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T H E

GDF 2011 draws on a database maintained by the World Bank External Debt (WBXD) system. Longer time series and more detailed data are available from the Global Development Finance 2011 on CD-ROM and the World Bank open databases, which contain more than 200 time series indicators, covering the years 1970 to 2009 for most reporting countries, and pipeline data for scheduled debt service payments on existing commitments to 2017.

Global Development Finance 2011: External Debt of Developing Countries is unique in its coverage of the important trends and issues fundamental to the financing of the developing world. This report is an indispensable resource for governments, economists, investors, financial consultants, academics, bankers, and the entire development community.

Further details about the GDF 2011 can be found at www.worldbank.org/data.

THE

ISBN: 978-0-8213-8673-6

World Bank open databases are available through the World Bank’s website, http://data.worldbank.org. The Little Data Book on External Debt 2011 provides a quick reference to the data from GDF 2011. For more information on the GDF database, CDROM, and print publications go to http://publications.worldbank.org/ecommerce/.

WORLD BANK

SKU 18673

B A N K

Global Development Finance External Debt of Developing Countries

2011

THE WORLD BANK 1818 H Street, NW Washington, DC 20433 USA Telephone: 202 477-1234 Facsimile: 202 477-6391 Web: www.worldbank.org

The database covers external debt stocks and flows, major economic aggregates, and key debt ratios, as well as average terms of new commitments, currency composition of longterm debt, and debt restructurings in greater detail than can be included in the GDF book. The CD-ROM also contains the full contents of the print version of GDF 2011. Text providing country notes, definitions, and source information is linked to each table.

External Debt of Developing Countries

lobal Development Finance 2011: External Debt of Developing Countries is a continuation of the World Bank’s publications Global Development Finance,Volume II (1997 through 2009) and the earlier World Debt Tables (1973 through 1996). As in previous years, GDF 2011 provides statistical tables showing the external debt of 128 developing countries that report public and publicly guaranteed external debt to the World Bank’s Debtor Reporting System (DRS). It also includes tables of key debt ratios for individual reporting countries and the composition of external debt stocks and flows for individual reporting countries and regional and income groups along with some graphical presentations.

Global Development Finance

G

W O R L D

2011

Global Development Finance

External Debt of Developing Countries

Global Development Finance

External Debt of Developing Countries

2011

Š 2011 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org

All rights reserved 1 2 3 4 13 12 11 10 This volume is a product of the staff of the International Bank for Reconstruction and Development / The World Bank. The findings, interpretations, and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgement on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries.

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ISBN: 978-0-8213-8673-6 eISBN: 978-0-8213-8674-3 DOI: 10.1595/978-0-8213-8673-6 ISSN: 1020-5454

Table of Contents

Preface

vii

Acknowledgments

ix

Overview Financial Flows to Developing Countries: Trend in 2009 Recent Trends in Financing from Official Creditors Volatility in Private Debt Flows to Developing Countries Debt Indicators Regional Developments and Trends Annex A: Debt Restructuring in 2009

1

8 10 11 19

Summary Tables

21

Regional and Income Group Aggregate Tables

35

Country Tables Afghanistan Albania Algeria Angola Argentina Armenia Azerbaijan Bangladesh Belarus Belize Benin Bhutan Bolivia, Plurinational State of Bosnia and Herzegovina Botswana Brazil Bulgaria Burkina Faso Burundi

55 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92

1 4

Cambodia Cameroon Cape Verde Central African Republic Chad Chile China Colombia Comoros Congo, Democratic Republic of Congo, Republic of Costa Rica Côte d’Ivoire Djibouti Dominica Dominican Republic Ecuador Egypt, Arab Republic of El Salvador Eritrea Ethiopia Fiji Gabon Gambia, The Georgia Ghana Grenada Guatemala Guinea Guinea-Bissau Guyana Haiti Honduras India Indonesia Iran, Islamic Republic of Jamaica Jordan

v

94 96 98 100 102 104 106 108 110 112 114 116 118 120 122 124 126 128 130 132 134 136 138 140 142 144 146 148 150 152 154 156 158 160 162 164 166 168

G L O B A L

D E V E L O P M E N T

F I N A N C E

2 0 1 1

Kazakhstan Kenya Kosovo Kyrgyz Republic Lao People’s Democratic Republic Lebanon Lesotho Liberia Lithuania Macedonia, Former Yugoslav Republic of Madagascar Malawi Malaysia Maldives Mali Mauritania Mauritius Mexico Moldova Mongolia Montenegro Morocco Mozambique Myanmar Nepal Nicaragua Niger Nigeria Pakistan Panama Papua New Guinea Paraguay Peru Philippines Romania Russian Federation Rwanda Samoa São Tomé and Príncipe Senegal Serbia

vi

170 172 174 176 178 180 182 184 186 188 190 192 194 196 198 200 202 204 206 208 210 212 214 216 218 220 222 224 226 228 230 232 234 236 238 240 242 244 246 248 250

vi

Seychelles Sierra Leone Solomon Islands Somalia South Africa Sri Lanka St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines Sudan Swaziland Syrian Arab Republic Tajikistan Tanzania Thailand Togo Tonga Tunisia Turkey Turkmenistan Uganda Ukraine Uruguay Uzbekistan Vanuatu Venezuela, República Bolivariana de Vietnam Yemen, Republic of Zambia Zimbabwe

252 254 256 258 260 262 264 266 268 270 272 274 276 278 280 282 284 286 288 290 292 294 296 298 300 302 304 306 308 310

About the Data Data Sources Methodology External Debt and Its Components Countries with Estimated Data

313 313 314 316 319

Country Groups

321

Glossary

323

Users’ Guide

327

Preface

T

he World Bank’s Debtor Reporting System (DRS), from which the aggregates and country tables presented in this report are drawn, was established in 1951. The debt crisis of the 1980s brought increased attention to debt statistics and to the World Debt Tables, the predecessor to Global Development Finance. Now the global financial crisis has once again heightened awareness in developing countries of the importance of managing their external obligations. Central to this process is the measurement and monitoring of external debt stocks and flows in a coordinated and comprehensive way. The initial objective of the DRS was to support the World Bank’s assessment of the creditworthiness of its borrowers. But it has grown as a tool to inform developing countries and the international community of trends in external financing and as a standard for the concepts and definitions on which countries can base their own debt management systems. Over the years, the external financing options available to developing countries have evolved and expanded, and so too has the demand for timely and relevant data to measure the activity of public and private sector borrowers and creditors. Recurrent debt crises caused by adverse global economic conditions or poor economic management have demanded solutions, including debt restructuring and, in the case of the poorest, most highly indebted countries, outright debt forgiveness, formulated on the basis of detailed and robust information on external obligations.

Steps are continuously being taken to ensure that the data captured by the DRS mirror these developments and respond to the needs of debt managers and analysts. In this context, reporting requirements are periodically amended to reflect changes in borrowing patterns. Many developing countries increasingly rely on financing raised in domestic markets, so we are exploring ways to expand the coverage of public sector borrowing in domestic markets. At the same time, we are mindful that expanded coverage and efforts to enhance data accuracy and timeliness must be balanced against the reporting burden imposed on developing countries. Bringing modern technology to bear reduces reporting costs. In partnership with the major providers of debt data management systems to developing countries, the Commonwealth Secretariat (COMSEC) and the United Nations Conference on Trade and Development (UNCTAD), we have established standard code and system links that enable countries to provide their DRS reports electronically, in a seamless and automated data exchange process. We recognize that robust debt data and good debt management go hand in hand, and the World Bank, together with its partners, is committed to improving the capacity of developing countries to manage their debt. We are also committed to maintaining the DRS as a rich source of information. All the relevant data and information are available to you from the World Bank’s Open Data site at http://data.worldbank.org/. We welcome your comments and suggestions to ensure that our data meet your needs. Shaida Badiee Director, Development Data Group

Acknowledgments

T

his volume and its companion volume, The Little Data Book on External Debt, were prepared by the Financial Data Team of the Development Data Group (DECDG), led by Ibrahim Levent under the supervision of Eric Swanson and Neil James Fantom, and comprising Nanasamudd Chhim, Shelley Fu, Akane Hanai, Hiroko Maeda, Gloria Moreno, Evis Rukaj, Yasue Sakuramoto, Makiko Sano, Rubena Sukaj, Alagiriswamy Venkatesan, and Mizuki Yamanaka, working closely with other teams in the Development Economics Vice Presidency’s Development Data Group. The team was assisted by Awatif H. Abuzeid, Rosario Alipio, and Premi Rathan. The system support team was led by Abdolreza Farivari; Soong Sup Lee provided the macroeconomic data, and the Migration and

Remittances unit provided worker remittances and compensation of employee data. The overview of current developments was prepared by Malvina Pollock in consultation with the staff of DECDG, and country economists reviewed the data. The work was carried out under the management of Shaida Badiee. The production of this volume was managed by Azita Amjadi, with the assistance of Alison Kwong and Vera Wen. The CD-ROM and online database were prepared by Buyant Erdene Khaltarkhuu and William Prince, with technical support from Shelly Fu, Vilas K. Madlekar, Abarna Gayathri Manickudi Panchapakesan, Sujay Ramasamy, and Malarvizhi Veerappan. The cover was designed by Jomo Tariku. Staff members from External Affairs coordinated the publication and dissemination of the book.

ix

.

Overview

Financial Flows to Developing Countries: Trend in 2009

I

nternational capital flows to the 128 developing countries reporting to the World Bank Debtor Reporting System (DRS) fell by 20 percent in 2009 to $598 billion (3.7 percent of gross national income [GNI]), compared with $744 billion in 2008 (4.5 percent of GNI) and a little over half the peak level of $1,111 billion realized in 2007 (table 1). Private flows (debt and equity) declined by 27 percent despite a rebound in bond issuance, portfolio equity flows, and short-term debt flows

(which were mostly trade related). Both foreign direct investment (FDI) flows and bank lending fell precipitously. By contrast, the net inflow of debt-related financing from official creditors (excluding grants) rose 175 percent as support was stepped up to low- and middle-income countries severely affected by the global financial crisis. Net equity inflows (direct investment and portfolio investment combined) totaled $462 billion in 2009, down 13 percent from the $534 billion total recorded in 2008 and close to 30 percent lower than the $643 billion total recorded in 2007

Table 1. Net Capital Inflows to Developing Countries, 2001–09 $ billions Inflows

Net private and official inflows

2001

2002

2003

2004

2005

2006

2007

2008

2009

597.8

212.6

154.4

262.4

342.2

464.8

610.2

1,110.5

743.9

Percentage of GNI

3.7

2.7

3.9

4.3

4.9

5.5

8.0

4.5

3.7

Net equity inflows

165.5

162.5

178.8

243.6

341.1

451.0

643.2

533.9

462.2

Net FDI inflows

158.8

154.3

152.5

206.7

273.6

343.3

508.1

587.1

354.1

6.7

8.3

26.3

36.9

67.5

107.7

135.1

�53.2

108.2

47.2

�8.1

83.6

98.6

123.7

159.2

467.3

209.9

135.5

Official creditors

31.0

6.7

�11.9

�24.1

�64.0

�69.6

0.0

27.8

76.4

World Bank

7.4

�0.5

�2.5

2.4

2.7

�0.2

5.2

7.3

17.7 26.5

Net portfolio equity inflows Net debt flows

IMF

19.5

14.2

2.4

�14.7

�40.2

�26.7

�5.1

10.0

4.1

�7.0

�11.8

�11.8

�26.6

�42.6

0.0

10.6

32.2

Private creditors

16.2

�14.8

95.5

122.7

187.7

228.8

467.3

182.1

59.1

Net medium- and long-term debt flows

�3.2

�1.7

38.3

69.8

113.2

144.9

283.1

196.1

52.7

15.5

11.1

23.1

34.3

48.2

31.7

88.2

24.1

51.1

Banks and other private creditors

�18.7

�12.8

15.2

35.5

65.0

113.2

194.9

172.0

1.6

Net short-term debt flows

19.4

�13.1

57.2

52.9

74.5

83.9

184.2

�14.0

6.4

�81.5

�165.3

�288.1

�395.3

�404.6

�634.2

�1,083.7

�452.7

�673.8

Other official creditors

Bonds

Change in reserves (� � increase) Memorandum items Official grants excluding technical cooperation

28.4

33.1

44.7

52.1

56.9

106.9

76.1

86.4

95.0

Worker remittances

93.8

109.9

136.8

158.6

190.6

225.3

277.2

323.5

305.2

Sources: World Bank Debtor Reporting System, IMF, Bank for International Settlements, and OECD. Note: Grants are World Bank staff estimates.

1

G L O B A L

D E V E L O P M E N T

F I N A N C E

2 0 1 1

Figure 1. Net Equity Flows to Developing Countries, 2001–09

Figure 2. Net Foreign Direct Investment Inflows to Major Recipients, 2008–09

$ billions

$ billions

700

China

600

Russian Federation

500

Brazil

400

India

300 200

Mexico

100

Turkey

0

Kazakhstan

–100

Chile

2001 2002 2003 2004 2005 2006 2007 2008 2009 Net FDI inflows

0

Net portfolio equity inflows

50

100 2008

Sources: IMF and World Bank staff estimates.

150

200

2009

Sources: IMF and World Bank staff estimates.

(table 1 and figure 1). FDI inflows fell to $354 billion from $587 billion in 2008—the sharpest drop in 20 years, with all of the largest recipients of FDI seeing net inflows decline. China, the largest recipient of FDI inflows among developing countries, experienced a 47 percent drop in FDI inflows in 2009, to an estimated $78 billion, partly because of high disinvestment in the financial sector (figure 2). The story was repeated in other regions as multinational firms were hit hard by the global economic recession and financial crisis. Slower global growth squeezed their profitability, and economic uncertainty and weak global demand reduced their willingness (and ability) to expand abroad. Brazil and Mexico saw FDI inflows decline 42 percent and 51 percent respectively. Inflows to the Russian Federation were down 50 percent, and in Turkey they dropped by 56 percent. In India, the decline was more moderate (16 percent), and the same was true for Chile (down 16 percent) and, to a lesser extent, Kazakhstan (down 20 percent). In general, energy-oriented FDI was less affected because many companies with expertise in energy exploration still had strong cash positions, and falling prices of energy assets in developing countries raised investment attractiveness. As a result, countries such as Angola, Azerbaijan, the Islamic Republic of Iran, and Nigeria all recorded increased net FDI flows in 2009. In contrast to the fall in FDI inflows, portfolio equity inflows turned sharply positive in 2009, rising to $108 billion—a dramatic turnaround

2

Table 2. Net Inflows of Portfolio Equity: Top 10 Recipients $ billions Country

2005

2006

2007

2008

2009

Brazil

6.5

7.7

26.2

7.6

37.1

China

20.3

42.9

18.5

8.7

28.2

India

12.2

9.5

35.0

15.0

21.1

Indonesia

0.2

1.9

3.6

0.3

0.8

Mexico

3.4

2.8

0.5

3.5

4.2

Philippines

1.5

2.5

3.2

1.3

1.1

Russian Federation

0.1

6.5

18.7

15.0

2.0

South Africa

7.2

15.0

8.7

4.7

9.4

Thailand

5.1

5.2

4.3

3.8

1.9

Turkey

5.7

1.9

5.1

0.7

2.8

Sources: IMF and World Bank staff estimates.

from the net outflow of $53 billion in 2008, when investors retreated from stock holdings in emerging markets. Brazil recorded the strongest reversal, with an inflow of $37 billion in 2009 compared to an outflow of $8 billion in 2008. Other countries that saw an important reversal in portfolio flows in 2009 included China ($19 billion increase), India ($36 billion increase), Russia ($17 billion increase), and South Africa ($14 billion increase). Portfolio equity flows remain concentrated in 10 countries that typically account for about 90 percent of all portfolio equity flows to developing countries (table 2). Debt-related flows plummeted in 2009, falling by 35 percent to $136 billion ($210 billion in 2008), and their composition changed markedly.

O V E R V I E W

Medium- and long-term financing from official creditors accounted for 56 percent of debt-related flows, compared to just 13 percent in 2008. Debt inflows from official sources surpassed those from private creditors for the first time since 2002 (figure 3). The dominant element was new lending by multilateral creditors, including the International Monetary Fund (IMF). It constituted almost 90 percent of net inflows from official sources in 2009, reflecting increased support to low- and middle-income countries severely affected by the global financial crisis. The structure of inflows from private creditors in 2009 was markedly different from the pattern recorded in 2008. Net inflows on bonds rebounded following a resurgence of new issues by public sector and, to a lesser degree, corporate borrowers. Similarly, short-term flows returned to positive territory ($6 billion) after the $14 billion outflow of 2008—the only time there had been an outflow of short-term capital from developing countries since 2000. However, the net inflow of capital from banks and other private creditors, which held up reasonably well in 2008, collapsed in 2009 because of the combined effect of a sharp reduction in gross inflows and large payments by corporate borrowers (figure 4). At the regional level, the emerging market economies in Europe and Central Asia experienced the most pronounced drop in the net inflow

Figure 4. Net Private Debt Flows by Creditor Type, 2001–09 $ billions 250

200

150

100

50

0

–50

2001

2002

2003

2004

2005

2006

2007

2008

2009

Banks and other private

Bonds

Net short term debt flows

Source: World Bank Debtor Reporting System.

Table 3. Net Capital Inflows to Developing Regions, 2005–09 $ billions Inflows (by region)

2005

2006

2007

2008

2009

Net private and official inflows

465

610

1,111

744

598

East Asia and Pacific

171

192

282

183

191

Figure 3. Net Debt Flows by Creditor Type, 2001–09

Europe and Central Asia

128

218

411

262

90

$ billions

Latin America and the Caribbean

85

66

217

177

167

Middle East and North Africa

19

14

30

21

28

South Asia

29

77

118

62

77

Sub-Saharan Africa

33

43

53

39

45

500

400

Source: World Bank Debtor Reporting System.

300

200

100

0

–100

2001 2002 2003 2004 2005 2006 2007 2008 2009 Official creditors

Private creditors

Source: World Bank Debtor Reporting System.

of capital. Debt and equity flows combined fell 66 percent in 2009 to $90 billion, well below one-quarter of the amount received in 2007 (table 3). Net capital inflows to Latin America and the Caribbean also continued their downward trajectory in 2009 but declined only moderately, down 6 percent from their 2008 level. All other regions enjoyed an increase in net capital inflows in 2009. In the Middle East and North Africa and in South Asia, net capital inflows rose by 33 percent and 26 percent, respectively, driven by new borrowing 3

G L O B A L

D E V E L O P M E N T

F I N A N C E

2 0 1 1

in the case of the former and almost entirely by portfolio inflows to India in the case of the latter. East Asia and the Pacific recorded a small (4 percent) rise in the net inflow of capital in 2009, with the sharp decrease in the net inflow of FDI offset by increased portfolio flows and by the rise in shortterm borrowing. In Sub-Saharan Africa, net capital inflows were up by 16 percent in 2009, primarily because of the turnaround in portfolio equity flows to South Africa. However, most countries in the region saw net capital inflows fall in 2009. When South Africa is excluded, the net inflows of capital to Sub-Saharan Africa were 11 percent lower than the comparable figure for 2008.

Recent Trends in Financing from Official Creditors

N

et inflows of capital from official creditors (loans and grants) were estimated at $171 billion in 2009, an increase of about 50 percent over the comparable figure for 2008 (table 4). This increase was driven mostly by the rapid rise in the net inflow of medium- and long-term loans from the IMF and the multilateral development banks, reflecting the decision made at the Group of 20 London Summit in April 2009 to accord these institutions a central role in crisis response for developing countries (table 4). The net inflow of capital from bilateral creditors turned positive for the first time since 2000, in large measure because of increased South-South lending. Most Organisation for Economic Co-operation and Development (OECD) countries provided a large share of their bilateral assistance in the form of official grants, particularly to low-income countries with little

or no access to market-based financing. Official grants data for 2009 to be published by OECD in December 2010 are expected to show that grants (excluding technical cooperation grants) rose by an additional 10 percent in 2009, reflecting donors’ commitment to a substantial increase in official development assistance (ODA) to help developing countries, particularly those of SubSaharan Africa, achieve internationally established development objectives, including the Millennium Development Goals (MDGs). The recent shift from grants to loans in financing from official sources is significant. In 2007, grants constituted almost 100 percent of the combined net inflows of loans and grants from official bilateral and multilateral sources. By 2009, grants, as a share of the net inflow of official financing (loans and grants), are estimated to have fallen to 55 percent. By contrast, net official financing provided by multilateral institutions (including the IMF and grants from IDA), rose from $11.4 billion in 2007 to $70.8 billion in 2009. In parallel, middle-income countries significantly increased their share of official financing; in 2009, they received 90 percent of net official loan financing ($68 billion). The level and composition of new commitments in 2009 by the multilateral institutions suggest this trend will continue. These institutions increased their 2008 level by more than 65 percent to $102 billion, with 93 percent directed to middle-income countries. The gross inflow of capital from multilateral institutions (defined as IMF purchases and disbursements from multilateral creditors) increased 113 percent since 2007 to reach $98 billion in 2009. The dominant factor behind this rapid rise was the amount of member countries’ purchases

Table 4. Net Official Financing to Developing Countries, 2001–09 $ billions Financing

2001

2002

2003

2004

2005

2006

2007

2008

2009

Total

59.3

39.8

32.8

28.0

7.1

37.4

76.1

114.2

171.4

Official grants

28.4

33.1

44.7

52.1

56.9

106.9

76.1

86.4

95.0

IDA

0.0

0.3

0.4

1.1

1.2

1.2

1.9

2.1

2.5

Loans

31.0

6.7

11.9

24.1

64.0

69.6

0.1

27.8

76.4

Bilateral

3.6

8.5

13.9

12.3

31.5

46.2

11.4

2.5

5.6

Multilateral

34.6

15.2

1.9

11.8

32.5

23.4

11.4

30.3

70.8 11.3

IBRD

2.4

6.0

7.6

4.0

2.9

5.2

0.3

2.7

IDA

5.0

5.5

5.0

6.4

5.6

5.0

5.5

4.6

6.5

IMF

19.5

14.2

2.4

14.7

40.2

26.7

5.2

9.9

26.5

Sources: World Bank Debtor Reporting System and OECD. Note: Grants are World Bank staff estimates.

4

O V E R V I E W

from the IMF; it increased 14-fold to $28.3 billion in 2009 ($2 billion in 2007). Disbursements from the World Bank (the International Bank for Reconstruction [IBRD] and the International Development Association [IDA]) rose 73 percent over this period, and this trend was also mirrored in the increased level of lending by the regional development banks. Collectively, their disbursements have risen 54 percent since 2007 (figure 5). The Bretton Woods institutions (IMF, IBRD, and IDA) are the most important source of multilateral financing to developing countries around the globe. Together they accounted for 60 percent of gross disbursements from multilateral sources in 2009, up from 44 percent in 2007. However, the regional development banks are a critical component of multilateral financing and are frequently the principle source of such financing in the regions they target. For example, the Inter-American Development Bank (IDB) accounted for 48 percent of disbursements by multilateral creditors to countries in Latin America and the Caribbean in 2008–09. The World Bank (IBRD and IDA combined) share accounted for 40 percent. Disbursements by the Asian Development Bank were equivalent to 43 percent of disbursements from multilateral creditors to countries in South Asia in 2008–09, almost the same share of the total as that of IBRD and IDA combined. (See the section titled “Regional Developments and Trends” for a

Figure 5. Gross Inflows from Multilateral Creditors to Developing Countries, 2005–09

more extensive discussion on the composition of lending by multilateral creditors.) Every developing country that reports to the DRS indicates some inflow of capital from multilateral sources. However, multilateral lending is concentrated in a relatively small number of countries in each region—particularly in the case of the IMF, whose lending patterns are dictated by the balance of payment needs of its member countries. In 2009, 67 percent of IMF purchases were attributable to just three countries: Romania (33 percent), Ukraine (22 percent), and Pakistan (12 percent). All regions have seen a rise in multilateral financing since 2007, but two regions, Europe and Central Asia and Latin America and the Caribbean, have been the primary beneficiaries (figure 6). Together they accounted for 62 percent of gross inflows from multilateral institutions in 2009, up from 52 percent in 2008. This gain came at the expense of other regions, which all saw their share of gross multilateral inflows decline in 2009. South Asia was the most affected: its share fell by more than 6 percentage points to 12.2 percent in 2009 (figure 7). Financing from the World Bank Group takes a variety of forms: loans and guarantees from IBRD and loans, grants, and guarantees from IDA to the public sector of the borrowing country; loans and equity financing from IFC to the private sector; and investment guarantees from the Multilateral Investment Guarantee Agency (MIGA). Financing by Figure 6. Disbursements from Multilateral Sources by Region, 2008–09 $ billions

$ billions

40

45

35

40

30

35

25

30

nd ta

an

Ea s

ha r M

id

dl e

Sa 2009

Source: World Bank Debtor Reporting System.

5

N Af ort ric h a

a ric Af

As th

2008

Other multilateral

Source: World Bank Debtor Reporting System.

Ea

Am tin

2009 IDA

er ic a C an ar d ib th be e st an As ia an d Pa ci fic

C d an

2008

IBRD

La

2007

IMF

pe

2006

ro

2005

Eu

0

b-

0

5

Su

5

10

So u

10

15

en As tral ia

15

20

ia

20

25

G L O B A L

D E V E L O P M E N T

F I N A N C E

2 0 1 1

Figure 7. Disbursements by Multilateral Creditors, Regional Distribution $ billions a. Share of 2008 disbursements (%) b. Share of 2009 disbursements (%) 10.4

9.8

12.7

10.4

12.2 18.5 26.2

5.8

35.2

6.1 26.1

26.6

East Asia and Pacific

Europe and Central Asia

Latin America and the Caribbean

Middle East and North Africa

South Asia

Sub-Saharan Africa

in 2009 over the comparable figure for 2008. The region received almost half of IBRD disbursements in 2009. IBRD disbursements to countries in Europe and Central Asia rose 65 percent in 2009 to $4.7 billion compared to a moderate, 16 percent increase in countries in East Asia and the Pacific to $3.7 billion. The three remaining regions combined received $3 billion in IBRD disbursements in 2009 (13 percent of the total), exceeding the comparable figure for 2008 by 55 percent (figure 8). Like commitments, IBRD disbursements are heavily concentrated, with one country, Mexico, accounting for 22 percent of IBRD disbursements in 2009 and the top 10 borrowers accounting for 76 percent (figure 9). The total amount of debt Figure 8. IBRD Disbursements, Regional Distribution, 2008–09

Source: World Bank Debtor Reporting System.

the World Bank Group is captured in the data presented in Global Development Finance as follows:

$ millions 12,000 10,000

• Loans from IBRD and IDA constitute part of the borrowing country’s public and publicly guaranteed debt and are also separately identified by source. • Loan financing from IFC is recorded as part of private, nonguaranteed debt. Grants provided by IDA are recorded in official grants. Equity financing from IFC and investments guaranteed by MIGA are recorded as part of FDI. • IBRD and IDA guarantees do not represent financing and are recorded only as a flow of funds if the guarantee is invoked.

8,000 6,000 4,000 2,000 0

Latin America and the Caribbean

Europe and Central Asia

East Asia and Pacific

2008

Other regions

2009

Source: World Bank Debtor Reporting System.

Figure 9. Top 10 Recipients of IBRD Disbursements, 2009

Trends in IBRD Financing In 2009, IBRD commitments totaled $36 billion, a 75 percent increase over the comparable figure for 2008 and the highest ever recorded in the institution’s history. This total reflected a surge in new loans to borrowers across all regions. The countries of Latin America and the Caribbean and of Europe and Central Asia commanded 60 percent of new IBRD loan commitments in 2009, but India was the single largest recipient, securing $5.8 billion. IBRD commitments remained concentrated: 10 borrowers accounted for 75 percent of new IBRD loans in 2009. Disbursements by IBRD jumped 61 percent in 2009 to $22 billion. The countries of Latin America and the Caribbean saw a 90 percent increase in IBRD disbursements

6

$ millions Mexico Turkey Indonesia India Colombia China Brazil Argentina Romania Egypt, Arab Rep. 0

1,000

2,000

3,000

4,000

Source: World Bank Debtor Reporting System.

5,000

6,000

O V E R V I E W

outstanding and disbursed to IBRD stood at $108 billion at the end of 2009 for countries reporting to the World Bank Debtor Reporting System.1 Of this amount, 54 percent was owed by six borrowers: in order of highest amount, China, Mexico, Brazil, Turkey, India, and Indonesia.

Trends in IDA Financing IDA resources are reserved for the world’s poorest countries, and its operations are concentrated in South Asia and Sub-Saharan Africa. New loan commitments from IDA rose 15 percent in 2009 to $10.4 billion, but gross disbursements increased more rapidly, by 26 percent to $8.7 billion. In addition, IDA disbursed $2.5 billion in grants in 2009, an increase of 19 percent over the comparable figure for 2008 ($2.1 billion). Countries in Sub-Saharan Africa received 46 percent of all IDA gross disbursements (loans and grants) in 2009, down from 51 percent in 2008; South Asia received 31 percent (up from 27 percent the previous year), reflecting increases in IDA resources going to Afghanistan and Pakistan. The share of IDA gross disbursements to East Asia and the Pacific remained largely unchanged at 14 percent of the total. Gross IDA flows to countries in regions other than those cited increased sharply, albeit from a small base, primarily because of the doubling of IDA grants to Haiti (figure 10). IDA resources are allocated to individual countries using a performance-based allocation system that

Figure 10. Gross Inflows (Loans and Grants), 2008–09 $ millions

accounts for the size of the population and GNI per capita. IDA recipient countries in the top performance quintile receive about three times the commitment amount per capita received by those in the lowest quintile. At the same time, the distribution of IDA resources is relatively concentrated. There are currently 79 IDA-eligible countries, but 75 percent of gross IDA disbursements in 2009 went to 10 countries (figure 11). The outstanding IDA loan portfolio ($117 billion at the end of 2009) is heavily concentrated, with five East and South Asian countries accounting for 54 percent of the total: in order of highest amount India, Bangladesh, Pakistan, China, and Vietnam. This concentration is a consequence of the fact that, at the end of 2009, 26 countries, primarily in Sub-Saharan Africa, had reached the Highly Indebted Poor Country (HIPC) completion point and received $42.8 billion in HIPC and Multilateral Debt Relief Initiative (MDRI) assistance from IDA. Among Sub-Saharan African countries, those with the largest share of the outstanding IDA portfolio include Kenya ($3.2 billion) and Nigeria ($2.7 billion), neither of which is eligible for HIPC or MDRI relief. Three countries (Burundi, the Central African Republic, and Haiti) reached the HIPC completion point in 2009 and became eligible for debt relief under the MDRI. Côte d’Ivoire reached the HIPC decision point in 2009 and became eligible for interim relief from IDA (accorded to countries between the HIPC

Figure 11. Top 10 Recipients of Gross IDA Disbursements (Loans and Grants), 2009 $ millions

6,000 India

5,000

Vietnam Pakistan

4,000

Ethiopia

3,000

Tanzania

2,000

Nigeria Uganda

1,000

Congo, Dem.Rep.

0

Sub-Saharan Africa

South Asia 2008

East Asia and Pacific

Other regions

Bangladesh Afghanistan

2009

Source: World Bank Debtor Reporting System.

0

200

400

600

800

Source: World Bank Debtor Reporting System.

7

1,000 1,200 1,400

G L O B A L

D E V E L O P M E N T

F I N A N C E

2 0 1 1

decision and completion points), raising the number of countries receiving interim relief to nine.

Figure 12. Net Medium- and Long-Term Bank Lending, 2007–09 $ billions 140

Volatility in Private Debt Flows to Developing Countries

120 100

T

he global financial crisis severely reduced developing countries’ access to international capital markets: countries reporting to the World Bank DRS confirmed a substantial reduction in debt flows from private creditors. These flows fell 70 percent in 2009 to $59 billion, one-eighth of the $467 billion net inflow from private creditors in 2007. Driving the downturn in 2009 was the collapse in medium-term commercial bank lending to both public and private sector borrowers. These flows all but disappeared in 2009, with the net inflows to all developing countries reduced to a mere $1.6 billion, compared to $172 billion in 2008. The decline was felt across all regions as banks remained cautious about their exposure to emerging market economies and continued to redress their balance sheets in the expectation of significant tightening in risk-weighted bank capital requirements. The most substantial fall from previous levels was in Europe and Central Asia, where concerns over mounting nonperforming loans and large domestic adjustments restrained both the demand for and supply of lending. The region saw net medium-term lending by banks plummet to $7 billion (down from $105 billion in 2008). Net private debt flows to Latin America and the Caribbean turned negative (−$6 billion) from an inflow of $41 billion the previous year. Bank lending to East Asia and the Pacific was also negative, but this effect was due more to lower demand than to limited supply (figure 12). With abundant domestic liquidity, borrowers in East Asia and the Pacific had less need to tap international markets. Developing countries’ private sectors had to absorb most of the impact of the downturn in bank financing. Over the past 15 years, the surge in medium-term bank lending to developing countries had been largely directed to private sector borrowers. Whereas in 1995 developing countries’ obligations to commercial banks were divided roughly equally between public and private sector borrowers, by the end of 2009 the latter’s share had risen to almost 90 percent of the total. Gross disbursements from commercial banks rose from

8

80 60 40 20 0 –20

East Asia and Pacific

Europe and Central Asia 2007

Latin America Other regions and the Caribbean 2008

2009

Source: World Bank Debtor Reporting System.

$107 billion to $444 billion between 2000 and 2008. Those directed to private sector borrowers increased fivefold from $80 billion to $412 billion and, as a share of the total, from 75 percent to 93 percent. Because maturities on medium-term bank loans typically averaged 5 years, principal repayments also followed a rapid upward trajectory. They jumped from $108 billion in 2000 to $278 billion in 2008, with repayments owed by private sector borrowers tripling over this period. In 2009, both public and private sector borrowers had to contend with a further 13 percent increase in principal payments, while gross disbursements to public borrowers fell by 20 percent and those to private sector borrowers by 30 percent (figure 13). Developing countries recorded only a small $6 billion net inflow of short-term debt in 2009, but this figure reflected a $20 billion turnaround from the $14 billion outflow recorded in 2008. However, recovery remained limited when viewed in the context of the $184 billion inflow of shortterm debt in developing countries in 2007. Moreover, the aggregate inflow in 2009 masks sharp disparity at the regional level in the direction of short-term debt flows. Short-term debt transactions are mostly trade related, and it is therefore not surprising that short-term financing in 2009 was directed primarily to the fastest-growing regions and away from those where the pace of economic recovery was sluggish. The main driver

O V E R V I E W

Figure 13. Gross Medium-Term Commercial Bank Flows to Developing Countries, 2000–09

Table 5. Net Short-Term Debt Flows to Developing Countries, 2007−09 $ billions

$ billions

Region

450 400 350

2007

2008

East Asia and Pacific

55

11

55

Europe and Central Asia

76

15

38

Latin America and the Caribbean

33

4

2

4

4

2

13

8

1

4

5

10

184

14

6

Middle East and North Africa South Asia

300

Sub-Saharan Africa

2009

250

All developing countries

200

Sources: World Bank Debtor Reporting System and Bank for International Settlements.

150

Table 6. Bond Issuance by Developing Countries, 2008–09

100

$ billions

50

Sovereign borrowers

0 2000

2005

2006

2007

2008

2009

Region

2008

2009

Corporate borrowers 2008

2009

Gross disbursements public borrowers

East Asia and Pacific

5.2

13.9

0.4

2.7

Gross disbursements private sector borrowers

Europe and Central Asia

17.9

15.3

16.3

3.2

Latin America and the Caribbean

27.8

Principal payments public borrowers Principal payments private sector borrowers

Source: World Bank Debtor Reporting System.

32.5

32.4

8.4

Middle East and North Africa

2.3

2.9

0.0

0.2

South Asia

0.0

0.7

0.6

2.5

Sub-Saharan Africa All developing countries

was East Asia and the Pacific, where the net inflow of short-term capital returned to pre-crisis levels. The region recorded inflows of $55 billion in 2009, the same as in 2007, and a $66 billion turnaround from outflows of $11 billion in 2008. Countries in the Middle East and North Africa also saw short-term debt rebound in 2009. All other regions had to contend with net outflows of short-term debt in 2009 (table 5). This situation was particularly marked in the case of Europe and Central Asia, where outflows rose to $38 billion, more than double the $15 billion outflow recorded in 2009. Short-term debt flows also turned sharply negative in Sub-Saharan Africa (−$10 billion), driven primarily by outflows from South Africa. International bond issuance by developing countries contracted in 2008 as the global financial crisis unfolded but increased strongly in 2009. It soared after the first quarter of the year to $104 billion for the entire year, an increase of 24 percent over its 2008 level, as investor confidence returned and demand for riskier assets increased. Emerging market bond spreads narrowed, falling to near pre-crisis levels by the year’s end, from an

0.0

2.2

0.0

0.0

57.9

67.4

25.7

36.4

Source: World Bank Debt Reporting System.

average of 700 basis points in early March. Latin America and the Caribbean led the way in sovereign bond issuances, with countries in the region raising a total of $32 billion in 2009, almost identical to the amount they raised in 2008 (table 6). Sovereign bond financing in East Asia and the Pacific jumped to $13.9 billion, from $5.2 billion in 2008, because of new issuances by Indonesia, Malaysia, and the Philippines. There was a 15 percent decline in sovereign bond issuance by countries in Europe and Central Asia in 2009, but Lithuania, Russia, and Turkey all came to the market in 2009. Corporate issuances increased by 42 percent in 2009 to $36.5 billion but were limited principally to high-grade borrowers, suggesting that the market is still largely closed to high-risk corporate borrowers. Corporate bond issuances, as a share of total bond issuances, were 35 percent in 2009, broadly unchanged from their share in 2008. But there was a marked regional shift. In 2008, Russian borrowers accounted for 56 percent of corporate bond issuances by all developing

9

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F I N A N C E

2 0 1 1

countries, whereas in 2009 their share had fallen to 6 percent. Of $2.3 billion raised by Russian corporates in 2009 most was accounted for by Gazprom. The opposite was true for Brazil, which saw its share of total bond issuances by corporate borrowers nearly double, reaching 47 percent in 2009 (from 26 percent in 2008). The corporate sectors in Chile, Colombia, Jamaica, and Mexico were also active in the bond markets in 2009. In East Asia and the Pacific, the only corporate borrowers to enter the bond markets in 2009 were those in China and Indonesia.

Figure 14. Key Debt Indicators: Trend 2000–09 140

120

100

80

60

40

Debt Indicators

20

E

xternal debt indicators (measured in terms of GNI) and export earnings improved markedly from the start of the decade until 2008, with the rate of growth in developing countries outpacing the accumulation of new external obligations. Export earnings rose sharply because of increased export volume and high international prices for primary commodities, which prevailed until the last quarter of 2008. The rotation of international capital flows from debt to equity and, in the case of low-income countries, the large-scale forgiveness of external debt obligations under the HIPC and MDRI also played an important role in reducing many countries’ external debt burdens. From 2000 to 2008, the ratio of total external debt outstanding to exports for all developing countries reporting to the DRS fell by well over half, from 128.4 percent to 58.7 percent. Measured against developing countries’ GNI, the ratio dropped from 37.8 percent to 20.6 percent over the same period. However, this trend came to an abrupt halt in 2009 as the impact of global economic and financial crisis manifested itself in slower growth and sharply reduced export earnings in the vast majority of developing countries. Export earnings were down almost 20 percent from their 2008 level, which, combined with increased external borrowing, pushed the ratio of total external debt outstanding to exports up to 74.6 percent, its highest level since 2005 and close to 30 percent higher than its 2008 level. The ratio of debt service to exports was similarly affected, increasing from 9.2 percent in 2008 to 11.3 percent in 2009. The change in the ratio of outstanding external debt to GNI was more moderate, but it also rose in 2009 (figure 14).

10

0 2000

2005

2007

2008

2009

External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%)

Sources: World Bank Debtor Reporting System and IMF.

All regions saw their external debt ratios deteriorate in 2009, but the pace at which this took place varied considerably from region to region. The countries of East Asia and the Pacific and the Middle East and North Africa continued to have the lowest level of external debt, measured against both export earnings and GNI. In 2009, these countries experienced only a moderate increase in the ratio of external debt to export earnings and a marginal upward change in their external debt to GNI ratio. By contrast, in Europe and Central Asia, the most heavily indebted region, the ratio of external debt outstanding to GNI increased to 44.7 percent in 2009 (from 35.1 percent in 2008), over three times that of East Asia and the Pacific and nearly twice as high as Latin America and the Caribbean. Europe and Central Asia also has the highest ratio of outstanding debt to exports: 131.8 percent in 2009, up from 91.6 percent in 2008 (table 7). Over the course of the decade, there has been a marked improvement in the sustainability of developing countries’ debt, measured by the ratio of external debt service to export earnings. The ratio of debt service to exports for all developing

O V E R V I E W

Table 7. Debt Indicators for Regional Country Groups

Figure 15. Ratio of Debt Service to Exports, 1995–2009

percent

percent Debt outstanding/GNI

Debt outstanding/exports

Region

2000

2008

2009

2000

2008

2009

East Asia and Pacific

29.6

12.9

13.2

78.1

30.9

39.0

Europe and Central Asia

52.9

35.1

44.7

140.2

91.6

131.8

Latin America and the Caribbean

38.3

21.5

23.7

169.6

85.2

111.4

30

25

Middle East and North Africa

38.4

14.9

15.4

118.4

33.9

37.4

South Asia

26.7

20.8

20.7

181.5

87.4

104.4

Sub-Saharan Africa 66.0

21.4

22.9

185.2

49.0

66.5

20 15

10

5

Sources: World Bank Debtor Reporting System and IMF. 0 1995

countries combined was reduced by more than half between 2000 and 2008, from 20.9 percent to 9.2 percent. The improvement was particularly striking in the case of low-income countries, which saw the ratio of debt service to exports fall to 4.9 percent by 2008. In 2009, the sharp fall in export earnings interrupted the downward trajectory in the debt-to-export ratio, but the impact was most pronounced in middle-income countries. Their export earnings fell almost 20 percent in 2009, and as a consequence, the cost of debt service as a share of export earnings rose to 11.3 percent, an increase of 22 percent over the comparable figure for 2008. By contrast, in low-income countries, the decline in export earnings was much less (down 10 percent from their 2008 level) and the ratio of debt service to exports rose only marginally in 2009 to 5.1 percent (figure 15). Low-income countries also benefited from further debt restructuring and debt relief. In 2009, Paris Club creditors restructured $5 billion in claims on six low-income countries, of which $1.2 billion was canceled (see annex A). All six were countries eligible for the HIPC Initiative, and the group included the three countries that reached the HIPC completion point in 2009 (Burundi, the Central African Republic, and Haiti) and also qualified for debt relief under the MDRI. In addition, Liberia bought back $1.2 billion owed to private creditors at a discount of nearly 97 percent with support from the IDA Debt Reduction Facility and bilateral donors. Debt relief for the 26 countries that reached the HIPC completion point

2000

2005

Low-income countries

2006

2007

2008

2009

Middle-income countries

Sources: World Bank Debtor Reporting System and IMF.

by the end of 2009 totaled $101 billion, including debt relief under HIPC, MDRI relief, and additional debt relief from bilateral creditors. Consequently, these countries have seen a continual improvement in their debt indicators.

Regional Developments and Trends East Asia and Pacific Net capital flows to the region rose slightly in 2009 to $191 billion and remained constant, in terms of GNI (3.1 percent), at their 2008 level (table 8). A turnaround in portfolio equity flows and a rebound in short-term (trade-related) financing to pre-crisis levels offset the sharp fall in net FDI inflows and outflows for medium-term loans from commercial banks. Net equity flows fell by 26 percent in 2009, with the important turnaround in portfolio flows not large enough to offset the 45 percent reduction in FDI. China was the main driver for both categories of equity flows. The precipitous drop (47 percent) in FDI investment flows to China, the largest recipient of FDI among developing countries, dictated the regional trend. But the downturn was mirrored across the region, with only the

11

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F I N A N C E

2 0 1 1

Philippines recording increased FDI inflows—up 26 percent in 2009. In contrast, portfolio equity flows to China rebounded to $28 billion (from $9 billion in 2008). Thailand also saw portfolio equity rebound to $1.9 billion from an outflow of $3.8 billion in 2008. Net capital inflows from private creditors jumped to 11 times their 2008 level, with shortterm financing (mostly trade related) recovering to pre-crisis levels as the global economic environment normalized. Most borrowers in the region reported inflows of short-term debt, but China again dominated the trend: its net short-term debt inflows rose 28 percent over the 2008 level to $241 billion. Exceptions to the regional trend were the Philippines, with an outflow of short-term debt of $3 billion in 2009 and Indonesia, with a more moderate $0.4 billion outflow. In contrast, short-term debt disbursements on medium-term bank loans to both public sector and private sector borrowers were subdued: the demand for international financing was weak because domestic markets were liquid and cheap. These disbursements fell by 20 percent from their 2008 level and, combined with increased principal repayments, led to an outflow of $9.2 billion in 2009 compared

to an average inflow of $16.9 billion in the two preceding years. Asian borrowers took advantage of improved market conditions and renewed investor appetite, issuing bonds totaling $16.6 billion in 2009, triple the amount issued in 2008. Of these bonds, 85 percent were raised by public sector borrowers, with the Philippines, Indonesia, and Malaysia issuing $5.5 billion, $4.5 billion, and $3.9 billion respectively. Capital flows from official sources are a relatively small share of the total for most borrowers in the region. An important exception is Vietnam, which was the second-largest recipient of IDA in 2009, with disbursements of $1.2 billion. The region also shared in the resurgence of flows from official creditors in 2009: these flows turned positive for the first time since 2001, driven by disbursements from multilateral creditors, which rose 30 percent over their 2008 level as a result of increased lending by both the World Bank Group and the Asian Development Bank. These institutions provided 52 percent and 46 percent, respectively, of the $10.1 billion disbursed by multilateral creditors in 2009. The fall in export earnings led to an increase in the ratio of outstanding debt and debt service

Table 8. Net Capital Inflows to East Asia and the Pacific, 2001–09 $ billions Inflows

2001

2002

Net private and official inflows

2003

2004

2005

2006

2007

2008

2009

190.6

82.2

49.6

76.4

127.0

171.0

192.4

282.2

183.2

Percentage of GNI

4.6

2.5

3.4

4.9

5.6

5.3

6.1

3.1

3.1

Net equity inflows

50.7

63.2

69.3

89.7

130.0

161.9

212.2

179.3

132.3

Net FDI inflows

48.9

59.4

56.8

70.4

104.3

105.7

177.1

186.6

102.5

1.8

3.8

12.5

19.3

25.7

56.2

35.1

�7.3

29.9

31.5

�13.6

7.1

37.3

40.9

30.6

70.0

3.9

58.3

Net portfolio equity inflows Net debt flows Official creditors

3.1

�7.7

�7.2

�5.2

�3.2

�9.3

�3.8

�1.1

3.7

World Bank

0.9

�1.7

�1.5

�1.9

�0.6

�0.4

�0.3

1.2

2.2

�2.5

�2.7

�0.5

�1.6

�1.6

�8.5

0.0

0.0

0.1

4.7

�3.3

�5.2

�1.7

�1.0

�0.4

�3.5

�2.3

1.4

28.5

�5.9

14.3

42.5

44.2

39.9

73.9

5.0

54.5

�12.9

�12.3

�9.8

9.1

9.3

14.8

18.5

16.2

�0.8

0.4

0.1

1.8

9.6

10.1

3.9

0.7

0.2

8.4

Banks and other private creditors

�13.3

�12.4

�11.5

�0.5

�0.7

10.9

17.8

16.0

�9.2

Net short-term debt flows

41.4

6.5

24.1

33.4

34.8

25.1

55.4

�11.2

55.4

�49.8

�92.8

�139.8

�237.1

�217.7

�295.1

�541.0

�432.4

�534.8

21.0

27.0

32.3

40.0

50.3

57.4

71.1

85.5

84.9

IMF Other official creditors Private creditors Net medium- and long-term debt flows Bonds

Change in reserves (� � increase) Memorandum item Worker remittances

Sources: World Bank Debtor Reporting System, IMF, Bank for International Settlements, and OECD.

12

O V E R V I E W

to export earnings in 2009, but these ratios remain the lowest of all six regions at 39 percent and 4.8 percent, respectively. Led by China, countries in the region increased international reserves by a further $600 million in 2009: at the end of 2009, the stock of international reserves was three and onehalf times the level of outstanding external debt.

Europe and Central Asia This region has been severely affected by the global economic crisis and has seen private capital flows plummet from $411 billion in 2007 (15.8 percent of GNI) to $90 billion in 2009 (3.6 percent of GNI). As a consequence, the region has become increasingly dependent on financing from official creditors, which accounted for 36 percent of net capital flows to the region in 2009 (table 9). FDI collapsed in 2009, pulling down net equity inflows by 38 percent. In Russia, the second-largest recipient of FDI among developing countries, the net inflow of FDI was down by 50 percent from its 2008 level to $37 billion. The pattern was repeated across the region with inflows to Bulgaria, Romania, Turkey, and Ukraine down by a similar percentage. Among the major recipients of FDI, only Kazakhstan, where investments into

the hydrocarbon sector held up well, experienced a more moderate decline of inflows (20 percent). There was resurgence in portfolio equity inflows to Russia and Turkey, but at $5 billion they remained well below the $24 billion received in 2007. The net inflow of financing from official creditors tripled in 2009 to $32 billion, primarily because of the large-scale rescue packages for Romania and Ukraine. Together these countries received 55 percent of IMF financing (purchases) to developing countries in 2009. New commitments by multilateral creditors other than the IMF more than doubled in 2009 to $24 billion, including $7 billion from the European Community as part of the rescue package to Romania. Gross disbursement rose by 82 percent to $13.4 billion, of which 54 percent went to Romania and Turkey. Disbursements by IBRD rose 65 percent in 2009 to $4.7 billion, of which Turkey received 49 percent. The net inflow of medium- and long-term financing from banks held up well in 2008, but the retrenchment in 2009 was severe: a 35 percent drop in disbursements juxtaposed with principal repayments on a steep upward trajectory reduced

Table 9. Net Capital Inflows to Europe and Central Asia, 2001–09 $ billions Inflows

2001

2002

2003

2004

2005

2006

2007

2008

Net private and official inflows

2009

20.6

36.9

81.6

99.9

127.8

218.3

410.6

262.3

Percentage of GNI

3.0

4.7

8.3

7.7

7.8

10.9

15.8

8.2

3.6

Net equity inflows

14.5

16.8

25.3

43.7

57.8

104.6

160.2

145.0

90.0

Net FDI inflows

13.9

14.0

23.8

41.9

51.1

92.3

133.2

160.1

85.1

0.6

2.7

1.5

1.8

6.7

12.3

27.0

�15.1

5.0

6.1

20.1

56.3

56.2

70.0

113.7

250.4

117.3

�0.3 32.2

Net portfolio equity inflows Net debt flows

89.8

Official creditors

6.6

3.8

�4.7

�7.3

�28.4

�30.7

�3.0

11.1

World Bank

2.0

1.0

�0.2

1.0

�0.7

0.2

0.2

0.7

2.8

IMF

6.1

4.8

�2.0

�5.9

�9.8

�5.8

�5.0

6.2

20.2

Other official creditors Private creditors Net medium- and long-term debt flows

�1.5

�2.0

�2.5

�2.5

�18.0

�25.1

1.8

4.2

9.3

�0.5

16.3

61.0

63.5

98.4

144.4

253.4

106.2

�32.5

0.3

14.9

34.5

52.1

80.1

108.9

177.7

121.5

5.2

�0.5

3.2

7.3

14.4

16.6

32.2

55.9

16.3

�1.6

Banks and other private creditors

0.8

11.7

27.2

37.7

63.5

76.7

121.8

105.2

6.8

Net short-term debt flows

�0.8

1.4

26.5

11.4

18.3

35.5

75.7

�15.3

�37.7

�11.0

�28.7

�49.1

�68.8

�87.0

�171.6

�226.1

57.8

�26.0

10.2

10.5

11.5

16.0

23.2

28.4

39.2

45.8

35.6

Bonds

Change in reserves (� � increase) Memorandum item Worker remittances

Sources: World Bank Debtor Reporting System, IMF, Bank of International Settlements, and OECD.

13

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F I N A N C E

2 0 1 1

net inflows to $7 billion, their lowest level since 2001. Short-term debt also contracted in response to the deteriorating terms of trade and sharp import compression, resulting in a widening of the net outflow of short-term debt to $38 billion in 2009, (from $15 billion in 2008). New bond issuances by public sector agencies in 2009 totaled $15.3 billion, down by only 15 percent from their 2008 level, but there was a sharp reduction in bond issuance by private sector borrowers. This reduction was driven primarily by Russia, where the corporate sector raised only $2.3 billion in new issuances in 2009 compared to $14.3 billion in 2008. Debt indicators deteriorated significantly, owing to a substantial increase in debt and generally poor export growth performance. The ratio of debt to exports increased from 95.3 percent in 2005 to 131.8 percent in 2009 while the ratio of debt service to exports climbed to 26.9 percent (from 19.7 percent in 2005), the highest ratio of any region.

Latin America and the Caribbean Net capital flows to the region fell 6 percent in 2009 but remained constant in relation to GNI at 4.3 percent (table 10). The downturn in medium-

and short-term bank financing was largely offset by a surge in new bond issuance, a tripling of net inflows from official creditors, and a marginal decline in net equity flows. The collapse in FDI in 2009 affected borrowers across the region and reflected the 43 percent fall in FDI inflows to Brazil and the 51 percent decline in Mexico, the region’s two largest recipients of FDI. Investments in the hydrocarbon sector typically held up worldwide in 2009, but that was not the case in the República Bolivariana de Venezuela, where appropriation of some FDI claims deterred investors and led to a $3.1 billion net outflow of FDI in 2009, a marked turnaround from the $10.1 billion and $3.5 billion FDI inflows to the country in 2007 and 2008, respectively. The decline in FDI inflows was in part offset by the surge in portfolio equity inflows. These inflows rebounded in response to economic recovery, which proceeded at a faster pace in the region than had been expected. The main driver was Brazil, with portfolio equity inflows of $37 billion in 2009, 90 percent of the regional total, in contrast to the $7.6 billion outflow in 2008. Mexico, the only other significant recipient of portfolio equity inflows also recorded a net inflow ($4.2 billion) in 2009 compared to a net outflow of $3.5 billion in 2008.

Table 10. Net Capital Inflows to Latin America and the Caribbean, 2001–09 $ billions Inflows

2001

2002

2003

2004

2005

2006

2007

Net private and official inflows

2008

2009

166.7

86.1

40.4

62.2

57.2

85.2

66.2

217.5

177.2

Percentage of GNI

4.5

2.4

3.4

2.7

3.3

2.2

6.1

4.3

4.3

Net equity inflows

74.3

56.6

46.6

65.3

84.4

83.0

138.2

118.2

115.2

Net FDI inflows

71.8

55.2

43.3

65.9

72.2

72.0

109.4

127.9

73.6

2.5

1.4

3.3

�0.6

12.2

11.0

28.8

�9.7

41.6

11.8

�16.2

15.7

�8.1

0.8

�16.8

79.2

59.0

51.5

Net portfolio equity inflows Net debt flows Official creditors

20.6

12.4

4.7

�10.2

�31.3

�19.9

�1.1

6.5

19.2

World Bank

1.3

�0.6

�0.4

�1.0

�0.7

�3.4

�0.1

2.4

6.6

15.6

11.9

5.6

�6.3

�27.6

�12.1

0.0

0.0

0.4

3.8

1.1

�0.4

�2.9

�3.0

�4.4

�1.0

4.1

12.2

�8.8

�28.6

10.9

2.0

32.2

3.1

80.3

52.5

32.3

6.5

�8.4

9.2

�0.9

16.4

5.2

47.6

48.4

34.1

9.8

1.9

16.7

3.1

20.6

�11.9

13.4

7.5

40.3

Banks and other private creditors

�3.3

�10.2

�7.5

�4.0

�4.2

17.1

34.2

40.9

�6.2

Net short-term debt flows

�15.3

�20.2

1.8

3.0

15.7

�2.1

32.7

4.1

�1.8

�0.9

�2.6

�35.6

�25.4

�34.4

�55.5

�137.8

�50.1

�52.0

24.4

28.1

36.7

43.3

50.1

59.2

63.1

64.6

56.9

IMF Other official creditors Private creditors Net medium- and long-term debt flows Bonds

Change in reserves (� � increase) Memorandum item Worker remittances

Sources: World Bank Debtor Reporting System, IMF, Bank for International Settlements, and OECD.

14

O V E R V I E W

Increased borrowing from multilateral institutions was already evident in 2008 and continued apace in 2009. This increase was the main factor in the sharp rise in net inflows from official creditors, which rose to $19.2 billion in 2009, close to three times higher than their 2008 level and in marked contrast to the outflows from the region to official creditors between 2004 and 2007. New commitments from IBRD and the IDB doubled to $30 billion in 2009, while disbursements by the two institutions jumped 89 percent to $22.6 billion (from $12.2 billion in 2008). But these disbursements were highly concentrated, with 67 percent of IBRD gross disbursements and 58 percent of those from IDB in 2009 going to three countries, in order of largest disbursement, Mexico, Brazil, and Argentina. IDB, the largest multilateral creditor, accounted for 50 percent of 2009 multilateral commitments and 48 percent of gross disbursements. The steep drop in medium-term lending by banks was offset by a sharp rise in net inflows for bonds, which leapt from $7.5 billion in 2008 to $40.3 billion in 2009. New bonds issued by the public sector totaled $32 billion, almost identical to 2008, of which Brazil ($6.1 billion), Colombia ($5.5 billion), and Mexico ($10.9 billion)

accounted for 69 percent. New issuances by private sector borrowers shot up to $28 billion (from $8 billion in 2008), led by the corporate sector in Brazil ($17 billion) and, to a lesser extent, Mexico ($5.1 billion). The rise in the stock of outstanding debt in 2009 was moderate—3 percent for the entire region—and it was the decline in export earnings that caused the ratio of outstanding debt to exports to deteriorate. It jumped to 111.4 percent (from 85.2 percent in 2008). Debt in relation to GNI rose slightly in 2009 but remains moderate at 23.7 percent.

Middle East and North Africa The Middle East and North Africa recorded the sharpest rise in net capital inflows in 2009 of all regions. Capital inflows increased by 32 percent largely because of the increase in lending by official creditors and an inflow of short-term debt. The reversal in net debt flows to $2 billion in 2009, from an outflow of $9 billion in 2008, more than offset the 14 percent fall in net equity flows (table 11). Net equity inflows have constituted 96 percent of all net capital flows into the region since 2001. The 17 percent decline in net FDI inflows in 2009 was partially offset by an increase in net

Table 11. Net Capital Inflows to Middle East and North Africa, 2001–09 $ billions Inflows

2001

2002

2003

2004

2005

2006

2007

2008

2009

27.8

Net private and official inflows

4.4

10.3

13.5

13.0

19.4

14.4

29.4

21.1

Percentage of GNI

1.2

2.7

3.3

2.7

3.6

2.3

3.9

2.3

3.0

Net equity inflows

3.9

7.6

10.2

10.4

19.2

28.2

25.5

29.7

25.6

Net FDI inflows

4.0

8.1

10.0

9.7

16.8

27.2

27.6

29.3

24.4

Net portfolio equity inflows

0.0

�0.5

0.2

0.7

2.4

1.0

�2.1

0.4

1.2

0.5

2.7

3.4

2.6

0.2

�13.7

3.9

�8.6

2.2

Official creditors

�1.5

�2.1

�2.1

�3.4

�3.0

�11.2

1.1

�1.8

2.3

World Bank

�0.1

�0.3

�0.3

�0.6

0.0

�0.8

1.0

�0.3

0.9 �0.1

Net debt flows

IMF

�0.1

�0.3

�0.6

�0.5

�0.7

�0.2

�0.1

�0.1

Other official creditors

�1.3

�1.5

�1.2

�2.3

�2.3

�10.3

0.2

�1.4

1.4

Private creditors

1.9

4.8

5.4

5.9

3.2

�2.5

2.8

�6.8

�0.1

Net medium- and long-term debt flows

4.9

5.4

0.9

2.7

2.9

�1.7

�0.7

�2.7

�1.7

4.4

5.2

0.7

2.8

2.5

0.8

0.7

�0.8

0.5 �2.1

Bonds Banks and other private creditors

0.5

0.2

0.2

�0.1

0.4

�2.5

�1.4

�1.8

Net short-term debt flows

�3.0

�0.7

4.6

3.2

0.3

�0.8

3.5

�4.2

1.6

�9.3

�12.6

�23.2

�14.7

�38.9

�37.8

�48.0

�43.4

�24.2

14.2

14.9

19.9

22.6

23.6

25.1

31.0

34.7

32.3

Change in reserves (� � increase) Memorandum item Worker remittances

Sources: World Bank Debtor Reporting System, IMF, Bank for International Settlements, and OECD.

15

G L O B A L

D E V E L O P M E N T

F I N A N C E

2 0 1 1

portfolio equity flows. They rose to $1.2 billion in 2009 from $0.4 billion in 2008. Portfolio equity flows are concentrated in the Arab Republic of Egypt and Lebanon, and both countries recorded a marked increase in inflows in 2009. With regard to FDI, however, the picture was mixed. Egypt, the region’s largest recipient of FDI, saw net FDI inflows fall 29 percent in 2009. But in Lebanon, FDI inflows were $4.8 billion, up by 10 percent, and in the Islamic Republic of Iran, they jumped by an unprecedented 87 percent to $3 billion, directed primarily at the oil and gas sector. Net debt flows from official creditors turned positive in 2009, rising to $2.3 billion compared to an outflow of $1.8 billion in 2008. This rise was driven by an increase in disbursements by each of the principal multilateral institutions operating in the region: the African Development Bank, the European Investment Bank, and IBRD. Collectively, these banks disbursed $3.9 billion in 2009, an increase of close to 70 percent over the comparable figure for 2008, with Egypt and Morocco being the primary beneficiaries. The large net outflow from the region in 2008 for debt owed to private creditors, $6.8 billion, was reversed in 2009 because of a sharp turnaround in the direction of short-term debt flows

and a net inflow on bonds. The Islamic Republic of Iran, Morocco, and Tunisia were important drivers of the overall rise in short-term debt inflows: they recorded increases of $0.9 billion, $0.5 billion, and $0.5 billion, respectively, in 2009. By contrast, some borrowers in the region, including Egypt and Jordan, saw short-term debt contract in 2009. Bond inflows in 2009 are concentrated entirely in Lebanon and reflect the bond exchange operation, which is valued at $2.9 billion. In 2008, Lebanon raised $2.5 billion in the bond markets. Debt indicators are moderate because of the preponderance of equity in net capital flows to the region and relatively robust export earnings. Despite a 10 percent fall in export earnings in 2009, the stock of outstanding debt in relation to export earnings was, at 37.4 percent, the lowest of any region, and the ratio of debt service to export was only 4.7 percent. Debt as a share of GNI was 15.4 percent in 2009, lower than in all regions except East Asia and the Pacific.

South Asia Net capital inflows to the region rose 26 percent in 2009, to 4.7 percent of GNI, because of a remarkable $37 billion turnaround in portfolio equity flows (table 12). The increase more than offset the

Table 12. Net Capital Inflows to South Asia, 2001–09 $ billions Inflows

2001

2002

2003

2004

2005

2006

2007

2008

2009

77.7

Net private and official inflows

8.1

7.5

14.5

21.2

28.5

76.6

117.7

61.4

Percentage of GNI

1.3

1.1

1.9

2.3

2.7

6.5

7.8

4.0

4.7

Net equity inflows

8.9

7.8

13.5

16.8

23.6

36.4

68.4

32.9

58.8

Net FDI inflows

6.1

6.8

5.4

7.8

11.2

26.0

32.3

48.7

38.3

Net portfolio equity inflows

2.8

1.1

8.0

9.0

12.4

10.4

36.1

�15.8

20.5

Net debt flows

�0.9

�0.4

1.0

4.4

4.9

40.2

49.3

28.5

18.8

Official creditors

2.1

�2.3

�4.1

�0.3

2.9

3.5

4.4

8.6

9.5

World Bank

1.5

�1.0

�2.3

2.3

2.3

2.0

2.0

1.4

2.1

IMF

0.3

0.1

�0.1

�0.3

0.0

�0.1

�0.1

3.2

3.6

0.3

�1.4

�1.8

�2.4

0.6

1.6

2.4

4.0

3.8

�3.0

2.0

5.1

4.7

2.0

36.7

44.9

19.9

9.3

Other official creditors Private creditors Net medium- and long-term debt flows

�2.1

0.1

3.1

4.0

�0.2

19.9

32.0

12.0

10.3

Bonds

�0.4

�0.7

�3.7

3.9

�2.8

6.4

10.7

1.7

1.7

Banks and other private creditors

�1.6

0.8

6.8

0.2

2.6

13.5

21.3

10.3

8.6

Net short-term debt flows

�0.9

1.8

2.0

0.7

2.3

16.8

12.9

7.9

�1.0

�10.2

�28.0

�36.9

�27.6

�6.8

�41.7

�103.8

26.3

�38.6

19.2

24.1

30.4

28.7

33.9

42.5

54.0

71.6

74.9

Change in reserves (� � increase) Memorandum item Worker remittances

Sources: World Bank Debtor Reporting System, IMF, Bank for International Settlements, and OECD.

16

O V E R V I E W

decline in net medium- and long-term bank financing and the reversal of short-term debt, which turned negative (−$1 billion from an $8 billion inflow in 2008). Net equity flows to the region rose by almost 80 percent in 2009 because of an important turnaround in portfolio equity flows to India. Foreign investors repatriated $16 billion in 2008 but came back to the Indian stock market in 2009 as fears about the effect of the global economic crisis subsided with net inflows of $21 billion. India has also become one of the foremost recipients of FDI among developing countries—the third largest after China and Russia. Like those countries, India saw FDI fall in 2009, but by a moderate 19 percent. FDI to Pakistan fell by more than half, to $2.4 billion, as investors retreated because of concerns about the deteriorating economic and security situation and the stalled privatization program. Portfolio equity flows to Pakistan also dwindled to almost nothing in 2009, from $1.3 billion in 2007, because of similar concerns. Countries in the region are relatively poor and rely in large measure on official sources of financing, including official aid. Afghanistan, the second-highest aid recipient of all developing countries, received 4 percent of global aid flows in 2008, and this trend is likely to be repeated in 2009. Bangladesh, India, and Pakistan are also among the top 10 aid recipients. Debt-related flows from official creditors rose by 10 percent in 2009. Pakistan was the largest recipient and received almost 50 percent of disbursements to the region in 2009 from multilateral creditors, including $3.3 billion in purchases from IMF. These purchases were made under the $7.6 billion IMF program, approved in November 2008 and increased by a further $3.2billion in July 2009. Disbursements in 2009 from the World Bank (IBRD and IDA combined) were $4 billion, almost identical to those of the Asian Development Bank to the region in 2009. The overall fall in debt-related flows from private creditors was driven in large part by the contraction in short-term (trade-related) debt to India. Additionally, disbursements of mediumterm financing by banks fell by about 10 percent from their 2008 level, which, coupled with the continued rise in principal repayments, led to a 17 percent decline in net inflow in 2009 compared to 2008. Bond issuance by public sector borrowers,

notably India, also dropped off sharply in 2009, but Sri Lanka issued $500 million in development bonds; aimed at the Sri Lankan Diaspora, these bonds were oversubscribed. Bond issuance by corporate borrowers, again largely in India, rose to $2.5 billion, five times the 2008 level. Debt indicators are lower than those of Europe and Central Asia and Latin America and the Caribbean. Debt outstanding at the end of 2009 as a percentage of exports was 104.4 percent and the debt service to export ratio was 6.8 percent. But there are important differences between countries: the debt-to-export ratio ranged from 86.6 percent in India to 235.2 percent in Pakistan. Similarly, reserves as a percentage of the stock of external debt were 119.8 percent in India at the end of 2009 compared to 25.3 percent in Pakistan. Reliance on multilateral creditors is high: the share of outstanding debt owed to multilateral creditors (including the IMF) was 30 percent at the end of 2009.

Sub-Saharan Africa Net capital flows to Sub-Saharan Africa rose 16 percent in 2009, driven by a resurgence in portfolio equity inflows, a more than 100 percent increase in the net debt inflows from official creditors, and a 130 percent rise in net medium-term bank financing. Measured in terms of GNI, net capital flows were 5.2 percent in 2009, higher than in any other region (table 13). FDI in the region, directed mainly to the minerals and metals sector, constituted two-thirds of net capital flows (excluding grants) between 2001 and 2009. It declined in 2009, driven by falling investment flows to South Africa, the region’s largest recipient of FDI since 2001. But overall the fall was much less than expected because reduced FDI from high-income countries was offset by strong South-South FDI, and excluding South Africa, FDI inflows declined only 1 percent in 2009. FDI to Nigeria, which received the highest share of all FDI to the region in 2009, rose by almost 20 percent (mostly given to the hydrocarbon sector), and FDI to countries in the region classified as HIPCs fell only marginally. Portfolio equity flows to South Africa rebounded to $9.4 billion, buoyed by improved economic prospects and the sale of Vodacom. They also turned positive in Nigeria ($0.5 billion). Many countries in the region remain on the margins of international capital markets and

17

G L O B A L

D E V E L O P M E N T

F I N A N C E

2 0 1 1

depend on official aid, mostly grants. Such aid is projected to rise again in 2009, notwithstanding the recessions in developed countries, but to remain below the target set by donors’ “Renewed Commitment to Africa,” which called for aid to increase by $25 billion by 2010 from its 2004 level. Debt-related financing from official creditors doubled in 2009 to $10 billion, led by a sharp rise in gross disbursements from multilateral creditors (including the IMF). IDA is the single most important multilateral creditor to the region, disbursing $5 billion in 2009 (in loans and grants), a 13 percent rise over the comparable figure for 2008. Twenty-four countries received financing under IMF programs, and IMF purchases rose 85 percent in 2009. Among the largest recipients were Angola, the Democratic Republic of Congo, Côte d’Ivoire, and Tanzania. There was also a sharp upturn in market-based financing by the African Development Bank. It committed $5 billion in 2009, including $1.5 billion to Botswana (of which $1.1 billion was disbursed immediately) and $2.7 billion to South Africa. Disbursements from bilateral creditors (for the most part non-OECD countries—notably China) jumped 37 percent but were heavily concentrated in mineral-rich countries.

South Africa accounts for almost all of the increase in medium-term financing from private creditors (bonds and banks). It returned to the markets in March 2009 with a $2 billion sovereign bond. Senegal became the second post–completion point HIPC country (Ghana being the first) to issue an international bond: $200 million in December 2009. Short-term debt flows to the region shrank because of import contraction in Nigeria (down $4 billion) and South Africa (down $5 billion), the main drivers. Debt indicators have improved significantly since 2000 because of economic reforms, a favorable external environment, increased aid and debt restructuring, and debt relief. Excluding South Africa, the stock of outstanding debt at the end of 2009 was 73 percent of exports and the debt service ratio had fallen to below 5 percent. Six countries in the region restructured $5 billion owed to Paris Club creditors in 2009, of which $1 billion was forgiven (see annex A), and with support from the IDA Debt Reduction Facility Liberia bought back $1.2 billion at a discount of 97 percent. By the end of 2009, 21 of the 33 eligible African countries had reached the HIPC completion point and had received $74 billion in HIPC and MDRI debt relief.

Table 13. Net Capital Inflows to Sub-Saharan Africa, 2001–09 $ billions Inflows

2001

2002

2003

2004

2005

2006

2007

2008

2009

Net private and official inflows

45.3

11.1

10.1

14.6

24.0

33.0

42.4

53.2

38.9

Percentage of GNI

3.5

3.0

3.5

4.6

5.5

6.0

6.7

4.3

5.2

Net equity inflows

13.2

10.4

14.0

17.7

26.1

37.0

38.7

28.9

40.2

Net FDI inflows

14.1

10.8

13.3

11.0

18.0

20.2

28.5

34.5

30.3

Net portfolio equity inflows

�0.9

�0.4

0.7

6.7

8.1

16.8

10.1

�5.6

10.0

�2.1

�0.4

0.6

6.4

6.9

5.4

14.6

10.0

5.1

Official creditors

0.0

2.7

1.4

2.3

�0.9

�1.9

2.5

4.6

9.5

World Bank

1.8

2.2

2.2

2.5

2.4

2.2

2.4

1.9

3.1

IMF

0.1

0.5

0.0

�0.1

�0.4

�0.1

0.1

0.7

2.2

�1.9

0.0

�0.8

0.0

�2.9

�4.1

0.0

2.0

4.1

�2.1

�3.0

�0.8

4.0

7.9

7.4

12.1

5.5

�4.4

0.0

�1.2

0.9

2.7

4.8

�2.0

8.0

0.8

5.6

1.9

1.5

0.4

0.6

1.3

0.3

6.7

�0.7

1.9

Banks and other private creditors

�1.9

�2.7

0.5

2.1

3.5

�2.3

1.4

1.6

3.7

Net short-term debt flows

�2.1

�1.8

�1.7

1.4

3.0

9.4

4.0

4.6

�10.0

�0.2

�0.7

�3.5

�21.7

�19.9

�32.5

�27.0

�10.9

1.9

4.6

5.0

6.0

8.0

9.4

12.7

18.6

21.3

20.8

Net debt flows

Other official creditors Private creditors Net medium- and long-term debt flows Bonds

Change in reserves (� � increase) Memorandum item Worker remittances

Sources: World Bank Debtor Reporting System, IMF, Bank for International Settlements, and OECD.

18

O V E R V I E W

Annex A: Debt Restructuring in 2009 Developments in 2009 The Paris Club restructured $5.2 billion in 2009 for seven countries. Of these countries, six are eligible for the HIPC Initiative. About 23 percent of the restructured debt was canceled and the remainder rescheduled (table A1). The share of debt canceled for each debtor country was dictated by its progress under the HIPC process and the composition of the debt owed to Paris Club creditors.

Agreements with HIPC Countries Burundi became the 24th country to reach the HIPC completion point in January 2009 and concluded a stock of debt treatment with Paris Club creditors on March 11, 2009. The agreement marked an exit from the Paris Club rescheduling process and canceled claims valued at $129 million in nominal terms. The Central African Republic became the 25th country to reach the HIPC completion point in June 2009 and concluded a stock of debt treatment with Paris Club creditors in September 2009. The agreement, which marked an exit from the Paris Club rescheduling process, restructured $49.2 million, of which the entirety was canceled. The Comoros concluded an agreement in November 2009 that restructured claims totaling $13 million. This agreement followed approval in September 2009 of a new three-year arrangement under the IMF Poverty Reduction and Growth Facility (PRGF) that was concluded on Naples terms (67 percent net present value reduction). The agreement restructured arrears of principal

and interest as of June 30, 2009, and maturities due from July 1, 2009 to June 30, 2012. Of the amount restructured, $1 million was canceled and $12 million was rescheduled. Creditors also signaled their willingness to top up debt relief to Cologne terms (90 net percent value reduction) once Comoros reaches the HIPC decision point. Côte d’Ivoire concluded an agreement in May 2009 that restructured claims totaling $4.7 billion. This agreement followed approval in March of a new three-year arrangement under the IMF PRGF and the HIPC decision point by executive directors of the IMF and the World Bank. The May agreement was concluded on Cologne terms (90 percent net present value reduction). The agreement restructured arrears of principal and interest as of March 31, 2009, and maturities falling due from April 2009 to March 2012. Of the $4.7 billion covered by the agreement, $3.8 billion was rescheduled and $0.9 billion was canceled over the three-year consolidation period. Haiti became the 26th country to reach the HIPC completion point in June 2009 and concluded a stock of debt treatment with Paris Club creditors on July 8, 2009. The agreement marked an exit from the Paris Club rescheduling process and canceled claims valued at $62 million in nominal terms and restructured $98 million. Togo reached the HIPC decision point in November 2008 and became eligible for debt relief on Cologne terms (90 percent net present value). The agreement concluded in January 2009 topped up the debt relief of 67 percent (in net present value terms) accorded under the agreement of June 2008 to 90 percent (in net present value terms).

Table A.1. Paris Club Agreements, January 1–December 21, 2009 Amount ($ millions) Cutoff date

Consolidation period

Canceled

Concessionality (% net present vaule)

5.0

129.0

90

Stock

0.0

49.2

90

Stock

13.0

12.0

1.0

67

July 2009

June 2012

4,690.0

3,845.0

845.0

90

April 2009

March 2012

161.0

98.9

62.7

90

Stock

163.0

89.6

73.4

50

October 2009

July 2010

22.0

0.0

22.0

90

April 2008

Mar 2011

Total

Country

Signature date

Burundi

March 11, 2009

June 1999

134.0

Central African Republic

September 15, 2009

January 1983

49.2

Comoros

November 19, 2009

June 1999

Côte d’Ivoire

May 15, 2009

July 1983

Haiti

July 8, 2009

October 1993

Seychelles

April 16, 2009

December 2008

Togo

January 22, 2009

January 1983

Rescheduled

Sources: World Bank and Paris Club.

19

Start

End

G L O B A L

D E V E L O P M E N T

F I N A N C E

2 0 1 1

It covered $22 million in claims, of which the entirety was canceled (in addition to the $347 million canceled under the 2008 agreement).

Agreements with Non-HIPC Countries Seychelles concluded a debt restructuring agreement with Paris Club creditors in April 2009 following approval of a 2-year standby arrangement with the IMF in November 2008. This agreement was the country’s first with Paris Club creditors, and it restructured a total of $163 million in claims, largely arrears and late interest charges. The agreement was concluded under the Evian approach and provided for the cancellation of 45 percent of the

20

amount restructured (equivalent to 50 percent in net present value terms) in two phases: 22.5 percent on July 1, 2009, and a further 22.5 percent on July 1, 2010. Paris Club creditors required the Seychelles to seek comparable treatment from other bilateral and external commercial creditors.

Note

1. Borrowers that have outstanding obligations to IBRD, and classified as high-income countries, and are not included in the DRS: Barbados, Croatia, Estonia, Hungary, the Republic of Korea, Latvia, Poland, the Slovak Republic, Slovenia, and Trinidad and Tobago.

.

Summary Tables

21

S U M M A R Y

Summary Table 1. Key Indebtedness Indicators, 2007–09

Country

Afghanistan Albania Algeria Angola Argentina Armenia Azerbaijan Bangladesh Belarus Belize Benin Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil Bulgaria Burkina Faso Burundi Cambodia Cameroon Cape Verde Central African Republic Chad Chile China Colombia Comoros Congo, Dem. Rep. Congo, Rep. Costa Rica Côte d’Ivoire Djibouti Dominica Dominican Republic Ecuador Egypt, Arab Rep. El Salvador Eritrea Ethiopia Fiji Gabon Gambia, The Georgia Ghana Grenada Guatemala Guinea Guinea-Bissau Guyana Haiti Honduras India

Total external debt, 2009 ($ millions)

Present value of debt, 2009 ($ millions)

Ratio of total external debt to exports of goods and services (%)

Ratio of present value of debt to exports of goods and services (%)

Ratio of total external debt to GNI (%)

Ratio of present value of debt to GNI (%)

2,328

596

96

25

21

5

4,719 5,345 16,715

3,683 4,719 14,228

123 6 25

96 5 21

40 4 28

31 3 24

120,183 4,935 4,865 23,820 17,158 1,092 1,073 762 5,745 9,583 1,617 276,932 40,582 1,835 518 4,364 2,941 707 396 1,743 71,646 428,442 52,223 279 12,183 5,041 8,070 11,701 752 252 11,003 12,930 33,257 11,384 1,019 5,025 432 2,130 520 4,231 5,720 531 13,801 2,926 1,111 1,036 1,244 3,675 237,692

119,952 3,656 3,701 14,697 15,228 811 738 625 2,446 7,925 1,001 260,697 36,959 1,272 156 3,544 771 381 222 1,354 65,749 404,026 44,370 205 2,384 1,265 7,573 9,738 511 211 9,248 11,816 26,629 10,198 597 2,931 390 1,990 203 3,064 4,235 580 12,013 1,980 848 668 989 1,775 212,262

156 200 18 146 57 135 90 106 81 128 25 133 145 222 477 74 46 113 134 53 92 26 131 460 362 72 54 106 195 162 86 65 66 181 1,383 153 26 19 207 111 81 269 144 225 847 107 142 51 80

156 148 14 90 51 100 62 87 34 106 16 125 132 154 143 60 12 61 75 41 84 25 111 338 71 18 50 88 133 136 73 59 53 162 811 89 23 18 81 80 60 293 126 152 647 69 113 25 71

41 48 13 28 34 94 17 61 38 55 13 18 93 24 45 47 14 49 21 28 47 10 24 54 122 81 29 55 72 73 26 25 21 55 58 20 13 20 76 38 37 90 38 65 265 92 19 28 19

41 36 10 17 30 70 12 50 16 45 8 17 85 17 13 38 4 27 12 22 43 9 20 40 24 20 27 46 49 61 22 23 16 49 34 12 12 19 30 28 27 98 33 44 203 59 15 13 17

(table continues on next page)

23

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Summary Table 1. Key Indebtedness Indicators, 2007–09 (continued)

Country

Indonesia Iran, Islamic Rep. Jamaica Jordan Kazakhstan Kenya Kosovo Kyrgyz Republic Lao PDR Lebanon Lesotho Liberia Lithuania Macedonia, FYR Madagascar Malawi Malaysia Maldives Mali Mauritania Mauritius Mexico Moldova Mongolia Montenegro Morocco Mozambique Myanmar Nepal Nicaragua Niger Nigeria Pakistan Panama Papua New Guinea Paraguay Peru Philippines Romania Russian Federation Rwanda Samoa São Tomé and Principe Senegal Serbia Seychelles Sierra Leone Solomon Islands Somalia South Africa Sri Lanka St. Kitts and Nevis St. Lucia

Total external debt, 2009 ($ millions)

Present value of debt, 2009 ($ millions)

157,517 13,435 10,959 6,615 109,873 8,005 359 2,900 5,539 24,864 705 1,660 31,717 5,589 2,213 1,093 66,390 780 2,667 2,029 742 192,008 3,457 2,212 2,308 23,752 4,168 8,186 3,683 4,420 991 7,846 53,710 12,418 1,555 4,323 29,593 62,911 117,511 381,339 747 235 186 3,503 33,402 1,624 444 156 2,973 42,101 17,208 227 416

140,615 11,667 10,991 5,603 97,124 5,689 223 1,576 3,963 24,132 388 1,977 28,939 5,188 1,464 649 60,881 630 1,200 2,602 589 176,766 3,157 1,497 2,025 19,578 1,589 5,187 2,728 2,090 633 5,936 38,732 11,464 1,287 3,760 26,341 54,814 94,557 348,913 353 136 18 2,492 30,484 1,701 368 110 3,710 42,043 13,257 195 343

Ratio of total external debt to exports of goods and services (%)

111 — 177 54 177 101 41 113 325 108 49 291 131 107 89 110 29 85 114 119 14 67 119 84 115 79 138 — 208 145 105 11 218 72 25 55 87 104 206 81 136 137 900 103 244 181 125 60 — 44 176 100 81

Ratio of present value of debt to exports of goods and services (%)

99 — 178 46 157 72 25 62 233 105 27 347 120 100 59 65 27 69 51 153 11 61 109 57 100 65 53 — 154 68 67 8 157 66 21 48 78 90 166 74 64 79 89 73 223 189 104 43 — 44 136 86 67

Ratio of total external debt to GNI (%)

33 4 82 31 109 27 7 66 109 82 34 265 79 64 26 27 34 66 32 65 9 20 60 51 56 28 47 — 31 76 20 5 33 58 21 30 26 40 66 28 17 46 106 28 78 200 24 30 — 15 46 44 47

Ratio of present value of debt to GNI (%)

30 4 82 27 96 19 4 36 78 80 19 316 72 59 17 16 31 54 14 83 7 18 55 35 49 23 18 — 23 36 13 4 24 54 18 26 23 35 53 26 8 27 11 20 71 210 20 21 —. 15 35 38 39

(table continues on next page)

24

S U M M A R Y

Summary Table 1. Key Indebtedness Indicators, 2007–09 (continued)

Country

St. Vincent and the Grenadines Sudan Swaziland Syrian Arab Republic Tajikistan Tanzania Thailand Togo Tonga Tunisia Turkey Turkmenistan Uganda Ukraine Uruguay Uzbekistan Vanuatu Venezuela, RB Vietnam Yemen, Rep. Zambia Zimbabwe

Total external debt, 2009 ($ millions)

Present value of debt, 2009 ($ millions)

209 20,139 418 5,236 2,514 7,325 58,755 1,640 105 21,709 251,372 576 2,490 93,153 12,159 4,109 130 54,503 28,674 6,356 3,049 5,015

166 35,082 379 4,413 1,792 2,648 54,554 1,360 66 19,650 231,439 525 1,132 89,029 10,868 3,329 96 54,906 21,704 4,052 1,172 6,247

Ratio of total external debt to exports of goods and services (%)

95 202 17 28 159 157 30 164 169 89 157 5 76 128 135 36 48 66 45 74 63 269

Ratio of present value of debt to exports of goods and services (%)

Ratio of total external debt to GNI (%)

76 352 16 24 114 57 28 136 107 80 144 4 34 123 121 29 35 66 34 47 24 335

38 42 15 11 55 37 23 60 32 60 38 4 18 65 41 15 22 19 35 27 26 —

Ratio of present value of debt to GNI (%)

30 73 13 9 39 13 22 50 20 54 35 3 8 62 37 12 16 19 27 17 10 0

Source: World Bank data. Note: GNI = gross national income; — = not available. For definitions of indicators, see the “About the Data” section. Numbers in italics are based on the latest available Debt Sustainability Analysis for Low-Income Countries (LIC DSA) and include the effects of traditional relief, debt relief under the Heavily Indebted Poor Country (HIPC) Initiative, and relief under the Multilateral Debt Relief Initiative (MDRI). Under MDRI, the International Development Association (IDA), the International Monetary Fund (IMF), and the African Development Fund (AfDF) provide debt stock cancellation to post–completion point HIPCs on debt owed to the three institutions. The Inter-American Development Bank (IDB) provides similar debt stock cancellation under the IDB 2007 Debt Initiative. MDRI debt relief provides 100 percent stock cancellation on debt disbursed before the end of 2004 (for the IMF, AfDF, and IDB) or the end of 2003 (for IDA) and still outstanding at the time the country reaches the completion point under the HIPC Initiative. In line with the Debt Sustainability Framework for Low-Income Countries, only the conditional debt relief under HIPC Initiative is included for countries in the interim period (between the decision and completion points of the HIPC Initiative).

25

T A B L E S

G L O B A L

D E V E L O P M E N T

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2 0 1 1

Summary Table 2. Composition of Total External Debt Stocks, 2009 $ millions

Country

Total external debt stocks

Total long-term external debt

Public and publicly guaranteed debt, multilateral

Public and publicly guaranteed debt, bilateral

Public and publicly guaranteed debt, bonds

Afghanistan

2,328

2,203

1,112

1,090

0

Albania

4,719

3,813

1,504

660

0 0

Algeria

5,345

3,853

11

2,039

Angola

16,715

13,722

441

4,379

0

120,183

100,646

16,156

6,172

49,670 0

Argentina Armenia

4,935

3,837

1,427

948

Azerbaijan

4,865

3,993

1,462

730

0

Bangladesh

23,820

21,206

18,376

2,746

0

Belarus

17,158

6,262

261

4,368

0

Belize

1,092

1,076

245

162

21

Benin

1,073

990

801

188

0

762

762

286

476

0

Bhutan Bolivia

5,745

5,191

1,978

482

0

Bosnia and Herzegovina

9,583

7,620

2,197

845

322

Botswana Brazil Bulgaria Burkina Faso Burundi

1,617

1,388

1,252

135

0

276,932

237,143

2,4753

7,632

47,361

40,582

22,004

2,507

815

1,430

1,835

1,725

1,402

303

0

518

420

322

98

0

Cambodia

4,364

4,099

1,501

2,598

0

Cameroon

2,941

2,743

682

1,435

0

Cape Verde

707

695

532

156

0

Central African Republic

396

250

60

156

0

Chad

1,743

1,711

1,479

199

0

Chile

71646

54,170

848

193

5,413

428,442

187,933

33,156

34,923

10,826

Colombia

China

52,223

48,113

14,732

514

17,159

Comoros

279

264

215

49

0

12,183

10,788

4,187

6,310

0

Congo, Rep.

5,041

4,785

463

3,398

0

Costa Rica

8,070

5,728

1,178

392

1,435 1,931

Congo, Dem. Rep.

Côte d’Ivoire

11,701

11,250

2,374

6,540

Djibouti

752

732

403

314

0

Dominica

252

193

116

36

34 1,076

Dominican Republic

11,003

8,557

2,608

2,657

Ecuador

12,930

11,511

4,336

1,509

873

Egypt, Arab Rep.

33,257

30,696

8,413

19,915

1,883

El Salvador

2,174

11,384

9,270

3,200

667

Eritrea

1,019

1,013

658

315

0

Ethiopia

5,025

4,812

2,310

1,243

0

Fiji Gabon Gambia, The Georgia

432

362

104

107

150

2,130

2,022

401

525

901

520

449

314

135

0

4,231

3,114

1,535

560

500

26

S U M M A R Y

Public and publicly guaranteed debt, commercial banks and other

Private nonguaranteed debt, bonds

Private nonguaranteed debt, commercial banks and other

IBRD (memo)

IDA (memo)

Use of IMF credit

Short-term debt

0

0

0

0

471

106

20

665

0

983

24

849

71

835

821

0

982

10

0

0

1,492

8,902

0

0

0

385

359

2,634

924

6,850

20,873

5,305

0

0

19,537

1

0

1,461

53

1,161

587

512

1,212

0

590

199

739

62

810

84

0

0

0

10,746

675

1,939

128

19

1,485

256

0

2,871

8,024

634

0

14

16

0

7

8

0

0

0

0

309

39

45

0

0

0

0

114

0

0

84

0

2,647

0

316

0

554

206

0

4,051

417

1,102

286

1,677

2

0

0

0

5

0

229

7,571

53,342

96,483

10,065

0

0

39,789 18,578

21

146

17,085

1,509

0

0

20

0

0

0

721

110

0

0

0

0

0

147

91

7

0

0

0

0

566

0

265

11

0

615

30

273

175

23

6

0

0

0

286

11

2

34

0

0

0

9

78

67

33

0

0

0

896

29

4

2,827

6,584

38,304

215

1

0

17,476

14,220

7,020

87,788

12,705

9,521

0

240,509

2,959

2,709

10,040

6,570

1

0

4,110

0

0

0

0

120

10

5

292

0

0

0

2,497

800

596

924

0

0

0

298

43

213

185

0

2,538

57

0

0

2341

134

0

271

42

1,781

352

99

15

0

0

0

1,58

16

5

6

0

0

1

28

20

40

1,373

843

0

748

8

767

1,679

192

0

4,600

532

11

0

1,419

410

0

74

1,850

1,400

0

2,561

90

0

3,139

569

9

0

2,114

41

0

0

0

477

0

6

1,259

0

0

0

1,422

168

45

0

0

1

0

0

0

70

195

0

0

18

0

0

108

1

0

0

0

64

29

42

1

0

518

100

1,153

786

330

(table continues on next page)

27

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Summary Table 2. Composition of Total External Debt Stocks, 2009 (continued) $ millions Public and publicly guaranteed debt, bilateral

Public and publicly guaranteed debt, bonds

Country

Total external debt stocks

Ghana

5,720

4,126

2,230

339

750

531

462

161

88

210 955

Grenada Guatemala

Total long-term external debt

Public and publicly guaranteed debt, multilateral

13,801

1,2575

3,620

356

Guinea

2,926

2,827

1,827

966

0

Guinea-Bissau

1,111

950

507

443

0

Guyana

1,036

781

448

312

0

Haiti

1,244

1,078

520

558

0

3,675

3,326

1,517

843

50

India

Honduras

237,692

194,741

41,486

22,780

5,542

Indonesia

14,344

157,517

138,854

21,052

42,272

Iran, Islamic Rep.

13,435

7,524

836

1,418

0

Jamaica

10,959

9,905

1,520

887

3,890 181

Jordan Kazakhstan Kenya Kosovo Kyrgyz Republic

6,615

5,445

2,361

2,740

109,873

101,197

1,349

1,137

0

8,005

6,543

3,862

2,330

0

359

359

359

0

0

2,900

2,652

1,310

1,010

0

Lao PDR

5,539

5,523

2,003

920

0

Lebanon

24,864

21,649

1,301

1,008

18,105

Lesotho Liberia Lithuania

705

681

607

60

0

1,660

677

155

502

0

31,717

25,767

1,239

0

7,816

Macedonia, FYR

5,589

3,689

1,081

240

468

Madagascar

2,213

1,851

1,447

393

0

Malawi

1,093

899

540

349

0

Malaysia

66,390

42,696

303

3,789

13,316

Maldives

780

569

288

183

0

Mali

2,667

2,592

1,504

1,081

0

Mauritania

2,029

1,851

1,114

725

0

742

742

370

201

0 58,890

Mauritius Mexico

192,008

168,672

17,232

3,980

Moldova

3,457

1,985

514

265

0

Mongolia

2,212

1,958

1,069

664

75

Montenegro Morocco

2,308

1,101

591

302

0

23,752

21,573

10,021

6,694

0

Mozambique

4,168

3,354

1,996

1,330

0

Myanmar

8,186

6,320

1,341

4,004

0

Nepal

3,683

3,563

3,211

349

0

Nicaragua

4,420

3,554

1,448

1,010

0

991

916

684

225

0

Nigeria

Niger

7,846

4,332

3,391

492

0

Pakistan

53,710

44,749

23,506

15,591

2,150

Panama

12,418

12,418

1,626

207

9,219

28

S U M M A R Y

Public and publicly guaranteed debt, commercial banks and other

Private nonguaranteed debt, bonds

Private nonguaranteed debt, commercial banks and other

IBRD (memo)

IDA (memo)

Use of IMF credit

Short-term debt

806

0

0

0

1,581

271

2

0

0

11

39

23

1,323 46

0

5

7,639

1,112

0

0

1,226

35

0

0

0

1,269

59

40

0

0

0

0

304

10

151

21

0

0

0

10

58

197

0

0

0

0

39

166

0

37

0

880

0

502

32

317

6,723

15,331

102,880

8,048

25,980

0

42,950

8,352

5,897

46,937

7,876

2,234

0

18,662

5,269

0

0

836

0

0

5,911

367

3,215

26

398

0

0

1,054

163

0

0

1074

34

12

1,158

1

22,097

76,613

547

0

0

8,676 1,011

352

0

0

0

3,156

451

0

0

0

359

0

0

0

0

0

332

0

656

167

81

0

0

2,601

0

680

16

0

565

670

0

318

0

119

3,096

14

0

0

3

311

24

0

21

0

0

0

69

891

92

4

1,030

15,679

23

0

0

5,949

84

0

1,816

271

382

0

1,900

7

0

4

0

1,105

101

262

10

0

0

0

213

127

67

3,955

5,927

15,406

39

0

0

23,695

97

0

0

0

84

9

202

7

0

0

0

698

44

32

12

0

0

0

282

16

163

90

0

81

204

8

0

0

19,272

21,525

47,774

10,143

0

0

23,335 1,318

4

0

1,203

110

332

154

9

0

141

0

392

182

72

201

0

8

261

75

0

1,207

2,504

0

2,354

2,543

14

0

2,179

28

0

0

0

1,356

171

643

976

0

0

0

777

0

1,866

4

0

0

0

1,483

76

44

4

0

1,093

0

418

150

716

0

0

7

0

266

57

18

273

175

0

113

2,739

0

3,514

237

850

2,415

1,769

10,075

7,495

1,466

230

1,061

75

435

0

0

0

(table continues on next page)

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Summary Table 2. Composition of Total External Debt Stocks, 2009 (continued) $ millions

Country

Total external debt stocks

Total long-term external debt

Public and publicly guaranteed debt, multilateral

Public and publicly guaranteed debt, bilateral

Public and publicly guaranteed debt, bonds

Papua New Guinea

1,555

1,434

724

276

0

Paraguay

4,323

3,571

1,398

628

0

Peru

29,593

24,863

8,378

3,352

8911

Philippines

62,911

58,909

8,448

13,611

18,522

Romania

117,511

86,935

10,518

692

2,809

Russian Federation

381,339

350,715

3,724

3,599

69,580

Rwanda

747

725

631

94

0

Samoa

235

226

180

46

0

186

172

43

128

0

Senegal

SĂŁo TomĂŠ and Principe

3,503

3,318

1,810

949

200

Serbia

33,402

27,801

4,442

3,109

0

1,624

643

50

159

307

Seychelles Sierra Leone

444

371

308

63

0

Solomon Islands

156

154

111

21

0

2,973

1987

805

1,145

0

South Africa

Somalia

42,101

28,827

227

0

9279

Sri Lanka

1,000

17,208

14,614

5,875

6,054

St. Kitts and Nevis

227

222

98

40

29

St. Lucia

416

344

197

25

55

St. Vincent and the Grenadines Sudan Swaziland Syrian Arab Republic

209

202

121

21

0

20,139

12,998

3,154

7,395

0

418

391

255

116

0

5,236

4,480

1,657

2,824

0

Tajikistan

2,514

2,458

826

777

0

Tanzania

7,325

5,653

3,573

947

0

Thailand

58,755

30,873

208

6,261

1,754

1,640

1,502

837

665

0

105

105

73

31

0

Togo Tonga Tunisia

21,709

16,907

6,511

3,448

3,776

Turkey

251,372

203,689

16,870

6,284

40,808

576

501

17

392

0

Uganda

Turkmenistan

2,490

2,245

2,017

203

0

Ukraine

93,153

62,306

4,237

1,547

3,121

Uruguay

12,159

11,035

3,653

135

7,094

4,109

3,965

1,065

1,843

0

130

99

69

30

0

Venezuela, RB

54,503

38,494

3,120

1,010

28,360

Vietnam

1,041

Uzbekistan Vanuatu

28,674

23,403

10,312

11,346

Yemen, Rep.

6,356

5,861

3,159

2,698

0

Zambia

3,049

2,230

881

222

0

Zimbabwe All developing countries

5,015

3,831

1619

1,677

0

3,545,114

2,759,199

438,044

326,017

475,768

30

S U M M A R Y

Public and publicly guaranteed debt, commercial banks and other

Private nonguaranteed debt, bonds

Private nonguaranteed debt, commercial banks and other

IBRD (memo)

IDA (memo)

Use of IMF credit

Short-term debt

36

0

397

149

82

0

121

282

0

1,263

281

15

0

752 4,730

149

2,097

1,976

2,846

0

0

1,157

956

16,215

2,488

181

0

4,002

3,885

35

68,996

2,995

0

9,544

21,032

23,087

73,331

177,395

3,211

0

0

30,624

0

0

0

0

254

15

6

0

0

0

0

80

9

0 10

0

0

0

0

14

4

2

0

357

0

921

167

18

1,175

165

18,911

1,783

676

1,601

4,000

127

0

0

0

0

19

962

0

0

0

0

124

73

0

0

0

21

0

44

0

2

38

0

0

0

448

176

810

5,558

6,049

7,715

21

0

0

13,274

718

0

967

0

2,487

721

1,873

55

0

0

12

1

3

1

67

0

0

19

50

11

62

60

0

0

3

20

6

1

2,449

0

0

0

1,306

403

6,739

20

0

0

8

2

0

27

0

0

0

0

16

0

756

0

0

855

0

373

41

15

118

0

1,016

0

2,598

329

1,342

2,962

3,040

16,649

74

59

0

27,881

0

0

0

0

586

91

47

1

0

0

0

23

0

0

1,101

0

2,070

1,385

20

0

4,801

20,913

6,606

112,207

9,769

48

7,958

39,725

54

0

38

13

0

0

75

25

0

0

0

1,379

9

235

1,544

5,059

46,798

3,294

0

10,974

19,873

72

80

0

1,099

0

0

1,124

330

0

727

284

83

0

144

0

0

0

0

12

0

31

2,694

3,310

0

0

0

0

16,009 5,186

704

0

0

0

6,270

84

5

0

0

0

2,187

53

442

107

0

1,020

0

407

345

474

446

0

89

463

522

116

1,068

167,161

256,025

1,096,185

107,984

116,903

52,179

73,3736

(table continues on next page)

31

T A B L E S

G L O B A L

D E V E L O P M E N T

F I N A N C E

2 0 1 1

Summary Table 2. Composition of Total External Debt Stocks, 2009 (continued) $ millions

Country

Total external debt stocks

Total long-term external debt

Public and publicly guaranteed debt, multilateral

Public and publicly guaranteed debt, bilateral

Public and publicly guaranteed debt, bonds

Region or Group East Asia and Pacific Europe and Central Asia

825,602

502,950

80,654

120,900

60,029

1,126,252

925,764

59,033

30,122

126,853

Latin America and the Caribbean

912,980

773,100

115,208

33,869

242,880

Middle East and North Africa

141,321

118,719

34,673

43,096

23,946

South Asia

339,983

282,407

94,140

49,269

8,692

Sub-Saharan Africa

198,976

156,260

54,335

48,761

13,368

Low-income countries Middle-income countries

135,593

116,809

68,594

36,764

750

3,409,521

2,642,391

369,450

289,252

475,018

Source: World Bank data. Note: IBRD = International Bank for Reconstruction and Development; IDA = International Development Association; IMF = International Monetary Fund.

32

S U M M A R Y

Public and publicly guaranteed debt, commercial banks and other

Private nonguaranteed debt, bonds

Private nonguaranteed debt, commercial banks and other

IBRD (memo)

IDA (memo)

Use of IMF credit

Short-term debt

32,372

22,840

186,154

23,332

20,921

291

322,361

53,516

108,489

547,750

25,479

7,631

35,103

165,385 138,637

40,159

101,621

239,364

40,439

1,468

1,243

10,853

670

5,480

8,016

3,831

200

22,402

7,863

16,181

106,261

9,817

51,440

9,081

48,495

22,396

6,224

11,175

900

31,612

6,261

36,456

4,754

0

5,946

463

39,115

5,951

1,2833

162,406

256,025

1,090,239

107,521

77,788

46,227

720,903

33

T A B L E S

.

Regional and Income Group Aggregate Tables

35

ALL DEVELOPING COUNTRIES (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

1,253,016 1,032,168 972,552 59,616 33,626 187,222 44,689

1,860,250 1,469,667 1,261,176 208,491 59,721 330,863 44,539

2,122,096 1,776,864 1,287,114 489,750 58,231 287,001 31,838

2,488,733 1,964,829 1,283,181 681,648 49,179 474,725 28,665

2,643,251 2,067,087 1,210,859 856,227 19,859 556,305 26,334

3,180,004 2,421,910 1,308,265 1,113,645 15,540 742,554 27,933

3,425,383 2,672,049 1,348,023 1,324,026 24,915 728,419 27,807

3,545,114 2,759,199 1,406,990 1,352,210 52,179 733,736 26,726

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

53,981 966,765 65,403 112,931

104,656 1,256,108 213,559 140,532

60,834 1,281,244 495,621 145,847

46,432 1,278,690 686,139 157,350

45,071 1,206,587 860,500 140,021

47,985 1,303,504 1,118,406 189,986

49,621 1,342,408 1,329,641 176,452

51,557 1,395,767 1,363,432 216,718

External debt flows Disbursements Long-term external debt IMF purchases

121,319 113,870 7,449

209,469 181,686 27,783

235,818 225,703 10,114

384,285 380,324 3,961

458,638 454,524 4,113

646,010 643,997 2,013

623,104 609,344 13,760

537,473 509,127 28,346

Principal repayments Long-term external debt IMF repurchases

79,142 71,317 7,825

120,565 111,927 8,638

232,711 212,119 20,592

335,002 290,880 44,122

383,247 352,428 30,819

363,027 355,872 7,155

399,192 395,392 3,800

408,234 406,390 1,844

Net flows Long-term external debt Short-term external debt

56,358 42,553 14,181

142,985 69,759 54,082

-5,176 13,584 -8,282

123,777 89,444 74,494

159,301 102,096 83,911

467,229 288,124 184,246

209,903 213,952 -14,009

135,637 102,737 6,398

Interest payments Long-term external debt IMF charges Short-term external debt

60,784 48,917 2,415 9,452

85,012 67,476 2,623 14,912

112,421 93,744 2,863 15,815

103,589 84,843 3,277 15,469

117,309 95,089 1,622 20,597

135,710 109,172 710 25,828

140,568 120,257 979 19,332

124,324 110,205 554 13,565

21,609 3,390

94,658 13,779

148,373 13,955

273,590 67,498

343,337 107,674

508,131 135,080

587,109 -53,193

354,088 108,157

1. Summary external debt data External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) .. 10.9 2.4 1.7 44.5

.. 13.0 1.6 1.1 47.9

.. 12.0 1.0 0.4 62.8

14.2 10.1 1.1 0.6 65.6

15.1 10.2 0.8 0.6 65.2

15.6 9.3 0.6 0.6 66.0

14.2 11.1 0.4 0.6 66.2

15.0 10.6 0.5 0.5 66.0

5.4 22.8 6.6

5.8 19.2 5.3

4.8 20.2 5.1

3.6 22.1 5.7

3.9 22.8 6.2

3.7 23.2 6.5

2.9 23.6 6.7

2.1 21.2 6.2

8.5 11.7 4.9

6.5 7.4 3.4

8.1 11.3 8.4

6.3 11.2 8.7

6.2 12.1 9.5

6.3 10.8 7.9

6.0 11.8 8.1

6.3 10.0 8.6

3,530,181 651,786 30,760 718,403 16,118 178,522

4,791,570 1,140,219 54,593 1,300,105 36,709 438,799

5,614,158 1,652,400 80,196 1,703,631 67,741 641,834

9,427,817 3,329,578 190,644 3,209,914 163,147 1,976,647

11,189,833 4,057,884 225,325 3,840,260 232,181 2,610,837

13,856,781 4,911,991 277,165 4,709,354 299,410 3,694,463

16,589,721 5,863,632 323,542 5,732,392 340,938 4,147,161

16,023,321 4,755,347 305,200 4,588,788 243,805 4,820,982

192.2 35.5 21.5 14.9 16.0 14.2 3.0

163.1 38.8 18.0 17.8 15.0 23.6 4.1

128.4 37.8 20.9 13.5 15.4 30.2 4.5

74.7 26.4 13.2 19.1 15.0 79.4 7.4

65.1 23.6 12.4 21.0 13.2 98.8 8.2

64.7 22.9 10.2 23.4 11.7 116.2 9.4

58.4 20.6 9.2 21.3 11.5 121.1 8.7

74.6 22.1 11.3 20.7 12.4 136.0 12.6

Euro Japanese yen Pound sterling Swiss franc U.S.dollars

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

36

ALL DEVELOPING COUNTRIES (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

1,032,168 972,552 519,825 199,951 90,637 45,278 319,874 452,727 99,350 224,277 59,616 347

1,469,667 1,261,176 764,715 278,613 106,385 71,495 486,102 496,461 220,462 146,865 208,491 51,018

1,776,864 1,287,114 751,068 326,080 108,080 86,796 424,988 536,045 341,857 125,865 489,750 89,492

1,964,829 1,283,181 714,294 373,417 96,259 121,077 340,876 568,887 400,332 125,757 681,648 154,026

2,067,087 1,210,859 636,047 347,610 92,286 99,005 288,437 574,812 409,075 128,188 856,227 190,151

2,421,910 1,308,265 666,297 372,517 93,566 107,675 293,780 641,968 452,166 157,275 1,113,645 250,422

2,672,049 1,348,023 707,661 393,444 96,635 111,269 314,217 640,361 462,290 150,135 1,324,026 240,701

2,759,199 1,406,990 764,061 438,044 107,984 116,903 326,017 642,929 475,768 136,340 1,352,210 256,025

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

113,870 96,613 48,480 26,496 13,086 4,330 21,984 48,133 4,226 14,592 17,257 291

181,686 128,191 64,866 31,094 12,537 5,474 33,772 63,325 21,993 22,190 53,495 14,063

225,703 134,860 52,307 34,186 12,906 5,219 18,121 82,553 55,784 18,109 90,844 10,810

380,324 142,528 46,011 34,281 9,178 7,207 11,730 96,517 61,066 31,732 237,796 46,898

454,524 140,018 54,105 39,732 11,933 6,771 14,373 85,912 56,972 24,160 314,507 53,017

643,997 181,983 58,469 43,055 10,498 7,358 15,413 123,515 72,216 47,941 462,013 83,950

609,344 171,783 68,007 47,360 13,608 6,864 20,646 103,776 72,936 28,446 437,561 25,655

509,127 190,191 96,430 69,770 22,125 8,701 26,660 93,761 68,909 19,047 318,936 36,484

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

71,317 64,096 22,579 11,656 7,804 248 10,923 41,517 4,270 19,870 7,221 0

111,927 86,009 42,585 19,649 11,364 542 22,935 43,424 11,091 15,281 25,918 4,042

212,119 114,161 47,474 22,544 9,409 948 24,929 66,688 31,454 23,256 97,958 15,002

290,880 145,812 69,878 26,634 12,066 1,621 43,243 75,935 44,630 22,316 145,067 15,063

352,428 191,885 96,994 36,465 17,168 1,779 60,529 94,891 60,268 25,154 160,543 17,973

355,872 128,023 53,328 26,480 10,844 1,836 26,848 74,695 43,632 23,971 227,849 24,350

395,392 144,276 50,130 26,972 10,924 2,296 23,158 94,145 54,625 32,337 251,117 19,902

406,390 116,937 46,503 25,471 10,838 2,250 21,032 70,435 32,872 30,198 289,453 21,401

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

48,917 44,375 17,921 10,239 6,753 301 7,682 26,455 4,100 15,991 4,542 3

67,476 56,580 27,395 13,153 7,610 503 14,241 29,185 14,713 7,822 10,897 3,172

93,744 63,139 25,961 15,208 7,444 577 10,753 37,179 25,000 8,566 30,605 7,774

84,843 60,506 23,904 10,572 4,013 897 13,332 36,602 30,143 4,921 24,337 8,809

95,089 56,335 19,694 11,659 4,777 811 8,035 36,641 28,861 6,258 38,755 13,935

109,172 59,643 20,163 12,859 5,430 758 7,303 39,481 31,151 6,541 49,529 16,186

120,257 59,040 18,960 12,287 4,572 908 6,674 40,080 31,730 6,672 61,217 15,993

110,205 53,955 16,885 10,422 3,415 798 6,463 37,071 30,744 5,104 56,250 16,188

Total change in external debt stocks 92,997 750 flows on external debt Non-debt flows (bill US$) Net 56,358 Cross-currency valuation 43,490

169,892 142,985 3,160

-63,271 200 -5,176 -49,519

-19,198 123,777 -75,273

154,518 536,754 Debt ratios467,229 (%) 159,301 -6,942 38,092

245,379 209,903 14,228

.. 0 ..

30,719 2,244 162

61,338 150 945 16,072

32,824 20,525 736

1,618 2,180 3,998

.. .. ..

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation

9. Debt restructurings Total amount rescheduled Total amount forgiven 500 Debt buyback

75,505 12,370 4,359

4,788 16,122 5,450

3,150 3,249 6,035

100

250

50

0

0 2001

2002

2003

2004

Foreign direct investment

2005

2006

2007

2008

2009

Portfolio equity flows

2001

2002

2003

2004

Debt to exports

37

2005

2006

2007

2008

Reserves to debt

2009

EAST ASIA AND PACIFIC (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

233,974 194,526 172,986 21,541 2,085 37,363 1,886

455,544 345,382 255,399 89,982 1,337 108,826 2,952

496,687 418,614 271,459 147,155 16,452 61,621 5,336

614,625 408,562 262,047 146,515 8,545 197,519 1,088

648,706 425,941 261,218 164,723 239 222,526 991

726,940 448,695 260,896 187,799 215 278,031 1,121

756,756 489,681 278,116 211,565 162 266,914 1,155

825,602 502,950 293,956 208,994 291 322,361 1,226

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

2,965 172,443 22,083 23,347

10,943 254,012 91,370 46,429

7,461 271,107 147,507 26,963

5,920 261,526 147,036 24,974

4,670 260,723 165,219 20,208

5,329 260,463 188,232 19,177

5,478 277,689 211,992 28,566

5,779 289,041 213,908 42,088

External debt flows Disbursements Long-term external debt IMF purchases

29,489 29,431 58

59,108 58,906 203

41,428 39,935 1,493

74,963 74,963 0

76,940 76,940 0

90,725 90,725 0

88,543 88,543 0

85,403 85,229 174

Principal repayments Long-term external debt IMF repurchases

18,645 17,359 1,286

32,240 31,850 390

47,836 47,568 267

68,857 67,260 1,597

71,484 63,005 8,479

76,062 76,027 35

73,504 73,455 49

82,516 82,465 50

Net flows Long-term external debt Short-term external debt

18,630 12,072 7,786

54,088 27,056 27,220

-17,219 -7,633 -10,812

40,937 7,703 34,831

30,560 13,935 25,105

70,037 14,698 55,374

3,888 15,088 -11,151

58,264 2,763 55,376

Interest payments Long-term external debt IMF charges Short-term external debt

12,501 10,147 245 2,109

20,622 15,539 69 5,014

25,180 20,377 793 4,011

17,876 12,859 336 4,682

22,011 14,257 308 7,446

25,496 17,461 3 8,032

23,038 16,859 1 6,178

19,908 15,345 2 4,561

10,512 440

50,797 3,746

45,168 6,589

104,348 25,684

105,666 56,191

177,106 35,093

186,610 -7,340

102,486 29,850

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 29.1 1.0 1.0 23.6

.. 28.2 0.4 0.5 36.7

.. 28.3 0.5 0.2 55.9

8.3 26.4 0.8 0.3 57.1

8.9 25.2 0.7 0.2 58.3

9.1 24.3 0.7 0.2 58.9

7.5 27.2 0.4 0.2 58.7

6.5 24.6 0.4 0.2 62.6

4.9 24.7 7.1

5.3 22.0 5.6

3.8 26.9 6.3

3.1 24.9 6.7

4.2 25.1 6.5

3.3 25.4 7.2

2.4 24.8 7.1

1.5 24.6 6.2

8.3 14.1 3.5

6.4 9.6 4.4

6.6 13.0 4.5

5.6 10.5 8.2

6.6 15.8 11.4

5.2 15.9 11.5

5.3 12.9 8.6

6.8 11.1 8.6

658,701 176,389 3,084 182,910 5,159 71,348

1,284,276 416,035 8,918 452,272 15,893 167,801

1,680,203 636,015 15,799 606,336 31,679 283,042

3,036,877 1,379,877 50,293 1,249,941 47,095 1,020,250

3,663,806 1,705,209 57,433 1,458,037 55,744 1,315,338

4,647,614 2,108,858 71,066 1,745,763 72,985 1,856,343

5,874,893 2,451,581 85,456 2,066,863 79,889 2,288,782

6,234,784 2,114,647 84,949 1,796,936 70,430 2,823,603

132.6 35.5 17.7 16.0 14.9 30.5 4.7

109.5 35.5 12.7 23.9 11.8 36.8 4.5

78.1 29.6 11.5 12.4 13.2 57.0 5.6

44.5 20.2 6.3 32.1 10.5 166.0 9.8

38.0 17.7 5.5 34.3 10.2 202.8 10.8

34.5 15.6 4.8 38.2 9.6 255.4 12.8

30.9 12.9 3.9 35.3 9.7 302.4 13.3

39.0 13.2 4.8 39.0 9.8 342.0 18.9

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

38

EAST ASIA AND PACIFIC (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

194,526 172,986 104,752 34,976 20,176 5,130 69,775 68,234 11,814 35,221 21,541 160

345,382 255,399 159,595 53,607 27,912 9,692 105,988 95,804 23,690 39,894 89,982 15,574

418,614 271,459 171,450 65,756 30,476 12,520 105,694 100,009 35,943 33,257 147,155 22,077

408,562 262,047 172,244 64,368 23,331 16,498 107,876 89,803 52,450 17,675 146,515 24,435

425,941 261,218 173,497 66,424 22,550 17,683 107,073 87,721 54,997 14,755 164,723 25,472

448,695 260,896 178,076 69,641 21,693 19,086 108,435 82,820 55,418 12,881 187,799 22,968

489,681 278,116 193,977 73,617 22,275 19,683 120,360 84,140 55,396 15,442 211,565 21,711

502,950 293,956 201,554 80,654 23,332 20,921 120,900 92,401 60,029 16,677 208,994 22,840

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

29,431 19,604 10,138 4,711 2,532 604 5,427 9,466 852 4,097 9,827 120

58,906 38,009 17,653 6,129 3,168 934 11,524 20,356 4,449 8,785 20,897 5,731

39,935 26,489 15,619 6,943 3,245 700 8,676 10,870 4,539 2,535 13,446 1,106

74,963 25,251 9,056 5,145 1,825 627 3,911 16,195 11,523 3,034 49,711 4,981

76,940 25,699 11,687 5,930 2,012 754 5,757 14,011 8,906 1,912 51,241 3,444

90,725 19,100 11,213 6,715 2,347 1,058 4,498 7,887 4,295 1,207 71,625 1,701

88,543 22,777 12,652 7,775 3,200 1,152 4,877 10,126 5,180 3,413 65,766 368

85,229 37,411 16,346 10,068 3,710 1,550 6,278 21,065 13,903 3,541 47,817 2,733

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

17,359 14,808 4,266 2,032 1,462 19 2,234 10,542 1,925 5,395 2,551 0

31,850 21,665 8,357 3,094 2,152 50 5,262 13,308 1,854 5,320 10,185 120

47,568 23,361 10,243 4,062 2,006 107 6,182 13,117 1,211 7,160 24,208 5,168

67,260 24,427 10,678 4,609 2,798 286 6,068 13,750 4,327 5,471 42,833 2,115

63,005 25,140 12,511 4,676 2,891 324 7,835 12,629 5,441 2,684 37,865 3,022

76,027 22,886 15,007 4,969 3,336 368 10,038 7,879 2,591 2,606 53,141 2,719

73,455 23,089 13,742 4,781 2,775 413 8,961 9,347 3,831 1,675 50,366 1,533

82,465 24,821 12,749 4,588 2,583 450 8,160 12,073 5,323 2,629 57,644 2,929

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

10,147 8,864 3,673 2,146 1,521 34 1,527 5,191 923 2,795 1,283 2

15,539 12,046 6,283 3,051 1,999 69 3,232 5,763 1,238 2,462 3,493 503

20,377 12,838 7,238 3,833 2,146 87 3,404 5,600 2,300 1,921 7,539 1,942

12,859 8,647 4,043 2,018 1,028 133 2,025 4,605 3,232 845 4,211 1,293

14,257 9,275 4,468 2,245 1,168 131 2,223 4,807 3,673 609 4,982 1,486

17,461 10,588 5,103 2,492 1,298 134 2,611 5,486 3,968 717 6,873 1,495

16,859 10,117 4,664 2,282 1,085 146 2,382 5,453 4,027 595 6,743 1,239

15,345 9,431 3,946 1,726 734 139 2,220 5,485 4,392 547 5,914 1,154

Total change in external debt stocks 30,296 250 flows on external debt Non-debt flows (bill US$) Net 18,630 Cross-currency valuation 10,348

71,933 54,088 -1,772

-42,308 400 -17,219 -13,909

31,629 40,937 -15,831

34,081 78,234 Debt ratios (%) 30,560 70,037 3,693 7,558

29,816 3,888 13,993

.. 0 ..

0 1 0

.. .. ..

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation

350

9. 200 Debt restructurings

Total amount rescheduled Total amount forgiven Debt buyback 150

1,478 0 721

314 44 0

2,468 300 5 250 0

2,809 4 0

3 35 0

1 6 0

200 100

150 100

50

50 0

0 2001

2002

2003

2004

Foreign direct investment

2005

2006

2007

2008

2009

Portfolio equity flows

2001

2002

2003

2004

Debt to exports

39

2005

2006

2007

2008

Reserves to debt

2009

EUROPE AND CENTRAL ASIA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

138,266 113,697 108,777 4,921 467 24,102 4,726

246,178 199,300 189,044 10,256 15,628 31,250 7,818

362,885 284,480 217,438 67,041 21,739 56,666 8,508

585,408 457,536 209,647 247,889 18,810 109,061 4,098

718,457 563,424 203,943 359,481 13,088 141,945 1,542

994,142 767,475 256,174 511,301 8,550 218,117 1,587

1,125,784 908,435 256,620 651,815 14,334 203,015 1,770

1,126,252 925,764 269,524 656,239 35,103 165,385 1,873

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

654 108,020 5,677 23,415

28,017 188,556 10,745 14,532

14,077 216,905 67,574 21,424

3,545 208,991 248,545 30,684

2,020 203,318 360,106 34,021

2,136 255,248 512,227 68,324

2,938 255,183 653,252 47,723

4,864 267,884 657,880 45,521

External debt flows Disbursements Long-term external debt IMF purchases

24,038 23,949 89

22,954 14,930 8,024

40,993 36,624 4,369

146,709 143,919 2,789

182,702 179,621 3,081

292,415 291,170 1,245

295,762 287,116 8,646

221,533 200,414 21,119

Principal repayments Long-term external debt IMF repurchases

15,851 15,449 402

12,755 12,106 649

30,964 26,057 4,907

95,096 82,512 12,585

104,530 95,640 8,889

117,931 111,651 6,280

163,403 160,915 2,488

184,036 183,102 935

Net flows Long-term external debt Short-term external debt

1,507 8,500 -6,680

14,141 2,824 3,943

18,626 10,568 8,597

69,969 61,408 18,357

113,613 83,981 35,440

250,206 179,520 75,721

117,074 126,201 -15,285

-236 17,313 -37,733

Interest payments Long-term external debt IMF charges Short-term external debt

9,492 7,536 70 1,885

9,231 7,575 549 1,108

16,484 12,610 1,062 2,812

25,674 20,330 1,125 4,219

32,949 26,218 905 5,826

42,742 34,283 623 7,836

52,178 45,768 429 5,981

45,706 41,039 437 4,230

688 89

5,599 248

9,386 993

51,115 6,667

92,297 12,279

133,195 27,006

160,127 -15,104

85,053 4,990

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 6.4 1.4 5.8 35.0

.. 8.2 0.8 2.7 47.6

.. 5.2 0.3 0.3 64.2

20.9 3.3 0.2 0.5 71.0

22.6 3.4 0.1 1.1 68.7

21.4 2.9 0.1 1.0 71.7

22.0 3.6 0.0 1.1 70.7

25.7 3.5 0.0 0.5 67.8

7.8 13.2 6.2

5.7 17.0 5.4

5.7 17.7 5.3

2.7 23.0 6.4

3.9 18.5 5.9

4.3 18.4 6.1

4.2 19.7 7.0

2.4 18.6 5.9

8.5 11.9 6.6

6.5 6.2 2.6

8.7 10.2 7.5

5.4 8.0 5.9

5.9 7.6 6.1

5.9 7.4 5.2

5.8 7.7 5.5

6.2 6.4 5.9

935,756 0 3,246 0 161 0

753,413 201,494 6,482 221,617 622 42,638

686,230 258,838 10,357 245,288 2,973 67,171

1,645,761 614,130 23,262 608,477 32,310 311,761

2,007,226 760,788 28,397 777,586 55,003 483,365

2,595,979 943,336 39,332 1,026,817 76,773 709,471

3,205,318 1,229,612 45,824 1,304,038 101,557 651,631

2,519,190 854,438 35,421 899,745 64,454 677,650

0.0 14.8 0.0 17.4 9.6 0.0 0.0

122.2 32.7 10.9 12.7 7.6 17.3 2.3

140.2 52.9 18.3 15.6 8.0 18.5 3.3

95.3 35.6 19.7 18.6 6.5 53.3 6.1

94.4 35.8 18.1 19.8 5.6 67.3 7.5

105.4 38.3 17.0 21.9 4.6 71.4 8.3

91.6 35.1 17.5 18.0 4.3 57.9 6.0

131.8 44.7 26.9 14.7 5.2 60.2 9.0

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

40

EUROPE AND CENTRAL ASIA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

113,697 108,777 32,723 13,315 8,704 157 19,408 76,054 7,195 43,653 4,921 16

199,300 189,044 98,526 18,706 10,853 669 79,820 90,518 21,373 35,523 10,256 149

284,480 217,438 114,512 28,954 18,825 2,667 85,559 102,926 68,437 24,675 67,041 3,333

457,536 209,647 86,083 37,864 21,682 5,548 48,219 123,565 78,939 39,486 247,889 46,324

563,424 203,943 64,690 40,527 22,113 6,188 24,162 139,253 89,819 44,970 359,481 70,578

767,475 256,174 70,822 45,749 22,602 6,862 25,073 185,353 114,226 67,762 511,301 107,748

908,435 256,620 76,180 48,593 23,010 7,160 27,587 180,440 120,017 57,631 651,815 115,663

925,764 269,524 89,155 59,033 25,479 7,631 30,122 180,370 126,853 51,037 656,239 108,489

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

23,949 22,188 5,584 1,580 896 0 4,003 16,604 1,019 2,567 1,761 0

14,930 12,726 5,298 3,395 2,157 370 1,904 7,427 2,376 1,579 2,205 0

36,624 21,115 6,840 4,293 2,592 351 2,547 14,275 7,907 5,290 15,509 566

143,919 26,141 5,182 4,242 1,814 420 940 20,959 7,787 12,952 117,779 21,494

179,621 30,635 6,035 4,882 2,477 412 1,153 24,599 14,085 10,382 148,987 25,316

291,170 65,808 8,625 5,770 2,153 468 2,854 57,184 27,649 29,372 225,362 42,353

287,116 40,380 11,159 7,367 2,825 423 3,791 29,221 17,901 11,166 246,736 16,253

200,414 39,215 17,899 13,418 4,672 509 4,481 21,316 15,267 5,879 161,200 3,258

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

15,449 13,952 2,787 1,276 1,026 4 1,511 11,165 47 6,422 1,497 0

12,106 10,933 3,648 1,984 901 6 1,665 7,285 2,765 1,829 1,172 0

26,057 12,673 5,738 2,224 952 6 3,514 6,935 2,241 2,424 13,384 900

82,512 38,986 23,814 3,978 2,868 23 19,836 15,172 10,660 3,000 43,526 1,982

95,640 43,564 30,937 3,750 2,635 38 27,187 12,627 5,614 6,040 52,076 1,524

111,651 23,020 6,636 3,806 2,389 56 2,830 16,384 7,283 7,905 88,631 6,794

160,915 36,825 6,265 4,002 2,448 75 2,263 30,560 10,308 19,509 124,090 7,607

183,102 27,965 5,854 3,851 2,314 92 2,003 22,111 9,620 11,959 155,136 10,558

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

7,536 7,095 1,894 966 703 1 928 5,201 494 3,430 441 1

7,575 7,200 3,083 1,018 588 3 2,065 4,117 1,616 1,402 375 13

12,610 9,010 2,971 1,537 1,068 19 1,434 6,038 4,277 1,247 3,601 310

20,330 12,278 4,033 1,433 866 45 2,600 8,246 6,422 1,530 8,051 2,727

26,218 12,541 3,523 1,573 1,066 47 1,950 9,018 6,431 2,337 13,677 4,528

34,283 13,005 2,619 1,884 1,212 50 734 10,386 7,500 2,667 21,278 6,996

45,768 14,691 2,649 1,889 1,079 54 759 12,042 8,688 3,171 31,077 7,885

41,039 13,075 2,240 1,592 843 53 648 10,835 8,765 1,929 27,965 8,053

Total change in external debt stocks 12,395 200 flows on external debt Non-debt flows (bill US$) Net 1,507 Cross-currency valuation 5,885

13,906 14,141 4,359

9,075 200 18,626 -6,983

64,986 69,969 -13,012

133,049 275,686 Debt ratios250,206 (%) 113,613 6,370 7,931

131,642 117,074 -1,403

.. 0 ..

10,047 0 30

29,177 150 12 0

596 109 0

54 42 127

.. .. ..

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation

175

9. Debt restructurings Total 150amount rescheduled Total amount forgiven Debt 125buyback

0 0 882

1,357 105 0

39 26 0

100

100 75

50

50 25

0

0 2001

2002

2003

2004

Foreign direct investment

2005

2006

2007

2008

2009

Portfolio equity flows

2001

2002

2003

2004

Debt to exports

41

2005

2006

2007

2008

Reserves to debt

2009

LATIN AMERICA AND CARIBBEAN (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

441,198 349,923 325,178 24,745 17,968 73,307 25,542

608,666 459,179 371,875 87,303 26,632 122,856 10,303

751,080 631,268 389,547 241,722 8,846 110,966 1,674

740,598 624,393 410,589 213,804 13,122 103,084 8,900

736,620 635,470 394,105 241,365 737 100,414 8,320

835,365 699,415 406,740 292,675 804 135,147 10,367

890,515 749,904 420,086 329,817 824 139,787 10,940

912,980 773,100 432,115 340,984 1,243 138,637 11,598

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

24,264 321,813 28,110 25,845

15,834 369,910 89,269 49,943

3,510 386,607 244,661 66,082

12,361 408,195 216,198 55,252

13,148 391,890 243,580 50,587

16,976 404,542 294,873 53,069

19,261 417,502 332,402 61,868

20,443 428,553 344,547 82,039

External debt flows Disbursements Long-term external debt IMF purchases

32,291 27,558 4,733

89,784 74,013 15,772

119,852 116,343 3,510

107,092 106,500 593

135,421 134,857 564

152,589 152,340 249

164,602 164,388 213

157,299 156,849 450

Principal repayments Long-term external debt IMF repurchases

21,790 18,138 3,651

43,123 40,290 2,832

124,162 109,925 14,237

122,010 93,838 28,172

150,113 137,430 12,683

106,039 105,819 220

109,691 109,518 173

103,963 103,910 53

Net flows Long-term external debt Short-term external debt

18,134 9,420 7,633

61,054 33,722 14,392

-5,226 6,418 -917

814 12,661 15,732

-16,782 -2,573 -2,090

79,237 46,521 32,687

58,978 54,870 4,067

51,528 52,940 -1,808

Interest payments Long-term external debt IMF charges Short-term external debt

21,711 17,915 1,435 2,362

35,904 28,411 1,100 6,393

54,789 47,273 777 6,739

40,395 34,336 1,732 4,327

45,720 40,672 330 4,718

47,406 41,711 35 5,660

45,914 41,963 26 3,925

42,733 39,903 9 2,820

8,121 2,464

30,202 5,216

79,040 -561

72,223 12,209

71,954 11,047

109,405 28,837

127,864 -9,688

73,622 41,584

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) .. 6.2 1.6 1.0 59.6

.. 8.2 1.1 0.6 62.1

.. 6.6 0.6 0.3 73.4

9.5 3.4 0.2 0.2 82.0

10.7 3.0 0.3 0.1 81.7

11.3 2.7 0.2 0.1 82.3

10.1 3.2 0.1 0.1 83.7

11.1 4.0 0.4 0.2 82.2

7.0 18.1 4.9

7.6 14.2 4.1

5.9 12.5 2.8

4.4 18.8 4.9

5.4 18.9 5.4

5.2 18.2 5.0

3.6 20.6 5.3

2.1 18.8 6.3

9.1 11.0 5.2

6.8 4.1 2.9

9.4 12.6 11.6

7.3 14.5 12.0

6.2 14.8 12.6

7.2 16.5 12.8

6.5 15.9 11.3

6.1 11.8 11.0

1,049,965 177,594 5,681 189,189 7,323 58,057

1,698,189 289,620 13,318 343,893 14,909 138,616

1,961,805 442,911 20,164 512,722 22,787 158,413

2,559,479 667,094 50,119 685,910 53,318 257,309

3,008,168 799,235 59,197 818,367 76,781 312,791

3,555,152 912,208 63,117 968,137 90,221 450,589

4,145,756 1,045,060 64,620 1,145,725 94,413 500,720

3,851,824 819,368 56,879 891,518 75,275 552,745

248.4 42.0 24.5 16.6 13.5 13.2 3.7

210.2 35.8 27.3 20.2 11.9 22.8 4.8

169.6 38.3 40.4 14.8 12.3 21.1 3.7

111.0 28.9 24.3 13.9 13.9 34.7 4.5

92.2 24.5 24.9 13.6 13.0 42.5 4.6

91.6 23.5 16.8 16.2 11.4 53.9 5.6

85.2 21.5 14.9 15.7 11.4 56.2 5.2

111.4 23.7 17.9 15.2 12.6 60.5 7.4

Euro Japanese yen Pound sterling Swiss franc U.S.dollars

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

42

LATIN AMERICA AND CARIBBEAN (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

349,923 325,178 120,583 59,684 34,683 1,117 60,899 204,595 75,572 100,991 24,745 171

459,179 371,875 159,015 72,134 36,299 2,186 86,881 212,860 165,105 34,360 87,303 33,829

631,268 389,547 139,647 92,649 37,429 3,387 46,998 249,899 210,023 31,416 241,722 60,325

624,393 410,589 134,169 103,241 34,958 5,049 30,928 276,420 233,541 38,493 213,804 74,487

635,470 394,105 123,761 95,868 31,528 1,529 27,893 270,344 227,616 39,590 241,365 80,608

699,415 406,740 121,313 95,345 31,534 1,692 25,968 285,427 237,985 43,348 292,675 96,010

749,904 420,086 130,560 101,348 33,857 1,778 29,212 289,527 243,525 42,632 329,817 80,983

773,100 432,115 149,077 115,208 40,439 1,468 33,869 283,039 242,880 35,991 340,984 101,621

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

27,558 22,860 13,106 8,925 6,114 119 4,182 9,754 1,938 4,746 4,698 171

74,013 46,483 23,663 9,893 4,624 277 13,771 22,819 13,654 7,427 27,530 7,412

116,343 58,440 16,174 13,297 5,595 202 2,877 42,266 35,022 6,499 57,903 8,312

106,500 54,835 12,889 10,531 3,550 306 2,359 41,946 35,298 6,151 51,664 15,066

134,857 49,411 16,741 14,677 5,570 178 2,064 32,669 24,854 7,218 85,447 19,459

152,340 45,711 14,755 13,052 3,067 129 1,703 30,956 24,473 6,149 106,629 26,341

164,388 63,373 19,325 15,750 5,679 114 3,574 44,049 36,092 7,798 101,015 8,440

156,849 69,607 32,271 25,614 10,790 157 6,656 37,337 32,530 4,141 87,242 27,821

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

18,138 15,967 6,423 4,728 3,297 9 1,696 9,544 1,912 5,100 2,171 0

40,290 27,594 14,493 8,309 4,974 21 6,184 13,101 5,833 4,240 12,696 3,922

109,925 51,901 16,787 9,787 3,798 18 7,000 35,114 26,575 6,934 58,024 8,849

93,838 43,905 16,653 10,922 4,561 39 5,730 27,252 19,194 7,273 49,933 10,583

137,430 78,881 24,546 19,236 9,143 29 5,310 54,334 43,064 10,117 58,549 13,165

105,819 47,718 15,853 10,815 3,311 14 5,038 31,865 24,603 6,482 58,100 12,763

109,518 47,503 12,868 10,494 3,407 24 2,374 34,635 27,882 6,122 62,015 9,126

103,910 37,286 13,449 9,768 4,301 20 3,681 23,837 13,926 8,723 66,624 6,135

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

17,915 15,680 5,433 4,107 2,533 8 1,326 10,247 2,365 6,628 2,235 0

28,411 22,582 8,830 4,850 2,651 23 3,981 13,751 11,254 1,568 5,829 2,597

47,273 29,249 8,531 6,323 2,801 17 2,208 20,717 17,194 2,715 18,024 5,185

34,336 24,175 5,589 4,451 1,507 37 1,137 18,586 16,756 1,630 10,161 4,487

40,672 24,655 5,992 4,984 1,813 23 1,007 18,663 16,552 1,935 16,018 7,481

41,711 25,351 5,995 5,020 1,781 12 976 19,356 17,342 1,709 16,359 7,095

41,963 23,775 5,462 4,658 1,545 14 804 18,313 16,425 1,631 18,188 6,226

39,903 22,157 5,035 4,089 1,302 12 946 17,122 15,076 1,748 17,746 6,334

Total change in external debt stocks 19,420 150 flows on external debt Non-debt flows (bill US$) Net 18,134 Cross-currency valuation 11,380

63,262 61,054 1,918

-15,300 200 -5,226 -9,902

-66,610 814 -14,331

-3,978 98,745 Debt ratios (%) -16,782 79,237 2,202 8,361

55,150 58,978 -118

.. 0 ..

7,922 534 102

5,236 150 116 15,851

25,998 866 736

352 218 1,406

.. .. ..

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation

9. 125 Debt restructurings Total amount rescheduled Total amount forgiven 100 Debt buyback

63,474 173 2,756

2,336 351 5,450

1,135 1,223 2,712

100

75

50

50 25

0

0 2001

2002

2003

2004

Foreign direct investment

2005

2006

2007

2008

2001

2009

Portfolio equity flows

2002

2003

2004

Debt to exports

43

2005

2006

2007

2008

Reserves to debt

2009

MIDDLE EAST AND NORTH AFRICA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

136,835 115,594 114,176 1,418 1,815 19,427 2,994

161,737 141,185 140,298 887 2,177 18,375 2,673

139,240 116,552 112,582 3,970 2,542 20,145 2,629

145,466 122,671 115,909 6,762 547 22,247 298

136,977 115,075 108,458 6,616 423 21,479 308

148,337 123,047 116,424 6,623 353 24,937 256

137,937 116,911 110,254 6,657 258 20,768 259

141,321 118,719 112,569 6,150 200 22,402 328

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

8,303 114,010 1,583 15,023

8,720 139,870 1,315 12,036

9,977 112,216 4,336 10,205

510 115,261 7,410 13,471

482 107,708 7,367 12,011

442 115,381 7,665 10,740

419 109,301 7,610 8,575

418 111,685 7,034 10,874

External debt flows Disbursements Long-term external debt IMF purchases

13,189 13,124 65

11,547 10,958 590

9,247 9,223 24

14,791 14,791 0

11,917 11,917 0

14,799 14,721 78

11,891 11,845 46

13,543 13,541 2

Principal repayments Long-term external debt IMF repurchases

12,070 11,674 397

11,418 11,029 390

10,936 10,698 238

14,875 14,130 745

24,885 24,734 150

14,379 14,213 166

16,307 16,172 135

12,925 12,862 64

Net flows Long-term external debt Short-term external debt

2,755 1,450 1,636

3,702 -71 3,573

-3,016 -1,475 -1,327

177 661 261

-13,745 -12,818 -777

3,929 508 3,509

-8,587 -4,327 -4,171

2,182 679 1,564

Interest payments Long-term external debt IMF charges Short-term external debt

5,767 4,395 180 1,192

7,393 6,311 112 970

5,867 4,888 130 849

6,010 4,795 32 1,184

5,971 4,785 14 1,172

5,843 4,743 12 1,088

5,406 4,782 7 617

4,897 4,297 3 597

561 5

871 32

3,878 252

16,763 2,410

27,228 963

27,601 -2,096

29,295 422

24,350 1,228

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 7.3 1.6 1.2 44.2

.. 9.8 1.1 1.0 42.2

.. 11.1 0.8 1.1 49.5

30.7 9.3 1.5 1.4 43.3

33.0 8.7 1.5 1.4 41.3

35.4 8.3 1.4 1.2 38.9

33.7 10.4 0.5 1.1 38.5

34.3 9.7 0.5 1.2 37.8

5.5 21.6 6.3

5.3 18.2 5.1

4.5 19.7 5.6

3.7 19.1 5.2

3.6 22.1 6.9

3.4 19.9 5.9

3.4 20.4 5.3

2.2 21.6 5.7

8.9 7.5 2.3

7.0 9.5 3.7

7.1 8.0 4.5

5.6 8.0 6.1

6.8 10.9 7.8

5.9 8.4 6.2

8.6 5.8 5.6

7.7 7.2 6.5

221,824 74,128 11,393 84,443 614 15,859

273,070 89,138 12,693 91,459 941 38,387

362,858 117,615 12,042 105,104 1,721 49,482

539,603 242,724 23,647 175,820 5,200 148,207

623,450 284,886 25,125 196,692 5,377 186,054

761,228 342,976 31,041 249,937 5,974 234,053

926,486 407,058 34,699 326,047 7,258 277,486

919,356 377,359 32,291 276,161 5,261 301,670

184.6 61.7 24.1 14.2 11.3 11.6 2.3

181.4 59.2 21.1 11.4 14.1 23.7 5.0

118.4 38.4 14.3 14.5 16.6 35.5 5.6

59.9 27.0 8.6 15.3 17.8 101.9 10.1

48.1 22.0 10.8 15.7 18.8 135.8 11.4

43.2 19.5 5.9 16.8 20.7 157.8 11.2

33.9 14.9 5.3 15.1 22.5 201.2 10.2

37.4 15.4 4.7 15.9 24.5 213.5 13.1

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

44

MIDDLE EAST AND NORTH AFRICA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

115,594 114,176 70,682 15,414 8,249 1,774 55,268 43,494 1,683 13,623 1,418 0

141,185 140,298 105,109 22,871 10,646 2,105 82,237 35,189 2,036 10,340 887 50

116,552 112,582 88,170 23,105 7,664 2,685 65,065 24,412 7,375 8,412 3,970 836

122,671 115,909 77,511 25,916 6,757 3,344 51,594 38,399 22,142 8,718 6,762 1,011

115,075 108,458 70,323 25,807 6,144 3,616 44,516 38,135 23,179 8,082 6,616 805

123,047 116,424 76,694 30,673 7,447 3,795 46,021 39,730 24,579 8,966 6,623 530

116,911 110,254 74,398 30,983 7,123 3,802 43,415 35,855 23,907 7,640 6,657 470

118,719 112,569 77,769 34,673 8,016 3,831 43,096 34,800 23,946 7,378 6,150 670

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

13,124 13,035 5,681 2,353 1,154 37 3,328 7,354 0 732 89 0

10,958 10,775 5,986 3,503 1,455 128 2,483 4,790 888 874 183 50

9,223 7,943 3,413 1,947 532 118 1,465 4,530 2,031 1,092 1,281 115

14,791 12,871 5,415 3,832 895 202 1,583 7,455 4,144 2,265 1,920 530

11,917 10,720 5,082 3,457 739 225 1,625 5,637 3,799 1,447 1,197 0

14,721 12,966 7,051 5,575 1,723 145 1,477 5,915 3,635 2,077 1,755 0

11,845 9,737 6,276 3,709 684 126 2,567 3,461 2,257 1,029 2,108 0

13,541 11,946 7,993 5,680 1,625 110 2,313 3,953 2,894 998 1,595 200

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

11,674 11,497 4,203 1,268 745 14 2,935 7,293 76 1,586 177 0

11,029 10,902 7,349 2,021 1,109 28 5,328 3,553 278 629 127 0

10,698 10,461 5,914 2,014 869 45 3,900 4,547 896 1,425 237 50

14,130 13,321 7,685 3,404 1,030 76 4,281 5,635 1,883 1,764 809 265

24,734 23,079 16,160 4,765 1,673 82 11,396 6,918 2,810 2,471 1,656 206

14,213 11,802 5,881 2,640 771 90 3,241 5,922 2,620 1,923 2,411 275

16,172 14,189 7,944 2,615 986 98 5,329 6,245 3,021 1,723 1,983 60

12,862 10,632 5,655 2,346 731 103 3,310 4,977 2,621 1,347 2,230 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

4,395 4,290 2,058 852 593 12 1,207 2,232 124 720 104 0

6,311 6,278 4,258 1,361 748 15 2,897 2,020 88 617 33 0

4,888 4,734 3,127 1,305 602 20 1,822 1,607 458 569 154 69

4,795 4,505 2,491 1,014 308 28 1,477 2,014 1,366 320 290 90

4,785 4,481 2,266 1,031 296 27 1,235 2,215 1,499 399 304 74

4,743 4,470 2,139 1,088 329 28 1,051 2,330 1,591 430 274 57

4,782 4,522 2,233 1,199 352 30 1,034 2,289 1,623 401 260 40

4,297 4,036 2,025 1,075 260 28 950 2,011 1,603 267 262 43

Total change in external debt stocks -3,464 40 flows on external debt Non-debt flows (bill US$) Net 2,755 Cross-currency valuation 5,288

7,034 3,702 2,160

-9,756 250 -3,016 -4,067

-21,299 177 -7,835

-8,489 11,360 Debt ratios (%) -13,745 3,929 4,352 6,120

-10,400 -8,587 -1,166

.. 0 ..

58 65 2,038

.. .. ..

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation

9. Debt restructurings Total 30 amount rescheduled Total amount forgiven Debt buyback

4,565 10,614 0

200

8,947 357 0

908 179 85 150

1,936 10,453 0

208 123 0

238 40 0

20

100 10

50

0

0 2001

2002

2003

2004

Foreign direct investment

2005

2006

2007

2008

2009

Portfolio equity flows

2001

2002

2003

2004

Debt to exports

45

2005

2006

2007

2008

Reserves to debt

2009

SOUTH ASIA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

126,331 109,312 107,585 1,727 4,686 12,333 19

152,282 137,937 129,636 8,301 5,293 9,051 59

161,045 153,068 134,554 18,514 1,918 6,059 120

188,169 174,110 116,079 58,031 2,208 11,851 30

232,047 201,149 126,388 74,761 2,232 28,665 18

286,330 242,464 143,651 98,813 2,277 41,589 36

318,864 264,016 154,174 109,843 5,374 49,473 32

339,983 282,407 159,965 122,442 9,081 48,495 46

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

35 106,814 2,498 13,853

81 128,962 8,975 8,435

276 133,781 19,287 12,817

68 115,907 58,203 9,332

90 126,237 74,912 10,948

150 143,517 98,947 20,520

86 153,980 110,037 12,319

142 159,762 122,645 9,551

External debt flows Disbursements Long-term external debt IMF purchases

12,000 10,156 1,844

12,071 11,869 202

14,192 13,998 195

24,681 24,425 256

38,514 38,343 171

71,418 71,330 88

47,917 44,474 3,443

35,007 31,030 3,978

Principal repayments Long-term external debt IMF repurchases

5,219 4,077 1,142

11,610 9,605 2,006

9,798 9,315 483

22,032 21,756 275

15,134 14,873 261

35,068 34,911 157

27,301 27,033 268

15,188 14,832 356

Net flows Long-term external debt Short-term external debt

8,331 6,079 1,550

2,497 2,264 2,037

3,456 4,683 -938

4,933 2,669 2,284

40,206 23,470 16,826

49,256 36,419 12,906

28,504 17,441 7,888

18,827 16,198 -992

Interest payments Long-term external debt IMF charges Short-term external debt

6,026 4,577 247 1,202

6,524 5,666 234 624

5,659 5,277 58 323

5,674 5,202 26 446

6,355 5,736 26 592

8,982 6,910 23 2,048

9,021 7,288 23 1,710

7,100 6,360 76 664

540 0

2,931 1,585

4,358 2,518

11,185 12,406

26,037 10,388

32,310 36,093

48,715 -15,836

38,311 20,538

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 12.6 5.0 0.6 53.6

.. 17.0 3.6 0.7 46.0

.. 15.3 2.8 0.3 56.6

7.4 19.1 2.2 0.3 54.4

7.4 18.4 1.9 0.2 55.6

7.1 17.2 1.5 0.2 56.7

6.2 20.1 1.3 0.2 54.9

6.1 18.9 1.2 0.1 56.0

3.7 28.9 8.1

3.7 25.8 7.7

5.1 23.4 6.4

2.0 28.1 8.0

3.1 26.5 6.3

3.5 25.8 6.9

1.7 27.4 7.6

2.0 24.1 6.9

6.9 14.8 7.1

5.8 6.0 3.9

4.4 5.3 4.6

5.2 5.4 4.4

6.4 9.3 8.1

6.6 9.3 4.7

3.2 8.7 3.8

6.6 6.3 4.7

400,537 35,587 5,571 53,492 93 8,896

473,560 61,117 10,005 86,693 392 30,704

603,639 88,739 17,206 116,954 721 47,221

1,047,164 201,500 33,924 258,918 7,979 156,713

1,185,549 248,231 42,523 316,030 11,542 198,414

1,501,975 299,599 54,041 383,023 14,851 302,179

1,530,319 364,779 71,598 496,278 14,740 275,856

1,644,307 325,657 74,850 408,636 3,905 314,494

355.0 31.5 31.6 9.8 30.4 7.0 2.0

249.2 32.2 29.7 5.9 37.3 20.2 4.3

181.5 26.7 17.4 3.8 37.9 29.3 4.8

93.4 18.0 13.7 6.3 37.0 83.3 7.3

93.5 19.6 8.7 12.4 32.7 85.5 7.5

95.6 19.1 14.7 14.5 29.1 105.5 9.5

87.4 20.8 10.0 15.5 27.9 86.5 6.7

104.4 20.7 6.8 14.3 27.7 92.5 9.2

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

46

SOUTH ASIA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

109,312 107,585 82,873 38,389 9,646 21,381 44,483 24,712 2,785 16,927 1,727 0

137,937 129,636 104,110 56,867 13,035 29,001 47,242 25,526 3,474 14,176 8,301 1,065

153,068 134,554 101,787 61,051 10,209 31,963 40,736 32,767 10,928 19,662 18,514 1,560

174,110 116,079 109,216 69,558 7,514 42,193 39,658 6,862 2,525 3,769 58,031 6,461

201,149 126,388 116,210 75,902 8,151 45,803 40,308 10,178 4,178 5,483 74,761 11,204

242,464 143,651 126,562 83,233 8,766 48,915 43,330 17,089 7,879 8,704 98,813 16,277

264,016 154,174 136,936 88,846 9,376 49,529 48,089 17,238 7,670 9,104 109,843 15,682

282,407 159,965 143,409 94,140 9,817 51,440 49,269 16,556 8,692 7,460 122,442 16,181

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

10,156 9,903 6,855 4,386 1,576 1,545 2,469 3,049 416 2,071 252 0

11,869 9,935 6,392 3,972 860 1,374 2,420 3,542 85 1,901 1,934 520

13,998 13,411 6,119 4,347 866 1,655 1,772 7,293 5,520 942 586 0

24,425 10,963 7,368 5,728 1,081 2,709 1,640 3,595 2,314 1,245 13,462 3,520

38,343 13,896 8,252 6,235 1,134 2,452 2,016 5,645 3,252 2,368 24,447 4,799

71,330 22,140 9,244 6,966 1,178 2,572 2,278 12,896 8,639 4,246 49,190 7,793

44,474 23,519 11,008 7,852 1,176 2,151 3,156 12,511 11,507 972 20,955 594

31,030 13,711 11,305 8,054 1,215 2,932 3,251 2,406 2,115 283 17,319 2,473

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

4,077 3,718 2,359 1,009 553 151 1,350 1,359 279 369 359 0

9,605 9,107 5,763 2,227 1,173 318 3,537 3,343 320 2,002 498 0

9,315 8,607 5,350 2,827 1,231 548 2,523 3,257 50 2,868 707 35

21,756 14,497 4,461 2,166 523 949 2,295 10,035 8,565 1,282 7,260 117

14,873 6,988 4,643 2,485 543 1,069 2,158 2,345 1,597 670 7,886 57

34,911 11,357 4,803 2,516 631 1,112 2,287 6,554 5,313 1,199 23,554 409

27,033 16,278 5,565 3,079 687 1,223 2,486 10,714 9,533 1,137 10,755 880

14,832 8,417 5,403 3,158 707 1,318 2,245 3,014 1,088 1,884 6,415 1,779

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

4,577 4,429 2,166 1,064 752 149 1,102 2,263 180 1,803 148 0

5,666 5,004 2,934 1,640 995 215 1,294 2,070 196 1,317 663 58

5,277 4,396 2,268 1,366 613 236 902 2,127 210 1,811 881 227

5,202 3,930 1,894 899 252 342 995 2,036 1,849 171 1,272 151

5,736 2,401 2,039 1,132 387 343 907 362 154 198 3,336 276

6,910 2,714 2,228 1,322 470 355 906 486 211 265 4,196 404

7,288 2,912 2,286 1,328 401 388 958 627 290 327 4,376 345

6,360 2,595 2,109 1,073 254 370 1,036 486 259 220 3,765 346

Total change in external debt stocks 14,605 100 flows on external debt Non-debt flows (bill US$) Net 8,331 Cross-currency valuation 2,928

-787 2,497 -4,425

-1,676 200 3,456 -7,787

-5,568 4,933 -10,517

43,878 54,284 Debt ratios (%) 40,206 49,256 3,335 4,667

32,533 28,504 4,373

.. 0 ..

0 7 0

918 150

265 2 0

52 583 0

.. .. ..

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation

9. Debt restructurings Total75amount rescheduled Total amount forgiven Debt buyback

0 0 0

9 0

50

100

25

50

0

0 2001

2002

2003

2004

Foreign direct investment

2005

2006

2007

2008

2009

Portfolio equity flows

2001

2002

95 83 0

2003

2004

Debt to exports

47

842 166 0

2005

2006

2007

2008

Reserves to debt

2009

SUB-SAHARAN AFRICA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

176,411 149,115 143,851 5,264 6,606 20,689 9,522

235,842 186,684 174,924 11,760 8,654 40,504 20,734

211,158 172,882 161,534 11,348 6,734 31,542 13,570

214,467 177,556 168,909 8,648 5,947 30,963 14,250

170,444 126,028 116,747 9,281 3,140 41,275 15,155

188,889 140,814 124,380 16,434 3,341 44,734 14,565

195,527 143,103 128,772 14,330 3,963 48,461 13,650

198,976 156,260 138,861 17,399 6,261 36,456 11,654

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

17,760 143,664 5,451 11,448

41,062 174,798 11,886 9,157

25,534 160,627 12,255 8,356

24,027 168,811 8,746 23,638

24,659 116,711 9,318 12,247

22,951 124,353 16,461 18,155

21,439 128,754 14,349 17,401

19,911 138,842 17,418 26,644

External debt flows Disbursements Long-term external debt IMF purchases

10,312 9,652 660

14,004 11,010 2,994

10,104 9,580 525

16,050 15,727 323

13,144 12,847 298

24,064 23,710 354

14,390 12,977 1,413

24,688 22,065 2,623

Principal repayments Long-term external debt IMF repurchases

5,568 4,620 947

9,419 7,048 2,371

9,016 8,556 460

12,131 11,384 747

17,102 16,745 357

13,548 13,251 296

8,986 8,299 687

9,605 9,220 385

Net flows Long-term external debt Short-term external debt

7,001 5,031 2,257

7,502 3,963 2,917

-1,797 1,023 -2,886

6,947 4,343 3,028

5,450 -3,898 9,407

14,565 10,459 4,049

10,046 4,678 4,642

5,073 12,845 -10,010

Interest payments Long-term external debt IMF charges Short-term external debt

5,286 4,348 238 701

5,337 3,975 559 803

4,443 3,319 43 1,081

7,961 7,322 27 612

4,302 3,420 39 842

5,240 4,063 14 1,163

5,010 3,596 494 921

3,981 3,261 28 692

1,187 393

4,258 2,952

6,543 4,164

17,954 8,121

20,155 16,805

28,514 10,147

34,498 -5,647

30,266 9,966

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 4.1 5.5 2.3 36.5

.. 5.5 3.8 2.1 40.7

.. 4.1 2.1 1.5 61.4

19.8 3.6 4.2 1.9 55.0

22.8 3.2 1.8 2.5 51.8

21.8 2.7 1.6 2.5 51.9

19.4 3.8 1.1 2.6 53.6

18.8 3.2 1.2 2.5 53.7

3.5 28.4 7.7

1.8 31.7 8.7

1.1 36.3 9.1

4.4 21.4 4.5

1.5 29.7 7.3

1.4 31.5 7.9

1.8 30.5 8.1

2.6 24.8 6.4

8.1 11.6 2.7

5.7 12.4 1.9

5.8 7.7 2.1

5.6 7.2 1.9

6.8 11.3 4.9

6.7 8.3 5.3

4.0 8.1 1.3

5.8 8.3 4.1

281,623 78,552 1,785 86,132 2,768 15,362

310,096 90,831 3,178 111,987 3,952 20,652

319,713 114,029 4,627 118,497 7,860 36,505

601,468 241,016 9,400 242,962 17,244 82,407

705,045 279,380 12,651 290,892 27,734 114,876

799,087 329,764 18,568 365,193 38,606 141,827

914,091 398,746 21,345 436,288 43,082 152,687

867,375 299,420 20,810 346,963 24,479 150,820

224.6 62.6 13.8 11.7 21.6 8.7 2.1

259.6 76.1 16.2 17.2 23.1 8.8 2.2

185.2 66.0 11.8 14.9 25.8 17.3 3.7

89.0 35.7 8.3 14.4 33.8 38.4 4.1

61.0 24.2 7.7 24.2 25.3 67.4 4.7

57.3 23.6 5.7 23.7 25.3 75.1 4.7

49.0 21.4 3.5 24.8 25.6 78.1 4.2

66.5 22.9 5.9 18.3 27.3 75.8 5.2

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

48

SUB-SAHARAN AFRICA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

149,115 143,851 108,212 38,172 9,178 15,718 70,041 35,639 301 13,863 5,264 0

186,684 174,924 138,361 54,427 7,641 27,842 83,934 36,563 4,784 12,571 11,760 350

172,882 161,534 135,502 54,566 3,477 33,574 80,937 26,032 9,150 8,443 11,348 1,360

177,556 168,909 135,070 72,470 2,015 48,444 62,600 33,838 10,734 17,616 8,648 1,307

126,028 116,747 87,566 43,081 1,799 24,187 44,485 29,181 9,285 15,308 9,281 1,484

140,814 124,380 92,830 47,877 1,524 27,325 44,953 31,550 12,078 15,614 16,434 6,890

143,103 128,772 95,610 50,057 994 29,318 45,553 33,162 11,775 17,686 14,330 6,192

156,260 138,861 103,096 54,335 900 31,612 48,761 35,764 13,368 17,797 17,399 6,224

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

9,652 9,022 7,116 4,542 813 2,025 2,574 1,906 0 378 630 0

11,010 10,263 5,873 4,202 274 2,390 1,671 4,390 541 1,623 747 350

9,580 7,461 4,143 3,359 75 2,193 784 3,318 765 1,752 2,119 712

15,727 12,467 6,101 4,805 14 2,943 1,297 6,366 0 6,085 3,260 1,307

12,847 9,658 6,307 4,550 1 2,749 1,758 3,350 2,076 833 3,189 0

23,710 16,257 7,580 4,976 31 2,987 2,604 8,677 3,525 4,890 7,453 5,762

12,977 11,997 7,588 4,907 45 2,898 2,681 4,409 0 4,069 980 0

22,065 18,301 10,617 6,936 113 3,444 3,681 7,684 2,200 4,204 3,764 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

4,620 4,155 2,541 1,343 721 51 1,197 1,614 31 997 466 0

7,048 5,808 2,975 2,016 1,056 120 959 2,834 40 1,261 1,240 0

8,556 7,159 3,440 1,630 552 225 1,811 3,719 480 2,444 1,398 0

11,384 10,677 6,587 1,554 286 248 5,033 4,091 1 3,525 706 0

16,745 14,234 8,196 1,553 284 238 6,643 6,038 1,742 3,172 2,511 0

13,251 11,240 5,149 1,734 406 195 3,414 6,091 1,222 3,856 2,012 1,390

8,299 6,392 3,746 2,000 620 463 1,746 2,645 52 2,170 1,907 698

9,220 7,815 3,392 1,759 202 266 1,633 4,423 294 3,657 1,405 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

4,348 4,017 2,696 1,104 651 97 1,591 1,321 13 615 331 0

3,975 3,471 2,006 1,234 630 178 772 1,465 322 457 504 0

3,319 2,915 1,826 843 213 199 982 1,089 561 303 405 41

7,322 6,971 5,855 757 53 313 5,098 1,116 517 425 352 61

3,420 2,983 1,407 695 47 240 712 1,576 552 780 438 89

4,063 3,515 2,079 1,053 339 179 1,026 1,436 539 752 548 139

3,596 3,023 1,667 931 109 277 737 1,356 677 547 574 258

3,261 2,661 1,529 867 22 196 662 1,132 649 393 599 258

Total change in external debt stocks 19,745 50 flows on external debt Non-debt flows (bill US$) Net 7,001 Cross-currency valuation 7,661

14,545 7,502 921

-3,305 200 -1,797 -6,871

-22,336 6,947 -13,747

-44,023 18,445 Debt 5,450 ratios (%) 14,565 -26,895 3,455

6,638 10,046 -1,451

.. 0 ..

3,489 1,302 29

22,630 150 625 137

1,220 9,090 0

1,102 1,272 428

.. .. ..

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation

9. 40 Debt restructurings

Total amount rescheduled Total amount forgiven Debt buyback 30

5,987 1,583 0

789 15,425 0

895 1,787 3,322

100 20

50 10

0

0 2001

2002

2003

2004

Foreign direct investment

2005

2006

2007

2008

2009

Portfolio equity flows

2001

2002

2003

2004

Debt to exports

49

2005

2006

2007

2008

Reserves to debt

2009

LOW-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

103,958 90,375 88,993 1,383 5,337 8,245 3,592

130,267 112,369 109,551 2,818 6,760 11,139 7,765

125,357 107,322 104,423 2,899 5,608 12,427 7,859

135,485 118,661 116,422 2,239 5,431 11,393 7,245

110,475 93,450 90,584 2,866 3,079 13,946 7,737

122,413 104,036 99,923 4,113 3,444 14,933 7,746

129,531 109,987 104,501 5,485 4,342 15,202 6,807

135,593 116,809 110,863 5,946 5,951 12,833 5,869

8,561 88,399 1,976 8,205

19,081 109,056 3,313 5,089

16,091 104,095 3,227 5,179

14,317 116,259 2,402 6,974

14,945 90,475 2,975 8,549

15,944 99,799 4,237 10,458

15,004 104,376 5,610 12,106

15,933 110,730 6,079 11,050

External debt flows Disbursements Long-term external debt IMF purchases

7,123 6,597 525

8,777 5,986 2,792

4,879 4,420 459

7,032 6,574 457

7,374 6,909 465

9,279 8,851 428

10,339 8,715 1,624

13,518 11,666 1,853

Principal repayments Long-term external debt IMF repurchases

3,128 2,196 932

5,364 3,119 2,245

2,833 2,388 445

3,031 2,449 583

2,581 2,314 267

3,031 2,819 213

3,397 2,784 613

3,685 3,386 299

Net flows Long-term external debt Short-term external debt

4,715 4,401 720

3,722 2,867 309

1,516 2,032 -530

3,644 4,126 -357

6,854 4,595 2,061

7,225 6,032 978

8,151 5,932 1,208

8,403 8,280 -1,431

Interest payments Long-term external debt IMF charges Short-term external debt

1,813 1,321 207 285

2,124 1,470 490 164

1,382 1,034 45 303

1,264 1,054 23 186

1,308 1,005 38 265

1,800 1,501 14 286

2,106 1,413 497 196

1,478 1,298 33 147

944 5

1,540 -10

2,759 5

5,428 59

7,157 70

12,812 144

14,526 -27

12,033 -36

1. Summary external debt data External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 9.0 4.0 0.9 37.8

.. 11.4 2.9 0.9 41.3

.. 10.8 2.3 0.7 51.7

8.3 8.1 1.8 0.6 55.8

11.1 9.8 1.5 0.7 49.7

11.3 9.0 1.3 0.6 49.2

10.1 9.9 1.0 0.5 49.6

9.8 9.0 1.0 0.4 49.7

2.0 33.9 9.0

1.7 34.6 9.4

1.2 36.3 9.3

1.3 34.9 8.7

1.5 34.0 8.6

1.5 34.2 8.7

1.5 33.6 8.8

1.3 31.6 7.9

7.9 11.6 2.2

4.3 6.1 1.2

5.9 10.5 2.8

3.7 16.5 4.2

6.0 16.3 3.2

7.7 10.2 8.6

2.9 12.9 2.8

3.1 11.9 2.5

148,506 18,694 1,470 32,280 581 5,892

148,519 29,201 2,189 47,662 287 10,975

170,831 36,397 4,144 51,937 679 11,706

252,593 66,174 10,071 91,682 3,941 22,281

282,954 81,340 12,992 108,767 4,979 26,240

332,638 93,314 16,574 134,406 4,677 30,928

397,688 111,542 21,962 157,798 4,572 32,032

417,914 100,756 22,535 132,588 3,628 40,649

556.1 70.0 26.4 7.9 32.7 5.7 2.2

446.1 87.7 25.6 8.6 39.4 8.4 2.8

344.4 73.4 11.6 9.9 46.2 9.3 2.7

204.7 53.6 6.5 8.4 59.3 16.4 2.9

135.8 39.0 4.8 12.6 49.8 23.8 2.9

131.2 36.8 5.2 12.2 49.9 25.3 2.8

116.1 32.6 4.9 11.7 50.2 24.7 2.4

134.6 32.4 5.1 9.5 50.6 30.0 3.7

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

50

LOW-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

90,375 88,993 81,360 33,959 2,679 19,348 47,401 7,633 301 2,264 1,383 0

112,369 109,551 104,329 51,317 1,692 31,736 53,012 5,222 129 1,630 2,818 0

107,322 104,423 100,747 57,944 752 37,441 42,802 3,676 7 1,717 2,899 250

118,661 116,422 112,499 80,361 618 53,690 32,139 3,923 1 1,710 2,239 0

93,450 90,584 86,897 54,970 622 32,148 31,927 3,687 1 1,746 2,866 0

104,036 99,923 95,357 61,092 480 35,663 34,265 4,566 750 1,823 4,113 0

109,987 104,501 100,112 64,960 464 37,820 35,152 4,389 750 1,769 5,485 0

116,809 110,863 105,359 68,594 463 39,115 36,764 5,504 750 1,872 5,946 0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

6,597 6,342 5,681 3,948 66 2,401 1,733 661 0 193 255 0

5,986 5,717 5,122 3,876 32 2,350 1,247 595 0 221 269 0

4,420 4,355 4,150 3,564 19 2,417 586 205 0 122 65 0

6,574 6,089 5,827 5,190 1 3,170 636 262 0 122 486 0

6,909 6,101 5,970 4,863 0 2,742 1,106 131 0 100 808 0

8,851 7,482 6,603 5,338 0 3,206 1,266 879 750 57 1,369 0

8,715 7,886 7,710 5,843 0 3,273 1,867 176 0 60 829 0

11,666 10,302 8,887 6,620 0 3,085 2,267 1,415 0 283 1,363 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

2,196 2,083 1,383 680 229 59 703 700 30 274 113 0

3,119 2,905 2,118 1,057 286 172 1,061 787 30 288 214 0

2,388 2,141 1,828 949 122 303 879 313 0 156 247 0

2,449 2,224 2,025 1,209 8 401 816 199 1 101 225 0

2,314 2,124 1,930 1,263 5 426 666 195 0 98 190 0

2,819 2,534 2,399 1,558 167 405 841 135 0 50 285 0

2,784 2,333 2,196 1,447 26 606 750 136 0 61 451 0

3,386 2,431 2,208 1,362 0 505 846 223 0 75 955 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

1,321 1,256 967 528 165 123 439 289 13 126 65 0

1,470 1,394 1,223 672 132 226 551 171 6 87 76 0

1,034 918 836 518 40 234 318 82 0 39 116 14

1,054 974 931 699 3 372 231 43 0 21 80 0

1,005 942 891 646 2 307 244 52 0 24 63 0

1,501 1,428 1,376 1,007 294 245 369 52 0 27 73 0

1,413 1,306 1,194 803 1 294 391 112 64 24 107 0

1,298 1,153 1,063 683 0 259 380 90 32 34 145 0

Total change in external debt stocks 10,997 20 flows on external debt Non-debt flows (bill US$) Net 4,715 Cross-currency valuation 4,613

4,634 3,722 -1,729

-4,312 400 1,516 -5,797

-8,679 3,644 -9,090

-25,010 11,937 Debt 6,854 ratios (%) 7,225 -26,840 2,738

7,118 8,151 -1,224

.. 0 ..

796 1,664 0

.. .. ..

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation

350

9. Debt restructurings Total 15 amount rescheduled Total amount forgiven Debt buyback

2,089 1,494 0

1,065 952 29

827 300 580 250 137

1,123 1,368 0

474 1,043 0

1,192 534 0

200

10

150 100

5

50 0

0 2001

2002

2003

2004

Foreign direct investment

2005

2006

2007

2008

2009

Portfolio equity flows

2001

2002

2003

2004

Debt to exports

51

2005

2006

2007

2008

Reserves to debt

2009

MIDDLE-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

1,149,058 941,793 883,559 58,234 28,289 178,976 41,096

1,729,983 1,357,298 1,151,625 205,673 52,961 319,724 36,774

1,996,738 1,669,543 1,182,691 486,852 52,623 274,573 23,978

2,353,247 1,846,168 1,166,759 679,409 43,748 463,331 21,419

2,532,775 1,973,636 1,120,275 853,361 16,780 542,359 18,598

3,057,592 2,317,874 1,208,341 1,109,532 12,097 727,621 20,186

3,295,853 2,562,063 1,243,521 1,318,541 20,573 713,217 21,000

3,409,521 2,642,391 1,296,127 1,346,264 46,227 720,903 20,857

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

45,420 878,367 63,426 104,726

85,575 1,147,052 210,246 135,443

44,743 1,177,149 492,394 140,667

32,114 1,162,431 683,736 150,376

30,126 1,116,112 857,525 131,472

32,041 1,203,705 1,114,169 179,528

34,617 1,238,032 1,324,031 164,346

35,624 1,285,038 1,357,353 205,668

External debt flows Disbursements Long-term external debt IMF purchases

114,196 107,273 6,924

200,691 175,700 24,992

230,939 221,283 9,656

377,253 373,750 3,504

451,264 447,615 3,649

636,731 635,146 1,585

612,765 600,629 12,137

523,955 497,462 26,493

Principal repayments Long-term external debt IMF repurchases

76,014 69,121 6,893

115,201 108,808 6,393

229,878 209,730 20,148

331,971 288,431 43,539

380,667 350,114 30,553

359,995 353,053 6,942

395,795 392,609 3,187

404,549 403,004 1,545

Net flows Long-term external debt Short-term external debt

51,643 38,152 13,461

139,263 66,892 53,773

-6,692 11,553 -7,752

120,133 85,319 74,850

152,447 97,501 81,850

460,004 282,092 183,268

201,753 208,020 -15,218

127,235 94,458 7,829

Interest payments Long-term external debt IMF charges Short-term external debt

58,971 47,596 2,208 9,166

82,887 66,007 2,133 14,748

111,040 92,710 2,818 15,512

102,325 83,789 3,254 15,282

116,001 94,084 1,584 20,333

133,910 107,671 697 25,542

138,462 118,845 482 19,135

122,846 108,907 521 13,418

20,665 3,385

93,117 13,789

145,614 13,950

268,162 67,439

336,180 107,603

495,319 134,937

572,583 -53,166

342,055 108,193

1. Summary external debt data External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) .. 11.1 2.3 1.8 45.2

.. 13.2 1.4 1.1 48.6

.. 12.1 0.9 0.4 63.8

14.8 10.3 1.0 0.6 66.6

15.4 10.2 0.7 0.6 66.5

15.9 9.4 0.6 0.6 67.4

14.6 11.2 0.4 0.6 67.6

15.4 10.7 0.5 0.5 67.4

5.8 21.3 6.3

6.1 18.3 5.1

5.2 18.5 4.6

3.9 20.6 5.3

4.3 21.3 5.9

4.0 21.5 6.1

3.2 22.1 6.3

2.2 20.4 6.0

8.5 11.7 5.0

6.5 7.5 3.5

8.1 11.3 8.4

6.3 11.2 8.7

6.2 12.0 9.7

6.3 10.8 7.9

6.0 11.7 8.1

6.3 10.0 8.7

3,386,550 633,948 29,291 686,368 15,537 172,630

4,642,072 1,112,250 52,404 1,253,317 36,422 427,824

5,441,751 1,616,680 76,052 1,651,272 67,062 630,128

9,169,241 3,263,528 180,573 3,116,709 159,206 1,954,365

10,897,697 3,976,815 212,333 3,729,572 227,201 2,584,597

13,510,580 4,817,919 260,591 4,572,744 294,734 3,663,535

16,175,725 5,751,219 301,581 5,575,660 336,367 4,115,129

15,595,681 4,656,643 282,665 4,453,692 240,176 4,780,334

181.3 33.9 21.3 15.6 14.4 15.0 3.0

155.5 37.3 17.8 18.5 13.1 24.7 4.1

123.5 36.7 21.1 13.8 13.4 31.6 4.6

72.1 25.7 13.3 19.7 12.5 83.0 7.5

63.7 23.2 12.6 21.4 11.6 102.0 8.3

63.5 22.6 10.3 23.8 10.2 119.8 9.6

57.3 20.4 9.3 21.6 10.0 124.9 8.9

73.2 21.9 11.4 21.1 10.8 140.2 12.9

Euro Japanese yen Pound sterling Swiss franc U.S.dollars

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

52

MIDDLE-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

941,793 883,559 438,465 165,992 87,958 25,929 272,473 445,094 99,048 222,013 58,234 347

1,357,298 1,151,625 660,387 227,296 104,693 39,759 433,091 491,238 220,333 145,235 205,673 51,018

1,669,543 1,182,691 650,322 268,136 107,328 49,355 382,186 532,369 341,850 124,148 486,852 89,242

1,846,168 1,166,759 601,794 293,057 95,641 67,387 308,738 564,964 400,331 124,047 679,409 154,026

1,973,636 1,120,275 549,150 292,640 91,664 66,857 256,510 571,126 409,074 126,442 853,361 190,151

2,317,874 1,208,341 570,939 311,425 93,086 72,011 259,514 637,402 451,416 155,452 1,109,532 250,422

2,562,063 1,243,521 607,550 328,484 96,171 73,449 279,065 635,972 461,540 148,365 1,318,541 240,701

2,642,391 1,296,127 658,702 369,450 107,521 77,788 289,252 637,424 475,018 134,468 1,346,264 256,025

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

107,273 90,270 42,799 22,548 13,019 1,929 20,251 47,472 4,226 14,399 17,002 291

175,700 122,474 59,743 27,218 12,505 3,124 32,526 62,730 21,993 21,968 53,226 14,063

221,283 130,505 48,157 30,622 12,888 2,803 17,535 82,348 55,784 17,988 90,778 10,810

373,750 136,439 40,185 29,091 9,177 4,037 11,094 96,255 61,066 31,610 237,310 46,898

447,615 133,917 48,135 34,869 11,933 4,029 13,267 85,781 56,972 24,060 313,699 53,017

635,146 174,501 51,865 37,718 10,498 4,152 14,147 122,636 71,466 47,884 460,645 83,950

600,629 163,897 60,296 41,518 13,608 3,590 18,779 103,600 72,936 28,386 436,732 25,655

497,462 179,889 87,544 63,151 22,125 5,616 24,393 92,345 68,909 18,764 317,573 36,484

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

69,121 62,013 21,196 10,976 7,574 189 10,220 40,817 4,240 19,595 7,108 0

108,808 83,104 40,466 18,592 11,079 370 21,874 42,638 11,061 14,992 25,704 4,042

209,730 112,020 45,646 21,596 9,287 645 24,050 66,374 31,454 23,100 97,710 15,002

288,431 143,589 67,853 25,425 12,059 1,220 42,428 75,736 44,629 22,215 144,843 15,063

350,114 189,760 95,064 35,202 17,164 1,353 59,863 94,696 60,268 25,056 160,354 17,973

353,053 125,489 50,929 24,922 10,677 1,431 26,007 74,561 43,632 23,922 227,564 24,350

392,609 141,943 47,934 25,525 10,898 1,690 22,409 94,009 54,625 32,276 250,666 19,902

403,004 114,507 44,295 24,109 10,838 1,745 20,186 70,212 32,872 30,124 288,498 21,401

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

47,596 43,119 16,953 9,710 6,588 178 7,243 26,166 4,087 15,865 4,477 3

66,007 55,186 26,172 12,481 7,478 277 13,691 29,014 14,707 7,735 10,820 3,172

92,710 62,221 25,125 14,690 7,404 344 10,435 37,097 25,000 8,527 30,489 7,760

83,789 59,532 22,973 9,873 4,010 525 13,101 36,558 30,143 4,900 24,257 8,809

94,084 55,392 18,803 11,013 4,775 504 7,790 36,589 28,861 6,234 38,691 13,935

107,671 58,216 18,787 11,852 5,136 514 6,934 39,429 31,151 6,514 49,456 16,186

118,845 57,734 17,766 11,484 4,571 614 6,282 39,968 31,666 6,648 61,110 15,993

108,907 52,802 15,822 9,739 3,415 539 6,083 36,980 30,712 5,070 56,105 16,188

Total change in external debt stocks 82,000 750 flows on external debt Non-debt flows (bill US$) Net 51,643 Cross-currency valuation 38,877

165,259 139,263 4,889

-58,959 200 -6,692 -43,722

-10,518 120,133 -66,183

179,528 524,816 Debt ratios460,004 (%) 152,447 19,897 35,354

238,261 201,753 15,452

.. 0 ..

29,655 1,292 132

60,510 150 365 15,935

31,701 19,157 736

823 516 3,998

.. .. ..

7. Long-term external debt

8. Debt stock-flow reconciliation

9. Debt restructurings Total amount rescheduled Total amount forgiven 500 Debt buyback

73,415 10,876 4,359

4,313 15,079 5,450

1,958 2,715 6,035

100

250

50

0

0 2001

2002

2003

2004

Foreign direct investment

2005

2006

2007

2008

2009

Portfolio equity flows

2001

2002

2003

2004

Debt to exports

53

2005

2006

2007

2008

Reserves to debt

2009

.

Country Tables

55

AFGHANISTAN (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

.. .. .. .. .. .. ..

.. .. .. .. 0 .. ..

.. .. .. .. 0 .. ..

.. .. .. .. 0 .. ..

929 911 911 0 0 18 18

1,974 1,894 1,894 0 59 21 21

2,089 1,985 1,985 0 87 17 17

2,328 2,203 2,203 0 106 20 20

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

.. .. .. ..

.. .. .. ..

.. .. .. ..

.. .. .. ..

87 911 0 130

89 1,894 0 37

56 1,985 0 58

54 2,203 0 0

External debt flows Disbursements Long-term external debt IMF purchases

.. .. ..

.. .. 0

.. .. 0

.. .. 0

146 146 0

202 147 55

132 96 36

130 112 17

Principal repayments Long-term external debt IMF repurchases

.. .. ..

.. .. 0

.. .. 0

.. .. 0

3 3 0

1 1 0

1 1 0

3 3 0

Net flows Long-term external debt Short-term external debt

.. .. ..

.. .. ..

.. .. ..

.. .. ..

143 143 0

201 146 0

131 95 0

126 109 0

Interest payments Long-term external debt IMF charges Short-term external debt

.. .. .. ..

.. .. 0 ..

.. .. 0 ..

.. .. 0 ..

6 6 0 0

3 3 0 0

6 6 0 0

7 7 1 0

.. ..

.. ..

.. ..

.. ..

238 ..

243 ..

300 ..

185 ..

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. .. .. .. ..

.. .. .. .. ..

.. .. .. .. ..

.. .. .. .. ..

0.0 0.0 2.8 0.0 63.3

0.0 0.0 1.3 0.0 74.5

0.0 0.0 0.0 0.0 73.0

0.0 0.0 0.0 0.0 66.1

.. .. ..

.. .. ..

.. .. ..

.. .. ..

1.2 39.8 10.3

1.4 31.6 8.1

0.5 34.6 10.0

0.0 0.0 0.0

.. .. ..

.. .. ..

.. .. ..

.. .. ..

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

.. .. .. .. .. .. ..

.. .. .. .. .. .. ..

.. .. .. .. .. .. ..

.. .. .. .. .. .. ..

8,209 3,714 .. .. .. .. ..

10,184 3,791 .. 5,746 .. .. ..

10,644 4,367 .. 5,603 .. .. ..

.. 2,825 .. .. .. .. ..

.. .. .. .. .. .. ..

.. .. .. .. .. .. ..

.. .. .. .. .. .. ..

.. .. .. .. .. .. ..

25.0 11.3 0.2 2.0 70.4 .. ..

52.1 19.4 0.1 1.1 41.5 .. ..

47.8 19.6 0.2 0.8 43.3 .. ..

82.4 .. 0.4 0.9 47.7 .. ..

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

56

AFGHANISTAN (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. 0 0 .. .. .. .. .. ..

.. .. .. .. 0 0 .. .. .. .. .. ..

.. .. .. .. 0 294 .. .. .. .. .. ..

911 911 910 654 0 343 257 0 0 0 0 0

1,894 1,894 1,893 819 0 399 1,074 0 0 0 0 0

1,985 1,985 1,984 903 0 438 1,081 0 0 0 0 0

2,203 2,203 2,202 1,112 0 471 1,090 0 0 0 0 0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. 0 0 .. .. .. .. .. ..

.. .. .. .. 0 0 .. .. .. .. .. ..

.. .. .. .. 0 84 .. .. .. .. .. ..

146 146 146 107 0 39 40 0 0 0 0 0

147 147 147 140 0 44 7 0 0 0 0 0

96 96 96 96 0 44 1 0 0 0 0 0

112 112 112 109 0 27 4 0 0 0 0 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. 0 0 .. .. .. .. .. ..

.. .. .. .. 0 0 .. .. .. .. .. ..

.. .. .. .. 0 3 .. .. .. .. .. ..

3 3 3 3 0 3 0 0 0 0 0 0

1 1 1 1 0 0 0 0 0 0 0 0

1 1 1 1 0 0 0 0 0 0 0 0

3 3 3 1 0 0 3 0 0 0 0 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. 0 0 .. .. .. .. .. ..

.. .. .. .. 0 0 .. .. .. .. .. ..

.. .. .. .. 0 3 .. .. .. .. .. ..

6 6 6 6 0 3 0 0 0 0 0 0

3 3 3 3 0 0 0 0 0 0 0 0

6 6 6 6 0 2 0 0 0 0 0 0

7 7 7 7 0 2 0 0 0 0 0 0

.. ..

.. ..

.. ..

.. ..

229 143

1,045 201

115 131

240 126

.. .. ..

.. .. ..

.. .. ..

.. .. ..

95 0 0

842 21 0

52 52 0

1 4 0

7. Long-term external debt

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

7 12

17 14

31 22

43 21

94 64

104 61

107 59

99 54

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

Notes: Data include the effects of the 2006 Paris Club rescheduling. Data for 2007, 2008, and 2009 include the effects of Enhanced HIPC Initiative, in the amount of $1,774 in thousands, $3,537 in thousands, and $3,523 in thousands respectively.

57

ALBANIA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

.. .. .. .. .. .. ..

456 330 330 0 65 62 2

1,061 936 921 15 88 37 3

2,052 1,805 1,379 426 92 155 1

2,439 1,960 1,601 359 93 386 1

2,887 2,287 1,829 458 90 511 1

3,942 2,932 2,264 668 80 930 0

4,719 3,813 2,829 983 71 835 0

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

.. .. .. ..

27 330 0 183

271 920 16 173

16 1,379 426 225

16 1,601 359 311

17 1,829 458 280

1 2,264 668 610

0 2,829 983 356

External debt flows Disbursements Long-term external debt IMF purchases

.. .. ..

80 70 11

138 120 19

512 500 12

208 201 7

312 305 7

821 813 8

776 772 4

Principal repayments Long-term external debt IMF repurchases

.. .. ..

2 0 1

16 9 7

50 41 9

158 147 11

92 77 14

96 80 15

172 158 14

Net flows Long-term external debt Short-term external debt

.. .. ..

-99 69 -178

130 110 8

616 459 154

281 54 231

344 227 124

1,145 733 420

509 614 -95

Interest payments Long-term external debt IMF charges Short-term external debt

.. .. .. ..

9 5 1 3

11 8 1 2

30 25 0 4

47 29 1 17

60 34 1 26

68 50 1 17

92 81 1 11

.. ..

70 0

143 0

262 ..

325 ..

662 ..

973 23

978 4

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. .. .. .. ..

.. 2.5 0.0 0.0 60.7

.. 3.2 0.0 0.0 72.5

28.6 3.9 0.0 0.0 58.3

32.3 3.4 0.0 0.0 54.3

36.8 2.9 0.0 0.0 50.1

48.5 2.8 0.0 0.0 39.4

55.5 2.1 0.0 0.0 33.3

.. .. ..

3.4 25.4 7.5

3.5 29.7 10.5

2.7 21.3 7.2

3.4 20.2 6.6

4.3 20.7 5.3

1.9 28.3 8.3

2.3 16.4 6.4

.. .. ..

3.0 22.7 11.7

0.0 0.0 0.0

0.0 0.0 0.0

0.3 29.9 18.8

5.3 11.2 1.7

6.2 15.4 6.0

11.0 3.3 3.0

.. .. .. .. .. .. ..

2,468 376 427 865 4 -12 265

3,790 819 598 1,509 0 -156 646

8,541 2,048 1,290 3,913 2 -571 1,440

9,386 2,629 1,359 4,569 5 -671 1,813

11,136 3,407 1,468 5,989 9 -1,151 2,162

12,977 4,307 1,495 7,689 285 -2,002 2,364

11,724 3,836 1,317 7,018 401 -1,875 2,369

.. .. .. .. .. .. ..

121.5 18.5 2.8 13.7 25.1 58.1 3.7

129.5 28.0 3.3 3.5 40.2 60.9 5.1

100.2 24.0 3.9 7.6 42.6 70.2 4.4

92.8 26.0 7.8 15.8 42.6 74.3 4.8

84.7 25.9 4.5 17.7 42.3 74.9 4.3

91.5 30.4 3.8 23.6 34.1 60.0 3.7

123.0 40.3 6.9 17.7 31.9 50.2 4.1

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

58

ALBANIA (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

330 330 305 115 0 109 190 25 0 0 0 0

936 921 899 426 0 346 473 22 0 0 15 0

1,805 1,379 1,357 875 0 655 482 22 0 0 426 0

1,960 1,601 1,578 1,039 0 729 539 23 0 0 359 0

2,287 1,829 1,807 1,222 6 803 586 21 0 0 458 0

2,932 2,264 1,923 1,343 17 817 579 342 0 326 668 0

3,813 2,829 2,164 1,504 24 849 660 665 0 630 983 0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

70 70 70 48 0 43 22 0 0 0 0 0

120 120 120 101 0 64 19 0 0 0 0 0

500 123 123 89 0 34 34 0 0 0 377 0

201 185 185 132 0 46 53 0 0 0 15 0

305 176 175 143 5 48 32 1 0 0 128 0

813 574 218 180 12 27 39 356 0 345 239 0

772 543 241 175 7 34 66 302 0 283 229 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

0 0 0 0 0 0 0 0 0 0 0 0

9 9 8 2 0 0 6 1 0 0 0 0

41 40 39 18 0 4 21 1 0 0 1 0

147 57 54 24 0 5 31 3 0 0 90 0

77 55 52 26 0 6 26 4 0 0 22 0

80 58 58 28 0 7 30 0 0 0 23 0

158 79 78 39 0 9 39 1 0 0 79 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

5 5 4 1 0 1 3 1 0 0 0 0

8 7 7 4 0 2 3 0 0 0 1 0

25 23 23 14 0 5 9 0 0 0 2 0

29 25 25 14 0 6 11 0 0 0 4 0

34 31 31 18 0 6 13 0 0 0 3 0

50 44 35 24 1 6 11 9 0 9 6 0

81 70 37 25 1 6 12 33 0 33 10 0

.. ..

-427 -99

352 130

505 616

387 281

448 344

1,055 1,145

777 509

.. .. ..

6 116 30

28 0 0

10 0 0

9 2 0

0 0 0

8 0 0

41 0 0

7. Long-term external debt

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

112 35

124 37

134 37

141 36

145 34

152 31

142 28

146 26

195 75

163 71

437 34

144 28

171 23

99 19

79 15

106 11

Notes: Long-term private nonguaranteed debt data are reported by the Bank of Albania for the first time. Short-term debt is revised based on Central Bank data from 2005.

59

ALGERIA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

28,149 26,688 26,688 0 670 791 0

33,053 31,314 31,314 0 1,478 261 3

25,389 23,449 23,449 0 1,718 222 0

16,873 16,357 15,491 866 0 516 0

5,722 5,181 3,877 1,304 0 541 0

5,794 5,045 3,896 1,148 0 750 0

5,825 4,522 3,078 1,444 0 1,304 0

5,345 3,853 2,871 982 0 1,492 0

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

1 26,608 80 8,054

1 31,226 89 2,427

0 23,328 122 1,419

0 15,316 1,040 331

0 3,817 1,364 212

0 3,788 1,256 94

0 2,997 1,525 0

0 2,798 1,055 5

External debt flows Disbursements Long-term external debt IMF purchases

7,017 7,017 0

4,157 3,683 475

1,215 1,215 0

1,239 1,239 0

853 853 0

471 471 0

580 580 0

194 194 0

Principal repayments Long-term external debt IMF repurchases

6,780 6,780 0

2,419 2,248 171

2,813 2,721 93

5,057 4,445 612

12,791 12,791 0

1,122 1,122 0

1,060 1,060 0

887 887 0

Net flows Long-term external debt Short-term external debt

-811 237 -1,049

1,361 1,435 -378

-1,572 -1,506 27

-3,733 -3,207 85

-11,914 -11,939 25

-443 -652 209

73 -481 554

-504 -693 189

Interest payments Long-term external debt IMF charges Short-term external debt

2,025 1,784 62 179

1,832 1,741 69 22

1,655 1,552 92 10

921 888 18 15

626 610 1 15

224 202 0 22

191 161 0 31

140 122 0 18

0 0

.. ..

438 ..

1,081 ..

1,795 ..

1,662 ..

2,646 ..

2,847 ..

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 15.1 1.5 0.8 33.5

.. 13.1 0.9 0.7 38.0

.. 14.4 1.0 0.5 44.4

40.5 8.2 1.4 0.8 40.9

58.4 6.1 0.0 0.1 30.0

61.9 4.8 0.0 0.1 26.8

60.9 5.4 0.0 0.0 27.6

62.5 4.5 0.0 0.0 26.9

7.0 16.8 4.0

6.2 11.7 3.3

6.2 14.9 4.1

3.2 12.9 3.6

0.5 17.5 3.4

0.9 14.7 7.7

0.0 0.0 0.0

2.0 21.8 6.7

8.9 6.6 2.0

7.2 8.9 1.9

6.2 7.4 1.9

2.6 9.6 2.0

3.5 12.0 3.1

4.6 6.0 0.9

0.0 0.0 0.0

0.0 0.0 0.0

59,955 13,535 352 12,448 151 1,420 2,703

39,574 .. 1,120 .. .. .. 4,164

52,080 .. 790 .. .. .. 13,556

97,259 50,270 2,060 24,640 .. .. 59,167

112,669 59,740 1,610 25,460 .. .. 81,463

134,004 67,240 2,120 33,180 .. .. 114,972

169,689 87,210 2,202 49,140 .. .. 148,099

139,577 .. 2,193 .. .. .. 155,112

208.0 47.0 65.1 2.8 7.2 9.6 2.6

.. 83.5 .. 0.8 11.8 12.6 ..

.. 48.8 .. 0.9 16.2 53.4 ..

33.6 17.3 11.9 3.1 14.5 350.7 28.8

9.6 5.1 22.5 9.5 2.5 1,423.6 38.4

8.6 4.3 2.0 12.9 2.3 1,984.3 41.6

6.7 3.4 1.4 22.4 0.2 2,542.3 36.2

.. 3.8 .. 27.9 0.2 2,901.8 ..

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

60

ALGERIA (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

26,688 26,688 5,866 2,031 1,208 0 3,835 20,822 1,420 5,851 0 0

31,314 31,314 15,697 3,915 2,049 0 11,781 15,618 0 4,529 0 0

23,449 23,449 17,598 4,123 1,425 0 13,475 5,851 0 2,508 0 0

16,357 15,491 12,426 2,443 779 0 9,983 3,065 0 1,038 866 0

5,181 3,877 2,172 144 119 0 2,027 1,706 0 59 1,304 0

5,045 3,896 2,318 136 113 0 2,183 1,578 0 76 1,148 0

4,522 3,078 2,066 13 11 0 2,053 1,012 0 60 1,444 0

3,853 2,871 2,050 11 10 0 2,039 821 0 54 982 0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

7,017 7,017 1,835 612 300 0 1,223 5,182 0 206 0 0

3,683 3,683 1,596 932 554 0 664 2,087 0 222 0 0

1,215 1,215 795 349 58 0 446 420 0 0 0 0

1,239 776 445 358 31 0 87 331 0 8 463 0

853 401 263 54 16 0 209 138 0 34 451 0

471 167 109 6 6 0 103 58 0 20 304 0

580 173 157 5 5 0 152 16 0 0 407 0

194 71 70 0 0 0 70 1 0 0 123 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

6,780 6,780 1,174 312 130 0 862 5,606 16 1,330 0 0

2,248 2,248 671 454 260 0 217 1,577 278 220 0 0

2,721 2,721 1,055 351 172 0 704 1,666 0 439 0 0

4,445 4,217 2,846 1,190 156 0 1,655 1,371 0 348 229 0

12,791 12,640 10,938 2,396 677 0 8,542 1,702 0 1,029 151 0

1,122 591 198 16 12 0 182 392 0 10 532 0

1,060 917 372 127 107 0 245 545 0 13 144 0

887 366 156 1 1 0 155 210 0 8 522 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

1,784 1,784 312 117 73 0 195 1,472 105 526 0 0

1,741 1,741 823 251 137 0 572 917 13 251 0 0

1,552 1,552 1,131 297 128 0 834 421 0 146 0 0

888 863 711 163 46 0 547 152 0 34 25 0

610 557 441 118 21 0 322 116 0 30 53 0

202 145 61 7 6 0 53 84 0 2 57 0

161 113 49 12 12 0 37 63 0 2 48 0

122 73 34 1 1 0 33 39 0 2 49 0

912 -811

2,810 1,361

-2,618 -1,572

-5,314 -3,733

-11,151 -11,914

72 -443

31 73

-480 -504

0 0 0

5,096 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

478 47

223 40

205 36

193 32

214 28

185 23

152 20

134 16

450 45

357 33

516 24

132 17

94 13

80 10

79 7

53 5

Notes: Short-term debt data are reported by the country.

61

ANGOLA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

8,592 7,603 7,603 0 0 989 204

11,500 9,543 9,543 0 0 1,958 1,232

9,408 8,085 8,085 0 0 1,323 874

11,822 9,506 9,506 0 0 2,316 577

9,469 7,337 7,337 0 0 2,132 161

11,518 9,247 9,247 0 0 2,271 90

15,132 12,713 12,713 0 0 2,419 71

16,715 13,722 13,722 0 359 2,634 90

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

496 7,599 5 523

4,190 9,513 29 420

2,853 8,059 26 1,033

1,877 9,495 12 14,150

700 7,331 7 2,036

351 9,245 2 4,378

279 12,712 1 4,188

361 13,721 0 5,705

External debt flows Disbursements Long-term external debt IMF purchases

862 862 0

550 550 0

1,045 1,045 0

3,664 3,664 0

1,224 1,224 0

5,648 5,648 0

4,624 4,624 0

4,399 4,046 353

Principal repayments Long-term external debt IMF repurchases

183 183 0

332 332 0

1,530 1,530 0

2,289 2,289 0

3,513 3,513 0

3,753 3,753 0

1,132 1,132 0

3,088 3,088 0

Net flows Long-term external debt Short-term external debt

977 679 298

-90 218 -308

-733 -485 -248

2,591 1,375 1,216

-2,057 -2,289 232

2,105 1,895 210

3,659 3,492 167

1,508 958 196

Interest payments Long-term external debt IMF charges Short-term external debt

143 100 0 43

132 79 0 53

175 149 0 26

313 257 0 57

908 824 0 83

681 577 0 104

511 443 0 68

420 389 0 31

-335 0

472 0

879 0

-1,304 0

-38 0

-893 0

1,679 0

2,205 0

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 0.3 1.4 0.7 80.7

.. 0.3 0.9 0.1 81.0

.. 0.5 1.0 0.1 86.3

8.2 0.3 0.9 0.0 87.8

6.2 0.0 0.2 0.0 90.4

6.4 0.0 0.2 0.0 91.1

7.6 0.0 0.1 0.0 90.6

9.6 0.0 0.1 0.0 88.6

5.7 14.1 3.7

8.1 9.9 0.4

0.8 39.8 10.3

6.5 13.8 2.0

1.1 10.9 1.5

0.4 12.1 2.7

0.6 43.4 10.4

3.4 8.7 1.7

7.7 7.7 1.8

8.1 8.6 0.4

5.0 3.1 1.3

6.6 7.7 1.3

8.0 9.0 0.8

6.3 6.8 1.0

4.5 7.4 0.8

6.5 5.3 1.2

8,214 4,003 .. 4,161 314 -236 ..

3,688 3,852 .. 4,302 386 -295 213

7,449 8,222 .. 7,454 929 796 1,198

26,601 24,312 .. 19,201 3,406 5,138 3,197

39,679 33,492 .. 22,612 5,278 10,690 8,599

50,485 45,329 .. 34,913 7,268 10,194 11,197

70,441 64,666 82 58,048 13,185 6,408 17,869

59,261 41,582 .. 48,784 6,130 .. 13,664

214.6 104.6 8.1 11.5 0.7 .. ..

298.6 311.9 12.0 17.0 1.7 1.9 0.6

114.4 126.3 20.7 14.1 3.1 12.7 1.9

48.6 44.4 10.7 19.6 3.1 27.0 2.0

28.3 23.9 13.2 22.5 4.2 90.8 4.6

25.4 22.8 9.8 19.7 3.6 97.2 3.8

23.4 21.5 2.5 16.0 2.8 118.1 3.7

40.2 28.2 8.4 15.8 2.6 81.7 3.4

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

62

ANGOLA (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

7,603 7,603 1,839 57 0 0 1,782 5,765 0 143 0 0

9,543 9,543 2,226 191 0 81 2,035 7,316 0 873 0 0

8,085 8,085 2,703 294 0 226 2,409 5,382 0 2,625 0 0

9,506 9,506 3,162 371 0 319 2,791 6,344 0 5,062 0 0

7,337 7,337 2,578 396 0 347 2,182 4,760 0 3,928 0 0

9,247 9,247 3,202 416 0 365 2,785 6,045 0 5,248 0 0

12,713 12,713 4,006 421 0 369 3,585 8,707 0 7,790 0 0

13,722 13,722 4,820 441 0 385 4,379 8,902 0 7,953 0 0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

862 862 169 5 0 0 164 693 0 17 0 0

550 550 119 30 0 30 89 431 0 396 0 0

1,045 1,045 34 24 0 24 10 1,011 0 1,010 0 0

3,664 3,664 309 34 0 30 275 3,355 0 3,236 0 0

1,224 1,224 508 21 0 18 487 717 0 573 0 0

5,648 5,648 953 9 0 8 944 4,695 0 4,562 0 0

4,624 4,624 1,103 16 0 12 1,087 3,521 0 3,276 0 0

4,046 4,046 1,112 23 0 19 1,089 2,934 0 2,792 0 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

183 183 59 4 0 0 56 123 0 8 0 0

332 332 24 2 0 0 22 308 0 108 0 0

1,530 1,530 268 27 0 0 241 1,262 0 1,149 0 0

2,289 2,289 505 8 0 5 497 1,784 0 1,654 0 0

3,513 3,513 1,206 15 0 5 1,191 2,307 0 1,713 0 0

3,753 3,753 351 7 0 5 344 3,402 0 3,253 0 0

1,132 1,132 278 8 0 6 270 854 0 715 0 0

3,088 3,088 310 8 0 6 302 2,778 0 2,649 0 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

100 100 19 2 0 0 16 81 0 5 0 0

79 79 12 1 0 0 12 67 0 33 0 0

149 149 36 28 0 2 8 113 0 93 0 0

257 257 61 4 0 3 57 195 0 160 0 0

824 824 364 7 0 3 356 460 0 330 0 0

577 577 162 3 0 2 159 415 0 352 0 0

443 443 118 4 0 3 114 325 0 260 0 0

389 389 143 4 0 3 139 246 0 218 0 0

1,303 977

207 -90

-891 -733

2,460 2,591

-2,353 -2,057

2,048 2,105

3,614 3,659

1,583 1,508

252 0 0

437 0 0

0 0 0

0 122 0

2 400 0

21 72 0

67 18 0

0 0 0

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

1,616 145

1,898 319

1,993 363

1,989 343

1,953 293

1,927 235

1,921 168

1,808 101

2,616 242

2,497 207

2,225 152

1,506 99

1,042 62

410 36

111 23

110 14

63

ARGENTINA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

62,233 48,676 46,876 1,800 3,083 10,473 7,590

98,465 70,979 54,913 16,066 6,131 21,355 0

140,914 107,543 81,633 25,909 5,056 28,315 0

124,939 80,586 54,225 26,361 9,513 34,841 7,735

115,863 87,564 60,754 26,811 0 28,299 7,452

117,317 98,058 68,029 30,028 0 19,260 9,452

118,901 98,924 68,627 30,298 0 19,977 10,003

120,183 100,646 72,923 27,723 0 19,537 10,665

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

4,372 44,707 3,969 572

0 54,891 16,088 8,381

0 81,582 25,961 11,985

11,193 54,205 26,381 2,462

12,125 60,655 26,909 5,747

16,157 67,935 30,123 7,522

18,466 68,538 30,386 4,969

19,633 72,862 27,785 3,375

External debt flows Disbursements Long-term external debt IMF purchases

1,587 1,150 437

11,319 8,954 2,365

20,853 18,759 2,094

4,690 4,690 0

8,789 8,789 0

9,089 9,089 0

7,037 7,037 0

7,537 7,537 0

Principal repayments Long-term external debt IMF repurchases

3,443 2,745 697

3,532 3,048 484

15,679 14,400 1,280

7,009 3,438 3,571

14,819 5,026 9,793

5,171 5,171 0

4,635 4,635 0

8,784 8,784 0

Net flows Long-term external debt Short-term external debt

-1,856 -1,595 0

21,972 5,906 14,185

4,074 4,359 -1,100

14,787 1,252 17,106

-12,289 3,763 -6,259

-7,121 3,918 -11,039

2,568 2,402 166

-2,350 -1,248 -1,102

Interest payments Long-term external debt IMF charges Short-term external debt

2,716 2,208 277 231

5,322 4,320 274 727

11,163 9,236 195 1,732

2,962 2,108 510 344

3,979 2,959 83 937

3,774 2,900 0 874

3,089 2,849 0 240

3,343 3,222 0 121

1,836 0

5,609 1,552

10,418 -3,227

5,265 -48

5,537 707

6,473 1,785

9,726 -531

4,009 -212

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 6.7 1.1 2.2 54.5

.. 9.2 0.2 1.6 57.5

.. 6.2 0.6 0.4 61.0

36.6 2.7 0.1 0.4 54.4

36.6 2.5 0.1 0.4 55.9

39.1 2.3 0.1 0.4 54.7

36.9 2.9 0.1 0.4 57.0

36.0 2.7 0.1 0.4 58.8

6.5 19.2 4.0

6.5 16.3 4.7

7.2 18.2 4.8

4.2 17.3 4.6

5.5 20.3 5.0

6.1 18.9 4.8

3.2 18.4 3.6

1.3 26.3 3.9

6.0 8.4 1.3

7.4 4.8 4.6

10.0 11.6 11.6

5.0 8.4 3.7

5.7 11.1 6.0

6.6 13.7 11.5

6.8 12.8 11.3

5.4 28.5 19.0

135,150 16,654 23 13,100 637 4,552 6,222

253,396 29,356 64 35,070 2,129 -5,118 15,979

276,656 38,697 86 48,076 3,086 -8,981 25,152

176,575 51,334 432 46,543 5,456 5,275 28,082

208,884 60,255 541 52,947 7,112 7,768 32,022

257,129 72,969 606 65,967 7,283 7,355 46,149

321,257 87,712 698 80,826 7,902 7,037 46,385

299,468 70,162 660 61,571 8,356 8,635 48,007

373.7 46.0 37.0 16.8 8.0 10.0 5.7

335.4 38.9 30.2 21.7 9.5 16.2 5.5

364.1 50.9 69.4 20.1 11.5 17.8 6.3

243.4 70.8 19.4 27.9 12.5 22.5 7.2

192.3 55.5 36.2 24.4 12.9 27.6 7.3

160.8 45.6 12.3 16.4 12.7 39.3 8.4

135.6 37.0 8.8 16.8 12.4 39.0 6.9

171.3 40.1 17.3 16.3 13.4 39.9 9.4

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

64

ARGENTINA (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

48,676 46,876 11,226 5,007 2,609 0 6,219 35,650 11,514 22,631 1,800 21

70,979 54,913 20,658 9,373 4,913 0 11,285 34,255 32,670 793 16,066 7,582

107,543 81,633 20,484 16,235 8,789 0 4,249 61,149 60,622 294 25,909 11,138

80,586 54,225 20,344 15,571 6,881 0 4,774 33,881 33,373 171 26,361 8,772

87,564 60,754 20,184 14,984 6,206 0 5,200 40,569 40,018 201 26,811 10,138

98,058 68,029 20,443 14,909 5,674 0 5,535 47,586 46,589 211 30,028 12,073

98,924 68,627 20,574 14,780 5,069 0 5,794 48,052 47,088 205 30,298 7,921

100,646 72,923 22,328 16,156 5,305 0 6,172 50,595 49,670 208 27,723 6,850

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

1,150 1,129 910 736 405 0 174 219 0 183 21 21

8,954 6,604 2,804 1,936 941 0 868 3,800 3,630 105 2,350 834

18,759 14,277 1,937 1,923 1,019 0 13 12,340 12,338 2 4,482 1,408

4,690 3,183 989 985 362 0 4 2,194 2,194 0 1,507 540

8,789 3,893 1,666 1,662 459 0 4 2,227 2,227 0 4,896 2,896

9,089 5,647 2,385 2,373 505 0 12 3,263 3,263 0 3,441 2,241

7,037 4,047 2,022 2,000 332 0 22 2,025 2,025 0 2,990 0

7,537 3,591 3,498 3,070 1,028 0 429 93 93 0 3,946 476

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

2,745 2,745 454 405 233 0 49 2,292 878 1,342 0 0

3,048 1,783 1,356 512 259 0 844 427 128 158 1,265 631

14,400 8,896 1,837 825 538 0 1,012 7,059 6,842 162 5,503 2,309

3,438 1,672 1,489 1,462 928 0 27 183 182 0 1,766 680

5,026 2,539 2,362 2,354 1,134 0 9 177 175 1 2,487 1,303

5,171 3,230 2,676 2,568 1,037 0 108 554 554 0 1,941 606

4,635 2,367 2,364 2,253 936 0 111 3 3 0 2,268 2,009

8,784 3,070 1,783 1,637 793 0 146 1,287 1,232 0 5,714 450

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

2,208 2,064 456 375 181 0 81 1,608 973 621 144 0

4,320 3,435 1,374 617 306 0 757 2,062 1,960 56 885 641

9,236 7,196 1,589 1,256 701 0 334 5,606 5,465 121 2,041 1,109

2,108 1,392 751 747 288 0 5 641 640 0 716 585

2,959 1,309 842 838 346 0 4 467 466 0 1,650 1,135

2,900 1,618 868 864 350 0 4 750 750 0 1,282 759

2,849 1,644 763 718 258 0 44 881 881 0 1,206 710

3,222 1,887 656 581 169 0 76 1,231 1,195 0 1,335 562

-3,024 -1,856

23,646 21,972

570 4,074

-37,439 14,787

-9,076 -12,289

1,454 -7,121

1,584 2,568

1,282 -2,350

932 5,970 1,232

248 863 0

0 689 2,745

20,136 40,333 0

2,096 3 0

983 0 0

0 0 0

0 10 0

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

1,971 535

2,165 496

2,311 449

1,963 400

1,929 350

1,869 300

1,713 253

1,499 214

8,490 3,726

5,832 3,228

4,984 3,006

4,219 2,711

1,751 2,504

4,552 2,363

1,949 2,016

5,217 1,754

Notes: Long-term private nonguaranteed debt data for 2009 are reported by the country for the first time. Historical data are World Bank staff estimates. Short-term debt data are revised from 2007 based on BIS data. Long-term provincial debt data are World Bank staff estimates.

65

ARMENIA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

.. .. .. .. .. .. ..

371 298 298 0 70 2 1

916 697 675 21 175 44 6

1,842 1,368 923 446 176 298 0

2,004 1,533 1,037 496 164 307 0

2,898 2,281 1,282 999 158 459 0

3,406 2,818 1,446 1,373 135 453 0

4,935 3,837 2,376 1,461 587 512 0

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

.. .. .. ..

75 298 0 131

4 675 21 74

0 923 446 251

0 1,037 496 65

0 1,282 999 203

0 1,446 1,373 201

0 2,376 1,461 898

External debt flows Disbursements Long-term external debt IMF purchases

.. .. ..

148 102 46

84 84 0

177 168 10

175 165 10

761 751 10

783 776 7

1,732 1,266 466

Principal repayments Long-term external debt IMF repurchases

.. .. ..

3 3 0

31 15 16

104 69 34

80 49 31

82 58 24

280 253 27

328 305 23

Net flows Long-term external debt Short-term external debt

.. .. ..

147 100 1

42 69 -11

-38 98 -112

104 116 9

831 693 152

497 523 -6

1,462 961 59

Interest payments Long-term external debt IMF charges Short-term external debt

.. .. .. ..

8 7 2 0

15 9 3 2

35 23 1 11

70 59 1 11

107 91 1 15

85 70 1 15

102 81 4 18

.. ..

25 ..

104 0

239 1

453 -1

699 0

935 -1

777 1

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. .. .. .. ..

.. 0.0 0.0 0.0 62.6

.. 0.0 0.0 0.0 93.3

8.0 0.2 0.0 0.0 86.3

8.8 0.4 0.0 0.0 82.6

9.0 7.0 0.0 0.0 71.2

8.7 12.1 0.0 0.0 62.9

6.3 11.3 0.0 0.0 66.0

.. .. ..

1.3 32.6 9.2

0.8 35.7 10.2

0.8 39.6 10.0

0.8 32.2 10.3

1.5 24.4 8.7

1.2 32.1 8.8

2.9 19.7 5.9

.. .. ..

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

.. .. .. .. .. .. ..

1,466 354 65 741 .. -218 111

1,964 551 87 1,017 22 -278 314

5,033 1,873 498 2,449 170 -52 669

6,600 2,134 658 2,946 244 -117 1,072

9,485 2,588 846 4,122 332 -590 1,659

12,388 2,751 1,062 5,272 279 -1,383 1,407

8,926 2,056 769 4,189 332 -1,326 2,004

.. .. .. .. .. .. ..

104.7 25.3 3.2 0.6 56.1 30.0 1.8

166.4 46.6 8.3 4.8 52.9 34.3 3.7

98.3 36.6 7.4 16.2 43.9 36.3 3.3

93.9 30.4 7.0 15.3 45.1 53.5 4.4

112.0 30.6 7.3 15.8 35.9 57.2 4.8

123.8 27.5 13.3 13.3 32.6 41.3 3.2

240.0 55.3 20.9 10.4 28.9 40.6 5.7

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

66

ARMENIA (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

298 298 298 208 5 91 90 0 0 0 0 0

697 675 658 485 8 388 173 17 0 5 21 0

1,368 923 921 808 6 746 113 1 0 0 446 0

1,533 1,037 1,036 905 6 841 131 1 0 0 496 0

2,281 1,282 1,281 1,041 5 965 240 1 0 0 999 0

2,818 1,446 1,444 1,111 5 1,025 333 1 0 0 1,373 0

3,837 2,376 2,375 1,427 53 1,161 948 1 0 0 1,461 0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

102 102 102 102 3 88 0 0 0 0 0 0

84 63 62 58 0 54 4 1 0 0 21 0

168 50 50 37 0 34 14 0 0 0 117 0

165 83 83 72 0 64 11 0 0 0 82 0

751 207 207 110 0 93 97 0 0 0 544 0

776 164 164 92 0 80 72 0 0 0 612 0

1,266 941 941 324 49 142 617 0 0 0 325 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

3 3 3 0 0 0 3 0 0 0 0 0

15 15 13 8 0 0 5 2 0 0 0 0

69 16 16 14 1 3 2 0 0 0 53 0

49 17 17 15 1 6 2 0 0 0 32 0

58 17 17 15 1 7 2 0 0 0 42 0

253 15 15 13 1 11 2 0 0 0 238 0

305 21 21 15 1 14 6 0 0 0 284 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

7 7 7 7 0 0 0 0 0 0 0 0

9 9 9 8 0 3 1 0 0 0 0 0

23 9 9 8 0 6 2 0 0 0 14 0

59 9 9 8 0 6 2 0 0 0 49 0

91 10 10 8 0 7 2 0 0 0 81 0

70 11 11 9 0 8 2 0 0 0 58 0

81 23 23 9 0 8 14 0 0 0 58 0

.. ..

156 147

15 42

-127 -38

162 104

894 831

508 497

1,530 1,462

.. .. ..

0 0 0

14 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

7. Long-term external debt

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

25 35

28 36

30 36

75 36

91 34

95 32

104 30

119 29

368 63

290 47

257 32

150 23

119 16

88 11

74 7

58 4

Notes: Short-term debt is based on reports provided by the country.

67

AZERBAIJAN (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

.. .. .. .. .. .. ..

321 206 206 0 101 14 6

1,328 836 737 99 336 156 0

2,043 1,693 1,506 187 164 186 0

2,586 1,932 1,828 104 134 520 0

3,593 2,447 2,304 143 103 1,043 0

4,315 3,066 2,739 327 79 1,169 0

4,865 3,993 3,403 590 62 810 0

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

.. .. .. ..

36 206 0 188

0 737 99 202

0 1,506 187 1,387

0 1,828 104 412

0 2,304 143 723

0 2,739 327 1,928

0 3,403 590 1,368

External debt flows Disbursements Long-term external debt IMF purchases

.. .. ..

205 102 103

256 256 0

449 430 19

468 468 0

490 490 0

727 727 0

985 985 0

Principal repayments Long-term external debt IMF repurchases

.. .. ..

0 0 0

74 22 51

198 150 48

215 178 37

114 77 37

180 159 22

308 290 19

Net flows Long-term external debt Short-term external debt

.. .. ..

207 102 2

309 234 127

300 281 48

587 290 334

899 413 523

673 568 126

318 696 -359

Interest payments Long-term external debt IMF charges Short-term external debt

.. .. .. ..

10 9 1 0

56 37 14 5

36 27 2 6

55 39 2 15

88 69 1 18

112 79 1 33

89 70 0 19

.. ..

330 ..

130 ..

1,680 0

-584 1

-4,749 2

15 0

473 0

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. .. .. .. ..

.. 0.0 0.0 0.0 51.4

.. 20.8 0.0 6.5 65.8

12.6 24.8 0.0 4.1 54.1

18.6 19.8 0.0 3.1 52.5

21.6 16.6 0.0 2.4 51.8

20.7 17.3 0.0 2.1 51.8

26.5 12.5 0.0 1.5 51.6

.. .. ..

1.4 32.2 9.4

4.3 22.6 4.7

2.3 28.8 7.7

4.5 24.7 8.0

5.2 20.1 4.2

3.0 21.5 4.8

1.6 25.2 6.6

.. .. ..

0.0 0.0 0.0

8.2 9.7 1.1

3.5 13.3 3.0

6.0 12.0 0.5

6.6 9.8 1.3

4.8 13.0 5.0

4.3 15.2 4.0

.. .. .. .. .. .. ..

3,039 795 3 1,306 0 -401 121

4,987 2,174 57 2,415 317 -168 680

11,599 8,534 693 8,850 1,582 167 1,178

18,302 14,235 813 11,093 2,624 3,708 2,500

27,970 22,845 1,287 14,831 4,995 9,019 4,273

40,992 32,728 1,554 17,325 5,401 16,454 6,467

40,255 23,398 1,274 13,942 3,664 10,178 5,364

.. .. .. .. .. .. ..

40.4 10.6 1.3 4.4 30.8 37.7 1.1

61.1 26.6 6.0 11.8 24.3 51.2 3.4

23.9 17.6 2.7 9.1 30.8 57.7 1.6

18.2 14.1 1.9 20.1 28.4 96.7 2.7

15.7 12.8 0.9 29.0 26.8 118.9 3.5

13.2 10.5 0.9 27.1 26.4 149.9 4.5

20.8 12.1 1.7 16.6 30.0 110.3 4.6

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

68

AZERBAIJAN (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

206 206 206 99 0 30 107 0 0 0 0 0

836 737 647 323 0 216 324 90 0 65 99 0

1,693 1,506 1,217 630 0 501 587 289 0 289 187 0

1,932 1,828 1,355 735 5 583 620 473 0 419 104 0

2,447 2,304 1,594 963 21 660 631 710 0 570 143 0

3,066 2,739 1,892 1,140 78 698 752 848 0 652 327 0

3,993 3,403 2,191 1,462 199 739 730 1,212 0 968 590 0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

102 102 102 90 0 30 13 0 0 0 0 0

256 250 209 56 0 27 153 41 0 38 6 0

430 306 70 57 0 48 13 236 0 236 124 0

468 443 266 211 5 60 55 177 0 121 25 0

490 443 233 219 16 58 14 210 0 119 47 0

727 512 283 213 56 50 70 228 0 167 216 0

985 845 431 367 122 45 64 414 0 346 140 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

0 0 0 0 0 0 0 0 0 0 0 0

22 15 13 9 0 0 4 2 0 0 7 0

150 53 36 18 0 2 19 16 0 16 97 0

178 62 43 17 0 4 26 19 0 17 116 0

77 66 50 21 0 6 29 16 0 13 11 0

159 136 70 29 0 8 41 66 0 59 23 0

290 214 135 54 0 9 81 78 0 59 76 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

9 9 9 2 0 0 7 0 0 0 0 0

37 32 31 7 0 2 24 1 0 0 5 0

27 20 16 9 0 4 7 4 0 4 7 0

39 32 18 11 1 4 7 14 0 13 7 0

69 62 35 26 1 5 9 27 0 24 7 0

79 67 29 21 3 5 9 38 0 35 11 0

70 52 31 22 5 5 9 21 0 15 18 0

.. ..

208 207

255 309

94 300

543 587

1,007 899

721 673

550 318

.. .. ..

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

7. Long-term external debt

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

133 34

130 40

194 44

209 46

233 47

245 46

284 45

285 42

243 48

256 42

220 35

212 29

228 24

213 19

185 14

158 10

Notes: Long-term private nonguaranteed debt data only cover European Bank for Reconstruction and Development.

69

BANGLADESH (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

12,285 11,504 11,504 0 626 156 1

15,726 14,905 14,905 0 622 199 15

15,535 14,985 14,985 0 216 334 0

18,381 17,385 17,385 0 308 688 16

20,032 18,378 18,378 0 476 1,178 0

21,296 19,426 19,426 0 501 1,370 4

22,886 20,307 20,307 0 686 1,894 1

23,820 21,206 21,206 0 675 1,939 0

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

11 11,504 0 1,231

13 14,905 0 716

4 14,985 0 588

1 17,385 0 1,106

3 18,378 0 1,322

53 19,426 0 1,997

10 20,307 0 2,751

7 21,206 0 1,796

External debt flows Disbursements Long-term external debt IMF purchases

1,264 1,203 60

757 757 0

861 861 0

976 878 97

1,211 1,061 150

1,080 1,080 0

1,939 1,732 206

1,499 1,499 0

Principal repayments Long-term external debt IMF repurchases

539 335 204

574 513 61

572 487 86

566 566 0

482 482 0

735 735 0

640 632 8

729 705 23

Net flows Long-term external debt Short-term external debt

812 868 88

182 244 -1

368 374 80

370 312 -40

1,235 579 506

532 344 188

1,826 1,100 527

817 794 46

Interest payments Long-term external debt IMF charges Short-term external debt

196 146 40 9

180 167 3 10

194 165 7 22

233 197 1 35

228 167 2 59

255 180 2 72

249 203 7 39

228 197 6 25

3 0

2 -15

280 1

813 20

697 31

653 153

1,010 -48

674 -154

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 24.2 5.1 0.1 48.3

.. 25.6 3.5 0.0 41.7

.. 20.3 3.0 0.0 44.3

0.7 14.2 2.1 0.0 50.7

0.8 12.5 1.9 0.0 52.3

0.9 10.4 1.7 0.0 51.9

0.7 10.0 1.5 0.0 52.4

0.6 9.0 1.4 0.0 53.5

1.1 37.6 10.2

1.9 38.2 10.0

2.4 28.4 7.4

1.5 35.2 9.2

2.0 33.6 8.7

2.1 32.4 8.2

1.2 37.6 9.5

2.0 25.4 7.3

5.8 11.8 3.4

0.0 0.0 0.0

3.0 12.7 3.2

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

30,757 2,128 779 4,140 0 -398 660

39,097 4,702 1,202 7,790 0 -824 2,376

48,828 7,293 1,968 10,018 149 -306 1,516

63,397 10,668 4,315 15,618 661 -176 2,825

65,950 13,065 5,428 17,802 765 1,196 3,877

73,526 14,335 6,562 20,766 903 857 5,277

86,604 17,690 8,941 26,382 840 926 5,787

99,391 17,060 10,523 24,590 1,084 3,345 10,342

577.3 39.9 34.6 1.3 52.4 5.4 1.9

334.5 40.2 16.1 1.3 61.5 15.1 3.7

213.0 31.8 10.5 2.2 70.8 9.8 1.8

172.3 29.0 7.5 3.7 76.4 15.4 2.2

153.3 30.4 5.4 5.9 74.6 19.4 2.6

148.6 29.0 6.9 6.4 76.6 24.8 3.0

129.4 26.4 5.0 8.3 75.6 25.3 2.6

139.6 24.0 5.6 8.1 77.1 43.4 5.0

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

70

BANGLADESH (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

11,504 11,504 11,281 6,434 64 4,095 4,847 223 0 21 0 0

14,905 14,905 14,727 9,669 55 5,638 5,057 179 0 12 0 0

14,985 14,985 14,809 10,998 24 6,431 3,810 176 0 15 0 0

17,385 17,385 17,201 14,044 0 8,688 3,157 184 0 32 0 0

18,378 18,378 18,215 14,947 0 9,297 3,268 163 0 30 0 0

19,426 19,426 19,278 16,315 0 10,077 2,963 148 0 26 0 0

20,307 20,307 20,209 17,296 0 10,613 2,914 98 0 18 0 0

21,206 21,206 21,122 18,376 0 10,746 2,746 84 0 15 0 0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

1,203 1,203 1,114 819 0 464 295 90 0 22 0 0

757 757 677 494 0 198 183 79 0 0 0 0

861 861 794 650 0 357 145 67 0 15 0 0

878 878 878 814 0 547 64 0 0 0 0 0

1,061 1,061 1,061 742 0 398 319 0 0 0 0 0

1,080 1,080 1,080 1,008 0 602 71 0 0 0 0 0

1,732 1,732 1,706 1,451 0 820 255 27 0 0 0 0

1,499 1,499 1,499 1,430 0 297 69 0 0 0 0 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

335 335 301 62 2 13 240 34 0 2 0 0

513 513 414 104 5 41 310 99 0 2 0 0

487 487 465 168 5 82 297 22 0 0 0 0

566 566 551 290 0 153 260 16 0 5 0 0

482 482 459 328 0 172 131 24 0 5 0 0

735 735 719 383 0 193 335 17 0 5 0 0

632 632 612 434 0 213 178 20 0 5 0 0

705 705 692 477 0 234 215 13 0 3 0 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

146 146 135 51 4 28 84 11 0 1 0 0

167 167 162 87 4 42 75 5 0 0 0 0

165 165 156 93 2 47 63 9 0 0 0 0

197 197 195 133 0 70 62 2 0 0 0 0

167 167 166 137 0 70 29 2 0 1 0 0

180 180 178 144 0 72 34 2 0 1 0 0

203 203 200 161 0 77 38 3 0 1 0 0

197 197 195 157 0 79 38 2 0 0 0 0

1,587 812

244 182

-845 368

-1,205 370

1,651 1,235

1,264 532

1,590 1,826

934 817

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

764 236

775 242

822 244

1,109 240

1,140 229

927 218

978 214

1,024 207

26 3

22 3

19 2

14 1

14 1

2 0

2 0

2 0

Notes: Historical data on long-term public and publicly guaranteed debt up to 2008 are revised based on reports provided by the country.

71

BELARUS (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

.. .. .. .. .. .. ..

1,694 1,302 1,301 0 283 110 19

2,140 787 689 98 114 1,239 14

4,737 1,233 786 448 0 3,503 1

5,352 1,697 842 855 0 3,654 4

10,341 3,463 2,338 1,125 0 6,878 2

12,299 5,340 3,752 1,589 0 6,959 2

17,158 6,262 4,758 1,504 2,871 8,024 3

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

.. .. .. ..

140 1,301 0 145

29 689 98 136

37 777 456 412

22 837 860 174

10 2,336 1,127 1,639

4 3,752 1,589 1,961

19 4,758 1,504 1,492

External debt flows Disbursements Long-term external debt IMF purchases

.. .. ..

441 258 182

249 249 0

648 648 0

747 747 0

2,532 2,532 0

2,709 2,709 0

4,917 2,091 2,825

Principal repayments Long-term external debt IMF repurchases

.. .. ..

108 108 0

261 206 56

519 510 9

483 483 0

757 757 0

826 826 0

935 935 0

Net flows Long-term external debt Short-term external debt

.. .. ..

369 150 36

-89 43 -76

695 138 566

412 264 148

5,000 1,775 3,225

1,965 1,883 82

5,046 1,157 1,064

Interest payments Long-term external debt IMF charges Short-term external debt

.. .. .. ..

74 59 10 4

107 39 7 61

161 51 0 111

250 72 0 178

322 81 0 241

349 232 0 117

313 172 13 128

.. ..

15 ..

119 1

305 1

354 -1

1,785 5

2,181 1

1,884 1

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. .. .. .. ..

.. 2.3 0.0 0.7 50.8

.. 2.2 0.0 0.1 48.9

14.4 1.1 0.0 0.0 71.8

26.0 0.7 0.0 0.0 61.1

9.9 0.1 0.0 0.0 85.5

4.1 0.0 0.0 0.0 93.4

7.8 0.0 0.0 0.0 89.3

.. .. ..

5.1 16.0 5.6

6.8 5.9 2.4

5.0 7.6 1.4

5.9 16.9 5.4

4.6 14.9 5.4

6.1 12.1 4.2

4.2 13.4 4.7

.. .. ..

8.1 5.8 1.6

7.2 2.5 1.0

8.9 1.1 1.1

7.2 2.3 1.3

4.8 3.0 1.0

0.0 0.0 0.0

3.2 9.0 2.3

.. .. .. .. .. .. ..

13,922 5,271 29 5,805 .. -458 377

12,690 7,667 139 8,160 5 -338 350

30,220 18,350 255 18,079 135 436 1,342

36,841 22,482 340 24,134 236 -1,448 1,386

44,870 27,901 354 31,124 435 -3,032 4,179

59,974 37,388 443 42,844 682 -5,262 3,063

48,249 25,070 352 31,729 871 -6,402 5,640

.. .. .. .. .. .. ..

32.1 12.2 3.4 6.5 11.1 22.3 0.8

27.9 16.9 4.8 57.9 10.1 16.4 0.5

25.8 15.7 3.7 74.0 1.7 28.3 0.9

23.8 14.5 3.3 68.3 1.2 25.9 0.7

37.1 23.0 3.9 66.5 0.5 40.4 1.6

32.9 20.5 3.1 56.6 0.4 24.9 0.9

68.4 35.6 5.0 46.8 1.5 32.9 2.1

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

72

BELARUS (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

1,302 1,301 769 188 116 0 582 532 0 46 0 0

787 689 400 217 105 0 183 289 0 56 98 0

1,233 786 566 81 59 0 485 219 0 57 448 0

1,697 842 571 65 50 0 506 271 0 102 855 0

3,463 2,338 2,076 52 42 0 2,023 262 0 107 1,125 19

5,340 3,752 3,580 50 42 0 3,529 172 0 68 1,589 19

6,262 4,758 4,629 261 256 0 4,368 128 0 46 1,504 19

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

258 258 131 77 11 0 54 127 0 20 0 0

249 143 25 25 6 0 0 118 0 48 106 0

648 254 188 7 7 0 181 66 0 34 395 0

747 207 74 5 5 0 69 133 0 83 540 0

2,532 1,717 1,596 7 7 0 1,589 121 0 96 815 19

2,709 1,568 1,563 16 16 0 1,547 5 0 0 1,141 0

2,091 1,265 1,254 216 216 0 1,038 11 0 10 826 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

108 108 84 70 0 0 15 24 0 0 0 0

206 134 52 49 14 0 4 82 0 28 71 0

510 177 94 42 16 0 52 83 0 12 333 0

483 171 73 23 15 0 50 98 0 42 311 0

757 253 98 21 16 0 77 155 0 101 505 0

826 151 64 19 17 0 45 86 0 35 675 0

935 126 67 5 3 0 62 59 0 33 809 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

59 59 32 23 8 0 10 26 0 1 0 0

39 38 18 17 6 0 2 19 0 4 1 0

51 39 17 5 3 0 12 22 0 4 12 0

72 45 28 4 3 0 24 16 0 6 27 0

81 49 30 4 3 0 26 19 0 8 33 1

232 176 159 3 2 0 156 17 0 8 56 2

172 105 97 2 2 0 94 8 0 4 67 2

.. ..

398 369

-122 -89

708 695

615 412

4,989 5,000

1,958 1,965

4,859 5,046

.. .. ..

0 0 0

50 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 15 0

7. Long-term external debt

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

91 120

154 164

273 156

437 139

580 119

556 96

464 76

474 62

454 70

331 52

298 36

188 26

148 18

108 12

74 8

60 4

Notes: Short-term debt is based on reports provided by the National Bank.

73

BELIZE (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

143 136 136 0 0 6 1

255 219 219 0 0 36 1

612 562 553 8 0 50 0

1,012 1,006 981 25 0 6 6

1,036 1,029 1,009 20 0 7 7

1,085 1,078 1,064 14 0 6 6

1,071 1,064 1,048 16 0 7 7

1,092 1,076 1,063 14 7 8 8

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

2 136 0 5

1 219 0 29

0 553 8 224

2 981 25 199

0 1,009 20 106

1 1,052 26 591

1 1,038 26 16

1 1,054 23 90

External debt flows Disbursements Long-term external debt IMF purchases

18 18 0

31 31 0

223 223 0

212 212 0

99 99 0

615 615 0

43 43 0

72 64 7

Principal repayments Long-term external debt IMF repurchases

12 9 3

25 25 0

41 41 0

160 160 0

77 77 0

567 567 0

56 56 0

52 52 0

Net flows Long-term external debt Short-term external debt

7 9 1

27 6 21

181 182 -1

53 53 0

23 23 0

48 48 0

-13 -13 0

19 12 0

Interest payments Long-term external debt IMF charges Short-term external debt

6 6 0 0

11 10 0 1

35 32 0 3

73 73 0 0

64 64 0 0

64 64 0 0

51 51 0 0

47 47 0 0

17 0

21 0

23 0

127 0

109 4

140 0

191 2

95 0

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 0.0 23.6 0.0 45.3

.. 0.0 10.0 0.1 62.7

.. 0.0 1.8 0.0 93.2

1.3 0.0 0.4 0.0 96.7

1.4 0.0 0.4 0.0 96.9

1.3 0.0 0.2 0.0 97.2

0.8 0.0 0.1 0.0 97.8

0.8 0.0 0.1 0.0 98.0

5.0 10.0 2.5

5.9 17.9 3.9

6.3 21.1 5.3

0.0 28.4 1.0

2.9 10.5 2.4

5.3 22.3 5.6

4.1 23.4 5.6

1.9 22.2 4.6

0.0 0.0 0.0

8.6 4.8 0.3

9.5 8.1 3.0

4.7 7.1 1.6

0.0 0.0 0.0

4.2 21.9 12.2

4.3 22.0 12.5

0.0 0.0 0.0

406 255 18 269 7 15 70

599 300 14 351 8 -17 38

775 441 26 661 31 -162 123

1,000 634 46 836 35 -151 71

1,088 800 65 899 52 -25 114

1,118 831 75 976 87 -52 109

1,197 872 78 1,116 94 -132 166

.. 731 80 905 66 -94 214

55.9 35.1 7.2 4.3 40.2 48.9 3.1

85.0 42.6 12.2 14.0 35.1 14.7 1.3

138.6 78.9 17.3 8.2 22.2 20.1 2.2

159.6 101.1 36.7 0.6 21.4 7.1 1.0

129.5 95.2 17.6 0.6 21.2 11.0 1.5

130.6 97.0 76.0 0.6 21.7 10.0 1.3

122.7 89.4 12.3 0.6 21.1 15.5 1.8

149.3 .. 13.6 0.7 22.5 19.6 2.8

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

74

BELIZE (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

136 136 118 57 18 0 61 18 0 16 0 0

219 219 175 89 30 0 86 44 0 39 0 0

562 553 225 136 40 0 89 328 75 245 8 0

1,006 981 340 216 35 0 124 641 482 149 25 0

1,029 1,009 407 219 30 0 188 602 466 129 20 0

1,078 1,064 383 236 25 0 148 681 24 652 14 0

1,064 1,048 381 226 21 0 156 667 22 642 16 0

1,076 1,063 407 245 16 0 162 655 21 634 14 0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

18 18 13 6 3 0 7 5 0 5 0 0

31 31 26 12 6 0 13 5 0 5 0 0

223 218 26 22 2 0 4 192 86 96 5 0

212 212 48 14 1 0 34 165 143 12 0 0

99 99 97 17 0 0 80 3 0 3 0 0

615 615 63 36 0 0 26 552 0 552 0 0

43 43 41 18 0 0 24 2 0 2 0 0

64 64 63 34 0 0 30 1 0 1 0 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

9 9 7 3 1 0 4 2 0 2 0 0

25 25 18 7 2 0 11 8 0 5 0 0

41 41 20 9 4 0 11 22 11 9 0 0

160 158 23 17 4 0 6 135 36 98 2 0

77 72 30 15 5 0 15 41 16 22 5 0

567 561 87 21 5 0 66 474 441 30 6 0

56 52 36 21 5 0 16 16 2 11 4 0

52 50 37 15 4 0 23 13 1 9 2 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

6 6 4 3 1 0 1 1 0 1 0 0

10 10 8 4 2 0 4 2 0 2 0 0

32 32 12 7 3 0 4 20 1 18 0 0

73 72 15 9 2 0 5 58 41 16 1 0

64 64 17 10 2 0 7 47 36 10 1 0

64 63 18 11 2 0 8 45 23 21 0 0

51 50 17 10 1 0 7 33 2 31 0 0

47 47 14 8 1 0 7 33 2 30 0 0

6 7

56 27

220 181

49 53

24 23

49 48

-14 -13

21 19

0 9 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

7 0 0

0 0 0

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

32 13

28 12

28 12

27 11

29 10

29 9

39 8

28 7

37 31

12 29

31 27

9 26

9 25

9 24

5 24

5 23

Notes: Long-term private nonguaranteed debt data are World Bank staff estimates.

75

BENIN (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

1,122 1,048 1,048 0 18 56 21

1,398 1,267 1,267 0 84 47 8

1,390 1,239 1,239 0 84 66 1

1,539 1,446 1,446 0 53 41 2

642 599 599 0 3 41 2

766 757 757 0 4 5 5

918 857 857 0 22 38 5

1,073 990 990 0 39 45 33

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

69 1,048 0 85

71 1,267 0 113

2 1,239 0 140

6 1,446 0 266

8 599 0 91

9 757 0 228

13 857 0 147

36 990 0 232

External debt flows Disbursements Long-term external debt IMF purchases

120 120 0

104 90 14

48 39 9

98 97 1

162 161 1

160 158 1

162 143 19

166 150 16

Principal repayments Long-term external debt IMF repurchases

20 18 2

25 23 2

53 43 11

31 24 7

27 27 0

18 18 0

17 17 0

25 25 0

Net flows Long-term external debt Short-term external debt

91 101 -8

95 67 16

-54 -4 -48

82 73 15

135 134 0

102 140 -39

178 127 33

120 125 -21

Interest payments Long-term external debt IMF charges Short-term external debt

17 13 0 4

23 21 0 2

21 16 0 4

16 14 0 2

14 12 0 2

11 10 0 1

42 41 0 0

12 12 0 0

62 0

13 0

60 0

53 2

53 0

255 5

174 ..

93 ..

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 0.0 1.0 0.0 40.3

.. 0.0 0.5 0.0 45.1

.. 2.6 0.3 0.0 54.8

4.4 0.0 0.0 0.0 50.7

4.9 0.0 0.0 0.0 27.2

3.8 0.0 0.0 0.0 27.9

3.2 0.0 0.0 0.0 24.3

5.3 0.0 0.0 0.0 21.5

1.3 39.2 8.4

1.7 32.4 8.9

1.9 32.7 8.3

1.3 30.4 9.3

1.2 32.6 8.3

1.5 32.5 8.4

1.5 30.1 8.0

1.3 36.8 8.9

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

1,806 376 101 492 0 -18 69

1,965 638 100 926 6 -167 198

2,243 552 87 744 1 -81 458

4,259 797 173 1,188 9 -226 657

4,623 976 224 1,452 15 -217 912

5,428 1,385 282 2,189 53 -535 1,209

6,672 .. 271 1,928 .. .. 1,263

6,646 .. 267 .. .. .. 1,230

298.2 62.1 9.9 5.0 51.4 6.2 1.7

219.3 71.2 7.5 3.4 63.1 14.2 2.6

251.8 62.0 13.5 4.8 69.7 33.0 7.4

193.1 36.1 5.9 2.7 88.1 42.7 6.6

65.8 13.9 4.2 6.4 72.0 142.0 7.5

55.3 14.1 2.1 0.6 77.9 157.9 6.6

.. 13.8 .. 4.2 75.4 137.7 7.9

.. 16.1 .. 4.2 74.7 114.6 ..

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

76

BENIN (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

1,048 1,048 1,031 576 0 326 455 17 0 0 0 0

1,267 1,267 1,263 882 0 498 381 4 0 0 0 0

1,239 1,239 1,237 969 0 578 267 3 0 0 0 0

1,446 1,446 1,446 1,356 0 771 89 0 0 0 0 0

599 599 599 463 0 126 136 0 0 0 0 0

757 757 757 597 0 176 160 0 0 0 0 0

857 857 857 692 0 255 165 0 0 0 0 0

990 990 990 801 0 309 188 0 0 0 0 0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

120 120 120 90 0 56 29 0 0 0 0 0

90 90 90 80 0 31 10 0 0 0 0 0

39 39 39 27 0 36 12 0 0 0 0 0

97 97 97 92 0 49 4 0 0 0 0 0

161 161 161 85 0 32 75 0 0 0 0 0

158 158 158 138 0 43 21 0 0 0 0 0

143 143 143 138 0 84 5 0 0 0 0 0

150 150 150 117 0 51 33 0 0 0 0 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

18 18 18 18 0 1 0 0 0 0 0 0

23 23 23 16 0 3 7 0 0 0 0 0

43 43 43 14 0 4 28 0 0 0 0 0

24 24 20 20 0 6 1 4 0 0 0 0

27 27 27 21 0 3 6 0 0 0 0 0

18 18 18 17 0 0 2 0 0 0 0 0

17 17 17 14 0 0 3 0 0 0 0 0

25 25 25 17 0 0 8 0 0 0 0 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

13 13 13 12 0 2 1 0 0 0 0 0

21 21 21 8 0 4 12 0 0 0 0 0

16 16 16 11 0 4 5 0 0 0 0 0

14 14 14 13 0 6 1 0 0 0 0 0

12 12 12 12 0 4 1 0 0 0 0 0

10 10 10 10 0 1 1 0 0 0 0 0

41 41 41 24 0 2 17 0 0 0 0 0

12 12 12 10 0 2 2 0 0 0 0 0

50 91

14 95

-88 -54

-60 82

-897 135

123 102

152 178

156 120

12 125 0

5 139 0

53 7 0

0 15 0

0 1,076 0

0 0 0

0 6 0

0 0 0

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

43 14

46 15

50 16

56 16

58 16

60 15

57 14

55 13

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

Notes: Historical data on long-term public and publicly guaranteed debt up to 2008 are revised based on reports provided by the country. Benin was granted debt relief effective in 2006 under MDRI.

77

BHUTAN (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

83.5 80.3 80.3 0.0 0.0 3.3 0.3

105.8 105.2 105.2 0.0 0.0 0.6 0.6

203.8 202.2 202.2 0.0 0.0 1.5 0.0

649.2 636.7 636.7 0.0 0.0 12.5 4.5

713.3 697.3 697.3 0.0 0.0 16.0 0.0

775.0 775.0 775.0 0.0 0.0 0.0 0.0

692.4 692.4 692.4 0.0 0.0 0.0 0.0

762.4 762.4 762.4 0.0 0.0 0.0 0.0

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

1.5 80.3 0.0 0.0

0.2 105.2 0.0 24.0

0.0 202.2 0.0 85.1

4.1 636.7 0.0 60.3

0.0 697.3 0.0 25.0

0.0 775.0 0.0 896.6

0.0 692.4 0.0 0.0

0.0 762.4 0.0 175.8

External debt flows Disbursements Long-term external debt IMF purchases

8.4 8.4 0.0

9.9 9.9 0.0

34.8 34.8 0.0

81.9 81.9 0.0

45.2 45.2 0.0

31.9 31.9 0.0

48.4 48.4 0.0

91.9 91.9 0.0

Principal repayments Long-term external debt IMF repurchases

2.9 2.9 0.0

7.2 7.2 0.0

4.7 4.7 0.0

4.6 4.6 0.0

5.9 5.9 0.0

23.9 23.9 0.0

43.5 43.5 0.0

41.1 41.1 0.0

Net flows Long-term external debt Short-term external debt

6.5 5.5 1.0

2.7 2.7 0.0

29.6 30.1 -0.5

85.3 77.3 8.0

47.3 39.3 8.0

-8.0 8.0 -16.0

4.9 4.9 0.0

50.8 50.8 0.0

Interest payments Long-term external debt IMF charges Short-term external debt

2.3 2.0 0.0 0.2

2.6 2.6 0.0 0.0

2.0 1.8 0.0 0.2

2.2 2.0 0.0 0.2

4.2 3.4 0.0 0.8

7.3 6.9 0.0 0.4

38.0 38.0 0.0 0.0

34.4 34.4 0.0 0.0

.. ..

.. ..

.. ..

9.0 ..

6.1 ..

73.3 ..

29.7 ..

36.4 ..

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 0.0 0.0 0.0 43.1

.. 0.0 0.0 0.0 28.6

.. 0.0 0.0 0.0 17.7

9.6 0.0 0.0 0.0 18.2

10.9 0.0 0.0 0.0 19.2

11.1 0.0 0.0 0.0 19.0

11.3 0.0 0.0 0.0 22.4

11.3 0.0 0.0 0.0 23.6

0.0 0.0 0.0

1.3 33.4 11.2

3.6 32.1 10.5

0.8 28.6 7.1

1.4 32.0 8.5

9.5 19.3 7.6

0.8 38.9 9.4

4.3 24.7 6.1

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

297.7 .. .. .. .. .. 88.8

291.6 .. .. .. .. .. 130.5

418.7 .. .. .. .. .. 317.6

792.7 144.9 .. .. .. .. 467.4

875.7 194.8 .. .. .. .. 545.3

1190.5 266.5 .. 658.6 .. .. 699.0

1218.6 381.9 .. 656.0 .. .. 764.8

1322.4 659.8 .. 610.0 .. .. ..

.. 28.1 .. 3.9 50.1 106.3 ..

.. 36.3 .. 0.5 64.5 123.3 ..

.. 48.7 .. 0.8 49.4 155.9 ..

448.0 81.9 4.7 1.9 27.3 72.0 ..

366.2 81.5 5.2 2.2 27.4 76.5 ..

290.8 65.1 11.7 .. 28.9 90.2 12.7

181.3 56.8 21.3 .. 34.4 110.5 14.0

115.6 57.7 11.4 .. 37.5 .. ..

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

78

BHUTAN (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

80.3 80.3 61.8 41.9 0.0 16.1 19.9 18.5 0.0 0.0 0.0 0.0

105.2 105.2 98.4 68.2 0.0 22.5 30.2 6.8 0.0 0.0 0.0 0.0

202.2 202.2 202.2 100.6 0.0 26.1 101.6 0.0 0.0 0.0 0.0 0.0

636.7 636.7 636.7 177.1 0.0 63.3 459.6 0.0 0.0 0.0 0.0 0.0

697.3 697.3 697.3 195.8 0.0 76.0 501.5 0.0 0.0 0.0 0.0 0.0

775.0 775.0 775.0 223.7 0.0 87.5 551.4 0.0 0.0 0.0 0.0 0.0

692.4 692.4 692.4 238.1 0.0 94.3 454.3 0.0 0.0 0.0 0.0 0.0

762.4 762.4 762.4 286.0 0.0 113.9 476.4 0.0 0.0 0.0 0.0 0.0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8.4 8.4 8.4 7.2 0.0 2.0 1.2 0.0 0.0 0.0 0.0 0.0

9.9 9.9 9.9 5.8 0.0 1.2 4.1 0.0 0.0 0.0 0.0 0.0

34.8 34.8 34.8 11.8 0.0 3.6 23.0 0.0 0.0 0.0 0.0 0.0

81.9 81.9 81.9 22.1 0.0 8.4 59.9 0.0 0.0 0.0 0.0 0.0

45.2 45.2 45.2 15.1 0.0 10.3 30.1 0.0 0.0 0.0 0.0 0.0

31.9 31.9 31.9 21.4 0.0 8.8 10.5 0.0 0.0 0.0 0.0 0.0

48.4 48.4 48.4 14.7 0.0 8.6 33.6 0.0 0.0 0.0 0.0 0.0

91.9 91.9 91.9 51.3 0.0 19.9 40.6 0.0 0.0 0.0 0.0 0.0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

2.9 2.9 0.3 0.0 0.0 0.0 0.3 2.6 0.0 0.0 0.0 0.0

7.2 7.2 4.9 0.6 0.0 0.1 4.3 2.3 0.0 0.0 0.0 0.0

4.7 4.7 4.7 1.3 0.0 0.3 3.4 0.0 0.0 0.0 0.0 0.0

4.6 4.6 4.6 2.2 0.0 0.7 2.5 0.0 0.0 0.0 0.0 0.0

5.9 5.9 5.9 2.5 0.0 0.8 3.4 0.0 0.0 0.0 0.0 0.0

23.9 23.9 23.9 2.7 0.0 0.8 21.2 0.0 0.0 0.0 0.0 0.0

43.5 43.5 43.5 3.7 0.0 1.0 39.8 0.0 0.0 0.0 0.0 0.0

41.1 41.1 41.1 5.3 0.0 1.2 35.7 0.0 0.0 0.0 0.0 0.0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

2.0 2.0 0.4 0.3 0.0 0.1 0.1 1.6 0.0 0.0 0.0 0.0

2.6 2.6 2.0 0.6 0.0 0.2 1.4 0.6 0.0 0.0 0.0 0.0

1.8 1.8 1.8 0.9 0.0 0.2 0.9 0.0 0.0 0.0 0.0 0.0

2.0 2.0 2.0 1.6 0.0 0.6 0.4 0.0 0.0 0.0 0.0 0.0

3.4 3.4 3.4 1.8 0.0 0.6 1.6 0.0 0.0 0.0 0.0 0.0

6.9 6.9 6.9 1.8 0.0 0.6 5.1 0.0 0.0 0.0 0.0 0.0

38.0 38.0 38.0 2.1 0.0 0.7 35.9 0.0 0.0 0.0 0.0 0.0

34.4 34.4 34.4 2.2 0.0 0.7 32.2 0.0 0.0 0.0 0.0 0.0

9.7 6.5

1.3 2.7

20.0 29.6

55.9 85.3

64.1 47.3

61.7 -8.0

-82.6 4.9

69.9 50.8

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

66.4 46.9

66.5 53.9

67.0 55.2

72.2 53.1

75.9 49.2

142.0 88.9

117.0 76.9

91.5 69.8

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

0.0 0.0

79

BOLIVIA, PLURINATIONAL STATE OF (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

4,275 3,864 3,687 177 257 154 6

5,272 4,698 4,459 239 268 307 20

5,785 5,163 4,137 1,026 220 402 2

6,908 6,482 4,568 1,914 244 182 0

5,798 5,563 3,175 2,388 15 220 0

4,992 4,815 2,194 2,621 0 177 0

5,529 5,371 2,403 2,969 0 158 0

5,745 5,191 2,545 2,647 0 554 0

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

31 3,687 177 549

30 4,459 239 684

19 3,759 1,403 180

0 4,545 1,937 551

0 3,157 2,406 185

0 2,184 2,631 1,059

0 2,393 2,978 1,173

0 2,535 2,656 1,156

External debt flows Disbursements Long-term external debt IMF purchases

331 300 31

520 494 26

759 744 15

895 880 14

364 364 0

912 912 0

1,264 1,264 0

512 512 0

Principal repayments Long-term external debt IMF repurchases

241 196 46

199 173 26

454 434 20

355 315 40

208 208 0

539 525 15

767 767 0

452 452 0

Net flows Long-term external debt Short-term external debt

32 104 -57

341 321 20

294 309 -10

449 565 -91

194 155 38

329 387 -43

479 498 -19

456 60 396

Interest payments Long-term external debt IMF charges Short-term external debt

144 117 13 14

173 155 1 17

180 159 1 20

174 159 6 10

215 203 2 10

202 194 1 7

179 175 0 4

137 118 0 19

27 0

393 0

736 0

-239 0

281 0

366 0

512 0

423 ..

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 10.0 0.9 0.7 41.3

.. 13.2 0.7 0.0 32.7

.. 12.3 0.2 0.0 45.0

1.5 0.0 0.0 0.0 75.3

2.6 0.0 0.0 0.0 66.2

4.2 0.0 0.0 0.0 76.5

3.6 0.0 0.0 0.0 79.7

3.1 0.0 0.0 0.0 82.0

4.1 29.5 7.9

3.8 29.1 7.8

4.2 28.6 7.9

4.9 21.6 5.6

4.1 24.9 5.8

2.7 22.8 5.2

3.6 19.9 5.3

3.4 22.3 5.5

9.4 5.8 1.5

6.7 5.6 1.0

7.4 5.8 0.8

0.0 0.0 0.0

0.0 0.0 0.0

5.0 2.0 2.0

4.8 2.7 2.0

2.2 15.0 4.5

4,626 996 5 1,354 17 -199 511

6,494 1,262 7 1,809 24 -303 1,005

8,172 1,610 127 2,443 148 -446 1,184

10,980 3,401 346 3,363 271 622 1,795

12,378 4,587 612 4,091 392 1,317 3,194

12,631 5,327 1,065 5,002 644 1,591 5,314

16,138 7,294 1,144 6,563 681 2,015 7,720

16,675 4,096 1,109 522 .. .. 8,575

429.4 92.4 38.7 3.6 37.2 12.0 4.5

417.7 81.2 29.5 5.8 48.9 19.1 6.7

359.4 70.8 39.4 7.0 48.5 20.5 5.8

203.1 62.9 15.6 2.6 60.9 26.0 6.4

126.4 46.8 9.2 3.8 47.6 55.1 9.4

93.7 39.5 13.9 3.5 34.0 106.4 12.7

75.8 34.3 13.0 2.9 32.7 139.6 14.1

140.3 34.5 14.4 9.6 34.4 149.2 197.2

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

80

BOLIVIA, PLURINATIONAL STATE OF (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

3,864 3,687 3,362 1,589 194 393 1,773 325 35 4 177 0

4,698 4,459 4,396 2,579 95 770 1,817 63 17 9 239 0

5,163 4,137 4,103 2,803 0 1,096 1,300 33 0 3 1,026 0

6,482 4,568 4,545 4,210 0 1,673 336 23 0 1 1,914 0

5,563 3,175 3,155 2,762 0 233 393 20 0 0 2,388 0

4,815 2,194 2,166 1,698 0 259 468 28 10 0 2,621 0

5,371 2,403 2,313 1,810 0 281 503 89 10 66 2,969 0

5,191 2,545 2,461 1,978 0 316 482 84 0 73 2,647 0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

300 300 291 204 0 49 86 9 0 0 0 0

494 427 427 383 0 113 45 0 0 0 67 0

744 276 263 238 0 61 25 13 0 0 468 0

880 434 433 350 0 71 83 1 0 0 447 0

364 259 258 186 0 34 72 1 0 0 105 0

912 319 309 222 0 16 87 10 10 0 593 0

1,264 592 525 458 0 25 67 67 0 66 673 0

512 415 408 330 0 34 79 7 0 7 97 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

196 172 163 117 21 2 46 9 0 2 24 0

173 155 147 120 26 2 27 8 0 4 18 0

434 153 149 118 12 0 32 4 0 1 281 0

315 184 182 169 0 8 13 2 0 1 131 0

208 200 196 181 0 5 14 4 0 1 8 0

525 165 161 145 0 0 16 4 0 0 360 0

767 375 370 352 0 1 19 5 0 0 392 0

452 195 182 166 0 2 17 13 10 0 257 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

117 103 101 69 15 3 32 2 0 1 14 0

155 137 133 100 9 6 33 4 0 1 19 0

159 112 111 82 1 1 29 1 0 0 47 0

159 100 99 94 0 12 5 0 0 0 59 0

203 111 111 101 0 6 10 0 0 0 92 0

194 103 103 92 0 2 11 0 0 0 91 0

175 98 98 88 0 2 10 1 0 0 77 0

118 70 66 57 0 2 9 4 0 3 48 0

143 32

396 341

237 294

686 449

-1,110 194

-805 329

537 479

216 456

153 169 4

196 82 0

0 64 0

0 65 0

0 1,787 0

0 1,182 0

0 17 0

0 87 0

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

197 65

186 71

192 76

231 77

260 76

265 72

266 67

274 64

607 115

517 88

461 64

567 49

200 18

189 14

95 11

64 9

Notes: Bolivia was granted debt relief effective in 2006 under MDRI. Data for 2007 include the effects of MDRI, in the amount of $810 in thousands.

81

BOSNIA AND HERZEGOVINA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

.. .. .. .. .. .. ..

.. .. .. .. 48 .. ..

2,773 2,619 1,957 663 105 49 1

6,222 5,323 2,556 2,767 62 837 0

7,242 6,051 2,716 3,335 20 1,171 0

8,823 7,133 2,958 4,175 2 1,687 0

8,303 7,398 3,000 4,398 0 905 0

9,583 7,620 3,569 4,051 286 1,677 0

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

.. .. .. ..

.. .. .. ..

1 1,957 663 197

0 2,556 2,767 120

0 2,716 3,335 616

0 2,958 4,175 231

0 3,000 4,398 302

0 3,569 4,051 368

External debt flows Disbursements Long-term external debt IMF purchases

.. .. ..

.. .. 46

138 103 36

536 536 0

754 754 0

1,022 1,022 0

471 471 0

815 533 282

Principal repayments Long-term external debt IMF repurchases

.. .. ..

.. .. 28

190 170 20

134 95 39

188 144 44

145 127 18

139 137 2

354 354 0

Net flows Long-term external debt Short-term external debt

.. .. ..

.. .. ..

-41 -68 11

879 441 477

899 609 334

1,392 895 516

-450 335 -782

1,233 179 772

Interest payments Long-term external debt IMF charges Short-term external debt

.. .. .. ..

.. .. 5 ..

127 119 5 3

151 136 3 12

183 176 2 4

290 217 1 73

307 256 0 50

292 219 1 72

.. ..

.. ..

146 0

608 ..

768 ..

2,071 ..

921 ..

235 ..

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. .. .. .. ..

.. .. .. .. ..

.. 0.0 0.0 2.3 27.6

33.9 1.2 0.0 1.7 41.3

35.7 1.3 0.0 1.2 40.9

38.0 1.2 0.0 1.2 40.1

38.9 1.5 0.0 1.2 39.1

48.6 1.2 0.0 1.1 32.7

.. .. ..

.. .. ..

3.7 23.3 6.7

1.9 17.1 5.9

3.1 20.6 6.9

3.9 22.4 6.1

4.7 16.2 4.3

1.6 16.1 4.8

.. .. ..

.. .. ..

0.0 0.0 0.0

0.0 0.0 0.0

2.9 11.9 2.9

4.2 15.1 6.9

1.2 13.4 6.0

1.0 13.5 4.5

.. .. .. .. .. .. ..

.. .. .. .. .. .. ..

6,096 2,247 1,607 4,234 0 -396 497

11,343 4,227 2,043 8,103 97 -1,844 2,531

12,810 5,253 2,157 8,468 175 -981 3,372

15,723 6,738 2,700 11,049 344 -1,594 4,525

19,100 8,062 2,735 13,539 234 -2,764 3,516

17,554 6,125 2,167 9,441 29 .. 3,245

.. .. .. .. .. .. ..

.. .. .. .. .. .. ..

123.4 45.5 14.2 1.8 45.6 17.9 1.4

147.2 54.9 6.8 13.5 27.5 40.7 3.7

137.9 56.5 7.1 16.2 24.9 46.6 4.8

130.9 56.1 6.5 19.1 22.0 51.3 4.9

103.0 43.5 5.5 10.9 23.9 42.3 3.1

156.5 54.6 10.5 17.5 22.9 33.9 4.1

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

82

BOSNIA AND HERZEGOVINA (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. 472 0 .. .. .. .. .. ..

2,619 1,957 1,832 1,266 562 398 566 125 0 125 663 0

5,323 2,556 2,401 1,712 481 921 689 155 0 155 2,767 0

6,051 2,716 2,547 1,802 466 983 744 169 0 169 3,335 0

7,133 2,958 2,764 1,942 453 1,068 821 195 0 195 4,175 0

7,398 3,000 2,800 1,984 443 1,077 816 200 0 200 4,398 0

7,620 3,569 3,041 2,197 417 1,102 845 527 322 206 4,051 0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. 0 0 .. .. .. .. .. ..

103 98 98 90 0 44 8 0 0 0 5 0

536 150 150 133 0 56 17 0 0 0 386 0

754 125 125 94 0 27 32 0 0 0 628 0

1,022 149 137 118 0 57 19 12 0 12 873 0

471 189 163 128 0 29 35 26 0 26 282 0

533 327 315 269 0 33 46 12 0 12 206 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. 0 0 .. .. .. .. .. ..

170 170 170 166 0 0 3 0 0 0 1 0

95 54 51 44 24 0 7 3 0 3 41 0

144 67 63 56 24 4 8 3 0 3 78 0

127 79 72 63 24 9 9 7 0 7 48 0

137 91 82 71 25 12 11 9 0 9 46 0

354 109 96 84 25 15 12 13 0 13 245 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

.. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. 0 0 .. .. .. .. .. ..

119 89 86 74 33 3 13 2 0 2 30 0

136 53 48 35 17 7 13 6 0 6 83 0

176 61 56 43 23 8 13 6 0 6 114 0

217 70 63 49 26 8 14 6 0 6 147 0

256 80 70 54 26 8 16 10 0 10 176 0

219 63 56 41 17 8 14 8 0 8 155 0

.. ..

.. ..

397 -41

633 879

1,020 899

1,580 1,392

-520 -450

1,280 1,233

.. .. ..

.. .. ..

4 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

7. Long-term external debt

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

197 57

181 57

180 56

195 54

218 51

224 48

220 44

229 40

1,055 168

859 125

792 92

520 62

378 44

284 31

235 21

192 14

Notes: Data on long-term private nonguaranteed debt from 2005 are World Bank staff estimates.

83

BOTSWANA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

553 547 547 0 0 6 3

717 707 707 0 0 10 6

453 438 438 0 0 15 0

447 412 412 0 0 35 0

382 358 358 0 0 24 0

413 391 391 0 0 22 0

434 391 391 0 0 43 0

1,617 1,388 1,388 0 0 229 0

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

3 547 0 81

9 676 31 0

1 432 5 0

0 412 0 0

0 358 0 75

0 391 0 50

0 391 0 0

0 1,388 0 1,777

External debt flows Disbursements Long-term external debt IMF purchases

27 27 0

67 67 0

28 28 0

11 11 0

4 4 0

50 50 0

54 54 0

1,006 1,006 0

Principal repayments Long-term external debt IMF repurchases

66 66 0

64 64 0

52 52 0

40 40 0

45 45 0

37 37 0

61 61 0

36 36 0

Net flows Long-term external debt Short-term external debt

-39 -39 0

4 3 1

-29 -24 -5

-17 -30 13

-51 -40 -11

11 13 -2

15 -6 21

1,156 970 186

Interest payments Long-term external debt IMF charges Short-term external debt

39 39 0 0

27 27 0 0

17 15 0 1

13 12 0 1

12 10 0 2

10 9 0 1

8 7 0 1

11 9 0 2

96 0

70 6

57 -6

279 62

486 36

647 9

109 -37

234 18

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 4.4 10.1 0.0 11.9

.. 11.1 3.8 0.1 13.4

.. 11.4 2.3 0.1 18.0

6.9 17.1 5.2 0.1 20.5

8.2 10.4 6.1 0.0 20.8

8.0 13.3 5.5 0.0 18.3

7.2 13.9 3.6 0.0 24.9

2.0 3.5 1.0 0.0 7.7

5.6 17.6 4.5

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

4.6 18.2 5.2

3.3 20.9 5.9

0.0 0.0 0.0

0.8 20.7 5.8

8.9 11.6 4.1

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

3,686 2,421 86 2,509 407 -19 3,331

4,741 2,904 59 2,565 416 300 4,695

5,280 3,378 26 3,050 658 545 6,318

9,420 5,757 127 4,839 1,066 1,591 6,309

10,482 5,821 117 4,753 1,043 1,940 7,992

11,647 6,061 105 5,816 989 1,351 9,790

13,169 6,042 114 6,550 598 502 9,119

11,432 3,835 122 5,218 .. .. 8,704

22.8 15.0 4.3 1.0 70.0 602.5 15.9

24.7 15.1 3.1 1.4 70.1 654.7 22.0

13.4 8.6 2.0 3.3 65.7 1,395.5 24.9

7.8 4.7 0.9 7.8 58.6 1,410.5 15.6

6.6 3.6 1.0 6.3 64.2 2,091.3 20.2

6.8 3.5 0.8 5.3 58.2 2,369.9 20.2

7.2 3.3 1.1 9.9 57.1 2,102.1 16.7

42.2 14.1 1.2 14.2 77.4 538.2 20.0

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

84

BOTSWANA (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

547 547 520 387 155 14 133 27 0 3 0 0

707 707 660 503 96 12 157 47 0 33 0 0

438 438 410 297 16 9 112 28 0 20 0 0

412 412 401 262 2 7 139 12 0 7 0 0

358 358 349 245 1 6 104 9 0 5 0 0

391 391 384 240 0 6 144 7 0 4 0 0

391 391 389 248 0 5 141 2 0 0 0 0

1,388 1,388 1,387 1,252 0 5 135 2 0 0 0 0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

27 27 27 21 7 0 6 0 0 0 0 0

67 67 67 23 1 0 44 0 0 0 0 0

28 28 24 8 0 0 16 4 0 4 0 0

11 11 11 0 0 0 11 0 0 0 0 0

4 4 4 2 0 0 3 0 0 0 0 0

50 50 50 8 0 0 43 0 0 0 0 0

54 54 54 44 0 0 11 0 0 0 0 0

1,006 1,006 1,006 997 0 0 9 0 0 0 0 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

66 66 48 37 19 0 11 18 0 0 0 0

64 64 58 48 24 0 9 6 0 5 0 0

52 52 45 33 7 0 12 7 0 6 0 0

40 40 38 28 1 0 10 2 0 2 0 0

45 45 42 30 1 0 12 2 0 2 0 0

37 37 35 25 1 0 10 2 0 2 0 0

61 61 56 26 0 0 30 5 0 4 0 0

36 36 35 21 0 0 14 1 0 0 0 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

39 39 36 28 14 0 8 3 0 0 0 0

27 27 24 21 9 0 3 3 0 2 0 0

15 15 14 11 1 0 3 1 0 1 0 0

12 12 11 8 0 0 4 0 0 0 0 0

10 10 10 7 0 0 3 0 0 0 0 0

9 9 9 6 0 0 3 0 0 0 0 0

7 7 7 5 0 0 3 0 0 0 0 0

9 9 9 5 0 0 3 0 0 0 0 0

3 -39

17 4

-51 -29

-63 -17

-65 -51

31 11

21 15

1,184 1,156

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

35 11

52 15

34 14

30 14

29 14

130 13

128 12

133 12

1 0

1 0

1 0

0 0

0 0

0 0

0 0

0 0

85

BRAZIL (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

119,732 94,196 87,525 6,671 1,821 23,715 8,790

160,469 129,090 98,260 30,830 142 31,238 1,546

241,550 208,809 96,127 112,682 1,768 30,973 176

187,526 163,533 94,028 69,505 0 23,993 0

193,458 173,133 84,245 88,889 0 20,325 2

237,605 198,357 79,595 118,762 0 39,248 2

262,139 225,488 79,646 145,842 0 36,652 8

276,932 237,143 87,317 149,826 0 39,789 3

3,597 86,955 7,241 3,012

3,936 97,392 31,698 7,606

1,821 95,681 113,127 30,557

18 92,677 70,855 12,659

3 83,044 90,089 9,247

6 78,374 119,983 11,070

5 78,396 147,092 12,743

10 85,000 152,144 19,262

External debt flows Disbursements Long-term external debt IMF purchases

4,087 4,087 0

20,207 20,207 0

44,051 44,051 0

27,402 27,402 0

52,622 52,622 0

59,905 59,905 0

69,496 69,496 0

57,431 57,431 0

Principal repayments Long-term external debt IMF repurchases

5,896 5,131 765

11,051 11,002 49

47,733 41,040 6,693

49,561 25,751 23,810

47,388 47,388 0

40,422 40,422 0

40,285 40,285 0

30,151 30,151 0

Net flows Long-term external debt Short-term external debt

-1,710 -1,044 99

8,797 9,205 -359

-1,851 3,011 1,831

-23,433 1,651 -1,274

1,564 5,234 -3,670

38,407 19,484 18,923

26,610 29,212 -2,602

30,422 27,280 3,142

Interest payments Long-term external debt IMF charges Short-term external debt

2,260 2,029 231 0

10,522 8,719 10 1,792

17,111 15,280 336 1,494

13,282 10,303 1,079 1,900

14,785 13,150 109 1,526

14,514 13,025 0 1,489

16,175 15,037 0 1,138

14,166 13,677 0 489

989 103

4,859 2,775

32,779 3,076

15,066 6,451

18,782 7,716

34,585 26,217

45,058 -7,565

25,949 37,071

1. Summary external debt data External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 7.4 1.8 1.0 60.5

.. 8.7 1.8 0.3 68.3

.. 7.4 1.0 0.3 70.4

9.4 6.1 0.2 0.1 79.3

10.4 5.4 0.3 0.0 79.0

9.8 4.7 0.0 0.0 80.7

9.0 5.9 0.1 0.0 80.6

7.3 5.0 0.1 0.0 84.2

7.4 15.2 4.1

5.9 19.9 4.9

5.7 8.6 1.2

4.7 18.5 4.3

6.0 17.1 4.4

4.6 16.7 3.9

3.7 23.6 3.8

2.5 15.3 5.0

9.0 8.0 3.2

7.7 3.3 2.1

9.9 15.5 14.2

8.7 14.5 14.0

7.5 15.1 15.0

8.5 13.7 9.4

5.5 14.2 13.7

5.7 14.8 13.9

449,672 36,327 573 40,949 1,892 -3,823 9,200

757,886 56,098 3,315 77,855 2,814 -18,136 51,477

626,768 68,205 1,649 93,950 4,238 -24,225 33,015

869,565 137,550 3,540 127,123 11,035 13,985 53,799

1,073,837 163,708 4,253 154,393 13,884 13,621 85,843

1,346,232 196,096 4,382 198,574 19,692 1,551 180,334

1,609,692 240,904 5,089 273,320 28,773 -28,192 193,783

1,547,131 189,549 4,234 217,189 21,029 -24,302 238,539

329.6 26.6 22.5 19.8 9.5 7.7 2.7

286.1 21.2 38.5 19.5 5.8 32.1 7.9

354.2 38.5 95.1 12.8 7.6 13.7 4.2

136.3 21.6 45.7 12.8 10.3 28.7 5.1

118.2 18.0 38.0 10.5 11.3 44.4 6.7

121.2 17.6 28.0 16.5 9.6 75.9 10.9

108.8 16.3 23.4 14.0 9.3 73.9 8.5

146.1 17.9 23.4 14.4 8.9 86.1 13.2

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

86

BRAZIL (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

94,196 87,525 29,348 11,391 8,427 0 17,956 58,177 2,339 47,461 6,671 0

129,090 98,260 27,837 9,366 6,038 0 18,471 70,423 54,615 12,158 30,830 11,290

208,809 96,127 29,351 18,330 7,377 0 11,021 66,776 54,096 11,478 112,682 16,846

163,533 94,028 25,843 19,356 8,083 0 6,487 68,185 59,077 8,331 69,505 35,969

173,133 84,245 25,382 21,929 9,694 0 3,454 58,862 49,173 9,575 88,889 38,764

198,357 79,595 26,148 22,721 9,676 0 3,427 53,447 45,441 7,719 118,762 45,311

225,488 79,646 29,020 24,352 10,671 0 4,668 50,626 42,035 8,382 145,842 37,855

237,143 87,317 32,385 24,753 10,065 0 7,632 54,932 47,361 7,389 149,826 53,342

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

4,087 3,212 1,322 1,001 782 0 321 1,890 200 864 875 0

20,207 8,111 2,005 1,257 838 0 747 6,107 1,661 4,340 12,096 4,563

44,051 19,636 5,244 4,478 1,692 0 766 14,391 10,836 3,532 24,415 2,886

27,402 13,195 3,326 2,326 773 0 1,001 9,868 8,252 1,608 14,207 6,579

52,622 11,122 4,249 3,865 2,203 0 384 6,873 5,614 1,240 41,500 9,832

59,905 6,275 2,063 1,986 606 0 78 4,212 2,977 1,182 53,630 13,930

69,496 16,633 4,313 2,959 1,726 0 1,354 12,320 10,254 2,057 52,863 6,754

57,431 13,489 6,845 3,269 1,274 0 3,576 6,643 6,100 485 43,943 17,015

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

5,131 4,123 1,956 1,518 1,251 0 439 2,167 71 1,616 1,008 0

11,002 6,522 3,719 1,683 1,377 0 2,035 2,804 919 1,051 4,480 2,670

41,040 17,226 7,045 4,309 887 0 2,736 10,181 8,397 1,546 23,813 2,775

25,751 9,444 3,300 1,774 1,029 0 1,526 6,145 4,187 1,923 16,306 7,063

47,388 24,474 4,534 1,512 743 0 3,022 19,941 17,885 2,015 22,914 5,479

40,422 14,079 2,263 1,679 805 0 584 11,816 8,110 3,612 26,343 8,471

40,285 16,282 2,352 1,734 812 0 618 13,931 11,952 1,897 24,002 2,420

30,151 7,466 3,407 2,830 1,872 0 578 4,059 2,419 1,557 22,685 1,585

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

2,029 1,569 1,273 966 725 0 307 296 14 46 460 0

8,719 6,624 1,567 750 491 0 817 5,056 4,416 376 2,095 837

15,280 6,926 1,915 1,407 464 0 508 5,010 4,212 759 8,355 1,562

10,303 6,689 1,047 807 307 0 240 5,642 5,033 602 3,614 2,161

13,150 7,136 1,224 973 432 0 251 5,911 5,012 891 6,014 3,799

13,025 7,069 1,352 1,174 548 0 178 5,717 4,959 742 5,956 3,454

15,037 6,048 1,283 1,111 498 0 172 4,765 4,272 480 8,989 2,842

13,677 5,779 1,205 919 359 0 286 4,574 4,025 531 7,898 2,936

5,375 -1,710

8,075 8,797

-2,558 -1,851

-32,260 -23,433

5,933 1,564

44,146 38,407

24,535 26,610

14,793 30,422

1,316 483 776

234 0 0

0 137 6,342

4,271 0 0

0 0 0

28 0 0

265 56 0

2 0 0

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

3,070 912

3,158 871

3,382 816

2,986 755

2,682 699

4,607 621

4,332 510

4,135 407

24,765 11,060

24,955 10,695

19,720 9,564

14,752 8,895

13,735 7,991

16,982 7,197

13,710 6,127

15,189 5,263

Notes: Short-term debt for 2009 is based on reports provided by the country.

87

BULGARIA (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

10,890 9,834 9,834 0 0 1,056 226

10,379 9,150 8,808 342 717 512 74

11,212 8,440 7,671 769 1,322 1,450 0

15,700 10,597 5,075 5,522 660 4,442 0

20,990 12,609 5,066 7,543 341 8,040 0

32,967 18,930 5,242 13,689 0 14,036 0

39,767 21,433 4,397 17,035 0 18,334 0

40,582 22,004 4,772 17,232 0 18,578 0

356 9,834 0 563

227 8,808 342 678

1 7,671 769 700

0 5,075 5,522 266

0 5,066 7,543 104

0 5,199 13,732 455

0 4,359 17,074 374

0 4,735 17,269 280

External debt flows Disbursements Long-term external debt IMF purchases

875 875 0

259 259 0

995 719 276

3,710 3,710 0

3,616 3,616 0

7,740 7,740 0

8,224 8,224 0

3,880 3,880 0

Principal repayments Long-term external debt IMF repurchases

865 865 0

565 319 246

712 573 139

3,352 2,909 443

1,992 1,645 346

3,033 2,686 347

3,765 3,765 0

3,694 3,694 0

Net flows Long-term external debt Short-term external debt

-14 11 -24

-194 -61 113

465 145 183

1,564 801 1,206

5,222 1,970 3,598

10,704 5,054 5,996

8,756 4,458 4,298

430 186 244

Interest payments Long-term external debt IMF charges Short-term external debt

510 452 0 58

575 501 50 24

584 456 63 65

613 445 37 130

744 489 24 230

1,164 603 9 552

1,610 858 0 752

1,516 773 0 743

4 0

90 0

1,002 5

4,312 449

7,758 148

13,215 89

9,937 -106

4,489 8

1. Summary external debt data External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 6.6 0.3 7.7 42.1

.. 9.0 0.2 1.1 66.1

.. 5.5 0.1 0.3 80.1

48.4 5.1 0.0 0.0 44.9

50.7 6.5 0.0 0.0 41.7

52.4 7.4 0.0 0.0 39.3

51.7 12.9 0.0 0.0 34.6

56.8 12.4 0.0 0.0 30.4

9.3 7.2 3.0

5.9 17.3 5.4

6.2 16.1 4.4

3.0 16.2 4.7

3.7 16.1 2.6

4.9 16.6 4.5

4.3 16.8 4.0

2.4 17.6 5.3

9.1 3.2 2.3

3.4 4.7 3.2

7.6 16.0 4.9

4.2 9.4 1.9

5.0 10.0 0.5

0.0 0.0 0.0

2.0 29.2 9.2

0.0 0.0 0.0

19,083 7,070 .. 8,905 0 -1,710 ..

12,675 6,926 .. 7,084 0 -26 1,635

12,276 7,321 58 8,314 107 -703 3,507

27,265 17,674 1,613 22,034 912 -3,347 8,697

30,793 21,972 1,716 28,680 1,857 -5,863 11,756

38,018 27,487 1,694 39,909 3,742 -11,437 17,545

47,327 31,931 1,874 45,108 2,720 -11,898 17,930

44,907 24,464 1,558 30,095 2,335 -4,340 18,522

154.0 57.1 19.4 9.7 2.0 .. ..

149.9 81.9 16.5 4.9 11.9 15.8 2.8

153.2 91.3 17.7 12.9 13.8 31.3 5.1

88.8 57.6 22.4 28.3 15.7 55.4 4.7

95.5 68.2 12.4 38.3 11.4 56.0 4.9

119.9 86.7 15.3 42.6 8.1 53.2 5.3

124.5 84.0 16.8 46.1 5.5 45.1 4.8

165.9 90.4 21.3 45.8 6.2 45.6 7.4

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

88

BULGARIA (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

9,834 9,834 1,669 222 0 0 1,447 8,165 327 7,084 0 0

9,150 8,808 2,950 1,230 444 0 1,720 5,857 5,412 394 342 0

8,440 7,671 2,603 1,542 824 0 1,061 5,068 4,982 26 769 0

10,597 5,075 3,045 2,457 1,453 0 587 2,030 1,920 111 5,522 526

12,609 5,066 3,012 2,392 1,331 0 620 2,054 1,937 116 7,543 736

18,930 5,242 3,362 2,674 1,604 0 688 1,880 1,792 86 13,689 855

21,433 4,397 3,019 2,198 1,207 0 821 1,378 1,342 34 17,035 522

22,004 4,772 3,322 2,507 1,509 0 815 1,450 1,430 19 17,232 146

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

875 875 80 44 0 0 36 795 65 652 0 0

259 259 129 38 15 0 91 129 33 96 0 0

719 405 381 156 71 0 225 24 0 24 313 0

3,710 402 383 328 200 0 55 19 0 19 3,308 249

3,616 260 243 150 38 0 93 17 0 16 3,355 215

7,740 368 361 293 201 0 68 7 0 7 7,372 0

8,224 370 362 227 56 0 136 8 0 8 7,853 0

3,880 520 520 446 370 0 74 0 0 0 3,360 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

865 865 23 22 0 0 1 842 0 241 0 0

319 319 92 25 0 0 67 228 39 182 0 0

573 345 297 58 27 0 239 48 46 1 229 0

2,909 1,761 255 214 85 0 41 1,507 1,496 11 1,147 10

1,645 515 502 430 276 0 73 13 0 13 1,130 49

2,686 404 299 253 65 0 47 105 87 18 2,282 0

3,765 858 715 658 462 0 57 143 124 19 2,908 287

3,694 281 266 187 85 0 79 15 0 15 3,413 372

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

452 452 14 13 0 0 0 438 15 337 0 0

501 501 178 61 31 0 118 323 315 7 0 0

456 424 139 81 49 0 58 285 284 0 32 0

445 327 93 75 40 0 18 234 229 5 118 30

489 352 100 82 44 0 19 252 245 7 137 44

603 285 129 110 62 0 19 156 149 7 318 55

858 286 148 124 72 0 24 139 133 5 572 36

773 211 106 84 43 0 22 105 104 1 562 29

753 -14

550 -194

192 465

33 1,564

5,290 5,222

11,977 10,704

6,800 8,756

815 430

0 0 0

84 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 127

0 0 0

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

490 81

233 68

245 62

276 56

290 49

277 43

282 36

278 30

3,543 452

2,692 381

2,415 343

2,716 275

1,409 173

2,468 107

1,604 52

1,790 48

Notes: Short-term debt is based on Central Bank data.

89

BURKINA FASO (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

832 748 748 0 0 84 21

1,271 1,140 1,140 0 75 56 12

1,422 1,226 1,226 0 112 84 5

1,994 1,868 1,868 0 104 22 0

1,123 999 999 0 35 89 0

1,450 1,257 1,257 0 37 155 0

1,682 1,518 1,518 0 54 110 0

1,835 1,725 1,725 0 110 0 0

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

64 747 1 90

37 1,140 0 37

42 1,226 0 53

36 1,868 0 232

39 999 0 294

37 1,257 0 389

34 1,518 0 414

34 1,725 0 48

External debt flows Disbursements Long-term external debt IMF purchases

77 77 0

139 112 27

99 91 7

218 203 15

301 282 19

226 225 1

327 308 18

263 209 54

Principal repayments Long-term external debt IMF repurchases

19 18 1

28 28 0

33 26 7

28 24 4

27 27 0

25 25 0

27 27 0

26 26 0

Net flows Long-term external debt Short-term external debt

68 59 10

124 83 14

47 65 -19

188 179 -2

341 255 67

267 200 66

254 281 -45

127 183 -110

Interest payments Long-term external debt IMF charges Short-term external debt

16 10 0 6

20 18 0 2

14 12 1 1

17 16 0 1

17 15 0 2

17 12 0 5

18 14 0 3

15 15 0 0

0 0

10 ..

23 -3

34 ..

34 ..

344 ..

137 ..

171 ..

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 0.0 0.5 0.0 39.1

.. 0.0 0.3 0.0 55.5

.. 0.0 0.1 0.0 59.4

1.7 0.0 0.0 0.0 56.5

6.2 0.0 0.0 0.0 40.3

6.7 0.0 0.0 0.0 39.4

12.8 0.0 0.0 0.0 35.9

11.9 0.0 0.0 0.0 35.8

2.5 27.9 8.7

0.8 39.9 10.4

1.4 37.1 7.8

0.9 35.8 8.8

0.8 40.9 10.1

1.3 32.6 8.5

1.1 35.2 9.0

0.8 49.9 10.4

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

4.2 11.2 1.7

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

3,094 367 140 776 6 -77 305

2,369 .. 78 .. .. .. 347

2,606 251 67 691 3 -319 244

5,411 .. 50 .. .. .. 438

5,756 .. 50 .. .. .. 555

6,752 .. 50 .. .. .. 1,029

7,932 .. 50 .. .. .. 928

8,019 .. 49 .. .. .. 1,296

226.9 26.9 9.4 10.1 67.7 36.6 4.7

.. 53.6 .. 4.4 77.2 27.3 ..

567.6 54.6 18.6 5.9 72.0 17.1 4.2

.. 36.9 .. 1.1 85.2 22.0 ..

.. 19.5 .. 7.9 69.8 49.4 ..

.. 21.5 .. 10.7 67.5 71.0 ..

.. 21.2 .. 6.5 71.7 55.1 ..

.. 22.9 .. .. 76.4 70.6 ..

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

90

BURKINA FASO (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

748 748 710 563 0 282 147 38 0 1 0 0

1,140 1,140 1,135 981 0 608 154 5 0 0 0 0

1,226 1,226 1,222 1,024 0 593 198 3 0 0 0 0

1,868 1,868 1,868 1,699 0 1,043 169 0 0 0 0 0

999 999 987 784 0 371 202 12 0 0 0 0

1,257 1,257 1,232 979 0 468 252 26 0 0 0 0

1,518 1,518 1,496 1,206 0 626 291 22 0 0 0 0

1,725 1,725 1,705 1,402 0 721 303 20 0 0 0 0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

77 77 77 43 0 15 34 0 0 0 0 0

112 112 112 106 0 85 6 0 0 0 0 0

91 91 91 76 0 38 16 0 0 0 0 0

203 203 203 191 0 107 13 0 0 0 0 0

282 282 270 232 0 125 38 12 0 0 0 0

225 225 211 161 0 80 50 14 0 0 0 0

308 308 308 253 0 160 55 0 0 0 0 0

209 209 209 187 0 90 22 0 0 0 0 0

Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

18 18 18 13 0 1 4 0 0 0 0 0

28 28 28 24 0 4 4 0 0 0 0 0

26 26 26 20 0 1 6 0 0 0 0 0

24 24 24 17 0 5 8 0 0 0 0 0

27 27 27 18 0 3 9 0 0 0 0 0

25 25 22 11 0 0 11 3 0 0 0 0

27 27 24 15 0 0 9 3 0 0 0 0

26 26 24 15 0 0 9 3 0 0 0 0

Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

10 10 10 7 0 2 3 0 0 0 0 0

18 18 18 11 0 4 6 0 0 0 0 0

12 12 12 9 0 4 2 0 0 0 0 0

16 16 16 14 0 8 2 0 0 0 0 0

15 15 15 13 0 5 3 0 0 0 0 0

12 12 12 9 0 4 3 0 0 0 0 0

14 14 14 11 0 4 3 0 0 0 0 0

15 15 15 12 0 5 3 0 0 0 0 0

115 68

139 124

-161 47

5 188

-871 341

327 267

233 254

153 127

0 5 0

0 15 0

17 81 92

1 45 0

4 1,290 0

0 3 0

1 7 0

0 0 0

7. Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

8. Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt

9. Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback

10. Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest

2010

2011

2012

2013

2014

2015

2016

2017

62 22

52 23

55 23

66 23

72 23

75 22

81 21

90 20

3 1

3 1

3 1

3 0

3 0

3 0

3 0

0 0

Notes: Data on long-term public debt for 2009 are World Bank staff estimates. Burkina Faso was granted debt relief effective in 2006 under MDRI.

91

BURUNDI (US$ million, unless otherwise indicated) 1990

1995

2000

2005

2006

2007

2008

2009

External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term

906.9 851.0 851.0 0.0 42.6 13.4 0.0

1162.0 1099.3 1099.3 0.0 47.8 14.9 2.0

1108.0 1036.0 1036.0 0.0 7.0 65.0 19.7

1321.8 1229.6 1229.6 0.0 58.2 34.1 33.1

1411.8 1291.4 1291.4 0.0 82.7 37.6 36.6

1455.7 1343.7 1343.7 0.0 98.2 13.8 12.8

1443.2 1308.0 1308.0 0.0 116.9 18.3 4.3

518.0 419.8 419.8 0.0 90.9 7.3 0.3

Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments

0.1 849.2 1.7 126.0

3.0 1099.3 0.0 38.8

82.1 1036.0 0.0 50.3

75.2 1229.6 0.0 39.2

76.4 1291.4 0.0 3.8

60.0 1343.7 0.0 2.4

65.3 1308.0 0.0 37.0

16.3 419.8 0.0 8.0

External debt flows Disbursements Long-term external debt IMF purchases

95.7 95.7 0.0

44.8 44.8 0.0

41.3 41.3 0.0

63.3 42.1 21.1

60.4 39.4 21.0

42.2 31.3 10.9

46.6 24.8 21.7

43.9 23.6 20.4

Principal repayments Long-term external debt IMF repurchases

28.3 27.5 0.8

26.8 17.8 9.1

14.0 9.4 4.5

27.1 27.1 0.0

12.9 12.9 0.0

11.2 11.2 0.0

11.3 11.3 0.0

15.2 8.3 6.9

Net flows Long-term external debt Short-term external debt

64.9 68.2 -2.5

26.3 27.1 8.3

18.4 31.8 -8.9

34.2 15.0 -2.0

47.5 26.5 0.0

31.0 20.1 0.0

48.3 13.5 13.0

21.7 15.3 -7.0

Interest payments Long-term external debt IMF charges Short-term external debt

14.1 12.2 0.2 1.7

11.8 11.0 0.3 0.5

7.9 4.5 0.1 3.3

12.2 11.9 0.2 0.1

5.5 5.1 0.3 0.1

7.8 7.3 0.5 0.0

8.2 7.4 0.6 0.2

4.1 3.6 0.4 0.1

1.3 0.0

2.0 0.0

11.7 0.0

0.6 0.0

0.0 0.0

0.5 0.0

3.8 ..

9.9 ..

1. Summary external debt data

2. Other non-debt resource inflows Foreign direct investment Portfolio equity

3. Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars

.. 2.0 0.0 0.0 50.3

.. 2.9 0.0 0.0 55.1

.. 2.8 0.0 0.0 59.4

11.1 1.4 0.0 0.0 61.8

11.4 0.7 0.0 0.0 61.3

11.9 0.7 0.0 0.0 60.4

10.1 1.0 0.0 0.0 60.3

17.6 2.9 0.0 0.0 33.6

0.9 40.3 10.3

0.8 38.0 9.8

1.7 31.3 8.2

0.8 47.8 10.2

0.0 19.6 10.1

1.5 22.5 4.7

1.0 19.5 6.4

1.0 28.5 10.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

0.0 0.0 0.0

1117.2 97.7 .. 341.3 3.3 -69.4 111.7

988.0 139.7 .. 281.8 3.1 10.4 216.1

723.4 55.4 .. 165.0 0.4 -50.2 37.6

776.2 98.7 0.1 343.9 2.1 -5.7 100.6

910.0 97.3 0.0 460.4 3.4 -134.0 131.1

973.9 98.3 0.2 449.3 4.8 -109.8 177.1

1164.6 146.8 3.6 544.5 5.3 -211.5 266.5

1331.3 .. 3.8 .. .. .. 323.1

928.7 81.2 43.4 1.5 72.7 12.3 3.9

831.6 117.6 27.6 1.3 80.1 18.6 9.2

1999.7 153.2 39.4 5.9 80.4 3.4 2.7

1338.6 170.3 39.8 2.6 80.3 7.6 3.5

1450.6 155.1 18.9 2.7 79.6 9.3 3.4

1480.8 149.5 19.4 0.9 80.9 12.2 4.7

983.4 123.9 13.3 1.3 80.6 18.5 5.9

.. 38.9 .. 1.4 62.1 62.4 ..

4. Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years)

5. Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit. & comp. of employees Imports of goods, services & income Profit remittances on FDI Current account balance International reserves

6. Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months)

92

BURUNDI (US$ million, unless otherwise indicated)

1990

1995

2000

2005

2006

2007

2008

2009

851.0 851.0 841.6 659.8 0.0 398.0 181.8 9.4 0.0 1.3 0.0 0.0

1099.3 1099.3 1097.6 930.5 0.0 591.4 167.1 1.6 0.0 0.0 0.0 0.0

1036.0 1036.0 1032.0 890.4 0.0 600.5 141.6 4.0 0.0 0.0 0.0 0.0

1229.6 1229.6 1227.5 1061.8 0.0 750.8 165.7 2.1 0.0 0.0 0.0 0.0

1291.4 1291.4 1290.8 1124.0 0.0 797.0 166.9 0.6 0.0 0.0 0.0 0.0

1343.7 1343.7 1342.9 1177.0 0.0 830.1 165.9 0.7 0.0 0.0 0.0 0.0

1308.0 1308.0 1308.0 1163.8 0.0 818.5 144.2 0.0 0.0 0.0 0.0 0.0

419.8 419.8 419.8 321.8 0.0 147.2 98.0 0.0 0.0 0.0 0.0 0.0

Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds

95.7 95.7 93.4 63.5 0.0 48.7 29.8 2.4 0.0 0.0 0.0 0.0

44.8 44.8 44.8 40.6 0.0 27.3 4.2 0.0 0.0 0.0 0.0 0.0

41.3 41.3 38.2 38.2 0.0 36.4 0.0 3.0 0.0 0.0 0.0 0.0

42.1 42.1 42.1 42.1 0.0 27.4 0.0 0.0 0.0 0.0 0.0 0.0

39.4 39.4 36.9 36.9 0.0 28.9 0.0 2.5 0.0 0.0 0.0 0.0