[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111806-en":3,"doc-seo-111806-105":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},111806,1374391974468,"Eden","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","Togo - Joint World Bank-IMF Debt Sustainability Analysis - Debt Distress Risk Assessment","Joint Debt Sustainability Analysis (DSA) for Togo assesses the country at moderate risk of external debt distress and high overall risk of public debt distress, unchanged from the previous DSA. Judgment increases the external risk due to high domestic-currency debt exposure and limited information on creditor residency. Debt is deemed sustainable because fiscal consolidation is projected to lower risks to moderate by 2026, debt-service and external indicators stay below thresholds in shocks, and access to the WAEMU market supports resilience.","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 | Some 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 is projected to reduce the overall risk of debt distress to moderate by 2026, (ii) debt service, and all external DSA indicators, remain below their respective thresholds in the shock scenario and trend downwards over the medium-term, and (iii) Togo benefits from access to the WAEMU market. The risk rating is vulnerable to fiscal slippages, particularly revenue shortfalls; growth shocks; and the realization of contingent liabilities. Structural reforms to boost growth and promote exports would reduce debt vulnerabilities. The authorities’ medium-term debt strategy (MTDS) prioritizes external concessional debt and seeks to reduce the cost of debt and lengthen maturities, which would help mitigate rollover and refinancing risks.  \n1 In collaboration with the Togolese authorities.  \n2 March 2024: Country Report No. 2024/079 . Togo retains a medium-rating for debt-carrying capacity, given a Composite Indicator of 3.01 that uses April 2024 WEO data and the 2022 CPIA (August 2023) .  \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 (Box 1) . 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. 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.3 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.4  \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 | 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 plus social security, government-guaranteed debt, non-guaranteed SOE 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 captured in 1. | 0 | percent of GDP | 0.0 |\n| 3 | SoE's debt (guar","cbCaipsFhYuhZg5r","https://ap.wps.com/l/cbCaipsFhYuhZg5r","pdf",1011689,1,26,"English","en",105,"# Risk of Debt Distress\n## External debt distress risk rating\n## Overall risk of public debt distress\n## Judgement and key vulnerabilities\n# Debt Coverage and Data Approach\n## Public debt subsectors covered\n## Treatment of external vs domestic debt\n# Shock Scenarios and Mitigating Factors\n## Threshold performance in shock scenario\n## Fiscal consolidation outlook\n## MTDS priorities and reform impacts","[{\"question\":\"What are Togo’s external and overall debt distress risk ratings?\",\"answer\":\"Togo faces moderate risk of external debt distress and high overall risk of public debt distress. The ratings remain unchanged from the prior DSA.\"},{\"question\":\"Why did the analysis apply judgment to raise the external debt distress risk?\",\"answer\":\"The risk increases from low to moderate due to Togo’s high exposure to domestic-currency debt and limited information about the residency of its debt holders.\"},{\"question\":\"What factors support the conclusion that Togo’s debt is sustainable?\",\"answer\":\"Debt sustainability is supported by projected fiscal consolidation reducing overall risk to moderate by 2026, debt service and external indicators remaining below thresholds in shocks and trending down, and continued access to the WAEMU market.\"}]",1784491798,66,{"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/111806/",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},"What are Togo’s external and overall debt distress risk ratings?","Question",{"text":75,"@type":76},"Togo faces moderate risk of external debt distress and high overall risk of public debt distress. The ratings remain unchanged from the prior DSA.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Why did the analysis apply judgment to raise the external debt distress risk?",{"text":80,"@type":76},"The risk increases from low to moderate due to Togo’s high exposure to domestic-currency debt and limited information about the residency of its debt holders.",{"name":82,"@type":73,"acceptedAnswer":83},"What factors support the conclusion that Togo’s debt is sustainable?",{"text":84,"@type":76},"Debt sustainability is supported by projected fiscal consolidation reducing overall risk to moderate by 2026, debt service and external indicators remaining below thresholds in shocks and trending down, and continued access to the WAEMU market.","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"]