DEBT MANAGEMENT MONITOR DMF Country Profiles Debt management technical assistance 2010 – 2021 Issue 7 • May 2022 Table of Contents 4 South Asia 22 Sub-Saharan 104 Europe Africa & Central Asia 5 Afghanistan 23 Angola 105 Armenia 7 Bangladesh 25 Benin 107 Azerbaijan 9 Bhutan 27 Burkina Faso 109 Bosnia and Herzegovina 11 India 29 Burundi 111 Georgia 13 Maldives 31 Cabo Verde 113 Kosovo 15 Nepal 33 Cameroon 115 Kyrgyz Republic 17 Pakistan 35 Central African Republic 117 Moldova 19 Sri Lanka 37 Chad 119 Tajikistan 39 Comoros 121 Uzbekistan 41 Congo, Democratic Republic of 43 Congo, Republic of 45 Côte d’Ivoire 47 Eritrea 49 Ethiopia 51 Gambia, The 53 Ghana 55 Guinea 57 Guinea-Bissau 59 Kenya 61 Lesotho 63 Liberia 65 Madagascar 67 Malawi 69 Mali 71 Mauritania 73 Mozambique 75 Niger 77 Nigeria 79 Rwanda 81 São Tomé and Principe 83 Senegal 85 Sierra Leone 87 Somalia 89 South Sudan 91 Sudan 93 Tanzania 95 Togo 97 Uganda 99 Zambia 101 Zimbabwe ii 124 144 178 Latin America East Asia Middle East & Caribbean & Pacific & North Africa 125 Bolivia 145 Cambodia 179 Djibouti 127 Dominica 147 Fiji 181 Syrian Arab Republic 129 Grenada 149 Kiribati 183 West Bank and Gaza 131 Guyana 151 Lao, People's 185 Yemen, Republic of 133 Haiti Democratic Republic of 135 Honduras 153 Marshall Islands 137 Nicaragua 155 Micronesia, Federated 139 St. Lucia States of 141 St. Vincent and the 157 Mongolia Grenadines 159 Myanmar 161 Papua New Guinea 163 Samoa 165 Solomon Islands 167 Timor-Leste 169 Tonga 171 Tuvalu 173 Vanuatu 175 Vietnam DEBT MANAGEMENT MONITOR iii Acknowledgments This is the seventh edition of the Debt Management Monitor (DMM), which summarizes debt management developments in 86 DMF-eligible countries.1 The DMM presents stylized facts in five areas of debt management: governance and debt management strategy, fiscal and monetary policy, cash management, debt recording, and operational risk management. The publication also provides information on past and ongoing debt management reforms and advisory services financed through the Debt Management Facility (DMF) program. It offers a country-level overview of selected macroeconomic indicators, Country Policy and Institutional Assessments of debt (CPIA), published debt-sustainability ratings, composition and maturity of government debt, selected data on government debt issuances on international and domestic markets, portfolio risk indicators, average evaluation results from the Debt Management Performance Assessments (DeMPA)2 and implementation status of recent debt-management reforms, including in the area of debt transparency. This edition includes debt management profiles for all DMF eligible countries, with applied cut off date as of December 31, 2021. The report is based on the following data sources: the 2021 World Development Indicators (WDI), the end- 2021 joint WB/IMF DSA, the October 2021 World Economic Outlook (WEO), the 2022 International Debt Statistics (IDS), Bloomberg 2021, and debt-management information consolidated by the DMF Secretariat. Country-specific data may vary if alternative data sources are used. The 2022 edition of the DMM was prepared by a team led by Lilia Razlog (Senior Debt Specialist, EMFMD). Ying Li, Jessie Nabulambo Kilembe and Anna Corcuera were the main contributors, working under the supervision of Ivailo Izvorski (Practice Manager, Global Macro and Debt Analytics, EMFMD) and Marcello Estevão (Global Director, MTI). The team is very grateful for the contributions provided by the staff of the EMFMD. 1 As of 2020, all IDA-eligible countries are also DMF-eligible. 2 https://www.worldbank.org/en/programs/debt-toolkit/dempa iv Abbreviations ATM Average Time to Maturity CB Central Bank CPIA Country Performance Institutional Assessment DeM Debt Management DeMPA Debt Management Performance Assessment DMF Debt Management Facility DMO Debt Management Office DMS Debt Management Strategy DMU Debt Management Unit DSA Debt Sustainability Analysis FCS Fragile and Conflict-Affected Countries FRL Fiscal Responsability Law FX Foreign Exchange GDP Gross Domestic Product IDA International Development Association IDS International Debt Statistics IMF International Monetary Fund MOF Ministry of Finance MOU Memorandum of Understanding MTDS Medium Term Debt Management Strategy PDC Public Debt Committee PF Public Finance PFM Public Finance Management PPG Public and Publicly Guaranteed PPP Public Private Partnership PV Present Value ST Short Term WB World Bank WDI World Development Indicators WEO World Economic Outlook v Introduction During 2021, the public debt outlook for developing countries and emerging markets continued to worsen due to the impact of the COVID-19 pandemic. The crisis drove up fiscal pressures and elevated financing needs, while weakening countries’ capacity to service and repay public debt. In parallel, revenues declined given lower growth and trade limitations. Median public debt in IDA countries was estimated at 52.3 percent of GDP at end-2021. Median public debt in countries that participated in the Debt Service Suspension Initiative (DSSI) was estimated at 58.4 percent of GDP at end-2021. Public debt increases were accompanied by a shift towards market-based borrowing and higher debt servicing costs. Public borrowing in low- and middle-income countries shifted away from traditional concessional sources of financing towards more domestic debt, as well as external borrowing from non- Paris Club creditors and private external sources. The shift towards more expensive financing sources led to debt servicing cost absorbing an increasing share of budget resources. Interest payments as a share of tax revenue in low-income and lower-middle income countries increased from a median of 2 to 4 percent, and from 3 percent to 7 percent between 2013 and 2021, respectively. Public gross financing needs are expected to remain elevated due to expansive fiscal stances and slow recovering economic activity. Countries’ capacity to service and repay elevated public debt is expected to recover only gradually, with gross domestic product, revenue, and exports expected to remain below their pre-COVID-19 paths. The DSSI and Common Framework are two key global debt initiatives that emerged to support IDA-eligible countries to manage the crisis period. The DSSI suspended USD 12.9 billion in debt service payments to official bilateral creditors and one policy bank for 48 participating countries as of end 2021. The suspension supported COVID-related spending in DSSI countries by an estimated 0.5 percent of GDP on average. Nevertheless, the DSSI impact was limited, in part due to the lack of private creditors’ participation. As a result of rising public debt levels and increased liquidity pressures, an increasing number of countries are at high risk or already in debt distress. As of end-January 2022, 58 percent of the countries covered under the Low-Income Country Debt Sustainability Framework (LIC DSF) faced a high risk of external debt distress or were already in debt distress. DSAs for countries in unsustainable or near unsustainable debt situations show large breaches of liquidity indicators, and several bond issuers face high redemptions costs over the medium term. Three countries have requested debt treatments under the G20 Common Framework (Chad, Ethiopia, Zambia), yet progress has been slow due to limited creditor participation and slow implementation. Several other countries may experience a worsening of their risk of debt distress as the debt and economic outlook worsens. 1 Full transparency around public debt data and debt restructuring operations is paramount in the wake of rising fiscal risks. Debt transparency efforts should go beyond full information on already contracted and outstanding public debt, and include comprehensive data on new lending operations, as well as the use of borrowed funds. Importantly, full transparency is required around public debt restructurings, to ensure full participation and treatment envelopes that restore public debt sustainability. Despite another challenging year, the DMF program continued to provide all range of technical assistance products and training services, along with webinars on important debt management topics. DMF activities were delivered virtually and face-to-face. Virtual missions to support the recalibration of debt-management strategies, borrowing plans, and domestic securities issuances have dominated the delivery of TA during 2021. Training modules have been adapted to online delivery. In-person missions restarted gradually during the second half of 2021, in line with gradual transition to pre-COVID TA implementation practices. The improved DeMPA methodology was piloted in Honduras, Nicaragua, and Niger. The program supported TA to enhance quality of debt reporting and publication of debt statistics, to undertake assessment of debt related fiscal risks and to further expand the coverage of public debt reports to include debt of SOEs. This edition of the Debt Management Monitor (DMM) is designed to inform stakeholders and partners of public debt trends and vulnerabilities in DMF-eligible countries and to track their recent progress in improving debt management. For each country, the DMM covers recent macro-fiscal developments, the evolution of the debt stock and debt financing, debt- management performance, debt-management TA received under the DMF, relevant reform actions undertaken by the authorities, the government’s publicly disclosed debt-portfolio risk profile, and debt issuances in domestic and international markets. The DMM is intended to contribute to the monitoring and evaluation framework of the DMF program and to promote debt transparency in DMF countries. 2 South Asia 5 Afghanistan 7 Bangladesh 9 Bhutan 11 India 13 Maldives 15 Nepal 17 Pakistan 19 Sri Lanka South Asia | 4 Afghanistan Af�h�nist�n DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 2.2 2.6 1.2 3.9 -5.0 - Low income Infla�on (%) 2.7 5.2 1.2 2.4 5.0 - Public Debt (% of GDP) 8.4 8.0 7.4 6.1 7.7 8.6 LENDING Net Claims on Govt (% of GDP) -4.9 -6.1 -8.7 - - - Current Account Balance (% of GDP) 9.0 7.6 12.2 11.7 9.4 -10.7 IDA Primary balance (% of GDP) 0.2 -0.6 1.7 -1.0 -3.0 2.4 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 2.7 2.7 2.7 2.7 2.7 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress High High High High High High Af�h�nist�n Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public MACROECONOMIC Debt INDICATORS 2012 2013 2014 2015 201 (Percent of GDP) (Percent of GDP) 2016 2017 2018 2019 100 2020 INCOME Real GDP Growth (%) 2.2 2.6 1.2 3.9 -5.0 Low income Infla�on (%) 2.7 5.2 1.2 2.4 5.0 50 Public Debt (% of GDP) 8.4 8.0 7.4 6.1 7.7 LENDING Net Claims on Govt (% of GDP) -4.9 -6.1 -8.7 - - 0 2 Current Account Balance (% of GDP) 9.0 7.6 2 12.2 11.7 9.4 0 IDA Primary balance (% of GDP) 0.2 -0.6 1.7 -1.0 -3.0 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY Source: M HIPC -5 0 Overall CPIA Ra�ng 2.7 2.7 2.7 0 2.7 2.7 NO DATA AVAILABLE NO DATA AVAILABLE FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Redem FCS Risk of Debt Distress High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 -10 -2 -2 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Gross Financing Need and Primary Deficit Contribution to Change in Public Debt Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need GDP) Deficit (Percent of Primary (Percent of GDP) Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 2 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 -5 0 8 NO DATA AVAILABLE NO DATA AVAILABLE Select Issue 6 -10 -2 50 4 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 NO DATA AVAILABLE NO DATA Exchange AVAILABLE Rate Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Se 2 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 0 2010 2011 2012 Evolution 2013 2014 of External 2015 2016 2017 2018 2019 Public and Domestic 2020 Debt 2014 2015 Evolution 2016 of Financing 2017 Sources 2018 2019 2020 (Percent of GDP) (Percent of Total) Domes�c External Bilateral Commercial Mul�lateral Domes�c Select 100 Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 8 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS 6 PV of PPG External Debt-to-GDP 30 4.9 5.6 6.0 6.2 6.5 6.8 8.1 9.1 10.1 10.9 11.6 50 PV of PPG External Debt-to-Exports 4 140 104.9 91.5 74.5 73.1 72.0 71.1 85.1 96.9 108.1 118.6 128.3 Debt Service-to-Revenue 14 NO DATA1.9 1.9 AVAILABLE 1.5 1.4 1.6 1.7 3.2 4.1 4.0DATA AVAILABLE NO 3.9 3.7 Debt Service-to-Exports 2 10 5.0 3.6 2.6 2.8 2.9 2.9 5.7 7.6 7.6 7.6 7.4 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 South Asia | 5 Domes�c External Bilateral Commercial Mul�lateral Domes�c Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 20 AFGHANISTAN Afghanistan Afgha DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - - 8.6 - Selected DeM Reforms -10.7 2.4 Afgha - Afgha DMF Activities and Selected DeM Reforms High DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 16 2017 Debt Management Assessment 2017 16 2021 (Percent of Sa�sfactory Performance, 2021) 2021 - Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording -- Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 8.6 100 8.6- - -10.7 -10.7 2.4 50 NO DATA AVAILABLE NO DATA AVAILABLE 2.4 2 0 - - Latest DeMPA Regional Average Source: Global MTIMTI Source: Macro Global andand Macro Debt Unit, Debt 2021 Unit, 2021 High Source: MTI Global Macro and Debt Unit, 2021 0 High Portfolio Debt Management Redemption ProRisk Indicators fileAssessment Debt Portfolio Risk Indicators Debt Management Assessment (Percent of Sa�sfactory Performance, 2021) External Domes�c Total External Domestic External Total Domes �c Total (Percent of Sa�sfactory Performance, 2021) Cost of Cost of Debt Debt Governance Av. Interest Weighted Rate (%) Weighted Av. Interest0.5 MacroRate (%) Policies - 0.5 0.5 Cost of Debt Borrowing Weighted Av.Cash Interest Flow Rate (%) - 0.5�onal Risk Mgmt Opera 0.5- Debt Recording 0.5 & -2 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Refinancing Risk ATM (years) 100 ATM (years) - - - - Refinancing Risk ATM (years) - - - - - 1 Refinancing Risk 100 1 yr (% Debt Maturing in Debt of total) - of total) Maturing in 1 yr (% - - - Debt Maturing in- 1 yr (% of total) - - - - ng Flows Interest 50 Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - NO DATA - Interest Rate AVAILABLE Debt Refixing in 1 - yr (% of total) - - - - ector Debt 50 Interest Risk Rate Risk NO DATA AVAILABLE - NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) Fixed Rate Debt (% of total) - - - Fixed Rate Debt (% - of total) - - - - 2 0 2 FX0 Risk FXdebt) FX Debt (% of total Debt (% of total debt) - - 100.0 - FX Risk - debt) FX Debt (% of total - - 100.0 100.0 FX Risk ST Latest DeMPA FX Debt (% of reserves) ST FX Debt Regional (% of Average - reserves) - - - ST FX Debt (% of - reserves) - - - - Latest DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 Source:MTI Source: WB Global Joint Unit, Macro and Debt Staff Calculations: WB/IMF2021 Debt Sustainability Analysis, 2021 0 0 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Redemption Profile Debt Portfolio Risk Indicators Redemption Profile Debt Portfolio Risk Indicators External Domes�c Total Selected International Debt Issuance External Domes�c Total Maturity Date Maturity Issue Date Type Fitch /Currency Moody's / Currency S&P Amount Tenor Currency Issued Coupon Outstanding Rate Cost (%) Maturity Date Cost of Debt Type Weighted Maturity Av. Interest Currency Rate Currency (%) Amount 0.5 Currency Outstanding Issued - 0.5 -2 of Debt Weighted Av. Interest Rate (%) 0.5 - 0.5 NO DATA AVAILABLE -2 Refinancing Risk ATM (years) NO DATA AVAILABLE - - - 1 Refinancing Risk ATM (years) - - - Debt Maturing in 1 yr (% of total) - - - ng Flows Debt Maturing in 1 yr (% of total) - - - ng Flows Interest Rate Debt Refixing in 1 yr (% of total) - - - ector Debt NO DATA AVAILABLE Interest Risk Rate Debt Refixing inNO1 yr total) (% of AVAILABLE DATA - - - ector Debt NO DATA AVAILABLE Risk Fixed Rate DebtNO of total) (% DATA AVAILABLE - - - Fixed Rate Debt (% of total) - - - FX Risk FX Debt (% of total debt) - - 100.0 FX Risk FX Debt (% of total debt) - - 100.0 ST FX Debt (% of reserves) - - - ST FX Debt (% of reserves) - - - 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected Domestic / Regional Debt Issuance Maturity Date Selected Maturity Issue Moody'sDebt Date International Type Fitch /Currency S&P Issuance / Currency Amount Tenor Currency Issued Coupon Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected International Debt Issuance Issue Date 021 NO DATA AVAILABLE Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity NO DATADate Maturity Type AVAILABLE Currency Currency Amount Issued Currency Outstanding Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2030 NO DATA AVAILABLE 11.6 128.3 3.7 7.4 2020 2020 Selected Domestic / Regional Debt Issuance Selected Domestic / Regional Debt Issuance South Asia | 6 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE 021 NO DATA AVAILABLE Bangladesh B�n�l�d�sh DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 7.1 7.3 7.9 8.2 3.8 - Lower middle income Infla�on (%) 6.7 6.3 5.6 4.5 5.2 - Public Debt (% of GDP) 33.3 33.4 34.6 35.9 39.1 40.7 LENDING Net Claims on Govt (% of GDP) 14.5 14.6 15.4 - - - Current Account Balance (% of GDP) -2.3 -0.1 2.8 1.1 1.7 2.9 IDA Primary balance (% of GDP) 1.5 1.6 2.8 3.2 4.4 3.7 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.3 3.2 3.2 3.1 3.1 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Low Low Low Low Low Low Af�h�nist�n Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public MACROECONOMIC Debt INDICATORS 2012 2013 2014 2015 201 (Percent of GDP) (Percent of GDP) 2016 2017 2018 2019 100 2020 INCOME Real GDP Growth (%) 2.2 2.6 1.2 3.9 -5.0 10 Low income 4 Infla�on (%) 2.7 5.2 1.2 4 2.4 5.0 Public Debt (% of GDP) 8.4 8.0 7.4 6.1 507.7 LENDING Net Claims on Govt (% of GDP) -4.9 -6.1 -8.7 - - Current Account Balance (% of GDP) 9.0 7.6 12.2 11.7 9.4 IDA 0 2 Primary balance (% of GDP) 0.2 -0.6 1.7 2 -1.0 -3.0 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY Source: M 5 HIPC Overall CPIA Ra�ng 2.7 2.7 2.7 2.7 2.7 0 0 NO DATA FRAGILE AVAILABLE AND CONFLICT STATE NO DATA AVAILABLE DEBT SUSTAINABILITY Redem FCS Risk of Debt Distress High High High High High -2 FY22 Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 -2 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Gross Financing Need and Primary Deficit Contribution to Change in Public Debt Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need GDP) Deficit (Percent of Primary (Percent of GDP) Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 2 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 40 100 -5 0 NO DATA AVAILABLE NO DATA AVAILABLE Select 30 Issue -10 -2 20 50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 NO DATA AVAILABLE NO DATA Exchange AVAILABLE Rate Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit 10 Real GDP Real Interest Rate Change in Public Se Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 0 2010 2011 2012 Evolution 2013 2014 of External 2015 2016 2017 2018 2019 Public and Domestic 2020 Debt 2014 2015 Evolution 2016 of Financing 2017 Sources 2018 2019 2020 (Percent of GDP) (Percent of Total) Domes�c External Bilateral Commercial Mul�lateral Domes�c Select 100 Issue Source: Joint WB/IMF Debt Sustainability 8Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 12/20/ 11/3/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10/25/ DEBT SUSTAINABILITY INDICATORS 6 8/5/ PV of PPG External Debt-to-GDP 55 11.7 11.6 11.3 11.0 10.9 10.7 10.6 10.5 10.5 10.5 10.6 50 6/27/ PV of PPG External Debt-to-Exports 4 240 92.7 99.9 92.2 91.5 91.9 92.2 92.8 93.5 94.7 96.2 98.8 6/14/ Debt Service-to-Revenue 23 NO DATA 11.9 AVAILABLE 9.2 10.7 8.8 8.3 7.8 8.4 8.6 NO 8.8DATA AVAILABLE 9.0 8.6 8/5/ Debt Service-to-Exports 2 21 7.7 8.0 7.2 7.2 6.9 6.6 7.2 7.4 7.7 8.0 7.7 7/22/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 South Asia | 7 Domes�c External Bilateral Commercial Mul�lateral Domes�c Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 20 - - 40.7 - 2.9 3.7 BANGLADESH Bangladesh Bangl - DMF Activities Source: and MTI Global Macro Unit, 2021 DeM Reforms Selected and Debt Low DMF Activities 16 2017 Debt Management Assessment 2021 (Percent of Sa�sfactory Performance, 2013) - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 40.7 100 - Selected DeM Reforms 2.9 4 50 3.7 NO DATA AVAILABLE 0 2 - Latest DeMPA Previous DeMPA Regional Average Afgha Source: Global MTIMTI Macro Debt andand Unit, 2021 Low DMF Activities Source: Global and Macro Selected Debt Unit, 2021 DeM Reforms 0 Redemption ProfileAssessment Debt Management Debt Portfolio Risk Indicators 16 2017 (Percent of Sa�sfactory Performance, 2013) External Domes�c Total 2021 -2 Cost of Debt Interest Weighted Av.Cash - Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Borrowing Flow Rate (%) 1.9�onal Risk Mgmt Opera 4.7 3.6 & Debt Recording - Re financing Risk ATM (years) - - - 100 1 8.6 - Debt Maturing in 1 yr (% of total) - - - 4 Flows ng -10.7 50 Interest Rate Debt Refixing in 1 yr (% of total) - - - NO DATA AVAILABLE NO DATA AVAILABLE ector2.4 Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - - 0 FX Risk FX Debt (% of total debt) - - 41.4 2 Regional Average - Latest DeMPA Previous DeMPA Regional Average ST FX Debt (% of reserves) - - - Source: MTI Global Macro and Debt Unit, 2021 Source: MTI Global Macro and Debt Unit, 2021 0 High Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators Debt Management Assessment External Domes�c Total External Domestic External Total Domes �c Total Selected International Debt Issuance (Percent of Sa�sfactory Performance, 2021) -2 of Debt Cost of Debt Weighted Av. Interest Rate (%) Interest1.9 4.7 3.6 1.9 Cost of Debt Type Weighted Av. Interest Rate (%) 1.9 Currency3.6 4.7 Cost Issue Date Weighted Fitch / Moody's / S&P Av. Tenor Rate Coupon(%) Rate (%) Maturity Date Maturity Currency 4.7 Currency Amount Issued Outstanding3.6 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Refinancing Risk ATM (years) ATM (years) - - - Re NO DATA- AVAILABLEfinancing Risk ATM (years) - - - - - 1 Refinancing Risk 100 Debt Maturing in 1 yr (% of total) - - Debt Maturing in 1 yr (% of total) - - Debt Maturing in- 1 yr (% of total) - - - - ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - - Interest Rate - yr (% of total) Debt Refixing in 1 - - - - ector Debt 50 Interest Risk Rate Risk NO DATA AVAILABLE - NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) Fixed Rate Debt (% of total) - - - Fixed Rate Debt (% - of total) - - - - 2 0 Risk FX FXdebt) FX Debt (% of total - Debt (% of total debt) - 41.4 - FX Risk FX Debt (% of total - debt) - 41.4- 41.4 FX Risk ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - - - ST FX Debt (% of - reserves) - - - - Latest DeMPA Regional Average Source:MTI Source: WB Global Joint Unit, Macro and Debt Staff Calculations: WB/IMF2021 Debt Sustainability Analysis, 2021 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 0 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected Domestic Redemption Profile / Regional Debt Issuance Debt Portfolio Risk Indicators Issue Date International Selected / S&P Issuance Fitch / Moody'sDebt Tenor Maturity Date Coupon Rate (%) Maturity Type Issued Currency Currency Currency AmountExternal Domes Outstanding �c Total Maturity Date Date Type Maturity Issue - / - / - / Currency Fitch /Currency Moody's S&P 1 Issued Coupon Amount Currency Tenor Outstanding Rate (%) Maturity Date Maturity 021 12/20/2021 0.0 NO DATA 6/20/2022 AVAILABLE CostAT Currency Debt TypeWeighted ofMATURITY BDT Currency Av. Interest RateAmount 206,850,731 (%) 0.5 Currency Issued Outstanding 206,850,731 - 0.5 NO DATA AVAILABLE -2 11/3/2021 -/-/- 2 4.8 NO DATA AVAILABLE 11/3/2023 2030 RefiAT MATURITY nancing BDT Risk ATM (years) 525,073,500 - 525,073,500 - - 10/25/2021 -/-/- 1 0.0 10/24/2022 AT MATURITY BDT 93,325,600 93,325,600 Debt Maturing in 1 yr (% of total) - - - ng Flows 8/5/2021 -/-/- 2 2.3 8/5/2023 AT MATURITY BDT 531,193,500 531,193,500 10.6 Interest Rate Debt Refixing in 1 yr (% of total) - - - 6/27/2021 -/-/- 1 0.0 6/26/2022 AT MATURITY BDT 176,950,500 176,950,500 ector Debt 98.8 NO DATA AVAILABLE Risk Fixed Rate Debt NO(% DATA of AVAILABLE - total) - - 6/14/2021 -/-/- 1 0.0 6/13/2022 AT MATURITY BDT 177,013,500 177,013,500 8.6 8/5/2020 -/-/- 2 5.9 8/5/2022 AT MATURITY FX Debt FX Risk BDT 471,864,000 (% of total debt) - 471,864,000 - 100.0 7.7 7/22/2020 -/-/- 10 7.9 7/22/2030 AT MATURITY ST FX Debt BDT(% of reserves) 471,920,000 - 471,920,000 - - Source: Bloomberg, December 2021 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected Domestic / Regional Debt Issuance Maturity Date Issue Date Maturity Type Fitch / Moody's / S&P Currency Tenor Currency Amount Issued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected International Debt Issuance 021 NO DATA AVAILABLE 6/20/2022 AT MATURITY 12/20/2021 BDT -/ -/- 206,850,731 1 206,850,731 6/20/2022 0.0 NO DATA AVAILABLE AT MATURITY BDT 206,850,731 206,850,731 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 11/3/2023 AT MATURITY 11/3/2021 BDT -/ -/- 525,073,500 2 525,073,500 11/3/2023 4.8 AT MATURITY BDT 525,073,500 525,073,500 2030 NO DATA AVAILABLE 10/24/2022 AT MATURITY 10/25/2021 BDT -/ -/- 93,325,600 1 93,325,600 10/24/2022 0.0 AT MATURITY BDT 93,325,600 93,325,600 8/5/2023 AT MATURITY 8/5/2021 BDT -/ -/- 531,193,500 2 531,193,500 8/5/2023 2.3 AT MATURITY BDT 531,193,500 531,193,500 10.6 6/26/2022 AT MATURITY 6/27/2021 BDT -/ -/- 176,950,500 1 176,950,500 6/26/2022 0.0 AT MATURITY BDT 176,950,500 176,950,500 98.8 6/13/2022 AT MATURITY BDT 177,013,500 177,013,500 6/13/2022 6/14/2021 -/ -/- 1 0.0 AT MATURITY BDT 177,013,500 177,013,500 8.6 8/5/2022 AT MATURITY 8/5/2020 BDT -/ -/- 471,864,000 2 471,864,000 8/5/2022 5.9 AT MATURITY BDT 471,864,000 471,864,000 7/22/2030 7.7 AT MATURITY 7/22/2020 BDT -/ -/- 471,920,000 10 471,920,000 7/22/2030 7.9 AT MATURITY BDT 471,920,000 471,920,000 Source: Bloomberg, December 2021 2020 Selected Domestic / Regional Debt Issuance South Asia | 8 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE Bhutan Bhut�n DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 7.3 7.4 5.8 4.8 6.3 - Lower middle income Infla�on (%) 4.0 6.0 4.3 4.3 4.1 - Public Debt (% of GDP) 114.2 106.3 102.7 103.9 107.4 127.4 LENDING Net Claims on Govt (% of GDP) 3.1 6.2 4.6 - - - Current Account Balance (% of GDP) 27.7 21.2 21.2 13.6 7.8 11.8 IDA Primary balance (% of GDP) -0.7 1.7 -0.7 -3.8 -1.5 -5.3 Sources: DebtSustainability Sources: Debt SustainabilityAnalysis, Analysis, 2018; 2018; WDI WDI Database, Database, 2019, 2019, Bhutan Bhutan Public Public Debt Debt SituatiReport Situation on Report for.. 2021 for Sept. HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.8 3.9 3.9 3.9 3.9 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod Mod Mod Mod Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2019 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 20 20 20 50 0 10 10 10 Source: M 0 0 NO DATA AVAILABLE NO DATA AVAILABLE 0 Redem USD m -10 -10 300 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 200 Exchange Rate Primary Deficit Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 100 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 0 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 100 Select Issue 50 50 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2019 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 50 151.8 148.4 139.3 126.5 112.0 98.3 86.2 75.2 64.8 55.1 46.0 PV of PPG External Debt-to-Exports 200 574.1 572.6 506.0 389.6 325.3 297.2 280.5 258.7 234.9 212.9 190.6 Debt Service-to-Revenue 22 22.5 34.1 23.7 30.9 45.5 49.6 44.5 42.3 41.1 37.4 34.7 Debt Service-to-Exports 25 18.0 26.6 17.5 22.7 30.8 32.5 31.8 31.0 31.4 32.2 32.8 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 South Asia | 9 BHUTAN Bhuta DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - - 127.4 - Selected DeM Reforms 11.8 -5.3 t for.. - Source: MTI Global Macro and Debt Unit, 2021 Mod Debt Management Assessment (Percent of Sa�sfactory Performance, 2014) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 20 50 NO DATA AVAILABLE 0 10 Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 0 Redemption Profile Debt Portfolio Risk Indicators USD million External Domes�c Total -10 Cost of Debt Weighted Av. Interest Rate (%) 7.2 1.9 6.7 300 Refinancing Risk ATM (years) 11.7 0.8 10.8 1 Debt Maturing in 1 yr (% of total) 4.0 80.7 10.8 200 Interest Rate Debt Refixing in 1 yr (% of total) 8.7 80.7 15.0 ector Debt 100 NO DATA AVAILABLE Risk NO DATA AVAILABLE 95.2 Fixed Rate Debt (% of total) 100.0 95.6 FX Risk FX Debt (% of total debt) - - 27.2 0 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 0.0 Domes�c External Source: Ministry of Economy, 2021 Source: Ministry of Economy, 2021 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 019 NO DATA AVAILABLE 2030 46.0 190.6 34.7 32.8 South Asia | 10 India Indi� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 8.3 6.8 6.5 4.0 -7.3 9.5 Lower middle income Infla�on (%) 3.2 4.0 3.7 3.6 4.6 - Public Debt (% of GDP) 68.9 69.7 70.4 74.1 89.6 90.6 LENDING Net Claims on Govt (% of GDP) 25.2 23.2 22.1 23.7 29.2 - Current Account Balance (% of GDP) -0.6 -1.8 -2.1 -0.9 0.9 -1.0 IBRD Primary balance (% of GDP) -2.5 -1.5 -1.7 -2.7 -7.4 -5.7 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng - - - - - - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 20 20 50 40 40 0 10 10 20 20 Source: M 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem -10 -10 0 0 10s of m -20 -20 600K 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 400K Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing 200K Source: WEO, October 2021 Source: WEO, October 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 Select 60 Issue 40 50 No data available NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Sources: WB Staff Calculations: WDI, 2021, WEO, October 2021 Source: WDI, 2021 and IDS 2021 11/29/ 11/22/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 11/18/ DEBT SUSTAINABILITY INDICATORS 11/15/ PV of PPG External Debt-to-GDP - - - - - - - - - - - 11/11/ PV of PPG External Debt-to-Exports - - - - - - - - - - - 6/17/ Debt Service-to-Revenue - - - - - - - - - - - 4/29/ Debt Service-to-Exports - - - - - - - - - - - 4/20/ Source: B South Asia | 11 2021 Debt Management Assessment 9.5 (Percent of Sa�sfactory Performance) - 90.6 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 100 INDIA -1.0 -5.7 50 NO DATA AVAILABLE 40 India I - DMF 0 Activities and Selected DeM Reforms DMF Activities and Selected DeM Reforms Regional Source: Average MTI Global Macro and Debt Unit, 2021 DMF Activities 20 - 16 2017 Source: MTI Global Macro and Debt Unit, 2021 6 2021 2017 Debt Management Assessment 2021 9.5 - Redemption Profile (Percent of Sa�sfactory Performance) Debt Portfolio Risk Indicators 0 9.5 Indian rupee (₹ crore) 10s of millions of Governance 90.6- Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 90.6 - Selected DeM Reforms Cost of Debt Weighted Av. Interest Rate (%) - - - -1.0- 100 600K -5.7 Refinancing Risk ATM (years) - - 10.4 -1.0 -5.7 50 Debt Maturing in 1 yr (% of total) - - 11.2 400K NO DATA AVAILABLE 40 Interest Rate Debt Refixing in 1 yr (% of total) - - 14.0 - 0 NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - - 200K - Source: MTI Global Macro and Debt Unit, 2021 FX Risk FX Debt (% of total debt) - - - 0K Regional Average 20 - Source: Source: MTI MTI Global 2019 Global 2020 Macro Macro 2021and and Debt 2022 Debt Unit, 2023 2021 2021 Unit, 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 ST FX Debt (% of reserves) - - - - Debt Management Domes�c Assessment External (Percent Debt Redemption of Sa�sfactory Management Pro fi Performance) le Assessment Debt Portfolio Risk Indicators Source: Ministry of Finance, 2020 Source: Ministry of Finance, 2020 0 (Percent 10s of Sa� of millions sfactory of Performance) Indian rupee Governance (₹ crore) Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Selected 100 International Governance Debt Issuance Macro Policies Cost of Debt Borrowing Weighted Av. Interest Rate (%) Cash Flow -Opera�onal Risk Mgmt - & Debt Recording - 600K Issue Date 100 Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Refi Type ATM nancing Risk Maturity (years) Currency Currency Amount Issued - Currency Outstanding - 10.4 50 NODATA NO DATAAVAILABLE AVAILABLE Debt Maturing in 1 yr (% of total) - - 11.2 40 400K 50 Interest Rate Debt Refixing in 1 yr (% of total) - - 14.0 NO DATA AVAILABLE 40 0 NO DATA AVAILABLE Risk NO DATA AVAILABLE 200K Fixed Rate Debt (% of total) - - - 0 Regional Average FX Risk FX Debt (% of total debt) - - - 20 0K Source: MTI Global Macro and Debt Unit, 2021 ST FX Debt (% of reserves) - - - 2020Average Regional 2019 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 20 Source: MTI �c Macro and Debt Unit, Global Domes 2021 External Redemption Profile Debt Portfolio Risk Indicators 0 Source: Ministry of Finance, 2020 10s of millions of Indian rupee (₹ crore) Source: Ministry of Finance, 2020 2020 Redemption Profile Debt Portfolio Risk Indicators 0 Cost of Debt Weighted Av. Interest Rate (%) - - - Selected 600K International 10s of millions of Indian / Domestic Debt rupee Regional Issuance (₹ crore) Debt Issuance Refinancing Risk ATM (years) - - 10.4 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Cost Type Weighted of Debt Currency Av. Interest Amount Currency Rate (%)Issued Currency - Outstanding - - 600K NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) - - 11.2 11/29/2021 400K -/-/- 2 4.6 11/29/2023 AT Re fiMATURITY nancing Risk ATM INR (years) 1,664,000,000 - 1,664,000,000 - 10.4 11/22/2021 -/-/- 40 7.0 12/16/2061 Interest Rate AT MATURITY Debt Re fixing in 1 yr (% INR of total) - - 14.0 2030 Debt Maturing in 7,656,240,000 1 yr (% of total) - 7,656,240,000 - 11.2 400K NO DATA AVAILABLE Risk NO DATA AVAILABLE 11/18/2021 200K -/-/- 1 0.0 11/17/2022 AT MATURITY Fixed Rate INR Debt (% of total) 943,474,000 - - 943,474,000 - Interest Rate Debt Refixing in 1 yr (% of total) - - 14.0 11/15/2021 -/-/- 30 7.0 12/15/2051 AT MATURITY FX Debt INR 9,210,719,350 - 0K NO DATA AVAILABLE Risk FX Risk Fixed (% of totalNO Rate Debt debt) (% DATA of AVAILABLE- - 9,210,719,350 total) - - - - 200K 11/11/2021 -/-/- 1 0.0 5/12/2022 AT MATURITY INR 403,827,000 403,827,000 - 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 ST FX Debt (% of reserves) - - - 6/17/2021 -/-/- 1 0.0 6/16/2022 ATRisk FX MATURITY INR (% of total 807,264,000 FX Debt debt) - 807,264,000 - - 0K - Domes�c 4/29/2021 - / - / - External 1 0.0 4/28/2022 AT MATURITY ST FXINR 809,928,000 Debt (% of reserves) - 809,928,000 - - 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 - 4/20/2020 - /-/- Source: Ministry of Finance, 2020 30 7.2 9/20/2050 MATURITY ATMinistry Source: INR of Finance, 2020 12,275,742,000 13,032,967,358 Domes�c External 2020 Source: Bloomberg, December 2021 Selected Selected International Debt Issuance Source: Ministry of Finance, 2020 Source: Ministry of Finance, 2020 Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected International Debt Issuance NO DATA AVAILABLE 11/29/2021 -/-/- 2 4.6 NO DATA AVAILABLE 11/29/2023 AT MATURITY INR 1,664,000,000 1,664,000,000 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 11/22/2021 -/-/- 40 7.0 12/16/2061 AT MATURITY INR 7,656,240,000 7,656,240,000 2030 NO DATA AVAILABLE 11/18/2021 -/-/- 1 0.0 11/17/2022 AT MATURITY INR 943,474,000 943,474,000 11/15/2021 -/-/- 30 7.0 12/15/2051 AT MATURITY INR 9,210,719,350 9,210,719,350 - 11/11/2021 -/-/- 1 0.0 5/12/2022 AT MATURITY INR 403,827,000 403,827,000 - 6/17/2021 -/-/- 1 0.0 6/16/2022 AT MATURITY INR 807,264,000 807,264,000 - 4/29/2021 -/-/- 1 0.0 4/28/2022 AT MATURITY INR 809,928,000 809,928,000 - 4/20/2020 -/-/- 30 7.2 9/20/2050 AT MATURITY INR 12,275,742,000 13,032,967,358 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance 020 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 11/29/2021Domestic Selected -/-/ 2 Issuance / -Regional Debt 4.6 NO DATA AVAILABLE 11/29/2023 AT MATURITY INR 1,664,000,000 1,664,000,000 11/22/2021 Issue Date Fitch /-Moody's /-/- / S&P 40 Tenor 7.0 Rate (%) 12/16/2061 Coupon Maturity Date ATMaturity MATURITYType INR Currency 7,656,240,000 Amount Issued 7,656,240,000 Currency Currency Outstanding 2030 11/18/2021 11/29/2021 --//--//- - 12 0.0 4.6 11/17/2022 NO DATA AVAILABLE 11/29/2023 AT AT MATURITY MATURITY INRINR 943,474,000 1,664,000,000 943,474,000 1,664,000,000 11/15/2021 11/22/2021 --//--//- - 3040 7.0 7.0 12/15/2051 12/16/2061 AT AT MATURITY MATURITY INRINR 9,210,719,350 7,656,240,000 9,210,719,350 7,656,240,000 - 2030 11/11/2021 -/-/- 1 0.0 5/12/2022 AT MATURITY INR 403,827,000 403,827,000 - 11/18/2021 -/-/- 1 0.0 11/17/2022 AT MATURITY INR 943,474,000 943,474,000 6/17/2021 -/-/- 1 0.0 6/16/2022 AT MATURITY INR 807,264,000 807,264,000 11/15/2021 -/-/- 30 7.0 12/15/2051 AT MATURITY INR 9,210,719,350 9,210,719,350 - 4/29/2021 -/-/- 1 0.0 4/28/2022 AT MATURITY INR 809,928,000 809,928,000 11/11/2021 -/-/- 1 0.0 5/12/2022 AT MATURITY INR 403,827,000 403,827,000 - 4/20/2020 -/-/- 30 7.2 9/20/2050 AT MATURITY INR 12,275,742,000 13,032,967,358 6/17/2021 -/-/- 1 0.0 6/16/2022 AT MATURITY INR 807,264,000 807,264,000 Source: Bloomberg, December 2021 - 4/29/2021 -/-/- 1 0.0 4/28/2022 AT MATURITY INR 809,928,000 809,928,000 - 4/20/2020 -/-/- 30 7.2 9/20/2050 AT MATURITY INR 12,275,742,000 13,032,967,358 Source: Bloomberg, December 2021 South Asia | 12 Maldives M�ldiv�s DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 6.3 6.8 6.9 5.7 -8.1 - Upper middle income Infla�on (%) 0.2 1.4 5.3 2.0 2.4 - Public Debt (% of GDP) 57.7 61.3 71.3 76.9 93.9 137.2 LENDING Net Claims on Govt (% of GDP) 32.7 29.8 29.7 - - - Current Account Balance (% of GDP) 23.0 21.1 24.9 24.6 22.2 13.7 IDA Primary balance (% of GDP) -7.4 -4.8 -3.3 -3.9 -10.1 14.2 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.2 3.2 3.2 3.3 3.2 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 15 10 10 0 0 0 10 Source: M NO DATA AVAILABLE -10 NO DATA AVAILABLE -10 Redem 5 MVR m -20 -20 0 20K 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 10K Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 90 80 Select Issue 70 4/26/ 60 6/7/ 50 50 40 NO DATA AVAILABLE NO DATA AVAILABLE 30 20 10 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021, WDI 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 30 43.1 40.6 37.1 36.6 35.5 33.8 30.5 28.4 26.6 25.0 23.7 PV of PPG External Debt-to-Exports 140 90.0 67.7 60.0 58.5 56.6 53.7 48.4 44.8 41.6 39.0 36.8 Debt Service-to-Revenue 14 13.7 16.4 31.9 16.6 17.3 19.8 23.3 15.7 14.9 14.0 13.4 Debt Service-to-Exports 10 4.8 6.1 12.5 6.7 7.1 8.1 9.5 6.4 6.1 5.7 5.5 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 South Asia | 13 Maldi MALDIVES DMF Activities and Selected DeM Reforms Maldi 16 2017 DMF Activities and Selected DeM Reforms 2021 Maldi - DMF Activities 16 - 2017 DMF Activities and Selected DeM Reforms 137.2 2021 - - 13.7- 2017 16 14.2 137.2 2021- Selected DeM Reforms 13.7- 14.2- 137.2- - 13.7 Source: MTI Global Macro and Debt Unit, 2021 High 14.2- Debt MTI Global Macro and Assessment Management Source: Debt Unit, 2021 High (Percent of Sa�sfactory Performance, 2019) - Debt Management Governance Assessment Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Source: MTI Global Macro and Debt Unit, 2021 High (Percent 100 of Sa�sfactory Performance, 2019) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Debt 50 Management Assessment NO DATA AVAILABLE 100 10 (Percent of Sa�sfactory Performance, 2019) 0 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 50 NO DATA AVAILABLE 10 0 100 Latest DeMPA Previous DeMPA Regional Average 0 MTI Global Macro and Debt Unit, 2021 Source: 50 NO DATA AVAILABLE 0 -10 Latest DeMPA Previous DeMPA Regional Average 10 Redemption Pro Source: MTI Global Macro fi and le Unit, 2021 Debt Debt Portfolio Risk Indicators 0 MVR million External Domes�c Total -10 -20 Cost of Debt Weighted Av. Interest Rate (%) - - 3.9 0 Redemption ProfileLatest DeMPA Previous DeMPA Regional Average Debt Portfolio Risk Indicators Source: MTI Global Macro and Debt Unit, 2021 Refinancing Risk ATM (years) - 20K million MVR External Domes�- c 6.9 Total 1 -20 -10 Cost of Debt Debt Maturing Weighted in 1 yr (% Av. Interest of (%) Rate total) - - - - 39.0 3.9 ng Flows Redemption Profile Debt Interest Re Portfolio Rate financing Risk Debt Risk ATM Indicators Refixing (years) in 1 yr (% of total) -- - - 41.2 6.9 10K 20K 1ector Debt MVR million NO DATA AVAILABLE Risk NO DATA AVAILABLEExternal Domes�c Total Rate Debt Fixed Maturing Debt (% in of (% 1 yr total) of total) -- - - 97.8 39.0 -20 Cost of Debt Weighted Av. Interest Rate (%) - - 3.9 ng Flows FX Risk Rate FX Debt (% of in total debt) - - 65.3 0K Interest Debt Refi xing 1 yr (% of total) - - 41.2 10K 20K Refinancing Risk ATM (years) NO DATA AVAILABLE - - 6.9 ector Debt NO DATA AVAILABLE Risk ST FX Rate Fixed (% of(% Debt Debt reserves) of total) -- - - 39.4 97.8 1 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 Debt Maturing in 1 yr (% of total) - - 39.0 ng Flows Domes�c External FX Risk FX Debt (% of total debt) - - 65.3 0K Interest Rate Debt Refixing in 1 yr (% of total) - - 41.2 10K ST FX Debt (% of reserves) ector Debt Source: Ministry 2022of Finance, 2024 2021 2026 NO DATA2030 2028 AVAILABLE 2032 2034 2036 2038 2040 Risk Ministry of Finance, Source: 2021 NO DATA AVAILABLE - Fixed Rate Debt (% of total) - - - 39.4 97.8 Domes�c External FX Risk FX Debt (% of total debt) - - 65.3 Selected 0K International Debt Issuance Source: Ministry of Finance, 2021 Source: Ministry of Finance, ST FX 2021 Debt (% of reserves) Issue Date 2022 Fitch / Moody's 2024 2026 / S&P 2028 2030Tenor 2032 Rate (%) Coupon2036 2034 2038Maturity 2040 Date Maturity Type Currency - Currency Amount Issued - Currency Outstanding 39.4 4/26/2018 B- / - / - External 8 5.5 NO DATA AVAILABLE 4/26/2026 AT MATURITY USD 100,000,000 100,000,000 Selected International Domes�c Debt Issuance 6/7/2017 B- / Caa1 / - 5 7.0 6/7/2022 AT MATURITY USD 250,000,000 58,033,000 IssueMinistry Source: Date of Finance, Moody's / S&P Fitch /2021 Tenor Coupon Rate (%) Maturity Date MinistryType Maturity Source: of Finance,Currency 2021 Currency Amount Issued Currency Outstanding 4/26/2018 B- / - / - 8 5.5 NO DATA AVAILABLE 4/26/2026 AT MATURITY USD 100,000,000 100,000,000 Selected 6/7/2017 B- / Caa1 / -Debt Issuance International 5 7.0 6/7/2022 AT MATURITY USD 250,000,000 58,033,000 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 4/26/2018 B- / - / - 8 5.5 NO DATA AVAILABLE 4/26/2026 AT MATURITY USD 100,000,000 100,000,000 6/7/2017 B- / Caa1 / - 5 7.0 6/7/2022 AT MATURITY USD 250,000,000 58,033,000 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance 2020 IssueBloomberg, Source: Date December 2021 Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE Selected Domestic / Regional Debt Issuance 2030 Date IssueBloomberg, Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 2020 Source: December 2021 021 NO DATA AVAILABLE 23.7 Selected Domestic / Regional Debt Issuance 2030 36.8 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE 13.4 23.7 2030 5.5 36.8 13.4 23.7 5.5 36.8 13.4 5.5 South Asia | 14 Nepal N�p�l DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 0.6 8.2 6.7 7.1 2.0 - Lower middle income Infla�on (%) 5.2 9.7 6.3 6.8 6.7 - Public Debt (% of GDP) 27.9 26.1 30.2 30.1 36.6 39.9 LENDING Net Claims on Govt (% of GDP) 1.7 3.0 11.0 - - - Current Account Balance (% of GDP) -6.5 0.2 8.0 7.6 6.4 6.2 IDA Primary balance (% of GDP) 1.7 -2.7 -6.1 -4.0 -5.6 4.7 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.4 3.4 3.5 3.4 3.4 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Low Low Low Low Low Low Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 5 5 10 0 5 Source: M 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem 0 NPR m -5 -5 200K 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit 100K Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 Select 30 Issue 20 50 No data available NO DATA AVAILABLE NO DATA AVAILABLE No data available 10 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021, WDI 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 55 13.4 13.3 13.1 13.0 12.9 12.7 12.4 12.0 11.6 11.2 10.8 PV of PPG External Debt-to-Exports 240 171.0 161.9 150.9 148.2 145.0 140.9 136.2 131.0 125.7 120.0 114.4 Debt Service-to-Revenue 23 2.9 2.8 2.8 2.8 3.0 2.9 3.3 3.2 3.1 3.0 2.9 Debt Service-to-Exports 21 8.9 8.3 7.8 7.9 8.2 7.8 8.8 8.6 8.1 7.9 7.6 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 South Asia | 15 NEPAL Nepal DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - - 39.9 - Selected DeM Reforms 6.2 4.7 - Source: MTI Global Macro and Debt Unit, 2021 Low Debt Management Assessment (Percent of Sa�sfactory Performance, 2014) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 50 NO DATA AVAILABLE 5 0 Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 0 Redemption Profile Debt Portfolio Risk Indicators NPR million External Domes�c Total Cost of Debt Weighted Av. Interest Rate (%) 1.0 4.6 2.6 -5 200K Refinancing Risk ATM (years) 14.1 3.8 10.5 1 Debt Maturing in 1 yr (% of total) 2.3 37.0 14.3 ng Flows Interest Rate Debt Refixing in 1 yr (% of total) 2.3 37.0 14.3 100K ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) 100.0 100.0 100.0 FX Risk FX Debt (% of total debt) - - 56.8 0K 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 2.2 Domes�c External Source: Ministry of Finance, 2020 Source: Ministry of Finance, 2020 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE 2030 10.8 114.4 2.9 7.6 South Asia | 16 Pakistan P�kist�n DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 4.6 5.2 5.5 2.1 -0.5 3.9 Lower middle income Infla�on (%) 0.4 4.0 2.5 8.8 10.1 - Public Debt (% of GDP) 67.6 67.1 72.1 85.3 87.6 83.4 LENDING Net Claims on Govt (% of GDP) 31.3 31.8 33.2 37.0 40.0 - Current Account Balance (% of GDP) -1.8 -4.0 -6.1 -4.9 -1.7 -0.6 Blend Primary balance (% of GDP) -0.1 -1.5 -2.1 -3.5 -1.7 -1.3 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.3 3.2 3.2 3.3 3.3 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 40 40 50 10 10 0 20 20 Source: M NO DATA AVAILABLE NO DATA AVAILABLE 0 0 Redem 0 0 PKR bil 10K 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue 5K Current account balance (% of GDP) General government net lending/borrowing Source: WEO, October 2021 Source: WEO, October 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 80 Select Issue D 60 12/5/ 50 40 No data available NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Sources: WB Staff Calculations: WDI, 2021; WEO, October 2021 Source: WDI, 2021 and IDS 2021 10/29/ 10/6/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10/6/ DEBT SUSTAINABILITY INDICATORS 8/26/ PV of PPG External Debt-to-GDP - - - - - - - - - - - 12/10/ PV of PPG External Debt-to-Exports - - - - - - - - - - - 12/9/ Debt Service-to-Revenue - - - - - - - - - - - 11/5/ Debt Service-to-Exports - - - - - - - - - - - 10/22/ Source: B South Asia | 17 Pakist DMF Activities and Selected DeM Reforms PAKISTAN 16 2017 2021 Pakist 3.9 - DMF Activities and Selected DeM Reforms Pakist 83.4 - DMF Activities and Selected DeM Reforms DMF Activities 16 -0.6 2017 -1.3 2021 16 3.9 2017 2021 - 83.4 3.9- - Selected DeM Reforms - -0.6 83.4 Source: MTI Global Macro and Debt Unit, 2021 -1.3 -- -0.6 -1.3 Debt Management Assessment - (Percent of Sa�sfactory Performance, 2010) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Source: MTI Global Macro and Debt Unit, 2021 -- 100 40 Source: MTI Global Macro and Debt Unit, 2021 Debt Management Assessment - 50 (Percent of Sa�sfactory Performance, 2010) NO DATA AVAILABLE Debt Management Governance Assessment Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 0 (Percent of Sa�sfactory Performance, 2010) 100 20 Latest DeMPA Governance Regional Average Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 40 100 MTI Global Macro and Debt Unit, 2021 Source: 50 NO DATA AVAILABLE 40 Redemption 50 0 Profile Debt Portfolio NO DATA AVAILABLE Risk Indicators 0 PKR billion External Domes�c Total 20 Latest DeMPA Regional Average 10K 0 Cost of Debt Weighted Av. Interest Rate (%) - - - Source: MTI Global Macro and Debt Unit, 2021 20 Latest DeMPA Regional Average Refinancing Risk ATM (years) 7.0 4.1 - 1 Source: MTI Global Macro and Debt Unit, 2021 Debt Maturing in 1 yr (% of total) - - 21.4 Redemption 5K Profile Debt Portfolio Risk Indicators 0 PKR billion Interest Rate Debt Refixing in 1 yr (% of total) - External Domes�-c - Total NO DATA AVAILABLE Risk NO DATA AVAILABLE 69.0 Redemption 10K Profile Cost of Portfolio Debt Debt Risk Fixed RateAv. Weighted Indicators Debt (% of total) Interest Rate (%) - 45.0 - - - 0 PKR billion FX fiRisk FX Debt (% of total debt) External - Domes�- c Total 35.1 0K Re nancing Risk ATM (years) 7.0 4.1 - 1 10K Cost of Debt Weighted Av. Interest Rate (%) - - - 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Maturing Debt (% of Debt inreserves) 1 yr (% of total) - - - - 21.4- 5K Refinancing Risk ATM (years) 7.0 4.1 - Domes�c External Interest Rate Debt Refixing in 1 yr (% of total) - - - 1 NO DATA AVAILABLE Risk Debt Maturing NO Fixed Rate Debt in 1 DATA (% of AVAILABLE yr (% of total) total) 69.0 - 45.0 - 21.4 - Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 5K Interest Rate Debt Refixing in 1 yr (% of total) - - - FX Risk FX Debt (% of total debt) - - 35.1 0K NO DATA AVAILABLE Risk NO DATA AVAILABLE 69.0 Selected International Debt Issuance Fixed Rate Debt (% of total) ST FX Debt (% of reserves) - 45.0 - - - 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type FX Debt FX Risk (% of total Currency debt) Amount Issued - Currency Outstanding Currency - 35.1 0K Domes�c External 12/5/2017 2022 - / B32026 2024 / B- 2028 2030 102032 2034 6.9 2036 2038 NO DATA AVAILABLE 12/5/2027 2040 AT MATURITY ST FX Debt 1,500,000,000 USD (% of reserves) - 1,500,000,000 - - Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 Domes�c External Selected International Source: Ministry of Finance, 2021 Debt Issuance Source: Ministry of Finance, 2021 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected 12/5/2017 - / B3 / B- Debt Issuance International 10 6.9 NO DATA AVAILABLE 12/5/2027 AT MATURITY USD 1,500,000,000 1,500,000,000 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 12/5/2017 - / B3 / B- 10 6.9 NO DATA AVAILABLE 12/5/2027 AT MATURITY USD 1,500,000,000 1,500,000,000 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 10/29/2021 -/-/- 5 14.6 NO DATA AVAILABLE 10/29/2026 AT MATURITY PKR 2,038,344,287 2,038,344,287 10/6/2021 Source: - 2021 Bloomberg, December /-/- 5 14.6 10/6/2026 AT MATURITY PKR 1,113,416,803 1,113,416,803 2030 2020 10/6/2021 -/-/- 5 9.7 10/6/2026 AT MATURITY PKR 74,390,046 74,390,046 Selected 8/26/2021 Source: Domestic - 2021 Bloomberg, December / -// Regional - Debt2Issuance 12.4 8/26/2023 AT MATURITY PKR 2,867,889,739 2,867,889,739 2020 - Issue Date 12/10/2020 - / - / - / S&P Fitch / Moody's Tenor 10 Coupon Rate (%) 8.0 Maturity Date 12/10/2030 Maturity Type AT MATURITY Currency PKR Currency Amount Issued 2,140,410,731 Currency Outstanding 2,140,410,731 - Selected 10/29/2021 12/9/2020 - / -/ Domestic / Regional - Debt5Issuance 14.6 NO DATA AVAILABLE 10/29/2026 12/9/2025 AT MATURITY PKR 2,038,344,287 819,366,786 2,038,344,287 819,366,786 - Issue Date 10/6/2021 11/5/2020 Fitch / Moody's - / - / - / S&P Tenor 5 2 Coupon Rate (%) 14.6 12.4 Maturity Date 10/6/2026 11/5/2022 Maturity Type AT MATURITY Currency PKR Currency Amount Issued 1,113,416,803 2,170,622,089 Currency Outstanding 1,113,416,803 2,170,622,089 2030 - 10/29/2021 10/6/2021 10/22/2020 -/-/- 5 10 14.6 9.7 7.7 NO DATA AVAILABLE 10/29/2026 10/6/2026 10/22/2030 AT MATURITY PKR 2,038,344,287 74,390,046 602,032,752 2,038,344,287 74,390,046 602,032,752 10/6/2021 8/26/2021 Source: Bloomberg, December /-/- - 2021 5 2 14.6 12.4 10/6/2026 8/26/2023 AT MATURITY PKR 1,113,416,803 2,867,889,739 1,113,416,803 2,867,889,739 2030 - 10/6/2021 12/10/2020 -/-/- 5 10 9.7 8.0 10/6/2026 12/10/2030 AT MATURITY PKR 74,390,046 2,140,410,731 74,390,046 2,140,410,731 - 8/26/2021 -/-/- 2 12.4 8/26/2023 AT MATURITY PKR 2,867,889,739 2,867,889,739 12/9/2020 5 14.6 12/9/2025 819,366,786 819,366,786 - - 12/10/2020 11/5/2020 -/-/- 10 2 8.0 12.4 12/10/2030 11/5/2022 AT MATURITY PKR 2,140,410,731 2,170,622,089 2,140,410,731 2,170,622,089 - - 12/9/2020 10/22/2020 -/-/- 5 10 14.6 7.7 12/9/2025 10/22/2030 AT MATURITY PKR 819,366,786 602,032,752 819,366,786 602,032,752 - 11/5/2020 Source: - 2021 Bloomberg, December /-/- 2 12.4 11/5/2022 AT MATURITY PKR 2,170,622,089 2,170,622,089 - 10/22/2020 -/-/- 10 7.7 10/22/2030 AT MATURITY PKR 602,032,752 602,032,752 Source: Bloomberg, December 2021 South Asia | 18 Sri Lanka Sri L�nk� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 4.5 3.6 3.3 2.3 -3.6 3.6 Lower middle income Infla�on (%) 4.8 7.3 3.8 2.7 3.4 - Public Debt (% of GDP) 79.0 77.9 84.2 86.8 101.2 109.3 LENDING Net Claims on Govt (% of GDP) 21.4 20.9 19.5 22.4 - - Current Account Balance (% of GDP) -2.1 -2.6 -3.2 -2.2 -1.3 -3.2 IBRD Primary balance (% of GDP) -0.2 0.0 0.6 -2.0 -6.2 -4.3 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng - - - 3.5 - - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 50 20 20 20 20 0 0 0 Source: M -20 -20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 Redem LKR bill -40 -40 1000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue 500 Current account balance (% of GDP) General government net lending/borrowing Source: WEO, October 2021 Source: WEO, October 2021 0 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: C 100 80 Select Issue 60 6/30/ 6/30/ 50 6/30/ 40 No data available 6/30/ NO DATA AVAILABLE NO DATA AVAILABLE 3/14/ 20 3/14/ 9/17/ 0 0 7/2/ 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Sources: WB Staff Calculations: WDI, 2021, WEO Oct 2021 Source: WDI, 2021 and IDS 2021 12/31/ 10/8/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5/28/ DEBT SUSTAINABILITY INDICATORS 11/1/ PV of PPG External Debt-to-GDP - - - - - - - - - - - 5/2/ PV of PPG External Debt-to-Exports - - - - - - - - - - - Debt Service-to-Revenue - - - - - - - - - - - Debt Service-to-Exports - - - - - - - - - - - Source: B South Asia | 19 Sri Lan SRI LANKA DMF Activities and Selected DeM Reforms Sri La 16 2017 DMF Activities and Selected DeM Reforms 2021 3.6 DMF Activities 16 - 2017 109.3 2021 - 3.6 -3.2 - -4.3 109.3 - Selected DeM Reforms -3.2 -4.3 - Source: MTI Global Macro and Debt Unit, 2021 - - Debt Management Assessment Source: MTI Global Macro and Debt Unit, 2021 - (Percent of Sa�sfactory Performance, 2015) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Debt Management Assessment 100 (Percent of Sa�sfactory Performance, 2015) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 50 NO DATA AVAILABLE 100 20 0 50 NO DATA AVAILABLE Latest DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 20 0 Latest DeMPA Regional Average 0 Redemption Profile Debt Portfolio Risk Indicators Source: MTI Global Macro and Debt Unit, 2021 LKR billion External Domes�c Total 1000 Cost of Debt Weighted Av. Interest Rate (%) - - - 0 Redemption Profile Debt Portfolio Risk Indicators Refinancing Risk ATM (years) 6.3 5.8 6.1 1 LKR billion External Domes�c Total 1000 Debt Maturing in 1 yr (% of total) 4.7 21.6 13.5 Cost of Debt Weighted Av. Interest Rate (%) - - - 500 Interest Rate Debt Refixing in 1 yr (% of total) - - - Refinancing Risk ATM (years) 6.3 5.8 6.1 NO DATA AVAILABLE Risk NO DATA AVAILABLE 75.7 Fixed Rate Debt (% of total) 100.0 86.9 Debt Maturing in 1 yr (% of total) 4.7 21.6 13.5 500 FX Risk FX Debt (% of total debt) - - 54.0 0 Interest Rate Debt Refixing in 1 yr (% of total) - - - 2021 2023 2025 NO 2027DATA AVAILABLE 2029 2031 2033 2035 2037 2039 Risk ST FX Debt (% of NOreserves) DATA AVAILABLE - - 267.7 Fixed Rate Debt (% of total) 75.7 100.0 86.9 Domes�c External FX Risk FX Debt (% of total debt) - - 54.0 0 Source: Central Bank of Sri Lanka, 2020 Source: Central Bank of STSriFX Lanka, Debt 2020 (% of reserves) - - 267.7 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 Domes�c External Selected International Debt Issuance IssueCentral Source: of Sri Lanka, Date BankFitch 2020 / S&P / Moody's Tenor Coupon Rate (%) Maturity Date Source: Central Bank Maturity Type of Sri Lanka, 2020 Currency Currency Amount Issued Currency Outstanding 6/30/2021 -/-/- 1 7.4 NO DATA AVAILABLE 5/1/2022 AT MATURITY USD 29,570,000 29,570,000 Selected 6/30/2021 - / - / - Debt Issuance International 2 7.7 5/1/2023 AT MATURITY USD 1,800,000 1,800,000 Issue Date 6/30/2021 - / - / - / S&P Fitch / Moody's Tenor 3 Coupon Rate (%) 8.0 Maturity 5/1/2024Date Maturity Type AT MATURITY Currency USD Amount Issued Currency4,720,000 Currency Outstanding 4,720,000 6/30/2021 6/30/2021 -/ - -/ /- /- - 1 4 7.4 7.7 NO DATA AVAILABLE 5/1/2022 1/22/2025 AT MATURITY AT MATURITY USD USD 29,570,000 150,000 29,570,000 150,000 6/30/2021 3/14/2019 -/ C/ -/ Ca / -CC 25 7.7 6.9 5/1/2023 3/14/2024 AT AT MATURITY MATURITY USD USD 1,800,000 1,000,000,000 1,800,000 1,000,000,000 6/30/2021 3/14/2019 -/ C/ -/ Ca /- CC 3 10 8.0 7.9 5/1/2024 3/14/2029 AT MATURITY AT MATURITY USD USD 4,720,000 1,400,000,000 4,720,000 1,400,000,000 6/30/2021 9/17/2018 - -/ -/ /- /- - 4 4 7.7 5.8 1/22/2025 5/1/2022 AT MATURITY AT MATURITY USD USD 150,000 25,460,000 150,000 25,460,000 3/14/2019 7/2/2018 - Ca C/ /-//- CC 5 4 6.9 5.5 3/14/2024 5/1/2022 AT MATURITY AT MATURITY USD USD 1,000,000,000 6,110,000 1,000,000,000 6,110,000 2020 3/14/2019 Source: C / 2021 Bloomberg, December Ca / CC 10 7.9 3/14/2029 AT MATURITY USD 1,400,000,000 1,400,000,000 9/17/2018 -/-/- 4 5.8 5/1/2022 AT MATURITY USD 25,460,000 25,460,000 Selected 7/2/2018 Domestic / Regional Debt4Issuance -/-/- 5.5 5/1/2022 AT MATURITY USD 6,110,000 6,110,000 Date IssueBloomberg, Source: Fitch / Moody's December 2021 / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 2020 12/31/2021 -/-/- 1 0.0 NO DATA AVAILABLE 12/30/2022 AT MATURITY LKR 1,010,980 1,010,980 Selected 10/8/2021 - / -// Regional Domestic - Debt1Issuance 0.0 10/7/2022 AT MATURITY LKR 798,981 798,981 2030 Issue Date 5/28/2021 Fitch / Moody's - / - / - / S&P Tenor 1 Coupon Rate (%) 0.0 Maturity Date 5/27/2022 Maturity Type AT MATURITY Currency LKR Amount Issued Currency4,634,298 Currency Outstanding 4,634,298 12/31/2021 11/1/2019 -/ - -/ /- /- - 1 8 0.0 10.3 NO DATA AVAILABLE 12/30/2022 10/15/2027 AT MATURITY AT MATURITY LKR LKR 1,010,980 798,719,800 1,010,980 798,719,800 - 10/8/2021 5/2/2019 - -/ -/ /- /- - 1 12 0.0 11.3 10/7/2022 3/15/2031 AT MATURITY AT MATURITY LKR LKR 798,981 1,149,489,530 798,981 1,149,489,530 2030 - 5/28/2021 -/-/- 1 0.0 5/27/2022 AT MATURITY LKR 4,634,298 4,634,298 - 11/1/2019 -/-/- 8 10.3 10/15/2027 AT MATURITY LKR 798,719,800 798,719,800 - - 5/2/2019 -/-/- 12 11.3 3/15/2031 AT MATURITY LKR 1,149,489,530 1,149,489,530 - Source: Bloomberg, December 2021 - - Source: Bloomberg, December 2021 South Asia | 20 Sub-Saharan Africa 23 Angola 63 Liberia 25 Benin 65 Madagascar 27 Burkina Faso 67 Malawi 29 Burundi 69 Mali 31 Cabo Verde 71 Mauritania 33 Cameroon 73 Mozambique 35 Central African 75 Niger Republic 77 Nigeria 37 Chad 79 Rwanda 39 Comoros 81 São Tomé and 41 Congo, Democratic Principe Republic of 83 Senegal 43 Congo, Republic of 85 Sierra Leone 45 Côte d’Ivoire 87 Somalia 47 Eritrea 89 South Sudan 49 Ethiopia 91 Sudan 51 Gambia, The 93 Tanzania 53 Ghana 95 Togo 55 Guinea 97 Uganda 57 Guinea-Bissau 99 Zambia 59 Kenya 101 Zimbabwe 61 Lesotho Sub-Saharan Africa | 22 Angola An�ol� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) -2.6 -0.2 -2.0 -0.5 -5.4 -0.7 Lower middle income Infla�on (%) 21.8 22.6 29.1 28.1 9.4 - Public Debt (% of GDP) 75.7 69.3 93.0 113.6 136.5 103.7 LENDING Net Claims on Govt (% of GDP) 5.9 12.3 9.9 8.1 18.9 - Current Account Balance (% of GDP) -3.1 -0.5 7.3 6.1 1.5 7.3 IBRD Primary balance (% of GDP) -1.7 -3.0 7.0 6.4 4.9 8.8 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng - - - - - - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 20 20 80 80 50 60 60 0 0 0 40 40 Source: M -20 NO DATA AVAILABLE -20 20 NO DATA AVAILABLE 20 Redem Kz billio 0 0 8K -40 -40 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 6K Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue 4K Current account balance (% of GDP) General government net lending/borrowing Source: WEO, October 2021 2K Source: WEO, October 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 100 Select Issue 5/9/ 5/9/ 50 50 No data available NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Sources: WB Staff Calculations: WDI, 2021; WEO, October 2021 Sources: WB Staff Calculations: WDI 2021 and IDS 2021 11/29/ 11/29/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 7/29/ DEBT SUSTAINABILITY INDICATORS 6/18/ PV of PPG External Debt-to-GDP - - - - - - - - - - - 6/16/ PV of PPG External Debt-to-Exports - - - - - - - - - - - 4/21/ Debt Service-to-Revenue - - - - - - - - - - - 11/23/ Debt Service-to-Exports - - - - - - - - - - - 8/3/ Source: B Sub-Saharan Africa | 23 Angol ANGOLA DMF Activities and Selected DeM Reforms Angol 16 2017 2021 DMF Activities and Selected DeM Reforms -0.7 Angol - DMF Activities 2017 16103.7 DMF Activities and Selected DeM Reforms 2021 - 7.3 -0.7 8.8- 16 2017 103.7 2021 - Selected DeM Reforms -0.7 7.3 8.8- 103.7 - Source: MTI Global Macro and Debt Unit, 2021 - 7.3 8.8- Debt Management Assessment (Percent of Sa Source: MTI �sfactory Global Debt Unit, 2021 2014) Performance, Macro and - - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Debt 100 Management Assessment Source: MTI Global Macro and Debt Unit, 2021 - (Percent of Sa�sfactory Performance, 2014) 80 50 Governance Macro Policies Borrowing NO DATA AVAILABLE Cash Flow Opera�onal Risk Mgmt & Debt Recording Debt Management Assessment 100 (Percent of Sa�sfactory Performance, 2014) 60 0 80 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 50 NO DATA AVAILABLE Latest DeMPA Regional Average 40 100 Source: MTI Global Macro and Debt Unit, 2021 60 0 80 50 NO DATA AVAILABLE 20 Redemption Profile Latest DeMPA Regional Average Debt Portfolio Risk Indicators 40 60 Kz billion Source: 0 MTI Global Macro and Debt Unit, 2021 External Domes�c Total 0 8K Cost of Debt Weighted Av. Interest Rate (%) - - - 20 Latest DeMPA Regional Average 40 Redemption Profile Debt Portfolio Refinancing Risk ATMRisk Indicators (years) 5.6 4.7 5.3 6K MTI Global Macro and Debt Unit, 2021 Source: Kz billion Debt Maturing in 1 yr (% of total) External 7.4 Domes�c 4.9 Total 12.3 0 8K 4K Cost of Debt Weighted Av. Interest Rate (%) - - - 20 Interest Rate Debt Refixing in 1 yr (% of total) 81.2 18.2 57.9 Redemption Profile NO DATA AVAILABLE Debt Re Portfolio Risk Indicators financing Risk ATM (years) NO DATA AVAILABLE 5.6 Risk 4.7 5.3 Kz billion 6K Fixed Rate Debt (% of total) 20.4 External 96.1 Domes�c 48.4 Total 2K Debt Maturing in 1 yr (% of total) 7.4 4.9 12.3 0 FX Risk Cost of Debt FX Debt (% of total debt) Weighted Av. Interest Rate (%) - - - - 83.5- 8K 0K 4K Interest Rate Debt Refixing in 1 yr (% of total) 81.2 18.2 57.9 2022 2024 2026 2028 Re ST FX Debt (% of reserves) financing Risk ATM (years) NO DATA AVAILABLE 5.6 - - 4.7 53.8 5.3 6K NO DATA2030 2032 AVAILABLE 2034 2036 2038 2040 Risk Fixed Rate Debt (% of total) 20.4 96.1 48.4 2K Domes�c External Debt Maturing in 1 yr (% of total) 7.4 4.9 12.3 FX Risk FX Debt (% of total debt) - - 83.5 0K 4K Ministry of Finance, 2021 Source: Interest Source: Rate of Finance, Ministry Refixing in 1 yr (% of total) Debt2019 81.2 18.2 57.9 2022 2024 2026 NO 2028 AVAILABLE DATA2030 2032 2034 2036 2038 2040 Risk ST FX Debt (% ofNOreserves) DATA AVAILABLE - - 53.8 Fixed Rate Debt (% of total) 20.4 96.1 48.4 2K Selected International Domes �c Debt External Issuance FX Risk FX Debt (% of total debt) - - 83.5 0K IssueMinistry Source: Date of Finance, Moody's / S&P Fitch /2021 Tenor Coupon Rate (%) Maturity Date MinistryType Maturity Source: of Finance, Currency 2019 Currency Amount Issued Currency Outstanding 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 53.8 5/9/2018 - / B3 / - 10 8.3 NO DATA AVAILABLE 5/9/2028 AT MATURITY USD 1,750,000,000 1,750,000,000 Domes�c External Selected 5/9/2018 - / B3 / - Debt International Issuance 30 9.4 5/8/2048 AT MATURITY USD 1,750,000,000 1,750,000,000 IssueMinistry Source: Fitch /2021 Date of Finance, Moody's / S&P Tenor Coupon Rate (%) Maturity Date Source: MinistryType Maturity of Finance,Currency 2019 Currency Amount Issued Currency Outstanding 5/9/2018 - / B3 / - 10 8.3 NO DATA AVAILABLE 5/9/2028 AT MATURITY USD 1,750,000,000 1,750,000,000 Selected 5/9/2018 - / B3 / - Debt Issuance International 30 9.4 5/8/2048 AT MATURITY USD 1,750,000,000 1,750,000,000 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 5/9/2018 - / B3 / - 10 8.3 NO DATA AVAILABLE 5/9/2028 AT MATURITY USD 1,750,000,000 1,750,000,000 5/9/2018 - / B3 / - 30 9.4 5/8/2048 AT MATURITY USD 1,750,000,000 1,750,000,000 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 2020 Source: Bloomberg, December 2021 11/29/2021 -/-/- 1 0.0 NO DATA AVAILABLE 5/30/2022 AT MATURITY AOA 22,871,437 22,871,437 2030 Selected 11/29/2021Domestic - / -// Regional - Debt1Issuance 0.0 11/28/2022 AT MATURITY AOA 16,714,780 16,714,780 7/29/2021 IssueBloomberg, Date Fitch / Moody's -/-/- / S&P 1 Tenor 0.0 Coupon Rate (%) 7/28/2022 Maturity Date AT MATURITY Maturity Type AOA Currency 78,531,744 Currency Amount Issued 78,531,744 Currency Outstanding 2020 Source: December 2021 6/18/2021 11/29/2021 - -/ -/ /- /-- 3 1 4.5 0.0 6/18/2024 5/30/2022 AT AT MATURITY NO DATA AVAILABLE MATURITY AOA AOA 270,000 22,871,437 270,000 22,871,437 - Selected 6/16/2021 11/29/2021Domestic -/ - -/ /- / Regional / - - Debt1 1Issuance 0.0 0.0 6/15/2022 11/28/2022 AT MATURITY AT MATURITY AOA AOA 59,634,362 16,714,780 59,634,362 16,714,780 2030 - 4/21/2021 Issue Date 7/29/2021 - -//- -//- Fitch / Moody's - / S&P 2 Tenor 1 16.0 Coupon Rate (%) 0.0 4/21/2023 Maturity Date 7/28/2022 AT AT MATURITY Maturity Type MATURITY AOA Currency AOA 35,525,598 Currency Amount Issued 78,531,744 35,525,598 Currency Outstanding 78,531,744 - 11/23/2020 11/29/2021 -/ -/ /- - /- 2 1 15.8 0.0 5/23/2022 5/30/2022 AT MATURITY MATURITY NO DATA AVAILABLE AOA 15,013,872 22,871,437 15,013,872 22,871,437 6/18/2021 - 3 4.5 6/18/2024 AT AOA 270,000 270,000 - - 8/3/2020 11/29/2021 6/16/2021 -/-/- 3 1 16.3 0.0 8/3/2023 11/28/2022 6/15/2022 AT AT MATURITY MATURITY AOA AOA 63,907,716 16,714,780 59,634,362 63,907,716 16,714,780 59,634,362 2030 - Source: Bloomberg, December 7/29/2021 4/21/2021 - 2021 /-/- 1 2 0.0 16.0 7/28/2022 4/21/2023 AT MATURITY AOA 78,531,744 35,525,598 78,531,744 35,525,598 - 6/18/2021 11/23/2020 -/-/- 3 2 4.5 15.8 6/18/2024 5/23/2022 AT MATURITY AOA 270,000 15,013,872 270,000 15,013,872 - - 6/16/2021 8/3/2020 -/-/- 1 3 0.0 16.3 6/15/2022 8/3/2023 AT MATURITY AOA 59,634,362 63,907,716 59,634,362 63,907,716 - 4/21/2021 Source: - 2021 Bloomberg, December /-/- 2 16.0 4/21/2023 AT MATURITY AOA 35,525,598 35,525,598 - 11/23/2020 -/-/- 2 15.8 5/23/2022 AT MATURITY AOA 15,013,872 15,013,872 - 8/3/2020 -/-/- 3 16.3 8/3/2023 AT MATURITY AOA 63,907,716 63,907,716 Source: Bloomberg, December 2021 Sub-Saharan Africa | 24 B�nin Benin B�nin B�nin INCOME MACROECONOMIC INDICATORS 2016 3.3 2012 2013 2017 5.7 2018 6.7 2014 2019 6.9 2015 2016 2020 2.0 DMF Real GDP Growth (%) Lower middle income MACROECONOMIC INDICATORS Infla�on (%) 2012 2013 2014 0.7 2015-0.4 20160.6 2017-0.3 2.5 MACROECONOMIC 2016 INDICATORS 2012 2013 2014 2015 2016 Public Debt (% of GDP) 2017 2018 35.9 2019 39.6 2021 41.2 2020 41.1 45.0 INCOME 2016 0.7 2017 3.6 2018 2.1 2019- 2020- LENDING INCOME Real GDP Growth (%) Net Claims on Govt3.3 (% of5.7 GDP) 6.7 6.9 2.0 - Real GDP Current Growth Account (%) -0.4 Balance 0.7 (% of GDP) 0.6 3.3 2.8 5.7 -0.3 3.9 6.7 - 2.6 2.5 4.2 6.9 2.0 3.2 Lower middle income Infla�on (%) IDA 0.7 Lower middle income Infla�onbalance Public Debt (% of GDP) Primary (%) 35.9 (% of GDP) 39.6 41.1 41.2 -0.4 3.4 2.8 0.6 45.0 1.3 -0.3 45.4 -1.1 2.5 3.0 Public Debt (% of GDP)Analysis, 35.9 39.6 41.1 41.2 45.0 LENDING Sources: Net Claims on Govt (% of GDP) 0.7 Debt Sustainability 2.1 3.6 2021; WDI, 2021 - - - Net Claims on Govt 0.7 3.6 2.1 - - HIPC ELIGIBILITY LENDING Current Account Balance (% of GDP) INSTITUTIONAL 2.8 (% of3.9 CAPACITY GDP) 4.2 2.6 3.2 3.4 IDA Current Account Balance (% of GDP) 2.8 3.9 4.2 2.6 3.2 HIPC IDA Primary balance (% of GDP) 3.4 2.8 1.3 -1.1 3.0 2.1 PrimaryCPIA Overall balance Ra�ng(% of GDP) 3.4 3.4 2.8 3.5 1.3 3.5 -1.1 3.6 3.0 3.6 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY FRAGILE AND CONFLICT STATE HIPC ELIGIBILITY INSTITUTIONAL CAPACITY DEBT SUSTAINABILITY INSTITUTIONAL CAPACITY HIPC non-FCS HIPC Risk of Debt Distress Low Mod Mod Mod Mod Overall CPIA Ra�ng Overall CPIA Ra�3.4 ng 3.5 3.5 3.6 3.4 3.53.6 3.5 - 3.6 3.6 Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 FRAGILE AND CONFLICT STATE FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc DEBT SUSTAINABILITY non-FCS non-FCS Risk of Debt Distress Low Mod Mod Low Mod Mod Mod Mod Mod Mod Mod Risk of Debt Distress Sources: WB Classification, July 2021;Gross Financing Need and Primary Deficit WB List Sources: WBof Classi Fragile and fica Con tion, flict-a July ffected 2021; Situa WB List of tions (FCS) Fragile Conflict-affected Situations Sources: andFY22 CPIA-WDI 2021; Joint WB/IMF (FCS) FY22 Contribution to Change in Public Debt Debt Sources: Sustainability CPIA-WDI Analysis, 2021; Joint WB/IMF 2021 Debt Sustainability Analysis, 2021 Debt (Percent of GDP) (Percent of GDP) (Percen Gross Financing Need Gross 10 Primary De andFinancing ficit Need and Primary Deficit Contribution to Change in Public Contribution Debt in Public Debt to Change (Percent of GDP) (Percent of GDP) (Percent of GDP) (Percent of GDP) 100 5 50 10 10 5 0 5 5 5 NO DATA AVAILABLE NO DATA AVAILABLE 5 0 5 Source: M 0 NO DATA AVAILABLE NO DATA AVAILABLE NO DATA AVAILABLE NO DATA AVAILABLE 0 0 0 Redem 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020CFA Fra 0 0 Exchange Rate Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit Real GDP Real Interest Rate 400KSe Change in Public 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2014 Joint 2013 Source: 2015 2016 WB/IMF 2017 2018 Debt Sustainability 2019 Analysis, 2021 2020 2021 2014 2011 2012 2013Source: 2015 Joint 2016 WB/IMF 2017 2018 Debt Sustainability 2019 Analysis, 2021 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate 200KSe Change in Public Evolution of External and Domestic Public Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Real GDP Evolution of Financing Sources Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 (Percent Source: Joint WB/IMF Debt Sustainability Analysis, GDP) of 2021 Source: Joint WB/IMF Debt Sustainability (Percent Analysis, 2021 of Total) 0K 100 Evolution of External and Domestic Public Debt Evolution of Financing Sources Evolution of External and Domestic 40 (Percent of GDP) Public Debt Evolution of Financing Sources (Percent of Total) (Percent of GDP) (Percent of Total) 100 Source: M 30 100 40 40 50 Select 20 Issue 30 NO DATA AVAILABLE NO DATA AVAILABLE 7/22/ 30 10 50 1/19/ 20 50 1/19/ 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 NO DATA AVAILABLE 0 3/26 NO DATA AVAILABLE 10 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 20 10 0 Domes�c External 0 Bilateral Commercial Mul�lateral Domes�c 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 02019 2020 2014 2015 2016 2017 2018 2019 20 Source: Joint WB/IMF Debt Sustainability Analysis, 2021, WDI 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, Source: 20 B 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial 2026 Mul�lateral Domes �c Benchmark 2020 2021 2022 2023 2024 2025 2027 2028 2029 Domes�c External INDICATORS DEBT SUSTAINABILITY Bilateral Commercial Mul�lateral Domes�c Select Source: Joint WB/IMF Debt Sustainability Analysis, 2021, WDI 2021 Issue Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 20 PV of PPG External Debt-to-GDP 40 20.7 19.5 19.5 19.4 18.4 17.5 16.6 15.5 14.1 12.8 Source: Joint WB/IMF Debt Sustainability Analysis, 2021, WDI 2021 Benchmark 2020 2021 WB Sta2022 Sources: ff Calculations: WDI 2021, IDS2024 2023 2021 and Joint WB/IMF Debt 2025 Sustainability2027 Analysis, 2021 2026 2028 2029 1/8/ PV of PPG External Debt-to-Exports 180 112.0 89.8 83.5 84.4 80.6 76.9 72.8 68.0 61.9 56.0 DEBT SUSTAINABILITY INDICATORS 5/26/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Debt Service-to-Revenue 18 11.1 11.5 10.9 10.3 19.9 19.1 18.0 12.9 13.2 12.1 PV of PPG External Debt-to-GDP DEBT SUSTAINABILITY INDICATORS 40 20.7 19.5 19.5 19.4 18.4 17.5 16.6 15.5 14.1 12.8 5/26/ Debt Service-to-Exports 15 6.8 6.1 5.7 5.7 11.3 11.0 10.6 7.7 8.0 7.4 8/31 PV of PPG External Debt-to-Exports PV of PPG External Debt-to-GDP 40 20.7 180 19.5 112.0 19.5 89.8 19.4 83.5 18.4 84.4 17.5 80.6 16.6 76.9 15.5 72.8 14.1 68.0 12.8 61.9 11.4 56.0 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Debt Service-to-Revenue PV of PPG External Debt-to-Exports 180 112.0 18 89.8 11.1 83.5 11.5 84.4 10.9 80.6 10.3 76.9 19.9 72.8 19.1 68.0 18.0 61.9 12.9 56.0 13.2 49.9 12.1 Debt Service-to-Revenue Debt Service-to-Exports 18 11.1 15 11.5 6.8 10.9 6.1 10.3 5.7 19.9 5.7 19.1 11.3 18.0 11.0 12.9 10.6 13.2 7.7 12.1 8.0 11.8 7.4 Debt Service-to-Exports 15 Sustainability Source: Joint WB/IMF Debt Analysis, 20216.1 6.8 5.7 5.7 11.3 11.0 10.6 7.7 8.0 7.4 7.4 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 25 Benin DMF Activities and Selected DeM Reforms BENIN Benin 6 2017 DMF Activities and Selected DeM Reforms 2021 Benin - - DMF Activities and Selected DeM Reforms 6 2017 45.4 2021 - Benin DMF Activities 16 3.4 - 2017 2.1 2021 - DMF Activities and Selected DeM Reforms 45.4 -- 3.4 - 16 45.42017 2.1- 2021 - Selected DeM Reforms 3.4 - Source: MTI Global Macro and Debt Unit, 2021 2.1 - Mod 45.4 - - 3.4 Debt Management Assessment Source: MTI Global Macro and Debt Unit, 2021 2.1 Mod - (Percent of Sa�sfactory Performance, 2017) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Mod Debt Management Assessment Source: MTI Global Macro and Debt Unit, 2021 100 (Percent of Sa�sfactory Performance, 2017) - Governance Assessment Debt Management Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 50Source: MTI Global Macro and Debt Unit, 2021 NO DATA AVAILABLE (Percent of Sa�sfactory Performance, 2017) Mod 100 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 0 5 Debt 100 50 Management Assessment (Percent of Sa �sfactory Performance, 2017) NO DATA AVAILABLE Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 50 0 NO DATA AVAILABLE 5 100 Latest DeMPA Previous DeMPA Regional Average 0 Redemption 0 Profile Debt Portfolio Risk Indicators 5 Source: MTI Global Macro and Debt Unit, 2021 50 Francs million CFA External Domes�c Total Latest DeMPA Previous DeMPA NO DATA Regional AVAILABLE Average Cost of Debt Weighted Av. Interest Rate (%) 2.2 5.9 3.8 0 Redemption Source: MTI Global Macro and Debt Unit, 2021 0 400K Profile Debt Portfolio Risk Indicators Refinancing Risk ATM (years) 10.8 3.2 7.5 5 CFA Francs million External Domes�c Total Debt Maturing in 1 yr (% of total) 3.8 22.4 12.1 0 ng Flows Redemption Profile Latest DeMPA Previous DeMPA Regional Average Debt Portfolio Cost of Debt RiskAv. Weighted Indicators Interest Rate (%) 2.2 5.9 3.8 Source: CFA MTI Global Macro and Debt Unit, 2021 Interest Rate Debt Refixing in 1 yr (% of total) External 6.9 22.4 13.8 400KFrancs million 200K Re fi nancing Risk ATM (years) 10.8 Domes �c 3.2 Total 7.5 ector Debt NO DATA AVAILABLE Risk Fixed Rate Av. Debt NO DATA AVAILABLE 96.5 (% of total) 100.0 98.1 Cost of Debt Weighted Interest Rate (%) 2.2 5.9 3.8 Debt Maturing in 1 yr (% of total) 3.8 22.4 12.1 ng Flows 0 Redemption 400K 0K Pro fi le Debt FX Re Risk fi Portfolio nancing Risk FX ATM Risk Debt (% of (years)Indicators total debt) - 10.8 - 3.2 55.5 7.5 Interest Rate Debt Refixing in 1 yr (% of total) 6.9 22.4 13.8 1 200KFrancs million CFA ST FX Debt (% of reserves) External - Domes� -c Total 24.0 ector Debt 2022 2024 2026 NO DATA 2028 AVAILABLE 2030 2032 2034 2036 2038 2040 Risk Debt Maturing NO in 1 DATA yr (% Fixed Rate Debt (% of total) AVAILABLE of total) 3.8 96.5 22.4 100.0 12.1 98.1 ng Flows Cost of Debt Weighted Av. Interest Rate (%) 2.2 5.9 3.8 Domes�c External Interest Rate Debt Refixing in 1 yr (% of total) 6.9 22.4 13.8 200K 400K FX Risk FX Debt (% of total debt) - - 55.5 ector Debt 0K NO DATA AVAILABLE Re fi Risknancing Risk ATM (years) NO DATA AVAILABLE 96.5 10.8 3.2 7.5 Source: Ministry of Economy, 2021 Fixed Rate Debt (% of total) Source: Ministry of Economy, 100.0 98.1 1 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX 2021 Debt (% of reserves) - - 24.0 Debt Maturing in 1 yr (% of total) 3.8 22.4 12.1 FX Risk FX Debt (% of total debt) - - 55.5 ng Flows 0K Domes�c External Selected International Debt Issuance Interest Rate Debt Refixing in 1 yr (% of total) 6.9 22.4 13.8 200K 2026 NO ST FX Debt (% of reserves) - - 24.0 ector Debt 2022 2024 DATA AVAILABLE 2028 2030 2032 2034 2036 2038 2040 Risk Ministry of Economy, 2021 NO DATA AVAILABLE 96.5 IssueMinistry Source: Date of Economy, 2021 Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Source: Maturity Type Fixed Rate DebtCurrency Currency (% of total) Amount Issued Currency 100.0 Outstanding98.1 Domes�c External 7/22/2021 - / B1 / B+ 14 5.0 NO DATA AVAILABLE 1/22/2035 SINKABLE FX Risk FX DebtEUR 588,140,000 (% of total debt) - 588,140,000 - 55.5 0K Selected Source: International Ministry 1/19/2021 of Economy, / - / B+ Debt B+2021 Issuance 11 4.9 1/19/2032 Source: Ministry of Economy, 2021 SINKABLE EUR 848,491,000 ST FX Debt (% of reserves) - 848,491,000 - 24.0 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 Issue Date 1/19/2021 / Moody's Fitch B+ / - / B+ / S&P Tenor 31 Coupon Rate (%) Maturity 6.9 Date 1/19/2052 Maturity SINKABLE Type Currency EUR Currency Amount Issued Currency 363,639,000 Outstanding 363,639,000 3/26/2019International Selected Domes�c 7/22/2021 -/ B+ / B1 B1u / B+ / B+Debt Issuance 14 7 External 5.0 5.8 NO DATA AVAILABLE 1/22/2035 3/26/2026 SINKABLE EUR 588,140,000 564,170,000 588,140,000 200,678,654 Issue 1/19/2021 Source: Date of Economy, Ministry / Moody's FitchB+ / - / B+ / S&P 2021 Tenor 11 Coupon Rate (%) 4.9 Maturity Date Source: 1/19/2032 Maturity MinistryType SINKABLE Currency of Economy, EUR 2021 Currency Amount Issued Currency 848,491,000 Outstanding 848,491,000 1/19/2021 7/22/2021 -// B+ -/ B1 / B+ B+ 31 14 6.9 5.0 NO DATA AVAILABLE 1/19/2052 1/22/2035 SINKABLE SINKABLE EUR EUR 363,639,000 588,140,000 363,639,000 588,140,000 Selected 3/26/2019 1/19/2021International B+ B+ / - // / B1u B+B+Debt Issuance 7 11 5.8 4.9 3/26/2026 1/19/2032 SINKABLE SINKABLE EUR EUR 564,170,000 848,491,000 200,678,654 848,491,000 1/19/2021 Issue Date Fitch B+ / - / B+ / S&P / Moody's 31 Tenor 6.9 Coupon Rate (%) 1/19/2052 Maturity Date SINKABLE Maturity Type EUR Currency 363,639,000 Currency Amount Issued 363,639,000 Currency Outstanding 020 3/26/2019 Source: 7/22/2021 B+ / 2021 B1u Bloomberg, December -/ B1 / B+ / B+ 7 14 5.8 5.0 3/26/2026 NO DATA AVAILABLE 1/22/2035 SINKABLE EUR 564,170,000 588,140,000 200,678,654 588,140,000 1/19/2021 B+ / - / B+ 11 4.9 1/19/2032 SINKABLE EUR 848,491,000 848,491,000 Selected Domestic / Regional Debt Issuance 1/19/2021 B+ / - / B+ 31 6.9 1/19/2052 SINKABLE EUR 363,639,000 363,639,000 IssueBloomberg, Source: Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 020 3/26/2019 December B+ / 2021 B1u / B+ 7 5.8 3/26/2026 SINKABLE EUR 564,170,000 200,678,654 021 1/8/2021 -/-/- 3 5.9 NO DATA AVAILABLE 1/8/2024 AT MATURITY XOF 54,207,993 54,207,993 Selected 5/26/2020 Source: Domestic -/ Bloomberg, December -// Regional 2021 - Debt5Issuance 6.0 5/26/2025 AT MATURITY XOF 13,342,344 13,342,344 2030 2020 Issue Date 5/26/2020 Fitch / Moody's - / - / - / S&P Tenor 7 Coupon Rate (%) Maturity 6.4 Date 5/26/2027 Maturity Type AT MATURITY Currency XOF Currency Amount Issued Currency 94,437,785 Outstanding 94,437,785 021 1/8/2021Domestic Selected 8/31/2017 - / -//-Regional Debt3 Issuance 6.2 5 5.9 NO DATA AVAILABLE 1/8/2024 8/31/2022 AT MATURITY XOF 54,207,993 22,799,481 54,207,993 22,799,481 11.4 Issue Date 5/26/2020 Fitch / -Moody's / - / - / S&P Tenor 5 Coupon Rate (%) Maturity 6.0 Date 5/26/2025 Maturity AT Type MATURITY Currency XOF Currency Amount Issued Currency 13,342,344 Outstanding 13,342,344 2030 2020 Source: Bloomberg, December 2021 02149.9 5/26/2020 1/8/2021 / -- / -- / / -- 7 3 6.4 5.9 NO DATA AVAILABLE 5/26/2027 1/8/2024 AT AT MATURITY MATURITY XOF XOF 94,437,785 54,207,993 94,437,785 54,207,993 11.8 2030 11.4 Selected 8/31/2017 5/26/2020Domestic / --/ -- / Regional /- - Debt 55Issuance 6.2 6.0 8/31/2022 5/26/2025 AT AT MATURITY MATURITY XOF XOF 22,799,481 13,342,344 22,799,481 13,342,344 7.4 5/26/2020 Issue Date - / - / - / S&P Fitch / Moody's 7 Tenor 6.4 Coupon Rate (%) 5/26/2027 Maturity Date AT MATURITY Maturity Type XOF Currency 94,437,785 Currency Amount Issued 94,437,785 Currency Outstanding 49.9 021 Bloomberg, December-2021 8/31/2017 1/8/2021 Source: /-/- 5 3 6.2 5.9 8/31/2022 AT MATURITY NO DATA AVAILABLE 1/8/2024 XOF 22,799,481 54,207,993 22,799,481 54,207,993 11.4 11.8 5/26/2020 -/-/- 5 6.0 5/26/2025 AT MATURITY XOF 13,342,344 13,342,344 2030 49.9 7.4 5/26/2020 -/-/- 7 6.4 5/26/2027 AT MATURITY XOF 94,437,785 94,437,785 11.8 Source: Bloomberg, December-2021 8/31/2017 /-/- 5 6.2 8/31/2022 AT MATURITY XOF 22,799,481 22,799,481 11.4 7.4 49.9 Source: Bloomberg, December 2021 11.8 7.4 Source: Bloomberg, December 2021 Sub-Saharan Africa | 26 Burkin� Faso Burkina F�so DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 6.0 6.2 6.8 5.7 -2.8 - Low income Infla�on (%) 2.5 2.0 2.4 -3.0 2.2 - Public Debt (% of GDP) 33.3 33.5 37.7 42.7 46.1 48.2 LENDING Net Claims on Govt (% of GDP) -1.2 1.0 0.8 - - - Current Account Balance (% of GDP) -5.9 -4.8 -3.9 -4.4 -3.4 3.2 IDA Primary balance (% of GDP) -2.2 -6.0 -3.3 -2.2 -4.1 3.9 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.6 3.6 3.6 3.5 3.5 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress Mod Mod Mod Mod Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt Burkin� F�so (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) MACROECONOMIC INDICATORS 2012 2013 2014 100201 2015 2016 2017 2018 2019 2020 INCOME Real GDP Growth (%) 6.0 6.2 6.8 5.7 -2.8 50 5 2.5 2.0 5 2.4 -3.0 2.2 Low income Infla�on (%) 10 Public Debt (% of GDP) 33.3 33.5 37.7 42.7 46.1 LENDING Net Claims on Govt (% of GDP) -1.2 1.0 0.8 - 0- Current Account Balance (% of GDP) -5.9 -4.8 -3.9 -4.4 -3.4 IDA Primary balance (% of GDP) -2.2 -6.0 -3.3 -2.2 -4.1 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 Source: M HIPC ELIGIBILITY INSTITUTIONAL CAPACITY 5 0 0 HIPC NO DATA AVAILABLE Ra�ng AVAILABLE NO DATA Overall CPIA 3.6 3.6 3.6 3.5 3.5 Redem FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY CFA Fra FCS Risk of Debt Distress Mod Mod Mod Mod Mod 0 Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 600K 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 400K Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary DeficitNeed and Primary Deficit Gross Financing Contribution to Change in Public Debt Real GDP (Percent of GDP) (Percent ofReal GDP)Interest Rate Change in Public Sector Debt 200K Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0K 5 and Domestic Public Debt Evolution of External10 Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 40 5 0 Select NO DATA AVAILABLE NO DATA AVAILABLE Issue 30 50 0 20 2011 NO 2012 DATA 2013 2014 2015 2016 2017 2018 2019 2020 2021 AVAILABLE 2011 2012 AVAILABLE NO DATA 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�n 10 Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Se Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Evolution of External and Domestic Public Debt Evolution of Financing Sources Select Domes�c (Percent of External GDP) Bilateral Commercial Mul�lateral (Percent of Total) Domes�c Issue 100 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI and Joint WB/IMF Debt Sustainability Analysis, 2021 12/16/ 40 9/23/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 4/29/ DEBT SUSTAINABILITY INDICATORS 4/29/ PV of PPG External Debt-to-GDP30 40 18.7 17.5 17.5 17.7 17.9 18.2 18.4 18.6 18.8 19.1 19.5 4/8/ PV of PPG External Debt-to-Exports 180 66.2 63.2 66.0 70.1 73.5 77.2 81.0 85.2 89.8 94.8 100.4 50 4/8 Debt Service-to-Revenue 20 18 5.6 6.4 5.7 5.5 5.6 5.5 6.5 6.5 6.6 6.5 6.4 2/4 NO DATA AVAILABLE NO DATA AVAILABLE Debt Service-to-Exports 15 3.6 4.3 4.1 4.2 4.5 4.7 5.8 6.1 6.4 6.7 6.9 11/19/ 10 Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Source: B 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 Sub-Saharan Africa | 27 Domes�c External Bilateral Commercial Mul�lateral Domes�c 16 2017 2021 2021 - - - - 48.2 48.2 - - BURKINA FASO 3.2 3.2 3.9 3.9 Burkin - DMF Activities and Selected DeM Reforms - Source: MTI Global Macro and Debt Unit, 2021 DMF Activities Mod Source: MTI Global Macro and Debt Unit, 2021 16 Mod 2017 2021 Debt Management Assessment - Debt Management Assessment (Percent of Sa�sfactory Performance, 2011) - (Percent of Sa�sfactory Performance, 2011) 48.2 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - Selected DeM Reforms 3.2 100 100 3.9 5 50 NO DATA AVAILABLE 5 50 NO DATA AVAILABLE - 0 0 Source: MTI Global Latest DeMPA Macro and Debt Unit, 2021 Regional Average Burkin Mod Latest DeMPA Regional Average DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 Source: MTI Global Macro and Debt Unit, 2021 0 0 Debt Management Assessment Redemption Profile (Percent of Sa�sfactory Performance, 2011) Debt Portfolio Risk Indicators 16 2017 Redemption Profile Debt Portfolio Risk Indicators CFA Francs million Governance Macro Policies Borrowing Cash Flow External Mgmt� Domes Opera�onal Risk & cDebt Recording Total 2021 CFA Francs million External Domes�c Total - 100 Cost of DebtWeighted Av. Interest Rate (%) 0.9 5.9 3.8 Cost of DebtWeighted Av. Interest Rate (%) 0.9 5.9 3.8 - 600K ATM (years) Refinancing Risk 13.5 3.6 7.8 600K ATM (years) Refinancing Risk 13.5 3.6 7.8 1 48.2 1 5 - 50 NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 3.7 19.0 12.6 400K Debt Maturing in 1 yr (% of total) 3.7 19.0 12.6 3.2 ng Flows 400K Interest Rate Debt Refixing in 1 yr (% of total) 4.9 19.0 13.1 ng Flows ector3.9 Interest Rate Debt Refixing in 1 yr (% of total) 4.9 19.0 13.1 Debt 0 NO DATA AVAILABLE Risk Fixed Rate Debt NO(% DATA of AVAILABLE 98.6 total) 100.0 99.4 ector Debt 200K NO DATA AVAILABLE Risk NO DATA AVAILABLE 98.6 200K Fixed Rate Debt (% of total) 100.0 99.4 Latest DeMPA Regional Average FX Risk FX Debt (% of total debt) - - 41.4 0K FX Risk FX Debt (% of total debt) - - 41.4 0K MTI Global Macro and Debt Unit, 2021 Source: ST FX Faso Burkina Debt (% of reserves) - - 19.0 - 2023 2025 2027 2029 2031 2033 2035 2037 2039 2023 2025 2027 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - 19.0 0 Domes Source: External �c Macro and Debt Unit, MTI Global 2021 Mod Redemption Profile Domes�c External Debt Portfolio Risk Indicators Source: Ministry of Economy and Finance, 2021 Source: Ministry of Economy and Finance, 2021 CFA Francs Source: million Ministry of Economy and Finance, 2021 Source: Ministry of Economy and Finance, 2021 External Domes�c Total Debt Management Assessment Cost of Debt Weighted Av. Interest Rate (%) 0.9 5.9 3.8 (Percent of International Selected Debt Issuance Sa�sfactory Performance, 2011) Selected 600K International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Refi nancing Risk Maturity Type ATM (years) Currency Currency Amount Issued13.5 Currency 3.6 Outstanding7.8 1 Issue Date Fitch / Moody's / S&P Governance Coupon Rate (%) Tenor Macro Policies Borrowing Maturity Type Maturity Date Currency CashCurrency Flow Amount Issued Currency Opera�onal Outstanding Risk Mgmt & Debt Recording NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 3.7 19.0 12.6 400K 100 NO DATA AVAILABLE ng Flows Interest Rate Debt Refixing in 1 yr (% of total) 4.9 19.0 13.1 ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE 98.6 Fixed Rate Debt (% of total) 100.0 99.4 200K 5 50 NO DATA AVAILABLE FX Risk FX Debt (% of total debt) - - 41.4 0K 0 2023 2025 2027 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - 19.0 Domes �c Latest DeMPA External Regional Average Source: MTI Source: of Macro Global Ministry and Economy Debt and Unit, 2021 Finance, 2021 Source: Ministry of Economy and Finance, 2021 2020 0 2020 International Selected Domestic Redemption Selected Profile Debt Issuance / Regional Debt Issuance Debt Portfolio Risk Indicators Selected Issue Date Domestic / Regional Debt Fitch / Moody's / S&P Issuance Tenor CFA Datemillion Francs Issue Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Coupon Rate (%) Maturity Date Date Maturity Type Maturity Type Currency Currency Amount Currency Currency Issued Currency Issued AmountExternal Domes Currency Outstanding �c Total Outstanding Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 12/16/2021 -/-/- 1 0.0 NO DATA AVAILABLE NO DATA AVAILABLE 12/14/2022 Cost ofMATURITY AT Debt WeightedXOF 56,940,840 Av. Interest Rate (%) 0.9 56,940,840 5.9 3.8 12/16/2021 Borrowing -/-/- Cash Flow 1 Opera�0.0 NO 12/14/2022 onal Risk Mgmt & Debt DATA AVAILABLE Recording AT MATURITY XOF 56,940,840 56,940,840 600K 9/23/2021 -/-/- 1 0.0 9/21/2022 Re fiAT MATURITY nancing Risk ATM XOF (years) 81,462,745 13.5 81,462,745 3.6 7.8 2030 9/23/2021 -/-/- 1 0.0 9/21/2022 AT MATURITY XOF 81,462,745 81,462,745 2030 4/29/2021 -/-/- 3 5.6 4/29/2024 AT MATURITY XOF 26,784,400 26,784,400 4/29/2021 -/-/- 3 5.6 4/29/2024 AT MATURITY Debt Maturing XOF of total) in 1 yr (%26,784,400 3.7 19.0 26,784,400 12.6 400K 4/29/2021 -/-/- 5 5.8 4/29/2026 AT MATURITY XOF 95,130,800 95,130,800 ng Flows 19.5 4/29/2021 -/-/- 5 5.8 4/29/2026 AT MATURITY Interest Rate Debt Re XOF 95,130,800 fixing in 1 yr (% of total) 4.9 95,130,800 19.0 13.1 19.5 NO DATA AVAILABLE 4/8/2021 -/-/- 5 6.1 4/8/2026 AT MATURITY XOF 51,161,781 51,161,781 ector Debt 100.4 4/8/2021 - / - / - NO DATA AVAILABLE 5 6.1 4/8/2026 RiskAT MATURITY Fixed XOF Rate Debt NO (% DATA of AVAILABLE 51,161,781 total) 98.6 51,161,781 99.4 100.0 200K4/8/2021 -/-/- 7 6.3 4/8/2028 AT MATURITY XOF 108,775,580 108,775,580 100.4 4/8/2021 -/-/- 7 6.3 4/8/2028 AT MATURITY XOF 108,775,580 108,775,580 6.4 2/4/2021 -/-/- 5 6.3 2/4/2026 AT MATURITY FX Debt FX Risk (% of total debt)60,285,390 XOF - - 60,285,390 41.4 6.4 0K 2/4/2021 -/-/- 5 6.3 2/4/2026 AT MATURITY XOF 60,285,390 60,285,390 6.9 11/19/2020 2023 - / - / 2025- / - / - 2027 2029 3 2031 3 2033 6.2 2035 6.2 2037 11/19/2023 2039 AT MATURITY ST FX XOF Debt (% of 50,465,123 reserves) - 50,465,123 - 19.0 6.9 11/19/2020 - 11/19/2023 AT MATURITY XOF 50,465,123 50,465,123 2020 Source: Bloomberg, December 2021 Domes�c December 2021 Source: Bloomberg, External Selected Domestic / Regional Debt Issuance Source: Ministry of Economy and Finance, 2021 Source: Ministry of Economy and Finance, 2021 Issue Fitch / Moody's Date Portfolio Debt Risk / S&P Tenor Indicators Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 12/16/2021 -/-/- 1 0.0 NO DATA 12/14/2022 AVAILABLE AT MATURITY XOF 56,940,840 56,940,840 Selected International Debt Issuance External Domes�c Total 9/23/2021 -/-/- 1 0.0 9/21/2022 AT MATURITY XOF 81,462,745 81,462,745 2030 IssueCost Dateof Debt Weighted Fitch / Moody's / Av. S&P Interest Rate (%) Tenor 0.9 Rate (%)5.9Maturity Date Coupon 3.8 Maturity Type Currency Currency Amount Issued Currency Outstanding 4/29/2021 -/-/- 3 5.6 4/29/2024 AT MATURITY XOF 26,784,400 26,784,400 Refinancing Risk ATM (years) 13.5 3.6 NO DATA 7.8 AVAILABLE 4/29/2021 -/-/- 5 5.8 4/29/2026 AT MATURITY XOF 95,130,800 95,130,800 19.5 Debt 4/8/2021 - / - / Maturing - 5total) in 1 yr (% of 3.7 6.1 19.0 4/8/2026 12.6 AT MATURITY XOF 51,161,781 51,161,781 100.4 Interest Rate Debt 4/8/2021 - - fixing in 1 yr (% of 7 / - / Re total) 4.9 6.3 13.1 19.0 4/8/2028 AT MATURITY XOF 108,775,580 108,775,580 6.4 Risk 2/4/2021 -/-/- Fixed NO DATA AVAILABLE 98.6 6.3 5 Rate Debt (% of total) 100.0 2/4/2026 99.4 AT MATURITY XOF 60,285,390 60,285,390 6.9 11/19/2020 FX Risk - FX/- / - (% of total debt) 3 Debt - 6.2 - 11/19/2023 41.4 AT MATURITY XOF 50,465,123 50,465,123 Source: Bloomberg, December 2021 7 2039 ST FX Debt (% of reserves) - - 19.0 2020 Source: Ministry of Economy and Finance, 2021 Sub-Saharan Africa | 28 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Burundi Burundi DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) -0.6 0.5 1.6 1.8 -1.0 1.6 Low income Infla�on (%) 1.0 11.4 -2.9 0.8 11.9 - Public Debt (% of GDP) 46.1 46.9 53.0 60.3 67.0 72.4 LENDING Net Claims on Govt (% of GDP) 18.2 20.0 24.4 28.8 32.6 - Current Account Balance (% of GDP) -11.1 -11.7 -11.4 -11.6 -10.4 -15.4 IDA Primary balance (% of GDP) -6.5 -4.3 -5.1 -4.1 -3.7 -4.9 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.0 2.9 2.9 2.9 2.9 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 20 10 10 0 Source: M 10 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 Redem 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 60 100 Select Issue D 40 50 No data available 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI and Joint WB/IMF Debt Sustainability Analysis, 2021 11/11/ 11/11/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10/21/ DEBT SUSTAINABILITY INDICATORS 10/21/ PV of PPG External Debt-to-GDP 11.9 13.6 12.9 12.3 11.7 11.1 10.5 9.7 9.0 8.3 7.7 8/26/ PV of PPG External Debt-to-Exports 132.9 143.5 132.8 124.8 117.4 110.0 105.7 98.1 90.8 83.7 76.6 8/26/ Debt Service-to-Revenue 4.1 3.3 5.6 5.1 4.9 4.3 4.0 5.5 5.2 5.0 4.7 5/27/ Debt Service-to-Exports 8.5 6.8 11.1 10.1 9.6 8.3 7.8 10.9 10.3 10.0 9.4 4/8/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 29 1.6 - 72.4 - -15.4 -4.9 BURUNDI Burun Cabo Verde Burun - DMF Activities and Selected DeM Reforms DMF Activities Source: and MTI Global Macro Unit, 2021 DeM Reforms Selected and Debt High 16 2017 DMF Activities 16 2021 2017 Debt Management Assessment 1.6 2021 (Percent of Sa�sfactory Performance, 2012) 1.6- 72.4 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 72.4- 100 -15.4- Selected DeM Reforms -4.9 -15.4 -4.9 50 NO DATA AVAILABLE 10 - 0 - Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 High Source: Global MTIMTI Source: Macro Global andand Macro Debt Unit, Debt 2021 Unit, 2021 High Debt Management Assessment 0 Redemption Debt Management (Percent Profile of Sa�sfactory Assessment Performance, 2012) Debt Portfolio Risk Indicators (Percent of Sa�sfactory Performance, 2012) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Cost Borrowing of Debt Weighted Av.Cash Flow Rate (%) Interest 1.0�onal Risk Mgmt Opera 3.8 3.1 & Debt Recording 100 100 Refinancing Risk ATM (years) - - - 1 50 Debt Maturing in 1 yr (% of total) - - - ng Flows NO DATA AVAILABLE 50 NO DATA AVAILABLE Interest Rate NO DATA AVAILABLE Debt Refixing in 1 yr (% of total) - - - ector Debt 0 NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - - 10 10 0 FX Risk FX Debt (% of total debt) - - 26.9 Latest DeMPA Previous DeMPA Regional Average Regional Average Source: MTI Latest DeMPA Global Macro and Debt Unit, 2021 Previous DeMPA Regional Average ST FX Debt (% of reserves) - - - Source: MTI Global Macro and Debt Unit, 2021 0 Redemption Profile Debt Portfolio Risk Indicators Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 0 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators Selected International Debt IssuanceExternal Domes�c Total ExternalCost of Debt Weighted Av. Domestic Interest Rate (%) 1.0 Total 3.8 3.1 Cost of Cost of Debt Debt Weighted Av. Interest Rate (%) Weighted Av. Interest0.8 Rate 4.5 (%) Rate 1.8 Cost 1.0 Refi of Debt Weighted Av. Interest (years) 3.8 Rate (%) 1.0 3.8 3.1 Issue Date Fitch / Moody's / S&P Tenor Coupon (%) Maturity Date nancing Risk Maturity Type ATMCurrency Currency Amount Issued - Currency3.1 - Outstanding - 1 Refinancing Risk ATM (years) ATM (years) - - - Refinancing NO DATA- AVAILABLE Risk ATM (years) - - - Debt Maturing in- 1 yr (% of total) - - - - 1ng Flows Refinancing Risk 1 yr (% Debt Maturing in Debt of total) in 1 yr (% Maturing - of total) - - - Interest Rate Debt Maturing Debt Refixing inin 1-1 yryr (%(% of of total) total) - - - - - - - ng Flows NO DATA of AVAILABLE NO DATA ector Debt Interest Rate Debt Refixing in yr 1Debt(%Refixing total)in 1 yr (% -of total) - - - Risk Interest Rate Fixed Re Debt fixing Rate in Debt 1 - yr (% of(% of AVAILABLE total) total) - - - - - - - ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% of AVAILABLE - total) - - Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - FX Risk Fixed FX Debt Rate (%Debt (% - debt) of total of total) - - - -- - 26.9 FX Risk FXdebt) FX Debt (% of total - Debt (% of total debt) - 70.4 - FX Risk FX FX ST Debt of total (% (% Debt of - debt) reserves) - - 26.9- - 26.9 - FX Risk ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - - - ST FX Debt (% of - reserves) - - - - Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 International Selected Domestic Debt Issuance / Regional Debt Issuance Issue Date International Selected / S&P Issuance Fitch / Moody'sDebt Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Maturity Date Maturity Issue 11/11/2021 - / - / - / Currency Fitch /Currency Date Type Moody's S&P Amount 5 Issued Coupon Tenor Currency Outstanding Rate 6.0 (%) Maturity Date NO DATA 11/11/2026 Maturity AVAILABLE Type AT MATURITY Currency BIF Currency Amount 500,830Issued Currency Outstanding 500,830 NO DATA AVAILABLE 11/11/2021 -/-/- 10 8.0 NO DATA AVAILABLE 11/11/2031 AT MATURITY BIF 3,004,980 3,004,980 2030 10/21/2021 -/-/- 1 0.0 10/20/2022 AT MATURITY BIF 1,507,500 1,507,500 10/21/2021 -/-/- 8 7.0 10/21/2029 AT MATURITY BIF 502,500 502,500 7.7 8/26/2021 -/-/- 2 5.0 8/26/2023 AT MATURITY BIF 504,161 504,161 76.6 8/26/2021 -/-/- 3 5.0 8/26/2024 AT MATURITY BIF 1,512,483 1,512,483 4.7 5/27/2021 -/-/- 1 0.0 5/26/2022 AT MATURITY BIF 1,012,568 1,012,568 9.4 4/8/2021 -/-/- 3 5.0 4/8/2024 AT MATURITY BIF 511,293 511,293 2020 Source: Bloomberg, December 2021 2020 Selected Domestic / Regional Debt Issuance Issue Date Domestic Selected / Regional Fitch / Moody's / S&P Debt Issuance Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Maturity Date Maturity Issue 11/11/2021 - / - / - / Currency Fitch /Currency Date Type Moody's S&P Amount 5 Issued Coupon Tenor Currency Outstanding Rate 6.0 (%) Maturity Date NO DATA 11/11/2026 Maturity AVAILABLE Type AT MATURITY Currency BIF Currency Amount 500,830Issued Currency Outstanding 500,830 NO DATA AVAILABLE 11/11/2021 -/-/- 5 10 6.0 8.0 NO DATA AVAILABLE 11/11/2026 11/11/2031 AT MATURITY BIF 500,830 3,004,980 500,830 3,004,980 2030 11/11/2021 10/21/2021 -/-/- 10 1 8.0 0.0 11/11/2031 10/20/2022 AT MATURITY BIF 3,004,980 1,507,500 3,004,980 1,507,500 2030 10/21/2021 -/-/- 1 8 0.0 7.0 10/20/2022 10/21/2029 AT MATURITY BIF 1,507,500 502,500 1,507,500 502,500 7.7 10/21/2021 8/26/2021 -/-/- 8 2 7.0 5.0 10/21/2029 8/26/2023 AT MATURITY BIF 502,500 504,161 502,500 504,161 7.7 76.6 8/26/2021 -/-/- 2 3 5.0 8/26/2023 8/26/2024 AT MATURITY BIF 504,161 1,512,483 504,161 1,512,483 76.6 4.7 8/26/2021 5/27/2021 -/-/- 3 1 5.0 0.0 8/26/2024 5/26/2022 AT MATURITY BIF 1,512,483 1,012,568 1,512,483 1,012,568 4.7 9.4 5/27/2021 4/8/2021 -/-/- 1 3 0.0 5.0 5/26/2022 4/8/2024 AT MATURITY BIF 1,012,568 511,293 1,012,568 511,293 9.4 4/8/2021 Source: - 2021 Bloomberg, December /-/- 3 5.0 4/8/2024 AT MATURITY BIF 511,293 511,293 Source: Bloomberg, December 2021 Sub-Saharan Africa | 30 C�bo Verde Cabo V�rd� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 4.7 3.7 4.5 5.7 -6.8 - Lower middle income Infla�on (%) -0.2 0.7 1.5 0.6 1.1 - Public Debt (% of GDP) 128.4 127.2 125.6 125.0 137.5 134.8 LENDING Net Claims on Govt (% of GDP) 18.1 18.8 18.0 - - - Current Account Balance (% of GDP) 1.1 5.1 2.9 -2.5 11.9 6.7 Blend Primary balance (% of GDP) -0.5 -0.4 -0.1 0.7 -7.0 3.8 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.7 3.7 3.8 3.8 3.8 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 15 10 10 0 10 Source: M 0 0 5 NO DATA AVAILABLE NO DATA AVAILABLE Redem -10 -10 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 Select Issue 100 50 50 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 55 69.2 65.8 63.8 59.9 55.5 52.0 48.7 45.7 42.7 39.6 37.1 PV of PPG External Debt-to-Exports 240 244.3 194.8 170.9 149.0 129.4 116.4 105.6 95.1 87.0 79.2 72.8 Debt Service-to-Revenue 23 14.4 17.7 19.1 17.9 16.8 15.0 15.3 14.6 14.4 14.6 13.1 Debt Service-to-Exports 21 12.5 13.4 13.7 12.4 11.0 9.6 9.4 8.6 8.3 8.3 7.4 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sub-Saharan Africa | 31 CABO VERDE Cabo Verde Cabo DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - - 134.8 - Selected DeM Reforms 6.7 3.8 - Source: MTI Global Macro and Debt Unit, 2021 High Debt Management Assessment (Percent of Sa�sfactory Performance, 2016) Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 50 NO DATA AVAILABLE NO DATA AVAILABLE 10 0 Regional Average Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 0 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators External Domes�c Total External Domestic External Total Domes �c Total -10 Cost of Cost of Debt Debt Weighted Av. Interest Av. Interest0.8 Rate (%) Weighted Rate (%) 4.5 1.8 0.8 Cost of Debt Weighted Av. Interest 4.5 Rate (%) 0.8 4.5 1.8 1.8 Refinancing Risk ATM (years) ATM (years) - - - - Refinancing Risk ATM (years) - - - - - 1 Refinancing Risk 1 yr (% Debt Maturing in Debt - of total) of total) in 1 yr (% Maturing - - - Debt Maturing in- 1 yr (% of total) - - - - ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - - Interest Rate - yr (% of total) Debt Refixing in 1 - - - - ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% of AVAILABLE - total) - - Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - of total) Fixed Rate Debt (% - - - - FX Risk FXdebt) FX Debt (% of total - Debt (% of total debt) - 70.4 - FX Risk - debt) FX Debt (% of total - - 70.4 70.4 FX Risk ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - - - ST FX Debt (% of - reserves) - - - - Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected International Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE NO DATA AVAILABLE 2030 37.1 72.8 13.1 7.4 Sub-Saharan Africa | 32 Cameroon C�m�roon DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 4.6 3.5 4.1 3.9 -2.8 - Lower middle income Infla�on (%) 1.1 1.5 1.6 2.0 1.2 - Public Debt (% of GDP) 33.3 37.7 39.5 41.7 43.5 46.2 LENDING Net Claims on Govt (% of GDP) 1.3 1.3 2.8 - - - Current Account Balance (% of GDP) -2.1 -1.9 -2.5 -3.4 -4.4 2.8 Blend Primary balance (% of GDP) -5.3 -4.2 -1.6 -2.5 -2.9 2.1 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.2 3.3 3.3 3.3 3.3 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2020; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 10 10 10 50 0 5 5 Source: M 5 NO DATA AVAILABLE NO DATA AVAILABLE Redem 0 0 CFA Fra 1000K 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit 500K Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: C 100 40 Select Issue 30 7/7/ 50 20 NO DATA AVAILABLE NO DATA AVAILABLE 10 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 12/17/ 11/26/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10/29/ DEBT SUSTAINABILITY INDICATORS 7/30/ PV of PPG External Debt-to-GDP 40 28.7 26.6 25.9 24.6 23.3 22.6 22.3 21.7 21.3 20.9 20.4 4/30/ PV of PPG External Debt-to-Exports 180 198.0 166.6 155.5 146.5 138.0 133.9 135.8 132.7 132.9 132.4 131.3 2/26/ Debt Service-to-Revenue 18 17.0 15.2 15.6 18.6 17.1 14.6 11.2 12.1 10.8 11.0 11.2 10/23/ Debt Service-to-Exports 15 16.4 15.3 15.5 18.4 17.1 14.7 11.4 12.4 11.2 11.6 11.9 10/9/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 33 Came - DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 High CAMEROON 16 2017 2021 Debt Management Assessment - (Percent of Sa�sfactory Performance, 2019) - Came Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 46.2 - DMF 100 Activities and Selected DeM Reforms 2.8 2.1 10 DMF Activities 50 NO DATA AVAILABLE 16 2017 2021 - 0 - - 5 46.2 Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 - Selected DeM Reforms High Source: MTI Global Macro and Debt Unit, 2021 2.8 2.1 Debt Management Assessment Redemption Profile Debt Portfolio Risk Indicators 0 (Percent of Sa�sfactory Performance, 2019) CFA Francs million External Domes�c Total Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Afgha - Cost of Debt Weighted Av. Interest Rate (%) - - 2.3 1000K 100 DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 Refinancing Risk ATM (years) 8.9 3.3 7.3 1 High 10 Debt Maturing in 1 yr (% of total) - - 10.7 ng Flows 50 NO DATA AVAILABLE 500K Management Assessment Debt Interest Rate Debt Refixing in 1 yr (% of total) - - 24.4 16 2017 ector Debt 2021 NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - 84.7 (Percent 0 of Sa�sfactory Performance, 2019) - FX Risk FX Debt (% ofCash total debt) -�onal Risk Mgmt & 71.7 - Debt Recording Governance Macro Policies Borrowing Flow Opera 5 - 0K Latest DeMPA Previous DeMPA Regional Average 8.6 100 MTI Global 2024 2022 Macro 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 18.2 Source: and Debt Unit, 2021 - -10.7 Domes�c External 10 2.4 50 Redemption Pro Source: Caisse autonome file d’amortissement, 2021 Debt NO DATA AVAILABLE Portfolio Source: Caisse Risk autonome d’amor Indicators tissement, 2021 0 CFA Francs million External Domes�c Total 0 Selected International Debt Issuance Cost of Debt Weighted Av. Interest Rate (%) - - 2.3 1000K 5 - Issue Date Fitch / Moody's / S&P Latest DeMPA Tenor Previous DeMPA Coupon Rate (%) Maturity Date Refi Regional Average Maturity Type ATM nancing Risk Currency (years) Currency Amount Issued 8.9 Currency 3.3 Outstanding7.3 1 7/7/2021 Source: MTIMTI Source: Global Macro Global and Macro / B and- /Debt Debt B- Unit, 2021 Unit, 2021 11 6.0 NO DATA AVAILABLE 7/7/2032 SINKABLE EUR 808,320,550 808,320,550 Debt Maturing in 1 yr (% of total) - - 10.7 High ng Flows 500K Interest Rate Debt Refixing in 1 yr (% of total) - - 24.4 ector Debt Redemption ProfileAssessment Debt Management NO DATA AVAILABLE Risk Portfolio Risk Indicators Debt NO DATA AVAILABLE Fixed Rate Debt (% of total) - - 84.7 0 of million CFA Francs (Percent Sa�sfactory Performance, 2021) External Domes�c Total FX Risk FX Debt (% of total debt) - - 71.7 0K Governance Macro Policies Cost Borrowing of Debt Interest Weighted Av.Cash Flow Rate (%) - Debt Recording -�onal Risk Mgmt & Opera 2.3 1000K ST FX Debt (% of reserves) - - 18.2 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 100 Refinancing Risk ATM (years) 8.9 3.3 7.3 1 Domes�c External Debt Maturing in 1 yr (% of total) - - 10.7 ng Flows Source: 2020 50 Caisse autonome d’amortissement, 2021 500K NO DATA AVAILABLE Source: InterestCaisse Rateautonome d’amor Debt Refitixing ssement, in 12021 yr (% of total) - - 24.4 ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - 84.7 2 Selected Selected Domestic / Regional International Debt Issuance Debt Issuance 0 Issue FX Risk FX Debt - 71.7 (% of total debt) Amount Issued - Currency Outstanding 0K Date Issue Date Fitch / Fitch / Moody's Moody's / / S&P S&P Tenor Tenor Coupon Rate (%) (%) Maturity Coupon Rate Maturity Date Date Maturity Type Maturity Type Currency Currency Currency Currency Amount Issued Currency Outstanding 021 12/17/2021 Latest 7/7/2021 2022DeMPA2024 / B- - B- / / -- 2026 / 2028 Average 2034 3.4 2 2032 Regional 2030 11 2036 6.0 NO DATA AVAILABLE 2038 12/17/2023 NO DATA 2040 7/7/2032 AVAILABLE AT MATURITY ST FX Debt SINKABLE XAF (% of reserves) EUR 34,356,600 808,320,550 - - 34,356,600 808,320,550 18.2 11/26/2021 Source: MTI Global Macro and-/ -/- Debt Unit, 2021 6 5.9 11/26/2027 AT MATURITY XAF 55,373,220 55,373,220 2030 Domes�c External 0 10/29/2021 -/-/- 3 3.7 10/29/2024 AT MATURITY XAF 53,652,550 53,652,550 Source: Caisse autonome d’amortissement, 2021 Source: Caisse autonome d’amortissement, 2021 7/30/2021 Redemption Pro-fi -/- /le 1 0.0 7/29/2022 AT MATURITY Debt XAF Indicators Portfolio Risk 36,163,400 36,163,400 20.4 4/30/2021 -/-/- 5 5.5 4/30/2026 AT MATURITY XAF 55,000,800 External 55,000,800 Domes �c Total 131.3 Selected 2/26/2021 International -/-/- Debt Issuance 5 5.5 2/26/2026 AT MATURITY XAF 92,156,000 92,156,000 Issue Date Fitch / Moody's Cost of Debt Type Weighted Av. Interest Rate (%) 0.5 Currency Outstanding - 0.5 11.2 -2 10/23/2020 - / - / - / S&P Tenor 10 Coupon Rate (%) 7.0 Maturity Date 10/23/2030 Maturity AT MATURITY Currency XAF Currency Amount 36,097,800 Issued 36,097,800 7/7/2021 B- / NO DATA Refinancing AVAILABLE Risk ATM (years) - - - 11.9 10/9/2020 / B- / -- / - 11 6 6.0 6.0 7/7/2032 10/9/2026 SINKABLE AT MATURITY EUR XAF 808,320,550 63,038,850 808,320,550 63,038,850 1 Source: Bloomberg, December 2021 Debt Maturing in 1 yr (% of total) - - - 2020 ng Flows Interest Rate Debt Refixing in 1 yr (% of total) - - - ector Debt Selected Domestic / Regional NO DATADebt Issuance AVAILABLE Risk Fixed Rate Debt (% of total) NO DATA AVAILABLE - - - Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding FX Risk FX Debt (% of total debt) - - 100.0 021 12/17/2021 -/-/- 2 3.4 NO DATA AVAILABLE 12/17/2023 AT MATURITY XAF 34,356,600 34,356,600 ST FX Debt (% of reserves) - - - 11/26/2021 -/-/- 6 5.9 11/26/2027 AT MATURITY XAF 55,373,220 55,373,220 2030 10/29/2021 -/-/- 3 3.7 10/29/2024 AT MATURITY XAF 53,652,550 53,652,550 2020 7/30/2021 -/-/- 1 0.0 7/29/2022 ATWB Source: MATURITY XAFWB/IMF Debt Sustainability Staff Calculations: Joint 36,163,400 Analysis, 2021 36,163,400 20.4 4/30/2021 -/-/- 131.3 Selected Domestic / Regional Debt5Issuance 5.5 4/30/2026 AT MATURITY XAF 55,000,800 55,000,800 2/26/2021 Selected -/-/- 5 5.5 2/26/2026 AT MATURITY XAF 92,156,000 92,156,000 Fitch / Moody'sDebt Issue Date International / S&P Issuance Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 11.2 10/23/2020 - / - / - / S&P 10 7.0 10/23/2030 AT MATURITY XAF 36,097,800 36,097,800 021 Issue Date 12/17/2021 Fitch / Moody's -/-/- Tenor 2 Coupon Rate (%) 3.4 Maturity NO DATADate 12/17/2023 Maturity AVAILABLE Type AT MATURITY Currency XAF Currency Amount Issued 34,356,600 Currency Outstanding 34,356,600 11.9 10/9/2020 -/-/- 6 6.0 10/9/2026 AT MATURITY XAF 63,038,850 63,038,850 11/26/2021 -/-/- 6 5.9 NO DATA 11/26/2027 AVAILABLE AT MATURITY XAF 55,373,220 55,373,220 2030 Source: Bloomberg, December 2021 10/29/2021 -/-/- 3 3.7 10/29/2024 AT MATURITY XAF 53,652,550 53,652,550 7/30/2021 -/-/- 1 0.0 7/29/2022 AT MATURITY XAF 36,163,400 36,163,400 20.4 4/30/2021 -/-/- 5 5.5 4/30/2026 AT MATURITY XAF 55,000,800 55,000,800 131.3 2/26/2021 -/-/- 5 5.5 2/26/2026 AT MATURITY XAF 92,156,000 92,156,000 11.2 10/23/2020 -/-/- 10 7.0 10/23/2030 AT MATURITY XAF 36,097,800 36,097,800 11.9 10/9/2020 -/-/- 6 6.0 10/9/2026 AT MATURITY XAF 63,038,850 63,038,850 Source: Bloomberg, December 2021 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Sub-Saharan OutstandingAfrica | 34 Currency 021 NO DATA AVAILABLE C�ntr�l African Central Afric�n Republic R�public DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 4.7 4.5 3.8 3.0 0.0 - Low income Infla�on (%) 3.0 6.4 1.3 2.4 2.0 - Public Debt (% of GDP) 53.9 50.3 50.0 47.2 46.8 44.1 LENDING Net Claims on Govt (% of GDP) 15.9 14.4 16.8 - - - Current Account Balance (% of GDP) 5.0 7.7 7.8 4.8 7.4 5.9 IDA Primary balance (% of GDP) 1.6 -0.7 -0.6 1.8 -2.1 1.0 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 2.4 2.5 2.6 2.6 2.6 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 6 20 20 50 4 0 10 10 2 Source: M NO DATA AVAILABLE NO DATA AVAILABLE 0 0 0 Redem -2 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 60 Select Issue 40 50 NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 10/22/ 8/20/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 6/11/ DEBT SUSTAINABILITY INDICATORS 5/7/ PV of PPG External Debt-to-GDP 30 20.2 20.2 19.4 18.6 17.7 16.8 16.2 15.2 14.4 14.0 13.9 PV of PPG External Debt-to-Exports 140 147.9 142.3 129.2 123.9 118.1 110.0 103.0 95.1 89.9 87.2 86.4 Debt Service-to-Revenue 14 10.5 9.3 11.9 11.6 14.8 16.5 18.2 19.2 16.4 12.9 10.2 Debt Service-to-Exports 10 6.6 6.1 8.1 8.3 10.8 12.0 13.1 13.8 11.9 9.4 7.6 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 35 - - 44.1 - - 5.9 1.0 CENTRAL AFRICAN REPUBLIC Source: MTI Global Macro and Debt Unit, 2021 High Debt Management Assessment Central African Republic Centr - (Percent of Sa�sfactory Performance, 2011) DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording High 100 DMF Activities 16 2017 Debt Management Assessment 20 2021 (Percent 50 of Sa�sfactory Performance, 2011) - NO DATA AVAILABLE Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 44.1 0 100 10 - Selected DeM Reforms 5.9 20 Latest DeMPA Previous DeMPA Regional Average 1.0 50 MTI Global Macro and Debt Unit, 2021 Source: NO DATA AVAILABLE 0 0 Redemption Profile Debt Portfolio Risk Indicators Centr 10 - Latest DeMPA Previous DeMPA Regional Average External Domes�c Total DMF Activities Source: Source: MTIMTI Global Global and Macro Macro and and Debt Selected Debt Unit, Unit, 20212021 DeM Reforms Cost of Debt Weighted Av. Interest Rate (%) 0.5 1.8 0.8 High Refinancing Risk ATM (years) - - - 1 0 Debt Management Redemption ProfileAssessment Debt Portfolio Risk Indicators 16 2017 Debt Maturing in 1 yr (% of total) - - - 2021 ng Flows (Percent of Sa�sfactory Performance, 2011) Interest Rate Debt Refixing in 1 yr (% of total) External - Domes�- c Total - - ector Debt Borrowing Governance NO Cash DATA AVAILABLE Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Risk Cost of Debt Borrowing Weighted Av. NO Interest Cash DATA Flow RateAVAILABLE (%) 0.5 Opera 1.8 �onal Risk Mgmt 0.8 & Debt Recording - Fixed Rate Debt (% of total) - - - 44.1 100 FX fi Re nancing Risk ATM Risk FX Debt(years) (% of total debt) - - - - 76.5 - 1 - ST FX Maturing Debt Debt (% of 1 yr (% of total) inreserves) - - - - - - 205.9 ng Flows 50 NO DATA AVAILABLE 1.0 NO DATA AVAILABLEInterest Rate Debt Re fi xing in 1 yr (% of total) - - - ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE - Fixed Rate Debt (% of total) - - 0 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 FX Risk FX Debt (% of total debt) - - 76.5 10 - Centr Regional Average Latest DeMPA Previous DeMPA Regional Average ST FX Debt (% of reserves) - - - Selected International Debt Issuance Source: Global MTIMTI Macro Debt andand Unit, 2021 High DMF Activities Source: Issue Date Fitch /and Global Selected Macro Moody's / S&P DeM Debt Reforms Unit, Tenor 2021 Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 0 Debt Portfolio Redemption Debt Management ProRisk Indicators fileAssessment Debt Portfolio Risk Indicators 16 2017 External Domes�c Total External Domestic External Total Domes �c Total (Percent of Sa�sfactory Performance, Selected International Debt Issuance 2011) 2021 Cost of Cost Debt of Debt Weighted Av. Interest Rate (%) Weighted Av. Interest0.5 MacroRate 1.8 (%) Rate 0.8 0.5 Cost of Debt Weighted Av.Cash Interest Flow Rate (%) 0.5�onal Risk Mgmt 1.8 0.8 - Issue Date Fitch / Moody's / S&P Governance Tenor Coupon Policies (%) Maturity Date Borrowing Maturity Type Currency 1.8 Currency Amount Issued Opera Currency0.8 Outstanding & Debt Recording - Refinancing Risk ATM (years) ATM (years) - - - Re financing Risk ATM (years) - - - 100 NO DATA- AVAILABLE - - 1 44.1 Refinancing Risk 1 yr (% Debt Maturing in Debt of total) - Maturing in 1 yr (% of total) - - - Debt Maturing in- 1 yr (% of total) - - - - 20 - ng Flows 5.9 Interest 50 Rate Debt Refixing in 1Debt yr (%Refixing of total)in 1 yr (% -of total) - - Interest Rate - yr (% of total) Debt Refixing in 1 - - - - NO DATA - AVAILABLE ector 1.0 Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% of AVAILABLE - total) - - Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - of total) Fixed Rate Debt (% - - - - 2020 FX0Risk FX Debt (% of total FXdebt) - Debt (% of total debt) - 76.5 - FX Risk - debt) FX Debt (% of total - - 76.5 76.5 10 Selected FX Risk Domestic / Regional Debt Issuance ST FX Debt (% of reserves) - - - Average Latest DeMPA ST FX Debt (% of Previous reserves) DeMPA Regional - reserves) ST FX Debt (% of - - - - - - Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Source: MTI Global Macro and Debt Unit, 2021 021 10/22/2021 Source: Staff WB MTI Source: - and Calculations: Global Macro /-/ Joint - Unit, Debt WB/IMF Debt 3 Analysis, 2021 2021Sustainability 6.3 NO DATA AVAILABLE 10/22/2024 AT MATURITY XAF 10,638,960 10,638,960 2020High 8/20/2021 Source: -/ WB Staff Calculations: -/- Joint 2 Analysis, 2021 WB/IMF Debt Sustainability 6.2 8/20/2023 ATWB Source: MATURITY 27,251,211 XAFWB/IMF Debt Sustainability Staff Calculations: Joint Analysis, 2021 27,251,211 2030 0 Redemption 6/11/2021 Pro-fi /le -/ - / Regional Debt Portfolio Risk XAF Indicators Selected Debt Domestic Management Assessment Debt1Issuance 0.0 AT MATURITY 6/10/2022 11,066,100 11,066,100 Selected External Domes �c Total of International 5/7/2021 - / - / - Debt Issuance 3 6.5 5/7/2024 AT MATURITY XAF 22,226,640 22,226,640 13.9 Issue Date (Percent Sa�Fitch / Moody's sfactory / S&P 2011) Tenor Performance, Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Maturity Date Maturity Issue Date Type Fitch /Currency Moody's / Currency S&P Amount Tenor Issued Currency Coupon Outstanding Rate (%) Maturity Date Cost of Debt Type Weighted Maturity Av. Interest Currency CurrencyRate (%) Amount 0.5 Currency 1.8 Issued Outstanding 0.8 021 86.4 10/22/2021 -/-/- Governance 3 Macro Policies 6.3 NO DATA 10/22/2024 AVAILABLE Borrowing AT MATURITY XAF Cash Flow 10,638,960 Opera�onal Risk Mgmt10,638,960 & Debt Recording NO DATA AVAILABLE 8/20/2021 -/-/- 2 6.2 NO DATA 8/20/2023 Re fi AVAILABLEnancing Risk AT MATURITY ATM (years) XAF 27,251,211 - - 27,251,211 - 1 2030 10.2 100 6/11/2021 -/-/- 1 0.0 6/10/2022 AT MATURITY Debt Maturing XAF of total) in 1 yr (%11,066,100 - - 11,066,100 - 7.6 ng Flows 20 5/7/2021 -/-/- 3 6.5 5/7/2024 AT MATURITY Interest Rate Debt ReXAF 22,226,640 fixing in 1 yr (% of total) - 22,226,640 - - 13.9 50 Bloomberg, December 2021 Source: ector Debt NO DATA AVAILABLE NO DATA AVAILABLERisk NO DATA AVAILABLE - Fixed Rate Debt (% of total) - - 86.4 0 FX Risk FX Debt (% of total debt) - - 76.5 10.2 10 ST FX Debt (% of reserves) - - - 7.6 Latest DeMPA Previous DeMPA Regional Average Source: Bloomberg, Source: and 2021 December MTI Global Macro Debt Unit, 2021 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 0 Selected Domestic Redemption Profile / Regional Debt Issuance Debt Portfolio Risk Indicators Maturity Date Date International Selected Maturity Issue Moody'sDebt Type Fitch /Currency S&P Issuance / Currency Amount Tenor Currency Issued Coupon Outstanding Rate (%) Maturity Date Maturity Type Issued Currency Currency Amount External Currency Domes Outstanding �c Total 021 NO DATA AVAILABLE 10/22/2024 Issue Date - / - / S&P Fitch / Moody's AT MATURITY 10/22/2021 - /XAF Tenor 10,638,960 3 Coupon Rate 10,638,960 6.3 (%) Maturity Date NO DATA 10/22/2024 Maturity AVAILABLE AT MATURITY Cost of Debt Type Currency XAF Currency Amount 10,638,960 Weighted Av. Interest Rate (%) Issued 0.5 Currency Outstanding0.8 10,638,960 1.8 8/20/2023 AT MATURITY 8/20/2021 - /XAF -/- 27,251,211 2 6.2 NO DATA AVAILABLE 27,251,211 8/20/2023 AT MATURITY XAF 27,251,211 27,251,211 2030 Refinancing Risk ATM (years) - - - 1 6/10/2022 AT MATURITY 6/11/2021 - /XAF -/- 11,066,100 1 11,066,100 6/10/2022 0.0 AT MATURITY XAF 11,066,100 11,066,100 Debt Maturing in 1 yr (% of total) - - - 5/7/2024 AT MATURITY 5/7/2021 - /XAF -/- 22,226,640 3 22,226,640 5/7/2024 6.5 AT MATURITY XAF 22,226,640 22,226,640 13.9 ng Flows Interest Rate Debt Refixing in 1 yr (% of total) - - - ector Debt 86.4 NO DATA AVAILABLE Risk NO DATA AVAILABLE - Fixed Rate Debt (% of total) - - 10.2 FX Risk FX Debt (% of total debt) - - 76.5 7.6 ST FX Debt (% of reserves) - - - Source: Bloomberg, December 2021 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Sub-Saharan OutstandingAfrica | 36 Currency Selected International Debt Issuance 021 10/22/2021 -/-/- 3 6.3 NO DATA AVAILABLE 10/22/2024 AT MATURITY XAF 10,638,960 10,638,960 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Chad Ch�d DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) -5.6 -2.4 2.3 3.0 -0.8 - Low income Infla�on (%) -1.1 -0.8 2.3 1.5 -4.7 - Public Debt (% of GDP) 51.3 50.3 49.1 44.3 49.1 48.4 LENDING Net Claims on Govt (% of GDP) 13.3 13.0 11.6 - - - Current Account Balance (% of GDP) 8.7 6.0 0.7 4.2 13.6 6.0 IDA Primary balance (% of GDP) 0.1 1.3 3.0 0.8 -0.2 1.5 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 2.7 2.7 2.7 2.8 2.8 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress High High High High High High Ch�d Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public MACROECONOMIC Debt INDICATORS 2012 2013 2014 2015 201 (Percent of GDP) (Percent of GDP) 2016 2017 2018 2019 100 2020 INCOME Real GDP Growth (%) -5.6 -2.4 2.3 3.0 -0.8 Low income Infla�on (%) -1.1 -0.8 2.3 1.5 -4.7 10 10 51.3 50.3 10 49.1 44.3 50 49.1 Public Debt (% of GDP) LENDING Net Claims on Govt (% of GDP) 13.3 13.0 11.6 - - Current Account Balance (% of GDP) 8.7 6.0 0.7 4.2 13.6 0 IDA Primary balance (% of GDP) 0.1 1.3 3.0 0.8 -0.2 5 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 5 5 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY Source: M HIPC Overall CPIA Ra�ng 2.7 2.7 2.7 2.8 2.8 NO AND DATA AVAILABLE 0 NO DATA AVAILABLE 0 FRAGILE CONFLICT STATE DEBT SUSTAINABILITY Redem 0 FCS Risk of Debt Distress High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 -5 -5 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Gross Financing Need and Primary Deficit Contribution to Change in Public Debt Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need GDP) Deficit (Percent of Primary (Percent of GDP) Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 10 10 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 5 5 100 NO DATA AVAILABLE 0 NO DATA AVAILABLE Select 40 0 Issue -5 50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20 NO DATA AVAILABLE NO DATA Exchange AVAILABLE Rate Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Se Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 0 2010 2011 2012 Evolution 2013 2014 of External 2015 2016 2017 2018 2019 Public and Domestic 2020 Debt 2014 2015Evolution 2016 of Financing 2017 Sources 2018 2019 2020 (Percent of GDP) (Percent of Total) Domes�c External Bilateral Commercial Mul�lateral Domes�c Select 100 Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 11/12/ 40 10/29/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10/29/ DEBT SUSTAINABILITY INDICATORS 9/10 PV of PPG External Debt-to-GDP 30 26.0 27.3 26.9 25.9 25.2 23.5 21.0 18.7 17.2 16.2 15.4 50 8/27 PV of PPG External Debt-to-Exports 140 99.2 95.4 88.0 82.5 78.8 72.6 63.4 57.1 53.3 50.8 50.0 7/23 20 AVAILABLE18.3 NO DATA18.0 NO DATA AVAILABLE Debt Service-to-Revenue 14 11.5 17.0 17.7 15.8 17.7 17.4 12.0 8.3 7.7 7/2 Debt Service-to-Exports 10 6.0 7.1 7.7 7.7 7.5 6.8 7.8 8.2 5.7 4.4 4.3 6/25/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 Sub-Saharan Africa | 37 Domes�c External Bilateral Commercial Mul�lateral Domes�c Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 20 - - 48.4 - 6.0 1.5 CHAD Chad Chad - DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 High DMF Activities 16 2017 Debt Management Assessment 2021 (Percent of Sa�sfactory Performance, 2013) - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 48.4 100 - Selected DeM Reforms 6.0 1.5 10 50 NO DATA AVAILABLE 0 5 - Latest DeMPA Regional Average Chad High DMFSource: Source: Activities MTIMTI Global Global Macro and Macro andand Selected Debt Debt Unit, Unit, 20212021 DeM Reforms 0 ProfileAssessment Debt Management Redemption Debt Portfolio Risk Indicators 16 2017 (Percent of Sa�sfactory Performance, 2013) External Domes�c Total 2021 Cost of Debt Interest Weighted Av.Cash Flow Rate (%) 1.8�onal Risk Mgmt 0.8 Opera 1.3 & Debt Recording -5 - Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Borrowing - Re financing Risk ATM (years) - - - 100 1 48.4 - Debt Maturing in 1 yr (% of total) - - - 6.0 ng Flows 10 50 Interest Rate Debt Refixing in 1 yr (% of total) - - - NO DATA AVAILABLE NO DATA AVAILABLE ector1.5 Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - - 0 FX Risk FX Debt (% of total debt) - - 49.4 5 - Latest DeMPA Regional Average ST FX Debt (% of reserves) - - - Source: MTI Global Macro and Debt Unit, 2021 Source: MTI Global Macro and Debt Unit, 2021 High 0 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators Debt Management Assessment External Domes�c Total External Domestic External Total Domes �c Total (Percent of International Selected Debt Issuance Sa�sfactory Performance, 2013) -5 Cost of Cost of Debt Issue Date Weighted Av. Interest Rate (%) Weighted Fitch / Moody's / S&P Av. Interest1.8 Tenor Rate Coupon 0.8 (%) Rate (%) 1.3 1.8 Cost Maturity Date of Debt Maturity Type Weighted Av. Interest Currency 0.8 Rate (%) 1.8 Currency Amount Issued Currency1.3 0.8 Outstanding 1.3 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Refinancing Risk ATM (years) ATM (years) - - - Re NO DATA- AVAILABLEfinancing Risk ATM (years) - - - - - 1 Refinancing Risk 100 1 yr (% Debt Maturing in Debt of total) - Maturing in 1 yr (% of total) - - - Debt Maturing in- 1 yr (% of total) - - - - ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - - Interest Rate - yr (% of total) Debt Refixing in 1 - - - - 10 ector Debt 50 Interest Risk Rate Risk NO DATA AVAILABLE - NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) Fixed Rate Debt (% of total) - - - - of total) Fixed Rate Debt (% - - - - FX0 Risk FX Debt (% of total FXdebt) - Debt (% of total debt) - 49.4 - FX Risk - debt) FX Debt (% of total - - 49.4 49.4 FX Risk 5 ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - - - ST FX Debt (% of - reserves) - - - - Latest DeMPA Regional Average Source:MTI Source: WB Global Joint Unit, Macro and Debt Staff Calculations: WB/IMF2021 Debt Sustainability Analysis, 2021 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 0 Redemption Selected DomesticProfile / Regional Debt Issuance Debt Portfolio Risk Indicators Issue Date International Selected / S&P Issuance Fitch / Moody'sDebt Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency AmountExternal Domes Issued Currency �c Total Outstanding Maturity Date 021 Maturity Issue Date Type 11/12/2021 - / - / - / Currency Fitch /Currency Moody's S&P 2 Issued Coupon Amount Tenor Currency Rate 5.5 Outstanding (%) Maturity Date NO DATA 11/12/2023 Maturity Debt TypeWeighted AVAILABLE AT Cost ofMATURITY Currency XAF Currency Av. Interest Amount 20,630,864 Rate (%) 1.8 Currency Issued Outstanding1.3 20,630,864 0.8 -5 NO DATA AVAILABLE 10/29/2021 -/-/- 1 0.0 NO DATA AVAILABLE 4/29/2022 2030 RefiAT MATURITY nancing XAF Risk ATM (years) 16,887,360 - 16,887,360 - - 10/29/2021 -/-/- 3 5.0 10/29/2024 AT MATURITY XAF 12,385,823 12,385,823 Debt Maturing in 1 yr (% of total) - - - ng Flows 9/10/2021 -/-/- 1 0.0 9/9/2022 AT MATURITY XAF 76,693,686 76,693,686 15.4 Interest Rate Debt Refixing in 1 yr (% of total) - - - 8/27/2021 -/-/- 1 0.0 8/26/2022 AT MATURITY XAF 30,119,528 30,119,528 ector Debt 50.0 NO DATA AVAILABLE Risk NO DATA AVAILABLE 7/23/2021 -/-/- 1 0.0 7/22/2022 XAFDebt (% of total) AT MATURITY Fixed Rate 5,381,790 - - 5,381,790 - 7.7 7/2/2021 -/-/- 2 5.0 7/2/2023 AT MATURITY FX DebtXAF FX Risk (% of total debt)22,567,375 - - 22,567,375 49.4 4.3 6/25/2021 -/-/- 1 0.0 6/24/2022 AT MATURITY ST FX Debt XAF (% of reserves) 36,868,135 - 36,868,135 - - Source: Bloomberg, December 2021 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected Domestic / Regional Debt Issuance Maturity Date Maturity Issue Date Type Fitch /Currency Moody's / Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected International Debt Issuance 021 NO DATA AVAILABLE 11/12/2023 AT MATURITY 11/12/2021 - /XAF -/- 20,630,864 2 5.5 NO DATA AVAILABLE 20,630,864 11/12/2023 AT MATURITY XAF 20,630,864 20,630,864 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 4/29/2022 AT MATURITY 10/29/2021 - /XAF -/- 16,887,360 1 0.016,887,360 4/29/2022 AT MATURITY XAF 16,887,360 16,887,360 2030 NO DATA AVAILABLE 10/29/2024 AT MATURITY 10/29/2021 - /XAF -/- 12,385,823 3 12,385,823 10/29/2024 5.0 AT MATURITY XAF 12,385,823 12,385,823 9/9/2022 AT MATURITY 9/10/2021 - /XAF -/- 76,693,686 1 76,693,686 9/9/2022 0.0 AT MATURITY XAF 76,693,686 76,693,686 15.4 8/26/2022 AT MATURITY 8/27/2021 - /XAF -/- 30,119,528 1 30,119,528 8/26/2022 0.0 AT MATURITY XAF 30,119,528 30,119,528 50.0 AT MATURITY XAF 5,381,790 5,381,790 7/22/2022 AT MATURITY 7/23/2021 - /XAF -/- 5,381,790 1 0.0 5,381,790 7/22/2022 7.7 7/2/2023 7/2/2021 AT MATURITY -/- - /XAF 2 22,567,375 5.0 22,567,375 7/2/2023 AT MATURITY XAF 22,567,375 22,567,375 6/24/2022 4.3 AT MATURITY 6/25/2021 - /XAF -/- 36,868,135 1 36,868,135 6/24/2022 0.0 AT MATURITY XAF 36,868,135 36,868,135 Source: Bloomberg, December 2021 2020 Selected Domestic / Regional Debt Issuance Sub-Saharan Africa | 38 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 11/12/2021 -/-/- 2 5.5 NO DATA AVAILABLE 11/12/2023 AT MATURITY XAF 20,630,864 20,630,864 Comoros Comoros DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 3.5 4.2 3.6 1.9 -1.2 - Lower middle income Infla�on (%) 1.6 0.1 1.0 4.2 2.5 - Public Debt (% of GDP) 16.5 17.1 19.6 23.9 30.1 26.4 LENDING Net Claims on Govt (% of GDP) 2.3 1.3 1.9 - - - Current Account Balance (% of GDP) -4.3 -2.1 -2.7 -3.6 -5.4 4.0 IDA Primary balance (% of GDP) -8.4 -4.6 -3.3 -6.9 -11.8 10.2 Source: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 2.9 2.8 2.8 2.8 2.7 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress Mod Mod Mod Mod Mod High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 10 10 50 10 0 5 0 0 Source: M 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem -10 -10 -5 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 30 Select Issue 20 50 NO DATA AVAILABLE NO DATA AVAILABLE 10 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 18.5 20.3 20.9 21.2 21.3 21.3 21.3 21.4 21.5 21.7 22.1 PV of PPG External Debt-to-Exports 180 165.7 170.8 166.1 160.8 160.9 160.2 159.4 159.7 160.0 161.2 163.4 Debt Service-to-Revenue 18 8.4 9.3 9.7 11.0 12.2 12.6 13.6 13.5 13.1 12.6 11.4 Debt Service-to-Exports 15 6.9 7.4 7.5 8.2 9.2 9.5 10.3 10.2 9.9 9.5 8.6 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sub-Saharan Africa | 39 COMOROS Como DMF Activities and Selected DeM Reforms Comoros Como DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 16 2017 - 2021- 26.4- - Selected DeM Reforms 4.0 26.4 10.2- 4.0 10.2 - - Source: MTI Global Macro and Debt Unit, 2021 High Source: MTI Global Macro and Debt Unit, 2021 High Debt Management Assessment (Percent of Sa�sfactory Performance, 2016) Debt Management Assessment Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording (Percent of Sa�sfactory Performance, 2016) Borrowing 100 Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 10 50 NO DATA AVAILABLE 50 10 DATA AVAILABLE NO NO DATA AVAILABLE 0 0 Latest DeMPA Previous DeMPA Regional Average 0 Source: MTI Global Macro and Debt Unit, 2021 Regional Average Latest DeMPA Previous DeMPA Regional Average 0 Source: MTI Global Macro and Debt Unit, 2021 Redemption Profile Debt Portfolio Risk Indicators External Domes�c Total -10 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators Cost of Debt Weighted Av. Interest Rate (%) 0.8 7.0 1.1 External Domes�c Total External Domestic External Total Domes �c Total -10 Refinancing Risk ATM (years) - - - Cost of Cost of Debt Debt Weighted Av. Interest Av. Interest0.8 Rate (%) Weighted Rate (%) 7.0 1.1 0.8 Cost of Debt Weighted Av. Interest 7.0 Rate (%) 0.8 7.0 1.1 1.1 1 Debt Maturing in 1 yr (% of total) - - - Refinancing Risk ATM (years) ATM (years) - - - - Refinancing Risk ATM (years) - - - - - ng Flows 1 Refinancing Risk Interest Rate Debt Refixing in 1 yr (% of total) - - - 1 yr (% Debt Maturing in Debt of total) Maturing - in 1 yr (% of total) - - - Debt Maturing in 1 yr (% of total) - DATA AVAILABLE - - - - ector Debt NO DATA AVAILABLE Risk NO Fixed Rate Debt (% of total) - - - ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - - Interest Rate Debt Re fixing in 1- yr (% of total) - - - - ector Debt Interest Risk Rate Risk NO Fixed Rate Debt (% DATA AVAILABLE of total) - - - FX Risk Risk FX Debt (% of total NO debt) DATA AVAILABLE - - 95.8 Fixed Rate Debt (% of total) - Fixed Rate Debt (%- of total) - - - - ST FX Debt (% of reserves) - - - FX Risk FXdebt) FX Debt (% of total - Debt (% of total debt) - 95.8 - FX Risk - debt) FX Debt (% of total - 95.8- 95.8 FX Risk ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - - - ST FX Debt (% of - reserves) - - - - Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected International Debt Issuance NO DATA AVAILABLE Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE NO DATA AVAILABLE 2020 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected Domestic / Regional Debt Issuance 021 NO DATA AVAILABLE Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 0212030 NO DATA AVAILABLE NO DATA AVAILABLE 2030 22.1 163.4 22.1 11.4 163.4 8.6 11.4 8.6 Sub-Saharan Africa | 40 Con�o, Democratic Congo, Republic of D�mocr�tic R�public DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 2.4 3.7 5.8 4.5 3.2 - Low income Infla�on (%) 4.3 43.1 29.8 3.0 5.7 - Public Debt (% of GDP) 17.6 16.9 20.3 21.3 21.2 22.8 LENDING Net Claims on Govt (% of GDP) 3.6 2.4 1.9 - - - Current Account Balance (% of GDP) -4.1 -3.2 -4.6 -3.3 -4.8 0.3 IDA Primary balance (% of GDP) -0.2 1.6 0.4 -1.8 0.6 1.2 Source: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 2.9 2.8 2.9 2.9 3.0 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress Mod Mod Mod Mod Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 4 4 4 50 2 2 0 2 0 0 Source: M 0 NO DATA AVAILABLE NO DATA AVAILABLE -2 -2 Redem CDF mi -2 600K -4 -4 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 400K Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 200K Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 20 Select Issue D 50 10 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021, WDI 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 30 9.6 9.1 8.1 7.0 6.2 5.3 4.7 4.3 3.9 3.7 3.5 PV of PPG External Debt-to-Exports 140 40.6 38.2 32.6 27.8 24.0 21.2 18.7 17.2 16.1 15.0 14.2 Debt Service-to-Revenue 14 4.9 11.1 10.0 9.5 8.0 8.6 6.8 4.6 4.6 4.0 3.3 Debt Service-to-Exports 10 2.5 5.6 5.1 4.9 4.1 4.5 3.5 2.4 2.3 2.0 1.7 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sub-Saharan Africa | 41 CONGO, DEMOCRATIC REPUBLIC OF Congo DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - - 22.8 - Selected DeM Reforms 0.3 1.2 - Source: MTI Global Macro and Debt Unit, 2021 Mod Debt Management Assessment (Percent of Sa�sfactory Performance, 2015) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 4 50 NO DATA AVAILABLE 2 0 Latest DeMPA Previous DeMPA Regional Average 0 Source: MTI Global Macro and Debt Unit, 2021 -2 Redemption Profile Debt Portfolio Risk Indicators CDF million External Domes�c Total 600K Cost of Debt Weighted Av. Interest Rate (%) 1.6 1.1 1.6 -4 Refinancing Risk ATM (years) 10.2 0.5 9.9 1 400K Debt Maturing in 1 yr (% of total) 8.5 100.0 10.8 ng Flows Interest Rate Debt Refixing in 1 yr (% of total) 8.5 100.0 10.8 ector Debt 200K NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) 100.0 100.0 100.0 FX Risk FX Debt (% of total debt) - - 97.2 0K 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 41.9 Domes�c External Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2020 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE 2030 3.5 14.2 3.3 1.7 Sub-Saharan Africa | 42 Con�o, Republic Congo, R�public of DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) -2.8 -1.8 1.6 2.2 4.6 - Lower middle income Infla�on (%) -6.1 14.4 22.9 -1.1 -1.1 - Public Debt (% of GDP) 118.6 117.5 87.1 79.8 71.8 86.1 LENDING Net Claims on Govt (% of GDP) 9.7 11.6 10.2 - - - Current Account Balance (% of GDP) 61.1 1.9 -9.1 -9.4 -7.0 -13.2 Blend Primary balance (% of GDP) -17.8 -5.2 8.9 10.6 9.9 -2.9 Source: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 2.9 2.7 2.7 2.7 2.7 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress Mod Mod Mod High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 60 60 50 40 40 20 0 20 20 Source: M 0 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem CFA Fra -20 -20 600K -20 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 400K Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 200K Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 100 Select Issue 50 50 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 10/1/ 9/10/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 8/20/ DEBT SUSTAINABILITY INDICATORS 7/30 PV of PPG External Debt-to-GDP 30 47.2 46.0 44.3 41.2 40.1 38.9 37.4 35.3 33.0 31.3 29.7 6/25 PV of PPG External Debt-to-Exports 140 58.7 59.3 59.7 57.1 56.4 56.9 57.6 56.9 56.4 57.4 58.2 6/25 Debt Service-to-Revenue 14 32.3 23.1 19.1 12.6 7.6 8.3 9.7 10.6 9.5 8.6 7.7 1/15 Debt Service-to-Exports 10 12.6 9.6 8.7 6.0 3.7 4.3 5.4 6.3 6.1 6.0 5.9 12/25/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 43 2021 - - 86.1 - CONGO, REPUBLIC OF -13.2 -2.9 Congo - DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 DMF Activities High 16 2017 2021 Debt Management Assessment - (Percent of Sa�sfactory Performance, 2008) - 86.1 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - Selected DeM Reforms -13.2 100 -2.9 60 50 NO DATA AVAILABLE 40 0 Congo - 20 DMF Activities Source: MTI Global Latest DeMPA and Macro Unit, 2021 DeM Selected and Debt Reforms Regional Average High Source: MTI Global Macro and Debt Unit, 2021 16 0 2017 Debt Management Assessment 2021 Redemption Profile (Percent of Sa�sfactory Performance, 2008) Debt Portfolio Risk Indicators - CFA Francs million Governance Macro Policies Borrowing Cash Flow External Domes Opera�onal Risk Mgmt� & Total cDebt Recording -20 - 86.1 100 Cost of Debt Weighted Av. Interest Rate (%) 1.9 6.3 3.3 600K - Refinancing Risk ATM (years) 7.2 2.6 5.7 60 1 -13.2 -2.9 50 400K NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 12.4 22.4 15.6 ng Flows 40 Interest Rate Debt Refixing in 1 yr (% of total) 40.4 22.4 34.6 ector Debt 0 200K NO DATA AVAILABLE Risk NO DATA AVAILABLE 69.1 Fixed Rate Debt (% of total) 100.0 78.9 20 - Latest DeMPA Regional Average FX Risk FX Debt (% of total debt) - - 67.5 0K Source: MTIMTI Source: Global Macro Global 2023 and Debt Unit, 2025 and Debt Macro 2021 2027Unit, 2021 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - 79.2 High 0 Domes�c External Redemption Debt Management ProfileAssessment Debt Portfolio Risk Indicators Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 of million CFA Francs (Percent Sa�sfactory Performance, 2008) External Domes�c Total -20 Cost of Debt Interest Weighted Av.Cash Flow Rate (%) 6.3 1.9�onal Risk Mgmt 3.3 Selected 600K International Governance Debt Issuance Macro Policies Borrowing Opera & Debt Recording Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Refinancing Risk Maturity Type ATM (years) Currency 7.2 Currency 2.6 Currency Amount Issued Outstanding5.7 100 1 60 400K NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 12.4 22.4 15.6 ng Flows 50 Interest Rate Debt Refixing in 1 yr (% of total) 40.4 22.4 34.6 NO DATA AVAILABLE ector Debt 40 200K NO DATA AVAILABLE Risk NO DATA AVAILABLE 69.1 Fixed Rate Debt (% of total) 100.0 78.9 0 FX Risk FX Debt (% of total debt) - - 67.5 0K 20 Latest DeMPA2025 2023 2027 2029 Regional 2031 Average 2033 2035 2037 2039 ST FX Debt (% of reserves) - - 79.2 Source: MTI Global Macro and Debt Unit, 2021 Domes�c External 0 Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 2020 Redemption Profile Debt Portfolio Risk Indicators million CFA Francs International Selected Debt Issuance External Domes�c Total -20 Selected Domestic / Regional Debt Issuance Cost of Debt Weighted Av. Interest Rate (%) 1.9 6.3 3.3 Issue Issue Date 600K Date / Moody's Fitch Fitch / / S&P Moody's / S&P Tenor Tenor Coupon Coupon Rate Rate (%) (%) Maturity Maturity Date Date Maturity Type Maturity Type Currency Currency Currency Currency Amount Amount Issued Issued Currency Currency Outstanding Outstanding 021 10/1/2021 -/-/- 1 0.0 NO DATA 9/30/2022 Re financing AVAILABLE NO DATA AVAILABLE Risk AT MATURITY ATM (years) XAF 14,015,832 7.2 2.6 14,015,832 5.7 1 9/10/2021 400K -/-/- 2 5.5 9/10/2023 AT MATURITY Debt Maturing XAF in 1 yr (% of total) 34,284,258 12.4 22.4 34,284,258 15.6 2030 ng Flows 8/20/2021 -/-/- 1 0.0 8/19/2022 AT MATURITY Interest Rate Debt ReXAF 16,948,380 fixing in 1 yr (% of total) 40.4 16,948,380 22.4 34.6 ector Debt 7/30/2021 200K -/-/- NO DATA AVAILABLE 5 6.3 7/30/2026 Risk SINKABLE XAF Debt Fixed Rate NO DATA AVAILABLE 69.1 204,739,089 (% of total) 204,739,089 100.0 78.9 29.7 6/25/2021 -/-/- 2 5.5 6/25/2023 AT MATURITY XAF 35,032,007 35,032,007 58.2 FX Risk FX Debt (% of total debt) - - 67.5 0K 6/25/2021 -/-/- 3 6.0 6/25/2024 AT MATURITY XAF 10,003,166 10,003,166 7.7 2023 2025- / - /2027 2029 2031 2 2033 20355.8 2037 2039 ST FX Debt (% of reserves) - - 79.2 1/15/2021 - 1/15/2023 AT MATURITY XAF 36,258,917 33,797,404 5.9 12/25/2020 Domes�c -/-/- External 3 6.0 12/25/2023 AT MATURITY XAF 28,106,338 28,106,338 2020 Source: Bloomberg, December 2021 Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 Selected Domestic / Regional Debt Issuance Issue Date International Selected / S&P Issuance Fitch / Moody'sDebt Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 Issue Date 10/1/2021 - / - / - / S&P Fitch / Moody's Tenor 1 Coupon Rate (%) 0.0 Maturity NO DATADate 9/30/2022 Maturity AVAILABLE Type AT MATURITY Currency XAF Currency Amount Issued 14,015,832 Currency Outstanding 14,015,832 9/10/2021 -/-/- 2 5.5 NO DATA AVAILABLE 9/10/2023 AT MATURITY XAF 34,284,258 34,284,258 2030 8/20/2021 -/-/- 1 0.0 8/19/2022 AT MATURITY XAF 16,948,380 16,948,380 7/30/2021 -/-/- 5 6.3 7/30/2026 SINKABLE XAF 204,739,089 204,739,089 29.7 6/25/2021 -/-/- 2 5.5 6/25/2023 AT MATURITY XAF 35,032,007 35,032,007 58.2 6/25/2021 -/-/- 3 6.0 6/25/2024 AT MATURITY XAF 10,003,166 10,003,166 7.7 1/15/2021 -/-/- 2 5.8 1/15/2023 AT MATURITY XAF 36,258,917 33,797,404 5.9 12/25/2020 -/-/- 3 6.0 12/25/2023 AT MATURITY XAF 28,106,338 28,106,338 Source: Bloomberg, December 2021 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Sub-Saharan Currency OutstandingAfrica | 44 021 10/1/2021 -/-/- 1 0.0 NO DATA AVAILABLE 9/30/2022 AT MATURITY XAF 14,015,832 14,015,832 Côt� d’Ivoire Côte d'Ivoir� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 7.2 7.4 6.9 6.2 1.8 - Lower middle income Infla�on (%) -2.1 -1.8 0.6 0.2 0.6 - Public Debt (% of GDP) 31.7 33.5 37.5 39.1 44.7 51.4 LENDING Net Claims on Govt (% of GDP) 8.2 9.0 9.7 - - - Current Account Balance (% of GDP) -0.3 0.9 2.4 1.4 2.3 3.4 IDA Primary balance (% of GDP) -1.7 -2.1 -1.6 -0.8 -4.0 3.6 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.4 3.4 3.5 3.5 3.6 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod Mod Mod Mod Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 8 0 0 0 6 -10 -10 Source: M 4 -20 -20 NO DATA AVAILABLE NO DATA AVAILABLE Redem 2 CFA Fra -30 -30 0 1500K 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1000K Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 500K Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 60 Select Issue 12/1/ 40 10/17/ 50 10/17/ 3/22/ NO DATA AVAILABLE NO DATA AVAILABLE 20 3/22/ 6/15/ 6/15/ 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 and WDI 2020 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 12/1/ 11/24/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10/27/ DEBT SUSTAINABILITY INDICATORS 10/13/ PV of PPG External Debt-to-GDP 40 29.2 27.6 27.0 26.4 25.4 24.2 23.1 22.3 21.4 20.7 19.9 9/29/ PV of PPG External Debt-to-Exports 180 144.5 138.4 133.0 127.8 121.2 115.2 101.3 97.3 93.8 90.0 87.3 8/25/ Debt Service-to-Revenue 18 14.1 14.6 15.4 15.6 17.1 17.5 17.0 15.8 16.5 15.3 15.4 8/4/ Debt Service-to-Exports 15 9.6 10.6 11.2 11.2 12.3 12.6 11.4 10.6 11.1 10.3 10.5 5/19/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 45 CÔTE D’IVOIRE Côte d Côte d DMF Activities and Selected DeM Reforms Côte d DMF Activities and Selected DeM Reforms DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2017 16 2021 16 2021 2017 - - 2021 51.4 - - - 51.4 Selected DeM Reforms - 3.4 - 51.4 3.6 3.4 - 3.6 3.4 3.6 - - Source: MTI Global Macro and Debt Unit, 2021 Côte d - Mod Source: MTI Global Macro and Debt Unit, 2021 Mod DMF Activities Source: and MTI Global Macro Selected and Debt Unit, 2021 DeM Reforms Mod Debt Management Assessment Debt Management (Percent Assessment of Sa�sfactory Performance, 2015) 16 2017 Debt Management (Percent Assessment of Sa�sfactory Performance, 2015) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 2021 (Percent of Sa�sfactory Performance, 2015) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 100 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 100 51.4 100 50 NO DATA AVAILABLE - 03.4 50 NO DATA AVAILABLE 03.6 50 0 NO DATA AVAILABLE 0 0 -10 Latest DeMPA Previous DeMPA Regional Average 0 -10 Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 -10 - Latest Source: MTI DeMPA Global Macro and Debt Unit, 2021 Previous DeMPA Regional Average -20 Source: Global MTIMTI Source: Macro Global andand Macro Debt Unit, Debt 2021 Unit, 2021 -20 Mod Redemption Profile Debt Portfolio Risk Indicators -20 Redemption Profile CFA Francs million Debt Portfolio Risk Indicators External Domes�c Total -30 Redemption Debt CFA Management Francs ProfileAssessment million Debt Portfolio Cost of Debt Risk Indicators Weighted Av. Interest Rate (%) External 3.1 Domes�c 5.0 Total 3.8 -30 CFA Francs (Percent 1500K of million Sa�sfactory Performance, 2015) Cost of Debt Weighted Av. Interest Rate (%) External 3.1 Domes �c 5.0 Total 3.8 -30 Refinancing Risk ATM (years) 9.7 4.1 7.6 1500K Cost Weighted of DebtRisk ATM Interest Av.Cash 1 Governance Macro Policies Re Borrowing financing (years) Flow Rate (%) 3.1 4.1 9.7�onal Risk Mgmt Opera 5.0 3.8 7.6 & Debt Recording 1500K Debt Maturing in 1 yr (% of total) 3.2 15.2 7.7 1 1000K ATM (years) Refinancing Risk Debt 9.7 4.1 7.6 ng Flows 100 Maturing in 1 yr (% of total) 3.2 15.2 7.7 1ng Flows 1000K Interest Rate Debt Refixing in 1 yr (% of total) 9.0 4.1 7.2 ector Debt NO DATA AVAILABLE Interest Risk Rate Debt Debt Maturing Re fixing inin NO 1 1 yr yr (% DATA (% of of total) AVAILABLE total) 3.2 9.0 15.2 4.1 7.7 7.2 1000K 500K Fixed Rate Debt (% of total) 88.2 100.0 92.7 ng Flows ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE 50 500K Interest Rate Debt Re fixing in 1 yr (% of Fixed Rate Debt (% of total) total) 9.0 88.2 4.1 100.0 7.2 92.7 NO DATA AVAILABLE FX Risk FX Debt (% of total debt) - - 62.9 ector 0 Debt 0K NO DATA AVAILABLE Risk Fixed Rate Debt NO (% DATA of AVAILABLE 88.2 total) 100.0 92.7 500K FX Risk FX Debt (% of total debt) - - 62.9 0K 0 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 7.2 FX Risk FX Debt ST FX (% (% Debt of total debt) of reserves) - - - - 62.9 7.2 0K 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 -10 Domes�c External Latest 2022DeMPA 2024 2026 External 2028 Previous2032 DeMPA 2034 2030 2036 2040 Average 2038 Regional ST FX Debt (% of reserves) - - 7.2 Domes �c Ministry Source: MTI Source: of Finance Global andDebt Macro and Economy, 2021 Unit, 2021 Source: Ministry of Finance and Economy, 2021 Domes � c External Source: Ministry of Finance and Economy, 2021 Source: Ministry of Finance and Economy, 2021 -20 Selected Profile Debt Issuance International Source: Ministry Redemption of Finance and Economy, 2021 Source: Ministry of Finance and Economy, 2021 Debt Portfolio Risk Indicators Issue Date International Selected / S&P Issuance Fitch / Moody'sDebt Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding CFA Francs Selected Issue million Date International Fitch //Moody's / S&P Issuance Debt Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency External Domes�c Amount Issued Currency Total Outstanding -30 12/1/2020 BB- Ba3 / BB- 12 4.9 NO DATA 1/30/2032 AVAILABLE SINKABLE EUR 1,927,248,000 1,927,248,000 Issue Date 12/1/2020 Fitch BB- Moody's // / Ba3 / / S&P / BB- BB- Tenor 12 Coupon Rate (%) 4.9 Maturity NO Date DATA 1/30/2032 Cost of AVAILABLE Debt Type Weighted Maturity SINKABLE Av. Interest Currency EUR CurrencyRate (%) Amount 1,927,248,000 3.1 Currency Issued 5.0 Outstanding 1,927,248,000 3.8 10/17/2019 1500K BB- Ba3 12 5.9 10/17/2031 SINKABLE EUR 945,727,000 945,727,000 12/1/2020 10/17/2019 BB- 4.9 1/30/2032 Re financing NO DATA AVAILABLE Risk ATM (years) 1,927,248,000 9.7 4.1 1,927,248,000 7.6 10/17/2019 / Ba3 BB- / / BB- Ba3 / BB- 12 21 5.9 6.9 10/17/2031 10/17/2040 SINKABLE SINKABLE EUR EUR 945,727,000 945,727,000 945,727,000 945,727,000 1 10/17/2019 BB- // Ba3 Ba3 / / BB- BB- 12 21 5.9 6.9 10/17/2031 10/17/2040 SINKABLE EUR 945,727,000 945,727,000 3/22/2018 BB- 12 5.3 3/22/2030 SINKABLE Debt Maturing EUR in 1 yr (% of total) 1,045,729,500 3.2 15.2 1,045,729,500 7.7 1000K ng Flows 10/17/2019 3/22/2018 3/22/2018 BB- / BB- / Ba3 Ba3 / / BB- BB- 21 12 30 6.9 5.3 6.6 10/17/2040 3/22/2030 3/22/2048 SINKABLE SINKABLE Interest Rate Debt ReEUR EUR 945,727,000 1,045,729,500 1,353,297,000 fixing in 1 yr (% of total) 9.0 945,727,000 1,045,729,500 1,353,297,000 4.1 7.2 ector Debt 3/22/2018 6/15/2017 BB- / BB- Ba3 / / Ba3 BB-NO DATA AVAILABLE / BB- 12 30 8 5.3 6.6 5.1 3/22/2030 3/22/2048 6/15/2025 Risk AT SINKABLE EUR EUR MATURITY Fixed Rate 1,045,729,500 1,353,297,000 NO DATA AVAILABLE 88.2 696,768,750 1,045,729,500 1,353,297,000 266,614,939 500K Debt (% of total) 100.0 92.7 3/22/2018 6/15/2017 6/15/2017 BB- / BB- / BB- Ba3 / / Ba3 BB- 30 8 16 6.6 5.1 6.1 3/22/2048 6/15/2025 6/15/2033 SINKABLE MATURITY ATSINKABLE EUR USD 1,353,297,000 696,768,750 1,250,000,000 1,353,297,000 266,614,939 1,250,000,000 FX Risk FX Debt (% of total debt) - - 62.9 6/15/2017 0K BB- / Ba3 / BB- 8 16 5.1 6.1 6/15/2025 6/15/2033 MATURITY ATSINKABLE EUR USD 696,768,750 1,250,000,000 266,614,939 1,250,000,000 6/15/2017 Source: 2022 December Bloomberg, BB- / 2021 2024 Ba3 / BB- 2028 2026 2030 162032 2034 6.1 2036 2038 6/15/2033 2040 SINKABLE ST FX Debt USD (% of reserves) 1,250,000,000 - - 1,250,000,000 7.2 2020 2020 Source: Bloomberg, December 2021 Domes�c External 2020 Selected Domestic / Regional Debt Issuance Source: Bloomberg, December 2021 Issue Date Domestic Selected / Regional Source: Ministry of Finance and Economy, 2021 Fitch / Moody's / S&P Debt Issuance Tenor Coupon Rate (%) Maturity Date Source: Ministry of Finance and Economy, 2021 Maturity Type Currency Currency Amount Issued Currency Outstanding 021 Date Domestic Selected Issue 12/1/2021 / Regional Debt - / - / - / S&P Fitch / Moody's 1 Issuance Tenor Coupon Rate (%) 0.0 Maturity NO DATADate 11/29/2022 Maturity AVAILABLE Type AT MATURITY Currency XOF Currency Amount Issued 66,468,710 Currency Outstanding 66,468,710 021 Selected Issue Date 12/1/2021 11/24/2021 International Fitch / Moody's - / - -/-/- / - Debt / S&P Issuance Tenor 1 1 Coupon Rate (%) 0.0 0.0 Maturity NO DATADate 11/29/2022 11/22/2022 Maturity AVAILABLE AT MATURITY AT Type MATURITY Currency XOF XOF Currency Amount Issued 66,468,710 83,628,790 Currency Outstanding 66,468,710 83,628,790 2030 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 12/1/2021 11/24/2021 10/27/2021 -/ - /--//-- 1 1 0.0 0.0 NO DATA 11/29/2022 11/22/2022 10/25/2022 AVAILABLE AT MATURITY AT MATURITY XOF XOF 66,468,710 83,628,790 86,714,320 66,468,710 83,628,790 86,714,320 2030 12/1/2020 11/24/2021 10/27/2021 10/13/2021 BB- /- Ba3 / - -/-/- / / - BB- 12 1 1 4.9 0.0 0.0 NO DATA AVAILABLE 1/30/2032 11/22/2022 10/25/2022 10/11/2022 AT ATSINKABLE MATURITY MATURITY EUR XOF XOF 1,927,248,000 83,628,790 86,714,320 87,369,480 1,927,248,000 83,628,790 86,714,320 87,369,480 2030 19.9 10/17/2019 BB- / Ba3 19.9 10/27/2021 10/13/2021 9/29/2021 -/ - -/ /- - BB- // - 12 1 10 5.9 0.0 5.9 10/17/2031 10/25/2022 10/11/2022 9/29/2031 AT ATSINKABLE MATURITY MATURITY EUR XOF XOF 945,727,000 86,714,320 87,369,480 58,364,460 945,727,000 86,714,320 87,369,480 58,364,460 87.3 10/17/2019 10/13/2021 9/29/2021 BB- / -/Ba3 / -//-/ BB- - 21 1 10 6.9 0.0 5.9 10/17/2040 10/11/2022 9/29/2031 ATSINKABLE MATURITY EUR XOF 945,727,000 87,369,480 58,364,460 945,727,000 87,369,480 58,364,460 19.9 8/25/2021 - - 3 5.5 8/25/2024 AT MATURITY XOF 43,027,920 43,027,920 87.3 3/22/2018 BB- / 15.4 9/29/2021 8/25/2021 8/4/2021 Ba3 - / - / - BB- - / - / / - 12 10 3 1 5.3 5.9 5.5 0.0 3/22/2030 9/29/2031 8/25/2024 8/2/2022 AT ATSINKABLE MATURITY MATURITY EUR XOF XOF 1,045,729,500 58,364,460 43,027,920 72,189,600 1,045,729,500 58,364,460 43,027,920 72,189,600 87.3 15.4 10.5 3/22/2018 8/25/2021 8/4/2021 5/19/2021 BB- / -/ - Ba3 / -/ - /-/ BB- - 30 13 1 6.6 5.5 0.0 0.0 3/22/2048 8/25/2024 8/2/2022 5/17/2022 ATSINKABLE AT MATURITY MATURITY EUR XOF XOF 1,353,297,000 43,027,920 72,189,600 75,391,965 1,353,297,000 43,027,920 72,189,600 75,391,965 15.4 10.5 6/15/2017 Source: Bloomberg, December 2021 BB- 8/4/2021 5/19/2021 BB- / - Ba3 / - / / - 8 1 5.1 0.0 6/15/2025 8/2/2022 5/17/2022 AT MATURITY EUR XOF 696,768,750 72,189,600 75,391,965 266,614,939 72,189,600 75,391,965 10.5 6/15/2017 5/19/2021 Source: BB- / Bloomberg, December Ba3 - 2021 / -/- / BB- 16 1 6.1 0.0 6/15/2033 5/17/2022 ATSINKABLE MATURITY USD XOF 1,250,000,000 75,391,965 1,250,000,000 75,391,965 Source: Bloomberg, December 2021 2020 Source: Bloomberg, December 2021 Sub-Saharan Africa | 46 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Eritrea Eritr�� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 7.4 -9.6 12.2 3.1 3.9 - Low income Infla�on (%) 0.8 -4.1 -6.8 2.0 0.1 - Public Debt (% of GDP) 251.2 288.0 266.9 250.1 239.6 225.4 LENDING Net Claims on Govt (% of GDP) - - - - - - Current Account Balance (% of GDP) -15.9 -24.5 -17.3 -12.0 -13.9 -8.7 IDA Primary balance (% of GDP) 6.3 4.2 16.1 5.5 2.5 -1.6 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 1.9 1.9 2.0 1.9 1.9 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 80 80 50 300 300 60 60 0 200 200 40 40 Source: M 100 100 NO DATA AVAILABLE 20 NO DATA AVAILABLE 20 Redem 0 0 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing Source: WEO, October 2021 Source: WEO, October 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 300 100 Select Issue D 200 50 No data available 100 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Bilateral Commercial Mul�lateral Domes�c Select Issue D Sources: WB Staff Calculations: WDI, 2021; WEO, October 2021 Sources: WB Staff Calculations: WEO Oct 2021, IDS 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP - - - - - - - - - - - PV of PPG External Debt-to-Exports - - - - - - - - - - - Debt Service-to-Revenue - - - - - - - - - - - Debt Service-to-Exports - - - - - - - - - - - Sub-Saharan Africa | 47 ERITREA Sub-Saharan Africa | 48 Ethiopia Ethiopi� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 8.0 10.2 7.7 9.0 3.2 - Low income Infla�on (%) 9.9 7.9 11.5 12.5 20.4 - Public Debt (% of GDP) 54.3 56.5 60.8 56.9 56.6 55.7 LENDING Net Claims on Govt (% of GDP) - - - - - - Current Account Balance (% of GDP) 8.5 7.3 5.6 4.4 3.7 4.0 IDA Primary balance (% of GDP) -3.4 -4.5 -4.0 -3.3 -4.1 2.9 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.5 3.4 3.5 3.5 3.5 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress Mod Mod High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 15 50 10 10 0 10 0 0 Source: M NO DATA AVAILABLE NO DATA AVAILABLE 5 -10 -10 Redem USD m 6K 0 -20 -20 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 4K Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 2K Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 60 Select Issue 40 50 NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 18.6 19.8 21.4 21.1 18.8 15.9 14.2 12.7 11.3 9.9 8.7 PV of PPG External Debt-to-Exports 180 320.7 259.9 223.4 206.5 182.8 153.8 140.5 128.6 116.3 104.7 93.3 Debt Service-to-Revenue 18 14.2 12.7 11.2 10.2 11.3 16.5 10.0 8.9 9.1 9.0 8.9 Debt Service-to-Exports 15 26.3 20.3 15.7 14.0 15.9 23.0 14.2 13.0 13.7 13.9 14.0 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sub-Saharan Africa | 49 ETHIOPIA Ethiop DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - - 55.7 - Selected DeM Reforms 4.0 2.9 - Source: MTI Global Macro and Debt Unit, 2021 High Debt Management Assessment (Percent of Sa�sfactory Performance, 2013) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 50 NO DATA AVAILABLE 10 0 Latest DeMPA Regional Average 0 Source: MTI Global Macro and Debt Unit, 2021 -10 Redemption Profile Debt Portfolio Risk Indicators USD million External Domes�c Total Cost of Debt Weighted Av. Interest Rate (%) 1.6 6.2 3.8 6K -20 Refinancing Risk ATM (years) 12.4 6.5 9.6 1 4K Debt Maturing in 1 yr (% of total) 4.0 17.5 10.3 ng Flows Interest Rate Debt Refixing in 1 yr (% of total) 29.0 17.5 20.0 ector Debt 2K NO DATA AVAILABLE Risk NO DATA AVAILABLE 74.2 Fixed Rate Debt (% of total) 89.4 81.3 FX Risk FX Debt (% of total debt) - - 53.1 0K 2023 2025 2027 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - - Domes�c External Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE 2030 8.7 93.3 8.9 14.0 Sub-Saharan Africa | 50 G�mbi�, The Gambia, Th� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 1.9 4.8 7.2 6.1 0.0 - Low income Infla�on (%) 7.8 3.9 7.0 7.1 7.2 - Public Debt (% of GDP) 80.9 87.0 84.6 80.1 77.3 82.9 LENDING Net Claims on Govt (% of GDP) - 29.3 28.8 - - - Current Account Balance (% of GDP) 8.7 6.9 9.1 4.6 5.6 14.0 IDA Primary balance (% of GDP) -1.3 -0.2 -3.0 0.6 1.1 1.2 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 2.9 3.0 3.0 3.0 3.0 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 30 50 10 10 0 20 Source: M 0 0 10 NO DATA AVAILABLE NO DATA AVAILABLE Redem GMD m 0 20K 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 10K Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 80 Select Issue 60 50 40 NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 12/8/ 12/8/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 9/22/ DEBT SUSTAINABILITY INDICATORS 9/8/ PV of PPG External Debt-to-GDP 40 33.1 33.3 32.3 30.9 29.3 27.2 25.4 23.0 21.0 19.3 17.7 8/25 PV of PPG External Debt-to-Exports 180 274.2 213.1 169.6 153.6 139.0 129.5 124.0 112.0 103.0 96.3 90.0 7/14 Debt Service-to-Revenue 18 26.6 17.5 15.8 13.7 14.0 16.7 17.2 17.6 16.3 15.4 14.5 7/7 Debt Service-to-Exports 15 29.3 15.7 11.5 9.7 9.7 11.9 12.8 13.7 12.9 12.2 11.6 7/7/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 51 16 2017 2021 - - 82.9 THE GAMBIA - 14.0 1.2 Gamb Gamb DMF Activities and Selected DeM Reforms - DMF Activities and Selected DeM Reforms DMF Activities 16 2017 Source: MTI Global Macro and Debt Unit, 2021 High 2021 16 2017 2021- - Debt Management Assessment - (Percent of Sa�sfactory Performance, 2014) 82.9 - - Selected DeM Reforms 82.9 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 14.0 - 1.2 100 14.0 1.2 50 NO DATA AVAILABLE 10 - - 0 Source: MTI Global Macro and Debt Unit, 2021 High Source: MTI Global Latest DeMPA Macro and Debt Unit, 2021 Previous DeMPA Regional Average High Debt Management Assessment Source: MTI Global Macro and Debt Unit, 2021 0 (Percent of Sa�sfactory Performance, Debt Management Assessment2014) Redemption Pro (Percent of Sa�sfactoryfile Performance, 2014) Governance Macro Policies Debt Portfolio Risk Indicators Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 million GMD Governance Macro Policies Borrowing Cash Flow External Domes Opera�onal Risk Mgmt� & Total cDebt Recording 100 Cost of Debt Weighted Av. Interest Rate (%) 1.2 6.6 3.4 50 20K Refinancing Risk ATM (years) 9.8 4.1 7.5 NO DATA AVAILABLE 1 10 50 NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 4.9 70.6 31.3 10 ng Flows 0 Interest Rate Debt Refixing in 1 yr (% of total) 9.5 70.6 34.1 10K ector Debt 0 NO DATA AVAILABLE Risk NO DATA AVAILABLE 93.3 Fixed Rate Debt (% of total) 100.0 96.0 Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Latest Macro and Debt Unit, 2021 DeMPA Previous DeMPA Regional Average FX Risk FX Debt (% of total debt) - - 58.3 0K 0 Source: MTI Global Macro and Debt Unit, 2021 ST FX Debt (% of reserves) - - 13.0 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 0 Redemption Domes�c Profile External Debt Portfolio Risk Indicators Redemption GMD million Profile Debt Portfolio Risk Indicators External Domes�c Total Source: Ministry of Finance and Economic Affairs, 2021 Source: Ministry of Finance and Economic Affairs, 2021 GMD million Cost of Debt Weighted Av. Interest Rate (%) 1.2 External 6.6 Domes�c 3.4 Total 20K Cost Re of DebtRisk ATM financing Weighted Av. Interest Rate (%) (years) 1.2 9.8 6.6 4.1 3.4 7.5 Selected International Debt Issuance 1 20K Date Issue Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Refi nancing Risk Maturity ATM Type Debt (years) Maturing in Currency 1 yr (% of Currency 4.9 Currency total) Issued Amount 9.8 4.1 70.6 7.5 31.3 Outstanding 1ng Flows Interest NO DATA AVAILABLE Rate Debt Maturing Re fixing inin 1 1 yryr (%(% of of total) total) 4.9 9.5 70.6 31.3 34.1 10K ector Debt ng Flows NO DATA AVAILABLE Risk Interest Rate Debt Fixed Re fixing Rate Debt NO in 1 (%yr DATA (% of AVAILABLE 93.3 of total) total) 9.5 70.6 100.0 34.1 96.0 10K ector Debt NO DATA AVAILABLE Risk Fixed Rate NO DATA AVAILABLE FX Risk FX Debt (%Debt (% debt) of total of total) 93.3 - 100.0- 96.0 58.3 0K 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 FX Risk FX FX ST Debt of total (% (% Debt debt) of reserves) - - 58.3 13.0 0K 2022 Domes �c 2024 2028 2026 External 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 13.0 Domesof Source: Ministry External �cFinance and Economic Affairs, 2021 Source: Ministry of Finance and Economic Affairs, 2021 Source: Ministry of Finance and Economic Affairs, 2021 Source: Ministry of Finance and Economic Affairs, 2021 2020 Selected International Debt Issuance Selected Issue Date Domestic Selected International Fitch / Moody's Debt / S&P Issuance / Regional Tenor Debt Coupon Rate (%) Issuance Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Issue Issue Date Date Fitch / Fitch / S&P / Moody's Moody's / S&P Tenor Tenor Coupon Rate Coupon Rate (%) (%) NO DATA Maturity Maturity AVAILABLE Date Date Maturity Type Maturity Type Currency Currency Currency Amount Currency Amount Issued Issued Currency Outstanding Currency Outstanding 12/8/2021 -/-/- 1 0.0 NO NO DATA DATA AVAILABLE 6/8/2022 AVAILABLE AT MATURITY GMD 948,970 948,970 12/8/2021 -/-/- 1 0.0 12/7/2022 AT MATURITY GMD 3,795,880 3,795,880 2030 9/22/2021 -/-/- 5 8.9 9/21/2026 AT MATURITY GMD 38,690,400 38,690,400 9/8/2021 -/-/- 1 0.0 9/7/2022 AT MATURITY GMD 385,750 385,750 17.7 8/25/2021 -/-/- 1 0.0 8/24/2022 AT MATURITY GMD 193,831 193,831 90.0 7/14/2021 -/-/- 1 0.0 7/13/2022 AT MATURITY GMD 195,934 195,934 14.5 7/7/2021 -/-/- 1 0.0 7/6/2022 AT MATURITY GMD 8,631,532 8,631,532 2020 11.6 7/7/2021 -/-/- 1 0.0 7/6/2022 AT MATURITY GMD 193,967 193,967 2020 Selected Domestic Source: Bloomberg, / Regional Debt Issuance December 2021 Selected Domestic Issue Date / Regional Fitch / Moody's / S&P Debt Issuance Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 12/8/2021 Issue Date - / - / - / S&P Fitch / Moody's 1 Tenor 0.0 Coupon Rate (%) NO DATA 6/8/2022 Maturity AVAILABLE Date AT MATURITY Maturity Type GMD Currency 948,970 Currency Amount Issued 948,970 Currency Outstanding 12/8/2021 12/8/2021 - -//--//-- 1 1 0.0 0.0 12/7/2022 6/8/2022 AT AT MATURITY NO DATA AVAILABLE MATURITY GMD GMD 3,795,880 948,970 3,795,880 948,970 2030 9/22/2021 12/8/2021 -/ - -/ /- - /- 5 1 8.9 0.0 9/21/2026 12/7/2022 AT MATURITY AT MATURITY GMD GMD 38,690,400 3,795,880 38,690,400 3,795,880 2030 9/8/2021 9/22/2021 - -/ -/ /- /- - 1 5 0.0 8.9 9/7/2022 9/21/2026 AT MATURITY AT MATURITY GMD GMD 385,750 38,690,400 385,750 38,690,400 17.7 8/25/2021 9/8/2021 -/ - -/ /- - /- 1 1 0.0 0.0 8/24/2022 9/7/2022 AT MATURITY AT MATURITY GMD GMD 193,831 385,750 193,831 385,750 17.7 90.0 7/14/2021 8/25/2021 - -/ -/ /- /- - 1 1 0.0 0.0 7/13/2022 8/24/2022 AT MATURITY AT MATURITY GMD GMD 195,934 193,831 195,934 193,831 90.0 14.5 7/7/2021 -/ -/ /- - /- 1 0.0 7/6/2022 MATURITY AT MATURITY GMD 8,631,532 8,631,532 7/14/2021 - 1 0.0 7/13/2022 AT GMD 195,934 195,934 14.5 11.6 7/7/2021 7/7/2021 -/ - -/ /- /- - 1 1 0.0 0.0 7/6/2022 7/6/2022 AT MATURITY AT MATURITY GMD GMD 193,967 8,631,532 193,967 8,631,532 11.6 Source: - 2021 Bloomberg, December 7/7/2021 /-/- 1 0.0 7/6/2022 AT MATURITY GMD 193,967 193,967 Source: Bloomberg, December 2021 Sub-Saharan Africa | 52 Ghana Gh�n� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 3.4 8.1 6.3 6.1 1.5 - Lower middle income Infla�on (%) 15.2 10.4 10.2 8.8 9.3 - Public Debt (% of GDP) 57.7 57.6 62.5 63.5 73.3 83.5 LENDING Net Claims on Govt (% of GDP) 9.5 7.4 11.7 - - - Current Account Balance (% of GDP) 3.1 1.3 0.8 0.3 1.7 -0.6 IDA Primary balance (% of GDP) -1.9 0.5 -1.4 -1.8 -4.1 5.9 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.5 3.6 3.5 3.6 3.6 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gh�n� Gross Financing Need and Primary Deficit (Percent of GDP) Contribution to Change in Public Debt (Percent of GDP) 10 MACROECONOMIC INDICATORS 2012 2013 10 2014 2015 201 100 2016 2017 2018 2019 50 2020 INCOME 15 Real GDP Growth (%) 3.4 8.1 6.3 6.1 1.5 Lower middle income Infla�on (%) 15.2 10.4 10.2 8.8 9.3 0 5 Public Debt (% of GDP) 57.7 57.6 62.5 5 63.5 73.3 LENDING Net Claims on Govt (% of GDP) 9.5 7.4 11.7 - - 10 Current Account Balance (% of GDP) 3.1 1.3 0.8 0.3 1.7 IDA Primary balance (% of GDP) -1.9 0.5 -1.4 -4.1 M -1.8 Source: Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY 0 0 NO DATA AVAILABLE NO DATA INSTITUTIONAL AVAILABLE CAPACITY 5 HIPC Redem Overall CPIA Ra�ng 3.5 3.6 3.5 3.6 3.6 FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY 0 -5 High High -5 High High High non-FCS Risk of Debt Distress 2011 2012 2014 WB 2013 Sources: 2015 Classifi2016 2017 cation, July 2018 2021; WB List of2019 2020 Fragile and 2021 Conflict-a 2011 2012 2013Sources: 2014 CPIA-WDI ffected Situations (FCS) FY22 2015 2021; 2016 2017 Joint 2018 WB/IMF 2019 2020 Debt Sustainability 2021 Analysis, 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Gross Financing Need and Primary Deficit Contribution to Change in Public Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 (Percent of GDP) (Percent of GDP) 10 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) 15 (Percent of Total) 100 5 10 Select 60 Issue 0 NO DATA AVAILABLE NO DATA AVAILABLE 4/7/ 5 4/7/ 40 50 4/7/ 0 -5 4/7/ NO DATA AVAILABLE NO DATA AVAILABLE 11/13/ 20 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 11/13/ Exchange Rate Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit 2/11/ Real GDP Real Interest Rate Change in Public Se 0 0 2/11/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Select Evolution of External and Domestic Public Debt Evolution of FinancingDomes �c Sources Issue (Percent of GDP) (Percent of Total) Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2019, IDS 2019 and Joint WB/IMF Debt Sustainability Analysis, 2021 12/30/ 100 12/6/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 11/29/ DEBT SUSTAINABILITY INDICATORS 60 11/29/ PV of PPG External Debt-to-GDP 40 42.7 44.0 43.0 41.4 40.9 40.4 39.2 37.4 35.6 33.5 31.6 11/16/ PV of PPG External Debt-to-Exports 180 125.4 125.1 125.4 120.2 121.9 124.9 125.5 121.2 121.4 119.5 117.2 11/12/ Debt Service-to-Revenue 40 18 50.2 36.5 36.9 34.0 32.3 33.6 33.4 38.0 34.3 30.6 30.9 11/8/ 50 Debt Service-to-Exports 15 19.4 15.3 15.9 14.7 14.5 15.8 16.5 19.4 18.7 17.7 18.8 10/18/ NO DATA AVAILABLE NO DATA AVAILABLE Source: B Source: Joint WB/IMF Debt Sustainability Analysis, 2021 20 0 0 Sub-Saharan Africa | 53 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 16 2017 2021 - - 83.5 GHANA - -0.6 5.9 Ghana Ghan DMF Activities and Selected DeM Reforms Ghana Ghana - DMF Activities and Selected DeM Reforms DMF Activities 16 2017 DMF Activities Source: and MTI Global Macro Unit, 2021 DeM Reforms Selected and Debt High 2021 16 2017 - Debt Management Assessment 16 2021 2017 - 2021 - (Percent of Sa�sfactory Performance, 2012) 83.5 - - Selected DeM Reforms 83.5 - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording -0.6 83.5 - 5.9 100 -0.6- 10 5.9 -0.6 5.9 50 NO DATA AVAILABLE - 0 5 - Source: MTI Global Macro and Debt Unit, 2021 High - Ghana Latest Source: DeMPA MTI Global Macro and Debt Unit, 2021 Previous DeMPA Regional Average High Debt Management DMF Activities andAssessment Source: Global MTIMTI Source: Macro Global and and Macro Debt Unit, Debt 2021 Selected DeM Reforms Unit, 2021 High 0 (Percent Debt of Sa�sfactory Performance, Management Assessment2012) Redemption Debt Management (Percent Pro file of Sa�sfactory Governance Assessment Performance, 2012) Macro Policies Debt Portfolio Risk Indicators Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 16 2017 External Domes�c Total (Percent 100 of Sa�sfactory Performance, 2012) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 2021 Borrowing Cash Flow Opera �onal Risk Mgmt & Debt Recording Cost of Debt Interest Weighted Av.Cash Flow Rate (%) 17.2 5.3�onal Risk Mgmt 11.7 10 - -5 100 Governance Macro Policies Borrowing Opera & Debt Recording - 50 Re financing Risk ATM (years) 12.9 4.8 9.4 10 100 NO DATA AVAILABLE 1 83.5 10 - 50 Debt Maturing in 1 yr (% of total) 3.1 28.8 14.3 NO DATA AVAILABLE ng Flows -0.6 0 NO 50 5 DATA AVAILABLE NO DATA AVAILABLEInterest Rate Debt Refixing in 1 yr (% of total) 11.9 28.8 19.2 5.9 ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE 89.5 0 Fixed Rate Debt (% of total) 100.0 94.1 5 Latest DeMPA Previous DeMPA Regional Average 0 5 Source: MTI Global Latest Macro and Debt Unit, 2021 DeMPA Previous DeMPA Regional Average FX Risk FX Debt (% of total debt) - - 46.5 Regional 0 - Average Source: MTI Global Latest Macro and Debt Unit, 2021 DeMPA Previous DeMPA Regional Average ST FX Debt (% of reserves) - - 13.4 0 Redemption Pro Source: MTI Global Macro fi and le Unit, 2021 Debt Debt Portfolio Risk Indicators Source: MTI Global Macro and Debt Unit, 2021 High 0 Redemption Profile Debt Portfolio Risk Indicators Source: Ministry of Finance and Economic Planning, 2021 External Domes�c Total -5 Debt Portfolio Redemption Pro file Indicators Risk Cost of Portfolio Debt Debt RiskAv. Weighted Indicators Interest Rate (%) 5.3 External 17.2 Domes�c 11.7 Total Debt Management Assessment External Domes�c Total ExternalRe Domestic Total Selected of DebtRisk ATM financing Cost (years) Weighted Av. Interest Rate (%) External12.9 5.3 Domes �c 4.8 17.2 Total 9.4 11.7 1 -5 (Percent of International Debt Issuance Sa�sfactory Performance, 2012) Cost Cost IssueofDate of Debt Fitch Debt Weighted Av. Interest / Moody's Weighted / S&P Rate (%) Av. Interest5.3 Tenor Rate Coupon 17.2 (%) Rate (%) 11.7 5.3 Maturity Date Cost Re fi of Debt nancing Risk Maturity Type Weighted Debt ATM Av. Maturing (years) Interest 17.2 in 1 yr Rate (% of (%) total) 5.3 3.1 Currency Currency Amount Issued Currency Outstanding9.4 12.9 17.2 11.7 28.8 4.8 11.7 14.3 -5 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 1ng Flows Refi nancing Risk ATM 4/7/2021 B- /(years) Caa1 / B- ATM (years) 4 12.9 0.0 4.8 9.4DATA NO 4/7/2025 Re fiAT AVAILABLE 12.9 nancing MATURITY Interest Risk ATM Rate Debt (years) ReUSD fixing in Maturing 4.8 11 in yr (% yr 525,000,000 (%of oftotal) total) 12.9 11.9 3.1 4.8 9.4 525,000,000 28.8 9.4 19.2 14.3 1ector Refinancing Risk 100 NO Debt ng Flows 4/7/2021 Debt B- /Maturing Caa1 / B- in 1 DATA yr (% Debt ofAVAILABLE total) Maturing 8 in 1 yr3.1 7.8 28.8 (% of total) 14.3 4/7/2029 Risk SINKABLE Debt Maturing 3.1 Interest Rate Fixed Debt Re USD Rate Debt fixing (% 28.8 in NO in 1 1 yr DATA 1,000,000,000 yr of (%(% ofAVAILABLE total) of total) total) 3.1 89.5 11.9 1,000,000,000 28.8 100.0 14.3 28.8 14.3 94.1 19.2 10 NO DATA ng Flows ector Debt 4/7/2021 Interest Rate B- /Re Debt Caa1 / B- fixing in yr 1Debt of AVAILABLE total) (%Refixing 13 11.9 8.6 in 1 yr (% of total) 28.8 4/7/2034 Risk SINKABLE 19.2 11.9 Interest FX Risk Rate Debt FX Re Debt Fixed USD fixing (% Rate of in NO 1 total Debt28.8 (%yrDATA (% debt) of of AVAILABLE 1,000,000,000 total) total) 11.9 - 89.5 1,000,000,000 28.8 19.2 100.0- 19.2 46.5 94.1 ector Debt 504/7/2021 Interest Risk Rate Risk B- / Caa1 / B- NO DATA AVAILABLE 21 8.9 5/7/2042 NO Risk SINKABLE DATA AVAILABLE USD NO DATA500,000,000 AVAILABLE 89.5 500,000,000 Fixed Rate Debt (% of total) 89.5 Fixed Rate Debt (% of total) 100.0 94.1 89.5 FX Risk Fixed FX FX ST DebtRate Debt Debt (% (% (% of total) of reserves) of total 100.0 debt) - 100.0 94.1- 94.1 13.4 46.5 11/13/2020 -/-/- 3 4.8 11/13/2023 AT MATURITY USD 230,011,543 230,011,543 FX Risk FX Debt (% of total debt) - - 46.5 FX Risk of total FX Debt (% (% debt) - - 46.5 5 0 11/13/2020 -/-/- FX Debt (% of 3 total debt) 4.8 11/13/2023- AT MATURITY ST FX DebtUSD of - reserves) 158,893,638 - 46.5 - 158,893,638 13.4 FX Risk 2/11/2020 ST FX Debt (% of reserves) B- / Caa1 / B- ST FX Debt (% 15 - of reserves) 7.9 - 13.4 2/11/2035 - SINKABLE ST FX Debt USD (% of reserves) - 1,000,000,000 - 13.4- 1,000,000,000 13.4 Latest DeMPA Previous DeMPA Regional Average Source: Ministry of Finance and Economic Planning, 2021 2/11/2020 B- / Caa1 / B- 41 8.8 3/11/2061 SINKABLE USD 750,000,000 750,000,000 Source:MTI Source: Global Ministry of Macro and Finance Debt and Unit, 2021 Economic Planning, 2021 Source: Ministry of Finance and Economic Planning, 2021 2020 Selected International Source: Ministry Debt of Finance and Economic Issuance Planning, 2021 Source: Ministry of Finance and Economic Planning, 2021 0 Selected Redemption International Issue Date Domestic Fitch / Moody's Profile Debt / S&P Issuance / Regional Debt Tenor Coupon Rate (%) Issuance Maturity Date Maturity Type Debt Currency Currency Amount Issued Portfolio Risk Indicators Currency Outstanding Selected 4/7/2021 Issue Date International B-//Moody's Fitch Debt Caa1 / B-/ S&P Issuance 4 Tenor CouponNO DATA 0.0 4/7/2025 Rate (%) Maturity AVAILABLE Date AT MATURITY Maturity Type USD Currency Currency525,000,000 AmountExternal 525,000,000 Issued Currency Domes Outstanding �c Total 021 4/7/2021 Maturity Maturity Date 12/30/2021 Issue Date Type 4/7/2021 B-/Currency Fitch B- Caa1 /Moody's /-Caa1 / B- / - / -/ B-/ Currency S&P 8 Issued Coupon Amount Tenor 4 1 7.8 Currency Rate 0.0 4/7/2029 Outstanding NO DATA (%) Maturity AVAILABLE Date 4/7/2025 6/30/2022 SINKABLE Maturity AT Type MATURITY USD Currency USD GHS 1,000,000,000 Currency Amount 525,000,000 260,912,661 Issued 1,000,000,000 Currency Outstanding 525,000,000 260,912,661 Cost of Debt Weighted Av. Interest Rate (%) 5.3 17.2 11.7 -5 NO DATA AVAILABLE 4/7/2025 4/7/2021 AT MATURITY B- B- / /-Caa1 Caa1 USD / B- B- 13 525,000,000 8.6 4/7/2034 525,000,000 12/4/2023 SINKABLE USD 1,000,000,000 1,000,000,000 4/7/2021 12/6/2021 / - / -/ 8 4 2 7.8 0.0 19.8 NO DATA AVAILABLE 4/7/2029 4/7/2025 ATSINKABLE MATURITY USD GHS 1,000,000,000 525,000,000 273,888,195 1,000,000,000 525,000,000 273,888,195 2030 Refinancing Risk ATM (years) 12.9 4.8 9.4 4/7/2029 4/7/2021 SINKABLE 4/7/2021 11/29/2021 B- / B- /-Caa1 Caa1 /USD / B- - / -/ B- 21 1,000,000,000 13 8 1 8.9 1,000,000,000 8.6 7.8 0.0 5/7/2042 4/7/2034 4/7/2029 5/30/2022 ATSINKABLE SINKABLE MATURITY USD USD GHS 500,000,000 1,000,000,000 17,887,869 500,000,000 1,000,000,000 17,887,869 11/13/2020 - / - / - 3 4.8 11/13/2023 AT MATURITY Debt Maturing USD in 1 yr (% of total) 230,011,543 3.1 28.8 230,011,543 14.3 4/7/2034 SINKABLE 4/7/2021 11/29/2021 /USD B- /-Caa1 - / -/ B- 1,000,000,000 21 13 1 1,000,000,000 8.9 8.6 0.0 5/7/2042 4/7/2034 11/28/2022 ATSINKABLE MATURITY USD GHS 500,000,000 1,000,000,000 31,006,158 500,000,000 1,000,000,000 31,006,158 31.6 ng Flows 11/13/2020 / -Caa1 -//--/ B- 3 4.8 5/7/2042 SINKABLE 11/13/2020 4/7/2021 11/16/2021 B- /- /USD - 500,000,000 3 21 1 500,000,000 11/13/2023 4.8 8.9 0.0 11/13/2023 5/7/2042 5/17/2022 AT Interest AT MATURITY Rate MATURITY SINKABLE USD Debt Refixing in 1 yr (%158,893,638 USD GHS of total) 230,011,543 500,000,000 252,335,498 11.9 158,893,638 28.8 230,011,543 500,000,000 252,335,498 19.2 ector Debt 117.2 2/11/2020 AT MATURITY B- /-Caa1 NO DATA AVAILABLE Risk SINKABLE NO DATA AVAILABLE 11/13/2023 11/13/2020 11/12/2021 / - / -/ B- USD 15 230,011,543 3 1 7.9 4.8 0.0 2/11/2035 230,011,543 11/13/2023 5/13/2022 GHSDebt (% of1,000,000,000 USD AT MATURITY Fixed Rate USD total) 189,455,989 89.5 158,893,638 230,011,543 1,000,000,000 100.0 158,893,638 230,011,543 189,455,989 94.1 30.9 11/13/2023 2/11/2020 AT MATURITY B- 2/11/2020 11/13/2020 11/8/2021 /-Caa1 B- / Caa1 /USD / B- B- - / -/ 41 158,893,638 15 3 2 8.8 3/11/2061 158,893,638 11/13/2023 7.9 4.8 20.0 2/11/2035 11/6/2023 ATSINKABLE SINKABLE MATURITY FX Debt USD USD GHS 750,000,000 1,000,000,000 158,893,638 222,972,670 750,000,000 1,000,000,000 158,893,638 222,972,670 FX Risk (% of total debt) - - 46.5 20202/11/2035 18.8 SINKABLE 2/11/2020 10/18/2021 USD - / -/ B- B- /-Caa1 / 1,000,000,000 41 15 3 1,000,000,000 8.8 7.9 19.0 3/11/2061 2/11/2035 10/14/2024 ATSINKABLE USD MATURITY ST FX Debt 750,000,000 1,000,000,000 GHS(% of reserves)158,773,295 750,000,000 1,000,000,000 158,773,295 - - 13.4 20203/11/2061 SINKABLE 2/11/2020 B- / USD / B- Caa1 750,000,000 41 750,000,000 3/11/2061 8.8 SINKABLE USD 750,000,000 750,000,000 Selected Domestic / Regional Debt Issuance Source: Bloomberg, December 2021 2020 Issue Date Domestic Selected / Regional Fitch / Moody's / S&P Debt Issuance Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Source: Ministry of Finance and Economic Planning, 2021 021 Issue Date Domestic Selected 12/30/2021 - / -// Regional Fitch / Moody's - / S&P Debt1Issuance Tenor 0.0 Coupon Rate (%) NO DATA 6/30/2022 Maturity AVAILABLE Date AT MATURITY Maturity Type GHS Currency 260,912,661 Currency Amount Issued 260,912,661 Currency Outstanding Maturity 021 Date 12/6/2021 Maturity Issue Date 12/30/2021 TypeFitch / -//--/ Currency Moody's - /-- / Currency S&P 2 Issued Coupon Amount Tenor 1 19.8 Currency 0.0Rate (%) 12/4/2023 Outstanding NO DATA Maturity AVAILABLE Date 6/30/2022 AT MATURITY Maturity AT Type MATURITY GHS Currency GHS 273,888,195 Currency Amount Issued 260,912,661 273,888,195 Currency Outstanding 260,912,661 2030 Selected International Debt Issuance 0216/30/2022 11/29/2021 NO DATA AVAILABLE AT MATURITY 12/6/2021 12/30/2021 -/ - / -/ GHS - /-- 1 260,912,661 2 1 0.0 5/30/2022 NO DATA AVAILABLE 260,912,661 12/4/2023 19.8 0.0 6/30/2022 MATURITY AT MATURITY AT GHS GHS 17,887,869 273,888,195 260,912,661 17,887,869 273,888,195 260,912,661 2030 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 12/4/2023 11/29/2021 AT MATURITY 11/29/2021 12/6/2021 -/ - / -/ GHS - /-- 1 273,888,195 1 2 0.0 273,888,195 0.0 19.8 11/28/2022 5/30/2022 12/4/2023 AT AT MATURITY MATURITY GHS GHS 31,006,158 17,887,869 273,888,195 31,006,158 17,887,869 273,888,195 31.6 2030 4/7/2021 B- / -Caa1 NO DATA AVAILABLE 5/30/2022 11/16/2021 AT MATURITY 11/29/2021 -// -/ GHS - /--/ B- 4 1 17,887,869 1 0.0 0.0 0.0 4/7/2025 5/17/2022 17,887,869 11/28/2022 5/30/2022 AT MATURITY AT AT MATURITY MATURITY USD GHS GHS 525,000,000 252,335,498 31,006,158 17,887,869 525,000,000 252,335,498 31,006,158 17,887,869 117.2 31.6 4/7/2021 B- / -Caa1 11/28/2022 11/12/2021 AT MATURITY 11/16/2021 11/29/2021 -// -/ GHS - /--/ B- 8 1 31,006,158 1 7.8 0.0 0.0 4/7/2029 5/13/2022 31,006,158 11/28/2022 5/17/2022 ATSINKABLE AT MATURITY MATURITY USD GHS GHS 1,000,000,000 189,455,989 252,335,498 31,006,158 1,000,000,000 189,455,989 252,335,498 31,006,158 31.6 30.9 117.2 4/7/2021 11/8/2021 B- / -Caa1 / -//--/ B- 13 2 8.6 20.0 4/7/2034 11/6/2023 ATSINKABLE MATURITY USD GHS 1,000,000,000 222,972,670 1,000,000,000 222,972,670 5/17/2022 AT MATURITY 11/12/2021 11/16/2021 -/ GHS - 252,335,498 1 252,335,498 5/13/2022 0.0 5/17/2022 AT MATURITY GHS 189,455,989 252,335,498 189,455,989 252,335,498 117.2 18.8 4/7/2021 10/18/2021 B- / -Caa1 / - / -/ B- 21 3 8.9 19.0 5/7/2042 10/14/2024 ATSINKABLE MATURITY USD GHS 500,000,000 158,773,295 500,000,000 158,773,295 30.9 5/13/2022 AT MATURITY 11/8/2021 11/12/2021 GHS -/-/- 189,455,989 2 1 189,455,989 20.0 0.0 11/6/2023 5/13/2022 AT MATURITY GHS 222,972,670 189,455,989 222,972,670 189,455,989 11/13/2020 -/ -/- 3 4.8 11/13/2023 AT MATURITY USD 230,011,543 230,011,543 30.9 11/6/2023 18.8 ATBloomberg, Source: MATURITY 10/18/2021 11/8/2021 December - 2021 /GHS -/- 222,972,670 3 2 222,972,670 10/14/2024 19.0 20.0 11/6/2023 AT MATURITY GHS 158,773,295 222,972,670 158,773,295 222,972,670 11/13/2020 -/-/- 3 4.8 11/13/2023 AT MATURITY USD 158,893,638 158,893,638 10/14/2024 18.8 MATURITY ATBloomberg, 10/18/2021 Source: December GHS / - 2021 -/- 158,773,295 3 158,773,295 10/14/2024 19.0 AT MATURITY GHS 158,773,295 158,773,295 2/11/2020 B- / Caa1 / B- 15 7.9 2/11/2035 SINKABLE USD 1,000,000,000 1,000,000,000 Source: Bloomberg, December 2021 2/11/2020 B- / Caa1 / B- 41 8.8 3/11/2061 SINKABLE USD 750,000,000 750,000,000 Sub-Saharan Africa | 54 2020 Selected Domestic / Regional Debt Issuance Guinea Guin�� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 10.8 10.3 6.2 5.6 5.2 - Low income Infla�on (%) 5.7 10.4 10.0 9.3 9.9 - Public Debt (% of GDP) 42.5 39.5 37.7 36.5 40.4 43.3 LENDING Net Claims on Govt (% of GDP) 13.4 11.9 14.0 - - - Current Account Balance (% of GDP) 31.9 6.8 20.2 13.8 12.3 8.5 IDA Primary balance (% of GDP) 0.9 -1.1 -0.3 0.0 -2.7 1.3 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.2 3.2 3.2 3.2 3.3 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod Mod Mod Mod Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 10 10 6 50 0 0 0 4 -10 -10 Source: M 2 NO DATA AVAILABLE -20 NO DATA AVAILABLE -20 Redem GNF m 0 -30 -30 800 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 600 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit 400 Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 200 0 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 60 Select Issue 40 50 NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 30 16.8 20.1 21.5 21.8 21.7 21.6 21.4 21.3 21.0 20.7 20.4 PV of PPG External Debt-to-Exports 140 52.0 63.0 67.6 66.7 64.0 64.2 63.2 62.4 61.5 60.3 59.2 Debt Service-to-Revenue 14 3.5 5.9 9.3 9.7 9.4 8.2 9.6 9.2 9.5 9.9 9.7 Debt Service-to-Exports 10 1.4 2.5 4.2 4.4 4.2 3.8 4.3 4.1 4.3 4.5 4.5 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sub-Saharan Africa | 55 GUINEA Guine DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - - 43.3 - Selected DeM Reforms 8.5 1.3 - Source: MTI Global Macro and Debt Unit, 2021 Mod Debt Management Assessment (Percent of Sa�sfactory Performance, 2018) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 10 50 NO DATA AVAILABLE 0 0 -10 Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 -20 Redemption Profile Debt Portfolio Risk Indicators GNF million External Domes�c Total -30 Cost of Debt Weighted Av. Interest Rate (%) 1.3 2.7 1.8 800 Refinancing Risk ATM (years) 10.0 8.3 9.4 1 600 Debt Maturing in 1 yr (% of total) 3.8 44.6 18.7 ng Flows 400 Interest Rate Debt Refixing in 1 yr (% of total) 6.9 44.6 18.7 ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE 97.0 Fixed Rate Debt (% of total) 100.0 98.1 200 FX Risk FX Debt (% of total debt) - - 63.5 0 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - 9.1 Domes�c External Source: Ministry of Economy and Finance, 2020 Source: Ministry of Economy and Finance, 2020 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE 2030 20.4 59.2 9.7 4.5 Sub-Saharan Africa | 56 Guinea-Bissau Guin��-Biss�u DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 5.3 4.8 3.4 4.5 -2.4 - Low-income Infla�on (%) 2.8 10.4 -5.2 -3.5 0.1 - Public Debt (% of GDP) 57.0 50.0 59.2 66.9 78.4 78.4 LENDING Net Claims on Govt (% of GDP) 15.9 8.1 8.6 - - - Current Account Balance (% of GDP) -1.6 -0.4 3.3 8.4 9.9 7.4 IDA Primary balance (% of GDP) -4.7 -0.8 -4.3 -2.8 -7.5 3.4 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 DEBT RELIEF INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 2.5 2.5 2.5 2.5 2.5 2.5 FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress Mod Mod Mod Mod Mod Mod Guin��-Biss�u Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public MACROECONOMIC Debt INDICATORS 2012 2013 2014 2015 201 (Percent of GDP) (Percent of GDP) 2016 2017 2018 2019 100 2020 INCOME Real GDP Growth (%) 5.3 4.8 3.4 4.5 -2.4 Low-income 10 Infla�on (%) 2.8 10.4 -5.2 10 -3.5 0.1 50 Public Debt (% of GDP) 57.0 50.0 59.2 66.9 78.4 15 15.9 8.1 8.6 - - LENDING Net Claims on Govt (% of GDP) Current Account Balance (% of GDP) -1.6 -0.4 3.3 8.4 9.9 0 IDA Primary balance (% of GDP) -4.7 -0.8 -4.3 -2.8 -7.5 10 0 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 0 DEBT RELIEF INSTITUTIONAL CAPACITY Source: M HIPC Overall CPIA Ra�ng 2.5 2.5 2.5 2.5 2.5 5 NO DATA AVAILABLE NO DATA AVAILABLE FRAGILE AND CONFLICT STATE -10 DEBT SUSTAINABILITY -10 Redem FCS Risk of Debt Distress Mod Mod Mod Mod Mod 0 Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Gross Financing Need and Primary Deficit Contribution to Change in Public Debt Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need GDP) Deficit (Percent of Primary (Percent of GDP) Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 10 Analysis, 2021 Source: Joint WB/IMF Debt Sustainability 15 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) 10 (Percent of Total) 0 80 100 5 NO DATA AVAILABLE NO DATA AVAILABLE Select -10 Issue 60 0 40 50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 NO DATA AVAILABLE NO DATA Exchange AVAILABLE Rate Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit 20 Real GDP Real Interest Rate Change in Public Se Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 0 2010 2011 2012 Evolution 2013 2014 of External 2015 2016 2017 2018 2019 Public and Domestic 2020 Debt 2014 2015 Evolution 2016 of Financing 2017 Sources 2018 2019 2020 (Percent of GDP) (Percent of Total) Domes�c External Bilateral Commercial Mul�lateral Domes�c Select 80 100 Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 11/17/ 9/8/ 60 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5/5/ DEBT SUSTAINABILITY INDICATORS 5/5/ PV of PPG External Debt-to-GDP 30 15.2 15.5 14.7 13.8 13.0 12.3 11.8 11.0 10.4 9.9 9.4 40 50 4/14/ PV of PPG External Debt-to-Exports 100 105.7 92.5 84.2 75.3 71.4 67.8 66.5 63.5 61.3 59.4 57.8 3/10/ Debt Service-to-Revenue 18 NO DATA 5.2 4.7 AVAILABLE 5.5 6.7 6.4 6.3 5.3 7.9 7.0DATA AVAILABLE NO 6.5 6.0 3/10/ Debt Service-to-Exports 20 15 3.9 4.1 4.1 4.9 4.7 4.7 4.0 6.2 5.6 5.3 5.0 9/16/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 Sub-Saharan Africa | 57 Domes�c External Bilateral Commercial Mul�lateral Domes�c Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 20 - - 78.4 - 7.4 3.4 GUINEA-BISSAU Guinea-Bissau Guine 2.5 DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 Mod DMF Activities 16 2017 Debt Management Assessment 2021 (Percent of Sa�sfactory Performance, 2009) - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 78.4 100 - Selected DeM Reforms 7.4 10 3.4 50 NO DATA AVAILABLE 0 0 2.5 Latest DeMPA Regional Average Guine Mod DMFSource: Source: Activities MTIMTI Global Global Macro and Macro and and Debt Selected Debt Unit, Unit, 20212021 DeM Reforms ProfileAssessment Debt Management Redemption Debt Portfolio Risk Indicators 16 -10 2017 (Percent of Sa�sfactory Performance, 2009) External Domes�c Total 2021 - Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Cost of Debt Borrowing Interest Weighted Av.Cash Flow Rate (%) 3.0 0.9�onal Risk Mgmt Opera 2.4 & Debt Recording - Re financing Risk ATM (years) - - - 100 1 78.4 - Debt Maturing in 1 yr (% of total) - - - 10 7.4 ng Flows 50 NO DATA AVAILABLE Interest Rate NO DATA AVAILABLE Debt Refixing in 1 yr (% of total) - - - ector3.4 Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - - 0 FX Risk FX Debt (% of total debt) - - 32.0 02.5 Latest DeMPA Regional Average ST FX Debt (% of reserves) - - - Source: MTI Global Macro and Debt Unit, 2021 Source: MTI Global Macro and Debt Unit, 2021 Mod Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 -10 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators Debt Management Assessment External Domes�c Total External Domestic External Total Domes �c Total (Percent of International Selected Debt Issuance Sa�sfactory Performance, 2009) Cost of Cost of Debt Debt Weighted Av. Interest Rate (%) Weighted Av. Interest0.9 Rate 3.0 (%) Rate 2.4 0.9 Cost of Debt Weighted Av. Interest Rate (%) 0.9 3.0 2.4 Issue Date Fitch / Moody's / S&P Tenor Coupon (%) Maturity Date Maturity Type Currency 3.0 Currency Amount Issued Currency2.4 Outstanding Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Refinancing Risk ATM (years) ATM (years) - - - - Re financing Risk ATM (years) - - - - - NO DATA AVAILABLE 1 Refinancing Risk 100 Debt Maturing in 1 yr (% of total) - Debt Maturing in 1 yr (% of total) - - - Debt Maturing in- 1 yr (% of total) - - - - ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - - Interest Rate - yr (% of total) Debt Refixing in 1 - - - - 10 50 ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% of AVAILABLE - total) - NO DATA - AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - of total) Fixed Rate Debt (% - - - - FX0 Risk FXdebt) FX Debt (% of total Debt (% of total debt) - - 32.0 - FX Risk - debt) FX Debt (% of total - - 32.0 32.0 FX Risk ST FX Debt (% of reserves) ST FX Debt (% of reserves) - - - - ST FX Debt (% of - reserves) - - - - 0 Latest DeMPA Regional Average Source:MTI Source: WB Global Joint Unit, Macro and Debt Staff Calculations: WB/IMF2021 Debt Sustainability Analysis, 2021 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 -10 Redemption Selected DomesticProfile / Regional Debt Issuance Debt Portfolio Risk Indicators Issue Date International Selected / S&P Issuance Fitch / Moody'sDebt Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency AmountExternal Domes Issued Currency �c Total Outstanding Maturity Date Date Type Maturity Issue Fitch /Currency Moody's Currency Amount Issued Coupon Currency Outstanding 021 11/17/2021 - / - / - / S&P Tenor 1 Rate 0.0 (%) Maturity Date NO DATA 11/15/2022 Debt TypeWeighted Maturity AVAILABLE AT Cost ofMATURITY Currency XOF Currency Av. Interest Amount 22,207,442 Rate (%) 0.9 Currency Issued Outstanding2.4 22,207,442 3.0 NO DATA AVAILABLE 9/8/2021 -/-/- 7 6.4 NO DATA AVAILABLE 9/8/2028 2030 RefiAT MATURITY nancing XOF Risk ATM (years) 17,102,105 - 17,102,105 - - 5/5/2021 -/-/- 5 6.1 5/5/2026 AT MATURITY XOF 11,119,408 11,119,408 Debt Maturing in 1 yr (% of total) - - - ng Flows 5/5/2021 -/-/- 7 6.4 5/5/2028 AT MATURITY XOF 29,105,832 29,105,832 9.4 Interest Rate Debt Refixing in 1 yr (% of total) - - - 4/14/2021 -/-/- 3 6.1 4/14/2024 AT MATURITY XOF 15,653,537 15,653,537 ector Debt 57.8 NO DATA AVAILABLE Risk NO DATA AVAILABLE 3/10/2021 -/-/- 3 6.1 3/10/2024 XOFDebt (% of total) AT MATURITY Fixed Rate 11,443,167 - - 11,443,167 - 6.0 3/10/2021 -/-/- 5 6.3 3/10/2026 AT MATURITY FX Debt FX Risk (% of total debt)18,513,243 XOF - - 18,513,243 32.0 5.0 9/16/2020 -/-/- 3 6.3 9/16/2023 AT MATURITY ST FX Debt XOF(% of reserves) 12,682,092 - 12,682,092 - - Source: Bloomberg, December 2021 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected Domestic / Regional Debt Issuance Maturity Date Issue Date Maturity Type Fitch / Moody's / S&P Currency Tenor Currency Amount Issued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected International Debt Issuance 021 NO DATA AVAILABLE 11/15/2022 AT MATURITY 11/17/2021 XOF -/ -/- 22,207,442 1 0.0 NO DATA AVAILABLE 22,207,442 11/15/2022 AT MATURITY XOF 22,207,442 22,207,442 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 9/8/2028 AT MATURITY 9/8/2021 XOF -/ -/- 17,102,105 7 6.417,102,105 9/8/2028 AT MATURITY XOF 17,102,105 17,102,105 2030 NO DATA AVAILABLE 5/5/2026 AT MATURITY 5/5/2021 XOF -/ -/- 11,119,408 5 11,119,408 5/5/2026 6.1 AT MATURITY XOF 11,119,408 11,119,408 5/5/2028 AT MATURITY 5/5/2021 XOF -/ -/- 29,105,832 7 29,105,832 5/5/2028 6.4 AT MATURITY XOF 29,105,832 29,105,832 9.4 4/14/2024 AT MATURITY 4/14/2021 XOF -/ -/- 15,653,537 3 15,653,537 4/14/2024 6.1 AT MATURITY XOF 15,653,537 15,653,537 57.8 3/10/2024 AT MATURITY XOF 11,443,167 11,443,167 3/10/2024 3/10/2021 -/ -/- 3 6.1 AT MATURITY XOF 11,443,167 11,443,167 6.0 3/10/2026 AT MATURITY 3/10/2021 XOF -/ -/- 18,513,243 5 18,513,243 3/10/2026 6.3 AT MATURITY XOF 18,513,243 18,513,243 9/16/2023 5.0 AT MATURITY 9/16/2020 XOF -/ -/- 12,682,092 3 12,682,092 9/16/2023 6.3 AT MATURITY XOF 12,682,092 12,682,092 Source: Bloomberg, December 2021 2020 Selected Domestic / Regional Debt Issuance Sub-Saharan Africa | 58 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 11/17/2021 -/-/- 1 0.0 NO DATA AVAILABLE 11/15/2022 AT MATURITY XOF 22,207,442 22,207,442 Kenya K�n�� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 5.9 4.8 6.3 5.4 0.8 - Lower middle income Infla�on (%) 5.6 10.9 2.4 4.0 8.5 - Public Debt (% of GDP) 50.5 56.9 60.2 61.7 66.7 69.5 LENDING Net Claims on Govt (% of GDP) 8.3 9.2 9.4 - - - Current Account Balance (% of GDP) 2.8 5.0 3.5 2.9 2.9 3.9 Blend Primary balance (% of GDP) -7.1 -4.5 -3.7 -4.0 -4.1 3.6 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.8 3.7 3.7 3.7 3.7 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Low Low Mod Mod High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 20 0 10 10 Source: M 10 NO DATA AVAILABLE NO DATA AVAILABLE Redem 0 0 Kenyan 0 1000K 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit 500K Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: T 100 60 Select Issue 6/23/ 40 5/22/ 50 5/22/ 2/28 NO DATA AVAILABLE NO DATA AVAILABLE 20 2/28 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 8/16/ 4/13/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2/24/ DEBT SUSTAINABILITY INDICATORS 11/25 PV of PPG External Debt-to-GDP 50 26.8 27.9 27.8 27.6 27.2 26.0 25.1 24.3 23.0 22.1 21.2 5/13 PV of PPG External Debt-to-Exports 200 288.2 260.6 258.5 255.2 249.4 237.7 228.8 219.0 205.5 196.2 187.3 2/25 Debt Service-to-Revenue 22 14.5 16.0 15.7 14.8 22.0 14.7 14.0 13.6 15.6 12.6 12.6 11/19/ Debt Service-to-Exports 25 27.5 25.9 25.5 24.4 36.1 24.1 22.8 21.9 24.8 19.8 19.6 8/27/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 59 KENYA Kenya Kenya DMF Activities and Selected DeM Reforms DMF Activities and Selected DeM Reforms Kenya 16 2017 DMF Activities and Selected DeM Reforms DMF Activities 16 2021 2017 - 2021 16 - 2017 - 69.5 2021 - - 69.5 - 3.9 - Selected DeM Reforms 3.6 3.9 69.5 3.6 - 3.9 3.6 - - Source: MTI Global Macro and Debt Unit, 2021 High Source: MTI Global Macro and Debt Unit, 2021 - High Debt Management Assessment Source: MTI Global Macro and Debt Unit, 2021 High Debt Management (Percent Assessment of Sa�sfactory Performance, 2014) (Percent of Sa�sfactory Performance, 2014) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Debt Management Assessment Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 (Percent of Sa�sfactory Performance, 2014) 100 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 50 NO DATA AVAILABLE 100 50 NO DATA AVAILABLE 0 50 NO DATA AVAILABLE 10 0 Latest DeMPA Regional Average 10 0 MTI Source: Latest DeMPA Global Macro and Debt Unit, 2021 Regional Average Source: MTI Global Macro and Debt Unit, 2021 10 Latest DeMPA Regional Average Redemption Profile Source: MTI Global Macro and Debt Unit, 2021 Debt Portfolio Risk Indicators 0 Redemption Profile Kenyan Shillings million Debt Portfolio Risk Indicators External Domes�c Total 0 Kenyan Shillings million Cost of Debt Weighted Av. Interest Rate (%) External 3.1 Domes�c 10.9 Total 6.9 Redemption Profile Debt Portfolio Risk Indicators 1000K Cost Re Weighted of DebtRisk ATM financing Av. Interest Rate (%) (years) 3.1 11.2 10.9 6.3 6.9 9.1 0 Kenyan Shillings million External Domes�c Total 1 1000K Refinancing Risk ATM (years) 11.2 6.3 9.1 Cost of Debt Debt Maturing Weighted in 1 yr (% Av. Interest of (%) Rate total) 4.6 3.1 29.7 10.9 15.5 6.9 1ng Flows 1000K Interest Rate Debt Debt Maturing Re fixing inin 1 1 yryr (%(% of of total) total) 4.6 25.1 29.7 29.7 15.5 27.1 500K Refinancing Risk ATM (years) 11.2 6.3 9.1 ng Flows ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE 1 Interest Rate Debt Re fixing Fixed Maturing in Rate Debt 1 (%yr (% of total) 25.1 29.7 27.1 500K Debt in 1 of total) yr (% of total) 76.7 4.6 100.0 29.7 86.9 15.5 ector Debt NO DATA AVAILABLE Risk Fixed Rate Debt NO DATA (% debt) AVAILABLE 76.7 of total) 100.0 86.9 ng Flows FX Risk Interest Rate FX Debt (% of total Debt Refixing in 1 yr (% of total) 25.1- - 29.7 51.2 27.1 0K 500K ector Debt NO DATA2030 AVAILABLE FX Risk Risk FX ST Debt FX (% (% Debt of total NO of debt) DATA reserves) AVAILABLE - - - - 51.2 23.0 0K 2022 2024 2026 2028 2032 2034 2036 2038 2040 Fixed Rate Debt (% of total) 76.7 100.0 86.9 2022 2024 2028 2026 External 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 23.0 Domes �c FX Risk FX Debt (% of total debt) - - 51.2 0K Domes Source: The Na �c Treasury, 2021 tional External ST FX Debt Source: The National Treasury, 2021 (% of reserves) - - 23.0 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 Source: The National Treasury, 2021 Source: The National Treasury, 2021 Domes�c External Selected International Debt Issuance Source: The National Treasury, 2021 Source: The National Treasury, 2021 Issue Date International Selected / S&P Issuance Fitch / Moody'sDebt Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Issue Date 6/23/2021 Fitch / Moody's B+ / B2u / B / S&P Tenor 13 Coupon Rate (%) 6.3 Maturity NO DATADate 1/23/2034 Maturity AVAILABLE Type SINKABLE Currency USD Currency Amount Issued 1,000,000,000 Currency Outstanding 1,000,000,000 Selected 6/23/2021 International B+ / B2u / B Debt Issuance 13 6.3 NO DATA AVAILABLE 1/23/2034 1,000,000,000 1,000,000,000 5/22/2019 B+ / B2u / B 8 7.0 5/22/2027 SINKABLE USD 900,000,000 900,000,000 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 5/22/2019 B+ / B2u / B 8 13 7.0 8.0 5/22/2027 5/22/2032 SINKABLE USD 900,000,000 1,200,000,000 900,000,000 1,200,000,000 6/23/2021 5/22/2019 B+ / B2u / B 13 13 6.3 8.0 NO DATA AVAILABLE 1/23/2034 5/22/2032 SINKABLE USD 1,000,000,000 1,000,000,000 2/28/2018 B+ / B2u / B 10 7.3 2/28/2028 ATSINKABLE MATURITY USD 1,200,000,000 1,000,000,000 1,200,000,000 1,000,000,000 5/22/2019 B+ / B2u / B 8 7.0 5/22/2027 SINKABLE USD 900,000,000 900,000,000 2/28/2018 B+ / B2u / B 10 30 7.3 8.3 2/28/2028 2/28/2048 AT MATURITY USD 1,000,000,000 1,000,000,000 5/22/2019 B+ / B2u / B 13 8.0 5/22/2032 SINKABLE USD 1,200,000,000 1,200,000,000 2/28/2018 B+ / B2u / B 30 8.3 2/28/2048 AT MATURITY USD 1,000,000,000 1,000,000,000 2/28/2018 B+ / B2u / B 10 7.3 2/28/2028 AT MATURITY USD 1,000,000,000 1,000,000,000 2/28/2018 B+ / B2u / B 30 8.3 2/28/2048 AT MATURITY USD 1,000,000,000 1,000,000,000 2020 Source: Bloomberg, December 2021 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance 2020 Selected IssueBloomberg, Source: Date Domestic December / Regional Fitch / Moody's 2021 / S&P Debt Issuance Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 Issue Date 8/16/2021 - / - / - / S&P Fitch / Moody's Tenor 20 Coupon Rate (%) 13.4 Maturity NO DATADate 7/22/2041 Maturity AVAILABLE Type AT MATURITY Currency KES Currency Amount Issued 614,224,580 Currency Outstanding 614,224,580 Selected 8/16/2021 Domestic / Regional Debt -/-/- 20 Issuance 13.4 NO DATA AVAILABLE 7/22/2041 AT MATURITY 614,224,580 614,224,580 021 4/13/2020 -/-/- 9 10.9 4/2/2029 SINKABLE KES 703,176,402 703,176,402 2030 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 4/13/2020 2/24/2020 -/-/- 9 15 10.9 12.8 4/2/2029 2/5/2035 ATSINKABLE MATURITY KES 703,176,402 648,670,278 703,176,402 648,670,278 0212030 8/16/2021 -/-/- 20 13.4 NO DATA AVAILABLE 7/22/2041 AT MATURITY KES 614,224,580 614,224,580 2/24/2020 11/25/2019 -/-/- 15 10 12.8 12.3 2/5/2035 11/12/2029 AT MATURITY KES 648,670,278 876,808,094 648,670,278 876,808,094 21.2 4/13/2020 -/-/- 9 10.9 4/2/2029 SINKABLE KES 703,176,402 703,176,402 2030 11/25/2019 5/13/2019 -/-/- 10 5 12.3 10.9 11/12/2029 5/6/2024 AT MATURITY KES 876,808,094 387,839,392 876,808,094 387,839,392 21.2 187.3 2/24/2020 -/-/- 15 12.8 2/5/2035 AT MATURITY KES 648,670,278 648,670,278 5/13/2019 2/25/2019 -/-/- 5 10.9 11.3 5/6/2024 2/19/2024 AT MATURITY KES 387,839,392 649,523,159 387,839,392 649,523,159 187.3 12.6 11/25/2019 -/-/- 10 12.3 11/12/2029 AT MATURITY KES 876,808,094 876,808,094 21.2 2/25/2019 11/19/2018 -/-/- 5 20 11.3 12.0 2/19/2024 10/25/2038 ATSINKABLE MATURITY KES 649,523,159 354,405,090 649,523,159 354,405,090 12.6 5/13/2019 -/-/- 5 10.9 5/6/2024 AT MATURITY KES 387,839,392 387,839,392 19.6 187.3 11/19/2018 8/27/2018 -/-/- 20 10 12.0 12.7 10/25/2038 8/14/2028 ATSINKABLE MATURITY KES 354,405,090 402,646,155 354,405,090 402,646,155 2/25/2019 -/-/- 5 11.3 2/19/2024 AT MATURITY KES 649,523,159 649,523,159 19.6 8/27/2018 Source: Bloomberg, December- 2021 /-/- 10 12.7 8/14/2028 AT MATURITY KES 402,646,155 402,646,155 12.6 11/19/2018 -/-/- 20 12.0 10/25/2038 SINKABLE KES 354,405,090 354,405,090 Source: Bloomberg, December 2021 19.6 8/27/2018 -/-/- 10 12.7 8/14/2028 AT MATURITY KES 402,646,155 402,646,155 Source: Bloomberg, December 2021 Sub-Saharan Africa | 60 Real GDP Growth (%) 3.4 -1.0 0.4 1.0 -4.8 Lower middle income Infla�on (%) 0.6 1.7 5.4 4.6 3.3 Public Debt (% of GDP) 40.1 39.9 48.3 54.4 61.4 LENDING Net Claims on Govt (% of GDP) -7.6 -2.2 -1.8 - - Current Account Balance (% of GDP) 5.9 1.8 0.7 7.7 12.5 IDA Primary balance (% of GDP) -7.8 -0.8 -2.9 -4.3 -5.8 Lesotho L�sotho Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY DMF - Overall CPIA Ra�ng 3.3 3.4 3.3 3.3 3.3 FRAGILE AND CONFLICT STATE MACROECONOMIC INDICATORS DEBT SUSTAINABILITY 2012 2013 2014 2015 2016 2017 non-FCS 2016 Risk of Debt Distress 2017 2018 2019 Mod Mod 2020 Low 2021 Mod Mod INCOME Real GDP Growth (%) 3.4 -1.0 0.4 1.0 -4.8 - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Lower middle income Infla�on (%) 0.6 1.7 5.4 4.6 3.3 - Public Debt (% of GDP) 40.1 39.9 48.3 54.4 61.4 63.2 LENDING Net Claims on Govt (% of GDP) -7.6 -2.2 -1.8 - - - Gross Financing Need and Primary Deficit Contribution Current Account Balance (% of GDP) 5.9 to Change 1.8 0.7in Public 7.7 Debt 12.5 11.0 IDA Primary balance (% of GDP) -7.8 -0.8 -2.9 -4.3 -5.8 6.2 (Percent of GDP) (Percent of GDP) Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY 15 INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.3 3.4 3.3 3.3 3.3 - FRAGILE AND CONFLICT STATE 10 DEBT SUSTAINABILITY 10 Sourc non-FCS Risk of Debt Distress Mod Mod Low Mod Mod Mod Guin��-Biss�u Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 5 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen NO DATA AVAILABLE NO DATA AVAILABLE 0 and Primary Deficit Gross Financing Need 0 Contribution to Change in Public MACROECONOMIC Debt INDICATORS 2012 2013 2014 2015 201 (Percent of GDP) (Percent of GDP) 2016 2017 2018 2019 100 2020 INCOME Real GDP Growth (%) 5.3 4.8 3.4 4.5 -2.4 15 Low-income Infla�on (%) 2.8 10.4 -5.2 -3.5 0.1 57.0 50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Public Debt of GDP) 2011(%2012 2013 2014 2015 2016 50.0 59.2 2019 2017 2018 66.92020 78.4 2021 LENDING Net Claims on Govt (% of GDP) 15.9 8.1 8.6 - - Exchange Rate Current Account Balance (% of GDP) Primary -1.6 De ficit -0.4 3.3 Other 8.4 Debt Crea 9.9 �n 10 IDA Gross Financing Need Primary Deficit 10 10 0 balance Primary Real GDP (% of GDP) -4.7 Real -0.8 Interest Rate -4.3 -2.8 in Public Change -7.5 Se Sources: Debt Sustainability Analysis, 2021; WDI, 2021 Source:RELIEF Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 DEBT INSTITUTIONAL CAPACITY Source: M 5 HIPC Overall CPIA Ra�ng 2.5 2.5 2.5 2.5 2.5 Evolution of External and Domestic Public Debt DATA NO AND AVAILABLE Evolution AVAILABLE Sources of Financing NO DATA FRAGILE CONFLICT STATE DEBT SUSTAINABILITY Redem (Percent of GDP) 0 (Percent of Total) 0 0 FCS Risk of Debt Distress Mod Mod Mod Mod Mod 100 60 WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Gross Financing Need and Primary Deficit Contribution to Change in Public Debt 40 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need GDP) Deficit (Percent of Primary (Percent of GDP) Real GDP Real Interest Rate Change in Public Sector Debt 50 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 10 Analysis, 2021 Source: Joint WB/IMF Debt Sustainability 15 NO DATA AVAILABLE NO DATA AVAILABLE 20 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) 10 (Percent of Total) 0 0 0 100 60 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 5 NO DATA AVAILABLE NO DATA AVAILABLE Select Domes�c External -10 Bilateral Commercial Mul�lateral Domes�c Issue 40 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 20 0 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 50 2013 2014 2011 2012 INDICATORS DEBT SUSTAINABILITY 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 PV ofNO PPGDATA AVAILABLE External Debt-to-GDP 40 39.3 39.5 37.9 36.1 NO DATA 35.8 Exchange AVAILABLE Rate 35.7 35.8 35.7 Primary Deficit 35.6 35.5Crea�n Other Debt 20 Gross Financing Need Primary Deficit PV of PPG External Debt-to-Exports 180 93.4 82.8 80.6 79.7 GDP Real76.4 75.7 Real Interest 73.1 71.7 Rate 72.1 Change71.0 in Public Se Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Debt Service-to-Revenue 18 7.4 7.8 7.7 6.4 7.0 6.7 6.5 6.8 7.1 7.1 0 Debt Service-to-Exports 15 8.2 6.8 0 6.4 6.1 6.6 6.4 5.4 5.8 5.9 5.9 2010 2011 2012 Evolution 2013 2014 Source: Joint of 2015 WB/IMF External Debt 2016 2017 and Sustainability 2021 2019 Public Domestic 2018 Analysis, 2020 Debt 2014 2015Evolution 2016 of Financing 2017 Sources 2018 2019 2020 (Percent of GDP) (Percent of Total) Domes�c External Bilateral Commercial Mul�lateral Domes�c Select 80 100 Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 12/29/ 7/14/ 60 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 6/30/ DEBT SUSTAINABILITY INDICATORS 6/16 PV of PPG External Debt-to-GDP 40 39.3 39.5 37.9 36.1 35.8 35.7 35.8 35.7 35.6 35.5 35.3 40 50 5/12 PV of PPG External Debt-to-Exports 180 93.4 82.8 80.6 79.7 76.4 75.7 71.7 73.1 72.1 71.0 69.8 3/24 Debt Service-to-Revenue 18 NO DATA 7.8 7.4 AVAILABLE 7.7 6.4 7.0 6.7 6.5 6.8 NO 7.1DATA AVAILABLE 7.1 7.2 10/13 Debt Service-to-Exports 20 15 8.2 6.8 6.4 6.1 6.6 6.4 5.4 5.8 5.9 5.9 5.9 6/26/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 Sub-Saharan Africa | 61 Domes�c External Bilateral Commercial Mul�lateral Domes�c Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 20 - - 63.2 - 11.0 6.2 LESOTHO Guinea-Bissau Lesot - DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 Mod DMF Activities 16 2017 Debt Management Assessment 2021 (Percent of Sa�sfactory Performance, 2018) - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 63.2 100 - Selected DeM Reforms 11.0 6.2 50 NO DATA AVAILABLE 10 0 - Latest DeMPA Previous DeMPA Regional Average Guine Source: Global MTIMTI Macro Debt and and Unit, 2021 Mod DMF Activities Source: Global and Macro Selected Debt Unit, 2021 DeM Reforms 0 Redemption ProfileAssessment Debt Management Debt Portfolio Risk Indicators 16 2017 (Percent of Sa�sfactory Performance, 2018) External Domes�c Total 2021 - Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Cost of Debt Borrowing Weighted Av.Cash Flow Rate (%) Interest 1.8 �onal Risk Mgmt Opera 6.2 2.7 & Debt Recording - Re financing Risk ATM (years) - - - 100 1 78.4 - Debt Maturing in 1 yr (% of total) - - - ng Flows 7.4 NO 50 DATA AVAILABLE Interest Rate NO DATA AVAILABLE Debt Refixing in 1 yr (% of total) - - - ector3.4 Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - - 10 0 FX Risk FX Debt (% of total debt) - - 81.6 2.5 Latest DeMPA Previous DeMPA Regional Average ST FX Debt (% of reserves) - - - Source: MTI Global Macro and Debt Unit, 2021 Source: MTI Global Macro and Debt Unit, 2021 Mod Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 0 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators Debt Management Assessment External Domes�c Total External Domestic External Total Domes �c Total Selected International Debt Issuance (Percent of Sa�sfactory Performance, 2009) Cost of Cost Debt of Debt Weighted Av. Interest Rate (%) Weighted Av. Interest0.9 Rate 3.0 (%) Rate 2.4 1.8 Cost of DebtType Weighted Av. Interest 6.2 Rate 1.8 Currency 2.7 (%) Issued 6.2 2.7 Issue Date Fitch / Moody's / S&P Tenor Coupon (%) Maturity Date Maturity Currency Currency Amount Outstanding Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Refinancing Risk ATM (years) ATM (years) - - - Re NO DATA-AVAILABLE financing Risk ATM (years) - - - - - 1 Refinancing Risk 100 Debt Maturing in 1 yr (% of total) - - Debt Maturing in 1 yr (% of total) - - Debt Maturing in- 1 yr (% of total) - - - - ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - 10 - Interest Rate - yr (% of total) Debt Refixing in 1 - - - - ector Debt 50 Interest Risk Rate Risk NO DATA AVAILABLE - NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) Fixed Rate Debt (% of total) - - - Fixed Rate Debt (% - of total) - - - - 0 Risk FX FXdebt) FX Debt (% of total - Debt (% of total debt) - 32.0 - FX Risk - debt) FX Debt (% of total - 81.6- 81.6 FX Risk ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - - - ST FX Debt (% of - reserves) - - - - 0 Latest DeMPA Regional Average Source:MTI Source: WB Global Joint Unit, Macro and Debt Staff Calculations: WB/IMF2021 Debt Sustainability Analysis, 2021 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected Domestic Redemption Profile / Regional Debt Issuance Debt Portfolio Risk Indicators -10 Issue Date International Selected / S&P Issuance Fitch / Moody's Debt Tenor Maturity Date Coupon Rate (%) Maturity Type Currency Currency Amount ExternalIssued Currency DomesOutstanding �c Total Maturity Date Date Type Maturity Issue / - / - / Currency Fitch /Currency Moody's S&P 1 Issued Coupon Amount Currency Tenor Outstanding Rate (%) Maturity Date Maturity 021 12/29/2021 - 0.0 NO DATA 9/28/2022 AVAILABLE AT Cost of Currency Debt TypeWeighted MATURITY Currency LSLAv. Interest RateAmount 406,072 (%) 0.9 Currency 3.0 Issued Outstanding2.4 406,072 NO DATA AVAILABLE 7/14/2021 -/-/- 1 0.0 NO DATA AVAILABLE 7/13/2022 AT MATURITY LSL 532,619 532,619 2030 Refinancing Risk ATM (years) - - - 6/30/2021 -/-/- 1 0.0 6/29/2022 AT MATURITY LSL 5,068,855 5,068,855 Debt Maturing in 1 yr (% of total) - - - 6/16/2021 -/-/- 1 0.0 6/15/2022 AT MATURITY LSL 1,198,504 1,198,504 35.3 ng Flows Interest Rate Debt Refi xing in 1 yr (% of total) - - - 5/12/2021 -/-/- 1 0.0 5/11/2022 AT MATURITY LSL 754,526 754,526 ector Debt 69.8 NO DATA AVAILABLE Risk NO DATA AVAILABLE - 3/24/2021 -/-/- 5 8.0 3/18/2026 AT MATURITY Fixed Rate LSL Debt (% of total) 44,141,742 - 44,141,742 - 7.2 10/13/2020 -/-/- 3 6.0 10/10/2023 AT MATURITY FX Debt FX Risk LSL (% of total debt)15,177,925 - 15,177,925 - 32.0 5.9 6/26/2019 -/-/- 5 9.3 6/26/2024 AT MATURITY ST FX Debt LSL (% of reserves) 9,368,692,878 - 9,368,692,878 - - Source: Bloomberg, December 2021 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected Domestic / Regional Debt Issuance Maturity Date Issue Date Maturity Type Fitch / Moody's / S&P Currency Tenor Currency Amount Issued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected International Debt Issuance 021 NO DATA AVAILABLE 11/15/2022 AT MATURITY 12/29/2021 - /XOF -/- 22,207,442 1 0.022,207,442 9/28/2022 NO DATA AVAILABLE AT MATURITY LSL 406,072 406,072 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 9/8/2028 AT MATURITY 7/14/2021 -/ XOF -/- 17,102,105 1 0.017,102,105 7/13/2022 AT MATURITY LSL 532,619 532,619 2030 NO DATA AVAILABLE 5/5/2026 AT MATURITY 6/30/2021 XOF -/ -/- 11,119,408 1 11,119,408 6/29/2022 0.0 AT MATURITY LSL 5,068,855 5,068,855 5/5/2028 AT MATURITY 6/16/2021 XOF -/ -/- 29,105,832 1 29,105,832 6/15/2022 0.0 AT MATURITY LSL 1,198,504 1,198,504 35.3 4/14/2024 AT MATURITY 5/12/2021 XOF -/ -/- 15,653,537 1 15,653,537 5/11/2022 0.0 AT MATURITY LSL 754,526 754,526 69.8 3/10/2024 AT MATURITY XOF 11,443,167 11,443,167 3/18/2026 3/24/2021 -/ -/- 5 8.0 AT MATURITY LSL 44,141,742 44,141,742 7.2 3/10/2026 AT MATURITY 10/13/2020 - /XOF -/- 18,513,243 3 18,513,243 10/10/2023 6.0 AT MATURITY LSL 15,177,925 15,177,925 9/16/2023 5.9 AT MATURITY 6/26/2019 XOF -/ -/- 12,682,092 5 12,682,092 6/26/2024 9.3 AT MATURITY LSL 9,368,692,878 9,368,692,878 Source: Bloomberg, December 2021 2020 Selected Domestic / Regional Debt Issuance Sub-Saharan Africa | 62 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 11/17/2021 -/-/- 1 0.0 NO DATA AVAILABLE 11/15/2022 AT MATURITY XOF 22,207,442 22,207,442 Liberia Lib�ri� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) -0.8 0.4 1.8 -0.6 -2.7 - Low income Infla�on (%) 7.4 1.5 -0.9 -1.0 -0.3 - Public Debt (% of GDP) 26.4 30.9 34.1 41.4 56.6 62.4 LENDING Net Claims on Govt (% of GDP) 4.0 11.2 12.1 - - - Current Account Balance (% of GDP) 20.2 23.5 22.7 21.9 20.5 22.1 IDA Primary balance (% of GDP) -2.4 -4.5 -4.3 -5.1 -2.8 2.3 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.1 3.1 2.9 2.9 3.0 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod Mod Mod Mod Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 10 10 10 0 0 0 0 Source: M NO DATA AVAILABLE -10 NO DATA AVAILABLE -10 -10 Redem -20 -20 -20 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 Select Issue 40 50 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 30 - 25.5 27.7 28.1 27.8 27.6 27.6 27.2 26.5 25.9 25.3 PV of PPG External Debt-to-Exports 140 - 111.0 116.5 120.5 119.4 119.1 116.9 116.3 102.5 98.2 96.7 Debt Service-to-Revenue 14 - 5.6 5.8 11.8 12.2 11.0 10.1 10.9 11.1 11.8 11.8 Debt Service-to-Exports 10 - 3.5 4.0 8.6 9.1 8.5 7.6 8.3 7.7 8.0 8.0 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sub-Saharan Africa | 63 LIBERIA Liberia Liberi DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - - 62.4 - Selected DeM Reforms 22.1 2.3 - Source: MTI Global Macro and Debt Unit, 2021 Mod Debt Management Assessment (Percent of Sa�sfactory Performance, 2015) Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 50 NO DATA AVAILABLE NO DATA AVAILABLE 10 0 0 Regional Average Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 -10 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators External Domes�c Total External Domestic External Total Domes �c Total -20 Cost of Cost of Debt Debt Weighted Av. Interest Av. Interest0.7 Rate (%) Weighted Rate (%) 3.6 1.7 0.7 Cost of Debt Weighted Av. Interest 3.6 Rate (%) 0.7 3.6 1.7 1.7 Refinancing Risk ATM (years) ATM (years) - - - - Refinancing Risk ATM (years) - - - - - 1 Refinancing Risk 1 yr (% Debt Maturing in Debt - of total) of total) in 1 yr (% Maturing - - - Debt Maturing in- 1 yr (% of total) - - - - ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - - Interest Rate - yr (% of total) Debt Refixing in 1 - - - - ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% of AVAILABLE - total) - - Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - of total) Fixed Rate Debt (% - - - - FX Risk FXdebt) FX Debt (% of total - Debt (% of total debt) - 100.0 - FX Risk - debt) FX Debt (% of total - - 100.0 100.0 FX Risk ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - - - ST FX Debt (% of - reserves) - - - - Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected International Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount Tenor Currency Issued Coupon Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount Tenor Currency Issued Coupon Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE NO DATA AVAILABLE 2030 25.3 96.7 11.8 8.0 Sub-Saharan Africa | 64 Madagascar M�d���sc�r DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 4.0 3.9 4.6 4.8 -1.0 - Low income Infla�on (%) 9.0 5.0 7.6 5.6 4.6 - Public Debt (% of GDP) 40.3 40.0 39.9 38.7 44.7 46.9 LENDING Net Claims on Govt (% of GDP) 5.3 5.4 5.4 - - - Current Account Balance (% of GDP) -0.8 0.0 -1.2 2.0 2.9 4.5 IDA Primary balance (% of GDP) -0.4 -1.4 -0.6 -0.7 -4.3 4.9 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.2 3.3 3.3 3.3 3.3 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod Mod Mod Low Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 10 50 5 5 0 Source: M 5 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem MGA m 0 2M 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 1M Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0M Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 40 Select Issue 30 50 20 NO DATA AVAILABLE NO DATA AVAILABLE 10 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021, WDI 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 10/15/ 10/1/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 9/17/ DEBT SUSTAINABILITY INDICATORS 9/17/ PV of PPG External Debt-to-GDP 40 19.6 20.6 21.1 22.2 23.2 24.0 24.4 24.8 25.4 26.0 26.6 8/6/ PV of PPG External Debt-to-Exports 180 96.0 83.1 80.4 83.9 85.4 85.5 87.2 88.9 91.1 93.3 95.5 7/9/ Debt Service-to-Revenue 18 10.7 9.8 9.9 11.3 11.5 11.6 13.4 13.3 12.7 13.0 13.1 6/25/ Debt Service-to-Exports 15 4.8 4.0 4.0 4.8 4.9 4.9 5.9 6.0 5.9 6.1 6.2 6/11/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 65 16 2017 2021 - MADAGASCAR - 46.9 - 4.5 Mada 4.9 DMF Activities and Selected DeM Reforms Mada DMF Activities 16 2017 - DMF Activities and Selected DeM Reforms 2021 Source: MTI Global Macro and Debt Unit, 2021 - Mod - 16 2017 46.9 2021 - Debt Management Assessment Selected DeM Reforms - 4.5 (Percent of Sa�sfactory Performance, 2017) - 4.9 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 46.9 - 100 4.5 4.9 - 50 NO DATA AVAILABLE 5 Source: MTI Global Macro and Debt Unit, 2021 Mod - 0 Debt Management Latest DeMPA Assessment Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 Mod (Percent of Sa�sfactory Performance, 2017) Source: MTI Global Macro and Debt Unit, 2021 0 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Debt Management Assessment 100 Redemption Profile Debt Portfolio Risk Indicators (Percent of Sa�sfactory Performance, 2017) MGA million External Domes�c Total Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 50 NO DATA AVAILABLE Cost of Debt Weighted Av. Interest Rate (%) 0.8 6.0 1.9 5 100 2M Refinancing Risk ATM (years) 13.9 2.3 11.7 1 0 50 Debt Maturing in 1 yr (% of total) 2.7 51.6 12.0 5 ng Flows NO DATA AVAILABLE Latest DeMPA Previous DeMPA Regional Average Interest Rate Debt Refixing in 1 yr (% of total) 11.7 57.4 20.4 1M ector Debt 0 NO DATA AVAILABLE Source: MTI Global Macro and Debt Unit, 2021 Risk NO DATA AVAILABLE 90.3 Fixed Rate Debt (% of total) 93.6 90.9 0 FX Risk FX Debt (% of total debt) - - 79.9 0M Latest DeMPA Redemption Profile Previous DeMPA Regional Average Debt Portfolio Risk Indicators Source: MTI Global 2021 Macro 2023and Debt 2025Unit, 2021 2027 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - 5.2 MGA million External Domes�c Total 0 Domes�c External Cost of Debt Weighted Av. Interest Rate (%) 0.8 6.0 1.9 Redemption Profile Source: Ministry of Finance, 2020 Debt Source: Portfolio Ministry Refinancing Risk Risk ATM2021 of Finance, Indicators (years) 13.9 2.3 11.7 2M 1 MGA million External Domes�c Total Debt Maturing in 1 yr (% of total) 2.7 51.6 12.0 ng Flows Selected International Debt Issuance Cost of Debt Weighted Av. Interest Rate (%) 0.8 6.0 1.9 Interest Rate Debt Refixing in 1 yr (% of total) 11.7 57.4 20.4 1M 2M Date Issue S&P Fitch / Moody's /NO Tenor Coupon Rate (%) Maturity Date Re Maturity financing Type Risk ATM Currency (years) Currency Amount Issued 13.9 Currency Outstanding 2.3 11.7 ector Debt DATA AVAILABLE Risk NO DATA AVAILABLE 90.3 Fixed Rate Debt (% of total) 93.6 90.9 1 NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 2.7 51.6 12.0 ng Flows FX Risk FX Debt (% of total debt) - - 79.9 0M Interest Rate Debt Refixing in 1 yr (% of total) 11.7 57.4 20.4 1M ST FX Debt (% of reserves) - - 5.2 ector Debt 2021 2023 2025 NO 2027DATA AVAILABLE 2029 2031 2033 2035 2037 2039 Risk NO DATA AVAILABLE 90.3 Fixed Rate Debt (% of total) 93.6 90.9 Domes�c External FX Risk FX Debt (% of total debt) - - 79.9 0M Source: Ministry of Finance, 2020 Source: Ministry of Finance, ST FX 2021 Debt (% of reserves) - - 5.2 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 Domes�c External Selected International Debt Issuance IssueMinistry Source: Fitch /2020 Date of Finance, Moody's / S&P Tenor Coupon Rate (%) Maturity Date Source: MinistryType Maturity of Finance,Currency 2021 Currency Amount Issued Currency Outstanding 2020 NO DATA AVAILABLE Selected Domestic / Regional International Debt Issuance Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 10/15/2021 -/-/- 1 0.0 NO DATA AVAILABLE 10/14/2022 AT MATURITY MGA 8,638,706 8,638,706 10/1/2021 -/-/- 1 0.0 9/30/2022 AT MATURITY MGA 5,393,184 5,393,184 2030 9/17/2021 -/-/- 1 0.0 5/27/2022 AT MATURITY MGA 3,854,894 3,854,894 9/17/2021 -/-/- 1 0.0 9/16/2022 AT MATURITY MGA 5,769,577 5,769,577 26.6 8/6/2021 -/-/- 1 0.0 8/5/2022 AT MATURITY MGA 5,816,429 5,816,429 95.5 2020 7/9/2021 -/-/- 1 0.0 7/8/2022 AT MATURITY MGA 3,848,023 3,848,023 13.1 6/25/2021 -/-/- 1 0.0 6/24/2022 AT MATURITY MGA 7,867,137 7,867,137 6.2 Selected 6/11/2021 Domestic / Regional Debt1Issuance -/-/- 0.0 6/10/2022 AT MATURITY MGA 7,686,632 7,686,632 Date IssueBloomberg, Source: Fitch / Moody's December 2021 / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 2020 021 10/15/2021 -/-/- 1 0.0 NO DATA AVAILABLE 10/14/2022 AT MATURITY MGA 8,638,706 8,638,706 Selected 10/1/2021 - / -/ Domestic / Regional - Debt1Issuance 0.0 9/30/2022 AT MATURITY MGA 5,393,184 5,393,184 2030 Issue Date 9/17/2021 Fitch / Moody's - / - / - / S&P Tenor 1 Coupon Rate (%) 0.0 Maturity Date 5/27/2022 Maturity Type AT MATURITY Currency MGA Amount Issued Currency3,854,894 Currency Outstanding 3,854,894 021 10/15/2021 9/17/2021 -/-/- 1 0.0 NO DATA AVAILABLE 10/14/2022 9/16/2022 AT MATURITY MGA 8,638,706 5,769,577 8,638,706 5,769,577 26.6 10/1/2021 8/6/2021 -/-/- 1 0.0 9/30/2022 8/5/2022 AT MATURITY MGA 5,393,184 5,816,429 5,393,184 5,816,429 2030 95.5 9/17/2021 5/27/2022 3,854,894 3,854,894 7/9/2021 -/-/- 1 0.0 7/8/2022 AT MATURITY MGA 3,848,023 3,848,023 13.1 9/17/2021 6/25/2021 -/-/- 1 0.0 9/16/2022 6/24/2022 AT MATURITY MGA 5,769,577 7,867,137 5,769,577 7,867,137 26.6 6.2 8/6/2021 6/11/2021 -/-/- 1 0.0 8/5/2022 6/10/2022 AT MATURITY MGA 5,816,429 7,686,632 5,816,429 7,686,632 95.5 7/9/2021 Source: - 2021 Bloomberg, December /-/- 1 0.0 7/8/2022 AT MATURITY MGA 3,848,023 3,848,023 13.1 6/25/2021 -/-/- 1 0.0 6/24/2022 AT MATURITY MGA 7,867,137 7,867,137 6.2 6/11/2021 -/-/- 1 0.0 6/10/2022 AT MATURITY MGA 7,686,632 7,686,632 Source: Bloomberg, December 2021 Sub-Saharan Africa | 66 M�l�wi MACROECONOMIC INDICATORS 2012 2013 2014 2015 201 2016 2017 2018 2019 2020 INCOME Real GDP Growth (%) 2.3 4.0 3.2 4.5 0.6 Low income Infla�on (%) 20.5 10.9 7.8 8.0 8.8 Malawi Public Debt (% of GDP) 55.1 57.1 59.7 59.5 68.7 M�l�wi LENDING Net Claims on Govt (% of GDP) 8.9 - - - DMF - Current Account Balance (% of GDP) 18.1 22.0 20.2 16.8 19.6 IDA Primary balance (% of GDP) -2.4 -3.5 -2.1 -2.0 -6.6 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 INSTITUTIONAL CAPACITY HIPC 2016 2017 2018 2019 2020 2021 INCOME �ng Overall CPIA Ra2.3 3.2 3.2 3.2 - 3.2 3.2 Real GDP Growth (%) 4.0 3.2 4.5 0.6 Low income FRAGILE AND CONFLICT STATE Infla�on (%) 20.5 10.9 7.8 8.0 8.8 - DEBT SUSTAINABILITY Public Debt (% of GDP) 55.1 57.1 59.7 59.5 68.7 59.0 non-FCS Risk of Debt Distress Mod Mod Mod Mod Mod LENDING Net Claims on Govt (% of GDP) 8.9 - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected SituationsCurrent Account Balance (% (FCS) FY22 of GDP) Sources: 18.1 CPIA-WDI 22.0 2021; Joint 20.2Sustainability WB/IMF Debt 16.8 Analysis, 19.62021 13.7 IDA Primary balance (% of GDP) -2.4 -3.5 -2.1 -2.0 -6.6 4.0 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY Gross Financing Need and Primary Deficit INSTITUTIONAL CAPACITY Contribution to Change in Public Debt HIPC (Percent of GDP) Overall CPIA Ra�ng (Percent of GDP) 3.2 3.2 3.2 3.2 3.2 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS 15 Risk of Debt Distress Mod Mod Mod Mod Mod High 10 Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen 10 5 Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 NO DATA AVAILABLE NO DATA AVAILABLE 5 0 50 15 10 10 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 10 5 5 Exchange Rate Primary Deficit Other Debt Crea� Source: n M Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Se NO Source: DATA Joint AVAILABLE WB/IMF Debt Sustainability Analysis, 2021 NO Source: Joint DATADebt WB/IMF AVAILABLE Sustainability Analysis, 2021 5 0 0 Redem MWK m Evolution of External and Domestic Public Debt Evolution of Financing Sources 800K 0 (Percent of GDP) (Percent of Total) 600K 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 100 Exchange Rate Primary Deficit Other Debt Crea�ng Flows 400K Gross Financing Need 60 Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 200K Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0K 40 50 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) NO DATA AVAILABLE (Percent of Total) NO DATA AVAILABLE 20 Source: M 100 60 Select 0 0 Issue 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 40 Domes�c External Bilateral Commercial Mul�lateral Domes�c 50 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 20 NO DATA AVAILABLE NO DATA AVAILABLE 20 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 30 20.0 21.0 21.3 21.7 21.7 21.6 20.9 20.0 19.2 18.4 0 0 PV of PPG External Debt-to-Exports 140 148.7 146.9 144.4 140.6 134.9 129.0 122.4 116.2 110.3 104.8 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Debt Service-to-Revenue 14 6.6 6.6 7.5 6.9 6.6 6.5 7.4 7.2 7.2 7.1 Domes�c Debt Service-to-Exports External 10 8.4 8.8 9.9 Bilateral 9.2 Commercial 9.1 Mul�lateral 8.8 10.0 Domes �c 9.8 9.7 Select 9.4 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 12/23/ 11/25/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10/21/ DEBT SUSTAINABILITY INDICATORS 9/2/ PV of PPG External Debt-to-GDP 30 20.0 21.0 21.3 21.7 21.7 21.6 20.9 20.0 19.2 18.4 17.7 8/19/ PV of PPG External Debt-to-Exports 140 148.7 146.9 144.4 140.6 134.9 129.0 122.4 116.2 110.3 104.8 100.2 7/29/ Debt Service-to-Revenue 14 6.6 6.6 7.5 6.9 6.6 6.5 7.4 7.2 7.2 7.1 6.5 7/15/ Debt Service-to-Exports 10 8.4 8.8 9.9 9.2 9.1 8.8 10.0 9.8 9.7 9.4 8.6 7/9/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 67 16 16 2017 2017 2021 - - MALAWI 46.9 59.0 - 4.5 13.7 4.9 4.0 Malaw DMF Activities and Selected DeM Reforms Malaw - DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 Source: MTI Global Macro and Debt Unit, 2021 Mod High 16 - 2017 2021- Debt Management Assessment 59.0 - - 2017) (Percent of Sa�sfactory Performance, 2018) Selected DeM Reforms - 13.7 Governance Policies Macro Policies Borrowing Flow CashFlow Opera � RiskMgmt onalRisk Mgmt& DebtRecording &Debt Recording 59.0 Macro Borrowing Cash Opera� onal 4.0 - 100 13.7 4.0 50 DATA AVAILABLE NO DATA NO AVAILABLE 10 - 5 Source: MTI Global Macro and Debt Unit, 2021 0 - High Latest Latest DeMPA DeMPA Previous DeMPA Average Regional Average 5 High Source: Debt MTI Global Management Assessment Previous DeMPA Macro and Debt Unit, 2021 Regional Source: MTI Global Macro and Debt Unit, 2021 (Percent of Sa�sfactory Performance, 2018) 0 Debt Management Governance Assessment Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 0 Redemption Profile (Percent of Sa�sfactory Performance, 2018) Risk Indicators Portfolio Risk Debt Portfolio Indicators 100 million MGA External Domes � MWK million Governance Macro Policies Borrowing Cash Flow External Domes � cc Total Total Opera�onal Risk Mgmt & Debt Recording 800K Cost of Cost of Debt Debt Weighted Av. Weighted Av. Interest Rate (%) Interest Rate (%) 0.8 1.9 6.0 13.9 1.9 8.5 100 50 10 2M NO DATA AVAILABLE Refi Re financing Risk ATM nancing Risk ATM (years) (years) 13.9 13.5 2.3 2.7 11.7 7.8 1 600K 50 Maturing in Debt Maturing Debt in 1 yr (% 1 yr of total) (% of total) 2.7 5.6 51.6 27.2 12.0 17.0 0 NO DATA AVAILABLE 10 ng Flows 400K Rate Interest Rate Refi Debt Re fixing xing in in 1 1 yr (% of yr (% total) of total) 11.7 57.4 20.4 Interest Debt 5.6 27.2 17.0 1M Latest DeMPA ector Debt 5 0 NO DATA AVAILABLE Previous DeMPA Risk Regional Average Risk Rate Debt Fixed Rate Debt NO NO DATA (%DATA AVAILABLE 90.3 AVAILABLE total) of total) 93.6 90.9 200K MTI Global Macro and Debt Unit, 2021 Fixed (% of 100.0 100.0 100.0 Source: FX Risk FX Risk Debt (% FX Debt FX of total (% of debt) total debt) -- -- 79.9 45.3 5 0M 0K Latest DeMPA Previous DeMPA Regional Average Source: MTI Global 2022 Macro and Debt Unit, 2021 FX Debt ST FX ST Debt (% (% of reserves) of reserves) -- -- 5.2 8.0 0 Redemption Profile 2021 2023 2024 2025 2026 2027 2028 2030 2031 2029 2036 2037 2034 2035 2032 2033 2038 2039 2040 Debt Portfolio Risk Indicators MWK million Domes�c External External Domes�c Total 0 Redemption Source: Pro 800K Ministry of Finance, file Planning & Development, 2021 2020 Economic Debt Portfolio Risk Indicators Cost of Source: Source: Debt of Ministry Ministry Weighted of Finance, Finance, 2021 Av. Economic Interest Planning Rate (%) 2021 1.9 & Development,13.9 8.5 MWK million Refinancing Risk ATM (years) External 13.5 Domes�c 2.7 Total 7.8 600K 800K 1 Selected International Debt Issuance Cost of Debt Weighted Av. Interest Rate (%) Debt Maturing in 1 yr (% of total) 1.9 5.6 13.9 27.2 8.5 17.0 ng Flows Issue Date 400K Fitch / Moody's / S&P Tenor Coupon Rate Rate (%) Coupon Maturity Date (%) Maturity Date Refi Maturity Maturity Type ATM Type nancing Risk Currency Currency Currency Amount (years) Currency AmountIssued Issued CurrencyOutstanding 13.5 Currency Outstanding7.8 2.7 600K Interest Rate Debt Refixing in 1 yr (% of total) 5.6 27.2 17.0 1 DATA AVAILABLE NO DATA NO AVAILABLE ector Debt NO DATA AVAILABLE Risk in 1 DATA Debt Maturing NO AVAILABLE yr (% of Fixed Rate Debt (% of total) total) 5.6 100.0 27.2 100.0 17.0 100.0 ng Flows 200K 400K Interest Rate Debt Refixing in 1 yr (% of total) 5.6 27.2 17.0 FX Risk FX Debt (% of total debt) - - 45.3 ector Debt 0K NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) 100.0 100.0 100.0 200K ST FX Debt (% of reserves) - - 8.0 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 FX Risk FX Debt (% of total debt) - - 45.3 0K Domes�c External 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 8.0 Source: Ministry of Finance, Economic Planning & Development, 2021 Source: Ministry of Finance, Economic Planning & Development, 2021 Domes�c External Selected International Source: Ministry Debt of Finance, Economic Planning Source: Bloomberg, December 2021 Issuance & Development, 2021 Source: Ministry of Finance, Economic Planning & Development, 2021 2020 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected Domestic / Regional International Debt Issuance Debt Issuance NO DATA AVAILABLE Issue Date Fitch / Moody's / S&P Tenor Coupon Rate Coupon Rate (%) (%) Maturity Date Maturity Date Maturity Type Maturity Type Currency Currency Currency AmountIssued Currency Amount Issued Currency CurrencyOutstanding Outstanding 021 12/23/2021 10/15/2021 -/-/- 3 1 11.0 0.0 NO DATA NO DATA AVAILABLE 12/23/2024 10/14/2022 AVAILABLE AT MATURITY AT MATURITY MWK MGA 68,283,737 8,638,706 68,283,737 8,638,706 11/25/2021 10/1/2021 -/-/- 7 1 13.5 0.0 11/25/2028 9/30/2022 AT MATURITY AT MATURITY MWK MGA 9,166,923 5,393,184 9,166,923 5,393,184 2030 10/21/2021 9/17/2021 -/-/- 5 1 12.5 0.0 10/21/2026 5/27/2022 AT MATURITY AT MATURITY MWK MGA 145,090,097 3,854,894 145,090,097 3,854,894 9/2/2021 9/17/2021 -/-/- 5 1 12.5 0.0 9/2/2026 9/16/2022 AT MATURITY AT MATURITY MWK MGA 24,152,416 5,769,577 24,152,416 5,769,577 17.7 26.6 8/19/2021 8/6/2021 -/-/- 2 1 16.0 0.0 8/19/2023 8/5/2022 AT MATURITY AT MATURITY MWK MGA 22,735,935 5,816,429 22,735,935 5,816,429 100.2 95.5 7/29/2021 7/9/2021 -/-/- 7 1 13.5 0.0 7/29/2028 7/8/2022 AT MATURITY AT MATURITY MWK MGA 8,448,174 3,848,023 8,448,174 3,848,023 6.5 13.1 7/15/2021 6/25/2021 Source: - 2021 Bloomberg, December /-/- 2 1 10.0 0.0 7/15/2023 6/24/2022 AT MATURITY AT MATURITY MWK MGA 21,348,982 7,867,137 21,348,982 7,867,137 2020 8.6 6.2 7/9/2021 6/11/2021 -/-/- 1 0.0 0.0 7/8/2022 6/10/2022 AT AT MATURITY MATURITY MWK MGA 1,532,499 7,686,632 1,532,499 7,686,632 Selected Domestic / Regional Debt Issuance Source: Bloomberg, December 2021 2020 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 Selected 12/23/2021Domestic - / -// Regional - Debt3Issuance 11.0 NO DATA AVAILABLE 12/23/2024 AT MATURITY MWK 68,283,737 68,283,737 Issue Date 11/25/2021 Fitch / Moody's - / - / - / S&P Tenor 7 Coupon Rate (%) 13.5 Maturity Date 11/25/2028 Maturity Type AT MATURITY Currency MWK Amount Issued Currency9,166,923 Currency Outstanding 9,166,923 2030 021 12/23/2021 10/21/2021 -/-/- 3 5 11.0 12.5 NO DATA AVAILABLE 12/23/2024 10/21/2026 AT MATURITY MWK 68,283,737 145,090,097 68,283,737 145,090,097 11/25/2021 9/2/2021 -/-/- 7 5 13.5 12.5 11/25/2028 9/2/2026 AT MATURITY MWK 9,166,923 24,152,416 9,166,923 24,152,416 2030 17.7 10/21/2021 8/19/2021 -/-/- 5 2 12.5 16.0 10/21/2026 8/19/2023 AT MATURITY MWK 145,090,097 22,735,935 145,090,097 22,735,935 100.2 9/2/2021 5 12.5 9/2/2026 24,152,416 24,152,416 7/29/2021 -/-/- 7 13.5 7/29/2028 AT MATURITY MWK 8,448,174 8,448,174 17.7 6.5 8/19/2021 7/15/2021 -/-/- 2 16.0 10.0 8/19/2023 7/15/2023 AT MATURITY MWK 22,735,935 21,348,982 22,735,935 21,348,982 100.2 8.6 7/29/2021 7/9/2021 -/-/- 7 1 13.5 0.0 7/29/2028 7/8/2022 AT MATURITY MWK 8,448,174 1,532,499 8,448,174 1,532,499 6.5 7/15/2021 Source: - 2021 Bloomberg, December /-/- 2 10.0 7/15/2023 AT MATURITY MWK 21,348,982 21,348,982 8.6 7/9/2021 -/-/- 1 0.0 7/8/2022 AT MATURITY MWK 1,532,499 1,532,499 Source: Bloomberg, December 2021 Sub-Saharan Africa | 68 Mali M�li DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 5.9 5.0 5.2 5.1 0.9 - Low income Infla�on (%) 1.3 2.1 0.4 2.5 1.8 - Public Debt (% of GDP) 36.0 36.0 37.7 40.4 44.6 46.2 LENDING Net Claims on Govt (% of GDP) 2.5 3.6 5.6 - - - Current Account Balance (% of GDP) 7.0 7.0 4.7 3.9 3.2 2.1 IDA Primary balance (% of GDP) -3.3 -2.0 -3.9 -0.7 -5.0 4.2 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.4 3.4 3.4 3.4 3.3 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress Mod Mod Mod Mod Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 10 5 5 50 0 Source: M 5 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem CFA Fra 600K 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 400K Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 200K Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 40 Select Issue D 30 50 20 NO DATA AVAILABLE NO DATA AVAILABLE 10 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 11/11/ 10/28/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 9/30/ DEBT SUSTAINABILITY INDICATORS 9/30/ PV of PPG External Debt-to-GDP 40 20.8 20.4 19.2 18.1 17.1 16.8 16.0 15.4 14.8 14.4 14.0 7/15/ PV of PPG External Debt-to-Exports 150 85.1 80.4 78.1 74.9 71.7 71.1 70.3 70.0 69.9 70.0 70.1 7/1/ Debt Service-to-Revenue 20 9.1 9.0 9.6 9.0 8.5 6.6 7.1 7.1 6.8 6.4 6.2 6/17/ Debt Service-to-Exports 20 6.7 6.9 7.2 6.9 6.7 5.3 5.9 6.2 6.2 6.1 6.2 5/6/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 69 2021 - - 46.2 - 2.1 MALI 4.2 Mali - DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 Mod DMF Activities 16 2017 2021 Debt Management Assessment - (Percent of Sa�sfactory Performance, 2019) - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 46.2 - Selected DeM Reforms 100 2.1 4.2 5 50 NO DATA AVAILABLE - 0 Latest Source: DeMPA MTI Global Macro and Debt Unit, 2021 Previous DeMPA Regional Average Mod Source: MTI Global Macro and Debt Unit, 2021 0 Debt Management Assessment Redemption Profile (Percent of Sa�sfactory Performance, 2019) Debt Portfolio Risk Indicators CFA Francs million External Domes�c Total Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 600K Cost of Debt Weighted Av. Interest Rate (%) 1.0 5.1 3.1 100 Refinancing Risk ATM (years) 13.6 3.6 8.7 1 400K 5 50 Debt Maturing in 1 yr (% of total) 3.3 19.0 11.0 ng Flows NO DATA AVAILABLE Interest Rate Debt Refixing in 1 yr (% of total) 3.3 19.0 11.0 ector Debt 200K 0 NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) 100.0 100.0 100.0 FX Risk FX Debt (% of total debt) - - 49.9 0K Latest DeMPA Previous DeMPA Regional Average Source: MTI Global 2023 Macro and Debt 2025 Unit, 2021 2027 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - 0.7 0 Domes�c External Redemption Profile Source: Ministry of Economy and Finance, 2021 Debt Portfolio Risk Indicators Source: Ministry of Economy and Finance, 2021 CFA Francs million External Domes�c Total 600K Selected International Debt Issuance Cost of Debt Weighted Av. Interest Rate (%) 1.0 5.1 3.1 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Refi Type ATM nancing Risk Currency (years) Currency Amount Issued 13.6 Currency 3.6 Outstanding8.7 1 400K NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 3.3 19.0 11.0 ng Flows Interest Rate Debt Refixing in 1 yr (% of total) 3.3 19.0 11.0 ector Debt 200K NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) 100.0 100.0 100.0 FX Risk FX Debt (% of total debt) - - 49.9 0K 2023 2025 2027 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - 0.7 Domes�c External Source: Ministry of Economy and Finance, 2021 Source: Ministry of Economy and Finance, 2021 2020 Selected Domestic / Regional International Debt Issuance Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 11/11/2021 -/-/- 10 6.3 NO DATA AVAILABLE 11/11/2031 AT MATURITY XOF 43,643,500 43,643,500 10/28/2021 -/-/- 7 6.2 10/28/2028 AT MATURITY XOF 44,507,250 44,507,250 2030 9/30/2021 -/-/- 5 5.9 9/30/2026 AT MATURITY XOF 35,280,200 35,280,200 9/30/2021 -/-/- 10 6.3 9/30/2031 AT MATURITY XOF 52,920,300 52,920,300 14.0 7/15/2021 -/-/- 5 5.9 7/15/2026 AT MATURITY XOF 53,980,200 53,980,200 70.1 7/1/2021 -/-/- 7 6.2 7/1/2028 AT MATURITY XOF 45,162,000 45,162,000 6.2 6/17/2021 -/-/- 1 0.0 6/15/2022 AT MATURITY XOF 45,339,750 45,339,750 6.2 5/6/2021 -/-/- 1 0.0 5/4/2022 AT MATURITY XOF 50,517,500 50,517,500 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 11/11/2021 -/-/- 10 6.3 NO DATA AVAILABLE 11/11/2031 AT MATURITY XOF 43,643,500 43,643,500 10/28/2021 -/-/- 7 6.2 10/28/2028 AT MATURITY XOF 44,507,250 44,507,250 2030 9/30/2021 -/-/- 5 5.9 9/30/2026 AT MATURITY XOF 35,280,200 35,280,200 9/30/2021 -/-/- 10 6.3 9/30/2031 AT MATURITY XOF 52,920,300 52,920,300 14.0 7/15/2021 -/-/- 5 5.9 7/15/2026 AT MATURITY XOF 53,980,200 53,980,200 70.1 7/1/2021 -/-/- 7 6.2 7/1/2028 AT MATURITY XOF 45,162,000 45,162,000 6.2 6/17/2021 -/-/- 1 0.0 6/15/2022 AT MATURITY XOF 45,339,750 45,339,750 6.2 5/6/2021 -/-/- 1 0.0 5/4/2022 AT MATURITY XOF 50,517,500 50,517,500 Source: Bloomberg, December 2021 Sub-Saharan Africa | 70 Mauritania M�urit�ni� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 1.3 3.5 2.1 5.9 -3.2 - Lower middle income Infla�on (%) 11.2 3.7 1.8 4.7 5.5 - Public Debt (% of GDP) 72.3 69.6 75.8 71.4 65.8 66.1 LENDING Net Claims on Govt (% of GDP) 10.4 10.5 - - - - Current Account Balance (% of GDP) 9.5 8.5 12.3 9.2 16.1 17.1 IDA Primary balance (% of GDP) 0.4 0.9 3.7 3.1 -2.5 -0.4 Sources: Debt Sustainability Analysis, 2020; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.4 3.4 3.4 3.4 3.3 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2020 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 10 10 50 10 0 5 Source: M 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem 0 -10 -10 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2020 Source: Joint WB/IMF Debt Sustainability Analysis, 2020 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 Select 60 Issue 40 50 NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2020, WDI 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2020 12/30/ 12/23/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 12/16/ DEBT SUSTAINABILITY INDICATORS 11/18 PV of PPG External Debt-to-GDP 40 41.1 41.7 40.4 37.8 35.3 33.7 32.6 31.4 30.7 30.3 29.8 11/11 PV of PPG External Debt-to-Exports 180 137.2 129.0 123.2 107.9 101.1 97.2 95.1 94.0 94.5 96.0 97.6 6/24 Debt Service-to-Revenue 18 14.8 25.9 26.2 24.4 23.0 20.8 18.5 17.6 16.4 15.7 14.8 Debt Service-to-Exports 15 8.3 14.5 14.7 12.9 12.3 11.2 10.1 10.1 9.7 9.6 9.5 Source: Joint WB/IMF Debt Sustainability Analysis, 2020 Sub-Saharan Africa | 71 - 2021 46.2 - - - 2.1 66.1 4.2 - 17.1 MAURITANIA -0.4 - Mauritania Maur Source: MTI Global Macro and Debt Unit, 2021 - DMF Activities and Selected DeM Reforms Mod Source: MTI Global Macro and Debt Unit, 2021 High Debt Management Assessment DMF Activities 16 2017 (Percent of Sa�sfactory Performance, 2019) 2021 Debt Management Assessment Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - (Percent of Sa�sfactory Performance, 2010) - 100 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 66.1 - Selected DeM Reforms 100 5 17.1 50 NO DATA AVAILABLE -0.4 10 50 NO DATA AVAILABLE 0 0 Latest DeMPA Previous DeMPA Regional Average Afgha - Source: MTI Global Macro and Debt Unit, 2021 0 DMF Activities and Selected DeM Latest Source: DeMPA MTI Global Reforms Regional Average Macro and Debt Unit, 2021 High Source: MTI Global Macro and Debt Unit, 2021 0 Redemption Profile Debt Portfolio Risk Indicators 16 2017 Debt CFA Management Francs million Assessment External Domes�c Total 2021 Redemption (Percent 600K Profile of Sa�sfactory Performance, 2010) Debt Portfolio Cost of Debt Risk Indicators Weighted Av. Interest Rate (%) 1.0 5.1 3.1 - Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording External Domes�c Total Governance Macro Policies Refinancing Risk ATM (years) Cash Flow Borrowing Opera 13.6�onal Risk Mgmt & Debt Recording 3.6 8.7 - 1 Cost of Debt Weighted Av. Interest Rate (%) 0.9 4.3 1.3 8.6 400K 100 Debt Maturing in 1 yr (% of total) 3.3 19.0 11.0 -10 ng Flows - Refinancing Risk ATM (years) - - 13.0 1 -10.7 Interest Rate Debt Refixing in 1 yr (% of total) 3.3 19.0 11.0 2.4 50 NO DATA AVAILABLE Risk Debt Maturing in 1 yr (% of total) NO DATA AVAILABLE - - - ector 10 NO Debt 200K DATA AVAILABLE NO DATA AVAILABLE Fixed Rate Debt (% of total) 100.0 100.0 100.0 ng Flows Interest Rate Debt Refixing in 1 yr (% of total) - - - ector Debt NO DATA AVAILABLE FX Risk Risk FX Debt (% of total debt) AVAILABLE NO DATA - - 49.9 0K 0 Fixed Rate Debt (% of total) - - - 2023 2025 2027 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - 0.7 - FX Risk FX Debt (% of total debt) - - 88.2 Latest DeMPA Regional Average Domes�c External Maur Source: MTIMTI Source: Global Macro Global andand Macro Debt Unit, Debt 2021 Unit, 2021 ST FX Debt (% of reserves) - - - 0 High DMF Activities and Selected DeM Reforms Source: Ministry of Economy and Finance, 2021 Source: Ministry of Economy and Finance, 2021 Portfolio Debt Management Redemption ProRisk Indicators fileAssessment Debt Portfolio Risk Indicators Selected International Debt IssuanceExternal Domes�c Total External Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2020 16 2017 (Percent of Sa�sfactory Performance, 2021) Domestic External DomesTotal �c Total Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 2021 Selected Cost of Debt Cost of Debt International Weighted Governance Av. Debt Interest Issuance Rate Weighted (%) Av. Interest0.9 MacroRate (%) Policies 4.3 1.3 0.9 Cost Borrowing NO DATA AVAILABLE of Debt Weighted Av. Interest Cash4.3 Flow Rate (%) 0.9 4.3 1.3 Opera�onal Risk Mgmt 1.3 & Debt Recording -10 - Re Issue 100 Date RiskFitch financing ATM (years) / S&P / Moody's ATM (years)Tenor - -Coupon Rate (%) 13.0 Date Maturity - Maturity Refi Type ATM nancing Risk Currency (years) Currency - Amount Issued - Currency Outstanding - 13.0 13.0 - Refinancing Risk 1 Debt Maturing in Debt 1 yr (% of total) - - NO -DATA- AVAILABLE 66.1 Maturing in 1 yr (% of total) Debt Maturing in- 1 yr (% of total) - - - - ng Flows- Interest 50 Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - NO DATA - Interest Rate AVAILABLE Debt Refixing in 1 - yr (% of total) - - - - 17.1 ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% of AVAILABLE - total) - - Risk NO DATA AVAILABLE -0.4 Fixed Rate Debt (% of total) - - of total) Fixed Rate Debt (% - - - - 2 0Risk FX FX Debt (% of total debt) - FX Debt (% of total debt) - 88.2 - FX Risk - debt) FX Debt (% of total - - 88.2 88.2 FX Risk ST FX Debt (% of reserves) Latest DeMPA ST FX DebtRegional (% of Average - reserves) - - - reserves) ST FX Debt (% of - - - - - - Source: MTI Global Macro and Debt Unit, 2021 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2020 0 Source: MTI Global Macro and Debt Unit, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2020 2020 High Selected Redemption Domestic Profile / Regional Debt Issuance Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2020 Debt Portfolio Risk Indicators Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Type Currency Currency Amount External Maturity Date Issued Currency Outstanding Debt Management Selected Domestic International/Assessment Regional Debt Debt IssuanceIssuance 6.3 Domes �c Total 021 11/11/2021 -/-/- 10 NO DATA AVAILABLE 11/11/2031 AT MATURITY XOF 43,643,500 43,643,500 Maturity Date (Percent of Sa Maturity Issue Date �sfactory Type Performance, Fitch /Currency Moody's S&P 2010) / Currency Amount TenorIssued Coupon Currency (%) Maturity Date Cost Outstanding Rate of Debt Type Weighted Maturity Av. Interest Currency CurrencyRate (%) Amount 0.5 Currency Outstanding Issued - 0.5 -2 10/28/2021 -/-/- 7 6.2 10/28/2028 AT MATURITY XOF 44,507,250 44,507,250 2030 020 NO DATA AVAILABLE nancing RefiAT Risk ATM (years) -�onal Risk Mgmt - Debt Recording- 12/30/2021 9/30/2021 - / - Governance -/-/- / - 1 5 Macro Policies 0.0 5.9 NO DATA 6/30/2022 9/30/2026 AVAILABLE Borrowing MATURITY AT MATURITY MRU XOF Cash Flow 2,754,060 35,280,200 Opera 2,754,060 & 35,280,200 1 12/23/2021 1009/30/2021 -/ - /--//-- 1 10 0.0 6.3 6/23/2022 9/30/2031 AT MATURITY AT MRU MATURITY Debt Maturing XOF 5,508,120 of total) in 1 yr (%52,920,300 - 5,508,120 - 52,920,300 - 2030 14.0 ng Flows 12/16/2021 -//--//-- 1 0.0 6/16/2022 AT 7/15/2021 - 5 5.9 7/15/2026 AT MATURITY Interest Rate MATURITY MRU Debt Re fixing in 1 yr (% of XOF 1,927,842 total) 53,980,200 - 1,927,842 - 53,980,200 - 70.1 11/18/2021 -//--//-- NO DATA AVAILABLE 1 0.0 5/19/2022 AT NO DATA AVAILABLE - RiskAT MATURITY MRU 14,072,838 14,072,838 ector Debt 10 29.8 507/1/2021 - 7 6.2 7/1/2028 NO DATA AVAILABLE MATURITY Fixed Rate XOFDebt 45,162,000 (% of total) 45,162,000 - - 6.2 11/11/2021 6/17/2021 -/ - /--//-- 1 1 0.0 0.0 5/12/2022 6/15/2022 AT AT MATURITY MATURITY FX Debt MRU XOF 11,595,822 45,339,750 11,595,822 45,339,750 97.6 FX Risk (% of total debt) - - 100.0 6.2 6/24/2021 -//--//-- 1 0.0 6/23/2022 AT MATURITY AT MRU 2,797,200 2,797,200 05/6/2021 - 1 0.0 5/4/2022 MATURITY XOF 50,517,500 50,517,500 14.8 ST FX Debt (% of reserves) - - - Source: Bloomberg, December 2021 9.5 Latest DeMPA Regional Average 2020 Source: MTI Global Macro and Debt Unit, 2021 0 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected Domestic / Regional Debt Issuance Maturity Date Redemption Selected Issue Type ProMoody's file Debt Date International Maturity Fitch /Currency S&P Issuance / Currency Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Debt Portfolio Risk Maturity Type Indicators Currency Currency Amount Issued Currency Outstanding 6/30/2022 020 Issue NO DATA AVAILABLEDate AT MATURITY 12/30/2021 Fitch / Moody's / - / - / S&P - MRU Tenor 2,754,060 1 Coupon Rate 0.0 (%) Maturity 2,754,060 Date NO DATA 6/30/2022 Maturity AVAILABLE Type AT MATURITY Currency MRU Amount External Currency2,754,060 Domes Issued Currency �c Total Outstanding 2,754,060 6/23/2022 AT MATURITY 12/23/2021 - MRU /-/- 5,508,120 1 0.0 5,508,120 NO DATA 6/23/2022 Cost of AVAILABLE Debt AT MATURITY Weighted MRU Av. Interest Rate (%) 5,508,120 0.9 4.3 5,508,120 1.3 2030 -10 6/16/2022 AT MATURITY 12/16/2021 - MRU /-/- 1,927,842 1 0.0 1,927,842 6/16/2022 nancing RefiAT Risk ATM (years) MATURITY MRU 1,927,842 - - 1,927,842 13.0 1 5/19/2022 AT MATURITY 11/18/2021 - MRU /-/- 14,072,838 1 14,072,838 5/19/2022 0.0 MRU AT MATURITY Debt Maturing 14,072,838 14,072,838 in 1 yr (% of total) - - - 29.8 ng5/12/2022 Flows AT MATURITY 11/11/2021 - MRU /-/- 11,595,822 1 11,595,822 5/12/2022 0.0 AT MATURITY MRU 11,595,822 11,595,822 Interest Rate Debt Re fixing in 1 yr (% of total) - - - 97.6 6/23/2022 AT MATURITY ector Debt 6/24/2021 - MRU /-/- NO DATA2,797,200 1 AVAILABLE 0.0 2,797,200 6/23/2022 RiskAT MATURITY MRU NO DATA2,797,200 AVAILABLE 2,797,200 Fixed Rate Debt (% of total) - - - 14.8 FX Risk FX Debt (% of total debt) - - 88.2 9.5 ST FX Debt (% of reserves) - - - 2020 Selected Domestic / Regional Debt Issuance Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2020 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Sub-Saharan OutstandingAfrica | 72 Currency 021 Selected International Debt Issuance NO DATA AVAILABLE Mozambique Mo��mbiqu� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 3.8 3.7 3.4 2.2 2.2 - Low income Infla�on (%) 13.7 7.6 2.1 3.4 6.0 - Public Debt (% of GDP) 126.9 106.6 110.0 108.4 113.7 113.1 LENDING Net Claims on Govt (% of GDP) 5.5 3.8 6.0 - - - Current Account Balance (% of GDP) 32.5 16.8 28.7 18.0 59.6 62.5 IDA Primary balance (% of GDP) -1.8 0.0 -2.3 3.3 -2.4 0.8 Sources: Debt Sustainability Analysis 2020; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.2 3.2 3.2 3.1 3.1 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress Mod Mod High High High High Mo��mbiqu� Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public MACROECONOMIC Debt INDICATORS 2012 2013 2014 2015 201 (Percent of GDP) (Percent of GDP) 2016 2017 2018 2019 1002020 INCOME Real GDP Growth (%) 3.8 3.7 3.4 2.2 2.2 40 40 Low income Infla�on (%) 13.7 7.6 2.1 3.4 6.0 40 126.9 106.6 110.0 108.4 113.7 50 Public Debt (% of GDP) LENDING Net Claims on Govt (% of GDP) 5.5 3.8 6.0 - - 20 Current Account Balance (% of GDP) 32.5 16.8 28.720 18.0 59.6 0 IDA Primary balance (% of GDP) -1.8 0.0 -2.3 3.3 -2.4 20 Sources: Debt Sustainability Analysis 2020; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY Source: M HIPC 0 0 0 Overall CPIA Ra�ng 3.2 3.2 3.2 3.1 3.1 DATA NO AND FRAGILE AVAILABLE CONFLICT STATE NO DATA AVAILABLE DEBT SUSTAINABILITY Redem FCS -20 Risk of Debt Distress Mod Mod -20 High High High -20 Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Gross Financing Need and Primary Deficit Contribution to Change in Public Debt Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need GDP) Deficit (Percent of Primary (Percent of GDP) Real GDP Real Interest Rate Change in Public Sector Debt 40 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 40 20 and Domestic Public Debt Evolution of External20 Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Select 100 -20 Issue -20 10/30/ 50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 50 NO DATA AVAILABLE NO DATA Exchange AVAILABLE Rate Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Se Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 0 2010 2011 2012 Evolution 2013 2014 of External 2015 2016 2017 2018 2019 Public and Domestic 2020 Debt 2014 2015Evolution 2016 of Financing 2017 Sources 2018 2019 2020 (Percent of GDP) (Percent of Total) Domes�c External Bilateral Commercial Mul�lateral Domes�c Select 100 Issue Sources: WB Staff Calculations: WDI 2021, WEO Oct 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 12/30/ 100 12/1/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 12/1/ DEBT SUSTAINABILITY INDICATORS 11/22 PV of PPG External Debt-to-GDP 30 68.1 66.9 64.6 59.4 53.7 46.5 44.5 32.5 28.8 25.8 22.4 50 11/11 PV of PPG External Debt-to-Exports 140 233.2 180.0 171.3 146.8 117.6 93.7 92.5 53.0 46.7 42.7 36.8 50 11/11 Debt Service-to-Revenue 14 NO DATA16.3 12.7 AVAILABLE15.5 15.7 14.7 16.7 16.5 17.0 NO DATA AVAILABLE 18.5 16.6 14.2 9/22/ Debt Service-to-Exports 10 9.6 10.7 10.4 10.1 8.0 8.1 8.4 5.9 6.2 5.8 5.1 7/21/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 Sub-Saharan Africa | 73 Domes�c External Bilateral Commercial Mul�lateral Domes�c Sources: WB Staff Calculations: WDI 2021, WEO Oct 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 20 - DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 High 16 2017 Debt Management Assessment MOZAMBIQUE 2021 (Percent of Sa�sfactory Performance, 2017) - Moza - Governance Macro Policies Borrowing Mozambique Cash Flow Opera�onal Risk Mgmt & Debt Recording 113.1 Moza - DMF 100 Activities and Selected DeM Reforms 62.5 DMF Activities and Selected DeM Reforms 40 0.8 50 16 2017 NO DATA AVAILABLE DMF Activities 2017 16 2021 20 2021- 0 - - 113.1- Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 113.1- 0High Source: MTI Global Macro and Debt Unit, 2021 62.5- Selected DeM Reforms 0.8 62.5 0.8 ProfileAssessment Debt Management Redemption Debt Portfolio Risk Indicators -20 (Percent of Sa�sfactory Performance, 2017) External Domes�c Total Governance Macro Policies Borrowing - Cost of Debt Weighted Av.Cash Flow Interest Rate (%) Opera�onal Risk Mgmt & Debt Recording 1.7 9.7 3.0 - 100 Refinancing Risk ATM (years) - - - Mozam Source: MTI Global Macro and Debt Unit, 2021 1 40 High Debt Maturing in 1 yr (% of total) - - - High ng Flows DMF 50 Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 NO DATA AVAILABLE Interest Rate Debt Refixing in 1 yr (% of total) - - - ector Debt Debt Management Assessment NO DATA AVAILABLE Risk NO DATA AVAILABLE Debt Management (Percent Assessment of Sa�sfactory Performance, 2017) Fixed Rate Debt (% of total) - - - 16 202017 0 (Percent of Sa�sfactory Performance, 2017) FX Risk FX Debt (% ofCash total debt) - - 82.5 2021 Governance Macro Policies Borrowing Flow Opera�onal Risk Mgmt & Debt Recording Borrowing Latest DeMPA Cash Flow Previous DeMPAOpera Regional Average �onal Risk Mgmt & Debt Recording - Governance Macro Policies Borrowing ST FX Debt (% of reserves) Cash Flow Opera -�onal Risk Mgmt & - Debt Recording- 100 MTI Global Macro and Debt Unit, 2021 Source: 0 - 100 113.1 40 40 - 50 Redemption Profile NO DATA AVAILABLE Debt Portfolio Source: WB Risk Staff Calculations: Indicators Joint WB/IMF Debt Sustainability Analysis, 2021 62.5 50 NO -20 DATA AVAILABLE NO DATA AVAILABLE 0.8 External Domes�c Total 20 0 Selected International Debt Issuance 20 0 Cost of Debt Weighted Av. Interest Rate (%) 1.7 9.7 3.0 Issue Date Fitch / Moody's / S&P Latest DeMPA Tenor Previous DeMPA Coupon Rate (%) Maturity Date Maturity Type Regional Average Refinancing Risk ATM (years) Currency Currency Amount Issued Currency Outstanding - - - Regional Average 10/30/2019 1 0 - Source: MTILatest Global Macro-and DeMPA / Caa2u / - 2021 Debt Unit, 12 DeMPA Previous 5.0 NO DATA 9/15/2031 Regional AVAILABLE Average SINKABLE USD 900,000,000 900,000,000 Debt Maturing in 1 yr (% of total) - - - 0 Source: MTI Global Macro and Debt Unit, 2021 ng Flows Source: MTI Global Macro and Debt Unit, 2021 Interest Rate Debt Refixing in 1 yr (% of total) - - - ectorHigh Debt Redemption Profile NO DATA AVAILABLE Debt Risk Portfolio Risk Indicators Fixed Rate Debt NO(% DATA of AVAILABLE - total) - - -20 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators External Domes�c Total -20 Debt Management Assessment External Domes�c Total ExternalFX Risk FX Debt (% of total debt) Domestic External - Domes �- Totalc 82.5 Total (Percent of Sa�sfactory Performance, 2017) Cost of Debt Weighted Av. Interest Rate (%) 1.7 9.7 3.0 of Debt Cost of Cost Debt Weighted Av. Interest Av. Interest1.7 Rate (%) Weighted Rate (%) 9.7 3.0 1.7 Re Cost of Debt ST FX DebtAv. Weighted of reserves) (% Interest Rate (%) 1.7 - - 9.7 3.0- financing Risk ATM (years) 9.7 - 3.0- - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 1 Refinancing Risk ATM (years) ATM (years) - - - - Re financing Risk ATM (years) - - - Refinancing Risk Debt Maturing in- 1 yr (% of total) - - - - 1 100 Debt Maturing in Debt 1 yr (% of total) in 1 yr (% - of total) - - ng Flows 2020 Maturing - Source: WB Debt Staff Calcula Maturing tions: Joint in- 1 WB/IMF yr (% Debt of total) Sustainability - - - - Interest Rate Debt Re fixing in 1 yr (% of total) Analysis, 2021- - - 40 ng Flows Interest Rate Debt Refixing inNO yr 1Debt(% of total) - - - ector Debt DATA AVAILABLE Refixing in 1 yr (% of total) - Interest Risk Rate Debt Re fi xing inNO- DATA 1 yr (% of AVAILABLE - total) - - - - - Selected 50 Interest Risk RateDomestic Risk / RegionalNO DATA Debt AVAILABLEIssuance NO DATA AVAILABLE Risk Fixed Rate Debt NO (% of total) DATA AVAILABLE - - ector Debt Selected International Fixed Rate Debt Debt (% of Fixed Issuance total) Rate Debt (% of - total) - - - Fixed Rate Debt (% - of total) - - - Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date FX Risk Maturity Type FX Debt (% of total debt) - Currency Currency Amount Issued Currency Outstanding - 82.5 Issue FX RiskDate Fitch FX / Moody's Debt (% of / S&P total debt) Tenor Coupon Rate (%) - - Maturity 82.5 Date FX RiskMaturity Type FX Debt Currency (% of Currency total debt) Amount Issued - Currency Outstanding - 82.5 021 20 0 12/30/2021 -/-/- FX Debt (% of10 total debt) 2.6 NO DATA- AVAILABLE 12/30/2031 AT MATURITY ST FX Debt MZN(% of - reserves)16,550,287 - 82.5 16,550,287 - - FX Risk 10/30/2019 ST -FX/ Caa2u /- 12 5.0 NO -DATA AVAILABLE 9/15/2031 SINKABLE USD 900,000,000 900,000,000 12/1/2021 / - / -(% of reserves) -Debt ST FX Debt (% 1 of reserves)- 0.0 - 6/1/2022 - AT MATURITY ST FX Debt MZN(% of - reserves)14,082,570 - 14,082,570 - - - 2030 Latest DeMPA Previous DeMPA Regional Average 12/1/2021 -/-/- 1 0.0 11/30/2022 AT MATURITY MZN 59,099,852 59,099,852 0 Source:MTI Source: WB Global Macro and Debt Staff Calculations: Joint Unit, WB/IMF2021Debt Sustainability Analysis, 2021 11/22/2021 -/-/- 1 0.0 11/21/2022 ATWB Source: Staff Calculations: MZN MATURITY Joint WB/IMF Debt Sustainability 10,643,836 Analysis, 2021 10,643,836 22.4 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 11/11/2021 -/-/- 2 14.0 11/11/2023 AT MATURITY MZN 29,492,513 29,492,513 36.8 Redemption Selected 11/11/2021 Profi International - /le - / - Debt Issuance 4 14.5 11/11/2025 Debt Portfolio Risk AT MATURITY MZNIndicators 16,624,760 16,624,760 -20 14.2 Selected Issue Date International 9/22/2021 Fitch / Moody's Debt Issuance - / - / - / S&P Tenor 4 Coupon 14.0Rate (%) Maturity 9/22/2025 Date Maturity Type AT MATURITY Currency MZN Currency AmountExternal 39,700,573 Issued Currency Domes �c Outstanding 39,700,573 Total Maturity Date Date Type Maturity Issue Fitch- / Currency / Currency Amount Issued Coupon Currency Outstanding 5.1 10/30/2019 7/21/2021 / Moody's /-/-/- Caa2u - S&P Tenor 12 6 5.0 14.3 Rate (%) Maturity NO DATA 9/15/2031 7/21/2027 Date Maturity AVAILABLE Cost SINKABLE of AT Debt TypeWeighted MATURITY Currency USD MZN Currency Av. Interest RateAmount 900,000,000 (%) 83,828,707 Issued 1.7 Currency Outstanding3.0 900,000,000 9.7 83,828,707 NO DATA AVAILABLE 9/15/2031 Source: SINKABLE 10/30/2019 Bloomberg, December USD - / Caa2u 2021 / - 900,000,000 12 900,000,000 9/15/2031 5.0 NO DATA AVAILABLE SINKABLE USD 900,000,000 900,000,000 Refinancing Risk ATM (years) - - - 2020 Debt Maturing in 1 yr (% of total) - - - ng Flows Selected Domestic / Regional Debt Issuance Interest Rate Debt Refixing in 1 yr (% of total) - - - ector Debt Issue Date Fitch / Moody's / NOS&P Tenor DATA AVAILABLE Coupon Rate (%) Maturity Date RiskMaturity Type Currency NO Currency Amount Issued Currency Outstanding DATA AVAILABLE Fixed Rate Debt (% of total) - - - 021 12/30/2021 -/-/- 10 2.6 NO DATA AVAILABLE 12/30/2031 AT MATURITY MZN 16,550,287 16,550,287 12/1/2021 -/-/- 1 0.0 6/1/2022 FX Risk AT MATURITY FX Debt (% MZN of total debt) 14,082,570 - - 14,082,570 82.5 2030 12/1/2021 -/-/- 1 0.0 11/30/2022 MZN(% of reserves) AT MATURITY ST FX Debt 59,099,852 - - 59,099,852 - 2020 11/22/2021 -/-/- 1 0.0 11/21/2022 AT MATURITY MZN 10,643,836 10,643,836 22.4 2020 11/11/2021 Selected - / -// Regional Domestic - Debt2Issuance 14.0 11/11/2023 AT MATURITY MZN 29,492,513 29,492,513 36.8 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Issue Date Domestic Selected 11/11/2021 - / -// Regional Fitch / Moody's - / S&P Debt4Issuance 14.5 Tenor Coupon Rate (%) 11/11/2025 Maturity Date AT MATURITY Maturity Type MZN Currency 16,624,760 Currency Amount Issued 16,624,760 Currency Outstanding 14.2 Date Maturity 9/22/2021 Maturity Type - / - / - / Currency Currency Amount4 Issued Coupon14.0 Currency 9/22/2025 Outstanding AT MATURITY MZN 39,700,573 39,700,573 Issue Date Fitch / Moody's S&P Tenor Rate (%) Maturity Date Maturity NO DATA AVAILABLE Type Currency Currency Amount Issued Currency Outstanding 021 Selected 12/30/2021 5.1 DATA AVAILABLE 7/21/2021 International - / - / - Debt Issuance - / - / - 10 6 2.6 14.3 12/30/2031 7/21/2027 AT MATURITY AT MATURITY MZN MZN 16,550,287 83,828,707 16,550,287 83,828,707 021 NO 12/30/2031 AT MATURITY 12/30/2021 12/1/2021 - MZN / - / - - / - / - / S&P 16,550,287 10 1 2.6 0.0 16,550,287 NO DATA 12/30/2031 6/1/2022 AVAILABLE AT MATURITY AT MATURITY MZN MZN 16,550,287 14,082,570 16,550,287 14,082,570 2030 Issue Source: Date Fitch / Moody's Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 6/1/2022 ATBloomberg, MATURITY 12/1/2021 12/1/2021 December -/ - 2021 MZN /--//--/ - 14,082,570 11 0.0 0.014,082,570 11/30/2022 6/1/2022 AT AT MATURITY MATURITY MZN MZN 14,082,570 59,099,852 14,082,570 59,099,852 2030 10/30/2019 - / Caa2u 12 5.0 NO DATA AVAILABLE 9/15/2031 SINKABLE USD 900,000,000 900,000,000 11/30/2022 AT MATURITY 12/1/2021 11/22/2021 -/ - MZN / -/ - /-- 59,099,852 11 0.0 0.0 59,099,852 11/21/2022 11/30/2022 AT MATURITY MATURITY AT MZN MZN 59,099,852 10,643,836 59,099,852 10,643,836 22.4 11/21/2022 AT MATURITY 11/22/2021 - MZN / - / - 10,643,836 1 0.0 10,643,836 11/21/2022 AT MATURITY MZN 10,643,836 10,643,836 22.4 11/11/2021 - / - / - 2 14.0 11/11/2023 AT MATURITY MZN 29,492,513 29,492,513 36.8 11/11/2023 AT MATURITY 11/11/2021 -/MZN / -//-- 29,492,513 2 14.029,492,513 11/11/2025 11/11/2023 MATURITY AT MATURITY MZN 29,492,513 29,492,513 11/11/2021 - - 4 14.5 AT MZN 16,624,760 16,624,760 36.8 11/11/2025 AT MATURITY MZN 16,624,760 16,624,760 11/11/2025 14.2 11/11/2021 9/22/2021 - -//--//-- 44 14.5 14.0 9/22/2025 AT MATURITY AT MATURITY MZN MZN 16,624,760 39,700,573 16,624,760 39,700,573 14.2 9/22/2025 AT MATURITY 9/22/2021 -/MZN / -//-- 39,700,573 4 14.039,700,573 7/21/2027 9/22/2025 MATURITY AT MATURITY MZN 39,700,573 39,700,573 5.1 7/21/2021 - - 6 14.3 AT MZN 83,828,707 83,828,707 7/21/2027 5.1 MATURITY ATBloomberg, 7/21/2021 Source: December MZN / - 2021 -/- 83,828,707 6 14.383,828,707 7/21/2027 AT MATURITY MZN 83,828,707 83,828,707 Source: Bloomberg, December 2021 2020 Selected Domestic / Regional Debt Issuance Sub-Saharan Africa | 74 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 12/30/2021 -/-/- 10 2.6 NO DATA AVAILABLE 12/30/2031 AT MATURITY MZN 16,550,287 16,550,287 Niger Ni��r DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 5.7 5.0 7.2 5.9 1.2 - Low income Infla�on (%) 1.4 0.8 2.4 0.1 2.8 - Public Debt (% of GDP) 32.8 36.5 36.9 39.8 41.7 48.8 LENDING Net Claims on Govt (% of GDP) 1.8 2.6 5.4 - - - Current Account Balance (% of GDP) 10.9 11.0 12.3 11.9 12.5 14.8 IDA Primary balance (% of GDP) -3.8 -3.4 -2.1 -2.6 -4.7 5.5 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.4 3.4 3.4 3.4 3.4 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress Mod Mod Mod Mod Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 10 5 5 0 Source: M 5 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem CFA Fra 0 -5 -5 400K 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 200K Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 40 Select Issue D 30 50 20 NO DATA AVAILABLE NO DATA AVAILABLE 10 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 8/17/ 8/6/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 7/9/ DEBT SUSTAINABILITY INDICATORS 7/9/ PV of PPG External Debt-to-GDP 40 23.9 22.1 20.2 18.8 18.4 18.2 18.0 17.7 17.4 17.1 16.7 7/9/ PV of PPG External Debt-to-Exports 180 257.3 219.6 145.0 113.2 111.0 108.6 111.6 111.6 109.9 110.8 108.1 5/7/ Debt Service-to-Revenue 18 10.2 15.3 14.1 13.0 10.5 9.3 9.2 8.8 8.9 8.5 8.3 5/7/ Debt Service-to-Exports 15 11.4 18.1 12.8 10.7 8.9 7.8 8.1 8.0 8.2 8.2 8.1 5/7/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 75 2021 - - 48.8 - NIGER 14.8 5.5 Niger - DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 DMF Activities Mod 16 2017 2021 Debt Management Assessment - (Percent of Sa�sfactory Performance, 2012) - 48.8 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - Selected DeM Reforms 14.8 100 5.5 50 NO DATA AVAILABLE 5 - 0 Source: MTI Global Latest DeMPA Macro and Debt Unit, 2021 Regional Average Mod Source: MTI Global Macro and Debt Unit, 2021 0 Debt Management Assessment (Percent of Sa�sfactory Redemption Profile Performance, 2012) Debt Portfolio Risk Indicators CFA Francs million Governance Macro Policies Borrowing Cash Flow External Mgmt� Domes Opera�onal Risk & cDebt Recording Total 100 Cost of Debt Weighted Av. Interest Rate (%) 1.7 5.4 2.8 -5 400K Refinancing Risk ATM (years) 11.8 2.2 8.9 1 50 NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 4.1 38.3 14.3 ng Flows Interest Rate Debt Refixing in 1 yr (% of total) 4.1 38.3 14.3 5 Debt 200K 0 ector NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) 100.0 100.0 100.0 Latest DeMPA Regional Average FX Risk FX Debt (% of total debt) - - 69.8 0K Source: MTI Global Macro and Debt Unit, 2021 ST FX Debt (% of reserves) - - 18.4 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 0 Domes�c External Redemption Profile Debt Portfolio Risk Indicators Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 CFA Francs million External Domes�c Total Cost of Debt Weighted Av. Interest Rate (%) 1.7 5.4 2.8 -5 Selected International Debt Issuance 400K Refinancing Risk ATM (years) 11.8 2.2 8.9 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 1 NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 4.1 38.3 14.3 ng Flows Interest Rate Debt Refixing in 1 yr (% of total) 4.1 38.3 14.3 200K ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) 100.0 100.0 100.0 FX Risk FX Debt (% of total debt) - - 69.8 0K 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 18.4 Domes�c External Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 2020 International Selected Domestic Selected Debt Issuance / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 021 8/17/2021 -/-/- 1 0.0 NO DATA AVAILABLE 8/15/2022 AT MATURITY XOF 160,661,700 160,661,700 8/6/2021 -/-/- 1 0.0 8/4/2022 AT MATURITY XOF 39,428,400 39,428,400 2030 7/9/2021 -/-/- 5 5.9 7/9/2026 AT MATURITY XOF 28,949,280 28,949,280 7/9/2021 -/-/- 7 6.2 7/9/2028 AT MATURITY XOF 27,724,020 27,724,020 16.7 7/9/2021 -/-/- 10 6.3 7/9/2031 AT MATURITY XOF 62,742,480 62,742,480 108.1 5/7/2021 -/-/- 3 5.6 5/7/2024 AT MATURITY XOF 13,965,058 13,965,058 8.3 5/7/2021 -/-/- 5 5.9 5/7/2026 AT MATURITY XOF 47,143,580 47,143,580 8.1 5/7/2021 -/-/- 10 6.3 5/7/2031 AT MATURITY XOF 81,526,162 81,526,162 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 8/17/2021 -/-/- 1 0.0 NO DATA AVAILABLE 8/15/2022 AT MATURITY XOF 160,661,700 160,661,700 8/6/2021 -/-/- 1 0.0 8/4/2022 AT MATURITY XOF 39,428,400 39,428,400 2030 7/9/2021 -/-/- 5 5.9 7/9/2026 AT MATURITY XOF 28,949,280 28,949,280 7/9/2021 -/-/- 7 6.2 7/9/2028 AT MATURITY XOF 27,724,020 27,724,020 16.7 7/9/2021 -/-/- 10 6.3 7/9/2031 AT MATURITY XOF 62,742,480 62,742,480 108.1 5/7/2021 -/-/- 3 5.6 5/7/2024 AT MATURITY XOF 13,965,058 13,965,058 8.3 5/7/2021 -/-/- 5 5.9 5/7/2026 AT MATURITY XOF 47,143,580 47,143,580 8.1 5/7/2021 -/-/- 10 6.3 5/7/2031 AT MATURITY XOF 81,526,162 81,526,162 Source: Bloomberg, December 2021 Sub-Saharan Africa | 76 Nigeria Ni��ri� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) -1.6 0.8 1.9 2.2 -1.8 2.6 Lower middle income Infla�on (%) 9.5 11.1 10.2 10.4 7.8 - Public Debt (% of GDP) 23.4 25.3 27.7 29.2 35.0 35.7 LENDING Net Claims on Govt (% of GDP) 4.4 3.2 3.8 6.9 8.0 - Current Account Balance (% of GDP) 1.3 3.4 1.5 -3.3 -4.0 -3.2 Blend Primary balance (% of GDP) -3.4 -4.1 -2.6 -3.0 -3.7 -4.5 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.3 3.2 3.1 3.2 3.2 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 50 50 50 30 30 0 20 20 Source: M 10 10 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem 0 0 NGN bi 3K 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2K Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing 1K Source: WEO, October 2021 Source: WEO, October 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: D 30 100 Select Issue D 20 9/27/ 11/21/ 50 11/21/ No data available 11/21/ 10 NO DATA AVAILABLE NO DATA AVAILABLE 2/23/ 2/23/ 2/16/ 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Sources: WB Staff Calculations: WDI, 2021; WEO, October 2021 Sources: WB Staff Calculations: WDI, 2021 and IDS 2021 10/14/ 3/27/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 3/27/ DEBT SUSTAINABILITY INDICATORS 5/24/ PV of PPG External Debt-to-GDP - - - - - - - - - - - 4/26/ PV of PPG External Debt-to-Exports - - - - - - - - - - - 4/26/ Debt Service-to-Revenue - - - - - - - - - - - 3/23/ Debt Service-to-Exports - - - - - - - - - - - 12/22/ Source: B Sub-Saharan Africa | 77 NIGERIA Niger Niger Niger DMF Activities DMF and Selected Activities and DeM Reforms Selected DeM Reforms DMF Activities and Selected DeM Reforms DMF Activities 16 2017 16 2017 16 2021 2017 2021 2.6 2021 2.6 - 2.6 - 35.7- 35.7 - Selected DeM Reforms 35.7- -3.2 - -3.2 -4.5 -3.2 -4.5 -4.5 Niger - - - DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 Source: MTI Global Macro and Debt Unit, 2021 - - Source: MTI Global Macro and Debt Unit, 2021 - 16 2017 Debt Management Assessment Debt Management Assessment 2021 Debt Management (Percent Assessment of Sa�sfactory Performance, 2012) (Percent of Sa�sfactory Performance, 2012) 2.6 (Percent of Sa�sfactory Performance, 2012) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 35.7 100 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 100 -3.2 100 -4.5 50 NO DATA AVAILABLE 30 50 NO DATA AVAILABLE 30 50 30 NO DATA AVAILABLE 0 0 20 - 0 20 Latest DeMPA Previous DeMPA Regional Average 20 Latest DeMPA Previous DeMPA Regional Average Source: MTI Source: Global MTI Latest Macro Global DeMPA Debt andand Macro Unit, Debt 2021 Unit, 2021 Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 10 - Source: MTI Global Macro and Debt Unit, 2021 10 10 Redemption Debt Management Redemption Profi Pro file leAssessment Debt Portfolio Risk Debt Portfolio Risk Indicators Indicators 0 Redemption NGN billion (Percent NGN billion Profile of Sa�sfactory Performance, 2012) Debt Portfolio Risk Indicators External External Domes�c Domes�c Total Total 0 0 NGN billion Governance Macro Policies Cost of Debt Borrowing Weighted Av.Cash Interest Flow Rate (%) External 4.3 Domes � 9.4 c Total 7.5 Opera�onal Risk Mgmt & Debt Recording Cost of Debt Weighted Av. Interest Rate (%) 4.3 9.4 7.5 3K Cost Re of DebtRisk financing Weighted ATM Av. Interest Rate (%) (years) 4.3 13.2 9.4 7.9 7.5 10.5 3K 100 Refinancing Risk ATM (years) 13.2 7.9 10.5 1 3K Refinancing Risk ATM (years) 13.2 7.9 10.5 1 Debt Maturing in 1 yr (% of total) 1.3 24.8 13.8 2K Debt Maturing in 1 yr (% of total) 1.3 24.8 13.8 1 2K 50 Interest Rate Debt Maturing Refixing in in 11 yr yr (% (% of of total) total) 1.3 8.6 24.8 13.8 17.2 30 2K NO DATA AVAILABLE Interest Rate Debt Refixing in 1 yr (% of total) 8.6 24.8 17.2 NO DATA AVAILABLE Risk Interest Rate Fixed Re Debt fixing inNO 1 DATA yr (% of AVAILABLE total) 8.6 24.8 17.2 1K NO DATA AVAILABLE Risk Rate Debt NO DATA AVAILABLE 92.4 (% of total) Fixed Rate Debt (% of total) 92.4 100.0 100.0 96.5 96.5 1K NO DATA AVAILABLE Risk NO DATA AVAILABLE 92.4 0 Fixed Rate 1K FX Risk FX Debt (%Debt (% debt) of total of total) - 100.0- 96.5 38.7 20 0K FX Risk FX Debt (% of total debt) - - 38.7 0K Latest DeMPA Previous DeMPA Regional Average FX Risk FX Debt (% of total debt) ST FX Debt (% of reserves) - - 38.7 1.1 0K 2021 2021 2023 2023 2025 2025 2027 2027 2029 2029 2031 2031 2033 2033 2035 2035 2037 2037 2039 2039 ST FX Debt (% of reserves) - - 1.1 Source: MTI Global Macro and Debt Unit, 2021 2021 ST FX Debt (% of reserves) - - 1.1 Domes �c 2023 2025 External 2027 2029 2031 2033 2035 2037 2039 10 Domes�c External Domes Source: Debt �c Management Office, 2021 External Source: Debt Management Office, 2021 Redemption Profile Source: Debt Management Office, 2021 Debt Management Risk Portfolio Source: Debt Indicators Office, 2021 Source: Debt Management Office, 2021 Source: Debt Management Office, 2021 NGN billion External Domes�c Total 0 Selected International Debt Selected International Debt Issuance Issuance Issue Date International Selected / S&P Issuance Fitch / Moody'sDebt Tenor Coupon Rate (%) Maturity Date Cost of Debt Type Weighted Maturity Av. Interest Currency CurrencyRate (%) Amount 4.3 Currency 9.4 Issued Outstanding7.5 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 3K Refi nancing Risk 9/27/2021 Issue Date - / - / - / S&P Fitch / Moody's 10 Tenor Coupon0.0 Rate (%) NO DATA 10/15/2031 Maturity AVAILABLE Date AT Maturity Type ATM MATURITY (years) USD Currency Currency 41,895,375 Amount Issued13.2 Currency 7.9 41,895,375 10.5 Outstanding 1 9/27/2021 -/-/- 10 0.0 NO DATA AVAILABLE 10/15/2031 AT MATURITY USD 41,895,375 41,895,375 11/21/2018 9/27/2021 B-//B2- //-B- 7 10 7.6 0.0 11/21/2025 NO DATA 10/15/2031 AT MATURITY Debt Maturing AVAILABLE USD 1,118,352,000 in 1 yr of total) (%41,895,375 1.3 1,118,352,000 24.8 41,895,375 13.8 11/21/2018 2K B / B2 / B- 7 7.6 11/21/2025 AT MATURITY USD 1,118,352,000 1,118,352,000 11/21/2018 B 13 8.7 1/21/2031 1,000,000,000 1,000,000,000 11/21/2018 B// B2 B2 / / B- B- 7 13 7.6 8.7 11/21/2025 1/21/2031 AT MATURITY AT Interest Rate MATURITY Debt ReUSD fixing in 1 yr (% USD 1,118,352,000 of total) 1,000,000,000 8.6 1,118,352,000 24.8 1,000,000,000 17.2 11/21/2018 B / B2 / B- NO DATA AVAILABLE31 13 9.2 8.7 1/21/2049 1/21/2031 RiskAT MATURITY USD NO DATA AVAILABLE 750,000,000 1,000,000,000 750,000,000 1,000,000,000 11/21/2018 1K B / B2 / B- 31 9.2 1/21/2049 USDDebt (% of AT MATURITY Fixed Rate 750,000,000 92.4 total) 100.0 750,000,000 96.5 2/23/2018 11/21/2018 B / B2 / B- 12 31 7.1 9.2 2/23/2030 1/21/2049 AT MATURITY USD 1,250,000,000 750,000,000 1,250,000,000 750,000,000 2/23/2018 B / B2 / B- 12 7.1 2/23/2030 AT MATURITY FX Debt FX Risk USD 1,250,000,000 (% of total debt) - 1,250,000,000 - 38.7 0K 2/23/2018 B / B2 / B- 20 12 7.7 7.1 2/23/2038 2/23/2030 AT MATURITY USD 1,250,000,000 1,250,000,000 2/23/2018 B / B2 / B- 20 7.7 2/23/2038 AT MATURITY USD 1,250,000,000 1,250,000,000 2/16/2017 2/23/2018 2021 2023B / B2 2025/ B- 2027 2029 15 20 2031 2033 7.9 2037 7.7 2035 2/16/2032 2/23/2038 2039 USD (% of reserves) AT MATURITY ST FX Debt 1,500,000,000 1,250,000,000 - - 1,500,000,000 1,250,000,000 1.1 2/16/2017 B / B2 / B- 15 7.9 2/16/2032 AT MATURITY USD 1,500,000,000 1,500,000,000 2/16/2017 Domes�c B / B2 / B- External 15 7.9 2/16/2032 AT MATURITY USD 1,500,000,000 1,500,000,000 2020 Source: Bloomberg, December 2021 2020 Bloomberg, Source: Debt Source: December Management Offi2021 ce, 2021 Source: Debt Management Office, 2021 2020 Source: Bloomberg, December 2021 Selected Domestic / Selected Domestic Regional Debt / Regional Debt Issuance Issuance Issue Date International Selected Domestic / Regional Fitch / Moody's Debt / S&P Issuance Debt Issuance Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Date Issue Date 10/14/2021 Issue Fitch / Moody's Fitch / -/-/- / Moody's / S&P S&P Tenor 1 Tenor Coupon Coupon Rate (%) Rate 0.0 (%) Maturity NO DATA 10/13/2022 Maturity Date AVAILABLE Date Maturity Type AT MATURITY Maturity Type Currency NGN Currency Currency Amount Issued Amount 426,237,410 Currency Issued Currency Outstanding 426,237,410 Currency Outstanding 10/14/2021 -/-/- 1 0.0 NO DATA AVAILABLE 10/13/2022 AT MATURITY NGN 426,237,410 426,237,410 9/27/2021 3/27/2020 10/14/2021 - - / / - - / / - - 10 15 1 0.0 12.5 0.0 NO DATA 10/15/2031 3/27/2035 NO DATA 10/13/2022 AVAILABLE AT MATURITY MATURITY AVAILABLE AT USD NGN 41,895,375 2,524,750,722 426,237,410 41,895,375 2,524,750,722 426,237,410 2030 3/27/2020 -/-/- 15 12.5 3/27/2035 AT MATURITY NGN 2,524,750,722 2,524,750,722 2030 11/21/2018 B-/ B2 / B- 7 30 7.6 13.0 11/21/2025 3/27/2050 MATURITY AT MATURITY USD 1,118,352,000 2,819,529,648 1,118,352,000 2,819,529,648 3/27/2020 3/27/2020 -//--//-- 15 30 12.5 13.0 3/27/2035 3/27/2050 AT AT MATURITY NGN NGN 2,524,750,722 2,819,529,648 2,524,750,722 2,819,529,648 2030 11/21/2018 5/24/2019 3/27/2020 B // - B2- //-B- 13 3 30 8.7 0.0 13.0 1/21/2031 5/24/2022 3/27/2050 AT AT MATURITY MATURITY USD NGN 1,000,000,000 24,354,805 2,819,529,648 1,000,000,000 24,354,805 2,819,529,648 - 5/24/2019 -/-/- 3 0.0 5/24/2022 AT MATURITY NGN 24,354,805 24,354,805 - 11/21/2018 4/26/2019 5/24/2019 B-/ B2 / B- 31 10 9.2 14.6 1/21/2049 4/26/2029 AT MATURITY MATURITY USD 750,000,000 1,856,438,720 750,000,000 1,856,438,720 - 4/26/2019 -//--//-- 3 10 0.0 14.6 5/24/2022 4/26/2029 AT AT MATURITY NGN NGN 24,354,805 1,856,438,720 24,354,805 1,856,438,720 - 2/23/2018 4/26/2019 B-//B2- //-B- 12 30 10 7.1 14.8 14.6 2/23/2030 4/26/2049 4/26/2029 AT MATURITY USD NGN 1,250,000,000 2,754,824,990 1,856,438,720 1,250,000,000 2,754,824,990 1,856,438,720 4/26/2019 -/-/- 30 14.8 4/26/2049 AT MATURITY NGN 2,754,824,990 2,754,824,990 - 2/23/2018 3/23/2018 4/26/2019 B-//B2- //-B- 20 7 30 7.7 13.5 14.8 2/23/2038 3/23/2025 4/26/2049 AT MATURITY AT MATURITY USD NGN 1,250,000,000 950,222,982 2,754,824,990 1,250,000,000 950,222,982 2,754,824,990 - 3/23/2018 -/-/- 7 13.5 3/23/2025 AT MATURITY NGN 950,222,982 950,222,982 - 2/16/2017 12/22/2017 3/23/2018 B-//B2- //-B- 15 5 7 7.9 13.5 2/16/2032 12/22/2022 3/23/2025 AT MATURITY USD NGN 1,500,000,000 29,653,312 950,222,982 1,500,000,000 29,653,312 950,222,982 - 12/22/2017 -/-/- 5 13.5 12/22/2022 AT MATURITY NGN 29,653,312 29,653,312 - Source: Bloomberg, December 12/22/2017 - 2021 /-/- 5 13.5 12/22/2022 AT MATURITY NGN 29,653,312 29,653,312 Source: Bloomberg, December 2021 2020 Source: Bloomberg, December Source: Bloomberg, December 2021 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Sub-Saharan OutstandingAfrica | 78 Currency 10/14/2021 -/-/- 1 0.0 NO DATA AVAILABLE 10/13/2022 AT MATURITY NGN 426,237,410 426,237,410 Rwanda Rw�nd� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 6.0 4.0 8.6 9.4 -0.2 - Low income Infla�on (%) 5.0 7.6 -0.8 0.4 8.3 - Public Debt (% of GDP) 44.5 48.7 52.4 58.1 65.9 79.1 LENDING Net Claims on Govt (% of GDP) -2.8 -2.8 -3.4 - - - Current Account Balance (% of GDP) 13.9 8.3 8.9 10.9 10.7 12.0 IDA Primary balance (% of GDP) -2.7 -3.6 -3.5 -6.8 -8.0 6.9 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 4.0 4.0 4.0 4.0 4.1 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Low Low Low Low Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 15 10 10 50 0 10 5 5 Source: M 5 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 Redem FRw bi 800B 0 -5 -5 600B 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows 400B Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 200B Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0B Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 60 Select Issue 8/9/ 40 50 NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 12/17/ 12/17/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 11/21/ DEBT SUSTAINABILITY INDICATORS 7/3 PV of PPG External Debt-to-GDP 55 34.2 35.2 36.7 37.5 38.4 39.2 38.9 38.6 38.1 37.6 37.1 5/19 PV of PPG External Debt-to-Exports 240 187.9 154.7 139.9 139.9 138.9 140.3 136.4 133.0 130.1 125.2 123.4 4/30 Debt Service-to-Revenue 23 12.7 18.6 11.5 28.4 11.0 10.2 11.2 11.0 10.5 10.4 10.4 2/19 Debt Service-to-Exports 21 12.1 14.6 7.9 19.1 7.3 6.9 7.6 7.5 7.1 7.0 7.0 2/19/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 79 Rwan Rwan RWANDA DMF Activities and Selected DeM Reforms DMF Activities and Selected DeM Reforms Rwan 16 2017 16 2017 2021 DMF Activities and Selected DeM Reforms 2021 - - - Rwan DMF Activities - 79.1 2017 16 79.1 DMF Activities and Selected DeM Reforms - 2021 - 12.0 12.0 - 6.9 6.9 - 16 2017 79.1 2021 - Selected DeM Reforms - 12.0 - - 6.9 - 79.1 Source: MTI Global Macro and Debt Unit, 2021 - Mod Source: MTI Global Macro and Debt Unit, 2021 Mod 12.0 6.9 - Debt Management Assessment Debt Management Assessment (Percent of Sa �sfactory Performance, 2015) (Percent of Sa Source: MTI �sfactory Global Debt Unit, 2021 2015) Performance, Macro and Mod Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Debt 100 100 Management Assessment Source: MTI Global Macro and Debt Unit, 2021 Mod (Percent of Sa�sfactory Performance, 2015) 10 50 Governance Macro Policies AVAILABLE NO DATABorrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 10 50 NO DATA AVAILABLE Debt Management Assessment 100 (Percent 0 of Sa�sfactory Performance, 2015) 0 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 5 10 50 Latest DeMPA Previous DeMPA Regional Average 5 Latest DeMPA Previous DeMPA NO DATA Regional AVAILABLE Average 100 MTI Global Macro and Debt Unit, 2021 Source: Source: MTI Global Macro and Debt Unit, 2021 0 10 0 50 Redemption Profile Debt Portfolio NO DATA AVAILABLE Risk Indicators 5 0 Redemption Profile Latest DeMPA Previous DeMPA Regional Average Debt Portfolio Risk Indicators FRw billion Source: MTI Global Macro and Debt Unit, 2021 External Domes�c Total FRw0 billion External Domes�c Total 800B Cost of Debt Weighted Av. Interest Rate (%) 1.7 14.5 4.2 800B Cost of Debt Weighted Av. Interest Rate (%) 1.7 14.5 4.2 -5 5 Regional Average Refinancing Risk ATM (years) 14.6 3.6 12.4 -5 0 600B Latest DeMPA Redemption Profile Previous DeMPA Debt Portfolio Refinancing Risk ATM Risk (years)Indicators 14.6 3.6 12.4 1 600B Source: MTI Global Macro and Debt Unit, 2021 1 FRw billion Debt Maturing in 1 yr (% of total) External 3.3 40.6 Domes�c 10.6 Total Debt Maturing in 1 yr (% of total) 3.3 40.6 10.6 ng Flows 400B 800B ng Flows 400B Interest Rate Cost of Debt Debt Refixing Av. in Weighted 1 yr (% Interest of total) Rate (%) 10.1 1.7 40.6 14.5 16.0 4.2 Interest Rate Debt Refixing in 1 yr (% of total) 10.1 40.6 16.0 0 Debt ector -5 ector Debt Redemption Profile NO DATA AVAILABLE NO DATA AVAILABLE Risk Portfolio Risk Indicators Debt Re financing Risk ATM Risk Fixed(years) Rate Debt NO DATA of total) (% DATA NO AVAILABLE 91.7 AVAILABLE 14.6 92.6 3.6 91.9 12.4 200B 600B Fixed Rate Debt (% of total) 91.7 92.6 91.9 1 200Bbillion FRw External Domes�c Total FX Risk FX Debt Debt (% of total Maturing in 1 debt) yr (% of total) - 3.3 - 40.6 80.5 10.6 0B 800B FX Risk Cost of Debt FX Debt (% of total debt) Weighted Av. Interest Rate (%) - 1.7 - 14.5 80.5 4.2 ng Flows 0B 400B ST FX Debt (% of reserves) - - 11.2 2023 2025 2027 2029 2031 2033 2035 2037 2039 Interest Rate Debt Re fi xing in 1 yr (% of total) 10.1 40.6 16.0 -5 2023 2025 2027 NO2029 2031 2033 2035 2037 2039 Re ST FX Debt (% of reserves) financing Risk ATM (years) NO DATA AVAILABLE 14.6 - - 3.6 11.2 12.4 ector Debt 600B DATA AVAILABLE Risk 1 200B Domes�c External Fixed Rate Debt (% of total) 91.7 92.6 91.9 Domes�c External Debt Maturing in 1 yr (% of total) 3.3 40.6 10.6 ng Flows 400B Source: FX Risk FX Debt (% of total debt) - - 80.5 0B Ministry of Finance and Economic Planning, 2021 Source: Ministry of Finance and Economic Planning, 2021 Source: Interest Source: Ministry of Finance Ministry Debt Rate of Finance and Economic ReEconomic and Planning, 1 yr (% of fixing in Planning, 2021 total) 2021 10.1 40.6 16.0 ector Debt 2023 2025 2027 NO2029DATA AVAILABLE 2031 2033 2035 2037 2039 Risk ST FX Debt (% of NOreserves) DATA AVAILABLE 91.7 - - 11.2 200B Fixed Rate Debt (% of total) 92.6 91.9 Selected International Debt Issuance Selected International Domes �c Debt External Issuance FX Risk FX Debt (% of total debt) - - 80.5 0B Date Issue Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding IssueMinistry Source: Date of Finance Fitch / Moody's and Economic S&P 2021 Tenor /Planning, Coupon Rate (%) Maturity Maturity Date Source: MinistryType of Finance ST FXCurrency and Economic Debt (% ofCurrency Planning, reserves) Amount Issued - Currency Outstanding 2021 8/9/2021 2023 2025 B+ B+ / - /2027 2029 203110 2033 20355.5 2037 NO DATA AVAILABLE 8/9/2031 2039 AT MATURITY USD 620,000,000 620,000,000 11.2 - 8/9/2021 B+ / - / B+ 10 5.5 NO DATA AVAILABLE 8/9/2031 AT MATURITY USD 620,000,000 620,000,000 Domes�c External Selected International Debt Issuance IssueMinistry Source: Date of Finance Fitch /and /Planning, Economic Moody's S&P 2021 Tenor Coupon Rate (%) Maturity Date Source: MinistryType Maturity of Finance and Economic Planning, Currency Currency 2021 Amount Issued Currency Outstanding 8/9/2021 B+ / - / B+ 10 5.5 NO DATA AVAILABLE 8/9/2031 AT MATURITY USD 620,000,000 620,000,000 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 8/9/2021 B+ / - / B+ 10 5.5 NO DATA AVAILABLE 8/9/2031 AT MATURITY USD 620,000,000 620,000,000 2020 Source: Bloomberg, December 2021 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 2020 12/17/2021 Source: - 2021 Bloomberg, December /-/- 1 0.0 NO DATA AVAILABLE 6/17/2022 AT MATURITY RWF 2,937,225 2,937,225 021 12/17/2021 -/-/- 1 0.0 NO DATA AVAILABLE 6/17/2022 AT MATURITY RWF 2,937,225 2,937,225 12/17/2021 -/-/- 1 0.0 12/16/2022 AT MATURITY RWF 3,916,300 3,916,300 2030 Selected 12/17/2021 - / -/ Domestic / Regional - Debt Issuance 1 0.0 12/16/2022 AT MATURITY RWF 3,916,300 3,916,300 2030 11/21/2021 -/-/- 7 11.4 11/10/2028 AT MATURITY RWF 44,173,935 44,173,935 Source: 11/21/2021 IssueBloomberg, Date Fitch / Moody's-/-/- / S&P 7 Tenor 11.4 Coupon Rate (%) 11/10/2028 Maturity Date AT MATURITY Maturity Type RWF Currency 44,173,935 Currency Amount Issued 44,173,935 Currency Outstanding 2020 7/3/2021 December - 2021 /-/- 1 0.0 7/1/2022 AT MATURITY RWF 6,778,532 6,778,532 021 37.1 7/3/2021 12/17/2021 - -/ -/ /- /- - 1 1 0.0 0.0 7/1/2022 NO DATA AVAILABLE 6/17/2022 AT MATURITY AT MATURITY RWF RWF 6,778,532 2,937,225 6,778,532 2,937,225 37.1 5/19/2021 -/-/- 15 12.5 5/2/2036 AT MATURITY RWF 81,885,063 81,885,063 123.4 Selected 5/19/2021 12/17/2021Domestic -/ - -/ /- / Regional / - - Debt1Issuance 12.5 15 0.0 5/2/2036 12/16/2022 AT MATURITY AT MATURITY RWF RWF 81,885,063 3,916,300 81,885,063 3,916,300 2030 123.4 4/30/2021 -/-/- 1 0.0 4/28/2022 AT MATURITY RWF 5,038,168 5,038,168 4/30/2021 Issue Date 11/21/2021 - -//- -//- Fitch / Moody's - / S&P 1 Tenor 7 0.0 Coupon Rate (%) 11.4 4/28/2022 Maturity Date 11/10/2028 AT AT MATURITY Maturity Type MATURITY RWF Currency RWF Currency5,038,168 Amount Issued 44,173,935 5,038,168 Currency Outstanding 44,173,935 10.4 2/19/2021 -/-/- 5 11.0 2/13/2026 AT MATURITY RWF 15,290,468 15,290,468 021 10.4 2/19/2021 12/17/2021 7/3/2021 -/ - -/ /- /- - 5 1 11.0 0.0 2/13/2026 6/17/2022 7/1/2022 AT MATURITY AT MATURITY NO DATA AVAILABLE RWF RWF 15,290,468 2,937,225 6,778,532 15,290,468 2,937,225 6,778,532 7.0 37.1 2/19/2021 -/-/- 10 12.0 2/7/2031 AT MATURITY RWF 100,439,036 100,439,036 7.0 2/19/2021 12/17/2021 5/19/2021 -/ - -/ /- /- - 10 1 15 12.0 0.0 12.5 2/7/2031 12/16/2022 5/2/2036 AT AT MATURITY MATURITY RWF RWF 100,439,036 3,916,300 81,885,063 100,439,036 3,916,300 81,885,063 2030 Source: Bloomberg, December 2021 123.4 Source: Bloomberg, December 11/21/2021 4/30/2021 - 2021 /-/- 7 1 11.4 0.0 11/10/2028 4/28/2022 AT MATURITY RWF 44,173,935 5,038,168 44,173,935 5,038,168 10.4 7/3/2021 2/19/2021 -/-/- 1 5 0.0 11.0 7/1/2022 2/13/2026 AT MATURITY RWF 6,778,532 15,290,468 6,778,532 15,290,468 37.1 7.0 5/19/2021 2/19/2021 -/-/- 15 10 12.5 12.0 5/2/2036 2/7/2031 AT MATURITY RWF 81,885,063 100,439,036 81,885,063 100,439,036 123.4 4/30/2021 Source: - 2021 Bloomberg, December /-/- 1 0.0 4/28/2022 AT MATURITY RWF 5,038,168 5,038,168 10.4 2/19/2021 -/-/- 5 11.0 2/13/2026 AT MATURITY RWF 15,290,468 15,290,468 7.0 2/19/2021 -/-/- 10 12.0 2/7/2031 AT MATURITY RWF 100,439,036 100,439,036 Source: Bloomberg, December 2021 Sub-Saharan Africa | 80 S�o Tomé São �nd Principe Tomé and Princip� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 4.2 3.9 3.0 1.3 -6.5 - Lower middle income Infla�on (%) 5.1 2.0 2.6 5.7 3.5 - Public Debt (% of GDP) 88.4 84.3 96.2 97.7 105.2 87.5 LENDING Net Claims on Govt (% of GDP) -5.1 -2.4 1.1 - - - Current Account Balance (% of GDP) 5.8 12.9 12.1 11.9 17.1 11.8 IDA Primary balance (% of GDP) -10.5 -6.3 -8.0 -4.3 -4.1 5.0 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.1 3.1 3.1 3.0 3.0 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 30 30 50 20 20 20 0 10 10 Source: M 10 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 Redem 0 -10 -10 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 100 Select Issue 50 50 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 33.1 33.2 32.3 31.3 29.9 28.7 27.1 25.7 24.3 23.1 22.0 PV of PPG External Debt-to-Exports 180 289.4 203.0 148.2 143.1 134.7 130.0 124.9 120.2 115.8 111.9 108.2 Debt Service-to-Revenue 18 3.7 6.9 8.7 7.8 9.4 8.2 9.6 9.1 8.6 8.0 7.6 Debt Service-to-Exports 15 7.8 8.3 8.2 7.7 9.4 8.4 10.1 9.9 9.7 9.3 9.2 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sub-Saharan Africa | 81 SÃO TOMÉ AND PRINCIPE São Tomé and Principe São T DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - - 87.5 - Selected DeM Reforms 11.8 5.0 - Source: MTI Global Macro and Debt Unit, 2021 High Debt Management Assessment (Percent of Sa�sfactory Performance, 2016) Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 30 50 NO DATA AVAILABLE NO DATA AVAILABLE 20 0 Regional Average Latest DeMPA Previous DeMPA Regional Average 10 Source: MTI Global Macro and Debt Unit, 2021 0 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators External Domes�c Total External Domestic External Total Domes �c Total Cost of Cost of Debt Debt Weighted Av. Interest Av. Interest0.5 Rate (%) Weighted Rate (%) 0.0 0.2 0.5 Cost of Debt Weighted Av. Interest 0.0 Rate (%) 0.5 0.0 0.2 0.2 -10 Refinancing Risk ATM (years) ATM (years) - - - - Refinancing Risk ATM (years) - - - - - 1 Refinancing Risk 1 yr (% Debt Maturing in Debt - of total) of total) in 1 yr (% Maturing - - - Debt Maturing in- 1 yr (% of total) - - - - ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - - Interest Rate - yr (% of total) Debt Refixing in 1 - - - - ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% of AVAILABLE - total) - - Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - of total) Fixed Rate Debt (% - - - - FX Risk FXdebt) FX Debt (% of total - Debt (% of total debt) - 77.4 - FX Risk - debt) FX Debt (% of total - 77.4- 77.4 FX Risk ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - - - ST FX Debt (% of - reserves) - - - - Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected International Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE NO DATA AVAILABLE 2030 22.0 108.2 7.6 9.2 Sub-Saharan Africa | 82 Senegal S�n���l DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 6.2 7.2 7.0 6.7 6.8 - Lower middle income Infla�on (%) 0.8 1.7 2.2 1.9 1.9 - Public Debt (% of GDP) 47.8 48.3 50.9 47.6 46.4 70.9 LENDING Net Claims on Govt (% of GDP) 3.8 3.3 3.5 - - - Current Account Balance (% of GDP) 2.6 6.2 5.6 4.9 6.7 9.4 IDA Primary balance (% of GDP) -1.6 -1.0 -1.6 -0.9 -0.9 4.0 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.8 3.8 3.7 3.7 3.7 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Low Low Low Low Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 10 5 5 0 Source: M 0 0 5 NO DATA AVAILABLE NO DATA AVAILABLE Redem CFA Fra -5 -5 800 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 600 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit 400 Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 200 0 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 Select 40 Issue 6/8/ 3/13/ 50 3/13/ 20 5/23 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Sources: WB Staff Calculations: WDI, 2021, WEO Oct 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 4/26/ 3/1/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 3/1/ DEBT SUSTAINABILITY INDICATORS 3/1 PV of PPG External Debt-to-GDP 55 13.7 15.4 15.2 15.6 17.2 17.5 17.7 18.0 17.9 17.9 18.2 2/8 PV of PPG External Debt-to-Exports 240 63.9 73.7 60.4 57.8 64.1 60.4 59.9 61.2 61.0 60.1 60.7 2/8 Debt Service-to-Revenue 23 15.5 20.1 12.8 11.7 15.1 9.3 12.6 12.1 11.8 9.5 11.7 2/8 Debt Service-to-Exports 21 12.8 17.0 9.3 8.1 10.6 6.2 8.5 8.3 8.2 6.4 8.1 1/18/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 83 Seneg SENEGAL DMF Activities and Selected DeM Reforms Seneg 16 2017 2021 DMF Activities and Selected DeM Reforms - - DMF Activities 70.9 16 2017 - 2021 9.4 4.0 - - 70.9 - Selected DeM Reforms 9.4- 4.0 Source: MTI Global Macro and Debt Unit, 2021 Mod - Debt Management Assessment (Percent of Sa�sfactory Performance, 2018) Source: MTI Global Macro and Debt Unit, 2021 Mod Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 Debt Management Assessment (Percent of Sa�sfactory Performance, 2018) 50 AVAILABLE NO DATABorrowing Governance Macro Policies Cash Flow Opera�onal Risk Mgmt & Debt Recording 5 100 0 Latest DeMPA Previous DeMPA Regional Average 50 NO DATA AVAILABLE Source: MTI Global Macro and Debt Unit, 2021 0 5 0 Redemption Profile Debt Portfolio Risk Indicators Latest DeMPA Previous DeMPA Regional Average CFA Francs million External Domes�c Total -5 Source: MTI Global Macro and Debt Unit, 2021 0 Cost of Debt Weighted Av. Interest Rate (%) 2.8 4.7 3.2 800 Refinancing Risk ATM (years) 11.2 3.7 9.7 1 Redemption 600 Profile Debt Portfolio Risk Indicators Debt Maturing in 1 yr (% of total) 3.9 8.5 4.8 CFA Francs million External Domes�c Total -5 ng Flows 400 Interest Rate Debt Refixing Cost of Debt Weighted Av. in 1 yr (% Interest of total) Rate (%) 17.2 2.8 8.5 4.7 15.5 3.2 ector Debt 800 NO DATA AVAILABLE Risk NO DATA AVAILABLE 85.3 Rate Debt (% of total) Fixed(years) Refinancing Risk ATM 11.2 100.0 3.7 88.2 9.7 200 1 600 FX Risk FX Debt (% of total 0 Debt Maturing in 1 debt) yr (% of total) - 3.9 - 8.5 80.3 4.8 ng Flows Interest Rate Debt ST FX Re Debt (% in fixing of1reserves) yr (% of total) 17.2- - 8.5 15.5- 400 2023 2025 2027 2029 2031 2033 2035 2037 2039 ector Debt Domes�c NO DATA AVAILABLE External Risk NO DATA AVAILABLE 85.3 Fixed Rate Debt (% of total) 100.0 88.2 200 Source: Ministry of Finance and Budget, 2021 FX Risk Source: FX Debt Ministry of Finance (% of total and Budget, 2021 debt) - - 80.3 0 2023 2025 2027 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - - Selected International Debt Issuance Domes�c External Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Source: Ministry of Finance and Budget, 2021 Source: Ministry of Finance and Budget, 2021 6/8/2021 - / Ba3 / B+ 16 5.4 NO DATA AVAILABLE 6/8/2037 SINKABLE EUR 943,810,500 943,810,500 3/13/2018 - / Ba3 / B+ 10 4.8 3/13/2028 SINKABLE EUR 1,239,130,000 1,239,130,000 Selected - / Ba3 / B+Debt Issuance International 3/13/2018 30 6.8 3/13/2048 SINKABLE USD 1,000,000,000 1,000,000,000 Issue Date 5/23/2017 Ba3 / B+ / S&P Fitch-//Moody's Tenor 16 Coupon Rate (%) 6.3 Maturity Date 5/23/2033 Maturity Type SINKABLE Currency USD Currency Amount Issued 1,100,000,000 Currency Outstanding 1,100,000,000 6/8/2021 - / Ba3 / B+ 16 5.4 NO DATA AVAILABLE 6/8/2037 SINKABLE EUR 943,810,500 943,810,500 3/13/2018 - / Ba3 / B+ 10 4.8 3/13/2028 SINKABLE EUR 1,239,130,000 1,239,130,000 3/13/2018 - / Ba3 / B+ 30 6.8 3/13/2048 SINKABLE USD 1,000,000,000 1,000,000,000 5/23/2017 - / Ba3 / B+ 16 6.3 5/23/2033 SINKABLE USD 1,100,000,000 1,100,000,000 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 2020 4/26/2021 Source: /-/- - 2021 Bloomberg, December 5 5.6 NO DATA AVAILABLE 4/26/2026 AT MATURITY XOF 25,529,744 25,529,744 3/1/2021 -/-/- 3 5.6 3/1/2024 AT MATURITY XOF 27,567,600 27,567,600 2030 Selected - / -// Regional Domestic 3/1/2021 - Debt5Issuance 5.7 3/1/2026 AT MATURITY XOF 34,297,770 34,297,770 Issue Date 3/1/2021 - / - / - / S&P Fitch / Moody's Tenor 7 Coupon Rate (%) 5.8 Maturity Date 3/1/2028 Maturity Type AT MATURITY Currency XOF Currency Amount Issued 89,214,267 Currency Outstanding 89,214,267 18.2 021 4/26/2021 2/8/2021 -/-/- 5 3 5.6 NO DATA AVAILABLE 4/26/2026 2/8/2024 AT AT MATURITY MATURITY XOF XOF 25,529,744 51,925,181 25,529,744 51,925,181 60.7 3/1/2021 -/-/- 3 5.6 3/1/2024 MATURITY AT MATURITY XOF 27,567,600 27,567,600 2030 2/8/2021 5 5.7 2/8/2026 AT XOF 34,519,488 34,519,488 11.7 3/1/2021 2/8/2021 -/-/- 5 7 5.7 5.8 3/1/2026 2/8/2028 AT AT MATURITY MATURITY XOF XOF 34,297,770 65,012,956 34,297,770 65,012,956 8.1 3/1/2021 1/18/2021 -/-/- 7 3 5.8 5.6 3/1/2028 1/18/2024 AT MATURITY AT MATURITY XOF XOF 89,214,267 67,240,373 89,214,267 67,240,373 18.2 2/8/2021 Source: - 2021 Bloomberg, December /-/- 3 5.6 2/8/2024 AT MATURITY XOF 51,925,181 51,925,181 60.7 AT MATURITY XOF 34,519,488 34,519,488 2/8/2021 -/-/- 5 5.7 2/8/2026 11.7 2/8/2021 -/-/- 7 5.8 2/8/2028 AT MATURITY XOF 65,012,956 65,012,956 8.1 1/18/2021 -/-/- 3 5.6 1/18/2024 AT MATURITY XOF 67,240,373 67,240,373 Source: Bloomberg, December 2021 Sub-Saharan Africa | 84 Si�rr� Leone Sierra L�on� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 6.4 3.8 3.5 5.1 -3.1 - Low income Infla�on (%) 5.8 8.9 14.0 11.3 12.7 - Public Debt (% of GDP) 61.9 68.6 69.1 69.4 77.2 72.2 LENDING Net Claims on Govt (% of GDP) 14.8 15.8 16.3 - - - Current Account Balance (% of GDP) 9.0 20.7 18.4 13.4 14.4 15.2 IDA Primary balance (% of GDP) -7.0 -6.5 -2.8 -0.2 -3.8 1.1 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.2 3.2 3.2 3.1 3.1 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod Mod High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 10 50 10 10 0 5 Source: M NO DATA AVAILABLE 0 NO DATA AVAILABLE 0 Redem Leone m 8M 0 6M 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows 4M Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 2M Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0M Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 80 100 Select 60 Issue D 40 50 NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 9/23/ 9/16/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 8/26/ DEBT SUSTAINABILITY INDICATORS 8/19/ PV of PPG External Debt-to-GDP 40 35.2 37.0 36.7 35.5 33.9 32.5 30.6 28.7 26.7 24.9 23.4 7/22/ PV of PPG External Debt-to-Exports 180 172.4 154.3 137.3 125.7 113.4 103.9 93.4 85.0 77.2 70.6 67.0 7/9/ Debt Service-to-Revenue 18 18.1 20.4 24.4 24.0 23.3 19.8 21.3 19.5 18.7 17.3 15.7 7/1/ Debt Service-to-Exports 15 12.1 12.6 13.4 12.6 11.9 10.0 10.5 9.3 9.1 8.4 7.8 6/17/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 85 2021 2021 - - - 72.2- 70.9- - SIERRA LEONE 15.2 9.4 1.1 4.0 Sierra - DMF Activities and Selected DeM Reforms - Source: MTI Global Macro and Debt Unit, 2021 DMF Activities High Source: MTI Global Macro and Debt Unit, 2021 16 Mod 2017 2021 Debt - Management Assessment Debt Management Assessment (Percent of Sa�sfactory Performance, 2009) - (Percent of Sa�sfactory Performance, 2018) 72.2 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - Selected DeM Reforms 15.2 100 100 1.1 50 NO DATA AVAILABLE 50 NO DATA AVAILABLE 10 0 5 - 0 Source: MTI Global Latest DeMPA Macro and Debt Unit, 2021 Regional Average High Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 Source: MTI Global Macro and Debt Unit, 2021 0 Debt Management Assessment 0 Redemption Pro Redemption Profi file (Percent of Sa�sfactory Performance, 2009) le Debt Portfolio Debt Portfolio Risk Risk Indicators Indicators Leone million Governance Macro Policies Borrowing Cash Flow External Mgmt� Domes Opera�onal Risk & cDebt Recording Total CFA Francs million External Domes�c Total -5 8M Cost of Debt Weighted Av. Interest Rate (%) 0.7 13.8 4.6 100 Cost of Debt Weighted Av. Interest Rate (%) 2.8 4.7 3.2 800 Refinancing Risk ATM (years) 10.8 1.1 8.7 6M Refinancing Risk ATM (years) 11.2 3.7 9.7 1 1 50 600 NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 5.5 75.4 21.1 Debt Maturing in 1 yr (% of total) 3.9 8.5 4.8 ng Flows 4M Interest Rate Debt Refixing in 1 yr (% of total) 5.5 75.4 21.1 ng Flows 10 400 Interest Rate Debt Refixing in 1 yr (% of total) 17.2 8.5 15.5 ector Debt 0 NO DATA AVAILABLE Risk Fixed Rate Debt NO DATA of total) (% DATA AVAILABLE100.0 100.0 100.0 ector Debt 2M NO DATA AVAILABLE Risk NO Fixed Rate Debt (% of total) AVAILABLE 85.3 100.0 88.2 200 FX Risk FX Debt (% of total debt) - - 70.8 Latest DeMPA Regional Average 0M FX Risk FX Debt (% of total debt) - - 80.3 0 MTI Global Macro and Debt Unit, 2021 Source: ST FX Debt (% of reserves) - - 20.8 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - - 2023 2025 2027 2029 2031 2033 2035 2037 2039 0 Domes�c External Redemption Profile Domes�c External Debt Portfolio Risk Indicators Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 Leone million Source: Ministry of Finance and Budget, 2021 Source: Ministry of Finance and Budget, 2021 External Domes�c Total 8M Cost of Debt Weighted Av. Interest Rate (%) 0.7 13.8 4.6 Selected International Selected Debt Issuance International Debt Issuance Issue 6M Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Refi nancing Risk Maturity Type ATM (years) Currency Currency Amount Issued10.8 Currency 1.1 Outstanding8.7 1 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 5.5 75.4 21.1 6/8/2021 - / Ba3 / B+ 16 5.4 NO DATA AVAILABLE 6/8/2037 SINKABLE EUR 943,810,500 943,810,500 ng Flows 4M Interest Rate Debt Refixing in 1 yr (% of total) 5.5 75.4 21.1 3/13/2018 - / Ba3 / B+ 10 4.8 3/13/2028 SINKABLE EUR 1,239,130,000 1,239,130,000 ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE 3/13/2018 2M - / Ba3 / B+ 30 6.8 3/13/2048 SINKABLE Fixed RateUSDDebt (% of total) 1,000,000,000 100.0 100.0 1,000,000,000 100.0 5/23/2017 - / Ba3 / B+ 16 6.3 5/23/2033 FX Risk SINKABLE FX Debt (% of total debt) USD 1,100,000,000 - - 1,100,000,000 70.8 0M 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 20.8 Domes�c External Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 2020 Source: Bloomberg, December 2021 2020 International Selected Domestic Selected / Debt Issuance Selected Issue Date Domestic Regional Debt / Regional Fitch / Moody's / S&P Debt Issuance Issuance Tenor Coupon Rate (%) Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Date Maturity Type Maturity Type Currency Currency Currency Amount Currency Amount Issued Issued Currency Currency Outstanding Outstanding Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 9/23/2021 -/-/- 1 0.0 NO DATA AVAILABLE NO DATA AVAILABLE 9/22/2022 AT MATURITY SLL 7,816,975 7,816,975 021 4/26/2021 -/-/- 5 5.6 NO DATA AVAILABLE 4/26/2026 AT MATURITY XOF 25,529,744 25,529,744 9/16/2021 -/-/- 1 0.0 9/15/2022 AT MATURITY SLL 14,030,151 14,030,151 2030 3/1/2021 -/-/- 3 5.6 3/1/2024 AT MATURITY XOF 27,567,600 27,567,600 2030 8/26/2021 -/-/- 1 0.0 8/25/2022 AT MATURITY SLL 14,020,837 14,020,837 3/1/2021 -/-/- 5 5.7 3/1/2026 AT MATURITY XOF 34,297,770 34,297,770 8/19/2021 -/-/- 1 0.0 8/18/2022 AT MATURITY SLL 5,300,038 5,300,038 23.4 3/1/2021 -/-/- 7 5.8 3/1/2028 AT MATURITY XOF 89,214,267 89,214,267 18.2 7/22/2021 -/-/- 1 0.0 7/21/2022 AT MATURITY SLL 20,155,970 20,155,970 67.0 2/8/2021 -/-/- 3 5.6 2/8/2024 AT MATURITY XOF 51,925,181 51,925,181 60.7 7/9/2021 -/-/- 1 0.0 7/8/2022 AT MATURITY SLL 18,050,038 18,050,038 2/8/2021 -/-/- 5 5.7 2/8/2026 AT MATURITY XOF 34,519,488 34,519,488 15.7 7/1/2021 -/-/- 1 0.0 6/30/2022 AT MATURITY SLL 22,569,974 22,569,974 11.7 2/8/2021 -/-/- 7 5.8 2/8/2028 AT MATURITY XOF 65,012,956 65,012,956 7.8 6/17/2021 -/-/- 1 0.0 6/16/2022 AT MATURITY SLL 8,517,353 8,517,353 8.1 1/18/2021 -/-/- 3 5.6 1/18/2024 AT MATURITY XOF 67,240,373 67,240,373 2020 Source: Bloomberg, December 2021 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 9/23/2021 -/-/- 1 0.0 NO DATA AVAILABLE 9/22/2022 AT MATURITY SLL 7,816,975 7,816,975 9/16/2021 -/-/- 1 0.0 9/15/2022 AT MATURITY SLL 14,030,151 14,030,151 2030 8/26/2021 -/-/- 1 0.0 8/25/2022 AT MATURITY SLL 14,020,837 14,020,837 8/19/2021 -/-/- 1 0.0 8/18/2022 AT MATURITY SLL 5,300,038 5,300,038 23.4 7/22/2021 -/-/- 1 0.0 7/21/2022 AT MATURITY SLL 20,155,970 20,155,970 67.0 7/9/2021 -/-/- 1 0.0 7/8/2022 AT MATURITY SLL 18,050,038 18,050,038 15.7 7/1/2021 -/-/- 1 0.0 6/30/2022 AT MATURITY SLL 22,569,974 22,569,974 7.8 6/17/2021 -/-/- 1 0.0 6/16/2022 AT MATURITY SLL 8,517,353 8,517,353 Source: Bloomberg, December 2021 Sub-Saharan Africa | 86 Somalia Som�li� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 2.9 1.4 2.8 2.9 -1.5 - Low income Infla�on (%) 0.8 5.9 1.9 1.7 1.0 - Public Debt (% of GDP) - 104.8 112.8 108.8 56.7 52.1 LENDING Net Claims on Govt (% of GDP) - - - - - - Current Account Balance (% of GDP) 9.3 9.7 7.6 10.5 12.8 12.9 IDA Primary balance (% of GDP) 0.8 0.7 0.1 0.5 -0.5 -0.9 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng - 1.8 - 2.0 2.0 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress - - - High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 4 50 0 0 No data available No data available No data available No data available No data available No data available No data available 0 -20 -20 No data available No data available No data available 2 Source: M -40 -40 NO DATA AVAILABLE NO DATA AVAILABLE Redem 0 USD mi -60 -60 150 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows 100 Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 50 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 Select Issue D 50 No data available No data available No data available No data available No data available No data available No data available No data available NO DATA AVAILABLE NO DATA AVAILABLE 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Domes�c External Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 30 60.8 56.5 54.5 51.3 48.1 43.9 39.6 35.2 31.7 29.2 27.1 PV of PPG External Debt-to-Exports 140 425.9 259.2 247.7 231.9 216.7 198.4 179.7 161.6 146.6 136.1 127.4 Debt Service-to-Revenue 14 - 7.9 7.5 28.2 41.5 40.5 48.8 42.3 29.9 20.5 18.5 Debt Service-to-Exports 10 18.9 1.7 1.8 7.4 12.2 13.3 18.0 16.7 12.6 8.7 7.9 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sub-Saharan Africa | 87 - - 52.1 - 12.9 -0.9 SOMALIA Soma - DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 High DMF Activities 16 2017 Debt Management Assessment 2021 (Percent of Sa�sfactory Performance) - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 52.1 100 - Selected DeM Reforms 12.9 -0.9 50 NO DATA AVAILABLE 0 0 -20 - Regional Average Source: Global MTIMTI Source: Macro Global andand Macro Debt Unit, Debt 2021 Unit, 2021 High -40 Redemption ProfileAssessment Debt Management Debt Portfolio Risk Indicators USD million (Percent of Sa�sfactory Performance) External Domes�c Total -60 Cost of Debt Interest Weighted Av.Cash Governance Macro Policies Borrowing Flow Rate (%) - Debt Recording 0.1�onal Risk Mgmt & Opera 0.1 150 Refinancing Risk ATM (years) 15.4 - 15.4 100 1 Debt Maturing in 1 yr (% of total) 0.4 - 0.4 ng Flows 100 50 Interest Rate NO DATA AVAILABLE Debt Refixing in 1 yr (% of total) 0.4 - 0.4 0 ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) 100.0 - 100.0 50 0 FX Risk FX Debt (% of total debt) - - 100.0 0 -20 Regional 2023 Average 2025 2027 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - - Source: MTI Global Macro and Debt Unit, 2021 Domes�c External -40 Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 Redemption Profile Debt Portfolio Risk Indicators USD millionInternational Debt Issuance Selected External Domes�c Total -60 Cost of Debt Type Weighted Av. Interest Rate (%) - 0.1 Currency Outstanding0.1 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Currency Currency Amount Issued 150 Re financing NO DATA AVAILABLE Risk ATM (years) 15.4 - 15.4 1 Debt Maturing in 1 yr (% of total) 0.4 - 0.4 ng Flows 100 Interest Rate Debt Refixing in 1 yr (% of total) 0.4 - 0.4 ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) 100.0 - 100.0 50 FX Risk FX Debt (% of total debt) - - 100.0 0 2023 2025 2027 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - - Domes�c External Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 Selected Domestic / Regional Debt Issuance Issue Date International Selected / S&P Issuance Fitch / Moody'sDebt Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity NO DATADate Maturity Type AVAILABLE Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2030 27.1 127.4 18.5 7.9 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2030 27.1 127.4 18.5 7.9 Sub-Saharan Africa | 88 South Sudan South Sud�n DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) -8.1 -9.6 -2.4 3.4 13.2 - Low income Infla�on (%) 292.5 455.7 65.1 54.2 -2.6 - Public Debt (% of GDP) 71.4 60.5 46.1 32.7 40.8 41.8 LENDING Net Claims on Govt (% of GDP) - - - - - - Current Account Balance (% of GDP) -10.2 -4.1 2.1 0.3 1.1 5.2 IDA Primary balance (% of GDP) -9.5 -0.2 -3.1 -0.5 -5.1 1.9 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 ELIGIBILITY HIPC ELIGIBILITY HIPC INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 1.6 1.5 1.5 1.4 1.5 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY FCS Risk of Debt Distress Mod High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 50 50 20 0 0 10 NO DATA AVAILABLE NO DATA AVAILABLE 0 Redem -50 -50 -10 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Null (Percent of GDP) Null 100 Select Issue D 50 No data available No data available No data available No data available NO DATA AVAILABLE NO DATA AVAILABLE 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Domes�c External Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 30 - 28.6 28.5 25.5 22.2 21.1 20.8 20.5 20.1 19.7 18.5 PV of PPG External Debt-to-Exports 140 42.5 47.9 46.6 41.4 35.9 33.2 32.5 32.5 32.5 32.8 31.0 Debt Service-to-Revenue 14 18.9 23.9 15.2 18.4 16.7 10.8 11.3 9.4 9.0 9.8 10.2 Debt Service-to-Exports 10 9.4 11.2 7.3 8.8 7.9 5.2 5.4 4.5 4.3 4.8 5.0 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sub-Saharan Africa | 89 SOUTH SUDAN Sub-Saharan Africa | 90 Sudan Sud�n DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 3.5 0.7 -2.7 -2.2 -3.6 0.9 Low income Infla�on (%) 20.2 29.8 67.4 51.9 142.5 - Public Debt (% of GDP) 128.4 159.2 186.7 201.6 259.4 - LENDING Net Claims on Govt (% of GDP) 10.8 10.6 13.6 - - - Current Account Balance (% of GDP) 7.4 9.8 12.8 14.8 12.5 - IDA Primary balance (% of GDP) -4.1 -6.0 -7.7 -10.7 -6.9 - Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 2.5 2.4 2.3 2.2 2.2 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 60 60 50 40 40 0 10 20 20 Source: M 5 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 Redem -20 -20 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 Select 200 Issue 50 100 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 30 172.9 177.7 179.3 176.1 173.9 170.2 167.5 164.6 161.9 159.2 156.5 PV of PPG External Debt-to-Exports 140 941.1 828.8 735.8 711.9 703.3 687.0 678.2 669.1 660.2 651.4 642.7 Debt Service-to-Revenue 14 24.5 11.9 62.7 29.4 7.7 6.7 6.5 6.0 5.1 4.3 3.5 Debt Service-to-Exports 10 7.1 6.1 30.8 15.4 4.3 4.0 3.7 3.4 2.9 2.4 2.0 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sub-Saharan Africa | 91 SUDAN Sudan Sudan DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 0.9 - - - Selected DeM Reforms - - - Source: MTI Global Macro and Debt Unit, 2021 High Debt Management Assessment (Percent of Sa�sfactory Performance, 2012) Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 60 50 NO DATA AVAILABLE NO DATA AVAILABLE 40 0 Latest DeMPA Regional Average 20 Source: MTI Global Macro and Debt Unit, 2021 0 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators External Domes�c Total External Domestic External Total Domes �c Total Cost of Cost of Debt Debt Weighted Av. Interest Av. Interest0.2 Rate (%) Weighted Rate (%) 2.4 0.3 0.2 Cost of Debt Weighted Av. Interest 2.4 Rate (%) 0.2 2.4 0.3 0.3 -20 Refinancing Risk ATM (years) ATM (years) - - - - Refinancing Risk ATM (years) - - - - - 1 Refinancing Risk 1 yr (% Debt Maturing in Debt - of total) of total) in 1 yr (% Maturing - - - Debt Maturing in- 1 yr (% of total) - - - - ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - - Interest Rate - yr (% of total) Debt Refixing in 1 - - - - ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% of AVAILABLE - total) - - Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - of total) Fixed Rate Debt (% - - - - FX Risk FXdebt) FX Debt (% of total - Debt (% of total debt) - 96.1 - FX Risk - debt) FX Debt (% of total - 96.1- 96.1 FX Risk ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - - - ST FX Debt (% of - reserves) - - - - Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected International Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE NO DATA AVAILABLE 2030 156.5 642.7 3.5 2.0 Sub-Saharan Africa | 92 Tanzania T�n��ni� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 6.9 6.8 7.0 7.0 4.8 4.0 Lower middle income Infla�on (%) 7.5 2.7 3.0 2.5 0.3 - Public Debt (% of GDP) 39.8 40.7 40.5 39.0 39.1 39.7 LENDING Net Claims on Govt (% of GDP) 4.0 2.8 3.5 2.8 4.1 - Current Account Balance (% of GDP) -4.2 -2.6 -3.1 -2.5 -1.8 -3.2 IDA Primary balance (% of GDP) -0.6 0.4 -0.2 0.0 -0.2 -1.5 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.7 3.7 3.5 3.5 3.5 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Low Low Low Low Low Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 8 50 5 5 6 0 4 Source: M 0 0 2 NO DATA AVAILABLE NO DATA AVAILABLE Redem TZS mil 0 6M 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 4M Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 2M Joint WB/IMF Debt Sustainability Analysis, 2021 Joint WB/IMF Debt Sustainability Analysis, 2021 0M Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 40 100 Select Issue D 30 20 50 No data available NO DATA AVAILABLE NO DATA AVAILABLE 10 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 12/16/ 11/4/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10/21/ DEBT SUSTAINABILITY INDICATORS 6/24/ PV of PPG External Debt-to-GDP - 17.9 18.9 19.0 18.5 17.9 17.1 16.4 15.5 14.9 14.4 6/9/ PV of PPG External Debt-to-Exports - 135.1 140.4 140.0 132.8 126.0 118.1 112.8 106.9 102.7 98.9 4/29/ Debt Service-to-Revenue - 14.3 14.9 12.2 12.2 13.1 14.5 13.4 13.2 12.1 11.5 2/13/ Debt Service-to-Exports - 14.5 15.1 13.0 12.8 13.5 14.5 13.4 13.3 12.2 11.6 1/30/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 93 2021 4.0 - 39.7 - TANZANIA -3.2 -1.5 Tanza - DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 Mod DMF Activities 16 2017 2021 Debt Management Assessment 4.0 (Percent of Sa�sfactory Performance, 2015) - 39.7 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - Selected DeM Reforms 100 -3.2 -1.5 50 NO DATA AVAILABLE 5 - 0 Latest Source: DeMPA MTI Global Macro and Debt Unit, 2021 Previous DeMPA Regional Average Mod Source: MTI Global Macro and Debt Unit, 2021 0 Debt Management Assessment Redemption Profile (Percent of Sa�sfactory Performance, 2015) Debt Portfolio Risk Indicators TZS million Governance Macro Policies Borrowing Cash Flow External Domes�c Total Opera�onal Risk Mgmt & Debt Recording 6M Cost of Debt Weighted Av. Interest Rate (%) 1.8 10.7 4.3 100 Refinancing Risk ATM (years) 13.5 6.4 11.7 1 4M 50 Debt Maturing in 1 yr (% of total) 4.9 24.6 10.0 5 NO DATA AVAILABLE ng Flows Interest Rate Debt Refixing in 1 yr (% of total) 18.1 24.6 19.8 ector Debt 2M 0 NO DATA AVAILABLE Risk NO DATA AVAILABLE 83.2 Fixed Rate Debt (% of total) 100.0 87.6 Latest DeMPA Previous DeMPA Regional Average FX Risk FX Debt (% of total debt) - - 72.0 0M Source: MTI Global 2022 Macro and Debt 2024 Unit, 2021 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 17.8 0 Domes�c External Redemption Profile Source: Ministry of Finance and Planning, 2021 Debt Portfolio Risk Indicators Source: Ministry of Finance and Planning, 2021 TZS million External Domes�c Total 6M Cost of Debt Weighted Av. Interest Rate (%) 1.8 10.7 4.3 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Refinancing Risk Maturity Type ATM (years) Currency 13.5 Currency 6.4 Currency Amount Issued 11.7 Outstanding 1 4M NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 4.9 24.6 10.0 ng Flows Interest Rate Debt Refixing in 1 yr (% of total) 18.1 24.6 19.8 ector Debt 2M NO DATA AVAILABLE Risk NO DATA AVAILABLE 83.2 Fixed Rate Debt (% of total) 100.0 87.6 FX Risk FX Debt (% of total debt) - - 72.0 0M 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 17.8 Domes�c External Source: Ministry of Finance and Planning, 2021 Source: Ministry of Finance and Planning, 2021 2020 International Selected Domestic Debt Issuance / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 12/16/2021 -/-/- 1 0.0 NO DATA AVAILABLE 12/15/2022 AT MATURITY TZS 19,318,207 19,318,207 11/4/2021 -/-/- 1 0.0 11/2/2022 AT MATURITY TZS 19,715,059 19,715,059 2030 10/21/2021 -/-/- 1 0.0 10/20/2022 AT MATURITY TZS 10,065,507 10,065,507 6/24/2021 -/-/- 1 0.0 6/23/2022 AT MATURITY TZS 8,845,812 8,845,812 14.4 6/9/2021 -/-/- 1 0.0 6/8/2022 AT MATURITY TZS 19,627,153 19,627,153 98.9 4/29/2021 -/-/- 1 0.0 4/28/2022 AT MATURITY TZS 52,751,322 52,751,322 11.5 2/13/2020 -/-/- 20 15.5 2/13/2040 AT MATURITY TZS 49,161,406 49,161,406 11.6 1/30/2020 -/-/- 15 13.5 1/30/2035 AT MATURITY TZS 47,627,877 47,627,877 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 12/16/2021 -/-/- 1 0.0 NO DATA AVAILABLE 12/15/2022 AT MATURITY TZS 19,318,207 19,318,207 11/4/2021 -/-/- 1 0.0 11/2/2022 AT MATURITY TZS 19,715,059 19,715,059 2030 10/21/2021 -/-/- 1 0.0 10/20/2022 AT MATURITY TZS 10,065,507 10,065,507 6/24/2021 -/-/- 1 0.0 6/23/2022 AT MATURITY TZS 8,845,812 8,845,812 14.4 6/9/2021 -/-/- 1 0.0 6/8/2022 AT MATURITY TZS 19,627,153 19,627,153 98.9 4/29/2021 -/-/- 1 0.0 4/28/2022 AT MATURITY TZS 52,751,322 52,751,322 11.5 2/13/2020 -/-/- 20 15.5 2/13/2040 AT MATURITY TZS 49,161,406 49,161,406 11.6 1/30/2020 -/-/- 15 13.5 1/30/2035 AT MATURITY TZS 47,627,877 47,627,877 Source: Bloomberg, December 2021 Sub-Saharan Africa | 94 Togo To�o DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 5.6 4.3 5.0 5.5 1.8 4.8 Low income Infla�on (%) 37.0 -0.4 1.3 1.5 1.3 - Public Debt (% of GDP) 60.1 56.6 57.0 52.4 60.3 62.9 LENDING Net Claims on Govt (% of GDP) 0.9 4.5 5.3 1.1 0.4 - Current Account Balance (% of GDP) -7.2 -1.5 -2.6 -0.8 -1.5 -2.7 IDA Primary balance (% of GDP) -5.3 1.1 1.2 3.6 -4.6 -3.7 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 ELIGIBILITY HIPC ELIGIBILITY HIPC INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.0 3.1 3.2 3.3 3.5 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod Mod Mod Mod Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 20 10 10 50 5 5 0 10 Source: M 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem 0 CFA Fra -5 -5 400K 300K 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows 200K Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 100K Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 80 Select Issue 60 40 50 NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 9/20/ 9/20/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 8/23/ DEBT SUSTAINABILITY INDICATORS 7/26/ PV of PPG External Debt-to-GDP 40 19.5 19.1 18.5 17.8 17.0 16.1 15.0 14.1 13.4 12.9 12.8 4/19/ PV of PPG External Debt-to-Exports 180 68.6 67.0 65.1 62.3 59.0 55.5 51.7 48.3 45.8 43.9 43.5 3/22/ Debt Service-to-Revenue 18 6.9 6.2 7.2 8.1 8.9 9.3 10.1 9.6 8.4 7.5 5.8 1/25/ Debt Service-to-Exports 15 4.8 4.4 5.1 5.8 6.3 6.7 7.5 7.2 6.4 5.8 4.6 1/25/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 95 16 2017 2021 4.8 - 62.9 TOGO - -2.7 -3.7 Togo Togo DMF Activities and Selected DeM Reforms - DMF Activities and Selected DeM Reforms DMF Activities Source: MTI Global Macro and Debt Unit, 2021 16 2017 Mod 16 2021 2017 4.8 2021 Debt Management Assessment - 4.8 62.9 (Percent of Sa�sfactory Performance, 2010) - 62.9- Selected DeM Reforms Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording -2.7 - -3.7 -2.7 100 -3.7 10 50 NO DATA AVAILABLE - 5 - 0 Source: MTI Global Macro and Debt Unit, 2021 Mod Latest Source: DeMPA MTI Global Macro and Debt Unit, 2021 Previous DeMPA Regional Average Mod Source: MTI Global Macro and Debt Unit, 2021 0 Debt Management Assessment Debt Management (Percent Assessment of Sa�sfactory Performance, 2010) Redemption Pro (Percent of Sa�sfactoryfile Performance, 2010) Governance Macro Policies Debt Portfolio Risk Indicators Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording CFA Francs thousand Governance Macro Policies Borrowing Cash Flow External Mgmt� Domes Opera�onal Risk & cDebt Recording Total -5 100 400K Cost of Debt Weighted Av. Interest Rate (%) 2.0 6.1 4.5 10 100 10 50 300K Refinancing Risk ATM (years) 8.7 3.1 5.2 1 NO DATA AVAILABLE 50 Debt Maturing in 1 yr (% of total) 4.4 22.6 15.6 NO DATA AVAILABLE ng Flows 5 200K 0 Interest Rate Debt Refixing in 1 yr (% of total) 4.4 22.6 15.6 ector 5 Debt 0 NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) 100.0 100.0 100.0 100K Latest DeMPA Previous DeMPA Regional Average Source: Latest DeMPA Previous DeMPA Regional Average FX Risk FX Debt (% of total debt) - - 38.4 0K MTI Global Macro and Debt Unit, 2021 0 Source: MTI Global Macro and Debt Unit, 2021 ST FX Debt (% of reserves) - - 19.5 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 0 Domes�c Profile Redemption External Debt Portfolio Risk Indicators Redemption CFA Francs thousand Profile Source: Ministry of Economy and Finance, 2021 Debt Portfolio Risk Indicators Source: Ministry of Economy and Finance, 2021 External Domes�c Total -5 CFA 400KFrancs thousand Cost of Debt Weighted Av. Interest Rate (%) External 2.0 Domes�c 6.1 Total 4.5 -5 400K Selected International Debt Issuance Cost Re of DebtRisk ATM financing Weighted Av. Interest Rate (%) (years) 2.0 8.7 6.1 3.1 4.5 5.2 300K 1 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Refinancing Risk Type ATM Maturity (years) Currency Currency Amount 8.7 3.1 5.2 300K Debt Maturing in 1 yr (% of 4.4 Currency total) Issued Outstanding 22.6 15.6 1ng Flows 200K NO DATA AVAILABLE Interest Rate Debt Debt Maturing Refixing in 11 in yr yr (% (% of of total) total) 4.4 4.4 22.6 22.6 15.6 15.6 ng Flows ector Debt 200K NO DATA AVAILABLE Risk Interest Rate Debt NO DATA of AVAILABLE 100K Fixed Refixing Rate in Debt 1 (%yr of(% total) total) 4.4 100.0 22.6 100.0 15.6 100.0 ector Debt NO DATA AVAILABLE Risk Fixed Rate NO DATA AVAILABLE 100K FX Risk FX Debt (%Debt of total of total) (% debt) 100.0 - 100.0 - 100.0 38.4 0K FX Risk FX Debt ST FX (% (% Debt of total debt) of reserves) - - - - 38.4 19.5 0K 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2022 2024 2028 2026 External 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 19.5 Domes �c Domesof Source: Ministry External �cEconomy and Finance, 2021 Source: Ministry of Economy and Finance, 2021 Source: Ministry of Economy and Finance, 2021 Source: Ministry of Economy and Finance, 2021 2020 Selected International Debt Issuance Issue Date International Selected Domestic / Regional Fitch / Moody's Debt / S&P Issuance Debt Issuance Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Date Issue Date Issue Fitch / Fitch Moody's / / Moody's S&P / S&P Tenor Tenor Coupon Rate Coupon (%) Rate (%) Maturity NO DATA Maturity Date Maturity Type AVAILABLE Date Maturity Type Currency Currency Currency Amount Amount Issued Currency Issued Currency Outstanding Currency Outstanding 021 9/20/2021 -/-/- 7 5.9 NO DATA NO DATA AVAILABLE 9/20/2028 AVAILABLE AT MATURITY XOF 29,486,490 29,486,490 9/20/2021 -/-/- 10 6.1 9/20/2031 AT MATURITY XOF 88,459,470 88,459,470 2030 8/23/2021 -/-/- 10 6.2 8/23/2031 AT MATURITY XOF 49,215,100 49,215,100 7/26/2021 -/-/- 10 6.2 7/26/2031 AT MATURITY XOF 49,521,175 49,521,175 12.8 4/19/2021 -/-/- 5 5.9 4/19/2026 AT MATURITY XOF 15,140,813 15,140,813 43.5 3/22/2021 -/-/- 7 6.3 3/22/2028 AT MATURITY XOF 40,035,160 40,035,160 5.8 1/25/2021 -/-/- 3 6.2 1/25/2024 AT MATURITY XOF 45,172,803 45,172,803 20204.6 1/25/2021 -/-/- 5 6.4 1/25/2026 AT MATURITY XOF 42,241,869 42,241,869 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Domestic Selected / Regional Fitch / Moody's / S&P Debt Issuance Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 Issue Date 9/20/2021 - / - / - / S&P Fitch / Moody's Tenor 7 Coupon Rate (%) 5.9 Maturity NO DATADate 9/20/2028 Maturity AVAILABLE Type AT MATURITY Currency XOF Currency Amount Issued 29,486,490 Currency Outstanding 29,486,490 021 9/20/2021 -/-/- 7 10 5.9 6.1 NO DATA AVAILABLE 9/20/2028 9/20/2031 AT MATURITY XOF 29,486,490 88,459,470 29,486,490 88,459,470 2030 9/20/2021 8/23/2021 -/-/- 10 6.1 6.2 9/20/2031 8/23/2031 AT MATURITY XOF 88,459,470 49,215,100 88,459,470 49,215,100 2030 8/23/2021 7/26/2021 -/-/- 10 6.2 8/23/2031 7/26/2031 AT MATURITY XOF 49,215,100 49,521,175 49,215,100 49,521,175 12.8 7/26/2021 4/19/2021 -/-/- 10 5 6.2 5.9 7/26/2031 4/19/2026 AT MATURITY XOF 49,521,175 15,140,813 49,521,175 15,140,813 12.8 43.5 4/19/2021 3/22/2021 -/-/- 5 7 5.9 6.3 4/19/2026 3/22/2028 AT MATURITY XOF 15,140,813 40,035,160 15,140,813 40,035,160 43.5 5.8 3/22/2021 1/25/2021 -/-/- 7 3 6.3 6.2 3/22/2028 1/25/2024 AT MATURITY XOF 40,035,160 45,172,803 40,035,160 45,172,803 5.8 4.6 1/25/2021 -/-/- 3 5 6.2 6.4 1/25/2024 1/25/2026 AT MATURITY XOF 45,172,803 42,241,869 45,172,803 42,241,869 4.6 1/25/2021 Source: - 2021 Bloomberg, December /-/- 5 6.4 1/25/2026 AT MATURITY XOF 42,241,869 42,241,869 Source: Bloomberg, December 2021 Sub-Saharan Africa | 96 Uganda U��nd� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 3.8 3.9 6.2 6.5 3.3 - Low income Infla�on (%) 4.4 4.5 4.2 0.6 2.8 - Public Debt (% of GDP) 30.2 32.0 35.0 37.3 45.1 50.2 LENDING Net Claims on Govt (% of GDP) 8.3 8.8 9.2 - - - Current Account Balance (% of GDP) 4.1 2.6 4.7 7.6 8.9 8.3 IDA Primary balance (% of GDP) -2.4 -1.1 -2.1 -3.1 -5.0 7.1 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 ELIGIBILITY HIPC ELIGIBILITY HIPC INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.6 3.6 3.7 3.7 3.6 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Low Low Low Low Low Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 10 10 50 10 0 0 0 Source: M 5 NO DATA AVAILABLE NO DATA AVAILABLE Redem -10 -10 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 40 Select Issue D 30 50 20 NO DATA AVAILABLE NO DATA AVAILABLE 10 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 10/28/ 10/28/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10/14/ DEBT SUSTAINABILITY INDICATORS 11/26/ PV of PPG External Debt-to-GDP 55 22.5 24.5 25.4 25.9 25.3 24.0 21.4 21.3 21.7 21.8 22.0 11/26/ PV of PPG External Debt-to-Exports 240 165.3 173.7 160.3 160.9 157.2 125.1 111.6 106.9 104.6 103.4 105.2 11/26/ Debt Service-to-Revenue 23 10.2 14.1 14.5 16.7 17.4 17.2 15.8 15.4 15.1 15.9 16.6 2/22/ Debt Service-to-Exports 21 9.7 13.1 12.2 14.4 15.6 13.5 14.0 13.8 13.1 13.4 13.9 1/25/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Sub-Saharan Africa | 97 DMF Activities and DMF Activities Selected DeM and Selected DeM Reforms Reforms 16 2017 16 2017 2021 UGANDA 2021 - - - - 50.2 Ugand 50.2 - - 8.3 8.3 7.1 DMF Activities and Selected DeM Reforms 7.1 DMF Activities Ghana Ugand 16 2017 2021- - DMF Activities and Selected DeM Reforms - - Source: MTI Global Macro and Debt Unit, 2021 Source: MTI Global Macro and Debt Unit, 2021 Mod 50.2 Mod 16 2017 - Selected DeM Reforms 2021 8.3 Debt Management Debt Management Assessment Assessment 7.1 - (Percent of Sa�sfactory Performance, 2018) (Percent of Sa�sfactory Performance, 2018) - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 50.2 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 100 8.3 - 100 7.1 10 10 50 Source: MTI Global Macro and Debt Unit, 2021 NO DATA AVAILABLE Mod 50 NO DATA AVAILABLE - Debt 0 0 Management Assessment (Percent of Sa�sfactory Performance, 2018) Latest Source: DeMPA MTI Global Macro and Debt Unit, 2021 Previous DeMPA Regional Average 0 Latest DeMPA Previous DeMPA Regional Average 0Mod Governance Source: MTI Global Macro and Debt Unit, 2021 Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Source: MTI Global Macro and Debt Unit, 2021 100 Debt Management Assessment Redemption (Percent Pro Profi file of Sa�sfactory Redemption Performance, 2018) le Debt Debt Portfolio Portfolio Risk Risk Indicators Indicators 10 50 NO DATABorrowing AVAILABLE External Domes�c Total Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Cash Flow External Domes Opera�onal Risk Mgmt� & cDebt Recording Total -10 Cost of Debt Weighted Av. Interest Rate (%) 1.8 13.7 6.0 -10 Cost of Debt Weighted Av. Interest Rate (%) 1.8 13.7 6.0 100 0 ATM (years) Refinancing Risk 12.7 3.1 10.1 ATM (years) Refinancing Risk 12.7 3.1 10.1 1 10 1 50 Latest DeMPA Previous DeMPA Regional Average Debt Maturing in 1 yr (% of total) 2.4 41.1 12.7 0NO DATA AVAILABLE NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 2.4 41.1 12.7 ng Flows Source: MTI Global Macro and Debt Unit, 2021 ng Flows Interest Rate Debt Refixing in 1 yr (% of total) 18.8 41.1 24.8 Interest Rate Debt Refixing in 1 yr (% of total) 18.8 41.1 24.8 ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE 82.2 ector Debt 0 NO DATA AVAILABLE Risk Fixed Rate DebtNO DATA AVAILABLE 82.2 (% of total) Fixed Rate Debt (% of total) 100.0 100.0 87.5 87.5 Redemption Profile FX Risk Portfolio Debt Risk FX Debt (% Indicators of total debt) - - 69.9 Regional Average Latest DeMPA Previous DeMPA Regional Average FX Risk FX Debt (% of total debt) - - 69.9 0 External Domes�c Total Ugand Source: MTI Global Macro and Debt Unit, 2021 ST FX Debt (% of reserves) - - 8.3 -10 ST FX Debt (% of reserves) - - 8.3 Cost of Debt Weighted Av. Interest Rate (%) 1.8 13.7 6.0 DMF Activities and Selected DeM Reforms Refinancing Risk ATM (years) 12.7 3.1 10.1 1 Debt Portfolio Redemption ProRisk file Indicators Debt Portfolio Source: Ministry Risk of Finance, Indicators Planning and Economic Development, 2021 External Domes�c Total External Maturing DebtPlanning Source: Ministry of Finance, andin of total) 2021 1 yr (%Development, Economic 2.4 41.1 12.7 16 2017 Domestic External Total Domes �c Total ng Flows -10 Interest Rate Debt Refixing in 1 yr (% of total) 18.8 41.1 24.8 2021 ector Debt Selected Cost of Cost International Debt of Debt Weighted Av. Debt Selected International Debt Interest Issuance NO DATA Issuance Rate (%) Weighted AVAILABLE Av. Interest5.3 Rate (%) 17.2 11.7 1.8 Cost Risk of Debt Weighted Av. 13.7 Rate (%) Interest NO DATA AVAILABLE 1.8 13.7 6.0 6.0 - Re financing Issue Date RiskFitch ATM (years) / S&P / Moody's 12.9Coupon Rate4.8 9.4 Date Fixed Rate Debt Currency (% of total) 82.2 100.0 87.5 Issue Date ATM (years)Tenor Fitch / Moody's / S&P Tenor (%) Coupon Rate (%) Maturity 12.7 Maturity Date Re Maturity financing Type Risk Maturity Type ATM Currency (years) Currency 3.1 Amount Issued Currency Amount Issued 12.7 Currency 10.1 Currency Outstanding 3.1 10.1 Outstanding - Refinancing Risk 1 1 yr (% Debt Maturing in Debt of total) 3.1 28.8 14.3DATA NO FX Risk AVAILABLE FX Debt (% of total debt) - - 69.9 50.2 Maturing in 1 yr (% of total) NO DATA2.4AVAILABLE in 1 yr (% of total) Debt Maturing 41.1 2.4 41.1 12.7 12.7 ng Flows- Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr11.9 ST FX Debt (% of reserves) - - 8.3 8.3 (% of total) 28.8 19.2 18.8 Interest Rate Debt Refixing in 1 41.1yr (% of total) 18.8 41.1 24.8 24.8 ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% of AVAILABLE 89.5 total) 100.0 94.1 82.2 Risk NO DATA AVAILABLE 7.1 Fixed Rate Debt (% of total) Fixed Rate Debt (% of total) 100.0 82.2 100.0 87.5 87.5 FX Risk FX Debt (% of total debt) FX Debt (% of total debt) - - 46.5 - FX Risk Source: FX Debt Ministry of Finance, (% of Planning total and - debt) Economic Development, 2021 - 69.9- 69.9 FX Risk ST FX Debt (% of reserves) ST FX Debt (% of reserves) - - 13.4 - ST FX Debt (% of - reserves) - 8.3- 8.3 - Selected International Debt Issuance IssueMinistry Source: Fitch /Planning Date of Finance, Moody's and S&P Development, / Economic Tenor 2021 Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Source: MTI Global Macro and Debt Unit, 2021 Source: Ministry of Finance and Economic Planning, 2021 Source: Ministry of Finance, Planning and Economic Development, 2021 2020Mod NO DATA AVAILABLE 2020 Debt Management Assessment Selected Domestic Selected Domestic // Regional International Debt Issuance Debt Debt Issuance Regional Issuance Maturity Date (Percent of Sa Maturity Issue Date �sfactory Type Performance, Fitch /Currency Moody's S&P 2018) / Currency Amount Tenor Currency Issued Coupon Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 0214/7/2025 AT MATURITY Governance 10/28/2021 -/USD -/- 525,000,000 525,000,000 4/28/2022 1 Macro Policies 0.0 NO DATA AVAILABLE Borrowing AT MATURITY UGX Cash Flow 11,253,120 Opera�onal Risk Mgmt 11,253,120 & Debt Recording 021 10/28/2021 -/-/- 1 0.0 NO DATA AVAILABLE 4/28/2022 AT MATURITY UGX 11,253,120 11,253,120 4/7/2029 10/28/2021 100 SINKABLE -/USD -/- 1,000,000,000 1 1,000,000,000 0.0 10/27/2022 AT MATURITY UGX 39,282,335 39,282,335 2030 10/28/2021 -/-/- 1 0.0 10/27/2022 AT MATURITY UGX 39,282,335 39,282,335 2030 4/7/2034 SINKABLE 10/14/2021 -/ USD -/- 1,000,000,000 1 1,000,000,000 0.0 10/13/2022 AT MATURITY UGX 44,352,000 44,352,000 10/14/2021 -/-/- 1 0.0 10/13/2022 AT MATURITY UGX 44,352,000 44,352,000 10 5/7/2042 SINKABLE 11/26/2020 -/USD -/- 500,000,000 10 500,000,000 11/14/2030 16.0 AT MATURITY UGX 136,088,975 136,088,975 22.0 50 11/26/2020 -/-/- 10 16.0 11/14/2030 NO DATA AVAILABLE AT MATURITY UGX 136,088,975 136,088,975 22.0 11/13/2023 AT MATURITY 11/26/2020 -/ USD -/- 230,011,543 15 230,011,543 11/8/2035 16.3 AT MATURITY UGX 298,364,967 298,364,967 2020 11/26/2020 -/-/- 15 16.3 11/8/2035 AT MATURITY UGX 298,364,967 298,364,967 105.2 11/13/2023 AT MATURITY USD 158,893,638 158,893,638 11/1/2040 105.2 11/26/2020 -/ -/- 20 17.5 AT MATURITY UGX 550,343,457 550,343,457 0 11/26/2020 Selected Domestic - / - / - 20 17.5 11/1/2040 AT MATURITY UGX 550,343,457 550,343,457 16.6 2/11/2035 16.6 SINKABLE 2/22/2018 -/ -// Regional USD - Debt 1,000,000,000 15 Issuance 1,000,000,000 14.4 2/3/2033 AT MATURITY UGX 233,511,800 233,511,800 2/22/2018 -/-/- 15 14.4 2/3/2033 AT MATURITY UGX 233,511,800 233,511,800 3/11/2061 13.9 Issue Date SINKABLE 1/25/2018 Fitch / Moody's Latest DeMPA -/ - / - / S&P 750,000,000 USD 10 DeMPA Coupon Tenor Previous Rate (%) Maturity 750,000,000 14.1 1/13/2028 Regional Date Average Maturity Type AT MATURITY Currency UGX Currency Amount Issued Currency 60,503,960 Outstanding 60,503,960 13.9 0 1/25/2018 -/-/- 10 14.1 1/13/2028 AT MATURITY UGX 60,503,960 60,503,960 021 10/28/2021 Source: MTI Global Bloomberg, Macro and December - 2021 /-/- Debt Unit, 2021 1 0.0 NO DATA AVAILABLE 4/28/2022 AT MATURITY UGX 11,253,120 11,253,120 2020 Source: Bloomberg, December 2021 10/28/2021 -/-/- 1 0.0 10/27/2022 AT MATURITY UGX 39,282,335 39,282,335 2030 Selected 10/14/2021 Domestic - / -// Regional - Debt1Issuance 0.0 10/13/2022 AT MATURITY UGX 44,352,000 44,352,000 Redemption Maturity Maturity Date 11/26/2020 Date Type Pro fi le Fitch /Currency Debt Portfolio Risk Indicators Issue - / - / - / Currency Moody's S&P Amount10 Issued Coupon Tenor Currency 16.0 Outstanding Rate (%) Maturity 11/14/2030Date Maturity Type AT MATURITY Currency UGX Currency Amount Issued Currency 136,088,975 Outstanding 136,088,975 22.0 External Domes�c Total 021 NO DATA AVAILABLE 6/30/2022 AT MATURITY 10/28/2021 11/26/2020 -/ GHS -/- 260,912,661 1 15 260,912,661 4/28/2022 0.0 16.3 NO DATA AVAILABLE 11/8/2035 AT MATURITY UGX 11,253,120 298,364,967 11,253,120 298,364,967 -10 Cost of Debt Weighted Av. Interest Rate (%) 1.8 13.7 6.0 105.2 12/4/2023 AT MATURITY 10/28/2021 GHS -/-/- 273,888,195 1 273,888,195 0.0 10/27/2022 39,282,335 39,282,335 2030 11/26/2020 20 17.5 11/1/2040 AT MATURITY UGX 550,343,457 550,343,457 5/30/2022 16.6 AT MATURITY 10/14/2021 2/22/2018 - /GHS - / - 17,887,869 1 15 17,887,869 0.0 14.4 10/13/2022 2/3/2033 Re financing AT Risk MATURITY ATM (years) UGX 44,352,000 233,511,800 12.7 3.1 44,352,000 233,511,800 10.1 1 11/28/2022 AT MATURITY 11/26/2020 GHS 31,006,158 31,006,158 11/14/2030 16.0 136,088,975 136,088,975 13.9 1/25/2018 -/ -/- 10 14.1 1/13/2028 AT MATURITY Debt Maturing UGX in 1 yr (% of total) 60,503,960 2.4 41.1 60,503,960 12.7 22.0 ng 5/17/2022 Flows MATURITY ATBloomberg, 11/26/2020 /GHS - 2021 -/- 252,335,498 15 252,335,498 11/8/2035 16.3 AT MATURITY UGX Source: December Interest Rate Debt Re fixing in 1 yr (%298,364,967 of total) 18.8 298,364,967 41.1 24.8 105.2 5/13/2022 AT MATURITY GHS 189,455,989 189,455,989 11/1/2040 ector Debt 11/26/2020 -/ -/- NO DATA AVAILABLE 20 17.5 Risk AT MATURITY UGX NO DATA 550,343,457 Fixed Rate Debt (% of total) AVAILABLE 82.2 550,343,457 100.0 87.5 16.6 11/6/2023 AT MATURITY 2/22/2018 -/ GHS -/- 222,972,670 15 222,972,670 2/3/2033 14.4 AT MATURITY UGX 233,511,800 233,511,800 FX Risk FX Debt (% of total debt) - - 69.9 10/14/2024 13.9 AT MATURITY 1/25/2018 -/GHS -/- 158,773,295 10 158,773,295 1/13/2028 14.1 AT MATURITY UGX 60,503,960 60,503,960 ST FX Debt (% of reserves) - Sub-Saharan - Africa 8.3 | 98 Source: Bloomberg, December 2021 Zambia Z�mbi� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 3.8 3.5 3.7 2.0 1.7 - Lower middle income Infla�on (%) 13.6 10.1 9.5 10.0 9.7 - Public Debt (% of GDP) 60.7 65.6 80.8 94.2 97.7 100.0 LENDING Net Claims on Govt (% of GDP) 11.5 10.3 16.3 - - - Current Account Balance (% of GDP) 2.1 0.8 0.9 0.3 0.1 -0.6 IDA Primary balance (% of GDP) -2.2 -2.3 -2.4 1.3 1.3 -3.0 Sources: Debt Sustainability Analysis, 2019; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.3 3.3 3.3 3.2 3.1 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod High High High High High Z�mbi� Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2019 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public MACROECONOMIC Debt INDICATORS 2012 2013 2014 2015 201 (Percent of GDP) (Percent of GDP) 2016 2017 2018 2019 100 2020 INCOME 20 Real GDP Growth (%) 3.8 3.5 3.7 2.0 1.7 Lower middle income Infla�on (%) 13.6 10.1 9.5 10.0 9.7 60.7 65.6 80.8 94.2 50 97.7 Public Debt (% of GDP) 20 11.5 10.3 20 16.3 - - LENDING Net Claims on Govt (% of GDP) Current Account Balance (% of GDP) 2.1 0.8 0.9 0.3 0.1 0 IDA Primary balance (% of GDP) -2.2 -2.3 -2.4 1.3 1.3 Sources: Debt Sustainability Analysis, 2019; WDI, 2021 10 HIPC ELIGIBILITY 10 10 INSTITUTIONAL CAPACITY Source: M HIPC Overall CPIA Ra�ng 3.3 3.3 3.3 3.2 3.1 NO DATA FRAGILE AVAILABLE AND CONFLICT STATE 0 NO DATA AVAILABLE 0 DEBT SUSTAINABILITY Redem non-FCS Risk of Debt Distress Mod High High High High 0 Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2019 -10 -10 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Gross Financing Need and Primary Deficit Contribution to Change in Public Debt Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need GDP) Deficit (Percent of Primary (Percent of GDP) Real GDP Real Interest Rate Change in Public Sector Debt 20 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 20 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) 10 (Percent of Total) 10 100 100 NO DATA AVAILABLE 0 NO DATA AVAILABLE Select Issue D 0 -10 50 50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 NO DATA AVAILABLE NO DATA Exchange AVAILABLE Rate Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Se Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 0 0 2010 2011 2012 2014 of Evolution 2013 External 2015 2016 2017 2018 2019 Public and Domestic 2020 Debt 2014 2015 Evolution 2016 of 2017 Financing Sources 2018 2019 2020 Source: B (Percent of GDP) (Percent of Total) Domes�c External Bilateral Commercial Mul�lateral Domes�c Select 100 100 Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2019 12/20/ 12/6/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 12/6/ DEBT SUSTAINABILITY INDICATORS 12/6/ PV of PPG External Debt-to-GDP 30 64.8 67.4 67.5 67.6 67.2 65.5 63.1 60.1 57.5 55.3 53.1 50 50 11/29/ PV of PPG External Debt-to-Exports 140 158.7 159.9 156.2 153.1 150.0 145.6 140.7 134.3 128.9 124.2 119.6 11/29/ Debt Service-to-Revenue 14 NO DATA 32.8 AVAILABLE 35.1 48.1 32.0 52.6 46.1 49.6 51.1 NO DATA AVAILABLE 41.6 39.7 39.0 10/26/ Debt Service-to-Exports 10 16.7 17.3 23.2 15.1 24.4 21.3 23.0 23.8 19.4 18.5 18.3 10/26/ Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: B 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 Sub-Saharan Africa | 99 Domes�c External Bilateral Commercial Mul�lateral Domes�c Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 20 - - - 100.0 100.0 - - -0.6 -0.6 -3.0 ZAMBIA -3.0 Zambia Zamb - - DMF Activities Source: and MTI Global Macro Unit, 2021 DeM Reforms Selected and Debt Source: MTI Global Macro and Debt Unit, 2021 High High DMF Activities 16 2017 Debt Management Assessment Debt Management Assessment 2021 (Percent of Sa�sfactory Performance, 2018) (Percent of Sa�sfactory Performance, 2018) - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100.0 100 100 - Selected DeM Reforms -0.6 -3.0 50 NO DATA AVAILABLE 50 NO DATA AVAILABLE 20 20 0 0 10 - Latest DeMPA Previous DeMPA Regional Average Zamb 10 Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 High DMF Activities and Selected DeM Reforms Source: MTIMTI Source: Global Global Macro Macro andand Debt Debt Unit, Unit, 20212021 0 0 Redemption Debt Management Redemption Pro Profi file leAssessment Debt Portfolio Debt Portfolio Risk Risk Indicators Indicators 16 2017 External Domes�c Total (Percent of Sa�sfactory Performance, 2018) External Domes�c Total 2021 -10- Borrowing Cash Flow Opera �onal Risk Mgmt & Debt Recording Cost of Debt Interest Weighted Av.Cash Rate (%) 4.8�onal Risk Mgmt 10.6 7.0 -10 Governance Macro Policies Cost of Debt Borrowing Weighted Av. Interest Rate (%) Flow 4.8 Opera 10.6& Debt 7.0 Recording - Refinancing Risk ATM (years) - - - 100 Refinancing Risk ATM (years) - - - 1 100.0 1 Debt Maturing in 1 yr (% of total) - - - - Debt Maturing in 1 yr (% of total) - - - ng Flows -0.6 ng Flows 50 Interest Rate Debt Refixing in 1 yr (% of total) - - - NO DATA AVAILABLE NO DATA AVAILABLE Interest Rate Debt Refixing in 1 yr (% of total) - - - -3.0 ector 20Debt NO DATA AVAILABLE Risk Fixed Rate Debt NO DATA (% DATA AVAILABLE - of total) - - ector Debt NO DATA AVAILABLE Risk NO Fixed Rate Debt (% of total) AVAILABLE - - - 0 FX Risk FX Debt (% of total debt) - - 62.9 FX Risk FX Debt (% of total debt) - - 62.9 10 - Average Regional Latest DeMPA Previous DeMPA Regional Average ST FX Debt (% of reserves) - - - ST FX Debt (% of reserves) - - - Source: MTI Global Macro and Debt Unit, 2021 Source: MTI Global Macro and Debt Unit, 2021 High Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2019 0 Debt Portfolio Risk Redemption Pro file Indicators Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2019 Debt Portfolio Risk Indicators Debt Management Assessment External Domes�c Total External Domestic Total Selected (Percent of International Selected International Debt Issuance Debt Sa�sfactory Performance, Issuance 2018) External Domes �c Total Cost Cost Debt Fitch ofDate of Issue Debt Weighted Av. Interest / Moody's Weighted / S&P Rate (%) Av. Interest4.8 Tenor Rate Coupon 10.6 (%) Rate (%) 7.0 Date Maturity 4.8 Cost of Debt Type Weighted Maturity Av. Interest Currency 10.6 Rate Currency (%) Amount 4.8 Currency Issued 10.6 Outstanding7.0 7.0 -10 Issue Date Fitch / Moody's / S&P Coupon Rate (%) Tenor Macro Policies Maturity Date Governance Borrowing Maturity Type CurrencyCashCurrency Flow Amount Issued Currency Opera�onal Outstanding Risk Mgmt & Debt Recording Refinancing Risk ATM (years) ATM (years) - - NO -DATA- AVAILABLE Refinancing Risk ATM (years) - - - - - Refinancing Risk NO DATA AVAILABLE 1 100 Debt Maturing in 1 yr (% of total) - - - Debt Maturing in 1 yr (% of total) - Debt Maturing in- 1 yr (% of total) - - - - ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - - Interest Rate - yr (% of total) Debt Refixing in 1 - - - - ector Debt 50 Interest Risk Rate Risk NO DATA AVAILABLE - NO DATA AVAILABLE Risk NO DATA AVAILABLE 20 Fixed Rate Debt (% of total) Fixed Rate Debt (% of total) - - - - of total) Fixed Rate Debt (% - - - - FX0 Risk FXdebt) FX Debt (% of total Debt (% of total debt) - - 62.9 - FX Risk - debt) FX Debt (% of total - - 62.9 62.9 FX Risk ST FX Debt (% of reserves) ST FX Debt (% of reserves) - - - - ST FX Debt (% of - reserves) - - - - 10 Latest DeMPA Previous DeMPA Regional Average Source:MTI Source: WB Global Joint Unit, Macro and Debt Staff Calculations: WB/IMF2021 Debt Sustainability Analysis, 2019 2020 Source: Bloomberg, December 2021 2020 Source: Bloomberg, Source: tions: 2021 December WB Staff Calcula Joint WB/IMF Debt Sustainability Analysis, 2019 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2019 0 Selected Domestic Selected Redemption Profile Domestic / Regional / Regional Debt Debt Issuance Issuance Debt Portfolio Risk Indicators Issue Date International Selected Issue Date Fitch / Moody'sDebt / S&P Issuance Fitch / Moody's / S&P Tenor Tenor Coupon Rate (%) Maturity Date Coupon Rate (%) Maturity Date Maturity Type Maturity Type Currency Currency AmountExternal Issued Currency Currency Currency Amount Issued Currency Domes Outstanding �c Total Outstanding Maturity Date Type Maturity Date 12/20/2021 - / - / - / Currency Fitch /Currency Amount 1 Issued Coupon Currency Outstanding NO DATA AVAILABLE Maturity Issue Moody's S&P Tenor 0.0 Rate 9/19/2022 (%) Maturity Date AT Debt TypeWeighted Currency ofMATURITY ZMW Currency Amount (%) 607 4.8 Currency Issued Outstanding 607 019 019 -10 12/20/2021 -/-/- 1 0.0 9/19/2022 Cost NO DATA AVAILABLE AT MATURITY ZMW Av. Interest Rate 607 10.6 607 7.0 NO DATA AVAILABLE 12/6/2021 -/-/- 1 0.0 6/6/2022 AT MATURITY NO DATA AVAILABLE ZMW 4,646,136 4,646,136 2030 12/6/2021 -/-/- 1 0.0 6/6/2022 Re fiAT MATURITY nancing Risk ATM ZMW (years) 4,646,136 - 4,646,136 - - 2030 12/6/2021 -/-/- 1 0.0 9/5/2022 AT MATURITY ZMW 6,032,084 6,032,084 12/6/2021 -/-/- 1 0.0 9/5/2022 AT MATURITY Debt Maturing ZMW in 1 yr (% of 6,032,084 total) - 6,032,084 - - 12/6/2021 -/-/- 1 0.0 12/5/2022 AT MATURITY ZMW 29,291,719 29,291,719 53.1 ng Flows 12/6/2021 -/-/- 1 0.0 12/5/2022 AT MATURITY ZMW 29,291,719 29,291,719 53.1 11/29/2021 -/-/- 2 9.0 11/29/2023 Interest Rate AT MATURITY Debt Re fi ZMWxing in 1 yr (% of total) 29,663,680 - - 29,663,680 - 119.6 ector Debt 11/29/2021 2 - / - / - NO DATA AVAILABLE 9.0 11/29/2023 RiskAT MATURITY ZMW NO DATA 29,663,680 AVAILABLE - 29,663,680 119.6 11/29/2021 -/-/- 7 12.0 11/29/2028 AT MATURITY Fixed Rate ZMW 30,420,538 Debt (% of total) 30,420,538 - - 11/29/2021 -/-/- 7 12.0 11/29/2028 AT MATURITY ZMW 30,420,538 30,420,538 39.0 10/26/2021 -/-/- 1 0.0 7/26/2022 AT MATURITY FX DebtZMW 27,311,678 27,311,678 39.0 10/26/2021 -/-/- 1 0.0 7/26/2022 FX Risk AT MATURITY (% ZMW of total debt)27,311,678 - - 27,311,678 62.9 18.3 10/26/2021 -/-/- 1 0.0 10/25/2022 AT MATURITY ZMW 39,518,699 39,518,699 18.3 10/26/2021 -/-/- 1 0.0 10/25/2022 AT MATURITY ST FX Debt ZMW (% of reserves) 39,518,699 - - 39,518,699 - Source: Bloomberg, December 2021 Source: Bloomberg, December 2021 2020 Source: Bloomberg, December 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2019 Selected Domestic / Regional Debt Issuance Maturity Date Issue Date Maturity Type Fitch / Moody's / S&P Currency Tenor Currency Currency Amount Issued Coupon Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected International Debt Issuance 019 NO DATA AVAILABLE 9/19/2022 AT MATURITY 12/20/2021 - ZMW /-/- 607 1 0.0 NO DATA AVAILABLE 607 9/19/2022 AT MATURITY ZMW 607 607 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 6/6/2022 AT MATURITY 12/6/2021 - ZMW /-/- 4,646,136 1 0.0 4,646,136 6/6/2022 AT MATURITY ZMW 4,646,136 4,646,136 2030 NO DATA AVAILABLE 9/5/2022 AT MATURITY 12/6/2021 - ZMW /-/- 6,032,084 1 0.0 6,032,084 9/5/2022 AT MATURITY ZMW 6,032,084 6,032,084 12/5/2022 AT MATURITY 12/6/2021 - ZMW /-/- 29,291,719 1 0.029,291,719 12/5/2022 AT MATURITY ZMW 29,291,719 29,291,719 53.1 11/29/2023 AT MATURITY 11/29/2021 - ZMW /-/- 29,663,680 2 29,663,680 11/29/2023 9.0 AT MATURITY ZMW 29,663,680 29,663,680 119.6 11/29/2028 AT MATURITY 11/29/2021 - ZMW /-/- 30,420,538 7 30,420,538 11/29/2028 12.0 AT MATURITY ZMW 30,420,538 30,420,538 39.0 7/26/2022 AT MATURITY 10/26/2021 - ZMW /-/- 27,311,678 1 27,311,678 7/26/2022 0.0 AT MATURITY ZMW 27,311,678 27,311,678 10/25/2022 18.3 AT MATURITY 10/26/2021 - ZMW /-/- 39,518,699 1 39,518,699 10/25/2022 0.0 AT MATURITY ZMW 39,518,699 39,518,699 Source: Bloomberg, December 2021 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Sub-Saharan Africa | 100 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 019 12/20/2021 -/-/- 1 0.0 NO DATA AVAILABLE 9/19/2022 AT MATURITY ZMW 607 607 Zimbabwe Zimb�bw� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 0.7 4.7 3.5 -7.1 2.7 - Lower middle income Infla�on (%) 6.0 23.8 122.4 170.1 23.3 - Public Debt (% of GDP) 50.3 60.7 56.1 76.2 66.3 69.1 LENDING Net Claims on Govt (% of GDP) 17.5 27.5 32.2 - - - Current Account Balance (% of GDP) 2.8 0.7 4.1 -0.2 1.2 1.0 Blend Primary balance (% of GDP) -6.1 -9.1 -4.0 -3.6 -2.0 1.3 Sources: Debt Sustainability Analysis, 2019; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 2.7 2.8 2.8 3.0 3.0 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2019 Debt (Percen Zimb�bw� Gross Financing Need and Primary Deficit (Percent of GDP) Contribution to Change in Public Debt (Percent of GDP) MACROECONOMIC INDICATORS 2012 2013 2014 2015 201 100 20 20 2016 2017 201820 2019 2020 50 INCOME Real GDP Growth (%) 0.7 4.7 3.5 -7.1 2.7 Lower middle income Infla�on (%) 6.0 23.8 122.4 170.1 23.3 15 Public Debt (% of GDP) 50.3 60.7 56.1 76.2 0 66.3 10 Net Claims on Govt (% of GDP) 17.5 27.5 32.210 - - LENDING Current Account Balance (% of GDP) 2.8 0.7 4.1 -0.2 1.2 Blend Primary balance (% of GDP) -6.1 -9.1 -4.0 -2.0 M -3.6 Source: 10 Sources: Debt Sustainability Analysis, 2019; WDI, 2021 HIPC ELIGIBILITY 0 0 NO DATA AVAILABLE INSTITUTIONAL CAPACITY NO DATA AVAILABLE - Redem 5 Overall CPIA Ra�ng 2.7 2.8 2.8 3.0 3.0 FRAGILE AND CONFLICT STATE -10 DEBT SUSTAINABILITY -10 FCS Risk of Debt Distress High High High High High 0 2011 2012 2014 WB 2013 Sources: 2015 Classifi2016 cation, July 2021; WB 2017 Fragile and List of 2019 2018 Conflict-a 2020 2021ffected Situations (FCS) FY22 2014CPIA-WDI 2011 2012 2013Sources: 2015 2021; 2016 Joint WB/IMF 2017 Debt Sustainability 2018 2019 2020 Analysis, 2021 2019 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Gross Financing Need and Primary Deficit Real GDP Contribution Change in Public toRate Real Interest Change inDebt Public Sector Debt (Percent Source: Joint WB/IMF Debt Sustainability of 2019 Analysis, GDP) (Percent Source: Joint WB/IMF Debt Sustainability of GDP) Analysis, 2019 20 20 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 15 100 10 10 Select 60 0 Issue NO DATA AVAILABLE NO DATA AVAILABLE 5 40 50 -10 0 NO DATA AVAILABLE NO DATA AVAILABLE 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20 Exchange Rate Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Se 0 0 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c Evolution of External and Domestic Public Debt External Bilateral Evolution of Commercial Financing Mul �lateral Sources Domes �c Select Issue (Percent of GDP) (Percent of Total) Sources: WB Staff Calculations: WDI 2021 and Joint WB/IMF Debt Sustainability Analysis, 2019 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2019 8/16/ 100 5/18/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS 60 PV of PPG External Debt-to-GDP 30 46.4 47.0 46.5 45.7 44.5 43.5 42.1 40.6 39.0 37.5 35.9 PV of PPG External Debt-to-Exports 140 178.5 182.6 181.1 176.6 171.4 167.4 162.0 156.2 150.3 144.3 138.3 Debt Service-to-Revenue 40 14 24.4 21.0 16.8 17.1 16.3 14.950 15.7 15.8 15.4 15.2 14.8 Debt Service-to-Exports 10 9.4 9.5 8.2 8.3 7.9 7.3 7.7 7.8 7.6 7.5 7.4 NO DATA AVAILABLE NO DATA AVAILABLE Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: B 20 0 0 Sub-Saharan Africa | 101 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 Domes�c External Bilateral Commercial Mul�lateral Domes�c 16 1.3 2017 2021 - - 69.1- ZIMBABWE - 1.0 Source: MTI Global Macro and Debt Unit, 2021 High 1.3 Debt Management Assessment Zimba (Percent DMF of Sa�sfactory Activities and Selected 2019) Performance, DeM Reforms Zimbabwe Zimba - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording DMF Activities and Unit, 2021 DeM Reforms Selected DMF Activities Source: 100 MTI Global Macro and Debt 2017 16 High 2021 20 - Debt 50 Management Assessment 16 2017 NO DATA AVAILABLE 2021- (Percent of Sa�sfactory Performance, 2019) 69.1 - 0 10 - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Selected DeM Reforms - 1.0 69.1 100 Latest DeMPA Previous DeMPA Regional Average 1.3 - Source: MTI Global Macro and Debt Unit, 2021 201.0 0 1.3 50 NO DATA AVAILABLE - Redemption Profile Debt Portfolio Risk Indicators 0 External Domes�c Total 10 -10 Source: MTI Global Macro and Debt Unit, 2021 - High Latest DeMPA Previous DeMPA Regional Average Cost of Debt Weighted Av. Interest Rate (%) 1.0 8.5 2.7 Zimba Source: MTIMTI Global Macro and and Debt Unit, 2021 Refinancing Risk ATM (years) - - - 1 0High DMF Activities andAssessment Source: Debt Management Selected DeM Reforms Global Macro Debt Unit, 2021 Debt Maturing in 1 yr (% of total) - - - (Percent of Sa�sfactory Performance, 2019) ng Flows Redemption ProfileAssessment Debt Management InterestPortfolio Debt Rate Risk Debt Indicators Refixing in 1 yr (% of total) - - - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 16 2017 ector Debt NO DATA (Percent of Sa�sfactory Performance, AVAILABLE 2019) Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) External - Domes�- c Total - -10 2021 100 Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Cost of Debt FX Risk Borrowing Weighted FX Debt (%Av. Interest total ofCash Rate (%) debt) Flow 1.0 -�onal Risk Mgmt & Opera 8.5 2.7 - Debt Recording 89.0 - - ST FX(years) Refinancing Risk ATM Debt (% of reserves) - - - - - - 20 100 50 1 69.1 NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) - - - - ng Flows 20 1.0 500 Interest Rate Debt Refixing in 1 yr (% of total) - - - NO DATA AVAILABLE NO DATA AVAILABLE Source: ector1.3 10Debt NO DATA AVAILABLE Risk WB Staff Calculations: Joint WB/IMF NO Debt DATASustainability AVAILABLE Analysis, 2019 Fixed Rate Debt (% of total) - - - Latest DeMPA Previous DeMPA Regional Average 0 FX Risk FX Debt (% of total debt) - - 89.0 10 Selected International Source: MTI Global 2021 Issuance Debt Macro and Debt Unit, Regional 0 - Average Issue Date Fitch / Moody's / S&P Latest DeMPA Tenor Previous DeMPA Coupon Rate (%) Maturity Date Regional Average Maturity Type ST FX Debt (% ofCurrency Currency reserves)Amount Issued - Currency Outstanding - - Source: MTI Global Macro and Debt Unit, 2021 Redemption Profile NO DATA AVAILABLE Debt Portfolio Risk Indicators Source: MTI Global Macro and Debt Unit, 2021 0 High External Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2019 Domes�c Total -10 Debt Portfolio Risk Redemption Pro file Indicators Debt Cost of Portfolio Debt Indicators RiskAv. Weighted Interest Rate (%) 1.0 8.5 2.7 Debt Management Assessment -10 Selected International Debt IssuanceExternal (Percent of Sa�sfactory Performance, 2019) Domes�c Total External Refinancing Risk ATM (years) Domestic External - DomesTotal �c - Total - 1 Cost Cost Debt ofDate of Issue Debt Weighted Fitch Av. Interest / Moody's / S&P Rate (%) Weighted Av. Interest1.0 Tenor Rate 8.5 (%) Rate Coupon (%) 2.7 Date Maturity 1.0 Cost of Debt Type Weighted Maturity Av. Interest Currency 8.5 CurrencyRate (%) Amount 1.0 Currency2.7 Issued 8.5 Outstanding 2.7 Governance Macro Policies Borrowing Debt Maturing in 1 Cash Flow yr (% of total) - - Opera�onal Risk Mgmt & Debt Recording - ng Flows Refinancing Risk ATM (years) ATM (years) - - NO -DATA- AVAILABLE Refinancing Risk ATM (years) - yr (% of total) - - - - Refinancing Risk Interest Rate Debt Refixing in 1 - - - 1 100 Debt Maturing in 1 yr (% of total) - - - ector Debt NO DATA Debt AVAILABLE Maturing in 1 yr (% of total) - Risk Debt Maturing NO in- 1 DATA Fixed Rate Debt (% AVAILABLE yr (% of of total) total) - - - -- - - ng Flows 2020 Interest Rate Debt Refixing in 1Debt of total)in 1 yr (% -of total) yr (%Refixing - - - Interest Rate Debt Refixing in 1- yr (% of total) - - -- - 20 50 FX Risk FX Debt (% of total debt) - 89.0 ector Debt Interest Risk Rate Risk Fixed Rate Debt (% NO DATA of AVAILABLE - total) - NO DATA - AVAILABLE Risk NO DATA AVAILABLE - Fixed Rate Debt (% of total) - Fixed Rate Debt (% of total) - - Selected Domestic / Regional Debt Issuance ST FX Debt (% of -reserves) - - - - FX0 Risk FX Debt (% of total debt) FX Debt (% of total debt)- - 89.0 - FX Risk FX Debt (% of total - debt) - 89.0 - 89.0 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 10 FX Risk 019 8/16/2021 / - / -(% of reserves) ST FX-Debt ST FX Debt (%1 - of reserves) 0.0 - NO -DATA- AVAILABLE 5/13/2022 ZWL (% of - AT MATURITY ST FX Debt reserves) 1,749,345 - - - 1,749,345 - Latest DeMPA Previous DeMPA Regional Average Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2019 5/18/2021 -/-/- 1 0.0 5/18/2022 AT MATURITY ZWL 969,109 969,109 2030 Source:MTI Source: WB Global Joint Unit, Macro and Debt Staff Calculations: WB/IMF2021 Debt Sustainability Analysis, 2019 2020 0 Source: WB StaInternational Selected Debt ff Calculations: Joint WB/IMF Debt Issuance Sustainability Analysis, 2019 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2019 35.9 Selected Redemption Profile Issue Date Domestic Fitch / / Moody's Regional / S&P Debt TenorIssuance Maturity Date Debt Coupon Rate (%) Portfolio Maturity Type Risk Indicators Currency Currency Amount Issued Currency Outstanding 138.3 Issue Date International Selected Fitch / Moody'sDebt / S&P Issuance Tenor Maturity Coupon Rate (%) Date NO DATA Maturity Type AVAILABLE Issued Currency Currency Currency AmountExternal Domes Outstanding �c Total -10 Maturity Date Maturity Issue Date Type - / - / - / Currency Fitch /Currency Moody's S&P Amount 1 Issued Coupon Tenor Currency Outstanding Rate NO DATA (%) Maturity AVAILABLE Date Maturity 8/16/2021 0.0 5/13/2022 AT Currency Debt TypeWeighted ofMATURITY ZWL Currency Amount 1,749,345Issued 1.0 Currency Outstanding2.7 1,749,345 019 14.8 Cost Av. Interest Rate (%) 8.5 NO DATA AVAILABLE 5/18/2021 -/-/- 1 0.0 5/18/2022 AT MATURITY NO DATA AVAILABLE ZWL 969,109 969,109 2030 7.4 Refinancing Risk ATM (years) - - - Source: Bloomberg, December 2021 Debt Maturing in 1 yr (% of total) - - - 35.9 ng Flows Interest Rate Debt Refixing in 1 yr (% of total) - - - 138.3 ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - - 14.8 FX Risk FX Debt (% of total debt) - - 89.0 20207.4 ST FX Debt (% of reserves) - - - Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance 2020 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2019 019 Selected 8/16/2021Domestic - / -// Regional - Debt1Issuance 0.0 NO DATA AVAILABLE 5/13/2022 AT MATURITY ZWL 1,749,345 1,749,345 Maturity Date Maturity Issue 5/18/2021 Fitch /Currency Date Type Moody's / Currency S&P - / - / - Debt Amount Currency 1 Issued Coupon Tenor Outstanding Rate 0.0 (%) Maturity Date 5/18/2022 Maturity Type AT MATURITY Currency ZWL Currency Amount 969,109Issued Currency Outstanding 969,109 2030 Selected International Issuance 019 NO DATA AVAILABLE 5/13/2022 AT MATURITY 8/16/2021 -/ZWL -/- 1,749,345 1 NO DATA AVAILABLE 0.0 1,749,345 5/13/2022 AT MATURITY ZWL 1,749,345 1,749,345 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 5/18/2022 AT MATURITY 5/18/2021 -/ZWL -/- 969,109 1 0.0 969,109 5/18/2022 AT MATURITY ZWL 969,109 969,109 2030 35.9 NO DATA AVAILABLE 138.3 35.9 14.8 138.3 7.4 14.8 Source: Bloomberg, December 2021 7.4 Source: Bloomberg, December 2021 2020 Sub-Saharan Africa | 102 Selected Domestic / Regional Debt Issuance Europe & Central Asia 105 Armenia 107 Azerbaijan 109 Bosnia and Herzegovina 111 Georgia 113 Kosovo 115 Kyrgyz Republic 117 Moldova 119 Tajikistan 121 Uzbekistan Europe & Central Asia | 104 Armenia Arm�ni� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 0.2 7.5 5.2 7.6 -7.4 6.5 Upper middle income Infla�on (%) 0.3 2.2 2.8 1.1 2.0 - Public Debt (% of GDP) 51.9 53.7 51.2 50.1 63.5 62.2 LENDING Net Claims on Govt (% of GDP) 5.1 6.4 6.6 5.0 10.5 - Current Account Balance (% of GDP) -1.0 -1.5 -7.0 -7.4 -3.8 -2.9 IBRD Primary balance (% of GDP) -3.7 -2.6 0.6 1.4 -2.7 -1.2 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng - - - - - - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 50 40 40 0 0 0 Source: M 20 20 NO DATA AVAILABLE NO DATA AVAILABLE Redem -50 -50 AMD b 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 400 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing 200 Source: WEO, October 2021 Source: WEO, October 2021 0 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 Select Issue D 40 2/2/ 9/26/ 50 No data available 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Sources: Ministry of Finance, 2021 Sources: WB Staff Calculations: WDI 2021 and IDS 2021 11/2/ 9/7/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 8/3/ DEBT SUSTAINABILITY INDICATORS 6/9/ PV of PPG External Debt-to-GDP - - - - - - - - - - - 5/12/ PV of PPG External Debt-to-Exports - - - - - - - - - - - 5/4/ Debt Service-to-Revenue - - - - - - - - - - - 10/29/ Debt Service-to-Exports - - - - - - - - - - - 7/10/ Source: B Europe & Central Asia | 105 ARMENIA Arme DMF Activities and Selected DeM Reforms Arme 16 2017 DMF Activities and Selected DeM Reforms 2021 Arme DMF Activities 6.5 16 2017 - 2021 62.2 DMF Activities and Selected DeM Reforms 6.5- -2.9- -1.2 16 62.2 2017 - Selected DeM Reforms 2021 -2.9 6.5 -1.2 - - 62.2 - Source: MTI Global Macro and Debt Unit, 2021 -2.9 -- -1.2 Debt MTI Global Macro and Assessment Management Source: Debt Unit, 2021 - (Percent of Sa�sfactory Performance, 2013) - Governance Assessment Debt Management Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording (Percent 100 of Sa Source: MTI �sfactory Global Performance, Macro and Debt Unit, 2021 2013) - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 50 Debt 100 Management Assessment NO DATA AVAILABLE (Percent of Sa�sfactory Performance, 2013) 40 0 50 Governance Macro Policies AVAILABLE NO DATABorrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 Latest DeMPA Regional Average 40 0 MTI Global Macro and Debt Unit, 2021 Source: 20 50 Latest DeMPA Regional Average NO DATA AVAILABLE Redemption Pro Source: MTI Global Macro fi and le Unit, 2021 Debt Debt Portfolio Risk Indicators 20 40 0 billion AMD External Domes�c Total 0 Redemption Profile Latest DeMPA Regional Average Debt Cost of Portfolio Debt RiskAv. Weighted Indicators Interest Rate (%) 2.3 10.4 4.3 AMD Source: billion MTI Global Macro and Debt Unit, 2021 Refinancing Risk ATM (years) 8.1 External 10.8 Domes�c 8.8 Total 400 0 20 Cost of Debt Weighted Debt Av. Interest Maturing Rate in 1 yr (% of (%) total) 2.3 4.0 10.4 11.5 4.3 5.8 Redemption 400 Profile Debt Re financing InterestPortfolio Risk ATM Rate DebtRisk Indicators (years) Refixing in 1 yr (% of total) 8.1 30.3 10.8 11.5 8.8 25.7 200 NO DATA AVAILABLE Risk NO DATA AVAILABLE 74.1 AMD billion Fixed Maturing Debt Rate Debt in (% yr (% 1 of of total) External total) 4.0 11.5 Domes�c 100.0 5.8 Total 80.4 0 Cost of Debt Interest FX Risk Rate Weighted Debt Refi FX Debt Av. xing of in (% Interest 1 yr total (%Rate debt) (%) of total) 2.3 30.3 - 10.4 11.5 - 4.3 25.7 75.6 0 200 NO DATA AVAILABLE Risk Re financing Risk ATM Fixed (years) Rate Debt NO (% DATA of AVAILABLE 74.1 total) 8.1 10.8 100.0 8.8 80.4 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 8.7 400 FX Risk Debt Maturing FX Debt in 1 debt) (% of total yr (% of total) 4.0 - 11.5 - 5.8 75.6 0 Domes�c External 2022 2024 Interest Rate Debt ST FX Refixing Debt (% in of1 yr (% of total) reserves) 30.3 - 11.5 - 25.7 8.7 Source: Ministry of Finance, 2021 2026 2028 2030 2032 2034 2036 2038 2040 Source: Ministry of Finance, 2021 200 NO DATA AVAILABLE Risk NO DATA AVAILABLE 74.1 Fixed Rate Debt (% of total) 100.0 80.4 Domes�c External Selected Source: International Debt Issuance 0 Ministry of Finance, 2021 FX Risk FX Debt (% of total debt) Source: Ministry of Finance, 2021 - - 75.6 Issue Date 2022 Fitch / Moody's 2024 2026 / S&P 2028 2030 Tenor 2032 Coupon2036 Rate (%) 2034 2038 Maturity 2040 Date Currency Maturity Type ST FX Debt (% ofCurrency reserves)Amount Issued - Currency Outstanding - 8.7 2/2/2021 Selected B+ / Ba3 / -Debt International 10 Issuance 3.6 NO DATA AVAILABLE 2/2/2031 AT MATURITY USD 750,000,000 750,000,000 Domes�c External 9/26/2019 Issue Date FitchB+ / Ba3 / - / S&P / Moody's 10 Tenor 4.0 Coupon Rate (%) 9/26/2029 Maturity Date AT MATURITY Maturity Type USD Currency 500,000,000 Currency Amount Issued 500,000,000 Currency Outstanding Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 2/2/2021 B+ / Ba3 / - 10 3.6 NO DATA AVAILABLE 2/2/2031 AT MATURITY USD 750,000,000 750,000,000 9/26/2019 B+ / Ba3 / - 10 4.0 9/26/2029 AT MATURITY USD 500,000,000 500,000,000 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 2/2/2021 B+ / Ba3 / - 10 3.6 NO DATA AVAILABLE 2/2/2031 AT MATURITY USD 750,000,000 750,000,000 9/26/2019 B+ / Ba3 / - 10 4.0 9/26/2029 AT MATURITY USD 500,000,000 500,000,000 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance 2020 Source: Bloomberg, December 2021 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 11/2/2021 Selected - / -/ Domestic - / Regional Debt1Issuance 0.0 NO DATA AVAILABLE 10/31/2022 AT MATURITY AMD 8,378,600 8,378,600 9/7/2021 Issue Date - / - / - / S&P Fitch / Moody's 1 Tenor 0.0 Coupon Rate (%) 9/5/2022 Maturity Date AT MATURITY Maturity Type AMD Currency 14,190,400 Currency Amount Issued 14,190,400 Currency Outstanding 2030 8/3/2021 Source: Bloomberg, December-/-/- 1 0.0 8/1/2022 AT MATURITY AMD 6,588,974 6,588,974 2020 11/2/2021 - 2021 /-/- 1 0.0 NO DATA AVAILABLE 10/31/2022 AT MATURITY AMD 8,378,600 8,378,600 6/9/2021 -/-/- 3 6.5 4/29/2024 AT MATURITY AMD 133,360,227 133,360,227 9/7/2021 -/-/- - 2030 Selected 5/12/2021 Domestic - / -// Regional - Debt1 0.0 5Issuance 7.0 9/5/2022 4/29/2026 AT MATURITY AT MATURITY AMD AMD 14,190,400 157,455,290 14,190,400 157,455,290 - 8/3/2021 -/-/- 1 0.0 8/1/2022 AT MATURITY AMD 6,588,974 6,588,974 Issue Date 5/4/2021 Fitch / Moody's - / - / - / S&P Tenor 1 Coupon Rate (%) 0.0 Maturity Date 5/2/2022 Maturity Type AT MATURITY Currency AMD Currency Amount Issued 10,164,523 Currency Outstanding 10,164,523 6/9/2021 -/-/- 3 6.5 4/29/2024 AT MATURITY AMD 133,360,227 133,360,227 - 11/2/2021 10/29/2019 -/ - /--//-- 1 31 0.0 9.8 NO DATA 10/31/2022 10/29/2050 AVAILABLE AT MATURITY AT MATURITY AMD AMD 8,378,600 569,394,715 8,378,600 569,394,715 5/12/2021 -/-/- 5 7.0 4/29/2026 AT MATURITY AMD 157,455,290 157,455,290 - 9/7/2021 7/10/2019 -/ - /--//-- 1 10 0.0 9.0 9/5/2022 10/29/2029 AT MATURITY AT MATURITY AMD AMD 14,190,400 346,175,014 14,190,400 314,711,614 2030 5/4/2021 -/-/- 1 0.0 5/2/2022 AT MATURITY AMD 10,164,523 10,164,523 8/3/2021 Source: Bloomberg, December /-/- - 2021 1 0.0 8/1/2022 AT MATURITY AMD 6,588,974 6,588,974 - 10/29/2019 -/-/- 31 9.8 10/29/2050 AT MATURITY AMD 569,394,715 569,394,715 6/9/2021 -/-/- 3 6.5 4/29/2024 AT MATURITY AMD 133,360,227 133,360,227 - 7/10/2019 -/-/- 10 9.0 10/29/2029 AT MATURITY AMD 346,175,014 314,711,614 5/12/2021 -/-/- 5 7.0 4/29/2026 AT MATURITY AMD 157,455,290 157,455,290 - Source: Bloomberg, December 2021 5/4/2021 -/-/- 1 0.0 5/2/2022 AT MATURITY AMD 10,164,523 10,164,523 - 10/29/2019 -/-/- 31 9.8 10/29/2050 AT MATURITY AMD 569,394,715 569,394,715 - 7/10/2019 -/-/- 10 9.0 10/29/2029 AT MATURITY AMD 346,175,014 314,711,614 Source: Bloomberg, December 2021 Europe & Central Asia | 106 Azerbaijan A��rb�ij�n DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) -3.1 0.2 1.5 2.5 -4.3 3.0 Upper middle income Infla�on (%) 14.7 16.2 12.2 -0.2 -7.6 - Public Debt (% of GDP) 20.6 22.5 18.7 17.7 21.4 28.9 LENDING Net Claims on Govt (% of GDP) -10.5 -9.8 -9.0 -9.6 -12.0 - Current Account Balance (% of GDP) -3.6 4.1 12.8 9.1 -0.5 7.8 IBRD Primary balance (% of GDP) -0.7 -0.8 6.1 9.8 -5.7 -1.1 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng - - - - - - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 80 80 50 20 20 60 60 0 40 40 Source: M 0 0 NO DATA AVAILABLE 20 NO DATA AVAILABLE 20 Redem 0 0 -20 -20 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing Source: WEO, October 2021 Source: WEO, October 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 Select Issue 40 9/1/ 9/1/ 50 No data available 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Bilateral Commercial Mul�lateral Domes�c Select Issue Sources: WB Staff Calculations: WDI, 2021; WEO, October 2021 Sources: WB Staff Calculations: WDI 2021 and IDS 2021 7/14/ 7/7/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5/16/ DEBT SUSTAINABILITY INDICATORS 4/28/ PV of PPG External Debt-to-GDP - - - - - - - - - - - 3/3 PV of PPG External Debt-to-Exports - - - - - - - - - - - 2/24 Debt Service-to-Revenue - - - - - - - - - - - 2/17 Debt Service-to-Exports - - - - - - - - - - - 10/21/ Source: B Europe & Central Asia | 107 40 100 Source: MTI Global Macro and Debt Unit, 2021 80 50 NO DATA AVAILABLE 20 60 Redemption Profile Debt Portfolio Risk Indicators AZERBAIJAN 0 0 Regional Average 40 Source: MTI Global Macro and Debt Unit, 2021 Azerb 20 DMF Activities and Selected DeM Reforms Redemption Profile Debt Portfolio Risk Indicators NO DATA AVAILABLE NO DATA AVAILABLE DMF Activities 16 0 2017 2021 3.0 - 28.9 - Selected DeM Reforms 7.8 NO DATA AVAILABLE NO DATA AVAILABLE -1.1 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 9/1/2017 BB+ / Ba2u / - 12 5.1 NO DATA AVAILABLE 9/1/2029 SINKABLE USD 310,718,000 310,718,000 - 9/1/2017 BB+ / Ba2u / - 15 3.5 9/1/2032 SINKABLE USD 1,076,578,000 1,076,578,000 Source: MTI Global Macro and Debt Unit, 2021 - Selected International Debt Management Debt Issuance Assessment Issue Date (Percent Fitch / Moody's of Sa�sfactory / S&P Performance) Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 9/1/2017 BB+ / Ba2u / - 12 5.1 NO DATA AVAILABLE 9/1/2029 SINKABLE USD 310,718,000 310,718,000 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 9/1/2017 BB+ / Ba2u / - 15 3.5 9/1/2032 SINKABLE USD 1,076,578,000 1,076,578,000 100 Source: Bloomberg, December 2021 2020 80 Selected 50 Domestic / Regional Debt Issuance NO DATA AVAILABLE Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 60 7/14/2021 0 -/-/- 3 6.5 NO DATA AVAILABLE 7/9/2024 AT MATURITY AZN 23,494,920 23,494,920 7/7/2021 -/-/- 2 6.0 7/4/2023 AT MATURITY AZN 17,652,540 17,652,540 2030 Regional Average 40 2020 5/16/2021 Source: Bloomberg, December- 2021 /-/- 1 0.0 5/3/2022 AT MATURITY AZN 8,823,555 8,823,555 Source: MTI Global Macro and Debt Unit, 2021 4/28/2021 -/-/- 3 7.5 4/23/2024 AT MATURITY AZN 26,470,665 26,470,665 - Selected Domestic 3/3/2021 - / -// Regional - Debt3Issuance 7.5 2/27/2024 AT MATURITY AZN 26,470,665 26,470,665 20- Redemption Issue Date 2/24/2021 Pro Fitch fi / Moody's - /le - / - / S&P Tenor 3 Coupon Rate (%) 7.5 Maturity Date Debt 2/20/2024 Portfolio Maturity Type AT MATURITY Risk AZN Indicators Currency Currency Amount Issued 17,647,110 Currency Outstanding 17,647,110 - 7/14/2021 2/17/2021 -/ - /--/ /-- 3 2 6.5 7.0 NO DATA 7/9/2024 2/14/2023 AVAILABLE AT MATURITY AT MATURITY AZN AZN 23,494,920 39,705,998 23,494,920 39,705,998 0 - 7/7/2021 10/21/2020 -/ - /--/ /-- 2 3 6.0 9.0 7/4/2023 10/17/2023 AT MATURITY AT MATURITY AZN AZN 17,652,540 17,647,110 17,652,540 17,647,110 2030 5/16/2021 Source: - 2021 Bloomberg, December /-/- 1 0.0 5/3/2022 AT MATURITY AZN 8,823,555 8,823,555 4/28/2021 -/-/- 3 7.5 4/23/2024 AT MATURITY AZN 26,470,665 26,470,665 - 3/3/2021 -/-/- 3 7.5 2/27/2024 AT MATURITY AZN 26,470,665 26,470,665 - 2/24/2021 -/-/- 3 7.5 2/20/2024 AT MATURITY AZN 17,647,110 17,647,110 - NO DATA AVAILABLE NO DATA AVAILABLE 2/17/2021 -/-/- 2 7.0 2/14/2023 AT MATURITY AZN 39,705,998 39,705,998 - 10/21/2020 -/-/- 3 9.0 10/17/2023 AT MATURITY AZN 17,647,110 17,647,110 Source: Bloomberg, December 2021 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 9/1/2017 BB+ / Ba2u / - 12 5.1 NO DATA AVAILABLE 9/1/2029 SINKABLE USD 310,718,000 310,718,000 9/1/2017 BB+ / Ba2u / - 15 3.5 9/1/2032 SINKABLE USD 1,076,578,000 1,076,578,000 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 7/14/2021 -/-/- 3 6.5 NO DATA AVAILABLE 7/9/2024 AT MATURITY AZN 23,494,920 23,494,920 7/7/2021 -/-/- 2 6.0 7/4/2023 AT MATURITY AZN 17,652,540 17,652,540 2030 5/16/2021 -/-/- 1 0.0 5/3/2022 AT MATURITY AZN 8,823,555 8,823,555 4/28/2021 -/-/- 3 7.5 4/23/2024 AT MATURITY AZN 26,470,665 26,470,665 - 3/3/2021 -/-/- 3 7.5 2/27/2024 AT MATURITY AZN 26,470,665 26,470,665 - 2/24/2021 -/-/- 3 7.5 2/20/2024 AT MATURITY AZN 17,647,110 17,647,110 - 2/17/2021 -/-/- 2 7.0 2/14/2023 AT MATURITY AZN 39,705,998 39,705,998 - 10/21/2020 -/-/- 3 9.0 10/17/2023 AT MATURITY AZN 17,647,110 17,647,110 Source: Bloomberg, December 2021 Europe & Central Asia | 108 Bosni� and Bosnia �nd Herzegovina H�r���ovin� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 3.1 3.2 3.7 2.8 -4.3 2.8 Upper middle income Infla�on (%) 1.4 1.7 2.7 2.6 0.2 - Public Debt (% of GDP) 44.1 39.2 34.3 32.5 36.7 38.9 LENDING Net Claims on Govt (% of GDP) 1.4 0.7 -0.2 -0.8 0.6 - Current Account Balance (% of GDP) -4.8 -4.8 -3.4 -3.1 -3.2 -3.9 IBRD Primary balance (% of GDP) 1.2 2.6 2.4 2.1 -3.4 -2.5 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng - - - - - - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 20 20 50 0 0 0 50 50 Source: M NO DATA AVAILABLE NO DATA AVAILABLE Redem -20 -20 BAM m 0 0 600 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 400 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing 200 Source: WEO, October 2021 Source: WEO, October 2021 0 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 40 Select Issue D 30 50 20 No data available NO DATA AVAILABLE NO DATA AVAILABLE 10 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Sources: WB Staff Calculations: WDI, 2021; WEO, October 2021 Sources: WB Staff Calculations: WDI 2021 and IDS 2021 6/30/ 6/23/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 6/9/ DEBT SUSTAINABILITY INDICATORS 4/28/ PV of PPG External Debt-to-GDP - - - - - - - - - - - 9/9/ PV of PPG External Debt-to-Exports - - - - - - - - - - - 6/24/ Debt Service-to-Revenue - - - - - - - - - - - 6/10/ Debt Service-to-Exports - - - - - - - - - - - 5/13/ Source: B Europe & Central Asia | 109 2021 2.8 - 38.9 - -3.9 BOSNIA AND HERZEGOVINA -2.5 Bosni - DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 - DMF Activities 16 2017 2021 Debt Management Assessment 2.8 (Percent of Sa�sfactory Performance, 2013) - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 38.9 - Selected DeM Reforms 100 -3.9 -2.5 50 NO DATA AVAILABLE - 0 50 Latest Source: DeMPA MTI Global Macro and Debt Unit, 2021 Regional Average - Source: MTI Global Macro and Debt Unit, 2021 Debt Management Assessment Redemption Profile (Percent of Sa�sfactory Performance, 2013) Debt Portfolio Risk Indicators BAM million External Domes�c Total Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 0 Cost of Debt Weighted Av. Interest Rate (%) 1.4 1.7 1.5 600 100 Refinancing Risk ATM (years) 6.2 3.3 5.8 1 400 50 Debt Maturing in 1 yr (% of total) 8.9 27.7 11.6 NO DATA AVAILABLE Interest Rate Debt Refixing in 1 yr (% of total) 49.1 27.7 46.0 200 0 NO DATA AVAILABLE Risk NO DATA AVAILABLE 55.4 Fixed Rate Debt (% of total) 100.0 61.9 FX Risk FX Debt (% of total debt) - - 85.4 50 0 Latest DeMPA Regional Average Source: MTI Global 2021 Macro 2023and Debt 2025Unit, 2021 2027 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - 3.7 Domes�c External Redemption Profile Source: Ministry of Finance, 2021 Debt Portfolio Risk Indicators Source: Ministry of Finance, 2021 BAM million External Domes�c Total 0 Selected 600 International Debt Issuance Cost of Debt Weighted Av. Interest Rate (%) 1.4 1.7 1.5 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Refi Type ATM nancing Risk Currency (years) Currency Amount Issued 6.2 Currency 3.3 Outstanding5.8 1 NO DATA AVAILABLE 400 Debt Maturing in 1 yr (% of total) 8.9 27.7 11.6 Interest Rate Debt Refixing in 1 yr (% of total) 49.1 27.7 46.0 200 NO DATA AVAILABLE Risk NO DATA AVAILABLE 55.4 Fixed Rate Debt (% of total) 100.0 61.9 FX Risk FX Debt (% of total debt) - - 85.4 0 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - 3.7 Domes�c External Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 2020 Selected Domestic / Regional International Debt Issuance Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 6/30/2021 -/-/- 6 0.8 NO DATA AVAILABLE 6/30/2027 AT MATURITY BAM 18,242,370 18,242,370 6/23/2021 -/-/- 1 0.0 6/22/2022 AT MATURITY BAM 30,552,250 30,552,250 2030 6/9/2021 -/-/- 10 1.1 6/9/2031 AT MATURITY BAM 18,705,600 18,705,600 4/28/2021 -/-/- 7 1.1 4/28/2028 AT MATURITY BAM 18,513,870 18,513,870 - 9/9/2020 -/-/- 5 0.9 9/9/2025 AT MATURITY BAM 24,121,800 24,121,800 - 6/24/2020 -/-/- 5 1.0 6/24/2025 AT MATURITY BAM 17,375,190 17,375,190 - 6/10/2020 -/-/- 15 3.2 6/10/2035 AT MATURITY BAM 17,447,850 17,447,850 - 5/13/2020 -/-/- 7 1.3 5/13/2027 AT MATURITY BAM 11,120,600 11,120,600 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 6/30/2021 -/-/- 6 0.8 NO DATA AVAILABLE 6/30/2027 AT MATURITY BAM 18,242,370 18,242,370 6/23/2021 -/-/- 1 0.0 6/22/2022 AT MATURITY BAM 30,552,250 30,552,250 2030 6/9/2021 -/-/- 10 1.1 6/9/2031 AT MATURITY BAM 18,705,600 18,705,600 4/28/2021 -/-/- 7 1.1 4/28/2028 AT MATURITY BAM 18,513,870 18,513,870 - 9/9/2020 -/-/- 5 0.9 9/9/2025 AT MATURITY BAM 24,121,800 24,121,800 - 6/24/2020 -/-/- 5 1.0 6/24/2025 AT MATURITY BAM 17,375,190 17,375,190 - 6/10/2020 -/-/- 15 3.2 6/10/2035 AT MATURITY BAM 17,447,850 17,447,850 - 5/13/2020 -/-/- 7 1.3 5/13/2027 AT MATURITY BAM 11,120,600 11,120,600 Source: Bloomberg, December 2021 Europe & Central Asia | 110 Georgia G�or�i� DMF A MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 2.9 4.8 4.8 5.0 -6.2 7.7 Upper middle income Infla�on (%) 2.6 8.5 4.4 5.2 7.3 - Public Debt (% of GDP) - - - - - - LENDING Net Claims on Govt (% of GDP) 40.3 39.4 38.9 40.4 60.0 54.2 Current Account Balance (% of GDP) -12.5 -8.1 -6.8 -5.5 -12.5 -10.0 IBRD Primary balance (% of GDP) -0.4 0.7 0.4 -0.6 -7.7 -5.0 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng - - - - - - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Source: non-FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Debt M (Percent Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 40 40 60 60 50 20 20 40 40 0 0 0 L Source: MT 20 20 -20 -20 NO DATA AVAILABLE NO DATA AVAILABLE Redem GEL milli -40 -40 0 0 4K 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 3K Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue 2K Current account balance (% of GDP) General government net lending/borrowing Source: WEO, October 2021 1K Source: WEO, October 2021 0K Evolution of External and Domestic Public Debt Evolution of Financing Sources D (Percent of GDP) (Percent of Total) Source: Min 100 40 Selecte Issue D 30 4/22/2 50 20 NO DATA AVAILABLE NO DATA AVAILABLE No data available 10 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: Blo Domes�c External Bilateral Commercial Mul�lateral Domes�c Selecte Issue D Sources: Ministry of Finance, 2021 Source: WDI, 2021 and IDS 2021 7/15/2 3/15/2 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2/4/2 DEBT SUSTAINABILITY INDICATORS 8/6/2 PV of PPG External Debt-to-GDP - - - - - - - - - - - 1/30/2 PV of PPG External Debt-to-Exports - - - - - - - - - - - 5/30/2 Debt Service-to-Revenue - - - - - - - - - - - 3/15/2 Debt Service-to-Exports - - - - - - - - - - - 3/15/2 Source: Blo Europe & Central Asia | 111 Georg GEORGIA DMF Activities and Selected DeM Reforms Georg 16 2017 2021 DMF Activities and Selected DeM Reforms 7.7 - Georg DMF Activities 16 - 2017 54.2 2021 -10.0 DMF Activities and Selected DeM Reforms 7.7 -5.0 - 16 - 2017 54.2 Selected DeM Reforms 2021 -10.0 7.7 -5.0- - - Source: MTI Global Macro and Debt Unit, 2021 - 54.2 -10.0 - Debt Management Assessment -5.0 (Percent of Sa Source: MTI �sfactory Global Debt Unit, 2021 2020) Performance, Macro and - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - Debt 100 Management Assessment 60 (Percent of Sa�sfactory Performance, 2020) Source: MTI Global Macro and Debt Unit, 2021 - 50 Governance Macro Policies AVAILABLE NO DATABorrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Debt 100 Management Assessment 40 0 60 (Percent of Sa�sfactory Performance, 2020) 50 Latest DeMPA Governance Previous DeMPA Macro Policies Regional NO DATA Average AVAILABLE Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Source: MTI Global Macro and Debt Unit, 2021 20 100 40 0 60 Redemption 50 Profile Latest DeMPA Previous DeMPA Regional Average Debt Portfolio Risk Indicators NO DATA AVAILABLE GEL millions Source: MTI Global Macro and Debt Unit, 2021 External Domes�c Total 0 20 Cost of Debt Weighted Av. Interest Rate (%) - 8.6 - 40 0 4K Redemption Profile 3K Latest DeMPA Previous DeMPA Regional Average Debt Portfolio Refinancing Risk ATMRisk Indicators (years) - - 7.5 GEL millions Source: MTI Global Macro and Debt Unit, 2021 - Debt Maturing in 1 yr (% of total) External Domes�- c 14.8 Total 0 20 2K Cost of Debt Interest Rate Weighted Debt Av. in Refixing Interest 1 yr (%Rate (%) of total) - 8.6 - - 51.5 4K NO DATA AVAILABLE Risk Re financing Risk ATM Fixed (years) Rate Debt NO DATA AVAILABLE (% of total) - - 7.5 52.5 Redemption 1K 3K Profile Debt Portfolio Risk Indicators GEL millions FX Risk Debt Maturing FX Debt in 1 debt) (% of total yr (% of total) External - Domes�- c 14.8 79.1 Total 0 0K 2K Interest Rate Cost of Debt ST FX Re Debt Debt Weightedfixing Av. (% in of1 yr (% reserves) Interest of total) Rate (%) - - 8.6 51.5 - 4K 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 NO DATA AVAILABLE Risk Fixed(years) NO DATA AVAILABLE Rate Debt (% of total) 52.5 1K Domes�c External Refinancing Risk ATM - - 7.5 3K FX Risk FX Debt Debt (% of total Maturing in 1 debt) yr (% of total) - - 79.1 14.8 0K Ministry of Finance, 2021 Source: Source: Ministry of Finance, 2021 2K 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 Interest Rate ST FX Re Debt Debt of1 (% in fixing reserves) yr (% of total) - - - 51.5 Selected NO DATA AVAILABLE International Debt Risk NO DATA AVAILABLE 1K Domes�c External Issuance Fixed Rate Debt (% of total) - - 52.5 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type FX Debt FX Risk Currency Currency (% of total debt) Amount Issued - Currency Outstanding - 79.1 0K Ministry of Finance, 2021 Source: Source: Ministry of Finance, 2021 4/22/2021 BB / Ba2 / BB 5 2.8 NO DATA AVAILABLE 4/22/2026 AT MATURITY ST FX Debt 500,000,000 USD (% of reserves) - 500,000,000 - - 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 Selected International Debt Domes�c External Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 4/22/2021 BB / Ba2 / BB 5 2.8 NO DATA AVAILABLE 4/22/2026 AT MATURITY USD 500,000,000 500,000,000 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 4/22/2021 BB / Ba2 / BB 5 2.8 NO DATA AVAILABLE 4/22/2026 AT MATURITY USD 500,000,000 500,000,000 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Source: Bloomberg, December 2021 2020 7/15/2021 B/-/- 1 0.0 NO DATA AVAILABLE 7/14/2022 AT MATURITY GEL 4,799,610 4,799,610 3/15/2021 -/-/- 3 8.3 12/15/2024 AT MATURITY GEL 2,410,368 2,410,368 2030 Selected Domestic / Regional Debt Issuance 2/4/2021 BB / - / - 2 8.0 2/4/2023 AT MATURITY GEL 87,435,000 87,435,000 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 8/6/2020 BB / - / - 2 8.3 11/6/2022 AT MATURITY GEL 113,918,350 113,918,350 2020 - Source: Bloomberg, December 7/15/2021 B 2021 /-/- 1 0.0 NO DATA AVAILABLE 7/14/2022 AT MATURITY GEL 4,799,610 4,799,610 1/30/2020 BB / - / - 5 9.1 5/30/2025 AT MATURITY GEL 331,606,080 331,606,080 - 3/15/2021 -/-/- 3 8.3 12/15/2024 AT MATURITY GEL 2,410,368 2,410,368 2030 Selected 5/30/2019 Domestic BB / / -/ Regional - Debt5Issuance 7.0 5/30/2024 AT MATURITY GEL 164,579,720 164,579,720 2/4/2021 BB / - / - 2 8.0 2/4/2023 AT MATURITY GEL 87,435,000 87,435,000 - 3/15/2018 Issue Date - / - / - / S&P Fitch / Moody's 4 Tenor 7.9 Coupon Rate (%) 6/15/2022 Maturity Date AT MATURITY Maturity Type GEL Currency Currency4,907,976 Amount Issued 4,907,976 Currency Outstanding 8/6/2020 BB / - / - 2 8.3 11/6/2022 AT MATURITY GEL 113,918,350 113,918,350 - 3/15/2018 7/15/2021 -/ B / -- / -- / 5 1 7.9 0.0 3/15/2023 NO DATA AVAILABLE 7/14/2022 AT MATURITY GEL 4,089,980 4,799,610 4,089,980 4,799,610 1/30/2020 BB / - / - 5 9.1 5/30/2025 AT MATURITY GEL 331,606,080 331,606,080 - Source: Bloomberg, December 3/15/2021 - 2021 /-/- 3 8.3 12/15/2024 AT MATURITY GEL 2,410,368 2,410,368 2030 5/30/2019 BB / - / - 5 7.0 5/30/2024 AT MATURITY GEL 164,579,720 164,579,720 - 2/4/2021 BB / - / - 2 8.0 2/4/2023 AT MATURITY GEL 87,435,000 87,435,000 3/15/2018 -/-/- 4 7.9 6/15/2022 AT MATURITY GEL 4,907,976 4,907,976 8/6/2020 BB / - / - 2 8.3 11/6/2022 AT MATURITY GEL 113,918,350 113,918,350 - 3/15/2018 -/-/- 5 7.9 3/15/2023 AT MATURITY GEL 4,089,980 4,089,980 1/30/2020 BB / - / - 5 9.1 5/30/2025 AT MATURITY GEL 331,606,080 331,606,080 Source: Bloomberg, December 2021 - 5/30/2019 BB / - / - 5 7.0 5/30/2024 AT MATURITY GEL 164,579,720 164,579,720 - 3/15/2018 -/-/- 4 7.9 6/15/2022 AT MATURITY GEL 4,907,976 4,907,976 - 3/15/2018 -/-/- 5 7.9 3/15/2023 AT MATURITY GEL 4,089,980 4,089,980 Source: Bloomberg, December 2021 Europe & Central Asia | 112 Kosovo Kosovo DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 4.1 4.2 3.8 4.9 -5.3 6.0 Upper middle income Infla�on (%) 0.8 0.4 1.5 1.0 1.4 - Public Debt (% of GDP) 14.4 16.2 17.0 17.6 24.1 25.8 LENDING Net Claims on Govt (% of GDP) -2.6 -1.8 0.8 2.7 7.8 - Current Account Balance (% of GDP) -7.9 -5.4 -7.6 -5.6 -7.1 -7.9 IDA Primary balance (% of GDP) -1.5 -1.2 -2.6 -2.6 -7.5 -4.4 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.6 3.6 3.5 3.6 3.6 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 60 60 50 50 50 40 40 0 Source: M 20 20 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem Euro m 0 0 300 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 200 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing 100 Source: WEO, October 2021 Source: WEO, October 2021 0 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 15 Select Issue D 10 50 No data available NO DATA AVAILABLE NO DATA AVAILABLE 5 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Sources: WB Staff Calculations: WDI, 2021; WEO, October 2021 Sources: WB Staff Calculations: WDI, 2021 and IDS 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP - - - - - - - - - - - PV of PPG External Debt-to-Exports - - - - - - - - - - - Debt Service-to-Revenue - - - - - - - - - - - Debt Service-to-Exports - - - - - - - - - - - Europe & Central Asia | 113 KOSOVO Kosov DMF Activities and Selected DeM Reforms DMF Activities Kosov 16 2017 2021 DMF Activities and Selected DeM Reforms 6.0 - 25.8 16 2017 - Selected DeM Reforms 2021 -7.9 -4.4 6.0 - 25.8 - -7.9 - -4.4 Source: MTI Global Macro and Debt Unit, 2021 - - Debt Management Assessment (Percent of Sa�sfactory Performance, 2017) Source: MTI Global Macro and Debt Unit, 2021 - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 Debt Management Assessment 60 (Percent of Sa�sfactory Performance, 2017) 50 AVAILABLE NO DATABorrowing Governance Macro Policies Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 0 40 60 Latest DeMPA Previous DeMPA Regional Average 50 NO DATA AVAILABLE Source: MTI Global Macro and Debt Unit, 2021 20 40 0 Redemption Profile Debt Portfolio Risk Indicators Latest DeMPA Previous DeMPA Regional Average Euro million External Domes�c Total 0 Source: MTI Global Macro and Debt Unit, 2021 300 20 Cost of Debt Weighted Av. Interest Rate (%) 2.0 2.1 2.1 Refinancing Risk ATM (years) 8.7 2.9 5.9 Redemption 200 Profile Debt Portfolio Risk Indicators 13.9 Debt Maturing in 1 yr (% of total) 16.8 15.8 Euro million External Domes�c Total 0 300 Interest Rate Debt Refixing in 1 yr (% of total) 29.1 16.8 21.1 Cost of Debt Weighted Av. Interest Rate (%) 2.0 2.1 2.1 100 NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) 74.9 100.0 91.1 Refinancing Risk ATM (years) 8.7 2.9 5.9 200 FX Risk FX Debt (% of total debt) - - 8.0 0 Debt Maturing in 1 yr (% of total) 13.9 16.8 15.8 ST FX Debt (% of reserves) - - - 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 Interest Rate Debt Refixing in 1 yr (% of total) 29.1 16.8 21.1 100 Domes�c NO DATA AVAILABLE External Risk NO DATA AVAILABLE 74.9 Fixed Rate Debt (% of total) 100.0 91.1 Source: Ministry of Finance, 2021 FX Risk Source: FX Debt Ministry of Finance, 2021(% of total debt) - - 8.0 0 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - - Selected International Debt Issuance Domes�c External Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 NO DATA AVAILABLE Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2020 2030 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding - NO DATA AVAILABLE - 2030 - - - - - - Europe & Central Asia | 114 K�r��� Republic Kyrgyz R�public DMF K�r��� R�public INCOME Lower middle income MACROECONOMIC INDICATORS Real GDP Growth (%) Infla�on (%) MACROECONOMIC 2016 4.3 2012 2013 2017 4.7 6.1 INDICATORS 6.3 2018 3.5 3.7 2014 2019 4.5 2012 9.6 -0.8 2015 2016 2020 0.4 2013 2021 2017 - 2014 - 2015 201 Public Debt (% of GDP) 59.1 58.8 54.8 2016 54.1 2017 65.9 201867.7 2019 2020 INCOME -2.2(%) -1.6 -1.9 LENDING Net Claims on Govt (% of GDP) Real GDP Growth 4.3 - 4.7 - 3.5 - 4.5 0.4 Lower middle income Current Account Balance (% Inof fla� on (%) 10.9 GDP) 5.5 11.4 8.5 6.1 13.8 6.3 5.1 -0.8 3.7 9.6 IDA Primary balance (% of GDP) Public Debt (%-4.9of GDP) -2.9 0.4 59.1 0.8 58.8-6.4 54.8 3.3 54.1 65.9 LENDING Sources: Debt Sustainability Analysis, Claims Net2021; on2021 WDI, Govt (% of GDP) -2.2 -1.6 -1.9 - - HIPC ELIGIBILITY IDA INSTITUTIONAL CAPACITY Current Account Balance (% of GDP) 10.9 5.5 11.4 8.5 13.8 Primary balance (% of GDP) -4.9 -2.9 0.4 0.8 -6.4 - Overall CPIA Ra�ng 3.7 Sources: Debt Sustainability 3.6 2021; Analysis, 3.6 WDI, 20213.5 3.5 - HIPC ELIGIBILITY FRAGILE AND CONFLICT STATE INSTITUTIONAL CAPACITY DEBT SUSTAINABILITY Sourc - non-FCS Risk of Debt Distress Overall CPIA Ra Mod �ng Mod Mod 3.7 Mod 3.6 Mod 3.6 Mod 3.5 3.5 WB List ofAND Sources: WB Classification, July 2021;FRAGILE CONFLICT Fragile STATE and Conflict-a ffected Situations (FCS) FY22 DEBT SUSTAINABILITY Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt non-FCS Risk of Debt Distress Mod Mod Mod Mod Mod (Percen Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 50 15 10 10 0 15 10 10 0 0 Source: M 10 0 5 NO DATA AVAILABLE NO DATA AVAILABLE -10 -10 Redem 5 NO DATA AVAILABLE NO DATA AVAILABLE -10 0 -20 -20 2011 2012 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 -20 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need 2012Defi2013 2011Primary cit 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Real GDP Real Interest Rate Change in Public Sector Debt Exchange Rate Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Real GDP Real Interest Rate Change in Public Se Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) 100 (Percent of Total) 100 60 Select 60 Issue D 40 40 50 50 NO DATA AVAILABLE NO DATA AVAILABLE 20 NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 0 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 0 2016 2017 2018 2019 2020 Source: B 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Domes�c External Bilateral Commercial Mul�lateral Domes�c Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 12/20/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 20 12/13/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 11/29/ 2029 DEBT SUSTAINABILITY INDICATORS DEBT SUSTAINABILITY INDICATORS 11/22/ PV of PPG External Debt-to-GDP 55 38.1 37.4 36.7 35.9 34.8 34.0 32.9 31.9 31.0 30.1 29.3 PV of PPG External Debt-to-GDP 55 38.1 37.4 36.7 35.9 34.8 34.0 32.9 31.9 31.0 11/15/ 30.1 PV of PPG External Debt-to-Exports 240 128.2 116.7 107.7 105.3 101.6 98.3 95.4 90.4 85.4 80.6 76.0 PV of PPG External Debt-to-Exports 240 128.2 116.7 107.7 105.3 101.6 98.3 95.4 90.4 85.4 10/18/ 80.6 Debt Service-to-Revenue 23 10.4 9.2 9.8 9.5 10.5 9.3 10.6 11.0 11.0 10.9 10.7 6/14/ Debt Service-to-Revenue 23 10.4 9.2 9.8 9.5 10.5 9.3 10.6 11.0 11.0 10.9 Debt Service-to-Exports 21 9.6 8.1 8.5 8.3 9.2 8.2 9.3 9.5 9.2 8.8 8.4 5/11/ Debt Service-to-Exports 21 9.6 8.1 8.5 8.3 9.2 8.2 9.3 9.5 9.2 8.8 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Europe & Central Asia | 115 100 50 NO DATA AVAILABLE 10 KYRGYZ REPUBLIC 0 Latest DeMPA Regional Average Kyrgyz Kyrgy 0 Source: MTI Global Macro and Debt Unit, 2021 DMF Activities and Selected DeM Reforms -10 Redemption Profile Debt Portfolio Risk Indicators DMF Activities 16 2017 2021 - -20- 1 67.7 - Selected DeM Reforms ng Flows 5.1 ector3.3 Debt NO DATA AVAILABLE NO DATA AVAILABLE - Source: MTI Source: MTI Global Global Macro Macro and and Debt Unit, 2021 Debt Unit, 2021 Mod Debt Management Assessment Selected International Debt Issuance (Percent of Sa�sfactory Performance, 2015) Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Governance Governance Macro Policies Macro Policies Borrowing Borrowing Cash Flow Cash Flow Opera� Opera onal Risk �onal Risk Mgmt & Debt Mgmt & Debt Recording Recording NO DATA AVAILABLE 100 50 NO DATA NO DATA AVAILABLE AVAILABLE 10 0 0 Latest DeMPA Latest DeMPA Regional Average Regional Average Source: MTI Source: MTI Global Global Macro Macro and and Debt Unit, 2021 Debt Unit, 2021 2020 Source: Bloomberg, December 2021 -10 Selected Domestic Redemption Profile / Regional Debt Issuance Debt Portfolio Risk Indicators Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 12/20/2021 -/-/- 20 10.0 NO DATA AVAILABLE 12/20/2041 AT MATURITY KGS 24,096,878 24,096,878 -20 12/13/2021 -/-/- 1 0.0 12/12/2022 AT MATURITY KGS 28,352 28,352 2030 1 11/29/2021 -/-/- 20 5.0 11/29/2041 AT MATURITY KGS 1,805,767 1,805,767 11/22/2021 -/-/- 15 9.0 11/22/2036 AT MATURITY KGS 4,095,363 4,095,363 29.3 ng Flows Flows 11/15/2021 -/-/- 20 10.0 11/15/2041 AT MATURITY KGS 6,379,560 6,379,560 ector Debt 76.0 Debt NO DATA AVAILABLE NO DATA NO DATA AVAILABLE AVAILABLE 10/18/2021 -/-/- 1 0.0 10/17/2022 AT MATURITY KGS 1,888,208 1,888,208 10.7 6/14/2021 -/-/- 1 0.0 6/13/2022 AT MATURITY KGS 258,179 258,179 8.4 5/11/2021 -/-/- 1 0.0 5/10/2022 AT MATURITY KGS 15,090 15,090 Source: Bloomberg, December 2021 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Tenor Coupon Rate Coupon Rate (%) (%) Maturity Date Maturity Date Maturity Maturity Type Type Currency Currency Currency Currency Amount Issued Currency Amount Issued Currency Outstanding Outstanding NO DATA NO DATA AVAILABLE AVAILABLE 2020 Source: Bloomberg, Source: December 2021 Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Tenor Coupon Rate Coupon Rate (%) (%) Maturity Date Maturity Date Maturity Maturity Type Type Currency Currency Currency Amount Currency Issued Currency Amount Issued Currency Outstanding Outstanding 021 12/20/2021 -/-/- 20 20 10.0 10.0 NO DATA NO DATA AVAILABLE 12/20/2041 12/20/2041 AVAILABLE AT AT MATURITY MATURITY KGS KGS 24,096,878 24,096,878 24,096,878 24,096,878 12/13/2021 -/-/- 11 0.0 0.0 12/12/2022 12/12/2022 AT AT MATURITY MATURITY KGS KGS 28,352 28,352 28,352 28,352 2030 11/29/2021 -/-/- 20 20 5.0 5.0 11/29/2041 11/29/2041 AT AT MATURITY MATURITY KGS KGS 1,805,767 1,805,767 1,805,767 1,805,767 11/22/2021 -/-/- 15 15 9.0 9.0 11/22/2036 11/22/2036 AT AT MATURITY MATURITY KGS KGS 4,095,363 4,095,363 4,095,363 4,095,363 29.3 11/15/2021 -/-/- 20 20 10.0 10.0 11/15/2041 11/15/2041 AT AT MATURITY MATURITY KGS KGS 6,379,560 6,379,560 6,379,560 6,379,560 76.0 10/18/2021 -/-/- 1 1 0.0 0.0 10/17/2022 10/17/2022 AT AT MATURITY MATURITY KGS KGS 1,888,208 1,888,208 1,888,208 1,888,208 10.7 6/14/2021 -/-/- 1 1 0.0 0.0 6/13/2022 6/13/2022 AT MATURITY AT MATURITY KGS KGS 258,179 258,179 258,179 258,179 8.4 5/11/2021 -/-/- 1 1 0.0 0.0 5/10/2022 5/10/2022 AT MATURITY AT MATURITY KGS KGS 15,090 15,090 15,090 15,090 Source: Bloomberg, Source: December 2021 Bloomberg, December 2021 Europe & Central Asia | 116 Moldova Moldov� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 4.4 4.7 4.0 3.6 -3.0 - Upper middle income Infla�on (%) 5.7 6.3 2.1 6.7 4.2 - Public Debt (% of GDP) 36.9 32.7 30.6 27.9 36.0 37.1 LENDING Net Claims on Govt (% of GDP) 0.0 -0.5 0.5 - - - Current Account Balance (% of GDP) 3.4 5.5 9.9 9.3 9.9 10.8 IBRD Primary balance (% of GDP) -0.4 0.5 0.0 -0.7 -6.0 4.5 Sources: Debt Sustainability Analysis, 2019; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.7 3.7 3.7 3.7 - - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Low Low Low Low Low - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2019 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) Moldov� (Percent of GDP) 100 10 10 50 30 MACROECONOMIC INDICATORS 2012 2013 2014 2015 201 2016 2017 2018 2019 2020 INCOME 5 5 0 Real GDP Growth (%) 4.4 4.7 4.0 3.6 -3.0 Upper middle income Infla�on (%) 5.7 6.3 2.1 6.7 4.2 20 Public Debt (% of GDP) 36.9 32.7 30.6 27.9 36.0 LENDING Net Claims on Govt (% of GDP) 0.0 -0.5 0.5 - Source:-M 0 Current Account Balance (% of GDP) 3.4 5.5 0 9.9 9.3 9.9 IBRD Primary balance (% of GDP) -0.4 0.5 0.0 -0.7 -6.0 10 NO DATA AVAILABLE NO DATA AVAILABLE Sources: Debt Sustainability Analysis, 2019; WDI, 2021 Redem HIPC ELIGIBILITY INSTITUTIONAL CAPACITY USD mi - -5 -5 Overall CPIA Ra�ng 3.7 3.7 3.7 3.7 - 0 FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY 600 2011 2012 2013 2014 2015 2016 2017 2018 non-FCS 2019 2020 2021 2014 2011 2012 2013 Risk 2015 of Debt 2016 2017 2018 2019 Distress 2021 Low Low2020Low Low Low Exchange Rate Primary Deficit Other Debt Crea�ng Flows 400 Gross Financing Need Sources: WB Classi fication, Primary Defi cit 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 July Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2019 Real GDP Real Interest Rate Change in Public Sector Debt 200 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Gross Financing Need and Primary Deficit Contribution to Change in Public Debt 0 (Percent of GDP) (Percent of GDP) Evolution of External and Domestic Public Debt 10 Sources Evolution of Financing (Percent of GDP) (Percent of Total) 30 Source: M 40 100 5 Select 20 Issue D 30 0 10 NO DATA AVAILABLE NO DATA AVAILABLE 20 50 -5 NO DATA AVAILABLE NO DATA AVAILABLE 10 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 0 Exchange Rate Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 Real GDP 2017 2018 2019 Real Interest Rate 2020 Change in Public Se Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Evolution of External and Domestic Public Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2019 2021, IDS 2021of Evolution Sources: WB Staff Calculations: WDI andFinancing Sources Joint WB/IMF Debt Sustainability Analysis, 2019 11/4/ (Percent of GDP) (Percent of Total) 11/4/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 40 100 8/5/ DEBT SUSTAINABILITY INDICATORS 7/2/ PV of PPG External Debt-to-GDP 55 15.0 14.9 14.9 14.8 14.5 14.2 14.0 13.6 13.3 12.9 13.0 6/18/ PV of PPG External Debt-to-Exports 30 240 51.0 46.4 46.1 45.1 44.2 43.8 43.0 42.1 41.0 40.0 40.5 6/18/ Debt Service-to-Revenue 23 6.5 5.3 5.0 5.4 6.4 5.4 4.8 4.7 4.7 4.7 4.4 5/21/ Debt Service-to-Exports 21 6.4 5.0 4.6 4.9 5.8 4.9 4.4 4.3 4.3 4.3 4.1 5/21/ 20 50 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: B NO DATA AVAILABLE NO DATA AVAILABLE 10 Europe & Central Asia | 117 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 16 2017 16 2017 2021 2021 - MOLDOVA - - - 37.1 37.1 - - 10.8 Moldo 10.8 4.5 4.5 DMF Activities and Selected DeM Reforms Moldo DMF Activities 16 - 2017 - DMF Activities and Selected DeM Reforms 2021 Source: MTI Global Macro and Debt Unit, 2021 -- Source: MTI Global Macro and Debt Unit, 2021 -- 16 2017 37.1 Debt Management Assessment 2021- Debt Management Assessment Selected DeM Reforms 10.8- (Percent of Sa�sfactory Performance, 2018) (Percent of Sa�sfactory Performance, 2018) 4.5- Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 37.1 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 100 10.8 100 10 4.5 10 - 50 NO DATA AVAILABLE 50 NO DATA AVAILABLE Source: MTI Global Macro and Debt Unit, 2021 - 5 0 5 - 0 Debt Management Latest DeMPA Assessment Previous DeMPA Regional Average Moldo Source: MTI Global Latest DeMPA Macro and Debt Unit, 2021 Previous DeMPA Regional Average - (Percent of Sa �sfactory Performance, 2018) 0 DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 Source: MTI Global Macro and Debt Unit, 2021 0 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Debt Management Assessment Redemption 100 Profile (Percent of Sa�sfactory Performance, 2018) Debt Portfolio Risk Indicators 16 2017 Redemption Profile Debt Portfolio Risk Indicators 10 USD million External Domes�c Total 2021 -5 USD million Governance Macro Policies Borrowing Cash Flow External Domes Opera�onal Risk Mgmt�& Total cDebt Recording -5 50 Cost of Debt NO DATA AVAILABLE Weighted Av. Interest Rate (%) - - - - Cost of Debt Weighted Av. Interest Rate (%) - - - 100 - 600 Refinancing Risk ATM (years) 5.8 9.1 7.5 600 Refinancing Risk ATM (years) 5.8 9.1 7.5 1 37.1 10 5 0 1 - Debt Maturing in 1 yr (% of total) 55.8 5.3 28.2 50 400 NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 55.8 5.3 28.2 10.8 ng Flows 400 Latest DeMPA Previous DeMPA Regional Average Interest Rate Debt Refixing in 1 yr (% of total) 56.3 35.0 44.7 ng Flows ector4.5 Interest Rate Debt Refixing in 1 yr (% of total) 56.3 35.0 44.7 Debt 2021DATA AVAILABLE Source: MTI Global Macro and Debt Unit, NO Risk NO DATA AVAILABLE - 5 ector 0 200 NO DATA AVAILABLE Risk Fixed Rate DebtNO of total) (% DATA AVAILABLE - - 0 Debt 200 Fixed Rate Debt (% of total) - - - FX Risk FX Debt (% of total debt) - - 54.6 0 Latest DeMPA Previous DeMPA Regional Average FX Risk FX Debt (% of total debt) - - 54.6 Redemption 0 Profile Debt Portfolio Risk Indicators ST FX Debt (% of reserves) - - - - Source: MTI2022 2024Unit,2025 2023 and Debt Global Macro 2021 2026 2027 2028 2029 2030 2031 USD million2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 ST FX Debt (% of reserves) - External Domes�- c Total - 0 -5 Domes Source: External �c Macro and Debt Unit, MTI Global 2021 Domes�c External Cost of Debt Weighted Av. Interest Rate (%) - - - - Redemption Profile Debt Portfolio Risk Indicators 600 Ministry of Finance, 2021 Source: Source: Ministry Refinancing of Finance, Risk ATM2021 (years) 5.8 9.1 7.5 Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 1 USD million Debt Management Assessment External Domes�c Total -5 Debt Maturing in 1 yr (% of total) 55.8 5.3 28.2 Selected 400 (Percent of International Debt Issuance Sa�sfactory Performance, 2018) Cost of Debt Weighted Av. Interest Rate (%) - - - ng Flows Selected International Debt Issuance Interest Rate Debt Refixing in 1 yr (% of total) 56.3 35.0 44.7 600 Date Issue Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Refi Maturity nancing Type ATM Risk Currency (years) Currency Amount Issued 5.8 Currency 9.1Outstanding7.5 ector Debt Issue Date Fitch / Moody's /NO Governance S&PDATA AVAILABLE Tenor Macro Coupon Rate (%) Maturity Date Risk Policies Borrowing Maturity Type Fixed Rate Debt Currency Currency NO Cash DATA Amount Flow AVAILABLE (% of total) Issued - Currency Outstanding Opera�onal Risk Mgmt & - Debt Recording - 1 200 NO DATA AVAILABLE NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 55.8 5.3 28.2 100 400 FX Risk FX Debt (% of total debt) - - 54.6 ng Flows 0 10 Interest Rate Debt Refixing in 1 yr (% of total) 56.3 35.0 44.7 ector Debt 2022 2023 2024 NO DATA 2025 AVAILABLE 2026 2027 2028 2029 2030 2031 Risk ST FX Debt (% of NO DATA AVAILABLE - reserves) - - 50 200 Fixed Rate Debt (% of total) - - - NO DATA AVAILABLE Domes�c External FX Risk FX Debt (% of total debt) - - 54.6 0 5 0 Ministry of Finance, 2021 Source: Source: Ministry of Finance, ST FX 2021 Debt (% of reserves) - - - 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 DomesDeMPA Latest External �c Previous DeMPA Regional Average Selected International Debt Issuance Source: MTI Global Macro and Debt Unit, 2021 0 IssueMinistry Source: Date of Finance, Fitch /2021 Moody's / S&P Tenor Coupon Rate (%) Maturity Date Source: of Finance,Currency MinistryType Maturity 2021 Currency Amount Issued Currency Outstanding 2020 2020 NO DATA AVAILABLE Redemption Profile Selected Domestic / Regional International Debt Issuance Debt Issuance Debt Portfolio Risk Indicators Selected Domestic / Regional Debt Issuance USD million Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency AmountExternal Domes Issued Currency �c Total Outstanding -5 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 019 11/4/2021 -/-/- 1 0.0 NO DATA AVAILABLE 5/5/2022 Cost ofMATURITY AT Debt MDL Weighted 37,073,547 Av. Interest Rate (%) - 37,073,547 - - 019 11/4/2021 -/-/- 1 0.0 NO DATA AVAILABLE 5/5/2022 AT MATURITY MDL 37,073,547 37,073,547 11/4/2021 600 -/-/- 1 0.0 11/3/2022 Re fiAT MATURITY nancing Risk ATM MDL (years) 20,560,889 5.8 20,560,889 9.1 7.5 2030 11/4/2021 -/-/- 1 0.0 11/3/2022 AT MATURITY MDL 20,560,889 20,560,889 2030 8/5/2021 -/-/- 1 0.0 8/4/2022 AT MATURITY MDL 13,926,908 13,926,908 8/5/2021 -/-/- 1 0.0 8/4/2022 MDL in 1 yr (%13,926,908 AT MATURITY Debt Maturing of total) 55.8 5.3 13,926,908 28.2 ng Flows 400 7/2/2021 -/-/- 2 16.3 7/2/2023 AT MATURITY MDL 785,615 785,615 13.0 7/2/2021 -/-/- 2 16.3 7/2/2023 AT MATURITY Interest Rate Debt ReMDL 785,615 56.3 fixing in 1 yr (% of total) 785,615 44.7 35.0 13.0 6/18/2021 -/-/- 2 5.7 6/18/2023 AT MATURITY MDL 2,201,400 2,201,400 ector Debt 40.5 6/18/2021 - / - / - NO DATA AVAILABLE 2 5.7 6/18/2023 RiskAT MATURITY MDL NO DATA 2,201,400 AVAILABLE - 2,201,400 40.5 2020 200 6/18/2021 -/-/- 3 5.9 6/18/2024 AT MATURITY Fixed Rate MDL Debt (% of total) 3,200,003 - 3,200,003 - 6/18/2021 -/-/- 3 5.9 6/18/2024 AT MATURITY MDL 3,200,003 3,200,003 4.4 5/21/2021 -/-/- 2 5.7 5/21/2023 FX Risk AT MATURITY FX Debt (% MDL of total debt) 1,898,362 - - 1,898,362 54.6 4.4 0 5/21/2021 - / -//- 2Issuance 5.7 5/21/2023 AT MATURITY MDL 1,898,362 1,898,362 4.1 Selected 5/21/2021 Domestic -/ - / Regional - 2025 Debt3 5.9 5/21/2024 MDL(% of reserves) AT MATURITY ST FX Debt 2,310,735 - 2,310,735 - - 4.1 2022 5/21/2021 2023 2024 - / - / - / S&P 2026 2027 3 2028 2029 5.9 2030 2031 5/21/2024 AT MATURITY MDL Issue Source: Date Bloomberg, Fitch / Moody's December 2021 Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency2,310,735 Amount Issued Currency2,310,735 Outstanding 2020 Source: Bloomberg, Domes�c December 2021 019 11/4/2021 - / - / - External 1 0.0 NO DATA AVAILABLE 5/5/2022 AT MATURITY MDL 37,073,547 37,073,547 Selected 11/4/2021 Source: Domestic Ministry - / -/ of Finance, 2021 / Regional - Debt1Issuance 0.0 11/3/2022 ATMinistry MATURITY Source: MDL of Finance, 2021 20,560,889 20,560,889 2030 Issue Date 8/5/2021 Fitch / Moody's - / - / - / S&P Tenor 1 Coupon Rate (%) 0.0 Maturity Date 8/4/2022 Maturity AT MATURITYType Currency MDL Currency Amount Issued 13,926,908 Currency Outstanding 13,926,908 019 Selected International 11/4/2021 7/2/2021 - / - / - Debt Issuance 1 2 0.0 16.3 NO DATA AVAILABLE 5/5/2022 7/2/2023 AT MATURITY MDL 37,073,547 785,615 37,073,547 785,615 13.0 11/4/2021 6/18/2021 Issue Date - / - / - / S&P Fitch / Moody's 1 2 Tenor 0.0 5.7 Coupon Rate (%) 11/3/2022 6/18/2023 Maturity Date AT MATURITY Maturity Type MDL Currency 20,560,889 Currency 2,201,400 Amount Issued 20,560,889 2,201,400 Currency Outstanding 2030 40.5 8/5/2021 1 0.0 8/4/2022 13,926,908 13,926,908 6/18/2021 -/-/- 3 5.9 6/18/2024 AT MATURITY NO DATA AVAILABLE MDL 3,200,003 3,200,003 4.4 7/2/2021 5/21/2021 -/-/- 2 16.3 5.7 7/2/2023 5/21/2023 AT MATURITY MDL 785,615 1,898,362 785,615 1,898,362 13.0 4.1 6/18/2021 5/21/2021 -/-/- 2 3 5.7 5.9 6/18/2023 5/21/2024 AT MATURITY MDL 2,201,400 2,310,735 2,201,400 2,310,735 40.5 6/18/2021 Source: - 2021 Bloomberg, December /-/- 3 5.9 6/18/2024 AT MATURITY MDL 3,200,003 3,200,003 4.4 5/21/2021 -/-/- 2 5.7 5/21/2023 AT MATURITY MDL 1,898,362 1,898,362 4.1 5/21/2021 -/-/- 3 5.9 5/21/2024 AT MATURITY MDL 2,310,735 2,310,735 Source: Bloomberg, December 2021 Europe & Central Asia | 118 2020 Tajikistan T�jikist�n DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 6.9 7.1 7.3 7.5 4.5 5.0 Lower middle income Infla�on (%) 0.5 9.8 2.5 3.7 2.3 - Public Debt (% of GDP) 42.4 50.3 47.8 44.1 51.3 49.3 LENDING Net Claims on Govt (% of GDP) 2.7 -1.4 0.3 0.5 -2.4 - Current Account Balance (% of GDP) -4.2 2.2 -5.0 -2.3 4.2 1.9 IDA Primary balance (% of GDP) -8.3 -5.5 -1.7 -1.2 -3.5 -1.7 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.0 3.0 3.1 3.1 3.1 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress High High High High High High T�jikist�n Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public MACROECONOMIC Debt INDICATORS 2012 2013 2014 2015 201 (Percent of GDP) (Percent of GDP) 2016 2017 2018 2019 100 2020 INCOME 20 Real GDP Growth (%) 6.9 7.1 7.3 7.5 4.5 Lower middle income Infla�on (%) 0.5 9.8 2.5 3.7 2.3 42.4 50.3 47.8 44.1 50 51.3 Public Debt (% of GDP) LENDING Net Claims on Govt (% of GDP) 2.7 -1.4 0.3 0.5 -2.4 15 Current Account Balance (% of GDP) -4.2 2.2 -5.0 -2.3 4.2 10 10 0 IDA Primary balance (% of GDP) -8.3 -5.5 -1.7 -1.2 -3.5 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 10 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY Source: M - Overall CPIA Ra�ng 3.0 3.0 3.1 3.1 3.1 NO DATA AVAILABLE 0 NO DATA AVAILABLE 0 5 FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Redem non-FCS Risk of Debt Distress High High High High High 0 Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 -10 -10 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Gross Financing Need and Primary Deficit Contribution to Change in Public Debt Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need GDP) Deficit (Percent of Primary (Percent of GDP) Real GDP Real Interest Rate Change in Public Sector Debt 20 Source: WEO, October 2021 Source: WEO, October 2021 15 10 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 10 100 NO DATA AVAILABLE 0 NO DATA AVAILABLE Select 5 40 Issue D 9/14/ 0 -10 50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20 NO DATA AVAILABLE NO DATA Exchange AVAILABLE Rate Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Se Source: WEO, October 2021 Source: WEO, October 2021 0 0 2010 2011 2012 2014 of Evolution 2013 External 2015 2016 2017 2018 2019 Public and Domestic 2020 Debt 2014 2015 Evolution 2016 of 2017 Financing Sources 2018 2019 2020 Source: B (Percent of GDP) (Percent of Total) Domes�c External Bilateral Commercial Mul�lateral Domes�c Select 100 Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 40 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 32.5 33.2 33.1 33.8 34.5 34.5 34.2 34.0 34.1 34.6 34.9 50 PV of PPG External Debt-to-Exports 180 220.1 207.5 198.9 198.4 198.1 194.1 190.5 187.8 187.7 189.2 190.4 20 NO DATA AVAILABLE NO DATA AVAILABLE Debt Service-to-Revenue 18 11.9 11.0 10.5 8.9 8.6 15.6 16.6 16.5 10.4 11.0 10.7 Debt Service-to-Exports 15 18.9 16.7 15.5 13.0 12.4 22.1 22.5 22.2 13.9 14.7 14.1 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 Europe & Central Asia | 119 Domes�c External Bilateral Commercial Mul�lateral Domes�c Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 20 DMF Activities and Selected DeM Reforms 16 2017 TAJIKISTAN 2021 5.0 Tajikistan Tajikis - 49.3 Tajikistan Tajikis - DMF Activities and Selected DeM Reforms 1.9 DMF Activities and Selected DeM Reforms -1.7 16 2017 DMF Activities 2017 16 2021 2021 5.0 - 5.0- 49.3 - Source: MTI Global Macro and Debt Unit, 2021 49.3 - High 1.9- Selected DeM Reforms -1.7 1.9 Debt Management Assessment -1.7 (Percent of Sa�sfactory Performance, 2015) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - - 100 Tajikis Source: MTI Global Macro and Debt Unit, 2021 High High DMF 50 Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 NO DATA AVAILABLE Debt Management Assessment 10 Debt (Percent 0 Management Assessment of Sa�sfactory Performance, 2015) 16 2017 Cash Flow 2015) (Percent of Sa�sfactory Performance, Borrowing Opera�onal Risk Mgmt & Debt Recording 2021 Governance Latest DeMPA Macro Policies Previous DeMPA Borrowing Regional Average Cash Flow Opera�onal Risk Mgmt & Debt Recording Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 5.0 100 MTI Global Macro and Debt Unit, 2021 Source: - 100 49.3 0 - NO DATA AVAILABLE 50 Redemption Profile Debt Portfolio Risk Indicators NO DATA AVAILABLE 1.9 50 NO DATA AVAILABLE NO DATA AVAILABLE External Domes�c Total -1.7 10 0 Cost of Debt Weighted Av. Interest Rate (%) 2.5 3.0 2.7 10 0 -10 Regional Average Latest DeMPA Previous DeMPA Regional Average Refinancing Risk ATM (years) - - - 1 Regional - Average Source: MTI Latest DeMPA Global Macro and Debt Unit, 2021 Previous DeMPA Regional Average Debt Maturing in 1 yr (% of total) - - - ng Flows Source: MTI Global Macro and Debt Unit, 2021 0 Source: MTI Global Macro and Debt Unit, 2021 Interest Rate Debt Refixing in 1 yr (% of total) - - - High ector Debt 0 Debt Portfolio Redemption Pro file Indicators Risk NO DATA AVAILABLE Risk Portfolio Risk Indicators Debt NO DATA AVAILABLE - Fixed Rate Debt (% of total) - - Debt Portfolio Redemption Pro file Indicators Risk External Domes�c Total Debt Portfolio Risk Indicators External Domes�- c Total Debt Management Assessment External Domes�c Total FX Risk 2.7 ExternalCost of Debt FX Debt (% of total debt) Domestic - Total 81.3 Cost of Debt Weighted Av. Interest Rate (%) (Percent of Sa�sfactory Performance, 2015) 2.5 3.0 Weighted Av. Interest Rate (%) External 2.5 Domes �c 3.0 Total 2.7 ST FX Debt (% of reserves) - - - -10 Cost Re Cost of DebtRisk ATM Weighted of Debt financing Av. Interest (years) Rate (%) Weighted Av. Interest2.5 - (%) Rate 3.0 - 2.7- Cost of Debt Weighted 2.5 Refinancing Risk ATM (years) 3.0 Av. Interest Rate (%) 2.5 3.0 2.7- 2.7 - - -10 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 1 ATM Maturing Refinancing Risk Debt (years) in ATM 1 yr (% of total) (years) - - - - - - - Refinancing Risk ATM (years) - - - - Refinancing Risk Debt Maturing in- 1 yr (% of total) - - - 1 100 Debt Maturing in 1 yr (% of total) - - - ng Flows Interest Rate Debt Refixing in 1Debt of total) in 1 yr (% yr (%Maturing - of total) - - - Source: WB Sta ff Debt Calcula ti Maturing ons: Joint in WB/IMF 1 yr Debt(% of total) Sustainability - yr (% of total) Analysis, - 2021 - -- - Interest Rate Debt Refixing in 1 - - ng Flows Risk Interest Rate Debt Re fixing NO in 1 NO DATA yr (% DATA of AVAILABLE total) AVAILABLE - - - Interest Rate Debt Refixing in NO 1 DATA (% of AVAILABLE ector Debt Fixed Rate Debt (% of total) Debt Refixing in 1 yr (%-of total) - - - Risk Fixed Rate Debt (% - yr total) of total) - - - -- - - ector Debt 50 Selected Interest Risk International Rate Risk Debt NO DATAIssuance AVAILABLE - NO DATA AVAILABLE Risk NO DATA AVAILABLE - FX Risk Fixed Rate Debt FX Debt (% of total (% of debt) Fixedtotal) - Rate Debt (% of total) - - 81.3- - Fixed Rate Debt (% of total) - debt) - - - Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date FX Risk Maturity Type FX Debt (% of total - Currency Currency Amount Issued Currency Outstanding - 81.3 10 FX0 Risk FX Debt (% of total debt) ST FX Debt (% of reserves) FX Debt (% of total debt) - - - - 81.3- - FX Risk FX Debt (% of total - debt) - 81.3 - 81.3 FX9/14/2017 Risk - / B3 *- / B- 10 7.1 NO DATA AVAILABLE 9/14/2027 SINKABLE ST FX Debt USD (% of reserves)500,000,000 - - 500,000,000 - ST FX Debt (% of reserves) ST FX Debt (% of reserves)- - - - ST FX Debt (% of - reserves) - - - - Latest DeMPA Previous DeMPA Regional Average Source:MTI Source: WB Global Staff of Ministry Macro Calcula Finance,and tions: Debt Joint Unit, 2021 WB/IMF2021 Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 0 Redemption Profile Debt Issuance Selected International Debt Portfolio Risk Indicators Maturity Date Selected Maturity Issue Date International Type Moody'sDebt Currency Fitch / S&P Issuance / Currency Amount Tenor Currency Issued Coupon Outstanding Rate (%) Maturity Date Maturity Type Currency Currency AmountExternal Issued Domes Currency �c Total Outstanding NO DATA Maturity AVAILABLE Date 9/14/2027 Maturity Issue Date Type SINKABLE 9/14/2017 -/ Fitch Currency USD Moody's / B3 Currency Amount *- / B- / S&P 500,000,000 Tenor 10 Currency Issued Coupon Outstanding 500,000,000 Rate 7.1 (%) Maturity Date NO DATA 9/14/2027 Maturity Debt TypeWeighted AVAILABLE Cost SINKABLE of Currency USD Currency Av. Interest Amount 500,000,000 Rate (%) 2.5 Currency Issued Outstanding2.7 500,000,000 3.0 NO DATA AVAILABLE 9/14/2027 -10 SINKABLE 9/14/2017 USD - / B3 *- / B- 500,000,000 10 500,000,000 9/14/2027 7.1 NO DATA AVAILABLESINKABLE USD 500,000,000 500,000,000 2020 Source: Bloomberg, December 2021 Refinancing Risk ATM (years) - - - Debt Maturing in 1 yr (% of total) - - - ng Flows Selected Domestic / Regional Debt Issuance Interest Rate Debt Refixing in 1 yr (% of total) - - - Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding ector Debt NO DATA AVAILABLE Risk Fixed Rate Debt NO (% DATA of AVAILABLE - total) - - 021 NO DATA AVAILABLE FX Risk FX Debt (% of total debt) - - 81.3 2030 ST FX Debt (% of reserves) - - - 2020 Source: Bloomberg, December 2021 34.9 Source: Bloomberg, December 2021 2020 190.4 Selected Domestic / Regional Debt Issuance Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Maturity Date Selected Date Domestic Maturity Issue TypeFitch / / Regional Currency Moody's / Currency S&P Debt Issuance Amount Tenor Currency Issued Coupon Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 10.7 021 NO DATA AVAILABLE Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount Tenor Currency Issued Coupon Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 14.1 Selected International Debt Issuance NO DATA AVAILABLE 021 NO DATA AVAILABLE NO DATA AVAILABLE 2030 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 2030 9/14/2017 - / B3 *- / B- 10 7.1 NO DATA AVAILABLE 9/14/2027 SINKABLE USD 500,000,000 500,000,000 34.9 34.9 190.4 190.4 10.7 10.7 14.1 14.1 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Europe & Central Asia | 120 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE Uzbekistan U�b�kist�n DMF T�jikist�n MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 6.1 4.5 5.4 5.6 1.5 - Lower middle income Infla�on (%) 8.7 19.4 27.5 19.2 15.8 - Public Debt (% of GDP) MACROECONOMIC 8.6 INDICATORS 20.2 20.4 2012 29.3 2013 34.5 2014 42.1 2015 201 Net Claims on Govt (% of GDP) - - - 2016 - 2017 - 2018 - 2019 2020 LENDING INCOME Current Account Balance (% of GDP Real GDP)Growth -0.8(%) -3.3 6.1 4.4 7.1 6.9 8.0 7.3 5.1 7.5 4.5 Blend Lower middle income Primary balance (% of GDP) Infla�on (%) -0.4 -1.8 -2.0 0.5 -3.7 -5.5 2.5 9.8 4.2 3.7 2.3 Public Sources: Debt Sustainability Analysis, Debt 2021; (% WDI, of GDP) 2021 42.4 50.3 47.8 44.1 51.3 HIPC ELIGIBILITY LENDING Net Claims on Govt (% of GDP) 2.7 -1.4 0.3 0.5 -2.4 INSTITUTIONAL CAPACITY Current Account Balance (% of GDP) -4.2 2.2 -5.0 -2.3 4.2 - IDA Primary balance (% of GDP) -8.3 -5.5 -1.7 -1.2 -3.5 Overall CPIA Ra�ng 3.5 3.6 3.6 3.7 3.7 - Sources: Debt Sustainability Analysis, 2021; WDI, 2021 FRAGILE AND CONFLICT STATE HIPC ELIGIBILITY DEBT SUSTAINABILITY INSTITUTIONAL CAPACITY Sourc non-FCS - Risk of Debt Distress - - Low Low Low Low Overall CPIA Ra�ng 3.0 3.0 3.1 3.1 3.1 Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 FRAGILE AND CONFLICT STATE Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 DEBT SUSTAINABILITY Debt non-FCS Risk of Debt Distress High High High High (Percen High Gross Financing Need and Sources: WB Primary De Classification, July ficit 2021; WB List of Fragile and Conflict-affected SituationsContribution (FCS) FY22 to Change in Public Sources: CPIA-WDI DebtDebt Sustainability Analysis, 2021 2021; Joint WB/IMF (Percent of GDP) (Percent of GDP) 100 Gross Financing Need and Primary Deficit Contribution to Change in Public Debt 50 (Percent of GDP) 10 (Percent of GDP) 10 10 20 0 5 5 5 15 10 Source: M 0 0 0 10 NO DATA AVAILABLE NO DATA AVAILABLE Redem NO DATA AVAILABLE -5 0 NO DATA AVAILABLE -5 -5 5 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 Exchange Rate -10 Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Real GDP 2011 2012 Real Rate 2014 2015 Change 2013 Interest 2016 in2017 2018 Debt Public Sector 2019 2020 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Exchange Source: Joint WB/IMF Debt Sustainability Analysis, Rate 2021 Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Se Source: WEO, October 2021 Source: WEO, October 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Evolution of External and Domestic Public Debt100 Evolution of Financing Sources (Percent of GDP) (Percent of Total) 30 100 Select Issue 7/19/ 20 40 50 NO DATA AVAILABLE 50 NO DATA AVAILABLE 10 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B 0 0 Domes�c 2011 2010 External 2012 2013 2014 2015 2016 2017 2018 2020 2019 Bilateral Commercial2014 2015 Mul�lateral 2016 Domes�c 2017 2018 2019 Select 2 Issue Domes�c External Bilateral Commercial Mul�lateral Domes�c Sources: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021; WDI, 2021 Sources: WB Staff Calculations: WDI, 2021 and IDS 2021 12/28/ 12/14/ Benchmark Source: Joint WB/IMF 2020 Debt Sustainability 2021 Analysis, 2021 2022 2023 2024 Sources: WB2026 2025 2027 Staff Calculations: 2028 WDI 2021, IDS 2029 2021 and Joint 2030 WB/IMF Debt Sustainability Analysis, 20 11/9/ DEBT SUSTAINABILITY INDICATORS Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 11/2 PV of PPG External Debt-to-GDP 55INDICATORS DEBT SUSTAINABILITY 29.5 30.9 30.9 30.8 29.9 29.5 28.4 27.5 26.7 26.0 25.5 10/26 PV of PPG External Debt-to-Exports PV of PPG External240 117.8 Debt-to-GDP 114.4 40 110.7 32.5 109.3 33.2 103.3 33.1 100.0 33.8 96.2 34.5 93.1 34.5 90.4 34.2 88.1 34.0 86.4 34.1 34.610/12 Debt Service-to-Revenue PV of PPG External 23 6.9 Debt-to-Exports 8.6 180 8.7 220.1 8.7 207.5 11.0 198.9 8.4 198.4 10.4 198.1 8.7 194.1 9.0 190.5 11.8 187.8 10.3 187.7 189.29/28 Debt Service-to-Exports Debt Service-to-Revenue 21 6.9 18 8.0 11.9 7.9 11.0 7.8 10.5 9.7 8.9 7.4 8.6 9.1 15.6 7.6 16.6 7.8 16.5 10.3 10.4 9.0 11.0 6/29/ Debt Analysis, Source: Joint WB/IMF Debt Sustainability Service-to-Exports 2021 15 18.9 16.7 15.5 13.0 12.4 22.1 22.5 22.2 13.9 Source: B 14.7 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Europe & Central Asia | 121 - 42.1 Source: MTI Source: MTI Global Macro and Global Macro and Debt Unit, 2021 Debt Unit, 2021 Low - Low 5.1 4.2 Debt Management Assessment (Percent of Sa (Percent of �sfactory Sa�sfactory Performance) UZBEKISTAN Performance) Governance Governance Macro Policies Macro Policies Borrowing Borrowing Cash Flow Cash Flow Opera�onal onal Risk Opera� Risk Mgmt & Debt Mgmt & Debt Recording Recording - 100 Uzbek 100 Tajikis Source: MTI Global Macro and Debt Unit, 2021 Low DMF Activities and Selected DeM Reforms 10 10 DMF 50 50 Activities and Selected DeM Reforms DATA AVAILABLE NO DATA NO AVAILABLE Debt Management Assessment DMF Activities 16 2017 0 0 (Percent of Sa�sfactory Performance) 16 20212017 5 5 Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 2021 Regional Average Regional Governance Average Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 5.0- Source: MTI Global Macro 100 MTI Global Source: and Debt Macro and Unit, 2021 Debt Unit, 2021 42.1- 0 0 49.3 - Selected DeM Reforms NO5.1 10 DATA - AVAILABLE Redemption 50 Profile Debt Portfolio NO DATA AVAILABLE Debt Portfolio Risk Indicators NO1.9 4.2DATA AVAILABLE -1.7 -5 -5 0 Cost of Cost of Debt Debt Weighted Av. Weighted Interest Rate Av. Interest Rate (%) (%) 0.4 0.4 12.1 12.1 0.6 0.6 5 Regional Average Re Regional Average financing Refinancing Risk ATM (years) Risk ATM (years) - - - - - - - Average 1 Regional 1 - Source: MTI Global Macro and Debt Unit, 2021 Debt Maturing in Debt Maturing in 1 (% of yr (% 1 yr of total) total) - - - - - - Flows ng Flows ng Source: MTI Global Macro and Debt Unit, 2021 0Low Source: MTI Global Macro and Debt Unit, 2021 Interest Rate Interest Rate Debt fixing Debt Re Refi in 1 xing in yr (% 1 yr of total) (% of total) - - - - - - ector ector Debt High Debt Debt Portfolio Risk Indicators NO DATA NO DATA AVAILABLE AVAILABLE Risk Risk NO DATANO DATA AVAILABLE AVAILABLE Redemption Profile Debt Portfolio Risk Fixed Fixed Rate Indicators Rate Debt Debt (% of total) (% of total) - - - - - - Debt Portfolio Risk Debt Management Indicators Assessment External Domes�c Total Debt Management Assessment FX Risk FX Risk FX Debt FX (% of Debt (% total debt) of total debt) - - - - 98.4 98.4 -5 Cost of Debt (Percent Weighted of Sa�sfactory Av. Interest Rate (%) Performance) External 2.5 Domes�c 3.0 Total 2.7 External Domestic Total (Percent of Sa�sfactory Performance, 2015) Cost of Debt ST FX ST (% Interest DebtAv. Weighted FX Debt (% of Rate (%) reserves) of reserves) 0.4 - - 12.1- - 0.6 - - Cost Refinancing Cost of Debt of Weighted DebtRisk ATM Governance Av. Interest (years) Rate (%) Weighted Av. Interest2.5- (%) MacroRate Policies 3.0 - 2.7 - 0.4 Borrowing 12.1 Cash Flow 0.6 Opera�onal Risk Mgmt & Debt Recording Governance Macro Policies Re Borrowing financing Risk ATM (years) Cash Flow - - Opera�onal Risk Mgmt & Debt Recording - 1 Refinancing Risk Debt ATM (years) in ATM Maturing 1 yr (% of total) (years) - - - - -- - - - 100 Debt Maturing in 1 yr (% of total) - - - Refinancing Risk 100 ng Flows Interest Rate Maturing Debt Re Debt fixing inin yryr 1 1Debt (% (% of of total) in 1 yr (% total) Maturing - of total) - - - -- Source: WB - Source: Staff WB Sta ff Calcula Calculati ons: Joint tions: Joint WB/IMF WB/IMF Debt Sustainability - Debt Analysis, 2021 Sustainability Analysis, 2021 - Interest Rate Debt Refixing in 1 yr (% of total) - - - Risk Interest 50 Rate Debt Re Fixed fixing Rate Debt NO in 1Debt (% DATA yr of(% ofAVAILABLE total)in 1 yr (%- total) -of total) - - -- ector 10Debt NO DATARefixing AVAILABLE NO DATA - Risk AVAILABLE NO- DATA AVAILABLE - 50 Selected Interest Risk RateInternational Risk Debt NO DATAIssuance AVAILABLE - Fixed Rate Debt (% of total) - - - FX Risk Fixed FX Debt (% Debt Rate (% of total of total) debt) - - - NO DATA 81.3- AVAILABLE Fixed Rate Debt (% of total) - - - Issue Issue Date Fitch / Fitch / Moody's Moody's / / S&P Tenor Coupon Rate (%) Coupon Rate Maturity Date FX Maturity Risk Type FX Currency Debt (% of Currency total debt) Amount Issued - Currency Outstanding - 98.4 FX 0RiskDate FX FX Debt of total (% (% S&P debt) Tenor - (%) - Maturity Date 81.3 Maturity Type Currency Currency Amount Issued Currency Outstanding ST Debt of reserves) - - 10 5 0 FX7/19/2021 7/19/2021 Risk BB- / BB- -/ /- / BB- BB- FX Debt (% of 10 10 total debt) 3.9 3.9 NO -DATA DATA- AVAILABLE 10/19/2031 NO 10/19/2031 AVAILABLE AT AT MATURITY MATURITY ST FX Debt USD - USD (% of reserves)635,000,000 635,000,000 - 98.4 635,000,000 - 635,000,000 - ST FX Debt (% of reserves) Regional Average ST FX Debt (% of reserves) - - - - - - Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 WB Source:MTI Source: Staff of Ministry GlobalCalcula Macrotions: Finance, and Joint Unit, WB/IMF 2021 Debt Debt Sustainability Analysis, 2021 2021 0 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 0 Redemption Profile Debt Portfolio Risk Indicators Redemption Profile Debt Issuance Selected International Debt Portfolio Risk Indicators Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding -5 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency AmountExternal Domes Issued Currency �c Total Outstanding NO DATA Maturity 9/14/2027 AVAILABLE Date Maturity Type SINKABLE Currency USD Currency Amount Issued Currency 500,000,000 Outstanding 500,000,000 Cost of Debt Weighted Av. Interest Rate (%) 0.4 12.1 0.6 7/19/2021 BB- / - / BB- 10 3.9 NO DATA AVAILABLE 10/19/2031 CostATofMATURITY Debt Weighted USD Av. Interest Rate (%) 635,000,000 2.5 3.0 635,000,000 2.7 NO 9/14/2027 -10 DATA AVAILABLE SINKABLE USD 500,000,000 500,000,000 Refinancing Risk ATM (years) - - - 2020 2020 Source: Bloomberg, December Source: Bloomberg, December 2021 2021 Refinancing Risk ATM (years) - - - 1 Debt Maturing in 1 yr (% of total) - - - Debt Maturing in 1 yr (% of total) - - - ng Flows ng Flows Selected Domestic / Regional Debt Issuance Interest Rate Debt Re fi xing in 1 yr (% of total) - - - ector Debt Issue Issue Date Date Fitch / Fitch Moody's / / Moody's S&P /NO S&P Tenor DATA AVAILABLE Tenor Coupon Rate Rate (%) Coupon (%) Maturity Date Interest Maturity Date Risk RateType Maturity Maturity TypeDebt Fixed Refixing inNO Currency Currency Rate Debt 1 (% yr (% of Amount Currency DATA Currency of total) Issued AVAILABLE Amount total) Issued -- Currency - Currency Outstanding Outstanding - - - ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE - 12/28/2021 12/28/2021 -/ - /--//-- 3 3 14.0 14.0 DATA AVAILABLE NO DATA 12/29/2024 NO 12/29/2024 AVAILABLE MATURITY Fixed Rate AT MATURITY AT UZSDebt (% of total) UZS 11,086,971 11,086,971 - 11,086,971 11,086,971 - FX Risk FX Debt (% of total debt) - - 98.4 12/14/2021 12/14/2021 - -//--//-- 1 1 0.0 0.0 6/14/2022 6/14/2022 AT MATURITY FX Risk AT MATURITY FX Debt UZS UZS 2,959,127 (% of total debt) 2,959,127 - 2,959,127 - 2,959,127 81.3 2030 2030 11/9/2021 -//--//-- 1 0.0 5/10/2022 MATURITY ST AT MATURITY ST FX Debt (% of reserves) UZS (% 4,678,950 - - 4,678,950 - 11/9/2021 - 1 0.0 5/10/2022 AT UZS FX Debt of reserves) 4,678,950 - 4,678,950 - - 11/2/2021 11/2/2021 Source: Bloomberg, December - - / / - - 2021/ / - - 1 1 0.0 0.0 5/3/2022 5/3/2022 AT AT MATURITY MATURITY UZS UZS 9,338,030 9,338,030 9,338,030 9,338,030 2020 25.5 25.5 10/26/2021 10/26/2021 -/ - /--//-- 5 5 14.0 14.0 10/29/2026 10/29/2026 AT MATURITY AT MATURITY UZS UZS 9,796,112 9,796,112 9,796,112 9,796,112 86.4 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 86.4 Selected 10/12/2021 10/12/2021 Domestic -/ - /--// Regional / - - Debt1 1Issuance 0.0 0.0 10/11/2022 Source: 10/11/2022 ATWB AT MATURITY Staff Calculations: Joint MATURITY UZSWB/IMF Debt Sustainability UZS 11,273,016 11,273,016 Analysis, 2021 11,273,016 11,273,016 Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 10.3 10.3 Issue Date 9/28/2021 Fitch / Moody's -//--//-- / S&P Tenor 3 Coupon Rate (%) Maturity 14.0 Date 9/29/2024 Maturity MATURITY AT MATURITYType Currency UZS Currency8,340,706 Amount Issued Currency 8,340,706 Outstanding 8,340,706 9/28/2021 Selected MaturityInternational - Debt Issuance 3 14.0 9/29/2024 AT UZS 8,340,706 NO DATA Maturity AVAILABLE Date Type Currency Currency Amount Issued Currency Outstanding 9.0 9.0 Selected 12/28/2021 6/29/2021 6/29/2021 International -/ - /--//-- Debt Issuance 3 3 14.0 14.0 NO DATA AVAILABLE 12/29/2024 6/30/2024 6/30/2024 MATURITY AT MATURITY AT UZS UZS 11,086,971 4,292,960 4,292,960 11,086,971 4,292,960 4,292,960 NO DATA AVAILABLE Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 12/14/2021 IssueBloomberg, Source: Source: Date Bloomberg, December - 2021 / - / - / S&P Fitch / Moody's December 2021 1 Tenor 0.0 Coupon 6/14/2022 Rate (%) Maturity Date AT MATURITY Maturity Type UZS Currency Currency 2,959,127 Amount Issued Currency 2,959,127 Outstanding 2030 7/19/2021 BB- / - / BB- 10 3.9 NO DATA AVAILABLE 10/19/2031 AT MATURITY USD 635,000,000 635,000,000 11/9/2021 9/14/2017 -/- - / B3 *-//- B- 101 0.0 7.1 5/10/2022 NO DATA AVAILABLE 9/14/2027 AT MATURITY SINKABLE UZS USD 4,678,950 500,000,000 4,678,950 500,000,000 11/2/2021 -/-/- 1 0.0 5/3/2022 AT MATURITY UZS 9,338,030 9,338,030 25.5 10/26/2021 -/-/- 5 14.0 10/29/2026 AT MATURITY UZS 9,796,112 9,796,112 86.4 10/12/2021 -/-/- 1 0.0 10/11/2022 AT MATURITY UZS 11,273,016 11,273,016 10.3 9/28/2021 -/-/- 3 14.0 9/29/2024 AT MATURITY UZS 8,340,706 8,340,706 9.0 6/29/2021 -/-/- 3 14.0 6/30/2024 AT MATURITY UZS 4,292,960 4,292,960 Source: Bloomberg, December 2021 2020 Source: Bloomberg, December 2021 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 12/28/2021 -/-/- 3 14.0 NO DATA AVAILABLE 12/29/2024 AT MATURITY UZS 11,086,971 11,086,971 021 NO DATA AVAILABLE 12/14/2021 -/-/- 1 0.0 6/14/2022 AT MATURITY UZS 2,959,127 2,959,127 2030 2030 11/9/2021 -/-/- 1 0.0 5/10/2022 AT MATURITY UZS 4,678,950 4,678,950 11/2/2021 -/-/- 1 0.0 5/3/2022 AT MATURITY UZS 9,338,030 9,338,030 25.5 34.9 10/26/2021 -/-/- 5 14.0 10/29/2026 AT MATURITY UZS 9,796,112 9,796,112 86.4 190.4 10/12/2021 -/-/- 1 0.0 10/11/2022 AT MATURITY UZS 11,273,016 11,273,016 10.3 9/28/2021 -/-/- 3 14.0 9/29/2024 AT MATURITY UZS 8,340,706 8,340,706 10.7 9.0 6/29/2021 -/-/- 3 14.0 6/30/2024 AT MATURITY UZS 4,292,960 4,292,960 14.1 Source: Bloomberg, December 2021 Europe & Central Asia | 122 Latin America & Caribbean 125 Bolivia 127 Dominica 129 Grenada 131 Guyana 133 Haiti 135 Honduras 137 Nicaragua 139 St. Lucia St. Vincent and 141  the Grenadines Latin America & Caribbean | 124 Bolivia Bolivi� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 4.3 4.2 4.2 2.2 -8.8 5.0 Lower middle income Infla�on (%) -1.4 6.1 3.1 -0.7 -1.9 - Public Debt (% of GDP) 46.5 51.3 53.9 59.1 78.8 82.7 LENDING Net Claims on Govt (% of GDP) -0.1 0.2 3.7 6.7 8.7 - Current Account Balance (% of GDP) -5.6 -5.0 -4.5 -3.4 -0.5 -2.2 IBRD Primary balance (% of GDP) -6.3 -6.7 -7.0 -5.8 -11.2 -7.5 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng - - - - - - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 50 20 20 0 50 50 0 0 Source: M NO DATA AVAILABLE NO DATA AVAILABLE -20 -20 Redem 0 0 -40 -40 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing Source: WEO, October 2021 Source: WEO, October 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 60 100 Select Issue D 40 50 No data available 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Sources: WB Staff Calculations: WDI, 2021; WEO, October 2021 Sources: WB Staff Calculations: WDI 2021 and IDS 2021 08/14/ 08/07/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 06/12/ DEBT SUSTAINABILITY INDICATORS 05/29/ PV of PPG External Debt-to-GDP - - - - - - - - - - - 07/05/ PV of PPG External Debt-to-Exports - - - - - - - - - - - 06/25/ Debt Service-to-Revenue - - - - - - - - - - - 01/11/ Debt Service-to-Exports - - - - - - - - - - - 12/21/ Source: B Latin America & Caribbean | 125 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 100 50 NO DATA AVAILABLE 50 NO DATA AVAILABLE BOLIVIA 0 0 50 50 Latest DeMPA Regional Average Bolivi Latest DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 Redemption Profile Debt Portfolio Risk Indicators DMF Activities 16 2017 Redemption Profile Debt Portfolio Risk Indicators 2021 0 0 5.0 - 82.7 - Selected DeM Reforms -2.2 -7.5 NO DATA AVAILABLE NO DATA AVAILABLE NO DATA AVAILABLE NO DATA AVAILABLE - Source: MTI Global Macro and Debt Unit, 2021 - Debt Management Assessment (Percent of International Selected Debt Issuance Sa�sfactory Performance, 2012) Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Issue Date Fitch / Moody's / S&P Governance Tenor Macro Policies Coupon Rate (%) Maturity Date Borrowing Maturity Type CurrencyCashCurrency Flow Amount Issued Currency Opera�onal Outstanding Risk Mgmt & Debt Recording NO DATA AVAILABLE 100 NO DATA AVAILABLE 50 NO DATA AVAILABLE 0 50 Latest DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 2020 Source: Bloomberg, December 2021 2020 Source: Bloomberg, December 2021 Selected Domestic Redemption Profile/ Regional Debt Issuance Debt Portfolio Risk Indicators Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 0 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 08/14/2020 -/-/- 30 5.1 NO DATA AVAILABLE 06/13/2070 AT MATURITY BOB 11,577,440 11,577,440 08/14/2020 -/-/- 30 5.1 NO DATA AVAILABLE 06/13/2070 AT MATURITY BOB 11,577,440 11,577,440 08/07/2020 -/-/- 50 5.0 07/01/2050 AT MATURITY BOB 7,238,550 7,238,550 2030 08/07/2020 -/-/- 50 5.0 07/01/2050 AT MATURITY BOB 7,238,550 7,238,550 2030 06/12/2020 -/-/- 20 4.8 05/18/2040 AT MATURITY BOB 14,476,200 14,476,200 06/12/2020 -/-/- 20 4.8 05/18/2040 AT MATURITY BOB 14,476,200 14,476,200 05/29/2020 -/-/- 30 3.2 05/17/2030 AT MATURITY BOB 2,897,560 2,897,560 - 05/29/2020 -/-/- 30 3.2 05/17/2030 AT MATURITY BOB 2,897,560 2,897,560 - 07/05/2019 -/-/- 15 4.1 05/03/2069 AT MATURITY BOB 15,918,980,000 15,918,980,000 - 07/05/2019 -/-/- NO DATA AVAILABLE 15 4.1 05/03/2069 AT MATURITY BOB NO DATA AVAILABLE 15,918,980,000 15,918,980,000 - 06/25/2019 -/-/- 50 4.1 04/25/2069 AT MATURITY BOB 7,235,900,000 7,235,900,000 06/25/2019 -/-/- 50 4.1 04/25/2069 AT MATURITY BOB 7,235,900,000 7,235,900,000 - 01/11/2019 -/-/- 20 4.1 11/09/2068 AT MATURITY BOB 9,406,670 9,406,670 - 01/11/2019 -/-/- 20 4.1 11/09/2068 AT MATURITY BOB 9,406,670 9,406,670 - 12/21/2018 -/-/- 11 4.1 10/19/2068 AT MATURITY BOB 17,366,160 17,366,160 - 12/21/2018 -/-/- 11 4.1 10/19/2068 AT MATURITY BOB 17,366,160 17,366,160 Source: Bloomberg, December 2021 Source: Bloomberg, December 2021 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 08/14/2020 -/-/- 30 5.1 NO DATA AVAILABLE 06/13/2070 AT MATURITY BOB 11,577,440 11,577,440 08/07/2020 -/-/- 50 5.0 07/01/2050 AT MATURITY BOB 7,238,550 7,238,550 2030 06/12/2020 -/-/- 20 4.8 05/18/2040 AT MATURITY BOB 14,476,200 14,476,200 05/29/2020 -/-/- 30 3.2 05/17/2030 AT MATURITY BOB 2,897,560 2,897,560 - 07/05/2019 -/-/- 15 4.1 05/03/2069 AT MATURITY BOB 15,918,980,000 15,918,980,000 - 06/25/2019 -/-/- 50 4.1 04/25/2069 AT MATURITY BOB 7,235,900,000 7,235,900,000 - 01/11/2019 -/-/- 20 4.1 11/09/2068 AT MATURITY BOB 9,406,670 9,406,670 - 12/21/2018 -/-/- 11 4.1 10/19/2068 AT MATURITY BOB 17,366,160 17,366,160 Source: Bloomberg, December 2021 Latin America & Caribbean | 126 Dominica Dominic� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) -3.6 -4.8 4.6 1.1 -1.3 - Upper middle income Infla�on (%) 2.1 1.0 1.5 1.4 1.6 - Public Debt (% of GDP) 69.5 76.9 78.7 87.6 89.6 86.4 LENDING Net Claims on Govt (% of GDP) -18.8 -22.4 -2.6 - - - Current Account Balance (% of GDP) 6.3 7.0 40.9 26.8 27.4 21.9 Blend Primary balance (% of GDP) 16.8 2.3 -15.9 -9.9 -2.7 -0.9 Sources: WEO, October 2021; WDI, 2021 ELIGIBILITY HIPC ELIGIBILITY HIPC INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.6 3.6 3.6 3.7 3.7 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 50 50 100 100 50 0 0 0 50 50 No data available No data available No data available No data available Source: M NO DATA AVAILABLE NO DATA AVAILABLE -50 -50 Redem 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing Source: WEO, October 2021 Source: WEO, October 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 80 Select Issue D 60 40 50 No data available NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Sources: WB Staff Calculations: WDI, 2021; WEO, October 2021 Sources: WB Staff Calculations: WDI 2021 and IDS 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP - - - - - - - - - - - PV of PPG External Debt-to-Exports - - - - - - - - - - - Debt Service-to-Revenue - - - - - - - - - - - Debt Service-to-Exports - - - - - - - - - - - Latin America & Caribbean | 127 DOMINICA Domi DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - - 86.4 - Selected DeM Reforms 21.9 -0.9 - Source: MTI Global Macro and Debt Unit, 2021 High Debt Management Assessment (Percent of Sa�sfactory Performance, 2018) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 100 50 NO DATA AVAILABLE 0 Latest DeMPA Regional Average 50 Source: MTI Global Macro and Debt Unit, 2021 Redemption Profile Debt Portfolio Risk Indicators 0 NO DATA AVAILABLE NO DATA AVAILABLE Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2030 - - - - Latin America & Caribbean | 128 Grenada Gr�n�d� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 3.7 4.4 4.1 3.0 -9.2 - Upper middle income Infla�on (%) 2.6 1.5 -0.3 1.2 0.4 - Public Debt (% of GDP) 81.6 70.1 64.4 59.1 68.7 67.2 LENDING Net Claims on Govt (% of GDP) -2.1 -4.0 -6.3 - - - Current Account Balance (% of GDP) 8.9 12.4 14.4 14.4 26.2 15.8 Blend Primary balance (% of GDP) 5.2 5.7 6.6 6.8 -0.7 -4.6 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.6 3.5 3.5 3.6 3.6 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 10 10 0 10 0 0 Source: M NO DATA AVAILABLE NO DATA AVAILABLE 0 Redem XCD mi -10 -10 200 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 100 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 100 Select Issue D 11/14/ 50 50 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 36.2 37.2 36.7 33.4 28.8 26.6 26.0 25.6 25.2 24.8 23.6 PV of PPG External Debt-to-Exports 180 124.7 86.2 77.8 68.3 57.4 52.3 51.0 50.3 49.4 48.5 46.1 Debt Service-to-Revenue 18 19.0 19.9 19.3 18.6 16.6 13.8 12.7 12.5 12.6 13.0 11.3 Debt Service-to-Exports 15 14.4 10.4 9.5 9.0 7.8 6.4 5.9 5.8 5.8 6.0 5.2 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Latin America & Caribbean | 129 -4.6 - GRENADA Source: MTI Global Macro and Debt Unit, 2021 High Debt Management Assessment Grena (Percent DMF of Sa�sfactory Activities and Selected 2018) Performance, DeM Reforms Grena Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording DMF Activities and Selected DeM Reforms DMF Activities 100 16 2017 2021 - 50 NO DATA AVAILABLE 16 102017 - 2021 67.2 - 0 - Selected DeM Reforms 15.8- 67.2 Latest DeMPA Previous DeMPA Regional Average -4.6 0 - Source: MTI Global Macro and Debt Unit, 2021 15.8 -4.6 - Redemption Profile Debt Portfolio Risk Indicators XCD million External Domes�c Total Source: MTI Global Macro and Debt Unit, 2021 -10 High - Cost of Debt Weighted Av. Interest Rate (%) 2.8 3.5 3.0 Refinancing Risk ATM (years) 10.0 6.1 8.9 1 Debt 200 MTI Global Macro and Assessment Management Source: Debt Unit, 2021 High Debt Maturing in 1 yr (% of total) 6.8 32.6 14.2 (Percent of Sa�sfactory Performance, 2018) ng Flows Interest Rate Debt Refixing in 1 yr (% of total) 15.2 32.6 20.1 ector Debt 100 Management Debt Governance Assessment Macro Policies NO DATA AVAILABLE Borrowing Risk Cash Flow NO DATA AVAILABLE 90.5 Opera�onal Risk Mgmt & Debt Recording (Percent of Sa�sfactory Performance, 2018) Fixed Rate Debt (% of total) 100.0 93.2 100 FX Risk total FX Debt (% ofCash debt) - - 71.5 0 Governance Macro Policies Borrowing Flow Opera�onal Risk Mgmt & Debt Recording 50 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 15.5 10 100 NO DATA AVAILABLE Domes�c External 0 50 10 Source: Ministry of Finance, Planning, Economic and Physical Development, 2021 NO DATA AVAILABLE Source: Ministry of Finance, Planning, Economic and Physical Development, 2021 Latest DeMPA Previous DeMPA Regional Average 0 Selected International Debt 0 Source: MTI Global Macro and Debt Unit, 2021 Issuance Issue Date Fitch / Moody's / S&P Latest DeMPA Tenor Previous DeMPA Coupon Rate (%) Maturity Date Regional Average Maturity Type Currency Currency Amount Issued Currency Outstanding 0 11/14/2017 Redemption Profile Source: /-/- - Debt MTI Global Macro and Unit, 2021 13 7.0 NO DATA AVAILABLE 5/12/2030 SINKABLE USD Debt Portfolio Risk Indicators 112,291,395 76,358,148 XCD million External Domes�c Total -10 Redemption Profile Cost of Portfolio Debt Debt RiskAv. Weighted Indicators Interest Rate (%) 2.8 3.5 3.0 XCD million Refinancing Risk ATM (years) External 10.0 Domes�c 6.1 Total 8.9 200 1 -10 Cost of Debt Weighted Av. Interest Rate Debt Maturing in 1 yr (% of (%) total) 2.8 6.8 3.5 32.6 3.0 14.2 ng Flows Re financing Risk ATM 200 Interest Rate Debt (years) Refixing in 1 yr (% of total) 10.0 15.2 6.1 32.6 8.9 20.1 1ector Debt 100 NO DATA AVAILABLE NO Risk Debt Fixed Maturing Rate Debt in (%1 DATA yr (% of AVAILABLE of total) total) 6.8 90.5 32.6 100.0 14.2 93.2 ng Flows Source: Bloomberg, December 2021 2020 FX Risk Rate Interest Debt Refi FX Debt xing (% of in 1 yr total (% of total) debt) 15.2 - 32.6 - 20.1 71.5 ector Debt 0 100 NO DATA AVAILABLE Risk NO DATA AVAILABLE 90.5 Domestic Selected2022 2024 / Regional 2026 2028 Debt 2030 Issuance 2032 2034 2036 2038 2040 Fixed Rate Debt (% of total) ST FX Debt (% of reserves) - 100.0 - 93.2 15.5 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type FX Debt FX Risk (% of total Currency debt) Amount Issued - Currency Outstanding Currency - 71.5 0 Domes�c External 021 2022 2024 2026 2028 2030 2032 2034 2036 2038 NO DATA AVAILABLE 2040 ST FX Debt (% of reserves) - - 15.5 Source: Ministry of Finance, Planning, Economic and Physical Development, 2021 Source: Ministry of Finance, Planning, Economic and Physical Development, 2021 2030 Domes�c External Selected International Source: Ministry Debt of Finance, Planning, Economic Issuance and Physical Development, 2021 Source: Ministry of Finance, Planning, Economic and Physical Development, 2021 23.6 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 46.1 Selected 11/14/2017 - / - / - Debt Issuance International 13 7.0 NO DATA AVAILABLE 5/12/2030 SINKABLE USD 112,291,395 76,358,148 11.3 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 5.2 11/14/2017 -/-/- 13 7.0 NO DATA AVAILABLE 5/12/2030 SINKABLE USD 112,291,395 76,358,148 Source: Bloomberg, December 2021 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance 2020 Source: Bloomberg, December 2021 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 Selected Domestic / Regional Debt Issuance NO DATA AVAILABLE 2030 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE 23.6 2030 46.1 23.6 11.3 46.1 5.2 11.3 Source: Bloomberg, December 2021 5.2 Source: Bloomberg, December 2021 Latin America & Caribbean | 130 Guyana Gu��n� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 3.4 2.1 4.1 4.4 85.6 - Upper middle income Infla�on (%) 6.0 0.8 3.9 1.3 6.1 - Public Debt (% of GDP) 50.7 51.4 55.0 56.6 29.7 28.3 LENDING Net Claims on Govt (% of GDP) 16.1 15.8 18.1 - - - Current Account Balance (% of GDP) -0.9 6.3 16.9 22.2 18.2 15.6 IDA Primary balance (% of GDP) -3.4 -3.3 -2.4 -4.0 -0.1 0.2 Sources: Debt Sustainability Analysis, 2019; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.3 3.3 3.3 3.3 3.3 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod Mod Mod Mod Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2019 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 20 0 0 0 -10 -10 Source: M 10 NO DATA AVAILABLE NO DATA AVAILABLE Redem -20 -20 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 60 Select Issue D 40 50 NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2019 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 12.3 12.1 10.6 8.6 8.4 5.8 5.0 4.3 3.7 3.1 2.6 PV of PPG External Debt-to-Exports 180 24.2 23.9 16.8 12.5 12.4 11.1 11.2 11.3 10.8 10.6 10.3 Debt Service-to-Revenue 18 4.8 4.7 4.3 3.8 3.2 2.8 1.6 1.4 1.3 1.3 1.3 Debt Service-to-Exports 15 1.8 1.7 1.2 0.9 0.8 0.8 0.9 0.9 1.0 1.2 1.3 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Latin America & Caribbean | 131 GUYANA Guyana Guyan DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - - 28.3 - Selected DeM Reforms 15.6 0.2 Afgha - DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 Mod 16 2017 Debt Management Assessment 2021 (Percent of Sa�sfactory Performance, 2020) - Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 8.6 100 - -10.7 NO2.4 50 DATA AVAILABLE NO DATA AVAILABLE 0 0 - Average Regional Latest DeMPA Previous DeMPA Regional Average -10 Source: Global MTIMTI Source: Macro Global andand Macro Debt Unit, Debt 2021 Unit, 2021 High Portfolio Debt Management Redemption ProRisk Indicators fileAssessment Debt Portfolio Risk Indicators -20 External Domes�c Total External (Percent of Sa�sfactory Performance, 2021) Domestic External Total Domes �c Total Cost of Cost of Debt Debt Governance Av. Interest Weighted Rate (%) Weighted Av. Interest2.0 MacroRate (%) Policies - 8.5 2.0 Cost of Debt Borrowing Weighted Av.Cash Interest Flow Rate (%) - 2.0�onal Risk Mgmt Opera 8.5- Debt Recording 8.5 & Refinancing Risk ATM (years) 100 ATM (years) - - - - Refinancing Risk ATM (years) - - - - - 1 Refinancing Risk 1 yr (% Debt Maturing in Debt of total) 14.8 Maturing in 1 yr (% of total) 7.4 10.6 14.8 Debt Maturing in 7.41 yr (% of total) 14.8 7.4 10.6 10.6 ng Flows Interest 50 Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - NO DATA - Interest Rate AVAILABLE Debt Refixing in 1 - yr (% of total) - - - - ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% of AVAILABLE - total) - 91.5 Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - of total) Fixed Rate Debt (% - - 91.5 91.5 2 0Risk FX FX Debt (% of total debt) FX Debt (% of total debt) - - 51.0 - FX Risk - debt) FX Debt (% of total - - 51.0 51.0 FX Risk ST FX Debt (% of reserves) Latest DeMPA ST FX DebtRegional (% of Average - reserves) - - - reserves) ST FX Debt (% of - - - - - Source: MTI Global Macro and Debt Unit, 2021 Source: Ministry of Finance, 2021 0 Source: Ministry of Finance, 2021 Source: Ministry of Finance, 2021 Redemption Profile Debt Portfolio Risk Indicators External Domes�c Total Selected International Debt Issuance Maturity Date Maturity Issue Date Type Fitch /Currency Moody's / Currency S&P Amount Tenor Currency Issued Coupon Outstanding Rate (%) Maturity Date Cost of Debt Type Weighted Maturity Av. Interest Currency Rate Currency (%) Amount 0.5 Currency Outstanding Issued - 0.5 -2 NO DATA AVAILABLE Refinancing Risk ATM (years) NO DATA AVAILABLE - - - 1 Debt Maturing in 1 yr (% of total) - - - ng Flows Interest Rate Debt Refixing in 1 yr (% of total) - - - ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - - FX Risk FX Debt (% of total debt) - - 100.0 ST FX Debt (% of reserves) - - - 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected Domestic / Regional Debt Issuance Maturity Date Selected Maturity Issue Moody'sDebt Date International Type Fitch /Currency S&P Issuance / Currency Amount Tenor Currency Issued Coupon Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Issue Date 019 NO DATA AVAILABLE Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity NO DATADate Maturity Type AVAILABLE Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2030 2.6 10.3 1.3 1.3 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Latin America Currency Amount Issued & Caribbean | 132 Currency Outstanding 021 NO DATA AVAILABLE Haiti H�iti DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 1.5 1.2 1.5 -1.2 -4.0 - Lower middle income Infla�on (%) 12.0 13.4 12.8 17.3 22.2 - Public Debt (% of GDP) 40.8 38.3 39.9 47.7 51.9 49.9 LENDING Net Claims on Govt (% of GDP) 3.5 6.1 6.5 8.4 - - Current Account Balance (% of GDP) -0.7 -0.8 -3.7 -1.2 -3.4 0.3 IDA Primary balance (% of GDP) -0.8 -0.7 -2.6 -3.0 -6.1 3.6 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 ELIGIBILITY HIPC ELIGIBILITY HIPC INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 2.9 2.9 2.8 2.8 2.7 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 20 5 5 0 Source: M 0 0 10 NO DATA AVAILABLE NO DATA AVAILABLE Redem -5 -5 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 Select 40 Issue D 50 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 17.2 16.2 15.2 14.9 14.9 15.1 15.5 16.5 17.9 19.8 21.6 PV of PPG External Debt-to-Exports 180 115.5 103.5 97.8 96.6 96.4 98.3 104.1 111.0 120.7 133.0 145.1 Debt Service-to-Revenue 18 13.5 12.3 10.6 9.9 9.2 8.8 10.2 10.3 10.2 10.8 11.5 Debt Service-to-Exports 15 9.3 8.9 8.8 8.6 8.4 8.2 9.9 10.1 10.2 10.8 11.6 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Latin America & Caribbean | 133 HAITI Hai� Hai� DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - - 49.9 - Selected DeM Reforms 0.3 3.6 - Source: MTI Global Macro and Debt Unit, 2021 High Debt Management Assessment (Percent of Sa�sfactory Performance, 2014) Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 50 NO DATA AVAILABLE NO DATA AVAILABLE 5 0 Latest DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 0 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators External Domes�c Total External Domestic External Total Domes �c Total -5 of Debt Cost of Cost Debt Weighted Av. Interest Rate (%) Weighted Av. Interest0.9 Rate (%) 0.6 0.8 0.9 Cost of Debt Weighted Av. Interest 0.6 Rate (%) 0.9 0.6 0.8 0.8 Refinancing Risk ATM (years) ATM (years) - - - - Refinancing Risk ATM (years) - - - - - 1 Refinancing Risk 1 yr (% Debt Maturing in Debt - of total) of total) in 1 yr (% Maturing - - - Debt Maturing in- 1 yr (% of total) - - - - ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - - Interest Rate - yr (% of total) Debt Refixing in 1 - - - - ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% of AVAILABLE - total) - - Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - of total) Fixed Rate Debt (% - - - - FX Risk FXdebt) FX Debt (% of total - Debt (% of total debt) - 57.4 - FX Risk - debt) FX Debt (% of total - - 57.4 57.4 FX Risk ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - - - ST FX Debt (% of - reserves) - - - - Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected International Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE NO DATA AVAILABLE 2030 21.6 145.1 11.5 11.6 Latin America & Caribbean | 134 Honduras Hondur�s DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 3.9 4.8 3.7 2.7 -3.3 - Lower middle income Infla�on (%) 3.6 4.5 2.5 3.8 4.5 - Public Debt (% of GDP) 40.1 40.0 41.8 43.1 47.8 58.7 LENDING Net Claims on Govt (% of GDP) 1.4 0.1 -1.2 - - - Current Account Balance (% of GDP) 1.7 -0.5 4.0 0.2 0.8 1.5 IDA Primary balance (% of GDP) 0.3 0.1 0.0 0.2 -3.0 4.3 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.5 3.5 3.5 3.4 3.4 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod Mod Mod Low Low Low Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 10 10 50 0 5 5 5 Source: M NO DATA AVAILABLE NO DATA AVAILABLE Redem 0 0 USD m 0 1500 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1000 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 500 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: S 100 40 Select Issue 6/24/ 1/19/ 50 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 12/15/ 12/15/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 11/3/ DEBT SUSTAINABILITY INDICATORS 11/3/ PV of PPG External Debt-to-GDP 55 31.7 31.4 29.7 29.7 27.2 25.7 26.4 24.0 22.9 23.4 22.6 10/5/ PV of PPG External Debt-to-Exports 240 93.0 89.9 86.3 86.7 79.4 75.0 77.0 70.1 66.9 68.2 66.0 2/12/ Debt Service-to-Revenue 23 15.7 8.4 10.1 9.8 10.0 10.3 8.8 15.4 8.2 7.6 7.8 2/12/ Debt Service-to-Exports 21 12.5 6.8 8.6 8.5 8.6 9.0 7.6 13.5 7.2 6.7 6.9 2/12/ Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Latin America & Caribbean | 135 HONDURAS Hond DMF Activities and Selected DeM Reforms Hond DMF Activities and Selected DeM Reforms 16 2017 2021 Hond DMF Activities 16 2017 - 2021 - DMF Activities and Selected DeM Reforms 58.7 - - 1.5 16 58.7 2017 4.3 - 2021 Selected DeM Reforms 1.5 - 4.3 - 58.7 - - 1.5 Source: MTI Global Macro and Debt Unit, 2021 - 4.3 Low Source: MTI Global Macro and Debt Unit, 2021 Low Debt Management Assessment - (Percent of Sa�sfactory Performance, 2013) Debt Management Assessment Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording (Percent of Sa Source: MTI �sfactory Global Debt Unit, 2021 2013) Performance, Macro and Low 100 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Debt 100 Management Assessment 10 50 NO DATA AVAILABLE (Percent of Sa�sfactory Performance, 2013) 10 50 Governance Macro Policies NO DATABorrowing AVAILABLE Cash Flow Opera�onal Risk Mgmt & Debt Recording 0 100 0 Latest DeMPA Previous DeMPA Regional Average 5 Source: MTI Global Macro and Debt Unit, 2021 10 50 Latest DeMPA Previous DeMPA NO DATA Regional AVAILABLE Average 5 Source: MTI Global Macro and Debt Unit, 2021 Redemption 0 Profile Debt Portfolio Risk Indicators 0 USD million External Domes�c Total Redemption Profile Latest DeMPA Previous DeMPA Regional Average Debt Portfolio Risk Indicators 5 Cost of Debt Weighted Av. Interest Rate (%) - - 2.0 0 1500million USD Source: MTI Global Macro and Debt Unit, 2021 External Domes�c Total Refinancing Risk ATM (years) 11.9 5.8 9.3 Cost of Debt Weighted Av. Interest Rate (%) - - 2.0 1 1500 1000 Debt Maturing in 1 yr (% of total) - - 4.7 ng Flows Redemption Profile Debt Portfolio Refinancing Risk ATM Risk Indicators (years) 11.9 5.8 9.3 1 0 Interest Rate Debt Refixing in 1 yr (% of total) - - 19.0 1000million USD Debt Maturing in 1 yr (% of total) External Domes�-c Total ector Debt 500 NO DATA AVAILABLE Risk NO DATA AVAILABLE - Fixed Rate Debt (% of total) - - 4.7 70.8 ng Flows Cost of Debt Weighted Interest Av. in Rate (%) - - 2.0 Interest Rate Debt Refixing 1 yr (% of total) - - 19.0 1500 ector Debt NO DATA AVAILABLE FX Risk Risk FX Debt (% of total debt) NO DATA AVAILABLE 11.9 - - 59.5 0 500 Re financing Risk ATM Fixed(years) Rate Debt (% of total) - 5.8 - 9.3 70.8 1 ST FX Debt (% of reserves) - - 1.3 1000 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 FX Risk Debt Maturing FX Debt yr (% of total) in 1 debt) (% of total - - - - 4.7 59.5 ng Flows 0 Domes�c External Interest Rate ST FX Re Debt (% in fixing Debt of1 yr (% of total) reserves) - - - - 19.0 1.3 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 ector Debt 500 Secretary of Finance, 2021 NO DATA AVAILABLE Risk Rate Debt (% of total) Fixed 2021 NO DATA AVAILABLE - - 70.8 Source: Source: Secretary of Finance, Domes�c External FX Risk FX Debt (% of total debt) - - 59.5 0 Secretary of Finance, 2021 Source: Source: Secretary of Finance, 2021 Selected International Debt Issuance ST FX Debt (% of reserves) - - 1.3 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected Domes 6/24/2020 International �c Debt Issuance - / B1 / BB- External 10 5.6 NO DATA AVAILABLE 6/24/2030 CALLABLE USD 600,000,000 600,000,000 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 1/19/2017 Source: - /2021 Secretary of Finance, B1 / BB- 10 6.3 1/19/2027 ATSecretary Source: MATURITY USD of Finance, 2021 700,000,000 700,000,000 6/24/2020 - / B1 / BB- 10 5.6 NO DATA AVAILABLE 6/24/2030 CALLABLE USD 600,000,000 600,000,000 1/19/2017 Selected - / B1 / BB- Debt Issuance International 10 6.3 1/19/2027 AT MATURITY USD 700,000,000 700,000,000 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 6/24/2020 - / B1 / BB- 10 5.6 NO DATA AVAILABLE 6/24/2030 CALLABLE USD 600,000,000 600,000,000 1/19/2017 - / B1 / BB- 10 6.3 1/19/2027 AT MATURITY USD 700,000,000 700,000,000 2020 Source: Bloomberg, December 2021 2020 Selected Domestic Source: Bloomberg, / Regional Debt Issuance December 2021 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 Selected 12/15/2021 Domestic / Regional Debt1Issuance -/-/- 0.0 NO DATA AVAILABLE 9/7/2022 AT MATURITY HNL 91,593,998 91,593,998 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 12/15/2021 -/-/- 1 0.0 12/14/2022 AT MATURITY HNL 117,215,300 117,215,300 0212030 2020 Source: Bloomberg, December 2021 12/15/2021 11/3/2021 -/-/- -/-/- 1 1 0.0 0.0 NO DATA AVAILABLE 9/7/2022 7/13/2022 AT MATURITY AT MATURITY HNL HNL 91,593,998 109,912,455 91,593,998 109,912,455 12/15/2021 Selected Domestic - / -//- 1Issuance 0.0 12/14/2022 AT MATURITY HNL 117,215,300 117,215,300 2030 11/3/2021 - / - / Regional - Debt1 0.0 11/2/2022 AT MATURITY HNL 138,108,100 138,108,100 22.6 11/3/2021 -/-/- 1 0.0 7/13/2022 AT MATURITY HNL 109,912,455 109,912,455 Issue Date 10/5/2021 Fitch / Moody's - / - / - / S&P Tenor 1 Coupon Rate (%) 0.0 Maturity Date 6/15/2022 Maturity Type AT MATURITY Currency HNL Currency Amount Issued 150,374,019 Currency Outstanding 150,374,019 66.0 11/3/2021 -/-/- 1 0.0 11/2/2022 AT MATURITY HNL 138,108,100 138,108,100 021 22.6 2/12/2021 12/15/2021 -/-/- 3 1 6.0 0.0 NO DATA AVAILABLE 2/12/2024 9/7/2022 AT MATURITY HNL 24,696,420 91,593,998 24,696,420 91,593,998 7.8 10/5/2021 -/-/- 1 0.0 6/15/2022 AT MATURITY HNL 150,374,019 150,374,019 66.0 2/12/2021 12/15/2021 -/-/- 5 1 7.0 0.0 5/12/2026 12/14/2022 AT MATURITY HNL 24,696,420 117,215,300 24,696,420 117,215,300 2030 2/12/2021 -/-/- 3 6.0 2/12/2024 AT MATURITY HNL 24,696,420 24,696,420 6.9 2/12/2021 11/3/2021 -/-/- 7 1 7.7 0.0 8/12/2028 7/13/2022 AT MATURITY HNL 32,585,321 109,912,455 32,585,321 109,912,455 7.8 2/12/2021 -/-/- 5 7.0 5/12/2026 AT MATURITY HNL 24,696,420 24,696,420 11/3/2021 Source: Bloomberg, December /-/- - 2021 1 0.0 11/2/2022 AT MATURITY HNL 138,108,100 138,108,100 22.6 6.9 2/12/2021 -/-/- 7 7.7 8/12/2028 AT MATURITY HNL 32,585,321 32,585,321 10/5/2021 -/-/- 1 0.0 6/15/2022 AT MATURITY HNL 150,374,019 150,374,019 66.0 Source: Bloomberg, December 2021 2/12/2021 -/-/- 3 6.0 2/12/2024 AT MATURITY HNL 24,696,420 24,696,420 7.8 2/12/2021 -/-/- 5 7.0 5/12/2026 AT MATURITY HNL 24,696,420 24,696,420 6.9 2/12/2021 -/-/- 7 7.7 8/12/2028 AT MATURITY HNL 32,585,321 32,585,321 Source: Bloomberg, December 2021 Latin America & Caribbean | 136 Nicaragua Nic�r��u� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 4.6 4.6 -4.0 -3.9 -5.5 - Lower middle income Infla�on (%) 4.6 4.1 3.6 4.7 3.9 - Public Debt (% of GDP) 41.7 44.4 48.4 51.0 57.4 60.0 LENDING Net Claims on Govt (% of GDP) 10.0 8.0 8.9 - - - Current Account Balance (% of GDP) -6.6 -4.9 0.6 2.3 - -2.5 IDA Primary balance (% of GDP) -1.3 -0.9 -2.5 0.2 -4.7 3.4 Sources: WDI, 2021; WEO, October 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng 3.7 3.6 3.5 3.4 3.4 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod Mod Mod Mod Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 10 10 10 50 0 5 5 5 Source: M 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem 0 -5 -5 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 60 100 Select Issue 40 50 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 28.6 31.3 32.7 34.0 35.0 35.8 35.7 35.1 34.6 33.9 33.2 PV of PPG External Debt-to-Exports 150 70.3 73.2 74.0 74.7 75.5 75.9 76.1 74.3 72.1 70.9 69.9 Debt Service-to-Revenue 20 7.5 7.8 8.3 9.3 9.6 10.4 11.6 12.2 11.7 11.7 11.6 Debt Service-to-Exports 20 5.2 5.4 5.7 6.2 6.3 6.7 7.6 8.0 7.6 7.6 7.6 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Latin America & Caribbean | 137 NICARAGUA Nicara DMF Activities and Selected DeM Reforms Hai� Nicara DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - 16 2017 - 2021 60.0 - - Selected DeM Reforms - -2.5 60.0 3.4 - -2.5 3.4 - Source: MTI Global Macro and Debt Unit, 2021 Mod - Debt MTI Global Macro and Assessment Management Source: Debt Unit, 2021 Mod (Percent of Sa�sfactory Performance, 2011) Governance Assessment Debt Management Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording (Percent of Sa�sfactory Performance, 2011) 100 Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 10 50 100 NO DATA AVAILABLE 10 NO 0 50 5 DATA AVAILABLE NO DATA AVAILABLE Latest DeMPA Previous DeMPA Regional Average 0 5 Source: MTI Global Macro and Debt Unit, 2021 0 Latest DeMPA Previous DeMPA Regional Average Redemption Pro Source: MTI Global Macro fi and le Unit, 2021 Debt Debt Portfolio Risk Indicators 0 -5 Debt Portfolio Redemption Pro file Indicators Risk Debt Cost of Portfolio Debt RiskAv. Weighted Indicators Interest Rate (%) 1.2 6.8 2.2 External Domes�c Total ExternalRefinancing Risk ATM (years)Domestic - Total- - 1 -5 of Debt Cost of Debt Weighted Av. Interest Rate (%) Cost Weighted Av. Interest0.9Rate (%) 0.6 0.8 1.2 Cost of Debt Weighted Debt Av. Interest Maturing 6.8 in Rate 1 yr (% of (%) total) 1.2 - 6.8 2.2 - 2.2 - ng Flows Refinancing Risk ATM (years) ATM (years) - - - - Re financing Interest Risk ATM Rate Debt (years) Refixing in 1- yr (% of total) - - - - - - - 1ector Debt Refinancing Risk NO Debt Maturing in 1 DATA yr (% Debt AVAILABLE of total) in 1 yr (% Maturing - of total) - - - Risk Fixed Maturing Debt Rate Debt NO in- 1 DATA (% yr (% of AVAILABLE of total) total) - - - - - - - ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - - FX Risk Rate Interest Debt Refi FX Debt of in xing (% - yr 1 total (% of total) debt) - - - - - - 98.3 ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% AVAILABLE - of total) - - Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - Fixed Rate Debt (% - of total) ST FX Debt (% of reserves) - - - - - - - FX Risk FXdebt) FX Debt (% of total - Debt (% of total debt) - 57.4 - FX Risk - debt) FX Debt (% of total - 98.3- 98.3 FX Risk ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - - - ST FX Debt (% of - reserves) - - - - Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB StaInternational Selected Debt ff Calculations: Joint WB/IMF Debt Issuance Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected International Debt Issuance NO DATA AVAILABLE Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance 2020 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 Selected Domestic / Regional Debt Issuance NO DATA AVAILABLE Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 2030 021 NO DATA AVAILABLE NO DATA AVAILABLE 33.2 2030 69.9 33.2 11.6 69.9 7.6 11.6 7.6 Latin America & Caribbean | 138 St. Lucia St. Luci� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 3.8 3.5 2.9 -0.1 -20.4 3.5 Upper middle income Infla�on (%) -0.5 3.4 0.5 2.7 -4.2 - Public Debt (% of GDP) 60.3 59.9 60.0 61.4 92.1 95.6 LENDING Net Claims on Govt (% of GDP) 4.1 3.6 3.8 -3.2 -3.1 - Current Account Balance (% of GDP) -6.5 -1.0 2.2 6.1 -13.2 -13.5 Blend Primary balance (% of GDP) 1.7 0.8 1.9 -0.4 -7.2 -3.7 Sources: WEO, October 2021; WDI, 2021 ELIGIBILITY HIPC ELIGIBILITY HIPC INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.6 3.6 3.6 3.6 3.7 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 50 0 0 40 40 0 No data available No data available No data available No data available 20 20 Source: M -50 NO DATA AVAILABLE -50 NO DATA AVAILABLE Redem 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing Source: WEO, October 2021 Source: WEO, October 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 60 Select Issue 10/4/ 40 9/26/ 50 8/29/ No data available 7/25/ NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Sources: WB Staff Calculations: WDI, 2021, WEO Oct 2021 Sources: WB Staff Calculations: WDI, 2021 and IDS 2021 8/21/ 3/31/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 3/11/ DEBT SUSTAINABILITY INDICATORS 11/20/ PV of PPG External Debt-to-GDP - - - - - - - - - - - 10/23/ PV of PPG External Debt-to-Exports - - - - - - - - - - - Debt Service-to-Revenue - - - - - - - - - - - Debt Service-to-Exports - - - - - - - - - - - Source: B Latin America & Caribbean | 139 95.6 Source: MTI Global Macro and Debt Unit, 2021 -- -13.5- -3.7 Debt Management Assessment Source: MTI Global Macro and Debt Unit, 2021 - (Percent of Sa�sfactory Performance, 2016) ST. LUCIA Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - Debt Management Assessment 100 (Percent of Sa�sfactory Performance, 2016) St. Lu Source: MTI Global Macro and Debt Unit, 2021 - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording DMF 50 Activities and Selected DeM Reforms NO DATA AVAILABLE 100 Debt Management Assessment 40 DMF Activities (Percent 0 of Sa�sfactory Performance, 2016) 6 2017 50 2021 Governance Macro Policies AVAILABLE NO DATABorrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Latest DeMPA Regional Average 403.5 100 MTI Global Macro and Debt Unit, 2021 20 Source: 0 - 95.6 - 50 Latest DeMPA Regional Average Redemption Profile Debt Portfolio Risk Indicators Selected DeM Reforms NO DATA AVAILABLE -13.5 20 Source: MTI Global Macro and Debt Unit, 2021 040 -3.7 0 Redemption Profile Debt Portfolio Risk Indicators Latest DeMPA Regional Average 0 20 - Source: MTI Global Macro and Debt Unit, 2021 Source: MTI Global Macro and Debt Unit, 2021 - Redemption Profile NO DATA AVAILABLE Debt Portfolio Risk Indicators NO DATA AVAILABLE 0 Debt Management Assessment (Percent of Sa�sfactory Performance, 2016) NO DATA AVAILABLE NO DATA AVAILABLE Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 NO DATA AVAILABLE NO DATA AVAILABLE 50 Selected International Debt Issuance NO DATA AVAILABLE 40 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 0 10/4/2019 -/-/- 7 0.0 NO DATA AVAILABLE 10/4/2026 AT MATURITY USD 15,000,000 15,000,000 Selected 9/26/2019 - / - / - Debt Issuance International 7 6.5 9/26/2026 AT MATURITY USD 10,000 10,000 Latest DeMPA Regional Average Issue Date 8/29/2019 Fitch / Moody's - / - / - / S&P Tenor 5 Coupon Rate (%) 5.8 Maturity Date 8/29/2024 Maturity Type AT MATURITY Currency USD Currency Amount Issued 15,000,000 Currency Outstanding 15,000,000 20 Source: MTI Global Macro and Debt Unit, 2021 10/4/2019 7/25/2019 -/ - -/ /- - /- 7 7 0.0 6.5 NO DATA AVAILABLE 10/4/2026 7/25/2026 AT MATURITY AT MATURITY USD USD 15,000,000 5,000 15,000,000 5,000 9/26/2019 -/-/- 7 6.5 9/26/2026 AT MATURITY USD 10,000 10,000 Selected Redemption 8/29/2019 International Pro-fi/le -/- Debt Issuance 5 5.8 8/29/2024 Debt Portfolio Risk USD Indicators AT MATURITY 15,000,000 15,000,000 0 Issue Date 7/25/2019 - / - / - / S&P Fitch / Moody's Tenor 7 Coupon Rate (%) 6.5 Maturity Date 7/25/2026 Maturity Type AT MATURITY Currency USD Currency Amount 5,000Issued Currency Outstanding 5,000 10/4/2019 -/-/- 7 0.0 NO DATA AVAILABLE 10/4/2026 AT MATURITY USD 15,000,000 15,000,000 9/26/2019 -/-/- Source: Bloomberg, December 2021 7 6.5 9/26/2026 AT MATURITY USD 10,000 10,000 020 8/29/2019 -/-/- 5 5.8 8/29/2024 AT MATURITY USD 15,000,000 15,000,000 Selected 7/25/2019 - / -/ Domestic / Regional - Debt7Issuance 6.5 7/25/2026 AT MATURITY USD 5,000 5,000 Date IssueBloomberg, Source: Fitch / Moody's December 2021 / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 020 NO DATA AVAILABLE NO DATA AVAILABLE 8/21/2020 -/-/- 5 6.0 NO DATA AVAILABLE 8/21/2025 AT MATURITY XCD 7,407,400 7,407,400 Selected 3/31/2020 - / -/ Domestic / Regional - Debt7Issuance 6.5 3/31/2027 AT MATURITY XCD 12,962,950 12,962,950 2030 Issue Date 3/11/2020 Fitch / Moody's - / - / - / S&P Tenor 8 Coupon Rate (%) 7.0 Maturity Date 3/11/2028 Maturity Type AT MATURITY Currency XCD Currency Amount Issued 12,995,465 Currency Outstanding 12,995,465 020 8/21/2020 Source: - 2021 Bloomberg, December 11/20/2019 - /- / -/ /-- 5 10 6.0 7.3 NO DATA AVAILABLE 8/21/2025 11/20/2029 AT MATURITY AT MATURITY XCD XCD 7,407,400 3,712,990 7,407,400 3,712,990 - 3/31/2020 10/23/2019 - -//--/ - 7 6.5 3/31/2027 AT MATURITY AT XCD 12,962,950 12,962,950 2030 - Selected 3/11/2020 Domestic -/-/- // Regional - Debt8Issuance 6.3 6 7.0 10/23/2025 3/11/2028 MATURITY AT MATURITY XCD XCD 4,074,070 12,995,465 4,074,070 12,995,465 - Issue Date 11/20/2019 Fitch / Moody's - / - / - / S&P Tenor 10 Coupon Rate (%) 7.3 Maturity Date 11/20/2029 Maturity Type AT MATURITY Currency XCD Amount Issued Currency3,712,990 Currency Outstanding 3,712,990 - 8/21/2020 - NO DATA AVAILABLE - Selected 10/23/2019 -/ -/ /- International/- 5 - Debt Issuance 6 6.0 6.3 8/21/2025 10/23/2025 AT AT MATURITY MATURITY XCD XCD 7,407,400 4,074,070 7,407,400 4,074,070 - 3/31/2020 -/-/- 7 6.5 3/31/2027 AT MATURITY XCD 12,962,950 12,962,950 2030 Date IssueBloomberg, Source: Fitch / Moody's December 2021 / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding - 3/11/2020 -/-/- 8 7.0 3/11/2028 AT MATURITY XCD 12,995,465 12,995,465 10/4/2019 -/-/- 7 0.0 NO DATA AVAILABLE 10/4/2026 AT MATURITY USD 15,000,000 15,000,000 - 11/20/2019 -/-/- 10 7.3 11/20/2029 AT MATURITY XCD 3,712,990 3,712,990 - 9/26/2019 -/-/- 7 6.5 9/26/2026 AT MATURITY USD 10,000 10,000 10/23/2019 Source: Bloomberg, December-/-/- 6 6.3 10/23/2025 AT MATURITY XCD 4,074,070 4,074,070 - 8/29/2019 - 2021 /-/- 5 5.8 8/29/2024 AT MATURITY USD 15,000,000 15,000,000 7/25/2019 -/-/- 7 6.5 7/25/2026 AT MATURITY USD 5,000 5,000 - - Source: Bloomberg, December 2021 020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 8/21/2020 -/-/- 5 6.0 NO DATA AVAILABLE 8/21/2025 AT MATURITY XCD 7,407,400 7,407,400 3/31/2020 -/-/- 7 6.5 3/31/2027 AT MATURITY XCD 12,962,950 12,962,950 2030 3/11/2020 -/-/- 8 7.0 3/11/2028 AT MATURITY XCD 12,995,465 12,995,465 11/20/2019 -/-/- 10 7.3 11/20/2029 AT MATURITY XCD 3,712,990 3,712,990 - 10/23/2019 -/-/- 6 6.3 10/23/2025 AT MATURITY XCD 4,074,070 4,074,070 - - - Source: Bloomberg, December 2021 Latin America & Caribbean | 140 St. Vincent St. �nd the Vinc�nt and Grenadines th� Gr�n�din�s DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 1.9 1.0 2.2 0.4 -4.8 - Upper middle income Infla�on (%) 0.6 1.3 0.2 1.2 1.2 - Public Debt (% of GDP) 83.5 73.5 75.6 75.2 84.4 103.7 LENDING Net Claims on Govt (% of GDP) 2.9 4.4 4.9 - - - Current Account Balance (% of GDP) 13.0 10.5 10.9 8.6 15.0 21.1 Blend Primary balance (% of GDP) 3.4 2.0 1.5 0.0 -2.7 9.6 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.6 3.6 3.6 3.7 3.7 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 20 50 10 10 0 10 Source: M 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem XCD mi 0 -10 -10 300 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows 200 Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt 100 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 80 Select Issue 60 50 40 No data available NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 9/13/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 60.1 61.7 62.4 63.0 61.6 58.2 55.3 52.1 49.1 46.1 43.3 PV of PPG External Debt-to-Exports 180 226.2 174.8 154.8 147.9 144.7 132.3 125.8 118.6 111.7 104.8 98.4 Debt Service-to-Revenue 18 15.3 13.7 13.7 13.6 13.4 13.2 13.5 11.6 11.1 11.0 10.3 Debt Service-to-Exports 15 25.6 17.4 15.5 14.6 14.4 13.7 14.0 12.0 11.5 11.4 10.6 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B Latin America & Caribbean | 141 2021 - - - 103.7 Source: MTI Global Macro and Debt Unit, 2021 - High ST. VINCENT AND THE GRENADINES 21.1 9.6 Debt Management Assessment (Percent of Sa�sfactory Performance, 2016) St. Vin Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - DMF Activities and Selected DeM Reforms 100 Source: MTI Global Macro and Debt Unit, 2021 DMF Activities High 16 2017 50 NO DATA AVAILABLE 2021 Debt Management Assessment 10 - (Percent 0 of Sa�sfactory Performance, 2016) - 103.7 Latest DeMPA Governance Macro Policies Regional Average Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - Selected DeM Reforms 21.1 100 MTI Global Macro and Debt Unit, 2021 Source: 09.6 50 Redemption Profile Debt Portfolio NO DATA AVAILABLE Risk Indicators XCD million External Domes�c Total 10 - 0 Cost of Debt Weighted Av. Interest Rate (%) 2.4 5.2 3.6 -10 300 Source: MTI Global Latest DeMPA Macro and Debt Unit, 2021 Regional Average Refinancing Risk ATM (years) 10.9 3.1 7.6 1 High Source: MTI Global Macro and Debt Unit, 2021 Debt Maturing in 1 yr (% of total) 7.2 41.6 22.0 200 ng Flows 0 Debt Management Assessment Interest Rate Debt Refixing in 1 yr (% of total) 33.2 41.6 36.8 ector Debt Redemption Profile (Percent of Sa�sfactory NO DATA Performance, AVAILABLE 2016) Risk Portfolio Risk Indicators Debt NO DATA AVAILABLE 70.4 Fixed Rate Debt (% of total) 100.0 83.1 100 XCD million Governance Macro Policies Borrowing FXRisk FX Debt (% ofCash Flow total debt) External -�onal Risk Mgmt & Opera Total Domes�cDebt Recording - 57.0 0 Cost of Debt Weighted Av. Interest Rate (%) 2.4 5.2 3.6 100 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 ST FX Debt (% of reserves) - - 12.7 -10 300 Refinancing Risk ATM (years) 10.9 3.1 7.6 1 Domes�c External 50 Debt Maturing in 1 yr (% of total) 7.2 41.6 22.0 200 Ministry of Finance, Economic Planning and Information Technology, 2021 NO DATA AVAILABLE ng Flows Source: Source: Ministry of Finance, Economic Planning and Information Technology, 2021 Interest Rate Debt Refixing in 1 yr (% of total) 33.2 41.6 36.8 10 ector Debt 0 NO DATA AVAILABLE Risk NO DATA AVAILABLE 70.4 Fixed Rate Debt (% of total) 100.0 83.1 100 Selected International Debt Issuance 0 Latest DeMPA Issue Date Fitch / Moody's / S&P Regional Tenor Average Coupon Rate (%) Maturity Date FX Risk Maturity Type FX Debt (% of total Currency - debt) Amount Issued - Currency Outstanding Currency 57.0 Source: MTI Global Macro and Debt Unit, 2021 2022 2024 2026 2028 2030 2032 2034 2036 2038 NO DATA AVAILABLE 2040 ST FX Debt (% of reserves) - - 12.7 0 Domes�c External Redemption Profile Debt Portfolio Risk Indicators Source: Ministry of Finance, Economic Planning and Information Technology, 2021 Source: Ministry of Finance, Economic Planning and Information Technology, 2021 XCD million External Domes�c Total Selected International Debt Issuance Cost of Debt Weighted Av. Interest Rate (%) 2.4 5.2 3.6 -10 300 Date Issue Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Refi Type ATM nancing Risk Maturity (years) Currency 10.9 Currency 3.1 Currency Amount Issued Outstanding7.6 1 NO DATA AVAILABLE Debt Maturing in 1 yr (% of total) 7.2 41.6 22.0 ng Flows 200 Interest Rate Debt Refixing in 1 yr (% of total) 33.2 41.6 36.8 2020 ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE 70.4 Fixed Rate Debt (% of total) 100.0 83.1 100 Selected Domestic / Regional Debt Issuance FX Risk FX Debt (% of total debt) - - 57.0 0 Date Issue Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding ST FX Debt (% of reserves) - - 12.7 021 9/13/2019 2022 /- 2024 - / -2026 2028 2030 7 2032 2034 7.0 2036 NO DATA AVAILABLE 2038 9/13/2026 2040 AT MATURITY XCD 7,630,756 7,630,756 2030 Domes�c External Source: Ministry of Finance, Economic Planning and Information Technology, 2021 Source: Ministry of Finance, Economic Planning and Information Technology, 2021 2020 43.3 98.4 International Selected Domestic Debt Issuance / Regional Debt Issuance 10.3 Issue Issue Date Date Fitch / Fitch Moody's / / Moody's / S&P S&P Tenor Tenor Coupon Rate Coupon Rate (%) (%) Maturity Maturity Date Date Maturity Type Maturity Type Currency Currency Currency Amount Issued Currency Amount Issued Currency Outstanding Currency Outstanding 021 9/13/2019 -/-/- 7 7.0 NO DATA NO DATA AVAILABLE 9/13/2026 AVAILABLE AT MATURITY XCD 7,630,756 7,630,756 10.6 2030 Source: Bloomberg, December 2021 43.3 98.4 10.3 10.6 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 9/13/2019 -/-/- 7 7.0 NO DATA AVAILABLE 9/13/2026 AT MATURITY XCD 7,630,756 7,630,756 2030 43.3 98.4 10.3 10.6 Source: Bloomberg, December 2021 Latin America & Caribbean | 142 East Asia & Pacific 145 Cambodia 147 Fiji 149 Kiribati 151 Lao, People's Democratic Republic of 153 Marshall Islands 155 Micronesia, Federated States of. 157 Mongolia 159 Myanmar 161 Papua New Guinea 163 Samoa 165 Solomon Islands 167 Timor-Leste 169 Tonga 171 Tuvalu 173 Vanuatu 175 Vietnam East Asia & Pacific | 144 Cambodia C�mbodi� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 6.9 7.0 7.5 7.0 6.8 - Lower middle income Infla�on (%) 3.5 3.3 2.5 2.5 2.7 - Public Debt (% of GDP) 29.1 30.0 28.6 28.5 28.3 28.2 LENDING Net Claims on Govt (% of GDP) -11.4 -13.9 -16.3 - - - Current Account Balance (% of GDP) -8.3 -7.8 -12.1 -13.2 -13.3 13.1 IDA Primary balance (% of GDP) 0.1 -0.5 1.1 0.9 -1.4 1.1 Sources: Debt Sustainability Analysis, 2019; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.4 3.4 3.4 3.4 3.4 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Low Low Low Low Low Low Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 15 4 4 50 10 0 2 2 Source: M 0 0 5 NO DATA AVAILABLE NO DATA AVAILABLE Redem -2 -2 0 -4 -4 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 30 Select Issue 20 50 NO DATA AVAILABLE NO DATA AVAILABLE 10 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 55 21.9 21.6 21.2 21.1 21.4 21.6 22.0 22.3 22.5 22.7 23.0 PV of PPG External Debt-to-Exports 240 26.3 24.9 23.7 23.1 22.8 23.1 23.5 23.7 23.8 24.0 24.2 Debt Service-to-Revenue 23 6.3 6.2 6.4 6.1 5.9 5.6 4.1 4.3 4.5 4.7 4.8 Debt Service-to-Exports 21 1.7 1.6 1.6 1.5 1.4 1.3 1.0 1.0 1.1 1.1 1.2 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 East Asia & Pacific | 145 CAMBODIA Camb DMF Activities and Selected DeM Reforms Hai� Camb DMF Activities 16 2017 DMF Activities and Selected DeM Reforms 2021 - - 16 2017 28.2 2021 - Selected DeM Reforms - 13.1 - 1.1 28.2 - 13.1 1.1 - Source: MTI Global Macro and Debt Unit, 2021 Low - Debt Management Assessment Source: MTI Global Macro and Debt Unit, 2021 Low (Percent of Sa�sfactory Performance, 2018) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Debt Management Assessment 100 (Percent of Sa�sfactory Performance, 2018) Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 4 50 NO DATA AVAILABLE 100 0 2 4 50 NO DATA AVAILABLE NO DATA AVAILABLE Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 0 0 2 Latest DeMPA Previous DeMPA Regional Average Redemption Profile Debt Portfolio Risk Indicators -2 Source: MTI Global Macro and Debt Unit, 2021 0 External Domes�c Total Cost of Debt Weighted Av. Interest Rate (%) 0.9 - 0.9 -4 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators Refinancing Risk ATM (years) 26.3 - 26.3 -2 External Domes�c Total External Domestic External Total Domes �c Total 1 Debt Maturing in 1 yr (% of total) 3.0 - 3.0 Cost of Cost of Debt Debt Weighted Av. Interest Av. Interest0.9 Rate (%) Weighted Rate (%) 0.6 0.8 0.9 Cost of Debt Weighted Av. Interest - Rate (%) 0.9 0.9- 0.9 ng Flows Interest Rate Debt Refixing in 1 yr (% of total) - - - -4 Refinancing Risk ATM (years) - - - ector Debt ATM (years) NO DATA AVAILABLE 26.3 Re financing Risk ATM (years) NO Risk - DATA AVAILABLE 26.3 26.3- 26.3 1 Refinancing Risk Fixed Rate Debt (% of total) - - - 1 yr (% Debt Maturing in Debt - of total) of total) in 1 yr (% Maturing - - 3.0 Debt Maturing in- 1 yr (% of total) 3.0 3.0- 3.0 ng Flows FX Risk FX Debt (% of total debt) - - 100.0 Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - - Interest Rate Debt Refixing in 1- yr (% of total) - - - - ector Debt Interest Risk Rate Risk NO DATA AVAILABLE - Risk ST FX Debt (% of NOreserves) DATA AVAILABLE - - - Fixed Rate Debt (% of total) Fixed Rate Debt (% of total) - - - - of total) Fixed Rate Debt (% - - - - FX Risk FXdebt) FX Debt (% of total - Debt (% of total debt) - 57.4 - FX Risk - debt) FX Debt (% of total - - 100.0 100.0 FX Risk Source: Ministry of Economy ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - - - ST FXand Finance, Debt (% of2021 - reserves) - - - - Selected International Source: Ministry 2021 Issuance Debt of Economy and Finance, IssueWB Source: Staff Calcula Date Fitchtions: Joint WB/IMF / Moody's Debt Sustainability / S&P Tenor Analysis, 2021 Coupon Rate (%) Maturity Date Source: MinistryType of Economy Maturity and Finance, 2021 Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE Selected International Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 2020 021 NO DATA AVAILABLE Selected Domestic / Regional Debt Issuance 2030 Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE NO DATA AVAILABLE 23.0 2030 24.2 4.8 23.0 1.2 24.2 4.8 1.2 East Asia & Pacific | 146 Fiji Fiji DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 2.4 5.4 3.8 -0.4 -15.7 -4.0 Upper middle income Infla�on (%) 2.6 1.7 1.4 2.4 -1.8 - Public Debt (% of GDP) 44.7 44.4 46.4 48.9 70.8 86.8 LENDING Net Claims on Govt (% of GDP) 24.4 23.4 27.0 29.9 43.8 - Current Account Balance (% of GDP) -3.6 -6.7 -8.4 -12.6 -13.4 -15.7 Blend Primary balance (% of GDP) 1.3 0.7 -2.8 0.1 -9.1 -11.8 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng - - - - 3.4 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 0 0 60 60 50 -5 -5 40 40 0 20 20 Source: M -10 -10 NO DATA AVAILABLE NO DATA AVAILABLE Redem 0 0 FJD mil -15 -15 600 -20 -20 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 400 General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing 200 Source: WEO, October 2021 Source: WEO, October 2021 0 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Source: M 100 Select 40 Issue 50 No data available 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: WDI, 2021 and IDS 2021 Source: WDI, 2021 and IDS 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP - - - - - - - - - - - PV of PPG External Debt-to-Exports - - - - - - - - - - - Debt Service-to-Revenue - - - - - - - - - - - Debt Service-to-Exports - - - - - - - - - - - Source: WEO, October 2021; WDI, 2021 East Asia & Pacific | 147 FIJI Fiji DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 -4.0 - 86.8 - Selected DeM Reforms -15.7 -11.8 - Source: MTI Global Macro and Debt Unit, 2021 - Debt Management Assessment (Percent of Sa�sfactory Performance, 2014) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 60 50 NO DATA AVAILABLE 40 0 Latest DeMPA Previous DeMPA Regional Average 20 Source: MTI Global Macro and Debt Unit, 2021 Redemption Profile Debt Portfolio Risk Indicators 0 FJD million External Domes�c Total 600 Cost of Debt Weighted Av. Interest Rate (%) 0.8 6.4 4.7 -20 Refinancing Risk ATM (years) 11.3 9.5 10.1 1 400 Debt Maturing in 1 yr (% of total) 1.5 10.6 7.7 Interest Rate Debt Refixing in 1 yr (% of total) 55.7 10.6 25.1 200 NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - 100.0 - FX Risk FX Debt (% of total debt) - - 31.6 0 2023 2025 2027 2029 2031 2033 2035 2037 2039 ST FX Debt (% of reserves) - - - Domes�c External Source: Ministry of Economy, 2021 Source: Ministry of Economy, 2021 Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2030 - - - - East Asia & Pacific | 148 Kiribati Kirib�ti DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 5.1 0.3 2.3 2.3 2.3 - Lower middle income Infla�on (%) 0.1 0.5 1.9 3.5 1.6 - Public Debt (% of GDP) 21.6 21.0 27.9 36.9 48.7 23.1 LENDING Net Claims on Govt (% of GDP) - - - - - - Current Account Balance (% of GDP) -19.4 -13.6 -13.3 -8.5 -4.6 -11.3 IDA Primary balance (% of GDP) 3.3 11.3 -19.1 -22.1 -20.5 11.6 Sources: Debt Sustainability Analysis, 2019; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.0 3.0 2.9 3.0 3.0 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2019 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 20 20 20 50 0 0 0 0 Source: M -20 -20 -20 NO DATA AVAILABLE NO DATA AVAILABLE Redem -40 -40 -40 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Evolution of External and Domestic Public Debt Null (Percent of GDP) Null Select 40 Issue D No data available 20 No data available No data available No data available No data available NO DATA AVAILABLE NO DATA AVAILABLE 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 External Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 26.9 33.2 38.8 44.0 48.9 53.5 58.0 62.1 65.9 69.3 72.2 PV of PPG External Debt-to-Exports 180 47.6 60.6 71.9 82.8 92.7 103.1 113.3 123.2 132.7 141.7 150.0 Debt Service-to-Revenue 18 2.3 2.6 2.8 3.0 3.1 3.2 3.3 3.5 3.8 4.3 4.8 Debt Service-to-Exports 15 2.9 3.2 3.5 3.7 3.8 3.9 4.0 4.3 4.7 5.2 5.8 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 East Asia & Pacific | 149 KIRIBATI East Asia & Pacific | 150 Lao, PDR of L�o PDR DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 7.0 6.8 6.3 6.4 6.5 - Lower middle income Infla�on (%) 3.0 1.9 1.9 1.2 5.3 - Public Debt (% of GDP) 54.2 55.8 57.2 58.0 56.2 55.5 LENDING Net Claims on Govt (% of GDP) - - - - - - Current Account Balance (% of GDP) 9.0 8.5 9.8 9.6 10.1 9.4 IDA Primary balance (% of GDP) -3.8 -4.1 -2.7 -2.4 -2.5 2.4 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.2 3.2 3.2 3.0 3.0 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2019 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 5 5 10 50 0 0 0 Source: M 5 NO DATA AVAILABLE NO DATA AVAILABLE -5 -5 Redem 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 60 100 Select Issue D 40 50 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2019 11/29/ 11/29/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 11/29/ DEBT SUSTAINABILITY INDICATORS 10/5/ PV of PPG External Debt-to-GDP 30 40.7 39.4 37.9 36.2 34.2 31.4 29.9 28.5 27.7 27.5 28.1 10/5/ PV of PPG External Debt-to-Exports 140 113.4 107.8 102.5 97.6 95.5 88.8 86.0 83.0 81.3 81.2 83.6 10/5/ Debt Service-to-Revenue 14 28.3 24.6 23.9 24.1 25.1 30.8 22.7 22.2 19.7 18.4 16.6 10/5/ Debt Service-to-Exports 10 11.7 10.1 9.8 10.0 10.7 13.4 10.1 10.1 9.0 8.5 7.7 10/5/ Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: B East Asia & Pacific | 151 Debt Management Assessment (Percent of Sa�sfactory Performance) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 LAO, PDR OF 5 50 NO DATA AVAILABLE Lao PD Lao PD 0 DMF Activities and Selected DeM Reforms 0 Activities DMF Regional Average and Selected DeM Reforms DMF Activities Source: MTI Global Macro and Debt Unit, 2021 16 2017 16 2021 2017 -5 - 2021 Redemption Profile Debt Portfolio Risk Indicators - - Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording External Domes�c Total 55.5- 55.5- Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Cost of Debt Weighted Av. Interest Rate (%) - - - Selected DeM Reforms 9.4 - Refinancing Risk ATM (years) - - - 2.4 9.4 1 NO 2.4 DATA AVAILABLE Debt Maturing in 1 yr (% of total) - - 11.1 ng Flows NO DATA AVAILABLE Interest Rate Debt Refixing in 1 yr (% of total) - - - ector Debt - NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - 84.2 - FX Risk FX Debt (% of total debt) - - 92.1 Source: MTI Global Macro and Debt Unit, 2021 High Source: MTI Global Macro and Debt Unit, 2021 ST FX Debt (% of reserves) - - - Afgha High Activities andAssessment Debt Management DMF Selected DeM Reforms Debt Portfolio Management (Percent Risk of Sa�sfactory Indicators Assessment Performance) Source: Ministry of Finance, 2021 Debt Portfolio (Percent Risk of Sa�sfactory Indicators Performance) Governance External Macro Policies Domes�c Total Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 16 2017 Cost of Debt Weighted External Domes�-c Total - External Domestic Total Selected Governance Av. Interest International Debt Rate (%) Issuance - Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 2021 100 Cost Cost Re of Debt of Debt financing Weighted Av. Interest Rate (%) Weighted Av. - (%) Interest Rate - - - - - - Issue 100 Date RiskFitch ATM / (years) Moody's / S&P Tenor - - Coupon Rate (%) - Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 5 - Refinancing Risk Debt (years) in ATM ATM Maturing - - - 50 1 yr (years) (% of total) - - 11.1 - NO DATA AVAILABLE - - 58.6 Refinancing Risk NO DATA AVAILABLE Interest 50 Rate Debt Debt Maturing Re fi xing inin 1 1yryr Debt(%(% of Maturing of total) total) in 1 yr - (% - of total) - - 11.1 - - - 11.1 - NO DATA AVAILABLE -10.7 Risk Interest 0 Rate Debt Re Fixed fixing Rate DebtinNO 1Debt (% DATA yr of(% of AVAILABLE total) total) - - - - 84.2- Refixing in 1 yr (% of total) - - - 2.4 Interest Risk 0 Rate Risk Fixed Rate Debt NO (% DATA of AVAILABLE - total) - 84.2 0 FX Debt (% of total FX Risk Regional Average debt) Fixed - Rate Debt (% of total) - 92.1 - - 84.2 0 FX Risk FX Debt ST FX (% Debt of (% oftotal debt) reserves) FX Debt (% of total debt) - - - - 92.1 - - - 92.1 Regional Source: MTI Average Global Macro and Debt Unit, 2021 FX Risk ST FX Source: MTI Global Macro andDebt (% of Debt Unit, reserves) 2021 ST FX Debt (% of reserves) - - - - - - - -5 Redemption Source: Ministry Source: of Finance, MTI Global Pro Macro fi le 2021 and Debt Unit, 2021 Debt Portfolio Risk Indicators 2020High -5 Redemption Profi Source: Bloomberg, December le 2021 Source: Ministry of Finance, 2021 Debt Portfolio Risk Indicators External Domes�c Total Cost of Debt Weighted Av. Interest Rate (%) External - c Domes�- Total - Selected Regional Debt Issuance Domestic /Assessment Debt Management Maturity Date Maturity Type Currency Cost of DebtRisk ATM Weighted Av. Interest Rate (%) - - - Issue (Percent of Sa�Fitch Date / Moody's sfactory / Currency S&P 2021) Performance, Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Refi nancing Maturity Type (years) Currency Currency Amount Issued - Currency Outstanding - - 1Maturity NO Date DATA Maturity AVAILABLE Type Currency Currency Amount Issued Currency Outstanding Re financing Risk ATM (years) - - - 019 11/29/2018 -/-/- 5 Macro Policies 5.0 NO DATA 11/29/2023 AVAILABLEAT MATURITY Debt Maturing in 1 yr (% of total) - THB Cash Flow 77,294,424 Opera�onal Risk Mgmt - 77,294,424 11.1 1ng Flows Governance Borrowing & Debt Recording NO DATA AVAILABLE 11/29/2018 -/-/- 10 6.0 11/29/2028 AT MATURITY Interest Rate Debt Maturing Debt THB Refixing in in 11yryr (%(% of total) 16,163,079 of total) - - - 16,163,079 - 11.1 - 2030 ng Flows 100 ector Debt 11/29/2018 -/-/- NO DATA AVAILABLE 12 6.5 11/29/2030 Risk Interest Rate AT MATURITY Debt Fixed Refixing THB Rate in Debt NO 1 (%yrDATA (% of of AVAILABLE total) 65,356,510 total) - - - 65,356,510 - 84.2 - ector Debt 10/5/2017 -/-/- NO DATA AVAILABLE 5 4.0 10/5/2022 Risk THBDebt AT MATURITY Fixed Rate NO (% DATA of AVAILABLE - 30,546,681 total) 30,546,681 - 84.2 28.1 50 FX Risk FX Debt (% of total debt) - - 92.1 10/5/2017 -/-/- 7 4.6 NO DATA AVAILABLE 10/5/2024 AT MATURITY THB 10,211,182 10,211,182 83.6 FX Risk FX Debt ST FX (% (% Debt of total debt) of reserves) - - - - 92.1 - 10/5/2017 -/-/- 10 5.2 10/5/2027 AT MATURITY THB 88,872,331 88,872,331 2 0 ST FX Debt (% of reserves) - - - 16.6 10/5/2017 -/-/- 12 5.4 10/5/2029 AT MATURITY THB 45,095,145 45,095,145 7.7 10/5/2017Latest DeMPA -/-/- 15 Average Regional 6.1 10/5/2032 MATURITY ATMinistry Source: THB of Finance, 2021 161,015,577 161,015,577 Source: Bloomberg, December 2021 Source: MTI Global Macro and Debt Unit, 2021 Source: Ministry of Finance, 2021 0 Selected International Debt Issuance Maturity Date Date International Selected Issue Maturity Redemption Fitch Type Pro / file Debt Moody's Currency S&P Issuance / Currency Tenor Amount Issued Coupon Rate Currency (%) Maturity Date Debt Outstanding Maturity Type Portfolio Currency Risk Currency Amount Issued Indicators Currency Outstanding Maturity NO DATA Date 11/29/2023 Issue Maturity AVAILABLEDate Type AT MATURITY Moody's Fitch /Currency THB S&P 77,294,424 Tenor / Currency Amount Issued Coupon Rate Currency (%) Maturity Outstanding 77,294,424 Date NO DATA Maturity Type AVAILABLE Currency Currency Amount External Issued Currency Domes Outstanding �c Total NO DATA AVAILABLE 11/29/2023 11/29/2028 AT MATURITY THB 77,294,424 16,163,079 77,294,424 16,163,079 NO DATA AVAILABLE Cost of Debt Weighted Av. Interest Rate (%) 0.5 - 0.5 11/29/2028 11/29/2030 -2 AT MATURITY THB 16,163,079 65,356,510 16,163,079 65,356,510 Refinancing Risk ATM (years) - - - 1 11/29/2030 10/5/2022 MATURITY AT MATURITY AT THB THB 65,356,510 30,546,681 65,356,510 30,546,681 Debt Maturing in 1 yr (% of total) - - - 10/5/2022 10/5/2024 AT MATURITY THB 30,546,681 10,211,182 30,546,681 10,211,182 ng Flows 10/5/2024 10/5/2027 AT MATURITY AT MATURITY THB THB 10,211,182 88,872,331 10,211,182 88,872,331 Interest Rate Debt Refixing in 1 yr (% of total) - - - ector Debt 10/5/2027 AT MATURITY THB NO DATA AVAILABLE 88,872,331 88,872,331 Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - - 10/5/2029 45,095,145 45,095,145 10/5/2029 10/5/2032 MATURITY AT MATURITY AT THB THB 45,095,145 161,015,577 45,095,145 161,015,577 FX Risk FX Debt (% of total debt) - - 100.0 10/5/2032 2020 ATBloomberg, Source: MATURITY THB December 2021 161,015,577 161,015,577 ST FX Debt (% of reserves) - - - 2020 Source: Bloomberg, December 2021 Selected Domestic / Regional Debt Issuance Issue Date Domestic Selected / Regional Fitch / Moody's / S&P Debt Issuance Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 019 Issue Date 11/29/2018 - / - / - / S&P Fitch / Moody's Tenor 5 Coupon Rate (%) 5.0 Maturity NO DATADate 11/29/2023 Maturity AVAILABLE Type AT MATURITY Currency THB Currency Amount Issued 77,294,424 Currency Outstanding 77,294,424 019 11/29/2018 -/-/- 5 10 5.0 6.0 NO DATA AVAILABLE 11/29/2023 11/29/2028 AT MATURITY THB 77,294,424 16,163,079 77,294,424 16,163,079 2030 Selected International Debt Issuance 11/29/2018 -/-/- 10 12 6.0 6.5 11/29/2028 11/29/2030 AT MATURITY THB 16,163,079 65,356,510 16,163,079 65,356,510 2030 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 11/29/2018 10/5/2017 -/-/- 12 5 6.5 4.0 11/29/2030 10/5/2022 AT MATURITY THB 65,356,510 30,546,681 65,356,510 30,546,681 28.1 NO DATA AVAILABLE 10/5/2017 -/-/- 5 7 4.0 4.6 10/5/2022 10/5/2024 AT MATURITY THB 30,546,681 10,211,182 30,546,681 10,211,182 28.1 83.6 10/5/2017 -/-/- 7 10 4.6 5.2 10/5/2024 10/5/2027 AT MATURITY THB 10,211,182 88,872,331 10,211,182 88,872,331 83.6 16.6 10/5/2017 -/-/- 10 12 5.2 5.4 10/5/2027 10/5/2029 AT MATURITY THB 88,872,331 45,095,145 88,872,331 45,095,145 16.6 7.7 10/5/2017 -/-/- 12 15 5.4 6.1 10/5/2029 10/5/2032 AT MATURITY THB 45,095,145 161,015,577 45,095,145 161,015,577 7.7 10/5/2017 Source: - 2021 Bloomberg, December /-/- 15 6.1 10/5/2032 AT MATURITY THB 161,015,577 161,015,577 Source: Bloomberg, December 2021 2020 East Asia & Pacific | 152 Selected Domestic / Regional Debt Issuance M�rsh�ll Islands Marshall Isl�nds DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 1.3 4.1 3.6 2.4 2.3 - Upper middle income Infla�on (%) 7.2 2.0 0.3 0.6 1.4 - Public Debt (% of GDP) 41.6 36.7 32.9 30.4 28.4 26.2 LENDING Net Claims on Govt (% of GDP) - - - - - - Current Account Balance (% of GDP) -17.2 -8.5 -7.3 -4.4 -1.4 -3.2 IDA Primary balance (% of GDP) 4.3 4.7 2.8 2.2 1.6 -1.9 Sources: Debt Sustainability Analysis 2018; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 2.6 2.6 2.6 2.6 2.6 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 5 50 0 0 0 Source: M 0 NO DATA AVAILABLE NO DATA AVAILABLE -5 -5 Redem -5 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2018 Source: Joint WB/IMF Debt Sustainability Analysis, 2018 Evolution of External and Domestic Public Debt Null (Percent of GDP) Null 60 Select Issue D 40 No data available NO DATA AVAILABLE NO DATA AVAILABLE 20 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Domes�c External Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis 2018, WDI 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 30 23.4 22.5 22.2 22.6 25.4 28.2 31.3 34.5 38.0 41.8 45.8 PV of PPG External Debt-to-Exports 100 60.2 58.7 58.6 60.0 67.6 75.4 83.5 92.3 101.6 111.7 122.3 Debt Service-to-Revenue 18 9.3 9.1 9.0 9.0 6.9 7.1 6.9 7.2 7.5 6.2 6.2 Debt Service-to-Exports 15 7.5 7.3 7.2 7.2 7.2 7.5 7.2 7.5 7.8 6.4 6.4 Source: Joint WB/IMF Debt Sustainability Analysis, 2018 East Asia & Pacific | 153 MARSHALL ISLANDS East Asia & Pacific | 154 Micronesia, Fed. Sts. of Micron�si�, F�d. DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 0.7 2.4 1.2 1.4 0.8 - Lower middle income Infla�on (%) 4.4 6.9 1.2 1.0 2.0 - Public Debt (% of GDP) 24.3 22.1 20.3 18.5 16.5 15.3 LENDING Net Claims on Govt (% of GDP) -63.8 -65.9 - - - - Current Account Balance (% of GDP) -4.5 -8.1 -25.0 -16.4 -2.7 -1.6 IDA Primary balance (% of GDP) 7.6 14.8 27.6 19.2 6.9 -1.8 Sources: Debt Sustainability Analysis, 2019; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 2.8 2.8 2.8 2.7 2.8 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2019 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 0 0 0 50 0 -10 -10 -10 Source: M NO DATA AVAILABLE NO DATA AVAILABLE -20 -20 -20 Redem 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Evolution of External and Domestic Public Debt Null (Percent of GDP) Null 30 Select Issue D 20 No data available 10 NO DATA AVAILABLE NO DATA AVAILABLE 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 External Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 30 13.6 12.4 11.2 10.0 11.1 12.5 14.2 16.1 18.2 20.6 23.0 PV of PPG External Debt-to-Exports 140 44.0 39.8 35.8 32.0 35.5 39.9 45.3 51.4 58.3 65.8 73.5 Debt Service-to-Revenue 14 4.4 4.4 4.3 4.2 3.1 3.1 2.9 3.0 3.1 3.3 3.3 Debt Service-to-Exports 10 5.1 5.0 4.7 4.6 4.4 4.4 4.2 4.2 4.4 4.5 4.5 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 East Asia & Pacific | 155 MICRONESIA, FED. STS. OF East Asia & Pacific | 156 Mongolia Mon�oli� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 1.2 5.3 7.2 5.2 -5.3 5.2 Lower middle income Infla�on (%) 3.0 10.8 8.0 10.0 3.7 - Public Debt (% of GDP) 87.6 84.4 74.3 68.4 77.0 77.7 LENDING Net Claims on Govt (% of GDP) 7.7 -0.3 -2.4 -6.6 -4.1 - Current Account Balance (% of GDP) -6.3 -10.1 -16.8 -15.4 -5.1 -8.5 IBRD Primary balance (% of GDP) -11.2 0.4 6.2 3.2 -7.0 -3.4 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.2 3.3 3.4 3.4 - - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) Mon�oli� (Percent of GDP) MACROECONOMIC INDICATORS 2012 2013 2014 2015 50 201 100 60 2016 2017 60 2018 2019 2020 INCOME Real GDP Growth (%) 1.2 5.3 7.2 5.2 -5.3 50 50 0 Lower middle income Infla�on (%) 3.0 10.8 8.0 10.0 3.7 40 Public Debt (% of GDP) 87.6 84.4 40 74.3 68.4 77.0 LENDING Net Claims on Govt (% of GDP) 7.7 -0.3 -2.4 -6.6 -4.1 Current Account Balance (% of GDP) -6.3 -10.1 -16.8 -5.1 M -15.4 Source: IBRD Primary balance (% of GDP) -11.2 0.4 6.2 3.2 -7.0 20 20 0 NO DATA AVAILABLE 0 NO October Sources: WEO, DATA 2021; WDI, 2021 AVAILABLE HIPC ELIGIBILITY INSTITUTIONAL CAPACITY Redem - 0 0 Overall CPIA Ra�ng 3.2 3.3 3.4 3.4 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY -50 -50 -20 -20 non-FCS - - - - - 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 Risk of Debt 2014 2015Distress 2016 2017 2018 2019 2020 2021 Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing Source: WEO, October 2021 Current Account Balance Source: WEO, October 2021 General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 60 100 50 50 80 40 Select Issue D 60 20 7/7/ 0 NO DATA AVAILABLE 0 NO DATA AVAILABLE 7/7/ 50 10/7/ 40 0 11/1/ No data available NO DATA AVAILABLE NO DATA AVAILABLE -50 -50 -20 20 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue 0 0 Current account balance (% of GDP) General government net lending/borrowing 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Source: WEO, October 2021 Source: WEO, October 2021 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Evolution of External and Domestic Public Debt Evolution of Financing Sources Sources: WB Staff Calculations: WDI, 2021 and IDS 2021 Sources: WB Staff Calculations: WDI, 2021 and IDS 2021 (Percent of GDP) (Percent of Total) Benchmark 2020 2021 2022 2023 2024 2025 100 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS 80 PV of PPG External Debt-to-GDP - - - - - - - - - - - PV of PPG External Debt-to-Exports - - - - - - - - - - - 60 Debt Service-to-Revenue - - - - - - - - - - - Debt Service-to-Exports - - - - - - 50 - - - - - 40 NO DATA AVAILABLE NO DATA AVAILABLE 20 East Asia & Pacific | 157 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 MONGOLIA Mong DMF Activities and Selected DeM Reforms Mong DMF Activities and Selected DeM Reforms Mong 16 2017 Mongolia Mong 2021 DMF Activities and Selected DeM Reforms DMF Activities 16 5.22017 2021 DMF Activities and Selected DeM Reforms - 16 77.7 5.2 2017 - - 16 2021 2017 -8.5 77.7 5.2 2021 -3.4- Selected DeM Reforms - 5.2 -8.5 77.7 -3.4- - 77.7 -8.5 - -3.4 -8.5 -3.4- Source: MTI Global Macro and Debt Unit, 2021 - Source: MTI Global Macro and Debt Unit, 2021 -- Debt Management Assessment - (Percent of Sa�sfactory Performance, 2020) Source: MTI Global Macro and Debt Unit, 2021 Mong - Debt Management Assessment Source: MTI Global Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - DMF (Percent Activities and Selected 2020) Macro and Debt Unit, 2021 of Sa�sfactory Performance, DeM Reforms Debt Management 100 Governance Assessment Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Debt Management (Percent Assessment of Sa�sfactory Performance, 2020) 16 2017 100 50 (Percent of Sa�sfactory Performance, 2020) Governance Macro Policies AVAILABLE NO DATABorrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 2021 60 Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 5.2 100 50 0 NO DATA AVAILABLE 60 - 100 77.7 40 - 500 Latest DeMPA Previous DeMPA Regional Average NO DATA AVAILABLE 60 -8.5 NO 40 50 MTI Global Macro and Debt Unit, 2021 Source: DATA AVAILABLE NO DATA AVAILABLE -3.4 60 20 0 Latest DeMPA Previous DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 40 20 Redemption 0 Profile Latest DeMPA Previous DeMPA Regional Average Debt Portfolio Risk Indicators 40 0 Regional Average Source: MTI Global Macro and Debt Unit, 2021 - Redemption Profile Latest DeMPA Previous DeMPA Regional Average Debt Portfolio Risk Indicators 20 Source: MTI Global Macro and Debt Unit, 2021 Cost of Debt Weighted Av. Interest Rate (%) 3.6 12.2 4.3 0 -20 20 Source: MTI Global Macro and Debt Unit, 2021 Refinancing Risk ATM (years) 8.4 5.0 8.2 - Redemption Profile Cost of Portfolio Debt Debt Risk Weighted Indicators Av. Interest Rate (%) 3.6 12.2 4.3 0 -20 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators Debt Refinancing Risk ATM (years) Maturing in 1 yr (% of total) 2.2 8.4 10.5 5.0 2.7 8.2 0 Debt Management Assessment ExternalInterest Rate Cost of Debt Debt Refixing Weighted Av.Domestic in 1 yr (% Interest of total) Rate (%) 13.0 3.6 Total 10.5 12.2 12.6 4.3 1 (Percent of Sa�sfactory Performance, 2020) Debt Maturing in 1 yr (% of total) 2.2 10.5 2.7 -20 of Debt Cost of Debt NO DATA Weighted Av. Interest AVAILABLE Rate (%) Risk of Debt NO DATA AVAILABLE Cost Weighted Av. Interest3.6 Rate (%) 12.2 4.3 3.6 Re Cost financing Risk Weighted Fixed(years) ATM RateAv. Interest Debt Rate (% of total) 12.2 (%) 3.6 88.3 8.4 12.2 100.0 5.0 4.3 4.3 89.0 8.2 Governance Macro Policies Interest Borrowing Rate Debt Re fixing in 1 yr Cash Flow (% of total) 13.0 10.5 12.6 Opera�onal Risk Mgmt & Debt Recording -20 Refinancing Risk ATM (years) NO DATA ATM AVAILABLE 8.4 (years) 5.0 8.2 8.4 Re FX fi Risknancing Risk Risk ATM FX Debt Debt (years) (% of Maturing total in 5.01 debt) yr (% NO DATA AVAILABLE 88.3 Fixed Rate Debt (% of total) of total) 8.4 2.2- 5.0 10.5 8.2 100.0 - 8.2 92.7 2.7 89.0 1 Refinancing Risk 100 1 yr (% Debt Maturing in Debt (% of total) 10.5 of total) in 1 yr2.2 Maturing 2.7 2.2 Interest Rate Debt ST FX Maturing Debt Re (% in of fixing in 1 10.51 yr reserves) yr (% (% of of total) total) 2.2 13.0- 10.5 2.7- 2.7 5.9 12.6 FX Risk FX Debt (% of total debt) - - 92.7 Interest Rate Debt Refixing inNO yrDATA 1Debt of AVAILABLE total)in 1 yr13.0 (%Refixing Risk NO DATA AVAILABLE (% of total) 10.5 12.6 13.0 Interest Rate Fixed Re Debt fixing Rate in Debt 1 (% 10.5 yr of(% of total) total) 13.0 88.3 10.5 100.0 12.6 12.6 89.0 50 Interest Risk Rate Risk NO DATA AVAILABLE 88.3 NO DATA AVAILABLE Risk ST FX Debt (% of NOreserves) DATA - AVAILABLE 88.3 - 5.9 60 Fixed Rate Debt (% of total) Fixed Rate Debt (% of total) 100.0 89.0 FX Risk 88.3 Source: Fixed FX Debt Rate (%Debt (% debt) of total 100.0 of total) - 100.0 89.0 - 89.0 92.7 Ministry of Finance, 2019 FX0 Risk FX Debt (% of total debt) FX Debt (% of total debt) - - 92.7 - FX Risk FX Debt ST FX Debt of total (% (% of - debt) reserves) - - 92.7 92.7 5.9 FX Risk Source: Ministry of Finance, 2019 40 ST FX Debt (% Debt Selected International Issuance of reserves) ST FX Debt (% of reserves) - - 5.9 - ST FX Debt (% of - reserves) - 5.9- 5.9 Latest DeMPA Previous DeMPA Regional Average Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected Source:MTI Source: International Global Ministry of Macro and Finance, Debt Debt Unit, 2019 2021 Issuance Source: Ministry of Finance, 2019 7/7/2021 B / B3u / B 10 3.5 NO DATA AVAILABLE 7/7/2027 AT MATURITY USD 500,000,000 500,000,000 20 IssueMinistry Source: Date of Finance, Moody's / S&P Fitch /2019 Tenor Maturity Coupon Rate (%) Maturity Date Source: MinistryType of Finance,Currency 2019 Currency Amount Issued Currency Outstanding 7/7/2021 B / B3u / B 5 4.5 7/7/2031 AT MATURITY USD 500,000,000 500,000,000 Selected Redemption International Pro B3u / B Debt Issuance Bfi / le Debt Portfolio Risk 7/7/2021 B/ 10 3.5 NO DATA AVAILABLE 7/7/2027 AT MATURITY USDIndicators 500,000,000 500,000,000 10/7/2020 B3 / B 10 5.1 4/7/2026 AT MATURITY USD 600,000,000 600,000,000 0 Selected Issue Date International 7/7/2021 11/1/2017 // Fitch B B3u / B Debt Moody's B / B3u / B / S&P Issuance Tenor 5 5 Coupon Rate (%) Maturity 4.5 5.6 Date 7/7/2031 5/1/2023 Maturity AT MATURITY AT MATURITY Type Currency USD USD Currency Amount Issued Currency 500,000,000 800,000,000 Outstanding 500,000,000 533,066,000 Maturity Date Maturity 7/7/2021 Issue Date Type 10/7/2020 FitchB/Currency B//B3u B3 //B Moody'sB / Currency S&P Amount 10 Issued Coupon Tenor Currency 3.5 Rate 5.1 NO DATA Outstanding 7/7/2027 (%) Maturity Date 4/7/2026 AVAILABLE AT MATURITY Maturity Cost of Debt Type Currency USD 500,000,000 Currency Amount 600,000,000 Weighted Av. Interest Rate (%) Issued 3.6 500,000,000 Currency Outstanding 600,000,000 12.2 4.3 NO DATA AVAILABLE 7/7/2027 -20 7/7/2021 AT MATURITY 11/1/2017 B / B3u USD/ B 5 500,000,000 10 500,000,000 7/7/2031 4.5 5.6 3.5 NO DATA AVAILABLE 5/1/2023 7/7/2027 AT MATURITY USD 800,000,000 500,000,000 533,066,000 500,000,000 Refinancing Risk ATM (years) 8.4 5.0 8.2 7/7/2031 10/7/2020 AT MATURITY 7/7/2021 B//B3u B B3 //B USD B 10 500,000,000 5 5.1 4.5 4/7/2026 500,000,000 7/7/2031 AT MATURITY USD 600,000,000 500,000,000 600,000,000 500,000,000 Debt Maturing in 1 yr (% of total) 2.2 10.5 2.7 4/7/2026 11/1/2017 AT MATURITY 10/7/2020 BB//B3u B3 //B USD B 5 600,000,000 10 5.6 600,000,000 5/1/2023 5.1 4/7/2026 AT MATURITY USD 800,000,000 600,000,000 533,066,000 600,000,000 5/1/2023 AT MATURITY 11/1/2017 USD B / 2021 B3u / B 800,000,000 5 533,066,000 5.6 5/1/2023 Interest Rate AT MATURITY Debt Refi USDxing in 1 yr (% of total) 800,000,000 13.0 10.5 533,066,000 12.6 2020 Source: Bloomberg, December NO DATA AVAILABLE Risk NO DATA AVAILABLE 88.3 Fixed Rate Debt (% of total) 100.0 89.0 2020 Selected Domestic Source: Bloomberg, / Regional Debt Issuance December 2021 FX Risk FX Debt (% of total debt) - - 92.7 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected Domestic / Regional Debt Issuance ST FX Debt (% of reserves) - - 5.9 2020 Source: Bloomberg, December 2021 NO DATA AVAILABLE Issue Date Fitch / Moody's / S&P Source: Bloomberg, December 2021 Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 2020 2030 Selected Domestic / Regional Debt Issuance NO DATA AVAILABLE Source: Ministry of Finance, 2019 2030 Issue Date Domestic Selected / Regional Fitch / Moody's / S&P Debt Issuance Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding - Maturity Date Maturity Issue Date Type Fitch /Currency Moody's / Currency S&P Amount Tenor Currency Issued Coupon Outstanding Rate NO DATA (%) Maturity AVAILABLE Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected International Debt Issuance NO- DATA AVAILABLE 2030 NO DATA AVAILABLE - Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding - 2030 7/7/2021 B / B3u / B 10 3.5 NO DATA AVAILABLE 7/7/2027 AT MATURITY USD 500,000,000 500,000,000 - - 7/7/2021 B / B3u / B 5 4.5 7/7/2031 AT MATURITY USD 500,000,000 500,000,000 - - 10/7/2020 B / B3 / B 10 5.1 4/7/2026 AT MATURITY USD 600,000,000 600,000,000 - - 11/1/2017 B / B3u / B 5 5.6 5/1/2023 AT MATURITY USD 800,000,000 533,066,000 - - East Asia & Pacific | 158 2020 Source: Bloomberg, December 2021 Mon�oli� MACROECONOMIC INDICATORS 2012 2013 2014 2015 201 2016 2017 2018 2019 2020 INCOME Real GDP Growth (%) 1.2 5.3 7.2 5.2 -5.3 Lower middle income Infla�on (%) 3.0 10.8 8.0 10.0 3.7 Myanmar Public Debt (% of GDP) 87.6 84.4 74.3 68.4 77.0 M��nm�r LENDING Net Claims on Govt (% of GDP) 7.7 -0.3 -2.4 -6.6 DMF -4.1 Current Account Balance (% of GDP) -6.3 -10.1 -16.8 -15.4 -5.1 IBRD Primary balance (% of GDP) -11.2 0.4 6.2 3.2 -7.0 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 INSTITUTIONAL CAPACITY - 2016 2017 2018 2019 2020 2021 INCOME Overall CPIA Ra� ng 3.2 Real GDP Growth (%) 6.4 5.8 6.4 6.8 3.3 3.2 3.4 - 3.4 - Lower middle income Infla�on (%) 1.1 5.4 5.4 6.3 6.4 - Mon�oli� FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Public Debt (% of GDP) 38.3 38.5 40.4 38.8 38.2 42.9 non-FCS Risk of Debt Distress - - - - - LENDING Net Claims on Govt (% of GDP) 15.1 16.0 17.5 - - - (FCS) FY22Account Balance (% Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations Current of GDP) Sources: 3.8 CPIA-WDI 2021 6.3 4.1 2.1 2.9 3.9 IDA -1.5 -2.6 INDICATORS -1.6 -2.4 Primary balance (% of GDP) MACROECONOMIC 2012 -3.12013 4.2 2014 2015 201 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 2016 2017 2018 2019 2020 HIPC ELIGIBILITY INCOME Current Account Balance INSTITUTIONAL CAPACITY General Government Real GDP Growth (%) Net Lending/Borrowing 1.2 5.3 7.2 5.2 -5.3 - Lower middle income Infla�on (%) 3.0 10.8 8.0 10.0 3.7 (Percent of GDP) Overall CPIA Ra�ng (Percent of GDP) 3.1 3.0 3.0 87.63.0 84.43.0 74.3 - 68.4 Public Debt (% of GDP) 77.0 FRAGILE AND CONFLICT STATE LENDING Net Claims on Govt (% of GDP) 7.7 -0.3 -2.4 -6.6 -4.1 DEBT SUSTAINABILITY Sourc Current Account (% of GDP) BalanceLow -6.3 -10.1 -16.8 -15.4 -5.1 FCS IBRD Risk of Debt Distress Low Low Low Low Low Primary 60 balance (% of GDP) -11.2 0.4 6.2 3.2 -7.0 Sources: WEO, October 2021; WDI, 2021 Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 HIPC 50 ELIGIBILITY Sources: CPIA-WDI 2021; Joint WB/IMF 50 Debt Sustainability Analysis, 2021 Debt INSTITUTIONAL CAPACITY 40 (Percen - Overall CPIA Ra�ng 3.2 3.3 3.4 3.4 - Gross Financing Need and Primary Deficit FRAGILE AND CONFLICT STATE Contribution to Change in Public Debt DEBT SUSTAINABILITY (Percent of GDP) (Percent of GDP) 20 - - - - 100 - non-FCS 0 0 Risk of Debt Distress NO DATA AVAILABLE NO DATA AVAILABLE Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021 8 50 0 5 5 Current -50 Account Balance -50 General -20 Government Net Lending/Borrowing 0 6 2011 (Percent 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 of GDP) 2011 (Percent 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 of GDP) Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Source: M 4 Current account balance (% of GDP) General government net lending/borrowing 0 60 0 NO DATA AVAILABLE NO Source: WEO, DATA October AVAILABLE 2021 Source: WEO, October 2021 Redem 50 50 2 40 Evolution of External and Domestic Public Debt Evolution of Financing Sources 0 (Percent of GDP) (Percent of Total) 20 2011 2012 2013 2014 0 2015 2016 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 2020 2021 20110 2012 2013 100 NO DATA AVAILABLE NO DATA AVAILABLE 80 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit 0 Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 60 -50 -50 -20 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 50 and Evolution of External40 Domestic Public Debt Volume of imports of goods and services Evolution of Financing Volume of exports of goods and services Sources General government total expenditure General government revenue (Percent of GDP) NO DATA AVAILABLE Current account balance (% of GDP) (Percent of Total) NO DATA AVAILABLE General government net lending/borrowing Source: WEO, October 2021 100 Source: WEO, October 2021 40 20 Select Evolution 0 of External and Domestic Public Debt Evolution 0 of Financing Sources Issue 30 2010 (Percent 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 of GDP) (Percent2014 of Total) 2015 2016 2017 2018 2019 2 100 Domes�c External Bilateral Commercial Mul�lateral Domes�c 20 80 50 Sources: WB Staff Calculations: WDI, 2021 and IDS 2021 Sources: WB Staff Calculations: WDI, 2021 and IDS 2021 NO DATA AVAILABLE NO DATA AVAILABLE 60 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 10 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP - - - - 50 - - - - - - 0 40 0 PV of PPG External Debt-to-Exports - - - - - - - - - - 2010 2011 2012 2013 2014 2015 2016 2017 2018 AVAILABLE NO DATA 2019 2020 2014 2015 2016 2017 NO DATA2019 2018 AVAILABLE2020 Debt Service-to-Revenue - - - - - - - - - - Domes�c 20 External Debt Service-to-Exports - - - Bilateral - Commercial - - Mul�lateral - �c Domes - - Select - Issue 0 Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Sources: WB Staff Calculations: WDI02021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 6/17/ 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 5/7/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 12/24/ DEBT SUSTAINABILITY INDICATORS Domes�c External Bilateral Commercial Mul�lateral Domes�c 8/20 PV of PPG External Debt-to-GDP 40 11.3 12.2 11.6 11.2 10.7 10.4 10.0 9.7 9.6 9.4 9.2 Sources: WB Staff Calculations: WDI, 2021 and IDS 2021 Sources: WB Staff Calculations: WDI, 2021 and IDS 2021 6/25 PV of PPG External Debt-to-Exports 180 63.5 71.6 68.7 67.0 61.8 55.6 51.1 58.1 56.9 55.2 53.9 5/21 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Debt Service-to-Revenue 18 6.4 6.0 7.2 6.6 6.7 6.1 5.0 4.6 4.0 4.0 4.2 5/21/ DEBT SUSTAINABILITY INDICATORS Debt Service-to-Exports 15 5.4 5.3 6.6 6.4 6.4 5.5 4.4 4.7 4.2 4.2 4.4 11/15/ PV of PPG External Debt-to-GDP - - - - - - - - - - Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: B PV of PPG External Debt-to-Exports - - - - - - - - - - Debt Service-to-Revenue - - - - - - - - - - Debt Service-to-Exports - - - - - - - - - - East Asia & Pacific | 159 6 16 2017 Debt Management Assessment Debt Management Assessment 2021 (Percent of Sa�sfactory Performance) (Percent of Sa�sfactory Performance) - 5.2 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording MYANMAR 42.9 77.7 100 - 100 3.9 -8.5 4.2 -3.4 50 NO DATA AVAILABLE Myan 50 NO DATA AVAILABLE 5 5 DMF Activities and Selected DeM Reforms 0 0 - Mong DMF Activities Regional Average 6 2017 Regional Average Source: Global MTI MTI Source: Macro Global and and Macro Unit, DebtDebt 2021 2021 Low - DMF Source: Activities MTI and Global Macro and Selected Unit, Debt Unit, 2021 2021 DeM Reforms 0 - 0 - Redemption Profile Assessment Debt Portfolio Risk Indicators Debt Management Redemption Profile Debt Portfolio Risk Indicators 16 42.92017 External Domes�c Total - (Percent of Sa�sfactory Performance) Performance, 2020) External Domes�c Total Selected DeM Reforms 2021 3.9 Borrowing Governance Cash Flow Opera � onal Risk Mgmt & Debt Recording Cost Borrowing of Debt Weighted Av. Interest Flow CashFlow Rate (%) 1.6 Opera 6.5 4.6 5.2 4.2 Macro Policies Borrowing Cost of Debt Weighted Av.CashInterest Rate (%) 1.6�� Opera onal Mgmt& RiskMgmt onalRisk DebtRecording &Debt 6.5 Recording 4.6 - Re fi nancing Risk ATM (years) - - - 100 Re fi nancing Risk ATM (years) - - - 77.7 - Debt Maturing in 1 yr (% of total) - - - Debt Maturing in 1 yr (% of total) - - - ng Flows -8.5 NO -DATA AVAILABLE ng Flows 50 NO DATA Interest DATA AVAILABLE AVAILABLE Rate Debt Re fixing in 1 yr (% of total) - - - -3.4 Interest Rate Debt Refixing in 1 yr (% of total) - - - 60 ctor Debt NO DATA AVAILABLE Risk Fixed Rate Debt NO(% DATA of AVAILABLE total) - - - ctor Debt 5 NO DATA AVAILABLE Risk NO DATA AVAILABLE - Fixed Rate Debt (% of total) - - Source: MTI Global Macro and Debt Unit, 2021 0 FX Risk FX Debt (% of total debt) - - 38.1 Low FX Risk FX Debt (% of total debt) - - 38.1 40 Regional Average - Latest DeMPA Regional Average Previous DeMPA Regional Average ST FX Debt (% of reserves) - - - Debt Management Assessment ST FX Debt (% of reserves) - - - Source: MTI Global Macro and Debt Unit, 2021 (Percent of Sa Source: MTI �sfactory Global Performance) Macro and Debt Unit, 2021 20 0 - Governance Macro Policies Source: WB Staff Calculations: Joint WB/IMF Borrowing Debt Sustainability Analysis, Cash Flow Opera2021 �onal Risk Mgmt & Debt Recording Debt Portfolio Redemption Pro Risk file Indicators Debt Portfolio Portfolio Source: WB Risk Risk Staff Calculations: Indicators Indicators Joint WB/IMF Debt Sustainability Analysis, 2021 0 Debt Management Assessment 100 External Domestic External Total Domes�c Total (Percent ofInternational Selected Debt Issuance Sa�sfactory Performance, 2020) Selected Cost of Cost International of Debt Debt Weighted Av.Debt InterestIssuance Av. Interest3.6 Rate (%) Weighted Rate (%) 12.2 4.3 1.6 Cost Cost of Debt of DebtType Weighted Weighted Av. Av. Interest Interest 6.5 Rate Rate (%) 3.6 1.6 Currency (%) Issued 12.2 6.5 4.6 4.3 4.6 Fitch / Moody's / S&P Issue Date Tenor Coupon Rate (%) Maturity Date Maturity Currency Currency Amount Outstanding -20 50 Date Issue Fitch / Moody's / S&P Governance Coupon Rate (%) Tenor Macro Policies Maturity NO DATA Borrowing Maturity Type Date AVAILABLE CurrencyCashCurrency Flow Amount Issued Currency Opera�onal Outstanding Risk Mgmt & Debt Recording Risk ATM (years) Refinancing ATM (years) 8.4 5.0 8.2 NO Re Refi DATA-AVAILABLE financing Risk ATM nancing Risk ATM (years) (years) - 8.4- 5.0 - - 8.2- Refinancing Risk 100 NO DATA AVAILABLE 5 1 yr (% Debt Maturing in Debt of total) 2.2 Maturing in 1 yr (% of total) 10.5 2.7 - Debt Debt Maturing Maturing in in-1 yr(% 1yr (%of oftotal) total) 2.2- 10.5 - - 2.7- 0 ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr13.0 (% of total) 10.5 12.6 Interest Rate - Interest Rate Debt Refi Debt Re xing in fixing in 1 1 yr(% - yr (%of oftotal) total) 13.0- 10.5 - - 12.6- 50 Interest Risk Rate Risk NO DATA AVAILABLE NO DATA AVAILABLE Risk NO DATA AVAILABLE ector Debt Regional Average Fixed Rate Debt (% of total) 88.3 100.0 89.0 Risk Fixed Rate Debt Fixed Rate NO Debt (% DATA AVAILABLE88.3- 60 Fixed Rate Debt (% of total) - oftotal) - of (% total) 100.0 - - 89.0- Source: MTI Global Macro and Debt Unit, 2021 0 Risk FX FXdebt) FX Debt (% of total - Debt (% of total debt) - 92.7 FX Risk - FX Risk FX Debt (% FX Debt of total (% of - debt) total debt) -- -- 38.1 92.7 38.1 0 FX Risk 40 ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - 5.9 - ST FX Debt (% of reserves) ST FX Debt (% of -reserves) -- - -- 5.9- Redemption Profile Latest DeMPA Previous DeMPA Regional Average Debt Portfolio Risk Indicators Source: WB Global Source:MTI Joint Unit, Macro and Debt Staff Calculations: WB/IMF2021 Debt Sustainability Analysis, 2021 External Domes�c Total 020 20 Cost of Debt Weighted 020 Source: Ministry of Finance, 2019 Source: Source: Ministry WB Staffof Finance, Calcula 2019 tions: JointAv. Interest WB/IMF Debt Rate (%) Analysis, Sustainability 1.6 2021 6.5 4.6 Selected Redemption Domestic Profile / Regional Debt Issuance Debt Portfolio Refinancing Risk Risk ATM Indicators (years) - - - Selected Domestic / Regional Debt Issuance 0 Selected / S&P Issuance Fitch / Moody's Debt Issue Date International Tenor Coupon Rate (%) Maturity Date Maturity Type Debt Currency Maturing in Currency 1 yr (% of total) Issued - Currency Outstanding Amount - - Maturity Date Issue Fitch / Currency Date Type Maturity Moody's / S&P TenorIssued Coupon Currency Amount Rate Currency (%) Maturity Date Outstanding Maturity Type Currency Currency Amount Issued Currency Outstanding ng 21 Flows Issue Date 6/17/2021 / - / - / S&P Fitch / -Moody's Tenor 2 Coupon Rate 7.3 (%) Maturity Maturity NO DATADate Date 8/15/2023 Maturity Maturity AVAILABLE CostATofMATURITY InterestDebt Rate Type Currency Currency TypeWeighted Debt Re MMK Av. Currency Currency Interest RateAmount Amount 83,516,419 (%) of total) fixing in 1 yr (% 83,516,419 Issued 3.6- Currency Issued CurrencyOutstanding Outstanding 83,516,419 12.2 - 4.3- 21 NO DATA AVAILABLE 7/7/2027 6/17/2021 AT MATURITY B - - / - / USD - 2 500,000,000 7.3 NO DATA 8/15/2023 500,000,000 5/6/2022 NO DATA AVAILABLE AT MATURITY MMK 83,516,419 -20 ector Debt 7/7/2021 5/7/2021 // - / -/ B NO DATA B3u 10 1 AVAILABLE 3.5 0.0 DATA AVAILABLE 7/7/2027 AVAILABLE Risk Re fi AT MATURITY AT MATURITY nancing Risk ATM USD MMK NO DATA 500,000,000 327,761,479 AVAILABLE 8.4- 500,000,000 327,761,479 2030 7/7/2031 AT MATURITY B - 5/7/2021 /USD -/- 1 500,000,000 0.0 5/6/2022 500,000,000 2/15/2025 AT MATURITY Fixed(years) Rate Debt (% of total) MMK 327,761,479 5.0- 327,761,479 8.2- 2030 7/7/2021 12/24/2020 -// - / -/ B B3u 5 5 4.5 7.5 7/7/2031 AT MATURITY AT MATURITY USD MMK 500,000,000 536,695,942 500,000,000 536,695,942 12/24/2020 - / USD -/- 5 7.5 2/15/2025 FX Risk Debt AT MATURITY FX Debt Maturing MMK in 1 yr (% (% of total debt) of total) 536,695,942 2.2 - 10.5 536,695,942 - 2.7 38.1 4/7/2026 AT MATURITY 10/7/2020 8/20/2020 B- // B3 - //-B 600,000,000 10 3 600,000,000 2/15/2023 5.1 7.3 4/7/2026 MATURITY AT MATURITY AT USD MMK 600,000,000 715,287,887 600,000,000 715,287,887 9.2 5/1/2023 8/20/2020 AT MATURITY B - - / - / USD - 3 800,000,000 7.3 2/15/2023 533,066,000 6/17/2022 AT InterestMATURITY Rate Debt ReMMK fi xing in 1 yr (% 715,287,887 of total) 13.0 715,287,887 10.5 12.6 9.2 11/1/2017 6/25/2020 //B3u - / -/ B 5 2 5.6 0.0 5/1/2023 AT MATURITY ST FX MMK AT MATURITY USD (% of reserves) Debt 800,000,000 57,790,720 - - 533,066,000 57,790,720 - 53.9 6/25/2020 -/-/- NO DATA AVAILABLE 2 0.0 6/17/2022 RiskAT MATURITY MMK NO DATA AVAILABLE 57,790,720 57,790,720 89.0 53.9 5/21/2020 -/-/- 2 7.3 8/15/2022 AT MATURITY Fixed Rate MMK Debt (% of total) 563,060,693 88.3 100.0 563,060,693 5/21/2020 -/-/- 2 7.3 8/15/2022 AT MATURITY MMK 563,060,693 563,060,693 4.2 5/21/2020 -/-/- 5 7.5 11/15/2025 AT MATURITY FX Debt FX Risk MMK(% of total debt) 456,621,501 - - 456,621,501 92.7 4.2 5/21/2020 -/-/- 5 7.5 11/15/2025 AT WB MATURITY Source: Joint WB/IMF Debt 456,621,501 Staff Calculations:MMK Sustainability Analysis, 2021 456,621,501 4.4 11/15/2018 -/-/- 4 9.5 5/15/2022 AT MATURITY ST FX Debt MMK(% of reserves) 504,479,020 - 504,479,020 - 5.9 4.4 11/15/2018 -/-/- 4 9.5 5/15/2022 AT MATURITY MMK 504,479,020 504,479,020 Source: Bloomberg, December 2021 2020 Selected International Debt Issuance Source:Bloomberg, Source: December2021 Bloomberg,December 2021 020 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Source: Maturity Ministry Type of Finance, Currency 2019 Currency Amount Issued Currency Outstanding Selected Domestic / Regional Debt Issuance NO DATA AVAILABLE Maturity Date Date Type Maturity Issue Issue Date Fitch /Currency Fitch / Moody's / Moody's Currency Amount / S&P S&P TenorIssued Coupon Tenor Currency Coupon RateOutstanding Rate (%) Maturity (%) Maturity Date Date Maturity Maturity Type Type Currency Currency Currency CurrencyAmount AmountIssued Issued Currency CurrencyOutstanding Outstanding Selected International Debt Issuance NO DATA AVAILABLE NO DATA NO DATA AVAILABLE 021 6/17/2021 Issue Date - / - / - / S&P Fitch / Moody's 2 Tenor 7.3 Coupon Rate (%) Maturity DateAVAILABLE 8/15/2023 AT MATURITY Maturity Type MMK Currency 83,516,419 Currency Amount Issued 83,516,419 Currency Outstanding 2030 5/7/2021 7/7/2021 B/ /-/- - B3u /B 1 10 0.0 3.5 5/6/2022 NO DATA AVAILABLE 7/7/2027 AT MATURITY MATURITY AT MMK USD 327,761,479 500,000,000 327,761,479 500,000,000 2030 12/24/2020 7/7/2021 B/- B3u /-/- /B 55 7.5 4.5 2/15/2025 7/7/2031 AT MATURITY AT MATURITY MMK USD 536,695,942 500,000,000 536,695,942 500,000,000 - 8/20/2020 10/7/2020 - //- B B -//B3 3 10 7.3 5.1 2/15/2023 4/7/2026 AT MATURITY AT MATURITY MMK USD 715,287,887 600,000,000 715,287,887 600,000,000 9.2 6/25/2020 11/1/2017 - B3u B/ /-/-/B 52 0.0 5.6 6/17/2022 5/1/2023 AT MATURITY AT MATURITY MMK USD 57,790,720 800,000,000 57,790,720 533,066,000 - 53.9 5/21/2020 -/-/- 2 7.3 8/15/2022 AT MATURITY MMK 563,060,693 563,060,693 - 4.2 020 5/21/2020 -/-/- 5 7.5 11/15/2025 AT MATURITY MMK 456,621,501 456,621,501 - 4.4 11/15/2018 -/-/- 4 9.5 5/15/2022 AT MATURITY MMK 504,479,020 504,479,020 Selected Domestic / Regional Debt Issuance Source: Bloomberg, December 2021 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 2020 Source: Bloomberg, December 2021 021 6/17/2021 -/-/- 2 7.3 NO DATA AVAILABLE 8/15/2023 AT MATURITY MMK 83,516,419 83,516,419 2030 5/7/2021Domestic Selected - / -// Regional - Debt1Issuance 0.0 5/6/2022 AT MATURITY MMK 327,761,479 327,761,479 12/24/2020 Issue Date - / - / - / S&P Fitch / Moody's 5 Tenor 7.5 Coupon Rate (%) 2/15/2025 Maturity Date AT MATURITY Maturity Type MMK Currency 536,695,942 Currency Amount Issued 536,695,942 Currency Outstanding 8/20/2020 -/-/- 3 7.3 2/15/2023 AT MATURITY NO DATA AVAILABLE MMK 715,287,887 715,287,887 9.2 6/25/2020 -/-/- 2 0.0 6/17/2022 AT MATURITY MMK 57,790,720 57,790,720 2030 53.9 5/21/2020 -/-/- 2 7.3 8/15/2022 AT MATURITY MMK 563,060,693 563,060,693 4.2 5/21/2020 -/-/- 5 7.5 11/15/2025 AT MATURITY MMK 456,621,501 456,621,501 - 4.4 11/15/2018 -/-/- 4 9.5 5/15/2022 AT MATURITY MMK 504,479,020 504,479,020 - Source: Bloomberg, December 2021 - - East Asia & Pacific | 160 P�pu� New Papua N�w Guinea Guin�� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 4.1 3.5 -0.8 5.0 -1.7 - Lower middle income Infla�on (%) 3.9 7.7 10.1 0.9 0.8 - Public Debt (% of GDP) 33.7 32.5 36.8 39.0 43.5 45.6 LENDING Net Claims on Govt (% of GDP) 18.6 18.1 15.0 - - - Current Account Balance (% of GDP) -29.8 -30.2 -28.6 -26.9 -16.5 -20.7 Blend Primary balance (% of GDP) -2.8 -0.4 -0.2 -1.7 -3.4 2.2 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.0 3.0 3.0 3.0 2.8 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress Low Mod Mod Mod High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt P�pu� N�w Guin�� (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) MACROECONOMIC INDICATORS 2012 2013 2014 100 2015 201 2016 2017 2018 2019 2020 INCOME 50 20 Real GDP Growth (%) 4.1 3.5 -0.8 5.0 -1.7 Lower middle income 10 Infla�on (%) 3.9 7.7 10.1 10 0.9 0.8 Public Debt (% of GDP) 33.7 32.5 36.8 39.0 43.5 Net Claims on Govt (% of GDP) 18.6 18.1 15.0 - 0 - LENDING 10 Current Account Balance (% of GDP) -29.8 -30.2 -28.6 -26.9 -16.5 Blend Primary balance (% of GDP) -2.8 -0.4 -0.2 -1.7 -3.4 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 Source: M HIPC ELIGIBILITY 0 0 INSTITUTIONAL CAPACITY 0 - NO DATA AVAILABLE NO DATA Overall CPIA Ra�ngAVAILABLE 3.0 3.0 3.0 3.0 Redem 2.8 FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY -10 FCS Risk of Debt Distress Low Mod Mod Mod High -10 -10 Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary DeficitNeed and Primary Deficit Gross Financing Real GDP Contribution to Change in Public Real Interest Rate Debt Change in Public Sector Debt (Percent of GDP) (Percent of GDP) Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 20 10 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 10 100 40 0 Select 0 NO DATA AVAILABLE NO DATA AVAILABLE Issue D 30 10/4/ -10 50 -10 20 NO DATA 2011 AVAILABLE 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012AVAILABLE NO DATA 2011 2013 2014 2015 2016 2017 2018 2019 2020 2021 10 Exchange Rate Primary Deficit Other Debt Crea�n Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Se 0 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 0 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Source: B Domes�c Evolution of External and Domestic Public Debt External Evolution of Financing Sources Select Bilateral Commercial Mul�lateral Domes�c (Percent of GDP) (Percent of Total) Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021; WDI 2021 100 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 40 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP30 40 20.4 22.1 22.9 22.5 22.1 21.8 21.3 20.5 18.0 17.7 17.4 PV of PPG External Debt-to-Exports 180 49.0 46.1 46.5 47.0 47.0 47.1 46.6 45.7 41.4 41.9 42.3 50 Debt Service-to-Revenue 20 18 22.3 13.0 8.4 10.2 10.3 9.7 9.4 10.8 19.5 8.9 8.7 Debt Service-to-Exports 15 7.1NO DATA4.0 AVAILABLE 2.6 3.3 3.4 3.3 3.4 3.9 7.3DATA AVAILABLE NO 3.5 3.5 10Analysis, 2021 Source: Joint WB/IMF Debt Sustainability 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2 East Asia & Pacific | 161 Domes�c External Bilateral Commercial Mul�lateral Domes�c Papua DMF Activities and Selected DeM Reforms PAPUA NEW GUINEA 16 2017 2021 - Papua Papua - 45.6 Papua New Guinea Papua - DMF Activities and Selected DeM Reforms -20.7 DMF Activities and Selected DeM Reforms 2.2 DMF Activities 16 16 2017 2017 2021 16 2021 2017 2021 - - - - - - 45.6 45.6- - Source: MTI Global Macro and Debt Unit, 2021 - Selected DeM Reforms High 45.6 -20.7 -20.7 2.2- 2.2 -20.7 Debt Management Assessment 2.2 (Percent of Sa�sfactory Performance, 2020) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - - 100 - Source: MTI Source: MTI Global Global Macro Macro and and Debt Unit, 2021 Debt Unit, 2021 Papua High High High DMF Activities and Selected DeM Reforms 50Source: MTI Global Macro and Debt Unit, 2021 NO DATA AVAILABLE 10 Management Assessment Debt Management Debt Assessment (Percent Debt (Percent 0 of Sa� of Sa sfactory Performance, �sfactory Management Performance, Assessment 2020) 2020) 16 2017 (Percent of Sa�sfactory Performance, 2020) Governance Governance Macro Policies Macro Policies Borrowing Borrowing Cash Cash Flow Flow Opera� Opera �onal onal Risk Mgmt & Risk Mgmt & Debt Debt Recording Recording 2021 Latest DeMPA Previous DeMPA Regional Average - 100 MTI Global Macro Borrowing 100 Source: Governance Cash Flow and Debt Unit, 2021 Opera �onal Macro Policies Risk Mgmt & Debt Recording Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 0 - 100 45.6 50 50 DATA AVAILABLE NO DATA 10 - Redemption Profile NO Debt Portfolio Risk Indicators AVAILABLE 10 -20.7 50 NO DATA AVAILABLE NO DATA AVAILABLE External Domes�c Total 2.2 10 0 0 -10 Cost of Debt Weighted Av. Interest Rate (%) 0.7 1.1 0.9 0 DeMPA Latest DeMPA DeMPA Previous DeMPA Average Refinancing Risk ATM (years) Regional Average Latest Previous Regional - - - 1 Regional Average Source: MTI Source: MTI Global Global Latest Macro and Macro DeMPA and Debt Unit, 2021 Debt Unit, 2021 Previous DeMPA Regional Average 0 - 0 Debt Maturing in 1 yr (% of total) - - - ng Flows Source: MTI Global Macro and Debt Unit, 2021 0 Source: MTI Global Macro and Debt Unit, 2021 Interest Rate Debt Refixing in 1 yr (% of total) - - - ector Debt High Profi Redemption Pro Redemption le file NO DATA AVAILABLE Debt Risk Portfolio Debt Portfolio Risk Risk Indicators Indicators NO DATA AVAILABLE - Fixed Rate Debt (% of total) - - Debt Portfolio Redemption Pro file Indicators Risk Debt FX Risk Portfolio Risk Indicators FX Debt (% of total debt) External External - Domes Domes��cc - Total Total 42.3 -10 Debt Management Assessment External Domes�c Cost of Debt Total ExternalCost of Debt Weighted Av. Weighted Av. Interest Domestic Rate (%) 0.7 Interest Rate (%) External 0.7 Total Domes1.1 �c 1.1 0.9 Total 0.9 -10 ST FX Debt (% of reserves) - - - (Percent of Sa�sfactory Performance, 2020) -10 of Debt Cost of Cost Debt Weighted Av. Interest Rate (%) Weighted Av. Interest0.7 Rate (%) 1.1 0.9 0.7 ReCost Re fi financing Risk ATM of DebtRisk nancing ATM (years) Weighted Av. Interest (years) 1.1 Rate (%) - 0.7 - 1.1 0.9-- 0.9- - 1 1 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Refinancing Risk ATM (years) ATM (years) - - - - Refinancing Risk Debt ATM Maturing in Maturing Debt (years) 1 yr in- 1 yr (% (% of of total) total) - - - - - - - 1ng Flows ng Flows Refinancing Risk 100 Source: WB Staff Calcula tions: Joint WB/IMF Debt Sustainability 1 yr (% Debt Maturing in Debt of total) - of total) Maturing in 1 yr (% - - - Interest Interest Rate Rate Debt Debt Refixing in 1 Re fixing Maturing in 11 in yr yr - yr (% of total)(% (%of - of total) Analysis, 2021 total) - - - - - - ector Debt NO DATA NO DATA AVAILABLE Risk NO DATA AVAILABLE ng Flows ector Debt Interest Rate Debt Refixing in yr 1Debt of AVAILABLE total)in 1 yr (% -of total) (%Refixing - - - Risk Interest Rate Fixed Debt Fixed Re Rate Rate Debt fixing Debt NO (% in 1 DATA of - yr (% of AVAILABLE total) (% of total) total) - - - - - - - ector Debt Selected 50 Interest Risk International Rate Risk Debt NO DATAIssuance AVAILABLE NO DATA AVAILABLE Risk NO DATA AVAILABLE - 10 Fixed Rate Debt (% of total) Fixed Rate Debt - (% of total) - - - FX FX Risk Risk FX Debt FX Fixed Rate Debt (% of total of (%Debt (% total - debt) of total) debt) - - - - 42.3 - 42.3 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding FX Risk FX Debt (% of total debt) - - 42.3 FX Risk FX FX ST Debt Debt (% (% of reserves) of total debt) - - - 42.3 0 10/4/2018 - / B2 / B- FX Debt (% of total 10 debt) 8.4 10/4/2028 USD (% of - AT MATURITY ST FX Debt NO DATA- AVAILABLE reserves) 500,000,000 - 42.3- 500,000,000 - FX Risk ST FX Debt (% of reserves) ST FX Debt (% of reserves) - - - - ST FX Debt (% of - reserves) - - - - Latest DeMPA Previous DeMPA Regional Average Source:MTI Source: WB Global Staff Calculations: Macro and Debt Joint Unit, WB/IMF2021 Debt Sustainability Analysis, 2021 Source: WB Source: WB Sta Staff Calculati ff Calcula ons: Joint Joint WB/IMF tions: WB/IMF Debt Debt Sustainability Sustainability Analysis, Analysis, 2021 2021 0 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 International Selected International Selected Redemption Profile Debt Issuance Debt Issuance Debt Portfolio Risk Indicators Date International Issue Date Selected Issue Fitch / Fitch Moody'sDebt / Moody's S&P Issuance / S&P / Tenor Tenor Coupon Rate Coupon Rate (%) Maturity Date (%) Maturity Date Maturity Maturity Type Type Currency Currency Currency Currency Amount Issued Issued Currency AmountExternal Currency Outstanding Outstanding Domes �c Total Maturity Date 10/4/2018 Maturity Issue Date 10/4/2018 Type - Fitch / -// B2 / Currency Moody'sB- Currency B2 / B- / S&P 10 Amount Tenor 10 Issued Currency Coupon8.4 8.4 NO DATA 10/4/2028 Outstanding NO DATA Rate (%) Maturity 10/4/2028 AVAILABLE AT AVAILABLE Date Maturity AT MATURITY TypeWeighted MATURITY USD Currency USD 500,000,000 Currency Amount 500,000,000Issued 500,000,000 Currency Outstanding0.9 500,000,000 -10 Cost of Debt Av. Interest Rate (%) 0.7 1.1 NO DATA AVAILABLE 10/4/2028 MATURITY ATBloomberg, 10/4/2018 Source: - / 2021 December USD B2 / B- 500,000,000 10 500,000,000 10/4/2028 8.4 NO DATA AVAILABLE AT MATURITY USD 500,000,000 500,000,000 2020 Refinancing Risk ATM (years) - - - Selected Domestic / Regional Debt Issuance Debt Maturing in 1 yr (% of total) - - - ng Flows Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Interest RateTypeDebtCurrency Maturity Refixing in 1 yr (% of Amount Currency total) Issued - Currency Outstanding - - ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE - 021 NO DATA AVAILABLE Fixed Rate Debt (% of total) - - 2030 FX Risk FX Debt (% of total debt) - - 42.3 Bloomberg, December Source: Bloomberg, 2021 December 2021 ST FX Debt (% of reserves) - - - 2020 2020 Source: 17.4 Source: Bloomberg, December 2021 2020 42.3 Selected Selected Domestic / Domestic / Regional Debt Issuance Regional Debt Issuance Issue Date Selected Issue Fitch / Date Domestic Fitch Moody's / Moody's / S&P / S&P / Regional Tenor Debt Issuance Tenor Coupon Rate Coupon (%) Rate (%) Maturity Date Source: Maturity Date WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Maturity Type Maturity Type Currency Currency Currency Amount Currency Amount Issued Issued Currency Currency Outstanding Outstanding 8.7 021 Maturity Date 021 Maturity Issue Date Type Currency Currency Fitch / Moody's / S&P Amount TenorIssued Currency NO Outstanding DATA NO DATA Coupon Rate (%) Maturity AVAILABLE AVAILABLE Date Maturity Type Currency Currency Amount Issued Currency Outstanding 3.5 Selected International Debt Issuance NO DATA AVAILABLE 0212030 NO DATA AVAILABLE 2030 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 2030 10/4/2018 - / B2 / B- 10 8.4 NO DATA AVAILABLE 10/4/2028 AT MATURITY USD 500,000,000 500,000,000 17.4 17.4 42.3 17.4 42.3 8.7 42.3 8.7 3.5 8.7 3.5 3.5 2020 Source: Bloomberg, December 2021 East Asia & Pacific | 162 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Samoa S�mo� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 8.1 1.0 -2.2 3.5 -5.0 - Lower middle income Infla�on (%) 1.2 -0.1 2.0 2.2 2.8 - Public Debt (% of GDP) 60.3 57.6 60.2 54.8 64.6 57.3 LENDING Net Claims on Govt (% of GDP) -4.7 -6.3 -9.1 - - - Current Account Balance (% of GDP) 3.7 1.2 -1.5 -2.9 6.5 6.2 IDA Primary balance (% of GDP) -0.4 -2.1 0.1 2.7 -7.3 3.4 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 4.0 4.0 4.0 4.0 4.0 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 20 20 50 10 0 10 10 5 Source: M NO DATA AVAILABLE NO DATA AVAILABLE 0 0 Redem 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 60 Select Issue 40 50 NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 55 33.3 38.9 41.8 43.6 43.5 43.5 44.6 45.6 46.6 47.4 48.0 PV of PPG External Debt-to-Exports 240 114.0 140.1 137.9 139.3 135.0 130.9 150.6 154.0 157.4 160.1 162.2 Debt Service-to-Revenue 23 14.5 16.9 14.4 12.3 10.8 10.3 9.9 10.5 11.5 12.3 11.8 Debt Service-to-Exports 21 10.7 12.3 11.1 10.5 10.0 9.3 10.1 10.6 11.7 12.5 12.0 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 East Asia & Pacific | 163 SAMOA Samo DMF Activities and Selected DeM Reforms Samoa Samo DMF Activities 16 2017 2021 DMF Activities and Selected DeM Reforms - - 16 57.3 2017 - 2021 Selected DeM Reforms 6.2 - 3.4 - 57.3 - 6.2 - 3.4 Source: MTI Global Macro and Debt Unit, 2021 High - Debt Management Assessment (Percent of Sa Source: MTI �sfactory Global Debt Unit, 2021 2010) Performance, Macro and High Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Debt 100 Management Assessment 20 (Percent of Sa�sfactory Performance, 2010) 50 Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies NO DATABorrowing AVAILABLE Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 20 0 10 50 NO DATA AVAILABLE Latest DeMPA Regional Average NO DATA AVAILABLE Source: MTI Global Macro and Debt Unit, 2021 0 10 0 Redemption Profile Latest DeMPA Regional Average Debt Portfolio Risk Indicators Source: MTI Global Macro and Debt Unit, 2021 External Domes�c Total Cost of Debt Weighted Av. Interest Rate (%) 0.7 3.2 1.0 0 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Refinancing Risk ATMRisk Indicators (years) - - - 1 External Domes�c Total External Domestic Total Debt Maturing in 1 yr (% of total) External - Domes c �- Total - ng Flows of Debt Cost of Cost Debt Weighted Av. Interest Rate (%) Weighted Av. Interest0.7Rate (%) 3.2 1.0 0.7 Cost of Debt Interest Rate Weighted Debt Av. in Interest Refixing 3.2 1 yr (% Rate (%) of total) 0.7 - 3.2 1.0- 1.0- ector Debt Refinancing Risk ATM (years) NO DATA ATM AVAILABLE - (years) - - - Risk Re financing Risk ATM Fixed(years) NO Rate Debt (%- DATA AVAILABLE - of total) - - - - - - 1 Refinancing Risk 1 yr (% Debt Maturing in Debt - of total) of total) in 1 yr (% Maturing - - - FX Risk Debt Maturing FX Debt in- 1 debt) (% of total yr (% of total) - - - - - - 86.2 ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - - Interest Rate Debt Re fixing in 1 - yr (% of total) ST FX Debt (% of reserves) - - - - - - - ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% AVAILABLE - of total) - - Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - of total) Fixed Rate Debt (% - - - - FX Risk FXdebt) FX Debt (% of total - Debt (% of total debt) - 86.2 - FX Risk - debt) FX Debt (% of total - - 86.2 86.2 FX Risk Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - - - ST FX Debt (% of - reserves) - - - - Selected International Source: WB Staff Debt Calculations: Joint WB/IMF Debt Issuance Sustainability Analysis, 2021 IssueWB Source: Date Fitch Staff Calcula / Moody's tions: / S&P Joint WB/IMF Tenor Debt Sustainability Coupon Rate (%) Analysis, 2021 Maturity Date Maturity Source: WB StaffType Currency Calculations: Currency Joint WB/IMF AmountAnalysis, Debt Sustainability Issued 2021 Currency Outstanding NO DATA AVAILABLE Selected International Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 2020 021 NO DATA AVAILABLE 2030 Selected Domestic / Regional Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 021 48.0 NO DATA AVAILABLE 162.2 2030 11.8 48.0 12.0 162.2 11.8 12.0 East Asia & Pacific | 164 Solomon Islands Solomon Isl�nds DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 5.9 5.3 3.9 1.2 -5.5 - Lower middle income Infla�on (%) 0.0 1.4 4.2 1.3 0.8 - Public Debt (% of GDP) 7.1 8.4 8.2 8.9 15.8 19.2 LENDING Net Claims on Govt (% of GDP) -10.4 -10.1 -9.9 - - - Current Account Balance (% of GDP) 3.4 4.2 2.9 8.8 17.7 15.7 IDA Primary balance (% of GDP) -3.4 -2.0 1.4 -1.2 -5.7 4.9 Sources: Debt Sustainability Analysis, 2019; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.0 2.9 2.9 2.9 2.9 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Source FCS Risk of Debt Distress Mod Mod Mod Mod Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2019 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 10 5 5 50 0 5 0 0 Source: M 0 -5 -5 NO DATA AVAILABLE NO DATA AVAILABLE Redem -5 -10 -10 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 20 Select Issue D 50 10 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Sources: WB Staff Calculations: WDI, 2021, WEO Oct 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2019 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 9.1 10.3 11.8 13.2 13.9 14.7 15.2 15.5 15.7 15.7 15.5 PV of PPG External Debt-to-Exports 180 34.5 32.1 32.1 36.1 39.8 39.8 39.1 41.3 42.9 46.7 49.5 Debt Service-to-Revenue 18 1.9 1.7 1.7 2.7 3.7 3.0 3.3 3.3 3.6 4.1 4.2 Debt Service-to-Exports 15 1.6 1.3 1.2 1.9 2.7 2.0 2.1 2.2 2.4 3.0 3.3 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 East Asia & Pacific | 165 SOLOMON ISLANDS Solom DMF Activities and Selected DeM Reforms Solomon Islands Solom DMF Activities 16 2017 2021 DMF Activities and Selected DeM Reforms - - 19.2 16 2017 - Selected DeM Reforms 2021 15.7 - 4.9 - 19.2 - 15.7 - 4.9 Source: MTI Global Macro and Debt Unit, 2021 Mod - Debt Management Assessment (Percent of Sa�sfactory Performance, 2019) Source: MTI Global Macro and Debt Unit, 2021 Mod Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Debt 100 Management Assessment (Percent of Sa�sfactory Performance, 2019) 5 Borrowing 50 Cash Flow Opera AVAILABLE NO DATABorrowing �onal Risk Mgmt & Debt Recording Governance Macro Policies Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 0 0 NO 50 5 DATA AVAILABLE Latest DeMPA Previous DeMPA Regional Average NO DATA AVAILABLE Source: MTI Global Macro and Debt Unit, 2021 -5 0 0 Regional Average Redemption Profile Latest DeMPA Previous DeMPA Regional Average Debt Portfolio Risk Indicators External Domes�c Total Source: MTI Global Macro and Debt Unit, 2021 -10 Cost of Debt Weighted Av. Interest Rate (%) 1.4 8.3 1.5 -5 Debt Portfolio Risk Refinancing Risk ATM (years) 10.1 2.2 10.0 Redemption Pro file Indicators Debt Portfolio Risk Indicators 1 External Domes�c Total External Debt Maturing in 1 yr (% of total) External Domestic 5.8 45.2 Total Domes �c 6.3 Total -10 ng Flows of Debt Cost of Debt Weighted Av. Interest Rate (%) Interest Rate Debt Re fixing in 1 yr (% of total) 5.8 45.2 6.3 Cost Weighted Av. Interest1.4Rate (%) 8.3 1.5 1.4 Cost of Debt 8.3 Rate (%) Weighted Av. Interest 1.4 8.3 1.5 1.5 ector Debt NO DATA AVAILABLE Risk Fixed(years) Rate Debt2.2 NO DATA (% of total) AVAILABLE 100.0 100.0 100.0 Refinancing Risk ATM (years) ATM (years) 10.1 2.2 10.0 10.1 Refinancing Risk ATM 10.1 2.2 10.0 10.0 1 Refinancing Risk Debt Maturing in Debt 1 yr (% of total) in 1 yr5.8 Maturing (% of total) 45.2 6.3 5.8 FX Risk FX Debt Debt (% of total Maturing in 1 debt) 45.2 yr (% of total) - 5.8 6.3- 45.2 98.8 6.3 ng Flows Debt ST FX Re of (% in reserves) - Interest Rate Debt Refixing in 1Debt of total)in 1 yr (% yr (%Refixing 5.8of total) 45.2 6.3 5.8 Interest Rate Debt fixing 1 45.2yr (% of total) 5.8 6.3- 45.2 10.0 6.3 ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% AVAILABLE of total) Risk NO DATA AVAILABLE Fixed Rate Debt (%100.0 of total) 100.0 100.0 100.0 Fixed Rate Debt (% of total) 100.0 100.0 100.0 100.0 100.0 FX Risk FXdebt) FX Debt (% of total - Debt (% of total debt) - 98.8 - FX Risk Source: FX Debt Ministry of Finance (% of total and Treasury, - debt) 2020 - 98.8- 98.8 FX Risk ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - 10.0 - ST FX Debt (% of - reserves) - 10.0- 10.0 Selected International Debt Issuance Source: Ministry of Finance and Treasury, 2020 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Source: Ministry of Finance and Treasury, 2020 Source: Ministry of Finance and Treasury, 2020 NO DATA AVAILABLE Selected International Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 019 2020 NO DATA AVAILABLE 2030 Selected Domestic / Regional Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 019 15.5 NO DATA AVAILABLE NO DATA AVAILABLE 49.5 2030 4.2 3.3 15.5 49.5 4.2 3.3 East Asia & Pacific | 166 Timor-Leste Timor-L�st� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 3.4 -4.1 -1.1 1.8 -7.6 1.8 Lower middle income Infla�on (%) 0.1 1.0 -1.3 8.2 -15.8 - Public Debt (% of GDP) 4.7 6.6 9.3 9.6 12.3 16.5 LENDING Net Claims on Govt (% of GDP) -25.4 -29.2 -33.5 -32.8 -37.1 - Current Account Balance (% of GDP) -33.0 -17.7 -12.3 6.6 -17.3 -31.9 Blend Primary balance (% of GDP) -55.4 -33.5 -28.1 -25.5 -22.9 -43.9 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.0 2.9 2.8 2.8 2.8 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress Mod Mod Mod Low Low Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 40 40 40 50 0 20 20 20 Source: M NO DATA AVAILABLE NO DATA AVAILABLE Redem 0 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 6 Select Issue 4 50 No data available No data available No data available NO DATA AVAILABLE NO DATA AVAILABLE 2 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 5.7 6.9 8.0 8.2 8.6 8.8 8.8 8.7 8.6 8.3 8.0 PV of PPG External Debt-to-Exports 180 17.0 20.8 29.6 32.1 39.1 41.0 42.6 44.8 45.9 46.2 45.7 Debt Service-to-Revenue 18 0.9 1.1 1.6 1.8 2.2 2.5 2.9 3.1 3.3 3.6 3.7 Debt Service-to-Exports 15 0.5 0.7 1.3 1.4 1.8 2.0 2.2 2.4 2.6 2.8 2.9 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 East Asia & Pacific | 167 TIMOR-LESTE Timor DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 1.8 Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 16.5 - Selected DeM Reforms -31.9 NO DATA AVAILABLE -43.9 - Source: MTI Global Macro and Debt Unit, 2021 Mod Portfolio Risk Debt Management Debt Indicators Assessment (Percent of Sa�sfactory Performance) External Domes�c Total External Domestic Total of Debt Cost of Cost Debt Weighted Governance Av. Interest Rate (%) Weighted MacroRate Av. Interest 1.9 (%) Policies - 1.9 1.9 Borrowing Cash - Flow 1.9 Opera�onal Risk Mgmt & Debt Recording Refinancing Risk ATM (years) ATM (years) - - - - - - 100 Refinancing Risk 1 yr (% Debt Maturing in Debt of total) in 1 yr (% Maturing - of total) - - - - - Interest 50 Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - 40 NO DATA - AVAILABLE - - Interest Risk Rate Risk NO DATA Fixed Rate Debt (% AVAILABLE - of total) - - Fixed Rate Debt (% of total) - - - 0Risk FX FX Debt (% of total FXdebt) - Debt (% of total debt) - 100.0 - - 100.0 FX Risk ST FX Debt (% of reserves) Regional Average - ST FX Debt (% of reserves) - - - - - 20 Source: MTI Global Macro and Debt Unit, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Redemption Profile Debt Portfolio Risk Indicators 0 External Domes�c Total Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Cost of Debt Weighted Av. Interest Rate (%) 1.9 - 1.9 NO DATA AVAILABLE Refinancing Risk ATM (years) - - - 1 Debt Maturing in 1 yr (% of total) - - - ng Flows Interest Rate Debt Refixing in 1 yr (% of total) - - - ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - - FX Risk FX Debt (% of total debt) - - 100.0 ST FX Debt (% of reserves) - - - Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Maturity Date Selected MaturityInternational Type Currency Debt Issuance Currency Amount Issued Currency Outstanding NO DATA AVAILABLE Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE 2030 8.0 45.7 3.7 2.9 East Asia & Pacific | 168 Tonga Ton�� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 6.6 3.3 0.3 0.7 -2.5 - Upper middle income Infla�on (%) 3.1 5.6 5.1 7.7 0.4 - Public Debt (% of GDP) 49.4 43.6 45.9 41.3 42.3 46.3 LENDING Net Claims on Govt (% of GDP) -10.0 -14.2 -17.8 - - - Current Account Balance (% of GDP) 5.8 5.7 5.7 0.0 3.3 18.3 IDA Primary balance (% of GDP) 2.3 4.4 3.7 3.9 5.2 4.0 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.5 3.5 3.5 3.5 3.4 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod Mod High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 5 5 0 10 0 0 Source: M NO DATA AVAILABLE NO DATA AVAILABLE 0 Redem -5 -5 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 Select Issue D 40 50 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue D Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 50 26.0 29.5 27.1 25.0 27.7 31.7 38.6 45.8 53.2 61.0 69.1 PV of PPG External Debt-to-Exports 200 138.3 764.1 146.9 133.3 129.2 142.2 168.6 197.7 227.8 261.1 290.7 Debt Service-to-Revenue 22 6.2 3.0 7.7 8.5 16.4 16.1 15.8 17.2 17.0 14.1 12.5 Debt Service-to-Exports 25 8.1 17.9 10.1 11.0 18.5 17.5 16.7 18.0 17.6 14.7 12.8 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 East Asia & Pacific | 169 TONGA Tonga DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 46.3 - Selected DeM Reforms 18.3 NO DATA AVAILABLE 4.0 - Source: MTI Global Macro and Debt Unit, 2021 High Portfolio Risk Debt Management Debt Indicators Assessment (Percent of Sa�sfactory Performance) External Domes�c Total External Domestic Total of Debt Cost of Cost Debt Weighted Governance Av. Interest Rate (%) Weighted 1.9 MacroRate Av. Interest (%) Policies - 1.9 1.6 Borrowing 3.4 Cash Flow 1.8 Opera�onal Risk Mgmt & Debt Recording Refinancing Risk ATM (years) ATM (years) - - - - - - 100 Refinancing Risk 1 yr (% Debt Maturing in Debt of total) in 1 yr (% Maturing - of total) - - - - - Interest 50 Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - NO DATA - AVAILABLE - - 5 Interest Risk Rate Risk NO DATA Fixed Rate Debt (% AVAILABLE - of total) - - Fixed Rate Debt (% of total) - - - 0Risk FX FX Debt (% of total FXdebt) - Debt (% of total debt) - 100.0 - - 88.1 FX Risk ST FX Debt (% of reserves) Regional Average - ST FX Debt (% of reserves) - - - - - 0 Source: MTI Global Macro and Debt Unit, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Redemption Profile Debt Portfolio Risk Indicators -5 Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Cost of Debt Weighted Av. Interest Rate (%) 1.6 3.4 1.8 NO DATA AVAILABLE Refinancing Risk ATM (years) - - - 1 Debt Maturing in 1 yr (% of total) - - - ng Flows Interest Rate Debt Refixing in 1 yr (% of total) - - - ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - - FX Risk FX Debt (% of total debt) - - 88.1 ST FX Debt (% of reserves) - - - Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Maturity Date Selected MaturityInternational Type Currency Debt Issuance Currency Amount Issued Currency Outstanding NO DATA AVAILABLE Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 021 NO DATA AVAILABLE 2030 69.1 290.7 12.5 12.8 East Asia & Pacific | 170 Tuvalu Tuv�lu DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 3.0 3.2 3.5 3.1 3.0 - Upper middle income Infla�on (%) 1.0 1.4 2.1 2.3 2.7 - Public Debt (% of GDP) 47.2 36.5 29.0 23.5 18.5 6.1 LENDING Net Claims on Govt (% of GDP) - - - - - - Current Account Balance (% of GDP) 3.1 2.0 2.6 2.4 2.5 5.3 IDA Primary balance (% of GDP) 17.1 1.1 -2.7 -3.3 -3.7 6.7 Sources: Debt Sustainability Analysis, 2018; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 2.9 2.9 2.9 2.9 2.8 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 10 40 40 50 0 20 20 0 -10 0 0 Source: M NO DATA AVAILABLE NO DATA AVAILABLE -20 Redem -20 -20 -30 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 60 Select Issue 40 No data available NO DATA AVAILABLE NO DATA AVAILABLE 20 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Domes�c External Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 18.4 9.1 5.4 4.7 4.3 4.0 3.6 2.0 1.8 1.6 4.7 PV of PPG External Debt-to-Exports 150 129.7 64.7 38.4 33.9 31.2 26.7 24.5 13.4 11.4 10.1 32.1 Debt Service-to-Revenue 20 5.8 10.9 4.4 0.8 0.5 0.5 0.4 1.8 0.3 0.3 0.3 Debt Service-to-Exports 20 34.1 65.6 26.8 4.9 3.1 2.8 2.6 11.6 1.8 1.7 1.7 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 East Asia & Pacific | 171 TUVALU East Asia & Pacific | 172 Vanuatu V�nu�tu DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 3.5 4.4 3.2 3.4 3.0 - Lower middle income Infla�on (%) 1.8 4.2 2.9 2.1 2.3 - Public Debt (% of GDP) 46.4 53.2 52.4 52.9 53.9 47.5 LENDING Net Claims on Govt (% of GDP) -9.1 -10.0 -12.2 - - - Current Account Balance (% of GDP) -0.8 6.1 -4.0 0.7 4.9 6.5 IDA Primary balance (% of GDP) -2.9 0.1 5.8 -2.3 -2.7 2.5 Sources: Debt Sustainability Analysis, 2019; WDI, 2021 ELIGIBILITY HIPCELIGIBILITY HIPC INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.4 3.4 3.4 3.4 3.4 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress Mod Mod Mod Mod Mod - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2019 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 10 10 5 0 5 5 Source: M 0 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem -5 -5 -5 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 Select Issue 40 50 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2019; WDI 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2019 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 29.6 30.6 31.4 32.0 32.7 33.5 34.2 34.7 35.1 35.4 35.6 PV of PPG External Debt-to-Exports 180 63.5 66.3 68.4 70.3 72.2 74.0 75.9 77.3 78.5 79.3 79.9 Debt Service-to-Revenue 18 7.5 8.2 8.5 8.6 8.4 8.1 7.9 8.6 9.0 9.5 9.9 Debt Service-to-Exports 15 3.6 3.9 4.1 4.2 4.1 3.9 3.8 4.1 4.3 4.5 4.7 Source: Joint WB/IMF Debt Sustainability Analysis, 2019 East Asia & Pacific | 173 VANUATU Ghana Vanua DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - - 47.5 - Selected DeM Reforms 6.5 2.5 - Source: MTI Global Macro and Debt Unit, 2021 - Debt Management Assessment (Percent of Sa�sfactory Performance, 2014) Borrowing Governance Cash Flow Opera Macro �onal Risk Mgmt & Debt Recording Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 NO 50 DATA AVAILABLE NO DATA AVAILABLE 10 0 5 Regional Average Latest DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 0 Debt Portfolio Redemption Pro file Indicators Risk Debt Portfolio Risk Indicators External Domes�c Total External Domestic External Total Domes �c Total -5 of Debt Cost of Debt Weighted Av. Interest Rate (%) Cost Weighted Av. Interest5.3 Rate (%) 17.2 11.7 - Cost of Debt Weighted Av. Interest - Rate (%) - - - - Refinancing Risk ATM (years) ATM (years) 12.9 4.8 9.4 11.7 Refinancing Risk ATM (years) 3.4 11.7 3.4 10.5 10.5 1 Refinancing Risk 1 yr (% Debt Maturing in Debt (% of total) 28.8 of total) in 1 yr3.1 Maturing 14.3 - Debt Maturing in- 1 yr (% of total) - - - - ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr11.9 (% of total) 28.8 19.2 - Interest Rate - yr (% of total) Debt Refixing in 1 - - - - ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% of AVAILABLE 89.5 total) 100.0 94.1 Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) 100.0 Fixed Rate Debt (% of total) 100.0 100.0 100.0 100.0 100.0 FX Risk FXdebt) FX Debt (% of total - Debt (% of total debt) - 46.5 - FX Risk - debt) FX Debt (% of total - 84.1- 84.1 FX Risk ST FX Debt (% of reserves) - ST FX Debt (% of reserves) - 13.4 - ST FX Debt (% of - reserves) - - - - Source: Ministry of Finance and Economic Management, 2019 Source: Ministry of Finance and Economic Planning, 2021 Source: Ministry of Finance and Economic Management, 2019 Selected International Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 4/7/2025 AT MATURITY USD 525,000,000 525,000,000 NO DATA AVAILABLE 4/7/2029 SINKABLE USD 1,000,000,000 1,000,000,000 4/7/2034 SINKABLE USD 1,000,000,000 1,000,000,000 5/7/2042 SINKABLE USD 500,000,000 500,000,000 11/13/2023 AT MATURITY USD 230,011,543 230,011,543 11/13/2023 AT MATURITY USD 158,893,638 158,893,638 2/11/2035 SINKABLE USD 1,000,000,000 1,000,000,000 3/11/2061 SINKABLE USD 750,000,000 750,000,000 2020 Selected Domestic / Regional Debt Issuance Maturity Date Maturity Issue Date Type Moody's / Currency Fitch /Currency S&P Amount TenorIssued Coupon Currency Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 6/30/2022 019 AT MATURITY GHS 260,912,661 260,912,661 NO DATA AVAILABLE 12/4/2023 AT MATURITY GHS 273,888,195 273,888,195 2030 5/30/2022 AT MATURITY GHS 17,887,869 17,887,869 11/28/2022 AT MATURITY GHS 31,006,158 31,006,158 35.6 5/17/2022 AT MATURITY GHS 252,335,498 252,335,498 79.9 5/13/2022 AT MATURITY GHS 189,455,989 189,455,989 9.9 11/6/2023 AT MATURITY GHS 222,972,670 222,972,670 10/14/2024 4.7 AT MATURITY GHS 158,773,295 158,773,295 East Asia & Pacific | 174 Vietnam Vi�tn�m DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 6.7 6.9 7.2 7.2 2.9 3.8 Lower middle income Infla�on (%) 1.1 4.1 3.4 1.8 1.3 - Public Debt (% of GDP) 47.6 46.3 43.7 43.6 46.3 47.9 LENDING Net Claims on Govt (% of GDP) 16.2 11.1 8.6 4.3 5.8 - Current Account Balance (% of GDP) 0.2 -0.6 1.9 3.8 3.7 1.8 IBRD Primary balance (% of GDP) -1.6 -0.4 0.5 -1.9 -2.6 -3.4 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng - - - - - - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 40 40 40 40 50 30 30 0 20 20 20 20 Source: M 10 NO DATA AVAILABLE 10 NO DATA AVAILABLE Redem 0 0 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing Source: WEO, October 2021 Source: WEO, October 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 60 100 Select Issue 40 50 No data available No data available 20 NO DATA AVAILABLE NO DATA AVAILABLE 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Sources: WB Staff Calculations: WDI 2021; WEO Oct 2021 Sources: WB Staff Calculations: WDI, 2021 and IDS 2021 5/27/ 3/4/ Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10/29/ DEBT SUSTAINABILITY INDICATORS 10/1 PV of PPG External Debt-to-GDP - - - - - - - - - - - 8/20 PV of PPG External Debt-to-Exports - - - - - - - - - - - 1/16 Debt Service-to-Revenue - - - - - - - - - - - 1/16/ Debt Service-to-Exports - - - - - - - - - - - 12/5/ Source: B East Asia & Pacific | 175 3.8 (Percent of Sa�sfactory Performance, 2011) - 47.9 Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 1.8 100 VIETNAM -3.4 40 50 NO DATA AVAILABLE Vietn - 0 DMF Activities and Selected DeM Reforms Vietn Vietn Source: MTI Global Latest DeMPA Macro and Debt Unit, 2021 Regional Average 20 - DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 DMF Activities 6 2017 2021 Debt Management Assessment Redemption Profile (Percent of Sa�sfactory Performance, 2011) Debt Portfolio Risk Indicators 6 3.8 16 2017 2017 2021 2021 - Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 0 47.9 3.8 3.8 100 - Selected DeM Reforms -- 1.8 47.9 47.9 -3.4 40 -- 50 NO DATA AVAILABLE 1.8 1.8 -3.4 -3.4 0 NO DATA AVAILABLE NO DATA AVAILABLE - Latest DeMPA Regional Average 20 Source: MTI Global Macro and Debt Unit, 2021 --- Source: MTI Global Macro and Debt Unit, 2021 Source: MTI Source: MTI Global Macro and Global Macro and Debt Unit, 2021 Debt Unit, 2021 -- Debt Management Redemption ProfileAssessment Debt Portfolio Risk Indicators (Percent of Sa�sfactory Performance, 2011) 0 Debt Management Governance Assessment Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording Selected (Percent ofInternational (Percent of Sa� Sa sfactory Performance, �sfactory Debt Issuance 2011) 100 Issue Date Fitch / Moody's / S&P Governance Governance Tenor Macro Policies Coupon Rate (%) Borrowing Maturity Type Maturity Date CurrencyCashCurrency Flow Flow Amount Issued Opera Opera� Currency �onal onal Risk Mgmt Risk Outstanding Mgmt & Debt Recording & Debt Recording NO DATA AVAILABLE 40 100 100 50 NO DATA AVAILABLE NO DATA AVAILABLE NO DATA AVAILABLE 40 40 50 50 0 NO DATA AVAILABLE Latest DeMPA Regional Average 0 0 20 Source: MTI Global Macro and Debt Unit, 2021 DeMPA Latest DeMPA Latest Regional Average 20 20 Source: MTI Source: MTI Global Macro and Global Macro and Debt Unit, 2021 Debt Unit, 2021 Redemption Profile Debt Portfolio Risk Indicators 020 0 International Redemption Selected Profile Domestic Debt Issuance / Regional Debt Issuance Debt Portfolio Risk Indicators Issue Date Issue Date / Moody's Fitch / Fitch Moody's / S&P / S&P Tenor Tenor Coupon Rate Coupon Rate (%) (%) Maturity Date Maturity Date Maturity Type Maturity Type Currency Currency Currency Amount Currency Amount Issued Issued Currency Outstanding Currency Outstanding 0 0 5/27/2021 -/-/- 10 2.2 NO NO DATA DATA AVAILABLE 6/27/2031 AVAILABLE AT MATURITY VND 737,511,000 737,511,000 3/4/2021 -/-/- 7 1.4 3/4/2028 AT MATURITY VND 183,778,562 183,778,562 2030 10/29/2020 -/-/- 7 1.5 10/29/2027 AT MATURITY VND 10,784,800 10,784,800 NO DATA AVAILABLE NO DATA AVAILABLE 10/1/2020 -/-/- 15 2.9 10/1/2035 AT MATURITY VND 634,197,690 634,197,690 - 8/20/2020 -/-/- DATA AVAILABLE NO DATA NO 20 AVAILABLE 3.3 8/20/2040 AT MATURITY VND NO 781,975,640 NO DATA DATA AVAILABLE AVAILABLE 781,975,640 - 1/16/2020 -/-/- 7 2.2 1/16/2027 AT MATURITY VND 63,861,852 63,861,852 - 1/16/2020 -/-/- 30 3.8 1/16/2050 AT MATURITY VND 598,877,462 598,877,462 - 12/5/2019 -/-/- 10 3.5 12/5/2029 AT MATURITY VND 187,706,415 187,706,415 020 Source: Bloomberg, December 2021 Selected Selected Domestic / Regional International Debt Issuance Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding 5/27/2021 Selected - / - / - Debt Issuance International 10 2.2 NO DATA AVAILABLE 6/27/2031 AT MATURITY VND 737,511,000 737,511,000 NO DATA AVAILABLE 3/4/2021 Issue Issue Date Date Fitch / Fitch - /-/- / / Moody's Moody's S&P / S&P 7 Tenor Tenor 1.4 Coupon Coupon Rate (%) Rate (%) 3/4/2028 Maturity Maturity Date Date AT MATURITY Maturity Maturity Type Type VND Currency Currency 183,778,562 Currency Currency Amount Amount Issued Issued 183,778,562 Currency Currency Outstanding Outstanding 2030 10/29/2020 -/-/- 7 1.5 10/29/2027 AT MATURITY NO DATA AVAILABLE VND 10,784,800 10,784,800 NO DATA AVAILABLE 10/1/2020 -/-/- 15 2.9 10/1/2035 AT MATURITY VND 634,197,690 634,197,690 - 8/20/2020 -/-/- 20 3.3 8/20/2040 AT MATURITY VND 781,975,640 781,975,640 - 1/16/2020 -/-/- 7 2.2 1/16/2027 AT MATURITY VND 63,861,852 63,861,852 - 1/16/2020 -/-/- 30 3.8 1/16/2050 AT MATURITY VND 598,877,462 598,877,462 - 12/5/2019 -/-/- 10 3.5 12/5/2029 AT MATURITY VND 187,706,415 187,706,415 Source: Bloomberg, December 2021 020 2020 Selected Domestic / Regional Debt Issuance 020 Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Selected Selected 5/27/2021 Domestic Domestic - / -/ / Regional Debt / Regional - Debt 10 Issuance Issuance 2.2 NO DATA AVAILABLE 6/27/2031 AT MATURITY VND 737,511,000 737,511,000 Date Issue Date Issue Fitch / Fitch / Moody's Moody's / S&P Tenor Rate (%) Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Amount Currency Outstanding 3/4/2021 - / - / - / S&P Tenor 7 Coupon 1.4 Maturity Date 3/4/2028 Maturity Type AT MATURITY Currency VND Currency 183,778,562Issued Currency Outstanding 183,778,562 2030 5/27/2021 5/27/2021 10/29/2020 -/ - /--//-- 10 10 7 2.2 2.2 1.5 NO DATA 6/27/2031 NO DATA AVAILABLE 6/27/2031 10/29/2027 AVAILABLE AT MATURITY AT MATURITY VND VND 737,511,000 737,511,000 10,784,800 737,511,000 737,511,000 10,784,800 3/4/2021 3/4/2021 10/1/2020 -/ - -/ /- /- - 7 7 15 1.4 1.4 2.9 3/4/2028 3/4/2028 10/1/2035 AT AT MATURITY MATURITY VND VND 183,778,562 183,778,562 634,197,690 183,778,562 183,778,562 634,197,690 2030 2030 - 10/29/2020 -/ -/ /- /- - 7 1.5 10/29/2027 AT 10/29/2020 8/20/2020 - 7 20 1.5 3.3 10/29/2027 8/20/2040 AT MATURITY MATURITY VND VND 10,784,800 10,784,800 781,975,640 10,784,800 10,784,800 781,975,640 - 10/1/2020 10/1/2020 -/ - -/ /- /- - 15 15 2.9 2.9 10/1/2035 10/1/2035 AT MATURITY AT MATURITY VND VND 634,197,690 634,197,690 634,197,690 634,197,690 1/16/2020 7 2.2 1/16/2027 63,861,852 63,861,852 -- 8/20/2020 -//--//-- 20 3.3 8/20/2040 AT - 8/20/2020 1/16/2020 - 20 30 3.3 3.8 8/20/2040 1/16/2050 AT MATURITY MATURITY VND VND 781,975,640 781,975,640 598,877,462 781,975,640 781,975,640 598,877,462 -- 1/16/2020 - / - / - 7 2.2 1/16/2027 AT - 1/16/2020 12/5/2019 -/-/- 7 10 2.2 3.5 1/16/2027 12/5/2029 AT MATURITY MATURITY VND VND 63,861,852 63,861,852 187,706,415 63,861,852 63,861,852 187,706,415 -- 1/16/2020 1/16/2020 Source: - 2021 - Bloomberg, December /- / -/ /-- 30 30 3.8 3.8 1/16/2050 1/16/2050 AT MATURITY AT MATURITY VND VND 598,877,462 598,877,462 598,877,462 598,877,462 -- 12/5/2019 12/5/2019 -/ - -/ /- /- - 10 10 3.5 3.5 12/5/2029 12/5/2029 AT MATURITY AT MATURITY VND VND 187,706,415 187,706,415 187,706,415 187,706,415 Bloomberg, December Source: Bloomberg, Source: 2021 December 2021 East Asia & Pacific | 176 Middle East & North Africa 179 Djibouti 181 Syrian Arab Republic 183 West Bank and Gaza 185 Yemen, Republic of Middle East & North Africa | 178 Djibouti Djibouti DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) 6.7 5.4 8.4 7.5 -1.0 - Lower middle income Infla�on (%) 0.4 0.3 1.0 3.3 2.9 - Public Debt (% of GDP) 64.3 71.6 69.9 66.5 73.1 67.1 LENDING Net Claims on Govt (% of GDP) 0.7 0.2 0.6 - - - Current Account Balance (% of GDP) -7.6 0.1 -3.7 -3.9 2.1 -1.1 IDA Primary balance (% of GDP) -16.2 -9.5 -3.4 -2.6 -6.4 1.1 Sources: Debt Sustainability Analysis, 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 3.0 3.0 3.1 3.2 3.2 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc non-FCS Risk of Debt Distress High High High High High High Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021; Joint WB/IMF Debt Sustainability Analysis, 2021 Debt (Percen Gross Financing Need and Primary Deficit Contribution to Change in Public Debt (Percent of GDP) (Percent of GDP) 100 50 10 10 0 10 Source: M 0 0 NO DATA AVAILABLE NO DATA AVAILABLE Redem 0 -10 -10 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Exchange Rate Primary Deficit Other Debt Crea�ng Flows Gross Financing Need Primary Deficit Real GDP Real Interest Rate Change in Public Sector Debt Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 Select 60 Issue 40 50 NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 and Joint WB/IMF Debt Sustainability Analysis, 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP 40 54.3 52.1 50.0 48.4 46.2 43.2 40.2 37.6 35.0 32.6 30.4 PV of PPG External Debt-to-Exports 180 128.0 119.4 117.0 114.6 110.0 104.2 97.2 90.8 84.6 78.6 73.3 Debt Service-to-Revenue 18 19.5 15.7 18.8 18.4 19.3 21.7 22.5 21.7 21.2 21.0 19.8 Debt Service-to-Exports 15 8.8 6.6 8.2 8.0 8.3 9.7 10.0 9.5 9.1 9.0 8.5 Source: Joint WB/IMF Debt Sustainability Analysis, 2021 Middle East & North Africa | 179 DJIBOUTI Djibou� Djibou DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 - - 67.1 - Selected DeM Reforms -1.1 1.1 Afgha - DMF Activities and Selected DeM Reforms Source: MTI Global Macro and Debt Unit, 2021 High 16 2017 Debt Management Assessment 2021 (Percent of Sa�sfactory Performance, 2017) - Borrowing Cash Flow Opera �onal Risk Mgmt & Debt Recording Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording - 8.6 100 - -10.7 NO2.4 50 DATA AVAILABLE NO DATA AVAILABLE 10 0 - Average Regional Latest DeMPA Previous DeMPA Regional Average Source: Global MTIMTI Source: Macro Global and and Macro Debt Unit, Debt 2021 Unit, 2021 High 0 Portfolio Debt Management Redemption ProRisk Indicators fileAssessment Debt Portfolio Risk Indicators (Percent of Sa�sfactory Performance, 2021) External Domes�c Total External Domestic External Total Domes �c Total Cost of Cost of Debt Debt Governance Av. Interest Weighted Rate (%) Weighted Av. Interest2.3 MacroRate (%) Policies 1.6 2.3 2.3 Cost of Debt Borrowing Weighted Av.Cash Flow Rate (%) Interest 1.6 Opera 1.6 2.3�onal Risk Mgmt 2.3 2.3 & Debt Recording -10 Refinancing Risk ATM (years) 100 ATM (years) - - - - Refinancing Risk ATM (years) - - - - - 1 Refinancing Risk 1 yr (% Debt Maturing in Debt of total) - of total) Maturing in 1 yr (% - - - Debt Maturing in- 1 yr (% of total) - - - - ng Flows Interest Rate yr (%Refixing Debt Refixing in 1Debt of total)in 1 yr (% -of total) - - 50 NO DATA - Interest Rate AVAILABLE Debt Refixing in 1 - yr (% of total) - - - - ector Debt Interest Risk Rate Risk NO DATA Fixed Rate Debt (% of AVAILABLE - total) - - Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - of total) Fixed Rate Debt (% - - - - 2 0Risk FX FX Debt (% of total debt) FX Debt (% of total debt) - - 98.9 - FX Risk - debt) FX Debt (% of total - 98.9- 98.9 FX Risk ST FX Debt (% of reserves) Latest DeMPA ST FX DebtRegional (% of Average - reserves) - - - reserves) ST FX Debt (% of - - - - - Source: MTI Global Macro and Debt Unit, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 0 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Redemption Profile Debt Portfolio Risk Indicators External Domes�c Total Selected International Debt Issuance Maturity Date Maturity Issue Date Type Fitch /Currency Moody's / Currency S&P Amount Tenor Currency Issued Coupon Outstanding Rate (%) Maturity Date Cost of Debt Type Weighted Maturity Av. Interest Currency Rate Currency (%) Amount 0.5 Currency Outstanding Issued - 0.5 -2 NO DATA AVAILABLE Refinancing Risk ATM (years) NO DATA AVAILABLE - - - 1 Debt Maturing in 1 yr (% of total) - - - ng Flows Interest Rate Debt Refixing in 1 yr (% of total) - - - ector Debt NO DATA AVAILABLE Risk NO DATA AVAILABLE Fixed Rate Debt (% of total) - - - FX Risk FX Debt (% of total debt) - - 100.0 ST FX Debt (% of reserves) - - - 2020 Source: WB Staff Calculations: Joint WB/IMF Debt Sustainability Analysis, 2021 Selected Domestic / Regional Debt Issuance Maturity Date Selected Maturity Issue Moody'sDebt Date International Type Fitch /Currency S&P Issuance / Currency Amount Tenor Currency Issued Coupon Outstanding Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding Issue Date 021 NO DATA AVAILABLE Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity NO DATADate Maturity Type AVAILABLE Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2030 30.4 73.3 19.8 8.5 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Middle Currency Amount East &Outstanding Issued Currency North Africa | 180 021 NO DATA AVAILABLE S�ri�n Arab Syrian Republic Ar�b R �public DMF A MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) - - - - - - Low income Infla�on (%) 37.0 37.0 13.6 19.7 - - Public Debt (% of GDP) - - - - - - LENDING Net Claims on Govt (% of GDP) - - - - - - Current Account Balance (% of GDP) - - - - - - IDA Primary balance (% of GDP) - - - - - - Sources: WEO, October 2021; WDI, 2021 ELIGIBILITY HIPCELIGIBILITY HIPC INSTITUTIONAL CAPACITY HIPC Overall CPIA Ra�ng - - - - - - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Debt M (Percent Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) NO DATA AVAILABLE NO DATA AVAILABLE Redem Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Selecte Issue Da NO DATA AVAILABLE NO DATA AVAILABLE Selecte Issue Da Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP - - - - - - - - - - - PV of PPG External Debt-to-Exports - - - - - - - - - - - Debt Service-to-Revenue - - - - - - - - - - - Debt Service-to-Exports - - - - - - - - - - - Middle East & North Africa | 181 SYRIAN ARAB REPUBLIC Middle East & North Africa | 182 W�st Bank West �nd Gaza B�nk and G��� DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) - - - - - - Lower middle income Infla�on (%) - - - - - - Public Debt (% of GDP) - - - - - - LENDING Net Claims on Govt (% of GDP) 7.0 6.3 6.1 - - - Current Account Balance (% of GDP) - - - - - - Not classified Primary balance (% of GDP) - - - - - - Sources: WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng - - - - - - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY FCS Risk of Debt Distress - - - - - - Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 60 60 50 20 20 40 40 0 Source: M 0 0 20 20 NO DATA AVAILABLE NO DATA AVAILABLE Redem 0 0 -20 -20 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing Source: WEO, October 2021 Source: WEO, October 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) Select Issue NO DATA AVAILABLE NO DATA AVAILABLE Select Issue Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP - - - - - - - - - - - PV of PPG External Debt-to-Exports - - - - - - - - - - - Debt Service-to-Revenue - - - - - - - - - - - Debt Service-to-Exports - - - - - - - - - - - Middle East & North Africa | 183 WEST BANK AND GAZA Middle East & North Africa | 184 Y�m�n, Republic Yemen, R�public of DMF MACROECONOMIC INDICATORS 2012 2013 2014 2015 2016 2017 2016 2017 2018 2019 2020 2021 INCOME Real GDP Growth (%) -9.4 -5.1 0.8 1.4 -8.5 -2.0 Low income Infla�on (%) 0.1 18.6 14.9 - - - Public Debt (% of GDP) 72.3 77.4 74.5 76.5 84.2 73.5 LENDING Net Claims on Govt (% of GDP) - - - - - - Current Account Balance (% of GDP) -2.8 -1.4 -0.8 -3.9 -5.9 -8.8 IDA Primary balance (% of GDP) -3.2 -4.7 -7.8 -5.3 -3.2 -3.6 Sources: WEO, October 2021; WDI, 2021 HIPC ELIGIBILITY INSTITUTIONAL CAPACITY - Overall CPIA Ra�ng 2.4 2.1 2.0 2.0 1.9 - FRAGILE AND CONFLICT STATE DEBT SUSTAINABILITY Sourc FCS Risk of Debt Distress Mod Mod Mod Mod Mod Mod Sources: WB Classification, July 2021; WB List of Fragile and Conflict-affected Situations (FCS) FY22 Sources: CPIA-WDI 2021 Debt (Percen Current Account Balance General Government Net Lending/Borrowing (Percent of GDP) (Percent of GDP) 100 60 60 50 50 50 0 40 40 0 0 Source: M 20 20 NO DATA AVAILABLE NO DATA AVAILABLE Redem -50 -50 0 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Volume of imports of goods and services Volume of exports of goods and services General government total expenditure General government revenue Current account balance (% of GDP) General government net lending/borrowing Source: WEO, October 2021 Source: WEO, October 2021 Evolution of External and Domestic Public Debt Evolution of Financing Sources (Percent of GDP) (Percent of Total) 100 60 Select Issue 40 50 No data available No data available NO DATA AVAILABLE NO DATA AVAILABLE 20 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 Domes�c External Bilateral Commercial Mul�lateral Domes�c Select Issue Sources: WB Staff Calculations: WDI 2021; WEO Oct 2021 Sources: WB Staff Calculations: WDI 2021, IDS 2021 Benchmark 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DEBT SUSTAINABILITY INDICATORS PV of PPG External Debt-to-GDP - - - - - - - - - - - PV of PPG External Debt-to-Exports - - - - - - - - - - - Debt Service-to-Revenue - - - - - - - - - - - Debt Service-to-Exports - - - - - - - - - - - Middle East & North Africa | 185 YEMEN, REPUBLIC OF Yeme DMF Activities and Selected DeM Reforms DMF Activities 16 2017 2021 -2.0 - 73.5 - Selected DeM Reforms -8.8 -3.6 - Source: MTI Global Macro and Debt Unit, 2021 Mod Debt Management Assessment (Percent of Sa�sfactory Performance, 2010) Governance Macro Policies Borrowing Cash Flow Opera�onal Risk Mgmt & Debt Recording 100 60 50 NO DATA AVAILABLE 0 40 Latest DeMPA Regional Average Source: MTI Global Macro and Debt Unit, 2021 20 Redemption Profile Debt Portfolio Risk Indicators 0 1 NO DATA AVAILABLE NO DATA AVAILABLE Selected International Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2020 Selected Domestic / Regional Debt Issuance Issue Date Fitch / Moody's / S&P Tenor Coupon Rate (%) Maturity Date Maturity Type Currency Currency Amount Issued Currency Outstanding NO DATA AVAILABLE 2030 - - - - Middle East & North Africa | 186 Annex Debt Management Facility Eligible Countries (as of July 2021) Low-income, IDA Lower-middle-income, IDA 1 Afghanistan South Asia HIPC 1 Benin Sub-Saharan Africa HIPC 2 Burkina Faso Sub-Saharan Africa HIPC 2 Cambodia East Asia & Pacific 3 Burundi Sub-Saharan Africa HIPC 3 Comoros Sub-Saharan Africa HIPC 4 Central African Republic Sub-Saharan Africa HIPC 4 Kiribati East Asia & Pacific 5 Chad Sub-Saharan Africa HIPC 5 Kyrgyz Republic Europe & Central Asia Congo, Democratic 6 Mauritania Sub-Saharan Africa HIPC 6 Sub-Saharan Africa HIPC Republic of Micronesia, Federated 7 East Asia & Pacific 7 Eritrea Sub-Saharan Africa HIPC States of 8 Ethiopia Sub-Saharan Africa HIPC 8 Nepal South Asia 9 Gambia, The Sub-Saharan Africa HIPC 9 São Tomé and Principe Sub-Saharan Africa HIPC 10 Guinea Sub-Saharan Africa HIPC 10 Senegal Sub-Saharan Africa HIPC 11 Guinea-Bissau Sub-Saharan Africa HIPC 11 Solomon Islands East Asia & Pacific 12 Haiti Latin America & Caribbean HIPC 12 Tanzania Sub-Saharan Africa HIPC 13 Liberia Sub-Saharan Africa HIPC 13 Vanuatu East Asia & Pacific 14 Madagascar Sub-Saharan Africa HIPC 15 Malawi Sub-Saharan Africa HIPC Lower-middle-income, Blend 16 Mali Sub-Saharan Africa HIPC 1 Cabo Verde Sub-Saharan Africa 17 Mozambique Sub-Saharan Africa HIPC 2 Cameroon Sub-Saharan Africa HIPC 18 Niger Sub-Saharan Africa HIPC 3 Congo, Republic of Sub-Saharan Africa HIPC 19 Rwanda Sub-Saharan Africa HIPC 4 Kenya Sub-Saharan Africa 20 Sierra Leone Sub-Saharan Africa HIPC 5 Nigeria Sub-Saharan Africa 21 Somalia Sub-Saharan Africa HIPC 6 Pakistan South Asia 22 South Sudan Sub-Saharan Africa 7 Papua New Guinea East Asia & Pacific 23 Sudan Sub-Saharan Africa 8 Timor-Leste East Asia & Pacific 24 Syrian Arab Republic Middle East & North Africa 9 Uzbekistan Europe & Central Asia 25 Tajikistan Europe & Central Asia 10 Zimbabwe Sub-Saharan Africa 26 Togo Sub-Saharan Africa HIPC 27 Uganda Sub-Saharan Africa HIPC Lower-middle-income, IBRD 28 Yemen, Republic of Middle East & North Africa 1 Angola Sub-Saharan Africa 2 Bolivia Latin America & Caribbean HIPC 3 India South Asia 4 Moldova Europe & Central Asia 5 Mongolia East Asia & Pacific 6 Sri Lanka South Asia 7 Vietnam East Asia & Pacific Lower-middle-income, Gap 1 Bangladesh South Asia 2 Bhutan South Asia 3 Côte d'Ivoire Sub-Saharan Africa HIPC 4 Djibouti Middle East & North Africa 5 Ghana Sub-Saharan Africa HIPC 6 Honduras Latin America & Caribbean HIPC Lao, People's Democratic 7 East Asia & Pacific Republic of 8 Lesotho Sub-Saharan Africa 9 Myanmar East Asia & Pacific 10 Nicaragua Latin America & Caribbean HIPC 11 Zambia Sub-Saharan Africa HIPC Lower-middle-income, not classified in lending category 1 West Bank and Gaza Middle East & North Africa Data source for country classifications: World Bank Country and Lending Groups, July 2021 187 Upper-middle-income, IDA 1 Guyana Latin America & Caribbean HIPC 2 Kosovo Europe & Central Asia 3 Maldives South Asia 4 Marshall Islands East Asia & Pacific 5 Samoa East Asia & Pacific 6 Tonga East Asia & Pacific 7 Tuvalu East Asia & Pacific Upper-middle-income, Blend 1 Dominica Latin America & Caribbean 2 Fiji East Asia & Pacific HIPC 3 Grenada Latin America & Caribbean 4 St. Lucia Latin America & Caribbean St. Vincent and the 5 Latin America & Caribbean Grenadines Upper-middle-income, IBRD 1 Armenia Europe & Central Asia 2 Azerbaijan Europe & Central Asia 3 Bosnia and Herzegovina Europe & Central Asia 4 Georgia Europe & Central Asia Total of 86 countries 188