{"id":25120,"date":"2025-10-03T09:49:19","date_gmt":"2025-10-03T09:49:19","guid":{"rendered":"https:\/\/macite.tg\/?p=25120"},"modified":"2025-10-03T09:49:25","modified_gmt":"2025-10-03T09:49:25","slug":"dette-publique-la-maturite-moyenne-du-portefeuille-a-672-ans-a-fin-decembre-2025","status":"publish","type":"post","link":"https:\/\/macite.tg\/?p=25120","title":{"rendered":"DETTE PUBLIQUE : La maturit\u00e9 moyenne du portefeuille \u00e0 6,72 ans \u00e0 fin d\u00e9cembre 2025"},"content":{"rendered":"\n

Selon le bulletin statistique de la dette publique du Togo au 30 juin 2025, r\u00e9alis\u00e9 par la Direction de la dette publique et du financement (minist\u00e8re de l’\u00e9conomie et des finances), le co\u00fbt du portefeuille de la dette, analys\u00e9 \u00e0 travers le taux d’int\u00e9r\u00eat implicite, ressortirait \u00e0 4,47 % \u00e0 fin d\u00e9cembre 2025 contre 4,14 % \u00e0 fin d\u00e9cembre 2024. \u00a0\u00bb Cette hausse du taux d’int\u00e9r\u00eat implicite s’explique par le rench\u00e9rissement des taux sur le march\u00e9 des titres et la mobilisation des pr\u00eats commerciaux \u00ab\u00a0, lit-on dans le document.<\/em><\/strong><\/p>\n\n\n\n

On informe au minist\u00e8re de l’\u00e9conomie et des finances que la dette int\u00e9rieure, domin\u00e9e par les titres publics, co\u00fbte en moyenne 6,11 % contre 2,59 % pour la dette ext\u00e9rieure. La charge d’int\u00e9r\u00eat repr\u00e9sente 3,06 % du PIB. Elle est de 2,24 % du PIB pour la dette int\u00e9rieure contre 0,82 % du PIB pour la dette ext\u00e9rieure. \u00ab La r\u00e9duction du co\u00fbt de la dette d\u00e9pendra de la capacit\u00e9 de l’Etat \u00e0 mobiliser les ressources concessionnelles sur le long terme \u00bb,<\/em> indique-t-on.<\/p>\n\n\n\n

Les risques li\u00e9s au portefeuille de la dette existante<\/strong><\/p>\n\n\n\n

Par rapport au risque de refinancement, la maturit\u00e9 moyenne de l’ensemble du portefeuille ressortirait \u00e0 6,72 ans \u00e0 fin d\u00e9cembre 2025 contre 6,67 ans \u00e0 fin d\u00e9cembre 2024. Ce l\u00e9ger allongement de la maturit\u00e9 est d\u00fb aux d\u00e9caissements effectu\u00e9s aupr\u00e8s des cr\u00e9anciers multilat\u00e9raux, au cours de l’ann\u00e9e 2025.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Cet indicateur est influenc\u00e9 n\u00e9gativement par la dette int\u00e9rieure ayant une maturit\u00e9 moyenne de 3,49 ans en 2025, contre 4,02 ans en 2024. La maturit\u00e9 moyenne de la dette ext\u00e9rieure, quant \u00e0 elle, ressortirait \u00e0 10,41 ans tir\u00e9 par des pr\u00eats de maturit\u00e9 de 50 ans contract\u00e9s aupr\u00e8s de la Banque Mondiale et par le financement durable de maturit\u00e9 de 20 ans, garanti par le groupe de la BAD\/FAD.<\/p>\n\n\n\n

La part de la dette, qui arrive \u00e0 \u00e9ch\u00e9ance au 31 d\u00e9cembre 2026, repr\u00e9senterait 19 % de l’ensemble du portefeuille de la dette, soit 13,04 % du PIB. La part de la dette int\u00e9rieure, qui arriverait \u00e0 \u00e9ch\u00e9ance au 31 d\u00e9cembre 2026, est de 25,47 %, contre 11,61 % pour la dette ext\u00e9rieure.<\/p>\n\n\n\n

Le risque de taux d’int\u00e9r\u00eat<\/strong><\/p>\n\n\n\n

Le temps moyen de l’ensemble du portefeuille jusqu’\u00e0 la r\u00e9vision des taux serait de 6,04 ans. Cet indicateur, relativement faible, est influenc\u00e9 par la dette int\u00e9rieure ayant un temps moyen de 3,49 ans. Le temps moyen de la dette ext\u00e9rieure serait de 8,96 ans contre 10,04 ans en 2024. Cette baisse est cons\u00e9cutive au pr\u00eat de la Soci\u00e9t\u00e9 G\u00e9n\u00e9rale garanti par la MIGA et dont la maturit\u00e9 est d’un (01) an, avec un encours qui repr\u00e9sente 4,7 % de la dette ext\u00e9rieure.<\/p>\n\n\n\n

L’encours de la dette, dont le taux serait r\u00e9vis\u00e9 au 31 d\u00e9cembre 2026 repr\u00e9senterait 29,27 %,   contre 18,71 % de la dette totale \u00e0 fin d\u00e9cembre 2024. Cette dette, qui arrive \u00e0 \u00e9ch\u00e9ance sur la p\u00e9riode, doit toutefois \u00eatre refinanc\u00e9e \u00e0 de nouvelles conditions financi\u00e8res de march\u00e9, ce qui exposerait le portefeuille de la dette publique \u00e0 un risque de taux d’int\u00e9r\u00eat. C’est le cas notamment de 25,47 % de la dette int\u00e9rieure \u00e0 fin d\u00e9cembre 2026.<\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

Le niveau de la dette \u00e0 taux variable dans le portefeuille est significatif. Il passerait de 1,72 % en 2024 \u00e0 12,14 % projet\u00e9 \u00e0 fin d\u00e9cembre 2025, ce qui augmenterait l’exposition du portefeuille aux fluctuations des taux d’int\u00e9r\u00eat. Au vu de la composition de l’encours, la dette publique serait moins expos\u00e9e au risque de taux de change. En effet, il est compos\u00e9 de 53,45 % de dettes libell\u00e9es en FCFA et 29,80 % en Euro.<\/p>\n\n\n\n

(In LE MEDIUM n\u00b0672 du 30 septembre au 06 Octobre 2025)<\/strong><\/p>\n\n\n\n

@macite.tg        <\/em><\/strong><\/p>\n\n\n\n

E-mail : <\/em><\/strong>maciteinfo@gmail.com<\/em><\/strong><\/a>; <\/em><\/strong>bawela1@gmail.com<\/em><\/strong><\/a><\/em><\/strong><\/p>\n\n\n\n

Pour vos annonces, (publi)reportages, etc., joignez-nous au (00228)91515309\/79872224 <\/strong><\/strong><\/em><\/strong>www.macite.tg, L\u2019information, la bonne !<\/em><\/strong><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Selon le bulletin statistique de la dette publique du Togo au 30 juin 2025, r\u00e9alis\u00e9 par la Direction de la dette publique et du financement (minist\u00e8re de l’\u00e9conomie et des finances), le co\u00fbt du portefeuille de la dette, analys\u00e9 \u00e0 travers le taux d’int\u00e9r\u00eat implicite, […]<\/p>\n","protected":false},"author":2,"featured_media":25122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,42],"tags":[],"class_list":["post-25120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualite","category-finances"],"yoast_head":"\nDETTE PUBLIQUE : La maturit\u00e9 moyenne du portefeuille \u00e0 6,72 ans \u00e0 fin d\u00e9cembre 2025 -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/macite.tg\/?p=25120\" \/>\n<meta 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