[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109959-en":3,"doc-seo-109959-105":31,"detail-sidebar-cat-0-en-105":93},{"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},109959,687197207919,"Theodora","https://ap-avatar.wpscdn.com/avatar/a000253d6f5f7c60be?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779446848396160552",8,"Research & Report","The Gambia - Joint World Bank-IMF Debt Sustainability Analysis","The Gambia’s joint World Bank–IMF debt sustainability analysis finds that both overall and external debt distress risk ratings remain “High”, while public debt is assessed as sustainable. Under a revised macroeconomic framework reflecting COVID-19 and the requested RCF loan, marginal breaches occur in key external debt thresholds in 2020 and selective years. Despite temporary export shocks and financing assumption changes, the projected path of overall public debt-to-GDP remains below its indicative benchmark by 2023, though downside risks persist.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nTHE GAMBIA  \nJoint World Bank-IMF Debt Sustainability Analysis 1  \nApril 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 Craig Beaumont (IMF)  \n\n| The Gambia\u003Cbr>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\nAn updated DSA indicates that The Gambia’s overall and external debt distress risk ratings remain“High” and public debt is deemed sustainable. Under the revised macro framework, which reflects the impact of COVID-19 and the inclusion of the requested RCF loan, there are marginal breaches in the PV of external debt-to-exports and the external debt service-to-exports thresholdsin 2020 and marginal breaches of debt service-to-revenue threshold in 2020 and 2026. The PV of overall public debt-to-GDP is still projected to drop below its indicative threshold by 2023 . The Gambia’s debt sustainability is subject to elevated downside risksin the next few years, including potentially lower growth due to slower international recovery and larger domestic impact ofCOVID-19 than currently assumed under the baseline, and risks emanating from the weak financial position of some state-owned enterprises.  \n1 The DSA was prepared by IMF and World Bank staffs in collaboration with the authorities of The Gambia, based on the updated Bank-Fund Debt Sustainability Framework for Low-Income Countries (LIC-DSF) .  \nThe macroeconomic outlook for 2020 has deteriorated compared to the previous DSA. Due to COVID-19, on current projections, GDP growth in 2020 is expected to drop from 6.3 percent projected earlier to about 2.5 percent and exports in 2020 are revised downwards by 4 percent of GDP dueto the projected drop in tourism and re-exports. Lower economic activity is also expected to reduce domestic revenue collection by 1.0 percent of GDP. While these revisions lead to a deterioration of external debt service indicators in 2020, since the shock from COVID-19 is expected tobe temporary, its impact on debt sustainability is small and does not change the overall assessment.  \nDue to the expected impact of COVID-19 , some of the key financing assumptions have changed. As a result of the expected slowdown in project execution, project grant and project loan disbursements over 2020–22 are assumed to be lower by aboutUS$30 million and US$18 million, respectively. Remittances and foreign direct investment are also expected to be lower due to the global slowdown. Compared to the most recent DSA (March 2020), there has been no change in the status of debt restructuring. The immediate financing needs created by these developments for 2020 will be met through a drawdown of gross international reserves, increased financing from the IMF (the requested loan under the exogenous shock window of the Rapid Credit Facility anda debt service relief grant under the Catastrophe Containment and Relief Trust), and additional (i.e. , COVID-19-related) grant financing from the World Bank. Going forward, The Gambia is expected to seek additional grant financing to contain the in-country spread of the pandemic.  \nThe Gambia’s risk of external and public debt distress remains “High” and its overall public debt is still deemed sustainable. The DSA indicates that under the revised macroeconomic framework, external and public debt indicators are largely unchanged, with a few exceptions. Due to the negative impact of COVID-19 on exports, in 2020 the PV of external debt-to-exports and external debt service-to-exports ratios marginally (by less than 10 percent of their thresholds) breach their indicative thresholds of 180 and 15 perce","cbCaidKJALVLG70t","https://ap.wps.com/l/cbCaidKJALVLG70t","pdf",430183,5,1,10,"English","en",105,"# Executive summary\n## Debt distress risk ratings\n## Impact of COVID-19 and the RCF loan\n## Macroeconomic outlook and financing assumptions\n## External and public debt indicators","[{\"question\":\"What does the joint World Bank–IMF analysis conclude about The Gambia’s debt outlook?\",\"answer\":\"The analysis concludes that external and overall debt distress risk ratings remain “High”, while overall public debt is deemed sustainable.\"},{\"question\":\"How does COVID-19 affect the debt sustainability assessment?\",\"answer\":\"COVID-19 worsens the macro outlook, lowering GDP growth and exports, which leads to marginal threshold breaches in external debt indicators for 2020 and limited additional years.\"},{\"question\":\"What role does the requested RCF loan play in the results?\",\"answer\":\"The inclusion of the requested Rapid Credit Facility (RCF) contributes to marginal breaches of the external debt service-to-revenue threshold and highlights limited space for additional borrowing.\"}]","The Gambia - Joint World Bank-IMF Debt Sustainability Analysis | PDF",1784483215,25,{"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":88,"head_meta":90,"extra_data":92,"updated_unix":29},"the-gambia-joint-world-bank-imf-debt-sustainability-analysis","",{"@graph":37,"@context":87},[38,55,70],{"@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":54},"https://docshare.wps.com/document/the-gambia-joint-world-bank-imf-debt-sustainability-analysis/109959/",4,{"url":53,"name":13,"@type":56,"author":57,"headline":13,"publisher":59,"fileFormat":62,"inLanguage":24,"description":14,"dateModified":63,"datePublished":64,"encodingFormat":62,"isAccessibleForFree":65,"interactionStatistic":66},"DigitalDocument",{"name":9,"@type":58},"Person",{"url":42,"name":60,"@type":61},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":67,"interactionType":68,"userInteractionCount":20},"InteractionCounter",{"@type":69},"ViewAction",{"@type":71,"mainEntity":72},"FAQPage",[73,79,83],{"name":74,"@type":75,"acceptedAnswer":76},"What does the joint World Bank–IMF analysis conclude about The Gambia’s debt outlook?","Question",{"text":77,"@type":78},"The analysis concludes that external and overall debt distress risk ratings remain “High”, while overall public debt is deemed sustainable.","Answer",{"name":80,"@type":75,"acceptedAnswer":81},"How does COVID-19 affect the debt sustainability assessment?",{"text":82,"@type":78},"COVID-19 worsens the macro outlook, lowering GDP growth and exports, which leads to marginal threshold breaches in external debt indicators for 2020 and limited additional years.",{"name":84,"@type":75,"acceptedAnswer":85},"What role does the requested RCF loan play in the results?",{"text":86,"@type":78},"The inclusion of the requested Rapid Credit Facility (RCF) contributes to marginal breaches of the external debt service-to-revenue threshold and highlights limited space for additional borrowing.","https://schema.org",{"og:url":53,"og:type":89,"og:title":13,"og:site_name":60,"og:description":14},"article",{"robots":91,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":94},[95,99,103,107,111,116,121,124,129,132,135],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":96,"show_sort_weight":97,"slug":98},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":100,"show_sort_weight":101,"slug":102},"Literature",80,"literature",{"id":54,"doc_module":4,"doc_module_name":47,"category_name":104,"show_sort_weight":105,"slug":106},"Exam",70,"exam",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},"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":20,"slug":138},19,"General","general"]