Short-term political risk : One country upgraded, two downgraded
In the framework of its regular review of short-term (ST) political risk, Credendo has upgraded one country and downgraded two countries.
| Upgrades | From | To |
| Tajikistan | 4 | 3 |
| Downgrades | From | To |
| Djibouti | 5 | 6 |
| Rwanda | 4 | 5 |
- Djibouti: downgrade from 5/7 to 6/7
Djibouti’s current account balance remained positive in 2024 even though it decreased from 45% of exports in 2023 to 12% of exports in 2024. It is projected to continue to decline in the coming years. In recent years, the country’s gross foreign exchange reserves have declined significantly (see graph below). Reserves currently represent slightly over 2.5 months of imports. The main reason for this downward trend is Djibouti’s extraordinarily high degree of external indebtedness and debt service. Therefore, Credendo decided to downgrade Dijbouti’s ST political risk to category 6/7.
