[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111182-en":3,"doc-seo-111182-105":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},111182,34359740700684,"Finn","https://ap-avatar.wpscdn.com/avatar/1f400023980c374ae676?_k=1777273430885731487",8,"Research & Report","Togo - Joint World Bank-IMF Debt Sustainability Analysis - Debt distress risk assessment","The joint World Bank–IMF Debt Sustainability Analysis (DSA) for Togo assesses moderate risk of external debt distress and high overall risk of public debt distress, leaving the April 2020 conclusion unchanged. Mechanical signals suggest low external stress, but judgement accounts for elevated exposure to domestic-currency debt and limited information on creditor residency. Under the baseline, the present value of public debt remains above the 55% threshold through end-2025, with fiscal consolidation and growth, plus prudent medium-term debt strategy, key to reducing vulnerabilities amid security and food-insecurity risks.","Public Disclosure  \nPub lic Disc losure Authorized  \nApproved by:  \nAbebe Adugna and Manuela Francisco (IDA) and Annalisa Fedelino and Fabian Bornhorst (IMF) .  \nPrepared by the staff of the International Development Association (IDA) and the International Monetary Fund (IMF) .  \n\n| TOGO: JOINT BANK-FUND DEBT SUSTAINABILITY ANALYSIS |  |\n| --- | --- |\n| Risk of external debt distress | Moderate2 |\n| Overall risk of debt distress | High |\n| Granularity in the risk rating | Some space to absorb shocks on external debt |\n| Application of judgment | Yes. High exposure to domestic currency debt. |\n\nThe 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 DSA published in April 2020. While the mechanical results point to a low risk of external debt distress, judgement was applied given Togo’s elevated exposure to domestic currency debt and limited information about the residency of its holders. The overall risk of debt distress remains high, as the present value (PV) of the public debt-to-GDP ratio exceeds 55 percent and is projected to stay above the threshold until end-2025 under the baseline. Credible fiscal consolidation and robust economic growth remain key to reducing debt vulnerabilities, while a prudent medium-term debt strategy aimed at reducing the cost of debt and lengthening maturities would make an important contribution. A prudent debt strategy is even more important given the risks to the outlook, including terrorist attacks and food insecurity, rollover risks from the relatively short maturity of Togo’s large domestic currency debt, and contingent liabilities related to the financial sector, state-owned enterprises (SOEs) and public-private partnerships (PPPs) .  \n1 This DSA was prepared jointly with the World Bank and in collaboration with the Togolese authorities.  \n2 Togo’s Composite Indicator is 2. 99, which corresponds to a medium debt-carrying capacity as confirmed by the October 2023 WEO data and the 2022 Country Policy and Institutional Assessment released in August 2023.  \n1. Togo’s public debt includes obligations of the central government and public entities. Debt data cover external and domestic obligations of the central government, including arrears to suppliersand guaranteed debt, as well as external and domestic debt of SOEs (Text Table 1) .3 The authorities have reported collateralized debt amounting to 1. 7% of GDP in relation to the airport. 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. The central bank of the currency union (BCEAO) does not issue debt on behalf of its member countries. Domestic debt is defined as debt denominated in franc de la Communauté Financière d’Afrique (CFAF), except for debt owed to the West African Development Bank (BOAD) .4 External debt is then defined as debt contracted or serviced in a currency other than the CFAF. The choice of coverage based on currency, rather than residency, is due to the difficulty of monitoring the residency of creditors for debt traded in the WAEMU regional market. Work will begin to expand the monitoring and publication of debt data broken down by creditors, in line with the new requirements introduced by the Fund’s revised Debt Limits Policy. Work to get a more granular understanding of the holders of domestic currency debt issued on the regional market is supported by a performance and policy action (PPA) under the World Bank’s Sustainable Development Finance Policy (SDFP) .  \n\n|  |\n| --- |\n|  |\n|  |\n\n3 Following the LIC-DSF Guidance Note (GN), non-guaranteed debt from the Port of Lomé is excluded because it is able to borrow without a guarantee from the government, does not carry out uncompensated quasi-fiscal activities, and has an established tra","cbCaigJ68IiPKI0k","https://ap.wps.com/l/cbCaigJ68IiPKI0k","pdf",1673028,1,26,"English","en",105,"# Risk of Debt Distress Assessment\n## External debt distress risk\n## Overall risk of public debt distress\n## Role of judgment and key vulnerabilities\n# Debt Coverage and Data Notes\n## Definitions by currency and creditor residency\n## Treatment of SOE and guaranteed debt\n## Reclassification and monitoring approach\n# Macroeconomic Context and Debt Trends\n## GDP rebasing impact on debt indicators\n## Previous fiscal consolidation drivers","[{\"question\":\"How does the DSA rate Togo’s external and overall debt distress risk?\",\"answer\":\"It finds moderate risk of external debt distress and high overall risk of public debt distress. The overall risk conclusion remains unchanged from the April 2020 DSA.\"},{\"question\":\"Why does the analysis apply judgment despite mechanical results indicating lower external risk?\",\"answer\":\"Judgment is applied due to Togo’s high exposure to domestic-currency debt and limited information about the residency of domestic debt holders.\"},{\"question\":\"What baseline debt indicator drives the high overall risk conclusion?\",\"answer\":\"The present value (PV) of the public debt-to-GDP ratio exceeds 55% and is projected to stay above the threshold until end-2025.\"}]",1784488983,66,{"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-risk-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-risk-assessment/111182/",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 external and overall debt distress risk?","Question",{"text":75,"@type":76},"It finds moderate risk of external debt distress and high overall risk of public debt distress. The overall risk conclusion remains unchanged from the April 2020 DSA.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Why does the analysis apply judgment despite mechanical results indicating lower external risk?",{"text":80,"@type":76},"Judgment is applied due to Togo’s high exposure to domestic-currency debt and limited information about the residency of domestic debt holders.",{"name":82,"@type":73,"acceptedAnswer":83},"What baseline debt indicator drives the high overall risk conclusion?",{"text":84,"@type":76},"The present value (PV) of the public debt-to-GDP ratio exceeds 55% and is projected to stay above the threshold until end-2025.","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"]