Introduction
I
nternational Debt Statistics 2016 presents data and analysis on the external debt of low- and middleincome countries for 2014, based on actual flows and debt-related transactions reported to the World Bank Debtor Reporting System (DRS) by 120 low- and middle-income countries. The International Debt Statistics 2016 provides users with comprehensive stock and flow data on the external debt of individual low- and middle-income countries and for regional and analytical groupings and data on aggregate net capital flows (debt and equity) in 2014. In addition, International Debt Statistics (IDS) showcases other debt data collected and compiled by the World Bank. These include the high-frequency, quarterly data for high-income and low- and middle-income countries reported to the joint World Bank–International Monetary Fund (IMF) Quarterly External Debt Statistics (QEDS) and to the Public Sector Debt (PSD). The main messages from the 2014 data are: (a) Net debt flows to low- and middle-income countries were $464 billion in 2014, a decrease of 18 percent from the comparable figure for 2013. The decline was driven down by a precipitous fall in net short-term debt flows that fell 60 percent to $72 billion ($188 billion in 2013). (b) Net equity inflows, $668 billion, were 7 percent higher than the 2013 level propelled by a 4 percent increase in net foreign direct investment and robust portfolio equity flows, which were up 29 percent. Aggregate net financial flows totaled $1,132 billion, 5 percent lower than 2013, but stable when measured relative to low- and middle-income countries’ gross national income (GNI) at 5 percent. (c) External debt burdens in low- and middle-income countries remained moderate. The ratio of external debt to GNI averaged 22 percent in 2014, and the ratio of external debt to exports averaged 79 percent. International reserves stood at 114 percent of external debt stocks. (d) Countries reporting to the QEDS and PSD confirm that external debt levels in high-income countries are, on average, much higher than those of low- and middle-income countries, but that government debt-to-GDP ratios moderated in 2014.
3