Madagascar : Joint Bank-Fund Debt Sustainability Analysis, 2018 Update

Madagascar’s risk of external debt distress is assessed to be moderate, in line with the last debt sustainability analysis (DSA) of June 2017, since the dynamics of Madagascar’s external public and publicly-guaranteed (PPG) debt remain sustainable...

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Main Authors:	International Development Association, International Monetary Fund
Format:	Report
Language:	English
Published:	World Bank, Washington, DC 2018
Subjects:	DEBT SUSTAINABILITY PUBLIC DEBT PUBLIC SECTOR DEBT DEBT SERVICE EXTERNAL DEBT GOVERNMENT GUARANTEE DEBT MANAGEMENT
Online Access:	http://documents.worldbank.org/curated/en/656551537333150566/Madagascar-Joint-Bank-Fund-Debt-Sustainability-Analysis-2018-Update http://hdl.handle.net/10986/30523

id	okr-10986-30523
recordtype	oai_dc
spelling	okr-10986-305232021-09-21T12:10:01Z Madagascar : Joint Bank-Fund Debt Sustainability Analysis, 2018 Update International Development Association International Monetary Fund DEBT SUSTAINABILITY PUBLIC DEBT PUBLIC SECTOR DEBT DEBT SERVICE EXTERNAL DEBT GOVERNMENT GUARANTEE DEBT MANAGEMENT Madagascar’s risk of external debt distress is assessed to be moderate, in line with the last debt sustainability analysis (DSA) of June 2017, since the dynamics of Madagascar’s external public and publicly-guaranteed (PPG) debt remain sustainable under the baseline. The public DSA shows total (domestic and external) PPG debt is also sustainable under the baseline, so risks to domestic debt are not assessed as significant. However, stress tests breach the prudent benchmark for the public DSA (covering both domestic and external debt) and, in only some instances, for the external DSA. The analysis suggests that shocks to gross domestic product (GDP) growth are the main potential source of vulnerability, especially for the public DSA. A weaker currency, widened fiscal deficits, lower exports, or higher interest rates present additional risks. This DSA reflects updated and more detailed loan data, which include marginally less favorable financing conditions than in the last DSA. 2018-10-07T03:39:48Z 2018-10-07T03:39:48Z 2018-06-26 Report http://documents.worldbank.org/curated/en/656551537333150566/Madagascar-Joint-Bank-Fund-Debt-Sustainability-Analysis-2018-Update http://hdl.handle.net/10986/30523 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 Madagascar
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	DEBT SUSTAINABILITY PUBLIC DEBT PUBLIC SECTOR DEBT DEBT SERVICE EXTERNAL DEBT GOVERNMENT GUARANTEE DEBT MANAGEMENT
spellingShingle	DEBT SUSTAINABILITY PUBLIC DEBT PUBLIC SECTOR DEBT DEBT SERVICE EXTERNAL DEBT GOVERNMENT GUARANTEE DEBT MANAGEMENT International Development Association International Monetary Fund Madagascar : Joint Bank-Fund Debt Sustainability Analysis, 2018 Update
geographic_facet	Africa Madagascar
description	Madagascar’s risk of external debt distress is assessed to be moderate, in line with the last debt sustainability analysis (DSA) of June 2017, since the dynamics of Madagascar’s external public and publicly-guaranteed (PPG) debt remain sustainable under the baseline. The public DSA shows total (domestic and external) PPG debt is also sustainable under the baseline, so risks to domestic debt are not assessed as significant. However, stress tests breach the prudent benchmark for the public DSA (covering both domestic and external debt) and, in only some instances, for the external DSA. The analysis suggests that shocks to gross domestic product (GDP) growth are the main potential source of vulnerability, especially for the public DSA. A weaker currency, widened fiscal deficits, lower exports, or higher interest rates present additional risks. This DSA reflects updated and more detailed loan data, which include marginally less favorable financing conditions than in the last DSA.
format	Report
author	International Development Association International Monetary Fund
author_facet	International Development Association International Monetary Fund
author_sort	International Development Association
title	Madagascar : Joint Bank-Fund Debt Sustainability Analysis, 2018 Update
title_short	Madagascar : Joint Bank-Fund Debt Sustainability Analysis, 2018 Update
title_full	Madagascar : Joint Bank-Fund Debt Sustainability Analysis, 2018 Update
title_fullStr	Madagascar : Joint Bank-Fund Debt Sustainability Analysis, 2018 Update
title_full_unstemmed	Madagascar : Joint Bank-Fund Debt Sustainability Analysis, 2018 Update
title_sort	madagascar : joint bank-fund debt sustainability analysis, 2018 update
publisher	World Bank, Washington, DC
publishDate	2018
url	http://documents.worldbank.org/curated/en/656551537333150566/Madagascar-Joint-Bank-Fund-Debt-Sustainability-Analysis-2018-Update http://hdl.handle.net/10986/30523
_version_	1764472247456628736

Madagascar : Joint Bank-Fund Debt Sustainability Analysis, 2018 Update

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