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USA All rights reserved Manufactured in the United States of America First printing March 1996 This publication has been compiled by the staff of the Interniational Finance Division and the Development Data Group of the World Bank's International Economics Department. The World Bank does not accept responsibility for the accuracy or complete- ness of this publication. Any judgments expressed are those of World Bank staff or consultants and do not necessarily reflect the views of the Board of Executive Directors or the governments thev represent. The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to the Office of the Publisher at the address in the copyright notice above. The World Bank encourages dissemination of its work and will normally give permission promptly and, when reproduction is for noncoiimmercial purposes, without asking a fee. Permission to photocopy portions for classroom use is granted through the Copyright Clearance Center, Suite 910, 222 Rosewood Dr., Danvers, MA 01923, USA. The complete backlist of publications from the World Bank is showni in the annual Index of lublicantions, which contains an alpha- betical title list and indexes of subjects, authors, and countries and regions. The latest edition is available free of charge from the Distribution Unit, Office of the Publisher, The World Bank. 1818 H Street. NW, Washington, DC 20433. USA, or from Publications, The World Bank, 66 avenue d'1ena, 75116 Paris, France. ISBN 0-8213-3300-3 (vol. 1) ISBN 0-8213-3301-1 (vol. 2) ISBN 0-8213-3302-X (2-vol. set, with periodic supplemenits) ISSN 0253-2859 v Contents Preface ix Acronyms and abbreviations x Part 1. External finance for developing countries Summary 3 1. Private capital flows 7 Recent developments in external private financing 7 Lessons from Mexico 9 Market contagion effects and investor reactions 14 Foreign direct investment-why unabated? 17 Prospects for private capital flows to developing countries 19 Notes 21 2. Official financing and external debt 23 Financial flows from official sources 23 Nonconcessional flows 23 Concessional flows 25 Challenging prospects for official flows 29 Trends in external debt 30 Debt trends in 1995 30 Rescheduling of developing country debt 31 Debt indicators 33 The special issue of the debt burden of heavily indebted poor countries 35 Notes 36 Part II. Appendixes 1. Debt burden indicators and country classification 41 2. External debt trends in 1994 55 3. Official external debt restructuring: October 1994-December 1995 59 4. Commercial debt restructuring 73 5. Debt conversion programs 87 6. Foreign direct investment in developing countries 93 7. Portfolio investment in developing countries 99 8. Privatization in developing countries and external financing 119 9. Regional summaries 157 1V vi Part 111. Summary tables Methodology 175 Sources and definitions 179 Country groups 187 Summary tables 191 All developing countries 192 East Asia and the Pacific 196 Europe and Central Asia 200 Latin America and the Caribbean 204 Middle East and North Africa 208 South Asia 212 Sub-Saharan Africa 216 Severely indebted low-income countries 220 Severely indebted middle-income countries 224 Moderately indebted low-income countries 228 Moderately indebted middle-income countries 232 Other developing countries 236 Low-income countries 240 Middle-income countries 244 Special Program of Assistance 248 Tables I Aggregate net long-term resource flows to developing countries, 1990-95 3 1.1 Aggregate net private capital flows to developing countries, 1990-95 7 1.2 Net private capital flows to developing countries, 1990-95 11 1.3 Postcrisis market performance in selected developing countries and their key economic indicators 15 1.4 Net foreign direct investment in developing countries, selected years, 1990-95 17 2.1 Official net flows to developing countries, 1990-95 23 2.2 Largest recipients of official assistance, 1985 and 1990-94 29 2.3 Developing countries' stock of external debt, 1988-95 31 2.4 Change in external debt for all developing countries, 1993-95 31 2.5 Debt forgiveness to heavily indebted poor countries, 1990-94 35 2.6 Completed operations financed by the IDA Debt Reduction Facility as of December 1995 35 2.7 Debt indicators, 1990-95 36 Figures I Aggregate net resource flows to developing countries reached a record $231 billion in 1995 3 2 Developing countries' share in global FDI grows further 4 3 Terms of bond issues for 1994-95 differ widely 5 4 Debt stock continLes to rise, but regions show diverging indicators 6 vii 1.1 Net private capital flows slowed in 1994 and 1995 . . . 8 1.2 . . . due primarily to a sharp fall in portfolio equity flows 8 1.3 An increasing share of private capital flows is going to East Asia 10 1.4 Terms of bond issues for 1994-95 differ widely 11 1.5 Postcrisis performance of emerging markets showed a regional divergence 15 1.6 Some markets recovered soon from the Mexico crisis . . . others suffered more persistent effects 16 1.7 Recovery of secondary market debt prices was helped by declining U.S. interest rates in 1995 17 1.8 Privatization programs in developing countries have been a growing source of FDI flows 20 1 .9 Growing emerging markets set to attract greater foreign institutional investment 20 1.10 Export and GDP growth in developing countries attracts FDI 21 2.1 Aggregate net transfers as a percentage of GNP varied by region and source, 1990-95 24 2.2 New export credit commitments are on the rise, but most were to creditworthy countries 25 2.3 Official development assistance from DAC countries has fallen to its lowest level as a share of donors' GNP 26 2.4 Half of bilateral ODA goes to low-income countries, but with wide variations by donor ... 27 2.5 . . . but heavily indebted poor countries receive only 30 percent of bilateral ODA 27 2.6 Net ODA to low-income countries has recently been on a declining trend 28 2.7 Sub-Saharan Africa still tops the list of ODA recipients 28 2.8 Multilateral flows show a diverging trend between concessional and nonconcessional lending, 1990-95 30 2.9 There was wide variation in the currency composition of the external debt of the top 20 debtor countries at the end of 1994 32 Boxes 1.1 Portfolio debt flows-steady, with rwo interruptions 9 1.2 Portfolio equity flows-volatile 10 1.3 Commercial bank lending-recovering, for the most creditworthy 12 1.4 Mexico: what happened and why? 13 1.5 Foreign direct investment: where is it going and where is it coming from? 18 2.1 Aid flows down from major donor countries 26 2.2 Paris Club Naples terms-implementation and stylized scenarios 33 2.3 The World Bank and heavily indebted poor countries' debt in 1995 37 2.4 Structure of the debt of the heavily indebted poor countries 37 1 Preface World Debt Tables 1996 consists of tvo volumes. resource flows and the balance of payments. Exact Volume I contains analysis and commentary on definitions of these and other terms used in the recent and prospective developments in interna- World Debt Tables are found in the Sources and tional finance for developing countries, together Definitions section. with summary statistical tables for selected region- The economic aggregates presented in the al and analytical groups comprising 151 develop- tables are prepared for the convenience of users; ing countries. their inclusion is not an endorsement of their Volume 2 contains statistical tables on the valie for economic analysis. Although debt indi- external debt and flows of the 136 countlries that cators can give useful information about develop- report public and publicly guaranteed debt under ments in debt-servicing capacity, conclusiolIs the Debtor Reporting System (DRS). Portugal is drawn from them will not be valid unless accom- now classified as a high-income country. panied by careful economic evaliation. The For the convenience of readers, charts on pages macroeconomic information provided is from xi to xiii sLImmarize graphically the relation between scandard sources, btit many series, especially for the debt stock and its components: the computa- African countries, are incomplete; thus it may be tion of net flows, aggregate net resource flows, and conveniient or necessary to substituite other data aggregate net transfers; and the relation between net series for those used here. lX x U Acronyms and abbreviations BIS Bank for International Settlements CFA Communautr financiere africaine (franc zone) CRS Creditor Reporting System (of the OECD) DAC Development Assistance Committee (of the OECD) DDSR Debt and debt service reduction DRE Debt reduction equivalent DRS Debtor Reporting System (of the World Bank) FDI Foreign direct investment GDP Gross domestic product GNP Gross national product IBRD International Bank for Reconstruction and Development/World Bank IDA International Development Association (of the World Bank) IFC International Finance Corporation (of the World Bank) IMF International Monetary Fund LIBOR London interbank offered rate LILIC Less indebted low-income country LIMIC Less indebted middle-income country MILIC Moderately indebted low-income country MIMIC Moderately indebted middle-income country MYRA Multiyear rescheduling agreement NGO Nongovernmental organization ODA Official development assistance ODF Official development finance OECD Organisation for Economic Co-operation and Development OPEC Organization of Petroleum Exporting Countries RXD Revised External Debt (Reporting System of the World Bank) SDR Special drawing right (of the IMF) SILIC Severely indebted low-income country SILMIC Severely indebted lower-middle-income country SIMIC Severely indebted middle-income country Dollars are current U.S. dollars unless otherwise specified. xi Debt stock and its components Total external debt (EDT) Short-term debt Long-termn debt Use of IMF (LDOD) credits bydbtor nonguaranteed debt ~~~~guaranteed debt | by Iditor Official creditors Private creditors Multilateral Bilateral Commercial Bonds Other banks x-U Aggregate net resource flows and net transfers (long-term) to developing countries Loani disbursemnents Minus I equals Foreign direct Debt service Net resource flows-investment (FDI), equals Aggregate net (LTDS) on debt portfolio equity resource flows flows, and official grants mlil us mi nus Loan interest Interest payments and FDI profits equals equals Net transfers on Aggregate net debt transfers AVote: I ncludes oinly Ioanis wvith an o rig inal niatui i" v of mioie than Ioni year flong-wtrmi loanis). - XClLidcs IMNIFiranisactionis. xiii Aggregate net resource flows (long-term) and the balance of payments Credits Debits * Exports of goods and nonfactor services * Imports of goods and nonfactor services * Export of factor services * Import of factor services Current account * Private unreqtiited transfers (by nonresidents) - Private unrequited transfers (by Emigrant remittances residents) Private grants * Official unrequited transfers (by foreign * Official unrequited transfers (by nationial governments) government) * Foreign direct investment (by nonresidents) * Foreign direct investment (by residents) (disinvestment shown as negative) (disinvestment shown as negative) • Portfolio investment (by nonresidents) - Portfolio investment (abroad by (amortizations shown as negative) residents) (amortizations shown as negative) Capital account * Other long-term capital inflows (by * Other long-term capital outflow (bv nonresidents) (amortizations shown residents) (amortizations shown as as negative) negative) * Short-term capital inflow * Short-term capital outflow Reserve account Net changes in reserves D Aggregate net resource flows E Net resource flows on debt (long-termii) 1 Part I External finance for developing countries U Summary Aggregate net resource flows to developing coun- have fallen substantially in real terms from their Both official and private tries rose another 11.5 percent in 1995 to reach 1990 level. flows increased, leading to a record $231 billion (table I and figtire I ). This The 8 percent rise in developing country debt a record level of aggregate figure includes the $11 billion net disbursement stocks in 1995 was more than offset by the rise in resource flows to develop- from the exceptional financing package for developing country exports. Thus the ratio of debt ing countries in 1995, but Mexico from official bilateral and multilateral to exporrs declined for developing countries as a private capital continued to sources that helped offset the decline in private group from 163 percent in 1994 to 150 percent in dominate total net flows. flows to thlat country. Private capital flows con- 1995. This improvement was shared by all regions tinued to grow and dominate total net flows to except Sub-Saharan Africa, vhich saw a continued developing countries, accounting for 72 percent increase in its debt to export ratio to 270 percent. of total flows, down slightly from 74 percent in East Asia. which was responsible for more than a 1993 and 76 percent in 1994. third of the increase in overall developing country The slower growthl in private capital flows was debt, managed to reduce its debt to export ratio due primarily to the decline in portfolio flows, from 93 percent in 1994 to 83 percenc in 1995 Foreign direct investment, by contrast, contin- because of the buoyancy of its exports. The over- ued to rise, increasing its share in total private all increase in developing country debt, to more flows from 50 percent in 1994 to 54 percent in than $2 trillion, was mainily due to a jump in net 1995. Private flows remain concentrated in a debt flows stemming from continued and expand- small number of mostly middle-income coun- ed access to private market financing by credit- tries. Net concessional resource flows, primarily worthy borrowers and to the exceptional package targeted to loxv-income countries, have remained for Mexico. flat over the last two years in nominal terms and Figure 1 Aggregate net resource flows to developing Table 1 Aggregate net long-term resource flows to developing countries, countries reached a record $231 billion in 1995 199i-o5 USS billions 250 - Indicator 1990 1991 1992 1993 1994 /995a a Portfolio equit rinvestfrest Aggregate niet resource flows 101.9 127.1 IS1553.3 207.2 207.4 231.3 200 [ Foreign direct investment Official developmcnt finance 57.9 65.5 55.0 53.0 48.6 64.2 Private loans and hands Official gratirs 29.4 3 7.5 31.9 29.4 32.5 32.9 Official loalls 28. 28.0 23.1 23.6 16.1 31.3 150 O Official loans Bilaterai 13.5 13. 2 10.8 9.4 6.1 18.8 * Official grants Mtutilateral I 5.0 14.8 12.3 14.2 10.0 12.5 100 Total private flows 44.0 61.6 100.3 154.2 158.8 167.1 Privace debt flows 15.3 19.( 39.6 40.3 43.8 54.8 50 Conmmcrcial baniks 1.7 2.5 13.8 -4.9 9.2 17.1 Bonds 3.0 12.8 13.2 38.3 32.2 337 Orlbers 10.6 3.7 12.6 6.9 2.4 4.0 0 Foreig n direct investment 25.0 35.0 46.6 68.3 80.1 90.3 1986 1987 1988 1989 1990 1991 1992 1993 1994 19950 Portfoliceqiitysflosvs 3.7 .6 14.1 45.6 34.9 22.0 o Preliminory. jI PrFCiliin.rv. Source: Wor d Bank, Debioi Reporting System. Nso,, ,v o., Id Bank, L)cbu,r Reportc jir '1r.nm . 3 4 Prospects remain good for private capital 1993 to $22 billion in 1995. This decline was in flows, despite recent volatility part to be expected. Portfolio equity flows had jumped more than than tenfold during 1990-93 The growth in private capital flows to developinig as institutional investors turned to emerging mar- countries slowed in 1994 and 1995, after a more kets. As many investors approached their desired than threefold increase between 1990 and 1993. near-term portfolio shares for emerging markets, Bank staff estimates place these flows at around the growth of net flows was bound to decelerate. $167 billion in 1995, less than 10 percent higher The decline and volatility in portfolio flows (in nominal terms) than the $154 billion in 1993. also reflect the greater susceptibility of such flows The slowdowni was due entirely to the sharp to cyclical factors and changes in investor senti- decline in portfolio flows. menrt. The main factors behind the recent damp- Foreign direct investment (FDI) continued its eningofportfolio flows in 1994 and 1995 were the steady, if somewhat slower, upward trend, reaching rise in U.S. interest rates beginning in February a record $90 billion in 1995. Propelling these FDI 1994, the Mexico crisis in December 1994, the flows have been the rapid globalization of produc- spectacular performance of the U.S. stock market tion, the increasing integration of developing coun- in 1995, and concerns about the overheating of tries in buoyant world trade, and the improved East Asian economies in the second half of 1995. economic policies of recipients. The sustained The fallout from the Mexico crisis had a pro- increases boosted the share of low- and middle- nounced impact on portfolio flows. The Foreign direct investment income countries in global FDI from 12 percent in International Finance C(orporation's (IFC) global continued its steady upward 1990 to 38 percent in 1995 (figure 2). Active pri- emerging market index declined about 13 percent trend. In contrast, portfolio vatization programs in many countries provided a during the first quarter of 1995. Although some flows dropped substantially, steady stream of FDI flows; during 1990-95 they countries did better than others, all emerging stock driven by the sharp foll in attracted about $40 billion of FDI. markets recorded significant declines due in part to equity flows. In contrast, portfolio flows dropped from $84 redemptions of open-ended mutual funds, which billion in 1993 to $56 billion in 1995, driven by forced sales in the more liquid and stronger emerg- the sharp fall in equity flows from $46 billion in ing markets. New international issues of portfolio equities and bonds also fell-from a quarterlv aver- Figure 2 Developing countries' share in global FDI age of $17 billion in 1994 to $4.4 billion in the first grows further quarter of 1995. US$ billions Poerent Emerging markets recovered strongly in the sec- 100 -140 ond quarter of 1995. The likelihood of a systemic Shore of developing nunries crisis abated, thanks to the Mexico rescue package 90 in globol FDI (right avi5 and forceful moves to restore investor confidence in 80 / a number of developing countries. Investors also 3 Middle East ond began to evaluate economic fundamentals more 70 /U * North Africa closely and to differentiate among emerging mar- 60 25 Latin Americo ond kets. Countries with strong fundamentals saw stock / the Coribbean so 20 market prices recover to their levels before the E South Asia Mexico crisis-while countries with weaker ftinda- 40 / i Europemnd ientals or special domestic factors felt deeper and 30 /enlAsio more persistent effects. The global emerging mar- 20 1 10 Svlb,Saharon Afric ket index weakened in the second half of 1995, but 20 YthiIs was due mainly to the mature stage of the bus'i- 10 = i i i i 5 *EostAsiaand ness cycle in East Asia and the exceptionally strong I 0 the Pacif performance of the U.S. stock market. 0 0 The more discerning behavior of investors was also evident in new bond issues. The terms of new o. Prol t aninoryo issues have become more differentiated, in line Source: Wonld Bonk staof estimoles based on balanr e of poyments doto reported bt mhe Internotionoe Monetory Fund end doto or net foteign investment teported by tnte OECD wi th m arket percep tions of econon ic fun dan en - 5 Figure 3 Terms of bond issues for 1994-95 differ concerned about their vulnerability to liquidity widely crises even when flows are largely private. This in Maturity (years) turn implies that governments need to worry about i8 r - - sustained real appreciation in excess of productivi- 16 S * Moloysia ty gains and potentially unsustainable current account deficits. Increased capital mobility in par- 14 ticular warrants greater attention to the adequacy 12 S China of international reserves and the composition and marurirv structure of debt, and an efficient and 10 Thoilond- @Ondi0 Korea, Rep at *Ehile 0 Philippines well-supervised financial system is critical for 8 S South OColombia ensuring sound use of capital inflows and for avoid- 6 Jgmorcee OMexiae Argentina ing potential vulnerabilitv. Second, governments The Mexico crisis and its Czech RepS Turkey-* a Pokiston need to monitor warning signals more closely and aftermath show that the 4 Greene Lebonon * Borbodos move forcefully to counter shocks or the loss of more creditworthy emerg- Poland Slovnk Repe S *Brazil 2 Costo Rico *Lithtomo investor confidence. ing markets-while still 0-- . _oliva J The prospects for sustained net private capital vulnerable to contagion 0 50 100 150 200 250 300 350 400 450 500 550 flows to developing countries remain good. True, effects-are resilient and Spread (basis points) there will be year-to-year fluctuations, and risks of that both investors and gov- Ware- Matrities annl spreads are baned en (US. dollr-denorninred f xed sane issues Spreads volatilitv remain as investors shift their portfolio ernments have learned ore oves the benchmork U.S Treasury secusiies, except for Hungary, tor which deutchmsrek holdings among countries as performance changes. valuable lessons. issues were used as a proxy. But with continued policy reforms and improving Source Ejromoney Bondwoae and World Bonk staff estn orles. creditworthiness in both currenit major recipients tals and prospects (figure 3 and box 1.1). East and other developing countries, the underlying Asian borrowers enjoyed maturities almost three structural factors driving globalization and finan- times longer than did Latin American issuers in cial integration are likely to fuel continuing growth. 1995-and average spreads were about one-half albeit somewhat slower, in net private capital flows those of Latin America. to developing countries. East Asia's share of private capital flows also increased-from 41 percent in 1993 to 59 percent Official flows remain stagnant-except for the in 1995-again largely at the expense of Latin Mexico financing package America. Given the importance investors attach to country creditworthiness, it is not surprising that This relatively optimistic assessment of prospects private flows remain highly conicenitrated in a small for private flows cannot be extended to official number of countries. Some tvelve (mainlynl middle- flows. Although the Mexico rescue package led a income) countries account for more than 80 per- strong rebound in official flows in 1995, the under- cent of total private flows to developing countries. lying trends are far less promising. Nonconcessional The Mexico crisis and its aftermath show that official flows-traditionally dominated by net flows the more creditworthy emerging markets-whlile from multilateral development banks and export still vulnerable to contagion effects-are resilient credit agencies-tend to be demand-driven. Due to and that both investors and governments have slow new disbursements and large prepayments, net emerged wiser. Investors, more discerning among nonconicessionial multilateral flows have been markets, are increasingly focusing on underlying declining. The more creditworthy countries that political and economic fundamentals and on mar- traditionally borrowed from multilateral financial ket infrastructure. In other words, contagion is not institutions now have easier access to private funds. likely to have large or long-lasting effects on coun- And portfolio considerations limit lending to the tries with strong fundamentals and the capacity less creditworthy countries. Export financing, how- and willingness to respond promptly to changing ever, continues to expand despite tight budgets in external conditions. OECD countries. Export credit agencies have The Mexico crisis also provided important become important instruments of foreign trade pol- lessons for governments. First, countries need to be icy and have directed their attention to the new 6 trading opportunities in the more credirworthy Figure 4 Debt stock continues to rise, but regions emerging markets. show diverging indicators Official development assistance (ODA) from Debttoexportrafio (percent) OECD Development Assistance Committee 350 (DAC) countries fell again in 1994, to 0.29 per- --- - - SouiAsia cent of their GNP, the lowest since 1973. 300 Latin Americ oand the Coribbean ' - -- --- Reflecting budgetary pressures facing donor gov- 250 ernments, ODA fell 6 percent in real terms in Sob-Saharan Africa 1994. Efforts to protect the poorest countries have 200 been only partly successful. While low-income 150 - - - - - - ---- countries received a rising share of ODA flows to Middle East ond Nortir Africa All regions recorded an developing countries (as defined by the OECD), 10 EastAsiaondthePacific increase in debt stock, but their share has actually declined once flows to 50L _ J trends in the capacity to countries in Eastern Europe and the former Soviet 1990 1991 1992 1993 1994 1995° service external debt are Union are taken into account. Moreover, ODA for Note Besed on nominal debt. diverging by region and long-term development declined more sharply . Plrloinory. Source: World Book, Debtor Reporting Sysremr country. than total ODA because disaster relief and peace- keeping operations received more than tvice as external debt (figure 4). Despite the rise in debt much in 1994 as in the early 1990s. stock, all regions except Sub-Saharan Africa If these trends persist, the low-income coun- recorded improvements in their overall debt indi- tries will be the most vulnerable since they will cators in 1995. By contrast, despite increasingly continue (with some notable exceptions) to lack concessional reschedulings and continuing posi- access to private capital markets. Many of them tive net transfers from official sources, key debt are pursuing economic reform programs to restore indicators of many of the poorest countries con- growth and reduce poverty, and they need ODA tinued to deteriorate, reflecting both poor past flows to support this process. Donors thus need to policies (and very low growth performance) and reverse this trend. An important element of this debt strategies that have proved inadequate to effort needs to be the adequate replenishment of address their problems. the concessional arms of multilateral develop- The debt problems of a group of heavily ment banks, which play a critical role in helping indebted poor countries remain an important promote sound policies and reducing poverty. It challenge for the international financial commu- is also important for both bilateral and multilat- nity. Recognizing the long-term development eral donors to allocate these scarce aid resources to problems faced by these countries, including the the countries committed to sustained refortn and buildup of debt and debt servicing obligations, the poverry reduction. multilateral institutions have taken a range of actions to address their growing debt problem. External debt continues to rise, but with diverg- More recently, ministers at the Development ing debt indicators by region Committee requested the World Bank and the International Monetary Fund to continue their The large inflow of private debt-creating flows and work on this issue, including detailed analysis of the Mexico rescue package contributed to the 10 debt sustainability in individual countries, and to percent jump in external debt of developing coun- report with proposals to the committee at its next tries, pushing it over $2 trillion in 1995. Also con- meeting in April 1996. This work is currently tributing were the depreciation of the U.S. dollar under way. Once the work has been completed, a and the capitalization of rescheduled interest. supplement to World Debt Teables 1996 will be All regions recorded an increase in debt stock, issued to provide a fuller analysis of the debt prob- but the amount of debt hides diverging trends in lcm of the heavily indebted poor countries and of regional or individual country capacity to service the agreed approaches for addressing it. CHAPTER I -4 Private capital flows After dramatic increases in 1990-93 private capital 1995. The decline began in the second quarter of flows to developing countries grew at a slower pace 1994, after an increase in U.S. interest rates in in 1994 and 1995, owing to turbulence in world February 1994. Further interest rate rises in the mark-ets and the Mexico crisis and its aftermanth. United Stares, and monetary tightening in other Portfolio flows fell sharply from their 1993 peak. industrial countries, continued to dampen portfo- but the decline was more than offset by a rise in for- lio flows to developing countries in 1994. And the eign direct investment (FDI) and a recovery of syn- fallout from the Mexico crisis in December result- dicated loans. This chapter begins with a review of ed in a significant drop in portfolio flows in the recent trends in private capital flows. It goes on to first quarter of 1995 (box 1.1). Although portfo- analyze the lessons to be drawn from the tvMexico cri- lio flows recovered in the second quarter-thanks sis, the implications of the greater caution and dis- to the strong comeback of international bond cernment characterizing investor behavior in the issues-the spectacular performance of the U.S. postcrisis period, and the factors explaining the stock market and concerns about overheating in divergent behavior ofFDI flows and portfolio flows. East Asia dampened portfolio equity flows in the It ends with a review of prospects for private capital second half of 1995 (box 1.2). flows, arguing that both governments and investors FDI flows continued their steady, albeit some- have emerged wiser from recent events and that what slower, upward trend, reaching a new high of their more informed judgments should mean a $90 billion in 1995. As a result ofsustained increas- healthier and steadier growth of private flows. Thus, es in the 1990s, developing countries boosted their assuming further strong adjustment efforts in the share of global FDI to 38 percent in 1995, up from major developing countries, the underlying struc- 12 percent in 1990. tural factors that are driving globalization will like- The slowdown in portfolio flows during ly fuel continued albeit slower growth in private 1994-95 was in part to be expected. The more than capital flows to developing countries. Table 1.1 Aggregate net private capital flows to developing countries, 1990-95 Recent developments in external private (LS$ bil/ios finanding Category 1990 1991 1992 1993 1994 1995a Total private 44.0 61.6 100.3 154.2 158.8 167.1 Net private capital flows grew more than 50 percent Portolio investment 6.7 20.4 27.3 83.9 67.1 55.7 Debt flows 3.0 12.8 13.2 38.3 3 2.2 33.7 a year in 1990-93, before rising more modestly to Eqbity floWs 3.7 7.6 14.1 45.6 34.9 22.0 $159 billion in 1994 and $167 billion in 1995 Foreignl direct investment 25.0 35.0 46.6 68.3 80.1 90.3 (table 1.1 and figure 1.1). Commercial banks 1.7 2.5 13.8 -4.9 9.2 17.1 . , . ,. ,. , ,. . 7 ~~~~~~~OLher private 10.6 3.7 12.6S 6.9 2.4 4.0 7hends in portJolio and direct investment flows are diverging. The slowdown in private capital flows Aggregate net lonig-terimi resource flows 101.9 127.1 155.3 207.2 207.4 231.3 was due entirely to a fall in portfolio flows, from a net $67 billion in 1994 to $56 billioni in 1995 (fig- Private capital flows as a ure 1.2). The decline was especially pronounced in percentage of aggregate ue )leenw epllpn I net longo-term flow's> 43.2 48.5 64.6 74.4 76.6 72.2 portfolio equity flows, which fell more than half a. Preliminary. from nearly $46 billion in 1993 to $22 billion in Surce: W0,rld Bank, Debror Reporring System. 8 Figure 1.1 Net private capital flows slowed in 1994 Figure 1.2 ... due primarily to a sharp fall in and 1995 ... portfolio equity flows USS billions Net portfolio debt and equity flows to developing countries, 1990-95 200 5 USS billions Porffolio_10 1 50 Foreign direct investment 80 Equi 100 ~~~~~~~~~~~~~~~~60 40 50~~~~~~~~~~~~~~~~~2 0~~~~~~~~~~~~~~~~~2 t990 ]9 19 993 t994 19 95C 0 195 1990 1991 1992 1993 1994 1995° a. Preliminary. Sounce: World Bank, Debtor Repop og System ond sltat estimates. a. Preliminary. Sonce: Euromoney Sondwoare, and Word Bcnk, Debtlr Reporting System ond staff eireimtes. tenfold increase in such flows during 1990-93 also increased in 1995, with the combined flows to reflected a large upward adjustment in the share of Nigeria and South Africa accounting for more than emerging markets in the portfolios of institutional half the regional total. A slowdown in portfolio investors.' As many of these investors reached their flows to Turkey was the main factor behind the desired near-term portfolio shares for emerging lower share of Europe and Central Asia. markets, net flows were bound to decelerate. But the Private capital flows remain highly concentrated, developments in 1994-95 also highlighted the with twelve (mostly middle-income) countries greater susceptibility of portfolio flows to cyclical accounting for about 80 percent of private flows to factors, contagion effects, and short-term changes developing countries since 1990 (see table 1.2). This in investor sentiment. Meanwhile, FDI flows have group includes the rwo most populous countries, been driven primarily by the globalization strategies China and India-the only low-income countries in of multinational firms, buoyant world trade, and the group. Per capita private flows to China and improvements in economic policies in recipient India, however, are much lower than those to most countries (see below), and so have been less suscep- of the middle-income recipients in this group.3 tible to cyclical or other short-term factors.2 International investors are showing greater dis- The regional concentration of private flows has crimnination. Risk aversion and selectivity became intensified, with more than ha//going to East Asia. the watchwords of investors in emerging markets. With the decline in portfolio flows and the further Average terms of new international bond issues rise in FDI during 1994 and 1995, the regional varied widely, with a rising gap in 1994-95 composition of flows has changed (figure 1.3 and reflecting economic fundamentals and prospects table 1.2). Latin America and the Caribbean saw its (figure 1.4). At 10.9 years average maturities for share of private capital flows decline from 38 per- more creditworthy East Asian borrowers were cent in 1993 to 20 percent in 1995. East Asia almost three times longer than those for Latin absorbed the difference, its share rising from 41 per- American issuers-and East Asia's average spreads cent to 59 percent. This increase was boosted by the (at 163 basis points) were less than one-half of continued recovery of commercial banking flows, Latin America's in 1995, albeit with some indi- directed mainly to project financing for creditwor- vidual country variation (see box 1.1). thy borrowers (box 1.3). This regional shift in pri- Four questions emerge from recent develop- vate flows appears to have been reinforced by the ments in private capital flows. First, what lessons increased outflow of domestic capital from Latin can be learned from the Mexico crisis? Second, America, after the large repatriation of capital in what explains market behavior following the cri- 1991-92 (appendix 7). Sub-Saharan Africa's share sis? Third, why was foreign direct investment less 9 Box 1.1 Portfolio debt flows-steady, with two interruptions The steady increase in portfolio debt flows since 1990 was inter- With the uncertainty relating to interest rates in 1994-95, float- rupted in the second quarter of 1994 by the first of a series of inter- ing-rare issues increased substantially to about 30 percent of all bond est rate increases in the United States. Net portfolio debt issues, compared with an average of 15 percent in 1990-93. East flows-which had constituted 19 percent of alt private capital flows Asian borrowers increased their share from about 23 percent in 1993 in 1990-93, and had increased from $3 billion in 1990 to $38 bil- to more than 40 percent in 1994 and 38 percent in 1995, while lion in 1993-fell to $32 billion in 1994. Despite the unsettled Latin America's share fell substantially-although the region con- market conditions in the aftermath of the Mexico crisis, net port- tinued to be a major issuer. Despite the steady decline in Mexican folio debt flows recovered marginally to $34 billion in 1995, as high- issues from the peak in 1993, Mexico continued to be one of the er repayments on large issues in the recent past were more than offset largest borrowers. Also in 1995, there was a shift in borrower type- by a strong recovery in new international bond issues. from privace to sovereign borrowers-and in currency denomina- Compared with the effects of the U.S. interest rate shock in early dion-from U.S. dollar to yen and deurschmark (appendix 7). 1994, however, the Mexican crisis resulted in a much larger and sud- The average yield spread for straight bond issues of developing den decline in portfolio debt flows to a number of developing coin- countries declined from 355 basis points in 1990 to 282 at the end tries, but the recovery was even faster (box figure 1l.a). Latin of 1993, to 264 in 1994, before rising to 281 in 1995. Similarly, America bore the brunt of the decline, launching only three issues the average maturity on dollar-denominated fixed-rate bonds totaling $360 million in the first quarter of 1995, compared with issued by developing countries lengthened from 3.8 years in 1991 forty-two issues amounting to almost $6.3 billion in the first quar- to 5.2 years in 1995, with East Asia obtaining significantly longer ter of 1994. Although bond issues picked up dramatically in the sec- maturities (average of 10.9 years) than Latin America's 3.7 years ond quarter of 1995, they were restricted to better-quality (box figure l.lb). borrowers. By the third quarter other borrowers, including Mexico, The recent surge in international bond issues has been helped by returned to the marker-but at much higher spreads. greater use of derivatives. Almost half of all issues by developing countries in 1994 had derivative components, including convert- ibles and put or call options. Box figure 1.1a Although turbulence in financial Box figure 1.1 b The maturty gap on new borrowing markets led to a fall in portfolio debt flows in term has b The between Eap on and 1994-95, recovery has been speedy terms nas been widening between East Asia and 11$ billions 25 Average mratunties (years) 1 2 20 10 Ec~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~lst Asio and thPaic 20 1 0 Euiope and Cental Asia 15 10 6 4 5 L~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~adan America and the aiba 5 ~~~~~~~~~~~~~~~~~~~~~~~~~~2 01 02 03 04 01 02 03 04 01 02 03 Q4' 0 1993 1994 1995 1992 1993 1994 19950 a. Preliminary. a. Preliminary. Soure iEunomoney Bandware, and World Bank, Debtor Reporing System and staff esamates. Sounce: Euromoney Bondwore and World Bonk staff estmotes. affected than portfolio flows? Fourth, what are the financing. By 1993 inflation had fallen to single dig- longer-term prospects for private capital flows in its from an average of 65 percent in 1 987-90. As a the light of recent experience? result of the successful reforms, the conclusion of a Brady deal in 1990, and negotiation of the North Lessons from Mexico American Free Trade Agreement (NAFTA), Mexico benefited from some $91 billion of capital inflows Mexico's stabilization and structural reform pro- (including short-term flows) during 1990-93. gram was highly successful in restoring macro- But the economy also became vulinerable to economic stability and access to volintary private shocks. With the surge of capital inflows, Mexicos l0 Box 1.2 Portfolio equity flows-volatile Portfolio equiry flows fell 23 percent to $34.9 billion in 1994 and Box figure 1.2 Portfolio equity flows hove been by another 37 percent to $22 billion in 1995 (box figure 1.2). This important in determining the trend in private capital was a big change from 1990-93, when they increased rwelvefold, flows making the largest contribution (about 38 percent) to the growth Yearly change in portfolio equity and total net private capital flows to in private capital flows during the period. developing countries, 1991-95 The decline in 1994-95 was triggered by a sharp drop in net for- develoions eign purchases of equities listed on emerging stock markets. US$ billions Portfolio equity flows reacted much more sharply in the run-up to rhe 60 Mexican crisis and its aftermath-relative both to portfolio debt flows So s\ 1 r\ and to the decline after the interest rate shock in early 1994. 40 t'0 For most regions the decline in flows reflected investor uncertain- ty and caution about emerging markets in the aftermath of the crisis. 30 But for East Asia open-ended funds may have played a part in the big 20 fall in equity flows. These funds, which must sell their underlying 10 shares to meet obligations to investors, may have opted to sell in coun- tries or regions where the fall in stock market prices was less severe. 0 The differentiation among borrowers evident in portfolio debt -10 markets by the second quarter of 1995 was also seen in portfolio equities. Only a handful of countries (China, Chile, the Republic 1991 1992 1993 1994 1995a of Korea, Malaysia, Panama, the Philippines, Thailand, Turkey, and South Africa) returned to the international equity markets-and for Sourrel Worid Banka Debtor Repor.ng System and staFf eshmates. significantly lower amounts than in 1994. real exchange rate appreciated by more than 30 per- in 1990-94. So, despite an impressive reform effort, cent in 1990-93. Productivity growth, at 20 per- Mexico failed to generate growvth in earnings capac- cent, was insufficient to offset the appreciation. itv to match the growvth in external liabilities in Mexico also began running large CLrrenit account 1990-94. deficits, which it financed largely by short-term and In 1994 Mexico suffered a series of external and easily reversible portfolio flows. These inflows domestic shocks including increases in U.S. interest fueled an increase in consumption, facilitated by a rates, unrest in Chiapas, and political assassinations large increase in bank credit. Both private and and uncertainte Mexicos policy response during aggregate savings were declining, and investment 1994 exacerbated the effects of these shocks. The growth averaged a mere 5 percent a year. And with authorities did not adijlst the exchange rate band in the low investment and productivity growth rates, the face of loss of investor confidence; the increase output grew by an average of only 2 percent a year in interest rates was moderated by sterilization, Figure 1.3 An increasing share of private capital flows is going to East Asia 1993 1995' Middle arst ond Midde Last and Fuope and North Africa 2', Liope and North Alriau 4, (entral Asia 10%, COentlunt Aria I SubSohorcn latin America and .Afrca 3Ye Loln Arnericaand S"SScharn the Caribbeai 20. the Caribbeain 3b°c Alico o-- Asc 4% tx Lost ~~~~~~Asio and South Asia East Arica re Srst Asia and the Pacife 59-i Note: Inalrdes DRS cnd non-DRS tepnrting tounnries. o. Preliminary. Sourne: World Bank, Deblor Reporting System end stori estimotes. 11 which sought to dampen the contractionary effect lion from the Bank for International Settlements of the loss in reserves; the fiscal stance was more (BIS), and $3 billion from commercial banks. expansionary in 1994 than in 1993; and to lower the Although only the U.S. and IMF components were fiscal cost of financing the deficit and preserve finally concluded, the rescue package and the investor confidence, the authorities replaced domes- announcement of more stringent fiscal measures led tic-interest-based ceteswith dollar-indexed tesobonos, to a gradual recovery of investor confidence in the all with maturities of less than a year. As a result, second quarter of 1995. Even so, continued politi- Mexico's vulnerability to a liquidity crisis was great- cal uncertaintv and fragility of the banking system ly increased (box 1.4). By the end of November have kept real interest rates relatively high and led 1994 the stockofoutstanding tesobonoswas $16 bil- to bouts of market nervousness throughout 1995. lion-125 percent of gross international reserves. A first broad lesson emerging from the Mexico The dwindling reserves and uncertainty about the crisis is that countries should be concerned about government's abilitv to defend the exchange rate their vulnerability to a liquidity crisis, even when triggered a full-blown crisis in the third week of capital inflows are largely private-sector-oriented. December. In the aftermath of the currency crisis Large and potentially unsustainable current and the further loss of reserves, the stock of tesobonos account deficits are a causefor concern. A widening rose to 328 percent of gross international reserves. current account deficit is a likely outcome of The 15 percent devaluation at the onset of the structural reforms and liberalization, reflecting crisis proved to be too little and too late. Nor was it improved economic prospects. But if large deficits supported by immediate, large adjustments in mon- persist over a long period and foreign savings are etat-v and fiscal policy. As a result, Mexico contin- not used to increase productive investment, the ued to lose reserves after the devaluation. The position will be unsustainable. government was eventually forced to float the exchange rate and to accept large adjustments in Table 1.2 Net private capital flows to developing countries, 1990-95 interest rates and the exchange rate. At the end of (US$ billion) Januaty 1995 a $50 billion rescue package was -ou9 19 9 .. . . ~~~~~~~~~~~Countryl group or t-ouwntry 1990 199/ 1992 1993 1994 1995a announced, comprising a $20 billion loan from the United States, $18 billion from the IMF, $10 bil- AMI developing countries 44.0 61.6 100.3 154.2 158.8 167.1 Sub-Saharan Africa 0.2 1.0 0.3 -0.8 4.7 5.0 East Asia and the Pacific 20.4 26.2 44.7 62.9 77.3 98.1 Figure 1.4 Terms of bond issues for 1994-95 differ South Asia 2.4 2.1 2.8 4.6 7.4 6.0 widely Europe and Central Asia 8.2 7.1 21.6 25.0 15.6 17.3 Latin America and Maturity (years) the Caribbean 12.2 22.7 30.4 58.8 49.7 33.9 18 Middle East and North Africa 0.5 2.4 0.4 3.8 4.1 6.8 0 Moloysia By income group 16 Low-income countries 12.3 11.8 24.6 45.9 58.1 52.4 14 Middle-incomecouLntries 31.7 49.8 75.7 108.4 100.7 114.7 By country of destination' 12 \ China China 8.1 7.5 21.3 38.0 46.6 44.7 Mexico 8.2 11.9 9.2 21.9 17.4 10.9 10 Thalond o *India Brazil 0.5 3.2 9.7 16.1 11.9 6.9 Korea,Repaof DChle\ *PhRippines Korea, Rep. of 1.1 5.5 7.5 8.7 8.1 16.5 8 - Souts lombia Malaysia 1.6 3.8 6.4 8.7 6.7 12.1 6 lrsgaoy Attica sagary * Indnesio Argentina -0.2 2.9 5.8 13.7 8.2 8.8 Gzerh Rep. e O Turkeys Pankistan Inidoniesia 3.3 3.5 4.7 0.5 7.4 11.4 4 Greece tetenon 0 Olerbaccis Thailand 4.7 5.0 4.0 4.4 4.1 8.2 Poland SlovakRep. *e Russia 4.3 0.2 10.5 3.1 0.7 3.6 2 Costna Rite O a India 2.1 1.9 2.0 3.5 5.5 4.4 Boliviag Turkey 1.7 1.1 4.5 7.2 1.5 2.3 0 Hungarv -0.3 1.0 1.2 4.7 2.7 5.0 0 50 100 150 200 250 300 350 400 450 500 550 Other 8.9 14.0 13.4 23.8 38.0 32.3 Spread (basis pointsl Percentage share of top twelve cotntries 79.8 77.2 86.6 84.6 76.1 76.0 Note Matulrimes and spreads ere based on U S. dollar-denomrinieed faxd-tate issues Spreads - - are over the benchmark U.S. Ieasury secarifies, except ior Hungory, foa which deutsshmark a. ['relinlinary. issues were used soa proxy. b. Country rankings are hased on cumulative 1990-95 privare capital Rows received. Source: Euromoney Bondware end Woerd Bank staff eshmotes. .Source \orld Bank, Debror Reporting System and staff estimates. 12 Box 1.3 Commercial bank lending-recovering, for the most creditworthy Net commercial bank and trade-related flows rose from -$4.9 bil- Gross syndicated lending increased by 92 percent over the past two lion in 1993 to an average of more than $13 billion in 1994-95. years, from $58 billion in 1993 to $112 billion in 1995. East Asia Competition among lenders and some decline in spreads in 1994 accounted for 44 percent of this growth, Europe and Central Asia for and 1995 encouraged developing country borrowers to turn to syn- 12 percent, and South Asia for 9 percent. Syndicated loans to Latin dicated loan markets. But lending remained concentrated in high- America and the Caribbean increased from $14 billion in 1993 to $21 quality borrowers. Little new medium-term bank financing was billion in 1995, despite adverse developments in Venezuela in 1994 (a arranged for rescheduling countries, except for disbursements banking crisis) and in Mexico in 1995 (the peso crisis). through the conclusion of Brady agreements with Brazil, Bulgaria, The share of private syndications increased from 36 percent in 1990 and Poland. Despite the significant recent increase, bank lending to 60 percent in 1994-95 (box figure 1.3). More than 25 percent of continues to account for a small share (10 percent) of private finan- syndicated loans in 1994-95 were related to projeCt finance, with infra- cial flows to developing countries. structure projects accounting for almost 43 percent of che total. Box figure 1.3 Commercial banking flows are going increasingly to private borrowers in developing countries Gross flows, 1990-95 1994-95 cumulalive loan syndications, shares of top ten countries USS billions Russiu 3Y Turkey 4% 120 100 * Public Others 31 Chia 12% U Private 80 60 Indonesic 1 1 % 40 - _ _ _ _ _ ~~~~~~~~~~~~~~~~~Argenfis I2D _ 20 _ _ _ _ _ _ Iusis3% _goThailund 10% 0 Mexics 7% 1990 1991 1992 1993 1994 19950 Malaysia 8D/O Koreu, Rep. oF 8% a. Preliminaiy. Source: Eumomoney Loonwure and World Bank stuff essmates. Successfiul stabilization programs-especially There are two ways to avoid and offset the effects those based on a fixed nominal exchange rate- of real exchange rate appreciation. The first is to typically generate a consumption boom and a tem- restrain aggregate demand in the face of a surge in porary increase in fiscal revenues. So governments capital inflows, which calls for greater fiscal restraint. need to bolster domestic savings and generate larg- The second is to pursue structural reforms more vig- er fiscal surpluses during the surge period. Reliance orously to promote productivity gains. But typical- on monetary policy alone to restrain aggregate ly there are long lags between implementing reforms demand is often self-defeating, because higher and achieving productivity gains, so it is risky to con- interest rates can attract more capital inflows, lead sider an appreciating real exchange rate acceptable to higher sterilization costs, and dampen invest- on the assumption of future productivity increases. ment more than consumption. Some countries have attempted to dampen real Continued real exchange rate appreciation in exchange rate appreciation and deterioration in the excess ofproducti city gains suggests increased vulnier- current account deficit by imposing controls on ability. Some real exchange rate appreciation is to selected forms of capital inflows. The efficacy of be expected in a country undertaking reforms and such controls, however, is still debatable. Although receiving large capital inflows. But if the real capital controls may be effective in reducing capital appreciation far exceeds productivity gains and inflows and in altering the composition of inflows persists for a long time, there is a big risk that it in the short run, the limited evidence to date sug- will lead to a sustained deterioration in the cur- gests that they may not be that effective over the rent account and in earnings capacity, making a medium term. country more vulnerable to external and domes- The comnposition and matuirity structure ofpublic tic shocks. debt mnatter, not just its size. Even if public debt does 13 Box 1.4 Mexico: what happened and why? The surge in private capital flows to Mexico during 1990-93 was associated with increased vulnerability to shocks. Aggregate domestic and private savings declined ... the real exchange rate appreciated . . nd the current account balance deterioroted Percentoge of GDP Indexo( 9 = IO) Pelcenoge of GDP 20 lto - 90 -4 rsToa 80 -5 10 -6 ro1isr 60 50 -7 S - 40 -8 1v98 19t9 1990 1991 1992 1993 1994 Jon Jon Jon Jon Jon Jon 1990 1991 1992 1993 1994 Soare WoddBnk staff esmnaes 1990 1991 1992 1993 1994 199S Source Bonkof Metco Sounre Wodd BEnk ond Intenaiono Monelany Fund. In the face of loss of investor confidence, some polcy mistakes were made . . . ... the increase in domestic interest rates wos moderated by . . . and public debt was shifted to short-term dollar-linked The nominal exchange rate bond was not adjusted . . . sterilization ... instruments Pesos per US dolaor Peorent Billions of new pesos 7 40 300 i A35 * fe_ 6 25 250 g letes 3090 Tesoboros 5 ~~~~~~~~~~~~~~~~25 200 3 10~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~5 15 2 0 a Jon Jon Jot Jon Feb Mot ApI Moy tun Jul Aug Sep Ot Nov Doe Jon Jon Apr Jul Oct Jon Apr Jul Oct Jon Apr 1993 1994 1995 1994 1995 1993 1994 1995 Sowure Internanoind Metuony Fund, /neoonoi Fnnoi Senonshia, vrious issues Snore. Bank of Mexeo ond U S Deponamenl of omnme,re, Sovmyof (wentnr enesa, Souoe. Bunk ol Mosao. VOIIoUS slues With the result that ... The current account balance deteriorated further ... ... and there was a sustained loss of reseres . ... and a sharp decline in reserve cover US$ birirons U5$ billins Tesobonos oas00 percentoge of gross reserves 5 30 3*5 25 3.0 -6 20 25 1993~ ~~~~~~ ~n defi94 199 199 199 19319419 oonronr~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Bn ofon doboir 1 1 5 -7 100 5 ~~~~~~~~~~~~~~~~~~~0.5 -8 a 0.0 01 02 03 04 01 02 03 04 Jon May Sep lan May Sep lan May laon May Sop Jan May Sop laon May 1993 1994 1 993 1994 1995 1993 1 994 1995 Source: Bark ol Mooico, /rdrso&,os franonrosro, vnonus iaves Sowse Interrunveal Moneinry Fond, Iatnnrasolr Fmnrunnr Snooisoca, uairrjs,savesi Smanteinchnnnwri Monetary Fund, kntotm mra ncr l SnaiStonstnc, varavou osoos, and Book of Meerco not pose a solvency risk, a councry can become vul- account, the inabilit- to roll over debt will lead to nerable to liquidity crises if its matLrity structure is capital outflows. The currency composition of debt very short term. This is true for both external and also matters, because with foreign currency-denom- domestic debt-because with an open capital inated debt the government assumes the risk of an 14 exchange rate devaluation. More broadly. the com- cally requires use of the full range of macroeconomic position of capital inflows matters, including the policies. Countries that adopt a nominal anchor for balance between FDI and portfolio flows and the the exchange rate face special constraints in respond- extent of short-term borrowing. ing to a loss of investor confidence. With no adjust- Financial liberalization may warrant higher inter- nment of the exchange rate, monetary policy must national reserves. Traditionally, the adequacy of bear the full brunt of curbing aggregate demand and external reserves has been based on the level and preventing capital outflows. So interest rates often volatility of trade flows. But in a world of financial need to climb to exceptionally high levels, with openness and potential capital reversals, higher adverse impacts on the budget and investment. reserves may be needed as a buffer against sudden Experience with exchange rate-based stabilization financial shocks (and so as a bolster to investor con- programs has shown that while a fixed exchange rate fidence). The appropriate level of reserve cover will system is useful for eliminating high inflation in the depend on the extent of a country's econiomic and early phases of a program, a flexible exchange rate is financial vulnerabilitry, one indicator of which is the better suited for dealing with capital volatility. size and composition of contingent liabilities. Promlpt action is also needed in thefeice ofa poten- The health and resilience of thefinancial system is tial banking ystem crisis. Speedy actions help restore crucial to ensure sound uise of capital inlfl9uos and to credibility and confidence in the banking system avoid v!ulnerability A banking sector with distorted and avert crisis. An important part of crisis man- incenltives and institutiollal weaknesses-often agement is distinguishing troubled institutions that accompanied by weak regulation and supervisioni- need recapitalization and restructuring from those can result in too much domestic lending, fueling a that must be closed-and having the political will consumptionl boom and growth of the current to refrain from funding the latter in the hope that account deficit. Typically, excessive lending also their problems will somehow be resolved. masks-and worsens-underlying weaknesses in bank portfolios, xvhich can make the banking sys- Market contagion effects and investor reactions tem vulnerable to interest rate and exchange rate shocks. A weak banking system can severely limit The immediate effect of the Mexico crisis was the auLtlorities' ability to tighten interest rates-as confined to a few neighboring countries, notably in Mexico in early 1994-and thus their ability to Argentina and Brazil. But as the Mexico crisis move forcefully ro stem a loss of reserves. intensified in January 1995, all emerging markets To prevent such outcomes, more attention needs were affected. to be paid to incipient problems in the banking sec- The contagion effect was most visible in stock tor. I'he best approach is to address underlying market prices. IFC's global emerging market index weaknesses-by ensuring a sound incentive and declined by about 13 percent in the first qLiarter of ownership structure, developing humiian capital. 1995, with virtually all emerging markets recording requiring banks to hold adequate risk-weighted cap- significant declines. Latin American markets ital and maintain good accounting standards, and showed the sharpest decline (30 percent). Emerging putting in place an effective system of bank super- markets in Europe and the Middle East lost more vision. In economies that are opening, however, than 20 percent of their average index value, but the banking systems often are still fragile. This may call stock market index of East Asia declined less than for restraint on credit expansion through higher 1() percent (figure 1.5). Within regions, perfor- reserve requirements. limits on banks' ability to bor- mance by individual countries showed some varia- row abroad, and tighter oversight. tion: Chilean and Colombian markets performed A second broad lesson is that governments need better than others in Latin America, whereas the to move forcefully in the face of shocks and loss of Philippine stock market dropped more than other investor confidenlce. East Asian markets. Governments shozuld monitor wyai77nig signals and The secondary market for developing country promptly take macroeconomnic mneasuires to prevent a fixed-income securities suffered a similar setback hurge loss of reserves-tigbtening mnonetary policly and after Mexico. While the price of Mexico's Brady adiustimig the ecxrhauge rate. A forceful response typi- bonds, the benchmark for all Brady bonds, showed 15 Figure 1.5 Postcrisis performance of emerging two-thirds of the total accounted for by the markets showed a regional divergence Republic of Korea. IMFE price index (December 1994 =100) Emerginig markets recovered stron,gly in the 120 second quarter of 1995, however, as the likelihood of a systemic crisis faded in the wake of the Mexico 110 Asia rescue package and as many emerging markets 100. i / - _ moved forcefully to restore investor confidenice. Investors also began to evaluate underlyilig eco- 90 \ nomic fundamenitals more closelv and to differen- 80 tiate strongly betveen emerginig markets (table Lotin America 1.3). By April and May 1995, Chile, Indoniesia. 70 Malaysia, and Thailand saw their stock markets 60 _ recover to the levels before the Mexico crisis. But Dec Jon Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec market prices in Argentina, Brazil, Mexico, and 1994 1995 the Philippines suffered much deeper and more Source. lnternationol Finance Corportion, Emerging MarkerDtuiabose persistent effects (figure 1.6). Brady bond prices recovered sharply in the second quarter of 1995. the largest decline (20 percent from mid- supported by the dowinward trenid in U.S. lonig- December 1994 to the end of the first quarter of term interest rates (figure 1.7 ). 1995), average spreads on other Brady bonds With the recovery of investor confidenice, new climbed more than 300 basis points. issues of bonds and equity also rebounded sharply The aftereffects of Mexico were also felt in the in the second quarter. Portfolio bonds, in particu- primary markets for equities and bonds. New lar, rose to levels higher than before the crisis. But portfolio equity issues fell from a quarterly aver- this was due mainily to higher average spreads and age of $5 billion in 1994 to less than $500 mil- increased differentiation in tcrms among borrow- lion in the first quarter of 1995. Similarly, new ers, again suggestinwg more disceriiing investors bond issues declined from a qtiarterly average of (see figure 1.4). $12 billion in 1994 to $3.9 billion in the first 'rhe Mexico crisis and its aftermath showed tilat quarter of 1995, and this, too, was restricted to capital markets are resilient. While investors are like- only a few highly creditworthy borrowers, with Iy to withdraw from emerging markets following a Table 1.3 Postcrisis market performance in selected developing countries and their key economic indicators IF(3I pric inidex, (/range in privaet Cha)nLge in Ai,eelege C(urrent accowelt first quarter 1995 consulbptcion lto invzvestenenIt to anniual export to G(Da ,atioe Country (percentaLge change) Inflation' GDP ratio' GDP rc,o" grouitc (1990-94) (1994) Mexico -41.38 69.1 5.1 2.2 9.4 -8.2 Brazil -32 45 3201.0 3.5 -1.9 5.2 -0.2 Hung;ars -27.31 9.0 8.9 -5.9 1.8 -9.9 Poland -21 .76 53.0 12.4 -11.2 5.5 -3.0 Peru -21.36 481.3 5.8 -4.0 1.5 -3.8 Inidia -18.0) 9.1 -1.8 ().4 8.5 -1L2 Venezuela -17.49 23.0 0.5 -3.1 4. 4 0.2 Philippines -17.22 15.1 2.3 4.3 12.7 -6.3 Argentina -10.62 566.0 9.0 - 1.8 8.7 -3.3 Inidoniesia -8.24 9.6 1.(0 -1.8 12.1 -2.4 olomnbia -7.94 23.5 2.2 -1.2 11.1 -2.0 Chile -7.4 2 21.3 -0.8 3.0 7.7 -1A Korea, Rep. of -5.13 8.4 -0. 1 6.0 10.5 -0.4 Thailand -4.34 5.8 -5.9 10t).8 17.0 -5.2 Chinla -3.86 8.1 -0.9 1.9 18.5 J. I Malaysia 1.33 .3.7 0l1 7.6 18.7 -3.2 a. Cormsuirrer price index, I 980c8-). h. From 1 98-8-9 ro 199)0-93. .o00en World Ban,k darn. 16 Figure 1.6 Some markets recovered soon from the Mexico crisis ... others suffered more persistent effects Stock market price trends, Jonuary 1994-December 1 995, indices 1,000 ~~~~~~~~~~~~~~~1,200 (hile Argentina 1,000 800 Mexico (risis 800 600 ~~~~~Mexi o arisis60 / 600 600 400 L 400 - - - Jan Mof May Jul Sep Nov Jan Mar May Jul Sep Nov Jon Mar May Jul Sep Nov Jan Mar May Jul Sep Nov 1994 1995 1994 1995 l S0 r- - ~ - ~-500- - Indonesia Brazil Amexi o ndsis 120 Mxo crisis 0 9030 60 200 --- Jon Mar May Jul Sep Nov Jon Mor Moy Jul Sep Nov Jon Mar May Jul Sep Nov Jon Mar May Jul Sep Nov 1994 1995 1994 1995 350 Mexic 1,20 - Malaysia 1,000 i 800 600 200 _ 200 __ . Jan Mar Moy Jul Sep Nov Jan Mar Moy Jul Sep Nov Jon Mar May Jul Sep Nov Jon Mor Moy Jul Sep Nov 1994 1995 1994 1995 S00-- 350 - Thailand Philippines 400 n ~~~~~~Mexico crisis 300 40030 risisMei ori 250 300 __ _ _ 200 L- I Jon Mar May Jul Sep Nov Jon Mar Moy Jul Sep Nov Jon Mar May Jul Sep Nov Jon Mar May Jul Sep Nov 1994 1995 1994 1995 Source: lntprnaofonal Finance Corponraon, [merging Market Database. 1- Figure 1.7 Recovery of secondary market debt in 1990. Whly were FDI flows insulated from tihe prices was helped by declining U.S. interest rates pressures facing portfolio flows? in 1995 Direct and portfolio investments are subject to Secondary morket price index U.S. long-bond yield many of the same forces that are driving the surge (Jonuary 1990= 700) (Percent) in private flows-globalization, financial integra- 200 - 8 tion, and rechnological iinnovarion. Some empir- ical studies indicate that the distinction between differenit categories of capital flows is becoming 175' less meaningful as capital markets are developed 7 and integrated.' Many investment instruments are tradable in a broad range of markets and thus 150 \ / \ Yield o lon-d-ated bound to exhibit similar behavior and to increase econ ary _ B \ U S oemn market price in bondse the substitutability between them. for developing country debt 6 Nevertheless, some unique technical and 125 structural characteristics distinguish FDJ from othier investments." The differences can be more proniouniced over the short term because FDI 100 ii instruniellts, unlike other types of international Sep Oct Nov Dec Jon Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec investienit, are not traded in liquid nmarkets. New 1994 1 995 investmenits and adjtistmenits to existing invest- a. Thyieeisrfor heben6rnirkleqyeor J.S goernirepibuod. ments rend to be made gradually; reflecting multi- Sowure: Bloomberg data; Furoweek, Ameroan Bonker, Frrrueging MoTkern Debt Repow IntenrunGno l Finencing Revew. Salomon Brotien, Energang Aorkets flweekWarand World Bank drtr. natio nal firms long-term strategies. For portfolio crisis in one couintry, this is likely to he temporar} 50 Table 1.4 Net foreign direct investment in developing countries, selected years, 1990-95 long as the underlying political and economiiic fun- (9 M dainentals are strong. The renewed weakness in most emerging markets that surfaced in the second halfof (ouny group or country 1990 1993l 1994 1995 1995 was due mainlv to the mature stage oftthe busi- AMI developing Couilnrries 25.0 68.3 80.1 91).3 Sub-Sahararn Africa 0.9 1.8 3.0 2.2 ness cycle in East Asia and the exceptionally strong East Asia and rhc Pacihc 11.0 37.9 43.0 53.7 performance of the U.S. stock market. Souith Asia 0.5 0.8 1.2 2.0 Europe anid Central Asia 2.1 8.3 8.4 12.5 Foreign direct investment-why unabated? Latin Arirerica and the Caribbean 7.8 15.7 20.8 17.8 Middlc East arid North Africa 2.8 3.8 3.7 2.1 By iricome group Unlike portfolio flows, FDI floxvs to developing Low-iicome countries 5.5 31.8 39.4 42.6 countries increased, in 1994, by 17 percent, reach- Middle-incom countries 19.5 36.5 411.7 47.7 Bv conrtotry of desri a ruiorr ing a new high of $80 billion-against a backdrop China 3.5 27.5 33.8 38.0 of economic recovery in industrial countries and a Mexico 2.5 4.A 8.0 4.1 new wave of cross-border mergers and acqtiisitionis. Malaysia 2.3 5.0 4.3 5.8 And in 1995 flowvs to developing countries again hit Argcntina 1.8 6.3 1.2 3.9 Inidoniesia 1.1 2.0 2.1 4.5 a new high-an estimated $90 billion-continuing Brazil 1.0 1.3 3.1 3.1 the uninterrupted growth for a decade (table 1.4).' Thailand 2.4 1.7 0.6 2.3 Excluding China (the largest developilng coulitry Hungary 0°6 2)3 1.8 42 n n ~~~~~Clhile 0.6 0.8 1.8 2.3 recipientofFDlflowvsoverthepastfewyears), devel- Poland 0.1 1.-7 1.9 1.8 oping countries still experienced an increase in FDI Nigeria 0.6 1.3 2.( 0.7 flows in 1995-up 13 percent to an estimated $52 G,reecc 1.0 1.0 1.0 0.8 Ochecr 8.0 1 2.8 19.2 18.8 billion (box 1.5). Although the growth of F)l flows Perrentage share of top twveIV countlries 68.0 812 76.0 71.2 over the past two years has been slower thani the d. 1're,,l ,unan almost 40 percent a year in 1990-93, developing h. Couirrv rankngs arn bhied on1 . .Lrnnlra el cO90-9s PDI receivd. countries' share of global FDI hias risein steadilv to .st,,,,, Wld Bank ma0 stries based n balance u garments data reported by the I nternarional M|n-eti,r iten d -mand ci t.t in ntet hireign inovestnient reported h5 the ()rgan, marion for Flonoini,. reach 38 percent in 1995, compared with 12 percent t o-pet.mhn a,d Develiiplprent. 18 Box 1.5 Foreign direct investment: where is it going and where is it coming from? In 1995 the developing world attracted $90 billion in FDI, or 38 India's success in doubling its level of FDI between 1994 and 1995. percent of all FDI flows. East Asia and the Pacific was the largest And FDI in the Middle East and North Africa registered a slight recipient, with an estimated $54 billion, up 25 percent from 1994 decline to about $2 billion. (box figure 1.5). Nearly all the increases in FDI in recent years have Almost three-quarters of rhe 1995 FDI flowvs to developing gone co East Asia, with China, Indonesia, and Thailand experienc- countries went to twelve economies, all middle-income with the ing significant increases. Latin America and the Caribbean was the exception of China, which, though a low-income country, has a second largest recipient, receiving an estimated $18 billion in 1995. large domestic market and a strong export orientation. Excluding The decline in Mexico was partially offset by increases in Argentina, China, low-income countries received $5.6 billion in FDI inflows Brazil, and Chile. Eastern Europe and Central Asia also saw a big in 1994, only 7 percent of the flows to developing countries. Low- increase of 49 percent to about $13 billion, with Hungary emerg- income countries (excluding China) also fared poorly in terms of ing as the leading FDI recipient in the region. FDI flows to Sub- FDI inflows as a percentage of their GNP, which was estimated Saharan Africa, however, declined to some $2 billion, due in part to at roughly half that of middle-income countries in 1995 (box a large drop in Nigeria (by two-thirds, from nearly $2 billion in table 1.5). 1994). The rapid growth of FDI in South Asia primarily reflected Although the main source countries of FDI continue to be the high-income economies, accounting for more than 90 percent of Box figure 1.5 Growth in foreign direct investment the total, a growing number of developing countries are becoming continues uninterrupted, and the East Asian share a source of FDI, albeit m ostly within their ovn regions. The too ~~~~~~~~~~~~Republic of Korea became the most significant outward investor in 1994. Thailand and China have also emerged as principal outward US$ bilions investors, especially in East Asia and the Pacific, wyith a combined 100 total of $2.5 billion in 1994. In Latin America and the Caribbean in 1994, the main outward investors for which data are available 90 were Chile and Brazil, with a combined $2 billion. 80 B Box table 1.5 Net foreign direct investment as a ratio of GNP, 70 1990-95 60 _ t - (percent) 50 < - i Country group 1990 1991 1992 1993 1994 1995' All developing countries 0.6 0.8 1.0 1.5 1.6 1.8 40 Sub-Saharan Africa 0.3 0.7 0.5 0.7 1.1 0.7 East Asia and the Pacific 1.2 1.4 2.0 3.2 3.2 3.3 30 South Asia 0.1 0.1 0.2 0.2 0.3 0.5 20 Europe and Cencral Asia 0.1 0.3 0.5 0.7 0.8 2.5 Latin A-merica and 10 the Caribbean 0.7 1.2 1.2 1.2 1.4 1.2 Middle East and 0 North Africa 0.6 0.4 0.5 0.9 0.8 0.4 1990 1991 1992 1993 1994 1995' By income group * Middle East and Nort Afica * Europe and Central Asia Low-income countries 0.6 0.7 1.4 3.2 3.5 3.3 L LaffnArnenicaandtheCaribbean t Sub-SahoranAfrica Middle-income countries 0.6 0.8 0.9 1.0 1.1 1.3 Memo E Sauth Asia * East Asia snd the Pacific Low-income countries i. Prs1ittad. excluding China 0.3 0.4 0.5 0.7 0.9 0.7 Source World Bonk staff estimates based on bohnce of payments dail reported by the a. Prelifinnary. Interahonal Monetary fund and data on neitforeign invesement reported by the Organisotn Soauce: World Bank, Debtor Reporting System and staffestimares based on balance for tonooCmi BooperolDn and Development of payments data reported by the International Monerar' Fund. investment, rebalancing can quickly move funds * International competition encourages corpo- from one market or country to another, despite rations to invest abroad, and technological advances the long-term view of many institutional investors allow coordination of a firm's international activities. in their portfolio decisions. * Sustained rapid growth has increased the size The sustainable growth of FDI flows to develop- of domestic markets in many developing countries, ing countries in the 1990s reflects other structural and much new FDI is seeking to supply nontrad- factors. able services to increasingly affluent consumers. 19 Free trade agreements and other regional inre- Stock,adjustnmentandglobalizaltion areset topush gration schemes between industrial and developing private investmtent to developing countries. Although councries (such as NAFTA) or among developing cyclical factors have been at work on the supply countries (Mercosur, for example) have boosted side, the strtictural factors driving the globaliza- inflows by providing a large regional market pro- tion of capital markers have also been important. tected by tariff and other barriers that can best be These factors include further diversification of circumvented by FDI. institutional portfolios, finoanicial innovation, tech- Patterns of global production are also shaped nological change, and falling transport and com- by cost considerations that take into account mtinications costs. While interniational investors worldwide productivity differences and the skilled have become more cautious, the rapid recovery of and cost-efficient labor forces in many developing investmenit after the Mexico crisis in countries countries. with strong fundamentals suggests that investor In addition, privatization programs in many interest in emerging markets will continue as long developing countries generated a steady streanm of as the markets provide higher risk-adjusted returns FDI flows (figure 1.8), especially for countries in and portfolio diversification opportunities. transition. In 1990-95 they attracted almost $40 Moreover, with improving prospects for fiscal con- billion in FDI. tvo-thirds of all foreign revenues solidation in major industrial countries, real inter- generated (appendix 8). est rates are likely to remain lower thani in the 1980s-though higher than in the early 1990s- Prospects for private capital flows to developing and lower than risk-adjuisted returns in emerging countries markers. At the same time, the boom in world trade will provide continuing impettis for private Despite short-termn vairiations in emnerginig market flows, especially of FDI, to developing countries. investment, long-temt prospectsf fr sustained private Sound economnic fiundazmentaeL in developing coun- flouws rermain bright. The slowdown in the growth of tries are set to pull investors in. The Wvo main deter- private capital flows in 1994 and 1995 has height- minanits drawinig private capital flows-improved ened concerns about their sustainability. Some ana- creditworthiness and increased financial integra- lysts argue that the surge in the early 1990s was due tion-are expected to spread to more developing primarily to low global interest rates and that as countries. Most private capital flowvs have gone to interest rates return to higher levels, private capital countries whose progress on macroeconomic stabi- flows to developing countries can be expected to lization and structLural and finanicial sector reforms decelerate sharply. Others argue that although risk- has been greatest-and whose gains in creditworthi- adjusted returns were high over 1990-93, they have ness and expected rates of return have therefore been fallen significantly since, so that for 1990-95 the greater. Privatization programs, especially in transi- rates of return have been lower in emerging markets tion economies, will help attract larger foreign invest- than elsewhere. As a result (they say) the attractive- ment flows. Further improvement in the investment ness of emerging markets has diminished. It is also climate and growth prospects of developing coun- suggested that the Mexico crisis has eroded the con- tries will be conditional on sustained reforms. fidence of investors in emerging markers and led to Institutionial investors are leading tlhe way in port- much greater selectiviry. flioflowts. One of the main factors underlyinig the Short-term volatility in portfolio flows will growth of portfolio flows to emerging markets is the undoubtedly persist, and capital repatriationi will continluinig diversification of institutionial portfo- become more important as equity investmenits lios. Mutual funds, pension fLnds, and insurance mature, limiting the growth of net FDI flows. The companies are major conduits for private savings in evidence on investor behavior and the underlying industrial countries. Since 1980 their assets in the global and country trends, however, suggest that five major industrial countries have more than private capital flows to developing coLintries quadrupled (and more than doubled as a share of should continue to increase over the mediuM to GDP). U.S. institutional investors have the most long term, though at a more modest pace than in assets, at about $8 trillion in 1994. The number of the early 1990s. mutual funds, about one-third of U.S. institutional 20 Figure 1.8 Privatization programs in developing Figure 1.9 Growing emerging markets set to attract countries have been a growing source of FDI flows greater foreign institutional investment lnternofionol privote Shore of foreign capital US$ trillions Percent capital flows generated flows in total privahizohion 12 Emerging market capitalization SO byprivotizon (US$ billions) proceeds (percent) as a share of GDP 15 Ponfolio 70 10 40 1 2 0 FOI ~~~ ~~~~~~~~~60 8 -Shore (right axis) 50 6 30 9 40 20 4 6 30 1 0 2 20 3 o10 1990 1991 1992 1993 1994a 1995' 0 0 0 UU.S. institujtional fond assets 1990 1 991 1992 1 993 1994 99S5* Percentage invested in emerging markets a. Preliminory. Source: World Bank Privatioction Database and staff estimates. Note: U.S. instutionol funds include penion funds, Ife insurance aDmponies, non-life insuronce componies, and mutual funds. The monket capitalization roaio includes the countries covered in the IFC's 1994 emerging markets index, excluding Portugal and Taiwan (thina). funds, has grown significantly in the past decade- Itisaweighted average of the total stock market capitalizahon of emerging markets over their tatal GDP. from about 1,500 in 1985 to more than 5,600 in a. Estrmated. 1995-and their total assets have risen from $500 b. Preliminory. Source: IMF, lnoernutvontl Capital Markets IF(, Emerging Markets Database; and Worl Bank billion to $2.4 trillion. staff estmates. Over the past ten years institutional investors have been diversifying their portfolios internation- increase. The further easing of regulations per- ally. U.S. mutual funds, in particular, have moved taining to foreign investments by institutional toward emerging markets. Even so, developing investors (such as pension funds) in industrial country securities still make up only a small share of countries may also be expected to strengthen the their portfolios, having increased from an estimat- trend toward diversification of their portfolios in ed 0.2 percent of assets in 1990 to about 5 percent favor of emerging markets. at the end of 1994. In parallel, there has been rapid Emerging bond markets are also expected to play growth of funds dedicated solely to emerging mar- a bigger role in attracting portfolio investment flows. kets. In 1990 there were 232 emerging market Total market capitalization of fixed-income securi- funds worldwide, with total net assets of $13.7 bil- ties in developing countries reached $800 billion in lion. By mid-1995 their number had increased 1995, roughly two-thirds of the capitalization of almost sixfold, with estimated net assets of about their equity markets. As a percentage of GDP, devel- $123 billion.7 oping country bond markets (around 20 percent) The recent increases in the share of emerging are much smaller than the markets of the major markets in the global market are expected to con- industrial countries (more than 100 percent in the tinue, helped by the rising proportion of foreign United States).8 Except for short-term instruments institutional funds targeting developing country in a few countries, foreign participation in the local markets (figure 1.9) and the deepening of financial bond markets has been limited, with only a handful integration in emerging economies. Economic of middle-income countries (such as Malaysia and growth in the twelve developing countries that Mexico) allowing direct foreign purchases. With an now receive 75 percent of portfolio flows is expect- increasing need for long-term debt financing and ed to average 6 percent a year over the next decade, improving institutional infrastructure in many significantly higher than the 3 percent projected developing countries-along with more transparent for industrial countries. Moreover, as more devel- and liberal investment regimes that are conducive to oping countries undertake economic reforms, the larger portfolio debt flows-emerging bond markets opportunities for portfolio diversification will are poised for strong growth. 21 Figure 1.10 Export and GDP growth in developing developing countries expected to enjoy significant- countries attracts FDI ly higher growth than industrial countries over the US billions Percent next ten years-and thus an expansion in domestic l00 14 markets-their attraction to foreign investors will Real GDP growth increase. Recent studies suggest that economic 80 I 0 growth and an open trade regime are closely associ- ated with sustained FDI flows (figure 1 .10). A 1 per- 60 F 8 centage point increase in the economic growth rate FOI / - 6 of developing countries could raise FDI inflows by 40 4 about $10 billion.' With the increasing recognition _ * _ 2 of the potential benefits of FDI-transfer of tech- 20 * 0 nology and management skills and access to export o L I I2 markets-developing countries are expected to 1990 1991 1992 1993 1994 19951 adopt more open policies toward FDI, as well as Note: Dota include tihe former Soviet Union and Eastem Europe. active privatization programs. n. Ersmoted. Global expansion of multinational corporations bo Preliminord. continues to boost FDI outflows to developing countries. Improved growth in source countries and Global production and liberal trade regimes set the expansionary corporate strategies will also encourage pace in FDI, The prospects for the growth and long- the growth of outward FDI. Although much of it term sustainability of FDI flows to developing coun- will continue to go to high-income countries, more tries are favorable. The globalization of corporate is likely to go to low- and middle-income countries. production, a major factor underpinning FDI flows The appreciation ofcurrencies in some high-income to developing countries, is expected to continue. economies-Germany, Japan, and Taiwan (China) Trade liberalization, technological advances, and -will accelerate the transfer of production to low- declining transport and communications costs are cost sites in developing countries through outward allowing firms-including a growing number of FDI. The infrastructure financing needs ofdevelop- small and medium-size enterprises-to divide pro- ing countries will prompt source country firms to duction processes into discrete activities that can be take advantage of these investment opportunities, transferred to locations that offer the greatest cost including through a new, hybrid form of invest- and efficiency gains. ment-direct investment funds (appendix 6). And The globalization of production is both profiting the scope for investment in recently opened indus- from and inducing increased world trade and finan- tries and privatized services will further support the cial flows. World trade-after growing less than 5 growth of FDI flows to developing countries. percent a year over the past twenty years-grew an unprecedented I I percent over each of the past two Notes years and is expected to grow by more than 7 per- 1. In the discussion ofprivate financing in this report, cent annually in the coming years. Trade integration the term emerging markets refers to developing country will also lead to continued growth in FDI-from markets. Also in this report, developing countries refers to industrial countries to developing countries and low- and middle-income countries, as classified by the increasingly among developing countries. World Bank. Sustained economic growth and increasing 2. The reinvested earnings component of FDI flows, however, rends to be more responsive to short-run eco- export orientation in developing countries attract nomic developnments in host countries. See IMF "Private greater FDI inflows. Continued structural reforms, Market Financing for DevelopingCountries," March 1995. including trade liberalization and investment dereg- 3. Private capital inflows on a per capita basis were ulation, should increase the productivity and effi- substantially lower in India ($5) and China ($37) com- ciency of investments, providing the impetus for pared with most middle-inconme councries, such as Malaysia ($62 1), Hungary ($497). the Republic of Korea sustained flows of FDI. Flows to developing coun- ($366). Argentina ($254), and Mexico ($116), reflecting, tries should also receive a boost from greater private among other factors, the much lower degree of openness participation in infrastructure projects. And with ofthese wvo large economies. 22 4. Statistical issues related to roundtripping. which 8. World Bank, The Emerging Asian Bond Alarker. could lead to an overestimation of FDI flows, are dis- June 1995. cussed in appendix 6. 9. Harinder Singh and Kwang W Jun, "Some 5. Stijn Claessens, Mike P. Dooley. and Andrew New Evidence on Determinants of Foreign Direct Warner, "Portfolio Capital Flows: Hot or Cool?" WVorld Investment in Developing Countries," Policy Bank Economic Review, vol. 9, io. 1 (January 1995), pp. Research Working Paper No. 1531, World Bank, 153-74. International Economics Department, November 6. Punam Chuhan, Gabriel Perez-Quiros, and 1995; and Anjali Bhasin, Kwang W. Jun. and Helen Popper, "International Capital Flows: Do Short- Persephone Economou, "Assessing the Sustainability Term Investment and Direct Investment Differ?" World of Regionally Aggregated Foreign Direct Investment Bank, International Economics Department, Flows." World Bank, International Economics November 1995; and Kwang W Jun and Persephone Department, 1994. Economou, "Linkages between Foreign Direct and 10. FDI flows for the purchase of existing assets Portfolio Investments: Implications for Developing through privatization programs may not result in Countries," World Bank, International Economics increased physical productive capacity. But they tend Department, December 1995. to bring other elements of the FDI package, and evi- 7. Based on data from lipper Analytical Services dence suggests that they induce subsequenc FDI International Corporation and Micropal Inc., Boston. inflows that finance increased capacity. CHAPTER 2 U Official financing and external debt Financial flows from official sources aggregate net transfers from official sources went to one region-Sub-Saharan Africa. In contrast The Mexico rescue package led a strong rebound with official transfers, private transfers averaged in official flows in 1995-to more than $64 bil- 1.9 percent ofGNP for all developing countries in lion, a large increase from the $49 billion in 1994 1995, but again with large regional divergences, (table 2.1).I Official development assistance in ranging from negative net transfers to Sub- 1995-$33 billion in grants and $14 billion in Saharan Africa to nearlySpercent ofGNP for East concessional loans-was much the same as in Asia. 1994. But net nonconcessional official flows jumped from a low of $1.2 billion in 1994 to a Nonconcessionalflows record $17.2 billion in 1995, $11 billion of it going to Mexico, a response that is unlikely to be Both bilateral and multilateral creditors appropri- repeated for other countries. Official nonconces- ately directed the bulk of their noniconcessional sional flows to countries other than Mexico- flows to creditworthy borrowers, thus mirroring mostly the creditworthy-also rose, to $6 billion the trend in private flowvs. from the low levels of 1994. In gross terms, non- Nonconcessional lending by multilateral insti- concessional flows from official sources rose from tutions is mainly demand-driven, and over the $27.1 billion in 1994 to $44.6 billion in 1995. past few years many creditworthy East Asian and Net transfers from official sources averaged 0.7 Latin American borrowers have relied increasing- percent of developing countries' GNP in 1995.2 ly on1 private flows, including non-debt-creating But there was wide divergence at the regional level, FDI and portfolio equity flows. This trend, cou- with Sub-Saharan Africa receiving 4.9 percent of pled with a maturing portfolio for some multilat- GNP, South Asia 0.7 percent, and Latin America erals, including the International Bank for 0.3 percent (figure 2.1). About 45 percent of the Reconstruction and Development (IBRD), caused Table 2.1 Official net flows to developing countries, 1990-95 (US$ billions) Category /990 1991 1992 1993 1994 1995J Official development finance 57.9 65.5 55.0 53.0 48.6 64.2 Official development assistance 46.1 53.7 45.3 42.4 47.4 47.0 Official grants 29.4 37. 5 31.9 29.4 32.5 32.9 Official concessional loanis 16.6 16.2 13.4 13.0 14.9 14.1 Bilateral 10.4 9.5 6.4 6.0 6.1 6.0 Multilateral 6.2 6.7 7.0 7.0 8.8 8.1 Official nonconcessional loans 11.8 11.8 9.7 10.6 1.2 17.2 Bilateral 2.9 3.7 4.4 3.4 0.0 12.8 Multilateral 8.9 8.1 5.3 7.2 1.2 4.4 Memo UseoflMFcredit 0.1 3.2 1.2 I.6 1.6 15.6 Technical cooperation granits 14.4 16.0 18.2 18.8 17.3 16.7 Note: Official development assistance is defined to include official aid to Easrern Europe and the forimier Soviet Unioli. a. Preliminary. Source. WVorld Bank. Debtor Reporting Systeni. 23 24 Figure 2.1 Aggregate net transfers as a percentage of GNP varied by region and source, 1990-95 All developing countries Percent 2 * ..EEE -2 1 Offi(iol tri nsfers * Private ftonsfers -4- _ 1 990 1991 1 992 1 993 1 994 1 995 East Asie and the Pacific South Asia Europe and Ceuttal Asia 6r --_1 6 --n 6F - _ U2 E I O- -2 -4- _-4 _ -4 _ 1990 1991 1992 1993 1994 1995 1990 1991 1992 1993 1994 1995 1990 1991 1992 1993 1994 1995 Latin America and the Caribbean Middle East and North Africa Sub-Saharan Africa 22 2 -2 J~~~~~~~~~- -2 _4 . -4 L __ -4 _ _ 1990 1991 1992 1993 1994 1995 1990 1991 1992 1993 1994 1995 1990 1991 1992 1993 1994 1995 Source: Woei Bonk, Ribtor Repoving Sistem. a sharp decline in net flows-from $7.4 billion a Behind the 1994 decline were lower quick- year in 1990-92 to $4.3 billion a year in 1993-95. disbursing adjustment assistance to a few Latin However, gross IBRD disbursements rose from an American countries (such as Argentina and Peru) average of $12.0 billion a year in 1990-92 to and large increases in prepayments by a few $12.7 billion a year in 1993-95. middle-income countries, including Colombia, Nonconcessional (long-term) lendingfiom rnmulti- Indonesia, and Thailand (taking advantage of lateral sources recovered in 1995. Net multilateral favorable balance of payments developments to nonconcessional flows (excluding IMF credits) are retire some higher-interest debt). The slowdown estimated to have recovered to $4.4 billion ($23 in net disbursements by multilateral institutions billion in gross terms) in 1995, more than tvice was also due to slower new lending by regional the 1994 figure, as gross disbursements increased development banks, particularly from the Inter- and prepayment rates of the past few years American Development Bank, whose quick- returned to normal. After falling by $3 billion in disbursing assistance to Argentina and Peru also 1994, net disbursements by the IBRD rose an esti- fell back sharply, and from the financially troubled mated $1.5 billion in 1995, with larger flows to African Development Bank. Mexico, Russia, and (to a lesser degree) Algeria, Export credit flows continued their recovezy but Argentina, Brazil, and Ecuador. were directed mainly to more creditworthy countries. 25 Net flows of export credits were an estimated $2 bil- Flows to the large low-income countries that have lion in 1995, slightly above the 1994 level.3 Export recently gained access to international capital mar- credit agencies increased their exposure (scheduled kets have increased sharply. New commitments of principal and interest payments, arrears, and unre- export credits to China reached $17 billion in covered claims) by I I percent, in part because of 1994, or more than 20 percent of the total, push- improving operational and financial performance at ing exposure to China up 36 percent over 1993. the major agencies. Net flows were much higher in New commitments to Indonesia ($7 billion) and 1993 and 1994 than in the mid-1980s to 1992. India ($4 billion) also rose markedly in 1994. Supporting this growth were aggressive export pro- Some large borrowers in Latin America, howev- motion in some industrial countries, increased er-such as Mexico and Venezuela-have seen demand from successful developing country their shares of new commitments fall. reformers for industrial country exports of capital goods, and improvements in the finances of major Concessionalflows export credit agencies (some through privatization). New commitments to developing countries rose Official development assistance (especially long-term) from $40 billion in 1990 to $60 billion in 1993 and slipped fiirtlher to its lowest point in 20 years (as a per- about $80 billion in 1994-95 (figure 2.2).i centage of donors' GNP). Budgetary pressures in According to Berne Union estimates the exposure donor countries continued to limit the availability of export credit agencies (on a commitment basis) of official development assistance (ODA), leaving to sixty-two developing countries was around $480 it little changed in nominal terms in 1993-95, but billion at the end of June 1995. equivalent to a fall of 3 percent a year in real terms To cope with continuing deficits, most export for the same period. Net ODA Rows (incliding credit agencies are improving their risk assessment technical cooperation grants) fell to 0.29 percent of procedures and pricing. Claims payments are GNP of the OECD's Development Assistance being offset by increased recoveries and higher pre- Committee (DAC) countries in 1994-95, the low- miums. The direction of new commitments in est level since 1973 (box 2.1 and figure 2.3). recent years reflects this stronger focus on Among OECD donors, Japan recorded the highest improved risk assessment and the preference for net ODA in 1994 ($13.2 billion), followed by the higher-quality borrowers, thus resembling the United States ($9.9 billion) and France ($8.5 bil- recent trend in private capital flows and subjecting lion). Some newly industrialized economies-such borrowers and lenders to desirable discipline. as the Republic of Korea and Taiwan (China)- Figure 2.2 New export credit commitments are on the rise, but most were to creditworthy countries US$ billions 20 _ _ 18 1]994 1995 16 14 12 1993 10 81992 6 4 2 6~ ~ ~~i T vTii 1> China Indonesia Russio India Mexico Turkey Algeria Venezuela a. Preliminary. Souroe- Berne Union and World Bonk slaff estiniales. 26 The divergence across donors is even more pro- Box 2.1 Aid flows down from major donor countries nounced for the heavily indebted poor countries, Donors have progressively adjusted their aid policies and priorities in the evolv- which received 30 percent of cumulative ODA ing world environment of the post-Cold War era. Efforts to improve ODA to flows in 1990-94.5 Among the four largest donors, GNP ratios have been hampered by fiscal pressures, sluggish economic condi- France is the primary source of ODA for these tions, and weak public support for development aid in some major donor coun- countries. Belgium, Portugal, and the Nordic tries. The Nordics continue to top the list of ODA donors on a share of GDP countries all direct more than half their ODA basis, but the ODA shares of GNP for leading sources of official flows-such as flows to this group of countries (figure 2.5). Japan and the United States-remain below the average countries (box figure On1 anl annual basis the combined share of aggregate net ODA and official aid going to low- Box figure 2.1 Aid flows below DAC average for some leading donors income countries has been declining in recent Net ODA as o percentage of GNP years, from 52 percent of the total in 1990 to 45 Norway _ I percent in 1994. Over the same period the share DSwenr = directed to the middle-income countries (exclud- Nethenndsa_ ing the economies in transition) declined only Fanaed marginally-from 37 percent to 35 percent- Luxembourg while the share absorbed by transition economies Switzerland Auschlio _ rose from 4 percent in 1990 to 13 percent in 1994. Portuga Germany The share directed to countries defined by the BeAusm = World Bank as high-income, with Israel the pri- Finland mary recipient among this group, has remained United Kendom steady at around 7 percent of the total each year Spaln (figure 2.6). Ireland -vrg o A onte New Zealand AeaefrDtcnIe United States Figure 2.3 Offidal development assistance from 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 DAC countries has fallen to its lowest level as a share of donors' GNP Source: OECD, Development Cooperfohon Report 1sr l995.' USS billions Percent 8J0 '0.4 increased their aid in 1994, but their total ODA disbursements remained small at $320 million. 70 Percentage of GNP (rightaxis) As aid budgets decline, aid effectiveness 0.3 becomes a paramount concern. DAC donors are 60 increasingly directing their aid to poverty reduc- tion and to countries pursuing sound policies. At 50 the same time the direction of ODA flows is high- Iy concentrated, with more than 50 percent, and 40 ' 0.2 sometimes as much as 70 percent, of an individual L donor's annual ODA flows going to ten recipient countries. Aside from the substantial ODA flows that are channeled through multilateral institu- 20 0.1 tions, the pattern of net ODA flows to low-, mid- l0 dle-, and high-income countries differs widely from donor to donor. During 1990-94 the Nordic 0 -0.0 countries, Portugal, and the United Kingdom 1990 1991 1992 1993 1994 directed an average of 70 percent of their cumula- * United States D Japon E France tive net ODA flows to low-income countries, L United Kingdom * Germany * Others while the four largest donors (France, Germany, and the .untedoSats directe aermage Note: not: comprise disbursernents of contessional bilateral funds and the flows of Japan, and the United States) directed an average concessional funds ro muliariral eorgonizarons. Technicol cooperaton gmnts are lso induded. of 44 percent to those countries (figure 2.4). Source: OECD dat. 27 Figure 2.4 Half of bilateral ODA goes to low-income countries, but with wide variations by donor ... Cumulative net ODA from DA( donors, 1 990-94 Portugal Finland Belgium Austrio O Australia O Denmark Switzerland * Low-income Middle-income * High-income Norway _ Spain [ Sweden United Kingdom _ Canada IIIi1 Netherlands , Italy France Germany -il Japan - _ _ United Stoles 0 5 1 0 1 5 20 25 30 35 USS billions Note: Includes official ad to Eastern Euope and the former Soviet Union and excludes technicl cooperation Source OECD cnd World Bunk staff estimates ODA flows are directed primarily to low- of ODA-more than $6 billion in 1994-95 com- income countries. In 1994-95 they received 58 pared with $2.5 billion in 1990. Furthermore, percent of ODA flows, up from 54 percent in since 1990 DAC donors have provided increasing 1990-93. However, official assistance for long- concessional assistance to Eastern Europe and the term development has dropped, as disaster relief countries of the former Soviet Union: these and peacekeeping operations absorb a bigger slice "official aid" flows, which amounted to about $7 Figure 2.5 ... but heavily indebted poor countries receive only 30 percent of bilateral ODA (umulative net ODA from DA( donors, 1 990-94 Portugal Finlond Belgium Austrian Australia o Denmark Switzerland Norway U Heanvily indebted S All others Spain poor countries Sweden United Kingdom Canada Netherlands Italy France Germany Japan . - - U United States _ 0 5 1 0 1 5 20 25 30 35 USS billions Note: Includes official aid to Eosrein Europe and the former Soviet Union and excludes ternoical coaperation. Souroce OECD and World Bank stalf eshmotes 28 Figure 2.6 Net ODA to low-income countries has recently been on a declining trend USS billions 20 15 10 1990 1991 1992 1993 1994 Source: Wodid Bank. Debtor Reporfing System, and OECD. billion in 1995, are not counted in DAC mem- had dwindled to an insignificant amount by 1990 bers' ODA contributions. but have averaged $2 billion a year since 199 l.6 For ODA and official aid flows combined, Sub- Regional and historical ties remain important Saharan Africa, which has little access to private for donors: 75 percent of ODA flows from Japan flows, remains the largest recipient of ODA in the go to East Asia (in particular to China, Indonesia, 1990s. Its $15.6 billion in ODA in 1994-though and the Philippines) while the same share of ODA slightly less than the $16.4 billion in 1990-was flows from France is directed to the francophone twice that received by the next largest recipient countries of Sub-Saharan Africa. ODA flows from region (figure 2.7). The most significant increase has the United States continue to be dominated by been in Europe and Central Asia, as a result of the Egypt and Israel, but their combined share has large net inflow of official aid to the countries of declined from 50 percent to 40 percent in the past Eastern Europe and the former Soviet Union (espe- five years, with Latin American countries and the cially Poland and the Russian Federation). This trend highly indebted countries of Sub-Saharan Africa has been reinforced by renewed ODA flows to the absorbing a larger share. Germany is the largest successor states of the former Yugoslavia: these flows single ODA donor to the successor states of the Figure 2.7 Sub-Saharan Africa still tops the list of ODA recipients ODA and official aid flows to developing countries Regional allocation of nei offitiol development assistance lISS billions from all sources, 1995 60 Europe and Central 50 - | - - - Asia 16; Sub-Saharan Afica 36% 40 30 South Asia 13% (j- 20) 10 Middle East ond 0 sNorth Afric 1 East Asia and 1990 1991 1992 1993 1994 1995° LaftnAmerica and the Pociti 13% tte Caribbean 8% Note: These figures inn ude ODA and offiial aid flows to economies in tronsition. a. Preliminary. Source. World Bank, Debtor Reporting System and stoff estimates. 29 former Yugoslavia and the largest source of official declining since. The poorest countries are not aid to the transition economies. being protected from these declines, and the The concentration of ODA and official aid prospects for aid flows in the next few years appear flows at the donor level is mirrored at the recipient dim. The decline is particularly worrisome at a country level, with 30-35 percent of these flows in time when many low-income countries lack access any given year directed to ten countries. China was to capital markets and need assistance to better the largest recipient in 1994 ($3.5 billion), fol- integrate their economies in the world economy, lowed by Egypt ($2.3 billion), Indonesia ($2.2 bil- and when increasing democratization makes the lion), and the successor states of the former prospect of poverty-reducing growth patterns Yugoslavia ($2 billion). Of the ten largest recipi- more likely than ever before. ent countries in 1994, six countries-the five list- Almost all major donor countries are cutting ed in table 2.2 plus Israel-were also among the their aid as a share of their GNP and-in some ten largest recipients in 1985. cases-in absolute terms (see box 2.1). Several fac- Concessional flows from multilateral sources rors are behind the worsening prospects for devel- remained firm, thanks to the International Devel- opment assistance. opment Association. Net concessional flows from * As part of budget austerity measures many multilateral institutions reached an average of $8.5 donor countries are reducing their foreign aid bud- billion in 1994-95, compared with $6.7 billion in gets along with their domestic expenditures. Even 1990-93 (figure 2.8). One important aspect of this in countries where aid constitutes a small fraction increase was the continuing support for CFA franc of the budget, it remains vulnerable to cuts countries' adjustment programs, following the because, unlike some other budget items, it gener- 1994 devaluation. The International Development ally lacks a vocal constituency to protect it. Association (IDA) continues to provide most (near- The poor economic performance of many tra- ly two-thirds in 1995) of the multilateral conces- ditional aid recipients (and some aid agencies), sional lending for low-income countries. IDA many of them in Sub-Saharan Africa, has tried the allocations increasingly emphasize performance, patience of supporters of aid programs and and the decline in lending to countries with major increased skepticism about the effectiveness of aid. problems in their adjustment programs was more * The shift to market-oriented economic devel- than matched by the increase to active reformers. opment models and the surge in private capital Net disbursements by IDA rose from $4.4 billion a flows to developing countries (even though the phe- year in 1990-93 to $5.3 billion in 1994-95. nomenon has barely touched the poorest among the aid recipients) appears to have resulted in the mis- Challengingprospectsfor officialflows perception that aid in support of public investment programs is no longer needed or desirable. After growing for a number of years, concessional Aid flows are falling just as opportunities for aid assistance to developing countries from official to make a difference are multiplying. The lessons sources peaked in the early 1990s and has been of the past have led to greater focus by donors on Table 2.2 Largest recipients of official assistance, 1985 and 1990-94 (US$ billions) Counny 1985 1990 1991 1992 1993 1994, ODA to top ten recipients 11.4 19.3 21.7 21.5 18.5 18.7 Bangladesh 1.1 2.0 1.6 1.7 1.4 1.3 China 0.9 2.2 2.0 3.1 3.3 3.5 Egypt 1.8 5.4 5.0 3.6 3.3 2.3 India 1.6 1.5 2.7 2.4 1.5 1.4 Indonesia 0.6 1.7 1.9 2.1 2.0 2.2 Others 5.4 6.5 8.5 8.6 7.0 8.0 Share of total ODA to top ten recipients (percent) 35.0 33.0 32.0 32.0 31.0 32.0 Note: Official assistance is defined as ODA plus official flows to all recipients including countries defined ba the World Bank as high-income coun- tries. The countries listed are among rhe top ten recipienrs ofODA for all the years menntioned. a. Preliminary. Source: OECD and World Bank staffestimates. 30 Figure 2.8 Multilateral flows show a diverging trend between concessional and nonconcessional lending, 1990-95 US5 billions DisbUrsements Repayments Net flows 30 ~~~~~~~~~~30 30 25 ~~~~~~~~25 25 20i | | | | | 20 20 15 ~~~~~~~~15 151 5 10l 10 l i l l 1 10 ! t0 1990 1991 1992 1993 1994 19950 1990 1991 1992 1993 1994 19950 1990 1991 1992 1993 1994 19950 93 Concessionol * Nononcessiona a. Prelirrinery. Sour(e: World Bank, Debtor Reporting System. poverty reduction, environmental protection, and inflated official flows, while new private debt flows the strengthening of the role of the private sector continued at their high level of recent years. But in promoting labor-intensive growth in recipient debt indicators for individual countries varied countries. These lessons have also led to a greater considerably. Even with rising debt stocks, coun- concentration of aid on countries with sound poli- tries with good economic performance and mar- cies and to better aid coordination among donors. ket access (such as those in East Asia) have seen These developments, together with greater their indicators improve. By contrast, and despite emphasis on participation and good govemance, increasingly concessional reschedulings and con- can help create an environiment conducive to tinuing positive net transfers from official sources, improved aid effectiveness, the external debt of some of the poorest countries Aid prospects putt a greater strain on heitvily, remained unsustainablv high. And even for poor indebtedpoor countries. If the recent trends persist, countries with a sound policy environment, the the worst affected will be low-income countries debt burden may' constrain growth prospects. that still lack access to private capital markets. Even though many of these coLintries are pursuing Debt trends in 1995 (or are likely to pursue) reform efftorts to reduce poverty and restore economic growth, they need The debt stock of developing couintries rose by 8 per- substantial external support to finance economic cent in 1995. The total debt of developing coun- recovery and reduce their debt overhang. Donors tries reached $2.068 billion at the end of 1995, up must thus make a determined effort to reverse $147 billion from 1994 (table 2.3). Net debt flows declining aid trends. replenish the concessional of S133 billion (including short- and long-term arms of the multilateral development banks debt and IMF credits) accounted for almost 90 per- (including IDA), and direct resources increasingly cent of the increase, and exchange rate changes and to reforming low-income countries. With aid debt restructuring accounted for the rest (table resotirces scarce, a strong link to country perfor- 2.4). Net long-term lending by private creditors mance becomes even more critical. And for [heir rose from $43.8 billion to $54.8 billion, led by con- part, lov-income countries need to accelerate their tinued large portfolio debt flows to both public and reform efforts and improve aid effectiveness, private sector borrowers and increased commercial banking flovs. Short-term lending rose from $24.5 Trends in external debt billion to $31 .3 billion, with sharp increases to East Asian borrowers but big declines in other regions. The rising trend in the external debt of developing Official lending (including the use of IMF cotintries persisted in 1995. Exceptional financing resources) was a record $47 billion, well beyond the packages in the aftermath of the Mexico crisis $17.7 billion in 1994. Much of the increase result- 31 Table 2.3 Developing countries' stock of external debt, 1988-95 (US$ billions) Debt 1988 1989 1990 1991 1992 1993 1994 1995' Total 1,365 1,432 1,510 1,594 1,667 1,776 1,921 2,068 Long-term 1,118 1,156 1,206 1,265 1,305 1,391 1,523 1,622 Official 507 554 607 654 674 726 791 837 Private 611 602 599 612 631 665 731 786 Short-termt' 212 244 269 291 323 345 335 385 Use of IMF credit 35 32 35 38 38 40 44 61 a. P'reliminarv. b. Includes interest arrears oni long-terilm debt. Source: World Bank, Debtor Reporting System. ed from the rescue package for Mexico (including Rescheduling of developing country debt $13.5 billion from the United States and $13.1 bil- lion from the IMF) and a $5.4 billion IMF credit Paris Club rescheduling covered eighteeni agreements to the Russian Federation. in 1995. Thirteen of the debt restructuring agree- Net debt flows to developing countries increased ments negotiated with official creditors through sharply in 1995. Continued and expanded access to the Paris Club provided debt relief to low-income capital markets by Asian borrowers and the rescue countries on Naples terms-that is, up to a 67 package for Mexico led to the increase in net debt percent debt stock reduction or equivalent debt flows-from $86 billion in 1994 to $133 billion in service reduction on a present vaLle basis-with 1995. Two-thirds of net flows in 1995 went to these the stock reduction option offered to Uganda and two regions, but the sources of funiding differed Bolivia (box 2.2 and appendix 3). Five agree- widelv.ForEastAsiaandthePacific,borrowingfrom ments provide debt relief to middle-income private sources accounted for 87 percent of the total. countries-Algeria, Croatia, Gabon, the former For Latin America and the Caribbean, however, 58 Yugoslav Republic of Macedonia, and the percent of net flows came from official sources. Russian Federation. Russia accounted for $4.1 Depreciation of the US. dollar increased the dollar billion of the interest capitalized in 1995. Interest value of debt denominated in other currencies by $13 rescheduled under other agreements included billion in 1995. The dollar increase in 1995 was well $2.4 billion for Ecuador and $500 million for below the $52 billion recorded in 1994 (see table Sub-Saharan Africa (mostly through Paris Club 2.4). But countries that held a large share of debt in agreements on Naples terms). deutschmarks or yen but whose trade was largely in Bilaterals stepped up ODA debt forgiveness ini- dollars suffered a noticeable increase in debt. For all tiatives. Forgiveness of bilateral ODA debt developing countries, each 10 percent depreciation of (including interest arrears), amounting to $3.3 bil- the U.S. dollar raises the dollar valueoftotal external lion in 1994, is increasingly concentrating on debt by roughly 6 percent, based on the present cur- heavily indebted poor countries (table 2.5). The rency composition of outstanding debt (figure 2.9). proportion of debt forgiveness for these countries Interest capitalization from debt rescheduling and increased from 22 percent in 1990 to almost 80 debtservice reduction increasedtotaldebt. Capitalized percent in 1994, reflecting donor efforts to allevi- interest (an implicit net flow from partially financ- ing interest due or in arrears) from debt and debt Table 2.4 Change in external debt for all developing countries, 1993-95 service reduction programs amounted to $9 billion (IWS$ billions) in 1995, down by almost half from the record $15.0 Category 1993 1994 1995' billion of 1994. Accumulated interest arrears were Net lows on debt 96.8 86.0 133.1 slightly smaller, continuing a downward trend that Cross-currency- valuation effect 1.2 51.5 13.3 Voluntary debt reduction -8.6 -18.4 -8.5 began in 1992. A $2.7 billion reduction in Latin Netincreaseininteresrarrears -3.7 -2.9 -0.6 American arrears (largely by Ecuador) was offset bv Capitalized interest 16.0 15.0 9.0 growing interest arrears in Sub-Saharan Africa and Unidentified chatages 7.1 14.6 0 Net change in debt stock 108.8 145.8 146.6 small net increases in the Europe and Central Asia and the Middle East and North Africa regions. a. Prelioarlrd Banr , Debtor Reporttng Systm. 32 Figure 2.9 There was wide variation in the currency composition of the external debt of the top 20 debtor countries at the end of 1994 Venezuela m ._ C Iran, Islomi Rep. _ U __ Brnzil m: - I _ Argentina : Mexico = I China I India i I - Russiaw- _ __ _ _ _ Korec, Rep. of U I I __ Polond :_ Algeria : Egypt X ___X Turkey _ . . Nigeri o Pakistan _ _ Philippines - Thailand Malaysia Indonesia _ :I:!_ :_ 11. = - Hungary 0 20 40 60 80 100 Percent * U.S. dollar LX Japanese yen U Deutschmark X Others Nole: Percenages based on outurtnding public and publ(ly gurcirteed debt, us of end-i 994. Soure: Word Bank, Debtor Reporting Sysrem. ate the debt overhang ofpoor coulitries. In lanuary an $1 8.4 billion reduction in 1994. Countries 1994 a significant debt relief initiative was with private source debt that was reduced-pri- announced by France in connectioni with the marily through officially supported comprehen- devaluatioll of the CFA franic. For the fourteeni sive debt and debt service reductions, market countries affecred (includirig Comoros, which buybacks, and debt-equity swaps-included adjusted the Comorian fianc), total end-1992 Albania (S300 million), Ecuador ($1.2 billion). debt stocks owed to France amounted to $9.2 bit- and PerLu ($500 million). Debt forgiveness by lion, $5 billion of it concessional. All arrears on official creditors reduced the debt of low-income ODA debt obligations and halfof the fiuture matti- countries by $3 billion. Of this, the United States rities on ODA debt were forgiven. provided $300 million to Jordan, France contin- Some bilateral rescheduling agreements were teed its support of CFA franc countries following completed outside the Paris Clib. Iran reached devaluation, and other donors provided roughly agreenients with creditors to restructure arrears on $1 billion to heavily indebted poor countries. short-term debt and matteriig letters of credit. Five more countries benefited from Brady-type And bilateral agreements were reached between debt anid debt service reduction and the IDA Debt Honduras and Costa Rica, Haiti and Venezuela. Reduction Facility. Since 1989 middle-income and Algeria and SaLudi Arabia. In addition, Russia coLintries debt to commercial banks has been reached agreementi with Poland on a comprehen- resurLCtiured throLegh officially supported Brady- sive mutteal cancellation of bilateral loans and type programs, while low-income countries have trade credits, and continteed negotiationis for relied on debt bulybacks sLepported by the IDA reschedielilig its claims on several developing Debt Reduction Facility. By December 1995, countries, including Mongolia and Vietnam. twenty-three countries had completed debt reduc- Debt stock reductions and fulling interest arrears tion operations, eliminating $40 billion in the face partly oftfet the rise in external debt. BecaLese of value of debt, or 20 percent of eligible commercial debt stock redLections (net of debt buybacks). bank debt. These operations cost $25.3 billion in oLItstanding debt fell by $8.5 billion, followinig buybacks, other cash payments, and principal and 33 [Box 2.2 Paris Club Naples terms-implementation and stylized scenarios In mid-December 1994 the Paris Club reached agreement on the Bolivia was the second country to receive Naples terms, in characteristics of debt stock reduction that it would be prepared to March 1995. Under this agreement 67 percent of all eligible pre- consider for eligible countries (see appendix 3 for a full description cutoff-date Paris Club debt. including previously rescheduled of terms and eligibility). The Naples terms provide deeper stock debt, was written off (in present value terms). In present value reductions on nonconcessional pre-cutoff-dare bilateral debt than terms this implied a 31 percent reduction in Bolivia's total out- available under the Toronto and London terms for debt service standing Paris Club debt and an 11 percent reduction in its over- reduction. The objective is to find an exit strategy for eligible poor all debt burden. countries from repeated rescheduling and protracted negotiations Stylized scenarios. What of the other highly indebted poor coun- by establishing a debt service profile that, with sound policies, can tries? A comparative perspective on the debt profile and track record be sustained over the longer term. In 1995, eleven heavily indebted of developing countries suggests that debt to export ratios (on a pre- poor countries received a flow maturities treatment under Naples sent value basis) in excess of around 200 percent have generally terms. When implemented, the agreements will reduce 1995 debt proved to be unsustainable. At such levels, countries have typically service payments for these eleven countries by an estimated $314 had difficulty avoiding repeated reschedulings or have run into million, or 15 percent of their debt service due and 5.6 percent of arrears. These thresholds of debt sustainabiliry thus provide broad their goods and services exports (in 1994). indicative measures signaling, as a first cut, likely debt difficulties. Imiplementation. Two countries-Bolivia and Uganda-have so In this spirit, a simulation was done, applying Naples terms to far been granted the Naples terms debt stock reduction option by the nonconcessional debt of all highly indebted poor countries to their Paris Club creditors. This option allows for a 67 percent reduc- the maximum potential (67 percent debt stock reduction on all pre- tion in debt stock or in future debt service payments on a present cutoff-date debt, including previously rescheduled debt), combined value basis on a countryvs eligible pre-cutoff-date Paris Club debt. wvith cancellation of ODA concessional debt (up to 67 percent), The February 1995 agreement for Uganda called for a 67 per- comparable treatment for non-Paris Club official debt (as required cent debt stock reduction (or its equivalent in present value terms) under the standard Paris Club comparability clause), as well as con- on all pre-cutoff Paris Club debt, excluding claims that fell under tinued commercial debt buyback. the threshold for eligibility for this agreement and debt previously The results, shown in box figure 2.2, indicate that this approach rescheduled under the 1992 Paris Club agreement. Uganda's eligi- would help some countries reduce their debt co a sustainable level. ble Paris Club debt that was previously restructured in 1989 was However, despite full implementation of these possibilities, twenty- topped up to the 67 percent level as well. This agreement, the first four of the forty IDA-only highly indebted poor countries would of its kind, implies a 17.3 percent present value reduction in still have debt to export ratios in excess of 200 percent. Uganda's total outstanding Paris Club debt and a 3.2 percent reduc- tion in its overall debt burden (in present value terms). Box continues on thefollowingpage interest collateral needed to guarantee debt declined for developing countries as a group, from exchanges. Half the required financing-net of 163 percent in 1994 to 150 percent in 1995. This new money provided by commercial banks- improvement was shared by all regions except Sub- came from debtor countries, and half from official Saharan Africa, which saw a continued increase in agencies. Middle-income countries accounted for irs debt to export ratio to 270 percent. East Asia, most of the debt eliminated and the costs involved. which was responsible for more than a third of the The eleven operations under the IDA Debt increase in overall developing country debt, man- Reduction Facility (supported by cofinanicing aged to reduce its debt to export ratio from 93 per- from donors) extinguished $2.5 billion in coin- cent in 1994 to 83 percent in 1995 because of the mercial bank debt at a cost of $336.5 million, buoyancy of its exports. Similar improvements equivalent to an average purchase price of 12.8 were recorded in South Asia, which saw its debt to cents per dollar of face value (table 2.6). export ratio fall to 246 percent (from 272 percent in 1994). For Latin America. the impact of Mexico Debt indicators was offset by improvemenits in other major bor- rowers, such as Argentina, which saw debt burdens Aggregate debt to export ratios improved in 1995 for lighten as exports rose. allregions except Sub-SaharnAfrica. The 8 percent Despite big inflows of capital to Mexico, severe- rise in developing country debt stocks in 1 995 was ly indebted middle-income countries saw a small more than offset by the rise in developing country decrease in debt to export ratios (to 288 percent, exports last year. Thus the ratio of debt to exports down from 291 percent in 1994; table 2.7). The 34 Box 2.2 (continued) Box figure 2.2 Impact of bilateral and private debt reduction, IDA-only heavily indebted poor countries Burkino Faso PR Benin E Senegal fiIi1 Yemen =11I Kenya logo, Lao PDR 83 I Centrol African Rep. _ (omeroon Ghana Guinee Angola Honduras _ LI Nige r _ Moli Mauriftni K: 1 Equotoriol Guinea * Mulbioteal a Paris Club Non-Paris (lub * Short-term g Reduction Guyana Bolie Congo :1G I Burundi D Ethiopia Zambia Cbte d9voire Rwanda Madagascar 117 MyonmarL Vietnam Sierro Leone Zoire L I Uganda 1 Ienzenie Ii Mozambique Sdo Tomm nd Principe _ Z-i GuineaoBissao l 1 Nicaragua__ _ _ Sudan - - - - - - Somalia _7_ =_ = _ = _ L _ = _ = = -- 0 So0 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Present value of debt as a percentage of exports Note: Based on end-1 994 debt dam. Sourcee World Bank, Debtor Reporting System. sharp rise in the debt service to export ratio in 1995 even with generally favorable terms of trade for reflects the rise in debt service payments as countries commodity exports. Despite efforts by official return to full servicing of their external obligations. creditors, including multilateral institutions such More than a decade after the debt crisis of the as the World Bank, their debt burden remains I 980s, the debt situation has largely improved for huge (box 2.3). Debt, however, is not the only- middle-income countries and private capital flows or even the main-economic challenge for these have resumed. The exception is the heavily indebt- countries. The main ingredients for economic suc- ed poor countries, most in Sub-Saharan Africa, cess continue to be political stability and a strong where debc indicators continued to deteriorate, commitment to reform. 35 Table 2.5 Debt forgiveness to heavily indebted poor countries, 1990-94 (ULS$ millions) Creditorcountries 1990 1991 1992 1993 1994' 1990-94 Australia 00 0 0 0 Austria 0 0 1 0 2 3 BelgiLIm 0 2 33 6 0 41 Canada 512 0 0 184 5 701 Denmiark 20 6 21 5 57 109 Finland 1i0 1 0 18 () 29 France 338 433 500 648 1,800 3,719 Gernianv 1,204 373 68 47 93 1,785 Ireland 0 0 0 0 0 0 Italy 0 0 0 370 14 384 JaIpdll 37 67 106 166 311 687 Netherlands 64 74 41 66 77 322 New Zealand 0 0 0 0 0 0 Norway 0 12 47 13 7 79 Portigal 0 2 1 6 21 30 Spain 0 0 0 3 67 70 Swedeni 28 6 8 2(1 1 77 Switzerland 0 133 42 33 30 238 Un1ited Kingdom 27 33 109 34 57 260 UInired States 13() 1,9()7 5G 56 65 2,274 Total co heavily indebted poor cotutries 2.368 3,111 1.031 1,675 2,620 10.805 Total to all developing countries 10,528 8,911 3,004 2,701 3,336 28,480 Share ot heavily indebted poor couLntries (percent) 2(.0 35.0 34.0 62.0 79.0 38 a. Preliminar-. Sowi!ro. OEC(ED anid World Bank ofif fscrtnate,. The special issue of the debt burden of heavily eral institItions have taken a range of actions to inzdebtedpoor countries address their growing debt problems (see World Debt Tables 1994-95). The debt problems ofa group of heavily indebted At the 1995 summit meeting in Halifax last poor countries remain an important challenge for June, leaders of the G-7 countries issued a commu- the international financial community (box 2.4). nique in which thcy welcomed the adoption of the Recognizing the long-term development problems Naples terms-the Paris Club response to previous faced by these countries, including the buildup of calls to improve the treatment of the debt of the debt and debt servicing obligations, the multilat- poorest countries. The G-7 encouraged the Bretton Table 2.6 Completed operations financed by the IDA Debt Reduction Fadlity as of December 1995 (lJSS millions) Percentage Price of elhible Principal (cents per principal Total IBRD Country Date comnpleted extinguished dollar)` evtinguKhedl resources' resources Niger March 1991 1(17.() 18.0 99.0) 19.4 8.4 Mozambique December 1991 123.8 10.0 64.0 13.4 5.9 Guvana November 1992 69.2 14.0 10(.0 10.2 10.0 Uganda Febrmary 1993 153.0 12.0 89.0 22.6 10.2 Bolivia IMay 1993 170.0 16.0 94.0 27.3 9.8 Sao Tome and Principe August 1994 1().1 10.0 87.0 1.3 1.3 Zambia September 1994 199.7 11.0 78.0 24.9 11.7 Albania JLIly 1995 371.3 26.0 99.0 97.4 26.0 Sierra Leonie September 1995 234.7 13.0 7 3.0 31.3 21.0 Nicarag,ua Deceniber 1995 1.100.() 8.0 81.1) 88.8 40.0 'Total 2,538.8 12.8, 84.1' 336.5 144.3 a. Of original tace valUe 4f principal. b. Ilndudes technical assistance gramrr. . Weighced average. Soarae: \Vorld BaIIk Satf efis6aeCS. 36 Table 2.7 Debt indicators, 1990-95 (percent) Share of 1995 Debt to export ratio Debt service to export ratio total Countrygrouip debt 1990 1991 1992 1993 1994 1995a 1990 1991 1992 1993 1994 1995a All developing countries 100 161.6 175.3 166.7 168.6 162.8 150.0 18.3 18.6 17.1 17.6 16.6 16.3 Severelv indebted 33 327.3 365.6 346.6 347.3 332.2 323.2 25.8 28.0 29.2 28.9 26.5 29.2 Low-income 10 457.1 498.5 494.8 530.0 529.4 492.8 23.2 23.2 22.2 17.4 20.0 21.2 Middle-income 23 294.5 331.5 310.9 307.2 290.9 288.0 26.5 29.3 30.9 31.4 27.9 30.8 Moderatelv indebted 45 192.7 214.0 221.7 219.8 209.3 199.1 24.7 26.8 26.2 26.2 24.4 24.4 Other countries 22 58.3 63.4 59.4 65.3 68.3 64.0 10.0 9.1 8.4 9.4 8.9 7.8 By region Sub-Saharan Africa 11 225.7 239.4 235.6 251.9 265.7 269.8 17.8 16.4 15.7 14.9 14.0 14.7 East Asia and the Pacific 23 106.6 106.0 101.6 101.3 93.3 83.3 15.3 13.4 13.1 14.7 12.0 10.7 South Asia 8 315.9 311.7 319.4 287.9 271.6 245.7 27.6 25.0 24.7 23.7 25.6 24.9 Europe and Central Asia 18 120.2 157.8 143.6 151.5 153.7 144.6 16.8 20.5 12.8 12.4 14.6 15.4 Latin America and the Caribbeani 29 277.4 282.0 276.2 274.6 258.6 254.2 26.3 26.2 28.9 30.0 27.5 30.3 MiddleEastandNorthAfrica 11 109.8 129.2 126.1 134.5 148.5 136.9 14.7 16.8 16.2 15.5 15.4 13.7 Highly indebted poor countries 11 489.2 529.9 531.8 561.3 526.3 565.4 20.8 21.3 17.2 17.2 18.2 23.8 Aote: Based oni (nominal) debt stock at year-end. a. Preliminary. Source: World Bank, Debtor Reporting System. Woods institutions to develop a comprehensive tions by the U.S. Treasury ($20 billion), the IMF ($17.8 approach to assist countries with multilateral debt billion), and the Bank for International Settlements ($10 problems, through the flexible implementation of billion). The first disbursements took place in February exrsting instruments and new mechanisms where 1995 and made it possible to redeem tesobonos at matu- rity and to begin rebuilding foreign reserves. By end- necessary. The G-7 also encouraged the better use 1995 approximately $26.6 billion had been disbursed of existing World Bank and IMF resources to meet from the rescue package. this objective. 2. Aggregate net transfers are net resource flows less More recently, ministers at the Development interest payments on debt (and profit remittances on Committee requested the World Bank and IMF to equity investment for private transfers). i their work on this issue, including detailed 3. Direct export credits are included in nonconces- continue ~~~~~~~~~~sional financing from official sources, whereas guaran- analysis ofdebt sustainability in individual countries, teed export credits are captured in the "other" category and to report with proposals to the committee at its of private flows. next meeting in April 1996. This work is currently 4. While new commitments are a useful indicator of under way. Once the work has been completed, a the trend in actual flows, substantial amounts of com- supplement to World Debt Tables 1996wi1 be issued mitced funds are never disbursed, contributing to a large to provide a fuller analysis ofthe debt problem ofthe discrepancy between net flows and commitments. 5. Heavily indebted poor countries in this section heavily indebted poor countries and a description of refers to a group of forty countries that includes thirty- the agreed approaches for addressing it. one severely indebted low-income countries, as classified by the World Bank; seven rescheduling countries that Notes have received concessional treatment from the Paris Club; and two lower-middle-income countries that have 1. An international aid package was put together at become IDA-only countries. the beginning of 1995 in support of the Mexican gov- 6. ODA flows to the successor states of the former ernment's Economic Emergency Program. The official Yugoslavia have been largely for support for refugees and financing package totaled $47.8 billion with contribu- peacekeeping operations. 37 Box 2.3 The World Bank ad heavily indebted poor countries' debt in 1995 The debt difficulties of the heavily indebted poor countries have long supplemental IDA allocations to twelve highly indebred poor coun- been a source of concern to the World Bank, which has responded with tries with outstanding IBRD debt totaled $178 million. Over fiscal a broad array of instruments. Highlights of such support in 1995: 1989-94 Fifth Dimension allocations totaled $875 million, rough- * The Bank has continued to work with countries to design and ly 25 percent of the total IBRD debt service due from these coun- implement critical economic policy reforms aimed at reestablishing tries during that period. economic growth and reducing futture current account deficits. * Operations supported by grants from the World Bank Debt These reforms are the foundations for support by the donor com- Reduction Facility for IDA-only countries and cofinanced by bilat- munity. In 1995 the Bank continued to coordinate the Special eral donors have reduced the face value of commercial uninsured Program of Assistance for Sub-Saharan Africa (SPA III) through debt owed by the highly indebted poor countries to private credi- which donors pledged $6.7 billion (1994-96) in balance of pay- tors. In 1995 three countries with debt trading at a large discount ments support for policy reform. to par (Albania, Nicaragua, and Sierra Leone) have eliminated much * The Bank continues to provide significant, highly conces- of the government's private nonguaranteed commercial debt sional (IDA) assistance to adjusting countries. IDA commitments through debt buyback and restructuring packages. These operations to highly indebted poor countries over fiscal 1994-95 totaled $6 bil- removed from the books much of these countries' eligible commer- lion. This, combined with the cessation of nonconcessional (IBRD) cial debt-with $2 billion equivalent in commercial indebtedness lending to almost all these countries more than a decade ago, has retired at an average buyback price of about 12 percent of face value. resulted in large and positive net flows and transfers. Over fiscal Around $87 million of IBRD resources and $136.5 million in bilat- 1994-95 net flows from the World Bank to these countries totaled eral donor funds financed the three operations. $4 billion and net transfers $2.3 billion. * Over the past year the Bank, in collaboration with the IMF, has * The Fifth Dimension Program (financed through reflows on undertaken extensive analysis of the debt situation of the heavily past IDA credits) allocated additional IDA resources to adjusting indebted poor countries, the instrumencs available to support these IDA-only countries with outstanding IBRD debt. In fiscal 1995 poor countries, and the options for enhancing these instruments. Box 2.4 Structure of the debt of the heavily indebted poor countries The debt of the heavily indebted poor countries' has several impor- Faso, Burundi, the Central African Republic, Chad, Ghana, tant characteristics: Honduras, Liberia, Rwanda, and Uganda (see box figure 2.4). * The stock of debt. As of the end of 1994, the stock of debt was * Arrears. Aggregate arrears have continued to mount during the $207 billion, more than doubling over the last decade, largely out- past decade, but arrears accumulation is concentrated among coun- pacing the 30 percent increase in debt of low-income developing tries and creditors. Sixreen countries account for 90 percent of the countries during the same period. total arrears accumulation for the heavily indebted poor countries- * Present value debt to export ratios. Taking into account the con- $64 billion at end- 1994. Arrears to Paris Club creditors totaled $32 cessionality of the debt, the debt stock was still substantial: equiva- billion, and those to non-Paris Club creditors amounted to some lent on average to 434 percent of exports and 111 percent of GNP $16 billion. By comparison, the average for other developing countries was 130 * Debt service payments. In 1994 scheduled debt service was percent of exports and 30 percent of GNP.2 equivalent on average to 59 percent of exports, compared with 23.3 * Bilaterals hold close to two-thirds of the debt, and multilaterals percent for developing countries as a group. Actual debt service pay- one-fifth. Of the total debt stock of $160 billion, on a present value ments were roughly half of those scheduled. basis, the share of bilateral debt was 63 percent, multilateral debt * Net transfers. Aggregate net transfers (mostly from official (including IMF) 21 percent, and private long-term and short-term sources) to these countries have been consistently positive and sub- debt 16 percent. stantial, accounting for 6.8 percent of recipient countries' GNP in * One-third of bilateral debt is owed to non-Paris Club creditors. 1994. The bilateral creditors outside the Paris Club hold 33 percent of total bilateral debt-with 19 percent of this debt on nonconcessional 1. A group offorry countries, composed ofthe thirty-one countries classified as severe- bilateral debt-with 19 percent of this debt on nonconcessionally indebted low-income countries (using the World Debt Tabls 1994-95 classification), an terms. The major creditor is the Russian Federation, followed by additional seven rescheduling countries that have received concessional treatment fmrm the China, Kuwait, and Saudi Arabia. In the case of claims of the former Paris Club, and two lower-middle-income countries that have recendy become IDA-only Soviet Union, the valuation of claims has been disputed, reflecting countries (Angola and Congo). The full list of countries covered: Angola, Benin, Bolivia, differences on the appropriate exchange rate for valuation. Burkina Faso, Burnsdi, Cameroon, CentralAfrican Republic, Chad, Congo, C6te d'lvoire, Equatorial Guinea, Ethiopia, Ghana, Guinea, Guinea-Bissau, Guyana, Honduras, Kenya, * The composition of debt varies widely across countries. In pre- Lo PDR, Liberia, Madagascar, Mali, Mauritania, Mozambique, Myanmas, Nicaragua, sent value terms, the share of private short-term debt is more than Niger, Rwanda, SSo Tome and Principe, Senegal, Sierra Leone, Somalia, Sudan, Tanzania, 40 percent in C6te d'Ivoire and Sierra Leone. Seventeen countries Togo, Uganda, Vietnam, Republic of Yemen, Zaire, and Zambia. owe more than 60 percent of their debt to bilateral creditors, with 2. Editions of the Wor4d Debt Tables (since 1992-93) have used rhe present value the bilateral share ranging from 60 percent in the Lao People's of external debt service. This measure takes into account both the profile of debt ser- Democratic Republic to 96 percent in Vietnam. Multilateral obig- vicing payments and the concessionality ofthe debt structure by discounting the stream Democratic Republic to 96 percent in Vietnam. Multilateral oblig- of future debr service payments. ations account for more than half of total debt in Bolivia, Burkina Box connues on theflowingpage 38 Box 2.4 (continued) Box figure 2.4 Structure of debt of IDA-only heavily indebted poor countries Burkina Faso Yemen Benin Senegal Chad Lano PDR Central African Rep. Ghana Kenya Toga Angola Guinea Mali Honduras Comeroon Mauritania Niger Burundi Guyana Boliva Sierra Leone * Mulilateral 3 Paris Club L Nan-Paris Club * Private C Short-term Ethiopia Liberia Rwando Zambia Congo Vietnoam ote d'lvoire Madagascar Myanmar Uganda Tanzania Zaire SUn Tome and Principe Mozambique Guinea-Bissau Nicaragua Sudan Somalia -. : 0 500 1 000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Present value of debt as a percentage of exporfs Note: Based on end-i 994 debt datr. Source: Word Bank, Debtor Reporting System. Part II Appendixes APPENDIX 1 fl Debt burden indicators W and country classification The 136 countries that report debt data to the chan nominal) value of scheduled debt service, to World Bank's Debtor Reporting System are classi- account for differing borrowing terms on the fied by degree of indebtedness. This is measured country's long-term liabilities (see World Debt using debt and debt service data taken from the Tables 1993-94, vol. 1, appendix 4). The Debtor Reporting System (DRS), together with methodology was used again this year by calcu- GNP and export data from Bank files as shown on lating the average of the ratios for 1992, 1993, the country pages (volume 2). Export figures are and 1994. earnings from goods and services, including work- Two ratios are used to classify indebtedness: the er remittances. Data on official grants are not ratios of present value of total debt service to GNP included, although they may be a stable source of and present value to exports (box Al.1). These foreign exchange in some countries. ratios cast the level of indebtedness in terms of two World Debt Tables 1992-93 introduced a newv important aspects of a country's potential capaci- methodology for country classification. Until ty to service the debt-exports (because they pro- then, three-year averaged ratios were used based vide foreign exchange to service debt) and GNP on scheduled debt service and nominal value of (because it is the broadest measure of the income debt. The new methodology uses present (rather generation in an economy). Box A£.1 The calculation of indebtedness ratios There are three key elements in the calculation of the ratios used by the World Bank to determine the indebt- edness criteria of low and middle income countries. These are: future debt service; discount rates; and macro- economic variables Future debt service is defined as the sum of interest payments and principal repayments over the next forty years. For fixed interest rate loans determining the sum of future debt service is straightforward because sched- uled debt service is known in advance. For loans with a variable interest rate the rate is rypically specified in the form of a spread over a base rate (LIBOR or French Prime are examples). Since the base rate depends on future market conditions the scheduled interest payments are not known in advance. In order to obtain the sum of future debt service projections the anticipated schedule of future interesc payments is determined by projecting using the appropriate discount rate (as described below) plus the spread. The Discount rates used are the interesc rates charged by the OECD countries for officially supported export credits. These are the Commercial Interest Reference Rates (CIRR rates). IBRD loans and IDA cred- its are discounted using the latest IBRD lending rates and obligations to the IMF are discounted at the SDR lending rate. For debt denominated in currencies other than the seven listed above the discount rate is the average of interest rates on export credits charged by other OECD countries. The macroeconomic data are drawn from the Balance of Payments data files maintained by che IMF, sup- plemented by information gathered by World Bank staff in the course of individual country analysis. The single year ratios are calculated by dividing the present value of debt by the relevant macro-economic variable. To mitigate the impact of potentially large yearly variations, particularly in export earning, the indebt- edness classification is based on a rhree year average ratio. This ratio is computed by calculating the ratio for each year and then averaging these ratios. 41 42 If either of these ratios exceeds a critical value- incurred by the private sector, or when there is a 80 percent for present value of debt service to commensurate rise in the country's debt servicing GNP and 220 percent for present value to capacity. These indicators should be used in the exports-the country is classified as severely broader context of a country-specific analysis of indebted. If the critical value is not exceeded but debt sustainability. either ratio is 60 percent or more of the critical Discount rates used in calculating present value value, the country is classified as moderately are interest rates charged by OECD countries for indebted. If both ratios are less than 60 percent of officially supported export credits. They represent, the critical value, the country is less indebted. on average, the most favorable terms for fixed-rate Countries are further classified as low-income if nonconcessional debt that countries are able to 1994 GNP per capita is $725 or less and as mid- contract in international loan markets. The rates dle-income if it is more than $725 but less than are specified for G7 currencies-British pounds, $8,956. Combining these criteria leads to the Canadian dollars, French francs, German marks, identification of severely indebted low-income Italian lire, Japanese yen, and U.S. dollars. IBRD countries (SILICs), severely indebted middle- loans and IDA credits are discounted by the most income countries (SIMICs), moderately indebted recent IBRD lending rate, and IMF loans are dis- low-income countries (MILICs), moderately counted at the SDDR lending rate. For debt denom- indebted middle-income countries (MIMICs), inated in other currencies, discount rates are the less-indebted low-income countries (LILICs), and average of interest rates on export credits charged less-indebted middle-income countries (LIMICs) by other OECD countries. (see tableAl.I). In present value calculations, debt service on This is not an exhaustive set of useful indica- fixed-rate loans is determined and each payment tors of external debt. For example, they may not discounted to give its present value. For variable- adequately capture the debt servicing capacity of rate loans, for which the future debt service pay- countries where government budget constraints ment cannot be precisely determined, debt service are key to debt service difficulties. Countries that is calculated using the appropriate discount rate allow the use or free conversion of a foreign cur- plus the spread applicable to the loan. rency (for example, the franc zone countries) can face government budget difficulties that are relat- (lossification of countries for 1994-95 ed to service of external public debt but are not necessarily reflected in balance-of-payments data. Classification of/ow-income countries In other countries, servicing domestic public debt obligations may be a source of fiscal strain not Using the present value methodology on 1992-94 reflected in balance-of-payments data. But rising data, thirty-five countries are classified as SILICs, external debt may not necessarily imply payment fifteen as MILICs, and eleven as LILICs (table difficulties, especially where debt obligations are A1.2). There were changes from last year: four Table AlM. Income and indebtedness classification criteria Indebtedness clkssification PV/XGS less than 220 percent but higher than PV/XGS' higher than 132 percent or PV/GNP PV/XGS less than 132 220 percent or PV/GNP less than 80 percent but percent and PV/GNP Income classification higher than 80 percent higher than 48 percent less than 48 percent Low-income: GNP per capita Severely indebted Moderately indebted Less indebted less than US$725 low-income countries low-income countries low-income countries Middle-income: GNP per capita Severely indebted Moderately indebted Less indebted between US$726 and US$8,955 middle-income countries middle-income countries middle-income countries Present value of debt service to exports of goods and services Source: World Bank. 43 countries joined the SILIC category-Togo (from ta income), and Haiti (from the LILIC group on the MILIC group because ofa decline in GNP and account ofa decline in its exports); and Azerbaijan exports), Cameroon and Congo (from SIMICs and the Kyrgyz Republic moved from the LIMIC due to declines in per capita income), and to the LILIC group because of declines in per-capi- Cambodia (from the LlLICs on account of inclu- ta income. sion of ruble debt); three countries joined the MILIC category-Lao People's Democratic Classification ofrmiddle-incomne countries Republic (from the SILICs after improvements in present value of debt stock to exports), Senegal In the middle-income group, fifteen countries are (from the MIMICs due to a decline in its per capi- classified as SIMICs, fifteen as MIMICs, and Table A1.2 Classification of DRS economies Severely indebted Moderately indebted Moderately indebted Severely indebted low-incomne middle-income low-incomie middle-incoine Burundi Mozambique Algeriat Aibania Cape Verdet Cambodia" Myanmar Anigola Bangladesh Chile Cameroon' Nicaragua Argentina Benin Colombia Central African Rep. Niger Bolivia Chad Dominican Rep. Congo& Nigeria Brazil Comoros Hungary Cote dIlvoire Rwanda Bulgaria Egypt, Arab Rep. Indonesia Equatorial Guinea Sao Tome anid Principe Ecuador Gambia, The Morocco, Ethiopia' Sierra Leone Gabon Haitiit Papua New Guinea Ghana Somalia Jamaica India Phitippines Guinea Sudan Jordan Lao PDR' Russian Federation Guinea-Bissau Tanzania Mexicot Malawi Tunisia Guyana Togo - Panarna Nepal Turkey Honiduras Uganda Peru Pakistan Uruguay Kenya Vietnam Ploland Senegal Venezuela Liberia Yemen, Rep. of Syriani Arab Rep. Zimbabwe Western Samoa Madagascar Zaire Mali Zambia Mauritania Less-indlebted lotw-incoroe Less-indebted middle-income Armenia Barbados Grenada Mauritius Swaziland Azerbaijan* Belarus Guatemala Moldova Thailand Bhutan Belize Iran, Islamic Rep. of Oman Tonga BLrkina Faso Botswana Kazakstan Paraguay Trinidad and Tobago China Costa Ricat Korea, Rep. of Romania Turkmenistan Georgia Croatia Latvia Seychelles Ukraine Kyrgyz Rep.' Czech Rep. Lebanon Slovak Rep. Uzbekistan Lesotho Djibouti Lithuania Slovenia Vanuatu Mongolia Dominiica Macedonia, FYR of Solomon Islands Yugoslavia Sri Lanka El Salvador Malaysia St. Kitts and Nevis Tajikistan Estonia Maldives St. Lucia Fiji Malta St. Vincent t Countries for which severiy olf indebtedness has increased. t Countries for which severity of Indebtedness has decreased. - Countries whose income classification has changcd. Ntre Tables Al .2 and A1.3 classify all World Bank niember ecotiomnies wich populatirons of more than 30.000. Economies are divided among income grouips according to 1994 GNP per capita. calculated using the World Bank Arias niethod. The incomiie groups are definied as follows: low- irconae, $725 or less; lruwer-middle-income, $725-2,89i; upper-middle-income, $2.896-8,959; and high-income, $8,956 or more. The estimates for ecoinomies of the foriner Soviet Union are preliminary, and their classification will be kept unde review. a. Ruble debt included b. Debt dlta include Erarra. ; The reclIssificarion ofTlogo as . SI1 I( in 1995 largely reflects the dratic drop in exports and the aci lumulaton of exnernal arrears during the polirical and econornic crisis n 1 092-93 d. The inidebrediress classificition is adversely affected by the precipitoius decline ini export earnings rcstiling from the trade anctions imposed on Haiti since 1991 Stoaun. World Bark, Debtor Reporting Sys tem. 44 Table A1.3 Classification of non-DRS economies Severely indebted Severely indebted Moderately indebted Less-indebted low-income middle-income middle-income middle-income Afghanistan Cuba Gibraltar Antigua and Barbuda Narnibia Iraq Greece Bahrain New Caledonia Kiribati Saudi Arabia Korea, Dem. People's Rep. South Africa Libya Suriname Note. Tables Al.2 and A1.3 classify all World Bank member economies wih populations of more than 30.000. Economies are divided among inconie groups according to 1994 GNP per capita, calculated using the World Bank Adlas method. The income groups are defined as follows: low- iicome, $725 or less; lower-middle-income, $72G-2,895; upper-middle-income, $2,896-8,955; and high-income. $8,956 or more. The estimates for economies of the former Soviet Union are preliminary, and their classification will be kept under review. Sou-ce: World Bank, Debrtr Reporting System. forty-five as LIMICs. Since last year, three coun- sified as a LIMIC, is reclassified as a high-income tries moved to the MIMIC category-Morocco country and thus no longer included in the World (from the SIMICs following a slight improvement Debt Tables. in exports), Uruguay (from SIMICs on account of improvement in debt to exports rario), and Cape Classification of some non-DRS countries Verde (from LIMICs after a decline in exports); three countries moved from the MIMICs to the Some low- and middle-income countries that do SIMICs-Algeria (due to decreased exports), not report debt statistics to the World Bank are Gabon (due to increase in debt and decline in classified separately (table AI .3). The debt data for GNP), and Mexico (due to increase in external these fifteen countries are derived from OECD debt); and Senegal and Azerbaijan moved from the data and other sources. Limited information does MIMIC and the LIMIC group to the MILIC and not permit the present value classification method the LILIC groups respectively, following changes to be used for these countries. Instead, the in their income category from middle-income to methodology described in World Debt Tables lower-income countries. Portugal, previously clas- 1990-91, vol. 1, p. 121, has been used. 45 Table A1.4 Major economic aggregates, 1994 (US$ millions) Country EDT PV TDS INT EXP GNP Albania 925 818 12 4 540 2,086 Algeria 29,898 24,480 5,428 1,794 9,698 40,220 Angola 10,608 9,692 74 60 Argentina 77,387 68,521 8,174 4,111 21,029 278,250 Armenia 214 197 4 4 258 2,589 Azerbaijan 113 109 .. .. 3,647 Bangladesh 16,569 8,402 653 222 4,310 26,141 Barbados 574 549 93 41 .. 1,671 Belarus 1,272 947 118 31 2,770 20.287 Belize 177 135 32 8 533 Benin 1,619 834 41 20 405 1,481 Bhuran 87 44 8 2 .. 272 Bolivia 4,749 3,513 343 150 5,314 Botswana 691 524 92 32 2,356 3,968 Brazil 151,104 139,994 16,114 6,560 50,674 542.007 Bulgaria 10,468 10,012 759 197 5,511 9,904 Burkina Faso 1,125 563 44 17 .. 2,908 Burundi 1,125 492 41 13 163 898 Cambodia 1,943 1,841 3 2 517 2,329 Cameroon 7,275 5,871 374 178 2,261 6,800 Cape Verde 170 100 6 2 .. 330 Central African Republic 890 447 38 11 186 875 Chad 816 385 17 8 181 897 Chile 22,939 20,698 2,909 1,207 15,112 50,427 China 100,535 85,682 11,135 4,792 125,080 521,151 Colombia 19,416 18,191 3,685 1,224 12,362 62,892 Comoros 189 97 4 1 59 211 Congo 5,275 4,436 555 236 1,078 1,162 Costa Rica 3,843 3,387 497 210 3,390 8,046 Cte d'lvoire 18,452 15,349 2,548 556 3,177 5,445 Croatia 2,304 2,162 292 112 6,994 13,285 Czech Republic 10,694 10,086 2,462 502 19,603 35,983 DjibouEi 247 145 9 5 404 Dominica 96 57 7 2 .. 198 Dominican Republic 4,293 3,774 545 215 2,569 10,266 Ecuador 14,954 13,094 986 489 4,521 15,807 Egypt, Arab Rep. 33,357 21,907 2,279 1,349 15,585 42,298 El Salvador 2,188 1,633 341 98 2,343 8,124 Equatorial Guinea 291 209 2 1 66 161 Estonia 186 168 26 11 .. 4,578 Ethiopia 5,058 3,152 92 42 787 4,677 Fiji 299 256 111 21 1,142 1,683 Gabon 3,967 3,562 348 142 2,418 3,239 Gambia, The 419 212 50 7 163 373 Georgia 1,227 1,169 6 5 .. 2,095 Ghana 5,389 3,344 343 116 1,395 5,310 Grenada 112 79 35 2 .. 241 Guatemala 3,017 2,433 284 117 2,586 12,883 Guinea 3,104 1,961 105 43 687 3,277 Guinea-Bissau 816 533 7 3 55 240 Guyana 2,039 1,420 97 36 .. 458 Haiti 712 402 79 1 215 1,611 Honduras 4,418 3,377 433 179 1,241 2,915 Hungary 28,016 26,404 5,692 1,731 10,912 39,976 India 98,990 70,665 10,516 4,528 39,995 289,374 Indonesia 96,500 84,194 15,670 5,474 49,296 168,000 Iran, Islamic Rep. 22,712 20,654 4,314 1,001 19,765 Jamaica 4,318 3,688 595 214 2,678 3,923 Jordan 7,051 5,028 504 202 4,151 5,790 Kazakstan 2,704 2,461 59 47 3,114 18,200 (Table Lontinse.s ont ntet page.) 46 Table Al.4 (continued) (US$ moillions) Country EL)T PV TDS LNT EXIT GiVP Kenlya 7.273 S.15:3 953 342 2,666 6.470 Korea, Rep. 54,542 49.743 7.922 3.104 116,228 355.672 Kyrgvz Republic 441 350 16 16 340 2.726 Lao PDR 2.080 609 20 5 259 1.534 Larvia 364 326 26 16 1,263 5,817 Lebanon 1,961 1,851 184 89 1,532 9,540 Lesotho 600 350 30 13 665 1.352 Liberia 2,056 1,867 15 Lithuania 438 363 61 31 2,153 5,224 Macedoniia, FYR 924 864 156 35 1.226 1,624 Madagascar 4,134 2,961 78 21 794 1,835 Malawi 2,015 918 67 24 383 1,257 Malaysia 24,767 22,112 5,805 1,388 65,730 67,163 Maldives 127 72 11 3 277 249 Mali 2,781 1.538 139 39 477 1,832 Malta 807 749 46 34 2,835 Mauritania 2.326 1,573 108 42 451 973 Mauririus 1,355 1,172 145 52 2,087 3.363 Mexico 128,302 117.331 19.049 8,013 56,258 364.952 Moldova 492 436 14 9 618 3,719 Mongolia 443 275 49 10 421 723 Morocco 22,512 18,915 2,920 1,119 9,095 29,507 Mozansbiquie 5,491 4,035 91 52 395 1,219 Mvanmnar 6,502 4,865 173 121 1.125 Nepal 2,320 1,124 82 33 .. 4,046 Nicaragua 11,019 9,726 312 118 480 1,376 Niger 1,569 869 80 19 254 1,507 Nigeria 33,485 29.924 2,428 1.158 9.795 32,655 Omani 3,084 2.794 549 174 .. 10,062 Pakistan 29.579 22,045 3,423 1,302 9,847 52,241 Panama 7.107 6.865 312 147 6,748 6,688 Papia New Guinea 2.878 2,311 1,035 152 3,001 5,010 Paraguay 1,979 1.753 259 96 2,657 7.868 Perm 22,623 20.031 1.057 536 5,238 49.363 Philippines 39,302 35,027 4.534 2,094 24,476 66.294 Poland 42,160 33,445 3,529 1,196 19,544 90.067 Romaniia 5,492 5,055 588 276 7,426 29,955 Russian Federation 94,232 86,861 4.161 1,383 59,006 370,741 Rwanda 954 451 38 3 51 579 Sao Tome anid Principe 252 134 8 1 12 23 Senegal 3,678 2,417 273 72 1.349 3,711 Seychelles 170 136 21 6 291 471 Sierra Leonic 1,392 1.026 159 54 146 741 Slovak Republic 4.067 3,737 831 290 9.138 12,253 Slovenia 2.290 2.131 518 121 8.615 14.002 Solomon Islands 165 105 17 4 .. 312 Somalia 2.616 2,101 .. Sri Lanka 7,811 4,780 405 151 4,099 11,553 Sr. Kirts and Nevis 46 29 6 2 .. 194 St. Lucia 115 81 11 5 .. 491 St. Vincent 118 9( 7 3 .. 229 Sudan 17,710 16,032 .. .. 609 Swaziland 237 151 24 7 1.(17 967 Syrian Arab Republic 20,556 16,691 398 269 Tajikistan 594 526 .. .. .. 2,070 Tanzania 7,441 5,424 174 68 855 Thailand 60,990 60,03:7 9,237 3.290 59,161 141,523 Togo 1,455 9()7 24 10 314 929 Tonga 64 36 3 1 .. 159 Triniidad andlobago 2.218 2.082 674 271 1,987 4,412 Tunisia 9,254 7,952 1.423 525 7,734 15.231 47 Table Al.4 (continued) (US$ millions) Country EDT PtV TDS INT EXP CGNP Turkey 66,332 56,913 17.q436 3,986 32.711 128,965 Turkmenistan 418 379 101 28 2,425 Uganda 3,473 1,907 152 38 344 3,941 Ukraine 5,430 5,018 293 78 14,426 74.987 Uruguay 5,099 4,755 649 304 3,440 15,337 Uzbekistan 1,156 1,055 112 27 3,561 21.523 Vanuatu 46 23 2 1 .. 188 W*nezuela 36,850 33,255 4.745 2.118 18.534 57,560 Vietnam 25,115 21,013 450 117 4.918 15,570 Western Samoa 155 66 58 1 .. 177 Yemen. Rep. 5,959 4,771 145 56 3,069 3.683 Yugoslavia, Fed. Rep. 13,557 13,031 365 Zaire 12,336 10,484 202 61 Zambia 6,573 5,060 369 158 1,181 3.225 Zimbabwe 4,368 3,495 712 228 2,264 S.086 Not available. ,,Vote: For definirions ofrvariables, see Sources and DeIioiion,s r-ioi. Source: WXlorld Bank. Debtor Reporting Systerm. 48 Table A1.5 Key indebtedness ratios, 1992-94 (L'SS tOjilionS) Country EDT/IXGS PV/XCS EDT/G,VP PV/GAtP TDS/XGS INT/.XGS Albaniia 197 182 63 58 6 I Algeria 255 226 63 56 73 17 Angola 302 278 20(4 188 32 8 Argeintina 402 406 29 29 54 34 Armenia 55 51 5 5 2 1 Azerbaijan . .. I Bangladesh 39'3 202 62 32 16 5 Barbados 64 62 37 35 12 5 BelaruLs 28 2 1 3 3 2 1 Belize 5'9 46 35 28 8 3 Benin 272 142 82 43 11 5 Bhutan I1(0 54 34 18 9 2 Bolivia 457 332 85 62 46 18 Botswana 27 21 17 13 4 1 Brazil 316 311 33 32 41 19 Bulgaria 226 241 112 120 53 12 Burkina Faso 2()1 104 38 20 12 4 BLorundi 891 388 111 48 40 12 Cambodia 541 490 87 79 , 3 Cameroon 303 250 79 65 36 16 CapeVerde 228 136 48 28 14 4 Central African Republic 464 243 79 41 22 9 Cbad 400 195 70 34 13 5 Chic 156 143 46 43 21 9 China 85 75 18 16 1() 4 Colombia 161 152 34 32 32 11 Comoros 280 144 78 40 10 2 Conigo 434 37(0 292 249 52 19 Costa Rica 130 116 54 48 19 8 Cote d'lvoire 557 486 263 228 64 23 Croatia 21 21 11 11 7 I C.zech Repttblic 48 47 27 27 10 3 Djibouri 56 32 49 28 4 1 Dominica 82 50 48 30 6 2 Dominican Republic 195 174 49 44 24 9 Ecuador 348 321 100 92 42 16 Egypt, Arab Rep. 195 132 83 56 26 11 El Salvador 110 81 31 23 15 5 Equatorial Guinea 435 308 177 126 14 5 Estoinia 13 12 3 3 1 1 Ethiopia 608 383 77 49 38 10 Fiji .33 29 20 17 9 2 Gabon 154 139 94 84 22 9 Ganmbia. Tbe 213 111 114 59 21 4 Georgia .. .. 26 25 Ghana 392 242 84 52 27 10 Grrnada 111 83 52 39 15 2 Guatemala 128 107 25 21 23 9 Guinea 402 255 94 59 31 9 Guinea-Bissau 1,934 1,280 328 217 106 30 Guyana 479 345 563 405 31 17 Haiti 320 18:3 45 26 21 4 Honduras .347 271 134 104 41 17 Hunigary 220 212 66 63 45 15 India 289 214 35 26 30 13 Indoniesia 210 186 61 54 32 11 Iran, Islamic Rep. 1(04 100 33 31 12 6 lanmaica 161 135 119 100 28 9 Jordan 182 147 134 109 31 9 Kazatksran 45 42 7 1 I Kenya 307 225 114 84 39 14 49 Table A1.5 (continued) ([75$ mi/lions) Country EDT/,XGS PVIXGS EDT/(,NP P V/CGNP TDOSX/YGS INT/XGS Korea, Rep. of 48 45 15 14 8 3 Kvrgyz Republic 74 62 8 7 2 Lao PDR 791 214 149 41 7 2 Lanvia 18 16 4 4 1 I Lebaiion 127 123 23 22 27 Lesotho 84 46 41 23 5 2 Liberia 374 339 142 128 8 3 Lithuania 12 11 5 5 I I Macedonia, FYR 50 49 36 35 14 4 Madagascar 694 495 160 114 71 21 Malawi 474 21 7 116 53 24 7 Malaysia 41 38 37 34 8 2 Maidives 47 28 54 32 41 Mali 523 288 115 63 31 8 Malta 26 25 26 25 2 1 Mauritania 469 32- 226 158 60 14 MauritiuIs 54 46 35 29 7 3 Mexico 234 224 34 33 40 1 i Moldova 49 45 7 7 2 1 Mongolia 7 67 5 2 36 18 3 Morocco 246 213 80 69 33 13 Mozainbique 1,367 1,039 444 337 95 34 Myamiiar 600 442 38 28 32 11 Nepal 321 153 53 25 1.3 5 Nicaragua 2.879 2,59 804 720 172 43 Niger 544 322 82 48 45 14 Nigeria 277 25(1 109) 99 38 17 Oman 51 47 29 27 1 1 3 Pakistan 270 2(04 52 39 28 12 Pananma 95 9I 108 10i 9 4 Papua New Guinea 124 104 74 62 33 6 Paraguay 78 68 25 21 19 Peru 426 387 56 51 51 21 Philippines 178 1603 61 56 26 1() Poland 266 228 53 45 4 0 15 Rouilalsia 68 03 16 14 10 3 Russian Federation 169 158 20 19 19 4 Rwanda 1, 142 5.33 93 44 47 11 Sao Tom[ and Principe 2.1182 1,101 788 418 97 35 Seniegal 253 16 ( 50 23 8 Sevchelles 60 48 38 30 10 2 Sierra Leonie 835 637 2(13 156 93 34 Slovak RepuLblic 42 38 30 28 8 3 Slovenia 17 15 11 9 4 1 Solomon Islands 99 62 50 31 16 Somalia 4,11 357q5 321 254 15( 6o3 Sri Lanka 178 109 67 41 13 4 St. Kitrs and Nevis 38 26 24 17 4 1 St. Lucia 31 23 12 17 4 1 St. Vincent 78 S8 39 29 5 2 Sudan 3,384 3,(5J 188 16() 87 63 Swaziland 27 18 23 1 5 3 1 Syrian Arab Republic 366 297 92 7' 21 7 Tajikisran .. .. IS 1 4 Tanzania 1.0t5 719 317 228 79 30 Thailand 96 96 39 39 16 6 Togo 367 226 112 69 25 8 Tonga 95 5-3 33 19 4 I Trinidad and Tobago 115 109 49 46 34 10 luiisia 127 1(18 60 5 1 2(0 Turkey 210 188 42 37 38 1 3 (Tabl66' (on?tiiniCSol nlflt5e! pke) 50 Table Al.5 (continued) (LISS mnillions) (Co% tnry D TAX(;.S ?'WIXC El ) ) A xNP PV'/"NI' Tl)SAY;S INT/,XG LITkIMIIisr;anT I0 S 4 2 6 (igalCLn 1 .285 733 9) 56 8) 24 Ukrain 22 20 3 1 0 U ruonLaI I 6(1) 15z] 36 35 1 t) t !,hekist nn... .3- \Vanultlarui 41 20 24 12 2 1 Vene,u,CI. I212' 1) 8 6 60 24 13 Vietrlaiuu 638 52q l)98 162 44 9 \Wesrrn 4IIamwo 22S II) I -48 48 2 Yumenl. Rep. 239 ) IS 1.3' 3o) 4 YnLgoulu ii.. I'CLe. Rep. Za.ilr,elz\sL 7(1(6 1 (q8 136 1S1 46 26 nimbha Wee 216 i 71) 8i 68 33 I N., v.hI. hK Nw,: I fi 1 r ilb . tiHlil N t N1 x IdC it I .i, I, e . S,',11,II I .1 V c 11. I .k. I ),In, r It , Ic iig Ni st11. 51 Table A1.6 Classification of economies by income and region, 1996 Sub-Saharan Africa AAia Europe and Central Asia Middle East and North Africa East and Eastern Income Southern East Asia and Europe and Rest of Middle North group Subgroup Africa West Africa Pacific South Asia Central Asia Europe East Africa Americas Burundi Benin Cambodia Afghanistan Albania Yemen, Rep. Egypt, Arab Guyana Comoros Burkina Faso Chiina Bangladesh Armenia Rep. Haiti Eritrea Carneroon Lao PDR Bhutan Azerbaijan Honduras Ethiopia Central African Mongolia India Bosnia and Nicaragua Kenya Republic Myanniar Nepal Her-zegovina Lesotho Chad Vietnam Pakistani Georgia Madagascar Congo Sri Lanka Kyrgyz Republic Malawi C6te dIlvoire Tajikistan Mozambique Equatorial Guineat Rwanda Gambia, The Low - Somaliai Ghana income Suidan Guinea Tanzania Guinea-Bissau Uganda Liberia Zaire Mali Zamnbia Maurituaia Zimbabwe Niger Nigeria So Tome and Principe Senegal Sierra Leonie Togo Anigola Cape Verde Fiji Maldives Belarus Turkey Iran Islamic Rep. Algeria Belize Botswania Indonesia Bulgaria Iraq Morocco Bolivia Djibouti Kiribati Croatia Jordan Tunisia Colombia Nanibia Korea. Dem. Rep. Estonia Lebanon Costa Rica Swazilaund Marshall Islands Kazakstan Svuian Arab Cuba Micronesia, Litvia Republic Dominica Fed. Sis. Lithuania West Bank Dominican N. Muriana Macedonia. and Gaza Republic Islands FYR' Ecuador Lower Papua New Moldova El Salvador Guinea Poland Grenada Philippinles Romania Guatemala Solomon Islands RLISMan Jamaica Thailand Federationi Panama Toniga Slovak Republic Paraguay Vanuntu Turkmenistan Peru Weestern Samoa Ukraine St. Vincent and Uzbekistan the Grenadines MRidle- Yugoslavia, Suriname inc(ome Fed. Rep. Venezuela Mauritius Gabon American Saumoa Czech Republic Greece Bahrin Libya Antigua and Mayotte Guam Hungary Isle of Man Oman Barbuda Reunion Korea. Rep. Slovenia Malta Saudi Arabia Argentina Seychelles Mllaysia Barbados South Africa New Cailedonia Brazil Chile French Guiana Guadeloupe Upper Martinique Mexico Puerto Rico St. Kitta and Nevis St. Luci'a Trinidad and Tobago Uruguay Subtotal: 165 27 23 25 8 27 4 10 536 52 Table A1.6 (continued) Sub-Saharan Africa Asia Europe and Central Asia Middle East and North Africa East and Eastern Income Southern East Asia and Europe and Rest of Middle Norfh group Subgroup Africa West Africa Pacific South Asia Central Asia Europe East Africa Americas Australia Austria Canada Japan Belgium United States New Zealand Denmark Finland France Gemiany Iceland Ireland OECD Italy Countries Luxembourg Netherlands Norway High- Portugal income Spain Sweden Switzerland United Kingdom Brunei Andorra Isrdel Aruba French Polynesia Channel Islands Kuwait Bahamas, The Hong Kong Cyprus Qatar Bermuda NonOECD Macao Faeroe Islands United Arab Cayman Islands Countries Singapore Greenland Emirates Netherlands OAEh Liechtenstein Antilles Monaco Virgin I ~~~~~~~~Islands (US) Total: 210 27 23 34 8 27 28 14 5 44 a. Former Yugoslav Republic of Macedonia. b. Other Asian economies-Taiwan. China. For operational and analytical purposes, the World Bank's main Definitions of groups criterion for classifying economies is gross national product (GNP) per capita. Every economy is classified as low-income, middle- These tables classify all World Bank member countries, and all othet income (subdivided into lower-middle and upper-middle), or high- economies with populations of more than 30,000. income. Other analytical groups, based on geographic regions, exports, and levels of external debt, are also used. Inconie group: Economies are divided according to 1994 GNP pet capita, calculated using the World Bank Atlas method. The groups Low-income and middle-income economies are sometimes are: low-income, $725 or less; lower-middle-income, $726-$2,895: referred to as developing economies. The use of the term is upper-middle-income, $2,896-$8,955; and high-income, $8,956 o0 convenient; it is not intended to imply that all economies in the more. group are experiencing similar development or that other economies have reached a preferred or final stage of development. The estimates for the republics of the former Soviet Union arc Classification by income does not necessarily reflect development preliminary and their classification will be kept under review. status. 53 Table A1.7 Classification of economies by major export category and indebtedness, 1996 Low- and mididle-income Low-income Middle-income High-irncome Severely Moderately Less Severely Moderately Less Not classified Group indebted indebted indebted indebted indebted indebted by indebtedness OECD nonOECD India Armenia Bulgaria Russian Belarus Canada Hong Kong Pakistan China Federation Czech Republic Finland Israel Georgia Estonia Germany Macao Kyrgyz Korea. Dem. hreland Singapore Republic Rep. Italy OAE' Korea. Rep. Japan Erporters of Latvia Sweden manuyactures Lebanon Switzerland Lithuania Malaysia Moldova Romnania Thnailanid Uk-raine Uzbekistan Burundi Albania Mongolia Bolivia Chile Botwwaia American Sanoa Iceland Faeroe Islands C6te diFvoire Chad Cuba Namibia French Guiana New Zealand Greenland Equatorial Guinea Malawi Peru Solomitoni Islands Guadeloupe Ghana Zimbabwe Suriname Reurnion Guinea Swaziland Guinea-Bissau Guyana Honduras Liberia Madagascar Mali E.sporters Mauritania of nonJitel Myanmar prinmary Nicaragua prodlucts Niger Rwanda SAo Tome and Principe Sonmalia Sudan Tanzania Togo Uganda Vietnam Zaire Zambia Congo Algeria Venezuela Bahrain Brunei Nigeria Angola Iran, Islamic Qatar Gabon Republic United Arab Exporters Iraq Libya Emirates ofJuels Oman (miainly oilj Saudi Arabia Trinidad and Tobago Turkmenistaw Cambodia Benin Bhutan Jamaica Cape Verde Antigu. and Martinique United Aruba Ethiopia Comoros Burkina Faso Jordan Domiinicwii Barbuda Kingdonm Bahamas. The Mozambique Egypt. Arab Lesotho Panama Republic Barbados Bermuda Yemen. Rep. Rep. Greece Belize Cayman Islands Gambia. The Morocco Djibouti Cyprus Haiti Western Sarnoa El Sailvador French Polynesia Nepal Fiji Kuwailt Exporters Grenada Monaco of servicev K iribati Maldives Paraguay Seychelles St. Kitts and Nevis St. Lucia Tonga Vanuatu 54 Table A1.7 (continued) Low- and middle-income Low-incore Middile-income High-income Severely Moderately Less Severely Moderately Less Not classified Group indebted indebted indebted indebted indebted indebted by indebtedness OECD nonOECD Afghanistan Bangladesh Azerbaijan Argentina Colombia Costa Rica Austaiia Netherlands Cameroon Lao PDR Sri Lanka Brazil Hungaty Dominica Austria Antilles Central African Senegal Tajikistan Ecuador Indonesia Guatemala Belgium Republic Mexico Papua New Kazakstan Denmark Kenya Poland Guinea Malta France Diversified Sierra Leone Syrian Arab Philippines Mauritius Luxembourg exporterSb Republic Tunisia South Africa Netherlands Turkey St. Vincent and Norway Uruguay the Grenadines Ponugal Yugoslavia, Spain Fed. Rep. United States Croatia Bosnia and Andorra Macedonia, Herzegovina Channel Islands FYR' Eritrea Liechtenstein New Caledonia Guam Virgin Slovak Republic Icle of Man Islands (US) Not classified Slovenia Marshall Islands by export Mayotte category Micronesia. Fed. Sts. N. Mariana Islands Puerto Rico West Bank and Gaza Nlumber of economies 210 36 15 11 17 16 55 15 22 23 a. Other Asian economies--Taiwan. China. b. Economies in which no single export category accounts for 50 percent or more of total exports. c. Forner Yugoslav Republic of Macedonia. Definitions of groups These tables classify all world Bank member economies, plus all either of the two key ratios is above critical levels: present value of other economies with populations of more than 30,000. debt service to GNP (80 percent) and present value of debt service to exports (220 percent). Moderately indebted means either of the Major export category: Major exports are those that account for two key ratios exceeds 60 percent of, but does not reach, the 50 percent or more of total exports of goods and services from one critical levels. For economies that do not report detailed debt category, in the period 1990-93. The categories are: nonfuel statistics to the World Bank Debtor Reporting System (DRS), primary (SITC 0,1,2,4, plus 68); fuels (SITC 3); manufactures present-value calculation is not possible. Instead, the following (SITC 5 to 9, less 68); and services (factor and nonfactor service methodology is used to classify the non-DRS economies. Severely receipts plus workers' remittances). If no single category accounts indebted means three of four key ratios (averaged over 1992-94) for 50 percent or more of total exports, the economy is classified are above critical levels: debt to GNP (50 percent); debt to exports as diversified. (275 percent); debt service to exports (30 percent); and interest to exports (20 percent). Moderately indebted means three of the four Indebtedness: Standard World Bank definitions of severe and key ratios exceed 60 percent of, but do not reach, the critical levels. moderate indebtedness, averaged over three years (1992-94) are All other classified low- and middle-income economies are listed used to classify economies in this table. Severely indebted means as less-indebted. APPENDIX 2 ~ External debt trends in 1994 This appendix examines trends in external debt of for example). The OECD compiles external debt developing countries in 1994.' The aggregate data for these cointries, and these data are reflect- tables in this volume and country tables in volume ed in the aggregate tables in this volumne. 2 are based on loan-by-loan reporting of public and publicly guaranteed long-term debt by 136 External debt of all developing countries countries listed in the World Bank Debtor Reporting System (DRS). Some countries report Total debt of developing countries reached $1 ,92 1 private nonguaranteed debt, and Bank staff esti- billion at end-1994 (table A2.1). This represents mates this debt for the remainder (see Sources and an increase of almost $145 billion, or 8 percent Definitions). over the total debt outstanding at end-1993 Fifteen low- and middle-income countries do ($1,776 billion). not report to the DRS. These include countries The depreciation of the U.S. dollar increased that are members of the World Bank but have not the dollar value of developing-coulitry debt had an active lending program for several years denominated in other currencies by $52 billion in (Afghanistan and Iraq. for instance); countries that 1994. Countries that held a large share of debt are members of the World Bank but have income denominated in marks or yen but whose trade was levels that make them ineligible to borrow from carried out largely in U.S. dollars may have suf- theBank(GreeceandSaudiArabia);andcountries fered a noticeable increase in debt burdein. that are not members of the World Bank (Cuba ExposLire to currency rate changes varies consider- and the Democratic People's Republic of Korea. ably across regions and incomiie groups (table Table A2.1 Nominal and currency-adjusted growth of external debt, 1994 T erowsth ol debt is/ 1994 Total diebt Culrr-ency Country group 1993 1994 Nwominal ,tdjusted iate3 All developing countries 1,775.6 1,921.5 8.2 5.3 Region Sub-Saharan Africa 197.9 212.4 7.3 4.3 EastAsia and the Pacific 369.2 421.3 141 19.0 Europe and Central Asia 335.9 356.1 6.0) 2.8 Latin America and the Caribbean 531.4 562.8 5.9 4.2 Middle East and North Africa 193.7 2().7 -.2 3.5 South Asia 147.6 161.1 9.1 5.5 Indebtedness classification Severely indebted low-income 212.2 223.6 5.4 2.5 Severely indebted middle-income 560.1 587.4 4.9 2.6 Moderately indebted low-income 182.5 197.6 83 4.4 Moderately indebted middle-income 476.5 506.7 6.3 2.4 Other countries 344.3 406.2 18.0 16.0 Source \Vorld Bank, Debtor Reporting Systerm. 55 56 Table A2.2 Sources of change in total debt, 1994 difficult political and economic conditions). (US$ billions) Approximately 57 percent of private debt flows Sotre .4l1cousnries SILICs SIMIGs went directly to the private sector in developing Ne oode8.countries: with net inflow from commercial banks Netldows on debt 86.0 1.4 25.7 Cross-country valuation effects 51.5 6.2 12.8 accounting for $7.4 billion. and portfolio debt Voluntary debt reduction -18.4 -2.5 -15.2 flows for $19.0 billion. Rescheduled initerest i 5.0 1.4 11.1 East Asian countries were the largest borrowers Net increase in interest arrears -3.0 3.2 -9.1 Unidentified changes 14.8 1., 2.0 in 1994, with flows rising from $30.2 billion in Net change in debt stock 145.9 1 1.4 27.3 1993 to $41.5 billion. A sharp increase in net flows Sou,ec, \Xorld Bank. L)ebtor Reporting System. on debt to Thailand drove this growth-from $5.2 billion in 1993 to $13.8 billion in 1994-as A2.2). For all developing countries the rise in total borrowers exploited differentials between domes- external debt, after adjusting for the depreciation tic and international interest rates and increased of the U.S. dollar in 1994, was 5.3 percent (table short-term debt flows. South Asia also increased its A2.1). borrowing, from $2.5 billion to $5.2 billion. Net Net flows on debt accounted for a little more flows to India and Bangladesh doubled, and those than half of the rise in debt stock in 1994, and to Sri Lanka tripled. Net flows on debt to Sub- exchange-rate changes and debt restructuring Saharan Africa rose from $3.8 billion in 1993 to accounted for the rest. Positive net flows to devel- $5.1 billion in 1994. Excluding South Africa, oping countries amounted to $86 billion includ- however, the trend is markedly dif'ferent wvith the ing long-term debt, net use of IMF credits, and net flow on debt falling significantly in 1994 to short-term debt. Valuation changes associated $1.4 billion from $5.1 billion in 1993. witlh continued weakness of the U.S. dollar By contrast, Latin America recorded a 15 per- increased dollar-measured debt stock by $51.5 bil- cent decline in net flows on debt, led by a 50 per- lion and capitalization of interest through debt cent drop for Argentina and a 29 percent fall for rescheduling added another $15.0 billion. Brazil. Mexico was the only major Latin American Increased debt stock was partially offset by volun- borrower to increase net flow in 1994 (to $7.4 bil- rary debt reduction (debt buybacks. debt lion from $4.8 billion in 1993), owing largely to exchanges, debt-for-equity swaps, and outright substantial borrowings at the beginning of the debt forgiveness that reduced the stock by $18.4 year. Europe and Central Asia saw a dramatic 80 billion), and a $3.0 billion decline in stock of percent decline. Turkey fueled this fall with its net interest arrears. Unidenltified changes-the resid- outflows of $7.6 billion, driven by a $7.2 billion ual-amotinted to $14.8 billion. reduction in short-term debt and a sharp fall in Net flows on debt fell II percent in 1 994, to disbursements of new commercial loans and $86 billion. Net long-term lending from official bonds to both public and private sector borrowers. sources (excluding the IMF) amounted to $16.1 Net debt flows to the Middle East and North billion in 1994. or 19 percent of all net flows Africa also fell-by 10 percent. (excluding the IMF). This is down sharply from Capitalized interest (an implicit net flow from net inflow of $23.6 billion in 1993. Both bilater- partially financing interest due or in arrears) result- al and multilateral creditors recorded similar per- ing from debt and debt service reduction programs centage declines. amounted to a record $15.0 billion in 1994. More Net long-term lending by private creditors rose than half stemmed from debt restructuring agree- from $40.4 billion in 1993 to $43.8 billion in ments in Latin America, including $7.5 billion 1994, led by a surge in portfolio debt flows to both from the agreement between Brazil and the public- and private-sector borrowers. Short-term London Club. Interest rescheduled under other lending fell from $31.1 billion to $24.5 billion. agreements included $2.2 billion for Russia, $1.8 but this masks sharp increases to East Asian bor- billion for Poland, $400 million for Algeria, and rowers and big declines to other regions. particu- $2 billion for Sub-Saharan Africa (mostly through larly Europe and Central Asia (largely the result of Paris Club agreements with Congo, C6te d'Ivoire, a sharp drop in net lending to Turkey because of and Gabon). 57 Arrears fell by $3.0 billion in 1994, continu- multilateral creditors fell by 63 percent, to $1 bil- ing the trend that began in 1992. A sharp reduc- lion. This reflects the reduction in flows to tion was recorded by some European and Central Argentina and Peru, returning to more normal lev- Asian countries, notably Bulgaria, $1.6 billion, els after the exceptional lending from the IBRD and Poland, $1.4 billion. Latin America had a and the IDB in 1993 to support debt restructur- $6.1 billion reduction, with a $6.1 billion reduc- ing. Net inflow from bilateral sources turned neg- tion recorded by Brazil and $0.4 billion reduction ative, falling to minus $566 million from $1.2 by the Dominican Republic. These were offset by million in 1993. The key factor behind this accumulations in Nicaragua ($0.4 billion) and decline was a sharp increase ($1.5 billion) in prin- Venezuela ($0.1 billion). There were further cipal payments by Brazil as debc rescheduled tinder accumulations of arrears in Sub-Saharan Africa prior Paris Club agreements began to fall due. ($2.9 billion), the Russian Federation ($2.4 bil- lion), the republics of the former Yugoslavia External debt of severely indebted low-income ($500 million), and some countries in the Middle countries East ($300 million). Debt reduction and outright debt forgiveness The total debt of severely indebted low-income continued in 1994. Debt stock reduction in 1994 countries (SILICs) rose by 5 percent in 1994, to reduced outstanding debt by $18.4 billion (net of $223.6 billion. the cost of debt buybacks accounted for in net Efforts to support SILICs through debt for- flows), more than double the $8.6 billion stock giveness and concessional debt rescheduling con- reduction in 1993. The reduction in private source tinued in 1994. Debt forgiveness reduced stocks debt came primarily through officially supported of their debt by an estimated $2 billion. These comprehensive debt and debt service reductiolns, countries also received additional inflows of new market buybacks, and debt-for-equity swaps. moniey, but at $1.4 billion these were considerably There was a $10.1 billion reduction in Europe and less than the $3.5 billion received in 1993. Net Central Asia (Bulgaria, $2.5 billion, and Poland, inflow of long-term debt from traditional bilater- $7.6 billion) and a $4.9 billion reduction in Latin al and multilateral sources (excluding the IMF) America (largely Brazil, $3.9 billion). Forgiveness rose by 16 percent in 1994 primarily because of of debt by official creditors reduced the debt of multilateral flows (up from $2.4 billion to $2.9 low-income countries by $2.9 billion. Of this, billion). The net inflow from IDA, the primary France provided $2.5 billion to support devalua- source of concessional multilateral flows to this tion of the CFA franc: the main recipients were group ofcountries, rose by 42 percenit. The decline C6te d'lvoire ($1.1 billion), Cameroon ($500 mil- in overall net flows came from the short-term lion), and Gabon and Senegal ($200 million accounlt and was concentrated in C6te d'lvoire and each). Zambia was the only country outside fran- Nigeria, where short-term obligations (net of the cophone Africa to receive significant amounlts of accumulation of interest arrears) fell by $1.3 bil- debt forgiveness ($500 million). lion and $512 millioni, respectively. Net inflow from the IMF, $404 million, was the highest External debt ofseverely indebted middle-income recorded for more than a decade. But it largely countries benefited only three countries-C6te d'lvoire. Sierra Leone, and Vietnam. Total debt of the eighteen severely indebted mid- dle-income countries (SIMICs) rose by 5 percent External debt of'nonrestructuring countries in 1994, to $587.4 billion. Total net long-term flows to SIMICs amount- In recent years some developing countries have ed to $14.7 billion in 1994, compared with the maintainied full and timely debt service payments $19.2 billion recorded in 1993. Net lending from without recourse to rescheduling, thereby preserv- official sources fell to $432 million, the lowest in ing their credirworthiness. These countries are dis- more than a decade and down sharply from the tinguished by their capacity to respond promptly $3.9 billion received in 1993. Net inflows from to both internal and external shocks. 58 Debt of the forty-six countries that have not ratio worsened to 265.7 percent, compared with restructured external debt rose by 18 percent in 251.9 percent in 1993, and the debt-to-GNP ratio 1994, reaching $406 billion. Total net flows on widened to 78.7 percent from 73.2 percent. In debt-including long-term debt, net use of IMF East Asia, by contrast, the debt to export ratio fell credits, and short-term debt-to this group was to 93.3 percent (from 101.3 percent in 1993) and $49.2 billion in 1994, equal to 57 percent of net the ratio of debt service to exports improved to 12 flows on debt to all developing countries. Total net percent (compared to 14.7 percent in 1993), after long-term lending amounted to $28.7 billion, up allowing for prepayment of high interest loans by 44 percent on the 1993 figure ($20.0 billion). Net some borrowers in the region. flows from official creditors fell 29 percent but this was more than offset by the rise in net flows from Terms of lending to developing countries private creditors, led by a surge in portfolio debt flows to public- and private-sector borrowers. In 1994, terms of lending to developing coun- Portfolio debt flows soared by almost 90 percent tries remained similar to those of 1993 with the to $13.2 billion. Of this, 58 percent went to the grant element improving slightly to 26.1 percent private sector, largely to key East Asian borrowers, from 24.5 percent. Terms of lending by private especially Malaysia and Thailand. creditors was virtually unchanged, with average interest at 6.4 percent. Average interest on loans Debt indicators from official creditors was 4.9 percent, compared with 4.6 percent in 1993. But this increase was Aggregate debt stock indicators for developing offset by a lengthening of average maturities (to countries in 1994 were mixed. The debt to export 22.4 years) and the grace period (to 6.5 years). ratio improved to 162.8 percent, from 168.6 per- The share of concessional debt in total long-term cent in 1993; and the ratio of debt service to debt outstanding remained unchanged at 21 exports improved to 16.6 percent from 17.6 per- percent. cent. The debt to gross national product (GNP) ratio worsened slightly, from 37.0 percent in 1993 Note to 37.6 percent in 1994. Performance of debt indicators differ by region, 1. All data in this appendix refer to the country set however. In Sub-Saharan Africa the debt to export that excludes Portugal. APPENDIX 3 Official external debt restructuring: October 1994-December 1995 This appendix reviews official debt restructuring creditor countries offering concessional debt relief agreements concluded since the publication of last to choose between debt reduction and debt service year's edition of WorlJDebt Tables (October 1994 reduction. The first approach-Toronto terms- through December 1995). Most agreements were authorized one-third debt reduction or below-mar- with severely indebted low-income countries ket moratorium interest rates (3.5 percentage under the new Naples terms (table A3.1); six points below the marker rate or one-half the mar- agreements were negotiated with other countries ket rate, whichever was the lesser reduction). (Algeria, Croatia, Equatorial Guinea, Gabon, The Paris Club replaced Toronto terms with Macedonia FYR, and the Russian Federation). London terms (called "enhanced Toronto terms" Restructuring of intergovernmental loans and in earlier editions of World Debt Tables) in officially guaranteed private export credits takes December 1991. These permitted 50 percent debt place through the Paris Club. These agreements are reduction or a reduction in interest rates that concluded between the debtor country government would reduce future debt service obligations by 50 and representatives of creditor countries with percent on a net present value basis. These options export credit facilities. Traditionally, creditor coun- were designed to equalize burden sharing among tries without export credit facilities-OPEC coun- creditors. London terms continued through tries, former Soviet states, and other former socialist December 1994. Because not all creditors could countries-have not taken part in Paris Club meet- extend debt relief on a concessional basis, Toronto ings. The Russian Federation, in view of its sub- and London terms included a nonconcessional stantial claims on many countries seeking debt option. Under both terms, debt or debt service relief, is exploring the possibility ofjoining the Paris reduction applied only to nonconcessional debt; Club. Russia presently meets with the Paris Club as ODA debt was rescheduled with very long matu- a debtor country, renegotiating debts of former rities and with moratorium interest rates at least as Soviet states for which it has assumed responsibili- low as those on the original contracts. London ty. On occasion, a few debtor countries, notably terms (like the Houston terms for severely indebt- Brazil, take part in the Paris Club as creditors. ed lower-middle-income countries) provided for Terms of Paris Club reschedulings are recorded swapping debt for local currency obligations or for in an agreed minute. To make debt relief effective, entering into debt-equity conversions. debtor countries must then sign bilateral imple- Under Toronto terms, twenty-eight agree- menting agreements with each creditor. For a more mencs were signed with twenty countries, resched- detailed description of how the Paris Club oper- uling $5.9 billion of debt; under London terms, ates, see World Debt Tables 1992-93, vol. 1, p. 73. twenty-five agreements were signed with twenty- three countries, rescheduling $9. 1 billion of debt.' Debt of low-income countries The major innovation of the London terms was an understanding that three years after the initial Since the late 1980s, the Paris Club has applied con- agreement, creditors would consider restructuring cessional terms to severely indebted low-income the outstanding stock of debt contracted before an countries that meet certain criteria. In June 1988 established cutoff date, provided that the debtor the Paris Club adopted a menu approach allowing country maintained an appropriate IMF program, 59 60 Table A3.1 Debt restructuring agreements with official creditors, January 1994-December 1995 Date of Length Amount Type of Country agreement Start date (mionths) (US$ millions) agreement January 1994-Detember 1994 Kenya 19 Jan 1994 Arrears as of Dec. 31, 1993 535 Senegal 3 Mar 1994 I Jan 1994 15' 237 London Niger 4 Mar 1994 I Jani 1994 15' 160 London C6te d'lvoire 22 Mar 1994 1 Mar 1994 37' 1,849 London Camneroon 24 Mar 1994 1 Apr 1994 18' 1,258 London Central African Rep. 12 Apr 1994 1 Apr 1994 12' 33 London Bulgaria 13 Apr 1994 1 Apr 1994 13' 200 Gabon 15 Apr 1994 1 Apr 1994 12' 1,360 Algeria I Jun 1994 I Jun 1994 12' 5,345 Russian Federation 4 Jun 1994 1 Jan 1994 12a 7,100 Ecuador 27Jun 1994 1 Jul 1994 6' 293 Houston Jordan 28 jun 1994 1 Jul 1994 35' 1,147 Houston Congo 30 Jun 1994 1Jul 1994 11' 1,175 Houston Philippines 19 Jul 1994 1 Aug 1994 17 586 Houston Sierra Leone 20 Jul 1994 1 Aug 1994 17' 42 London Equatorial Guineab 15 Dec 1994 1 Jun 1994 21 51 London January 1995-December 1995 Guinea 25 Jan 1995 1 Jan 1995 12' 156 Naples Cambodiab 26 Jan 1995 1 Jan 1995 30' 249 Naples Uganda 20 Feb 1995 Debt stock as of Feb. 1, 1995 110 Naples Guinea-Bissau 23 Feb 1995 1 Jan 1995 36' 195 Naples Togo 23 Feb 1995 1 Jan 1995 33' 237 Naples Chadb 28 Feb 1995 1 Apr 1994 12' 24 Naples Croatia 20 Mar 1995 1 Jan 1995 12' 861 Nicaragua 21 Mar 1995 1 Apr 1995 27' 848 Naples Bolivia 24 Mar 1995 1 Jan 1995 36 482 Naples Senegal 20 Apr 1995 1 Apr 1995 29' 169 Naples Haiti 3Jun 1995 1 Mar 1995 13' 117 Naples Russian Federation 3Jun 1995 1 Jan 1995 12 6,400 Mauritania 28 Jun 1995 1 Jan 1995 36 66 Naples Algeria 21 Jul 1995 1 Jun 1995 36' 7,320 Macedonia, FYR 21 Jul 1995 1 Jul 1995 12' 288 Cameroon 16 Nov 1995 1 Oct 1995 12 1,129 Naples Gabon 12 Dec 1995 1 Dec 1995 36 1,030 Bolivia 15 Dec 1995 Debt stock as of Dec. 1, 1995 881 Naples a. Indicates inclusion of arrears ar beginning of the consolidationi period. b. Terms of reference agreement. Sourme: World Bank data. fully implemented the interim Paris Club agree- debt was a natural extension of the debt relief ments, and renegotiated its debts to other credi- process. tors on no less favorable terms than had been extended by the Paris Club. Creditor countries Naples terms would also want to be confident that a debt stock reduction would enable the debtor country to Under London terms agreements, some countries avoid future rescheduling. were due for consideration of a debt stock reduction Until that time, the Paris Club would consider by early 1995. Recognizing that the degree of con- extending debt relief for a limited period, with the cessionality offered by London terms was not always objecrive ofhelping debtor countries avoid "immi- adequate to relieve the debt burden of the most nent default". But the introduction of debt can- severely indebted low-income countries, creditor cellation or equivalent debt service reduction country representatives to the Paris Club sought to recognized that severely indebted low-income improve the terms of debt restructuring before start- countries faced a solvency rather than a liquidity ing to negotiate debt stock agreements. An agree- problem, and that action to reduce the stock of ment was reached in December 1994 (the "Naples 61 terms") following an understanding in principle at the G7 economic summit in Naples in June 1994 1 Box A3.1 Naples terms that debt stock reduction was appropriate and nec- l l Announced in December 1994, Naples terms replaced London terms as the essary for certain low-income countries. modality of restructuring the debts of severely indebted poor countries. Like London terms, Naples terms agreements provide for debt relief on current maturities for Original maturities three years-possibly in more than one stage. In Non-ODA debt, concessional options: Creditor countries have the option of can- addition, there is a stock reduction option for eli- celing 67 percent of eligible debt (on a net present value basis) or rescheduling gible countries where it is agreed that such action debt at interest rates sufficiently low to reduce the present value of debt by 67 percent. Countries may also choose a variation of the debt service reduction provides a definitive solution to the beneficiary option, capitalization of moratorium interest, in which 50 percent of moratori- country's external debt problem and so enables um interest due in the first five years would be capitalized and repaid over thirty- that country to exit from the debt rescheduling three years including eight years' grace (with no further interest charges). Debt process (see box A3. 1). not canceled under the debt reduction option would be repaid over twenty-three The Naples terms extended the concessionality years including six years' grace (graduated amortization schedule). Under the debt of London terms by providing for the possibility service reduction option, consolidated debt would be repaid over thirry-three years (under a graduated amortization schedule) with no grace period. Under the of 67 percent debt cancellation or equivalent debt variant of capitalization of moratorium interest, debt would be repaid over thir- service reduction case by case (on a net present ty-three years under a graduated amortization schedule but with an eight-year value basis). Countries that have either a per capi- grace period. ta GNP of less than $500 or a debt to export ratio Non-ODA debt, nonconcessional option: Countries also have the option of of more than 350 percent on a net present value rescheduling eligible debt with long maturities (forty years' maturitv with twen- ty years' grace) but at market interest rates. basis would be eligible for this enhanced debt relief ODA debt: ODA debt would be repaid over forty years, including sixteen level. Other severely indebted countries would years' grace. But creditor countries choosing the nonconcessional option would continue to receive 50 percent debt reduction or reschedule ODA debt over forty years including twenty years' grace. The mora- equivalent debt service reduction. Countries may torium interest rate would be no higher than the original contractual interest rate. become eligible for consideration of debt stock Eligibility: Countries are eligible for 67 percent debt reduction (on a net pre- reduction three years after the initial London sent value basis) if per capita GNP is less than $500 or if their debt to export ratio reduction three years after the initial London exceeds 350 percent. Other severely indebted low-income countries would be eli- terms agreement or Naples terms agreement pro- gible for 50 percent debt cancellation or equivalent debt service reduction. vided performance under IMF programs and cred- Debt stock reduction: The stock treatment under the Naples terms is an exit itor agreements is satisfactory. It must also be clear option designed only for those countries among the poorest that have managed that the balance of payments outlook for the coun- to restore a satisfactory economic and financial track record, with a view to lead- try is sufficiently strong that it will be able to exit ing these countries to external viabilirv. Three vears after signing an agreed minute on Naples terms, the Paris Club may consider an exit arrangement that from further rescheduling once this debt stock would reduce eligible countries' stock of debt. To be eligible for debt stock reduc- reduction is granted. tion, it must be clear that the balance of payments outlook for the country is suf- For creditor countries whose policies, laws, or ficiently strong that it will be able to exit from further rescheduling once this debt budgets do not permit debt reduction, a noncon- stock reduction is granted. The debtor country must have maintained an appro- cessional option continues to be available. priate IMF program, have fully implemented agreements with Paris Club credi- tors, and have negotiated debts to other creditors on terms at least as favorable as Repayment terms have been extended to forty those with Paris Club creditors. years including twenty years' grace (from twenty- Previously rescheduled debt: Repayments due in the consolidation period of five years including sixteen years' grace under Naples terms agreements under Toronto terms can be modified so that they London terms), moratorium interest would con- would have the same degree of concessionality as Naples terms, if the Paris Club tinue to be at market rates for non-ODA debt and considers that necessary to close a payments gap. Repayment terms under at the original concessional rate for ODA debt. London terms normally are to be met. In exceptional cases, maturities may be at the original concessional rate for ODA debt. deferred on a nonconcessional basis. Treatment of previously rescheduled debt under Naples terms is complex. Amounts due on debt relief agreements signed before June 1988 degree of concessionality, maturities due under have been rescheduled, all or in part, along with London terms have not been restructured. In some original maturities. Terms of repayment under cases, arrears that have accumulated on post-cut- Toronto terms agreements can, in some instances, off debt can be deferred. Debt covered by Naples be extended ("topped up") to enhance debt reduc- terms is eligible for swap arrangements, as under tion to 67 percent. Because of their already high London terms agreements (see p. 65). 62 Arrears on post-cutof debt. Paris Club agree- the previous stage. All beneficiary coLintries ments normally require that arrears on obligations received 67 percent debt service reduction except contracted after the cutoff date specified in the Cameroon and Guinea, which received 50 percent. agreed minute be repaid over a shorter period than current maturities, typically in the consolidation Debts of the former Soviet Union period. For arrears whose repayments are not deferred, settlement must be made within four and Since April 2, 1993, the Russian Federation has one-half months, on average. London terms intro- accepted responsibility for external liabilities of duced flexibility for the most severely indebted former Soviet states that have accepted the "zero low-income countries, and this policy has contin- option" (an agreement under which Russia ued under Naples terms. assumed borh debt liabilities and certain assets of the former Soviet Union; see box A3.2). On June Naples ternms agreements 3, 1995, the third annual rescheduling of maturi- ties on debts contracted before January 1, 1991, Debt stock reduction. The Paris Club has made was agreed, covering 1995 maturities. Agreements rapid progress in implementing the Naples terms. in April 1993 and in June 1994 covered 1993 and Agreements have been signed with Uganda 1994 maturities. Repayment terms in the 1995 (February 1995) and Bolivia (December 1995) agreement were the same in the 1994 agreement: that provide for a 67 percent reduction in debt fifteen years maturity including rwo years and four stock or in future debt service payments on a net months' grace, and moratorium interest at market present value basis. The Uganda accord was a rates. Amortization is graduated to ease near-term terms of reference agreement covering debt stocks payment obligations. as of February 1, 1995, with respect to obligations Total debt relief under the June 1995 agree- contracted prior to July 1, 1991. Since original ment is estimated at $6.4 billion. The possibility maturities of pre-cutoff debt have been fully of a mtiltiyear rescheduling agreement for the rescheduled under earlier Paris Club agreements, Russian Federation is under discussion. the present agreement applies entirely to previous- ly rescheduled debt. Other middle-income countries In March 1995, Bolivia's creditors reached a debt stock reduction agreement in principle, but Besides Russia, four middle-income countries were not then in a position to implement such an renegotiated debt in the period under review: accord. At that time, they restructured maturities Algeria, Croatia, Gabon, and Macedonia FYR. falling due in 1995, including arrears as of Algeria had initiated debt relief through the Paris December 31, 1994 following the principles of Club in June 1994, restructuring debtfallingduein Naples terms. On December 15, the debt stock 1994. This twelve-month accord was succeeded by reduction agreemenit was signed, covering debt an agreement (signed in July 1995) that rescheduled outstanding as of December 31, 1995. Both the principal falling due from June 1, 1995, through March and December 1995 agreements had a 67 May 31. 1998, and interest due through May 31, percent degree of concessionality. 1996. Eligible debt comprised maturities on con- Debt service reduction. Agreements were signed tracts signed before the cutoffdate ofJun e30, 1993, with nine countries to reschedule maturities falling plus payments due under various bilateral consoli- due in the consolidation periods. Four agreements dations. Debt service due under the agreed minute (with Cameroon, Chad, Guinea, and Haiti) cov- ofJune 1994 was excluded. The three-year Algerian ered one year. Others ranged from twenty-seven to agreement takes effect in three stages, each contin- thirty-six months (table A3.2). For this grouping of gent on Algeria's remaining in compliance with its countries, debt rescheduling will take effect annu- IMF agreement and meeting obligations under the ally, with movement from one stage to the next tak- agreed minute. Repayment of consolidated debt is ing place if the country continies to have an on standard terms: thirteen and one-half vears appropriate IMF program in effect and has met maturity including one and one-halfyears' grace for obligations to the signatory creditor countries in consolidated principal, and fifteen and one-half 63S Box A3.2 Restructuring claims and liabilities of the Baltic states, Russia, and other CIS countries Much progress has been made in clarifying the legal status of debt and misleading. Consistent with Soviet accounting practices, these incurred by the Soviet Union, which was eventually assumed in full liabilities include fuIture interest payments. In valuing these claims, by the Russian Federation. For many former Soviet states, the exter- Russia continues to use a 1993 exchange rate of 0.5 854 rubles to the nal debt incurred since 1991 is already substantial-and growing. dollar. Under this method of valuation, the total nominal stock of Ruissian debt. The external debt of the Russian Federation rose Russian claims on developing countries was estimated at $173 bil- from$83.1 billionin 1993to$94.2billionin 1994.largelyasaresult lion at the end of 1993.' According to the Russian valuation, the of the capitalization of interest and borrowing from multilateral insti- share of Russian claims is particularlv high for the heavily indebted tutions. Through negotiations with the Paris Club, Russia resched- poor countries, accounting for more than a quarter of their external uled $5.4 billion of maturities falling due in 1995, on terms similar debt. Somiie of the debtors dispute the coverage and valuation of co those granted in earlier agreements. Russia is also negotiatlng with these claims. bilateral creditors outside the framework of the Paris Club, including Actual debt service payments made by developing countries the Republic of Korea, Kuwait, Saudi Arabia, and the United Arab (excluding ex-COMECON states) to Russia were estimated at $500 Emirates. Finally, Russia has completed a technical agreement with its million in 1992 and 1993 and $1 billion in 1994, significantly less Bank Advisory Committee, and Russian authorities agreed on a term than the payments due. More than two-thirds of the payments were sheet with commercial bank creditors in November 1995. made in-kind. The increase in debt service payments in 1994 was Debt of the other former Soviet states. The debt of the other for- largely due to a system ofcompetitive tenders for imports from India mer Soviet states has increased rapidly since they began borrowing under debt-for-trade arrangements introduced in mid- 1994. Under on international markets in 1991-92. Their debt-including bor- this program importers purchase blocked foreign exchange and use rowing among these countries-rose from $928 million in 1992 to chese funds to buy imports. The funds received by Russia are cred- $15 billion in 1994. This acuLmulation of external debt reflects in ited against the debtor's account. Russia has recently extended the large part the dependence of net energy importers on gas and oil program to cover payments in-kind by most debtor countries. imports from Russia and Turkmenistan. As the oil and gas exporters Between 1989 and 1995 Russia signed debt rollover agreements moved toward market pricing in 1992-93, energy prices increased with several countries-including Algeria, Angola, Ethiopia, sharply for niost of the importers. Except for the Baltic countries, GuilnCa, India, Jordan, Lao PDR, Madagascar, Mozambique, the importers were unable (or unwilling) to adjust to chis terms of Tanzania, and Yemen-that substantiallv extended repayment peri- trade shock. As a result they have started to accumulate large trade ods and lowered interest rates. Russia offered other countries simi- arrears to Russia and Turkmenistan. In 1993-94 these trade arrears lar tcrms for the rescheduling ofdebt and granted debt reliefthough were rescheduled on nonconcessional terms, increasing the total the accumulation of arrears. Some of these agreements. such as the debt stock in these countries to $7 billion at the end of 1994. A few one with India, were based on a compromise ruble exchange rate. countries have also run up arrears on the debt service due under Russia continues to negotiate the valuation of its claims and the these agreements. The new independent states also have rapidlv terns of debt restructuring with other debtor countries. Some ofthe accumulated external debt to other creditors, mainly bilateral and agreements reached have included provisions for debt-for-equit multilateral lenders providing support to the countries' econoniic swaps. Only one such transaction has been completed, however- reform programs. Some ofthe debt contracted in 1992-93-in par- with Tanzania in September 1995. ticular, credit lines originally negotiated by the Soviet govern- ment-is on market terms. But the share of official concessional 1. See IMF: t)ffikial Financing for Developing Countries, December 1995 financing has grown rapidly in the past few years. 2. The Valuation method reported here does niot constiLUte an endorsement by the Russian claims. No comprehensive information on Russian World Bank staiffof the appropriateness or validity of this method or the exchange rare claims on developing countries has ever been officially published. used. The appropriate valuation is a matrer to be resolved bilaterally between rhse The figures that have appeared in various publications are unreliable Russian Federation and its debtor countries. yeats mattirity including three and one-half years' arv with multivear agreemeints, this accord takes grace for consolidated interest. Debt relief was effect in three annlual stages; movement from one roughly $7 billion. stage to the next is contingent on (Gabon main- A three-year resurricturiig agreenment was signed taining its Extended Facility agreement with the with Gabon in December 1995. The Paris Club IMF, meeting obligations to participating creditor called this accord "a major reorganization of exter- countries and entering into comparable reschedul- nal debt". It covered all previously rescheduled debt ing agreements with other creditors. Repayments (except the most recent agreement in April 1994), will be on a graduated amortization schedule, over maturities due on pre-cutoffdebt that fall due from fifteen years with only one year's grace. Iecember 1, 1995 through November 30, 1998, Accords with Croatia and Macedonia FYR plus arrears as of November 30, 1995. As custom- were the first Paris Clib agreements signed with 64 Table A3.2 Paris Club agreements on Naples terms, 1995 .Agreemnent terms Eligible Datefor Amiount ConcessionlalicV level Consolidation consideration Signature Curoff rescbeduled (percentage of net period Lenigth of stock of debt Country date date ((1$ milillions) present alue) Start date (months) rescheduling Bolivia 24 Mar'95 31 Dec 85 482 6 7 1 ani 95i 36h Bolivia 15 Dec 95 31 Dec 85 in.a. 67 Debt stock rescheduling n.a. Cambodia 26Jan95 31 Dec85 249 67 1Jan95 . 30 Cameroon 16 Nov95 .. .. 51 1 Oct 95 12 16 Oct 98 Chad' 28 Feb 95 3H Jun 89 24 67 1 Apr 94 12 23 Mar 97 Guiniea 25Jan 95 1 Jan 86 156 50 1 Jan 95 12 Guiiea-Bissau 23 Feb 95 31 Dec 86 195 67 1 Jan 957 36 23 Feb 98 Haiti 30May95 1 Oct93 117 67 1 Mar95 13 Mauritania 28 jun 95 31 Dec 84 66 67 1Jan 95' 36 31 Dec 97 Nicaragua 22 Mar 95 1 Nov 88 848 67 1 Apr 95" 27 30 Juni 97 Senegal 20 Apr 95 1 Jan 83 169 67 1 Apr 95' 29 31 Aug 97 Togo 23 Feb 95 I 2.37 67 1 Jan 95' 33 23 Feb 98 Uganda' 20 Feb 95 ..' 110 67 Debt stock rescbedLIlilIg n.a. n.a. Nor applicable. Not set available. a. Arrears as of begisiniisg of ctnisolidatiosn period Asl, r,sctiedclled. b. Credirors agreed on Boliia's eligibili sn for debt sisrk rec ciiurn. bits the date for discus,ion ta, iss been set. c No goodwill clause. d. Because the niumber of creditor cos1ntrics wer linsrtd, recshdLdli rig NdS arranaged i,. a Lerst-si-i GreCecC agrtcrnent withbot a fi-rmal Paris (Cslib necirilsg. e. The goridwill clauses in she Gui rtea and Haiti agreermtents proit drd rs. a c(atir nials ionof debt rescliedtili ng it certain toirdi tions were sites. f. Agreemtsentts covered debt service on previo.Lisly reschedLrled dceb only; nio original isasLsirities remlinet. g. The degree of concessionaliry applies to siie relief extended irn natarisies falling dL,e durinig rhe corrsolidatior, period, except for Uganda swhere the entire scock of eligible debt was restructured. Source: world Bank data. countries that were once part of the Federal uled in May 1984, May 1985, May 1986. and July Republic of Yugoslavia. The cutoff date for both 1988, with debt relief estimated at $861 million. agreements was December 2, 1982, the same as Consolidated debt will be repaid over thirteen and that for agreed minutes with the former one-half years including two years' grace, with Yugoslavia. Arrangements for Croatia and moratorium interest at marker rares. Macedonia FYR. beside providing debt relief, rat- The twvelve-month Paris Club agreement with ifv an understanding on the allocation of respon- Macedonia FYR yielded an estimated debt relief of sibility for external debt of the former Yugoslavia. $288 million. The repayment period for consoli- Croatia and Macedonia FYR each have agreed to dated pre-cutoff debt is fifteen years including accept debt of the former Yugoslavia that was three years' grace. Arrears on post-cLtoff debt and owed or guaranteed by entities located on their late interest charges will be deferred, repayable territories (allocated debt) plus a share of the debt over six years including three years' grace; interest that cannot be distributed in this fashion (nonal- will be at market rates. The Paris Club agreement located debt). In separate negotiationis wvilh the contains a goodwill clause in the event of the need Paris Club. Croatia has accepted responsibility for for further debt relief. 28.49 percent of nonallocated debt, and Special arrangements are in place for negotiat- Macedonia FYR responsibility for 5.4 percent- ing debt of severely indebted lower-middle- shares equivalenit to the tWo cotintries propor- income countries (Houston terms). No agreement tionate shares in the IMF quota of the former has been reached on these terms since the Yugoslavia. Slovenia had earlier accepted this for- Philippine accord of July 1 994. This agreement mula, assuming I 16.4 percent of nonallocated was not implemented, however, as the Philippines' debt. balance of paymenits improved and it wished to The accord with Croatia covered arrears and exit from the rescheduling process. (For a summa- 1995 matlirilies of pre-cuLoff debt plIs Croatias ry of Houston terms agreements, see World Debt share in the debt of the former Yugoslavia resched- Tables 1994-95. vol. 1, p. 66.) 65 Swap arrangements restructured, including $6.9 billion reported by export credit insurers and an estimated $4.8 bil- Houston terms, adopted in September 1990, lion of non-insured credits. All agreements called introduced the possibility of swapping debts cov- for consolidating accumulated arrears and maturi- ered by Paris Club agreed minutes for debt-equitr; ties falling due through March 31, 1995. participations, debt-for-development, or other Repayments due on insured export creditors will local currency obligations. Swap provisions were be in sixteen quarterly installments, but with vary- incorporated into the London terms in September ing grace periods. On average, repayments were 1991 and have been continued in the Naples five and one-half years maturity including twenty terms. They were also included in the special months' grace, and interest rates close to l.IBOR. restructuring arrangements for Egypt and Poland The refiniancinig operations reduced Iran's short- (see WVorld Debt Tables 1991-92, vol. 1, pp. term debt to $6.7 billion. 62-64). Participation in swap arrangements is vol- Settlement arrangements for non-insured untary for creditor governments. short-term export credits are complex, and were All ODA debt is eligible for swaps. For non- still in progress as of mid-December 1995. Bank ODA debt, swaps has been limited to 10 percent Markazi (Cenitral Bank of Iran) arranges for a bank of debt covered by relevant Paris Club agreements in each major creditor country to act as its agent or $10 million, whichever is the larger. The swap to compile claims of that countrv's residents. In ceiling for a few countries (Cameroon, Ecuador, Iran, a major commercial bank has been estab- Jordan, Nigeria, Peru, and the Philippines) was lished as agent for Iranian debtor banks. It makes $20 million. payments on behalf of the individtial debtor banks Data compiled by the Paris Club secretariat to the agent banks in creditor countries following from participating creditor countries indicate that the terms of consolidation agreements. Agent $2.2 billion of debt had been swapped for local banks, in turn, distribute the proceeds among the currency claims by the end of 1994. Egypt's swaps individual creditors. (debt-eqtiity or other local currency exchanges) Algeria, Egypt, Hungary. and Poland agreed have accounted for half the total valtie of all on reschedulings of their debt to the Russian swvaps. C6te d'Ivoire, Peru, and Tanzania have Federation. Early in 1995 Ukraine concluded an each undertaken swaps amounting to more than agreement with Russia covering 1995 maturities $100 million. Among creditor countries, France and arrears at end- 1 994 that rescheduled $2.6 bil- has the largest amount of exchianges ($974 mil- lion in debt. In December 1994 Honduras agreed lion), followed by Switzerland ($726 million), on the rescheduling of $27 million of its arrears Belgium ($151 million), and Germany ($130 to Costa Rica on nonconcessional terms. In million). January 1995, Haiti agreed with VenezLiela on the reschedtIling of $5 million of arrears. And in July Rescheduling outside the Paris Club 1995 Algeria reached an agreement with Saudi Arabia to restructule $500 million of debt on Some bilateral negotiations for restructuring offi- terms comparable to those of Algeria's 1995 Paris cial debt took place outside the Paris Club frame- Club agreementile. wvork. Iran has restructured short-term export credits tinder letters of credit through bilateral Note negotiations. Betwveen March 1994 and September 1995, agreements have been reachied 1. See WorldDebt 7iibles 1991-92, vol. 1, p. 62, for with export credit aencisofsxa suminiary of Toronro terms agreements. and W-orld with export credit agencies of sixteell countLries on 6 Tll.19-5vo.I.p64trasimr f Debt Tdbdei 1994-95, vol. 1. p. 64, for a summinarY of insured or guarantee export credits and witi comil- london ternms agreements. For a full description of mercial banks on non-insured credits. It is esti- Toronto terms and of London terms, see W'orld Debt mated that $11.8 billion of debt has been Tebl/e 1992-93. vol. 1, pp. 79-78. 66 Table A3.3 Multilateral debt relief agreements with official creditors, January 1980-January 1996 Consolidation period Consolidation ic/liodes Repayment ternss fo/r currenr maturities - -- hre Contract Previously n/-debt Amount Aaturity Grace Countrv and date curtof Start L'rigth reschedliled consolidated con?solidated (years! (rears! or'agreemente date date (months) Arrears debt (percent) ((CJS smil/ions) months) tmronths) Albania2 I l)ec 93 30 Sep 9.3 Arrears as of 30 Sep 93 y 1Ir) 30 9/3 2/9 Algeria I JunII 94 30 Sep 93 1 Lin 94 12 100) 5.250 1n/6 310 21 JuiI 95 30 Sep 93 1 Jul 95 36 10 7 32(0 13/0 1/6 Anrgola 20 1J11 89 31 Dec 86 1Jul 89 1 5 v 100 365 9/6 6/0 Argenitina 16 Jan 85 10 Dec 83 1 lan 8 12 v 9() 1,535 9/6 5/0 20 May87 1(0Dec83 I Nlay? 14 v 1(( 1,198 9/5 4/11 21 Dec89 10Dec83 1Jan 90 15 ! v 1 00 1,798 9/4 5/10 19Sep 91 10 Dec83 1(Octr9 9 y y( lO 744 919 6(3 21 JLu1 92 1 0Dec 83 1 jUl 92 33 v 100 2,589 13/8 1/2 Beni i 22 Jon 89 31 Mar89 1 Jln 89 13 ! I(00 199 Menu Menu 18 Dec 91 31 Mar 89 1lan 92 1'1 100 126 Menu Menu 2- Jun 93 31 Mar89) 1ALug 93 29 100 31 MeluLI Menlu Bolivia 18 Jul 86 31 Dec 85 I LII 86 12 v 1()( 424 9/6 5/0 14 Nov 88 31 Dec85 1 Oct88 15 v y 0(0 2330 9/5 5/1 15 Mar90 31 Dec89 1Jan 90 24 v 100 485 Menu Menu 2n Jan92 31 Dec85 1Jan'92 18 v 100( 254 Menu Menu 24 Mar 95 31 Dec 85 I Jai 99 36 10( 482 Menu M1elnlu 14Dec95 31 Dec85 31 Dec95 Stock y 100 881 MenuI Menu Brazil 23 Nov 83 31 Mar 83 1 AIg 83 1? 7 85 2.338 9/0 5/0 21 lan 87 31 Mar 83 1 Jan 89 30 100 2,831 5/6 3/0 29 J1il 88 31 Mar 83 1 AIg 88 20 v 10( .,066 9/6 5/0 26 Feb 92 31 Mar 83 1 Jan 92 20 y 10( 5.881 13/4 1/10 Bulgaria 17 Apr91 1Jalln91 1 Apr 91 12 v 100 573 1)/0 6/6 14 Dec92 1 Jan 91 1 Dec 92 5 v 100 152 9/10 6/4 13 Apr 94 1 Jan 91 1 Apr 94 13 y 100 200 9/5 5/11 Burkina Faso 15 Mar'91 1 lan 91 1 Mar91 15 v 100 58 Menu Menu 7 May93 1Jan91 tApr93 33 y 100 36 MNenu Menu Cambodia 26 Jan 95 31 Dec 89 1Jani 95 30 y y 10( 249 Menu Menu Caineroon 24 May 89 31 Dec 88 1 Apr 89 12 y 100 621 9/6 6/0 23Jan 92 31 Dec 88 1Jan92 9 y 10( 935 19/5. 14/8 9/11i 8/2 24 Mar 9i 31 Dec 88 1 Apr 94 18 y 10( 1.343 Menu Melnu 15Nov95 31 Dec88 1Oct99 12 y 100 1.129 Menu Menu Central African Republic 12Jun81 1Jan81 1Jan81 12 ! 85 28 8/6 4//0 9 Jul 83 1Jan 83 1lJan8 3 12 v 9( 19 9/6 9//0 22 Nov 89 1Jan 83 1 )ul 85 18 v 9( 17 9/3 4/9 14 Dec 88 1 Jan 83 1 Jall 89 18 y 10(1 39 Mcnu Menu I S5.Jun 90 1 Jan 83 1 lart 90 12 y Y 10( II Menu Menuli 12Apr94 1Jan 83 1Apr94 12 v v 100 32 Menti Menu 6/ Table A3.3 (continued) Consolidation period Consolidation includes Repayment terms for current maturities Share Contract Previously of debt Amount Maturity Grace Country and date cutoff Start LeIzgth resched 7led consolidated consolidated (years! (years! of agreement date date (months) Arrears debt (percent) (US$ millions) months) months) Chad 24Oct89 30Jun89 1 Ocr 89 15 y 100 33 Menu Menu 28Feb95 30Juin89 1Apr95 12 y 100 24 Menu Menu Chile 17Jul 85 1 Jan 85 1Jul 85 18 65 140 6/3 2/9 2Apr87 1Jan85 15Apr87 21 85 164 6/2 2/7 Congo, Republic of 18 Jul 86 1Jan 86 1Aug 86 20 y 95 463 9/2 3/8 13 Sep 90' 1Jan 86 1 Sep 90 21 y y 100 1,011 14/3 5/9 30 Jun 94' 1Jan 86 1Jul 94 11 y y 100 1,175 19/7, 14/7 10/1, 5/1 Costa Rica 11 Jan 83 1Jul 82 1Jul 82 18 y 85 67 8/3 3/9 22Apr85 1Jul82 1Jan85 15 y 90 78 9/5 4/11 26 May89 1Jul82 1Apr889 14 y y 100 155 9/5 4/11 17 Jul 91 1Jul 82 1 Jul 91 9 y y 100 171 9/7 5/1 22 Jun 93 1Jul 82 Arrears as of 31 Jun 93 y 100 30 6/6 2/0 C6te d'lvoire 4May84 1Jul83 I Dec83 13 100 265 8/6 4/0 25Jun85 1Jul83 1Jan85 12 100 215 8/6 4/0 27 Ion 86 1Jul83 1Jan86 36 Var. 157 8/7 4/1 18 Dec 87 1 Jul 83 1 Jan 88 16 y y 100 931 9/4 5/10 18 Dec 89 1Jul 83 1 Jan 90 16 y y 100 1,116 13/4 5/10 20 Nov 91 1Jul 83 1 Oct 91 12 y y 100 768 14/6 8/0 22 Mar 94 1 Jul 83 1 Mar94 37 y y 100 1,849 Menu Menu Croacia 21 Mar95 2Dec82 1Jan95 12 y y 100 861 13/7 2/1 Cuba I Mar 83 ISep 82 1Sep 82 16 100 426 19 Jul 84 I Sep 82 1Jan 84 12 100 204 9/0 5/6 18Jul85 1Sep82 1Jan85 12 100 156 9/0 5/6 16 Jul 86 I Sep 82 1Jan 86 12 100 9/6 5/6 Dominican Republic 21 May 85 30Jun 84 1Jan 85 15 y 90 289 9/5 4/11 22Nov91 30Jun84 1 Oct91 18 y y 100 843 14/3 7/9 Ecuador 28 Jul 83 1Jan 83 1Jun 83 12 85 155 7/6 3/0 24 Apr 85 1 Jan 83 1 Jan 85 36 Y Var 265 7/6 3/0 20Jan88 1Jan83 1Jan88 14 y 100 397 9/5 4/11 24Oct89 1Jan83 I Nov89 14 y y 100 395 9/5 5/11 20Jan 92 1Jan 83 1Jan 92 12 y y 100 361 19/5, 14/6 9/11, 8/0 27 Jun 94 1 Jan 83 1Jul 94 6 y y 100 293 19/9. 14/9 10/3, 8/3 Egypt 22 May 87 31 Ocr 86 1Jan 87 18 y 100 5.563 9/3 4/9 25May91 31 Ocr 86 Stock as of30 Jun91 y 100 20,700 Menu Menu El Salvador 17 Sep 90' 1 Sep 90 1 Sep 90 13 y 100 135 19/6, 14/6 10/0, 8/0 Equatorial Guinea 22Jul 85 1 Jul 84 1Jan 85 18 y 100 44 9/0 4/6 I Mar89 1 Jil 84 Arrears as of31 Dec88 y y 100 12 Menu Menu 2 Apr 92* 1 Jul 84 1 Jan 92 12 y y 100 32 Menu Menu 15 Dec 94' 1 Jul 84 1June 94 21 y y 100 51 Menu Menu (Tb/ile contrnues on nextpage.) 68 Table A3.3 (continued) Consolidation period Consolidation includes Repayment terms Jor currenit maturities Share Contract Pre2iously of debt Amount Maturity Grace Country and date cutoff Start Lenigth rescheduled consolidated consolidated (years! (years! of/agreement date date (mnontlhs) Arrears debt (percent) (US$ milliorns) months) months) Echiopia 16 Dec92 31 Dec89 I Dec'92 35 y 100 478 Menu Menu Gabon 21 Jan 87 1Jul 86 21 Sep 86 15 100 474 9/5 3/11 21 Mar 88 1Jul 86 1Janl 88 12 100 315 9/6 5/0 19 Sep 89 1 Jul 86 I Sep 89 16 y 100 520 10/0 4/0 24 Oct 9 I Jul 86 1Oct 91 1 5 Y y 100 498 8/0 2/0 15 Apr 94 1 Jul 86 1 Apr 94 12 y y 100 1,250 14/6 2/0 12 Dec 95 1 Jul 86 1 Dec 95 36 y y 100 1,030 13/6 1/0 Gambia. The 19 Sep 86 1 Jul 86 1 Oct 86 12 y 100 19 9/6 5/0 Guatemala 25 Mar 93 1 jan 91 Arrears as of 31 Mar93 100 375 19/6, 14/6 10/0, 8/0 Guinea 18Apr86 1Jan86 1Jan86 14 v 95 232 9/4 4/11 12 Apr 89 1 Jan 86 1 Jan 89 12 y y 100 161 Menu Menu 18Nov92 1Jan86 Arrears as of31 Dec92 y y 100 185 Menu Menu 259Jan95 1Jan86 1Jan95 12 y y 100 156 Menu Menu Guinea-Bissau 27 Oct 87 31 Dec 86 1Jul 87 18 y 100 24 19/3 9/9 26Oct89 31 Dec86 1 Oct89 15 y y 100 40 Menu Menu 23Feb95 31Dec86 1Jan95 36 y y 100 195 Menu Menu Guyana 23 Mav 89 31 Dec 88 1 Jan 89 14 y 100 179 19/5 9/11 12Sep90 31 Dec88 I Sep 90 35 y y 100 140 Menu Menu 6 Mav 93 31 Dec 88 1 Aug 93 17 y y 100 50 Menu Menu Haiti 30 May95 1 Oct93 31 Mar95 12 v 100 117 Menu Menu Honduras 14 Sep 90 1 Jun 90 1 Sep90 11 v 100 364 19/7, 14/7 8/1, 8/1 26 Oc 92 1 Jun 90 1 Oct 92 34 y y 100 220 Menu Menu Janmaica 16 JLIl 84 1Oct 83 1Jan 84 15 y 100 132 8/5 3/11 19Jul85 1Oct83 1Apr85 12 100 60 9/6 4/0 5 Mar 87 1Oct 83 1Jan 87 15 y 100 112 9/5 4/11 24 Oct 88 1Oct 83 1Jun 88 18 y 100 158 9/3 4/9 26Apr90 1Oct83 1 Dec89 18 y 100 138 9/3 4/9 19 Jul 91 1 Oct 83 1Jun 91 13 y 100 139 19/6, 14/6 8/9, 6/0 25 Jan 93' 1 Oct 83 1 Oct 92 36 y 100 450 18/6, 13/6 9/0, 5/0 Jordan 19Jul 89 1Jan 89 1 Jul 89 18 y 100 500 9/3 4/9 28 Feb 92 1Jan 89 I Jan 92 18 y 100 763 19/5. 14/3 9/11, 7/9 28 Jun 94' 1Jan 89 1Jul 94 35 y y 100 1.147 18/7, 16/7 9/1, 2/1 Kenya 19jan 94 31 Dec 91 Arrears as of31 Dec 93 y 100 535 7/9 1/3 Liberia 19 Dec 80 1 Jan 80 1Jul 80 18 90 21 7/9 3/3 16 Dec 81 1 Jan 80 1 Jan 82 18 90 24 7/11 3/3 22 Dec 83 1 Jan 83 1 Jul 83 12 90 18 8/6 4/0 17 Dec 84 1 Jan 83 1 JUlI 84 12 90 13 9/6 5/0 69 Table A3.3 (continued) Consolidation period Consolidation incluzdes Repayment terms for current maturities Share Contract Previously of debt Amount Maturity Grace Country and date cutoff Start Length rescheduled conisolidated consolidated (years! (yearsl ofagreement date date (months) Arrears debt (percent) (US$ millions) months) months) Macedonia, FYR 17Jul95 2Dec82 1July95 12 y 100 288 14/7 3/1 Madagascar 30Apr81 1Jan81 1Jan81 18 y 85 172 8/3 3/9 13Jul82 1Jan82 1Jul82 12 y 85 107 8/3 3/9 23Mar84 1 Jul83 1Jul83 18 v 95 389 1013 4/9 22May85 1Jul83 1Jan85 15 v 100 141 10/5 4/11 23Oct86 1Jul83 1Apr86 21 y 10( 181 9/2 4/8 28 Oct 88 1 Jul 83 1 Apr 88 21 y y 100 236 Menu Menu 10 Jul 90 1Jul 83 1IJun 90 13 y y 100 111 Menu Menu Malawi 22 Sep 82 1Jan 82 1Jul 82 12 85 26 8/0 3/6 27 Oct 83 1Jan 82 1Jul 83 12 85 15 8/0 3/6 22 Apr 88 1 Jan 82 1Apr 88 14 v v 100 43 19/5 9/11 Mali 27 Oct 88 1 Jan 88 1 Jul 88 16 v 1(0 48 Menu Menu 22 Nov 89 1 Jan 88 1 Nov 89 26 y 100 33 Menu Menu 29 Oct 92 1 Jan 88 1 Oct 92 35 y y 100 102 Menu Menu Mauritania 27Apr85 31Dec84 1Jan85 15 v 90 40 8/3 3/9 16 May 86 31 Dec 84 1 Apr 86 12 95 36 8/6 4/0 15 Jun 87 31 Dec 84 1 Apr 87 14 95 39 14/5 5/0 19Jun89 31 Dec84 1Jun89 12 y y 100 66 Menu Menu 25 Jan 93 31 Dec 84 1 Jan 93 24 v y 100 211 Menu Menu 28Jun95 31 Dec84 1Jan95 36 y 100 66 Menu Menu Mexico 22 Jun 83' 20 Dec 82 1 Jul 83 6 v 90 1,367 5/6 3/0 7 Sep 86 31 Dec 85 22 Sep 86 18 100 1,807 8/3 3/9 30 May 89 31 Dec 85 1 Jun 89 36 100 2,256 9/7 6/1 Morocco 25 Oct 83 I May 83 I Sep 83 16 y 85 1,228 7/3 3/9 17Sep85 1May83 1Sep85 18 y 90 1,083 8/3 3/9 6 Mar 87 I May 83 I Mar 87 16 v 100 1,074 9/3 4/9 26 Oct 88 1 May 83 1Jul 88 18 y 100 1,100 9/3 4/9 11 Sep 90' 1May 83 1Jan 90 15 v 100 1,809 19/5, 14/5 9/11 7/11 27 Feb 92 1 May 83 1 Feb 92 11 y y 100 1,040 19/5, 14/7 9/11, 8/1 Mozambique 25 Oct 84 I Feb 84 1Jul 84 12 y 95 317 10/6 5/0 16Jun87 1 Feb84 1Jun87 19 y 100 429 19/3 9/9 14Jun90 I Feb84 1Jul90 30 y y 100 739 Menu Menu 23 Mar 93 I Feb 84 1Jan 93 12 y 100 374 Menu Menu Nicaragua 17 Dec 91 1 Nov 88 1 Jan 92 15 y y 100 552 Menu Menu 21 Mar95 1 Nov 88 1 Apr95 27 y y 100 848 Menu Menu Niger 14 Nov 83 1 Jul 83 1 Oct 83 12 90 37 8/6 4/6 30Nov84 1Jul83 1 Oct84 14 90 44 9/5 4/11 21 Nov 85 1 Jul 83 I Dec 85 12 90 48 9/6 5/ 0 20 Nov 86 1 Jul 83 3 Dec 86 ' 2 100 34 9/6 5/ 0 21 Apr 88 1 Jul 83 5Dec 87 13 100 34 19/6 10/0 16 Dec 88 1 Jul 83 1 Jan 89 12 100 57 Menti Menu 18 Sep 90 1 Jul 83 1Sep 90 28 y y 100 151 Menu Menu 4Mar94 1 Jul83 1Jan94 1) y y 100 160 Menu Menu (Table continUes on ne.xf page.) 70 Table A3.3 (continued) Consolidation period Consolidation includes Repayment terms for current maturities Share Contract Treviously of debt Amount Maturity Grace Country and date cutoff Start Length rescheduled consolidated consolidated (years! (yearsl of agreement date date (months) Arrears debt (percent) (US$ millions) months) months) Nigeria 16 Dec 86 1 Oct 85 1 Oct 86 15 y 100 5,898 6/6 2/0 3 Mar 89 1 Oct 85 1 Jan 89 16 y 100 4,747 9/4 4/10 18Jan91 1 Oct85 1Jan91 15 y 100 3,023 19/5, 14/59/11,7/11 Pakistan 14Jan81 1 Jul 80 15Jan81 18 90 263 Variable Variable Panama 19Sep85 31 Dec84 15Sep85 16 50 16 7/4 2110 14 Nov 90d 31 Dec 84 I Nov 90 17 y y 100 186 9/4 4/10 Peru 26Jul 83 1 Jan 83 I May 83 12 90 424 7/6 3/0 5Jun 84 1 Jan 83 1 May 84 15 90 1,000 8/5 4/11 17 Sep 91 1 Jan83 1 Oct91 15 y y 100 5,749 19/5, 145 9/11, 7/11 4 May 93' 1 Jan 83 1 Jan 93 39 y 100 2,032 18/5, 13/5 8/11, 6/11 Philippines 21 Dec 84 1Apr 84 1 Jan 85 18 y 100 994 9/3 4/9 22Jan 87 1 Apr 84 1 Jan 87 18 100 988 9/3 4/9 26 May 89 1 Apr 84 1 Jun 89 25 y 100 1,642 9/0 5/6 20 Jun 9I' 1 Apr 84 1 Jul 91 14 y 100 1,682 19/5, 14/5 9/11, 7/11 19Jul 94' 1 Apr 84 1 Aug94 17 y y 100 586 19/4, 14/4 9/10, 7/10 Poland 27 Apr 81* I1Jan 80 1 May 81 8 y 90 2,254 7/6 4/0 15 Jul 85* 1Jan84 1Jan82 36 y 100 10,300 10/6 5/0 19 Nov 85* 1 Jan 84 1 Jan 86 12 100 1,910 9/2 4/8 16 Dec 87* 1Jan 84 1 Jan 88 12 y y 100 9,027 9/0 4/6 16 Feb 90 1 Jan 84 1 Jan 90 15 y y 100 9,400 13/9 8/3 21 Apr91 1Jan84 Stock as of30 Mar91 y y 100 30,504 Menu Menu Romania 9Jul 82 1 Jan 82 1 Jan 82 12 y 80 234 6/0 3/0 18 May 83 1 Jan 82 1 Jan 83 12 60 195 6/0 310 Russian Federation 2 Apr 93b I Jan 91 1 Jan 93 12 y 100 14,497 10/0 6/0 2Jun94 1Jan91 1Jan94 12 100 7,100 15/2 2/9 3Jun95 1Jan91 1Jan95 12 100 6,400 15/4 2/10 Senegal 13 Oct 81 1Jul 81 1 Jul 81 12 85 77 8/6 4/0 29 Nov 82 1Jul 81 1 Jul 82 12 85 84 8/9 4/3 21 Dec 83 1 Jan 83 1 Jul 83 12 90 64 8/6 4/0 18Jan85 1Jan83 1Jan85 18 y 95 140 8/3 3/9 21 Nov 86 1 Jan 83 1 Jul 86 16 100 92 9/4 4/10 17Nov87 1Jan83 I Nov87 12 100 74 15/6 6/0 24Jan 89 1 Jan 83 1 Nov 88 14 y 100 184 Menu Menu 12 Feb 90 1 Jan 83 1 Jan 90 12 y y 100 111 Menu Menu 21 Jun 91 1 Jan 83 1 Jul 91 12 y y 100 152 Menu Menu 3 Mar94 1 Jan 83 1 Jan 94 15 y y 100 237 Menu Menu 20 Apr 95 1 Jan 83 1Apr 95 29 y 100 169 Menu Menu Sierra Leone 8 Nov80 1 Jul 79 1 Jul 79 30 y 90 39 9/6 4/0 8 Feb 84 1 Jul 83 1Jan 84 12 y y 90 88 10/0 5/0 19 Nov 86 1 Jul 83 1Jul 86 16 y y 100 65 9/4 4/10 20Nov92 1Jul83 I Nov92 16 y y 100 253 Menu Menu 20Jul 94 1 Jul 83 1 Aug 94 17 y y 100 42 Menu Menu 71 Table A3.3 (continued) Consolidation period Consolidation includes Repayment terms for current maturities Share Contract Previously of debt Amount Maturty Grace Country and date cutoff Start Length rescheduled consolidated consolidated (years! (years! of agreement date date (months) Arrears debt (percent) (LJS$ millions) months) months) Somalia 6 Mar 85 1Oct 84 1 Jan 85 12 y 95 126 9/6 5/0 22 Jul 87 1 Oct 84 1Jan 87 24 v y 100 95 19/0 9/6 Sudan 18 Mar 82 1Jul 81 1 Jul 81 18 y y 90 211 9/6 4/6 4 Feb 83 1Jan 83 1Jan 83 12 y 100 546 15/0 5/6 2 May 84 1 Jan 84 1Jan 84 12 y 100 231 15/6 6/0 Tanzania 18Sep86 30Jun86 1Oct86 12 v 100 676 9/6 5/0 13 Dec 88 30 Jtin 86 1 Jan 89 6 y y 100 236 Menu Menu 16Mar90 30Jun86 1Jan90 12 y y 100 245 Menu Menu 21 Jan 92 30Jun 86 1Jan 92 30 y y 100 779 Menu Menu Togo 20 Feb 81 1Jul 80 1Jan 81 24 85 120 8/6 4/0 12Apr83 1Jan83 1Jan83 12 y y 90 125 9/6 5/0 6Jun 84 1Jan 83 1Jan 84 16 y 95 67 9/4 4/10 24Jun 85 1 Jan 83 1 May 85 12 95 25 10/6 5/0 22 Mar88 1Jan83 1Jan88 15 y y 100 118 15/5 7/11 20Jun89 1Jan83 16Apr89 14 y 100 82 Menu Menu 9Jul 90 1 Jan 83 1 Jul 90 24 y 100 101 Menu Menu 19Jun 92 1 Jan 83 1 Jul 92 24 y 100 50 Menu Menu 23 Feb 95 1 Jan 83 1 Feb 95 33 33 y 100 239 Menu Menu Trinidad and Tobago 25 Jan 89 1Sep 88 1Jan 89 14 y 100 250 9/5 4/11 27Apr90 I Sep88 1 Mar90 13 100 170 8/4 3/10 Turkey 23 Jul 80* 30 Jun 80 1 Jul 80 36 y y 90 2,600 9/0 4/6 Uganda 18 Nov 81 1 Jul 81 1Jul 81 12 y 90 63 9/0 4/6 1 Dec 82 1 Jul 81 1Jul 82 12 90 16 9/0 4/6 19Jun 87 1Jul 81 1Jul 87 12 y y 100 102 14/6 6/0 26Jan 89 1 Jul 81 1 Jan 89 18 y y 100 86 Menu Menu 17 Jun 92 1 Jul 81 1 Jul 92 17 y y 100 172 Menti Menu 20 Feb 95 1Jul 81 1Feb 95 Srock y y 100 110 Menu Menu Vietnam 14 Dec93 1Jan 90 Arrears as of31 Dec93 y 100 791 Menti Menu Yugoslavia 22 May 84* 2 Dec 82 1 Jan 84 12 100 568 6/6 4/0 24 May 85* 2 Dec 82 1 Jan 85 16 90 399 8/4 3/10 13 May 86* 2 Dec 82 16 May 86 23 85 863 8/6 4/0 13 Jul 88* 2 Dec 82 1 Apr 88 15 y 100 894 9/5 5/11 Zaire 9 Jul 81 1 Jan 79 1 Jan 81 24 90 276 9/6 4/0 20Dec83 30Jun83 1Jan84 12 y y 95 1,417 10/6 5/0 18Sep85 30Jun83 1Jan85 15 y 95 385 9/5 4/11 15 May 86 30Jun 83 1 Apr 86 12 y 100 425 9/6 4/0 18May87 30Jun83 lApr 87 13 y y 100 740 14/6 6/0 23Jun 89 30Jun 83 1Jun 89 13 y y 100 1,602 Menu Menu (Table continues on nze si page.) 72 Table A3.3 (continued) Consolidation period Consolidation includes Repayment terms for current maturities Share Contract Previously of debt Amount Aaturity Grace Country and date cutoff Start Length rescheduled consolidated consolidated (years! (years! ofagreement date date (months) Arrears debt (percent) (US$ millions) months) months) Zambia 16 May 83 1 Jan 83 1Jan 83 12 y 90 302 9/6 5/0 20Jul 84 1 Jan 83 1Jan 84 12 y y 100 263 9/6 5/0 4 Mar 86 1 Jan 83 1Jan 86 12 y y 100 355 9/6 5/0 12Jul 90 1 Jan 83 1Jul 90 18 y y 100 1,174 Menu Menu 23 Jul 92 1 Jan 83 1 Jul 92 33 y y 100 853 Menu Menu - The rescheduling was concluded ourside formal Paris (lub auspices. Nor available. Note: The figures in this rable are commirnient values (that is, amounts ofdebr relief agreed to). They correspond to rhe disbursemerit figures (minus debr forgiveness when applicable) for debr restructuring shown in rhe country rables of volime 2. All agreenients shown in rhis table were negoriared rhrough the Paris Club, except those indicared with an asterisk (. Figures for 1993 and 1994 agreements are estimated. Regarding repayntenr rerms, maturity is measured here front the end of rhe consolidation period to the date of rhe final amortiza- tion payment; rhe grace period is the time between che end of the consolidation period and rhe dare of the first amorrization, payment. The secrerariar of rhe Paris Club measures grace and nmaturity from rhe midpoint of the consolidation period. "vlenu" terms refer to the options agreed to at rhe 1988 Toronto econontic summir meeting; For agreements under the London terns, the consolidation period comes inlro effect in srages, according to preesrablished condirions. For date of agreement srarting in 1995. "Menu" ternts refer to the Naples terms which were agreed in December 1994. a. Agreenient with a Paris Club-designated lower-middle-income country with heavy official debt. These agreensents also allosv for debt conversions, subject to the limit for each credi- ror country (for non-ODA debr) of US$10 million or 1 0 percent of the debt outstanding as of the beginning of the consolidation period, whichever is the higher. Where two sets of figures for repaytitenr terros (maturity and grace) are given. the first ser represenits official development assisrance debr (ODA) and rhe second non-ODA debt. b. This agreemenr follows the deferral signed in January 1992 by she republics of the former Soviet Unioni. c. The agreenient was canceled after bilateral agreements were signed. d. The agreement was implemented in 1991, because of rhe agreement's conditionality on an IMF program, which took place in 1991. e. The agreement signed in March 1995 covered a thirty-six-monch period, but in December 1995 a new agreement was signed coveriug the stock of debt., starting rvelve months after the beginning of the consolidation period of the previous agreement. Source: \World Bank, Debtor Reportinig System; Internatioial Monetary Fund data. APPENDIX 4 Commercial debt restructuring Commerdal bank strategies $191 billion, of which nearly 20 percent has been eliminated in nominal terms. Under the Debt Since 1989 developing country debt to commer- Reduction Facility, ten countries have completed cial banks has been mostly restructured in the con- buyback operations with additional cofinancing text of officially supported debt and debt service from donors; some $2,538.8 million due to com- reduction programs (DDSR)-"Brady-type" mercial banks has been extinguished at a cost of operations for middle-income countries often $336.5 million, equivalent to an average purchase supported by official financing'-and by buy- price of 13 cents per dollar. backs supported by the World Bank's Debt Reduction Facility for IDA-only countries, here- Recent developments inafter referred to as the Debt Reduction Facility.2 This officially supported reduction of commercial For the period October 1994 through December bank debt has been effective in helping resolve 1995, six agreements totaling $70 billion have been long-standing concerns between debtors and com- completed between debtor countries and commer- mercial bank creditors, improving these countries' cial bank creditors, reducing this debt by $9.9 bil- creditworthiness, and restoring market access. lion. Among middle-income countries, Poland and Through December 1995, twenty-three coun- Ecuador under the Brady Initiative restructured tries completed twenty-five debt and debt service $22 billion in October 1994 and February 1995, reduction operations under the aegis of the Brady respectively. Under the aegis of the London Club, Plan and the Debt Reduction Facility (the Phil- Algeria rescheduled $3.2 billion of future maturi- ippines' DDSR and Sierra Leone's buyback were ties due to commercial banks in June 1995, Russian undertaken in two phases). Eligible commercial Federation rescheduled $32.5 billion on November bank debt, including interest arrears, amounted to 16, 1995, and Iran reorganized $13.7 billion of $194 billion, of which nearly $40 billion has been short-term export credits in accords reached in eliminated in nominal terms through buybacks, cash 1993 and in 1994. Among low-income countries, payments at closing, and write-offs. Costs of under- Sierra Leone and Albania, under the Debt writing these operations amounted to $25.3 billion Reduction Facility, bought back between May and (funds expended for buybacks and other cash pay- August 1995 $606 million at an average price of 21 ments, and principal and interest collaterals needed cents. In December 1995, Nicaragua received funds to guarantee debt exchanges). Total financing, net of from the international community (including from $3.7 billion of concerted new money provided by the Debt Reduction Facility) to buy back $ 1.1 bil- commercial banks, came in almost equal shares from lion of its commercial debt at 8 percent of face the countries and official lenders. The World Bank's value. In October 1995, Peru reached an agreement participation amoLnted to $4.2 billion, or about 36 in principle with its commercial bank creditors to percent offoreign financing requirements net ofcon- repackage about $8.6 billion of its commercial debt certed commercial bank lending. (of which about $4.2 billion are interest arrears) By types of operation, thirteen countries com- through a DDSR operation. The closure of the pleted fourteen DDSR operations. Commercial agreement is expected by July 1996. There are other bank debt of these countries amounted to some initiatives in the pipeline that may be completed in 73 -4 late 1995 or early 1996. Panama is negotiating debt of debt owed to commercial banks. On $4.5 billion and debt service reduction agreements with com- of eligible principal, creditors opted to exchange mercial banks on about $4 billion. The total eligi- $2.6 billion at a 45 percent discount and $1.9 bil- ble debt is expected to be nearly halved as a result of lion at par. For discount and par bonds, rhe princi- discount bond swaps, cash payment at closing, pal was collateralized with 30-year U.S. Treasury recalculation of past due interest, and forgiveness. zero-coupon bonds and a twelve-month rolling interest collateral was established. Past-due interest Completed operations: middle-income countries of $3.3 billion was discharged as follows: $75 mil- lion was paid in cash at closing, $191 million was Poland. On October 27, 1994 Poland closed a exchanged for interest equalization bonds, $2,417 DDSR agreement to restructure $14.4 billion of million was exchanged for par bonds, and $582 debt owed to commercial banks: long-term debt million was written off because of savings realized arising from the 1988 restructuring agreement from recalculation of penalty interest at a lower ($8.9 billion), debt stemming from short-term interest rate. None of the bonds in respect of past- arrangements ($1.2 billion), and past-due interest due interest were subject to principal or interest col- that was not rescructured under che first two care- lateral. On the par bonds, Ecuador can chose co gories ($4.3 billion). The long-term debt was sub- capitalize the difference between prevailing LIBOR ject to a menu approach composed of 85 percent + 3/16, and for years 1-2, 3 percent; for years 3-4, debt reduction, I I percent for debt and debt service 3.25 percent; and for years 5-6, 3.75 percent. reduction, and 4 percent for conversion bonds com- Ecuador's debt with commercial banks was bined with new money. For debt reduction, $2.1 reduced in nominal terms by $1.8 billion. Taking billion was bought back for $900 million, and $5.4 into account interest service savings and cash pay- billion was exchanged at a discount for $3 billion of ments on account of bond collaterals, debt reduc- collateralized 30-year bonds. For debt service reduc- tion equivalent of the DDSR (excluding additional tion, $900 million was exchanged for collateralized official lending) amounted to $3.5 billion, equiva- par bonds subject to increasing fixed interest rates. lent to 44 percent of the nominal amount restruc- For revolving short-term arrangements debt, tured. Costs of the operation, including cash $311 million was bought back for $118 million, payments, buyback, and bond collaterals, amount- and $894 million was exchanged for collateralized ed to $666 million, of which about 15 percent was 30-year par bonds. Past-due interest was dis- funded from Ecuador's own resources, and the rest charged as follows: $775 million was bought back, was provided in almost equal parts by creditor gov- $63 million was paid in cash at closing, $750 mil- ernments and by international organizations lion was written off, and $2,673 million was con- including the Inter-American Development Bank. verted into noncollateralized 20-year bonds Dominican Republic. On August 30, 1994 the subject to increasing fixed interest rates. Dominican Republic closed a DDSR agreement to Using the combination of options, Poland's restructure $1.2 billion owed to commercial banks.4 debt with commercial banks was reduced in nom- Eligible principal of $776 million was discharged as inal terms by $6.5 billion. Taking into account follows: $272 million was bought back at a 75 per- interest service savings and cash payments as a cent discount, and $504 million was exchanged for result of bond collaterals, debt reduction equiva- $328 million of discount bonds collateralized with lent of the DDSR (excluding additional official 30-year U.S. Treasury zero-coupon bonds and a lending) amounted to $8.4 billion, equivalent to twelve-month rolling interest guarantee. Of $434 59 percent of the nominal amount restructured.3 million of past-due interest, $112 million was writ- Costs of the operation including cash payments, ten off, $52 million was paid in cash at closing, $99 buyback, and bond collaterals amounted to $2 bil- million was bought back at a 75 percent discount, lion, of which about half was funded from their and $171 million was exchanged for par bonds nor own resources and half provided by foreign credi- subject to principal or interest collateral. tors, mainly by the IMF and the World Bank. Under a combinarion of options, the Domin- Ecuador On February 28, 1995 Ecuador com- ican Republic's debt with commercial banks was pleted a DDSR accord to restructure $7.8 billion reduced in nominal terms by $712 million. Taking 75 Table A4.1 Terms of Poland's debt and debt service reduction agreement, October 27, 1994 Debt retired Share Maturity/grace Interest rate Instrument (US$ millions) (percent) (years) (percent) Comments Principal subject to the menu approach 10,090 Discount bond (35% discount) 11,241 34.6 30 bullet LIBOR + -3/16 Principal collateralized with 30-year U.S. Treasury zero-coupon bonds. No interest collateral. 1988 rescheduling agreement 8,852 100 Buyback (price: 41 cents) 2,131 24.1 Discount bonds (45% discount) 5,393 60.9 30 bullet LIBOR + 3/16 * Principal collateralized with 30- year U.S. Treasury zero-coupon bonds. No interest collateral. Par bonds with reduced fixed interest rates 935 10.6 30 bullet Years 1-2 2.75 * Principal collateralized with 30- 3-5 3.00 year U.S. Treasury zero-coupon 6 3.50 bonds. No interest collateral. 7-9 3.75 10-20 4.00 21-30 5.00 Conversion par bonds combined with new money 393 4.4 25/20 Years 1 4.50 * No principal or interest collateral. 2-4 5.00 5-9 6.00 10 7.00 11-25 7.50 Of which new money bonds (1:2.86 ratio) 138 15/10 LIBOR + 13/16 * No principal or interest collateral. Revolving short-term arrangement debt (RSTA) 1,238 100 Buyback (price: 38 cents) 311 25.1 Par bonds with reduced fixed interest rates 894 72.2 30 bullet Years 1-2 2.75 * Principal collateralized with 30- 3 3.25 year U.S. Treasury zero-coupon 4 3.75 bonds. No interest collateral. 5-6 4.00 7 4.25 8-9 4.50 10-20 4.75 21-30 5.00 Forgiveness 33 2.7 Past-due incerest 4,261 Buyback 775 Cash payments 63 Past-due interest par bonds 2,673 20/7 Years 1 3.25 * No principal or interest collateral. Forgiveness 750 2 3.75 Graduated amortization schedule. 3-4 4.00 5 5.00 6-8 6.00 9-20 7.00 Total amount restructured 14,351 Source: Republic of Poland, ' 1994 Financing Proposals." into account cash payment at closing including and bond collaterals, amounted to $201 million bond collaterals, debt reduction equivalent of the and was funded fully from the country's own DDSR exclusive of additional official lending resources. amounted to $768 million, equivalent to 64 per- Algeria. On June 1, 1995 Algeria concluded an cent of the nominal amount restructured. Cost of agreement with London Club creditors to resched- the operation, including cash payments, buyback, ule $3.2 billion of the country's $4.5 billion debt 76 Table A4.2 Terms of Ecuador's debt and debt servie reduction agreement, February 28, 1995 Debt retired Share Mfaturity/grace Interest rate Instrument (US$ millions) (percent) (years) (percent) Comments Principal subject to the menu approach 4,520 100 Discounc bonds (45% discotint) 2,626 58 30 bullet LIBOR+ .t /, Principal collateralized with 30-year U.S. Treasury zero-coupon bonds. Twelve-month rolling interest guarantee. Par bonds with reduced fixed interest rate 1,894 42 30 bullet Years 1 3.00 Principal collateralized with 30-year 2 3.25 U.S. Treasurv zero-coupon bonds. 3-4 3.50 Twelve-month rolling interest 5-6 4.00 guarantee. 7-8 4.50 9-10 4.75 11-30 5.00 Past-due interest 3,265 Cash payments 75 Interest equalization par bonds 191 10/(1 LIBOR + ViI(. * No principal or interest collateral. Graduated amorrization schedule. Past-due interest par bonds 2,417 20/10 LIBOR + "/6 Forgiveness 582 LIBOR + '/i(l * No principal or interest collateral. Graduated amortization schedule. For six years, Ecuador may choose to capitalize interest accrued from the difference between LIBOR + "/16 and 3.3% on average. Total a-mounc restructured 7,785 Source. Republic of Ecuadur, "199s Financing Plan.' owed to commercial banks. The accord extends to with respect to interest arrears at signing plus sixteen years for debt maturing between March deferred interest due through end-1996, and the 1994 and December 1997 for $2.1 billion of the balance will be exchanged for interest notes of debt, and up to twelve and one-half years for the twenty years' maturity including seven years' remaining $ .1 billion. The agreement allows for an grace. Interest on the rescheduled principal and on average grace period of six and one-half years, and the interest notes will be based on LIBOR + 13/16. includes $1.5 billion of debt previously rescheduled Iran, Islamic Republic of Agreements were under a February 1992 accord with commercial reached in 1993 and in 1994 to reorganize $3.1 bil- banks. Debt stemming from the 1992 accord had lion and $1 1.5 billion of short-term export credits. been sold in secondary markets on the initial under- For the 1993 accord, $300 million was paid in cash standing that it would be excluded from the present at closing, and $2.8 billion was rescheduled to be agreement. As efforts to agree on securitizing the paid in full in 1994. For the 1994 agreement, $600 $1.1 billion remaining of the 1992 agreement were million was paid in cash at closing, and $10.9 bil- unsuccessful, the parties agreed to shorter maturi- lion was rescheduled over six years including two ties of up to twelve and one-half years. years grace. Interest on the rescheduled amounts Russian ['deration. On November 16, 1995 an will be based on LIBOR + 1 311,. agreement was reached with foreign commercial banks to reschedule $32.5 billion, iscluding $7 Completed operations: low-income countries billion of interest arrears. Eligible principal will be repaid over 25 years including a seven-year grace Sierra Leone. On August 7, 1995 Sierra Leone period. For interest arrears, $500 million was paid completed an agreement sponsored by the Debt at closing, $1.5 billion will be paid by end-1996 Reduction Facility to purchase $234.7 million 77 Table A4.3 Terms of the Dominican Republic's debt and debt service reduction agreement, August 30, 1994 Debt retired Share Maturiyv/grace Initerest rate Instrument (US$ millions) (percent) (years) (percernt) Comzment3 Principal subject to the menu approach 776 100 Buyback (price: 25 cents) 272 35 Discount bonds (35% discount) 504 65 30 bullet LIBOR + ''/iu Principal collateralized with 30-year U.S. Treasury zero-coulpon bonds. Twelve-month rolling inrerest guarantee. Past-due interest 434 Forgiveness 112 Cash payments 52 Buyback (price: 25 cents) 99 Past-due interest par bonds 171 15/3 LIBOR + ''/lo * No principal or interest collateral. Total amount restructured 1,210 Source: Dominican Republic, "1993 Financing Plan." owed to commercial banks. The operation was to the stream of interest payments on the par implemenced in two stages. For stage 1, finalized bonds. Note that distributions are not guaranteed, on May 11, 1995, $160.4 million was bought back and there is no further recourse to Albania. at 15 cents per dollar. For stage 2, $74.3 million Albania's debt to commercial banks was thus was purchased at a price of 8 cents per dollar. reduced in nominal terms by $371 million, equiv- The cost of the operations was $31.5 million, alent to 74 percent of the nominal amount restruc- of which $19.6 million was disbursed from tured. Cost of the operation was $97 million, of IBRD's allocation to the Debt Reduction Facility, which 57 percent was financed from Albania's own $4.8 million was channeled by the United reserves, 25 percent from the Debt Reduction Kingdom's Overseas Development Association Facility, and the rest from other sources. through the Debt Reduction Facility, $1.4 million Nicaragua. On December 22, 1995 Nicaragua was disbursed under a Debt Reduction Facility bought back $1.1 billion of debt owed to com- grant, and the remainder was provided by the mercial banks at a price of 8 cents per dollar. The European Union and other donors. total amount involved, including canceled interest Albania. Sponsored by the Debt Reduction claims, was $1.4 billion, and the buyback elimi- Facility, Albania concluded an agreement on July nated 81 percent of the country's commercial bank 27, 1995 to restructure $501 million owed to debt outstanding. Cost of the operation of $88 commercial banks comprising mostly short-term million was financed by a $40 million grant from trade-related instruments and past-due interest: the Debt Reduction Facility, a $40 million loan $371 million was bought back at 26 cents per dol- extended by the Inter-American Development lar, and $130 million was converted into 30-year Bank, and remaining funds provided by European par bonds collateralized by 30-year zero-coupon bilateral donors. U.S. Treasury bonds insofar as the principal amount concerned. A novel twist was an income Notes fund designed to make the par bonds an invest- ment that is close in value to the cash buyback 1. For details ofthe mechanism, see box A2.2, World option. Under this scheme, Albania will issue each Debt Tables, 1994-95. bondholder an Income Note entitling the holder 2. For details of the modality, see page 27, Wordl to a pro-rata share of distribution of an Income Debt Tables, 1990-91. Fund (15 percent of the face value of the bonds), 3. For details of the debt reduction equivalent con- cept, see box 2.2, W'orld Debt Tables, 1993-94. comprising a managed portfolio of emerging mar- 4. Dominican Republic is included in chis review as ket instruments. Proceeds will be held in escrow, the details of the agreement were not available for WVorld and invested to generate distributions comparable Debt Tables, 1994-95. 78 Table A4.4 Multilateral debt relief agreements with commercial banks, January 1980-December 1995 Other assistance Repayment terms (C/S$ millions) (consolidition portion only) Consolidation period Amount restructured (US$ millions) A'ew Short-term Alaturity Grace Country and Length long-term credit (years! (years! Interest date of agreement Start date (months) Deferment Reschedulirng mnoney maintenance months) months) (margin) Algeria February 1992 See nores 1,500 5-8/0 3/0 1 'I1/2 '/S June 1995 March 1994 3,200 12/6-16 6/6 3I(, Albania July 1995 Debt buypack: see notes Argentina January 1983 1 January. 1983 12 1,300 1/2 0/7 1 I August 1983 500 4/6 3/0 2 '/4 August 1985 1 January, 1982 48 9,777 3,593 3,100 10/0 3/0 1 3/s August 1987 See notes 24,286 1,253 3,500 19/0 7/0 "/I(, April 1993 DDSR agreement: see notes Bolivia December 1980 1 August, 1980 8 200 1/0 1/0 1 3/4 April 1981 1 April, 1981 24 411 6/0 3/0 2 '/4 July 1988 Buyback arrangement: see notes July 1992 DDSR agreement: see notes May 1993 Debt buyback: see notes Brazil February 1983 1 January, 1983 12 4,800 4,195 15,675 8/0 2/6 2 '/. January 1984 1 January, 1984 12 5,900 6,510 15,100 9/0 5/0 2 July 1986 1 January, 1985 12 9,600 6,552 14,750 6/3 4/3 1 I/4 November 1988 1 January, 1987 84 61,482 5,200 14,833 20/0 8/0 Jtulv 1992 Interest arrears end- 1990: see notes April 1994 DDSR agreement: see notes Btlgaria Julyl994 DDSR agreement: see notes Chile July 1983 1 January, 1983 24 2,151 1,294 1,700 8/0 4/0 2 'A. January 1984 Short-term debt only 1,204 8/0 4/0 2 '/4 June 1984 785 9/0 5/0 1 3/4 November 1984 1,700 0/6 0/6 November 1985 1 January. 1985 36 3,891 1,037 1,700 12/0 6/0 1 5/s June 1987 1 January. 1988 48 9,732 1,700 15/6 5/0 1 August 1988 Modification of terms: see notes '/i December 1990 1 January, 1991 48 4,173 320 8-12/0 4/0 13 /6 Colombia December 1985 1,000 8/6 3/0 1 I/2 June 1989 1,640 11/0 5/6 8S April 1991 12/6 7/6 1 Congo, Republic of October 1986' See notes Costa Rica Septenmber 1983 1 January, 1983 24 706 202 202 8/0 4/0 2 '/4 May 1985 1 January, 1985 24 470 75 10/0 3/0 1 s/8 May 1990 DDSR agreement: see notes 1 ,457 -9 Table A4.4 (continued) Other assistance Repayment tereis (US$ millions) (onsolhdation portion onlv) Concolidnation pe tsod .Almoucnt estrus.rctsured -_ - -(LS$ soil/ions) jVew )Sort-tero A tauritsy (Grace Colsintry and Lengthg_ long-termi credit (years! (ycars/ Initerest d,ate ofagreement Start date (nionths) Del trmoet Resc/beduling moonev maintenance wont0ic) montos) (margin) C6re d'lvoire March 1985 1 December, 1983 2s 485 iOn 8/0 3/0 1/c November 1986 I January, 19836 .8 891 9/() 3/0 1 V5 April 1988* See ilotCs Cuba December 1983 1 Septemnbe. 1982 28 130 49(4 5/6 2/1( 2 '1n December 19'84 I January, 198'i 12 103 49() 7/0( 2/6 1 /s juIly 1985 1 Janiary, 1985 12 9) 490 1/OM 6/0 1 / Dominicaiu Republic December 1983 1 Deceniber, 1982 13 50(! S/0 1/0 2 !46 February 1986 1 January,, 1989 60 787 13/1) 3/0 1 '/8 August 1994 DDSR agreement: sec luntcs Ecuador O)ctober 1983 I Novemnber. 1982 14 2,770 433 700 7/0 1/() 2 '/A December 1985 I Janiary. 1985 6) 4,21i) 2()() 7-0 12/0 3/0) 1 s November 1987* See notes February 1995' DDSR agreement: see notes Gabon December 1987 1 September. 91986 16 27 10/0 4/6 1 Vs December 1991 1 January, 1989 36 13/0 3/0 Mlay 1994 10 july, 1994 6 187 10/0 2/6 /1 G(ambia, The Febrtarv 1988 Balance as of 18 D)ecember, 1986 19 8/0 3/6 I ' Gtlinea April 1988 Short-term debt only 28 3/0 (/J6 I/q Guyana AuguIst 1982 11 March, 1982 13 ]n 2 '/1 Junle 1983 1 Julv', 1 83 7 12 2 '/2 Jully 1984 1 AuLguIst, 1 984 12 11 2 '/ jilly 1989 1 Augusr, 1985 18 15 2 !/ July I '88 8 November 1992 Debt bul back: see inores Honduiras Jullle 1 987' 1 April, 1'987 33 248 8/0 6/0 1 August 1989 See notes 101 Iran. Repuibic of March 1993 Balance as of March.199 2.8()() 1/1 1/0 1'/]s December 1994 Balance as oFDeceiibcr, 1994 10.900 6/0 2/0 Ja lnaica April 1981 1 April, 1979 24 126 9/0 2/0 2 June 1981 1 July, 1981 21 89 89 9/0 21() 2 June 1984 1 luly. 1983 21 164 S/() 2/0 2 '/2 September 1985 1 April, 1985 24 359 10/0 3/0 1 /s May 1987 1 January, 1987 39 366 12/6 0/(4 I /4 June 1990 1 January. 1990( 24 319 1-i/0 0/6 "/I, ( Tccjct',c,c,tssusc ' HccXI pasc'1 .) 80 Table A4.4 (continued) Other assistance Repayment ternis (K"S$ millions) (consolidation portion only) Consolidation period Amount o'sestrutoicred -______________ ___________ (UJS$ Moil/ions) Aeuw VSort-term Alaturity Grace Country and LenIrgth long-term credit (years (yea rs/ Interest date of agreement Startr dite (mnontbs) Deferm?ent Reschedidinlar-96 Banco) Bradesco SA 9) 55 11((.()0 USs 10(J.(() I 0().(0 9.85 30-May- 97 Internationale Nederlanden Batik NV (Sao P.1lo) 95 5 5(1.1)0 LIS 50.0() 99.64 9.50) 02-lJun-97 Banco Sudanseris Brasil SA 95 5 -0.0() USS 7(1.0(1 100.00 10.25 06-jtin-96 Banco de Credito Nacional SA 95 6 1I0.(H1( 11S$ I().0(0 1 0(1.(1() 11.0(1 09-Juin-9- Unibanco - Uniao de Baicos Brasileiros SA 5 5 10().()( US:5 I (1).() 97).5 10.25 12-Jun-97 (itibanik NA (Bra7il) 95 6 1511.1)11 LUS$ I51l.ol(1 10().(0() 9.5() 12-Jun-97 Banco de Bosrtom SA )5 6 25.(1) 1US$ 25.00: 9.49) '5 1 3-Lun-9~ Banco Itaniarati SA 95 6 2(.())) LiSS 20.()() ) 9 11.()) 14-1(1(1-96 Federative Repuiblic of Brazil 95 5 921.55 YFN 8()()0().1)() I (11(.(0 6.0(0 19-Jun-97 Banco Safra SA 95 6 100.()() LiS 11((.1:10 101)01( 9.75 1 9-jun-97 Banco Bamileriindus do Brasil SA 95 6 1(0(.(:() LISS 100.01(1 99.9i 1().5(1 23-Ulu-97 AlacrtIsExportFTrLst 2 95 -' 112.0() 1S1$ 112.1:)0 1)1)0( ) 1.98 ' 1I-Jul-02 Aracrtiz Export Trust .3 95 38.(10 Us$ 38.0(0 10().((1 1-nrht +1 75(4' 0)1-Jul-0)0 Samarco Mineraco SA 95 7 67.()() 11SS 6.7.11 1(1.1)11 1)1-htil-0)2 Ceval Overseas l.td 9 5 6 100.0(1 US$ l()().l:H) 99.7' 1)75 1 I-lul-96 Deutsch-Sucdamerikanische Bank AG (Sao Paoloi 95 7 50.0(1 1S$ 5().0() 99.83 9.13 )8-1Ju1-97 Federarive Republic of Brazil 9'5 6 71 3.93 DM I .1)().()() 10(1.50 9()0 2t1-JUl-98 Banco Real SA 95 ' 1)() .()0 US$ 10)1.(:)() 99.89 111.25 21-1l11-97 Banco Bozanio Simotiseni SA ')5 50.()() US1 50.()() 99.95 ').80 - 1-Jul-97 Banco Votoranrirn 95 7 Sl).0() US1 50.()1) 99.84 11175 25-Jul-97 Banico) BBA Creditanstalr SA 95 ' 50.0() 1188 50.10) 99.63 ).(1( 26-Jul-03 BASF SA 95 ' 51).0)0) 1ISS 5(.()) 9'9.42 '9.50 27-Iu1-98 Banco 8ogeral SA 95 50.1)11 118$ 50.00 99.65 1(1.50 31 -JUi-97 Alcoa AluminioSA ')5 8 144.50 t!S$ 144.50 1(1().0() 7.93 011-Aug-(2 Alcoa ltlUfninio SA 95 8 45.5o) 11S8 i5.50: 1()0.(1) 3-nmbh 1,IBOR+1.50(o5 01-Aug-02 107 Table A7.4 (continued) Offer date Value (US$ Original Original Issue Country/issuer Year Month millions) cu?rrency curreng value price Coupon Alaturiz BCN Barclays Banco de Invesrimenro SA 95 7 60.00 US$ 60.00 99.68 10.50 04-Aug-97 Aracruz Celulose SA 95 8 150.00 US$ 150.00 100.00 9.00 08-Aug-03 Banco ABN Amro SA 95 7 80.00 US$ 80.00 99.93 9.75 12-Aug-97 Unibanco - Uniao de Bancos Brasileiros SA 95 7 72.12 DM 10(.00 100.75 8.75 12-Aug-97 Banco de Bosron SA 95 8 90.00 USS 90.00 99.91 10.50 17-Aug-97 Banco Bradesco SA 95 8 104.65 DM 150.00 100.20 8.50 18-Aug-97 Banco BBA Creditanstalt SA 95 8 99.21 SCH 1,000.00 99.65 8.25 17-Aug-03 Citibank NA (Brazil) 95 8 50.00 USS 50.00 99.98 8.50 12-Sep-96 Banco ABN Amro SA 95 9 75.00 USS 75.00 99.97 8.38 02-Oct-96 Banco America do Sul SA 95 10 80.00 USS 80.00 10(.00 10.75 17-Oct-97 Abril SA 95 10 100.00 USS 10(.00 100.00 12.00 25-Oct-03 Banco Boavista SA 95 10 55.00 USs 55.00 99.87 10.25 27-Oct-96 Banco Citibank SA 95 10 50.00 USS 50.00 1(0.00 8.75 30-Oct-97 Cenitrais Eletricas Brasileiras SA - Eletrobras 95 10 150.00 USS 150.00 99.25 10.00 30-Oct-98 Centrais Eletricas Brasileiras SA - Eletrobras 95 10 99.33 YEN 10,000.00 99.00 5.20 30-Oct-98 Petroleo Brasileiro SA - Perrobras 95 10 148.99 YEN 15,000.00 100.00 5.38 30-Oct-98 Banco BBA Creditanstalt SA 95 10 40.00 US$ 40.00 100.00 9.50 28-Apr-96 Globo Participacoes Ltda 95 10 125.00 USs 125.00 100.00 10.75 31-Oct-03 Banco Real SA 95 10 120.00 US$ 120.00 99.86 10.50 31-Oct-01 Ciba-Geigy Brazil 95 10 50.00 iJS$ 50.00 101.00 8.88 31-Oct-97 Banco Inter-Atlantico SA 95 10 40.00 USS 40.00 99.96 10.38 11-Nov-96 Banco Safra SA 95 11 100.00 US$ 100.00 99.73 9.50 10-Nov-03 Banco BNL do Brasil SA 95 11 20.00 USS 20.00 99.84 10.75 27-Nov-01 Deutsch-Sudarnerikanische Bank AG (Sao Paolo) 95 11 70.00 US$ 70.00 100.25 9.50 30-Nov-98 Inrernationale Nederlanden Bank NV (Sao Paolo) 95 11 50.00 US$ 50.00 99.80 8.75 05-Dec-03 Banco de Boston SA 95 11 50.00 USs 50.00 99.75 9.25 05-Dec-03 Banco ABN Amro SA 95 11 125.00 US$ 125.00 99.87 8.75 05-Dec-97 Lloyds Bank plc (Brazil) 95 11 150.00 US$ 150.00 99.83 9.00 08-Dec-97 Banco Bradesco SA 95 11 100.00 US$ 100.00 100.00 8.63 12-Dec-97 Banco Credibanco SA 95 12 30.00 US$ 30.00 99.90 10.50 19-Dec-97 Banco America do Sul SA 95 12 25.00 US$ 25.00 100.00 9.88 20-Dec-96 Banco Citibank SA 96 1 58.76 YEN 6,000.00 100.00 2.50 09-Jan-98 Globo Participacoes Ltda 95 12 33.0)5 ESC 5,000.00 100.00 see text 12-Jan-04 Banco Bamerinduis do Brasil SA (Grand Caymnan) 95 5 140.00 US$ 140.00 100.00 10.00 05-Jun-96 Banco Do Brazil Rural Product Notes (No. 1) Ltd 95 8 103.20 YEN 10,000.00 100.00 3.30 11 -Sep-96 Brazil Sovereign Credit Ltd 95 10 69.97 DM 100.00 100.00 10.00 06-Jan-01 Uniao de Bancos Brasileiros SA (Cayman Islands) 95 10 75.00 US$ 75.0 99.67 10.00 02-Nov-97 Chile Chilquinta SA 95 5 90.00 US$ 90.00 100.00 8.82 08-May-02 Impresa Pehuenche SA 95 6 30.00 USS 30.00 100.00 01-Jun-02 Impresa Pehuenche SA 95 6 55.00 US$ 55.00 100.00 01-Jun-05 Inipresa Pehuenche SA 95 6 25.00 USS 25.00 100.00 01-Jun-07 Celulosa Arauco v Constitucion SA 95 12 200.00 USs 200.00 99.81 6.75 15-Dec-03 Celulosa Arauco v Constitucioi SA 95 12 100.(0 USS 100.00 99.75 7.00 15-Dec-07 China Agricultural Bank ofChina 95 3 154.21 YEN 15,000.00 100.00 4.30 22-Mar-00 China Southern Glass Holding Co Ltd 95 7 45.00 US$ 45.00 100.00 5.25 17-Jul-00 China International Trust & Investment Corp 95 7 345.78 YEN 30,000.00 100.00 2.45 21-Jul-00 China Merchants Holding Co Ltd 95 8 112.75 YEN 10,000.00 100.00 3.40 21-Aug-02 China Merchants Holding Co Ltd 95 8 225.51 YEN 20,000.00 100.00 2.90 21-Aug-00 People's Construction Bank of Chinia 95 10 155.22 HK$ 1,200.00 100.00 see text 06-Nov-02 People's Republic of China 95 12 296.00 YEN 30,000.00 99.75 3.00 11-Dec-02 People's Republic of China 95 12 98.67 YEN 1(,0(0.00 100.00 4.65 11-Dec-15 China Resources Finance (Cayman Islands) Ltd 95 4 128.00 US$ 128.00 100.00 6-mth LIBOR+0.60% 02-May-00 Guangdong Investmneit Ltd 95 9 50.00 USS 50.00 100.00 6-mth LIBOR+1.30% 20-Sep-00 Colombia Republic of Colouimbia 95 2 110.0( US5 110.00 100.00 9.25 16-Feb-00 Banco de Comercio Exterior de Colombia SA 95 5 110.(0 US$ 110.00 99.92 8.63 02-Juun-00 (Table coaltinuci nnei l /sipage.) 108 Table A7.4 (continued) Offer date sluei (Us$ Orkinal Origzi,nl sjine Country/issuer Year . Alo utd millions) currency currency value price Coulpon atulrityrig Oleoducto Central SA 95 7 200.00 US$ 200.00 100.00 9.66 01-Jul-07 RepublicofColombia 95 7 136.64 YEN I2.000(.00( 100.0( 4.10 02-Aug-02 Communication Celular SA (COMCEL) 95 11 281.93 US$ 281.93 53.20 13.13 15-Nov-03 Republic of Colombia ('5 1 1 105.9( DM 150.(0)( 1(1.75 7.25 21-Dec-00 Republic of Colombia 95 12 148.15 YEN I5,00().()( 100.(0 3.00 22-Dec-00 Czech Republic BV Finiance Praha SRO 95 9 36.68 CK 1,((0.0( 100.50 11.00 02-Ocu-97 Ec-uador Banco del Pacifico SA 95 11 ().00 USs 10.()( 99.15 1(.75 07-Dec-97 Greece Hellenic Railways Organisation SA 95 2 102.56 YEN 10,000.(00 100.()) 7.35 03-Mar-15 Hellenic Railways Organisation SA 95 2 51.28 YEN 5,.)00.00 10().00 6.10 03-Mar-05 Public Power Corp 95 3 202.18 YEN 2(0,((.(( 100.00 495 07-Mar-0() Hellenic Republic 95 6 115.76 ESC 1 ,500.00 1()0.15 see [cxt 30-JuLn-00 Hellenic Republic 95 7 473.15 YEN 40,000.00 100.0( 3.05 14-Jul-00 Hellenic Republic 95 7 473.15 YEN q4.000(.00 99.90 4.55 14-JLIl-05 Hellenic Republic 95 7 236.57 YEN 20)000.00 1(0.(0( 5.80 14-Jul-15 Hellenic Republic 95 10 406.52 DRC 95,000.0(0 100.30 11.00 08-Nov-02 Public Power Corp 95 10 150(.00 LSs I 5(.()( 99.96 7.25 1 5-Nov-00 Hellenic Republic 95 11 499.79 DM 700.(1) 99.85 3-1iTh LIBOR+0.65% 24-Nov-00 Hellenic Republic 95 11 105.9)0 DM 150.00 99.85 3-mth LIBORt0.65% 24-Nov-00 Hungary National Bank of Hungary 95 1 253-6 YEN 25,000.0(0 99.90 6.75 08-Feb-05 National Bank of Hungary 95 4 173.61 YEN 15,()0(.0( 100.()0 3.70 27-Apr-98 National Bank of Hungary 95 4 173.61 YEN 15,000.0(1 100(.(0 6.90 27-Apr-10 National BankofHungary 95 6 345.58 YEN 3()()00.0() 10(1.00 6.0(0 1 9-Jun-()7 National Bank of Hungary 95 6 355.02 DtI 5()().()0 101.88 9.() 27-lun-01 National Bank of Hungary 95 6 180.1 5 DM 25().00 101.63 9.00 27-Jun-01 National Bank of Hungarn 95 0 295.7' YEN 25.()00.()O 100.0() 5.2(0 18-Jul-05 National Bank of Hungary 95 8 32).00 YEN 3(0()00.0)0 99.3() 5.00 12-Sep-05 National Bank of Hungary 95 10 167.04 SFR 20().00 102.50 6.75 18-Oct-00 National Bank of Huigary 95 10 101(.32 YEN 10,()00.(l)( 100.(0 6.00 19-Oct-15 National Bank of Hungary 95 10 3(03.95 YEN 3(,000.0(0 10(.00 5.)0 19-Oct-07 National Bank of lungary 95 11 245.82 YEN 25,00(1.00 100.00 5.00 14-Mar-08 National Bank of Hungary 95 12 394.75 YEN 40,000.(i0 10).0(1 5.20 10-Jan-11 India Industrial Finance Corp of India 95 7 1 00.()(:) US$ 100.()() 99.05 6-inrh L IBOR+0.875°.%b 15-Aug-02 Industrial Development Bank of Inidia 95 9 250.()() LiS$ 25().00 99.57 6-mch LIBOR+(1. 75% 20-Sep-02 Reliance Industries Ltd 95 9 1550.00 US$ 150.1(:( 99.83 8.13 27-Sep-05 SCICI Ltd 95 10 15().00 USS 150.(0 99.57 6-nith LIBORtO.80% I()-Oct-02 Southern Petrochemical Iidustries Corp Ltd 95 12 12().00 US$ 121(.0( 100(.1111 6-mthO LIBORt.5.2O5o 19-Jan-03 Indonesia PI' Bank Dananion Inidonesia (Cayman Is. 95 5 30.00 US$ 30.1)1) 99.46 3-inch LIBOR+1.00°o 29-Jmn-(l0 PT Bank Ekspor Inipor lidonesia (Cayman Is.) 95 9 130.00 US$ 130)00 11)0.0(1 6-nblhLIBOR+0.80V` 14-Sep-OS PT Bank Dagang Nasional Indonesia (Cayiian Is.) 95 9 11)0.00 US$ 1)().0() 99.93 3-mth LIBOR+0.85% 05-Oct-00 PT Bank Dagang Negara (Persero) (Cavman Is.) 95 11 18().00 LiSs 18(1.0(1 100.0(0 6--iti lIBOR+0.80% 10-Nov-05 PT Bank Indonesia Raya (Cook Islands) 9S 3 20.00 LiSS 2-11.01( 100.00 3-nith IBOR+l.0o0 30-Mar-96 PT Bank Pembangunani Indonesia (Persero) (Hong Kong) 95 4 12 5.)0 1US$ 1-5.0() 11)0.1)0 6-mh LIBOR+1.00% 17-May-02 PT' Bank Negara Indonesia (Persero) (Hong Koitg) 95 7 1 7('.(() LIS$ 17(0.()() 1 01)00 6-ninh LlBOR+0.75%.o 22-Aug-05 PT Bakrie Investindo 9S 6 67.00 US$ 67.0)0 20-Iun-00 PTSierad ProdLIce 95 7 19.25 US$ 19.25 100.00 2.00 01-Jul-00 PT Perusahaan Listrik Negara 95 8 80.00 1USs 80.00 1011.00 3-inth lIBOR+1.20/.% 25-Aug-99 PT Mulialand 95 8 85.00 USS 85.00 11)0.0)0 6-intrh LIBOR+2.50% 18-Sep-97 PT Bank Umum Serviria 95 9 11.(( US$ II(.0 1)0.()0 sce text 22-Sep-96 PT Bakrie Investindo 95 1 ( 54.0(0 USS 54.0() 1()0.00 3.75 02-Nov-00 PT Argo Pantes 95 1(1 38.(:)) LUSS 38.()) 10)1.1)1) 6-iith LIBOR+1.0(1% 17-Nov-98 l09 Table A7.4 (continued) Olfer datc alue (U1S$ Orgkinal Original Issuie Country/issuer Yeazr Month 7millions) currency currency value price Coupon 071 Atlatrag PT Bank Tabungan Negara (Persero) 95 11 30.00 US$ 30.00 100.00 6-mth LIBOR+0.75% 15-Dec-02 Ciputra Development International Finance BV 95 7 100.00 USS 100.00 100.0() 6-mth LIBOR+2.30% 27-Jul-00 APP International Finance Co BV 95 9 450.00 US$ 450.00 100.00 11.75 01-Oct-05 APP International Finance Co BV 95 9 1()0.00 US$ 100.00 100.00 10.25 01-Oct-00 Putra Surva Perkasa International Finance (Netherlands) BV 95 8 100.00 US$ 1((.00 100.00 6-mth LIBOR+3.00% 28-Sep-00 Ometraco Nederland BV 95 11 80.0() US$ 8().00 100.00 6-mnth LIBOR+2.35%°, 17-Nov-00 Citra Marga Finance BV 95 12 1 75.0(0 IS$ 175.00 100.00 6-mrh LiBOR+1.50Q)0 14-Dec-98 RAPP Internationial Finance Co BV 95 12 100.00 USS 10(.00 100.00 11.50 15-Dec-00 RAPP International Finance Co BV 95 12 200.00 L'SS 200.0(0 100.0( 13.25 15-Dec-05 Indorama International Finance UK pic 95 7 34.54 SFR n0(.00 100.()0 1.75 25-Jul-00 Jord,in Telecommunications Corp 95 9 50.00 US$ 5(1.00 100.00) 6-mth LiBOR+1 .1(0% 26-Sep-02 Korea, Rep. of ShinWon Hong Kong Co Ltd '5 3 40.() 1lS$ 40.00 100.00 6-rmth LIBOR+0.70"o 12-Apr-00 Daewoo Hong Kong Ltd '5 5 100.00 USS (1l) 0(0 100.00 6-mth L[BOR+0.45'. 06-Jun-00 ShinWon Honig Kong Co Ltd 95 6 30.0(0 USs 3(1.00 100.00 6-mth LIBOR+0.675% 19-lul-00 Tae 11 Media (Hong Konig) Co Lrd 95 . 50.00 LiSs 50.00 1(10.00 6-mth LIBOR+0.80% 01-Aug-00 lindo (Hong Kong) I-rd 95 S 35.00 1IS$ 35.00 10().00 6-mrh LIBOR+0.70% 15-Aug-00 Kohap (Hong Kong) Ltd 95 9 50.00 USs 50.0( 100.01) 6-tiuth LIBOR+0.65% 29-Sep-00 LG Holdings (HK) Ltd 95 10 100.00 US$ 1I()l.00 100.00 6-mth LIBORtO.40% 26-Oct-00 ShinWYon Hong Kong Co Lrd 95 12 30.00 US$ 30.(0 100.00 3-mrh LIBORr0.6759-)i 15-Feb-01 Commercial Baik of Korea Ltd 95 1 30.07 YEN 3,000.00 100.00 0-mth LIBOR+0.25"o 18-Apr-98 Nong Shim Co l td ')5 1 11.48 SFR 15.0() 1 ()(.(00 0.63 25-Jan-00 Korea Development Bank 95 I 500.00 US$ 500.00 99.94 8.65 27-Jan-00( Kia Motors Corp 95 1 44.01) USS 44.00 113.63 6(-mth LIBOR+0.59% 07-Feb-00 Daewoo Metal Co Ltd 95 1 1S.00 USs 15.00 100.00 0.25 31-Dec-04 Export-Import Bank of Korea 95 2 201.82 YEN 20,(100.00 1(10.1)0 4.35 24-Feb-00 Korea Long Term Credit Bank 95 2 200.00 US$ 200.00 99.93 3-mrh LIBOR+0.30"1o 28-Feb-00 Korea Development Bank 95) 3 80.00 USS 80.00 92.56 5.00 02-Mar-98 Doosan Construction and Engineering Co Ltd 95 2 11.66 SFR 15.00 1(10.00 0.50 31-Dec-99 Korea Exchange Bank 95 2 200.00 LiSs 2(0.00 100.00 6-mth LIBOR+0.30% 02-Mar-00 Dong Yaig Tinplate lndustry Co Ltd 95 2 7.94 SFR ()0.00 10().()0 0.50 1)7-Mar-00 Kuiji Kaiig rrading Co Ltd 95 2 15.00 US$ 15.00 100.00 0.50 30-Sep-04 Korea Development Bank 95 2 82.25 YEN 8,()l(.0() 99.99 3.85 23-Mar-99 Commercial Bank of Korea Ltd 95 3 100.00 US$ 100.00 100.00 6-mth LIBOR+0.30%o 24-Mar-98 Samsung Electronics Co Ltd 95 3 203.42 D[M 30(0.00 101.75 7.50 24-Mar-00 Daewoo Corp 95 3 42.31 SFR 50.00 10(.00 0.38 30-Jun-00 Hanil Bank Ltd 95 3 200.00) rs$ 2tJtl.(.)0 100.00 6-tith LIBOR+0.30% 30-Mar-0()0 Daewoo Electronics Co Ltd 95 3 43.37 SFR 5l).00 1()0(10 0.38 30-Jun-00 Kohap Ltd 95 3 1(6.9 2 SFR 20.110 10().00 0.38 30-Mar-00 Hyindac Metal Co Ltd 95 3 15.)0 LIS$ 15.00 100.()0 0.38 31-Dec-09 Korea Developmenit Bank 95 3 54.80 YEN 5.0()(1.(00 99.99 3.05 06-Jul-98 Shinhan Bank 95 i 200.01) US$ 21)0.00 100.00 6-mth LIBOR±1).25% 11 -Apr-00 Korea Electric Powver Corp 95 4 304.29 YEN 27,0()0.()0 100.00 4.15 11-Apr-05 Samsung Display Devices Co Ltd 95 3 30.00 U.SS 301.)0 10().00 0.50 12-Apr-02 Hanil Cement Manufacturing Co Ltd 95 4 15.50 US$ 15.50 100.()( (0.25 31-Dec-l)4 HS Chemical Co Ltd 95 i 8.82 SFR I(1.00 100.0() 0.38 20-Apr-00 HYUNDAI Initernational Merchant Bank 95 3 100.0 LiS I l().0() 100.01) 6-mth LlBOCR+0.40% 20-Apr-()0 Tong Yang Cement Corp 95 4 1 .7.6i SFR 20.1(0 100.00 0.38 25-Apr-00 Cho Hung Bank 95 4 1().()0 USs 1)(0.01) 100.00 6-mth LIBOR+(1.25% 21 27-Apr-00 Korea FoiLitig Bank 95 4 1()l).00 US$ 11)().00 100.00 6-mrh LIBOR+0.30% 27-Apr-00 Korea Green Cross Corp '5 4 10.()(1 US$ 1 0.0() 100.00 0.25 31-Dec-09 Hansol Paper Co Ltd 95 4 2(0.21 SFR 23.00 10().00 (1.38 30-Jtn-00 Samsttng Electronics Co Ltd 95 4 107.17 ECU 8().l)0 99.63 6-mth lIlBOR+0.375%16-Mav-00 Tai Lim Packaging Industries Co Ltd '5 5 14.01 SFR 16.00 1()0.0( 0.25 18-May-00 Korea Tingsten Co ltd 95 5 8.00 US$ 8.()0 100.00 0.25 22-May-02 Samsung Heavy Industries Co Ltd 95 5 50.00 USS S0.(1() 1(10.00 0.5() 31-Dec-09 Cho Hung Batik 95 5 100.00 U1S$ 1()0.0(i 1()0.100 6-mth LIBOR+0.35%. 24-Mav-00 ITnt/c]L £wnu,' ,sZ9U{ * w 0 pON.)a 110 Table A7.4 (continued) Offer date VilueW(US$ Original Originial Issue Counitry/lissuer Year Month millions) currency currency value price Coupon Maturity Pohang Iron & Steel Co Ltd 95 5 250.00 US$ 250.00 99.60 7.38 15-May-05 LG Electronics Inc 95 5 71.13 HKS 550.00 100.00 see text 25-May-00 Saehan Media Co Ltd 95 5 12.46 SFR 15.00 100.00 0.38 30-May-00 Korea Development Bank 95 5 594.11 YEN 50,000.0() 99.90 2.95 30-May-00 Korea Express Co Ltd 95 5 20.00 US$ 20.00 100.0( 0.38 31-Dec-09 Kumho Construction & Engineering Inc 95 5 20.00 USS 20.0() 100.00 0.25 31-Dec-09 Hyundai Engineering & Construction Co Ltd 95 3 85.00 US$ 85.00 100.00 6-mth LIBOR+0.45% 01-Jun-00 Daewoo Precision Industries Ltd 95 5 13.14 SFR 15.00 100.00 0.38 30-Jun-00 Export-Import Bank of Korea 95 6 240.62 YEN 20,000.00 100.00 2.50 15-Jun-00 Korea Exchange Bank 95 6 50.00 US$ 50.00 100.00 3-mth LIBOR+0.30% 15-Jun-00 Kookmin Bank 95 5 100.00 US$ 100.00 100.00 6-mth LIBOR+0.275°00b 15-Jun-00 Korea First Bank 95 6 50.00 US$ 50.00 100.00 3-mth LIBOR+0.30% 28-Jun-00 Dai Yang Metal Co Ltd 95 6 20.00 US$ 20.00 100.00 0.25 31-Mar-02 Newvmax Co Ltd 95 6 10.35 SFR 12.00 1(0.00 0.25 30-Jun-00 Yukong Ltd 95 7 103.46 SFR 120.00 100.00 0.38 03-Jul-99 HYUNDAI Internationial Merchant Bank 95 6 60.00 LS$ 60.00 100.00 6-mth LIBOR+0.40% 12-Jul-00 Keyang Electric Machinery Co Ltd 95 7 13.89 SFR 16.00 100.00 0.25 13-Jul-00 Cho Hung Bank 95 6 200.00 US$ 200.0)0 99.90 6-mth LIBOR+0.25% 14-Jul-00 Korea Development Bank 95 7 35.49 YEN 3.000.00 100.00 3.00 17-Ocr-02 Hung Chang Products Co Ltd 95 7 17.36 SFR 20.00 100.00 0.25 20-Jul-00 LG Merchant Banking Corp 95 7 50.00 US$ 50.1)0 100.00 3-tnth LIBOR+0.35% 25-JuIl-00 Saehan Merchant Banking Corp 95 7 100.00 US$ 100.(0 100.00 3-mih LIBOR+0.40% 25-Jul-00 DongNam Bank 95 6 50.00 US$ 50.00 100.00 6-tntth LIBOR+0.40% 27-Jul-00 Korea Exchange Bank 95 7 100.00 US 10(0.00 99.95 3-mrh LIBOR+0.25% 27-Jul-00 Hansung Enterprise Co Ltd 95 7 9.46 SFR 11.00 100.00 0.25 28-Jul-00 Hyundai Merchant Marine Co Ltd 95 7 30.00 US$ 30.00 100.00 6-mth LIBOR+0.40% 03-Aug-98 Hyundai Corp 95 6 42.00 US$ 42.00 10).00 6-mth LIBOR+0.40% 03-Aug-98 Kvongnam Bank 95 7 4(0.00 US$ 40.1)0 11)0.00 6-mth LIBOR+0.40% 11 -Aug-00 Korea Development Bank 95 8 563.76 YEN 50,000.00 100.00 2.70 16-Aug-02 Seoulbank 95 8 150.00 US$ 150.00 100.00 3-mth LIBOR+0.30% 22-Aug-00 Donghwa Bank 95 8 60.0)0 US$ 60.00 100.00 6-mrh LIBOR+0.35% 25-Aug-98 Peace Bank of Korea 95 7 50.()0 US$ 50.00 100.00 6-mrh LIBOR+0.409.6 29-Auig-00 Korea Electric Power Corp 95 9 150.03 YEN 14.500.00 100.00 3.40 07-Sep-05 Asia Paper Manuftacruring Co Ltd 95 9 20.00 US$ 20.00 100.00 0.25 31-Dec-10 Hanwha Chemical Corp 95 9 50.11 SFR 60.00 100.0( 0.50 19-Sep-00 Korea First Bank 95 8 150.00 US$ 150.00 99.96 3-mth LIBOR+0.25% 25-Sep-98 Industrial Bank of Korea 95 8 100.00 US$ 100.00 100.00 6-inth LIBOR+0.225% 25-Sep-00 Hankook Tire Manufacturing Co Ltd 95 9 25.00 US$ 25.(0 1(0.00 0.25 31-Dec-10 Jeewon Industrial Co Ltd 95 9 10.00 US5 10.00 10().0( 0.25 31-Dec-10 Ssangbanigwvool Ltd 95 9 17.83 SFR 21.70 100.0() 0.25 28-Sep-00 Korea Long Term Credit Bank 95 9 200.00 US$ 200.00 100.00 6-mth LIBOR+0.2259%i. 29-Sep-98 HYUNDAI International Merchant Bank 95 9 100.00 US$ 100.00 100.00 6-nith LIBOR+0.40% 05-Oct-00 Korea Exchange Bank 95 10 9.93 YEN 1,000.00 100.30 1.71 20-Apr-99 Export-Import Bank of Korea 95 10 151.98 YEN 15,000.00 1(0.00 1.75 20-Oct-99 Korea Development Bank 95 10 351.37 DNI 500.00 101.89 5.63 25-Oct-99 Korea Exchange Bank 95 10 100.00 US$ 100.00 99.93 3-tnth LIBOR+0.175% 25-Oct-98 Honam Oil Refinery Co Ltd 95 10 100.00 US$ 100.00 99.74 7.13 15-Oct-05 Korea Merchant Banking Corp 95 10 100.00 US$ 100.00 100.00 6-mth LIBOR+0.40% 27-Oct-00 Yukong Ltd 95 10 50.0(1 US$ 50.00 100.00 6-mith LIBOR+0.35% 27-Oct-00 Korean French Banking Corp - SOGEKO 95 1() 60.00 US$ 60.00 100.00 6-mth LIBOR+0.43% 01-Nov-00 Kangvon Bank 95 1() 40.00 US$ 40.0(0 100.00 6-mth LIBOR+0.40% 10-Nov-00 Kukdong Engineering & Constructioni Co Ltd 95 10 22.08 SFR 25.00 100.00 0.25 31-Dec-00 Daewoong Pharmaceutical Co Ltd 95 10 10.60 SFR 12.00 100.00 0.25 31-Dec-00 Korea Moolsan Co Ltd 95 10 8.00 US$ 8.00 10(1.00 0.25 31-Dec-02 Yukong Ltd 95 10 100.00 US$ 100.00 99.74 6.63 16-Nov-00 Korea Development Bank 95 11 500.00 US$ 500.00 99.65 6.50 15-Nov-02 Daehan Pulp Co Ltd 95 11 13.18 SFR 15.00 100.(0 0.25 22-Nov-00 Korea Exchange Bank 95 11 19.86 YEN 2,00).00 100.30 1.10 27-Mar-98 Samwhan Corp 95 11 24.00 US$ 24.00 100.00 0.25 31-Dec-05 Jaeil Engineering Co Ltd 95 11 19.96 SFR 22.70 100.00 0.25 30-Nov-00 ll Table A7.4 (continued) Oftir date Vilae-(U18$ Original Original Issue Country'/issuer 'ar Mohmtly millions) currency currenicy value price Coupon Allaturitc Dongshini Paper Manufacturing Co Ltd 95 11 1/4.00 US$ 14.00 100.00 0.25 30-Jun-02 Export-Import Bank of Korea 95 11 247.82 DM 350.00 101.75 5.00 07-Dec-98 Hyundai Motor Co 95 12 150.00 US$ 150.00 100.00 7.33 12-Dec-05 Korea Long Term Credit Bank 95 11 100.00 US$ 100.00 99.81 6-mth LIBOR+0.30% 16-Dec-98 Export-Import Bank of Korea 95 12 98.77 YEN 10,000.00 100.00 4.10 19-Dec-05 Tac 11 Media Co Ltd 95 12 25.54 SFR 30.00 100.00 0.13 31-Dec-00 L(; Semicon Co ltd 95 12 100.00 US$ 100.00 99.68 6.38 21-Dec-00 Korea Mobile Telecommiunications Corp 95 12 59.75 SFR 70.00 100.00 0.13 21-Dec-99 Korea Exchange Baik 95 12 142.22 HK$ 1,100.00 100.00 see rext 21-Dec-98 Hana Bank 95 12 50.00 US$ 50.00 100.00 6-mth LlBOR+0.375%22-Dec-00 Commercial Banlk of Korca Ltd 95 12 50.00 US$ 50.00 100.00 6-mth LIBOR+0.40% 29-Dec-98 Korea Electric Power Corp 95 12 98.77 YEN 10.0()0.00 100.00 3.80 10-lan-06 Hvundai Electronics Industries Co Ltd 96 1 45.00 US$ 45.00 100.00 6-mth LIBOR+0.359o 05-Feb-01 Hyulidai Electronics America Inc 95 6 170.00 US$ 170.00 100.00 6-mth LIBOR+0.500% 22-Jun-00 Hyulndai Electronics America Inc 95 6 170.00 US$ 170.0( 100.00 6-mth LIBOR+0.50% 22-Jun-00 Hyundai Motor Finance Co 95 5 100.00 US$ 100.00 100.00 6-mth LIBOR+0.37% 30-Jun-00 Samtron Display Inc L)5 6 100.00 US$ 1()0.00 10(1.00 6-mth LIBOR+0.33% 12-Jul-00 PN1X Indtitries Inc ')5 6 40.00 USS 40.00 100.00 6-inch LIBOR+0.75% 14-Jul-02 LG Elecrroni,is Alabama Inc 95 7 40.00 US$ 40.0( 100.00 6-mth LIBOR+0.36%° 21-Jul-00 Samsung Electronics America Iiic 95 7 189.0() USS 189.00 100.00 6-mth LIBOR+0.35% 28-Jul-00 Hvosiing (America) InAc 95 9 50.00 LIS$ 50.00 100.00 3-mth LIBOR+0.60% 20-Oct-00 Latvia Republic of Larvia 95 8 45.39 YEN 4,1)00.00 15-Aug-97 Lebanon Rcpublic of Lebanon 9S 7 30(.00 US$ 300.00 99.90 9.13 28-Jul-00 Societe des Cinients i ibanais SAL (SCI.) 95 12 50.00 USS 5(1.00 100.00 9.0(1 15-Jan-03 Lithuania RepublIic of Lithuania 95 12 60.0)0 US$ 60.00 99.90 10.0( 22-Dec-97 Mal ysia Renong Bhd 95 6 175.00 USS 175.00 100.00 2.00 15-Jul-05 Amcorp Buiilders Sdn Bhd 95 6 20.00 US$ 20.00 100.00 see text 01-AUg-00 Amcorp Bulilders Sdn Bhd ')5 6 80.00 USS 80.00 100.00 see text 01-Aug-00 Telekonu Malaysia Bhd '15 8 200.00 US$ 20(0.t0 99.20 7.13 01-Aug-05 Telekom Malaysia Bhd 95 8 300.00 US$ 300.00 99.07 7.88 01-Aug-25 YTL Corp Bhd 95 7 50.00 US$ 50.()0 100.00 (.00 15-AuIg-02 Petroliam Nasional Bhd (Petronas) 95 8 375.00 US$ 371).00 99.46 7.13 I5-Aug-05 Petroliam Nasiondl Bld (Petronas) 95 8 625.00 USS 625.00 99.27 7.75 15-Aug-15 Amsteel Corp Bhd 95 8 140.0() US$ 14().0() 100.0() 6-nmrh LIBOR+1.25% 13-Sep-00 Malavan Bankinig Bhd 95 9 250.00 USS 250.00 99.36 7.13 1 5-Sep-05 Tenaga Nasional Bhd 95 1() 350.00 US$ 350.00 99.30 7.50 01-Nov-25 Asian New \"ision Investment (L) Ltd 95 10 15.00 USS 15.00 100.00 6-mth LIBOR+0.75°o 02-Nov-98 Alazuriciuts RepLublic of MauririciuLs 95 9 150.()t USS 150.00 100.00 3-nith LIBOR+0.90°u 05-Oct-00 Al exico Nacional Financiera SNC (Grand Cayfiman) 95 9 123.15 SFR 150.00 102.30 7.50 29-Sep-98 Banco Nacional de Comercio Exterior SNC - Cayman Branch 95 1() 192.94 YEN 20,0)010.00 100.00 3.00 02-Oct-97 Pemex - Exploracion y Produccion 95 2 137.00 US$ 137.00 100.00 7.66 15-Aug-01 Banco Nacional de Mexico SA (Banamex) 95 5 206.00 USS 206.00 9.35 01-May-98 Nacional Finianiciera SNC 95 5 110.27 US$ 110.27 see text 03-May-96 Nacional Financiera SNC 95 5 73.71 US$ 73.71 see text 11-Dec-95 Acrovias de Mexico SA de CV 95 7 132.20 US$ 132.20 100.00 9.75 10-Jtin-00 Banico Nacional de Comercio Exterior SNC (Bancomexr) 95 6 300.00 US$ 300.00 100.00 6-mth LIBOR+5.00% 23-Dec-97 Unlited Mexican States 95 - 1,000.00 US$ 1,0()0.00 100.00 6-mth LIBOR+5.375% 21-Jul-97 Banco Nacioinal dc Mexico SA (Banamex) 95 8 375.00 US$ 375.00 100.00 01-May-99 United Mexicani States 95 7 296.00 YEN 3().()(0.00 100.00 5.00 17-Aug-98 ( Tblf'e vi,ntzues Oi P7e rI p1 Vie.) 112 Table A7.4 (continued) Offer date Value (LS$ Original Original sse Country/issuer Year Month millions) currency currengy value price Coupon v'aturisty Nacional Financiera SNC 95 7 179.73 DM 250.00 100.92 10.00 17-Aug-98 Alfa SA de CV 95 9 130.00 US$ 130.00 100.00 8.00 15-Sep-00 United Mexican States 95 10 702.74 DM 1,000.00 101.15 9.38 02-Nov-00 Petroleos Mexicanos 95 11 131.44 SFR 150.00 102.25 6.00 28-Nov-97 United Mexican States 95 11 1,500.00 US$ 1,500.00 100.00 see text 27-Nov-96 United Mexican States 95 11 296.00 YEN 30,000.00 99.90 2.85 12-Mar-97 United Mexican States 95 11 128.27 YEN 13,000.00 100.00 3.00 12-Dec-97 Panama Banco Latinoamericano de Exportaciones SA 95 4 225.00 US$ 225.00 99.94 3-mth LIBOR+0.75% 23-May-96 Banco Latinoamericano de Exportaciones SA 95 11 99.31 YEN 10,000.00 100.00 5.00 04-Dec-96 Philippines AC International Finance Ltd 95 5 100.00 US$ 100.00 100.00 3.00 08-Juni-00 AC International Finance Ltd 95 10 142.00 US$ 142.00 70.38 0.00 08-Dec-00 National Power Corp 95 6 150.00 US$ 150.00 99.29 9.00 05-Ju1-02 Philippine Long Distance Telephone Co 95 7 150.00 US$ 150.00 99.99 9.88 01-Aug-05 Philippine Long Distance Telephone Co 95 7 100.00 US$ 100.00 100.00 9.13 01-Aug-02 CE Casecnan Water & Energy Co Inc 95 11 75.00 US$ 75.00 100.00 3-inth LIBOR+3.00% 15-Nov-02 CE Casecnan Water & Energy Co Inc 95 11 171.50 US$ 171.50 100.00 11.95 15-Nov-10 CECaseenan Water& Energy Co Inc 95 11 125.00 US$ 125.00 100.00 11.45 15-Nov-05 National Power Corp 95 11 117.36 YEN 12,000.00 10(.00 4.65 11-Dec-15 Poland Republic of Poland 95 6 250.00 US$ 250.00 99.97 7.75 13-Jul-00 Russian Federation LUKoil - JSC Oil Co LUKoil 95 9 346.99 RUR 1,550,000.00 92.65 06-Apr-96 Slovakia City of Bratislava 95 12 64.13 YEN 6,500.00 100.00 4.10 08-Dec-00 South Africa Republic of South Africa 95 5 345.98 YEN 30,000.00 10(.00 5.00 05-Jun-00 Eskom 95 10 198.65 YEN 20,000.00 100.00 3.10 31 -Oct-00 Transnet Ltd 95 12 197.34 YEN 20,000.00 100.00 3.00 27-Jun-01 Sappi BVI Finance Ltd 95 7 250.00 US$ 250.00 100.00 7.50 01-Aug-02 Investec Overseas Finance (BVI) Ltd 95 10 100.00 US$ 100.00 100.00 6.38 30-Nov-02 Sri Lanka Bank of Ceylon 95 9 12.00 US$ 12.00 100.00 6-mth LIBOR+1.75% 01-Oct-98 Thailand CP Pokphand Co Ltd 95 4 100.00 US$ 100.00 100.00 6-roth LIBOR+1.45% 21-Apr-00 Siam Sindhorn (BVI) Ltd 95 7 90.00 US$ 90.00 100.00 2.00 31-Jul-00 Thai Military Bank Public Co Ltd (Cayman Is.) 95 4 100.00 US$ 100.00 100.00 6-nith LIBOR+1.00%° 17-May-05 Thai Dhanu Bank Public Co Ltd (Cayman Is.) 95 7 50.00 US$ 50.00 100.00 6-mth LIBOR+1.25% 07-Aug-05 Thai Military Bank Public Co Ltd (Cayman Is.) 95 7 200.00 US$ 200.00 100.00 6-mth LlBOR+0.275% 18-Aug-98 Siam City Bank Public Co Ltd (Cayman Is.) 95 9 50.00 US$ 50.00 100.00 3-mth LIBOR+ 1.20% 22-Sep-05 Bank ofAyudhya Public Co Ltd (Hong Hong) 95 2 100.00 US$ 100.00 100.00 6-mth LIBOR+0.98% 14-Mar-05 Bank ofAyudhva Public Co Ltd (Hong Hong) 95 8 50.00 US$ 50.00 100.00 6-mth LIBOR+0.98% 14-Mar-05 Bangkok Bank Public Co Ltd (Hong Kong) 95 9 300.00 US$ 300.00 99.77 7.25 15-Sep-05 Loxley Public Co Ltd 95 4 100.00 US$ 100.00 100.00 3.50 20-Apr-05 Bangkok Bank ofCommerce Public Co Ltd 95 4 120.00 US$ 120.00 100.00 6-nth LIBOR+0.50% 16-May-00 Bangkok Metropolitan Bank Public Co Ltd 95 5 100.00 US$ 100.00 100.00 6-mth LlBOR+0.475%25-Ma y-98 Multi-Credit Corp ofThailand Public Co Ltd 95 4 65.00 USS 65.00 100.00 6-mth LIBOR+0.70%31-Maay-98 Industrial Finance Corp ofThailand 95 5 100.00 US$ 100.00 99.79 6-mth LIBOR+0.25% 01-Jun-00 Tuntex (Thailand) Public Co Ltd 95 6 70.00 US$ 70.00 99.89 3-mth LIBOR+ t.45% 24-Jul-98 Robinson Department Store Public Co Ltd 95 7 49.76 US$ -49.76 100.00 3.25 25-Jul-00 Sahaviriya Steel Industries Public Co Ltd 95 7 110.00 US$ 110.00 100.00 3.50 26-Jul-05 Property Perfect Public Co Ltd 95 7 40.00 US$ 40.00 100.00 6-mth LIBOR+ 1.25% 08-Aug-98 Charoen Pokphand Feedmill Public Co ltd 95 7 100.00 USS 100.00 100.00 6-mnth LIBOR+1.05% 01-Aug-00 Kingdom ofThailand 95 9 174.50 YEN 17,000.00 100.00 3.30 13-Sep-05 113 Table A7.4 (continued) Offer care Value (US$ Original Original Issue Countrvlissuer Year Mfonth millions) currency currency value price Coupon waturloy Industrial Finance Corp of Thailand 95 10 50.00 US$ 50.00 100.00 6-mth LIBOR+0.18% 01-l)ec-00 Export-import Bank of Thailand 95 10 100.00 US$ 100.00 100.00 6-mth LIBOR+0.155% 20-Nov-00 Precious Shipping Public Co Ltd 95 11 45.56 US$ 45.56 100.00 3.25 30-Nov-00 Siam Sindhorn (BVI) Ltd 95 7 90.00 US$ 90.00 100.00 2.00 31-Jul-00 Tunisia Central Bank of Tunisia 95 2 250.83 YEN 25,000.00 100.00 5.60 29-Feb-00 Central Bank of Tunisia 95 4 173.61 YEN 15,000.00 100.00 4.50 28-Apr-00 Central Bank ofTunisia 95 9 153.97 YEN 15,000.00 100.00 5.00 29-Sep-05 Turkey Republic of Turkey 95 4 85.00 US$ 85.00 100.00 6-mrh L.IBOR+1.75°o 28-Apr-96 Republic of Turkey 95 4 85.00 US$ 85.00 100.00 6-mrh LIBOR+1.75% 28-Apr-97 Republic of Turkey 95 4 85.00 US$ 85.00 100.00 6-mth LIBOR+1.75% 28-Apr-98 Republic of Turkey 95 7 806.82 YEN 70,000.00 100.00 4.50 27-Jul-98 Republic ofTurkey 95 7 360.62 DM 500.00 100.25 8.00 21-Aug-98 Republic of Turkey 95 9 300.00 USs 300.00 99.74 8.75 05-Ocr-98 Republic of Turkey 95 11 263.50 US$ 263.50 54.79 3.00 06-May-05 Republic of Turkey 95 11 493.34 YEN 50,000.00 100.00 4.00 14-Dec-98 Uruguay Republica Orienral del Uruguay 95 8 143.60 DM 200.00 101.35 8.00 08-Sep-00 Banco Comercial SA 95 9 67.52 DM 100.00 101.10 8.25 04-Oct-00 Venezuela Corporacion Andina de Fomenro 95 2 123.08 YEN 12,000.00 99.99 4.80 16-Jun-98 Corporacion Andina de Fomento 95 7 250.00 US$ 250.00 99.89 7.38 21-Jul-00 RepublicofVenezuela 95 11 355.92 DM 500.00 101.00 10.00 14-Dec-98 Source: Euromoney Bondware and World Bank data. 114 Table A7.5 Certificate of deposit issues from developing countries, 1995 Offer (rSs date millions 7ype China China Agribusiness Developmenr Trust & Investment Corp. 2/95 20 FRCD China Merchants Bank 4/95 50 FRCD Indonesia Banik Degang Nasional 4/95 33 FRCD Korea. Rep. of' Korea Merchant Banking Corp. 2/95 50 FRCD Korea International Merchant Bank 2/95 50 FRCD Korea Merchant Banking Corporation 5/95 60 FRCD Hyundai International Merchant Bank 5/95 50 FRCD Yeungnam Merchant Banking Corporation 5/95 20 FRCD Kumho Merchant Banking Corporation 9/95 40 FRCD Donghae Merchnat Banking Corporation 9/95 50 FRCD Gyongnam Banking Corp 9/95 40 FRCD Philippines United Coconut Planters Bank 4/95 50 FRCD Thailand Thai Military Bank Ptiblic Company 1/95 200 FRCD Bank of Asia Public Co. Ltd. 3/95 100 FRCD Bank of Asia Public Co. Ltd. 3/95 50 FRCD Thai Danu Bank 3/95 80 FRCD Thai Danu Bank 3/95 40 FRCD Siam Commnercial Bank 3/95 1-5 FRCD Banigkok Banik 5/95 130 FRCD Siam Ciry Bank 5/95 150 FRCD Bangkok Metropolirian Bank 5/95 100 FRCD FRCD - Hloautwg rare CD. Sou-e, NW-'ord Bank daia. Table A7.6 Commercial paper issues from developing countries, January-September 1995 Offer l! 15$ dlate millions 7vipe Status Argentina Gas Del Centro 3/95 36 UCP Issued Brazil lochpe-Maxion 4/95 5 ECP Issued Banco Bradesco 9/95 150 ECP Arangd C'hina China Ocean Shipping (Group) Co. 3/95 100 UCP Arangd tMexico Banco Nacional de Comercio Exterior 5/95 100 CP Issued Protexa 5/95 20 ECI' Issued Banco Naciona] de Comercio Exterior 5/95 20 CP Issued Crupo Posadas 9/95 13 ECP Issued Corporacioni Indiistrial San Luis 9/95 2 ECP Issued South Africa Investec Bank 5/95 150 CP Arangd Stanidard Bank of South Africa 9/95 250 ECP Arangd Thailand Finance One 1/95 190 CP Arangd FCP - Eu, cornmercial paper. UCP - LI.S. commnercial paper. ,Source: NXorld Batik data. 115 Table A7.7 International equity issues from developing countries, 1995 US$ Currency Type of Issuer Offer date (millions) Currency value off r Bangladesh Prime Textile Spinning Mills Ltd 5/95 7.23 BTK 289.28 V Brazil Makro Atacadista SA 5/95 58.85 US$ 58.85 V MakroAracadista SA 5/95 51.14 BRE 45.50 P Companhia Brasileira de Distribuicao 9/95 37.40 US$ 37.40 V Companhia Brasileira de Distribuicao 9/95 37.40 US$ 37.40 V Companhia Brasileira de Distribuicao 9/95 37.40 BRE 35.70 P Aracruz Celulose SA 10/95 45.00 US$ 45.00 V Aracruz Celulose SA 10/95 117.00 US$ 117.00 P Aracruz Celulose SA 10/95 72.00 BRE 69.26 P Chile Santa Isabel SA 7/95 15.07 US$ 15.07 P Santa Isabel SA 7/95 60.31 US$ 60.31 P Banco de A Edwards 11/95 15.64 US$ 15.64 P Banco de A Edwards 11/95 62.56 US$ 62.56 P BancodeAEdwards 11/95 93.50 CHP 38,924.95 P Sociedad Quimica y Minera de Chile SA 12/95 70.66 US$ 70.66 p China Jilin Chemical Industrial Co Ltd 5/95 80.74 US$ 80.74 P Jilin Chemical Industrial Co Ltd 5/95 100.92 US$ 100.92 P Jilin Chemical Industrial Co Ltd 5/95 18.53 HK$ 143.33 P Yizheng Chemical Fibre Co Ltd 5/95 126.72 HK$ 980.00 V Guangdong Electric Power Co Ltd 5195 109.95 HK$ 850.49 V Shanghai Jintai Co Ltd 7/95 22.16 RNMB 184.00 V Northeast Electrical Transmission/ Transformation Machinery 6/95 54.25 HK$ 419.68 V Northeast Electrical Transmission/ Transformation Machinery 6/95 5.77 HK$ 44.63 P Foshan Electrical & Lighting Co Ltd 7/95 36.27 RMB 301.00 V Jiangling Motors Corp Ltd 9/95 5.44 RMB 45.26 V Jiangling Motors Corp Ltd 9/95 40.00 RMB 332.70 V Inner Mongolia Erdos Cashmere Products Co Ltd 9/95 51.57 RIMB 429.00 V Shenzhen Great Ocean Shipping Co Ltd 11/95 13.99 RMB 116.28 V Colombia Banco Industrial Colombiano SA 7/95 16.31 US$ 16.31 V Banco Industrial Colombiano SA 7/95 32.63 US$ 32.63 P Banco Industrial Colombiano SA 7/95 21.74 CPS 19,500.00 P Czech Republic Komercni banka as 6/95 32.03 US$ 32.03 V Estonia Tallinna Pank 11/95 2.73 EEK 30.78 V Ghana Ashanri Goldfields Co Ltd 8/95 62.25 US$ 62.25 V Greece Alpha Finance AE 2/95 0.92 DRC 216.56 p Papastratos Cigarette Manufacturing Co 10/95 19.23 DRC 4,431.00 V Hungary Hajdutej Dairy Ltd 7/95 4.29 HUF 527.45 V Hajdutej Dairy Ltd 7/95 1.78 HUF 218.75 P OTP Bank - National Savings & Commercial Bank Ltd 7/95 53.20 US$ 53.20 V OTP Bank - National Savings & Commercial Bank Ltd 7/95 35.72 HUF 4,511.56 P (Table continues ont rnext ptige.J 116 Table A7.7 (continued) US$ Curreny Type of Issuer Offer date (millions) Currency value offer Chemical Works of Gedeon Richter Ltd 11/95 35.99 US$ 35.99 V Chemical Works of Gedeon Richter Ltd 11/95 12.60 HUF 1,709.04 P MOL Magyar Olaj- es Gazipari Rt 11/95 165.27 US$ 165.27 V MOL Magyar Olaj- es Gazipari Rt 12/95 25.05 HUF 3,400.67 V India Ashok Leyland Ltd 3/95 137.77 US$ 137.77 V Indian Hotels Co Ltd 4/95 86.25 US$ 86.25 V Himachal Futuristic Communications Ltd 8/95 50.00 US$ 50.00 V Indonesia Indonesia Fund Limited 11/95 US$ V PT Semen Gresik 9/95 126.51 RPH 282,047.78 V PTTambangTimah (Persero) 10/95 160.18 US$ 160.18 V PT Tambang Timah (Persero) 10/95 64.07 RPH 145,957.58 P Asahi Mas Glass 10/95 45.60 RPH 103,243.00 V Asahi Mas Glass 10/95 47.46 RPH 107,457.00 P PT Telekomunikasi Indonesia (Pesero) 11/95 210.00 US$ 210.00 V PT Telekomunikasi Indonesia (Pesero) 11/95 210.00 US$ 210.00 P PT Telekomunikasi Indonesia (Pesero) 11/95 210.00 US$ 210.00 V PTTelekomunikasi Indonesia (Pesero) 11/95 1050.00 RPH Too big P Korea, Rep. of Korea Mobile Telecommunications Corp 3/95 150.00 US$ 150.00 V Mando Machinery Corp 5/95 30.00 US$ 30.00 V Hyundai Motor Co 6/95 90.00 US$ 90.00 V Samsung Electronics Co Ltd 6/95 51.00 US$ 51.00 V Samsung Electronics Co Ltd 6/95 49.50 US$ 49.50 V Samsung Electronics Co Ltd 6/95 49.50 US$ 49.50 V LG Chemical Ltd 9/95 65.00 US$ 65.00 V LG Electronics Inc 9/95 75.00 US$ 75.00 V Korea Electric Power Corp 10/95 150.00 US$ 150.00 V Korea Electric Power Corp 10/95 150.00 US$ 150.00 P Samsung Electronics Co Ltd 11/95 90.00 US$ 90.00 V Samsung Electronics Co Ltd 11/95 60.00 US$ 60.00 V Pohang Iron & Steel Co Ltd 10/95 150.00 US$ 150.00 V Pohang Iron & Steel Co Ltd 10/95 150.00 US$ 150.00 P Lebanon Banque Audi SAL 10/95 34.02 US$ 34.02 V Lithuania Vilniaus Bankas AB 12/95 4.25 LTL 17.00 V Malaysia 101 Properties 4/95 32.09 M$ 80.00 V YTL Corp Bhd 5/95 52.50 M$ 129.36 V Petronas Gas Bhd 7/95 395.60 M$ 972.00 V Petronas Gas Bhd 8/95 681.57 M$ 1,669.50 P Commerce Asset-Holding Bhd 9/95 88.72 M$ 221.40 V Papua New Guinea Lihir Gold Ltd 10/95 141.58 A$ 186.29 P Lihir Gold Ltd 10/95 63.05 A$ 82.96 V Lihir Gold Ltd 10/95 63.05 A$ 82.96 P Lihir Gold Ltd 10/95 116.01 A$ 152.64 V Lihir Gold Ltd 10/95 66.19 PNK 87.66 P Philippines Vitarich Corp 1/95 19.58 PSO 479.25 V Vitarich Corp 1/95 25.36 PSO 620.75 P La Tondena Distillers Inc 3/95 22.39 PSO 576.97 V La Tondena Distillers Inc 3/95 29.85 PSO 769.23 P William Lines Inc 4/95 52.56 US$ 52.56 V 117 Table A7.7 (continued) US$ Currency Type of Issuer Offer date (millions) Currency value offer William Lines Inc 4/95 35.04 PSO 909.86 P Pilipino Telephone Corp 5/95 103.41 US$ 103.41 V Pilipino Telephone Corp 5/95 74.09 PSO 1,920.00 P C&P Homes Inc 6/95 204.72 PSO 5,227.04 V C&P Homes Inc 7/95 77.08 PSO 1,968.02 P PCI Bank 8/95 132.88 PSO 3,391.06 V Filinvest Development Corp 9/95 80.00 US$ 80.00 V Metro Pacific Corp 10/95 59.88 PSO 1,550.40 V Fil-Estate Land Inc 11/95 59.87 PSO 1,560.00 V Fil-Estate Land Inc 11/95 89.81 PSO 2,340.00 P DMCI Holdings 1/0 53.59 US$ 53.59 V Philippine National Bank 12/95 19.83 PSO 520.00 V Philippine National Bank 12/95 51.56 PSO 1,352.00 P Poland Bank BPH - Bank Przemyslowo-Handlowy SA 1/95 13.65 PZL 33.11 V Bank BPH - Bank Przemyslowo-Handlowv SA 1/95 88.48 PZL 214.59 P BFK Bydgoska Fabryka Kabli SA 10/95 4.34 PZL 10.61 V Bank Gdanski SA 12/95 50.51 US$ 50.51 V BankGdanskiSA 12/95 61.17 PZL 154.86 V Russian Federation AO Mosenergo 10/95 22.50 US$ 22.50 V Slovakia Slovnaft as 6/95 59.75 US$ 59.75 V South Africa Nedcor Ltd 5/95 125.01 US$ 125.01 V Malbak 7/95 150.94 US$ 150.94 V Sentrachem Ltd 11/95 55.16 US$ 55.16 V Thailand Alphatec Electronics Public Co Ltd 6/95 111.92 BHT 2,760.00 V Quality Houses Public Co Ltd 6/95 21.29 BHT 525.00 V Land & Houses Public Co Ltd 7/95 40.42 BHT 1,000.00 V Total Access Communications Public Co Ltd 9/95 215.31 US$ 215.31 V Total Access Communications Public Co Ltd 9/95 55.74 US$ 55.74 P Aromatics (Thailand) Public Co Ltd 10/95 19.43 BHT 487.50 V Aromatics (Thailand) Public Co Ltd 10/95 45.21 BHT 1,134.00 P Cogeneration Public Co Ltd 11/95 18.46 BHT 464.00 V Cogeneration Public Co Ltd 11/95 71.53 BHT 1,798.00 P First Bangkok City Bank Public Co Ltd 11/95 35.80 BHT 900.00 V Turkey Global Menkul Degedler AS (Global Securities Inc) 5/95 15.81 TKL 672,750.00 V Global Menkul Degerler AS (Global Securities Inc) 5/95 10.54 TKL 448,500.00 P EYAP - Eczacibasi Yapi Gerecleri Sanayi ve Ticaret AS 6/95 22.64 TKL 975,000.00 V Bossa Ticaret ve Sanayi Isletmeleri TAS 8/95 13.45 TKL 607,500.00 V Bossa Ticaret ve Sanayi Isletmeleri TAS 8/95 13.45 TKL 607,500.00 P Erciyas Biracilik ve Malt Sanayi AS 8/95 90.64 TKL V P = Public issue, V = Private issue. Source: Euromoney Bondware and World Bank data. 118 Table A7.8 Closed-end country funds for developing countries, 1995 Launch date Initial capitalization Country Year AMonth (US$ millions) Asia Asia Heakthcare Trus I'LC 95 7 24.5 Abtrusr Asian Smaller Companies Investment Trust PLC 95 10 55.1 Schroder Asia Pacific Fund PLC 95 11 221.1 Chile Moneda Chile Fund Lid. 95 8 21.2 China AusChina Corp Limited 95 6 5.19 Czech Republic Czech Value Fund 95 9 41.00 India Oryx (India) Fund Ltd. 95 5 13.89 Insdonesia Oryx (India) Fund Ltd. 95 5 13.89 Korea Atlantis Korean Smaller Companies Fund 95 6 100.00 Russia Templeton Russia Fund Inc. 95 6 69.00 Blue Tiger Investment Comapny Ltd. 95 8 8.00 FP Russian Equiry Fund Ltd. 95 9 5.84 Globalfunds Montgomery Emerging Communications Fund Ltd. 95 1 30.00 Finsbury Technology Trust PLC 95 12 40.67 Source, Lipper Analytical Services. APPENDIX 8 ~ Privatization in developing countries ~ and external financing Privatization is the transfer of productive assets strategic investors will be reinvested directly in the from the public to the private sector. Privatization enterprise. includes all sales of public assets to private entities East Asia and the Pacific accounted for 29.7 through public offers, direct sale, contracting out percent of privatization sales ($6.2 billion) in of government services through concessions or developing countries in 1994. Lower than in licensing agreements, and joint venture arrange- 1993, this amount still represents a big increase ments. It excludes voucher sales and divestitures over the average volume of the previous years and mothballing of state-owned assets. (table A8.2). Indonesia privatized about a third of After peaking at $26.9 billion in 1992, pro- its telecommunications company Indosat, raising ceeds from privatization in developing counltries $ 1.2 billion. China continued partial privatization fell to around $21 billion in 1994 (figure A8.1). through the public offering of "B" shares on the Privatizations in some countries, includinig Shanghai or Shenzheni stock exchanges (only Argentina and Mexico, neared the end of their offered to foreign investors) and "H" shares on the early phases. Other programs slipped becatise of Hong Kong stock exchange. political concerns. And still others, such as those In Europe and Central Asia sales of state- in the Czech Republic and Russia, entered a new owned enterprises fell in 1994 compared with the phase, moving from mass privatization through previotis vear. Btit for 1988-94 the total was $16.3 vouchers toward sales for cash with foreign partic- billion, about 15 percent of all privatizations in ipation. In 1988-94 total revenues from privati- developing countries (table A8.3). The region's zation in developing countries were $ 112 billion. fall in privatization revenues may be due to the slowdowni in Hunigary as the new government re- Regional developments examined privatization programs and strategies, Privatization revenues in Latin America were $7.7 Figure A8.1 Total privatization revenues in billion in 1994, down from $10.6 billion in 1993. developing countries but still the largest share of such reveniues in devel- (USS billions) oping countries-37 percent (table A8.1). In 30 r 1 1988-94 the region raised $63.4 billion through F Sub-Saharan sales of state-owned enterprises, accounting for 25 Africa more than half of all the proceeds to developing 2 0 E]South Asia countries. In 1994 fewer privacizations in Middle East and Argentina and Mexico more than offset continued l North Africa sales in Brazil and Peru. Bolivia launched ItS capi- E. Lahn America and talization program, under which 50 percent of h0 Europeand stare-owned firms are to be sold to strategic C*entral Asia investors and the remaining 50 percent to be allo- 5 East Asia and cated to individuals eighteen years and older. The the Pcific government will not generate revenue from the 1988 1989 1990 1991 1992 1993 1994 sale of state-owned enterprises: proceeds from Souwe Word Bonk Privatirzron Dotobose, international Economics Deportnent 1'9 120 Table A8.1 Proceeds from privatization: Latin America and the Caribbean, 1988-94 (LISS millions) Coulntry 1988 1989 1990 1991 1992 1993 1994 Total Argentina 28 3,841 1,981 5,567 4,732 890 17,038 Brazil .. 8 44 1,635 2,564 2.718 1,559 8,666 Chile 278 302 98 364 8 106 128 1,284 Mexico 1,915 971 3,160 11,289 6,924 2 132 766 27,158 PerL .. .. 2 21 2 127 2,840 3,181 Venezela .. .. 1 0 2,278 140 36 8 2,471 Others 309 154 144 439 382 797 1,490 3,715 Total 2,530 1.436 7.2'97 17.98 15,797 10.646 7,680 63,374 .. L)ara nor available. S-,,rr-: Wrl-d Bank Privarization Database, Internati..inal Ec,nonioics Deparnient. Table A8.2 Proceeds from privatization: East Asia and Pacific, 1988-94 (LS$ Smllions) Country 1988 1989 1990 1991 1992 1993 1994 Total China .. .. .. 11 1,262 2,849 2,226 6,348 Indonesia .. 191 14 31 1,748 1,984 Malaysia 16 31 375 387 2,883 2,148 798 6,638 Philippines .. 80 200 754 1,638 494 3,166 Republic of Korea 2.100 .. .. 451 723 3,274 Thailarnd 5 85 238 47 1 242 1,041 Others 0 0 1 1 53 1 8 73 Total 21 2.296 376 790 5,204 7,606 6,231 22,523 .. Data not available. oeor: Wo.rld Bank Privatization Database, International Economrics L)epartment. as did the new government of the Slovak continued with privatizations and liquidation Republic. Kazakstan and Uzbekistan were suc- efforts, bringing the total for 1988-94 iO $2.4 billion cessful in attracting foreign investors for their (2 percent of revenues from privatizations in all tobacco companies. developing countries). Sales of state-owned companies in Middle East and North Africa remained at about the Sectoral distribution same level in 1994 ($638 million) as in 1993, but were substantially higher than in previous years In 1994 infrastructure continued to account for (table A8.4). Progress in privatizations has been the bulk of privatization revenues in developing made in Morocco and Egypt, but remains rela- countries ($9.5 billion), with revenues from the tivelv low. sale of telecommunications firms accounting for South Asia raised about $2.7 billion from the 29 percent of the total. Energy-related enterpris- sale of state-owned enterprises in 1994, almost es accounted for 12 percent. In 1988-94 revenues triple the $974 million in 1993 (table A8.5). The from infrastructure sales reached $41.3 billion increase may be attributed to the sale of Pakistan's (table A8.7). telecommunicationi company for S1 billion Usually, a government sells only part of its through international and domestic public equi- telecommunications company to a strategic tv offers and to India's privatization program. investor through a direct sale, particularly if the which raised $1.5 billion, mainly throLigh domes- government is interested in obtaining an investor tic public stock offers. who will infuse new capital, and transfer techno- In 1994 revenues from privatizations in Sub- logical and management knowhow to the firm. In Saharan Africa increased to $792 million, from $648 1994 Peru sold part of CPT and Entel to a con- million in 1993 (table A8.6). But the rise is mainly sortium led by Telefonica of Espafia for about $1.4 due to the sale of Ghanas Ashanti Goldfields com- billion and an investment commitment of $1.8 pany through international and domestic public billion. Cuba sold 49 percent of its relecommuni- equity offers. Mozambique. Kenya, and Nigeria cations company to a consortium led by a foreign 121 Table A8.3 Proceeds from privatization: Europe and Central Asia, 1988-94 (USS millionus) Country 1988 1989 1990 1991 1992 199.3 1994 Total BUlgaria . .45 147 192 Huingary .. 462 483 7(8 787 1i754 420 4,704 Poland 62 338 24(1 73 3 641 2,015 Russia .. .. .. 90 110 .. 200 Turkey 27 261 427 212 780 483 354 3,535 Others 0 231 465 1,460 2,154 1.025 1.320 6,655 Total 27 954 1,447 2,807 4,051 4.150 2,883 16,319 Datu noravailable. Source: WXorld Bank Pri-arizarion t)Darabasc, In-rernarional Fc,.nornics Deparrrcnr. corporation for $706 million, as did Latvia for Foreign investor participation in developing- $160 million. Pakistan and Indonesia, however, country privatizations sold part of their telecommunications through an international public equity offer. Sale proceeds Privatizations in developing countries continued to from energy-related companies reached $2.5 bil- attract foreign direct and portfolio investment. In lion, with proceeds from foreign investors 1994 external financing for privatizations increased accounting for 81 percent of the total. to $13.1 billion (from $11.8 billion 1993), and Other privatized companies include petroleum about 63 percent of privatization proceeds (table and petrochemicals enterprises, which accounted A8.8). For 1988-94 foreign investment amounted for 9 percent of all sales in 1994. Steel and mining to about 42 percent ($47 billion) of the proceeds accounted for 7 percent each, and financial services from privatization, with direct investment account- (banking) for 5 percent (table A8.7). Proceeds from ing for 63 percent of foreign investmenit generated the sale of mining companies increased markedly from privatization. Latin Armerica accounted for the in 1994, as Ghana sold a part of its Ashanti largest share of FDI from privatization ($14 bil- Goldfields throughl international and domestic lion), followed by Europe and Central Asia ($11.3 public stock offers, and Peru sold some mining billion). In 1994, however, FDI ($6.3 billion) was companies to strategic investors, mostly from the less than in 1993 and accounted for less than 50 per- United States and Canada. cent of foreign investmenLt for privatizations in Table A8.4 Proceeds from privatization: Middle East and North Africa, 1988-94 (US$ nit/lions) Couni/try 1988 1989 1990 1991 1992 1993 1994 Total Egypt .. .. .. .. .. 328 179 507 Morocco .. .. .. .. .. 273 347 620 Tunisia 7 14 2 17 60 .. 100 Others 0 0 0 0 9 33 112 154 Total 7 14 2 17 70 634 638 1,381 .. Dara 101avadbilalc. So0IT-, M(orrId Barrk Privarizarron D)arabase, I n-ernarionral Lcr,rrmciC l)cprrrrnc ni. Table A8.5 Proceeds from privatization: South Asia, 1988-94 (USS billions) Counitry 1988 /989 1990 1991 1992 1993 1994 Total Bangladesh .. I .. .. .. 43 .. 43 Sri Lsnka .. 3 18 2 106 52 42 223 Pakistan .. .. I1 63 343 1 7 1,107 1.541 India .. .. .. 931 1,098 861 1,505 4,395 Others .. .. .. .. 11 1 12 24 Total .. 3 2 9 996 1.557 974 2,666 6,226 Data 11OT asaldabl,. S-urce World Bank Privarizarron Darabase, Incernarronal Ecmnomncs Deparrnicnr 122 Table A8.6 Proceeds from privatization: Sub-Saharan Africa, 1988-94 (USS millions) Country 1988 1989 1990 1991 1992 1993 1994 Total Ghana 1 10 3 15 28 476 533 Mozambique 4 5 9 6 23 Nigeria 33 16 35 114 541 24 764 South Africa 632 .. .. 632 Zimbabwe .. .. .. 231 231 Others 10 15 41 39 74 60 246 Total 10 681 71 50 178 648 792 2,429 D. aa n1r avail.bble. .Soun.y World Bankl Prjvarjzatufiro DLaihse, Inrternarilial F.,,mrroics Deprrrmeno. Table A8.7 Privatization revenues by sector, 1988-94 (Ss millions) Sector 1988 1989 1990 1991 1992 1993 1994 Total Infrastricture 798 2.793 6,055 6.791 9.871 5.523 9.485 41,316 TlWecommurricarions 325 212 3,7(14 5,816 3,007 2,403 6,125 21,591 Energy 106 2,108 100 364 4.962 1,982 2.480 12,101 Industry 52 838 1.439 5,423 7,616 7,170 5,680 28.356 Steel 0 109 288 2,412 2,133 3,067 1,454 9,601 Chemicals 0 5 405 646 964 748 1.466 4,234 Construction 7 224 199 506 1,379 523 1,070 3,908 Other manufacturing 45 499 547 1,857 3,140 2,832 1,690 10,610 Primary sector 1,37 4 225 1,385 1,665 3.364 6,625 4,141 18,779 Petroleum 0 9 296 1,195 2,386 5,065 1,978 10,929 Mining 1,360 50 554 236 462 187 1,545 4,394 Fiiianicial services 8 461 47 7,850 5,258 3,778 1,050 18A451 Banking 8 296 47 7,375 4,861 2,872 746 16,204 Other services 362 1.052 298 924 759 1,563 529 5,487 Total 2,594 5.369 9. 224 22.652 26.868 24,658 20,885 112,251 .Soun-: WX'orld [[; ik Privarizariori Database,, Inirirarion -l bcoron,ilcs Dep.rnrlellr. developing countries. Nevertheless, FDI continIued ($330 million for 17 percent of the equity of to be an important method of allowing foreign Tofas. its car manufacturing company); and investors to participate in privatizations. Ghana ($398 million for Ashanti Goldfields). By Portfolio equity investment increased from 1994 more developing countries were able to tap $5.1 billion in 1993 to $6.8 billion in 1994, the international market for privatizations, but accounting for more than 50 percent of all for- issues from Latin America and Asia continued to eign investment, compared with 37 percent in dominate. In 1988-94 Latin American countries 1988-94 (table A8.9). The increase can be attrib- raised $9.2 billion from international equity uted partly to the adoption of Regulation S and offers, and East Asia $6.1 billion, together Rule 144A by the U.S. Securities and Exchange accounting for 85 percent of the total raised from Commission in the early 1990s. These rules make international public offers. the issue of ADRs and GDRs by many' develop- ing countries easier. In 1994 nearly a dozen devel- Sales techniques oping countries used depository receipts for privatizations, compared with just a few in 1990. Direct sales are the most commonly used method Leading this list of countries was Indonesia with in privatizations, accounting for 86 percent of all $904 million for its telecommunications compa- transactions in 1994. Through this method, gov- ny, followed by Pakistan ($898 million for ernments can attract strategic investors who are Pakistan 'Felecommunications); China ($625 able to transfer technological and management million for a power utility); Argentina ($316 inil- knowhow (as well as capital) to newly privatized lion for Transportadora de Gas del Sir); Turkey enterprises. Share issues in domestic and inter- 123 Table A8.8 Foreign exchange raised through privatization in developing countries, 1988-94 (US$ millions) Region 1988 1989 1990 1991 1992 1993 1994 Total East Asia and the Pacific I 0 1 88 1,556 4,156 4,336 10,138 Europe and Central Asia 19 641 628 2,083 3,435 3,048 1,460 11,314 Latin America and the Caribbean 214 183 2,559 6.718 3,730 3,720 5,527 23.016 Middle East and North Africa 0 1 0 3 19 299 158 481 South Asia 0 0 11 4 42 16 997 1,070 Sub-Saharan Africa 0 14 38 11 49 573 663 1,349 All developing countries 234 839 3.237 8,908 8,831 11,813 13,141 47,005 Source: World Bank Privarizarion Database, Iisrernarional Economics Department, World Bank staff estimates. Table A8.9 Portfolio investment and FDI in privatizations, 1988-94 (US$ millions) 1988 1989 1990 1991 1992 1993 1994 Total Foreign direct investment 234 839 3,125 5.443 6.752 6.712 6,344 29.450 Portfolio investment 0 0 111 3,465 2,079 5,101 6,797 17,553 Total 234 839 3,237 8,908 8.831 11,813 13,141 47,003 Source: WArld Bank Privarizatio- Darabase, International Economics Department, World Batik sraff estimares. national capital markets is the second most com- Euromoney Bondware. and Fin Mark databases. monly used method, accounting for 47 percent of Data on foreign investment are derived from all sales and 10 percent of transactions in 1994. information on the identity of the buyer. Foreign Public equity offerings in domestic markets con- exchange inflows are estimated on the basis of the tribute to the development of capital markets (for foreign participation in purchases; transactions example. in Hungary), while international equi- involving debt-equity swaps are estimated on the ty offerings enable countries to tap a larger pool basis of the discounted face value of the debt, fol- of investors and establish a presence in those mar- lowing IMF convention. It is important to appreci- kets. Accounting for the remaining 4 percent of ate that debt-equity swaps do not generate any total transactions, other methods of sale include capital inflows since, following the balance-of-pay- joint ventures, employee and management buy- ments convention, national net inflows on equity outs (popular in Eastern Europe), concessions are counterbalanced by national net outflow extin- (mainly for roads, railroads, ports, and airports), guishing debt. When no information on a buyer's and leases (for mining, particularly in latin identity is available, the buyer is formally considered America). to be domestic, so the data should be considered a lower bound estimate. Data on portfolio flows are Sources of data even more difficult to acquire. In many public offers it is impossible to determine the identity of investors Most information shown in the database comes and the shares bought. In such cases, no estimates from ministries and privatization agencies and from have been made for potential portfolio investment sources in the World Bank Group. Additional data content. Data for portfolio investment should have been obtained from publicly available sources, therefore be considered a conservative estimate of such as Latin Finance, Privatization International, actual portfolio investment flows in privatizations. Table A8.10 Privatization transactions in developing countries, 1988-93 (US$ millions) Equity share Foreign Year Company Country Sector (percent) Amount exchange Purchasers 1993 FEMESA Argentina Transportation/railroads .. .. 0.0 Beniro Roggio 1993 Acceso Norte Argentina Transportation/roads .. .. 0.0 Argentine consortium 1993 Acceso Oeste Argentina Transportation/roads .. .. 0.0 Argentine consortium 1993 Acceso Ricchieri Argentina Transportation/roads .. .. 0.0 Argentine consortium 1993 Terminal Portuaria Mar del Plata Argentina Port/grain elevator 100.0 2.7 0.0 Argentine consortium 1993 Puerto Ingeniero White Argentina Ports/port facilities .. .. 0.0 Bunge y Born Consorrium 1993 Puerto San Pedro Argentina Port/grain elevaror 100.0 4.1 0.0 Servicios Puertos 1993 Terminales Maririmas Patagonicas SA Argentina Ports/port facilities 70.0 10.0 0.0 Argentine consortium/STEAG AG (operaror) 1993 Puerto Rosario Unit III grain elevator Argentina Porns/porr facilities 100.0 3.5 0.0 Servicios Portuarios S.A. 1993 Villa Conscirucion grain elevator Argentiisa Ports/port facilities .. .. 0.0 Servicios Portuarios S.A. 1993 Oleoducros dcl Valle (pipelines) Argenrina Petroleum/petrochemicals 70.0 77.1 0.0 Perez Compant 1993 Transnoa SA Argentina Power utility 90.0 8.7 0.0 Banco Feigin Consortium 1993 Ceotral Terinica San Nicolas Argentina Power utiliry 88.0 66.1 0.0 AESaSi Nicolas/Ormas/SAICIC 1993 Cenrrales Termicas Paragonicas S.A. Argeniniia Power utility S1.0 5.2 0.0 Argentine consortium 1993 Centrales Terinicas del NoroesteArgentino S.A. Argenrina Power utility 90.0 15.2 0.0 Federacion Argcntina Consortium 1993 Centrales Termicas del Noreste Argenrino S.A. Argenitina Power utility 90.0 0.4 0.0 Late SA 1993 Central Puerto Nuevo Argenrina Power utiliry 30.0 133.6 0.0 Invcstors 1993 Fabrica Milirar de Vainas y Conductores ECA Argentina Electrical/Electronics 100.0 15.0 0.0 Guillermo Decker SA 1993 Fabrica Militar General San Martin Argenrina Mantifacruring 100.0 8.5 0.0 Talleres Sudamericanos 1993 Fabrica Militar de Acido Sulfurico Argentina Chemicals 100.0 0.3 0.0 Rurilex Consortiuns 1993 Carboquimica Argentina Argentina Chemicals 42.0 1.0 0.0 Safety S.A./Procamet S.A. * 1993 YPF-Planra de Aerosol, Dock Sud Argentina Chemicals 100.0 0.9 0.0 Local investor ' 1993 YPF-Transportes Maririmos Perroleros SA Argentina Petroleum/pecrocheniicals 70.0 41.8 0.0 INASA 1993 YPF-9 ships Argentina Petroleum/perrochemicals 100.0 6.0 0.0 Local investor 1993 YPF-Ebytem S.A. (Puerro Rosales) Argentina Petroleuns/petrochentiicals 70.0 19.0 0.0 Isaura 1993 YPF-lnrerpetrol S.A. Argentina Petroleum/perrochemicals 49.0 8.7 0.0 Local investor 1993 Destilera San Lorenwo Argentina Petroleuns/petrocheiuicals 100.0 12.2 0.0 Perez Companc/Cia General Combustiles/Pasa 1993 Hidroelectica El Choconi SA. (Hidronor) Argentina Power utility 59.0 223.9 206.0 consortiuns led by Endesa (Chile), 92% foreign 1993 Transener Argentina Power utility 65.0 234.1 70.2 Citelec S.A. (30% foreign, UK and US) 1993 Hidroelectrica Cerros Colorados S.A. (Hidronor) Argentina Power utiliry 59.0 72.6 72.6 Dotuiiiioi Eitergy, Louis Dreyfias 1993 Hidroelectrica Alicura S.A. (Hidronor) Argentina Power utility 59.0 178.0 151.3 consortium led bySourhern Electric (US), 85% foreign 1993 Hidroelectrica Piedra del Aguila (Hidronor) Argenrina Power uriliry 59.0 272.1 272.1 Hidroneuquen (Chile/USA Consortium) 1993 YPF-Dock Sud Refinery Argentitta Petroleum/petrochemicals 100.0 11.7 11.7 Brirish Gas 1993 Central Costanera S.A. Argentina Power utiliry 60.0 97.0 73.0 Local & foreign invmior 1993 Yacimieneos Perroliferos Fiscales (YPF) Argentina Petroleum 45.3 3,040.0 2,280.0 Local & foreign investor 1994 FerrocarrilesMetropolitanos(FEMESA):LineaBelganoNorte Argentina Transportation/railroads .. .. .. LC:Ferrovias SA 1994 Ferrocarriles Metropolitanos(FEMESA):LineaSan Martin Argenitina Transportation/railroads .. .. .. LC:Transportes Metropolitanos General San Martini; operated Bart & JART 1994 Ferrocarrils Metropolitanos (FEMESA):LineaBelganoSur Argenrina I'ransportation/railroads .. .. .. LC:Transportes Meeropolitanos General San Martin 1994 Acceso Norre Argentina Transportation/roads .. .. .. LC:Sideco Anmericana 1994 Acceso Oeste Argentina Transportation/roads .. .. .. Benito Roggio y Orros, Grupo Mevicano de Desarrolo; CompBrasileira de Projetos 1994 Acceso Ricchieri Argentina Transportation/roads .. .. .. Huarte y OCros 1994 Puerto Nuevo Ciudad de Buenos Aires:Terminals 1-6 Argentina Porns/port facilities .. .. .. Local investor 1994 Puerto Nuevo Ciudad de Buenos Aire:Terminal 1,2 Argentina Ports/port facilities .. .. .. River Plate Container, Murchison S.A., Esribajes y Cargas, Roman Maritimse 1994 YPF S.A.(5 tankers) Argentina Petmleum/petrochemicals .. 3.1 0.0 Contant Shipping Lid., Global Marketing Systems 1994 Transnoa S.A. Argentina Power utility 90.0 8.7 0.0 LC:FedAegentina de Luzy Fuerza,BancoFeigin,lATE,lecsa,Gestion Electrica 1994 Transpa S.A. Argentina Power utility 51.0 20.8 5.2 Local invetsons, and debt equity swap for foreign investons 1994 Transnm Argentina Power utility .. 3.0 0.0 (Table continues on next page.) Table A8.1 0 (continued) (US$ millions) Equity share Forrign Year Company Country Sector (percent) Amount exchange Purchasers 1994 Centrales Ternsicas del Litoral Argentina Power utility 100.0 0.5 0.0 late S.A., FederacionArgentina de Trabajadores de Luz y Fuer-a 1994 Fabrica Militar Pilar Argentina Defense 100.0 2.8 0.0 Industria Argentina de Material Pirorecnico S.A. 1994 CAP Cuatreros Argentina Food producrs 100.0 1.9 0.0 Incopp S.A., Frigorifico Bahia Blanca S.A. 1994 Yacimientos Carboniferos Fiscales Argentina Coal .. 22.5 0.0 IC:Federatiocion Argentina de Trabajadores de Luz y Fuerza, Dragados y Obras 1994 Caja Nacional de Ahorro y Seguro Argentina Financial services/banking 60.0 86.3 43.2 Leucadia National Corp.; Los W S.A., Banco Mercantil S.A. 1994 Empresa Lineas Maririmas Argentinas S.A. Argentina Shipping 100.0 14.8 14.8 Prudent International; Oceanbulk Maririne; Rare Shipping; Altamira; Seabound 1994 Distrocoyo Argentina Power utility .. 20.2 8.3 Foreign and local investor 1994 Centrales Termicas Mendoza Argentina Power urility 100.0 10.1 8.1 80% Foreign & 20% local investor 1994 HidroelectricaAAmeghino Argentina Power utility-dam 59.0 14.2 14.2 Uraguay's UTE & & Chubut electricity cooperatives 1994 Hidroelectica Dianmante S.A. Argentina Power utility-generation 100.0 32.8 16.4 EDF International (50%), Nucleamiento Inversor, Baisco de Galicia y Buenos Aires 1994 TranisporradoradeGasdel Sur Argentina Gas 27.0 526.5 315.9 Foreign and local investor 1994 Metrogas Argentina Gas .. 121.5 121.5 Foreign investor 1994 General Trading and Food Processing Consipany Bahrain Food processing 20.0 10.3 0.0 fIocal investor 1993 National Tubes Bangladesh Manufacturing 51.0 1.5 0.0 Local investor 1993 Ujala March Factory Bangladesh Manufacruring 85.0 0.1 0.0 Local invesror 1993 Lira Industrial Enterprise Bangladesh Manufacturing 62.5 0.3 0.0 Local investor 1993 Bangladesh Textile Mills Bangladesh Manufacturing/textiles 100.0 1.4 0.0 Local investor 1993 Madaripur Textile Mills Baisgladesh Manufacturing/textiles 100.0 2.2 0.0 Local investor 1993 Barisal Textile Mills Bangladesh Manufacturing/textiles 100.0 1.4 0.0 L.ocal investor 1993 Sharain Textile mills Banigladesh Manufacturing/textiles 100.0 3.2 0.0 Local invesror 1993 Jofain Fabrics Bangladesh Manufacturing/textiles 100.0 0.3 0.0 Local investor 1993 Kisborgang Textile Mills Bangladesh Manufacturing/textiles 100.0 2.6 0.0 Local investor 1993 Kohinoor Chemical Co. Bangladesh Chemicals 51.0 9.3 0.0 Local investor 1993 Chirtagong Cement Clinker & Grinding Co. Bangladesh Cement 51.0 11.9 0.0 Local investor 1993 Dhaka Vegerable Oil Co. Bangladesh Oils processing 51.0 7.0 0.0 Local invesror 1993 ShampurSugarMills Bangladesh Sugar 51.0 1.3 0.0 Local investor 1994 Bangladesh Cycle Bangladesh Manufacturing 100.0 0.6 0.0 Local inivestor 1994 Madaripur Textile Banigladesh Manufacturing/textiles 100.0 2.0 0.0 Local investsr 1994 Sharmin Textiles Ltd Bangladesh Manufacturing/textiles 100.0 2.9 0.0 Local inivestor 1994 Kishoreganj Textile Mills Ltd. Bangladesh Manufacturing/textiles 100.0 2.4 0.0 Local investor 1994 Jofain Fabrics Bangladesh Manufacruring/textiles 100.0 0.3 0.0 Local investor 1994 Kohinor Spinning Mills Bangladesh Manufacturing/rextiles 100.0 2.5 0.0 Local investor 1994 Eagle Box and Cartoons Manufacturing Bangladesh Packaging/manufacturing 51.0 0.6 0.0 Local investor 1994 Squibb of Bangladesh Bangladesh Pharmaceutical 40.0 0.5 0.0 Local investor 1994 ArawakCement Company Ltd. Barbados Cement 51.0 2.9 2.9 Trinidad Cement Ltd. 1994 Heyvwood Hottel Barbados Tourism/hotels 100.0 17.0 5.0 B.S. & T Resorts Ltd. 1993 Belize Electricity Ltd. Belize Power utility 49.0 14.2 0.0 Local investor 1993 Albapor Lote (Inmteble Canada Strongest) Bolivia Food processing 100.0 0.1 0.0 Canal 13 Cucena de TV 1993 Albapor Lote(Terreno Km 6 Carretera Nort) Bolivia Food processing 100.0 0.0 0.0 Juan Carlos Zurita Vera 1993 Fabrica de Ceramica Roja de Cobija Bolivia Ceramics 100.0 0.1 0.0 Enipresa Consorcio atinoaniericano 1993 Fabrica de Ceramica Roia de Trinidad Bolivia Cerainics 100.0 0.0 0.0 Empresa Constructora Perrecivi 1993 Centro de Acopio Yamparaez Bolivia Foodstuffs 100.0 0.0 0.0 Sociedad Industrial del Sur 1993 Centro de Acopio Redencion Pampa Bolivia Foodstuffs 100.0 0.0 0.0 Sociedad Industrial del Sur 1993 Cabana lechera Todos Santos Paz Bolivia Food processing 100.0 0.8 0.0 Sociedad Occidental C. Vargas 1993 Centro de Acopio Totora y Lurdes Bolivia Foodstuffs 100.0 0.0 0.0 Centro de Produccion Cesat (Table continues on nextpage.) Table A8.1 0 (continued) (US$ millions) Equity share Foreign Year Company Country Sector (percent) Amount exchange Purchasers 1993 Centro de Acopio Beranzos Bolivia Foodstuffs 100.0 0.0 0.0 Centro de Produccion Trigera 1993 Centro de Acopio Toniina Bolivia Foodstuffs 100.0 0.0 0.0 Sociedad Industrial del Sur 1993 Ingenio Azucarero Guabira Bolivia Sugar 80.0 10.1 0.0 Cane producers/employees/Dev Corp Santa Crtiz 1993 Hacienda Ganadera Saita Martha Bolivia Agribusiness/livestock 100.0 0.0 0.0 Franck Land 1993 Cabana Lechera Todos Santos Paz Bolivia Agribusiniess/livesrock 100.0 0.8 0.0 Sociedad Occidental 1993 Hotel Prefectural de Caranavi Bolivia Tourism/hotels 100.0 0.1 0.0 Eva Esprella de Rojas 1993 Hotel Prefectural de Pando Bolivia Tourisnm/hotels 100.0 0.1 0.0 BolivarTufik Azat 1993 Hotel Prefecrual Liriunii Bolivia Tourism/hotels 100.0 0.0 0.0 Walrer Requena 1993 Hotel Prefectural Tarija Bolivia Tourisimi/hotels 100.0 0.5 0.0 Carlos Becar 1993 Eleven properries of minor value Bolivia .. 100.0 0.2 0.0 Local investor 1993 Acominas Brazil Steel 99.9 598.5 0.5 Mendes Junior Consortium 1993 Ultrafertil Brazil Agricuirttiral supplies/fertilizer 100.0 205.6 0.0 Fosferril/eniployees 1993 Foliolefinas Brazil Agricultural supplies/fertilizer 31.5 87.1 0.0 1993 Copesul Brazil Petrolesim/petrochemicals 10.0 30.5 0.0 1993 Cosipa Brazil Sreel 62.3 369.4 21.7 Consortium led by Brastubo (60%) 1993 Poliolefinas Brazil Petrochemicals 31.5 87.1 4.9 Odebrecht/Unipar/BankAmnerica (4.4%)/Hanover (1.2%) 1993 Companhia Siderurgica Naciotial (CSN) Brazil Steel 81.9 1,285.6 18.0 Grupo Banco Banserindus (1.4% foreign) 1993 Oxiteno Brazil Petroletim/petrocliemicals 15.0 53.9 27.0 Ultraquiniica Consorrium/Dresdnier (8.9%) 1994 Caraiba Brazil Mining 100.0 5.8 0.0 Caraiba Merals 1994 Copesul Brazil Petroleulm/petrochemicals 9.1 32.9 0.0 Local investor 1994 CSN Brazil Steel 8.8 210.3 0.0 1994 Cosipa Brazil Steel 21.3 216.2 0.0 CN 1994 Araferril Brazil Agricultural supplies/fertilizer 33.3 10.8 5.4 Fertisul, Qttimbrasil 1994 Brazilian Perroquimica Uniao(PQU) Brazil Petroleum/peLtochemicals 50.3 287.5 57.5 Unipar 1.1% now holds 30.1%/s, Union Carbide 20%; Polibrasil 20%;emp. 10% 1994 Acrinur Brazil Petroleurm/petrochemicals 17.7 12.1 4.5 Rhodia,Copetse 1994 Ciquine Brazil Petroleum/petrochemicals 31.4 23.7 15.8 Colnepar,Mitsubishi.Nisshoiwai 1994 Coperbo Brazil Petroleum/petrochemicals 23.0 25.9 17.3 Perroflex,Copene 1994 Polialden Brazil Petroleum/petrochemicals 13.6 16.7 11.1 Colnepar,Mirsubishi,Nisshoiwai 1994 P'oliteno Brazil Petroleuim/petrochemicals 24.9 44.9 29.9 Conepar,Suzano,Sumitonmo 1994 Empresa Brasileira de Aeroiiautica(Embraer) Brazil Manufacturing/aircraft 60.4 192.1 59.8 Banico Bozano Simonsen 71% w\uknkow buiyers 1994 Usiminas Brazil Steel 16.2 480.0 372.0 Foreign and local investor 1993 Svoboda Cristal Ltd. Bulgaria Foodstuffs 80.0 4.1 0.0 Bartex Ltd. 1993 Moskvich Avto Bulgaria Manufacturing 100.0 0.8 0.0 Sinir Ltd. 1993 Mesta auto repair Bulgaria Manufacturing 100.0 0.1 0.0 Penkeler-Andrey Peev 1993 Zora-G Ltd. Bulgaria Manufacturing 100.0 0.5 0.0 Jorukov&Co. - Elis D 1993 Boianitza Ltd. Bulgaria Manufacturing 100.0 0.5 0.0 Scorpio Slid Trans Nastev & Co 1993 Nectar Ltd. Bulgaria Food processinig 60.0 1.5 0.0 Draster Commerce Holdinig Ltd. (local) 1993 Odiana Ltd Bulgaria Maniufacturing/textiles 100.0 0.6 0.0 Brod and Companiy (local) 1993 Stomaneni Profili Ltd. Builgaria Manufacturirsg .. 0.2 0.0 Local investor 1993 RazgradAvto ltd. Bulgaria Maniufacturing 100.0 0.2 0.0 Employees 1993 Heber Ltd. Bulgaria Constructioni 100.0 0.1 0.0 Kaltzit Ltd. 1993 Izomar-Granit Ltd., Probuda Bulgaria Construction .. 0.2 0.0 Toxint Co. 1993 Mashelectronproect Ltd. Builgaria Constructioni 100.0 0.2 0.0 Mashproect-Plovdiv Ltd. 1993 Hilti Service Ltd. Bulgaria ConIstruction 100.0 0.2 0.0 Employees 1993 Izomat-Granir Ltd.. Godech Bulgaria Construction .. 0.1 0.0 Saglasic 92 1993 Spirol Workshop #2 Bulgaria Conscruction 100.0 0.6 0.0 Steel-concrete structures and products (local) 1993 Traskomplect Builgaria Constructioni 100.0 0.0 0.0 Transingenering (Table continues on next page.) Table A8.1 0 (continued) (US$ ?nillions) Equity share Foreign Year Company Country Sector (perce7t) Amount exchange Purch/asers 1993 Laktis Lrd. Bulgaria Food processing 100.0 1.1 0.0 Favorit-Laktis lid. 1993 Forruna Ltd Bulgaria Agribusiness 100.0 0.8 0.0 Balkan-agro 1993 Kkarisage-Zagore, incinerator Bulgaria Agribusincss 100.0 0.1 0.0 Dimcbo Gogov 1993 Zagorsko Pile, incubator Bulgaria Agribusiness 100.0 0.1 0.0 Sins Lrd. 1993 Nova Zagora poultry farm Bulgaria Agribuisiness 100.0 0.1 0.0 Tera-Dinko Penev 1993 Hadji Dimitar Ltd. Bulgaria Agribusiness 100.0 1.2 0.0 Emiiployees 1993 supermarket Bulgaria Retail 100.0 0.2 0.0 Mamil Ltd (local) 1993 Tziro-5 Lcd. Bulgaria Services 100.0 1.6 0.0 Razvirie Investtienr Ftind (809)/employees (20%) 1993 Novi Skladove varehouse Bulgaria Services 100.0 (.1 0.0 Sril 1993 Mebeli wareliouse Builgaria Services 100.0 0.1 0.0 Ikar-A. Angelov 1993 Druzba I autio repaiu Bulgaria Services/auto 100.0 0.2 0.0 Avro Vest LLd. 1993 Mesra auto repair Builgaria Services/auro 100.0 0.1 0.0 Ji-Vi Lrd. 1993 Sevlicvo-Avro Ltd. Bulgaria Services/auto 1).0 (.1 )0.0( Mike Ltd. 1993 ZTPB. Plrven-Atiro Builgaria Services/auto 100.0 0.2 0.0 Vladimir I ukauuov 1993 Exprcss auto repair Bulgaria Services/auto 100.0 0.2 0.( ETA autu repair stationi Ltd. 1993 Dabrava warehouse Btilgaria Services 100.0 0.1 0.0 Brairdoon Trade Ltd. 1993 Avtotechnica Piriti, auto shop Bulgaria Services .. 0.1 (.0 Local investor 1993 Svishrov Avto Ltd. Builgaria Services 100.0 0.1 0.0 Eiuiployees 1993 Vihreni auto repair Bulgaria Services/auto 100.0 0.2 0.0 Employees 1993 AvrorechniLa Pirin, builditigs Bulgaria Services 100.0 0.2 0.0 Employees 1993 Druzba Avto Bulgaria Scrvices 100.0 0.S 0.0 Employees 1993 lztok-Avto Bulgaria Services 100.0 0.3 0.0 Fmployees 1993 Predel auto repair Bulgaria Scrvices/aulto 100.0 0.1 0.0 Employees 1993 Karlovo Avto Bulgaria Services 100.0 0.0 0.0 Employees 1993 Pelven Auto Bulgaria Services/auito .. 0.( 0.0 Eskustrans 1993 Jaiimbol Auto Ltd Bulgaria Services/auto .. 0.0 0.0 l ocal investor 1993 Pirin Bulgaria Services .. 0.0 0.( Emiiployees 1993 Vaia-fodder Ltd Bulgaria Services .. 0.3 (.0 Zeleniika 1993 Dabrava Ltd Bulgaria Warehouise .. 0.0 0.0 S. Jankov 1993 Tzarevitzni Producti Lrd. Bulgaria Foodstuffs 100.0 24.7 20.0 Amylumi (Bel.81I.o)/ULnited Bulgarian Bank (19%) 1993 Republika Bulgaria Foodstuffs 80.0 2.0 2.0 Kraft General Foods ltd. (LIS) 1993 Briz Bulgaria Manufacturing 80.0 0.1 .. BrizlD Ltd. 1994 PAAS Ltd. Bulgaria Transportarion 100.( 0.1 0.0 Employees 1994 Sevlievo Auitotranlsport l.rd. Bulgaria Transportation 80.0 0.5 (.0 Buildeg Ltd. 1994 Proler Bulgaria Industry 100.0 0.2 0.0 Prolet Ltd. 1994 Bulgarikum l td. Bulgaria Industry 100.0 0.8 0.0 Alom Ltd. 1994 Simestot Ltd. Btilgaria Industry 100.0 0.1 0.0 Bcdson Ltd. 1994 Godman 91 Ltd. Bulgaria Indusrry 100.0 0.1 ().0 Valdim Export Import 1994 Diampolis Pivo Btilgaria Industry 100.0 0.2 0.0 Gloria-SP 1994 Progress Ltd. Bulgaria Indusrrv 100.0 () I 0.0 SP Maia-Marin 1994 Dobriidganski Plod ltd. Btilgaria Industry 80.0 0.1 0.0 SP Detelina-90 1994 PFuap JSC Bulgaria Indusrrv 80.0 (.9 0.0 Polichrout-Bulgaria 1994 PsirSC Btilgaria Industrm 100.0 0.3 0.0 GEBO-92)SC 1994 Mlekozavod Ltd. Bulgaria Inidustry 100.0 0.5 0.0 Muilrex Ltd. 1994 Balkanmes SC Btilgaria Industry 100.0 0.0 0.0 Balkanmes l.td. 1994 Henius td. Bulgaria Inidusrry 100.0 0.3 0.0 SP V Datichev-MD-Furiiace-Bitildinig; SP Fuirniacc-Building-Jordan Vasil 1994 Ecology and lechnology Ltd. Builgaria Industry 100.0 0.1 0.0 VI Vesra Metal JSC 1994 Mesokombinat Ltd. Bulgaria Industry 100.0 0.3 0.0 Manageniueiur (Table continues on next page.) Table A8.1 0 (continued) (US$ millions) Equity share Foreign Year Company Country Sector (percent) Amount exclhange Purchasers 1994 ZMM-PIZ POMONA GAPS Ld. Builgaria Industry 88.9 0.1 0.0 Managemenit 1994 Mesokombinat-Elena Ltd. Bulgaria Indusrrv 75.0 0.2 0.0 Maniagement 1994 Delta lrd. Bulgaria Industry 80.0 0.4 0.0 SP Avko Group 1994 Meralik Ltd. Bulgaria Induistry 80.0 1.5 0.0 SI' NV-Special Valenrin Karamanov. Rapira Ltd 1994 Sredna Gora )SC Bulgaria Industry 80.0 0.7 0.0 Srenda Gora-Invest 1994 Elektron Universe Ltd. Bulgaria Manuifacturing 100.0 1.1 0.0 Electroninvest ltd. 1994 lzomargranit Ltd. Btilgaria Manufactuiring .. 0.1 0.0 Vesan Keramika Ltd. 1994 Atitokoniiplex 90 Ltd. Bulgaria .. 100.0 0.1 0.0 A.V.G.-94 1994 Clsinimport Bulgaria Chemicals 59.0 7.0 0.0 1994 Gazobeton Ltd. Bulgaria Cement 100.0 3.2 3.2 YTONG Holding(Gernaany) 1994 Komdor Lrd. Bulgaria Coristrucrion 101).0 0.1 0.0 Fmplovecs 1994 Beroniitelekr Ltd. Bulgaria Construction 100.0 0.1 0.0 Eiisployees 1994 SC Poligraphic Works Diniitar Blagoev Builgaria .. 100.0 0.6 0.0 168 Hours Ltd 1994 Kembarow Ltd. Bulgaria .. 80.0 0.2 0.0 GP MM -5 Krasimir Mihailov & Partners 1994 HimimportjSC Bulgaria .. 58.7 7.1 0.0 Himinsport-Invest 1994 Menada Vinprom JSC Bulgaria .. 70.0 1.5 0.0 GP Siarov Brotlsers 1994 Dervenr Ltd. Bulgaria .. 100.0 1.9 0.0 Dervent 94 Ltd. 1994 Alexanider Dimirrov Ltd. Bulgaria .. 79.0 0.4 0.0 MM-5 1994 AmforaLtd.-Dragoman Bulgaria .. 100.0 1.9 0.0 Amfora 94 Ltd. 1994 Bulgarreklama Ltd. Bulgaria .. 80.( 0.8 0.0 Bulgatreklanma 94 JSC 1994 Knigorazprostranenie Bulgaria .. 100.0 1.0 0.0 BurrJSC t 1994 Ruen Ltd. Bulgaria .. 80.0 0.1 0.0 Local investor D 1994 Harpun93 Ltd. Bulgaria .. 100.0 0.1 0.0 Employees 1994 SC Kvarzkomers Bulgaria .. 100.0 0.3 0.0 Employees 1994 Ekarisage Zagore Bulgaria .. 100.0 0.1 0.0 Ekarisage Zagore Ltd. 1994 Stopansrvo Bulgaria .. 100.0 0.1 0.0 Starbar Bulgaria ltd. 1994 Salvelinus Ltd. Bulgaria .. 100.0 0.1 0.0 Salvelinius-Sariev 1994 Bulgarzver-Plovdin Ltd. Bulgaria .. 54.0 0.4 0.0 Balkanfrut Ltd. 1994 Power Engineering-Jambol JSC Bulgaria .. 90.0 0.1 0.0 ELmployees 1994 Warehouse Base-Pleven Bulgaria Services 100.0 0.1 0.0 SF Karabulev 1')94 Sri] Lrd. Bulgaria .. 100.0 0.3 0.0 Local investor 1994 Sugen Ltd Bulgaria Agribusiness 100.0 0.0 0.0 GPAgropromstroi-BD& Partners 1994 Augusta Ltd. Bulgaria Agribuisiness 100.0 0.0 0.0 GI'Agropromstroi-BD &Partners 1994 Agromes Ltd. Bulgaria Agribusiness 100.0 0.0 0.0 GC Agropromsrroi-BD & Partners 1994 Agroproingenering Ltd. Bulgaria Agribuisiness 80.0 2.6 0.0 The Economic Bank 1994 Pig-Breeding Complex-Stojer BUmlgaria Agribusiness 100.0 0.1 0.0 SF Kasel 1994 Pig-Breeding Complex-Aprilrzi Bulgaria Agribuisiness 100.0 0.1 0.0 Tera Comers 1994 Beseparski Halmove Builgaria Agribusiness 80.0 0.0 0.0 Pig-Pazardiik 1994 Poltry-Breeding Comnplex-Nova Zagora Bulgaria Agribusiness 100.0 0.1 0.0 Kamea-Menteslh 1994 Agrupromdeini-Kavarzire Ltd. Bulgaria Agribusiness 100.0 0.1 0.0 Evrogroup Ltd. 1994 Rakovitza Bulgaria Agribusiness .. 0.1 0.0 SiuitJSC 1994 Semnena-Dobrich Itd. Bulgaria Agribusiness 100.0 1.0 0.0 Evroenergi Holding Ltd. 1994 Provinii Ltd. Bulgaria Agribusiness 100.0 0.3 0.0 ensployees 1994 Fodder Enterprise Ltd. Bulgaria Agribusiness 100.0 0.3 0.0 Bon Marin Ltd. 1994 Skarvana Ltd. Bulgaria Agribusiness 100.0 0.6 0.0 Furagi-PravetzJSC & Agrovil 1994 Frakia-Agro Bulgaria Agribusiness 100.0 1.1 0.0 Trakia Argo 1994 Klokotnitza Lrd. Bulgaria Agribusiness 100.0 0.8 0.0 Sasiro-Comers Ltd. 1994 Workshop No. 9 Bulgaria Services .. 0.0 0.0 Simak-Industrial (Table continues on next page.) Table A8.10 (continued) (US$ millions) Equity share Foreign Year Company Country Sector (percent) Amount exchange Purchasers 1994 InterturimpcxjSC Bulgaria Tourism 100.0 0.2 0.0 Mulrimex(91%); employees(9%) 1994 Kamengrad Ltd Bulgaria Tourism 100.0 0.1 0.0 Asarel-MedetJSC 1994 Turistreklatiia Bulgaria Tourism I100.0 0.1 0.0 Employees 1994 Grand Hotel VarnaJSC Bulgaria Tourism/hotels 62.0 11.9 0.0 Multigroup BulgariaJSC Holdinig; BalkanbankJSC 1994 Sliumen Auto Bulgaria Trade 100.0 0.5 (.0 Morotechnica-Shuimen 1994 Orbira Bulgaria Trade 100.0 0.2 0.0 Kaspi JSC 1994 Rodopaimpex Bulgaria Trade 100.0 0.4 0.0 Rodexim Ltd. 1994 Supermarkets Ltd. No.23 Bulgaria Retail 100.0 0.1 0.0 SP SIM 1994 Supermarkets Ltd. No.2 Bulgaria Retail 10().0 0.2 0.0 Kargoexpress-Nedelchev, Dimitrov 1994 Supermarkets Ltd. No.45 Bulgaria Retail 100.0 0.1 0.0 Kargoexpress-Nedelchev. Dimitrov 1994 SupermarkersI td. No.30 Bu1lgaria Rerail 100.0 0.1 0.0 Kargoexpress-Nedelchev, Dimitrov 1994 Supermarkets Ltd. No.103 Bulgaria Retail 100.0 0.1 0.0 Kargoexpress-Nedelchev. Dimirrov 1994 Supermarkets I td. No.77 Btlgaria Rerail 100.0 0.1 0.0 Kargoexpress-Nedelchev, Dinsitrov 1994 Superniarkers Ltd. No.9 Bulgaria Retail 100.0 0.3 0.0 Kargoexpress-Nedelchev. Dimitrov 1994 Warehouse Builgaria Services .. 0.1 0.0 Tobi Ltd. 1994 A Shippinig Agency Bulgaria Scrviccs 80.0 0.2 0.0 TCK 94 Ltd. 1994 Verhok ltd. Builgaria Services 8(.0 0.1 0.0 VerhokA Ltd. 1994 Supermarkets Ltd. No.25 Bulgaria Trade/rctail 100.0 0.1 0.0 Deroni Ltd. 1994 Supermarkets Ltd. No.7 Bulgaria Trade/retail 100.0 0.1 0.0 KEA Ltd 1994 I'P I lsproektJSC Bulgaria Communications 100.0 0.2 0.0 Terra Olympic 1994 Atito Repair Service & Trade Cenrer Bulgaria Service/trade .. 0.4 0.0 Eniployees * 1994 Workshop Varslctz Bulgaria Services (00.0 0.0 0.0 SPlovi-lovkaGoranova ,C 1994 Workshop No.7 KaruLnirza Bulgaria Services .. 0.1 0.0 GP Helius-Plovdiv 1994 Expressprockt Bulgaria Services 100.0 0.1 0.0 Constrtiction Hotise-Chonkov 1994 Atiro-Repair Station Bulgaria Services/auto 100.0 0.3 0.0 Auto-Rcpair Statiois 1994 Auto Repair Station IUG Bulgaria Services/auto 100.0 0.1 0.0 SP Ivan Ivanov 1994 Aulrorepair Seation-Drianovo Bulgaria Services/auto 100.0 0.1 0.0 SP Boriatia-Saba Cliristova 1994 Auto-Repair Suation Druiba Bulgaria Services/auto 11(0.0 0.2 0.0 GC Stoichevi 5765 19914 Atiro Repair Sration-Targovishre Bulgaria Services/auto 100.0 0.1 0.0 Rebus Traits Auto Ltd. 1994 Popova-Auto Ltd. Bulgaria Services/auto 10)0.0 0.1 0.0 SP Jan-21 1994 SC Trakia-Auto Bulgaria Services/auto 100.0 0.1 0.0 Trakia 1994 Auto Repair Station-Vidin Bulgaria Services/auto I(1(.0 (0.1 0.0 KCrisri Ltd. 1994 Auto Repair Srarion-Drujba Bulgaria Services/auto 100.0 0.1 0.0 Avrovest 1994 Auto Repair Station Drujba Bulgaria Services/atuo 101.0 0.3 0.0 employees 1994 Autorepair Station Express Ltd. Bulgaria Services/auto 100.0 0.1 0.0 Autorepair-Station Express 1994 Auto-Base Bulgaria Services/atiro .. 0.3 0.0 Buts LSC 1994 Repair Shop-Agricultural Machinery-Haskovo Bulgaria Services/uitacliuicry 100.0 0.2 0.0 Trakia Comers 1994 Warehouse Base No.4, Russe Btilgaria Real esrate 100.0 0.1 0.0 Sp Ivan Petrov Minev 1994 Building-Dimitrovgrad Bulgaria Real estate 100.0 0.1 0.0 SP Burgelov-lnko Burgelov 1994 Building-Dimitrovgrad BuIlgaria Real estate 100.0 0.1 0.0 Burgelov 1994 Galus Ltd.-21 buildings Bulgaria Rcal estate .. 0.2 0.0 Peev-Start 90 1994 AC Konsult-Biiilding-Trolan Builgaria Real esrare .. 0.0 0.0 AC Konsult Ltd. 1994 Buildinig Bulgaria Rcal estate .. 0.6 0.0 First Private Bank JSC 1994 Somat JSC BUlgaria Transporration 55.0 55.0 55.0 Internarionale Spedition Willi Betz GibH & CoKG 1994 ZagorkaJSC Bulgaria Brewery 80.0 21.7 21.7 Breswinvest S/A(Greece) 1994 SH.Z.I. Btilgaria Food processing 90.0 2.5 2.3 Nestle S.A. Switzerland (76%); nianagemient(l4%) 1994 Hidroprobivisa lechiiika Ltd. Bulgaria Maiiufacturitig 97.0 0.4 0.4 Breakers A/S(Denmark) 1994 Eskos Dograma Ltd. Btilgaria Manuifacrtring 80.0 0.5 0.5 Gibu ltd. (Table continues on next page.) Table A8.10 (continued) (US$m snillions) Equity s/trae Foreigs Year Comspany CountryJ Sector (percent) Amozun exchnllge Pur-chasers 1994 Vamo Detached Parts Btilgaria Maoufacturitg/.LuMo parts 100.0 1.4 1.4 Roscr-Bulgaria 1994 Sikonko JSC Bulgaria .. 100.0 1.4 1.3 Siberia Ltd(92.550); ciitplozc.s(175"s) 1994 SC Pi-Breedinig Coniiplc Karapelit Bulgaria Agribusincss 1)0.0( 0.1 0.0 Eltcx Ltd.: F\roshn Lrd. 1994 Vitosha Hotel Bulgaria Touirisn/hotels 80.0 1.2 1.2 Mr. Zografski 19'93 SIRIJCO Burundi . 51.0 0.3 0.0 1993 Entreprise de Con,nerce at de Discributio,t Burundi Trade 100.0 1.6 0.1) 1993 Empresa de Obras Saltiiarias de Valparaiso S.A. Chile Ssiiailtiotl .. 50.0 0.0 Aguas Qtminra S.A. 1993 El Abra copper mine Chile Mining 51.0 0.)) 011 Cyprus Mi,tcrals Co. (US)/Lac Minerals (Carn) 1993 Enmpresa Electrica Colbun Machictira S.A. Chile Power utilirt 5.0 21.0 Investors 1993 7ona Franca de lqtique. S.A. Chile Services 51.0 3'.8 .. InVestors 1 99a4 Liniea Arca Naciottzl Cliilc Trttttportarion/airlhineS 23.8 10. 0-.0 Sociedad de Inersiottes Costa \cide 1994 Colbuin Chile Power urilin' 5.0 20.1 0 Companiia geitcral dc Elctrricidad Industrial 1994 Edemuor Chile Powver utility 30.0 86.i 0.0 SEI Chile S.A. 59-h'; ntinorirn shateholdels 9'1s 1994 Valdivia Chile Sanitary serices 100.0 10.5 0.)) Consorcio Aguas Dccinma SA 1994 Enmperai Chile Tratnsportation 9.( 1993 Shanghai Porr Co ntainer Comiiplex China Ports/porrt facilities 50.0 108(0. 180.(0 lutchisot Wliaitpoa Ltd 1993 Chitia-Fuzhou Bresverv Chisia Bresvery 100.0 3Y.3 37.3 Tee Yih Jia Food 1993 Gtiangxi Yichai Machinery Co. (GYMI) Chinsl Manufactucet 5 1.0 52.0 52.)) Hoig Leotig GrouIp 1993 Glass-cotitaiter plants Chitia Manufacttiring/glass .0.0 1 87.5 1 87. BTR Nvlex 1993 UJpjohn SLizhou PharmnacCuical Co. China Chemicals .. 30.0 30.0 Upiolit( Co. (US) 1993 Shetieltici Gintian Industry Co. Cliitta Real esrare 27.5 54.6 54.6 Investors I 1993 Otirer Gaoqiao Free liade Zoitc China Real estaLe 11.6 60.o 60.0 Ittvcstors ° 1993 Sltcatelett Vanke Ctiita Real estare .. 63.6 63.6 Invesrors 1993 Chiwan \Varf I lolditigs China lot ts/port facilitics 1 2.9 15.2 1 S.2 lItvcstors 1993 Zltao Shang Harhottr Service Cliita Ports/porr facilities .. 21.7 21. Investors 1993 Shekotn Containet ler1 ittal China lorts/port facilities 23.8 2'1.0 29.0 P&O Steam/Swire Pacihc 1993 FIlTA Holdings Cl[itla NlanfaCttrLirinig 24.6 7'.0 Foreign invescots 1993 Shenzhen Yili Minieral Watcr loiut Stock Co. I rd China Beverages .. 8.1 8.1 Foreign investors 1993 Sltettzhen Telliis Machinerv and Electrionics Co. Ltd China Manufacturing 12.0 10.8 10.8 Foreign investots 1993 Shanghai Sannsao lextilc China Mlanufacturitg/textiles .. 1.0 17.0 Foreign investors 1993 Sltatighai lian Htia Fibre China Mantifacttiring/rextiles . -.3 17.3 Foreign investors 1993 Shanghai Hero China Maniufacturiig .. 23.0 23.0 Foreign investors 1993 Beiren Printing Machinery China Manufacturer .. 27.( 27.)) Foreign inivestors 1993 Shanghai Refrigcrator Compressor Chinia Maniufacturing .. 29.4 29.4 Foreign invesrors 1993 Shanghai Forever Bicycle Conmpany China Manufacturer 26.0 32.0 32.0 Foreigni iivcstors 1993 Shanghai Haixiat Company Limited China Mattufacturing/texriles .. 36.8 36.8 Foreign investors 1993 Denway Invesrnment China Manufacturing/autos .. 51.9 52.0 Foreigit inivestors 1993 Phoetiix Bicycle (lo. Chinia Manufacturing 28.4 60.7 60.7 Foreign investors 1993 Tsann Ksmen China Electronics .. I(IS.)) 105.0 Foreigit investors 1993 Shanighai Yao Hua Pilkington Glass Conspany Chitia Manufactttring/glass .. 108.0 108.0 Foreign investors 1993 Yizhen Fibre China Manufacturiug/LcxtilCs .. 319.5 319.5 Foreigin itvestors 1993 'Isinigtao Chlna Brewery 55.6 115.0 115.0 Anheuser-BtUsch (5%) 1993 Ktinming Machine Tool I'lanit China Machine tools .. 18.1 18.1 Forcigilt itvestors 1993 Guanigzhou Shipyard Internarional Chliita Ship building 42.7 39.2 39.2 Foreign investors 1993 Shanghai [liesel Engine China Machinery .. 78.4 78.4 Foreigit investors 1993 Maanishani Iron and Steel Company Chinia Steel 27.0 585.0 585.0 Foreign investors 1993 Zhtihai Special Econonsic Zone Lizhlu Pharm. Group Inc China Pharniaceuticals .. 15.9 15.9 Foreigit iivestors 1993 Shanighiai Petrochemical Chlitia Petrochemicals 30.0 342.0 342.0 Foreign investors (Table c ontinutes on next page.) TaW. AS. 10 (continued) (US$ millions) Equaiey share Foreign Year Company Country Sector (percent) Amount exchange Purchasers 1993 Shanghai Daiiang (Group) Scock Company Chinsia Agricultural enterprisc 7.0 20.0 20.0 Foreign investrors 1993 Shaigliai Jin iang Tower China Tourisiii/horels .. 51.3 51.3 Foreigii inivestors 1994 Shanghai Hai Xing Shippinig Co. Chinia Shipping 44.o 204.0 204.0 Foreign investor 1994 Chenigdu 'felecommunicarions Cable Co. China Telccoiiistiunicarions 40.0 57.9 57.9 Foreigi insescor 1994 Huaneng Power Interinationial Inc. Chiiia Power LitilirV 25.0 625.0 625.0 Foreign investor 1994 China First Pencil Co. China Maniufacturing . 7.6 7.6 Foreigin inivestor 1994 Shanghai Shangling Electric Appliances Co. Ltd. Chinia sManufacrturing .. 52.5 52.5 Foreign investor 1994 Shaigliai Steel Tube Co. Lrd China Manufacturing .. 31.8 31.8 Foreign investor 1994 Shanghai Automation Inistrumiientation Chinia Manufacturing . 17.4 17.4 Foreign investor 1994 Shanghai Posts & Telecommtinications Equipineist China Mfanufacturinig .. 23.8 23.8 Foreign iiivcstor 1994 Harbin Power Equipmetit Chinia Manufactuiring 37.7 156.6 156.6 Foreign investor 1994 Dongfang Electrical Machinery Co. China Manufacturing/electrical .. 62.3 62.3 Foreign invcstor 1994 Luovand Glass Co. Chinia Manm.acrtiring/glass 380 11.9 11>9 Foreign invesror 1994 Yieihcnig Clhemical Fibre Co. I rd. China Chemiiicals 29.4 308.1 3108.1 Foreign iivestol 1994 Tainjin Bohai Chemical Iidustrv Chinia Chemicals . 52.8 52.8 Foreign investor 1994 Zheniai Refining & Chemicals Co. Lid. China Chemiiicals 25.1) 156.8 156.8 Fireign inivesoi 1994 Zhenhai Refining & Chcimiicals China Chemicals 185.0 185.0 Foreign investor 1994 Huaxiti Cement Co. China CemciiLt .. 20.2 20.2 Foreign iiivestoi 1994 Shanghai Material Tradiig Ceistre Co. Ltd. Clsiiia Service . 12.9 12.9 Foreign invesror 1994 Shanghai Lujiazui Finance &Trade Ziine China Service .. 133.6 133.6 Foreign inxcstor 1993 Corporacion Financiera de Desariollo Coloitibia Financial services 16.0 4.1 0.0 Local investor 1993 Tolima-Fatcxtol (Fabrica de Textiles de Tolitiia) Colonmbia Manufacturiitg/clothing 1(6.0 07 0.) Corporacioi Fiianiciera de lesarrolln 1993 Terpel de la Sabana Colomiibia Perrolerim/perrochemicals 40.0 6.) 1993 Banco dc Coloisabia Colombia Financial scrvices/banking 100.0 380.0 247.0 Giliski group 75$° international financiers; 13.729o cnisplovees 1994 Banco Popuilar Coloimbia Financial services/hankinig 93.0 .. 0.0 Managemenr-emplovee huout: 1994 C.l. Frigopcsca S A. Colombia AgriiindustLF 47.4 1994 Banco Corpavi Ctlonibia Financial services/banking 23.8 170.0 1P0.0 1993 Cementos del Pacifico SA (Posta Rica Ceinelit 11)0.0 10.0 0.0 local investor anid eiiplosvees 1994 Fertilizers of Central America Costa Rica Ferrilizer 100.0 2 0.0 30% company employees; otlicr local investor 1994 Cements of the Pacific (CEMPASA) Costa Rica Cement 100.0 25.1 0.0 306 ciompallt cnliplos'ees: other local investor 1993 Cosmivoire C6re d'lvoirc Consumer goods/cosnieiics 13.2 0.3 0.0 Hatier (40o,), HMH (Can,9 'Ps 1993 Capral/Nestlc Cote d Ivoire Consumer goods 7 n 2.9 0.0 Saur, EDF (Frcilih) 1993 Novalim/Nesrle Ctie dIlvuire Consumer goods 7.8 2.0 2.0 Hacherre, EDICEF, CEC 1994 SICOR Cote d Ivoire Agribusiiicss 51.0 2.1 0.0 Local investor 1994 Fiultisac C/^te d'lvoire P'ackaging Marerial 22.0 1.6 0.5 Local investor; IFC: AKFED:Proparco 1994 Saph C6re d'1voire Industrv 45.0 9.8 0.0 Local investor 1993 'fehnoplin Croatia Cheniicals 60.0 3.5 3.5 Messer Greisheim (Germany) 1993 Motntkernija Croatia Chemicals 60.0 20.6 20.6 Messer Greislicitn IGet nsanyl 1994 Emtel Ctiba Cuba 'felecommtinications 49.0 706.0 706.0 FIoreign investor 1993 Aero Praha Czech Rep. Aerospace 34.0 17.4 0.0 Investnici Bank 1993 CKD Blansko Czech Rep. Machine tools 57.0 19.4 0.0 Strojirnv a Slevarnv 1993 Pragolaktos Czech Rep. Agricultural enttcrprise 51.0 0.0 0.0 Slanska Mlekarita 1993 IPrague Airport Czech Rep. Aiiporr 49.0 22.0 22.0 PIADC, 32% foreign 1993 Skoda Plzcm Czech Rep. Manufacturitg 20.0 19.4 19.4 Nero 1993 Zl'A elecrro-mechanical producuiott division Czech Rep. Manufactttring/elecr-onics 100 0 1.3 1.3 Siciusens 1993 Jemca Czech Rep. Foodstuffs 67.0 5.1 5.1 OTG Ostfriesiscltc Tee 1993 Likerka Boskov Czech Rep. Brewery 51.0 8.6 8.6 Stock 'riest 1993 ZPA producrioti-relay division Czech Rep. Manufacturitsg/electronics 100.0 13.1 13.1 Asea Brown Boveri (1able continues on next page.) Table A8.1 0 (continued) (US$ millions) Equity share Foreign Year Company Country Sector (percent) Amount exchange Purchasers 1993 EJF Brno Czech Rep. Maniufacturing/electronics 100.0 17.9 17.9 ksea Browis Boveri 1993 Pragtie Breweries Czech Rep. Brewery 34.0 13.6 13.6 Bass (UK) 1993 TAE Benesov Czech Rep. Maniufacturing/electronics 97.0 0.7 0.7 TRW 1993 Dacicke Stroiirny (DAS) Czech Rep. Manufacturing 92.0 9.6 9.6 FRW 1993 Autopal NovyJicin Czech Rep. Car components 100.0 64.7 64.7 Ford 1993 Zelezarny Vamberk Czech Rep. Mantifacttiring/electronics 100.0 26.0 .. ESAB 1993 Tesla Pardubice Czech Rep. Manufacturing/electronics 100.0 26.5 .. HTT-RDP 1993 Karosa Czech Rep. Manufacrtiring/autos 34.0 7.0 7.0 Renault 1993 Poldi Kladiiok Czech Rep. Steel 66.0 62.7 62.7 Bohemia Art 1993 Leciva Czech Rep. Pharmaceutiicals 100.0 30.0 30.0 Ferring BV 1993 Koratiio Kolin Czech Rep. Chemicals 79.0 25.9 0.0 Chemapul/lnsesticni BankalAgrobank 1993 Silnice Czech Rep. Construiction 67.0 9.9 9.9 Strabag Osrerreich 1993 Tabak Kutna Hora Czech Rep. Tobacco 35.0 121.8 121.8 Philip Morris 1993 Bohemia Dulni Czech Rep. Mining 80.0 0.1 0.1 Royalstar Resotirces 1993 North Moravian Supermarket Chain Czech Rep. Retail 100.0 10.0 10.0 Koninklijke Ahold 1993 Porraviny Brno Czech Rep. Rerail 100.0 10.0 10.0 KoninklijkeAhold 1993 Pranien Ostrava Czech Rep. Retail 100.0 10.0 10.0 Koninklijke Ahold 1993 Sourh Moravian SupernsarkeL Chain Czech Rep. Retail 100.0 10.0 10.0 KoninklijkeAhold 1993 Cheming Czech Rep. Services/enigineering 100.0 1.7 1.7 Tractebel 1993 Obalex Czech Rep. Printing/packaging 51.0 5.8 5.8 Ferembal 1993 Sfinx Czech Rep. Printing/packaging 100.0 10.0 10.0 Royal Packaging Van Leer 1993 Skoda Energo Czech Rep. Services/engineering .. 21.3 21.3 SiensensAG (51%) 1993 CNTS Czech Rep. Media/TV Stations 66.0 43.6 .. CEDC 1994 SCVK Czech Rep. Financial services/banking 20.0 7.0 1994 Skoda Czech Rep. Manufacturing/autos .. .. VW allowed to increase its stake to 60% from 31% 1994 Plzenske Prazdroj Czech Rep. Brewery 1993 Cemenito Nacional Ecuador Cement 1.0 0.8 0.0 Local investor 1994 Bolsa de Valores de Guayaquil Ecuador Financial services .. 0.3 0.0 1994 Bolsa de Valores de Quito Ecuador Financial services .. 0.3 0.0 1994 Parque Industrial Cuenca Ecuador Industrial complex .. 0.2 0.0 Grupo Orellana 1994 Cemeniros SelvaAlegre Ecuador Cement 51.0 40.0 .. Finlatam 1994 Azucarera Tropical Atnericanaa Ecuador Sugar 94.4 0.1 0.0 Grupo Isaias (LFinance) 1994 Hotel Colon Ecuador Tourism/hotel .. 0.0 0.0 1994 Ferrisa Ecuador Fertilizer 100.0 0.9 0.0 Grupo Wong; local investor 1994 La Cemento Nacional Ecuador Cement 100.0 53.8 53.8 Foreign investor 1993 Commercial International Bank Egypt Financial services/banking 27.0 116.0 116.0 Investors 1993 Commercial International Bank Egypt Financial services/banking 27.0 116.0 27.8 IFC (4%)/Arab Investment Co. (Saudi Arabia) (3%) 1993 El Nasar Bottling Co. Egypt Beverage produce 100.0 94.0 0.0 Mak (linked to Coca Cola Inti) 1993 Croccodile Tourist Project Co. (Jolie Ville Luxor) Egypt Tourism/travel agency .. 0.5 0.5 Foreign investors 1993 Abu Kir Ferrilizer & Chemical Company Egypt Chemicals .. 0.1 1993 Suez Cement Company (SCC) Egypt Cement . 0.5 1993 Khopho Center Co. Egypt .. .. 0.6 1994 Egyptian Bottling Co. Egypt Food processing .. 46.0 0.0 Investors 1994 El Nasar Boiler Egypt Manufacturing 100.0 17.0 0.0 Investors 1994 Torah Portland Cement Company Egypt Cement .. 30.0 0.0 1994 Ameriya Cement Egypt Cement 10.0 16.0 0.0 1994 Cairo Sheraton Hotel Egypt Tourism/hotels 87.0 70.0 70.0 Arab Investment Company for Tourism Development 1993 RAS VGT Estonia .. 100.0 0.1 0.0 EVGT (Table continues on next page.) Table A8.10 (continued) (US$ millions) Equity share Foreign Year Company Country Sector (percent) Amount exchange Purchasers 1993 Ras Kiviter K-Jarve Lammastikvaetise Tootmine Estonia Gas .. 0.0 0.0 Gazprom Lenrransgaz a (Russia) 1993 RAS Volta Estonia Power utility .. 0.1 0.0 Masi as 1993 RE Energomonraaz Estonia Power utility 100.0 0.1 0.0 Monteerija as 1993 RAS JarvakandiTehased Estonia Manufacturing .. 0.2 0.2 Noonmakku/Riihimaen/Lasi Oy/Riihimaki (all Finland) 1993 RAS Klementi Estonia Manufacturing/textiles 20.0 0.9 0.3 Eesti Helkarna Auro as/Elina as/Zigmund as (Sweden) 1993 RAS Konimuiaar Estoania Manufacturing/footwear .. 0.1 0.0 GMPP Disain/Kington as/Polaria as/Reester as 1993 RAS Mistra Esronia Manufacturing 100.0 0.4 0.0 Mivar as/Mistra MET 1993 RAS Noorus Estonia Manufacturing 100.0 0.1 0.0 PNP 1993 RAS Parnu Mersaroostus Estonia Timber 100.0 1.8 0.0 Esimeks as 1993 RAS Pohjala Estonia .. 100.0 0.1 0.0 Kuldkumm 1993 RAS Sangar Estonia Maniufacturing/clothing .. 0.6 0.0 SangarSTC 1993 RAS Saigar Elva Estonia Manuifacturing/textiles 100.0 0.1 0.1 AB Stenstroms Skjorrfabrik (Sweden) 1993 RAS Sorke Estonia Maisufacturing 100.0 0.3 0.0 Santi as 1993 RAS Sulev Estonia Manufacturing 100.0 0.4 0.0 Sule 1993 RAS Suva Estonia Maniufacturing 100.0 0.8 0.0 Sukkrokk 1993 RAS Telhnoprojekt Estonia Manufacturing .. 0.1 0.0 Ergon as 1993 PAS Tondi Elektroonika Estonia Manufacturing/electronics .. 0.1 0.0 TTKAvers 1993 RAS Valga Moobel Estonia Manufacturing/furniLure 100.0 0.4 0.4 Gomab Mobel AB (Ger) 1993 RAS Valumehaanika Estonia Manufacturing 100.0 0.1 0.0 Valumalm as 1993 RETartu Leivakombinaar Estonia Food processing/bakery 100.0 2.2 0.0 Pere Leib as 1993 RETVMK Estonia Manufacturing/furnirure 100.0 4.1 0.0 Marlekoras 1993 RAS Masinatehas Estonia Manufacturing/machinery 100.0 0.4 0.0 Sif-D as 1993 RAS Polumeer Esronia Chemicals .. 0.8 0.0 PSS-Projekt as 1993 RAS Wendre Estonia Services 100.0 0.3 0.0 Vely & Co as 1993 RE Auto VAZ Estonia Services 100.0 0.2 0.0 Transoil Services/Aviko/Universal Service/Auto Conisierts 1993 RAS Leibur Estonia Food processing/bakery 100.0 5.3 5.3 Offero as (Finland) 1993 AS Kohrla-Jarve Leivateha Estoniia Foodstuffs 100.0 1.1 0.0 Jarle as 1993 As Mistra Aurex Estonia Manufacturing 100.0 0.4 0.0 Asma/Hydnum Oy 1993 Painkula Tarkilisetehas Estoniia Food processing 100.0 0.3 0.3 Pepsico Food International 1993 RAS Ilmarine Esronia Manufacturing/machinery .. 0.1 0.1 Ilmera-Bergemann (Ger) 1993 RAS Flora Estonia Chemicals 100.0 3.4 0.0 Flora Lit as 1993 Ajakiranduslevi Tallinna agentuur Estonia Services .. 0.2 0.0 Postimees/Cronoes/Levileht 1993 Eesti Kutus Voru EK Estonia Services .. 0.3 0.0 LMRA 1993 RAS Areng Esaonia Services/consulting 100.0 0.1 0.0 MTP as/Oteks as 1994 VE Raudval Esonia Transportation/railroads 100.0 0.3 0.0 Radlik 1994 RAS PolrsarnaaAutobaas Esronia Transportation 100.0 0.1 0.0 Astra 1994 RAS Rakvere ATP Estonia Transportation 100.0 0.1 0.0 Rakvene Buss 1994 RAS Raklvere Autobaas Estonia Transportation .. 0.1 0.0 Rakvere Autobaas 1994 RAS Reka Estonia Transportation 100.0 0.2 0.0 Rehaku 1994 RAS Viliandi ATP Estonia Transportation 51.0 0.2 0.0 Maur 1994 Paide Piimakombinaadi Jarva-Jaani Estonia Food processing 100.0 0.1 0.0 Jarva-Jaani Piimandusuhistu 1994 Rapla Piimatoostuce Estonia Food processing 100.0 0.4 0.0 Uhistu Rapla Piim 1994 RAS Cibus Estonia Food processing 66.6 0.8 0.0 Parnu Leib 1994 RAS Haapsalu Leivatehas Estonia Food processing 65.7 0.1 0.0 Alfred Schledorn 1994 RAS Narva Leib Estonia Food processing 100.0 0.7 0.0 Lenar 1994 RAS Paide Piimakombinaat Estonia Food processing 51.0 0.6 0.0 Paide Piimatoostus 1994 RAS Rakvere Leivakombinaar Estonia Food processing 80.0 0.5 0.0 Viru Pagar 1994 RAS Rakvere Piimatoostus Estonia Food processing 100.0 0.5 0.0 Rak-vere Piimauhistu (Table continues on next page.) Table A8.10 (continued) (US$ millions) Equity share Foreign Year Company Country Sector (percent) Amount exchange Purchasers i 994 RAS Sailis Tartu Esronia Food processing 100.0 0.3 Salvest 1994 RAS Silnmeti Ollerehas Estonia Food processing .. 0.3 0.0 Ventra 1994 RAS Tarrin Parmitoostus Esronia Food processing 100.0 0.2 0.0 Ofelia 1994 RAS Valga Terko Estonia Food processing 100.0 0.3 0.0 Valga Teraviliauhisri 1994 RAS Viru Siirup Esronia Food proccssing 100.0 0.2 0.0 Asko 1994 REKohtia-Jarve Estonia Food processing 100.0 0.4 0.0 tlhisruJohvi Piim 1994 RE Kohrla-larve Lilsatoosris Estonia Food processing 1(0.0 (0.1 0.0 Panidivere Lihauhisru 1994 RE Pariiu Kalakombinaat Estonia Food processing .. 1.5 0.0 Maseko 1994 RE Parniu Lihakomibinaar Esronia Food processing 100.0 0.4 0.0 Parnu l ihauhistu 1994 RE Polva Piimaroodere Estonia Food processinig 100.0 0.6 0.0 Polva 1Piitii 1994 RE Taruin Piiuatoodere Kombinaat Estoniia Food processing 100.0 (.2 0.0 Keskpiimauhistu Tartu Pii 1994 RE Valga Liha-ja Piimnatootnriskoondis Estonia Food processiisg 100.0 0.2 0.0 Valganmaa Lihauhisru 1994 RE Viliandi Piimnakombinaadi Estonia Food processing 100.0 (.8 0.( Viliandi Piimaosauhing 1994 RAS Nordek Estonia Indusrry 100.0 0.2 0.0 Esrpuud 1994 RAS Aegviidu Metsamajand Estoniia Manufacturinig 100.0 0.1 0.) Trivilander 1994 RAS lolumeer Estonia Manuifacturing .. 0.5 0.0 Neilniei 1994 RAS Potireks Estoniia Manufacturing 100.0 0.1 0.0 Silvest 1994 RAS Rongu Tehas Esronia Manuifacturing 66.6 0.3 0.0 Berry 1994 RAS Spordilaevade Tehas Estoniia Manufacturing 65.0 0.6 0.0 Vikra, Naviko 1994 RAS Suure-Jaani Metsamajand Fsronia Manuifacturing 100.0 0.9 0.0 Fonseka 1994 RAS Viruniaa Metsaroostus Estonia Maniufacturing 100.0 0.4 0.0 Virmeks i 1994 RdE Kert Estonia Manifacturing 100.0 0.3 0.0 Tarbcraud 4 1994 RE Keila Estoniia Maniufacttiring/clothing .. 0.2 (.0 Evilkan 1994 RAS Etsti Roivas Esronia Manufacturing/clorhing 10(.0 0.7 0.0 E.V.M. 1994 RAS Galantcx Estonia Manufacrtiring/clothing 100.0 0.4 (.0 Fobar 1994 RAS Klementi Fsronia Manufacturing/clorhing 80.0 1.2 0.0 Kleniensi Kaubandus 1994 RAS Sangar Estonia Manufacrtiring/clothing 100.0 0.1 0.0 Klementi; Kaubanduis 1994 RAS Villak Estonia Manufacturing/clothing 100.0 0.1 0.0 Klemenri; Kaubanidus 1994 RAS Virulanie Esronia Manufacrtiring/clothing 100.0 0.3 0.0 Wirulane 1994 RE Keila Estonia Manufacturing/closhing 100.0 0.4 0.0 Aldus 1994 Raasiku Elcktriseadmete Tclsase RAS Estonia Manufactriring/clctronics 100.0 0.2 0.0 Raasiku Llektcr 1994 RAS Tondi Elektrounika Estonia Manufacturing/electronics 100.0 1.5 0.0 Mikrel 1994 RAS Kooisinunaar Estonia Manufacruring/foorwear .. 1.7 0.0 Hansapanik; Sryle Wear; Kingston; Varu 1994 Narva Mooblikoniibinaadi Estonia Manufacturing/furniture 100.0 1.0 0.0 Narova 1994 RAS Alutaguse Metsaniajand Estonia Manufacturing/furniritre 100.( 0.1 0.0 Ware 1994 RAS AvinuLrMC MetSatoostus Eston ia Manufacturing/furniturc 100.0 0.1 0.0 Metro Estates 1994 RAS Elva Metsamajand Estonia Manuifacturing/furniritre 100.( 0.2 0.0 Alnus 1994 RAS Kohtla-jarve Mersamajatid Estonsia Manufacturing/furniture 100.0 0.2 0.0 Eukalipt 1994 RAS Malhtra Mersanajaiid Esronia Mantufacturing/furnirsire 100.0 0.1 0.0 Iris 1994 RAS Saaremnaa Metramajand Esronia Maniufacturing/furniture 100.0 0.2 0.( Norman 1994 RAS Silla Estonia NManisfacruriuig/furniritre 100.( 0.7 0.0 Silleks 1994 RAS Standard Estoiia Mantufacturing/furniture 100.0 1.1 (.0 Eripun 1994 RAS larmeko Estonia Manuifacrurinig/furnirtire 66.6 5.2 0.0 FMC 1994 RAS Valgansaa Mersamajanid Estonia Manufacturing/furniture 100.0 0.3 0.0 Alkador 1994 RAS Viljandi Metsakoriibinaar Esronia Manuifacturinig/furnitiure .. 0.5 0.0 Dold Holzwerke 1994 RAS Virko Esronia Manufacturing/furniture 100.0 0.4 0.0 Dalerand 1994 RAS Voru Mersamajanid Estonia Maniifacrurinig/furnirtire 100.0 0.4 0.0 Karu 1994 RAS Tarbeklaas Esroiia Manufacturing/glass 100.0 0.8 0.() Denos: Lindafil;Ramco;Kurniet (EThib continues on next page.) Table A8.1 0 (continued) (US$ millions) Equity share Foreign Year Company Country Sector (percent) Amount exchange Purchasers 1994 REJuveel Esronia Manufacturing/jewelry 100.0 2.4 0.0 Juveliir 1994 RAS 'lalliiiia Klaverivabrik Estonia Manufacturing/pianio 100.0 0.5 0.0 Hiis 1994 RAS Estoplasr Esronia Manufacturing/plastic 100.0 0.3 0.0 Eswinid; Mecro 1994 RAS Eesti Tckstiil Estonia Manufacturing/textiles 80.0 1.0 0.0 ET-Riie 1994 RAS Kreenholmi Manufactuur Estonia Manufacturing/rexriles 100.0 1.0 0.0 Kreniliolmi 1994 RAS Mistra Estonia Manufacturing/textiles 100.0 0.2 0.0 Erkobesr 1994 RAS Mistra-Viva Esronia Manufacturing/textiles 100.0 0.5 (.0 Lauser 1994 RAS Parilu Linakombinaat Estonia Manufacturiiig/textiles 100.0 1.3 1.3 Herdsmans Holding 1994 RAS Teksriil Estonia Manufacruring/rexriles 100.0 0.3 0.0 Tekshen 1994 RAS Vasar Esronia Metal products 100.0 2.1 0.0 Finmec;Erivasar 1994 RAS Koil EsLonia Paper prodUCts 100.0 0.1 0.0 Kosila Paberivabrik 1994 RAS Volta Esronia Manufacturinig/machinery 0.4 0.0 Ravori Invesreeringutc 1994 RAS VorwL EPT Estoniia Manufacttiring/machinery 100.0 0.3 0.0 Lapi Metallitood; Kagtt-Eesti TYrvas 1994 RdE Toostusaparaat varad Esronia Manufacruring/oiiachinery 1(0.0 1.4 0.0 RdE Toosrusaparaat 1994 RE Stamp Estonia Manufacturing/machinery 100.0 1.9 0.0 SH Taniip 1994 RE Valga LEMK Estonia Manufacturing/miiachinery 10(.0 0.1 0.0 Uhisrtt 1994 RE Viljandi EPT LEMK Esronia Manufacturing/machiners 100.0 0.1 0.0 Figaro 1994 TarcuAparaaditehase Estonia Manufacturing/niachinerY 100.0 0.4 0.0 Tarttilnstrument 1994 RAS Tallinna Farmaatsiatehas Esaonia Pharmaceuticals 66.6 2.1 0.0 Maginum Pharma 1994 RAS HarjuAsfaltbetoonirehas Estonia Cement 100. 0.5 0.0 Harber 1994 RAS Tarruj Asfaltberoonitehas Estonia Cement 100.0 0.2 0.0 Ielf 1994 RAS Eriehitustood Estonia Construction 100.0 2.0 0.0 Samulin 1994 RAS Narva Ehirus Esconia Construcrion 100.0 0.6 0.0 Narvastroi 1994 RAS Tartu Maja Estonia Constructioni 80.0 1.2 0.0 Eraber 1994 RAS Vesiehirus Estonia Construction 66.6 0.5 0.0 UB Vesiehitus 1994 RAS Virumaa Eriehitustood Estonia Constructioni 100.0 0.1 0.0 Venrra 1994 RdE Merk Estoniia Construction 100.0 0.2 0.0 Mailterk 1994 RdE Tarru Sideehituse Estonia Constructionl 100.0 0.1 0.0 Tarru Sideehituse 1994 RE Sillaehirusrong Estonia Construction 100.0 0.3 0.0 Local investor 1994 RE Teriiiso Estonia Constructioni 100.0 0.1 0.0 Isterm, Esman 1994 Parnii Ehiruismarerjalide Tehase Estonia Construction/btuilding material 100.0 0.2 0.0 Reiden 1994 RAS Bark Estonia Construction/building material 68.0 0.3 0.0 Esrkon 1994 RAS Elamtu Esronia Construcrion/btiilding material 100.0 0.5 0.0 M.S.J. Group 1994 RAS Silbet Estonia Construcrion/building material 100.0 0.3 0.0 Mitreruindusuhis tu Silbeti Liit 1994 RAS Tallinna Ehirusteeninidus Estonia Construction/buiilding material 100.0 1.5 0.0 Erak 1994 RdE Toostuskomplekt Estonia Construction/builditig material 4.8 0.0 Moigiu EK; Vikolo 1994 Tallinna Ehiruskeraaniikatehase Esronia Construcrion/btUilding material 0.3 0.0 Savitoll 1994 Eesti Musrakiriu Karja Arertiskeskus Estonia Agribusiness 1000 0.1 0.0 Eesti Mustakir1u Karia Aretuskeskus 1994 RAS Tamsalu TERKO Estonia Agribusiness 65.0 4.0 0.0 H&M 1994 RE Eesti Punasa Karja Arertiskeskus Estonia Agribusiness 100.0 0.2 0.0 Arertisuhistu Eesti lPutiaittc Kari 1994 RE Rakvere Viljasalv Esronia Agribusiness 100.0 0.2 0.0 Riks 1994 RE Tallinna Viliasalv Estonia Agribusiness 100.0 0.5 0.0 Ttluindusuhistu Nisuveski 1994 RE Tartu Viljasalv Esronia Agribusiness 100.0 0.5 0.0 lartu Teraviljauhisru 1994 RAS Laarteinaa Metsamajand Estonia Timber 100.0 0.1 0.0 Arklirtiba 1994 RAS Rakvene Mersamajand Estonia Timber 75.0 0.4 0.0 Viru Puit 1994 RAS Rapiia Metsamajand Estonia Timber 100.0 0.6 0.0 Oskar 1994 RAS Tarmel Esronia Timber 84.1 0.9 0.0 Puuloncl 1994 RAS TartuMetsamajand Estonia Timber 100.0 0.2 0.0 Marry (Table continues on next page.) Table Ag. 0 (continued) (US$ m7illi0n.s) Equitt) Shid/re Phiesgn Year Companya1g Coounty Sector (pen-cct) Amount exchange Purchase)rs 1994 VE Kommerrskesktis Inreko Estonia Services 100.0 0.2 0.0 Inreko laeva ) 994 RAS I lotell\ iru Estoniia Toirisun/horel 100.0 H.7 0.(1 larimiaroi 1994 Majapidamisrrarvere HIulgikaulbandcUsv Baasi Esronia Wholesale 1(1(1.11 1.4 0.0 Koviro 1 994 RAS ABI Estoiia Wholesale 100.0 2.1 0)) KAR 1994 RAS Eesti Taara Tallinna Esuonnia Wholcsale .. 0.8 0.0 Fspak 1994 RAS Eesti laara Tartu Buas Estonia Wholesale .. 0.2 0.0 TaILelis 1994 RAS EesNi Taira Vent Esronia \.Xholesale .. 0.1 0.0 Voru F.mpak 1)994 RAS Tallinna Hclikassecitehas Estoniia Wholesale 100.0 0.5 '.) iheka 1994 RAS Tarneks Esronia Wholesale 1()0.( 0.6 0.0 Fsriko 1 994 RAS EsEial Esmonia Wholesale/rer.il 100.0 (). K)() Ravcli 1994 RAS Kommn ivtintr klanplus Fsronmin Retail .. 0.1 0.0 laarlo 199'1 RL\S Tallinna Kaubanmaja Estoitia Retail 51.0 4.9 (:.1 1994 RAS KUltuurivartusrtts Fsronia Wholesale 101(.1) 0.4 0.0 Abe R.rhvumsvaheline 199-i VE Sidmon Estoniia Communsricatrion 100.0 0.1 01) Nlaciko 1994 RAS Tartu Lihakombinaat Esstonia Food processinig 55.) 1.3 0.0 Landrek 1994 Ajakiri Eesti Nainme Estoniia Media 100.0 0.1 0.)) Paevaleht 1994 Raubatidusliku Reldaami Fsronia Media/adveltisiig 100(.0 (0.1 0.0 Neoni 1 994 RAS Ktiressaare AuLtottCCiliidts Lscoisia Services/aTro 100.0 0.1 1:.) Salonme 1994 RAS Narva AUroreeninclUs Esronia Services/arto 11)0.1) 0.1 0.1 Brothers ILrd 1994 RAS Parnu Autoteenitidus Estoiiia Services/amrro 100.0 0.2 11.0 Jarve Aurokcskus 1994 RAS Repeli Ftonia Services/auto 111:).1) 0.1 0.0 Repel 1994 RAWS Tartu AutoLeelnilidus Estoniia Services/atito 100.0 0.4 (1.0 A.B.S. 1994 RAS Ulemiste AtiroreeninidLIs Estonia Services/auto I 01:). 0.5 0.0 Belesra 1994 RAS Veerenni AutoCCtCIimtdus Estoniia Services/auto 100.0 0.2 0.0 Ravot 1994 Auto Vazcreenindits Fsronia Services/auto 10(.0 1.5 0.0 Mega Aito 1994 Orepaa Auroreniotcditchace Esconiia Services/attro 100.0 0.3 0(t )repaa AUtorcittotrditehase 1994 RAS Autokeskirs RAMIAZ Fronia Services/auto 10(.1) 0.2 0.0 Vipo 1994 R&S AuroteeniiidLIs Estoniia Serciccs/anto 100.0 1.6 (:)) Jarve Aitokckus 1994 RAS Kuusalu Remondirehas Estonia Services/achiicrv I)(:.() 0.2 0.0 G.J.H. 1994 RAS Voru ElP' Utslbsaarc Estortia Services/machinery 100.0 0.2 0.0 SWE Balt Wood; Ekso 1994 RSS MRE Esronia Services/repair 10(1.1) 0.6 0.0 Rudig 1994 RAS Balri Baas Lsrotuia Services/ship repair 51.0 2.3 0.(1 EloisLi raaoia 1994 RAS Loksa .aevaremondirehas Fsornia Services/ship rcpair 1(10.() 1.6 0.0 OSF Porrfolio Investment V 1994 R,S Mistra pooleliolev eltitus Estoolia Real estare .. 0.1 0.0 Projekt 1994 RAS MRE loperamara Fsronia Real estate .. 0.1 0.0 Kev Ot. 1994 Tallinna Karastusjookidc Tehase Lstooiia Food processing 100.0 1.1 ((.9 Coca-Cola Joogid; Tallinna Karasrusjoogid 1994 RAS Kommunaar Narva Fronia Manufacturiitg/footwear .. 0.2 0.2 Schniidr & RKo 1994 RAS Standard Madara Mooblivabrik Estotlia Manufacrturing/furnirUre .. 0.1 (.0 UNIVER Ilttcrnational Fesri 1994 RE Pioneer varad, renidittid as SIS-le Fsronia Metals 1((:.0 1.7 1.7 r lnired Aitos 1994 RAS llnsarinie Estortia Manufacruuring/machinerv .. 0.6 (().6 llnera-Bergciuiatin(GCr) 1993 Kumasi Glue Factory Ghana Manufacturinig .. 1.0 0.0 1993 Achimora Bresvery Chaiia Brewery 100.0 24.5 24.5 Holsteni Braucrei AG/IFC 1993 Tarkwa gold mine Ghana Mining 51.0 2.0 2.0 Gold Fields of South Africa 1994 Tema Food Coitplcx Corp. Ghaila Food processing 100.0 19.0 (1.0 Local investor 1994 Fafa Auto Parrs Ghana Manufacturiiig/autus 65.0 0.1 0.0 1994 Ghana Textile Prinitinig Ghania Manufactuiring/rextiles 25.0 0.8 0.(: CWA Holdiitgs Ltd. 1994 ICAP/GIHOP PharmaceLtrical Ghana Pharmaceutical 60.(: 0.4 0.0 1994 LJmarco Ghania .. 15.0 0.1 (:1.0 Local investor ( Tible continzues on neon page.) Table A8.10 (continued) (US$ mnilions) Equity share Foreign Year Company Couintry Sector (percent) Amounit exchange Purchasers 1994 Bakliiark part of NIC Lstates Ghana .. 1(0.0 0.2 O.l SSB 1994 Pankrono Ghana Agribusiniess 100.0 0.0 0.0 Buniso i-arms 1994 KeilLirkrolno Ghana Agribtisiness I 0.) ()) 0.1 0.1 Juskubi Enterprises 1994 African Timber and Plywood Ghana Lumiiber 100.0 4.0 0.0 Local investor 1994 NC Vehicle Assembly 'lant Ghana Mantifactu ring/aLiros 100.0 0.2 0.2 CARICI ofCore d'Ivoire 1994 L'Air liquide Ghana .. 35.0 0.6 0.6 LAir France 1994 Dutikwa Goldfields Ghana Mining 50.0 0.4 0.4 Foreign investor 1 994 Ashanri Goldfields Company(ACC) Ghana Miniing 27.5 454.0 398.0 Local and foreign inivestor 1993 Helleiic Sugat Itidusary Greece Stigar 37.0 32.)0 0.0 Mainly local investors 1993 Asrir Corfji Greece Tourisiti/itotcls 100.0 12.4 0.0 GrechoLel gioup (local) 1993 Astir Crctc Greece Tourism/horels 100.0 20).0 0.) llios Horel grolip (local) 1993 Bank of Arhens Greee Financial serviesI/baliking 66 28.0 28.0 Hanswha irst Grouip 1993 Ncorioti shipyard Greece Shipping IlOO.l 1.1 1.1 Tonian American MAritinse (1 'S 1994 Heorion Shipyard Greece Shipyard 100.0 9.0 9.0 Ambe Malititise lnterinational(LLiberia) 1994 Gieniada Llectiicits Services(Grenlec) Grenada Poswer tirilirs 9(1.) 6.1 5.6 W'RB Enterprises of US SOs"; local invenstors 40's 1994 Gravel, Cnncrete & Fmulion Production Corp Grenada Mitituig .. .. .. Dipcou Loigineeriing Services of Trinidad 1994 Lii piessa G uiiueese Automilovels GUirnea-1BussaU Services/auto 1.0 (' 0. I ocAl investor 1993 Fuiergia Flecrrica Roaran (Enee Rosaran) Honiduras PoAcr utility 100.0 11.4 0.0 Local invesrot 1993 Mejoies Ahiunenros Honduras Food processilig 1().0 W 2.2 0 1 ocal insestor 1993 Grains.s Hotiduras Agribusitiess 100.0 0.1 0.0 Local isivestor 1993 llanita Regionial de juticalpa Honduras Agribtisiniess 10)O.0 0.8 0.1 1 ocal investor {,, 1993 Planra Regional de Danli Honduras Agribusiness 100.0 07 0.0 Local itisestoi t 1993 Plaiita Regiotial de la Lutiada I londuras Agribuisiness 1((.0 (.8 I.0 I ocal inVestor 1993 Granern Rtiral de Tocoa Honduras (Graitll soragC 100.0 0.2 0.0 Local itnvesros 1993 Granieio Rural de San Malrcos de Ocotepeque Honduras Grain srorage 1110.0 ((.0 0 0 I ocal invesror 1993 Azitcarera Cenrral Honduras Sugar 100.0 8.9 0.0 Local inivestoi 1993 AZLIcarcra Can tatiatas I londuras Sugar 10(0.0 6.1 (L.0 1.ocal insesror 1993 Cenrro de C.apacirincin David Fitentes \'illarorui Honduras Sernices/educatioti 100.0 0.1 0.0 Local iisvcstoi 1994 Bolsas Bijao de CesLitoanisesica SA(BOBIC.ASA) I londtiras Paper produtsIC 10).0 ).5 (.S O Inversiones lndcisrriales dl Norne SA (INVINSA) 1994 Bodega de Cerro de Hilla\HMA Honduras Grain storiag 100.0 0.5 0.0 Edgaido Lezansa Casrellanos 1994 Plaiita Rcgiotal de Choluteca\ILHMA I londclras Grain storage 10l).0 o.4 N.0 Molinos Modernos de Honduiras 1994 Azticarera Canrarranas S.A. Honduras Suigar 100.0 S.0 0.0 Rorisulo lavici Moustoa 1993 Garanicia 13izLtosio Hungars Financial ser,ices/insuraice I()).( .. ().() Narional Savings Bank (OTP 1))93 Kaler-Nograd I ocal Telephonie Exchange Hungary Telecoiiitiu[iicatiouis q9.0 .. 0.0 HLiuigatiaii 'lele & Cable 1993 Hcresid Porcelaii Maniuifacturiig Companv I hangary Ceramics/porcelain 75.0 .. 0.0 Employees 1993 Gloria Bizrosirn Hungary Financial services/irisuraiicc 11.0 .. .. Cia. Seniqueros Ilioperio 1993 Malrv I lungary Transportation/airlinles 35 .0 2.d '.) A0italia 1993 Marav Hungary TelecommUnicatiotis 30.0 961.0 96 1.0 Drutsclic 1rlekonil/Atiseritech/EBRL)/IFC 1993 PB Kcrcskcdcbnsi Kft. Ilungary Gas 1i00.0 13.0 13.0 Toralgaz (France) 1993 Zalaegerzegi Ruihagyar Rr. Hungary ManufaCLtring/textiles 20.4 1.2 1.2 Mcii's Fasltioti GiisbH (AUstria) 1993 Magyar Kabclituvek Ri. Hungaty Manufacturing 40.1) 1.1 21.1 Wienerkabel sind Merallserlke GmbH (Aiisrria( 1993 Pannonplasr Hungar> Manufacturing/platSti 5 1.0 1.0 1.0 lttvcstiitcrii Futid Co01tusr1ti Lnt 1993 V7sLprcnittcj Rt. Hungary Food processing 36.1 3.4 3.4 Bongrain SA (France) 1993 Dutnakabel Hungary Cables 6.0 .. .. Sictisciss 1993 Vallis I lungars Food processing 1(0.(0 .. .. Ranch Frirchrsafre GmhH 1993 Elekrherniax Hungary Nlanulacturing 91.3 2.9 2.9 ATAG Holditg (NLI 1993 Kobanlyai Sorgvar Ri. I luigary Food processing 30.6 12.o 12.4 Wesrgare Beverage Holdiugs (NI 1993 Heves Nlegyei R11aza.1ui Ipari Rt. Hungary MIanufactturintg/t.sLilcs 31.0 0.2 0.2 Lucio Feriari (Italy) (7th/l contiszues on next pazge. Table A8.10 (continued) (US'Smillions) Equity share Foreign Wear Company Country Sector (percent) Amount exchange Purchasers 1993 Kobaiiyai Sorgyar Hungary Brewery 80.0 90.0 90.0 South African Breweries 1993 Bajai Huroipari Rt. Hungary Food processing 96.3 6.2 6.2 Unilever 1993 Cardo Kft. Hungary Matsufacturing 98.0 4.4 4.4 Aminach Holding (IL) 1993 FovarosiAsvanyviz esjegipari Rr. Hungary Beverages 79.6 6.0 6.0 Pepsico (US) 1993 Zalaegerszegi Huiroipari Kft. Hungary Food processing 100.0 7.6 7.6 Shamrock Inrl. Co. (US) 1993 TVK Hungary Manufacturing 60.0 11 1. 11.0 Columbian Chensicals (US) 1993 Tulugsram Hungary Maniufacturing 49.0 200.0 200.0 General Electric (US) 1993 Konravill Kontakta Hungary Mantifacruring/oisachinery 98.0 4.4 4.4 Legrand (France) 1993 Beledi Mezogazdasagi Gepgyarto Kfl. Hungary Matsufacturing/machinerv 93.7 0.9 0.5 Wiedenimann GmbH (Ger) 1993 Mezogazdasagi Gepgyarto es Szolgatlato Rt. Hungary Manufacturing/machinery 1.7 0.3 0.3 Gabrin Gianfrancr & Gabrin Enrice (Italv) 1993 Duniantuli Koolajipari Gepgyar Rt. Hungary Maisufacturing/machinery $1.0 7.7 7.7 Interprocom Krr. (SU) 1993 Mosonmagyarovari Femszerelveny Rt. Hungary Metals 15.8 2.1 2.1 Casa Buades (Spait)/Swiag (Auisrria) 1993 AGRIKON Hungary Maniufacturing/machinery 34.0 0.9 0.9 [di) InsaatTicarer (Ttirkey) 1993 Kemikal Epitoaliyagipari Rt. Hungary Chemicals 12.1 1.4 1.4 Isola AG (Norway) 1993 Tiszainienti Vegyi Muvek Hungary Chenticals 90.0 2.4 2.4 Hollond Colours 1993 Foeldgep Rt. Hungary Constriction 77.2 4.9 4.9 Porr Umweltrechnick AG (Ausrria) 1993 Nortli Trans-Danuibian Brick & Tile Company Hungary Construction/building materials 80.0 22.1 22.1 Tondach Gleinsraetten 1993 Pest m. Villanyszcreloipari Kfi. Hungary Consrruction 77.8 0.8 0.8 Fabricom SA (Belgiunis) 1993 Del-Dunantuli Meh Rt. Hungary Conistruction/building nsaterials 75.9 1.4 1.4 Guy Dauphin Environment SA (France) 1993 Keler-Magyarorszagi Meh Rr. Hungary Construction/building materials 83.7 2.4 2.4 Guy Dauphin Enivironment (France) 1993 Budapest es Videke Meh Rt. Hungary Cotistruction/btiilding materials 86.5 2.7 2.7 Guy Dauphin Environment SA (France) , 1993 Perohazi Cucoripari Hungary Sugar 23.0 10.2 10.2 Agrana Internationial C 1993 SOFA Rt. Hungary Forestry 13.5 0.7 0.7 El'EM GmhH (Ger) 1993 Szekszardi Mezogazdasagi Kombinar Rt. Hungary Agribusiness 96.9 6.1 6.1 Baron Clemens von Twickel (Ger) 1993 Magyar Altalanos Gyugaipari (MAG) Hungary Forestry 59.5 2.8 2.8 Swedish Match AB 1993 Nyidofer Rt. Hungary Tobacco 62.6 6.8 6.8 Universal Leaf Tobacco (US) 1993 Agroker Budapest Hungary Agricultural machinerY 82.9 12.0 12.0 Getz Brothers 1993 Pouiltry Processitig Company Hungary Agribusiness 96.5 .. .. Bernard Matthews 1993 Sarvor Poultry Processing Co. Hungary Agribusiness 96.5 .. .. Berinard Matthews 1993 Nycki Kavics Kit. Hungary Mining 48.3 0.8 0.8 Lassenberger Int. 1993 Basalt Kozepko Kobanyak Kft. Hungary Mining 17.4 0.6 0.6 Basalt AG 1993 Primagaz Rt. Hungary Gas/Natural 10.5 3.4 3.4 Foreign investor 1993 Hotel Duna Intercontinental Hungary 'Iourism/horels 100.0 52.0 52.0 Marriott Hotel Group(US) 1993 Omker Hungary Trade/Commercc 43.5 6.5 6.5 Eagle Medical Product (SZI) 1993 Nyugat Kereskedelmi Rt. Hungary Retail 15.5 0.6 0.6 Julius Mcinl (Atistria) 1993 Gastron Vendcglato Rt. Hungary Services 25.3 0.4 0.4 Hemingway Holding AG (Arisrria) 1993 Dorog Refuse Incinerator Hungary Waste disposal 52.0 12.0 12.0 Sarp Inidustries (France) 1993 Auiroker Holding Rt. Hunigary Services/consulting 98.2 63.9 63.9 International Spare Parts (Ger) 1993 Globus Konzervipari Hungary Food processing 100.0 10.0 .. Investors 1993 Zwack Unicunit Liquieur Hungary Food processing 25.0 11.0 1993 Chinoin Hungary Pharmaceuticals 11.0 25.0 1993 GTM Hungary Construction .. 5.0 1993 Budapest Touirist Hungary 'Iburism/travel agency 70.0 .. .. Dutialsolding 1993 Centrum Aruhazak Hunigary Retail 51.0 25.0 1993 Domus Rr Hungary Retail .. 1.5 1994 Magyar Kulkereskedelmi Bank Hungary Financial services/banking 42.0 92.0 0.0 1994 Szeged Food Indistry Hungary Food processing .. 8.2 .. PICK Szeged 1994 Hajduisag Bakeries Hungary Food processing .. 8.2 .. Civis Food: New York Broker Buidapest (Table continues on next page.) Table A8.10 (continued) (US$ Millions) Equity share Foreign Year Company Country Sector (percent) Amount exchange Purchasers 1994 Globu.s Canning Hungary Food processing .. 6.2 .. Investors 1994 Budapesc Kozet Hungary Maniufacturing .. 12.0 .. Super-Sol 1994 Buda Mill Hungary Mantifacrtiring .. 9.5 .. IGM Industrial 1994 Buda Brick Hungary Mailufacturing .. 9.2 .. Buda Brick Management 1994 Pannongabona Trading & Processing Hungary Trade .. 12.2 .. Investors 1994 Cerbona Food lidustry & Trading Hungary Trade .. 10.7 .. Cerbona consorriuLm 1994 Sopron Brewery Lrd Hungary Brewery 38.4 18.6 0.0 Local investor 1994 Chemical Works Building & Fitting Hungary Clhemicals .. 10.0 .. Eps7er-Unio consortium 1994 Pannonplasr Indtistries Hungary Chemicals 28.5 17.8 0.0 Local investor 1994 EGIS Hungary Chemicals 29.0 46.1 0.0 Local investor 1994 Belaparfalva Cement and Linse Hungary Cement .. 12.8 0.0 Local inIvestor 1994 Szekszard Agroker Hunigary Agribusiness .. 6.0 .. KSZE Agro L)evelopment 1994 Civis Horel & Gaszrrononsia Hungary Tourism/hocel .. 'J3 Budapest Bsank. cooperative firm consortium 1994 Csepel Hungary Power Utiliry/planr 100.0 .. .. PowerGen (UK) 1994 Chemical Works of Gedeon Richter Hungary Chemicals 33.0 68.5 68.5 local & foreign investor 1993 Pannonia Hotcls Hunigary Tourism/hotels 40.4 30.5 30.5 Accor SA (France) 173.0 1994 Hejocsaba Cement and Linae Hungary Cement .. 18.1 0.0 Local iivestor 1994 Graboplast Huiigary .. .. 13.3 0.0 Local investor 1994 Baja Hungary Food processinig 93.6 3.7 3.7 Uniilever NV (Dutch) 1994 Daniubius Hotel Rt. Hunigary Tourism/hotel .. 27.5 13.7 Foreign consortiuns 1993 State Bank of India India Financial services/banking 29.4 775.0 b 1993 Inidiani Telephone Industries India Telecommtnications 1.9 6.0( ' 1993 Bharat Heasy Electricals Ltd. India Maniufacturing 0.5 3.2 1993 Travanicore Fertilizer & Chemicals Inidia Chemicals 0.2 0.5 1993 National Fertilizers Ltd. India Chensicals 0.1 0.3 1993 Rashtriya Chemicals &c Fertilizers India Chemicals 1.9 11.7 1993 Neyveli Lignite Corp. India Misliig 2.1 27.2 1993 National Mineral Development Corp. India Mining 1.6 6.9 1993 Hindustan Copper Ltd. India MHlinig 1.1 3.1 1993 Bongaigaon Refineries & Petroleum India Petroleum/petrochemicals 5.4 17.5 1993 State Trading Corporation India Commerce 1.0 0.9 1993 HMT Led. India .. 4.8 9.0 1994 Indian peErocheniicals Corp. India Petroleum/petrochemicals .. 85.0 85.0 Local and foreign investor 1994 Mahanagar Telephone Nigam India Telecommunicationis 12.8 421.1 1994 Bharat Earthittovers India Manufacturing 20.0 12.8 1994 Bharat Electronics Ltd. India Manufacturing 4.0 15.0 1994 Bharat Heavy Electricals Ltd. India Manufacttiring 11.0 96.0 1994 Container Corp. of India India Transporeatioti 20.0 31.8 1994 Hindustats Organic Chemicals lindia Chemicals 23.0 1994 Hindustan Petroleum Corp. India Petroleunii 7.0 179.3 1994 Iltdiani Oil Corp. Inidia Petroleuim 10.0 329.2 1994 Oil & Natural Gas Conisisssioti India Petroleumii 2.0 334.9 1993 PTK Blabak lindonesia Puilp & paper products 90.0 10.0 1993 PTK Basuki RachmaL Indonesia l'ulp & paper products 90.0 10.0 1993 PT IMIT Indonesia Services 100.0 11.1 1994 Satelir Palapa Indonesia (Satelindo) Indonesia Telecoiimnunicatitns 25.0 586.0 586.0 Deutsche Telekom 1994 PT Iidonesian Satellite (Indosat) Indonesia Telecommitnications 32.0 1,161.6 904.0 Local and forcigi investor 1993 Pars International Iran Food processing .. 7.0 0.0 Iranian investor Group (Table continues on next pazge.) Table A8.1 0 (continued) (US$ millions) Equity share Foreign Year Company Country Sector (percent) Amount exchange Purchasers 1993 Hakim Pharmaceuticals Company Iran Pharmaceuticals .. 4.6 0.0 Local investor 1993 Shettlewood/Montpellier Property Jamaica Agribusiness 100.0 0.7 0.0 Jamaica Orange Co. Ltd. 1993 National Cassava Products Ltd. Jamaica Agribusiness .. 0.2 0.0 Sorn Hill Aggregates Ltd. 1993 Jamaica Soya Products Ltd. Jamaica Agribusiness .. 2.1 0.0 Lasco Distributors 1993 Long Pond Sugar Co. Jamaica Sugar 100.0 5.7 0.0 Local investor 1993 Frome/Monymusk/Bernard Lodge Jamaica Sugar 100.0 42.0 0.0 Sugar Co. of Jamaica 1993 sugar estates Jamaica Agribusiness 100.0 27.7 0.0 Sugar Co. of Jamaica/Long Pond Sugar Co. 1994 Frome, Monyusk, Bernard Lodge Jamaica Food processing 100.0 36.0 0.0 Local investor 1994 Long Pond sugar mill Jamaica Food processing 100.0 5.0 0.0 1994 AirJamaica Jamaica Transporrarion/airlines 70.0 26.0 0.0 ApplianceTradersLtd30%;Mo-Young2O%, JamaicaHotel&Touristl 0% etc. 1994 Eastern Banana Estates Jamaica Agribusiness 50.0 8.0 4.0 foreign investorUK/Ireland: Jamaican Producers Group 1994 Chimkent Kazakstan Food processing 100.0 .. .. Nabisco Brands 1994 Almaty Tobacco Kombinat Kazakstan Tobacco 50.0 314.9 314.9 Philip Morris 1993 Makueni Kenya Manufacturing/textiles 77.0 0.2 0.0 Machakos Cooperative Union 1993 Meru Kenya Manufacturing/textiles 100.0 0.4 0.0 Mugo Ngai Farmers Company 1993 Kibos Kenya Manufacruring/textiles .. 0.2 0.0 Ima Agencies 1993 Avon Rubber Co. (K) Ltd. Kenya Chemicals 15.7 1.2 0.0 Local investor 1993 East African Oxygen Ltd. Kenya Chemicals 15.0 6.5 0.0 Local investor 1993 Kenya Cashewnuts Ltd. Kenya Agribusines 9.2 1.6 0.0 Local investor 1993 Salt Manufacturers Ltd. Kenya Mining 19.0 2.2 0.0 Local investor 1993 Avon Marketing Services Ltd. Kenya Trade 18.3 1.2 0.0 Local investor 1993 Nestle Foods Kenya Ltd. Kenya Food processing 12.5 2.7 2.7 Nestle 1993 Sanyo Armco Ltd. Kenya Manufacturing/electronics 34.0 0.1 0.1 Foreign joint venture 1993 Robinson Hotels Ltd. Kenya Tourism/hotels 10.0 1.3 1.3 Foreign joint venture 1993 Avon Export Co. Ltd Kenya Trade 14.0 0.0 0.0 Foreign joint venture 1993 Pollman's Tours and Safari Ltd. Kenya Tourism/travel agency 49.0 0.6 0.6 Foreign joint venture 1994 National Bank of Kenya Kenya Financial services/banking 20.0 10.0 0.0 Local investor 1994 Clarkson Notcutt Ltd. Kenya Financial services/insurance 50.0 1994 East Africa Industries Ltd. Kenya Manufacturing 45.0 1994 Associated Battery Maniufacturers Ltd. Kenya Manufacturing/autos 20.0 0.7 0.7 Foreign investor 1994 Associated Vehicle Assembly .td. Kenya Manufacturing/autos 51.0 1994 Everready Batteries Kenya Manufacturing/batteries 25.0 .. .. Everready 1994 Eslon Plastics of Kenya Kenya Manufacruring/plastics 30.0 1994 Kenya Fishnet Industries Kenya Manufacturing/textiles 43.0 0.1 0.1 Foreign joint venture 1994 Firestone (E.A.) Ltd. Kenya Manufacturing/rubber 20.0 2.4 2.4 Firestone 1994 Dawa Pharmaceutical Ltd. Kenya Pharmaceutical 40.0 1994 C.C Industrial Products Ltd. Kenya Agribusiness 18.0 0.7 0.7 Foreign investor 1994 Kenya Cashewnuts Co. Ltd. Kenya Agribusiness .. 1.9 1.9 Foreign joint venture 1994 Arks Ltd. Kenya Tourism/hotels 6.0 .. .. Foreign investor 1994 Embu Hotel Kenya Tourism/hotels 29.0 1994 African Marine General Engineering Co. Itd. Kenya Service/engineering 33.0 0.7 0.7 Foreign joint venture 1994 Chloride Exide Ltd. Kenya Services 18.0 0.1 0.1 Foreign investor 1993 Citizens National Bank Korea, Rep. of Financial services/banking 10.0 264.0 1993 Dacom Korea, Rep. of Telecommunications 0.1 0.1 0.0 Local investor 1993 Korea Telecom Korea, Rep. of Telecommunications 2.1 186.5 0.0 Local investor 1994 Korea Telecom Korea, Rep. of Telecommunications 3.0 55.4 0.0 1994 Korea Fertilizer & Chemicals Korea, Rep. of Chemicals 100.0 287.0 0.0 Local investor 1994 Korea Tungsten Mining Korea, Rep. of Mining 21.4 81.0 0.0 Keo Pyon-local developer (Table continues on next page.) Table AS. 0 (continued) (US$ millions) Equity share Foreign Year Company Country Sector (percent) Amount exchange Purchasers 1994 Korea Electric Power Corp. Korea, Rep. of Power ticility .. 300.0 300.0 Foreign joint venture 1994 Commercial Facilities Company Kuwait Financial services/insurance 63.0 70.8 0.0 Local investor 1993 Parquet factory Lao PDR Manufacturing .. 0.2 0.0 Local investor 1993 Tannery factory Lao PDR Manufacturing 74.9 0.1 0.0 Foreign and local investor 1993 Women's Federation textile factory Lao PDR Manufacturing 51.0 2.1 1.1 Foreign and local investor 1993 soft drink company Lao PDR Manufacturing 70.0 2.4 1.7 Foreign and local investor 1993 Lao Brewery Lao PDR Brewery 70.0 10.2 7.1 Loxley Itad Thai 1993 Pakcheng sugar factory Lao PDR Agribusiness 100.0 0.1 0.1 Foreign investor 1993 Phousy Hotel Lao PDR Tourism/hotel 70.0 0.3 0.2 Foreign and local iiivestor 1994 Lattelekons Latvia Telecommunications 49.0 160.0 160.0 Consortium consisting of UK's Cable & Wireless & Telecom Finland 1993 Audejas State Upholstery Lithuania Manufacturing/textiles 38.0 2.0 0.0 Karciauskas Group 1993 Hotel Vilija Lithuania Tourism/hotels 100.0 0.7 0.0 Local investor 1993 Hotel Puntukas Lithuania Touirism/hotels 100.0 0.1 0.0 Local investor 1993 Hotel Sesupe Lithuania Tourism/hotels 100.0 0.1 0.0 Local investor 1993 Hotel Suduiva l1ithuania Tourism/hotels 100.0 0.5 0.0 Local investor 1993 Elkontas Lithuania Trade 61.0 0.5 0.0 Local investor 1993 Mada l1ithuania Retail 100.0 0.5 0.0 Local investor 1993 Kvieciame apsilankvyti Lithuania Retail 100.0 0.1 0.0 Local inivestor 1993 Salikele lithuania Retail 100.0 0.1 0.0 Local investor 1993 Draugyste Lithuania Retail 100.0 0.5 0.0 Local investor 1993 Tauras Lithuania Retail 61.6 0.3 0.0 Local investor 1993 Cinema Kedainiai Lithuania Medialfilm 100.0 0.1 0.0 Local investor 1993 Grill-Baras Lithuania Services 100.0 0.1 0.0 Local investor 1993 Kaunas State Confecrionary Lithuania Food Processing/confectioniary 67.0 3.0 3.0 Kraft General Foods Interinational 1993 Klaipeda Srate Tobacco Lithuania Tobacco 55.0 12.5 12.5 Philip Morris 1993 Zaliakaliis Lithuania Services 70.5 0.6 0.0 Kaulit Holding S.A. (Luxembourg) 1994 Klaipeda Lithuania Manufacrurinig 100.0 1.6 0.0 Local investor 1994 Azotois Lithuania Manufacturing 100.0 7.7 0.0 Local investor 1994 Vilmaus Sigma Lithuania Manufacturinig 100.0 9.5 0.0 Local investor 1994 Vilnius l1ithuania Manufaccuring 100.0 3.9 0.0 Local investor 1994 Elektra Lithuania Manufaccuring 100.0 10.0 0.0 Local investor 1994 Siaulius Lithuania Manufacruring 100.( 3.4 0.0 Local investor 1994 BaltikvaiTas Lithuania Manufacturing 50.0 3.4 0.0 Local investor 1994 Alytus Lithuania Agribusiness 100.( 0.0 0.0 Local investor 1994 Tauras Lithuaniia Commerce 100.0 0.3 0.0 Local investor 1994 Vygaile Lithuania Commerce 100.( 0.1 0.0 Local investor 1994 Mildeta Lirhuaisia Commerce 100.0 0.3 0.0 Local investor 1994 Rutele l1ithuania Commerce 100.0 0.2 0.0 Local investor 1994 Gausa Lithuania Commerce 100.0 0.5 0.0 Local investor 1994 Zaliakalnis LithUania Retail/food services 100.( 0.6 0.4 Foreign and local investor 1994 Oteks Macedonia FYR Manufacturing/textiles 83.0 24.9 0.0 Local investor 1994 Graditel Macedonia FYR Services 100.0 .. 0.0 Local investor 1994 Avtorska Agenicija iia Makedonija Macedonia FYR Services 100.0 .. 0.0 Local investor 1994 Zelezar Macedonia FYR Trade 100.0 .. 0.0 Local investor 1994 Tutun Macedonia FYR Trade 100.0 .. 0.0 Local investor 1994 Bitola Promer Macedonia FYR Retail/wholesale 100.0 .. 0.0 Local investor 1994 Stopanski Pecat Maccdonia FYR Retail/wholesale 100.0 .. 0.0 Local investor 1994 PKB Macedonia FYR Retail/wholesale 100.0 .. 0.0 Local investor (Table continues on next page.) Table AB.1 0 (continued) (U.S$ millions) Equiity share Foreign Year Company Country Sector (percent) Amount exchanlge Purchasers 1994 Solun Macedoiia FYR Retail/wholesale 100.0 .. 0. Local investor 1994 Gradiniar Macedonia FYR .. 100.0 .. 0.0 Local investor 1994 Tetovo Gradba Macedouria FYR Real estare 100.0 .. 0. Local investor 1994 Pelisrer Macedonia FYR Real estate 100.0 .. 0.0 Local itivesror 1993 Sesco Malaysia Power utilirv 45.0 293.4 00 Dunlop Estates (Malaysia) 1993 Sabah Forest IndListries Malaysia Forestry 100.1) 550.0 0.0 Lioni Corp. (local) 1993 Penang Toll Bridge Malaysia 1ratisport .. 215.0 (1.0 United Engitteers Phd. (local) 1993 Vehicle aitd Moror \Vorkshops Malaysia Services .. 390.0 0.0 Spaticu (local) 1993 Malaysia Airliiics Malaysia 'lratisporrarion/airlittes 18.0 700.0 7(0.0 Foreigni investor. mosrly Govt of Brslroei 1994 Malaysia Airlines Malaysia Transportarionfairlines 32.0 702.0 0.0 1994 Petronas Dagatlga.n Malaysia l'etroleum, oil . aid ga.s '5.0 96.0 ((.0 1993 Aseguradora Mexicana (Astmes) Mexico Financial sert ics/instirance 51.1O 549.1 0.0 Grupo Financiero Mcxival-Banpais 1993 MiLonsa Flour Cotipanr Mexico Food processing 100.0 140.1 (.0 Ramvtindo Gone7 Flores 1993 Procarsa NMexico Steel 10().1 S.6 0.0 Industrias C.H. )1993 CONASLIPO Mexico Agribusiness 100.0 143- 00 Grupo Fideicotttiso Molinero/Promotora iLipr. de Occideitte 1993 Compailia Minera Autlats Mexico Mining 100.1 22.1 0.0 Grupo Ferrominero S.A. 1993 Azufrera Pananscricana/Terrenos de Jalriplan Mexico Mitning 100.0 24.1 ((.0 Union Mitcra del Stir 1993 Paradores de Tabasco Mexico Touirism 2.0 0.0 Fabio Massimo Covarrubias Piffer 1993 Controladora Mcxicatia de Coniiitounicaciones Mexico Media/television 100.0 641.0 0.0 Grtipo Radiotelevisora del Centro 1993 Impulsora de Televisioi del Centro Mexico Media/television 100.0 49.0 0.0 Radio Televisora del Centro 1993 Curporacion'leevisiva de la Frotitera Norre Mexico Mcdia/relevision 100.0 6.1 1.0 Radio Televisora del Centio 1993 Impulsora de Televisioi del Norre Mexico Media/television 100.0 6.1 0.0 Radio Televisora del Centro K 1993 Corporacion 'lelcvisa del Noiocste Mexico Nlcdia/relevision 100.0 6.1 0.0 Radio Televisora del Centro 1993 Compattia de Televisioii de la Peninsula Mexico Media/telcvision I00o 6.1 0.0 Radio Televisora del Centro 1993 Compania Mexicana de Television de Occidetstt Mexico Mcdia/relevision 100.0 6.1 0.0 Radio Televisora del Centro 1993 Televisiot Azreca Mexico Media/telcvision 100.0 351.9 0.0 Radio Televisora dcl Centro 1993 Television Oluscca Mexico Mcdia/relevision 100.0 6.1 0.0 Radio Televisora del Centro 1993 Televisora Mexicaia del Sur Mexico Media/telcvision 100.0 6.1 0.0 Radio Televisora dcl Centro 1993 Impulsora de Fclevision de Clsiliuahbia Mexico Mcdia/relevisioo 100.0 6.1 0.0 Radio Televisora del Centro 1993 ANDSA-Guerrero Mexico Services 10.0 1.0 0.0 Agrofrio 1993 ANDSA-Matlatn Mexico Services 100.0 0.6 0.0 Ameriben 1993 Conspastia Operadora de Tearros Mexico Services 100.0 146.9 0.0 Radio Televisora dcl Cenrro 1993 ANDSA-Unidad Frigorifica Mexico Scrvices 100.0 2.7 0.0 Anmeriben 1994 Banca Serfn S.A. Mexico Financial services/banking 11.4 147.9 0.0 1994 Almacenes Nacionales de Deposito,S.A. Mexico Scrvices .. 0.2 0.0 El Esrado Libre y Soberanio de Zacatecas 1994 Puerto Interno PanlLaco Mexico Services/Warehouise .. 18.5 0.0 Ferrocarriles Nacioniales de Mexico 1994 Profortir, S.A. de C.V. Mexico 'fourism 7.4 0.0 Vacation Properties de Mcxico, S.A. de C.V 1994 Aldea Vacacional Cailcun Mexico Tourism .. 31.8 0.0 CanicunPropertry, S. de R.L.; Villa Playa Blanca y Operadora dc Aldeas Vacac 1994 Villa Arquelogica de Chichen Irza Mexico Tourism .. 1.8 0.0 Villa Playa Blanka, S.A. y Operadora de Aldeas Vacacionales, S.A. de C.V. 1994 Villa Arqueologica de Cholula Mexico lourism .. 2.5 0.0 Villa P'laya Blanca, S.A. y Operadora de Aldeas Vacacioiales, S.A. de C.V. 1994 Villa Arqueologica de Teorihuiacan Mexico Tourisni 1.5 0.0 Villa Plava Blanca, S.A. v Operadora de Aldeas Vacacionals, S.A. de C. V 1994 Villa Arqueologica de Coba Mexico Tourism .. 0.9 0.0 Villa P'laya Blanca, S.A. y Operadora de Aldeas Vacacioiiales, S.A. de C.V 1994 Villa Arqueologica de Uxmal Mexico Tourism .. 1.3 0.0 Villa Playa Blanca, S.A. y Operadora de Aldeas Vacacionales, S.A. de C.V. 1994 Complejos Turisticos de Huatuclo, S.A. de C.V. Mexico Tourism .. 2.5 0.0 Vacation Properties de Mcxico, S.A. de C.V 1994 Telefottos de Mexico, SA. Mexico Telecomnmunicarions 1.5 550.0 550.0 Foreign investor 1993 Seven shops anid rwo cafes Moldova Retail 100.0 0.1 0.0 Local invcstor 1993 Societe Petroles du Maghreb (PETROM) Morocco Gas distribution 51.0 16,2 0.0 Bouaida Group (Table continues on next page.) Table A8.10 (continued) (US$ mi/lions) Equity share Foreign Year Company Country Sector (pertcut) Ansount e xchangc Purchasers 1993 SNEP Morocco Petrochemicals 90.0 37.7 0.0 GroLIp Dimarir (90-%,/emplovees (5.31°-o) 1993 Hotel Tarik Tanigicr Morocco Tottrism/horels 100.0 1.6 0.0 Uniiced Moroccani Hotcls (local) 1993 Hotel les Amandiers Morocco lburismii/hotcls 100.0 0.9 0.0 Societe Floride (local) 1993 TOTAL NMAROC Morocco Gas distribtirion 50.0 32.3 32.3 'IO'I'AL Outre-Mcr (Fradicc) 1993 Sociere de Derives de Sticre (Soders) Morocco Food proccssiiig 35.7 3.0 1. Lesaffre (France)/Local invesror 1993 CHELCO Morocco ManolfacrLsring/rextiles 32.0 1.9 1.9 Courtaulds (UK) 1993 CIOR Ciments de lOriental Morocco Cctiscit 86.2 97. 6;6.2 Swiss Holderbank (51o/s)/Local invesror (340s)/ernplosvees (1(.200 1993 Sliell Maroc Morocco PetroleLIm 50.0 46.6 46.6 Slitil Pctroleuiti Itteieiational 1993 Hotel Volubilis Morocco Tourism/hotels 100.0 3.8 3.8 FRAM (France) 1993 Hotel Basma Casablanca Mlorocco Totirism/horels 100.0 5.3 2.3 Moroccast-Lybiail consortium 1993 CTM International Bus Co. (C I M-LN) Morocco Transposrt 9(;.() 26.8 0.5 Privare and inscitutional investor (99.5% Moroccati) 1994 Compagnie Marocainie des TransporTs Lignes Nariooiales NMorocco Transportarion 18.9 5.5 0.0 1994 Modulec MoroccO Manufacturing 85.0 0 0.0 Local investor 199-4 General Tire andi Ruibber (Company of Morocco Morocco Manufacturing 22.0 .. .. Local insestor 1994 Transatlantic hotel NMorocco Tourism/hotels 100.0 i.( 01). Tikida-Ismailia 1994 Touhkal Horel Morocco Tourism/horels 100.0 4.3 0.0 Local inrestor 1994 Volubilis Hotel Morocco Tourism/horel 10(1.)) 3.9 0.) Fram 1994 Casablanica Hotel Morocco Tourism/hotels 100.0 20.0 0.0 Interedec 1994 Hocel des llcs Morocco Tourism/hotel 1011.0 2.( 0.0 Experrotel 1994 Hotel Zalagh Morocco Tourism/hotels 100.0 2.0 0.0 Dar Si Aissa 1994 Hotel Rissaini MoroCco Touirism/hoTels 10(0.0 1.0 0.0 SI LAI 1994 Dragon Gas Morocco l'etroleut, oil & gas 50.0 0.1 0). Dragofina Insesrmeno Troisr of Italy 1994 Total Maroc Morocco Petroletins, oil & gas 50.0 33.5 3.3.5 Iota1 of traticc 1994 Compagnie Morocatine des HYdrocarbinres Morocco Petrolcumt, oil & gas S0.0 10.5 0.0 Hogespar increasing irs stake to 68Y, 1994 Mobil-Maroc Morocco Perroleim, oil & gas 50.0 12.3 12.3 Mobil Petrolcuiti Corporarioit (US) 1994 Malabata HoTel Molocco louristlt/hOtcls 100.0 6.0 6.o Malabara InTernarionaluSandi Arabial 1994 Societe Nario[iaic d lhictissemenr Morocco Financial services/inssuranice S.0 226.6 16.3 Forcigtt aitd local iivestor 1994 Sofac-Credir Nloiocco Fiiiaticial scrviccs/baitkiiig 53.4 1 I. 1 1).) Local consortinlill 1993 Ccraitiica de Utipala Mozambiqiie Ceramics .. 0.7 0.0 'Icc -Tcctnica Etigcnierros E ConsLIltores 1993 Icbtil Moozanibiquc Ccraittics .. 0.5 01) Sogel 1993 Vimoc Mozarnbiqtie Wines anid spirits .. 0.9 0.0 Cipros 1993 trown Cork Company Mozaaitbiquc Plastic .(.6 1).1) Local investor 1993 Fanol Mozambiqtie Steel 0.3 0.0 Scattisto 1993 Sococo Mozamisbiquc Food processing ((.3 ((.11 Local investor 1993 Fabrica de Moisaicos Zambhe7a Mozambiqsie Ceramics 0.2 0.0 Bilarte, Lda. 1993 Imagral Mozatitbique Stone cutting (..1 1(.0 Ergue Construcoes 1993 ncar Mozambique Steel 0.1 0.0 Local investor 1993 Gerniotol loituguesa, Lda. Mozambique Chemicals .. 0.1 0.0 Neoquimica Nlocamilbique, Lda. 1993 Joasluins Alexandre Silva Dos Rets Mozambique Construction/furnituue .. 0.4 0.0 Local investor 1993 L. Duarte Dos Saistos Mozatnbique Construction .. ().i 0.0 Sir Consercio InlretiaLciottal 1993 Ciprel Mozambique Construction matetials .. 0.2 0.0 Tee FngeTiheiros Consrrurores 1993 Serracao I dc Maio Mozambique Wood processing .. (.2 0.0 Eitaconiso 199 3 Inemprema Mozambique Wood ptocessiisg .. 0.2 0.0 SAIhnt Cenrro de NIneinsbique, Psizo Lticien Slp 1991 Serracao Massiitga Mozansbihlue Wooul processiisg ..0 1 11 Local itteestot 1993 Serracao de Chiranga Nlozambique Wood ptocessosig 0.1 0.0 I ocal investor 1993 Serracao de Mbotic-Futlshalouro Mozambilue Wood processing . 0.1 0.0 Madeca-Madiras Calu 1993 Serracao de Maloca Mozambique Wood processinig 0.1 0.0 Secama 1993 1'edreira dc laisitilio Mozambique Stone etractioTn 0.1 0.0 Ceraissica de Vila Pcrsy (Tabl/ continucs eri st.eerpage.) Table A8.10 (continued) (US$ millions) Equity shyare Foreign Year Company Country Sector (percent) Amount exchan,ge Purchasers 1993 Cicloniionitagem Mozambiqule Retail .. 0.1 0.0 Ciclomotores 1994 Caju de Mocambiquc Mozambiquc Brewery 95.0 0.1 0.0 1994 Industrias Costas Mozambiqtie Manufacturinig 100.0 0.1 0.0 1994 Eniopesca Mozambique Agribusiness 7(0.0 0.8 0.0 1994 Metalurgica de Chimoio Mozambique Mining 100.0 0.1 0.0 1994 fipografia Classica Coissercial Mozambique Printing 100(.( 0.1 0.0 1994 Foriadora Mozambique Manufacturinig 80.0 0.3 0.3 Foreign iivestor 1994 liidico Consrriicoes Mozambique Couistrucrion 80.0 0.2 0.2 Foreign invesror 1993 Raw Hide Collection and Developiiciit Corp. Lrd. Nepal Learher products 59.0 0.1 0.0 Management (545/c); emploYees (5%) 1993 Balaju TexTile Industry Ltd. Nepal Tcxtiles 7().l 0.4 0.() Maiiagenienr (7'O9n); coiployees (S5)r: others (25s) 1993 Nepal Fiuii Development Co. Ltd. Ncpal Motion picture services 51.0 :.5 0.0 Local investor 1994 Nepal Lube Oil Nepal Petroleum, oil , and gas 40.0 0.6 0.0 Clhaudhary Grotlp 1994 Nepal Bitumicni Nepal Chemical isiaiufacturer 65.0 ().2 0.0 Suiresh Vaidva & Associares 1993 Conmpania Cerveceria dc Nicaraguia Nicaragua Brewery 28.0 4.8 0.( Local investor 1993 El Caracol Nicaragua Coffee processirig 100.0 ().8 0.0 Local investor 1993 Cooiiplejo MeTalurgico Especializado Nicaragua Maiiufacturing 100.0 0.2 0.0 Local investor 1993 Cecalsa Nicaragua Manisfacturirig 100.0 0.7 0.0 Local investor 1993 Euiipresa Nicaragitensr de Rectificaciones Nicaraguia Metals 100.0 1.1 0.0 Local investor 1993 Merales y Estructura Nicaragua MeTals 100.0 3.1 0.0 Local investor 1993 Fabrica Nacional de Fosforo v Cerillos Nicaragria Cheiiiicals 50.0 0.4 0.0 Local inivestor 1993 La Completa Nicaragua Agricuilture 100.0 0.1 0.0 Local investor Z 1993 Nicarroz Nicaragua Agriculture 100.0 10.0 0.0 Local inivestor 1993 Ifrugalasa Nicaragua Agricuilrtire 100.0 1.2 0.0 Local investor 1993 El Castillo Nicaraguia Agriculture 100.0 0.7 0.0 Local itivestor 1993 Yucasa Nicaragua Agriclrstire 100.0 0.2 0.0 Local investor 1993 Cortasa Nicaragua Forcstry 100.0 0.3 0.0 Local issvestor 1993 Madecasa Nicaragua Foresrry 100.0 0.5 (.0 Local invesror 1993 Ingenio Benjamin Zeledon Nicaragua Sugar 100.0 7.6 0.0 Local invcstor 1993 Ingenio Javier Guerra Nicaragua Sugar 100.0 2.6 0.0 Local invesror 1993 Ingenio Julio Buitrago Nicaragua Sugar 100.0 4.0 0.0 Local investor 1993 lngenio Vicroria deJulio Nicaragua Sugar 100.0 14.3 0.( Local invesror 1993 Copescosa Nicaragua Fishery 100.0 (0.1 0.0 Local investor 1993 Hotel Intercontinental Nicaragua Tourism/hotels 44.5 2.7 0.0 Local investor 1993 Hotel Las Cabanas Nicaragua Tourism/hotels 100.0 0.2 0.0 Local investor 1993 Hotel Monrelimar Nicaragua Tourism/hotels 100.0 4.5 0.0 Local investor 1993 Hotel Las Mcrcedes Nicaragua Tourism/hotcls 100.0 5.4 0.0 Local investor 1993 Plisa Nicaragiua Cooiimerce 100.0 0.3 0.0 Local investor 1993 Centro de Diversiones de linorepe Nicaragua Services 100.0 0.1 0.0 Local investor 1993 Restauranre Los Gauchos Nicaragiia Services 100.0 0.2 0.0 Local inivestor 1994 Indtistrias Delmnor Nicaragua Food processinig 100.0 0.5 0.0 Local investor-etiiployees 1994 Cotaspanic Nicaraguia papcr processing 30.0 0.5 0.0 Local investor 1994 Eniplasr Nicaragua Mantifacruring/plastics 100.0 0.7 0.0 Local investor 1994 Enasal Nicaraguia Salt processing 100.0 0.1 0.0 Employees 1994 Macen Nicaragua Manuifacturing/textile 17.5 0.3 0.0 Conrrainpa: local inivestor 1994 Tricotextil Nicaraguia Matiufacturing/rexTile 100.0 0.2 0.0 Pimarex, local invesror 1994 Licores Bell, S.A. Nicaragua Chemicals 10.6 0.0 0.0 Intrafalibesa 1994 COPA Nicaraguia Chetinicals 58.3 0.6 0.0 COFESA-Local invesoor 1994 Lukasa Nicaragua Chemicals 25.0 0.1 0.0 Local investor (Table continues on next page.) Table A8.10 (continued) (US$ millions) Equity share Foreign Year Company Country Sector (Percent) Amount exchange Purchasers 1994 Inrercasa Nicaragua Metals 100.0 0.7 0.0 Incofisa 1994 Induquinisa Nicaragua Chemicals 25.8 0.4 0.0 Intrabinquisa; Local investor; employees 1994 Proinco Nicaragua Cement 100.0 1.0 0.0 Local investor 60%; employees 40% 1994 Sumagro Nicaragiua Agribusiness 100.0 0.6 0.0 Employees 1994 Proagro Nicaragua Agribusiness 100.0 1.8 0.0 Agrotersa-Local investor 1994 Madsa Nicaragua Forestry 13.2 0.0 0.0 J. Garlin-Local investor 1994 Envases Nicaragua Metals 100.0 1.4 0.7 Foreign (50%), local (50%) 1994 Ingenio Camilo Ortega Nicaragua Sugar 100.0 0.5 0.5 Agroindustrial Kucra Hill-foreign investor 1994 Valle de Sebaco Nicaragua Agribusiness 100.0 3.0 1.5 Fruit World(50%) foreign; Local investor (50%) 1994 Empresa Francisco Meza Rojas Nicaragua Mining 100.0 4.0 2.0 Foreign and local investor 1993 First Bank of Nigeria Nigeria Financial services/banking .. 6.5 0.0 Local investor 1993 Savaisnah Bank of Nigeria Nigeria Financial services/banking .. 2.4 0.0 Local investor 1993 Union Bank of Nigeria Nigeria Financial services/banking .. 7.4 0.0 Local investor 1993 Ilteriiational Merchant Bank (Nig) Nigena Financial services/banking .. 4.1 0.0 Local investor 1993 Afribank Nigeria Nigeria Financial services/banking .. 12.2 0.0 Local investor 1993 United Bank for Africa Nigeria Financial services/banking .. 7.5 0.0 Local investor 1993 Allied Bank Nigeria Financial services/banking .. 0.7 0.0 Local investor 1993 NNPC oil field Nigeria Petroleum/petrochemicals 5.0 500.0 500.0 Elf Aquitaine 1994 Niger Insurance Co. Nigeria Financial services/insurance 100.0 0.4 0.0 1994 Electricity Meter Co. of Nigeria /Ltd. Nigeria Power generation 7.7 0.5 0.0 1994 Nigerian Beverage Prodtiction Co. Ltd. Nigeria Brewery 100.0 0.2 0.0 1994 Nigerian Dairies Co. Ltd. Nigeria Food processing 100.0 1994 Nigeria Food Co. Nigeria Food processing 100.0 0.1 0.0 Local investor 1994 Federal Palace Hotel Nigeria Tourism/horels 100.0 22.4 0.0 Local investor 1994 Motor Engineering Services Co. Nigeria Services/auto 24.0 0.3 0.0 1993 National Bank of Onsai Oman Financial services/banking 19.8 10.3 0.0 Oman National Insurance Co. & Thro Muscat Securities Mkt. 1993 Oman National Insurance Company Oman Financial services/insurance 15.0 7.3 0.0 Thro Muscat Securities Mkt. 1993 Gulf Hotels Companiies (Onian) Oman Tourism/hotels 32.1 4.0 0.0 Thro Muscat Secuirities Mkt. 1994 Oman cement Company Oman Cenient 36.0 31.5 0.0 Local investor 1993 Suraj Ghee Pakistan Food processing 51.0 0.4 0.0 Local investor 1993 Bengal Vegetable Pakistan Food processinig 100.0 0.7 0.0 Local investor 1993 Mubarik Rice Mills Pakistan Food processing 100.0 0.6 0.0 Local invesror 1993 Dhaunkai Rice Mills Pakistan Food processing 100.0 2.8 0.0 Local investor 1993 A & B Oil Inidustries Pakistan Food processing 100.0 1.3 0.0 Local invesror 1993 AsifIndusrries Pakistan Food processing 100.0 0.5 0.0 Local investor 1993 Cresceiit Factories Pakistan Food processing 100.0 1.6 0.0 Local investor 1993 KhyberVegetableGhee Pakistan Food processing 100.0 0.3 0.0 Local investor 1993 Nayudaur Motors Pakistan Manufacturing 90.0 2.5 0.0 Local investor 1993 Quaidabad Woollen Pakistan Manufacturing 90.0 3.1 0.0 Local investor 1993 Bolan Casting Pakistan Manufacturing 51.0 2.5 0.0 Employees 1993 Pak Dyes Pakistan Chemicals 70.0 0.3 0.0 Local investor 1993 Quality Steel Pakistan Engineering 51.0 0.5 0.0 Local investor 1994 Marafco Ghee Mills Pakistan Food processing 51.0 1.2 0.0 Employees 1994 Spinning Machinery Pakisran Manufacturing 90.0 2.5 0.0 Local investor 1994 Newshara Chemicals Pakistan Chemicals 100.0 16.9 0.0 Local investor 1994 Hazara Phosphate Fertilizers Pakistan Chemical manufacturer 100.0 5.7 0.0 1994 Associated Cement Rouri Pakistan Cement 90.0 16.6 0.0 Local investor 1994 Tharra Cement Pakistan Cement 90.0 45.8 0.0 Local investor (Table continues on next page.) Table A8.10 (continued) (US$ Millions) Equity share Foreign Yeat Company Country Sector (percent) Awount exchange Purchbasers 1994 IPakistani Telecommuinicationis (Corp.(PTC) Pakisran llccornrmunications 12.0 1,000.0 898.0 Foreign and local ilivetors 1994 Mari Gas Pakistani Gas 20.0 3.4 0.0 Foreigin anid local inverors 1994 Sina Enigineering Pakistan C.onistruction 9(.0 14.1 14.1 Franklin Investnseits IUJK) 1993 Conrainer port facility, Cirt of Coloni Pananiia Ports/port facilities .. 8.0 0.0 Morores Inrernacionales, SA 1993 MaLadcro de Azmiero, SA Panama Food processing 1I00.l0 1.0 0.0 Cooprocal 1993 Provecro de Paliia Aceitera Barto Panama Agriculture 100.0 6.1 0.0 Local cooperatives 1993 Citricus de Chriqlti. SA Panama Agriculture .. 5.6 0.0 Extracrora de Batu, SA 1994 Cemenros Bayattos S.A. Panarma Cement 100.0 59.' 57.7 Cenenitos Mexicanos 95%s: employees 5°.f: Check LF lisrs CORPACEN1 1994 Linicas Aereas Paraguayas S.A.(I.APSA) Paragiia)y ransporrarioliairlitsis 80.0 22.0 11.0 Cielos de America a joint venrtire between Paragtlayan\Ecuadorian 1993 Banco Popular del Peru (Bolivian btatict) P'eru Financial scrvices/hanking 100.0 6.2 6.2 Banco de Crediro del Peru 1993 Lrcur Arequipa Perti Iransporrarion .. 0.3 (.0 Employees 1993 Ererrii Trujillo P'elu Transportacioii .. 0.2 0.0 Emplovecs 1993 Paratttotiga - Conversion Linta Perit Paper pulp 2.7 0.0 Ind. Soizo Peruaiia 1993 RENASA Peru Chemicals 93.0 2.9 0.( Local iivcstor 1993 Flopcsca Perit Food processing/fishing .. 0.8 (.0 Grunepa 1993 ECASA - almaceni de Sanra Anita Peru Retail 100.0 14.- 0.0 SUNAD 1993 Pararnonga - Fab. Envases Sati Marri Persi Priniting 100.0 1.9 0.0 Envases Nishii 1993 Aeroperu Peru Transportationi/airlines 81.4 25.4 23.1 Aeronexico conrsorrtim CA.1 r/emplosees (7.2%s) 1993 Petrolera Tranisoceania S.A. Perui Petroleuim distributioti 1110.0 25.2 25.2 Glendpoinr ELiterprises Inc. (Pananma) 1993 Soidamericaia de Fibras Peru Textiles 30.1 1.0 (.0 Mitticilwald SA (Uruguay) 1993 Ccrro Verde Perti Mining 100.0 35.5 35.5 Cypruts Minerals Co. (US)(91.7-Q) ' 1993 Perroleos del Mar (Petronsar) Peru Petroleunit/pctrochemicals 100.0 10.0 I0.0 Petroteci lnternarional (US) 4 1993 CORPAC, dtiry free PernL Retail .. .. .. Aldeasa (Spail) 1993 CORPAC, parking Pelru Services .. .. .. Iiversiones Angela 30.0 1994 Sitidicato de Inversioturs v Adnministracion Perui Financial services/itssurance .. 4.7 0.0 SIA &c Cemenitos Lima 1994 NoLevas Inversiones SA Pcru Financial services/inistirance .. 2.6 0.0 NISA & Cemenros Litina 1994 Clhillon-SPL Perni Corrugated board 100.0 6.5 0.0 Ribini Group 1994 Planra Pesca Peru Chicama P'cru Food proccssing/fishing 100.( 8.9 0.0 1ocal investor 1994 Planta Pesca Peru Chiotibote Cenrro Peru Food processing/fishing 100.0 5.93 0.0 International Fislt Protein 1994 Planta P'esca Peru Mollendo Pcru Food processing/fishing 100.11 5.1 0.11 Sipcsa 1994 Etiipresa de lI Sal(EMSAL) Peru Salt prodticer 100.0 14.68 0.0 Qtlimica del Pacifico 1994 CERPER Peru Sanitary products 100.0 1.6 0.0 Drogueria Kahan SA 1994 Cementos YLura Peru Cement 100.0 67.11 0.0 Rodriguez Group (LF Gloria SA) 1994 CimenLos Nore Pacasniavo Peru Ceniictit 1() 19.6 11.0 Local investor 1994 Minor Parricip. B. Nacion Peru .. 100.0 (0.6 0.0 Investors 1994 Tierras de Cliao Peru Agribusitess .. 3.8 (.0 Itivestors 1994 Las Huaqnfillas Peru Mining 0.0 0.1) AndesCorp & Vegsa 1994 Mishki Peru Miiltlg 0.7 0.0 Licar SA 1994 Lar Carbon Peru Mining 100.0 1.3 0.0 Cementos Lima 1994 San Anirottii de Poro Peru Muiting 101:.0 8.6 0.0 AttdesCorp & Vegsa 1994 Empresa Peroiana dc Servicios Pesqueros Peru Warehouse .. 1.0 0.0 1994 Interbanic Peru Fittaticial services/bankitig I ((.0 51.0 50.0 Iliternational consortiuin 1994 Entel/CPT Peru Telecomniuniicatiots 35.0 1,400.0 1,400.0 Consortiutn led by Telefonica dc Espana(Spain) 1994 Edelnor Peru lloser utiliry 60.0 176.49 116.5 Inversiones Distrilisiia(Spain/Chile/Peru) 1994 Edelstir Peru Poweer utility 100.0 212 212.0 Ontario Quittta AVV(Canada/Chile) 1994 Cartavio-SPL. Peru Liquors 100.0 4.4 4.4 Fierro Gronip(Spain) 1994 Colpar\HLIalaran\Pallac Peru Mining 100.0 1.75 1.8 SanJose Cltilean sibsidiary ofa Catradian firm 1994 ILO Copper Refinery Peru Mitlittg 101.0 67.5 67.5 Southern Peru Copper(US) (Table continutes on next page.) Table A8.10 (continued) (['8s$ poi/llioss?) FEquity share Foreignt Year Co/J?panTy Country Sector (percent) Amiozunt exchange l'urchasers 1994 Tinttava Mines Peru Mining 1(0.0 2 77.0 274.' Magma Coppce (US) 1994 Cajamarquilla Peril Mining 1011.t) 193.0 192.2 Consortiunm consisting of Conrico(CAN) & MaIrleni:; rinpoes(l 1.90v) 19'94 Cariarriaco\Jebuamarca Peru Mining 100.0 7.0 0.0 Placer Dome del Pertl(Caisada) 1994 LaGranja Peru Mining 100.t) 1.0 1.0 Carnibior Inc. (Caniada) 199') Refinieria de Cajamisarquilla Peru M\ining .. 193 0.0 Coarinco Marubeni Ctorp. 1994 Cementos Lima S.A. Peru Cement 48.9 103.3 82.2 Local anid foreign investor 1993 International Corporate Batik Interbanik) Philippines Financial servicesibankinig 93.7 68.1 0.0 Uniion Bank consortium 1'993 PNOC Marine Corp. I'hilippines Food processing/fshiing 100.0 16.6 16.6 Keppel Consortlutii 1993 Petronas Philippines Petrochemicals 40.0 502.0 $02.0 AR_MCO (Saudi-Arahia) 1993 Associated Bank P'hilippines Financial services/baniking 100.1 1.8 0.0 Leonardo K Tv Group 1993 Republic Plantcrs Bank Philippines Financial sercices/bankitig 100.0 206.6 .. Inivestors 1993 InTerniatiutial Corporate Bank Philippines Financial services/banking 100.tl 1)8.7 .. Iivestors 19'93 Century Bank Philippines Fiiiancial services/bankiitg 100.0 20.5 .. iivestors 1993 Pilipinas Bank lPhilippincs Finaticial services/banking 101).0 53.5 .. Investors 1993 Uniion Bank of the Philippinies Philippines Financial services/banking 70.0 1 26.9 0.0 Aboitiz. Insulat Life. Raitica 1993 Banco.x Itisurance Brokers, Inc. P'hilippines Financial services/itsursnce 96.) t).5 .. Investors 1i993 Cenrury Holding Corp. Philippines Financial services 100.0 3.0 .. Inivestors 1993 PNB litternarional Finance Lid. P'hilippitics Finaiicial services 100.0 6.4 .. Investors 1993 PNB Venture Capital Corp. Philippines Financial services 100.0 0.1 .. Iivestors 1993 National Shipping Corp. of Philippines Plhilippincs Shipping 100.(0 5.4 .. Investors 1993 Philippine National Lines Philippines Shipping 100.0 6.1 .. liivesrors 4 1993 Tacoma Bay Shippiig Co. P'hilippines Shippitig 101(.0 0.4 .. Investors ' 1993 The Energy Corp. Philippines Power Utility 91.0 3.4 .. Itivestors 1993 FurnitureManufacruring Corp. Philippinsi: Manufacrtiring/furiirTUre 1(0.0 1.1 .. Investors 1993 Gasifier & Equipment M(r. Corp. Philippines Manufacrturitig 100.0 0.5 .. Itivestors 1993 Natioital Precissint Cutting Tools Philippinc Manufacruring 100.0 6.2 .. Investors 1993 Asia Industries Inc. Philippines Mantifacturtig 100.0 11.1 .. Investors 1993 Beta Electric Corp. Philippittcs Manufacturing 100.0 t).S .. Investors 1993 Nauional Stevedoring and Light Philippines ManuIfacturing 100.0 2.2 .. Iiivesrors 1 993 PNOC Lnergy SupplY Base Inc. Philippitics NManufacturing 100.0 1.3 Investors 1993 Mindanan Tcxtile Corp. Philippines Manttfacturing/texriles 100.0 0.8 .. Insestors 1993 Caraotia Woodworking Ind. Philippitics Manufactriring/wood (0().0 t).l .. Investors 1993 Wood Waste Utilization & Dev. Philippines Mannifacturing/wood 100.0 3.1 .. Iivestors 1993 Coco-Chemical Philippines. Inc. Philippitics Chelinicals 100.( 2.2 .. Investors 1993 Philseco Philippines .. 87.7 74.0 .. Iivestors 1993 Natiotial Slipways Corp. Philippincs .. 100.( 1.5 .. Investors 1993 Usiphil Inc. Philippines .. 100.0 12.7 .. Iivestors 1993 Bicolatidia Sugar Development Corp. Philippities Sugar 100).0( 9.1 .. Investors 1993 National Sugar Refineries Corp. Philippines Sugar 100.0 60.9 .. Inuvesrors 1993 Philippine Corton Corp. Philippinrs Agriculture 33.0 4.2 .. Investors 1993 NIDC Oil Mills, Inc. Philippines Agriculrure 40.0 1.6 .. Investors 1993 Philippine Dairy Corp. Philippiies Food processing/dairy products 4.0 0.1 .. Investors 1993 NDC-Guthrie Estares, Inic. Philippines Palm oil 11.0 0.5 .. Iiivestors 1993 NDC-Guthrie Plauiiations, Inc. Philippiuies Palm oil 1 .0L 2.2 ).0 Asian Planrarions, Philippines 1993 Narional Marine Corp. Philippines Food pnicessing/fishing 100.0 2.6 .. Iiivesrors 1993 Negros Occ. Copperfield Miues Philippiuies Mininig 22.0 4.7 .. Investors 1993 Semirara Coal Corp. Pltilippines Mining 40.0 15.1 .. Iivestors 1993 PNOC Coal Corp. Philippinies Mining 10(0( 41.2 .. Investors (Feble conttinues on next page.) Table A8.1 0 (continued) (US$ millions) Equity si/are Foreign Year Company Country Sector (percent) Amount exchange Purchasers 1993 Philippine Exchange Company. lic. Philippines Trade 100.0 86.3 .. Invesrors 1993 National Service Corp. Philippines Services 100.0 0.2 .. Investors 1993 Barcelon Roxas Sec. Inc. Philippines Services 95.0 0.2 .. Investors 1993 Philippine Shipyard Enigineering Philippines Services 1(0.0 31.1 .. Investors 1993 LLizon Integrated Services, Inc. Philippines Services 100.0 0.5 .. Invesrors 1993 Marina Properties Corp. Philippines Real estate 100.0 33.7 .. Investors 1993 Nadeco Realty Corp. Philippines Real estate 100.0 5.9 0.0 Macondray Holdimgs Corp. 1993 Natioial Realry Development Corp. Philippines Real estate 100.0 0.4 .. Investors 1993 Narional Warehousing Corp. Philippines Services 100.0 0.5 .. Investors 1994 National Shipping Co. Philippines Tranisportation 100.0 19.( 8.0 Madrigal Shipping; Wan Hai Lines (Taiwani) 1994 Paper Industries Corporaiioil(PICOP) Philippiics Paper manufacturing 72.0 88.0 88.0 Consoirtium led by Valderamma Lumiiber Manufacturing 1994 Petron Philippines Petroleum, oil, and gas .. 387.0 148.4 Local and foreign investor 1994 Oriental Pctroleum and Minierals Philippiics Perroleum, oil, and gas .. .. .. C. S immit Holdings 1993 Warta Poland Finanicial services/insuranice 37.0 1.8 0.0 Top Car/Buro Mex both local) 1993 Polmeat Brodnica Poland Food processing 100.( 0.6 0.0 562 indiv. itivestor (60%)/employees & farmers 140%) 1993 Browarv Wielkopolski Poland Brewery 60.0 10.0 0.0 Euro-Agro Centrum (40%) local/ local inivestor (20%) 1993 Bydgoska Fabryka Kbli Poland Manufacturing 80.0 16.8 0.0 Elekrrim (60%) local/Bank Rozwoju Eksporru (20%) (local) 1993 Delia S.A. Poland Manufactuiring/clothinig 80.0 1.9 0.0 Mostostal Exporr (local) 1993 Polgraph S.A. Poland Elecrrical/eIcctronics 80.0 45.0 0.0 Bank Handlowy S.A. (local) 1993 ZM Ostrokeks Poland Foodstuffs .. 6.8 0.0 Local investor 1993 ZPG Stoilui Poland Foodstufls 80.0 4.5 0.0 Polish-Aniericaii Fund/Private EquitY hinds 1993 Novita S.A. Ioland Maniufacttiring 80.0 0.8 0.0 Maniagaemenr 1993 Angella S.A. Poland Manufacturing 80.0 2.7 0.0 Fotir private inIvestor 1993 Rafako Poland Maniufacttiring 55.0 4.9 0.0 Emplovees/management 1993 ZM Zainci Poland Manufacturing 80.0 0.8 0.0 Mosrosral Export 1993 Saniokie Zaklady Przemvsltu Gumosvcgo STOMII Poland Rubber products 80.0 15.0 0.0 Polisli-American Enterprise Fund 1993 (uiwenia Poland Textiles 80.0 0.1 0.0 Impuls/Consiliurn (local) 1993 ZPO BYTOM S.A. Poland Tcxtiles 30.0 1.2 0.0 Batik Handlowv S.A. (local) 1993 Remak Poland Manufacturilig 95.0 2.3 0.0 Local invesior/eniiployees/manageniient 1993 Sokolowv S.A. Poland Food processing/mcat 80.0 .. 0.0 Invcsiors/emplovees/nianiagemenr 1993 Pozmeat Poland Food proccssing/mear 55.0 2.5 0.0 Animex/employees/managemenit 1993 Ionar-Zywiec S.A. Poland Plastics 70.0 3.5 0.0 Banik Przemvslowo Hanedlowy(50% v I share)/Ultra Tech (Honig Kong) 1993 Opolwap S.A. Poland Mining 80.0 4.4 0.0 Elekrrim (51%)/Bank Zachodni (19%)/Elektrownialurow (10%) 1993 Komobex Poland Conistruction 100.0 2.3 0.0 Exbud (local) 1993 Bick S.A. Poland Constructioi) 65.0 1.9 0.0 Mosrosral Export (local) 1993 Hydrorresr S.A. Poland Construcrion 80.0 3.( 0.0 Polishi-Anier Enterprise Fund/Polish Pris. Equity Finds/Mgim. 1993 Energoaparatura S.A. Poland Constructioni 100.0 1.9 0.0 Pvt Eqty Fund(60%)/Polski Bank RozwojuL(20%)/eniployees(20%) 1993 Piotrowice Poland Miniing 55.0 0.4 0.0 Zenotta Kiviecien 1993 Polmo Poland .. .. 7.0 0.0 Loacal investor 1993 Wielkopolski Banik Kredyrowvy Ioland Fitiancial services/batiking 55.7 19.7 10.9 EBRD, foreign and Local investor 1993 Bank Slaski w Katowicach (BSK) Poland Financial scrvices/banking 56.0 141.0 36.5 Retail investor/INC Bank 25.95'a (NL) 1993 PSM Harrwig Poland Tranisportation 80.0 0.7 0.0 Atlantico-Trans-Fx (Gerniany)(70%)/CieCl (local)(10%) 1993 PZT TELEKOM S.A.-Warsaw and Teletra S.A. Poland Telecomrnuiicarions 80.0 37.3 37.3 Alcarel SESA S.A. (Spain) 1993 Zaklady Pro(lukcii Gazow Technicziych w PszC7vnie loland Gas 70.0 3.5 3.5 Lindc AG (Germany) 1993 Mieleckie Zakladv Gazow Technicznych Poland Gas 70.0 4.5 4.5 Linde AG (Germiany) 1993 Zaklady Produkcii GazowTechnicziivch w Koscianie Poland Gas 70.0 .. .. AGAAB (Sweden) 1993 Poznatiskie Zaldady Gaeows lechnicznych Polatid Gas 70.0 0.6 0.6 Brirish Oxygeni Company (U.K.) 1993 Warsawskie Zakladv Gazowv Techniczieych Poland Gas 70.0 1.4 1.4 Liquid Carbonic Corporation (Tahbe continues on nextpage.) Table A8.10 (continued) (US$ millions) Equity share Foreign Year Company Country Sector (percent) Amount exchange lPurchasers 1993 Wroclawskie Zak_ady Gazow Teclnicznvch Poland Gas 70.0 4.0 4.0 British Oxygen Company (U.K.) 1993 Siewierzui Zaklady Gazow Technicznvch Poland Gas 70.0 5.0 5.0 British Oxygen Company (U.K.) 1993 Polgaz Glisvicach Poland Gas 70.0 5.4 5.4 Liquid Carbonic Corporation 1993 WZGTWarzaw and PolgazGliwice Poland Gas 70.0 19.2 19.2 Liquid Carbonic/British Oxygen Corp 1993 Siewierskig Zaklady Gazow Teciltnicznych (Polgaz) Poland Gas 70.0 .. .. British Oxygen Corp 1993 Polgaz Poznan, Siewierz, anid Wroclaw Poland Gas 70.0 .. .. BOC (UK) 1993 Warszawskie Zaklady Gazow Technicznych (Polgaz) Poland Gas 70.0 .. .. Liquid Carbonic 1993 Wroclawskir Zaldady GazowTechnicziiych (Polgaz) Polanid Gas 70.0 .. .. British Oxygen Corp 1993 Ioznanskie Zaldady Gazow Teclsnicznych (Polgaz) Poland Gas 70.0 .. .. British Oxygen Corp 1993 Fakop Poland Manuifacturing 80.0 2.0 2.0 AhIstrom Pyropower BV (Fitiland) 1993 Sanirariaty Poland Consumer goods 80.0 4.4 4.4 Sanitec Ltd Oy (Finland) 1993 Zaklady Wvrobow Sanitarinvch Kolo (ZWS Kolo) Polanid Manuifacturer 80.0 8.8 8.8 Sanidec Ltd 1993 Polam Suwalkl Poland Elec[rical/electronics 80.0 0.6 0.6 Litra S.A.R.L. (France) 1993 Fanisot Poland Manufacturing 80.0 0.2 0.2 Arts anid Form Vervalttingsgesell (Germaniy) 1993 BOBO S.A. Poland Textiles 80.0 0.4 0.4 Montana GmiibH (Germiiany) 1993 Czcrskie Fabryki NMelbi Poland Manufacturing/furniture 80.0 0.6 0.6 Karl-Heinz Klose Sitzrmob. (Germany) 1993 BIALYS1'OK Poland Glass 80.0 0.8 0.8 Glass Eckerty(Ger)/Eurolnrercoot(Liech)/Sozziluminazionie(lra) 1993 Goscicinska Fabrvka Mebli MEGOS Poland ManuLacturing/furnsiture 80.0 3.2 3.2 Karl Heinz Klose (Germany) 1993 Skawina S.A. Poland Foodstuffs 80.0 10.2 10.2 H. Bahlsens KG (Geroitany) 1993 Polgaz Pszczyia & Mielec Poland Gas 70.0 16.1 16.1 Linde (Germany) 1993 Zwit and Elwro Poland Matiufactiuring 80.0 38.5 38.5 Siemens AG (Germany) 1993 Kostryzynskie Zaklady Papiernic7e Poland Paper/pulp products 80.0 0.0 0.0 Trebruk AB (Sweden) 1993 Polgaz Koscian Poland Gas 70.0 4.9 4.9 AGA (Swedci) 1993 Szczecinski Przenmysl Drzcsvns S.A. Poland Manufacturing 80.0 6.0 6.0 Swedwood Polen; Furpin Hid 11 RV (IKEA) Swvedei 1993 Oiza S.A. Poland Foodstuffs 80.0 5.0 5.0 Jacobs Suchard (Philip Morris) Switzerland 1993 Zaklady Przeniyslu Ctkierwiczego Goplana Poland Foodstuffs 47.0 42.0 42.0 Nestle 1993 Slaskie Zaldady Przenisysw Twssczowego Poland Foodstuffs 70.0 25.0 25.0 Unilever w Katowicach (SZPT) 1993 Jaroslaw Poland Glass 36.0 3.2 3.2 Owens-Tllitsois (U.S.) 1993 FSO Poland Manufacturing/auto 50.0 5.5 S.5 General Morors 1993 Tarpan Poznan Poland Maniufacstiring/auto 25.2 10.2 10.2 Volkswagen 1993 Mazowsze Poland Foodstuffs .. 2.9 2.9 Kraft (770.o) 1993 Pollenia S.A. Poland Detergenrs 80.0 3.7 327 Cussons Group Lrd. (UK) 1993 ZCW Gorazdze Poland Cemenit 30.0 21.9 21.9 Cimeiiteries CBR (Bel.) 1993 Srrzelce Opolskie Poland Ceniient 42.0 30.7 30.7 Cimenreries CBR (Hel.) 1993 Izolacja Construction Irisulation Comiipany Poland Construction 50.5 6.0 6.0 Rockwool Int'l (29.5%)/Investment Fuitd (21%/6) (both DK) 1993 Prefahet-Rakowice Poland Coitsrrucrion 80.0 1.4 1.4 B & B Loreniz Kesring GnibH (Germilany) 1993 Odra S.A. Poland Cement 80.0 6.0 6.0 Miebach Projektgcsellschaft (Germany) 1993 Mikoluwska Fabryka 'Franformatorow (Mefta) Poland Engineering 60.0 4.8 4.8 A-G Aktiettgesellschafh/Elekrrim 1993 lzolac)a Poland .. 72.0 16.2 16.2 Roockwool Inrernational A/S Dania (45%); Danish Itivesrment Fund (27%) 1993 Goplana Poland .. 47.0 4.7 4.7 Nestle (Switzerland) 1993 Stocznia Szcecinska S.A. Poland '1ransportation 99.6 .. .. Local banks (56.6%)/employccs(33%)/nigiit.(10%) 1993 Sloipskic Fabryka Mcbli Poland Matiufacrtiring/furntrttre .. 5.5 .. Iivestor 1993 Goleniowskie Fabryka Meblt Poland Manufacturing/furniiture .. 6.7 .. Investor 1993 VISTULA S.A. Poland Maoiufacttiring/textiles 100.0 n lvestors/eniployees/maniagement 1993 Kottthinar Cenitencowo-Wapienniczy Kujawy Poland Cement 80.0 51.2 .. Private investor 1993 Ozarow Cement atid Lime Platit Poland Cetlient 1(0.0 .. .. Polish Dev Bank/employees 1994 Bank BPH-Banik Przemyslowo-Handlowsvv Poland Financial services/baniking .. 148.0 0.0 Local investor (Table continues on nextpage.) Table A8.10 (continued) (US$ mniulions) Equity share Foreign Year Company Country Sector (percent) Amount exchange Purchasers 1994 lelzas Szozecinek Poland Telecommunications 80.0 3.1 0.0 Elektrim 1994 Fabryka Lin I Drutu Polaild Teleconiunicarions supplies 51.0 23.3 0.0 Poznanska Grupa Kapiralowa 1994 BrowarSzozecin Poland Brewery 51.0 0.2 0.0 JozelAdelson 1994 Sefako S.A. Polanid Manufacturing 62.0 . 0.0 Aspra-Selako(20%); Rafako(20%); Polimex(22%) 1994 Fabryka Kuchni WRONKI Poland Manufacturing 60.0 9.0 0.0 Ansica Holdilig and Bank Handlowy Warszawa 1994 Polifarb Wroclaw S.A. Polanid Maniufacturing 80.0 30.0 0.0 1994 Zaklady Reniontowe Energeryk Warszawa Poland Manufacturing 75.0 2.4 0.0 Local inivestor 1994 Agros Holding Poland Maniufacturing 14.0 16.0 0.0 1994 Wytwornia Kozysk Slizgowych Poland Manuifacrtiring 95.0 2.3 0.0 Inivest Biniet(45%); Banik Gdanski(20%); Bank Zachodni(10%) 1994 Torpo Torun Poland Manufacturing 100.0 3.2 0.0 Tor-Men(51%); Eleganr(29%); employees(20%) 1994 INDUK'FA Poland Manufacturing 80.0 0.0 0.0 Elektrim S.A. 1994 Fabrvka Silnikow Elektrycznych Polanid Manufacturing 95.0 2.0 0.0 Elekerim(75%) 1994 ELWO Poland Manufacturing 75.0 0.3 0.0 Rafaco(55%); Poiski Bank Rozwoju(20%) 1994 Polam Myslakowice Polanid Manufacturinig 80.0 1.3 0.0 Elekrim S.A. 1994 Byton Clothing Poland Textile 35.0 4.1 0.0 Local inivestor 1994 Debica Polanid Manufacturing 49.0 56.0 0.0 Local inveror 1994 Zaldady Konlekcil Technloznej Lubawa Poland Manufacturing 51.0 1.1 0.0 Local iivestor 1994 Zakladv Miasne Gdvnia Poland Food processing 75.0 1.4 0.0 MVN Holdings S.A. 1994 Jelcz Poland Maniifacrtiring 51.0 1994 Stalexport Polanid Steel 60.0 74.0 0.0 1994 Rafako Industrial Boiler Poland Manufactuiring 25.0 20.0 0.0 < 1994 Jelfa Polanid Pharniaceuticals 70.0 22.0 0.0 Local investor ° 1994 Kutnowskie Zaldady Farmaceursozna Poland Pharmaceuticals 100.0 4.5 0.0 PolisisAmncr. Enter. Fuid, Pol Private FquiryFund,Pol. Private Equiry FundlI 1994 Elektronomiaz Warszawa Poland Conistruction 75.0 7.0 0.0 Mosrosral Export 1994 Elester Poland .. 95.0 2.0 0.0 Elektrini(75%) 1994 Fenlks Polatid .. 100.0 0.0 0.0 Altra Group(80%) 1994 Rolinipex Poland Tobacco 50.0 11.0 0.0 1994 Zaklady Plwowarskle Warka Poland Brewery 100.0 2.7 2.2 Ryezard Varisella(80%): employees(20%) 1994 Slupsk Kobylnica Poland Food & hev mfg .. 13.0 13.0 1994 San Biscuit Company Polanid Food processing 80.0 27.0 27.0 McVitie's 1994 Nadodrzanskle Zaklady Przemvslu Poland Food processing 95.0 18.8 10.3 Scltooier Capital Corp(LJS 55%); emplovees(20%) 1994 Zaklady Przemyslu Cuklerniuzego Polanid Food processing/confectionery 60.0 0.9 0.9 United Bisclirs, McViries (UK) 1994 Huta Szkila Jaroslawv Poland Mantifacturing/glass 36.0 3.4 2.2 Consortiuni led by Owents-lIlinois(US) and includes Polish-American enterprise 1994 HSKhJUlia Polanid Maisufacturing/glass 100.0 1.0 1.0 Weslon International (US) 1994 Przedsleblorsrwo Robor InstalacyjnoPRIM Poland Indtistry 99.0 0.5 0.3 Powerpipe(Swenideui 55%); Polski Bank(20%) 1994 Przedslehiorsrwo Opakowan Pakpol Polanid Maniufacturing 79.2 4.5 2.3 Local investor and US investor 1994 Okcinm Poland Manuifacturing/brewerv 25.0 20.0 20.0 Brau und Brunieni(Ger) 1994 Golenlowskie Fabryk Poland Maniufacturinig/furiniture 75.0 0.9 0.5 Managemenr(25%); Steinhoff (German 55%) 1994 Slupskle Fabrykl Poland Manuifacriiring/fttrnititre 75.0 1.1 1.1 SFM Belelgungeoi(Gernian y) 1994 Huta Szkla Oklennego Kunice Poland Maniufacturinig/glass 100.0 2.7 2.2 SekuffSaint-Gobain Deuirschland Belelgitngen(Ger 80%); emplovees(20%) 1994 Polans Szczecinek S.A. Poland Mantifacriiring 80.0 32.0 32.0 Ahistroin (Swedeni) 1994 Goplana Polanid Food processinig/sweets 47.0 43.0 43.0 Nestle 1994 Centra Poland Mantifacrtiring 95.0 11.4 8.6 Compagnie Europeenie D'Accuniulateurs(France; 75%) 1994 WARTA S.A. Polanid Ceniselit 75.0 5.0 5.0 Polen Zemenr(Germany) 1994 Wojcleszowskle Zalkady Przemyslu Poland Cement 95.0 1.4 0.8 Rheinsche Kalksteiniwerke (Ger 60%); Polski Bank Rozwoju(I5%) 1994 Hydrobudow Polanid Conistruction 100.0 8.0 5.6 Bilhnger and Berger(Ger 70%), Polish Dev. Bank 1O%; employees 20% 1994 Navieras de Puerto Rico Puierro Rico Trade .. 29.5 29.5 BT Inivestmenit Partners 1993 Apulum Alba lulia Rouiaiiia Ceramics/porcelain 100.0 5.8 0.0 Invesrors/Assalpo (emps/mgmnr) (Table c ontinues on next page.) Table A8.1 0 (continued) (F 5$ rnillions) Equity share Foreign Year Company Counltry Sector (percenrt) Amount exchange Purchasers 1993 Rudbiui Rudenii Chitila Romania Furniture 100.0 0.2 (.0 Managemenr/emplovees 1993 Induistria Carnii Romania Food processinig 100.0 0.1 0.0 Emiiplovees/nsaiagement 1993 Couifectia 'iirgu Secuiesc Romania Textiles 100.0 2.0 0.0 Emplovees/management 1993 A]fa Braila Romania Coiistructiolu 100.0 0.1 0.0 ELiiployees/nsaiagenient 1993 Cotiupresi Borzesti (Coissrepi) Romania Construction 100.l0 0.2 0.0 Employees/management 1993 Conimpuils Bacati Romania Constructioti 100.0 0.1 0.0 Euiiployees/oiiaoiagenietst 1993 Electric Grup lasi Romania Construiction 100.0 0.2 (.0 Employees/managemenr 1993 Irels lasi Romania Construction 100.0 0.2 0.0 ELitployees/xialiagenieut 1993 Uiiicois Galati Romania Construiction 100.0 0.3 (.0 Employees/management 1993 Unicon Bsictiresri Roniania Construction 100.0 0.1 0.0 ELitployees/inaliagesciCt 1993 Agroitid Ronsania Agriculture 100.0 1.0 0.0 Emplovees/managemenr 1993 Eurovitis UJrechesri Vr,snce.s Romania Agriculture 100.0 0.2 0.0 Agroiuid/eissplosccs/ttiauiagciicits 1993 Hotel Bucurcsti Romaisia Tourism/horels 51.( 12.8 0.0 Pargesr 1993 Terra S.A. Bsictiresti Romania Export/trading 100.0 0.1 0.0 Etiiplovccs/oitaitagciticiit 1993 Milcov Focsaui Romania Clothing 85.0 1.1 1.() Ambrosiuis Helm (Ger.) 1993 MagLira Codlea Romania Furniture 100.0 1.2 1.2 lUS itivestor 1993 ElcCtrufar Bucurcsti Roumania Lighring eqltlpipment 10(0.( 1.4 1.4 Enmark International (11.S) 1993 Frsileg Romania Agriculture 81.0 2.6 2.6 litiplai (LIS) 1993 Ncgoiu Hotel Romania Tourism/horels 65.0 0. 07 Bayindir Holdings 1993 Majesric Horel RomaniA Tturism/hitoels 55.0 1.8 1.8 Bahitidir Holditigs 1993 Athcilce Palacc Hoici Romania Tourism/hotels 48.0 19.2 19.2 Immobiliere Phenix/Feal f 1994 Poiana-Produse ZachariaselPPZ) Rumania Food processing 82.0 4.4 4.4 KraftJacobs Suclhard ofhsritacrlatd a subsidiar of PitA lotris:lI8v ersplosees 1993 Tyutisets Aviatraits Russia lianisportation/airelnes 10.0 0.5 0.0 Local invesror 1993 Perrolesport Russia Ports/port facilities I 7.0 0.0 Local isivcstor 1993 Zavod Insietti Likliacltcva (Zill Russia Manufacturing/aUto 35.0 '4 0.0 Privare invesror 19'9)3 Red Ocrober Russia Consumer gouds 29.0) 0.2 0.0 Local uivcstor 1993 Hotcl Cosmos Russia looLrism/hotels 38.0 0.2 0.0 Local investor 1993 lrloel Globus Rsissia Toisrisiss/hotels 29.0 0.1 0.0 Local itivcstor 1993 Baltika Russia Blieseiv 43.5 23.0 23 0 Baltic Beverages Holding (foreign) 1993 Zhukovsky refrigerator factory Rstssia MantlaCtitring 30.0 .. .. Forcigis iivcstor 1993 Kalushskij Turbinih Zaxod (KTZ) Russia Maioufacturinig 10.0 Siemens 1993 Bolshevichka Rsissia Clothing 49.0 5.5 5.5 Illiiigwortli Morris 1993 Ducat Russia Cigarettes '0.0 . Brooke Overseas (UIS) 1993 Porok Rtissia Mantfacturinig 4().0 0.3 0.3 Baldurioss (Ssvcdctil 1993 Era Russia Detergenlt 39.0 24.2 24.2 Henkel 1993 PO Novomoskovskbstkhim Rtussia Chemicals 14.0 5(0.0 50.0 Proctor & Gaiiiblc 1993 Uralmash Zavod Russia Scrviccs 28.5 0.5 0.4 Bioprocess (local) 18°, 1993 5 timber enterprises Russia Timber .. 0.6 0.6 Huet Holdistgs (Fraticc) 1993 Krasnodartobakprom Russia Tobacco 49.0 . . Philip Morris 1993 Lena Cold Russia Mining 31.0 .. .. Star Tcchitology Systciis 1993 Kubanteks Russia Mantufacturiitg/texsiles 100.0 .. . Local investor 1993 Sokol Russia Mantifacrsiring/rexriles I(1.1) . .. Local investor 1993 PO Balrex Russia Mantufacturillg/tcxtiles 100.0 .. . Local investor 1993 balakovo Fibers Rtissia Manutfacrtiring/rexriles 110(. .. .. Local itivestor 1993 Uralteks Russia Mantufacturitng/tcx6iles 100.0 . . Local investor 1993 Sukuolozhskyv Fireproof Materials Russia Mantifacruring/rextiles 10(.0 1994 Balashiha Kislarodnyj Zavod Russia Pctrolcusit, oil & gas 35.0 .. Aga (Swedish) 1993 Ateliet Centrral Sao Tome Services .. n14 0.0 Local itivestor (Tdble continues on next page.) Table A. 10 (continued) (US$ millions) F7quity share Foreign 1kar Conmpany Country Sector (Percent) Amount exchange Purchasers and Principe 1993 Milex Bratislava Slovak Rep. Agricultural enterprise 20.0 17.8 17.8 Schardiigei Milch 1993 Juhocukor Slovak Rep. Sugar 51.0 18.1 Il.1 Eastern Sigar Conisortiun 1993 Juhocuikor Slovak Rep. Suigar 51.0 14.8 14.8 Tate & Lyle/Sucriere 1993 Slovak Film Lending Slo'ak Rep. Theaters/movie studios 10.).( 2.1 2.1 Solarfilns 1993 larra Air Slovak Rep. Transportationi/airlines 100.0 .. .. Alphalitics 1993 Novokcr Slov'ak Rep. Construcrion .. 10.0 .. . 1994 Obchod palivanmi Slovak Rep. Indiustry/fuel 100.0 1.1 0.0 local invcstol 1994 Paliva ornarno Slovak Rep. lttdusurv/fuel 100.0 0.7 0.( Local invesror 1994 CASSOVIA AIR Services Slovak Rep. Transportationi 52.0 (1.6 0.0 Local invcstoi 1994 Nakl.automnobil-Michalovee Slovak Rep. Tranisportarion 10(1.1) 1.1 (.0 Local investor 1994 NakI.1auromobil Puchov Slovak Rep. Transportatiots 100.0 (i.5 0.0 LIscal itivestor 1994 ESA[) Zilinia Slovak Rep. Transportarion ll)O.O 1.9 0.0 Local investor 1994 Ustav cest.hospod dopravy Slovak Rep. Transportationi 100.0 3.0 0.0 local invcstor 1994 I.R Crystal Slovak Rep. Food processing 100.0 6.2 (.0 Local investor 1994 Milsy Slovak Rep. Food processing 91.0 (.8 0.0 I.ocal ittvestor 1994 Mlyn PohronskY Slovak Rep. Food processing 100.0 1.2 0.0 Local investor 1994 Novofruct Sltvak Rep. Food prtcessinig 100.0 0.1 0.0 Local itivestor 1994 Nirrianske Slovak Rep. Food processing 100.( 2.6 0.( Local investor 1994 Podtatranske Konzcervarite Slovak Rcp. Food proce.ssitg 100.0 I.6 0.0 Local invcstor 1994 Topvar Topolcany Slovak Rep. Food processing 100.0 17.0 ((.0 Local investor < 1994 Trnav.masosr pritrnyscl 1inava Slovak Rcp. Food procetssig 100.0 1.5 0.0 Local itivcstor 1994 Sensor Kosice Slovak Rep. Industrv 100.0 0.8 0.0 Local investor 1994 VU sprac.a aplik.plasL.latok Slovak Rcp. Inditsrrv 100.0 2.9 0.0 Local invcstor 1994 rTJIS Bratislava Slovak Rep. Industry 100.0 1.1 0.0 Local investor 1994 VUJE Trnava Slovak Rcp. Inditsrry 100.0 .5 0.0 local ittvestor 1994 ZPA Dulka Presov Slovak Rep. Industry 100.0 17.t 0.0 Local investor 1994 Tatraniat Slovak Rep. Manoifacturing 100.0 0.5 0.0 Local investor 1994 VSZ akciova spolocDosr Kosict Slovak Rep. Maitufacturing 75.0 10.0 0.( Local investor 1994 Podniik priemysel.autonttatizacie Slovak Rep. Manuifacturing 100.0 1.4 0.0 Local investor 1994 Tesla Prievidza Slovak Rep. Mattufacturing 100.( 1.4 0.( Local investor 1994 Zlatokov Trencin Slovak Rep. Manuifacturing 100.0 1.9 0.0 Local itlvcstot 1994 jas s.p. Bardcjov Slovak Rep. Manufacturing/clothing 100.0 16.3 0.0 Local investor 1994 Slov.nmagnesit.zavody Jelsava Slovak Rep. nianifacrtiring/ironi 100.0 19.11 0.0 Local investor 1994 Slov.magnezit.zavody Libenik Slovak Rep. manufacturing/iron 100.( 13.9 0.0 Local investor 1994 Kovosrot Bratislava Slovak Rep. manufacturing/ltetal 100.0 0.6 0.0 Local investor 1994 Makyta Slovak Rep. Manufacturing/textiles 100.0 25.6 0.0 Local investor 1994 Otex Odevy Slovak Rep. Mantfacturing/textiles 100.0 0.3 0.0 Local investor 1994 Marador Slovak Rep. Chemicals 100.0 50.2 0.0 Local investor 1994 Slovakofarma Slovak Rep. Chemicals 100.0 48.8 0.0 Local investor 1994 Chemosvit Svit Slovak Rep. Chemicals 100.0 63.4 0.0 Local invesror 1994 Matadorfix Slovak Rep. Chemicals/rubber 100.0 2.2 0.0 Local investor 1994 Keramicke zavody Kosice Slovak Rep. Coristruction material 100.0 24.9 0.0 Local invesror 1994 Battsk, stavby s.p. Prievidza Slovak Rep. Construicrion 100.0 8.3 0.0 Local investor 1994 Demetal Bratislava Slovak Rep. Ctnstruction 100.0 0.1 0.0 Local invesror 1994 Pozeirin Slovak Rep. Construiction 100.0 0.1 0.0 Local investor 1994 Srredosrav Zilina Slovak Rep. Construction 100.0 0.5 0.0 Local investor 1994 Stavoinvesra Banska Bystrica Slovak Rep. Construiction 100.0 0.2 0.0 Local investor (Table continues on nert page.) Table A8.1 0 (continued) Equity share Foreign Year Comrpaniy Country Sector (percent) Amount exchange Purchasers 1994 Stavoitivesta Bratislava Slovak Rep. Construiction 100.0 0.5 0.0 Local investor 1994 Stavoinivesta Kosice Slovak Rep. Construction 100.0 0.1 0.0 Local investor 1994 Stavotcchnika Zilina Slov-ak Rep. Construiction 100. 11.1 0.0 Local investor 1 994 Zipp Brarislava Slovak Rep. Constructioni /marerial 100.0 6.0 0.0 Local investor 1994 Pozeni Slovak Rep. Agriculrture 100.0 9.0 0.0 Local inVeStor 1994 Tesla Slovak- Rep. Agriculture 100.0 7.3 0.0 Local inivestor 1994 Polnoltosp.stavby Malacks, Slov-ak Rep. Agriculiture 100.0 2.0 0.0 Local investor 1994 Pol'nohosp.stavbv Pies'anv Slovak Rep. Agriculture 100.0 3.2 0. Local inivestor 1 994 PoI'noliospodarske stavby, Presov Slov-ak Rep. AgriculTture 100.0 1.0 0.0 Local investot 1994 Pol'nonauip Slovpol Trencini Slovak Rep. Agriculture 100.0 0.1 0.0 l ocal inivestor 1994 Hotel Nitra v Nirre Slovak Rep. Toutismn/hotel 100. 2.4 0.0 Local investor 1 99's Zapadloslov Cltsnioranr', Slovak Rep. Services 100.0 4.4 0.0 Local ittvestor 1994 Zapadoslov Trnava Slovak Rep. Serv ices 100.1) 6.1 0.0 Local investor 1994 UEOS Bratislava Slovak Rep. Services 100.0 0.7 0.0 Local inivestor 1994 Domacc pottebv Batiska Slovak Rep. T rade 100. 2.0 0.0 Local investor 1994 Brtaislavsk tlaciarne Slovak Rep. PrintinIg 100.0 2.5 0.0 Local iinvestot 1994 Gemerske tlaciarne Slovak Rep. Printcing 100.4) 0.9 0.0 Local investor 1994 ADROI IKosice Slovak- Rep. Services 100.0 4.2 0.0 Local inivesoro 1994 COZ s.p. Bratislava Sloivak Rep. Maniufacritiring 100.0 0.9) 0. Foreign investor l1)94 Branis1. cvernova tovaren Slovak Rvp. Manufacruring/clothiiig 89.0 2.2 2.2 Foreigni inivestor 1993 Papirnica Vevce Slosvenlia Pulp & paper 51.0 21.0 21.0 Brigi & Bergioieister (Austria) 1993 ETA Cetkno Slovenia Electronics 72.0 32.0 32.0 E.GO. (Switzerland) 1993 Novotetnii Sloveuiia Insulating materials 80.0 25.0 25.0 Pfleiderer (Gerniarnyl 1994 Coca-Cola Fratichise Slovenia Food processing 75.0 7.17j Coca-Cola AmarillAussralianl 1993 Acland Inisurance Sers ices Ltd. Sri Lanika Finanicial aer,ices/insurance 100.0 0.3 0.0 Local investor 1993 Colonmbo [Dry Docks Ltd. Sri Lanka Shipping $ 1.0 6.5 0.0 Local investor 1993 Lanka Caiiiaries I td. Sri Lanika Food ptocessinig 70.0 2.1 0.0 Local investor 1993 CCC (Engineerinig) Co. ltid. & I leav-2 Quip Ltd. Sti Lanka MachinerY -0.0 1.2 (40 Local investor 1993 Ruhunnu Cemient Coi. Ltd. Sri Lanka Cettent '0.0 4.6 0.0 Local investor 1993 Hingurana Sugar Co. Sti Lanka Sugar 400.0 0.5 0.0 Local incsesor 1993 Martegania Textiles Co. Sri Lanika Manufacturing/textiles 70.0 1.2 1.2 Chinsese embassy 1993 Latika Ceramics L.td. Sri Lanka P'ottery 52.0 6. 0 1.2 Japanese anid Local investor 1993 Sarhosa Enigineering Co. Ltd. Sri Lanka Machiniery 100.0 .. Korean investor 1993 Tratsasia Hotels Ltd. Sri Lanka lourism/hotels 100.0 23.9 12.0 Asian Hotels Consortiumi (50% Singaporean) 1993 Colombo linternational School Sri Lanika Services/edoIcatiort 70.0 1.8 1.8 Muoichmever Drlersen GMBHI & Co. (Geroianivl 1993 Ceylon BuIlbs Ltd. Sri Lanka Manuifacturitig/glass 100.0 1993 Hotel Services Ltd Sri Lanika T'ourismi/hotels 51.4 3.8 .. nvrstco-4o 1993 National Developniefir Sank (NOB) Sri Lanka Financial services/banking 61.0 ... Singaporeani & Local investor/ ADS 1994 Pleoples Merchant Bank Lts. Sri Lanka Financial services/banking 60.0 3.1 0.0 Local investor; Hattos National Bank 1994 Tea Sosiall Hlolders Ltd. Sri Lanka Food processiiig/tea 51.0 1.5 0.4 John Keells Holding Co; National Devclopmenr Sank, Central Finance Co. 1 994 Lanka I ubricantr Ltd. Sri lanka Manufacturing 51.0 10.0 0.0 Calrex'Trading Comipany 1994 Kantale Sugar Industries Sri Lanka Manufacturinig 90.0 (4.6 0.0 Lanka Agencies 4994 Pliv-,nods Comipany Ltd. Sri lanka Plywood manufacturing 100.0 1.3 0.0 E.H. Coorav' & Yoshsoda Enterprises Iltd 1994 Steel C"orp. Sri Lanka Steel 55.0 20.0 0.11 1994 Cotombo Comsmercial Cutuipany' Sri Lanka Agribusiniess suipplies 90.0 I.' 0.0 jayagiri Transporters Ltd. 1994 Ruhutsu Agro Fe-rtilizer Ltd. Sri Lanka Agrscurtlrsral supplies 90.0 0.6~ 0.0 Yosboda Enterprise 1994 Lanka Tractors Ltd. Sri Lanka Traditag 60.0 2.9 0.0 Globe Commercial 3iading ltd. 1994 W.Yanoba Ferriltzer Co. Sri Lanka Trading 9(4.0 0.5 0.4) CIC Fertilizer Company Ltd (Table iasutinues on next page.) Table A8.1 0 (continued) (US$ millions) Eqjuity share Foreign Year Company (Country Sector (percent) Amount exchanaye Purchasers 1994 Chiia Petrochemical Development Taivan (China) Mantifacturinig/chemicals 64.0 1994 BF.S Engineering Taiwan (China) Maniulacrinring/chemicals 79.0 1993 '1 Elcctric Goods Maniufacturing Companiy Tanzania Manufac[uriig 50.0 1.3 1.3 ABB Asea; NDC/'IANESCO 1993 Mnazi Estate Tanzania Agribusiness 80.0 0.3 0.3 Tanzania Sisal Aurhorirv; Export Trading 1993 'l6rouido Estate Tanzaiia Agribusiness 80.0 0.3 0.3 Taneania Sisal Authority; Fsport Tradinig 1993 Mktimbaca Estate Tanzania Agribusiness 80.0 11.3 0.3 Tanzania Sisal Aurhorirsy; Export Trading 1993 Ndurtgu Fsrate Tanzaniia Agribusinicss 80.)) 0.1 0.1 Tanzania Sisal Authority; Fxporr Tradinig 1993 Tanzanian Brcwery Lrd. Tanizania Agribusiness/bresvcry 50.0 22.5 22.5 INDOL 1993 Mounl kleri Hotels Tanizania Tourism .. 0.2 (1.2 TALI; ACCOR 1993 Serengeri Safari Lodges Tanzania Tourism .. (.3 0.3 TAt-I[; ACCOOR 1993 'Tanizanian Tanneries 'lirtzania Manufacturing -5.i 0.7 1.0 Local investor 1993 MNvanza Ialitiieries Ltd. Tanzania Manufacturing 60.0 il.9 0.0 1993 Carniaud Metal Box Tanzaniia Manufacturing 57.) .. CMB Inrernarionial 1993 Mwanza Breweries Tanzania Food processing 50.0 .. .. INDOL 1993 tiarizanian Maltings Cotrrpanv lTanzania Food processing 50.0 .. .. INDOI 1993 TBL Farnis Ltd. Tanzania Food processing 50.0 .. .. INLIOL 1994 Morogorro Canivas Iiaiizatria Manufacturing 75.0 2.3 2.3 Carpet Manufacturing 1994 Williamsoni Diamonds Tanzania Mining 75.0 1.2 1.2 Wilcrafi 1994 Tanzanian Post Baik 'Ianzania Financial services/banking 19.() 1994 Kisarawa Brick Factory Tanzania Manufacturing 70.0 1.4 0.( Univcrsal Electric 1993 Krung Thai Bank Ltd Thailand Financial services/bankinig 9.6 269.0 0.0 Pharra Thanakir 1993 National Pctroclemical Co. Thailand Perrolerim/perrochiciiials 14.0 15().0 60.0 Foieigi investor 1993 PTT Exploration aid Production l'hailand Perioleurn/perrochemicals 15.4 52.0 1.5 Foreign investor 1994 Bankchak Petroleiim Public Co., Ltd. Thailand Perroletim/petioclrenoicals 20.0 41.8 13.0 Foicigi investor 1994 PTT Fxploration & Production Public Co., l.rd. Tliailand Petrolcurn/ptrrochemicals 29.0 20.0 12.0 Foreign investor 1994 Electricity Generaring Public Co.. lrd. Thailand Power Luilirv 51.0 180.0 50.'4 Foicigi invesror 199.3 Trinidad & Tobago Printing 'riniidad Maniufacturing 1W0.0 2.2 0.0 1 ncal irivestor and Tobago 1993 Angosriira Bitters Ltd. Triniidad Manufacruring 88.9 0.1 0.0 Local investor and Tobago 1993 Neal and Massy Triniidad Manufacruring 31 (0.9 0.0 Local investor (Trinidad & Tobago Stosck Exchange) and Tobago 1993 Fertrin and TTUC Trinidad Cheniiicals 100.0 169.0 169.0 Arcadian Partners L.P. and Tobago 1994 Trinidad &o Tobago Mortgage Finance Trinidad Finaticial services 2.6 0.2 0.0 1.ocal invesior and Tobago 1994 Point Lisas Industrial Port Developimicit Corp. Trinidad Tranisportation 47.5 4.2 0.0 Trinidad & Tobago Srock Exchanige and Tobago 1994 Polymer Ltd. Trinidad Maniufactuiring 25.5 0.1 0.0 Local investor and 'Tobago 1994 Arawak Cement Comp. Trinidad Cerlient 100.0 1.1 0.0 Local investor and lobago 1994 National Poultry Company Trinidad Agribusiness 100.0 1.1 0.0 Local investor and Tobago 1994 Trinidad & 'Tobago Electricity Trinidad P'ower utiliry 49.0 107.5 107.S Sositherin Electric lnternarional/Amnoco Buisiness Dcv. Company and Tobago 1994 Iron & Steel Coiip. of Trinidad & Tobago Trinidad Matiufacruring/steel 100.0 70.5 70.5 Caribbeati Ispar Ltd. and Tobago (Table continnues on next page.) Table A8.10 (continued) (US$ millions) Equity share Foreign Year Company Country Sector (percent) Amount exchange Purchasers 1994 Trinidad & Tobago Methaniol Coiip. Trinidad Chemicals 31.0 47.0 47.0 Ferrostaal A.G.(26%) Helm A.G. (5%) and Tobago 1994 Pctrolcumi comiipaiy ofTriiidad & Tobago Trinidad Petroleumil/petrocheniicals 100.0 4.4 4.4 foreign investor and Tobago 1994 Airlinic Catcrcrs Ltd. Trinidad Services/food 40.0 1.0 1.0 Alpha Flight Services Ltd. and Tobago 1994 Trinidad Ceiicist Ltd. Trinidad Cetnent 20.0 10.8 10.8 Foreign Cemento Mexicanos and Tobago 1993 Sekerbanik Turkey Financial services/baniking 10.0 1.9 0.0 Pankobirlik 1993 Cukurova Elekrrik Turkey Power utility 11.3 81.1 0.0 Rumeli Elektrik SA 1993 Kepez Elektrik Turkey Power utiliry 25.4 33.2 0.0 Rumeli Elektrik SA 1993 TOE Turkey Car manufacturing 81.4 8.0 0.0 Super Oto 1993 Turk Otoiiotivc Endustrial Turkey Automobiles 81.4 8.0 0.0 Super Oto SA 1993 DITAS TLurkey Manufactiuring 10.0 0.2 0.0 Local investor 1993 TOFAS OUo Ticaret Turkey Manufacturing/auto 7.0 5.3 0.0 Local investor 1993 TOFAS TLtrk Oromobil Fabrikalars TLurkev Manufacruring/atiro 3.0 25.8 0.0 Local investor 1993 Askale Ciiienito Turkcy Ccilnenit 100.0 31.2 0.0 Ercimsan Erzurum Cimento 1993 Barrin Cimenro Tuirkey Cement 99.8 20.6 0.0 Rumeli Cimenro 1993 Ladik Cisiienito Turkey Cemenit 100.0 57.6 0.0 Rumeli Cimento 1993 Sanliurfa Cimenro Ttirkey Cement 100.0 57.4 0.0 Rumeli Cimenro 1993 Uiye Cinicinto Turkey Cement 50.0 16.6 0.0 Local investor 1993 Yem Sanayii (nineteen facrories) Turkey Agricuirural enrerprise .. 11.4 0.0 Local investor 1993 SEK (three factories) Turkey Agricultural enterprise .. 0.2 0.0 Local investor 1993 Isranbtil Demir Celik Turkey Mining 40.0 0.5 0.0 Birlik Insaar 1993 Istanibul Demiiir Celik Turkey Mining 40.0 0.2 0.0 Birlik Madencilik 1993 Perkim Turkey Petroleum/perrochemicals 0.1 0.4 0.0 Local investor 1993 Petrol Ofisi Turkey Petroleum/petrochemicals 1.0 2.5 0.0 Local investor 1993 Ttipras Turkey Petroleum/perrochemicals 2.0 7.2 0.0 Local investor 1993 GIMA Turkey Retail 94.1 11.0 0.0 Dedeman Madencilik Turzim Sanavi 1993 USAS Turkey Aircraft food services 30.0 15.2 0.0 Local investor 1993 Teleta Turkey Telecommunications 18.0 21.0 21.0 Aicatel raising its stake to 65% 1993 Teleras Ttirkey Telecommunications 18.0 21.0 21.0 Alcatel (France) 1993 Netas Turkey Telecommunications 27.8 36.5 27.8 Telecom ofCanada/Local investor 1993 AEG - ETI Turkey Power uriliry 11.1 2.2 2.2 AEC CmbH 1993 T. Sinai Kalkibliia Batik Turkey Financial services/banking .. 5.6 1993 Hekras Turkey .. .. 0.7 1993 Celik Halat Turkey .. .. 0.3 1994 Altec Turkey Power plant 30.0 0.6 0.0 Anmak Holding 1994 Cestas Turkey Power plant 2.3 0.0 0.0 Cukurova Electrik A.S. 1994 Guneysu Turkey Food processing 67.3 0.3 0.0 Ayse Balci 1994 Hascan Gida Turkey Food processing 3.4 0.0 0.0 Ali Baysal 1994 Layne Bowler Turkey Manufacturing 4.2 0.0 0.0 Konya Seker Fab 1994 AEG ETI Turkey Manufacturing 27.9 5.9 0.0 AEG Akriengesellschaft 1994 Pancar Motor Turkey Manufacturing 16.0 0.0 0.0 Seker Sanayi Vakfi 1994 Canaklae Serasinik Turkey Manufacturing-ceramics 5.8 0.9 0.0 Canakale Seramik 1994 SivasYem Turkey Agribusiness 3.6 0.0 0.0 Haluk Dincer 1994 Toros Ilac Paz Turkey Agribusiness 25.0 0.1 0.0 Teknik Servis 1994 TOFAS Oromobil Fabrikalari Turkey Manufacturing/auto 17.0 346.5 330.0 Local and foreign investor(99%) (Table continues on next page.) Table A8.10 (continued) (US$ millions) Equity share Foreign Year Company (County Sector (percent) Amount exchange Purchasers 1993 Lake Viccoria Bottling Co. Uganda Beverages 100.0 6.4 0.0 Crowa Corks (U) Ltd./Crown Botrlers 1993 Agricultural Enterprises Ltd. Uganda Agricuirural enterprise 100.0 12.7 12.7 Commonwcalth Dev. Corp./ Janiies Finley (UK) 1993 Uganda Securiko Uganda .. 100.0 .. 0.0 Repossession front Govt 1994 Steel Corp. of East Africa Uganda Stcel 49.0 .. 0.0 Local investor 1994 TUMPECO Uganda .. 100.0 1.2 0.0 Local investor 1994 Hotel Margherita Uganda 'lburism/lhotcl 100.0 0.4 0.0 Rcco Industries 1994 White Horse Inn Uganda Toutisos/hrMel 100.0 0.6 0.0 Kabala Developmiient Company 1994 Mt. Mororo Hotel Uganda 'lburism/hotels 100.0 0.0 0.0 Kodel Interitational 1994 Rock liotel Uganda Tourisma/horels 100.0 0.3 0.0 Local invesror 1994 Blenders (U) Ltd Uganda Maniufacturinig 49.0 0.5 0.5 Unilever Overseas Holding BVC (LJK) 1994 Uganda Cement Company Uganda Cemenr 85.0 20.5 20.5 Rawals Group of Indistries 1994 Uganda Tea Corp. Uganda Food processing 51.0 .. 0.0 Mehia Group 1993 Cherkassy Tobacco Factors Ukraine Tobacco 65.0 23.5 23.5 Reenastma 1993 Ukrriclsflot (UKRF/DRSC) Ukraine Shipping 80.0 Inlvesrors/eusipinyees 1993 Odessa Meat Combiiat Ukraine Foodstuf's 100.0 .. .. Employees and suppliers 1993 Prilucky Tobacco Facrory Ukraine 'Tobacco 65.0 .. .. BAT 1994 Ukrrechflot Ukraine Transportation/shipping 1994 Administracion Nacional de Puierros Uraguay Port utilities 1994 Compania del Gas de Montevideo Uraguay Gas 1994 Pluna Uraguay 'Iransportation/aircraft 51.0 2.0 1.0 Consorriuns ofArgetntine & Uraguay coiipanies 1993 Terminal dc Cargos de Aeropuerto de Carrasco Uruguay Airport .. .. .. Vimalcor SA 1993 Servicio de Asistencia en Tietra del Aeroputerto Uruiguay Airport .. .. .. Candysur SA 1993 Remodelacion y Operacion, Aeropuerro Laguna del Sauce Uruguay Airport .. .. .. Consorcin Aeropuerros Internacionales 1994 Uzbek Tohacco Uzbekisran 'Iobaccr) 51.0 212.0 212.0 BAT industries 1993 Banco Popular Venezuela Financial services/banking .. 22.2 0.0 Sociedad Financiera/Bavalor 1993 Parcel Aeropuerto (ULE-19) Venezuela Real estate 100.0 0.9 0.0 Gonzalo Mucci 1993 Barquisinmeto Plastic Venezuela Manufacturing 100.0 0.6 0.0 Teleplastic C.A. 1993 Central Las Majaguas Venezuela Sugar 100.0 8.7 0.0 Azucarera Las Majaguas 1993 Central Urensa Venezuela Sugar 100.0 3.0 0.0 Soc. Fits. Int'l 1993 Refineria Salina, Puerro Cabello Venezuela Mining .. 0.2 0.0 Edipsos 25 1994 Banco de Fonieno de Coro Venezuela Financial services/banking 41.6 4.0 0.0 1994 Central Urena Venezuela Sugar 100.0 3.0 0.0 CIAMSA 1994 Hotel Moruco Venezuela Touirisni/horels 100.0 0.9 0.0 Local irsvesror 1993 General Forwarding and Agency Co. Viernani Shipping 82.0 0.6 0.0 Employees 1993 Legamex State Company Vietnam Clorhing .. 1.0 0.0 Local inivesror 1993 Refrigcration Electrical Engineering Co. Vietnam Maniufacturinig 70.0 1.1 0.0 Esiployees and local iivestor 1994 Ioichinbrok Vietinam Financial services/insurance .. .. Inchape(UK) 1993 Coolwcll Sysrenis Zambia Insulation 100.0 .. 0.0 Local investor 1993 Poultry Processing Zauaibia Agricultural enterprise 100.0 .. 0.0 Local inivestor 1993 AFE Zanmbia Agricuirltral miiachinery 100.0 .. 0.0 Local investor 1993 Zuva Zamibia .. 100.0 .. 0.0 Local inivestor 1993 F.agle Travel Zambia Tourism/rravcl agency 100.0 0.3 0.3 Quanrtim Ilvestments Ltd 1993 Auto Care Zamnbia Services 100.0 2.0 2.0 Astro Holdings 1994 Tinto Industries Zimbabwe Manufacturing 100.0 6.5 6.5 FSI Holdings (South Africa) 1994 Hartley Platinum Project Zintbahwe Mining .. 225.0 225.0 BHP & Delta Gold ofAustralia Total 45,543.0 24,954.0 ..Not available Source: World Bank Privatization Database, linternarional Economics Departmenr. APPENDIX 9 Regional summaries Key indicators REGIONAL TRENDS IN DEBT AND FLOWS USS billions 1985 1994 1995' Total debtoutstanding 1078.3 1921.5 2067.7 World Bank/IDA 74.5 176.8 183.0 Overview Concessional share l%) 16.2 21.4 20.9 Net resouce flows 69.4 207.4 231.4 Net trorsfers 0.0 120.8 126.3 Debt service/exports (%) 22.5 16.6 16.3 Aggregate net resource flows to low- and a. Preliainary. middle-income countries increased by 11.5 percent in 1995, to $231 billion. Debt outstanding, 1985-95 Much of the increase stemmed from a 32 Aggregate resource flows, 1990-95 USS billions percent increase in official flows due to US$ billions 1,200 Private the exceptional financing package for 250 Mexico. Private flows, which declined 1,ooO sharply in the first half of the year as a 200 00a consequence of the fallout from the 150 Mexico crisis, proved resilient and by 1: . , 600 loZ years end had risen by 5 percent over 400 their 1994 level. But investors differenti- 50 Official ated carefully among emerging markets 0 200 1 990 1 991 1 992 1 993 1 994 1 995 19 85 1990 1991 1992 1993 1994 1995 and East Asia saw its share of private cap- ital flows increase to 59 percent. largely at Composition of private flows Sources of long-term finunce, 1995 the expense of borrowers in Latin 1990 $44 billion 1995 S161.1 billion $1,622.1 billion America and the Caribbean, who saw Portfolio equity Parfiolio equity their share decline to 20 percent (from 38 Bonds 8% 1 3% eqiv it percent in 1993). 7% r ~. Bilateral ~~e i id *f"t . dtel33% The more discerning behavior of ( 20 investors was particular evident in new bond issues, where East Asian borrovwers enjoyed maturities three times longer and Stock of debt, end I995 average spreads one-half those of Latin Foreign direct investment, 1990-95 US$ billions American borrowers. Foreign direct US$ billions 0 50 100 150 200 investment was least affected bv events in I00 Mexixo .. ' Mexico and rose an estimated 13 percent A0 .il ,.Sr . ..4,;i in 1995. to $90.3 billion. There were also welcome signs of new recipients among 60 EstAa Chinoa > low-income countries, albeit in modest - ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~40 indonesi ; 4 amounts. Russia 20 . ........ The rise in export earnings in 1995. an 0 Debt to export ratio estimated 17 percent, outpaced the 8 per- 1990 1991 1992 1993 1994 1995 Percent cent increase in the stock of debt and a l FDI bl countr, 1995 300 regions, excluding Sub-Saharan Africa, U5$ billions * 1985 recorded an improvement in debt to export 0 5 10 15 20 25 30 35 40 f2 1994 H ratios over their 1994 levels. But there was China .. . 200 E, 1995 wide variation: the debt to export ratio for .m r : East Asia was 83.3 percent while that for Malaysia AA . n tW R , 254.2 percent. And for the severely indebt- Mexss _ana a _ar Asi_ . _ me _a _ a _ de i_ i S ed low-income countries, the debt burdens A en 3 SxSahan EostAsio Loafinners o Europeond Mila east SouthAsa remained unsustainablv high, with a debt Africa andPandic ondCorbbeon CentralAsio and NoAfrica to export ratio of 475.6 percent. 159 Key indicators USS bibonm 1985 1994 1995° Total debtoutsianding 175.3 421.3 472.8 E as A s a th Pa ii World Bank/IDA 15.4 37.2 38.8 East Asia and the Pacific Corxessional share (%l 15.3 25.1 23.7 Net resourceflows 15.7 85.3 108.3 Net transfers 2.9 62.0 80.1 Debiservice/exports(%) 24.0 12.0 10.7 In East Asia and the Pacific the rise in rowers exploited differentials between a. PreHminary. export earnings more than outpaced the domestic and international interest rates. 12 percent increase in external debt in Debt outstonig, 1985-95 1995 and debt service as a percentage of DEBT RESTRUCTURING IS NOT AN ISSUE. US$ billions exports declined to 10.7 percent, com- Only two countries among the East 500 Regional total pared with 16.2 percent for all low- and Asian borrowers are classified as heavily 400 middle-income countries. The region indebted-Cambodia and Vietnam- received 47 percent of aggregate flows to and both owe most of their debt to the 300 ,oPriVa lOw- and middle-income countries and former Soviet Union. Cambodia renego- 200 / attracted close to 60 percent of private tiated its debt with the Paris Club in .,,_-- --- capital flows. Aggregate net transfers rose January 1995, receiving Naples terms. 100 ._ Official by 29 percent to $80.1 billion, equivalent Elsewhere, Asian borrowers have taken to 4.98 percent of the combined GNP of advantage oflower interest rates for some 1985 1990 1991 t992 1993 1994 1995 countries in the region. Net transfers currencies in the financial markets to from official sources averaged 0.19 per- refinance high-interest-rate and yen- Sources of long-term finmce, 1995 cent of GNP and those from private denominated debt, including prepay- $368 billion sources 4.79 percent. ment of debt owed to the World Bank and the Asian Development Bank. DEBT INDICATORS IMPROVE ACROSS THE MEE : Bilateral EAST ASIAN BORROWERS SET THE PACE. The REGION. Economic growth across the 11% East Asia and the Pacific region has the region outpaced the increase in external fastest growing external debt-the stock of debt. All countries recorded an improve- debt rose by 12 percent in 1995, compared ment in debt to export and debt to GNP Stock of debt, end 1995 with an average of 8 percent for all low- ratios in 1994 and again in 1995. These US$ billions and middle-income countries, following a ratios averaged 83.3 percent and 29 per- 0 20 40 60 80 100 simnilar rise in 1994. The combined debt cent for the region in 1995. The greatest outstanding of the countries of East Asia improvement was recorded by Cambodia, and the Pacific was an estimated $473 bil- where export earnings are estimated to lion at the end of 1995, 23 percent of the have increased by 50 percent in 1995. Koee ReaP low- and middle-income countries' debt. China and the Philippines also realized Philippines o Official increases in export earnings well above the Ma01y So 0 Private MALAYSIA AND THAILAND LEAD. average for the region. Within the region Malaysia is expected to have the largest debt ratios vary widely, with the debt to Debt to export ratio rise in external debt in 1995 (an estimat- export ratio ranging from 38 percent Percent ed 24 percent), following new bond (Malaysia) to 511 percent (Vietnam) and 300 issues of $2.2 billion and an increase in the debt to GNP ratio from 16 percent U 1985 net flows from commercial banks for (Korea) to 160 percent (Vietnam). 2 1994 large-scale infrastructure projects. 200 El 1995 Thailand set the pace in 1994 with a 33 7m percent increase in debt driven by $3.8 1001 billion in bond issues, in large part by pri- Aggregate resource flows to East Asia and 'L iD -. 0vate sector companies, and an almost 50 the Pacific rose by an estimated 27 percent percent rise in short-term debt as bor- in 1995 to $108.3 billion and of these 64 Chins Indonesia Korea, Rep. Philippines MWoaysia Region 160 External debt and resource flows percent were in the form of non-debt-cre- and middle-income counitry average of 4.9 GNP per capita, 1994: $890 ating flows. The share of private capital years on fixed rate bond issues and at aver- flows in total resource flows was the same age spreads of less than one-half of those as in 1994 (91 percent). paid by Latin American borrowers. Total Aggregate resoure flows, 1990-95 bond issues by East Asian borrowers US$ billions EAST ASIAN BORROWERS RECEIVE 59 topped $24 billion in 1995, compared 120 PERCENT OF PRIN'ATE FLOWS TO LOW- AND with $22 billion in 1994. 100 MIDDLE-INCOME COUNTRIES. While somee 00 countries (China, Indonesia, Vietnam) EAST ASIA RECEIVES 60 PERCENT OF are major recipients of aid, particularly FOREICN DIRECT INVESTMENT. T[he rising 60 from Japan, private flows dominate trend for foreign direct investment con- 40 regional trends. Private flows to the tinued, and East Asian firms were the 20 region from all sources, including foreign largest recipients of foreign direct invest- 0 direct investment and portfolio equity ment in 1995. They received $54 billion 1990 1991 1992 1993 1994 1995 flows, were an estimated 59 percent of of the $90 billion to all low- and middle- r private flows to low- and middle-income income countries. blin of priat flows countries in 1995, tip from 49 percent in 1 1994. This increase came largely at the CHINA IS BY FAR,THE LARGEST RECIPIENT _. |P /t I-., expense of Latin American borrowers as OF FOREIGN DIRECT INVESTMENT. China ( -.Idebi\ /..- JdebtN creditors differentiated among emerging received $38 billion in foreign direct 3 % ii Bd markets in the aftermath of the Mexico investment in 1995, 42 percent of all D crisis and returned to countries with good such flows to low- and middle-income r Bonds economic fundamentals. countries and more than six times the 11% 11% amount received bvl Malaysia, the second PRIVATE-TO-PRIVATE DEBT FLOWS largest recipient among low- and middle- Foreign direct investment, 1990-95 INCREASE ... Net debt-creating flows from income countries. Another major recipi- USS billions private creditors were up 35 percent in ent in East Asia in 1995 was Indonesia. 1995, following a 48 percent rise in 1994. Investment in Thailand rebounded fol- i Bond issues drove the increase as their lowing a sharp decline in 1994. .0 share of private debt flows reached 60 per- 60 St a cent in 1995. compared with 3 percent in A GOOD REASON FOR IHEIE DECLINE IN 1990. There was continued recovery in PORrFOLIO EQUITY FLOWS. The initial 40 .. commercial banking flows directed to decline in portfolio equity flows reflect- 20 project financing in inftrastrticture, often ed investor uncertainty in emerging supported by guaranteed export credits. markets in the aftermath of the Mexico 1990 1991 1992 1993 1994 1995 Private sector borrowers command an crisis. But in East Asia the less severe fall ever-increasing share of debt-related in stock market prices added to this FDI by country, 1995 flows-58 percent in 1995, compared decline as managers of open-ended US$ bllions with 50 percent in 1994. funds minimized the cost of meeting 0 5 10 15 20 25 30 35 obligations to shareholders by selling Chine . ... AND AsLAN BORROWERS EXTRACT THE shares in the more buoyanit Asian mar- Malaysina BEST TERMS. Borrowers in the region were kets. Overall, portfolio equity flows to Indonesia able to command significantly longer the region declined around 15 percent in Ihniland maturities-] 1.7 years-than the low- 1995. Phiiippines Korea, Rep. 161 Key indicators USS billions 1985 1994 19950 Total debt outstanding 262.1 356.1 380.0 WorldBartk/1DA 7.9 14.6 16.3 Europe and Central Asia Concessional share (%M 5.9 8.1 7.9 Net resource flows 15.1 26.8 26.7 Net transfers 3.5 16.1 12.1 Debtservice/exports(%l 16.8 14.6 15.4 In Europe and Central Asia the rise in debt differs widely. The relatively small a. Preliminary. export earnings more than outpaced the 7 share that Hungary and Turkey owe to percent increase in external debt in 1995, official creditors reflects their status as Debt outstanding, 1985-95 and the debt to export ratio declined for market borrowers. By contrast, Poland US$ billions many borrowers in the region. The region owes 75 percent of its debt to official cred- 400 Regional total received I I percent of aggregate resource itors as a result of massive debt restructur- flows to low- and middle-income coun- ing. Russia has an almost equal balance of 300 tries, the third largest share after East Asia official and private debt, but close to half Priyafe and Latin America and the Caribbean, its private debt is in the form of guaran- 200 and of these 82 percent were non-debt teed export credits. ....... . --creating flows. Since 1991 coIncessional loo - - - - Official assistan-ce to Easterni Etirope and the iide- DEBT RESTRUCTURING IS HIGH ON THE pendent republics of the former Soviet AGENDA. Russias long-awaited agreement 1905 1990 1991 1992 1993 1994 1995 Uniion has been a significant component with commercial banks to restructure eof aggregate resource flows and in 1995 it $32.5 billion of debt, including $7 billion Sources of loartena finance, 1995 accounted for an estimated 30 percent. of interest arrears, was reached in The region also saw an almost 50 percent November 1995. Earlier in the year Russia I y ySu:;.g:f: increase in foreign direct investment in concluded its third annual Paris Club *nS; -- -;tSW9E \ 1995. Aggregate net transfers continLied rescheduling on $6.4 billion of debt con- their downward trend and fell by 25 per- tracted before January 1, 1991. Croatia Blateral cent in 1995, largely as a consequence of and Macedonia FYR concluded agree- increased debt service payments. to an ments with Paris Club creditors to restruc- estimated $12.1 billion. This was equiva- ture $0.9 billion and $0.3 billion of debt, lent to 2.42 percent of the combined and Albania used the IDA Debt Reduction Stock of debt, egd 1995 GNP of countries in the region. Net trans- Facility to restructure $0.5 billion, includ- USS billions fers from official sources averaged 0.74 ing a buyback of $0.4 billion at an average 0 20 40 60 80 100 percent of GNP and those from private price of 26 cents. Interregional debt RUoS;o _ EG SOUrces 1.68 percent. restructuring continued apace as Hungarv. Turkey _ Poland, and Ukraine rescheduled debt to Poland I the former Soviet Union. Hungory Czech Rep. DEBT STOCKS CONTINUE TO RISE. The DEBT INDICATORS IMPROVE FOR MOST * Official Europe and Central Asia region had a 7 MAJOR BORROWERS. The trend in improv- Pulgori L' Private oulgane a Private percent rise in its stock of debt in 1995, ing indicators for low- and middle-income following a 6 percent rise in 1994. The countries is evident among the major bor- Debt to export ratio combined debt outstanding of the rowers of Europe and Central Asia. The Percent C 1985 region's countries was an estimated $380 debt to export ratio improved to 144.6 250 C1 1994 billion at the end of 1995, 18 percent of percent in 1995 as compared to 153.7 per- | I 51:::1 1995 all low- and middle-income countries' cent in 1994. BY contrast, the debt service 200 | I _ debt. to export ratio rose to 15.4 percent from 150 $, f ^ I | e' a _ - 14.6 percent in 1994 due to rising interest DIVERGENT CREDIT MIX FOR THE TOP on the increased debt stock and clearance 100 X FOUR BORROWERS. Russia. Turkey, Poland, of interest arrears. Within the region, debt and Hungary together account for 65 per- ratios varied widely, and some borrowers, cent of the region's debt outstanding at the for example. Russia, saw their debt to enid of 1995, but the comnposition of their export ratio rise. By contrast export earn- Russio Turkey Poland Hungary Bulgofo Region 162 External debt and resource flows - ings increased by 15 percent in Bulgaria ers, and spreads were gelnerally lower. GNP per capita, 1994: $2,430 and 19 percent in Poland. and these rwo Foreign direct investment is an important countries saw their debt to export ratios component of private capital flows to decline to 162.2 percent for Bulgaria Hunigarv. Poland, and, increasingly. Ruissia. Aggregate resource flows, 199095 (189.9 percent in 1994) and 182.2 percenit USS billions for Poland (215.7 percent in 1994). NET INFLOW OF PRIVATE DEBT 40 DECLINES FURTHER . .. The net inflow of 35 AGGREGATE RESOURCE FLOWS private debt declined fuirther in 1995, in 30 part as a result of the large paymenits 25 At an estimated $26.7 billion in 1995 falling due oi commercial baik loans and 20 aggregate resource flows to Europe and bonds contracted in previous years and a Central Asia were unchaniged from their slowdown in new borrowinig. especially 1994 level. But the distribution shifted, in Turkey. which had a difficult year both 0 with official flows declining by 1 6 percent economilically and politically. Overall, pri- 1990 1991 1992 1993 1994 1995 to an estimated $9.4 billion and private vate debt flows have declined dramatical- Composition of private flows capital flows increasing by 11 percent to ly, down from 83 percent of all private 1990 $8.2 billion 1995 17.3 billion an estimated $17.3 billion. flows in 1990 to 19 percent in 1995. Portfolio eqoity Parfolio equity I1% 9% Fill~~~~~Vl OFFICIAL FLOWS ARE IMPORTANT. The ... BUT PORTFOI-10 FLOWS HOLD THEIR /deb disparate countries that form the region OWN. Europe and Central Asia were able V make the trend in resotirce flows diffictIlt to mainitaini access to markets and con- Private debt to analyze. Since 1990 there have been tinued to attract the third largest region- 83% 72 large net inflows of concessional assis- al share of portfolio investlmlelnt fows. tance to the Eastern Europeani counltries The Czech Republic. Estonia, Romania and the independent reptiblics of the for- anid Russia were among first-time issLiers Foreign direct investment, 1990-95 mer Soviet Unioni. This trend has been in 1994. US$ billions reinforced by renewed flows of official 15 developmenit assistanice to the successor FOREIGN DIRECT INVESTMENT UNDER- Region states of the former Yugoslavia. including GOES A RESURGENCE. Foreign direct invest- peace-keeping operations, which have incrt in Europe and Cenitral Asia rose by averaged S2 billion a year since 1 991 . an estimated 5ff percent to some $12 bil- lion in 1995 after a muchI slower pace in 5 PRIVATE FLOWS START TO DOMINATE. 1994. Privatizationi With foreign investor Private flows are still heavily concentrated participation attracted investment- 0.Pal in Greece, Hungary, and Turkey, but the Kazakstan and UJzbekistani, for example. 1990 1991 1992 1993 1994 1995 region ranks third (after East Asia and foun1d foreign investors for their tobacco FDI bycountry, 1995 Latin America) in its share of bond issues. indtIsrry. Hungarv saw the most spectac- USS billions Hungarywas active in 1994 and 1995, and ular rise (to $4.2 billion), following a '1 1 2 ~ ~~~~~~3 4 there were some nevwcomers to the bond slowdowin in 1994 whenl privatization markets, inclidinig Malta and the Slovak programs and strategies were examined. Hungary Republic in 1994. Borrowers in the region Turkey registered a doubling of foreign Polond obtained maturities slightly better than the direct investmenit, wvith the increase 3.6 years giveni to Latin American borrow- going ailmost entirely to maniufacturing. Rissil TuLrkey Owech Rep. - 163 Key indicotors US$ billions 1985 1994 19950 Total debt oufstanding 410.1 562.8 607.2 u I. World BankADA 17.4 37.3 37.3 Latin America and the Caribbean (oncessional share (%) 8.3 10 5 10.3 Netresourceflows 15.2 51.1 48.8 Net transfers -17.7 19.8 9.7 Debtservice/exports(%) 38.6 27.5 30.3 Private capital flows to Latin America percent rise in Brazil), and declined for a Prelimirwry, and the Caribbean fell by 32 percent in some borrowers (Chile). 1 995 to an estimated $33.9 billion, coin- Debt outstanding, 1985-9S pared with an increase of 5 percent for all DEBT REST1RUCTURING IS FOCUSED ON U5$ billions low- and middle-income countries. The LOW-INCOME COUNTRIES. With the excep- aoro Iregion has seen its share of private capi- tion of Ecuador. which concluded a debt l00 Regioral total tal flows to all low- and middle-income and debt service restructuring operation 600 countries fall from 38 percenc in 1993 to in February 1995, restructuring opera- Private an estimared 20 percent in 1995. Net tions were concentrated in the poorest 400 transfers to the region from private countries in the region. Bolivia was one sources were equivalent to 0.34 percent of the first countries to benefit from a 67 200 ............. if f'i'l of GNI' in 1995 compared with 3 per- percent debt stock reduction under the cent of GNP in 1993. Much of the Paris Club Naples terms, and Nicaragua 1985 990 1991 1992 1993 1994 1995 increase in aggregate flows from official received a 67 percent debt service reduc- sources was driven by the rescue package tion in the same forum. In December Sources of long-term finance, 1995 for Mexico. Despite this, aggregate net Nicaragua bought back $1.1 billion of $467.5 billion transfers to the region declined by half in debt owed to commercial banks at a price 1995 to an estimated $9.7 billion. When of 8 cents per dollar and eliminated 81 1(~ ;j0I Mexico is excluded, they turned negative percent of commercial debt outstanding. (-$2.1 billion). Niv~e~ idi tWj¢;i>iINDICATORS FOR SOME BORROWERS 0 ;057X% i |t 5ilaneral /[a_ REMAIN HIGH. Although debt indicators across the region have improved consid- MEXICO DRIVES THE INCREASE IN DEBT erably from those recorded a decade ago, Stotk of debt, end 1995 STOCKS. The combined external debt of the debt to export ratio for the region US$ billions the lIatin American and Caribbean coun- remains high-an average of 254.2 0 50 100 150 tries rose by 8 percent in 1995, following percent in 1995, compared with 83.3 Mexiro 03 E ;iF1 ; S f ;; ; a 6 percent rise in 1994. This region holds percent for East Asia. The debt service the largest share of low- and middle- to export ratio increased in 1995 (to Brazil - 0;jESAiS0i'-0.;-00Q0t108000000S00040;0E;00000000 | in come countries' debt, 29 percent at the 30.3 percent), reflecting continued ArgenOni end of 1995. clearance of arrears and higher debt ser- vice on restructuring agreements con- Venezueln Official MEXICO AND BRAZIL HOLD 15 PERCENT cluded in previous years. The debt ratios El Private 'eyars'h eini 95 Chile OF LOW- AND MIDDLE-INCOME COUNTRIES vary widely across the region in 1995, DEBT. Mexico overtook Brazil to become with the debr to export ratio as low as Debt to export ratio the largest debtor among low- and mid- 129 percent in Chile and above 2,500 Percent dle-income counltries in 1995. Brazil and percent in Nicaragua and the debt to 500 * 1985 Mexico together account for 15 percent GNP ratio at 24 percent in Brazil and 94 Cl 1994 of all low- and middle-income countries' percent for Jamaica. 400 El 1995 debt. Mexico saw a sharp increase (16 3G0 | [ _ | percenr) In debt outstanding in 1995 as a ' ' result of the rescue package provided by 200 the United States, the International The distribution of aggregate resource Monetary Fund, and the Bank for Inter- flows to Latin America and the 0 :0 | 0 | X | tN | 1 | nationial Settlements. Elsewhere in the Caribbean in 1995 is atypical, with the | |_|s - region debt increased moderately (a 4 sharp rise in net flows from official Mexico BrozIl Argenlino Venezuela Chile Region 164 External debt and resource flows sources attributable to the rescue package ed in line with market perceptions of GNP per capita, 1994 $3310 for Mexico. Private capital flows fell by 32 economic fundamentals, and Latin percent in 1995, driven by an estimated American borrowers saw maturicies 52 percent fall in portfolio equity flows shorten to an average of 3.6 years, con- Aggregale resource flows, 1990-95 and a 35 percent decline in private loans. pared with 11.7 years for East Asian bor- US$ billions Aggregate resource flows to the region rowers. Spreads were also on average 70 from all sources declined 5 percent in twice those paid by East Asian borrowers. 60 1995 to $48.8 billion. 50 PORTFOLIO EQUIT-Y FLOWS ARE HALF 40 / . j OFFICIAL FLOWS JUMP SHARPLY ON THEIR 1994 LEVEL. After being the leading 30 ACCOUNT OF THE MEXICO RESCUE PACK- recipienit of portfolio equity flows in 1993 20 r XJ AGE. The Mexico rescue package led a and 1994, the region saw its share fall to 10 , strong rebound in official flows. Gross 28 percent in 1995, compared with 47 0 1990 1991 1992 1 993 1994 1 9995 flows from official sources almost percent for East Asia. The rise in U.S. quadrupled-from $11 billion in 1994 interest rates in 1994 coupled with the Composition of private flows to a record $40 billion in 1995, but with devaluation of the Mexican peso in 1990 22 billion 1995 $33.9 billion $30 billion going to Mexico. Flows to December 1994 eroded investor confi- , P other countries in the region (excluding dence and reduced the ability of emerging debt debt Mexico) were little changed from 1994. market borrowers to sell securities in ( . v25 international markets. By April Chile saw Bonds i Bonds PRIVATE FLOWS DECLINE. Latin America stock markets recover to levels prevailing Portf ol a and the Caribbean saw its share of private before the Mexico crisis, but market prices eqe t Portf lio equity capital flows to low- and middle-income in Argentina, Brazil, and Mexico suffered 15% countries decline from 31 percent in 1994 deeper and more persistent effects. to 20 percent in 1995. East Asian borrow- Foreign direct investment, 1990-95 ers benefited most from this decline. FOREIGN DIRECT INVESTMENT STABI- US$ billions LIZES. Foreign direct inivestnmetnt flows to 100 MEXICO CRISIS AFFECTS PORTFOLIO the region stabilized in 1995 at $18 bil- DEBT FLOWS. Portfolio debt flows lion following several years of rapid declined sharply in the aftermath of the growth. But there were divergent trends 60 Mexico crisis, and Latin America bore the for major recipients. Investnment in 40 brunt. The region launched only $360 Argentina, which fell to its lowest level in LAC million in new bond issues in the first five years in 1994 as a round ofprivatiza- 20 quarter of 1995, compared with $6.3 bil- tions with foreign investor participation 0. lion in the first quarter of 1994. Although came to an end, is estimated to have 1990 1991 1992 1993 1994 1995 emerging markets recovered strongly in rebounded in 1995 to almost $4 billion. FDI bycountry, 1995 the second half of 1995 and new issues By contrast, the postcrisis recession in US$ billions increased to $22.5 billion for the year as Mexico triggered a rapid downturnl in 0 1 2 3 4 a whole (up from $19.5 billion in 1994), investment, which is estimated to have borrowers paid a high price. declined to about half its 1994 level. It is Mexico worth noting, however, that the peso Argentina i . AND THE TERMS ARE WORSE. The terms devaluation boosted export-oriented for- of new lending were sharplv differentiat- eign direct investment. Brozil Chile 7. ,P, .i 4'1 Oolombia 165 Key indicators USS billions 1985 1994 1995' Total debtoutstanding 136.3 207.7 217.0 M i i World Bank/IDA 5.7 11.9 12.0 M d l a ta dN rhA rc (oncessionad share I%) 24.0 26.0 26.2 Net resource flows 14.8 10.3 13.0 Net transfers 9.0 3.1 4.9 Debtservice/expors (%) 13.5 15.4 13.7 The Middle East and North Africa remain commercial bankHlows, notably for Saudi a. Preliminary. heavily dependent on official bilateral and Arabia. multilateral creditors, but the aggregate Debt outstanding, 1985-95 net transfer to the region from official ALGERIA RESTRUCTURES COMMERCIAL US$ billions sources has eroded sharply in the last few BANK DEBT. Algeria concluded an agree- 250 Regional total years. It is now 0.6 percent of GNP, as ment in June to restructure $3.2 billion 200 compared to 1.6 percent five years ago. of its $4.5 billion debt owed to commer- The picture is somewhat distorted by the cial banks. The agreement allows for an 150 inclusion of Saudi Arabia in the regional average grace period of 6.5 years and )00 ..... totals and the fact that official flows to maturities up to 16 years. Algeria, Jordan, Official Israel are excluded (Israel is defined as a and Yemen concluded rollover agree- 50 high-income country). After adjusting for ments with Russia to extend the repay- Saudi Arabia the ratio of net transfers from ment period on the debt they had 1985 1990 1991 1992 1993 1994 1995 official sources to GNP rises to 0.80 per- contracted with the former Soviet Union, cent, as compared to 0.65 percent for and Jordan continLed to benefit from Sources of long-term finance, 1995 South Asia and 4.92 percent of Sub- debt forgiveness from the United States. $167.4 billion Saharan Africa. Aggregate net transfers from all sources rose by 58 percent in 1995 INDICATORS ARE MIXED. The debt to to $4.9 billion, boosted by an increase in export ratio for the region improved in aggregate net transfers from private 1995 to 136.9 percent from 148.5 per- sources although these were concentrated cent in 1994. But Saudi Arabia weights Bilateral in only a few countries in the region. heavily and leads to a somewhat over- stated picture of the regional trend. This & g ' is, however, still one of improvement. Stock of debt, end 1995 When Saudi Arabia is excluded, the ratio US billions RisE IN DEBT IS MODERATE. The total debt for 1995 is 200.5 percent, compared 0 5 lo 15 20 25 30 outstanding of the countries of the with 205.9 percent for 1994. Across the Algeria Middle East and North Africa rose by 4 region the ratios are mixed. For Egypt percent in 1995 following a 7 percent andJordanthedebttoexportratioisesti- Egypt increase in 1994. The region accounted mated to have worsened slightly in 1995 Iran for lOpercentoflow-andmiddle-income (to 227.9 percent and 178.6 percent countries' outstanding debt at the end of respectively) due to a small downturn in Morocco 1995. Of the medium- and long-term export earnings. By contrast, small Syn o Oficial debt outstanding at the end of the year, improvements were recorded by Algeria El Private 62 percent was owed to official credi- (to 303.2 percent) and Iran (105.4 per- Debt to export ratio tors-almost 70 percent if Saudi Arabia is cent). The debt service to export ratio for Percent excluded. the region improved to an estimated 13.7 percent in 1995, compared with 15.4 400 C] j994 MARKET BORROWERS SEE THE FASTEST percent in 1994. Through a combina- 300 0 1995 RISE IN DEBT STOCKS. Several major bor- tion of debt restructuring and increased r t l rowers in the region, including Egypt, export earnings, Algeria reduced its debt 200 1 s _ H _ Iran, and Morocco, had virtually no service to export ratio to an estimated increase in external indebtedness in 1995. 42.5 percent in 1995 from 55.3 percent 100 : Ei Et2 ; w By contrast, Lebanon, Saudi Arabia, and in 1994. This remains the highest in the Tunisia registered increases in debt out- region and is in sharp contrast to the debt standing of more than 10 percent in 1995 service to export ratio for Egypt (19 per- Algeria Egypt Iran Jordan Morocco Saudi Region thanks to bond issues and an upsurge in cent) and Iran (17.8 percent). Arabia 166 External debt and resource flows AGGREGATE RESOUR(E FLOWS countries-Algeria, Iran, Saudi Arabia, GNP per capita, 1994: $1,870 and to a lesser extent Egypt and Aggregate resource flows to North Africa Morocco-there are welcome signs of and the Middle East rose by an estimated private flows across the region. Lebanon Aggregate resource flows, 1990-95 27 percent in 1995 to $13 billion. Private and Tunisia, with issues of $400 million US$ billions capital flows to the region have risen rapid- and $278 million, put the region back on 14 ly in the past five years and in 1995 the the map of bond issuers in 1994 after an 12 share of official and private capital flows in absence of three years. Both countries 10 total resource flows was roughly equal. returned to the markets in 1995 and were 8 - joined by Jordan and Saudi Arabia. Bond 6 THE REGION'S SHARE OF CONCESSIONAL issues totaled $1,250 million in 1995, up 4 Offi(ial FLOWS DECLINES. Like Sub-Saharan from $678 million in 1994. 2 Africa and South Asia, the region com- 1990 1991 1992 1993 1994 1995 mands a large share of concessional flows. ... ON GOOD TERMS. Tunisia's fixed rate In 1995 about half the net resource flows issues in the yen markets were on terms Composition of private flows to the region were from official sources, comparable to those extended to Hungary. 1990 $2.5 billion 1995 $6.8 billion almost entirely on concessional terms. In Jordan, with a World Bank guarantee, was Portfolio equity the past decade these concessional flows able to get a seven-year maturity at LIBOR 1% have come from Development Assistance plus 1.10 percent on its dollar issue. v Pv .7 Committee (DAC) donors, especially the 20et United States, and from donors in the PORTFOLIO EQUITY FLOWS REMAIN Privatedebt region, including Kuwait, Saudi Arabia, SMALL. The region received only margin- 65% and the United Arab Emirates. Despite al investments in 1994 and 1995. But continuous support to the peace process, these years mark the beginning of the region has seen its share of conces- investor attention to the Middle East and Foreign diretd investment, 1990-95 sional flows to low- and middle-income North Africa, and some investment funds U5$ billions countries fall to 14 percent in 1995, com- have added a few countries in the region 4 pared with 25 percent in 1985. Some of to their portfolios. But the delicate polit- the decline can be attributed to the cut- ical balance in much of the region con- 3 back in aid from regional donors follow- tinues to limit investment. ing the 1991 Gulf war. 2 FOREIGN DIRECT INVESTMENT Egypt LESS ASSISTANCE TO EcYPT. Egypt, one DECLINES. Inflows of foreign direct of the biggest recipients of concessional investment fell to an estimated $2.1 bil- - assistance among all low- and middle- lion in 1995, with new inflows going pri- 1990 1991 1992 1993 1994 1995 income countries, has seen its net inflow marily to Morocco and Egypt. Most of FDI by country, 1995 of official concessional assistance fall the flows to Morocco originated in France U5$ billions from a peak of $4.7 billion in 1990 to an and Spain, attracted by the stepped-up 0 02 0.4 0.6 08 estimated $1.4 billion in 1995. privatization program with foreign par- . V. ticipation. Despite the fragility of the M < >'i-'>'f -.<.. WELCOME SIGNS OF PRIVATE FLOWS .. . peace process in the region, Lebanon is Private flows have increased sharply in the experiencing renewed foreign investor Egypt § past two years and in 1995 accounted for interest. It attracted $35 million in for- just over half of net resource flows. While eign direct investment flows in 1995 after Tunsi these flows are concentrated in a few more than 10 years with virtually none. Oman m1 167 Key indicators US$ billions 1985 1994 1995' Totaldebtoutstanding 68.1 161.1 167.6 World Bnk/IDA 16.7 42.6 43.5 South A sia Corwessional share CM 58.7 57.3 55.4 Nel resource flows 7.3 13.8 12.4 Net transfers 5.4 8.6 6.5 Debt sefvice/exports (%) 21.9 25.6 24.9 In South Asia debt grew less rapidly in debt outstanding owed to multilaterals- a. Preliminary. 1995 than In previous years but the 42 percent of long-term debt at the end increase in export earnings continued of 1995, compared with 34 percent for Debt outstanding, 1985-95 resulting in a decline in the debt service to Sub-Saharan Africa and an average of 16 US$ billions export ratio to 24.9 percent. This, coupled percent in other regions. India is the 200 with the fact thar 50 percent of the net largest recipient of loans from the Regional total resource flows were non-debt creating International Development Association 150 (grants, foreign direct investment, and (IDA), accounting for close to 30 percent ,..... portfolio equiry). has kept debt within of outstanding IDA credits. Since 1990 100 ... .... Official maniageable limits and the region is unique India has also ranked among the top 10 in that there are almost no payments recipients of loans from the International 50 arrears. The region received 5 percent of Bank for Reconstruction and Develop- aggregate flows to low- and middle- ment (IBRD). The region also receives on 0 0t 1905 1990 1991 1992 1993 1994 1995 inicomecounitriesand IOpercentofofficial average 60 percent of the net flows ofthe flows. Aggregate net transfers fell by 24 Asian Development Bank (an average of Sources of long-term finance, 1995 percent to $6.5 billion, equivalent to 1.51 $1.3 billion a year since 1990). $150.4 billion percent ofthe combined GNP ofcountries in the region. Net transfers frorn official THE ONLY REGION TO AVOID DEBT sources averaged 0.65 percent of GNP and RESTRUCTURING. South Asian borrowers those from private sources 0.86 percent. have the distinction of being the only group of low- and middle-income coun- Biloleral :I tries that has not restructured its external \ 38% ~ debt in the past decade and has incurred BORROWING SLOWS iN 1995. The pace of almost no arrears to external creditors. Stock of debt, end 1995 growth in the external debt of South 05$ billions Asian countries slowed to 4 percent in DEBT INDICATORS IMPROVE ACROSS 0 20 40 60 00 i00 1995, less than half the 9 percent increase THE REGION. Borrowers in the region, India _ in 1 994 and well below the average 8 per- like those in East Asia, saw the growth in Pokissen _ cent increase in low- and middle-income their export earnings outpace the countries' (debt. The regions total debt incrcase in their debt, and all countries Bangladesh_ Bangladesh outstandinig was an estimated $168 bil- recorded improvements in their debt to Sri Lanka lion at the end of 1 995, 8 percent of the export and debt co GNP ratios. These Afghanistan U Officiail outstanding external debt of all low- and ratios averaged 245.7 percent and 38.9 Nepal a middle-income countries combined. percent for the region compared with Bangladesh, India, and Pakistan together 150.0 percent and 15.4 percent for all Debt to exptort ratio hold 90 percent of the region's outstand- low- and middle-income countries. Ban- Percent ing debt, witlh lindia by far the largest bor- gladesh has the highest debt to export 500 1985 rower (60 percent). ratio in 1995 (373 percent), but the low- 0 1994 est debt service to export ratio (15 per- 400 . O 1995 MULTILATERALS HOLD T HE LARGEST cent) as over 95 percent of outstanding 300 | _ | SHARE. South Asia has the largest share of debt is concessional. 200 200 Bangladesh Pakistan India Sri Lanka NepaI Region 168 External debt and resource flows . AGGREGATE RESOURCE FLOWS region, previously dominated by issues GNP per capita, 1994: $320 from India. The most important increase Aggregate resource flows to South Asia has been in foreign direct investment and declined by an estimared 10 percent in portfolio equirv flows, however. These Aggregate resource flows, 1990-95 1995 to $12.4 billion. The decline was all now account for 58 percent of private USS billions in private capital flows, where increased flows to the region, up from 25 percent 14 activity by commercial banks was not five years ago. 12 enough to offset the estimated 75 percent l0 drop in portfolio equity flows. The share PORTFOLIO FLOWS SUFFER A SHiARP 8 of non-debt creating flows was 50 per- REVERSAL IN 1995 . . . After jumping 6 cent in 1995 compared with 72 percent sharply in 1994 (to $6.2 billion) because 4 in 1994. of a stream of equity placements from 2 Ofial India and the sale of the Pakistan 990 1991 1992 1993 1994 1995 CONCESSIONAL FLOWS HOLD THEIR telecommunications company, portfolio OWN ... Except for the Maldives, all coun- equity flows declined sharply in 1995 to Composition of private flows tries in the region are low-income. There $ 1.5 billion. This level was lower than the 1990 $2.3 billion 1995 $6.0 billion had been concern that concessional assis- $2.0 billion realized in 1993. Portfolio equity Portfolio equity tance would be diverted away from the 4% 24% region, but these fears have not beeni . . . BUT FOREIGN DIRECT INVESIMEN r borne out. The region today receives on CONTINUES To GROW. In contrast to port- Private Priate average 14 percent of the concessionial folio equity flows, foreign direct invest- debt debt flows (loans and grants combined) to low- ment continued its upward trend. These 75% 42% and middle-income countries, much the flows registered a 65 percent increase in same share as it commanded a decade ago. 1995, led by a doubling of flows to India. Foreign direct investment, 1990-95 . . . AND PRIVATE FLOWS BECOME MORE INDIA ATTRACTS FOREIGN DIRECT USS billions IMPORTANT. Private flows have become INVESTMENT. India has attracted growing 2.0 increasingly important, offsetLing the foreign direct investment flows since lib- Region decline in official flows on nonconcession- eralizing its FDI regime in 1991. Most of 1 5 al terms. Private flows now account for these flows have been concentrated in / close to 50 percent of resource flows to the power and fuel and more recently in 1 0 region, comparedwith just over 25 percent telecommunications infrastructure. An in 1990. India drives this trend, but estimated two-thirds of direct invest- Pakistan and to a lesser degree Sri Lanka ment flows to the region go to India, one 0 are also attracting private capital flows. of only' two low-income countries (the 1990 1991 1992 1993 1994 1995 other being China) that are significant FD by country, 1995 ALMOST 60 PERCENT OF PRIVATE FLOWS recipients of private capital flows. USS billions ARE NON-DEBT CREATING. Most of the Investment in Pakistan and Sri Lanka 0.0 03 06 09 12 15 region's private debt flows have been con- continued at much the same pace as in centrated in India. But Pakistan's debut in 1994. while Bangladesh recorded the the bond markets in 1994 established a fastest increase (from SII millioni in benchmark for other borrowers from the 1994 to $125 million in 1995). Pgkis1nIi Srionko Bonglodesh 169 Key indicators USS billioms 1985 1994 1995' Total debt outstanding 123.5 212.4 223.3 WorldBank/I1DA 11.4 33.2 35.2 Sub-Saharan Africa (oncesfsionail share (X 22.3 33.4 34.8 Net resource flows 8.7 20.1 22.1 Net transfers 2.1 11.3 13.0 Debt service/exports (%) 23.5 14.0 14.7 Despite buoyant commodity exports by percent of the debt outstanding at the o Pulimloary. some countries, Sub-Saharan Africa's end of 1995. The top 10 borrowers export growth has not kept up with the (including South Africa) account for 68 Debt outstndnrmg, 1985-95 growth of external debt. As a result a num- percent. Seventy percent of outstanding USS billions ber of countries in the region saw their debt at the end of 1995 was owed to offi- 250 Regional total debt to export ratios continue to rise. For cial creditors-90 percent if Nigeria and most countries the debt burden remains South Africa are excluded. The region is 200 unsustainably high: of the 40 countries a major recipient of inflows, most on 150 oficial that are classified as heavily indebted, 33 concessional terms, from multilateral ' , . ..., .-..-- ..-- ..- are in Sub-Saharan Africa. The majority institutions. Thirty percent of long-term 100 .++ of countries in the region have no access debt outstanding at the end of 1995 is 50 Private to financial markets or to nonconcession- owed to the World Bank Group, the al flows from official sources. Bilateral International Monetary Fund, and the 1985 1990 1991 1992 1993 1994 1995 donors are increasingly providing all of African Development Bank and Fund. their assistance in the form of grants and Sources of long-term finance, 1995 lending by multilateral institutions, espe- ' I ' i $174.3 billion cially IDA, is on high concessional terms (50 year maturity and 0.75 percent service Aggregate resource flows to Sub-Saharan charge). Aggregate net transfers to the Africa rose by I0 percent in 1995 to an esti- I region from all sources rose by 15 percent mated $22 billion, and of these 78 percent in 1995 to $13 billion, equivalent to 4.33 came from official creditors. The region ultilateral _percent of the region's GNP. Net transfers also received the second highest share of s 1 34% from official sources averaged 4.92 per- aggregate resource flows in non-debt centage of GNP, by far the highest net creating flows after Europe and Central Stock of debt, end 1995 transfer as a percent of GNP from official Asia (an estimated 70 percent in 1995), USS billions sources to any region-the comparable predominantly in the form of grants. The 0 5 10 15 20 25 30 figure for South Asia was 0.65 percent. region has seen a rapid rise in private cap[- Nigeria _tal flows in the last two years but these are (ote d'lvoire heavily concentrated in a handful of coun- Sudan tries, particularly South Africa. Angola i Offitial The total debt of the Sub-Saharan Cameroon . Private African countries rose by 5 percent in THE REGION RECEIVES THE LARGEST SHARE 1995 to $223 billion, following a similar OF OFFICIAL DEVELOPMENT ASSISTANCE Debt to export ratio rise in 1994. Much of the increase is con- (ODA). More than 90 percent of net Percent centrated in South Africa. Elsewhere, inflows to Sub-Saharan Africa (excluding 500 debt stocks remained static or declined as South Africa) are from official sources, 1,200 1985 a result of debt forgiveness. The region most on concessional terms. ODA flows 200' 13l994 holds only I I percent of all low- and mid- are estimated to have increased in 1995 to 900w19 dle-income countries' debt, but 16 per- $16.9 billion (up from $15.4 billion in 600 cent of official debt outstanding. 1994). Sub-Saharan Africa has been the 300 -olds Y Llargest recipient of ODA throughout the 300; t;; _ .h: X . DEBT IS CONCENTRATED AND OWED TO 1990s. The major donor is France, fol- OFFICIAL CREDITORS. Most of the 47 lowed by the United States and Germany. Cdled'loire Kenya MozombiqueTonzania Zambia Region countries in the region are both low The net inflow froin multilateral institu- income and severely indebted. Nigeria is tions was an estimated $2.8 billion in the region's largest borrower, with 15 1995, ofwhich 92 percent was from IDA. 170 External debt and resource flows MOST PRIVATE FLOWS GO TO NIGERIA given in 1995. Much of the debt forgive- GNP per capita, 1994: $510 AND SOUTH AFRICA. Private flows ness was received by countries in the CFA accounted for 20 percent of the net franc zone, under the debt relief initiative resource flows to the region in 1995. announced by France in connection with Aggregate resource flows, 1990-95 Most of these went to Nigeria and South the devaluation of the CFA franc. US$ billions Africa. Besides South Africa, which 25 tapped the bond markets in 1994 and INDICATORS REQUIRE CAREFUL INTER- 1995, only two other countries in the PRETATION. The debt to export ratio and 20 region have attracted portfolio debt flows. the debt to GNP ratio rose moderately in 15 The Republic of Congo was a first-time 1995. 'These ratios averaged 269.8 per- 10 borrower in 1994. raising $492 million cent and 74.1 percent for the region in on a fixed-rate issue with an eight-year 1995. However, when South Africa is maturity. The Republic of Mauritius excluded the ratios jump to 389.2 percent ° 1990 1991 1992 1993 1994 1995 entered the market in 1995 with a five- for exports and 118.7 percent for GNP. as year, $150 million issue at LIBOR plus comparedwith 150 percent and 37.7 per- Official flows, 1990 and 1995 0.9 percent. Private debt flows to the cent for all low- and middle-income 1990 $16.9 billion 1995 $17.2 billion region fell from $1.4 billion in 1994 to an countries. Also, the deterioration in the Nonconcessional Nonconressionol loans 2% loans 2% estimated $1.2 billion in 1995. debt service to export ratio through 1994 -r (it worsenied slightly to 14.7 percent in ci AFRICAN COUNTRIES BENEFIT FROM THE 1995) must be interpreted with caution. NAPLES TERMS ... Uganda was the first Again, if South Africa is excluded, the Grants \runtX country to benefit from the Paris Club 1995 ratio rises to 19.5 percent (l7.3 per- 72% 74% Naples terms. In February it concluded a cent in 1994), but this must be analyzed debt stock reduction agreement under in rhe context of the continued buildup which the present value of eligible debt of arrears: the ratio is calculated on the Foreign direct investment, 1990-95 was reduced by 67 percent. Six other basis of the estimated debt service actual- US$ billions countries-Cameroon, Chad. Guinea, Iy paid. 3.0 Region Mauritania, Senegal. and Togo-con- 25 cluded debt service reduction agreements. FOREIGN DIRECT INVEST1MENT FAILS BY 2.0 All received 67 percent debt service reduc- A THIRD. Foreign direct investment wvas tion except Cameroon and Chad, which estimated at $2 billion in 1995, down by 15 received 50 percent. Sierra Leone used the a third from 1994. Foreign investments 1.0 IDA Debt Reduction Facility to purchase continue to go mostly to natural 0 5 $160 million in debt owed to commercial resources, with petroleum and mineral- 0 banks at 15 cents per dollar and a further producing countries such as Angola, 1990 1991 1992 1993 1994 1995 $74 million in debt at 8 cents per dollar Gabon, and Nigeria attracting the most. FDI by country, 1995 ($234 million in all). Angola, Ethiopia, U5$billions and Mozambique are renegotiating their GHAN.AS SHARE OF FOREIGN INVEST- 0 01 0.2 0.3 0.4 05 0.6 07 debt to the former Soviet Union, as are MENT INCREASES, THANKS TO PRIVATIZA- Nigerfia 4-7 -S-e *7', '? several other countries in the region. TION. Ghana received considerable t .., foreigni investment flows in 1995 in Angola ... AND FROM DEBT FORGIVENESS. response to the sale of the Aslianti Ghano p ,. Forgiveness of bilateral debt is increasing- Goldfields company through interna- G bon . ly benefiting countries in Sub-Saharan tional and domestic public equity offers. Africa. In 1994, $3 billion of debt was Despite South Africa's promise, foreign (ameroon . forgiven, and a similar amount was for- investment flows remain small. Zombic 7]7 :I Part III Summary tables 1 Methodology The World Bank is the sole repository for statistics rates and stock data at year-end exchange rates, on the external debt of developing countries on a year-to-year changes in debt outstanding and dis- loan-by-loan basis. The Debtor Reporting System bursed are sometimes nor equal to net flows (dis- (DRS), set up in 1951 to monitor these statistics, burseinents less amortization payments); similarly, is maintained by the staff of the Financial Data changes in debt outstanding including undis- (FIN) Team, Development Data Group of the bursed debt differ from commitments less repay- International Economics Department (IECDD). ments. Discrepancies are particularly significant when exchange rates have moved sharply during Methodology for aggregating data the year: cancellations and reschedulings of other liabilities into long-term public debt also con- Using the DRS data, in combination with infor- tribute to the differences. mation obtained from creditors through the debt data collection systems of other agencies such as PIublic and publicly gunranteed debt the Bank for International Settlements (BIS) and the Organization for Economic Cooperation and All data related to public and publicly guaranteed Development (OECD), the staff of the IECDD debt are from debtors except for lending by some estimate the total external indebtedness of devel- multilateral agencies, in which case data are taken oping countries. The data are also supplemented from the creditors' records. These creditors by estimates made by country economists of the include the African Development Bank, the Asian World Bank and desk officers of the International Development Bank. the Central Bank for Eco- Monetary Fund (IMF). nomic Integration, the IMF, the Inter-American Development Bank, and the International Bank Converting to a common cunrency for Reconstruction and Development (IBRD) and International Development Association (IDA). Since debt data are normally reported to the Wvorld (The IBRD and IDA are components of the Bank in the currency of repayment, they have to World Bank.) be converted into a common currency (usually Starting with the 1988-89 edition of IYorld U.S. dollars) to produce summary tables. Stock Debt Tables, all data pertaining to World Bank figures (such as the amount of debt outstanding) loans from 1985 onward are recorded at their cur- are converted using end-period exchange rates, as rent market value. Starting with the 1991-92 edi- published in the IMF.s International financial tion, all data pertaining to Asian Development Statistics (line ae). Flow figures are converted at Bank loans from 1989 onward are recorded at annual average exchange rates (line rf). Projected their current market value as well. debt service is converted using end-period exchange rates. Debt repayable in multiple cur- Private nonguaranteed debt rencies, goods, or services and debt with a provi- sion for maintenance ot value of the currency of The DRS was expanded in 1970 to incorporate repayment are shown at book value. Because flow private nonguaranteed long-term debt. Reports, data are converted at annual average exchange submitted annually, contain aggregate data for 175 1.76 disbursed and outstanding debt, disbursemenits, treated as a residual between total net long-term principal repayments, interest payments, principal borrowing and net long-term borrowing recorded and interest rescheduled for the reporting year, and in the DRS for public and publicly guaranteed projected payments of principal and interest. Data debt. are usually presented in dollars and currency con- version is not necessary. A few reporting countries Shyort-termi debt choose to provide data on their private nonguar- anteed debt in the loan-by-loan format used for The World Bank regards the individual reporting reporting public and publicly guaranteed debt. In country as the authoritative source of information those cases the currency conversion and projection on its own external liabilities. But for short-term methodology just described is used. debt, defined as debt with an original maturity of Although the reporting countries ftully recog- one year or less, accurate information is not wide- nize the importance of collecting data on private ly available from debtors. By its nature, short-term nonguaranteed debt when it constitutes a signifi- debt is difficult to monitor; loan-by-loan registra- cant portion of total external debt, detailed data tion is normally impractical, and most reporting are available only in countries that have registra- arrangements involve periodic returns to a coun- tion requirements covering private debt, most try's central bank from its banking sector. Since commonly in connection with exchange controls. 1982 the quality of such reporting has improved. Where formal registration of foreign borrowing is but only a few developing countries have figures not manidatory, compilers must rely on balance of available for short-term debt. payments data and financial surveys. Where information from debtors is not avail- Twentty-eight countries report their private non- able, data from creditors can indicate the magni- guaranteed debt to the DRS. Estimates are made for rude of a country's short-term debt. The most thirty-one others that do not report but for wlhich important source is the BIS's semiannual series this type of debt is kniown to be significant. showing the maturity distribution of commercial For private nonguaranteed debt that is not banks' claims on developing countries. Those data reported, the srandard estimation approach starts are reported residually. However, an estimate of from a calculation of the stock of debt outstand- short-term liabilities by original maturity can be ing, using data available from creditors. Figures on calculated by deducting from claims due in one guaranteed export credits, obtained from the year those that had a maturity of between one and OECD's Creditor Reporting System (CRS), are two years 12 months earlier. supplemented by loan-by-loan information on There are several problems with this method. official lending to privare borrowers and by infor- Valiation adjustments caused by exchange rate mation on noninsured cotnmercial bank lending movements will affect the calculations, as will pre- to the private sector. payment and refinancing of long-term maturities Disbursements and debt service payments for falling due. Moreover, not all countries' commer- private nonguaraniteed debt are more difficult to cial banks report in a way that allows the full matu- estimate. Amortization is estimated by makinu an rity distribution to be determined, and the BIS assumption regarding the proportion of debt data include liabilities only to banks within the repaid each year and then applying these ratios to reporting area. Nevertheless, combining these esti- generate a first approximation of annual principal mares with data on officially guaranteed short- repayments. Disbursements are then estimated as term suppliers' credits compiled by the OECD a residual between net flows (equal to the change gives what may be thought of as a lower-bound in the stock of debt) and estimated amortizationi. estimate of a country's short-term debt. Even on Interest payments are estimated by applying an this basis, however, the results need to be inter- assumed average interest rare to the stock of debt preted with caution. Where short-term debt has ouLstanding. been rescheduled, the effect of lags in reporting Data on the balance of payments flows provide and differences in the treatment of the rescheduled useful guidelines in the process of building a time debt by debtors and creditors may result in double series because private nonguaraniteed debt can be counting if short-term debt derived from creditor 177 sources is added to long-term debt reported by the from one financial instrumenit to another as a couLItry to obtain total external liabilities. result of reschedulinig are considered to be un- Some of the short-terim debt estimates pub- pitted flows. lished are drawi ftrorn debtor anid creditor- soutces, The imputed flows are recorded separately in bur most are from creditor sources. Only for a few the Revised External Debt (RXD) system, but couLntries canl the data be regarded as aut1horitativc, these debt restructuring transactions are not evi- but they offer a giide to the size of a coulitry's dent in the main body of'the debt data-only the short-terimi (and, helice, its total) extcrnal debt. resultinig effect of these transactions is reflected. 'FlTe quality of these data is likely to improve. Clhanges in creditor and debtor status that can resLIlt from debt restrmcturing are also reflected. Use of IMP edit For example. when insured commercial credits are reschedulecd, the creditor classification shifts from Data related to the operationis of the IMPF comie private sources to official sources (bilateral). This front the IMF 1reasurer's Departmenit and are reflects the assunmption of the assets by the official converted from special drawing righits (SDRs) into credit insuraice agenicies of the creditor countries. dollars in accordanice with the methioCd for curreil- 'The dcebts to the original creditors are reduced by cy conversion jtist described. IMF trust fLunid loans the amounlts rescheduled, and a nexw obligation to and operations tinder the structural adjustmenlIt the official creditor agencies is created. This shift and enilianiced structural adjLStilsmlLt facilitics are also applies to private nonguaranteed debt that is presented together with all of the Fund's special reduced by tile amounts rescheduled, which in ficilities (the buffer stock, compensatoryv fl]anic- turin are incltded in the public and publicly guar- itg, extelided fund, and oil facilities). anteed debt owed to official creditors. On the debtor side, whenll a governiment accepts respo nsi- Tr'eatent'r ofarrears bility for the payment of rescheduled debt previ- otusly owed by private enlterprises, the DRS The DRS collects iniormationi on arrears in both registers a change in debtor categories in the DRS. prinicipal and interest. Principal in arrears is Similarly, when shiort-teriml debt is included in a included and identified in the amotiLt of' long- restructtiring agreement, the rescheduled amount term debt outstanidinig. Interest in arrears of long- is shifted from short-term to long-term debt. term debt and the tise of IMF credit is included and identified in the amount of short-terimi debt Methodology for projecting data ouItstanding. If and wvhen interest in arrears is cap- italized tlider a debr reorganization agreemient, An important feature of the RXD system of the thc amoLint of interest capitalized will be added to DR.S is irs abiliry to project fUtrire disbursements the amoulIt of long-term debt outtstanding and the of unlLtilizedcomnmitmenits and future debt service correspondling deduictioni made from the amouLnt paYmentrs. of short-term debt outstandilng. UnI ft(bur'sid (/C/)t T,'eatmoet ofjcbbt restructiriTgs Projections of disbursements help underpin future 'I'he DRS attempts to capture accurately the capital requiremenits in the implementation of effects of the different kinds of rcstructurings on externally finianced projects. In addition, they help both debt stocks and debt flovs, consistent withi determine the interest portioni of projected debt the circum.stances tnder which the restructuring seivice. Future interest payments are based on pro- takes placc. Wlihether a flow has taken place is jecred debt outstanding that is itselfdetermined by sometimiies diffictilt to determinie. projected disburseimients and repayments. The In compililng and presenting the debt datl, a underlyiig assui_ptions of these projections are distinction is made between casi flow%s and thiat loan commitmiients will be fully utilized and impuIted flowvs. Based on this criterion, resched- that thie debtor couLntry will repay all sums due. tIled scrvice payments and the shilft in liabilities Fluture disbursemlients and debt service refer oniv 178 to existing debt and do not reflect any assumptions are reestimated from time to time, under the best on future borrowing. scenario they can only approximate the disburse- Disbursement projections use two methods: ment pattern of any single loan. - Specific schedules. Debtor countries are requested to submit a calendar of future disburse- Future debt service payments ments, if available, at the time individual loans are first reported. Country authorities are in a better Most projections of future debt service payments position to provide estimated disbursement sched- generated by the RXD system are based on the ules when there is a solid public sector investment repayment terms of the loans. Principal repay- program in place. ments (amortization) are based on the amount of * Standard schedules. In the absence of specif- loan commitments, and the amortization profile ic schedules, the RXD system projects disburse- of most loans follows a set pattern. Using the first ments by applying a set of profiles to the last and final payment dates and the frequency of the actual undisbursed balance of individual loans. payments, the system calculates the stream ofprin- The profiles are derived under the assumption cipal payments due. If future payments are irregu- that specific sources of funds have some common lar, the RXD system requires a schedule. characteristics that cause them to disburse, in the Projected future interest payments are calculat- aggregate, in some observable pattern. Accord- ed similarly. Interest is based on the amount of ingly, some thirty profiles have been derived that debt disbursed and outstanding at the beginning roughly correspond to creditor type. Profiles exist of the period. Again, using the first and final inter- for concessional and nonconcessional loans from est payment dates and the frequency of payments, official creditors. For bilateral lending, profiles the system calculates the stream of interest pay- have been developed for the Development ments due. If interest payments are irregular, the Assistance Committee, the Organization of RXD system requires a schedule. Petroleum-Exporting Countries (OPEC), and The published figtires for projected debt service other creditor groupings. For multilateral lend- obligations are converted into U.S. dollars using ing, specific profiles are available for major inter- the end-December 1994 exchange rates. Likewise national organizations. An estimating equation the projection routine for variable interest rate for each profile is derived by applying regression debt, such as commercial bank debt based on the analysis techniques to a body of data that contains London interbank offer rate (LIBOR), assumes actual disbursement information for more than that the rate prevailing at the end of December 100,000 loans. Although these standard profiles 1994 will be effective throughout. 1 Sources and definitions This edition of World Debt Tnbles presents report- tiet is assumed to have taken place; if negative, a ed or estimated data on the total external debt of repaymenit is assumed to have taken place. all low- and middle-income countries. Total debt service (TDS) shows the debt service payments on total long-term debt (public and Format publicly guaraniteed and private nonguaranteed), use of IMF credit, and interest on short-term debt. For the 136 individual countries that report to the Total debt service due shows the contractual World Bank's Debtor Reporting System (DRS), dcbt service payments on total lonlg-term debt tables are presented in a four-page layout contiain- (public and publicly guaranteed and private ing ten sections. For the fifteen low- and middle- nonguaraniteed) and the use of IMF credit begin- income countries that do not report to the DRS. ninig wich 1989. data are not presented at the individual country SEC TION 2 provides data series for aggregate net level btit are included in the aggregate data pre- resource flows an(d net transfers (long terimi). sented in this volime. Net resource flows (long term) are the sum of SEC] ION I summarizes the external debt of the net resource flows on long-term debt (excluding country. IMF) plus net foreign direct investment, portfolio Total debt stocks (EDT) consist of public and equity flows, and official grants (excluding techni- publicly guaranteed long-term debt, private non- cal cooperation). Grants for technical cooperation guaranteed long-term debt (whether reported or are shown as a memorandLIm item. estimated by the staff of the World Bank), the tuse of Net transfers (long termn) are eqtral to net long- IME credit, and estimatedl short-term debt. Interest term resoturce flows minus interest paymelits on in arrears on long-term debt and the use of IMF long-term loans and foreign direct investment credit are added to the short-term debt estimates and profits. shown as separate lines. Arrears of principal and of Si CTION 3 provides data series for major eco- interest have been disaggregated to show the arrears noniic aggregates. The gross national prodtict owed to oflicial creditors and those owed to private (GNP) series uses yearly average exchange rates in creditors. Export credits and principal in arrears on converting GNP from local currenicy into U.S. long-term debt are showni as memorandumii items. dollars. T1he economic aggregares are prepared for Total debt flows are consolidated data on dis- the convenienice of ulsers: their inCtisioll is nor an bursements, principal repay'ments, and interest enidorseniienti of their valtue for economic analysis. payments for total long-term debt and transac- SE( ION 4 provides debt indicators: ratios ofdebt tions with the IMF. anddebtservicetosomeoftheeconomicaggregates. Net flows on debt are disbursements on1 long- SECTION 5 provides detailed information on term debt and IMF purchases minus principal stocks and flows of long-term debt and irs various repayments on long-terin debt and IMF repur- componenits. Data on bonids issued by private chases up to 1984. Beginninig in 1985 this line entities withotir ptiblic guarantee, compiled for includes the change in stock of short-term debt major borrowers, are included in private noniguar- (including interest arrears for long-term debt). anteed debt. IBRD loans and IDA credits are Thus if the change in stock is positive, a disburse- shown as memoranduLIm itemils. 1 79 180 SECTION 6 provides information on the cur- Reporting countries submit detailed (loan-by- rency composition of long-term debt. The six loan) reports through the DRS on the annual sta- major currencies in which the external debt of tus, transactions, and terms of the long-term low- and middle-income countries is contracted external debt of public agencies and that of private are separately identified, as is debt denominated in ones guaranteed by a public agency in the debcor special drawing rights and debt repayable in mul- country. This information forms the basis for the tiple currencies. tables in these volumes. SECTION 7 provides information on restructur- Aggregate data on private debt without public ings of long-term debt starting in 1985. It shows guarantee are compiled and published as reliable both the stock and flows rescheduled each year. In reported and estimated information becomes addition, the amount of debt forgiven (interest available. This edition includes data on private forgiven is shown as a memorandum item) and the nonguaranteed debt reported by twenty-eight amount of debt stock reduction (including debt developing countries and complete or partial esti- buyback) are also shown separately. (See the mates for an additional thirty-one countries. Methodology section for a detailed explanation of The short-term debt data are as reported by the restructuring data. ) debtor countries or are estimates derived from SECTION 8 reconciles the stock and flow data on creditor sources. The principal creditor sources are total external debt for each year, beginning with the semiannual series of commercial banks' claims 1989. This section is designed to illustrate the on developing countries, published by the Bank changes in stock that have taken place due to five for International Settlements (BIS), and data on factors: the net flow on debt, the net change in officiallyguaranteedsuppliers'creditscompiledby interest arrears, the capitalization of interest, the the Organization for Economic Cooperation and reduction in debt resulting from debt forgiveness Development (OECD). For some countries, esti- or other debt reduction mechanisms, and the mates were prepared by pooling creditor and cross-currency valuation effects. The residual dif- debtor information. ference-the change in stock not explained by any Interest in arrears on long-term debt and the of the factors identified above-is also presented. use of IMF credit are added to the short-term debt The residual is calculated as the sum of identified estimates and shown as separate lines in section 1. accounts minus the change in stock. Where the Arrears of interest and of principal owed to official residual is large it can, in some cases, serve as an and to private creditors are identified separately. illustration of the inconsistencies in the reported Export credits are shown as a memorandum data. More often, however, it can be explained by item in section 1. They include official export cred- specific borrowing phenomena in individual its, and suppliers' credits and bank credits official- countries. These are explained in the Country ly guaranteed or insured by an export credit agency. Notes section. Both long-term and short-term export credits are SECTION 9 provides information on the average included. The source for this information is the terms of new commitments on public and publicly Creditor Reporting System (CRS) of the OECD. guaranteed debt and information on the level of Data on long-term debt reported by member commitments from official and private sources. countries are checked against, and supplemented SECTION 10 provides a graphical presentation of by, data from several other sources. Among these aggregate resource flows. are the statements and reports of several regional development banks and government lending Sources agencies, as well as the reports received by the World Bank under the CRS from the members of The principal sources of information for the tables the Development Assistance Committee (DAC) in these two volumes are reports to the World of the OECD. Bank through the DRS from member countries Every effort has been made to ensure the accu- that have received either IBRD loans or IDA cred- racy and completeness of the debt statistics. its. Additional information has been drawn from Nevertheless, quality and coverage vary among the files of the World Bank and the IMF. debtors and may also vary for the same debtor 181 from year to year. Coverage has been improved (excluding those resulting from drawings in the through the efforts of the reporting agencies and reserve tranche) shown for the end of the year spec- the work of World Bank missions, which visit ified. Use of IMF credit comprises purchases out- member countries to gather data and to provide standing under the credit tranches, including technical assistance on debt issues. enlarged access resources and all special facilities (the buffer stock, compensatory financing, extend- Definitions ed fund, and oil facilities), trust fund loans, and operations under the structural adjustment and Summary debt data enhanced structural adjustment facilities. Data are from the Treasurer's Department of the IME TOTAL DEBT STOCKS are defined as the sum of * IMFpurchases are total drawings on the gen- public and publicly guaranteed long-term debt, eral resources account of the IMF during the year private nonguaranteed long-term debt, the use of specified, excluding drawings in the reserve tranche. IMF credit, and short-term debt. The relation * IMF repurchases are total repayments of out- between total debt stock and its components is standing drawings from the general resources illustrated on page xx. account during the year specified, excluding repay- Long-term external debt is defined as debt that ments due in rhe reserve tranche. has an original or extended maturity of more than To maintain comparability berween data on one year and that is owed to nonresidents and transactions with the IMF and data on long-term repayable in foreign currency, goods, or services. debt, use of IMF credit outstanding at year end Long-term debt has three components: (stock) is converted to dollars at the SDR exchange - Public debt, which is an external obligation of rate in effect at the end of the year. Purchases and a public debtor, including the national govern- repurchases (flows) are converted at the average ment, a political subdivision (or an agency of SDR exchange rate for the year in which transac- either), and autonomous public bodies. tions take place. * Publicly guaranteed debt, which is an external Net purchases will usually not reconcile obligation of a private debtor that is guaranteed for changes in the use of IMF credit from year to year. repayment by a public entity. Valuation effects from the use of different * Private nonguaranteed external debt, which is exchange rates frequently explain much of the dif- an external obligation of a private debtor that is ference, but not all. Other factors are increases in not guaranteed for repayment by a public entity. quotas (which expand a country's reserve tranche In the tables, public and publicly guaranteed and can thereby lower the use of IMF credit as long-term debt are aggregated. defined here), approved purchases of a country's Short-term external debt is defined as debt that currency by another member country drawing on has an original maturity of one year or less. the general resources account, and various admin- Available data permit no distinction between pub- istrative uses of a country's currency by the IME. lic and private nonguaranteed short-term debt. TOTAL DEBT FLOWS include disbursements, Interest in arrears on long-term debt is defined principal repayments, net flows and transfers on as interest payment due but not paid, on a cumu- debt, and interest payments. lative basis. Disbursements are drawings on loan commit- Principal in arrears on long-term debt is defined ments during the year specified. as principal repayment due but not paid, on a Principal repayments are the amounts of princi- cumulative basis. pal (amortization) paid in foreign currency, goods, The memorandum item export credits includes or services in the year specified. official export credits, suppliers' credits, and bank Net flows on debts (or net lending or net dis- credits officially guaranteed or insured by an bursements) are disbursements minus principal export credit agency. Both long-term and short- repayments. term credits are included here. Interest payments are the amounts of interest UseofiMFcreditdenotesrepurchaseobligations paid in foreign currency, goods, or services in the to the IMF with respect to all uses of IMF resources year specified. 182 Net tran7sfers on debt are net flows minitus inter- strengthen the capacity to execute specific invest- est payments (or disbursemenits minLis total debt ment projects. service payments). Profit remittances on fireign direct investment are The concepts of ner flows on debt. net transfers the suIml of reinvested earnings on direct invest- on debt, and aggregate net flows and net transfers ment and other direct investmenit income and are are illustrated on pages xxi and xxii. part of net transfers. Totaldebtserv'icepaid(TDS)isdebtservicepay- ments on total long-termii debt (ptiblic and ptIb- Ala'Ior economic aggregates licly guaranteed and private nonguaraniteed), use of IMF credit, and interest on short-term debt. Five economic aggregates are provided for the Total debt service due is contractual d ebt service reporting economies. payments on total long-tern debt (public and Gross nationalproduct (GNI)) is the measure of publicly guaranteed and private nonguaraniteed) the total domestic and foreign OLtptlt claimed by and the use of IMF credit beginning with 1989. residents of an economy, less the domestic output claimed by nonresidents. GNP does not include Aggreg,ate net resourcePlows and trans/i'rs deductions for depreciation. Data on GNP are from the Macroeconomic Indicators Team of the NET RESOURCE FL-OWS (1()N(; 1 FRM) are the sum Developmernt Data Group of the World Banks of net resource flows on long-term debt (exciud- International Economics Department. ing IMF) plus non-debt-creating flows. Exports of goods and services (XGS) are the total NON-DFBT-cREA1-ING FL'!OWS are net foreign value of goods and all services (inicluding workers' direct investmelnL, portfolio equiry flows, and offi- remittanices) sold to the rest of the world. cial grants (excltiding technlical cooperation). Imports ofgoodv andservices (MGS) are the total Grants for technical cooperation are showni as a value ofgoods and services ptirchased from the rest memorandum item. of the world. Foreign direct investment (FDl) is defined as International reserves (RE'S) are the sumil of a investment that is made to acquire a lasting man- country's monetary authority's holdings of special agement interest (usually 10 percent of voting drawing rights (SDRs), its reserve position in the stock) in an enterprise operating in a couLtry other IMF, its holdings of foreign exchange, and its than that of the investor (defined accordilg to res- holdings of gold (valued at year-end London idency), the investor's purpose being an effective prices). voice in the management of the enterprise. It is the Current account balance represents the transac- sumIl of equity capital, reinvestmenti of earnings. tions that add to, or subtract from, an economiy's orher long-term capital, and short-term capital as stock of foreign financial items. It is given as the shown in the balance of payments. sum of net exports of goods and nonlfactor ser- I'ortJblio equity flows are the sum of counitry vices, net factor service income, andl net current funds, depository receipts (American or global), transfers. Official transfers (considered as capital and direct purclhases of shares by foreign investors. transfers) are excluded. Grants are defined as legally binding commit- Data on exports and imports (on a balance of menits that obligate a specific valte of funds avail- payments basis), international reserves, and cur- able for disbursement for which there is no rent account balances are drawni mainly from the repayment requirement. files of the IMF, complemented by World Bank The memo item tecbnical cooperation grants staff estimates. includes free-staniding technical cooperation grants, which are intended to finance the transfer Debt indicators of technical and managerial skills or of technolo- gy for the purpose of building up general nation- The macroeconomic aggregates and debt data pro- al capacity withotiL reference to any specific vided in the tables are tised to generate ratios that investment projects; and inxvesctieint-related tech- analysts tise to assess the exrernal situarions ofdevel- nical cooperation grants, which are provided to oping countries. Different analysrs give different 183 weights to these indicators, but no single indicator transfers made by the borrower to the creditor dur- or set of indicators can substitute for a thorough ing the year. analysis of the overall situation of an economy. The DEBT SERVICE (LTDS) is the sum of principal advantage of the indicators in the World Debt Tables repayments and interest payments actually made. is that they are calculated from standardized data UNDISBURSED DEBT is total debt undrawn at series that are compiled on a consistent basis by the year end; data for private nonguaranteed debt are World Bank and the IME The ratios offer various not available. measures of the cost of, or capacity for, servicing Data from individual reporters are aggregated debt in terms of the foreign exchange or output for- by type of creditor. Official creditors includes mul- gone. The following ratios are provided based on tilateral and bilateral debt. total external debt: * Loans from multilateral organizations are EDT/XGS is total external debt to exports of loans and credits from the World Bank, regional goods and services (including workers' remittances). development banks, and other multilateral and FDT/GNP is total external debt to gross intergovernmental agencies. Excluded are loans national product. from funds administered by an international orga- TDS/XGS, also called the debt service ratio, is nization on behalf of a single donor government; total debt service to exports of goods and services these are classified as loans from governments. (including workers' remittances). I Bilateral loans are loans from governments INT/XGS, also called the interest service ratio, and their agencies (including central banks), loans is total interest payments to exports of goods and from autonomous bodies, and direct loans from services (including workers' remittances). official export credit agencies. INT/GNP is total interest payments to gross Private creditors include bonds, commercial national product. banks, and other private creditors. RES/EDT is international reserves to total * Bonds include publicly issued or privately external debt. placed bonds. RES/MGS is international reserves to imports * Commercial banks are loans from private of goods and services. banks and other private financial institutions. Short-term/EDT is short-term debt to total * Otherprivateincludes credits from manufac- external debt. turers, exporters, and other suppliers of goods, and Concessional/EDTis concessional debt to total bank credits covered by a guarantee of an export external debt. credit agency. Multilateral/EDT is multilateral debt to total Four characteristics of a country's debt are external debt. given as memorandum items for long-term debt outstanding and disbursed (LDOD). Long-term debt Concessional LDOD conveys information about the borrower's receipt of aid from official Data on long-term debt include eight main lenders at concessional terms as defined by the elements: DAC, that is, loans with an original grant element DEBT OUTSTANDING AND DISBURSED is the total of 25 percent or more. outstanding debt at year end. Variable interest rate LDOD is long-term debt DISBURSEMENTS are drawings on loan commit- with interest rates that float with movements in a ments by the borrower during the year. key market rate such as the London interbank PRINCIPAL REP.AME1INTS are amounts paid by the offer rate (LIBOR) or the U.S. prime rate. This borrower during the year. item conveys information about the borrower's NET FLoWS received by the borrower during the exposure to changes in international interest rates. year are disbursements minus principal repayments. Public sector LDOD and private sector LDOD INTEREST PAYMENTS are amounts paid by the convey information about the distribution of borrower during the year. long-term debt by type of debtor (central govern- NET TRANSFERs are net flows minus interest pay- ment, state and local government, central bank; ments during the year; negative transfers show net private bank, private debt). 184 Currency composition of long-term debt Average termis of new commitments The six major currencies in wlich the external The average terms of borrowing on public and debt of low- and middle-income couLntries is con- publicly guaranteed debt are given for all new loans tracred are separately identified, as is debt denom- contracted during the year and separately for loans inated in special drawing rights and debt repayable from official and private creditors. To obtain aver- in multiple currencies. ages, the interest rates, maturities, and grace peri- ods in each category have been weighted by the Debt restruicturing amounts of the loans. The grant equivalent of a loan is its commitment (present) value, less the dis- Debt restructurings include restructurings in the counted present value of its contractual debt ser- context of che Paris Club, commercial banks, debt- vice; conventionally, future service payments are equity swaps, buybacks, and bond exchanges. discounted at 10 percent. The grant clement of a Debt restructuring data capture the noncash or loan is the grant equivalenr expressed as a percent- inferred flows associated with rescheduling and age of the amount committed. It is used as a mea- restructuring. These are presented to complement sure of the overall cost of borrowing. Loans with an the cash-basis transactions recorded in the main original grant element of 25 percent or more are body of the data. defined as concessional. The average grant element Debt stock rescheduled is the amount of debt has been weighted by the amounts of the loans. outstanding rescheduled in any given year. Commitments cover the total amotint of loans Principal rescheduled is the amount of princi- for which contracts were signed in the year speci- pal due or in arrears that was rescheduled in any fied; data for private nonguaraniteed debt are not given year. available. Interest rescheduled is the amount of interest due or in arrears that was rescheduled in any given year. Projections on existing pipeline Debtforgiven is the amount of principal due or in arrears that was written off or forgiven in any Projected debt service payments are estimates of given year. payments due on existing debt outstanding, Interest forgiven is the amount of interest due or including undisbursed. They do not include ser- in arrears that was written off or forgiven in any vice payments that may become due as a result of given year. new loans contracted in subsequent years. Nor do Debtstock reduction is the amount that has been they allow for effects on service payments of netted out of the stock of debt using debt conver- changes in repayment patterns owving to prepay- sion schemes such as buybacks and equityv swaps ment of loans or to rescheduling or refinancing, or the discounted value of long-term bonds that including repayment of outstanding arrears, that were issued in exchange for outstanding debt. occurred after the last year of reported data. Projected disbursements are estimates of draw- Debt stock-flow reconciliation ings oftinutilized balances, The projections do not take into accountc fture borrowing by the debtor Stock and flow data on total external debt are rec- country. See Methodology section for a detailed onciled for each year. beginning with 1989. The explanation of the methods of projecting undis- data show the changes in stock that have taken place bursed balances. due to the net flow on debt, the net change in inter- est arrears, the capitalization of interest, the reduc- Exchange rates tion in debt resulting from debt forgiveness or other debt reduction mechanisms, and the cross-curren- Data received by the World Bank from its mem- cy valuation effects. The residual difference-the bers are expressed in the currencies in which the change in srock not explained by any of these fac- debts are repayable or in which the transaction s tors-is also presented, calculated as the sum of took place. For aggregation, the Bank converts identified accounts minus the change in stock. these amounts to U.S. dollars using the IMF par 185 values or central rates, or the current market rates similarly, changes in debt outstanding. including wvhere appropriate. Service payments. commit- timdisbursed, differ from cornmirtnments less repay- ments, and disbursements (flows) are converted to ments. The reasons for these differences are can- U.S. dollars at the average rate for the year. Debt cellations, adjustments caused by the use of outstaniding and disbursed at the end of a given different exchange rates, and the rescheduling of year (a stock) is converted at the rate in effect aIt other liabilities into long-term public debt. the end of that year. Projected debt service. how- ever, is converted to U.S. dollars at rates in effect .Symbols at end-December 1994. Debt repayable in multi- ple currencies, goods, or services and debt with a 'I'hc following symbols have been used throughout: provision for maintenance of value of the cuLrren- 0.0 indicates that a datum exists, but is negligible, cy of repayment are showin at book valuc, or is a true zero. indicates that a datum is not available. Adpjusticnts Dollars are currenlt U.S. dollars unless otherwise specified. Year-to-year changes in debt outstaidinig and disbursed are sometimes not equLal to net flows; Country groups Geographic groups East Asia and the Pacific Poland (A) Uruguay (A) Cenitral African Republic (A) IRlolialli (aIl Venezuela (P) Chad (A) Cambodia (P) Ruissiani Ftdceratiorn (P) Autgua aand Bar/mda: Comoros (A) Chinia (P) Slovak Republic (P) Cuba Congo (E) Fiji (E) Slovenia (A) Surinamte Cdte d'lvoire (A) Indonesia (A) Tajikistan (F) Djibouti (E) Korea, Republic of (P) Turkey (Al Middle East and North Africa Equatorial G(uinea (E) Lao peoples Democratic uiurkmenisuats (A) Ethiopia' (A) Republic (P) Ukraine (Al Algeria (A) GabOn (A) Malaysia (1)) U/blkiscran (A) Egypt (A) Gambia. The (A) Mongolia (A) Yucgoslavia (formIL r) (E) Iran, Islamiiic Repuiblic of (A) Ghana (A) Myanlmar (A) Gib//tar jordani (A) Guinea (P) Papua New Guinea (A) (6s'-Tr Lebanon (P) Guiniea-Bissau (P) Philippines (IP) Morocco (P) Kenya (A) Solomoni Islands (A) Latin America and the Caribbean ODiuanl (A) Lesorho (A) Thailand (Al Syrian Arab Republic (E) Liberia (E) Tonga (A) Argenrtina A) Tunisia (P) Madagascar (A) Vaniuaru (A) Barbados (A) Yemene, Republic ofH(A) MMdawi (P1) Vietnam (P) Bclize (A) Baboorn Mali (P1) \Vestern Samioa (A) 3olivia (Al ham Mauritania (A) A7ribati Brazil (P) Liby)a Mauritius (A) Korea, De;nocnmzc Prepie' Republic of Chile (A) Sandi Ambia Motzambique (PI .'Vclv Caledonia Colombia (A) Niger (A) Costa Riea (P1 South Asia Nigeria (E) Europe and Central Asia Dominica (A) Rwanda (E) Dominican RepLiblie (A) Baingladeshl (A) Sao Tomc and Principe (A) Albania (A) EcuLador (Al Bhutaii (Al Senegal (A) Armenlia (P) El Salvador (A) India (A) Seychelles (E) Azerbaijan (P) Grenada (A) NMlaldives (A) Sierra l eone (P) Belarus (A) (C naternala (P) Nepal (A) Somalia (E) Bulgaria (PI) (LaIVllsa (Al 'akisranl (A) Stidan (E) Croatia (A) Haiti (I) Sri Lanka (A) Swvazilanid (P) Czech RepLublic (P) Honduiras (A) A&lIs;iseaIn Tanzania (A) Estonia (A) Jamaica (A) Togo (A) Georgia (P1 Mexico IA) Sub-Saharan Africa Uganda (Al Hungary (A) NicaragtLa (P1) Zaire (L) Kazakstan (P) Panalma (Al Angzola (Al Zambia (P1) Kyrgyz Repuiblic (A) ParagUay (Al Beniin (A) Zimbabwe (A) Larsia (A) PIcru (A) Botswana (A) N,amnbia Lithuania (A) St. Kiltt artd Nevis (A) Burkinia Faso (A) So/t/l Afiica Macedonia. FRT( of (A) St. LLIcia (AlI Burtlindi (A) Malta (Al St.Vincent naid the (ire nadi nes (A Caameroon (P) Moldova (A) Trinidad and 'Tobago (A) Cape Verde (A) AVoti' CoLintries pritited hi normal ripe are ri.porters to thc Debtor Reportitig Sisrctir (DRS): rhose pcrinted in italics dre noun-DRS Cosintries. Letters in parenthesis indicare F)RS reporers' status: (A) as reported, P) prelhinintitre and (E) esrnrimated. The startus "as reported' indicates thai the countrysas fully ctirrent in its reporting urnder the (DRSI aitd that World Baitk staff are sarisfhed th;lr the reported data give ati adeqLiate and fair represen tatton of the country's total public debt. "Prelintinar"' data are based on reported or collectced infor>rittaitit bic, beCUSt u of) unccimpletettess or other reasotis, in clude ail elensetit of staff estinarion. "Estimated" dara indicate thac couintries are not cLirretti in their report ing aitd that a significait teletlttet of staff cstiiatorl has brett necessary it produicing the data tables. [. Iicludes the debt of thle frmer SciViet lus1, is Olt thC. .SSsUlnpti0o that 1i(10 percent Of ll (tittllad ilo CX \crrilI debt as of Decemiber 1991 has becomie a liability of rse Russian F-ederatinii. b. Debt data for 1994 inClLide an SI8.4 uill oti I)A cresLit rh.ir Erit ia assirnied in lUIV tl'I . 187 188 Income groups Low-income countries Middle-income couintries Afghanistan Sierra Leone Algeria Maldives Albania Somalia American Samoa Malta Armenia Sri Lanka Angola Marshall Islands Azerbaijan Sudan Antigua and Barbuda Martinique Bangladesh Tajikisran Argentina Mauririus Benin Tanzania Bahrain Mayotte Bhutan Togo Barbados Mexico Bosnia and Herzegovina Uganda Belarus Micronesia, Fed. Sts. Burkina Faso Vietnam Belize Moldova Burundi Yemen, Rep. Bolivia Morocco Cambodia Zaire Botswana N. Mariana Islands Cameroon Zambia Brazil Namibia Central African Republic Zimbabwe Bulgaria New Caledonia Chad Cape Verde Oman China Chile Panama Comoros Colombia Papua New Guinea Congo Costa Rica Paraguay C6te d'lvoire Croatia Peru Egypt, Arab Rep. Cuba Philippines Equatorial Guinea Czech Republic Poland Eritrea Djibouti Puerto Rico Ethiopia Dominica Reunion Kenya Dominican Republic Romania Gambia, The Ecuador Russian Federation Georgia El Salvador Saudi Arabia Ghana Estonia Seychelles Guinea Fiji Slovak Republic Guinea-Bissau French Guiana Slovenia Guyana Gabon Solomon Islands Haiti Guadeloupe South Africa Honduras Greece St. Kitts and Nevis India Grenada St. Lucia Kyrgyz Republic Guam St. Vincent and the Lao PDR Guatemala Grenadines Lesotho Hungary Suriname Liberia Indonesia Swaziland Madagascar Iran, Islamic Rep. Syrian Arab Republic Malawi Iraq Thailand Mali Isle of Man Tonga Mauritania Jamaica Trinidad anid Tobago Mongolia Jordan Tunisia Mozambique Kazaksran Turkey Myanmar Kiribati Turkmenistan Nepal Korea. Dens. Rep. Ukraine Nicaragua Korea. Rep. Uruguay Niger Larvia Uzbekistan Nigeria Lebanon Vanuatu Pakistan Libya Venezuela Rwanda Lithuania West Bank and Gaza Sao Tome and Principe Macedonia, FYR Western Samoa Senegal Malaysia Yugoslavia, Fed. Rep. Note: Low-income countries are those in which 1994 GNP per capita was no more than $725; middle-income coLintries are those in which GNP per capira was more than $725 but less than $8,956. 189 Other analytikal groups Severely indebted low-income coun- Severely indebted middle-income Moderately indebted low-income Moderately indebted middle-income tries (SILICS)' countries (SIMICS)P countries (11LICS)' countries (M'JIMICS)/ Afghaniscan Algeria Albania Cape Verde Burundi Angola Bangladesh Chile Cambodia Argentina Benin Colombia Cameroon Bolivia Chad Dominican Republic Central African Republic Brazil Comoros Greece Congo Bulgaria Egypt, Arab Rep. Hungary C6te d'lvoire Cuba Gambia. The Indonesia Equatorial Guinea Ecuador Haiti Morocco Ethiopia Gabon India Papua New Guinea Ghana Iraq Lao PDR Philippines Guinea Jamaica Malawi Russian Federation Guinea-Bissau Jordan Nepal Tunisia Guyana Mexico Pakistan Turkey Honduras Panama Senegal Uruguay Kenya Peru Zimbabwe Venezuela Liberia Poland Western Samoa Madagascar Syrian Arab Republic Mali Mauricania Mozambique Myanmar Nicaragua Niger Nigeria Rwanda Sao Tom6 and Principe Sierra Leone Somalia Sudan Tanzania Togo Uganda Vietnam Yemen, Rep. Zaire Zambia Note: Low-inicome countries are those in which 1994 GNP per capita was no more than $725; middle-income countries are those in which GNP per capita was more than $725 but less than $8,956. a. Countries in which either one of the rvo key ratios for 1992-94 is above a critical level. These ratios and their critical levels are present value ofdebt service to GNP (80 percenc) and presenc value of debt service to exports of goods and all services (220 percent). b. Countries in which either one of the rwo kev ratios for 1992-94 falls in rhe following ranges: present value of debt service to GNP, 48 to 80 percent; present value of debt service to exports of goods and all services, 132 to 220 percent. 190 Other analytical groups (continued) Oth7er rcvelopihg cmi 'Urics An tigua anid Barbtuda Slovell ia Armeniai Solomon Islands Azerbaijani South Africa Bahrain Sri Lanka Barbados St. Kirts anid Nevis Belarus St. Lucia Belize St. Vinicenit anid the Grenadines BhUran Sirinamiie Botswana Swaziland Btirkina Faso Tajikistan China Thailand Cosra Rica Tonga Croatia Triniidad anid TFobago (czech RepuLblic TirkmIenistan D)jibouti Ukraine Dominica Uzbekistan El Salvador VanUaLtI Estonia Yugoslavia, Fed. Rep. Fiji Georgia .S/`,ti,/ Progam o/JAasistalnce` (Grelnada Guatemala Beniin Irani, lslamic Repuiblic Burkina Faso Kazaksran Boruuuidi Korea. DLrm. Rep. (allcrooll Korea, Rep. Central AFrican Republic Kiribati Chad Kvrgyz Republic C(omoros Latvia Congo Leba[noni (C6te dlIvoirc I.esotho Equatorial Guinea Libya Eritrea Lithuania Frhibipia Macedonia, FYR ( ami bia, The Malaysia Ghana NMaldives GuLinea Malta Guinea-BissaI MaLritiLls Kern aj Moldova Madagascar Mongolia Malawvi Namibia Mali Nesa (Caledonia ianritaunia ()nran Movbzamsbique Paragta sy N igter Romamia Rwvanda Sauidi Arabia Sao Iomn aid l'rincipe Seychelles Senegal Slovak RepLublic Sicrra l.eonr Ia ra nia Togo Uganda Zanmbia a. Active Special I'rograini of Asistarice-eligible cointries as of December 1995. 1 Summary tables 192 ALL DEVELOPING COUNTRIES (US$ million, unless otherwise indicated) Prelimninary 1970 1980 1988 1989 1990 1991 /9 921 1993 1994 1995 1. SU-MMARY DEBT. DATA TOTAL DEBT STOCKS (EDT) .. 647.308 1,333,800 1,403,018 1,510,009 1,594,230 1,666,837 1.775.643 1,921,450 2,067,722 Long-term debt (LDOD) 61,002 472,650 1,091,601 1,133,938 1.206,118 1,265,151 1,305,097 1,391,083 1,522,570 1,622,129 Public and puhlicly guaranteed 45,625 402.,080 1,029,905 1.079,191 1. 140.943 1,188.514 I2109,099 1.275,872 1.382,183 1,448.383 Private nongua.ranteed 15.377 70.571 61.697 54,748 65.175 76.637 95.998 1 15_2 11 140.387 173.746 Use ofIMF credit 756 12,246 35,202 32,076 34.652 38,129 38,264 39,897 44,151 60,917 Short-termr debt .. 162.4 12 206,998 237,003 269,239 290.949 323,476 344,664 354,729 384,676 of which interest arrears on LDOD .. 1.015 25.604 37,276 53,1)66 54.658 48.204 44,482 41.496 40.933 Officialicreditors .. 580 15.300 19.243 210,644 18.210 19.300 21,654 24.609 Private creditors .. 435 10.304 18.033 32,42-1 36.448 28,905 22.8 2 8 16,887 Memo: principal arrears on LDOD .. 1.982 45.929 48,177 59.908 64.244 78.679 83.496 96,010 1 02.097 Official creditors .. 736 22.624 24,048 27,604 30.94(1 36.751 41.049 50,391 Private creditors .. 1.246 23.305 24,128 32.304 33.304 41.928 42.447 45,619 Memo: export credits ... 238.867 255.792 295,448 316.885 325.996 34 1.193 369.870 TOTAL DEBT FLOWS Disbursements 13,225 118,945 123,774 122.152 139,551 141,979 163.109 178,452 176,295 225,290 Long-termndebt 12,894 1 12.928 119.62-3 1 16.472 13 1.307 132.317 156.052- 171.451 167,894 199.852 IMF purchases 33 2 6,016 4.151 5.680 8,244 9,663 7.057 7.001 8,401 25,438 Principal repayments 6,745 44,985 93,307 90,749 95,708 91,855 99.259 112,760 114,804 123,488 Long-termn debt 6.002 42.890 84.165 82.739 87.519 85.342 93.354 1017.399 107.976 113.619 IMF repurchases 743 2.095 9.142 8.010 8,189 6.5 13 5.905 5.361 6.828 9.869 Net flows on debt 15,818 120,730 41,309 50.172 60,704 70,455 102.831 96.787 86,014 133,133 of which short-termn debt ... 10,842 18.768 16.861 20,330 38.980 3 1.095 2)4. 52)3 3 1.330 Interest payments (INT) .. 51.924 79,688 77.000 75,475 77,185 72,091 72.395 81.093 100,982 Long-term debt 2.356 34,551 63,322 58.535 57.67 1 5 7,5 82 55.293 54.135 61.530 78.455 IMF charges 0 471 2,332 2,383 2.5 04 2,494 2.442 2.348 1,808 3.015 Shotrt-termndebt . 16.901 14,034 16.081 15.300 17.109 14.356 15.91 I 17.755 19.512 Net transfers on debt .. 68.806 -38,379 -26.829 -14.771 -6,730 30,740 24.392 4.921 32,151 Total debt service (TDS) .. 96,909 172,995 167,749 171.183 169,039 171,349 185.155 195,897 224,470 Long-tennmdebt 8.358 77.441 147.487 141.,274 145.190 142.924 148,646 16 1.535 169.506 192.074 IMF repurchases and charges 743 2.5 67 11.474 10.393 101.693 9.1)07 8.347 7.709 8.636 12.884 Short-term debt (interest only) .. 16.901 14,034 16.081 15.3100 17.109 14.356 15.91 1 1 7.755 19.512 Total debt service due ... . 189,274 205.507 189,025 201,396 209.135 222,622 229,994 2, AGGREGAMTE NET RSUC LW AND NETU TaANaFRSaLOGTEM NET RESOURCE FLOWS 11,337 88,403 75,185 80,542 101.917 127,043 155,283 207,318 207,402 231,437 Net flow of long-term debt (ex. LMF) 6,892 70.038 35.458 33.733 43,788 46.975 62,699 64,052 59.918 86.234 Foreign direct investment (net) 2.268 5.098 20,253 23,934 25.009 34.978 46.610) 68.261 80.120 911.346 Portfolio equity flows 0 0 1.061 3.372 3.743 7.552 14,057 45,616 34.894 22.001 Grants (excluding technical coop.) 2,177 13.266 18.413 19.502 29,377 37.539 31.918 129.390t 32,470 32.857 Memo: technical]coop. grants 1,754 6,468 12.402 1 2.357 14.417 16.000 18.184 1 8.772 17,321 16.686 NET TRANSFERS 2.511 30.071 -1,476 4,836 26.583 51.022 78.911 130,137 120,792 126,324 Interest on long-term debt 2,356 34,55 1 63.322 58.535 57.67 1 57.582 55.293 54.135 61,530 78.455 Profit remittances on FDI 6,471 23.781 1 3339 17.171 17.663 18.439 2 1.180 _23.046 215,080 26.658 3. MAJOR ECONOMIC AGGREGATES Gross national product (GNP) 541.272 2,440,221 3.800.659 4,138.319 4,545,984 4.526,517 4.662.614 4.804.569 5.115.410) 5.487.926 Exports of goods & services (XGS) 92.,7 77 732.765 753.932 825.608 934.331 909.514 1.000.099 1.053.309 1.179,903 1.378.483 of which workers'remndtances 1.844 24.278 24,388 28.646 33.38 1 27.332 2-9.344 29.293 3 1.3 12 32,858 Imports of goods & serices (MGS) 88.794 659.726 784,481 867.539 977.944 1,003.752 1.115.3101) I183.645 I,289, 126 1.481,431 Intemnational reserves (RES) 19.894 232.317 204,087 2 1 9.032 250.458 300.557 310.986 3 81.39 1 451.427 Cwrrent account balance -8,429 4.269 -29.634 -40.045 -33.373 -81,32-6 -94.685 -12-3,017 -98.540 -65,296 , ~~4. DEBT INDICATORS EDT /XGS (%) .. 88.3 176.9 169.9 161.6 175.3 166.7 168.6 162.8 150.0 EDT /GNP(o 26.5 35.1 33.9 3 3.2 35.2 35.7 37.0 37.6 37.7 TDS /XGS() 13.2 22.9 20.3 18.3 18.6 17.1 17.6 16.6 16.3 INT /XGS 1% . 7.1 10.6 9.3 8.1 8.5 7.2 6.9c 6.9 7.3 INT /GNP(% . 2.1 2.1 1.9 1.7 1.7 1.5 1.5 1.6 1.8 RES /EDTI% . 35.9 15.3 15.6 16.6 18.9 18.7 21.5 23.5 RES / MGS (months) 27 4.2 3.1 3.0 3.1 3.6 3.3 3.9 4.2 Short-termn/EDT (%) .. 25.1 15.5 16.9 17.8 18.3 19.4 19.4 18.5 18.6 Concessional /EDT (%) .. 17.5 18.5 2)0.2- 20.8 21.0 21.3 21.3 21.4 20.9 Multilateral /EDT (%) .. 7.6 13.2 13.21 14.0 14.4 14.2 14.3 14.6 14.2 193 ALL DEVELOPING COUNTRIES (US$ mtillion., unless otherwise indicated) Preliminiar's 1Q70 1980 1988 1989 /990 /991 1992 1993 1994 1995 S. WONG-TERM DEBOT DEBT OUTSTANDING (LDOD) 61,002 472.650 1,091,601 1,133,938 1,206,118 1,265,151 1,305,097 1,391.083 1,522,570 1,622,129 Public and publicly guaranteed 45.625 402,080 1,029,905 1,079,191 1,140,943 1,188,514 1,209,099 1,275,872 1,382,183 1,448,383 Official creditors 32.114 179.408 495.667 544.097 607.202 653,905 673.754 725.568 790.751 836,537 Multilateral 7.334 49.136 176.258 184.557 212.057 229,999 236,698 254.611 280.607 293.454 Concessional 5.598 2 1.364 58.917 63,765 72,377 79,674 84.749 92.208 105.721 Bilateral 24.780 130.272 319.409 359,541 395,144 423,906 437.056 470.957 510.144 543.083 Concessional 21.259 92. ~1 87 188.027 220,056 241I,254 254,749 270.978 286.651 305.632 Private creditors 13.512 222.672 534.238 535,093 533,742 534,609 535.345 550.304 591.432 611.846 Bonds 1.805 19.041 48.768 54,564 115,52-7 126,409 140.280 181.934 256.072 Commnercial banks 3.649 1 35.278 352.359 347.199 271.916 2164,106 251.790 226.172 180.274 Other private 8.058 68.353 133.111 133.330 146.299 144,095 143.275 142.198 155.086 Private nonguaranteed 15.377 70,571 61,697 54,748 65,175 76,637 95,998 115,211 140,387 173,746 Bonds .... 1 29 837 3.704 12.233 31.800 49.474 Comninerical banks ... . 54.619 64.338 72.933 83.765 83.410 90.914 Memo: IBRD 4,391 22.155 83.638 84.407 95.573 100.104 97.945 102.861 I 10,274 IDA 1.832 11,889 36.178 39.363 45.103 49.755 53.607 58.314 66,505 DISBURSEMENTS 12,894 112.928 119,623 116,472 131,307 132,317 156,052 171,451 167,894 199,852 Public and publicly guaranteed 8,736 91,475 111,222 103,495 112,656 113.419 121,310 128,381 118,125 143,656 Official creditors 4,897 29.1 55 46,119 44.679 54.366 55.399 51,888 53.608 50,676 69,054 Multilateral 1,207 9.375 23,745 22.681 27.805 29.211 28.157 30.876 29,218 32,621 Concessional 5 77 3.095 6,330 6,139 7.3 10 8.223 8.650 8,619 10,440 Bilatarel 3.690 19,780 22.375 21.998 26.561 26. 188 23.731 22.732 21.458 36.433 Concessional 2.923 I 1,155 14,219 14,651 16.601 14.622 I11,711I 12,075 13,165 Private creditors 3.840 62,319 65,10)3 58.816 58.290 58.020 69.422 74,773 67,449 74,602 Bonds 146 3,118 8,556 8.021 8.317 12.831 13,861 30,999 23,395 Commiercial banks 1.313 36,52 1 34.861 24,502 18.048 16.516 22,349 17,867 20,705 Other private 2.381 22,681 21.1685 26.293 31.925 28.672 33,212 2 5,907 23,350 Private nonguaranteed 4,158 21,454 8,401 12.978 18,651 18,898 34,742 43,071 49,769 56,196 Bonds -. ... 27 701I 2,853 8.728 I19,856 19,725 Comnierical banks ...12.850 1 7.950) 16.045 26,014 23,2 15 30,044 Miemo: I BRD 679 4.477 12.092 10.785 13.587 1 2.034 10,429 13,142 I11.621 IDA 174 1.587 3.836 3.59 1 4.378 4.604 5,143 4,862 6.067 PRINCIPAL REPAYMENTS 6,002 42.890 84,165 82,739 87,519 85,342 93,354 107,399 107,976 113.619 Public and publicly guaranteed 3.548 31.139 72,621 70,285 78,168 75,024 79,036 81,698 83,003 90,814 Ofl-icial creditors I1.503 7.307 24.5 10 23.732 25,844 2-7,409 28.798 29.964 34.533 37.637 Multilateral 387 1.704 12.601 11.389 12,781 14,377 15,869 16.612 19.132 20.068 Conccssional 230 386 958 981 1,181 1,530 1.669 1.588 1.602 Bilateral 1.116 5.603 I 1.910 12.343 13. 063 13,032 12.929 1 3.353 15.400 17.569 Conicessional 6 15 2.52I 4.001 4.640 5.996 5,152 5.341 6.101 7.057 Private creditors 2,045 23.8 32 48.11I1 46.553 52,324 47,615 50.239 51.734 48.470 53.1 77 Bonds 143 502 6.471 3,683 6,058 2,851 9.246 12.224 8.659 Comimercial baitks 675 14.012 22.863 24,21)0 24,926 19,768 20.455 20.5 36 18.905 Other private 1.227 9.318 1 8.777 18,669 211,341 24.996 20.~5 3 9 18.974 20.906 Private nonguaranteed 2.454 11.751 11.544 12,454 9.351 10,318 14,317 25,701 24,973 22,805 Bonds ... .0 0 165 289 2.297 Cominerical banks 12 . . 454 9.351 10.318 14.152 2 5.4 12 22.676 Memo: IBRD 249 1,063 9.162 7,672 8,488 9,429 10.314 10.390 11.923 IDA 03 1 I 73 209 250 308 346 393 458 NET FLOWS ON DEBT 6,892 70,038 35,458 33,733 43,788 46,975 62,699 64,052 59,918 86,234 Public and publicly guaranteed 5,189 60,336 38,600 33,210 34,488 38,395 42,274 46,682 35,122 52,843 Official creditors 3.394 21,848 2 1,609 20.947 28.5 23 27.990 23.090 23,644 16,144 31,417 Multilateral 82(1 7.671 I11.144 11,292 15.025 14.835 12.288 14.264 10.086 12,553 Concessional 347 2,708 5,372 5.158 6.129 6.693 6.981 7,03 1 8.838 Bilateral 2,573 14.178 10,465 9,655 13.498 13.156 10,802 9,379 6,058 18,864 Concessioiial 2.308 8.633 10,218 10,01 I 10.605 9.470 6,370 5,975 6,108 Private creditors 1.795 38,487 16,992 P_22)6 3 5.965 10.405 19.183 23,039 18,979 21.426 Bonds 3 2,615 2,085 4.337 2,259 9.980 4,615 18,775 14,735 Conimercial banks 638 22,509 I I 999 3(12 -6.878 -3,25 I I 895 -2.670 I1.799 Other private 1.154 13.363 2.908 7.624 10.584 3.676 12,673 6,933 2.444 Pri,ale nonguaranteed 1,7031 9,703 -3,143 524 9,300 8,580 20,425 17,370 24,796 33,391 Bonds .... 1 27 701 2,853 8.563 1 9,567 17.428 Comniierical banks -..397 8.599 5,726 11,862 -2.197 7.368 Miemo: IBRD 430 3.41IS 2,930 3.1 13 5,099 2,606 115 2.753 -302 IDA 174 1,556 3.664 3.38 1 4,l128 4,297 4.798 4.469 5.609 194 ALL DEVELOPING COUNTRIES (US$ mnillioni, unless otherwise indicated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 INTEREST PAYMENTS (LINT) 2,356 34,551 63,322 58,535 57,671 57,582 55,293 54,135 61,530 78,455 Public and publicly guaranteed 1,598 27,523 56,769 53,259 52,739 52,031 49,370 47,701 54,208 68,977 Official cr-editors 868 6,244 17,483 17,658 20.446 21,879 22.629 23,875 26,132 31,203 Multilateral 309 2.627 10,202 9,788 11,-217 12.741 12,834 13,360 13,729 14,933 Concessional 214 404 772 755 858 1,023 1.073 1.161 1,269 Bilateral 559 3,617 7,282 7.870 9,230 9,138 9.795 10.515 12,403 16,270 Concessional 388 1.838 2,895 3,418 4,347 4,179 5,117 5.709 6.410 Private creditors 730 21.,279 39,285 35.601 32,292 30,152 26,741 23,825 28,076 37.774 Bonds 97 1,461 3,015 3.406 5.075 8,331 8,113 9,109 12,098 Commercial banks 25 2 15,042 28,712 24,704 19.869 14.151I 12,201 8,978 9,250 Other private 381 4,776 7,558 7,492 7.349 7,669 6.427 5.738 6,728 Private nonguaranteed 758 7,029 6,553 5,276 4,933 5,551 5,923 6,435 7,322 9,478 Bonds ... .0 8 74 2 85 1,047 2,439 Commerical banks ... . 5.276 4.925 5,478 5,638 5.387 4.883 Miemo: IBRRD 244 1,814 6,925 6.339 7.131 7.943 7,782 8,018 8,019 FDA 1 2 79 296 268 303 349 372 393 433 NET TRANSFERS ON DEBT 4,536 35,487 -27,864 -24,802 -13,883 -10,608 7,406 9,917 -1,612 7,779 Public and publicly guaranteed 3.591 32,813 -18,168 -20,050 -18,251 -13,636 -7,097 -1,018 -19,086 -16,135 Off-iciail creditors 2,526 15.605 4.126 3.288 8,076 6,111 461 -232 -9,988 214 Multilateral 51i1 5,044 943 1.504 3,808 2,093 -546 904 -3,643 -2,380 Concessional 1 33 2,304 4,600 4.403 5.270 5.670 5,908 5,870 7.568 Bilateral 2.015 10.561 3,183 1,785 4.268 4.018 1,007 -1.136 -6,345 2.594 Concessional 1.919 6.796 7,322 6,593 6,258 5,291 1.253 266 -302 Private creditors 1,065 17.208 -22,294 -23,338 -26.327 -19.747 -7,558 -787 -9,098 -16,349 Bonds -95 1.154 -931 932 -2,816 1,649 -3.498 9,666 2,637 Commerciailbanks 386 7.468 -16.713 -24.402 -26,746 -1i7,402 -10.306 -11.648 -7,451i Other private 773 8,587 -4.650 1 32 3.235 -3,994 6,246 1,195 -4.284 Private nonguaranteed 945 2,674 -9,696 -4.752 4,368 3,028 14,502 10,935 17,474 23,913 Bonds ... . 127 693 2.780 8.278 18,519 14,990 ComTmerical banks ... . -4.880 3.674 249 6,225 -7,584 2,485 Memo: IBRD 187 1.600 -3,995 -3,226 -2.031 -5,337 -7.667 -5,266 -8,321 IDA 161 1.476 3.368 3.113 3,825 3,948 4.425 4.076 5,176 DEBT SERVICE (1,TDS) 8.358 77,441 147,487 141,274 145,190 142,924 148,646 161,535 169,506 192,074 Public and publicly guaranteed 5,146 58,662 129,390 123,544 130,907 127,055 128,407 129,399 137,211 159,791 OffiCiallcreditors. 2.37 1 13,550 41,994 41,391 46.290 49,288 51,427 53,840 60,664 68.840 Multilateral 696 4.331 22,802 21,177 23.997 27.118 28.703 29,972 32,861 35.001 Concessionat 444 790 1,731 1.736 2,040 2,552 2,742 2.749 2,872 Bilateral 1.675 9.219 19,192 20,214 22,293 22,170 22.724 23.868 27.803 33,839 Concessional 1.004 4.359 6.897 8.058 10,343 9,331 10,458 11.809 13,466 Private creditors 2,775 45,111 87.396 82.154 84,617 77.767 76,980 75.560 76,547 90,951 Bonds 241 1.964 9.487 7.089 11.133 11,183 17,359 21,333 20.757 Comimercial banks 927 29,054 51,574 48.904 44.794 33.918 32,655 29,514 28.156 Other private 1.608 14.094 26,335 26,161 28.690 32.666 26.966 24,712 27,634 Private nonguaranteed 3,212 18,780 18,097 17,730 14,283 15,870 20,240 32,136 32,295 32,283 Bond.,.... 0 8 74 450 1,337 4,735 Commerical banks ... . 17.730 14,276 15,796 19.790 30.799 27.560 Memo: IBRD 492 2,877 16.087 14.011 15.619 17,371 18,096 18,408 19.941 IDA 1 2 110 468 477 554 656 718 786 891 UNDISBURSED DEBT 17,038 140,977 196,242 201,681 216,928 235,853 240,230 251,454 246,573 Official creditors 13.178 91.401 144.207 153.106 166,843 183,757 187.592 193.140 196,160 Pfivate creditors 3.859 49.576 52.034 48.576 50.085 52,096 52.638 58.314 50,414 Memorandum items Concessional LDOD 26,857 113,551 246,944 283.822 3 13.631 334,423 355,726 378,859 411.353 432,333 Variable rate LDOD 16,160 192,185 470,356 459.947 445.420 472,955 495,800 545,130 586,841 639.738 Plublic sector LDOD 43.355 341,132 937,085 981.778 1.041,933 1.084.920 1,103,681 1.173,047 1.272.764 Private gector LDOD 17,648 84,385 68,196 62,050 73.972 86,353 106.994 123,620 148,056 6, U3RMNc W@IONt4VJWOMO Ui I 3-ARvhn,: Deutsche mark 8.6 6.6 6.7 7.4 8.6 8.9 8.6 7.8 7.4 French franc 4.3 5.1 4.7 4.8 5.4 5.4 5.1 4.5 4.4 Japanese yen 2.3 6.2 11.5 10.1 10.3 11.2 11.3 12.2 12.8 Pound sterling 11.3 3.3 2.4 2.2 2.2 2.2 1.7 1.7 1.5 Swiss franc 1.1 1.5 1.9 1.7 1.8 1.6 1.3 1.2 1.0 U.S. dollars 47.1 47.4 43.9 43.2 40.2 39.1 40.5 42.3 42.9 Multiple currency 11.6 10.3 13.5 13.4 14.4 14.5 14.9 14.5 14.6 Special drawing rights 0.0 0.0 0.2 0.2 0.2 0.3 0.2 0.2 0.3 All other curnecies 13.3 7.9 6.9 8.7 9.0 8.9 8.5 8.2 7.8 195 ALL DEVELOPING COUNTRIES (US$ rmillion, unless otherwise indlicated) Preliminary- 1970 1980 1988 1989 199( 1991 1992 1993 1994 1995 7' DEBT RESTRUCTURINGS Total amount rescheduled .. .. 82.813 35.603 78.487 45,235 57.778 64,417 88,928 Debt stock rescheduled .. .. 67.029 14,571 62.296 14,955 26,949 23,999 53,274 Principal rescheduled .. .. 11,984 14,845 10,568 18,842 14.256 17,936 15,901 Official .. .. 4.131 4,899 6.099 11,642 7,956 6.755 5.177 Private .. .. 7,853 9,946 4,469 7,200 6.300 11.181 10,724 Interest rescheduled .. .. 2,711 5,768 5.990 10.838 13.952 15,993 14.996 Official .. .. 1,683 4.028 4.849 8.790 4,571 3.890 3,266 Private .. .. 1,029 1.740 1,141 2,048 9.382 12,103 11,730 Principal forgiven .. .. 621 6,884 11,169 5,746 2,443 2,452 6,783 Memo: interest forgiven 349 225 2.773 572 290 311 649 Debt stock reduction 15,868 16,022 25,197 5,314 16,513 6.718 13.297 of which debt buyback 261 2,457 4,360 897 7.598 615 1.690 DEBT STOCK-FLOW REONCILIATION Total change in debt stocks .. .. .. 69.218 106.991 84.221 72.608 108.806 145,806 146,272 Net flowson debt .. .. .. 50.172 60.704 70,455 102,831 96,787 86,014 133,133 Net change in interest arrears .. .. .. 11.672 15,789 1,592 -6.453 -3,722 -2,987 -600 Interest capitalized .. .. .. 5,768 5,990 10,838 13,952 15,993 14.996 9.000 Debt forgiveness or reduction .. .. .. -20.450 -32.007 -10.163 -11.359 -8,555 -18,389 -8,500 Cross-currency valuation .. .. .. -17,846 47,285 4,998 -28.182 1.292 51.480 13,300 Residual .. .. .. 39,901 9,229 6,501 1.819 7.011 14.692 0 9. AVERAGE TE RMS OF NEW CONMIThENTS ALL CREDITORS Interest (%) 5.1 9.2 6.6 6.8 7 6.5 6 5. 5 5.6 Maturity (years) 21 15.7 16 16.5 18.2 16 15.3 14.7 16.1 Grace period (years) 6.3 4.8 5.5 5.3 5.8 5 5 5.2 5.5 Grantelement(%) 34.3 9.3 21.3 20.9 19.9 21.5 22.3 24.5 26.1 Official creditors Interest (%) 3.7 5.5 5.1 5.3 5.5 5.5 5.3 4.6 4.9 Maturity (years) 28.5 23.8 22.4 21.9 21.8 20.6 20.8 21.4 22.4 Graceperiod(years) 8.8 6.2 6.4 6.1 6.5 6.1 6 6.1 6.5 Grant element (%) 48.9 34 35.2 33.5 32.4 31.1 32.1 36.6 36.5 Private creditors Interest (%) 7.2 12 7.9 8.5 8.7 7.7 6.8 6.2 6.4 Maturity (years) 9.8 9.7 10.3 10.1 14.2 9.8 9.7 9.3 9.4 Grace period (years) 2.6 3.7 4.6 4.3 5.1 3.6 4 4.4 4.5 Grant element (%) 12.2 -9.1 8.7 6.2 6 8.9 12.5 14.7 15 Memorandum items Commitments 11,915 98.324 112.568 112.144 122,197 132.144 133,836 138,434 108,474 Official creditors 7.170 41.964 53.393 60,358 64,142 75,146 66,827 62,086 55.811 Private creditors 4,745 56,361 59,175 51,785 58,056 56,997 67,009 76.348 52,663 '-. GRAPH OF AGGREGATE NE RESOURCE FLOWS (current prices, b'S$ billion) 200 150 100 jj 50= 1981 1983 1985 1987 1989 1991 1993 1995 U Grants 0 Official loans 12 Foreign direct investment HI Private loans 0 Portfolio equity flows 196 EAST ASIA AND PACIFIC (US$ million, unliess otherwise inidicated) Preliminary 1970 1980 1988 1989 /990 1991 1992 1993 1994 1995 TOTAL DEBT STOCKS (EDT) . 94,307 215,442 240,329 271,651 305,233 337,122 369,205 421,329 472,837 Long-term debt (LDOD) 7,997 66,901 175,238 198,046 223,312 245,315 266,952 287,943 327,993 367,955 Public and publicly guaranteed 5.818 55.847 155,858 177,403 196,618 211,914 225,137 245,172 274,123 290,881 Private nongua.ranteed 2.179 11.054 19.380 20.644 26.694 33.401 41,815 42,772 53,870 77,074 Useof IMF credit 224 2,234 3,562 3,114 2,085 1,479 1,319 1,430 1,493 1,166 Short-term debt .. 25,172 36,642 39,168 46,253 58,439 68,850 79,831 91,843 103,717 of which interest arrears on LDOD ..2 231 921 1,512 1.888 2.163 2.294 2.648 2.905 Official creditors .. 172 749 1,220 1,533 1.881 1.865 2,187 Pfivate creditors ..1 59 171 292 355 282 429 461 Memo: principal arrears on LDOD ..5 745 1.476 2.194 4.681 7,280 7,792 11,069 12,898 Official creditors .. 531 930 1.339 3,712 6.499 7,192 9,669 Private creditors ..4 214 546 955 968 781 600 1,401 Memo: export credits ... 31,956 30,894 35,829 37.966 46.021 52,794 69,441 TOTAL DEBT FLOWS Disbursements 2,058 17,407 27,699 30,599 35,774 38,421 51,147 50,493 60,231 75,111 Long-term debt 1,993 16,258 27,605 30.289 35.7 16 37.937 50.923 50,185 59,956 75.093 IMFEpurchases 66 1,149 94 310 58 484 224 308 275 1 8 Principal repayments 834 5,857 24,350 21,965 23,708 21,518 26,987 35,469 33,599 36,068 Long-termndebt 816 5.619 23,222 21,299 22,422 20,443 26,658 35,275 33,298 35,683 IMF repurchases 1 8 238 1.128 666 1,286 1,075 329 194 301 385 Net flows on debt 3,072 18,327 6,188 10.471 18,560 28,713 34,296 25,875 38,289 50,673 of which short-term debt .. 2,839 1.837 6.494 11.810 10.136 10.851 11,657 11,630 Interest payments (INT) .. 7,686 14,010 15,414 15,247 16,945 16,623 18,149 20,717 24,826 Long-term debt 238 4.644 11,074 1 2.066 12,036 13,079 13,151 13,895 15,343 19,049 IMF charges 0 77 287 251 245 156 94 127 73 79 Short-term debt .. .965 2.649 3.097 2.966 3,710 3,378 4,127 5,301 5,698 Net transfers on debt .. 10,641 -7,822 -4,944 3,312 11,768 17,673 7,725 17,572 25,847 Total debt service (TDS) .. 13,543 38,360 37,379 38,955 38,462 43,610 53,618 54,316 60,894 Lonig-term debt 1,053 10.264 34,297 33,365 34,459 33,522 39,809 49.170 48.642 54,732 IMF repurchases and charges 1 8 3 14 1,415 916 1,531 1,231 423 321 373 464 Short-term debt (interest only) .. 2.965 2.649 3,097 2,966 3,710 3,378 4,127 5,301 5,698 Total debt service due .. 37,671 38,367 38,693 44,101 50,955 52,647 62,980 NET RESOURCE FLOWS 2,233 13,165 14,950 23,081 28,855 34,550 53,429 73,203 85,267 108,341 Net flow of long-term debt (ex. IMF) 1.177 10.639 4.383 8.990 13.293 17,494 24,265 14,910 26,657 39,410 Foreign direct investment (net) 267 1.318 7.611 9.096 10.968 13.890 2 1.668 37.872 43,037 53,703 Portfolio equity flows 0 0 730 2,623 2.268 1,049 5.102 18,107 12,613 12,230 Grants (excluding technical coop.) 789 1,208 2,227 2,373 2.326 2,116 2.394 2,314 2.959 2,998 Memio: technical COOP. grants 393 1.151 2,304 2,264 2,640 2,861 3,269 3.423 3.282 3,120 NET TRANSFERS 1,642 3,548 333 6,457 11.709 16,137 33,719 52,140 62,004 80,124 Interest on long-term debt 238 4.644 11.074 1 2,066 12.036 13.079 13,151 13,895 15,343 19,049 Profit remittances on FDI 354 4,973 3.543 4.558 5.110 5.334 6.559 7,168 7,919 9,168 Gross national product (GNP) 1 33,845 438.909 720.944 828.033 905,468 1,010,353 1,109,741 1.189,455 1,364,406 1.630,277 Exports of goods &services (XGS) 9,699 100,749 201.182 222.335 254.810 287.862 33 1,675 364,383 451,527 567,412 of which workers' remittances 3 790 650 638 643 794 919 920 1.364 1,461 Imports of goods &services (MGS) 11,709 113,116 197,045 230,143 262,942 303,275 345,101 395,986 472.813 584,057 International reserves (RES) 2.788 33.854 60.324 67,869 86,264 108,031 99,274 120,891 161.964 Current account balance -1,476 -10,778 6.721 -6,017 -6294 -13,307 -10,161 -27.486 - 16.742 -13,486 EDT/XGS ()93.6 107.1 108.1f 106.6 106.0 101.6 101.3 93.3 83.3 EDT I GNP (9) 21.5 29.9 29.0 30.0 30.2 30.4 31.0 30.9 29.0 TDS/XGS (7c) 13.4 19.1 16.8 15.3 13.4 13.1 14.7 12.0 10.7 INT/XGS (%1 . 7.6 7.0 6.9 6.0 5.9 5.0 5.0 4.6 4A4 1.NT/GNP r%) ., 1.8 1.9 1.9 1.7 1.7 1.5 1.5 1.5 1.5 RES /EDT (%) .. 35.9 28.0 28.2 31.8 35.4 29.4 32.7 38.4 RES /MGS (months) 2.9 3.6 3.7 3.5 3.9 4.3 3.5 3.7 4.1 Short-term /EDTt(%) .. 26.7 17.0 16.3 17.0 19.1 20.4 2)1. 6 21.8 21.9 Concessional /EDT (%) .. 18.9 21.2 27.6 28.7 27.5 25.8 25.9 25.1 23.7 Multilateral I EDT (%) 8.3 14.4 13.6 14.3 13.9 12.8 12.8 12.5 11.7 197 EAST ASIA AND PACIFIC (US$ million, unless otherwise indicated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 DEBT OUTSTANDING (LDOD) 7,997 66,901 175,238 198,046 223,312 245,315 266,952 287,943 327,993 367,955 Public and publicly guaranteed 5,818 55,847 155,858 177,403 196,618 211,914 225,137 245,172 274,123 290,881 Official creditors 3,727 27.573 80,138 101.205 117.270 127,465 133,539 147,816 162,767 169.213 Multilateral 497 7,818 31.009 32,574 38,784 42,364 43,188 47,281 52,793 55,415 Concessional 398 1,789 6.038 6,866 8,765 10.113 11.158 12.763 14.911 Bilateral 3,230 19,756 49,129 68,631 78,486 85.101 90,351 100,536 109,974 113,798 Concessional 2,813 16.008 39,591 59,526 69.125 73,909 75,768 82,907 91,013 Private creditors 2.091 28.274 75.720 76.198 79,348 84,449 91,598 97,355 111,356 121.668 Bonds 125 1,946 15,528 14,751 15,246 17.247 21,274 25,830 31.268 Commercial banks 329 13,892 37,445 38.391 37.503 38.578 37,750 38,832 41,060 Other private 1,637 12,437 22.747 23.057 26.599 28.624 32,574 32,693 39,028 Private nonguaranteed 2,179 11.054 19,380 20,644 26,694 33,401 41,815 42,772 53,870 77,074 Bonds ..113 650 2,301 4,210 8,648 17,827 Commerical banks ... . 20,531 26,045 31.100 37.605 34.123 36.044 Memo: IBRD 444 4.952 20.842 21.268 23,416 25.021 24,502 26,267 28,397 IDA 33 961 3.847 4,410 5,228 5,961 6,669 7.575 8.767 DISBURSEMENTS 1,993 16,258 27,605 30,289 35,716 37,937 50,923 50,185 59,956 75,093 Public and publicly guaranteed 1,197 12,796 22,451 22,807 24,545 26,086 36,068 38,916 38,395 42.719 Official creditors 700 3.964 9.599 11.043 11,641 11,811 13,282 15,091 13.793 16.042 Multilateral 81 1,575 4,890 4,722 4,944 5,272 5,034 6.139 6,221 6.247 Concessional 43 212 931 931 1.209 1.335 1,437 1,581 1.534 Bilatarel 619 2.389 4.709 6.322 6.697 6.540 8,248 8,952 7,572 9,795 Concessional 546 1.379 3.891 5.613 5,899 4,114 4,449 4,667 5,283 Prvate creditors 498 8,832 12,852 11,764 12,904 14,275 22,787 23.825 24.602 26,677 Bonds 0 280 1,601 1,170 2,034 2,413 2,592 7,605 6,569 Comimercial banks 114 4,289 7,519 5,372 4.659 5,944 8,840 8,048 7,388 Other private 384 4.263 3,732 5.223 6,212 5,918 11,355 8,172 10,646 Private nonguaranteed 796 3,462 5,154 7,482 11,170 11,851 14,855 11,269 21,561 32,374 Bonds III... 11 530 1,637 1.933 4.419 9.280 Commerical banks -.. 7,370 10.640 10.2 14 12,922 6.850 12.281 Memo: IBRD 64 1.047 3.239 2,901 2,677 2,932 2,655 3.451 3,444 IDA 5 92 636 608 604 704 904 922 904 PRINCIPAL REPAYMENTS 816 5,619 23,222 21,299 22,422 20,443 26,658 35,275 33,298 35,683 Public and publicly guaranteed 425 3,674 18,746 16,614 17,764 15,269 20,302 24,243 22,770 26,512 Officia creditors 86 924 6,087 5,062 5,538 5,513 6,933 7.080 8.774 8,788 Multilateral 22 268 3,223 2,501 2.683 2,595 3,172 3.284 4,277 3,594 Concessional 1 7 41 125 103 144 ISO 169 201 238 Bilateral 64 656 2.864 2,562 2.856 2,918 3,760 3,795 4,497 5,194 Concessional 39 340 1.068 1,173 1,585 1,764 2,359 2,227 2,742 Private creditors 339 2,750 12.659 11,551 12,226 9,756 13.370 17.164 13.996 17,724 Bonds 32 41 2,174 1.220 2.321 738 1.693 3,539 2,349 Commercial banks 40 795 6,785 5.8 15 5.975 5.033 6,598 7,762 6,055 Other private 268 1,914 3.700 4,516 3,930 3,985 5,079 5,863 5,591 Private nonguaranteed 391 1,945 4,476 4,686 4,658 5,174 6.356 11.032 10,528 9,171 Bonds ...0 0 0 0 0 300 Commerical banks ... . 4.686 4.658 5.174 6,356 11,032 10,228 Memo: IBRD 22 184 2.830 1.815 2,009 1,883 2,492 2.208 3.1 37 IDA 0 2 II 16 21 25 30 31 47 NET FLOWS ON DEBT 1,177 10,639 4,383 8,990 13,293 17,494 24,265 14,910 26,657 39,410 Public and publicly guaranteed 772 9,122 3,705 6,194 6,781 10,817 15,766 14,672 15,625 16,207 Official creditors 614 3,040 3,512 5,981 6,103 6,298 6.349 8.011 5.019 7,254 Multilateral 59 1,307 1,667 2.221 2.262 2.677 1,861 2.855 1,943 2,653 Concessional 26 171 807 828 1.065 1.185 1,268 1,380 1,295 Bilateral 555 1,733 1.845 3.760 3,841 3,622 4,488 5,157 3,075 4.601 Concessional 508 1.039 2,823 4,441 4,314 2,350 2.090 2.440 2,540 Private creditors 158 6,082 193 213 679 4,519 9.417 6,661 10,607 8.953 Bonds -32 238 -573 -51 -287 1.675 899 4,066 4,220 Commercial banks 74 3,494 734 -444 -1,316 911 2,242 287 1,333 Other private 116 2,350 32 707 2,282 1,933 6,276 2.309 5.054 Private nonguaranteed 405 1,517 678 2,796 6,512 6,677 8,499 237 11,032 23,203 Bonds I.II.. 11 530 1.637 1,933 4.419 8,980 Commerical banks ... . 2.685 5.982 5.040 6,566 -4.182 2,052 Memo: IBRD 42 862 408 1,085 668 1,049 163 1.243 307 IDA 5 89 625 593 583 679 874 892 857 198 EAST ASIA AND PACIFIC (US$ mi/hion. unless oIhervi.se indicated) Preliminiarv 1970 1980 1988 J989 1990 1991 1992 1993 1994 1995 INTEREST PAYMENTS (LINT) 238 4,644 11,074 12,066 12.036 13,079 13,151 13,895 15,343 19,049 Public and publicly guaranteed 164 3,425 9,370 10.387 10,177 10.437 10,496 11,049 12,313 15,036 Official creditors 76 1,087 3.944 3.853 4.3)7 4,666 5.007 5.738 6,371 7,055 Multilateral 26 548 2,27 8 2, 74 2,449 2.621 2.738 2.867 3.088 3.235 Concessioinal 2)1 51 113 120 154 179 2 14 246 280 Bilateral 50 539 1.666 1.679 1,868 2.045 2' 270 2,87 I 3,283 3,820 Concessional 40 295 924 1.019 1,239 1.496 1.647 1.989 2.154 Prfivate creditors 88 2,338 5,426 6,534 5.860 5. 7721 5.489 5.311 5.943 7.981 Bonds 9 103 1.133 1,134 1,097 1. 122 1.132 1.32-0 1.537 Conimercial banks 12 1.340 2,722 3,543 3,034 2,796 2,304 2.161 2,116 Other private 66 895 1.571 1.857 1.729 1.854 2,053 1,830 2,289 Private nonguaranteed 73 1,219 1.704 1,679 1,860 2,641 2,654 2,846 3,030 4,013 Bonds ..0 6 42 94 188 428 Conimerical banks ...1,679 1,854 2.599 2.560 2,659 2,602 Memo: IBRD 25 406 1.806 1.662 1.783 1.879 1,911 1,945 2,075 IDA 0 7 31 29 35 39 46 46 60 NET TRANSFERS ON DEBT 939 5,995 -6,692 -3,076 1,257 4.415 11.114 1,015 11.314 20,361 Public and publicly guaranteed 608 5.697 -5,665 -4,193 -3,395 380 5.270 3,624 3,312 1,171 Official creditors 538 1.953 -432 2 1 28 1.786 1.633 1.342 2,273 -1.352 199 Multilateral 33 759 -611 47 -188 56 -876 -13 -1.145 -582 Concessional 5 120 693 708 911 1.005 1.054 1,134 1.015 Bilateral 505 1.194 179 2,081 1.974 1.577 2.,218 2.286 -208 781 Concessionial 468 744 1,899 3,4221 3.075 854 443 451 387 Private creditors 71) 3.744 -5,233 -6,32-1 -5.181 -1.253 3.928 1.351 4.664 972 Bonds -41 135 -1,706 -1.185 -1,384 554 -233 2,746 2,683 Comimercial baniks 61 2.154 -1.988 -3.986 -4.350 -1,885 -62 -1,874 -783 Other private 50 1.454 -1.539 -1.150 553 79 4.22 3 479 2.765 Private nonguaranteed 332 298 -1,027 1,117 4.652 4.036 5.844 -2,609 8.002 19,190 Bonds .. Ill 52-4 i.595 1.839 4.232 8.552 Coinnierical banks ...1.005 4,12-8 2,440 4,006 -6.840 -550 Memo: IBRD 17 457 -1.397 -577 -1.115 -830 -1,748 .702 -1,768 IDA 5 82) 594 564 548 640 828 845 797 DEBT SERVICE (LTDS) 1.053 10,264 34,297 33,365 34,459 33,522 39,809 49,170 48,642 54,732 P'ublic and publicly guaranteed 589 7,099 28.116 27,000 27,941 25,706 30,798 35,292 35,083 41,548 Official creditors 162 2.011 10,031 8,915 9,855 10,179 11.940 12.818 15,145 15,843 Multilateral 48 816 5,501 4.674 5.132 5.216 5.910 6,151 7.365 6.829 Concessional 38 92) 238 223 298 330 383 447 519 Bilateral 114 1.195 4.530 4.241 4,724 4.963 6.030 6.666 7.780 9.014 Concessional 78 634 1,992 2.1 91 2,824 3,261 4,006 4.21 16 4,896 Pfivate Creditors 427 5.088 18.085 18.085 18.085 15.527 18,859 22,474 19,938 25,705 Bonds 41 144 3.307 2.3 55 3.418 1,860 2.825 4.859 3,887 Commercial banks 53 2, 135; 9,507 9,358 9.009 7. 82 9 8.902 9.922 8.171 Other private 334 ;2.809 5,271 6.373 5.659 5,839 7.132 7.693 7.881 Private nonguaranteed 464 3,165 6,181 6,365 6,518 7,815 9,011 13,878 13,558 13,184 Bonds ... .0 6 42 94 188 728 Commerical baniks ... . 6.365 6.5 12 7.773 8,917 13,691 12,830 Memo: IBRD 47 590 4.636 3.477 3.792 3.762 4.403 4,153 5.21 12 IDA 010 43 45 56 65 76 77 107 UINDISBURSED DEBT 2,096 29.994 44,443 43,209 46,650 48,077 47,560 57,703 60,876 Official creditors 1.481 21.1731 31.320 3 (.982 34.582 39.018 39.098 43,949 49,454 Private creditors 615 8.82-2 13,123 11I.227 12.069 9.058 8.46 2 13.754 11.422 Memorandum items Coiicessional LDOD 3.211 17.797 45.628 66.392 77.890 84,021 86.926 95.670 105.924 112,143 Variable rate LDOD 2.205 25.278 69.885 74.641 82,095 91,717 98,564 102,222 117,888 142.689 Public sector LDOD 4.798 46.083 149.365 170.744 189.374 203,539 21 16,2 9 4 236,986 265,258 Private sector LDOD 3,199 17,240 22,122 23 1521 29.796 37.601 46,820 47.019 58,796 6.CulmENCY COMPOITON OF LON6.TERM DEBT (PORCPNT) . . Deutsche mark 7.1 5.0 4.3 4.1 4.1 3.9 3.4 2.8 3.1 French franc 2.6 3.2 2.4 2.1 2. 3 2.2 2.0 1.7 1.6 Japanese yen 7.3 17.9 36.1 28.7 28.6 29.2 28.2 2 9. 3 30O.2 Pountd sterling 4.7 1.7 1.2 I (1 0.9 0.9 0.7 0.6 0.5 Swiss franc 0.9 1.0 1.6 0.9 0.8 0.7 0.5 0.5 0.5 U.S. dollars 50.4 40.7 2)7. 2 216.5 2 4. 0 2 5. 8 30.4 32.2 33.4 Multiple cuTrencv 8.0 i16.5 19.5 19.9 22.1 21.4 2 0. 2 19.6 18.7 Special drawing rights 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 All other currencies 19.2 7.6 5.1 14.4 14.9 13.9 1 2.8 11.5 10.4 199 EAST ASIA AND PACIFIC (USS million, unless otherwise indicated) Preliminaon 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 Total amount rescheduled 1.969 1.968 1,068 2,335 4,441 1,078 0 Debt stock rescheduled .. 0 0 0 1.262 2.261 258 0 Principal rescheduled .. 1,864 1,657 882 910 748 533 0 Official .. 112 236 196 313 503 279 0 Private 1,751 1.422 686 597 245 254 0 Interestrescheduled .. 93 311 186 164 235 231 0 Official .. .. 59 180 117 126 199 119 0 Private .. ,. 35 131 69 37 37 112 0 Principal forgiven .. 100 0 0 113 7 37 0 Memo: interest forgiven 2 0 0 5 4 20 0 Debt stock reduction ., .. 808 493 1,803 245 2,259 0 0 of whichdebtbuyback .. 0 0 721 94 1,175 0 0 -LOT STOCK4PLW RECO4CILIAT11N Total change in debt stocks .. .. 24.887 31,322 33,582 31,889 32,083 52.125 Netflowsondebt .. 10,471 18,560 28,713 34,296 25,875 38,289 Net change in interest arrears .. .. 690 591 376 276 130 354 Interest capitalized .. .. 311 186 164 235 231 0 Debt forgiveness or reduction .. .. -493 -1,082 -264 -1,091 -37 0 Cross-currency valuation -8,592 8,418 4,712 -3,212 7,920 14,912 Residual 22,500 4.649 -118 1,385 -2.036 - 1 .430 ALL CREDITORS Interest (%) 5 9.6 6.2 6.7 6.8 6.1 6.1 5.2 5.3 Maturity (years) 23 16.1 17.8 18.5 18.9 17.7 16.4 15.2 17.1 Grace period (years) 6.3 4.7 5.4 5.4 5.4 5.2 4.4 4.5 5.5 Grantelement(%) 35.5 7.1 24.8 21.9 22.2 24.4 22.4 25.9 28.1 Official creditors Interest (%) 4.1 5.9 4.9 5.6 5.1 5.2 5.3 4.5 4.9 Maturity (years) 28.5 22.4 23.7 22.9 24.3 22.5 21.7 21.8 23 Grace period (years) 7.3 6.7 7.3 6.8 7 6.5 6 6 6.6 Grant element (%) 45.6 29.6 38.2 32.1 36.9 34 32.4 38 37 Private creditors Interest(%) 6.8 13.1 7.6 8.1 8.5 7.2 6.7 5.6 5.7 Maturity (years) 12.2 10.2 11.7 12.8 13.5 11.9 12.4 10.9 12.3 Grace period (years) 4.4 2.9 3.3 3.6 3.7 3.6 3.2 3.6 4.6 Grantelement(%) 15.8 -13.8 10.7 8.7 7.1 12.9 14.9 18.1 20.9 Memorandum items Commnitments 1 .739 19,742 23,991 23,113 27.298 28,894 36,341 48,796 40.187 Official creditors 1,148 9,509 12,291 13.086 13,817 15,725 15,507 19,113 18.044 Private creditors 591 10,232 11,700 10.027 13,481 13,169 20,834 29,683 22,143 .OGU - -GQRWATF, NEW uRSouCIa FLOWS (current prices, USS billion) 120 - 100 80 _ . .. 60 f X .X.,.. ;;i,, 40 20 0 1981 1983 1985 1987 1989 1991 1993 1995 U Grants 0 Official loans C Foreign direct investment fl Private loans EN Portfolio equity flows 200 EUROPE AND CENTRAL, ASIA (U!S$ miillioni, unless otherwise indicatedi Preli,zntinrv, 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 TOTAL DEBT STOCKS (EDT) .. 87,919 219.620 236.156 262,107 283,304 302.155 335,852 356,090 379,798 Long-term debt ILDOD) 3,990 63,299 166,272 174,666 199,208 218,824 231,621 261,171 283.346 294,587 P'ublic and publicly guaranteed 3,094 5 1.759 161,045 170,391 194,294 212.272 223,040 248,529 268,382 278.517 Private nonguaranteed 896 1 1.540 5,227 4,2 7 6 4.914 6.552 8.581 12,642 14,964 16.070 Use of IMF credit 74 2,143 2,387 1,190 1,305 4,956 6,456 8,460 11,732 17.781t Short-term debt ,. 22,477 50.961 60.299 61,594 59,525 64,079 66,221 61,012 67,430 of which interest arrears on I-DOD .. 312 7.100 7.830 13.041 11,809 9, 32 9 7.100 7,337 7.71,5 Official creditors . 1 3 5,567 6.100 6.573 3.677 2,498 1,163 2.124 Private creditors 299 1.533 1.730 6.468 8.132 6,831 5,937 5.2 13 iMemo: principal arrears on LDOGD. 56 7,005 4.996 6,326 7.~2321 15.496 16,652 21.665 16.796 Off-icial creditors 2 1 3.174 3,292 4,584 4.573 3.759 2.801 5,013 Private creditors .. 35 3.83 1 1.704 1,7 42 2,659 11.737 13.851 16,653 Memo: export credits .. 42,904 45.852- 57.299 61.376 62,427 78.436 79.1 11 TOTAL DEBT FLOWS Disbursements 1,082 22,741 25,625 26,536 32,236 33,678 35,103 36,948 31,706 33,025 Long-term debt 1,007 21.1503 25,239 26.472 3 1.488 29,961 32,744 34.660 27.120 25,284 IMF purchases 75 1.238 387 64 748 3.717 2,359 2.288 4.586 7,741 Principal repayments 585 7.543 23,055 20,597 21,205 21,460 14,589 15,304 20,843 22,553 Long-ter-mdebt 5 13 7.214 21.32 1 19,420 20,473 21,230 13.963 15.061 18,945 20.319 IMFPrepurchases 72 329 1.734 1.177 73 2 231 626 243 1,898 2.234 Net flows on debt 1,486 24,483 5,866 14.547 7,114 11,423 27.548 28.746 5,616 16,916 of which short-termn debt ... 3,295 8.608 -3,917 -795 7.033 7.102 -5,246 6,444 Interest payments (INT) .. 6.270 14,144 14,772 15.408 15.289 12,386 12,118 12,940 17,842 Long-term debt 1 50 3.980 10. 5 82 10,825 1 1,261 11.280 9,174 8,896 9.674 13.501 IMF charges 0 103 277 168 128 254 376 419 500 1 .026 Short-term debt 2,1 87 3.285 3.779 4.019 3,755 2.836 2.804 2.767 3,3 15 Net transfers on debt .. 18,213 -8,279 -226 -8,294 -3,866 15,162 16,627 -7,324 -926 Total debt service ITDS) .. 13,813 37,199 35,370 36.613 36.749 26,975 27,423 33,784 40,395 Long-termi debt 663 11.193 3 1.903 30,245 3 1.734 32.509 23,1 37 23,957 28,619 33.820 IMF repurchases aitd chiarges 72 432 2.011 1.346 860 485 1.002 662 2,398 3.260 Short-term debt (initerest onilyt . 2.187 3.285 3.779 4.019 3,755 2.836 2.8 04 2,767 3,3 15 Total debt service due ... . 37,768 42,757 43,268 39,425 45,521 46,259 35,904 ;2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS Q4~ONG.TBMI) NET RESOURCE FLOWS 698 15,312 5,435 9,098 15,059 23,194 34,213 37,204 26,777 26,722 Net flow of long-term debt (ex. IMF) 494 14,289 3.918 7.052 11.015 8.732 18,782 19.598 8.175 4,965 Foreignidirect inVeStment (netj 120 7_27 1,339 1.744 2.102 4.390 6,270 8.337 8.362 12.482 Portfolio equity flows 0 0 0 7 1 235 065 191 1.934 1.590 Grants (excluding technical coop.) 85 297 179 2 32 1,707 10.073 9.097 9,077 8,306 7.685 Memo: technical coop. grants 45 153 - 276 2 75 411 1.057 2.084 2,768 2,647 1,735 NET TRANSFERS 508 11,229 -5,324 -1.939 3,469 11,488 24,212 27.352 16,057 12,138 Interest on long-term debt 150 3,980 10,582 10.8 25 1 1.2 61 11.280 9,174 8.896 9.674 13,501 Profit remiittances on FDI 4 1 104 1 77 211 328 427 828 956 1.046 1.083 3. MAJOR ECONOMIC AGGREGATES Gross national proiduct (GNP) 72.352- 341.,459 1,248,576 1.366,532 1.461.838 1.355.559 1,269.028 1.222,274 1.084.722 1.051.826 Exports of goods &services (XGS) 33,480 161.120 199.304 207,071 2-18,115 179.523 210.387 221,665 231,639 262.684 oif which workers' remittances 850 7,488 8.298 10.948 14,645 7,388 6.260 6.081 5.961 6,179 lnmports of goods & services (MGS) 20.527 1 12,218 185.509 201.~842 233.001 1 88,886 225.374 234.617 239.528 277,309 International reserves (RES) 2.659 2 0.53 3 26,030 30.697 31.463 33.37 1 31,291 52.042 66.400 Current account balance -380 -12.831 6,911 2.308 -6.933 1,227 -6,568 -15.726 -6.099 -6,361 4. DEBT MINDATORS EDT /XGS 1% . 54.6 110.2 114.0 120.2 157.8 143.6 151.5 153.7 144.6 EDT /GNP(% .. 25.7 17.6 17.3 17.9 20.9 23.8 27.5 32.8 36.1 TDS / XGS % . 8.6 18.7 17.1 16.8 20.5 12.8 12.4 14.6 15.4 INT /XGS (% . 3.9 7.1 7.1 7.1 8.5 5.9 5.5 5.6 6.8 INT /GNP% .. 1.8 1.1 1.1 1.1 1.1 1(1 1.0 1.2 1.7 RES /EDT(% .. 23.4 11.9 13.0 12.0 11.8 10.4 15.5 18.6 RES /MGS (months) 1.6 2.2 1.7 1.8 1.6 2.1 1.7 2.7 3.3 Short-terni / EDT (%( . 25.6 2 3. 2 25.5 23.5 21.0 21.2_ 19.7 17.1 17.8 Concessionial / EDT (%) .. 8.9 6.2 5.3 5.9 5.6 8.3 8.6 8.1 7.9 Multilateral I EDT (%t 5.4 9.5 8.5 8.4 8.7 8.4 8.3 8.6 8.5 20] EUROPE AND CENTRAL ASIA (US$ million, uneless otherwise indicated) Preli,iniiary 1970 /980 1988 1989 /990 199/ 1992 1993 1994 1995 S. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 3.990 63,299 166,272 174.666 199,208 218,824 231,621 261,171 283.346 294,587 Public and publicly guaranteed 3,094 51,759 161,045 170.391 194,294 212,272 223,040 248,529 268.382 278,517 Official creditors 2,672 19.098 58,207 58.973 71,147 83,620 84.346 106.081 I118,972 127,732 Multilateral 639 4.707 20.968 l9.996 2-2,104 24.631 25.506 2-7.763 30,618 32.244 Concessional 470 1.031 2.063 1.978 2.104 2.233 2,118 2,309 2.886 Bilateral 2.033 14.391 37,239 38.977 49.043 58.990 58,840 78.318 88.354 95.488 Concessionial 1,746 6.791 11.553 10.456 13.307 13.634 23.107 26.509 26.005 Private creditors 422) 32.661 102.838 111,418 1 23.147 128,652 138.694 142.448 149.410 150.785 Bonds 4 1 234 7.742 12,755 16.978 21.775 271225 39.151 59,756 Commercial banks I10 21.048 70.170 74,326 75.938 71.366 68.689 62,655 49.986 Other private 3 71 11,378 24,926 24.336 30.231 35,511 42,780 40.642 39.668 Private nonguaranteed 896 11,540 5.227 4,276 4,914 6.552 8.581 12.642 14,964 16,070 Bonds .... 1 6 1 6 1 6 66 50 149 Commerical banks . .. 4,260 4.898 6.536 8,5 IS 12,592 14.814 Memo: IBRD 302 3,323 10,758 9.539 10.272- 10,836 10.945 11.915 14.243 IDA 83 189 166 162- 157 1 53 150 192 3 10 DISBURSEMENTS 1,007 21.503 25,239 26,472 31.488 29,961 32,744 34,660 27,120 25,284 Public and publicly guaranteed 540 18,205 24,612 25,203 29.731 28.985 29,470 29.814 22,922 21.786 Official creditors 480 4.874 4.330 2.7711 8.622 9,636 7.01 I 6.483 6.560 6.880 Multilateral 1 63 1.055 2.298 1.512 2.595 3,936 3.562 3,932 3,773 4,230 Concessional 52 35 192 SI S1 279 79 293 48 2 Bilatarel 3 17 3.819 2.032 1,258 6.027 -5.700 3.449 2.55 I 2.787 2.650 Concessional 271 1.646 657 490 2.357 1,165 972 833 1l116 Private creditors 6 1 13.330 20.282 22.433 21.108 19,349 22.460 23.33 2 16.363 14.906 Bonds 0 0 4.270 5.1 38 3,758 4,931 7.533 13.579 8.095 Commercial banks 0 6.564 10.679 10.578 3.877 2.,2 57 3.573 2,507 3,913 Other private 6 1 6,766 5.3 3 2 6.717 13.473 12,161 I11.354 7.246 4.354 Private nonguaranteed 466 3,298 627 1.269 1,758 976 3,274 4.845 4.198 3.498 Bonds I... 1 0 0 50 099 Commerical banks ... 1,253 I .758 976 3.224 4,845 4.099 Memo: IBRD 55 833 1,273 770 1.218 1.561 1,433 1.7119 2.659 IDA 7 0 0 00 0 2 49 117 PRINCIPAL REPAYMENTS 513 7.214 21,321 19,420 20,473 21.230 13,963 15,061 18,945 20,319 Public and publicly guaranteed 305 5.172 20,740 18,481 18.980 19,561 12,368 13,726 16,276 17,924 Official creditors 190 1,733 5,333 4.600 3,496 3.569 3,489 3.389 3.670 5.177 Multilateral SI1 190 2.836 2,279 1,705 I1.69 I I 900 2.087 2.269 2,77 7 Concessional 35 34 74 100 86 67 90 107 76 Bilateral lOS 1.543 2.496 2.321 1.791 1.878 1,589 1,301 1,400 2.400 Concessional 47 483 5 82) 507 490 822 588 60I3 580 Pri vate creditors 116 3,440 15,408 13.881 15.484 15,992 8,878 10.338 12.607 12.747 Bonds 2 3 2 15 188 357 368 1.614 1.690 2.,474 Commercial banks 2 1.~617 9.360 9.141 9,555 7.88 I 4.559 5.639 6.354 Other private 112 1.820 5.833 4.552) 5.573 7.743 2,705 3.008 3.779 Private nonguaranteed 208 2,041 581 939 1.493 1,669 1,595 1,335 2.669 2,395 Bonds ...0 0 0 0 1 6 0 Commerical banks ... . 939 I1.493 1.669 I1.595 1.3 I19 2.669 Memo: IBRD 1 3 133 2.056 1.659 1.133 1.218 1.006 967 1.165 IDA 0 1 4 54 4 5 6 6 NET FLOWS ON DEBT 494 14.289 3.918 7,052 11,015 8.732 18,782 19,598 8,175 4,965 Plublic and publicly guaranteed 235 13,032 3,872 6,723 10.750 9.424 17,103 16,088 6,646 3,862 Official creditors 290 3.142 -1.003 -1.830 5.126 6.067 3,522 3.094 2.890 1.703 Multilateral 82 865 -539 -767 890 2,2 45- 1,662 1.845 1.504 1.453 Concessional 1 7 1 H18 -49 -67 21 12 -1I 186 407 Bilateral 208 2.276 -464 -1,063 4,236 3. 82 2 1.860 1,249 1,386 250 Concessional 224 1.164 75 -1(7 1.~867 343 384 219 536 Private creditors -55 9,891 4.874 8.552 5.624 3.357 13,581 12,994 3.756 2.,159 Bonds -2 -3 4.056 4.950 3.402) 4,564 5.919 11.889 5.621 Commercial banks -2 4.947 1.320 1.437 -5.677 -5.625 -987 -3,133 -2,441 Other private -51 4.947 -501 2,165 7.900 4.418 8,648 4,238 576 Private nonguaranteed 259 1,257 46 329 265 -692 1,679 3,510 1,529 1.103 Bonds .... 1 6 0 050 -16 99- Commerical banks ... . 3 13 265 -692 1.629 3,526 1.430 Memo: IBRD 42 700 -783 -889 85 342 4-27 741 1,494 IDA 7 - I -4 -5 -4 -4 -3 43 III 202 EUROPE AND CENTRAL ASIA (US$ million, uniless othervise indicated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 INTEREST PAYMENT'S (LINT) 150 3,980 10,582 10,825 11,261 11,280 9,174 8,896 9,674 13,501 Public and publicly guaranteed 116 3,131 10,021 10,527 10,820 10,898 8,506 8,536 9,143 12,829 Official creditors 76 878 2,628 2,453 2,643 2.832 2,947 2,976 3,099 5,104 Multilateral 25 373 1.723 1,541 1,5921 1.671 1.699 1,696 1,562 2,108 Coneessional 1 9 54 87 90 83 90 99 94 107 Bilateral 5 1 505 905 912 1,051 1,161 1.248 1,279 1,537 2,996 Concessional 35 158 329 339 251 295 411 656 617 Private creditors 4 1 2.253 7,392 8.074 8.177 8,066 5.560 5.560 6.044 7,725 Bonds I 1 7 250 57 1 953 1,185 1,489 1.786 2.417 Commercial banks I 1,476 5,334 5.935 5.633 4.935 3,274 2.830 2,240 Other private 38 760 1.808 1,568 1,591 1.946 797 944 1,387 Private nonguaranteed 34 849 561 299 441 381 667 360 531 672 Bonds ...0 I I 2 2 2 Commerical banks ... . 299 440 380 665 358 529 Memno: IBRD 16 257 1,033 835 809 825 744 745 855 IDA I I 2I I I I 1 2 NET TRANSFERS ON DEBT 344 10.309 -6,664 -3,774 -246 -2,548 9,608 10,702 -1,499 -8,536 Public and publicly guaranteed 119 9,90 1 -6,149 -3,804 -70 -1,474 8,596 7,552 -2,497 -8,967 Official creditors 214 2.263 -3,631 -4,283 2.483 3,235 575 119 -209 -3,401 Multilateral 57 492 -2,262 -2,308 -702 574 -37 149 -58 -655 Coincessional -2 -53 3 1 -139 -ISO 122 -110 92 300 Bilateral 157 1,771 -1.369 -1.975 3.185 2.661 612 -30 -151 -2.746 Concessional 189 1,005 -254 -356 1,616 48 -27 -437 -81 Private creditors -95 7.638 -2.5 18 479 -2.553 -4,709 8.022 7,433 -2,288 -5.566 Bonds -4 -20 3.806 4.379 2.449 3,378 4.431 10,103 3,204 Commercial baniks -3 3.472 -4.014 -4.498 -11,310 -10,560 -4,261 -5.963 -4.681 Other private -89 4.187 -2,310 597 6.309 2,472 7,85 1 3,294 -811 Private nonguaranteed 225 408 -515 30 -176 -1,074 1,012 3,150 998 431 Bonds ...-1 6 -I -1 48 -18 98- Commerical banks ..14 -175 -1,072- 964 3.169 901 Memo: IBRD 26 443 -1,816 -1.724 -724 -483 -318 -3 639 IDA 7 -2 -5 -6 -5 -6 -4 42 110 DEBT SERVICE (LTDS) 663 11,193 31,903 30,245 31,734 32,509 23,137 23,957 28,619 33,820 Public and publicly guaranteed 421 8,304 30,761 29,007 29,800 30,459 20,874 22,262 25,420 30,753 Official creditors 266 2,611 7,961 7,053 6,139 6.401 6,436 6.364 6,769 10,281 Multilateral 106 563 4.559 3.819 3.297 3,362 3.599 3.784 3,832 4.885 Concessional 53 87 162 190 168 157 189 201 182 Bilateral 160 2.049 3.402 3.233 2,842 3,039 2.838 2,580 2,937 5.396 Concessional 82 641 911 845 740 1,117 999 1,270 1.197 Private creditors 156 5.692 22.800 21.955 23,661 24,058 14.438 15,898 18,651 20,472 Bonds 4 20 465 759 1.310 1,553 3,102 3.476 4.891 Commercial banks 3 3,092 14,693 15,076 15,187 12.816 7,833 8.470 8.595 Other private ISO 2,580 7,642 6,120 7,164 9.690 3,502 3.952 5.165 Private nonguaranteed 241 2,890 1.142 1,238 1,934 2,050 2,263 1,695 3,200 3,067 Bonds ..0 I 1 2 1 8 2 Commerical banks ... . 1.238 1.933 2,048 2.261 1,677 3,198 Memo: IBRD 29 390 3.089 2493 1.943 2.043 1,751 1.712 2,020 IDA 1 3 5 6 5 6 6 78 UNDISBURSED DEBT 1,842 13,688 15,664 14,626 16,894 24,195 28,533 31,444 29,442 Official creditors 1,619 6,192 7.784 6.867 9,113 14.154 16,247 18.337 18,055 Private creditors 222 7.496 7.880 7.760 7.781 10,041 12.286 13.107 11,387 Memorandum items Concessional LDOD 2.216 7.821 1 13.615 12.435 15,411 15,867 25,225 28,818 28.890 29.993 Variable rate LDOD 952 25.866 74.247 78.137 89.734 105,229 113,697 138,352 138.573 146,678 Public sector LDOD 2.868 43,878 141,756 148,871 171.409 185,760 194,112 217,612 234.953 Private sector LDOD 1,122 12,379 5,742 5,203 5,975 7.640 9,829 13,663 15.796 Deutsche mark 15.9 9.6 16.2 19.2 22.3 23.7 23.4 20.8 18.4 French franc 2.7 8.0 3.5 3.7 4.5 4.4 4.2 3.3 3.1 Japanese yen 0.1 2.1 7.3 6.9 6.7 7.4 7.7 8.6 8.9 Pound sterling 5.5 2.3 1.8 1.4 1.6 1.3 1.0 1.4 1.1 Swiss franc 1.4 3.9 5.8 5.5 5.8 4.8 3.5 3.0 1.9 U.S. dollars 44.3 36.2 30.5 29.1 2 8.4 27.4 29.7 32.6 35.2 Multiple currency 14.6 18.7 14.1 11.9 9.3 8.6 8.2 8.1 9.7 Special drawing rights 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 All other currencies 15.6 5.6 9.2 10.2- 10.1 10.4 9.9 10.2 9.6 203 EUROPE AND CENTRAL ASIA US$ million, unless otherwvise indicated) Prelimninarv 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 7. DE"T RESTRUCTURI S Fotal amount rescheduled .. 7,932 12,250 3,375 9,606 28.515 28.078 21,129 Debt stock rescheduled .. 6,427 6,821 0 29 22,488 2,259 6,830 Principal rescheduled .. 1,349 3,514 1.391 4.707 3.489 13,060 5,858 Official .. .. 284 1.149 746 4.260 2.927 3.716 472 Private 1,065 2.365 645 447 562 9,344 5,386 Interest rescheduled .. 151 1,934 2,168 4.662 2,534 6,381 4,133 Official .. 144 1.777 1,998 4,558 1,899 2,340 799 Private 8 157 170 104 635 4,041 3,334 'rincipal forgiven .. 0 2 233 7 1,(00 664 3,805 Memo: interest forgiven 0 0 61 0 0 0 0 )ebt stock reduction 128 619 1,779 554 1.092 1.674 7.695 of which debt buyback 64 365 883 327 0 0 1,379 I. DME STOCK-FLOW RECONCILIATION Fotal change in debt stocks .. 16,536 25.95 1 2 1.198 1 8,851 33,696 20,238 Net flows on debt .. .. .. 14.547 7.114 11,423 27,548 28,746 5,616 Net change in interest arrears .. .. .. 730 5.21 1 -1,233 -2,480 -2.229 238 Interest capitalized .. .. .. 1,934 2,168 4,662 2,534 6,381 4,133 Debt forgiveness or reduction .. .. .. -255 -1.130 -235 -2.092 -2,338 -10.121 Cross-currency valuation .. .. .. -1,978 10,762 -626 -7,345 -3,855 10.729 Residual .. .. .. 1,558 1,825 7,206 686 6.992 9.643 9. AVERAGE TERMS OF NEW COMMITMENTS kLL CREDITORS Interest (%) 4.2 10.3 7.6 8.3 8.1 7.5 6.6 5.9 6.6 Maturity (years) 19.3 12.4 10.3 8.8 16.6 11 8.3 9.6 11.6 Grace period (years) 6.7 4.3 4.8 3.9 5.5 4.1 3.3 4.6 4.7 Grantelement(%) 37 1.7 10.1 7.4 9.1 10.6 11.7 17 15.9 )fficial creditors Interest (%) 3.9 7.6 7.2 6.4 7.1 6.7 6.1 5.3 6.3 Maturity (years) 20.2 16.7 14.3 15.3 12.6 11.7 11.9 14.8 15.7 Grace period (years) 7.2 5.2 5.2 5.3 5.8 4.7 4.4 4.8 4.9 Grant element (%) 39.9 18.7 15.3 22 14.2 15.4 17.5 25 21.2 'rivate creditors Interest (%) 6.3 11.2 7.7 8.5 8.7 8.1 6.9 6.2 6.9 Maturity (years) 13.4 10.9 9.4 8 18.8 10.5 6.7 7.3 8.7 Grace period (years) 3.6 4 4.7 3.7 5.3 3.6 2.8 4.6 4.5 Grant element (%) 18.2 -4.4 9 5.6 6.3 6.8 9.2 13.4 12.3 gIemorandum items Zommitments 766 12,611 23.192 22,431 30,197 32,618 31,468 28,845 17,279 Official creditors 662 3,336 3,992 2.480 10,478 14,298 9.728 8.973 7.056 Private creditors 105 9,275 19,201 19,951 19,719 18,321 21,740 19.872 10.223 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices. US$ billionJ) 40 --- 35 30 25......... . < ~~~~~~~~~~~. . . . .. . . . t. . 20 15 10 0 1981 1983 1985 1987 1989 1991 1993 1995 * Grants C Official loans W Foreign direct investment U Private loans E3 Portfolio equity flows 204 LATIN AMERICA AND THE CARIBBEAN (US$ million, unless otherwise indicated) Preliminarv 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 5,'.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~1 <55 ' ~,AD TOTAL DEBT STOCKS (EDT) .. 258,665 458,205 454,374 476,739 490,850 505,096 531,396 562,818 607,194 Long-term debt (LDOD) 27,637 188,656 392,640 379,005 380,954 385,837 394,370 418,157 443,649 467,535 Public and publicly guaranteed 15,764 146,198 363,610 357.504 355,893 357,640 356,350 366,311 381,475 400,97S Private nonguaranteed 11,873 42,458 29,030 21,501 25,061 28,197 38,019 51,846 62,174 66,55e Use of IMF credit 128 1,413 16,397 15,759 18,298 17,357 15,140 14,255 13,849 27,302 Short-term debt .. 68,597 49,168 59,610 77,487 87,657 95,586 98,984 105,320 112,35( of which interest arrears on LDOD 60 8,625 16,557 25,658 27,652 21,409 15,649 9,551 6.972 Official creditors .. 22 2,501 3,297 4,104 3,503 3,167 3,486 3,203 Private creditors 38 6,124 13,259 21,554 24,148 18,243 12,163 6,348 Memo: principal arrears on LDOD .. 606 15.343 18.646 25,252 24,969 25,450 22,471 21,475 22,511 Official creditors 93 5,270 6,166 7,708 7,181 7,222 6,968 7,602 Private creditors . 513 10,073 12.479 17,544 17,788 18,228 15,503 13,873 Memo: export credits . 57,444 61,039 73,732 82.046 85,581 87.380 88.628 TOTAL DEBT FLOWS Disbursements 6,494 44,785 26,238 21,505 33,973 27,818 37,351 54,552 45,999 72,634 Long-term debt 6,370 44,370 24.136 18,643 29,137 25,397 35,570 51,881 44,832 56,77, IMFpurchases 124 415 2,102 2.862 4,836 2,421 1,781 2,671 1,166 15,85, Principal repayments 3,736 21,703 21,339 24,040 22,785 21,700 29,988 35,105 32,894 37,164 Long-term debt 3,438 21,210 18,361 20,930 19,130 18,286 26,621 31,552 30,452 34,51' IMF repurchases 298 492 2,978 3,110 3,655 3,414 3,367 3,553 2,442 2,64S Net flows on debt 7,545 46,071 8,914 219 20,301 14,461 21,535 29,238 25,540 45,091 of which short-term debt . .. 4,015 2,753 9,113 8,342 14,172 9,792 12,435 9,628 Interest payments (INT) 24,617 33,158 25,746 22,420 23,863 22,829 22,892 26,975 35,11t Long-term debt 1,393 17,583 28,838 20,509 18,540 18,214 18,278 17,802 21,398 28,444 IMF charges 0 95 1,075 1,235 1,459 1,420 1,307 1,241 723 1,411 Short-term debt .. 6,939 3,245 4,002 2,422 4,230 3.244 3,849 4,855 5,261 Net transfers on debt .. 21,455 -24,243 -25,527 -2,120 -9,402 -1,294 6,346 -1,436 9,982 Total debt service (TDS) .. 46,319 54,496 49,786 45,206 45,563 52,817 57,998 59,869 72,28( Long-term debt 4.831 38,793 47,199 41,439 37,670 36,499 44,899 49,354 51,849 62,95 IMF repurchases and charges 298 588 4,052 4,345 5,114 4,834 4,674 4,794 3,165 4,06( Short-term debt (interest only) .. 6,939 3,245 4,002 2,422 4,230 3,244 3,849 4,855 5,261 Total debt service due .. 61,713 63,425 53,301 65,948 65,496 66,196 70,73Y NET RESOURCE FLOWS 4,186 29,926 16,251 8,850 21,528 30,295 34,393 64,206 51,127 48,76& Net flow of long-term debt (ex. IMF) 2.932 23.160 5,775 -2,286 10,007 7,112 8,949 20,329 14,381 22,262 Foreigndirectinvestment(net) 1.091 6,148 7.949 8,138 7,842 12,602 14,469 15,701 20,811 17,79f Portfolio equity flows 0 0 176 434 1,099 6.228 8,229 25,149 13,160 6,20( Grants (excluding technical coop.) 163 618 2,352 2,565 2,581 4,354 2,746 3.028 2,776 2,505 Memo: technical coop. grants 315 937 2,013 1,992 2,301 2,631 2.897 3,008 3,277 2,832 NET TRANSFERS 764 7,467 -18,407 -18,942 -3,369 4,874 8,642 37,416 19,823 9,741 Interestonlong-termdebt 1,393 17.583 28,838 20,509 18,540 18,214 18,278 17,802 21.398 28,444 Profit remittances on FDI 2.029 4,876 5,821 7,284 6,358 7,208 7,473 8,989 9,907 10,583 u;a.serinrS,nmws,r ., .1 SF...S 1 ., . '' Gross national product (GNP) 154,876 714,130 807,926 907,296 1,060,099 1,078,465 1,183,123 1,328,636 1,514,766 1,533,525 Exportsofgoods&services(XGS) 19,031 125.562 137,763 154,922 171,835 174,076 182,858 193,483 217.635 238,905 of which workers'remittances 308 1,206 1.355 3.066 3,565 4,597 4,808 4,458 4,442 4,878 Imports of goods & services (MGS) 22,202 156,453 152,092 165,689 181,312 198,901 226,224 245,266 271,319 277,598 International reserves (RES) 5,481 57,382 41,842 43,392 58,341 74,143 96,408 117,873 113,786 Current account balance -3.194 -30,352 -9.604 -7,209 -3.969 -19,653 -36,551 -42,879 -45,803 -25,906 ., . ,, i f f E , * ,,, a,,, , >.g * *,i i< E' i. . EDT / XGS (%) . 206.0 332.6 293.3 277.4 282.0 276.2 274.6 258.6 254.2 EDT / GNP(%) .. 36.2 56.7 50.1 45.0 45.5 42.7 40.0 37.2 39.6 TDS / XGS (98 .. 36.9 39.6 32.1 26.3 26.2 28.9 30.0 27.5 30.3 INT/XGS(%i .. 19.6 24.1 16.6 13.0 13.7 12.5 11.8 12.4 14.7 INT / GNP (%) .. 3.4 4.1 2.8 2.1 2.2 1.9 1.7 1.8 2.3 RES/EDT (%) .. 22.2 9.1 9.5 12.2 15.1 19.1 22.2 20.2 RES/MGS((months) 3.0 4.4 3.3 3.1 3.9 4.5 5.1 5.8 5.0 Short-term/EDT(%) .. 26.5 10.7 13.1 16.3 17.9 18.9 18.6 18.7 18.5 Concessional / EDT (%) .. 9.6 9.8 10.2 10.3 10.6 10.6 10.5 10.5 10.3 Multilateral/EDT (%) . 5.5 11.1 11.5 12.6 12.7 12.2 12.3 12.2 11.6 205 LATIN AMERICA AND THE CARIBBEAN (US$ million, uinless otherwise indic-ated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 DEBT OUTSTANDING (LDOD) 27,637 188,656 392,640 379,005 380,954 385,837 394,370 418,157 443,649 467,535 Public and publicly guaranteed 15,764 146,198 363,610 357,504 355,893 357,640 356,350 366,311 381,475 400,979 Official creditors 8,124 45,757 126,674 131.152 147.412 156.009 160,394 165.5 10 171,593 186,112 Multilateral 2,951 14.126 50,761 52.128 60.020 62.424 61.807 65,187 68,432 70,602 Concessional 1,983 3,269 5.834 6.093 6,449 6,698 6,935 7.336 8.084 Bilateral 5,173 31,631 75,914 79,025 87,392 93,584 98.587 100.323 103.161 115.511 Concessional 3,920 21,551 38,950 40,100 42,431 45 1 81 46,824 48,499 51,203 Private creditors 7,640 100.441 236,936 226.352 208.480 201.631 195.956 200.801 209,882 214,867 Bonds 1,234 9.599 18.089 19.141 75,976 79,129 81,798 108,890 156,447 Commercial banks 3,072 77,006 190,296 178,595 102,671 97,381 95.366 76. 123 39.950 Otherprivate 3,334 13,836 28,550 28,616 29,834 25.121 18.792 15.788 13.485 Private nonguaranteed 11,873 42,458 29,030 21,501 25,061 28,197 38,019 51,846 62,174 66,556 Bonds 0 171 1.387 7,957 22,308 30,295 Com-merical banks 21,501 24,890 26,810 30,062 29,538 31,880 Memo: IBRD 2,067 7.706 29603 29.655 34.760 35.668 33.553 34.577 35,419 IDA 112 427 880 963 1.117 1.317 1,475 1.646 1,900 DISBURSEMENTS 6,370 44,370 24,136 18,643 29,137 25,397 35,570 51,881 44,832 56,777 Public and publicly guaranteed 3,610 31,409 22,716 15,529 24,436 20,256 19,863 26,677 23,857 42,169 Official creditors 1,340 6,867 10,718 9.460 13.727 11,611I 10,704 12,285 9,950 24,081 Multilateral 583 2.964 6.525 6.200 8.982 7,471 7.380 9,022 6,615 9,750 Concessional 255 515 431 460 485 692 754 810 947 Bilatarel 757 3.903 4,193 3,260 4,744 4,140 3,325 3.263 3,334 14.331 Concessional 434 1, 117 2.013 1.461 2.427 1,486 1,088 1.563 1.260 Private creditors 2,270 24.542 11.998 6.070 10.709 8.645 9,159 14,392 13,907 18,088 Bonds 124 1,219 1.389 619 1,938 3,842 3,596 9,800 7,756 Cormmercial banks 1,150 19,888 6.624 2,227 5,745 3,043 4,293 3.380 5,031 Other private 991 3,435 3,985 3,223 3.026 1.760 1,270 1,212 1.121 Private nonguaranteed 2,760 12,960 1,420 3,114 4,702 5,141 15,707 25,204 20,975 14,608 Bonds 0 171 1.216 6,745 14,642 9.934 Commerical banks 3.114 4,531 3,925 8,962 10,561 11.042 Memo: IBRD 354 1,586 3,989 3,423 6.139 4.067 3,213 4,803 3,052 IDA 9 60 135 94 119 205 198 167 208 PRINCIPAL REPAYMENTS 3,438 21,210 18,361 20,930 19,130 18,286 26,621 31,552 30,452 34,515 Public and publicly guaranteed 1,667 14,250 12,993 15,086 16,933 15,848 21,398 19,429 19,988 24,327 Official creditors 506 2,130 5.475 5.397 6.997 8.309 9,389 9,863 11,267 11,761 Multilateral 171 712 3.757 3.796 4.748 5.873 6,399 6.632 7.040 7.423 Concessional 105 167 197 184 225 431 441 378 273 Bilateral 336 1,418 1,718 1,601 2,248 2.436 2.989 3.23 1 4,227 4,338 Concessional 119 367 227 286 726 273 283 431 576 Private creditors 1.160 12.120 7.517 9.689 9.936 7,539 12,009 9,566 8,721 12,566 Bonds 77 401 2.790 1.848 2,008 926 5,438 4,325 2,975 Commercial banks 609 9,371 2.524 5,697 5,208 2,998 3,423 2.160 2.121I Other pfivate 475 2,348 2,203 2,143 2.719 3.615 3,149 3.082 3.625 Private nonguaranteed 1,771 6,960 5,368 5,844 2,198 2,438 5,223 12,123 10,463 10,188 Bonds 0 0 0 165 273 1,997 Comimerical banks 5,844 2,198 2,438 5,058 11,850 8,467 Memo: IBRD 105 395 2,585 2.502 3.310 3.866 4,285 4,477 4.531 IDA 0 2 7 7 9 1 3 9 1 0 1 0 NET FLOWS ON DEBT 2,932 23,160 5,775 -2,286 10,007 7,112 8,949 20,329 14,381 22,262 Public and publicly guaranteed 1,944 17,160 9,724 444 7,503 4,409 -1,535 7,248 3,869 17,842 Official creditors 834 4,737 5,242 4.063 6.730 3.302 1,316 2.423 -1.318 12,320 Multilateral 412 2.252 2,768 2.403 4,234 1,598 980 2,391 -425 2,327 Concessional 150 347 234 276 260 261 3 13 432 673 Bilateral 422 2,485 2,474 1,659 2.496 1,704 335 32 -893 9,993 Concessional 316 75 1 1,787 1.176 1.701 1.213 805 1,133 684 Private creditors 1,110 12,422 4,481 -3,619 773 1.107 -2,851 4,826 5,186 5,522 Bonds 52 819 -1.402 -1,229 .70 2,917 .1,842 5.475 4.780 Commercial banks 541 10,517 4,101 -3.470 537 45 870 1.220 2.910 Other pfivate 517 1,087 1,782 1,080 306 -1.855 -1,879 -1,869 -2,504 Private nonguaranteed 989 6,000 -3,949 -2,730 2,504 2,703 10,484 13,080 10,512 4,420 Bonds 0 171 1,216 6,580 14,369 7,937 Cormmefical banks -2,730 2,333 1,487 3,904 -1,289 2.575 Memo: IBRD 249 1,192 1,404 921 2.829 201 -1,072 3 25 -1,479 IDA 9 59 129 87 110 193 189 157 198 206 LATIN AMERICA AND THE CARIBBEAN (U'S$ tnifilioni. unles.s otherwise indicoredl Prelirninarv 1970 1980 1988 1989 1990 /991 1992 1993 1994 1995 INTEREST PAYMENTS (LINT) 1,393 17,583 28,838 20,509 18,540 18,214 18,278 17,802 21,398 28,"44 Public and publicly guaranteed 765 13.154 25,162 17.810 16,495 16,228 16,174 15,046 18,061 24,308 Official credirors 302 1.980 5.033 4.774 6,127 7.062 7,404 7,882 8,190 9,660 Multilateral 1 57 1,000 3.556 3.435 4.126 4.828 4.752 5,018 4,759 4,982 Concessional I01 130 117 105 1 35 185 1 58 194 170 Bilateral 144 980 1.476 1,339 2,002 2.234 2.652 2.864 3.431 4,678 Concessionial 75 400 404 383 771 702 806 765 874 Private creditors 463 i1. 174 20,130 13,035 10,368 9,166 8.770 7.164 9.871I 14.648 Bonds 7 2 727 1.036 1.077 2.398 5,458 4,950 5,342 7,558 Commiercial banks 227 9.443 17.588 10.657 6.683 2.537 2,924 1,116 1,687 Other private 164 1.004 1.505 1.302 1.286 1.171 896 706 626 Private nonguaranteed 628 4,429 3,676 2,699 2.045 1,985 2.104 2,757 3,337 4,136 Bonds ... .0 0 30 189 857 1.988 Commefical banks ...2.699 2,045 1,955 1,916 1,900 1.349 Memo: IBRD 114 633 2.2 48 2.,070 2,538 2.847 2,883 3.040 2,654 IDA I 3 6 6 8 1 2 7 9 1 0 NET TRANSFERS ON DEBT 1,539 5,577 -23,063 -22,795 -8,533 -11,102 -9.329 2,527 -7,017 -6,182 Public and publicly guaranteed 1,179 4,006 -15,439 -17,366 -8,992 -11,820 -17,709 -7.797 -14,192 -6,466 Official creditors 5 32 2.757 2 10 -712 603 -3,760 -6.088 -5.459 -9.508 2,660 Multilateral 2)5 5 1.252 -788 -1.032 108 -3,230 -3.772 -2.628 -5.184 -2.655 Concessional 49 218 117 170 125 77 155 238 504 Bil-ateral 278 1,505 998 32-0 495 -530 -2,316 -2,832 -4,324 5,315 Concessionial 2-41 35 1 1,383 793 930 512 -1 367 -190 Private creditors 646 1,249 - 15.648 - 16.655 -9.595 -8.059 -1 1.621 -2.338 -4,685 -9,126 Bonds -20o 92 -2,438 -2,306 -2.468 -2.541 -6.792 133 -2.778 Commercial banks 313 1.074 -13,487 -14 l,17 -6,147 -2,492 -2.054 104 1,223 Other private 353 8 3 277 -222 -980 -3,026 -2,775 -2,576 -3.130 Private nonguaranteed 360 1,571 -7,625 -5.429 459 718 8,380 10,324 7,175 284 Bonds ... .0 171 1.186 6.391 13.513 5.949 Comimerical banks ... -5.429 288 -468 1.988 -3,189 1.226 Memo: IBRD 135 559 -844 -1,150 2-91 -2,646 -3.955 -2.715 -4.133 IDA 8 55 123 81 1021 181 1 821 148 187- DEBT SERVICE (LTDS) 4,831 38,793 47,199 41,439 37,670 36.499 44,899 49,354 51,849 62,959 Public and publicly guaranteed 2,431 27,404 38,155 32,895 33,427 32,076 37,572 34,474 38,049 48,635 Official creditors 808 4,110 10,508 10,171 13,124 15,371 16793 17,744 19.457 21,421 Multilateral 3-28 1.712 7,3 13 7.231 8,874 10,701 11,152 11.650 11,800 12.405 Concessional 206 2-97 314 289 361 616 599 572 443 - Bilateral 480 2.398 3. 195 2.,940 4.250 4,671 5,641 6,094 7,658 9,016 Concessional 193 767 631 669 1.497 974 1,089 1.196 1,450 Private creditors 1,623 23.294 27.647 22.724 20.303 16705 20.779 16,730 1 8,5 92 27,2114 Bonds 149 ]',12)8 3,827 2,925 4.406 6,384 10.387 9.667 10.533 Commercial banks 836 18.815 2-0 1 12 16,354 11,892 5,534 6.347 3.275 3.808 Other private 638 3.352 3.708 3,445 4,005 4,787 4,045 3.788 4.251 Private nonguaranteed 2.400 11.389 9.044 8,543 4,243 4,423 7,327 14,880 13,800 14,324 Bonds .,. .00 30 354 1,130 3,985 Conimerical banks ... . 8.543 4,243 4,393 6.974 13,750 9,815 Memo: IBRD 219 1.028 4,833 4,573 5,848 6,7 13 7. 168 7,5 17 7.185 IDA I 5 1 3 1 3 1 7 24 1 6 1 9 2 1- UNDISBURISED DEBT 5.041 34,089 45,686 46.482 47,460 53,675 56,890 59,898 61,021 Official creditors 3,2216 20,570 31,730 34 1 82 35,3 84 40.647 45,502 45.182 46,901 Private creditors 1.815 13,519 13.956 12.300 12,077 13.028 11.388 14,716 14.121 Memorandum items Coincessional LDOD 5,903 24,819 44,784 46,194 48,880 51,879 53.759 55.835 59,287 62.804 Variable rate LDOD 12,501 1 17.9216 262,917 237,513 197,1 77 198,579 209,817 223,840 232.571 242.993 Public sector LDOD 15,267 126,043 335,892 328.889 325,674 327,454 325,060 336,947 352.175 Private sector LDOD 12,370 4 82 1 8 31,081 24.217 28.499 31,398 41,496 53,643 63,905 6. CURRENCY COPSTO FLN-El DIt(ECN) . .I Deutsche mark 7.8 6.4 4.7 5.3 6.2 6.0 5.3 4.6 4.5 French franc 2.3 1.7 2.8 3.2 3.6 3.6 3.1 2.6 2.5 Japanese yen 0.1 4.4 6.6 6.2 5.7 6.2 6.3 6.3 6.5 Pounid sterlinig 4.5 1.3 1.7 1.6 1.4 1.5 1.1 0.9 0.8 Swiss franc 1.9 1.2 0.8 0.8 0.9 0.9 0.7 0.6 0.5 U.S. dollars 63.4 6-2. 5 58.9 57.5 54.7 53.6 54.2 57.3 58.1 Multiple currency 16.9 9.4 14.7 15.3 17.3 18.0 19.1 17.9 17.7 Special drawing rights 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 All other currencies 3.5 3.3 2.8 2.9 2.5 2.7 2.4 2.1I 2.1I 207 LATIN AMERICA AND THE CARIBBEAN US$ million, unless otherwise indicated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 7. DMb l rotal amount rescheduled 61.211 6.203 63,160 11,535 16,038 29,742 46,548 Debt stock rescheduled 57,884 1,803 59,087 2,102 141 18.489 35.470 Principal rescheduled 4.224 3,753 3,072 6,577 6,140 2,576 2,730 Official 1,121 1,223 1,568 3,811 2,305 2.151 2.062 Private 3,103 2.530 1,504 2,767 3,835 425 667 Interest rescheduled .. 908 838 1,498 3,058 9,605 8,728 8,244 Official 363 478 984 2,085 1,536 1,145 700 Private 545 360 514 974 8,069 7,583 7,545 'rincipal forgiven .. .. 24 809 180 1.675 338 722 75 Memo: interest forgiven 332 95 259 235 38 8 185 )ebt stock reduction 14,682 14,663 21,302 3,771 9,096 4,766 5,126 of which debt buyback .. 197 2,092 2,756 445 5,089 589 304 :. -T SISC1ULOW RERCULITN otal change in debt stocks . .. -3,832 22,365 14,112 14.245 26,300 31,422 Net flows on debt .. ,. .. 219 20,301 14,461 21,535 29.238 25,540 Net change in interest arrears .. .. .. 7,932 9,101 1,994 -6.243 -5,760 -6,099 Interest capitalized .. .. .. 838 1,498 3,058 9,605 8.728 8.244 Debt forgiveness or reduction .. .. .. -13,380 -18,726 -5,001 -4,345 -4.900 -4,897 Cross-currency valuation -3,821 11,198 615 -6,727 -630 9.300 Residual 4.382 -1,007 -1,016 421 -377 -667 ALL CREDITORS Interest (%) 7 11.5 7.9 7.6 7.9 7.3 7.1 6.7 6.5 Maturity (years) 14.4 11.1 13.3 14.6 14.8 14.6 14.7 12.2 11.4 Grace period (years) 3.6 4.2 3.9 4.2 5 4.7 4.4 4.9 4.3 Grant element (%) 16.6 -6 11.1 13.7 11.9 15.4 15.3 16.6 16 fflicial creditors Interest (%) 6 7.9 6.8 6.7 7.1 6.7 6.8 5.9 6.2 Maturity (years) 23.4 16.8 17.4 16.8 18 18.5 18.5 17.8 18.4 Grace period (years) 5.5 4.5 4.6 4.5 5 5.1 5 5 5.3 Grantelement(%) 27.4 14.4 19 19.5 18.1 20.4 19.5 25 24.1 Private creditors Interest(%) 7.7 13 9.1 9.7 9.1 8.3 7.8 7.3 6.8 Maturity (years) 8.9 8.8 8.9 9.5 10.7 7.8 6.8 8.2 4.9 Grace period (years) 2.4 4.1 3.2 3.5 5.1 3.8 3.3 4.8 3.3 Grantelement(%) 10 -14.5 2.6 0.7 3.8 6.6 6.1 10.7 8.6 Memorandum items Commitments 4,375 33.278 21,411 20,422 25,980 27,321 25,003 30,512 27,894 Official creditors 1,648 9,810 11,108 14,161 14.746 17,297 17.009 12,545 13.438 Private creditors 2,728 23,469 10,303 6,261 11.234 10.024 7,994 17,967 14,456 1t GRA? OF AGGREWATE NFX RESOURCE FLOWS (currenm prices, USS billion) 70 60 50 40 20p- ~ W 1981 1983 1985 1987 1989 1991 1993 1995 * Grants 0 Official loans mI Foreign direct investment UI Private loans 0 Portfolio equity flows 208 MIDDLE EAST AND NORTH AFRICA (US.$ nmillion., i,iles.s otihen4ise indicated) -Prelimninarv 1970 1980 1988 1989 1990 1991 1992 1993 1994 1 995 ~1 Mma RY DEST DArA TOTAL DEBT STOCKS (EDT) 84,257 177,345 185,951 180,812 185,469 187,694 193,672 207,669 216,971 Long-term debt (LDOD) 4,006 62.196 137,618 140,953 136,013 138,784 134,151 138,798 159,394 167,414 Public and publiclv guaranteed 3.991 61.601 136.052 139,417 134,511 137.456 133.093 137.916 157.571 t64.388 Private nonguaranteed 1 5 595 1.566 1.536 1.5021 1.328 1.058 8 82 1.824 3.026 Use of IMF credit 100 916 1,478 1,998 1,815 2,050 1,838 1,324 1,946 1,989 Short-term debt .. 21,144 38,249 43,001 42,984 44,636 51,704 53.551 46,329 47,568 of which interest arrears oni LDOD 392 3.35 1 4.356 2.909 1.913 1,560 1.798 2.095 2.405 Off-icial creditors . 3 9_2 2.639 3.384 1.662 1,1(04 1,246 1.5216 1.795 Private creditors 0 7122 972 1,248 809 3 14 272 3)00 Memo: pfincipal arrears on LDOD .. 114 8,905 9.011 8.206 6,072 5.338 5,947 7.361 8,577 Official creditors 108 6.2221 4,847 3,604 2.549 3.270 4.332 5.492- Private creditors ..6 2,682 4,163 4,602 3.523 2.068 1,615 1.869 Memo: export credits ... 57.065 60.341 63.503 68.250 66.720 64,351 71,488 TOTAL DEBT FLOWS Disbursements 879 12,111 19,718 20,031 14,258 19,551 17,182 15.917 15,735 18,112 Long-term debt 841 11.761 19.550 19.163 14,193 18.948 16,929 15.90)2 14,800 17,734 IMF purchases 38 350 168 868 65 603 253 1 6 935 378 Principal repayments 413 5,059 12,255 13,406 15,588 16,182 15,801 13,687 12,892 11,463 Long-termn debt 3 82 4.827 11.906 13.079 15,191 15.794 15A413 1 3,1t50 12.486 11.078 IMF repurchases 3 1 233 349 327 397 388 388 537 406 385 Net flows on debt 1,018 8.448 7.644 10.372 101 6,017 8,802 6,639 6,224 7,5579 of which short-term debt ... 181 3.747 1.430 2.648 7,42 1 4.409 3,381 930 Interest payments (INTl . 6,422 7.731 8.986 8.604 7,931 8,340 8,579 8,643 10,225 Long-term debt 99 3.902 5(061 6.016 5.2 73 4,918 5,328 5.347 5,963 6.912 M F charges 0 3 3 100 130 181 1 58 154 11)8 74 122 Short-term debt .. 2488 2.570 2,840 3,150 2,854 2,858 3.12-4 2.606 3,191 Net transfers on debt .. 2.026 -87 1,387 -8,504 -1,914 463 -1,940 -2,419 -2,646 Total debt service (TDS) .. 11,481 19,986 22,391 24,192 24,112 24,141 22,266 21,535 21,688 Long-term debt 481 8.729 16.967 19.095 20,464 20,7 121 20.741 18.497 18.449 17.990 IMF repurchases and chargzes 3 1 265 449 457 578 546 542 645 480 507 Short-term debt (interest only) . 2.488 2.57(1 2.840 3.150 2.854 2.858 3.1 24 2,606 3.191 Total debt service due ..- 24.453 27,568 27.841 23,901 21.820 25,648 23,214 Z. AGGREGATE NET RESOVRCE FLOWS AND NMT TRANSFEs (LONG4TERM) NET RESOURCE FLOWS 1,172 8.304 11,331 9,682 9,935 11,543 7,524 9,126 10,296 13,035 Ne tflow of long-term debt (ex. IMF) 459 6.934 7,64-4 6,084 -998 3.154 1.517 2,751 2.31 3 6.656 Foreign direct inivestment (net) 294 -3.313 1.883 1.966 2,757 1.825 2.081 3.757 3,681 2.129 Portfolio equity flows 0 0 0 0 (10 0 0 106 85 Grants (excluding technical coop.) 419 4.683 1.804 1.632- 8.176 6.564 3,926 2,617 4.196 4,165 Memo: technical coop. grants 25 8 956 1,744 1.839 2.503 2.677 2.536 2.,602 1.957 2,256 NET TRANSFERS -1,871 -5,448 4,812 2.557 3.378 5,132 635 2.493 3,069 4,870 Iinterest on long-term debt 99 3.902 5,061 6,016 5.273 4,918 5.328 5.347 5.963 6,912 P'rofit remittanices on FDI 2.944 9.850 1.458 1,109 1,284 1.493 1.561 1.286 1.265 1.253 3. MAJOR ECONONUC AGGREGATES Gross national product (GNP) 42,904 451.818 426.008 437.812 47 1.554 456.248 470.433 449.454 497.841 539.295 Exports of goods &services lXGS) 13.1)60 229,265 1 13,905 132.200 164.627 143,500 148,887 143.949 139,849 158,493 of which workers' remittances 453 9,162 7.72-8 7,829 8.549 8,082 10.828 10.744 11.044 10,926 Imports of goods &services (MGS) 13.278 155,360 120.478 136.163 151I,265 166,050 168.307 154,074 140.148 153.595 lintemational reserses (RES) 4.477 82.,281I 52,694 50.204 49,899 54,941 55.211 53,747 57.873 Current account balance -321 60.895 -15.989 -1 5.373 - 2.324 -40,250 -31,574 -25.824 .17.194 -7,377 4. DEST INDICATORS EDT /XGS (1. 36.8 1 55.7 140.7 109.8 129.2 1 26. 1 134.5 148.5 136.9 EDT /GNP (c4i . 18.6 41.6 42. 5 38.3 40.7 39.9 43.1 41.7 40.2 TDS /XGS (%t1~ 5.0 17.5 16.9 14.7 16.8 16.2 15.5 15.4 13.7 INT / XGS 1% . 2.8 6.8 6.8 5.2 5.5 5.6 6.0 6.2 6.5 INT /GNP 9~ . 1.4 1.8 2.i.8 1.7 1.8 1.9 1.7 1.9 RES / EDT (c.. 97.7 2 9. 7 27.0 27.6 29.6 29.4 27.8 27.9 RES / MGS (nmonths) 4.0 6.4 5.2 4.4 4.0 4.0 3.9 4.2 5.0 Short-term / EDT (%)I. 25.1 2-1.6 23.1 23.8 24.1 27.5 27.7 2)2. 3 21.9 Concessional / EDT (%) .. 22.6 24.7 24.4 2-4.2 26(0 25.9 25.9 2 6. 0 26.2 Mtultilateral / EDT (% 6.7 8.4 8.3 8.7 9.2 9.4 9.8 ID. I 10.2 209 MIDDLE EAST AND NORTH AFRICA (USS$ inillion, unless othenv'ise inidicated) Prelitnioiary 1970 1980 1988 1989 1990 1991 1992 1993 1994 /995 S. LONG-TERN DEBT DEBT OUTSTANDING (LDOD) 4,006 62,196 137,618 140,953 136,013 138,784 134,151 138,798 159,394 167,414 Public anid publicly guaranteed 3,991 61.601 136,052 139,417 134,511 137.456 133,093 137,916 157,571 164,388 Official creditors 2.882 32.383 84.8 17 85,135 80.527 85.043 86,422 89,396 98.335 102.959 Multilateral 1 721 5,603 14.8121 15.380 15,678 17,147 17,598 18.908 21.057 2 2.21 17 Concessional 9 1 2,673 4.914 5.101 3.969 4.038 4.084 4.380 4.938 Bilateral 2,710 2 6.~7 80 70,005 69.755 64.849 67.897 68,824 70,488 77.278 80.742 Concessional 2.305 16.371 38.954 40.323 39.774 44,189 44.566 45,843 48.964 Pfivate creditors 1,109 29.219 5 1.235 54.282 53,984 52,413 46,671 48,520 59.236 61.42 9 Bonds 38 72(1 2,145 2,301 2.241 2.148 1.820 1.668 1.283 Conimercial banks 56 10.42-5 1 9.2 66 19.605 18.009 20. 154 i9.173 16.955 18,551 Other private 1.014 K8074 219.824 32.375 33.734 30.110 25.678 29,897 39,402 Private nonguaranteed 15 595 1,566 1,536 1,502 1.328 1,058 882 1,824 3,026 Bonids 0 I)0 0 (10 Commerical banks 1.536 1.50)2 1.3218 1.058 882 1.824 Memo: IBRD 139 2.3 84 7.1I54 7,328 8.301 8,765 8,942 9.308 9.978 IDA 3 2 669 1.638 1,676 1,743 1,782 1.799 1.845 1.942 DISBURSEMENTS 841 11.761 19.550 19.163 14,193 18,948 16,929 15,902 14,800 17,734 Public and publicly guaranteed 833 11,507 19,307 18,983 14,054 18,871 16,867 15,719 13,268 16,320 Official creditors 408 5.755 7.202 7.552) 6.167 7,732 7,207 6.40(0 5.717 6.670 Mlultilateral 3 2 703 1,9821 2,124 2.308 2.809 2.816 2.777 2.810 3.3) 0 Concessional 1 2 194 270 325 330 3015 502 487 653 Bilatarel 176 5.01)5 5.220 5.428 3.858 4.923 4.3921 3,623 2,907 3,360 Concessional 244 3,422 2.365 2.637 1,780 3,737 1,796 1.517 1.861 Private creditors 425 5,752 12' 106 11,431 7.888 11.139 9.660 9.319 7.551 9.650 Bonds 5 66 61 8 320 0 1 0 IS5 0 Commiercial banks 1 7 1.626 5.302 2.485 7 81 3.971 2,740 1,393 2,125 Other private 4033 4.060 6,186 8.626 7,107 7,168 6,920 7.911 5.426 Private nonguaranteed 8 254 242 180 139 77 62 183 1,532 1,414 Bonds 0 0 1)0 0 0 Commerical banks .. 180 139 77 62 183 1,532) Memo: IBRD 23 42)1 946 996 1.164 1.154 1.349 1.~099 1.018 IDA 8 82 7(0 57 35 52 6 1 66 87 PRINCIPAL REPAYMENTS 382 4,827 11,906 13,079 15,191 15,794 15,413 13, 150 12,486 11,078 Public and publicly guaranteed 380 4.713 11,706 12,839 15,014 15,542 15,050 12.924 12,256 10,866 Official creditors 2 2 8 909 3.834 4.855 4.927 5.019 3.968 3.659 3.727 4.605 Multilateral 1 6 202 1.092 1.034 1.333 1.601 1.706 1,559 1,769 2-,194 Concessional 3 2 1 106 106 166 254 318 1 92 204 Bilateral 212 708 2,743 3.821I 3,594 3,419 2,2 62 2.1001 1.958 2.411 Conce-isional 1 37 385 693 1.225 1.620 708 418 5 32 624 Private creditors 152 3.804 7.872 7.984 10.087 10.523 11,082 9,265 8.529 6.26 1 Bonds 3 3 3 270 151 149 114 239 756 445 Commercial banks 2 1.465 1.992 1.751 2.100 2,107 2,612 2.774 1.593 Other private 146 2,306 5,611 6,08 2 7,839 8.302 8.2131 5.73-15 6.491 Private nonguaranteed 3 114 200 240 177 252 363 226 231 212 Bonds . 0 0 0 0 0 Commer-ical banks ..240 177 2-5 2 363 1226 231 Memo: IBRD 1 6 140 694 653 761 855 897 899 1.1)08 IDA 0 1 8 1 ( 1 4 1 8 1 9 2 2 24 NET FLOWS ON DEBT 459 6,934 7,644 6,084 -998 3,154 1,517 2.751 2.313 6.656 Public and publicly guaranteed 454 6,794 7,601 6,144 .960 3,329 1,818 2,795 1,012 5,454 Official creditors 180 4.845 3.368 2.697 1.240 2.71 2 3,239 2,741 1.990 2.065 Multilateral 16 501 890 1.090 975 1.2-08 1,110 1,218 1,1041 1,116 Concessional 10 174 164 219 164 5 1 183 296 449 Bilateral 164 4,344 2.477 1,607 2-65 1.504 2.130 1.5 23 949 949 Concessional 107 3.036 1.672 1.411 16(0 3.0219 1.379 985 1.237 Private creditors 273 1.949 4.234 3.448 -2,200 616 -1,422 54 -978 3,389 Bonds 2 34 348 170 -149 -1 13 -239 -741 -445 - Commercial banks IS5 162 3,3 10 734 -1.319 1,864 128 -1,381 53 1 OLher private 257 1,753 576 2.544 -732- -1.134 -1.311 2.176 -1.064 Private nonguaranteed 5 140 42 -60 .38 -175 .301 -43 1,301 1,202 Bonds ..0 0 0 0 )1 Comnmerical banks .. -60 -38 -175 -301 -43 1.301 Miemo: IBRD 8 2 81 2 5 1 342- 403 299 452 200 1 0 IDA 8 8 1 62 46 2 1 34 42) 44 62 210 MIDDLE EAST AND NORTH AFRICA (US$ million, unless otherwise indicated) Preliminary 1970 1980 1988 1989 1990 199) 1992 1993 1994 1995 INTEREST PAYMENTS (LINT) 99 3,902 5,061 6,016 5,273 4,918 5,328 5,347 5,963 6,912 Public and publicly guaranteed 99 3,852 4,941 5,893 5,165 4,826 5,268 5,293 5,889 6,75( Official creditors 64 953 2,150 2,658 2,337 2,035 2,478 2,659 3,005 3,52' Multilateral 9 239 765 743 866 999 1,094 1,137 1,289 1,43( Concessional 3 28 61 69 73 92 89 93 112 Bilateral 55 714 1,385 1,916 1,471 1,036 1,384 1,522 1,716 2,09- Concessional 41 334 337 459 442 311 599 688 779 Private creditors 34 2,899 2.791 3,235 2,828 2,791 2.790 2,634 2,884 3,221 Bonds 2 71 106 147 159 157 115 90 100 Commercial banks 0 1.495 1,123 1,369 1,187 1,103 1,096 1,080 1,188 Otherprivate 32 1,333 1,562 1,718 1,482 1,531 1,579 1,463 1,597 Private nonguaranteed 1 50 120 123 108 92 60 54 74 16, Bonds .. 0 0 0 0 0 0 Commerical banks .. 123 108 92 60 54 74 Memo: IBRD 9 198 579 522 598 657 675 685 757 IDA 0 5 12 12 12 13 13 13 14 NET TRANSFERS ON DEBT 359 3,032 2,583 68 -6,271 -1,764 -3,811 -2,596 -3,649 -25t Public and publicly guaranteed 355 2,942 2,661 251 -6,125 -1,497 -3,450 -2,498 -4,877 -1,29t Official creditors 116 3,892 1.218 38 -1,097 677 762 82 -1,014 -1,46& Multilateral 7 262 126 347 109 209 16 80 -248 -32( Concessional 6 146 103 150 91 -41 94 203 337 Bilateral 109 3,630 1,092 -309 -1,206 469 746 2 -767 -1,14- Concessional 66 2,703 1,335 952 -282 2,718 780 298 458 Private creditors 239 -950 1,443 213 -5,028 -2,175 -4,212 -2,580 -3,863 161 Bonds - I -38 242 23 -307 -270 -354 -832 -545 Commercial banks 14 -1,333 2,187 -636 -2,506 761 -968 -2,461 -657 Other private 225 420 -986 826 -2.214 -2.666 -2.891 713 -2,661 Private nonguaranteed 4 90 -78 -183 -146 -267 -361 -98 1,227 1,04( Bonds .. 0 0 0 0 0 0 Commerical banks .. .. -183 -146 -267 -361 -98 1,227 Memo: IBRD -] 83 -328 -180 -195 -358 -223 -485 -747 IDA 8 76 49 34 9 21 29 31 48 DEBT SERVICE (LTDS) 481 8,729 16,967 19,095 20,464 20,712 20,741 18,497 18,449 17,991 Public and publicly guaranteed 478 8,565 16,647 18,732 20,179 20,368 20,318 18,217 18,145 17,61( Official creditors 292 1,862 5,984 7,513 7,264 7,054 6,446 6,318 6,731 8,13' Multilateral 25 441 1,856 1.777 2,199 2,600 2,800 2,697 3,058 3,63( Concessional 6 48 167 175 239 345 408 285 316 Bilateral 267 1,421 4,128 5,736 5,065 4,454 3,646 3,622 3,674 4.50' Concessional 178 719 1,030 1,685 2,062 1,019 1,017 1,220 1,403 Private creditors 186 6,703 10,662 11.218 12.915 13,314 13,872 11,899 11,413 9,48' Bonds 6 104 375 298 308 271 354 847 545 Commercial banks 3 2,960 3,115 3,120 3,287 3,209 3,708 3,854 2,781 Other pfivate 178 3,639 7,173 7,800 9,321 9,833 9,810 7,198 8,087 Private nonguaranteed 3 164 320 363 285 344 423 280 305 37' Bonds 0 0 0 0 0 0 Commerical banks 363 285 344 423 280 305 Memo: IBRD 24 338 1,273 1,175 1,359 1,513 1,572 1,584 1,765 IDA 0 6 21 23 26 31 32 35 39 UNDISBURSED DEBT 1,915 28,123 26,692 29,462 31,313 35,970 36,482 34,474 28,559 Official creditors 1,542 16,108 15,992 17,751 18,978 21.104 21,528 22.978 19,738 Privatecreditors 374 12,015 10.700 11.711 12.334 14,866 14,954 11,496 8,821 Memorandum items Concessional LDOD 2.396 19,045 43,868 45,423 43,743 48,227 48,650 50,223 53,903 56,88' Variable rate LDOD 41 10,209 26,509 29,284 32,159 31,374 31.703 35,671 49.703 55,07' PublicsectorLDOD 3,968 53,869 115,528 116,914 113,716 116.109 113,717 117,615 135,434 Private sector LDOD 37 742 1,654 1,622 1,591 1,436 1,217 1,077 1,437 Deutsche mark 8.0 6.4 4.8 5.5 6.7 6.7 7.2 6.6 6.9 French franc 19.1 8.6 8.0 8.2 10.0 10.7 10.7 9.8 10.0 Japanese yen 0.0 5.7 6.9 5.8 6.5 7.6 8.0 8.5 8.5 Pound sterling 4.5 1.3 1.4 1.3 1.5 1.4 1.3 1.3 1.1 Swiss franc 1.1 1.3 0.9 0.8 0.9 0.8 0.7 0.7 0.7 U.S. dollars 31.7 47.4 46.5 45.0 39.2 37.2 37.5 38.5 39.3 Multiple currency 3.2 4.6 6.1 6.3 7.6 8.0 8.6 9.0 8.7 Special drawing rights 0.0 0.0 0.2 0.3 0.4 0.6 0.1 0.1 0.1 All othercurrencies 35.9 12.4 10.3 10.8 11.9 11.5 11.5 10.9 10.7 211 MIDDLE EAST AND NORTH AFRICA (US$ million, unless otherwise indicated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 Tota] amount rescheduled 4,029 1,138 4,708 17,423 2,418 4,518 15,934 Debt stock rescheduled .. 726 19 3,118 11,523 0 2,993 10.900 Principal rescheduled .. .. 3,068 798 1,219 3,996 1,819 1,142 4,269 Official .. .. 1.921 513 885 2,032 884 192 792 Private .. .. 1.147 285 335 1,964 935 950 3,477 Interest rescheduled .. .. 851 293 371 1,719 525 356 632 Official .. 637 178 331 1,101 264 58 152 Private .. .. 214 116 41 617 261 299 480 Principal forgiven .. .. 3 2,759 9,152 2,886 444 215 324 Memo: interest forgiven .. .. 0 0 2,365 169 150 142 80 Debt stock reduction .. .. 0 0 0 406 530 97 0 of which debtbuyback .. 0 0 0 0 0 0 0 ,,r,..->,-v - . & OMu.' .-T l-CrS Wf Lt .TOfN Total change in debt stocks .. .. 8,606 -5,139 4,657 2,225 5,979 13,997 Net flowson debt ., ., .. 10,372 101 6,017 8,802 6,639 6,224 Net change in interest arrears .. .. .. 1.005 -1,447 -997 -352 237 297 Interest capitalized .. .. .. 293 371 1,719 525 356 632 Debt forgiveness or reduction .. .. .. -2,759 -9,152 -3,292 -974 -312 -324 Cross-currency valuation -769 5,192 210 -3,418 -1,011 5,144 Residual 464 -204 1.000 -2,358 69 2,024 -,4Vfl&(ZT=W 1 NE.W - -af l,l: ALL CREDITORS Interest (%) 4.7 6.4 6.5 7.1 7.5 6.1 5.6 5.6 5.8 Maturity (years) 16.9 17.7 12.7 13.6 13 14.5 12.4 14.8 12.7 Grace period (years) 5.5 4.6 3.9 3.7 3.9 4.5 4.6 4.8 4 Grantelement (%) 32.1 23.7 19.2 16.5 15 22.6 21.8 22.9 21 Official creditors Interest (%) 3.7 4.8 4.8 5.8 5.7 5 5.4 5.5 5.2 Maturity (years) 21.3 24 20 19 20.8 21.2 16.7 19.3 19.8 Grace period (years) 7.5 6 5.6 5.5 5.8 6.5 5.6 5.8 5.8 Grantelement(%) 42.3 38 35.6 27.8 30.2 35.7 27.7 28.8 31.1 Private creditors Interest (%) 6.3 8.6 7.6 8.3 8.8 7.1 5.8 5.7 6.3 Maturity (years) 9.4 9.7 8.1 8.7 7.1 8.4 9.4 8.3 6.7 Grace period (years) 2 2.8 2.8 2.1 2.4 2.6 3.9 3.4 2.6 Grantelement(%) 14.7 5.5 9 6 3.6 10.7 17.8 14.8 12.6 Memorandum items Commitments 1,143 11,204 18,642 18,097 14,433 22,560 18,545 12,705 6,917 Official creditors 721 6,260 7,182 8,715 6,189 10,729 7,499 7,408 3.158 Private creditors 423 4.944 11.460 9,382 8,244 11,831 11,046 5,297 3.760 aGWS0MOfAGORSATE Na t' ROVRCU FLWW (current prices, USS billion) 16 1088 14 12 1981 1983 1985 1987 1989 1991 1993 1995 U Grants 0 Of ficial loans mI Foreign direct investment El Private loans fl Portfolio equity flows 212 SOUTH ASIA (US$ nift(ion, unliess othervise ind(icated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1q93 1994 1995 :L SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. 38,112 98.208 114.973 128.441 134,595 141,990 147,633 161,128 167,623 Long-term debt (LDOD) 11,329 33,151 84,357 100,533 111,543 117,028 123,564 131,642 143.140 150,357 Public and publicly guaranteed 11.2 24 32.793 82.677 98,712 109,81i6 115,270 1 22.1 38 129.659 141,170 146,115 Private nonguaraniteed lOS 357 1.6580 1.821 1.727 1,758 1,426 1.983 1,971 4.242 Use of IMF credit 124 2,508 4.378 3.636 4.537 5,685 7,166 7,410 7,211 5,501 Shunt-term debt .. 2,454 9.472 10.805 12,360 11,882 11,260 8.582 10,777 11,765 of which interest arrears on LDOD ..03 6 7 6 5 5 4 5 Official creditors .(13 67 6 5 5 4 Private creditors ..00 0 0I0 I Memo: prinicipal arrears on LDOD ..0 12, 32 34 29 27 30 2)0 20 Off-icial creditors .01 2 32 34 28 26 26 14 Private creditors . 0 0 I I I 5 6 Memo: export credits ... 6.859 7.754 9.370 9.977 10.434 11,331 13.095 TOTAL DEBT FLOWS Disbursements 1,475 6,428 12,829 11.619 12,173 12.924 12.429 11,602 11.857 14,254 Long-term debt 1.466 4.781 1 2.462 10.905 10.298 11,065 10,517 11.030 11,336 14,161 IMFEpurchases 1 0 1.647 367 7 14 1.875 1,859 1,912) 573 520 93 Principal repaymnents 721 1.551 4,998 4,710 5.077 4,837 5,434 6,419 8.856 9,953 Long-term debt 461 1,225 3.259 3.285 3.909 4.045 4.769 6,040 7.541 7,995 IMF repurchases 260 32 6 1.739 1.425 1.168 792 666 380 1.314 1.958 Net flows on debt 1,179 5.921 8,956 8.238 8,651 7,609 6,374 2,505 5,198 5.288 of which short-term debt ... 1.125 1.330 1.555 -478 -621 -2.678 2.197 987 Interest payments (INT) .. 1,201 3.865 5.232 6,142 5,941 5.530 5,722 6,325 7,053 Lonig-term debt 282 864 2.889 4.085 4,690 4.462 4.430 4.626 5,091 5.794 IMFEcharg,es 0 6 1 314 307 253 2 78 325 316 269 261 Short-teron debt .. 277 66 2 840 1.199 1.201 775 780 966 998 Net transfers on debt .. 4,720 5.091 3.006 2,509 1.668 844 -3.217 -1.128 -1,765 Total debt service lTDS) .. 2.753 8.863 9.942 11,218 10,777 10.964 12,141 15,181 17,006 Long-term debt 743 2.089 6,148 7.370 8,599 8,506 9,199 10,666 12,632 13.789 IMF repurchases and charges 260 3897 2,05 3 1.733 1.420 1.070 991 695 1.584 2,219 Short-term debt (interest only) .. 27 7 662 840 1.199 1.201 775 780 966 998 Total debt service due ,.. . 9.126 10.022 9,577 10,189 11.364 14,216 17,007 2, AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LNG-TERM NET RESOURCE FLOWS 1,356 6.552 12,554 11.493 9,383 10,921 9,265 10,066 13,800 12,441 Net flow of long-termn debt (ex. IMF) 1.005 3.555 9.203 7.621 6,389 7.020 5.748 4.990 3.795 6.166 Foreign direct investment niet) 69 185 32-6 487 464 456 62-4 841 1.242 2,046 Portfolio equity flows 0 0 56 168 lOS 2 3 380 2.025 6,222 1.430 Grants (excludingz technical coop.) 282 2.811 2.969 3,2 17 2.425 3,422 2,51J3 2.209 2,541 2.799 Memo: technical coop. grants, 132 666 1,401 1.519 1.550 1.613 1,816 1.674 1.485 1.595 NET TRANSFERS 1,059 5,666 9,582 7.329 4.600 6.382 4,731 5.327 8,580 6,495 Initerest oni long-term debt 282 864 2.889 4.085 4.690 4,462 4,430 4.626 5,091 5,794 P'rofit remittanices oni FDI 1 4 22 83 78 92) 77 104 113 129 152 3.MAJOR ECONOMIC AGGREGATES. Gross national product (GNP) 78.966 21 8.830 35 1,577 350.867 378.257 350.022 354,088 344,371 383.874 43 1,779 Exports of goods & services (XGS) 4,090 23.655 33.865 37.045 40.662 43.187 44,459 5 1,2 86 59.32 1 68,221 of which workers'remittances 169 4.883 5.333 5.212 5.051 5.594 5,370 6.162 7.625 8.515 Imports of goods &services MGS) 5.720 3 0.42 1 47.289 50,099 55,495 50,7 13 53,177 58.698 68,423 80.867 Intemational reserves (RES) 1.404 15,319 12,819 14,741 8,893 12.018 14,521 21,529 34.062 Cuirrent account balance -1.2-26 -4.619 -10.2122 -10.288 -12.,349 -3,708 - 4, 82 2 -4.386 -4,759 -7.877 4. DEBT INDICATORS EDT /XGS (%) .. 161.1 290.0 310.4 315.9 311.7 319.4 287.9 271.6 245.7 EDTI/GNPI(%) .. 17.4 27.9 32.8 34.0 38.5 40.1 42.9 42.0 38.8 TDS /XGS (%t . 11.6 26.2 26.8 27.6 2 5. 0 24.7 2 3. 7 25.6 24.9 INT /XGS (% .. 5.1 11.4 14.1 IS.1 13.8 1 2.4 1 1.2 10.7 111.3 INT/GNP (%t . 0.5 1.1 1.5 1.6 1.7 1.6 1.7 1.6 1.6 RESIEDTt%) .. 40.2 13.1 12.8 6.9 8.9 10.2 14.6 21 .1I RES / MGS (mionths) 2.9 6.0 3.3 3.5 1.9 2.8 3.3 4.4 6.0 Short-term!/ EDT (%), . 6.4 9.6 9.4 9.6 8.8 7.9 5.8 6.7 7.0 Concessional / EDT OH I. 75.4 56.5 58.4 57.6 56.4 56.3 56.6 57.3 55.4 Multilateral /EDT (%) .. 24.5 30.1 28.6 29.8 31.7 32.5 33.9 35.4 3 5.3 213 SOUTH ASIA (US$ tni//ion, unless ofiherwise indicat cd) Prelonina,ar 1970 1980 /988 1989 1990 1991 1992 1993 1994 1995 S. LONCx-TERM DEBT DEBT OUTSTANDING (LDOD) 11,329 33,151 84,357 100,533 111,543 117,028 123,564 131,642 143,140 150,357 Public and publicly guaranteed 11.224 32,793 82,677 98.712 109,816 115.270 122,138 129,659 141,170 146,115 Official creditors 10,544 30,386 6 4, 062) 77.973 87.262 91.278 96,916 102,242 113,867 118,444 Multilateral 2.2 0 5 9.325 29,516 32,835 38.252 42.728 46,142 50,002 56,964 5 9.2 2 8 Concessional 1.972 8.171 22.214 23.813 27.234 29,807 31.862 34.1I00 38.679 Bilateral 8.338 21,061 34.546 45.139 49,010 48.550 50,774 52.24(0 56.904 59.216 Concessional 7.545 20.549 3 3,2 4 5 43,343 46.76-2 46.076 48,145 49.465 53,671 Private creditors 680 2.407 18.61I5 20.739 22.554 23.992 2 5,2 2 2 27,417 27.303 2)7,67 1 Bonds 14 2 1.876 2.577 2.948 4.436 4,35 1 4.157 4.284 Commercial banks 54 1.679 14.1089 15,772 17,324 17.200 18.205 20.046 19.160 Other private 612 726 2,65 1 2,391 2.282 2.356 2,666 3,2 13 3,859 Private nonguaranteed 105 357 1.680 1.821 1.727 1,758 1,426 1,983 1,971 4,242 Bonds ..0 (10 1 794 I.203 Commerical banks . .. 1.821 1,72-7 1,758 1.426 1.189 767 Memo: IBRD 852 1.242 6:847 8.1 87 9,646 10.780 11,576 12,609 14,165 IDA 1.347 7.065 18.190) 19.172 21,0171 22,683 2-4,230) 25,582 28.9421 DISBURSEMENTS 1,466 4,781 12,462 10,905 10.298 11.065 10,517 11,0-30 11,336 14,161 Public and publicly guaranteed 1,438 4,484 12,220 10.589 10.045 10.719 10,216 9,926 10,865 11,650 Official creditors 1.317 3.442 7.728 6.864 7.008 7.990 6,972) 7,089 8,166 8.227 Multilateral 198 1.400 4.217 4,170 4.444 5,068S 4.605 4.383 4.898 4.347 Concessional 117 1,194 1 .856 1,886 2,401 2.559 2.7 14 2.,193 3.007 Bilatarel 1,119 2.043 3,511 2.694 2.564 2.923 2.367 2,705 3,268 3,880 Concessional 1,002 1.891 3.199 2.038 2,0 1 3 2.455 1,791 2.071 2,703 Private creditors 121 1.042 4.492 3.724 3.038 2.729 3,244 2.837 2.699 3.423 Bonds 0 0 679 773 586 1,644 0 (1 IS Commercial banks 16 797 3.462 2,780 2.258 709 2.567 1,959 1.533 Other private lOS 2-45 351 171 194 376 677 878 1,016 Private nonguaranteed 28 297 242 317 253 346 301 1,104 471 2,511 Bonds ... .00 I)0 794 412 Commerical banks . .. 317 2153 346 301 310 59 Memo: IBRD 108 190 2.065 1,862 1.576 1.644 1.239 1.566 1.055 IDA 84 928 1.301 1.135 1.583 1,658 1.893 1.427 1.862- PRINCIPAL REPAYMENTS 461 1,225 3,259 3.285 3,909 4,045 4,769 6,040 7,541 7,995 Public and publicly guaranteed 435 1.127 2.945 2.929 3,550 3.729 4,419 5,499 7,058 7.755 Official creditors 322 939 1.847 2.053 2,421 2,639 3.1)65 3.871 4.323 4.602 Multilateral 64 135 604 713 ],(IO 1.074 1.250 1.532 1.870 2.11)6 Concessional 47 64 213 238 279 315 336 375 42)0 Bilateral 259 804 1.243 1.340 1,411) 1.565 1.815 2,339 2,453 2,486 Concessional 166 731 1.059 1.119 1.280) 1,300 1.433 1.896 1.957 Private creditors 113 188 1.098 875 1.129 1,090 1.354 1.627 2.735 3.153 Bonds 3 014 27 283 244 211 343 386 Commercial banks 12 44 674 464 452 52(1 761 884 1.754 Other private 98 144 410 384 395 326 383 400 595 Private nonguaranteed 26 98 314 356 359 316 350 541 483 240 Bonds ....)0 0 0 0 0 Commerical banks . .. 356 359 316 350 541 483 Memo: IBRD 64 99 375 424 553 638 771 926 1.019 IDA (1 19 1(16 129 151 186 208 239 269 NET FLOWS ON DEBT 1,005 3,555 9,203 7.621 6.389 7,020 5,748 4,990 3,795 6,166 Public and publicly guaranteed 1.003 3,357 9,275 7,660 6,495 6,991 5,797 4.427 3.807 3.895 Official creditors 995 2.503 5,9881 4,811 4.587 5.35 1 3.908 3.217 3.843 3.625 Multilateral 134 1,265 3,613 3.458 3.433 3.993 3,356 2.85 1 3.028 2.231I Concessional 71) 1.130 1,644 1.~648 2. 12 3 2.244 2,377 1.817 2.587 Bilateral 860 1.~239 2.268 1.354 1.154 1,35 8 552 366 816 1,394 Concessional 836 1.160 2.140 919 733 1.156 358 175 746 Private creditors 8 854 3,394 2.849 1.908 1.640 1.889 1.210 -37 270 Bonds -3 0 665 746 304 1.400 -211 -343 .236 Commercial banks 4 753 2.788 2.3 16 1.8906 189 1.806 1,075 -221 Other pri vate 8 10)1 -59 -213 -2(01 51 2-94 4 77 421 Private nonguaranteed 2 199 -72 -39 -107 29 -49 563 .12 2,271 Bonds ....0 I0 0 794 412 Commerical banks -39 -107 29 -49 -231 -424 Memo: IBRD 44 91 1.690 1,438 1,023 1,0)06 467 64(0 37 fDA 84 91)9 1.194 1,0107 1.433 1,472 1,685 1.189 1.593 214 SOUTH ASIA (US$ million, unless otherwise indicated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 INTEREST PAYMENTS (LINT) 282 864 2,889 4,085 4,690 4,462 4,430 4,626 5,091 5,794 P'ublic and publicly guaranteed 276 832 2,752 3,935 4,542 4,324 4,298 4,479 5,004 5,608 Official creditors 236 653 1,561 1.999 2,314 2,412 2,577 2,707 2,968 3,423 Multilateral 57 181 820 905 1,072 1,184 1,335 1,437 1,568 1,830 Concessional 44 83 214 200 221 244 266 293 324 Bilateral 179 472 741 1.094 1,242 1,228 1,242 1.270 1,400 1,593 Concessional 137 443 646 970 1,088 1,060 1,071 1.085 1,199 Private creditors 40 179 1,192 1,936 2,228 1,913 1.721 1,772 2,036 2,185 Bonds I 0 III 150 207 223 258 365 352 Commercial banks 3 123 878 1,598 1,839 1,525 1.306 1,233 1,459 Other private 36 56 203 187 181 165 156 175 225 Private nonguaranteed 6 32 137 150 148 137 132 147 87 186 Bonds ..0 0 0 0 1 21 Commerical banks ISO 148 137 132 146 66 Memo: IBRD 48 104 572 640 752 809 889 918 983 IDA 9 47 153 136 150 159 172 185 198 NET TRANSFERS ON DEBT 723 2,692 6,314 3,535 1,699 2,559 1,318 364 -1,296 372 Public and publicly guaranteed 727 2,525 6,523 3,725 1,953 2,667 1,500 -52 -1,197 -1,713 Official creditors 759 1,850 4.320 2,812 2,273 2,940 1,331 510 875 202 Multilateral 77 1.084 2,793 2,552 2,361 2,810 2,020 1,415 1.459 401 Concessional 26 1.047 1,430 1,448 1,901 2.000 2.111 1,525 2,264 Bilateral 682 766 1,527 260 -89 130 -690 -904 -584 -199 Concessional 699 717 1,494 -5I -355 95 -713 -909 -454 Private creditors -32 675 2,203 913 -320 -273 169 -562 -2,072 -1,915 Bonds -4 0 554 596 96 1,177 -469 -708 -589 Commercial banks 1 630 1.909 718 -34 -1,336 500 -157 -1.680 Other private -28 45 -261 -400 -382 -115 138 303 196 Private nonguaranteed -4 167 -209 -190 -255 -108 -181 416 -99 2,085 Bonds 0 0 0 0 793 392 Comnmerical banks ....190 -255 -108 -181 -377 -491 Memo: IBRD -4 -13 1,118 798 271 197 -422 -278 -946 IDA 75 862 1,041 870 1,282 1,313 1,512 1.004 1,395 DEBT SERVICE (LTDS) 743 2,089 6,148 7,370 8,599 8,506 9,199 10,666 12,632 13,789 Public and publicly guaranteed 711 1,959 5,697 6,864 8,092 8,053 8,717 9,978 12,062 13,363 Official creditors 559 1.592 3,408 4,052 4,735 5,050 5,642 6,578 7,291 8,025 Multilateral 121 316 1,424 1,618 2,082 2,258 2,585 2.969 3,439 3,946 Concessional 92 147 427 438 500 559 603 668 743 Bilateral 438 1,276 1,984 2,434 2.653 2.792 3.057 3,610 3,852 4,079 Concessional 302 1,174 1,705 2.089 2,368 2.360 2.503 2,981 3,156 Private creditors 152 367 2,289 2.811 3.357 3.003 3,075 3,399 4,771 5,338 Bonds 4 0 125 177 490 467 469 708 739 Commercial banks IS 167 1,553 2,063 2.291 2,045 2,067 2,117 3,212 Other pfivate 134 200 612 571 576 491 539 575 820 Private nonguaranteed 32 130 451 507 507 454 482 688 570 426 Bonds ... .0 0 0 0 I 21 Commefical ba-nks ... . 507 507 454 482 687 550 Memo: IBRD 112 203 947 1,064 1,306 1,447 1.660 1,844 2,001 IDA 10 66 260 265 301 345 380 423 466 UNDISBURSED DEBT 3,421 14,262 33,748 37,504 40,732 40,256 38,214 36,879 36,724 Official creditors 3,043 12,916 32,826 35,852 38,749 38.400 35,250 34,281 34.760 Private creditors 379 1,347 922 1,651 1,983 1.856 2,964 2,599 1,965 Memorandum items Concessional LDOD 9,517 28,719 55,458 67,156 73.996 75,883 80,007 83,565 92,350 92,831 Variable rate LDOD lOS 1,009 10,798 13,004 14,668 16,271 17,560 20,371 21,631 24,766 Public sector LDOD 10,779 31,106 76.693 92,900 104.006 109.253 116,065 123,571 134,889 Private sector LDOD 550 850 2.530 2,612 2,491 2.505 2,147 2,690 2,681 Deutsche mark 9.6 8.3 6.4 6.1 6.0 6.1 5.9 5.4 5.8 French franc 1.5 2.3 1.9 1.8 1.7 1.8 1.8 1.7 2.0 Japanese yen 5.5 8.8 14.0 11.4 12.1 13.1 13.7 15.2 16.4 Pound sterling 22.5 17.6 6.8 5.5 4.9 4.8 4.3 3.9 3.4 Swiss franc 0.4 0.3 0.6 0.6 0.6 0.5 0.5 0.6 0.7 U.S. dollars 42.0 42.2 45.7 51.7 50.9 48.2 47.9 47.3 44.4 Multiple currency 8.5 7.3 11.7 12.0 13.8 15.6 16.7 17.6 19.0 Special drawing rights 0.0 0.0 0.7 0.6 0.8 0.8 0.8 0.8 1.0 All other currencies 9.9 9.5 6.1 5.2 4.7 4.4 4.2 3.6 3.4 215 SOUTH ASIA (US$ million, unless otherwise indicated) Preliminarv 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 Total amount rescheduled .. 0 0 0 0 440 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 Principal forgiven .. 2 0 0 310 2 13 0 Memo: interest forgiven .. .. 0 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 Total change in debt stocks 16.766 13,468 6,154 7,395 5,643 13,495 Netflowsondebt . .. 8238 8,651 7,609 6,374 2,505 5,1985 Net change in interest arrears 82.. .. 3 1 0 -6 I 0 -5I198 Interest capitalized .. .. .. 0 0 0 0 0 0 I Debt forgiveness or reduction .. .. .. 0 0 -310 -2 -13 0 Cross-currency valuation .. .. .. -1.885 3,740 691 -1,780 1,267 5,403 Residual 10,410 1,076 -1,835 2.805 1,885 2,896 ALL CREDITORS Interest (%) 2.6 4.7 5.6 5.3 4.9 5.1 4.6 4 3.9 Maturity (years) 32.5 33.1 24.4 23.2 26.6 23 25.1 24.8 27 Grace period (years) 9.8 8.3 10.2 8.8 10.5 7.5 10.4 9 9.9 Grant element (%) 59.5 48.1 34 34.9 40.9 38.1 40.3 43.9 48.2 Official creditors Interest (%) 2.3 2.2 4.6 4.1 3.7 3.9 3.4 3.1 3.1 Maturity (years) 34.9 39.3 26.7 25.3 28.9 27.1 27.8 27.5 28.4 Grace period (years) 10.6 8.7 7.2 6.6 8.1 7.5 8 7.8 8.4 Grantelement(%) 64.2 66.4 42.8 43.8 51.2 48.1 52 53.4 55.1 Private creditors Interest (%) 5.9 12.8 8 8.2 8.3 9.3 6.9 6.8 7.6 Maturity (years) 11.6 13.1 19.3 17.6 20.1 9.1 19.4 16.3 19.8 Grace period (years) 2.6 6.7 17.1 14.6 17.2 7.4 15.3 12.8 17.1 Grant element (%) 17.9 -10.1 13.9 11.9 11.7 3.3 16.4 13.2 14.4 Memorandum items Commitments 2,002 8.182 14,088 16.021 12,864 11,624 13,363 10,561 10,107 Official creditors 1,798 6,227 9,817 11,557 9,512 9,026 8,977 8.060 8.406 Privatecreditors 204 1,956 4,271 4,464 3,352 2,598 4,386 2.501 1,701 .)t!iXGAPKOF AGGtlRATZ RUh IUOfFW WS (current prices, USS billion) 14 12 10~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~2: ...:::.............. 10 6 fl ~~~~~~~~~~~~~. . . . ,|. . 5l!t,....... ............................. .. 6 ~~~~~~..................... 4 2 0 1981 1983 1985 1987 1989 1991 1993 1995 U Grants D Official loans 13 Foreign direct investment G Private loans G Portfolio equity flows 216 SUB-SAHARAN AFRICA (US$ milliont, uinless otherwise inidicated) Preliminarv 1970 1980 1988 /989 1990 /991 /9921 1993 1994 1995 %1. SUMMRV ITDATA' TOTAL DEBT STOCKS (EDT) .. 84,049 164,981 171,236 190,260 194,779 192,781 197,886 212.416 223,298 Long-term debt (LDOD) 6.045 58,448 135,476 140,735 155,088 159,364 154,439 153,372 165,048 174,281 Public a-nd publiclv guaranteed 5.736 53.881 l30663 135.764 149.812 153.963 149,340 148,286 159.463 167,503 Private nonguaranteed 309 4,567 4,813 4,971 5.2 76 5.402 5.099 5.086 5.585 6,778 Use of tMF credit 106 3,033 7,000 6,380 6,612 6,603 6.345 7.019 7,920 7.177 Short-term debt .. 22,568 22,505 24,121 28,560 28,811 31,998 37,496 39,448 41,8410 of which interest arrears on LDOD .. 250 6.294 7.608 9.939 11.391 1 3,737 1 7.637 19.860 2-0,93] Official creditors .. 1521 4,418 5.707 7.079 8.387 1(1.5021 13.609 15.297 Private creditors .. 98 1,876 1,901 2.860 3,00)3 3.236 4.027 4.564 Memo: pfincipal an-ears on LDOD .. 1.201 13.921 14,016 17,895 21,2'62 25.088 3(0,605 34.419 41.9 Official creditors .. 51 3 7.415 8.781 10.335 12.898 15.975 19,731 22,601 Private creditors .. 688 6.505 5.235 7.560 8.364 9.113 l10,874 11,818 Memo: export credits ... 42,639 49,912 55,7 15 57,270 54.813 46.901 48.107 TOTAL D)EBT FLOWS Disbursements 1,238 15,474 11,666 11,862 11,138 9.588 9.896 8.941 10.768 12,154 Long-term debt 1,219 14.257 10,632 11.000 10,476 9.009 9.369 7.794 9.850 10.803 IMF purchases 1 9 1.217 1,033 8 62 6 621 579 527 1,146 918 1,351 Principal repayments 457 3,272 7,310 6,031 7,345 6,159 6,460 6,775 5,720 6,287 Long-term debt 394 2,795 6,096 4,726 6.393 5.545 5.930 6.32] 5.253 4.029 IMF repurchases 63 477 1.215 1,304 952 614 530 455 467 2.258 Net flows on debt 1.518 17.480 3,742 6,325 5,979 2,233 4,276 3,784 5,148 7,578 of which short-terni debt .... 613 493 2.186 -1,197 841) 1.619 1110 1,711 Interest payments (INT) .. 5,728 6,781 6.850 7.654 7.2 17 6,384 4,934 5,493 5,920 Long-term debt 194 3.579 4,878 5.1034 5,871 5.631 4.932 3.569 4.062 4.755 IMF charges 1) 103 280 292 23 8 228 186 138 170 116 Short-tecrmdebt .. .046 1. 62 3 1.5213 1.545 1.359 1.266 1,22-7 1.261 1,049 Net transfers on debt -. 11,751 -3.039 -525 -1,676 -4.985 -2,107 .1,150 -344 1,658 Total debt service (TDS) .. 9,000 14,091 12,880 14,999 13,376 12,843 11.710 11,212 12,207 Long-term debt 587 6.374 10.974 9,761 1 2,264 11.176 1 0, 862 9.890 9.315 8.784 IMF repurchases and charges 63 581 1.495 1.596 1,191) 841 716 5 92 636 2.374 Short-term debt (interest only) .. 2-046 1.623 1.5-23 1.545 1.359 1_266 1. 22 7 1,261 1.049 Total debt service due .,. . 20,551 25.618 20.999 21.191 21,225 21.776 20,154 l.AGGREGATE NET RESOURCE FLOWS A"D NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 1,692 15,144 14,565 18,262 17,121 16,288 16.323 13,514 20.136 22,130 Net flow of long-termn debt (ex. IMF) 825 11.462 4.537 6.274 4,1)83 3,464 3.439 1,474 4,597 6.775 Foreign direct investment (net) 428 33 1.146 2.504 876 1.815 1.498 1,753 2.987 2. 187 Portfolio equity flows 1) 0 0 I)0 0 144 144 860 465 Grants (excluding technical coop.) 441) 3.649 8,882 9,484 12,162 11,010 11,242- 10.144 11,692- 12.703 Memo: technical coop. grants 611 2.604 4.664 4.468 5,012 5.162 5,583 5.298 4,674 5.148 NET TRANSFERS 409 7.609 7,429 9.297 6,759 6,757 6.836 5,410 11,260 12,955 Interest on long-termn debt 194 3,579 4.878 5.034 5.871 5.63 1 4,932 3.569 4.062 4,755 Profit remittances on FDI 1.09(1 3.956 2.2 58 3.931 4.490 3.900 4.554 4.535 4.814 4.420 3. MAJOR ECONOMIC AGGREGATES Gross national product (GNP) 58.330 275.074 245,628 247,779 268,769 275,871 276,20 1 270.378 269.801 301.224 Exports of goods &services (XGS) 13.418 92.414 67.914 7 2.036 84.281 81,366 81,834 78.543 79,933 82,769 of which workers remittances 62 750 1.025 953 92 7 878 1,160 92 8 876 899 Iniports of goods & services (MGS) 15.358 92,157 82.069 83.602 93.929 95.926 97. 127 95,004 96.896 1 08(006 Intemational reserves (RES) 3.1)85 22.950 10.378 12.i129 15,597 18,054 I14.280 15.310 17.343 Current account balance -1.834 1,955 -7.452 -3,467 -1,505 -5,636 -5.009 -6,717 -7,944 .4,290 4. DEBT INDICATORS EDT/XGS(i 90.9 242.9 237.7 2_25.7 239.4 2)3 5.6 2 51.9 265.7 269.8 EDT I GNP ()30).6 67.2 69.1 70.8 70.6 69.8 73.2 78.7 74.1 TDS /XGS ()9.7 20.7 17.9 17.8 16.4 15.7 14.9 14.0) 14.7 INT/XGS (% . 6.2 111.0 9.5 9.1 8.9 7.8 6.3 6.9 7.2 INT GNP(1. 2. -) 28 '89 2.8 2.6 2.3- 1.8 2.0 2.0 RES/EDTi% . 27.3 6.3 7.1 8.2 9.3 7.4 7.7 8.2 RES/MGS (monthis) 2.4 3.0 1.5 1.7 2.0 2.3 1.8 1.9 2. Short-term /EDT (%) 2. 26. 9 13.6 14.1 15.0 14.8 16.6 18.9 18.6 18.7 Concessionial I EDT 1% . 18.3 2 6.4 27.0 2 8. 2 30.1 31.7 32.7 33.4 34.8 Multilateral / EDT (%) 9.( 17.7 18.5 19.6 2-0.9 22.1) 23.0 2 3.9 2 4. 1 217 SUB-SAHARAN AFRICA (US$ million, unless otherwise indicated) Preliinarsit- 1970 1980 1988 1989 1990 /99/ 1992 1993 1994 /995 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 6,045 58.448 135,476 140,735 155.088 159.364 154,439 153.372 165.048 174,281 Plublic and publicly guaranteed 5,736 53,881 130,663 135,764 149.812 153.963 149.340 148.286 159,463 167,503 Official creditors 4,165 24.211 81,769 89.659 103.583 110.489 112.137 114.5 23 125.217 132.077 Multilateral 869 7.558 29,192 31.645 37.2 19 40.706 42.457 45.47 1 50.744 53.749 Concessional 684 4.432) 17,855 19,914 23.856 26.785 28.593 3 1.320 36.223 Bilateral 3.296 1 6.653 52,577 58.014 66.364 69.784 69.680 69.052 74.473 78,328 Concessional 2,93 1 111918 25.735 26,308 29.856 31.761 32.568 33.429 34.776 Pfivate creditors 1,571 29,670 48.894 46.105 46.229 43.473 37.203 33.763 34.246 35.4216 Bonds 352 6,540 3.388 3,039 2.137 1.673 3.811 2.239 3.035 Cominercial banks 128 11.228 2 1,092 20,510 20.472 19.428 12.607 11.560 11.568 Other private 1,090 11.902 24,413 22,556 23.620 22.373 20.~7 85 19.964 19.644 Private nonguaranteed 309 4,567 4,813 4,971 5.276 5.402 5.099 5.086 5,585 6.778 Bonds ... .0 0 0 0 0 0 Commrerical banks ... . 4.971 5.276 5.402 5.0)99 5.086 5.5 85 Memo: IBRD 587 2.548 8,434 8.430 9.179 9.033 8.42-7 8.185 8.072 IDA 226 2.578 11,458 12.981I 15.787 17.860 19.284 2 1.474 25.164 DISBURSEMENTS 1,219 14,257 10,632 11,000 10,476 9,009 9.369 7,794 9.850 10.803 Public and publicly guaranteed 1.118 13,074 9,916 10,384 9.846 8.502 8.825 7,329 8.818 9.012 Official creditors 652 4.253 6.543 6,990 7,20 6,619 6.71 1 6.260 6.491 7.154 Mutltilateral ISO 1.679 3.833 3.953 4,532 4.657 4.761 4.623 4.901 4.737 Concessional 97 945 2.649 2.487 2,867 3.053 3.165 3.255 3.81IS Bilatarel 5 02 2.5 7 5 2,7 10 3.037 2,670 1.963 1.950 1.638 1.590 2.4l7 Concessional 426 1.7001 2.093 2.412 2,126 1.664 1.616 1.424 942 Private creditors 466 8,821 3,373 3,393 2.644 1.882 2,114 1.068 2.327 .,858 Bonds I13 1.SS 2 0000 140 082 5 Commiiercial banks 1 6 3.357 1.275 1.060 728 594 337 580 716 Other private 4 37 3.91 2 2.098 2,333 1.91 IS I 289 1,637 488 786 Private nonguaranteed 101 1,183 716 616 630 507 544 466 1.032 1.791 Bonids ..000 0 0 0 Comminerical banks .. 616 630 507 544 466 1.0312 Memo: IBRD 75 400 581 835 813 676 540 S 16 392 IDA 61 424 1.694 1.696i 2.03 7 1.984 2,085 2.23 1 2.890 PRINCIPAL, REPAYMENTS 394 2,795 6,096 4,726 6,393 5,545 5,930 6.321 5.253 4.029 P'ublic and publicly guaranteed 337 2,202 5,492 4,338 5,927 5,076 5.500 5.877 4.655 3.430 Official creditors 171 671 1.934 1.765 2,465 2,360 1.954 2,103 2.772 2.704 Multilateral 33 198 ,088 I1.066i I1301 1,543 1.44 I I 517 1.906 1.964 Concessional 23 60( 244 250 282 3 13 314 335 392 Bilateral 138 474 846 699 1,164 817 513 586 866 740 Concessional 109 _216 372 3 31 296 2 8 5 262 402 578 Private creditors I166 1.531 3.558 2.573 3,463 2.7 I16 3,546 3.774 1.883 726 Bonids 2)7 24 1.009 249 941 462 5 2 1.571 30 Commiercial baniks WI 72(0 1.529 1.332 1,636 1.229 2.502 1.318 1.029 Othier private I129 7 87 I .02')1 99 2 886 I1.025 992 885 825 Private nonguaranteed 57 592 604 389 466 469 430 444 598 599 Bonids ... .000 0 00 Coiiner-ical banks ... . 389 466 469 430 444 598 Memo: IBRD 29 1 1 621 6189 721 968 862 913 1.063 IDA 05 36 43 SI1 62 74 86 102 NET FLOWS ON DEBT 825 11,462 4.537 6,274 4,083 3,464 3,439 1,474 4.597 6.775 Public and publicly guaranteed 781 10.872 4.424 6,046 3,918 3,426 3,325 1,452 4.163 5.583 Of'ficial creditors 481I 3,5 82 4.609 5.225 4,737 4,260 4,757 4. I 58 3.71I9 4.450 Multilateral I 17 1,481 2.74 5 2.887 3.23 I 3,114 3,320 3,106 2.995i 2.773 Concessionial 74 885 2.406 2.236 2.585 2.740 2. 851 2.920 3.426 Bilateral 364 2.11) (1 1.864 2.338 1.506 1,146 1.437 1,05S2 724 1.6)77 Conicessional 3 I7 I .483 1.721 2.081 1.830 I 379 I .354 I1.023 364 Private creditors 3111 7.290 -ISS 8 21 -819 -834 -1.432 -2.706 444 1. 133, Bonds -14 1.S 28 -1.009 -249 -941 -462 88 -1.571 795 Comminercial banks 6 2.637 -254 -272 -9(18 -635 -2. I65 -737 -31I3 Othier private 308 3,1I25 1.1078 I1.342 I1.029 264 645 -397 -38 Private nonguaranteed 44 590 112 228 165 38 114 22 434 1.192 Bonds ... .0000 0 0 Commerical banks .. 228 165 38 1 14 _22 4 34 Memo: IBRD 46 289 -41 216l 92 -292) -322 .397 -671 IDA 6I 419 1.658 1.653 1.986 1.922- 2,01I I 2.14S 2.7-8 8 218 SUB-SAHARAN AFRICA (UJS$ million, unless otherwise indicated) Preliminarv 1970 1980 1988 1989 1990 1991 1992 1993 1994 199S INTEREST PAYMENTS (LINT) 194 3,579 4,878 5,034 5,871 5,631 4,932 3,569 4,062 4,755 Public and publicly guaranteed 178 3,128 4,523 4,709 5,540 5,317 4,628 3,299 3,798 4,446 Official creditors 114 692 2,168 1,921 2,708 2,873 2.216 1,914 2.499 2,432 Multilateral 35 286 1.060 991 1,112 1,439 1,216 1,205 1.463 1,342 Concessional 26 59 179 171 192 233 247 243 277 Bilateral 79 406 1.108 930 1.596 1,434 1,000 709 1.036 1,090 Concessional 6 1 208 256 248 557 315 583 526 786 Private creditors 65 2.437 2,355 2.788 2,832 2,444 2,411 1,385 1.299 2,014 Bonds 1 2 543 380 326 261 187 169 206 134 Commercial banks 8 1.165 1,066 1,602 1,492 1,256 1.296 559 560 Other private 45 728 909 860 1.079 1,001 946 620 605 Private nonguaranteed 16 451 355 326 331 314 304 271 264 309 Bonds ...0 0 0 0 0 0 Commerical banks ... 326 3 31 3 14 304 271 264 Memo: IBRD 32 217 687 610 651 925 680 686 695 IDA 1 1 6 9 1 83 97 124 132 139 150 NET TRANSFERS ON DEBT 631 7,883 -342 1,239 -1,788 -2,167 -1,493 -2,096 535 2,020 Public and publicly guaranteed 603 7,743 -99 1,337 -1,622 -1,891 -1,303 -1,847 365 1,137 Official creditors 367 2,890 2,441 3,304 2,030 1.387 2,541 2,244 1,220 2,018 Multilateral 83 1,195 1.685 1,896 2,120 1,675 2,104 1,901 1,532 1,431 Concessional 48 826 2,226 2,065 2,393 2,507 2.604 2,678 3,150 Bilateral 285 1,695 756 1,408 -90 -289 437 342 -312 587 Concessional 256 1,276 1,465 1,833 1,273 1.064 771 496 -422 Private creditors 236 4,853 -2.540 -1.967 -3.652 -3,278 -3.843 -4,091 -855 -882 Bonds -26 985 -1,388 -575 -1.202 -650 -81 -1,777 662 Commercial banks -2 1,471 -1.320 -1,874 -2.400 -1,891 -3,461 -1,296 -873 Other private 263 2,397 169 482 -49 -738 -301 -1,017 -643 Private nonguaranteed 28 140 -243 -98 -166 -276 -191 -249 170 883 Bonds ..0 0 0 0 0 0 Commerical banks ... . -98 -166 -276 -191 -249 170 Memo: IBRD 14 72 -728 -394 -559 -1,216 -1,002 -1.084 -1,366 IDA 60 403 1,567 1.570 1.889 1,799 1.879 2,007 2,639 DEBT SERVICE (LTDS) 587 6,374 10,974 9,761 12,264 11,176 10,862 9,890 9,315 8,784 Public and publicly guaranteed 515 5,331 10,015 9,047 11,468 10,393 10,128 9,176 8,453 7,876 Official creditors 285 1.363 4,102 3.686 5,173 5,232 4.170 4,017 5.271 5,136 Multilateral 68 483 2,149 2.057 2.413 2,98) 2,658 2.721 3.369 3.306 Concessional 49 119 423 421 474 545 560 577 669 Bilateral 2 17 880 1,953 1.629 2.760 2.251 1,513 1,296 1.902 1,830 Concessional 170 424 62 8 579 853 600 845 928 1.364 Private creditor-s 230 3.968 5,913 5.361 6.295 5.160 5,957 5.159 3.182 2.740 Bonds 38 567 1,388 575 1.202 650 221 1.777 164 Commercial banks 1 8 1.886 2,595 2.934 3,128 2.484 3,799 1.876 1.589 Other private 174 1.515 1,930 1.852 1,964 2.026 1,938 1.506 1,430 Private nonguaranteed 72 1,043 959 714 797 784 734 714 862 908 Bonds ... .0 0 0 0 0 0 Commerical banks ... . 714 797 784 734 714 862 Memo: IBRD 6 1 3 28 1,309 1,228 1,372 1,892 1,542 1.599 1.758 IDA 1 22 127 1 27 148 186 206 225 251 UNDISBURSED DEBT 2,722 20,821 30,009 30,399 33,879 33,680 32,551 31,056 29,951 Official creditors 2,267 14,442 24,556 26,472 30,038 30,434 29.968 28,413 27,252 Private creditors 455 6,379 5,454 3,926 3,841 3.246 2,583 2,642 2.699 Memorandum items Concessional LDOD 3,615 15,350 43,590 46,222 53,712 58,546 61.161 64.749 70,999 77,673 Variable rate LDOD 356 11,898 26,001 27,368 29,588 29,785 24.460 24,673 26,474 27,534 Public sector LDOD 5,675 40,153 117,850 123,459 137,754 142.806 138.432 140,317 150,055 Private sector LDOD 370 4,956 5,068 5,243 5,621 5,773 5.484 5,528 5,442 ~~ca*wiecit~~~t ....O#tm .tn El 1pI Deutschiemark 6.7 5.4 5.4 5.3 6.2 6.1 5.4 5.2 5.3 French franc 7.4 10.8 12.3 12.7 13.5 13.8 13.8 13.3 12.6 Japanese yen 0.1 1.9 4.0 3.8 3.9 4.5 4.7 5.4 5.8 Pound sterling 22.7 4.5 5.2 4.9 5.3 5.3 4.2 4.1 3.9 Swiss franc 0.3 1.3 2.1 1.9 2.0 2.0 1.9 1.8 1.7 U.S. dollars 20.9 27.5 34.8 36.9 35.0 34.8 35.7 37.6 38.0 Multiple currency 11.2 6.9 11.1 9.7 10.1 10.4 10.8 11.1 10.9 Special drawing rights 0.0 0.0 0.6 0.6 0.6 0.7 0.8 0.9 0.9 All other currencies 24.0 16.9 14.9 15.2 15.5 15.5 15.7 15.6 15.3 219 SUB-SAHARAN AFRICA (US$ million, unless otherwise indicated) Preliminarv 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 Total amount rescheduled .. 7,672 14,044 6,176 4,336 5.927 1,001 5,318 Debt stock rescheduled .. 1,992 5,928 91 40 2,059 1 74 Principal rescheduled 1,480 5,123 4,004 2,653 2,060 626 3,045 Official .. 693 1,779 2,705 1,228 1,337 418 1,851 Private 787 3,344 1,299 1,425 723 208 1,194 Interest rescheduled ., 707 2,392 1,767 1,236 1.053 297 1.986 Official .. 480 1,416 1,419 920 672 229 1,615 Private .. 227 976 348 316 381 68 371 Principal forgiven .. 493 3,314 1.604 754 652 800 2,579 Memo: interest forgiven .. ,. 14 130 88 164 99 140 384 Debt stock reduction .. .. 251 247 313 339 3,536 181 476 of which debt buyback .. ,. 0 0 0 31 1,335 26 8 -W : - -FOW RcONCILACO Total change indebt stocks .. .. .. 6,255 19.024 4,519 -1,997 5,105 14,530 Net flows on debt .. .. .. 6,325 5,979 2,233 4,276 3,784 5,148 Net change in interest arrears .. .. .. 1,313 2.331 1.452 2.347 3,899 2,224 Interest capitalized ., ., .. 2,392 1.767 1.236 1,053 297 1,986 Debt forgiveness or reduction .. .. .. -3,561 -1,917 -1,062 -2,854 -956 -3.048 Cross-currency valuation .. .. .. -801 7,974 -604 -5,700 -2.398 5,993 Residual .. .. .. 587 2.890 1,263 -1,119 478 2,227 9. AVERAGE TERMS OF NW COMMITMENTh ALL CREDITORS Interest (%) 3.7 7.1 4 4.1 4.3 4.1 3.3 3.1 2.6 Maturity (years) 25.7 17.3 24.4 25.2 25.1 26.9 28.4 28.4 29.2 Grace period (years) 9.4 5 6.5 7.1 6.9 7 7.5 8 7.7 Grantelement(%) 47.7 21.7 43.6 44.4 43.4 45.9 51.8 54.1 56 Official creditors Interest (%) 2 4.2 3.3 3.5 3.5 3.6 2.8 2.6 2.4 Maturity (years) 34.8 24.9 27.9 27.9 28 29.3 31.1 31.8 30.5 Graceperiod(years) 13.8 6.6 7.5 7.9 7.8 7.7 8.2 9 8.1 Grant element (%) 67.7 42.4 51.4 50.7 51.1 50.9 57.3 60.9 58.9 Private creditors Interest(%) 6.6 10.1 7 8.1 8.1 7.6 7.4 5.9 6.4 Maturity (years) 10.2 9.4 10 8.5 11.6 8.7 6.3 8.4 10.6 Grace period (years) 1.8 3.3 2.5 2.3 2.8 1.5 1.8 2.3 1.9 Grant element (%) 13.3 0 12.4 6.5 7.7 7.2 7.5 14.6 12.4 Memorandum items Commitments 1,890 13.308 11.243 12,059 11,426 9,128 9.117 7,016 6.090 Official creditors 1,194 6,823 9,003 10,359 9,400 8,073 8.107 5.988 5.709 Private creditors 696 6,485 2,239 1,700 2,026 1,055 1,009 1.028 381 - . tGWH OP AGGREGATE NIRUOURCE FLOWS (current prices, US$ billion) 25 - 20 15 10 5 0O. 1981 1983 1985 1987 1989 1991 1993 1995 * Grants 3 Official loans 13 Foreign direct investment K Private loans EI Portfolio equity flows 220 SEVERELY INDEBTED LOW-INCOME COUNTRIES (t'S$ in iti/on, unless oth/eri ye indicaited) Preliminarv 1970 1980 1988 198S9 1990 1991 1992 -1993 1994 1995 LMMRYDEBTJDATk TOTAL DEBT STOCKS (EDT) 59.801 152,295 179,607 201,331 206,617 206,320 212,200 223,636 226,154 Long-term debt (LDOD) 5.737 47,004 128.536 154.025 170,952 175,837 171.800 174,233 183,986 186,702 Public and publicly guaranteed 5.440 42,279 I 23.793 149. 189 166.005 1 70.857 167.152 169,582 179,463 182.356 Private nonguaranteed 297 4,725 4,743 4.836 4.948 4.979 4,649 4.651 4.524 4.346 Useof IMF credit 128 2.946 6,511 5,931 6.189 6,255 5,980 5.784 6,559 5,695 Short-termn debt .. 9,852 17,248 19,651 24,190 24,525 28,540 32,183 33,091 33,757 of which initerest arrears oni LDOD .. 257 7.550 10,071 13,077 14,113 16.762- 20,302 23.518 24.102 Official creditors 162 5.20)0 7.42 1 9,402 10,422 13.004 1 5,830 18.574 Private creditors 95 2.349 2.650 3.676 3.692 3.758 4,471 4,943 Memo: principal -arrears on LDOD I21.23 3 16,1I67 18.029 22.827 27.945 34,539 39.602 46,869 53.71I1 Official creditors .. 564 8,982 11,293 13.539 18.169 24,519 28.744 35,1 38 Private creditors .. 669 7,186 6.737 9,288 9,775 10,020 10,858 11.731 Memno: export credits ... 36.220 43,149 47,400 48,455 45.635 37,488 39.448 TOTAL DEBT FLOWS Disbursements 1,261 12,205 11,269 10,328 9,541 8,281 7,951 7.053 7,793 7,649 Long-term debt 1,233 11.054 10.402 9,594 8.830 7.749 7.546 6.743 6,948 6,414 IMF purchases 28 1.~151 867 734 711 5 32 405 3 10 846 1,235 Principal repayments 474 2,914 4,738 4,530 5,049 4,488 5.011 3,637 4.459 6.068 Long-term debt 4(03 2,493 3.691 3.383 4.116 3.986 4.573 3.134 4.017 3.8 17 IMF repurchases 7 1 42 1 1.047 1,147 933 501 438 503 442 2.251 Net flows on debt 1,564 11.297 8,307 5,877 6,371 3,260 4,306 3,540 1,397 2,066 of which short-term debt 1. . 777 79 1,878 -534 1,366 124 -1,937 485 Interest payments (INTl . 3.396 4.320 4.154 5,062 5,061 4,260 3,325 3,980 3,654 Loing-term debt 192- 2.328 3.445 3.293 4.184 4.363 3.620 2,7221 3.420 3.209 IMF charges 0 105 234 249 242 207 177 180 131 109 Short-term debt .. 962 642 61 2 637 491 462 4 22 429 336 Net transfers on debt .. 7,902 3,987 1,723 1,309 -1.801 47 215 -2,582 -1,588 Total debt service (TDS) .. 6,310 9.058 8,684 10,111 9,549 9,270 6.961 8,439 9,722 Lonig-termn debt 594 4.822 7.136 6.675 8.30(0 8,349 8,193 5,857 7.437 7,026 IMF repurchases anid charges 7 1 526 1.281 1,396 1.174 708 615 683 573 2.360 Short-terin debt (interest only) .. 962 642 6 12 637 491 462 42)2 429 336 Total debt service due ... . 19,341 23.162 20,707 21,672 17,210 22,706 17,148 2. AGGREGATEF NET RESURCE FLOWS AND NET TRANSFERRS (LONG-TRWIM NET RESOURCE FLOWS 1,545 12,142 15,327 16.669 16,247 17,098 14,660 15,687 17.811 17,684 Net flow of long-termn debt (ex. IMF) 831 8.561 6,711 6.21 I2 4.714 3.763 2.973 3,609 2,931 2.598 Foreign direct investment (net) 103 - 1221 658 2, 173 84(1 1,604 1.713 2.718 2,883 1,657 Portfolio equity tlows 0 0 0 I1 ) 0 0 65 893 237 Grants (excluding technical coop.) 6)1 2 3.703 7.958 8,2-85 10.693 11.721 9.974 9.295 11,105 13,192 Memo): technical coop. grants 745 2.563 3.928 3.836 4.442 4,647 4.920 4.733 4.406 4,349 NET TRANSFERS 598 7,342 10,880 12,882 11.345 12.147 10,404 12,316 13.726 13,866 InteTest on long-tenn debt 192 2.328 3.445 3,293 4.1I84 4.363 3,620 2.,7 221 3.420 3.209 Prof-it remittances on FDI 756 2.471 1,0(03 495 7 18 588 636 648 666 609 3. MAJOR ECONOMIC AGGRIEGATES Gross national product (GNP) 41.569 190.195 146.270 140.887 143.276 1 51.789 149,610 151.734 153,974 176,075 Exports of goods &services (XGS) 8.024 56.253 31.147 34,849 44,0)44 41,443 41,698 40.038 42,243 46.353 of which workers remittances 124 3.577 1.507 1,669 2,032 1,484 1.736 1.579 1,561 1,640 lInports of goods & services (MGS) 8.834 59.004 44.487 46.337 53.330 55.906 55.826 57,492 58.204 64.438 Intemational reserves (RES) 2.080 15,182 5.585 6.9 19 8.792 10.153 5.718 6.163 7.570 Current account balaince -878 - 3.62 3 -9.375 -6.366 -3.469 -7,918 -7.049 -10.713 -9.500 -5.42 2 ..~~4. DEBT INDICATORS EDT /XGS /106.3 489.0 515.4 457.1 498.6 494.8 530.0 529.4 487.9 EDT /GNP(~ 31.4 104.1 127.5 140.5 136.1 137.9 139.9 145.2 128.4 TDS / XGS ('~11.2 29.1 24.9 23.0 23.1) 22.21 17.4 20.0 21.0 INT/XGSt%) .. 6.1) 13.9 11.9 11.5 12.2 10.2 8.3 9.4 7.9 INT / GNP (%) .. 1.8 3.0 2.9 3.5 3.3 2.8 2.2 2.62. RES / EDT %) .. 2~~~ ~ ~~~~ ~~~~5.4 3.7 3.9 4.4 4.9 2. 2.9 3.4 RES /MGS (moiiths) 2.8 3.1 1.5 1.8 2.0 2.2 1.2 1.3 1.6 Short-termi / EDT (%( . 16.5 11.3 10.9 12.0 11.9 13.8 15.21 14.8 14.9 Concessional / EDT (%) . 3(0.3 34.6 40.8 41.4 42.4 44.0 44.8 45.6 45.2 Multilateral!/ EDT (%) 13.4 1 8.9 17.3 18(1 19.0 19.7 20.3 21.5 22.3 22] SEVERELY INDEBTED LOW-INCOME COUNTRIES (US$ million, uinless otherwise inidic-ated) Preli,ninarx' 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 S. LONG-TERM DERT DEBT OUTSTANDING (LDOD) 5,737 47,004 128,536 154,025 170,952 175,837 171,800 174,233 183,986 186,702 Public and publicly guaranteed 5,440 42,279 123,793 149,189 166,005 170,857 167,152 169,582 179,463 182,356 Official creditors 4.021 26.905 91,363 117,828 134,241 140.365 142.889 145.789 156,053 160,455 Multilateral 868 8.000 28,7 15 31,059 36,247 39,312 40,655 43.048 48,049 50,511 Concessional 670 4.686 17,447 19.309 22,901 25,602 27.213 29.656 34.282 Bilateral 3,152 18.9(04 62.648 86.770 97,994 10 1(152) 102,234 102,741 108.004 109.944 Concessional 2,821 13,435 35,181 54.002 60.420) 62.038 63.595 65,512 67,596 Private creditors 1.420 15.374 32.430 31.361 3 1 764 30.493 24,263 23,793 2-3,410 21,901 Bonds 189 49 1 7 10( 9 532 2.583 2.735 2, 73 5 Commercial banks 148 7.733 15.1i38 14.936 15,084 1 4,532 8.449 8.610 8.568 Other private 1.083 7.592 17.275 16.415 16,672 15,429 13.231 12.448 12.107 Private nonguaranteed 297 4.725 4.743 4.836 4,948 4,979 4,649 4,651 4,524 4,346 Bonds . ..(10 0 0 0 0 Commerical bank-,.... 4.836 4.948 4.979 4,649 4,651 4,524 Memo: IBRD 575 2.62 2 8.3(00 8.281 9,031 8.755 8.090 7,73 1 7.548 IDA 20)6 2.505 10.822 12,198 14.686 16,669 17.957 19.892 23.433 DISBURSEMENTS 1,233 11,054 10,402 9.594 8,830 7,749 7,546 6,743 6,948 6,414 Public and publicly guaranteed 1,123 9,795 9,740 9,044 8.392 7,396 7,105 6,381 6,583 6,091 Official creditors 656 4.886 7,595 6.839 7.137 6.227 6.409 5.486 6.339 5.811 Multilateral 163 1,748 3.595 3.525 4.258 4.292 4.046 3.879 4.687 4.117 Concessional 101 996 2.456 2.214 2,61 8 2,841 2.778 2.879 3.667 Bilatarel 493 3.1 37 4.000 3.3 14 2,879 1.934 2,364 1.607 1,652 1.~694 Concessional 431 2.353 3.264 2.5 17 2.226 1.587 2.118 1.388 1,200 Private creditors 467 4.909 2.145 2.205 1.255 1.169 695 896 2-44 2 80 Bonds 6 0 0 0 0 101 52 0 Commnercial banks 2)8 2.222 770 539 349 343 107 562 99 Other private 433 2.687 1.375 1.666 906 826 528 182 146 Private nonguaranteed 110 1.259 662 550 438 353 441 362 365 323 Bonds ... .0 0 (10 0 0 Commer-ical banks ... . 550 438 353 441 362 365 Memo: IBRD 87 395 550 730 828 6214 441 370 305 IDA 48 452 1.566 1.525 1,816 1.904 1.867 1.~967 2.803 PRINCIPAL REPAYMENTS 403 2.493 3.691 3.383 4,116 3,986 4,573 3,134 4,017 3,817 Public and publicly guaranteed 345 1,861 3,090 3.013 3,672 3.577 4,213 2,769 3,528 3,316 Official creditors 161 696 1.846 1.794 2.399 2.583 2.107 2,240 2,664 2.526 Multilateral 32 211 1,037 912 1,260 1.612 1.404 1,508 1.833 1.827 Concessional 22 57 223 22 3 273 337 328 342 386 Bilateral 129 485 8 10 883 1.140) 971 703 731 831 699 Concessional 10)3 240 413 492 396 438 540 514 559 Private creditors 184 1.165 1.244 1.~219 1.1273 995 2,106 529 865 790 Bonds 25 4 I 7 2 1)0 0 0 Cominercial banks 1 9 502 672 611 902 442 1.535 19! 310 Other private 139 660 5711 602 370 552 570 338 554 Private nonguaranteed 57 632 601 369 444 409 360 366 488 501 Bonds ... .0 0 (10 0 0 Commnerical banks ... . 369 444 409 360 366 488 Memo: IBRD 26 106 587 538 736 1.031 8 27 879 1,021 IDA 0 5 33 40 50 63 72 78 98 NET FLOWS ON DEBT 831 8.561 6,711 6,212 4,714 3,763 2,973 3,609 2,931 2,598 Public and publicly guaranteed 778 7.933 6.650 6,031 4.720 3,818 2,892 3,613 3,054 2,776 Official creditors 495 4,190 5.748 5.045 4.738 3.644 4.302 3,246 3,675 3,285 Multilateral 131 1,538 2,558 2.614 2.999 2.680 2.641 2.37 1 2.853 2.290 Concessional 79 939 2,233 1,991 2,345 2.504 2.451 2,537 3,281 Bilateral 363 2,652 3,190 2,43 1 1,739 963 1,661 875 822 995 Concessional 328 2.114 2.,851 2.025 1,831 1,149 1,577 874 640 Private creditors 283 3,744 902 986 -18 175 -1,410 367 -620 -510 Bonds -19 -4 - I -7 -2 0 0 1 52 0 Commercial banks 8 1.720 98 -72 -553 -99 -1,368 370 -1 2 Other private 294 2.1127 805 1,064 537 274 -42 -156 -409 Private nonguaranteed 53 627 61 181 -6 -56 81 -3 -124 -178 Bonds . .. 0 0 0 0 0 Commerical banks ... . 181 -6 -56 8 1 -3 -124 Memo: IBRD 6 1 2-8 9 -37 192 92 -407 -386 -509 -715 IDA 48 447 1,533 1,486 1.766 1.841 1,795 1.889 2,704 222 SEVERELY INDEBTED LOW-INCOME COUNTRIES (US$ million, unless othervise indicated) Preliminarv 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 INTEREST PAYMENTS (LINT) 192 2,328 3,445 3,293 4,184 4,363 3,620 2,722 3,420 3,209 Public and publicly guaranteed 175 1,856 3,092 2,974 3,869 4,068 3,346 2,479 3,216 2,989 Officialecreditors 109 748 2.026 1,720 2,745 3,038 2,156 2.066 2,668 2,507 Multilateral 35 325 1,002 863 1.145 1,564 1,191 1,168 1,374 1,252 Concessional 25 73 183 164 198 255 253 250 274 Bilateral 74 424 1.024 857 1,599 1,474 965 898 1,294 1,255 Concessional 57 247 279 252 652 414 692 715 1,050 Private creditors 66 1,107 1.066 1,255 1,125 1,030 1,191 413 548 482 Bonds 10 5 0 2 1 0 0 113 132 Commercial banks 1 0 757 660 730 539 535 652 57 117 Other private 46 345 407 522 585 495 538 243 300 Private nonguaranteed 17 473 352 318 315 296 274 243 204 220 Bonds 0 0 0 0 0 0 Comsnerical banks 318 315 296 274 243 204 Memo: IBRD 32 227 640 532 695 1.029 654 660 660 IDA I 1 6 85 77 9 1 118 124 122 136 NET TRANSFERS ON DEBT 639 6,232 3,266 2,919 531 -601 -647 887 -489 -612 Public and publicly guaranteed 603 6,078 3,558 3,056 851 -249 -454 1,133 -162 -214 Official creditors 385 3,441 3,722 3,325 1.993 606 2.147 1,179 1,007 778 Multilateral 96 1.213 1.556 1,750 1.853 1,117 1.451 1,202 1.479 1,038 Concessional 53 866 2.050 1.827 2.147 2.249 2,197 2.287 3,006 Bilateral 289 2.229 2.1J66 1,575 140 -511 696 -23 -472 -260 Concessional 271 1,867 2,572 1,773 1,179 735 885 159 -409 Private creditors 217 2.636 -165 -269 -1.143 -855 -2.601 -46 -1.168 -992 Bonds -29 -9 -l -9 -2 - I 0 39 -132 Commercial banks -2 963 -561 -802 -1,092 -634 -2,021 3 13 -329 Othier private 248 1.682 398 542 -49 -221 -581 -398 -708 Private nonguaranteed 36 155 -292 -138 -320 -351 -193 -246 -328 -398 Bonds 0 0 0 0 0 0 Commerical banks -138 -320 -351 -193 -246 -328 Memo: IBRD 29 62 -677 -340 -603 -1,436 -1,040 -1,169 -1,375 IDA 47 431 1,448 1.408 1.675 1,723 1,671 1,767 2.569 DEBT SERVICE (LTDS) 594 4,822 7,136 6,675 8,300 8,349 8,193 5,857 7,437 7,026 Public and publicly guaranteed 520 3,717 6,182 5,988 7,541 7,645 7,559 5,248 6,744 6,305 Official creditors 2 71 1,444 3,872 3,514 5.144 5,621 4,263 4,306 5,332 5.033 Multilateral 67 536 2.039 1,775 2,405 3.176 2.595 2,677 3.207 3,079 Concessional 48 130 406 387 471 592 581 592 660 Bilateral 203 909 1,833 1,739 2,739 2,445 1,668 1.630 2,125 1.954 Concessional 160 486 692 744 1,048 852 1,232 1,229 1,609 Private creditors 250 2,273 2,310 2,474 2,397 2,024 3,296 942 1,413 1.272 Bonds 35 9 1 9 2 1 0 113 132 Commercial banks 30 1,259 1,332 1.341 1.441 977 2.188 249 427 Other private 1 85 1.~005 977 1.124 955 1,047 1,108 580 854 Private nonguaranteed 74 1,105 954 688 758 704 634 609 692 721 Bonds 0 0 0 0 0 0 Commerical banks 688 758 704 634 609 692 Memno: IBRD 58 333 1, 22 7 1.070 1,430 2.060 1.482 1,539 1,680 IDA 1 2 1 119 117 141 181 196 200 234 UNDISBURSED DEBT 2,906 22,425 28,579 28,451 31,581 30,594 29,228 28,796 28,999 Official creditor-s 2,442 16,214 23,924 25,314 28.306 28,455 27.596 26,953 26,885 Private creditors 464 6,211 4.655 3J137 3.275 2.139 1,633 1.843 2,114 Memorandum items Concessional LDOD 3.491 18,121 52,628 73,311 83,321 87,640 90,808 95.168 101,878 102,246 Variable rate LDOD 343 12.300 27,155 28,794 30,942 31,454 26,014 26,221 27,005 26.496 Public sector LDOD 5,398 40,657 118,341 143,821 160,561 165,192 161.414 163,801 173,480 Private sector LDOD 339 5,152 5,062 5,184 5,346 5,374 5.036 5,051 4,935 Deutsche mark 6.7 7.0 5.6 5.1 5.8 5.8 5.2 4.8 5.0 French franc 6.0 11.1 10O4 9.9 10O4 10.4 10.4 9.9 9.6 Japaniese yen 0.1 3.7 6.0 5.1 5.2 5.8 6.5 7.3 7.9 Pound sterling 19.8 4.9 4.8 4.0 4.3 4.3 3.4 3.3 3.2 Swiss franc 0.3 1.7 2.2 1.7 1.8 1.8 1.7 i.6 1.5 U.S. dollars 25.3 37.9 38.0 35.1 33.0 32.8 33.1 34.1 34.6 Multiple currency 11.8 8.7 12.1 9.4 9.6 9.6 9.7 9.6 9.4 Special drawing rights 0.0 0.0 0.6 0.6 0.6 0.6 0.7 0.7 0.8 All other currencies 23.0 22.3 16.0 25.8 26.3 25.7 26.1 25.6 24.9 223 SEVERELY INDEBTED LOW-INCOME COUNTRIES (US$ million, unless otherwise indicated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 ;' K' --i 1-;-;. .--0- 0..-- Total amount rescheduled 7,282 13,262 6,414 6,206 6,081 2,027 3,572 Debtstockrescheduled .. 1,877 5,941 358 714 2,060 261 0 Principal rescheduled .. .. 1,253 4,533 3,898 3,284 2,177 1,054 2,061 Official ,. 788 1,839 2,846 1,856 1,431 588 1,359 Private .. 465 2,694 1,052 1,428 746 466 702 Interest rescheduled .. 707 2,141 1.827 1,744 1,109 566 1,442 Official .. 566 1.391 1,507 1,406 710 378 1,167 Private .. .. 140 750 320 339 399 188 275 Principal forgiven .. .. 510 2,105 1.409 1.396 685 800 2,064 Memo: interestforgiven .. ., 1'4 102 95 346 101 158 358 Debt stock reduction .. .. 261 305 354 546 3,632 181 476 of which debt buyback .. 0 0 0 190 1,335 26 8 * xF -: t .iSS - .-OCK4-AFW- RaWOZCLIAlOTN rotalchangeindebtstocks ., .. 27,312 21,724 5,286 -297 5,880 11,436 Net flows on debt ., .. .. 5,877 6,371 3,260 4,306 3,540 1,397 Netchangein interest arrears .. .. .. 2,521 3,007 1,036 2.648 3.540 3.216 Interest capitalized .. .. .. 2,141 1,827 1,744 1,109 566 1.442 Debt forgiveness or reduction . .. .. -2,410 - 1.763 - 1 .751 -2.982 -955 -2,532 Cross-currency valuation -1,155 7,699 -414 -5,211 -1.652 6,170 Residual 20,338 4,583 1,411 -167 841 1,743 9. AVERAGE TERMS OF NEW COMMITMEN1S ALL CREDITORS Interest (%) 3.7 6.5 4 4.2 4.2 3.6 2.9 2.7 2.1 Maturity (years) 25.2 18.6 23 24.9 25.3 26.5 29.2 28.8 30.4 Grace period (years) 9.5 5.1 6.2 7 6.9 7.1 8 8.2 8.4 Grantelement(%) 47.4 25.4 42.2 43.2 43.8 46.8 54.9 56.8 61.8 Official creditors Interest (%) 2.1 3.8 3.4 3.7 3.5 3.3 2.8 2.3 1.8 Maturity (years) 33.4 26 25.9 27.2 27.7 27.9 30.5 32.4 31.6 Grace period (years) 13.7 6.7 7.1 7.6 7.7 7.6 8.4 9 8.7 Grant element (%) 66.1 45.1 48.7 48.5 50.7 50 57.3 63.3 64.6 Private creditors Interest(%) 6.6 10 6.2 8.2 8.2 7.6 4.3 5 6.1 Maturity (years) 10 9.3 13 8 12.3 10.1 8.9 10.3 10.4 Grace period (years) 1.7 3.1 3.1 2.3 2.9 1.8 2.5 4.2 3 Grantelement(%) 13.1 0.3 19.8 5.2 7.4 8.5 18.5 22 15.2 Memorandum items Commitments 1,940 13,581 11.076 10,350 10,637 7,905 7,920 6,845 7,067 Official creditors 1,256 7,601 8.578 9,093 8,941 7,292 7,439 5,760 6,665 Private creditors 684 5,981 2,498 1,257 1,696 613 481 1,086 401 : GRAnO:AGGG, tAINERWSmURG -.Ow (current prices, USS billion) 20 18 16 14 12 10 8 6 4 2 0 1981 1983 1985 1987 1989 1991 1993 1995 U Grants 0 Official loans m Foreign direct investment f Private loans 0 Portfolio equity flows 224 SEVE.REI,Y INDEB'TED IUDDLE-INCONIE COUNTRIES lJSSr million, unllex.s o9i/wsrwoi' inIdictitedi Pn'Iiiistiuti ii 19.7 198(1 1988 1989 199( 199/ /992 1993 1994 /995 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. 234,850 478,003 485,039 513,662 535.627 538,759 560,108 587.376 637.580 Long-term debt (LDOI)) 22,129 181,757 410,737 404,299 410,706 420,030 423,523 444,343 468,894 499.254 Public aridpubliclv guaraniteed 11.680 149.360 390,735 391.736 395,697 402.098 396,542 404.401 418,731 443,95- Private nonguaranteed 10(.449 32.397 2(,00)1 12,563 15.01( 17,932 26.980 39,942 5(,1163 55,3): Use of IMF credit 39 947 14,222 13.501 14.773 14.704 12,907 12,146 13,783 26.71' Short-term debt .. 52,146 53,044 67,239 88,182 100,893 102,330 103.619 104.699 111.61' of which interest arrears on LDOD 322 13,953 21,746 32,244 34,023 25,813 19,095 1().015 8.32( Official creditors 9 7.163 8.266 9,392 7.0)35 5,097 4,3 17 3,603 Private creditors .. 313 6.79(1 13.48(0 22.852 26,988 20.716 14,777 6,412 Merno: principal arrears on LDOD .. 539 19.326 20.t127 28.52() 31.153 34.145 3(.83 1 24.544 28,441 Official creditors 47 7,4301 7.634 9.985 10. 602 9.843 8.956 9.586 Private creditors 491 11.89(6 12,394 18.535 20,551 24.303 21.875 14.958 Memo: export credits . 90.716 10(1,196 121,114 134,267 126,08t) 129,287 130,523 TOTAL DEBT FLOWS Disbursements 5,284 43,192 33,980 29,247 34,025 31,212 39.850 54,977 47,329 73.524 Long-terti debt 5.249 42,951 32,179 26,948 30,792 28,324 37,995 52,344 43.955 57.39c IMF purchases 35 241 1.8M1 2,299 3.234 2.888 1.856 2.633 3,374 16,12- Principal repayments 3.011 21,071 24.051 30.242 27,556 26,754 33,058 36,524 31,763 33,995 Long-term dcbt 2.9()1 2(1,732 21,601 27.565 24.473 23,725 29.944 33.131 29.246 30,53( IMF repurchases III 339 2.45(1 2.677 3.083 3.(029 3,114 3.393 2,517 3.46' Net flows on debt 5,454 42,522 11,765 5,637 16,983 15,431 16,439 27,095 25,725 48,135 of which siort-teri debt . 1.837 6,632 1(0,514 111,973 9.646 8,642 10,160 8,601 Interest payments (INT) .. 21.773 30,616 23,321 18,655 20,558 20,528 20,727 24,602 34,201 Long-teni debt 1.113 16.637 26,7(1t1 18.749 14.826 15.267 16,326 16.(61 19.609 27.48, IMFcharges 0 68 928 1.1161 1.303 1.166 1.128 1.113 652 1.42' Shon-term debt .. 5,068 2.988 3,511 2,526 4.125 3.074 3,552 4.342 5, 29 Net transfers on debt .. 20,749 -18,851 -17,684 -1,672 -5,127 -4,089 6,369 1,123 13,93; Total debt service (TDS) .. 42.844 54,668 53,563 46.211 47.312 53,586 57,251 56,365 68,195 Long-tenn debt 4,(1t3 37,360) 48,301 46.315 39.299 38.992 46.271) 49.193 48.855 58.01, IMFrepurchasesandcharges III 4(16 3.3,79 3,738 4.386 4.195 4.242 4.506 3.168 4.88' Short-term debt (interest only) .. 5.1168 2,988 3,511 2.526 4,125 .0,074 3,552 4.342 5,299 Total debt service due .. .. .. 67,379 70,823 64,431 76,643 71,541 71,213 70,411 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 3,538 31,148 19,480 6,725 15,321 26,361 31,339 61,142 49,490 52,04E Net flow of long-tenn debt (ex. 1MH 2.348 22.219 1().578 -617 6.319 4,598 8.()51 19,212 14,708 26.86'. Foreign direct investment (net) 964 5.294 7.178 5.8(19 5.485 9.75'9 12.565 14,285 18,122 15.0221 Portfolio equity flows 0 t) IS( 8 576 5,627 7.579 24.627 11.919 6.041 Grants (excluding technical coop.) 226 3.635 1,573 1.526 2.942 6,376 3,144 3,017 4,741 4,11( Memo: techinical coop. grants 265 696 1.244 1.141 1.341 1.847 2.218 2,231 2,424 2,572 NET TRANSFERS 734 10.051 -12,239 -17,528 -4,333 5,503 9,811 38,429 22,625 16,781 Interest on long-tenm debt 1.113 16.637 26.700 18.749 14.826 15,267 16,326 16.1161 19.6(09 27.483 Profit remittances on FDI 1,691 4,459 5.()19 5,5(14 4.829 5.591 5.202 6.652 7.256 7.781 3. MAJOR ECONOMIC AGGREGATES Gross national product(GNP) 14(0,578 722,263 856,626 979.565 1.1(05.270 1.)86.848 1,186.351 1,356.467 1,557.885 1.623.581 Exports ofgoods & services (XGS) 2(,918 155.246 151,530 165,455 174.412 161,577 173.279 182,351 201.895 221,385 of which workers' rcmittances 476 2,871 2,146 3,564 3.463 3,817 4.442 4,618 4,874 5,164 Imports of goods & services (MGS) 23 306 17(0.652 162.65(0 176,411 184,635 187,436 209.907 226,920 257,500 266,203 Intemiiational reserves (RES) 5.974 44.54t 37.95(0 37.864 48.350) 58.632 79,693 100.458 96.767 Cunenit account balance -2,01 1 -14.644 -7,680 -11.953 -7.644 22.91(0 -3().543 -37,536 -47,484 -31,24t 4. DEBT INDICATORS EDT/XGS 1%) 151. 315m5 293.2 294m5 331.5 31(.9 307.2 290.9 288.(: EDT/GNP1% . 32.5 55.8 49.5 46.5 49.3 45.4 41.3 37.7 39.? TDS / XGS (')1 27.6 36 1 32.4 26.5 293 30.9 31.4 27.0 3() 1 INT/XGS IS . 14.0 2(1.2 14.1 1(0.7 12.7 1 1.8 11.4 12.2 15.4 INT / GNP 1OX) 33.1 3.6 2.4 1.7 1.9 I.7 1.5 1.6 2.1 RES / EDT §7) , 19.1( 7.9 7.8 9.4 (0.9 14.8 17.9 16.5 RES / MGS (months) 3. 3.1 2.8 2.6 3.1 3.8 4.6 5.3 4.5 Short-term /EDT(§8i . 22.2 11.1 13.9 17.2 18.8 19t: 18.5 17.8 17.- Concessional / EDT c) . 101.5 1.6 1 1.6 11.3 1(1.6 13.4 13.2 13.11 12.5 Multilateral I EDT (9%) 4.3 7.9 7.9 S 6 8.7 8.5 S. 9.( 8.8 225 SEV'ERELY INDEBTED MIDDLE-INCOMfE COUNTRIES (US$ ,tmllioni. undess oihern'ise indicated) Preliminarv 1970 /980 1988 1989 1990 1991 1992 1993 1994 1995 S. LONGx-ThEM OEM DEBT OUiTSTANDING (LDODJ 22,129 181,757 410,737 404.299 410,706 420,030 423,523 444,343 468,894 499,254 Public and publicly guaranteed 11,680 149.360 390,735 391,736 395,697 402,098 396,542 404,401 418,731 443,952 Official creditors 5.243 46.998 148.125 153.356 171.174 186.789 189.980 196.158 205,389 224,061 Multilateral 1.758 10.165 38.001 38,382 44.21 11 46.611 45.948 49.359 53,115 56,309 Conicessional 1.064 1.62 2 2,666 2,832 3,017 3.081 3,084 3,311 3,810 Bilateral 3,485 36.832 110,125 114.974 1 26.963 140,178 144,032 146,799 152,274 167.753 Concessionial 2.754 23.144 52.712 53.254 54,998 59,308 69,170 70,856 72,273 Pri vate creditors 6.437 102.363 2-42.610 2-38,380 224,523 215,309 206.562 208.244 213.342 219.891 Bonds 989 8.122- 16,565 17.886 56,260 57.662 59.509 85.234 144,023 Commiiercial banks 2.333 69.486 175.026 168,491I 115.030 111.387 109,091 88,256 37,845 Other private 3.115 24.755 51,019 52.003 53.233 46.261 37,962 34,754 31,474 Private nonguaranteed 10,449 32.397 20,001 12,563 15,010 17,932 26,980 39,942 50,163 55,302 Bonids ... .0 171 1,387 7.783 21.718 29.639 Commerical banks .... 1 2,563 14.839 16.545 19.197 18.224 20,525 Menlo: IBRD L.210 5.967 23.308 23.435 27.725 29.018 27,927 29,581 31,855 IDA 37 218 407 481 546 594 618 708 840 DISBURSEMENTS 5.249 42.951 32,179 26,948 30,792 28,324 37,995 52,344 43,955 57,399 Public and publicly guaranteed 2,907 35,024 31,589 24,895 27,805 24,637 24,415 29,386 25,087 43,887 Official creditors 908 8,1)88 11,52-8 10.444 12.535 12.605 10,473 12,451 9,419 23.467 Multilateral 377 2.12-7 5.395 4.958 6.919 6,488 5,755 7.876 6.156 8.912 Concessional 148 1 58 293 305 227 376 422 515 626 Bilatarel 53 1 5.961 6.133 5,486 5,617 6,118 4.718 4.576 3,263 14,555 Concessionial 311 2.5 16 2.625 2,404 2.567 3,225 1.180 1,559 1,421 Private creditors 1.999 26,936 20,061 14.451 15.270 12.032 13,943 16,934 15,668 20.420 Bonids 1 28 805 1,122 498 1.240 2.863 2,227 7.296 7,453 CommllerCial banks 841 17,642 10,928 4.616 6.005 2.801 5,277 3.976 4,466 Other private 1,031 8.490 8.0I1 9.337 8,025 6.369 6,439 5.662 3.749 Private nonguaranteed 2.342 7,927 590 2,053 2,986 3,687 13,580 22,958 18,868 13,512 Bonds ... .0 171 1.~216 6,571 14.226 9,718 Conmnerical banks ... . 2.053 2.815 2.471 7,009 8,732 9.150 Menmo: IBRD 213 1.~279 3.307 2,853 5.081 3,788 3,092 4,753 3.746 IDA 7 1 3 1 12 79 49 48 6 1 76 113 PRINCIPAL REPAYMENTS 2,901 20,732 21,601 27,565 24,473 23,725 29,944 33,131 29,246 30,530 Public and publicly guaranteed 1,320 15,953 17,856 22,674 23,158 22,236 26,143 22,650 20,660 22,196 Official creditors 356 2,534 6,602 7.244 7.953 8.789 8,274 8.549 8.987 9,565 Multilateral lOS 543 3.334 3.260 3.934 4,760 5,062 5,208 5,159 5,569 Concessional 57 104 119 121 139 299 320 273 169 Bilateral 252 1,991 3.268 3.984 4,019 4,029 3.212 3,342 3,829 3.996 Concessional 99 62 6 470 981 1.796 591 296 430 480 Private creditors 964 13,419 11.254 15,430 15,204 13.448 17,869 14,101 11,673 12.631 Bonds 45 382 2,413 1.577 1.430 744 5,248 3,894 3.219 Commercial banks 507 8.338 2.8 18 6.708 5,25 3 3,224 4,369 3.135 3.422 Other private 412 4.699 6,023 7,145 8,522 9,480 8.252 7.072 5,031 Private nonguaranteed 1.580 4,779 3,744 4,892 1,315 1,489 3,801 10,481 8,587 8,334 Bonds -.. 0 0 0 165 273 1,847 Coinnmerical banks ... . 4,892 1,315 1,489 3,636 10,208 6,740 Memo: IBRD 59 278 21 114 2.042 2.634 3,094 3.328 3.672 3.488 IDA 0 I 3 3 5 4 4 5 5 NET FLOWS ON DEBTr 2,348 22,219 10,578 .617 6,319 4,598 8,051 19,212 14,708 26,869 Public and publicly guaranteed 1,587 19,071 13,733 2,221 4,647 2,401 -1,727 6,735 4,427 21,691 Official creditors 552 5.554 4.92 6 3.200 4.582 3.816 2.199 3.902 432 13.902 Multilateral 272 1.584 2.06I 1.698 2,985 1,728 693 2.668 998 3,343 Concessional 9 1 54 174 184 8 8 77 102 242 457 Bilateral 280 3.970 2.8 65 1,502 1.598 2.089 1.506 1,234 -566 10.559 Concessional 21J1 1,8911 2,155 1,423 77 1 2.634 884 1,128 94] Private creditors 1.035 13,517 8.81)7 -979 65 -1,416 -3.926 2.833 3,996 7.789 Bonds 83 423 -1.291 -1.079 -90 2,119 -3.021 3.402 4.234 Commercial baniks 3 33 9,304 8,110 -2,091 75 2 -423 908 841 1,044 Other priv,ate 619 3,791 1,988 2,192 -497 -3.111 -1,813 -1,409 -1,282 Private nonguaranteed 762 3,148 -3,155 -2,839 1,672 2,198 9,778 12,477 10,281 5,178 Bonds ... .0 171 1.216 6,406 13.953 7,871 Commerical banks ... . -2,839 1,501 982 3.372 -1.476 2.410 Memo: IBRD 154 1.002 1.193 811 2,447 695 -236 1,08! 258 IDA 7 1 2 109 76 44 44 57 7 1 108- 226 SEVERELY INDEBTED MIDDLE-INCOMIE COUNTRIE LUS$ million, unless otherwise indicated) Prelimiinurv 197(0 1980 /988 1989 1990 199/ /992 1993 /994 1(99 INTEREST PAYMENTS (LINT) 1.113 16,637 26,700 18,749 14,826 15,267 16,326 16,061 19.609 27.487 Public and publicly guaranteed 563 13.092 23,946 16.932 13,587 14,149 14,779 13,909 16.821I 23.903 Official creditors (84 (.992 4.582 4.299 5.327 5.888 6.730 7.220-' 7.641 1(0.206 Multilateral 94 755 2.646 2.576 3,008 3.53 3 3.622 3.928 3.805 3.980 Concessional 55 7 1 63 6 1 76 1 03 95 130 102 Bilateral 90 1.238 1.~936 1.723 2.3 19 2,356 3.108 3-293 3.836 6, 226 Concessionial 5 I 462 503 400 845 7 17 895 956 1.056 Private creditors 379 11.100 19.364 (2.63 3 8,260 8,260 8.049 6.688 9.180 1 3.697 Bonds 59 663 916 872 2.233 4. 148 3.574 4.045 6.099 Commercial banks 174 8.537 15.977 9.349 4.027 2.1899 2.694 1,150 1.684 Other private 147 1.899 2,470 2.412 1.999 1.924 1.7811 1,494 1.398 Private nonguaranteed 550 3.545 2,755 1,817 1.239 1.118 1,547 2,153 2,788 3.584 Bonds ... .0 0 30 186 838 (.952 Commerical baniks ... . 1.817 I.2-39 L.088 1.361 1.315 836 Memo: IBRD 66 493 1,729 1.616 1.937 2.,175 2,351) 2.604 2.323 IDA 02 3 3 4 4 4 5 5 NET TRANSFERS ON DEBT 1,236 5,582 -16,122 -19.366 -8,507 -10,668 -8.275 3.151 -4,901 -618 Public and publicly guaranteed 1,024 5.979 -10,213 -14.711 -8,939 -11,748 -16.506 -7.174 -12.394 -2,212 Official creditors 368 3.561 344 - 1.099 4745 -2 f072 -4.531 -3,319 -7.209 3.696 Multilateral 178 829 -585 -878 -2-4 - 1.8115 -2.929 - 1.260 -2.808 -637 Concessional 3 6 -17 II] 1 22 1 2 -25 7 1 12 355 Bilateral 191) 2.732 92 9 -221 - 72-2 -267 -1.6021 -2.059 -4.401 4.33 3 Concessional 161 1.428 1.652- (.023 -75 1.917 -II (72 -115 Pri vate c red itors 656 2.418 -10,557 -13,612 -8.194 -9.676 -11,975 -3.855 -5.185 -5,91)8 Bonids 2 4 -240 -2,207 -1.951 -2.4213 - 2.02 9 -6.596 -643 -1.865 Commiercial banks 160 767 -7,868 -11.441 -3.275 -2.612 -1.786 -308 -640 Other private 472 1.891 -4821 -220 -2.496 -5.035 -3.593 -2.903 -2,679 Private nonguaranteed 211 -397 -5,909 -4.656 432 1,080 8,231 10,325 7,493 1,594 Bonds ... .0 171 1.186 6.220 13.116 5.919 Commerical banks ... . -4.656 261 -106 201 -2.791 I.574 Memo: IBRD 88 509 -536 -805 SIll -1,480 -2.586 - 1.523 -2.1)64 IDA 7 10 106 73 40 40 53 66 102 DEBT SERVICE (LTDS) 4,013 37,369 48,301 46,315 39,299 38,992 46,270 49,193 48,855 58,017 Public and publicly guaranteed 1,883 29,045 41.802 39.606 36,744 36,385 40.921 36.559 37,481 46,099 Official creditors 540 4.527 11.185 11.543 13.2-80 14,677 15.004 15.770 1 6.62 8 19,771 Multilateral 198 1.298 5.9811 5.836 6.94-2 8.293 8.684 9.136 8.964 9,549 Concessional 1 12 175 181 1 82 215 401 415 403 271 Bilateral 342- 3. 1-9 5.204 5,706 6.338 6.385 6,32 0 6.634 7.664 1 0,2 2 2 Concessional ISO 1,088 973 1,381 2.641 1.308 1.191 1.387 1,536 Private creditors 1.343 24.518 30.618 28.1163 23.464 21.708 25.9 17 20,789 20,853 2-6,328 Bonds 1114 1,045 3,330 2.449 3.663 4.892- 8. 82 2 7,939 9,318 Commercial banks 681 16,875 18,795 1 6,057 9.2 80 5.41 3 7,063 4,285 5.11)6 Other private 558 6.599 8,493 9,557 10.521- 11.403 10,1032 8.566 6.429 Private nonguaranleed 2,130 8,324 6,499 6.709 2.554 2,607 5,348 12,634 11,375 1 1,918 Bonds ... .0 0 3 35 1 Ij.I1 3.799 Commierical banks ... . 6.709 2.554 2.577 4.99)7 I11.52 3 7.576 Memo: IBRD 125 77 1 3.843 3.658 4.571 5.268 5.677 6.27 6 5.811) IDA 025 6 9 8 8 9 II1 UNDISBURSED DEBT 4,513 46.868 48.007 49,353 51,384 59,371 61.256 62,414 61,517- Official creditors 2,971 21 .286 26.553 30.2107 32.081 39.019 42.250 41,711 4' 249 2 PTivate creditors 1.542 25,i82 21,454 19.145 19,303 20.352- 19.006 20,703 19,025 Memorandum items Conicessional LDOD 3.818 24.766 55.378 56,086 58(016 621.390 72.253l 74.166 76,083 79,781 Variable rate LDOD 11.1161 100.911 245,1 81 225.203 (99,093 204.170 2 12.862 227,039 230,963 245,11-4 Public sector LDOD 11.383 1 27.072 348,568 347.538 3591.760 360.756 356.077 366,211 379.625) P'rivate sector LDOD 111,746 37,450 21,82-1 15,1112 18.353 21.179 30,251 41,084 5 1.22 8 6. CURRENCY COMPOSMTON OF LONG-TERM DEBT (PERCENT) Deutsche miark 9).2- 7.5 6.7 7.8 8.8 8.8 7.8 6.7 5.0 French franc 5.9 3.3 4.2 4.7 5.6 5.8 5.2 4.6 4.8 Japanese yen 0.2 5.5 6.8 6.3 5.9 6.5 6.5 6.8 6.9 Pound sterliing 4.7 1.7 1.9 1.8 1.7 1.7 1.3 1.2 I(. Swiss franc 2.) 1.8 1.8 1.6 1.9 1.8 1.4 l.2 0.5 UI.S. dollars 57.8 SS.8 S 2.3 SO.8 48.8 48.10 49.7 S 2.8 54.9 Muiltiple cuirrenicy 14.3) 7.1 10.3 1(1.3 11.5 11.9 13.1 12.3 12.6 Special drawing rights 1(1 0.1 1111 111 0.1 R 1 I 0.1)01 0.0 All other currenicies 6.3 5.7 5.8 5.9 5.6 6.0 5.7 5.1 52 227 SEVERELY INDEBTED MIDDLE-INCOMF, COINTRIlS (US$ m illion. unless otherwise iniditcated) Preliminary 1970 1980 1988 /989 1990 1991 1992 1993 1994 1995 7. DEBT RESTRUCTURGS Total amount rescheduled .. 58.262 16,611 43,695 17.285 44,564 37,793 64.723 Debt stock rescheduled .. 54,641 8.177 36.544 670 22,488 20,528 41,868 Principal rescheduled .. 4.542 6.011 4,562 9,976 9,751 6,673 8,032 Official 1,038 2.092 2,268 6.932 5,117 5.343 3.283 Pnrvate .. 3,505 3.919 2,295 3.043 4,634 1,330) 4,749 Interest rescheduled .. .. 873 2.727 3.372 6.793 12,168 10,667 11,137 Official .. . 244 2.085 2.810 5,754 3.379 2,832 1,229 Pnvate .. .. 629 642 562 1,()39 8,789 7.836 9,908 Principal forgiven .. 2 7(01 326 712 1.628 1.021 4.340 Memo: interest forgiven .. .. 332 89 122 20 39 5 3 Debt stock reduction .. .. 11,077 11.08(1 16.98( 1.997 10,082 6.144 12,512 of which debt buyback . . 34 2.092 2.012 2 5,(89 589 1,615 a DEBT STOCK-FOW RECONCILIATION Total change in debt stocks 7.036 28.623 21.966 3,131 2 1,350 27,268 Net tlows on debt .. 5.637 16.983 15,431 16,439 27.(095 25,725 Net change in interest arrears .. 7,793 10.498 1,779 -8.210) -6.718 -9.080 Interest capitalized . . ,727 3.372 6,793 12,168 10.667 11.137 Debt forgiveness or reduction .. -9.689 - 15.294 -2,706 -6.621 -6.577 - 15.236 Cross-currency valuation .. .. .. -4,324 14.616 393 -9,078 -2,407 12,776 Residual .. .. .. 4.892 -1,552 276 -1,566 -710 1,945 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS lnterest (%) 7 10.8 7.7 7.3 8.1 7.1 6.7 6.7 6.4 Maturity(years) 13.4 11.3 10.8 13.2 12.4 13.8 12.6 11.1 10.3 Grace period (years) 3.4 4.1 3.5 3.6 4.2 4.3 4.3 4.7 3.9 Grant element (%) 16 -2.7 10.5 14.7 10 15.9 16 14.8 15 Ofricial creditors Interest (%) 5.9 7.5 6.5 6.4 7.1 6.6 6.8 6.3 6.3 Maturity (years) 21.9 16.5 16.3 17 17 18.4 17.5 15.7 17.3 Grace period (years) 5.2 4.1 4.4 4.6 4.7 5.5 5 5 5.1 Grant element (%) 26.7 16 20.3 21.7 17.8 22.1 19 20.6 22.1 Private creditors Interestt% ) 7.6 12.1 8.3 8.5 9 7.7 6.5 7 6.5 Maturity (years) 9 9.2 7.8 8.2 8.3 7.8 8.1 8.4 5 Grace period (years) 2.4 4.1 3 2.4 3.7 2.8 3.6 4.6 3 Grant element 1%) 10.6 -10.4 5.3 5.5 3.2 8 13.1 11.4 9.6 Memorandum items Commitments 3.614 32.999 28,135 27.252 29,560 35,341 30,()56 30.996 26,495 Official creditors 1.232 9,603 9,788 15.475 13,817 19.869 14.641 11.543 11.418 Pfivate creditors 2,382 23,396 18,347 11,776 15.744 15.472 15.414 19.453 15,077 10. GRAPH OF AGGREGATE NET RESOIRCE FLOWS (current prices. US$ billiotn) 60 50 40 ...... 30 20 I 0 10 1981 1983 1985 1987 1989 1991 1993 1995 S Grants D Official loans C Foreign direct investment M Private loans E Portfolio equity flows 228 MODERATELY INDEBTED LOW-INCOME COUNTRIES (US$ in illion, unless othervise indicated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 TOTAL DEBT STOCKS (EDT) .. 58,740 143,887 160,190 163,744 169,911 176,912 182,526 197,636 204,043 Long-term debt ILDOD) 12.987 49.081 122,413 136.958 140,965 147,805 153,975 162,376 175,756 183,249 Plublic and publicly guaranteed 12.852 48,453 119.610 134.075 138,092 144,970 151,703 159,627 173,209 178,546 Private nonguaranteed 136 628 2,804 2,883 2,873 2,835 2,272 2.749 2.547 4.703 Use of IMF credit 100 2,856 4,808 3,997 4,828 6,002 7,648 7,912 7,859 6,198 Short-term debt .. 6,803 16,666 19,235 17,951 16,105 15,290 12,237 14,021 14,596 of which interest arrears on LDOD 398 2,624 3.456 1.511 63 122 256 158 147 Official creditors .. 389 2.328 3,020 928 41 94 182 102 Private creditors ..9 296 436 582 22 28 75 56 Memo: pfincipal arrears on LDOD 1 22 6,323 5,315 3,679 165 266 438 590 522 Official creditors 86 5,262 3.881 1.897 83 164 292 367 Private creditors .. 36 1,061 1,434 1.781 82 103 146 224 Memo: export credits 29.033 29.623 26.038 27,282 30,163 27,431 28,520 TOTAL DEBT FLOWS Disbursements 1,672 9,695 14,885 14,664 14,915 15,227 15,194 13,758 13,329 16,133 Long-term debt 1.649 7.904 14,637 13.896 13,024 13,257 13,074 13,150 12,646 15,882 IMF purchases 22 1.791[ 248 768 1,891 1,970 2,121 608 683 251 Principal repayments 924 2,173 6,645 6,454 7,193 6,891 7,226 7,710 10,143 11,562 Long-term debt 682 1,772 4,742 4.918 5,903 6,021 6.529 7,318 8.779 9,472 IMF repurchases 242 402 1,902 1.537 1,289 870 697 392 1.364 2,090 Net flows on debt 1,531 8,691 8,866 9,946 8,384 7,942 7,094 2,861 5,067 5,574 of which short-term debt .. 626 1,737 662 -394 -875 -3.187 1,882 1,003 Interest payments (INT) .. 2,078 5,187 6,785 7,601 6,966 6,839 7,028 7,806 8,733 Long-term debt 319 1,275 3,83 7 5,266 5.768 5.203 5.500 5,704 6,349 7,243 IMF charges 0 69 345 330 274 292 346 339 292 289 Short-term debt .. 734 1,005 1.188 1,560 1,471 993 985 1,165 1,201 Net transfers on debt .. 6,613 3,679 3,162 783 976 255 -4,167 -2,738 -3,159 Total debt service (TDS) .. 4,251 11,832 13,239 14,794 13,857 14,065 14,738 17,949 20,295 Long-term debt 1.001 3.046 8,579 10,184 11.671 11.224 12.029 13.022 15,128 16.715 IMF repurchases and charges 242 471 2,248 1.867 1.563 1,162 1.043 73 1 1.656 2,379 Short-term debt (interest only) .. 734 1.005 1.188 1.560 1,471 993 985 1,165 1 ,20ki Total debt service due ... . 16,228 18,351 18,124 14,191 14,789 17,736 20,216 2. 4~RZAt NT ESURCE11OWS AND NET 14AN~~1INTh NET RESOURCE FLOWS 1,608 10,189 16,006 15,950 17,196 16,842 15,363 13,682 18,782 15,476 Net tlow of long-term debt (ex. IMIF) 967 6.133 9,895 8,978 7,120 7,236 6,544 5.832 3,866 6.410 Foreign direct investment (net) 93 734 1,484 1,754 1,151 709 1.021 1,324 2.499 2.561 Portfolio equity flows 0 0 56 168 105 23 380 2,025 6,169 1,455 Grants (excluding technical coop.) 548 3,323 4.571 5.050 8.820 8.875 7,417 4,501 6,247 5,050 Memo: technical coop. grants 261 1.240 2.853 3.077 3.482 3,555 3,806 3,795 3,197 2,934 NET TRANSFERS 1,252 8,757 11,980 10,508 11,227 11,471 9,682 7,799 12,230 7,989 Initerest on long-term debt 3 19 1,275 3,837 5,266 5,768 5.203 5.500 5,704 6.349 7.243 Profit remittances on FDI 38 1 58 189 176 201 169 181 180 203 244 3. MAJOREONMCARAB Gross national product (GNP) 86,277 245,709 392,815 395.336 427.419 395.508 399.640 393.718 432.346 483.742 Exports of goods & services (XGS) 5,677 34,738 47.342 51.913 57,285 60.882 63,980 68,912 76,528 84,416 of which workers' remittances 2 17 7.696 8.623 8.636 8,812 9,307 10,805 11,171 13,340 13,645 imports of goods &services nMGS) 7.839 42.358 62,518 66.602 75,082 70,120 72.377 77,754 85,786 98.474 International reserves (RES) 1,647 17,381 14,960 17,309 12.318 17.731 26.057 34,915 47,675 Current account balance -1.370 -5.512 -10.892 -10.814 -13,498 -3,294 -2,192 -3,250 -4,279 -8,310 EDT/XGS 1%) .. 169.1I 303.9 308.6 285.8 279.1 276.5 264.9 258.3 241.7 EDT/IGNP (%) .. 23.9 36.6 40.5 38.3 43.0 44.3 46.4 45.7 42.2 TDS/ XGS 1% . 12.2 25.0 25.5 25.8 22.8 22.0 21.4 23.5 24.0 INTIXGS (% . 6.0 11.0 13.1 13.3 11.4 10.7 10.2 10.2 10.3 INT/GNP(% . 0.8 1.3 1.7 1.8 1.8 1.7 1.8 1.8 1.8 RES/EDT(%m .) 29.6 10.4 10.8 7.5 10.4 14.7 19.1 24.1 RES/MGS (months) 2.5 4.9 2.9 3.1 2.0 3.0 4.3 5.4 6.7 Short-term /EDT (%) .. 11.6 11.6 12.0 11.0 9.5 8.6 6.7 7.1 7.2 Concessiona) /EDT( . 61.7 47.0 49.9 51.9 53.6 54.3 55.1 56.3 57.9 Multilateral / EDT (%) .. 21.3 25.7 25.4 27.5 29.1 30.2 31.9 33.4 33.8 229 MODERATELY INDEBTED LOW-INCOME COUNTRIES (IUS$ million, unless othenswise indicated) Preliminarv 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 S. LON1G-TERM wrT DEBT OUTSTANDING (LDOD) 12,987 49,081 122,413 136,958 140,965 147.805 153,975 162,376 175,756 183,249 Public and publicly guaranteed 12,852 48,453 119,610 134,075 138,092 144,970 151,703 159,627 173,209 178,546 Official creditors 11,864 42.920 94.355 106.669 108.636 116,320 122,817 129,402 143.388 148.636 Multilateral 2.271 12.489 37.000 40.618 44,977 49.389 53.433 58.200 65.988 68.913 Concessional 2.015 10.503 26,835 28,725 31,070 33.630 36.028 38.653 43.854 Bilateral 9.593 30,431 57,355 66.051 63.659 66.931 69.384 7 1,202 77,399 79.723 Concessional 8,488 25.734 40.791 51.174 53.952 57.419 60,011 61.948 67,325 Private creditors 987 5.533 25.254 27.406 29,456 28,650 28,886 30,225 29,821 29.910 Bonds 168 732 2.353 2.933 3,241 4,700 4,562 4,338 4.434 Commercial banks 88 2,178 14.557 16,421 18,071 18,105 19.01I5 20.602 19.653 Other private 732 2,624 8,344 8,052 8.145 5.845 5,309 5,285 5.734 Private nonguaranteed 136 628 2,804 2.883 2.873 2,835 2,272 2,749 2,547 4,703 Bonds ... .0 0 0 0 794 1,203 Commerical banks ... . 2.883 2,873 2,835 2,272 1.955 1.344 Memo: IBRD 891 1.717 8,829 10,091 11.605 12.657 13.470 14.556 16,187 IDA 1,372 7,683 2-0,338 21.524 23.785 25.470 27.267 28.871 32.130 DISBURSEMENTS 1,649 7,904 14,637 13,896 13,024 13,257 13,074 13,150 12,646 15,882 Public and publicly guaranteed 1,621 7,484 14,169 13,399 12,578 12,751 12,661 11,935 12,081 13,339 Official creditors 1.459 5.606 8.451 8,610 8,733 9.285 8.870 8.929 9.153 9.779 Multilateral 209 1,816 4,769 4,832 5.092 5.540 5.93 1 5.768 5.848 5,586 Concessional 130 1,391 2.115 2.255 2.771 2,7 19 3.282 2.705 3,566 Bilatarel 1,250 3.790 3.683 3.778 3.641 3,745 2,939 3,160 3,305 4.193 Concessional 1,038 2.804 3.068 2,768 2.791 3,159 2,260 2.500 2.682 Private creditors 162 1.878 5.717 4.789 3,846 3.466 3.792 3,006 2.928 3.560 Bonds 0 82 679 773 586 1.644 0 0 150 Commercial banks 16 824 3,664 2.932 2.394 929 2,724 1,954 1,595 Other private 146 971 1.374 1.083 866 893 1,068 1,052 1.183 Private nonguaranteed 28 420 468 498 446 506 412 1,215 565 2,543 Bonds ... .0 0 0 0 794 412 Commerical banks ... 498 446 506 412 421 153 Memo: IBRD 108 384 2.198 2.009 1.710 1,797 1,552 1.824 1,237 IDA 97 1.013 1.498 1.369 1,837 1.741 2,2)1 2 1.699 2.187 PRINCIPAL REPAYMENTS 682 1,772 4,742 4,918 5.903 6.021 6,529 7,318 8,779 9,472 Public and publicly guaranteed 654 1,623 4,262 4.350 5,384 5,475 5,844 6,579 8,011 9,085 Official creditors 486 1.096 2.484 2.762 3.477 3.555 3,638 4.369 4.868 5,562 Multilateral 72 158 867 1.004 1,430 1.606 1.701 1.955 2.339 2.713 Concessional 49 69 265 294 386 471 444 456 509 Bilateral 415 937 1,616 1.758 2.047 1.950 1.938 2.414 2.528 2.849 Concessional 263 842 1.146 1.190 1.475 1.316 1,422 1,882 1,967 Private creditors 167 528 1.~779 1.588 1.906 1.919 2,206 2.210 3,144 3,523 Bonds I 24 72 121 313 271 263 373 416 Commercial banks II 190 706 457 508 642 1.017 1.132 1,901 OLher private 155 314 1,001 1,009 1.086 1.006 927 70)5 826 Private nonguaranteed 28 149 480 569 520 546 685 739 768 387 Bonds ... .0 0 0 0 0 0 Commerical banks ..569 520 546 685 739 768 Memo: IBRD 71 108 541 6(04 777 897 1.~003 1.161 1.260 IDA 0 20 115 140 163 2(02 223 257 292 NET FLOWS ON DEBT 967 6,133 9,895 8,978 7,120 7,236 6,544 5,832 3,866 6,410 Public and publicly guaranteed 967 5,861 9,906 9,049 7,195 7,276 6,817 5,356 4,069 4,254 Official creditors 973 4,510 5.968 5,848 5,255 5,729 5.23 1 4.560 4.286 4,217 Multilateral 138 1,658 3,901 3,82 8 3,662 3.935 4.230 3.813 3.509 2.873 Concessional 81 1,322 1.850 1.~962 2,385 2.248 2,839 2,249 3,058 Bilateral 835 2.853 2.067 2.020 1,593 1,795 1,001 747 777 1,344 Concessional 775 1.962 1.922 1,5 78 1,316 1.844 838 618 715 Pfivate creditors -5 1,351 3.939 3,202) 1,939 1,547 1,586 796 -216 37 Bonds -l1 58 607 652 273 1.373 -263 -373 -266 Commercial banks 5 635 2,958 2.475 1,886 287 1,707 821 -306 Other private -9 658 373 74 -220 -113 141 348 356 Private nonguaranteed 0 272 -12 -71 -74 -40 -273 476 -203 2,156 Bonds ... .0 0 0 0 794 412 Commerical banks ... . -71 -74 -40 -273 -318 -615 Memo: IBRD 36 276 1.657 1.405 933 9(10 549 663 -23 IDA 97 993 1.383 1.229 1,674 1,538 1,988 1,442 1.895 230 MODERATELY INDEBTED LOW-INCOME COUNTRIES (US$ million, unless othervise indicated) Preliminar', 1970 1980 1988 1989 1990 1991 1992 1993 1994 ~ 1995 INTEREST PAYMENTS (LINT) 319 1,275 3,837 5,266 5,768 5,203 5,500 5,704 6,349 7,243 Public and publicly guaranteed 312 1,220 3,590 5,002 5,521 4,981 5,302 5,492 6,192 7,000 Official creditors 268 862 2,211 2,815 3,050 2.83 1 3.403 3,582 4,037 4,684 Multilateral 59 227 1,089 1,147 1.348 1.492 1,606 1.738 1.930 2.206 Concessional 45 93 241 233 259 287 300 329 377 Bilateral 209 635 1,122 1.668 1.701 1,339 1,796 1.843 2,108 2.478 Concessional 156 558 733 1.166 1.161 1,010 1,316 1.367 1.527 Private creditors 45 359 1,379 2. 187 2.472 2,150 1.899 1.910 2,155 2,316 Bonds 2 1 9 128 170 220 234 268 373 359 Commercial banks 3 205 915 1,654 1,908 1.594 1.353 1,263 1.481 Other private 40 135 336 3 62 343 323 279 274 315 Private nonguaranteed 6 55 247 264 247 222 198 212 156 243 Bonds ..0 0 0 0 I 2 1 Commerical banks ...264 247 222 198 211 135 Memo: IBRD 49 1 37 772 791 930 995 1.046 1.~077 1.145 IDA 9 5 I 169 1 53 168 181 191 205 222 NET TRANSFERS ON DEBT 649 4.858 6,058 3,712 1,352 2,033 1,045 128 -2,483 -833 Public and publicly guaranteed 655 4,640 6,316 4,047 1,673 2,295 1,515 -136 -2,123 -2,746 Official creditors 705 3.649 3.757 3.032 2.206 2,898 1.829 978 248 -467 Multilateral 79 1.431 2,812 2.681 2.314 2,443 2.624 2.075 1,579 667 Concessional 36 1,229 1.610 1.729 2.126 1,960 2,539 1.920 2,681 Bilateral 626 2,218 945 351 -108 456 -795 -1.097 -1,331 -1,134 Concessioiial 619 1.404 1,190 412 155 834 -478 -749 -812 Private creditors -50 992 2,559 1,015 -533 -603 -314 -1.114 -2,372 -2.279 Bonds -3 39 479 482 53 1.139 -531 -746 -626 Commercial banks 2 430 2.043 821 -22 -1,307 354 -442 -1.788 Other private -49 523 37 -288 -563 -436 -137 74 42 Private nonguaranteed -6 218 -258 -335 -321 -262 -470 265 -359 1,913 Bonds ....(10 0 0 793 392 Commerical banks ..-335 -321 1 -262 -470 -529 -751 Memo: IBRD -13 139 885 614 3 -95 -497 -414 -1.168 IDA 87 942 1,214 1,076 1,506 1,358 1.798 1.237 1.673 DEBT SERVICE (LTDS) 1,001 3,046 8,579 10,184 11,671 11,224 12,029 13,022 15,128 16,715 Public and publicly guaranteed 966 2,843 7,852 9,351 10,905 10,456 11,146 12,071 14,204 16,085 Official creditors 754 1,957 4.694 5.578 6.527 6.386 7.041 7.951 8,905 10,246 Multilateral 130 385 1.956 2.151 2.778 3.098 3,307 3.693 4,269 4,919 Concessional 94 162 505 526 645 759 744 785 886 Bilateral 624 1,572 2,738 3,426 3,749 3,289 3,734 4.257 4,636 5,327 Concessional 419 1,399 1,879 2,356 2,636 2,326 2.738 3.249 3.495 Private creditors 212 886 3,1 58 3,774 4,378 4,069 4.106 4,120 5.299 5.839 Bonds 3 43 200 291 533 505 53 1 746 776 Commercial banks 14 394 1.621 2.1H1 2.416 2.236 2.370 2,396 3.383 Other pfivate 196 449 1,337 1.371 1.429 1.329 1,205 979 1,141 Private nonguaranteed 34 203 727 833 767 768 883 951 924 630 Bonds ... .0 0 0 0 1 2 1 Commerical banks ... . 833 767 768 883 950 903 Memo: IBRD 121 245 1,313 1,395 1,707 1,892 2.049 2,238 2.405 IDA 10 7 1 284 293 331 383 414 462 514 UNDISBURSED DEBT 3,655 20,175 40,147 44,327 47,194 47,906 45,479 42,725 41,970 Official creditors 3,244 17.734 37.457 40.669 43.929 45.072 42,014 39.722 39,766 Private creditors 412 2,441 2,690 3.659 3.265 2,834 3,466 3,004 2,204 Memorandum items Concessional LDOD 10,503 36.237 67,627 79,898 85,022 91,048 96,039 100,601 111,179 118,227 Variable rate LDOD 136 1.892 15.354 17,988 19,784 19,634 20,495 23,117 24.453 28.536 Public sector LDOD 12.410 47.882 118.802 133.319 137,347 144,259 151.02-0 158,961 172.546 Private sector LDOD 577 1.199 3,611 3,639 3,618 3.546 2.955 3,415 3,210 01SrCv cM'WOrro 1 OGTFMKTPRK Deutsche mark 9.5 7.0 6.7 6.6 7.1 7.0 6.7 6.2 6.7 French franc 1.7 4.4 4.9 4.3 5.0 6.0 5.8 5.3 5.5 Japanese yen 4.6 6.9 11.0 9.4 10.6 11.8 12.4 13.8 14.9 Pound sterling 21.3 13.1 5.6 4.8 4.8 4.7 4.1 3.7 3.4 Swiss franic 0.6 0.5 1.0 0.9 1.1 0.9 0.9 0.9 1.0 U.S. dollars 39.5 51.3 51.4 54.8 50.1 47.21 47.0 46.5 43.8 Multiple currency 7.7 7.1 10.7 11.2 13.4 14.6 15.7 16.7 17.8 Special drawing rights 0.0 0.0 0.7 0.6 0.8 0.7 0.7 0.7 0.9 All other currencies 16.2 9.7 8.1 7.4 7.3 7.1 6.8 6.2 6.0 231 MODERATELY INDEBTED LOW-INCOME COUNTRIES (US$ million, anless otherwise indicated) Preliminary 1970 1980 1988 1989 /990 1991 1992 1993 1994 1995 7. DE RG SUCTURIGS Totalamountrescheduled .. 544 601 141 18.406 1.221 571 673 Debtstockrescheduled .. 52 9 0 12,789 0 0 0 Principal rescheduled .. 726 412 102 3,712 576 429 464 Official .. 299 104 67 1,829 157 114 200 Private .. .. 427 308 36 1.884 419 315 264 Interestrescheduled .. 544 169 31 1,682 178 112 177 Official 397 64 25 1,084 60 29 117 Private .. 147 105 6 598 118 83 60 Principal forgiven .. .. 13 3,695 9,367 871 58 57 247 Memo: interest forgiven .. 2 34 2.368 106 149 146 1(9 Debt stock reduction .. 0 0 0 406 0 0 0 of whichdebtbuyback 0 0 0 0 0 0 0 . ,, ET.STOCK-FLOW RECONCILIATION Total change in debt stocks .. 16.303 3,554 6,167 7,001 5.613 15.110 Net flows on debt .. .. .. 9,946 8.384 7,942 7.094 2.861 5.067 Net change in interest arrears .. .. .. 832 - 1.945 - 1.448 59 135 -98 Interestcapitalized .. .. .. 169 31 1,682 178 112 177 Debt forgiveness or reduction .. .. .. -3,695 -9,367 - 1,277 -58 -57 -247 Cross-currency valuation -1,958 5,614 559 -3,087 613 7.076 Residual 11,009 838 -1,290 2,815 1.950 3,135 9.AVERAGEI hRTG OF NEW COOIflIE1 ALL CREDITORS Interest (%) 3 5 5.7 5.3 4.9 5 4.4 3.8 3.8 Maturity (years) 30.1 30 23.4 22.6 26.3 22.8 25.5 25.4 27.3 Graceperiod(years) 9.6 7.7 9.5 8.3 10 7.2 9.9 8.8 9.7 Grant element (%) 55 43.6 33.2 34.7 40.3 38.1 41.7 45.9 48.7 Official creditors Interest (9t) 2.6 2.7 4.6 4 3.8 4 3.5 2.9 3.1 Maturity (years) 32.3 37 26.1 25.6 28.6 26.3 27.9 28.1 28.8 Grace period (years) 10.4 8.7 7.2 6.9 7.9 7.5 7.8 7.8 8.3 Grant element (%) 59.5 61.8 42.1 45.6 49.6 46.5 51.2 55 55.2 Private creditors Interest (%) 5.9 11.3 8 8.5 8.3 8.9 6.8 6.8 7.6 Maturity (years) 10.8 11.6 17 15.6 19.4 8.8 19.5 16 19.6 Grace period (years) 2.4 5.3 14.6 11.6 16.3 6.4 15.1 12.4 16.7 Grant element(%) 16.9 -4.6 12.4 9.6 11.3 4.1 17.2 13.3 14.5 Memorandum items Commitments 2,283 11.039 17.143 19,630 14.737 15.632 16.064 11,883 10,876 Officialcreditors 2.044 8.006 11,978 13,722 11.140 12,513 11,549 9,282 9,125 Privatecreditors 239 3,033 5,165 5.908 3.597 3,119 4,515 2.602 1.750 _. GRARH OF AGGREGATE ret RESOURCE FLOWS (current prices. US$ billion) 20 . ___ ___ ....._ 18 16 6 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~...... . :::::-:::Ha'............':-.-'..-.- .-.'..-'...'-- 14 ...... .........:i-''-...""..... 12 .................. 12 8 6 4 2 0 1981 1983 1985 1987 1989 1991 1993 1995 * Grants 3 Official loans U Foreign direct investment U Private loans 3 Portfolio equity flows 232 MODERATELY INDEBTED MIUDDLE-INCOMIE COUNTRIIES (USS mnillion, unless otherwise indicated) Preliminarv 1970 1980 1988 1989 1990 1991 1992 199.3 -1994 1995 TOTAL DEBT STOCKS (EDT) .. 150,243 329,266 349,351 386,764 411,197 448,441 476,502 506,720 537,899 Long-term debt (LDOD) 13,623 103,668 265,809 276,896 308,367 329,283 349,505 374,157 406,988 424,543 Public and publicly guaranteed 10,822 88.22 14 248.441 258.780 285,293 301,587 3 15.359 337.283 366.138 376.444 Private nonguaranteed 2.800 15,454 17,368 18.117 23.074 27.695 34.146 36.874 40,850 48.099 Use of IMF credit 403 2,764 5,742 6.006 7.063 7,757 7,925 8,903 10,365 15,235 Short-term debt .. 43,812 57,716 66,449 71,333 74,157 91,011 93,443 89.367 98,121 of which interest arrears on LDOD .. 36 493 893 5.303 5,546 5.089 3,839 5.913 5,37 1 Official creditors . 1 8 400 327 567 383 758 956 1.481 Private creditors . 1 9 93 566 4.736 5.163 4.331 21,8 83 4,431 Memo: principal arrears on LDOD .. 2 1,174 1,660 2.015 1,754 7.985 9.022 16,316 9.046 Official creditors .. 34 532 798 1.309 872 807 1.038 1.843 Private creditors .. 48 6421 862 706 883 7,178 7.984 14.473 Memo: export credits -.. 41.845 42.689 50,689 55,024 70.068 85,061 91,260 TOTAL DEBT FLOWS Disbursements 3.333 27,925 38,200 41.273 51,517 51,370 56.243 50.071 46.380 56,947 Long-term debt 3,105 26,545 37,5 14 39.575 49,366 49,359 54.677 48.235 44,446 51,141 IMF purchases 228 1.379 686 1,698 2,1521 2,Oil 1.566 1,836 1,934 5,806 Principal repayments 1,316 10,528 27,661 25,986 31,451 33,286 29,965 33,665 35,786 41,205 Long-term debt 1,108 9.986 25,978 24,67 7 29,836 31,902 28,878 32,832 34,738 39.873 IMF repurchases 208 543 1,683 1.310 1.615 1.384 1,087 833 1,048 1.332 Net flows on debt 5,364 25,798 15,279 23,620 20,540 20,665 43,589 22,788 4,645 25,038 of which short-termn debt ... 4,739 8.334 474 2,581 17.312 6.381 -5,950 9.296 Interest payments (INT) .. 12,271 23,127 25,660 26,474 26,269 22,330 23,218 24,308 28,650 Long-termn debt 433 7.452 18,293 19.975 21.236 20,726 17.917 18,424 19,012 22.350 IMF charges 0 124 440 463 471 625 554 502 509 870) Short-term debt .. 4.695 4.394 5.~2 22 4,767 4,919 3,858 4,293 4.787 5,430) Net transfers on debt .. 13,527 -7,848 -2,039 -5,933 -5,604 21.260 -430 -19,663 -3,612 Total debt service (TDS) .. 22,799 50,788 51,646 57,925 59,555 52,295 56,883 60,093 69,855 Long-termndebt 1.541 17.438 44,271 44,652 51.072 5 2.62 8 46,795 51i,255 53,750 62.223 IMF repurchases and charges 208 666 2,123 1.773 2.087 2.009 1, 642 1.335 1,556 2.202 Short-term debt (interest onlvj 4.695 4.394 5.222 4,767 4,919 3.858 4.293 4.787 5,430 Total debt service due ... . 49,945 60,137 57,551 56,717 67,622 72,410 62,043 2.~AI%*EGTZ ET URCFLOWSANI) NET ThANSffRS ~LNG,-TERW NET RESOURCE FLOWS 2,723 19,532 16,957 22,878 29,639 33,592 42,167 35.485 33,601 40,539 Net flow of long-term debt (ex. IMF) 1,997 16.560 11,536 14,898 19,530 1 7,457 25.799 15.404 9.708 11,268 Foreign direct investment (net) 215 1.971 3,658 5,297 5,389 9.124 9.566 10,512 11,543 18.495 Portfolio equity flows 0 0 26 747 817 100 955 3,630 8,11 I8 6.507 Grants (excluding technical coop.) 511 1,002 1,737 1.935 3.903 6.911 5,847 5.939 4.231I 4,269 Memo: technical coop. grants 2 28 853 1.662 1.617 2,057 2,443 2.891 3.028 2.955 3,07 1 NET TRANSFERS 1,296 7,600 -4,527 -1,446 3,796 7,664 17,473 10,362 7,264 10,443 Interest on long-termn debt 433 7.452- 18,293 19.975 21.236 20.726 17.917 18,424 19,012 22.350 Profit remiittances on FDI 994 4.480 3,190 4,349 4.607 5.203 6.777 6,699 7.324 7.746 3. MAJOlk UONOMIC AGGPflEGATE$ Gross national product (GNP) 82.153 401,265 1,011,988 1.079,872 1,176.728 1.157.303 1,153.693 1,151,936 1.098.871 1.202.084 Exports of goods &services (XGS) 28.315 166.995 196,338 211,160 238,862 218.227 221,745 234,722 265.005 305,031 of which workers' remiittances 7 32 4,804 6,349 7.327 7.923 8,490 9,475 9.286 9.063 9,734 Imports of goods &services (MGS) 16,540 110,707 197,711 214.117 247,744 226,986 248,900 268,559 282,358 330,120 Intemnational reserves (RES) 3.244 46.344 39,163 42,788 53,487 66.869 72.277 90.978 101,332 Current account balance -1.730 -5.354 -7,968 95074 -890 2.997 -14,815 -22,635 -8.626 -12.870 * , ,,:*..... ~~~~ D-MTVDINIATORA; EDT/XGS (% . 90.0 167.7 165.4 161.9 188.4 202.2 203.0 191.2 176.3 EDT/GNP% .. 37.4 32.5 32.4 32.9 35.5 38.9 41.4 46.1 44.7 TDS /XGS (% . 13.7 2 5.9 24.5 24.3 27.3 23.6 24.2 22.7 22,.9 INT /XGS(% . 7.3 11.8 12.2 11.1 12.0 10.1 9.9 9.2 9.4 INT /GNP(% . 3.1 2.3 2.4 2.2 2.3 1.9 2.0 2.2 2.4 RES/EDT(% . 30.8 11.9 12.2 13.8 16.3 16.1 19.1 20.0 RES/MGS (months) 2.4 5,0 2.4 2.4 2.6 3.5 3.5 4.1 4.3 Short-term /EDT (%) .. 29.2 17.5 19.0 18.4 18.0 2(1 .3 19.6 17.6 189.21 Concessional /EDT(% . 14.5 12.6 12.3 13.0 12.9 12.4 13.3 13.9 14.0 Multilateral I EDT (%) .. 6.2 14.4 14.3 15.3 15.9 14.7 14.6 14.4 13.7 233 MODERATELY INDEBTED MIIDDLE-INCOMIE COUNTRIES (US$ million, unless otherwise indicated) Preliminar-v 1970 1980 1988 1989 1990 199] 1992 1993 1994 1995 S. LOWG-TERM EIBBT DEBT OUTSTANDING (LDOD) 13,623 103,668 265,809 276.896 308,367 329,283 349,505 374,157 406,988 424,543 Public and publicly guaranteed 10,822 88,214 248,441 258,780 285,293 301,587 315,359 337,283 366,138 376,444 Official creditors 8,191 35,248 100,229 104.342 124,741 137,619 142,662 162,925 182,733 192,735 Multilateral 1,559 9,292 47,576 50.109 59.317 65,342 66,040 69480 73.181 73.904 Concessional 1.089 2,759 5.897 6.059 7,202 7,927 7,986 8.539 9.647 Bilateral 6.632 25.957 52,653 54,233 65,424 72,278 76,621 93.445 109,552 118,831 Concessional 5,728 19.006 35.743 36,805 42,995 4 5,2)1 7 47,711 54.804 60,898 Private creditors 2,63 1 52.966 148.212 154.438 160.552 163.968 172.697 174.358 183,406 183,709 Bonds 228 3.239 11.481 16,100 38,306 44,222 53.581 65.686 74,145 Coimmercial banks 942 35.656 101,712 104,485 82,115 74.504 67.796 60.852 61,883 Other private 1,461 14.071 35.019 33.853 40,131 4 5.2)4 1 51.320 47,821 47,377 Private nonguaranteed 2,800 15.454 17.368 18,117 23,074 27,695 34,146 36,874 40,850 48,099 Bonds .1 6 136 53 1 1,011 2,143 3,616 Commerical banks ... . 18,101 22.938 27.164 33.1 36 34.731 37,233 Memo: IBRD 997 5.411 2-8,402 29,265 3 3.2 39 35.465 34,870 36,249 37.709 IDA 147 1.017 1,419 1.407 1.395 1.415 1,425 1.407 1,392 DISBURSEMENTS 3,105 26,545 37,514 39,575 49,366 49,359 54,677 48,235 44,446 51,141 Public and publicly guaranteed 2,167 20,391 34,500 35,611 41,444 42,294 42,905 39,398 32,829 36,276 Official creditors 1.368 5.691 12.338 11I.378 18,098 19,484 16,159 13.395 13.813 16,722 Multilateral 326 1.965 6,970 6.352 8.517 8,914 7,483 7.752 6,236 7,711 Concessional 1 27 306 5 17 400 677 964 685 780 876 Bilatarel 1,042 3.726 5.368 5.027 9.581 10.570 8,676 5.643 7,578 9,011 Concessional 85 8 2,624 3.321 3.525 5.182 4,464 4,436 3.72 1 4,676 Private creditors 799 14.701 22.162 24.233 23,346 22,810 26.747 26.003 19,015 19,554 Bonds 7 478 4.964 5,469 4,720 5,918 8.784 15.589 7,814 Commercial banks 364 9.616 10693 11,135 4,356 3.893 5.998 3,200 5,094 Other private 428 4.607 6.505 7,629 14.270 13.000 11.965 7,213 6,108 Private nonguaranteed 939 6.154 3,014 3,964 7,922 7.065 11,771 8,838 11,618 14,865 Bonds ... 1 6 12-0 393 488 1,152 1,595 Commerical banks ... . 3.948 7.802 6.672 11.284 7,686 10,023 Memo: IBRD 170 1.265 4.479 3,813 4.485 4.241 3.603 3.959 3,214 IDA 1 6 6 1 7 7 6 42 43 14 1 1 PRINCIPAL REPAYMENTS 1,108 9,986 25,978 24.677 29,836 31,902 28,878 32,832 34,738 39,873 Public and publicly guaranteed 686 6,907 23,214 21,990 27,236 28,153 23,467 26,210 26,675 32,256 Official creditors 3 27 1,594 5,943 6.090 6.734 7.381 8,772 9.933 12.045 13,545 Multilateral 140 386 3,026 3.074 3.668 4.005 5.012 5.493 6,964 7,149 Concessional 68 85 19(1 196 222) 245 397 342 341 Bilateral 188 1,208 2.916 3.017 3.066 3,375 3.760 4.4-40 5.081 6,396 Concessional 104 563 1.231 1.21 2 1.298 1,473 1.623 1.927 2.398 Prfivate creditors 359 5.3 13 17.272 15.900 20,502 20.772 14.696 16.277 14,629 18,711 Bonds 22 70 1.238 833 1,135 657 1.913 3.307 2,503 Coimmercial banks III 3.585 10.024 10.021 121,377 10,681 8.532 8.595 6,779 Other private 226 1.658 6.011 5.047 6.991 9.434 4.251 4.375 5,347 Private nonguaranteed 422 3.078 2.763 2,687 2,600 3,749 5.410 6,622 8,063 7,617 Bonds ... .0 0 0 0 1 6 ISO Commerical banks ... . 2,687 2,600 3.749 5.4 10 6,606 7,913 Memo: IBRD 57 260 2.007 2,113 2.521 1 2.791 3,207 3.280 4.212 IDA 0 4 14 18 2 1 25 2)8 32 35 NET FLOWS ON DEBT 1,997 16,560 11,536 14,898 19,530 17,457 25,799 15,404 9.708 11,268 Public and publicly guaranteed 1,480 13,484 11,286 13.621 14,208 14,142 19,438 13,188 6,154 4,020 Official creditors 1.041 4,096 6.395 5.288 11.364 12,104 7,387 3.462 1.768 3,177 Multilateral 187 1.579 3.944 3.278 4.849 4,909 2.471 2.259 -729 562 Conicessional 58 221 328 204 455 720 288 438 5 35 Bilateral 854 2.5 17 2.452 2.011) 6.515 7,1 95 4,916 1.203 2.497 2,615 Concessional 755 2.061 2.090 2.3 13 3.884 2,991 2,813 1.794 2.278 P'rivate creditors 440 9,388 4.891 8.333 2,844 2,038 12.051 9.726 4.386 843 Bonds -15 408 3.726 4.636 3.585 5,261 6,872 12.282 5.311 Comnmercial banks 2 52 6.031 669 1.114 -8.020 -6.789 -2.535 -5,395 -1,686 Other private 2(02 2.949 495 2.583 7,279 3.566 7.7 14 2.8 3 8 761 Private nonguaranteed 517 3.076 250 1,277 5,322 3,316 6,361 2,216 3,555 7,248 Bonds .... 1 6 120 393 488 1,136 1,445 Commerical banks ... . 1.261 5.202 2.923 5.873 1,080 2.110 Memo: IBRD 113 1.005 2.47 2 1.699 1.964 1.450 397 679 -999 IDA I16 57 -7 -1 1 -16 18 15 -18 -24 234 MODERATELY INDEBTED MIDDLE-INCON'ItE COUNTRIES (US$ ni//ion. wi/ess otherwvi,s e itidicaled) Preliminnarv 1970 1980) /98H 1989 /990 /991 1992 1993 /994 1995 INTEREST PAYNMENTS (LINT) 433 7,452 18,293 19.975 21,236 20,726 17,917 18,424 19.012 22,350 Public and publicly guaranteed 318 6,053 16,708 18,242 19.636 18,809 16,137 16,570 16.946 20,094 Official creditors 199 1.300 5,409 5.843 6.033 6,954 7 I 2 7.735 7.991 9.224 Muhtilater-al 75 665 3.547 3,650 4.117 4.5315 4,791 4.889 4.792 5.316 Concessionial 5 I 102 189 206 226 262 3010 3)17 3 521 Bilateral 12 4 636 1,862 2.,194 1.916 2,419 2.33)1 2.846 3 1 99 3,908 Conicessionlal 89 35 1 8 15 930 914 1.091 1.~189) 1.570 1,614 Private creditors 110 4.753 11,299 1 2.398 13.60)3 I11.856 9.014 8.835 8.955 10,870 Bonds 13I 1 87 55 3 935 1,260 2.631 2,945 3.269 3.985 Comimercial banks 57 3.705 8.206 9,165 9.906 6.471 4.620 4,007 3,091 Other private 49 861) 2.541 2,298 2.438 2.754 1,450 1.559 1.879 Private nonguaranteed 115 1.399 1.585 1,733 1.599 1.916 1.780 1,854 2,066 2,256 Bonds ...0 I 1 4 37 63 149 Comnierical baniks 1.733 1.598 1,91)2 1.744 1.790 1.917 Memo: IBRD 56, 442 2.3 12 2.293 2.496 2,683 2.739 21.729 2.835 IDA I 7 II 11 II II I II II 1 NET TRANSFERS ON DEBT 1,564 9.107 -6,757 -5.077 -1,706 -3.268 7.882 -3,020 -9,304 -11.082 Public and publicly guaranteed 1,162 7.431 -5.422 .4,621 -5,429 -4.668 3,301 -3,382 -10,792 -16,074 Official creditors 842' 2.796 987 -555 5.33 1 5.150 265 -4.273 .6,223 -6.047 Multilateral 112 914 397 -372 732 375 -2.,3 2(1 -2.629 - 5,520 -4,754 Coricessional 8 119 1 39 -2 229 457 -12 1 22 183 Bilateral 730 1.8 82 590 -184 4.599 4,7 76 2,585 -1.643 -703 -1,293 Concessional 666 1.710) 1.276 1.384 2.970 1.~901 1.624 224 664 Private creditors 3 20 4.635 -6.44)9 -4.066 -10.759 -9.818 3.037 891 -4.569 -10.027 Bonds -28 2 2-1 3.174 3.701 2.325 2.630 3.927 9.013 1,326 Commercial banks 1 95 2.32-6 -7.536 -8,151 -17.92-6 -13.260 -7,155 -9,401 -4,777 Other private 1 53 2.89 -2.1146 284 4,841 812 6.264 1.279 -1,118 Private nonguaranteed 402 1,677 -1.335 -456 3,723 1,400 4,581 362 1,488 4,992 Bonds .... 1 6 119 379 451 1.073 t12)96 Conminerical banks . ~ . . -472 3.6114 1.021 4.13(0 -711 192 Memo: IBRD 58 562 160 -593 -532 - 1.233 -2.342 -2.051 -3.834 IDA IS5 50 -19 -2-2 -26 7 4 -29 -34 DEBT SERVICE (LTDS) 1,541 17,438 44.271 44.652 51,072 52,628 46,795 51,255 53,750 62,223 Public and publicly guaranteed 1,005 12,960 39,922 40.232 46,873 46,962 39,604 42,779 43,621 52,350 Off'icialecreditors 526 2.895 11,351 11.934 12.767 14.334 15.894 17.668 20.036 22,769 Multilateral 2 15 1.051 6.573 6.723 7.785 8.540 9.803 10.381 11.756 12.465 Concessional 119 187 379 402 448 507 697 658 693 Bilateral 312 1.~844 4.778 5,210O 4.982 5.794 6.091 7.286 8.2')81 10,304 Concessional 192 914 2.046 2.141 2,1 2.564 2.812 3,497 4,0)11 Private creditors 478 1 0.065 28.571 28.299 34.1 05 32.628 23.711) 25.112 23,585 29.581 Bonds 34 2-58 1 .790 1.769 2.395 3,288 4.857 6.576 6.488 Commnercial banks 1 69 7.290 18.229 19 1 86 2 2.2 82 17.153 13,153 12.602 9.870 Other private 217 5 2.518 8.5.5) 7.345 9.429 1 2, 188 5.700 5.934 7.227 Private nonguaranteed 537 4.478 4,348 4,420 4.199 5.665 7,191 8,476 10,130 9.813 Bonds ...I. 1 4 37 79 299- Conmmerical banks ... . 4.420 4.198 5.65 1 7.154 8.396 9.83 1 Memo: IBRD 1 13 702- 4.3 19 4.406 5.017 5,474 5.946 6.1011 7.047 IDA I II 2 5 29q 32I 35 39 43 45 UNDISBLURSED DEBT 3,543 27,572 49,444 51.937 57,792 65,402 64,704 69,174 63,199 Official creditors 2.775 20.219 35.245 37,959 4 2.021 1 47.258 46.655 49,620 47,414 Private creditors 768 7.353 14,199 13,979 15.7 721 18.144 18.050 19,554 15,786 MIemorandum items Concessional LDOD 6.8)17 21.766 41.639 42,864 50.197 53.144 55.697 63.342 70.545 75.515S Variable rate LDOD 2,842 41.600 119.469 12'5.499 131,621 147.339 160.177 175.692 183.796 1 93,829 Plublic sector LDOD 10,580 80,381 228.773 23.9 2262 27.7 86,527 305.842 332.,154 Private sector LDOD 3.042 1 6,2 49 18.262 19.01 22 ,91I1 28,384 35,298 38.418 42.236 6. CURRENCY COMPOSITON OF LONG-TERM DEBT (PERCENT) Deutsche mark 7.6 6.8 8.7 10.2- 12.5 13.8 14.2 13.4 13.4 Frenich franc 5.6 7.8 3.8 3.8 4.) 3.7 3.6 2.9 2. 8 Japanese yen 2.8 6.9 15.2 13.6 13.4 14.6 14.8 15.9 16.5 Pound sterling 3.1 1.2 1.3 1.0 1.2 1.11 0.8 0.9 0.8 Swiss franc 1.4 1.7 2.3 2).2 2.3 1.8 1.5 1.4 1.4 U.S. dollars, 53.3 46.0 39.9 38.8 3 5.2 32).6, 33.5 35.0 35.1 Multiple currency I0. 14.7 15.7 16.1 17.0 17.3 16.6 16. 3 15.8 Special drawing rights 0.0 0.11 0.0 .011) 0.0 11.0 10Of All other currencies 15.2 6.9 5.5 6.3 6.7 6.8 6.2 5.4 5.2) 235 MODERATELY INDEBTED MIDDLE-INCOME COUNTRIES (US$ inillion, unless otherwise itidicated) Preliminaryv 1970 1980 1988 1989 /990 /99/ /992 1993 1994 1995 7. DEBT RESTRUCTWRINGS Total amount rescheduled .. 8.777 2.675 27,169 2,892 5,695 15,187 8,319 Debt stock rescheduled .. .. 3.646 0 24,918 783 2,385 254 506 Principal rescheduled .. .. 4.468 2,134 1,655 1.546 1,578 9,535 5.318 Official .. .. 1.733 511 791 857 1,212 506 334 Private .. .. 2.735 1,623 864 690 365 9.029 4,984 Interest rescheduled .. .. 446 501 559 522 472 4,460 2,237 7 Official .. .. 341 323 449 459 410 469 753 Private ., .. 105 178 110 63 62 3,992 1,484 Principal forgiven .. .. 94 10 25 2,695 23 62 4 Memo: interest forgiven .. .. 0 0 1 97 0 0 180 Debt stock reduction ., .. 4.062 3,952 5,265 1,812 2,766 336 309 of whichdebtbuyback ., . 164 0 1,355 377 1,175 0 68 S. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. . . 20,085 37,412 24,433 37,244 28,061 30,218 Net flows on debt .. .. .. 23,620 20,540 20,665 43,589 22,788 4,645 Net change in interest arrears .. .. .. 400 4,410 243 -457 -1.250 2,074 Interest capitalized .. .. .. 501 559 522 472 4,460 2,237 Debt forgiveness or reduction .. .. .. -3,963 -3,935 -4.130 -1.615 -398 -245 Cross-currency valuation .. -5,036 12,738 2,110 -7.858 1,127 18,622 Residual .. 4.563 3,101 5,024 3,112 1,334 2,886 9. AVERAGE TERMS OF NEW COMIUTMENTS ALL CREDITORS Interest (%) 5 9.4 7 7.6 7.6 6.9 6.5 5.8 6 Maturity (years) 20.7 14.8 14.3 13.4 18.2 14.1 11.6 12.9 14.9 Grace period (years) 5.1 4.7 5.3 4.8 5.7 4.7 4 5.1 5.5 Grant element (t) 32.8 6.8 17.3 14 14.5 16.7 16.1 21.2 22.7 Official creditors Interest () 3.9 6.3 5.6 6.1 6.4 6.1 5.9 5.3 5.7 Maturity (years) 26.5 20.7 20.1 19.8 17.7 17.1 17.7 20.5 20.4 Grace period (years) 6.4 6.1 6.3 6 6.1 5.4 5.4 6 6.2 Grant element (as%) 43.7 26.9 30 26.3 22.6 24.1 24.8 31.5 29 Private creditors Interest (%) 7.1 11.6 8 8.7 8.6 7.8 6.9 6.2 6.4 Maturity (years) 9.6 10.7 10 8.9 18.6 11 7.3 7.6 8.7 Grace period (years) 2.6 3.7 4.6 3.9 5.4 3.9 3 4.4 4.7 Grant element (%t) 12.1 -7.6 7.9 5.2 6.9 9 10 14.2 15.6 Memorandum items Commitments 2.614 22.231 35,254 38,322 44,839 47,956 41.516 39.676 23.804 Official creditors 1.709 9,257 14.845 15,806 21,707 24,333 17,279 16,177 12,679 Private creditors 905 12.974 20,409 22.516 23,132 23,623 24,237 23,499 1 1,126 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (Ccurretit prices, US$ bilionot 45 40 35 30 25 20 .............. 15 10 1981 1983 1985 1987 1989 1991 1993 1995 * Grants D Official loans WI Foreign direct investment E Private loans El Portfolio equity flows 236 OTHER DEVELOPING COUNTRIES (US$ million, unless otherwise indicated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 ' }HIM l'g'S is 4t TOTAL DEBT STOCKS (EDT) .. 143,674 230,349 228,832 244,509 270,878 296,406 344,307 406,082 462,037 Long-tertn debt (LDOD) 6,526 91,141 164,107 161,761 175,128 192,198 206,294 235,974 286,946 328,381 Public and publicly guaranteed 4,832 73,774 147,326 145,411 155,858 169,002 178,343 204,979 244,642 267.085 Private nonguaranteed 1,695 17,367 16,780 16,350 19,270 23,196 27,951 30,995 42,304 61,296 Use of IMF credit 85 2,734 3,919 2,641 1,799 3,411 3,805 5,152 5,585 7,074 Short-term debt .. 49,800 62,324 64,430 67,583 75,269 86,306 103,181 113,551 126,583 of whichinterestarrearson LDOD . 1 984 1,111 931 913 419 991 1,892 2.984 Official creditors . 1 209 209 355 329 347 369 848 Private creditors . 0 775 901 575 584 72 622 1,044 Memo: principal arrears on LDOD . 7 2.939 3,145 2.868 3,228 1,743 3.603 7,691 10,372 Official creditors . 4 419 443 875 1,214 1,418 2,019 3,457 Private creditors 3 2,520 2,703 1,993 2,014 325 1,584 4,234 Memo: export credits 41,053 40,135 50,207 51,857 54,050 61.926 80,119 TOTAL DEBT FLOWS Disbursements 1,676 25,929 25,441 26,641 29,553 35,889 43,871 52,593 61,465 71,037 Long-term debt 1.657 24,474 24,891 26,459 29.296 33,628 42.761 50,979 59,900 69,016 IMFpurchases 19 1.455 550 183 257 2,261 1.110 1,614 1,564 2.021 Principal repayments 1,020 8,299 30,213 23,536 24,460 20,436 24,000 31,225 32,653 30,658 Long-tern debt 909 7,908 28,154 22.196 23.191 19.708 23,430 30,984 31,195 29,927 IMFrepurchases Ill 392 2,059 1.340 1.269 729 570 241 1,458 731 Net flows on debt 1,905 32,422 -2,908 5,092 8,426 23,157 31,403 40,503 49,180 52,319 of which short-term debt 1,864 1.986 3,333 7,704 11,531 19,134 20,368 11,940 Interest payments (INT) .. 12,406 16,438 17,081 17,684 18,331 18,135 18,098 20,398 25,745 LIong-term debt 300 6,859 11,047 11,252 11,658 12,024 11,930 11,225 13,140 18,166 IMFcharges 0 106 385 280 214 205 236 214 225 327 Short-term debt 5,442 5,006 5.549 5,811 6,103 5.969 6,659 7,033 7,252 Net transfers on debt .. 20,015 -19,346 -11,989 -9,257 4,826 13,268 22,405 28,782 26,574 Total debt service (TDS) 20,706 46,651 40,617 42,143 38,767 42,135 49,322 53,051 56,403 Long-term debt 1, 209 14,766 39,201 33.449 34,849 31,732 35.360 42,209 44,336 48,093 IMF repurchases and charges II] 497 2,444 1.619 1.483 933 806 454 1,683 1,058 Short-term debt (interest only) 5,442 5,006 5,549 5,811 6,103 5.969 6,659 7,033 7,252 Total debt service due . 37,389 37,072 33,453 36,365 45,533 51,037 60,176 NET RESOURCE FLOWS 1,924 15,392 7,073 17,492 22,528 32,398 51,416 81,323 87,719 105,691 Net flow of long-term debt (ex. IMF) 749 16.566 -3,263 4.263 6.105 13,921 19.331 19,995 28.705 39,089 Foreign direct investment (net) 895 -2.778 7,275 8,902 12,144 13,782 21.745 39,422 45,073 52.612 Portfolio equity flows 0 0 487 1.622 1,259 1,039 4,803 15,268 7,795 7.754 Grants (excluding technical coop.) 281 1,604 2,574 2.706 3.020 3.656 5,536 6,638 6,146 6.236 Memo: technical coop. grants 255 1,115 2,714 2,686 3,096 3,509 4,348 4,985 4,340 3.690 NET TRANSFERS -1,369 -3,679 -7,912 -408 3,562 13,484 31,201 61,231 64,947 77,246 Interestonlong-termdebt 300 6,859 11,047 11,252 11,658 12,024 11,930 11.225 13,140 18,166 ProfitremittancesonFDI 2.993 12.213 3,938 6,647 7,308 6,889 8,285 8.867 9,631 10,279 Gross national product (GNP) 190,694 880,789 1.392,961 1.542,660 1,693.291 1,735.069 1.773.321 1,750,715 1,872,333 2,002,437 Exportsofgoods&services(XGS) 29,843 319,533 327,576 362,231 419,728 427,386 499,397 527.286 594,233 721.703 of which workers' remittances 297 5.330 5,762 7,448 11,152 4,236 2,887 2.639 2,474 2,732 Importsofgoods&services(MGS) 32.276 277,005 317,116 364,072 417,153 463,304 528,300 552,920 605,278 722,189 Intemational reserves (RES) 6,951 108,864 106,428 114,152 127,511 147,172 127,241 148,878 198,084 Current account balance -2,440 33,401 6.282 -5 838 -7,872 -50,200 -40,086 -48,883 -28.650 -7,448 :1 *~ 1% § e ¢ ts ¢ g s;¢;S->I.¢tEt 3¢ 0> S (< > S }>¢g R } z ? Rs EDT / XGS(%) . 45.0 70.3 63.2 58.3 63.4 59.4 65.3 68.3 64.0 EDT/GNP(%) 16.3 16.5 14.8 14.4 15.6 16.7 19.7 21.7 23.1 TDS/XGS(%) . 6.5 14.2 11.2 10.0 9.1 84 94 8.9 7.8 INT/XGS(%) .. 3.9 5.0 4.7 4.2 4.3 3.6 34 3.4 3.6 INT/GNP(%) .. 1.4 1.2 1.1 1.0 1.I 1.0 1.0 1.1 1.3 RES /EDT(%) . 75.8 46.2 49.9 52.1 54.3 42.9 43.2 48.8 RES / MGS (months) 2.6 4.7 4.0 3.8 3.7 3.8 2.9 3.2 3.9 Short-term/EDT(%) .. 34.7 27.1 28.2 27.6 27.8 29.1 30.0 28.0 27.4 Concessional / EDT (%) . 8.8 12.9 13.8 15.2 14.8 13.8 13.2 12.7 12.2 Multilateral / EDT (%) 6.4 10.8 10.7 11.2 10.8 10.3 10.0 9.9 9.5 237 OTHER DEVELOPING COUNTRIES (US$ million, unless otherwise indicated) Prelimnman, 1970 7980 1988 7989 1990 199] 1992 1993 1994 1 979 5 DEBT OU TSTANDING (LDOD) 6,526 91,141 164,1 07 161,761 175,128 192,198 206,294 235,974 286,946 328,381 Public and publicly guaranteed 4.832 73,774 147.326 145,411 155,858 169,002 178,343 204,979 244,642 267,085 Official creditors 2.795 27,338 61.594 61,902 68,410 72,812 75,407 91,295 103.189 110.650 Multilateral 878 9,191 24,966 24.389 27.306 29,345 30.622 34.525 40,274 43,818 Concessional 759 1.794 6.073 6,841 8.187 9,434 10,437 12,049 14,128 Bilateral 1,917 18,148 36.628 37,514 41,105 43,467 44,785 56.769 62,915 66,832 Concessional 1,468 10,868 23,599 24.821 28,888 30,768 30.492 33.532 37,539 Private creditors 2,037 46.436 85.732 83.508 87,447 96,190 102,937 113,684 141,453 156.435 Bonds 23! 6,899 18,352 17,636 17,712 19,293 20,044 23,943 30,734 Commercial banks 138 2 0.2 26 45,926 42,865 41.616 45,578 47,438 47,851 52,325 Other private 1.667 19.311 21.455 23.008 28,119 31,319 35,454 41,891 58,395 Private nonguaranteed 1,695 17,367 16,780 16,350 19,270 23,196 27,951 30,995 42,304 61,296 Bonds ... 113 530 1,786 3,439 7,145 15,016 Commerical banks ... . 16.237 18.741 21,410 24,512 23,849 27.289 Memo: IBRD 718 6,439 14,798 1 3.335 13.9721 14,209 13.589 14.744 16,975 IDA 7 1 466 3.193 3,754 4,690 5,607 6,340 7,437 8,709- DISBURSEMENTS 1,657 24,474 24,891 26,459 29,296 33,628 42,761 50,979 59,900 69,016 Public and publicly guaranteed 918 18,782 21,224 20,546 22,437 26,341 34,224 41,282 41,546 44.063 Official creditors 506 4,886 6,207 7,408 7.863 7.799 9,977 43.348 11.952 13.275 Multilateral 131 1.719 3.016 3.014 3.020 3,977 4,943 5,601 6,292 6,295 Concessional 7!1 245 950 965 1,016 1,323 1,482 1.741 1.706 Bilatarel 374 3,167 3,191 4.394 4.844 3.822 5.034 7.746 5.661 6,980 Concessional 285 858 1.941 3.437 3,835 2.187 1,718 2,908 3,186 Private creditors 413 13,896 15.017 13,137 14.574 18,543 24.246 27.935 29.594 30,788 Bonds 6 1,752 1,791 1.280 1.772 2.407 2,850 7.963 7,978 Commnercial banks 64 6.218 8.806 5.280 4,944 8,551 8,184 8.175 9,452 Other private 343 5,926 4,420 6,578 7,858 7.585 13.213 11.797 12.164 Private nonguaranteed 739 5,693 3,667 5,9 13 6,859 7,287 8,538 9,697 18,354 24,953 Bonds ..Ill 410 1,244 1,669 3.683 8.000 Commerical banks 5.802 6.449 6.043 6,869 6.0 14 10.354 Memo: IBRD 101 1.155 1.557 1.80 1,483 1,585 1,741 2.236 3,119 IDA 6 49 654 611 67! 870 961 1.106 954 PRINCIPAL REPAYMENTS 909 7,908 28,154 22,196 23,191 19,708 23,430 30,984 31,195 29,927 Public and publicly guaranteed 542 4,795 24,199 18,258 18,718 15,582 19,369 23,491 24,129 23,961 Official creditors 172 1.387 7.636 5.842 5.280 5.10! 6,006 4,873 5,969 6,439 Multilateral 39 405 4,336 3,140 2,489 2,394 2,691 2.448 2.837 2.810 Concessional 33 72 162 148 161 178 181 175 198 Bilateral 133 981 3.299 2.702 2,791 2,707 3,316 2.426 3.132 3.62 9 Concessional 47 25! 741 766 1,032 1,335 1,460 1.347 1.652 Private credi tors 370 3,408 16,563 12.416 13.438 10.481 13,363 18,618 18,160 17,522 Bonds 5 1 23 2.748 1.146 3.178 1,179 1,823 4,651 2,521 Commercial banks 26 1,398 8,643 6,404 5,887 4,778 5,001 7.482 6.492 Other private 294 1.987 5,172 4.867 4.373 4.524 6,539 6.485 9.146 Prvate nonguaranteed 366 3,113 3,955 3,938 4,473 4,125 4,061 7,493 7.067 5,966 Bonds ..-0 0 0 0 0 300 Commerical banks ..3.938 4.473 4.125 4,061 7,493 6,767 Memo: IBRD 35 311 3,913 2.374 1,821 1.618 1.949 1.398 1.942 IDA 0 2 7 8 1 1 1 4 1 8 22 28 NET FLOWS ON DEBT 749 16,566 -3,263 4,263 6,105 13,921 19,331 19,995 28,705 39,089 Public and publicly guaranteed 376 13,987 -2,975 2,288 3,719 10,759 14,854 17,791 17,417 20,102 Official creditors 334 3.499 -1,428 1.566 2,584 2,698 3,971 8.474 5.984 6.836 Multilateral 92 1,313 -1.320 -126 531 1,583 2,253 3.154 3.455 3,485 Concessional 38 173 788 818 855 1,145 1,301 1,565 1,508 Bilateral 242 2.186 -108 1,692 2,052 1,115 1,718 5,321 2.529 3.35 1 Concessional 238 607 1,200 2,674 2.804 852 258 1,561 1.534 Private creditors 42 10.488 -1,546 721 1.135 8.061 10,883 9,317 11,434 13,266 Bonds -45 4.730 -957 1 35 -1.407 1,228 1,027 3.3412 5.457 Commercial banks 39 4,820 463 -1.125 -943 3.773 3.183 693 2,959 Other private 48 3.938 -752 1.711 3.485 3,061 6,674 5,3 12 3,018 Private nonguaranteed 373 2,580 -288 1,975 2,386 3,162 4,477 2,204 11,288 18,987 Bonds ...III 410 1.244 1.669 3.683 7.700 Commerical banks ... . 1,864 1.976 1.918 2,808 -1,479 3,587 Memo: IBRD 66 844 -2,355 -994 -338 -33 -208 838 1,177 IDA 6 47 646 603 660 856 943 1,085 926 238 OTHER DEVELOPING COUNTRIES (US$ million, unless otherwise inidicated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1993 1994- 1995 INTEREST PAYMENTS (LINT) 300 6,859 11,047 11,252 11,658 12,024 11,930 11,225 13,140 18,166 Public and publicly guaranteed 230 5,301 9,433 10,109 10,125 10,024 9,807 9,251 11,033 14,991 Official creditors 108 1,341 3,256 2,981 3,292 3,168 3,219 3,272 3,795 4,582 Multilateral 46 656 1,918 1,552 1,598 1.619 1,624 1,637 1,829 2.179 Concessional 38 65 97 91 100 115 125 136 164 Bilateral 62 685 1,338 1,429 1.694 1.550 1,595 1,635 1,966 2.403 Concessional 36 220 566 670 775 947 1,025 1.101 1,164 Private creditors 122 3,961 6,177 7,128 6,834 6,856 6,588 5.979 7.238 10,409 Bonds 15 587 1,418 1,427 1.362 1,319 1,326 1,309 1.523 Commercial banks 8 1.838 2,954 3,805 3.489 3,362 2,882 2,501 2,878 Other private 99 1,536 1,805 1.897 1.983 2.175 2,380 2,169 2,837 Private nonguaranteed 70 1,557 1,614 1,143 1,533 2,000 2,124 1,974 2,108 3,175 Bonds ... .0 6 30 62 146 317 Commerical banks ... . 1,143 1.526 1.970 2,062 1,828 1,791 Memo: IBRD 41 516 1,472 1,107 1.073 1.061 994 948 1.056 IDA I 3 28 24 30 36 43 51 59 NET TRANSFERS ON DEBT 449 9,708 -14,310 -6,990 -5,553 1,897 7,401 8,770 15,565 20,923 Public and publicly guaranteed 146 8,686 -12,407 -7,822 -6,407 735 5,048 8,540 6,385 5,111 Official creditors 226 2.158 -4,684 -1,414 -708 -471 752 5,202 2,189 2,254 Multilateral 47 657 -3,238 -1,678 -1,067 -35 629 1,517 1,626 1,306 Concessional 0 107 691 72-6 756 1,030 1,176 1,430 1,344 Bilateral 179 1.501 -1,447 263 359 -435 123 3,686 563 948 Concessional 203 387 634 2.001 2.029 -95 -767 460 370 Private creditors -80 6.527 -7.723 -6.407 -5.698 1,205 4.295 3,338 4,196 2,857 Bonds -60 1.143 -2.375 -1,292 -2,768 -91 -299 2,003 3,934 Commercial banks 31 2. 982 -2.791 -4.930 -4.432 410 301 -1,809 82 OLher private -51 2.402 -2,558 -186 1.502 886 4,293 3,144 180 Private nonguaranteed 302 1.022 -1,902 832 854 1,162 2,354 230 9,180 15,812 Bonds .... III 404 1,215 1.607 3.537 7,384 Commerical banks ... . 72 0 450 -53 746 -3,307 1,796 Memo: IBRD 25 328 -3,828 -2,102 -1,410 -1,093 -1.202 -110 120 IDA 5 44 618 578 630 820 900 1.034 867 DEBT SERVICE (LTDS) 1,209 14,766 39,201 33,449 34,849 31,732 35,360 42,209 44,336 48,093 P'ublic and publicly guaranteed 772 10,096 33,631 28,367 28,844 25,607 29,176 32,742 35,162 38,952 Official creditors 280 2,727 10,891 8,823 8,572 8,269 9.225 8.145 9.764 11,021 Multilateral 85 1,061 6,254 4.692 4,087 4.013 4,314 4.085 4.666 4,989 Concessional 71 137 259 239 261 293 306 311 362 Bilateral 195 1,666 4,637 4,131 4,485 4,257 4,911 4.061 5.098 6.032 Concessional 82 471 1,307 1,436 1,806 2,282 2,485 2,448 2,816 Private creditors 492 7,369 22,740 19.545 20,272 17.337 19,951 24.597 25,398 27.931 Bonds 65 609 4,166 2,572 4,540 2.498 3,149 5,960 4.044 Commercial banks 34 3.236 11,597 10,209 9,376 8.140 7,883 9.983 9,370 Other private 393 3.524 6,978 6,763 6,357 6.699 8,919 8.653 11,984 Private nonguaranteed 437 4,670 5,569 5,081 6,006 6,125 6,184 9,467 9,174 9,141 Bonds ... .0 6 30 62 146 617 Commerical banks ... . 5,081 5,999 6,096 6,122 9,321 8.558 Memo: IBRD 76 827 5,385 3.481 2,894 2.678 2,943 2,345 2,999 IDA I 5 35 32 41 49 61 72 88 UNDISBURSED DEBT 2.421 23,937 30,065 27,613 28,976 32,580 39,562 48,345 50,888 Official creditors 1,747 15.947 21,028 18.956 20,507 23,953 29.078 35,135 39,603 Private creditors 674 7.989 9.037 8.657 8,469 8,627 10.484 13,210 11,284 Memorandum items Concessional LDOD 2.227 12.661 29,672 31.662 37.075 40,202 40.929 45,581 51,667 56,564 Variable rate LDOD 1.778 35,481 63.197 62.463 63,980 70,358 76.252 93,062 120.623 145,763 Public sector LDOD 3,583 45.140 122,602 119.806 129,634 139,240 148,643 178.232 214,959 Private sector LDOD 2,943 24,338 19,440 19.114 22,744 27,869 33,455 35.651I 46,447 Deutsche mark 9.2 4.2 4.1 4.5 5.5 5.2 5.0 4.4 4.8 French franc 2.0 2.3 2. 4 2.2 2.5 2.3 2.0 1.7 1.5 Japanese y'ei 3.0 7.8 22.6 20.1 20.8 20.9 19.6 19.6 19.6 Pound sterling 9.5 1.5 1.1 1.0 1.0 1.0 0.8 0.8 0.7 Swiss franc 0.4 0.9 1.8 1.4 1.6 1.2 1.0 0.9 0.7 U.S. dollars 51.6 35.2 27.2 28.0 26.4 29.1 33.9 37.3 39.6 Multiple currencv 17.0 14.6 21.9 22.7 23.0 21.0 19.9 18.6 18.1 Special drawing rights 0.0 0.0 0.2 0.2 0.2 0.2 0.2 0.2 0.2 All other currencies 7.3 4.1 3.8 4.3 4.6 4.2 4.1 5.8 5.1 239 OTHER DEVELOPING COUNTRIES (US$ mnillioni, unless othenvise indicated) Preliminarv 1970 1980 1988 1989 1990 /99/ /992 1993 1994 1995 7. DE X RIUCTN GS Total amount rescheduled .. 7,948 2.455 1,068 447 217 8,838 11,641 Debt stock rescheduled .. 6.812 445 476 0 15 2,956 10,900 Principal rescheduled 996 1.756 351 325 174 246 26 Official .. 274 353 128 169 39 205 0 Private .. .. 721 1,403 223 156 135 41 26 Interest rescheduled .. 141 230 202 97 24 189 3 Official .. '134 165 58 89 11 183 0 Private .. .. 8 65 144 9 14 6 3 Principal forgiven ., 3 373 42 72 49 512 129 Memo: interest forgiven .. 0 1 187 3 2 2 0 Debt stock reduction .. 468 685 2,599 554 33 57 0 of which debt buyback .. 64 365 993 327 0 0 0 t DEBT STOCK-FOW RECONCILIATION Total change in debt stocks .. .. -1,518 15,678 26,369 25,528 47.902 61.775 Net flows on debt .. .. 5.092 8,426 23,157 31,403 40.503 49,180 Net change in interest arrears .. .. 127 -180 -18 -494 572 902 Interest capitalized .. .. .. 230 202 97 24 189 3 Debt forgiveness or reduction .. .. .. -693 -1,648 -299 -82 -569 -129 Cross-currency valuation .. .. .. -5,373 6.619 2,350 -2.948 3.611 6.836 Residual .. .. .. -901 2.259 1,081 -2.375 3.597 4.983 9. AVERAGE TERMS OF MEW COMMITMENtS ALL CREDITORS Interest (%) 5.4 10.7 6.4 7.2 7.1 6.5 6.3 5.3 5.9 Maturity (years) 21 13.9 16.4 16.3 17.1 15 14.1 13.9 15 Grace period (years) 6.5 4.2 4.7 4.5 4.9 4.6 4 4.2 4.9 Grant element (%c) 32.3 1.4 21.6 17 18.9 20.3 18.9 23.6 22.9 Official creditors Interest (%) 4.5 6.6 4.9 5.5 4.8 5.4 5.6 4.6 5.4 Maturity (years) 25.8 20.7 24.9 23.8 25 21 17.8 19.1 20 Grace period (years) 7.9 6.1 6.9 6.4 7.3 6.2 5.2 5.2 5.6 Grant element (%) 41.6 24.8 38.1 32.8 39.7 32.6 26.4 33.6 30.4 Private creditors Interest (%) 6.8 13.5 7.4 8.2 8.5 7.4 6.8 5.7 6.2 Maturity (years) 12.5 9.3 10.8 11.8 12.3 10.3 11.5 10.5 11.7 Grace period (years) 4.3 2.9 3.3 3.4 3.4 3.4 3.2 3.6 4.4 Grant element (0k) 16.1 -14.6 11.1 7.5 6.1 10.5 13.6 17.1 18 Memorandum items Commitments 1,463 18.474 20.960 16,590 22,425 25.309 38.280 49,035 40,232 Official creditors 929 7.497 8,205 6,262 8,538 11.139 15,919 19,325 15,924 Private creditors 534 10.977 12.755 10,329 13,887 14,170 22,361 29,710 24,309 11 GRAPH OF AGGREGATE NET RESOURCE FLOWS (cuirrent prices. US$ billion) 100 80 60 40 20 LaLI ........ . ..... . ..............~ ~ ... ............ 0~ 1981 1983 1985 1987 1989 1991 1993 1995 U Grants 0 Official loans n Foreign direct investment H Private loans N Portfolio equity flows 240 LOW-INCOME COUNTRIES (US$ million, unless otherwise indicated) Prelimintarv 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 ..4~~.:,.i tcis.uarwu''a TOTAL DEBT STOCKS (EDT) .. 125,288 345,027 391,022 425,002 444,532 461,242 489,216 534,464 554,908 Long-term debt (LDOD) 19,070 102,157 288,951 333,551 363,699 380,425 392,036 416,596 455,484 474,895 Plublic and publicly guaranteed 18,637 96,801 281,291 325,700 355.777 372.513 384,816 408.550 447,741 464.182 Private nonguaranteed 433 5,356 7.660 7.851 7.922 7.913 7_2 20 8,046 7,743 10.713 UseoflIMF credit 307 6,214 12,698 11,213 11,911 12,701 14.145 14,359 15,322 13.046 Short-term debt .. 16,917 43,378 46,259 49,392 51,406 55,061 58,261 63.658 66,967 of which interest arrears on LDOD 655 10,190 13,542 14,610 14,189 16,899 20,576 23.768 24,420 Official creditors .. 55 1 7,539 10,450 10.345 10,474 13,110 16,026 18.759 Private creditors .. 104 2,650 3.092 4.265 3,715 3,789 4.550 5,009 Memo: principal an-ears on LDOD .. 1,355 22,535 23.396 26.575 28,147 34,859 40.122 47,747 54.927 Official creditors .. 651 14.267 15,201 15,473 18.284 24.717 29,081I 35,771 Private creditors .. 705 8.268 8,195 11,102 9,863 10,141 11,041 11.976 Memo: export credits ..73.850 80,824 82,468 86.597 89.756 81,729 93.063 TOTAL DEBT FLOWS Disbursements 3,011 24,867 36,005 34,128 34,824 33.381 40,610 41,628 40,829 42,645 Long-term debt 2,950 21.848 34.680 32,536 32.157 30.775 37.916 40,536 39.090 40.896 IMF purchases 62 3,019 1.325 1.593 2,667 2,606 2.694 1,092 1.739 1,749 Principal repayments 1,457 5,808 14,111 13,731 16,302 16,254 17,869 18,399 21,281 27,481 Long-term debt 1,116 4.943 10,965 10,894 13.542 14,344 16,658 17.480 19,461 23,095 IMF repurchases 341 865 3,146 2.837 2,760 1.911 1,211 920 1,821 4.386 Net flows on debt 3,153 22,325 25,180 20,123 20,932 19.732 23,687 22,802 22,124 18,641 of which short-term debt ... 3.285 -274 2,410 2.606 946 -427 2,577 3.477 Interest payments (INT) .. 5,890 11,900 14,332 16,011 15,922 14,710 14,000 16,795 18,880 Long-term debt 5 23 3,961 9.039 11,208 12,627 12,675 12,001 11.241 13,804 15,896 IMF charges 0 191 649 669 602 539 532 525 430 411 Short-term debt 1.738 2,212 2.456 2.781 2.708 2,176 2.234 2,562 2.573 Net transfers on debt .. 16,434 13,280 5,791 4,921 3,811 8,977 8,802 5,329 -239 Total debt service (TDS) .. 11,698 26,011 28,064 32,313 32,176 32,579 32,399 38,077 46,361 Long-termndebt 1,639 8,904 20.004 22,102 26,170 27.019 28.659 28,721 33,264 38.991 IMF repurchases and charges 341 1.056 3.795 3,506 3,362 2.449 1.743 1,444 2.251 4.797 Short-termn debt (rinterest only) .. 1.738 2.212 2,456 2,781 2,708 2.176 2.234 2.562 2,573 Total debt service due ... . 40,052 44,780 42,314 44,416 41,943 51,346 54,193 NET RESOURCE FLOWS 3,234 24,961 42,680 43,389 44,615 45,356 55,264 74,359 89,025 83,177 Net flow of long-termn debt (ex. IMF) 1.834 16,905 23,715 21,641 18,615 16,431 21,258 23.057 19.629 17,802 Foreign direct investment (net) 196 659 5,403 7,353 5.538 6,737 14,024 3 1.775 39,385 42.596 Portfolio equity flows 0 0 56 168 105 686 1,574 4,368 11,089 3.018 Grants (excluding technical coop.) 1,205 7.397 13,506 14.227 20.357 21.503 18,408 15,159 18,922 19.762 Memo: technical coop. grants 1,030 4,080 7.621 7.676 8,900 9,223 9.848 9.722 8.830 8.199 NET TRANSFERS 1,908 18,342 32,412 31,471 30,984 31,884 42.368 61,890 73,796 65,630 Interest on long-ternm debt 523 3.961 9,039 11,208 12,627 12,675 12,001 11.241 13.804 15,896 Profit remittances on FD1 803 2,658 1,229 711 1.003 797 895 1.228 1,426 1,652 Gross national product (GNP) 223.818 6.45.795 900,189 934,488 979.185 974,065 1,002.108 1,006.933 1,137.404 1.340.538 Exports of goods & services (XGS) 16.608 115,206 130,188 140,667 166.308 176,748 196,400 206.863 250,251 306.829 of which workers' remittances 390 12.215 10.783 10.891 11,539 11.602 13.489 13,645 15,434 15,908 Imports of goods &services (MGS) 19,750 130,396 164,890 173.857 183.313 194,386 215,459 247,937 271,672 319.831 Intemnational reserves (RES) 3,805 43,062 45.020 47,968 56,496 77,337 58.210 70.817 115.895 Current account balance -2,361 -13.408 -25,636 -23.181 -6.128 944 -3,358 -26.644 -7.283 6.703 ,, ...,. .~.... EDT / XGS %). 108.8 265.0 278.0 255.6 251.5 234.8 236.5 213.6 180.9 EDT /GNP% .. 19.4 38.3 41.8 43.4 45.6 46.0 48.6 47.0 41.4 TDS /XGS(% . 10.2 20.0 20.0 19.4 18.2 16.6 15.7 15.2 15.1 INT /XGS (%) .. 5.1 9.1 10.2 9.6 9.0 7.5 6.8 6.7 6.2 INT /GNP( .. 0.9 1.3 1.5 1.6 1.6 1.5 1.4 1.5 1.4 RES /EDT% .. 34.4 13.0 12.3 13.3 17.4 12.6 14.5 21.7 RES /MGS (months) 2.3 4.0 3.3 3.3 3.7 4.8 3.2 3.4 5.1 Short-term /EDT (%) - 13.5 12.6 11.8 11.6 1 1.6 11.9 11.9 11.9 12.1 Concessional /EDT( .. 44.4 37.9 42.3 43.1 44.0 44.4 44.2 44.3 44.5 Multilateral / EDT (% . 16.7 20.7 20.1I 21 . 1 22.3 2-3.0 23.7 24.7 25.3 241 LOW-INCOME COUNTRIES US$ million, unless otherwvise indicated) Preliminarv 1970 1980 1988 1989 1990 199/ 1992 1993 1994 1995 S. LONG-TERM DEST DEBT OUTSTANDING (LDOD) 19,070 102,157 288,951 333,551 363,699 380,425 392,036 416,596 455,484 474,895 P'ublic and publicly guaranteed 18,637 96,801 281,291 325,700 355,777 372,513 384,816 408,550 447,741 464,182 :Jfficial creditors 16.166 71,666 200,817 241,219 262.852 280.199 291,505 308.082 338,257 351.616 Multilateral 3.173 20,886 7 1,3 12) 78,490 89.853 99.268 105.944 115.843 132,169 140.131 Concessional 2.715 15,544 47,857 52,270 59.410 65,809 70,701 77.083 88.438 Bilateral 12.993 50.779 129,505 162,729 172,999 180,932 185.561 192,240 206.089 211,485 Concessional 11,515 40,140 82.996 113,217 123.847 129,733 133.948 139.128 148.482 Private creditors 2,471 25,1 35 80.474 84,481 92,925 92,314 93.311 100.468 109,484 112.566 Bonds 368 831 7.55 1 8,171 8.675 10,892 12.594 14.787 18.256 Commercial banks 239 11.485 40.357 43,002 47.933 47,898 45.752 50.233 5 1.307 Other private 1.864 12.819 32.566 33,309 36,318 33,524 34.966 35.447 39,920 Private nonguaranteed 433 5.356 7,660 7,851 7,922 7,913 7,220 8,046 7,743 10,713 Bonds 0 0 0 200 1,350 1.786 Commerical banks ..7.851 7,922 7,913 7,020 6.696 5.957 Memo: IBRD 1.492 4.370 19.044 20.784 23,583 24.982 25,381 26,920 29.765 IDA 1,583 10.387 33.967 37.086 42.762 47,333 51,142 55,775 63.798 DISBURSEMENTS 2,950 21,848 34,680 32,536 32,157 30,775 37,916 40,536 39,090 40,896 Public and publicly guaranteed 2,812 20.166 33,550 31.488 31,274 29,915 36,865 38,627 38,160 37,030 Official creditors 2,172 10.977 18.381 18.731 18.979 19.114 18.998 2-0,959 20,817 20.564 Multilateral 376 3.629 9.703 9.761 10.826 11.772 11.903 12,623 13,580 12,771 Concessional 232 2.447 5,333 5.197 6.205 6.647 7.240 6,926 8,350 Bilatarel 1,796 7.348 8.678 8.970 8.153 7.342 7.095 8,335 7,237 7,793 Concessional 1,511 5,341 7.187 7.055 6.249 5.339 4.781 5,015 5,352 Private creditors 640 9,188 15,169 12.~7 57 12.294 10.802 17.867 1 7,668 17,343 16,466 Bonds 6 132 1,461 1.223 863 1.904 894 2,889 3,487 Commercial banks 44 3,264 8.929 5.524 6.045 3.964 8.083 8.1t63 5,366 Other private 590 5.792 4,779 6.010 5.386 4.933 8.890 6,616 8.490 Private nonguaranteed 138 1,682 1,130 1,048 884 859 1,051 1,910 930 3,866 Bonds ..0 0 0 198 1,126 412 Comniefical banks ..1,048 884 859 853 783 517 Memo: IBRD 196 779 3,308 3,350 3.130 3.089 2.550 3.193 2,938 IDA 146 1,500 3,707 3,495 4.313 4.496 5.019 4.763 5,893 PRINCIPAL REPAYMENTS 1,116 4,943 10,965 10,894 13,542 14,344 16,658 17,480 19,461 23,095 Public and publicly guaranteed 1,030 4,162 9,878 9,955 12,577 13,385 15,610 16,371 18,202 22,198 Official creditors 665 1,889 4,918 5,140 6,843 6.882 6.682 7.656 8.791 9.589 Multilateral lOS 377 1,978 2,012 2,949 3,413 3,366 3.787 4.593 5.055 Concessional 73 130 511 537 686 845 806 838 949 Bilateral 560 1.512 2.940 3,128 3,894 3,470 3.316 3.869 4,199 4.534 Concessional 372 1,112 1.620 1.753 2,083 1,897 2,194 2.699 2.907 Private creditors 365 2.273 4.960 4,815 5,734 6,503 8,928 8.715 9.410 12.609 Bonds 30 28 84 161 640 508 1.358 1,204 877 Commercial banks 31 853 2.2i8 2.,0 16 2,248 3,121 4,689 4.265 4.052 Other private 305 1.392 2.658 2.638 2,846 2.874 2,882 3.247 4.481 Private nonguaranteed 86 781 1,087 939 966 958 1,048 1,109 1,259 897 Bonds 0 0 0 0 0 0 Commerical banks 939 966 958 1,048 1.109 1,259 Memo: IBRD 99 217 1. 172 1.209 1.735 2.065 2,034 2,293 2,604 IDA 0 2)5 151 183 218 273 306 348 410 NET FLOWS ON DEBT 1,834 16,905 23.715 21,641 18,615 16,431 21,258 23,057 19,629 17,802 Public and publicly guaranteed 1,782 16.004 23,672 21,533 18,697 16,530 21,255 22,256 19,959 14,833 Official creditors 1,507 9.088 13,463 13.590 12.137 12.231 12.,316 13.303 12,026 10,975 Multilateral 2 7 1 3.252 7,726 7.748 7.877 8.359 8.537 8.837 8,987 7,716 Concessional 159 2,317 4,822 4.66(1 5.519 5.802 6.435 6,088 7,401 Bilateral 1,236 5,837 5,738 5.842 4.259 3.872 3.779 4,466 3.039 3,259 Concessional 1,138 4,229 5,567 5.302 4.166 3.442 2,587 2.316 2,445 Private creditors 274 6,916 10,209 7.942 6.560 4.299 8.939 8.953 7,933 3,858 Bonds -24 lOS 1,377 1,062 223 1,397 -464 1.685 2,610 Commercial banks 13 2,41I1 6,71I1 3,508 3,797 843 3.395 3.899 1.314 Other private 285 4.400 2,121 3,372 2.540 2.059 6.008 3,369 4,009 Private nonguaranteed 53 902 43 108 .82 -99 3 801 -330 2,969 Bonds 0 0 0 198 1.126 412 Commerical banks 108 -82 -99 -195 -325 -742 Memo: IBRD 97 562 2,136 2,141 1.395 1,023 516 900 334 IDA 146 1,475 3,555 3,3 12 4,095 4,2 2 3 4,713 4.414 5.483 242 LOW-INCOME COUNTRIES (US$ mnt/lion, unOhcvs othei isein dWicated) Prelimninarv 1970 1980 1988 1989 1990 1991 1992 1993 1994 1/995 INTEREST PAYMENTS (LINT) 523 3,961 9,039 11.208 12,627 12,675 12,001 11,241 13,804 15,896 Public and publicly guaranteed 500 3,434 8,438 10,624 12,064 12,155 11.528 10,774 13,416 15,399 Official creditors 3 85, 1,656 4.760 5,087 6,419 6.614 6.358 6,610 7.990 8,7 212 Multilateral 97 559 2.268 2.2 2 1 2.750 3.359 3.157 3,333 3.843 4,166 Concessional 72 170 460 430 495 588 610 643 729 Bilateral 289 11)98 2.492 2.865 3.668 3.254 3.202 3,277 4,147 4.546 Concessional 2 17 82-5 1.182 1.613 2.,065 1.761 2.361 2.461 2.988 Private creditors 115 1.778 3.678 5.538 5.645 5.542 5,170 4.1I63 5,427 6.687 Boinds 1 2 27 417 5 19 587 590 605S 772 854 Commercial banks 1 3 1.102 2,0)55 3.467 3.423 3,219 2,807 2.078 2&488 Other private 89 649 1.20)6 1,551 1,635 1,732 1.758 1.313 1.925 Private nonguaranteed 23 527 601 583 564 520 473 468 387 497 Bonds . .. 0 0 0 1 3 47 Commerical banks ... 5 83 564 520 473 455 340 Memio: IBRD 84 366 1.546 1.491 1.832 2.258 1.971 2.,043 2.176 IDA It) 68 279 252 28 96 331 354 375 414 NET TRANSFERS ON DEBT 1,311 12,944 14,676 10.434 5.988 3,756 9,257 11,815 5,826 1,906 Public and publicly guaranteed 1,281 12,570 15,234 10,909 6,633 4,375 9,727 11,482 6,542 -567 Official creditors 1.1 2 2 7.432 8.7014 8.50)4 5,718 5,618 5.958 6.692 4.036 2.263 Multilateral 174 2.693 5.458i 5.527 5.1 27 5,000 5.3801 5,504 5.144 3.550 Concessional 87 2.148 4.362 4.231) 5(024 5.2 14 5.825 5.445 6.673 Bilateral 948 4.739 3.246 2.977 59 1 618 578 1,189 -1.108 -287 Concessional 92) 3.405 4.385 3.689 2.1I0 1 1.~681 225 -145 -544 Private creditors 160 5.138 ~~~~~~ ~~~~6.53 1 2.405 915 - 1.243 3,769 4.790 2,506 -.3 Bonds -36 7 7 961) 543 -364 806 -1.069 913 1.756 Commcrcial banks - 1 1.309 4.656 41 374 -2,376 588 1.820 -1,334 Other private 196 3.75 1 915 1.82) 905 327 4,249 2.057 2.085 Private nonguaranteed 30 374 -558 -475 -645 -619 -470 334 -717 2,472 Bonids ...0 0 0 198 1.1 i4 365 Commierical baniks ... -475 -645 -619 -668 -780 - 1.082 Memo: IBRD 1 3 197 590 650 -437 -1,235 -1.456 -1,143 -1.843 IDA 135 1.41)7 3.277 3.0611 3.810 3.892- 4.358 4.040 5,069 DEBT SERVICE (1.TDSI 1,639 8,904 20,004 22,102 26,170 27,019 28,659 28,721 33,264 38,991 Public and publicly guiaranteed 1,531 7,596 18,316 20,579 24,641 25,541 27,138 27,145 31,618 37,597 Off'icial credlitors 1,1151 3.545 9.677 10.227 13.261 13.496 13.040 14,266 16.781 18,301 Multilateral 2012 936 4.246 4.2 3 4 5.699 6.7 721 6.523 7,120 8.436 9.221 Concessioinal 145 3011 97 1 967 1.181 1,434 1.415 1.481 1.677 Bilateral 848 2.609 5.432 5.993 7.562 6.724 6.5~17 7.146 8,346 9.080 Concessional 589 1.937 2.802 3.365 4.148 3.658 4,555 5.160 5.896 Private creditors 480 4.05 1 8.638 10.352 11.379 12.045 14.098 1 2.878 14,837 19.296 Bonids 42 55 501 681) 1.227 1.098 1,963 1.976 1.731t Commercial banks 44 1.955 4,273 5.483 5.671 6,340 7.495 6.343 6.700 Other privaite 394 2.1)41 3.864 4,189 4,482) 4,606 4.640 4.559 6.406 Private nonguaranteed 108 1,308 1,689 1,523 1,529 1,478 1,521 1,576 1,646 1,394 Bonds.-. . 0 0 1 3 47- Comnmerical bank.. 1. . 523 1.529 1,478 1.521 1,564 1.599 Memo: IBRD 1 83 582 2.7)18 2.700 3.567 4.323 4.005 4.336 4.780 IDA I 1 94 430 435 504 604 661 72)3 824 LUNDISBU.RSED DEBT 6,787 46,519 80,472 84.202 91.146 90,913 89,413 92,007 91,947 Off-icial creditors 5,8991 36.118 68,977 739 .90 80,444 83,763 81,306 81.100 84,313 Private creditors 896 10,40)1 11.496 10 2 92) 110.702 7,149 8.107 10.906 7.634 Memorandum items Concessional LDOD 1 4.2)30 55.684 130.853 165.487 183.256 195,5421 204.649 216.21 11 236.919 246.908 Variable rate LDOD 479 16.940 55.339 60.974 67,475 68.239 64.169 71.559 76,734 83.815 Public sector LDOD 18.148 949593 274,926 3 19.436 349.425 365.957 378.232 401,781 440,303 Private sector LDOD 922 6,370 8.891 9~095 9.229 9.198 8,454 9.434 9,609 6. CURRENCY COMPOITON OF LONG-TERM DEIBT (PERCENT). Deutsche mark 8.7 7.1 5.9 5.6 6.0 5.9 5.3 4.7 5.0 Frenich franc 3.0 7.2 6.8 6.4 6.9 7,3 7.0 6.3 6.1 Japanese yen 3.3 5i.9 12.4 10.3 10.7 11.4 11.5 12.4 13.7 Pounid sterling 2 1.11 8.7 4.6 3.9 4.0 3.9 3.2 2.9 2.7 Swiss franc 0.5 1.0 1.4 1.2 1.3 1.2 1.1 1.0 1.0- U.S. dollars 35.0 43.5 42.9 42.7 39.2 38.9 41.0 42.5 42.1 Multiple currenicy 9.0 II(). ) 12.3 1 21.3 13.9 14.0 14.3 14.4 14.5 Special drawing rights 0.0 0.0 0.6 0.6 0.6 0.6 0.6 0.6 0.7 All other currencies 18.2 15.2 11. 2 15.6 15.9 15.3 14.7 131.8 13.0 2743 LOW-INCOME COUNTRIES ,US$ milliont, uniless otherwise inidicated) Preliminary 1970 /980 1988 1989 1990 1991 1992 1993 1994 1995 7. DEDT RESTrUCTURIGS rota amount rescheduled 7,827 13,863 6,555 24,655 7,31 7 3,502 4.245 Debt stock rescheduled 1,930 5.950 358 13.502 2.060 261 0 Principal rescheduled ..1.979 4.944 4.000 7.022 2.761 1,517 2.5 25 Official 1.087 1.943 2,91 3 3.687 1,595 705 1,559 Private .. 892 3.002 1,088 3.336 1,165 812 966 Interest rescheduled .. 1,251 2,310 1.858 3.434 1.292 680 1.618 Official ... 964 1.455 1.532- 2.491 775 410 1,283 Private ... 288 855 32 6 943 5 17 270 335 Principal forgiven ... 52 4 5,989 10.782 2.277 743 863 2,434 Memo: interest forgiven ... 1 6 1 35 2,463 454 250 306 467 Debt stock reduction ... 261 305 354 95_2 3.632 181 476 of which debt buyback ..0 0 0 190 1.335 26 8 IL DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks ..45,995 33.979 19,530 16,711 27,974 45.248 Net flows on debt ... . 20. 123 20.932 19.732 23.687 22,802 22,124 Net change in interest arrears ... . 3.352 1.069 -421 2, 710 3,677 3,192 Interest capitalized ... . 2,3 10 1,858 3,434 1.292- 680 1.618 Debt forgiveness or reduction ... . -6.294 -11.136 -3.038 -3.041 -1.019 -2.902 Cross-currency valuation -4.832 14.821 1 .251 -8.788 433 15.779 Residual 31.336 6.436 - 1,42 8 851 1,400 5,437 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 3.3 6.4 5.5 5.4 5.4 4.9 4.9 4.4 4.4 Maturity (years) 27.8 22.3 21.4 2-2.3 23.5 22.9 21 I.8 19.5 22.4 Grace period (years) 9.4 5.9 7 7.1 7.4 6.6 6.9 5.9 7 Grant element (%) 51.5 30O.2 3 2 33.6 35.2 37.9 35.2 35.3 39.6 Official creditors Interest ®% 2.4 3.3 4.1 4.1 3.6 3.9 3.6 3.2 3.5 Maturity (years) 32.6 3 1.1 26.21 26.2 28.4 26.7 2 7.5 26). 1 27.2 Grace period (years) 11.5 7.8 7.3 7.2 7.9 7.5 7.6 7.2 7.7 Grant element (%) 61.7 53.1 45.1 45.2 50.8 46.8 49.4 50.7 50.6 Private creditors Interest (%) 6.5 10.8 7.7 8.4 8.5 7.9 6.6 5.7 6 Maturity (years) 10.2 9.6 13.9 13.8 14.8 10.9 13.9 11.9 13.9 Grace period (years) 1.9 3.3 6.7 7.1 6.5 4.1 5.8 4.5 5.6 Grant element (%) 14.1 -2.6 11.7 8.1 7.4 9.1 15.4 17.4 19.9 Memorandum items Commitments 4.314 29,379 39.583 38,876 36,349 33,3 15 42,069 45.376 37.514 Official creditors 3,387 17,317 24,076 26,702 23.260 25.415 2 4.4 29 24.314 24.006 Private creditors 928 12,062 15,507 1 2. 174 13.088 7~901 17.6,40 21,062 13.508 10, GRAPH OW AGGREATE NET RESOURCE F'LOWS (current prices. US$ billion) 90 80 70 60 50 30 10 1981 1983 1985 1987 1989 1991 1993 1995 U Grants C3 Official loans WI Foreign direct investment M Private loans El Portfolio equity flows 244 MIDDLE-INCOME COUNTRIES (USS million, unless otherwise indicated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 TOTAL DEBT STOCKS (EDT) ,. 522,020 988,773 1,011,996 1,085,007 1,149,698 1,205,595 1,286,427 1,386,986 1,512,814 Long-term debt (LDOD) 41,932 370,493 802,650 800,388 842,419 884,726 913,060 974,487 1,067,086 1,147,234 Public and publicly guaranteed 26,988 305,279 748,614 753,491 785,166 816,002 824,283 867.322 934,442 984,201 Private nonguaranteed 14,944 65,214 54.036 46,897 57,252 68,725 88.778 107,165 132,645 163,033 Use of IMF credit 449 6,033 22,504 20,864 22,741 25,428 24,120 25,538 28,829 47,871 Short-term debt 145,494 163,619 190,744 219,848 239,544 268,415 286,403 291,070 317,709 of which interest arrears on LDOD 360 15,414 23.735 38,455 40,469 31.306 23,906 17,727 16,513 Official creditors 28 7,761 8,793 10,299 7,736 6.190 5,627 5,850 Private creditors 332 7,653 14,942 28,156 32,733 25,116 18,279 11.878 Memo: principal arrears on LDOD .. 627 23,394 24,781 33.333 36.097 43,820 43,374 48.262 47,170 Official creditors 85 8,357 8.848 12,130 12,656 12,033 11,968 14,620 - Private creditors 542 15,037 15,933 21,203 23,441 31,787 31,407 33.642 Memo: export credits .. 165,017 174,968 212,980 230,288 236,240 259,464 276,807 TOTAL DEBT FLOWS Disbursements 10,214 94,077 87,769 88,024 104,727 108,599 122,499 136,824 135,467 182,645 Long-term debt 9.944 91,080 84.942 83.937 99.150 101,542 118,136 130,915 128,804 158,956 IMF purchases 270 2,997 2.827 4.087 5.577 7,057 4,363 5,909 6,662 23.689 Principal repayments 5,288 39,178 79,196 77,017 79,406 75,600 81,390 94,361 93,522 96,007 Long-term debt 4.886 37.948 73.200 71,845 73,977 70,998 76,695 89,920 88.515 90.524 IMF repurchases 402 1,230 5,996 5,173 5,429 4,602 4,694 4.442 5.007 5,483 Net flows on debt 12,665 98,405 16,130 30,049 39,772 50,722 79,144 73,985 63,890 114,492 of which short-term debt .. .. 7,557 19,042 14,451 17.724 38,035 31.521 21,946 27,854 Interest payments (INT) 46,034 67,788 62,668 59,465 61,263 57,381 58,395 64,297 82,102 Long-term debt 1,833 30,590 54,282 47,328 45,044 44,907 43.291 42,894 47,727 62,559 IMFcharges 0 280 1.683 1,714 1,902 1,955 1,910 1,823 1,378 2,604 Short-termdebt .. 15,163 11,823 13,626 12,519 14,400 12,180 13,677 15,193 16,939 Net transfers on debt .. 52,372 -51,659 -32,619 -19,693 -10,541 21,764 15,590 -407 32,390 Total debt service (TDS) .. 85,211 146,984 139,685 138,871 136,863 138,770 152,756 157,820 178,109 Long-term debt 6.719 68,538 127.483 119.173 119,020 115,906 119.987 132,814 136,242 153.083 IMF repurchases and charges 402 1.511 7.679 6,887 7,331 6,557 6,604 6,265 6.385 8,087 Short-term debt (interest only) .. 15.163 11.823 13,626 12,519 14,400 12,180 13,677 15,193 16,939 Total debt service due .. .. .. 149,222 160,727 147,132 159,690 171,315 174,468 175,803 NET RESOURCE FLOWS 8,103 63,442 32,163 36,325 56,317 80,934 99,679 132,959 118,377 148,259 Netflowoflong-termdebt(ex.IMF) 5,058 53,133 11,742 12,092 25,173 30,544 41,441 40,996 40,289 68,432 Foreign direct investment (net) 2,073 4,439 14,851 16,581 19,471 28,241 32.586 36,486 40,735 47.750 Portfolioequity flows 0 0 663 2.377 2,652 6,113 12,143 41,248 23,805 18.983 Grants (excluding technical coop.) 973 5.870 4.907 5,275 9,020 16,036 13,509 14,230 13,548 13.095 Memo: technical coop. grants 723 2.388 4.780 4.681 5.517 6,777 8,336 9,051 8.491 8.417 NET TRANSFERS 603 11,729 -34,230 -27,463 -5,387 18,385 36,203 68,247 46,997 60,694 Interest on long-term debt 1.833 30.590 54,282 47,328 45,044 44,907 43,291 42,894 47,727 62,559 Profit remittances on FDI 5,668 21,123 12,110 16,460 16,660 17,642 20,185 21.818 23,654 25,007 Gross national product (GNP) 317,454 1.794,426 2.900,470 3.203,831 3.566.799 3.552,453 3,660.505 3,797,636 3.978,006 4.147,388 Exports of goods & services (XGS) 76,169 617,559 623,745 684,940 768,022 732,766 803.700 846,445 929,652 1,072,059 of which workers' remittances 1.454 12,063 13.604 17.755 21,842 15,730 15.855 15,648 15,878 17,007 Importsofgoods&services(MGS) 69.044 529.330 619.591 693,682 794.632 809,366 899.850 935,708 1,017.454 1,161.598 Intemational reserves (RES) 16.089 189,256 159.067 171.064 193.962 223.220 252,776 310,574 335,532 Current account balance -6,068 17.677 -3,998 -16,865 -27,245 -82.270 -91,327 -96.373 -91,257 -71,999 .. .. . . * ' '. .. EDT/XGS (%) 84.5 158.5 147.7 141.3 156.9 150.0 152.0 149.2 141.1 EDT / GNP(%) .. 29.1 34.1 31.6 30.4 32.4 32.9 33.9 34.9 36.5 TDS/XGS%) .. 13.8 23.6 20.4 18.1 18.7 17.3 18.0 17.0 16.6 INT / XGS (%) .. 7.5 10.9 9.1 7.7 8.4 7.1 6.9 6.9 7.7 INT / GNP(%) .. 2.6 2.3 2.0 1.7 1.7 1.6 1.5 1.6 2.0 RES/EDT(%) .. 36.3 16.1 16.9 17.9 19.4 21.0 24.1 24.2 RES / MGS (months) 2.8 4.3 3.1 3.0 2.9 3.3 3.4 4.0 4.0 Short-term/EDT(%) .. 27.9 16.5 18.8 20.3 20.8 22.3 22.3 21.0 21.0 Concessional / EDT (%) .. 11.1 11.7 11.7 12.0 12.1 12.5 12.6 12.6 12.3 Multilateral/EDT(%) .. 5.4 10.6 10.5 11.3 11.4 10.8 10.8 10.7 10.1 245 MIDDLE-INCOME COUNTRIES (US$ million, unless otherwise indicated) Preliminar'v 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 &LONG40hM OUT, DEBT OUTSTANDING (LDOD) 41,932 370,493 802,650 800,388 842,419 884,726 913,060 974,487 1,067,086 1,147,234 Public and publicly guaranteed 26,988 305,279 748,614 753,491 785,166 816,002 824,283 867,322 934,442 984,201 Official creditors 15,948 107,742 294,850 302.879 344.350 373,706 382.249 417.486 452.494 484.921 Multilateral 4,161 28,250 104,946 106.067 1212,204 130.731 130.754 138.769 148,438 153.3 23 Concessional 2.883 5,820 11,060 11,495 12.967 I13.866 14.048 15,125 17.283 Bilateral 11.787 79,492 189,904 196,81t2 222.146 242.975 251.495 278.717 304.056 331.598 Concessional 9.744 52,047 105,03 1 106,839 117.407 125,015 137.030 147.524 157.150 Private creditors 11,040 197,536 453+,764 450,612 440.817 442,296 442.034 449.836 481.948 499.280 Bonds 1.436 18,210 41.217 46,394 106,852 115,517 127.686 167.147 237,816 COMMerCial banks 3.410 1 23,793 312.002 304,197 223,984 216,208 206,039 175,938 128,966 Other private 6,194 55.533 100.545 100,022 109,981 11t0,57 1 108,309 106,751 115,166 Private nonguaranteed 14,944 65,214 54,036 46.897 57,252 68,725 88,778 107,165 132,645 163,033 Bonds ..129 837 3,704 1 2,033 30,451 47,688 Commerical banks ..46,768 56,416 65,021 76,745 76,714 84,957 Memo: IBRD 2,899 17.786 64.594 63.623 7 1.990 7 5,l1) 72,564 75,941 80,509 IDA 249 1.502 21.2 11 2.277 2.341[ 2.422 2.465 2.539 2.707 DISBURSEMENTS 9,944 91,080 84,942 83,937 99.150 101,542 118,136 130,915 128,804 158,956 Public and publicly guaranteed 5,925 71,309 77,672 72,007 81.383 83,504 84,445 89,754 79,965 106.626 Official creditors 2,725 18,178 27,738 25.948 35.387 36.286 32.890 32.649 29,859 48.490 Multilateral 831 5,746 14,041 12.920 16.979 17,440 16,254 18.253 15.638 19.850 Concessional 345 648 997 942 1.105 1.575 1.410 1.693 2.090 Bilatarel 1.894 1 2,432 13,697 13,028 18.408 18.846 16.636 14.397 14.221 28.640 Concessional 1.41 2 5,814 7,032 7,596 10,352 9,283 6.931 7.060 7.813 Private creditors 3.200 53,1t3 1 49,934 46,059 45,995 47,218 5 1.555 57.105 50.106 58,136 Bonds 140 2.985 7.095 6,797 7,454 10,927 12,967 28,110 19,908 Commercial banks 1.269 33,257 25,932 18,978 12,003 12.552 14,266 9.704 15.339 Other private 1.791 16.889 16,906 20.283 26,538 23.739 24,322 19.291 14,860 Private nonguaranteed 4,019 19,772 7,271 11,930 17,767 18,039 33,691 41,161 48,839 52,330 Bonds ..127 701 2.853 8,530 18.729 19,313 Commerical banks ... 11.803 17,066 15,185 25,161 22,432 29,527 Memo: IBRD 483 3.699 8.784 7.435 10.458 8.946 7,879 9,950 8.683 IDA 28 87 1301 96 65 109 124 100 175 PRINCIPAL REPAYMENTS 4,886 37,948 73,200 71,845 73,977 70,998 76,695 89,920 88,515 90,524 Public and publicly guaranteed 2,517 26,977 62,744 60.330 65.591 61,638 63,426 65,327 64,801 68,616 Official creditors 838 5.418 19,593 18.592 19.001 20.526 22.116 22.308 25.741 28.048 Multilateral 282 1,327 10.623 9.377 9.832 10.964 12.503 12.825 14.539 15.013 Concessional 157 256 448 443 495 685 864 750 654 Bilateral 557 4.091 8,970 9,215 9.170 9.562 9.613 9.484 11.202 13.035 Concessional 243 1,410 2.381 2,888 3.913 3.255 3.147 3.401 4.149 Private creditors 1.680 21.559 43.151 41,738 46,590 41.112 41.311 43.019 39,060 40.568 Bonds 114 474 6.387 3,5221 5,418 2,344 7.888 11.020 7.782 Commercial banks 644 13,159 20,645 22,184 22,678 16,646 15.766 16.272 14,853 Other private 922 7.926 16.119 16,032 1 8,495 22,1221 17,657 15.727 16,425 Private nonguaranteed 2,369 10,970 10,457 11,515 8,385 9,360 13,269 24,592 23,714 21,908 Bonds 0 0 0 165 289 2,297 Commefical banks 11.515 8,385 9,360 13,104 24,303 21,417 Memo: IBRD 149 846 7.990 6.463 6.754 7,364 8.280 8,096 9,3 19 IDA 0 6 21 26 3 2 35 39 45 48 NET FLOWS ON DEBT 5,058 53,133 11,742 12,092 25,173 30,544 41,441 40,996 40,289 68,432 Public and publicly guaranteed 3,407 44,332 14,928 11,677 15.791 21.865 21,019 24,427 15,164 38,010 Official creditors 1.887 12,760 8,146 7.356 16.386 15.759 10,774 10.341 4,118 20.442 Multilateral 549 4.419 3,418 3.544 7.148 6.476 3.752 5.428 1.099 4.837 Concessional 188 391 550 498 610 891 546 943 1.437 Bilateral 1.337 8,341 4,727 3.813 9.239 9.284 7.023 4.913 3.019 15.605 Concessional 1.169 4,404 4,650 4,708 6.440 6.027 3.783 3,659 3.664 Private creditors 1,521 3 1,572 6.783 4,321 -595 6. 106 10.244 14.086 11.046 17.568 Bonds 26 2.511 708 3,275 2.036 8.583 5.079 17.090 12,125 Commercial banks 625 20,098 5,287 .3.2 06 -10.675 -4,094 -1.500 -6.568 486 Other private 869 8.963 787 4.2 5 2 8.044 1,617 6.666 3.564 -1.565 Private nonguaranteed 1,651 8,801 -3,186 415 9,382 8,679 20,422 16.569 25,126 30,422 Bonds ..127 701 2,853 8,365 18,440 17,016 Commerical banks 288 8.681 5.825 12,057 -1.871 8,110 Memo: IBRD 334 2,852 794 972 3.704 1,582 -401 1,853 -636 IDA 28 81 108 70 33 74 85 55 126 246 MIDDLE-INCOME COUNTRIES (US$ million, unless otherwise indwicaed) Preliminarv 1970 1980 1988 1989 1990 1991 1992 1993 1994_ 1995 INTEREST PAYMENTS (LINT) 1,833 30,590 54,282 47,328 45,044 44,907 43,291 42,894 47,727 62,559 Public and publicly guaranteed 1,098 24,088 48,331 42,635 40,675 39,876 37.842 36,927 40,792 53,578 Off-icial creditors 482 4.587 12.724 12.572 14.028 15,266 16.271 1 7,265 18.142 22,491 Multilateral 212 2.1)68 7.933 7.567 8,466 9,382 9,677 10.027 9.886 10,767 Concessional 142 235 3 121 326 363 434 463 518 541 Bilateral 270 2,5 19 4.791 5.005 5.561 5.884 6.594 7,238 8,256 11.724 Concessional 171 1.013 1.713 1.~805 2.2 83 2,418 2.756 3,248 3.422 Private creditors 616 19.501 35.607 30.064 26,647 24.610 21.571 19.662 22.650 31,087 Bonds 85 1,434 2,598 2,887 4.487 7.741 7,508 8.337 11.244 Commnercial baniks 239 13,940 26,657 21,237 16,446 10,932 9.394 6,900 6,602 Other private 292 4.1 27 6.352 5.940 5.714 5,937 4.669 4,426 4.804 Private nonguaranteed 735 6,502 5,952 4,693 4.369 5,032 5,449 5,967 6,935 8,981 Bonds ... .0 8 74 285 1.035 2,392 Comiinerical banks ... 4.693 4,361 4.958 5.165 4,9 321 4,543 Memo: IBRD 160 1.448 5.379 4.848 5.299 5,684 5,811 5.975 5,842 IDA 2 II 17 16 18 17 IX 19 19 NET TRANSFERS ON DEBT 3,225 22,543 -42.540 .35.236 -19.871 -14,364 -1,851 -1,899 -7,437 5,873 Public and publicly guaranteed 2,309 20.243 -33,403 -30,958 -24,884 -18,010 -16,823 -12,500 -25,628 -15,568 Official creditors 1,404 8.173 -4,578 -5.215 2.358 494 -5.496 -6.924 .14,024 -2.049 Multilateral 337 21,351 -4.515 -4.02-3 -1,319 -2,907 -5.926 -4,599 -8,788 -5.930 Concessional 46 157 238 172 247 456 83 425 896 Bilateral 1.067 5.822 -63 -1,192- 3.677 3,400 4_29 -2.325 -5,236 3.881 Concessional 998 3.391 2.937 2.903 4.157 3.610 1,028 411 242 Private credlitors 905 1 2.070 -28,824 -25,743 -2 7,1242 -18.504 -11.327 -5,576 -11,604 -13.519 Bond., -59 1.077 -1.890 389 -2.,4 52 842 -2.430 8,753 881 Comimercial banks 387 6,159 -2 1.370 -24.443 -27.121 -15.026 -10,894 -13.468 -6.117 Othier private 577 4.835 -5.565 -1.689 2.330 -4.320 1,997 -862 -6,369 Private nonguaranteed 916 2.300 .9,138 -4,277 5,013 3.647 14,973 10,602 18,191 21,441 Bonds ... 1 27 693 2.7 80 8.080 I 7.405 14,624 Comnierical banks ..-4.405 4,320 867 6.892 .6,804 3,567 Memo: IBRD 174 1.404 -4,585 -3,876 -1.594 -4.102 -6.212 -4.122 -6,478 IDA 2670 92 53 IS 56 67 36 107 DEBT SERVICE (LTDS) 6,719 68,538 127,483 119,173 119,020 115,906 119,987 132,814 136,242 153,083 Public and publicly guaranteed 3.615 51,066 111,074 102.965 106,266 101,514 101,268 102,254 105,593 122,194 Official creditors 1.320 10.005 32.316 31.164 33.029 35.792 38,386 39,573 43,883 50,539 Multilateral 494 3.395 I18.557 16.943 18.298 20.346 22.180 22.852 24,426 25,780 Concessional 2-99 491 760 769 859 1.119 1.327 1,268 1,195 Bilateral 827 6,610 13.760 14.22-0 14.731 15,446 16.206 16.722 19.458 24.759 Concessional 414 2.42 3 4.094 4.693 6. 195 5,673 5.903 6.649 7,571 Private creditors 2.295 41.061 78.758 71.801 73.237 65.722 62,882 62,681 61.710 71,655 Bonds 199 1,909 8.985 6,409 9.906 10.085 15.396 19.357 19,026 Comiyercial banks 882 2-7.099 47,3 02 43.421 39.124 27,578 25.160 2 3,1 71 2 1,45 6 Other private 1_`214 1 2,054 212.471 2 1.972 24.208 28,059 22,325 20,153 21.228 Private nonguaranteed 3.104 17,472 16,408 16,208 12,754 14,392 18,718 30,560 30,649 30,889 Bonids ... .08 74 450 1,324 4,688 Conimerical banks .... 1 6,2 0 8 1 2,747 14.318 1 8.269 29,235 25,960 Memo: IBRD 309 2, 2 95 13.369 11.311 12.052 13,048 14,091I 14,072 15.161 IDA 2 17 38 43 50 52 57 64 68 UNDISBURSED DEBTI 10,251 94,458 115,770 117,479 125,782 144,940 150.817 159,447 154,627 Official creditors 7.288 5 5,2 8 3 75,231 79.195 86.399 99,994 106.286 112,040 111,846 Private creditors 2.963 39.175 40.539 38.284 39.382 44,947 44,531 47,407 42.780 Memorandum items Concessional LDOD 12,~627 57.868 116,091 118,334 130.374 138.881 151,078 162,648 174,434 185,425 Variable rate LDOD 15,682 175,244 415,018 398.973 377,945 404,716 431.631 473,571 510,106 555.923 Public sector LDOD 2-5.206 246,539 662.159 662.341 692.508 718,964 725.449 771,266 832.460 Private sector LDOD 16.726 78,015 59.305 52.955 64,743 77.155 98,540 114.186 138,447 ~~6.CUR*1NCY COMPOSITON OF LONGTERM J)n(PRICENT K Deutsche mark 8.5 6.5 7.0 8.2 9.8 10.3 10.1 9.2 8.6 French franc 5.1 4.4 3.8 4.1 4.7 4.6 4.3 3.6 3.6 Japanese yen 1.7 6.3 11.1 10.0 10.1 I11.0 11.3 212.1 12.4 Pound sterling 4.6 1.5 1.6 1.5 1.4 1.3 1.0 1.1 0.9 Swiss franc 1.5 1.6 2.0 1.9 2.1 1.8 1.4 1.3 1.0 U.S. dollars 55.4 48.7 44.3 43.4 40.6 39.2 40.3 42.3 43.3 Multiple currency 13.5 10.4 14.0 13.8 14.6 14.8 15.2 14.6 14.7 Special drawing rights 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 All other currencies 111.0 5.6 5.3 5.8 5.8 6.0 5.7 5.5 5.4 247 MIDDLE-INCOME COUNTRIES (US$ million, unless olherwise irndicated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 7. DEBT RWSTIUCTUR1GS Total amount rescheduled 74.987 21,740 71,932 20,580 50.462 60,915 84,683 Debt stock rescheduled 65,099 8,621 61,938 1,453 24,889 23.738 53.274 Principal rescheduled 10.005 9,901 6,568 11,820 11.495 16.420 13.376 Official .. .. 3,044 2,957 3,187 7,956 6,361 6.051 3.617 Private .. 6.961 6.944 3.381 3,864 5,134 10,369 9.758 Interest rescheduled .. 1,460 3.458 4.133 7,404 12,660 15,313 13,377 Official .. .. 719 2.573 3.317 6.299 3,795 3,481 1,983 Private .. 741 885 815 1.105 8.865 11,833 11,395 Principal forgiven .. 98 895 387 3.469 1.700 1,589 4.349 Memo: interest forgiven 332 90 310 118 41 5 183 Debt stock reduction 15.608 15,718 24,843 4,363 12,881 6,537 1 2,82 1 of which debt buyback 261 2,457 4,360 706 6,263 589 1.683 L DEBT STOC IFLWW RECONCIIATIIN Total change in debt stocks .. .. .. 23.223 73.012 64.691 55,897 80,832 100,559 Net flows on debt .. .. .. 30.049 39.772 50.722 79,144 73,985 63,890 Net change in interest arrears .. .. .. 8,320 14.721 2.013 -9,163 -7,400 -6.179 Interest capitalized .. .. .. 3,458 4.133 7,404 12.660 15.313 1 3,377 Debt forgiveness or reduction .. .. .. -14.156 -20,871 -7.126 -8,318 -7,537 -15,487 Cross-currency valuation -13,014 32,463 3,747 -19.394 859 35.702 Residual 8,565 2,794 7,930 968 5,611 9.255 9. AVERAGE TERMS OF NEW COMMITMEN1 ALL CREDITORS Interest (%) 6.1 10.4 7.2 7.5 7.7 7 6.5 6.1 6.2 Maturity (years) 17.2 12.9 13.1 13.3 15.9 13.6 12.3 12.4 12.7 Grace period (years) 4.6 4.3 4.6 4.3 5.2 4.5 4.1 4.8 4.7 Grant element (%) 24.5 0.4 15.4 14.2 13.4 16 16.3 19.3 18.9 Official creditors Interest (%) 4.7 7 5.9 6.2 6.6 6.3 6.2 5.6 5.9 Maturity (years) 24.8 18.7 19.3 18.5 18.1 17.5 17 18.3 18.7 Grace period (years) 6.4 5.2 5.7 5.3 5.7 5.4 5.1 5.4 5.5 Grant element (%) 37.5 20.6 27.1 24.3 22 23 22.1 27.5 25.9 Private creditors Interest (%) 7.4 12.3 8 8.5 8.7 7.7 6.8 6.4 6.5 Maturity (years) 9.7 9.7 9 8.9 14 9.6 8.2 8.3 7.9 Grace period (years) 2.7 3.9 3.9 3.4 4.7 3.5 3.3 4.4 4.1 Grant element (%) 11.7 -10.9 7.6 5.7 5.6 8.8 11.4 13.6 13.3 Memorandum items Commitments 7,600 68,946 72,985 73.268 85,849 98,828 91,767 93,058 70,960 Official creditors 3,783 24,647 29,317 33.656 40.881 49,732 42,398 37,772 31,8(05 Private creditors 3,817 44,298 43.668 39,612 44,967 49,097 49,368 55,287 39,155 .GRA OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) 140 - 120 .. 100 _ __i 80 ............ 40_ 1981 1983 1985 1987 1989 1991 1993 1995 * Grants 0 Official loans 0I Foreign direct investment E Private loans 0 Portfolio equity flows 248 SPECIAL PROGRAM OF ASSISTANCE (US$ million, unless otherwise indicated) Preliminary 1970 1980 1988 1989 1990 1991 1992 1993 1994 199 5 TOTAL DEBT STOCKS (EDT) .. 34,193 76,927 79,222 89,906 93,749 95,269 98,861 102,653 106,060 Long-term debt (LDOD) 4,217 27,516 63,985 65,451 73,940 77,484 78,946 80,805 86,369 90,656 Public and publicly guaranteed 4,023 24,395 60,217 61,564 69,883 73,359 75.165 77,009 82,705 87,119 Private nonguaranteed 194 3,121 3.768 3.887 4.057 4,126 3,781 3.796 3.664 3,537 Use of IMF credit 71 1,993 4,522 4,182 4,469 4,547 4,180 3,973 4,565 3,707 Short-term debt .. 4,684 8,421 9,589 11,497 11,718 12,143 14,083 11,719 11,697 of which interest arrears on LDOD .. 161 2.403 3.130 3.465 4.082 4,483 5,604 4,920 4,805 Official creditors .. 102 1,440 1,915 1,994 2,455 2.925 3,894 3,350 Private creditors .. 59 963 1,215 1,471 1.628 1,558 1,710 1,570 Memo: principal arrears on LDOD .. 625 5,566 6,788 8,034 9,594 10.667 12,179 12,095 13.297 Official creditors 405 3,112 3,830 4,542 5,570 6.630 7,883 8,033 Private creditors .. 220 2,454 2,958 3,492 4,024 4,037 4.295 4.062 Memo: export credits ... 14,087 15.127 18.097 17.854 17,527 15,965 16.212 TOTAL DEBT FLOWS Disbursemnents 1,018 7,690 7,468 7,066 7,111 6,520 6,293 5,786 6,270 6,524 Long-term debt 1.003 6.927 6,514 6,423 6,462 5.950 5.995 5,574 5.496 5.289 IMF purchascs 1 6 762 954 643 649 571 298 212 774 1,235 Principal repayments 289 2,141 3,590 3,061 3,309 2,988 2,529 2,417 3,225 4,973 Long-term debt 246 1,927 2,633 2.192 2.597 2,476 2,036 1.998 2,788 2,737 IMFErepurchases 43 214 957 869 713 512 494 419 437 2,236 Net flows on debt 1,090 6,098 3,601 4,446 5,401 3,140 3,788 4,209 1,735 2,035 of which short-term debt -277 442 1,599 -393 24 840 -1,309 483 Interest payments (INT) .. 1,892 2,317 2,247 2,311 2,387 1,905 1,861 2,196 1,988 Long-term debt 1 27 1.399 1,728 1,618 1,645 1.790 1,397 1,433 1,820 1.703 IMF charges 0 68 206 206 179 202 160 115 116 93 Short-term debt 425 382 423 486 394 348 31 3 259 192 Net transfers on debt .. 4,207 1,284 2,199 3,090 753 1,883 2,348 -460 47 Total debt service (TDS) .. 4,033 5,907 5,309 5,620 5,374 4,434 4,278 5,421 6,961 Long-term debt 373 3,32-6 4.361 3.8 10 4.242 4,266 3,433 3.431 4,609 4,440 IMF repurchases and charges 43 2 82 1.164 1.075 892 7 14 653 534 553 2,329 Short-term debt (interest only) .. 425 382 423 486 394 348 3 13 259 192 Total debt service due ... . 8,829 10,345 8,706 8,589 7,922 9,505 8,048 NET RESOURCE FLOWS 844 7,478 9,055 9,552 12,079 10,869 11,074 10.183 11,447 11,384 Net flow of long-term debt (ex. IMF) 757 5.000 3.882 4.230 3.865 3,474 3,959 3,576 2,708 2,553 Foreign direct investment (net) -118 606 293 309 324 240 -14 348 645 687 Portfolio equity flows 0 0 0 0 0 0 0 0 564 106 Gtrants (excluding technical coop.) 205 1,871 4,880 5,013 7,890 7.156 7,129 6,259 7,530 8.038 Memo: technical coop. grants 309 1,478 2,309 2,344 2,672 2,824 3.101 3,046 2.651 3,019 NET TRANSFERS 460 5,375 6,645 7,529 9,897 8,710 9,275 8,366 9,238 9,330 Interest on long-term debt 127 1,399 1.~728 1.618 1.645 1,790 1,397 1.433 1.820 1,703 Profit remittances on FDI 257 704 6 821 405 537 370 402 384 390 35 1 t Aws ewndrAXW1~ Gross national product (GNP) 17,893 69,1I23 85,918 82,588 87,656 87,676 87,920 79,396 65.081I 75.250 Exports of goods & services (XGS) 5,008 19,450 18,942 I19.751 21,586 21,091 20,957 20,081 21.134 22.858 of which workers'remittances 31 421 566 630 700 716 936 906 851 869 Imports of goods & services (MGS) 5,357 27.632 29 1 18 29.146 33,046 32.078 32,445 3 1.024 30,070 30,568 Intemational reserves (RES) 1.452 2.702 3.254 3,33 1 3.394 4,170 3,792 4.285 5,137 Current account balance -231 -7,466 -6,396 -4,578 -6,495 -5,791 -5.470 -5,561 -3,785 -2,198 EDT /XGS% .. 175.8 406.1 401.1 416.5 444.5 454.6 492.3 485.7 464.0 EDT /GNP% .. 49.5 89.5 95.9 102.6 106.9 108.4 124.5 157.7 140.9 TDS /XGS (f.. 20.7 31.2 26.9 26.0 25.5 21.2 21.3 25.6 30.5 INT /XGS% .. 9.7 12.2 11.4 10.7 11.3 9.1 9.3 10.4 8.7 INT /GNP% .. 2.7 2.7 2.7 2.6 2.7 2.2 2.3 3.4 2.6 RES /EDT% .. 7.9 4.2 4.2 3.8 4.4 4.0 4.3 5.0 RES /MGS (months) 3.3 1.2 1.3 1.4 1.2 1.6 1.4 1.7 2.0 Short-term /EDT (%) .. 13.7 10.9 12.1 I12.8 12.5 12.7 14.2 11.4 1 l.0 Concessional /EDT(% . 32.0 42.0 42.5 43.8 46.0 48.1 49.6 52.8 56.7 Multilateral / EDT (%) .. 15.8 26.8 28.0 29.3 30.8 31.8 32.9 35.7 37.0 249 SPECIAL PROGRAM OF ASSISTANCE (US$ million, unless otherwise indicated) Preliminarv 1970 1980 1988 1989 1990 1991 1992 1993 1994 1995 S. WNMG.ThI DEBT DEBT OUTSTANDING (LDOD) 4,217 27,516 63,985 65,451 73,940 77,484 78,946 80,805 86,369 90,656 P'ublic and publicly guaranteed 4,023 24,395 60,217 61,564 69,883 73,359 75,165 77,009 82,705 87,119 Official creditors, 2,909 15.383 49.915 51,553 60,138 64,018 66,896 69.128 75.561 80.250 Multilateral 467 5.398 20.591 22,213 26,314 28,866 30.310 32.486 36.658 39,200 Concessional 332 3.319 13,933 15,601 18.883 21.431 23,106 25.527 29.892 Bilateral 2,442 9,986 29,324 29.340 33.823 35.152 36.586 36,642 38,903 41,050 Concessional 2,199 7.613 18A414 18,053 20,515 21,722 22,691 23,512 24.299 Private creditors 1.114 9.012 10.302 10.011 9,745 9,340 8.269 7.881 7.145 6,869 Bonds 173 33 5 5 4 4 4 4 4 Commercial banks 65 3,308 5.126 5.241 5.454 5.140 4.863 4,977 4,681 Other private 877 5.671 5.171 4.766 4,288 4,196 3,403 2,900 2,460 Private nonguaranteed 194 3,121 3.768 3,887 4,057 4,126 3,781 3.796 3,664 3,537 Bonds ..0 0 0 0 0 0 Commerical banks 3.887 4.057 4.126 3,781 3,796 3.66.4 Memo: IBRD 237 1,704 4.715 4.537 4,859 4,644 4,185 3.825 3.541 IDA 176 2.029 9,155 10,414 12,823 14,708 16.003 17,951 21.297 DISBURSENtENTS 1,003 6,927 6,514 6,423 6,462 5,950 5,995 5,574 5,496 5,289 Public and publicly guaranteed 927 6,315 5,936 5,982 6,016 5,610 5,581 5,226 5,163 4,966 Official creditors 509 2.974 4,635 4,943 5,304 4,781 5.070 4.611 4.990 4.752 Multilateral 113 1.211 2,774 2,562 3.293 3.360 3.483 3,247 3,85 1 3,536 Concessional 74 769 2,127 1,993 2.415 2.647 2,771 2,835 3,478 Bilatarel 397 1,763 1,861 2,381 2,011 1,421 1,587 1.364 1.138 1.216 Concessional 347 1,225 1.644 1,956 1,634 1,304 1.395 1.214 787 Private creditors 417 3,340 1,301 1,039 712 829 511 615 174 214 Bonds 6 0 0 0 0 0 0 0 0 Commercial banks 13 1,499 660 458 327 341 167 487 46 Other private 399 1.842 640 581 386 488 345 129 128 Private nonguaranteed 76 613 579 441 446 340 414 348 333 323 Bonds 0 0 0 0 0 0 Commerical banks 441 446 340 414 348 333 Memo: [BRD 43 277 251 263 343 315 159 81 42 IDA 57 348 1,397 1.398 1,771 1.804 1,851 1.985 2,673 PRINCIPAL REPAYMENTS 246 1,927 2,633 2,192 2,597 2,476 2,036 1,998 2,788 2,737 Public and publicly guaranteed 219 1,516 2,133 1,835 2,181 2,118 1,688 1.658 2,324 2,286 Official creditors 116 422 1,238 1,088 1,330 1.425 1.178 1,278 1,740 1,790 Multilateral 15 123 705 657 846 1.042 909 984 1,235 1,205 Concessional 9 40 188 184 228 252 255 283 344 Bilateral 101 299 534 431 484 383 269 294 505 585 Concessional 88 175 292 270 240 220 165 170 276 Private creditors 103 1,094 895 747 851 693 510 381 584 496 Bonds 25 5 I I I 1 0 0 0 Commercial banks 4 481 492 404 506 389 183 190 313 Other private 74 609 403 343 345 304 327 190 271 Private nonguaranteed 27 411 499 357 416 358 348 340 465 451 Bonds 0 0 0 0 0 0 Commerical banks 357 416 358 348 340 465 Memo: IBRD II 62 347 326 375 597 470 515 580 IDA 0 5 28 34 40 50 60 75 97 NET FLOWS ON DEBT 757 5,000 3,882 4,230 3,865 3.474 3,959 3,576 2,708 2,553 Public and publicly guaranteed 708 4,799 3,802 4,146 3,835 3,492 3,893 3,568 2,839 2,681 Official creditors 393 2,553 3,397 3.855 3,974 3,356 3,892 3,334 3,250 2,962 Multilateral 98 1.088 2.070 1.905 2,447 2,31 8 2,574 2.263 2.616 2.331 Concessional 65 729 1,940 1,809 2,187 2.395 2,516 2.553 3.134 Bilateral 296 1,465 1,327 1.950 1.527 1,038 1.318 1,070 634 631 Concessional 259 1,050 1.352 1,686 1,394 1.085 1,230 1,044 511 - Private creditors 315 2.246 405 292 .139 136 I 235 -410 -282 Bonds -19 -5 -1 -I -1 0 0 0 0 Commercial banks 9 1,018 169 54 -179 -48 -16 296 -268 Other pfivate 325 1,233 238 238 41 184 18 -62 -143 Private nonguaranteed 49 202 79 84 30 -19 66 8 -131 -128 Bonds 0 0 0 0 0 0 Commerical banks 84 30 -19 66 8 -131 Memo: IBRD 31 214 -95 -62 -32 -2 8 2 -311 -434 -538 IDA 57 343 1.369 1,364 1,731 1.754 1.791 1.910 2.576 250 SPECIAL PROGRAM OF ASSISTANCE fUS$ millioni, unless othervise indicated) Preliminarv 1970 1980 1988 1989 1990- 1991 1992 .1993 1994 1995 INTEREST PAYMENTS (LINT) 127 1,399 1,728 1,618 1,645 1,790 1,397 1,433 1,820 1,703 Public and publicly guaranteed 119 1,042 1,405 1,311 1,332 1,508 1,124 1,190 1,618 1,497 Official creditors 70 42 7 1,096 1,032 1,066 1.297 960 1,098 1.410 1,329 Multilateral 1 6 199 640 613 667 900 712 717 912 786 Concessional 9 40 138 136 1 521 191 202 210 255 Bilateral 54 228 457 419 399 396 248 382 498 543 Concessional 43 119 2 10 204 204 233 161 225 295 Ptivate creditors 49 614 309 279 266 2 12 164 92 208 168 Bonds 1 0 5 0 0 0 0 0 0 0 Comimercial banks 4 322 174 157 158 108 80 49 114 Other private 35 288 134 122 109 104 85 43 95 Private nonguaranteed 8 357 323 307 313 282 273 243 202 206 Bonds ... .0 0 0 0 0 0 Comnierical banks ..307 3 13 282 273 243 202 Memo: I BRD 1 4 145 373 329 334 539 337 353 353 IDA I 1 3 72 67 78 lOS 113 125 144 NET TRANSFERS ON DEBT 630 3,602 2,154 2,612 2,220 1,684 2,562 2,143 888 850 Public and publicly guaranteed 589 3,757 2,398 2,835 2,503 1,984 2,769 2,378 1,221 1,184 Official creditors 3 23 2.1 25 2,301 2,823 2,909 2,060 2.932 2,235 1.840 1,633 Multilateral 82 889 1,430 1.292 1,780 1,418 1.862 1,547 1.~704 1,545 Concessional 56 689 1.802 1,674 2.036 2.21)4 2.315 2,343 2.878 Bilateral 242 1.237 87 1 1.531 1.129 642 1.071 689 135 88 Concessional 216 931 1.143 1.482 1.190 852 1.070 819 216 Private creditors 266 1,632 97 1 2 -405 -76 -163 143 -619 -450 Bonds -29 -9 -l - I -l 0 0 0 0 Commercial banks 5 696 -6 4103 -337 -155 -96 248 -381 Other private 290 945 103 116 -68 80 -67 -105 -237- Private nonguaranteed 41 -155 -244 -223 -284 -300 -207 -235 -333 -334 Bonds ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~000 0 0 0 Commerical banks ..-.223 -284 -300 -207 -2 3 5 -333 Memo: IBRD 17 69 -468 -391 -367 -822 -648 -787 -891 IDA 5 6 33l .1296 1.297 1.653 1,649 1.678 1.785 2,432 DEBT SERVICE (LTDS) 373 3,326 4,361 3,810 4,242 4,266 3,433 3.431 4,609 4,440 Public and publicly guaranteed 338 2,558 3,538 3,146 3,513 3,626 2,812 2,848 3,942 3,783 Official creditors 187 849 2.335 2,120 2,395 2.721 2.113 8 2,376 3.150 3,119 Multilateral 3 1 3-23 1,344 1.270 1,513 1.942 1.621 1,701 2,147 1,991 Conicessional 1 8 79 3 26 3 19 379 443 456 493 600 Bilateral 155 526 990 850 883 780 516 675 1,003 1.128 Concessional 131 294 502 474 444 453 326 395 571 Private credlitors 152 1,709 1.204 1.027 1.117 905 674 472 792 664 Bonds 3 5 9 I 1 1 0 0 0 0 Commiercial baniks 8 802 666 561 663 496 263 239 427 Other private 109 897 537 465 453 409 412 233 365 Private nonguaranteed 35 768 823 664 729 640 621 583 667 657 Bonds 000 0 0 0 Conmmierical banks --. . 664 72 9 640 621 583 667 Memo: IBRD 2 5 207 719 654 7 10 1.137 807 868 933 IDA I 1 7 101 101 119 155 1 73 200 24-2 UNDISBURSED DEBT 1,955 13,017 18,412 18,866 21,107 20,515 19,687 18.935 18,174 Official creditors 1.781 9.838 16, f07 17,2162 19.685 19,633 19.074 18.248 17,494 Pfivate creditors 175 3.179 2.305 1,605 1,422 882 612 687 680 Memorandum items Concessional LDOD 2.531 10.933 32.347 33.654 39,397 43.153 45.797 49,039 54.191 60.089 Variable rate LDOD 227 6.171 11.387 11.949 13.139 13.6!1I 13.923 14,070 14.432 13.948 Public sector LDOD 3,989 24,065 59.988 61.304 69.547 734010 74,810 76.650 82.341 Private sector LDOD 227 3,451 3,997 4.148 4.392 4,474 4,137 4.155 4,028 ~&cuEuECY COMPOITON OFLONQ.TERMDErFRIQ Deutsche mark 6.8 6.3 4.6 3.9 4.3 4.3 4.1 3.8 3.7 French franc 9.2 18.8 19.0 18.21 18.8 18.3 18. 1 17.1 15.4 Japanese yen 0.0 3.0 3.8 3.5 3.6 4.1 4.3 4.8 5.3 Pound sterling 21.8 5.8 4.0 3.8 4.1 3.9 3.3 3.1 2.9 Swiss franc 0.4 2.5 1.4 1.3 1.4 1.6 1.4 1.3 0.9- U.S. dollars 20.5 29.9 32.6 34.6 33.0 33.7 35.5 37.6 40.3 Multiple currency 6.0 9.4 13.6 13.6 13.8 13.8 13.5 13.4 13.1 Special drawing rights 0.0 0.0 l.0 1.1 1.1 l.l 1.3 1.4 1.5 All othercuirrericies 25.5 24.3 19.9 20.1 19.9 19.1 18.6 17.5 16.8 251 SPECIAL PROGRAM OF ASSISTANCE (US$ million, unless otherwise indicated) Preliminarv /970 1980 /988 1989 /990 199/ 1992 1993 1994 1995 7. DEBT FSSTRUCTURINGS Total amount rescheduled 1. I,705 2,039 3,717 1,670 3,406 998 3,653 Debt stock rescheduled .. .. 76 36 38 40 8 1 0 Principal rescheduled .. .. 950 1,227 2,121 872 1,710 626 2,107 Official .. .. 501 518 1,314 638 1,060 418 1,421 Private .. .. 449 709 807 234 649 208 686 Interest rescheduled 441 569 1.350 402 993 296 1.483 Official .. .. 324 378 1.108 352 623 227 1.213 Private .. .. 118 192 242 50 370 68 269 Principal forgiven .. 163 3,127 1,562 732 651 766 2,355 .. Memo: interest forgiven 14 87 72 164 99 140 383 Debt stock reduction 211 0 27 225 4 151 446 of which debt buyback 0 0 0 31 0 26 8 L ]DEBT STOCSKPLOW RECONCILIATION Total change in debt stocks .. .. .. 2.294 10.685 3,843 1,520 3,592 3,793 Netflowsondebt .. .. .. 4.446 5.401 3.140 3,788 4.209 1.735 Net change in interest arrears .. .. .. 727 335 618 400 1,121 -684 Interest capitalized .. .. .. 569 1.35t) 402 993 296 1.483 Debt forgiveness or reduction .. .. .. -3.127 - 1.589 -926 -656 -892 -2.794 Cross-currency valuation -194 4,098 -365 -2.847 -1.501 2,977 Residual -126 1,090 974 -159 359 1,076 t AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 3.3 6.5 3.1 3.4 3.3 3.1 2.2 2.5 1.4 Maturity (years) 29.6 18.4 26.4 27:2 28.3 30.9 32.7 29.9 31.7 Grace period (years) 11 5.2 7.1 7.7 7.8 8 8.5 8.4 8.6 Grant element (%) 53.4 24.9 51.7 51.3 52.7 55.4 62.1 58.7 66.4 Official creditors Interest (%) 1.8 3.8 2.4 2.8 2.7 2.7 2.1 2.1 1.3 Maturity (years) 38.2 26.8 29.9 29.3 30.3 32.6 34 33.4 32.4 Grace period (years) 15.4 7.2 8.1 8.3 8.5 8.5 8.9 9.4 8.8 Grant element (%) 71.4 46.7 59.5 56.2 58.6 59.5 64.7 65.6 68.4 Private creditors Interest (%) 6.5 9.4 6.3 8.1 8.5 8.2 4.5 5.3 5.9 Maturity (years) 10.3 9.6 9.9 7.2 11.9 11.2 10.2 8.6 10.5 Graceperiod(years) 1 3.2 2.2 2.1 2.2 1.8 3.1 2.4 2.7 Grantelement(%) 13 2.2 15.3 5.3 5 7.1 19.5 16.5 11.8 Memorandum items Commitments 1,348 8,913 7.364 7,928 7,678 5.720 5.955 5,294 4,642 Official creditors 933 4,550 6,066 7,159 6,835 5,274 5.619 4,546 4,480 Private creditors 415 4.363 1.298 769 843 447 336 747 162 10. GRAPH OF AGREGATE NET RESOURCE FLOWS (current prices. US$ billion) 1 4 - - --- 12 10 8 6 - ... 4 2 0-I ,. .I 1981 1983 1985 1987 1989 1991 1993 1995 U Grants D Official loans m Foreign direct investment U Private loans 3 Portfolio equity flows CHINA FRANCE ISRAEL NEW ZEALAND RUSSIAN FEDERATION Wennergren-Williams AB D1StriLutors o China Financial & Economic World Bank Publications Yozmot Literature Ltd. EBSCO NZ Ltd. Isdatelstvo P.O. Box 1305 Publishing House 66, avenue didna RO. Box 56055 Private Mail Bag 99914 9a, Lolpachrul pereulok S-171 25 Solna W orld Bank 8, Da Fo Si Dong Jie 75116 Paris Tel Aviv 61560 New Market Moscow 101831 Tel: (8) 705-97-50 Publications Beijing Tel: (1) 40-69-30-55 Tel: (3) 5285-397 Auckland Tel: (95) 917 87 49 Fax: (8) 27-00-71 Tel: (1) 333-8257 Fax: (1) 40-69-30-68 Fax: (3) 5285-397 Tel: (9) 524-8119 Fax: (95) 91792 59 Prices and credit termns vary Fax: (1) 401-7365 Fax: (9) 524-8067 SWiTZERLAND from country to country. 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The CD-RONI employs the World Bank's *STARS* retrieval system, which allows users to view and manipulate the data and to export it to spreadsheet and database format and to any program that reads ASCI characters. WForld*Data requires an IBM-compat- ible computer running DOS 2.1 or higher, a CD-ROM reader, and at least 512K of available memory. A new product, World Debt Tables 1996 on CD-ROM, is also available. It includes both the analytical text and summary data from Volume 1 and the country data from Volume 2. The data series for the itidividual publications described below are also available in time series on 3.5-inch diskettes in the *STARS* retrieval system. *STARS* diskette products require an IBMi-compatible computer running DOS 2.1 or higher and 512K or more of avail- able memory. SOCIAL INDICATORS OF DEVELOPMENT 1996 Provides the latest social indicators for more than 190 economies, including the most recent available estimates of fertility, mortality, illit- eracy, access to health care, and shares of CDP for selected social expenditures. International comparisons are made easier by a summary table that takes a cross-countrv look at a selected array of indicators. TRENDS IN DEVELOPING ECONOMIES 1995 This annual collection of profiles of economic conditions in developing economies is one of the World Bank's most eagerly awaited publi- cations. The seventh edition analvzes the recent economic performance of approximatelv 115 economies. The reports describe each coun- try's economic features, current socioeconomic issues, and prospects and summarize national development strategies. Statistical tables are designed to give fast access to key data on economic and social indicators and are accompanied by graphs. Most indicators include data for the 1980s and for 1992-94. The *Sr.tRs* diskettes include time-series data for 1980-94, with links between data tables and text. TRENDS IN DEVELOPING ECONOMIES 1995 EXTRACTS: VOL. 1. EASTERN EUROPE AND CENTRAL ASIA. VOL. 2. EMERGING CAPITAL MARKETS. VOL. 3. SUB-SAHARAN AFRICA Three regional extracts from Trends in Developing Economies present brief analytical descriptions and data on recent socioeconomic per- formance and trends. Volume 1 covers 20 economies of Eastern Europe and the former Soviet Union. Volume 2 concentrates on 22 devel- oping countries where stock markets have grown rapidly since the early 1980s and foreign investment has increased since 1989. Volume 3 presents individual profiles of 40 Sub-Saharan African countries. WORLD DEVELOPMENT REPORT 1996 This series, now in its nineteenth year, has been described as 'the most influential document in setting the agenda for the development debate." WVorld Development Report 1996 focuses on the transition from plan to market, in particular in Central and Eastern Europe, the newly independent states of the former Soviet Union. Vietnam, and China. It covers a range of topics, including macroeconomic policv and structniral change, privatization, legal and financial reforms, corruption, the reform of government, and the role of international integration. It includes the World Development Indicators-statistical tables that, this year. provide instant access to a selection of the most current data available on social and economic developmnent in more than 200 economies, including the countries of the former Soviet Union and the Eastern and Central European economies. Topics range from agricultural production to the percentage of women in the labor force. WORLD TABLES 1995 The most detailed collection of economic data published in print bv the World Bank. This edition provides economic, demographic. and social data for 164 economies plus basic indicators for an additional 45 economies. The time series spans 1973 to 1993. Data are organized by topic and by country. The topical pages report GNP, CDP, domestic savings and investment, inports and exports, and other economic indi- cators for individual countries, geographic regions, and income groups. The country pages consist of four-page tables for most of the WXorld Bank's members, presenting data on CNP per capita, population, origin and use of resources, domestic prices, manuLfacturing activity, mone- tary holdings, central government finances, foreign trade, balance of payrments, and external debt. FINANCIAL FLOWS AND THE DEVELOPING COUNTRIES A quarterly publication providing financial decisionmakers with access to the World Bank's timely and concise analysis of developing country debt and international financial flows. Each issue examines the latest events and trends affecting developing country access to the international capital markets, emerging stock markets, foreign direct investment, debt flows, and more. A statistical appendix provides valuable time-series data on external debt, foreign direct investment, comnercial bank claims on developing country debt, and funds and loans raised on the international capital markets. COMMODITY MARKETS AND THE DEVELOPING COUNTRIES Recent developmenits in 34 primary conmmoditv markets and their likely impact on prices are reviewed in this quarterly newsletter. World Bank trade analysts look at production, constunption, and trade patterns to pinpoint wrhy some conunodities thrive while others maiy fal- ter. Every issue provides succinct yet substantive assessments that keep readers abreast of the current market cl; t O- tural raw materials, metals andt minerals. energy, and fertilizers. Distinctive graphs, charts, and tables accomp -8 383 ° 0 FID 080 tents andl summary" column liighlights and annotates key information in each issue. WORLD DEBT TABLES 96: VC COVER DESIGN BY BRIAN NOYES THE MAGAZINE GROUP ISBN 0-821:3 ISBN 0-8213 400 000 200 68 $495