Central African Republic - Joint World Bank-IMF Debt Sustainability Analysis

doi:10.1596/32581

Publication:
Central African Republic - Joint World Bank-IMF Debt Sustainability Analysis

dc.contributor.author	World Bank
dc.contributor.author	International Monetary Fund
dc.date.accessioned	2019-10-18T14:12:43Z
dc.date.available	2019-10-18T14:12:43Z
dc.date.issued	2019-07
dc.description.abstract	The Central African Republic (C.A.R.) remains at high risk of external debt distress and overall high risk of debt distress under the revised Debt Sustainability Framework (DSF), unchanged from the 2018 DSA. Solvency indicators (the present values of the external public and publicly guaranteed debt-to-GDP and debt-to-exports ratios) remain below their relevant thresholds in the baseline scenario. However, liquidity indicators (debt service-to-exports and debt service-to-revenue ratios) breach their thresholds in the baseline scenario. Further considerations support the high-risk assessment: the debt indicators are sensitive to standard stress tests; macroeconomic projections are highly uncertain in a volatile security environment; and sizeable contingent liabilities, notably related to the large stock of unaudited potential domestic arrears and the limited financial information available on state-owned enterprises, could materialize. C.A.R.’s debt sustainability is also sensitive to a deterioration of the financing mix. A tailored scenario in which grant financing (of 2 percent of GDP) is replaced by concessional external debt-financing from 2021 onwards would worsen debt sustainability considerably. This shows that the government’s investment program requires grant financing, with concessional debt financing to be considered in exceptional cases.	en
dc.identifier	http://documents.worldbank.org/curated/en/756551570788378574/Central-African-Republic-Joint-World-Bank-IMF-Debt-Sustainability-Analysis-July-2019
dc.identifier.doi	10.1596/32581
dc.identifier.uri	https://hdl.handle.net/10986/32581
dc.language	English
dc.publisher	World Bank, Washington, DC
dc.rights	CC BY 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by/3.0/igo
dc.subject	DEBT DISTRESS
dc.subject	DEBT SERVICE BURDEN
dc.subject	CONTINGENT LIABILITY
dc.subject	PUBLIC SECTOR DEBT
dc.subject	PUBLIC AND PUBLICLY GUARANTEED DEBT
dc.subject	EXTERNAL DEBT
dc.subject	DEBT RELIEF
dc.title	Central African Republic - Joint World Bank-IMF Debt Sustainability Analysis	en
dc.type	Report	en
dc.type	Rapport	fr
dc.type	Informe	es
dspace.entity.type	Publication
okr.crossref.title	Central African Republic - Joint World Bank-IMF Debt Sustainability Analysis
okr.date.disclosure	2019-10-11
okr.doctype	Economic & Sector Work
okr.doctype	Economic & Sector Work::Debt and Creditworthiness Study
okr.docurl	http://documents.worldbank.org/curated/en/756551570788378574/Central-African-Republic-Joint-World-Bank-IMF-Debt-Sustainability-Analysis-July-2019
okr.guid	756551570788378574
okr.identifier.doi	10.1596/32581
okr.identifier.externaldocumentum	090224b0871cc181_1_0
okr.identifier.internaldocumentum	31472691
okr.identifier.report	142553
okr.imported	true	en
okr.language.supported	en
okr.pdfurl	http://documents.worldbank.org/curated/en/756551570788378574/pdf/Central-African-Republic-Joint-World-Bank-IMF-Debt-Sustainability-Analysis-July-2019.pdf	en
okr.region.administrative	Africa
okr.region.country	Central African Republic
okr.topic	Public Sector Development::Public Sector Economics
okr.topic	Finance and Financial Sector Development::Debt Markets
okr.topic	Finance and Financial Sector Development::Debt Relief and HIPC
okr.topic	Finance and Financial Sector Development::Strategic Debt Management
okr.topic	International Economics and Trade::External Debt
okr.unit	EFI-MTI-Global Macro and Debt (EMFMD)

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