. Some external debt indicators also remain above the thresholds over the medium term. The public debt service-to-revenue ratio and the external debt service-to-exports ratio keep rising over the medium term, indicating a period of high vulnerabilities in liquidity, before continuously declining in the medium to long term. The stress tests highlight the sensitivities to shocks to growth, commodity prices, and exports. Reducing debt requires, first and foremost, sustained adjustment underpinned by strengthened public financial management, effective expenditure prioritization, and redoubling structural and revenue mobilization reform efforts. However, it will be vital that Sierra Leone continues to rely on highly concessional financing and ideally grants, to adjust at a pace that does not imperil the post-pandemic recovery, supports adequate social and other priority spending, and can meet the country’s large development need.  \n1 The DSA follows the 2018 IMF and World Bank Staff Guidance Note on the Bank-Fund Debt Sustainability Framework for Low-Income Countries. The Composite Indicator score of 2.65, based on the October 2020 WEO and the World Bank’s latest CPIA, indicates a weak debt-carrying capacity.  \nPUBLIC DEBT COVERAGE  \n1. The DSA covers known sources of public debt (Text Table 1). As in earlier DSAs (including in June 2020), the debt stock includes central government public and publicly guaranteed debts. The DSA also includes the latest estimate of the consolidated stock of domestic payment arrears. The Government is working—with the support of development partners—to improve its financial management information systems and enhance the accounting and timely reporting of public debt, including those occurred by state-owned enterprises (SOEs) and self-accounting bodies.  \n\n| Text Table 1. Public Sector Debt Coverage Under the Baseline Scenario |\n| --- |\n| \u003Cbr>Subsectors of the public sector  Sub-sectors covered \u003Cbr>Central government X\u003Cbr>State and local government\u003Cbr>Other elements in the general government\u003Cbr>o/w: Social security fund X\u003Cbr>o/w: Extra budgetary funds (E","cbCaicPeBIjz2Ala","https://ap.wps.com/l/cbCaicPeBIjz2Ala","pdf",539275,1,18,"English","en",105,"# Executive Summary\n## Debt distress risk assessment\n## Baseline assumptions and relief measures\n## Debt coverage and public debt scope\n## Contingent liabilities stress test settings","[{\"question\":\"What is the overall conclusion about Sierra Leone’s debt sustainability?\",\"answer\":\"Debt is sustainable on a forward-looking basis, but the risk of external and overall debt distress remains high due to the COVID-19 shock and its effects.\"},{\"question\":\"How does the COVID-19 shock affect the baseline projections in the analysis?\",\"answer\":\"It weakens growth, exports, and revenues and raises the cost of pandemic countermeasures, increasing external and domestic financing needs and worsening debt indicators.\"},{\"question\":\"What relief and financing assumptions are reflected for 2021?\",\"answer\":\"The analysis assumes the external financing gap in 2021 is filled through an additional IMF Rapid Credit Facility disbursement and World Bank budget support grants, together with IMF CCRT and DSSI relief.\"}]",1784487896,45,{"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":86,"head_meta":88,"extra_data":90,"updated_unix":27},"sierra-leone-joint-world-bank-imf-debt-sustainability-analysis-march-2021","",{"@graph":35,"@context":85},[36,53,68],{"@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/sierra-leone-joint-world-bank-imf-debt-sustainability-analysis-march-2021/110957/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-22","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What is the overall conclusion about Sierra Leone’s debt sustainability?","Question",{"text":75,"@type":76},"Debt is sustainable on a forward-looking basis, but the risk of external and overall debt distress remains high due to the COVID-19 shock and its effects.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"How does the COVID-19 shock affect the baseline projections in the analysis?",{"text":80,"@type":76},"It weakens growth, exports, and revenues and raises the cost of pandemic countermeasures, increasing external and domestic financing needs and worsening debt indicators.",{"name":82,"@type":73,"acceptedAnswer":83},"What relief and financing assumptions are reflected for 2021?",{"text":84,"@type":76},"The analysis assumes the external financing gap in 2021 is filled through an additional IMF Rapid Credit Facility disbursement and World Bank budget support grants, together with IMF CCRT and DSSI 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