[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110058-en":3,"doc-seo-110058-105":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},110058,1099513958607,"Jiven","https://ap-avatar.wpscdn.com/avatar/100002390cf8733938c?x-image-process=image/resize,m_fixed,w_180,h_180&k=1778829742770036399",8,"Research & Report","St. Vincent and the Grenadines - Joint Bank-Fund Debt Sustainability Analysis","The Joint Bank-Fund Debt Sustainability Analysis assesses St. Vincent and the Grenadines’ debt outlook, concluding that public debt is sustainable but remains at high risk of external and overall debt distress. The report links the deterioration to pandemic shocks and 2021 volcanic eruptions, which increased public and publicly guaranteed debt from 79½ percent of GDP in 2020 to 89¼ percent in 2021. Fiscal space is constrained by major port and hospital projects, while a primary surplus target of at least 3 percent by 2026 supports a downward debt trajectory from 2025 under the baseline scenario.","Public Disclosure Authorized  \nPub lic Disc losure Authorized  \nApproved by:  \nRobert R. Taliercio and Marcello Estevão (IDA); Patricia Alonso-Gamo and Boileau Loko (IMF)  \nPrepared by the staff of the International Development Association (IDA) and the International Monetary Fund (IMF) .  \n\n| ST. VINCENT AND THE GRENADINES\u003Cbr>JOINT BANK-FUND DEBT SUSTAINABILITY ANALYSIS1 |  |\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\nThe debt sustainability analysis (DSA) indicates that St. Vincent and the Grenadines’ public debt is sustainable but remains at high risk of distress for both external and overall public debt, broadly unchanged from the 2021 DSA assessment.2 The economy was hit hard by the shocks of the ongoing pandemic and the 2021 volcanic eruptions. Real GDP is estimated to have increased by 0.8 percent in 2021, after shrinking by 3.7 percent in 2020. Despite the authorities’ strong efforts to mobilize revenue and contain non-priority spending, the critical volcanic eruption- and pandemic-related fiscal responses to the humanitarian crisis pushed total public and publicly guaranteed debt up from 79½ percent of GDP in 2020 to 89¼ percent of GDP in 2021, leaving limited fiscal space to deal with future shocks.3 Reflecting fiscal pressures from the sizable port modernization project (about 25 percent of 2022 GDP) and the planned modern hospital project (about 10½ percent of 2022 GDP) as well as post-volcanic eruption reconstruction, public debt  \n1 The latest published DSA for St. Vincent and the Grenadines can be accessed here. This DSA follows the Guidance Note of the Join Bank-Fund Debt Sustainability Framework for Low Income Countries  , February 2018.  \n2 St. Vincent and the Grenadines’ score in the Composite Indicator (CI) is 3.02, implying that the country’s debt carrying capacity is classified as medium. St. Vincent and the Grenadines’ CI was calculated based on the April 2022 WEO and the 2020 CPIA, published in July 2021. The classification determines the corresponding debt and debt service benchmarks for the external public and publicly guaranteed external debt and for total public debt.  \n3 The debt ratio is lower than in the 2021 RCF in part due to authorities’ rebasing of the national accounts from 2006 to 2018 with the Caribbean Regional Technical Assistance Centre (CARTAC)’s support in early 2022 , which resulted in an upward revision of nominal 2018 GDP by about 9 percent.  \nis expected to remain around the current level in the near-term, before starting to decline steadily in 2025 once these projects approach their completion.  \nThe authorities remain committed to fiscal adjustment and reaching a central government primary surplus of at least 3 percent of GDP by 2026 to reach the regional debt target by 2035, through further strengthening tax administration and expenditure-side measures (e.g. , containing the growth of wages and non-priority current spending and prioritizing capital programs) . The adjustment, if fully implemented as planned, will underpin an improvement of about 1½ percent of GDP in the underlying primary balance (excluding pandemic- , volcano- , and port-related spending) by the end of the medium term from the projected 1½ percent of GDP in 2022. This will put the debt-to-GDP ratio on a downward path from 2025, and debt is deemed sustainable. Under staff’s baseline scenario, the present value (PV) of public debt to GDP ratio is estimated to have peaked at 86 percent of GDP in 2021 and is expected to start declining in 2022 but breaches the indicative benchmark throughout most of the projection period before meeting the indicative benchmark by 2031. The PV of external debt as a percent of GDP is projected to start falling in 2025 but breaches the indicative benchmark throughout most of the projection period before meeting the indicative benchmark by 2034. Refl","cbCaiaV2VG60BXrh","https://ap.wps.com/l/cbCaiaV2VG60BXrh","pdf",815879,2,1,23,"English","en",105,"# Executive Summary\n## Debt distress risk assessment\n## Macroeconomic shocks and fiscal response\n## Debt path outlook and policy targets\n## Contingent liabilities and coverage","[{\"question\":\"What does the DSA conclude about St. Vincent and the Grenadines’ debt sustainability?\",\"answer\":\"Public debt is assessed as sustainable, but the risk of both external and overall debt distress remains high.\"},{\"question\":\"Why did debt increase from 2020 to 2021?\",\"answer\":\"Pandemic shocks and the 2021 volcanic eruptions required critical fiscal responses, raising public and publicly guaranteed debt from 79½ percent of GDP to 89¼ percent of GDP.\"},{\"question\":\"What policy direction supports the expected debt trajectory?\",\"answer\":\"The authorities plan fiscal adjustment to reach a central government primary surplus of at least 3 percent of GDP by 2026, supported by strengthening tax administration and controlling non-priority spending.\"}]","St. Vincent and the Grenadines - Joint Bank-Fund Debt Sustainability Analysis | PDF",1784483708,58,{"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},"st-vincent-and-the-grenadines-joint-bank-fund-debt-sustainability-analysis","",{"@graph":37,"@context":86},[38,54,69],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,48,51],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":20},"https://docshare.wps.com/document/","Document",{"item":49,"name":12,"@type":44,"position":50},"https://docshare.wps.com/document/research-report/",3,{"item":52,"name":13,"@type":44,"position":53},"https://docshare.wps.com/document/st-vincent-and-the-grenadines-joint-bank-fund-debt-sustainability-analysis/110058/",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","2026-07-29","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 does the DSA conclude about St. Vincent and the Grenadines’ debt sustainability?","Question",{"text":76,"@type":77},"Public debt is assessed as sustainable, but the risk of both external and overall debt distress remains high.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"Why did debt increase from 2020 to 2021?",{"text":81,"@type":77},"Pandemic shocks and the 2021 volcanic eruptions required critical fiscal responses, raising public and publicly guaranteed debt from 79½ percent of GDP to 89¼ percent of GDP.",{"name":83,"@type":74,"acceptedAnswer":84},"What policy direction supports the expected debt trajectory?",{"text":85,"@type":77},"The authorities plan fiscal adjustment to reach a central government primary surplus of at least 3 percent of GDP by 2026, supported by strengthening tax administration and controlling non-priority spending.","https://schema.org",{"og:url":52,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":52},"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":20,"doc_module":4,"doc_module_name":47,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":53,"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"]