T H E W O R L D B A N K Global 34414 v 2 Development Finance Mobilizing Finance and ManagingVulnerability 2005 I I : S U M M A R Y A N D C O U N T R Y T A B L E S Global Development Finance Mobilizing Finance and Managing Vulnerability II: Summary and Country Tables Global Development Finance Mobilizing Finance and Managing Vulnerability I I : S U M M A R Y A N D C O U N T R Y T A B L E S 2005 T H E W O R L D B A N K © 2005 The International Bank for Reconstruction and Development/The World Bank 1818 H Street NW Washington, DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org E-mail: feedback@worldbank.org All rights reserved 1 2 3 4 08 07 06 05 This volume is a product of the staff of the International Bank for Reconstruction and Development/The World Bank. The findings, interpretations, and conclusions expressed in this paper do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. 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ISBN-13: 978-0-8213-5985-3 ISBN-10: 0-8213-5985-1 eISBN-13: 978-0-8213-6214-3 eISBN-10: 0-8213-6214-3 ISSN: 1020-5454 Table of Contents Preface vii Central African Republic 128 Chad 132 Methodology ix Chile 136 China 140 Sources and definitions xiii Colombia 144 Comoros 148 Country groups xxiv Congo, Democratic Republic of 152 Regional groups Congo, Republic of 156 Income groups Costa Rica 160 Côte d'Ivoire 164 Summary tables xxvii Croatia 168 Czech Republic 172 Regional and income group Djibouti 176 aggregate tables 1 Dominica 180 Dominican Republic 184 Country tables 39 Ecuador 188 Albania 40 Egypt, Arab Republic of 192 Algeria 44 El Salvador 196 Angola 48 Equatorial Guinea 200 Argentina 52 Eritrea 204 Armenia 56 Estonia 208 Azerbaijan 60 Ethiopia 212 Bangladesh 64 Fiji 216 Barbados 68 Gabon 220 Belarus 72 Gambia, The 224 Belize 76 Georgia 228 Benin 80 Ghana 232 Bhutan 84 Grenada 236 Bolivia 88 Guatemala 240 Bosnia and Herzegovina 92 Guinea 244 Botswana 96 Guinea-Bissau 248 Brazil 100 Guyana 252 Bulgaria 104 Haiti 256 Burkina Faso 108 Honduras 260 Burundi 112 Hungary 264 Cambodia 116 India 268 Cameroon 120 Indonesia 272 Cape Verde 124 Iran, Islamic Republic of 276 v G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 5 Jamaica 280 Rwanda 436 Jordan 284 Samoa 440 Kazakhstan 288 São Tomé and Principe 444 Kenya 292 Senegal 448 Kyrgyz Republic 296 Serbia and Montenegro 452 Lao People's Democratic Republic 300 Seychelles 456 Latvia 304 Sierra Leone 460 Lebanon 308 Slovak Republic 464 Lesotho 312 Solomon Islands 468 Liberia 316 Somalia 472 Lithuania 320 South Africa 476 Macedonia, former Yugoslav Republic of 324 Sri Lanka 480 Madagascar 328 St. Kitts and Nevis 484 Malawi 332 St. Lucia 488 Malaysia 336 St. Vincent and the Grenadines 492 Maldives 340 Sudan 496 Mali 344 Swaziland 500 Mauritania 348 Syrian Arab Republic 504 Mauritius 352 Tajikistan 508 Mexico 356 Tanzania 512 Moldova 360 Thailand 516 Mongolia 364 Togo 520 Morocco 368 Tonga 524 Mozambique 372 Trinidad and Tobago 528 Myanmar 376 Tunisia 532 Nepal 380 Turkey 536 Nicaragua 384 Turkmenistan 540 Niger 388 Uganda 544 Nigeria 392 Ukraine 548 Oman 396 Uruguay 552 Pakistan 400 Uzbekistan 556 Panama 404 Vanuatu 560 Papua New Guinea 408 Venezuela, República Bolivariana de 564 Paraguay 412 Vietnam 568 Peru 416 Yemen, Republic of 572 Philippines 420 Zambia 576 Poland 424 Zimbabwe 580 Romania 428 Russian Federation 432 Country notes 585 vi . Preface T he print edition of Global Development relation between debt stock and its components, Finance (GDF) consists of two volumes: the computation of net flows, aggregate net re- Analysis and Statistical Appendix and Sum- source flows, and aggregate net transfers; and the mary and Country Tables. Analysis and Statistical relation between net resource flows and the bal- Appendix contains analysis and commentary on ance of payments. Exact definitions of the terms recent developments in international finance for used in the Summary and Country Tables volume developing countries, together with summary sta- of GDF are found in the Sources and Definitions tistical tables for selected regional and analytical section. groups comprising 136 debt-reporting developing The economic aggregates presented in the countries. tables are prepared for the convenience of users. Summary and Country Tables contains statis- Although debt indicators can give useful informa- tical tables on the external debt of the 136 coun- tion about developments in debt-servicing capac- tries that report public and publicly guaranteed ity, conclusions drawn from them will not be debt under the Debtor Reporting System. Also in- valid unless accompanied by careful economic cluded are tables of selected debt and resource flow evaluation. statistics for individual reporting countries as well The macroeconomic information provided is as summary tables for regional and income groups. from standard sources, but many of them are sub- Earlier this year, country tables and sum- ject to considerable margins of error, and the usual mary tables were also made available online care must be taken in interpreting the indicators. (GDF Online). This is particularly the case for the most recent For the convenience of readers, charts on year or two, when figures are preliminary and sub- pages xxi to xxiii summarize graphically the ject to revision. This volume was prepared by the Financial Data Team of the Development Data Group, led by Ibrahim Levent. The team consisted of Vinoda Basnayake, Nanasamudd Chhim, Nevin Fahmy, Kabinah Fofanah, Shelley Fu, Yulia Makarova, Gloria Moreno, Olha Pryymak, and Alagiri Venkatesan. The team was assisted by Rosario Alipio. Abdolreza Farivari led systems support, Soong Sup Lee provided the macroeconomic data, and K. M. Vijayalakshmi provided worker remit- tances and compensation of employees data. Many others inside the World Bank provided helpful input, especially the staff of the Development Prospects Group, Dilek Aykut, Milko N. Iantchev, Jeffrey D. Lewis, Himmat S. Kalsi, Eung Ju Kim; the staff of the Debt Department--led by Vikram Nehru; and the country economists who reviewed the data. The work was carried out under the management of Shaida Badiee. The production of this volume was managed by Richard Fix. The CD-ROM and database were prepared by William Prince. vii G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 5 Global Development Finance 2005 on CD- of the Summary and Country Tables volume. Text ROM contains a database of 217 time series providing country notes, definitions, and source indicators, covering the years 1970 to 2003 in notes is linked to each table. The general cutoff most cases, and to 2013 for "pipeline" data. It date for data is December 2003. also contains the full contents of the print version viii . Methodology T he World Bank is the sole repository for sta- sharply during the year; cancellations and resched- tistics on the external debt of developing ulings of other liabilities into long-term public countries on a loan-by-loan basis. The debt also contribute to the differences. Debtor Reporting System (DRS), set up in 1951 to monitor these statistics, is maintained by the staff of Public and publicly guaranteed debt the Financial Data Team (FIN), part of the Devel- All data related to public and publicly guaranteed opment Data Group of Development Economics. debt are from debtors except for lending by some multilateral agencies, in which case data are taken from the creditors' records. These creditors include the African Development Bank, the Asian Devel- Methodology for aggregating data opment Bank, the Central Bank for Economic Inte- U sing the DRS data, in combination with infor- gration, the Inter-American Development Bank, mation obtained from creditors through the and the International Bank for Reconstruction and debt data collection systems of other agencies such Development (IBRD) and the International Devel- as the Bank for International Settlements (BIS) and opment Association (IDA). (The IBRD and IDA the Organisation for Economic Co-operation and are components of the World Bank.) Development (OECD), the staff of the Financial Starting with the 1988­89 edition of World Data Team estimate the total external indebted- Debt Tables (as this book was previously titled), ness of developing countries. The data are also all data pertaining to World Bank loans from 1985 supplemented by market sources and estimates onward are recorded at their current market value. made by country economists of the World Bank Starting with the 1991­92 edition, all data per- and desk officers of the International Monetary taining to Asian Development Bank loans from Fund (IMF). 1989 onward are recorded at their current market value. Starting with the 1998 edition, all data per- Converting to a common currency taining to African Development Bank and African Since debt data are normally reported to the Development Fund loans from 1997 onward are World Bank in the currency of repayment, they recorded at their current market value as well. have to be converted into a common currency (usually U.S. dollars) to produce summary tables. Private nonguaranteed debt Because flow data are converted at annual average The DRS was expanded in 1970 to incorporate exchange rates and stock data at year-end ex- private nonguaranteed long-term debt. Reports, change rates, year-to-year changes in debt out- submitted annually, contain aggregate data for dis- standing and disbursed are sometimes not equal to bursed and outstanding debt, disbursements, prin- net flows (disbursements less principal repay- cipal repayments, interest payments, principal and ments); similarly, changes in debt outstanding, interest rescheduled for the reporting year, and including undisbursed debt, differ from commit- projected payments of principal and interest. Data ments less repayments. Discrepancies are particu- are usually presented in dollars, and currency con- larly significant when exchange rates have moved version is not necessary. A few reporting countries ix G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 5 choose to provide data on their private nonguar- on its own external liabilities. But for short-term anteed debt in the loan-by-loan format used for debt, defined as debt with an original maturity reporting public and publicly-guaranteed debt. In of one year or less, accurate information is not those cases the currency conversion and projection widely available from debtors. By its nature, short- methodology just described is used. term debt is difficult to monitor; loan-by-loan Although the reporting countries fully recog- registration is normally impractical, and most nize the importance of collecting data on private reporting arrangements involve periodic returns to nonguaranteed debt when it constitutes a signifi- a country's central bank from its banking sector. cant portion of total external debt, detailed data Since 1982 the quality of such reporting has are available only in countries that have registra- improved, but only a few developing countries tion requirements covering private debt, most have figures available for short-term debt. commonly in connection with exchange controls. Where information from debtors is not avail- Where formal registration of foreign borrowing is able, data from creditors can indicate the magni- not mandatory, compilers must rely on balance of tude of a country's short-term debt. The most payments data and financial surveys. important source is the BIS's semiannual series This edition includes data on private nonguar- showing the maturity distribution of commercial anteed debt, either as reported or as estimated, for banks' claims on developing countries. Those data 80 countries for which this type of debt is known are reported residually. However, an estimate of to be significant. short-term liabilities by original maturity can be For private nonguaranteed debt that is not re- calculated by deducting from claims due in one ported, the standard estimation approach starts year those that had a maturity of between one and from a calculation of the stock of debt outstand- two years 12 months earlier. ing, using data available from creditors. Figures There are several problems with this method. on guaranteed export credits, obtained from the Valuation adjustments caused by exchange rate OECD's Creditor Reporting System (CRS), are movements will affect the calculations, as will pre- supplemented by loan-by-loan information on of- payment and refinancing of long-term maturities ficial lending to private borrowers and by infor- falling due. Moreover, not all countries' commer- mation on noninsured commercial bank lending to cial banks report in a way that allows the full ma- the private sector. turity distribution to be determined, and the BIS Disbursements and debt service payments for data include liabilities only to banks within the private nonguaranteed debt are more difficult to reporting area. Nevertheless, combining these esti- estimate. Amortization is estimated by making an mates with data on officially guaranteed short- assumption regarding the proportion of debt re- term suppliers' credits compiled by the OECD paid each year and then applying these ratios to gives what may be thought of as a lower-bound es- generate a first approximation of annual principal timate of a country's short-term debt. Even on this repayments. basis, however, the results need to be interpreted Disbursements are then estimated as a residual with caution. Where short-term debt has been between net flows (equal to the change in the stock rescheduled, the effect of lags in reporting and dif- of debt) and estimated amortization. Interest pay- ferences in the treatment of the rescheduled debt ments are estimated by applying an assumed aver- by debtors and creditors may result in double age interest rate to the stock of debt outstanding. counting if short-term debt derived from creditor Data on the balance of payments flows provide sources is added to long-term debt reported by the useful guidelines in the process of building a time country to obtain total external liabilities. series because private nonguaranteed debt can be Some of the short-term debt estimates pub- treated as a residual between total net long-term lished are drawn from debtor and creditor borrowing and net long-term borrowing recorded sources, but most are from creditor sources. Only in the DRS for public and publicly guaranteed debt. for a few countries can the data be regarded as authoritative, but they offer a guide to the size of Short-term debt a country's short-term (and, hence, its total) ex- The World Bank regards the individual reporting ternal debt. The quality of these data is likely to country as the authoritative source of information improve. x M E T H O D O L O G Y Use of IMF credit reflects the assumption of the assets by the official Data related to the operations of the IMF come credit insurance agencies of the creditor countries. from the IMF Treasurer's Department and are The debts to the original creditors are reduced converted from special drawing rights (SDRs) by the amounts rescheduled, and a new obligation into dollars using end-of-period exchange rates to the official creditor agencies is created. This for stocks and average over the period exchange shift also applies to private nonguaranteed debt rates for converting flows, as described earlier. that is reduced by the amounts rescheduled, which IMF trust fund loans and operations under the in turn are included in the public and publicly structural adjustment and enhanced structural guaranteed debt owed to official creditors. On adjustment facilities are presented together with the debtor side, when a government accepts all of the Fund's special facilities (the buffer stock, responsibility for the payment of rescheduled debt compensatory financing, extended fund, and oil previously owed by private enterprises, the DRS facilities). registers a change in debtor categories in the DRS. Similarly, when short-term debt is included in a Treatment of arrears restructuring agreement, the rescheduled amount The DRS collects information on arrears in both is shifted from short-term to long-term debt. principal and interest. Principal in arrears is in- cluded and identified in the amount of long-term debt outstanding. Interest in arrears of long-term debt and the use of IMF credit is included and Methodology for projecting data A identified in the amount of short-term debt out- n important feature of the WBXD system of standing. If and when interest in arrears is capital- the DRS is its ability to project future dis- ized under a debt reorganization agreement, the bursements of unutilized commitments and future amount of interest capitalized will be added to the debt service payments. amount of long-term debt outstanding and the corresponding deduction made from the amount Undisbursed debt of short-term debt outstanding. Projections of disbursements help underpin future capital requirements in the implementation of ex- Treatment of debt restructurings ternally financed projects. In addition, they help The DRS attempts to capture accurately the effects determine the interest portion of projected debt of the different kinds of restructurings on both service. Future interest payments are based on pro- debt stocks and debt flows, consistent with the cir- jected debt outstanding that is itself determined by cumstances under which the restructuring takes projected disbursements and repayments. The un- place. Whether a flow has taken place is some- derlying assumptions of these projections are that times difficult to determine. loan commitments will be fully utilized and that In compiling and presenting the debt data, a the debtor country will repay all sums due. Future distinction is made between cash flows and im- disbursements and debt service refer only to exist- puted flows. Based on this criterion, rescheduled ing debt and do not reflect any assumptions on fu- service payments and the shift in liabilities from ture borrowing. one financial instrument to another as a result of Disbursement projections use two methods: rescheduling are considered to be imputed flows. · Specific schedules. Debtor countries are re- The imputed flows are recorded separately in quested to submit a calendar of future disburse- the World Bank External Debt (WBXD) system, ments, if available, at the time individual loans are but these debt restructuring transactions are not first reported. Country authorities are in a better evident in the main body of the debt data--only position to provide estimated disbursement sched- the resulting effect of these transactions is reflected. ules when there is a solid public sector investment Changes in creditor and debtor status that can program in place. result from debt restructuring are also reflected. · Standard schedules. In the absence of specific For example, when insured commercial credits are schedules, the WBXD system projects disburse- rescheduled, the creditor classification shifts from ments by applying a set of profiles to the last private sources to official sources (bilateral). This actual undisbursed balance of individual loans. xi G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 5 The profiles are derived under the assumption that repayment terms of the loans. Principal repay- specific sources of funds have some common char- ments (amortization) are based on the amount of acteristics that cause them to disburse, in the ag- loan commitments, and the amortization profile of gregate, in some observable pattern. Accordingly, most loans follows a set pattern. Using the first some thirty profiles have been derived that roughly and final payment dates and the frequency of the correspond to creditor type. Profiles exist for con- payments, the system calculates the stream of prin- cessional and nonconcessional loans from official cipal payments due. If future payments are irregu- creditors. For bilateral lending, profiles have been lar, the WBXD system requires a schedule. developed for the Development Assistance Com- Projected future interest payments are calcu- mittee, the Organization of Petroleum Exporting lated similarly. Interest is based on the amount of Countries (OPEC), and other creditor groupings. debt disbursed and outstanding at the beginning of For multilateral lending, specific profiles are avail- the period. Again, using the first and final interest able for major international organizations. An esti- payment dates and the frequency of payments, the mating equation for each profile is derived by system calculates the stream of interest payments applying regression analysis techniques to a body due. If interest payments are irregular, the WBXD of data that contains actual disbursement informa- system requires a schedule. tion for more than 100,000 loans. Although these The published figures for projected debt ser- standard profiles are reestimated from time to vice obligations are converted into U.S. dollars time, under the best scenario they can only approx- using the end-December 2003 exchange rates. imate the disbursement pattern of any single loan. Likewise the projection routine for variable inter- est rate debt, such as commercial bank debt based Future debt service payments on the London interbank offered rate (LIBOR), Most projections of future debt service payments assumes that the rate prevailing at the end of generated by the WBXD system are based on the December 2003 will be effective throughout. xii . Sources and definitions T his edition of GDF presents reported or es- Total debt flows are consolidated data on timated data on the total external debt of disbursements, principal repayments, and interest all low- and middle-income countries. payments for total long-term debt and transac- tions with the IMF. Net flows on debt are disbursements on long- term debt and IMF purchases minus principal re- Format payments on long-term debt and IMF repurchases T he country and summary data has been ex- up to 1984. Beginning in 1985 this line includes panded to include summary tables along with the change in stock of short-term debt (including the standard country tables for the 136 individual interest arrears for long-term debt). Thus if the countries that report to the World Bank's Debtor change in stock is positive, a disbursement is as- Reporting System (DRS). Summary tables present sumed to have taken place; if negative, a repay- selected debt and resource flow statistics for the ment is assumed to have taken place. individual reporting countries and external debt Total debt service (TDS) shows the debt ser- data for regional and income groups. The format vice payments on total long-term debt (public and of the regional and income group tables draws on publicly guaranteed and private nonguaranteed), the individual country table format and includes use of IMF credit, and interest on short-term debt. graphic presentations. SECTION 2 provides data series for aggregate For the 136 individual countries that report to net resource flows and net transfers (long-term). the World Bank's DRS, tables are presented in a Net resource flows (long-term) are the sum of four-page layout containing 10 sections. net resource flows on long-term debt (excluding SECTION 1 summarizes the external debt of the IMF credit) plus net foreign direct investment, country. portfolio equity flows, and official grants (exclud- Total external debt stocks (EDT) consist of ing technical cooperation). Grants for technical public and publicly guaranteed long-term debt, cooperation are shown as a memorandum item. private nonguaranteed long-term debt (whether Also shown as memorandum items are official net reported or estimated by the staff of the World resource flows and private net resource flows. Of- Bank), the use of IMF credit, and estimated short- ficial net resource flows are the sum of net flows term debt. Interest in arrears on long-term debt on long-term debt to official creditors (excluding and the use of IMF credit are added to the short- the IMF) plus official grants (excluding technical term debt estimates and are shown as separate cooperation). Private net resource flows are the lines. Arrears of principal and of interest have sum of net flows on debt to private creditors plus been disaggregated to show the arrears owed to net foreign direct investment and portfolio equity official creditors and the arrears owed to private flows. Official net transfers and private net trans- creditors. Export credits and principal in arrears fers are shown as memorandum items as well. on long-term debt are shown as memorandum Net transfers (long-term) are equal to net items. long-term resource flows minus interest payments xiii G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 5 on long-term loans and foreign direct investment More often, however, it can be explained by profits. specific borrowing phenomena in individual coun- SECTION 3 provides data series for major eco- tries. These are explained in the Country Notes nomic aggregates. section. The gross national income (GNI) series uses SECTION 9 provides information on the yearly average exchange rates in converting GNI average-terms of new commitments on public and from local currency into U.S. dollars. The eco- publicly guaranteed debt and information on the nomic aggregates are prepared for the convenience level of commitments from official and private of users; the usual caution should be exercised in sources. using them for economic analysis. SECTION 10 provides anticipated disburse- SECTION 4 provides debt indicators: ratios of ments and contractual obligations on long-term debt and debt service to some of the economic debt contracted up to December 2003. aggregates. SECTION 5 provides detailed information on stocks and flows of long-term debt and its various components. Data on bonds issued by private enti- Sources T ties without public guarantee, compiled for major he principal sources of information for the ta- borrowers, are included in private nonguaranteed bles in these two volumes are reports to the debt. IBRD loans and IDA credits are shown as World Bank through the DRS from member coun- memorandum items. tries that have received either IBRD loans or IDA SECTION 6 provides information on the cur- credits. Additional information has been drawn rency composition of long-term debt. The major from the files of the World Bank and the IMF. currencies in which the external debt of low- and Reporting countries submit detailed (loan-by- middle-income countries is contracted are sepa- loan) reports through the DRS on the annual rately identified, as is debt denominated in special status, transactions, and terms of the long-term drawing rights and debt repayable in multiple external debt of public agencies and that of private currencies. ones guaranteed by a public agency in the debtor SECTION 7 provides information on restructur- country. This information forms the basis for the ings of long-term debt starting in 1985. It shows tables in these volumes. both the stock and flows rescheduled each year. In Aggregate data on private debt without public addition, the amount of debt forgiven (interest for- guarantee are compiled and published as reliable given is shown as a memorandum item) and the reported and estimated information becomes amount of debt stock reduction (including debt available. This edition includes data on private buyback) are also shown separately. (See the nonguaranteed debt, either as reported or as esti- Methodology section for a detailed explanation of mated, for 80 countries. restructuring data.) The short-term debt data are as reported by SECTION 8 reconciles the stock and flow data the debtor countries or are estimates derived from on total external debt for each year, beginning with creditor sources. The principal creditor sources are 1989. This section is designed to illustrate the the semiannual series of commercial banks' claims changes in stock that have taken place due to five on developing countries, published by the Bank factors: the net flow on debt, the net change in inter- for International Settlements (BIS), and data on est arrears, the capitalization of interest, the reduc- officially guaranteed suppliers' credits compiled tion in debt resulting from debt forgiveness or other by the Organisation for Economic Co-operation debt reduction mechanisms, and the crosscurrency and Development (OECD). For some countries, valuation effects. The residual difference--the estimates were prepared by pooling creditor and change in stock not explained by any of the factors debtor information. identified above--is also presented. The residual is Interest in arrears on long-term debt and the calculated as the sum of identified accounts minus use of IMF credit are added to the short-term debt the change in stock. Where the residual is large it estimates and shown as separate lines in section 1. can, in some cases, serve as an illustration of the Arrears of interest and of principal owed to official inconsistencies in the reported data. and to private creditors are identified separately. xiv S O U R C E S A N D D E F I N I T I O N S Export credits are shown as a memorandum Long-term debt has three components: item in section 1. Data prior to 1998 include offi- · Public debt, which is an external obligation of cial export credits, and suppliers' credits and bank a public debtor, including the national government, credits officially guaranteed or insured by an ex- a political subdivision (or an agency of either), and port credit agency. Both long-term and short-term autonomous public bodies. exports credits are included. For 1998 to 2003 ex- · Publicly guaranteed debt, which is an external port credits include all export credits extended, obligation of a private debtor that is guaranteed guaranteed, insured, or rescheduled by the official for repayment by a public entity. sector of OECD countries. The source for this in- · Private nonguaranteed external debt, which is formation is the Creditor Reporting System (CRS) an external obligation of a private debtor that is of the OECD. not guaranteed for repayment by a public entity. Data on long-term debt reported by member In the tables, public and publicly guaranteed countries are checked against, and supplemented long-term debt are aggregated. by, data from several other sources. Among these Short-term external debt is defined as debt are the statements and reports of several regional that has an original maturity of one year or less. development banks and government lending agen- Available data permit no distinction between pub- cies, as well as the reports received by the World lic and private nonguaranteed short-term debt. Bank under the CRS from the members of the Interest in arrears on long-term debt is de- Development Assistance Committee (DAC) of the fined as interest payment due but not paid, on a OECD. cumulative basis. Every effort has been made to ensure the accu- Principal in arrears on long-term debt is de- racy and completeness of the debt statistics. Never- fined as principal repayment due but not paid, on theless, quality and coverage vary among debtors a cumulative basis. and may also vary for the same debtor from year to The memorandum item export credits in- year. Coverage has been improved through the cludes official export credits, suppliers' credits, the efforts of the reporting agencies and the work of official non-ODA lending, and bank credits offi- World Bank missions, which visit member countries cially guaranteed or insured by an export credit to gather data and to provide technical assistance agency. Both long-term and short-term credits are on debt issues. included here. Use of IMF credit denotes repurchase obliga- tions to the IMF with respect to all uses of IMF resources (excluding those resulting from drawings Definitions in the reserve tranche) shown for the end of the F or all regional, income, and individual country year specified. Use of IMF credit comprises pur- tables, data definitions are presented below or chases outstanding under the credit tranches, footnoted where appropriate. Data definitions for including enlarged access resources and all special other summary tables are, likewise, consistent facilities (the buffer stock, compensatory financing, with those below. extended fund, and oil facilities), trust fund loans, and operations under the structural adjustment Summary debt data and enhanced structural adjustment facilities. Data TOTAL DEBT STOCKS are defined as the sum of pub- are from the Treasurer's Department of the IMF. lic and publicly guaranteed long-term debt, private · IMF purchases are total drawings on the gen- nonguaranteed long-term debt, the use of IMF eral resources account of the IMF during the year credit, and short-term debt. The relation between specified, excluding drawings in the reserve total debt stock and its components is illustrated tranche. on page xxi. · IMF repurchases are total repayments of Long-term external debt is defined as debt outstanding drawings from the general resources that has an original or extended maturity of account during the year specified, excluding repay- more than one year and that is owed to nonresi- ments due in the reserve tranche. dents and repayable in foreign currency, goods, To maintain comparability between data on or services. transactions with the IMF and data on long-term xv G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 5 debt, use of IMF credit outstanding at year end flows are treated as private source flows. Grants (stock) is converted to dollars at the SDR ex- for technical cooperation are shown as a memo- change rate in effect at the end of the year. Pur- randum item. chases and repurchases (flows) are converted at Foreign direct investment (FDI) is defined as the average SDR exchange rate for the year in investment that is made to acquire a lasting man- which transactions take place. agement interest (usually 10 percent of voting Net purchases will usually not reconcile stock) in an enterprise operating in a country other changes in the use of IMF credit from year to year. than that of the investor (defined according to res- Valuation effects from the use of different ex- idency), the investor's purpose being an effective change rates frequently explain much of the differ- voice in the management of the enterprise. It is the ence, but not all. sum of equity capital, reinvestment of earnings, Other factors are increases in quotas (which other long-term capital, and short-term capital as expand a country's reserve tranche and can shown in the balance of payments. thereby lower the use of IMF credit as defined Portfolio equity flows are the sum of country here), approved purchases of a country's currency funds, depository receipts (American or global), by another member country drawing on the gen- and direct purchases of shares by foreign investors. eral resources account, and various administrative Grants are defined as legally binding com- uses of a country's currency by the IMF. mitments that obligate a specific value of funds TOTAL DEBT FLOWS include disbursements, available for disbursement for which there is no principal repayments, net flows and transfers on repayment requirement. debt, and interest payments. The memorandum item technical cooperation Disbursements are drawings on loan commit- grants includes free-standing technical cooperation ments during the year specified. grants, which are intended to finance the transfer Principal repayments are the amounts of prin- of technical and managerial skills or of technology cipal (amortization) paid in foreign currency, for the purpose of building up general national ca- goods, or services in the year specified. pacity without reference to any specific investment Net flows on debts (or net lending or net dis- projects; and investment-related technical cooper- bursements) are disbursements minus principal ation grants, which are provided to strengthen the repayments. capacity to execute specific investment projects. Interest payments are the amounts of interest Profit remittances on foreign direct invest- paid in foreign currency, goods, or services in the ment covers payments of direct investment income year specified. (debit side), which consist of income on equity Net transfers on debt are net flows minus in- (dividends, branch profits, and reinvested earn- terest payments (or disbursements minus total debt ings) and income on debt (interest). service payments). The concepts of net flows on debt, net trans- Major economic aggregates fers on debt, and aggregate net flows and net Five economic aggregates are provided for the re- transfers are illustrated on pages xxii and xxiii. porting economies. Gross national income, or Total debt service paid (TDS) is debt service GNI (gross national product, or GNP, in previous payments on total long-term debt (public and pub- editions) is the sum of value added by all resident licly guaranteed and private nonguaranteed), use producers plus any product taxes (less subsidies) of IMF credit, and interest on short-term debt. not included in the valuation of output plus net receipts of primary income (compensation of em- Aggregate net resource flows and transfers ployees and property income) from abroad. The NET RESOURCE FLOWS (LONG-TERM) are the sum of national accounts data for most developing coun- net resource flows on long-term debt (excluding tries are collected from national statistical organi- IMF) plus non­debt-creating flows. zations and central banks by visiting and resident NON­DEBT-CREATING FLOWS are net foreign World Bank missions. Data on GNI are from the direct-investment, portfolio equity flows, and offi- Macroeconomic Data Team of the Development cial grants (excluding technical cooperation). Net Economics Development Data Group of the World foreign direct investment and portfolio equity Bank. xvi S O U R C E S A N D D E F I N I T I O N S Exports of goods, services and income (XGS) Debt indicators comprise the total value of goods and services ex- The macroeconomic aggregates and debt data pro- ported, and receipts of compensation of employ- vided in the tables are used to generate ratios that ees, and investment income. Workers' remittances, analysts use to assess the external situations of a transfer and not an income entry is the balance developing countries. Different analysts give dif- of payments, are treated as compensation of em- ferent weights to these indicators, but no single ployees in Global Development Finance because indicator or set of indicators can substitute for a they are often difficult to distinguish from com- thorough analysis of the overall situation of an pensation of nonresident workers and migrants. economy. The advantage of the indicators in Workers' remittances and compensation of Global Development Finance is that they are cal- employees comprise current transfers by migrant culated from standardized data series that are workers, wages and salaries earned by nonresident compiled on a consistent basis by the World Bank workers. In addition, migrants' transfers, a part of and the IMF. The ratios offer various measures of capital transfers, are treated as workers' remit- the cost of, or capacity for, servicing debt in terms tances in Global Development Finance. See GDF of the foreign exchange or output forgone. The volume 1 for more details. following ratios are provided based on total exter- Imports of goods and services (MGS) are the nal debt: total value of goods and services imported and in- EDT/XGS is total external debt to exports of come paid. goods and services (including workers' remittances). International reserves (RES) are the sum of a EDT/GNI is total external debt to gross na- country's monetary authority's holdings of special tional income. drawing rights (SDRs), its reserve position in the TDS/XGS, also called the debt service ratio, is IMF, its holdings of foreign exchange, and its total debt service to exports of goods and services holdings of gold (valued at year-end London (including workers' remittances). prices). INT/XGS, also called the interest service Current account balance is the sum of the ratio, is total interest payments to exports of goods credits less the debits arising from international and services (including workers' remittances). transactions in goods, services, income, and cur- INT/GNI is total interest payments to gross rent transfers. It represents the transactions that national income. add to or subtract from an economy's stock of for- RES/EDT is international reserves to total ex- eign financial items. ternal debt. Data on exports and imports (on a balance of RES/MGS is international reserves to imports payments basis), international reserves, and cur- of goods and services. rent account balances are drawn mainly from the Short-term/EDT is short-term debt to total files of the IMF, supplemented by World Bank staff external debt. estimates. Balance of payments data are presented Concessional/EDT is concessional debt to according to the fifth edition of the IMF's Balance total external debt. of Payments Manual, which made several adjust- Multilateral/EDT is multilateral debt to total ments to its presentation of trade statistics. Cover- external debt. age of goods was expanded to include in imports the value of goods received for processing and re- Long-term debt pair (on a gross basis). Their subsequent re-export Data on long-term debt include eight main elements: is recorded in exports (also on a gross basis). This DEBT OUTSTANDING AND DISBURSED is the total approach will cause a country's imports and ex- outstanding debt at year end. ports to increase without affecting the balance of DISBURSEMENTS are drawings on loan commit- goods. In addition, all capital transfers, which ments by the borrower during the year. were included with current transfers in the fourth PRINCIPAL REPAYMENTS are amounts paid by edition of the Balance of Payments Manual, are the borrower during the year. now shown in a separate capital (as opposed to fi- NET FLOWS received by the borrower du- nancial) account, and so do not contribute to the ring the year are disbursements minus principal current account balance. repayments. xvii G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 5 INTEREST PAYMENTS are amounts paid by the DAC definition, as was the practice in earlier borrower during the year. reports. NET TRANSFERS are net flows minus interest Variable interest rate LDOD is long-term payments during the year; negative transfers show debt with interest rates that float with movements net transfers made by the borrower to the creditor in a key market rate such as the London interbank during the year. offer rate (LIBOR) or the U.S. prime rate. This DEBT SERVICE (LTDS) is the sum of principal re- item conveys information about the borrower's ex- payments and interest payments actually made. posure to changes in international interest rates. UNDISBURSED DEBT is total debt undrawn at Public sector LDOD and private sector year end; data for private nonguaranteed debt are LDOD convey information about the distribution not available. of long-term debt for DRS countries by type of Data from individual reporters are aggregated debtor (central government, state and local gov- by type of creditor. Official creditors includes mul- ernment, central bank; private bank, private debt). tilateral and bilateral debt. · Loans from multilateral organizations are Currency composition of long-term debt loans and credits from the World Bank, regional The major currencies in which the external debt of development banks, and other multilateral and low- and middle-income countries is contracted intergovernmental agencies. Excluded are loans are separately identified, as is debt denominated in from funds administered by an international special drawing rights and debt repayable in multi- organization on behalf of a single donor ple currencies. Beginning in 2001, debt denomi- government; these are classified as loans from nated in the currencies of the twelve members in governments. the European Monetary Union is included under · Bilateral loans are loans from governments the euro. and their agencies (including central banks), loans from autonomous bodies, and direct loans from Debt restructurings official export credit agencies. Debt restructurings include restructurings in the Private creditors include bonds, commercial context of the Paris Club, commercial banks, debt- banks, and other private creditors. Commercial equity swaps, buybacks, and bond exchanges. banks and other private creditors comprise bank Debt restructuring data capture the non-cash or and trade-related lending. inferred flows associated with rescheduling and · Bonds include publicly issued or privately restructuring. These are presented to complement placed bonds. the cash-basis transactions recorded in the main · Commercial banks are loans from private body of the data. banks and other private financial institutions. Debt stock rescheduled is the amount of debt · Other private includes credits from manufac- outstanding rescheduled in any given year. Princi- turers, exporters, and other suppliers of goods, pal rescheduled is the amount of principal due or and bank credits covered by a guarantee of an ex- in arrears that was rescheduled in any given year. port credit agency. Interest rescheduled is the amount of interest Four characteristics of a country's debt are due or in arrears that was rescheduled in any given given as memorandum items for long-term debt year. outstanding and disbursed (LDOD). Debt forgiven is the amount of principal due Concessional LDOD conveys information or in arrears that was written off or forgiven in about the borrower's receipt of aid from official any given year. lenders at concessional terms as defined by the Interest forgiven is the amount of interest due DAC, that is, loans with an original grant element or in arrears that was written off or forgiven in of 25 percent or more. Loans from major regional any given year. development banks--African Development Bank, Debt stock reduction is the amount that has Asian Development Bank, and the Inter-American been netted out of the stock of debt using debt Development Bank--and from the World Bank are conversion schemes such as buybacks and equity classified as concessional according to each swaps or the discounted value of long-term bonds institution's classification and not according to the that were issued in exchange for outstanding debt. xviii S O U R C E S A N D D E F I N I T I O N S Debt stock-flow reconciliation do not take into account future borrowing by the Stock and flow data on total external debt are rec- debtor country. (See the Methodology section for a onciled for each year, beginning with 1989. The detailed explanation of how undisbursed balances data show the changes in stock that have taken are projected.) place due to the net flow on debt, the net change in interest arrears, the capitalization of interest, Exchange rates the reduction in debt resulting from debt forgive- Data received by the World Bank from its mem- ness or other debt reduction mechanisms, and bers are expressed in the currencies in which the the crosscurrency valuation effects. The residual debts are repayable or in which the transactions difference--the change in stock not explained by took place. For aggregation, the Bank converts any of these factors--is also presented, calculated these amounts to U.S. dollars using the IMF par as the sum of identified accounts minus the change values or central rates, or the current market rates in stock. where appropriate. Service payments, commit- ments, and disbursements (flows) are converted to Average terms of new commitments U.S. dollars at the average rate for the year. Debt The average terms of borrowing on public and outstanding and disbursed at the end of a given publicly guaranteed debt are given for all new year (a stock) is converted at the rate in effect at loans contracted during the year and separately the end of that year. Projected debt service, how- for loans from official and private creditors. To ever, is converted to U.S. dollars at rates in effect obtain averages, the interest rates, maturities, and at end-December 2003. Debt repayable in multiple grace periods in each category have been weighted currencies, goods, or services and debt with a pro- by the amounts of the loans. vision for maintenance of value of the currency of The grant equivalent of a loan is its commit- repayment are shown at book value. ment (present) value, less the discounted present value of its contractual debt service; convention- Adjustments ally, future service payments are discounted at Year-to-year changes in debt outstanding and dis- 10 percent. The grant element of a loan is the bursed are sometimes not equal to net flows; simi- grant equivalent expressed as a percentage of larly, changes in debt outstanding, including the amount committed. It is used as a measure of undisbursed, differ from commitments less repay- the overall cost of borrowing. Loans with an origi- ments. The reasons for these differences are nal grant element of 25 percent or more are cancellations, adjustments caused by the use of defined as concessional. The average grant element different exchange rates, and the rescheduling of has been weighted by the amounts of the loans. other liabilities into long-term public debt. Commitments cover the total amount of loans for which contracts were signed in the year speci- Symbols fied; data for private nonguaranteed debt are not The following symbols have been used throughout: available. · 0.0 indicates that a datum exists, but is negli- gible, or is a true zero. Projections on existing pipeline · .. indicates that a datum is not available. Projected debt service payments are estimates of · Dollars are current U.S. dollars unless other- payments due on existing debt outstanding, in- wise specified. cluding undisbursed. They do not include service payments that may become due as a result of new loans contracted in subsequent years. Nor do they allow for effects on service payments of changes in Note to users L repayment patterns owing to prepayment of loans ong-term public and publicly guaranteed debt or to rescheduling or refinancing, including repay- data are as reported for 93 countries; for 26 ment of outstanding arrears, that occurred after other countries the data are preliminary (that is, the last year of reported data. substantially based on reported data) or estimated Projected disbursements are estimates of by World Bank staff. The status of each country is drawings of unutilized balances. The projections given in the Country Groups section. xix G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 5 This edition includes data on private nonguar- DDSR Debt and debt service reduction anteed debt, either as reported or as estimated, for DRS Debtor Reporting System (of the World 80 countries. Bank) Data for exports, imports, and international EDT Total external debt, including short-term reserves are standard series drawn from the Inter- and use of IMF credit national Monetary Fund (IMF) and maintained in FDI Foreign direct investment the data files of the World Bank. Data for gross GNI Gross national income national income denominated in U.S. dollars are IBRD International Bank for Reconstruction drawn directly from the files of the Macroeconomic and Development/World Bank Data Team of the Development Data Group of the IDA International Development Association World Bank. Data for direct foreign investment are (of the World Bank) drawn from the IMF, and data for grants are drawn IMF International Monetary Fund from the OECD and supplemented by World Bank INT Total interest payments on long-term staff estimates. The charts on pages xxi to xxiii are and short-term debt, including IMF intended to help the reader interpret the debt stocks charges and flows reported in the tables. LDOD Total long-term debt outstanding and Beginning with 1991 all ruble debt owed to disbursed the former Soviet Union is converted at a rate of LIBOR London interbank offered rate $1 0.6 ruble, except in cases where a bilateral MGS Imports of goods and services agreement specifying a different conversion rate is MYRA Multiyear rescheduling agreement in place. This valuation method does not consti- NPV Net present value of debt tute an endorsement by World Bank staff of the ODA Official development assistance appropriateness or validity of this method or the OECD Organisation for Economic Co-operation exchange rate used. The appropriate valuation is a and Development matter to be resolved bilaterally between the Russ- OPEC Organization of Petroleum Exporting ian Federation and its debtor countries. Countries The following abbreviations are used in the RES International reserves principal ratios and indicator tables: SDR Special drawing right (of the IMF) BIS Bank for International Settlements TDS Total debt service on long-term debt and CRS Creditor Reporting System (of the short-term (interest only), including IMF OECD) Credits DAC Development Assistance Committee (of WBXD World Bank External Debt System the OECD) XGS Exports of goods and services xx S O U R C E S A N D D E F I N I T I O N S Debt stock and its components Total external debt (EDT) Short-term Long-term debt Use of IMF debt (LDOD) credits by debtor Private Public and publicly nonguaranteed debt guaranteed debt by creditor Official Private creditors creditors Commercial Multilateral Bilateral Bonds Other banks xxi G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 5 Aggregate net resource flows and net transfers (long-term) to developing countries Loan disbursements minus Principal repayments equals Foreign direct Debt service Net resource investment (FDI), Aggregate net plus equals (LTDS) flows on debt portfolio equity flows, resource flows and official grants minus minus Loan interest Interest payments and FDI profits equals equals Net transfers Aggregate net on debt transfers xxii S O U R C E S A N D D E F I N I T I O N S Aggregate net resource flows (long-term) and the balance of payments Credits Debits · Exports of goods and services · Imports of goods and services · Income received · Income paid Current account · Current transfers · Current transfers Including workers' remittances and private grants · Official unrequited transfers · Official unrequited transfers (by foreign governments) (by national government) · Official unrequited transfer · Official unrequited transfer (by foreign governments) (by national government) · Foreign direct investment · Foreign direct investment (by nonresidents) (by residents) (disinvestment shown as negative) disinvestment shown as negative Capital and · Portfolio investment · Portfolio investment (abroad by financial account (by nonresidents) residents) (amortizations shown as negative) (amortizations shown as negative) · Other long-term capital inflows (by · Other long-term capital inflow (by nonresidents) (amortizations shown residents) (amortizations shown as as negative) negative) · Short-term capital inflow · Short-term capital outflow Reserve account Net changes in reserves Aggregate net resource flows Net resource flows on debt (long-term) xxiii Country groups Regional groups East Asia and Pacific Tajikistan (P) Iran, Islamic Rep. of (A) Kenya (A) Turkey (A) Jordan (A) Lesotho (A) Cambodia (A) Turkmenistan (..) Lebanon (A) Liberia (E) China (P) Ukraine (A) Morocco (A) Madagascar (P) Fiji (A) Uzbekistan (A) Oman (A) Malawi (E) Indonesia (A) Syrian Arab Republic (E) Mali (A) Lao PDR (P) Latin America and the Caribbean Tunisia (A) Mauritania (A) Malaysia (A) Yemen, Republic of (A) Mauritius (A) Mongolia (A) Argentina (P) Mozambique (P) Myanmar (E) Barbados (E) Niger (P) Papua New Guinea (A) Belize (A) South Asia Nigeria (A) Philippines (A) Bolivia (A) Rwanda (E) Samoa (A) Brazil (P) Bangladesh (A) São Tomé and Principe (P) Solomon Islands (A) Chile (A) Bhutan (A) Senegal (P) Thailand (P) Colombia (A) India (A) Seychelles (P) Tonga (P) Costa Rica (A) Maldives (A) Sierra Leone (A) Vanuatu (E) Dominica (A) Nepal (A) Somalia (E) Vietnam (P) Dominican Republic (A) Pakistan (P) South Africa (P) Ecuador (P) Sri Lanka (A) Sudan (E) Europe and Central Asia El Salvador (A) Swaziland (A) Grenada (A) Sub-Saharan Africa Tanzania (P) Albania (A) Guatemala (A) Togo (E) Armenia (A) Guyana (A) Angola (P) Uganda (A) Azerbaijan (P) Haiti (A) Benin (A) Zambia (E) Belarus (A) Honduras (A) Botswana (A) Zimbabwe (A) Bosnia and Herzegovinaa (A) Jamaica (A) Burkina Faso (A) Bulgaria (A) Mexico (A) Burundi (A) Croatia (A) Nicaragua (A) Cameroon (A) Czech Republic (P) Panama (A) Cape Verde (A) Estonia (A) Paraguay (A) Central African Republic (A) Georgia (A) Peru (A) Chad (A) Hungary (A) St. Kitts and Nevis (A) Comoros (P) Kazakhstan (A) St. Lucia (A) Congo, Dem. Rep. of (A) Kyrgyz Republic (A) St. Vincent and the Grenadines (A) Congo, Rep. of (E) Latvia (A) Trinidad and Tobago (A) Côte d'Ivoire (E) Lithuania (A) Uruguay (A) Equatorial Guinea (E) Macedonia, FYR (A) Venezuela, R. B. de (A) Eritrea (A) Moldova (A) Ethiopia (P) Poland (A) Middle East and North Africa Gabon (A) Romania (P) Gambia, The (A) Russian Federation (P) Algeria (A) Ghana (P) Serbia and Montenegroa (A) Djibouti (A) Guinea (E) Slovak Republic (A) Egypt, Arab Rep. of (A) Guinea-Bissau (E) Note: Letters in parenthesis indicate DRS reporters' status: (A) as reported, (P) preliminary, and (E) estimated. The status "as reported" indicates that the country was fully current in its reporting under the (DRS) and that World Bank staff are satisfied that the reported data give an adequate and fair representation of the country's total public debt. "Preliminary" data are based on re- ported or collected information but, because of incompleteness or other reasons, include an element of staff estimation. "Estimated" data indicate that countries are not current in their reporting and that a significant element of staff estimation has been necessary in producing the data tables. a. For Bosnia and Herzegovina, total debt before 1999, excluding IBRD and IMF obligations and short-term debt, is included under Serbia and Montenegro. xxiv C O U N T R Y G R O U P S Income groups Low-income countries Niger Middle-income countries Jordan Nigeria Kazakhstan Angola Pakistan Albania Latvia Bangladesh Papua New Guinea Algeria Lebanon Benin Rwanda Argentina Lithuania Bhutan São Tomé and Principe Armenia Macedonia, FYR Burkina Faso Senegal Azerbaijan Malaysia Burundi Sierra Leone Barbados Maldives Cambodia Solomon Islands Belarus Mauritius Cameroon Somalia Belize Mexico Central African Republic Sudan Bolivia Morocco Chad Tajikistan Botswana Oman Comoros Tanzania Bosnia and Herzegovina Panama Congo, Dem. Rep. of Togo Brazil Paraguay Congo, Rep. of Uganda Bulgaria Peru Côte d'Ivoire Uzbekistan Cape Verde Philippines Equatorial Guinea Vietnam Chile Poland Eritrea Yemen, Republic of China Romania Ethiopia Zambia Colombia Russian Federation Gambia,The Zimbabwe Costa Rica Samoa Ghana Croatia Serbia and Montenegro Guinea Czech Republic Seychelles Guinea-Bissau Djibouti Slovak Republic Haiti Dominica South Africa India Dominican Republic Sri Lanka Kenya Ecuador St. Kitts and Nevis Kyrgyz Republic Egypt, Arab Rep. of St. Lucia Lao PDR El Salvador St. Vincent and the Grenadines Lesotho Estonia Swaziland Liberia Fiji Syrian Arab Republic Madagascar Gabon Thailand Malawi Georgia Tonga Mali Grenada Trinidad and Tobago Mauritania Guatemala Tunisia Moldova Guyana Turkey Mongolia Honduras Turkmenistan Mozambique Hungary Ukraine Myanmar Indonesia Uruguay Nepal Iran, Islamic Rep. of Vanuatu Nicaragua Jamaica Venezuela, R. B. de Note: Low-income countries are those in which 2003 GNI per capita (calculated using the World Bank Atlas method) was no more than $765; middle-income countries are those in which GNI per capita was between $766 and $9,385. xxv . Summary tables xxxi Country classifications for 2005 indebted low-income countries (LILICs), and G LOBAL DEVELOPMENT FINANCE less indebted middle-income countries (LIMICs; classifies indebtedness based on two ratios: table 2). the ratio of the present value of total debt service to The use of critical values to define the bound- gross national income (GNI) and the ratio of the aries between indebtedness categories implies that present value of total debt service to exports. These changes in country classifications should be inter- ratios cast a country's indebtedness in terms of two preted with caution. If a country has an indicator important aspects of its potential capacity to ser- that is close to the critical value, a small change in vice the debt: exports (because they provide foreign the indicator may trigger a change in indebtedness exchange to service debt) and GNI (because it is classification even if economic fundamentals have the broadest measure of income generation in an not changed significantly. economy). For the 136 countries that report to the Moreover, these indicators do not represent World Bank's Debtor Reporting System (DRS) the an exhaustive set of useful indicators of external debt data are drawn from this source. GNI and debt. They may not, for example, adequately cap- export data are from World Bank files, as shown in ture the debt servicing capacity of countries in the Summary and Country Tables volume of which government budget constraints are key to Global Development Finance. Export figures are debt service difficulties. Countries that allow the earnings from goods and services, including use or free conversion of a foreign currency can worker remittances. Data on official grants are not face government budget difficulties that are related included, although they may be a stable source of to servicing external public debt, but that are not foreign exchange in some countries. necessarily reflected in balance of payments data. The two indebtedness ratios in Global Devel- In other countries, the servicing of domestic public opment Finance 2005 are calculated as follows: debt may be a source of fiscal strain that is not · The ratio of the present value of total debt reflected in balance of payments data. Moreover, service in 2003 to average GNI in 2001, 2002, and rising external debt may not necessarily imply 2003. payment difficulties, especially if there is a com- · The ratio of the present value of total debt ser- mensurate increase in the country's debt servicing vice in 2003 to average exports (including worker capacity. Thus, these indicators should be used in remittances) in 2001, 2002, and 2003. the broader context of a country-specific analysis If either ratio exceeds a critical value--80 per- of debt sustainability. cent for the debt service to GNI ratio and 220 per- In the context of the Heavily Indebted Poor cent for the debt service to exports ratio--the Countries (HIPC) Initiative, countries are classi- country is classified as severely indebted. If the fied based on the ratio of the present value of pub- critical value is not exceeded but either ratio is lic and publicly guaranteed debt to exports of three-fifths or more of the critical value (that is, goods and services, excluding worker remittances. 48 percent for the present value of debt service For those countries for which a joint debt sustain- to GNI and 132 percent for the present value of ability analysis has been undertaken, the indi- debt service to exports), the country is classified cators are calculated on this basis and shown in as moderately indebted. If both ratios are less italics in table 1. than three-fifths of the critical value, the country The discount rates used to calculate present is classified as less indebted. Countries are further value are interest rates charged by the Organisa- classified as low-income if 2003 GNI per capita tion for Economic Co-operation and Development was $765 or less and as middle-income if 2003 (OECD) countries for officially supported export GNI per capita was $766 or more but less than credits. They represent, on average, the most fa- $9,385. Combining these criteria leads to the vorable terms for fixed-rate nonconcessional debt identification of severely indebted low-income that countries are able to contract in international countries (SILICs), severely indebted middle- loan markets. The rates are specified for 14 cur- income countries (SIMICs), moderately indebted rencies, including--British pounds, Canadian low-income countries (MILICs), moderately dollars, Japanese yen, U.S. dollars and the indebted middle-income countries (MIMICs), less Euro. International Bank for Reconstruction and xxxii Development currency-pool loans, International In present value calculations, debt service on Development Association credits, and Interna- fixed-rate loans is determined and each payment tional Monetary Fund loans are discounted at the is discounted to compute its present value. For special drawing rights lending rate. For debt de- variable-rate loans, for which the future debt ser- nominated in other currencies, discount rates are vice payment cannot be precisely determined, debt the average of the above interest rates on export service is calculated using the rate at the end of credits charged by OECD countries. 2003 for the base specified for the loan. Income and indebtedness classification Indebtedness classification PV/XGS less than 220 percent but higher PV/XGS higher than than 132 percent and 220 percent or PV/GNI less than PV/GNI higher than 80 percent but higher PV/XGS less than 132 percent Income classification 80 percent than 48 percent and PV/GNI less than 48 percent Low-income: GNI per Severely indebted Moderately indebted Less indebted low-income countries capita less than $765 low-income countries low-income countries Middle-income: GNI Severely indebted Moderately indebted Less indebted middle-income countries per capita between $766 middle-income middle-income and $9,385 countries countries Note: PV/XGS is present value of debt service to exports of goods and services. PV/GNI is present value of debt service to GNI. Source: World Bank. xxxiii Table 2: CLASSIFICATION OF DRS ECONOMIES Severely indebted Severely indebted Moderately indebted Moderately indebted Less indebted Less indebted low-income middle-income low-income middle-income low-income middle-income Angola Argentina Benin Boliviaa Bangladesh Albania Bhutan Belize Burkina Faso Cape Verdea Equatorial Guinea Algeria Burundi Brazil Cambodia Chile Ghanab Armenia Central African Republic Bulgariaa Cameroon Colombia Haiti Azerbaijan Chad Croatiaa Ethiopiab El Salvadora India Barbados Comoros Dominica Kenya Honduras Lesotho Belarus Congo, Dem. Rep. of Ecuador Madagascara Hungary Malib Bosnia and Herzegovina Congo, Rep. of Estonia Mauritania Jamaicab Mozambique Botswana Côte d'Ivoire Gabon Moldova Lithuania Nepalb China Eritreaa Grenadaa Mongoliac Malaysia Nicaraguab Costa Rica Gambia, Thea Guyanaa Niger Mauritiusa Senegalb Czech Republic Guineaa Indonesia Nigeriab Paraguaya Tanzania Djibouti Guinea-Bissau Jordan Pakistan Philippines Vietnam Dominican Republic Kyrgyz Republic Kazakhstana Papua New Guineab Polanda Yemen, Republic of Egypt, Arab Rep. of Lao PDR Latvia Solomon Islandsa Russian Federation Fiji Liberia Lebanon Ugandaa Slovak Republic Georgiab Malawia Maldives Uzbekistan Sri Lanka Guatemala Myanmar Panama St. Lucia Iran, Islamic Rep. of Rwanda Peru St. Vincent and the Grenadines Macedonia, FYR São Tomé and Principe Samoaa Tunisia Mexico Sierra Leone Serbia and Montenegro Turkmenistan Moroccob Somalia Seychellesa Venezuela, R. B. dea Oman Sudan St. Kitts and Nevisa Romania Tajikistan Syrian Arab Republic South Africa Togo Turkey Swaziland Zambia Uruguay Thailandb Zimbabwea Tonga Trinidad and Tobago Ukraine Vanuatu 27 26 17 22 14 30 Note: Tables classify all World Bank member economies and all other economies with populations of more than 30,000. Economies are divided among income groups according to 2003 GNI per capita, calculated using the World Bank Atlas method. Income groups are low-income, $765 or less; lower-middle-income, $766-$3,035; upper-middle-income, $3,036-$9,385; and high-income, $9,386 or more. a. Countries whose indebtedness classification has worsened. b. Countries whose indebtedness classification has improved. c. Classification excludes the effect of Russian debt settlement. Source: World Bank. 2 2/16/05 12:09 PM ALL DEVELOPING COUNTRIES (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 70,184 540,923 1,337,033 2,322,912 2,346,638 2,282,550 2,260,516 2,336,472 2,554,138 2,597,062 Long-term debt (LDOD) 60,649 407,137 1,099,227 1,893,959 1,939,851 1,906,754 1,863,304 1,919,840 2,045,215 2,040,791 Public and publicly guaranteed 45,447 338,881 1,039,220 1,394,997 1,405,168 1,363,432 1,325,664 1,375,430 1,450,089 1,459,114 Private nonguaranteed 15,202 68,257 60,007 498,962 534,683 543,322 537,639 544,410 595,126 581,677 Use of IMF credit 756 11,563 34,652 76,942 72,766 58,448 75,281 95,809 106,865 95,880 Short-term debt .. 122,223 203,155 352,011 334,021 317,349 321,931 320,823 402,058 460,390 of which interest arrears on LDOD .. 2,478 52,741 35,925 40,096 32,839 35,412 36,677 47,747 .. Official creditors .. 2,031 19,638 28,090 29,032 23,510 25,262 20,279 22,849 .. Private creditors .. 448 33,103 7,836 11,063 9,329 10,150 16,398 24,898 .. Memo: principal arrears on LDOD .. 2,548 59,778 85,384 83,107 63,412 61,702 63,457 82,268 .. Official creditors .. 1,247 27,256 64,763 64,197 46,985 47,013 40,846 44,567 .. Private creditors .. 1,302 32,521 20,621 18,911 16,427 14,689 22,611 37,700 .. Memo: export credits .. 0 274,367 196,060 187,771 177,269 171,860 187,473 200,723 .. TOTAL DEBT FLOWS Disbursements 12,969 108,188 126,999 302,530 273,819 257,710 275,633 283,123 329,570 300,779 Long-term debt 12,638 102,797 118,758 281,342 259,599 247,595 244,272 248,695 299,949 294,094 IMF purchases 331 5,391 8,242 21,188 14,219 10,114 31,361 34,428 29,621 6,685 Principal repayments 6,603 42,854 83,971 183,205 238,335 256,021 255,191 277,438 318,594 270,656 Long-term debt 5,873 40,885 75,796 176,106 221,925 235,255 243,293 257,026 291,351 253,075 IMF repurchases 730 1,969 8,175 7,099 16,410 20,766 11,898 20,413 27,243 17,581 Net flows on debt 6,417 94,821 56,232 54,870 15,403 -6,193 -3,451 8,480 59,951 83,695 of which short-term debt .. 29,487 13,204 -64,456 -20,081 -7,881 -23,893 2,796 48,975 53,572 Interest payments (INT) .. 43,462 63,961 109,657 113,884 120,525 110,327 95,148 101,180 103,139 Long-term debt 2,290 30,298 51,367 90,223 95,198 100,590 95,332 82,972 88,480 88,666 IMF charges 0 455 2,500 2,502 2,843 2,881 2,671 2,971 2,424 2,490 Short-term debt .. 12,709 10,094 16,932 15,842 17,054 12,324 9,205 10,276 11,983 Net transfers on debt .. 51,359 -7,729 -54,787 -98,481 -126,717 -113,778 -86,667 -41,230 -19,444 Total debt service paid (TDS) .. 86,316 147,932 292,861 352,219 376,546 365,518 372,586 419,774 373,795 Long-term debt 8,164 71,184 127,163 266,329 317,124 335,845 338,625 339,997 379,831 341,741 IMF repurchases and charges 730 2,423 10,675 9,601 19,253 23,647 14,569 23,383 29,667 20,071 Short-term debt (interest only) .. 12,709 10,094 16,932 15,842 17,054 12,324 9,205 10,276 11,983 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 10,664 84,207 96,163 310,015 261,330 219,610 209,742 183,641 228,544 280,691 Net flow of long-term debt (ex. IMF) 6,764 61,912 42,962 105,236 37,674 12,340 979 -8,330 8,598 41,019 Foreign direct investment (net) 1,731 9,588 22,073 171,479 182,429 166,190 174,833 153,952 151,776 165,500 Portfolio equity flows -2 -1 3,390 6,579 12,709 12,374 6,018 5,849 24,812 26,750 Grants (excluding technical coop.) 1,839 12,822 27,738 26,722 28,518 28,706 27,912 32,170 43,358 47,422 Memo: technical coop. grants 1,703 6,239 13,789 15,850 16,160 15,274 16,374 18,818 20,596 22,262 official net resource flows 5,129 33,307 54,140 47,000 44,630 33,605 35,452 23,357 29,100 32,994 private net resource flows 5,535 50,900 42,023 263,015 216,700 186,004 174,289 160,283 199,445 247,698 NET TRANSFERS 7,708 42,928 27,908 161,112 105,980 41,823 35,967 21,267 38,713 87,826 Interest on long-term debt 2,290 30,298 51,367 90,223 95,198 100,590 95,332 82,972 88,480 88,666 Profit remittances on FDI 1,022 11,985 16,888 58,681 60,152 77,197 78,443 79,402 101,352 104,200 Memo: official net transfers 4,271 27,962 35,778 20,894 17,712 6,564 7,336 -843 5,284 11,442 private net transfers 3,437 14,966 -7,871 140,218 88,268 35,258 28,631 22,110 33,429 76,384 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 664,791 2,528,548 3,701,288 5,440,745 5,246,379 5,672,835 5,770,405 5,876,724 6,624,111 7,368,192 Exports of goods, serv. & inc. (XGS) 8,541 368,297 749,936 1,506,724 1,571,642 1,880,783 1,873,934 2,036,753 2,440,118 2,984,559 Worker remit. & comp. of employees 409 17,067 31,229 68,047 71,859 75,637 83,778 98,214 115,860 125,836 Imports of goods & services (MGS) 10,341 425,480 777,738 1,621,171 1,601,899 1,870,945 1,888,989 1,995,245 2,365,585 2,961,831 International reserves (RES) 14,115 165,831 185,710 633,465 666,567 708,368 791,308 974,322 1,277,565 1,585,275 Current account balance -1,830 -49,450 -11,671 -96,340 -11,280 24,924 4,874 59,829 94,056 57,962 4. DEBT INDICATORS EDT / XGS (%) .. 146.9 178.3 154.2 149.3 121.4 120.6 114.7 104.7 87.0 EDT / GNI (%) .. 21.4 36.1 42.7 44.7 40.2 39.2 39.8 38.6 35.2 TDS / XGS (%) .. 23.4 19.7 19.4 22.4 20.0 19.5 18.3 17.2 12.5 INT / XGS (%) .. 11.8 8.5 7.3 7.2 6.4 5.9 4.7 4.1 3.5 INT / GNI (%) .. 1.7 1.7 2.0 2.2 2.1 1.9 1.6 1.5 1.4 RES / EDT (%) .. 30.7 13.9 27.3 28.4 31.0 35.0 41.7 50.0 61.0 RES / MGS (months) .. 4.7 2.9 4.7 5.0 4.5 5.0 5.9 6.5 6.4 Short-term / EDT (%) .. 22.6 15.2 15.2 14.2 13.9 14.2 13.7 15.7 17.7 Concessional / EDT (%) .. 16.6 20.6 16.5 17.2 16.6 16.3 17.3 18.0 17.3 Multilateral / EDT (%) .. 8.6 15.2 13.7 14.2 14.6 15.0 15.3 14.9 14.7 3 ALL DEVELOPING COUNTRIES (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 60,649 407,137 1,099,227 1,893,959 1,939,851 1,906,754 1,863,304 1,919,840 2,045,215 2,040,791 Public and publicly guaranteed 45,447 338,881 1,039,220 1,394,997 1,405,168 1,363,432 1,325,664 1,375,430 1,450,089 1,459,114 Official creditors 33,044 149,882 551,144 789,845 809,013 781,048 751,637 778,908 826,485 800,704 Multilateral 7,282 46,261 203,384 317,326 333,652 333,265 338,540 358,647 381,447 382,783 Concessional 2,046 18,007 68,498 124,366 129,886 129,269 131,050 147,614 167,028 171,696 Bilateral 25,762 103,620 347,759 472,520 475,361 447,783 413,097 420,261 445,039 417,920 Concessional 22,132 71,748 206,989 259,805 272,885 250,590 237,686 257,486 292,556 278,659 Private creditors 12,404 189,198 488,076 605,152 596,155 582,384 574,027 596,522 623,604 658,411 Bonds 1,810 12,812 104,277 323,040 341,973 372,050 372,346 396,396 426,772 465,268 Commercial banks 3,623 122,109 248,959 197,660 170,447 139,718 135,923 139,666 141,729 144,173 Other private 6,970 54,277 134,840 84,452 83,735 70,615 65,758 60,459 55,103 48,969 Private nonguaranteed 15,202 68,257 60,007 498,962 534,683 543,322 537,639 544,410 595,126 581,677 Bonds 0 0 347 95,797 99,255 96,801 95,348 95,130 108,923 129,488 Commercial banks and other 15,202 68,257 59,661 403,165 435,428 446,521 442,291 449,280 486,203 452,189 Memo: IBRD 4,377 20,432 92,314 108,455 111,329 112,145 112,530 111,303 109,036 104,526 IDA 1,806 11,775 45,005 84,088 86,604 86,843 89,220 100,613 113,842 117,488 DISBURSEMENTS 12,638 102,797 118,758 281,342 259,599 247,595 244,272 248,695 299,949 294,094 Public and publicly guaranteed 8,512 81,894 101,482 158,667 142,758 137,838 119,535 112,786 124,250 158,205 Official creditors 4,838 27,477 49,437 63,630 60,594 53,976 51,340 46,277 49,837 47,709 Multilateral 1,193 8,975 27,310 41,773 37,277 34,958 34,184 32,280 38,168 27,832 Concessional 255 2,833 6,826 8,977 8,876 8,077 9,416 9,886 10,830 10,145 Bilateral 3,645 18,502 22,127 21,857 23,318 19,018 17,155 13,998 11,669 19,877 Concessional 2,899 10,576 13,368 13,573 17,018 13,159 12,315 8,949 9,433 14,246 Private creditors 3,674 54,417 52,045 95,037 82,164 83,862 68,196 66,509 74,413 110,495 Bonds 149 1,653 5,176 52,371 50,988 56,119 44,751 40,431 51,518 72,710 Commercial banks 1,368 32,876 16,156 32,032 18,951 19,506 17,025 21,220 18,248 31,959 Other private 2,157 19,888 30,713 10,635 12,225 8,236 6,420 4,858 4,647 5,826 Private nonguaranteed 4,126 20,903 17,276 122,675 116,841 109,757 124,737 135,909 175,699 135,890 Bonds 0 0 291 19,863 13,763 11,757 11,010 11,591 24,219 35,018 Commercial banks and other 4,126 20,903 16,985 102,812 103,078 98,000 113,727 124,318 151,480 100,872 Memo: IBRD 672 4,224 13,438 14,376 14,082 13,430 12,305 10,288 11,411 8,298 IDA 173 1,587 4,345 5,556 5,397 5,219 6,091 6,768 6,378 6,347 PRINCIPAL REPAYMENTS 5,873 40,885 75,796 176,106 221,925 235,255 243,293 257,026 291,351 253,075 Public and publicly guaranteed 3,426 29,198 68,513 104,251 110,298 122,141 120,117 122,265 143,614 125,045 Official creditors 1,548 6,992 23,035 43,351 44,483 49,076 43,799 55,090 64,096 62,138 Multilateral 386 1,559 11,898 18,383 18,958 23,158 18,869 30,847 36,398 29,062 Concessional 30 105 898 1,980 2,066 2,435 2,459 2,503 2,802 2,773 Bilateral 1,162 5,433 11,137 24,968 25,525 25,918 24,930 24,243 27,697 33,076 Concessional 668 2,474 4,821 11,528 12,017 12,544 10,726 10,627 13,187 17,895 Private creditors 1,878 22,206 45,478 60,900 65,815 73,065 76,318 67,175 79,518 62,907 Bonds 143 513 4,386 22,848 23,201 35,322 34,505 28,339 38,732 30,356 Commercial banks 685 13,353 22,686 22,261 28,919 25,232 28,841 27,511 29,835 21,040 Other private 1,050 8,340 18,406 15,791 13,695 12,511 12,972 11,325 10,951 11,511 Private nonguaranteed 2,448 11,687 7,283 71,855 111,628 113,114 123,176 134,761 147,737 128,030 Bonds 0 0 0 9,666 11,728 15,060 10,305 12,516 10,389 14,395 Commercial banks and other 2,448 11,687 7,283 62,189 99,900 98,054 112,871 122,245 137,349 113,635 Memo: IBRD 248 996 7,939 10,487 9,834 9,827 9,806 16,022 17,628 14,465 IDA 0 30 248 732 869 949 1,085 1,243 1,322 1,540 NET FLOWS ON DEBT 6,764 61,912 42,962 105,236 37,674 12,340 979 -8,330 8,598 41,019 Public and publicly guaranteed 5,086 52,696 32,969 54,416 32,460 15,697 -582 -9,478 -19,364 33,159 Official creditors 3,290 20,485 26,402 20,278 16,112 4,900 7,541 -8,813 -14,258 -14,429 Multilateral 807 7,416 15,412 23,390 18,319 11,800 15,315 1,433 1,770 -1,230 Concessional 225 2,728 5,927 6,998 6,810 5,643 6,956 7,383 8,027 7,372 Bilateral 2,483 13,069 10,990 -3,111 -2,207 -6,900 -7,775 -10,245 -16,029 -13,199 Concessional 2,231 8,102 8,548 2,044 5,000 615 1,589 -1,678 -3,754 -3,649 Private creditors 1,796 32,211 6,567 34,138 16,349 10,797 -8,122 -666 -5,105 47,588 Bonds 6 1,140 791 29,523 27,787 20,798 10,246 12,092 12,785 42,354 Commercial banks 683 19,524 -6,530 9,770 -9,968 -5,726 -11,816 -6,290 -11,586 10,919 Other private 1,108 11,548 12,307 -5,156 -1,470 -4,275 -6,552 -6,468 -6,304 -5,685 Private nonguaranteed 1,678 9,216 9,992 50,820 5,213 -3,356 1,561 1,148 27,962 7,860 Bonds 0 0 291 10,197 2,035 -3,302 705 -925 13,831 20,623 Commercial banks and other 1,678 9,216 9,701 40,623 3,178 -54 856 2,073 14,131 -12,763 Memo: IBRD 423 3,227 5,499 3,889 4,248 3,603 2,499 -5,734 -6,217 -6,167 IDA 172 1,556 4,097 4,824 4,528 4,271 5,007 5,525 5,056 4,808 4 ALL DEVELOPING COUNTRIES (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 INTEREST PAYMENTS (LINT) 2,290 30,298 51,367 90,223 95,198 100,590 95,332 82,972 88,480 88,666 Public and publicly guaranteed 1,537 23,613 46,791 61,590 63,015 67,522 64,546 57,768 61,352 58,779 Official creditors 858 5,344 18,362 26,106 26,917 27,041 28,117 24,200 23,816 21,552 Multilateral 308 2,356 10,505 12,674 14,899 15,592 15,283 13,682 12,226 9,749 Concessional 20 164 622 1,143 1,205 1,204 1,182 1,337 1,414 1,467 Bilateral 551 2,989 7,857 13,431 12,018 11,449 12,833 10,519 11,590 11,802 Concessional 385 1,520 3,325 6,193 5,897 5,258 5,026 4,838 5,780 6,263 Private creditors 679 18,269 28,429 35,484 36,098 40,481 36,429 33,568 37,535 37,227 Bonds 98 935 4,376 19,677 23,177 26,791 23,241 22,700 25,879 27,449 Commercial banks 253 13,678 17,439 10,739 8,622 9,899 9,696 8,502 9,318 7,405 Other private 328 3,655 6,614 5,069 4,299 3,791 3,492 2,366 2,338 2,374 Private nonguaranteed 753 6,685 4,577 28,633 32,183 33,068 30,786 25,204 27,128 29,887 Bonds 0 0 3 6,918 7,609 8,042 7,981 6,913 8,027 8,482 Commercial banks and other 753 6,685 4,574 21,715 24,574 25,026 22,805 18,291 19,102 21,405 Memo: IBRD 243 1,669 6,868 6,612 7,267 7,682 7,469 6,392 5,133 3,917 IDA 12 78 301 550 588 578 576 695 698 799 NET TRANSFERS ON DEBT 4,474 31,613 -8,406 15,013 -57,524 -88,249 -94,353 -91,302 -79,882 -47,647 Public and publicly guaranteed 3,549 29,083 -13,821 -7,174 -30,555 -51,825 -65,127 -67,246 -80,716 -25,620 Official creditors 2,432 15,141 8,040 -5,827 -10,805 -22,141 -20,576 -33,013 -38,075 -35,980 Multilateral 500 5,060 4,908 10,715 3,420 -3,792 32 -12,249 -10,456 -10,979 Concessional 206 2,564 5,306 5,855 5,605 4,439 5,774 6,046 6,614 5,905 Bilateral 1,932 10,080 3,133 -16,542 -14,225 -18,349 -20,608 -20,764 -27,619 -25,001 Concessional 1,846 6,582 5,222 -4,149 -897 -4,643 -3,438 -6,516 -9,534 -9,913 Private creditors 1,117 13,942 -21,862 -1,347 -19,749 -29,684 -44,551 -34,233 -42,641 10,361 Bonds -92 204 -3,585 9,847 4,610 -5,993 -12,995 -10,608 -13,094 14,905 Commercial banks 430 5,845 -23,969 -968 -18,590 -15,625 -21,512 -14,792 -20,905 3,514 Other private 779 7,893 5,693 -10,225 -5,769 -8,066 -10,044 -8,833 -8,642 -8,058 Private nonguaranteed 925 2,530 5,416 22,187 -26,970 -36,424 -29,225 -24,056 833 -22,027 Bonds 0 0 288 3,279 -5,573 -11,344 -7,277 -7,838 5,804 12,141 Commercial banks and other 925 2,530 5,128 18,908 -21,396 -25,080 -21,949 -16,218 -4,971 -34,168 Memo: IBRD 181 1,558 -1,369 -2,723 -3,019 -4,079 -4,970 -12,126 -11,350 -10,084 IDA 161 1,478 3,796 4,274 3,940 3,693 4,430 4,830 4,358 4,009 DEBT SERVICE (LTDS) 8,164 71,184 127,163 266,329 317,124 335,845 338,625 339,997 379,831 341,741 Public and publicly guaranteed 4,963 52,811 115,303 165,841 173,313 189,663 184,663 180,032 204,965 183,824 Official creditors 2,406 12,336 41,397 69,457 71,400 76,117 71,916 79,290 87,912 83,690 Multilateral 694 3,914 22,402 31,057 33,857 38,750 34,152 44,529 48,625 38,811 Concessional 49 269 1,520 3,123 3,271 3,638 3,641 3,840 4,216 4,240 Bilateral 1,713 8,422 18,994 38,400 37,543 37,367 37,763 34,761 39,287 44,878 Concessional 1,054 3,994 8,146 17,721 17,915 17,802 15,753 15,465 18,967 24,159 Private creditors 2,557 40,475 73,907 96,384 101,913 113,546 112,747 100,742 117,054 100,135 Bonds 241 1,449 8,762 42,524 46,378 62,113 57,746 51,039 64,612 57,805 Commercial banks 938 27,031 40,125 33,000 37,541 35,131 38,537 36,013 39,153 28,445 Other private 1,378 11,996 25,020 20,860 17,994 16,302 16,464 13,691 13,289 13,884 Private nonguaranteed 3,200 18,372 11,860 100,488 143,811 146,181 153,962 159,965 174,866 157,917 Bonds 0 0 3 16,584 19,337 23,102 18,286 19,429 18,415 22,877 Commercial banks and other 3,200 18,372 11,857 83,904 124,474 123,080 135,676 140,536 156,450 135,040 Memo: IBRD 491 2,666 14,807 17,099 17,101 17,509 17,275 22,414 22,761 18,381 IDA 12 109 549 1,282 1,457 1,527 1,661 1,938 2,020 2,338 UNDISBURSED DEBT 16,780 136,710 217,874 280,322 303,574 235,691 212,501 211,511 213,033 .. Official creditors 13,167 88,069 162,540 215,688 243,434 182,310 168,825 170,649 163,535 .. Private creditors 3,612 48,641 55,334 64,634 60,140 53,381 43,676 40,862 49,498 .. Memorandum items Concessional LDOD 24,178 89,755 275,487 384,172 402,771 379,859 368,737 405,101 459,584 .. Variable rate LDOD 15,964 184,847 431,347 979,783 988,354 939,826 909,996 916,336 966,872 .. Public sector LDOD 44,172 332,042 1,035,888 1,386,518 1,396,143 1,356,086 1,319,488 1,368,253 1,442,070 .. Private sector LDOD 16,477 75,294 63,339 507,442 543,708 550,667 543,816 551,587 603,145 .. 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 15.5 18.1 .. Deutsche mark 8.6 7.3 9.1 8.4 6.8 5.8 5.0 .. .. .. French franc 5.3 6.2 6.0 4.1 3.3 2.9 2.6 .. .. .. Japanese yen 2.1 6.9 10.7 11.2 12.7 11.6 10.4 10.7 10.9 .. Pound sterling 11.2 3.7 2.4 1.4 1.3 1.0 0.9 0.9 1.2 .. Swiss franc 1.1 1.7 2.0 0.5 0.4 0.4 0.4 0.5 0.5 .. U.S.dollars 46.0 53.4 43.7 58.1 58.8 62.3 64.2 63.1 60.7 .. Multiple currency 11.9 11.6 15.4 8.4 8.4 7.6 7.0 6.2 5.5 .. Special drawing rights 0.0 0.1 0.5 0.4 0.4 0.4 0.4 0.4 0.4 .. All other currencies 13.7 9.3 10.5 7.6 8.0 8.1 9.0 2.7 2.7 .. 5 ALL DEVELOPING COUNTRIES (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 7. DEBT RESTRUCTURINGS Total amount rescheduled 117 3,325 79,328 18,555 31,099 60,847 23,681 18,969 10,421 .. Debt stock rescheduled 0 1 61,849 8,117 7,350 23,193 12,295 2,319 3,367 .. Principal rescheduled 0 393 10,277 6,412 13,616 20,798 9,288 9,117 5,592 .. Official 0 137 5,826 4,508 9,783 17,124 6,691 8,150 4,963 .. Private 0 257 4,451 1,904 3,833 3,674 2,596 966 629 .. Interest rescheduled 0 71 5,799 1,584 6,973 13,987 1,100 3,921 806 .. Official 0 38 4,577 1,204 6,297 11,193 884 3,707 682 .. Private 0 33 1,221 381 676 2,794 215 214 124 .. Debt forgiven 10 276 12,628 605 4,826 937 1,653 5,001 1,846 .. Memo: interest forgiven 0 0 2,890 598 531 1,963 1,483 2,230 667 .. Debt stock reduction 0 0 26,145 4,001 7,892 41,596 18,845 5,898 1,084 .. of which debt buyback 0 0 4,359 3,008 5,345 17,016 13,639 4,272 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 22,462 113,538 99,093 213,254 23,726 -64,088 -22,034 75,955 217,667 .. Net flows on debt 6,417 94,821 56,232 54,870 15,403 -6,193 -3,451 8,480 59,951 83,695 Net change in interest arrears 15 623 15,564 5,920 4,170 -7,257 2,573 1,265 11,069 .. Interest capitalized 0 71 5,799 1,584 6,973 13,987 1,100 3,921 806 .. Debt forgiveness or reduction -10 -276 -34,414 -1,598 -7,372 -25,518 -6,859 -6,628 -2,930 .. Cross-currency valuation -421 -4,652 46,596 29,063 -18,370 -53,084 -40,947 71,181 87,441 .. Residual 16,461 22,950 9,317 123,417 22,922 13,977 25,552 -2,265 61,329 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 5.0 9.1 7.0 6.5 6.4 6.9 5.5 5.1 4.8 .. Maturity (years) 21.2 16.0 17.0 12.8 13.7 13.8 14.5 24.1 13.2 .. Grace period (years) 6.5 4.8 5.8 5.7 5.7 7.1 6.4 6.6 7.4 .. Grant element (%) 33.6 10.0 20.4 17.4 20.9 15.5 25.3 29.3 27.3 .. Official creditors Interest (%) 3.6 5.3 5.5 5.2 4.3 4.9 3.9 3.1 2.9 .. Maturity (years) 28.3 24.3 22.4 16.2 19.8 20.0 21.0 22.7 19.8 .. Grace period (years) 9.1 6.3 6.6 4.5 5.6 5.2 5.4 6.0 5.3 .. Grant element (%) 47.3 34.3 33.2 27.4 37.6 33.5 39.9 46.8 46.0 .. Private creditors Interest (%) 7.2 11.8 8.5 7.6 8.1 8.0 6.8 6.7 5.7 .. Maturity (years) 9.5 9.9 11.4 10.1 8.7 10.5 9.3 25.3 9.9 .. Grace period (years) 2.4 3.7 4.9 6.8 5.8 8.1 7.3 7.1 8.4 .. Grant element (%) 11.5 -7.8 7.0 9.1 7.2 6.0 13.4 14.5 18.1 .. Memorandum items Commitments 11,395 94,527 119,958 188,869 147,798 147,823 144,355 111,117 129,257 .. Official creditors 7,053 39,975 61,300 85,389 66,228 51,023 64,288 50,684 42,849 .. Private creditors 4,342 54,552 58,658 103,480 81,570 96,801 80,067 60,432 86,408 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 350.0 2004 2004 300.0 2003 2003 250.0 2002 2002 200.0 2001 2001 150.0 2000 2000 1999 1999 100.0 1998 1998 50.0 1997 1997 0.0 1997 1998 1999 2000 2001 2002 2003 2004 -50.0 0.0 50.0 100.0 150.0 200.0 250.0 -20.0 0.0 20.0 40.0 60.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 6 2/16/05 12:11 PM EAST ASIA AND PACIFIC (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 8,582 60,730 234,081 533,196 538,614 500,703 501,982 498,246 525,535 536,541 Long-term debt (LDOD) 7,092 45,081 194,621 432,749 448,800 421,092 397,829 387,651 387,943 380,421 Public and publicly guaranteed 5,088 36,330 172,986 274,058 291,475 271,645 264,367 266,067 267,440 261,955 Private nonguaranteed 2,004 8,751 21,635 158,691 157,324 149,447 133,462 121,584 120,503 118,466 Use of IMF credit 224 1,551 2,085 14,511 16,056 16,452 13,384 11,618 12,131 10,687 Short-term debt .. 14,098 37,374 85,936 73,759 63,160 90,769 98,977 125,462 145,433 of which interest arrears on LDOD .. 2 1,885 2,109 5,810 5,337 6,364 7,319 8,453 .. Official creditors .. 1 1,135 2,051 2,257 660 688 860 985 .. Private creditors .. 1 751 58 3,553 4,677 5,677 6,459 7,468 .. Memo: principal arrears on LDOD .. 5 2,965 13,337 14,591 7,415 7,520 7,964 14,824 .. Official creditors .. 1 1,790 10,377 11,339 4,184 4,290 4,709 5,139 .. Private creditors .. 4 1,175 2,960 3,252 3,231 3,230 3,255 9,685 .. Memo: export credits .. 0 28,038 36,193 36,048 33,857 32,516 35,536 39,340 .. TOTAL DEBT FLOWS Disbursements 1,584 12,795 29,504 48,398 50,908 41,858 44,739 48,768 56,507 59,736 Long-term debt 1,518 12,271 29,445 41,217 48,886 40,365 44,135 47,256 54,552 59,736 IMF purchases 66 524 58 7,181 2,022 1,493 604 1,513 1,954 0 Principal repayments 618 4,271 18,662 37,518 49,204 47,923 54,534 69,230 73,462 62,594 Long-term debt 612 4,066 17,377 37,348 49,085 47,655 51,412 64,993 70,973 61,293 IMF repurchases 6 205 1,286 170 118 267 3,121 4,237 2,489 1,300 Net flows on debt 966 11,905 18,636 -32,462 -12,174 -16,191 -9,115 -13,208 1,722 17,229 of which short-term debt .. 3,380 7,795 -43,341 -13,878 -10,126 679 7,254 18,677 20,087 Interest payments (INT) .. 4,814 12,509 24,426 24,645 25,220 22,931 18,052 18,546 20,240 Long-term debt 162 3,000 10,154 19,023 20,239 20,412 18,799 14,557 14,745 16,164 IMF charges 0 60 245 361 565 793 692 360 203 199 Short-term debt .. 1,754 2,110 5,041 3,841 4,015 3,440 3,136 3,598 3,877 Net transfers on debt .. 7,091 6,127 -56,887 -36,819 -41,410 -32,046 -31,261 -16,824 -3,010 Total debt service paid (TDS) .. 9,085 31,172 61,944 73,848 73,142 77,465 87,283 92,008 82,834 Long-term debt 774 7,065 27,531 56,372 69,324 68,067 70,211 79,550 85,718 77,458 IMF repurchases and charges 6 265 1,531 531 683 1,060 3,814 4,597 2,692 1,499 Short-term debt (interest only) .. 1,754 2,110 5,041 3,841 4,015 3,440 3,136 3,598 3,877 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 1,731 10,645 25,102 60,541 54,580 44,220 44,493 44,140 57,547 78,331 Net flow of long-term debt (ex. IMF) 906 8,206 12,069 3,869 -199 -7,290 -7,277 -17,738 -16,421 -1,557 Foreign direct investment (net) 201 1,369 10,512 57,662 49,950 44,245 48,237 55,645 59,612 63,600 Portfolio equity flows 0 -4 440 -3,449 2,321 4,767 1,353 4,013 11,850 13,550 Grants (excluding technical coop.) 624 1,131 2,081 2,460 2,508 2,498 2,180 2,220 2,506 2,738 Memo: technical coop. grants 386 1,001 2,400 2,677 2,657 2,905 2,721 2,874 3,461 3,780 official net resource flows 1,091 3,515 7,922 10,130 13,175 8,274 7,880 -2,916 -4,502 -5,132 private net resource flows 640 7,130 17,180 50,411 41,405 35,946 36,614 47,056 62,049 83,463 NET TRANSFERS 1,569 5,971 9,789 16,521 6,082 -9,967 -8,857 -2,560 10,408 27,766 Interest on long-term debt 162 3,000 10,154 19,023 20,239 20,412 18,799 14,557 14,745 16,164 Profit remittances on FDI 0 1,675 5,159 24,996 28,259 33,775 34,552 32,143 32,394 34,400 Memo: official net transfers 1,030 2,805 4,250 4,215 6,378 1,004 433 -8,415 -9,836 -10,265 private net transfers 539 3,166 5,539 12,307 -296 -10,971 -9,291 5,856 20,244 38,032 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 123,552 365,035 654,855 1,314,813 1,432,654 1,544,802 1,622,895 1,782,820 2,003,284 2,232,757 Exports of goods, serv. & inc. (XGS) 0 33,946 176,961 488,266 530,544 643,068 629,551 714,577 875,779 1,091,059 Worker remit. & comp. of employees 0 1,079 3,172 9,126 11,414 11,189 12,922 16,502 19,707 20,259 Imports of goods & services (MGS) 0 39,689 182,848 434,122 477,061 597,538 598,822 665,874 816,582 1,078,053 International reserves (RES) 2,124 30,740 71,348 246,835 274,780 284,194 333,825 426,472 566,012 758,893 Current account balance 0 -4,935 -3,156 59,008 60,013 53,606 39,663 61,358 77,985 33,545 4. DEBT INDICATORS EDT / XGS (%) .. 178.9 132.3 109.2 101.5 77.9 79.7 69.7 60.0 49.2 EDT / GNI (%) .. 16.6 35.7 40.6 37.6 32.4 30.9 27.9 26.2 24.0 TDS / XGS (%) .. 26.8 17.6 12.7 13.9 11.4 12.3 12.2 10.5 7.6 INT / XGS (%) .. 14.2 7.1 5.0 4.6 3.9 3.6 2.5 2.1 1.9 INT / GNI (%) .. 1.3 1.9 1.9 1.7 1.6 1.4 1.0 0.9 0.9 RES / EDT (%) .. 50.6 30.5 46.3 51.0 56.8 66.5 85.6 107.7 141.4 RES / MGS (months) .. 9.3 4.7 6.8 6.9 5.7 6.7 7.7 8.3 8.4 Short-term / EDT (%) .. 23.2 16.0 16.1 13.7 12.6 18.1 19.9 23.9 27.1 Concessional / EDT (%) .. 19.1 29.4 17.7 20.0 20.8 19.9 21.8 23.1 21.4 Multilateral / EDT (%) .. 9.0 14.9 11.2 12.0 13.2 13.2 13.3 12.6 12.0 7 EAST ASIA AND PACIFIC (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 7,092 45,081 194,621 432,749 448,800 421,092 397,829 387,651 387,943 380,421 Public and publicly guaranteed 5,088 36,330 172,986 274,058 291,475 271,645 264,367 266,067 267,440 261,955 Official creditors 4,134 18,096 104,718 164,591 184,290 171,797 167,171 171,829 178,627 168,695 Multilateral 451 5,449 34,976 59,636 64,429 65,874 66,245 66,324 66,185 64,503 Concessional 9 1,193 7,347 16,717 17,725 17,433 17,480 19,677 22,531 22,526 Bilateral 3,683 12,647 69,742 104,955 119,861 105,923 100,926 105,505 112,442 104,192 Concessional 3,132 10,413 61,559 77,530 90,155 86,742 82,448 89,179 98,797 92,503 Private creditors 954 18,235 68,268 109,467 107,186 99,848 97,197 94,238 88,813 93,260 Bonds 125 1,655 11,814 33,422 34,663 35,943 36,079 38,247 42,167 51,165 Commercial banks 303 9,242 35,213 49,528 38,439 32,611 30,964 27,138 21,595 20,628 Other private 525 7,338 21,240 26,518 34,083 31,294 30,155 28,853 25,051 21,467 Private nonguaranteed 2,004 8,751 21,635 158,691 157,324 149,447 133,462 121,584 120,503 118,466 Bonds 0 0 160 30,571 29,159 24,911 21,642 19,493 18,425 19,511 Commercial banks and other 2,004 8,751 21,476 128,119 128,165 124,536 111,820 102,091 102,078 98,955 Memo: IBRD 434 3,229 20,176 28,026 29,757 30,476 30,310 28,656 26,968 24,744 IDA 6 848 5,130 12,131 12,513 12,520 12,701 14,108 16,119 16,342 DISBURSEMENTS 1,518 12,271 29,445 41,217 48,886 40,365 44,135 47,256 54,552 59,736 Public and publicly guaranteed 755 9,360 19,604 29,289 34,285 26,919 24,190 20,733 19,247 29,761 Official creditors 546 3,042 10,106 15,752 20,604 16,054 14,337 10,094 9,347 9,487 Multilateral 68 1,231 4,711 8,058 7,120 6,942 5,524 5,231 4,900 3,188 Concessional 7 151 1,030 1,318 1,125 1,173 1,119 1,055 1,388 1,029 Bilateral 478 1,811 5,396 7,693 13,484 9,112 8,813 4,863 4,448 6,300 Concessional 424 1,202 4,593 7,078 10,959 7,519 7,597 3,920 3,684 5,562 Private creditors 209 6,317 9,498 13,537 13,681 10,865 9,854 10,639 9,900 20,273 Bonds 0 235 852 2,125 6,627 4,539 5,117 7,049 5,331 13,543 Commercial banks 89 3,066 4,090 7,484 2,841 2,540 2,344 1,628 3,825 4,864 Other private 120 3,016 4,555 3,928 4,213 3,786 2,392 1,962 744 1,866 Private nonguaranteed 764 2,911 9,841 11,928 14,601 13,446 19,945 26,523 35,305 29,976 Bonds 0 0 120 1,059 795 1,106 1,613 986 1,916 3,538 Commercial banks and other 764 2,911 9,721 10,869 13,806 12,341 18,332 25,536 33,389 26,438 Memo: IBRD 57 793 2,532 3,819 3,804 3,245 2,631 2,491 2,132 1,329 IDA 4 92 604 920 705 700 732 651 944 697 PRINCIPAL REPAYMENTS 612 4,066 17,377 37,348 49,085 47,655 51,412 64,993 70,973 61,293 Public and publicly guaranteed 228 2,184 14,808 17,472 24,983 23,442 22,443 29,762 31,397 29,980 Official creditors 79 659 4,266 8,081 9,937 10,277 8,637 15,230 16,355 17,358 Multilateral 22 157 2,032 2,650 2,929 4,063 3,436 7,669 7,614 5,552 Concessional 0 7 77 138 182 448 264 266 309 334 Bilateral 57 501 2,234 5,431 7,008 6,214 5,202 7,561 8,742 11,806 Concessional 37 260 1,071 4,273 5,508 4,806 3,608 3,628 4,935 9,302 Private creditors 150 1,526 10,542 9,390 15,045 13,165 13,806 14,533 15,041 12,622 Bonds 32 41 1,925 811 4,152 1,211 2,836 4,929 2,293 2,745 Commercial banks 41 493 5,395 4,988 6,878 7,159 6,976 5,453 8,987 4,560 Other private 76 991 3,223 3,591 4,015 4,794 3,994 4,151 3,762 5,317 Private nonguaranteed 384 1,881 2,569 19,876 24,103 24,213 28,969 35,231 39,576 31,313 Bonds 0 0 0 1,722 2,383 5,168 3,491 3,006 2,982 2,452 Commercial banks and other 384 1,881 2,569 18,154 21,720 19,045 25,478 32,225 36,594 28,862 Memo: IBRD 22 118 1,462 1,845 1,979 2,006 2,322 4,702 4,334 4,164 IDA 0 2 19 68 89 107 132 162 199 222 NET FLOWS ON DEBT 906 8,206 12,069 3,869 -199 -7,290 -7,277 -17,738 -16,421 -1,557 Public and publicly guaranteed 526 7,175 4,796 11,817 9,302 3,477 1,747 -9,030 -12,150 -219 Official creditors 467 2,384 5,841 7,670 10,666 5,777 5,699 -5,136 -7,008 -7,870 Multilateral 46 1,074 2,679 5,408 4,191 2,879 2,088 -2,438 -2,714 -2,364 Concessional 7 145 953 1,180 943 724 855 789 1,080 695 Bilateral 421 1,310 3,162 2,262 6,476 2,898 3,611 -2,698 -4,294 -5,507 Concessional 387 942 3,522 2,805 5,451 2,713 3,989 292 -1,250 -3,740 Private creditors 59 4,792 -1,044 4,147 -1,364 -2,300 -3,952 -3,894 -5,142 7,651 Bonds -32 194 -1,072 1,314 2,475 3,328 2,281 2,121 3,038 10,798 Commercial banks 48 2,573 -1,305 2,496 -4,037 -4,620 -4,631 -3,825 -5,162 304 Other private 44 2,025 1,333 337 198 -1,008 -1,602 -2,189 -3,018 -3,451 Private nonguaranteed 380 1,030 7,272 -7,948 -9,501 -10,767 -9,024 -8,708 -4,271 -1,338 Bonds 0 0 120 -663 -1,588 -4,062 -1,879 -2,020 -1,066 1,086 Commercial banks and other 380 1,030 7,152 -7,285 -7,914 -6,705 -7,145 -6,689 -3,205 -2,424 Memo: IBRD 35 675 1,070 1,974 1,825 1,239 309 -2,211 -2,202 -2,835 IDA 4 90 585 852 615 593 600 489 746 475 8 EAST ASIA AND PACIFIC (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 INTEREST PAYMENTS (LINT) 162 3,000 10,154 19,023 20,239 20,412 18,799 14,557 14,745 16,164 Public and publicly guaranteed 94 2,124 8,864 11,790 12,314 12,872 12,914 10,034 10,128 10,212 Official creditors 61 710 3,672 5,915 6,797 7,271 7,446 5,499 5,334 5,133 Multilateral 25 354 2,146 2,691 3,134 3,836 4,031 3,274 2,576 2,041 Concessional 0 12 63 127 143 147 148 148 164 172 Bilateral 37 356 1,526 3,224 3,663 3,434 3,415 2,225 2,758 3,092 Concessional 28 208 994 2,282 2,486 2,216 2,147 1,553 2,084 2,551 Private creditors 32 1,414 5,192 5,875 5,517 5,601 5,467 4,534 4,793 5,079 Bonds 9 88 923 1,735 2,085 2,300 2,640 2,447 2,829 3,029 Commercial banks 13 824 2,795 2,154 1,886 1,895 1,647 1,094 740 630 Other private 10 501 1,474 1,986 1,546 1,406 1,180 993 1,224 1,420 Private nonguaranteed 68 876 1,290 7,233 7,925 7,540 5,885 4,523 4,617 5,952 Bonds 0 0 2 2,053 1,986 1,942 1,610 1,381 1,363 1,392 Commercial banks and other 68 876 1,289 5,180 5,939 5,598 4,275 3,142 3,255 4,561 Memo: IBRD 25 261 1,521 1,725 1,972 2,146 2,105 1,875 1,461 1,136 IDA 0 6 34 77 85 87 87 94 104 117 NET TRANSFERS ON DEBT 744 5,206 1,914 -15,155 -20,438 -27,702 -26,076 -32,294 -31,166 -17,722 Public and publicly guaranteed 433 5,052 -4,068 27 -3,012 -9,395 -11,166 -19,063 -22,277 -10,431 Official creditors 406 1,674 2,169 1,755 3,870 -1,494 -1,747 -10,635 -12,342 -13,003 Multilateral 21 719 533 2,717 1,057 -957 -1,943 -5,712 -5,290 -4,405 Concessional 7 133 890 1,053 800 578 707 642 916 523 Bilateral 385 954 1,636 -962 2,813 -537 196 -4,923 -7,052 -8,598 Concessional 359 734 2,528 524 2,965 497 1,841 -1,261 -3,334 -6,291 Private creditors 27 3,378 -6,236 -1,728 -6,882 -7,901 -9,419 -8,428 -9,935 2,572 Bonds -41 106 -1,995 -421 390 1,027 -359 -327 209 7,769 Commercial banks 35 1,749 -4,100 342 -5,924 -6,515 -6,278 -4,919 -5,902 -326 Other private 33 1,524 -141 -1,649 -1,348 -2,413 -2,782 -3,182 -4,242 -4,871 Private nonguaranteed 312 154 5,982 -15,181 -17,426 -18,307 -14,909 -13,231 -8,888 -7,290 Bonds 0 0 118 -2,717 -3,574 -6,004 -3,489 -3,400 -2,429 -305 Commercial banks and other 312 154 5,864 -12,465 -13,853 -12,303 -11,420 -9,831 -6,460 -6,985 Memo: IBRD 11 414 -451 249 -147 -907 -1,796 -4,086 -3,663 -3,971 IDA 4 84 551 775 530 506 514 396 641 358 DEBT SERVICE (LTDS) 774 7,065 27,531 56,372 69,324 68,067 70,211 79,550 85,718 77,458 Public and publicly guaranteed 322 4,308 23,672 29,262 37,297 36,313 35,357 39,796 41,524 40,192 Official creditors 140 1,369 7,938 13,997 16,734 17,548 16,084 20,729 21,690 22,491 Multilateral 47 512 4,178 5,342 6,063 7,899 7,467 10,943 10,190 7,593 Concessional 0 18 140 265 325 595 412 413 473 506 Bilateral 94 857 3,760 8,655 10,671 9,649 8,617 9,786 11,500 14,898 Concessional 65 468 2,065 6,554 7,994 7,022 5,755 5,181 7,018 11,853 Private creditors 182 2,940 15,734 15,265 20,563 18,766 19,273 19,067 19,835 17,701 Bonds 41 130 2,847 2,546 6,237 3,512 5,476 7,376 5,122 5,774 Commercial banks 54 1,317 8,190 7,142 8,765 9,055 8,623 6,547 9,727 5,190 Other private 87 1,492 4,696 5,577 5,561 6,200 5,174 5,144 4,986 6,737 Private nonguaranteed 452 2,757 3,859 27,110 32,028 31,753 34,854 39,754 44,194 37,266 Bonds 0 0 2 3,776 4,369 7,110 5,102 4,387 4,345 3,843 Commercial banks and other 452 2,757 3,857 23,334 27,659 24,643 29,753 35,367 39,848 33,422 Memo: IBRD 46 379 2,983 3,570 3,950 4,152 4,427 6,577 5,795 5,300 IDA 0 8 53 145 174 194 218 255 303 339 UNDISBURSED DEBT 1,225 23,078 44,701 66,089 91,496 57,690 47,159 45,936 39,731 .. Official creditors 1,125 17,085 33,049 61,515 86,523 51,488 44,224 42,171 36,511 .. Private creditors 100 5,992 11,652 4,574 4,973 6,203 2,935 3,765 3,220 .. Memorandum items Concessional LDOD 3,141 11,607 68,906 94,247 107,880 104,175 99,928 108,856 121,328 .. Variable rate LDOD 2,009 18,637 72,619 246,418 238,650 231,365 217,380 202,573 195,551 .. Public sector LDOD 5,071 36,308 172,520 273,959 291,380 271,360 263,893 265,421 266,106 .. Private sector LDOD 2,021 8,774 22,102 158,790 157,419 149,732 133,936 122,230 121,837 .. 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 6.1 7.2 .. Deutsche mark 7.8 6.0 3.7 2.5 2.0 1.9 1.8 .. .. .. French franc 3.9 3.9 1.7 2.1 1.5 1.4 1.3 .. .. .. Japanese yen 6.5 20.3 29.1 25.2 28.6 28.2 25.2 26.8 27.8 .. Pound sterling 5.3 1.1 1.0 0.6 0.5 0.5 0.4 0.4 0.3 .. Swiss franc 0.8 0.7 0.9 0.2 0.2 0.2 0.2 0.2 0.2 .. U.S.dollars 43.2 39.1 23.6 53.8 51.2 55.9 59.7 57.3 55.8 .. Multiple currency 8.7 19.7 22.9 8.3 8.9 7.6 6.9 6.6 5.9 .. Special drawing rights 0.0 0.0 0.1 0.2 0.2 0.2 0.2 0.2 0.2 .. All other currencies 23.7 9.1 17.1 7.2 6.8 4.0 4.4 2.5 2.5 .. 9 EAST ASIA AND PACIFIC (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 0 1,478 3,905 5,222 2,468 2,770 3,900 3,032 .. Debt stock rescheduled 0 0 0 3,002 3,300 0 0 1,002 0 .. Principal rescheduled 0 0 848 496 1,477 2,268 2,733 2,441 2,515 .. Official 0 0 172 307 700 1,541 1,885 1,836 1,949 .. Private 0 0 676 189 778 727 848 604 566 .. Interest rescheduled 0 0 186 5 0 1 0 675 408 .. Official 0 0 107 5 0 1 0 551 342 .. Private 0 0 80 0 0 0 0 124 66 .. Debt forgiven 0 41 0 6 0 5 0 1 2 .. Memo: interest forgiven 0 0 0 0 0 1,631 77 0 0 .. Debt stock reduction 0 0 1,803 0 1,003 8,759 0 0 0 .. of which debt buyback 0 0 721 0 859 0 0 0 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 4,168 12,622 30,302 6,869 5,418 -37,911 1,278 -3,736 27,289 .. Net flows on debt 966 11,905 18,636 -32,462 -12,174 -16,191 -9,115 -13,208 1,722 17,229 Net change in interest arrears 7 0 520 226 3,701 -473 1,028 955 1,134 .. Interest capitalized 0 0 186 5 0 1 0 675 408 .. Debt forgiveness or reduction 0 -41 -1,082 -6 -144 -8,763 0 -1 -2 .. Cross-currency valuation 0 311 10,348 9,958 6,491 -13,905 -13,042 13,164 16,085 .. Residual 3,195 447 1,693 29,147 7,544 1,420 22,408 -5,320 7,942 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 4.5 9.1 6.5 5.0 5.0 5.7 4.6 5.0 4.1 .. Maturity (years) 25.6 16.6 19.5 17.2 17.4 16.2 14.9 15.7 13.4 .. Grace period (years) 6.7 5.1 5.4 4.8 6.1 5.2 5.1 6.9 6.1 .. Grant element (%) 40.5 10.1 24.3 30.0 30.9 25.2 31.2 30.2 31.4 .. Official creditors Interest (%) 4.0 5.6 4.9 4.4 3.7 3.8 3.4 2.7 2.0 .. Maturity (years) 28.8 23.6 24.6 21.4 22.4 27.1 21.9 25.7 23.9 .. Grace period (years) 7.3 7.1 7.1 6.0 6.1 6.4 5.4 6.6 6.3 .. Grant element (%) 46.5 32.6 38.7 37.9 43.7 46.9 42.7 52.8 56.4 .. Private creditors Interest (%) 6.9 12.5 8.3 6.3 6.6 6.9 5.6 6.3 5.1 .. Maturity (years) 10.6 9.8 13.9 9.4 11.4 9.9 8.6 9.8 8.1 .. Grace period (years) 4.1 3.1 3.5 2.6 6.1 4.5 4.9 7.1 6.0 .. Grant element (%) 12.6 -12.1 8.1 15.2 15.8 12.4 21.0 16.8 18.6 .. Memorandum items Commitments 1,025 14,536 23,181 30,551 37,180 26,664 24,673 21,246 15,932 .. Official creditors 843 7,204 12,256 19,969 20,139 9,872 11,580 7,910 5,395 .. Private creditors 182 7,332 10,924 10,582 17,041 16,792 13,092 13,336 10,537 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 100.0 2004 2004 90.0 80.0 2003 2003 70.0 2002 2002 60.0 2001 2001 50.0 2000 2000 40.0 30.0 1999 1999 20.0 1998 1998 10.0 1997 1997 0.0 1997 1998 1999 2000 2001 2002 2003 2004 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 -10.0 -5.0 0.0 5.0 10.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 10 2/16/05 12:12 PM EUROPE AND CENTRAL ASIA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 5,028 75,598 217,224 490,311 503,452 510,796 507,784 560,176 675,998 728,473 Long-term debt (LDOD) 3,965 56,405 176,378 387,171 399,888 402,128 397,984 437,776 505,912 530,947 Public and publicly guaranteed 3,069 44,865 171,457 293,548 292,662 283,012 265,421 275,558 299,311 308,398 Private nonguaranteed 896 11,540 4,921 93,623 107,226 119,115 132,563 162,217 206,601 222,549 Use of IMF credit 74 2,143 1,305 27,661 23,862 21,950 27,156 34,245 35,315 31,921 Short-term debt .. 17,051 39,541 75,480 79,703 86,718 82,644 88,155 134,771 165,605 of which interest arrears on LDOD .. 311 13,041 7,739 10,352 9,047 10,332 6,073 5,969 .. Official creditors .. 13 6,573 5,212 6,485 7,377 8,839 4,496 3,798 .. Private creditors .. 298 6,468 2,527 3,868 1,670 1,493 1,578 2,172 .. Memo: principal arrears on LDOD .. 56 6,324 13,239 14,007 14,674 13,731 8,246 8,055 .. Official creditors .. 21 4,584 8,441 10,766 11,046 10,733 5,461 4,964 .. Private creditors .. 35 1,740 4,798 3,240 3,628 2,998 2,785 3,091 .. Memo: export credits .. 0 66,598 61,055 57,044 53,583 56,023 60,017 65,540 .. TOTAL DEBT FLOWS Disbursements 1,082 21,285 29,137 73,490 66,061 64,887 78,241 101,396 119,037 111,948 Long-term debt 1,007 20,047 28,389 66,084 63,254 60,518 66,091 87,915 116,548 110,093 IMF purchases 75 1,238 747 7,407 2,807 4,369 12,150 13,481 2,489 1,855 Principal repayments 584 7,186 19,741 36,190 48,773 53,278 70,138 78,317 94,358 84,746 Long-term debt 512 6,857 19,009 34,124 42,877 48,200 64,050 69,472 89,875 78,477 IMF repurchases 72 329 732 2,066 5,896 5,079 6,089 8,845 4,483 6,269 Net flows on debt 497 13,519 1,699 42,967 18,897 19,928 2,744 28,018 56,880 56,036 of which short-term debt .. -580 -7,697 5,666 1,610 8,320 -5,359 4,940 32,201 28,834 Interest payments (INT) .. 5,390 12,146 20,628 20,851 23,678 25,393 23,250 25,978 31,109 Long-term debt 148 3,409 9,548 16,759 16,455 18,483 21,479 19,722 21,945 25,646 IMF charges 0 103 128 1,058 1,013 1,080 1,170 1,164 803 859 Short-term debt .. 1,879 2,470 2,810 3,382 4,115 2,744 2,364 3,230 4,604 Net transfers on debt .. 8,129 -10,447 22,340 -1,953 -3,750 -22,649 4,768 30,902 24,928 Total debt service paid (TDS) .. 12,576 31,886 56,817 69,624 76,956 95,531 101,567 120,336 115,855 Long-term debt 660 10,266 28,557 50,883 59,332 66,683 85,529 89,194 111,820 104,123 IMF repurchases and charges 72 432 860 3,124 6,910 6,159 7,259 10,009 5,286 7,129 Short-term debt (interest only) .. 1,879 2,470 2,810 3,382 4,115 2,744 2,364 3,230 4,604 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 606 13,490 11,716 67,461 58,986 51,328 40,947 61,949 71,526 81,772 Net flow of long-term debt (ex. IMF) 495 13,190 9,380 31,960 20,377 12,318 2,041 18,442 26,673 31,616 Foreign direct investment (net) 58 29 1,084 26,150 28,432 29,154 31,357 35,008 35,614 37,600 Portfolio equity flows 0 0 89 3,967 1,955 1,262 448 -98 589 3,590 Grants (excluding technical coop.) 53 272 1,020 5,384 8,222 8,595 7,101 8,596 8,650 8,966 Memo: technical coop. grants 47 155 421 4,303 4,418 3,056 3,544 4,847 4,416 4,577 official net resource flows 344 3,612 4,226 7,546 10,743 9,298 3,200 6,529 4,416 7,163 private net resource flows 262 9,879 7,490 59,915 48,243 42,030 37,747 55,420 67,110 74,609 NET TRANSFERS 458 10,050 1,950 45,449 36,981 25,275 9,600 28,561 21,348 25,926 Interest on long-term debt 148 3,409 9,548 16,759 16,455 18,483 21,479 19,722 21,945 25,646 Profit remittances on FDI 0 31 218 5,253 5,551 7,570 9,868 13,665 28,233 30,200 Memo: official net transfers 270 2,838 1,998 2,822 7,083 5,301 -2,839 1,673 -758 1,819 private net transfers 188 7,213 -47 42,627 29,897 19,974 12,439 26,888 22,106 24,108 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 18,071 113,382 1,096,995 988,272 864,314 939,062 981,096 1,119,018 1,369,300 1,631,650 Exports of goods, serv. & inc. (XGS) 0 43,932 71,139 368,349 346,120 417,734 439,277 478,238 608,205 765,797 Worker remit. & comp. of employees 0 2,071 3,246 12,830 10,723 10,994 11,443 11,501 12,880 12,933 Imports of goods & services (MGS) 0 53,091 80,064 402,689 357,519 409,761 431,998 485,101 624,034 800,237 International reserves (RES) 440 6,384 14,859 105,976 112,778 128,235 140,140 185,690 249,234 306,096 Current account balance 0 -8,275 -4,262 -27,661 -4,014 15,671 16,898 3,171 -4,420 -56,810 4. DEBT INDICATORS EDT / XGS (%) .. 172.1 305.4 133.1 145.5 122.3 115.6 117.1 111.1 95.1 EDT / GNI (%) .. 66.7 19.8 49.6 58.2 54.4 51.8 50.1 49.4 44.6 TDS / XGS (%) .. 28.6 44.8 15.4 20.1 18.4 21.7 21.2 19.8 15.1 INT / XGS (%) .. 12.3 17.1 5.6 6.0 5.7 5.8 4.9 4.3 4.1 INT / GNI (%) .. 4.8 1.1 2.1 2.4 2.5 2.6 2.1 1.9 1.9 RES / EDT (%) .. 8.4 6.8 21.6 22.4 25.1 27.6 33.1 36.9 42.0 RES / MGS (months) .. 1.4 2.2 3.2 3.8 3.8 3.9 4.6 4.8 4.6 Short-term / EDT (%) .. 22.6 18.2 15.4 15.8 17.0 16.3 15.7 19.9 22.7 Concessional / EDT (%) .. 9.2 5.8 4.8 5.1 4.8 4.5 4.9 4.7 4.3 Multilateral / EDT (%) .. 5.8 7.6 6.7 6.8 6.9 7.1 7.4 6.7 6.5 11 EUROPE AND CENTRAL ASIA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 3,965 56,405 176,378 387,171 399,888 402,128 397,984 437,776 505,912 530,947 Public and publicly guaranteed 3,069 44,865 171,457 293,548 292,662 283,012 265,421 275,558 299,311 308,398 Official creditors 2,647 18,580 63,676 144,784 147,539 144,833 132,076 131,157 140,835 137,682 Multilateral 634 4,363 16,604 32,814 34,260 35,102 36,125 41,386 45,093 47,433 Concessional 113 242 920 2,854 3,438 3,691 3,854 4,928 6,190 6,740 Bilateral 2,013 14,217 47,072 111,970 113,279 109,731 95,951 89,771 95,742 90,249 Concessional 1,739 6,744 11,730 20,650 22,183 20,587 19,013 22,532 25,898 24,444 Private creditors 422 26,284 107,782 148,763 145,123 138,180 133,345 144,402 158,476 170,716 Bonds 41 200 11,889 65,432 70,241 93,724 92,572 99,993 110,473 123,379 Commercial banks 10 16,733 65,890 64,322 59,655 32,463 29,385 35,463 39,846 41,037 Other private 371 9,352 30,002 19,009 15,227 11,992 11,388 8,946 8,157 6,300 Private nonguaranteed 896 11,540 4,921 93,623 107,226 119,115 132,563 162,217 206,601 222,549 Bonds 0 0 16 5,714 7,262 7,698 7,982 11,351 18,544 34,948 Commercial banks and other 896 11,540 4,905 87,909 99,965 111,417 124,580 150,866 188,057 187,601 Memo: IBRD 297 3,323 10,271 20,953 21,753 22,788 23,972 26,484 26,888 27,406 IDA 83 189 157 1,991 2,441 2,667 2,891 3,730 4,589 5,023 DISBURSEMENTS 1,007 20,047 28,389 66,084 63,254 60,518 66,091 87,915 116,548 110,093 Public and publicly guaranteed 540 16,749 26,628 39,786 27,845 26,144 18,645 20,452 26,776 41,656 Official creditors 480 5,041 6,349 9,726 7,676 8,104 7,068 6,134 6,410 10,400 Multilateral 163 1,023 2,298 6,134 5,145 5,029 5,181 4,180 4,147 6,571 Concessional 7 10 14 576 712 469 459 781 798 772 Bilateral 317 4,018 4,052 3,592 2,531 3,075 1,888 1,955 2,263 3,829 Concessional 271 1,925 940 1,044 1,416 1,355 806 933 1,587 1,521 Private creditors 61 11,707 20,279 30,060 20,169 18,040 11,576 14,317 20,366 31,256 Bonds 0 80 1,959 20,188 11,307 10,709 7,364 8,143 14,607 23,188 Commercial banks 0 5,069 4,084 6,767 6,274 6,301 3,377 5,534 5,105 7,639 Other private 61 6,559 14,236 3,105 2,589 1,030 835 640 654 429 Private nonguaranteed 466 3,298 1,761 26,298 35,409 34,374 47,446 67,463 89,772 68,437 Bonds 0 0 0 2,146 1,890 1,513 1,115 4,113 8,028 17,857 Commercial banks and other 466 3,298 1,761 24,152 33,519 32,861 46,331 63,350 81,744 50,580 Memo: IBRD 55 833 1,218 3,354 2,635 3,102 3,182 2,171 1,445 2,747 IDA 7 0 0 450 495 351 332 603 494 585 PRINCIPAL REPAYMENTS 512 6,857 19,009 34,124 42,877 48,200 64,050 69,472 89,875 78,477 Public and publicly guaranteed 304 4,816 17,512 23,278 17,745 20,232 26,185 21,759 30,693 28,750 Official creditors 189 1,701 3,143 7,564 5,155 7,400 10,969 8,201 10,643 12,203 Multilateral 81 154 1,455 3,756 2,106 2,819 3,177 2,913 3,967 4,390 Concessional 22 2 23 131 71 32 197 57 44 35 Bilateral 108 1,547 1,688 3,808 3,048 4,581 7,791 5,288 6,676 7,813 Concessional 47 532 434 824 1,032 2,272 1,403 1,408 1,727 1,984 Private creditors 116 3,114 14,368 15,714 12,590 12,832 15,217 13,557 20,050 16,547 Bonds 2 15 66 6,309 4,811 5,966 6,171 7,424 11,742 9,452 Commercial banks 2 1,366 8,751 5,351 4,440 4,226 5,998 3,937 5,630 4,920 Other private 112 1,733 5,552 4,054 3,339 2,640 3,047 2,197 2,678 2,175 Private nonguaranteed 208 2,041 1,497 10,846 25,132 27,968 37,864 47,714 59,181 49,727 Bonds 0 0 0 0 164 958 713 845 1,301 1,395 Commercial banks and other 208 2,041 1,497 10,846 24,968 27,009 37,151 46,869 57,880 48,332 Memo: IBRD 13 133 1,133 2,275 1,258 1,357 1,407 1,804 2,678 2,749 IDA 0 1 4 6 6 6 6 6 8 12 NET FLOWS ON DEBT 495 13,190 9,380 31,960 20,377 12,318 2,041 18,442 26,673 31,616 Public and publicly guaranteed 236 11,933 9,117 16,508 10,100 5,912 -7,541 -1,307 -3,918 12,906 Official creditors 291 3,340 3,206 2,162 2,521 703 -3,901 -2,067 -4,234 -1,803 Multilateral 82 869 843 2,379 3,038 2,209 2,003 1,266 180 2,181 Concessional -15 9 -10 444 641 437 261 724 753 737 Bilateral 209 2,471 2,363 -217 -518 -1,506 -5,904 -3,333 -4,414 -3,984 Concessional 224 1,393 507 220 384 -918 -598 -475 -140 -463 Private creditors -55 8,593 5,911 14,346 7,579 5,209 -3,640 760 316 14,709 Bonds -2 65 1,893 13,879 6,495 4,743 1,192 719 2,865 13,736 Commercial banks -2 3,703 -4,667 1,417 1,834 2,076 -2,621 1,598 -525 2,720 Other private -51 4,825 8,684 -950 -751 -1,610 -2,212 -1,557 -2,024 -1,746 Private nonguaranteed 259 1,257 264 15,452 10,277 6,406 9,582 19,749 30,591 18,710 Bonds 0 0 0 2,146 1,726 555 402 3,268 6,727 16,462 Commercial banks and other 259 1,257 264 13,306 8,551 5,851 9,180 16,481 23,864 2,248 Memo: IBRD 42 700 85 1,079 1,378 1,745 1,775 366 -1,233 -2 IDA 7 -1 -4 444 489 345 326 597 486 573 12 EUROPE AND CENTRAL ASIA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 INTEREST PAYMENTS (LINT) 148 3,409 9,548 16,759 16,455 18,483 21,479 19,722 21,945 25,646 Public and publicly guaranteed 115 2,560 9,107 12,363 11,533 12,626 15,407 13,969 14,809 15,725 Official creditors 74 774 2,228 4,724 3,659 3,997 6,039 4,856 5,174 5,344 Multilateral 24 298 1,199 1,790 1,845 1,901 1,894 1,586 1,549 1,344 Concessional 2 4 39 37 37 43 46 50 60 73 Bilateral 50 476 1,029 2,933 1,815 2,097 4,145 3,270 3,625 4,000 Concessional 35 157 246 689 649 632 577 610 652 611 Private creditors 40 1,787 6,878 7,639 7,874 8,629 9,368 9,113 9,635 10,381 Bonds 1 36 737 3,759 4,930 5,996 6,607 6,942 7,460 8,306 Commercial banks 1 1,171 4,675 2,994 2,023 1,984 2,036 1,689 1,777 1,821 Other private 38 580 1,466 887 920 649 725 482 398 255 Private nonguaranteed 34 849 441 4,396 4,922 5,857 6,072 5,753 7,136 9,920 Bonds 0 0 1 251 445 570 608 829 1,890 2,250 Commercial banks and other 34 849 440 4,145 4,476 5,287 5,464 4,924 5,246 7,671 Memo: IBRD 16 257 809 1,135 1,210 1,297 1,291 1,097 986 774 IDA 1 1 1 11 15 19 20 23 30 38 NET TRANSFERS ON DEBT 346 9,781 -168 15,201 3,922 -6,165 -19,438 -1,280 4,728 5,970 Public and publicly guaranteed 121 9,372 10 4,145 -1,434 -6,714 -22,948 -15,275 -18,727 -2,819 Official creditors 217 2,566 978 -2,562 -1,139 -3,294 -9,940 -6,923 -9,408 -7,147 Multilateral 57 571 -356 588 1,194 309 109 -319 -1,369 837 Concessional -17 5 -48 408 604 393 215 674 693 664 Bilateral 159 1,995 1,334 -3,150 -2,332 -3,603 -10,049 -6,603 -8,039 -7,984 Concessional 189 1,236 261 -469 -265 -1,550 -1,175 -1,085 -792 -1,074 Private creditors -95 6,806 -968 6,707 -295 -3,420 -13,008 -8,353 -9,319 4,328 Bonds -3 30 1,156 10,120 1,565 -1,252 -5,415 -6,222 -4,595 5,430 Commercial banks -2 2,532 -9,341 -1,577 -189 92 -4,657 -91 -2,302 899 Other private -89 4,245 7,218 -1,836 -1,671 -2,259 -2,937 -2,039 -2,422 -2,001 Private nonguaranteed 225 408 -178 11,056 5,355 549 3,510 13,996 23,455 8,789 Bonds 0 0 -1 1,894 1,281 -15 -206 2,439 4,837 14,212 Commercial banks and other 225 408 -176 9,162 4,075 564 3,716 11,557 18,618 -5,423 Memo: IBRD 26 443 -724 -56 167 449 484 -731 -2,219 -775 IDA 7 -2 -5 432 474 327 306 574 457 535 DEBT SERVICE (LTDS) 660 10,266 28,557 50,883 59,332 66,683 85,529 89,194 111,820 104,123 Public and publicly guaranteed 419 7,376 26,618 35,641 29,278 32,858 41,593 35,727 45,503 44,475 Official creditors 263 2,475 5,372 12,288 8,814 11,398 17,008 13,057 15,818 17,547 Multilateral 105 452 2,654 5,546 3,951 4,720 5,072 4,499 5,516 5,734 Concessional 25 5 62 168 108 76 244 107 105 109 Bilateral 158 2,023 2,718 6,742 4,863 6,678 11,936 8,558 10,302 11,813 Concessional 82 689 680 1,513 1,681 2,904 1,981 2,018 2,379 2,595 Private creditors 156 4,901 21,247 23,353 20,464 21,461 24,585 22,670 29,685 26,928 Bonds 3 50 803 10,068 9,742 11,962 12,779 14,365 19,202 17,758 Commercial banks 2 2,537 13,426 8,344 6,463 6,210 8,034 5,625 7,407 6,740 Other private 150 2,314 7,018 4,941 4,259 3,289 3,772 2,679 3,077 2,430 Private nonguaranteed 241 2,890 1,939 15,242 30,054 33,825 43,936 53,467 66,317 59,647 Bonds 0 0 1 251 609 1,528 1,321 1,674 3,191 3,645 Commercial banks and other 241 2,890 1,937 14,991 29,445 32,297 42,615 51,793 63,126 56,002 Memo: IBRD 29 389 1,943 3,410 2,468 2,653 2,698 2,901 3,664 3,522 IDA 1 3 5 17 21 24 26 30 38 50 UNDISBURSED DEBT 1,935 13,750 17,065 34,266 36,383 30,671 27,913 28,752 32,309 .. Official creditors 1,613 6,155 9,220 23,743 26,655 21,185 20,311 21,522 24,768 .. Private creditors 322 7,596 7,846 10,522 9,728 9,486 7,602 7,231 7,541 .. Memorandum items Concessional LDOD 1,851 6,986 12,651 23,504 25,621 24,278 22,867 27,461 32,088 .. Variable rate LDOD 952 25,866 88,727 233,740 234,630 214,754 217,914 251,665 300,594 .. Public sector LDOD 2,842 44,026 170,441 290,625 289,911 280,749 263,398 272,944 296,454 .. Private sector LDOD 1,122 12,379 5,937 96,546 109,977 121,378 134,586 164,831 209,458 .. 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 31.2 35.0 .. Deutsche mark 16.0 11.0 24.9 21.8 17.6 15.2 13.5 .. .. .. French franc 2.7 9.3 5.0 2.5 2.1 2.0 1.5 .. .. .. Japanese yen 0.1 2.4 7.6 6.3 6.4 5.9 4.9 4.8 4.5 .. Pound sterling 5.0 2.6 1.8 0.7 0.7 0.6 0.6 0.8 0.7 .. Swiss franc 1.4 4.5 6.5 0.6 0.4 0.3 0.3 0.3 0.3 .. U.S.dollars 44.7 41.8 32.4 55.2 57.7 58.8 59.5 56.6 54.0 .. Multiple currency 15.2 21.5 10.6 7.3 7.2 7.1 7.0 5.6 4.8 .. Special drawing rights 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. All other currencies 14.9 6.8 11.1 5.6 8.0 10.0 12.8 0.7 0.8 .. 13 EUROPE AND CENTRAL ASIA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 1,757 3,559 5,641 17,576 29,129 3,296 8,500 2,622 .. Debt stock rescheduled 0 0 0 224 2,080 19,307 266 976 4 .. Principal rescheduled 0 20 1,366 3,966 8,154 3,624 2,833 3,749 2,415 .. Official 0 17 746 2,875 6,000 2,945 2,406 3,591 2,409 .. Private 0 3 620 1,091 2,154 679 426 158 6 .. Interest rescheduled 0 8 2,163 530 5,665 4,388 198 1,394 12 .. Official 0 7 1,998 373 5,154 2,220 162 1,391 12 .. Private 0 1 165 158 511 2,168 36 3 0 .. Debt forgiven 0 0 232 41 121 15 37 869 7 .. Memo: interest forgiven 0 0 61 0 0 0 3 85 81 .. Debt stock reduction 0 0 1,779 748 154 12,545 1,391 294 46 .. of which debt buyback 0 0 882 748 30 943 315 0 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 490 25,389 19,679 99,105 13,141 7,343 -3,011 52,392 115,822 .. Net flows on debt 497 13,519 1,699 42,967 18,897 19,928 2,744 28,018 56,880 56,036 Net change in interest arrears 0 255 5,213 2,944 2,613 -1,305 1,285 -4,259 -104 .. Interest capitalized 0 8 2,163 530 5,665 4,388 198 1,394 12 .. Debt forgiveness or reduction 0 0 -1,129 -41 -245 -11,617 -1,113 -1,163 -53 .. Cross-currency valuation 0 -852 10,086 8,626 -10,801 -9,966 -7,404 18,468 24,425 .. Residual -7 12,459 1,647 44,078 -2,989 5,915 1,279 9,933 35,499 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 4.2 10.2 8.4 7.4 6.4 7.4 5.7 5.3 4.9 .. Maturity (years) 19.2 12.5 11.9 12.0 11.2 11.7 12.1 59.0 10.7 .. Grace period (years) 6.8 4.4 6.1 7.6 4.4 6.6 5.7 5.7 5.4 .. Grant element (%) 37.3 2.1 8.7 11.2 18.6 11.8 24.3 24.9 24.8 .. Official creditors Interest (%) 3.8 7.5 7.8 5.1 4.5 5.9 4.3 3.0 4.3 .. Maturity (years) 20.1 16.7 13.7 16.9 17.3 17.6 17.9 18.7 16.7 .. Grace period (years) 7.3 5.3 5.9 5.3 4.8 5.5 5.2 5.8 3.6 .. Grant element (%) 40.3 19.6 12.4 28.9 33.4 26.4 35.7 44.7 33.4 .. Private creditors Interest (%) 6.3 11.2 8.6 8.2 7.5 8.0 6.9 6.6 5.2 .. Maturity (years) 13.4 10.9 11.1 10.2 7.5 9.2 7.5 80.2 7.9 .. Grace period (years) 3.6 4.1 6.2 8.5 4.2 7.0 6.0 5.7 6.3 .. Grant element (%) 18.2 -4.4 7.2 4.7 9.7 5.9 15.2 14.5 20.9 .. Memorandum items Commitments 759 12,696 29,685 41,319 29,289 26,009 19,584 20,204 30,392 .. Official creditors 654 3,415 8,771 11,057 10,991 7,551 8,677 6,980 9,457 .. Private creditors 105 9,281 20,914 30,262 18,298 18,458 10,907 13,223 20,935 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 90.0 2004 2004 80.0 2003 2003 70.0 2002 2002 60.0 50.0 2001 2001 40.0 2000 2000 30.0 1999 1999 20.0 1998 1998 10.0 1997 1997 0.0 1997 1998 1999 2000 2001 2002 2003 2004 0.0 10.0 20.0 30.0 40.0 50.0 -10.0 -5.0 0.0 5.0 10.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 14 2/16/05 12:13 PM LATIN AMERICA AND CARIBBEAN (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 32,561 242,835 444,900 752,228 771,831 755,142 749,176 746,225 779,632 773,457 Long-term debt (LDOD) 27,645 172,967 352,971 611,265 642,001 638,795 631,777 628,984 648,564 637,395 Public and publicly guaranteed 15,772 130,520 327,942 391,113 399,620 397,348 393,301 403,221 420,708 441,753 Private nonguaranteed 11,873 42,447 25,029 220,152 242,380 241,447 238,476 225,763 227,856 195,642 Use of IMF credit 128 1,413 18,298 21,969 20,500 8,846 23,901 38,302 47,758 42,570 Short-term debt .. 68,455 73,631 118,994 109,330 107,501 93,499 78,939 83,310 93,492 of which interest arrears on LDOD .. 60 25,560 3,112 1,753 1,480 1,037 6,479 13,646 .. Official creditors .. 16 3,858 1,308 1,324 1,176 784 888 1,127 .. Private creditors .. 44 21,702 1,804 429 304 254 5,591 12,519 .. Memo: principal arrears on LDOD .. 643 24,447 5,637 5,792 4,132 1,992 10,435 19,313 .. Official creditors .. 78 7,374 2,759 2,960 2,089 1,248 1,663 2,476 .. Private creditors .. 566 17,072 2,878 2,832 2,042 745 8,773 16,837 .. Memo: export credits .. 0 70,087 31,315 29,470 27,486 24,741 26,003 26,742 .. TOTAL DEBT FLOWS Disbursements 6,576 44,392 32,573 145,844 128,810 117,752 121,317 97,110 116,018 83,774 Long-term debt 6,452 43,978 27,737 140,808 121,043 114,242 104,106 79,467 91,890 79,806 IMF purchases 124 415 4,836 5,036 7,767 3,510 17,210 17,644 24,129 3,968 Principal repayments 3,751 21,666 22,109 80,225 108,431 124,560 102,372 95,659 109,957 84,346 Long-term debt 3,453 21,174 18,454 77,698 99,771 110,323 100,749 89,894 91,397 75,755 IMF repurchases 298 492 3,655 2,527 8,660 14,237 1,623 5,765 18,559 8,591 Net flows on debt 2,825 45,710 18,116 37,310 12,073 -8,363 5,385 -8,550 3,266 2,496 of which short-term debt .. 22,983 7,653 -28,308 -8,306 -1,556 -13,560 -10,001 -2,796 3,068 Interest payments (INT) .. 24,350 21,974 46,311 51,919 55,292 47,380 39,562 39,610 36,742 Long-term debt 1,396 17,361 18,129 38,997 44,726 47,947 42,204 35,897 36,062 33,048 IMF charges 0 95 1,459 828 1,040 777 608 1,195 1,323 1,370 Short-term debt .. 6,895 2,386 6,485 6,153 6,568 4,567 2,471 2,226 2,324 Net transfers on debt .. 21,359 -3,857 -9,000 -39,847 -63,656 -41,994 -48,112 -36,344 -34,246 Total debt service paid (TDS) .. 46,017 44,083 126,535 160,350 179,852 149,751 135,221 149,567 121,087 Long-term debt 4,849 38,534 36,583 116,695 144,497 158,270 142,953 125,791 127,459 108,803 IMF repurchases and charges 298 587 5,114 3,355 9,700 15,014 2,231 6,960 19,882 9,960 Short-term debt (interest only) .. 6,895 2,386 6,485 6,153 6,568 4,567 2,471 2,226 2,324 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 4,315 29,591 22,217 138,134 108,716 84,742 79,288 39,513 43,455 48,110 Net flow of long-term debt (ex. IMF) 2,999 22,804 9,282 63,110 21,272 3,920 3,358 -10,428 492 4,050 Foreign direct investment (net) 1,182 6,361 8,192 74,017 88,172 78,917 70,211 45,727 36,533 42,400 Portfolio equity flows 0 0 2,464 -2,170 -3,624 -566 2,509 1,444 3,376 -1,535 Grants (excluding technical coop.) 134 426 2,279 3,177 2,896 2,471 3,211 2,770 3,054 3,195 Memo: technical coop. grants 258 757 1,954 2,260 2,471 2,933 3,141 3,109 3,811 3,986 official net resource flows 964 4,724 9,022 11,576 5,375 2,070 8,031 3,868 2,369 -2,469 private net resource flows 3,351 24,867 13,196 126,559 103,341 82,672 71,257 35,646 41,087 50,579 NET TRANSFERS 2,253 7,011 -3,441 77,684 46,148 13,938 15,767 -15,537 -16,120 -6,038 Interest on long-term debt 1,396 17,361 18,129 38,997 44,726 47,947 42,204 35,897 36,062 33,048 Profit remittances on FDI 666 5,220 7,530 21,453 17,842 22,857 21,317 19,153 23,513 21,100 Memo: official net transfers 662 2,948 3,524 4,310 -3,352 -6,512 22 -3,273 -4,345 -7,783 private net transfers 1,591 4,062 -6,965 73,374 49,499 20,450 15,745 -12,264 -11,774 1,745 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 159,334 711,315 1,054,884 1,947,293 1,725,222 1,913,937 1,847,578 1,634,550 1,666,221 1,782,502 Exports of goods, serv. & inc. (XGS) 4,243 126,588 185,104 375,734 392,201 466,159 448,269 447,223 487,579 579,172 Worker remit. & comp. of employees 55 1,921 5,761 15,946 17,742 20,185 24,153 28,079 34,390 36,920 Imports of goods & services (MGS) 4,733 157,248 191,462 469,537 452,528 517,169 506,442 467,186 484,391 569,925 International reserves (RES) 5,444 57,152 58,687 166,166 158,682 160,431 162,070 164,811 200,945 214,306 Current account balance -541 -29,866 -1,088 -89,656 -55,749 -47,211 -53,733 -15,759 7,829 18,202 4. DEBT INDICATORS EDT / XGS (%) .. 191.8 240.4 200.2 196.8 162.0 167.1 166.9 159.9 133.5 EDT / GNI (%) .. 34.1 42.2 38.6 44.7 39.5 40.5 45.7 46.8 43.4 TDS / XGS (%) .. 36.4 23.8 33.7 40.9 38.6 33.4 30.2 30.7 20.9 INT / XGS (%) .. 19.2 11.9 12.3 13.2 11.9 10.6 8.8 8.1 6.3 INT / GNI (%) .. 3.4 2.1 2.4 3.0 2.9 2.6 2.4 2.4 2.1 RES / EDT (%) .. 23.5 13.2 22.1 20.6 21.2 21.6 22.1 25.8 27.7 RES / MGS (months) .. 4.4 3.7 4.2 4.2 3.7 3.8 4.2 5.0 4.5 Short-term / EDT (%) .. 28.2 16.5 15.8 14.2 14.2 12.5 10.6 10.7 12.1 Concessional / EDT (%) .. 4.1 5.4 4.4 4.4 4.1 4.0 4.2 4.5 4.6 Multilateral / EDT (%) .. 5.8 13.5 11.1 11.9 12.3 13.1 13.7 13.9 14.0 15 LATIN AMERICA AND CARIBBEAN (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 27,645 172,967 352,971 611,265 642,001 638,795 631,777 628,984 648,564 637,395 Public and publicly guaranteed 15,772 130,520 327,942 391,113 399,620 397,348 393,301 403,221 420,708 441,753 Official creditors 8,125 31,058 121,492 139,050 142,734 141,299 138,958 144,807 149,116 146,655 Multilateral 2,950 14,129 59,980 83,818 91,614 93,206 97,931 102,493 108,062 108,203 Concessional 305 2,353 5,892 9,762 10,449 10,569 10,890 11,727 13,797 15,306 Bilateral 5,176 16,928 61,513 55,232 51,120 48,092 41,026 42,314 41,054 38,452 Concessional 3,922 7,674 18,117 23,404 23,849 20,580 18,846 19,888 20,900 20,637 Private creditors 7,647 99,463 206,450 252,063 256,886 256,050 254,343 258,415 271,592 295,098 Bonds 1,240 9,599 75,976 204,102 215,351 214,730 212,018 220,632 238,074 255,183 Commercial banks 3,071 76,699 101,797 40,130 32,863 33,121 35,698 32,550 29,245 35,831 Other private 3,336 13,166 28,677 7,831 8,672 8,198 6,627 5,232 4,273 4,084 Private nonguaranteed 11,873 42,447 25,029 220,152 242,380 241,447 238,476 225,763 227,856 195,642 Bonds 0 0 171 53,999 58,499 60,435 60,918 58,479 61,982 61,480 Commercial banks and other 11,873 42,447 24,858 166,153 183,882 181,012 177,558 167,284 165,874 134,162 Memo: IBRD 2,067 7,706 34,760 34,519 36,097 37,532 38,223 38,091 37,847 35,920 IDA 112 427 1,117 2,989 3,369 3,387 3,516 3,991 4,614 4,927 DISBURSEMENTS 6,452 43,978 27,737 140,808 121,043 114,242 104,106 79,467 91,890 79,806 Public and publicly guaranteed 3,692 31,017 23,035 61,476 56,834 56,424 50,940 41,693 51,831 55,012 Official creditors 1,340 6,431 13,185 22,339 17,622 16,483 15,710 16,191 19,168 10,844 Multilateral 582 2,967 8,986 17,541 14,801 13,593 12,832 12,052 17,487 7,512 Concessional 76 492 451 832 1,029 695 785 820 1,586 983 Bilateral 757 3,464 4,199 4,798 2,821 2,891 2,878 4,140 1,681 3,332 Concessional 434 718 1,946 995 1,304 1,617 1,109 1,567 1,227 1,786 Private creditors 2,352 24,586 9,850 39,137 39,212 39,940 35,230 25,501 32,663 44,168 Bonds 132 1,219 1,938 24,309 29,947 32,563 26,194 16,697 26,144 30,190 Commercial banks 1,229 19,937 4,803 13,965 6,487 6,585 8,310 8,203 5,854 13,078 Other private 991 3,430 3,108 863 2,777 793 726 601 665 900 Private nonguaranteed 2,760 12,960 4,702 79,332 64,209 57,819 53,167 37,774 40,059 24,794 Bonds 0 0 171 15,985 10,932 8,312 6,832 4,558 9,734 9,645 Commercial banks and other 2,760 12,960 4,531 63,346 53,277 49,507 46,335 33,216 30,325 15,149 Memo: IBRD 354 1,586 6,139 5,769 5,485 5,609 4,857 4,390 6,376 3,324 IDA 9 60 119 309 499 202 274 250 323 345 PRINCIPAL REPAYMENTS 3,453 21,174 18,454 77,698 99,771 110,323 100,749 89,894 91,397 75,755 Public and publicly guaranteed 1,682 14,213 16,238 39,389 44,228 52,274 47,974 44,000 48,950 35,909 Official creditors 509 2,133 6,442 13,941 15,143 16,885 10,890 15,093 19,854 16,508 Multilateral 171 712 4,751 6,170 7,783 9,820 6,374 9,723 15,080 10,959 Concessional 7 37 148 269 257 264 256 242 317 401 Bilateral 339 1,421 1,691 7,771 7,360 7,065 4,516 5,371 4,774 5,549 Concessional 119 369 184 1,343 1,488 1,275 1,266 1,491 1,464 1,697 Private creditors 1,173 12,080 9,796 25,449 29,085 35,390 37,084 28,906 29,096 19,402 Bonds 77 401 2,008 15,331 13,666 26,718 24,348 13,800 17,640 11,990 Commercial banks 618 9,331 5,214 7,597 13,499 7,081 10,374 12,874 9,859 6,345 Other private 478 2,348 2,575 2,521 1,920 1,591 2,362 2,232 1,597 1,066 Private nonguaranteed 1,771 6,960 2,216 38,309 55,543 58,048 52,775 45,895 42,448 39,846 Bonds 0 0 0 7,694 7,899 8,849 5,865 7,670 5,370 10,148 Commercial banks and other 1,771 6,960 2,216 30,614 47,644 49,200 46,909 38,224 37,078 29,698 Memo: IBRD 105 395 3,310 3,641 3,833 3,811 3,843 4,921 7,119 5,485 IDA 0 2 9 18 15 18 12 20 22 47 NET FLOWS ON DEBT 2,999 22,804 9,282 63,110 21,272 3,920 3,358 -10,428 492 4,050 Public and publicly guaranteed 2,010 16,804 6,796 22,087 12,606 4,150 2,965 -2,307 2,881 19,102 Official creditors 830 4,298 6,743 8,399 2,479 -401 4,820 1,098 -685 -5,664 Multilateral 412 2,255 4,235 11,371 7,018 3,773 6,458 2,329 2,407 -3,447 Concessional 69 455 302 563 772 432 530 578 1,270 581 Bilateral 419 2,043 2,507 -2,973 -4,539 -4,174 -1,638 -1,231 -3,093 -2,217 Concessional 316 349 1,763 -348 -185 341 -158 76 -238 89 Private creditors 1,180 12,506 54 13,688 10,127 4,551 -1,855 -3,405 3,567 24,766 Bonds 55 819 -70 8,978 16,281 5,845 1,847 2,897 8,504 18,199 Commercial banks 612 10,605 -410 6,368 -7,011 -496 -2,065 -4,671 -4,005 6,732 Other private 513 1,082 534 -1,658 857 -798 -1,636 -1,631 -932 -166 Private nonguaranteed 989 6,000 2,486 41,023 8,666 -230 392 -8,121 -2,389 -15,052 Bonds 0 0 171 8,291 3,034 -537 966 -3,112 4,365 -503 Commercial banks and other 989 6,000 2,315 32,732 5,633 307 -574 -5,008 -6,753 -14,549 Memo: IBRD 249 1,192 2,829 2,127 1,652 1,798 1,014 -531 -743 -2,161 IDA 9 58 110 291 484 184 261 230 301 299 16 LATIN AMERICA AND CARIBBEAN (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 INTEREST PAYMENTS (LINT) 1,396 17,361 18,129 38,997 44,726 47,947 42,204 35,897 36,062 33,048 Public and publicly guaranteed 767 12,932 15,867 23,355 26,817 29,905 24,715 22,039 22,229 21,103 Official creditors 302 1,776 5,498 7,266 8,727 8,582 8,009 7,141 6,714 5,313 Multilateral 157 1,001 4,125 4,500 6,081 6,354 6,236 5,494 5,281 3,984 Concessional 7 49 103 168 154 165 128 122 173 199 Bilateral 145 775 1,373 2,765 2,646 2,228 1,773 1,647 1,432 1,329 Concessional 75 201 135 834 751 667 605 549 531 522 Private creditors 465 11,156 10,369 16,089 18,090 21,323 16,706 14,898 15,515 15,790 Bonds 72 727 2,398 13,269 14,973 17,250 12,402 11,313 12,200 13,900 Commercial banks 228 9,446 6,696 2,273 2,635 3,276 3,481 3,299 3,124 1,716 Other private 165 983 1,275 548 481 796 822 285 191 174 Private nonguaranteed 628 4,429 2,262 15,642 17,910 18,043 17,490 13,858 13,833 11,945 Bonds 0 0 0 4,228 4,791 5,193 5,373 4,296 4,313 4,237 Commercial banks and other 628 4,429 2,262 11,414 13,119 12,849 12,116 9,562 9,520 7,708 Memo: IBRD 114 633 2,538 2,115 2,476 2,810 2,827 2,298 1,898 1,414 IDA 1 3 8 18 15 17 12 18 21 33 NET TRANSFERS ON DEBT 1,603 5,443 -8,846 24,113 -23,454 -44,028 -38,847 -46,325 -35,569 -28,997 Public and publicly guaranteed 1,243 3,872 -9,071 -1,268 -14,211 -25,755 -21,749 -24,346 -19,348 -2,001 Official creditors 528 2,522 1,245 1,133 -6,248 -8,983 -3,189 -6,043 -7,399 -10,977 Multilateral 254 1,254 111 6,871 937 -2,581 222 -3,165 -2,874 -7,431 Concessional 62 407 199 395 618 266 402 455 1,097 383 Bilateral 274 1,268 1,134 -5,738 -7,185 -6,402 -3,411 -2,878 -4,525 -3,546 Concessional 241 148 1,628 -1,182 -936 -326 -762 -473 -769 -433 Private creditors 715 1,350 -10,316 -2,401 -7,963 -16,772 -18,560 -18,303 -11,949 8,976 Bonds -17 92 -2,468 -4,291 1,308 -11,406 -10,555 -8,417 -3,696 4,300 Commercial banks 383 1,160 -7,107 4,096 -9,647 -3,772 -5,546 -7,970 -7,130 5,016 Other private 348 99 -741 -2,206 376 -1,594 -2,458 -1,916 -1,123 -339 Private nonguaranteed 360 1,571 224 25,381 -9,243 -18,272 -17,097 -21,979 -16,221 -26,997 Bonds 0 0 171 4,063 -1,757 -5,730 -4,407 -7,409 52 -4,740 Commercial banks and other 360 1,571 53 21,317 -7,486 -12,542 -12,690 -14,570 -16,273 -22,257 Memo: IBRD 135 559 291 12 -824 -1,012 -1,813 -2,829 -2,641 -3,575 IDA 8 55 102 273 469 167 249 212 280 266 DEBT SERVICE (LTDS) 4,849 38,534 36,583 116,695 144,497 158,270 142,953 125,791 127,459 108,803 Public and publicly guaranteed 2,449 27,145 32,105 62,744 71,044 82,179 72,689 66,038 71,179 57,012 Official creditors 812 3,909 11,940 21,206 23,870 25,467 18,899 22,234 26,567 21,821 Multilateral 328 1,713 8,875 10,670 13,864 16,174 12,610 15,217 20,361 14,943 Concessional 14 85 252 436 411 429 383 364 490 600 Bilateral 484 2,196 3,064 10,536 10,006 9,293 6,289 7,017 6,206 6,878 Concessional 193 570 319 2,177 2,240 1,942 1,871 2,041 1,995 2,219 Private creditors 1,638 23,236 20,165 41,538 47,174 56,712 53,790 43,804 44,612 35,191 Bonds 149 1,128 4,406 28,599 28,639 43,968 36,750 25,113 29,840 25,890 Commercial banks 846 18,777 11,910 9,870 16,134 10,357 13,856 16,174 12,983 8,061 Other private 643 3,331 3,849 3,069 2,401 2,387 3,184 2,517 1,788 1,240 Private nonguaranteed 2,400 11,389 4,478 53,951 73,453 76,091 70,264 59,753 56,280 51,791 Bonds 0 0 0 11,922 12,690 14,042 11,239 11,967 9,682 14,385 Commercial banks and other 2,400 11,389 4,478 42,029 60,763 62,049 59,025 47,786 46,598 37,406 Memo: IBRD 219 1,028 5,848 5,757 6,309 6,621 6,670 7,219 9,017 6,899 IDA 1 5 17 36 30 35 24 38 43 80 UNDISBURSED DEBT 5,229 35,865 46,011 95,993 95,435 79,624 68,365 65,006 69,837 .. Official creditors 3,262 20,707 31,386 64,365 67,361 51,141 44,566 43,870 37,873 .. Private creditors 1,967 15,158 14,624 31,627 28,074 28,483 23,799 21,136 31,964 .. Memorandum items Concessional LDOD 4,227 10,027 24,009 33,166 34,298 31,149 29,736 31,615 34,696 .. Variable rate LDOD 12,501 117,262 196,142 390,632 411,672 390,597 378,247 363,639 363,170 .. Public sector LDOD 15,276 124,749 324,572 386,685 395,046 394,585 391,142 400,772 417,822 .. Private sector LDOD 12,369 48,218 28,399 224,580 246,955 244,210 240,634 228,213 230,742 .. 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 12.0 12.2 .. Deutsche mark 7.8 6.1 6.3 5.8 4.5 3.8 3.2 .. .. .. French franc 2.3 2.0 3.9 1.8 1.4 1.0 1.0 .. .. .. Japanese yen 0.1 4.9 6.2 6.4 6.8 6.5 5.9 5.7 5.2 .. Pound sterling 4.6 1.5 1.6 1.1 0.9 0.6 0.5 0.5 0.4 .. Swiss franc 1.9 1.3 0.9 0.4 0.3 0.2 0.2 0.2 0.2 .. U.S.dollars 63.0 70.1 59.5 72.7 73.5 74.5 76.2 76.0 76.9 .. Multiple currency 16.9 10.5 18.8 7.5 6.9 6.2 5.7 5.2 4.7 .. Special drawing rights 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 .. All other currencies 3.5 3.7 2.7 4.3 5.8 7.0 7.3 0.3 0.2 .. 17 LATIN AMERICA AND CARIBBEAN (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 7. DEBT RESTRUCTURINGS Total amount rescheduled 117 1,124 63,739 4,978 1,194 5,167 369 126 3,492 .. Debt stock rescheduled 0 1 59,026 4,459 582 3,783 158 0 3,076 .. Principal rescheduled 0 104 3,055 105 387 852 1,186 61 80 .. Official 0 0 1,533 99 370 734 167 59 80 .. Private 0 104 1,522 6 17 118 1,020 3 0 .. Interest rescheduled 0 0 1,507 457 98 236 150 42 31 .. Official 0 0 960 307 91 217 81 41 31 .. Private 0 0 547 150 7 18 69 1 0 .. Debt forgiven 6 28 180 230 170 98 243 382 336 .. Memo: interest forgiven 0 0 259 25 29 20 388 202 193 .. Debt stock reduction 0 0 21,301 2,903 5,915 19,728 15,065 4,553 11 .. of which debt buyback 0 0 2,756 2,158 4,131 15,851 13,282 3,820 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 17,407 45,363 19,982 81,827 19,603 -16,689 -5,966 -2,951 33,407 .. Net flows on debt 2,825 45,710 18,116 37,310 12,073 -8,363 5,385 -8,550 3,266 2,496 Net change in interest arrears 0 -20 9,065 335 -1,358 -273 -443 5,441 7,167 .. Interest capitalized 0 0 1,507 457 98 236 150 42 31 .. Debt forgiveness or reduction -6 -28 -18,724 -975 -1,954 -3,975 -2,025 -1,115 -347 .. Cross-currency valuation -50 -891 11,548 5,885 -5,622 -10,127 -7,544 15,476 18,000 .. Residual 14,638 593 -1,530 38,815 16,367 5,815 -1,490 -14,246 5,290 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 7.0 11.4 7.9 7.6 8.1 8.3 6.6 6.0 5.7 .. Maturity (years) 14.4 11.6 15.1 10.2 10.3 12.6 12.1 13.6 11.8 .. Grace period (years) 3.6 4.2 5.1 5.1 6.3 9.0 7.2 7.4 9.0 .. Grant element (%) 16.7 -5.4 12.3 9.0 8.8 5.3 15.6 21.1 20.7 .. Official creditors Interest (%) 6.0 7.8 7.0 6.4 5.6 5.9 5.2 4.0 3.1 .. Maturity (years) 23.4 17.2 18.1 9.1 14.5 12.6 15.5 17.6 13.2 .. Grace period (years) 5.5 4.5 5.0 2.5 4.8 3.1 3.8 4.4 4.3 .. Grant element (%) 27.5 15.0 18.8 12.1 24.7 18.7 25.6 35.2 37.6 .. Private creditors Interest (%) 7.7 12.9 9.1 8.5 9.5 9.4 7.3 7.5 6.5 .. Maturity (years) 8.9 9.3 11.1 11.1 7.9 12.6 10.2 10.6 11.4 .. Grace period (years) 2.4 4.0 5.3 7.3 7.2 11.6 9.1 9.7 10.5 .. Grant element (%) 10.1 -13.7 3.6 6.4 -0.3 -0.3 10.3 10.8 15.4 .. Memorandum items Commitments 4,380 33,868 26,139 87,676 57,693 63,520 66,518 36,563 61,100 .. Official creditors 1,649 9,739 14,921 40,117 21,081 18,951 23,270 15,357 14,659 .. Private creditors 2,731 24,129 11,218 47,559 36,612 44,569 43,248 21,205 46,441 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 160.0 2004 2004 140.0 2003 2003 120.0 2002 2002 100.0 2001 2001 80.0 2000 2000 60.0 1999 1999 40.0 1998 1998 20.0 1997 1997 0.0 1997 1998 1999 2000 2001 2002 2003 2004 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 18 2/16/05 12:15 PM MIDDLE EAST AND NORTH AFRICA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 4,822 64,482 139,555 160,930 155,795 144,554 142,141 150,180 158,827 155,469 Long-term debt (LDOD) 4,167 54,538 118,044 135,903 129,661 121,209 121,473 129,471 136,712 133,544 Public and publicly guaranteed 4,152 53,943 116,626 128,891 122,678 114,680 114,908 123,016 129,966 125,980 Private nonguaranteed 15 595 1,418 7,012 6,983 6,529 6,564 6,455 6,747 7,564 Use of IMF credit 100 916 1,815 2,954 2,901 2,542 2,340 2,219 1,831 1,387 Short-term debt .. 9,028 19,696 22,072 23,233 20,803 18,329 18,490 20,284 20,537 of which interest arrears on LDOD .. 391 2,878 2,381 2,548 2,666 2,722 2,807 2,784 .. Official creditors .. 391 1,647 2,232 2,402 2,523 2,580 2,658 2,625 .. Private creditors .. 0 1,231 149 146 143 142 150 159 .. Memo: principal arrears on LDOD .. 114 8,187 9,167 10,217 11,095 11,679 12,542 12,794 .. Official creditors .. 108 3,579 8,082 9,122 10,033 10,619 11,456 11,676 .. Private creditors .. 6 4,608 1,086 1,096 1,062 1,060 1,086 1,118 .. Memo: export credits .. 0 49,584 26,575 24,237 22,875 21,161 23,269 25,613 .. TOTAL DEBT FLOWS Disbursements 891 11,786 13,324 10,855 9,674 9,629 12,862 14,074 12,127 16,701 Long-term debt 853 11,435 13,258 10,404 9,173 9,605 12,698 13,976 12,127 16,701 IMF purchases 38 350 65 451 501 24 165 99 0 0 Principal repayments 413 5,021 12,618 10,598 13,630 11,592 10,186 12,080 14,640 16,981 Long-term debt 382 4,789 12,221 10,104 13,150 11,354 9,908 11,684 14,080 16,560 IMF repurchases 31 233 397 494 480 238 278 396 560 421 Net flows on debt 478 7,971 2,330 3,600 -2,963 -4,511 146 2,070 -696 -64 of which short-term debt .. 1,207 1,625 3,343 993 -2,548 -2,530 76 1,817 216 Interest payments (INT) .. 4,216 5,980 6,907 6,493 6,213 5,771 5,759 6,179 5,436 Long-term debt 100 3,315 4,578 5,807 5,378 5,164 4,959 5,171 5,546 4,829 IMF charges 0 32 180 127 111 130 104 60 35 25 Short-term debt .. 868 1,221 974 1,005 919 708 527 598 583 Net transfers on debt .. 3,755 -3,649 -3,308 -9,456 -10,724 -5,625 -3,689 -6,875 -5,501 Total debt service paid (TDS) .. 9,238 18,598 17,506 20,123 17,805 15,958 17,839 20,819 22,418 Long-term debt 482 8,104 16,799 15,911 18,528 16,518 14,868 16,855 19,626 21,389 IMF repurchases and charges 31 265 577 621 591 368 382 456 595 446 Short-term debt (interest only) .. 868 1,221 974 1,005 919 708 527 598 583 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 963 12,674 9,879 7,114 3,111 5,813 10,607 8,295 6,497 8,361 Net flow of long-term debt (ex. IMF) 471 6,647 1,037 300 -3,977 -1,749 2,789 2,292 -1,953 141 Foreign direct investment (net) 112 1,456 741 3,146 3,741 4,264 5,723 3,808 4,755 4,100 Portfolio equity flows -1 0 5 206 644 243 -123 -233 100 160 Grants (excluding technical coop.) 382 4,571 8,096 3,463 2,703 3,055 2,217 2,428 3,594 3,960 Memo: technical coop. grants 263 985 2,516 1,626 2,110 1,583 1,881 2,166 2,176 2,398 official net resource flows 574 9,221 9,560 1,937 187 513 1,164 175 1,649 1,745 private net resource flows 389 3,453 319 5,177 2,924 5,300 9,444 8,120 4,848 6,616 NET TRANSFERS 864 8,169 4,297 -415 -4,357 -1,969 3,093 98 -2,549 732 Interest on long-term debt 100 3,315 4,578 5,807 5,378 5,164 4,959 5,171 5,546 4,829 Profit remittances on FDI 0 1,189 1,004 1,722 2,090 2,617 2,554 3,026 3,499 2,800 Memo: official net transfers 509 8,448 7,483 -1,856 -3,234 -2,608 -1,785 -2,980 -1,627 -612 private net transfers 354 -279 -3,186 1,441 -1,123 640 4,879 3,078 -922 1,344 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 20,775 168,080 232,814 343,882 345,505 374,131 399,985 388,869 432,312 460,481 Exports of goods, serv. & inc. (XGS) 0 64,435 88,821 97,886 114,394 136,040 136,326 146,215 170,373 209,878 Worker remit. & comp. of employees 211 5,304 11,711 12,474 12,153 12,329 14,400 14,822 16,083 16,954 Imports of goods & services (MGS) 0 66,314 84,060 105,459 103,491 110,385 116,803 127,290 145,885 165,740 International reserves (RES) 1,668 34,142 17,195 48,123 47,185 51,587 60,868 74,163 97,676 110,124 Current account balance 0 -2,818 6,910 -12,886 1,795 13,051 6,748 6,077 6,585 6,489 4. DEBT INDICATORS EDT / XGS (%) .. 100.1 157.1 164.4 136.2 106.3 104.3 102.7 93.2 74.1 EDT / GNI (%) .. 38.4 59.9 46.8 45.1 38.6 35.5 38.6 36.7 33.8 TDS / XGS (%) .. 14.3 20.9 17.9 17.6 13.1 11.7 12.2 12.2 10.7 INT / XGS (%) .. 6.5 6.7 7.1 5.7 4.6 4.2 3.9 3.6 2.6 INT / GNI (%) .. 2.5 2.6 2.0 1.9 1.7 1.4 1.5 1.4 1.2 RES / EDT (%) .. 52.9 12.3 29.9 30.3 35.7 42.8 49.4 61.5 70.8 RES / MGS (months) .. 6.2 2.5 5.5 5.5 5.6 6.3 7.0 8.0 8.0 Short-term / EDT (%) .. 14.0 14.1 13.7 14.9 14.4 12.9 12.3 12.8 13.2 Concessional / EDT (%) .. 27.7 31.2 38.5 39.3 39.8 39.2 38.5 38.4 39.1 Multilateral / EDT (%) .. 8.6 11.2 15.1 15.6 16.2 16.3 16.2 16.8 16.6 19 MIDDLE EAST AND NORTH AFRICA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 4,167 54,538 118,044 135,903 129,661 121,209 121,473 129,471 136,712 133,544 Public and publicly guaranteed 4,152 53,943 116,626 128,891 122,678 114,680 114,908 123,016 129,966 125,980 Official creditors 3,043 27,520 71,057 100,928 95,390 88,169 85,931 89,130 94,323 91,665 Multilateral 172 5,524 15,606 24,315 24,299 23,387 23,187 24,393 26,740 25,808 Concessional 32 2,535 3,573 7,102 7,583 7,840 8,109 8,550 9,696 10,055 Bilateral 2,871 21,996 55,451 76,613 71,090 64,782 62,744 64,737 67,584 65,856 Concessional 2,466 15,330 40,018 54,806 53,597 49,651 47,606 49,205 51,274 50,769 Private creditors 1,108 26,424 45,569 27,963 27,289 26,511 28,977 33,886 35,643 34,316 Bonds 38 720 1,683 4,967 6,693 7,600 11,640 16,335 17,466 18,294 Commercial banks 56 10,395 15,236 11,055 10,528 10,163 9,131 8,865 8,404 6,279 Other private 1,014 15,309 28,650 11,941 10,067 8,748 8,207 8,686 9,773 9,743 Private nonguaranteed 15 595 1,418 7,012 6,983 6,529 6,564 6,455 6,747 7,564 Bonds 0 0 0 785 771 836 936 801 796 1,396 Commercial banks and other 15 595 1,418 6,227 6,212 5,693 5,628 5,654 5,951 6,168 Memo: IBRD 139 2,384 8,300 8,823 8,371 7,667 7,293 7,502 7,827 7,134 IDA 32 669 1,774 2,559 2,698 2,685 2,680 2,916 3,196 3,263 DISBURSEMENTS 853 11,435 13,258 10,404 9,173 9,605 12,698 13,976 12,127 16,701 Public and publicly guaranteed 845 11,182 13,169 7,452 8,043 8,192 11,220 12,210 10,445 13,058 Official creditors 420 5,559 5,721 3,807 3,920 3,344 3,740 3,339 4,427 5,228 Multilateral 32 705 2,380 2,550 2,766 1,867 2,449 2,390 3,469 2,954 Concessional 8 182 242 816 922 526 790 569 1,272 1,039 Bilateral 388 4,854 3,341 1,257 1,154 1,477 1,291 950 958 2,275 Concessional 255 3,449 1,864 906 885 781 904 731 751 1,696 Private creditors 425 5,623 7,448 3,645 4,123 4,848 7,480 8,871 6,018 7,829 Bonds 5 66 0 1,450 1,480 2,031 4,853 6,070 2,675 3,540 Commercial banks 17 1,711 727 956 1,011 1,377 1,010 1,359 1,164 2,172 Other private 403 3,845 6,721 1,238 1,632 1,440 1,617 1,441 2,179 2,117 Private nonguaranteed 8 254 89 2,952 1,130 1,413 1,478 1,766 1,682 3,644 Bonds 0 0 0 0 146 115 200 140 160 750 Commercial banks and other 8 254 89 2,952 984 1,298 1,278 1,626 1,522 2,894 Memo: IBRD 23 421 1,164 610 990 532 707 501 577 386 IDA 8 82 37 180 207 118 118 155 148 164 PRINCIPAL REPAYMENTS 382 4,789 12,221 10,104 13,150 11,354 9,908 11,684 14,080 16,560 Public and publicly guaranteed 379 4,675 12,044 9,302 10,937 10,579 8,843 9,686 12,499 14,374 Official creditors 228 909 4,257 5,333 6,436 5,885 4,794 5,592 6,372 7,443 Multilateral 16 202 1,304 1,983 2,042 2,036 2,096 2,667 3,293 3,769 Concessional 0 6 141 305 304 377 405 441 572 581 Bilateral 212 707 2,954 3,349 4,394 3,849 2,698 2,925 3,079 3,675 Concessional 137 386 1,597 1,325 1,309 1,499 1,674 1,884 1,845 1,956 Private creditors 152 3,766 7,787 3,969 4,501 4,694 4,049 4,093 6,127 6,931 Bonds 3 33 76 10 44 896 574 925 1,981 2,614 Commercial banks 2 1,424 1,956 1,187 1,578 1,474 1,448 1,526 2,356 2,156 Other private 146 2,309 5,754 2,772 2,880 2,324 2,027 1,643 1,790 2,160 Private nonguaranteed 3 114 177 803 2,213 775 1,065 1,998 1,581 2,186 Bonds 0 0 0 100 160 50 100 275 165 150 Commercial banks and other 3 114 177 703 2,053 725 965 1,723 1,416 2,036 Memo: IBRD 16 140 761 936 945 872 832 854 958 1,078 IDA 0 1 14 36 40 45 54 61 68 67 NET FLOWS ON DEBT 471 6,647 1,037 300 -3,977 -1,749 2,789 2,292 -1,953 141 Public and publicly guaranteed 466 6,507 1,125 -1,850 -2,894 -2,388 2,377 2,524 -2,054 -1,316 Official creditors 193 4,650 1,464 -1,526 -2,516 -2,541 -1,054 -2,253 -1,945 -2,215 Multilateral 16 503 1,076 566 724 -169 354 -278 176 -815 Concessional 8 175 101 511 618 149 386 128 699 458 Bilateral 176 4,147 388 -2,092 -3,239 -2,373 -1,407 -1,975 -2,121 -1,400 Concessional 118 3,064 267 -419 -424 -718 -770 -1,154 -1,093 -260 Private creditors 273 1,857 -338 -324 -378 154 3,431 4,777 -109 899 Bonds 2 34 -76 1,440 1,436 1,135 4,279 5,145 694 926 Commercial banks 15 286 -1,229 -230 -566 -97 -439 -166 -1,192 15 Other private 257 1,537 967 -1,533 -1,248 -884 -410 -201 389 -43 Private nonguaranteed 5 140 -88 2,150 -1,084 639 413 -232 101 1,458 Bonds 0 0 0 -100 -14 65 100 -135 -5 600 Commercial banks and other 5 140 -88 2,250 -1,070 574 313 -97 106 858 Memo: IBRD 8 281 403 -325 46 -339 -125 -353 -381 -692 IDA 8 81 24 144 167 73 63 94 80 98 20 MIDDLE EAST AND NORTH AFRICA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 INTEREST PAYMENTS (LINT) 100 3,315 4,578 5,807 5,378 5,164 4,959 5,171 5,546 4,829 Public and publicly guaranteed 99 3,266 4,474 5,417 5,066 4,852 4,664 4,949 5,306 4,285 Official creditors 65 773 2,077 3,793 3,422 3,122 2,949 3,155 3,275 2,357 Multilateral 9 238 860 1,320 1,387 1,306 1,218 1,223 1,131 977 Concessional 0 19 56 184 185 188 244 217 248 273 Bilateral 56 534 1,217 2,473 2,034 1,815 1,731 1,932 2,144 1,380 Concessional 42 331 438 1,012 838 756 797 1,104 1,374 617 Private creditors 34 2,493 2,397 1,624 1,644 1,730 1,716 1,794 2,031 1,928 Bonds 2 71 124 241 353 474 750 1,101 1,372 1,311 Commercial banks 0 1,330 851 504 604 657 493 324 314 298 Other private 32 1,092 1,422 878 687 599 473 370 345 318 Private nonguaranteed 1 50 104 390 312 313 295 222 240 544 Bonds 0 0 0 77 69 69 77 83 73 87 Commercial banks and other 1 50 104 312 243 244 218 139 167 457 Memo: IBRD 9 198 598 582 617 603 535 454 392 302 IDA 0 5 12 18 19 20 20 21 22 26 NET TRANSFERS ON DEBT 371 3,331 -3,541 -5,507 -9,355 -6,913 -2,170 -2,879 -7,499 -4,688 Public and publicly guaranteed 367 3,241 -3,349 -7,267 -7,959 -7,239 -2,288 -2,425 -7,360 -5,601 Official creditors 128 3,877 -613 -5,319 -5,937 -5,663 -4,002 -5,408 -5,220 -4,572 Multilateral 7 265 216 -754 -663 -1,475 -865 -1,500 -955 -1,792 Concessional 8 156 45 327 434 -40 142 -90 451 186 Bilateral 120 3,612 -829 -4,565 -5,274 -4,188 -3,138 -3,908 -4,265 -2,780 Concessional 76 2,733 -171 -1,430 -1,262 -1,474 -1,567 -2,257 -2,467 -877 Private creditors 239 -636 -2,735 -1,948 -2,022 -1,576 1,715 2,983 -2,140 -1,029 Bonds -1 -38 -201 1,198 1,083 660 3,529 4,044 -678 -385 Commercial banks 14 -1,044 -2,080 -735 -1,171 -754 -931 -490 -1,506 -283 Other private 225 445 -455 -2,411 -1,935 -1,483 -882 -571 44 -361 Private nonguaranteed 4 90 -192 1,760 -1,396 326 118 -454 -139 914 Bonds 0 0 0 -177 -83 -4 23 -218 -78 513 Commercial banks and other 4 90 -192 1,937 -1,313 330 94 -236 -61 400 Memo: IBRD -1 83 -195 -907 -571 -942 -659 -806 -773 -995 IDA 8 76 11 126 148 54 43 73 57 72 DEBT SERVICE (LTDS) 482 8,104 16,799 15,911 18,528 16,518 14,868 16,855 19,626 21,389 Public and publicly guaranteed 479 7,941 16,518 14,719 16,003 15,431 13,507 14,635 17,805 18,659 Official creditors 292 1,682 6,334 9,126 9,858 9,007 7,742 8,747 9,647 9,800 Multilateral 25 440 2,164 3,304 3,429 3,342 3,314 3,890 4,424 4,746 Concessional 0 25 197 489 489 566 649 659 820 854 Bilateral 268 1,242 4,170 5,822 6,428 5,665 4,429 4,857 5,223 5,054 Concessional 179 717 2,035 2,337 2,147 2,254 2,471 2,988 3,218 2,573 Private creditors 186 6,259 10,184 5,593 6,145 6,424 5,765 5,888 8,158 8,859 Bonds 6 104 201 252 397 1,371 1,324 2,026 3,353 3,925 Commercial banks 3 2,754 2,807 1,691 2,182 2,130 1,941 1,849 2,670 2,455 Other private 178 3,401 7,176 3,650 3,566 2,923 2,499 2,012 2,135 2,478 Private nonguaranteed 3 164 281 1,192 2,525 1,087 1,360 2,220 1,821 2,730 Bonds 0 0 0 177 229 119 177 358 238 237 Commercial banks and other 3 164 281 1,015 2,297 969 1,184 1,862 1,583 2,493 Memo: IBRD 24 338 1,359 1,518 1,562 1,475 1,366 1,307 1,350 1,380 IDA 0 6 26 54 59 65 74 82 90 93 UNDISBURSED DEBT 1,915 28,078 32,228 22,956 25,474 23,504 23,508 24,165 23,567 .. Official creditors 1,541 16,007 19,167 17,349 19,196 17,161 17,213 17,770 18,565 .. Private creditors 374 12,071 13,060 5,606 6,278 6,342 6,294 6,395 5,001 .. Memorandum items Concessional LDOD 2,498 17,865 43,591 61,907 61,179 57,491 55,715 57,755 60,970 .. Variable rate LDOD 41 10,209 29,736 43,084 38,960 35,515 34,162 35,101 36,517 .. Public sector LDOD 4,129 53,797 116,461 128,473 122,283 114,317 114,619 122,708 129,647 .. Private sector LDOD 37 741 1,583 7,430 7,378 6,893 6,854 6,762 7,065 .. 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 23.9 28.6 .. Deutsche mark 7.7 7.3 7.7 6.6 5.7 5.4 5.1 .. .. .. French franc 18.6 11.4 13.6 12.2 10.8 10.3 9.1 .. .. .. Japanese yen 0.0 6.5 7.3 9.7 11.6 10.7 9.4 9.6 10.4 .. Pound sterling 4.1 1.5 1.7 1.0 1.0 0.9 1.3 1.3 1.4 .. Swiss franc 1.1 1.4 1.0 0.7 0.7 0.8 0.9 1.1 1.2 .. U.S.dollars 33.0 52.4 44.8 49.9 49.4 50.5 52.2 51.1 45.8 .. Multiple currency 3.1 5.3 8.7 4.9 4.6 4.4 3.9 3.3 2.8 .. Special drawing rights 0.0 0.0 0.5 0.3 0.4 0.4 0.4 0.3 0.4 .. All other currencies 32.5 14.1 14.7 14.7 15.8 16.6 17.6 9.4 9.4 .. 21 MIDDLE EAST AND NORTH AFRICA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 0 4,565 1,025 425 340 1,186 290 564 .. Debt stock rescheduled 0 0 2,732 0 0 0 142 0 0 .. Principal rescheduled 0 0 1,039 797 274 210 485 121 255 .. Official 0 0 679 252 150 167 464 101 234 .. Private 0 0 359 545 125 43 21 20 21 .. Interest rescheduled 0 0 219 86 97 73 174 106 176 .. Official 0 0 137 59 66 55 139 76 126 .. Private 0 0 82 27 31 19 34 31 51 .. Debt forgiven 0 2 10,614 24 12 179 116 1 58 .. Memo: interest forgiven 0 0 2,481 1 0 0 0 0 5 .. Debt stock reduction 0 0 0 0 0 120 79 66 8 .. of which debt buyback 0 0 0 0 0 85 35 0 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks -923 13,570 -3,780 9,633 -5,134 -11,241 -2,413 8,038 8,648 .. Net flows on debt 478 7,971 2,330 3,600 -2,963 -4,511 146 2,070 -696 -64 Net change in interest arrears 4 68 -1,485 134 167 118 56 86 -23 .. Interest capitalized 0 0 219 86 97 73 174 106 176 .. Debt forgiveness or reduction 0 -2 -10,614 -24 -12 -214 -161 -67 -66 .. Cross-currency valuation -1 -868 5,333 3,855 -3,471 -4,080 -3,543 7,564 8,800 .. Residual -1,404 6,401 437 1,982 1,047 -2,628 915 -116 455 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 4.6 6.5 7.4 5.2 5.1 5.9 5.7 5.2 3.3 .. Maturity (years) 18.6 18.4 13.6 14.1 14.0 13.0 12.7 12.2 14.3 .. Grace period (years) 6.2 4.7 4.0 4.8 4.3 4.8 5.3 4.0 5.1 .. Grant element (%) 33.5 23.7 15.7 27.4 27.0 22.8 23.1 26.0 34.5 .. Official creditors Interest (%) 3.7 4.7 5.5 3.8 3.8 4.6 3.8 3.2 3.3 .. Maturity (years) 23.6 24.1 21.5 20.2 19.1 18.6 19.7 17.2 17.8 .. Grace period (years) 8.4 5.9 6.3 5.6 4.9 5.3 4.7 4.7 4.7 .. Grant element (%) 43.6 38.8 32.4 41.2 39.6 34.3 38.7 39.3 40.0 .. Private creditors Interest (%) 6.3 8.6 8.8 6.8 6.4 7.0 6.8 6.3 3.3 .. Maturity (years) 9.4 11.5 7.7 7.8 9.1 8.4 8.5 9.5 10.7 .. Grace period (years) 2.0 3.3 2.3 4.0 3.7 4.4 5.6 3.5 5.5 .. Grant element (%) 14.7 5.6 3.4 13.2 14.6 13.4 13.7 19.0 29.0 .. Memorandum items Commitments 1,207 11,657 15,436 6,781 11,011 10,665 13,297 12,634 9,068 .. Official creditors 785 6,363 6,575 3,427 5,437 4,816 4,999 4,359 4,510 .. Private creditors 422 5,294 8,861 3,353 5,573 5,850 8,298 8,275 4,558 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 12.0 2004 2004 10.0 2003 2003 2002 2002 8.0 2001 2001 6.0 2000 2000 4.0 1999 1999 1998 1998 2.0 1997 1997 0.0 1997 1998 1999 2000 2001 2002 2003 2004 -2.0 0.0 2.0 4.0 6.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 22 2/16/05 12:16 PM SOUTH ASIA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 12,270 36,619 124,396 157,625 161,985 160,012 156,246 170,213 182,785 184,717 Long-term debt (LDOD) 11,721 31,663 107,527 148,064 152,644 152,042 149,093 160,519 173,031 175,852 Public and publicly guaranteed 11,616 31,306 105,800 136,857 142,266 136,634 134,931 144,613 155,235 156,440 Private nonguaranteed 105 357 1,727 11,206 10,378 15,408 14,161 15,906 17,796 19,412 Use of IMF credit 124 2,507 4,537 2,461 2,323 1,918 2,178 2,416 2,586 2,383 Short-term debt .. 2,448 12,331 7,101 7,018 6,052 4,976 7,277 7,168 6,483 of which interest arrears on LDOD .. 0 17 340 141 112 115 126 0 .. Official creditors .. 0 7 162 18 14 33 37 0 .. Private creditors .. 0 11 178 123 98 82 90 0 .. Memo: principal arrears on LDOD .. 0 34 810 261 222 246 277 4 .. Official creditors .. 0 34 529 46 34 80 98 4 .. Private creditors .. 0 1 281 215 188 165 179 0 .. Memo: export credits .. 0 9,370 5,638 6,149 6,759 6,009 6,465 7,544 .. TOTAL DEBT FLOWS Disbursements 1,578 6,146 12,098 15,437 9,779 14,188 8,890 10,802 13,537 15,206 Long-term debt 1,568 4,499 10,223 15,124 9,168 13,993 8,249 10,334 12,886 14,809 IMF purchases 10 1,647 1,875 313 611 195 641 468 650 397 Principal repayments 786 1,537 5,259 9,351 9,364 9,784 8,708 12,652 17,511 10,623 Long-term debt 525 1,211 4,104 8,613 8,668 9,301 8,399 12,241 16,808 10,052 IMF repurchases 260 326 1,155 738 696 483 310 411 703 571 Net flows on debt 792 5,654 8,389 4,746 532 3,466 -897 440 -3,958 4,370 of which short-term debt .. 1,045 1,550 -1,340 117 -938 -1,078 2,290 17 -214 Interest payments (INT) .. 1,186 6,048 6,374 5,284 5,655 5,162 5,052 7,323 5,744 Long-term debt 291 833 4,596 5,844 4,920 5,273 4,895 4,782 7,097 5,607 IMF charges 0 61 249 63 59 58 61 48 31 20 Short-term debt .. 291 1,202 467 305 323 206 222 195 117 Net transfers on debt .. 4,468 2,341 -1,627 -4,752 -2,189 -6,059 -4,612 -11,280 -1,374 Total debt service paid (TDS) .. 2,723 11,306 15,724 14,648 15,439 13,870 17,704 24,834 16,367 Long-term debt 816 2,045 8,700 14,457 13,588 14,574 13,294 17,023 23,905 15,659 IMF repurchases and charges 260 387 1,404 801 755 541 371 459 734 590 Short-term debt (interest only) .. 291 1,202 467 305 323 206 222 195 117 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 1,361 6,288 8,985 11,546 8,225 12,576 10,207 6,498 13,363 23,070 Net flow of long-term debt (ex. IMF) 1,043 3,288 6,119 6,511 500 4,692 -150 -1,906 -3,922 4,757 Foreign direct investment (net) 68 195 536 3,548 3,069 3,270 4,413 4,779 5,163 6,500 Portfolio equity flows 0 0 1 -627 2,382 2,512 2,783 1,089 8,199 7,465 Grants (excluding technical coop.) 250 2,806 2,330 2,115 2,274 2,102 3,161 2,537 3,923 4,348 Memo: technical coop. grants 113 666 1,494 1,116 1,156 1,099 1,094 1,271 1,539 1,706 official net resource flows 1,267 5,042 6,856 4,884 4,865 2,875 4,984 47 2,219 6,114 private net resource flows 95 1,247 2,129 6,663 3,360 9,701 5,223 6,451 11,143 16,956 NET TRANSFERS 1,070 5,421 4,273 4,485 2,195 4,668 1,876 -1,467 2,369 12,863 Interest on long-term debt 291 833 4,596 5,844 4,920 5,273 4,895 4,782 7,097 5,607 Profit remittances on FDI 0 34 117 1,218 1,111 2,635 3,436 3,183 3,897 4,600 Memo: official net transfers 1,024 4,419 4,677 2,518 2,458 610 2,916 -2,078 378 4,245 private net transfers 46 1,003 -404 1,967 -263 4,058 -1,040 611 1,991 8,618 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 79,702 231,574 397,190 538,753 574,757 596,470 616,103 648,180 757,624 822,250 Exports of goods, serv. & inc. (XGS) 0 23,723 41,056 83,755 91,356 103,067 107,477 129,374 153,257 163,853 Worker remit. & comp. of employees 121 5,296 5,572 13,350 15,084 16,017 15,959 22,152 26,787 32,666 Imports of goods & services (MGS) 0 29,913 53,116 96,483 100,901 117,025 114,863 125,872 145,786 174,482 International reserves (RES) 1,355 14,464 8,258 37,382 42,720 47,146 57,376 85,337 122,255 143,188 Current account balance 0 -4,070 -9,701 -9,486 -5,218 -5,978 1,041 8,221 11,925 -2,014 4. DEBT INDICATORS EDT / XGS (%) .. 154.4 303.0 188.2 177.3 155.3 145.4 131.6 119.3 112.7 EDT / GNI (%) .. 15.8 31.3 29.3 28.2 26.8 25.4 26.3 24.1 22.5 TDS / XGS (%) .. 11.5 27.5 18.8 16.0 15.0 12.9 13.7 16.2 10.0 INT / XGS (%) .. 5.0 14.7 7.6 5.8 5.5 4.8 3.9 4.8 3.5 INT / GNI (%) .. 0.5 1.5 1.2 0.9 0.9 0.8 0.8 1.0 0.7 RES / EDT (%) .. 39.5 6.6 23.7 26.4 29.5 36.7 50.1 66.9 77.5 RES / MGS (months) .. 5.8 1.9 4.6 5.1 4.8 6.0 8.1 10.1 9.8 Short-term / EDT (%) .. 6.7 9.9 4.5 4.3 3.8 3.2 4.3 3.9 3.5 Concessional / EDT (%) .. 73.3 54.5 51.7 55.2 50.2 51.3 51.8 52.7 52.2 Multilateral / EDT (%) .. 25.1 30.6 37.9 38.9 38.1 38.8 37.1 36.4 35.9 23 SOUTH ASIA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 11,721 31,663 107,527 148,064 152,644 152,042 149,093 160,519 173,031 175,852 Public and publicly guaranteed 11,616 31,306 105,800 136,857 142,266 136,634 134,931 144,613 155,235 156,440 Official creditors 10,911 28,900 81,496 102,164 110,993 100,763 98,926 103,856 111,258 111,366 Multilateral 2,205 9,200 38,068 59,788 63,038 61,027 60,665 63,125 66,513 66,292 Concessional 1,347 7,697 26,757 42,924 45,355 44,401 44,447 49,958 54,546 54,213 Bilateral 8,706 19,700 43,427 42,376 47,955 39,736 38,261 40,731 44,745 45,075 Concessional 7,913 19,135 41,070 38,583 44,047 35,911 35,665 38,161 41,821 42,200 Private creditors 705 2,406 24,304 34,694 31,274 35,872 36,006 40,757 43,977 45,074 Bonds 14 2 2,613 6,796 6,460 10,903 10,789 10,497 7,619 8,520 Commercial banks 54 1,670 16,811 22,837 20,124 22,690 23,468 28,579 34,843 34,993 Other private 637 734 4,880 5,061 4,690 2,279 1,748 1,682 1,515 1,561 Private nonguaranteed 105 357 1,727 11,206 10,378 15,408 14,161 15,906 17,796 19,412 Bonds 0 0 0 3,691 2,919 1,560 1,313 1,183 996 3,338 Commercial banks and other 105 357 1,727 7,515 7,458 13,848 12,849 14,723 16,800 16,074 Memo: IBRD 852 1,242 9,646 11,188 11,182 10,210 9,832 7,848 6,833 6,890 IDA 1,347 7,065 21,071 31,377 32,131 31,963 32,909 36,501 40,109 41,092 DISBURSEMENTS 1,568 4,499 10,223 15,124 9,168 13,993 8,249 10,334 12,886 14,809 Public and publicly guaranteed 1,540 4,203 9,970 13,930 8,615 13,407 7,676 9,525 8,225 10,228 Official creditors 1,391 3,161 6,904 7,724 6,948 6,126 6,700 5,916 6,204 7,152 Multilateral 198 1,372 4,402 4,081 4,313 4,344 4,883 4,438 4,274 3,438 Concessional 84 1,138 2,327 2,497 2,345 2,387 3,123 2,904 2,297 2,450 Bilateral 1,192 1,789 2,501 3,643 2,635 1,782 1,818 1,478 1,930 3,714 Concessional 1,075 1,588 1,939 2,945 1,864 1,327 1,554 1,258 1,845 3,213 Private creditors 150 1,042 3,066 6,206 1,667 7,281 976 3,609 2,022 3,076 Bonds 0 0 427 4,299 0 5,512 0 0 1,348 1,250 Commercial banks 16 797 2,072 1,225 887 940 683 3,481 450 1,472 Other private 134 245 567 681 780 829 294 128 223 353 Private nonguaranteed 28 297 252 1,194 553 586 573 809 4,661 4,581 Bonds 0 0 0 300 0 0 0 240 206 2,442 Commercial banks and other 28 297 252 894 553 586 573 569 4,455 2,139 Memo: IBRD 108 190 1,576 664 1,078 866 873 681 810 480 IDA 84 928 1,558 1,598 1,522 1,655 2,194 2,248 1,725 1,922 PRINCIPAL REPAYMENTS 525 1,211 4,104 8,613 8,668 9,301 8,399 12,241 16,808 10,052 Public and publicly guaranteed 500 1,113 3,745 7,996 7,099 8,594 7,546 11,233 13,915 7,226 Official creditors 374 925 2,378 4,955 4,357 5,353 4,877 8,406 7,907 5,386 Multilateral 64 135 1,009 1,978 2,243 2,827 2,515 6,427 5,195 3,124 Concessional 0 23 239 626 711 800 889 957 1,110 981 Bilateral 310 790 1,369 2,977 2,115 2,526 2,362 1,979 2,712 2,262 Concessional 219 716 1,225 2,561 1,597 1,919 1,922 1,572 2,302 1,727 Private creditors 126 188 1,367 3,041 2,742 3,241 2,669 2,827 6,007 1,840 Bonds 3 0 280 264 436 50 86 320 4,299 344 Commercial banks 11 44 371 962 1,158 2,843 1,941 2,261 1,551 1,202 Other private 111 145 716 1,815 1,149 348 642 246 157 294 Private nonguaranteed 26 98 359 617 1,569 707 853 1,008 2,893 2,826 Bonds 0 0 0 149 765 35 90 370 320 100 Commercial banks and other 26 98 359 468 804 672 763 638 2,573 2,726 Memo: IBRD 64 99 553 1,049 1,134 1,232 965 3,283 2,148 668 IDA 0 19 151 420 489 548 636 691 803 653 NET FLOWS ON DEBT 1,043 3,288 6,119 6,511 500 4,692 -150 -1,906 -3,922 4,757 Public and publicly guaranteed 1,041 3,089 6,225 5,934 1,516 4,813 130 -1,708 -5,689 3,002 Official creditors 1,017 2,236 4,526 2,769 2,591 773 1,823 -2,490 -1,704 1,766 Multilateral 134 1,236 3,393 2,103 2,071 1,517 2,368 -1,988 -921 314 Concessional 84 1,115 2,088 1,872 1,635 1,587 2,233 1,947 1,187 1,469 Bilateral 882 999 1,133 666 520 -744 -545 -501 -782 1,452 Concessional 856 872 714 384 268 -592 -367 -314 -457 1,486 Private creditors 24 854 1,700 3,165 -1,075 4,040 -1,693 782 -3,986 1,236 Bonds -3 0 147 4,035 -436 5,462 -86 -320 -2,950 906 Commercial banks 4 753 1,701 263 -271 -1,903 -1,258 1,220 -1,101 270 Other private 23 100 -149 -1,133 -369 482 -349 -118 66 60 Private nonguaranteed 2 199 -107 577 -1,016 -121 -280 -199 1,767 1,756 Bonds 0 0 0 151 -765 -35 -90 -130 -114 2,342 Commercial banks and other 2 199 -107 426 -251 -86 -190 -69 1,881 -587 Memo: IBRD 44 91 1,023 -384 -56 -366 -92 -2,602 -1,338 -188 IDA 84 909 1,407 1,178 1,033 1,107 1,558 1,557 921 1,269 24 SOUTH ASIA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 INTEREST PAYMENTS (LINT) 291 833 4,596 5,844 4,920 5,273 4,895 4,782 7,097 5,607 Public and publicly guaranteed 285 802 4,448 5,210 4,117 4,364 4,335 4,468 6,440 4,879 Official creditors 243 623 2,179 2,366 2,407 2,265 2,068 2,125 1,842 1,868 Multilateral 57 179 1,065 1,360 1,465 1,367 1,283 1,227 940 766 Concessional 9 53 198 327 368 361 361 387 418 384 Bilateral 185 444 1,114 1,006 942 898 785 898 901 1,103 Concessional 144 414 952 747 730 686 609 748 802 959 Private creditors 42 179 2,269 2,844 1,710 2,099 2,267 2,343 4,598 3,011 Bonds 1 0 180 130 287 210 407 396 1,430 323 Commercial banks 3 123 1,806 2,340 1,132 1,781 1,763 1,897 3,139 2,639 Other private 38 56 283 374 292 109 97 49 29 49 Private nonguaranteed 6 31 148 634 802 909 560 314 657 728 Bonds 0 0 0 267 245 227 214 164 51 128 Commercial banks and other 6 31 148 366 557 683 346 150 606 600 Memo: IBRD 48 104 752 723 699 614 528 468 283 217 IDA 9 47 149 224 235 236 238 254 282 259 NET TRANSFERS ON DEBT 752 2,455 1,523 667 -4,420 -581 -5,045 -6,688 -11,019 -849 Public and publicly guaranteed 756 2,288 1,777 724 -2,602 450 -4,205 -6,175 -12,129 -1,877 Official creditors 774 1,613 2,346 403 184 -1,492 -245 -4,615 -3,545 -102 Multilateral 77 1,058 2,328 743 606 151 1,085 -3,215 -1,862 -451 Concessional 75 1,062 1,890 1,544 1,267 1,226 1,872 1,560 769 1,086 Bilateral 697 555 18 -341 -421 -1,642 -1,330 -1,400 -1,684 349 Concessional 712 457 -238 -362 -462 -1,277 -977 -1,062 -1,259 527 Private creditors -18 675 -569 321 -2,786 1,941 -3,960 -1,561 -8,584 -1,775 Bonds -4 0 -33 3,905 -722 5,253 -493 -717 -4,380 583 Commercial banks 1 631 -105 -2,077 -1,403 -3,684 -3,021 -677 -4,240 -2,369 Other private -15 44 -431 -1,507 -661 373 -446 -167 36 11 Private nonguaranteed -4 167 -255 -57 -1,818 -1,031 -840 -513 1,110 1,028 Bonds 0 0 0 -117 -1,010 -262 -304 -294 -165 2,215 Commercial banks and other -4 167 -255 60 -808 -769 -536 -219 1,275 -1,186 Memo: IBRD -4 -13 270 -1,107 -755 -979 -620 -3,070 -1,621 -405 IDA 75 862 1,257 954 798 872 1,320 1,303 640 1,011 DEBT SERVICE (LTDS) 816 2,045 8,700 14,457 13,588 14,574 13,294 17,023 23,905 15,659 Public and publicly guaranteed 784 1,915 8,193 13,206 11,217 12,957 11,881 15,701 20,354 12,105 Official creditors 616 1,548 4,557 7,321 6,764 7,617 6,945 10,531 9,749 7,255 Multilateral 121 314 2,074 3,338 3,708 4,193 3,798 7,653 6,135 3,889 Concessional 9 76 438 953 1,078 1,161 1,250 1,343 1,528 1,365 Bilateral 495 1,234 2,483 3,983 3,056 3,424 3,147 2,878 3,614 3,365 Concessional 364 1,130 2,177 3,307 2,327 2,605 2,531 2,320 3,103 2,687 Private creditors 168 367 3,635 5,885 4,452 5,340 4,936 5,170 10,605 4,851 Bonds 4 0 460 394 722 260 493 717 5,729 667 Commercial banks 15 166 2,177 3,302 2,290 4,624 3,704 4,158 4,690 3,841 Other private 149 201 998 2,189 1,441 456 739 295 187 343 Private nonguaranteed 32 129 507 1,251 2,371 1,617 1,413 1,322 3,551 3,553 Bonds 0 0 0 417 1,010 262 304 534 371 227 Commercial banks and other 32 129 507 834 1,361 1,355 1,108 788 3,180 3,326 Memo: IBRD 112 203 1,306 1,771 1,833 1,845 1,493 3,750 2,431 885 IDA 9 66 300 644 724 784 874 945 1,085 911 UNDISBURSED DEBT 3,742 15,150 43,521 39,085 35,997 26,904 27,096 28,360 27,426 .. Official creditors 3,348 13,802 39,358 28,830 26,397 24,949 24,728 26,724 26,393 .. Private creditors 394 1,348 4,163 10,255 9,600 1,955 2,369 1,636 1,033 .. Memorandum items Concessional LDOD 9,259 26,832 67,827 81,506 89,402 80,312 80,113 88,119 96,367 .. Variable rate LDOD 105 1,008 14,678 35,399 34,686 40,206 36,136 34,923 37,382 .. Public sector LDOD 11,164 31,140 107,656 136,453 141,513 135,871 134,264 144,010 154,819 .. Private sector LDOD 557 523 -128 11,611 11,131 16,171 14,828 16,509 18,212 .. 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 6.3 6.2 .. Deutsche mark 9.3 8.7 6.2 4.8 4.2 3.5 2.8 .. .. .. French franc 1.4 2.4 1.7 1.6 1.4 1.4 1.6 .. .. .. Japanese yen 5.3 9.2 12.5 15.6 17.3 14.5 13.3 14.4 15.4 .. Pound sterling 21.7 18.4 5.0 3.0 2.7 2.8 2.6 2.4 2.0 .. Swiss franc 0.4 0.3 0.5 0.3 0.2 0.3 0.3 0.3 0.2 .. U.S.dollars 41.1 42.9 54.1 52.9 52.9 58.0 59.9 61.8 63.7 .. Multiple currency 9.2 7.6 14.3 17.8 17.6 16.1 14.3 12.1 9.7 .. Special drawing rights 0.0 1.1 3.3 1.7 1.5 1.5 1.5 1.5 1.5 .. All other currencies 11.5 10.3 4.8 2.6 2.2 2.0 3.6 1.3 1.3 .. 25 SOUTH ASIA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 0 0 0 3,421 918 13,268 157 10 .. Debt stock rescheduled 0 0 0 0 615 29 11,395 0 0 .. Principal rescheduled 0 0 0 0 2,158 653 1,325 0 0 .. Official 0 0 0 0 1,453 575 1,187 0 0 .. Private 0 0 0 0 705 78 138 0 0 .. Interest rescheduled 0 0 0 0 625 236 129 146 7 .. Official 0 0 0 0 508 200 109 145 7 .. Private 0 0 0 0 118 37 20 0 0 .. Debt forgiven 1 10 0 0 2 9 0 0 108 .. Memo: interest forgiven 0 0 0 0 0 0 0 0 13 .. Debt stock reduction 0 0 0 0 0 0 0 0 0 .. of which debt buyback 0 0 0 0 0 0 0 0 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 227 4,935 13,104 8,014 4,360 -1,974 -3,765 13,966 12,573 .. Net flows on debt 792 5,654 8,389 4,746 532 3,466 -897 440 -3,958 4,370 Net change in interest arrears -2 -1 5 230 -199 -29 3 12 -126 .. Interest capitalized 0 0 0 0 625 236 129 146 7 .. Debt forgiveness or reduction -1 -10 0 0 -2 -9 0 0 -108 .. Cross-currency valuation -338 -1,211 1,586 807 1,799 -8,295 -5,342 7,802 9,599 .. Residual -224 504 3,125 2,231 1,605 2,656 2,342 5,567 7,160 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 2.5 4.7 4.7 3.4 3.4 4.6 3.1 2.2 1.5 .. Maturity (years) 32.5 32.5 24.2 14.0 24.3 12.9 23.3 24.9 25.5 .. Grace period (years) 9.7 7.4 7.8 6.0 6.3 5.3 6.3 7.2 7.1 .. Grant element (%) 51.6 46.4 40.2 34.6 46.7 27.7 48.2 56.3 61.4 .. Official creditors Interest (%) 2.2 2.2 3.7 3.7 3.2 5.0 2.8 2.1 1.3 .. Maturity (years) 34.8 39.0 28.9 27.7 27.1 23.4 25.5 26.5 27.4 .. Grace period (years) 10.5 8.6 8.1 7.5 7.1 6.3 7.0 7.4 7.3 .. Grant element (%) 55.9 59.4 51.0 49.4 51.6 36.5 52.6 58.7 65.0 .. Private creditors Interest (%) 5.9 12.8 6.8 3.3 4.7 4.3 4.7 2.8 3.5 .. Maturity (years) 11.7 10.9 14.8 6.3 9.0 5.3 9.4 6.7 8.3 .. Grace period (years) 2.6 3.6 7.1 5.1 2.1 4.6 2.0 4.1 5.1 .. Grant element (%) 12.5 2.6 18.8 26.4 19.8 21.2 20.6 28.2 27.3 .. Memorandum items Commitments 2,136 8,492 14,012 15,860 5,781 12,922 10,493 8,617 5,340 .. Official creditors 1,928 6,537 9,323 5,670 4,895 5,459 9,039 7,930 4,828 .. Private creditors 207 1,955 4,689 10,190 887 7,463 1,454 687 512 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 25.0 2004 2004 20.0 2003 2003 2002 2002 15.0 2001 2001 2000 2000 10.0 1999 1999 5.0 1998 1998 1997 1997 0.0 1997 1998 1999 2000 2001 2002 2003 2004 -5.0 0.0 5.0 10.0 15.0 -4.0 -2.0 0.0 2.0 4.0 6.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 26 2/16/05 12:17 PM SUB-SAHARAN AFRICA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 6,921 60,660 176,878 228,623 214,960 211,343 203,187 211,432 231,360 218,405 Long-term debt (LDOD) 6,059 46,483 149,684 178,808 166,858 171,488 165,149 175,440 193,052 182,632 Public and publicly guaranteed 5,751 41,916 144,408 170,530 156,466 160,112 152,736 162,955 177,429 164,588 Private nonguaranteed 309 4,567 5,276 8,277 10,391 11,376 12,413 12,485 15,623 18,044 Use of IMF credit 106 3,033 6,612 7,387 7,124 6,739 6,323 7,009 7,244 6,932 Short-term debt .. 11,144 20,582 42,428 40,979 33,116 31,715 28,984 31,064 28,841 of which interest arrears on LDOD .. 1,713 9,359 20,245 19,491 14,197 14,842 13,873 16,894 .. Official creditors .. 1,609 6,419 17,126 16,547 11,759 12,338 11,341 14,314 .. Private creditors .. 104 2,940 3,119 2,944 2,438 2,504 2,531 2,580 .. Memo: principal arrears on LDOD .. 1,730 17,820 43,194 38,239 25,874 26,533 23,993 27,277 .. Official creditors .. 1,039 9,895 34,576 29,963 19,598 20,042 17,460 20,309 .. Private creditors .. 691 7,925 8,618 8,276 6,276 6,492 6,533 6,968 .. Memo: export credits .. 0 50,690 35,284 34,823 32,709 31,409 36,182 35,944 .. TOTAL DEBT FLOWS Disbursements 1,259 11,784 10,366 8,507 8,587 9,396 9,583 10,972 12,344 13,413 Long-term debt 1,240 10,567 9,706 7,706 8,075 8,872 8,993 9,748 11,945 12,949 IMF purchases 19 1,217 660 801 512 525 590 1,224 399 464 Principal repayments 452 3,172 5,582 9,323 8,933 8,884 9,253 9,500 8,668 11,366 Long-term debt 389 2,788 4,631 8,219 8,374 8,422 8,776 8,741 8,218 10,937 IMF repurchases 63 384 951 1,104 560 462 477 759 449 429 Net flows on debt 859 10,063 7,062 -1,293 -962 -523 -1,715 -290 2,736 3,629 of which short-term debt .. 1,451 2,278 -477 -616 -1,035 -2,045 -1,762 -941 1,581 Interest payments (INT) .. 3,506 5,306 5,012 4,692 4,467 3,690 3,472 3,544 3,869 Long-term debt 193 2,380 4,362 3,792 3,481 3,310 2,995 2,844 3,085 3,373 IMF charges 0 103 238 65 54 43 35 143 28 17 Short-term debt .. 1,022 705 1,155 1,157 1,114 660 485 430 479 Net transfers on debt .. 6,557 1,756 -6,304 -5,654 -4,989 -5,405 -3,762 -808 -240 Total debt service paid (TDS) .. 6,678 10,888 14,335 13,625 13,351 12,943 12,971 12,211 15,235 Long-term debt 582 5,169 8,993 12,012 11,854 11,732 11,771 11,584 11,303 14,310 IMF repurchases and charges 63 487 1,189 1,168 614 505 512 902 478 446 Short-term debt (interest only) .. 1,022 705 1,155 1,157 1,114 660 485 430 479 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 1,688 11,518 18,006 25,219 27,712 20,931 24,199 23,246 36,156 41,048 Net flow of long-term debt (ex. IMF) 851 7,778 5,074 -513 -299 450 218 1,007 3,727 2,012 Foreign direct investment (net) 110 178 1,008 6,957 9,065 6,339 14,891 8,985 10,099 11,300 Portfolio equity flows -1 3 393 8,652 9,031 4,157 -952 -367 699 3,520 Grants (excluding technical coop.) 396 3,616 11,931 10,123 9,915 9,986 10,042 13,620 21,631 24,216 Memo: technical coop. grants 637 2,676 5,003 3,867 3,349 3,698 3,993 4,551 5,194 5,814 official net resource flows 889 7,193 16,554 10,928 10,285 10,575 10,195 15,655 22,949 25,573 private net resource flows 799 4,325 1,452 14,291 17,428 10,356 14,004 7,591 13,208 15,475 NET TRANSFERS 1,494 6,307 11,744 17,389 18,932 9,879 14,488 12,171 23,255 26,575 Interest on long-term debt 193 2,380 4,362 3,792 3,481 3,310 2,995 2,844 3,085 3,373 Profit remittances on FDI 356 3,837 2,861 4,039 5,299 7,743 6,715 8,231 9,816 11,100 Memo: official net transfers 775 6,504 13,847 8,887 8,379 8,770 8,589 14,231 21,471 24,038 private net transfers 719 -197 -2,102 8,502 10,553 1,108 5,899 -2,060 1,784 2,537 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 61,106 256,518 278,919 307,409 304,139 304,528 303,288 304,880 398,698 442,698 Exports of goods, serv. & inc. (XGS) 4,298 88,020 79,713 92,494 99,508 116,929 114,922 121,956 144,439 175,479 Worker remit. & comp. of employees 22 1,396 1,767 4,321 4,743 4,923 4,901 5,158 6,013 6,104 Imports of goods & services (MGS) 5,608 88,473 85,668 115,066 112,341 119,530 121,316 125,026 150,098 176,853 International reserves (RES) 3,085 22,950 15,363 28,984 30,421 36,774 37,030 37,849 41,442 52,039 Current account balance -1,289 513 -375 -15,660 -8,107 -4,214 -5,743 -3,241 -5,848 66,219 4. DEBT INDICATORS EDT / XGS (%) .. 68.9 221.9 247.2 216.0 180.7 176.8 173.4 160.2 124.5 EDT / GNI (%) .. 23.6 63.4 74.4 70.7 69.4 67.0 69.3 58.0 49.3 TDS / XGS (%) .. 7.6 13.7 15.5 13.7 11.4 11.3 10.6 8.5 8.7 INT / XGS (%) .. 4.0 6.7 5.4 4.7 3.8 3.2 2.8 2.5 2.2 INT / GNI (%) .. 1.4 1.9 1.6 1.5 1.5 1.2 1.1 0.9 0.9 RES / EDT (%) .. 37.8 8.7 12.7 14.2 17.4 18.2 17.9 17.9 23.8 RES / MGS (months) .. 3.1 2.2 3.0 3.2 3.7 3.7 3.6 3.3 3.5 Short-term / EDT (%) .. 18.4 11.6 18.6 19.1 15.7 15.6 13.7 13.4 13.2 Concessional / EDT (%) .. 27.1 33.1 39.3 39.3 39.0 39.6 43.2 49.3 50.8 Multilateral / EDT (%) .. 12.5 21.6 24.9 26.1 25.9 26.8 28.8 29.8 32.3 27 SUB-SAHARAN AFRICA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 6,059 46,483 149,684 178,808 166,858 171,488 165,149 175,440 193,052 182,632 Public and publicly guaranteed 5,751 41,916 144,408 170,530 156,466 160,112 152,736 162,955 177,429 164,588 Official creditors 4,183 25,729 108,704 138,327 128,068 134,188 128,576 138,130 152,327 144,640 Multilateral 869 7,597 38,149 56,954 56,012 54,669 54,386 60,927 68,854 70,544 Concessional 240 3,986 24,009 45,008 45,336 45,335 46,271 52,774 60,269 62,855 Bilateral 3,314 18,132 70,555 81,373 72,056 79,520 74,190 77,204 83,473 74,096 Concessional 2,961 12,452 34,494 44,832 39,054 37,120 34,108 38,521 53,866 48,105 Private creditors 1,567 16,387 35,703 32,203 28,398 25,923 24,160 24,824 25,102 19,948 Bonds 352 637 301 8,322 8,566 9,150 9,248 10,693 10,974 8,728 Commercial banks 128 7,371 14,012 9,789 8,837 8,670 7,278 7,071 7,795 5,405 Other private 1,086 8,379 21,391 14,092 10,995 8,104 7,634 7,060 6,334 5,814 Private nonguaranteed 309 4,567 5,276 8,277 10,391 11,376 12,413 12,485 15,623 18,044 Bonds 0 0 0 1,036 645 1,360 2,557 3,823 8,180 8,816 Commercial banks and other 309 4,567 5,276 7,241 9,746 10,016 9,857 8,662 7,443 9,228 Memo: IBRD 587 2,548 9,160 4,945 4,169 3,473 2,900 2,721 2,674 2,433 IDA 226 2,578 15,756 33,040 33,452 33,621 34,524 39,368 45,216 46,841 DISBURSEMENTS 1,240 10,567 9,706 7,706 8,075 8,872 8,993 9,748 11,945 12,949 Public and publicly guaranteed 1,139 9,384 9,075 6,735 7,136 6,753 6,865 8,174 7,726 8,491 Official creditors 662 4,242 7,172 4,282 3,824 3,866 3,785 4,602 4,281 4,597 Multilateral 150 1,677 4,534 3,408 3,131 3,184 3,316 3,989 3,892 4,169 Concessional 72 860 2,762 2,939 2,742 2,827 3,139 3,757 3,489 3,871 Bilateral 512 2,565 2,638 874 693 682 469 613 389 428 Concessional 440 1,694 2,086 604 589 561 346 540 340 467 Private creditors 477 5,142 1,903 2,453 3,312 2,887 3,080 3,572 3,445 3,894 Bonds 12 52 0 0 1,627 765 1,222 2,472 1,414 1,000 Commercial banks 16 2,297 378 1,634 1,450 1,764 1,302 1,015 1,850 2,734 Other private 448 2,793 1,525 819 235 358 556 85 181 159 Private nonguaranteed 101 1,183 630 971 939 2,119 2,129 1,574 4,219 4,458 Bonds 0 0 0 373 0 712 1,250 1,554 4,174 786 Commercial banks and other 101 1,183 630 598 939 1,407 879 20 45 3,672 Memo: IBRD 75 400 808 159 89 75 56 55 71 32 IDA 61 424 2,027 2,099 1,968 2,193 2,442 2,860 2,744 2,633 PRINCIPAL REPAYMENTS 389 2,788 4,631 8,219 8,374 8,422 8,776 8,741 8,218 10,937 Public and publicly guaranteed 332 2,196 4,166 6,815 5,306 7,020 7,125 5,825 6,160 8,805 Official creditors 169 664 2,549 3,477 3,454 3,276 3,632 2,567 2,964 3,240 Multilateral 33 198 1,347 1,846 1,855 1,593 1,271 1,449 1,249 1,269 Concessional 0 30 269 511 541 513 448 540 450 440 Bilateral 136 467 1,201 1,631 1,600 1,683 2,361 1,119 1,714 1,971 Concessional 110 211 311 1,203 1,084 772 853 642 916 1,228 Private creditors 162 1,532 1,617 3,337 1,852 3,744 3,493 3,258 3,197 5,566 Bonds 27 24 31 123 92 480 489 941 778 3,211 Commercial banks 10 693 999 2,177 1,367 2,449 2,104 1,461 1,452 1,856 Other private 126 814 587 1,038 393 815 900 856 966 499 Private nonguaranteed 57 592 466 1,405 3,068 1,402 1,650 2,915 2,058 2,132 Bonds 0 0 0 0 358 0 45 350 250 151 Commercial banks and other 57 592 466 1,405 2,710 1,402 1,605 2,565 1,808 1,981 Memo: IBRD 29 111 719 741 685 550 437 459 391 322 IDA 0 5 51 184 230 226 244 304 223 539 NET FLOWS ON DEBT 851 7,778 5,074 -513 -299 450 218 1,007 3,727 2,012 Public and publicly guaranteed 807 7,188 4,910 -80 1,830 -267 -261 2,349 1,566 -315 Official creditors 493 3,577 4,624 805 370 590 153 2,035 1,317 1,357 Multilateral 117 1,479 3,187 1,562 1,277 1,591 2,045 2,541 2,643 2,900 Concessional 72 830 2,493 2,428 2,201 2,314 2,691 3,217 3,039 3,431 Bilateral 376 2,098 1,437 -757 -907 -1,001 -1,892 -506 -1,325 -1,543 Concessional 331 1,482 1,775 -599 -494 -212 -507 -103 -576 -761 Private creditors 314 3,611 286 -885 1,461 -857 -413 314 248 -1,672 Bonds -14 28 -31 -123 1,535 285 733 1,531 635 -2,211 Commercial banks 6 1,604 -621 -543 83 -685 -802 -446 398 878 Other private 322 1,979 938 -219 -158 -457 -344 -771 -785 -339 Private nonguaranteed 44 590 165 -434 -2,129 717 478 -1,341 2,162 2,326 Bonds 0 0 0 373 -358 712 1,205 1,204 3,924 635 Commercial banks and other 44 590 165 -807 -1,771 5 -727 -2,545 -1,762 1,691 Memo: IBRD 45 289 89 -582 -596 -475 -381 -404 -320 -289 IDA 61 419 1,976 1,915 1,739 1,967 2,198 2,557 2,522 2,094 28 SUB-SAHARAN AFRICA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 INTEREST PAYMENTS (LINT) 193 2,380 4,362 3,792 3,481 3,310 2,995 2,844 3,085 3,373 Public and publicly guaranteed 178 1,930 4,031 3,454 3,168 2,904 2,511 2,310 2,439 2,575 Official creditors 113 689 2,707 2,041 1,906 1,805 1,605 1,424 1,477 1,535 Multilateral 35 286 1,110 1,012 988 829 621 878 749 637 Concessional 1 29 162 300 319 299 255 413 350 366 Bilateral 79 403 1,597 1,030 918 976 984 546 728 899 Concessional 61 209 560 631 442 302 290 274 338 1,003 Private creditors 64 1,241 1,324 1,413 1,263 1,099 905 886 962 1,040 Bonds 11 13 13 542 549 561 435 500 589 580 Commercial banks 8 786 616 474 341 305 276 199 223 302 Other private 45 442 695 397 373 233 194 187 150 158 Private nonguaranteed 16 451 331 338 312 406 484 533 646 797 Bonds 0 0 0 41 73 41 98 160 338 389 Commercial banks and other 16 451 331 297 239 365 386 373 308 408 Memo: IBRD 32 217 649 331 294 213 184 200 113 74 IDA 1 16 97 202 219 199 200 285 238 326 NET TRANSFERS ON DEBT 658 5,398 712 -4,306 -3,779 -2,860 -2,778 -1,836 642 -1,361 Public and publicly guaranteed 630 5,258 878 -3,534 -1,338 -3,171 -2,772 39 -874 -2,890 Official creditors 380 2,888 1,916 -1,236 -1,536 -1,215 -1,453 610 -160 -178 Multilateral 82 1,194 2,077 551 289 762 1,424 1,662 1,893 2,264 Concessional 71 801 2,331 2,128 1,882 2,015 2,436 2,804 2,688 3,064 Bilateral 297 1,695 -161 -1,787 -1,825 -1,977 -2,876 -1,052 -2,053 -2,442 Concessional 269 1,274 1,215 -1,229 -937 -513 -798 -377 -914 -1,764 Private creditors 250 2,370 -1,038 -2,298 198 -1,956 -1,319 -572 -714 -2,711 Bonds -25 15 -44 -665 986 -276 298 1,031 46 -2,791 Commercial banks -2 818 -1,236 -1,017 -258 -991 -1,078 -645 175 577 Other private 277 1,537 243 -615 -531 -690 -539 -958 -935 -497 Private nonguaranteed 28 140 -166 -771 -2,441 311 -6 -1,875 1,516 1,529 Bonds 0 0 0 332 -431 671 1,107 1,043 3,586 246 Commercial banks and other 28 140 -166 -1,104 -2,010 -360 -1,113 -2,918 -2,070 1,282 Memo: IBRD 14 72 -560 -913 -890 -687 -565 -604 -433 -363 IDA 60 403 1,879 1,714 1,520 1,768 1,998 2,271 2,283 1,768 DEBT SERVICE (LTDS) 582 5,169 8,993 12,012 11,854 11,732 11,771 11,584 11,303 14,310 Public and publicly guaranteed 510 4,126 8,197 10,269 8,474 9,924 9,636 8,135 8,600 11,380 Official creditors 283 1,354 5,256 5,519 5,360 5,081 5,237 3,992 4,441 4,775 Multilateral 68 483 2,457 2,858 2,842 2,422 1,892 2,327 1,999 1,906 Concessional 1 59 431 811 860 812 703 954 800 806 Bilateral 215 870 2,799 2,661 2,518 2,659 3,345 1,665 2,442 2,869 Concessional 171 420 871 1,833 1,526 1,074 1,144 917 1,254 2,232 Private creditors 227 2,772 2,941 4,750 3,114 4,843 4,399 4,144 4,159 6,605 Bonds 38 37 44 665 641 1,041 924 1,441 1,367 3,791 Commercial banks 18 1,479 1,615 2,651 1,708 2,755 2,380 1,660 1,676 2,158 Other private 171 1,257 1,282 1,434 765 1,047 1,095 1,043 1,116 657 Private nonguaranteed 72 1,043 796 1,742 3,380 1,808 2,135 3,449 2,703 2,929 Bonds 0 0 0 41 431 41 143 510 588 540 Commercial banks and other 72 1,043 796 1,702 2,949 1,767 1,992 2,939 2,115 2,390 Memo: IBRD 61 328 1,368 1,072 979 763 621 659 504 396 IDA 1 22 148 385 449 425 444 589 461 865 UNDISBURSED DEBT 2,734 20,788 34,348 21,934 18,788 17,298 18,460 19,291 20,163 .. Official creditors 2,279 14,313 30,360 19,885 17,301 16,386 17,783 18,593 19,425 .. Private creditors 455 6,475 3,989 2,049 1,487 911 677 698 738 .. Memorandum items Concessional LDOD 3,201 16,438 58,503 89,841 84,390 82,454 80,379 91,295 114,135 .. Variable rate LDOD 356 11,865 29,445 30,510 29,756 27,390 26,156 28,434 33,660 .. Public sector LDOD 5,689 42,022 144,238 170,323 156,010 159,204 152,171 162,397 177,221 .. Private sector LDOD 370 4,660 5,446 8,485 10,848 12,283 12,978 13,042 15,831 .. 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 14.8 23.0 .. Deutsche mark 6.6 7.0 6.4 4.7 4.3 2.7 2.4 .. .. .. French franc 14.4 13.9 14.1 10.9 10.1 7.8 7.2 .. .. .. Japanese yen 0.1 5.4 3.9 5.4 6.7 4.0 3.8 4.1 5.9 .. Pound sterling 22.1 5.6 5.4 3.8 3.9 2.0 1.8 1.7 4.3 .. Swiss franc 0.3 1.7 2.1 1.5 1.4 1.2 1.2 1.3 1.8 .. U.S.dollars 21.8 35.7 36.6 46.9 50.0 61.1 62.5 61.7 49.0 .. Multiple currency 11.2 8.9 10.4 7.6 7.7 7.0 6.7 6.5 6.3 .. Special drawing rights 0.0 0.0 0.6 1.1 1.2 1.1 1.2 1.2 1.2 .. All other currencies 23.4 22.3 20.5 18.1 14.8 13.0 13.1 8.6 8.5 .. 29 SUB-SAHARAN AFRICA (US$ million, unless otherwise indicated) 1970 1980 1990 1998 1999 2000 2001 2002 2003 2004 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 444 5,987 3,005 3,262 22,825 2,793 5,996 701 .. Debt stock rescheduled 0 0 91 432 773 73 334 342 287 .. Principal rescheduled 0 269 3,969 1,049 1,165 13,191 726 2,745 327 .. Official 0 120 2,696 975 1,109 11,162 582 2,563 291 .. Private 0 149 1,274 74 56 2,029 143 182 36 .. Interest rescheduled 0 63 1,724 506 488 9,052 448 1,558 172 .. Official 0 31 1,376 461 479 8,500 392 1,503 165 .. Private 0 31 348 46 9 552 56 55 7 .. Debt forgiven 3 194 1,602 303 4,521 632 1,256 3,748 1,336 .. Memo: interest forgiven 0 0 87 573 502 311 1,015 1,944 376 .. Debt stock reduction 0 0 1,262 350 820 445 2,310 985 1,019 .. of which debt buyback 0 0 0 102 325 137 7 452 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 1,092 11,659 19,806 7,806 -13,663 -3,617 -8,157 8,246 19,928 .. Net flows on debt 859 10,063 7,062 -1,293 -962 -523 -1,715 -290 2,736 3,629 Net change in interest arrears 6 321 2,245 2,051 -754 -5,294 644 -969 3,021 .. Interest capitalized 0 63 1,724 506 488 9,052 448 1,558 172 .. Debt forgiveness or reduction -3 -194 -2,864 -552 -5,015 -940 -3,559 -4,281 -2,354 .. Cross-currency valuation -33 -1,140 7,694 -70 -6,766 -6,712 -4,072 8,706 10,532 .. Residual 263 2,547 3,945 7,163 -653 799 97 3,522 5,821 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 3.7 7.0 4.3 2.6 3.6 3.3 2.6 3.9 2.6 .. Maturity (years) 23.9 17.3 25.4 28.8 22.8 23.8 28.2 24.6 24.4 .. Grace period (years) 9.7 5.1 6.9 7.0 6.2 6.1 7.4 7.2 7.1 .. Grant element (%) 47.5 21.7 43.3 56.9 45.5 47.1 56.0 44.1 50.1 .. Official creditors Interest (%) 2.0 4.1 3.5 1.4 1.4 1.0 1.2 2.8 1.0 .. Maturity (years) 32.0 25.1 28.4 34.7 34.6 37.7 37.2 32.1 39.2 .. Grace period (years) 14.3 6.8 7.8 8.6 8.7 9.5 9.6 8.1 9.5 .. Grant element (%) 67.4 42.8 51.0 69.8 70.0 75.6 74.4 57.3 76.5 .. Private creditors Interest (%) 6.6 10.0 8.1 6.5 6.2 5.9 5.7 6.3 4.4 .. Maturity (years) 10.2 9.4 11.7 9.0 9.1 7.3 8.5 8.1 7.2 .. Grace period (years) 1.8 3.3 2.8 1.7 3.3 2.0 2.6 5.4 4.4 .. Grant element (%) 13.3 0.2 7.9 13.3 16.9 13.1 15.6 14.9 19.2 .. Memorandum items Commitments 1,888 13,279 11,505 6,682 6,844 8,042 9,790 11,854 7,426 .. Official creditors 1,194 6,717 9,453 5,149 3,685 4,374 6,722 8,148 4,001 .. Private creditors 694 6,563 2,052 1,533 3,159 3,668 3,068 3,706 3,425 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 45.0 2004 2004 40.0 2003 2003 35.0 2002 2002 30.0 25.0 2001 2001 20.0 2000 2000 15.0 1999 1999 10.0 1998 1998 5.0 1997 1997 0.0 1997 1998 1999 2000 2001 2002 2003 2004 -5.0 0.0 5.0 10.0 15.0 20.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 30 2/16/05 12:28 PM LOW-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 19,189 99,806 341,580 382,209 401,634 397,023 379,770 368,853 391,315 424,472 Long-term debt (LDOD) 17,828 80,724 293,109 330,164 349,639 345,671 337,564 328,363 349,293 379,860 Public and publicly guaranteed 17,242 75,689 285,416 310,470 330,995 327,684 315,177 307,981 327,485 356,039 Private nonguaranteed 586 5,035 7,692 19,694 18,644 17,987 22,386 20,382 21,808 23,821 Use of IMF credit 179 5,324 10,823 10,840 11,090 10,936 10,034 9,933 10,808 11,149 Short-term debt .. 13,758 37,648 41,204 40,904 40,416 32,173 30,557 31,214 33,463 of which interest arrears on LDOD .. 1,727 12,968 20,750 23,247 22,540 15,723 16,183 15,361 18,178 Official creditors .. 1,615 8,651 17,884 19,956 19,501 13,178 13,600 12,627 15,470 Private creditors .. 112 4,316 2,866 3,291 3,039 2,546 2,584 2,734 2,708 Memo: principal arrears on LDOD .. 1,771 23,877 49,966 56,077 51,659 31,637 32,330 30,128 33,466 Official creditors .. 1,053 13,552 41,680 46,810 42,815 24,824 25,390 23,040 25,997 Private creditors .. 718 10,325 8,286 9,268 8,844 6,813 6,940 7,088 7,470 Memo: export credits .. 0 59,230 64,673 41,673 41,717 39,812 38,199 43,603 44,547 TOTAL DEBT FLOWS Disbursements 2,969 18,612 23,390 24,989 24,624 19,252 22,577 17,553 19,122 22,358 Long-term debt 2,941 15,796 20,861 23,957 23,336 17,762 21,735 16,081 17,425 21,295 IMF purchases 28 2,815 2,529 1,033 1,288 1,490 842 1,473 1,697 1,063 Principal repayments 1,239 4,574 11,020 18,397 16,738 16,593 17,371 16,325 19,983 24,694 Long-term debt 934 3,864 8,996 16,622 15,246 15,247 16,267 15,402 18,652 23,346 IMF repurchases 305 711 2,024 1,776 1,492 1,346 1,105 923 1,331 1,348 Net flows on debt 1,782 17,028 16,331 7,922 5,083 2,877 3,779 -847 617 -2,904 of which short-term debt .. 2,990 3,961 1,330 -2,803 219 -1,426 -2,075 1,479 -568 Interest payments (INT) .. 4,604 11,330 10,265 10,472 8,932 9,433 8,177 7,746 9,849 Long-term debt 486 3,180 8,948 8,876 9,256 7,941 8,313 7,482 7,043 9,371 IMF charges 0 153 452 196 141 145 134 117 203 67 Short-term debt .. 1,271 1,931 1,193 1,076 846 986 578 501 411 Net transfers on debt .. 12,424 5,000 -2,343 -5,389 -6,055 -5,654 -9,024 -7,129 -12,753 Total debt service paid (TDS) .. 9,178 22,350 28,662 27,210 25,526 26,805 24,502 27,730 34,543 Long-term debt 1,420 7,043 17,944 25,498 24,502 23,188 24,580 22,884 25,695 32,717 IMF repurchases and charges 305 864 2,476 1,972 1,633 1,492 1,238 1,041 1,534 1,415 Short-term debt (interest only) .. 1,271 1,931 1,193 1,076 846 986 578 501 411 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 3,118 19,202 28,122 35,655 32,998 31,196 31,891 32,369 31,671 49,417 Net flow of long-term debt (ex. IMF) 2,007 11,933 11,865 7,335 8,090 2,515 5,468 679 -1,227 -2,051 Foreign direct investment (net) 195 274 1,693 12,487 12,009 12,823 10,429 13,853 14,545 16,128 Portfolio equity flows 0 -1 7 2,938 -595 2,434 2,511 2,837 1,160 8,219 Grants (excluding technical coop.) 919 7,032 14,557 12,895 13,494 13,424 13,484 15,001 17,194 27,120 Memo: technical coop. grants 980 3,598 6,741 6,064 5,535 5,117 5,536 5,850 6,691 7,555 official net resource flows 2,412 13,618 24,202 17,129 18,805 18,563 16,792 18,890 17,699 27,875 private net resource flows 706 5,584 3,921 18,526 14,193 12,633 15,099 13,479 13,972 21,541 NET TRANSFERS 2,632 13,339 17,247 21,794 19,047 17,383 14,962 16,065 14,520 28,141 Interest on long-term debt 486 3,180 8,948 8,876 9,256 7,941 8,313 7,482 7,043 9,371 Profit remittances on FDI 0 2,683 1,928 4,985 4,695 5,871 8,616 8,822 10,109 11,905 Memo: official net transfers 2,063 12,290 19,400 12,397 14,223 14,241 12,606 15,058 14,011 24,347 private net transfers 569 1,049 -2,153 9,396 4,823 3,142 2,356 1,007 509 3,793 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 133,026 435,116 601,396 764,606 765,158 806,389 831,396 864,985 907,936 1,058,831 Exports of goods, serv. & inc. (XGS) 217 91,637 97,578 161,710 152,045 169,781 204,006 210,448 245,493 286,966 Worker remit. & comp. of employees 128 6,432 8,115 19,285 18,160 20,387 21,705 23,775 31,146 36,741 Imports of goods & services (MGS) 231 102,933 121,548 191,834 190,411 194,454 219,988 224,032 244,310 282,884 International reserves (RES) 3,431 29,458 17,365 55,721 57,135 65,063 76,353 88,774 118,489 160,844 Current account balance 0 -7,179 -12,806 -14,847 -25,824 -12,788 -7,697 -5,050 3,423 7,734 4. DEBT INDICATORS EDT / XGS (%) .. 108.9 350.1 236.4 264.2 233.8 186.2 175.3 159.4 147.9 EDT / GNI (%) .. 22.9 56.8 50.0 52.5 49.2 45.7 42.6 43.1 40.1 TDS / XGS (%) .. 10.0 22.9 17.7 17.9 15.0 13.1 11.6 11.3 12.0 INT / XGS (%) .. 5.0 11.6 6.3 6.9 5.3 4.6 3.9 3.2 3.4 INT / GNI (%) .. 1.1 1.9 1.3 1.4 1.1 1.1 0.9 0.9 0.9 RES / EDT (%) .. 29.5 5.1 14.6 14.2 16.4 20.1 24.1 30.3 37.9 RES / MGS (months) .. 3.4 1.7 3.5 3.6 4.0 4.2 4.8 5.8 6.8 Short-term / EDT (%) .. 13.8 11.0 10.8 10.2 10.2 8.5 8.3 8.0 7.9 Concessional / EDT (%) .. 45.4 45.7 45.1 46.8 48.6 48.1 49.3 51.9 56.0 Multilateral / EDT (%) .. 17.6 22.9 29.9 30.6 31.8 32.4 33.4 34.1 34.5 31 LOW-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 17,828 80,724 293,109 330,164 349,639 345,671 337,564 328,363 349,293 379,860 Public and publicly guaranteed 17,242 75,689 285,416 310,470 330,995 327,684 315,177 307,981 327,485 356,039 Official creditors 14,962 56,730 221,701 252,380 269,551 271,494 257,603 251,639 267,810 292,572 Multilateral 3,060 17,568 78,216 114,140 122,814 126,159 122,966 123,260 133,355 146,479 Concessional 1,588 12,371 52,722 85,243 93,117 96,718 96,336 98,062 111,355 125,365 Bilateral 11,902 39,162 143,485 138,240 146,737 145,335 134,636 128,380 134,454 146,093 Concessional 10,801 32,957 103,217 87,224 94,811 96,171 86,471 83,823 91,590 112,349 Private creditors 2,280 19,158 63,716 58,090 61,445 56,189 57,575 56,342 59,675 63,466 Bonds 340 719 2,952 7,844 11,839 11,426 15,873 15,724 14,816 11,933 Commercial banks 232 9,117 32,697 33,669 33,033 29,312 31,487 31,381 35,869 42,971 Other private 1,708 9,323 28,067 16,578 16,573 15,452 10,215 9,236 8,990 8,562 Private nonguaranteed 586 5,035 7,692 19,694 18,644 17,987 22,386 20,382 21,808 23,821 Bonds 0 0 0 4,097 3,941 3,169 1,810 1,563 1,433 996 Commercial banks and other 586 5,035 7,692 15,597 14,703 14,818 20,576 18,819 20,375 22,825 Memo: IBRD 1,414 3,785 18,754 16,850 16,499 15,769 14,146 13,262 11,122 10,089 IDA 1,568 9,954 37,922 62,504 67,517 69,190 69,450 71,721 80,940 91,587 DISBURSEMENTS 2,941 15,796 20,861 23,957 23,336 17,762 21,735 16,081 17,425 21,295 Public and publicly guaranteed 2,701 14,309 19,692 20,675 21,651 16,520 20,727 15,223 16,360 16,293 Official creditors 2,028 8,186 14,606 14,109 13,946 12,873 12,074 12,513 11,618 12,161 Multilateral 352 3,221 8,978 9,488 8,555 8,615 8,530 9,365 9,286 9,291 Concessional 158 2,182 5,130 6,496 6,418 6,094 6,104 7,213 7,557 6,958 Bilateral 1,676 4,964 5,628 4,622 5,391 4,258 3,544 3,148 2,333 2,871 Concessional 1,492 3,837 4,346 3,027 4,310 3,302 2,834 2,644 2,061 2,597 Private creditors 674 6,124 5,086 6,565 7,705 3,647 8,653 2,710 4,742 4,131 Bonds 6 52 427 1,100 4,234 0 5,512 0 0 1,348 Commercial banks 81 2,981 2,411 3,817 1,970 2,037 2,108 1,937 4,456 2,162 Other private 587 3,090 2,248 1,648 1,501 1,609 1,034 773 286 621 Private nonguaranteed 240 1,487 1,168 3,282 1,685 1,242 1,007 858 1,065 5,002 Bonds 0 0 0 1,371 300 0 0 0 240 206 Commercial banks and other 240 1,487 1,168 1,911 1,385 1,242 1,007 858 825 4,796 Memo: IBRD 185 585 2,422 1,339 852 1,226 1,006 1,026 731 896 IDA 143 1,431 3,588 4,400 4,262 4,046 4,298 5,170 5,567 5,215 PRINCIPAL REPAYMENTS 934 3,864 8,996 16,622 15,246 15,247 16,267 15,402 18,652 23,346 Public and publicly guaranteed 831 3,138 7,985 15,220 13,676 12,938 14,722 13,615 16,950 19,636 Official creditors 534 1,600 4,961 9,875 8,634 7,734 8,766 8,624 11,113 11,407 Multilateral 96 336 2,332 4,107 3,902 4,112 4,481 3,866 7,934 6,509 Concessional 0 57 551 1,084 1,212 1,291 1,356 1,375 1,513 1,596 Bilateral 438 1,263 2,629 5,769 4,732 3,622 4,284 4,757 3,180 4,897 Concessional 328 941 1,553 4,119 3,763 2,633 2,738 2,799 2,286 3,581 Private creditors 297 1,538 3,024 5,344 5,041 5,204 5,957 4,992 5,837 8,229 Bonds 26 32 311 32 317 511 46 111 816 4,301 Commercial banks 29 591 1,457 2,748 2,321 2,916 4,761 3,644 4,158 2,831 Other private 241 915 1,256 2,564 2,404 1,776 1,150 1,236 863 1,098 Private nonguaranteed 103 726 1,010 1,402 1,570 2,309 1,544 1,787 1,702 3,710 Bonds 0 0 0 150 149 765 35 90 370 570 Commercial banks and other 103 726 1,010 1,252 1,421 1,544 1,509 1,697 1,332 3,140 Memo: IBRD 91 205 1,223 1,854 1,778 1,814 1,780 1,413 3,745 2,563 IDA 0 24 207 534 611 728 783 878 991 1,024 NET FLOWS ON DEBT 2,007 11,933 11,865 7,335 8,090 2,515 5,468 679 -1,227 -2,051 Public and publicly guaranteed 1,870 11,171 11,707 5,455 7,976 3,582 6,005 1,608 -590 -3,344 Official creditors 1,494 6,586 9,645 4,234 5,312 5,138 3,308 3,889 505 755 Multilateral 256 2,885 6,645 5,381 4,652 4,503 4,049 5,499 1,352 2,782 Concessional 157 2,125 4,579 5,412 5,206 4,803 4,748 5,838 6,045 5,361 Bilateral 1,238 3,701 3,000 -1,147 659 636 -741 -1,610 -847 -2,027 Concessional 1,165 2,896 2,793 -1,092 547 669 96 -154 -225 -984 Private creditors 376 4,586 2,062 1,221 2,664 -1,557 2,697 -2,282 -1,095 -4,098 Bonds -20 21 116 1,068 3,917 -511 5,466 -111 -816 -2,952 Commercial banks 51 2,390 954 1,069 -350 -879 -2,654 -1,707 298 -669 Other private 345 2,175 992 -916 -903 -167 -116 -463 -577 -477 Private nonguaranteed 137 761 158 1,880 115 -1,067 -537 -929 -637 1,292 Bonds 0 0 0 1,221 151 -765 -35 -90 -130 -364 Commercial banks and other 137 761 158 659 -36 -302 -502 -839 -507 1,656 Memo: IBRD 94 380 1,199 -515 -926 -588 -774 -387 -3,014 -1,667 IDA 143 1,407 3,381 3,866 3,651 3,318 3,515 4,292 4,576 4,190 32 LOW-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) 486 3,180 8,948 8,876 9,256 7,941 8,313 7,482 7,043 9,371 Public and publicly guaranteed 455 2,678 8,407 8,229 8,349 6,907 7,095 6,688 6,512 8,562 Official creditors 349 1,328 4,801 4,732 4,582 4,321 4,186 3,832 3,689 3,528 Multilateral 91 489 2,140 2,692 2,473 2,538 2,302 1,996 2,183 1,763 Concessional 11 95 377 660 688 743 729 668 848 843 Bilateral 258 839 2,661 2,040 2,109 1,783 1,884 1,836 1,506 1,765 Concessional 203 628 1,489 1,374 1,396 1,204 1,030 1,008 1,158 1,298 Private creditors 106 1,350 3,606 3,497 3,768 2,586 2,910 2,857 2,823 5,035 Bonds 11 20 196 252 411 587 515 563 546 1,542 Commercial banks 14 837 2,437 2,585 2,787 1,472 2,080 2,037 2,095 3,347 Other private 81 493 973 660 569 527 314 257 182 146 Private nonguaranteed 30 502 541 648 907 1,034 1,218 793 530 808 Bonds 0 0 0 170 281 259 240 228 178 51 Commercial banks and other 30 502 541 478 626 775 978 565 353 758 Memo: IBRD 78 323 1,373 1,213 1,075 1,018 851 733 689 417 IDA 10 66 253 424 440 473 457 456 561 548 NET TRANSFERS ON DEBT 1,521 8,753 2,917 -1,541 -1,166 -5,426 -2,845 -6,803 -8,270 -11,422 Public and publicly guaranteed 1,415 8,493 3,300 -2,774 -374 -3,326 -1,090 -5,081 -7,102 -11,906 Official creditors 1,144 5,257 4,844 -498 730 817 -878 57 -3,184 -2,773 Multilateral 165 2,395 4,505 2,689 2,180 1,965 1,747 3,503 -831 1,019 Concessional 147 2,030 4,202 4,752 4,518 4,060 4,019 5,171 5,197 4,519 Bilateral 979 2,862 338 -3,187 -1,450 -1,148 -2,624 -3,446 -2,353 -3,792 Concessional 962 2,268 1,304 -2,466 -849 -535 -933 -1,162 -1,383 -2,282 Private creditors 270 3,236 -1,544 -2,276 -1,103 -4,143 -213 -5,138 -3,919 -9,133 Bonds -31 1 -80 816 3,506 -1,098 4,951 -674 -1,362 -4,494 Commercial banks 37 1,553 -1,483 -1,517 -3,137 -2,351 -4,734 -3,744 -1,797 -4,015 Other private 264 1,682 19 -1,576 -1,473 -694 -430 -720 -759 -623 Private nonguaranteed 107 260 -383 1,232 -792 -2,100 -1,755 -1,722 -1,168 484 Bonds 0 0 0 1,051 -130 -1,024 -275 -318 -308 -415 Commercial banks and other 107 260 -383 181 -662 -1,077 -1,480 -1,404 -860 899 Memo: IBRD 16 58 -174 -1,728 -2,001 -1,606 -1,625 -1,120 -3,704 -2,084 IDA 133 1,342 3,128 3,442 3,211 2,846 3,058 3,836 4,015 3,642 DEBT SERVICE (LTDS) 1,420 7,043 17,944 25,498 24,502 23,188 24,580 22,884 25,695 32,717 Public and publicly guaranteed 1,287 5,816 16,392 23,448 22,025 19,846 21,818 20,304 23,463 28,199 Official creditors 883 2,928 9,763 14,607 13,216 12,056 12,952 12,456 14,802 14,934 Multilateral 187 826 4,473 6,798 6,375 6,650 6,784 5,862 10,117 8,272 Concessional 11 152 928 1,744 1,900 2,034 2,085 2,043 2,360 2,439 Bilateral 696 2,102 5,290 7,809 6,841 5,406 6,168 6,594 4,685 6,662 Concessional 531 1,568 3,042 5,493 5,159 3,837 3,767 3,807 3,444 4,879 Private creditors 403 2,888 6,630 8,841 8,809 7,790 8,866 7,848 8,660 13,264 Bonds 37 51 507 284 728 1,098 561 674 1,362 5,843 Commercial banks 44 1,428 3,894 5,334 5,107 4,388 6,841 5,682 6,253 6,177 Other private 323 1,408 2,229 3,224 2,973 2,303 1,464 1,493 1,045 1,244 Private nonguaranteed 133 1,228 1,551 2,049 2,477 3,343 2,762 2,580 2,233 4,518 Bonds 0 0 0 320 430 1,024 275 318 548 621 Commercial banks and other 133 1,228 1,551 1,729 2,047 2,319 2,487 2,262 1,685 3,897 Memo: IBRD 169 528 2,596 3,067 2,853 2,832 2,631 2,146 4,435 2,980 IDA 11 90 460 958 1,051 1,201 1,240 1,334 1,552 1,573 UNDISBURSED DEBT 6,524 38,190 79,522 68,688 68,134 62,816 51,767 52,772 55,571 56,112 Official creditors 5,665 30,068 70,904 60,469 56,069 51,881 48,705 49,728 53,552 54,747 Private creditors 859 8,121 8,618 8,219 12,065 10,935 3,062 3,045 2,019 1,366 Memorandum items Concessional LDOD 12,389 45,329 155,939 172,467 187,927 192,889 182,807 181,885 202,945 237,713 Variable rate LDOD 632 13,260 47,197 68,927 68,384 65,708 66,950 60,508 60,659 65,154 Public sector LDOD 16,750 75,618 287,169 310,227 330,377 326,822 314,527 307,591 327,230 355,904 Private sector LDOD 1,078 5,305 5,940 19,937 19,262 18,849 23,037 20,771 22,063 23,956 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 9.9 10.2 13.7 Deutsche mark 8.4 7.5 5.6 4.5 4.6 4.0 3.1 .. .. .. French franc 5.5 8.0 7.2 6.0 5.9 5.1 4.3 .. .. .. Japanese yen 3.5 7.4 7.3 9.0 10.2 12.0 9.7 9.2 10.0 11.3 Pound sterling 21.4 10.7 4.5 3.4 3.1 3.0 2.2 2.0 1.9 3.0 Swiss franc 0.4 1.1 1.2 0.9 0.9 0.7 0.7 0.7 0.8 1.0 U.S.dollars 35.6 38.9 41.7 47.4 47.8 49.7 58.4 59.9 60.2 55.4 Multiple currency 9.7 8.6 10.8 12.4 11.7 11.7 11.0 10.1 9.0 7.8 Special drawing rights 0.0 0.5 1.6 1.4 1.3 1.3 1.3 1.3 1.4 1.4 All other currencies 15.5 18.0 20.9 15.3 14.7 12.4 9.2 6.9 6.6 6.4 33 LOW-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 1,202 6,254 8,796 3,459 6,860 23,663 16,980 6,391 889 Debt stock rescheduled 0 0 91 891 669 1,388 121 11,978 350 291 Principal rescheduled 0 269 3,879 2,952 1,100 3,414 13,729 2,322 2,820 396 Official 0 120 2,762 1,917 1,020 2,642 11,589 1,997 2,625 354 Private 0 149 1,117 1,035 80 772 2,139 326 195 42 Interest rescheduled 0 63 1,676 2,543 545 1,175 9,061 557 1,758 210 Official 0 31 1,378 1,279 497 1,044 8,468 469 1,700 203 Private 0 31 298 1,264 48 132 593 88 58 7 Debt forgiven 3 201 1,594 3,055 350 4,695 675 1,357 4,038 1,630 Memo: interest forgiven 0 0 87 588 582 511 1,950 1,442 2,115 548 Debt stock reduction 0 0 1,262 5,177 350 859 9,203 2,469 985 1,019 of which debt buyback 0 0 0 200 102 325 137 33 452 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 1,429 18,361 37,176 -14,421 19,425 -4,611 -17,252 -10,917 22,462 33,157 Net flows on debt 1,782 17,028 16,331 7,922 5,083 2,877 3,779 -847 617 -2,904 Net change in interest arrears 4 285 3,062 -3,517 2,497 -707 -6,817 460 -822 2,817 Interest capitalized 0 63 1,676 2,543 545 1,175 9,061 557 1,758 210 Debt forgiveness or reduction -3 -201 -2,856 -8,033 -598 -5,228 -9,742 -3,792 -4,571 -2,648 Cross-currency valuation -372 -2,225 11,271 -22,997 533 -4,430 -15,942 -10,114 17,651 21,678 Residual 18 3,411 7,691 9,661 11,365 1,702 2,408 2,819 7,830 14,006 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 3.1 5.9 4.6 4.3 3.0 3.0 3.6 2.4 2.5 1.7 Maturity (years) 28.1 23.5 24.3 21.9 19.9 26.6 19.9 28.0 28.2 27.1 Grace period (years) 9.8 6.1 7.2 6.1 6.5 6.9 6.4 7.3 7.6 6.9 Grant element (%) 49.1 32.5 40.8 39.9 43.8 52.3 41.1 56.9 56.6 58.7 Official creditors Interest (%) 2.1 3.1 3.6 3.0 2.4 2.3 3.0 2.0 2.4 1.3 Maturity (years) 33.2 31.8 28.1 29.7 31.5 30.9 30.4 31.5 30.4 32.1 Grace period (years) 12.0 7.7 7.7 8.0 8.2 8.0 8.0 8.3 8.1 8.2 Grant element (%) 59.9 51.5 49.9 55.9 60.5 60.8 56.3 63.9 60.1 68.7 Private creditors Interest (%) 6.5 10.6 7.2 6.7 3.7 5.7 4.4 4.9 4.1 3.6 Maturity (years) 10.8 9.8 13.8 8.1 6.6 8.0 5.2 7.3 4.8 5.7 Grace period (years) 2.3 3.3 5.7 2.7 4.6 2.0 4.2 1.5 2.8 1.2 Grant element (%) 13.1 1.2 15.6 11.3 24.7 15.8 19.8 15.8 18.2 16.1 Memorandum items Commitments 4,102 22,476 25,551 23,279 25,433 13,585 20,849 21,197 19,364 13,061 Official creditors 3,156 13,992 18,774 14,944 13,579 11,020 12,196 18,106 17,734 10,586 Private creditors 946 8,484 6,777 8,335 11,855 2,564 8,653 3,090 1,630 2,475 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 60.0 2003 2003 50.0 2002 2002 2001 2001 40.0 2000 2000 30.0 1999 1999 20.0 1998 1998 1997 1997 10.0 1996 1996 0.0 1996 1997 1998 1999 2000 2001 2002 2003 -10.0 0.0 10.0 20.0 30.0 -10.0 0.0 10.0 20.0 30.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 34 2/16/05 12:30 PM MIDDLE-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 50,995 441,117 995,453 1,727,450 1,921,279 1,949,615 1,902,780 1,891,664 1,945,157 2,129,666 Long-term debt (LDOD) 42,821 326,413 806,118 1,332,336 1,544,320 1,594,180 1,569,190 1,534,941 1,570,547 1,665,355 Public and publicly guaranteed 28,206 263,192 753,803 998,857 1,064,002 1,077,485 1,048,255 1,017,684 1,047,945 1,094,050 Private nonguaranteed 14,616 63,221 52,315 333,479 480,318 516,696 520,935 517,258 522,602 571,305 Use of IMF credit 577 6,240 23,828 48,894 65,852 61,830 48,414 65,349 85,001 95,716 Short-term debt .. 108,465 165,507 346,220 311,107 293,605 285,176 291,374 289,609 368,595 of which interest arrears on LDOD .. 751 39,773 9,256 12,678 17,555 17,116 19,229 21,316 29,569 Official creditors .. 416 10,987 6,083 8,134 9,531 10,332 11,662 7,652 7,379 Private creditors .. 335 28,786 3,173 4,544 8,024 6,783 7,567 13,664 22,190 Memo: principal arrears on LDOD .. 777 35,901 25,405 29,306 31,448 31,774 29,372 33,328 48,802 Official creditors .. 193 13,705 17,293 17,953 21,382 22,161 21,623 17,806 18,571 Private creditors .. 584 22,196 8,112 11,353 10,066 9,614 7,749 15,522 30,231 Memo: export credits .. 0 215,137 282,485 154,387 146,054 137,458 133,661 143,870 156,176 TOTAL DEBT FLOWS Disbursements 10,000 89,576 103,610 264,078 277,906 254,567 235,133 258,080 264,001 307,212 Long-term debt 9,697 87,001 97,897 253,196 258,006 241,837 225,861 228,192 231,270 278,654 IMF purchases 303 2,576 5,713 10,881 19,900 12,730 9,272 29,888 32,730 28,558 Principal repayments 5,365 38,280 72,951 172,895 166,467 221,742 238,649 238,866 257,455 293,900 Long-term debt 4,939 37,022 66,800 166,123 160,860 206,679 218,988 227,891 238,373 268,005 IMF repurchases 425 1,258 6,151 6,772 5,606 15,063 19,661 10,974 19,082 25,895 Net flows on debt 4,635 77,793 39,902 99,002 49,786 12,526 -9,972 -2,604 7,863 62,855 of which short-term debt .. 26,497 9,243 7,820 -61,653 -20,300 -6,456 -21,818 1,317 49,542 Interest payments (INT) .. 38,858 52,631 92,006 99,185 104,952 111,091 102,150 87,401 91,332 Long-term debt 1,805 27,119 42,419 72,857 80,967 87,257 92,276 87,850 75,929 79,109 IMF charges 0 302 2,048 2,011 2,361 2,698 2,747 2,553 2,768 2,357 Short-term debt .. 11,438 8,163 17,138 15,856 14,997 16,068 11,747 8,704 9,865 Net transfers on debt .. 38,935 -12,729 6,997 -49,398 -92,426 -121,064 -104,754 -79,538 -28,477 Total debt service paid (TDS) .. 77,138 125,582 264,901 265,651 326,693 349,741 341,016 344,856 385,231 Long-term debt 6,744 64,140 109,220 238,980 241,827 293,936 311,264 315,741 314,302 347,114 IMF repurchases and charges 425 1,560 8,199 8,783 7,968 17,761 22,409 13,528 21,850 28,253 Short-term debt (interest only) .. 11,438 8,163 17,138 15,856 14,997 16,068 11,747 8,704 9,865 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 7,546 65,005 68,040 274,663 277,017 230,134 187,718 177,372 151,969 179,128 Net flow of long-term debt (ex. IMF) 4,758 49,979 31,097 87,073 97,146 35,159 6,872 300 -7,103 10,649 Foreign direct investment (net) 1,536 9,314 20,380 155,564 159,470 169,606 155,761 160,980 139,407 135,648 Portfolio equity flows -2 0 3,383 19,630 7,174 10,275 9,863 3,181 4,689 16,593 Grants (excluding technical coop.) 920 5,789 13,181 12,396 13,228 15,094 15,222 12,911 14,976 16,238 Memo: technical coop. grants 723 2,640 7,048 9,217 10,315 11,043 9,738 10,525 12,127 13,042 official net resource flows 2,717 19,689 29,938 17,732 28,195 26,067 16,813 16,562 5,658 1,225 private net resource flows 4,829 45,316 38,103 256,931 248,823 204,067 170,905 160,810 146,311 177,903 NET TRANSFERS 5,076 29,589 10,661 151,683 142,065 88,597 26,861 19,901 6,746 10,572 Interest on long-term debt 1,805 27,119 42,419 72,857 80,967 87,257 92,276 87,850 75,929 79,109 Profit remittances on FDI 1,022 9,302 14,960 50,122 53,985 54,280 68,581 69,621 69,293 89,447 Memo: official net transfers 2,207 15,672 16,378 -4,689 6,671 3,471 -6,042 -7,723 -14,853 -19,064 private net transfers 2,868 13,917 -5,717 156,372 135,394 85,126 32,903 27,624 21,600 29,635 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 527,297 2,097,990 3,100,750 4,937,936 4,675,144 4,440,661 4,841,427 4,905,759 4,969,914 5,567,436 Exports of goods, serv. & inc. (XGS) 8,324 292,650 651,004 1,401,380 1,354,650 1,402,133 1,678,807 1,666,623 1,797,329 2,159,250 Worker remit. & comp. of employees 281 10,635 23,114 51,643 49,887 51,472 53,932 60,003 67,068 79,119 Imports of goods & services (MGS) 10,111 339,886 654,911 1,482,806 1,431,053 1,407,962 1,652,225 1,666,455 1,753,445 2,084,852 International reserves (RES) 10,684 136,373 168,345 560,267 576,330 601,503 632,014 702,534 855,833 1,116,721 Current account balance -1,830 -42,271 1,135 -80,454 -70,517 1,507 32,621 9,924 56,405 86,322 4. DEBT INDICATORS EDT / XGS (%) .. 150.7 152.9 123.3 141.8 139.0 113.3 113.5 108.2 98.6 EDT / GNI (%) .. 21.0 32.1 35.0 41.1 43.9 39.3 38.6 39.1 38.3 TDS / XGS (%) .. 26.4 19.3 18.9 19.6 23.3 20.8 20.5 19.2 17.8 INT / XGS (%) .. 13.3 8.1 6.6 7.3 7.5 6.6 6.1 4.9 4.2 INT / GNI (%) .. 1.9 1.7 1.9 2.1 2.4 2.3 2.1 1.8 1.6 RES / EDT (%) .. 30.9 16.9 32.4 30.0 30.9 33.2 37.1 44.0 52.4 RES / MGS (months) .. 4.8 3.1 4.5 4.8 5.1 4.6 5.1 5.9 6.4 Short-term / EDT (%) .. 24.6 16.6 20.0 16.2 15.1 15.0 15.4 14.9 17.3 Concessional / EDT (%) .. 10.1 12.0 10.1 10.2 10.8 10.4 9.9 10.4 10.4 Multilateral / EDT (%) .. 6.5 12.6 9.8 10.1 10.6 11.1 11.4 11.6 11.0 35 MIDDLE-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 42,821 326,413 806,118 1,332,336 1,544,320 1,594,180 1,569,190 1,534,941 1,570,547 1,665,355 Public and publicly guaranteed 28,206 263,192 753,803 998,857 1,064,002 1,077,485 1,048,255 1,017,684 1,047,945 1,094,050 Official creditors 18,082 93,152 329,443 479,177 520,294 537,519 523,446 499,998 511,099 533,913 Multilateral 4,222 28,693 125,169 168,735 194,511 207,493 210,299 215,280 225,292 234,967 Concessional 457 5,635 15,776 28,579 31,250 33,168 32,932 32,988 36,260 41,664 Bilateral 13,859 64,458 204,274 310,442 325,783 330,026 313,147 284,718 285,806 298,945 Concessional 11,331 38,791 103,772 145,622 164,995 176,714 164,119 153,864 165,897 180,207 Private creditors 10,124 170,040 424,360 519,680 543,708 539,966 524,809 517,685 536,847 560,138 Bonds 1,470 12,093 101,326 280,866 311,201 330,547 356,177 356,622 381,580 414,839 Commercial banks 3,391 112,992 216,261 156,735 164,627 141,135 108,231 104,542 103,798 98,758 Other private 5,262 44,954 106,773 82,079 67,879 68,283 60,400 56,522 51,469 46,541 Private nonguaranteed 14,616 63,221 52,315 333,479 480,318 516,696 520,935 517,258 522,602 571,305 Bonds 0 0 347 83,716 91,856 96,085 94,991 93,785 93,697 107,928 Commercial banks and other 14,616 63,221 51,968 249,764 388,462 420,610 425,945 423,472 428,905 463,377 Memo: IBRD 2,963 16,647 73,560 84,672 91,956 95,560 97,999 99,268 100,181 98,947 IDA 238 1,821 7,083 14,895 16,571 17,414 17,393 17,499 19,674 22,255 DISBURSEMENTS 9,697 87,001 97,897 253,196 258,006 241,837 225,861 228,192 231,270 278,654 Public and publicly guaranteed 5,811 67,585 81,790 141,754 137,016 126,239 117,110 104,312 96,426 107,957 Official creditors 2,811 19,291 34,831 46,441 49,684 47,722 41,902 38,827 34,659 37,676 Multilateral 841 5,753 18,332 26,276 33,218 28,662 26,428 24,819 22,994 28,878 Concessional 97 652 1,696 2,747 2,559 2,782 1,973 2,202 2,328 3,872 Bilateral 1,970 13,538 16,499 20,166 16,466 19,060 15,474 14,008 11,665 8,798 Concessional 1,407 6,739 9,023 7,526 9,263 13,715 10,325 9,671 6,888 6,836 Private creditors 3,000 48,294 46,959 95,313 87,332 78,517 75,208 65,486 61,767 70,282 Bonds 143 1,601 4,749 51,962 48,137 50,988 50,607 44,751 40,431 50,169 Commercial banks 1,287 29,895 13,745 27,023 30,061 16,914 17,399 15,088 16,764 16,086 Other private 1,570 16,798 28,465 16,328 9,134 10,615 7,202 5,647 4,572 4,026 Private nonguaranteed 3,886 19,415 16,107 111,442 120,990 115,599 108,750 123,879 134,844 170,697 Bonds 0 0 291 27,330 19,563 13,763 11,757 11,010 11,351 24,013 Commercial banks and other 3,886 19,415 15,816 84,112 101,427 101,836 96,993 112,870 123,493 146,684 Memo: IBRD 486 3,638 11,016 13,160 13,524 12,856 12,424 11,280 9,557 10,515 IDA 29 155 757 1,537 1,294 1,350 921 921 1,201 1,164 PRINCIPAL REPAYMENTS 4,939 37,022 66,800 166,123 160,860 206,679 218,988 227,891 238,373 268,005 Public and publicly guaranteed 2,595 26,061 60,527 108,611 90,575 97,360 107,419 106,502 105,314 123,978 Official creditors 1,014 5,392 18,074 41,105 34,717 36,748 40,311 35,175 43,977 52,689 Multilateral 290 1,222 9,565 15,252 14,481 14,846 18,676 15,003 22,913 29,889 Concessional 29 48 348 746 767 775 1,078 1,084 990 1,206 Bilateral 724 4,170 8,509 25,853 20,236 21,903 21,634 20,172 21,063 22,800 Concessional 340 1,533 3,268 6,186 7,765 9,384 9,806 7,928 8,341 9,606 Private creditors 1,581 20,669 42,453 67,506 55,859 60,611 67,108 71,326 61,338 71,289 Bonds 117 482 4,075 33,913 22,531 22,690 35,276 34,393 27,523 34,432 Commercial banks 655 12,762 21,229 21,034 19,941 26,003 20,471 25,197 23,352 27,004 Other private 808 7,425 17,150 12,558 13,387 11,919 11,361 11,736 10,463 9,853 Private nonguaranteed 2,345 10,961 6,273 57,512 70,285 109,319 111,569 121,390 133,059 144,027 Bonds 0 0 0 9,455 9,517 10,963 15,025 10,215 12,146 9,818 Commercial banks and other 2,345 10,961 6,273 48,057 60,768 98,356 96,544 111,175 120,913 134,209 Memo: IBRD 157 791 6,716 8,760 8,708 8,020 8,048 8,393 12,277 15,065 IDA 0 6 41 112 121 141 165 206 252 298 NET FLOWS ON DEBT 4,758 49,979 31,097 87,073 97,146 35,159 6,872 300 -7,103 10,649 Public and publicly guaranteed 3,216 41,524 21,262 33,143 46,440 28,879 9,692 -2,189 -8,888 -16,020 Official creditors 1,797 13,899 16,757 5,336 14,967 10,973 1,592 3,651 -9,318 -15,013 Multilateral 551 4,531 8,767 11,024 18,737 13,816 7,751 9,816 81 -1,011 Concessional 68 603 1,348 2,001 1,792 2,007 895 1,118 1,338 2,666 Bilateral 1,246 9,368 7,990 -5,687 -3,771 -2,843 -6,160 -6,165 -9,398 -14,002 Concessional 1,066 5,206 5,755 1,340 1,498 4,331 519 1,743 -1,453 -2,770 Private creditors 1,420 27,625 4,506 27,807 31,474 17,906 8,100 -5,841 430 -1,007 Bonds 26 1,119 675 18,049 25,606 28,298 15,331 10,357 12,908 15,738 Commercial banks 631 17,133 -7,484 5,989 10,120 -9,089 -3,072 -10,109 -6,588 -10,918 Other private 762 9,373 11,315 3,769 -4,253 -1,303 -4,159 -6,089 -5,891 -5,827 Private nonguaranteed 1,541 8,454 9,834 53,930 50,705 6,280 -2,819 2,490 1,785 26,670 Bonds 0 0 291 17,876 10,046 2,800 -3,267 795 -795 14,195 Commercial banks and other 1,541 8,454 9,543 36,054 40,659 3,480 448 1,695 2,580 12,475 Memo: IBRD 329 2,847 4,300 4,400 4,816 4,836 4,377 2,886 -2,720 -4,550 IDA 29 149 716 1,425 1,173 1,209 756 715 949 865 36 MIDDLE-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) 1,805 27,119 42,419 72,857 80,967 87,257 92,276 87,850 75,929 79,109 Public and publicly guaranteed 1,082 20,935 38,383 54,045 53,240 56,108 60,427 57,857 51,256 52,789 Official creditors 509 4,016 13,560 22,421 21,524 22,596 22,855 24,285 20,511 20,288 Multilateral 217 1,866 8,364 9,947 10,202 12,361 13,290 13,288 11,498 10,464 Concessional 9 69 244 437 455 462 475 514 489 571 Bilateral 292 2,150 5,196 12,473 11,322 10,235 9,565 10,997 9,013 9,825 Concessional 182 893 1,836 3,988 4,797 4,693 4,228 4,018 3,680 4,482 Private creditors 573 16,919 24,823 31,625 31,717 33,512 37,571 33,572 30,744 32,501 Bonds 87 916 4,180 18,223 19,265 22,590 26,276 22,679 22,154 24,338 Commercial banks 239 12,841 15,002 8,301 7,952 7,150 7,819 7,658 6,407 5,971 Other private 247 3,162 5,641 5,101 4,500 3,772 3,477 3,235 2,183 2,192 Private nonguaranteed 723 6,184 4,036 18,812 27,726 31,149 31,850 29,993 24,673 26,320 Bonds 0 0 3 5,284 6,637 7,350 7,801 7,753 6,735 7,976 Commercial banks and other 723 6,184 4,033 13,528 21,089 23,799 24,048 22,240 17,938 18,344 Memo: IBRD 165 1,347 5,495 5,507 5,537 6,249 6,831 6,736 5,702 4,716 IDA 2 13 48 107 110 115 121 121 134 149 NET TRANSFERS ON DEBT 2,953 22,860 -11,323 14,216 16,179 -52,098 -85,404 -87,550 -83,032 -68,460 Public and publicly guaranteed 2,135 20,589 -17,121 -20,902 -6,800 -27,229 -50,735 -60,047 -60,144 -68,810 Official creditors 1,288 9,883 3,197 -17,084 -6,557 -11,623 -21,264 -20,633 -29,829 -35,302 Multilateral 334 2,665 402 1,076 8,536 1,455 -5,539 -3,471 -11,418 -11,475 Concessional 59 534 1,104 1,564 1,337 1,545 420 604 849 2,095 Bilateral 953 7,218 2,794 -18,161 -15,093 -13,077 -15,725 -17,162 -18,411 -23,827 Concessional 884 4,314 3,919 -2,648 -3,299 -362 -3,709 -2,275 -5,132 -7,252 Private creditors 847 10,706 -20,318 -3,818 -243 -15,606 -29,471 -39,413 -30,315 -33,508 Bonds -61 203 -3,505 -174 6,341 5,708 -10,945 -12,321 -9,246 -8,600 Commercial banks 393 4,293 -22,486 -2,312 2,169 -16,239 -10,891 -17,768 -12,995 -16,889 Other private 515 6,210 5,674 -1,332 -8,752 -5,075 -7,636 -9,324 -8,074 -8,018 Private nonguaranteed 819 2,271 5,798 35,118 22,979 -24,869 -34,669 -27,503 -22,888 349 Bonds 0 0 288 12,591 3,409 -4,550 -11,069 -6,958 -7,530 6,219 Commercial banks and other 819 2,271 5,510 22,526 19,570 -20,320 -23,600 -20,545 -15,358 -5,869 Memo: IBRD 165 1,500 -1,195 -1,107 -721 -1,413 -2,454 -3,849 -8,422 -9,266 IDA 28 136 668 1,318 1,063 1,094 635 594 815 716 DEBT SERVICE (LTDS) 6,744 64,140 109,220 238,980 241,827 293,936 311,264 315,741 314,302 347,114 Public and publicly guaranteed 3,676 46,996 98,911 162,656 143,816 153,467 167,846 164,359 156,570 176,767 Official creditors 1,523 9,408 31,634 63,526 56,241 59,344 63,166 59,460 64,488 72,977 Multilateral 507 3,089 17,930 25,199 24,682 27,207 31,967 28,290 34,412 40,352 Concessional 39 117 592 1,183 1,223 1,237 1,553 1,599 1,479 1,777 Bilateral 1,016 6,319 13,705 38,326 31,558 32,137 31,199 31,170 30,076 32,625 Concessional 523 2,426 5,104 10,174 12,563 14,077 14,035 11,946 12,021 14,088 Private creditors 2,153 37,588 67,277 99,130 87,575 94,123 104,680 104,899 92,082 103,790 Bonds 204 1,398 8,255 52,136 41,796 45,279 61,552 57,072 49,677 58,769 Commercial banks 894 25,603 36,231 29,335 27,893 33,153 28,290 32,856 29,759 32,976 Other private 1,055 10,588 22,791 17,659 17,886 15,691 14,838 14,971 12,646 12,045 Private nonguaranteed 3,067 17,145 10,309 76,324 98,011 140,468 143,419 151,383 157,732 170,347 Bonds 0 0 3 14,739 16,154 18,313 22,826 17,968 18,881 17,794 Commercial banks and other 3,067 17,145 10,306 61,585 81,857 122,155 120,593 133,414 138,851 152,553 Memo: IBRD 322 2,138 12,211 14,267 14,245 14,269 14,878 15,129 17,979 19,781 IDA 2 19 89 219 231 256 287 327 386 447 UNDISBURSED DEBT 10,256 98,520 138,351 182,771 212,189 240,758 183,924 159,729 155,940 156,921 Official creditors 7,502 58,001 91,636 129,112 159,619 191,553 133,605 119,097 117,097 108,789 Private creditors 2,753 40,520 46,715 53,658 52,570 49,205 50,318 40,632 38,843 48,132 Memorandum items Concessional LDOD 11,789 44,426 119,548 174,201 196,245 209,882 197,051 186,852 202,156 221,871 Variable rate LDOD 15,332 171,587 384,150 748,106 911,399 922,646 872,876 849,488 855,678 901,719 Public sector LDOD 27,422 256,424 748,719 993,491 1,056,140 1,069,321 1,041,560 1,011,897 1,041,023 1,086,166 Private sector LDOD 15,400 69,989 57,399 338,845 488,180 524,859 527,630 523,044 529,524 579,189 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 15.1 17.2 19.6 Deutsche mark 8.7 7.2 10.4 9.1 9.5 7.6 6.6 .. .. .. French franc 5.2 5.6 5.5 3.5 3.5 2.8 2.5 .. .. .. Japanese yen 1.3 6.8 12.0 11.3 11.5 12.9 12.1 10.7 10.9 10.7 Pound sterling 5.1 1.7 1.6 1.0 0.9 0.8 0.6 0.6 0.6 0.6 Swiss franc 1.5 1.8 2.3 0.5 0.4 0.3 0.3 0.3 0.4 0.4 U.S.dollars 52.4 57.6 44.4 57.7 61.3 61.5 63.4 65.5 64.0 62.4 Multiple currency 13.2 12.5 17.1 12.0 7.4 7.3 6.6 6.1 5.4 4.7 Special drawing rights 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 All other currencies 12.6 6.8 6.6 4.8 5.4 6.6 7.7 1.5 1.5 1.5 37 MIDDLE-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled 117 2,123 73,074 40,297 15,096 24,239 37,184 6,701 12,578 9,531 Debt stock rescheduled 0 1 61,758 435 7,448 5,962 23,071 318 1,969 3,076 Principal rescheduled 0 124 6,398 32,395 5,312 10,201 7,069 6,965 6,297 5,196 Official 0 17 3,064 4,930 3,488 7,141 5,535 4,695 5,526 4,609 Private 0 107 3,334 27,465 1,824 3,061 1,535 2,270 771 587 Interest rescheduled 0 8 4,122 6,496 1,039 5,797 4,926 543 2,163 596 Official 0 7 3,199 1,184 707 5,253 2,725 415 2,006 479 Private 0 1 923 5,313 333 544 2,201 128 157 117 Debt forgiven 7 75 11,035 291 255 132 262 297 963 216 Memo: interest forgiven 0 0 2,803 18 16 21 13 42 115 119 Debt stock reduction 0 0 24,883 13,652 3,651 7,033 32,393 16,377 4,913 65 of which debt buyback 0 0 4,359 9,850 2,906 5,020 16,879 13,606 3,820 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 21,033 95,177 61,918 79,108 193,829 28,337 -46,835 -11,117 53,493 184,509 Net flows on debt 4,635 77,793 39,902 99,002 49,786 12,526 -9,972 -2,604 7,863 62,855 Net change in interest arrears 11 338 12,501 -5,424 3,422 4,877 -440 2,113 2,088 8,253 Interest capitalized 0 8 4,122 6,496 1,039 5,797 4,926 543 2,163 596 Debt forgiveness or reduction -7 -75 -31,558 -4,093 -1,000 -2,144 -15,776 -3,067 -2,056 -281 Cross-currency valuation -50 -2,427 35,324 -54,803 28,530 -13,940 -37,142 -30,834 53,530 65,763 Residual 16,443 19,539 1,626 37,932 112,052 21,220 11,569 22,731 -7,805 48,161 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 6.0 10.0 7.6 6.9 7.1 6.7 7.5 6.0 5.6 5.1 Maturity (years) 17.3 13.7 15.0 12.9 11.7 12.4 12.7 12.2 23.3 11.6 Grace period (years) 4.7 4.4 5.4 7.0 5.6 5.6 7.2 6.3 6.4 7.4 Grant element (%) 25.0 3.0 14.9 15.1 13.3 17.7 11.3 19.8 23.5 23.8 Official creditors Interest (%) 4.7 6.5 6.3 5.9 5.7 4.7 5.4 4.7 3.5 3.4 Maturity (years) 24.4 20.3 19.8 17.1 13.3 17.6 16.8 16.9 18.6 15.8 Grace period (years) 6.7 5.6 6.1 4.8 3.8 5.1 4.3 4.2 4.9 4.3 Grant element (%) 37.1 25.1 25.8 24.7 21.2 33.0 26.4 30.5 39.7 38.6 Private creditors Interest (%) 7.4 12.0 8.7 7.5 8.1 8.1 8.4 6.9 6.8 5.8 Maturity (years) 9.1 10.0 11.1 10.7 10.5 8.7 11.0 9.4 25.9 10.0 Grace period (years) 2.4 3.8 4.8 8.1 7.0 6.0 8.5 7.5 7.2 8.6 Grant element (%) 11.1 -9.4 5.9 10.1 7.1 7.0 4.7 13.4 14.4 18.1 Memorandum items Commitments 7,293 72,051 94,407 158,398 163,436 134,213 126,974 123,158 91,752 116,196 Official creditors 3,897 25,983 42,525 53,992 71,811 55,208 38,827 46,181 32,950 32,263 Private creditors 3,396 46,068 51,882 104,406 91,625 79,006 88,147 76,977 58,802 83,933 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 300.0 2003 2003 250.0 2002 2002 2001 2001 200.0 2000 2000 150.0 1999 1999 100.0 1998 1998 1997 1997 50.0 1996 1996 0.0 1996 1997 1998 1999 2000 2001 2002 2003 -50.0 0.0 50.0 100.0 150.0 200.0 -20.0 -10.0 0.0 10.0 20.0 30.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 40 ALBANIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. .. .. 515 626 709 1,061 1,093 1,119 1,482 Long-term debt (LDOD) .. .. .. 412 527 599 936 979 1,009 1,242 Public and publicly guaranteed .. .. .. 412 506 583 921 969 996 1,230 Private nonguaranteed .. .. .. 0 21 16 15 11 13 12 Use of IMF credit .. .. .. 55 64 81 88 83 81 90 Short-term debt .. .. .. 48 35 29 37 31 29 149 of which interest arrears on LDOD .. .. .. 4 4 4 3 4 1 1 Official creditors .. .. .. 1 1 1 1 1 0 0 Private creditors .. .. .. 3 3 3 3 3 1 1 Memo: principal arrears on LDOD .. .. .. 33 33 33 271 271 16 16 Official creditors .. .. .. 18 18 18 255 255 0 0 Private creditors .. .. .. 16 16 16 16 16 16 16 Memo: export credits .. .. .. 26 215 177 22 28 30 51 TOTAL DEBT FLOWS Disbursements .. .. .. 65 97 156 138 113 158 156 Long-term debt .. .. .. 52 89 135 120 101 153 145 IMF purchases .. .. .. 12 8 21 19 12 5 11 Principal repayments .. .. .. 16 12 15 16 24 35 36 Long-term debt .. .. .. 8 10 11 9 11 21 27 IMF repurchases .. .. .. 8 1 3 7 14 14 10 Net flows on debt .. .. .. 63 73 136 130 82 124 240 of which short-term debt .. .. .. 14 -13 -6 8 -6 1 120 Interest payments (INT) .. .. .. 8 10 8 11 12 23 19 Long-term debt .. .. .. 6 7 6 8 10 22 15 IMF charges .. .. .. 0 1 1 1 1 1 0 Short-term debt .. .. .. 2 2 1 2 1 1 3 Net transfers on debt .. .. .. 54 63 127 119 70 101 222 Total debt service paid (TDS) .. .. .. 24 21 23 27 37 58 55 Long-term debt .. .. .. 14 17 18 17 21 43 42 IMF repurchases and charges .. .. .. 8 2 4 8 14 14 10 Short-term debt (interest only) .. .. .. 2 2 1 2 1 1 3 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. .. .. 167 251 445 414 434 374 408 Net flow of long-term debt (ex. IMF) .. .. .. 44 79 124 110 90 132 118 Foreign direct investment (net) .. .. .. 48 45 41 143 207 135 178 Portfolio equity flows .. .. .. 0 0 0 0 0 0 0 Grants (excluding technical coop.) .. .. .. 75 127 280 161 137 107 112 Memo: technical coop. grants .. .. .. 34 34 69 56 62 83 146 official net resource flows .. .. .. 121 208 408 272 231 238 233 private net resource flows .. .. .. 46 43 37 142 203 136 175 NET TRANSFERS .. .. .. 160 244 439 406 424 351 392 Interest on long-term debt .. .. .. 6 7 6 8 10 22 15 Profit remittances on FDI .. .. .. 2 0 0 0 0 1 1 Memo: official net transfers .. .. .. 116 202 403 265 222 221 218 private net transfers .. .. .. 44 42 36 141 203 130 174 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. .. .. 2,213 2,815 3,520 3,798 4,400 4,963 6,292 Exports of goods, serv. & inc. (XGS) .. .. .. 551 833 987 1,350 1,616 1,707 2,140 Worker remit. & comp. of employees .. .. .. 300 504 407 598 699 734 889 Imports of goods & services (MGS) .. .. .. 821 950 1,111 1,509 1,789 2,096 2,610 International reserves (RES) .. .. .. 342 418 523 646 771 866 1,038 Current account balance .. .. .. -272 -65 -155 -156 -217 -408 -407 4. DEBT INDICATORS EDT / XGS (%) .. .. .. 93.5 75.2 71.9 78.6 67.7 65.6 69.3 EDT / GNI (%) .. .. .. 23.3 22.3 20.1 27.9 24.8 22.5 23.6 TDS / XGS (%) .. .. .. 4.4 2.6 2.3 2.0 2.3 3.4 2.6 INT / XGS (%) .. .. .. 1.5 1.2 0.9 0.8 0.8 1.4 0.9 INT / GNI (%) .. .. .. 0.4 0.4 0.2 0.3 0.3 0.5 0.3 RES / EDT (%) .. .. .. 66.5 66.7 73.8 60.9 70.5 77.4 70.1 RES / MGS (months) .. .. .. 5.0 5.3 5.6 5.1 5.2 5.0 4.8 Short-term / EDT (%) .. .. .. 9.3 5.6 4.1 3.5 2.8 2.6 10.1 Concessional / EDT (%) .. .. .. 66.9 70.8 71.8 52.1 55.1 77.0 71.8 Multilateral / EDT (%) .. .. .. 31.8 38.6 48.5 40.2 40.2 52.0 50.1 41 ALBANIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. .. .. 412 527 599 936 979 1,009 1,242 Public and publicly guaranteed .. .. .. 412 506 583 921 969 996 1,230 Official creditors .. .. .. 385 480 560 899 947 974 1,208 Multilateral .. .. .. 164 242 344 426 440 582 742 Concessional .. .. .. 155 232 316 368 396 518 642 Bilateral .. .. .. 221 238 216 473 508 392 465 Concessional .. .. .. 190 212 193 185 207 344 421 Private creditors .. .. .. 27 26 23 22 22 22 22 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 0 0 0 Other private .. .. .. 27 26 23 22 22 22 22 Private nonguaranteed .. .. .. 0 21 16 15 11 13 12 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 21 16 15 11 13 12 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 148 220 296 346 366 476 583 DISBURSEMENTS .. .. .. 52 89 135 120 101 153 145 Public and publicly guaranteed .. .. .. 52 89 134 120 101 150 145 Official creditors .. .. .. 52 89 134 120 101 150 145 Multilateral .. .. .. 22 70 109 101 56 110 108 Concessional .. .. .. 21 69 89 67 44 92 78 Bilateral .. .. .. 29 19 25 19 44 41 36 Concessional .. .. .. 29 19 25 11 29 40 36 Private creditors .. .. .. 1 0 0 0 0 0 0 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 0 0 0 Other private .. .. .. 1 0 0 0 0 0 0 Private nonguaranteed .. .. .. 0 0 1 0 0 3 0 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 0 1 0 0 3 0 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 19 64 81 64 34 79 61 PRINCIPAL REPAYMENTS .. .. .. 8 10 11 9 11 21 27 Public and publicly guaranteed .. .. .. 8 10 8 9 7 19 24 Official creditors .. .. .. 6 9 6 8 7 19 24 Multilateral .. .. .. 1 1 2 2 3 8 12 Concessional .. .. .. 0 0 0 1 1 2 3 Bilateral .. .. .. 5 8 5 6 4 11 12 Concessional .. .. .. 1 3 2 3 2 8 7 Private creditors .. .. .. 2 2 2 1 0 0 0 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 0 0 0 Other private .. .. .. 2 2 2 1 0 0 0 Private nonguaranteed .. .. .. 0 0 3 0 4 2 2 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 0 3 0 4 2 2 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 0 0 0 0 0 0 1 NET FLOWS ON DEBT .. .. .. 44 79 124 110 90 132 118 Public and publicly guaranteed .. .. .. 44 79 126 110 93 131 120 Official creditors .. .. .. 46 81 128 111 94 131 121 Multilateral .. .. .. 21 69 108 98 53 102 96 Concessional .. .. .. 21 69 89 67 43 90 75 Bilateral .. .. .. 25 11 20 13 41 29 24 Concessional .. .. .. 28 16 23 8 27 32 29 Private creditors .. .. .. -1 -2 -2 -1 0 0 0 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 0 0 0 Other private .. .. .. -1 -2 -2 -1 0 0 0 Private nonguaranteed .. .. .. 0 0 -2 0 -4 1 -2 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 0 -2 0 -4 1 -2 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 19 64 81 64 34 79 59 42 ALBANIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) .. .. .. 6 7 6 8 10 22 15 Public and publicly guaranteed .. .. .. 6 6 6 7 10 17 15 Official creditors .. .. .. 5 6 5 7 9 17 15 Multilateral .. .. .. 2 2 3 4 6 6 8 Concessional .. .. .. 1 1 2 3 3 3 5 Bilateral .. .. .. 3 4 2 3 4 11 7 Concessional .. .. .. 2 3 2 3 3 10 6 Private creditors .. .. .. 0 0 0 0 0 0 0 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 0 0 0 Other private .. .. .. 0 0 0 0 0 0 0 Private nonguaranteed .. .. .. 0 1 1 1 1 5 1 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 1 1 1 1 5 1 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 1 1 2 2 3 3 4 NET TRANSFERS ON DEBT .. .. .. 39 72 118 102 80 110 103 Public and publicly guaranteed .. .. .. 39 73 121 103 84 114 105 Official creditors .. .. .. 40 75 122 104 84 114 106 Multilateral .. .. .. 19 67 105 94 47 96 89 Concessional .. .. .. 20 68 87 64 39 87 70 Bilateral .. .. .. 21 8 18 10 37 19 17 Concessional .. .. .. 26 13 21 5 24 22 23 Private creditors .. .. .. -2 -2 -2 -1 0 0 0 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 0 0 0 Other private .. .. .. -2 -2 -2 -1 0 0 0 Private nonguaranteed .. .. .. 0 -1 -3 -1 -4 -4 -3 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 -1 -3 -1 -4 -4 -3 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 18 63 79 62 32 76 56 DEBT SERVICE (LTDS) .. .. .. 14 17 18 17 21 43 42 Public and publicly guaranteed .. .. .. 14 17 14 17 17 36 39 Official creditors .. .. .. 11 14 12 15 16 36 39 Multilateral .. .. .. 3 3 4 6 9 14 20 Concessional .. .. .. 2 1 2 3 5 5 8 Bilateral .. .. .. 8 11 7 9 7 22 19 Concessional .. .. .. 4 6 4 5 5 17 13 Private creditors .. .. .. 2 2 2 1 0 0 0 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 0 0 0 Other private .. .. .. 2 2 2 1 0 0 0 Private nonguaranteed .. .. .. 0 1 4 1 4 7 3 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 1 4 1 4 7 3 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 1 1 2 2 3 3 5 UNDISBURSED DEBT .. .. .. 341 429 468 461 427 522 581 Official creditors .. .. .. 341 429 468 461 427 522 581 Private creditors .. .. .. 0 0 0 0 0 0 0 Memorandum items Concessional LDOD .. .. .. 345 444 509 553 603 862 1,063 Variable rate LDOD .. .. .. 55 73 80 363 363 160 189 Public sector LDOD .. .. .. 412 505 582 920 966 993 1,226 Private sector LDOD .. .. .. 0 22 17 16 13 16 16 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 20.1 27.3 30.0 Deutsche mark .. .. .. 14.3 13.1 10.5 6.0 .. .. .. French franc .. .. .. 0.1 0.1 0.0 0.0 .. .. .. Japanese yen .. .. .. 4.1 4.0 5.3 3.2 2.6 2.8 3.0 Pound sterling .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars .. .. .. 59.6 60.8 62.4 73.2 73.8 61.7 59.0 Multiple currency .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Special drawing rights .. .. .. 0.3 0.7 1.0 0.7 0.7 0.8 0.7 All other currencies .. .. .. 21.7 21.3 20.8 16.9 2.7 7.4 7.2 43 ALBANIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. .. 0 5 0 28 5 75 0 Debt stock rescheduled .. .. .. 0 0 0 0 0 0 0 Principal rescheduled .. .. .. 0 0 0 22 0 75 0 Official .. .. .. 0 0 0 21 0 75 0 Private .. .. .. 0 0 0 0 0 0 0 Interest rescheduled .. .. .. 0 0 0 2 0 0 0 Official .. .. .. 0 0 0 2 0 0 0 Private .. .. .. 0 0 0 0 0 0 0 Debt forgiven .. .. .. 0 0 0 0 0 0 0 Memo: interest forgiven .. .. .. 0 0 0 0 0 0 0 Debt stock reduction .. .. .. 0 0 0 0 0 180 0 of which debt buyback .. .. .. 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. .. 24 112 83 352 33 26 363 Net flows on debt .. .. .. 63 73 136 130 82 124 240 Net change in interest arrears .. .. .. 2 0 0 -1 0 -2 0 Interest capitalized .. .. .. 0 0 0 2 0 0 0 Debt forgiveness or reduction .. .. .. 0 0 0 0 0 -180 0 Cross-currency valuation .. .. .. -31 22 -31 -35 -31 79 117 Residual .. .. .. -10 17 -22 255 -18 5 6 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. .. .. 0.5 2.6 1.7 3.5 3.1 1.2 0.9 Maturity (years) .. .. .. 39.8 32.6 34.5 29.7 30.7 32.7 28.3 Grace period (years) .. .. .. 10.3 9.9 8.7 10.5 9.4 9.5 13.0 Grant element (%) .. .. .. 82.6 61.1 69.2 54.5 56.6 70.7 75.3 Official creditors Interest (%) .. .. .. 0.5 2.6 1.7 3.5 3.1 1.2 0.9 Maturity (years) .. .. .. 39.8 32.6 34.5 29.7 30.7 32.7 28.3 Grace period (years) .. .. .. 10.3 9.9 8.7 10.5 9.4 9.5 13.0 Grant element (%) .. .. .. 82.6 61.1 69.2 54.5 56.6 70.7 75.3 Private creditors Interest (%) .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grant element (%) .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memorandum items Commitments .. .. .. 34 157 204 173 94 185 135 Official creditors .. .. .. 34 157 204 173 94 185 135 Private creditors .. .. .. 0 0 0 0 0 0 0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 149 140 100 67 48 32 20 12 7 3 Principal 38 45 55 55 58 62 66 65 60 60 Interest 19 21 22 22 22 21 20 18 17 16 Official creditors Disbursements 149 140 100 67 48 32 20 12 7 3 Principal 37 42 52 53 56 59 63 65 60 60 Interest 18 21 22 22 22 21 20 18 17 16 Bilateral creditors Disbursements 81 67 42 25 14 8 4 2 1 0 Principal 21 24 28 24 26 27 27 29 27 24 Interest 9 9 9 9 9 8 8 7 7 6 Multilateral creditors Disbursements 68 72 59 42 34 24 15 10 6 3 Principal 16 18 24 29 31 33 35 36 32 36 Interest 10 11 12 13 13 12 12 11 10 10 Private creditors Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 1 3 3 1 2 2 3 0 0 0 Interest 0 0 0 0 0 0 0 0 0 0 Commercial banks Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 0 0 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 0 0 Other private Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 1 3 3 1 2 2 3 0 0 0 Interest 0 0 0 0 0 0 0 0 0 0 44 ALGERIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 940 19,365 28,149 30,892 30,678 27,997 25,272 22,586 22,876 23,386 Long-term debt (LDOD) 940 17,040 26,688 28,712 28,482 25,896 23,332 20,870 21,438 22,253 Public and publicly guaranteed 940 17,040 26,688 28,712 28,482 25,896 23,332 20,870 21,332 21,741 Private nonguaranteed 0 0 0 0 0 0 0 0 107 512 Use of IMF credit 0 0 670 2,018 2,011 1,906 1,718 1,518 1,330 988 Short-term debt 0 2,325 791 162 186 195 222 199 108 146 of which interest arrears on LDOD 0 0 0 0 0 0 0 0 0 0 Official creditors 0 0 0 0 0 0 0 0 0 0 Private creditors 0 0 0 0 0 0 0 0 0 0 Memo: principal arrears on LDOD 0 2 1 0 0 0 0 0 0 0 Official creditors 0 0 0 0 0 0 0 0 0 0 Private creditors 0 2 0 0 0 0 0 0 0 0 Memo: export credits 0 0 13,220 19,181 11,730 11,029 10,697 10,162 11,222 11,875 TOTAL DEBT FLOWS Disbursements 313 3,398 7,017 2,107 1,494 1,429 1,215 1,036 1,604 1,782 Long-term debt 313 3,398 7,017 1,643 1,150 1,123 1,215 1,036 1,604 1,782 IMF purchases 0 0 0 465 344 306 0 0 0 0 Principal repayments 35 2,529 6,780 2,370 3,139 3,381 2,815 2,964 2,948 3,216 Long-term debt 35 2,529 6,780 2,019 2,704 3,022 2,722 2,823 2,650 2,777 IMF repurchases 0 0 0 350 435 359 93 141 297 439 Net flows on debt 279 1,261 -811 -428 -1,622 -1,943 -1,574 -1,951 -1,434 -1,396 of which short-term debt 0 392 -1,049 -166 24 9 27 -23 -91 38 Interest payments (INT) 10 1,556 2,025 2,048 1,992 1,810 1,655 1,419 1,218 1,085 Long-term debt 10 1,440 1,784 1,943 1,879 1,722 1,552 1,334 1,168 1,057 IMF charges 0 0 62 93 99 78 92 76 43 24 Short-term debt 0 116 179 12 15 10 10 9 7 4 Net transfers on debt 269 -294 -2,836 -2,477 -3,614 -3,753 -3,228 -3,370 -2,653 -2,481 Total debt service paid (TDS) 45 4,084 8,804 4,418 5,131 5,191 4,470 4,383 4,166 4,301 Long-term debt 45 3,968 8,564 3,962 4,583 4,744 4,274 4,157 3,819 3,834 IMF repurchases and charges 0 0 62 443 534 437 185 217 340 463 Short-term debt (interest only) 0 116 179 12 15 10 10 9 7 4 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 381 1,295 283 -82 -945 -1,343 -1,008 -549 114 -291 Net flow of long-term debt (ex. IMF) 279 869 237 -377 -1,554 -1,899 -1,508 -1,787 -1,046 -995 Foreign direct investment (net) 47 349 0 260 501 507 438 1,196 1,065 634 Portfolio equity flows 0 0 0 0 0 0 0 0 0 0 Grants (excluding technical coop.) 56 77 45 35 108 49 62 42 95 71 Memo: technical coop. grants 44 96 106 110 106 93 76 77 97 146 official net resource flows 88 399 707 199 -118 -336 -200 -775 -912 -884 private net resource flows 294 896 -424 -281 -827 -1,008 -808 226 1,027 593 NET TRANSFERS 371 -831 -1,652 -2,198 -2,990 -3,241 -2,817 -1,985 -1,369 -1,712 Interest on long-term debt 10 1,440 1,784 1,943 1,879 1,722 1,552 1,334 1,168 1,057 Profit remittances on FDI 0 687 152 174 166 176 257 103 315 364 Memo: official net transfers 84 239 395 -927 -1,314 -1,526 -1,331 -1,786 -1,879 -1,758 private net transfers 287 -1,071 -2,047 -1,271 -1,675 -1,715 -1,486 -199 509 47 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 4,742 41,147 59,955 45,649 45,357 45,305 50,745 53,165 53,683 64,573 Exports of goods, serv. & inc. (XGS) .. 14,906 13,887 .. .. .. .. .. .. .. Worker remit. & comp. of employees 211 406 352 1,060 1,060 790 790 670 1,070 1,090 Imports of goods & services (MGS) .. 14,552 12,448 .. .. .. .. .. .. .. International reserves (RES) 352 7,064 2,703 9,667 8,452 6,146 13,556 19,625 25,151 35,455 Current account balance .. 249 1,420 .. .. .. .. .. .. .. 4. DEBT INDICATORS EDT / XGS (%) .. 129.9 202.7 .. .. .. .. .. .. .. EDT / GNI (%) 19.8 47.1 47.0 67.7 67.6 61.8 49.8 42.5 42.6 36.2 TDS / XGS (%) .. 27.4 63.4 .. .. .. .. .. .. .. INT / XGS (%) .. 10.4 14.6 .. .. .. .. .. .. .. INT / GNI (%) 0.2 3.8 3.4 4.5 4.4 4.0 3.3 2.7 2.3 1.7 RES / EDT (%) 37.5 36.5 9.6 31.3 27.6 22.0 53.6 86.9 109.9 151.6 RES / MGS (months) .. 5.8 2.6 .. .. .. .. .. .. .. Short-term / EDT (%) 0.0 12.0 2.8 0.5 0.6 0.7 0.9 0.9 0.5 0.6 Concessional / EDT (%) 50.0 6.6 3.1 10.3 10.9 12.3 12.4 12.2 12.4 12.9 Multilateral / EDT (%) 1.7 1.5 7.2 12.5 14.3 15.1 16.3 17.7 17.1 17.6 45 ALGERIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 940 17,040 26,688 28,712 28,482 25,896 23,332 20,870 21,438 22,253 Public and publicly guaranteed 940 17,040 26,688 28,712 28,482 25,896 23,332 20,870 21,332 21,741 Official creditors 485 3,495 5,866 18,284 19,466 18,503 17,480 16,197 16,363 16,811 Multilateral 16 284 2,031 3,852 4,392 4,236 4,123 3,999 3,912 4,116 Concessional 0 14 76 368 394 474 453 436 417 498 Bilateral 469 3,211 3,835 14,432 15,074 14,266 13,357 12,198 12,451 12,696 Concessional 469 1,255 784 2,802 2,938 2,975 2,688 2,320 2,422 2,508 Private creditors 454 13,545 20,822 10,428 9,016 7,393 5,851 4,673 4,969 4,930 Bonds 5 410 1,420 0 0 0 0 0 0 0 Commercial banks 20 5,503 5,851 4,009 3,698 3,386 2,763 2,219 2,213 1,955 Other private 430 7,632 13,551 6,419 5,318 4,007 3,088 2,453 2,756 2,974 Private nonguaranteed 0 0 0 0 0 0 0 0 107 512 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 107 512 Memo: IBRD 16 253 1,208 1,795 1,676 1,540 1,425 1,329 1,203 1,056 IDA 0 0 0 0 0 0 0 0 0 0 DISBURSEMENTS 313 3,398 7,017 1,643 1,150 1,123 1,215 1,036 1,604 1,782 Public and publicly guaranteed 313 3,398 7,017 1,643 1,150 1,123 1,215 1,036 1,527 1,331 Official creditors 45 566 1,835 1,208 751 734 795 464 490 597 Multilateral 0 54 612 790 594 428 349 340 390 550 Concessional 0 1 9 59 75 133 41 50 33 128 Bilateral 45 512 1,223 419 157 306 446 124 100 47 Concessional 45 78 282 161 81 226 152 79 75 41 Private creditors 268 2,832 5,182 434 399 389 420 572 1,037 734 Bonds 5 30 0 0 0 0 0 0 0 0 Commercial banks 17 891 206 29 6 3 0 3 252 15 Other private 246 1,911 4,976 406 393 385 419 570 786 719 Private nonguaranteed 0 0 0 0 0 0 0 0 77 451 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 77 451 Memo: IBRD 0 39 300 250 56 62 58 83 70 50 IDA 0 0 0 0 0 0 0 0 0 0 PRINCIPAL REPAYMENTS 35 2,529 6,780 2,019 2,704 3,022 2,722 2,823 2,650 2,777 Public and publicly guaranteed 35 2,529 6,780 2,019 2,704 3,022 2,722 2,823 2,590 2,766 Official creditors 13 244 1,174 1,044 977 1,119 1,056 1,281 1,497 1,552 Multilateral 3 42 312 698 412 420 349 524 642 535 Concessional 0 1 6 35 39 48 53 66 61 54 Bilateral 10 203 862 346 565 699 707 757 855 1,017 Concessional 10 72 97 116 145 197 223 226 234 265 Private creditors 22 2,284 5,606 975 1,727 1,903 1,666 1,542 1,093 1,214 Bonds 0 15 16 0 0 0 0 0 0 0 Commercial banks 2 918 1,330 110 477 463 458 391 367 394 Other private 19 1,352 4,260 865 1,250 1,440 1,208 1,151 726 820 Private nonguaranteed 0 0 0 0 0 0 0 0 60 11 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 60 11 Memo: IBRD 3 13 130 234 208 199 172 177 200 202 IDA 0 0 0 0 0 0 0 0 0 0 NET FLOWS ON DEBT 279 869 237 -377 -1,554 -1,899 -1,508 -1,787 -1,046 -995 Public and publicly guaranteed 279 869 237 -377 -1,554 -1,899 -1,508 -1,787 -1,063 -1,435 Official creditors 32 322 662 164 -226 -384 -262 -817 -1,007 -955 Multilateral -3 13 300 91 182 8 -1 -184 -253 15 Concessional 0 0 3 24 36 85 -12 -16 -28 73 Bilateral 35 309 362 73 -408 -392 -261 -632 -755 -970 Concessional 35 6 185 45 -64 28 -71 -147 -159 -224 Private creditors 247 548 -424 -541 -1,328 -1,515 -1,246 -970 -55 -480 Bonds 5 15 -15 0 0 0 0 0 0 0 Commercial banks 15 -27 -1,124 -82 -471 -460 -458 -389 -115 -379 Other private 227 559 715 -459 -857 -1,055 -788 -581 60 -102 Private nonguaranteed 0 0 0 0 0 0 0 0 17 440 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 17 440 Memo: IBRD -3 26 170 17 -152 -137 -114 -94 -130 -152 IDA 0 0 0 0 0 0 0 0 0 0 46 ALGERIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) 10 1,440 1,784 1,943 1,879 1,722 1,552 1,334 1,168 1,057 Public and publicly guaranteed 10 1,440 1,784 1,943 1,879 1,722 1,552 1,334 1,164 1,055 Official creditors 4 159 312 1,126 1,197 1,190 1,131 1,011 966 875 Multilateral 1 29 117 252 279 318 297 248 304 253 Concessional 0 1 6 19 18 20 17 23 17 18 Bilateral 3 130 195 874 917 872 834 764 662 622 Concessional 3 35 17 101 107 109 108 96 87 87 Private creditors 6 1,280 1,472 817 682 532 421 322 198 180 Bonds 0 45 105 0 0 0 0 0 0 0 Commercial banks 0 672 526 246 217 178 153 122 68 46 Other private 6 563 841 571 465 354 267 200 129 134 Private nonguaranteed 0 0 0 0 0 0 0 0 5 3 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 5 3 Memo: IBRD 1 25 73 120 124 126 128 119 104 85 IDA 0 0 0 0 0 0 0 0 0 0 NET TRANSFERS ON DEBT 269 -570 -1,546 -2,320 -3,433 -3,621 -3,060 -3,120 -2,214 -2,052 Public and publicly guaranteed 269 -570 -1,546 -2,320 -3,433 -3,621 -3,060 -3,120 -2,227 -2,489 Official creditors 28 162 349 -962 -1,422 -1,574 -1,393 -1,828 -1,973 -1,829 Multilateral -4 -17 183 -161 -97 -310 -298 -432 -556 -238 Concessional 0 -1 -2 5 18 65 -29 -38 -45 55 Bilateral 32 179 166 -801 -1,325 -1,264 -1,095 -1,396 -1,417 -1,592 Concessional 32 -29 168 -56 -170 -81 -179 -243 -247 -311 Private creditors 240 -732 -1,896 -1,358 -2,010 -2,046 -1,667 -1,292 -253 -660 Bonds 5 -30 -120 0 0 0 0 0 0 0 Commercial banks 14 -699 -1,650 -328 -689 -638 -611 -511 -183 -425 Other private 221 -4 -126 -1,029 -1,322 -1,409 -1,056 -782 -70 -235 Private nonguaranteed 0 0 0 0 0 0 0 0 12 437 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 12 437 Memo: IBRD -4 0 97 -103 -276 -263 -242 -213 -233 -237 IDA 0 0 0 0 0 0 0 0 0 0 DEBT SERVICE (LTDS) 45 3,968 8,564 3,962 4,583 4,744 4,274 4,157 3,819 3,834 Public and publicly guaranteed 45 3,968 8,564 3,962 4,583 4,744 4,274 4,157 3,754 3,820 Official creditors 17 404 1,486 2,171 2,173 2,309 2,188 2,292 2,463 2,427 Multilateral 4 71 429 951 691 739 646 771 946 788 Concessional 0 2 12 54 57 68 70 88 77 73 Bilateral 13 333 1,057 1,220 1,483 1,570 1,541 1,521 1,517 1,639 Concessional 13 107 114 218 251 306 332 321 321 352 Private creditors 28 3,564 7,078 1,792 2,409 2,435 2,087 1,865 1,291 1,394 Bonds 0 60 120 0 0 0 0 0 0 0 Commercial banks 3 1,590 1,856 357 694 641 612 513 435 440 Other private 25 1,915 5,101 1,435 1,715 1,794 1,475 1,351 855 954 Private nonguaranteed 0 0 0 0 0 0 0 0 65 14 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 65 14 Memo: IBRD 4 39 203 353 332 325 300 296 304 286 IDA 0 0 0 0 0 0 0 0 0 0 UNDISBURSED DEBT 737 11,717 12,954 6,048 5,649 5,298 4,202 4,135 2,851 2,073 Official creditors 579 4,169 5,254 4,368 3,961 3,613 2,862 2,751 1,847 1,560 Private creditors 159 7,548 7,700 1,681 1,688 1,684 1,341 1,384 1,004 513 Memorandum items Concessional LDOD 469 1,269 860 3,170 3,333 3,449 3,141 2,755 2,839 3,006 Variable rate LDOD 26 4,265 10,711 15,634 15,139 13,477 11,886 10,571 10,423 10,718 Public sector LDOD 940 17,040 26,608 28,596 28,322 25,758 23,210 20,757 21,189 21,571 Private sector LDOD 0 0 80 116 160 137 122 112 250 682 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 30.0 32.9 37.7 Deutsche mark 1.9 9.9 10.4 6.6 6.7 5.8 5.5 .. .. .. French franc 36.0 10.9 17.7 15.5 15.1 13.3 12.5 .. .. .. Japanese yen 0.0 13.4 15.1 11.8 12.1 15.1 14.5 12.6 13.1 12.9 Pound sterling 8.3 2.2 1.5 1.1 1.0 1.0 1.0 1.3 1.4 1.7 Swiss franc 0.2 2.7 0.8 0.5 0.4 0.4 0.5 0.7 0.9 0.9 U.S.dollars 37.0 41.5 33.5 41.5 44.8 44.5 44.7 46.5 42.7 37.2 Multiple currency 1.7 3.4 4.8 7.9 1.8 1.9 2.0 2.1 1.9 1.8 Special drawing rights 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 All other currencies 15.1 16.0 16.2 15.1 18.1 17.9 19.3 6.9 7.1 7.8 47 ALGERIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 0 2,295 558 2 0 0 0 0 Debt stock rescheduled .. .. 0 0 0 0 0 0 0 0 Principal rescheduled .. .. 0 2,114 543 0 0 0 0 0 Official .. .. 0 219 81 0 0 0 0 0 Private .. .. 0 1,895 461 0 0 0 0 0 Interest rescheduled .. .. 0 89 0 0 0 0 0 0 Official .. .. 0 20 0 0 0 0 0 0 Private .. .. 0 69 0 0 0 0 0 0 Debt forgiven .. .. 0 10 0 0 0 0 0 0 Memo: interest forgiven .. .. 0 0 0 0 0 0 0 0 Debt stock reduction .. .. 0 0 0 0 0 0 0 0 of which debt buyback .. .. 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 912 -2,753 -214 -2,681 -2,725 -2,685 290 510 Net flows on debt 279 1,261 -811 -428 -1,622 -1,943 -1,574 -1,951 -1,434 -1,396 Net change in interest arrears .. .. 0 0 0 0 0 0 0 0 Interest capitalized .. .. 0 89 0 0 0 0 0 0 Debt forgiveness or reduction .. .. 0 -10 0 0 0 0 0 0 Cross-currency valuation .. .. 1,669 -2,227 1,186 -1,028 -1,144 -916 1,685 1,955 Residual .. .. 55 -177 222 290 -8 182 39 -48 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 5.7 8.1 8.4 5.5 5.4 4.9 6.2 3.2 2.8 2.1 Maturity (years) 12.7 12.5 9.1 12.3 11.3 10.9 11.1 12.0 13.6 11.8 Grace period (years) 3.6 3.5 2.5 3.2 3.1 2.9 3.0 3.2 3.5 3.0 Grant element (%) 23.0 8.3 6.9 20.0 19.5 22.7 16.7 31.5 34.2 35.9 Official creditors Interest (%) 2.8 7.7 7.0 5.5 6.1 5.4 6.2 4.5 2.6 1.8 Maturity (years) 23.9 17.6 16.8 12.7 14.8 13.1 14.9 17.5 21.7 15.0 Grace period (years) 9.2 5.1 4.0 3.6 3.6 4.4 4.1 4.8 6.2 4.0 Grant element (%) 54.3 13.5 19.5 20.8 19.4 24.5 20.8 32.6 50.7 44.9 Private creditors Interest (%) 6.4 8.4 8.9 5.8 4.7 4.6 6.2 2.8 3.0 2.9 Maturity (years) 9.8 9.7 6.5 10.6 7.9 9.6 7.1 10.1 7.8 4.7 Grace period (years) 2.1 2.6 2.0 1.7 2.7 2.0 1.9 2.7 1.5 0.9 Grant element (%) 14.8 5.5 2.8 16.9 19.6 21.6 12.5 31.1 22.1 15.5 Memorandum items Commitments 378 3,538 8,054 1,565 963 1,270 1,418 1,709 1,154 587 Official creditors 78 1,258 1,983 1,237 469 486 717 425 488 407 Private creditors 299 2,279 6,071 328 494 784 701 1,284 666 180 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 775 455 265 155 110 76 48 20 12 8 Principal 3,226 3,085 2,863 2,814 2,964 2,962 1,931 1,788 401 368 Interest 869 763 653 543 430 310 202 123 67 55 Official creditors Disbursements 452 319 220 149 107 76 48 20 12 8 Principal 1,937 1,968 1,976 2,138 2,371 2,445 1,638 1,617 291 274 Interest 713 641 562 477 383 279 185 112 61 51 Bilateral creditors Disbursements 45 27 15 9 5 2 0 0 0 0 Principal 1,219 1,327 1,458 1,673 1,888 2,014 1,243 1,311 48 61 Interest 505 455 400 337 265 185 109 53 15 14 Multilateral creditors Disbursements 407 292 205 140 103 74 47 20 12 8 Principal 718 641 518 465 483 430 395 306 243 213 Interest 209 186 162 139 117 95 76 59 47 37 Private creditors Disbursements 323 136 45 6 2 0 0 0 0 0 Principal 1,289 1,118 887 676 593 518 294 170 110 94 Interest 156 122 91 67 47 30 18 10 6 4 Commercial banks Disbursements 12 5 2 0 0 0 0 0 0 0 Principal 399 399 339 229 229 229 114 1 0 0 Interest 36 28 21 15 10 6 1 0 0 0 Other private Disbursements 312 131 43 6 2 0 0 0 0 0 Principal 890 719 548 447 364 289 179 169 110 94 Interest 120 93 70 52 37 25 16 10 6 4 48 ANGOLA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. .. 8,594 9,950 10,786 10,300 9,410 9,236 9,247 9,698 Long-term debt (LDOD) .. .. 7,605 8,683 9,101 8,715 8,087 7,784 8,038 8,576 Public and publicly guaranteed .. .. 7,605 8,683 9,101 8,715 8,087 7,784 8,038 8,576 Private nonguaranteed .. .. 0 0 0 0 0 0 0 0 Use of IMF credit .. .. 0 0 0 0 0 0 0 0 Short-term debt .. .. 989 1,267 1,685 1,586 1,323 1,451 1,209 1,122 of which interest arrears on LDOD .. .. 204 547 785 889 874 1,006 962 938 Official creditors .. .. 52 188 259 284 252 266 287 351 Private creditors .. .. 152 359 526 605 622 740 675 588 Memo: principal arrears on LDOD .. .. 497 1,722 2,394 2,690 2,855 3,355 3,415 3,568 Official creditors .. .. 86 414 569 682 735 866 941 1,065 Private creditors .. .. 412 1,308 1,825 2,008 2,119 2,489 2,474 2,503 Memo: export credits .. .. 1,639 2,208 1,721 1,874 1,862 1,682 2,114 2,092 TOTAL DEBT FLOWS Disbursements .. .. 862 1,190 790 943 1,045 1,063 822 1,574 Long-term debt .. .. 862 1,190 790 943 1,045 1,063 822 1,574 IMF purchases .. .. 0 0 0 0 0 0 0 0 Principal repayments .. .. 183 816 1,285 1,270 1,530 1,384 1,228 1,143 Long-term debt .. .. 183 816 1,285 1,270 1,530 1,384 1,228 1,143 IMF repurchases .. .. 0 0 0 0 0 0 0 0 Net flows on debt .. .. 977 418 -314 -530 -733 -325 -604 368 of which short-term debt .. .. 298 44 180 -203 -248 -4 -198 -63 Interest payments (INT) .. .. 143 195 247 158 175 147 163 195 Long-term debt .. .. 100 148 202 114 149 125 145 188 IMF charges .. .. 0 0 0 0 0 0 0 0 Short-term debt .. .. 43 46 45 45 26 22 19 6 Net transfers on debt .. .. 834 224 -562 -689 -909 -472 -767 173 Total debt service paid (TDS) .. .. 326 1,011 1,532 1,428 1,705 1,531 1,391 1,338 Long-term debt .. .. 283 965 1,487 1,384 1,680 1,509 1,372 1,331 IMF repurchases and charges .. .. 0 0 0 0 0 0 0 0 Short-term debt (interest only) .. .. 43 46 45 45 26 22 19 6 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. .. 536 1,028 836 2,406 599 2,038 1,602 2,258 Net flow of long-term debt (ex. IMF) .. .. 679 374 -494 -327 -485 -321 -406 431 Foreign direct investment (net) .. .. -335 412 1,114 2,471 879 2,145 1,672 1,415 Portfolio equity flows .. .. 0 0 0 0 0 0 0 0 Grants (excluding technical coop.) .. .. 192 242 216 261 206 213 336 412 Memo: technical coop. grants .. .. 36 57 52 58 52 63 68 84 official net resource flows .. .. 302 229 -137 -105 -28 -108 306 355 private net resource flows .. .. 235 798 973 2,510 628 2,146 1,296 1,903 NET TRANSFERS .. .. 122 320 255 1,639 -479 986 357 370 Interest on long-term debt .. .. 100 148 202 114 149 125 145 188 Profit remittances on FDI .. .. 314 559 378 653 929 927 1,100 1,700 Memo: official net transfers .. .. 283 208 -152 -113 -64 -117 296 342 private net transfers .. .. -161 112 408 1,752 -414 1,103 61 28 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. .. 8,214 6,413 5,230 4,655 7,178 7,910 9,308 10,728 Exports of goods, serv. & inc. (XGS) .. .. 4,003 5,257 3,699 5,334 8,222 6,760 8,552 8,974 Worker remit. & comp. of employees .. .. 0 0 0 0 0 0 0 0 Imports of goods & services (MGS) .. .. 4,161 6,236 5,718 7,100 7,454 8,281 8,734 9,505 International reserves (RES) .. .. .. 396 203 496 1,198 732 376 634 Current account balance .. .. -236 -884 -1,867 -1,710 796 -1,431 -150 .. 4. DEBT INDICATORS EDT / XGS (%) .. .. 214.7 189.3 291.6 193.1 114.4 136.6 108.1 108.1 EDT / GNI (%) .. .. 104.6 155.2 206.2 221.3 131.1 116.8 99.3 90.4 TDS / XGS (%) .. .. 8.1 19.2 41.4 26.8 20.7 22.7 16.3 14.9 INT / XGS (%) .. .. 3.6 3.7 6.7 3.0 2.1 2.2 1.9 2.2 INT / GNI (%) .. .. 1.7 3.0 4.7 3.4 2.4 1.9 1.8 1.8 RES / EDT (%) .. .. .. 4.0 1.9 4.8 12.7 7.9 4.1 6.5 RES / MGS (months) .. .. .. 0.8 0.4 0.8 1.9 1.1 0.5 0.8 Short-term / EDT (%) .. .. 11.5 12.7 15.6 15.4 14.1 15.7 13.1 11.6 Concessional / EDT (%) .. .. 13.9 22.2 22.1 19.5 19.0 17.1 17.9 17.8 Multilateral / EDT (%) .. .. 0.7 2.3 2.6 3.0 3.1 3.0 3.4 3.6 49 ANGOLA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. .. 7,605 8,683 9,101 8,715 8,087 7,784 8,038 8,576 Public and publicly guaranteed .. .. 7,605 8,683 9,101 8,715 8,087 7,784 8,038 8,576 Official creditors .. .. 1,839 2,870 3,402 2,980 2,703 2,440 2,893 3,133 Multilateral .. .. 57 234 279 312 294 276 316 349 Concessional .. .. 20 168 212 246 253 253 292 323 Bilateral .. .. 1,782 2,636 3,123 2,668 2,409 2,164 2,577 2,784 Concessional .. .. 1,177 2,044 2,173 1,758 1,538 1,328 1,366 1,403 Private creditors .. .. 5,767 5,813 5,700 5,734 5,383 5,344 5,145 5,443 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks .. .. 143 3,527 2,648 2,766 2,625 2,679 2,304 3,024 Other private .. .. 5,624 2,287 3,051 2,969 2,758 2,666 2,842 2,419 Private nonguaranteed .. .. 0 0 0 0 0 0 0 0 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks and other .. .. 0 0 0 0 0 0 0 0 Memo: IBRD .. .. 0 0 0 0 0 0 0 0 IDA .. .. 0 136 179 214 226 228 265 291 DISBURSEMENTS .. .. 862 1,190 790 943 1,045 1,063 822 1,574 Public and publicly guaranteed .. .. 862 1,190 790 943 1,045 1,063 822 1,574 Official creditors .. .. 169 36 81 68 34 16 21 16 Multilateral .. .. 5 28 36 39 24 13 21 10 Concessional .. .. 4 28 36 39 24 12 21 5 Bilateral .. .. 164 8 45 29 10 3 1 7 Concessional .. .. 54 8 45 29 10 3 1 7 Private creditors .. .. 693 1,154 709 875 1,011 1,047 801 1,558 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks .. .. 17 1,126 549 835 1,010 1,046 800 1,555 Other private .. .. 676 29 160 40 0 2 1 3 Private nonguaranteed .. .. 0 0 0 0 0 0 0 0 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks and other .. .. 0 0 0 0 0 0 0 0 Memo: IBRD .. .. 0 0 0 0 0 0 0 0 IDA .. .. 0 28 36 39 24 11 21 5 PRINCIPAL REPAYMENTS .. .. 183 816 1,285 1,270 1,530 1,384 1,228 1,143 Public and publicly guaranteed .. .. 183 816 1,285 1,270 1,530 1,384 1,228 1,143 Official creditors .. .. 59 48 434 434 268 337 51 73 Multilateral .. .. 4 1 0 1 27 6 6 6 Concessional .. .. 0 0 0 0 4 1 3 4 Bilateral .. .. 56 48 434 432 241 331 45 67 Concessional .. .. 1 8 363 406 213 302 2 20 Private creditors .. .. 123 768 850 836 1,262 1,046 1,177 1,070 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks .. .. 8 621 702 776 1,149 986 1,111 835 Other private .. .. 115 147 148 60 113 60 66 234 Private nonguaranteed .. .. 0 0 0 0 0 0 0 0 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks and other .. .. 0 0 0 0 0 0 0 0 Memo: IBRD .. .. 0 0 0 0 0 0 0 0 IDA .. .. 0 0 0 0 0 1 3 4 NET FLOWS ON DEBT .. .. 679 374 -494 -327 -485 -321 -406 431 Public and publicly guaranteed .. .. 679 374 -494 -327 -485 -321 -406 431 Official creditors .. .. 109 -13 -353 -366 -234 -322 -29 -57 Multilateral .. .. 1 27 36 38 -4 7 15 3 Concessional .. .. 4 28 36 39 20 11 18 1 Bilateral .. .. 109 -40 -390 -404 -231 -328 -44 -60 Concessional .. .. 53 0 -319 -377 -203 -299 -1 -13 Private creditors .. .. 570 387 -141 39 -251 1 -376 488 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks .. .. 8 504 -153 59 -139 60 -311 720 Other private .. .. 562 -118 12 -20 -112 -59 -65 -232 Private nonguaranteed .. .. 0 0 0 0 0 0 0 0 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks and other .. .. 0 0 0 0 0 0 0 0 Memo: IBRD .. .. 0 0 0 0 0 0 0 0 IDA .. .. 0 28 36 39 24 11 18 1 50 ANGOLA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) .. .. 100 148 202 114 149 125 145 188 Public and publicly guaranteed .. .. 100 148 202 114 149 125 145 188 Official creditors .. .. 19 21 15 9 36 9 10 14 Multilateral .. .. 2 1 1 2 28 4 3 3 Concessional .. .. 0 1 1 1 4 2 2 2 Bilateral .. .. 16 20 14 7 8 5 7 11 Concessional .. .. 1 5 3 1 2 1 1 1 Private creditors .. .. 81 127 187 105 113 116 135 175 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks .. .. 5 92 150 89 93 106 119 145 Other private .. .. 76 36 37 16 20 10 15 29 Private nonguaranteed .. .. 0 0 0 0 0 0 0 0 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks and other .. .. 0 0 0 0 0 0 0 0 Memo: IBRD .. .. 0 0 0 0 0 0 0 0 IDA .. .. 0 1 1 1 2 1 2 2 NET TRANSFERS ON DEBT .. .. 579 226 -697 -441 -635 -446 -550 243 Public and publicly guaranteed .. .. 579 226 -697 -441 -635 -446 -550 243 Official creditors .. .. 91 -34 -368 -375 -270 -331 -39 -71 Multilateral .. .. -2 26 35 36 -32 3 12 0 Concessional .. .. 4 27 34 37 16 9 16 -1 Bilateral .. .. 92 -60 -403 -410 -239 -334 -51 -71 Concessional .. .. 52 -6 -321 -377 -205 -300 -2 -14 Private creditors .. .. 488 259 -328 -66 -364 -115 -511 313 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks .. .. 3 413 -303 -29 -232 -46 -430 575 Other private .. .. 485 -154 -25 -37 -132 -69 -81 -261 Private nonguaranteed .. .. 0 0 0 0 0 0 0 0 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks and other .. .. 0 0 0 0 0 0 0 0 Memo: IBRD .. .. 0 0 0 0 0 0 0 0 IDA .. .. 0 27 34 37 22 9 16 0 DEBT SERVICE (LTDS) .. .. 283 965 1,487 1,384 1,680 1,509 1,372 1,331 Public and publicly guaranteed .. .. 283 965 1,487 1,384 1,680 1,509 1,372 1,331 Official creditors .. .. 78 69 449 442 304 346 61 87 Multilateral .. .. 6 1 1 3 56 10 9 9 Concessional .. .. 0 1 1 1 8 3 5 6 Bilateral .. .. 72 68 448 439 249 336 52 78 Concessional .. .. 2 14 366 406 215 303 2 21 Private creditors .. .. 205 895 1,038 941 1,375 1,163 1,312 1,244 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks .. .. 14 713 852 865 1,242 1,092 1,230 980 Other private .. .. 191 182 186 77 133 71 81 264 Private nonguaranteed .. .. 0 0 0 0 0 0 0 0 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks and other .. .. 0 0 0 0 0 0 0 0 Memo: IBRD .. .. 0 0 0 0 0 0 0 0 IDA .. .. 0 1 1 1 2 2 4 5 UNDISBURSED DEBT .. .. 1,351 779 562 365 315 129 113 384 Official creditors .. .. 488 320 246 164 155 115 100 154 Private creditors .. .. 863 459 316 200 160 14 13 230 Memorandum items Concessional LDOD .. .. 1,197 2,212 2,385 2,004 1,791 1,581 1,658 1,726 Variable rate LDOD .. .. 450 1,957 1,655 1,395 1,230 1,213 1,416 1,246 Public sector LDOD .. .. 7,600 8,655 9,075 8,688 8,060 7,758 8,012 8,552 Private sector LDOD .. .. 5 28 26 26 26 26 26 24 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 7.2 8.3 7.0 Deutsche mark .. .. 0.3 0.2 0.3 0.3 0.3 .. .. .. French franc .. .. 3.6 4.0 4.1 3.6 3.6 .. .. .. Japanese yen .. .. 0.3 0.3 0.4 0.5 0.5 0.4 0.4 0.5 Pound sterling .. .. 1.4 1.0 1.0 1.0 1.0 1.0 1.0 1.1 Swiss franc .. .. 0.7 0.1 0.1 0.1 0.1 0.1 0.0 0.0 U.S.dollars .. .. 80.7 87.4 85.8 86.2 86.3 86.7 85.5 86.7 Multiple currency .. .. 0.5 0.9 0.9 0.9 0.6 0.5 0.5 0.5 Special drawing rights .. .. 0.0 0.9 1.1 1.4 1.7 1.7 1.8 1.8 All other currencies .. .. 12.5 5.2 6.3 5.9 5.9 2.4 2.4 2.5 51 ANGOLA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 252 95 528 0 0 0 0 61 Debt stock rescheduled .. .. 53 0 0 0 0 0 0 138 Principal rescheduled .. .. 160 28 3 3 3 5 18 5 Official .. .. 16 0 0 0 0 0 0 1 Private .. .. 143 28 3 3 3 5 18 4 Interest rescheduled .. .. 43 0 34 0 0 0 2 0 Official .. .. 8 0 0 0 0 0 0 0 Private .. .. 35 0 34 0 0 0 2 0 Debt forgiven .. .. 0 0 0 0 0 0 0 0 Memo: interest forgiven .. .. 0 0 0 0 0 0 0 0 Debt stock reduction .. .. 0 0 0 0 0 0 9 0 of which debt buyback .. .. 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 1,303 -598 836 -486 -891 -174 11 452 Net flows on debt .. .. 977 418 -314 -530 -733 -325 -604 368 Net change in interest arrears .. .. 130 54 238 104 -15 132 -45 -23 Interest capitalized .. .. 43 0 34 0 0 0 2 0 Debt forgiveness or reduction .. .. 0 0 0 0 0 0 -9 0 Cross-currency valuation .. .. 150 -133 59 -115 -78 -51 154 189 Residual .. .. 3 -936 820 55 -65 70 513 -82 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. .. 6.9 7.6 7.2 7.8 4.9 5.0 4.9 3.7 Maturity (years) .. .. 10.2 5.9 8.3 2.8 4.3 4.0 5.0 6.3 Grace period (years) .. .. 2.6 0.9 0.9 0.6 1.6 0.5 2.4 0.7 Grant element (%) .. .. 14.3 6.6 11.6 2.9 11.4 9.2 14.2 15.1 Official creditors Interest (%) .. .. 5.7 3.0 1.4 0.0 0.8 0.0 0.8 1.3 Maturity (years) .. .. 14.1 22.3 29.5 0.0 39.8 0.0 49.6 34.9 Grace period (years) .. .. 3.7 4.1 1.9 0.0 10.3 0.0 10.1 8.3 Grant element (%) .. .. 22.0 46.9 59.0 0.0 80.6 0.0 83.0 68.7 Private creditors Interest (%) .. .. 7.7 7.7 7.8 7.8 5.0 5.0 5.0 3.8 Maturity (years) .. .. 7.7 5.5 5.8 2.8 3.1 4.0 4.4 4.5 Grace period (years) .. .. 1.8 0.8 0.8 0.6 1.3 0.5 2.3 0.3 Grant element (%) .. .. 9.1 5.5 6.1 2.9 9.1 9.2 13.2 11.7 Memorandum items Commitments .. .. 523 1,556 521 787 1,033 1,045 811 1,886 Official creditors .. .. 210 43 54 0 33 0 11 111 Private creditors .. .. 313 1,513 466 787 1,000 1,045 800 1,775 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 154 86 53 21 19 14 11 7 4 3 Principal 1,211 964 728 531 431 187 183 102 92 94 Interest 172 135 99 73 53 41 33 26 22 17 Official creditors Disbursements 18 29 25 21 19 14 11 7 4 3 Principal 192 191 187 156 155 118 115 87 84 87 Interest 67 61 54 47 40 34 29 24 20 16 Bilateral creditors Disbursements 9 12 7 4 2 1 0 0 0 0 Principal 181 180 176 149 147 111 107 79 74 74 Interest 64 57 50 44 37 31 26 21 17 13 Multilateral creditors Disbursements 8 17 18 17 17 13 10 7 4 3 Principal 10 11 10 7 8 8 8 8 10 14 Interest 4 4 3 3 3 3 3 3 3 3 Private creditors Disbursements 137 57 28 0 0 0 0 0 0 0 Principal 1,019 774 541 375 276 69 68 15 9 7 Interest 105 74 45 26 13 7 4 2 1 1 Commercial banks Disbursements 135 56 28 0 0 0 0 0 0 0 Principal 856 718 487 325 230 28 28 10 4 2 Interest 92 66 38 21 9 4 2 1 0 0 Other private Disbursements 1 1 0 0 0 0 0 0 0 0 Principal 163 56 54 50 45 41 40 5 5 5 Interest 12 8 7 5 4 3 2 1 1 1 52 ARGENTINA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 5,810 27,157 62,233 128,411 141,549 145,763 147,468 154,081 149,989 166,207 Long-term debt (LDOD) 5,171 16,774 48,676 90,555 105,151 111,870 114,097 120,100 120,554 127,687 Public and publicly guaranteed 1,880 10,181 46,876 67,144 77,285 84,550 88,188 88,472 92,075 99,300 Private nonguaranteed 3,291 6,593 1,800 23,411 27,865 27,319 25,909 31,628 28,479 28,387 Use of IMF credit 0 0 3,083 5,868 5,442 4,478 5,056 13,976 14,340 15,523 Short-term debt 639 10,383 10,473 31,988 30,956 29,415 28,315 20,004 15,095 22,997 of which interest arrears on LDOD 0 0 7,590 0 0 0 0 4 5,479 12,650 Official creditors 0 0 132 0 0 0 0 0 167 358 Private creditors 0 0 7,458 0 0 0 0 4 5,312 12,292 Memo: principal arrears on LDOD 0 0 4,372 0 0 0 0 0 8,562 17,293 Official creditors 0 0 224 0 0 0 0 0 486 1,186 Private creditors 0 0 4,147 0 0 0 0 0 8,075 16,107 Memo: export credits 0 0 8,964 10,951 5,820 4,812 4,330 3,309 3,644 4,252 TOTAL DEBT FLOWS Disbursements 907 4,708 1,587 19,539 25,289 23,322 21,126 13,448 1,673 11,155 Long-term debt 907 4,708 1,150 19,097 25,289 23,322 19,032 3,048 1,673 5,554 IMF purchases 0 0 437 442 0 0 2,094 10,399 0 5,601 Principal repayments 772 1,853 3,443 10,889 12,549 15,455 15,733 10,803 3,191 11,947 Long-term debt 772 1,853 2,745 10,410 11,892 14,631 14,453 9,622 2,448 6,204 IMF repurchases 0 0 697 479 657 824 1,280 1,181 743 5,743 Net flows on debt 135 6,327 -1,856 17,141 11,708 6,326 4,293 -5,670 -1,816 -62 of which short-term debt 0 3,472 0 8,491 -1,032 -1,541 -1,100 -8,315 -383 730 Interest payments (INT) 338 2,329 2,716 7,332 8,937 10,226 11,612 4,862 2,100 2,061 Long-term debt 338 1,337 2,208 5,724 7,099 8,467 9,686 3,410 1,231 1,258 IMF charges 0 0 277 276 264 197 195 416 677 504 Short-term debt 0 992 231 1,332 1,574 1,562 1,732 1,036 192 299 Net transfers on debt -203 3,998 -4,571 9,808 2,771 -3,900 -7,319 -10,532 -4,382 -2,123 Total debt service paid (TDS) 1,110 4,182 6,158 18,221 21,486 25,681 27,345 15,665 5,291 14,009 Long-term debt 1,110 3,190 4,953 16,135 18,992 23,099 24,139 13,032 3,679 7,462 IMF repurchases and charges 0 0 975 755 921 1,021 1,475 1,597 1,420 6,247 Short-term debt (interest only) 0 992 231 1,332 1,574 1,562 1,732 1,036 192 299 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 222 3,535 261 19,275 20,516 21,930 11,801 -4,350 256 472 Net flow of long-term debt (ex. IMF) 135 2,855 -1,595 8,687 13,397 8,691 4,579 -6,574 -775 -650 Foreign direct investment (net) 90 678 1,836 9,160 7,291 23,988 10,418 2,166 1,093 1,020 Portfolio equity flows 0 0 0 1,391 -210 -10,773 -3,227 31 -116 65 Grants (excluding technical coop.) -3 2 21 37 38 24 31 26 54 37 Memo: technical coop. grants 12 35 71 77 72 91 77 66 57 67 official net resource flows 49 60 477 -40 1,737 753 100 1,126 -630 -696 private net resource flows 173 3,475 -215 19,314 18,780 21,177 11,701 -5,476 886 1,169 NET TRANSFERS -116 1,593 -2,584 10,811 10,652 11,363 -971 -9,157 -1,515 -2,265 Interest on long-term debt 338 1,337 2,208 5,724 7,099 8,467 9,686 3,410 1,231 1,258 Profit remittances on FDI 0 605 637 2,739 2,765 2,100 3,086 1,397 540 1,480 Memo: official net transfers 15 -86 21 -1,293 540 -647 -1,494 -354 -1,708 -1,702 private net transfers -132 1,679 -2,604 12,105 10,112 12,010 523 -8,803 192 -563 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 30,396 76,287 135,150 286,657 291,561 276,066 276,682 260,927 95,544 122,171 Exports of goods, serv. & inc. (XGS) .. 11,202 16,654 36,515 37,384 34,064 38,645 36,497 31,972 36,988 Worker remit. & comp. of employees 0 56 0 66 69 64 86 190 187 253 Imports of goods & services (MGS) .. 15,999 13,100 49,207 52,315 46,437 47,987 40,624 23,231 29,516 International reserves (RES) 682 9,297 6,222 22,425 24,856 26,350 25,152 14,556 10,492 14,157 Current account balance .. -4,774 4,552 -12,219 -14,510 -11,948 -8,989 -3,853 9,142 7,838 4. DEBT INDICATORS EDT / XGS (%) .. 242.4 373.7 351.7 378.6 427.9 381.6 422.2 469.1 449.3 EDT / GNI (%) 19.1 35.6 46.0 44.8 48.5 52.8 53.3 59.1 157.0 136.0 TDS / XGS (%) .. 37.3 37.0 49.9 57.5 75.4 70.8 42.9 16.6 37.9 INT / XGS (%) .. 20.8 16.3 20.1 23.9 30.0 30.0 13.3 6.6 5.6 INT / GNI (%) 1.1 3.1 2.0 2.6 3.1 3.7 4.2 1.9 2.2 1.7 RES / EDT (%) 11.7 34.2 10.0 17.5 17.6 18.1 17.1 9.4 7.0 8.5 RES / MGS (months) .. 7.0 5.7 5.5 5.7 6.8 6.3 4.3 5.4 5.8 Short-term / EDT (%) 11.0 38.2 16.8 24.9 21.9 20.2 19.2 13.0 10.1 13.8 Concessional / EDT (%) 2.9 1.3 0.8 1.8 1.6 1.4 1.1 0.9 0.8 0.8 Multilateral / EDT (%) 4.8 4.0 8.0 8.0 9.4 10.5 11.0 11.6 11.2 9.9 53 ARGENTINA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 5,171 16,774 48,676 90,555 105,151 111,870 114,097 120,100 120,554 127,687 Public and publicly guaranteed 1,880 10,181 46,876 67,144 77,285 84,550 88,188 88,472 92,075 99,300 Official creditors 637 1,903 11,226 18,352 20,492 20,991 20,534 21,211 21,305 21,373 Multilateral 281 1,087 5,007 10,268 13,317 15,324 16,235 17,890 16,727 16,381 Concessional 1 36 30 5 3 1 0 0 0 0 Bilateral 356 816 6,219 8,084 7,175 5,667 4,299 3,320 4,579 4,992 Concessional 166 329 498 2,270 2,197 2,056 1,686 1,344 1,182 1,281 Private creditors 1,243 8,278 35,650 48,792 56,794 63,559 67,653 67,262 70,770 77,928 Bonds 386 832 11,514 47,563 55,696 62,771 67,111 66,828 70,231 77,316 Commercial banks 121 6,065 22,631 1,059 982 718 503 414 516 592 Other private 735 1,381 1,504 171 116 71 39 20 23 19 Private nonguaranteed 3,291 6,593 1,800 23,411 27,865 27,319 25,909 31,628 28,479 28,387 Bonds 0 0 21 10,311 11,873 12,130 11,138 9,834 9,834 9,834 Commercial banks and other 3,291 6,593 1,779 13,100 15,992 15,189 14,771 21,794 18,645 18,553 Memo: IBRD 181 404 2,609 5,494 7,188 8,314 8,789 9,440 8,513 7,508 IDA 0 0 0 0 0 0 0 0 0 0 DISBURSEMENTS 907 4,708 1,150 19,097 25,289 23,322 19,032 3,048 1,673 5,554 Public and publicly guaranteed 482 2,839 1,129 11,868 15,289 15,373 14,550 2,821 1,673 4,614 Official creditors 162 276 910 1,887 3,504 2,814 1,937 2,821 1,671 4,614 Multilateral 64 207 736 1,673 3,487 2,798 1,923 2,811 835 4,613 Concessional 0 6 0 0 0 0 0 0 0 0 Bilateral 98 69 174 214 17 16 13 10 836 0 Concessional 46 13 149 97 11 11 11 9 0 0 Private creditors 321 2,563 219 9,981 11,785 12,560 12,613 0 2 0 Bonds 119 136 0 9,927 11,768 12,542 12,611 0 0 0 Commercial banks 53 2,173 183 54 17 18 2 0 2 0 Other private 149 253 36 0 0 0 0 0 0 0 Private nonguaranteed 424 1,869 21 7,229 10,001 7,949 4,482 227 0 940 Bonds 0 0 21 3,084 3,976 1,330 1,408 169 0 0 Commercial banks and other 424 1,869 0 4,145 6,025 6,619 3,075 58 0 940 Memo: IBRD 32 71 405 797 2,029 1,573 1,019 1,329 424 1,963 IDA 0 0 0 0 0 0 0 0 0 0 PRINCIPAL REPAYMENTS 772 1,853 2,745 10,410 11,892 14,631 14,453 9,622 2,448 6,204 Public and publicly guaranteed 344 1,146 2,745 6,943 6,298 5,852 8,950 5,405 2,376 5,373 Official creditors 110 218 454 1,964 1,806 2,084 1,868 1,721 2,356 5,347 Multilateral 16 121 405 568 669 770 825 968 2,266 5,319 Concessional 0 4 2 2 2 2 1 0 0 0 Bilateral 94 97 49 1,396 1,137 1,314 1,043 753 90 28 Concessional 11 34 0 144 205 254 262 260 57 9 Private creditors 233 927 2,292 4,979 4,492 3,767 7,082 3,684 20 27 Bonds 20 178 878 4,738 4,244 3,515 6,863 3,569 0 18 Commercial banks 69 481 1,342 153 178 209 189 97 13 5 Other private 145 268 72 88 70 44 31 19 6 4 Private nonguaranteed 428 707 0 3,468 5,594 8,780 5,503 4,217 73 831 Bonds 0 0 0 1,468 2,462 2,357 2,309 1,058 0 0 Commercial banks and other 428 707 0 2,000 3,133 6,423 3,194 3,159 73 831 Memo: IBRD 5 34 233 299 350 445 538 676 1,353 2,968 IDA 0 0 0 0 0 0 0 0 0 0 NET FLOWS ON DEBT 135 2,855 -1,595 8,687 13,397 8,691 4,579 -6,574 -775 -650 Public and publicly guaranteed 139 1,693 -1,616 4,926 8,991 9,522 5,600 -2,584 -703 -760 Official creditors 52 58 456 -77 1,698 729 69 1,100 -684 -733 Multilateral 47 86 332 1,105 2,818 2,028 1,098 1,843 -1,431 -705 Concessional 0 2 -2 -2 -2 -2 -1 0 0 0 Bilateral 5 -29 124 -1,181 -1,120 -1,298 -1,029 -743 746 -28 Concessional 35 -20 149 -48 -194 -243 -251 -251 -57 -9 Private creditors 87 1,635 -2,072 5,002 7,292 8,792 5,531 -3,684 -18 -26 Bonds 99 -42 -878 5,190 7,523 9,027 5,748 -3,569 0 -18 Commercial banks -16 1,692 -1,159 -99 -161 -191 -187 -97 -12 -5 Other private 4 -16 -36 -88 -70 -44 -31 -19 -6 -4 Private nonguaranteed -4 1,162 21 3,761 4,406 -831 -1,021 -3,989 -73 109 Bonds 0 0 21 1,616 1,514 -1,027 -901 -889 0 0 Commercial banks and other -4 1,162 0 2,145 2,892 196 -120 -3,100 -73 109 Memo: IBRD 27 37 172 498 1,678 1,128 481 653 -928 -1,005 IDA 0 0 0 0 0 0 0 0 0 0 54 ARGENTINA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) 338 1,337 2,208 5,724 7,099 8,467 9,686 3,410 1,231 1,258 Public and publicly guaranteed 121 841 2,064 4,494 5,428 6,276 7,645 2,179 1,175 1,139 Official creditors 33 146 456 1,254 1,197 1,401 1,593 1,480 1,078 1,006 Multilateral 18 97 375 692 728 1,022 1,256 1,208 1,006 983 Concessional 0 1 1 0 0 0 0 0 0 0 Bilateral 16 49 81 562 469 379 338 271 71 22 Concessional 4 15 0 103 100 88 92 67 24 1 Private creditors 88 695 1,608 3,240 4,230 4,875 6,052 699 97 134 Bonds 23 80 973 3,155 4,129 4,805 5,909 568 0 132 Commercial banks 9 504 621 71 92 63 138 128 95 1 Other private 56 111 13 14 10 7 4 2 2 0 Private nonguaranteed 217 496 144 1,230 1,672 2,191 2,041 1,231 56 118 Bonds 0 0 0 806 907 1,157 1,109 1,033 0 0 Commercial banks and other 217 496 144 424 765 1,035 932 198 56 118 Memo: IBRD 11 37 181 335 375 537 701 713 517 382 IDA 0 0 0 0 0 0 0 0 0 0 NET TRANSFERS ON DEBT -203 1,518 -3,803 2,962 6,298 224 -5,107 -9,983 -2,006 -1,908 Public and publicly guaranteed 18 852 -3,680 432 3,563 3,246 -2,045 -4,763 -1,877 -1,899 Official creditors 18 -88 0 -1,330 501 -671 -1,524 -380 -1,762 -1,739 Multilateral 30 -11 -44 412 2,091 1,006 -157 635 -2,437 -1,688 Concessional 0 1 -2 -2 -2 -2 -1 0 0 0 Bilateral -11 -77 43 -1,743 -1,589 -1,677 -1,367 -1,014 675 -50 Concessional 31 -35 149 -150 -294 -331 -344 -319 -81 -10 Private creditors 0 940 -3,680 1,762 3,062 3,917 -521 -4,383 -115 -160 Bonds 77 -122 -1,851 2,035 3,395 4,222 -161 -4,137 0 -150 Commercial banks -25 1,189 -1,780 -170 -252 -254 -325 -225 -107 -6 Other private -52 -127 -50 -102 -80 -50 -35 -21 -8 -5 Private nonguaranteed -221 666 -123 2,531 2,734 -3,022 -3,062 -5,220 -129 -9 Bonds 0 0 21 810 607 -2,184 -2,010 -1,922 0 0 Commercial banks and other -221 666 -144 1,721 2,127 -838 -1,052 -3,298 -129 -9 Memo: IBRD 16 0 -10 162 1,303 591 -220 -59 -1,445 -1,387 IDA 0 0 0 0 0 0 0 0 0 0 DEBT SERVICE (LTDS) 1,110 3,190 4,953 16,135 18,992 23,099 24,139 13,032 3,679 7,462 Public and publicly guaranteed 464 1,987 4,809 11,437 11,725 12,128 16,595 7,584 3,550 6,513 Official creditors 143 364 910 3,218 3,003 3,485 3,461 3,200 3,433 6,352 Multilateral 34 219 780 1,260 1,397 1,792 2,080 2,176 3,272 6,302 Concessional 0 5 2 2 2 2 1 0 0 0 Bilateral 109 146 130 1,957 1,606 1,693 1,380 1,024 161 51 Concessional 15 48 0 247 305 341 354 328 81 10 Private creditors 321 1,623 3,899 8,219 8,723 8,643 13,134 4,383 117 160 Bonds 42 258 1,851 7,893 8,373 8,320 12,772 4,137 0 150 Commercial banks 78 985 1,963 224 269 272 327 225 109 6 Other private 201 380 86 102 80 50 35 21 8 5 Private nonguaranteed 646 1,203 144 4,698 7,266 10,971 7,544 5,448 129 949 Bonds 0 0 0 2,274 3,369 3,514 3,418 2,091 0 0 Commercial banks and other 646 1,203 144 2,424 3,898 7,457 4,126 3,356 129 949 Memo: IBRD 16 71 414 635 725 982 1,239 1,388 1,870 3,350 IDA 0 0 0 0 0 0 0 0 0 0 UNDISBURSED DEBT 576 2,176 2,355 6,434 9,088 9,045 5,731 6,728 5,809 4,572 Official creditors 325 1,122 1,936 6,022 8,965 7,928 5,367 6,560 5,608 4,340 Private creditors 252 1,054 418 412 123 1,118 364 168 201 233 Memorandum items Concessional LDOD 167 365 529 2,274 2,200 2,056 1,686 1,344 1,182 1,281 Variable rate LDOD 3,291 12,417 28,167 45,532 54,173 55,838 53,304 57,754 53,456 52,932 Public sector LDOD 1,780 7,979 44,707 67,063 77,221 84,488 88,136 88,431 92,038 99,268 Private sector LDOD 3,390 8,795 3,969 23,492 27,929 27,381 25,961 31,670 28,516 28,419 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 24.3 28.2 31.4 Deutsche mark 15.7 9.5 10.4 13.3 14.0 10.4 8.4 .. .. .. French franc 1.8 1.2 1.5 0.7 0.7 0.4 0.4 .. .. .. Japanese yen 0.2 5.8 6.7 6.8 6.2 5.7 5.7 4.0 4.3 4.4 Pound sterling 2.9 1.6 1.1 0.8 0.7 0.6 0.5 0.3 0.4 0.4 Swiss franc 1.9 3.4 2.2 1.0 0.7 0.5 0.4 0.3 0.4 0.4 U.S.dollars 47.7 64.5 54.5 61.7 63.8 64.7 63.5 68.4 64.4 61.3 Multiple currency 17.7 10.3 19.5 10.5 4.0 3.4 2.9 2.6 2.3 1.9 Special drawing rights 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 All other currencies 12.0 3.6 4.1 5.2 9.8 14.4 18.1 0.1 0.1 0.1 55 ARGENTINA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 932 0 0 0 0 0 0 0 Debt stock rescheduled .. .. 0 0 0 0 0 0 0 0 Principal rescheduled .. .. 512 0 0 0 0 0 0 0 Official .. .. 381 0 0 0 0 0 0 0 Private .. .. 131 0 0 0 0 0 0 0 Interest rescheduled .. .. 420 0 0 0 0 0 0 0 Official .. .. 382 0 0 0 0 0 0 0 Private .. .. 38 0 0 0 0 0 0 0 Debt forgiven .. .. 0 0 0 0 0 0 0 0 Memo: interest forgiven .. .. 0 0 0 0 0 0 0 0 Debt stock reduction .. .. 7,202 2,700 2,729 767 3,434 191 586 0 of which debt buyback .. .. 1,232 2,085 2,100 667 2,745 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. -3,024 17,033 13,138 4,214 1,705 6,612 -4,092 16,218 Net flows on debt 135 6,327 -1,856 17,141 11,708 6,326 4,293 -5,670 -1,816 -62 Net change in interest arrears .. .. 1,949 0 0 0 0 4 5,475 7,172 Interest capitalized .. .. 420 0 0 0 0 0 0 0 Debt forgiveness or reduction .. .. -5,970 -615 -629 -100 -689 -191 -586 0 Cross-currency valuation .. .. 1,346 -4,175 734 -2,554 -2,801 -2,534 6,371 6,466 Residual .. .. 1,086 4,682 1,325 541 901 15,004 -3,450 2,643 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 7.3 13.7 6.4 8.2 8.9 9.5 9.9 5.9 3.4 3.3 Maturity (years) 11.9 8.6 17.1 14.5 12.2 8.8 11.7 14.4 11.7 9.7 Grace period (years) 2.9 4.5 3.5 12.1 10.1 7.4 11.5 4.2 4.6 3.5 Grant element (%) 12.6 -17.5 19.3 8.5 5.9 0.2 -2.7 20.9 28.2 31.8 Official creditors Interest (%) 7.5 6.1 6.5 6.7 8.5 7.9 7.2 5.9 3.4 3.3 Maturity (years) 16.7 14.5 19.2 16.3 9.5 11.1 18.2 14.4 11.7 9.7 Grace period (years) 3.4 5.2 4.0 4.1 4.0 3.3 4.8 4.2 4.6 3.5 Grant element (%) 11.4 20.2 20.6 18.4 7.6 10.3 17.2 20.9 28.2 31.8 Private creditors Interest (%) 7.3 14.3 6.0 8.5 9.1 9.7 10.0 0.0 0.0 0.0 Maturity (years) 10.6 8.2 8.4 14.0 13.8 8.4 11.6 0.0 0.0 0.0 Grace period (years) 2.7 4.4 1.3 13.9 13.8 8.1 11.6 0.0 0.0 0.0 Grant element (%) 13.0 -20.5 14.1 6.2 4.8 -1.4 -3.0 0.0 0.0 0.0 Memorandum items Commitments 494 3,062 572 15,724 18,777 15,712 11,985 3,844 455 3,807 Official creditors 105 225 460 2,997 6,996 2,142 196 3,844 455 3,807 Private creditors 389 2,837 113 12,727 11,781 13,570 11,789 0 0 0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 1,958 962 651 394 207 95 40 13 4 1 Principal 17,394 12,491 9,605 11,911 13,759 7,545 5,202 3,251 1,818 952 Interest 7,633 6,700 6,036 5,401 4,433 3,642 3,346 3,075 2,946 2,857 Official creditors Disbursements 1,791 933 639 394 207 95 40 13 4 1 Principal 2,573 2,644 2,944 3,269 2,734 1,756 1,564 1,296 1,108 944 Interest 965 888 784 641 486 380 310 251 203 163 Bilateral creditors Disbursements 201 107 51 22 9 5 3 3 3 1 Principal 1,098 1,072 632 590 477 105 59 59 26 17 Interest 198 160 118 77 38 13 8 5 2 1 Multilateral creditors Disbursements 1,590 825 588 372 198 91 37 10 2 0 Principal 1,476 1,572 2,312 2,678 2,257 1,651 1,506 1,238 1,082 928 Interest 767 728 666 564 448 367 302 246 202 162 Private creditors Disbursements 166 29 12 0 0 0 0 0 0 0 Principal 14,821 9,847 6,660 8,643 11,025 5,790 3,638 1,955 710 8 Interest 6,668 5,812 5,253 4,761 3,947 3,262 3,036 2,824 2,743 2,693 Commercial banks Disbursements 83 29 12 0 0 0 0 0 0 0 Principal 139 125 82 80 21 20 18 17 0 0 Interest 33 26 17 11 6 4 2 1 0 0 Other private Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 14,681 9,723 6,578 8,563 11,005 5,770 3,620 1,938 710 8 Interest 6,634 5,786 5,236 4,749 3,941 3,259 3,034 2,823 2,743 2,693 56 ARMENIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. .. .. 638 804 902 916 950 1,047 1,127 Long-term debt (LDOD) .. .. .. 484 569 651 697 736 838 899 Public and publicly guaranteed .. .. .. 484 569 651 675 715 817 875 Private nonguaranteed .. .. .. 0 0 0 21 20 21 24 Use of IMF credit .. .. .. 132 190 201 175 173 195 215 Short-term debt .. .. .. 22 45 49 44 42 14 14 of which interest arrears on LDOD .. .. .. 0 0 0 6 6 0 0 Official creditors .. .. .. 0 0 0 6 6 0 0 Private creditors .. .. .. 0 0 0 0 0 0 0 Memo: principal arrears on LDOD .. .. .. 53 0 0 4 12 0 0 Official creditors .. .. .. 53 0 0 4 12 0 0 Private creditors .. .. .. 0 0 0 0 0 0 0 Memo: export credits .. .. .. 0 0 0 0 19 22 24 TOTAL DEBT FLOWS Disbursements .. .. .. 131 164 138 84 96 115 122 Long-term debt .. .. .. 108 112 109 84 83 89 94 IMF purchases .. .. .. 23 51 29 0 13 26 28 Principal repayments .. .. .. 8 41 39 31 33 48 83 Long-term debt .. .. .. 8 40 26 15 24 30 56 IMF repurchases .. .. .. 0 1 13 16 9 18 26 Net flows on debt .. .. .. 144 146 103 42 60 44 40 of which short-term debt .. .. .. 21 23 4 -11 -2 -23 0 Interest payments (INT) .. .. .. 16 21 20 15 21 22 12 Long-term debt .. .. .. 13 15 14 9 18 19 11 IMF charges .. .. .. 3 3 3 3 2 1 1 Short-term debt .. .. .. 1 2 2 2 1 1 0 Net transfers on debt .. .. .. 128 125 83 28 39 22 27 Total debt service paid (TDS) .. .. .. 24 61 59 46 55 70 95 Long-term debt .. .. .. 20 56 40 25 42 49 67 IMF repurchases and charges .. .. .. 3 4 16 19 11 20 28 Short-term debt (interest only) .. .. .. 1 2 2 2 1 1 0 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. .. .. 187 347 252 235 173 240 212 Net flow of long-term debt (ex. IMF) .. .. .. 100 72 83 69 59 59 38 Foreign direct investment (net) .. .. .. 52 221 122 104 70 111 121 Portfolio equity flows .. .. .. 1 1 0 0 1 0 0 Grants (excluding technical coop.) .. .. .. 34 54 47 61 44 71 53 Memo: technical coop. grants .. .. .. 15 26 56 94 88 123 94 official net resource flows .. .. .. 135 121 117 111 103 134 97 private net resource flows .. .. .. 52 227 136 124 70 106 115 NET TRANSFERS .. .. .. 164 312 224 203 152 208 166 Interest on long-term debt .. .. .. 13 15 14 9 18 19 11 Profit remittances on FDI .. .. .. 11 20 14 22 4 13 35 Memo: official net transfers .. .. .. 122 105 102 102 87 116 87 private net transfers .. .. .. 41 207 121 102 65 92 79 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. .. .. 1,738 1,954 1,900 1,964 2,182 2,464 2,896 Exports of goods, serv. & inc. (XGS) .. .. .. 478 473 492 560 653 844 1,078 Worker remit. & comp. of employees .. .. .. 136 92 95 87 94 131 168 Imports of goods & services (MGS) .. .. .. 993 1,059 958 1,017 1,017 1,155 1,477 International reserves (RES) .. .. .. 239 336 331 331 333 440 510 Current account balance .. .. .. -307 -418 -307 -278 -201 -148 -191 4. DEBT INDICATORS EDT / XGS (%) .. .. .. 133.6 169.9 183.4 163.7 145.6 124.0 104.6 EDT / GNI (%) .. .. .. 36.7 41.2 47.5 46.6 43.6 42.5 38.9 TDS / XGS (%) .. .. .. 5.0 13.0 11.9 8.2 8.4 8.3 8.8 INT / XGS (%) .. .. .. 3.4 4.4 4.0 2.6 3.2 2.6 1.2 INT / GNI (%) .. .. .. 0.9 1.1 1.0 0.7 1.0 0.9 0.4 RES / EDT (%) .. .. .. 37.5 41.8 36.7 36.1 35.1 42.1 45.3 RES / MGS (months) .. .. .. 2.9 3.8 4.1 3.9 3.9 4.6 4.1 Short-term / EDT (%) .. .. .. 3.4 5.6 5.5 4.8 4.4 1.3 1.2 Concessional / EDT (%) .. .. .. 40.5 43.2 46.6 50.1 53.8 61.0 70.3 Multilateral / EDT (%) .. .. .. 57.7 49.8 50.5 52.9 55.8 59.3 66.3 57 ARMENIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. .. .. 484 569 651 697 736 838 899 Public and publicly guaranteed .. .. .. 484 569 651 675 715 817 875 Official creditors .. .. .. 484 564 633 658 698 807 873 Multilateral .. .. .. 369 400 456 485 530 621 747 Concessional .. .. .. 242 300 370 407 448 556 697 Bilateral .. .. .. 116 163 177 173 168 186 126 Concessional .. .. .. 17 47 51 52 63 83 95 Private creditors .. .. .. 0 5 19 17 17 11 2 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 5 5 5 5 0 0 Other private .. .. .. 0 0 14 12 12 11 2 Private nonguaranteed .. .. .. 0 0 0 21 20 21 24 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 0 0 21 20 21 24 Memo: IBRD .. .. .. 10 10 9 8 7 8 8 IDA .. .. .. 240 293 352 388 428 530 662 DISBURSEMENTS .. .. .. 108 112 109 84 83 89 94 Public and publicly guaranteed .. .. .. 108 112 109 63 83 89 90 Official creditors .. .. .. 108 107 95 62 83 87 90 Multilateral .. .. .. 81 50 79 58 71 72 84 Concessional .. .. .. 77 48 76 56 58 70 84 Bilateral .. .. .. 27 57 16 4 12 15 6 Concessional .. .. .. 1 30 2 4 12 15 6 Private creditors .. .. .. 0 5 14 1 0 2 0 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 5 0 0 0 0 0 Other private .. .. .. 0 0 14 1 0 2 0 Private nonguaranteed .. .. .. 0 0 0 21 0 0 4 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 0 0 21 0 0 4 Memo: IBRD .. .. .. 1 0 0 0 0 0 0 IDA .. .. .. 76 43 66 54 55 66 77 PRINCIPAL REPAYMENTS .. .. .. 8 40 26 15 24 30 56 Public and publicly guaranteed .. .. .. 8 40 26 15 24 30 55 Official creditors .. .. .. 8 40 26 13 24 24 46 Multilateral .. .. .. 5 30 13 8 8 22 18 Concessional .. .. .. 0 0 0 0 0 0 0 Bilateral .. .. .. 2 10 13 5 16 2 28 Concessional .. .. .. 0 0 5 3 0 1 2 Private creditors .. .. .. 0 0 0 2 0 6 9 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 0 5 0 Other private .. .. .. 0 0 0 2 0 1 9 Private nonguaranteed .. .. .. 0 0 0 0 0 0 1 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 0 0 0 0 0 1 Memo: IBRD .. .. .. 0 0 0 0 0 0 1 IDA .. .. .. 0 0 0 0 0 0 0 NET FLOWS ON DEBT .. .. .. 100 72 83 69 59 59 38 Public and publicly guaranteed .. .. .. 100 72 83 48 59 59 36 Official creditors .. .. .. 100 67 69 50 59 63 44 Multilateral .. .. .. 76 20 66 51 63 51 66 Concessional .. .. .. 77 48 76 56 58 70 84 Bilateral .. .. .. 25 47 3 -1 -4 13 -22 Concessional .. .. .. 1 30 -3 1 12 14 4 Private creditors .. .. .. 0 5 14 -2 0 -4 -9 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 5 0 0 0 -5 0 Other private .. .. .. 0 0 14 -2 0 1 -9 Private nonguaranteed .. .. .. 0 0 0 21 0 0 2 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 0 0 21 0 0 2 Memo: IBRD .. .. .. 1 0 0 0 0 0 -1 IDA .. .. .. 76 43 66 54 55 66 77 58 ARMENIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) .. .. .. 13 15 14 9 18 19 11 Public and publicly guaranteed .. .. .. 13 15 14 9 17 19 10 Official creditors .. .. .. 13 15 14 9 16 18 10 Multilateral .. .. .. 10 10 7 8 8 7 7 Concessional .. .. .. 1 2 2 3 3 4 4 Bilateral .. .. .. 3 6 7 1 8 11 4 Concessional .. .. .. 0 0 1 1 1 1 1 Private creditors .. .. .. 0 0 0 0 1 0 0 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 1 0 0 Other private .. .. .. 0 0 0 0 0 0 0 Private nonguaranteed .. .. .. 0 0 0 0 1 1 1 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 0 0 0 1 1 1 Memo: IBRD .. .. .. 1 1 1 0 0 0 0 IDA .. .. .. 1 2 2 3 3 3 4 NET TRANSFERS ON DEBT .. .. .. 88 57 69 60 41 39 27 Public and publicly guaranteed .. .. .. 88 57 69 38 42 40 25 Official creditors .. .. .. 88 52 55 40 43 45 34 Multilateral .. .. .. 66 10 59 43 55 44 59 Concessional .. .. .. 76 47 74 53 54 67 80 Bilateral .. .. .. 22 42 -4 -2 -12 1 -26 Concessional .. .. .. 1 30 -4 1 11 13 3 Private creditors .. .. .. 0 5 14 -2 -1 -4 -9 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 5 0 0 -1 -5 0 Other private .. .. .. 0 0 14 -2 0 1 -9 Private nonguaranteed .. .. .. 0 0 0 21 -1 -1 1 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 0 0 21 -1 -1 1 Memo: IBRD .. .. .. 0 -1 -1 -1 -1 -1 -1 IDA .. .. .. 75 41 64 52 52 63 73 DEBT SERVICE (LTDS) .. .. .. 20 56 40 25 42 49 67 Public and publicly guaranteed .. .. .. 20 56 40 25 41 48 65 Official creditors .. .. .. 20 55 40 22 40 42 57 Multilateral .. .. .. 15 40 20 16 16 29 25 Concessional .. .. .. 1 2 2 3 3 4 4 Bilateral .. .. .. 5 15 20 6 24 13 32 Concessional .. .. .. 0 1 6 4 1 2 3 Private creditors .. .. .. 0 0 0 3 1 6 9 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 1 5 0 Other private .. .. .. 0 0 0 2 0 1 9 Private nonguaranteed .. .. .. 0 0 0 0 1 1 2 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 0 0 0 1 1 2 Memo: IBRD .. .. .. 1 1 1 1 1 1 1 IDA .. .. .. 1 2 2 3 3 3 4 UNDISBURSED DEBT .. .. .. 196 297 290 272 280 208 183 Official creditors .. .. .. 191 267 264 256 263 208 183 Private creditors .. .. .. 5 30 26 16 17 0 0 Memorandum items Concessional LDOD .. .. .. 259 347 421 459 511 638 793 Variable rate LDOD .. .. .. 152 134 130 142 132 110 91 Public sector LDOD .. .. .. 484 569 651 675 715 817 875 Private sector LDOD .. .. .. 0 0 0 21 20 21 24 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 5.4 5.8 7.3 Deutsche mark .. .. .. 0.0 0.0 0.0 0.4 .. .. .. French franc .. .. .. 0.5 0.5 0.4 0.4 .. .. .. Japanese yen .. .. .. 0.0 0.0 0.0 0.0 0.1 0.2 0.2 Pound sterling .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars .. .. .. 86.0 91.3 92.5 93.3 92.5 92.2 90.7 Multiple currency .. .. .. 2.0 1.7 1.4 1.2 1.0 0.9 0.9 Special drawing rights .. .. .. 0.4 0.7 1.1 1.0 0.9 0.9 0.9 All other currencies .. .. .. 11.0 5.8 4.6 3.6 0.0 0.0 0.0 59 ARMENIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. .. 74 31 0 14 0 9 0 Debt stock rescheduled .. .. .. 74 31 0 0 0 10 0 Principal rescheduled .. .. .. 0 0 0 14 0 0 0 Official .. .. .. 0 0 0 14 0 0 0 Private .. .. .. 0 0 0 0 0 0 0 Interest rescheduled .. .. .. 0 0 0 0 0 0 0 Official .. .. .. 0 0 0 0 0 0 0 Private .. .. .. 0 0 0 0 0 0 0 Debt forgiven .. .. .. 0 0 0 0 0 2 0 Memo: interest forgiven .. .. .. 0 0 0 0 0 0 0 Debt stock reduction .. .. .. 0 0 0 0 0 0 46 of which debt buyback .. .. .. 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. .. 118 166 98 15 34 97 81 Net flows on debt .. .. .. 144 146 103 42 60 44 40 Net change in interest arrears .. .. .. 0 0 0 6 0 -6 0 Interest capitalized .. .. .. 0 0 0 0 0 0 0 Debt forgiveness or reduction .. .. .. 0 0 0 0 0 -2 -46 Cross-currency valuation .. .. .. -90 -107 44 -31 -24 58 83 Residual .. .. .. 64 126 -49 -2 -2 2 4 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. .. .. 2.1 1.4 0.8 0.8 0.8 0.8 0.8 Maturity (years) .. .. .. 28.7 26.7 35.4 35.6 35.7 38.0 39.7 Grace period (years) .. .. .. 8.4 8.4 9.8 10.3 9.3 10.3 10.4 Grant element (%) .. .. .. 62.7 63.2 77.5 79.1 74.2 80.0 80.7 Official creditors Interest (%) .. .. .. 2.0 1.7 0.9 0.8 0.7 0.8 0.8 Maturity (years) .. .. .. 29.3 29.8 37.3 35.6 36.0 38.0 39.7 Grace period (years) .. .. .. 8.4 8.8 10.1 10.3 9.4 10.3 10.4 Grant element (%) .. .. .. 63.9 66.3 78.6 79.1 74.9 80.0 80.7 Private creditors Interest (%) .. .. .. 6.0 0.0 0.0 0.0 10.0 0.0 0.0 Maturity (years) .. .. .. 5.5 6.4 17.0 0.0 1.0 0.0 0.0 Grace period (years) .. .. .. 5.5 5.4 7.0 0.0 1.0 0.0 0.0 Grant element (%) .. .. .. 16.2 43.1 66.8 0.0 0.0 0.0 0.0 Memorandum items Commitments .. .. .. 195 223 105 71 109 15 45 Official creditors .. .. .. 190 193 95 71 108 15 45 Private creditors .. .. .. 5 30 10 0 1 0 0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 55 41 31 22 15 9 5 2 2 1 Principal 22 27 32 30 25 24 27 27 28 28 Interest 10 10 10 9 9 8 8 7 7 7 Official creditors Disbursements 55 41 31 22 15 9 5 2 2 1 Principal 18 22 27 24 20 24 27 27 28 28 Interest 9 9 9 9 8 8 8 7 7 7 Bilateral creditors Disbursements 30 18 10 5 3 1 1 0 0 0 Principal 9 10 11 9 8 8 8 6 6 6 Interest 3 3 3 3 3 2 2 2 2 1 Multilateral creditors Disbursements 25 22 21 16 12 8 5 2 2 1 Principal 9 12 15 15 12 16 19 21 22 22 Interest 6 6 6 6 6 6 6 6 5 5 Private creditors Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 4 5 5 5 5 0 0 0 0 0 Interest 1 1 0 0 0 0 0 0 0 0 Commercial banks Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 0 0 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 0 0 Other private Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 4 5 5 5 5 0 0 0 0 0 Interest 1 1 0 0 0 0 0 0 0 0 60 AZERBAIJAN (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. .. .. 508 707 1,045 1,273 1,266 1,483 1,681 Long-term debt (LDOD) .. .. .. 237 384 608 781 868 1,063 1,208 Public and publicly guaranteed .. .. .. 237 312 500 682 773 991 1,132 Private nonguaranteed .. .. .. 0 72 108 99 95 72 76 Use of IMF credit .. .. .. 267 321 407 336 295 279 259 Short-term debt .. .. .. 4 1 29 156 103 141 213 of which interest arrears on LDOD .. .. .. 0 0 0 0 0 0 0 Official creditors .. .. .. 0 0 0 0 0 0 0 Private creditors .. .. .. 0 0 0 0 0 0 0 Memo: principal arrears on LDOD .. .. .. 0 25 25 0 0 0 0 Official creditors .. .. .. 0 25 25 0 0 0 0 Private creditors .. .. .. 0 0 0 0 0 0 0 Memo: export credits .. .. .. 18 65 159 348 271 163 145 TOTAL DEBT FLOWS Disbursements .. .. .. 197 181 386 278 188 220 227 Long-term debt .. .. .. 93 140 276 278 178 210 191 IMF purchases .. .. .. 105 41 110 0 10 10 36 Principal repayments .. .. .. 58 3 58 123 93 143 217 Long-term debt .. .. .. 58 3 42 71 53 94 139 IMF repurchases .. .. .. 0 0 16 51 39 49 79 Net flows on debt .. .. .. 131 176 356 283 42 116 81 of which short-term debt .. .. .. -9 -3 28 127 -53 38 72 Interest payments (INT) .. .. .. 20 21 28 58 39 27 28 Long-term debt .. .. .. 12 11 15 39 24 17 19 IMF charges .. .. .. 8 10 11 14 10 6 3 Short-term debt .. .. .. 0 0 1 5 5 5 5 Net transfers on debt .. .. .. 111 155 328 225 2 89 54 Total debt service paid (TDS) .. .. .. 78 24 85 181 132 170 245 Long-term debt .. .. .. 69 14 56 110 77 111 158 IMF repurchases and charges .. .. .. 8 10 28 65 50 55 82 Short-term debt (interest only) .. .. .. 0 0 1 5 5 5 5 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. .. .. 1,185 1,196 798 387 399 1,575 3,391 Net flow of long-term debt (ex. IMF) .. .. .. 35 137 234 207 124 116 52 Foreign direct investment (net) .. .. .. 1,115 1,023 510 130 227 1,392 3,285 Portfolio equity flows .. .. .. 0 0 0 0 0 0 0 Grants (excluding technical coop.) .. .. .. 35 36 54 50 48 66 53 Memo: technical coop. grants .. .. .. 16 32 22 30 42 75 69 official net resource flows .. .. .. 63 106 192 198 150 244 155 private net resource flows .. .. .. 1,123 1,090 606 190 249 1,330 3,235 NET TRANSFERS .. .. .. 1,166 1,177 781 31 46 1,201 2,949 Interest on long-term debt .. .. .. 12 11 15 39 24 17 19 Profit remittances on FDI .. .. .. 7 8 2 317 329 356 422 Memo: official net transfers .. .. .. 51 99 184 165 134 233 143 private net transfers .. .. .. 1,116 1,078 597 -133 -88 968 2,806 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. .. .. 3,953 4,433 4,536 4,977 5,375 5,851 6,695 Exports of goods, serv. & inc. (XGS) .. .. .. 1,173 1,048 1,348 2,231 2,514 2,867 3,263 Worker remit. & comp. of employees .. .. .. 0 6 54 57 104 182 171 Imports of goods & services (MGS) .. .. .. 2,133 2,476 1,975 2,415 2,539 3,543 5,264 International reserves (RES) .. .. .. 467 449 673 680 897 722 821 Current account balance .. .. .. -916 -1,365 -600 -168 -52 -768 -2,021 4. DEBT INDICATORS EDT / XGS (%) .. .. .. 43.3 67.4 77.5 57.0 50.4 51.7 51.5 EDT / GNI (%) .. .. .. 12.9 15.9 23.0 25.6 23.6 25.4 25.1 TDS / XGS (%) .. .. .. 6.6 2.3 6.3 8.1 5.3 5.9 7.5 INT / XGS (%) .. .. .. 1.7 2.0 2.1 2.6 1.6 1.0 0.8 INT / GNI (%) .. .. .. 0.5 0.5 0.6 1.2 0.7 0.5 0.4 RES / EDT (%) .. .. .. 92.0 63.5 64.4 53.4 70.8 48.6 48.8 RES / MGS (months) .. .. .. 2.6 2.2 4.1 3.4 4.2 2.4 1.9 Short-term / EDT (%) .. .. .. 0.8 0.2 2.8 12.3 8.1 9.5 12.7 Concessional / EDT (%) .. .. .. 23.2 23.0 28.8 30.9 36.0 46.2 52.7 Multilateral / EDT (%) .. .. .. 29.9 28.2 27.1 25.1 27.0 29.2 32.6 61 AZERBAIJAN (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. .. .. 237 384 608 781 868 1,063 1,208 Public and publicly guaranteed .. .. .. 237 312 500 682 773 991 1,132 Official creditors .. .. .. 229 306 448 569 638 867 1,052 Multilateral .. .. .. 152 199 283 319 342 434 547 Concessional .. .. .. 116 145 206 227 249 331 447 Bilateral .. .. .. 77 107 164 250 296 433 505 Concessional .. .. .. 3 17 95 166 207 354 439 Private creditors .. .. .. 8 5 52 113 135 124 80 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 27 65 99 100 66 Other private .. .. .. 8 5 25 48 36 23 14 Private nonguaranteed .. .. .. 0 72 108 99 95 72 76 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 72 108 99 95 72 76 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 116 141 199 216 235 314 422 DISBURSEMENTS .. .. .. 93 140 276 278 178 210 191 Public and publicly guaranteed .. .. .. 93 70 226 273 170 208 137 Official creditors .. .. .. 85 70 171 209 123 208 137 Multilateral .. .. .. 82 42 94 55 41 79 91 Concessional .. .. .. 55 24 64 32 32 60 81 Bilateral .. .. .. 3 28 77 154 82 129 46 Concessional .. .. .. 3 14 72 86 68 129 46 Private creditors .. .. .. 8 0 55 64 47 0 0 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 28 38 47 0 0 Other private .. .. .. 8 0 27 26 0 0 0 Private nonguaranteed .. .. .. 0 69 50 6 7 2 54 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 69 50 6 7 2 54 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 55 21 60 27 28 57 75 PRINCIPAL REPAYMENTS .. .. .. 58 3 42 71 53 94 139 Public and publicly guaranteed .. .. .. 58 3 41 64 44 60 88 Official creditors .. .. .. 58 0 32 62 22 30 35 Multilateral .. .. .. 58 0 7 8 10 11 14 Concessional .. .. .. 0 0 0 0 0 0 0 Bilateral .. .. .. 0 0 25 53 12 19 22 Concessional .. .. .. 0 0 0 0 4 9 9 Private creditors .. .. .. 0 3 8 2 22 30 53 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 12 17 43 Other private .. .. .. 0 3 8 2 10 14 10 Private nonguaranteed .. .. .. 0 0 1 7 10 34 50 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 0 1 7 10 34 50 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 0 0 0 0 0 0 0 NET FLOWS ON DEBT .. .. .. 35 137 234 207 124 116 52 Public and publicly guaranteed .. .. .. 35 68 185 209 127 148 49 Official creditors .. .. .. 27 70 138 147 102 178 102 Multilateral .. .. .. 24 42 87 47 31 69 77 Concessional .. .. .. 55 24 64 32 31 60 80 Bilateral .. .. .. 3 28 52 100 70 109 25 Concessional .. .. .. 3 14 72 86 64 120 37 Private creditors .. .. .. 8 -3 47 62 25 -30 -53 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 28 38 35 -16 -43 Other private .. .. .. 8 -3 19 24 -10 -14 -10 Private nonguaranteed .. .. .. 0 69 49 -2 -3 -32 3 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 69 49 -2 -3 -32 3 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 55 21 60 27 28 57 75 62 AZERBAIJAN (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) .. .. .. 12 11 15 39 24 17 19 Public and publicly guaranteed .. .. .. 12 9 9 34 19 13 16 Official creditors .. .. .. 12 8 8 33 16 11 12 Multilateral .. .. .. 2 2 3 7 8 6 6 Concessional .. .. .. 0 1 1 2 2 2 3 Bilateral .. .. .. 10 6 5 26 8 5 6 Concessional .. .. .. 0 0 1 24 2 3 4 Private creditors .. .. .. 0 1 1 1 3 3 3 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 1 2 2 Other private .. .. .. 0 1 1 1 2 1 1 Private nonguaranteed .. .. .. 0 2 6 5 5 3 3 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 2 6 5 5 3 3 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 0 1 1 2 2 2 2 NET TRANSFERS ON DEBT .. .. .. 24 126 220 168 100 99 33 Public and publicly guaranteed .. .. .. 24 59 176 175 108 135 33 Official creditors .. .. .. 15 63 131 114 86 167 90 Multilateral .. .. .. 23 41 84 40 24 63 71 Concessional .. .. .. 55 23 62 30 29 57 77 Bilateral .. .. .. -7 22 47 74 62 104 18 Concessional .. .. .. 3 14 71 63 62 117 33 Private creditors .. .. .. 8 -4 45 61 22 -33 -56 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 28 38 35 -18 -46 Other private .. .. .. 8 -4 18 23 -12 -15 -11 Private nonguaranteed .. .. .. 0 67 43 -7 -8 -35 0 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 67 43 -7 -8 -35 0 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 55 20 59 26 26 55 72 DEBT SERVICE (LTDS) .. .. .. 69 14 56 110 77 111 158 Public and publicly guaranteed .. .. .. 69 11 50 98 63 73 104 Official creditors .. .. .. 69 8 40 95 38 41 48 Multilateral .. .. .. 60 2 10 15 17 16 20 Concessional .. .. .. 0 1 1 2 2 3 4 Bilateral .. .. .. 10 6 30 79 20 24 28 Concessional .. .. .. 0 0 1 24 6 11 13 Private creditors .. .. .. 0 4 10 3 25 33 56 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 13 18 46 Other private .. .. .. 0 4 9 3 12 15 11 Private nonguaranteed .. .. .. 0 2 7 12 15 37 53 Bonds .. .. .. 0 0 0 0 0 0 0 Commercial banks and other .. .. .. 0 2 7 12 15 37 53 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 0 1 1 2 2 2 2 UNDISBURSED DEBT .. .. .. 302 647 724 616 457 352 313 Official creditors .. .. .. 278 552 691 568 457 352 313 Private creditors .. .. .. 24 95 34 49 0 0 0 Memorandum items Concessional LDOD .. .. .. 118 162 300 393 455 686 886 Variable rate LDOD .. .. .. 119 222 295 371 383 344 292 Public sector LDOD .. .. .. 237 312 500 682 773 991 1,132 Private sector LDOD .. .. .. 0 72 108 99 95 72 76 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 4.1 3.7 4.5 Deutsche mark .. .. .. 1.1 3.1 4.1 3.6 .. .. .. French franc .. .. .. 0.0 0.0 0.0 0.0 .. .. .. Japanese yen .. .. .. 0.0 2.5 17.2 22.4 24.2 32.4 33.9 Pound sterling .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc .. .. .. 0.0 0.0 3.7 7.0 10.8 9.5 5.4 U.S.dollars .. .. .. 98.9 93.3 73.6 63.4 58.0 51.1 52.2 Multiple currency .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Special drawing rights .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 All other currencies .. .. .. 0.0 1.2 1.4 3.4 2.9 3.4 4.1 63 AZERBAIJAN (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. .. 0 0 0 0 0 0 0 Debt stock rescheduled .. .. .. 0 0 0 0 0 0 0 Principal rescheduled .. .. .. 0 0 0 0 0 0 0 Official .. .. .. 0 0 0 0 0 0 0 Private .. .. .. 0 0 0 0 0 0 0 Interest rescheduled .. .. .. 0 0 0 0 0 0 0 Official .. .. .. 0 0 0 0 0 0 0 Private .. .. .. 0 0 0 0 0 0 0 Debt forgiven .. .. .. 36 0 0 0 0 0 0 Memo: interest forgiven .. .. .. 2 0 0 0 0 0 0 Debt stock reduction .. .. .. 0 0 0 0 0 0 0 of which debt buyback .. .. .. 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. .. 70 199 338 228 -7 217 197 Net flows on debt .. .. .. 131 176 356 283 42 116 81 Net change in interest arrears .. .. .. -2 0 0 0 0 0 0 Interest capitalized .. .. .. 0 0 0 0 0 0 0 Debt forgiveness or reduction .. .. .. -36 0 0 0 0 0 0 Cross-currency valuation .. .. .. -54 -49 -11 -43 -44 89 119 Residual .. .. .. 31 72 -7 -12 -4 12 -3 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. .. .. 3.8 2.7 1.7 6.0 1.4 0.8 0.8 Maturity (years) .. .. .. 21.7 26.7 34.8 16.1 33.4 34.8 34.5 Grace period (years) .. .. .. 6.4 7.1 8.9 3.0 9.9 10.3 10.0 Grant element (%) .. .. .. 45.9 56.3 70.0 25.8 72.8 78.8 78.4 Official creditors Interest (%) .. .. .. 3.0 1.4 1.7 4.6 1.4 0.8 0.8 Maturity (years) .. .. .. 25.0 31.5 34.8 21.4 33.4 34.8 34.5 Grace period (years) .. .. .. 7.4 8.1 8.9 4.3 9.9 10.3 10.0 Grant element (%) .. .. .. 54.0 67.9 70.0 38.5 72.8 78.8 78.4 Private creditors Interest (%) .. .. .. 8.0 8.8 0.0 8.5 0.0 0.0 0.0 Maturity (years) .. .. .. 5.1 4.8 0.0 6.7 0.0 0.0 0.0 Grace period (years) .. .. .. 1.3 2.3 0.0 0.8 0.0 0.0 0.0 Grant element (%) .. .. .. 4.3 2.7 0.0 3.7 0.0 0.0 0.0 Memorandum items Commitments .. .. .. 197 375 272 216 59 69 66 Official creditors .. .. .. 165 308 272 137 59 69 66 Private creditors .. .. .. 32 67 0 79 0 0 0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 73 57 43 34 31 23 15 12 8 5 Principal 112 54 45 46 62 66 61 45 37 36 Interest 18 15 14 13 12 11 10 9 8 8 Official creditors Disbursements 73 57 43 34 31 23 15 12 8 5 Principal 36 34 36 38 46 50 53 44 37 36 Interest 13 13 12 12 11 11 10 9 8 8 Bilateral creditors Disbursements 32 18 9 4 2 0 0 0 0 0 Principal 22 17 17 17 24 27 31 27 19 15 Interest 6 6 6 5 5 4 4 3 3 3 Multilateral creditors Disbursements 41 39 34 30 29 22 15 12 8 5 Principal 14 16 19 21 22 23 22 17 19 21 Interest 7 7 7 7 6 6 6 5 5 5 Private creditors Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 76 21 9 9 16 16 8 1 0 0 Interest 5 2 2 2 1 1 0 0 0 0 Commercial banks Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 63 3 0 0 0 0 0 0 0 0 Interest 2 0 0 0 0 0 0 0 0 0 Other private Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 12 18 9 9 16 16 8 1 0 0 Interest 3 2 2 2 1 1 0 0 0 0 64 BANGLADESH (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. 3,921 12,439 14,421 15,667 16,570 15,721 15,255 17,061 18,778 Long-term debt (LDOD) .. 3,285 11,658 13,874 15,096 15,998 15,171 14,746 16,418 18,088 Public and publicly guaranteed .. 3,285 11,658 13,874 15,096 15,998 15,171 14,746 16,418 18,088 Private nonguaranteed .. 0 0 0 0 0 0 0 0 0 Use of IMF credit .. 424 626 372 422 318 216 149 71 74 Short-term debt .. 212 156 175 150 254 334 361 572 617 of which interest arrears on LDOD .. 0 1 0 0 0 0 21 27 0 Official creditors .. 0 1 0 0 0 0 21 27 0 Private creditors .. 0 0 0 0 0 0 0 0 0 Memo: principal arrears on LDOD .. 0 11 3 4 4 4 58 75 4 Official creditors .. 0 11 3 4 4 4 58 75 4 Private creditors .. 0 0 0 0 0 0 0 0 0 Memo: export credits .. 0 329 430 394 336 334 299 324 467 TOTAL DEBT FLOWS Disbursements .. 859 1,273 628 846 803 889 1,049 768 939 Long-term debt .. 632 1,213 628 711 803 889 1,049 768 869 IMF purchases .. 227 60 0 134 0 0 0 0 70 Principal repayments .. 168 548 508 472 524 599 492 551 495 Long-term debt .. 34 344 394 371 431 513 432 463 422 IMF repurchases .. 134 204 115 101 93 86 60 88 73 Net flows on debt .. 793 813 132 348 383 371 563 422 516 of which short-term debt .. 102 88 12 -25 105 80 6 205 72 Interest payments (INT) .. 73 201 182 172 194 201 184 176 176 Long-term debt .. 44 151 171 162 173 171 162 161 162 IMF charges .. 13 40 2 2 6 7 6 3 1 Short-term debt .. 16 9 9 8 14 22 16 12 13 Net transfers on debt .. 720 612 -50 177 190 170 379 246 339 Total debt service paid (TDS) .. 241 749 690 644 718 799 676 727 672 Long-term debt .. 78 495 564 532 605 684 594 624 584 IMF repurchases and charges .. 147 245 117 103 99 93 66 91 75 Short-term debt (interest only) .. 16 9 9 8 14 22 16 12 13 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. 1,608 1,644 943 1,183 1,225 1,251 1,295 899 1,030 Net flow of long-term debt (ex. IMF) .. 598 869 234 340 372 377 617 305 447 Foreign direct investment (net) .. 9 3 139 190 180 280 79 52 102 Portfolio equity flows .. 0 0 -10 -4 -1 1 -4 -1 2 Grants (excluding technical coop.) .. 1,001 772 579 657 675 592 603 543 478 Memo: technical coop. grants .. 159 234 233 203 170 212 212 215 248 official net resource flows .. 1,589 1,585 844 1,026 1,059 933 988 763 943 private net resource flows .. 19 59 99 157 166 318 308 136 86 NET TRANSFERS .. 1,564 1,493 746 981 970 930 958 609 772 Interest on long-term debt .. 44 151 171 162 173 171 162 161 162 Profit remittances on FDI .. 0 0 27 40 82 149 175 129 95 Memo: official net transfers .. 1,547 1,445 683 873 892 773 832 605 787 private net transfers .. 17 48 63 109 78 157 126 4 -15 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. 17,609 30,757 43,688 45,523 47,542 48,915 48,635 49,746 54,778 Exports of goods, serv. & inc. (XGS) .. 1,420 2,907 7,140 7,556 8,127 9,251 9,008 9,855 11,143 Worker remit. & comp. of employees .. 339 779 1,526 1,606 1,807 1,968 2,105 2,858 3,191 Imports of goods & services (MGS) .. 2,904 4,140 8,032 8,159 9,191 10,018 10,017 9,508 11,338 International reserves (RES) .. 331 660 1,611 1,936 1,634 1,516 1,306 1,722 2,625 Current account balance .. -702 -398 -286 -35 -364 -306 -535 739 183 4. DEBT INDICATORS EDT / XGS (%) .. 276.2 427.9 202.0 207.3 203.9 169.9 169.4 173.1 168.5 EDT / GNI (%) .. 22.3 40.4 33.0 34.4 34.9 32.1 31.4 34.3 34.3 TDS / XGS (%) .. 17.0 25.8 9.7 8.5 8.8 8.6 7.5 7.4 6.0 INT / XGS (%) .. 5.1 6.9 2.5 2.3 2.4 2.2 2.0 1.8 1.6 INT / GNI (%) .. 0.4 0.7 0.4 0.4 0.4 0.4 0.4 0.4 0.3 RES / EDT (%) .. 8.4 5.3 11.2 12.4 9.9 9.6 8.6 10.1 14.0 RES / MGS (months) .. 1.4 1.9 2.4 2.8 2.1 1.8 1.6 2.2 2.8 Short-term / EDT (%) .. 5.4 1.3 1.2 1.0 1.5 2.1 2.4 3.4 3.3 Concessional / EDT (%) .. 80.4 90.7 94.6 95.0 95.1 94.8 93.4 92.8 93.2 Multilateral / EDT (%) .. 31.9 51.8 66.0 67.0 67.4 69.9 70.3 71.0 72.5 65 BANGLADESH (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. 3,285 11,658 13,874 15,096 15,998 15,171 14,746 16,418 18,088 Public and publicly guaranteed .. 3,285 11,658 13,874 15,096 15,998 15,171 14,746 16,418 18,088 Official creditors .. 3,229 11,435 13,679 14,918 15,788 14,925 14,269 15,850 17,533 Multilateral .. 1,251 6,441 9,520 10,492 11,172 10,996 10,719 12,117 13,606 Concessional .. 1,190 6,344 9,481 10,456 11,141 10,972 10,702 12,097 13,571 Bilateral .. 1,978 4,994 4,160 4,426 4,616 3,929 3,550 3,734 3,927 Concessional .. 1,963 4,941 4,158 4,426 4,616 3,929 3,550 3,734 3,927 Private creditors .. 56 223 195 177 210 246 476 568 555 Bonds .. 0 0 0 0 0 0 0 0 0 Commercial banks .. 0 21 1 0 0 15 26 29 29 Other private .. 56 202 193 177 210 232 451 539 527 Private nonguaranteed .. 0 0 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 0 0 Memo: IBRD .. 55 64 38 36 31 24 17 13 7 IDA .. 926 4,095 5,701 6,168 6,428 6,431 6,439 7,063 8,062 DISBURSEMENTS .. 632 1,213 628 711 803 889 1,049 768 869 Public and publicly guaranteed .. 632 1,213 628 711 803 889 1,049 768 869 Official creditors .. 615 1,123 628 711 789 823 799 672 859 Multilateral .. 276 822 520 617 724 651 538 536 762 Concessional .. 275 792 520 617 724 651 537 530 741 Bilateral .. 339 301 109 94 65 172 261 136 97 Concessional .. 339 301 109 94 65 172 261 136 97 Private creditors .. 17 90 0 0 15 67 250 95 10 Bonds .. 0 0 0 0 0 0 0 0 0 Commercial banks .. 0 22 0 0 0 15 11 0 0 Other private .. 17 67 0 0 15 52 239 95 10 Private nonguaranteed .. 0 0 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 0 0 Memo: IBRD .. 0 0 0 0 0 0 0 0 0 IDA .. 156 464 301 350 413 357 312 301 519 PRINCIPAL REPAYMENTS .. 34 344 394 371 431 513 432 463 422 Public and publicly guaranteed .. 34 344 394 371 431 513 432 463 422 Official creditors .. 28 310 364 342 405 482 414 452 394 Multilateral .. 1 62 124 132 154 168 181 204 237 Concessional .. 0 44 119 127 149 163 175 198 230 Bilateral .. 27 248 240 210 250 314 234 248 158 Concessional .. 23 239 239 209 250 314 234 248 158 Private creditors .. 6 34 30 29 27 31 18 10 27 Bonds .. 0 0 0 0 0 0 0 0 0 Commercial banks .. 0 2 6 1 0 0 0 0 3 Other private .. 6 32 24 28 27 31 18 10 24 Private nonguaranteed .. 0 0 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 0 0 Memo: IBRD .. 0 2 4 4 5 5 5 6 6 IDA .. 0 13 55 61 73 82 94 106 124 NET FLOWS ON DEBT .. 598 869 234 340 372 377 617 305 447 Public and publicly guaranteed .. 598 869 234 340 372 377 617 305 447 Official creditors .. 588 813 264 369 384 341 385 220 465 Multilateral .. 275 761 396 485 570 483 357 332 525 Concessional .. 275 749 401 489 575 488 362 331 511 Bilateral .. 312 52 -132 -115 -186 -142 28 -112 -60 Concessional .. 316 61 -131 -114 -185 -142 28 -112 -60 Private creditors .. 11 55 -30 -29 -12 36 233 85 -18 Bonds .. 0 0 0 0 0 0 0 0 0 Commercial banks .. 0 20 -6 -1 0 15 11 0 -3 Other private .. 11 35 -24 -28 -12 21 221 85 -15 Private nonguaranteed .. 0 0 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 0 0 Memo: IBRD .. 0 -2 -4 -4 -5 -5 -5 -6 -6 IDA .. 156 451 246 289 339 275 218 195 395 66 BANGLADESH (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) .. 44 151 171 162 173 171 162 161 162 Public and publicly guaranteed .. 44 151 171 162 173 171 162 161 162 Official creditors .. 42 140 160 154 167 160 155 158 156 Multilateral .. 11 51 84 85 94 93 96 100 110 Concessional .. 7 46 81 82 92 91 94 99 108 Bilateral .. 31 89 77 69 73 67 60 58 46 Concessional .. 30 84 77 69 73 67 60 58 46 Private creditors .. 2 11 10 8 7 12 6 3 6 Bonds .. 0 0 0 0 0 0 0 0 0 Commercial banks .. 0 1 0 0 0 0 1 1 2 Other private .. 2 11 10 8 7 11 5 2 5 Private nonguaranteed .. 0 0 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 0 0 Memo: IBRD .. 3 4 3 2 2 2 1 1 1 IDA .. 6 28 42 43 46 47 48 50 56 NET TRANSFERS ON DEBT .. 554 717 64 179 199 205 456 144 285 Public and publicly guaranteed .. 554 717 64 179 199 205 456 144 285 Official creditors .. 546 673 104 216 217 181 229 62 309 Multilateral .. 264 709 313 400 475 390 261 232 416 Concessional .. 267 702 320 407 482 397 268 233 403 Bilateral .. 281 -36 -209 -184 -258 -209 -32 -170 -106 Concessional .. 286 -23 -208 -183 -258 -209 -32 -170 -106 Private creditors .. 8 44 -40 -37 -19 24 226 82 -24 Bonds .. 0 0 0 0 0 0 0 0 0 Commercial banks .. 0 20 -6 -1 0 14 10 -1 -5 Other private .. 8 24 -34 -36 -19 10 216 83 -19 Private nonguaranteed .. 0 0 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 0 0 Memo: IBRD .. -3 -5 -7 -7 -7 -7 -7 -7 -7 IDA .. 150 424 204 246 293 228 170 145 339 DEBT SERVICE (LTDS) .. 78 495 564 532 605 684 594 624 584 Public and publicly guaranteed .. 78 495 564 532 605 684 594 624 584 Official creditors .. 70 450 524 495 571 642 570 610 550 Multilateral .. 12 113 207 217 249 261 276 304 346 Concessional .. 8 90 200 210 242 254 270 297 338 Bilateral .. 58 337 317 279 323 381 294 307 204 Concessional .. 53 324 316 277 322 381 294 307 204 Private creditors .. 8 45 40 37 33 42 24 13 34 Bonds .. 0 0 0 0 0 0 0 0 0 Commercial banks .. 0 2 6 1 0 0 1 1 5 Other private .. 8 43 34 36 33 42 23 12 29 Private nonguaranteed .. 0 0 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 0 0 Memo: IBRD .. 3 5 7 7 7 7 7 7 7 IDA .. 6 40 96 104 119 129 143 156 180 UNDISBURSED DEBT .. 2,189 4,318 3,392 3,688 4,246 3,830 3,522 3,499 4,083 Official creditors .. 2,139 4,128 3,082 3,597 3,855 3,354 2,983 3,045 3,623 Private creditors .. 50 190 309 91 392 476 539 455 460 Memorandum items Concessional LDOD .. 3,153 11,285 13,639 14,882 15,757 14,901 14,252 15,831 17,498 Variable rate LDOD .. 5 21 1 0 0 0 0 7 27 Public sector LDOD .. 3,285 11,658 13,874 15,096 15,998 15,171 14,746 16,418 18,088 Private sector LDOD .. 0 0 0 0 0 0 0 0 0 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 0.5 0.6 0.6 Deutsche mark .. 0.1 0.0 0.0 0.0 0.0 0.0 .. .. .. French franc .. 1.2 1.2 0.4 0.4 0.3 0.3 .. .. .. Japanese yen .. 23.6 24.8 22.0 22.2 22.4 20.4 18.4 17.4 17.0 Pound sterling .. 18.6 5.0 3.5 3.1 2.8 3.0 3.0 2.6 2.3 Swiss franc .. 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars .. 38.2 48.1 43.3 42.9 43.0 44.7 47.8 48.1 50.1 Multiple currency .. 8.1 15.4 23.7 24.4 24.8 24.5 23.0 24.0 22.9 Special drawing rights .. 0.2 1.0 4.7 4.9 4.6 4.8 4.9 4.8 4.8 All other currencies .. 9.8 4.4 2.2 2.0 2.0 2.3 2.3 2.4 2.2 67 BANGLADESH (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 0 0 0 0 0 0 0 0 Debt stock rescheduled .. .. 0 0 0 0 0 0 0 0 Principal rescheduled .. .. 0 0 0 0 0 0 0 0 Official .. .. 0 0 0 0 0 0 0 0 Private .. .. 0 0 0 0 0 0 0 0 Interest rescheduled .. .. 0 0 0 0 0 0 0 0 Official .. .. 0 0 0 0 0 0 0 0 Private .. .. 0 0 0 0 0 0 0 0 Debt forgiven .. .. 0 0 0 0 0 0 0 103 Memo: interest forgiven .. .. 0 0 0 0 0 0 0 13 Debt stock reduction .. .. 0 0 0 0 0 0 0 0 of which debt buyback .. .. 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 1,593 -916 1,246 903 -849 -466 1,806 1,717 Net flows on debt .. 793 813 132 348 383 371 563 422 516 Net change in interest arrears .. .. 1 0 0 0 0 21 6 -27 Interest capitalized .. .. 0 0 0 0 0 0 0 0 Debt forgiveness or reduction .. .. 0 0 0 0 0 0 0 -103 Cross-currency valuation .. .. 925 -1,241 725 809 -1,087 -1,042 1,166 1,547 Residual .. .. -145 193 173 -290 -133 -8 211 -214 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. 1.7 1.8 1.6 1.6 1.7 2.6 2.0 1.4 1.2 Maturity (years) .. 36.0 34.1 37.2 39.1 30.3 24.9 26.2 33.6 31.9 Grace period (years) .. 9.0 9.2 9.8 10.1 7.2 6.8 6.5 8.5 8.3 Grant element (%) .. 68.5 68.5 70.9 72.8 64.3 54.2 57.4 70.6 70.3 Official creditors Interest (%) .. 1.5 1.1 1.6 1.6 1.2 2.4 1.2 1.3 1.2 Maturity (years) .. 36.9 37.6 37.2 39.1 34.5 28.2 31.9 33.9 32.1 Grace period (years) .. 9.2 10.2 9.8 10.1 8.4 7.4 8.2 8.6 8.4 Grant element (%) .. 70.4 76.1 70.9 72.8 72.4 59.2 68.7 71.2 70.8 Private creditors Interest (%) .. 7.5 5.4 0.0 0.0 3.5 3.3 3.6 3.3 2.7 Maturity (years) .. 10.7 14.1 0.0 0.0 15.1 13.0 14.0 15.5 4.7 Grace period (years) .. 2.4 3.5 0.0 0.0 2.9 4.8 3.2 3.1 1.5 Grant element (%) .. 11.4 25.0 0.0 0.0 35.1 36.4 33.6 37.2 19.3 Memorandum items Commitments .. 1,029 1,317 1,111 1,102 1,445 708 976 637 1,460 Official creditors .. 997 1,122 1,111 1,102 1,130 554 662 626 1,447 Private creditors .. 32 196 0 0 315 154 314 11 14 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 1,082 921 670 501 362 249 159 78 33 13 Principal 761 787 763 785 835 831 845 858 857 856 Interest 198 202 206 209 204 196 187 177 165 153 Official creditors Disbursements 831 783 622 484 359 249 159 78 33 13 Principal 610 622 643 692 745 763 776 789 791 799 Interest 173 176 184 191 189 184 177 169 160 150 Bilateral creditors Disbursements 217 163 102 66 36 21 8 3 1 1 Principal 348 326 324 323 320 292 273 255 239 228 Interest 57 54 51 47 42 37 33 29 26 22 Multilateral creditors Disbursements 614 620 520 418 323 228 151 75 31 12 Principal 263 297 319 369 425 471 503 534 552 572 Interest 116 122 134 144 147 146 143 139 134 128 Private creditors Disbursements 252 138 49 17 3 0 0 0 0 0 Principal 150 165 120 94 90 69 69 69 66 57 Interest 25 26 22 19 16 13 10 8 5 3 Commercial banks Disbursements 7 5 2 1 0 0 0 0 0 0 Principal 4 7 7 6 6 3 3 3 3 0 Interest 2 2 1 1 1 1 1 0 0 0 Other private Disbursements 245 133 47 16 3 0 0 0 0 0 Principal 146 158 113 87 84 66 66 66 63 57 Interest 23 25 21 17 15 12 10 8 5 3 68 BARBADOS (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 12.9 165.7 683.0 399.0 387.8 443.9 548.2 700.7 712.2 721.2 Long-term debt (LDOD) 12.9 97.8 504.1 366.9 387.8 443.9 548.2 700.7 712.2 721.2 Public and publicly guaranteed 12.9 97.8 504.1 366.9 387.8 443.9 548.2 700.7 712.2 721.2 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit 0.0 2.9 0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt 0.0 65.0 178.1 32.1 0.0 0.0 0.0 0.0 0.0 0.0 of which interest arrears on LDOD 0.0 0.0 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Official creditors 0.0 0.0 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Private creditors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: principal arrears on LDOD 0.0 0.0 0.7 0.4 0.0 0.0 0.0 0.0 0.0 0.0 Official creditors 0.0 0.0 0.7 0.4 0.0 0.0 0.0 0.0 0.0 0.0 Private creditors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TOTAL DEBT FLOWS Disbursements 0.0 38.4 90.6 40.1 61.1 112.3 125.3 183.0 35.6 32.0 Long-term debt 0.0 38.4 90.6 40.1 61.1 112.3 125.3 183.0 35.6 32.0 IMF purchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 0.0 14.2 92.2 53.2 45.6 54.2 22.3 24.3 37.4 38.7 Long-term debt 0.0 8.7 88.4 44.2 45.6 54.2 22.3 24.3 37.4 38.7 IMF repurchases 0.0 5.5 3.8 9.0 0.0 0.0 0.0 0.0 0.0 0.0 Net flows on debt 0.0 10.2 18.8 -23.1 -16.6 58.1 103.0 158.7 -1.8 -6.7 of which short-term debt 0.0 -14.0 20.4 -10.0 -32.0 0.0 0.0 0.0 0.0 0.0 Interest payments (INT) 0.8 11.1 48.6 32.3 30.4 34.7 40.0 44.2 45.6 45.0 Long-term debt 0.8 5.8 39.3 30.2 29.6 34.7 40.0 44.2 45.6 45.0 IMF charges 0.0 0.3 0.4 0.2 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt 0.0 5.0 8.9 1.9 0.8 0.0 0.0 0.0 0.0 0.0 Net transfers on debt -0.8 -0.9 -29.8 -55.3 -46.9 23.3 63.1 114.5 -47.4 -51.6 Total debt service paid (TDS) 0.8 25.2 140.7 85.5 76.0 89.0 62.2 68.5 83.0 83.7 Long-term debt 0.8 14.5 127.7 74.5 75.2 89.0 62.2 68.5 83.0 83.7 IMF repurchases and charges 0.0 5.8 4.1 9.1 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt (interest only) 0.0 5.0 8.9 1.9 0.8 0.0 0.0 0.0 0.0 0.0 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 9.4 33.2 14.6 13.7 35.4 75.5 124.0 178.0 18.0 148.2 Net flow of long-term debt (ex. IMF) 0.0 29.7 2.1 -4.1 15.4 58.1 103.0 158.7 -1.8 -6.7 Foreign direct investment (net) 8.7 2.8 11.2 14.8 15.8 17.4 19.4 18.6 17.4 58.3 Portfolio equity flows 0.0 0.0 0.0 -0.1 -0.1 -0.1 0.0 0.0 1.1 94.7 Grants (excluding technical coop.) 0.7 0.7 1.3 3.1 4.3 0.2 1.5 0.7 1.3 1.8 Memo: technical coop. grants 0.8 2.7 2.4 1.8 1.3 1.7 1.2 3.4 2.9 2.4 official net resource flows 0.7 14.4 17.4 23.2 42.8 86.6 -0.9 8.3 10.8 7.4 private net resource flows 8.7 18.8 -2.8 -9.5 -7.4 -11.1 124.8 169.7 7.2 140.8 NET TRANSFERS 4.4 21.3 -33.8 -28.2 -6.9 25.3 67.0 115.4 -46.5 82.3 Interest on long-term debt 0.8 5.8 39.3 30.2 29.6 34.7 40.0 44.2 45.6 45.0 Profit remittances on FDI 4.2 6.1 9.1 11.6 12.8 15.5 17.0 18.4 18.9 20.9 Memo: official net transfers 0.7 11.8 2.9 9.6 28.0 65.5 -26.6 -15.1 -8.2 -11.5 private net transfers 3.7 9.5 -36.7 -37.8 -35.0 -40.2 93.6 130.5 -38.3 93.8 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 180.8 836.9 1,699.9 2,144.9 2,308.8 2,397.4 2,494.9 2,441.8 2,429.8 2,516.9 Exports of goods, serv. & inc. (XGS) 101.7 594.0 928.9 1,363.7 1,418.4 1,442.4 1,530.9 1,512.9 1,459.8 1,601.7 Worker remit. & comp. of employees 4.0 9.0 38.0 69.0 76.0 87.0 102.0 118.0 109.0 113.0 Imports of goods & services (MGS) 148.7 632.2 953.5 1,405.3 1,472.0 1,585.4 1,669.6 1,616.9 1,620.1 1,766.4 International reserves (RES) 16.6 80.6 117.5 264.9 365.9 301.9 472.7 690.4 668.5 737.9 Current account balance -41.8 -16.8 -7.8 -49.3 -62.1 -147.1 -144.6 -110.4 -167.4 -168.8 4. DEBT INDICATORS EDT / XGS (%) 12.7 27.9 73.5 29.3 27.3 30.8 35.8 46.3 48.8 45.0 EDT / GNI (%) 7.1 19.8 40.2 18.6 16.8 18.5 22.0 28.7 29.3 28.7 TDS / XGS (%) 0.8 4.2 15.1 6.3 5.4 6.2 4.1 4.5 5.7 5.2 INT / XGS (%) 0.8 1.9 5.2 2.4 2.1 2.4 2.6 2.9 3.1 2.8 INT / GNI (%) 0.4 1.3 2.9 1.5 1.3 1.4 1.6 1.8 1.9 1.8 RES / EDT (%) 128.8 48.6 17.2 66.4 94.4 68.0 86.2 98.5 93.9 102.3 RES / MGS (months) 1.3 1.5 1.5 2.3 3.0 2.3 3.4 5.1 5.0 5.0 Short-term / EDT (%) 0.0 39.2 26.1 8.1 0.0 0.0 0.0 0.0 0.0 0.0 Concessional / EDT (%) 0.0 22.3 13.2 15.3 19.5 20.2 16.0 12.3 13.5 14.2 Multilateral / EDT (%) 0.0 20.4 26.5 51.8 65.4 60.1 49.4 39.2 41.2 43.0 69 BARBADOS (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 12.9 97.8 504.1 366.9 387.8 443.9 548.2 700.7 712.2 721.2 Public and publicly guaranteed 12.9 97.8 504.1 366.9 387.8 443.9 548.2 700.7 712.2 721.2 Official creditors 0.0 60.6 246.0 223.8 267.6 353.5 356.1 358.8 376.7 392.8 Multilateral 0.0 33.7 180.9 206.7 253.8 266.8 271.1 274.7 293.3 310.1 Concessional 0.0 20.8 56.8 54.5 70.3 84.3 83.0 81.7 92.3 98.8 Bilateral 0.0 26.8 65.1 17.0 13.8 86.7 85.0 84.1 83.4 82.6 Concessional 0.0 16.2 33.7 6.6 5.4 5.1 4.8 4.3 4.0 3.6 Private creditors 12.9 37.2 258.2 143.1 120.2 90.4 192.1 341.9 335.5 328.4 Bonds 12.9 16.7 69.2 63.1 40.0 40.0 140.0 290.0 280.0 270.0 Commercial banks 0.0 20.5 163.1 80.0 80.2 48.5 44.8 43.5 48.4 53.5 Other private 0.0 0.1 25.9 0.0 0.0 1.9 7.3 8.4 7.2 4.9 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.9 36.0 13.7 18.4 16.9 13.9 11.2 9.8 11.5 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DISBURSEMENTS 0.0 38.4 90.6 40.1 61.1 112.3 125.3 183.0 35.6 32.0 Public and publicly guaranteed 0.0 38.4 90.6 40.1 61.1 112.3 125.3 183.0 35.6 32.0 Official creditors 0.0 16.6 33.9 40.1 61.1 110.4 19.3 29.0 34.0 31.4 Multilateral 0.0 12.3 21.9 39.1 60.8 35.3 19.3 29.0 32.0 31.4 Concessional 0.0 10.4 1.7 1.0 19.5 18.0 5.7 2.6 15.1 11.7 Bilateral 0.0 4.4 12.1 1.0 0.2 75.1 0.0 0.0 2.0 0.0 Concessional 0.0 1.1 2.5 0.2 0.2 0.1 0.0 0.0 0.0 0.0 Private creditors 0.0 21.7 56.6 0.0 0.0 1.9 106.0 153.9 1.6 0.6 Bonds 0.0 16.7 0.0 0.0 0.0 0.0 100.0 150.0 0.0 0.0 Commercial banks 0.0 5.1 56.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other private 0.0 0.0 0.0 0.0 0.0 1.9 6.0 3.9 1.6 0.6 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.8 5.4 3.1 8.7 2.3 0.0 0.0 0.7 3.6 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PRINCIPAL REPAYMENTS 0.0 8.7 88.4 44.2 45.6 54.2 22.3 24.3 37.4 38.7 Public and publicly guaranteed 0.0 8.7 88.4 44.2 45.6 54.2 22.3 24.3 37.4 38.7 Official creditors 0.0 3.0 17.8 20.0 22.5 23.9 21.7 21.4 24.5 25.9 Multilateral 0.0 0.6 13.2 15.2 19.4 21.7 20.0 20.5 21.8 25.1 Concessional 0.0 0.1 2.2 3.4 3.8 3.8 4.1 3.9 4.6 5.2 Bilateral 0.0 2.4 4.6 4.8 3.1 2.2 1.7 0.9 2.7 0.7 Concessional 0.0 0.3 0.9 1.2 1.1 0.3 0.4 0.5 0.3 0.3 Private creditors 0.0 5.7 70.6 24.2 23.1 30.3 0.6 2.9 12.9 12.9 Bonds 0.0 0.0 44.1 4.1 23.0 0.0 0.0 0.0 10.0 10.0 Commercial banks 0.0 5.4 20.2 20.1 0.1 30.3 0.0 0.0 0.0 0.0 Other private 0.0 0.3 6.2 0.0 0.0 0.0 0.6 2.9 2.9 2.9 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 7.1 3.7 4.2 3.8 3.0 2.6 2.1 1.9 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NET FLOWS ON DEBT 0.0 29.7 2.1 -4.1 15.4 58.1 103.0 158.7 -1.8 -6.7 Public and publicly guaranteed 0.0 29.7 2.1 -4.1 15.4 58.1 103.0 158.7 -1.8 -6.7 Official creditors 0.0 13.7 16.1 20.1 38.5 86.4 -2.4 7.6 9.5 5.6 Multilateral 0.0 11.7 8.6 23.9 41.5 13.6 -0.7 8.5 10.2 6.3 Concessional 0.0 10.4 -0.5 -2.4 15.7 14.2 1.5 -1.3 10.5 6.5 Bilateral 0.0 2.0 7.5 -3.8 -2.9 72.9 -1.7 -0.9 -0.7 -0.7 Concessional 0.0 0.8 1.6 -0.9 -0.9 -0.2 -0.4 -0.5 -0.3 -0.3 Private creditors 0.0 16.0 -14.0 -24.2 -23.1 -28.4 105.4 151.1 -11.3 -12.2 Bonds 0.0 16.7 -44.1 -4.1 -23.0 0.0 100.0 150.0 -10.0 -10.0 Commercial banks 0.0 -0.4 36.4 -20.1 -0.1 -30.3 0.0 0.0 0.0 0.0 Other private 0.0 -0.3 -6.2 0.0 0.0 1.9 5.4 1.1 -1.3 -2.2 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.8 -1.7 -0.6 4.5 -1.5 -3.0 -2.7 -1.4 1.6 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 70 BARBADOS (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) 0.8 5.8 39.3 30.2 29.6 34.7 40.0 44.2 45.6 45.0 Public and publicly guaranteed 0.8 5.8 39.3 30.2 29.6 34.7 40.0 44.2 45.6 45.0 Official creditors 0.0 2.6 14.4 13.5 14.8 21.1 25.7 23.4 19.0 18.9 Multilateral 0.0 1.6 11.5 12.3 13.6 15.7 17.6 16.4 14.3 14.8 Concessional 0.0 0.5 1.6 2.1 2.7 1.8 3.9 2.3 2.2 2.4 Bilateral 0.0 1.1 2.9 1.2 1.2 5.4 8.1 7.0 4.7 4.1 Concessional 0.0 0.4 0.4 0.1 0.2 0.0 0.0 0.0 0.0 0.0 Private creditors 0.8 3.2 24.9 16.7 14.7 13.6 14.2 20.8 26.6 26.0 Bonds 0.8 0.0 8.1 6.0 5.0 4.2 8.5 15.3 20.8 19.7 Commercial banks 0.0 3.1 15.5 10.7 9.7 9.4 5.5 5.3 5.6 6.1 Other private 0.0 0.1 1.3 0.0 0.0 0.0 0.2 0.2 0.2 0.2 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.2 2.9 1.0 0.9 1.4 1.4 1.3 0.9 0.7 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NET TRANSFERS ON DEBT -0.8 23.9 -37.2 -34.4 -14.1 23.3 63.1 114.5 -47.4 -51.6 Public and publicly guaranteed -0.8 23.9 -37.2 -34.4 -14.1 23.3 63.1 114.5 -47.4 -51.6 Official creditors 0.0 11.1 1.7 6.6 23.7 65.3 -28.1 -15.8 -9.5 -13.4 Multilateral 0.0 10.2 -2.9 11.6 27.8 -2.1 -18.3 -7.9 -4.1 -8.5 Concessional 0.0 9.8 -2.1 -4.5 13.0 12.4 -2.3 -3.5 8.3 4.1 Bilateral 0.0 0.9 4.5 -5.0 -4.1 67.4 -9.8 -7.9 -5.4 -4.9 Concessional 0.0 0.4 1.2 -1.0 -1.1 -0.2 -0.4 -0.5 -0.3 -0.3 Private creditors -0.8 12.8 -38.8 -40.9 -37.9 -42.0 91.2 130.3 -37.9 -38.3 Bonds -0.8 16.7 -52.2 -10.1 -28.0 -4.2 91.5 134.7 -30.8 -29.7 Commercial banks 0.0 -3.5 20.9 -30.8 -9.8 -39.7 -5.5 -5.3 -5.6 -6.1 Other private 0.0 -0.4 -7.5 0.0 0.0 1.9 5.2 0.8 -1.5 -2.4 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.7 -4.7 -1.6 3.6 -2.8 -4.4 -3.9 -2.3 0.9 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DEBT SERVICE (LTDS) 0.8 14.5 127.7 74.5 75.2 89.0 62.2 68.5 83.0 83.7 Public and publicly guaranteed 0.8 14.5 127.7 74.5 75.2 89.0 62.2 68.5 83.0 83.7 Official creditors 0.0 5.6 32.2 33.5 37.3 45.1 47.4 44.9 43.5 44.8 Multilateral 0.0 2.1 24.7 27.6 33.0 37.4 37.6 36.9 36.1 39.9 Concessional 0.0 0.6 3.8 5.4 6.4 5.5 8.0 6.1 6.8 7.6 Bilateral 0.0 3.5 7.5 6.0 4.3 7.6 9.8 7.9 7.4 4.9 Concessional 0.0 0.7 1.3 1.2 1.2 0.3 0.4 0.5 0.3 0.3 Private creditors 0.8 8.9 95.5 40.9 37.9 43.9 14.8 23.6 39.5 38.9 Bonds 0.8 0.0 52.2 10.1 28.0 4.2 8.5 15.3 30.8 29.7 Commercial banks 0.0 8.5 35.8 30.8 9.8 39.7 5.5 5.3 5.6 6.1 Other private 0.0 0.4 7.5 0.0 0.0 0.0 0.7 3.1 3.1 3.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.2 10.0 4.7 5.1 5.1 4.4 3.9 3.0 2.6 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UNDISBURSED DEBT 2.8 78.4 110.1 160.2 221.6 212.1 198.9 185.8 167.2 135.2 Official creditors 2.8 70.8 63.6 160.2 221.6 210.7 192.7 183.5 166.5 135.1 Private creditors 0.0 7.6 46.4 0.0 0.0 1.4 6.2 2.3 0.7 0.1 Memorandum items Concessional LDOD 0.0 37.0 90.5 61.1 75.6 89.5 87.8 86.0 96.3 102.5 Variable rate LDOD 0.0 15.9 155.8 66.7 95.3 174.0 177.2 193.4 212.1 232.4 Public sector LDOD 12.9 97.8 499.5 366.9 387.8 443.9 548.2 700.7 712.2 721.2 Private sector LDOD 0.0 0.0 4.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 0.0 0.0 0.0 Deutsche mark 0.0 0.0 0.6 0.0 0.0 0.0 0.0 .. .. .. French franc 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. .. .. Japanese yen 0.0 0.0 13.7 6.3 0.0 0.0 0.0 0.0 0.0 0.0 Pound sterling 100.0 6.4 13.6 13.6 12.9 10.9 8.2 6.2 6.8 7.4 Swiss franc 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 0.0 30.7 35.3 38.1 48.0 57.0 65.3 72.4 70.9 69.0 Multiple currency 0.0 30.5 31.9 40.4 37.6 30.8 25.6 20.7 21.7 23.0 Special drawing rights 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 All other currencies 0.0 32.4 4.9 1.6 1.5 1.3 1.0 0.7 0.6 0.6 71 BARBADOS (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiven .. .. 0.0 0.0 0.3 0.0 0.0 0.0 0.0 0.0 Memo: interest forgiven .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock reduction .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which debt buyback .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 39.4 -35.5 -11.2 56.0 104.3 152.5 11.4 9.1 Net flows on debt 0.0 10.2 18.8 -23.1 -16.6 58.1 103.0 158.7 -1.8 -6.7 Net change in interest arrears .. .. -1.6 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 Interest capitalized .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiveness or reduction .. .. 0.0 0.0 -0.3 0.0 0.0 0.0 0.0 0.0 Cross-currency valuation .. .. 21.0 -12.5 2.2 -2.6 2.8 -6.9 12.6 14.3 Residual .. .. 1.2 0.1 3.6 0.6 -1.6 0.8 0.6 1.4 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 3.0 7.1 10.2 5.2 6.5 7.0 5.7 7.0 5.4 0.0 Maturity (years) 29.6 15.5 18.6 15.5 23.3 10.2 9.9 19.7 20.0 0.0 Grace period (years) 7.1 5.9 15.3 5.0 6.5 6.2 9.1 17.9 5.0 0.0 Grant element (%) 54.6 18.3 -5.5 28.2 23.9 14.9 24.3 24.2 29.9 0.0 Official creditors Interest (%) 3.0 6.1 6.5 5.2 6.5 7.1 0.0 5.2 5.4 0.0 Maturity (years) 29.6 19.9 15.4 15.5 23.3 10.4 0.0 17.5 20.0 0.0 Grace period (years) 7.1 5.2 4.9 5.0 6.5 6.4 0.0 4.5 5.0 0.0 Grant element (%) 54.6 26.6 21.7 28.2 23.9 14.7 0.0 29.0 29.9 0.0 Private creditors Interest (%) 0.0 8.3 11.7 0.0 0.0 2.5 5.7 7.3 0.0 0.0 Maturity (years) 0.0 10.3 19.8 0.0 0.0 5.7 9.9 20.0 0.0 0.0 Grace period (years) 0.0 6.6 19.3 0.0 0.0 1.2 9.1 20.0 0.0 0.0 Grant element (%) 0.0 8.7 -16.1 0.0 0.0 20.2 24.3 23.4 0.0 0.0 Memorandum items Commitments 2 62 102 5 130 101 111 174 17 0 Official creditors 2 33 28 5 130 97 0 24 17 0 Private creditors 0 29 74 0 0 3 111 150 0 0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 39.2 36.4 25.8 17.9 10.3 3.4 1.8 0.5 0.0 0.0 Principal 53.3 59.3 58.6 55.8 55.4 33.3 131.8 28.0 27.1 26.0 Interest 45.3 43.5 41.4 39.4 37.3 35.2 31.7 26.4 25.1 24.0 Official creditors Disbursements 39.1 36.4 25.8 17.9 10.3 3.4 1.8 0.5 0.0 0.0 Principal 40.4 47.2 58.6 55.8 55.4 33.3 31.8 28.0 27.1 26.0 Interest 19.8 19.2 17.8 15.9 13.7 11.6 10.2 8.8 7.6 6.4 Bilateral creditors Disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal 0.7 11.5 22.2 22.2 22.2 0.7 0.7 0.5 0.5 0.5 Interest 3.9 3.9 3.2 2.1 1.1 0.3 0.2 0.1 0.1 0.0 Multilateral creditors Disbursements 39.1 36.4 25.8 17.9 10.3 3.4 1.8 0.5 0.0 0.0 Principal 39.7 35.7 36.4 33.6 33.2 32.5 31.0 27.5 26.6 25.5 Interest 15.9 15.3 14.6 13.7 12.6 11.3 10.0 8.7 7.5 6.4 Private creditors Disbursements 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal 12.9 12.2 0.0 0.0 0.0 0.0 100.0 0.0 0.0 0.0 Interest 25.5 24.4 23.6 23.6 23.6 23.6 21.6 17.6 17.6 17.6 Commercial banks Disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest 6.7 6.7 6.7 6.7 6.7 6.7 6.7 6.7 6.7 6.7 Other private Disbursements 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal 12.9 12.2 0.0 0.0 0.0 0.0 100.0 0.0 0.0 0.0 Interest 18.8 17.7 16.9 16.9 16.9 16.9 14.9 10.9 10.9 10.9 72 BELARUS (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. .. .. 2,083.5 2,388.2 2,198.6 2,042.9 2,035.1 2,398.7 2,692.0 Long-term debt (LDOD) .. .. .. 682.5 798.1 710.4 690.1 645.0 714.1 691.0 Public and publicly guaranteed .. .. .. 681.4 796.4 709.1 688.9 643.4 713.0 678.5 Private nonguaranteed .. .. .. 1.1 1.8 1.3 1.2 1.5 1.1 12.5 Use of IMF credit .. .. .. 256.6 242.6 178.1 114.2 80.8 55.6 26.0 Short-term debt .. .. .. 1,144.3 1,347.5 1,310.1 1,238.6 1,309.3 1,629.0 1,974.9 of which interest arrears on LDOD .. .. .. 3.0 6.3 8.9 13.8 4.7 0.9 1.8 Official creditors .. .. .. 1.2 3.8 6.8 12.2 2.3 0.0 1.8 Private creditors .. .. .. 1.8 2.6 2.2 1.6 2.4 0.9 0.1 Memo: principal arrears on LDOD .. .. .. 1.1 9.4 23.9 28.7 9.9 1.0 19.1 Official creditors .. .. .. 0.8 5.9 11.1 27.8 7.6 0.0 18.6 Private creditors .. .. .. 0.3 3.5 12.8 0.8 2.3 1.0 0.5 TOTAL DEBT FLOWS Disbursements .. .. .. 85.1 145.7 64.1 143.5 114.1 137.3 56.0 Long-term debt .. .. .. 85.1 145.7 64.1 143.5 114.1 137.3 56.0 IMF purchases .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments .. .. .. 69.5 85.2 148.9 190.4 173.5 154.0 168.4 Long-term debt .. .. .. 69.5 60.8 90.8 134.9 143.7 123.7 135.7 IMF repurchases .. .. .. 0.0 24.3 58.1 55.6 29.7 30.3 32.7 Net flows on debt .. .. .. 210.0 260.5 -124.9 -123.3 20.5 306.8 141.2 of which short-term debt .. .. .. 194.4 199.9 -40.0 -76.4 79.8 323.5 253.6 Interest payments (INT) .. .. .. 121.8 116.7 101.8 106.3 107.4 87.4 85.2 Long-term debt .. .. .. 52.4 40.5 40.4 37.7 46.0 34.1 30.4 IMF charges .. .. .. 12.0 11.7 8.6 7.4 4.5 2.0 0.8 Short-term debt .. .. .. 57.4 64.5 52.8 61.2 56.9 51.3 54.0 Net transfers on debt .. .. .. 88.2 143.8 -226.7 -229.6 -87.0 219.4 56.0 Total debt service paid (TDS) .. .. .. 191.3 201.9 250.8 296.8 280.9 241.4 253.6 Long-term debt .. .. .. 122.0 101.3 131.2 172.5 189.7 157.8 166.1 IMF repurchases and charges .. .. .. 12.0 36.0 66.7 63.0 34.3 32.2 33.5 Short-term debt (interest only) .. .. .. 57.4 64.5 52.8 61.2 56.9 51.3 54.0 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. .. .. 406.9 306.0 437.5 154.8 91.1 280.4 113.2 Net flow of long-term debt (ex. IMF) .. .. .. 15.6 84.9 -26.7 8.7 -29.6 13.6 -79.7 Foreign direct investment (net) .. .. .. 351.6 203.2 444.0 118.8 95.8 247.1 171.8 Portfolio equity flows .. .. .. 0.0 2.7 0.0 0.5 2.5 0.7 3.3 Grants (excluding technical coop.) .. .. .. 39.7 15.2 20.2 26.9 22.4 19.0 17.9 Memo: technical coop. grants .. .. .. 15.5 23.9 20.1 13.7 19.2 23.8 17.7 official net resource flows .. .. .. 83.1 105.9 -4.8 -0.2 5.9 53.7 -13.8 private net resource flows .. .. .. 323.8 200.2 442.3 155.0 85.2 226.7 127.1 NET TRANSFERS .. .. .. 347.0 247.4 396.4 112.6 39.8 229.5 56.9 Interest on long-term debt .. .. .. 52.4 40.5 40.4 37.7 46.0 34.1 30.4 Profit remittances on FDI .. .. .. 7.5 18.2 0.7 4.6 5.3 16.8 26.0 Memo: official net transfers .. .. .. 60.5 80.0 -29.5 -18.4 -21.9 37.1 -26.9 private net transfers .. .. .. 286.5 167.4 425.9 131.0 61.7 192.4 83.8 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. .. .. 14,088.5 15,256.7 12,115.6 12,752.5 12,428.2 14,643.8 17,484.3 Exports of goods, serv. & inc. (XGS) .. .. .. 7,897.8 7,155.9 6,474.1 7,666.5 8,503.4 9,350.0 11,642.4 Worker remit. & comp. of employees .. .. .. 295.0 315.0 193.0 139.0 149.0 140.0 162.0 Imports of goods & services (MGS) .. .. .. 8,806.3 8,236.3 6,718.0 8,159.6 9,051.9 9,860.1 12,364.4 International reserves (RES) .. .. .. 393.7 702.8 294.3 350.5 390.7 618.8 594.8 Current account balance .. .. .. -859.2 -1,016.5 -193.7 -338.4 -394.4 -311.2 -527.4 4. DEBT INDICATORS EDT / XGS (%) .. .. .. 26.4 33.4 34.0 26.6 23.9 25.7 23.1 EDT / GNI (%) .. .. .. 14.8 15.7 18.1 16.0 16.4 16.4 15.4 TDS / XGS (%) .. .. .. 2.4 2.8 3.9 3.9 3.3 2.6 2.2 INT / XGS (%) .. .. .. 1.5 1.6 1.6 1.4 1.3 0.9 0.7 INT / GNI (%) .. .. .. 0.9 0.8 0.8 0.8 0.9 0.6 0.5 RES / EDT (%) .. .. .. 18.9 29.4 13.4 17.2 19.2 25.8 22.1 RES / MGS (months) .. .. .. 0.5 1.0 0.5 0.5 0.5 0.8 0.6 Short-term / EDT (%) .. .. .. 54.9 56.4 59.6 60.6 64.3 67.9 73.4 Concessional / EDT (%) .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Multilateral / EDT (%) .. .. .. 12.4 11.9 11.5 10.6 9.0 6.9 5.5 73 BELARUS (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. .. .. 682.5 798.1 710.4 690.1 645.0 714.1 691.0 Public and publicly guaranteed .. .. .. 681.4 796.4 709.1 688.9 643.4 713.0 678.5 Official creditors .. .. .. 383.7 487.9 442.5 400.1 350.5 396.9 382.6 Multilateral .. .. .. 258.8 283.3 252.6 216.7 182.7 166.1 148.2 Concessional .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bilateral .. .. .. 124.9 204.6 189.9 183.4 167.8 230.9 234.4 Concessional .. .. .. 85.8 85.7 84.7 83.5 81.1 117.8 127.3 Private creditors .. .. .. 297.7 308.5 266.6 288.8 292.9 316.0 295.9 Bonds .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks .. .. .. 42.4 54.8 38.4 55.5 24.3 28.0 14.4 Other private .. .. .. 255.4 253.6 228.2 233.3 268.6 288.0 281.5 Private nonguaranteed .. .. .. 1.1 1.8 1.3 1.2 1.5 1.1 12.5 Bonds .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other .. .. .. 1.1 1.8 1.3 1.2 1.5 1.1 12.5 Memo: IBRD .. .. .. 123.8 134.9 122.3 105.2 91.4 89.2 83.7 IDA .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DISBURSEMENTS .. .. .. 85.1 145.7 64.1 143.5 114.1 137.3 56.0 Public and publicly guaranteed .. .. .. 84.7 144.8 63.5 143.0 113.4 136.9 45.4 Official creditors .. .. .. 63.8 110.7 19.4 25.4 48.8 89.6 14.1 Multilateral .. .. .. 63.8 29.6 19.4 25.4 10.6 9.0 0.6 Concessional .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bilateral .. .. .. 0.0 81.1 0.0 0.0 38.2 80.6 13.5 Concessional .. .. .. 0.0 0.1 0.0 0.0 0.0 40.3 13.0 Private creditors .. .. .. 20.9 34.0 44.2 117.7 64.5 47.3 31.3 Bonds .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks .. .. .. 1.6 11.4 0.0 47.8 6.0 8.4 0.0 Other private .. .. .. 19.4 22.7 44.2 69.9 58.5 38.9 31.3 Private nonguaranteed .. .. .. 0.4 1.0 0.5 0.5 0.7 0.4 10.6 Bonds .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other .. .. .. 0.4 1.0 0.5 0.5 0.7 0.4 10.6 Memo: IBRD .. .. .. 13.3 3.6 12.5 5.5 6.4 3.9 0.6 IDA .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PRINCIPAL REPAYMENTS .. .. .. 69.5 60.8 90.8 134.9 143.7 123.7 135.7 Public and publicly guaranteed .. .. .. 69.4 60.5 90.3 134.3 143.3 123.6 135.3 Official creditors .. .. .. 20.4 20.1 44.4 52.4 65.3 54.9 45.8 Multilateral .. .. .. 7.3 16.2 27.2 48.8 35.9 39.8 35.6 Concessional .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bilateral .. .. .. 13.1 3.8 17.2 3.6 29.4 15.2 10.2 Concessional .. .. .. 0.0 0.2 1.0 1.3 2.3 3.6 3.6 Private creditors .. .. .. 49.0 40.4 45.9 81.9 78.0 68.6 89.5 Bonds .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks .. .. .. 2.0 2.0 5.7 27.8 35.6 8.5 16.1 Other private .. .. .. 46.9 38.4 40.2 54.1 42.3 60.2 73.4 Private nonguaranteed .. .. .. 0.1 0.4 0.5 0.6 0.4 0.1 0.4 Bonds .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other .. .. .. 0.1 0.4 0.5 0.6 0.4 0.1 0.4 Memo: IBRD .. .. .. 0.0 0.0 11.3 14.3 13.7 13.6 14.9 IDA .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NET FLOWS ON DEBT .. .. .. 15.6 84.9 -26.7 8.7 -29.6 13.6 -79.7 Public and publicly guaranteed .. .. .. 15.3 84.3 -26.8 8.7 -29.9 13.3 -89.9 Official creditors .. .. .. 43.4 90.6 -25.0 -27.1 -16.5 34.7 -31.7 Multilateral .. .. .. 56.4 13.3 -7.9 -23.4 -25.3 -30.8 -35.1 Concessional .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bilateral .. .. .. -13.1 77.3 -17.2 -3.6 8.8 65.4 3.4 Concessional .. .. .. 0.0 -0.1 -1.0 -1.3 -2.3 36.6 9.4 Private creditors .. .. .. -28.0 -6.4 -1.7 35.8 -13.4 -21.4 -58.2 Bonds .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks .. .. .. -0.5 9.4 -5.7 20.0 -29.6 -0.1 -16.1 Other private .. .. .. -27.5 -15.7 4.0 15.8 16.2 -21.3 -42.1 Private nonguaranteed .. .. .. 0.3 0.6 0.0 -0.1 0.3 0.3 10.2 Bonds .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other .. .. .. 0.3 0.6 0.0 -0.1 0.3 0.3 10.2 Memo: IBRD .. .. .. 13.3 3.6 1.3 -8.8 -7.3 -9.8 -14.3 IDA .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 74 BELARUS (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) .. .. .. 52.4 40.5 40.4 37.7 46.0 34.1 30.4 Public and publicly guaranteed .. .. .. 52.4 40.4 40.4 37.7 46.0 34.1 30.2 Official creditors .. .. .. 22.6 25.9 24.7 18.2 27.8 16.6 13.1 Multilateral .. .. .. 17.3 18.9 19.2 16.6 14.2 10.6 9.2 Concessional .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bilateral .. .. .. 5.3 6.9 5.5 1.6 13.6 5.9 3.9 Concessional .. .. .. 1.8 1.8 1.8 1.6 2.0 2.2 2.6 Private creditors .. .. .. 29.9 14.6 15.7 19.4 18.2 17.5 17.1 Bonds .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks .. .. .. 2.3 1.9 1.9 4.3 2.2 1.7 1.5 Other private .. .. .. 27.6 12.7 13.8 15.1 16.0 15.8 15.6 Private nonguaranteed .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.2 Bonds .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.2 Memo: IBRD .. .. .. 7.7 7.7 8.2 6.1 5.0 5.0 4.3 IDA .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NET TRANSFERS ON DEBT .. .. .. -36.8 44.5 -67.1 -29.0 -75.6 -20.5 -110.1 Public and publicly guaranteed .. .. .. -37.1 43.9 -67.2 -28.9 -75.9 -20.8 -120.1 Official creditors .. .. .. 20.8 64.8 -49.7 -45.3 -44.3 18.1 -44.7 Multilateral .. .. .. 39.2 -5.6 -27.1 -40.0 -39.5 -41.4 -44.3 Concessional .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bilateral .. .. .. -18.4 70.4 -22.6 -5.3 -4.8 59.5 -0.5 Concessional .. .. .. -1.8 -1.8 -2.7 -2.8 -4.3 34.5 6.8 Private creditors .. .. .. -57.9 -20.9 -17.5 16.4 -31.6 -38.9 -75.3 Bonds .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks .. .. .. -2.8 7.5 -7.6 15.7 -31.8 -1.8 -17.6 Other private .. .. .. -55.1 -28.4 -9.9 0.7 0.1 -37.1 -57.7 Private nonguaranteed .. .. .. 0.3 0.6 0.0 -0.1 0.3 0.3 10.0 Bonds .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other .. .. .. 0.3 0.6 0.0 -0.1 0.3 0.3 10.0 Memo: IBRD .. .. .. 5.6 -4.1 -6.9 -14.9 -12.3 -14.8 -18.6 IDA .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DEBT SERVICE (LTDS) .. .. .. 122.0 101.3 131.2 172.5 189.7 157.8 166.1 Public and publicly guaranteed .. .. .. 121.8 100.9 130.7 172.0 189.3 157.7 165.5 Official creditors .. .. .. 42.9 45.9 69.1 70.7 93.1 71.5 58.9 Multilateral .. .. .. 24.6 35.2 46.4 65.4 50.1 50.4 44.8 Concessional .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bilateral .. .. .. 18.4 10.7 22.6 5.3 43.0 21.1 14.0 Concessional .. .. .. 1.8 1.9 2.7 2.8 4.3 5.8 6.3 Private creditors .. .. .. 78.9 55.0 61.6 101.3 96.1 86.2 106.6 Bonds .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks .. .. .. 4.3 3.9 7.6 32.1 37.8 10.2 17.6 Other private .. .. .. 74.5 51.1 54.1 69.2 58.3 76.0 89.0 Private nonguaranteed .. .. .. 0.1 0.4 0.5 0.6 0.4 0.1 0.6 Bonds .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other .. .. .. 0.1 0.4 0.5 0.6 0.4 0.1 0.6 Memo: IBRD .. .. .. 7.7 7.7 19.4 20.4 18.7 18.7 19.2 IDA .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UNDISBURSED DEBT .. .. .. 247.8 180.5 165.2 109.0 152.8 53.1 40.5 Official creditors .. .. .. 203.2 94.6 63.9 66.3 110.9 39.4 24.6 Private creditors .. .. .. 44.6 85.9 101.3 42.7 41.9 13.7 15.9 Memorandum items Concessional LDOD .. .. .. 85.8 85.7 84.7 83.5 81.1 117.8 127.3 Variable rate LDOD .. .. .. 451.0 530.3 451.2 408.0 383.2 474.2 471.0 Public sector LDOD .. .. .. 681.4 796.4 709.1 688.9 635.2 694.4 663.4 Private sector LDOD .. .. .. 1.1 1.8 1.3 1.2 9.8 19.7 27.6 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 31.8 32.1 33.9 Deutsche mark .. .. .. 35.5 30.7 24.9 19.4 .. .. .. French franc .. .. .. 0.0 0.0 0.0 0.0 .. .. .. Japanese yen .. .. .. 2.1 2.1 2.7 2.2 2.3 2.3 2.3 Pound sterling .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc .. .. .. 0.7 0.5 0.3 0.1 0.0 0.0 0.0 U.S.dollars .. .. .. 33.8 39.2 43.9 48.9 51.7 53.2 49.8 Multiple currency .. .. .. 18.2 16.9 17.3 15.3 14.2 12.3 12.1 Special drawing rights .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 All other currencies .. .. .. 9.8 10.6 10.9 14.1 0.0 0.0 2.0 75 BELARUS (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. .. 0.0 0.0 0.0 50.4 28.9 2.6 0.0 Debt stock rescheduled .. .. .. 0.0 0.0 0.0 49.2 6.7 0.0 0.0 Principal rescheduled .. .. .. 0.0 0.0 0.0 0.0 16.7 2.7 0.0 Official .. .. .. 0.0 0.0 0.0 0.0 16.7 2.7 0.0 Private .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest rescheduled .. .. .. 0.0 0.0 0.0 0.0 4.9 0.0 0.0 Official .. .. .. 0.0 0.0 0.0 0.0 4.9 0.0 0.0 Private .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiven .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: interest forgiven .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock reduction .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which debt buyback .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. .. 123.7 304.8 -189.6 -155.7 -7.9 363.6 293.3 Net flows on debt .. .. .. 210.0 260.5 -124.9 -123.3 20.5 306.8 141.2 Net change in interest arrears .. .. .. -6.7 3.3 2.6 4.9 -9.1 -3.8 0.9 Interest capitalized .. .. .. 0.0 0.0 0.0 0.0 4.9 0.0 0.0 Debt forgiveness or reduction .. .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cross-currency valuation .. .. .. -81.0 42.4 -61.4 -25.5 -22.4 56.8 63.4 Residual .. .. .. 1.4 -1.5 -5.9 -11.8 -1.7 3.8 -3.6 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. .. .. 6.1 5.1 6.0 7.0 3.5 2.6 3.8 Maturity (years) .. .. .. 6.7 8.0 5.5 3.7 7.2 10.6 5.1 Grace period (years) .. .. .. 1.7 2.9 1.9 1.5 2.4 2.5 0.6 Grant element (%) .. .. .. 12.3 19.2 10.4 5.9 22.1 28.7 14.2 Official creditors Interest (%) .. .. .. 5.8 5.7 0.0 6.8 3.0 3.5 0.0 Maturity (years) .. .. .. 8.3 9.8 0.0 5.9 8.3 16.6 4.6 Grace period (years) .. .. .. 1.6 1.8 0.0 2.4 3.3 4.6 0.8 Grant element (%) .. .. .. 14.6 16.9 0.0 9.9 27.3 39.3 22.3 Private creditors Interest (%) .. .. .. 6.6 5.0 6.0 7.2 4.4 1.8 3.9 Maturity (years) .. .. .. 3.3 8.0 5.5 2.5 5.5 5.1 5.1 Grace period (years) .. .. .. 1.9 2.9 1.9 1.0 1.1 0.6 0.6 Grant element (%) .. .. .. 7.5 19.2 10.4 3.6 14.6 19.0 14.0 Memorandum items Commitments .. .. .. 125 73 69 136 158 35 32 Official creditors .. .. .. 85 0 0 49 93 17 1 Private creditors .. .. .. 40 73 69 87 65 18 31 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 15.4 9.4 5.5 4.6 2.7 1.8 0.9 0.2 0.0 0.0 Principal 163.3 171.4 129.1 81.6 46.9 17.7 14.8 11.0 10.3 9.2 Interest 22.4 16.6 11.0 7.0 4.5 3.1 2.7 2.3 2.0 1.8 Official creditors Disbursements 5.0 4.5 5.0 4.4 2.7 1.8 0.9 0.2 0.0 0.0 Principal 76.4 87.1 57.4 44.7 26.7 10.8 9.0 9.0 8.3 7.2 Interest 12.3 9.5 7.0 5.0 3.5 2.6 2.3 2.1 1.8 1.6 Bilateral creditors Disbursements 1.9 1.0 0.6 0.4 0.0 0.0 0.0 0.0 0.0 0.0 Principal 38.7 52.0 31.1 21.8 6.7 5.1 5.1 5.1 5.1 5.1 Interest 4.8 4.1 3.2 2.6 2.2 2.1 1.9 1.7 1.6 1.4 Multilateral creditors Disbursements 3.1 3.6 4.5 4.0 2.7 1.8 0.9 0.2 0.0 0.0 Principal 37.7 35.1 26.3 22.9 19.9 5.8 3.9 3.9 3.2 2.2 Interest 7.6 5.5 3.8 2.4 1.3 0.5 0.4 0.3 0.3 0.2 Private creditors Disbursements 10.4 4.9 0.5 0.2 0.0 0.0 0.0 0.0 0.0 0.0 Principal 86.9 84.3 71.7 37.0 20.3 6.9 5.8 2.0 2.0 2.0 Interest 10.1 7.0 3.9 2.0 1.0 0.5 0.3 0.2 0.2 0.1 Commercial banks Disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal 5.9 5.9 1.7 0.8 0.0 0.0 0.0 0.0 0.0 0.0 Interest 0.7 0.4 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other private Disbursements 10.4 4.9 0.5 0.2 0.0 0.0 0.0 0.0 0.0 0.0 Principal 81.0 78.4 70.0 36.1 20.3 6.9 5.8 2.0 2.0 2.0 Interest 9.4 6.7 3.9 1.9 1.0 0.5 0.3 0.2 0.2 0.1 76 BELIZE (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 4.1 63.0 153.8 450.1 333.5 392.0 606.6 699.6 833.5 1,057.6 Long-term debt (LDOD) 4.1 47.0 147.3 268.1 282.9 341.0 556.6 648.8 788.5 992.6 Public and publicly guaranteed 4.1 47.0 136.2 268.1 282.9 341.0 556.6 648.8 788.5 992.6 Private nonguaranteed 0.0 0.0 11.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit 0.0 0.0 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt 0.0 16.0 6.1 182.0 50.5 51.0 50.0 50.8 45.0 65.0 of which interest arrears on LDOD 0.0 0.0 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official creditors 0.0 0.0 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private creditors 0.0 0.0 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: principal arrears on LDOD 0.0 0.0 2.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official creditors 0.0 0.0 0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private creditors 0.0 0.0 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TOTAL DEBT FLOWS Disbursements 4.3 13.7 22.2 48.8 38.7 96.8 218.1 158.9 227.7 263.9 Long-term debt 4.3 13.7 22.2 48.8 38.7 96.8 218.1 158.9 227.7 263.9 IMF purchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 0.0 0.6 12.9 25.5 25.0 24.5 41.2 47.9 139.7 66.8 Long-term debt 0.0 0.6 9.9 25.5 25.0 24.5 41.2 47.9 139.7 66.8 IMF repurchases 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net flows on debt 4.3 -8.9 10.0 174.9 -117.8 72.7 176.0 111.8 82.2 217.1 of which short-term debt 0.0 -22.0 0.8 151.5 -131.5 0.5 -1.0 0.8 -5.8 20.0 Interest payments (INT) 0.0 3.1 7.2 14.2 20.9 21.5 35.0 48.3 49.5 67.7 Long-term debt 0.0 0.9 6.6 9.4 15.1 18.6 31.6 46.0 47.8 66.0 IMF charges 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt 0.0 2.2 0.4 4.9 5.8 2.8 3.4 2.3 1.7 1.7 Net transfers on debt 4.3 -11.9 2.9 160.6 -138.7 51.3 141.0 63.5 32.7 149.4 Total debt service paid (TDS) 0.0 3.6 20.1 39.7 46.0 46.0 76.1 96.3 189.2 134.5 Long-term debt 0.0 1.5 16.5 34.8 40.1 43.2 72.8 93.9 187.5 132.8 IMF repurchases and charges 0.0 0.0 3.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt (interest only) 0.0 2.2 0.4 4.9 5.8 2.8 3.4 2.3 1.7 1.7 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 13.2 21.9 33.9 39.8 62.4 134.0 205.7 193.6 122.8 245.6 Net flow of long-term debt (ex. IMF) 4.3 13.1 12.3 23.3 13.7 72.3 177.0 111.0 88.1 197.1 Foreign direct investment (net) 7.1 0.0 17.2 12.0 17.7 47.4 17.7 59.9 25.0 40.0 Portfolio equity flows 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grants (excluding technical coop.) 1.8 8.8 4.4 4.5 31.1 14.4 11.0 22.7 9.7 8.5 Memo: technical coop. grants 1.1 2.4 12.9 6.9 3.5 4.4 4.6 6.3 5.1 4.0 official net resource flows 6.1 16.2 11.0 19.4 38.5 16.3 18.1 39.4 19.4 27.9 private net resource flows 7.1 5.8 22.9 20.4 23.9 117.7 187.6 154.2 103.4 217.7 NET TRANSFERS 13.2 21.0 19.8 6.3 17.1 92.2 145.7 114.3 41.8 145.6 Interest on long-term debt 0.0 0.9 6.6 9.4 15.1 18.6 31.6 46.0 47.8 66.0 Profit remittances on FDI 0.0 0.0 7.5 24.1 30.2 23.2 28.4 33.3 33.2 34.0 Memo: official net transfers 6.1 15.3 6.8 12.2 28.7 5.8 6.5 26.5 7.7 15.0 private net transfers 7.1 5.8 13.0 -5.9 -11.6 86.4 139.2 87.8 34.0 130.5 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 51.5 192.8 406.3 633.2 662.4 692.8 775.2 792.6 850.5 898.7 Exports of goods, serv. & inc. (XGS) .. .. 268.9 356.5 352.8 398.8 411.2 477.1 515.3 550.0 Worker remit. & comp. of employees 0.0 0.0 18.0 23.0 23.0 21.0 22.0 21.0 17.0 17.0 Imports of goods & services (MGS) .. .. 269.2 405.4 429.2 492.2 582.3 693.7 710.2 758.9 International reserves (RES) .. 12.7 69.8 59.4 44.1 71.3 122.9 112.0 114.5 84.7 Current account balance .. .. 15.4 -31.9 -59.8 -65.7 -131.0 -184.9 -162.7 -180.9 4. DEBT INDICATORS EDT / XGS (%) .. .. 57.2 126.3 94.5 98.3 147.5 146.6 161.7 192.3 EDT / GNI (%) 7.9 32.7 37.9 71.1 50.3 56.6 78.2 88.3 98.0 117.7 TDS / XGS (%) .. .. 7.5 11.1 13.0 11.5 18.5 20.2 36.7 24.4 INT / XGS (%) .. .. 2.7 4.0 5.9 5.4 8.5 10.1 9.6 12.3 INT / GNI (%) 0.0 1.6 1.8 2.2 3.2 3.1 4.5 6.1 5.8 7.5 RES / EDT (%) .. 20.1 45.4 13.2 13.2 18.2 20.3 16.0 13.7 8.0 RES / MGS (months) .. .. 3.1 1.8 1.2 1.7 2.5 1.9 1.9 1.3 Short-term / EDT (%) .. 25.4 4.0 40.4 15.2 13.0 8.2 7.3 5.4 6.1 Concessional / EDT (%) .. 48.7 52.6 25.0 32.6 25.8 17.3 14.3 12.2 9.4 Multilateral / EDT (%) .. 35.7 37.3 23.3 35.6 32.4 22.9 23.6 22.2 20.1 77 BELIZE (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 4.1 47.0 147.3 268.1 282.9 341.0 556.6 648.8 788.5 992.6 Public and publicly guaranteed 4.1 47.0 136.2 268.1 282.9 341.0 556.6 648.8 788.5 992.6 Official creditors 4.1 39.9 118.0 208.8 217.5 216.7 228.4 245.8 259.7 283.9 Multilateral 0.0 22.5 57.4 104.8 118.6 127.1 139.1 164.8 185.0 212.2 Concessional 0.0 19.6 30.0 38.5 38.2 36.7 39.7 40.3 43.3 46.1 Bilateral 4.1 17.4 60.6 104.0 98.9 89.6 89.3 81.0 74.7 71.7 Concessional 0.0 11.1 50.9 74.2 70.5 64.6 65.4 59.5 58.2 53.2 Private creditors 0.0 7.1 18.2 59.2 65.5 124.3 328.2 402.9 528.8 708.7 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 74.9 71.9 210.9 307.9 Commercial banks 0.0 0.0 16.4 57.7 65.3 124.3 244.7 317.5 303.3 389.4 Other private 0.0 7.1 1.8 1.5 0.2 0.1 8.6 13.6 14.5 11.4 Private nonguaranteed 0.0 0.0 11.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 11.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 17.5 39.9 41.4 41.3 40.0 43.2 44.4 41.7 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DISBURSEMENTS 4.3 13.7 22.2 48.8 38.7 96.8 218.1 158.9 227.7 263.9 Public and publicly guaranteed 4.3 13.7 17.9 48.8 38.7 96.8 218.1 158.9 227.7 263.9 Official creditors 4.3 7.9 13.2 31.8 24.7 19.5 26.6 34.9 30.8 41.9 Multilateral 0.0 4.6 5.8 26.5 19.0 18.2 22.3 32.9 26.5 35.0 Concessional 0.0 3.2 2.2 2.4 1.7 2.6 3.9 3.7 4.3 3.2 Bilateral 4.3 3.3 7.5 5.3 5.7 1.3 4.3 2.1 4.2 6.9 Concessional 0.0 0.7 4.6 1.8 0.8 0.4 1.5 1.0 4.2 0.9 Private creditors 0.0 5.8 4.6 17.0 14.0 77.3 191.5 124.0 197.0 222.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 86.0 0.0 143.0 100.0 Commercial banks 0.0 0.0 4.6 17.0 14.0 77.3 95.7 117.0 48.0 122.0 Other private 0.0 5.8 0.0 0.0 0.0 0.0 9.8 7.0 5.9 0.0 Private nonguaranteed 0.0 0.0 4.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 4.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 3.4 12.6 4.0 3.2 2.3 6.6 5.3 2.1 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PRINCIPAL REPAYMENTS 0.0 0.6 9.9 25.5 25.0 24.5 41.2 47.9 139.7 66.8 Public and publicly guaranteed 0.0 0.6 9.0 25.5 25.0 24.5 41.2 47.9 139.7 66.8 Official creditors 0.0 0.5 6.6 16.9 17.3 17.5 19.5 18.2 21.1 22.5 Multilateral 0.0 0.4 2.7 6.5 6.2 7.6 8.8 8.4 9.0 11.3 Concessional 0.0 0.3 1.5 2.8 2.5 2.7 3.3 2.9 2.9 2.2 Bilateral 0.0 0.1 3.9 10.4 11.1 9.9 10.7 9.9 12.1 11.1 Concessional 0.0 0.1 1.1 3.7 4.8 5.7 6.9 6.3 7.1 7.1 Private creditors 0.0 0.1 2.4 8.6 7.8 7.0 21.6 29.7 118.5 44.3 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 11.1 3.1 4.0 3.0 Commercial banks 0.0 0.0 2.3 7.2 6.4 6.9 9.2 24.6 106.5 38.3 Other private 0.0 0.1 0.1 1.4 1.4 0.1 1.3 2.0 8.1 3.1 Private nonguaranteed 0.0 0.0 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 0.6 2.3 2.7 3.2 3.6 3.4 4.1 4.9 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NET FLOWS ON DEBT 4.3 13.1 12.3 23.3 13.7 72.3 177.0 111.0 88.1 197.1 Public and publicly guaranteed 4.3 13.1 8.8 23.3 13.7 72.3 177.0 111.0 88.1 197.1 Official creditors 4.3 7.4 6.6 14.9 7.4 2.0 7.0 16.7 9.6 19.4 Multilateral 0.0 4.2 3.0 20.0 12.8 10.6 13.5 24.5 17.5 23.6 Concessional 0.0 2.8 0.7 -0.5 -0.8 -0.1 0.6 0.8 1.4 1.0 Bilateral 4.3 3.1 3.6 -5.1 -5.4 -8.6 -6.5 -7.8 -7.9 -4.2 Concessional 0.0 0.7 3.5 -1.9 -4.0 -5.2 -5.4 -5.4 -2.9 -6.2 Private creditors 0.0 5.8 2.2 8.4 6.2 70.3 169.9 94.3 78.4 177.7 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 74.9 -3.1 139.0 97.0 Commercial banks 0.0 0.0 2.3 9.9 7.6 70.4 86.5 92.4 -58.4 83.7 Other private 0.0 5.8 -0.1 -1.4 -1.4 -0.1 8.4 5.0 -2.1 -3.1 Private nonguaranteed 0.0 0.0 3.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 3.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 2.8 10.3 1.3 -0.1 -1.3 3.3 1.2 -2.8 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 78 BELIZE (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) 0.0 0.9 6.6 9.4 15.1 18.6 31.6 46.0 47.8 66.0 Public and publicly guaranteed 0.0 0.9 5.6 9.4 15.1 18.6 31.6 46.0 47.8 66.0 Official creditors 0.0 0.9 4.2 7.2 9.8 10.6 11.6 12.9 11.7 12.9 Multilateral 0.0 0.6 2.7 3.8 5.2 6.0 7.4 9.2 8.2 9.3 Concessional 0.0 0.5 1.0 0.8 0.8 0.8 1.0 0.9 0.7 0.9 Bilateral 0.0 0.3 1.5 3.3 4.6 4.6 4.2 3.8 3.5 3.6 Concessional 0.0 0.0 0.6 1.2 2.5 2.5 2.4 2.1 1.9 2.1 Private creditors 0.0 0.0 1.4 2.2 5.3 8.1 20.0 33.1 36.2 53.1 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 1.3 8.3 7.9 26.8 Commercial banks 0.0 0.0 1.4 2.0 5.2 8.0 18.2 24.0 27.4 25.7 Other private 0.0 0.0 0.0 0.2 0.1 0.0 0.5 0.7 0.9 0.6 Private nonguaranteed 0.0 0.0 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 1.1 2.1 2.4 3.1 3.4 3.4 2.9 2.3 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NET TRANSFERS ON DEBT 4.3 12.2 5.7 14.0 -1.4 53.6 145.3 65.0 40.2 131.1 Public and publicly guaranteed 4.3 12.2 3.2 14.0 -1.4 53.6 145.3 65.0 40.2 131.1 Official creditors 4.3 6.5 2.4 7.7 -2.4 -8.6 -4.5 3.8 -2.0 6.5 Multilateral 0.0 3.6 0.3 16.2 7.6 4.6 6.1 15.3 9.3 14.4 Concessional 0.0 2.3 -0.4 -1.3 -1.6 -0.9 -0.4 -0.1 0.6 0.1 Bilateral 4.3 2.9 2.1 -8.4 -10.0 -13.2 -10.7 -11.6 -11.3 -7.9 Concessional 0.0 0.7 3.0 -3.0 -6.5 -7.8 -7.8 -7.5 -4.8 -8.3 Private creditors 0.0 5.8 0.8 6.2 0.9 62.2 149.9 61.2 42.2 124.5 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 73.6 -11.4 131.1 70.2 Commercial banks 0.0 0.0 1.0 7.8 2.3 62.3 68.3 68.4 -85.8 58.0 Other private 0.0 5.8 -0.2 -1.6 -1.4 -0.1 8.0 4.2 -3.0 -3.7 Private nonguaranteed 0.0 0.0 2.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 2.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 1.7 8.2 -1.1 -3.1 -4.6 -0.1 -1.7 -5.1 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DEBT SERVICE (LTDS) 0.0 1.5 16.5 34.8 40.1 43.2 72.8 93.9 187.5 132.8 Public and publicly guaranteed 0.0 1.5 14.6 34.8 40.1 43.2 72.8 93.9 187.5 132.8 Official creditors 0.0 1.4 10.8 24.0 27.1 28.1 31.1 31.2 32.8 35.4 Multilateral 0.0 1.0 5.4 10.3 11.4 13.6 16.2 17.5 17.2 20.6 Concessional 0.0 0.9 2.5 3.6 3.3 3.5 4.3 3.8 3.6 3.1 Bilateral 0.0 0.4 5.4 13.7 15.7 14.5 14.9 13.6 15.6 14.8 Concessional 0.0 0.1 1.6 4.9 7.3 8.2 9.3 8.4 9.0 9.2 Private creditors 0.0 0.1 3.8 10.8 13.1 15.1 41.6 62.8 154.7 97.5 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 12.4 11.4 11.9 29.8 Commercial banks 0.0 0.0 3.7 9.2 11.7 15.0 27.4 48.6 133.9 64.0 Other private 0.0 0.1 0.2 1.6 1.4 0.1 1.8 2.8 9.0 3.7 Private nonguaranteed 0.0 0.0 1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 1.8 4.4 5.1 6.3 6.9 6.7 7.0 7.2 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UNDISBURSED DEBT 0.0 22.7 60.9 73.5 97.5 219.8 246.1 190.8 132.3 96.4 Official creditors 0.0 17.9 49.8 56.5 72.5 147.9 187.7 137.4 116.6 86.3 Private creditors 0.0 4.8 11.1 17.0 25.0 71.9 58.4 53.4 15.8 10.0 Memorandum items Concessional LDOD 0.0 30.7 80.9 112.7 108.7 101.3 105.1 99.8 101.4 99.4 Variable rate LDOD 0.0 0.0 38.6 61.4 61.9 62.2 99.6 116.6 127.6 134.4 Public sector LDOD 4.1 47.0 136.2 268.1 282.9 341.0 556.6 648.8 788.5 992.6 Private sector LDOD 0.0 0.0 11.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 4.1 3.5 3.2 Deutsche mark 0.0 0.8 0.7 0.1 0.1 0.0 0.0 .. .. .. French franc 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. .. .. Japanese yen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pound sterling 100.0 15.3 23.6 6.2 5.2 3.7 1.8 1.3 1.0 0.7 Swiss franc 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 0.0 29.3 45.3 68.8 84.1 88.7 92.6 93.1 93.9 94.9 Multiple currency 0.0 23.5 23.4 17.2 2.8 1.8 0.8 0.5 0.3 0.2 Special drawing rights 0.0 0.0 0.5 0.4 0.3 0.2 0.1 0.1 0.0 0.0 All other currencies 0.0 31.1 6.5 7.3 7.4 5.5 4.7 1.0 1.3 1.1 79 BELIZE (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiven .. .. 9.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: interest forgiven .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock reduction .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which debt buyback .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 9.0 168.6 -116.6 58.6 214.6 93.0 133.9 224.1 Net flows on debt 4.3 -8.9 10.0 174.9 -117.8 72.7 176.0 111.8 82.2 217.1 Net change in interest arrears .. .. 0.3 -0.6 0.0 0.0 0.0 0.0 0.0 0.0 Interest capitalized .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiveness or reduction .. .. -9.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cross-currency valuation .. .. 6.9 -5.7 1.1 -2.7 -2.1 -1.2 6.4 7.0 Residual .. .. 0.9 0.0 0.1 -11.5 40.7 -17.6 45.2 0.0 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 7.0 5.5 5.0 6.8 6.6 5.9 8.6 5.0 8.4 9.3 Maturity (years) 26.0 18.6 10.0 15.1 17.7 19.1 12.0 10.1 9.8 7.8 Grace period (years) 3.0 4.7 2.5 4.3 4.2 4.5 3.7 3.8 8.7 6.4 Grant element (%) 20.7 29.7 21.2 20.4 20.1 25.4 7.7 14.1 4.7 2.2 Official creditors Interest (%) 7.0 4.4 5.0 6.4 6.4 6.3 6.3 5.8 6.1 4.1 Maturity (years) 26.0 26.0 10.0 16.4 22.1 21.7 21.1 20.6 19.6 16.6 Grace period (years) 3.0 6.8 2.5 5.4 4.9 4.9 5.3 5.2 4.2 3.9 Grant element (%) 20.7 43.8 21.2 21.4 23.9 24.4 24.0 27.0 23.4 30.1 Private creditors Interest (%) 0.0 7.3 0.0 7.2 6.9 5.3 9.5 4.6 8.6 9.5 Maturity (years) 0.0 7.7 0.0 14.1 9.6 15.7 8.1 5.4 9.1 7.4 Grace period (years) 0.0 1.7 0.0 3.3 2.9 4.0 3.0 3.2 9.0 6.5 Grant element (%) 0.0 8.6 0.0 19.6 13.2 26.7 0.7 8.3 3.3 0.9 Memorandum items Commitments 4 12 5 47 63 170 224 112 171 227 Official creditors 4 7 5 21 41 96 68 34 12 11 Private creditors 0 5 0 26 22 74 156 77 159 216 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 41.5 27.5 15.3 7.5 2.9 0.9 0.4 0.2 0.1 0.0 Principal 99.4 121.6 68.2 69.0 58.8 53.7 67.1 43.8 184.1 36.6 Interest 79.0 71.7 65.7 61.0 56.2 52.0 47.1 42.5 38.2 22.4 Official creditors Disbursements 34.1 25.4 14.8 7.5 2.9 0.9 0.4 0.2 0.1 0.0 Principal 26.4 23.4 25.9 27.1 26.0 24.8 23.1 21.6 18.8 16.8 Interest 14.5 14.5 14.0 13.1 11.8 10.6 9.4 8.3 7.3 6.4 Bilateral creditors Disbursements 2.9 2.6 1.6 0.9 0.5 0.3 0.2 0.1 0.1 0.0 Principal 7.9 7.1 6.4 6.4 6.3 5.6 4.5 3.7 3.4 1.9 Interest 3.2 3.1 2.9 2.6 2.4 2.1 1.8 1.6 1.4 1.3 Multilateral creditors Disbursements 31.1 22.8 13.2 6.5 2.4 0.6 0.2 0.1 0.0 0.0 Principal 18.5 16.3 19.5 20.7 19.7 19.1 18.6 17.8 15.5 14.9 Interest 11.2 11.4 11.2 10.4 9.5 8.5 7.6 6.7 5.9 5.2 Private creditors Disbursements 7.5 2.0 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal 73.0 98.2 42.3 41.8 32.8 28.9 44.1 22.3 165.3 19.8 Interest 64.5 57.1 51.6 48.0 44.4 41.4 37.7 34.2 30.9 15.9 Commercial banks Disbursements 7.5 2.0 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal 64.4 63.2 35.2 35.8 26.8 22.9 38.1 21.8 21.8 19.3 Interest 34.4 29.1 25.6 22.5 19.4 17.0 13.8 10.7 8.4 6.2 Other private Disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal 8.7 34.9 7.0 6.0 6.0 6.0 6.0 0.4 143.4 0.4 Interest 30.1 28.1 26.1 25.5 24.9 24.4 23.9 23.5 22.5 9.8 80 BENIN (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 41 424 1,292 1,627 1,651 1,687 1,591 1,661 1,836 1,828 Long-term debt (LDOD) 41 334 1,218 1,396 1,472 1,473 1,442 1,505 1,689 1,726 Public and publicly guaranteed 41 334 1,218 1,396 1,472 1,473 1,442 1,505 1,689 1,726 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Use of IMF credit 0 16 18 95 94 92 84 77 73 73 Short-term debt 1 73 55 136 86 122 65 79 74 29 of which interest arrears on LDOD 1 5 21 8 8 8 0 0 0 0 Official creditors 0 0 18 7 7 7 0 0 0 0 Private creditors 1 5 2 1 1 1 0 0 0 0 Memo: principal arrears on LDOD 3 13 69 71 73 73 0 0 0 0 Official creditors 1 1 60 68 69 70 0 0 0 0 Private creditors 2 13 9 3 4 3 0 0 0 0 Memo: export credits 0 0 303 125 141 126 116 103 142 146 TOTAL DEBT FLOWS Disbursements 2 71 120 57 62 83 39 124 72 69 Long-term debt 2 62 120 51 62 73 30 113 67 60 IMF purchases 0 9 0 6 0 10 9 10 5 9 Principal repayments 1 6 20 32 35 45 55 32 33 42 Long-term debt 1 6 19 28 29 36 45 23 23 32 IMF repurchases 0 0 2 4 5 9 11 10 10 10 Net flows on debt 1 42 92 114 -24 74 -65 105 34 -17 of which short-term debt 0 -24 -8 89 -50 36 -48 13 -5 -45 Interest payments (INT) 0 14 18 23 26 25 20 17 26 18 Long-term debt 0 3 14 18 21 20 15 14 22 16 IMF charges 0 0 0 0 0 0 0 0 0 0 Short-term debt 0 11 4 4 5 5 4 3 3 2 Net transfers on debt 1 27 74 91 -50 49 -85 88 9 -35 Total debt service paid (TDS) 2 20 38 55 61 70 75 50 58 60 Long-term debt 2 9 33 46 50 56 60 37 45 48 IMF repurchases and charges 0 0 2 5 6 9 11 10 10 10 Short-term debt (interest only) 0 11 4 4 5 5 4 3 3 2 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 17 101 274 176 188 176 195 267 210 262 Net flow of long-term debt (ex. IMF) 1 56 102 22 32 37 -14 91 44 28 Foreign direct investment (net) 7 4 62 26 35 39 64 44 41 51 Portfolio equity flows 0 0 0 2 1 2 0 0 0 0 Grants (excluding technical coop.) 9 41 110 126 120 98 145 132 125 183 Memo: technical coop. grants 6 26 49 78 67 65 68 62 68 91 official net resource flows 9 97 212 148 152 135 131 223 169 211 private net resource flows 8 4 62 28 36 41 64 44 41 51 NET TRANSFERS 17 96 260 147 155 148 176 245 181 245 Interest on long-term debt 0 3 14 18 21 20 15 14 22 16 Profit remittances on FDI 0 3 0 12 12 9 4 7 6 1 Memo: official net transfers 9 95 198 130 131 115 116 209 147 194 private net transfers 8 1 62 17 24 33 61 36 35 51 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 330 1,402 1,806 2,127 2,321 2,372 2,242 2,351 2,669 3,450 Exports of goods, serv. & inc. (XGS) .. 318 465 631 671 696 637 628 .. .. Worker remit. & comp. of employees 0 77 101 71 90 77 87 84 84 84 Imports of goods & services (MGS) .. 428 492 794 805 890 748 788 .. .. International reserves (RES) 16 15 69 253 261 400 458 578 616 510 Current account balance .. -36 -18 -154 -133 -156 -81 -75 .. .. 4. DEBT INDICATORS EDT / XGS (%) .. 133.1 277.9 257.8 246.1 242.5 249.8 264.5 .. .. EDT / GNI (%) 12.6 30.2 71.5 76.5 71.1 71.1 70.9 70.7 68.8 53.0 TDS / XGS (%) .. 6.3 8.2 8.7 9.1 10.1 11.8 7.9 .. .. INT / XGS (%) .. 4.5 3.8 3.6 3.9 3.6 3.1 2.8 .. .. INT / GNI (%) 0.1 1.0 1.0 1.1 1.1 1.1 0.9 0.7 1.0 0.5 RES / EDT (%) 37.5 3.5 5.4 15.6 15.8 23.7 28.8 34.8 33.5 27.9 RES / MGS (months) .. 0.4 1.7 3.8 3.9 5.4 7.3 8.8 .. .. Short-term / EDT (%) 2.1 17.3 4.3 8.4 5.2 7.2 4.1 4.7 4.0 1.6 Concessional / EDT (%) 70.3 39.2 78.1 77.7 80.7 80.6 84.3 84.9 86.2 90.1 Multilateral / EDT (%) 1.0 24.5 41.6 53.5 56.5 56.7 59.7 59.6 62.6 70.8 81 BENIN (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 41 334 1,218 1,396 1,472 1,473 1,442 1,505 1,689 1,726 Public and publicly guaranteed 41 334 1,218 1,396 1,472 1,473 1,442 1,505 1,689 1,726 Official creditors 29 217 1,202 1,393 1,468 1,470 1,439 1,503 1,686 1,722 Multilateral 0 104 537 871 933 957 950 989 1,149 1,294 Concessional 0 84 497 852 904 933 929 971 1,127 1,271 Bilateral 29 113 665 522 536 513 489 513 537 429 Concessional 29 82 512 413 429 426 412 439 456 377 Private creditors 11 118 17 3 4 3 3 3 3 4 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 0 0 Other private 11 118 17 3 4 3 3 3 3 4 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 0 0 IDA 0 52 326 510 543 574 578 598 654 729 DISBURSEMENTS 2 62 120 51 62 73 30 113 67 60 Public and publicly guaranteed 2 62 120 51 62 73 30 113 67 60 Official creditors 1 58 120 51 62 73 30 113 67 60 Multilateral 0 24 91 42 45 73 29 97 60 56 Concessional 0 19 82 41 34 70 29 97 60 56 Bilateral 1 35 29 9 17 1 2 16 7 5 Concessional 1 16 29 9 17 1 2 16 7 5 Private creditors 1 3 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 0 0 Other private 1 3 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 0 0 IDA 0 12 56 20 20 48 36 48 23 28 PRINCIPAL REPAYMENTS 1 6 19 28 29 36 45 23 23 32 Public and publicly guaranteed 1 6 19 28 29 36 45 23 23 32 Official creditors 1 2 18 28 29 36 45 23 23 32 Multilateral 0 1 18 18 18 20 15 15 13 14 Concessional 0 0 7 14 15 17 12 12 11 12 Bilateral 1 1 0 10 11 16 30 8 10 17 Concessional 1 1 0 4 5 5 24 8 9 15 Private creditors 0 3 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 0 0 Other private 0 3 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 0 0 IDA 0 0 1 4 4 6 4 4 3 4 NET FLOWS ON DEBT 1 56 102 22 32 37 -14 91 44 28 Public and publicly guaranteed 1 56 102 22 32 37 -14 91 44 28 Official creditors 0 56 102 22 32 37 -14 91 44 28 Multilateral 0 23 73 24 27 52 13 82 47 41 Concessional 0 19 75 27 19 53 16 85 49 43 Bilateral 0 33 29 -2 5 -15 -28 9 -3 -13 Concessional 0 15 29 4 12 -5 -22 9 -2 -11 Private creditors 1 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 0 0 Other private 1 0 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 0 0 IDA 0 12 55 16 16 43 33 44 20 23 82 BENIN (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) 0 3 14 18 21 20 15 14 22 16 Public and publicly guaranteed 0 3 14 18 21 20 15 14 22 16 Official creditors 0 2 14 18 21 20 15 14 22 16 Multilateral 0 1 13 10 10 10 9 8 12 11 Concessional 0 1 6 9 8 8 8 7 11 9 Bilateral 0 1 1 8 11 10 6 6 10 6 Concessional 0 0 1 3 4 4 3 4 6 3 Private creditors 0 1 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 0 0 Other private 0 1 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 0 0 IDA 0 0 2 4 4 4 4 4 4 5 NET TRANSFERS ON DEBT 1 53 88 4 11 17 -30 77 22 12 Public and publicly guaranteed 1 53 88 4 11 17 -30 77 22 12 Official creditors 0 54 88 4 11 17 -30 77 22 12 Multilateral 0 21 60 14 17 42 4 74 35 30 Concessional 0 18 69 18 11 45 8 78 38 34 Bilateral 0 33 28 -9 -6 -25 -34 2 -13 -19 Concessional 0 15 28 2 8 -9 -25 5 -8 -14 Private creditors 1 -1 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 0 0 Other private 1 -1 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 0 0 IDA 0 12 53 12 12 39 29 40 16 19 DEBT SERVICE (LTDS) 2 9 33 46 50 56 60 37 45 48 Public and publicly guaranteed 2 9 33 46 50 56 60 37 45 48 Official creditors 2 4 32 46 50 56 60 37 45 48 Multilateral 0 2 31 28 28 30 25 23 25 25 Concessional 0 1 13 23 23 25 20 19 22 22 Bilateral 2 2 1 18 22 26 35 14 20 23 Concessional 2 1 1 7 9 10 27 11 15 18 Private creditors 0 4 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 0 0 Other private 0 4 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 0 0 IDA 0 0 3 7 8 10 8 8 7 9 UNDISBURSED DEBT 15 532 414 322 384 392 402 353 406 377 Official creditors 15 154 414 322 384 392 402 353 406 377 Private creditors 0 378 0 0 0 0 0 0 0 0 Memorandum items Concessional LDOD 29 166 1,009 1,265 1,333 1,359 1,341 1,411 1,583 1,647 Variable rate LDOD 0 2 26 13 14 12 13 12 13 5 Public sector LDOD 41 334 1,218 1,396 1,472 1,473 1,442 1,505 1,689 1,726 Private sector LDOD 0 0 0 0 0 0 0 0 0 0 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 9.0 8.9 7.7 Deutsche mark 5.3 0.3 0.3 0.2 0.2 0.2 0.2 .. .. .. French franc 16.7 27.2 18.7 9.2 8.5 7.2 6.6 .. .. .. Japanese yen 0.0 0.0 0.0 1.0 2.2 2.5 2.3 1.9 3.7 2.0 Pound sterling 0.0 0.0 0.9 0.3 0.3 0.3 0.3 0.3 0.3 0.3 Swiss franc 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 6.6 18.9 50.8 55.3 54.5 56.4 60.9 61.4 58.6 59.7 Multiple currency 0.0 6.7 7.3 14.4 14.7 14.6 14.2 13.0 12.8 13.8 Special drawing rights 0.0 0.0 1.9 1.9 1.9 1.9 1.9 1.8 1.8 2.1 All other currencies 71.5 46.9 20.2 17.7 17.7 17.0 13.7 12.6 13.9 14.3 83 BENIN (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 12 0 0 0 53 24 0 0 Debt stock rescheduled .. .. 0 0 0 0 0 0 0 0 Principal rescheduled .. .. 9 0 0 0 37 0 0 0 Official .. .. 4 0 0 0 37 0 0 0 Private .. .. 5 0 0 0 0 0 0 0 Interest rescheduled .. .. 1 0 0 0 6 3 0 0 Official .. .. 0 0 0 0 6 3 0 0 Private .. .. 0 0 0 0 0 0 0 0 Debt forgiven .. .. 122 1 0 0 4 10 11 12 Memo: interest forgiven .. .. 3 0 0 0 1 1 0 1 Debt stock reduction .. .. 0 0 0 0 0 0 0 59 of which debt buyback .. .. 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 50 34 24 36 -96 70 175 -8 Net flows on debt 1 42 92 114 -24 74 -65 105 34 -17 Net change in interest arrears .. .. -8 0 0 0 -8 0 0 0 Interest capitalized .. .. 1 0 0 0 6 3 0 0 Debt forgiveness or reduction .. .. -122 -1 0 0 -4 -10 -11 -71 Cross-currency valuation .. .. 62 -143 -38 -36 -53 -35 80 110 Residual .. .. 24 65 85 -3 28 7 73 -31 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 1.8 8.3 1.3 1.7 2.0 2.1 1.6 0.9 0.9 0.0 Maturity (years) 32.0 11.9 39.2 22.5 32.6 30.2 36.0 40.2 39.3 0.0 Grace period (years) 7.0 3.7 8.4 6.4 8.6 8.1 8.3 12.8 9.5 0.0 Grant element (%) 59.9 9.0 72.0 56.0 64.6 62.8 68.5 78.6 76.9 0.0 Official creditors Interest (%) 1.1 4.4 1.3 1.7 2.0 2.1 1.6 0.9 0.9 0.0 Maturity (years) 36.0 26.1 39.2 22.5 32.6 30.2 36.0 40.2 39.3 0.0 Grace period (years) 8.0 5.3 8.4 6.4 8.6 8.1 8.3 12.8 9.5 0.0 Grant element (%) 67.7 40.8 72.0 56.0 64.6 62.8 68.5 78.6 76.9 0.0 Private creditors Interest (%) 6.0 8.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) 7.5 10.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) 0.5 3.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grant element (%) 11.7 4.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memorandum items Commitments 7 448 85 43 117 101 109 77 101 0 Official creditors 6 51 85 43 117 101 109 77 101 0 Private creditors 1 397 0 0 0 0 0 0 0 0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 77 95 70 50 36 22 14 6 4 2 Principal 85 84 83 82 84 84 88 88 91 92 Interest 20 19 19 18 18 17 16 15 14 13 Official creditors Disbursements 77 95 70 50 36 22 14 6 4 2 Principal 83 82 83 82 84 84 88 88 91 92 Interest 19 19 19 18 18 17 16 15 14 13 Bilateral creditors Disbursements 5 5 1 0 0 0 0 0 0 0 Principal 43 39 34 33 34 34 34 34 34 33 Interest 6 5 5 4 4 4 3 3 3 2 Multilateral creditors Disbursements 72 90 69 50 36 22 14 6 4 2 Principal 40 42 49 49 50 50 54 54 58 59 Interest 13 14 14 14 14 13 13 12 11 10 Private creditors Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 2 2 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 0 0 Commercial banks Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 0 0 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 0 0 Other private Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 2 2 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 0 0 84 BHUTAN (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. .. 83.5 119.6 171.0 183.8 204.2 265.2 377.9 421.9 Long-term debt (LDOD) .. .. 80.3 117.6 171.0 181.8 202.2 265.2 376.9 414.9 Public and publicly guaranteed .. .. 80.3 117.6 171.0 181.8 202.2 265.2 376.9 414.9 Private nonguaranteed .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt .. .. 3.3 2.0 0.0 2.0 2.0 0.0 1.0 7.0 of which interest arrears on LDOD .. .. 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official creditors .. .. 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private creditors .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: principal arrears on LDOD .. .. 1.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official creditors .. .. 1.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private creditors .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TOTAL DEBT FLOWS Disbursements .. .. 8.4 16.8 60.3 8.3 34.8 79.5 97.8 27.1 Long-term debt .. .. 8.4 16.8 60.3 8.3 34.8 79.5 97.8 27.1 IMF purchases .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments .. .. 2.9 4.9 7.0 4.9 4.7 4.5 4.5 4.8 Long-term debt .. .. 2.9 4.9 7.0 4.9 4.7 4.5 4.5 4.8 IMF repurchases .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net flows on debt .. .. 6.5 13.8 51.3 5.4 30.1 72.9 94.3 28.3 of which short-term debt .. .. 1.0 1.9 -2.0 2.0 0.0 -2.0 1.0 6.0 Interest payments (INT) .. .. 2.3 2.3 2.1 2.1 2.0 1.7 1.9 2.3 Long-term debt .. .. 2.0 2.2 2.1 2.0 1.8 1.7 1.9 2.3 IMF charges .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt .. .. 0.2 0.1 0.0 0.1 0.2 0.0 0.0 0.0 Net transfers on debt .. .. 4.2 11.5 49.1 3.3 28.1 71.2 92.4 26.0 Total debt service paid (TDS) .. .. 5.2 7.2 9.2 7.0 6.7 6.3 6.4 7.1 Long-term debt .. .. 5.0 7.1 9.2 6.9 6.5 6.3 6.4 7.1 IMF repurchases and charges .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt (interest only) .. .. 0.2 0.1 0.0 0.1 0.2 0.0 0.0 0.0 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. .. 24.0 46.9 81.9 41.5 50.6 105.2 125.8 64.2 Net flow of long-term debt (ex. IMF) .. .. 5.5 11.9 53.3 3.4 30.1 74.9 93.3 22.3 Foreign direct investment (net) .. .. 1.6 -0.7 0.3 0.3 -0.1 0.3 0.3 0.2 Portfolio equity flows .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grants (excluding technical coop.) .. .. 16.9 35.7 28.3 37.8 20.6 30.0 32.2 41.7 Memo: technical coop. grants .. .. 23.7 23.6 19.9 22.4 21.9 17.1 19.7 22.8 official net resource flows .. .. 25.0 49.9 83.9 41.2 50.7 104.9 125.5 64.0 private net resource flows .. .. -1.0 -3.0 -2.0 0.3 -0.1 0.3 0.3 0.2 NET TRANSFERS .. .. 21.9 44.7 79.7 39.5 48.8 103.5 123.9 61.8 Interest on long-term debt .. .. 2.0 2.2 2.1 2.0 1.8 1.7 1.9 2.3 Profit remittances on FDI .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: official net transfers .. .. 24.6 47.9 81.8 39.2 48.9 103.2 123.6 61.6 private net transfers .. .. -2.6 -3.3 -2.1 0.3 -0.1 0.3 0.3 0.2 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. .. 266.0 362.8 346.7 373.4 427.9 478.9 535.5 584.3 Exports of goods, serv. & inc. (XGS) .. .. 94.9 118.9 128.0 130.4 139.7 148.8 138.6 .. Worker remit. & comp. of employees .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Imports of goods & services (MGS) .. .. 122.9 147.9 177.2 192.8 258.4 272.7 262.7 .. International reserves (RES) .. .. 88.8 188.7 256.8 292.3 317.6 323.4 354.9 366.6 Current account balance .. .. -28.0 21.9 16.8 13.2 -13.4 -40.0 -41.9 .. 4. DEBT INDICATORS EDT / XGS (%) .. .. 88.0 100.6 133.6 141.0 146.2 178.2 272.6 .. EDT / GNI (%) .. .. 31.4 33.0 49.3 49.2 47.7 55.4 70.6 72.2 TDS / XGS (%) .. .. 5.5 6.1 7.2 5.4 4.8 4.2 4.6 .. INT / XGS (%) .. .. 2.4 2.0 1.7 1.6 1.4 1.2 1.4 .. INT / GNI (%) .. .. 0.9 0.6 0.6 0.6 0.5 0.4 0.4 0.4 RES / EDT (%) .. .. 106.3 157.8 150.1 159.0 155.5 122.0 93.9 86.9 RES / MGS (months) .. .. 8.7 15.3 17.4 18.2 14.8 14.2 16.2 .. Short-term / EDT (%) .. .. 3.9 1.7 0.0 1.1 1.0 0.0 0.3 1.7 Concessional / EDT (%) .. .. 74.0 96.4 69.5 71.2 65.4 51.7 49.4 50.3 Multilateral / EDT (%) .. .. 50.1 61.5 47.5 50.8 49.3 40.5 37.2 35.3 85 BHUTAN (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. .. 80.3 117.6 171.0 181.8 202.2 265.2 376.9 414.9 Public and publicly guaranteed .. .. 80.3 117.6 171.0 181.8 202.2 265.2 376.9 414.9 Official creditors .. .. 61.8 115.4 171.0 181.8 202.2 265.2 376.9 414.9 Multilateral .. .. 41.9 73.5 81.2 93.4 100.6 107.5 140.5 149.1 Concessional .. .. 41.9 73.5 81.2 93.4 100.6 107.5 140.5 149.1 Bilateral .. .. 19.9 41.8 89.8 88.4 101.6 157.6 236.4 265.8 Concessional .. .. 19.9 41.8 37.7 37.5 32.9 29.6 46.1 63.1 Private creditors .. .. 18.5 2.3 0.0 0.0 0.0 0.0 0.0 0.0 Bonds .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other private .. .. 18.5 2.3 0.0 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA .. .. 16.1 22.5 23.9 24.1 26.1 30.7 38.5 49.2 DISBURSEMENTS .. .. 8.4 16.8 60.3 8.3 34.8 79.5 97.8 27.1 Public and publicly guaranteed .. .. 8.4 16.8 60.3 8.3 34.8 79.5 97.8 27.1 Official creditors .. .. 8.4 16.8 60.3 8.3 34.8 79.5 97.8 27.1 Multilateral .. .. 7.2 9.2 5.6 3.1 11.8 13.5 23.0 12.7 Concessional .. .. 7.2 9.2 5.6 3.1 11.8 13.5 23.0 12.7 Bilateral .. .. 1.2 7.5 54.7 5.2 23.0 66.0 74.9 14.4 Concessional .. .. 1.2 7.5 0.9 5.2 0.9 3.2 13.9 12.1 Private creditors .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other private .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA .. .. 2.0 1.1 0.7 1.0 3.6 6.0 5.5 6.9 PRINCIPAL REPAYMENTS .. .. 2.9 4.9 7.0 4.9 4.7 4.5 4.5 4.8 Public and publicly guaranteed .. .. 2.9 4.9 7.0 4.9 4.7 4.5 4.5 4.8 Official creditors .. .. 0.3 2.6 4.8 4.9 4.7 4.5 4.5 4.8 Multilateral .. .. 0.0 0.9 1.0 1.3 1.3 1.2 1.2 1.3 Concessional .. .. 0.0 0.9 1.0 1.3 1.3 1.2 1.2 1.3 Bilateral .. .. 0.3 1.7 3.8 3.6 3.4 3.4 3.4 3.5 Concessional .. .. 0.3 1.7 3.8 3.6 3.4 3.4 3.4 3.5 Private creditors .. .. 2.6 2.3 2.3 0.0 0.0 0.0 0.0 0.0 Bonds .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other private .. .. 2.6 2.3 2.3 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA .. .. 0.0 0.2 0.2 0.3 0.3 0.3 0.3 0.3 NET FLOWS ON DEBT .. .. 5.5 11.9 53.3 3.4 30.1 74.9 93.3 22.3 Public and publicly guaranteed .. .. 5.5 11.9 53.3 3.4 30.1 74.9 93.3 22.3 Official creditors .. .. 8.1 14.2 55.5 3.4 30.1 74.9 93.3 22.3 Multilateral .. .. 7.2 8.4 4.6 1.8 10.5 12.3 21.8 11.4 Concessional .. .. 7.2 8.4 4.6 1.8 10.5 12.3 21.8 11.4 Bilateral .. .. 0.9 5.8 50.9 1.6 19.6 62.6 71.5 10.9 Concessional .. .. 0.9 5.8 -2.9 1.6 -2.5 -0.1 10.5 8.6 Private creditors .. .. -2.6 -2.3 -2.3 0.0 0.0 0.0 0.0 0.0 Bonds .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other private .. .. -2.6 -2.3 -2.3 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA .. .. 2.0 0.9 0.5 0.7 3.3 5.7 5.2 6.6 86 BHUTAN (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) .. .. 2.0 2.2 2.1 2.0 1.8 1.7 1.9 2.3 Public and publicly guaranteed .. .. 2.0 2.2 2.1 2.0 1.8 1.7 1.9 2.3 Official creditors .. .. 0.4 2.0 2.0 2.0 1.8 1.7 1.9 2.3 Multilateral .. .. 0.3 0.6 0.7 0.9 0.9 0.9 1.0 1.2 Concessional .. .. 0.3 0.6 0.7 0.9 0.9 0.9 1.0 1.2 Bilateral .. .. 0.1 1.3 1.3 1.1 0.9 0.8 0.9 1.1 Concessional .. .. 0.1 1.3 1.3 1.1 0.9 0.8 0.9 1.1 Private creditors .. .. 1.6 0.3 0.1 0.0 0.0 0.0 0.0 0.0 Bonds .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other private .. .. 1.6 0.3 0.1 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA .. .. 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3 NET TRANSFERS ON DEBT .. .. 3.4 9.7 51.1 1.4 28.3 73.2 91.4 20.0 Public and publicly guaranteed .. .. 3.4 9.7 51.1 1.4 28.3 73.2 91.4 20.0 Official creditors .. .. 7.7 12.2 53.5 1.4 28.3 73.2 91.4 20.0 Multilateral .. .. 6.9 7.7 4.0 0.9 9.6 11.4 20.8 10.2 Concessional .. .. 6.9 7.7 4.0 0.9 9.6 11.4 20.8 10.2 Bilateral .. .. 0.8 4.5 49.5 0.5 18.7 61.8 70.6 9.8 Concessional .. .. 0.8 4.5 -4.3 0.5 -3.5 -1.0 9.6 7.5 Private creditors .. .. -4.2 -2.6 -2.4 0.0 0.0 0.0 0.0 0.0 Bonds .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other private .. .. -4.2 -2.6 -2.4 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA .. .. 1.9 0.8 0.4 0.6 3.1 5.5 5.0 6.3 DEBT SERVICE (LTDS) .. .. 5.0 7.1 9.2 6.9 6.5 6.3 6.4 7.1 Public and publicly guaranteed .. .. 5.0 7.1 9.2 6.9 6.5 6.3 6.4 7.1 Official creditors .. .. 0.7 4.6 6.8 6.9 6.5 6.3 6.4 7.1 Multilateral .. .. 0.3 1.5 1.7 2.2 2.2 2.1 2.2 2.5 Concessional .. .. 0.3 1.5 1.7 2.2 2.2 2.1 2.2 2.5 Bilateral .. .. 0.4 3.1 5.1 4.8 4.3 4.2 4.2 4.6 Concessional .. .. 0.4 3.1 5.1 4.8 4.3 4.2 4.2 4.6 Private creditors .. .. 4.2 2.6 2.4 0.0 0.0 0.0 0.0 0.0 Bonds .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other private .. .. 4.2 2.6 2.4 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA .. .. 0.1 0.3 0.4 0.4 0.4 0.4 0.5 0.6 UNDISBURSED DEBT .. .. 48.4 189.7 146.0 133.5 173.9 97.7 165.1 250.8 Official creditors .. .. 48.4 189.7 146.0 133.5 173.9 97.7 165.1 250.8 Private creditors .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memorandum items Concessional LDOD .. .. 61.8 115.4 118.9 130.8 133.5 137.1 186.6 212.3 Variable rate LDOD .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Public sector LDOD .. .. 80.3 117.6 171.0 181.8 202.2 265.2 376.9 414.9 Private sector LDOD .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 4.9 8.5 12.3 Deutsche mark .. .. 0.0 0.0 0.0 0.0 0.0 .. .. .. French franc .. .. 0.0 0.0 0.0 0.0 0.0 .. .. .. Japanese yen .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pound sterling .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars .. .. 43.1 21.6 15.7 15.5 17.7 17.6 18.3 20.6 Multiple currency .. .. 22.8 32.6 24.2 29.0 25.7 17.7 14.0 10.2 Special drawing rights .. .. 9.3 10.8 7.9 7.1 6.6 5.4 5.1 5.2 All other currencies .. .. 24.8 35.0 52.2 48.4 50.1 54.4 54.2 51.8 87 BHUTAN (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiven .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: interest forgiven .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock reduction .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which debt buyback .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 9.7 6.6 51.4 12.8 20.4 60.9 112.7 44.1 Net flows on debt .. .. 6.5 13.8 51.3 5.4 30.1 72.9 94.3 28.3 Net change in interest arrears .. .. 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest capitalized .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiveness or reduction .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cross-currency valuation .. .. 1.1 -7.9 0.0 -2.2 -10.6 -7.7 10.6 27.4 Residual .. .. 1.8 0.7 0.2 9.6 1.0 -4.3 7.8 -11.7 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. .. 0.0 0.0 2.1 0.0 3.6 1.1 6.8 5.6 Maturity (years) .. .. 0.0 0.0 39.5 0.0 31.7 31.5 23.2 28.6 Grace period (years) .. .. 0.0 0.0 10.0 0.0 10.0 8.8 9.9 9.9 Grant element (%) .. .. 0.0 0.0 68.8 0.0 53.1 72.6 24.8 37.2 Official creditors Interest (%) .. .. 0.0 0.0 2.1 0.0 3.6 1.1 6.8 5.6 Maturity (years) .. .. 0.0 0.0 39.5 0.0 31.7 31.5 23.2 28.6 Grace period (years) .. .. 0.0 0.0 10.0 0.0 10.0 8.8 9.9 9.9 Grant element (%) .. .. 0.0 0.0 68.8 0.0 53.1 72.6 24.8 37.2 Private creditors Interest (%) .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grant element (%) .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memorandum items Commitments .. .. 0 0 28 0 85 8 175 99 Official creditors .. .. 0 0 28 0 85 8 175 99 Private creditors .. .. 0 0 0 0 0 0 0 0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 118.3 58.5 29.2 17.3 8.9 6.0 4.8 3.0 1.9 1.3 Principal 5.2 5.0 33.9 34.6 33.2 34.4 37.9 38.0 38.5 38.8 Interest 23.6 31.1 34.4 33.1 30.9 28.4 25.9 23.2 20.5 17.9 Official creditors Disbursements 118.3 58.5 29.2 17.3 8.9 6.0 4.8 3.0 1.9 1.3 Principal 5.2 5.0 33.9 34.6 33.2 34.4 37.9 38.0 38.5 38.8 Interest 23.6 31.1 34.4 33.1 30.9 28.4 25.9 23.2 20.5 17.9 Bilateral creditors Disbursements 102.0 44.2 17.3 7.2 0.0 0.0 0.0 0.0 0.0 0.0 Principal 3.3 2.9 31.3 31.9 29.5 29.0 31.5 31.5 31.5 31.5 Interest 22.1 29.4 32.4 30.9 28.6 26.0 23.5 20.9 18.3 15.7 Multilateral creditors Disbursements 16.3 14.3 11.9 10.1 8.9 6.0 4.8 3.0 1.9 1.3 Principal 1.8 2.1 2.6 2.8 3.8 5.4 6.4 6.5 7.0 7.3 Interest 1.5 1.7 2.0 2.2 2.3 2.3 2.4 2.3 2.3 2.2 Private creditors Disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks Disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other private Disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 88 BOLIVIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 588 2,702 4,275 5,237 5,616 5,548 5,785 4,692 5,004 5,684 Long-term debt (LDOD) 491 2,274 3,864 4,559 4,938 4,889 5,162 4,105 4,438 5,289 Public and publicly guaranteed 480 2,182 3,687 4,133 4,296 4,246 4,136 3,126 3,515 4,258 Private nonguaranteed 11 92 177 426 643 643 1,026 979 923 1,031 Use of IMF credit 6 126 257 248 264 247 220 207 195 279 Short-term debt 91 303 154 429 413 413 402 380 370 116 of which interest arrears on LDOD 0 3 6 3 3 3 2 0 0 0 Official creditors 0 2 2 3 3 3 2 0 0 0 Private creditors 0 0 4 0 0 0 0 0 0 0 Memo: principal arrears on LDOD 3 22 31 28 28 18 19 0 0 0 Official creditors 3 15 9 18 19 18 19 0 0 0 Private creditors 0 7 22 9 9 0 0 0 0 0 Memo: export credits 0 0 794 495 269 226 204 130 66 52 TOTAL DEBT FLOWS Disbursements 58 553 331 666 492 442 758 571 618 1,031 Long-term debt 58 457 300 643 446 419 743 547 618 941 IMF purchases 0 96 31 23 46 23 15 24 0 90 Principal repayments 19 145 241 263 268 288 454 361 363 298 Long-term debt 19 145 196 229 233 265 434 340 346 279 IMF repurchases 0 0 46 34 35 23 20 21 17 19 Net flows on debt 39 180 32 480 208 154 293 191 245 480 of which short-term debt 0 -228 -57 78 -16 0 -10 -20 -10 -254 Interest payments (INT) 7 220 144 212 165 130 180 184 115 129 Long-term debt 7 173 117 189 143 108 159 168 100 122 IMF charges 0 3 13 1 1 1 1 1 1 1 Short-term debt 0 45 14 21 21 21 20 15 15 6 Net transfers on debt 32 -40 -112 268 42 24 113 7 129 351 Total debt service paid (TDS) 26 365 385 475 433 418 634 544 479 427 Long-term debt 26 318 313 418 376 373 593 507 446 400 IMF repurchases and charges 0 3 59 36 36 24 21 22 18 20 Short-term debt (interest only) 0 45 14 21 21 21 20 15 15 6 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS -34 451 334 1,444 1,395 1,370 1,266 1,264 1,548 1,280 Net flow of long-term debt (ex. IMF) 39 312 104 414 213 153 309 207 272 663 Foreign direct investment (net) -76 91 27 731 949 1,011 736 706 677 167 Portfolio equity flows 0 0 0 0 0 0 0 0 0 0 Grants (excluding technical coop.) 3 48 202 299 233 206 221 352 600 451 Memo: technical coop. grants 9 41 108 199 185 193 150 232 213 266 official net resource flows 39 204 330 503 338 359 334 581 947 985 private net resource flows -73 247 3 941 1,058 1,011 932 683 601 295 NET TRANSFERS -41 258 200 1,174 1,171 1,120 959 929 1,265 924 Interest on long-term debt 7 173 117 189 143 108 159 168 100 122 Profit remittances on FDI 0 19 17 80 81 142 148 168 183 234 Memo: official net transfers 35 161 230 355 202 258 223 484 880 900 private net transfers -77 97 -30 820 969 862 736 445 385 24 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 1,256 2,784 4,626 7,730 8,335 8,089 8,165 7,812 7,596 7,565 Exports of goods, serv. & inc. (XGS) .. 1,046 998 1,580 1,547 1,540 1,711 1,749 1,742 2,038 Worker remit. & comp. of employees 0 1 5 85 88 96 127 135 113 126 Imports of goods & services (MGS) .. 1,112 1,354 2,357 2,489 2,342 2,443 2,312 2,380 2,349 International reserves (RES) 46 553 511 1,359 1,219 1,249 1,184 1,146 893 1,097 Current account balance .. -6 -199 -554 -666 -488 -446 -274 -352 36 4. DEBT INDICATORS EDT / XGS (%) .. 258.4 428.6 331.4 363.1 360.2 338.1 268.3 287.3 278.9 EDT / GNI (%) 46.8 97.1 92.4 67.7 67.4 68.6 70.8 60.1 65.9 75.1 TDS / XGS (%) .. 35.0 38.6 30.1 28.0 27.1 37.1 31.1 27.5 20.9 INT / XGS (%) .. 21.1 14.4 13.4 10.7 8.4 10.5 10.5 6.6 6.3 INT / GNI (%) 0.6 7.9 3.1 2.7 2.0 1.6 2.2 2.4 1.5 1.7 RES / EDT (%) 7.9 20.5 12.0 26.0 21.7 22.5 20.5 24.4 17.8 19.3 RES / MGS (months) .. 6.0 4.5 6.9 5.9 6.4 5.8 5.9 4.5 5.6 Short-term / EDT (%) 15.5 11.2 3.6 8.2 7.4 7.4 7.0 8.1 7.4 2.0 Concessional / EDT (%) 45.0 24.6 44.2 56.7 57.3 57.5 53.9 47.8 52.7 58.2 Multilateral / EDT (%) 4.4 16.5 37.2 51.2 47.9 50.0 48.5 62.4 65.7 70.8 89 BOLIVIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 491 2,274 3,864 4,559 4,938 4,889 5,162 4,105 4,438 5,289 Public and publicly guaranteed 480 2,182 3,687 4,133 4,296 4,246 4,136 3,126 3,515 4,258 Official creditors 275 1,110 3,362 4,100 4,258 4,221 4,103 3,105 3,491 4,234 Multilateral 26 447 1,589 2,680 2,690 2,777 2,803 2,925 3,286 4,026 Concessional 26 178 882 1,688 1,794 1,909 1,968 2,082 2,444 3,105 Bilateral 249 663 1,773 1,420 1,568 1,444 1,300 180 205 208 Concessional 239 487 1,006 1,279 1,422 1,281 1,150 162 193 203 Private creditors 205 1,072 325 33 37 25 33 20 24 25 Bonds 67 73 35 9 9 0 0 0 0 0 Commercial banks 2 603 4 1 4 4 3 0 0 0 Other private 136 395 286 23 24 21 30 20 24 25 Private nonguaranteed 11 92 177 426 643 643 1,026 979 923 1,031 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 11 92 177 426 643 643 1,026 979 923 1,031 Memo: IBRD 0 175 194 37 26 13 0 0 0 0 IDA 18 64 393 930 1,045 1,097 1,096 1,146 1,321 1,571 DISBURSEMENTS 58 457 300 643 446 419 743 547 618 941 Public and publicly guaranteed 55 441 300 374 315 291 275 374 499 717 Official creditors 45 198 291 365 309 288 262 370 495 716 Multilateral 2 108 204 351 251 255 237 324 460 696 Concessional 2 28 90 227 194 168 150 191 300 502 Bilateral 43 91 86 14 58 34 25 46 36 20 Concessional 33 31 85 14 54 22 21 41 34 20 Private creditors 10 242 9 8 7 3 13 3 3 1 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 55 0 0 4 0 0 0 0 0 Other private 10 187 9 8 2 3 13 3 3 1 Private nonguaranteed 3 16 0 269 131 127 468 173 119 224 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 3 16 0 269 131 127 468 173 119 224 Memo: IBRD 0 73 0 0 0 0 0 0 0 0 IDA 2 2 49 136 88 82 61 102 104 143 PRINCIPAL REPAYMENTS 19 145 196 229 233 265 434 340 346 279 Public and publicly guaranteed 17 126 172 168 206 139 153 143 149 184 Official creditors 9 43 163 162 203 135 149 140 148 182 Multilateral 2 7 117 151 190 111 118 117 130 163 Concessional 2 0 14 26 23 18 21 15 14 24 Bilateral 7 36 46 10 14 24 32 24 17 19 Concessional 5 15 9 4 9 17 22 18 11 11 Private creditors 8 84 9 6 3 3 4 2 1 1 Bonds 0 1 0 3 0 0 0 0 0 0 Commercial banks 1 49 2 2 1 1 1 0 0 0 Other private 7 33 8 2 2 2 3 2 1 1 Private nonguaranteed 2 19 24 61 27 127 281 197 198 95 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 2 19 24 61 27 127 281 197 198 95 Memo: IBRD 0 3 21 19 13 13 12 0 0 0 IDA 0 0 2 4 3 0 0 1 7 6 NET FLOWS ON DEBT 39 312 104 414 213 153 309 207 272 663 Public and publicly guaranteed 38 315 128 206 109 153 122 231 350 533 Official creditors 36 156 128 204 105 153 113 230 348 534 Multilateral 0 101 87 200 61 143 119 207 329 533 Concessional 0 28 77 202 171 150 129 176 286 479 Bilateral 36 55 41 4 44 10 -7 23 18 1 Concessional 28 16 76 10 45 5 -1 23 23 9 Private creditors 2 159 0 2 4 -1 9 1 2 -1 Bonds 0 -1 0 -3 0 0 0 0 0 0 Commercial banks -1 6 -2 -2 4 0 -1 0 0 0 Other private 3 154 1 7 0 0 10 2 2 -1 Private nonguaranteed 1 -3 -24 208 104 1 187 -24 -78 129 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 1 -3 -24 208 104 1 187 -24 -78 129 Memo: IBRD 0 70 -21 -19 -13 -13 -12 0 0 0 IDA 2 1 47 132 85 82 61 101 96 136 90 BOLIVIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) 7 173 117 189 143 108 159 168 100 122 Public and publicly guaranteed 7 164 103 150 137 103 112 99 68 85 Official creditors 4 43 101 148 135 102 111 97 68 85 Multilateral 1 21 69 100 91 78 82 72 61 81 Concessional 1 2 10 20 20 14 15 10 12 32 Bilateral 3 21 32 49 44 24 29 25 6 4 Concessional 2 11 6 41 37 20 23 22 5 3 Private creditors 3 121 2 1 1 1 1 1 0 0 Bonds 1 3 0 0 0 0 0 0 0 0 Commercial banks 0 95 1 0 0 0 0 0 0 0 Other private 2 22 2 1 1 1 1 1 0 0 Private nonguaranteed 1 9 14 40 6 5 47 69 32 36 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 1 9 14 40 6 5 47 69 32 36 Memo: IBRD 0 10 15 4 3 2 1 0 0 0 IDA 0 0 3 6 6 0 1 1 7 8 NET TRANSFERS ON DEBT 32 138 -13 225 71 45 150 39 172 541 Public and publicly guaranteed 31 151 25 56 -27 50 10 132 282 448 Official creditors 32 113 27 55 -30 52 2 132 280 450 Multilateral 0 79 18 100 -30 66 38 135 268 452 Concessional 0 25 66 182 150 136 114 166 274 447 Bilateral 33 34 9 -45 0 -14 -35 -3 12 -2 Concessional 26 6 71 -31 8 -15 -24 1 18 7 Private creditors -1 38 -3 1 3 -2 8 0 2 -1 Bonds -1 -4 0 -3 0 0 0 0 0 0 Commercial banks -1 -90 -2 -2 4 -1 -1 -1 0 0 Other private 1 132 0 6 -1 -1 9 1 2 -1 Private nonguaranteed 0 -12 -38 168 98 -4 140 -93 -110 93 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 -12 -38 168 98 -4 140 -93 -110 93 Memo: IBRD 0 60 -36 -24 -15 -15 -13 0 0 0 IDA 2 1 45 126 79 82 60 100 89 128 DEBT SERVICE (LTDS) 26 318 313 418 376 373 593 507 446 400 Public and publicly guaranteed 23 290 275 317 343 242 265 241 217 269 Official creditors 13 85 263 310 339 237 260 238 215 267 Multilateral 3 28 186 251 281 189 200 189 192 245 Concessional 3 3 24 46 43 32 36 25 26 56 Bilateral 10 57 77 59 58 48 60 49 24 22 Concessional 7 25 14 45 46 36 46 40 16 13 Private creditors 11 205 12 7 4 5 5 3 1 2 Bonds 1 4 0 3 0 0 0 0 0 0 Commercial banks 1 145 2 2 1 1 1 1 0 0 Other private 8 56 10 3 3 4 4 3 1 2 Private nonguaranteed 3 28 38 101 33 132 328 266 229 132 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 3 28 38 101 33 132 328 266 229 132 Memo: IBRD 0 13 36 24 15 15 13 0 0 0 IDA 0 1 4 10 9 0 1 2 15 14 UNDISBURSED DEBT 72 954 1,123 1,099 1,277 1,217 1,078 1,148 1,240 1,189 Official creditors 66 804 1,107 1,087 1,247 1,193 1,067 1,137 1,230 1,179 Private creditors 6 150 16 11 30 24 11 10 9 10 Memorandum items Concessional LDOD 265 665 1,888 2,967 3,215 3,190 3,118 2,244 2,636 3,308 Variable rate LDOD 11 719 918 888 1,079 1,048 1,438 1,346 1,461 1,859 Public sector LDOD 467 2,166 3,687 4,133 4,296 3,839 3,759 3,083 3,470 4,222 Private sector LDOD 24 107 177 426 643 1,050 1,403 1,022 969 1,067 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 0.7 1.0 0.8 Deutsche mark 2.3 6.8 7.0 8.6 9.1 7.9 7.2 .. .. .. French franc 0.1 0.8 2.2 1.3 1.4 0.8 0.7 .. .. .. Japanese yen 0.0 1.7 10.0 11.3 12.2 13.5 12.3 0.0 0.0 0.0 Pound sterling 0.0 2.0 0.9 0.5 0.4 0.2 0.2 0.0 0.0 0.0 Swiss franc 0.0 0.3 0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 85.9 65.1 41.3 37.1 39.0 42.2 45.0 61.0 65.9 71.4 Multiple currency 11.7 18.1 29.4 34.8 31.3 30.7 29.9 37.2 32.2 26.8 Special drawing rights 0.0 0.0 0.0 0.1 0.2 0.3 0.4 0.6 0.6 0.7 All other currencies 0.0 5.3 8.6 6.3 6.5 4.4 4.3 0.4 0.4 0.3 91 BOLIVIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 153 301 0 550 0 0 3 0 Debt stock rescheduled .. .. 0 0 0 532 0 0 0 0 Principal rescheduled .. .. 81 300 0 3 0 0 0 0 Official .. .. 69 300 0 3 0 0 0 0 Private .. .. 12 0 0 0 0 0 0 0 Interest rescheduled .. .. 63 0 0 0 0 0 0 0 Official .. .. 59 0 0 0 0 0 0 0 Private .. .. 3 0 0 0 0 0 0 0 Debt forgiven .. .. 92 83 18 34 28 99 41 34 Memo: interest forgiven .. .. 60 12 1 8 8 18 13 12 Debt stock reduction .. .. 20 0 94 102 18 1,050 61 0 of which debt buyback .. .. 4 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 143 42 379 -67 236 -1,093 312 680 Net flows on debt 39 180 32 480 208 154 293 191 245 480 Net change in interest arrears .. .. -44 -22 0 0 0 -2 0 0 Interest capitalized .. .. 63 0 0 0 0 0 0 0 Debt forgiveness or reduction .. .. -109 -83 -111 -136 -46 -1,149 -102 -34 Cross-currency valuation .. .. 114 -418 -3 -41 -212 -193 113 226 Residual .. .. 86 84 286 -43 202 61 55 8 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 1.9 8.4 4.2 4.8 1.7 2.0 4.2 3.3 4.1 3.1 Maturity (years) 47.7 15.5 29.2 20.2 34.7 34.7 28.4 23.2 21.8 21.4 Grace period (years) 4.0 4.5 7.9 5.7 9.5 9.1 7.8 6.0 5.7 6.2 Grant element (%) 66.6 13.0 47.8 36.2 68.9 67.2 48.0 46.2 40.4 47.0 Official creditors Interest (%) 1.8 8.1 4.1 4.8 1.7 2.0 4.2 3.3 4.1 3.1 Maturity (years) 48.2 21.5 29.5 20.7 35.9 35.8 28.6 23.3 21.9 21.4 Grace period (years) 4.0 5.3 7.9 5.8 9.7 9.3 7.9 6.1 5.7 6.2 Grant element (%) 67.4 20.4 48.4 37.1 70.0 68.0 48.2 46.5 40.5 47.0 Private creditors Interest (%) 12.0 8.7 9.4 5.5 1.1 0.8 7.4 5.9 6.3 0.0 Maturity (years) 5.5 10.1 5.8 6.0 12.4 10.0 5.3 5.6 5.5 0.0 Grace period (years) 3.5 3.9 1.5 1.3 5.3 5.9 0.8 1.1 1.0 0.0 Grant element (%) -6.9 6.4 1.0 12.6 50.1 48.8 5.9 10.6 9.5 0.0 Memorandum items Commitments 24 370 549 174 479 319 180 542 625 724 Official creditors 24 176 542 168 454 306 179 537 623 724 Private creditors 0 194 7 6 25 13 1 4 2 0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 332 297 201 139 88 57 34 18 11 7 Principal 389 356 450 341 335 316 312 294 278 267 Interest 183 180 161 139 123 104 89 76 64 52 Official creditors Disbursements 328 294 199 138 88 56 34 18 11 7 Principal 213 213 251 236 224 233 233 228 225 220 Interest 109 107 104 96 88 80 72 63 56 49 Bilateral creditors Disbursements 19 19 12 9 6 4 3 3 2 1 Principal 17 18 17 15 16 18 20 20 18 14 Interest 6 6 5 5 5 5 4 4 3 3 Multilateral creditors Disbursements 309 275 187 129 82 52 31 15 9 6 Principal 196 195 234 220 208 215 214 208 206 206 Interest 103 102 98 92 83 75 67 60 52 46 Private creditors Disbursements 4 3 2 1 0 0 0 0 0 0 Principal 176 143 199 105 111 83 78 66 53 47 Interest 74 73 57 43 34 24 17 13 9 4 Commercial banks Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 0 0 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 0 0 Other private Disbursements 4 3 2 1 0 0 0 0 0 0 Principal 176 143 199 105 111 83 78 66 53 47 Interest 74 73 57 43 34 24 17 13 9 4 92 BOSNIA AND HERZEGOVINA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. .. .. .. .. 2,707 2,443 2,283 2,853 2,920 Long-term debt (LDOD) .. .. .. .. .. 2,574 2,289 2,112 2,366 2,674 Public and publicly guaranteed .. .. .. .. .. 2,571 2,283 2,101 2,345 2,629 Private nonguaranteed .. .. .. .. .. 3 7 11 21 44 Use of IMF credit .. .. .. 41 77 94 105 111 139 134 Short-term debt .. .. .. 57 119 40 49 60 349 113 of which interest arrears on LDOD .. .. .. .. .. 2 1 0 2 0 Official creditors .. .. .. .. .. 2 1 0 2 0 Private creditors .. .. .. .. .. 0 0 0 0 0 Memo: principal arrears on LDOD .. .. .. .. .. 30 2 0 0 0 Official creditors .. .. .. .. .. 4 2 0 0 0 Private creditors .. .. .. .. .. 26 0 0 0 0 Memo: export credits .. .. .. 234 128 177 163 246 333 381 TOTAL DEBT FLOWS Disbursements .. .. .. .. .. 160 136 112 195 188 Long-term debt .. .. .. .. .. 120 100 94 154 154 IMF purchases .. .. .. 0 33 40 36 18 41 34 Principal repayments .. .. .. .. .. 25 191 207 101 121 Long-term debt .. .. .. .. .. 4 171 200 78 71 IMF repurchases .. .. .. 1 0 21 20 8 23 51 Net flows on debt .. .. .. .. .. 91 -44 -84 382 -168 of which short-term debt .. .. .. .. .. -44 11 12 287 -234 Interest payments (INT) .. .. .. .. .. 166 134 92 64 61 Long-term debt .. .. .. .. .. 160 126 85 58 55 IMF charges .. .. .. 2 3 3 5 5 3 2 Short-term debt .. .. .. .. .. 3 3 3 3 4 Net transfers on debt .. .. .. .. .. -75 -178 -177 318 -229 Total debt service paid (TDS) .. .. .. .. .. 191 325 300 164 183 Long-term debt .. .. .. .. .. 163 297 284 136 126 IMF repurchases and charges .. .. .. 3 3 24 25 13 26 53 Short-term debt (interest only) .. .. .. .. .. 3 3 3 3 4 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. .. .. .. .. 1,115 645 444 669 782 Net flow of long-term debt (ex. IMF) .. .. .. .. .. 116 -71 -106 76 84 Foreign direct investment (net) .. .. .. .. .. 177 146 118 268 382 Portfolio equity flows .. .. .. .. .. 0 0 0 0 0 Grants (excluding technical coop.) .. .. .. 701 499 822 570 431 325 317 Memo: technical coop. grants .. .. .. 86 243 105 103 123 123 152 official net resource flows .. .. .. .. .. 938 496 322 395 382 private net resource flows .. .. .. .. .. 177 150 122 274 400 NET TRANSFERS .. .. .. .. .. 955 520 357 606 717 Interest on long-term debt .. .. .. .. .. 160 126 85 58 55 Profit remittances on FDI .. .. .. .. .. 0 0 2 5 10 Memo: official net transfers .. .. .. .. .. 802 409 258 351 340 private net transfers .. .. .. .. .. 153 110 99 255 376 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. .. .. 3,299 4,626 4,964 4,774 5,264 5,847 7,303 Exports of goods, serv. & inc. (XGS) .. .. .. .. 2,618 2,666 2,726 2,646 2,676 3,280 Worker remit. & comp. of employees .. .. .. 0 1,542 1,386 1,147 1,072 1,049 1,178 Imports of goods & services (MGS) .. .. .. .. 4,094 4,472 4,220 4,375 4,825 5,852 International reserves (RES) .. .. .. 80 175 452 497 1,221 1,321 1,796 Current account balance .. .. .. .. -813 -1,122 -1,032 -1,217 -1,694 -2,038 4. DEBT INDICATORS EDT / XGS (%) .. .. .. .. .. 101.5 89.6 86.3 106.6 89.0 EDT / GNI (%) .. .. .. .. .. 54.5 51.2 43.4 48.8 40.0 TDS / XGS (%) .. .. .. .. .. 7.2 11.9 11.3 6.1 5.6 INT / XGS (%) .. .. .. .. .. 6.2 4.9 3.5 2.4 1.9 INT / GNI (%) .. .. .. .. .. 3.3 2.8 1.8 1.1 0.8 RES / EDT (%) .. .. .. .. .. 16.7 20.3 53.5 46.3 61.5 RES / MGS (months) .. .. .. .. .. 1.2 1.4 3.3 3.3 3.7 Short-term / EDT (%) .. .. .. .. .. 1.5 2.0 2.6 12.2 3.9 Concessional / EDT (%) .. .. .. .. .. 33.3 37.6 41.2 40.0 45.3 Multilateral / EDT (%) .. .. .. .. .. 52.1 51.8 48.9 44.2 48.9 93 BOSNIA AND HERZEGOVINA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. .. .. .. .. 2,574 2,289 2,112 2,366 2,674 Public and publicly guaranteed .. .. .. .. .. 2,571 2,283 2,101 2,345 2,629 Official creditors .. .. .. .. .. 2,000 1,825 1,650 1,871 2,127 Multilateral .. .. .. .. .. 1,410 1,266 1,116 1,261 1,428 Concessional .. .. .. .. .. 419 460 502 644 758 Bilateral .. .. .. .. .. 590 559 534 610 699 Concessional .. .. .. .. .. 481 458 438 498 566 Private creditors .. .. .. .. .. 570 458 451 473 502 Bonds .. .. .. .. .. 333 333 333 333 333 Commercial banks .. .. .. .. .. 135 125 118 140 169 Other private .. .. .. .. .. 103 0 0 0 0 Private nonguaranteed .. .. .. .. .. 3 7 11 21 44 Bonds .. .. .. .. .. 0 0 0 0 0 Commercial banks and other .. .. .. .. .. 3 7 11 21 44 Memo: IBRD .. .. .. 566 581 578 562 540 538 540 IDA .. .. .. 167 312 373 398 443 578 683 DISBURSEMENTS .. .. .. .. .. 120 100 94 154 154 Public and publicly guaranteed .. .. .. .. .. 120 95 81 136 113 Official creditors .. .. .. .. .. 120 95 81 136 113 Multilateral .. .. .. .. .. 118 90 80 108 90 Concessional .. .. .. .. .. 105 62 62 98 49 Bilateral .. .. .. .. .. 2 5 1 27 23 Concessional .. .. .. .. .. 2 5 1 15 23 Private creditors .. .. .. .. .. 0 0 0 0 0 Bonds .. .. .. .. .. 0 0 0 0 0 Commercial banks .. .. .. .. .. 0 0 0 0 0 Other private .. .. .. .. .. 0 0 0 0 0 Private nonguaranteed .. .. .. .. .. 0 5 13 19 41 Bonds .. .. .. .. .. 0 0 0 0 0 Commercial banks and other .. .. .. .. .. 0 5 13 19 41 Memo: IBRD .. .. .. 0 0 0 0 0 0 0 IDA .. .. .. 65 135 68 44 62 97 48 PRINCIPAL REPAYMENTS .. .. .. .. .. 4 171 200 78 71 Public and publicly guaranteed .. .. .. .. .. 4 170 191 65 47 Official creditors .. .. .. .. .. 4 170 191 65 47 Multilateral .. .. .. .. .. 4 166 186 39 34 Concessional .. .. .. .. .. 0 0 1 2 2 Bilateral .. .. .. .. .. 0 4 5 26 13 Concessional .. .. .. .. .. 0 4 5 13 11 Private creditors .. .. .. .. .. 0 0 0 0 0 Bonds .. .. .. .. .. 0 0 0 0 0 Commercial banks .. .. .. .. .. 0 0 0 0 0 Other private .. .. .. .. .. 0 0 0 0 0 Private nonguaranteed .. .. .. .. .. 0 1 9 13 23 Bonds .. .. .. .. .. 0 0 0 0 0 Commercial banks and other .. .. .. .. .. 0 1 9 13 23 Memo: IBRD .. .. .. 0 0 0 0 5 23 24 IDA .. .. .. 0 0 0 0 0 0 0 NET FLOWS ON DEBT .. .. .. .. .. 116 -71 -106 76 84 Public and publicly guaranteed .. .. .. .. .. 116 -75 -109 70 65 Official creditors .. .. .. .. .. 116 -75 -109 70 65 Multilateral .. .. .. .. .. 114 -76 -106 69 55 Concessional .. .. .. .. .. 104 62 60 96 47 Bilateral .. .. .. .. .. 2 1 -3 1 10 Concessional .. .. .. .. .. 2 1 -3 2 12 Private creditors .. .. .. .. .. 0 0 0 0 0 Bonds .. .. .. .. .. 0 0 0 0 0 Commercial banks .. .. .. .. .. 0 0 0 0 0 Other private .. .. .. .. .. 0 0 0 0 0 Private nonguaranteed .. .. .. .. .. 0 4 4 6 18 Bonds .. .. .. .. .. 0 0 0 0 0 Commercial banks and other .. .. .. .. .. 0 4 4 6 18 Memo: IBRD .. .. .. 0 0 0 0 -5 -23 -24 IDA .. .. .. 65 135 68 44 62 97 48 94 BOSNIA AND HERZEGOVINA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) .. .. .. .. .. 160 126 85 58 55 Public and publicly guaranteed .. .. .. .. .. 159 125 84 57 53 Official creditors .. .. .. .. .. 136 86 64 44 42 Multilateral .. .. .. .. .. 131 74 53 30 28 Concessional .. .. .. .. .. 3 4 5 5 6 Bilateral .. .. .. .. .. 5 13 10 14 14 Concessional .. .. .. .. .. 2 8 7 9 8 Private creditors .. .. .. .. .. 23 39 20 13 12 Bonds .. .. .. .. .. 20 37 18 9 7 Commercial banks .. .. .. .. .. 3 2 2 4 5 Other private .. .. .. .. .. 0 0 0 0 0 Private nonguaranteed .. .. .. .. .. 0 0 1 1 2 Bonds .. .. .. .. .. 0 0 0 0 0 Commercial banks and other .. .. .. .. .. 0 0 1 1 2 Memo: IBRD .. .. .. 36 35 34 33 31 22 17 IDA .. .. .. 1 1 2 3 3 4 5 NET TRANSFERS ON DEBT .. .. .. .. .. -43 -197 -190 18 28 Public and publicly guaranteed .. .. .. .. .. -43 -200 -193 13 12 Official creditors .. .. .. .. .. -20 -161 -173 26 24 Multilateral .. .. .. .. .. -17 -150 -160 39 28 Concessional .. .. .. .. .. 101 58 56 91 41 Bilateral .. .. .. .. .. -3 -11 -13 -13 -4 Concessional .. .. .. .. .. 0 -7 -10 -7 4 Private creditors .. .. .. .. .. -23 -39 -20 -13 -12 Bonds .. .. .. .. .. -20 -37 -18 -9 -7 Commercial banks .. .. .. .. .. -3 -2 -2 -4 -5 Other private .. .. .. .. .. 0 0 0 0 0 Private nonguaranteed .. .. .. .. .. 0 3 3 5 16 Bonds .. .. .. .. .. 0 0 0 0 0 Commercial banks and other .. .. .. .. .. 0 3 3 5 16 Memo: IBRD .. .. .. -36 -35 -34 -33 -36 -45 -41 IDA .. .. .. 64 133 66 41 59 93 44 DEBT SERVICE (LTDS) .. .. .. .. .. 163 297 284 136 126 Public and publicly guaranteed .. .. .. .. .. 163 295 274 123 101 Official creditors .. .. .. .. .. 140 256 254 109 89 Multilateral .. .. .. .. .. 135 240 240 69 62 Concessional .. .. .. .. .. 3 4 6 7 8 Bilateral .. .. .. .. .. 5 16 15 40 27 Concessional .. .. .. .. .. 2 12 12 22 20 Private creditors .. .. .. .. .. 23 39 20 13 12 Bonds .. .. .. .. .. 20 37 18 9 7 Commercial banks .. .. .. .. .. 3 2 2 4 5 Other private .. .. .. .. .. 0 0 0 0 0 Private nonguaranteed .. .. .. .. .. 0 1 10 13 25 Bonds .. .. .. .. .. 0 0 0 0 0 Commercial banks and other .. .. .. .. .. 0 1 10 13 25 Memo: IBRD .. .. .. 36 35 34 33 36 45 41 IDA .. .. .. 1 1 2 3 3 4 5 UNDISBURSED DEBT .. .. .. .. .. 382 422 518 542 472 Official creditors .. .. .. .. .. 382 422 518 542 472 Private creditors .. .. .. .. .. 0 0 0 0 0 Memorandum items Concessional LDOD .. .. .. .. .. 901 918 940 1,143 1,324 Variable rate LDOD .. .. .. .. .. 1,180 1,068 1,060 1,094 1,198 Public sector LDOD .. .. .. .. .. 2,571 2,283 2,101 2,345 2,629 Private sector LDOD .. .. .. .. .. 3 7 11 21 44 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 26.4 28.0 30.6 Deutsche mark .. .. .. .. .. 9.1 10.2 .. .. .. French franc .. .. .. .. .. 0.0 0.0 .. .. .. Japanese yen .. .. .. .. .. 0.0 0.0 0.0 0.1 1.0 Pound sterling .. .. .. .. .. 0.0 0.0 0.0 0.0 0.0 Swiss franc .. .. .. .. .. 1.4 2.0 2.0 2.0 2.0 U.S.dollars .. .. .. .. .. 36.9 38.2 44.2 45.3 44.3 Multiple currency .. .. .. .. .. 22.7 24.8 26.0 23.2 20.8 Special drawing rights .. .. .. .. .. 0.0 0.0 0.0 0.0 0.1 All other currencies .. .. .. .. .. 29.9 24.7 1.3 1.3 1.3 95 BOSNIA AND HERZEGOVINA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. .. .. .. 613 4 0 0 0 Debt stock rescheduled .. .. .. .. .. 0 0 0 0 0 Principal rescheduled .. .. .. .. .. 468 2 0 0 0 Official .. .. .. .. .. 0 0 0 0 0 Private .. .. .. .. .. 468 2 0 0 0 Interest rescheduled .. .. .. .. .. 97 1 0 0 0 Official .. .. .. .. .. 0 0 0 0 0 Private .. .. .. .. .. 97 1 0 0 0 Debt forgiven .. .. .. .. .. 0 0 0 0 0 Memo: interest forgiven .. .. .. .. .. 0 0 0 0 0 Debt stock reduction .. .. .. .. .. 0 0 0 0 0 of which debt buyback .. .. .. .. .. 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. .. .. .. 73 -264 -160 571 67 Net flows on debt .. .. .. .. .. 91 -44 -84 382 -168 Net change in interest arrears .. .. .. .. .. -35 -1 -1 2 -2 Interest capitalized .. .. .. .. .. 97 1 0 0 0 Debt forgiveness or reduction .. .. .. .. .. 0 0 0 0 0 Cross-currency valuation .. .. .. .. .. -96 -115 -78 184 239 Residual .. .. .. .. .. 15 -105 3 4 -3 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. .. .. .. .. 1.5 3.5 2.0 0.8 1.4 Maturity (years) .. .. .. .. .. 30.7 25.6 29.5 34.6 19.4 Grace period (years) .. .. .. .. .. 9.2 7.2 8.2 9.9 10.4 Grant element (%) .. .. .. .. .. 69.0 49.1 64.0 78.3 63.8 Official creditors Interest (%) .. .. .. .. .. 1.5 3.5 2.0 0.8 1.4 Maturity (years) .. .. .. .. .. 30.7 25.6 29.5 34.6 19.4 Grace period (years) .. .. .. .. .. 9.2 7.2 8.2 9.9 10.4 Grant element (%) .. .. .. .. .. 69.0 49.1 64.0 78.3 63.8 Private creditors Interest (%) .. .. .. .. .. 0.0 0.0 0.0 0.0 0.0 Maturity (years) .. .. .. .. .. 0.0 0.0 0.0 0.0 0.0 Grace period (years) .. .. .. .. .. 0.0 0.0 0.0 0.0 0.0 Grant element (%) .. .. .. .. .. 0.0 0.0 0.0 0.0 0.0 Memorandum items Commitments .. .. .. .. .. 255 151 199 105 57 Official creditors .. .. .. .. .. 255 151 199 105 57 Private creditors .. .. .. .. .. 0 0 0 0 0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 140 92 72 54 42 30 17 11 7 4 Principal 95 119 128 132 129 137 135 139 135 135 Interest 57 56 54 51 49 46 43 40 36 33 Official creditors Disbursements 140 92 72 54 42 30 17 11 7 4 Principal 80 67 73 85 89 98 97 101 97 97 Interest 45 45 44 43 41 39 37 34 32 30 Bilateral creditors Disbursements 10 7 4 2 1 0 0 0 0 0 Principal 44 28 28 28 29 28 28 28 28 28 Interest 15 15 14 13 13 12 11 10 9 9 Multilateral creditors Disbursements 129 85 67 52 41 29 16 11 7 4 Principal 37 39 45 57 60 70 69 73 69 68 Interest 30 30 30 30 29 27 26 24 23 21 Private creditors Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 15 51 54 46 40 38 38 38 38 38 Interest 12 11 10 8 8 7 6 5 4 4 Commercial banks Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 0 13 13 13 13 13 13 13 13 13 Interest 3 3 3 3 3 2 2 2 2 1 Other private Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 15 38 41 33 27 25 25 25 25 25 Interest 8 8 7 6 5 4 4 3 3 2 96 BOTSWANA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 17.4 135.6 552.9 574.7 532.2 504.2 452.8 399.9 488.4 513.6 Long-term debt (LDOD) 17.4 131.6 547.1 534.7 524.7 484.5 437.8 378.9 472.4 484.6 Public and publicly guaranteed 17.4 131.6 547.1 534.7 524.7 484.5 437.8 378.9 472.4 484.6 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt 0.0 4.0 5.8 40.0 7.4 19.7 15.0 21.0 16.0 29.0 of which interest arrears on LDOD 0.0 0.0 2.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official creditors 0.0 0.0 1.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private creditors 0.0 0.0 1.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: principal arrears on LDOD 0.0 0.0 2.7 0.1 1.2 1.1 1.0 0.0 0.0 0.0 Official creditors 0.0 0.0 0.9 0.1 1.2 1.1 1.0 0.0 0.0 0.0 Private creditors 0.0 0.0 1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TOTAL DEBT FLOWS Disbursements 5.7 27.2 27.0 21.2 22.5 21.9 28.0 7.4 1.8 13.5 Long-term debt 5.7 27.2 27.0 21.2 22.5 21.9 28.0 7.4 1.8 13.5 IMF purchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 0.2 6.0 66.5 74.1 53.0 52.3 52.1 39.3 44.6 38.0 Long-term debt 0.2 6.0 66.5 74.1 53.0 52.3 52.1 39.3 44.6 38.0 IMF repurchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net flows on debt 5.6 8.3 -39.4 -18.9 -63.1 -18.2 -28.8 -25.9 -47.8 -11.6 of which short-term debt 0.0 -13.0 0.1 34.0 -32.6 12.3 -4.7 6.0 -5.0 13.0 Interest payments (INT) 0.4 8.2 38.8 29.1 23.2 21.5 16.6 12.9 16.2 12.4 Long-term debt 0.4 6.7 38.6 27.7 22.8 20.7 15.2 11.9 15.2 11.4 IMF charges 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt 0.0 1.5 0.2 1.4 0.4 0.8 1.3 1.0 1.0 1.0 Net transfers on debt 5.1 0.1 -78.2 -47.9 -86.3 -39.6 -45.3 -38.7 -63.9 -24.0 Total debt service paid (TDS) 0.6 14.1 105.3 103.2 76.3 73.8 68.7 52.1 60.8 50.5 Long-term debt 0.6 12.6 105.1 101.8 75.8 73.0 67.4 51.1 59.8 49.5 IMF repurchases and charges 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt (interest only) 0.0 1.5 0.2 1.4 0.4 0.8 1.3 1.0 1.0 1.0 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 14.9 183.5 134.9 99.3 95.8 31.5 45.3 12.7 381.2 76.6 Net flow of long-term debt (ex. IMF) 5.6 21.3 -39.5 -52.9 -30.5 -30.4 -24.1 -31.9 -42.8 -24.6 Foreign direct investment (net) 0.0 111.6 95.9 100.1 95.3 36.7 57.2 22.1 403.4 86.3 Portfolio equity flows 0.0 0.0 0.0 10.8 -14.1 -7.5 -5.9 6.0 7.1 0.0 Grants (excluding technical coop.) 9.3 50.6 78.4 41.2 45.2 32.8 18.1 16.5 13.5 14.9 Memo: technical coop. grants 2.7 47.5 59.1 41.0 31.8 27.3 18.2 17.9 38.7 27.7 official net resource flows 12.0 69.0 57.4 -6.7 19.1 -7.5 -2.9 -13.2 -27.0 -7.5 private net resource flows 2.9 114.4 77.4 105.9 76.7 39.0 48.2 25.9 408.3 84.0 NET TRANSFERS 14.4 69.2 -310.7 -597.7 -334.4 -596.2 -627.8 -342.8 -542.9 -889.4 Interest on long-term debt 0.4 6.7 38.6 27.7 22.8 20.7 15.2 11.9 15.2 11.4 Profit remittances on FDI 0.0 107.6 406.9 669.3 407.4 607.0 657.9 343.7 909.0 954.5 Memo: official net transfers 11.5 63.3 21.8 -32.0 -2.2 -26.4 -16.8 -24.5 -41.9 -18.7 private net transfers 2.9 5.9 -332.5 -565.8 -332.2 -569.8 -611.0 -318.3 -501.1 -870.7 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 101.0 1,028.0 3,684.7 5,046.1 5,051.9 4,762.4 4,899.8 5,046.7 4,695.6 7,236.3 Exports of goods, serv. & inc. (XGS) .. 747.5 2,421.1 3,652.1 2,938.6 3,419.3 3,378.6 3,013.5 3,076.5 3,778.5 Worker remit. & comp. of employees 0.0 77.0 86.0 48.0 43.0 34.0 26.0 26.0 27.0 27.0 Imports of goods & services (MGS) .. 953.5 2,508.9 3,132.0 3,008.7 3,087.5 3,050.2 2,612.9 3,118.6 3,444.2 International reserves (RES) .. 334.0 3,331.5 5,675.0 5,940.7 6,298.7 6,318.2 5,897.3 5,473.9 5,339.8 Current account balance .. -151.1 -19.3 721.4 169.7 583.5 545.2 597.7 170.2 .. 4. DEBT INDICATORS EDT / XGS (%) .. 18.1 22.8 15.7 18.1 14.7 13.4 13.3 15.9 13.6 EDT / GNI (%) 17.2 13.2 15.0 11.4 10.5 10.6 9.2 7.9 10.4 7.1 TDS / XGS (%) .. 1.9 4.3 2.8 2.6 2.2 2.0 1.7 2.0 1.3 INT / XGS (%) .. 1.1 1.6 0.8 0.8 0.6 0.5 0.4 0.5 0.3 INT / GNI (%) 0.4 0.8 1.1 0.6 0.5 0.5 0.3 0.3 0.3 0.2 RES / EDT (%) .. 246.3 602.5 987.4 1,116.3 1,249.2 1,395.5 1,474.8 1,120.7 1,039.6 RES / MGS (months) .. 4.2 15.9 21.7 23.7 24.5 24.9 27.1 21.1 18.6 Short-term / EDT (%) 0.0 2.9 1.0 7.0 1.4 3.9 3.3 5.3 3.3 5.6 Concessional / EDT (%) 64.3 43.8 32.9 52.6 58.4 59.1 64.0 66.9 60.6 60.3 Multilateral / EDT (%) 30.0 62.1 70.0 69.2 72.8 66.9 65.7 65.0 66.6 64.8 97 BOTSWANA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 17.4 131.6 547.1 534.7 524.7 484.5 437.8 378.9 472.4 484.6 Public and publicly guaranteed 17.4 131.6 547.1 534.7 524.7 484.5 437.8 378.9 472.4 484.6 Official creditors 14.2 123.8 519.7 507.1 500.5 452.6 409.9 359.5 455.3 469.8 Multilateral 5.2 84.3 387.1 398.0 387.2 337.4 297.4 260.0 325.5 333.0 Concessional 5.2 31.5 109.8 204.6 205.9 187.9 180.1 168.8 166.2 173.0 Bilateral 9.0 39.5 132.7 109.2 113.3 115.2 112.5 99.5 129.8 136.8 Concessional 6.0 27.9 71.9 97.6 105.1 110.0 109.5 98.7 129.6 136.7 Private creditors 3.2 7.8 27.4 27.6 24.2 31.9 27.9 19.3 17.1 14.8 Bonds 2.6 2.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.0 3.0 18.3 14.9 23.4 19.9 12.0 10.4 8.8 Other private 0.6 5.3 24.4 9.3 9.3 8.6 8.0 7.3 6.7 6.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 50.0 155.2 47.1 36.2 24.3 15.6 10.2 7.4 5.0 IDA 5.2 15.6 13.6 10.6 10.1 9.6 9.1 8.7 8.2 7.7 DISBURSEMENTS 5.7 27.2 27.0 21.2 22.5 21.9 28.0 7.4 1.8 13.5 Public and publicly guaranteed 5.7 27.2 27.0 21.2 22.5 21.9 28.0 7.4 1.8 13.5 Official creditors 2.8 24.4 27.0 21.2 22.5 11.2 24.3 7.4 1.8 13.5 Multilateral 1.6 15.5 20.5 19.5 17.2 5.5 7.9 4.1 0.2 5.8 Concessional 1.6 5.8 11.4 11.5 6.7 2.8 6.5 3.5 0.2 0.1 Bilateral 1.2 8.9 6.5 1.7 5.3 5.7 16.4 3.2 1.6 7.6 Concessional 1.2 2.7 3.9 1.7 5.3 5.7 16.4 3.2 1.6 7.6 Private creditors 2.9 2.8 0.0 0.0 0.0 10.7 3.8 0.0 0.0 0.0 Bonds 2.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.0 0.0 0.0 0.0 10.7 3.8 0.0 0.0 0.0 Other private 0.3 2.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 9.7 7.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 1.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PRINCIPAL REPAYMENTS 0.2 6.0 66.5 74.1 53.0 52.3 52.1 39.3 44.6 38.0 Public and publicly guaranteed 0.2 6.0 66.5 74.1 53.0 52.3 52.1 39.3 44.6 38.0 Official creditors 0.1 6.0 48.0 69.1 48.6 51.5 45.3 37.0 42.4 35.8 Multilateral 0.0 5.7 36.6 46.6 40.7 41.3 33.2 27.5 30.3 25.4 Concessional 0.0 0.1 2.7 11.2 10.1 11.0 8.7 8.0 8.5 6.9 Bilateral 0.1 0.3 11.4 22.5 7.9 10.1 12.1 9.5 12.1 10.3 Concessional 0.0 0.0 3.4 18.8 4.4 7.3 10.2 7.7 11.7 10.3 Private creditors 0.0 0.0 18.5 5.0 4.5 0.8 6.9 2.2 2.2 2.3 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.0 0.2 4.5 4.4 0.1 6.2 1.6 1.6 1.6 Other private 0.0 0.0 18.3 0.5 0.0 0.7 0.6 0.6 0.6 0.7 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 5.4 19.0 16.5 12.9 11.2 7.4 4.5 3.5 3.0 IDA 0.0 0.1 0.3 0.5 0.5 0.5 0.5 0.5 0.5 0.5 NET FLOWS ON DEBT 5.6 21.3 -39.5 -52.9 -30.5 -30.4 -24.1 -31.9 -42.8 -24.6 Public and publicly guaranteed 5.6 21.3 -39.5 -52.9 -30.5 -30.4 -24.1 -31.9 -42.8 -24.6 Official creditors 2.7 18.5 -21.0 -47.9 -26.1 -40.3 -21.0 -29.6 -40.5 -22.3 Multilateral 1.6 9.8 -16.1 -27.1 -23.5 -35.9 -25.3 -23.4 -30.0 -19.6 Concessional 1.6 5.7 8.7 0.3 -3.5 -8.2 -2.1 -4.5 -8.3 -6.8 Bilateral 1.1 8.6 -4.9 -20.8 -2.5 -4.4 4.3 -6.3 -10.5 -2.7 Concessional 1.2 2.7 0.5 -17.1 1.0 -1.6 6.2 -4.5 -10.1 -2.7 Private creditors 2.9 2.8 -18.5 -5.0 -4.5 9.8 -3.1 -2.2 -2.2 -2.3 Bonds 2.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.0 -0.2 -4.5 -4.4 10.5 -2.5 -1.6 -1.6 -1.6 Other private 0.3 2.8 -18.3 -0.5 0.0 -0.7 -0.6 -0.6 -0.6 -0.7 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 4.3 -11.9 -16.5 -12.9 -11.2 -7.4 -4.5 -3.5 -3.0 IDA 1.6 0.0 -0.3 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 98 BOTSWANA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) 0.4 6.7 38.6 27.7 22.8 20.7 15.2 11.9 15.2 11.4 Public and publicly guaranteed 0.4 6.7 38.6 27.7 22.8 20.7 15.2 11.9 15.2 11.4 Official creditors 0.4 5.7 35.6 25.3 21.3 18.9 13.9 11.4 14.9 11.2 Multilateral 0.0 4.7 27.8 20.9 17.7 15.8 11.1 8.4 11.3 8.4 Concessional 0.0 0.2 2.5 4.2 3.7 3.0 2.6 2.2 2.7 2.0 Bilateral 0.4 1.0 7.8 4.5 3.6 3.2 2.9 3.0 3.6 2.8 Concessional 0.2 0.5 1.8 3.0 2.5 2.4 2.4 2.7 3.6 2.8 Private creditors 0.0 1.0 3.0 2.4 1.5 1.8 1.3 0.5 0.3 0.2 Bonds 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.5 0.1 1.5 1.1 0.9 0.7 0.0 0.0 0.0 Other private 0.0 0.3 3.0 0.9 0.4 0.9 0.6 0.5 0.3 0.2 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 4.4 14.2 4.3 2.9 2.0 1.2 0.7 0.5 0.3 IDA 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 NET TRANSFERS ON DEBT 5.1 14.6 -78.1 -80.6 -53.3 -51.2 -39.3 -43.7 -57.9 -36.0 Public and publicly guaranteed 5.1 14.6 -78.1 -80.6 -53.3 -51.2 -39.3 -43.7 -57.9 -36.0 Official creditors 2.2 12.8 -56.6 -73.2 -47.3 -59.2 -34.9 -41.0 -55.4 -33.5 Multilateral 1.6 5.1 -43.9 -48.0 -41.2 -51.6 -36.4 -31.8 -41.3 -28.1 Concessional 1.6 5.5 6.3 -3.9 -7.1 -11.2 -4.8 -6.8 -11.0 -8.8 Bilateral 0.7 7.7 -12.7 -25.2 -6.1 -7.6 1.5 -9.2 -14.1 -5.5 Concessional 1.0 2.1 -1.4 -20.1 -1.5 -4.0 3.8 -7.2 -13.6 -5.5 Private creditors 2.9 1.9 -21.5 -7.4 -6.0 8.0 -4.4 -2.7 -2.6 -2.5 Bonds 2.6 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 -0.5 -0.2 -5.9 -5.5 9.6 -3.2 -1.6 -1.6 -1.6 Other private 0.2 2.5 -21.3 -1.4 -0.5 -1.6 -1.2 -1.1 -0.9 -0.9 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 -0.1 -26.1 -20.8 -15.8 -13.2 -8.6 -5.2 -4.0 -3.4 IDA 1.6 -0.2 -0.4 -0.6 -0.6 -0.6 -0.5 -0.5 -0.5 -0.5 DEBT SERVICE (LTDS) 0.6 12.6 105.1 101.8 75.8 73.0 67.4 51.1 59.8 49.5 Public and publicly guaranteed 0.6 12.6 105.1 101.8 75.8 73.0 67.4 51.1 59.8 49.5 Official creditors 0.6 11.7 83.6 94.4 69.8 70.4 59.2 48.4 57.2 47.0 Multilateral 0.0 10.4 64.4 67.5 58.4 57.1 44.3 35.9 41.5 33.9 Concessional 0.0 0.3 5.1 15.4 13.8 13.9 11.3 10.3 11.2 8.9 Bilateral 0.5 1.3 19.2 27.0 11.4 13.3 14.9 12.4 15.7 13.1 Concessional 0.2 0.5 5.2 21.8 6.8 9.8 12.6 10.5 15.3 13.1 Private creditors 0.1 1.0 21.5 7.4 6.0 2.6 8.2 2.7 2.6 2.5 Bonds 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.5 0.2 5.9 5.5 1.0 7.0 1.6 1.6 1.6 Other private 0.1 0.3 21.3 1.4 0.5 1.6 1.2 1.1 0.9 0.9 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 9.7 33.1 20.8 15.8 13.2 8.6 5.2 4.0 3.4 IDA 0.0 0.2 0.4 0.6 0.6 0.6 0.5 0.5 0.5 0.5 UNDISBURSED DEBT 31.1 159.6 410.4 103.5 86.4 65.8 34.0 29.7 31.9 48.9 Official creditors 31.1 118.0 373.2 89.0 71.9 62.0 34.0 29.7 31.9 48.9 Private creditors 0.0 41.6 37.2 14.4 14.4 3.8 0.0 0.0 0.0 0.0 Memorandum items Concessional LDOD 11.2 59.4 181.7 302.2 311.0 297.9 289.6 267.4 295.8 309.7 Variable rate LDOD 0.0 0.0 73.1 76.2 66.4 62.6 49.1 30.5 39.0 33.8 Public sector LDOD 17.4 131.6 547.1 518.0 511.3 473.0 432.4 378.9 472.4 484.6 Private sector LDOD 0.0 0.0 0.0 16.7 13.4 11.6 5.4 0.0 0.0 0.0 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 8.6 6.1 6.9 Deutsche mark 0.0 0.0 0.3 3.2 2.6 2.4 1.2 .. .. .. French franc 0.0 0.0 1.7 0.6 0.6 0.5 0.5 .. .. .. Japanese yen 0.0 0.0 4.4 9.4 10.7 12.4 11.4 10.7 17.4 17.9 Pound sterling 81.6 21.2 10.1 3.6 3.0 2.5 2.3 2.0 5.5 5.5 Swiss franc 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 U.S.dollars 0.0 25.7 11.9 15.2 14.5 16.3 18.0 19.8 23.8 21.7 Multiple currency 0.0 47.9 54.6 42.9 40.9 37.4 34.4 32.7 25.8 26.0 Special drawing rights 0.0 0.0 0.0 1.9 1.9 1.8 1.5 1.2 1.1 1.2 All other currencies 18.4 5.2 17.0 23.1 25.7 26.5 30.6 24.9 20.1 20.6 99 BOTSWANA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest rescheduled .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiven .. .. 0.0 0.0 0.0 0.0 0.0 1.1 0.0 0.0 Memo: interest forgiven .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock reduction .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which debt buyback .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 3.1 -51.8 -42.6 -27.9 -51.5 -52.9 88.6 25.2 Net flows on debt 5.6 8.3 -39.4 -18.9 -63.1 -18.2 -28.8 -25.9 -47.8 -11.6 Net change in interest arrears .. .. 2.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest capitalized .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiveness or reduction .. .. 0.0 0.0 0.0 0.0 0.0 -1.1 0.0 0.0 Cross-currency valuation .. .. 21.2 -24.4 5.9 -1.8 -10.5 0.1 11.8 0.3 Residual .. .. 19.2 -8.6 14.6 -8.0 -12.2 -26.0 124.6 36.5 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 0.6 6.0 6.8 2.5 4.3 4.0 0.0 3.9 0.0 3.2 Maturity (years) 38.9 19.9 15.2 19.1 17.6 11.6 0.0 11.9 19.3 14.9 Grace period (years) 10.0 4.0 4.4 3.6 3.4 4.1 0.0 3.9 10.3 5.1 Grant element (%) 79.7 24.7 18.1 46.6 33.8 30.4 0.0 30.9 74.6 40.8 Official creditors Interest (%) 0.1 6.0 5.6 2.5 4.3 4.0 0.0 3.9 0.0 3.2 Maturity (years) 40.7 19.9 17.5 19.1 17.6 11.6 0.0 11.9 19.3 14.9 Grace period (years) 9.4 4.0 4.5 3.6 3.4 4.1 0.0 3.9 10.3 5.1 Grant element (%) 84.9 24.7 26.5 46.6 33.8 30.4 0.0 30.9 74.6 40.8 Private creditors Interest (%) 7.3 0.0 8.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) 16.9 0.0 11.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) 16.3 0.0 4.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grant element (%) 19.6 0.0 4.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memorandum items Commitments 38 69 81 10 11 3 0 4 4 30 Official creditors 35 69 50 10 11 3 0 4 4 30 Private creditors 3 0 31 0 0 0 0 0 0 0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 16.6 11.4 7.2 4.7 3.2 2.5 1.8 1.2 0.3 0.1 Principal 52.1 45.7 44.7 43.0 40.9 36.4 33.2 30.6 27.1 21.5 Interest 14.6 12.7 11.0 9.3 7.7 6.2 5.1 4.1 3.2 2.5 Official creditors Disbursements 16.6 11.4 7.2 4.7 3.2 2.5 1.8 1.2 0.3 0.1 Principal 49.7 43.2 42.2 40.5 38.4 35.7 32.6 30.0 26.5 21.5 Interest 13.5 11.8 10.3 8.8 7.3 6.0 4.9 4.0 3.1 2.5 Bilateral creditors Disbursements 9.6 7.8 5.4 3.9 2.7 2.2 1.8 1.2 0.3 0.1 Principal 11.6 12.0 11.5 11.7 14.0 13.7 13.8 13.4 11.9 10.1 Interest 3.5 3.4 3.2 3.0 2.8 2.5 2.2 1.8 1.5 1.2 Multilateral creditors Disbursements 6.9 3.6 1.8 0.8 0.5 0.4 0.0 0.0 0.0 0.0 Principal 38.0 31.2 30.7 28.8 24.4 21.9 18.9 16.6 14.7 11.4 Interest 10.1 8.4 7.1 5.7 4.5 3.5 2.7 2.1 1.6 1.3 Private creditors Disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal 2.5 2.5 2.5 2.5 2.5 0.7 0.6 0.6 0.5 0.0 Interest 1.1 0.9 0.7 0.5 0.4 0.2 0.2 0.1 0.0 0.0 Commercial banks Disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal 1.8 1.8 1.8 1.8 1.8 0.0 0.0 0.0 0.0 0.0 Interest 0.5 0.4 0.3 0.2 0.1 0.0 0.0 0.0 0.0 0.0 Other private Disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.5 0.0 Interest 0.6 0.5 0.4 0.4 0.3 0.2 0.2 0.1 0.0 0.0 100 BRAZIL (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 5,734 71,527 119,965 198,043 241,032 243,972 239,187 226,790 228,638 235,431 Long-term debt (LDOD) 5,020 57,987 94,429 163,158 206,313 205,914 206,446 190,180 184,416 187,514 Public and publicly guaranteed 3,314 41,382 87,758 87,325 98,197 92,378 93,765 93,899 97,008 94,985 Private nonguaranteed 1,706 16,605 6,671 75,833 108,116 113,536 112,682 96,280 87,408 92,529 Use of IMF credit 0 0 1,821 31 4,825 8,827 1,768 8,337 20,827 28,317 Short-term debt 714 13,540 23,716 34,854 29,894 29,231 30,973 28,273 23,395 19,600 of which interest arrears on LDOD 0 14 8,791 1,354 1,674 265 177 0 0 0 Official creditors 0 0 332 813 246 148 107 0 0 0 Private creditors 0 13 8,459 541 1,428 117 70 0 0 0 Memo: principal arrears on LDOD 3 446 3,694 2,959 1,937 2,099 1,840 0 0 0 Official creditors 0 3 789 813 384 259 599 0 0 0 Private creditors 3 443 2,905 2,146 1,552 1,841 1,240 0 0 0 Memo: export credits 0 0 23,906 20,873 10,365 9,852 9,085 8,137 8,444 8,112 TOTAL DEBT FLOWS Disbursements 1,783 11,418 4,087 43,826 66,640 46,963 41,847 45,075 40,584 45,100 Long-term debt 1,783 11,418 4,087 43,826 62,002 40,878 41,847 38,357 24,691 27,426 IMF purchases 0 0 0 0 4,639 6,085 0 6,718 15,893 17,674 Principal repayments 531 6,848 5,913 29,104 35,906 53,332 47,726 37,335 36,890 41,829 Long-term debt 456 6,848 5,148 29,071 35,885 51,355 41,033 37,335 32,244 29,382 IMF repurchases 75 0 765 33 21 1,977 6,693 0 4,646 12,447 Net flows on debt 1,252 9,463 -1,727 -1,281 6,734 -5,623 -4,048 5,217 -1,184 -525 of which short-term debt 0 4,892 99 -16,000 -24,000 746 1,831 -2,524 -4,878 -3,795 Interest payments (INT) 221 7,909 2,260 12,157 15,454 17,737 17,069 16,992 14,752 14,889 Long-term debt 221 6,384 2,029 10,771 13,953 15,969 15,239 15,502 13,520 13,616 IMF charges 0 0 231 2 1 463 336 133 467 757 Short-term debt 0 1,525 0 1,384 1,500 1,305 1,494 1,357 765 516 Net transfers on debt 1,031 1,553 -3,987 -13,438 -8,720 -23,360 -21,117 -11,775 -15,937 -15,414 Total debt service paid (TDS) 752 14,757 8,173 41,261 51,359 71,069 64,795 54,327 51,642 56,718 Long-term debt 677 13,232 7,176 39,842 49,837 67,324 56,272 52,837 45,764 42,998 IMF repurchases and charges 75 0 996 35 22 2,441 7,029 133 5,114 13,205 Short-term debt (interest only) 0 1,525 0 1,384 1,500 1,305 1,494 1,357 765 516 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 1,777 6,495 72 39,587 56,364 20,736 36,724 26,042 11,090 11,241 Net flow of long-term debt (ex. IMF) 1,327 4,571 -1,060 14,755 26,117 -10,477 814 1,022 -7,553 -1,957 Foreign direct investment (net) 421 1,911 989 19,650 31,913 28,576 32,779 22,457 16,590 10,144 Portfolio equity flows 0 0 103 5,099 -1,768 2,572 3,076 2,481 1,981 2,973 Grants (excluding technical coop.) 28 14 41 83 103 65 54 81 72 82 Memo: technical coop. grants 32 83 145 230 236 272 277 289 304 321 official net resource flows 212 840 -593 -1,103 4,943 445 -1,737 2,825 886 -2,191 private net resource flows 1,564 5,655 666 40,690 51,421 20,291 38,461 23,216 10,204 13,432 NET TRANSFERS 1,555 -844 -3,849 22,746 35,956 -383 17,247 5,534 -8,380 -8,358 Interest on long-term debt 221 6,384 2,029 10,771 13,953 15,969 15,239 15,502 13,520 13,616 Profit remittances on FDI 0 955 1,892 6,070 6,456 5,150 4,238 5,006 5,950 5,984 Memo: official net transfers 161 396 -1,867 -2,342 3,451 -1,714 -3,653 1,267 -749 -3,691 private net transfers 1,395 -1,240 -1,982 25,088 32,505 1,331 20,900 4,267 -7,630 -4,667 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 41,729 227,300 449,672 791,571 769,439 517,839 583,804 489,286 443,005 474,415 Exports of goods, serv. & inc. (XGS) .. 23,331 36,854 65,846 64,644 60,326 69,317 72,003 74,919 88,909 Worker remit. & comp. of employees 0 111 573 1,982 1,642 1,862 1,649 1,775 2,449 2,821 Imports of goods & services (MGS) .. 36,250 40,949 96,827 98,946 86,224 93,950 95,676 83,235 85,741 International reserves (RES) 1,190 6,875 9,200 51,706 43,902 35,717 33,008 35,866 37,835 49,297 Current account balance .. -12,831 -3,823 -30,491 -33,829 -25,400 -24,225 -23,215 -7,637 4,016 4. DEBT INDICATORS EDT / XGS (%) .. 306.6 325.5 300.8 372.9 404.4 345.1 315.0 305.2 264.8 EDT / GNI (%) 13.7 31.5 26.7 25.0 31.3 47.1 41.0 46.4 51.6 49.6 TDS / XGS (%) .. 63.3 22.2 62.7 79.4 117.8 93.5 75.5 68.9 63.8 INT / XGS (%) .. 33.9 6.1 18.5 23.9 29.4 24.6 23.6 19.7 16.7 INT / GNI (%) 0.5 3.5 0.5 1.5 2.0 3.4 2.9 3.5 3.3 3.1 RES / EDT (%) 20.8 9.6 7.7 26.1 18.2 14.6 13.8 15.8 16.5 20.9 RES / MGS (months) .. 2.3 2.7 6.4 5.3 5.0 4.2 4.5 5.5 6.9 Short-term / EDT (%) 12.5 18.9 19.8 17.6 12.4 12.0 12.9 12.5 10.2 8.3 Concessional / EDT (%) 22.9 2.5 2.5 2.2 1.8 1.8 0.9 1.2 1.4 1.4 Multilateral / EDT (%) 6.5 4.3 9.5 5.1 6.8 7.6 7.6 8.5 9.2 8.8 101 BRAZIL (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 5,020 57,987 94,429 163,158 206,313 205,914 206,446 190,180 184,416 187,514 Public and publicly guaranteed 3,314 41,382 87,758 87,325 98,197 92,378 93,765 93,899 97,008 94,985 Official creditors 1,779 7,313 29,349 22,198 27,836 28,873 29,363 28,832 31,270 29,910 Multilateral 376 3,092 11,391 10,065 16,320 18,557 18,240 19,373 21,109 20,798 Concessional 7 72 16 0 0 0 3 3 3 3 Bilateral 1,403 4,221 17,958 12,132 11,516 10,316 11,123 9,460 10,161 9,112 Concessional 1,308 1,684 3,003 4,446 4,289 4,510 2,117 2,652 3,212 3,320 Private creditors 1,535 34,069 58,409 65,127 70,361 63,505 64,401 65,067 65,738 65,074 Bonds 0 3,233 2,339 51,736 51,512 52,357 51,558 46,246 50,068 54,121 Commercial banks 748 24,329 47,461 11,181 17,271 9,863 11,875 17,144 14,609 10,501 Other private 787 6,507 8,609 2,210 1,578 1,285 968 1,676 1,061 453 Private nonguaranteed 1,706 16,605 6,671 75,833 108,116 113,536 112,682 96,280 87,408 92,529 Bonds 0 0 0 14,820 16,779 16,823 16,846 17,637 16,476 20,018 Commercial banks and other 1,706 16,605 6,671 61,013 91,338 96,713 95,836 78,643 70,932 72,511 Memo: IBRD 206 2,035 8,427 5,743 6,298 6,822 7,377 7,963 8,585 8,588 IDA 0 0 0 0 0 0 0 0 0 0 DISBURSEMENTS 1,783 11,418 4,087 43,826 62,002 40,878 41,847 38,357 24,691 27,426 Public and publicly guaranteed 883 8,227 3,212 10,486 19,623 14,969 17,432 15,898 14,390 12,255 Official creditors 260 1,344 1,322 3,012 9,512 5,706 5,257 4,344 5,393 3,325 Multilateral 107 535 1,001 2,718 6,978 4,542 4,468 2,651 3,217 2,475 Concessional 0 3 0 0 0 0 3 0 0 0 Bilateral 152 810 321 293 2,533 1,164 790 1,693 2,176 850 Concessional 96 47 86 4 353 568 526 458 814 573 Private creditors 623 6,883 1,890 7,475 10,111 9,263 12,175 11,554 8,997 8,930 Bonds 0 378 200 4,262 2,934 8,520 8,450 7,870 4,772 8,000 Commercial banks 333 4,873 864 3,054 7,160 723 3,713 3,598 4,172 909 Other private 290 1,631 826 158 17 19 12 86 53 22 Private nonguaranteed 900 3,192 875 33,340 42,379 25,909 24,415 22,459 10,301 15,170 Bonds 0 0 0 5,750 3,489 1,345 2,886 2,930 2,055 5,160 Commercial banks and other 900 3,192 875 27,590 38,890 24,564 21,529 19,529 8,246 10,011 Memo: IBRD 61 343 782 1,416 1,240 1,533 1,692 1,639 1,400 1,291 IDA 0 0 0 0 0 0 0 0 0 0 PRINCIPAL REPAYMENTS 456 6,848 5,148 29,071 35,885 51,355 41,033 37,335 32,244 29,382 Public and publicly guaranteed 256 3,878 4,140 10,763 12,177 18,282 17,226 13,230 14,880 13,821 Official creditors 76 518 1,956 4,197 4,671 5,327 7,048 1,600 4,578 5,598 Multilateral 31 164 1,518 1,335 1,265 2,596 4,308 1,114 2,153 3,593 Concessional 1 2 6 0 0 0 0 0 0 0 Bilateral 44 354 439 2,862 3,406 2,731 2,740 486 2,425 2,005 Concessional 40 96 29 302 442 422 224 122 507 398 Private creditors 180 3,360 2,183 6,566 7,506 12,956 10,178 11,630 10,301 8,224 Bonds 0 32 71 3,824 3,475 5,859 8,397 6,979 2,028 3,260 Commercial banks 137 2,430 1,616 2,127 3,278 6,812 1,547 4,379 7,444 4,462 Other private 43 898 496 614 752 284 234 271 829 502 Private nonguaranteed 200 2,970 1,008 18,308 23,708 33,072 23,806 24,105 17,364 15,561 Bonds 0 0 0 4,967 1,591 1,141 2,775 2,117 3,280 1,561 Commercial banks and other 200 2,970 1,008 13,341 22,117 31,931 21,031 21,988 14,084 14,000 Memo: IBRD 14 98 1,251 1,049 994 952 887 828 1,063 1,633 IDA 0 0 0 0 0 0 0 0 0 0 NET FLOWS ON DEBT 1,327 4,571 -1,060 14,755 26,117 -10,477 814 1,022 -7,553 -1,957 Public and publicly guaranteed 627 4,349 -927 -277 7,446 -3,314 206 2,668 -489 -1,566 Official creditors 184 826 -634 -1,186 4,841 380 -1,791 2,744 814 -2,273 Multilateral 76 371 -517 1,383 5,714 1,946 160 1,537 1,063 -1,118 Concessional 0 2 -6 0 0 0 3 0 0 0 Bilateral 108 455 -117 -2,569 -873 -1,567 -1,951 1,207 -249 -1,155 Concessional 57 -49 57 -298 -90 145 302 336 307 175 Private creditors 443 3,523 -293 908 2,606 -3,693 1,997 -76 -1,304 706 Bonds 0 346 129 438 -541 2,661 53 891 2,745 4,740 Commercial banks 196 2,444 -753 927 3,881 -6,089 2,166 -782 -3,273 -3,554 Other private 247 733 330 -456 -735 -265 -222 -185 -776 -480 Private nonguaranteed 700 222 -133 15,032 18,670 -7,163 609 -1,647 -7,063 -390 Bonds 0 0 0 783 1,898 203 111 813 -1,225 3,599 Commercial banks and other 700 222 -133 14,249 16,773 -7,367 498 -2,459 -5,838 -3,989 Memo: IBRD 47 245 -469 368 246 580 805 810 338 -342 IDA 0 0 0 0 0 0 0 0 0 0 102 BRAZIL (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) 221 6,384 2,029 10,771 13,953 15,969 15,239 15,502 13,520 13,616 Public and publicly guaranteed 132 4,253 1,569 5,211 5,135 6,634 6,887 6,931 6,674 6,516 Official creditors 51 444 1,273 1,240 1,492 2,159 1,916 1,558 1,636 1,500 Multilateral 21 255 966 689 738 1,550 1,400 1,385 1,179 1,100 Concessional 0 3 1 0 0 0 0 0 0 0 Bilateral 30 189 307 551 755 609 516 173 456 400 Concessional 28 47 13 42 186 189 81 61 92 96 Private creditors 81 3,809 296 3,971 3,642 4,475 4,971 5,373 5,038 5,016 Bonds 0 234 14 3,168 2,467 3,395 4,173 4,170 3,689 3,913 Commercial banks 45 3,128 46 687 977 1,015 759 1,187 1,316 1,093 Other private 36 446 236 116 198 65 39 15 34 10 Private nonguaranteed 89 2,132 460 5,560 8,818 9,335 8,352 8,571 6,846 7,099 Bonds 0 0 0 1,323 1,399 1,503 1,562 1,632 1,707 1,921 Commercial banks and other 89 2,132 460 4,237 7,419 7,832 6,790 6,939 5,139 5,179 Memo: IBRD 11 177 725 380 378 428 464 533 459 377 IDA 0 0 0 0 0 0 0 0 0 0 NET TRANSFERS ON DEBT 1,106 -1,814 -3,089 3,984 12,164 -26,446 -14,424 -14,480 -21,073 -15,572 Public and publicly guaranteed 495 96 -2,497 -5,488 2,312 -9,947 -6,681 -4,263 -7,164 -8,083 Official creditors 132 382 -1,907 -2,425 3,349 -1,779 -3,707 1,186 -821 -3,773 Multilateral 55 116 -1,483 694 4,976 397 -1,240 153 -116 -2,217 Concessional -1 -1 -6 0 0 0 3 0 0 0 Bilateral 78 266 -425 -3,120 -1,628 -2,176 -2,467 1,034 -705 -1,555 Concessional 29 -96 44 -340 -276 -44 221 275 215 79 Private creditors 363 -286 -589 -3,063 -1,037 -8,168 -2,974 -5,449 -6,342 -4,310 Bonds 0 112 115 -2,730 -3,008 -734 -4,120 -3,279 -944 827 Commercial banks 151 -684 -799 240 2,904 -7,104 1,407 -1,969 -4,589 -4,646 Other private 212 287 94 -572 -933 -330 -261 -201 -809 -491 Private nonguaranteed 611 -1,910 -593 9,472 9,853 -16,499 -7,743 -10,217 -13,909 -7,489 Bonds 0 0 0 -540 499 -1,300 -1,451 -819 -2,932 1,678 Commercial banks and other 611 -1,910 -593 10,012 9,354 -15,199 -6,292 -9,398 -10,977 -9,168 Memo: IBRD 36 68 -1,193 -12 -133 152 341 277 -121 -719 IDA 0 0 0 0 0 0 0 0 0 0 DEBT SERVICE (LTDS) 677 13,232 7,176 39,842 49,837 67,324 56,272 52,837 45,764 42,998 Public and publicly guaranteed 388 8,131 5,709 15,974 17,311 24,916 24,114 20,161 21,554 20,338 Official creditors 127 962 3,230 5,437 6,163 7,485 8,964 3,158 6,214 7,098 Multilateral 53 419 2,484 2,024 2,002 4,145 5,708 2,499 3,333 4,692 Concessional 1 4 6 0 0 0 0 0 0 0 Bilateral 75 544 746 3,413 4,161 3,340 3,257 659 2,882 2,405 Concessional 68 143 42 344 629 611 305 183 599 494 Private creditors 261 7,169 2,479 10,537 11,148 17,431 15,149 17,003 15,340 13,240 Bonds 0 266 85 6,993 5,943 9,255 12,570 11,149 5,717 7,173 Commercial banks 182 5,558 1,663 2,814 4,255 7,827 2,306 5,567 8,760 5,555 Other private 79 1,345 732 730 950 349 273 287 863 512 Private nonguaranteed 289 5,102 1,468 23,868 32,526 42,408 32,158 32,676 24,210 22,660 Bonds 0 0 0 6,290 2,990 2,645 4,337 3,749 4,987 3,481 Commercial banks and other 289 5,102 1,468 17,578 29,536 39,763 27,821 28,927 19,223 19,179 Memo: IBRD 25 275 1,975 1,428 1,373 1,380 1,351 1,362 1,522 2,010 IDA 0 0 0 0 0 0 0 0 0 0 UNDISBURSED DEBT 1,661 14,892 15,292 29,457 45,448 46,477 38,631 22,644 17,463 23,339 Official creditors 821 6,581 7,468 14,973 29,134 30,929 20,867 14,446 13,322 12,714 Private creditors 841 8,311 7,823 14,484 16,315 15,547 17,765 8,198 4,141 10,625 Memorandum items Concessional LDOD 1,315 1,755 3,019 4,446 4,289 4,510 2,120 2,655 3,215 3,323 Variable rate LDOD 2,111 41,557 66,630 132,997 166,688 166,653 157,193 138,134 129,444 130,759 Public sector LDOD 3,206 39,303 87,187 86,694 96,085 90,369 93,317 93,573 96,075 93,514 Private sector LDOD 1,814 18,685 7,241 76,464 110,228 115,545 113,129 96,607 88,341 94,000 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 13.8 12.1 9.9 Deutsche mark 7.3 8.1 8.9 5.1 3.3 2.6 3.8 .. .. .. French franc 0.2 2.5 6.6 4.2 3.1 2.3 2.0 .. .. .. Japanese yen 0.0 8.5 7.4 7.3 5.9 7.3 7.6 8.8 8.7 7.0 Pound sterling 7.6 2.5 1.8 2.3 1.7 1.2 1.1 0.9 0.6 0.5 Swiss franc 2.2 1.3 1.0 0.3 0.2 0.2 0.3 0.3 0.2 0.2 U.S.dollars 72.1 67.8 60.3 68.8 74.6 73.0 71.2 70.6 73.2 77.4 Multiple currency 9.6 7.2 12.7 9.7 7.7 7.6 6.5 5.5 5.0 4.8 Special drawing rights 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 All other currencies 1.1 2.1 1.3 2.3 3.4 5.8 7.4 0.1 0.1 0.1 103 BRAZIL (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 1,316 288 148 0 0 0 0 0 Debt stock rescheduled .. .. 0 0 0 0 0 16 0 0 Principal rescheduled .. .. 1,064 0 0 0 0 1,047 0 0 Official .. .. 212 0 0 0 0 40 0 0 Private .. .. 852 0 0 0 0 1,007 0 0 Interest rescheduled .. .. 274 288 148 0 0 63 0 0 Official .. .. 69 0 0 0 0 1 0 0 Private .. .. 205 288 148 0 0 61 0 0 Debt forgiven .. .. 0 0 0 0 0 0 0 0 Memo: interest forgiven .. .. 0 0 0 0 0 0 0 0 Debt stock reduction .. .. 1,259 3,294 0 4,151 6,479 4,531 0 0 of which debt buyback .. .. 776 2,694 0 2,971 6,342 4,531 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 5,328 16,702 42,989 2,940 -4,784 -12,397 1,848 6,793 Net flows on debt 1,252 9,463 -1,727 -1,281 6,734 -5,623 -4,048 5,217 -1,184 -525 Net change in interest arrears .. .. 5,603 -573 320 -1,409 -88 -177 0 0 Interest capitalized .. .. 274 288 148 0 0 63 0 0 Debt forgiveness or reduction .. .. -483 -600 0 -1,181 -137 0 0 0 Cross-currency valuation .. .. 3,031 -3,392 1,868 -824 -2,442 -1,945 4,738 6,196 Residual .. .. -1,371 6,756 15,199 11,976 1,930 -15,555 -1,705 1,121 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 7.0 11.9 8.2 7.5 7.2 8.8 8.3 6.6 7.7 7.4 Maturity (years) 14.0 11.6 11.8 14.6 4.9 7.8 13.1 10.0 12.6 10.5 Grace period (years) 3.4 3.9 3.7 8.0 2.4 4.7 9.5 5.2 6.4 8.7 Grant element (%) 17.2 -8.4 8.9 12.2 6.5 3.4 3.3 14.4 14.6 12.1 Official creditors Interest (%) 5.7 9.2 7.4 5.4 6.0 6.2 5.7 4.8 3.9 2.2 Maturity (years) 24.8 14.3 15.2 17.2 4.7 10.1 8.6 11.2 18.3 11.5 Grace period (years) 5.9 3.9 4.1 3.9 1.2 3.6 1.2 2.2 5.0 4.7 Grant element (%) 29.3 6.0 14.9 25.3 8.1 16.4 13.8 23.1 37.7 39.4 Private creditors Interest (%) 7.5 12.7 9.0 8.8 9.7 10.8 9.8 7.8 10.7 8.2 Maturity (years) 9.4 10.8 8.0 12.9 5.4 6.0 15.8 9.2 7.9 10.4 Grace period (years) 2.2 3.9 3.2 10.6 4.9 5.6 14.4 7.2 7.6 9.3 Grant element (%) 12.0 -12.6 2.5 4.1 3.4 -7.2 -3.0 8.5 -4.2 8.0 Memorandum items Commitments 1,441 10,657 3,012 20,439 35,042 16,678 28,217 24,358 8,708 16,207 Official creditors 433 2,396 1,562 7,805 23,205 7,454 10,601 9,940 3,918 2,098 Private creditors 1,008 8,261 1,450 12,633 11,837 9,224 17,616 14,418 4,790 14,109 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 7,206 4,408 2,158 1,250 551 301 206 107 76 44 Principal 34,384 25,751 19,031 19,142 18,208 12,493 10,417 13,196 10,410 14,490 Interest 11,486 9,909 8,601 7,642 6,362 5,395 4,587 4,147 3,229 2,532 Official creditors Disbursements 3,162 2,198 1,320 883 551 301 206 107 76 44 Principal 6,450 4,720 4,409 2,533 2,463 2,497 2,373 2,122 1,981 1,751 Interest 1,259 1,103 946 796 713 630 542 462 389 320 Bilateral creditors Disbursements 1,571 835 380 196 87 45 15 0 0 0 Principal 2,734 2,658 2,623 544 469 590 537 369 364 356 Interest 385 302 198 112 99 88 69 56 46 36 Multilateral creditors Disbursements 1,591 1,363 940 686 464 256 191 107 76 44 Principal 3,717 2,061 1,786 1,988 1,994 1,907 1,836 1,752 1,617 1,395 Interest 874 802 748 684 614 542 473 406 343 284 Private creditors Disbursements 4,044 2,209 837 367 0 0 0 0 0 0 Principal 27,934 21,032 14,623 16,609 15,745 9,996 8,044 11,075 8,429 12,739 Interest 10,228 8,806 7,654 6,846 5,648 4,765 4,045 3,685 2,840 2,212 Commercial banks Disbursements 4,017 2,204 837 367 0 0 0 0 0 0 Principal 2,421 1,598 1,038 966 3,771 470 309 253 304 2,846 Interest 915 1,013 993 964 878 648 627 625 617 462 Other private Disbursements 14 5 0 0 0 0 0 0 0 0 Principal 25,513 19,434 13,584 15,643 11,973 9,526 7,734 10,822 8,126 9,893 Interest 9,312 7,793 6,661 5,882 4,770 4,116 3,418 3,060 2,223 1,751 104 BULGARIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. .. 10,890 11,100 11,405 11,020 11,212 10,497 11,479 13,289 Long-term debt (LDOD) .. .. 9,834 8,161 8,526 8,468 8,440 8,168 8,591 9,439 Public and publicly guaranteed .. .. 9,834 7,737 7,973 7,778 7,671 7,387 7,480 7,749 Private nonguaranteed .. .. 0 424 554 691 769 782 1,111 1,690 Use of IMF credit .. .. 0 942 1,116 1,250 1,322 1,110 1,049 1,188 Short-term debt .. .. 1,056 1,997 1,763 1,301 1,450 1,219 1,839 2,663 of which interest arrears on LDOD .. .. 226 179 179 34 0 0 0 0 Official creditors .. .. 5 10 8 0 0 0 0 0 Private creditors .. .. 221 169 170 34 0 0 0 0 Memo: principal arrears on LDOD .. .. 356 329 89 164 1 0 0 0 Official creditors .. .. 1 24 23 0 0 0 0 0 Private creditors .. .. 354 305 66 164 1 0 0 0 Memo: export credits .. .. 4,798 1,207 957 790 652 379 220 216 TOTAL DEBT FLOWS Disbursements .. .. 875 709 1,154 1,324 995 839 983 1,042 Long-term debt .. .. 875 220 843 1,038 719 706 874 896 IMF purchases .. .. 0 489 311 286 276 133 109 145 Principal repayments .. .. 865 469 769 751 712 803 1,006 669 Long-term debt .. .. 865 381 586 627 573 502 753 562 IMF repurchases .. .. 0 89 183 124 139 301 253 107 Net flows on debt .. .. -14 1,026 151 257 465 -195 598 1,008 of which short-term debt .. .. -24 787 -234 -317 183 -232 620 636 Interest payments (INT) .. .. 510 544 610 472 584 572 391 484 Long-term debt .. .. 452 456 471 355 456 457 306 395 IMF charges .. .. 0 31 45 44 63 58 31 20 Short-term debt .. .. 58 57 94 73 65 57 53 69 Net transfers on debt .. .. -523 482 -459 -215 -119 -767 207 524 Total debt service paid (TDS) .. .. 1,374 1,014 1,379 1,222 1,296 1,375 1,396 1,153 Long-term debt .. .. 1,316 837 1,057 981 1,029 959 1,059 957 IMF repurchases and charges .. .. 0 120 228 168 202 359 284 127 Short-term debt (interest only) .. .. 58 57 94 73 65 57 53 69 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. .. 15 537 921 1,385 1,282 1,182 1,164 1,939 Net flow of long-term debt (ex. IMF) .. .. 11 -161 257 411 145 204 121 334 Foreign direct investment (net) .. .. 0 505 537 819 1,002 813 905 1,419 Portfolio equity flows .. .. 0 52 19 2 5 -9 -23 -26 Grants (excluding technical coop.) .. .. 0 141 108 153 130 174 161 211 Memo: technical coop. grants .. .. 0 44 114 93 150 104 138 182 official net resource flows .. .. 57 65 333 311 214 22 52 284 private net resource flows .. .. -42 472 588 1,074 1,067 1,160 1,112 1,655 NET TRANSFERS .. .. -437 81 394 1,052 719 577 630 1,156 Interest on long-term debt .. .. 452 456 471 355 456 457 306 395 Profit remittances on FDI .. .. 0 0 56 -22 107 149 228 388 Memo: official net transfers .. .. 43 -88 180 167 76 -113 -50 185 private net transfers .. .. -480 169 214 885 643 689 680 971 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. .. 19,083 10,021 12,447 12,770 12,284 13,291 15,300 19,362 Exports of goods, serv. & inc. (XGS) .. .. 7,070 6,488 6,288 6,060 7,321 7,588 8,377 10,937 Worker remit. & comp. of employees .. .. 0 51 51 43 58 71 72 67 Imports of goods & services (MGS) .. .. 8,905 6,298 6,579 7,012 8,314 9,071 9,751 13,304 International reserves (RES) .. .. .. 2,485 3,057 3,265 3,507 3,646 4,846 6,826 Current account balance .. .. -1,710 427 -62 -652 -704 -984 -827 -1,676 4. DEBT INDICATORS EDT / XGS (%) .. .. 154.0 171.1 181.4 181.8 153.2 138.3 137.0 121.5 EDT / GNI (%) .. .. 57.1 110.8 91.6 86.3 91.3 79.0 75.0 68.6 TDS / XGS (%) .. .. 19.4 15.6 21.9 20.2 17.7 18.1 16.7 10.5 INT / XGS (%) .. .. 7.2 8.4 9.7 7.8 8.0 7.5 4.7 4.4 INT / GNI (%) .. .. 2.7 5.4 4.9 3.7 4.8 4.3 2.6 2.5 RES / EDT (%) .. .. .. 22.4 26.8 29.6 31.3 34.7 42.2 51.4 RES / MGS (months) .. .. .. 4.7 5.6 5.6 5.1 4.8 6.0 6.2 Short-term / EDT (%) .. .. 9.7 18.0 15.5 11.8 12.9 11.6 16.0 20.0 Concessional / EDT (%) .. .. 0.7 1.5 1.5 2.0 3.4 3.5 2.9 3.3 Multilateral / EDT (%) .. .. 2.0 9.6 12.6 13.5 13.7 14.5 15.7 17.0 105 BULGARIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. .. 9,834 8,161 8,526 8,468 8,440 8,168 8,591 9,439 Public and publicly guaranteed .. .. 9,834 7,737 7,973 7,778 7,671 7,387 7,480 7,749 Official creditors .. .. 1,669 2,414 2,743 2,672 2,603 2,324 2,467 2,937 Multilateral .. .. 222 1,068 1,437 1,490 1,535 1,525 1,802 2,254 Concessional .. .. 0 4 5 5 6 8 32 83 Bilateral .. .. 1,447 1,347 1,306 1,182 1,068 799 666 683 Concessional .. .. 77 159 165 215 370 361 305 352 Private creditors .. .. 8,165 5,322 5,230 5,106 5,068 5,063 5,012 4,812 Bonds .. .. 327 5,072 5,020 5,034 4,982 4,979 4,898 4,659 Commercial banks .. .. 7,084 212 205 3 26 29 49 78 Other private .. .. 753 39 5 68 59 55 65 76 Private nonguaranteed .. .. 0 424 554 691 769 782 1,111 1,690 Bonds .. .. 0 0 0 0 0 0 0 58 Commercial banks and other .. .. 0 424 554 691 769 782 1,111 1,632 Memo: IBRD .. .. 0 501 697 829 824 844 958 1,266 IDA .. .. 0 0 0 0 0 0 0 0 DISBURSEMENTS .. .. 875 220 843 1,038 719 706 874 896 Public and publicly guaranteed .. .. 875 195 537 525 405 454 145 342 Official creditors .. .. 80 189 537 400 381 226 127 317 Multilateral .. .. 44 186 535 309 156 163 99 291 Concessional .. .. 0 4 1 0 1 2 22 43 Bilateral .. .. 36 2 3 91 225 63 28 26 Concessional .. .. 0 2 3 61 225 43 28 26 Private creditors .. .. 795 6 0 125 24 229 19 25 Bonds .. .. 65 0 0 53 0 224 0 0 Commercial banks .. .. 652 0 0 4 24 5 19 25 Other private .. .. 78 6 0 68 0 0 0 1 Private nonguaranteed .. .. 0 25 306 513 313 252 729 554 Bonds .. .. 0 0 0 0 0 0 0 52 Commercial banks and other .. .. 0 25 306 513 313 252 729 502 Memo: IBRD .. .. 0 101 197 221 71 88 39 185 IDA .. .. 0 0 0 0 0 0 0 0 PRINCIPAL REPAYMENTS .. .. 865 381 586 627 573 502 753 562 Public and publicly guaranteed .. .. 865 360 377 311 345 402 320 350 Official creditors .. .. 23 265 312 242 297 377 236 243 Multilateral .. .. 22 200 205 53 58 125 79 144 Concessional .. .. 0 0 0 0 0 0 0 0 Bilateral .. .. 1 64 107 189 239 253 157 100 Concessional .. .. 0 8 7 20 50 49 17 20 Private creditors .. .. 842 95 65 69 48 25 84 106 Bonds .. .. 0 61 56 35 46 22 79 102 Commercial banks .. .. 241 28 7 33 1 1 1 1 Other private .. .. 601 5 2 1 1 1 4 4 Private nonguaranteed .. .. 0 21 209 316 229 100 433 212 Bonds .. .. 0 0 0 0 0 0 0 0 Commercial banks and other .. .. 0 21 209 316 229 100 433 212 Memo: IBRD .. .. 0 16 20 22 27 32 37 50 IDA .. .. 0 0 0 0 0 0 0 0 NET FLOWS ON DEBT .. .. 11 -161 257 411 145 204 121 334 Public and publicly guaranteed .. .. 11 -164 161 213 61 52 -174 -8 Official creditors .. .. 57 -76 226 158 84 -152 -109 73 Multilateral .. .. 21 -14 330 255 99 38 20 147 Concessional .. .. 0 4 1 0 1 2 22 43 Bilateral .. .. 36 -62 -104 -97 -14 -189 -129 -74 Concessional .. .. 0 -5 -5 41 175 -6 11 6 Private creditors .. .. -46 -88 -65 55 -24 204 -65 -81 Bonds .. .. 65 -61 -56 18 -46 201 -79 -102 Commercial banks .. .. 411 -28 -7 -29 24 4 18 23 Other private .. .. -522 1 -2 66 -1 -1 -4 -3 Private nonguaranteed .. .. 0 4 96 198 85 151 296 342 Bonds .. .. 0 0 0 0 0 0 0 52 Commercial banks and other .. .. 0 4 96 198 85 151 296 290 Memo: IBRD .. .. 0 85 176 199 44 56 2 135 IDA .. .. 0 0 0 0 0 0 0 0 106 BULGARIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) .. .. 452 456 471 355 456 457 306 395 Public and publicly guaranteed .. .. 452 443 459 333 424 425 263 349 Official creditors .. .. 14 153 154 144 139 135 102 100 Multilateral .. .. 13 65 64 70 80 83 75 78 Concessional .. .. 0 0 0 0 0 0 1 2 Bilateral .. .. 0 88 89 75 59 52 27 21 Concessional .. .. 0 8 7 6 10 9 7 8 Private creditors .. .. 438 290 305 189 285 290 161 249 Bonds .. .. 15 275 304 188 284 289 159 246 Commercial banks .. .. 337 14 1 0 0 1 2 2 Other private .. .. 85 0 0 0 0 0 0 0 Private nonguaranteed .. .. 0 13 13 21 32 32 43 46 Bonds .. .. 0 0 0 0 0 0 0 4 Commercial banks and other .. .. 0 13 13 21 32 32 43 42 Memo: IBRD .. .. 0 31 37 42 49 48 41 42 IDA .. .. 0 0 0 0 0 0 0 0 NET TRANSFERS ON DEBT .. .. -441 -617 -214 57 -310 -253 -185 -61 Public and publicly guaranteed .. .. -441 -607 -298 -120 -363 -373 -437 -357 Official creditors .. .. 43 -229 72 14 -54 -287 -212 -26 Multilateral .. .. 8 -79 266 186 18 -45 -56 69 Concessional .. .. 0 4 1 0 1 2 21 41 Bilateral .. .. 35 -150 -194 -172 -73 -241 -156 -95 Concessional .. .. 0 -13 -12 36 165 -15 4 -2 Private creditors .. .. -484 -378 -370 -134 -309 -86 -226 -330 Bonds .. .. 49 -337 -360 -170 -331 -87 -238 -348 Commercial banks .. .. 74 -42 -8 -30 23 2 16 21 Other private .. .. -608 1 -2 66 -1 -1 -4 -3 Private nonguaranteed .. .. 0 -9 84 176 53 119 253 296 Bonds .. .. 0 0 0 0 0 0 0 48 Commercial banks and other .. .. 0 -9 84 176 53 119 253 248 Memo: IBRD .. .. 0 54 140 157 -4 8 -39 92 IDA .. .. 0 0 0 0 0 0 0 0 DEBT SERVICE (LTDS) .. .. 1,316 837 1,057 981 1,029 959 1,059 957 Public and publicly guaranteed .. .. 1,316 803 835 644 768 827 582 698 Official creditors .. .. 37 418 465 386 435 512 338 343 Multilateral .. .. 36 266 269 123 138 208 154 222 Concessional .. .. 0 0 0 0 0 0 1 2 Bilateral .. .. 1 153 196 263 298 305 184 121 Concessional .. .. 0 16 14 26 60 58 24 28 Private creditors .. .. 1,280 385 370 258 333 315 244 355 Bonds .. .. 15 337 360 223 331 311 238 348 Commercial banks .. .. 578 42 8 33 1 2 3 4 Other private .. .. 686 5 2 1 1 1 4 4 Private nonguaranteed .. .. 0 34 222 337 261 132 477 259 Bonds .. .. 0 0 0 0 0 0 0 4 Commercial banks and other .. .. 0 34 222 337 261 132 477 255 Memo: IBRD .. .. 0 47 57 64 75 80 78 93 IDA .. .. 0 0 0 0 0 0 0 0 UNDISBURSED DEBT .. .. 271 880 827 800 893 737 614 660 Official creditors .. .. 25 880 817 788 780 629 516 587 Private creditors .. .. 246 0 10 12 112 108 99 73 Memorandum items Concessional LDOD .. .. 77 163 169 220 376 369 336 434 Variable rate LDOD .. .. 7,714 6,790 7,237 7,341 7,289 6,983 5,316 6,209 Public sector LDOD .. .. 9,834 7,737 7,973 7,778 7,671 7,387 7,480 7,749 Private sector LDOD .. .. 0 424 554 691 769 782 1,111 1,690 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 14.9 30.4 35.0 Deutsche mark .. .. 33.9 4.3 4.5 4.6 3.7 .. .. .. French franc .. .. 0.5 0.4 0.4 0.3 0.2 .. .. .. Japanese yen .. .. 6.6 6.3 5.6 6.0 5.5 4.6 3.9 3.7 Pound sterling .. .. 0.3 0.3 0.2 0.2 0.1 0.0 0.0 0.0 Swiss franc .. .. 7.7 1.0 0.8 0.5 0.3 0.1 0.1 0.0 U.S.dollars .. .. 42.1 74.4 78.1 78.3 80.1 79.0 64.3 60.0 Multiple currency .. .. 2.5 6.0 1.0 1.2 1.3 1.2 1.2 1.1 Special drawing rights .. .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 All other currencies .. .. 6.3 7.4 9.4 9.0 8.8 0.1 0.1 0.2 107 BULGARIA (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 0 0 0 0 0 0 0 0 Debt stock rescheduled .. .. 0 0 0 0 0 0 0 0 Principal rescheduled .. .. 0 0 0 0 0 0 0 0 Official .. .. 0 0 0 0 0 0 0 0 Private .. .. 0 0 0 0 0 0 0 0 Interest rescheduled .. .. 0 0 0 0 0 0 0 0 Official .. .. 0 0 0 0 0 0 0 0 Private .. .. 0 0 0 0 0 0 0 0 Debt forgiven .. .. 0 0 8 2 10 1 7 5 Memo: interest forgiven .. .. 0 0 0 0 0 0 0 0 Debt stock reduction .. .. 0 7 0 150 1 201 0 0 of which debt buyback .. .. 0 0 0 30 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 753 731 305 -385 192 -716 982 1,810 Net flows on debt .. .. -14 1,026 151 257 465 -195 598 1,008 Net change in interest arrears .. .. 226 64 0 -145 -34 0 0 0 Interest capitalized .. .. 0 0 0 0 0 0 0 0 Debt forgiveness or reduction .. .. 0 -7 -8 -122 -12 -202 -7 -5 Cross-currency valuation .. .. 617 -316 188 -184 -215 -159 356 635 Residual .. .. -77 -36 -26 -191 -13 -159 36 -16 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. .. 9.1 6.2 4.1 5.0 6.5 6.6 3.3 3.1 Maturity (years) .. .. 3.5 13.5 21.4 16.4 15.6 10.9 24.5 15.9 Grace period (years) .. .. 2.4 6.8 6.7 6.5 4.5 5.9 3.7 5.0 Grant element (%) .. .. 2.3 22.6 40.6 29.2 20.1 18.3 46.7 41.9 Official creditors Interest (%) .. .. 9.3 6.2 4.1 4.6 6.2 5.5 3.3 3.1 Maturity (years) .. .. 7.2 13.5 21.7 16.5 15.5 18.6 24.5 15.9 Grace period (years) .. .. 3.0 6.8 6.9 4.6 4.4 5.5 3.7 5.0 Grant element (%) .. .. 2.8 22.6 41.2 31.5 21.6 28.2 46.7 41.9 Private creditors Interest (%) .. .. 9.1 0.0 5.7 6.2 7.6 7.3 3.2 0.0 Maturity (years) .. .. 3.2 0.0 9.7 16.2 16.0 6.2 10.3 0.0 Grace period (years) .. .. 2.3 0.0 0.9 11.8 4.9 6.2 10.3 0.0 Grant element (%) .. .. 2.3 0.0 15.7 22.8 13.2 12.2 42.6 0.0 Memorandum items Commitments .. .. 563 447 432 483 700 362 146 385 Official creditors .. .. 52 447 423 355 575 138 145 385 Private creditors .. .. 511 0 9 128 125 224 0 0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 187 136 98 70 57 40 27 18 13 7 Principal 1,106 794 808 1,109 758 620 476 452 257 1,225 Interest 524 483 445 403 341 301 260 233 207 202 Official creditors Disbursements 139 117 92 70 57 40 27 18 13 7 Principal 472 299 342 326 321 221 182 161 157 163 Interest 112 92 84 73 64 54 47 42 37 31 Bilateral creditors Disbursements 69 65 43 25 14 7 3 0 0 0 Principal 314 35 67 35 35 35 33 25 25 25 Interest 25 13 13 12 11 10 10 9 8 7 Multilateral creditors Disbursements 70 51 49 45 43 33 24 18 13 7 Principal 157 264 276 290 285 186 149 136 132 138 Interest 86 80 71 62 53 44 38 33 29 24 Private creditors Disbursements 48 19 6 0 0 0 0 0 0 0 Principal 635 494 466 783 437 399 293 291 100 1,062 Interest 412 390 361 329 277 246 212 191 171 170 Commercial banks Disbursements 48 19 6 0 0 0 0 0 0 0 Principal 3 15 15 33 13 13 6 6 6 6 Interest 6 7 7 6 5 5 4 4 3 3 Other private Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 632 479 450 750 425 386 287 285 94 1,056 Interest 406 383 354 323 272 242 208 187 167 167 108 BURKINA FASO (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 21 330 834 1,332 1,495 1,622 1,457 1,540 1,630 1,845 Long-term debt (LDOD) 21 281 749 1,173 1,323 1,397 1,260 1,360 1,449 1,651 Public and publicly guaranteed 21 281 749 1,173 1,323 1,397 1,260 1,360 1,449 1,651 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Use of IMF credit 0 15 0 92 112 121 112 117 126 125 Short-term debt 0 35 84 66 59 103 84 63 54 68 of which interest arrears on LDOD 0 0 21 7 7 6 5 5 2 0 Official creditors 0 0 14 5 5 4 4 4 2 0 Private creditors 0 0 7 2 2 2 1 1 0 0 Memo: principal arrears on LDOD 0 0 64 33 39 39 42 42 39 42 Official creditors 0 0 34 30 35 35 38 39 38 41 Private creditors 0 0 30 3 4 3 3 3 0 0 Memo: export credits 0 0 200 86 64 61 40 35 45 26 TOTAL DEBT FLOWS Disbursements 2 70 79 95 115 133 102 164 151 131 Long-term debt 2 65 79 77 97 116 95 143 136 127 IMF purchases 1 4 0 18 18 17 7 21 14 5 Principal repayments 2 11 19 33 35 45 36 28 31 33 Long-term debt 2 11 18 31 32 40 29 21 23 30 IMF repurchases 0 0 1 2 3 5 7 7 8 3 Net flows on debt 1 56 70 78 73 133 48 116 113 114 of which short-term debt 0 -3 10 15 -7 46 -19 -20 -7 16 Interest payments (INT) 0 12 16 20 21 22 15 14 18 19 Long-term debt 0 6 10 17 17 18 14 11 16 16 IMF charges 0 0 0 0 0 1 1 1 1 1 Short-term debt 0 5 6 3 3 3 1 2 2 2 Net transfers on debt 0 45 54 57 53 112 32 102 95 95 Total debt service paid (TDS) 2 22 34 53 56 67 51 42 49 52 Long-term debt 2 17 28 48 50 58 43 32 39 46 IMF repurchases and charges 0 0 1 2 3 6 7 7 9 4 Short-term debt (interest only) 0 5 6 3 3 3 1 2 2 2 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 13 142 219 265 283 310 298 331 357 375 Net flow of long-term debt (ex. IMF) 0 55 60 46 65 76 66 122 113 97 Foreign direct investment (net) 0 0 0 10 4 8 23 8 9 11 Portfolio equity flows 0 0 0 0 0 0 -3 1 0 0 Grants (excluding technical coop.) 13 88 158 210 214 226 212 200 235 268 Memo: technical coop. grants 8 73 112 95 91 80 77 84 81 105 official net resource flows 13 138 219 256 279 302 278 322 348 364 private net resource flows 0 4 0 10 4 8 20 9 9 11 NET TRANSFERS 13 127 203 248 266 292 282 315 340 358 Interest on long-term debt 0 6 10 17 17 18 14 11 16 16 Profit remittances on FDI 0 9 6 0 0 0 3 5 1 1 Memo: official net transfers 13 135 209 238 262 284 264 311 333 348 private net transfers 0 -7 -6 10 4 8 17 4 8 10 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 456 1,924 3,113 2,600 2,792 2,806 2,596 2,808 3,196 4,178 Exports of goods, serv. & inc. (XGS) .. 376 506 .. .. .. 313 319 330 464 Worker remit. & comp. of employees 0 150 140 80 80 80 67 50 50 50 Imports of goods & services (MGS) .. 596 776 .. .. .. 691 690 726 990 International reserves (RES) 36 75 305 345 373 295 244 261 313 435 Current account balance .. -49 -77 .. .. .. -319 -291 -324 -449 4. DEBT INDICATORS EDT / XGS (%) .. 88.0 164.6 .. .. .. 465.3 483.1 493.4 397.3 EDT / GNI (%) 4.6 17.2 26.8 51.2 53.5 57.8 56.1 54.9 51.0 44.1 TDS / XGS (%) .. 5.9 6.8 .. .. .. 16.4 13.3 14.9 11.3 INT / XGS (%) .. 3.1 3.1 .. .. .. 4.9 4.5 5.5 4.1 INT / GNI (%) 0.1 0.6 0.5 0.8 0.7 0.8 0.6 0.5 0.6 0.5 RES / EDT (%) 174.9 22.6 36.6 25.9 25.0 18.2 16.7 16.9 19.2 23.6 RES / MGS (months) .. 1.5 4.7 .. .. .. 4.2 4.5 5.2 5.3 Short-term / EDT (%) 0.0 10.6 10.1 4.9 4.0 6.4 5.8 4.1 3.3 3.7 Concessional / EDT (%) 84.3 67.0 71.6 83.4 83.9 82.8 83.0 84.3 85.5 86.9 Multilateral / EDT (%) 0.1 42.9 67.7 75.4 76.7 73.7 70.7 70.5 77.5 79.2 109 BURKINA FASO (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 21 281 749 1,173 1,323 1,397 1,260 1,360 1,449 1,651 Public and publicly guaranteed 21 281 749 1,173 1,323 1,397 1,260 1,360 1,449 1,651 Official creditors 20 261 711 1,170 1,319 1,394 1,257 1,357 1,449 1,651 Multilateral 0 142 565 1,004 1,146 1,195 1,030 1,086 1,264 1,460 Concessional 0 133 460 954 1,091 1,151 993 1,052 1,229 1,427 Bilateral 20 119 147 166 173 199 227 271 185 191 Concessional 18 89 138 157 163 192 216 247 166 175 Private creditors 0 20 38 4 4 3 3 3 0 1 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 1 1 0 0 0 0 0 0 0 Other private 0 19 37 4 4 3 3 3 0 1 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 0 0 IDA 0 77 282 636 710 753 593 636 745 861 DISBURSEMENTS 2 65 79 77 97 116 95 143 136 127 Public and publicly guaranteed 2 65 79 77 97 116 95 143 136 127 Official creditors 2 59 79 77 97 116 95 143 136 127 Multilateral 0 26 45 67 91 97 76 117 128 112 Concessional 0 22 34 66 91 97 75 114 125 111 Bilateral 2 33 34 9 6 19 19 26 8 15 Concessional 1 19 34 9 6 19 19 15 8 15 Private creditors 0 6 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 0 0 Other private 0 6 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 0 0 IDA 0 12 15 35 58 63 38 71 68 55 PRINCIPAL REPAYMENTS 2 11 18 31 32 40 29 21 23 30 Public and publicly guaranteed 2 11 18 31 32 40 29 21 23 30 Official creditors 1 8 18 31 32 40 29 21 23 30 Multilateral 0 3 13 26 28 30 20 14 17 20 Concessional 0 1 10 20 22 25 16 11 13 17 Bilateral 1 5 4 5 5 10 9 7 6 10 Concessional 1 3 3 4 5 7 8 7 6 9 Private creditors 0 2 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 0 0 Other private 0 2 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 0 0 IDA 0 0 1 4 6 6 1 2 2 3 NET FLOWS ON DEBT 0 55 60 46 65 76 66 122 113 97 Public and publicly guaranteed 0 55 60 46 65 76 66 122 113 97 Official creditors 0 51 61 46 65 76 66 122 113 97 Multilateral 0 23 32 41 64 67 56 103 111 92 Concessional 0 21 24 46 69 72 59 103 112 94 Bilateral 0 28 29 5 1 9 10 18 2 5 Concessional 0 16 31 5 1 13 11 9 2 6 Private creditors 0 4 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 0 0 Other private 0 4 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 0 0 IDA 0 12 14 30 52 57 36 69 65 52 110 BURKINA FASO (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 INTEREST PAYMENTS (LINT) 0 6 10 17 17 18 14 11 16 16 Public and publicly guaranteed 0 6 10 17 17 18 14 11 16 16 Official creditors 0 4 10 17 17 18 14 11 16 16 Multilateral 0 2 7 12 12 13 10 7 12 12 Concessional 0 1 4 9 9 11 8 6 11 11 Bilateral 0 2 3 6 5 5 4 5 4 5 Concessional 0 1 3 5 5 5 4 4 3 5 Private creditors 0 3 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 0 0 Other private 0 2 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 0 0 IDA 0 0 2 5 5 5 4 2 4 5 NET TRANSFERS ON DEBT 0 48 51 29 48 58 53 111 98 80 Public and publicly guaranteed 0 48 51 29 48 58 53 111 98 80 Official creditors 0 47 51 29 48 58 53 111 98 80 Multilateral 0 21 24 29 52 54 46 97 100 80 Concessional 0 20 20 36 60 62 51 97 101 83 Bilateral 0 26 27 -1 -4 4 6 14 -2 0 Concessional 0 16 28 0 -4 8 7 4 -1 2 Private creditors 0 1 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 0 0 Other private 0 2 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 0 0 IDA 0 11 12 26 47 52 32 67 61 47 DEBT SERVICE (LTDS) 2 17 28 48 50 58 43 32 39 46 Public and publicly guaranteed 2 17 28 48 50 58 43 32 39 46 Official creditors 2 12 28 48 50 58 43 32 39 46 Multilateral 0 5 21 38 39 43 30 20 29 32 Concessional 0 3 14 30 31 35 24 17 24 28 Bilateral 2 7 7 10 10 15 13 12 10 15 Concessional 1 3 6 9 10 11 12 11 9 13 Private creditors 0 5 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 0 0 Other private 0 5 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 0 0 IDA 0 0 3 9 11 11 5 5 7 8 UNDISBURSED DEBT 10 218 540 448 542 512 442 617 694 879 Official creditors 9 214 525 435 528 512 442 617 694 869 Private creditors 1 4 15 13 14 0 0 0 0 11 Memorandum items Concessional LDOD 18 221 597 1,111 1,255 1,343 1,210 1,299 1,394 1,602 Variable rate LDOD 0 12 2 2 2 2 3 12 7 10 Public sector LDOD 21 276 749 1,173 1,323 1,397 1,260 1,360 1,449 1,651 Private sector LDOD 0 5 1 0 0 0 0 0 0 0 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. .. .. .. 5.1 3.4 3.5 Deutsche mark 10.0 12.1 0.0 0.1 0.1 0.1 0.0 .. .. .. French franc 32.6 31.3 16.6 3.7 3.2 3.9 2.7 .. .. .. Japanese yen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pound sterling 20.2 0.7 0.5 0.0 0.0 0.0 0.1 0.1 0.0 0.0 Swiss franc 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 0.0 28.8 39.2 62.8 62.9 63.8 60.6 61.0 60.5 60.1 Multiple currency 0.0 8.9 15.3 18.6 18.0 17.4 18.3 16.1 16.4 15.7 Special drawing rights 0.0 0.0 2.1 1.9 2.2 2.1 2.2 2.4 2.6 2.6 All other currencies 37.3 18.2 26.1 13.0 13.5 12.9 16.0 15.3 17.2 18.1 111 BURKINA FASO (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 0 0 0 14 13 12 25 0 Debt stock rescheduled .. .. 0 0 0 0 12 0 23 0 Principal rescheduled .. .. 0 0 0 0 0 0 0 0 Official .. .. 0 0 0 0 0 0 0 0 Private .. .. 0 0 0 0 0 0 0 0 Interest rescheduled .. .. 0 0 0 0 1 0 0 0 Official .. .. 0 0 0 0 1 0 0 0 Private .. .. 0 0 0 0 0 0 0 0 Debt forgiven .. .. 5 1 1 0 4 9 22 18 Memo: interest forgiven .. .. 0 0 0 0 5 6 3 4 Debt stock reduction .. .. 0 0 0 0 161 0 47 0 of which debt buyback .. .. 0 0 0 0 92 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 116 8 163 127 -165 84 90 214 Net flows on debt 1 56 70 78 73 133 48 116 113 114 Net change in interest arrears .. .. 6 -3 0 -2 0 0 -2 -2 Interest capitalized .. .. 0 0 0 0 1 0 0 0 Debt forgiveness or reduction .. .. -5 -1 -1 0 -73 -9 -69 -18 Cross-currency valuation .. .. 25 -146 -62 -36 -229 -56 86 97 Residual .. .. 21 81 153 31 89 33 -37 23 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 2.3 4.3 2.5 1.0 2.8 1.0 1.4 0.9 1.4 0.8 Maturity (years) 36.3 21.5 27.6 39.0 22.0 32.7 37.1 39.8 33.6 43.5 Grace period (years) 8.1 6.5 8.7 9.5 6.0 8.8 7.8 10.2 8.1 9.9 Grant element (%) 61.9 37.8 59.1 77.1 49.9 72.3 70.2 77.8 69.6 79.8 Official creditors Interest (%) 1.7 4.0 2.5 1.0 2.8 1.0 1.4 0.9 1.4 0.8 Maturity (years) 40.6 23.0 27.6 39.0 22.0 32.7 37.1 39.8 33.6 44.6 Grace period (years) 8.9 7.0 8.7 9.5 6.0 8.8 7.8 10.2 8.1 10.0 Grant element (%) 69.4 40.9 59.1 77.1 49.9 72.3 70.2 77.8 69.6 80.9 Private creditors Interest (%) 6.8 7.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.7 Maturity (years) 7.2 5.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17.2 Grace period (years) 2.8 1.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.7 Grant element (%) 11.3 6.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54.6 Memorandum items Commitments 9 115 90 162 129 119 53 326 166 271 Official creditors 8 104 90 162 129 119 53 326 166 260 Private creditors 1 10 0 0 0 0 0 0 0 11 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL Disbursements 163 194 155 116 89 59 43 24 17 8 Principal 57 59 59 62 65 68 70 73 80 85 Interest 21 22 22 22 22 21 21 20 19 18 Official creditors Disbursements 160 190 153 115 89 59 43 24 17 8 Principal 57 59 59 62 65 68 69 72 79 84 Interest 21 22 22 22 22 21 20 20 19 17 Bilateral creditors Disbursements 19 24 16 11 6 3 2 1 0 0 Principal 13 14 13 14 14 15 14 14 14 14 Interest 4 4 4 3 3 3 3 2 2 2 Multilateral creditors Disbursements 141 166 137 105 83 56 41 24 17 8 Principal 44 46 45 48 51 53 55 58 65 71 Interest 17 18 19 19 19 18 18 17 17 16 Private creditors Disbursements 4 4 2 1 0 0 0 0 0 0 Principal 0 0 0 0 0 0 1 1 1 1 Interest 0 0 0 0 0 0 0 0 0 0 Commercial banks Disbursements 0 0 0 0 0 0 0 0 0 0 Principal 0 0 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 0 0 Other private Disbursements 4 4 2 1 0 0 0 0 0 0 Principal 0 0 0 0 0 0 1 1 1 1 Interest 0 0 0 0 0 0 0 0 0 0 112 BURUNDI (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 15 166 907 1,065 1,119 1,131 1,103 1,070 1,204 1,310 Long-term debt (LDOD) 7 118 851 1,022 1,079 1,050 1,031 979 1,095 1,234 Public and publicly guaranteed 7 118 851 1,022 1,079 1,050 1,031 979 1,095 1,234 Private nonguaranteed 0 0 0 0 0 0 0 0 0 0 Use of IMF credit 8 36 43 28 20 12 7 2 13 29 Short-term debt 0 12 13 16 20 70 65 88 96 48 of which interest arrears on LDOD 0 0 0 9 12 15 20 27 36 48 Official creditors 0 0 0 9 12 15 20 27 36 48 Private creditors 0 0 0 0 0 0 0 0 0 0 Memo: principal arrears on LDOD 0 0 0 27 44 63 82 79 96 114 Official creditors 0 0 0 27 44 62 81 79 96 114 Private creditors 0 0 0 0 0 1 1 0 0 0 Memo: export credits 0 0 15 0 0 0 0 0 0 0 TOTAL DEBT FLOWS Disbursements 4 45 96 19 31 20 39 14 53 65 Long-term debt 1 39 96 19 31 20 39 14 40 52 IMF purchases 3 6 0 0 0 0 0 0 12 13 Principal repayments 1 4 28 20 21 21 14 16 17 21 Long-term debt 0 4 28 12 13 14 9 12 14 21 IMF repurchases 0 0 1 8 9 7 5 4 3 0 Net flows on debt 3 40 65 3 10 46 17 13 35 -16 of which short-term debt 0 -1 -3 4 1 47 -9 16 -1 -60 Interest payments (INT) 0 4 14 9 9 8 8 7 7 8 Long-term debt 0 2 12 9 8 6 4 5 5 7 IMF charges 0 1 0 0 0 0 0 0 0 0 Short-term debt 0 2 2 0 1 2 3 2 2 1 Net transfers on debt 3 36 51 -6 1 38 9 6 29 -24 Total debt service paid (TDS) 1 9 42 29 30 29 22 23 23 29 Long-term debt 1 6 40 21 21 20 14 17 19 28 IMF repurchases and charges 0 1 1 8 9 7 5 4 3 0 Short-term debt (interest only) 0 2 2 0 1 2 3 2 2 1 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 8 78 204 53 69 66 101 136 154 200 Net flow of long-term debt (ex. IMF) 1 35 68 7 18 6 30 2 26 31 Foreign direct investment (net) 0 5 1 0 0 0 12 0 0 0 Portfolio equity flows 0 0 0 0 0 0 0 0 0 0 Grants (excluding technical coop.) 7 39 135 46 51 60 59 134 128 169 Memo: technical coop. grants 11 45 60 19 13 21 15 11 25 31 official net resource flows 8 76 209 53 68 66 86 134 156 192 private net resource flows 0 2 -5 0 0 0 15 2 -2 8 NET TRANSFERS 8 76 189 29 51 51 85 118 140 178 Interest on long-term debt 0 2 12 9 8 6 4 5 5 7 Profit remittances on FDI 0 0 3 15 10 9 12 13 10 15 Memo: official net transfers 7 76 198 44 60 60 82 129 152 185 private net transfers 0 1 -9 -15 -9 -9 3 -12 -12 -8 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 235 922 1,117 945 870 703 663 679 614 575 Exports of goods, serv. & inc. (XGS) .. .. 98 97 72 61 55 46 38 44 Worker remit. & comp. of employees 0 0 0 0 0 0 0 0 0 0 Imports of goods & services (MGS) .. .. 341 148 177 134 165 162 161 194 International reserves (RES) 15 105 112 118 70 53 38 18 59 67 Current account balance .. .. -69 5 -49 -22 -50 -36 -5 -25 4. DEBT INDICATORS EDT / XGS (%) .. .. 928.7 1,098.2 1,551.8 1,845.1 1,990.2 2,313.5 3,157.5 2,950.6 EDT / GNI (%) 6.4 18.0 81.2 112.8 128.7 160.9 166.2 157.6 196.1 227.7 TDS / XGS (%) .. .. 43.4 29.9 41.8 46.9 39.3 49.7 61.1 65.8 INT / XGS (%) .. .. 14.4 9.2 12.2 12.9 14.2 14.2 17.8 17.6 INT / GNI (%) 0.1 0.5 1.3 0.9 1.0 1.1 1.2 1.0 1.1 1.4 RES / EDT (%) 102.8 63.2 12.3 11.1 6.3 4.7 3.4 1.7 4.9 5.1 RES / MGS (months) .. .. 3.9 9.5 4.8 4.7 2.7 1.3 4.4 4.2 Short-term / EDT (%) 0.0 7.2 1.5 1.5 1.8 6.2 5.9 8.3 8.0 3.6 Concessional / EDT (%) 16.3 62.6 85.9 92.8 93.7 90.4 90.9 88.8 88.2 90.8 Multilateral / EDT (%) 30.2 35.7 72.7 81.9 82.3 79.4 80.3 80.0 78.7 81.1 113 BURUNDI (US$ million, unless otherwise indicated) 1970 1980 1990 1997 1998 1999 2000 2001 2002 2003 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 7 118 851 1,022 1,079 1,050 1,031 979 1,095 1,234 Public and publicly guaranteed 7 118 851 1,022 1,079 1,050 1,031 979 1,095 1,234 Official creditors 6 110 842 1,021 1,078 1,049 1,027 973 1,091 1,222 Multilateral 5 59 660 872 921 899 885 856 948 1,063 Concessional 1 55 597 840 891 873 861 833 922 1,033 Bilateral 1 51 182 149 157 150 142 117 143 160 Concessional