Togo- Joint World Bank-IMF Debt Sustainability Analysis
Togo's risk of external debt distress continues to be moderate, while the overall risk of debt distress is high—unchanged from the previous Debt Sustainability Analysis (DSA) published in December 2018. While the mechanical results point to a...
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World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/775931570640103104/Togo-Joint-World-Bank-IMF-Debt-Sustainability-Analysis-July-2019 http://hdl.handle.net/10986/32564 |
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okr-10986-325642021-05-25T09:28:30Z Togo- Joint World Bank-IMF Debt Sustainability Analysis World Bank International Monetary Fund DEBT DISTRESS PUBLIC SECTOR DEBT DEBT SERVICE BURDEN CONTINGENT LIABILITY PUBLIC AND PUBLICLY GUARANTEED DEBT SUSTAINABILITY ANALYSIS RISK ASSESSMENT MACROECONOMIC PROJECTION EXTERNAL DEBT Togo's risk of external debt distress continues to be moderate, while the overall risk of debt distress is high—unchanged from the previous Debt Sustainability Analysis (DSA) published in December 2018. While the mechanical results point to a low risk of external debt distress, judgment was applied given vulnerabilities arising from high domestic debt, which could, for example, likely lead to a reprofiling operation that would lead to an increase in external debt. Togo's public debt is on a downward trajectory despite an increase in 2018 compared with 2017. Togo's high public debt is the result of, among other factors, high deficits, contingent liabilities, and accumulated arrears. There is very little space to absorb shocks on total public debt. Baseline projections show that Togo's PV of total PPG debt (external plus domestic)-to-GDP ratio will decline below the new debt distress benchmark of 55 percent starting in 2023, down from 72 percent in 2018—with the bulk constituting domestic debt obligations. This analysis highlights the need for sustained fiscal consolidation, improved debt management, and strong macroeconomic policies to reduce the public debt to prudent levels over the medium term. 2019-10-17T18:54:47Z 2019-10-17T18:54:47Z 2019-07 Report http://documents.worldbank.org/curated/en/775931570640103104/Togo-Joint-World-Bank-IMF-Debt-Sustainability-Analysis-July-2019 http://hdl.handle.net/10986/32564 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Debt and Creditworthiness Study Africa Togo |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English |
| topic |
DEBT DISTRESS PUBLIC SECTOR DEBT DEBT SERVICE BURDEN CONTINGENT LIABILITY PUBLIC AND PUBLICLY GUARANTEED DEBT SUSTAINABILITY ANALYSIS RISK ASSESSMENT MACROECONOMIC PROJECTION EXTERNAL DEBT |
| spellingShingle |
DEBT DISTRESS PUBLIC SECTOR DEBT DEBT SERVICE BURDEN CONTINGENT LIABILITY PUBLIC AND PUBLICLY GUARANTEED DEBT SUSTAINABILITY ANALYSIS RISK ASSESSMENT MACROECONOMIC PROJECTION EXTERNAL DEBT World Bank International Monetary Fund Togo- Joint World Bank-IMF Debt Sustainability Analysis |
| geographic_facet |
Africa Togo |
| description |
Togo's risk of external debt
distress continues to be moderate, while the overall risk of
debt distress is high—unchanged from the previous Debt
Sustainability Analysis (DSA) published in December 2018.
While the mechanical results point to a low risk of external
debt distress, judgment was applied given vulnerabilities
arising from high domestic debt, which could, for example,
likely lead to a reprofiling operation that would lead to an
increase in external debt. Togo's public debt is on a
downward trajectory despite an increase in 2018 compared
with 2017. Togo's high public debt is the result of,
among other factors, high deficits, contingent liabilities,
and accumulated arrears. There is very little space to
absorb shocks on total public debt. Baseline projections
show that Togo's PV of total PPG debt (external plus
domestic)-to-GDP ratio will decline below the new debt
distress benchmark of 55 percent starting in 2023, down from
72 percent in 2018—with the bulk constituting domestic debt
obligations. This analysis highlights the need for sustained
fiscal consolidation, improved debt management, and strong
macroeconomic policies to reduce the public debt to prudent
levels over the medium term. |
| format |
Report |
| author |
World Bank International Monetary Fund |
| author_facet |
World Bank International Monetary Fund |
| author_sort |
World Bank |
| title |
Togo- Joint World Bank-IMF Debt Sustainability Analysis |
| title_short |
Togo- Joint World Bank-IMF Debt Sustainability Analysis |
| title_full |
Togo- Joint World Bank-IMF Debt Sustainability Analysis |
| title_fullStr |
Togo- Joint World Bank-IMF Debt Sustainability Analysis |
| title_full_unstemmed |
Togo- Joint World Bank-IMF Debt Sustainability Analysis |
| title_sort |
togo- joint world bank-imf debt sustainability analysis |
| publisher |
World Bank, Washington, DC |
| publishDate |
2019 |
| url |
http://documents.worldbank.org/curated/en/775931570640103104/Togo-Joint-World-Bank-IMF-Debt-Sustainability-Analysis-July-2019 http://hdl.handle.net/10986/32564 |
| _version_ |
1764476804825874432 |