[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109754-en":3,"doc-seo-109754-105":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},109754,687197207057,"Sage","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","The Gambia - Joint World Bank-IMF Debt Sustainability Analysis - March 2020","The Gambia’s joint World Bank–IMF Debt Sustainability Analysis (March 2020) assesses the country’s risk of external debt distress as High and the overall risk of debt distress as High. Relative to the April 2019 DSA, the rating improves from “In debt distress” to “High,” reflecting debt restructuring and stronger debt service indicators. Staff judgment, however, factors in elevated risks of external arrears returning due to weak state-owned enterprises and potential macro and fiscal slippages.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nTHE GAMBIA  \nJoint World Bank-IMF Debt Sustainability Analysis  \nMarch 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 Mary B. Goodman (IMF)  \n\n| The Gambia: 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 | Yes: |\n\nRelative to the previous DSA conducted in April 2019, The Gambia’s overall and external debt distress risk rating has improved from “In debt distress” to “High”. In the case of external debt distress risk, since under the baseline there is only a short-lived and marginal breach of one external debt burden indicator, this would mechanically result in a “Moderate” risk rating. However, in staff’s judgment, given the elevated probability of external arrears ’ re-emerging due to the weak financial position of some state-owned enterprises (SOEs) , at present, The Gambia’s risk of external debt distress is “High.” Following the restructuring of The Gambia’s bilateral and plurilateral debt, the external debt service-to-exports ratio stays below its indicative threshold both in the near and the medium term. The external debt service-to-revenue ratio marginally breaches its indicative threshold in 2020 and remains below the threshold thereafter. Through a combined effect of debt restructuring, reduced reliance on nonconcessional borrowing, fiscal consolidation, greater availability of grants for budget support, and an on-going reform of SOE, the PV of total public debt would be brought below its benchmark in 2023, three years sooner than projected in the April 2019 DSA. Downside risks mainly relate to the political environment and fiscal discipline, the unravelling of which could destabilize the economy and worsen the public debt outlook.  \nPUBLIC DEBT COVERAGE  \n1. TheDSAcovers all known central government and central government-guaranteed (PPG) external debt at end-2019 (Text Table 1) . 1 External debt is treated on a currency basis. 2 The government’s external debt stock also includes a portion of the short-term debt in the form of trade credit owed by SOEs to the International Islamic Trade Financing Corporation (ITFC) (Box 1). The portion reflected in the external PPG debt corresponds to government’s potential servicing obligations to ITFC, based on the recent track record. SOEs’ domestic and unguaranteed external debt is not included in the DSA baseline, except where the government has already agreed to service the debt, as is the case for NAWEC.3 Although reliable end-2019 data on the amount of SOE debt is not available, the recently completed special audits of the six largest SOEs did not reveal any heretofore unknown information regarding their debt.  \nText Table 1. The Gambia: Coverage of Public-and Publicly-Guaranteed Debt and Parameters for Contingent Liability Shocks for the Tailored Stress Test  \n\n| 1 | Subsectors of the public sector | Sub-sectors covered |\n| --- | --- | --- |\n|  | Central government | X |\n| 2 | State and local government |  |\n| 3 | Other elements in the general government |  |\n| 4 | o/w: Social security fund |  |\n| 5 | o/w: Extra budgetary funds (EBFs) |  |\n| 6 | Guarantees (to other entities in the public and private sector, including to SOEs) | X |\n| 7 | Central bank (borrowed on behalf of the government) | X |\n| 8 | Non-guaranteed SOE debt |  |\n\n\n|  | 1 The country's coverage of public debt | The central government, central bank, government-guaranteed debt |  |  |\n| --- | --- | --- | --- | --- |\n|  |  |  | Default | Used for the\u003Cbr>analysis\u003Cbr>Reasons for deviations from the default settings |\n|  | 2 Other elements of the general government not cap","cbCaiolNbu564HsU","https://ap.wps.com/l/cbCaiolNbu564HsU","pdf",452470,4,1,25,"English","en",105,"# Risk assessment and rating\n## External debt distress risk\n## Overall debt distress risk\n# Debt coverage and methodology\n## Coverage of public and publicly-guaranteed debt\n## Treatment of SOE debt and contingent liabilities\n# Parameters for contingent liability shocks\n## Baseline and stress test triggers","[{\"question\":\"What are the main conclusions of the March 2020 DSA for The Gambia?\",\"answer\":\"The analysis finds High risk of both external debt distress and overall debt distress. It notes improvement from the April 2019 rating but maintains a high risk assessment due to forward-looking vulnerabilities.\"},{\"question\":\"Why is external debt distress rated High despite improved baseline indicators?\",\"answer\":\"Under the baseline, breaches of external debt burden indicators are short-lived and marginal, but staff judgment keeps the rating High. The analysis highlights a higher probability of external arrears re-emerging linked to weak state-owned enterprises.\"},{\"question\":\"What does the DSA cover regarding public debt and contingent liabilities?\",\"answer\":\"It covers all known central government and central government-guaranteed external debt at end-2019, treating external debt on a currency basis. It also incorporates contingent liabilities from state-owned enterprises, trade credit owed to ITFC, and potential exposures related to Social Security and Housing Finance Corporation.\"}]","The Gambia - Joint World Bank-IMF Debt Sustainability Analysis - March 2020 | PDF",1784482229,63,{"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},"the-gambia-joint-world-bank-imf-debt-sustainability-analysis-march-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/the-gambia-joint-world-bank-imf-debt-sustainability-analysis-march-2020/109754/",{"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 main conclusions of the March 2020 DSA for The Gambia?","Question",{"text":76,"@type":77},"The analysis finds High risk of both external debt distress and overall debt distress. It notes improvement from the April 2019 rating but maintains a high risk assessment due to forward-looking vulnerabilities.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"Why is external debt distress rated High despite improved baseline indicators?",{"text":81,"@type":77},"Under the baseline, breaches of external debt burden indicators are short-lived and marginal, but staff judgment keeps the rating High. The analysis highlights a higher probability of external arrears re-emerging linked to weak state-owned enterprises.",{"name":83,"@type":74,"acceptedAnswer":84},"What does the DSA cover regarding public debt and contingent liabilities?",{"text":85,"@type":77},"It covers all known central government and central government-guaranteed external debt at end-2019, treating external debt on a currency basis. It also incorporates contingent liabilities from state-owned enterprises, trade credit owed to ITFC, and potential exposures related to Social Security and Housing Finance Corporation.","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"]