[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111154-en":3,"doc-seo-111154-105":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},111154,962075006959,"Anda","https://ap-avatar.wpscdn.com/avatar/e0002397efbe92a78e?_k=1776741047341049297",8,"Research & Report","Togo - Joint World Bank-IMF Debt Sustainability Analysis - Debt Distress Assessment","This joint Debt Sustainability Analysis (DSA) evaluates Togo’s debt outlook, finding moderate risk of external debt distress and high overall risk of public debt distress, unchanged from the prior DSA. External risk is raised to moderate due to heavy exposure to domestic currency debt and limited information on holder residency. Debt sustainability is supported by projected fiscal consolidation under the ECF, external indicators remaining below thresholds aside from a 2025 trade-loan repayment breach, and sustained capacity from the WAEMU market and regional support.","Public Disclosure  \nPub lic Disc losure Authorized  \nApproved by:  \nManuela Francisco and Abebe Adugna (IDA), and Annalisa Fedelino and Fabian Bornhorst (IMF)  \nPrepared by the staff of the International Development Association (IDA) and the International Monetary Fund (IMF)1  \n\n| TOGO: JOINT BANK-FUND DEBT SUSTAINABILITY ANALYSIS |  |\n| --- | --- |\n| Risk of external debt distress | Moderate |\n| Overall risk of debt distress | High |\n| Granularity in the risk rating | Limited space to absorb shocks on external debt |\n| Application of judgment | Yes. High exposure to domestic currency debt. |\n\nThis Debt Sustainability Analysis (DSA) assesses Togo to be at moderate risk of external debt distress and high overall risk of public debt distress—unchanged from the last DSA.2 Judgement was applied to increase the risk of external debt distress from low to moderate because of Togo’s high exposure to domestic currency debt and limited information about the residency of its holders. Debt is assessed as sustainable because (i) fiscal consolidation supported by the ECF-arrangement is projected to reduce the present value (PV) of public debt to GDP to below the high-risk benchmark by 2026; (ii) apart from a one-time breach in debt service indicators in 2025 relating to the repayment of a trade finance loan that is expected to be refinanced with the help of a WBG guarantee instrument, all external DSA indicators remain below their respective thresholds in the baseline and shock scenario and trend downwards over the medium term; and (iii) Togo’s access to the WAEMU market and support from regional debt institutions bolsters the country’s capacity to carry CFAF debt. The authorities should continue fiscal consolidation and revenue mobilization efforts, pursue structural reforms to boost growth and exports, prioritize long-term concessional external debt to reduce dependence  \n1 In collaboration with the Togolese authorities.  \n2 September 2024: Country Report No. 24/299 . Togo retains a medium-rating for debt-carrying capacity, given a Composite Indicator of 3.01 that uses October 2024 WEO data and the 2023 CPIA (August 2024) .  \non the regional market, pursue appropriate refinancing to alleviate liquidity pressures, and contain contingent liabilities. This would help reduce the PV of public debt and mitigate rollover and refinancing risks.  \n1. Togo’s public debt includes obligations of the central government and public entities. Debt data cover obligations of the central government, including arrears to suppliers and guaranteed debt, as well as SOE debt (Text Table 1) . Non-guaranteed debt of the Port of Lomé (PAL) is excluded.3 Local authorities cannot contract new debt. The central government has repaid most of the domestic arrears and residual local debt identified in recent years, including those to local authorities and the national electricity company. 4 The central bank of the currency union (BCEAO) does not issue debt on behalf of its member countries. The authorities have reported collateralized debt amounting to 1.7 percent of GDP in relation to Lomé airport, which is included in the central government debt. The DSA uses a currency-based definition of external and domestic debt, in common with other WAEMU members, because of data issues.5 The one exception is debt owed to the West African Development Bank (BOAD), which is treated as external even if it is denominated in CFAF.6  \n|  | Subsectors of the public sector | Sub-sectors covered |\n| --- | --- | --- |\n|  | 1 Central government | X |\n|  | 2 State and local government |  |\n|  | 3 Other elements in the general government |  |\n|  | 4 o/w: Social security fund | X |\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) |  |\n|  | 8 Non-guaranteed SOE debt | X |\n\n\n|  | 1 The country's coverage of public debt | The central government plu","cbCaia54uAbjcpdc","https://ap.wps.com/l/cbCaia54uAbjcpdc","pdf",1684010,1,25,"English","en",105,"# Risk of Debt Distress\n## External debt distress risk\n## Overall risk of public debt distress\n## Judgment and key drivers","[{\"question\":\"How does the DSA rate Togo’s risk of external and overall debt distress?\",\"answer\":\"The DSA rates Togo at moderate risk of external debt distress and high overall risk of public debt distress, consistent with the previous DSA.\"},{\"question\":\"Why was external debt distress risk increased from low to moderate?\",\"answer\":\"Judgment increased the external risk because of Togo’s high exposure to domestic currency debt and limited information about the residency of debt holders.\"},{\"question\":\"What factors support the conclusion that Togo’s debt is sustainable?\",\"answer\":\"Fiscal consolidation under the ECF is projected to reduce the present value of public debt below the high-risk benchmark by 2026. In addition, most external indicators remain below thresholds in baseline and shock scenarios, and access to the WAEMU market plus regional support strengthens capacity to service CFAF debt.\"}]",1784488860,63,{"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},"togo-joint-world-bank-imf-debt-sustainability-analysis-debt-distress-assessment","",{"@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/togo-joint-world-bank-imf-debt-sustainability-analysis-debt-distress-assessment/111154/",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","2026-07-20","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},"How does the DSA rate Togo’s risk of external and overall debt distress?","Question",{"text":75,"@type":76},"The DSA rates Togo at moderate risk of external debt distress and high overall risk of public debt distress, consistent with the previous DSA.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Why was external debt distress risk increased from low to moderate?",{"text":80,"@type":76},"Judgment increased the external risk because of Togo’s high exposure to domestic currency debt and limited information about the residency of debt holders.",{"name":82,"@type":73,"acceptedAnswer":83},"What factors support the conclusion that Togo’s debt is sustainable?",{"text":84,"@type":76},"Fiscal consolidation under the ECF is projected to reduce the present value of public debt below the high-risk benchmark by 2026. In addition, most external indicators remain below thresholds in baseline and shock scenarios, and access to the WAEMU market plus regional support strengthens capacity to service CFAF debt.","https://schema.org",{"og:url":51,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":92},[93,97,101,105,110,115,120,123,128,131,135],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":102,"show_sort_weight":103,"slug":104},"Exam",70,"exam",{"id":106,"doc_module":4,"doc_module_name":45,"category_name":107,"show_sort_weight":108,"slug":109},5,"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":45,"category_name":112,"show_sort_weight":113,"slug":114},6,"Technology",50,"technology",{"id":116,"doc_module":4,"doc_module_name":45,"category_name":117,"show_sort_weight":118,"slug":119},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":124,"doc_module":4,"doc_module_name":45,"category_name":125,"show_sort_weight":126,"slug":127},9,"Religion & Spirituality",20,"religion-spirituality",{"id":126,"doc_module":4,"doc_module_name":45,"category_name":129,"show_sort_weight":126,"slug":130},"World Cup","world-cup",{"id":132,"doc_module":4,"doc_module_name":45,"category_name":133,"show_sort_weight":132,"slug":134},10,"Lifestyle","lifestyle",{"id":136,"doc_module":4,"doc_module_name":45,"category_name":137,"show_sort_weight":106,"slug":138},19,"General","general"]