T H E W O R L D B A N K Global 36280 v 2 Development Finance The Development Potential of Surging Capital Flows 2006 I I : S U M M A R Y A N D C O U N T R Y T A B L E S Global Development Finance The Development Potential of Surging Capital Flows I I : S U M M A R Y A N D C O U N T R Y T A B L E S Global Development Finance The Development Potential of Surging Capital Flows I I : S U M M A R Y A N D C O U N T R Y T A B L E S 2006 T H E W O R L D B A N K © 2006 The International Bank for Reconstruction and Development/The World Bank 1818 H Street, NW Washington, DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org E-mail: feedback@worldbank.org All rights reserved 1 2 3 4 09 08 07 06 This volume is a product of the staff of the World Bank. The findings, interpretations, and conclusions expressed herein do not necessarily reflect the views of the Board of Executive Directors of the World Bank or the governments they represent. 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Cover photo: Courtesy of Dennis Degnan / CORBIS Cover design: Drew Fasick ISBN-10: 0-8213-5991-6 ISBN-13: 978-0-8213-5991-4 eISBN-10: 0-8213-6623-8 eISBN-13: 978-0-8213-6623-3 ISSN 1020-5454 DOI: 10.1596/ 978-0-8213-5991-4 Table of Contents Preface vii Burkina Faso 81 Burundi 84 Acknowledgments ix Cambodia 87 Cameroon 90 About data xi Cape Verde 93 Methodology xi Central African Republic 96 Metadata xiv Chad 99 Country notes xx Chile 102 Sources xx China 105 Symbols xxi Colombia 108 Comoros 111 Abbreviations xxiii Congo, Democratic Republic of 114 Congo, Republic of 117 Country groups xxvii Costa Rica 120 Côte d'Ivoire 123 Summary tables xxix Croatia 126 Czech Republic 129 Regional and income group aggregate Djibouti 132 tables 1 Dominica 135 Dominican Republic 138 Country tables 29 Ecuador 141 Albania 30 Egypt, Arab Republic of 144 Algeria 33 El Salvador 147 Angola 36 Equatorial Guinea 150 Argentina 39 Eritrea 153 Armenia 42 Estonia 156 Azerbaijan 45 Ethiopia 159 Bangladesh 48 Fiji 162 Barbados 51 Gabon 165 Belarus 54 Gambia, The 168 Belize 57 Georgia 171 Benin 60 Ghana 174 Bhutan 63 Grenada 177 Bolivia 66 Guatemala 180 Bosnia and Herzegovina 69 Guinea 183 Botswana 72 Guinea-Bissau 186 Brazil 75 Guyana 189 Bulgaria 78 Haiti 192 v G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 6 Honduras 195 Philippines 315 Hungary 198 Poland 318 India 201 Romania 321 Indonesia 204 Russian Federation 324 Iran, Islamic Republic of 207 Rwanda 327 Jamaica 210 Samoa 330 Jordan 213 São Tomé and Principe 333 Kazakhstan 216 Senegal 336 Kenya 219 Serbia and Montenegro 339 Kyrgyz Republic 222 Seychelles 342 Lao People's Democratic Republic 225 Sierra Leone 345 Latvia 228 Slovak Republic 348 Lebanon 231 Solomon Islands 351 Lesotho 234 Somalia 354 Liberia 237 South Africa 357 Lithuania 240 Sri Lanka 360 Macedonia, FYR 243 St. Kitts and Nevis 363 Madagascar 246 St. Lucia 366 Malawi 249 St. Vincent and the Grenadines 369 Malaysia 252 Sudan 372 Maldives 255 Swaziland 375 Mali 258 Syrian Arab Republic 378 Mauritania 261 Tajikistan 381 Mauritius 264 Tanzania 384 Mexico 267 Thailand 387 Moldova 270 Togo 390 Mongolia 273 Tonga 393 Morocco 276 Trinidad and Tobago 396 Mozambique 279 Tunisia 399 Myanmar 282 Turkey 402 Nepal 285 Uganda 405 Nicaragua 288 Ukraine 408 Niger 291 Uruguay 411 Nigeria 294 Uzbekistan 414 Oman 297 Vanuatu 417 Pakistan 300 Venezuela, República Bolivariana de 420 Panama 303 Vietnam 423 Papua New Guinea 306 Yemen, Republic of 426 Paraguay 309 Zambia 429 Peru 312 Zimbabwe 432 vi . Preface lobal Development Finance Volume II: G This database is also available online (GDF Summary and Country Tables is part of a Online) through the website of the World Bank. two-volume annual publication. Volume The database covers external debt stocks and I: Analysis and Statistical Appendix contains flows, major economic aggregates, and key debt analysis and commentary on recent developments ratios as well as average terms of new commit- in international finance for developing countries. ments, currency composition of long-term debt, Volume II: Summary and Country tables (GDF) debt restructuring, and scheduled debt service contains statistical tables on the external debt of projections for all countries reporting through the 135 countries that report public and publicly the DRS. guaranteed debt under the Debtor Reporting Sys- The charts on pages xxiv to xxvi summarize tem (DRS). It also includes tables of selected debt graphically the relation between debt stock and its and resource flow statistics for individual report- components, the computation of net flows, aggre- ing countries as well as summary tables for gate net resource flows, and aggregate net trans- regional and income groups. It is the culmination fers; and the relation between net resource flows of a year-long process that requires extensive and the balance of payments. Exact definitions of cooperation from people and organizations the terms used in the Summary and Country around the globe--national central banks, min- Tables volume of GDF are found in About Data istries of finance, major multilateral organizations, Format and Definitions sections. and many departments of the World Bank. The economic aggregates presented in the GDF has been revised this year to make the tables are prepared for the convenience of users. information more easily accessible to users. Although debt indicators can give useful informa- The tables have been reduced to three pages to tion about developments in debt-servicing capac- make the data easier to find. Country Notes, ity, conclusions drawn from them will not be which previously appeared at the end of the book, valid unless accompanied by careful economic are now included at the end of each country table. evaluation. About Data has also been revised. The macroeconomic information provided is Available for the first time this year, the Little from standard sources, but many of them are sub- Book on External Debt 2006 provides a quick ref- ject to considerable margins of error, and the usual erence to the data from the GDF. Global Develop- care must be taken in interpreting the indicators. ment Finance 2006 on CD-ROM contains a data- This is particularly the case for the most recent base of 217 time series indicators, covering the year or two, when figures are preliminary and years 1970 to 2004 in most cases, and to 2014 for subject to revision. "pipeline" data. It also contains the full contents of the print version of the GDF. Text providing country notes, definitions, and source notes is linked to each table. The general cutoff date for Shaida Badiee data is December 2004. Director, Development Data Group vii Acknowledgments T his volume was prepared by the Financial Prospects Group (DECPG), the staff of the Eco- Data Team of the Development Data nomic Policy and Debt Department (PRMED), Group, led by Ibrahim Levent. The team and the country economists who reviewed the consisted of Vinoda Basnayake, Nanasamudd data. The work was carried out under the manage- Chhim, Nevin Fahmy, Shelley Fu, Nino Kostava, ment of Shaida Badiee. Yulia Makarova, Gloria Moreno, Olha Pryymak, The production of this volume was managed and Alagiri Venkatesan. The team was assisted by by Richard Fix, with the assistance of Azita Amjadi, Rosario Alipio. Abdolreza Farivari led systems Priya Pandya, and Gonca Okur. The team received support, Soong Sup Lee provided the macroeco- substantial help in developing a novel feature of nomic data, and K. M. Vijayalakshmi provided the report--the online publication website--from worker remittances and compensation of employ- Shahin Outadi and Saurabh Gupta. The CD-ROM ees data. Many others inside the World Bank and database were prepared by William Prince. provided helpful input, especially the staff of the Staff from External Affairs oversaw publication International Finance Team of the Development and dissemination of the book. ix About data Methodology which the debts are repayable or in which the T he World Bank is the sole repository for statis- transactions took place. For aggregation, the Bank tics on the external debt of developing coun- converts these amounts to U.S. dollars using the tries on a loan-by-loan basis. The Debtor Reporting IMF par values or central rates, or the current System (DRS), set up in 1951 to monitor these sta- market rates where appropriate. Service payments, tistics, is maintained by the staff of the Financial commitments, and disbursements (flows) are Data Team (FIN), part of the Development Data converted to U.S. dollars at the average rate for the Group of Development Economics. year. Debt outstanding and disbursed at the end of a given year (a stock) is converted at the rate in Methodology for aggregating data effect at the end of that year. Projected debt service, The DRS data are used, in combination with infor- however, is converted to U.S. dollars at rates in mation obtained from creditors through the debt effect at end-December 2004. Debt repayable in data collection systems of other agencies, the staff multiple currencies, goods, or services and debt of the Financial Data Team calculates the total ex- with a provision for maintenance of value of the ternal indebtedness of developing countries. The currency of repayment are shown at book value. data are also supplemented by market sources and Beginning with 1991 all ruble debt owed to estimates made by World Bank staff. the former Soviet Union is converted at a rate of $1 0.6 ruble, except in cases where a bilateral Converting to a common currency Since debt agreement specifying a different conversion rate is data are normally reported to the World Bank in in place. This valuation method does not consti- the currency of repayment, they have to be tute an endorsement by World Bank staff of the converted into a common currency (usually U.S. appropriateness or validity of this method or the dollars) to produce summary tables. Because flow exchange rate used. The appropriate valuation is a data are converted at annual average exchange matter to be resolved bilaterally between the Russ- rates and stock data at year-end exchange rates, ian Federation and its debtor countries. year-to-year changes in debt outstanding and disbursed are sometimes not equal to net flows Adjustments Year-to-year changes in debt (disbursements less principal repayments); outstanding and disbursed are sometimes not equal similarly, changes in debt outstanding including to net flows; similarly, changes in debt outstanding, undisbursed debt differ from commitments less including undisbursed, differ from commitments repayments. Discrepancies are particularly less repayments. The reasons for these differences significant when exchange rates have moved are cancellations, adjustments caused by the use sharply during the year; cancellations and of different exchange rates, and the rescheduling of reschedulings of other liabilities into long-term other liabilities into long-term public debt. public debt also contribute to the differences. Exchange rates Data received by the World Public and publicly guaranteed debt All data Bank from its members and major multilateral related to public and publicly guaranteed debt are agencies are expressed in the currencies in provided on a loan-by-loan basis by debtors except xi G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 6 for lending by some multilateral agencies, in which Amortization is estimated by making an as- case data are taken from the creditors' records. sumption regarding the proportion of debt repaid These creditors include the African Development each year and then applying these ratios to gener- Bank, the Asian Development Bank, the Inter- ate a first approximation of annual principal American Development Bank, and the Interna- repayments. Disbursements are then estimated as a tional Bank for Reconstruction and Development residual between net flows (equal to the change in (IBRD) and the International Development the stock of debt, adjusted by the effect of the Association (IDA). (The IBRD and IDA are currency composition of the public debt) and components of the World Bank). Reports contain estimated amortization. Interest payments are esti- annual stocks and flows information as well as mated by applying an assumed average interest rate terms and conditions of individual loans to the stock of debt outstanding. contracted. Data on the balance of payments flows pro- Starting with the 1988­89 edition of World vide useful guidelines in the process of building a Debt Tables (the previous title of this book), all time series because private nonguaranteed debt data pertaining to World Bank loans from 1985 can be treated as a residual between total net long- onward are recorded at their current market value. term borrowing and net long-term borrowing Starting with the 1991­92 edition, all data per- recorded in the DRS for public and publicly guar- taining to Asian Development Bank loans from anteed debt. 1989 onward are recorded at their current market value. Starting with the 1998 edition, all data per- Short-term debt The World Bank regards the taining to African Development Bank and African individual reporting country as the authoritative Development Fund loans from 1997 onward are source of information on its own external recorded at their current market value as well. liabilities. But for short-term debt, defined as debt with an original maturity of one year or less, Private nonguaranteed debt The DRS was accurate information is not widely available from expanded in 1970 to incorporate private debtors. By its nature, short-term debt is difficult nonguaranteed long-term debt. Reports, submitted to monitor; loan-by-loan registration is normally annually, contain aggregate data for disbursed and impractical, and most reporting arrangements outstanding debt, disbursements, principal involve periodic returns to a country's central bank repayments, interest payments, principal and from its banking sector. Since 1982 the quality of interest rescheduled for the reporting year, and such reporting has improved, but only a few projected payments of principal and interest. Data developing countries have figures available for are usually presented in dollars, and currency short-term debt. conversion is not necessary. Where information from debtors is not avail- Although the reporting countries fully recog- able, data from creditors can indicate the magni- nize the importance of collecting data on private tude of a country's short-term debt. The most im- nonguaranteed debt when it constitutes a signifi- portant source is the BIS' quarterly series showing cant portion of total external debt, detailed data the maturity distribution of commercial banks' are available only in countries that have registra- claims on developing countries. Those data are re- tion requirements covering private debt, most ported residually. However, an estimate of short- commonly in connection with exchange controls. term liabilities by original maturity can be calcu- Where formal registration of foreign borrowing is lated by deducting from claims due in one year not mandatory, compilers must rely on balance of those that had a maturity of between one and two payments data and financial surveys. years 12 months earlier. This edition includes data on private nonguar- There are several problems with this method. anteed debt, either as reported or as estimated, for Valuation adjustments caused by exchange rate countries for which this type of debt is known to movements will affect the calculations, as will be significant. For private nonguaranteed debt that prepayment and refinancing of long-term maturi- is not reported, the standard estimation approach ties falling due. Moreover, not all countries' com- starts from a calculation of the stock of debt out- mercial banks report in a way that allows the full standing, using data available from creditors. maturity distribution to be determined, and the xii A B O U T D A T A BIS data include liabilities only to banks within the Treatment of debt restructurings The DRS reporting area. Even on this basis, however, the re- attempts to capture accurately the effects of the sults need to be interpreted with caution. Where different kinds of restructurings on both debt short-term debt has been rescheduled, the effect of stocks and debt flows, consistent with the lags in reporting and differences in the treatment circumstances under which the restructuring takes of the rescheduled debt by debtors and creditors place. Whether a flow has taken place is sometimes may result in double counting if short-term debt difficult to determine. derived from creditor sources is added to long- In compiling and presenting the debt data, a term debt reported by the country to obtain total distinction is made between cash flows and im- external liabilities. puted flows. Based on this criterion, rescheduled Some of the short-term debt estimates pub- service payments and the shift in liabilities from lished are drawn from debtor and creditor sources, one financial instrument to another as a result of but most are from creditor sources. Only for a few rescheduling are considered to be imputed flows. countries can the data be regarded as authorita- The imputed flows are recorded separately in tive, but they offer a guide to the size of a coun- the World Bank External Debt (WBXD) system, try's short-term (and, hence, its total) external but these debt restructuring transactions are not debt. Interest in arrears on long-term debt and evident in the main body of the debt data--only the use of IMF credit are added to the short-term the resulting effect of these transactions is debt. reflected. Changes in creditor and debtor status that can Use of IMF credit Data related to the operations result from debt restructuring are also reflected. of the IMF come from the IMF Treasurer's For example, when insured commercial credits are Department and are converted from special rescheduled, the creditor classification shifts from drawing rights (SDRs) into dollars using end-of- private sources to official sources (bilateral). This period exchange rates for stocks and average over reflects the assumption of the assets by the official the period exchange rates for converting flows, as credit insurance agencies of the creditor countries. described earlier. IMF trust fund (TF) and The debts to the original creditors are reduced by operations under the enhanced structural the amounts rescheduled, and a new obligation to adjustment (ESAF, renamed in 1999), poverty the official creditor agencies is created. This shift reduction and growth facility (PRGF), and also applies to private nonguaranteed debt that is structural adjustment facility (SAF), are presented reduced by the amounts rescheduled, which in together with all of the Fund's special facilities turn are included in the public and publicly guar- (buffer stock, extended fund (EFF), supplemental anteed debt owed to official creditors. On the reserve (SRF), compensatory and contingency, oil debtor side, when a government accepts responsi- facilities, and other facilities). Data are from the bility for the payment of rescheduled debt Treasurer's Department of the IMF. previously owed by private enterprises, the DRS registers a change in debtor categories in the DRS. Similarly, when short-term debt is included in a Treatment of arrears The DRS collects infor- restructuring agreement, the rescheduled amount mation on arrears in both principal and interest. is shifted from short-term to long-term debt. Principal in arrears is included and identified in the amount of long-term debt outstanding. Interest in arrears of long-term debt and the use of IMF Methodology for projecting data credit is included and identified in the amount of The WBXD system of the DRS projects future dis- short-term debt outstanding. If and when interest bursements of unutilized commitments and future in arrears is capitalized under a debt reorganiza- debt service payments. tion agreement, the amount of interest capitalized will be added to the amount of long-term debt Future disbursements Projections of disburse- outstanding and the corresponding deduction ments help underpin future capital requirements in made from the amount of short-term debt the implementation of externally financed projects. outstanding. In addition, they help determine the interest xiii G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 6 portion of projected debt service. Future interest the system calculates the stream of principal payments are based on projected debt outstanding payments due. If future payments are irregular, the that is itself determined by projected dis- WBXD system requires a schedule. bursements and repayments. The underlying Projected future interest payments are calcu- assumptions of these projections are that loan lated similarly. Interest is based on the amount of commitments will be fully utilized and that the debt disbursed and outstanding at the beginning of debtor country will repay all sums due. Future the period. Again, using the first and final interest disbursements and debt service refer only to payment dates and the frequency of payments, the existing debt and do not reflect any assumptions system calculates the stream of interest payments on future borrowing. due. If interest payments are irregular, the WBXD Disbursement projections use two methods: system requires a schedule. · Specific schedules. Debtor countries are re- The published figures for projected debt quested to submit a calendar of future disburse- service obligations are converted into U.S. dollars ments, if available, at the time individual loans are using the end-December 2004 exchange rates. first reported. Country authorities are in a better Likewise the projection routine for variable inter- position to provide estimated disbursement sched- est rate debt, such as commercial bank debt based ules when there is a solid public sector investment on the London interbank offer rate (LIBOR), as- program in place. sumes that the rate prevailing at the end of Decem- · Standard schedules. In the absence of specific ber 2004 will be effective throughout. schedules, the WBXD system projects disburse- ments by applying a set of profiles to the last ac- tual undisbursed balance of individual loans. The profiles are derived under the assumption Metadata A that specific sources of funds have some common ll the tables throughout the print edition of characteristics that cause them to disburse, in the GDF, including summary tables, regional and aggregate, in some observable pattern. Accord- income group aggregate tables, and the country ingly, some thirty profiles have been derived that tables have been redesigned to better meet the roughly correspond to creditor type. Profiles exist needs of our clients. Summary tables present se- for concessional and nonconcessional loans from lected debt and resource flow statistics for the in- official creditors. For bilateral lending, profiles dividual reporting countries and external debt have been developed for the Development Assis- data for regional and income groups. Country ta- tance Committee, the Organization of Petroleum bles have been compressed to three pages primar- Exporting Countries (OPEC), and other creditor ily eliminating derived indicators. For the 135 in- groupings. For multilateral lending, specific pro- dividual countries that report to the World Bank's files are available for major international organiza- DRS, tables are presented in a three-page layout tions. An estimating equation for each profile is de- containing 10 sections. The format of the regional rived by applying regression analysis techniques to and income group tables draws on the individual a body of data that contains actual disbursement country table format and includes graphic presen- information for each loan. Although these stan- tations. As in the past, the database feeding the dard profiles are reestimated from time to time, print edition continues to maintain all the derived under the best scenario they can only approximate indicator information. the disbursement pattern of any single loan. For all regional, income, and individual coun- try tables, data definitions are presented below or Future debt service payments Most projections footnoted where appropriate. Data definitions for of future debt service payments generated by the other summary tables are, likewise, consistent WBXD system are based on the repayment terms with those below. of the loans. Principal repayments (amortization) 1. Summary debt data summarizes the stocks are based on the amount of loan commitments, and flows of the major components of the external and the amortization profile of most loans fol- debt of the country. lows a set pattern. Using the first and final TOTAL DEBT STOCKS (EDT) consist of payment dates and the frequency of the payments, public and publicly guaranteed long-term debt, xiv A B O U T D A T A private nonguaranteed long-term debt, the use of Principal in arrears on long-term debt is de- IMF credit, and short-term debt. Interest in arrears fined as principal repayment due but not paid, on on long-term debt and the use of IMF credit are a cumulative basis. added to the short-term debt and are shown as Use of IMF credit denotes repurchase obliga- separate lines. Arrears of principal and of interest tions to the IMF with respect to all uses of IMF re- have been disaggregated to show the arrears owed sources (excluding those resulting from drawings to official creditors and the arrears owed to pri- in the reserve tranche) shown for the end of the vate creditors. Principal in arrears on long-term year specified. Use of IMF credit comprises pur- debt are shown as memorandum items. The rela- chases outstanding under the credit tranches, in- tion between total debt stock and its components cluding enlarged access resources and all special is illustrated on page xxii. facilities, trust fund loans, and poverty reduction Long-term external debt is defined as debt and growth facility (PRGF) and structural adjust- that has an original or extended maturity of more ment facility (SAF). than one year and that is owed to nonresidents · IMF purchases are total drawings on the gen- and repayable in foreign currency, goods, or eral resources account of the IMF during the year services. specified, excluding drawings in the reserve Long-term debt has three components: tranche. · Public debt, which is an external obligation of · IMF repurchases are total repayments of out- a public debtor, including the national govern- standing drawings from the general resources ment, a political subdivision (or an agency of account during the year specified, excluding repay- either), and autonomous public bodies. ments due in the reserve tranche. · Publicly guaranteed debt, which is an external TOTAL DEBT FLOWS are consolidated obligation of a private debtor that is guaranteed data on disbursements, principal repayments, and for repayment by a public entity. interest payments for total long-term debt and · Private nonguaranteed external debt, which transactions with the IMF and short-term debt. is an external obligation of a private debtor that Disbursements are drawings on loan commit- is not guaranteed for repayment by a public entity. ments during the year specified. Short-term external debt is defined as debt Principal repayments are the amounts of prin- that has an original maturity of one year or less. cipal (amortization) paid in foreign currency, Available data permit no distinction between pub- goods, or services in the year specified. lic and private nonguaranteed short-term debt. Net flows on debt are disbursements on Interest in arrears on long-term debt is de- long-term debt and IMF purchases minus principal fined as interest payment due but not paid, on a repayments on long-term debt and IMF repur- cumulative basis. Interest arrears are regarded as chases up to 1984. Beginning in 1985 this line short-term debt. Thus, an increase in interest includes the change in stock of short-term debt arrears will not be recorded as increase in LDOD. (excluding interest arrears for long-term debt). On the other hand, a clearing of interest arrears Thus if the change in stock is positive, a disburse- as payments of interest arrears will be allocated ment is assumed to have taken place; if negative, a to the relevant flows, being long-term, or short- repayment is assumed to have taken place. term debt, depending on toward which flow the Interest payments are the amounts of interest interest payments took place. It will be recorded paid in foreign currency, goods, or services in the as (1) a reduction of short term debt (Section 1); year specified. (2) a net change in interest arrears (Section 8). Net transfers on debt are net flows minus in- Similarly, the reduction of interest arrears terest payments (or disbursements minus total through interest arrears restructured and interest debt service payments). The concepts of net flows arrears forgiven will also be recorded as a reduc- on debt, net transfers on debt, and aggregate net tion of short-term debt (section 1) and as net flows and net transfers are illustrated on pages change in interest arrears (section 8). In addition, xxiii and xxiv. interest arrears restructuring and interest restruc- Total debt service paid (TDS) is debt service turing will be recorded as interest capitalization payments on total long-term debt (public and (section 8). publicly guaranteed and private nonguaranteed), xv G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 6 use of IMF credit, and interest on short-term capacity without reference to any specific invest- debt. ment projects, and investment-related technical cooperation grants, which are provided to 2. Aggregate net resource flows and transfers pro- strengthen the capacity to execute specific invest- vides data series for aggregate net resource flows ment projects. and net transfers (long-term). Profit remittances on foreign direct invest- NET RESOURCE FLOWS (LONG-TERM) ment covers payments of direct investment income are the sum of net resource flows on long-term (debit side), which consist of income on equity debt (excluding IMF credit) plus non-debt-creating (dividends, branch profits, and reinvested flows: net foreign direct investment, portfolio eq- earnings) and income on the intercompany debt uity flows, and official grants (excluding technical (interest). cooperation). Net foreign direct investment and portfolio equity flows are treated as private source 3. Major economic aggregates provides data series flows. Grants for technical cooperation are shown for major economic aggregates. The five economic as a memorandum item. Also available as memo- aggregates for the reporting economies are pre- randum items are official net resource flows and pared for the convenience of users; the usual cau- private net resource flows. Official net resource tion should be exercised in using them for eco- flows are the sum of net flows on long-term debt nomic analysis. to official creditors (excluding the IMF) plus offi- Gross national income, or GNI (Gross cial grants (excluding technical cooperation). Pri- national product, or GNP, in previous editions) is vate net resource flows are the sum of net flows on the sum of value added by all resident producers debt to private creditors plus net foreign direct in- plus any product taxes (less subsidies) not in- vestment and portfolio equity flows. Official net cluded in the valuation of output plus net receipts transfers and private net transfers are calculated as of primary income (compensation of employees memorandum items as well. NET TRANSFERS and property income) from abroad and uses yearly (LONG-TERM) are equal to net long-term re- average exchange rates in converting GNI from source flows minus interest payments on long-term local currency into U.S. dollars. loans and foreign direct investment profits. Exports of goods, services and income (XGS) Foreign direct investment (FDI) is defined as comprise the total value of goods and services investment that is made to acquire a lasting man- exported, receipts of compensation of employees, agement interest (usually 10 percent of voting and investment income. Workers' remittances, a stock) in an enterprise operating in a country other transfer and not an income entry in the balance of than that of the investor (defined according to res- payments, are treated as compensation of employ- idency), the investor's purpose being an effective ees in Global Development Finance because they voice in the management of the enterprise. It is the are often difficult to distinguish from compensa- sum of equity capital, reinvestment of earnings, tion of nonresident workers and migrants. other long-term capital, and short-term capital as Workers' remittances and compensation of shown in the balance of payments. FDI includes employees comprise current transfers by migrant inter-company debt. workers, wages and salaries earned by nonresi- Portfolio equity flows are the sum of country dent workers. In addition, migrants' transfers, a funds, depository receipts (American or global), part of capital transfers, are treated as workers' and direct purchases of shares by foreign investors. remittances in Global Development Finance. See Grants are defined as legally binding commit- GDF volume 1 for more details. ments that obligate a specific value of funds avail- Imports of goods and services (MGS) are the able for disbursement for which there is no repay- total value of goods and services imported and in- ment requirement. come paid. The memorandum item technical cooperation International reserves (RES) are the sum of a grants includes free-standing technical cooperation country's monetary authority's holdings of special grants, which are intended to finance the transfer drawing rights (SDRs), its reserve position in the of technical and managerial skills or of technology IMF, its holdings of foreign exchange, and its hold- for the purpose of building up general national ings of gold (valued at year-end London prices). xvi A B O U T D A T A Current account balance is the sum of the nonguaranteed debt. IBRD loans and IDA credits credits less the debits arising from international are shown as memorandum items. transactions in goods, services, income, and cur- Data on long-term debt include eight main rent transfers. It represents the transactions that elements, not all of which have been provided in add to or subtract from an economy's stock of for- the GDF print: eign financial items. DEBT OUTSTANDING AND DISBURSED is the total outstanding debt at year end. 4. Debt indicators The macroeconomic aggregates DISBURSEMENTS are drawings on loan and debt data provided in the tables are used to commitments by the borrower during the year. generate ratios that analysts use to assess the exter- PRINCIPAL REPAYMENTS are amounts nal situations of developing countries. Different an- paid by the borrower during the year. alysts give different weights to these indicators, but NET FLOWS received by the borrower dur- no single indicator or set of indicators can substi- ing the year are disbursements minus principal re- tute for a thorough analysis of the overall situation payments. of an economy. The advantage of the indicators in INTEREST PAYMENTS are amounts paid by Global Development Finance is that they are calcu- the borrower during the year. lated from standardized data series that are com- NET TRANSFERS are net flows minus inter- piled on a consistent basis by the World Bank and est payments during the year; negative transfers the IMF. The ratios offer various measures of the show net transfers made by the borrower to the cost of, or capacity for, servicing debt in terms of creditor during the year. the foreign exchange or output forgone. The fol- DEBT SERVICE (LTDS) is the sum of princi- lowing ratios are provided based on total external pal repayments and interest payments actually debt: made. EDT/XGS is total external debt to exports of UNDISBURSED DEBT is total debt un- goods and services (including workers' remittances). drawn at year end; data for private nonguaranteed EDT/GNI is total external debt to gross debt are not available. national income. Data are aggregated by type of creditor. TDS/XGS, also called the debt service ratio, is Official creditors includes multilateral and total debt service to exports of goods and services bilateral debt. (including workers' remittances). · Loans from multilateral organizations are INT/XGS, also called the interest service ratio, loans and credits from the World Bank, regional is total interest payments to exports of goods and development banks, and other multilateral and in- services (including workers' remittances). tergovernmental agencies. Excluded are loans INT/GNI is total interest payments to gross from funds administered by an international orga- national income. nization on behalf of a single donor government; RES/EDT is international reserves to total ex- these are classified as loans from governments. ternal debt. · Bilateral loans are loans from governments RES/MGS is international reserves to imports and their agencies (including central banks), loans of goods and services. from autonomous bodies, and direct loans from Short-term/EDT is short-term debt to total official export credit agencies. external debt. Private creditors include bonds, commercial Concessional/EDT is concessional debt to banks, and other private creditors. Other private total external debt. creditors comprise trade-related lending. Multilateral/EDT is multilateral debt to total · Bonds include publicly issued or privately external debt. placed bonds. · Commercial banks are loans from private 5. Long-term debt provides detailed information banks and other private financial institutions. on stocks and flows of long-term debt and its · Other private includes credits from manufac- various components. Data on bonds issued by pri- turers, exporters, and other suppliers of goods, vate entities without public guarantee, compiled and bank credits covered by a guarantee of an ex- for major borrowers, are included in private port credit agency. xvii G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 6 Four characteristics of a country's debt are the face value of the debt swapped will be given as memorandum items for long-term debt recorded as a decline in the long-term debt stock, outstanding and disbursed (LDOD) in the elec- but the operation will not be recorded as a princi- tronic database. pal repayment. For example, if a country swaps Concessional LDOD conveys information debt of face value D against equity, then LDOD about the borrower's receipt of aid from official will decline by D and a principal repayment will lenders at concessional terms as defined by the DAC, not be reported. Debt restructuring data capture that is, loans with an original grant element of the non-cash or inferred flows associated with 25 percent or more. Loans from major regional de- rescheduling and restructuring. These are pre- velopment banks--African Development Bank, sented to complement the cash-basis transactions Asian Development Bank, and the Inter-American recorded in the main body of the data, which Development Bank--and from the World Bank are show both the stock and flows rescheduled each classified as concessional according to each institu- year. In addition, the amount of debt forgiven (in- tion's classification and not according to the terest forgiven is shown as a memorandum item) DACdefinition,aswasthepracticeinearlierreports. and the amount of debt stock reduction (including Variable interest rate LDOD is long-term debt buyback) are also shown separately. debt with interest rates that float with movements Total amount rescheduled is the total amount in a key market rate such as the London interbank of debt rescheduled, which includes the debt offer rate (LIBOR) or the U.S. prime rate. This stock, principal, interest, charges, and penalties item conveys information about the borrower's ex- rescheduled. posure to changes in international interest rates. Debt stock rescheduled is the amount of debt Public sector LDOD and private sector outstanding rescheduled in any given year. LDOD convey information about the distribu- Principal rescheduled is the amount of princi- tion of long-term debt for DRS countries by type pal due or in arrears that was rescheduled in any of debtor (central government, state and local given year. government, central bank, public and mixed Interest rescheduled is the amount of interest enterprises, official development banks, private due or in arrears that was rescheduled in any given banks, and private entities). year. Debt forgiven is the amount of principal due 6. Currency composition of public and publicly or in arrears that was written off or forgiven in guaranteed debt provides information on the cur- any given year. It includes debt forgiven within rency composition of loans outstanding and dis- and outside Paris Club agreements, principal for- bursed based on repayment currency of individual given and principal arrears forgiven, and excludes loans. For major multilateral creditors, currency interest forgiven. Interest arrears forgiven and composition is based on reporting currency, which is future interest obligations forgiven are recorded as mostly US$ and Unit of Account. The major curren- a memo item under interest forgiven (section 7). cies in which the external debt of low- and middle- Interest forgiven is the amount of interest due income countries is contracted are separately iden- or in arrears that was written off or forgiven in tified, as is debt denominated in special drawing any given year. rights and debt repayable in multiple currencies. Debt stock reduction is the amount that has Beginning in 2001, debt denominated in the been netted out of the stock of debt using debt currencies of the 12 members in the European conversion schemes such as buybacks and equity Monetary Union is included under the euro. swaps or the discounted value of long-term bonds that were issued in exchange for outstanding debt. 7. Debt restructurings provides information on re- It includes the effect of any financial operation structurings of long-term debt starting in 1985. that will reduce the debt stock other than debt Debt restructurings include restructurings in the stock restructuring, repayment of principal and context of the Paris Club, commercial banks, debt- debt forgiven (which is recorded separately in sec- equity swaps, buybacks, and bond exchanges. In tion 7). In particular, "debt stock reduction" will the event of a swap of long term debt (debt-to- include the face value of debt bought back, the equity, debt-for-nature, or debt-for-development), face value of debt swapped for equity (or "nature" xviii A B O U T D A T A or "development"), any face value reduction that Debt forgiveness or reduction is the debt might result as the consequence of a bond ex- stock, principal and/or interest that will not be change, and any face value reduction resulting paid. from an exchange of debt for discount bonds. Cross-currency valuation effect arises from Debt buyback is the repurchase by a debtor of movements in the value of the dollar against other its own debt, discounted or at par. In the event of a world currencies, as well as debt forgiveness or buyback of long-term debt, the face value of the reduction, and effect the value of developing- debt bought back will be recorded as a decline in country debt. Countries contract debt in various the long-term debt stock, and the cash amount re- currencies. The debt data that countries report to ceived by creditors will be recorded as a principal the World Bank's Debtor Reporting System is repayment in Section 5. For example, if a country expressed in the currencies in which the original buys back long-term debt of face value B at a price debt was contracted or in currencies in which it is p, then LDOD will decline by B, and principal re- repayable. For purposes of standardization and payment will go up by p*B. The difference be- aggregation, the DRS converts these amounts into tween the secondary market price at which the dollar values. The exchange rates used are gener- debt was bought back and the face value is ally the par values or central rates specified by the recorded as a debt stock write off (Section 8). Both International Monetary Fund or market rates debt buyback and debt stock write off are included when necessary. Exchange rates in effect at the end in the debt stock reduction (Section 7). of any given year are used to convert the stock of debt outstanding for that year in various curren- 8. Debt stock-flow reconciliation reconciles the cies into the nominal dollar value. Residual is the stock and flow data on total external debt for each change in the total debt stock that is not justified year, beginning with 1989. This section is designed by the operations listed in this section. to illustrate the changes in stock that have taken place due to five factors: the net flow on debt, the net 9. Average terms of new commitments provides change in interest arrears, the capitalization of inter- information on the average terms of new commit- est, the reduction in debt resulting from debt forgive- ments on public and publicly guaranteed debt and ness or other debt reduction mechanisms, and the information on the level of commitments from cross-currency valuation effects. The residual differ- official and private sources. To obtain averages, ence--the change in stock not explained by any of the interest rates, maturities, and grace periods in the factors identified above--is also presented. The each category have been weighted by the amounts residual is calculated as the sum of identified ac- of the loans. counts minus the change in stock. Where the resid- Thegrantequivalentofaloanisitscommitment ual is large it can, in some cases, serve as an illustra- (present) value, less the discounted present value of tion of the inconsistencies in the reported data. its contractual debt service; conventionally, future More often, however, it can be explained by specific service payments are discounted at 10 percent. borrowing phenomena in individual countries. Net Present Value (NPV) of debt--the nomi- These are explained in the Country Notes section. nal amount outstanding minus the sum of all fu- Not all components are provided in the GDF print. ture debt-service obligations (interest and princi- Total change in debt stock is the variation in pal) on existing debt discounted at an interest rate the total debt stock between two consecutive years. different from the contracted rate. Net flows on debt are disbursements on long- The grant element of a loan is the grant equiv- term debt and IMF purchases minus principal re- alent expressed as a percentage of the amount payments, IMF repurchases and change in the committed. It is used as a measure of the overall stock of the short-term debt. cost of borrowing. Loans with an original grant Net change in interest arrears is the variation element of 25 percent or more are defined as con- in the total amount of interest in arrears between cessional. The average grant element has been two consecutive years. weighted by the amounts of the loans. Commit- Interest capitalized is the interest that became ments cover the total amount of loans for which part of the stock of debt due to a rescheduling contracts were signed in the year specified; data operation. for private nonguaranteed debt are not available. xix G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 6 Grace period--the grace period for principal is International Monetary Fund (IMF). (The IBRD the period from the date of signature of the loan or and IDA are components of the World Bank.) the issue of the financial instrument to the first Reporting countries submit detailed (loan-by- repayment of principal. The repayment period is loan) reports through the DRS on the annual the period from the first to last repayment of status, transactions, and terms of the long-term principal. external debt of public agencies and that of private Maturity is the number of years to original ones guaranteed by a public agency in the debtor maturity date, which is the sum of grace and country. This information forms the basis for the repayment periods. tables in this volume. Aggregate data on private debt without public 10. Projections on existing pipeline provides guarantee are compiled and published as reliable anticipated disbursements and contractual reported and estimated information becomes obligations on long-term debt contracted up to available. This edition includes data on private non- December 2004. guaranteed debt, either as reported or as estimated, Projected debt service payments are estimates for countries, when available. of payments due on existing debt outstanding, in- The short-term debt data are as reported by the cluding undisbursed. They do not include service debtor countries or are estimates. The principal payments that may become due as a result of new creditor sources are the semiannual series of com- loans contracted in subsequent years. Nor do they mercial banks' claims on developing countries, allow for effects on service payments of changes in published by the Bank for International Settlements repayment patterns owing to prepayment of loans (BIS). For some countries, estimates were prepared or to rescheduling or refinancing, including repay- by pooling creditor and debtor information. ment of outstanding arrears, that occurred after Data on long-term debt reported by member the last year of reported data. countries are checked against, and supplemented Projected disbursements are estimates of by, data from several other sources. Among these drawings of unutilized balances. The projections are the statements and reports of several regional do not take into account future borrowing by development banks, government lending agencies, the debtor country. (See the Methodology section and official government websites. for a detailed explanation of how undisbursed bal- Data on exports and imports (on a balance of ances are projected.) payments basis), international reserves, and cur- rent account balances are drawn mainly from the files of the IMF, supplemented by World Bank staff Country Notes estimates. Balance of payments data are presented C ountry notes at the end of each country according to the fifth edition of the IMF's Balance table summarize major events that have taken of Payments Manual, which made several adjust- place in the country in recent years and describe ments to its presentation of trade statistics. Cover- the sources of information for short-term and pri- age of goods was expanded to include in imports vate non guaranteed debt and main issues on data the value of goods received for processing and re- collection process. pair (on a gross basis). Their subsequent re-export is recorded in exports (also on a gross basis). This approach will cause a country's imports and Sources exports to increase without affecting the balance T he principal sources of information for the of goods. In addition, all capital transfers, which tables in this volume are reports to the World were included with current transfers in the fourth Bank through the DRS from member countries edition of the Balance of Payments Manual, are that have received either IBRD loans or IDA cred- now shown in a separate capital (as opposed to its. Additional information has been drawn from financial) account, and so do not contribute to the the files of the African Development Bank, the current account balance. Asian Development Bank, the Central Bank for Gross national income (GNI) data for most Economic Integration, the Inter-American Devel- developing countries are collected from national opment Bank, the IBRD and the IDA, and the statistical organizations and central banks by xx A B O U T D A T A visiting and resident World Bank missions. Data Symbols T on GNI are from the Macroeconomic Data Team he following symbols have been used through- of the Development Economics Development Data out: Group of the World Bank. · 0.0 indicates that a datum exists, but is negli- Every effort has been made to ensure the gible, or is a true zero. accuracy and completeness of the debt statistics. · .. indicates that a datum is not available. Nevertheless, quality and coverage vary among · Dollars are current U.S. dollars unless other- debtors and may also vary for the same debtor wise specified. from year to year. Coverage has been improved through the efforts of the reporting agencies and the work of World Bank missions, which visit member countries to gather data and to provide technical assistance on debt issues. xxi Abbreviations The following abbreviations are used in the principal ratios and indicator tables: BIS Bank for International Settlements CRS Creditor Reporting System (of the OECD) DAC Development Assistance Committee (of the OECD) DDSR Debt and debt service reduction DRS Debtor Reporting System (of the World Bank) EDT Total external debt, including short-term and use of IMF credit FDI Foreign direct investment GNI Gross national income IBRD International Bank for Reconstruction and Development/World Bank IDA International Development Association (of the World Bank) IMF International Monetary Fund INT Total interest payments on long-term and short-term debt, including IMF charges LDOD Total long-term debt outstanding and disbursed LIBOR London interbank offer rate MGS Imports of goods and services MYRA Multiyear rescheduling agreement NPV Net present value of debt ODA Official development assistance OECD Organisation for Economic Co-operation and Development OPEC Organization of Petroleum Exporting Countries RES International reserves SDR Special drawing right (of the IMF) TDS Total debt service on long-term debt and short-term (interest only), including IMF Credits WBXD World Bank External Debt System XGS Exports of goods and services xxiii G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 6 Debt stock and its components Total external debt (EDT) Short-term Long-term debt Use of IMF debt (LDOD) credits by debtor Private Public and publicly nonguaranteed debt guaranteed debt by creditor Official Private creditors creditors Commercial Multilateral Bilateral Bonds Other banks xxiv A B O U T D A T A Aggregate net resource flows and net transfers (long-term) to developing countries Loan disbursements minus Principal repayments equals Foreign direct Debt service Net resource investment (FDI), Aggregate net plus equals (LTDS) flows on debt portfolio equity flows, resource flows and official grants minus minus Loan interest Interest payments and FDI profits equals equals Net transfers Aggregate net on debt transfers xxv G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 6 Aggregate net resource flows (long-term) and the balance of payments Credits Debits · Exports of goods and services · Imports of goods and services · Income received · Income paid Current account · Current transfers · Current transfers (including workers' remittances and private grants) · Official unrequited transfers · Official unrequited transfers (by foreign governments) (by national government) · Official unrequited transfer · Official unrequited transfer (by foreign governments) (by national government) · Foreign direct investment · Foreign direct investment (by nonresidents) (by residents) (disinvestment shown as negative) (disinvestment shown as negative) Capital and · Portfolio investment · Portfolio investment (abroad by financial account (by nonresidents) residents) (amortizations shown as negative) (amortizations shown as negative) · Other long-term capital inflows (by · Other long-term capital outflows nonresidents) (amortizations shown (by residents) (amortizations as negative) shown as negative) · Short-term capital inflow · Short-term capital outflow Reserve account Net changes in reserves Aggregate net resource flows Net resource flows on debt (long-term) xxvi Country groups Regional groups East Asia and Pacific Russian Federation (P) Middle East and North Africa Equatorial Guinea (E) Slovak Republic (A) Eritrea (A) Cambodia (A) Serbia and Montenegroa (A) Algeria (A) Ethiopia (A) China (P) Tajikistan (P) Djibouti (A) Gabon (E) Fiji (A) Turkey (A) Egypt, Arab Rep. of (A) Gambia,The (A) Indonesia (P) Ukraine (A) Iran, Islamic Rep. of (A) Ghana (A) Lao PDR (P) Uzbekistan (A) Jordan (A) Guinea (E) Malaysia (P) Lebanon (A) Guinea-Bissau (P) Mongolia (A) Latin America and the Caribbean Morocco (A) Kenya (A) Myanmar (E) Oman (A) Lesotho (A) Papua New Guinea (A) Argentina (A) Syrian Arab Republic (E) Liberia (E) Philippines (A) Barbados (E) Tunisia (A) Madagascar (A) Samoa (A) Belize (A) Yemen, Republic of (A) Malawi (A) Solomon Islands (A) Bolivia (A) Mali (A) Thailand (P) Brazil (A) South Asia Mauritania (A) Tonga (A) Chile (A) Mauritius (A) Vanuatu (A) Colombia (A) Bangladesh (A) Mozambique (P) Vietnam (P) Costa Rica (A) Bhutan (A) Niger (P) Dominica (A) India (A) Nigeria (P) Europe and Central Asia Dominican Republic (E) Maldives (A) Rwanda (E) Ecuador (P) Nepal (A) São Tomé and Principe (P) Albania (A) El Salvador (A) Pakistan (P) Senegal (P) Armenia (A) Grenada (A) Sri Lanka (A) Seychelles (A) Azerbaijan (A) Guatemala (A) Sierra Leone (A) Belarus (A) Guyana (A) Sub-Saharan Africa Somalia (E) Bosnia and Herzegovinaa (A) Haiti (A) South Africa (P) Bulgaria (A) Honduras (A) Angola (P) Sudan (A) Croatia (A) Jamaica (A) Benin (E) Swaziland (P) Czech Republic (P) Mexico (A) Botswana (A) Tanzania (P) Estonia (A) Nicaragua (A) Burkina Faso (A) Togo (A) Georgia (A) Panama (A) Burundi (A) Uganda (A) Hungary (A) Paraguay (A) Cameroon (P) Zambia (E) Kazakhstan (A) Peru (A) Cape Verde (A) Zimbabwe (A) Kyrgyz Republic (A) St. Kitts and Nevis (A) Central African Republic (P) Latvia (A) St. Lucia (A) Chad (P) Lithuania (A) St. Vincent and the Grenadines (A) Comoros (P) Macedonia, FYR (A) Trinidad and Tobago (A) Congo, Dem. Rep. of (P) Moldova (A) Uruguay (A) Congo, Rep. of (P) Poland (A) Venezuela, R.B. de (A) Côte d'Ivoire (E) Romania (A) Note: Letters in parenthesis indicate DRS reporters' status: (A) as reported, (P) preliminary, and (E) estimated. The status "as reported" indicates that the country was fully current in its reporting under the DRS and that World Bank staff are satisfied that the reported data give an adequate and fair representation of the country's total public debt. "Preliminary" data are based on reported or collected information but, because of incompleteness or other reasons, include an element of staff estimation. "Estimated" data indicate that countries are not current in their reporting and that a significant element of staff estimation has been necessary in producing the data tables. a. For Bosnia and Herzegovina, total debt before 1999, excluding IBRD and IMF obligations and short-term debt, is included under Serbia and Montenegro. xxvii G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 6 Income groups Low-income countries Nicaragua Middle-income countries Jordan Niger Kazakhstan Bangladesh Nigeria Albania Latvia Benin Pakistan Algeria Lebanon Bhutan Papua New Guinea Angola Lithuania Burkina Faso Rwanda Argentina Macedonia, FYR Burundi São Tomé and Principe Armenia Malaysia Cambodia Senegal Azerbaijan Maldives Cameroon Sierra Leone Barbados Mauritius Central African Republic Solomon Islands Belarus Mexico Chad Somalia Belize Morocco Comoros Sudan Bolivia Oman Congo, Dem. Rep. of Tajikistan Botswana Panama Congo, Rep. of Tanzania Bosnia and Herzegovina Paraguay Côte d'Ivoire Togo Brazil Peru Eritrea Uganda Bulgaria Philippines Ethiopia Uzbekistan Cape Verde Poland Gambia,The Vietnam Chile Romania Ghana Yemen, Republic of China Russian Federation Guinea Zambia Colombia Samoa Guinea-Bissau Zimbabwe Costa Rica Serbia and Montenegro Haiti Croatia Seychelles India Czech Republic Slovak Republic Kenya Djibouti South Africa Kyrgyz Republic Dominica Sri Lanka Lao PDR Dominican Republic St. Kitts and Nevis Lesotho Ecuador St. Lucia Liberia Egypt, Arab Rep. of St. Vincent and the Grenadines Madagascar El Salvador Swaziland Malawi Equatorial Guinea Syrian Arab Republic Mali Estonia Thailand Mauritania Fiji Tonga Moldova Gabon Trinidad and Tobago Mongolia Georgia Tunisia Mozambique Grenada Turkey Myanmar Guatemala Ukraine Nepal Guyana Uruguay Honduras Vanuatu Hungary Venezuela, R.B. de Indonesia Iran, Islamic Rep. of Jamaica Note: Low-income countries are those in which 2004 GNI per capita (calculated using the World Bank Atlas method) was no more than $825; middle-income countries are those in which GNI per capita was between $826 and $10,065. xxviii Summary tables xxix G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 6 Table 1: External debt ratios 2002­2004 (US$ millions) Ratio of Ratio of total present value Ratio of Total Present external debt of debt to Ratio of total present value external debt value of debt to exports of exports of external debt of debt to 2004 2004 GS (%) GS (%) to GNI (%) GNI (%) Albania 1,549 1,056 74 51 25 17 Algeria 21,987 21,322 82 80 33 32 Angola 9,521 8,801 89 82 74 68 Argentina 169,247 191,462 451 510 141 159 Armenia 1,224 1,412 113 130 43 50 Azerbaijan 1,986 1,586 56 45 29 23 Bangladesh 20,344 14,064 179 124 37 26 Barbados 703 758 44 48 27 29 Belarus 3,717 3,672 30 30 20 20 Belize 959 1,062 188 208 99 109 Benin 1,916 807 268 113 56 24 Bhutan 593 595 431 432 99 100 Bolivia 6,096 3,007 275 136 77 38 Bosnia and Herzegovina 3,202 2,499 80 63 44 34 Botswana 524 445 14 12 8 6 Brazil 222,026 239,389 239 258 44 47 Bulgaria 15,661 16,111 139 143 81 83 Burkina Faso 1,967 925 432 203 48 23 Burundi 1,385 92 3,069 203 227 15 Cambodia 3,377 2,869 117 99 80 68 Cameroon 9,496 2,309 296 72 81 20 Cape Verde 517 358 144 100 67 46 Central African Republic 1,078 885 730 599 91 75 Chad 1,701 781 172 79 73 33 Chile 44,058 42,808 145 141 58 57 China 248,934 241,695 48 46 15 15 Colombia 37,732 40,780 189 204 45 49 Comoros 306 218 389 276 99 70 Congo, Dem. Rep. of 11,841 2,032 765 131 208 36 Congo, Rep. of 5,829 9,007 230 356 214 331 Costa Rica 5,700 6,031 66 70 34 36 Côte d'Ivoire 11,739 11,602 172 170 91 90 Croatia 31,548 30,686 200 194 113 110 Czech Republic 45,561 43,834 73 71 53 51 Djibouti 428 297 -- -- 65 45 Dominica 226 204 176 159 93 84 Dominican Republic 6,965 6,799 62 61 39 39 Ecuador 16,868 18,179 191 205 65 70 Egypt, Arab Rep. of 30,292 26,775 123 108 36 32 El Salvador 7,250 7,828 114 123 50 54 Equatorial Guinea 291 245 10 9 .. .. Eritrea 681 405 260 154 90 53 Estonia 10,008 9,584 138 132 116 111 Ethiopia 6,574 2,061 460 144 97 30 Fiji 202 197 16 16 9 9 Gabon 4,150 3,923 124 117 80 75 Gambia, The 674 391 398 231 186 108 Georgia 2,082 1,567 133 100 49 37 Ghana 7,035 2,396 222 76 95 32 Grenada 433 397 232 213 115 106 Guatemala 5,532 5,720 85 88 22 23 Guinea 3,538 1,577 416 186 100 45 Guinea-Bissau 765 754 791 779 331 326 Guyana 1,331 508 171 65 189 72 Haiti 1,225 949 98 76 37 29 Honduras 6,332 2,516 171 68 95 38 Hungary 63,159 59,742 115 108 80 76 India 122,723 109,852 106 95 21 18 (Table continues on next page) xxx S U M M A R Y T A B L E S Table 1: External debt ratios 2002­2004 (Continued) (US$ millions) Ratio of Ratio of total present value Ratio of Total Present external debt of debt to Ratio of total present value external debt value of debt to exports of exports of external debt of debt to 2004 2004 GS (%) GS (%) to GNI (%) GNI (%) Indonesia 140,649 136,417 181 175 63 61 Iran, Islamic Rep. of 13,622 12,917 33 31 10 9 Jamaica 6,399 7,163 126 141 79 89 Jordan 8,175 7,645 108 101 77 72 Kazakhstan 32,310 30,486 193 182 107 101 Kenya 6,826 5,032 185 136 47 34 Kyrgyz Republic 2,100 1,516 240 173 114 82 Lao PDR 2,056 1,550 365 276 101 76 Latvia 12,661 12,439 243 239 112 110 Lebanon 22,177 23,045 470 488 116 121 Lesotho 764 559 88 64 60 44 Liberia 2,706 3,052 1,891 2,133 674 760 Lithuania 9,475 9,501 95 96 53 53 Macedonia, FYR 2,044 1,794 107 94 45 39 Madagascar 3,462 1,781 330 170 74 38 Malawi 3,418 1,086 584 186 188 60 Malaysia 52,145 52,456 42 42 52 53 Maldives 345 275 58 46 52 42 Mali 3,316 1,296 251 98 83 33 Mauritania 2,297 814 526 186 161 57 Mauritius 2,294 2,245 70 69 44 43 Mexico 138,689 154,677 69 77 22 24 Moldova 1,868 1,727 117 108 81 75 Mongolia 1,517 1,144 143 108 114 86 Morocco 17,672 16,683 96 91 41 39 Mozambique 4,651 806 310 54 98 17 Myanmar 7,239 5,462 233 176 .. .. Nepal 3,354 2,214 180 119 56 37 Nicaragua 5,145 1,423 283 78 127 35 Niger 1,950 674 452 156 74 25 Nigeria 35,890 35,462 141 140 72 71 Oman 3,872 3,784 30 29 18 18 Pakistan 35,687 28,641 194 156 44 35 Panama 9,469 11,510 106 129 77 94 Papua New Guinea 2,149 1,967 87 80 72 66 Paraguay 3,433 3,295 109 104 54 52 Peru 31,296 33,768 245 265 52 57 Philippines 60,550 62,301 120 124 71 73 Poland 99,190 95,838 126 121 47 45 Romania 30,034 29,506 138 136 52 51 Russian Federation 197,335 201,995 117 120 45 46 Rwanda 1,656 258 964 150 96 15 Samoa 562 500 451 400 177 158 Sao Tomé and Principe 362 101 1,655 459 666 185 Senegal 3,938 1,446 165 61 60 22 Serbia and Montenegro 15,882 15,374 216 209 80 77 Seychelles 615 631 101 104 94 96 Sierra Leone 1,723 358 903 188 177 37 Slovak Republic 22,068 21,701 87 86 68 67 Solomon Islands 176 135 169 129 76 58 Somalia 2,849 3,045 .. .. .. .. South Africa 28,500 26,742 58 54 18 17 Sri Lanka 10,887 9,026 134 111 61 50 St. Kitts and Nevis 316 309 217 212 96 94 St. Lucia 413 401 109 105 64 62 St. Vincent and the Grenadines 257 233 143 129 71 64 Sudan 19,332 25,273 478 625 116 151 Swaziland 470 491 24 25 26 27 (Table continues on next page) xxxi G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 6 Table 1: External debt ratios 2002­2004 (Continued) (US$ millions) Ratio of Ratio of total present value Ratio of Total Present external debt of debt to Ratio of total present value external debt value of debt to exports of exports of GS external debt of debt to GNI 2004 2004 GS (%) (%) to GNI (%) (%) Syrian Arab Republic 21,521 21,412 250 249 102 101 Tajikistan 896 638 78 55 58 41 Tanzania 7,799 2,248 398 115 76 22 Thailand 51,307 49,645 52 50 36 35 Togo 1,812 1,429 242 191 106 83 Tonga 81 58 125 90 46 33 Trinidad and Tobago 2,926 3,160 49 53 29 31 Tunisia 18,700 18,571 148 147 79 79 Turkey 161,595 167,279 213 221 67 69 Uganda 4,822 2,062 379 162 78 33 Ukraine 21,652 21,942 70 71 42 42 Uruguay 12,376 12,840 338 351 104 108 Uzbekistan 5,007 4,768 130 123 48 45 Vanuatu 118 94 81 64 44 35 Venezuela, R.B. de 35,570 41,749 106 125 38 45 Vietnam 17,825 15,401 75 65 45 39 Yemen, Rep. of 5,488 3,826 95 66 53 37 Zambia 7,279 1,533 530 112 170 36 Zimbabwe 4,797 4,809 264 264 33 33 --Not available Notes: For definition of indicators, see Sources and Definitions section. Country names in italics indicate HIPC countries. Numbers in italics include the effects of traditional relief and HIPC relief and are based on publicly guaranteed debt only. Under the Multilateral Debt Relief Ini- tiative (MDRI), IDA, IMF and the African Development Fund are currently finalizing arrangements to provide debt stock cancellation to post- completion point HIPCs on debt owed to the three institutions. The IMF and ADF are providing 100 percent stock cancellation on debts out- standing as of end-2004, while IDA will provide 100 percent stock cancellation on debts owed as of end-2003. The present value of debt for HIPCs provided in the GDF does not incorporate debt reduction under the MDRI and may include penalty charges. Exports comprise the total value of goods and services exported, receipts of compensations of employees and investment income and worker's remittances. In the ratios, the numerator refers to the 2004 data and the denominator is an average of 2002 to 2004 data. For exports and GNI averages, staff estimates are used when necessary. xxxii S U M M A R Y T A B L E S Table 2: Composition of external debt (US$ millions) Long-term Distribution of long-term debt (%) Total debt Total debt / debt / total stock GNI (%) debt (%) Multilateral Bilateral Private 1999 2004 1999 2004 1999 2004 1999 2004 1999 2004 1999 2004 Albania 709 1,549 20 20 85 94 57 60 36 35 7 5 Algeria 27,997 21,987 62 27 92 95 16 16 55 58 29 25 Angola 10,299 9,521 218 55 85 91 4 4 31 35 66 60 Argentina 145,657 169,247 53 117 77 75 14 13 5 4 81 83 Armenia 902 1,224 47 39 72 80 70 86 27 11 3 3 Azerbaijan 1,073 1,986 24 25 59 83 45 39 30 41 25 20 Bangladesh 16,567 20,344 35 34 97 94 70 77 29 20 1 3 Barbados 444 703 19 26 100 100 60 43 20 12 20 46 Belarus 2,199 3,717 18 16 32 21 36 16 27 46 38 38 Belize 396 959 57 90 87 100 37 23 26 8 37 69 Benin 1,687 1,916 71 47 87 95 65 77 35 23 0 0 Bhutan 184 593 49 90 99 100 51 29 49 71 0 0 Bolivia 5,546 6,096 69 73 88 93 57 77 30 5 14 18 Bosnia and Herzegovina .. 3,202 .. 37 .. 85 .. 63 .. 27 .. 10 Botswana 504 524 11 6 96 93 70 67 24 30 7 3 Brazil 245,210 222,026 47 38 84 77 9 11 5 4 86 84 Bulgaria 11,020 15,661 86 66 77 72 18 23 14 6 68 71 Burkina Faso 1,588 1,967 57 41 86 93 88 93 12 7 0 0 Burundi 1,135 1,385 161 216 93 96 86 86 14 14 0 1 Cambodia 2,517 3,377 73 72 91 89 14 31 86 69 0 0 Cameroon 9,479 9,496 109 68 84 90 18 20 73 71 9 8 Cape Verde 327 517 57 55 94 90 72 77 25 18 3 5 Central African Republic 909 1,078 88 82 91 86 74 73 22 24 4 3 Chad 1,151 1,701 76 63 92 93 84 88 15 10 1 2 Chile 34,815 44,058 49 48 88 83 5 3 2 1 93 96 China 152,085 248,934 14 13 90 53 17 20 19 23 63 56 Colombia 34,424 37,732 41 40 88 86 21 32 5 3 74 65 Comoros 237 306 106 84 91 90 81 81 19 19 0 0 Congo, Dem. Rep. of 12,048 11,841 279 186 69 89 27 29 66 67 6 4 Congo, Rep. of 5,033 5,829 306 178 78 87 15 12 65 71 20 17 Costa Rica 4,216 5,700 30 32 82 70 39 37 20 8 40 55 Côte d'Ivoire 13,170 11,739 112 80 86 92 28 32 36 37 36 31 Croatia 11,411 31,548 58 94 92 93 6 5 8 3 86 92 Czech Republic 22,798 45,561 40 45 61 62 6 6 2 2 92 92 Djibouti 275 428 50 60 90 92 57 70 43 29 0 1 Dominica 118 226 49 89 84 95 68 58 31 19 1 23 Dominican Republic 4,686 6,965 29 40 76 83 31 30 50 19 19 51 Ecuador 16,257 16,868 106 59 93 89 23 25 16 16 61 59 Egypt, Arab Rep. of 31,045 30,292 34 39 86 90 15 15 81 82 4 4 El Salvador 3,793 7,250 31 47 72 75 67 41 22 11 11 48 Equatorial Guinea 271 291 65 .. 77 84 47 49 46 44 6 7 Eritrea 253 681 35 75 100 98 47 72 53 28 0 0 Estonia 2,491 10,008 46 95 65 70 8 1 2 0 90 98 Ethiopia 5,544 6,574 86 83 97 97 51 76 47 20 2 4 Fiji 161 202 9 8 89 63 75 72 8 23 17 6 Gabon 3,982 4,150 104 67 83 92 16 12 80 81 4 6 Gambia, The 465 674 113 171 93 92 80 81 20 19 0 0 Georgia 1,653 2,082 56 39 80 82 36 49 62 45 1 6 Ghana 6,420 7,035 85 80 84 83 68 87 20 7 11 5 Grenada 136 433 39 113 83 80 49 27 44 14 6 59 Guatemala 3,781 5,532 21 20 71 71 52 52 24 13 23 35 Guinea 3,522 3,538 104 92 87 90 55 60 44 39 1 1 Guinea-Bissau 934 765 444 284 89 96 48 65 52 35 0 0 Guyana 1,413 1,331 221 177 80 86 51 74 45 24 4 2 Haiti 1,185 1,225 29 34 88 97 86 83 14 17 0 0 Honduras 5,519 6,332 105 90 88 90 54 60 32 28 14 12 Hungary 29,874 63,159 66 67 88 80 6 4 3 1 91 96 India 98,313 122,723 22 18 96 94 33 27 29 17 38 55 (Table continues on next page) xxxiii G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 6 Table 2: Composition of external debt (Continued) (US$ millions) Long-term Distribution of long-term debt (%) Total debt Total debt / debt / total stock GNI (%) debt (%) Multilateral Bilateral Private 1999 2004 1999 2004 1999 2004 1999 2004 1999 2004 1999 2004 Indonesia 151,221 140,649 117 57 80 76 16 17 30 39 54 44 Iran, Islamic Rep. of 9,905 13,622 9 8 63 74 8 3 40 12 52 84 Jamaica 3,918 6,399 52 76 78 82 34 27 43 18 23 55 Jordan 8,083 8,175 101 70 83 88 27 27 55 69 18 4 Kazakhstan 6,129 32,310 37 85 85 89 28 6 16 3 55 90 Kenya 6,475 6,826 51 43 86 88 52 57 34 37 14 6 Kyrgyz Republic 1,736 2,100 148 99 86 90 44 60 30 32 26 8 Lao PDR 2,527 2,056 179 87 98 98 42 77 58 23 0 0 Latvia 4,061 12,661 57 92 48 40 28 8 4 1 69 91 Lebanon 8,205 22,177 46 107 73 82 10 5 6 5 84 90 Lesotho 682 764 59 47 97 95 74 78 12 13 14 10 Liberia 2,077 2,706 621 687 51 43 37 39 43 43 19 18 Lithuania 4,419 9,475 42 44 71 60 12 7 8 5 80 88 Macedonia, FYR 1,417 2,044 39 38 89 93 42 49 26 18 32 33 Madagascar 4,745 3,462 129 81 92 93 41 88 58 12 1 0 Malawi 2,742 3,418 158 186 94 96 79 83 20 17 1 0 Malaysia 41,903 52,145 57 47 86 78 4 3 9 14 87 83 Maldives 219 345 39 48 89 88 64 61 20 11 16 28 Mali 3,196 3,316 127 71 88 94 57 73 43 27 0 0 Mauritania 2,532 2,297 232 142 85 89 45 70 54 30 1 0 Mauritius 1,847 2,294 44 38 69 41 20 29 23 33 58 38 Mexico 166,463 138,689 36 21 83 93 12 13 4 2 84 85 Moldova 1,022 1,868 85 64 81 63 48 38 24 22 28 39 Mongolia 914 1,517 102 95 92 86 53 62 46 38 1 0 Morocco 22,973 17,672 67 36 91 99 31 34 35 33 34 32 Mozambique 6,971 4,651 185 81 92 88 17 53 56 24 28 23 Myanmar 6,004 7,239 .. .. 89 78 23 23 67 62 10 15 Nepal 2,993 3,354 59 50 98 99 87 87 13 13 0 0 Nicaragua 6,909 5,145 195 118 85 86 42 63 50 24 8 13 Niger 1,667 1,950 83 64 91 93 66 88 30 10 5 2 Nigeria 29,128 35,890 87 59 78 87 17 9 57 83 26 7 Oman 6,839 3,872 45 17 73 66 6 25 9 17 85 58 Pakistan 33,891 35,687 54 38 90 91 47 50 39 42 14 8 Panama 6,841 9,469 64 75 91 96 16 13 5 3 79 84 Papua New Guinea 2,695 2,149 83 61 96 92 36 46 21 24 44 31 Paraguay 3,383 3,433 44 47 78 81 41 47 20 24 39 29 Peru 29,179 31,296 58 48 82 92 22 27 38 30 40 43 Philippines 58,315 60,550 73 67 88 90 15 13 27 25 58 62 Poland 65,943 99,190 40 42 83 83 4 2 42 20 54 77 Romania 9,015 30,034 26 42 91 82 33 23 10 3 56 75 Russian Federation 174,754 197,335 93 35 82 80 5 4 45 30 50 66 Rwanda 1,294 1,656 67 91 90 93 87 91 13 9 0 0 Samoa 192 562 84 150 81 31 94 92 6 8 0 0 Sao Tomé and Principe 324 362 766 612 91 97 58 61 42 39 0 0 Senegal 3,944 3,938 85 52 85 94 58 80 41 16 1 5 Serbia and Montenegro 10,901 15,882 107 67 62 82 22 34 41 30 37 36 Seychelles 254 615 43 92 84 84 27 15 48 35 26 50 Sierra Leone 1,298 1,723 203 164 82 88 50 61 42 39 8 1 Slovak Republic 12,575 22,068 63 54 77 53 8 9 6 2 86 90 Solomon Islands 165 176 51 69 97 94 67 67 9 24 24 9 Somalia 2,606 2,849 .. .. 71 68 39 41 59 57 2 2 South Africa 23,907 28,500 18 14 55 72 0 1 0 0 100 99 Sri Lanka 9,815 10,887 64 57 88 92 42 45 44 45 14 9 St. Kitts and Nevis 138 316 50 91 97 99 36 31 38 21 25 48 St. Lucia 196 413 31 61 72 62 66 56 19 8 16 36 St. Vincent and the Grenadines 194 257 63 67 84 87 41 36 23 15 36 50 Sudan 16,132 19,332 171 99 58 63 22 21 59 56 20 23 Swaziland 361 470 25 20 85 97 48 53 44 33 8 15 (Table continues on next page) xxxiv S U M M A R Y T A B L E S Table 2: Composition of external debt (Continued) (US$ millions) Long-term Distribution of long-term debt (%) Total debt Total debt / debt / total stock GNI (%) debt (%) Multilateral Bilateral Private 1999 2004 1999 2004 1999 2004 1999 2004 1999 2004 1999 2004 Syrian Arab Republic 22,369 21,521 147 92 72 73 4 3 89 90 7 7 Tajikistan 1,275 896 124 45 84 86 15 63 49 32 36 5 Tanzania 7,655 7,799 90 72 83 80 52 77 44 22 4 2 Thailand 96,770 51,307 81 32 72 78 8 3 23 24 69 73 Togo 1,523 1,812 101 90 84 88 62 60 38 40 0 0 Tonga 63 81 37 38 100 100 84 83 14 17 2 0 Trinidad and Tobago 2,462 2,926 38 25 66 52 40 40 3 1 58 59 Tunisia 11,860 18,700 60 69 86 87 35 38 27 20 38 42 Turkey 102,242 161,595 55 54 76 67 7 7 10 6 83 87 Uganda 3,498 4,822 58 72 86 93 85 91 14 8 1 1 Ukraine 13,951 21,652 45 34 78 84 22 14 35 15 43 71 Uruguay 7,479 12,376 36 98 74 62 32 40 7 2 61 58 Uzbekistan 4,923 5,007 29 42 83 96 9 15 39 42 52 43 Vanuatu 66 118 27 39 98 69 85 88 15 12 0 0 Venezuela, R.B. de 37,576 35,570 39 33 93 88 9 10 8 1 83 89 Vietnam 23,210 17,825 82 40 88 86 8 30 74 60 18 10 Yemen, Rep. of 6,194 5,488 89 46 87 87 33 46 66 53 1 2 Zambia 5,859 7,279 197 143 78 86 51 54 47 33 2 13 Zimbabwe 4,323 4,797 76 103 74 75 46 45 36 41 19 15 All developing countries 2,345,735 2,755,725 44 34 83 79 17 18 24 20 58 62 East Asia & Pacific 538,808 588,888 35 22 83 68 14 16 27 29 59 55 Europe & Central Asia 502,870 794,943 59 46 79 76 9 8 28 15 63 77 Latin America & Caribbean 772,332 778,970 45 40 83 82 14 17 8 6 78 77 Middle East & North Africa 155,745 163,935 43 33 83 86 19 19 55 48 26 33 South Asia 161,982 193,933 28 22 94 93 41 39 31 24 27 37 Sub-Saharan Africa 213,997 235,056 69 48 78 84 34 38 43 41 23 21 Low income 385,468 426,945 48 36 87 89 37 41 42 36 20 23 Middle income 1,960,267 2,328,780 43 34 82 77 13 13 21 17 66 70 xxxv G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 6 Table 3: Net flows from multilateral institutions, 2004 (US$ millions) Regional World Bank IMF development banks Total IBRD IDA conc. non-conc. conc. non-conc. Others IFC Albania 159.6 0.0 64.3 2.4 0.0 0.0 11.2 52.6 29.2 Algeria 1,221.7 149.2 0.0 0.0 371.6 0.0 679.6 53.0 31.7 Angola 16.1 0.0 12.9 0.0 0.0 0.6 1.6 4.3 0.0 Argentina 2,316.3 61.0 0.0 0.0 2,035.0 0.0 145.5 0.0 74.8 Armenia 62.1 0.6 77.8 1.9 8.3 0.0 7.8 3.8 3.0 Azerbaijan 119.5 0.0 49.2 21.7 38.0 0.0 8.5 148.4 9.9 Bangladesh 683.1 7.3 474.3 147.4 0.0 20.8 71.8 13.1 4.7 Barbados 14.3 0.0 0.0 0.0 0.0 1.2 5.2 7.9 0.0 Belarus 0.2 13.5 0.0 0.0 17.3 0.0 13.2 15.3 28.6 Belize 10.2 3.0 0.0 0.0 0.0 0.0 6.5 6.8 0.1 Benin 51.8 0.0 36.5 5.6 0.0 33.7 0.4 12.5 0.0 Bhutan 19.6 0.0 8.4 0.0 0.0 6.1 0.0 0.1 5.0 Bolivia 264.1 0.2 116.6 21.8 55.6 80.1 69.3 103.2 0.3 Bosnia and Herzegovina 253.4 24.4 208.5 0.0 29.8 0.0 4.8 76.5 17.7 Botswana 21.5 1.7 0.5 0.0 0.0 1.0 9.3 10.2 0.8 Brazil 6,052.1 116.3 0.0 0.0 4,356.8 0.0 1,468.2 4.5 106.3 Bulgaria 303.6 123.7 0.0 0.0 55.1 0.0 10.9 237.1 8.9 Burkina Faso 182.8 0.0 128.6 2.2 0.0 37.6 0.2 14.6 0.0 Burundi 19.1 0.0 29.3 39.1 28.5 13.3 7.0 0.6 0.0 Cambodia 102.8 0.0 46.3 10.4 0.0 53.5 0.0 9.5 3.8 Cameroon 64.4 29.7 96.9 22.9 0.0 48.5 26.1 2.6 4.8 Cape Verde 16.9 0.0 12.7 1.8 0.0 3.0 0.0 0.6 0.0 Central African Republic 4.2 0.0 0.0 2.4 8.3 0.0 0.0 1.6 0.0 Chad 81.7 5.9 69.9 12.9 0.0 7.5 0.0 12.7 1.4 Chile 7.3 18.8 0.7 0.0 0.0 1.8 49.8 1.5 42.3 China 247.6 306.3 116.7 0.0 0.0 0.0 200.3 201.5 59.3 Colombia 221.1 200.0 0.7 0.0 0.0 17.3 71.0 115.3 5.2 Comoros 1.1 0.0 1.4 0.2 0.0 0.0 0.0 0.1 0.0 Congo, Dem. Rep. of 274.4 0.0 166.6 79.1 0.0 44.4 0.0 10.9 4.9 Congo, Rep. of 57.6 3.2 23.6 7.5 7.8 0.7 74.7 2.3 0.0 Costa Rica 25.2 8.7 0.2 0.0 0.0 11.8 1.7 39.1 4.9 Côte d'Ivoire 149.3 38.4 33.1 126.7 0.0 1.1 0.4 12.2 5.8 Croatia 258.3 36.0 0.0 0.0 0.0 0.0 43.6 60.5 118.2 Czech Republic 29.6 18.9 0.0 0.0 0.0 0.0 13.4 122.0 119.3 Djibouti 19.7 0.0 8.7 0.0 -0.2 2.6 0.0 8.7 0.0 Dominica 14.7 0.0 4.0 0.9 0.0 0.0 0.0 9.7 0.0 Dominican Republic 323.6 29.3 0.7 0.0 64.9 20.3 208.7 2.6 39.1 Ecuador 240.1 52.9 1.1 0.0 112.0 27.0 90.5 46.6 3.2 Egypt, Arab Rep. of 22.2 51.8 36.2 0.0 0.0 15.4 0.3 18.3 4.0 El Salvador 55.0 24.3 0.8 0.0 0.0 23.5 20.6 34.1 48.3 Equatorial Guinea 1.9 0.0 0.8 0.3 0.0 0.2 0.2 0.4 0.0 Eritrea 52.8 0.0 35.1 0.0 0.0 19.1 0.0 1.4 0.0 Estonia 32.2 4.1 0.0 0.0 0.0 0.0 0.0 22.6 5.4 Ethiopia 286.1 0.0 189.2 21.9 0.0 68.3 4.4 11.1 0.0 Fiji 3.9 2.3 0.0 0.0 0.0 0.0 6.6 0.4 0.0 Gabon 79.5 11.7 0.0 0.0 37.0 0.2 52.6 5.0 3.3 Gambia, The 22.5 0.0 19.4 11.2 0.0 6.7 0.0 7.6 0.0 Georgia 86.0 0.0 64.4 20.4 13.7 0.0 6.3 57.3 4.6 Ghana 321.8 1.6 218.3 15.5 0.0 47.9 6.6 32.9 2.2 Grenada 13.0 1.5 1.1 4.3 0.0 0.0 0.0 6.2 0.0 Guatemala 125.2 50.0 0.0 0.0 0.0 18.4 61.1 10.3 22.1 Guinea 51.4 0.0 31.2 19.1 0.0 1.3 40.6 24.2 0.0 Guinea-Bissau 23.0 0.0 24.9 3.1 2.2 4.1 0.0 0.7 0.0 (Table continues on next page) xxxvi S U M M A R Y T A B L E S Table 3: Net flows from multilateral institutions, 2004 (Continued) (US$ millions) Regional World Bank IMF development banks Total IBRD IDA conc. non-conc. conc. non-conc. Others IFC Guyana 57.6 0.9 5.8 2.7 0.0 42.4 6.9 14.3 0.1 Haiti 60.6 0.0 40.5 4.4 2.7 11.5 0.0 1.4 0.0 Honduras 223.1 15.1 113.4 21.0 0.0 114.5 21.6 12.7 1.8 Hungary 600.2 39.5 0.0 0.0 0.0 0.0 3.1 642.8 0.0 India 1,437.1 616.2 422.3 0.0 0.0 0.0 423.4 24.0 0.8 Indonesia 1,693.1 825.6 94.8 0.0 1,004.9 34.8 5.1 36.3 39.1 Iran, Islamic Rep. of 32.3 34.3 0.0 0.0 0.0 0.0 0.0 2.0 0.0 Jamaica 20.2 40.7 0.0 0.0 8.0 5.3 1.9 33.7 1.9 Jordan 218.2 56.7 2.6 0.0 98.0 0.0 0.0 38.0 22.9 Kazakhstan 88.5 27.4 0.0 0.0 0.0 0.0 0.7 162.4 47.2 Kenya 10.0 4.8 26.7 14.1 0.0 16.6 1.9 7.5 5.0 Kyrgyz Republic 72.7 0.0 22.7 3.9 0.0 54.4 8.0 5.1 2.4 Lao PDR 53.5 0.0 29.2 7.8 0.0 35.0 0.0 2.7 0.1 Latvia 241.3 8.0 0.0 0.0 5.7 0.0 2.5 229.3 4.2 Lebanon 7.5 14.2 0.0 0.0 0.0 0.0 0.0 1.8 19.9 Lesotho 24.5 2.4 10.1 9.8 0.0 9.0 1.7 0.3 0.0 Liberia 0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 Lithuania 84.3 92.8 0.0 0.0 19.8 0.0 0.6 28.9 0.1 Macedonia, FYR 73.5 32.2 13.6 8.1 0.4 0.0 4.1 37.0 4.9 Madagascar 327.1 0.0 216.7 45.5 0.0 46.8 2.4 19.5 1.1 Malawi 57.6 0.5 50.9 9.5 0.0 23.4 0.4 6.2 0.2 Malaysia 63.3 69.8 0.0 0.0 0.0 0.0 43.1 49.5 0.0 Maldives 9.9 0.0 5.2 0.0 0.0 0.4 0.0 1.2 3.0 Mali 104.7 0.0 69.0 16.1 0.0 38.2 0.0 14.2 0.6 Mauritania 79.2 0.0 36.8 9.4 0.0 10.3 11.1 25.4 4.9 Mauritius 21.8 9.0 0.6 0.0 0.0 0.1 9.4 2.6 0.0 Mexico 751.4 1,153.3 0.0 0.0 0.0 0.0 174.6 0.0 227.3 Moldova 18.8 10.4 17.2 0.0 21.6 0.0 8.0 8.1 12.1 Mongolia 80.7 0.0 47.2 7.2 0.0 36.1 0.0 4.6 0.0 Morocco 155.8 338.2 1.4 0.0 0.0 3.9 120.0 59.9 0.0 Mozambique 280.6 0.0 185.7 6.7 0.0 86.0 0.8 21.9 5.5 Myanmar 1.7 0.0 0.0 0.0 0.0 0.0 0.0 1.7 0.0 Nepal 40.6 0.0 45.3 9.8 0.0 9.1 0.0 2.0 3.4 Nicaragua 310.2 0.0 126.0 32.7 0.0 139.7 1.5 9.7 3.8 Niger 111.3 0.0 63.2 5.8 0.0 27.6 12.5 2.2 0.0 Nigeria 120.0 216.4 137.2 0.0 0.0 1.2 60.9 0.0 21.3 Oman 136.8 0.0 0.0 0.0 0.0 0.0 0.0 135.2 1.6 Pakistan 768.8 303.1 676.1 146.9 460.5 70.8 950.5 92.0 40.5 Panama 73.5 25.4 0.0 0.0 9.9 8.9 27.9 6.0 4.5 Papua New Guinea 80.8 13.0 3.6 0.0 59.9 2.7 3.6 3.6 0.0 Paraguay 28.0 16.7 1.5 0.0 0.0 15.1 8.4 3.1 0.0 Peru 465.5 45.4 0.0 0.0 39.6 10.1 245.4 237.4 13.0 Philippines 840.8 226.4 6.9 0.0 472.5 15.7 133.9 21.9 7.4 Poland 642.7 676.5 0.0 0.0 0.0 0.0 0.0 0.5 34.3 Romania 496.8 142.0 0.0 0.0 170.9 44.3 62.0 374.9 44.5 Russian Federation 1,371.2 608.3 0.0 0.0 1,656.0 0.0 143.8 544.9 204.4 Rwanda 97.2 0.0 82.2 1.1 0.0 15.9 0.0 1.9 0.0 Samoa 1.1 0.0 1.7 0.0 0.0 0.4 0.0 0.9 0.0 Sao Tomé and Principe 7.2 0.0 3.1 0.0 0.0 4.5 0.0 0.4 0.0 Senegal 254.6 0.0 158.0 29.4 0.0 51.0 1.7 79.8 3.1 Serbia and Montenegro 336.7 0.0 161.9 0.0 6.0 0.0 75.2 89.8 3.8 Seychelles 2.3 0.0 0.0 0.0 0.0 0.0 0.0 0.4 2.7 Sierra Leone 113.5 0.0 30.6 40.2 0.0 31.0 0.0 12.8 1.1 (Table continues on next page) xxxvii G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 6 Table 3: Net flows from multilateral institutions, 2004 (Continued) (US$ millions) Regional World Bank IMF development banks Total IBRD IDA conc. non-conc. conc. non-conc. Others IFC Slovak Republic 112.2 74.4 0.0 0.0 0.0 0.0 1.6 185.1 0.0 Solomon Islands 0.2 0.0 0.4 0.0 0.0 0.2 0.0 0.0 0.0 Somalia 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 South Africa 22.7 7.0 0.0 0.0 0.0 0.0 30.5 0.0 14.8 Sri Lanka 37.2 2.0 29.9 8.3 103.4 75.2 17.2 33.5 4.9 St. Kitts and Nevis 5.0 1.3 0.0 0.0 0.0 0.0 0.0 3.7 0.0 St. Lucia 18.9 0.2 1.7 0.0 0.0 0.0 0.0 17.0 0.0 St. Vincent and the Grenadines 0.2 0.4 1.2 0.0 0.0 0.0 0.0 1.4 0.0 Sudan 8.9 0.0 1.8 0.0 31.3 0.0 3.1 45.2 0.0 Swaziland 25.1 8.8 0.3 0.0 0.0 0.8 9.7 7.9 0.3 Syrian Arab Republic 53.1 4.5 1.5 0.0 0.0 0.0 0.0 47.2 0.0 Tajikistan 107.7 0.0 54.6 17.1 0.0 19.1 0.0 16.8 0.0 Tanzania 372.2 2.9 329.9 16.2 0.0 58.6 0.0 6.3 3.6 Thailand 1,705.6 1,615.0 3.4 0.0 0.0 3.0 76.7 15.0 7.5 Togo 0.0 0.0 0.0 16.1 0.0 0.0 9.9 7.1 0.9 Tonga 0.1 0.0 1.2 0.0 0.0 0.8 0.0 0.3 0.0 Trinidad and Tobago 39.5 15.2 0.0 0.0 0.0 0.1 16.1 6.1 2.0 Tunisia 204.5 88.7 2.1 0.0 0.0 0.0 72.2 223.0 0.0 Turkey 2,253.4 919.5 5.9 0.0 3,504.1 0.0 0.0 285.1 52.1 Turkmenistan 8.2 1.3 0.0 0.0 0.0 0.0 5.4 4.1 0.0 Uganda 143.5 0.0 120.6 26.2 0.0 52.9 0.0 0.6 3.2 Ukraine 384.3 132.9 0.0 0.0 299.1 0.0 11.7 5.3 41.2 Uruguay 157.6 63.6 0.0 0.0 151.9 2.4 57.2 0.5 2.1 Uzbekistan 61.3 4.5 4.5 0.0 24.6 2.6 85.6 8.0 3.3 Vanuatu 1.2 0.0 0.3 0.0 0.0 0.4 0.0 0.5 0.0 Venezuela, R.B. de 377.8 191.4 0.0 0.0 0.0 0.0 189.7 100.1 96.8 Vietnam 496.3 0.0 435.7 71.6 1.5 145.6 2.0 4.4 14.3 Yemen, Rep. of 36.5 0.0 66.2 31.4 9.9 0.0 0.0 11.7 0.1 Zambia 151.8 3.3 140.7 4.5 0.0 9.2 15.2 28.3 3.5 Zimbabwe 25.7 1.7 0.0 15.1 5.8 1.1 0.0 5.6 7.6 All developing countries 10,175.6 4,794.5 6,133.9 72.1 14,763.1 1,543.4 2,281.4 3,415.7 498.3 East Asia & Pacific 3,400.3 2,445.8 525.6 97.0 1,538.8 287.9 47.3 172.8 87.9 Europe & Central Asia 2,098.5 323.6 732.8 32.6 5,858.5 120.5 353.2 2,490.5 419.3 Latin America & Caribbean 7,786.6 1,314.4 323.6 35.4 6,291.7 202.0 1,532.8 702.0 89.2 Middle East & North Africa 1,586.9 709.2 103.5 31.4 479.6 21.8 487.0 11.9 16.9 South Asia 1,458.8 303.8 1,661.6 295.7 564.0 122.7 438.1 113.9 37.0 Sub-Saharan Africa 3,237.8 305.4 2,786.7 98.0 30.5 788.4 129.5 270.3 44.2 Low income 5,696.5 11.8 5,195.7 117.5 648.3 1,309.1 594.7 382.2 53.2 Middle income 15,872.2 4,782.7 938.1 45.4 14,114.9 234.3 1,686.7 3,033.6 551.5 Note: Loans from major regional developments banks, the IMF, and the World Bank are classified as concessional according to each institution's classification. Otherwise, concessionality of flows is as defined by DAC. IFC data are for loans to the private sector without government guarantees. Data include only debt flows. xxxviii Regional and income group aggregate tables 1 ALL DEVELOPING COUNTRIES (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 929,173 1,336,673 1,970,198 2,283,950 2,359,026 2,581,793 2,755,725 2,800,396 Long-term debt (LDOD) 757,088 1,098,884 1,564,489 1,909,082 1,925,638 2,054,118 2,164,919 2,194,458 Public and publicly guaranteed 672,213 1,038,888 1,344,977 1,363,872 1,374,254 1,451,036 1,493,438 1,433,677 Private nonguaranteed 84,876 59,996 219,513 545,210 551,384 603,082 671,482 760,781 Use of IMF credit 38,166 34,652 61,101 58,448 95,809 106,865 96,044 49,253 Short-term debt 133,919 203,138 344,608 316,420 337,579 420,810 494,762 556,685 of which interest arrears on LDOD 12,063 52,724 44,182 31,578 35,769 46,381 50,304 .. Official creditors 7,538 19,636 26,063 21,518 18,553 20,531 20,895 .. Private creditors 4,526 33,088 18,119 10,060 17,215 25,850 29,409 .. Memorandum items Principal arrears on LDOD 21,252 59,730 106,364 62,981 64,136 82,134 90,783 .. Official creditors 9,963 27,252 59,811 46,401 40,722 43,534 43,135 .. Private creditors 11,289 32,479 46,552 16,581 23,414 38,601 47,647 .. TOTAL DEBT FLOWS Disbursements 91,193 126,964 224,489 262,131 283,065 334,987 394,493 444,238 Long-term debt 87,256 118,722 196,575 252,017 248,637 305,366 387,547 440,256 IMF purchases 3,937 8,242 27,914 10,114 34,428 29,621 6,946 3,982 Principal repayments 54,624 83,983 131,566 256,337 276,610 317,061 345,439 393,382 Long-term debt 50,764 75,808 120,475 235,571 256,198 289,818 323,801 348,338 IMF repurchases 3,859 8,175 11,091 20,766 20,413 27,243 21,637 45,044 Net flows on debt 38,205 56,184 152,390 -957 10,700 72,807 119,082 120,140 of which short-term debt 1,636 13,204 59,467 -6,750 4,247 54,880 70,028 69,284 Interest payments (INT) 65,821 63,959 90,930 120,647 96,272 103,303 104,815 117,450 Long-term debt 51,270 51,364 72,532 100,684 83,600 88,986 86,908 97,630 IMF charges 2,843 2,500 2,791 2,881 2,971 2,424 3,463 2,497 Short-term debt 11,707 10,094 15,607 17,082 9,701 11,893 14,444 17,323 Net transfers on debt -27,615 -7,775 61,460 -121,604 -85,571 -30,493 14,267 1,496 Total debt service paid (TDS) 120,444 147,942 222,496 376,984 372,882 420,364 450,254 510,832 Long-term debt 102,035 127,173 193,007 336,255 339,798 378,804 410,710 445,968 IMF repurchases and charges 6,703 10,675 13,882 23,647 23,383 29,667 25,100 47,541 Short-term debt (interest only) 11,707 10,094 15,607 17,082 9,701 11,893 14,444 17,323 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 61,803 95,709 227,406 228,065 190,976 246,055 362,964 443,418 Net flow of long-term debt (ex. IMF) 36,491 42,913 76,100 16,445 -7,560 15,548 63,745 91,918 Foreign direct investment (net) 11,828 21,667 105,124 168,836 160,290 161,606 211,385 237,500 Portfolio equity flows 46 3,390 14,595 14,085 5,776 25,199 37,558 61,400 Grants (excluding technical coop.) 13,438 27,738 31,588 28,698 32,470 43,701 50,275 52,600 Memo: technical coop. grants 7,619 13,789 19,421 15,263 18,820 20,564 20,711 24,800 NET TRANSFERS -1,222 27,480 116,187 50,395 28,117 53,589 159,138 214,788 Interest on long-term debt 51,270 51,364 72,532 100,684 83,600 88,986 86,908 97,630 Profit remittances on FDI 11,755 16,864 38,687 76,986 79,259 103,481 116,917 131,000 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 2,786,588 3,697,946 4,997,625 5,803,779 6,102,831 6,901,864 8,119,980 .. Exports of goods, serv. & inc. (XGS) 500,464 747,281 1,294,759 1,877,922 2,018,568 2,429,917 3,110,168 .. Worker remit. & comp. of employees 19,588 31,037 57,148 84,079 112,516 140,473 160,350 .. Imports of goods & services (MGS) 539,920 779,369 1,411,080 1,866,293 1,980,698 2,362,312 2,983,034 .. International reserves (RES) 124,750 185,710 488,251 708,354 974,562 1,277,716 1,684,393 .. 4. DEBT INDICATORS EDT / XGS (%) 185.7 178.9 152.2 121.6 116.9 106.3 88.6 .. EDT / GNI (%) 33.3 36.1 39.4 39.4 38.7 37.4 33.9 .. TDS / XGS (%) 24.1 19.8 17.2 20.1 18.5 17.3 14.5 .. INT / XGS (%) 13.2 8.6 7.0 6.4 4.8 4.3 3.4 .. INT / GNI (%) 2.4 1.7 1.8 2.1 1.6 1.5 1.3 .. RES / EDT (%) 13.4 13.9 24.8 31.0 41.3 49.5 61.1 .. RES / MGS (months) 2.8 2.9 4.2 4.6 5.9 6.5 6.8 .. Short-term / EDT (%) 14.4 15.2 17.5 13.9 14.3 16.3 18.0 19.9 Concessional / EDT (%) 16.1 20.6 19.4 16.6 17.2 17.7 17.3 16.5 Multilateral / EDT (%) 11.0 15.2 14.6 14.6 15.2 14.8 14.3 13.6 2 ALL DEVELOPING COUNTRIES (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 757,088 1,098,884 1,564,489 1,909,082 1,925,638 2,054,118 2,164,919 2,194,458 Public and publicly guaranteed 672,213 1,038,888 1,344,977 1,363,872 1,374,254 1,451,036 1,493,438 1,433,677 Official creditors 289,976 551,037 805,518 781,080 779,847 819,430 828,054 771,541 Multilateral 102,440 203,358 287,109 333,496 359,013 381,429 393,296 381,865 Concessional 36,910 68,483 106,661 129,321 147,815 166,721 181,327 178,549 Bilateral 187,536 347,679 518,410 447,584 420,834 438,001 434,758 389,676 Concessional 112,455 206,941 274,589 250,614 257,960 290,682 295,218 283,076 Private creditors 382,237 487,850 539,458 582,792 594,407 631,606 665,383 662,136 Bonds 28,717 104,277 246,190 375,919 400,514 442,351 477,472 474,923 Commercial banks 261,634 248,897 160,097 136,217 133,137 133,355 135,072 143,379 Private nonguaranteed 84,876 59,996 219,513 545,210 551,384 603,082 671,482 760,781 Bonds 0 347 51,057 93,967 95,116 127,778 137,127 167,189 Commercial banks and other 84,876 59,649 168,456 451,244 456,268 475,304 534,354 593,592 Memo: IBRD 46,612 92,314 111,691 112,145 111,303 109,146 106,125 100,039 IDA 24,160 45,005 71,549 86,843 100,613 113,973 124,327 121,218 Public sector LDOD 668,794 1,035,556 1,341,015 1,356,344 1,366,908 1,442,773 1,484,312 .. Private sector LDOD 88,295 63,328 223,475 552,738 558,730 611,345 680,607 .. DISBURSEMENTS 87,256 118,722 196,575 252,017 248,637 305,366 387,547 440,256 Public and publicly guaranteed 81,074 101,450 138,284 142,183 113,898 132,212 150,922 176,382 Official creditors 33,424 49,408 66,454 54,150 46,280 49,800 46,159 47,854 Multilateral 16,538 27,310 32,371 35,145 32,250 37,861 33,856 31,443 Concessional 4,402 6,825 8,837 8,243 9,912 10,453 12,042 10,764 Bilateral 16,885 22,098 34,083 19,005 14,030 11,939 12,303 16,411 Concessional 10,044 13,344 14,357 13,172 8,949 9,620 10,194 13,560 Private creditors 47,650 52,042 71,830 88,033 67,618 82,412 104,763 128,528 Bonds 5,084 5,176 25,448 59,161 40,350 53,105 66,963 78,767 Commercial banks 23,999 16,156 26,142 20,184 22,428 24,056 33,916 45,261 Private nonguaranteed 6,182 17,271 58,291 109,833 134,739 173,154 236,624 263,875 Bonds 0 291 14,099 11,757 11,471 22,483 37,251 46,104 Commercial banks and other 6,182 16,980 44,192 98,076 123,268 150,671 199,373 217,771 Memo: IBRD 7,915 13,438 13,094 13,430 10,288 11,521 10,464 7,817 IDA 2,875 4,345 5,476 5,219 6,768 6,528 7,679 6,015 PRINCIPAL REPAYMENTS 50,764 75,808 120,475 235,571 256,198 289,818 323,801 348,338 Public and publicly guaranteed 42,840 68,526 92,400 122,211 123,768 145,753 139,303 171,840 Official creditors 11,795 23,043 44,128 49,184 55,061 64,475 60,194 78,211 Multilateral 4,230 11,896 20,755 23,238 30,891 36,468 31,438 29,195 Concessional 362 898 1,565 2,459 2,510 2,818 3,278 3,661 Bilateral 7,565 11,147 23,373 25,946 24,169 28,007 28,756 49,016 Concessional 2,476 4,821 8,848 12,563 10,615 13,399 14,909 15,973 Private creditors 31,045 45,483 48,272 73,027 68,707 81,278 79,109 93,629 Bonds 1,420 4,386 12,095 35,322 28,467 38,955 36,647 47,476 Commercial banks 17,194 22,691 17,824 25,204 28,608 31,170 34,001 34,917 Private nonguaranteed 7,924 7,282 28,075 113,360 132,430 144,065 184,499 176,498 Bonds 0 0 4,042 15,060 12,516 10,263 24,571 15,739 Commercial banks and other 7,924 7,282 24,034 98,300 119,913 133,802 159,928 160,760 Memo: IBRD 2,814 7,939 11,673 9,827 16,022 17,628 15,258 11,645 IDA 117 248 542 949 1,243 1,322 1,546 1,537 INTEREST PAYMENTS (LINT) 51,270 51,364 72,532 100,684 83,600 88,986 86,908 97,630 Public and publicly guaranteed 43,050 46,789 61,093 67,623 57,697 61,181 59,435 66,359 Official creditors 10,513 18,359 29,191 27,077 24,136 23,822 22,711 24,873 Multilateral 4,842 10,504 13,719 15,625 13,698 12,228 11,079 11,110 Concessional 356 621 1,013 1,215 1,341 1,411 1,717 1,758 Bilateral 5,670 7,856 15,472 11,453 10,438 11,594 11,631 13,762 Concessional 1,926 3,324 6,136 5,247 4,805 5,782 6,336 7,382 Private creditors 32,537 28,429 31,901 40,546 33,561 37,359 36,724 41,486 Bonds 1,623 4,376 16,431 26,857 23,097 26,439 27,369 30,539 Commercial banks 25,347 17,440 8,453 9,908 8,090 8,478 7,279 8,801 Private nonguaranteed 8,221 4,576 11,439 33,060 25,903 27,805 27,473 31,271 Bonds 0 3 3,172 8,042 6,911 7,841 8,986 11,339 Commercial banks and other 8,221 4,573 8,268 25,019 18,993 19,964 18,488 19,932 Memo: IBRD 3,262 6,868 7,969 7,682 6,392 5,134 4,136 3,806 IDA 188 301 504 578 695 698 896 836 3 ALL DEVELOPING COUNTRIES (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. 15.8 18.5 19.7 .. Japanese yen 8.2 10.7 12.9 11.6 10.7 10.9 10.4 .. Pound sterling 2.4 2.4 1.5 1.0 1.0 1.2 1.3 .. Swiss franc 1.6 2.0 1.1 0.4 0.4 0.5 0.5 .. U.S.dollars 58.2 43.6 47.4 62.0 62.7 60.3 60.0 .. 7. DEBT RESTRUCTURINGS Total amount rescheduled 88,304 79,328 31,369 60,620 17,782 11,300 8,139 .. Debt stock rescheduled 51,436 61,849 6,900 23,193 2,319 3,491 854 .. Principal rescheduled 27,292 10,276 15,365 20,724 9,082 6,084 4,390 .. Official 2,180 5,825 6,991 17,050 8,136 5,463 4,300 .. Private 25,112 4,451 8,373 3,674 946 621 90 .. Interest rescheduled 2,441 5,798 5,223 13,968 3,351 1,148 1,378 .. Official 893 4,577 2,281 11,173 3,139 1,027 991 .. Private 1,548 1,221 2,942 2,795 212 121 387 .. Debt forgiven 336 12,628 2,247 934 4,971 1,941 4,701 .. Memo: interest forgiven 2 2,890 962 1,949 2,207 683 1,520 .. Debt stock reduction 1,329 26,145 4,220 41,630 6,183 13,895 5,676 .. of which debt buyback 0 4,359 162 17,016 4,272 0 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 102,747 98,872 179,470 -61,785 78,344 222,767 173,932 .. Net flows on debt 38,205 56,184 152,390 -957 10,700 72,807 119,082 120,140 Cross-currency valuation 38,485 46,595 1,684 -53,188 71,816 89,435 38,857 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 7.6 7.0 6.1 7.0 5.1 4.7 4.4 .. Maturity (years) 15.7 17.0 14.0 13.8 15.5 13.4 14.8 .. Grace period (years) 5.3 5.8 4.6 7.2 6.5 7.1 7.5 .. Grant element (%) 14.9 20.4 21.4 15.2 29.2 28.2 31.6 .. Official creditors Interest (%) 6.0 5.5 5.8 4.8 3.1 2.9 2.4 .. Maturity (years) 22.2 22.4 19.2 20.1 22.7 20.1 23.4 .. Grace period (years) 5.7 6.6 5.3 5.2 6.0 5.3 5.4 .. Grant element (%) 27.2 33.2 28.9 33.7 46.8 46.2 53.2 .. Private creditors Interest (%) 8.8 8.5 6.6 8.1 6.7 5.6 5.5 .. Maturity (years) 10.4 11.4 7.8 10.5 9.6 9.9 10.2 .. Grace period (years) 4.9 4.9 3.8 8.2 7.0 8.0 8.5 .. Grant element (%) 5.1 7.0 12.5 5.7 14.7 18.4 20.3 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 500.0 2005 2005 450.0 400.0 2004 2004 350.0 2003 2003 300.0 250.0 2002 2002 200.0 2001 2001 150.0 100.0 2000 2000 50.0 1999 1999 0.0 1999 2000 2001 2002 2003 2004 2005 -100.0 0.0 100.0 200.0 300.0 400.0 -40.0 -20.0 0.0 20.0 40.0 60.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 4 EAST ASIA AND PACIFIC (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 124,352 234,078 455,618 498,029 515,857 541,471 588,888 633,749 Long-term debt (LDOD) 93,592 194,619 345,442 418,940 387,231 388,696 403,085 417,859 Public and publicly guaranteed 79,849 172,984 255,392 271,503 266,147 266,437 269,630 271,224 Private nonguaranteed 13,743 21,635 90,050 147,438 121,084 122,259 133,455 146,634 Use of IMF credit 2,970 2,085 1,337 16,452 11,618 12,131 10,964 8,708 Short-term debt 27,790 37,374 108,839 62,637 117,009 140,644 174,839 207,182 of which interest arrears on LDOD 68 1,885 2,952 5,334 7,316 8,447 8,461 .. Official creditors 3 1,135 2,374 657 856 979 987 .. Private creditors 65 751 577 4,677 6,459 7,468 7,474 .. Memorandum items Principal arrears on LDOD 838 2,965 10,943 7,415 7,962 14,822 15,903 .. Official creditors 65 1,790 10,215 4,183 4,707 5,137 5,252 .. Private creditors 774 1,175 727 3,231 3,255 9,685 10,651 .. TOTAL DEBT FLOWS Disbursements 19,623 29,503 59,109 41,816 48,714 56,574 62,382 74,837 Long-term debt 18,954 29,445 58,907 40,323 47,202 54,620 62,382 74,837 IMF purchases 670 58 203 1,493 1,513 1,954 0 0 Principal repayments 11,583 18,662 32,257 47,919 69,152 73,197 58,771 60,951 Long-term debt 10,564 17,377 31,866 47,652 64,914 70,708 57,135 59,324 IMF repurchases 1,020 1,286 390 267 4,237 2,489 1,636 1,626 Net flows on debt 9,300 18,636 54,074 -15,954 -10,310 1,903 37,792 43,899 of which short-term debt 1,259 7,795 27,221 -9,850 10,127 18,526 34,181 30,013 Interest payments (INT) 8,559 12,509 20,625 25,215 18,466 18,917 20,042 21,103 Long-term debt 6,143 10,154 15,541 20,407 14,508 14,609 15,153 15,251 IMF charges 187 245 69 793 360 203 285 302 Short-term debt 2,229 2,110 5,015 4,015 3,598 4,105 4,603 5,551 Net transfers on debt 741 6,127 33,449 -41,168 -28,776 -17,014 17,750 22,860 Total debt service paid (TDS) 20,142 31,172 52,882 73,134 87,618 92,114 78,813 82,054 Long-term debt 16,707 27,531 47,407 68,059 79,422 85,317 72,288 74,575 IMF repurchases and charges 1,206 1,531 459 1,060 4,597 2,692 1,921 1,928 Short-term debt (interest only) 2,229 2,110 5,015 4,015 3,598 4,105 4,603 5,551 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 12,510 24,914 82,751 46,068 45,759 58,607 90,141 110,013 Net flow of long-term debt (ex. IMF) 8,390 12,068 27,041 -7,329 -17,713 -16,088 5,246 15,513 Foreign direct investment (net) 2,948 10,325 49,013 44,292 57,245 59,751 64,563 65,300 Portfolio equity flows 43 440 3,616 6,608 4,013 12,446 17,575 26,500 Grants (excluding technical coop.) 1,129 2,081 3,081 2,498 2,214 2,499 2,757 2,700 Memo: technical coop. grants 1,173 2,400 3,273 2,905 2,874 3,459 3,647 4,200 NET TRANSFERS 2,672 9,601 51,323 -5,952 2,423 15,194 50,189 67,762 Interest on long-term debt 6,143 10,154 15,541 20,407 14,508 14,609 15,153 15,251 Profit remittances on FDI 3,694 5,159 15,885 31,612 28,829 28,804 24,800 27,000 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 503,151 654,813 1,284,227 1,678,441 1,993,053 2,256,880 2,622,131 .. Exports of goods, serv. & inc. (XGS) 91,743 178,480 420,976 644,257 718,153 909,826 1,154,112 .. Worker remit. & comp. of employees 2,129 3,258 9,694 16,675 27,160 35,870 41,243 .. Imports of goods & services (MGS) 110,654 184,432 455,882 598,836 669,241 854,512 1,078,176 .. International reserves (RES) 33,450 71,348 167,801 284,237 426,666 566,210 803,130 .. 4. DEBT INDICATORS EDT / XGS (%) 135.5 131.2 108.2 77.3 71.8 59.5 51.0 .. EDT / GNI (%) 24.7 35.7 35.5 29.7 25.9 24.0 22.5 .. TDS / XGS (%) 22.0 17.5 12.6 11.4 12.2 10.1 6.8 .. INT / XGS (%) 9.3 7.0 4.9 3.9 2.6 2.1 1.7 .. INT / GNI (%) 1.7 1.9 1.6 1.5 0.9 0.8 0.8 .. RES / EDT (%) 26.9 30.5 36.8 57.1 82.7 104.6 136.4 .. RES / MGS (months) 3.6 4.6 4.4 5.7 7.7 8.0 8.9 .. Short-term / EDT (%) 22.3 16.0 23.9 12.6 22.7 26.0 29.7 32.7 Concessional / EDT (%) 16.5 29.4 21.6 20.9 21.2 22.3 22.1 20.4 Multilateral / EDT (%) 12.5 14.9 11.8 13.2 12.9 12.2 11.0 10.0 5 EAST ASIA AND PACIFIC (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 93,592 194,619 345,442 418,940 387,231 388,696 403,085 417,859 Public and publicly guaranteed 79,849 172,984 255,392 271,503 266,147 266,437 269,630 271,224 Official creditors 39,522 104,716 159,555 171,657 172,033 177,975 182,640 181,379 Multilateral 15,485 34,975 53,614 65,798 66,291 66,133 64,955 63,529 Concessional 2,934 7,347 13,449 17,433 19,716 22,615 24,347 23,697 Bilateral 24,037 69,742 105,941 105,859 105,742 111,842 117,686 117,850 Concessional 17,568 61,559 84,918 86,679 89,432 98,225 105,991 105,659 Private creditors 40,328 68,268 95,837 99,846 94,115 88,462 86,989 89,845 Bonds 8,346 11,814 23,690 35,943 38,247 42,290 46,524 54,045 Commercial banks 17,965 35,213 39,430 32,603 27,138 21,322 17,505 18,258 Private nonguaranteed 13,743 21,635 90,050 147,438 121,084 122,259 133,455 146,634 Bonds 0 160 15,574 22,077 19,493 18,425 20,432 24,692 Commercial banks and other 13,743 21,476 74,476 125,361 101,591 103,834 113,023 121,942 Memo: IBRD 9,625 20,176 27,912 30,476 28,656 26,968 24,686 23,078 IDA 2,081 5,130 9,692 12,520 14,108 16,119 17,355 16,538 Public sector LDOD 79,801 172,517 254,111 271,218 265,512 265,136 268,143 .. Private sector LDOD 13,791 22,102 91,331 147,723 121,719 123,560 134,942 .. DISBURSEMENTS 18,954 29,445 58,907 40,323 47,202 54,620 62,382 74,837 Public and publicly guaranteed 16,308 19,604 38,010 26,877 20,679 19,315 25,198 29,657 Official creditors 4,907 10,106 17,659 16,011 10,029 9,493 9,246 10,004 Multilateral 2,603 4,711 6,135 6,942 5,258 4,884 4,157 3,669 Concessional 429 1,030 1,336 1,173 1,082 1,437 1,252 1,018 Bilateral 2,304 5,396 11,524 9,069 4,771 4,609 5,089 6,335 Concessional 1,669 4,592 6,039 7,477 3,835 3,840 4,416 5,652 Private creditors 11,401 9,498 20,351 10,865 10,650 9,822 15,953 19,652 Bonds 3,445 852 4,449 4,539 7,049 5,586 11,467 12,141 Commercial banks 3,199 4,090 8,713 2,539 1,655 3,533 4,049 6,755 Private nonguaranteed 2,646 9,841 20,897 13,446 26,523 35,305 37,183 45,180 Bonds 0 120 5,731 1,106 986 1,916 4,859 6,397 Commercial banks and other 2,646 9,721 15,166 12,341 25,536 33,389 32,325 38,783 Memo: IBRD 1,720 2,532 3,168 3,245 2,491 2,132 1,861 1,208 IDA 326 604 934 700 651 944 774 462 PRINCIPAL REPAYMENTS 10,564 17,377 31,866 47,652 64,914 70,708 57,135 59,324 Public and publicly guaranteed 8,246 14,808 21,662 23,439 29,684 31,132 26,067 25,541 Official creditors 1,494 4,266 8,353 10,274 15,235 16,367 13,084 10,318 Multilateral 520 2,032 3,094 4,063 7,670 7,610 6,009 4,869 Concessional 24 77 127 448 271 313 414 444 Bilateral 974 2,234 5,259 6,212 7,564 8,757 7,075 5,450 Concessional 403 1,071 3,124 4,804 3,629 4,936 5,337 4,118 Private creditors 6,753 10,542 13,309 13,164 14,449 14,766 12,983 15,223 Bonds 179 1,925 1,854 1,211 4,929 1,993 4,092 4,063 Commercial banks 4,204 5,395 5,317 7,159 5,301 8,947 6,454 5,785 Private nonguaranteed 2,317 2,569 10,204 24,213 35,231 39,576 31,068 33,783 Bonds 0 0 120 5,168 3,006 2,982 2,554 2,138 Commercial banks and other 2,317 2,569 10,084 19,045 32,225 36,594 28,513 31,646 Memo: IBRD 393 1,462 2,152 2,006 4,702 4,334 4,307 2,640 IDA 8 19 50 107 162 199 248 261 INTEREST PAYMENTS (LINT) 6,143 10,154 15,541 20,407 14,508 14,609 15,153 15,251 Public and publicly guaranteed 5,017 8,864 12,044 12,867 9,985 9,991 10,743 9,707 Official creditors 1,768 3,672 6,281 7,266 5,452 5,320 5,874 4,893 Multilateral 939 2,146 3,051 3,834 3,272 2,570 2,450 2,068 Concessional 27 63 125 147 148 164 194 217 Bilateral 829 1,526 3,230 3,432 2,180 2,750 3,424 2,824 Concessional 401 994 2,059 2,213 1,551 2,071 2,813 2,367 Private creditors 3,249 5,192 5,763 5,601 4,533 4,671 4,869 4,814 Bonds 553 923 1,238 2,300 2,447 2,731 3,006 2,946 Commercial banks 1,655 2,795 2,442 1,895 1,094 721 838 697 Private nonguaranteed 1,127 1,290 3,497 7,540 4,523 4,617 4,410 5,544 Bonds 0 2 503 1,942 1,381 1,363 1,269 1,620 Commercial banks and other 1,127 1,289 2,994 5,598 3,142 3,255 3,141 3,924 Memo: IBRD 681 1,521 1,999 2,146 1,875 1,461 1,204 950 IDA 16 34 69 87 94 104 130 120 6 EAST ASIA AND PACIFIC (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. 6.1 7.3 8.7 .. Japanese yen 31.6 29.1 28.2 28.2 26.7 27.9 28.2 .. Pound sterling 1.4 1.0 0.4 0.5 0.5 0.5 0.7 .. Swiss franc 1.1 0.9 0.5 0.2 0.2 0.2 0.3 .. U.S.dollars 35.8 23.6 36.7 55.9 57.3 56.0 54.4 .. 7. DEBT RESTRUCTURINGS Total amount rescheduled 785 1,478 314 2,468 4,281 3,086 0 .. Debt stock rescheduled 230 0 0 0 1,002 0 0 .. Principal rescheduled 284 848 170 2,268 2,441 2,515 0 .. Official 109 172 156 1,541 1,836 1,949 0 .. Private 176 676 14 727 604 566 0 .. Interest rescheduled 270 186 104 1 675 408 0 .. Official 180 107 104 1 551 342 0 .. Private 90 80 0 0 124 66 0 .. Debt forgiven 6 0 44 5 1 2 5 .. Memo: interest forgiven 0 0 7 1,631 0 0 0 .. Debt stock reduction 0 1,803 0 8,759 0 12,019 0 .. of which debt buyback 0 721 0 0 0 0 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 16,651 30,302 71,918 -40,779 -1,005 25,614 47,417 .. Net flows on debt 9,300 18,636 54,074 -15,954 -10,310 1,903 37,792 43,899 Cross-currency valuation 7,955 10,348 -1,773 -13,901 13,126 16,106 5,434 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 7.6 6.5 5.9 5.7 5.0 4.1 4.3 .. Maturity (years) 15.9 19.6 15.8 16.2 15.7 13.1 14.2 .. Grace period (years) 7.5 5.4 5.0 5.2 6.9 5.9 7.0 .. Grant element (%) 14.7 24.3 23.8 25.3 30.3 30.8 32.9 .. Official creditors Interest (%) 6.5 4.9 5.3 3.8 2.7 2.0 2.2 .. Maturity (years) 23.7 24.6 21.9 27.1 25.7 23.9 25.5 .. Grace period (years) 6.9 7.1 5.6 6.4 6.6 6.3 6.9 .. Grant element (%) 26.4 38.7 32.6 46.9 52.8 56.4 58.2 .. Private creditors Interest (%) 8.2 8.3 6.4 6.9 6.3 5.0 5.4 .. Maturity (years) 11.7 13.9 9.6 9.8 9.8 7.9 8.4 .. Grace period (years) 7.8 3.5 4.4 4.5 7.1 5.7 7.0 .. Grant element (%) 8.3 8.1 14.9 12.5 16.8 18.3 19.8 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 120.0 2005 2005 100.0 2004 2004 80.0 2003 2003 60.0 2002 2002 2001 2001 40.0 2000 2000 20.0 1999 1999 0.0 1999 2000 2001 2002 2003 2004 2005 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 7 EUROPE AND CENTRAL ASIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 141,794 217,224 348,705 511,010 561,371 680,522 794,943 870,104 Long-term debt (LDOD) 115,009 176,378 287,795 402,408 439,991 512,251 603,687 656,252 Public and publicly guaranteed 106,671 171,457 269,630 282,510 275,241 300,956 321,739 308,145 Private nonguaranteed 8,338 4,921 18,165 119,898 164,750 211,295 281,947 348,107 Use of IMF credit 5,065 1,305 16,942 21,950 34,245 35,315 30,735 19,644 Short-term debt 21,721 39,541 43,967 86,651 87,136 132,956 160,521 194,209 of which interest arrears on LDOD 2,073 13,041 8,053 8,734 5,918 5,494 4,035 .. Official creditors 627 6,573 2,133 7,077 4,502 3,460 3,152 .. Private creditors 1,446 6,468 5,920 1,657 1,416 2,034 883 .. Memorandum items Principal arrears on LDOD 3,017 6,324 29,298 14,634 8,767 8,235 4,558 .. Official creditors 1,506 4,584 8,113 11,021 5,480 4,450 2,319 .. Private creditors 1,511 1,740 21,185 3,613 3,287 3,784 2,239 .. TOTAL DEBT FLOWS Disbursements 17,999 29,137 37,291 64,886 99,660 115,876 178,338 196,986 Long-term debt 17,740 28,389 29,136 60,517 86,179 113,387 176,695 194,177 IMF purchases 259 747 8,155 4,369 13,481 2,489 1,642 2,809 Principal repayments 13,578 19,741 22,731 53,502 75,911 90,474 124,195 146,508 Long-term debt 12,735 19,009 19,683 48,423 67,066 85,991 116,662 134,041 IMF repurchases 844 732 3,047 5,079 8,845 4,483 7,533 12,467 Net flows on debt 5,604 1,699 23,571 19,954 27,557 57,886 83,166 82,916 of which short-term debt 1,183 -7,697 9,011 8,571 3,808 32,484 29,024 32,438 Interest payments (INT) 10,184 12,146 14,520 23,688 23,535 26,204 30,085 34,482 Long-term debt 7,852 9,548 12,077 18,479 19,989 22,152 24,188 27,775 IMF charges 534 128 711 1,080 1,164 803 1,201 615 Short-term debt 1,798 2,470 1,732 4,129 2,382 3,248 4,696 6,093 Net transfers on debt -4,580 -10,447 9,051 -3,733 4,021 31,686 53,081 47,411 Total debt service paid (TDS) 23,762 31,886 37,251 77,190 99,447 116,677 154,280 180,991 Long-term debt 20,587 28,557 31,761 66,902 87,055 108,143 140,850 161,816 IMF repurchases and charges 1,377 860 3,758 6,159 10,009 5,286 8,735 13,082 Short-term debt (interest only) 1,798 2,470 1,732 4,129 2,382 3,248 4,696 6,093 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 5,376 11,266 37,674 52,170 62,457 72,447 137,009 147,783 Net flow of long-term debt (ex. IMF) 5,005 9,380 9,453 12,094 19,113 27,396 60,033 60,136 Foreign direct investment (net) 129 777 17,357 30,229 34,928 35,932 62,211 75,647 Portfolio equity flows 0 89 1,638 1,262 -125 493 4,450 2,300 Grants (excluding technical coop.) 242 1,020 9,226 8,586 8,542 8,626 10,314 9,700 Memo: technical coop. grants 121 421 4,673 3,043 4,849 4,391 4,413 5,100 NET TRANSFERS -2,575 1,500 23,647 26,067 28,724 21,838 75,500 76,008 Interest on long-term debt 7,852 9,548 12,077 18,479 19,989 22,152 24,188 27,775 Profit remittances on FDI 98 218 1,950 7,625 13,744 28,457 37,321 44,000 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 120,410 1,092,845 1,024,539 932,135 1,109,110 1,358,822 1,711,218 .. Exports of goods, serv. & inc. (XGS) 58,625 71,139 316,455 423,837 483,150 614,889 787,692 .. Worker remit. & comp. of employees 1,714 3,246 8,120 13,383 13,276 15,125 19,431 .. Imports of goods & services (MGS) 61,182 80,064 328,839 417,119 491,299 633,495 798,101 .. International reserves (RES) 7,704 14,859 89,996 128,235 185,759 249,275 328,929 .. 4. DEBT INDICATORS EDT / XGS (%) 241.9 305.4 110.2 120.6 116.2 110.7 100.9 .. EDT / GNI (%) 117.8 19.9 34.0 54.8 50.6 50.1 46.5 .. TDS / XGS (%) 40.5 44.8 11.8 18.2 20.6 19.0 19.6 .. INT / XGS (%) 17.4 17.1 4.6 5.6 4.9 4.3 3.8 .. INT / GNI (%) 8.5 1.1 1.4 2.5 2.1 1.9 1.8 .. RES / EDT (%) 5.4 6.8 25.8 25.1 33.1 36.6 41.4 .. RES / MGS (months) 1.5 2.2 3.3 3.7 4.5 4.7 4.9 .. Short-term / EDT (%) 15.3 18.2 12.6 17.0 15.5 19.5 20.2 22.3 Concessional / EDT (%) 10.3 5.8 6.9 4.9 5.1 4.7 4.3 3.6 Multilateral / EDT (%) 7.5 7.6 7.5 6.9 7.4 6.7 6.2 5.4 8 EUROPE AND CENTRAL ASIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 115,009 176,378 287,795 402,408 439,991 512,251 603,687 656,252 Public and publicly guaranteed 106,671 171,457 269,630 282,510 275,241 300,956 321,739 308,145 Official creditors 43,762 63,676 139,094 144,813 131,764 134,508 137,765 111,401 Multilateral 10,589 16,604 26,189 35,310 41,544 45,259 48,912 47,298 Concessional 310 920 1,756 3,696 4,929 6,179 7,589 7,233 Bilateral 33,173 47,072 112,905 109,503 90,221 89,249 88,853 64,103 Concessional 14,361 11,730 22,330 21,302 23,658 25,475 26,320 23,894 Private creditors 62,909 107,782 130,537 137,696 143,477 166,448 183,974 196,744 Bonds 641 11,889 46,776 93,510 99,794 118,528 133,903 146,225 Commercial banks 44,282 65,890 46,666 32,426 34,968 39,992 42,037 44,302 Private nonguaranteed 8,338 4,921 18,165 119,898 164,750 211,295 281,947 348,107 Bonds 0 16 188 7,698 11,231 18,424 31,184 49,900 Commercial banks and other 8,338 4,905 17,977 112,200 153,519 192,871 250,763 298,207 Memo: IBRD 7,706 10,271 16,057 22,788 26,484 26,888 27,422 26,314 IDA 177 157 669 2,667 3,730 4,589 5,555 5,022 Public sector LDOD 106,091 170,441 267,753 280,246 272,626 297,951 317,549 .. Private sector LDOD 8,919 5,937 20,042 122,162 167,365 214,299 286,138 .. DISBURSEMENTS 17,740 28,389 29,136 60,517 86,179 113,387 176,695 194,177 Public and publicly guaranteed 17,144 26,628 22,452 26,072 20,605 27,747 37,555 47,459 Official creditors 4,104 6,349 6,762 8,031 6,139 5,730 8,555 7,554 Multilateral 2,257 2,298 4,474 5,011 4,157 4,114 6,917 5,871 Concessional 25 14 413 471 777 788 1,124 584 Bilateral 1,847 4,052 2,288 3,021 1,982 1,616 1,637 1,683 Concessional 922 940 1,218 1,354 961 1,030 995 1,297 Private creditors 13,040 20,279 15,690 18,041 14,465 22,017 29,001 39,905 Bonds 495 1,959 5,791 10,709 8,143 15,402 21,718 31,683 Commercial banks 9,287 4,084 5,451 6,308 5,662 5,502 6,957 7,679 Private nonguaranteed 596 1,761 6,684 34,445 65,575 85,640 139,140 146,718 Bonds 0 0 36 1,513 3,993 8,028 16,065 19,796 Commercial banks and other 596 1,761 6,648 32,932 61,582 77,612 123,075 126,922 Memo: IBRD 1,141 1,218 2,696 3,102 2,171 1,445 2,978 2,742 IDA 0 0 370 351 603 494 745 296 PRINCIPAL REPAYMENTS 12,735 19,009 19,683 48,423 67,066 85,991 116,662 134,041 Public and publicly guaranteed 11,926 17,512 16,786 20,209 21,684 30,315 31,820 51,559 Official creditors 2,052 3,143 5,014 7,365 8,101 10,549 13,160 28,762 Multilateral 583 1,455 3,033 2,834 2,924 3,984 5,202 4,888 Concessional 31 23 66 33 57 43 47 53 Bilateral 1,469 1,688 1,981 4,531 5,177 6,566 7,958 23,873 Concessional 343 434 524 2,273 1,410 1,715 2,340 2,147 Private creditors 9,874 14,368 11,771 12,844 13,582 19,766 18,660 22,797 Bonds 22 66 3,764 5,966 7,424 11,764 10,823 15,596 Commercial banks 7,046 8,751 4,130 4,237 3,961 5,319 5,790 4,876 Private nonguaranteed 809 1,497 2,898 28,214 45,383 55,676 84,842 82,482 Bonds 0 0 0 958 845 1,301 1,222 1,279 Commercial banks and other 809 1,497 2,898 27,256 44,538 54,375 83,621 81,203 Memo: IBRD 462 1,133 1,191 1,357 1,804 2,678 3,302 3,014 IDA 4 4 6 6 6 8 13 22 INTEREST PAYMENTS (LINT) 7,852 9,548 12,077 18,479 19,989 22,152 24,188 27,775 Public and publicly guaranteed 7,124 9,107 11,363 12,601 13,954 14,827 15,001 16,408 Official creditors 2,209 2,228 4,773 4,009 4,851 5,171 4,731 4,091 Multilateral 667 1,199 1,535 1,910 1,594 1,553 1,493 1,620 Concessional 5 39 49 44 50 60 80 97 Bilateral 1,542 1,029 3,238 2,099 3,257 3,618 3,238 2,471 Concessional 493 246 757 633 610 654 678 522 Private creditors 4,915 6,878 6,591 8,592 9,104 9,655 10,270 12,317 Bonds 10 737 3,301 5,967 6,940 7,499 8,239 9,400 Commercial banks 3,842 4,675 1,889 1,982 1,687 1,752 1,747 2,605 Private nonguaranteed 728 441 714 5,878 6,034 7,326 9,187 11,367 Bonds 0 1 13 570 827 1,884 1,390 3,103 Commercial banks and other 728 440 701 5,308 5,208 5,442 7,796 8,264 Memo: IBRD 557 809 938 1,297 1,097 986 865 889 IDA 1 1 3 19 23 30 42 38 9 EUROPE AND CENTRAL ASIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. 31.4 34.8 37.4 .. Japanese yen 3.7 7.6 9.7 6.2 5.1 4.8 4.2 .. Pound sterling 2.3 1.8 1.0 0.6 0.8 0.7 0.9 .. Swiss franc 4.9 6.5 2.1 0.3 0.3 0.3 0.4 .. U.S.dollars 48.0 32.4 43.9 58.4 55.9 53.7 52.6 .. 7. DEBT RESTRUCTURINGS Total amount rescheduled 10,228 3,559 11,111 29,129 6,951 3,286 3,354 .. Debt stock rescheduled 0 0 225 19,307 976 4 736 .. Principal rescheduled 3,237 1,366 7,458 3,623 3,729 2,915 1,998 .. Official 202 746 4,026 2,945 3,572 2,909 1,996 .. Private 3,035 620 3,432 679 158 6 2 .. Interest rescheduled 588 2,163 1,381 4,388 768 357 366 .. Official 13 1,998 777 2,220 765 357 17 .. Private 575 165 604 2,168 3 0 349 .. Debt forgiven 0 232 3 15 849 7 34 .. Memo: interest forgiven 0 61 0 0 85 81 570 .. Debt stock reduction 0 1,779 146 12,545 294 46 1,497 .. of which debt buyback 0 882 30 943 0 0 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 34,228 19,679 27,523 8,140 53,321 119,151 114,421 .. Net flows on debt 5,604 1,699 23,571 19,954 27,557 57,886 83,166 82,916 Cross-currency valuation 6,765 10,086 6,610 -10,042 18,562 24,588 10,034 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 8.2 8.4 6.3 7.4 5.3 4.6 4.5 .. Maturity (years) 10.0 11.9 12.0 11.7 11.3 10.7 10.9 .. Grace period (years) 4.3 6.1 4.9 6.6 5.6 5.5 7.5 .. Grant element (%) 7.4 8.7 18.7 11.9 24.5 26.3 28.4 .. Official creditors Interest (%) 6.6 7.8 5.7 5.9 3.0 4.2 3.1 .. Maturity (years) 12.1 13.7 16.7 17.6 18.2 16.9 18.1 .. Grace period (years) 4.3 5.9 5.2 5.5 5.7 3.7 6.3 .. Grant element (%) 13.4 12.4 25.8 26.4 43.6 34.7 45.8 .. Private creditors Interest (%) 8.6 8.6 6.7 8.0 6.5 4.8 4.8 .. Maturity (years) 9.3 11.1 8.7 9.2 7.6 7.9 9.1 .. Grace period (years) 4.3 6.2 4.6 7.0 5.6 6.3 7.8 .. Grant element (%) 5.5 7.2 13.6 5.9 14.4 22.6 24.0 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 180.0 2005 2005 160.0 140.0 2004 2004 120.0 2003 2003 100.0 2002 2002 80.0 2001 2001 60.0 40.0 2000 2000 20.0 1999 1999 0.0 1999 2000 2001 2002 2003 2004 2005 0.0 20.0 40.0 60.0 80.0 100.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 10 LATIN AMERICA AND CARIBBEAN (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 387,797 444,629 611,781 758,673 749,989 785,930 778,970 723,688 Long-term debt (LDOD) 328,821 352,716 461,483 642,125 632,483 649,555 639,331 620,716 Public and publicly guaranteed 274,229 327,698 374,089 400,669 406,687 426,330 433,342 414,465 Private nonguaranteed 54,592 25,018 87,394 241,455 225,796 223,225 205,989 206,251 Use of IMF credit 14,605 18,298 26,719 8,846 38,302 47,758 43,307 11,964 Short-term debt 44,370 73,615 123,579 107,702 79,204 88,617 96,333 91,009 of which interest arrears on LDOD 2,659 25,544 10,311 1,681 6,744 13,944 18,764 .. Official creditors 731 3,856 3,561 1,155 852 1,091 1,203 .. Private creditors 1,929 21,688 6,750 526 5,892 12,854 17,561 .. Memorandum items Principal arrears on LDOD 6,817 24,401 16,001 3,762 9,978 18,878 30,615 .. Official creditors 1,195 7,370 6,069 1,902 1,443 2,266 3,288 .. Private creditors 5,622 17,031 9,932 1,859 8,536 16,611 27,327 .. TOTAL DEBT FLOWS Disbursements 23,068 32,567 89,877 121,405 98,669 120,035 101,924 116,621 Long-term debt 21,177 27,731 74,105 117,895 81,026 95,907 97,696 116,004 IMF purchases 1,892 4,836 15,772 3,510 17,644 24,129 4,228 617 Principal repayments 13,230 22,124 43,475 124,524 97,232 112,007 116,240 134,576 Long-term debt 12,814 18,469 40,581 110,287 91,467 93,448 105,756 105,168 IMF repurchases 416 3,655 2,894 14,237 5,765 18,559 10,484 29,408 Net flows on debt 4,543 18,096 60,994 -4,674 -8,650 10,241 -11,421 -15,917 of which short-term debt -5,296 7,653 14,592 -1,556 -10,001 2,213 2,895 2,037 Interest payments (INT) 34,741 21,973 36,137 55,376 39,982 41,200 40,483 42,963 Long-term debt 28,498 18,128 28,604 48,031 36,317 36,487 34,870 37,744 IMF charges 1,091 1,459 1,107 777 1,195 1,323 1,881 1,502 Short-term debt 5,153 2,386 6,426 6,568 2,471 3,390 3,732 3,718 Net transfers on debt -30,199 -3,877 24,857 -60,050 -48,546 -30,959 -51,905 -58,407 Total debt service paid (TDS) 47,971 44,096 79,612 179,899 137,214 153,207 156,724 177,539 Long-term debt 41,312 36,597 69,185 158,317 127,784 129,935 140,626 142,911 IMF repurchases and charges 1,507 5,114 4,001 15,014 6,960 19,882 12,365 30,910 Short-term debt (interest only) 5,153 2,386 6,426 6,568 2,471 3,390 3,732 3,718 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 15,915 22,290 72,091 88,833 41,998 50,000 57,103 87,937 Net flow of long-term debt (ex. IMF) 8,362 9,262 33,524 7,608 -10,441 2,459 -8,060 10,837 Foreign direct investment (net) 6,023 8,285 30,510 79,319 48,186 41,116 60,843 61,400 Portfolio equity flows 0 2,464 4,770 -566 1,444 3,382 -606 12,500 Grants (excluding technical coop.) 1,530 2,279 3,287 2,471 2,810 3,043 4,926 3,200 Memo: technical coop. grants 1,075 1,954 2,699 2,934 3,109 3,809 3,977 4,400 NET TRANSFERS -17,409 -3,368 28,384 17,951 -13,044 -10,961 -11,442 12,193 Interest on long-term debt 28,498 18,128 28,604 48,031 36,317 36,487 34,870 37,744 Profit remittances on FDI 4,827 7,530 15,103 22,501 18,725 24,473 33,675 38,000 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 659,764 1,053,955 1,630,270 1,910,296 1,633,329 1,693,780 1,940,649 .. Exports of goods, serv. & inc. (XGS) 130,134 185,104 305,408 465,836 447,728 490,404 593,957 .. Worker remit. & comp. of employees 2,609 5,762 13,420 20,127 28,081 34,803 41,031 .. Imports of goods & services (MGS) 135,560 191,462 347,643 517,052 467,622 487,952 580,938 .. International reserves (RES) 49,974 58,687 139,214 160,281 164,661 200,795 226,725 .. 4. DEBT INDICATORS EDT / XGS (%) 298.0 240.2 200.3 162.9 167.5 160.3 131.1 .. EDT / GNI (%) 58.8 42.2 37.5 39.7 45.9 46.4 40.1 .. TDS / XGS (%) 36.9 23.8 26.1 38.6 30.6 31.2 26.4 .. INT / XGS (%) 26.7 11.9 11.8 11.9 8.9 8.4 6.8 .. INT / GNI (%) 5.3 2.1 2.2 2.9 2.4 2.4 2.1 .. RES / EDT (%) 12.9 13.2 22.8 21.1 22.0 25.5 29.1 .. RES / MGS (months) 4.4 3.7 4.8 3.7 4.2 4.9 4.7 .. Short-term / EDT (%) 11.4 16.6 20.2 14.2 10.6 11.3 12.4 12.6 Concessional / EDT (%) 3.8 5.4 6.3 4.1 4.1 4.3 4.5 4.6 Multilateral / EDT (%) 8.0 13.5 11.9 12.3 13.7 13.7 13.8 14.5 11 LATIN AMERICA AND CARIBBEAN (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 328,821 352,716 461,483 642,125 632,483 649,555 639,331 620,716 Public and publicly guaranteed 274,229 327,698 374,089 400,669 406,687 426,330 433,342 414,465 Official creditors 60,884 121,461 160,172 140,890 144,087 148,222 144,066 136,193 Multilateral 30,937 59,964 72,773 93,282 102,385 107,893 107,464 104,604 Concessional 4,387 5,876 7,910 10,512 11,657 13,727 15,137 15,570 Bilateral 29,948 61,497 87,399 47,608 41,702 40,330 36,602 31,589 Concessional 10,306 18,134 30,375 20,248 19,443 20,461 19,529 17,727 Private creditors 213,345 206,237 213,917 259,780 262,600 278,107 289,277 278,272 Bonds 17,827 75,976 165,484 218,813 224,942 245,044 256,162 241,185 Commercial banks 173,145 101,750 35,286 32,879 32,644 28,998 29,326 33,389 Private nonguaranteed 54,592 25,018 87,394 241,455 225,796 223,225 205,989 206,251 Bonds 0 171 33,829 60,435 58,479 80,760 70,002 71,738 Commercial banks and other 54,592 24,847 53,565 181,020 167,317 142,465 135,986 134,514 Memo: IBRD 16,793 34,760 36,390 37,532 38,091 37,847 36,790 34,397 IDA 610 1,117 2,186 3,387 3,991 4,614 5,136 5,054 Public sector LDOD 268,141 324,328 372,120 397,726 404,038 423,306 430,345 .. Private sector LDOD 60,680 28,388 89,363 244,399 228,445 226,249 208,986 .. DISBURSEMENTS 21,177 27,731 74,105 117,895 81,026 95,907 97,696 116,004 Public and publicly guaranteed 19,704 23,033 46,575 60,072 43,235 54,737 48,839 62,035 Official creditors 9,147 13,183 23,722 16,492 16,094 19,162 12,341 11,495 Multilateral 5,509 8,986 10,023 13,609 11,963 17,448 10,576 8,788 Concessional 429 450 812 681 814 1,589 1,380 773 Bilateral 3,638 4,197 13,699 2,883 4,131 1,714 1,765 2,707 Concessional 1,139 1,950 1,325 1,602 1,562 1,233 1,360 1,574 Private creditors 10,557 9,850 22,853 43,580 27,141 35,575 36,498 50,540 Bonds 274 1,938 13,694 35,604 16,616 26,680 22,935 31,352 Commercial banks 7,347 4,803 7,449 7,209 9,973 8,209 12,676 18,207 Private nonguaranteed 1,472 4,698 27,530 57,823 37,790 41,170 48,857 53,970 Bonds 0 171 7,412 8,312 4,558 7,994 11,623 12,875 Commercial banks and other 1,472 4,527 20,118 49,512 33,232 33,175 37,234 41,095 Memo: IBRD 3,136 6,139 4,642 5,609 4,390 6,376 4,334 2,316 IDA 26 119 277 202 250 323 391 300 PRINCIPAL REPAYMENTS 12,814 18,469 40,581 110,287 91,467 93,448 105,756 105,168 Public and publicly guaranteed 9,260 16,254 27,857 52,238 45,572 50,997 45,112 53,227 Official creditors 3,504 6,452 14,627 16,883 15,140 19,871 16,548 19,156 Multilateral 1,830 4,751 8,337 9,848 9,749 15,105 12,151 11,906 Concessional 81 148 281 259 238 308 403 430 Bilateral 1,674 1,701 6,290 7,035 5,391 4,766 4,397 7,249 Concessional 190 185 1,042 1,266 1,490 1,438 1,500 2,689 Private creditors 5,756 9,802 13,231 35,355 30,433 31,125 28,564 34,071 Bonds 1,058 2,008 5,839 26,718 13,928 18,139 15,470 19,481 Commercial banks 2,588 5,219 4,333 7,047 14,044 11,396 12,208 13,615 Private nonguaranteed 3,554 2,215 12,724 58,048 45,895 42,451 60,644 51,941 Bonds 0 0 3,922 8,849 7,670 5,262 20,175 10,636 Commercial banks and other 3,554 2,215 8,802 49,200 38,224 37,189 40,470 41,305 Memo: IBRD 1,239 3,310 4,984 3,811 4,921 7,119 5,649 4,340 IDA 5 9 21 18 20 22 67 71 INTEREST PAYMENTS (LINT) 28,498 18,128 28,604 48,031 36,317 36,487 34,870 37,744 Public and publicly guaranteed 22,721 15,867 22,768 29,988 22,458 22,827 22,895 25,664 Official creditors 3,017 5,497 8,926 8,584 7,133 6,697 5,709 6,151 Multilateral 1,898 4,124 4,887 6,365 5,497 5,281 4,460 4,787 Concessional 71 103 151 163 120 171 243 256 Bilateral 1,119 1,373 4,038 2,219 1,636 1,416 1,249 1,364 Concessional 149 135 886 659 539 520 522 551 Private creditors 19,703 10,370 13,842 21,404 15,325 16,130 17,186 19,513 Bonds 974 2,398 11,289 17,345 11,711 12,819 13,933 15,681 Commercial banks 17,595 6,697 1,630 3,264 3,315 3,125 3,104 3,671 Private nonguaranteed 5,777 2,261 5,836 18,043 13,859 13,660 11,975 12,080 Bonds 0 0 2,597 5,193 4,296 4,123 5,712 5,770 Commercial banks and other 5,777 2,261 3,239 12,849 9,562 9,537 6,263 6,310 Memo: IBRD 1,122 2,538 2,657 2,810 2,298 1,898 1,480 1,414 IDA 4 8 23 17 18 21 46 49 12 LATIN AMERICA AND CARIBBEAN (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. 12.8 13.0 14.0 .. Japanese yen 4.4 6.2 8.3 6.4 5.6 5.1 4.8 .. Pound sterling 0.9 1.6 1.1 0.6 0.4 0.4 0.4 .. Swiss franc 0.8 0.9 0.6 0.2 0.2 0.2 0.2 .. U.S.dollars 74.9 59.4 62.4 73.9 75.4 76.3 76.4 .. 7. DEBT RESTRUCTURINGS Total amount rescheduled 72,010 63,739 7,922 5,167 127 3,453 568 .. Debt stock rescheduled 48,942 59,026 3,355 3,783 0 3,185 5 .. Principal rescheduled 21,623 3,055 1,023 852 61 80 430 .. Official 1,093 1,533 823 734 59 80 396 .. Private 20,530 1,522 200 118 3 0 34 .. Interest rescheduled 968 1,507 2,481 236 42 31 60 .. Official 411 960 641 217 41 31 50 .. Private 556 547 1,840 18 1 0 10 .. Debt forgiven 22 180 534 98 382 343 542 .. Memo: interest forgiven 1 259 734 20 202 193 227 .. Debt stock reduction 1,329 21,301 3,701 19,728 4,553 11 1,268 .. of which debt buyback 0 2,756 102 15,851 3,820 0 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 11,808 19,792 63,233 -13,660 -2,988 35,941 -6,960 .. Net flows on debt 4,543 18,096 60,994 -4,674 -8,650 10,241 -11,421 -15,917 Cross-currency valuation 9,754 11,548 1,920 -10,208 16,063 19,756 10,347 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 8.9 7.9 7.2 8.4 6.0 5.7 5.7 .. Maturity (years) 12.9 15.1 9.9 12.6 13.6 12.1 14.7 .. Grace period (years) 3.7 5.1 3.6 9.1 7.4 8.7 10.5 .. Grant element (%) 5.7 12.3 12.3 4.8 20.9 20.7 23.3 .. Official creditors Interest (%) 7.8 7.0 7.6 5.9 3.9 3.1 3.3 .. Maturity (years) 16.4 18.1 14.2 12.6 17.6 13.8 15.9 .. Grace period (years) 4.2 5.0 4.1 3.1 4.4 4.4 4.6 .. Grant element (%) 12.2 18.8 15.7 18.7 35.3 37.7 38.3 .. Private creditors Interest (%) 9.8 9.1 6.8 9.4 7.4 6.6 6.6 .. Maturity (years) 9.9 11.1 4.2 12.6 11.0 11.5 14.3 .. Grace period (years) 3.3 5.3 2.9 11.5 9.3 10.1 12.6 .. Grant element (%) 0.2 3.6 7.9 -0.6 11.4 14.9 17.9 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 120.0 2005 2005 100.0 2004 2004 80.0 2003 2003 60.0 2002 2002 2001 2001 40.0 2000 2000 20.0 1999 1999 0.0 1999 2000 2001 2002 2003 2004 2005 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 -10.0 -5.0 0.0 5.0 10.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 13 MIDDLE EAST AND NORTH AFRICA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 102,895 139,541 167,325 145,225 151,383 161,163 163,935 162,494 Long-term debt (LDOD) 84,925 118,031 146,602 121,199 129,585 137,908 141,014 139,191 Public and publicly guaranteed 83,729 116,613 142,803 114,670 123,130 130,940 133,862 128,885 Private nonguaranteed 1,196 1,418 3,799 6,529 6,455 6,968 7,152 10,306 Use of IMF credit 1,569 1,815 2,177 2,542 2,219 1,831 1,378 896 Short-term debt 16,401 19,696 18,546 21,484 19,580 21,424 21,543 22,407 of which interest arrears on LDOD 1,849 2,878 2,294 2,666 2,807 2,784 2,914 .. Official creditors 1,307 1,647 1,982 2,523 2,658 2,625 2,750 .. Private creditors 542 1,231 312 143 150 159 164 .. Memorandum items Principal arrears on LDOD 5,270 8,187 8,667 11,095 12,542 12,794 13,504 .. Official creditors 3,508 3,579 6,645 10,033 11,456 11,676 12,366 .. Private creditors 1,763 4,608 2,022 1,062 1,086 1,118 1,138 .. TOTAL DEBT FLOWS Disbursements 13,470 13,324 12,123 9,651 14,101 12,436 14,280 16,368 Long-term debt 13,194 13,258 11,534 9,627 14,002 12,436 14,280 16,368 IMF purchases 277 65 590 24 99 0 0 0 Principal repayments 7,105 12,618 12,081 11,578 12,089 14,656 16,033 15,070 Long-term debt 6,890 12,221 11,691 11,340 11,693 14,096 15,522 14,660 IMF repurchases 214 397 390 238 396 560 511 410 Net flows on debt 7,992 2,330 3,683 -3,794 2,306 -353 -1,763 2,189 of which short-term debt 1,627 1,625 3,640 -1,866 294 1,867 -10 891 Interest payments (INT) 4,829 5,980 7,773 6,231 5,778 6,195 5,618 6,017 Long-term debt 3,561 4,578 6,670 5,165 5,173 5,548 4,880 5,056 IMF charges 101 180 112 130 60 35 35 29 Short-term debt 1,167 1,221 991 936 545 611 703 932 Net transfers on debt 3,163 -3,649 -4,091 -10,025 -3,473 -6,548 -7,381 -4,485 Total debt service paid (TDS) 11,934 18,598 19,854 17,809 17,868 20,850 21,650 21,087 Long-term debt 10,451 16,799 18,361 16,505 16,866 19,644 20,402 19,716 IMF repurchases and charges 316 577 501 368 456 595 546 439 Short-term debt (interest only) 1,167 1,221 991 936 545 611 703 932 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 11,004 10,169 3,160 5,729 8,207 7,633 9,271 15,808 Net flow of long-term debt (ex. IMF) 6,304 1,037 -157 -1,713 2,309 -1,660 -1,242 1,708 Foreign direct investment (net) 1,501 1,031 950 4,145 3,713 5,599 5,340 9,100 Portfolio equity flows 0 5 32 243 -236 95 649 900 Grants (excluding technical coop.) 3,200 8,096 2,335 3,055 2,422 3,600 4,523 4,100 Memo: technical coop. grants 1,383 2,516 2,311 1,583 2,166 2,175 1,815 2,600 NET TRANSFERS 6,521 4,587 -4,958 -1,950 -140 -1,684 273 6,752 Interest on long-term debt 3,561 4,578 6,670 5,165 5,173 5,548 4,880 5,056 Profit remittances on FDI 922 1,004 1,448 2,515 3,174 3,769 4,119 4,000 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 261,013 233,805 290,767 377,729 391,317 436,079 491,132 .. Exports of goods, serv. & inc. (XGS) 64,858 90,100 103,705 138,425 183,066 213,836 204,166 .. Worker remit. & comp. of employees 6,184 11,432 12,732 12,069 14,865 17,852 19,651 .. Imports of goods & services (MGS) 71,638 89,890 103,501 117,757 168,183 196,559 185,610 .. International reserves (RES) 13,321 17,195 39,882 51,587 74,163 97,676 112,307 .. 4. DEBT INDICATORS EDT / XGS (%) 158.6 154.9 161.3 104.9 82.7 75.4 80.3 .. EDT / GNI (%) 39.4 59.7 57.5 38.4 38.7 37.0 33.4 .. TDS / XGS (%) 18.4 20.6 19.1 12.9 9.8 9.8 10.6 .. INT / XGS (%) 7.4 6.6 7.5 4.5 3.2 2.9 2.8 .. INT / GNI (%) 1.9 2.6 2.7 1.6 1.5 1.4 1.1 .. RES / EDT (%) 12.9 12.3 23.8 35.5 49.0 60.6 68.5 .. RES / MGS (months) 2.2 2.3 4.6 5.3 5.3 6.0 7.3 .. Short-term / EDT (%) 15.9 14.1 11.1 14.8 12.9 13.3 13.1 13.8 Concessional / EDT (%) 30.1 31.2 33.8 39.6 38.2 37.8 37.5 37.9 Multilateral / EDT (%) 9.1 11.2 13.8 16.1 16.1 16.2 16.0 14.8 14 MIDDLE EAST AND NORTH AFRICA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 84,925 118,031 146,602 121,199 129,585 137,908 141,014 139,191 Public and publicly guaranteed 83,729 116,613 142,803 114,670 123,130 130,940 133,862 128,885 Official creditors 53,781 71,044 105,670 88,132 89,259 94,527 94,258 89,320 Multilateral 9,403 15,606 23,112 23,359 24,435 26,164 26,236 24,108 Concessional 3,894 3,573 5,375 7,840 8,545 8,997 9,298 9,579 Bilateral 44,378 55,437 82,559 64,773 64,824 68,363 68,022 65,212 Concessional 27,122 40,005 51,213 49,670 49,241 51,982 52,209 51,970 Private creditors 29,948 45,569 37,133 26,538 33,871 36,413 39,604 39,565 Bonds 847 1,683 2,036 7,600 16,335 17,466 20,533 20,922 Commercial banks 10,005 15,236 11,891 10,134 8,842 8,462 8,377 8,456 Private nonguaranteed 1,196 1,418 3,799 6,529 6,455 6,968 7,152 10,306 Bonds 0 0 50 836 801 796 1,296 2,815 Commercial banks and other 1,196 1,418 3,749 5,693 5,654 6,172 5,856 7,492 Memo: IBRD 4,274 8,300 10,671 7,667 7,502 7,827 7,434 6,743 IDA 1,393 1,774 2,105 2,685 2,916 3,196 3,415 3,351 Public sector LDOD 83,613 116,448 142,375 114,304 122,821 130,618 133,584 .. Private sector LDOD 1,312 1,583 4,227 6,895 6,763 7,290 7,430 .. DISBURSEMENTS 13,194 13,258 11,534 9,627 14,002 12,436 14,280 16,368 Public and publicly guaranteed 12,767 13,169 11,036 8,214 12,236 10,753 12,810 12,113 Official creditors 6,387 5,721 6,041 3,355 3,382 4,468 3,786 5,469 Multilateral 1,401 2,380 3,561 1,878 2,418 2,899 2,453 3,231 Concessional 233 242 815 526 569 643 773 1,150 Bilateral 4,986 3,341 2,480 1,477 964 1,569 1,334 2,237 Concessional 3,086 1,864 2,129 781 745 1,358 1,127 1,873 Private creditors 6,380 7,448 4,995 4,859 8,854 6,285 9,024 6,644 Bonds 550 0 888 2,031 6,070 2,675 5,754 2,991 Commercial banks 1,816 727 1,006 1,347 1,345 1,219 1,372 2,118 Private nonguaranteed 427 89 498 1,413 1,766 1,682 1,470 4,255 Bonds 0 0 50 115 140 160 750 1,784 Commercial banks and other 427 89 448 1,298 1,626 1,522 720 2,472 Memo: IBRD 880 1,164 1,455 532 501 577 439 576 IDA 102 37 128 118 155 148 177 181 PRINCIPAL REPAYMENTS 6,890 12,221 11,691 11,340 11,693 14,096 15,522 14,660 Public and publicly guaranteed 6,702 12,044 11,184 10,565 9,694 12,515 14,076 13,067 Official creditors 2,079 4,257 7,393 5,861 5,589 6,359 7,359 7,472 Multilateral 564 1,304 2,049 2,037 2,668 3,288 3,504 3,396 Concessional 45 141 186 377 442 570 562 650 Bilateral 1,516 2,954 5,343 3,824 2,920 3,070 3,855 4,076 Concessional 501 1,597 710 1,478 1,884 1,843 2,324 2,216 Private creditors 4,623 7,787 3,791 4,704 4,106 6,156 6,717 5,595 Bonds 132 76 278 896 925 1,981 2,941 2,314 Commercial banks 1,049 1,956 790 1,474 1,525 2,340 1,684 1,644 Private nonguaranteed 188 177 507 775 1,998 1,581 1,445 1,593 Bonds 0 0 0 50 275 165 250 265 Commercial banks and other 188 177 507 725 1,723 1,416 1,195 1,328 Memo: IBRD 330 761 1,118 872 854 958 1,148 889 IDA 6 14 28 45 61 68 73 69 INTEREST PAYMENTS (LINT) 3,561 4,578 6,670 5,165 5,173 5,548 4,880 5,056 Public and publicly guaranteed 3,477 4,474 6,446 4,852 4,952 5,308 4,538 4,612 Official creditors 1,470 2,077 4,271 3,120 3,155 3,278 2,524 2,538 Multilateral 403 860 1,373 1,307 1,223 1,118 1,022 957 Concessional 46 56 116 188 218 234 244 257 Bilateral 1,068 1,217 2,898 1,813 1,932 2,160 1,502 1,581 Concessional 299 438 962 755 1,105 1,391 761 846 Private creditors 2,006 2,397 2,176 1,733 1,796 2,030 2,014 2,074 Bonds 56 124 88 474 1,101 1,372 1,352 1,437 Commercial banks 783 851 721 656 323 281 272 319 Private nonguaranteed 85 104 224 313 222 240 342 445 Bonds 0 0 0 69 83 73 87 133 Commercial banks and other 85 104 224 244 139 167 255 311 Memo: IBRD 291 598 750 603 454 392 323 269 IDA 11 12 15 20 21 22 28 26 15 MIDDLE EAST AND NORTH AFRICA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. 23.9 29.0 30.7 .. Japanese yen 6.2 7.3 9.8 10.7 9.6 10.3 9.5 .. Pound sterling 1.0 1.7 1.1 0.9 1.3 1.3 1.4 .. Swiss franc 0.9 1.0 0.8 0.8 1.1 1.2 1.2 .. U.S.dollars 59.6 44.8 42.6 50.5 51.1 45.6 45.3 .. 7. DEBT RESTRUCTURINGS Total amount rescheduled 766 4,565 8,947 340 290 564 258 .. Debt stock rescheduled 0 2,732 3,178 0 0 0 0 .. Principal rescheduled 566 1,038 4,934 210 121 255 134 .. Official 294 678 696 167 101 234 113 .. Private 273 359 4,237 43 20 21 21 .. Interest rescheduled 186 218 526 73 106 176 96 .. Official 86 136 131 55 76 126 86 .. Private 100 82 395 19 31 51 10 .. Debt forgiven 4 10,614 357 179 1 58 116 .. Memo: interest forgiven 0 2,481 7 0 0 5 14 .. Debt stock reduction 0 0 13 120 66 8 30 .. of which debt buyback 0 0 0 85 0 0 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 14,204 -3,781 6,966 -10,520 8,390 9,779 2,772 .. Net flows on debt 7,992 2,330 3,683 -3,794 2,306 -353 -1,763 2,189 Cross-currency valuation 5,166 5,331 2,151 -4,077 7,563 8,810 3,826 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 6.9 7.4 5.9 5.9 5.2 3.3 4.7 .. Maturity (years) 15.1 13.6 14.7 13.0 12.4 14.0 11.9 .. Grace period (years) 4.4 4.0 4.5 4.8 4.0 4.6 4.9 .. Grant element (%) 19.2 15.8 22.7 23.0 26.3 33.7 27.7 .. Official creditors Interest (%) 5.0 5.5 5.3 4.6 3.3 3.6 2.7 .. Maturity (years) 20.6 21.5 18.1 18.7 17.7 17.5 20.2 .. Grace period (years) 4.6 6.3 5.0 5.3 4.8 4.5 5.0 .. Grant element (%) 34.2 32.4 28.7 34.5 39.3 38.0 47.0 .. Private creditors Interest (%) 8.5 8.8 7.0 7.0 6.2 3.1 5.9 .. Maturity (years) 10.6 7.8 8.7 8.4 9.5 10.3 7.0 .. Grace period (years) 4.2 2.3 3.6 4.4 3.5 4.7 4.8 .. Grant element (%) 6.8 3.4 12.3 13.4 19.1 29.1 16.3 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 18.0 2005 2005 16.0 14.0 2004 2004 12.0 2003 2003 10.0 2002 2002 8.0 2001 2001 6.0 4.0 2000 2000 2.0 1999 1999 0.0 1999 2000 2001 2002 2003 2004 2005 -5.0 0.0 5.0 10.0 15.0 -4.0 -2.0 0.0 2.0 4.0 6.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 16 SOUTH ASIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 65,296 124,396 151,693 160,011 168,724 181,479 193,933 194,758 Long-term debt (LDOD) 52,004 107,527 137,396 152,042 159,507 171,476 181,227 179,791 Public and publicly guaranteed 50,383 105,800 129,094 133,529 138,693 147,577 152,895 145,606 Private nonguaranteed 1,621 1,727 8,301 18,514 20,814 23,900 28,332 34,184 Use of IMF credit 7,226 4,537 5,252 1,918 2,416 2,586 2,423 2,136 Short-term debt 6,066 12,331 9,045 6,051 6,801 7,416 10,283 12,831 of which interest arrears on LDOD 0 17 53 112 126 0 0 .. Official creditors 0 7 17 14 37 0 0 .. Private creditors 0 11 35 98 90 0 0 .. Memorandum items Principal arrears on LDOD 1 34 65 222 277 4 0 .. Official creditors 1 34 21 34 98 4 0 .. Private creditors 0 1 45 188 179 0 0 .. TOTAL DEBT FLOWS Disbursements 7,322 12,098 12,065 14,191 10,793 17,332 25,391 24,655 Long-term debt 7,219 10,223 11,863 13,997 10,326 16,682 24,976 24,399 IMF purchases 103 1,875 202 195 468 650 414 256 Principal repayments 2,866 5,259 11,599 9,784 12,652 17,726 20,557 20,610 Long-term debt 2,270 4,104 9,601 9,301 12,241 17,023 19,874 20,216 IMF repurchases 596 1,155 1,998 483 411 703 683 395 Net flows on debt 5,533 8,389 2,503 3,469 -45 347 7,701 6,418 of which short-term debt 1,078 1,550 2,037 -938 1,814 741 2,866 2,373 Interest payments (INT) 2,786 6,048 6,520 5,655 5,052 7,158 4,423 5,197 Long-term debt 1,791 4,596 5,663 5,273 4,782 7,015 4,128 4,711 IMF charges 528 249 233 58 48 31 30 19 Short-term debt 466 1,202 624 323 222 112 264 466 Net transfers on debt 2,747 2,341 -4,017 -2,186 -5,097 -6,810 3,278 1,104 Total debt service paid (TDS) 5,652 11,306 18,119 15,439 17,704 24,883 24,979 25,807 Long-term debt 4,061 8,700 15,264 14,574 17,023 24,038 24,002 24,927 IMF repurchases and charges 1,125 1,404 2,231 541 459 734 713 414 Short-term debt (interest only) 466 1,202 624 323 222 112 264 466 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 7,058 8,748 9,126 13,537 8,366 17,265 24,584 29,283 Net flow of long-term debt (ex. IMF) 4,949 6,119 2,262 4,696 -1,916 -341 5,102 4,183 Foreign direct investment (net) 264 299 2,932 4,358 6,704 5,646 7,151 8,400 Portfolio equity flows 0 1 1,585 2,381 1,047 8,049 8,789 12,200 Grants (excluding technical coop.) 1,845 2,330 2,347 2,102 2,530 3,912 3,543 4,500 Memo: technical coop. grants 859 1,494 1,521 1,099 1,271 1,539 1,475 1,800 NET TRANSFERS 5,156 4,060 3,071 3,375 -2,263 3,018 12,039 15,572 Interest on long-term debt 1,791 4,596 5,663 5,273 4,782 7,015 4,128 4,711 Profit remittances on FDI 111 93 392 4,889 5,847 7,232 8,417 9,000 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 290,552 397,190 469,273 595,711 648,064 757,752 866,788 .. Exports of goods, serv. & inc. (XGS) 26,209 41,118 70,932 105,660 125,059 149,197 200,857 .. Worker remit. & comp. of employees 5,801 5,572 10,005 17,212 24,155 31,094 31,671 .. Imports of goods & services (MGS) 34,392 53,243 86,222 116,396 117,610 142,335 171,118 .. International reserves (RES) 11,914 8,258 30,705 47,222 85,389 122,324 149,908 .. 4. DEBT INDICATORS EDT / XGS (%) 249.1 302.5 213.9 151.4 134.9 121.6 96.6 .. EDT / GNI (%) 22.5 31.3 32.3 26.9 26.0 23.9 22.4 .. TDS / XGS (%) 21.6 27.5 25.5 14.6 14.2 16.7 12.4 .. INT / XGS (%) 10.6 14.7 9.2 5.4 4.0 4.8 2.2 .. INT / GNI (%) 1.0 1.5 1.4 0.9 0.8 0.9 0.5 .. RES / EDT (%) 18.2 6.6 20.2 29.5 50.6 67.4 77.3 .. RES / MGS (months) 4.2 1.9 4.3 4.9 8.7 10.3 10.5 .. Short-term / EDT (%) 9.3 9.9 6.0 3.8 4.0 4.1 5.3 6.6 Concessional / EDT (%) 56.3 54.5 54.8 50.2 52.2 52.8 51.2 49.6 Multilateral / EDT (%) 29.6 30.6 37.5 38.1 37.4 36.8 36.3 35.8 17 SOUTH ASIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 52,004 107,527 137,396 152,042 159,507 171,476 181,227 179,791 Public and publicly guaranteed 50,383 105,800 129,094 133,529 138,693 147,577 152,895 145,606 Official creditors 41,184 81,496 103,670 100,763 103,845 110,778 113,673 111,684 Multilateral 19,358 38,068 56,875 61,025 63,110 66,737 70,470 69,720 Concessional 15,936 26,757 39,246 44,399 49,943 54,675 58,352 56,678 Bilateral 21,825 43,427 46,796 39,738 40,734 44,042 43,203 41,964 Concessional 20,830 41,070 43,887 35,913 38,164 41,065 40,880 39,979 Private creditors 9,199 24,304 25,424 32,766 34,848 36,798 39,222 33,923 Bonds 647 2,613 3,421 10,903 10,497 8,045 9,199 3,863 Commercial banks 6,375 16,811 14,124 19,579 22,665 27,303 28,808 28,872 Private nonguaranteed 1,621 1,727 8,301 18,514 20,814 23,900 28,332 34,184 Bonds 0 0 1,065 1,560 1,289 1,192 5,446 9,160 Commercial banks and other 1,621 1,727 7,236 16,954 19,525 22,707 22,886 25,024 Memo: IBRD 2,947 9,646 13,035 10,210 7,848 6,943 7,326 7,431 IDA 13,799 21,071 29,001 31,963 36,501 40,257 43,139 42,201 Public sector LDOD 53,968 107,656 130,796 132,765 138,090 147,155 152,508 .. Private sector LDOD -1,964 -128 6,600 19,277 21,417 24,321 28,719 .. DISBURSEMENTS 7,219 10,223 11,863 13,997 10,326 16,682 24,976 24,399 Public and publicly guaranteed 6,648 9,970 9,929 13,410 8,815 11,546 16,365 14,798 Official creditors 3,976 6,904 6,378 6,129 5,908 6,483 6,871 7,892 Multilateral 2,462 4,402 3,975 4,347 4,429 4,530 4,885 5,168 Concessional 2,003 2,327 2,280 2,390 2,894 2,444 3,070 2,868 Bilateral 1,514 2,501 2,403 1,782 1,479 1,953 1,986 2,724 Concessional 1,266 1,939 2,093 1,327 1,259 1,802 1,844 2,483 Private creditors 2,672 3,066 3,551 7,281 2,907 5,062 9,494 6,906 Bonds 320 427 86 5,512 0 1,348 4,089 600 Commercial banks 1,861 2,072 1,901 940 2,779 3,569 5,291 5,897 Private nonguaranteed 572 252 1,934 586 1,511 5,136 8,611 9,601 Bonds 0 0 520 0 240 210 3,191 3,864 Commercial banks and other 572 252 1,414 586 1,271 4,926 5,420 5,737 Memo: IBRD 393 1,576 860 866 681 920 819 964 IDA 1,543 1,558 1,374 1,655 2,248 1,874 2,557 2,047 PRINCIPAL REPAYMENTS 2,270 4,104 9,601 9,301 12,241 17,023 19,874 20,216 Public and publicly guaranteed 1,885 3,745 9,103 8,594 11,234 14,301 15,315 16,467 Official creditors 1,172 2,378 5,764 5,353 8,406 8,166 5,649 4,335 Multilateral 284 1,009 2,227 2,827 6,427 5,210 3,121 2,198 Concessional 95 239 470 800 957 1,110 1,269 1,285 Bilateral 888 1,369 3,537 2,526 1,979 2,957 2,528 2,137 Concessional 773 1,225 3,017 1,919 1,572 2,534 1,866 1,636 Private creditors 713 1,367 3,339 3,241 2,827 6,134 9,665 12,132 Bonds 0 280 319 50 320 4,299 2,950 5,930 Commercial banks 496 371 1,992 2,843 2,261 1,683 6,358 5,791 Private nonguaranteed 385 359 498 707 1,008 2,722 4,559 3,749 Bonds 0 0 0 35 370 302 225 150 Commercial banks and other 385 359 498 672 638 2,420 4,334 3,599 Memo: IBRD 139 553 1,173 1,232 3,283 2,148 515 484 IDA 68 151 318 548 691 803 895 880 INTEREST PAYMENTS (LINT) 1,791 4,596 5,663 5,273 4,782 7,015 4,128 4,711 Public and publicly guaranteed 1,629 4,448 5,000 4,392 4,050 5,701 3,189 3,613 Official creditors 917 2,179 2,933 2,264 2,125 1,843 1,733 1,738 Multilateral 406 1,065 1,640 1,366 1,227 941 809 915 Concessional 124 198 318 361 387 418 482 476 Bilateral 511 1,114 1,293 898 898 902 924 822 Concessional 420 952 1,113 686 748 802 787 698 Private creditors 713 2,269 2,067 2,127 1,925 3,858 1,456 1,875 Bonds 17 180 194 210 396 1,430 255 637 Commercial banks 527 1,806 1,315 1,809 1,479 2,399 1,176 1,186 Private nonguaranteed 162 148 663 881 732 1,313 939 1,098 Bonds 0 0 58 227 164 61 173 290 Commercial banks and other 162 148 604 655 568 1,253 766 808 Memo: IBRD 247 752 995 614 468 284 186 232 IDA 105 149 215 236 254 282 333 311 18 SOUTH ASIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. 6.5 6.5 6.4 .. Japanese yen 9.9 12.5 16.8 14.8 15.1 16.2 15.6 .. Pound sterling 11.0 5.0 3.6 2.8 2.5 2.1 1.9 .. Swiss franc 0.2 0.5 0.6 0.3 0.3 0.2 0.2 .. U.S.dollars 51.4 54.1 46.2 57.1 60.1 62.0 62.5 .. 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 0 0 918 157 10 0 .. Debt stock rescheduled 0 0 0 29 0 0 0 .. Principal rescheduled 0 0 0 653 0 1 0 .. Official 0 0 0 575 0 1 0 .. Private 0 0 0 78 0 0 0 .. Interest rescheduled 0 0 0 236 146 7 0 .. Official 0 0 0 200 145 7 0 .. Private 0 0 0 37 0 0 0 .. Debt forgiven 51 0 7 9 0 115 146 .. Memo: interest forgiven 0 0 0 0 0 13 16 .. Debt stock reduction 0 0 0 0 300 703 482 .. of which debt buyback 0 0 0 0 0 0 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 9,829 13,104 -4,311 -1,971 12,480 12,754 12,454 .. Net flows on debt 5,533 8,389 2,503 3,469 -45 347 7,701 6,418 Cross-currency valuation 2,866 1,586 -8,068 -8,300 7,796 9,621 2,750 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 5.4 4.7 3.9 4.6 2.2 1.8 2.2 .. Maturity (years) 26.7 24.2 23.2 13.0 24.9 23.9 24.2 .. Grace period (years) 7.3 7.8 7.2 5.4 7.2 7.0 5.5 .. Grant element (%) 31.5 40.2 43.6 27.8 56.2 57.6 55.1 .. Official creditors Interest (%) 4.5 3.7 3.6 5.0 2.1 1.5 1.8 .. Maturity (years) 31.3 28.9 26.1 23.4 26.5 26.9 28.6 .. Grace period (years) 7.3 8.1 7.7 6.3 7.4 7.4 5.7 .. Grant element (%) 39.3 51.0 48.4 36.5 58.7 63.3 62.7 .. Private creditors Interest (%) 8.0 6.8 5.8 4.3 2.8 3.2 3.9 .. Maturity (years) 13.7 14.8 6.0 5.4 6.8 6.5 7.1 .. Grace period (years) 7.3 7.1 3.9 4.6 4.1 4.6 4.8 .. Grant element (%) 9.0 18.8 15.7 21.5 28.1 25.7 25.6 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 30.0 2005 2005 25.0 2004 2004 20.0 2003 2003 15.0 2002 2002 2001 2001 10.0 2000 2000 5.0 1999 1999 0.0 1999 2000 2001 2002 2003 2004 2005 -5.0 0.0 5.0 10.0 15.0 20.0 -4.0 -2.0 0.0 2.0 4.0 6.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 19 SUB-SAHARAN AFRICA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 107,039 176,805 235,076 211,002 211,701 231,229 235,056 215,602 Long-term debt (LDOD) 82,736 149,612 185,771 172,368 176,842 194,232 196,576 180,650 Public and publicly guaranteed 77,351 144,336 173,967 160,992 164,357 178,796 181,970 165,352 Private nonguaranteed 5,385 5,276 11,804 11,376 12,486 15,436 14,606 15,298 Use of IMF credit 6,732 6,612 8,673 6,739 7,009 7,244 7,238 5,905 Short-term debt 17,571 20,581 40,632 31,895 27,849 29,752 31,243 29,047 of which interest arrears on LDOD 5,414 9,358 20,519 13,052 12,857 15,711 16,129 .. Official creditors 4,870 6,418 15,995 10,092 9,648 12,375 12,803 .. Private creditors 544 2,939 4,525 2,960 3,209 3,336 3,326 .. Memorandum items Principal arrears on LDOD 5,308 17,818 41,390 25,854 24,610 27,402 26,203 .. Official creditors 3,689 9,895 28,749 19,227 17,540 20,000 19,910 .. Private creditors 1,619 7,923 12,641 6,627 7,070 7,401 6,293 .. TOTAL DEBT FLOWS Disbursements 9,710 10,336 14,024 10,182 11,127 12,734 12,180 14,771 Long-term debt 8,973 9,676 11,030 9,658 9,903 12,336 11,518 14,471 IMF purchases 738 660 2,994 525 1,224 399 662 300 Principal repayments 6,262 5,580 9,425 9,030 9,575 9,001 9,643 15,667 Long-term debt 5,491 4,629 7,052 8,568 8,816 8,552 8,852 14,929 IMF repurchases 770 951 2,372 462 759 449 791 738 Net flows on debt 5,234 7,034 7,565 41 -243 2,782 3,608 635 of which short-term debt 1,785 2,278 2,965 -1,111 -1,795 -951 1,072 1,531 Interest payments (INT) 4,721 5,304 5,354 4,482 3,457 3,630 4,165 7,687 Long-term debt 3,425 4,360 3,976 3,329 2,832 3,175 3,689 7,094 IMF charges 402 238 559 43 143 28 30 30 Short-term debt 894 705 819 1,111 483 427 445 563 Net transfers on debt 513 1,731 2,211 -4,442 -3,700 -848 -557 -6,987 Total debt service paid (TDS) 10,982 10,884 14,779 13,513 13,032 12,632 13,808 23,354 Long-term debt 8,917 8,989 11,028 11,897 11,647 11,727 12,542 22,023 IMF repurchases and charges 1,172 1,189 2,931 505 902 478 821 768 Short-term debt (interest only) 894 705 819 1,111 483 427 445 563 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 9,940 18,321 22,604 21,726 24,188 40,103 44,855 52,742 Net flow of long-term debt (ex. IMF) 3,481 5,047 3,978 1,090 1,087 3,784 2,665 -458 Foreign direct investment (net) 963 951 4,361 6,494 9,514 13,562 11,276 17,600 Portfolio equity flows 3 393 2,954 4,157 -367 735 6,701 7,200 Grants (excluding technical coop.) 5,493 11,931 11,312 9,987 13,953 22,022 24,213 28,400 Memo: technical coop. grants 3,007 5,003 4,944 3,699 4,551 5,191 5,384 6,700 NET TRANSFERS 4,412 11,100 14,719 10,552 12,417 26,182 32,580 36,648 Interest on long-term debt 3,425 4,360 3,976 3,329 2,832 3,175 3,689 7,094 Profit remittances on FDI 2,103 2,861 3,910 7,845 8,939 10,746 8,586 9,000 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 197,759 279,171 299,940 312,253 332,516 403,586 486,689 .. Exports of goods, serv. & inc. (XGS) 59,136 80,405 90,456 116,887 118,473 147,527 174,319 .. Worker remit. & comp. of employees 1,151 1,767 3,177 4,613 4,980 5,730 7,323 .. Imports of goods & services (MGS) 60,069 86,542 106,513 116,542 127,871 153,642 181,508 .. International reserves (RES) 8,387 15,363 20,652 36,792 37,924 41,436 63,395 .. 4. DEBT INDICATORS EDT / XGS (%) 181.0 219.9 259.9 180.5 178.7 156.7 134.8 .. EDT / GNI (%) 54.1 63.3 78.4 67.6 63.7 57.3 48.3 .. TDS / XGS (%) 18.6 13.5 16.3 11.6 11.0 8.6 7.9 .. INT / XGS (%) 8.0 6.6 5.9 3.8 2.9 2.5 2.4 .. INT / GNI (%) 2.4 1.9 1.8 1.4 1.0 0.9 0.9 .. RES / EDT (%) 7.8 8.7 8.8 17.4 17.9 17.9 27.0 .. RES / MGS (months) 1.7 2.1 2.3 3.8 3.6 3.2 4.2 .. Short-term / EDT (%) 16.4 11.6 17.3 15.1 13.2 12.9 13.3 13.5 Concessional / EDT (%) 29.6 33.1 34.4 39.0 43.0 49.3 49.7 50.9 Multilateral / EDT (%) 15.6 21.6 23.2 25.9 28.9 29.9 32.0 33.7 20 SUB-SAHARAN AFRICA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 82,736 149,612 185,771 172,368 176,842 194,232 196,576 180,650 Public and publicly guaranteed 77,351 144,336 173,967 160,992 164,357 178,796 181,970 165,352 Official creditors 50,844 108,645 137,357 134,825 138,859 153,418 155,653 141,565 Multilateral 16,668 38,141 54,547 54,722 61,248 69,243 75,260 72,607 Concessional 9,448 24,011 38,926 45,441 53,024 60,528 66,605 65,791 Bilateral 34,175 70,504 82,810 80,104 77,611 84,175 80,393 68,958 Concessional 22,269 34,443 41,867 36,802 38,020 53,474 50,288 43,847 Private creditors 26,507 35,691 36,611 26,167 25,498 25,378 26,317 23,787 Bonds 410 301 4,784 9,150 10,699 10,979 11,150 8,683 Commercial banks 9,861 13,997 12,701 8,596 6,881 7,278 9,018 10,103 Private nonguaranteed 5,385 5,276 11,804 11,376 12,486 15,436 14,606 15,298 Bonds 0 0 350 1,360 3,823 8,180 8,766 8,885 Commercial banks and other 5,385 5,276 11,454 10,016 8,662 7,256 5,839 6,413 Memo: IBRD 5,268 9,160 7,626 3,473 2,721 2,674 2,467 2,077 IDA 6,100 15,756 27,895 33,621 39,368 45,198 49,726 49,052 Public sector LDOD 77,179 144,166 173,859 160,085 163,821 178,607 182,183 .. Private sector LDOD 5,557 5,446 11,912 12,283 13,021 15,626 14,393 .. DISBURSEMENTS 8,973 9,676 11,030 9,658 9,903 12,336 11,518 14,471 Public and publicly guaranteed 8,503 9,046 10,282 7,539 8,328 8,115 10,154 10,320 Official creditors 4,902 7,145 5,891 4,132 4,727 4,463 5,360 5,440 Multilateral 2,305 4,534 4,202 3,359 4,024 3,985 4,868 4,715 Concessional 1,283 2,762 3,181 3,002 3,776 3,553 4,443 4,371 Bilateral 2,597 2,611 1,689 773 703 478 492 725 Concessional 1,962 2,059 1,553 631 587 357 453 681 Private creditors 3,601 1,901 4,390 3,407 3,601 3,652 4,795 4,880 Bonds 0 0 541 765 2,472 1,414 1,000 0 Commercial banks 488 378 1,623 1,841 1,015 2,024 3,570 4,604 Private nonguaranteed 469 630 748 2,119 1,574 4,221 1,363 4,151 Bonds 0 0 350 712 1,554 4,174 764 1,389 Commercial banks and other 469 630 398 1,407 21 47 599 2,762 Memo: IBRD 644 808 274 75 55 71 33 11 IDA 879 2,027 2,392 2,193 2,860 2,744 3,036 2,729 PRINCIPAL REPAYMENTS 5,491 4,629 7,052 8,568 8,816 8,552 8,852 14,929 Public and publicly guaranteed 4,821 4,164 5,808 7,166 5,900 6,494 6,913 11,980 Official creditors 1,494 2,546 2,977 3,447 2,590 3,163 4,393 8,169 Multilateral 450 1,346 2,015 1,629 1,453 1,271 1,451 1,938 Concessional 87 269 434 542 546 474 584 798 Bilateral 1,044 1,201 962 1,818 1,137 1,891 2,942 6,230 Concessional 265 311 430 823 630 933 1,542 3,168 Private creditors 3,327 1,617 2,830 3,719 3,310 3,332 2,520 3,811 Bonds 30 31 40 480 941 780 371 91 Commercial banks 1,811 999 1,261 2,443 1,516 1,483 1,507 3,205 Private nonguaranteed 671 466 1,245 1,402 2,915 2,058 1,940 2,950 Bonds 0 0 0 0 350 250 145 1,270 Commercial banks and other 671 466 1,245 1,402 2,565 1,808 1,795 1,679 Memo: IBRD 252 719 1,055 550 459 391 339 279 IDA 28 51 120 226 304 223 250 234 INTEREST PAYMENTS (LINT) 3,425 4,360 3,976 3,329 2,832 3,175 3,689 7,094 Public and publicly guaranteed 3,083 4,029 3,471 2,923 2,298 2,526 3,069 6,355 Official creditors 1,132 2,706 2,008 1,834 1,420 1,513 2,140 5,463 Multilateral 530 1,110 1,234 842 885 765 846 762 Concessional 84 162 254 313 420 366 475 456 Bilateral 602 1,596 774 992 535 748 1,294 4,701 Concessional 165 559 358 301 253 344 776 2,398 Private creditors 1,951 1,323 1,463 1,089 878 1,013 929 893 Bonds 14 13 322 561 500 589 584 438 Commercial banks 945 616 457 302 192 200 144 324 Private nonguaranteed 343 331 505 406 533 649 621 738 Bonds 0 0 0 41 160 338 354 422 Commercial banks and other 343 331 505 365 373 311 267 316 Memo: IBRD 364 649 629 213 200 113 77 51 IDA 51 97 178 199 285 238 317 292 21 SUB-SAHARAN AFRICA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. 14.8 23.1 21.7 .. Japanese yen 4.9 3.9 5.4 4.0 3.9 5.7 4.7 .. Pound sterling 4.5 5.4 3.6 1.9 1.8 4.3 4.2 .. Swiss franc 2.3 2.1 1.7 1.1 1.2 1.7 1.7 .. U.S.dollars 39.5 36.6 41.1 61.7 61.9 49.2 51.1 .. 7. DEBT RESTRUCTURINGS Total amount rescheduled 4,515 5,987 3,074 22,598 5,976 901 3,958 .. Debt stock rescheduled 2,264 91 142 73 342 302 113 .. Principal rescheduled 1,582 3,969 1,780 13,118 2,729 319 1,827 .. Official 483 2,696 1,290 11,088 2,568 290 1,794 .. Private 1,099 1,274 490 2,030 162 29 33 .. Interest rescheduled 429 1,724 730 9,033 1,614 169 855 .. Official 202 1,376 627 8,480 1,561 165 838 .. Private 227 348 102 553 53 4 18 .. Debt forgiven 253 1,602 1,302 629 3,737 1,416 3,859 .. Memo: interest forgiven 1 87 214 297 1,921 391 693 .. Debt stock reduction 0 1,262 360 479 970 1,108 2,398 .. of which debt buyback 0 0 29 137 452 0 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 16,026 19,776 14,142 -2,995 8,146 19,528 3,827 .. Net flows on debt 5,234 7,034 7,565 41 -243 2,782 3,608 635 Cross-currency valuation 5,980 7,695 845 -6,661 8,705 10,553 6,467 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 5.8 4.3 3.7 3.2 3.8 2.6 2.0 .. Maturity (years) 22.3 25.4 22.4 24.1 24.5 23.7 22.1 .. Grace period (years) 5.8 6.9 5.4 6.0 7.1 6.8 3.1 .. Grant element (%) 31.4 43.3 42.9 47.6 44.4 49.2 47.9 .. Official creditors Interest (%) 4.3 3.5 1.8 1.1 2.8 1.1 1.2 .. Maturity (years) 28.9 28.4 31.8 36.8 31.5 37.9 33.5 .. Grace period (years) 7.2 7.7 8.7 9.2 8.0 9.2 3.5 .. Grant element (%) 45.0 50.9 65.9 74.2 57.1 74.8 69.0 .. Private creditors Interest (%) 8.8 8.1 5.7 5.9 6.2 4.3 3.2 .. Maturity (years) 9.9 11.6 12.4 7.7 8.7 7.2 6.4 .. Grace period (years) 3.0 2.7 1.9 2.0 5.1 4.1 2.5 .. Grant element (%) 5.6 7.8 18.4 13.3 15.7 19.5 18.7 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 60.0 2005 2005 50.0 2004 2004 40.0 2003 2003 30.0 2002 2002 2001 2001 20.0 2000 2000 10.0 1999 1999 0.0 1999 2000 2001 2002 2003 2004 2005 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 -10.0 0.0 10.0 20.0 30.0 40.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 22 LOW-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 178,782 332,618 393,532 369,827 380,699 412,459 426,945 412,320 Long-term debt (LDOD) 141,236 285,168 336,620 330,151 341,485 370,088 379,869 367,177 Public and publicly guaranteed 133,475 277,476 321,023 304,618 314,728 340,349 346,191 326,154 Private nonguaranteed 7,761 7,692 15,597 25,533 26,757 29,739 33,678 41,023 Use of IMF credit 13,663 10,818 13,491 10,029 10,807 11,149 10,888 8,980 Short-term debt 23,883 36,632 43,421 29,647 28,406 31,222 36,188 36,163 of which interest arrears on LDOD 5,733 12,743 24,208 13,667 13,345 16,012 16,719 .. Official creditors 5,175 8,581 19,895 11,238 10,618 13,149 13,576 .. Private creditors 557 4,162 4,312 2,429 2,727 2,863 3,143 .. Memorandum items Principal arrears on LDOD 5,737 23,352 53,824 28,669 27,226 29,875 30,106 .. Official creditors 4,037 13,442 42,189 23,649 22,104 24,508 24,409 .. Private creditors 1,700 9,910 11,635 5,021 5,122 5,367 5,697 .. TOTAL DEBT FLOWS Disbursements 16,605 22,488 23,647 22,325 18,460 24,866 34,262 36,076 Long-term debt 15,806 19,959 20,010 21,483 16,763 23,803 33,151 35,603 IMF purchases 799 2,529 3,637 842 1,697 1,063 1,112 473 Principal repayments 9,044 10,831 19,408 15,983 18,723 24,043 27,190 31,118 Long-term debt 7,721 8,810 15,052 14,881 17,393 22,696 25,548 29,869 IMF repurchases 1,322 2,021 4,356 1,102 1,330 1,347 1,642 1,249 Net flows on debt 10,150 15,316 7,840 5,161 891 972 11,330 7,165 of which short-term debt 2,589 3,659 3,601 -1,181 1,155 148 4,258 2,208 Interest payments (INT) 7,437 11,184 10,538 9,275 7,578 9,608 7,623 11,798 Long-term debt 5,213 8,845 8,761 8,182 6,894 9,223 7,063 10,971 IMF charges 906 452 772 134 203 67 65 53 Short-term debt 1,318 1,887 1,005 960 482 318 496 774 Net transfers on debt 2,714 4,132 -2,697 -4,115 -6,687 -8,637 3,707 -4,879 Total debt service paid (TDS) 16,481 22,015 29,946 25,258 26,301 33,651 34,813 42,917 Long-term debt 12,934 17,655 23,814 23,063 24,287 31,919 32,611 40,841 IMF repurchases and charges 2,228 2,472 5,127 1,236 1,532 1,414 1,707 1,302 Short-term debt (interest only) 1,318 1,887 1,005 960 482 318 496 774 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 16,875 27,025 28,312 32,862 32,573 51,120 63,243 .. Net flow of long-term debt (ex. IMF) 8,085 11,149 4,958 6,602 -631 1,108 7,603 .. Foreign direct investment (net) 1,364 1,544 6,465 10,681 15,012 14,862 17,031 .. Portfolio equity flows -1 7 1,596 2,381 1,120 8,224 8,899 .. Grants (excluding technical coop.) 7,426 14,325 15,293 13,198 17,072 26,927 29,710 .. Memo: technical coop. grants 3,962 6,689 6,942 5,468 6,595 7,436 7,840 .. NET TRANSFERS 10,291 16,590 16,110 15,159 14,205 29,081 42,856 .. Interest on long-term debt 5,213 8,845 8,761 8,182 6,894 9,223 7,063 .. Profit remittances on FDI 1,371 1,590 3,441 9,521 11,474 12,815 13,324 .. 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 450,998 592,937 658,510 826,058 920,586 1,047,575 1,197,848 .. Exports of goods, serv. & inc. (XGS) 73,293 98,612 140,002 200,254 229,241 299,918 345,901 .. Worker remit. & comp. of employees 6,626 8,115 13,278 22,564 32,953 40,798 43,967 .. Imports of goods & services (MGS) 88,009 122,567 174,642 213,140 233,664 301,862 312,085 .. International reserves (RES) 17,406 17,364 42,497 75,150 118,100 159,966 203,323 .. 4. DEBT INDICATORS EDT / XGS (%) 243.9 337.3 281.1 184.7 166.1 137.5 123.4 .. EDT / GNI (%) 39.6 56.1 59.8 44.8 41.4 39.4 35.6 .. TDS / XGS (%) 22.5 22.3 21.4 12.6 11.5 11.2 10.1 .. INT / XGS (%) 10.1 11.3 7.5 4.6 3.3 3.2 2.2 .. INT / GNI (%) 1.6 1.9 1.6 1.1 0.8 0.9 0.6 .. RES / EDT (%) 9.7 5.2 10.8 20.3 31.0 38.8 47.6 .. RES / MGS (months) 2.4 1.7 2.9 4.2 6.1 6.4 7.8 .. Short-term / EDT (%) 13.4 11.0 11.0 8.0 7.5 7.6 8.5 8.8 Concessional / EDT (%) 41.3 46.5 49.0 49.0 52.9 56.9 56.4 56.1 Multilateral / EDT (%) 21.0 23.5 29.0 33.2 35.0 35.6 36.9 37.4 23 LOW-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 141,236 285,168 336,620 330,151 341,485 370,088 379,869 367,177 Public and publicly guaranteed 133,475 277,476 321,023 304,618 314,728 340,349 346,191 326,154 Official creditors 98,435 219,556 272,406 255,512 265,599 289,100 292,596 278,216 Multilateral 37,508 78,083 114,071 122,618 133,237 146,629 157,496 154,387 Concessional 26,926 52,651 80,433 96,102 111,209 125,330 136,504 134,301 Bilateral 60,927 141,473 158,334 132,894 132,362 142,471 135,099 123,828 Concessional 46,948 101,867 112,441 84,985 90,094 109,243 104,348 97,146 Private creditors 35,040 57,920 48,618 49,106 49,129 51,249 53,596 47,939 Bonds 1,136 2,952 6,124 15,873 14,823 12,365 13,502 8,796 Commercial banks 17,465 32,540 22,879 25,671 27,510 32,226 34,068 34,152 Private nonguaranteed 7,761 7,692 15,597 25,533 26,757 29,739 33,678 41,023 Bonds 0 0 1,065 1,810 1,539 1,192 5,346 9,060 Commercial banks and other 7,761 7,692 14,532 23,723 25,218 28,547 28,331 31,963 Memo: IBRD 8,096 18,754 20,914 14,146 11,122 10,199 10,380 10,062 IDA 20,637 37,885 58,382 69,177 80,627 91,375 99,811 97,755 Public sector LDOD 136,876 279,233 322,646 303,994 314,521 340,250 346,072 .. Private sector LDOD 4,360 5,935 13,974 26,157 26,965 29,839 33,797 .. DISBURSEMENTS 15,806 19,959 20,010 21,483 16,763 23,803 33,151 35,603 Public and publicly guaranteed 14,516 18,791 17,658 20,476 14,990 18,294 24,131 23,393 Official creditors 9,552 14,401 13,097 12,313 11,722 12,627 14,188 15,033 Multilateral 4,781 8,970 8,918 8,683 9,288 9,642 10,980 10,857 Concessional 3,369 5,122 5,933 6,257 7,544 7,164 8,802 8,159 Bilateral 4,771 5,430 4,179 3,630 2,434 2,986 3,208 4,175 Concessional 3,744 4,258 3,610 2,899 2,118 2,578 2,817 3,618 Private creditors 4,964 4,390 4,561 8,163 3,268 5,667 9,943 8,360 Bonds 341 427 86 5,512 0 1,348 4,089 1,350 Commercial banks 2,331 2,394 2,471 1,172 2,954 3,740 5,549 6,435 Private nonguaranteed 1,290 1,168 2,352 1,007 1,773 5,509 9,020 12,209 Bonds 0 0 520 0 240 210 3,091 3,864 Commercial banks and other 1,290 1,168 1,832 1,007 1,533 5,299 5,929 8,346 Memo: IBRD 992 2,422 1,364 1,006 731 1,006 865 1,004 IDA 2,462 3,586 3,920 4,275 5,546 5,359 6,384 5,208 PRINCIPAL REPAYMENTS 7,721 8,810 15,052 14,881 17,393 22,696 25,548 29,869 Public and publicly guaranteed 6,546 7,800 13,977 13,336 15,739 19,147 20,202 25,555 Official creditors 2,679 4,899 9,145 8,667 11,085 11,728 9,731 12,675 Multilateral 726 2,327 4,350 4,488 7,931 6,537 4,692 4,274 Concessional 194 550 1,007 1,381 1,515 1,614 1,941 2,186 Bilateral 1,954 2,572 4,796 4,178 3,153 5,190 5,039 8,401 Concessional 1,073 1,551 3,518 2,575 2,272 3,797 3,055 5,028 Private creditors 3,867 2,901 4,832 4,670 4,655 7,420 10,471 12,880 Bonds 31 311 381 46 816 4,302 2,965 6,047 Commercial banks 2,206 1,449 2,479 3,605 3,044 2,157 6,580 5,950 Private nonguaranteed 1,175 1,010 1,075 1,544 1,654 3,548 5,346 4,315 Bonds 0 0 0 35 370 552 225 150 Commercial banks and other 1,175 1,010 1,075 1,509 1,284 2,996 5,121 4,165 Memo: IBRD 376 1,223 2,200 1,780 3,745 2,563 877 794 IDA 97 207 459 783 988 1,020 1,188 1,173 INTEREST PAYMENTS (LINT) 5,213 8,845 8,761 8,182 6,894 9,223 7,063 10,971 Public and publicly guaranteed 4,649 8,304 7,829 6,992 5,942 7,745 5,927 9,662 Official creditors 2,044 4,781 4,970 4,184 3,680 3,546 4,213 7,513 Multilateral 927 2,137 2,928 2,287 2,186 1,775 1,786 1,844 Concessional 224 377 618 738 852 854 1,086 1,065 Bilateral 1,117 2,643 2,042 1,897 1,494 1,771 2,427 5,669 Concessional 600 1,487 1,447 1,026 1,136 1,304 1,744 3,307 Private creditors 2,605 3,524 2,859 2,808 2,263 4,199 1,715 2,148 Bonds 38 196 330 515 546 1,542 367 773 Commercial banks 1,457 2,432 1,468 2,011 1,555 2,461 1,213 1,246 Private nonguaranteed 564 541 933 1,190 952 1,478 1,135 1,310 Bonds 0 0 58 240 178 61 166 283 Commercial banks and other 564 541 874 950 774 1,417 969 1,027 Memo: IBRD 591 1,373 1,629 851 689 418 281 302 IDA 161 253 412 455 558 546 714 664 24 LOW-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. 10.5 14.3 13.3 .. Japanese yen 7.4 7.5 10.5 10.0 10.3 11.8 11.1 .. Pound sterling 6.6 4.6 3.3 2.2 2.0 3.1 3.0 .. Swiss franc 1.4 1.3 1.2 0.7 0.8 1.0 1.0 .. U.S.dollars 44.2 40.6 38.9 57.6 59.0 53.9 55.1 .. 7. DEBT RESTRUCTURINGS Total amount rescheduled 4,737 6,002 2,849 23,437 6,370 873 2,478 .. Debt stock rescheduled 2,295 38 142 121 350 168 117 .. Principal rescheduled 1,709 3,720 1,617 13,655 2,804 384 867 .. Official 566 2,746 1,349 11,516 2,629 353 861 .. Private 1,143 974 268 2,139 175 31 6 .. Interest rescheduled 546 1,634 790 9,042 1,814 207 376 .. Official 206 1,371 706 8,448 1,759 202 372 .. Private 340 263 84 594 55 4 4 .. Debt forgiven 322 1,575 1,752 672 4,027 1,716 4,334 .. Memo: interest forgiven 1 87 947 1,936 2,093 563 863 .. Debt stock reduction 0 1,262 1,559 9,237 1,262 13,829 4,333 .. of which debt buyback 0 0 119 137 452 0 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 25,491 35,824 4,450 -15,641 20,885 31,760 14,486 .. Net flows on debt 10,150 15,316 7,840 5,161 891 972 11,330 7,165 Cross-currency valuation 9,213 11,100 -8,565 -15,806 17,466 21,499 9,377 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 5.3 4.5 3.3 3.5 2.4 1.6 1.8 .. Maturity (years) 24.4 24.6 25.6 20.9 28.9 28.2 29.1 .. Grace period (years) 6.5 7.3 7.5 6.6 7.8 7.6 6.1 .. Grant element (%) 32.8 41.3 49.7 43.0 58.2 62.4 62.5 .. Official creditors Interest (%) 4.3 3.6 2.9 3.0 2.4 1.4 1.5 .. Maturity (years) 28.7 28.2 28.5 30.3 30.1 30.7 32.3 .. Grace period (years) 6.9 7.7 8.2 7.9 8.0 8.0 6.3 .. Grant element (%) 41.3 50.1 55.4 56.2 59.9 66.7 68.0 .. Private creditors Interest (%) 8.1 7.2 6.0 4.4 3.1 3.0 3.9 .. Maturity (years) 11.8 14.1 6.6 5.5 7.0 7.2 7.8 .. Grace period (years) 5.1 5.9 2.9 4.6 3.7 3.7 4.4 .. Grant element (%) 8.4 15.9 13.5 21.4 26.7 26.2 25.8 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 70.0 2004 2004 60.0 2003 2003 50.0 40.0 2002 2002 30.0 2001 2001 20.0 2000 2000 10.0 1999 1999 0.0 1999 2000 2001 2002 2003 2004 -10.0 0.0 10.0 20.0 30.0 -10.0 0.0 10.0 20.0 30.0 40.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 25 MIDDLE-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 750,391 1,004,055 1,576,666 1,914,123 1,978,327 2,169,334 2,328,780 2,388,075 Long-term debt (LDOD) 615,853 813,715 1,227,869 1,578,931 1,584,153 1,684,030 1,785,050 1,827,281 Public and publicly guaranteed 538,738 761,412 1,023,953 1,059,254 1,059,526 1,110,687 1,147,246 1,107,523 Private nonguaranteed 77,115 52,304 203,916 519,677 524,627 573,343 637,804 719,758 Use of IMF credit 24,503 23,834 47,610 48,419 85,002 95,716 85,156 40,273 Short-term debt 110,036 166,506 301,187 286,773 309,173 389,588 458,574 520,522 of which interest arrears on LDOD 6,331 39,981 19,974 17,911 22,424 30,369 33,585 .. Official creditors 2,362 11,055 6,167 10,280 7,935 7,382 7,319 .. Private creditors 3,968 28,926 13,807 7,631 14,489 22,987 26,266 .. Memorandum items Principal arrears on LDOD 15,515 36,379 52,539 34,312 36,911 52,259 60,677 .. Official creditors 5,927 13,810 17,622 22,752 18,618 19,026 18,727 .. Private creditors 9,588 22,569 34,917 11,560 18,292 33,234 41,950 .. TOTAL DEBT FLOWS Disbursements 74,588 104,475 200,842 239,806 264,605 310,122 360,231 408,162 Long-term debt 71,449 98,762 176,564 230,534 231,875 281,563 354,396 404,654 IMF purchases 3,138 5,713 24,277 9,272 32,730 28,558 5,835 3,508 Principal repayments 45,580 73,152 112,158 240,354 257,887 293,018 318,249 362,264 Long-term debt 43,043 66,998 105,423 220,690 238,804 267,122 298,253 318,469 IMF repurchases 2,537 6,154 6,735 19,664 19,083 25,896 19,995 43,795 Net flows on debt 28,055 40,868 144,550 -6,118 9,809 70,336 107,752 112,975 of which short-term debt -953 9,545 55,866 -5,569 3,092 54,732 65,770 67,076 Interest payments (INT) 58,384 52,775 80,392 111,372 88,693 93,695 97,192 105,651 Long-term debt 46,058 42,519 63,771 92,502 76,706 79,763 79,846 86,659 IMF charges 1,938 2,049 2,019 2,747 2,768 2,357 3,398 2,444 Short-term debt 10,389 8,207 14,602 16,123 9,219 11,575 13,949 16,549 Net transfers on debt -30,329 -11,907 64,158 -117,489 -78,885 -21,856 10,559 6,376 Total debt service paid (TDS) 103,964 125,927 192,550 351,726 346,581 386,713 415,441 467,915 Long-term debt 89,101 109,517 169,194 313,192 315,510 346,885 378,099 405,128 IMF repurchases and charges 4,474 8,203 8,754 22,411 21,851 28,253 23,393 46,239 Short-term debt (interest only) 10,389 8,207 14,602 16,123 9,219 11,575 13,949 16,549 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 44,928 68,684 199,095 195,203 158,403 194,935 299,721 .. Net flow of long-term debt (ex. IMF) 28,406 31,764 71,142 9,843 -6,930 14,441 56,142 .. Foreign direct investment (net) 10,464 20,124 98,659 158,156 145,278 146,745 194,354 .. Portfolio equity flows 47 3,383 12,999 11,704 4,656 16,975 28,660 .. Grants (excluding technical coop.) 6,012 13,413 16,295 15,500 15,399 16,774 20,565 .. Memo: technical coop. grants 3,657 7,100 12,479 9,794 12,225 13,129 12,871 .. NET TRANSFERS -11,513 10,890 100,078 35,236 13,912 24,507 116,282 .. Interest on long-term debt 46,058 42,519 63,771 92,502 76,706 79,763 79,846 .. Profit remittances on FDI 10,384 15,275 35,246 67,465 67,785 90,666 103,593 .. 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 2,346,014 3,105,736 4,337,982 4,977,574 5,183,255 5,855,754 6,916,687 .. Exports of goods, serv. & inc. (XGS) 427,759 652,443 1,165,896 1,692,671 1,843,982 2,223,664 2,766,474 .. Worker remit. & comp. of employees 12,962 22,922 43,870 61,515 79,563 99,675 116,383 .. Imports of goods & services (MGS) 452,648 660,764 1,253,391 1,671,021 1,803,679 2,160,196 2,666,855 .. International reserves (RES) 107,343 168,346 445,753 633,205 856,462 1,117,750 1,481,070 .. 4. DEBT INDICATORS EDT / XGS (%) 175.4 153.9 135.2 113.1 107.3 97.6 84.2 .. EDT / GNI (%) 32.0 32.3 36.3 38.5 38.2 37.0 33.7 .. TDS / XGS (%) 24.3 19.3 16.5 20.8 18.8 17.4 15.0 .. INT / XGS (%) 13.6 8.1 6.9 6.6 4.8 4.2 3.5 .. INT / GNI (%) 2.5 1.7 1.9 2.2 1.7 1.6 1.4 .. RES / EDT (%) 14.3 16.8 28.3 33.1 43.3 51.5 63.6 .. RES / MGS (months) 2.8 3.1 4.3 4.5 5.7 6.2 6.7 .. Short-term / EDT (%) 14.7 16.6 19.1 15.0 15.6 18.0 19.7 21.8 Concessional / EDT (%) 10.1 12.0 11.9 10.4 10.3 10.3 10.1 9.6 Multilateral / EDT (%) 8.7 12.5 11.0 11.0 11.4 10.8 10.1 9.5 26 MIDDLE-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 615,853 813,715 1,227,869 1,578,931 1,584,153 1,684,030 1,785,050 1,827,281 Public and publicly guaranteed 538,738 761,412 1,023,953 1,059,254 1,059,526 1,110,687 1,147,246 1,107,523 Official creditors 191,541 331,481 533,113 525,568 514,248 530,330 535,458 493,325 Multilateral 64,931 125,275 173,037 210,877 225,776 234,799 235,799 227,478 Concessional 9,984 15,832 26,228 33,219 36,606 41,390 44,823 44,248 Bilateral 126,610 206,206 360,075 314,690 288,472 295,530 299,659 265,847 Concessional 65,507 105,074 162,148 165,630 167,865 181,439 190,870 185,930 Private creditors 347,197 429,930 490,841 533,686 545,278 580,357 611,788 614,198 Bonds 27,582 101,326 240,066 360,046 385,691 429,986 463,969 466,127 Commercial banks 244,169 216,357 137,218 110,546 105,628 101,129 101,004 109,227 Private nonguaranteed 77,115 52,304 203,916 519,677 524,627 573,343 637,804 719,758 Bonds 0 347 49,992 92,157 93,577 126,585 131,781 158,129 Commercial banks and other 77,115 51,957 153,924 427,521 431,050 446,758 506,023 561,628 Memo: IBRD 38,515 73,560 90,777 97,999 100,181 98,947 95,745 89,978 IDA 3,523 7,120 13,167 17,666 19,987 22,598 24,516 23,463 Public sector LDOD 531,918 756,322 1,018,368 1,052,350 1,052,387 1,102,523 1,138,240 .. Private sector LDOD 83,935 57,393 209,501 526,581 531,765 581,506 646,810 .. DISBURSEMENTS 71,449 98,762 176,564 230,534 231,875 281,563 354,396 404,654 Public and publicly guaranteed 66,558 82,660 120,626 121,708 98,908 113,918 126,791 152,988 Official creditors 23,871 35,008 53,357 41,838 34,558 37,172 31,971 32,821 Multilateral 11,757 18,340 23,453 26,462 22,962 28,220 22,876 20,585 Concessional 1,033 1,703 2,903 1,986 2,368 3,288 3,240 2,605 Bilateral 12,114 16,668 29,904 15,375 11,596 8,953 9,095 12,235 Concessional 6,300 9,086 10,747 10,273 6,831 7,042 7,377 9,941 Private creditors 42,687 47,652 67,269 79,870 64,350 76,745 94,820 120,167 Bonds 4,743 4,749 25,363 53,649 40,350 51,756 62,874 77,417 Commercial banks 21,667 13,761 23,672 19,012 19,474 20,315 28,366 38,825 Private nonguaranteed 4,891 16,103 55,939 108,826 132,967 167,646 227,604 251,666 Bonds 0 291 13,579 11,757 11,231 22,273 34,160 42,241 Commercial banks and other 4,891 15,812 42,360 97,068 121,736 145,373 193,444 209,425 Memo: IBRD 6,923 11,016 11,730 12,424 9,557 10,515 9,599 6,814 IDA 414 759 1,556 945 1,221 1,169 1,295 807 PRINCIPAL REPAYMENTS 43,043 66,998 105,423 220,690 238,804 267,122 298,253 318,469 Public and publicly guaranteed 36,294 60,726 78,423 108,875 108,029 126,606 119,101 146,285 Official creditors 9,116 18,144 34,983 40,517 43,976 52,747 50,463 65,536 Multilateral 3,504 9,570 16,405 18,750 22,960 29,931 26,746 24,921 Concessional 168 348 558 1,078 995 1,204 1,338 1,474 Bilateral 5,611 8,574 18,577 21,768 21,016 22,816 23,718 40,615 Concessional 1,403 3,270 5,330 9,989 8,343 9,602 11,854 10,946 Private creditors 27,178 42,582 43,440 68,357 64,052 73,859 68,637 80,749 Bonds 1,389 4,075 11,713 35,276 27,651 34,653 33,682 41,429 Commercial banks 14,988 21,243 15,345 21,598 25,563 29,013 27,421 28,967 Private nonguaranteed 6,749 6,272 27,000 111,816 130,776 140,516 179,153 172,184 Bonds 0 0 4,042 15,025 12,146 9,711 24,346 15,589 Commercial banks and other 6,749 6,272 22,958 96,791 118,630 130,806 154,807 156,595 Memo: IBRD 2,439 6,716 9,473 8,048 12,277 15,065 14,381 10,850 IDA 20 41 83 166 255 303 357 364 INTEREST PAYMENTS (LINT) 46,058 42,519 63,771 92,502 76,706 79,763 79,846 86,659 Public and publicly guaranteed 38,401 38,484 53,264 60,631 51,755 53,435 53,507 56,697 Official creditors 8,469 13,579 24,222 22,894 20,456 20,275 18,498 17,359 Multilateral 3,915 8,366 10,791 13,338 11,512 10,453 9,294 9,266 Concessional 132 244 395 476 489 557 631 693 Bilateral 4,554 5,212 13,430 9,556 8,944 9,823 9,204 8,093 Concessional 1,326 1,837 4,689 4,221 3,670 4,478 4,592 4,075 Private creditors 29,932 24,906 29,043 37,738 31,299 33,160 35,009 39,338 Bonds 1,585 4,180 16,101 26,342 22,550 24,897 27,002 29,766 Commercial banks 23,889 15,008 6,985 7,897 6,535 6,017 6,067 7,555 Private nonguaranteed 7,657 4,035 10,507 31,870 24,952 26,327 26,338 29,962 Bonds 0 3 3,113 7,801 6,733 7,781 8,820 11,056 Commercial banks and other 7,657 4,032 7,393 24,069 18,219 18,547 17,519 18,906 Memo: IBRD 2,672 5,495 6,340 6,831 5,702 4,716 3,855 3,504 IDA 26 48 92 123 136 151 183 172 27 MIDDLE-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2002 2003 2004 2005 6. CURRENCY COMPOSITION OF LONG-TERM DEBT (PERCENT) Euro .. .. .. .. 17.4 19.8 21.7 .. Japanese yen 8.4 11.9 13.7 12.1 10.8 10.6 10.2 .. Pound sterling 1.3 1.6 0.9 0.6 0.7 0.6 0.7 .. Swiss franc 1.7 2.3 1.0 0.3 0.3 0.4 0.4 .. U.S.dollars 61.7 44.7 50.1 63.3 63.8 62.3 61.5 .. 7. DEBT RESTRUCTURINGS Total amount rescheduled 83,567 73,326 28,520 37,184 11,412 10,427 5,660 .. Debt stock rescheduled 49,141 61,811 6,758 23,071 1,969 3,323 737 .. Principal rescheduled 25,583 6,556 13,747 7,069 6,278 5,701 3,523 .. Official 1,615 3,079 5,642 5,535 5,506 5,110 3,439 .. Private 23,969 3,477 8,105 1,534 771 591 84 .. Interest rescheduled 1,895 4,164 4,432 4,926 1,537 941 1,002 .. Official 687 3,206 1,574 2,725 1,380 824 619 .. Private 1,208 958 2,858 2,201 157 117 383 .. Debt forgiven 14 11,053 494 262 944 224 367 .. Memo: interest forgiven 1 2,803 15 13 115 119 657 .. Debt stock reduction 1,329 24,883 2,661 32,393 4,921 65 1,343 .. of which debt buyback 0 4,359 43 16,879 3,820 0 0 .. 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 77,257 63,048 175,020 -46,143 57,459 191,007 159,446 .. Net flows on debt 28,055 40,868 144,550 -6,118 9,809 70,336 107,752 112,975 Cross-currency valuation 29,271 35,494 10,249 -37,382 54,349 67,935 29,481 .. 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 8.2 7.6 6.5 7.5 5.6 5.0 4.8 .. Maturity (years) 13.3 15.0 12.3 12.7 12.8 11.7 12.4 .. Grace period (years) 4.9 5.4 4.2 7.3 6.3 7.0 7.7 .. Grant element (%) 10.0 14.9 17.4 10.9 23.3 24.1 26.4 .. Official creditors Interest (%) 7.0 6.3 6.5 5.4 3.5 3.4 2.9 .. Maturity (years) 18.5 19.8 16.9 16.8 18.6 16.2 18.4 .. Grace period (years) 5.0 6.1 4.6 4.3 4.9 4.3 4.8 .. Grant element (%) 19.3 25.8 22.4 26.5 39.6 38.6 44.7 .. Private creditors Interest (%) 8.9 8.7 6.6 8.4 6.8 5.7 5.5 .. Maturity (years) 10.3 11.1 7.8 11.0 9.7 9.9 10.3 .. Grace period (years) 4.9 4.8 3.8 8.5 7.0 8.1 8.7 .. Grant element (%) 4.8 6.0 12.5 4.4 14.5 18.3 20.1 .. 10. GRAPH OF AGGREGATE NET RESOURCE FLOWS (current prices, US$ billion) Aggregate Net Resource Flows Private Flows Official Flows 350.0 2004 2004 300.0 2003 2003 250.0 200.0 2002 2002 150.0 2001 2001 100.0 2000 2000 50.0 1999 1999 0.0 1999 2000 2001 2002 2003 2004 -50.0 0.0 50.0 100.0 150.0 200.0 250.0 -20.0 -10.0 0.0 10.0 20.0 30.0 Private flows Official flows Private non-debt flows Private debt flows Multilateral Bilateral Grants 28 Country tables 29 ALBANIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. .. 456 1,061 1,096 1,119 1,485 1,549 Long-term debt (LDOD) .. .. 330 936 982 1,008 1,245 1,451 Public and publicly guaranteed .. .. 330 921 971 995 1,233 1,404 Private nonguaranteed .. .. 0 15 11 13 12 46 Use of IMF credit .. .. 65 88 83 81 90 97 Short-term debt .. .. 62 37 31 29 149 1 of which interest arrears on LDOD .. .. 2 3 4 1 1 1 Official creditors .. .. 2 1 1 0 0 0 Private creditors .. .. 0 3 3 1 1 1 Memorandum items Principal arrears on LDOD .. .. 27 271 271 16 16 16 Official creditors .. .. 18 255 255 0 0 0 Private creditors .. .. 9 16 16 16 16 16 TOTAL DEBT FLOWS Disbursements .. .. 80 138 110 157 148 197 Long-term debt .. .. 70 120 98 152 136 185 IMF purchases .. .. 11 19 12 5 11 12 Principal repayments .. .. 2 16 26 36 38 51 Long-term debt .. .. 0 9 12 22 28 42 IMF repurchases .. .. 1 7 14 14 10 9 Net flows on debt .. .. -99 130 78 122 230 -3 of which short-term debt .. .. -178 8 -6 1 120 -148 Interest payments (INT) .. .. 9 11 12 23 19 23 Long-term debt .. .. 5 8 10 22 16 21 IMF charges .. .. 1 1 1 1 0 0 Short-term debt .. .. 3 2 1 1 3 1 Net transfers on debt .. .. -108 119 66 98 211 -25 Total debt service paid (TDS) .. .. 10 27 38 59 57 74 Long-term debt .. .. 5 17 22 44 44 63 IMF repurchases and charges .. .. 2 8 14 14 10 10 Short-term debt (interest only) .. .. 3 2 1 1 3 1 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. .. 216 414 431 372 398 679 Net flow of long-term debt (ex. IMF) .. .. 69 110 86 130 108 143 Foreign direct investment (net) .. .. 70 143 207 135 178 426 Portfolio equity flows .. .. 0 0 0 0 0 0 Grants (excluding technical coop.) .. .. 77 161 137 107 112 110 Memo: technical coop. grants .. .. 33 56 62 83 146 156 NET TRANSFERS .. .. 207 406 420 349 381 657 Interest on long-term debt .. .. 5 8 10 22 16 21 Profit remittances on FDI .. .. 4 0 0 1 1 0 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. .. 2,480 3,798 4,249 4,630 5,884 7,734 Exports of goods, serv. & inc. (XGS) .. .. 760 1,350 1,616 1,707 2,140 .. Worker remit. & comp. of employees .. .. 427 598 699 734 889 889 Imports of goods & services (MGS) .. .. 865 1,509 1,789 2,096 2,610 .. International reserves (RES) .. .. 265 646 771 866 1,038 1,388 Current account balance .. .. -12 -156 -217 -408 -407 .. 4. DEBT INDICATORS EDT / XGS (%) .. .. 60.0 78.6 67.8 65.5 69.4 .. EDT / GNI (%) .. .. 18.4 27.9 25.8 24.2 25.2 20.0 TDS / XGS (%) .. .. 1.4 2.0 2.3 3.5 2.6 .. INT / XGS (%) .. .. 1.2 0.8 0.8 1.4 0.9 .. INT / GNI (%) .. .. 0.4 0.3 0.3 0.5 0.3 0.3 RES / EDT (%) .. .. 58.1 60.9 70.3 77.5 69.9 89.6 RES / MGS (months) .. .. 3.7 5.1 5.2 5.0 4.8 .. Short-term / EDT (%) .. .. 13.7 3.5 2.8 2.6 10.1 0.1 Concessional / EDT (%) .. .. 57.1 52.2 54.8 76.7 71.6 78.3 Multilateral / EDT (%) .. .. 25.1 40.2 40.1 52.0 49.8 56.6 30 ALBANIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. .. 330 936 982 1,008 1,245 1,451 Public and publicly guaranteed .. .. 330 921 971 995 1,233 1,404 Official creditors .. .. 305 899 950 974 1,210 1,381 Multilateral .. .. 115 426 440 581 739 876 Concessional .. .. 110 368 396 518 640 748 Bilateral .. .. 190 473 510 392 470 505 Concessional .. .. 151 186 204 341 424 465 Private creditors .. .. 25 22 22 22 23 23 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 0 0 0 0 0 Private nonguaranteed .. .. 0 15 11 13 12 46 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 15 11 13 12 46 Memo: IBRD .. .. 0 0 0 0 0 0 IDA .. .. 109 346 366 476 583 677 Public sector LDOD .. .. 330 920 969 992 1,229 1,404 Private sector LDOD .. .. 0 16 13 16 16 46 DISBURSEMENTS .. .. 70 120 98 152 136 185 Public and publicly guaranteed .. .. 70 120 98 149 136 149 Official creditors .. .. 70 120 98 149 136 149 Multilateral .. .. 48 101 56 109 107 113 Concessional .. .. 43 67 44 92 76 84 Bilateral .. .. 22 19 42 40 30 36 Concessional .. .. 22 11 26 39 30 36 Private creditors .. .. 0 0 0 0 0 0 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 0 0 0 0 0 Private nonguaranteed .. .. 0 0 0 3 0 36 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 0 0 3 0 36 Memo: IBRD .. .. 0 0 0 0 0 0 IDA .. .. 43 64 34 79 61 67 PRINCIPAL REPAYMENTS .. .. 0 9 12 22 28 42 Public and publicly guaranteed .. .. 0 9 8 20 26 36 Official creditors .. .. 0 8 8 20 26 35 Multilateral .. .. 0 2 3 8 13 15 Concessional .. .. 0 1 1 2 3 5 Bilateral .. .. 0 6 5 12 13 20 Concessional .. .. 0 3 2 8 7 14 Private creditors .. .. 0 1 0 0 0 1 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 0 0 0 0 0 Private nonguaranteed .. .. 0 0 4 2 2 6 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 0 4 2 2 6 Memo: IBRD .. .. 0 0 0 0 0 0 IDA .. .. 0 0 0 0 1 3 INTEREST PAYMENTS (LINT) .. .. 5 8 10 22 16 21 Public and publicly guaranteed .. .. 5 7 10 17 15 20 Official creditors .. .. 4 7 9 17 15 20 Multilateral .. .. 1 4 6 6 8 12 Concessional .. .. 1 3 3 3 5 7 Bilateral .. .. 3 3 4 11 7 8 Concessional .. .. 2 3 3 9 6 7 Private creditors .. .. 1 0 0 0 0 0 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 0 0 0 0 0 Private nonguaranteed .. .. 0 1 1 5 1 1 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 1 1 5 1 1 Memo: IBRD .. .. 0 0 0 0 0 0 IDA .. .. 1 2 3 3 4 5 31 ALBANIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 19.8 27.0 29.0 29.5 Japanese yen .. .. 2.5 3.2 2.6 2.8 3.0 3.4 Pound sterling .. .. 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc .. .. 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars .. .. 60.9 73.2 74.1 62.1 60.4 59.1 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 6 28 11 75 15 0 Debt stock rescheduled .. .. 225 0 0 0 0 0 Principal rescheduled .. .. 0 22 0 75 0 0 Official .. .. 0 21 0 75 0 0 Private .. .. 0 0 0 0 0 0 Interest rescheduled .. .. 0 2 0 0 0 0 Official .. .. 0 2 0 0 0 0 Private .. .. 0 0 0 0 0 0 Debt forgiven .. .. 0 0 0 0 0 4 Memo: interest forgiven .. .. 0 0 0 0 0 0 Debt stock reduction .. .. 146 0 0 180 0 0 of which debt buyback .. .. 30 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. -427 352 35 23 366 64 Net flows on debt .. .. -99 130 78 122 230 -3 Cross-currency valuation .. .. 8 -35 -31 78 116 63 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. .. 3.3 3.5 3.2 1.2 1.8 2.3 Maturity (years) .. .. 25.2 29.7 29.3 32.1 27.1 19.8 Grace period (years) .. .. 7.6 10.5 9.0 9.4 11.9 7.6 Grant element (%) .. .. 50.6 54.5 54.8 70.0 66.6 52.6 Official creditors Interest (%) .. .. 3.4 3.5 3.2 1.2 1.8 2.3 Maturity (years) .. .. 25.3 29.7 29.3 32.1 27.1 19.8 Grace period (years) .. .. 7.5 10.5 9.0 9.4 11.9 7.6 Grant element (%) .. .. 50.4 54.5 54.8 70.0 66.6 52.6 Private creditors Interest (%) .. .. 3.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) .. .. 22.7 0.0 0.0 0.0 0.0 0.0 Grace period (years) .. .. 11.7 0.0 0.0 0.0 0.0 0.0 Grant element (%) .. .. 55.9 0.0 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 49 66 60 72 77 91 97 90 Interest 25 29 31 32 31 30 28 25 Official creditors Principal 48 56 57 66 70 83 90 84 Interest 23 27 30 31 30 29 27 25 Bilateral creditors Principal 29 30 26 28 29 30 32 30 Interest 10 10 11 10 10 10 9 8 Multilateral creditors Principal 19 26 31 38 41 54 57 54 Interest 13 17 19 20 20 20 18 17 Private creditors Principal 1 10 3 6 6 8 8 6 Interest 2 2 2 1 1 1 0 0 Notes: Data source: Data on long-term public and publicly guaranteed debt as of 2004 are based on reports provided by the country. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. Rescheduling: Data includes the effects of all Paris Club debt restructuring agreements signed until December 2004. Albania concluded a debt buyback operation in 1996. 32 ALGERIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 18,260 28,149 33,042 25,272 22,587 22,881 23,573 21,987 Long-term debt (LDOD) 16,398 26,688 31,303 23,332 20,870 21,443 22,440 20,913 Public and publicly guaranteed 16,398 26,688 31,303 23,332 20,870 21,336 21,881 20,249 Private nonguaranteed 0 0 0 0 0 107 559 664 Use of IMF credit 0 670 1,478 1,718 1,518 1,330 988 643 Short-term debt 1,862 791 261 222 199 108 146 431 of which interest arrears on LDOD 0 0 3 0 0 0 0 0 Official creditors 0 0 0 0 0 0 0 0 Private creditors 0 0 3 0 0 0 0 0 Memorandum items Principal arrears on LDOD 0 1 1 0 0 0 0 0 Official creditors 0 0 0 0 0 0 0 0 Private creditors 0 0 1 0 0 0 0 0 TOTAL DEBT FLOWS Disbursements 3,905 7,017 4,157 1,215 1,037 1,609 1,923 1,963 Long-term debt 3,905 7,017 3,683 1,215 1,037 1,609 1,923 1,963 IMF purchases 0 0 475 0 0 0 0 0 Principal repayments 3,477 6,780 2,419 2,815 2,964 2,948 3,227 4,721 Long-term debt 3,477 6,780 2,248 2,722 2,823 2,650 2,788 4,350 IMF repurchases 0 0 171 93 141 297 439 372 Net flows on debt 531 -811 1,361 -1,574 -1,950 -1,430 -1,266 -2,473 of which short-term debt 103 -1,049 -378 27 -23 -91 38 285 Interest payments (INT) 1,526 2,025 1,832 1,655 1,419 1,218 1,085 1,033 Long-term debt 1,398 1,784 1,741 1,552 1,334 1,168 1,057 1,001 IMF charges 0 62 69 92 76 43 24 22 Short-term debt 128 179 22 10 9 7 4 10 Net transfers on debt -994 -2,836 -471 -3,228 -3,370 -2,649 -2,352 -3,506 Total debt service paid (TDS) 5,002 8,804 4,250 4,470 4,383 4,166 4,312 5,754 Long-term debt 4,874 8,564 3,989 4,274 4,157 3,819 3,845 5,351 IMF repurchases and charges 0 62 240 185 217 340 463 393 Short-term debt (interest only) 128 179 22 10 9 7 4 10 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 469 283 1,505 -1,008 -548 118 -161 -1,407 Net flow of long-term debt (ex. IMF) 428 237 1,435 -1,508 -1,786 -1,042 -865 -2,386 Foreign direct investment (net) 0 0 0 438 1,196 1,065 634 882 Portfolio equity flows 0 0 0 0 0 0 0 0 Grants (excluding technical coop.) 41 45 70 62 42 95 71 97 Memo: technical coop. grants 44 106 101 76 77 97 146 190 NET TRANSFERS -1,126 -1,653 -236 -2,560 -1,882 -1,050 -1,218 -2,409 Interest on long-term debt 1,398 1,784 1,741 1,552 1,334 1,168 1,057 1,001 Profit remittances on FDI 198 152 0 0 0 0 0 0 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 56,367 59,955 39,574 50,745 53,165 53,683 65,319 81,049 Exports of goods, serv. & inc. (XGS) 14,070 13,887 .. .. .. .. .. .. Worker remit. & comp. of employees 313 352 1,120 790 670 1,070 1,750 2,460 Imports of goods & services (MGS) 13,120 12,448 .. .. .. .. .. .. International reserves (RES) 4,645 2,703 4,164 13,556 19,625 25,151 35,455 45,692 Current account balance 1,015 1,420 .. .. .. .. .. .. 4. DEBT INDICATORS EDT / XGS (%) 129.8 202.7 .. .. .. .. .. .. EDT / GNI (%) 32.4 47.0 83.5 49.8 42.5 42.6 36.1 27.1 TDS / XGS (%) 35.6 63.4 .. .. .. .. .. .. INT / XGS (%) 10.8 14.6 .. .. .. .. .. .. INT / GNI (%) 2.7 3.4 4.6 3.3 2.7 2.3 1.7 1.3 RES / EDT (%) 25.4 9.6 12.6 53.6 86.9 109.9 150.4 207.8 RES / MGS (months) 4.2 2.6 .. .. .. .. .. .. Short-term / EDT (%) 10.2 2.8 0.8 0.9 0.9 0.5 0.6 2.0 Concessional / EDT (%) 2.9 3.1 9.4 12.4 12.2 12.4 12.9 14.6 Multilateral / EDT (%) 3.2 7.2 11.8 16.3 17.7 17.1 17.5 15.6 33 ALGERIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 16,398 26,688 31,303 23,332 20,870 21,443 22,440 20,913 Public and publicly guaranteed 16,398 26,688 31,303 23,332 20,870 21,336 21,881 20,249 Official creditors 3,837 5,866 15,685 17,480 16,197 16,368 16,864 15,599 Multilateral 582 2,031 3,915 4,123 3,999 3,912 4,137 3,422 Concessional 14 76 317 453 436 417 498 564 Bilateral 3,255 3,835 11,770 13,357 12,198 12,456 12,727 12,177 Concessional 509 784 2,792 2,688 2,320 2,427 2,538 2,656 Private creditors 12,560 20,822 15,618 5,851 4,673 4,968 5,017 4,650 of which: Bonds 680 1,420 0 0 0 0 0 0 Commercial banks 4,240 5,851 4,653 2,763 2,219 2,212 1,967 1,586 Private nonguaranteed 0 0 0 0 0 107 559 664 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 107 559 664 Memo: IBRD 479 1,208 2,049 1,425 1,329 1,203 1,056 909 IDA 0 0 0 0 0 0 0 0 Public sector LDOD 16,398 26,608 31,214 23,210 20,758 21,193 21,708 20,071 Private sector LDOD 0 80 89 122 112 250 732 843 DISBURSEMENTS 3,905 7,017 3,683 1,215 1,037 1,609 1,923 1,963 Public and publicly guaranteed 3,905 7,017 3,683 1,215 1,037 1,532 1,472 1,679 Official creditors 562 1,835 1,596 795 464 495 636 799 Multilateral 184 612 932 349 340 390 566 337 Concessional 4 9 169 41 50 33 128 120 Bilateral 379 1,223 664 446 124 105 70 462 Concessional 2 282 501 152 79 80 62 444 Private creditors 3,343 5,182 2,087 420 573 1,037 836 879 of which: Bonds 500 0 0 0 0 0 0 0 Commercial banks 1,023 206 222 0 3 251 29 10 Private nonguaranteed 0 0 0 0 0 77 451 285 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 77 451 285 Memo: IBRD 148 300 554 58 83 70 50 40 IDA 0 0 0 0 0 0 0 0 PRINCIPAL REPAYMENTS 3,477 6,780 2,248 2,722 2,823 2,650 2,788 4,350 Public and publicly guaranteed 3,477 6,780 2,248 2,722 2,823 2,590 2,777 4,134 Official creditors 674 1,174 671 1,056 1,281 1,497 1,546 2,706 Multilateral 143 312 454 349 524 642 530 1,219 Concessional 1 6 13 53 66 61 54 54 Bilateral 531 862 217 707 757 855 1,015 1,487 Concessional 115 97 42 223 226 234 263 431 Private creditors 2,802 5,606 1,577 1,666 1,542 1,093 1,231 1,428 of which: Bonds 71 16 278 0 0 0 0 0 Commercial banks 851 1,330 220 458 391 367 394 419 Private nonguaranteed 0 0 0 0 0 60 11 216 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 60 11 216 Memo: IBRD 42 130 260 172 177 200 202 189 IDA 0 0 0 0 0 0 0 0 INTEREST PAYMENTS (LINT) 1,398 1,784 1,741 1,552 1,334 1,168 1,057 1,001 Public and publicly guaranteed 1,398 1,784 1,741 1,552 1,334 1,164 1,055 984 Official creditors 271 312 823 1,131 1,011 966 875 813 Multilateral 49 117 251 297 248 304 253 217 Concessional 1 6 8 17 23 17 18 25 Bilateral 222 195 572 834 764 662 622 596 Concessional 20 17 82 108 96 87 87 78 Private creditors 1,127 1,472 917 421 322 198 180 171 of which: Bonds 42 105 13 0 0 0 0 0 Commercial banks 445 526 251 153 122 68 46 40 Private nonguaranteed 0 0 0 0 0 5 3 17 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 5 3 17 Memo: IBRD 30 73 137 128 119 104 85 60 IDA 0 0 0 0 0 0 0 0 34 ALGERIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 30.0 32.9 37.7 41.8 Japanese yen 16.9 15.1 13.1 14.5 12.6 13.1 12.8 11.1 Pound sterling 0.8 1.5 0.9 1.0 1.3 1.4 1.7 2.0 Swiss franc 1.3 0.8 0.7 0.5 0.7 0.9 0.9 1.0 U.S.dollars 37.1 33.5 38.0 44.7 46.5 42.7 37.3 36.4 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 0 5,096 0 0 0 0 0 Debt stock rescheduled 0 0 0 0 0 0 0 0 Principal rescheduled 0 0 4,405 0 0 0 0 0 Official 0 0 529 0 0 0 0 0 Private 0 0 3,875 0 0 0 0 0 Interest rescheduled 0 0 380 0 0 0 0 0 Official 0 0 68 0 0 0 0 0 Private 0 0 312 0 0 0 0 0 Debt forgiven 0 0 0 0 0 0 0 0 Memo: interest forgiven 0 0 0 0 0 0 0 0 Debt stock reduction 0 0 0 0 0 0 0 0 of which debt buyback 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 2,368 912 2,809 -2,725 -2,685 294 692 -1,586 Net flows on debt 531 -811 1,361 -1,574 -1,950 -1,430 -1,266 -2,473 Cross-currency valuation 1,751 1,669 687 -1,144 -916 1,687 1,958 925 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 8.4 8.4 6.5 6.2 3.2 2.9 2.6 3.6 Maturity (years) 11.5 9.1 10.8 11.1 12.0 14.8 10.0 12.0 Grace period (years) 5.1 2.5 2.8 3.0 3.2 3.9 2.4 2.3 Grant element (%) 8.3 6.9 14.9 16.8 31.5 35.5 29.9 28.3 Official creditors Interest (%) 8.1 7.0 6.2 6.2 4.3 2.9 1.9 2.5 Maturity (years) 13.0 16.8 11.7 14.9 18.5 22.4 14.3 12.7 Grace period (years) 3.7 4.0 3.3 4.1 5.9 6.5 3.8 2.4 Grant element (%) 14.9 19.5 17.1 20.8 35.7 49.8 43.0 35.8 Private creditors Interest (%) 8.5 8.9 7.1 6.2 2.8 3.0 3.2 4.3 Maturity (years) 11.4 6.5 8.9 7.2 9.7 7.8 6.7 11.5 Grace period (years) 5.2 2.0 1.9 1.9 2.3 1.5 1.3 2.3 Grant element (%) 7.8 2.8 10.4 12.6 30.1 22.5 20.1 23.5 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 3,328 3,046 3,000 3,146 3,145 2,020 1,904 477 Interest 881 769 645 515 375 246 155 90 Official creditors Principal 2,046 1,985 2,148 2,400 2,482 1,647 1,654 309 Interest 696 622 532 430 315 207 128 70 Bilateral creditors Principal 1,310 1,499 1,746 1,983 2,112 1,303 1,391 87 Interest 540 488 415 328 229 136 70 22 Multilateral creditors Principal 737 486 402 417 370 343 262 222 Interest 155 134 117 102 85 71 58 48 Private creditors Principal 1,281 1,062 852 747 662 374 250 168 Interest 185 147 113 85 60 39 27 20 Notes: Data source: Data on long-term public and publicly guaranteed debt, on long-term private nonguaranteed debt, and on short-term debt as of 2004 are based on reports provided by the country. Rescheduling: Data includes the effects of all Paris Club debt restructuring agreements signed until December 2004 and the commercial bank agreement signed in July 1996. 35 ANGOLA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. 8,592 11,500 9,408 9,234 9,189 9,316 9,521 Long-term debt (LDOD) .. 7,603 9,543 8,085 7,783 7,981 8,194 8,631 Public and publicly guaranteed .. 7,603 9,543 8,085 7,783 7,981 8,194 8,631 Private nonguaranteed .. 0 0 0 0 0 0 0 Use of IMF credit .. 0 0 0 0 0 0 0 Short-term debt .. 989 1,958 1,323 1,451 1,208 1,122 890 of which interest arrears on LDOD .. 204 1,232 874 1,006 961 938 705 Official creditors .. 52 276 252 266 287 351 433 Private creditors .. 152 956 622 740 674 587 272 Memorandum items Principal arrears on LDOD .. 496 4,190 2,853 3,353 3,413 3,567 2,233 Official creditors .. 86 1,098 735 866 941 1,065 1,138 Private creditors .. 410 3,093 2,118 2,487 2,472 2,502 1,095 TOTAL DEBT FLOWS Disbursements .. 862 550 1,045 1,063 822 1,731 2,506 Long-term debt .. 862 550 1,045 1,063 822 1,731 2,506 IMF purchases .. 0 0 0 0 0 0 0 Principal repayments .. 183 332 1,530 1,384 1,285 1,193 1,875 Long-term debt .. 183 332 1,530 1,384 1,285 1,193 1,875 IMF repurchases .. 0 0 0 0 0 0 0 Net flows on debt .. 977 -90 -733 -325 -661 475 632 of which short-term debt .. 298 -308 -248 -4 -198 -63 1 Interest payments (INT) .. 143 132 175 147 159 166 175 Long-term debt .. 100 79 149 125 140 159 169 IMF charges .. 0 0 0 0 0 0 0 Short-term debt .. 43 53 26 22 19 6 7 Net transfers on debt .. 834 -222 -909 -472 -819 310 457 Total debt service paid (TDS) .. 326 464 1,705 1,531 1,443 1,358 2,050 Long-term debt .. 283 411 1,680 1,509 1,425 1,352 2,044 IMF repurchases and charges .. 0 0 0 0 0 0 0 Short-term debt (interest only) .. 43 53 26 22 19 6 7 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. 536 1,018 600 2,037 1,545 4,455 2,438 Net flow of long-term debt (ex. IMF) .. 679 218 -485 -321 -463 538 631 Foreign direct investment (net) .. -335 472 879 2,145 1,672 3,505 1,444 Portfolio equity flows .. 0 0 0 0 0 0 0 Grants (excluding technical coop.) .. 192 328 206 213 336 412 363 Memo: technical coop. grants .. 36 73 52 63 68 84 72 NET TRANSFERS .. 122 553 -478 985 304 3,033 319 Interest on long-term debt .. 100 79 149 125 140 159 169 Profit remittances on FDI .. 314 386 929 927 1,100 1,264 1,950 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. 8,214 3,688 7,449 7,375 9,194 12,098 17,255 Exports of goods, serv. & inc. (XGS) .. 4,003 3,852 8,222 6,760 8,552 9,722 13,831 Worker remit. & comp. of employees .. 0 0 0 0 0 0 0 Imports of goods & services (MGS) .. 4,161 4,302 7,454 8,281 8,734 10,540 13,151 International reserves (RES) .. .. 213 1,198 732 376 634 1,374 Current account balance .. -236 -295 796 -1,431 -150 -720 686 4. DEBT INDICATORS EDT / XGS (%) .. 214.6 298.6 114.4 136.6 107.4 95.8 68.8 EDT / GNI (%) .. 104.6 311.9 126.3 125.2 100.0 77.0 55.2 TDS / XGS (%) .. 8.1 12.0 20.7 22.7 16.9 14.0 14.8 INT / XGS (%) .. 3.6 3.4 2.1 2.2 1.9 1.7 1.3 INT / GNI (%) .. 1.7 3.6 2.4 2.0 1.7 1.4 1.0 RES / EDT (%) .. .. 1.9 12.7 7.9 4.1 6.8 14.4 RES / MGS (months) .. .. 0.6 1.9 1.1 0.5 0.7 1.3 Short-term / EDT (%) .. 11.5 17.0 14.1 15.7 13.2 12.0 9.3 Concessional / EDT (%) .. 13.9 13.0 19.0 17.1 18.0 18.5 23.4 Multilateral / EDT (%) .. 0.7 1.7 3.1 3.0 3.4 3.7 4.0 36 ANGOLA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. 7,603 9,543 8,085 7,783 7,981 8,194 8,631 Public and publicly guaranteed .. 7,603 9,543 8,085 7,783 7,981 8,194 8,631 Official creditors .. 1,839 2,226 2,703 2,440 2,893 3,099 3,435 Multilateral .. 57 191 294 276 316 349 379 Concessional .. 20 119 253 253 292 323 367 Bilateral .. 1,782 2,035 2,409 2,164 2,577 2,750 3,055 Concessional .. 1,177 1,371 1,538 1,328 1,366 1,403 1,857 Private creditors .. 5,765 7,316 5,382 5,343 5,088 5,095 5,196 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 143 873 2,625 2,679 2,248 2,678 3,396 Private nonguaranteed .. 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 Memo: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 81 226 228 265 291 318 Public sector LDOD .. 7,599 9,513 8,059 7,757 7,954 8,170 8,618 Private sector LDOD .. 5 29 26 26 26 24 12 DISBURSEMENTS .. 862 550 1,045 1,063 822 1,731 2,506 Public and publicly guaranteed .. 862 550 1,045 1,063 822 1,731 2,506 Official creditors .. 169 119 34 16 21 16 25 Multilateral .. 5 30 24 13 21 10 25 Concessional .. 4 30 24 12 21 5 24 Bilateral .. 164 89 10 3 1 7 0 Concessional .. 54 33 10 3 1 7 0 Private creditors .. 693 431 1,011 1,047 801 1,714 2,481 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 17 396 1,010 1,046 800 1,712 2,366 Private nonguaranteed .. 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 Memo: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 30 24 11 21 5 19 PRINCIPAL REPAYMENTS .. 183 332 1,530 1,384 1,285 1,193 1,875 Public and publicly guaranteed .. 183 332 1,530 1,384 1,285 1,193 1,875 Official creditors .. 59 24 268 337 51 107 681 Multilateral .. 4 2 27 6 6 6 9 Concessional .. 0 0 4 1 3 4 7 Bilateral .. 56 22 241 331 45 101 673 Concessional .. 1 3 213 302 2 20 463 Private creditors .. 123 308 1,262 1,046 1,234 1,085 1,194 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 8 108 1,149 986 1,168 851 942 Private nonguaranteed .. 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 Memo: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 0 0 1 3 4 6 INTEREST PAYMENTS (LINT) .. 100 79 149 125 140 159 169 Public and publicly guaranteed .. 100 79 149 125 140 159 169 Official creditors .. 19 12 36 9 10 14 18 Multilateral .. 2 1 28 4 3 3 4 Concessional .. 0 0 4 2 2 2 4 Bilateral .. 16 12 8 5 7 11 14 Concessional .. 1 7 2 1 1 1 1 Private creditors .. 81 67 113 116 130 145 151 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 5 33 93 106 115 123 86 Private nonguaranteed .. 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 Memo: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 0 2 1 2 2 3 37 ANGOLA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 7.2 8.4 7.3 10.7 Japanese yen .. 0.3 0.3 0.5 0.4 0.4 0.5 0.4 Pound sterling .. 1.4 0.9 1.0 1.0 1.0 1.1 1.1 Swiss franc .. 0.7 0.1 0.1 0.1 0.0 0.0 0.0 U.S.dollars .. 80.7 81.0 86.3 86.7 85.4 86.1 84.3 7. DEBT RESTRUCTURINGS Total amount rescheduled .. 252 437 0 0 0 196 985 Debt stock rescheduled .. 53 0 0 0 0 138 0 Principal rescheduled .. 160 360 1 0 0 5 681 Official .. 16 0 0 0 0 1 656 Private .. 143 360 1 0 0 4 26 Interest rescheduled .. 43 70 0 0 0 0 254 Official .. 8 0 0 0 0 0 243 Private .. 35 70 0 0 0 0 11 Debt forgiven .. 0 0 0 0 0 0 159 Memo: interest forgiven .. 0 0 0 0 0 0 40 Debt stock reduction .. 0 0 0 0 8 0 2 of which debt buyback .. 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. 1,303 207 -891 -174 -45 127 205 Net flows on debt .. 977 -90 -733 -325 -661 475 632 Cross-currency valuation .. 150 76 -78 -51 154 189 79 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. 6.9 8.1 4.9 5.0 5.1 3.5 1.8 Maturity (years) .. 10.2 8.7 4.3 4.0 3.6 6.5 8.8 Grace period (years) .. 2.6 0.4 1.6 0.5 1.1 0.8 1.2 Grant element (%) .. 14.3 5.4 11.4 9.2 9.2 16.4 28.0 Official creditors Interest (%) .. 5.7 8.1 0.8 0.0 0.8 0.8 1.2 Maturity (years) .. 14.1 9.9 39.8 0.0 49.6 41.7 15.7 Grace period (years) .. 3.7 0.4 10.3 0.0 10.1 10.1 3.5 Grant element (%) .. 22.0 6.4 80.6 0.0 83.0 81.0 50.1 Private creditors Interest (%) .. 7.7 8.1 5.0 5.0 5.2 3.6 2.1 Maturity (years) .. 7.7 8.6 3.1 4.0 2.9 5.0 5.9 Grace period (years) .. 1.8 0.4 1.3 0.5 0.9 0.4 0.1 Grant element (%) .. 9.1 5.4 9.1 9.2 8.1 13.6 18.6 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 1,188 993 901 937 705 491 250 245 Interest 201 172 145 117 93 72 60 52 Official creditors Principal 177 139 166 208 235 231 198 197 Interest 63 64 64 61 57 51 46 41 Bilateral creditors Principal 168 130 158 200 227 222 189 186 Interest 60 61 61 58 53 48 42 38 Multilateral creditors Principal 8 8 8 8 8 9 9 11 Interest 4 4 3 3 3 3 3 3 Private creditors Principal 1,012 854 735 729 470 260 52 48 Interest 138 107 81 56 36 20 14 11 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are actual, based on reports provided by the country. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. Rescheduling: Data includes the effects of all Paris Club debt restructuring agreements signed until December 2004. In late 1996 Angola reached a debt restructuring agreement with the Russian Federation, receiving an upfront discount of 70 percent on the stock and interest arrears and a rescheduling of the remainder over 20 years. 38 ARGENTINA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 50,946 62,233 98,482 147,403 154,050 149,890 166,086 169,247 Long-term debt (LDOD) 41,902 48,676 70,997 114,031 120,070 120,461 127,579 127,661 Public and publicly guaranteed 37,327 46,876 54,930 88,122 88,442 91,982 99,192 103,850 Private nonguaranteed 4,575 1,800 16,066 25,909 31,628 28,479 28,387 23,811 Use of IMF credit 2,312 3,083 6,131 5,056 13,976 14,340 15,523 14,091 Short-term debt 6,731 10,473 21,355 28,315 20,004 15,089 22,984 27,496 of which interest arrears on LDOD 778 7,590 0 0 4 5,473 12,637 17,496 Official creditors 5 132 0 0 0 165 356 533 Private creditors 774 7,458 0 0 4 5,307 12,282 16,963 Memorandum items Principal arrears on LDOD 128 4,372 0 0 0 8,540 17,258 29,103 Official creditors 19 224 0 0 0 471 1,167 2,349 Private creditors 109 4,147 0 0 0 8,069 16,091 26,754 TOTAL DEBT FLOWS Disbursements 4,584 1,587 11,319 21,126 13,448 1,673 11,155 6,282 Long-term debt 3,584 1,150 8,954 19,032 3,048 1,673 5,554 2,813 IMF purchases 1,000 437 2,365 2,094 10,399 0 5,601 3,469 Principal repayments 1,017 3,443 3,542 15,700 10,772 3,201 11,946 10,023 Long-term debt 1,017 2,745 3,057 14,421 9,591 2,458 6,202 4,519 IMF repurchases 0 697 484 1,280 1,181 743 5,743 5,504 Net flows on debt 876 -1,856 21,962 4,326 -5,639 -1,912 -60 -4,088 of which short-term debt -2,691 0 14,185 -1,100 -8,315 -383 730 -347 Interest payments (INT) 5,191 2,716 5,324 11,608 4,858 2,099 2,061 2,354 Long-term debt 4,396 2,208 4,322 9,681 3,405 1,230 1,258 1,542 IMF charges 240 277 274 195 416 677 504 554 Short-term debt 555 231 727 1,732 1,036 192 299 258 Net transfers on debt -4,316 -4,571 16,639 -7,282 -10,497 -4,011 -2,121 -6,442 Total debt service paid (TDS) 6,209 6,158 8,865 27,308 15,629 5,300 14,007 12,377 Long-term debt 5,413 4,953 7,379 24,101 12,996 3,688 7,460 6,060 IMF repurchases and charges 240 975 759 1,475 1,597 1,420 6,247 6,058 Short-term debt (interest only) 555 231 727 1,732 1,036 192 299 258 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 3,492 261 12,633 11,833 -4,319 1,302 1,106 2,320 Net flow of long-term debt (ex. IMF) 2,567 -1,595 5,897 4,611 -6,542 -785 -648 -1,706 Foreign direct investment (net) 919 1,836 5,609 10,418 2,166 2,149 1,652 4,084 Portfolio equity flows 0 0 1,091 -3,227 31 -116 65 -86 Grants (excluding technical coop.) 6 21 36 31 26 54 37 28 Memo: technical coop. grants 32 71 84 77 66 57 67 67 NET TRANSFERS -1,330 -2,584 6,181 -934 -9,121 -41 -1,210 -1,778 Interest on long-term debt 4,396 2,208 4,322 9,681 3,405 1,230 1,258 1,542 Profit remittances on FDI 426 637 2,129 3,086 1,397 113 1,058 2,556 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 83,672 135,150 253,396 276,656 261,459 94,557 121,626 144,130 Exports of goods, serv. & inc. (XGS) 10,329 16,654 29,404 38,645 37,173 32,133 37,091 43,462 Worker remit. & comp. of employees 27 0 56 86 190 189 256 288 Imports of goods & services (MGS) 11,281 13,100 35,092 47,987 40,732 23,851 29,773 40,531 International reserves (RES) 4,703 6,222 15,979 25,152 14,556 10,492 14,157 19,660 Current account balance -952 4,552 -5,175 -8,989 -3,290 8,673 7,658 3,353 4. DEBT INDICATORS EDT / XGS (%) 493.2 373.7 334.9 381.4 414.4 466.5 447.8 389.4 EDT / GNI (%) 60.9 46.0 38.9 53.3 58.9 158.5 136.6 117.4 TDS / XGS (%) 60.1 37.0 30.1 70.7 42.0 16.5 37.8 28.5 INT / XGS (%) 50.3 16.3 18.1 30.0 13.1 6.5 5.6 5.4 INT / GNI (%) 6.2 2.0 2.1 4.2 1.9 2.2 1.7 1.6 RES / EDT (%) 9.2 10.0 16.2 17.1 9.4 7.0 8.5 11.6 RES / MGS (months) 5.0 5.7 5.5 6.3 4.3 5.3 5.7 5.8 Short-term / EDT (%) 13.2 16.8 21.7 19.2 13.0 10.1 13.8 16.2 Concessional / EDT (%) 0.2 0.8 2.8 1.1 0.9 0.8 0.8 0.8 Multilateral / EDT (%) 3.9 8.0 9.5 11.0 11.6 11.2 9.9 9.6 39 ARGENTINA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 41,902 48,676 70,997 114,031 120,070 120,461 127,579 127,661 Public and publicly guaranteed 37,327 46,876 54,930 88,122 88,442 91,982 99,192 103,850 Official creditors 4,815 11,226 20,674 20,484 21,192 21,284 21,348 21,466 Multilateral 2,011 5,007 9,373 16,235 17,890 16,727 16,381 16,271 Concessional 27 30 8 0 0 0 0 0 Bilateral 2,804 6,219 11,301 4,248 3,301 4,557 4,967 5,194 Concessional 94 498 2,737 1,686 1,344 1,182 1,281 1,372 Private creditors 32,512 35,650 34,256 67,639 67,250 70,698 77,844 82,385 of which: Bonds 9,774 11,514 32,670 67,111 66,828 70,231 77,316 81,832 Commercial banks 20,716 22,631 1,181 490 404 450 513 539 Private nonguaranteed 4,575 1,800 16,066 25,909 31,628 28,479 28,387 23,811 Bonds 0 21 7,582 11,138 9,834 9,834 9,834 6,091 Commercial banks and other 4,575 1,779 8,484 14,771 21,794 18,645 18,553 17,719 Memo: IBRD 700 2,609 4,913 8,789 9,440 8,513 7,508 7,447 IDA 0 0 0 0 0 0 0 0 Public sector LDOD 34,447 44,707 54,908 88,071 88,400 91,945 99,160 103,825 Private sector LDOD 7,455 3,969 16,088 25,961 31,670 28,516 28,419 23,836 DISBURSEMENTS 3,584 1,150 8,954 19,032 3,048 1,673 5,554 2,813 Public and publicly guaranteed 3,584 1,129 6,604 14,550 2,821 1,673 4,614 1,156 Official creditors 366 910 2,803 1,937 2,821 1,671 4,614 1,135 Multilateral 348 736 1,936 1,923 2,811 835 4,613 1,112 Concessional 0 0 0 0 0 0 0 0 Bilateral 18 174 867 13 10 836 0 23 Concessional 0 149 630 11 9 0 0 23 Private creditors 3,219 219 3,801 12,613 0 2 0 21 of which: Bonds 0 0 3,630 12,611 0 0 0 21 Commercial banks 2,997 183 110 2 0 2 0 0 Private nonguaranteed 0 21 2,350 4,482 227 0 940 1,656 Bonds 0 21 834 1,408 169 0 0 896 Commercial banks and other 0 0 1,516 3,075 58 0 940 760 Memo: IBRD 144 405 941 1,019 1,329 424 1,963 770 IDA 0 0 0 0 0 0 0 0 PRINCIPAL REPAYMENTS 1,017 2,745 3,057 14,421 9,591 2,458 6,202 4,519 Public and publicly guaranteed 835 2,745 1,792 8,917 5,374 2,385 5,372 1,375 Official creditors 149 454 1,366 1,837 1,693 2,367 5,347 1,347 Multilateral 138 405 512 825 968 2,266 5,319 1,319 Concessional 2 2 2 1 0 0 0 0 Bilateral 11 49 854 1,012 724 101 28 29 Concessional 2 0 58 262 260 57 9 8 Private creditors 686 2,292 427 7,080 3,681 18 25 28 of which: Bonds 151 878 128 6,863 3,569 0 18 23 Commercial banks 431 1,342 173 188 94 13 5 4 Private nonguaranteed 182 0 1,265 5,503 4,217 73 831 3,143 Bonds 0 0 631 2,309 1,058 0 0 1,565 Commercial banks and other 182 0 634 3,194 3,159 73 831 1,578 Memo: IBRD 68 233 259 538 676 1,353 2,968 832 IDA 0 0 0 0 0 0 0 0 INTEREST PAYMENTS (LINT) 4,396 2,208 4,322 9,681 3,405 1,230 1,258 1,542 Public and publicly guaranteed 3,430 2,064 3,437 7,640 2,174 1,174 1,139 693 Official creditors 138 456 1,375 1,589 1,477 1,078 1,006 665 Multilateral 133 375 617 1,256 1,208 1,006 983 660 Concessional 1 1 0 0 0 0 0 0 Bilateral 4 81 758 334 268 71 22 5 Concessional 1 0 113 92 67 24 1 2 Private creditors 3,292 1,608 2,062 6,051 698 96 134 28 of which: Bonds 174 973 1,960 5,909 568 0 132 27 Commercial banks 3,072 621 72 137 127 95 1 1 Private nonguaranteed 966 144 885 2,041 1,231 56 118 848 Bonds 0 0 641 1,109 1,033 0 0 675 Commercial banks and other 966 144 244 932 198 56 118 173 Memo: IBRD 46 181 306 701 713 517 382 233 IDA 0 0 0 0 0 0 0 0 40 ARGENTINA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 24.3 28.1 31.3 32.3 Japanese yen 4.3 6.7 9.3 5.7 4.0 4.3 4.4 4.3 Pound sterling 0.4 1.1 0.2 0.5 0.3 0.4 0.4 0.4 Swiss franc 1.5 2.2 1.6 0.4 0.3 0.4 0.4 0.4 U.S.dollars 79.6 54.5 59.6 63.6 68.4 64.5 61.4 60.8 7. DEBT RESTRUCTURINGS Total amount rescheduled 11,575 932 248 0 0 0 0 0 Debt stock rescheduled 0 0 0 0 0 0 0 0 Principal rescheduled 10,784 512 198 0 0 0 0 0 Official 302 381 158 0 0 0 0 0 Private 10,481 131 40 0 0 0 0 0 Interest rescheduled 431 420 50 0 0 0 0 0 Official 184 382 22 0 0 0 0 0 Private 246 38 29 0 0 0 0 0 Debt forgiven 0 0 0 0 0 0 0 0 Memo: interest forgiven 0 0 0 0 0 0 0 0 Debt stock reduction 467 7,202 863 3,434 191 586 0 0 of which debt buyback 0 1,232 0 2,745 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 2,089 -3,024 23,636 1,746 6,648 -4,160 16,196 3,162 Net flows on debt 876 -1,856 21,962 4,326 -5,639 -1,912 -60 -4,088 Cross-currency valuation 1,147 1,346 -160 -2,792 -2,528 6,342 6,424 5,254 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 10.2 6.4 6.9 9.9 5.9 3.4 3.5 2.7 Maturity (years) 9.7 17.1 11.2 11.7 14.4 11.7 11.9 15.0 Grace period (years) 3.0 3.5 4.7 11.5 4.2 4.6 3.8 5.3 Grant element (%) -1.6 19.3 14.1 -2.7 20.9 28.2 32.3 43.6 Official creditors Interest (%) 9.0 6.5 6.5 7.2 5.9 3.4 3.5 2.7 Maturity (years) 18.9 19.2 16.3 18.2 14.4 11.7 11.9 15.0 Grace period (years) 5.1 4.0 4.7 4.8 4.2 4.6 3.8 5.3 Grant element (%) 5.4 20.6 19.7 17.2 20.9 28.2 32.3 43.6 Private creditors Interest (%) 10.3 6.0 7.4 10.0 0.0 0.0 0.0 0.0 Maturity (years) 9.0 8.4 4.8 11.6 0.0 0.0 0.0 0.0 Grace period (years) 2.8 1.3 4.6 11.6 0.0 0.0 0.0 0.0 Grant element (%) -2.2 14.1 7.2 -3.0 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 10,912 10,783 11,912 12,737 8,053 5,695 3,623 3,288 Interest 7,564 6,900 6,230 5,206 4,395 4,088 3,796 3,652 Official creditors Principal 2,535 3,042 3,346 2,807 1,814 1,648 1,383 1,194 Interest 965 875 727 563 454 382 317 260 Bilateral creditors Principal 931 709 654 536 108 62 62 27 Interest 173 131 87 43 14 9 5 2 Multilateral creditors Principal 1,604 2,332 2,692 2,271 1,705 1,587 1,322 1,167 Interest 792 745 640 520 439 373 312 258 Private creditors Principal 8,378 7,741 8,566 9,929 6,239 4,047 2,240 2,093 Interest 6,599 6,025 5,504 4,643 3,941 3,707 3,479 3,391 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are preliminary and based on partial reports provided by the country. Provincial debt, long-term private nonguaranteed debt data are World Bank staff estimates. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. The residual in debt stock-flow reconciliation is due to data revisions introduced in 1993. It includes the effects of the 2001 mega bond swap operation. Historical data revisions are due to the reversing process of converting to US$ the debt that was previously converted to Argentina Pesos. 41 ARMENIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. .. 371 916 950 1,048 1,131 1,224 Long-term debt (LDOD) .. .. 298 697 736 840 901 984 Public and publicly guaranteed .. .. 298 675 716 818 877 961 Private nonguaranteed .. .. 0 21 20 21 24 24 Use of IMF credit .. .. 70 175 173 195 215 218 Short-term debt .. .. 2 44 42 14 15 22 of which interest arrears on LDOD .. .. 1 6 6 0 0 0 Official creditors .. .. 1 6 6 0 0 0 Private creditors .. .. 0 0 0 0 0 0 Memorandum items Principal arrears on LDOD .. .. 75 4 12 0 0 0 Official creditors .. .. 75 4 12 0 0 0 Private creditors .. .. 0 0 0 0 0 0 TOTAL DEBT FLOWS Disbursements .. .. 148 84 96 115 123 132 Long-term debt .. .. 102 84 83 89 95 104 IMF purchases .. .. 46 0 13 26 28 28 Principal repayments .. .. 3 31 33 48 83 96 Long-term debt .. .. 3 15 24 30 56 61 IMF repurchases .. .. 0 16 9 18 26 35 Net flows on debt .. .. 147 42 61 45 41 44 of which short-term debt .. .. 1 -11 -2 -23 1 7 Interest payments (INT) .. .. 8 15 21 22 13 11 Long-term debt .. .. 7 9 18 19 11 9 IMF charges .. .. 2 3 2 1 1 1 Short-term debt .. .. 0 2 1 1 0 1 Net transfers on debt .. .. 138 28 39 23 28 32 Total debt service paid (TDS) .. .. 11 46 55 70 96 107 Long-term debt .. .. 10 25 42 49 67 70 IMF repurchases and charges .. .. 2 19 11 20 28 36 Short-term debt (interest only) .. .. 0 2 1 1 0 1 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. .. 215 235 173 241 212 325 Net flow of long-term debt (ex. IMF) .. .. 100 69 59 60 38 43 Foreign direct investment (net) .. .. 25 104 70 111 121 219 Portfolio equity flows .. .. 0 0 1 0 0 1 Grants (excluding technical coop.) .. .. 91 61 44 71 53 62 Memo: technical coop. grants .. .. 39 94 88 123 94 99 NET TRANSFERS .. .. 209 203 152 209 166 178 Interest on long-term debt .. .. 7 9 18 19 11 9 Profit remittances on FDI .. .. 0 22 4 13 35 139 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. .. 1,466 1,964 2,182 2,455 2,919 3,120 Exports of goods, serv. & inc. (XGS) .. .. 366 560 654 844 1,079 1,327 Worker remit. & comp. of employees .. .. 65 87 94 131 168 336 Imports of goods & services (MGS) .. .. 741 1,017 1,017 1,155 1,477 1,788 International reserves (RES) .. .. 111 331 333 440 510 576 Current account balance .. .. -218 -278 -200 -148 -189 -162 4. DEBT INDICATORS EDT / XGS (%) .. .. 101.1 163.7 145.4 124.1 104.8 92.3 EDT / GNI (%) .. .. 25.3 46.6 43.6 42.7 38.7 39.2 TDS / XGS (%) .. .. 3.1 8.2 8.3 8.3 8.9 8.0 INT / XGS (%) .. .. 2.3 2.6 3.2 2.6 1.2 0.8 INT / GNI (%) .. .. 0.6 0.7 1.0 0.9 0.4 0.4 RES / EDT (%) .. .. 30.0 36.1 35.1 42.0 45.1 47.0 RES / MGS (months) .. .. 1.8 3.9 3.9 4.6 4.1 3.9 Short-term / EDT (%) .. .. 0.6 4.8 4.4 1.3 1.3 1.8 Concessional / EDT (%) .. .. 28.6 50.1 53.8 61.0 70.3 75.7 Multilateral / EDT (%) .. .. 56.1 52.9 55.8 59.3 66.1 69.3 42 ARMENIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. .. 298 697 736 840 901 984 Public and publicly guaranteed .. .. 298 675 716 818 877 961 Official creditors .. .. 298 658 698 808 875 959 Multilateral .. .. 208 485 530 621 747 848 Concessional .. .. 91 407 448 556 697 815 Bilateral .. .. 90 173 168 187 128 111 Concessional .. .. 15 52 63 84 97 111 Private creditors .. .. 0 17 17 11 2 1 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 5 5 0 0 0 Private nonguaranteed .. .. 0 21 20 21 24 24 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 21 20 21 24 24 Memo: IBRD .. .. 5 8 7 8 8 8 IDA .. .. 91 388 428 530 662 773 Public sector LDOD .. .. 298 675 716 818 877 961 Private sector LDOD .. .. 0 21 20 21 24 24 DISBURSEMENTS .. .. 102 84 83 89 95 104 Public and publicly guaranteed .. .. 102 63 83 89 91 94 Official creditors .. .. 102 62 83 88 91 94 Multilateral .. .. 102 58 71 72 84 83 Concessional .. .. 88 56 58 70 84 83 Bilateral .. .. 0 4 12 15 6 11 Concessional .. .. 0 4 12 15 6 11 Private creditors .. .. 0 1 0 2 0 0 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 0 0 0 0 0 Private nonguaranteed .. .. 0 21 0 0 4 10 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 21 0 0 4 10 Memo: IBRD .. .. 3 0 0 0 0 0 IDA .. .. 88 54 55 66 77 78 PRINCIPAL REPAYMENTS .. .. 3 15 24 30 56 61 Public and publicly guaranteed .. .. 3 15 24 30 55 51 Official creditors .. .. 3 13 24 24 46 51 Multilateral .. .. 0 8 8 22 18 18 Concessional .. .. 0 0 0 0 0 1 Bilateral .. .. 3 5 16 2 28 33 Concessional .. .. 0 3 0 1 2 2 Private creditors .. .. 0 2 0 6 9 1 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 0 0 5 0 0 Private nonguaranteed .. .. 0 0 0 0 1 10 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 0 0 0 1 10 Memo: IBRD .. .. 0 0 0 0 1 1 IDA .. .. 0 0 0 0 0 1 INTEREST PAYMENTS (LINT) .. .. 7 9 18 19 11 9 Public and publicly guaranteed .. .. 7 9 17 19 10 8 Official creditors .. .. 7 9 16 18 10 8 Multilateral .. .. 7 8 8 7 7 7 Concessional .. .. 0 3 3 4 4 6 Bilateral .. .. 0 1 8 11 4 1 Concessional .. .. 0 1 1 1 1 1 Private creditors .. .. 0 0 1 0 0 0 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 0 1 0 0 0 Private nonguaranteed .. .. 0 0 1 1 1 1 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 0 1 1 1 1 Memo: IBRD .. .. 0 0 0 0 0 0 IDA .. .. 0 3 3 3 4 6 43 ARMENIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 5.4 5.9 7.5 7.6 Japanese yen .. .. 0.0 0.0 0.1 0.2 0.2 0.2 Pound sterling .. .. 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc .. .. 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars .. .. 62.6 93.3 92.4 92.1 90.5 87.7 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 0 14 0 9 0 0 Debt stock rescheduled .. .. 0 0 0 10 0 0 Principal rescheduled .. .. 0 14 0 0 0 0 Official .. .. 0 14 0 0 0 0 Private .. .. 0 0 0 0 0 0 Interest rescheduled .. .. 0 0 0 0 0 0 Official .. .. 0 0 0 0 0 0 Private .. .. 0 0 0 0 0 0 Debt forgiven .. .. 0 0 0 2 0 0 Memo: interest forgiven .. .. 0 0 0 0 0 0 Debt stock reduction .. .. 0 0 0 0 46 0 of which debt buyback .. .. 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 156 15 34 97 83 94 Net flows on debt .. .. 147 42 61 45 41 44 Cross-currency valuation .. .. -6 -31 -24 58 84 49 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. .. 1.3 0.8 0.8 0.8 0.8 0.8 Maturity (years) .. .. 32.6 35.7 36.0 38.0 39.7 39.4 Grace period (years) .. .. 9.2 10.2 9.4 10.3 10.4 10.2 Grant element (%) .. .. 72.4 79.1 74.7 80.0 80.7 80.3 Official creditors Interest (%) .. .. 1.3 0.8 0.7 0.8 0.8 0.8 Maturity (years) .. .. 32.6 35.7 36.3 38.0 39.7 39.4 Grace period (years) .. .. 9.2 10.2 9.5 10.3 10.4 10.2 Grant element (%) .. .. 72.4 79.1 75.4 80.0 80.7 80.3 Private creditors Interest (%) .. .. 0.0 0.0 10.0 0.0 0.0 0.0 Maturity (years) .. .. 0.0 0.0 1.0 0.0 0.0 0.0 Grace period (years) .. .. 0.0 0.0 1.0 0.0 0.0 0.0 Grant element (%) .. .. 0.0 0.0 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 18 34 25 21 23 24 26 28 Interest 11 11 10 10 9 9 9 8 Official creditors Principal 17 21 20 18 21 24 26 28 Interest 10 10 10 10 9 9 9 8 Bilateral creditors Principal 5 5 5 5 6 6 6 7 Interest 2 3 3 3 2 2 2 2 Multilateral creditors Principal 12 16 15 12 16 18 20 21 Interest 7 7 7 7 7 7 7 6 Private creditors Principal 2 13 5 3 2 1 0 0 Interest 1 1 0 0 0 0 0 0 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are actual, based on reports provided by the country. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. Rescheduling: Projected debt service is based on contractual obligations on debt outstanding at the end of 2004. In 1993, $30.8 million of technical credits were rescheduled with the Russian Federation, and in 1996, $34.0 million were rescheduled with bilateral creditors. 44 AZERBAIJAN (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. .. 321 1,352 1,299 1,499 1,746 1,986 Long-term debt (LDOD) .. .. 206 860 901 1,138 1,384 1,640 Public and publicly guaranteed .. .. 206 761 806 1,065 1,307 1,409 Private nonguaranteed .. .. 0 99 95 72 76 230 Use of IMF credit .. .. 101 336 295 279 259 208 Short-term debt .. .. 14 156 103 82 103 138 of which interest arrears on LDOD .. .. 6 0 0 0 0 0 Official creditors .. .. 6 0 0 0 0 0 Private creditors .. .. 0 0 0 0 0 0 Memorandum items Principal arrears on LDOD .. .. 36 0 0 0 0 0 Official creditors .. .. 36 0 0 0 0 0 Private creditors .. .. 0 0 0 0 0 0 TOTAL DEBT FLOWS Disbursements .. .. 205 280 142 268 272 335 Long-term debt .. .. 102 280 132 258 236 335 IMF purchases .. .. 103 0 10 10 36 0 Principal repayments .. .. 0 74 93 145 192 213 Long-term debt .. .. 0 22 53 96 113 153 IMF repurchases .. .. 0 51 39 49 79 60 Net flows on debt .. .. 207 333 -4 102 101 157 of which short-term debt .. .. 2 127 -53 -20 21 35 Interest payments (INT) .. .. 10 56 39 25 24 23 Long-term debt .. .. 9 37 24 16 18 17 IMF charges .. .. 1 14 10 6 3 3 Short-term debt .. .. 0 5 5 4 3 4 Net transfers on debt .. .. 197 277 -44 77 77 134 Total debt service paid (TDS) .. .. 10 130 132 171 216 236 Long-term debt .. .. 9 59 77 112 131 170 IMF repurchases and charges .. .. 1 65 50 55 82 62 Short-term debt (interest only) .. .. 0 5 5 4 3 4 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. .. 493 438 353 1,619 3,462 3,797 Net flow of long-term debt (ex. IMF) .. .. 102 258 78 161 124 182 Foreign direct investment (net) .. .. 330 130 227 1,392 3,285 3,556 Portfolio equity flows .. .. 0 0 0 0 0 0 Grants (excluding technical coop.) .. .. 61 50 48 66 53 59 Memo: technical coop. grants .. .. 28 30 42 75 69 70 NET TRANSFERS .. .. 484 84 0 1,247 3,021 3,199 Interest on long-term debt .. .. 9 37 24 16 18 17 Profit remittances on FDI .. .. 0 317 329 356 422 581 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. .. 3,039 4,977 5,375 5,850 6,833 7,821 Exports of goods, serv. & inc. (XGS) .. .. 795 2,231 2,514 2,867 3,263 4,492 Worker remit. & comp. of employees .. .. 3 57 104 182 171 228 Imports of goods & services (MGS) .. .. 1,306 2,415 2,539 3,543 5,264 7,078 International reserves (RES) .. .. 121 680 897 722 821 1,090 Current account balance .. .. -401 -168 -52 -768 -2,021 -2,589 4. DEBT INDICATORS EDT / XGS (%) .. .. 40.4 60.6 51.7 52.3 53.5 44.2 EDT / GNI (%) .. .. 10.6 27.2 24.2 25.6 25.5 25.4 TDS / XGS (%) .. .. 1.3 5.8 5.3 5.9 6.6 5.2 INT / XGS (%) .. .. 1.3 2.5 1.6 0.9 0.7 0.5 INT / GNI (%) .. .. 0.3 1.1 0.7 0.4 0.4 0.3 RES / EDT (%) .. .. 37.7 50.3 69.0 48.1 47.0 54.9 RES / MGS (months) .. .. 1.1 3.4 4.2 2.4 1.9 1.8 Short-term / EDT (%) .. .. 4.4 11.6 7.9 5.5 5.9 6.9 Concessional / EDT (%) .. .. 9.4 29.4 35.4 46.1 53.8 57.7 Multilateral / EDT (%) .. .. 30.8 24.0 26.7 29.1 32.7 32.4 45 AZERBAIJAN (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. .. 206 860 901 1,138 1,384 1,640 Public and publicly guaranteed .. .. 206 761 806 1,065 1,307 1,409 Official creditors .. .. 206 649 717 944 1,199 1,318 Multilateral .. .. 99 324 347 435 571 644 Concessional .. .. 30 232 254 336 456 533 Bilateral .. .. 107 324 371 508 628 674 Concessional .. .. 0 166 206 355 484 614 Private creditors .. .. 0 113 88 121 108 91 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 65 52 98 97 89 Private nonguaranteed .. .. 0 99 95 72 76 230 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 99 95 72 76 230 Memo: IBRD .. .. 0 0 0 0 0 0 IDA .. .. 30 216 235 314 422 493 Public sector LDOD .. .. 206 761 806 1,065 1,307 1,409 Private sector LDOD .. .. 0 99 95 72 76 230 DISBURSEMENTS .. .. 102 280 132 258 236 335 Public and publicly guaranteed .. .. 102 274 124 256 183 101 Official creditors .. .. 102 210 124 205 183 101 Multilateral .. .. 90 57 42 76 98 64 Concessional .. .. 30 34 32 60 84 54 Bilateral .. .. 13 153 82 130 85 37 Concessional .. .. 0 86 68 130 85 37 Private creditors .. .. 0 64 1 51 0 0 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 38 1 51 0 0 Private nonguaranteed .. .. 0 6 7 2 54 234 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 6 7 2 54 234 Memo: IBRD .. .. 0 0 0 0 0 0 IDA .. .. 30 27 28 57 75 49 PRINCIPAL REPAYMENTS .. .. 0 22 53 96 113 153 Public and publicly guaranteed .. .. 0 15 44 62 63 60 Official creditors .. .. 0 13 22 30 34 36 Multilateral .. .. 0 9 10 11 14 16 Concessional .. .. 0 1 0 0 0 0 Bilateral .. .. 0 4 12 20 19 20 Concessional .. .. 0 0 4 9 10 11 Private creditors .. .. 0 2 22 32 29 24 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 0 12 19 16 16 Private nonguaranteed .. .. 0 7 10 34 50 93 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 7 10 34 50 93 Memo: IBRD .. .. 0 0 0 0 0 0 IDA .. .. 0 0 0 0 0 0 INTEREST PAYMENTS (LINT) .. .. 9 37 24 16 18 17 Public and publicly guaranteed .. .. 9 32 19 13 15 17 Official creditors .. .. 9 31 16 11 12 15 Multilateral .. .. 2 7 8 6 6 9 Concessional .. .. 0 2 2 2 3 5 Bilateral .. .. 7 24 8 5 6 6 Concessional .. .. 0 24 2 3 4 5 Private creditors .. .. 0 1 3 2 3 2 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 0 1 1 2 2 Private nonguaranteed .. .. 0 5 5 3 3 0 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 5 5 3 3 0 Memo: IBRD .. .. 0 0 0 0 0 0 IDA .. .. 0 2 2 2 2 4 46 AZERBAIJAN (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 3.9 3.5 3.8 4.5 Japanese yen .. .. 0.0 20.1 23.2 30.1 32.7 30.6 Pound sterling .. .. 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc .. .. 0.0 6.3 4.6 8.6 7.2 6.2 U.S.dollars .. .. 51.4 66.7 65.0 54.2 52.0 53.8 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 0 0 0 0 0 87 Debt stock rescheduled .. .. 0 0 0 0 0 0 Principal rescheduled .. .. 0 0 0 0 0 75 Official .. .. 0 0 0 0 0 75 Private .. .. 0 0 0 0 0 0 Interest rescheduled .. .. 0 0 0 0 0 0 Official .. .. 0 0 0 0 0 0 Private .. .. 0 0 0 0 0 0 Debt forgiven .. .. 0 0 0 0 0 0 Memo: interest forgiven .. .. 0 0 0 0 0 0 Debt stock reduction .. .. 0 0 0 0 0 0 of which debt buyback .. .. 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 208 279 -53 200 247 240 Net flows on debt .. .. 207 333 -4 102 101 157 Cross-currency valuation .. .. -7 -43 -44 80 119 60 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. .. 1.4 5.8 1.4 0.8 1.6 2.5 Maturity (years) .. .. 32.2 17.2 33.4 34.8 31.8 16.2 Grace period (years) .. .. 9.4 3.3 9.9 10.3 8.4 4.5 Grant element (%) .. .. 71.8 28.1 72.8 78.8 68.6 41.4 Official creditors Interest (%) .. .. 1.4 4.3 1.4 0.8 1.6 2.5 Maturity (years) .. .. 32.2 22.6 33.4 34.8 31.8 16.2 Grace period (years) .. .. 9.4 4.7 9.9 10.3 8.4 4.5 Grant element (%) .. .. 71.8 41.1 72.8 78.8 68.6 41.4 Private creditors Interest (%) .. .. 0.0 8.5 0.0 0.0 0.0 0.0 Maturity (years) .. .. 0.0 7.3 0.0 0.0 0.0 0.0 Grace period (years) .. .. 0.0 0.8 0.0 0.0 0.0 0.0 Grant element (%) .. .. 0.0 3.9 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 104 79 120 140 146 123 98 86 Interest 34 32 31 28 24 20 17 14 Official creditors Principal 42 71 87 99 104 85 60 52 Interest 20 21 21 20 18 16 14 13 Bilateral creditors Principal 21 48 59 67 71 52 30 22 Interest 9 10 9 8 6 5 4 4 Multilateral creditors Principal 21 23 28 32 33 33 30 31 Interest 11 11 12 12 11 11 10 9 Private creditors Principal 62 8 33 40 42 38 37 34 Interest 13 11 10 8 7 5 3 2 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are preliminary based on reports provided by the country. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. Projected debt service is based on contractual obligations on debt outstanding at the end of 2004. 47 BANGLADESH (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 6,658 12,439 15,927 15,717 15,250 17,046 18,759 20,344 Long-term debt (LDOD) 6,003 11,658 15,106 15,168 14,741 16,404 18,068 19,171 Public and publicly guaranteed 6,003 11,658 15,106 15,168 14,741 16,404 18,068 19,171 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 520 626 622 216 149 71 74 231 Short-term debt 135 156 199 334 361 572 617 942 of which interest arrears on LDOD 0 1 15 0 21 27 0 0 Official creditors 0 1 15 0 21 27 0 0 Private creditors 0 0 0 0 0 0 0 0 Memorandum items Principal arrears on LDOD 1 11 15 4 58 75 4 0 Official creditors 1 11 15 4 58 75 4 0 Private creditors 0 0 0 0 0 0 0 0 TOTAL DEBT FLOWS Disbursements 743 1,273 763 889 1,048 758 936 1,151 Long-term debt 651 1,213 763 889 1,048 758 866 1,004 IMF purchases 92 60 0 0 0 0 70 147 Principal repayments 200 548 591 599 492 551 496 462 Long-term debt 109 344 530 513 432 463 422 462 IMF repurchases 91 204 61 86 60 88 73 0 Net flows on debt 545 813 171 370 562 412 512 1,014 of which short-term debt 2 88 -1 80 6 205 72 325 Interest payments (INT) 133 201 189 201 183 176 176 212 Long-term debt 87 151 176 171 161 161 162 184 IMF charges 33 40 3 7 6 3 1 1 Short-term debt 13 9 10 22 16 12 13 28 Net transfers on debt 412 612 -18 169 378 236 336 802 Total debt service paid (TDS) 332 749 780 799 676 727 672 675 Long-term debt 195 495 706 684 593 624 584 646 IMF repurchases and charges 124 245 64 93 66 91 75 1 Short-term debt (interest only) 13 9 10 22 16 12 13 28 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 1,015 1,644 913 1,249 1,294 889 1,191 1,816 Net flow of long-term debt (ex. IMF) 542 869 233 376 616 295 444 542 Foreign direct investment (net) 0 3 2 280 79 52 268 449 Portfolio equity flows 0 0 -15 1 -4 -1 2 4 Grants (excluding technical coop.) 472 772 693 592 603 543 478 822 Memo: technical coop. grants 169 234 293 212 212 215 248 216 NET TRANSFERS 928 1,492 737 929 958 599 852 1,386 Interest on long-term debt 87 151 176 171 161 161 162 184 Profit remittances on FDI 0 0 0 149 175 129 178 247 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 21,990 30,757 39,097 48,915 48,635 49,746 54,778 59,568 Exports of goods, serv. & inc. (XGS) 1,781 2,907 5,903 9,251 9,008 9,855 11,298 12,908 Worker remit. & comp. of employees 502 779 1,202 1,968 2,105 2,858 3,192 3,584 Imports of goods & services (MGS) 2,918 4,140 7,790 10,018 10,017 9,508 11,565 13,562 International reserves (RES) 356 660 2,376 1,516 1,306 1,722 2,625 3,222 Current account balance -455 -398 -824 -306 -535 739 132 -279 4. DEBT INDICATORS EDT / XGS (%) 373.7 427.9 269.8 169.9 169.3 173.0 166.0 157.6 EDT / GNI (%) 30.3 40.4 40.7 32.1 31.4 34.3 34.2 34.2 TDS / XGS (%) 18.7 25.8 13.2 8.6 7.5 7.4 5.9 5.2 INT / XGS (%) 7.4 6.9 3.2 2.2 2.0 1.8 1.6 1.6 INT / GNI (%) 0.6 0.7 0.5 0.4 0.4 0.4 0.3 0.4 RES / EDT (%) 5.3 5.3 14.9 9.6 8.6 10.1 14.0 15.8 RES / MGS (months) 1.5 1.9 3.7 1.8 1.6 2.2 2.7 2.9 Short-term / EDT (%) 2.0 1.3 1.3 2.1 2.4 3.4 3.3 4.6 Concessional / EDT (%) 86.5 90.7 92.9 94.8 93.4 92.8 93.2 91.1 Multilateral / EDT (%) 42.8 51.8 60.8 69.9 70.2 71.0 72.4 72.4 48 BANGLADESH (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 6,003 11,658 15,106 15,168 14,741 16,404 18,068 19,171 Public and publicly guaranteed 6,003 11,658 15,106 15,168 14,741 16,404 18,068 19,171 Official creditors 5,858 11,435 14,852 14,921 14,265 15,836 17,513 18,628 Multilateral 2,848 6,441 9,678 10,990 10,712 12,099 13,583 14,722 Concessional 2,789 6,344 9,623 10,966 10,695 12,080 13,548 14,623 Bilateral 3,010 4,994 5,173 3,931 3,553 3,736 3,930 3,906 Concessional 2,973 4,941 5,167 3,931 3,553 3,736 3,930 3,906 Private creditors 145 223 255 246 476 568 555 543 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 2 21 12 15 26 29 29 41 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 55 64 55 24 17 13 7 0 IDA 2,021 4,095 5,638 6,431 6,439 7,063 8,062 8,895 Public sector LDOD 6,003 11,658 15,106 15,168 14,741 16,404 18,068 19,171 Private sector LDOD 0 0 0 0 0 0 0 0 DISBURSEMENTS 651 1,213 763 889 1,048 758 866 1,004 Public and publicly guaranteed 651 1,213 763 889 1,048 758 866 1,004 Official creditors 634 1,123 677 822 798 663 856 989 Multilateral 460 822 494 650 536 526 758 821 Concessional 459 792 494 650 536 520 738 749 Bilateral 174 301 183 172 261 136 97 168 Concessional 162 301 183 172 261 136 97 168 Private creditors 17 90 86 67 250 95 10 14 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 22 0 15 11 0 0 14 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 279 464 198 357 312 301 519 615 PRINCIPAL REPAYMENTS 109 344 530 513 432 463 422 462 Public and publicly guaranteed 109 344 530 513 432 463 422 462 Official creditors 86 310 423 482 414 452 395 432 Multilateral 27 62 104 168 181 204 237 290 Concessional 15 44 100 163 175 198 230 283 Bilateral 59 248 319 314 234 248 158 142 Concessional 56 239 309 314 234 248 158 142 Private creditors 22 34 107 31 18 10 27 30 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 2 2 0 0 0 3 4 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 1 2 5 5 5 6 6 7 IDA 5 13 41 82 94 106 124 141 INTEREST PAYMENTS (LINT) 87 151 176 171 161 161 162 184 Public and publicly guaranteed 87 151 176 171 161 161 162 184 Official creditors 77 140 167 160 155 158 156 178 Multilateral 27 51 87 93 95 100 109 130 Concessional 24 46 83 91 94 98 107 127 Bilateral 50 89 80 67 60 58 46 49 Concessional 47 84 79 67 60 58 46 49 Private creditors 10 11 9 12 6 3 6 5 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 1 0 0 1 1 2 2 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 2 4 4 2 1 1 1 0 IDA 17 28 42 47 48 50 56 67 49 BANGLADESH (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 0.5 0.6 0.7 0.6 Japanese yen 22.4 24.8 25.9 20.4 18.4 17.5 17.0 16.0 Pound sterling 10.2 5.0 3.5 3.0 3.0 2.6 2.3 2.0 Swiss franc 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 48.9 48.1 41.9 44.7 47.8 48.1 50.1 50.1 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 0 0 0 0 0 0 0 Debt stock rescheduled 0 0 0 0 0 0 0 0 Principal rescheduled 0 0 0 0 0 0 0 0 Official 0 0 0 0 0 0 0 0 Private 0 0 0 0 0 0 0 0 Interest rescheduled 0 0 0 0 0 0 0 0 Official 0 0 0 0 0 0 0 0 Private 0 0 0 0 0 0 0 0 Debt forgiven 50 0 0 0 0 0 103 146 Memo: interest forgiven 0 0 0 0 0 0 13 16 Debt stock reduction 0 0 0 0 0 0 0 0 of which debt buyback 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 1,004 1,593 304 -850 -467 1,796 1,712 1,585 Net flows on debt 545 813 171 370 562 412 512 1,014 Cross-currency valuation 531 925 -244 -1,087 -1,042 1,166 1,546 695 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 1.5 1.8 1.9 2.6 2.0 1.4 1.2 1.0 Maturity (years) 37.6 34.1 38.2 24.9 26.2 33.6 31.9 36.3 Grace period (years) 9.4 9.2 10.0 6.8 6.5 8.5 8.3 9.5 Grant element (%) 70.5 68.5 69.5 54.2 57.4 70.6 70.3 76.0 Official creditors Interest (%) 1.3 1.1 1.9 2.4 1.2 1.3 1.2 1.0 Maturity (years) 39.5 37.6 38.2 28.2 31.9 33.9 32.1 36.4 Grace period (years) 9.7 10.2 10.0 7.4 8.2 8.6 8.4 9.5 Grant element (%) 73.3 76.1 69.5 59.2 68.7 71.2 70.8 76.3 Private creditors Interest (%) 3.7 5.4 0.0 3.3 3.6 3.3 2.7 3.0 Maturity (years) 14.7 14.1 0.0 13.0 14.0 15.5 4.7 17.3 Grace period (years) 5.2 3.5 0.0 4.8 3.2 3.1 1.5 5.8 Grant element (%) 37.5 25.0 0.0 36.4 33.6 37.2 19.3 45.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 863 815 827 876 864 875 888 899 Interest 213 221 229 226 218 209 199 187 Official creditors Principal 645 669 723 777 791 801 814 827 Interest 187 198 209 209 205 198 190 181 Bilateral creditors Principal 346 343 342 339 309 288 266 251 Interest 57 53 49 45 40 36 32 28 Multilateral creditors Principal 299 326 382 438 481 513 548 576 Interest 131 145 160 164 165 163 159 153 Private creditors Principal 218 146 104 99 73 74 74 72 Interest 26 22 19 16 13 11 9 6 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are based on reports provided by the country. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. 50 BARBADOS (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 457.2 683.0 473.8 548.2 700.7 712.2 721.2 702.5 Long-term debt (LDOD) 354.9 504.1 371.5 548.2 700.7 712.2 721.2 702.5 Public and publicly guaranteed 354.9 504.1 371.5 548.2 700.7 712.2 721.2 702.5 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit 47.9 0.7 37.1 0.0 0.0 0.0 0.0 0.0 Short-term debt 54.4 178.1 65.2 0.0 0.0 0.0 0.0 0.0 of which interest arrears on LDOD 6.4 0.2 0.2 0.0 0.0 0.0 0.0 0.0 Official creditors 0.3 0.2 0.2 0.0 0.0 0.0 0.0 0.0 Private creditors 6.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memorandum items Principal arrears on LDOD 2.1 0.7 0.8 0.0 0.0 0.0 0.0 0.0 Official creditors 0.0 0.7 0.8 0.0 0.0 0.0 0.0 0.0 Private creditors 2.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TOTAL DEBT FLOWS Disbursements 71.4 90.6 54.6 125.3 183.0 35.6 32.0 17.4 Long-term debt 71.4 90.6 54.6 125.3 183.0 35.6 32.0 17.4 IMF purchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 23.8 92.2 76.9 22.3 24.3 37.4 38.7 45.2 Long-term debt 23.8 88.4 58.8 22.3 24.3 37.4 38.7 45.2 IMF repurchases 0.0 3.8 18.0 0.0 0.0 0.0 0.0 0.0 Net flows on debt 53.6 18.8 -147.2 103.0 158.7 -1.8 -6.7 -27.8 of which short-term debt 6.0 20.4 -125.0 0.0 0.0 0.0 0.0 0.0 Interest payments (INT) 27.8 48.6 37.7 40.0 44.2 45.6 45.0 42.6 Long-term debt 20.0 39.3 27.2 40.0 44.2 45.6 45.0 42.6 IMF charges 3.6 0.4 2.8 0.0 0.0 0.0 0.0 0.0 Short-term debt 4.1 8.9 7.7 0.0 0.0 0.0 0.0 0.0 Net transfers on debt 25.8 -29.8 -184.9 63.1 114.5 -47.4 -51.6 -70.4 Total debt service paid (TDS) 51.6 140.7 114.5 62.2 68.5 83.0 83.7 87.8 Long-term debt 43.8 127.7 86.0 62.2 68.5 83.0 83.7 87.8 IMF repurchases and charges 3.6 4.1 20.9 0.0 0.0 0.0 0.0 0.0 Short-term debt (interest only) 4.1 8.9 7.7 0.0 0.0 0.0 0.0 0.0 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 99.1 113.4 9.0 123.6 178.4 17.6 147.9 25.5 Net flow of long-term debt (ex. IMF) 47.6 2.1 -4.2 103.0 158.7 -1.8 -6.7 -27.8 Foreign direct investment (net) 49.0 110.0 12.0 19.0 19.0 17.0 58.0 50.0 Portfolio equity flows 0.0 0.0 0.0 0.0 0.0 1.1 94.7 0.3 Grants (excluding technical coop.) 2.5 1.3 1.2 1.5 0.7 1.3 1.8 3.3 Memo: technical coop. grants 2.9 2.4 1.9 1.2 3.4 2.9 2.4 3.2 NET TRANSFERS 74.6 65.0 -25.0 66.6 115.8 -46.9 82.0 -93.2 Interest on long-term debt 20.0 39.3 27.2 40.0 44.2 45.6 45.0 42.6 Profit remittances on FDI 4.5 9.1 6.8 17.0 18.4 18.9 20.9 76.1 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 1,189.4 1,699.9 1,809.2 2,495.4 2,463.1 2,482.5 2,573.5 2,686.3 Exports of goods, serv. & inc. (XGS) 821.9 928.9 1,202.7 1,530.9 1,512.9 1,459.8 1,601.6 1,692.3 Worker remit. & comp. of employees 8.0 38.0 53.0 102.0 118.0 109.0 113.0 109.3 Imports of goods & services (MGS) 767.3 953.5 1,150.4 1,670.1 1,617.1 1,620.3 1,766.5 2,017.0 International reserves (RES) 141.8 117.5 219.1 472.7 690.4 668.5 737.9 579.9 Current account balance 59.6 -7.8 43.6 -145.0 -110.6 -167.6 -169.1 -336.6 4. DEBT INDICATORS EDT / XGS (%) 55.6 73.5 39.4 35.8 46.3 48.8 45.0 41.5 EDT / GNI (%) 38.4 40.2 26.2 22.0 28.4 28.7 28.0 26.2 TDS / XGS (%) 6.3 15.1 9.5 4.1 4.5 5.7 5.2 5.2 INT / XGS (%) 3.4 5.2 3.1 2.6 2.9 3.1 2.8 2.5 INT / GNI (%) 2.3 2.9 2.1 1.6 1.8 1.8 1.7 1.6 RES / EDT (%) 31.0 17.2 46.2 86.2 98.5 93.9 102.3 82.5 RES / MGS (months) 2.2 1.5 2.3 3.4 5.1 5.0 5.0 3.4 Short-term / EDT (%) 11.9 26.1 13.8 0.0 0.0 0.0 0.0 0.0 Concessional / EDT (%) 19.0 13.2 11.6 16.0 12.3 13.5 14.2 14.3 Multilateral / EDT (%) 24.3 26.5 34.0 49.4 39.2 41.2 43.0 42.8 51 BARBADOS (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 354.9 504.1 371.5 548.2 700.7 712.2 721.2 702.5 Public and publicly guaranteed 354.9 504.1 371.5 548.2 700.7 712.2 721.2 702.5 Official creditors 168.7 246.0 186.0 356.1 358.8 376.7 392.8 382.4 Multilateral 110.9 180.9 160.9 271.1 274.7 293.3 310.1 300.5 Concessional 52.1 56.8 46.0 83.0 81.7 92.3 98.8 97.3 Bilateral 57.7 65.1 25.2 85.0 84.1 83.4 82.6 81.9 Concessional 34.9 33.7 8.7 4.8 4.3 4.0 3.6 3.3 Private creditors 186.2 258.2 185.5 192.1 341.9 335.5 328.4 320.1 of which: Bonds 36.1 69.2 78.9 140.0 290.0 280.0 270.0 260.0 Commercial banks 102.6 163.1 104.2 44.8 43.5 48.4 53.5 57.9 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 31.4 36.0 19.3 13.9 11.2 9.8 11.5 11.5 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Public sector LDOD 341.6 499.5 371.3 548.2 700.7 712.2 721.2 702.5 Private sector LDOD 13.2 4.6 0.2 0.0 0.0 0.0 0.0 0.0 DISBURSEMENTS 71.4 90.6 54.6 125.3 183.0 35.6 32.0 17.4 Public and publicly guaranteed 71.4 90.6 54.6 125.3 183.0 35.6 32.0 17.4 Official creditors 18.3 33.9 14.6 19.3 29.0 34.0 31.4 17.3 Multilateral 14.4 21.9 12.9 19.3 29.0 32.0 31.4 17.3 Concessional 3.1 1.7 0.3 5.7 2.6 15.1 11.7 7.4 Bilateral 3.9 12.1 1.7 0.0 0.0 2.0 0.0 0.0 Concessional 3.2 2.5 0.4 0.0 0.0 0.0 0.0 0.0 Private creditors 53.1 56.6 40.0 106.0 153.9 1.6 0.6 0.1 of which: Bonds 21.1 0.0 40.0 100.0 150.0 0.0 0.0 0.0 Commercial banks 31.9 56.6 0.0 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 8.7 5.4 3.5 0.0 0.0 0.7 3.6 1.9 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PRINCIPAL REPAYMENTS 23.8 88.4 58.8 22.3 24.3 37.4 38.7 45.2 Public and publicly guaranteed 23.8 88.4 58.8 22.3 24.3 37.4 38.7 45.2 Official creditors 8.4 17.8 21.4 21.7 21.4 24.5 25.9 32.4 Multilateral 6.0 13.2 16.3 20.0 20.5 21.8 25.1 31.6 Concessional 1.1 2.2 3.7 4.1 3.9 4.6 5.2 9.4 Bilateral 2.4 4.6 5.1 1.7 0.9 2.7 0.7 0.7 Concessional 0.6 0.9 1.7 0.4 0.5 0.3 0.3 0.3 Private creditors 15.4 70.6 37.4 0.6 2.9 12.9 12.9 12.9 of which: Bonds 0.0 44.1 5.3 0.0 0.0 10.0 10.0 10.0 Commercial banks 12.1 20.2 27.2 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 2.6 7.1 4.7 3.0 2.6 2.1 1.9 1.9 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 INTEREST PAYMENTS (LINT) 20.0 39.3 27.2 40.0 44.2 45.6 45.0 42.6 Public and publicly guaranteed 20.0 39.3 27.2 40.0 44.2 45.6 45.0 42.6 Official creditors 8.9 14.4 12.4 25.7 23.4 19.0 18.9 16.9 Multilateral 6.0 11.5 10.4 17.6 16.4 14.3 14.8 13.0 Concessional 1.4 1.6 1.4 3.9 2.3 2.2 2.4 2.4 Bilateral 2.9 2.9 1.9 8.1 7.0 4.7 4.1 3.9 Concessional 0.9 0.4 0.2 0.0 0.0 0.0 0.0 0.0 Private creditors 11.1 24.9 14.9 14.2 20.8 26.6 26.0 25.7 of which: Bonds 1.4 8.1 3.1 8.5 15.3 20.8 19.7 18.7 Commercial banks 5.7 15.5 11.3 5.5 5.3 5.6 6.1 6.9 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 2.0 2.9 1.6 1.4 1.3 0.9 0.7 0.6 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52 BARBADOS (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 0.0 0.0 0.0 0.0 Japanese yen 7.0 13.7 10.5 0.0 0.0 0.0 0.0 0.0 Pound sterling 4.6 13.6 12.6 8.2 6.2 6.8 7.4 8.2 Swiss franc 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 52.8 35.3 36.8 65.3 72.4 70.9 69.0 68.9 7. DEBT RESTRUCTURINGS Total amount rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiven 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: interest forgiven 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock reduction 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 66.1 39.4 -143.5 104.3 152.5 11.4 9.1 -18.7 Net flows on debt 53.6 18.8 -147.2 103.0 158.7 -1.8 -6.7 -27.8 Cross-currency valuation 2.8 21.0 0.7 2.8 -6.9 12.6 14.3 8.8 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 8.0 10.2 10.0 5.7 7.0 5.4 0.0 0.0 Maturity (years) 11.8 18.6 10.8 9.9 19.7 20.0 0.0 0.0 Grace period (years) 5.1 15.3 6.2 9.1 17.9 5.0 0.0 0.0 Grant element (%) 12.3 -5.5 -1.1 24.3 24.2 29.9 0.0 0.0 Official creditors Interest (%) 4.9 6.5 6.3 0.0 5.2 5.4 0.0 0.0 Maturity (years) 30.7 15.4 18.1 0.0 17.5 20.0 0.0 0.0 Grace period (years) 7.1 4.9 3.6 0.0 4.5 5.0 0.0 0.0 Grant element (%) 41.2 21.7 20.9 0.0 29.0 29.9 0.0 0.0 Private creditors Interest (%) 8.9 11.7 10.4 5.7 7.3 0.0 0.0 0.0 Maturity (years) 6.2 19.8 10.0 9.9 20.0 0.0 0.0 0.0 Grace period (years) 4.6 19.3 6.5 9.1 20.0 0.0 0.0 0.0 Grant element (%) 3.8 -16.1 -3.6 24.3 23.4 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 65.3 59.3 56.5 56.0 33.9 132.4 28.6 27.7 Interest 43.8 41.6 39.7 37.5 35.4 32.0 26.8 25.6 Official creditors Principal 53.2 59.3 56.5 56.0 33.9 32.4 28.6 27.7 Interest 18.9 17.5 15.5 13.4 11.3 9.9 8.7 7.5 Bilateral creditors Principal 11.5 22.2 22.2 22.2 0.7 0.7 0.5 0.5 Interest 5.1 4.1 2.8 1.4 0.3 0.2 0.1 0.1 Multilateral creditors Principal 41.7 37.1 34.3 33.9 33.2 31.7 28.1 27.2 Interest 13.8 13.4 12.8 12.0 11.0 9.8 8.5 7.4 Private creditors Principal 12.2 0.0 0.0 0.0 0.0 100.0 0.0 0.0 Interest 24.9 24.1 24.1 24.1 24.1 22.1 18.1 18.1 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are based on World Bank Staff estimates. 53 BELARUS (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. .. 1,694 2,043 2,056 2,434 2,723 3,717 Long-term debt (LDOD) .. .. 1,302 690 666 750 723 772 Public and publicly guaranteed .. .. 1,301 689 664 749 710 744 Private nonguaranteed .. .. 0 1 2 1 13 29 Use of IMF credit .. .. 283 114 81 56 26 9 Short-term debt .. .. 110 1,239 1,309 1,629 1,975 2,936 of which interest arrears on LDOD .. .. 19 14 5 1 2 0 Official creditors .. .. 0 12 2 0 2 0 Private creditors .. .. 19 2 2 1 0 0 Memorandum items Principal arrears on LDOD .. .. 140 29 10 1 19 1 Official creditors .. .. 0 28 8 0 19 0 Private creditors .. .. 140 1 2 1 0 1 TOTAL DEBT FLOWS Disbursements .. .. 441 144 135 152 58 231 Long-term debt .. .. 258 144 135 152 58 231 IMF purchases .. .. 182 0 0 0 0 0 Principal repayments .. .. 108 190 173 154 171 215 Long-term debt .. .. 108 135 144 124 139 198 IMF repurchases .. .. 0 56 30 30 33 17 Net flows on debt .. .. 369 -123 41 322 141 978 of which short-term debt .. .. 36 -76 80 324 254 963 Interest payments (INT) .. .. 74 106 107 90 87 111 Long-term debt .. .. 59 38 46 36 32 37 IMF charges .. .. 10 7 5 2 1 0 Short-term debt .. .. 4 61 57 51 54 74 Net transfers on debt .. .. 295 -230 -66 232 56 867 Total debt service paid (TDS) .. .. 182 297 281 244 258 326 Long-term debt .. .. 167 173 190 160 170 235 IMF repurchases and charges .. .. 10 63 34 32 34 18 Short-term debt (interest only) .. .. 4 61 57 51 54 74 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. .. 302 155 112 295 112 222 Net flow of long-term debt (ex. IMF) .. .. 150 9 -9 28 -81 32 Foreign direct investment (net) .. .. 15 119 96 247 172 169 Portfolio equity flows .. .. 0 1 3 1 3 1 Grants (excluding technical coop.) .. .. 136 27 22 19 18 21 Memo: technical coop. grants .. .. 27 14 19 24 18 26 NET TRANSFERS .. .. 243 113 61 242 55 148 Interest on long-term debt .. .. 59 38 46 36 32 37 Profit remittances on FDI .. .. 0 5 5 17 26 38 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. .. 13,967 12,752 12,376 14,607 17,790 22,876 Exports of goods, serv. & inc. (XGS) .. .. 5,300 7,666 8,503 9,350 11,699 15,813 Worker remit. & comp. of employees .. .. 29 139 149 140 222 244 Imports of goods & services (MGS) .. .. 5,805 8,160 9,052 9,860 12,345 17,141 International reserves (RES) .. .. 377 350 391 687 637 837 Current account balance .. .. -458 -338 -394 -311 -424 -1,043 4. DEBT INDICATORS EDT / XGS (%) .. .. 32.0 26.6 24.2 26.0 23.3 23.5 EDT / GNI (%) .. .. 12.1 16.0 16.6 16.7 15.3 16.2 TDS / XGS (%) .. .. 3.4 3.9 3.3 2.6 2.2 2.1 INT / XGS (%) .. .. 1.4 1.4 1.3 1.0 0.7 0.7 INT / GNI (%) .. .. 0.5 0.8 0.9 0.6 0.5 0.5 RES / EDT (%) .. .. 22.3 17.2 19.0 28.2 23.4 22.5 RES / MGS (months) .. .. 0.8 0.5 0.5 0.8 0.6 0.6 Short-term / EDT (%) .. .. 6.5 60.6 63.7 66.9 72.5 79.0 Concessional / EDT (%) .. .. 0.0 0.0 0.0 0.0 0.0 0.0 Multilateral / EDT (%) .. .. 11.1 10.6 8.9 6.8 5.4 3.3 54 BELARUS (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. .. 1,302 690 666 750 723 772 Public and publicly guaranteed .. .. 1,301 689 664 749 710 744 Official creditors .. .. 769 400 351 397 381 480 Multilateral .. .. 188 217 183 166 146 124 Concessional .. .. 0 0 0 0 0 0 Bilateral .. .. 582 183 168 231 234 356 Concessional .. .. 477 83 81 118 127 127 Private creditors .. .. 532 289 314 352 329 264 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 46 56 45 64 48 35 Private nonguaranteed .. .. 0 1 2 1 13 29 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 1 2 1 13 29 Memo: IBRD .. .. 116 105 91 89 84 73 IDA .. .. 0 0 0 0 0 0 Public sector LDOD .. .. 1,301 689 656 730 695 732 Private sector LDOD .. .. 0 1 10 20 28 40 DISBURSEMENTS .. .. 258 144 135 152 58 231 Public and publicly guaranteed .. .. 258 143 134 152 47 197 Official creditors .. .. 131 25 49 90 14 181 Multilateral .. .. 77 25 11 9 1 2 Concessional .. .. 0 0 0 0 0 0 Bilateral .. .. 54 0 38 81 14 179 Concessional .. .. 20 0 0 40 13 4 Private creditors .. .. 127 118 85 62 33 16 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 20 48 27 23 2 0 Private nonguaranteed .. .. 0 0 1 0 11 34 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 0 1 0 11 34 Memo: IBRD .. .. 11 6 6 4 1 2 IDA .. .. 0 0 0 0 0 0 PRINCIPAL REPAYMENTS .. .. 108 135 144 124 139 198 Public and publicly guaranteed .. .. 108 134 143 124 138 179 Official creditors .. .. 84 52 65 55 45 87 Multilateral .. .. 70 49 36 40 35 29 Concessional .. .. 0 0 0 0 0 0 Bilateral .. .. 15 4 29 15 10 58 Concessional .. .. 0 1 2 4 4 4 Private creditors .. .. 24 82 78 69 93 93 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 28 36 8 20 13 Private nonguaranteed .. .. 0 1 0 0 0 19 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 1 0 0 0 19 Memo: IBRD .. .. 0 14 14 14 15 16 IDA .. .. 0 0 0 0 0 0 INTEREST PAYMENTS (LINT) .. .. 59 38 46 36 32 37 Public and publicly guaranteed .. .. 59 38 46 36 32 36 Official creditors .. .. 32 18 28 17 13 16 Multilateral .. .. 23 17 14 11 9 7 Concessional .. .. 0 0 0 0 0 0 Bilateral .. .. 10 2 14 6 4 8 Concessional .. .. 1 2 2 2 3 4 Private creditors .. .. 26 19 18 20 19 21 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 1 4 2 4 3 3 Private nonguaranteed .. .. 0 0 0 0 0 1 Bonds .. .. 0 0 0 0 0 0 Commercial banks and other .. .. 0 0 0 0 0 1 Memo: IBRD .. .. 8 6 5 5 4 3 IDA .. .. 0 0 0 0 0 0 55 BELARUS (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 30.8 30.6 32.1 25.0 Japanese yen .. .. 2.3 2.2 2.3 2.2 2.2 1.7 Pound sterling .. .. 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc .. .. 0.7 0.1 0.0 0.0 0.0 0.0 U.S.dollars .. .. 50.8 48.9 53.2 55.5 52.3 61.7 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. 0 50 29 3 0 0 Debt stock rescheduled .. .. 0 49 7 0 0 0 Principal rescheduled .. .. 0 0 17 3 0 0 Official .. .. 0 0 17 3 0 0 Private .. .. 0 0 0 0 0 0 Interest rescheduled .. .. 0 0 5 0 0 0 Official .. .. 0 0 5 0 0 0 Private .. .. 0 0 0 0 0 0 Debt forgiven .. .. 0 0 0 0 0 0 Memo: interest forgiven .. .. 0 0 0 0 0 0 Debt stock reduction .. .. 0 0 0 0 0 0 of which debt buyback .. .. 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. 398 -156 13 378 289 994 Net flows on debt .. .. 369 -123 41 322 141 978 Cross-currency valuation .. .. 28 -26 -22 57 63 22 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. .. 5.7 7.0 3.9 2.6 3.8 3.4 Maturity (years) .. .. 14.0 3.7 7.3 10.6 5.1 6.7 Grace period (years) .. .. 4.8 1.5 2.3 2.5 0.6 2.0 Grant element (%) .. .. 25.8 5.9 21.0 28.7 14.2 21.7 Official creditors Interest (%) .. .. 5.1 6.8 3.0 3.5 0.0 3.4 Maturity (years) .. .. 16.0 5.9 8.3 16.6 4.6 6.0 Grace period (years) .. .. 5.6 2.4 3.3 4.6 0.8 1.8 Grant element (%) .. .. 30.6 9.9 27.3 39.3 22.3 19.6 Private creditors Interest (%) .. .. 8.1 7.2 4.7 1.8 3.9 3.5 Maturity (years) .. .. 5.8 2.5 6.4 5.1 5.1 8.4 Grace period (years) .. .. 1.6 1.0 1.4 0.6 0.6 2.4 Grant element (%) .. .. 5.9 3.6 15.2 19.0 14.0 26.3 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 187 161 137 132 75 65 17 17 Interest 26 22 16 11 8 5 4 3 Official creditors Principal 96 68 86 69 52 50 9 8 Interest 15 13 10 7 5 3 2 2 Bilateral creditors Principal 52 41 63 48 46 46 5 5 Interest 10 10 8 6 4 3 2 2 Multilateral creditors Principal 44 27 23 21 6 4 4 3 Interest 5 4 2 1 1 1 1 0 Private creditors Principal 90 93 51 63 23 15 8 8 Interest 11 8 6 4 2 2 1 1 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are actual, based on reports provided by the country. Short-term debt data have been revised from 1996, based on data from the National Bank of the Republic of Belarus. Rescheduling: In 1993, $385 million of technical credits were rescheduled with the Russian Federation. 56 BELIZE (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 118.1 142.7 255.2 615.0 716.3 857.7 1,058.5 958.9 Long-term debt (LDOD) 94.3 136.2 219.4 565.0 665.5 812.7 978.5 958.6 Public and publicly guaranteed 94.3 136.2 219.4 556.6 648.7 779.6 942.4 925.0 Private nonguaranteed 0.0 0.0 0.0 8.4 16.8 33.1 36.1 33.6 Use of IMF credit 10.5 0.4 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt 13.3 6.1 35.7 50.0 50.8 45.1 80.0 0.3 of which interest arrears on LDOD 0.3 0.9 0.6 0.0 0.0 0.1 0.0 0.3 Official creditors 0.2 0.4 0.3 0.0 0.0 0.0 0.0 0.3 Private creditors 0.0 0.5 0.3 0.0 0.0 0.1 0.0 0.1 Memorandum items Principal arrears on LDOD 0.2 2.0 1.0 0.0 0.0 1.0 0.0 0.0 Official creditors 0.2 0.8 1.0 0.0 0.0 0.0 0.0 0.0 Private creditors 0.0 1.2 0.0 0.0 0.0 1.0 0.0 0.0 TOTAL DEBT FLOWS Disbursements 29.0 17.9 31.2 222.9 167.3 244.5 258.1 220.2 Long-term debt 24.2 17.9 31.2 222.9 167.3 244.5 258.1 220.2 IMF purchases 4.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 10.1 12.1 25.4 41.2 48.0 139.3 90.5 257.4 Long-term debt 10.1 9.0 25.4 41.2 48.0 139.3 90.5 257.4 IMF repurchases 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 Net flows on debt 15.9 6.6 27.0 180.8 120.1 99.3 202.6 -117.2 of which short-term debt -3.0 0.8 21.2 -1.0 0.8 -5.8 35.0 -80.0 Interest payments (INT) 7.5 6.2 11.2 35.0 48.3 49.2 67.2 74.8 Long-term debt 5.9 5.6 9.9 31.6 46.0 47.5 65.6 73.0 IMF charges 0.4 0.2 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt 1.2 0.4 1.4 3.4 2.3 1.7 1.7 1.8 Net transfers on debt 8.5 0.4 15.7 145.8 71.8 50.2 135.4 -192.1 Total debt service paid (TDS) 17.5 18.3 36.6 76.1 96.3 188.4 157.7 332.2 Long-term debt 15.9 14.6 35.3 72.8 94.0 186.8 156.1 330.4 IMF repurchases and charges 0.4 3.2 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt (interest only) 1.2 0.4 1.4 3.4 2.3 1.7 1.7 1.8 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 19.7 30.2 34.4 215.8 202.0 138.9 175.1 96.4 Net flow of long-term debt (ex. IMF) 14.1 8.8 5.8 181.8 119.3 105.2 167.6 -37.2 Foreign direct investment (net) 3.7 17.0 21.0 23.0 60.0 24.0 -1.0 127.6 Portfolio equity flows 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grants (excluding technical coop.) 1.8 4.4 7.6 11.0 22.7 9.7 8.5 5.6 Memo: technical coop. grants 6.9 12.9 11.9 4.6 6.3 5.1 4.0 5.1 NET TRANSFERS 12.3 17.1 16.6 153.7 122.7 58.4 78.6 -19.1 Interest on long-term debt 5.9 5.6 9.9 31.6 46.0 47.5 65.6 73.0 Profit remittances on FDI 1.5 7.5 8.0 30.5 33.3 33.0 31.0 42.4 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 199.3 406.3 598.0 775.2 792.6 850.5 999.3 1,062.4 Exports of goods, serv. & inc. (XGS) 151.8 268.9 314.1 469.8 452.2 485.1 514.9 531.6 Worker remit. & comp. of employees 21.0 18.0 14.0 22.0 21.0 17.0 21.0 25.4 Imports of goods & services (MGS) 154.5 269.2 350.6 662.7 673.8 700.2 751.1 744.5 International reserves (RES) 14.8 69.8 37.6 122.9 112.0 114.5 84.7 48.3 Current account balance 9.1 15.4 -17.2 -156.0 -189.9 -182.6 -207.4 -182.3 4. DEBT INDICATORS EDT / XGS (%) 77.8 53.1 81.2 130.9 158.4 176.8 205.6 180.4 EDT / GNI (%) 59.2 35.1 42.7 79.3 90.4 100.8 105.9 90.3 TDS / XGS (%) 11.6 6.8 11.7 16.2 21.3 38.8 30.6 62.5 INT / XGS (%) 4.9 2.3 3.6 7.4 10.7 10.1 13.1 14.1 INT / GNI (%) 3.8 1.5 1.9 4.5 6.1 5.8 6.7 7.0 RES / EDT (%) 12.5 48.9 14.7 20.0 15.6 13.4 8.0 5.0 RES / MGS (months) 1.2 3.1 1.3 2.2 2.0 2.0 1.4 0.8 Short-term / EDT (%) 11.2 4.3 14.0 8.1 7.1 5.3 7.6 0.0 Concessional / EDT (%) 43.9 56.6 36.4 17.1 13.9 11.9 8.7 12.8 Multilateral / EDT (%) 30.2 40.2 35.1 22.6 23.0 21.6 19.2 22.9 57 BELIZE (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 94.3 136.2 219.4 565.0 665.5 812.7 978.5 958.6 Public and publicly guaranteed 94.3 136.2 219.4 556.6 648.7 779.6 942.4 925.0 Official creditors 78.5 118.0 175.0 228.4 245.7 251.0 260.5 297.0 Multilateral 35.7 57.4 89.5 139.1 164.7 185.3 203.7 219.8 Concessional 22.9 30.0 43.0 39.7 40.2 43.6 45.6 53.2 Bilateral 42.9 60.6 85.5 89.3 81.0 65.7 56.8 77.2 Concessional 28.9 50.9 49.9 65.4 59.5 58.1 46.6 69.4 Private creditors 15.8 18.2 44.5 328.2 402.9 528.5 681.9 628.0 of which: Bonds 0.0 0.0 0.0 74.9 71.9 210.9 307.9 304.9 Commercial banks 6.6 16.4 38.7 244.7 317.5 303.3 371.4 321.1 Private nonguaranteed 0.0 0.0 0.0 8.4 16.8 33.1 36.1 33.6 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 8.4 16.8 33.1 36.1 33.6 Memo: IBRD 5.4 17.5 29.5 40.0 43.2 44.4 41.7 38.7 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Public sector LDOD 94.3 136.2 219.4 556.6 648.7 779.6 942.4 925.0 Private sector LDOD 0.0 0.0 0.0 8.4 16.8 33.1 36.1 33.6 DISBURSEMENTS 24.2 17.9 31.2 222.9 167.3 244.5 258.1 220.2 Public and publicly guaranteed 24.2 17.9 31.2 218.1 158.9 228.2 253.1 220.2 Official creditors 21.4 13.2 25.8 26.6 34.9 31.2 36.6 43.3 Multilateral 4.7 5.8 12.4 22.3 32.9 27.0 29.6 24.6 Concessional 0.3 2.2 3.4 3.9 3.7 4.7 2.6 7.6 Bilateral 16.8 7.5 13.4 4.3 2.1 4.2 6.9 18.6 Concessional 13.6 4.6 3.5 1.5 1.0 4.2 0.9 18.2 Private creditors 2.7 4.6 5.3 191.5 124.0 197.0 216.6 176.9 of which: Bonds 0.0 0.0 0.0 86.0 0.0 143.0 100.0 0.0 Commercial banks 2.3 4.6 4.8 95.7 117.0 48.0 116.6 176.9 Private nonguaranteed 0.0 0.0 0.0 4.8 8.4 16.3 5.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 4.8 8.4 16.3 5.0 0.0 Memo: IBRD 2.4 3.4 5.6 2.3 6.6 5.3 2.1 1.6 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PRINCIPAL REPAYMENTS 10.1 9.0 25.4 41.2 48.0 139.3 90.5 257.4 Public and publicly guaranteed 10.1 9.0 25.4 41.2 48.0 139.3 88.5 254.9 Official creditors 4.9 6.6 17.8 19.5 18.3 20.5 24.3 24.1 Multilateral 2.1 2.7 7.2 8.8 8.4 9.1 14.6 14.3 Concessional 1.8 1.5 3.2 3.3 3.0 2.9 2.5 3.3 Bilateral 2.8 3.9 10.6 10.7 9.9 11.5 9.7 9.8 Concessional 0.2 1.1 2.6 6.9 6.3 7.2 6.2 7.0 Private creditors 5.2 2.4 7.6 21.6 29.7 118.7 64.2 230.8 of which: Bonds 0.0 0.0 0.0 11.1 3.1 4.0 3.0 3.0 Commercial banks 1.0 2.3 4.7 9.2 24.6 106.5 49.5 227.2 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 2.0 2.5 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 2.0 2.5 Memo: IBRD 0.0 0.6 2.5 3.6 3.4 4.1 4.9 4.6 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 INTEREST PAYMENTS (LINT) 5.9 5.6 9.9 31.6 46.0 47.5 65.6 73.0 Public and publicly guaranteed 5.9 5.6 9.9 31.6 46.0 47.1 65.1 72.6 Official creditors 3.6 4.2 7.7 11.6 12.9 10.9 12.0 11.8 Multilateral 2.2 2.7 4.0 7.4 9.2 8.2 9.3 9.1 Concessional 1.3 1.0 1.1 1.0 0.9 0.7 0.9 1.1 Bilateral 1.3 1.5 3.7 4.2 3.8 2.7 2.7 2.8 Concessional 0.2 0.6 0.8 2.4 2.1 1.9 1.9 2.2 Private creditors 2.3 1.4 2.2 20.0 33.1 36.2 53.1 60.8 of which: Bonds 0.0 0.0 0.0 1.3 8.3 7.9 26.8 37.8 Commercial banks 0.6 1.4 1.6 18.2 24.0 27.4 25.7 22.9 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.4 0.5 0.4 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.4 0.5 0.4 Memo: IBRD 0.3 1.1 1.9 3.4 3.4 2.9 2.3 1.7 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58 BELIZE (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 4.1 3.6 1.9 2.0 Japanese yen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pound sterling 22.7 23.6 10.0 1.8 1.3 1.0 0.7 0.6 Swiss franc 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 U.S.dollars 37.8 45.3 62.7 92.6 93.1 93.8 96.1 95.6 7. DEBT RESTRUCTURINGS Total amount rescheduled 2.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal rescheduled 1.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official 1.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest rescheduled 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiven 0.0 9.1 0.0 0.0 0.0 0.0 0.0 0.0 Memo: interest forgiven 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock reduction 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 19.4 5.5 56.5 219.4 101.3 141.4 200.7 -99.5 Net flows on debt 15.9 6.6 27.0 180.8 120.1 99.3 202.6 -117.2 Cross-currency valuation 4.4 6.9 1.1 -2.1 -1.2 6.4 7.0 2.2 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 3.9 5.0 6.0 8.6 5.0 8.4 9.1 6.4 Maturity (years) 18.6 10.0 17.6 12.0 10.1 9.8 7.8 10.2 Grace period (years) 6.2 2.5 3.9 3.7 3.8 8.7 6.3 7.4 Grant element (%) 43.6 21.2 23.0 7.7 14.2 4.8 2.8 22.0 Official creditors Interest (%) 3.4 5.0 5.9 6.3 5.8 6.1 3.6 2.8 Maturity (years) 19.6 10.0 17.9 21.1 20.5 19.4 15.3 20.4 Grace period (years) 6.7 2.5 3.9 5.3 5.1 4.1 3.3 4.6 Grant element (%) 47.6 21.2 23.3 24.0 27.1 23.5 30.9 47.4 Private creditors Interest (%) 9.5 0.0 8.6 9.5 4.6 8.6 9.5 7.2 Maturity (years) 7.0 0.0 4.8 8.1 5.4 9.1 7.3 8.0 Grace period (years) 0.8 0.0 0.3 3.0 3.2 9.0 6.5 8.0 Grant element (%) -1.1 0.0 2.7 0.7 8.3 3.3 0.9 16.5 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 81.7 60.6 59.6 49.4 46.1 60.0 127.1 175.4 Interest 68.8 66.1 63.2 60.1 57.4 53.7 49.9 39.1 Official creditors Principal 22.3 25.8 27.1 26.9 26.4 25.3 23.7 20.9 Interest 14.5 14.6 13.9 12.9 11.8 10.6 9.5 8.5 Bilateral creditors Principal 5.5 5.8 6.0 6.9 7.1 6.7 5.9 5.5 Interest 3.6 3.9 3.8 3.7 3.5 3.2 2.9 2.7 Multilateral creditors Principal 16.8 19.9 21.2 20.0 19.4 18.6 17.8 15.4 Interest 10.9 10.7 10.0 9.2 8.3 7.4 6.5 5.8 Private creditors Principal 59.4 34.8 32.5 22.5 19.7 34.7 103.4 154.4 Interest 54.3 51.5 49.3 47.2 45.6 43.1 40.4 30.7 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are based on reports provided by the country. Short-term debt data are World Bank staff estimates. 59 BENIN (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 854 1,292 1,614 1,591 1,661 1,836 1,828 1,916 Long-term debt (LDOD) 697 1,218 1,483 1,442 1,505 1,689 1,726 1,827 Public and publicly guaranteed 697 1,218 1,483 1,442 1,505 1,689 1,726 1,827 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 11 18 84 84 77 73 73 65 Short-term debt 146 55 47 65 79 74 29 24 of which interest arrears on LDOD 47 21 8 0 0 0 0 0 Official creditors 6 18 7 0 0 0 0 0 Private creditors 40 2 1 0 0 0 0 0 Memorandum items Principal arrears on LDOD 120 69 71 0 0 0 0 0 Official creditors 23 60 67 0 0 0 0 0 Private creditors 97 9 4 0 0 0 0 0 TOTAL DEBT FLOWS Disbursements 39 120 115 39 124 72 69 78 Long-term debt 39 120 101 30 113 67 60 76 IMF purchases 0 0 14 9 10 5 9 2 Principal repayments 28 20 26 55 32 33 42 44 Long-term debt 27 19 24 45 23 23 32 37 IMF repurchases 1 2 2 11 10 10 10 8 Net flows on debt 47 92 105 -65 105 34 -17 29 of which short-term debt 37 -8 16 -48 13 -5 -45 -5 Interest payments (INT) 21 18 23 20 17 26 18 19 Long-term debt 14 14 21 15 14 22 16 18 IMF charges 0 0 0 0 0 0 0 0 Short-term debt 7 4 2 4 3 3 2 1 Net transfers on debt 27 74 81 -85 88 9 -35 9 Total debt service paid (TDS) 49 38 50 75 50 58 60 64 Long-term debt 41 33 46 60 37 45 48 54 IMF repurchases and charges 1 2 2 11 10 10 10 8 Short-term debt (interest only) 7 4 2 4 3 3 2 1 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 38 274 239 198 274 189 258 405 Net flow of long-term debt (ex. IMF) 11 102 77 -14 91 44 28 39 Foreign direct investment (net) 0 62 13 67 51 18 48 60 Portfolio equity flows 0 0 0 0 0 2 0 1 Grants (excluding technical coop.) 26 110 149 145 132 125 183 306 Memo: technical coop. grants 30 49 61 68 62 68 91 90 NET TRANSFERS 24 259 212 176 252 149 216 373 Interest on long-term debt 14 14 21 15 14 22 16 18 Profit remittances on FDI 0 0 6 7 7 17 26 0 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 1,024 1,806 1,965 2,242 2,351 2,669 3,531 4,053 Exports of goods, serv. & inc. (XGS) 380 465 730 640 628 695 789 .. Worker remit. & comp. of employees 40 101 100 87 84 76 55 55 Imports of goods & services (MGS) 472 492 926 751 788 939 1,137 .. International reserves (RES) 8 69 198 458 578 616 718 640 Current account balance -39 -18 -167 -81 -75 -156 -331 .. 4. DEBT INDICATORS EDT / XGS (%) 224.5 277.9 221.1 248.5 264.5 264.1 231.7 .. EDT / GNI (%) 83.3 71.5 82.1 70.9 70.7 68.8 51.8 47.3 TDS / XGS (%) 12.9 8.2 6.8 11.8 7.9 8.4 7.6 .. INT / XGS (%) 5.5 3.8 3.2 3.1 2.8 3.7 2.3 .. INT / GNI (%) 2.0 1.0 1.2 0.9 0.7 1.0 0.5 0.5 RES / EDT (%) 0.9 5.4 12.3 28.8 34.8 33.5 39.3 33.4 RES / MGS (months) 0.2 1.7 2.6 7.3 8.8 7.9 7.6 .. Short-term / EDT (%) 17.1 4.3 2.9 4.1 4.7 4.0 1.6 1.3 Concessional / EDT (%) 38.4 78.1 77.6 84.3 84.9 86.2 90.1 90.8 Multilateral / EDT (%) 26.9 41.6 54.0 59.7 59.6 62.6 70.8 73.5 60 BENIN (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 697 1,218 1,483 1,442 1,505 1,689 1,726 1,827 Public and publicly guaranteed 697 1,218 1,483 1,442 1,505 1,689 1,726 1,827 Official creditors 380 1,202 1,479 1,439 1,503 1,686 1,722 1,823 Multilateral 229 537 871 950 989 1,149 1,294 1,408 Concessional 201 497 847 929 971 1,127 1,271 1,377 Bilateral 150 665 607 489 513 537 429 415 Concessional 127 512 407 412 439 456 377 363 Private creditors 317 17 4 3 3 3 4 4 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 1 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 124 326 498 578 598 654 729 791 Public sector LDOD 697 1,218 1,483 1,442 1,505 1,689 1,726 1,827 Private sector LDOD 0 0 0 0 0 0 0 0 DISBURSEMENTS 39 120 101 30 113 67 60 76 Public and publicly guaranteed 39 120 101 30 113 67 60 76 Official creditors 37 120 101 30 113 67 60 76 Multilateral 30 91 83 29 97 60 56 76 Concessional 26 82 79 29 97 60 56 76 Bilateral 7 29 18 2 16 7 5 0 Concessional 6 29 18 2 16 7 5 0 Private creditors 2 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 19 56 31 36 48 23 28 42 PRINCIPAL REPAYMENTS 27 19 24 45 23 23 32 37 Public and publicly guaranteed 27 19 24 45 23 23 32 37 Official creditors 8 18 24 45 23 23 32 37 Multilateral 6 18 17 15 15 13 14 18 Concessional 2 7 12 12 12 11 12 17 Bilateral 2 0 8 30 8 10 17 18 Concessional 1 0 3 24 8 9 15 16 Private creditors 19 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 1 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 0 1 3 4 4 3 4 5 INTEREST PAYMENTS (LINT) 14 14 21 15 14 22 16 18 Public and publicly guaranteed 14 14 21 15 14 22 16 18 Official creditors 7 14 21 15 14 22 16 18 Multilateral 5 13 9 9 8 12 11 13 Concessional 3 6 7 8 7 11 9 12 Bilateral 2 1 13 6 6 10 6 5 Concessional 1 1 4 3 4 6 3 2 Private creditors 7 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 1 2 4 4 4 4 5 6 61 BENIN (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 9.0 8.9 7.7 7.3 Japanese yen 0.0 0.0 0.0 2.3 1.9 3.7 2.0 2.0 Pound sterling 1.3 0.9 0.4 0.3 0.3 0.3 0.3 0.3 Swiss franc 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 30.8 50.8 51.8 60.9 61.4 58.6 59.7 58.0 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 12 5 53 24 0 0 0 Debt stock rescheduled 0 0 0 0 0 0 0 0 Principal rescheduled 0 9 0 37 0 0 0 0 Official 0 4 0 37 0 0 0 0 Private 0 5 0 0 0 0 0 0 Interest rescheduled 0 1 3 6 3 0 0 0 Official 0 0 3 6 3 0 0 0 Private 0 0 0 0 0 0 0 0 Debt forgiven 0 122 137 4 10 11 12 12 Memo: interest forgiven 0 3 2 1 1 0 1 1 Debt stock reduction 0 0 0 0 0 0 59 0 of which debt buyback 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 142 50 25 -96 70 175 -8 88 Net flows on debt 47 92 105 -65 105 34 -17 29 Cross-currency valuation 67 62 -4 -53 -35 80 110 55 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 3.5 1.3 1.3 1.6 0.9 0.9 0.0 0.8 Maturity (years) 30.3 39.2 33.1 36.0 40.2 39.3 0.0 43.4 Grace period (years) 7.7 8.4 8.7 8.3 12.8 9.5 0.0 10.0 Grant element (%) 51.0 72.0 70.4 68.5 78.6 76.9 0.0 80.2 Official creditors Interest (%) 3.5 1.3 1.3 1.6 0.9 0.9 0.0 0.8 Maturity (years) 30.3 39.2 33.1 36.0 40.2 39.3 0.0 43.4 Grace period (years) 7.7 8.4 8.7 8.3 12.8 9.5 0.0 10.0 Grant element (%) 51.0 72.0 70.4 68.5 78.6 76.9 0.0 80.2 Private creditors Interest (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grant element (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 94 77 78 79 79 82 82 85 Interest 20 19 18 18 17 16 15 14 Official creditors Principal 90 77 78 79 79 82 82 85 Interest 20 19 18 18 17 16 15 14 Bilateral creditors Principal 49 35 35 36 35 35 35 35 Interest 6 5 4 4 4 3 3 3 Multilateral creditors Principal 41 42 43 43 44 47 47 50 Interest 14 14 14 14 13 13 12 12 Private creditors Principal 4 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are World Bank staff estimates. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. Rescheduling: Data includes the effects of all Paris Club debt restructuring agreements signed until December 2004. 62 BHUTAN (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 8.8 83.5 105.8 203.8 265.2 377.9 485.9 593.3 Long-term debt (LDOD) 8.8 80.3 105.2 202.2 265.2 376.9 481.5 593.3 Public and publicly guaranteed 8.8 80.3 105.2 202.2 265.2 376.9 481.5 593.3 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt 0.0 3.3 0.6 1.5 0.0 1.0 4.4 0.0 of which interest arrears on LDOD 0.0 0.3 0.6 0.0 0.0 0.0 0.0 0.0 Official creditors 0.0 0.3 0.6 0.0 0.0 0.0 0.0 0.0 Private creditors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memorandum items Principal arrears on LDOD 0.0 1.5 0.2 0.0 0.0 0.0 0.0 0.0 Official creditors 0.0 1.5 0.2 0.0 0.0 0.0 0.0 0.0 Private creditors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TOTAL DEBT FLOWS Disbursements 5.5 8.4 9.9 34.8 79.5 97.8 92.3 92.6 Long-term debt 5.5 8.4 9.9 34.8 79.5 97.8 92.3 92.6 IMF purchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 0.0 2.9 7.2 4.7 4.5 4.5 4.8 6.7 Long-term debt 0.0 2.9 7.2 4.7 4.5 4.5 4.8 6.7 IMF repurchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net flows on debt 5.5 6.5 2.7 29.6 73.4 94.3 90.9 81.4 of which short-term debt 0.0 1.0 0.0 -0.5 -1.5 1.0 3.4 -4.4 Interest payments (INT) 0.0 2.3 2.6 2.0 1.8 1.9 2.4 5.2 Long-term debt 0.0 2.0 2.6 1.8 1.7 1.9 2.3 5.2 IMF charges 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt 0.0 0.2 0.0 0.2 0.0 0.0 0.1 0.1 Net transfers on debt 5.4 4.2 0.1 27.6 71.7 92.4 88.5 76.2 Total debt service paid (TDS) 0.0 5.2 9.8 6.7 6.3 6.5 7.2 12.0 Long-term debt 0.0 5.0 9.8 6.5 6.3 6.4 7.1 11.9 IMF repurchases and charges 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt (interest only) 0.0 0.2 0.0 0.2 0.0 0.0 0.1 0.1 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 12.7 24.0 42.2 50.6 105.2 125.8 130.2 128.2 Net flow of long-term debt (ex. IMF) 5.5 5.5 2.7 30.1 74.9 93.3 87.5 85.8 Foreign direct investment (net) 0.0 1.6 0.1 -0.1 0.3 0.3 1.1 1.0 Portfolio equity flows 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grants (excluding technical coop.) 7.2 16.9 39.5 20.6 30.0 32.2 41.7 41.4 Memo: technical coop. grants 10.4 23.7 27.1 21.9 17.1 19.7 22.8 23.3 NET TRANSFERS 12.7 21.9 39.6 48.8 103.5 123.9 127.9 123.1 Interest on long-term debt 0.0 2.0 2.6 1.8 1.7 1.9 2.3 5.2 Profit remittances on FDI 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 158.8 266.0 273.1 427.9 478.9 531.0 601.2 656.9 Exports of goods, serv. & inc. (XGS) 34.4 94.9 90.2 139.7 148.8 138.6 .. .. Worker remit. & comp. of employees 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Imports of goods & services (MGS) 108.5 122.9 132.3 258.4 272.7 262.7 .. .. International reserves (RES) 53.3 88.8 130.5 317.6 323.4 354.9 366.6 398.6 Current account balance -74.1 -28.0 -34.1 -13.4 -40.0 -41.9 .. .. 4. DEBT INDICATORS EDT / XGS (%) 25.7 88.0 117.2 145.9 178.2 272.7 .. .. EDT / GNI (%) 5.6 31.4 38.7 47.6 55.4 71.2 80.8 90.3 TDS / XGS (%) 0.1 5.5 10.9 4.8 4.2 4.7 .. .. INT / XGS (%) 0.1 2.4 2.9 1.4 1.2 1.4 .. .. INT / GNI (%) 0.0 0.9 1.0 0.5 0.4 0.4 0.4 0.8 RES / EDT (%) 603.7 106.3 123.3 155.9 121.9 93.9 75.4 67.2 RES / MGS (months) 5.9 8.7 11.8 14.8 14.2 16.2 .. .. Short-term / EDT (%) 0.0 3.9 0.5 0.8 0.0 0.3 0.9 0.0 Concessional / EDT (%) 100.0 74.0 93.0 65.5 51.7 49.4 43.7 40.5 Multilateral / EDT (%) 61.7 50.1 64.5 49.4 40.5 37.2 30.7 28.6 63 BHUTAN (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 8.8 80.3 105.2 202.2 265.2 376.9 481.5 593.3 Public and publicly guaranteed 8.8 80.3 105.2 202.2 265.2 376.9 481.5 593.3 Official creditors 8.8 61.8 98.4 202.2 265.2 376.9 481.5 593.3 Multilateral 5.5 41.9 68.2 100.6 107.5 140.5 149.1 169.6 Concessional 5.5 41.9 68.2 100.6 107.5 140.5 149.1 169.6 Bilateral 3.4 19.9 30.2 101.6 157.6 236.4 332.4 423.7 Concessional 3.4 19.9 30.2 32.9 29.6 46.1 63.1 71.0 Private creditors 0.0 18.5 6.8 0.0 0.0 0.0 0.0 0.0 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.5 16.1 22.5 26.1 30.7 38.5 49.2 60.3 Public sector LDOD 8.8 80.3 105.2 202.2 265.2 376.9 481.5 593.3 Private sector LDOD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DISBURSEMENTS 5.5 8.4 9.9 34.8 79.5 97.8 92.3 92.6 Public and publicly guaranteed 5.5 8.4 9.9 34.8 79.5 97.8 92.3 92.6 Official creditors 5.5 8.4 9.9 34.8 79.5 97.8 92.3 92.6 Multilateral 2.6 7.2 5.8 11.8 13.5 23.0 12.7 16.4 Concessional 2.6 7.2 5.8 11.8 13.5 23.0 12.7 16.4 Bilateral 2.9 1.2 4.1 23.0 66.0 74.9 79.6 76.1 Concessional 2.9 1.2 4.1 0.9 3.2 13.9 12.1 5.8 Private creditors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.5 2.0 1.2 3.6 6.0 5.5 6.9 9.0 PRINCIPAL REPAYMENTS 0.0 2.9 7.2 4.7 4.5 4.5 4.8 6.7 Public and publicly guaranteed 0.0 2.9 7.2 4.7 4.5 4.5 4.8 6.7 Official creditors 0.0 0.3 4.9 4.7 4.5 4.5 4.8 6.7 Multilateral 0.0 0.0 0.6 1.3 1.2 1.2 1.3 1.8 Concessional 0.0 0.0 0.6 1.3 1.2 1.2 1.3 1.8 Bilateral 0.0 0.3 4.3 3.4 3.4 3.4 3.5 4.9 Concessional 0.0 0.3 4.3 3.4 3.4 3.4 3.5 2.9 Private creditors 0.0 2.6 2.3 0.0 0.0 0.0 0.0 0.0 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.0 0.0 0.1 0.3 0.3 0.3 0.3 0.5 INTEREST PAYMENTS (LINT) 0.0 2.0 2.6 1.8 1.7 1.9 2.3 5.2 Public and publicly guaranteed 0.0 2.0 2.6 1.8 1.7 1.9 2.3 5.2 Official creditors 0.0 0.4 2.0 1.8 1.7 1.9 2.3 5.2 Multilateral 0.0 0.3 0.6 0.9 0.9 1.0 1.2 1.6 Concessional 0.0 0.3 0.6 0.9 0.9 1.0 1.2 1.6 Bilateral 0.0 0.1 1.4 0.9 0.8 0.9 1.1 3.6 Concessional 0.0 0.1 1.4 0.9 0.8 0.9 1.1 1.4 Private creditors 0.0 1.6 0.6 0.0 0.0 0.0 0.0 0.0 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.0 0.1 0.2 0.2 0.2 0.2 0.3 0.6 64 BHUTAN (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 4.9 8.5 10.6 10.3 Japanese yen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pound sterling 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 6.2 43.1 28.6 17.7 17.6 18.3 17.7 17.6 7. DEBT RESTRUCTURINGS Total amount rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiven 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: interest forgiven 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock reduction 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 6.1 9.7 1.3 20.0 61.4 112.7 108.0 107.3 Net flows on debt 5.5 6.5 2.7 29.6 73.4 94.3 90.9 81.4 Cross-currency valuation 0.3 1.1 -2.0 -10.6 -7.7 10.6 27.4 22.7 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 1.3 0.0 1.3 3.6 1.1 6.8 5.6 5.4 Maturity (years) 38.2 0.0 33.4 31.7 31.5 23.2 28.6 24.1 Grace period (years) 8.7 0.0 11.2 10.0 8.8 9.9 9.9 9.3 Grant element (%) 72.4 0.0 73.8 53.1 72.6 24.8 37.2 35.4 Official creditors Interest (%) 1.3 0.0 1.3 3.6 1.1 6.8 5.6 5.4 Maturity (years) 38.2 0.0 33.4 31.7 31.5 23.2 28.6 24.1 Grace period (years) 8.7 0.0 11.2 10.0 8.8 9.9 9.9 9.3 Grant element (%) 72.4 0.0 73.8 53.1 72.6 24.8 37.2 35.4 Private creditors Interest (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grant element (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 5.3 40.6 41.3 39.7 40.9 47.7 47.7 48.2 Interest 36.6 41.1 40.0 37.6 34.6 31.5 28.2 25.0 Official creditors Principal 5.3 40.6 41.3 39.7 40.9 47.7 47.7 48.2 Interest 36.6 41.1 40.0 37.6 34.6 31.5 28.2 25.0 Bilateral creditors Principal 3.1 37.8 38.4 35.8 35.3 40.7 40.7 40.7 Interest 34.8 38.9 37.7 35.2 32.0 28.9 25.7 22.5 Multilateral creditors Principal 2.2 2.7 2.9 3.9 5.5 7.0 7.1 7.5 Interest 1.8 2.2 2.3 2.5 2.5 2.6 2.5 2.5 Private creditors Principal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are based on reports provided by the country. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. 65 BOLIVIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 4,805 4,275 5,272 5,782 4,687 5,000 5,675 6,096 Long-term debt (LDOD) 4,066 3,864 4,698 5,160 4,100 4,435 5,280 5,663 Public and publicly guaranteed 3,511 3,687 4,459 4,134 3,121 3,512 4,249 4,645 Private nonguaranteed 555 177 239 1,026 979 923 1,031 1,019 Use of IMF credit 82 257 268 220 207 195 279 307 Short-term debt 656 154 307 402 380 370 116 126 of which interest arrears on LDOD 309 6 20 2 0 0 0 0 Official creditors 72 2 7 2 0 0 0 0 Private creditors 237 4 13 0 0 0 0 0 Memorandum items Principal arrears on LDOD 582 31 30 19 0 0 0 0 Official creditors 171 9 21 19 0 0 0 0 Private creditors 411 22 9 0 0 0 0 0 TOTAL DEBT FLOWS Disbursements 137 331 520 758 571 618 1,031 728 Long-term debt 137 300 494 743 547 618 941 672 IMF purchases 0 31 26 15 24 0 90 56 Principal repayments 198 241 199 454 360 362 303 378 Long-term debt 174 196 173 434 340 345 284 356 IMF repurchases 24 46 26 20 21 17 19 22 Net flows on debt -51 32 341 294 191 246 474 360 of which short-term debt 10 -57 20 -10 -20 -10 -254 10 Interest payments (INT) 168 144 173 180 184 115 129 135 Long-term debt 157 117 155 159 168 100 122 128 IMF charges 5 13 1 1 1 1 1 4 Short-term debt 5 14 17 20 15 15 6 4 Net transfers on debt -218 -112 168 113 7 130 345 224 Total debt service paid (TDS) 366 385 372 634 544 478 432 513 Long-term debt 332 313 328 593 507 445 406 484 IMF repurchases and charges 29 59 27 21 22 18 20 25 Short-term debt (interest only) 5 14 17 20 15 15 6 4 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 53 333 1,042 1,266 1,265 1,549 1,305 1,199 Net flow of long-term debt (ex. IMF) -37 104 321 309 207 273 657 316 Foreign direct investment (net) 19 27 393 736 706 677 197 116 Portfolio equity flows 0 0 0 0 0 0 0 0 Grants (excluding technical coop.) 71 202 328 221 352 600 451 768 Memo: technical coop. grants 43 108 217 150 232 213 266 243 NET TRANSFERS -157 199 862 959 929 1,267 950 765 Interest on long-term debt 157 117 155 159 168 100 122 128 Profit remittances on FDI 53 17 24 148 168 183 234 306 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 2,874 4,626 6,494 8,172 7,930 7,720 7,788 8,388 Exports of goods, serv. & inc. (XGS) 738 998 1,264 1,711 1,749 1,742 2,143 2,760 Worker remit. & comp. of employees 6 5 7 127 135 113 142 158 Imports of goods & services (MGS) 1,099 1,354 1,809 2,443 2,312 2,380 2,422 2,794 International reserves (RES) 492 511 1,005 1,184 1,146 893 1,097 1,271 Current account balance -285 -199 -303 -446 -274 -352 62 285 4. DEBT INDICATORS EDT / XGS (%) 651.3 428.6 417.1 338.0 268.0 287.1 264.8 220.8 EDT / GNI (%) 167.2 92.4 81.2 70.8 59.1 64.8 72.9 72.7 TDS / XGS (%) 49.5 38.6 29.4 37.1 31.1 27.4 20.2 18.6 INT / XGS (%) 22.7 14.4 13.7 10.5 10.5 6.6 6.0 4.9 INT / GNI (%) 5.8 3.1 2.7 2.2 2.3 1.5 1.7 1.6 RES / EDT (%) 10.3 12.0 19.1 20.5 24.4 17.9 19.3 20.9 RES / MGS (months) 5.4 4.5 6.7 5.8 5.9 4.5 5.4 5.5 Short-term / EDT (%) 13.7 3.6 5.8 7.0 8.1 7.4 2.0 2.1 Concessional / EDT (%) 21.3 44.2 51.7 53.9 47.8 52.7 58.2 61.1 Multilateral / EDT (%) 15.1 37.2 48.9 48.4 62.3 65.6 70.8 71.1 66 BOLIVIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 4,066 3,864 4,698 5,160 4,100 4,435 5,280 5,663 Public and publicly guaranteed 3,511 3,687 4,459 4,134 3,121 3,512 4,249 4,645 Official creditors 2,088 3,362 4,396 4,100 3,101 3,488 4,224 4,619 Multilateral 724 1,589 2,579 2,801 2,921 3,281 4,015 4,337 Concessional 373 882 1,397 1,966 2,077 2,439 3,100 3,445 Bilateral 1,364 1,773 1,817 1,300 180 207 209 283 Concessional 651 1,006 1,327 1,150 162 194 204 282 Private creditors 1,424 325 63 33 20 24 25 26 of which: Bonds 38 35 17 0 0 0 0 0 Commercial banks 901 4 9 3 0 0 0 0 Private nonguaranteed 555 177 239 1,026 979 923 1,031 1,019 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 555 177 239 1,026 979 923 1,031 1,019 Memo: IBRD 207 194 95 0 0 0 0 0 IDA 94 393 770 1,096 1,146 1,321 1,571 1,750 Public sector LDOD 3,507 3,687 4,459 3,757 3,078 3,466 4,213 4,617 Private sector LDOD 559 177 239 1,403 1,022 969 1,067 1,046 DISBURSEMENTS 137 300 494 743 547 618 941 672 Public and publicly guaranteed 137 300 427 275 374 498 717 494 Official creditors 135 291 427 262 370 495 716 492 Multilateral 73 204 383 237 324 460 696 407 Concessional 46 90 174 151 191 300 502 294 Bilateral 61 86 45 25 46 36 20 85 Concessional 48 85 45 21 41 34 20 85 Private creditors 2 9 0 13 3 3 1 2 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 67 468 173 119 224 177 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 67 468 173 119 224 177 Memo: IBRD 11 0 0 0 0 0 0 0 IDA 2 49 113 61 102 104 143 124 PRINCIPAL REPAYMENTS 174 196 173 434 340 345 284 356 Public and publicly guaranteed 149 172 155 153 143 147 189 181 Official creditors 136 163 147 149 140 147 188 179 Multilateral 73 117 120 118 116 130 169 170 Concessional 3 14 22 21 15 14 24 23 Bilateral 63 46 27 32 24 16 19 9 Concessional 22 9 3 22 18 10 11 5 Private creditors 13 9 8 4 2 1 1 2 of which: Bonds 1 0 0 0 0 0 0 0 Commercial banks 3 2 4 1 0 0 0 0 Private nonguaranteed 26 24 18 281 197 198 95 175 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 26 24 18 281 197 198 95 175 Memo: IBRD 12 21 26 12 0 0 0 0 IDA 1 2 2 0 1 7 6 8 INTEREST PAYMENTS (LINT) 157 117 155 159 168 100 122 128 Public and publicly guaranteed 100 103 137 112 99 68 85 82 Official creditors 77 101 133 111 97 68 85 82 Multilateral 36 69 100 82 72 61 81 79 Concessional 5 10 17 15 10 12 32 37 Bilateral 41 32 33 29 25 6 4 3 Concessional 11 6 24 23 22 5 3 2 Private creditors 23 2 4 1 1 0 0 0 of which: Bonds 1 0 0 0 0 0 0 0 Commercial banks 0 1 1 0 0 0 0 0 Private nonguaranteed 58 14 19 47 69 32 36 46 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 58 14 19 47 69 32 36 46 Memo: IBRD 16 15 9 1 0 0 0 0 IDA 1 3 6 1 1 7 8 12 67 BOLIVIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 0.7 1.0 0.9 1.6 Japanese yen 4.0 10.0 13.2 12.3 0.0 0.0 0.0 0.0 Pound sterling 0.5 0.9 0.7 0.2 0.0 0.0 0.0 0.0 Swiss franc 0.1 0.7 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 70.6 41.3 32.7 45.1 61.1 65.9 71.4 73.6 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 153 196 0 0 3 0 0 Debt stock rescheduled 0 0 10 0 0 0 0 0 Principal rescheduled 0 81 138 0 0 0 0 0 Official 0 69 137 0 0 0 0 0 Private 0 12 1 0 0 0 0 0 Interest rescheduled 0 63 46 0 0 0 0 0 Official 0 59 46 0 0 0 0 0 Private 0 3 1 0 0 0 0 0 Debt forgiven 0 92 74 28 99 41 33 33 Memo: interest forgiven 0 60 8 8 18 13 12 18 Debt stock reduction 0 20 0 18 1,050 61 0 0 of which debt buyback 0 4 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 488 143 396 237 -1,095 313 675 422 Net flows on debt -51 32 341 294 191 246 474 360 Cross-currency valuation 100 114 -33 -212 -193 113 226 80 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 5.1 4.2 3.8 4.2 3.3 4.1 3.0 3.2 Maturity (years) 32.5 29.2 28.8 28.4 23.2 21.8 22.3 17.7 Grace period (years) 7.0 7.9 7.7 7.8 6.0 5.7 6.4 4.5 Grant element (%) 41.6 47.8 49.7 48.0 46.2 40.4 48.5 40.7 Official creditors Interest (%) 4.8 4.1 3.8 4.2 3.3 4.1 3.0 3.2 Maturity (years) 33.9 29.5 29.0 28.6 23.3 21.9 22.3 17.7 Grace period (years) 7.3 7.9 7.8 7.9 6.1 5.7 6.4 4.5 Grant element (%) 44.1 48.4 50.1 48.2 46.5 40.5 48.5 40.7 Private creditors Interest (%) 10.8 9.4 6.7 7.4 5.9 6.3 0.0 0.0 Maturity (years) 6.8 5.8 5.6 5.3 5.6 5.5 0.0 0.0 Grace period (years) 1.8 1.5 1.0 0.8 1.1 1.0 0.0 0.0 Grant element (%) -3.3 1.0 8.2 5.9 10.5 9.5 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 368 472 382 379 426 360 350 304 Interest 217 203 181 161 139 116 95 77 Official creditors Principal 229 267 261 248 268 269 264 261 Interest 133 131 124 115 105 94 83 73 Bilateral creditors Principal 28 28 25 25 27 29 30 29 Interest 8 8 8 8 7 7 6 5 Multilateral creditors Principal 200 239 236 223 241 240 234 232 Interest 124 123 116 107 98 87 77 67 Private creditors Principal 139 205 121 131 158 90 86 44 Interest 85 71 57 46 33 22 12 5 Notes: Data source: Data on long-term public and publicly guaranteed debt and on private nonguaranteed debt for 2004 are based on reports provided by the country. Short-term debt data are from BIS semiannual series of international bank lending. Rescheduling: Data includes the effects of all Paris Club debt restructuring agreements signed until December 2004. 68 BOSNIA AND HERZEGOVINA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. .. .. 2,110 1,942 2,519 2,585 3,202 Long-term debt (LDOD) .. .. .. 1,956 1,772 2,031 2,338 2,734 Public and publicly guaranteed .. .. .. 1,949 1,760 2,011 2,294 2,644 Private nonguaranteed .. .. .. 7 11 21 44 90 Use of IMF credit .. .. 48 105 111 139 134 109 Short-term debt .. .. 31 49 60 349 113 360 of which interest arrears on LDOD .. .. .. 1 0 2 0 0 Official creditors .. .. .. 1 0 2 0 0 Private creditors .. .. .. 0 0 0 0 0 Memorandum items Principal arrears on LDOD .. .. .. 2 0 0 0 0 Official creditors .. .. .. 2 0 0 0 0 Private creditors .. .. .. 0 0 0 0 0 TOTAL DEBT FLOWS Disbursements .. .. .. 136 104 194 190 347 Long-term debt .. .. .. 100 86 153 156 329 IMF purchases .. .. 46 36 18 41 34 18 Principal repayments .. .. .. 191 207 93 121 120 Long-term debt .. .. .. 171 200 70 71 73 IMF repurchases .. .. 28 20 8 23 51 48 Net flows on debt .. .. .. -44 -92 388 -166 474 of which short-term debt .. .. .. 11 12 287 -234 247 Interest payments (INT) .. .. .. 97 75 54 54 56 Long-term debt .. .. .. 89 67 48 48 48 IMF charges .. .. 5 5 5 3 2 3 Short-term debt .. .. .. 3 3 3 4 5 Net transfers on debt .. .. .. -141 -167 334 -220 418 Total debt service paid (TDS) .. .. .. 288 282 148 175 176 Long-term debt .. .. .. 260 267 119 119 120 IMF repurchases and charges .. .. 33 25 13 26 53 51 Short-term debt (interest only) .. .. .. 3 3 3 4 5 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. .. .. 646 436 676 784 1,146 Net flow of long-term debt (ex. IMF) .. .. .. -71 -113 83 85 257 Foreign direct investment (net) .. .. .. 146 118 268 382 613 Portfolio equity flows .. .. .. 0 0 0 0 0 Grants (excluding technical coop.) .. .. 870 570 431 325 317 277 Memo: technical coop. grants .. .. 62 103 123 123 152 147 NET TRANSFERS .. .. .. 557 366 623 726 1,092 Interest on long-term debt .. .. .. 89 67 48 48 48 Profit remittances on FDI .. .. .. 0 2 5 10 7 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. .. 1,625 4,752 5,045 5,873 7,346 8,768 Exports of goods, serv. & inc. (XGS) .. .. .. 3,168 3,175 3,192 3,951 4,797 Worker remit. & comp. of employees .. .. .. 1,595 1,521 1,526 1,745 1,824 Imports of goods & services (MGS) .. .. .. 4,253 4,457 4,860 6,169 7,236 International reserves (RES) .. .. .. 497 1,221 1,321 1,796 2,408 Current account balance .. .. .. -463 -750 -1,201 -1,745 -1,918 4. DEBT INDICATORS EDT / XGS (%) .. .. .. 66.6 61.2 78.9 65.4 66.8 EDT / GNI (%) .. .. .. 44.4 38.5 42.9 35.2 36.5 TDS / XGS (%) .. .. .. 9.1 8.9 4.6 4.4 3.7 INT / XGS (%) .. .. .. 3.1 2.4 1.7 1.4 1.2 INT / GNI (%) .. .. .. 2.0 1.5 0.9 0.7 0.6 RES / EDT (%) .. .. .. 23.5 62.9 52.4 69.5 75.2 RES / MGS (months) .. .. .. 1.4 3.3 3.3 3.5 4.0 Short-term / EDT (%) .. .. .. 2.3 3.1 13.8 4.4 11.2 Concessional / EDT (%) .. .. .. 43.5 48.4 45.4 51.2 50.4 Multilateral / EDT (%) .. .. .. 60.0 57.1 50.0 55.1 53.9 69 BOSNIA AND HERZEGOVINA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. .. .. 1,956 1,772 2,031 2,338 2,734 Public and publicly guaranteed .. .. .. 1,949 1,760 2,011 2,294 2,644 Official creditors .. .. .. 1,825 1,642 1,870 2,125 2,462 Multilateral .. .. .. 1,266 1,108 1,260 1,426 1,726 Concessional .. .. .. 460 502 644 758 1,020 Bilateral .. .. .. 559 534 610 699 735 Concessional .. .. .. 458 438 498 566 595 Private creditors .. .. .. 125 118 140 169 182 of which: Bonds .. .. .. 0 0 0 0 0 Commercial banks .. .. .. 125 118 140 169 182 Private nonguaranteed .. .. .. 7 11 21 44 90 Bonds .. .. .. 0 0 0 0 0 Commercial banks and other .. .. .. 7 11 21 44 90 Memo: IBRD .. .. 472 562 540 538 540 527 IDA .. .. 0 398 443 578 683 927 Public sector LDOD .. .. .. 1,949 1,760 2,011 2,294 2,644 Private sector LDOD .. .. .. 7 11 21 44 90 DISBURSEMENTS .. .. .. 100 86 153 156 329 Public and publicly guaranteed .. .. .. 95 74 135 115 268 Official creditors .. .. .. 95 74 135 115 268 Multilateral .. .. .. 90 72 107 92 260 Concessional .. .. .. 62 62 98 49 223 Bilateral .. .. .. 5 1 27 23 8 Concessional .. .. .. 5 1 15 23 8 Private creditors .. .. .. 0 0 0 0 0 of which: Bonds .. .. .. 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 0 Private nonguaranteed .. .. .. 5 13 19 41 61 Bonds .. .. .. 0 0 0 0 0 Commercial banks and other .. .. .. 5 13 19 41 61 Memo: IBRD .. .. 0 0 0 0 0 0 IDA .. .. 0 44 62 97 48 209 PRINCIPAL REPAYMENTS .. .. .. 171 200 70 71 73 Public and publicly guaranteed .. .. .. 170 191 58 47 50 Official creditors .. .. .. 170 191 58 47 50 Multilateral .. .. .. 166 186 32 34 35 Concessional .. .. .. 0 1 2 2 2 Bilateral .. .. .. 4 5 26 13 15 Concessional .. .. .. 4 5 13 11 12 Private creditors .. .. .. 0 0 0 0 0 of which: Bonds .. .. .. 0 0 0 0 0 Commercial banks .. .. .. 0 0 0 0 0 Private nonguaranteed .. .. .. 1 9 13 23 22 Bonds .. .. .. 0 0 0 0 0 Commercial banks and other .. .. .. 1 9 13 23 22 Memo: IBRD .. .. 0 0 5 23 24 24 IDA .. .. 0 0 0 0 0 0 INTEREST PAYMENTS (LINT) .. .. .. 89 67 48 48 48 Public and publicly guaranteed .. .. .. 89 66 48 46 45 Official creditors .. .. .. 86 64 44 42 40 Multilateral .. .. .. 74 54 30 28 28 Concessional .. .. .. 4 5 5 6 8 Bilateral .. .. .. 13 10 14 14 12 Concessional .. .. .. 8 7 9 8 6 Private creditors .. .. .. 2 2 4 5 5 of which: Bonds .. .. .. 0 0 0 0 0 Commercial banks .. .. .. 2 2 4 5 5 Private nonguaranteed .. .. .. 0 1 1 2 3 Bonds .. .. .. 0 0 0 0 0 Commercial banks and other .. .. .. 0 1 1 2 3 Memo: IBRD .. .. 0 33 31 22 17 15 IDA .. .. 0 3 3 4 5 6 70 BOSNIA AND HERZEGOVINA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 31.5 32.6 35.0 34.5 Japanese yen .. .. .. 0.0 0.0 0.2 1.1 1.2 Pound sterling .. .. .. 0.0 0.0 0.0 0.0 0.0 Swiss franc .. .. .. 2.3 2.4 2.4 2.3 2.0 U.S.dollars .. .. .. 27.7 33.5 36.2 36.2 40.3 7. DEBT RESTRUCTURINGS Total amount rescheduled .. .. .. 4 0 0 0 0 Debt stock rescheduled .. .. .. 0 0 0 0 0 Principal rescheduled .. .. .. 2 0 0 0 0 Official .. .. .. 0 0 0 0 0 Private .. .. .. 2 0 0 0 0 Interest rescheduled .. .. .. 1 0 0 0 0 Official .. .. .. 0 0 0 0 0 Private .. .. .. 1 0 0 0 0 Debt forgiven .. .. .. 0 0 0 0 0 Memo: interest forgiven .. .. .. 0 0 0 0 0 Debt stock reduction .. .. .. 0 0 0 0 0 of which debt buyback .. .. .. 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. .. .. -264 -168 577 66 617 Net flows on debt .. .. .. -44 -92 388 -166 474 Cross-currency valuation .. .. .. -115 -78 184 239 122 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. .. .. 3.5 1.8 0.8 1.4 0.8 Maturity (years) .. .. .. 25.6 30.1 34.6 19.4 19.6 Grace period (years) .. .. .. 7.2 8.4 9.9 10.4 10.1 Grant element (%) .. .. .. 49.1 65.8 78.3 63.8 69.0 Official creditors Interest (%) .. .. .. 3.5 1.8 0.8 1.4 0.8 Maturity (years) .. .. .. 25.6 30.1 34.6 19.4 19.6 Grace period (years) .. .. .. 7.2 8.4 9.9 10.4 10.1 Grant element (%) .. .. .. 49.1 65.8 78.3 63.8 69.0 Private creditors Interest (%) .. .. .. 0.0 0.0 0.0 0.0 0.0 Maturity (years) .. .. .. 0.0 0.0 0.0 0.0 0.0 Grace period (years) .. .. .. 0.0 0.0 0.0 0.0 0.0 Grant element (%) .. .. .. 0.0 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 94 121 132 123 129 122 125 120 Interest 61 59 56 53 50 46 43 40 Official creditors Principal 71 80 94 98 107 106 110 106 Interest 51 50 49 47 45 42 39 36 Bilateral creditors Principal 31 31 31 31 30 30 30 30 Interest 15 15 14 13 12 12 11 10 Multilateral creditors Principal 40 49 64 67 77 76 80 75 Interest 35 36 35 34 32 30 28 26 Private creditors Principal 23 41 37 25 21 16 15 14 Interest 10 9 7 6 5 4 4 3 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are based on reports provided by the country. Prior to 1999 data on long-term public and publicly guaranteed debt include only the IBRD and IMF. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. Rescheduling: Data includes the effects of all Paris Club debt restructuring agreements signed until December 2004. 71 BOTSWANA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 345.7 552.9 717.2 452.8 399.9 488.4 513.6 524.0 Long-term debt (LDOD) 343.7 547.1 707.0 437.8 378.9 472.4 484.6 488.3 Public and publicly guaranteed 343.7 547.1 707.0 437.8 378.9 472.4 484.6 488.3 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt 2.0 5.8 10.2 15.0 21.0 16.0 29.0 35.7 of which interest arrears on LDOD 0.0 2.6 6.2 0.0 0.0 0.0 0.0 0.0 Official creditors 0.0 1.3 0.2 0.0 0.0 0.0 0.0 0.0 Private creditors 0.0 1.3 6.0 0.0 0.0 0.0 0.0 0.0 Memorandum items Principal arrears on LDOD 0.0 2.7 9.0 1.0 0.0 0.0 0.0 0.0 Official creditors 0.0 0.9 3.0 1.0 0.0 0.0 0.0 0.0 Private creditors 0.0 1.8 6.0 0.0 0.0 0.0 0.0 0.0 TOTAL DEBT FLOWS Disbursements 71.8 27.0 67.4 28.0 7.4 1.8 13.5 22.1 Long-term debt 71.8 27.0 67.4 28.0 7.4 1.8 13.5 22.1 IMF purchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 26.7 66.5 63.9 52.1 39.3 44.6 38.0 36.6 Long-term debt 26.7 66.5 63.9 52.1 39.3 44.6 38.0 36.6 IMF repurchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net flows on debt 42.1 -39.4 4.0 -28.8 -25.9 -47.8 -11.6 -7.8 of which short-term debt -3.0 0.1 0.6 -4.7 6.0 -5.0 13.0 6.7 Interest payments (INT) 20.9 38.8 27.5 16.6 12.9 16.2 12.4 12.0 Long-term debt 20.6 38.6 27.3 15.2 11.9 15.2 11.4 10.8 IMF charges 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt 0.3 0.2 0.2 1.3 1.0 1.0 1.0 1.2 Net transfers on debt 21.2 -78.2 -23.5 -45.3 -38.7 -63.9 -24.0 -19.8 Total debt service paid (TDS) 47.6 105.3 91.4 68.7 52.1 60.8 50.5 48.5 Long-term debt 47.3 105.1 91.2 67.4 51.1 59.8 49.5 47.4 IMF repurchases and charges 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt (interest only) 0.3 0.2 0.2 1.3 1.0 1.0 1.0 1.2 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 152.4 135.0 107.5 45.1 12.6 380.8 418.5 63.9 Net flow of long-term debt (ex. IMF) 45.1 -39.5 3.4 -24.1 -31.9 -42.8 -24.6 -14.5 Foreign direct investment (net) 53.6 96.0 70.0 57.0 22.0 403.0 418.0 46.8 Portfolio equity flows 0.0 0.0 5.5 -5.9 6.0 7.1 10.2 9.5 Grants (excluding technical coop.) 53.7 78.4 28.6 18.1 16.5 13.5 14.9 22.1 Memo: technical coop. grants 36.9 59.1 51.4 18.2 17.9 38.7 27.7 34.4 NET TRANSFERS 9.6 -310.6 -335.5 -628.0 -342.9 -543.3 -596.5 -675.4 Interest on long-term debt 20.6 38.6 27.3 15.2 11.9 15.2 11.4 10.8 Profit remittances on FDI 122.2 406.9 415.7 657.9 343.7 909.0 1,003.5 0.0 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 983.1 3,685.7 4,741.4 4,899.6 5,046.9 4,725.2 7,443.0 8,645.2 Exports of goods, serv. & inc. (XGS) 888.8 2,421.1 2,903.8 3,378.6 3,033.6 3,076.5 4,071.2 .. Worker remit. & comp. of employees 31.0 86.0 59.0 26.0 26.0 27.0 38.9 38.9 Imports of goods & services (MGS) 840.6 2,508.9 2,565.3 3,050.2 2,612.9 3,145.6 3,878.0 .. International reserves (RES) 758.3 3,331.5 4,695.5 6,318.2 5,897.3 5,473.9 5,339.8 5,661.4 Current account balance 81.9 -19.3 299.7 545.2 617.9 143.3 483.3 .. 4. DEBT INDICATORS EDT / XGS (%) 38.9 22.8 24.7 13.4 13.2 15.9 12.6 .. EDT / GNI (%) 35.2 15.0 15.1 9.2 7.9 10.3 6.9 6.1 TDS / XGS (%) 5.4 4.3 3.1 2.0 1.7 2.0 1.2 .. INT / XGS (%) 2.3 1.6 0.9 0.5 0.4 0.5 0.3 .. INT / GNI (%) 2.1 1.1 0.6 0.3 0.3 0.3 0.2 0.1 RES / EDT (%) 219.4 602.5 654.7 1,395.5 1,474.8 1,120.7 1,039.6 1,080.5 RES / MGS (months) 10.8 15.9 22.0 24.9 27.1 20.9 16.5 .. Short-term / EDT (%) 0.6 1.0 1.4 3.3 5.3 3.3 5.6 6.8 Concessional / EDT (%) 30.5 32.9 49.1 64.0 66.9 60.6 60.3 61.4 Multilateral / EDT (%) 65.1 70.0 70.1 65.7 65.0 66.6 64.8 62.6 72 BOTSWANA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 343.7 547.1 707.0 437.8 378.9 472.4 484.6 488.3 Public and publicly guaranteed 343.7 547.1 707.0 437.8 378.9 472.4 484.6 488.3 Official creditors 311.3 519.7 660.0 409.9 359.5 455.3 469.8 474.3 Multilateral 225.2 387.1 502.9 297.4 260.0 325.5 333.0 327.9 Concessional 50.1 109.8 218.6 180.1 168.8 166.2 173.0 175.2 Bilateral 86.1 132.7 157.2 112.5 99.5 129.8 136.8 146.3 Concessional 55.5 71.9 133.7 109.5 98.7 129.6 136.7 146.3 Private creditors 32.4 27.4 47.0 27.9 19.3 17.1 14.8 14.0 of which: Bonds 0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.1 3.0 32.8 19.9 12.0 10.4 8.8 8.7 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 122.1 155.2 96.3 15.6 10.2 7.4 5.0 3.4 IDA 14.9 13.6 11.5 9.1 8.7 8.2 7.7 7.2 Public sector LDOD 342.2 547.1 676.4 432.4 378.9 472.4 484.6 488.3 Private sector LDOD 1.4 0.0 30.5 5.4 0.0 0.0 0.0 0.0 DISBURSEMENTS 71.8 27.0 67.4 28.0 7.4 1.8 13.5 22.1 Public and publicly guaranteed 71.8 27.0 67.4 28.0 7.4 1.8 13.5 22.1 Official creditors 68.1 27.0 67.4 24.3 7.4 1.8 13.5 22.1 Multilateral 55.7 20.5 23.3 7.9 4.1 0.2 5.8 4.5 Concessional 5.6 11.4 13.0 6.5 3.5 0.2 0.1 3.0 Bilateral 12.4 6.5 44.0 16.4 3.2 1.6 7.6 17.6 Concessional 7.2 3.9 44.0 16.4 3.2 1.6 7.6 17.6 Private creditors 3.6 0.0 0.0 3.8 0.0 0.0 0.0 0.0 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.1 0.0 0.0 3.8 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 19.0 7.0 0.6 0.0 0.0 0.0 0.0 0.0 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 PRINCIPAL REPAYMENTS 26.7 66.5 63.9 52.1 39.3 44.6 38.0 36.6 Public and publicly guaranteed 26.7 66.5 63.9 52.1 39.3 44.6 38.0 36.6 Official creditors 10.9 48.0 57.7 45.3 37.0 42.4 35.8 35.7 Multilateral 7.7 36.6 48.3 33.2 27.5 30.3 25.4 25.2 Concessional 1.8 2.7 5.9 8.7 8.0 8.5 6.9 7.6 Bilateral 3.2 11.4 9.4 12.1 9.5 12.1 10.3 10.5 Concessional 1.4 3.4 4.6 10.2 7.7 11.7 10.3 10.3 Private creditors 15.8 18.5 6.2 6.9 2.2 2.2 2.3 0.8 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 15.0 0.2 4.5 6.2 1.6 1.6 1.6 0.2 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 4.8 19.0 23.7 7.4 4.5 3.5 3.0 1.7 IDA 0.2 0.3 0.5 0.5 0.5 0.5 0.5 0.5 INTEREST PAYMENTS (LINT) 20.6 38.6 27.3 15.2 11.9 15.2 11.4 10.8 Public and publicly guaranteed 20.6 38.6 27.3 15.2 11.9 15.2 11.4 10.8 Official creditors 17.1 35.6 24.2 13.9 11.4 14.9 11.2 10.6 Multilateral 12.4 27.8 21.0 11.1 8.4 11.3 8.4 7.7 Concessional 0.7 2.5 1.7 2.6 2.2 2.7 2.0 2.0 Bilateral 4.7 7.8 3.2 2.9 3.0 3.6 2.8 2.9 Concessional 1.2 1.8 1.0 2.4 2.7 3.6 2.8 2.9 Private creditors 3.5 3.0 3.0 1.3 0.5 0.3 0.2 0.2 of which: Bonds 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 1.2 0.1 2.2 0.7 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 8.7 14.2 8.6 1.2 0.7 0.5 0.3 0.2 IDA 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 73 BOTSWANA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 8.6 6.1 6.9 7.2 Japanese yen 0.0 4.4 11.1 11.4 10.7 17.4 17.9 17.4 Pound sterling 18.1 10.1 3.8 2.3 2.0 5.5 5.5 5.3 Swiss franc 0.0 0.0 0.1 0.1 0.1 0.2 0.2 0.2 U.S.dollars 17.7 11.9 13.4 18.0 19.8 23.8 21.7 19.9 7. DEBT RESTRUCTURINGS Total amount rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiven 0.0 0.0 0.0 0.0 1.1 0.0 0.0 0.0 Memo: interest forgiven 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock reduction 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 78.8 3.1 16.8 -51.5 -52.9 88.6 25.2 10.3 Net flows on debt 42.1 -39.4 4.0 -28.8 -25.9 -47.8 -11.6 -7.8 Cross-currency valuation 28.7 21.2 0.2 -10.5 0.1 11.8 0.3 4.0 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 8.1 6.8 0.0 0.0 3.9 0.0 3.2 3.1 Maturity (years) 18.0 15.2 0.0 0.0 11.9 19.3 14.9 20.5 Grace period (years) 4.1 4.4 0.0 0.0 3.9 10.3 5.1 5.0 Grant element (%) 10.6 18.1 0.0 0.0 30.9 74.6 40.8 45.9 Official creditors Interest (%) 8.4 5.6 0.0 0.0 3.9 0.0 3.2 3.1 Maturity (years) 18.4 17.5 0.0 0.0 11.9 19.3 14.9 20.5 Grace period (years) 4.2 4.5 0.0 0.0 3.9 10.3 5.1 5.0 Grant element (%) 9.5 26.5 0.0 0.0 30.9 74.6 40.8 45.9 Private creditors Interest (%) 3.2 8.9 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) 11.8 11.6 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) 1.8 4.1 0.0 0.0 0.0 0.0 0.0 0.0 Grant element (%) 30.4 4.6 0.0 0.0 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 49.9 48.6 45.8 43.4 39.7 36.3 33.2 29.4 Interest 13.9 12.2 10.5 8.8 7.3 5.9 4.8 3.8 Official creditors Principal 47.1 45.7 42.9 40.5 39.0 35.8 32.6 28.9 Interest 12.9 11.5 9.9 8.4 7.0 5.8 4.7 3.8 Bilateral creditors Principal 12.4 11.8 12.0 14.3 14.1 14.1 13.7 12.1 Interest 3.7 3.5 3.3 3.0 2.6 2.3 1.9 1.5 Multilateral creditors Principal 34.6 33.9 30.8 26.2 24.9 21.7 18.9 16.8 Interest 9.2 8.0 6.7 5.4 4.4 3.5 2.8 2.2 Private creditors Principal 2.9 2.9 2.9 2.9 0.7 0.6 0.6 0.6 Interest 1.0 0.8 0.6 0.4 0.2 0.2 0.1 0.0 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are based on reports provided by the country. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. 74 BRAZIL (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 103,612 119,964 160,515 243,428 231,085 233,107 236,583 222,026 Long-term debt (LDOD) 89,612 94,427 129,136 210,687 194,474 188,884 183,672 171,729 Public and publicly guaranteed 72,435 87,756 98,306 98,005 98,194 101,476 101,543 97,865 Private nonguaranteed 17,177 6,671 30,830 112,682 96,280 87,408 82,129 73,864 Use of IMF credit 4,619 1,821 142 1,768 8,337 20,827 28,317 25,029 Short-term debt 9,380 23,716 31,238 30,973 28,273 23,395 24,594 25,267 of which interest arrears on LDOD 111 8,791 1,546 177 0 0 0 0 Official creditors 35 332 1,185 107 0 0 0 0 Private creditors 76 8,459 361 70 0 0 0 0 Memorandum items Principal arrears on LDOD 614 3,694 3,972 1,840 0 0 0 0 Official creditors 84 789 884 599 0 0 0 0 Private creditors 530 2,905 3,088 1,240 0 0 0 0 TOTAL DEBT FLOWS Disbursements 3,380 4,087 20,216 44,926 45,308 40,556 45,081 26,661 Long-term debt 3,380 4,087 20,216 44,926 38,590 24,663 27,407 26,661 IMF purchases 0 0 0 0 6,718 15,893 17,674 0 Principal repayments 2,359 5,913 11,054 47,726 37,332 37,249 42,377 38,570 Long-term debt 2,294 5,147 11,005 41,033 37,332 32,603 29,930 34,213 IMF repurchases 65 765 49 6,693 0 4,646 12,447 4,357 Net flows on debt -658 -1,727 8,804 -968 5,453 -1,571 3,903 -11,236 of which short-term debt -1,679 99 -359 1,831 -2,524 -4,878 1,199 673 Interest payments (INT) 9,112 2,260 10,522 17,182 17,321 15,170 16,613 15,140 Long-term debt 7,337 2,029 8,720 15,352 15,831 13,938 14,176 11,983 IMF charges 337 231 10 336 133 467 757 1,208 Short-term debt 1,438 0 1,792 1,494 1,357 765 1,680 1,950 Net transfers on debt -9,770 -3,986 -1,718 -18,150 -11,868 -16,741 -12,710 -26,376 Total debt service paid (TDS) 11,471 8,172 21,576 64,908 54,653 52,419 58,990 53,710 Long-term debt 9,630 7,176 19,724 56,384 53,163 46,540 44,106 46,196 IMF repurchases and charges 402 996 59 7,029 133 5,114 13,205 5,565 Short-term debt (interest only) 1,438 0 1,792 1,494 1,357 765 1,680 1,950 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 2,561 72 16,910 39,803 26,277 10,703 10,676 12,786 Net flow of long-term debt (ex. IMF) 1,086 -1,060 9,211 3,894 1,258 -7,940 -2,523 -7,552 Foreign direct investment (net) 1,441 989 4,859 32,779 22,457 16,590 10,144 18,166 Portfolio equity flows 0 103 2,775 3,076 2,481 1,981 2,973 2,081 Grants (excluding technical coop.) 34 41 65 54 81 72 82 91 Memo: technical coop. grants 73 145 239 277 289 304 321 329 NET TRANSFERS -6,457 -3,849 5,376 20,213 5,441 -9,185 -9,484 -6,057 Interest on long-term debt 7,337 2,029 8,720 15,352 15,831 13,938 14,176 11,983 Profit remittances on FDI 1,682 1,892 2,814 4,238 5,006 5,950 5,984 6,860 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 211,064 449,672 693,103 583,804 489,286 443,005 487,940 584,858 Exports of goods, serv. & inc. (XGS) 29,334 36,854 58,989 69,317 72,003 74,919 88,888 114,716 Worker remit. & comp. of employees 40 573 3,315 1,649 1,775 2,449 2,821 3,575 Imports of goods & services (MGS) 29,737 40,949 77,855 93,950 95,676 83,235 85,559 103,788 International reserves (RES) 11,618 9,200 51,477 33,008 35,866 37,835 49,297 52,935 Current account balance -280 -3,823 -18,136 -24,225 -23,215 -7,637 4,177 11,738 4. DEBT INDICATORS EDT / XGS (%) 353.2 325.5 272.1 351.2 320.9 311.1 266.2 193.5 EDT / GNI (%) 49.1 26.7 23.2 41.7 47.2 52.6 48.5 38.0 TDS / XGS (%) 39.1 22.2 36.6 93.6 75.9 70.0 66.4 46.8 INT / XGS (%) 31.1 6.1 17.8 24.8 24.1 20.2 18.7 13.2 INT / GNI (%) 4.3 0.5 1.5 2.9 3.5 3.4 3.4 2.6 RES / EDT (%) 11.2 7.7 32.1 13.6 15.5 16.2 20.8 23.8 RES / MGS (months) 4.7 2.7 7.9 4.2 4.5 5.5 6.9 6.1 Short-term / EDT (%) 9.1 19.8 19.5 12.7 12.2 10.0 10.4 11.4 Concessional / EDT (%) 1.5 2.5 3.7 0.9 1.1 1.4 1.4 1.5 Multilateral / EDT (%) 7.1 9.5 5.8 7.5 8.4 9.1 8.8 8.8 75 BRAZIL (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 89,612 94,427 129,136 210,687 194,474 188,884 183,672 171,729 Public and publicly guaranteed 72,435 87,756 98,306 98,005 98,194 101,476 101,543 97,865 Official creditors 12,782 29,348 27,837 29,360 28,827 31,261 29,899 27,275 Multilateral 7,337 11,391 9,366 18,240 19,373 21,109 20,798 19,596 Concessional 46 16 0 3 3 3 3 9 Bilateral 5,445 17,956 18,471 11,120 9,455 10,152 9,101 7,678 Concessional 1,512 3,001 5,943 2,114 2,649 3,209 3,318 3,389 Private creditors 59,654 58,409 70,468 68,645 69,367 70,216 71,644 70,590 of which: Bonds 1,816 2,339 54,615 55,802 50,318 54,564 60,719 57,846 Commercial banks 50,051 47,461 12,170 11,875 17,144 14,591 10,472 12,263 Private nonguaranteed 17,177 6,671 30,830 112,682 96,280 87,408 82,129 73,864 Bonds 0 0 11,290 16,846 17,637 16,476 42,018 38,376 Commercial banks and other 17,177 6,671 19,540 95,836 78,643 70,932 40,111 35,487 Memo: IBRD 5,274 8,427 6,038 7,377 7,963 8,585 8,588 8,668 IDA 0 0 0 0 0 0 0 0 Public sector LDOD 70,758 87,186 97,438 97,560 97,869 100,563 100,103 96,324 Private sector LDOD 18,854 7,241 31,698 113,127 96,606 88,322 83,569 75,405 DISBURSEMENTS 3,380 4,087 20,216 44,926 38,590 24,663 27,407 26,661 Public and publicly guaranteed 3,380 3,212 8,120 20,511 16,131 14,362 12,236 12,391 Official creditors 1,866 1,322 2,005 5,257 4,339 5,387 3,321 2,614 Multilateral 1,123 1,001 1,257 4,468 2,651 3,217 2,475 1,950 Concessional 0 0 0 3 0 0 0 6 Bilateral 743 321 747 790 1,687 2,170 846 664 Concessional 38 86 16 526 458 814 573 542 Private creditors 1,513 1,890 6,116 15,254 11,792 8,975 8,915 9,776 of which: Bonds 0 200 1,661 11,529 7,870 4,772 8,000 5,743 Commercial banks 494 864 4,351 3,713 3,598 4,150 894 4,007 Private nonguaranteed 0 875 12,096 24,415 22,459 10,301 15,170 14,271 Bonds 0 0 4,563 2,886 2,930 2,055 5,160 5,199 Commercial banks and other 0 875 7,533 21,529 19,529 8,246 10,011 9,071 Memo: IBRD 765 782 838 1,692 1,639 1,400 1,291 1,447 IDA 0 0 0 0 0 0 0 0 PRINCIPAL REPAYMENTS 2,294 5,147 11,005 41,033 37,332 32,603 29,930 34,213 Public and publicly guaranteed 1,537 4,139 6,525 17,226 13,227 15,239 14,369 13,221 Official creditors 930 1,956 3,719 7,048 1,597 4,575 5,593 5,552 Multilateral 537 1,518 1,683 4,308 1,114 2,153 3,593 3,533 Concessional 6 6 1 0 0 0 0 0 Bilateral 393 439 2,035 2,740 483 2,422 2,001 2,019 Concessional 6 29 408 224 122 507 398 454 Private creditors 607 2,183 2,806 10,178 11,630 10,663 8,775 7,669 of which: Bonds 215 71 919 8,397 6,979 2,162 3,815 5,707 Commercial banks 68 1,616 1,051 1,547 4,379 7,441 4,458 1,941 Private nonguaranteed 757 1,008 4,480 23,806 24,105 17,364 15,561 20,992 Bonds 0 0 2,670 2,775 2,117 3,280 1,561 9,671 Commercial banks and other 757 1,008 1,810 21,031 21,988 14,084 14,000 11,320 Memo: IBRD 406 1,251 1,377 887 828 1,063 1,633 1,564 IDA 0 0 0 0 0 0 0 0 INTEREST PAYMENTS (LINT) 7,337 2,029 8,720 15,352 15,831 13,938 14,176 11,983 Public and publicly guaranteed 5,667 1,569 6,624 7,000 7,260 7,092 7,077 7,256 Official creditors 817 1,273 1,567 1,916 1,558 1,635 1,500 1,193 Multilateral 542 966 750 1,400 1,385 1,179 1,100 851 Concessional 2 1 0 0 0 0 0 0 Bilateral 275 307 817 516 173 456 400 341 Concessional 30 13 247 81 60 92 96 105 Private creditors 4,850 296 5,057 5,084 5,702 5,457 5,577 6,064 of which: Bonds 135 14 4,416 4,286 4,500 4,088 4,475 5,124 Commercial banks 4,452 46 376 759 1,187 1,316 1,092 936 Private nonguaranteed 1,670 460 2,095 8,352 8,571 6,846 7,099 4,726 Bonds 0 0 837 1,562 1,632 1,707 1,921 3,046 Commercial banks and other 1,670 460 1,258 6,790 6,939 5,139 5,179 1,680 Memo: IBRD 391 725 491 464 533 459 377 280 IDA 0 0 0 0 0 0 0 0 76 BRAZIL (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 16.5 15.0 13.4 14.7 Japanese yen 7.5 7.4 8.6 7.3 8.4 8.3 6.5 6.8 Pound sterling 0.9 1.8 1.8 1.0 0.8 0.6 0.5 0.4 Swiss franc 1.0 1.0 0.3 0.3 0.3 0.2 0.2 0.1 U.S.dollars 70.7 60.3 68.2 69.2 68.5 71.0 74.8 73.9 7. DEBT RESTRUCTURINGS Total amount rescheduled 6,552 1,316 234 0 0 0 0 0 Debt stock rescheduled 0 0 0 0 16 0 0 0 Principal rescheduled 6,322 1,064 0 0 1,047 0 0 0 Official 183 212 0 0 40 0 0 0 Private 6,139 852 0 0 1,007 0 0 0 Interest rescheduled 230 274 0 0 63 0 0 0 Official 92 69 0 0 1 0 0 0 Private 138 205 0 0 61 0 0 0 Debt forgiven 0 0 0 0 0 0 0 0 Memo: interest forgiven 0 0 0 0 0 0 0 0 Debt stock reduction 530 1,259 0 6,479 4,531 0 0 0 of which debt buyback 0 776 0 6,342 4,531 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks -251 5,327 8,085 -1,782 -12,344 2,022 3,476 -14,558 Net flows on debt -658 -1,727 8,804 -968 5,453 -1,571 3,903 -11,236 Cross-currency valuation 3,532 3,031 664 -2,533 -2,117 5,358 6,904 2,746 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 9.0 8.2 7.3 8.5 6.4 7.6 7.4 6.6 Maturity (years) 12.6 11.8 7.7 12.9 9.5 12.6 10.5 13.9 Grace period (years) 3.3 3.7 2.9 9.7 4.9 6.4 8.7 10.9 Grant element (%) 4.7 8.9 9.8 2.2 13.9 15.1 12.1 16.5 Official creditors Interest (%) 8.8 7.4 5.9 5.7 4.8 3.9 2.2 2.9 Maturity (years) 13.6 15.2 19.8 8.6 10.5 18.3 11.5 16.7 Grace period (years) 3.5 4.1 4.9 1.2 2.0 5.0 4.7 3.6 Grant element (%) 6.4 14.9 25.2 13.8 21.6 37.7 39.4 39.5 Private creditors Interest (%) 9.4 9.0 7.7 9.9 7.5 10.6 8.2 7.5 Maturity (years) 10.3 8.0 3.3 15.2 8.8 7.9 10.4 13.2 Grace period (years) 3.0 3.2 2.1 14.0 6.9 7.6 9.3 12.8 Grant element (%) 0.9 2.5 4.1 -3.8 8.4 -3.3 8.0 10.5 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 32,426 25,462 23,198 18,560 14,438 10,527 8,369 7,646 Interest 11,489 9,897 8,885 6,875 5,723 4,625 4,110 3,571 Official creditors Principal 5,596 5,273 2,653 2,537 2,593 2,510 2,272 2,130 Interest 1,192 1,038 869 792 711 617 530 448 Bilateral creditors Principal 3,452 3,411 593 475 597 544 383 378 Interest 352 237 123 110 99 76 62 51 Multilateral creditors Principal 2,144 1,862 2,060 2,062 1,996 1,965 1,889 1,752 Interest 841 801 746 681 612 541 469 398 Private creditors Principal 26,830 20,189 20,545 16,023 11,845 8,018 6,096 5,516 Interest 10,297 8,859 8,015 6,083 5,013 4,008 3,579 3,123 Notes: Data source. Data on long-term public and publicly guaranteed, private nonguaranteed debt, and short-term debt for 2004 are based on reports provided by the country. Revised data were provided by the country. 77 BULGARIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. 10,890 10,379 11,212 10,497 11,479 13,425 15,661 Long-term debt (LDOD) .. 9,834 9,150 8,440 8,168 8,591 9,575 11,241 Public and publicly guaranteed .. 9,834 8,808 7,671 7,387 7,480 7,749 7,434 Private nonguaranteed .. 0 342 769 782 1,111 1,826 3,807 Use of IMF credit .. 0 717 1,322 1,110 1,049 1,188 1,183 Short-term debt .. 1,056 512 1,450 1,219 1,839 2,663 3,237 of which interest arrears on LDOD .. 226 74 0 0 0 0 0 Official creditors .. 5 5 0 0 0 0 0 Private creditors .. 221 68 0 0 0 0 0 Memorandum items Principal arrears on LDOD .. 356 227 1 0 0 0 0 Official creditors .. 1 25 0 0 0 0 0 Private creditors .. 354 201 1 0 0 0 0 TOTAL DEBT FLOWS Disbursements .. 875 259 995 839 983 1,042 3,054 Long-term debt .. 875 259 719 706 874 896 2,977 IMF purchases .. 0 0 276 133 109 145 77 Principal repayments .. 865 565 712 803 1,006 669 1,912 Long-term debt .. 865 319 573 502 753 562 1,780 IMF repurchases .. 0 246 139 301 253 107 132 Net flows on debt .. -14 -194 465 -195 598 1,008 1,717 of which short-term debt .. -24 113 183 -232 620 636 574 Interest payments (INT) .. 510 575 584 572 391 484 543 Long-term debt .. 452 501 456 457 306 395 424 IMF charges .. 0 50 63 58 31 20 31 Short-term debt .. 58 24 65 57 53 69 89 Net transfers on debt .. -523 -769 -119 -767 207 524 1,173 Total debt service paid (TDS) .. 1,374 1,140 1,296 1,375 1,396 1,153 2,455 Long-term debt .. 1,316 820 1,029 959 1,059 957 2,203 IMF repurchases and charges .. 0 296 202 359 284 127 163 Short-term debt (interest only) .. 58 24 65 57 53 69 89 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. 17 52 1,282 1,182 1,165 2,619 3,596 Net flow of long-term debt (ex. IMF) .. 11 -61 145 204 121 334 1,197 Foreign direct investment (net) .. 4 90 1,002 813 905 2,097 2,005 Portfolio equity flows .. 0 0 5 -9 -23 -23 0 Grants (excluding technical coop.) .. 3 22 130 174 161 211 393 Memo: technical coop. grants .. 1 91 150 104 138 182 206 NET TRANSFERS .. -434 -449 719 577 631 1,674 2,609 Interest on long-term debt .. 452 501 456 457 306 395 424 Profit remittances on FDI .. 0 0 107 149 228 551 563 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. 19,087 12,681 12,289 13,291 15,300 19,300 23,708 Exports of goods, serv. & inc. (XGS) .. 7,070 6,926 7,321 7,588 8,377 11,035 14,329 Worker remit. & comp. of employees .. 0 0 58 71 72 67 103 Imports of goods & services (MGS) .. 8,905 7,084 8,314 9,071 9,751 13,586 17,476 International reserves (RES) .. .. 1,635 3,507 3,646 4,846 6,826 9,337 Current account balance .. -1,710 -26 -704 -984 -827 -1,855 -2,053 4. DEBT INDICATORS EDT / XGS (%) .. 154.0 149.9 153.2 138.3 137.0 121.7 109.3 EDT / GNI (%) .. 57.1 81.8 91.2 79.0 75.0 69.6 66.1 TDS / XGS (%) .. 19.4 16.5 17.7 18.1 16.7 10.5 17.1 INT / XGS (%) .. 7.2 8.3 8.0 7.5 4.7 4.4 3.8 INT / GNI (%) .. 2.7 4.5 4.8 4.3 2.6 2.5 2.3 RES / EDT (%) .. .. 15.8 31.3 34.7 42.2 50.8 59.6 RES / MGS (months) .. .. 2.8 5.1 4.8 6.0 6.0 6.4 Short-term / EDT (%) .. 9.7 4.9 12.9 11.6 16.0 19.8 20.7 Concessional / EDT (%) .. 0.7 1.8 3.4 3.5 2.9 3.2 3.0 Multilateral / EDT (%) .. 2.0 11.9 13.8 14.6 15.8 16.8 16.8 78 BULGARIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. 9,834 9,150 8,440 8,168 8,591 9,575 11,241 Public and publicly guaranteed .. 9,834 8,808 7,671 7,387 7,480 7,749 7,434 Official creditors .. 1,669 2,950 2,603 2,324 2,467 2,937 3,286 Multilateral .. 222 1,230 1,542 1,531 1,808 2,261 2,633 Concessional .. 0 0 6 8 32 83 98 Bilateral .. 1,447 1,720 1,061 793 659 676 652 Concessional .. 77 186 370 361 305 352 376 Private creditors .. 8,165 5,857 5,068 5,063 5,012 4,812 4,148 of which: Bonds .. 327 5,412 4,982 4,979 4,898 4,659 3,965 Commercial banks .. 7,084 394 26 29 49 78 105 Private nonguaranteed .. 0 342 769 782 1,111 1,826 3,807 Bonds .. 0 0 0 0 0 58 315 Commercial banks and other .. 0 342 769 782 1,111 1,768 3,492 Memo: IBRD .. 0 444 824 844 958 1,266 1,498 IDA .. 0 0 0 0 0 0 0 Public sector LDOD .. 9,834 8,808 7,671 7,387 7,480 7,749 7,434 Private sector LDOD .. 0 342 769 782 1,111 1,826 3,807 DISBURSEMENTS .. 875 259 719 706 874 896 2,977 Public and publicly guaranteed .. 875 259 405 454 145 342 435 Official creditors .. 80 129 381 226 127 317 400 Multilateral .. 44 38 156 163 99 291 373 Concessional .. 0 0 1 2 22 43 10 Bilateral .. 36 91 225 63 28 26 27 Concessional .. 0 32 225 43 28 26 27 Private creditors .. 795 129 24 229 19 25 35 of which: Bonds .. 65 33 0 224 0 0 0 Commercial banks .. 652 96 24 5 19 25 35 Private nonguaranteed .. 0 0 313 252 729 554 2,542 Bonds .. 0 0 0 0 0 52 253 Commercial banks and other .. 0 0 313 252 729 502 2,289 Memo: IBRD .. 0 15 71 88 39 185 204 IDA .. 0 0 0 0 0 0 0 PRINCIPAL REPAYMENTS .. 865 319 573 502 753 562 1,780 Public and publicly guaranteed .. 865 319 345 402 320 350 1,086 Official creditors .. 23 92 297 377 236 243 273 Multilateral .. 22 25 58 126 80 144 179 Concessional .. 0 0 0 0 0 0 1 Bilateral .. 1 67 239 252 156 99 93 Concessional .. 0 0 50 49 17 20 17 Private creditors .. 842 228 48 25 84 106 814 of which: Bonds .. 0 39 46 22 79 102 802 Commercial banks .. 241 182 1 1 1 1 9 Private nonguaranteed .. 0 0 229 100 433 212 693 Bonds .. 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 229 100 433 212 693 Memo: IBRD .. 0 0 27 32 37 50 80 IDA .. 0 0 0 0 0 0 0 INTEREST PAYMENTS (LINT) .. 452 501 456 457 306 395 424 Public and publicly guaranteed .. 452 501 424 425 263 349 351 Official creditors .. 14 178 139 135 102 100 94 Multilateral .. 13 61 81 83 76 79 75 Concessional .. 0 0 0 0 1 2 2 Bilateral .. 0 118 58 51 26 21 19 Concessional .. 0 4 10 9 7 8 9 Private creditors .. 438 323 285 290 161 249 257 of which: Bonds .. 15 315 284 289 159 246 253 Commercial banks .. 337 7 0 1 2 2 4 Private nonguaranteed .. 0 0 32 32 43 46 73 Bonds .. 0 0 0 0 0 4 5 Commercial banks and other .. 0 0 32 32 43 42 68 Memo: IBRD .. 0 31 49 48 41 42 41 IDA .. 0 0 0 0 0 0 0 79 BULGARIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 14.9 30.4 35.0 42.7 Japanese yen .. 6.6 9.0 5.5 4.6 3.9 3.7 3.5 Pound sterling .. 0.3 0.2 0.1 0.0 0.0 0.0 0.0 Swiss franc .. 7.7 1.1 0.3 0.1 0.1 0.0 0.0 U.S.dollars .. 42.1 66.1 80.1 79.0 64.3 60.0 52.6 7. DEBT RESTRUCTURINGS Total amount rescheduled .. 0 84 0 0 0 0 0 Debt stock rescheduled .. 0 0 0 0 0 0 0 Principal rescheduled .. 0 38 0 0 0 0 0 Official .. 0 33 0 0 0 0 0 Private .. 0 5 0 0 0 0 0 Interest rescheduled .. 0 10 0 0 0 0 0 Official .. 0 9 0 0 0 0 0 Private .. 0 1 0 0 0 0 0 Debt forgiven .. 0 0 10 1 7 5 0 Memo: interest forgiven .. 0 0 0 0 0 0 0 Debt stock reduction .. 0 0 1 201 0 0 0 of which debt buyback .. 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. 753 550 192 -716 982 1,946 2,236 Net flows on debt .. -14 -194 465 -195 598 1,008 1,717 Cross-currency valuation .. 617 107 -215 -159 356 635 251 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. 9.1 5.5 6.5 6.6 3.3 3.1 3.0 Maturity (years) .. 3.5 15.3 15.6 10.9 24.5 15.9 16.1 Grace period (years) .. 2.4 5.0 4.5 5.9 3.7 5.0 4.9 Grant element (%) .. 2.3 24.5 20.1 18.3 46.7 41.9 42.4 Official creditors Interest (%) .. 9.3 5.9 6.2 5.5 3.3 3.1 3.0 Maturity (years) .. 7.2 17.3 15.5 18.6 24.5 15.9 16.1 Grace period (years) .. 3.0 5.4 4.4 5.5 3.7 5.0 4.9 Grant element (%) .. 2.8 25.0 21.6 28.2 46.7 41.9 42.4 Private creditors Interest (%) .. 9.1 3.4 7.6 7.3 3.2 0.0 0.0 Maturity (years) .. 3.2 4.7 16.0 6.2 10.3 0.0 0.0 Grace period (years) .. 2.3 3.2 4.9 6.2 10.3 0.0 0.0 Grant element (%) .. 2.3 21.7 13.2 12.2 42.6 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 1,275 1,461 1,756 1,438 1,145 525 504 292 Interest 632 583 526 432 341 276 243 213 Official creditors Principal 551 362 349 344 243 216 199 195 Interest 130 109 96 84 72 64 56 49 Bilateral creditors Principal 277 70 37 37 37 34 26 26 Interest 24 13 12 11 11 10 9 8 Multilateral creditors Principal 274 292 312 307 206 182 173 169 Interest 106 96 85 72 61 54 47 41 Private creditors Principal 725 1,100 1,407 1,093 902 309 305 97 Interest 502 474 429 348 269 212 187 164 Notes: Data source: Data on long-term public and publicly guaranteed and private nonguaranteed debt for 2004 are based on reports provided by the country. Short- term debt data have been revised from 1996 based on data from Bulgaria National Bank. Rescheduling: Projected debt service is based on contractual obligations on debt outstanding at the end of 2004. It includes the effects of the exchange of Brady Bonds for Global Bonds in 2002. 80 BURKINA FASO (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 513 834 1,274 1,426 1,496 1,548 1,736 1,967 Long-term debt (LDOD) 458 749 1,143 1,230 1,316 1,409 1,597 1,823 Public and publicly guaranteed 458 749 1,143 1,230 1,316 1,409 1,597 1,823 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 10 0 75 112 117 126 125 115 Short-term debt 45 84 56 84 63 13 14 29 of which interest arrears on LDOD 2 21 12 5 5 4 0 0 Official creditors 1 14 11 4 4 2 0 0 Private creditors 0 7 1 1 1 2 0 0 Memorandum items Principal arrears on LDOD 12 64 37 42 38 37 39 26 Official creditors 2 34 35 38 38 37 39 26 Private creditors 10 30 3 3 0 0 0 0 TOTAL DEBT FLOWS Disbursements 55 79 139 99 162 148 127 221 Long-term debt 55 79 112 91 141 133 122 216 IMF purchases 0 0 27 7 21 14 5 5 Principal repayments 17 19 29 33 25 28 32 42 Long-term debt 15 18 29 26 18 20 28 39 IMF repurchases 2 1 0 7 7 8 3 3 Net flows on debt 56 70 124 47 116 70 100 194 of which short-term debt 17 10 14 -19 -20 -50 5 15 Interest payments (INT) 13 16 20 14 13 17 16 17 Long-term debt 10 10 18 12 10 14 15 16 IMF charges 0 0 0 1 1 1 1 1 Short-term debt 3 6 2 1 2 2 0 1 Net transfers on debt 43 54 104 33 104 53 84 177 Total debt service paid (TDS) 29 34 48 47 38 45 48 59 Long-term debt 25 28 46 38 28 34 43 55 IMF repurchases and charges 2 1 0 7 7 9 4 3 Short-term debt (interest only) 3 6 2 1 2 2 0 1 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 126 219 335 297 332 363 444 589 Net flow of long-term debt (ex. IMF) 40 60 83 65 123 113 94 177 Foreign direct investment (net) -1 0 10 23 9 15 29 35 Portfolio equity flows 0 0 0 -3 1 0 0 0 Grants (excluding technical coop.) 87 158 242 212 200 235 321 377 Memo: technical coop. grants 70 112 123 77 84 81 105 105 NET TRANSFERS 116 203 317 282 318 348 428 572 Interest on long-term debt 10 10 18 12 10 14 15 16 Profit remittances on FDI 1 6 0 3 5 0 0 0 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 1,608 3,113 2,453 2,596 2,808 3,196 4,178 4,821 Exports of goods, serv. & inc. (XGS) 293 506 .. 313 319 330 464 .. Worker remit. & comp. of employees 126 140 80 67 50 50 50 50 Imports of goods & services (MGS) 496 776 .. 691 690 726 990 .. International reserves (RES) 143 305 347 244 261 313 752 669 Current account balance -63 -77 .. -319 -291 -324 -449 .. 4. DEBT INDICATORS EDT / XGS (%) 174.8 164.6 .. 455.6 469.3 468.5 374.0 .. EDT / GNI (%) 31.9 26.8 51.9 54.9 53.3 48.4 41.5 40.8 TDS / XGS (%) 10.0 6.8 .. 15.0 11.9 13.6 10.3 .. INT / XGS (%) 4.4 3.1 .. 4.4 4.0 5.1 3.5 .. INT / GNI (%) 0.8 0.5 0.8 0.5 0.5 0.5 0.4 0.4 RES / EDT (%) 27.9 36.6 27.3 17.1 17.4 20.2 43.3 34.0 RES / MGS (months) 3.5 4.7 .. 4.2 4.5 5.2 9.1 .. Short-term / EDT (%) 8.7 10.1 4.4 5.9 4.2 0.8 0.8 1.5 Concessional / EDT (%) 66.8 71.6 79.1 82.3 84.1 87.3 89.3 91.2 Multilateral / EDT (%) 53.1 67.7 77.2 72.1 72.4 81.2 83.5 85.9 81 BURKINA FASO (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 458 749 1,143 1,230 1,316 1,409 1,597 1,823 Public and publicly guaranteed 458 749 1,143 1,230 1,316 1,409 1,597 1,823 Official creditors 422 711 1,139 1,226 1,316 1,409 1,597 1,823 Multilateral 272 565 984 1,028 1,083 1,258 1,450 1,689 Concessional 244 460 916 992 1,049 1,224 1,418 1,663 Bilateral 150 147 154 198 234 151 147 134 Concessional 98 138 92 182 209 128 132 131 Private creditors 36 38 5 3 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 2 1 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 149 282 608 593 636 745 861 1,027 Public sector LDOD 456 749 1,143 1,230 1,316 1,409 1,597 1,823 Private sector LDOD 1 1 0 0 0 0 0 0 DISBURSEMENTS 55 79 112 91 141 133 122 216 Public and publicly guaranteed 55 79 112 91 141 133 122 216 Official creditors 54 79 112 91 141 133 122 216 Multilateral 36 45 106 76 117 126 109 202 Concessional 32 34 104 74 113 123 108 198 Bilateral 18 34 6 16 24 7 13 14 Concessional 17 34 6 16 13 7 13 14 Private creditors 2 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 21 15 85 38 71 68 55 132 PRINCIPAL REPAYMENTS 15 18 29 26 18 20 28 39 Public and publicly guaranteed 15 18 29 26 18 20 28 39 Official creditors 4 18 29 26 18 20 28 39 Multilateral 3 13 24 20 14 17 20 21 Concessional 2 10 16 16 11 13 18 19 Bilateral 1 4 4 6 5 4 8 18 Concessional 0 3 3 5 4 3 7 17 Private creditors 11 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 0 1 4 1 2 2 3 4 INTEREST PAYMENTS (LINT) 10 10 18 12 10 14 15 16 Public and publicly guaranteed 10 10 18 12 10 14 15 16 Official creditors 8 10 18 12 10 14 15 16 Multilateral 3 7 11 10 7 12 12 13 Concessional 2 4 7 8 6 11 11 13 Bilateral 5 3 6 2 3 2 3 3 Concessional 2 3 1 2 3 2 3 3 Private creditors 2 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 1 2 4 4 2 4 5 7 82 BURKINA FASO (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 4.8 3.8 3.4 2.7 Japanese yen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pound sterling 0.7 0.5 0.3 0.1 0.1 0.0 0.0 0.0 Swiss franc 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 37.7 39.2 55.6 59.3 60.5 59.4 59.6 58.8 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 0 0 17 3 23 0 119 Debt stock rescheduled 0 0 0 12 0 23 0 113 Principal rescheduled 0 0 0 0 0 0 0 0 Official 0 0 0 0 0 0 0 0 Private 0 0 0 0 0 0 0 0 Interest rescheduled 0 0 0 1 0 0 0 0 Official 0 0 0 1 0 0 0 0 Private 0 0 0 0 0 0 0 0 Debt forgiven 0 5 15 4 12 19 17 17 Memo: interest forgiven 0 0 0 5 7 2 3 2 Debt stock reduction 0 0 0 161 0 47 12 0 of which debt buyback 0 0 0 92 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 103 116 139 -161 70 52 188 231 Net flows on debt 56 70 124 47 116 70 100 194 Cross-currency valuation 40 25 -20 -229 -56 84 97 51 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 2.2 2.5 0.8 1.4 0.9 1.4 0.8 0.8 Maturity (years) 37.7 27.6 39.9 37.1 39.0 33.6 43.5 35.9 Grace period (years) 8.4 8.7 10.4 7.8 10.0 8.1 9.9 8.5 Grant element (%) 64.6 59.1 80.8 70.2 76.8 69.6 79.8 73.4 Official creditors Interest (%) 2.2 2.5 0.8 1.4 0.9 1.4 0.8 0.8 Maturity (years) 37.7 27.6 39.9 37.1 39.0 33.6 43.5 35.9 Grace period (years) 8.4 8.7 10.4 7.8 10.0 8.1 9.9 8.5 Grant element (%) 64.6 59.1 80.8 70.2 76.8 69.6 79.8 73.4 Private creditors Interest (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grant element (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 58 58 58 63 68 69 71 79 Interest 19 22 22 22 21 21 20 19 Official creditors Principal 58 58 58 63 68 69 71 79 Interest 19 22 22 22 21 21 20 19 Bilateral creditors Principal 14 17 15 15 17 16 15 14 Interest 2 4 4 4 3 3 3 2 Multilateral creditors Principal 45 40 43 47 50 52 56 64 Interest 17 17 18 18 18 18 17 17 Private creditors Principal 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are based on reports provided by the country. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. Rescheduling: Data includes the effects of all Paris Club debt restructuring agreements signed until December 2004. 83 BURUNDI (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 455 907 1,162 1,108 1,076 1,214 1,328 1,385 Long-term debt (LDOD) 409 851 1,099 1,036 986 1,104 1,252 1,325 Public and publicly guaranteed 409 851 1,099 1,036 986 1,104 1,252 1,325 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 15 43 48 7 2 13 29 41 Short-term debt 32 13 15 65 88 96 48 19 of which interest arrears on LDOD 1 0 2 20 27 36 48 19 Official creditors 0 0 2 20 27 36 48 19 Private creditors 0 0 0 0 0 0 0 0 Memorandum items Principal arrears on LDOD 7 0 3 82 79 96 114 62 Official creditors 6 0 3 81 79 96 114 62 Private creditors 0 0 0 1 0 0 0 1 TOTAL DEBT FLOWS Disbursements 72 96 45 41 15 55 73 86 Long-term debt 72 96 45 41 15 43 60 47 IMF purchases 0 0 0 0 0 12 13 39 Principal repayments 16 28 27 14 16 17 21 71 Long-term debt 12 28 18 9 12 14 21 43 IMF repurchases 3 1 9 5 4 3 0 29 Net flows on debt 75 65 26 18 14 38 -8 14 of which short-term debt 19 -3 8 -9 16 -1 -60 0 Interest payments (INT) 11 14 12 8 7 7 8 17 Long-term debt 9 12 11 4 5 5 7 16 IMF charges 0 0 0 0 0 0 0 0 Short-term debt 2 2 1 3 2 2 1 0 Net transfers on debt 64 51 14 10 8 31 -16 -2 Total debt service paid (TDS) 26 42 39 22 23 23 29 88 Long-term debt 21 40 29 14 17 19 28 59 IMF repurchases and charges 3 1 9 5 4 3 0 29 Short-term debt (interest only) 2 2 1 3 2 2 1 0 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 102 204 258 103 137 157 208 256 Net flow of long-term debt (ex. IMF) 59 68 27 32 3 29 39 4 Foreign direct investment (net) 1 1 2 12 0 0 0 3 Portfolio equity flows 0 0 0 0 0 0 0 0 Grants (excluding technical coop.) 43 135 229 59 134 128 170 249 Memo: technical coop. grants 46 60 44 15 11 25 31 29 NET TRANSFERS 94 189 244 86 119 143 186 228 Interest on long-term debt 9 12 11 4 5 5 7 16 Profit remittances on FDI 0 3 3 12 13 10 15 0 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 1,132 1,117 988 663 679 614 575 643 Exports of goods, serv. & inc. (XGS) 128 98 140 55 46 38 44 .. Worker remit. & comp. of employees 0 0 0 0 0 0 0 0 Imports of goods & services (MGS) 259 341 282 165 162 161 194 .. International reserves (RES) 35 112 216 38 18 59 67 66 Current account balance -41 -69 10 -50 -37 -5 -25 .. 4. DEBT INDICATORS EDT / XGS (%) 354.5 928.7 831.6 1,999.7 2,327.9 3,182.4 2,992.1 .. EDT / GNI (%) 40.2 81.2 117.6 167.0 158.6 197.7 230.9 215.6 TDS / XGS (%) 20.4 43.4 27.6 39.4 49.7 61.1 66.0 .. INT / XGS (%) 8.3 14.4 8.5 14.2 14.2 17.8 17.8 .. INT / GNI (%) 0.9 1.3 1.2 1.2 1.0 1.1 1.4 2.6 RES / EDT (%) 7.7 12.3 18.6 3.4 1.7 4.9 5.1 4.8 RES / MGS (months) 1.6 3.9 9.2 2.7 1.3 4.4 4.2 .. Short-term / EDT (%) 6.9 1.5 1.3 5.9 8.2 7.9 3.6 1.4 Concessional / EDT (%) 74.9 85.9 90.5 91.0 88.9 88.2 90.9 93.0 Multilateral / EDT (%) 54.2 72.7 80.1 80.4 80.2 78.9 81.4 82.1 84 BURUNDI (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 409 851 1,099 1,036 986 1,104 1,252 1,325 Public and publicly guaranteed 409 851 1,099 1,036 986 1,104 1,252 1,325 Official creditors 382 842 1,098 1,032 980 1,101 1,241 1,318 Multilateral 247 660 930 890 863 958 1,081 1,137 Concessional 210 597 884 866 840 932 1,051 1,112 Bilateral 136 182 167 142 117 143 160 181 Concessional 131 182 167 142 117 139 156 177 Private creditors 27 9 2 4 5 4 11 7 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 22 1 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 140 398 591 600 582 648 732 793 Public sector LDOD 409 849 1,099 1,036 986 1,104 1,252 1,325 Private sector LDOD 0 2 0 0 0 0 0 0 DISBURSEMENTS 72 96 45 41 15 43 60 47 Public and publicly guaranteed 72 96 45 41 15 43 60 47 Official creditors 70 93 45 38 13 43 49 47 Multilateral 43 64 41 38 13 39 49 47 Concessional 36 60 40 38 13 39 49 47 Bilateral 27 30 4 0 0 4 0 0 Concessional 24 30 4 0 0 0 0 0 Private creditors 1 2 0 3 2 0 11 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 1 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 19 49 27 36 12 36 41 43 PRINCIPAL REPAYMENTS 12 28 18 9 12 14 21 43 Public and publicly guaranteed 12 28 18 9 12 14 21 43 Official creditors 8 19 17 9 12 12 18 38 Multilateral 5 11 12 9 11 12 17 38 Concessional 4 6 8 9 11 12 17 31 Bilateral 4 8 5 0 1 0 0 0 Concessional 4 8 5 0 1 0 0 0 Private creditors 4 8 1 0 0 2 4 5 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 4 5 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 2 1 3 9 10 11 14 14 INTEREST PAYMENTS (LINT) 9 12 11 4 5 5 7 16 Public and publicly guaranteed 9 12 11 4 5 5 7 16 Official creditors 7 11 11 4 5 5 7 16 Multilateral 4 9 9 4 4 5 7 15 Concessional 2 5 6 4 4 5 6 14 Bilateral 3 2 2 0 0 0 0 1 Concessional 2 2 2 0 0 0 0 1 Private creditors 2 1 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 2 1 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 1 3 5 4 4 4 5 6 85 BURUNDI (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 8.7 9.3 9.8 11.9 Japanese yen 0.0 2.0 2.9 2.8 2.5 2.5 2.5 1.5 Pound sterling 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 36.9 50.3 55.1 59.4 60.7 60.3 60.4 61.0 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 0 0 0 0 0 0 54 Debt stock rescheduled 0 0 0 0 0 0 0 0 Principal rescheduled 0 0 0 0 0 0 0 35 Official 0 0 0 0 0 0 0 35 Private 0 0 0 0 0 0 0 0 Interest rescheduled 0 0 0 0 0 0 0 20 Official 0 0 0 0 0 0 0 20 Private 0 0 0 0 0 0 0 0 Debt forgiven 0 105 16 0 16 0 0 1 Memo: interest forgiven 0 1 1 0 0 0 0 0 Debt stock reduction 0 0 0 0 0 0 0 0 of which debt buyback 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 107 18 35 -27 -32 137 114 57 Net flows on debt 75 65 26 18 14 38 -8 14 Cross-currency valuation 19 26 -30 -38 -24 61 77 45 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 1.4 0.9 0.8 1.8 0.8 0.8 0.0 0.8 Maturity (years) 37.8 40.1 38.0 34.2 39.6 39.8 0.0 40.3 Grace period (years) 9.2 10.3 9.9 8.8 10.1 10.3 0.0 10.5 Grant element (%) 69.2 78.7 78.4 68.5 80.4 80.6 0.0 80.9 Official creditors Interest (%) 1.3 0.9 0.8 1.8 0.8 0.8 0.0 0.8 Maturity (years) 38.4 40.1 38.0 34.2 39.6 39.8 0.0 40.3 Grace period (years) 9.3 10.3 9.9 8.8 10.1 10.3 0.0 10.5 Grant element (%) 70.2 78.7 78.4 68.5 80.4 80.6 0.0 80.9 Private creditors Interest (%) 4.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) 12.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) 3.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grant element (%) 29.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 43 43 43 40 43 41 43 44 Interest 11 12 12 11 11 11 10 10 Official creditors Principal 41 41 41 38 41 39 42 42 Interest 11 12 11 11 11 11 10 10 Bilateral creditors Principal 13 13 11 9 8 5 5 4 Interest 3 3 3 3 2 2 2 2 Multilateral creditors Principal 28 29 30 30 33 34 37 38 Interest 9 9 9 8 8 8 8 8 Private creditors Principal 2 2 2 2 2 2 2 2 Interest 0 0 0 0 0 0 0 0 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are based on reports provided by the country. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. Rescheduling: Data includes the effects of all Paris Club debt restructuring agreements signed until December 2004. 86 CAMBODIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) .. 1,845 2,284 2,628 2,697 2,900 3,139 3,377 Long-term debt (LDOD) .. 1,683 2,110 2,328 2,393 2,587 2,814 3,016 Public and publicly guaranteed .. 1,683 2,110 2,328 2,393 2,587 2,814 3,016 Private nonguaranteed .. 0 0 0 0 0 0 0 Use of IMF credit .. 27 72 73 80 96 104 97 Short-term debt .. 136 102 227 224 217 221 264 of which interest arrears on LDOD .. 103 90 131 145 192 207 228 Official creditors .. 102 90 131 145 192 207 228 Private creditors .. 0 0 0 0 0 0 0 Memorandum items Principal arrears on LDOD .. 393 653 1,275 1,318 1,359 1,401 1,444 Official creditors .. 393 653 1,275 1,318 1,359 1,401 1,444 Private creditors .. 0 0 0 0 0 0 0 TOTAL DEBT FLOWS Disbursements .. 0 123 90 113 169 170 161 Long-term debt .. 0 80 79 92 147 158 161 IMF purchases .. 0 42 11 21 22 12 0 Principal repayments .. 0 5 14 13 14 16 15 Long-term debt .. 0 5 7 1 1 3 5 IMF repurchases .. 0 0 7 12 12 13 10 Net flows on debt .. 15 100 128 85 101 143 167 of which short-term debt .. 15 -18 52 -16 -54 -10 21 Interest payments (INT) .. 30 3 18 9 8 9 12 Long-term debt .. 29 1 12 5 6 8 11 IMF charges .. 0 1 1 1 1 1 0 Short-term debt .. 1 1 5 4 1 0 1 Net transfers on debt .. -15 97 110 76 93 134 155 Total debt service paid (TDS) .. 30 7 32 22 21 25 27 Long-term debt .. 29 6 19 5 7 11 16 IMF repurchases and charges .. 0 1 7 13 13 14 11 Short-term debt (interest only) .. 1 1 5 4 1 0 1 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS .. 23 539 421 435 472 428 462 Net flow of long-term debt (ex. IMF) .. 0 75 72 91 146 155 156 Foreign direct investment (net) .. 0 151 148 149 145 84 131 Portfolio equity flows .. 0 0 0 0 0 0 0 Grants (excluding technical coop.) .. 23 312 201 194 180 189 175 Memo: technical coop. grants .. 19 143 102 122 136 164 157 NET TRANSFERS .. -6 541 286 294 307 260 247 Interest on long-term debt .. 29 1 12 5 6 8 11 Profit remittances on FDI .. 0 -4 123 136 159 160 205 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. 1,115 3,386 3,533 3,651 3,914 4,166 4,659 Exports of goods, serv. & inc. (XGS) .. .. 989 2,557 3,182 2,529 2,722 3,435 Worker remit. & comp. of employees .. 0 12 121 133 140 138 177 Imports of goods & services (MGS) .. .. 1,442 3,310 3,973 2,920 3,201 3,950 International reserves (RES) .. .. 192 611 697 913 982 1,118 Current account balance .. .. -186 -428 -506 -64 -128 -217 4. DEBT INDICATORS EDT / XGS (%) .. .. 230.9 102.8 84.7 114.7 115.3 98.3 EDT / GNI (%) .. 165.5 67.4 74.4 73.9 74.1 75.3 72.5 TDS / XGS (%) .. .. 0.7 1.2 0.7 0.8 0.9 0.8 INT / XGS (%) .. .. 0.3 0.7 0.3 0.3 0.3 0.3 INT / GNI (%) .. 2.7 0.1 0.5 0.2 0.2 0.2 0.3 RES / EDT (%) .. .. 8.4 23.3 25.9 31.5 31.3 33.1 RES / MGS (months) .. .. 1.6 2.2 2.1 3.8 3.7 3.4 Short-term / EDT (%) .. 7.3 4.5 8.6 8.3 7.5 7.1 7.8 Concessional / EDT (%) .. 91.2 90.4 88.2 88.4 88.9 89.3 89.0 Multilateral / EDT (%) .. 0.1 5.2 14.5 16.4 21.0 25.5 28.1 87 CAMBODIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) .. 1,683 2,110 2,328 2,393 2,587 2,814 3,016 Public and publicly guaranteed .. 1,683 2,110 2,328 2,393 2,587 2,814 3,016 Official creditors .. 1,683 2,097 2,328 2,393 2,587 2,814 3,016 Multilateral .. 1 118 381 442 609 801 950 Concessional .. 1 118 381 442 609 801 950 Bilateral .. 1,681 1,979 1,947 1,951 1,978 2,013 2,066 Concessional .. 1,681 1,946 1,938 1,942 1,969 2,002 2,055 Private creditors .. 0 13 0 0 0 0 0 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 0 0 0 0 0 0 0 Private nonguaranteed .. 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 Memo: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 65 207 238 306 400 467 Public sector LDOD .. 1,683 2,110 2,328 2,393 2,587 2,814 3,016 Private sector LDOD .. 0 0 0 0 0 0 0 DISBURSEMENTS .. 0 80 79 92 147 158 161 Public and publicly guaranteed .. 0 80 79 92 147 158 161 Official creditors .. 0 64 79 92 147 158 161 Multilateral .. 0 61 78 85 124 129 112 Concessional .. 0 61 78 85 124 129 112 Bilateral .. 0 4 1 7 23 29 49 Concessional .. 0 4 1 7 23 29 49 Private creditors .. 0 16 0 0 0 0 0 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 0 0 0 0 0 0 0 Private nonguaranteed .. 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 Memo: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 25 37 40 47 63 48 PRINCIPAL REPAYMENTS .. 0 5 7 1 1 3 5 Public and publicly guaranteed .. 0 5 7 1 1 3 5 Official creditors .. 0 2 7 1 1 3 5 Multilateral .. 0 0 0 0 0 2 3 Concessional .. 0 0 0 0 0 2 3 Bilateral .. 0 2 7 1 1 2 2 Concessional .. 0 0 7 1 1 1 2 Private creditors .. 0 3 0 0 0 0 0 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 0 0 0 0 0 0 0 Private nonguaranteed .. 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 Memo: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 0 0 0 0 0 1 INTEREST PAYMENTS (LINT) .. 29 1 12 5 6 8 11 Public and publicly guaranteed .. 29 1 12 5 6 8 11 Official creditors .. 29 1 12 5 6 8 11 Multilateral .. 0 1 3 3 4 6 8 Concessional .. 0 1 3 3 4 6 8 Bilateral .. 29 0 9 1 2 2 2 Concessional .. 29 0 9 1 1 1 2 Private creditors .. 0 0 0 0 0 0 0 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 0 0 0 0 0 0 0 Private nonguaranteed .. 0 0 0 0 0 0 0 Bonds .. 0 0 0 0 0 0 0 Commercial banks and other .. 0 0 0 0 0 0 0 Memo: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 0 1 1 2 2 4 88 CAMBODIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 0.8 0.8 0.9 0.9 Japanese yen .. 0.6 0.4 0.3 0.3 0.7 1.0 1.2 Pound sterling .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars .. 12.6 27.2 30.2 31.6 34.7 38.0 40.0 7. DEBT RESTRUCTURINGS Total amount rescheduled .. 0 224 0 0 0 0 0 Debt stock rescheduled .. 0 0 0 0 0 0 0 Principal rescheduled .. 0 109 0 0 0 0 0 Official .. 0 108 0 0 0 0 0 Private .. 0 0 0 0 0 0 0 Interest rescheduled .. 0 103 0 0 0 0 0 Official .. 0 103 0 0 0 0 0 Private .. 0 0 0 0 0 0 0 Debt forgiven .. 0 5 0 0 0 0 0 Memo: interest forgiven .. 0 7 0 0 0 0 0 Debt stock reduction .. 0 0 0 0 0 0 0 of which debt buyback .. 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks .. 166 375 111 69 204 239 238 Net flows on debt .. 15 100 128 85 101 143 167 Cross-currency valuation .. 4 0 -28 -29 54 80 51 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) .. 0.0 1.8 1.3 0.9 1.1 1.0 0.9 Maturity (years) .. 0.0 37.5 30.3 34.5 30.5 33.0 30.3 Grace period (years) .. 0.0 9.7 8.2 9.9 8.8 9.6 8.9 Grant element (%) .. 0.0 69.8 68.6 76.8 71.6 74.8 73.1 Official creditors Interest (%) .. 0.0 1.8 1.3 0.9 1.1 1.0 0.9 Maturity (years) .. 0.0 37.5 30.3 34.5 30.5 33.0 30.3 Grace period (years) .. 0.0 9.7 8.2 9.9 8.8 9.6 8.9 Grant element (%) .. 0.0 69.8 68.6 76.8 71.6 74.8 73.1 Private creditors Interest (%) .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grant element (%) .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 51 52 53 59 60 62 68 68 Interest 23 24 26 26 26 26 25 24 Official creditors Principal 51 52 53 59 60 62 68 68 Interest 23 24 26 26 26 26 25 24 Bilateral creditors Principal 45 42 40 40 36 31 33 28 Interest 11 11 11 11 10 10 9 9 Multilateral creditors Principal 6 10 13 19 24 31 35 40 Interest 11 12 15 15 16 16 16 16 Private creditors Principal 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are based on reports provided by the country. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. Rescheduling: Data includes the effects of all Paris Club debt restructuring agreements signed until December 2004. 89 CAMEROON (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 3,167 6,657 9,425 9,294 8,399 8,553 9,414 9,496 Long-term debt (LDOD) 2,593 5,577 8,338 7,758 7,197 7,467 8,660 8,557 Public and publicly guaranteed 2,212 5,347 8,050 7,441 6,971 7,290 8,045 7,924 Private nonguaranteed 381 230 288 317 226 177 615 632 Use of IMF credit 27 121 51 235 244 307 347 333 Short-term debt 546 960 1,036 1,301 958 779 407 606 of which interest arrears on LDOD 31 191 395 282 178 186 123 213 Official creditors 4 87 247 144 94 75 78 83 Private creditors 27 105 147 138 84 111 45 130 Memorandum items Principal arrears on LDOD 27 350 619 564 263 319 258 296 Official creditors 2 103 243 265 148 182 209 225 Private creditors 25 246 376 299 115 137 49 71 TOTAL DEBT FLOWS Disbursements 330 713 175 354 170 155 167 273 Long-term debt 330 713 162 286 150 114 145 273 IMF purchases 0 0 13 69 20 41 22 0 Principal repayments 474 268 216 268 183 192 263 403 Long-term debt 468 267 210 250 181 192 252 380 IMF repurchases 6 1 6 17 2 0 11 23 Net flows on debt -10 682 119 -18 -253 -223 -404 -22 of which short-term debt 134 237 160 -105 -239 -187 -308 109 Interest payments (INT) 180 250 214 288 152 156 185 242 Long-term debt 145 197 173 215 117 128 171 228 IMF charges 0 11 2 2 1 2 2 2 Short-term debt 35 42 38 72 34 25 13 12 Net transfers on debt -190 432 -95 -307 -404 -379 -590 -264 Total debt service paid (TDS) 654 518 430 556 335 347 449 645 Long-term debt 613 463 383 465 298 320 423 608 IMF repurchases and charges 6 13 8 19 3 2 13 25 Short-term debt (interest only) 35 42 38 72 34 25 13 12 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 222 646 164 208 187 313 693 481 Net flow of long-term debt (ex. IMF) -138 447 -48 36 -32 -77 -107 -107 Foreign direct investment (net) 316 -113 7 0 0 0 0 0 Portfolio equity flows 0 0 0 0 0 0 0 0 Grants (excluding technical coop.) 43 313 205 172 219 391 800 588 Memo: technical coop. grants 63 126 124 94 106 115 138 152 NET TRANSFERS -265 311 -29 -7 71 185 522 253 Interest on long-term debt 145 197 173 215 117 128 171 228 Profit remittances on FDI 342 139 21 0 0 0 0 0 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 7,894 10,674 7,435 8,284 7,887 9,223 11,961 14,017 Exports of goods, serv. & inc. (XGS) 2,173 2,535 2,062 .. .. .. .. .. Worker remit. & comp. of employees 12 23 11 11 11 11 11 11 Imports of goods & services (MGS) 2,706 3,041 2,032 .. .. .. .. .. International reserves (RES) 142 37 15 220 340 640 652 842 Current account balance -562 -551 90 .. .. .. .. .. 4. DEBT INDICATORS EDT / XGS (%) 145.7 262.6 457.2 .. .. .. .. .. EDT / GNI (%) 40.1 62.4 126.8 112.2 106.5 92.7 78.7 67.7 TDS / XGS (%) 30.1 20.5 20.8 .. .. .. .. .. INT / XGS (%) 8.3 9.9 10.4 .. .. .. .. .. INT / GNI (%) 2.3 2.3 2.9 3.5 1.9 1.7 1.6 1.7 RES / EDT (%) 4.5 0.6 0.2 2.4 4.0 7.5 6.9 8.9 RES / MGS (months) 0.6 0.1 0.1 .. .. .. .. .. Short-term / EDT (%) 17.3 14.4 11.0 14.0 11.4 9.1 4.3 6.4 Concessional / EDT (%) 34.2 27.4 44.1 45.9 50.5 53.1 55.3 56.9 Multilateral / EDT (%) 21.8 19.5 17.6 15.2 16.2 16.6 16.7 18.3 90 CAMEROON (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 2,593 5,577 8,338 7,758 7,197 7,467 8,660 8,557 Public and publicly guaranteed 2,212 5,347 8,050 7,441 6,971 7,290 8,045 7,924 Official creditors 1,655 3,864 7,152 7,111 6,815 7,119 7,960 7,837 Multilateral 690 1,298 1,663 1,413 1,358 1,423 1,574 1,734 Concessional 305 341 611 955 951 1,078 1,213 1,421 Bilateral 965 2,566 5,489 5,698 5,457 5,696 6,386 6,102 Concessional 778 1,486 3,545 3,310 3,290 3,464 3,993 3,982 Private creditors 557 1,483 898 330 156 171 85 88 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 118 503 418 256 101 117 39 41 Private nonguaranteed 381 230 288 317 226 177 615 632 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 381 230 288 317 226 177 615 632 Memo: IBRD 280 633 624 214 176 141 145 117 IDA 227 238 443 769 758 847 944 1,083 Public sector LDOD 2,174 5,224 7,973 7,394 6,971 7,290 8,045 7,924 Private sector LDOD 419 353 365 364 226 177 615 632 DISBURSEMENTS 330 713 162 286 150 114 145 273 Public and publicly guaranteed 218 661 162 247 150 114 133 199 Official creditors 169 554 162 247 150 114 133 199 Multilateral 73 195 81 115 71 73 105 175 Concessional 4 2 38 104 41 72 55 169 Bilateral 96 359 80 133 79 41 28 23 Concessional 84 106 80 126 78 41 28 23 Private creditors 49 107 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 10 0 0 0 0 0 0 Private nonguaranteed 112 53 0 39 0 0 12 74 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 112 53 0 39 0 0 12 74 Memo: IBRD 43 70 6 0 13 1 35 5 IDA 4 0 35 55 20 50 36 107 PRINCIPAL REPAYMENTS 468 267 210 250 181 192 252 380 Public and publicly guaranteed 146 137 182 164 90 143 192 331 Official creditors 66 96 145 160 90 143 179 330 Multilateral 26 66 129 95 48 74 69 83 Concessional 3 6 9 16 16 16 16 19 Bilateral 40 29 16 65 42 69 110 247 Concessional 16 17 3 45 37 61 98 198 Private creditors 80 41 36 4 0 0 13 1 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 14 28 25 4 0 0 11 1 Private nonguaranteed 322 130 28 86 91 49 60 49 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 322 130 28 86 91 49 60 49 Memo: IBRD 15 40 90 52 21 22 35 34 IDA 1 3 4 7 7 8 7 10 INTEREST PAYMENTS (LINT) 145 197 173 215 117 128 171 228 Public and publicly guaranteed 105 180 162 198 105 121 124 180 Official creditors 65 124 152 198 105 121 124 178 Multilateral 28 71 80 48 32 43 31 33 Concessional 3 4 6 7 8 9 9 13 Bilateral 37 52 72 150 73 78 93 145 Concessional 22 28 48 59 28 37 49 96 Private creditors 40 56 10 1 0 0 0 2 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 12 40 5 1 0 0 0 2 Private nonguaranteed 40 17 11 17 12 8 47 48 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 40 17 11 17 12 8 47 48 Memo: IBRD 19 48 55 22 18 14 10 7 IDA 2 2 3 5 6 6 6 9 91 CAMEROON (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 58.9 59.4 61.3 59.8 Japanese yen 0.0 0.3 0.3 0.5 0.9 1.1 1.1 1.1 Pound sterling 2.3 2.3 1.0 1.8 1.5 1.5 1.3 1.2 Swiss franc 0.3 1.1 1.1 0.7 0.7 0.8 0.8 0.7 U.S.dollars 19.4 11.1 10.8 27.3 29.5 29.1 27.6 28.7 7. DEBT RESTRUCTURINGS Total amount rescheduled .. 75 642 158 263 41 73 53 Debt stock rescheduled .. 0 0 0 0 0 0 0 Principal rescheduled .. 26 294 20 138 30 37 32 Official .. 7 204 9 61 29 37 32 Private .. 19 90 12 77 1 0 0 Interest rescheduled .. 22 154 16 83 22 21 21 Official .. 6 131 15 44 22 21 21 Private .. 16 23 0 39 0 0 0 Debt forgiven .. 10 0 4 411 193 308 222 Memo: interest forgiven .. 0 0 2 244 82 104 26 Debt stock reduction .. 0 0 0 0 0 0 0 of which debt buyback .. 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 266 1,233 1,171 -185 -895 154 861 82 Net flows on debt -10 682 119 -18 -253 -223 -404 -22 Cross-currency valuation 194 336 277 -420 -298 892 1,036 468 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 7.6 6.6 2.6 0.7 2.5 0.9 0.9 1.5 Maturity (years) 17.4 15.2 23.3 42.6 30.3 33.9 22.5 41.5 Grace period (years) 5.0 5.3 7.7 9.8 9.7 9.0 6.2 9.0 Grant element (%) 14.8 21.4 53.7 80.2 59.7 74.5 63.7 72.4 Official creditors Interest (%) 7.2 6.6 2.6 0.7 2.5 0.9 0.9 1.5 Maturity (years) 19.2 15.3 23.3 42.6 30.3 33.9 22.5 41.5 Grace period (years) 5.4 5.3 7.7 9.8 9.7 9.0 6.2 9.0 Grant element (%) 17.6 21.4 53.7 80.2 59.7 74.5 63.7 72.4 Private creditors Interest (%) 9.5 7.0 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) 9.0 13.2 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) 3.0 2.7 0.0 0.0 0.0 0.0 0.0 0.0 Grant element (%) 1.0 14.4 0.0 0.0 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 602 617 526 517 480 404 356 323 Interest 311 288 258 234 214 191 172 159 Official creditors Principal 537 510 440 439 407 337 342 310 Interest 260 238 220 205 193 179 166 154 Bilateral creditors Principal 446 422 363 361 325 267 274 249 Interest 231 211 195 181 173 160 150 140 Multilateral creditors Principal 91 88 77 78 82 70 69 60 Interest 28 27 26 23 21 18 16 15 Private creditors Principal 65 107 86 78 73 67 14 14 Interest 51 50 38 29 21 13 5 4 Notes: Data source: Data on long-term public and publicly guaranteed and private nonguaranteed debt for 2004 are based on reports provided by the country. Short- term debt data are World Bank staff estimates, based on the BIS data on international bank lending. Rescheduling: Data includes the effects of all Paris Club debt restructuring agreements signed until December 2004. 92 CAPE VERDE (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 94.9 133.8 214.3 327.2 360.7 413.5 486.3 517.0 Long-term debt (LDOD) 93.9 129.1 185.0 314.6 341.3 385.0 441.4 463.0 Public and publicly guaranteed 93.9 129.1 185.0 314.6 341.3 385.0 441.4 463.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit 0.0 0.0 0.0 0.0 0.0 3.3 7.3 9.6 Short-term debt 1.0 4.7 29.3 12.6 19.4 25.2 37.6 44.5 of which interest arrears on LDOD 0.0 2.3 4.7 4.0 3.7 3.3 3.0 3.1 Official creditors 0.0 1.9 4.0 4.0 3.4 3.1 3.0 3.0 Private creditors 0.0 0.4 0.7 0.0 0.3 0.3 0.1 0.1 Memorandum items Principal arrears on LDOD 0.4 11.1 20.0 34.1 26.4 24.4 24.3 24.2 Official creditors 0.4 10.4 18.5 32.9 25.8 23.4 23.2 23.4 Private creditors 0.0 0.7 1.6 1.2 0.6 1.0 1.1 0.7 TOTAL DEBT FLOWS Disbursements 17.7 12.1 21.4 28.8 51.5 37.7 38.8 25.1 Long-term debt 17.7 12.1 21.4 28.8 51.5 34.5 35.4 23.3 IMF purchases 0.0 0.0 0.0 0.0 0.0 3.2 3.4 1.8 Principal repayments 2.1 3.7 5.5 11.1 9.8 14.3 14.6 18.7 Long-term debt 2.1 3.7 5.5 11.1 9.8 14.3 14.6 18.7 IMF repurchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net flows on debt 16.6 10.7 34.5 10.7 48.8 29.5 36.9 13.2 of which short-term debt 1.0 2.4 18.7 -7.1 7.0 6.1 12.8 6.8 Interest payments (INT) 3.0 2.0 4.1 5.0 4.2 7.4 5.7 6.8 Long-term debt 2.6 1.9 3.4 4.8 3.6 6.6 4.7 5.5 IMF charges 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt 0.4 0.1 0.8 0.3 0.6 0.8 1.0 1.2 Net transfers on debt 13.6 8.7 30.4 5.6 44.6 22.1 31.3 6.5 Total debt service paid (TDS) 5.1 5.7 9.6 16.1 14.0 21.7 20.3 25.5 Long-term debt 4.7 5.6 8.9 15.9 13.4 20.9 19.3 24.2 IMF repurchases and charges 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt (interest only) 0.4 0.1 0.8 0.3 0.6 0.8 1.0 1.2 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 52.6 85.8 103.2 94.3 74.2 76.8 93.0 96.4 Net flow of long-term debt (ex. IMF) 15.6 8.3 15.9 17.7 41.7 20.2 20.7 4.6 Foreign direct investment (net) 0.0 0.0 26.0 33.0 9.0 15.0 15.0 20.5 Portfolio equity flows 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grants (excluding technical coop.) 37.0 77.5 61.4 43.6 23.5 41.7 57.2 71.3 Memo: technical coop. grants 19.1 18.0 40.4 29.6 18.2 21.4 56.7 43.3 NET TRANSFERS 50.0 83.9 99.4 84.4 69.2 66.1 86.1 88.0 Interest on long-term debt 2.6 1.9 3.4 4.8 3.6 6.6 4.7 5.5 Profit remittances on FDI 0.0 0.0 0.5 5.1 1.4 4.1 2.2 0.0 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) .. 340.5 485.3 520.0 544.1 604.6 785.7 937.4 Exports of goods, serv. & inc. (XGS) 53.6 119.3 191.4 236.6 254.1 285.7 382.1 .. Worker remit. & comp. of employees 21.0 59.0 106.0 87.0 81.0 85.0 92.0 92.0 Imports of goods & services (MGS) 101.3 153.1 300.7 343.6 363.2 438.4 577.0 .. International reserves (RES) 55.4 77.0 36.9 28.3 45.4 79.8 93.6 139.5 Current account balance -8.9 -3.8 -61.6 -58.0 -55.7 -71.5 -77.2 .. 4. DEBT INDICATORS EDT / XGS (%) 177.1 112.1 111.9 138.3 141.9 144.7 127.3 .. EDT / GNI (%) .. 39.3 44.2 62.9 66.3 68.4 61.9 55.2 TDS / XGS (%) 9.6 4.8 5.0 6.8 5.5 7.6 5.3 .. INT / XGS (%) 5.6 1.7 2.2 2.1 1.6 2.6 1.5 .. INT / GNI (%) .. 0.6 0.8 1.0 0.8 1.2 0.7 0.7 RES / EDT (%) 58.3 57.5 17.2 8.6 12.6 19.3 19.2 27.0 RES / MGS (months) 6.6 6.0 1.5 1.0 1.5 2.2 1.9 .. Short-term / EDT (%) 1.1 3.5 13.7 3.9 5.4 6.1 7.7 8.6 Concessional / EDT (%) 62.5 70.2 68.6 82.1 84.1 83.6 81.6 81.9 Multilateral / EDT (%) 57.5 65.0 67.2 70.0 66.8 67.6 67.7 69.2 93 CAPE VERDE (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 93.9 129.1 185.0 314.6 341.3 385.0 441.4 463.0 Public and publicly guaranteed 93.9 129.1 185.0 314.6 341.3 385.0 441.4 463.0 Official creditors 91.5 126.6 178.6 307.1 325.3 365.2 416.0 440.6 Multilateral 54.6 87.0 143.9 229.2 240.8 279.6 329.4 357.9 Concessional 36.7 68.4 122.6 220.0 232.7 273.2 322.1 351.4 Bilateral 36.9 39.6 34.6 77.9 84.5 85.6 86.6 82.7 Concessional 22.7 25.5 24.5 48.4 70.8 72.6 75.0 71.8 Private creditors 2.4 2.5 6.4 7.5 16.0 19.8 25.4 22.4 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.0 0.0 0.0 0.0 0.0 2.0 1.6 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 3.0 13.6 33.0 97.9 109.6 140.4 173.3 194.6 Public sector LDOD 93.9 129.1 185.0 314.6 341.3 385.0 441.4 463.0 Private sector LDOD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DISBURSEMENTS 17.7 12.1 21.4 28.8 51.5 34.5 35.4 23.3 Public and publicly guaranteed 17.7 12.1 21.4 28.8 51.5 34.5 35.4 23.3 Official creditors 16.7 12.1 17.1 28.8 40.4 30.1 29.6 23.3 Multilateral 11.2 6.0 14.9 23.5 24.9 30.1 29.5 22.4 Concessional 10.1 6.0 13.7 23.5 24.9 30.1 29.5 22.4 Bilateral 5.5 6.1 2.2 5.3 15.5 0.0 0.1 0.9 Concessional 5.5 0.7 2.2 5.3 15.5 0.0 0.1 0.9 Private creditors 1.0 0.0 4.2 0.0 11.1 4.4 5.8 0.0 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.0 0.0 0.0 0.0 0.0 1.8 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 1.5 2.0 6.0 10.4 16.0 22.0 19.0 13.8 PRINCIPAL REPAYMENTS 2.1 3.7 5.5 11.1 9.8 14.3 14.6 18.7 Public and publicly guaranteed 2.1 3.7 5.5 11.1 9.8 14.3 14.6 18.7 Official creditors 2.1 3.6 5.5 9.3 7.1 11.4 10.9 14.2 Multilateral 0.7 2.5 4.8 6.1 5.0 8.1 6.5 7.3 Concessional 0.7 1.0 3.5 4.8 4.2 5.9 5.4 6.0 Bilateral 1.5 1.1 0.7 3.2 2.2 3.3 4.5 6.9 Concessional 0.0 0.2 0.2 2.2 1.4 2.6 3.0 6.2 Private creditors 0.0 0.1 0.0 1.8 2.7 2.9 3.7 4.5 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.5 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.0 0.0 0.1 0.3 0.3 0.3 0.7 1.1 INTEREST PAYMENTS (LINT) 2.6 1.9 3.4 4.8 3.6 6.6 4.7 5.5 Public and publicly guaranteed 2.6 1.9 3.4 4.8 3.6 6.6 4.7 5.5 Official creditors 2.5 1.9 3.4 3.9 3.2 5.5 4.4 5.1 Multilateral 1.3 1.2 3.3 2.7 1.7 3.7 3.0 3.7 Concessional 0.3 0.5 2.3 2.3 1.5 3.3 2.8 3.5 Bilateral 1.2 0.7 0.1 1.1 1.5 1.8 1.4 1.4 Concessional 0.1 0.0 0.1 0.8 1.0 1.6 1.3 1.3 Private creditors 0.1 0.0 0.0 0.9 0.4 1.1 0.3 0.5 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.0 0.1 0.2 0.7 0.7 0.9 1.1 1. 94 CAPE VERDE (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 12.0 12.7 13.4 12.1 Japanese yen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pound sterling 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 39.6 38.5 35.4 55.7 54.0 54.7 54.4 55.4 7. DEBT RESTRUCTURINGS Total amount rescheduled 0.0 0.0 0.0 0.0 15.0 0.0 0.0 0.0 Debt stock rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Official 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiven 0.0 8.2 0.0 0.0 21.0 0.0 0.0 0.0 Memo: interest forgiven 0.0 0.8 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock reduction 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 18.7 7.7 38.0 -0.2 33.5 52.8 72.8 30.7 Net flows on debt 16.6 10.7 34.5 10.7 48.8 29.5 36.9 13.2 Cross-currency valuation -0.5 2.9 1.3 -7.0 -4.1 17.6 23.2 12.5 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 2.8 1.5 0.8 3.1 2.7 0.9 1.3 2.3 Maturity (years) 33.2 42.6 39.8 28.7 20.5 40.1 26.8 24.1 Grace period (years) 7.9 9.1 10.3 5.8 4.8 9.6 6.1 5.4 Grant element (%) 57.8 73.0 80.6 50.2 45.9 76.3 58.1 48.6 Official creditors Interest (%) 2.8 1.5 0.8 0.8 1.3 0.9 1.3 2.6 Maturity (years) 33.2 42.6 39.8 45.9 26.1 42.9 26.8 27.8 Grace period (years) 7.9 9.1 10.3 9.3 6.1 10.3 6.1 6.2 Grant element (%) 57.8 73.0 80.6 80.1 60.1 80.2 58.1 55.2 Private creditors Interest (%) 0.0 0.0 0.0 5.5 5.5 1.0 0.0 0.0 Maturity (years) 0.0 0.0 0.0 10.6 8.5 7.0 0.0 0.5 Grace period (years) 0.0 0.0 0.0 2.2 2.2 2.0 0.0 0.5 Grant element (%) 0.0 0.0 0.0 18.6 16.0 30.6 0.0 6.9 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 29.6 26.3 24.5 25.2 26.1 24.2 22.9 16.9 Interest 6.1 6.0 5.7 5.4 5.0 4.6 4.1 3.7 Official creditors Principal 23.8 20.5 20.2 20.9 22.1 20.4 20.6 16.4 Interest 5.3 5.3 5.2 5.0 4.8 4.4 4.1 3.7 Bilateral creditors Principal 9.4 9.4 8.9 8.7 8.7 6.2 6.2 2.1 Interest 1.4 1.2 1.1 0.9 0.7 0.6 0.4 0.3 Multilateral creditors Principal 14.5 11.1 11.3 12.2 13.4 14.3 14.4 14.3 Interest 3.9 4.1 4.2 4.1 4.0 3.9 3.6 3.4 Private creditors Principal 5.8 5.8 4.3 4.3 4.0 3.7 2.4 0.5 Interest 0.8 0.7 0.5 0.4 0.3 0.2 0.1 0.0 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are partially based on the reports provided by the country. Short-term debt data are World Bank staff estimates. 95 CENTRAL AFRICAN REPUBLIC (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 344 699 946 858 822 1,065 1,038 1,078 Long-term debt (LDOD) 286 624 854 796 757 980 900 926 Public and publicly guaranteed 286 624 854 796 757 980 900 926 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 39 37 35 21 31 33 36 44 Short-term debt 18 38 57 41 34 52 101 107 of which interest arrears on LDOD 1 15 36 25 25 43 89 98 Official creditors 0 13 32 24 24 40 82 91 Private creditors 1 2 4 1 1 3 7 7 Memorandum items Principal arrears on LDOD 2 23 74 96 96 130 174 204 Official creditors 0 20 61 84 83 104 144 174 Private creditors 2 4 14 13 13 26 30 30 TOTAL DEBT FLOWS Disbursements 59 121 33 16 11 1 0 8 Long-term debt 47 113 33 16 0 1 0 0 IMF purchases 11 8 0 0 10 0 0 8 Principal repayments 16 17 10 8 9 0 0 15 Long-term debt 5 8 3 7 9 0 0 12 IMF repurchases 11 10 7 1 0 0 0 2 Net flows on debt 47 107 25 -14 -5 0 3 -9 of which short-term debt 5 3 2 -22 -6 0 3 -3 Interest payments (INT) 10 12 6 6 4 1 0 3 Long-term debt 7 9 4 4 4 0 0 3 IMF charges 2 1 1 0 0 0 0 0 Short-term debt 1 2 1 1 0 0 0 0 Net transfers on debt 37 95 19 -20 -9 0 2 -12 Total debt service paid (TDS) 26 29 16 14 13 1 1 18 Long-term debt 12 17 6 12 13 0 0 15 IMF repurchases and charges 13 11 8 1 0 0 0 3 Short-term debt (interest only) 1 2 1 1 0 0 0 0 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 79 192 146 65 55 51 36 54 Net flow of long-term debt (ex. IMF) 43 105 30 9 -9 0 0 -12 Foreign direct investment (net) 3 1 6 1 5 6 3 -13 Portfolio equity flows 0 0 0 0 0 0 0 0 Grants (excluding technical coop.) 33 86 110 56 59 45 33 79 Memo: technical coop. grants 34 56 47 22 22 21 24 35 NET TRANSFERS 72 181 142 61 51 51 36 51 Interest on long-term debt 7 9 4 4 4 0 0 3 Profit remittances on FDI 0 2 0 0 0 0 0 0 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 858 1,465 1,101 942 965 1,039 1,192 1,318 Exports of goods, serv. & inc. (XGS) 184 220 .. .. .. .. .. .. Worker remit. & comp. of employees 0 0 0 0 0 0 0 0 Imports of goods & services (MGS) 290 433 .. .. .. .. .. .. International reserves (RES) 53 123 238 136 122 127 137 153 Current account balance -49 -89 .. .. .. .. .. .. 4. DEBT INDICATORS EDT / XGS (%) 186.2 317.0 .. .. .. .. .. .. EDT / GNI (%) 40.1 47.7 85.9 91.1 85.2 102.5 87.0 81.8 TDS / XGS (%) 14.2 13.2 .. .. .. .. .. .. INT / XGS (%) 5.4 5.3 .. .. .. .. .. .. INT / GNI (%) 1.2 0.8 0.5 0.6 0.4 0.1 0.0 0.3 RES / EDT (%) 15.5 17.6 25.2 15.9 14.8 11.9 13.2 14.2 RES / MGS (months) 2.2 3.4 .. .. .. .. .. .. Short-term / EDT (%) 5.3 5.4 6.0 4.7 4.2 4.9 9.7 10.0 Concessional / EDT (%) 54.2 73.1 80.9 83.3 82.5 69.9 78.5 78.2 Multilateral / EDT (%) 36.0 65.2 67.3 68.0 67.0 54.9 62.4 62.8 96 CENTRAL AFRICAN REPUBLIC (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 286 624 854 796 757 980 900 926 Public and publicly guaranteed 286 624 854 796 757 980 900 926 Official creditors 263 603 836 763 724 946 866 896 Multilateral 124 456 636 583 550 585 647 677 Concessional 113 429 622 572 540 573 636 664 Bilateral 139 147 199 180 174 361 219 219 Concessional 73 81 143 143 138 172 179 178 Private creditors 24 22 18 33 33 34 34 30 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 63 265 414 391 372 399 435 455 Public sector LDOD 286 624 854 795 756 979 899 925 Private sector LDOD 1 0 0 1 1 1 1 2 DISBURSEMENTS 47 113 33 16 0 1 0 0 Public and publicly guaranteed 47 113 33 16 0 1 0 0 Official creditors 47 113 33 16 0 1 0 0 Multilateral 26 95 33 16 0 1 0 0 Concessional 23 94 32 16 0 1 0 0 Bilateral 21 18 0 0 0 0 0 0 Concessional 21 16 0 0 0 0 0 0 Private creditors 1 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 11 70 30 13 0 1 0 0 PRINCIPAL REPAYMENTS 5 8 3 7 9 0 0 12 Public and publicly guaranteed 5 8 3 7 9 0 0 12 Official creditors 4 7 3 7 9 0 0 8 Multilateral 1 3 3 7 7 0 0 2 Concessional 1 2 2 7 7 0 0 2 Bilateral 2 4 0 1 2 0 0 6 Concessional 1 1 0 0 2 0 0 5 Private creditors 1 1 0 0 0 0 0 4 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 0 0 1 6 6 0 0 0 INTEREST PAYMENTS (LINT) 7 9 4 4 4 0 0 3 Public and publicly guaranteed 7 9 4 4 4 0 0 3 Official creditors 6 8 4 4 4 0 0 3 Multilateral 2 5 4 3 3 0 0 0 Concessional 1 3 3 3 3 0 0 0 Bilateral 4 3 0 1 1 0 0 2 Concessional 1 2 0 1 1 0 0 2 Private creditors 1 1 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 1 2 3 3 3 0 0 0 97 CENTRAL AFRICAN REPUBLIC (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 5.2 5.2 6.9 6.9 Japanese yen 0.0 0.7 0.7 0.7 0.6 0.5 0.6 0.6 Pound sterling 0.2 0.1 0.0 0.1 0.1 0.1 0.1 0.1 Swiss franc 3.4 2.6 2.8 2.2 2.1 2.1 2.6 2.6 U.S.dollars 28.0 43.6 56.2 61.2 61.9 51.1 58.5 58.2 7. DEBT RESTRUCTURINGS Total amount rescheduled 10 4 8 3 2 0 0 0 Debt stock rescheduled 0 0 0 0 0 0 0 0 Principal rescheduled 10 3 4 2 1 0 0 0 Official 9 3 4 2 1 0 0 0 Private 1 0 0 0 0 0 0 0 Interest rescheduled 0 0 1 1 0 0 0 0 Official 0 0 1 1 0 0 0 0 Private 0 0 0 0 0 0 0 0 Debt forgiven 1 153 1 0 0 0 0 0 Memo: interest forgiven 0 4 0 0 0 0 0 0 Debt stock reduction 0 0 0 0 0 0 0 0 of which debt buyback 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 80 5 58 -51 -36 243 -27 40 Net flows on debt 47 107 25 -14 -5 0 3 -9 Cross-currency valuation 23 38 -35 -34 -19 46 61 33 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 3.6 1.0 0.8 0.8 0.8 0.0 0.0 0.0 Maturity (years) 24.4 37.6 39.7 39.8 39.5 0.0 0.0 0.0 Grace period (years) 6.9 10.2 10.2 10.3 10.0 0.0 0.0 0.0 Grant element (%) 46.8 77.0 80.5 80.6 80.3 0.0 0.0 0.0 Official creditors Interest (%) 3.3 1.0 0.8 0.8 0.8 0.0 0.0 0.0 Maturity (years) 25.3 37.6 39.7 39.8 39.5 0.0 0.0 0.0 Grace period (years) 7.1 10.2 10.2 10.3 10.0 0.0 0.0 0.0 Grant element (%) 48.8 77.0 80.5 80.6 80.3 0.0 0.0 0.0 Private creditors Interest (%) 7.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) 10.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) 4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grant element (%) 13.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 31 31 22 23 24 25 28 28 Interest 8 8 7 7 7 6 6 6 Official creditors Principal 31 31 22 23 24 25 28 28 Interest 8 8 7 7 7 6 6 6 Bilateral creditors Principal 16 16 5 5 6 5 5 5 Interest 3 3 2 2 2 2 2 2 Multilateral creditors Principal 15 15 16 17 18 20 23 24 Interest 5 5 5 5 5 4 4 4 Private creditors Principal 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are World Bank staff estimates. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. Rescheduling: Data includes the effects of all Paris Club debt restructuring agreements signed until December 2004. 98 CHAD (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 216 529 912 1,138 1,136 1,323 1,590 1,701 Long-term debt (LDOD) 184 469 843 1,031 1,024 1,191 1,462 1,582 Public and publicly guaranteed 184 469 843 1,031 1,024 1,191 1,462 1,582 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 12 30 49 78 89 107 106 96 Short-term debt 20 30 20 29 23 26 23 23 of which interest arrears on LDOD 17 6 12 14 10 12 14 15 Official creditors 10 4 12 14 10 12 13 14 Private creditors 7 2 0 0 0 1 1 1 Memorandum items Principal arrears on LDOD 42 16 36 57 51 62 60 40 Official creditors 21 14 36 54 49 58 57 35 Private creditors 21 3 0 3 3 3 3 5 TOTAL DEBT FLOWS Disbursements 17 112 73 59 74 122 188 113 Long-term debt 10 104 61 46 57 105 181 113 IMF purchases 7 8 13 14 17 17 7 0 Principal repayments 15 7 10 15 16 15 33 32 Long-term debt 10 3 3 14 15 10 20 19 IMF repurchases 5 4 7 1 1 5 13 13 Net flows on debt 4 108 64 43 56 108 151 80 of which short-term debt 2 2 0 -2 -2 1 -4 -1 Interest payments (INT) 2 5 6 11 7 11 14 14 Long-term debt 2 3 4 10 7 10 13 13 IMF charges 0 0 1 0 0 0 1 1 Short-term debt 0 2 1 1 1 0 0 0 Net transfers on debt 1 103 58 32 49 97 137 66 Total debt service paid (TDS) 17 12 16 26 23 26 47 46 Long-term debt 12 6 7 24 21 20 33 32 IMF repurchases and charges 5 4 8 1 2 5 14 14 Short-term debt (interest only) 0 2 1 1 1 0 0 0 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 179 247 211 207 597 1,118 985 783 Net flow of long-term debt (ex. IMF) -1 101 58 31 43 95 161 94 Foreign direct investment (net) 54 0 33 115 460 924 713 478 Portfolio equity flows 0 0 0 0 0 0 0 0 Grants (excluding technical coop.) 126 147 121 61 94 100 112 211 Memo: technical coop. grants 43 58 63 32 29 34 42 44 NET TRANSFERS 176 244 207 198 590 1,108 973 771 Interest on long-term debt 2 3 4 10 7 10 13 13 Profit remittances on FDI 0 0 0 0 0 0 0 0 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 1,036 1,721 1,411 1,371 1,646 1,977 2,335 2,699 Exports of goods, serv. & inc. (XGS) 100 274 .. .. .. .. .. .. Worker remit. & comp. of employees 0 0 0 0 0 0 0 0 Imports of goods & services (MGS) 327 511 .. .. .. .. .. .. International reserves (RES) 37 132 147 114 125 223 192 227 Current account balance -87 -46 .. .. .. .. .. .. 4. DEBT INDICATORS EDT / XGS (%) 217.5 192.9 .. .. .. .. .. .. EDT / GNI (%) 20.9 30.7 64.7 83.0 69.1 66.9 68.1 63.0 TDS / XGS (%) 17.5 4.4 .. .. .. .. .. .. INT / XGS (%) 2.5 1.9 .. .. .. .. .. .. INT / GNI (%) 0.2 0.3 0.4 0.8 0.4 0.6 0.6 0.5 RES / EDT (%) 17.1 25.0 16.1 10.0 11.0 16.8 12.1 13.3 RES / MGS (months) 1.4 3.1 .. .. .. .. .. .. Short-term / EDT (%) 9.3 5.6 2.2 2.5 2.1 1.9 1.4 1.4 Concessional / EDT (%) 61.5 76.9 77.1 81.3 81.6 82.5 81.8 83.6 Multilateral / EDT (%) 41.3 63.7 75.1 75.6 75.9 77.4 79.5 81.5 99 CHAD (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 184 469 843 1,031 1,024 1,191 1,462 1,582 Public and publicly guaranteed 184 469 843 1,031 1,024 1,191 1,462 1,582 Official creditors 155 460 841 1,016 1,010 1,178 1,428 1,549 Multilateral 89 337 685 861 863 1,024 1,264 1,387 Concessional 88 327 635 835 830 987 1,188 1,309 Bilateral 65 123 156 156 147 154 165 162 Concessional 45 80 69 90 97 105 113 114 Private creditors 30 9 2 15 14 13 33 33 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 9 9 31 37 IDA 40 186 379 515 516 623 773 874 Public sector LDOD 184 468 843 1,031 1,024 1,191 1,462 1,582 Private sector LDOD 0 0 0 0 0 0 0 0 DISBURSEMENTS 10 104 61 46 57 105 181 113 Public and publicly guaranteed 10 104 61 46 57 105 181 113 Official creditors 10 104 61 46 57 105 161 113 Multilateral 6 72 61 36 50 100 147 110 Concessional 6 70 61 36 41 98 111 104 Bilateral 3 32 0 10 8 5 14 3 Concessional 2 25 0 10 8 5 14 3 Private creditors 0 0 0 0 0 0 20 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 9 0 22 6 IDA 4 48 42 18 26 72 94 74 PRINCIPAL REPAYMENTS 10 3 3 14 15 10 20 19 Public and publicly guaranteed 10 3 3 14 15 10 20 19 Official creditors 4 3 3 14 14 9 20 19 Multilateral 4 3 3 11 9 7 11 14 Concessional 4 2 2 9 8 6 8 10 Bilateral 0 0 1 3 5 2 9 5 Concessional 0 0 0 2 5 1 5 4 Private creditors 6 1 0 1 0 1 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 0 0 0 0 IDA 4 1 1 4 5 2 2 4 INTEREST PAYMENTS (LINT) 2 3 4 10 7 10 13 13 Public and publicly guaranteed 2 3 4 10 7 10 13 13 Official creditors 2 3 4 9 6 10 13 13 Multilateral 2 2 4 6 5 8 9 10 Concessional 2 2 3 5 4 7 8 9 Bilateral 0 1 0 3 1 2 4 2 Concessional 0 1 0 1 1 2 2 1 Private creditors 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 0 0 0 1 0 0 1 IDA 1 1 3 3 4 3 4 7 100 CHAD (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 4.8 4.5 5.1 5.0 Japanese yen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pound sterling 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 29.7 48.5 50.8 56.7 58.4 60.0 62.8 63.2 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 8 56 0 5 1 0 0 Debt stock rescheduled 0 0 0 0 0 0 0 0 Principal rescheduled 0 3 2 0 3 1 0 0 Official 0 2 1 0 3 1 0 0 Private 0 1 1 0 0 0 0 0 Interest rescheduled 0 1 7 0 2 0 0 0 Official 0 1 7 0 2 0 0 0 Private 0 0 1 0 0 0 0 0 Debt forgiven 6 12 55 0 14 12 10 8 Memo: interest forgiven 0 0 8 0 7 4 3 1 Debt stock reduction 0 0 0 0 0 0 0 0 of which debt buyback 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 23 126 75 -13 -2 187 267 111 Net flows on debt 4 108 64 43 56 108 151 80 Cross-currency valuation 2 8 -34 -43 -25 63 95 48 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 4.6 1.7 1.0 0.7 2.2 0.6 0.9 1.0 Maturity (years) 15.0 30.3 38.0 40.5 30.1 31.4 38.5 38.8 Grace period (years) 5.2 9.2 8.7 10.1 8.4 8.1 9.6 9.8 Grant element (%) 32.3 66.4 75.2 80.7 61.4 72.4 77.3 77.3 Official creditors Interest (%) 4.6 1.7 1.0 0.7 2.2 0.8 0.9 1.0 Maturity (years) 15.0 30.3 38.0 40.5 30.1 34.8 38.5 38.8 Grace period (years) 5.2 9.2 8.7 10.1 8.4 8.9 9.6 9.8 Grant element (%) 32.3 66.4 75.2 80.7 61.4 75.8 77.3 77.3 Private creditors Interest (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) 0.0 0.0 0.0 0.0 0.0 13.5 0.0 0.0 Grace period (years) 0.0 0.0 0.0 0.0 0.0 3.8 0.0 0.0 Grant element (%) 0.0 0.0 0.0 0.0 0.0 54.4 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 44 50 56 56 57 62 64 66 Interest 20 20 20 19 19 18 17 16 Official creditors Principal 43 48 53 52 53 59 62 64 Interest 20 20 20 19 19 18 17 16 Bilateral creditors Principal 11 10 10 10 9 9 9 9 Interest 6 6 5 5 5 4 4 3 Multilateral creditors Principal 32 38 43 43 44 50 53 55 Interest 14 15 15 14 14 13 13 12 Private creditors Principal 1 2 3 3 3 3 2 2 Interest 0 0 0 0 0 0 0 0 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are based on reports provided by the country. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. Rescheduling: Data includes the effects of all Paris Club debt restructuring agreements signed until December 2004. 101 CHILE (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 20,384 19,226 22,038 37,289 38,631 41,219 43,308 44,058 Long-term debt (LDOD) 17,628 14,687 18,607 31,117 33,341 35,396 35,804 36,351 Public and publicly guaranteed 12,897 10,425 7,178 5,255 5,581 6,799 8,046 9,426 Private nonguaranteed 4,731 4,263 11,429 25,861 27,760 28,596 27,758 26,925 Use of IMF credit 1,088 1,156 0 0 0 0 0 0 Short-term debt 1,668 3,382 3,431 6,172 5,290 5,823 7,504 7,707 of which interest arrears on LDOD 0 0 0 0 0 0 0 0 Official creditors 0 0 0 0 0 0 0 0 Private creditors 0 0 0 0 0 0 0 0 Memorandum items Principal arrears on LDOD 0 0 0 0 0 0 0 0 Official creditors 0 0 0 0 0 0 0 0 Private creditors 0 0 0 0 0 0 0 0 TOTAL DEBT FLOWS Disbursements 1,649 2,253 3,821 4,979 6,024 7,092 6,841 8,388 Long-term debt 1,450 2,253 3,821 4,979 6,024 7,092 6,841 8,388 IMF purchases 199 0 0 0 0 0 0 0 Principal repayments 330 980 3,671 3,941 4,684 6,011 6,578 8,136 Long-term debt 330 771 3,369 3,941 4,684 6,011 6,578 8,136 IMF repurchases 0 208 303 0 0 0 0 0 Net flows on debt 1,073 1,682 -284 2,893 458 1,614 1,944 455 of which short-term debt -246 409 -434 1,855 -882 533 1,681 203 Interest payments (INT) 1,942 1,792 1,293 2,236 1,964 1,718 1,485 1,430 Long-term debt 1,637 1,364 1,114 2,082 1,809 1,592 1,286 1,276 IMF charges 64 118 13 0 0 0 0 0 Short-term debt 240 310 165 154 154 126 200 154 Net transfers on debt -869 -110 -1,577 657 -1,506 -104 458 -975 Total debt service paid (TDS) 2,271 2,772 4,964 6,177 6,648 7,729 8,063 9,566 Long-term debt 1,967 2,135 4,483 6,023 6,494 7,603 7,864 9,412 IMF repurchases and charges 64 326 316 0 0 0 0 0 Short-term debt (interest only) 240 310 165 154 154 126 200 154 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 1,296 2,583 3,215 5,489 5,346 3,333 4,988 7,894 Net flow of long-term debt (ex. IMF) 1,120 1,481 452 1,038 1,340 1,081 263 252 Foreign direct investment (net) 144 661 2,957 4,860 4,200 2,550 4,385 7,603 Portfolio equity flows 0 367 -249 -427 -217 -320 318 8 Grants (excluding technical coop.) 32 73 54 18 23 23 23 31 Memo: technical coop. grants 31 66 97 56 58 49 60 68 NET TRANSFERS -500 832 -78 868 1,287 -706 -909 -1,434 Interest on long-term debt 1,637 1,364 1,114 2,082 1,809 1,592 1,286 1,276 Profit remittances on FDI 159 387 2,178 2,539 2,250 2,447 4,611 8,052 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 14,403 28,564 62,504 72,959 65,811 64,729 70,091 91,809 Exports of goods, serv. & inc. (XGS) 4,697 10,705 20,226 24,891 23,868 23,679 27,909 39,491 Worker remit. & comp. of employees 1 1 0 13 12 12 13 13 Imports of goods & services (MGS) 6,257 11,387 21,883 26,346 25,395 24,842 29,610 39,153 International reserves (RES) 2,950 6,784 14,860 15,055 14,399 15,344 15,843 15,997 Current account balance -1,413 -485 -1,350 -898 -1,100 -580 -1,102 1,390 4. DEBT INDICATORS EDT / XGS (%) 433.9 179.6 109.0 149.8 161.8 174.1 155.2 111.6 EDT / GNI (%) 141.5 67.3 35.3 51.1 58.7 63.7 61.8 48.0 TDS / XGS (%) 48.4 25.9 24.5 24.8 27.9 32.6 28.9 24.2 INT / XGS (%) 41.3 16.7 6.4 9.0 8.2 7.3 5.3 3.6 INT / GNI (%) 13.5 6.3 2.1 3.1 3.0 2.7 2.1 1.6 RES / EDT (%) 14.5 35.3 67.4 40.4 37.3 37.2 36.6 36.3 RES / MGS (months) 5.7 7.1 8.1 6.9 6.8 7.4 6.4 4.9 Short-term / EDT (%) 8.2 17.6 15.6 16.6 13.7 14.1 17.3 17.5 Concessional / EDT (%) 2.4 1.9 1.5 1.0 0.9 0.8 0.8 0.7 Multilateral / EDT (%) 7.5 21.5 13.0 3.8 3.4 2.6 2.4 2.3 102 CHILE (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 17,628 14,687 18,607 31,117 33,341 35,396 35,804 36,351 Public and publicly guaranteed 12,897 10,425 7,178 5,255 5,581 6,799 8,046 9,426 Official creditors 2,106 5,182 3,582 1,915 1,746 1,477 1,437 1,335 Multilateral 1,532 4,143 2,871 1,406 1,317 1,088 1,049 1,015 Concessional 43 33 23 13 11 9 10 7 Bilateral 574 1,039 711 509 429 389 388 321 Concessional 449 334 308 348 318 300 319 314 Private creditors 10,791 5,242 3,596 3,341 3,835 5,322 6,609 8,091 of which: Bonds 92 39 0 0 650 2,390 4,254 5,362 Commercial banks 10,012 4,747 3,509 3,273 3,182 2,906 2,329 2,704 Private nonguaranteed 4,731 4,263 11,429 25,861 27,760 28,596 27,758 26,925 Bonds 0 0 866 6,339 7,173 7,174 4,529 4,951 Commercial banks and other 4,731 4,263 10,563 19,522 20,587 21,422 23,229 21,974 Memo: IBRD 487 1,860 1,372 808 727 556 422 441 IDA 18 14 11 7 7 6 5 4 Public sector LDOD 12,841 10,421 7,178 5,175 5,501 6,719 8,020 9,426 Private sector LDOD 4,787 4,267 11,429 25,941 27,840 28,676 27,785 26,925 DISBURSEMENTS 1,450 2,253 3,821 4,979 6,024 7,092 6,841 8,388 Public and publicly guaranteed 1,364 708 342 382 1,295 2,404 2,255 2,561 Official creditors 501 650 194 161 122 126 156 378 Multilateral 501 583 146 113 108 126 141 371 Concessional 0 0 0 0 0 0 0 0 Bilateral 1 67 48 47 14 1 15 7 Concessional 0 0 48 17 14 1 8 7 Private creditors 863 58 148 221 1,174 2,277 2,099 2,184 of which: Bonds 0 0 0 0 650 1,708 1,800 1,250 Commercial banks 701 37 141 221 524 544 299 934 Private nonguaranteed 86 1,545 3,479 4,597 4,729 4,688 4,586 5,827 Bonds 0 0 500 672 1,281 0 330 1,125 Commercial banks and other 86 1,545 2,979 3,925 3,448 4,688 4,256 4,702 Memo: IBRD 231 251 83 48 39 30 37 259 IDA 0 0 0 0 0 0 0 0 PRINCIPAL REPAYMENTS 330 771 3,369 3,941 4,684 6,011 6,578 8,136 Public and publicly guaranteed 233 500 2,277 760 931 1,270 1,129 1,217 Official creditors 66 356 2,003 280 242 438 246 485 Multilateral 31 263 1,884 177 178 376 199 406 Concessional 2 2 2 2 2 2 3 2 Bilateral 35 93 119 103 64 62 47 79 Concessional 18 32 29 34 31 30 13 17 Private creditors 168 144 273 480 688 832 883 732 of which: Bonds 0 7 0 0 0 0 0 171 Commercial banks 58 32 240 479 624 831 882 560 Private nonguaranteed 96 271 1,092 3,181 3,754 4,741 5,449 6,919 Bonds 0 0 11 0 404 94 434 752 Commercial banks and other 96 271 1,081 3,181 3,350 4,647 5,015 6,167 Memo: IBRD 19 119 704 115 119 202 173 240 IDA 1 1 1 1 1 1 1 1 INTEREST PAYMENTS (LINT) 1,637 1,364 1,114 2,082 1,809 1,592 1,286 1,276 Public and publicly guaranteed 998 1,112 653 377 299 213 364 400 Official creditors 115 384 387 139 121 101 76 52 Multilateral 98 313 348 112 105 88 65 44 Concessional 1 1 0 0 0 0 0 0 Bilateral 17 71 39 27 16 14 12 7 Concessional 10 9 6 9 6 6 6 5 Private creditors 884 729 266 239 178 112 287 349 of which: Bonds 6 2 0 0 0 0 192 265 Commercial banks 821 688 258 234 175 112 95 84 Private nonguaranteed 639 252 461 1,704 1,510 1,379 922 875 Bonds 0 0 26 440 499 552 351 349 Commercial banks and other 639 252 435 1,265 1,011 826 571 526 Memo: IBRD 18 130 137 70 63 50 35 18 IDA 0 0 0 0 0 0 0 0 103 CHILE (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 1.5 6.0 6.1 5.4 Japanese yen 3.0 8.2 9.5 5.5 3.9 2.8 2.0 0.9 Pound sterling 0.8 3.4 2.9 0.2 0.2 0.1 0.1 0.0 Swiss franc 1.4 0.6 0.9 0.1 0.0 0.0 0.0 0.0 U.S.dollars 78.0 40.2 42.3 85.5 89.1 89.0 90.2 93.6 7. DEBT RESTRUCTURINGS Total amount rescheduled 1,351 4,172 0 0 0 0 0 0 Debt stock rescheduled 873 4,168 0 0 0 0 0 0 Principal rescheduled 479 0 0 0 0 0 0 0 Official 13 0 0 0 0 0 0 0 Private 466 0 0 0 0 0 0 0 Interest rescheduled 0 0 0 0 0 0 0 0 Official 0 0 0 0 0 0 0 0 Private 0 0 0 0 0 0 0 0 Debt forgiven 0 0 0 0 0 0 0 0 Memo: interest forgiven 0 0 0 0 0 0 0 0 Debt stock reduction 332 1,100 145 0 0 0 0 0 of which debt buyback 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 647 1,193 -117 2,474 1,342 2,588 2,090 750 Net flows on debt 1,073 1,682 -284 2,893 458 1,614 1,944 455 Cross-currency valuation 323 508 14 -61 -82 25 289 8 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 9.5 7.8 6.2 7.0 5.9 4.3 4.3 2.8 Maturity (years) 13.1 17.9 18.0 6.3 12.8 6.5 9.3 6.4 Grace period (years) 5.2 4.2 5.4 3.0 7.0 5.6 8.0 5.4 Grant element (%) 1.1 12.2 24.2 9.8 20.6 21.7 29.2 27.8 Official creditors Interest (%) 8.9 7.7 6.1 1.0 6.8 3.6 1.6 1.8 Maturity (years) 16.9 18.8 19.5 17.0 24.6 10.9 19.4 8.3 Grace period (years) 4.0 4.3 5.8 1.5 5.6 3.1 5.2 4.5 Grant element (%) 4.9 13.1 26.2 49.1 22.4 26.3 47.7 35.2 Private creditors Interest (%) 10.0 9.3 6.8 7.0 5.6 4.4 4.4 2.9 Maturity (years) 10.4 7.6 9.6 6.3 7.9 6.0 9.1 6.2 Grace period (years) 6.1 2.3 3.0 3.0 7.6 5.8 8.0 5.6 Grant element (%) -1.5 1.7 13.6 9.7 19.8 21.2 28.7 26.7 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 6,193 4,191 4,474 3,961 3,554 1,926 2,161 2,485 Interest 1,385 1,310 1,198 941 785 672 569 440 Official creditors Principal 183 91 105 308 112 149 128 82 Interest 53 53 52 46 40 36 31 28 Bilateral creditors Principal 55 33 30 30 32 32 17 17 Interest 7 6 6 5 5 4 4 3 Multilateral creditors Principal 128 58 75 278 80 117 111 66 Interest 46 47 46 41 35 32 28 24 Private creditors Principal 6,010 4,100 4,369 3,654 3,442 1,777 2,033 2,403 Interest 1,332 1,257 1,147 895 745 636 537 413 Notes: Data source: Data on long-term public and publicly guaranteed, private nonguaranteed, and short-term debt for 2004 are based on reports provided by the country. 104 CHINA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 16,696 55,301 118,090 145,729 184,830 186,372 208,666 248,934 Long-term debt (LDOD) 9,937 45,515 95,764 132,649 128,520 120,452 120,359 131,342 Public and publicly guaranteed 9,937 45,515 94,674 94,860 91,776 88,613 85,329 90,815 Private nonguaranteed 0 0 1,090 37,789 36,744 31,839 35,030 40,527 Use of IMF credit 340 469 0 0 0 0 0 0 Short-term debt 6,419 9,317 22,325 13,080 56,310 65,920 88,307 117,592 of which interest arrears on LDOD 0 0 0 0 0 0 0 0 Official creditors 0 0 0 0 0 0 0 0 Private creditors 0 0 0 0 0 0 0 0 Memorandum items Principal arrears on LDOD 0 0 0 0 0 0 0 0 Official creditors 0 0 0 0 0 0 0 0 Private creditors 0 0 0 0 0 0 0 0 TOTAL DEBT FLOWS Disbursements 5,280 9,665 21,985 16,777 14,781 19,058 25,421 24,476 Long-term debt 5,280 9,665 21,985 16,777 14,781 19,058 25,421 24,476 IMF purchases 0 0 0 0 0 0 0 0 Principal repayments 1,297 3,809 9,070 19,925 16,643 24,715 30,058 16,490 Long-term debt 1,297 3,319 9,070 19,925 16,643 24,715 30,058 16,490 IMF repurchases 0 490 0 0 0 0 0 0 Net flows on debt 4,802 8,267 17,758 -5,248 -33 3,953 13,772 37,270 of which short-term debt 819 2,410 4,842 -2,100 1,828 9,610 18,409 29,285 Interest payments (INT) 1,181 3,248 5,996 7,167 7,895 6,371 7,121 7,166 Long-term debt 586 2,534 4,657 5,999 6,160 4,232 4,499 4,204 IMF charges 2 65 0 0 0 0 0 0 Short-term debt 594 649 1,340 1,168 1,735 2,139 2,622 2,963 Net transfers on debt 3,621 5,018 11,761 -12,415 -7,928 -2,418 6,650 30,104 Total debt service paid (TDS) 2,478 7,057 15,066 27,092 24,538 31,085 37,179 23,656 Long-term debt 1,883 5,853 13,726 25,924 22,803 28,946 34,558 20,694 IMF repurchases and charges 2 555 0 0 0 0 0 0 Short-term debt (interest only) 594 649 1,340 1,168 1,735 2,139 2,622 2,963 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 5,760 10,082 49,095 42,468 43,485 46,214 56,929 74,226 Net flow of long-term debt (ex. IMF) 3,983 6,346 12,915 -3,148 -1,861 -5,657 -4,637 7,985 Foreign direct investment (net) 1,659 3,487 35,849 38,399 44,241 49,308 53,505 54,936 Portfolio equity flows 0 0 0 6,912 849 2,249 7,729 10,923 Grants (excluding technical coop.) 117 249 330 305 256 314 332 381 Memo: technical coop. grants 127 384 563 541 516 568 791 884 NET TRANSFERS 5,160 7,502 34,485 16,270 15,836 24,159 35,077 52,607 Interest on long-term debt 586 2,534 4,657 5,999 6,160 4,232 4,499 4,204 Profit remittances on FDI 14 46 9,953 20,198 21,489 17,823 17,353 17,415 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 305,753 355,699 716,237 1,183,815 1,305,630 1,438,886 1,633,123 1,928,188 Exports of goods, serv. & inc. (XGS) 29,821 60,515 152,781 292,668 309,709 375,419 504,441 680,998 Worker remit. & comp. of employees 253 210 1,053 6,244 8,385 13,012 17,815 21,283 Imports of goods & services (MGS) 41,301 48,668 152,248 277,904 299,888 351,302 472,857 630,610 International reserves (RES) 16,881 34,476 80,288 171,763 220,057 297,739 416,199 622,949 Current account balance -11,417 11,997 1,618 20,518 17,401 35,422 45,875 68,659 4. DEBT INDICATORS EDT / XGS (%) 56.0 91.4 77.3 49.8 59.7 49.6 41.4 36.6 EDT / GNI (%) 5.5 15.5 16.5 12.3 14.2 13.0 12.8 12.9 TDS / XGS (%) 8.3 11.7 9.9 9.3 7.9 8.3 7.4 3.5 INT / XGS (%) 4.0 5.4 3.9 2.4 2.5 1.7 1.4 1.1 INT / GNI (%) 0.4 0.9 0.8 0.6 0.6 0.4 0.4 0.4 RES / EDT (%) 101.1 62.3 68.0 117.9 119.1 159.8 199.5 250.2 RES / MGS (months) 4.9 8.5 6.3 7.4 8.8 10.2 10.6 11.9 Short-term / EDT (%) 38.4 16.8 18.9 9.0 30.5 35.4 42.3 47.2 Concessional / EDT (%) 14.7 17.6 15.2 20.7 16.0 16.1 15.6 15.5 Multilateral / EDT (%) 5.9 11.1 13.8 17.7 14.5 14.7 12.6 10.6 *Includes central government debt, other public sector which is not guaranteed, and private sector debt which is guaranteed by a public entity. 105 CHINA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 9,937 45,515 95,764 132,649 128,520 120,452 120,359 131,342 Public and publicly guaranteed 9,937 45,515 94,674 94,860 91,776 88,613 85,329 90,815 Official creditors 4,724 14,514 36,982 50,393 50,566 50,822 51,385 57,232 Multilateral 983 6,111 16,302 25,811 26,861 27,421 26,236 26,488 Concessional 468 3,119 7,180 8,821 8,693 9,457 10,350 10,670 Bilateral 3,741 8,403 20,680 24,582 23,705 23,401 25,149 30,745 Concessional 1,989 6,599 10,792 21,397 20,796 20,466 22,220 27,876 Private creditors 5,213 31,001 57,693 44,467 41,210 37,791 33,944 33,582 of which: Bonds 1,234 5,425 10,684 11,371 11,852 10,568 11,167 13,769 Commercial banks 776 14,520 23,869 10,619 6,760 6,062 5,119 3,433 Private nonguaranteed 0 0 1,090 37,789 36,744 31,839 35,030 40,527 Bonds 0 0 1,090 1,068 1,536 1,540 1,620 2,326 Commercial banks and other 0 0 0 36,721 35,208 30,299 33,410 38,201 Memo: IBRD 498 2,865 7,209 11,118 11,550 11,254 10,657 11,035 IDA 431 3,016 7,038 8,771 8,654 9,423 10,314 10,670 Public sector LDOD 9,937 45,449 93,573 94,860 91,776 88,613 85,329 90,815 Private sector LDOD 0 66 2,192 37,789 36,744 31,839 35,030 40,527 DISBURSEMENTS 5,280 9,665 21,985 16,777 14,781 19,058 25,421 24,476 Public and publicly guaranteed 5,280 9,665 21,441 9,695 8,611 4,671 4,805 6,600 Official creditors 1,166 2,578 9,073 5,791 4,741 3,269 2,582 2,475 Multilateral 599 1,158 2,838 3,303 2,575 2,628 2,308 1,719 Concessional 229 511 822 424 319 212 143 69 Bilateral 567 1,420 6,235 2,487 2,167 641 273 756 Concessional 425 1,022 1,533 1,874 1,779 463 255 752 Private creditors 4,114 7,087 12,368 3,904 3,870 1,402 2,223 4,125 of which: Bonds 971 277 1,224 848 1,486 100 1,606 3,747 Commercial banks 700 3,247 4,977 131 348 115 65 75 Private nonguaranteed 0 0 544 7,082 6,170 14,387 20,616 17,876 Bonds 0 0 544 390 476 90 175 737 Commercial banks and other 0 0 0 6,692 5,694 14,297 20,441 17,139 Memo: IBRD 354 591 1,457 1,528 1,480 1,812 1,475 1,119 IDA 212 507 812 379 311 208 141 69 PRINCIPAL REPAYMENTS 1,297 3,319 9,070 19,925 16,643 24,715 30,058 16,490 Public and publicly guaranteed 1,297 3,319 9,070 10,798 8,579 9,940 10,468 5,106 Official creditors 49 851 1,171 4,271 2,586 4,476 5,739 2,459 Multilateral 0 220 420 1,400 1,182 3,123 4,514 1,531 Concessional 0 0 19 317 131 123 150 222 Bilateral 49 631 751 2,871 1,404 1,353 1,225 928 Concessional 0 145 315 2,346 1,143 1,104 1,067 819 Private creditors 1,248 2,468 7,899 6,527 5,993 5,464 4,729 2,647 of which: Bonds 0 325 1,451 443 926 1,165 696 769 Commercial banks 77 808 2,645 2,016 1,556 740 962 622 Private nonguaranteed 0 0 0 9,127 8,064 14,775 19,590 11,384 Bonds 0 0 0 534 0 80 110 26 Commercial banks and other 0 0 0 8,593 8,064 14,695 19,480 11,358 Memo: IBRD 0 216 350 578 817 2,389 2,312 813 IDA 0 0 14 66 87 113 147 186 INTEREST PAYMENTS (LINT) 586 2,534 4,657 5,999 6,160 4,232 4,499 4,204 Public and publicly guaranteed 586 2,534 4,623 4,075 4,244 3,077 3,178 3,249 Official creditors 172 531 1,288 2,387 2,575 1,669 1,600 1,859 Multilateral 30 226 619 1,518 1,808 1,149 805 865 Concessional 4 20 53 69 66 68 73 78 Bilateral 142 305 669 869 767 520 795 994 Concessional 43 193 324 633 544 417 615 789 Private creditors 414 2,003 3,335 1,688 1,669 1,408 1,578 1,390 of which: Bonds 20 367 594 521 690 413 470 328 Commercial banks 50 959 1,333 222 202 220 118 294 Private nonguaranteed 0 0 33 1,924 1,916 1,155 1,321 954 Bonds 0 0 33 93 111 119 123 122 Commercial banks and other 0 0 0 1,831 1,805 1,036 1,198 832 Memo: IBRD 26 200 460 713 733 593 378 242 IDA 4 19 49 65 64 67 72 78 106 CHINA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 4.8 5.7 7.2 8.9 Japanese yen 49.7 30.4 20.7 16.9 14.5 15.4 16.7 15.7 Pound sterling 0.8 0.7 0.2 0.1 0.1 0.1 0.1 0.1 Swiss franc 0.1 0.2 0.0 0.1 0.1 0.1 0.1 0.1 U.S.dollars 23.8 29.1 58.1 71.4 74.1 72.4 71.2 71.1 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 0 0 0 0 0 0 0 Debt stock rescheduled 0 0 0 0 0 0 0 0 Principal rescheduled 0 0 0 0 0 0 0 0 Official 0 0 0 0 0 0 0 0 Private 0 0 0 0 0 0 0 0 Interest rescheduled 0 0 0 0 0 0 0 0 Official 0 0 0 0 0 0 0 0 Private 0 0 0 0 0 0 0 0 Debt forgiven 0 0 0 0 0 0 0 0 Memo: interest forgiven 0 0 0 0 0 0 0 0 Debt stock reduction 0 0 0 0 0 0 0 0 of which debt buyback 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 4,614 10,369 17,633 -6,356 39,101 1,542 22,294 40,268 Net flows on debt 4,802 8,267 17,758 -5,248 -33 3,953 13,772 37,270 Cross-currency valuation 1,025 1,415 -375 -3,118 -2,923 3,370 3,910 1,431 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 7.4 7.5 6.5 6.6 5.9 5.7 3.7 3.8 Maturity (years) 11.8 16.6 11.8 12.9 12.9 14.1 14.5 14.2 Grace period (years) 4.1 3.9 2.9 2.5 3.8 3.0 5.9 6.9 Grant element (%) 13.5 15.6 15.4 15.5 20.7 23.2 38.2 37.9 Official creditors Interest (%) 5.8 3.7 6.8 7.2 5.8 4.2 2.2 2.4 Maturity (years) 26.6 27.9 18.3 21.1 21.4 20.7 21.6 22.3 Grace period (years) 6.8 7.9 3.7 4.9 4.7 5.0 5.4 5.2 Grant element (%) 32.3 49.2 19.0 17.5 26.9 38.1 53.8 52.6 Private creditors Interest (%) 8.0 8.6 6.3 6.4 5.9 6.5 4.9 4.7 Maturity (years) 7.0 13.3 7.3 10.5 10.2 10.1 8.7 9.0 Grace period (years) 3.3 2.7 2.4 1.8 3.5 1.8 6.4 8.0 Grant element (%) 7.5 5.7 12.9 14.9 18.7 14.1 25.2 28.6 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 19,970 19,250 17,284 14,595 12,077 9,611 8,410 4,782 Interest 5,236 4,271 3,528 2,756 2,244 1,830 1,493 1,254 Official creditors Principal 5,413 5,316 5,019 4,359 4,229 4,180 3,983 3,922 Interest 2,033 1,914 1,770 1,616 1,469 1,315 1,164 1,015 Bilateral creditors Principal 3,896 3,670 3,323 2,553 2,380 2,211 1,956 1,880 Interest 1,223 1,071 924 794 685 578 486 402 Multilateral creditors Principal 1,518 1,646 1,697 1,806 1,850 1,968 2,027 2,041 Interest 809 843 845 822 785 736 679 613 Private creditors Principal 14,557 13,934 12,265 10,236 7,848 5,431 4,427 860 Interest 3,204 2,357 1,759 1,140 775 515 329 239 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are based on aggregate information provided by the authorities and World Bank staff estimates. Short-term and private nonguaranteed debt data for 1999­2004 are reported by the country. Projected debt service is based on contractual obligations on debt outstanding at the end of 2004. 107 COLOMBIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 14,248 17,222 25,048 33,933 36,248 33,204 36,997 37,732 Long-term debt (LDOD) 11,144 15,784 19,503 31,062 32,961 29,545 33,441 32,391 Public and publicly guaranteed 9,576 14,671 13,950 20,803 21,777 20,669 22,783 23,372 Private nonguaranteed 1,568 1,113 5,553 10,259 11,184 8,876 10,657 9,019 Use of IMF credit 0 0 0 0 0 0 0 0 Short-term debt 3,104 1,438 5,545 2,871 3,287 3,659 3,556 5,341 of which interest arrears on LDOD 5 28 2 0 0 0 0 0 Official creditors 0 17 0 0 0 0 0 0 Private creditors 5 11 2 0 0 0 0 0 Memorandum items Principal arrears on LDOD 11 409 177 8 7 0 0 0 Official creditors 0 42 85 0 0 0 0 0 Private creditors 11 367 92 8 7 0 0 0 TOTAL DEBT FLOWS Disbursements 2,050 1,994 4,181 3,804 6,016 3,319 6,935 4,041 Long-term debt 2,050 1,994 4,181 3,804 6,016 3,319 6,935 4,041 IMF purchases 0 0 0 0 0 0 0 0 Principal repayments 749 2,189 2,347 2,902 3,622 4,621 6,198 5,248 Long-term debt 749 2,189 2,347 2,902 3,622 4,621 6,198 5,248 IMF repurchases 0 0 0 0 0 0 0 0 Net flows on debt 1,531 -399 2,897 -192 2,810 -929 634 578 of which short-term debt 231 -204 1,062 -1,094 416 372 -103 1,785 Interest payments (INT) 1,222 1,701 1,998 2,204 2,690 2,224 2,447 2,440 Long-term debt 863 1,558 1,687 2,032 2,528 2,064 2,295 2,262 IMF charges 0 0 0 0 0 0 0 0 Short-term debt 359 143 311 172 162 160 152 178 Net transfers on debt 309 -2,100 899 -2,396 121 -3,153 -1,813 -1,862 Total debt service paid (TDS) 1,972 3,889 4,345 5,106 6,311 6,845 8,645 7,688 Long-term debt 1,613 3,746 4,034 4,934 6,150 6,685 8,493 7,510 IMF repurchases and charges 0 0 0 0 0 0 0 0 Short-term debt (interest only) 359 143 311 172 162 160 152 178 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 2,343 340 3,041 3,394 4,966 928 2,591 2,116 Net flow of long-term debt (ex. IMF) 1,300 -195 1,834 903 2,394 -1,301 737 -1,207 Foreign direct investment (net) 1,023 500 968 2,395 2,525 2,115 1,801 3,052 Portfolio equity flows 0 0 165 17 -42 17 -52 130 Grants (excluding technical coop.) 20 35 74 79 89 98 104 141 Memo: technical coop. grants 41 79 98 183 360 414 769 479 NET TRANSFERS 1,085 -2,182 995 707 1,514 -2,168 -1,263 -2,458 Interest on long-term debt 863 1,558 1,687 2,032 2,528 2,064 2,295 2,262 Profit remittances on FDI 395 964 359 655 924 1,033 1,559 2,312 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 33,181 38,193 90,924 81,463 79,397 78,858 76,642 93,525 Exports of goods, serv. & inc. (XGS) 4,721 9,514 13,781 18,400 17,973 17,348 19,333 23,329 Worker remit. & comp. of employees 110 495 815 1,610 2,056 2,480 3,076 3,190 Imports of goods & services (MGS) 6,886 9,510 18,286 17,734 19,400 18,939 20,593 24,776 International reserves (RES) 2,197 4,869 8,452 9,006 10,244 10,844 10,920 13,537 Current account balance -1,809 542 -4,516 761 -1,094 -1,340 -987 -967 4. DEBT INDICATORS EDT / XGS (%) 301.8 181.0 181.8 184.4 201.7 191.4 191.4 161.7 EDT / GNI (%) 42.9 45.1 27.5 41.7 45.7 42.1 48.3 40.3 TDS / XGS (%) 41.8 40.9 31.5 27.8 35.1 39.5 44.7 33.0 INT / XGS (%) 25.9 17.9 14.5 12.0 15.0 12.8 12.7 10.5 INT / GNI (%) 3.7 4.5 2.2 2.7 3.4 2.8 3.2 2.6 RES / EDT (%) 15.4 28.3 33.7 26.5 28.3 32.7 29.5 35.9 RES / MGS (months) 3.8 6.1 5.5 6.1 6.3 6.9 6.4 6.6 Short-term / EDT (%) 21.8 8.4 22.1 8.5 9.1 11.0 9.6 14.2 Concessional / EDT (%) 7.1 5.7 3.9 2.8 2.5 2.8 3.0 2.8 Multilateral / EDT (%) 23.9 35.4 21.2 18.5 20.0 22.9 27.3 27.6 108 COLOMBIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 11,144 15,784 19,503 31,062 32,961 29,545 33,441 32,391 Public and publicly guaranteed 9,576 14,671 13,950 20,803 21,777 20,669 22,783 23,372 Official creditors 5,302 8,540 7,066 7,726 8,591 8,941 11,332 11,462 Multilateral 3,411 6,103 5,320 6,278 7,255 7,607 10,085 10,410 Concessional 213 219 164 104 90 75 273 373 Bilateral 1,891 2,437 1,747 1,448 1,336 1,334 1,247 1,052 Concessional 793 769 814 860 798 853 838 701 Private creditors 4,274 6,131 6,883 13,077 13,185 11,728 11,452 11,910 of which: Bonds 16 275 1,733 8,201 10,226 9,623 9,664 10,342 Commercial banks 3,406 4,208 4,163 4,245 2,270 1,516 1,292 1,143 Private nonguaranteed 1,568 1,113 5,553 10,259 11,184 8,876 10,657 9,019 Bonds 0 0 717 762 658 658 376 370 Commercial banks and other 1,568 1,113 4,836 9,497 10,526 8,218 10,282 8,649 Memo: IBRD 2,401 3,859 2,548 1,920 2,006 2,348 3,241 3,490 IDA 18 14 11 7 7 6 5 5 Public sector LDOD 9,510 14,630 13,945 20,798 21,772 20,668 22,782 23,371 Private sector LDOD 1,635 1,154 5,558 10,264 11,188 8,877 10,658 9,020 DISBURSEMENTS 2,050 1,994 4,181 3,804 6,016 3,319 6,935 4,041 Public and publicly guaranteed 1,814 1,847 1,571 2,940 5,255 2,025 5,654 2,509 Official creditors 1,215 697 687 661 1,602 980 3,312 1,173 Multilateral 829 559 397 509 1,520 912 3,288 1,169 Concessional 20 3 2 0 0 0 180 118 Bilateral 386 139 290 152 82 68 24 4 Concessional 30 26 70 97 54 56 15 4 Private creditors 599 1,150 885 2,279 3,653 1,045 2,342 1,336 of which: Bonds 0 0 535 1,804 3,045 500 2,047 1,000 Commercial banks 374 874 257 469 379 465 268 292 Private nonguaranteed 235 147 2,610 865 761 1,294 1,281 1,533 Bonds 0 0 592 0 0 0 0 170 Commercial banks and other 235 147 2,018 865 761 1,294 1,281 1,363 Memo: IBRD 589 213 238 266 368 480 987 455 IDA 0 0 0 0 0 0 0 0 PRINCIPAL REPAYMENTS 749 2,189 2,347 2,902 3,622 4,621 6,198 5,248 Public and publicly guaranteed 645 1,875 2,200 2,069 2,721 3,327 3,944 2,083 Official creditors 291 737 1,110 558 519 960 1,260 1,089 Multilateral 210 527 647 441 402 853 1,118 943 Concessional 5 12 13 14 14 15 15 19 Bilateral 81 210 463 116 117 108 142 146 Concessional 30 36 39 44 47 43 84 87 Private creditors 354 1,138 1,090 1,512 2,202 2,366 2,683 994 of which: Bonds 1 4 119 469 985 1,190 2,070 441 Commercial banks 258 849 723 839 1,031 990 491 437 Private nonguaranteed 104 314 147 832 900 1,294 2,254 3,165 Bonds 0 0 0 110 98 0 282 176 Commercial banks and other 104 314 147 722 802 1,294 1,972 2,990 Memo: IBRD 165 434 414 242 232 231 211 255 IDA 0 1 1 1 1 1 1 1 INTEREST PAYMENTS (LINT) 863 1,558 1,687 2,032 2,528 2,064 2,295 2,262 Public and publicly guaranteed 762 1,240 962 1,414 1,690 1,569 1,630 1,636 Official creditors 346 627 506 541 561 503 537 540 Multilateral 215 476 388 470 493 449 489 497 Concessional 4 6 4 3 2 2 2 10 Bilateral 131 150 118 71 68 55 49 43 Concessional 19 19 25 26 26 24 22 19 Private creditors 416 613 457 873 1,128 1,065 1,093 1,096 of which: Bonds 0 27 58 515 867 932 998 1,009 Commercial banks 358 461 310 298 199 92 61 58 Private nonguaranteed 102 318 725 618 838 495 665 625 Bonds 0 0 15 84 79 75 75 38 Commercial banks and other 102 318 710 534 759 420 590 587 Memo: IBRD 153 318 190 126 133 115 146 152 IDA 0 0 0 0 0 0 0 0 109 COLOMBIA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 9.8 9.6 6.2 6.4 Japanese yen 4.9 4.9 5.6 3.6 3.9 3.8 2.3 1.7 Pound sterling 0.1 0.3 0.1 0.8 0.7 0.8 0.8 0.9 Swiss franc 0.2 0.3 0.2 0.0 0.0 0.0 0.1 0.0 U.S.dollars 53.4 44.0 53.3 80.3 78.5 78.8 84.7 86.1 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 0 0 0 0 0 0 0 Debt stock rescheduled 0 0 0 0 0 0 0 0 Principal rescheduled 0 0 0 0 0 0 0 0 Official 0 0 0 0 0 0 0 0 Private 0 0 0 0 0 0 0 0 Interest rescheduled 0 0 0 0 0 0 0 0 Official 0 0 0 0 0 0 0 0 Private 0 0 0 0 0 0 0 0 Debt forgiven 0 2 0 0 0 0 0 0 Memo: interest forgiven 0 0 0 0 0 0 0 0 Debt stock reduction 0 0 0 0 0 0 0 0 of which debt buyback 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 2,210 336 3,108 -491 2,314 -3,044 3,793 736 Net flows on debt 1,531 -399 2,897 -192 2,810 -929 634 578 Cross-currency valuation 637 494 315 -364 -370 643 704 428 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 9.6 8.0 4.8 7.9 8.7 7.7 5.4 5.8 Maturity (years) 12.0 16.5 11.7 10.7 12.5 9.2 12.4 16.2 Grace period (years) 3.5 4.6 4.3 6.2 8.0 6.0 8.4 9.8 Grant element (%) 0.9 12.2 23.6 4.7 8.1 9.2 23.0 26.9 Official creditors Interest (%) 9.4 7.5 6.4 8.6 5.5 4.1 3.7 4.3 Maturity (years) 17.9 18.7 20.4 12.6 18.7 13.6 10.7 17.2 Grace period (years) 4.8 5.4 4.8 3.7 6.0 3.9 4.8 6.5 Grant element (%) 2.5 15.5 23.3 7.4 28.8 30.9 32.1 36.1 Private creditors Interest (%) 9.7 9.3 3.8 7.7 10.4 8.9 8.8 8.0 Maturity (years) 8.8 10.2 6.0 10.1 9.2 7.7 16.0 14.8 Grace period (years) 2.8 2.2 4.0 7.0 9.1 6.6 15.8 14.6 Grant element (%) 0.1 2.3 23.8 3.9 -3.3 1.9 4.1 13.6 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 3,825 4,139 3,924 4,086 3,190 2,411 2,449 1,714 Interest 2,214 2,011 1,754 1,400 1,193 1,001 792 660 Official creditors Principal 1,025 1,276 1,600 1,257 887 980 979 802 Interest 573 533 464 382 329 287 242 200 Bilateral creditors Principal 124 114 113 112 114 88 71 27 Interest 43 37 31 26 21 16 11 8 Multilateral creditors Principal 901 1,162 1,487 1,145 773 892 908 774 Interest 530 497 432 356 308 272 230 192 Private creditors Principal 2,800 2,863 2,324 2,829 2,303 1,431 1,470 912 Interest 1,641 1,477 1,290 1,019 864 713 551 460 Notes: Data source: Data on long-term public and publicly guaranteed and private nonguaranteed debt for 2004 are based on reports provided by the country. Short- term debt data are World Bank staff estimates. 110 COMOROS (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 134.2 188.5 215.5 237.6 248.1 275.6 293.1 305.8 Long-term debt (LDOD) 129.6 176.1 202.1 207.9 223.1 245.4 265.3 275.2 Public and publicly guaranteed 129.6 176.1 202.1 207.9 223.1 245.4 265.3 275.2 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit 0.0 0.0 3.3 1.5 0.8 0.6 0.2 0.0 Short-term debt 4.6 12.4 10.1 28.3 24.1 29.6 27.7 30.6 of which interest arrears on LDOD 0.6 12.2 8.1 19.3 21.1 23.6 26.6 30.6 Official creditors 0.5 12.2 8.1 19.3 21.1 23.6 26.6 30.6 Private creditors 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memorandum items Principal arrears on LDOD 1.7 25.5 26.9 60.8 64.1 67.6 68.3 80.2 Official creditors 1.6 25.5 26.9 60.8 64.1 67.6 68.3 80.2 Private creditors 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 TOTAL DEBT FLOWS Disbursements 22.2 5.4 9.6 2.1 11.6 12.2 8.6 3.2 Long-term debt 22.2 5.4 9.6 2.1 11.6 12.2 8.6 3.2 IMF purchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 0.4 0.2 0.4 1.8 1.9 4.2 2.1 2.2 Long-term debt 0.4 0.2 0.4 1.2 1.3 3.8 1.8 2.0 IMF repurchases 0.0 0.0 0.0 0.6 0.6 0.4 0.4 0.2 Net flows on debt 22.9 2.2 11.2 2.3 3.7 11.0 1.6 0.0 of which short-term debt 1.0 -3.0 2.0 2.0 -6.0 3.0 -4.9 -1.1 Interest payments (INT) 1.8 0.9 0.6 1.4 0.9 0.9 0.9 1.0 Long-term debt 1.5 0.7 0.5 0.8 0.6 0.8 0.8 1.0 IMF charges 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term debt 0.3 0.2 0.1 0.6 0.3 0.1 0.1 0.0 Net transfers on debt 21.0 1.3 10.6 0.9 2.8 10.1 0.7 -1.0 Total debt service paid (TDS) 2.2 1.1 1.0 3.2 2.8 5.1 3.0 3.2 Long-term debt 1.9 1.0 0.9 2.0 2.0 4.6 2.6 3.0 IMF repurchases and charges 0.0 0.0 0.0 0.6 0.6 0.4 0.4 0.2 Short-term debt (interest only) 0.3 0.2 0.1 0.6 0.3 0.1 0.1 0.0 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 36.2 32.9 27.9 11.8 22.4 21.8 15.2 15.6 Net flow of long-term debt (ex. IMF) 21.9 5.2 9.2 0.9 10.2 8.4 6.9 1.3 Foreign direct investment (net) 0.0 0.0 1.0 0.1 1.1 0.4 1.0 2.0 Portfolio equity flows 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grants (excluding technical coop.) 14.3 27.7 17.8 10.7 11.0 13.0 7.3 12.4 Memo: technical coop. grants 11.1 15.8 14.6 8.4 8.4 10.4 12.0 13.2 NET TRANSFERS 34.6 31.5 27.3 11.0 21.8 21.0 14.3 14.6 Interest on long-term debt 1.5 0.7 0.5 0.8 0.6 0.8 0.8 1.0 Profit remittances on FDI 0.0 0.6 0.2 0.0 0.0 0.0 0.0 0.0 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 113.3 261.8 232.9 204.2 220.8 246.0 317.6 364.4 Exports of goods, serv. & inc. (XGS) 24.7 48.1 61.4 .. .. .. .. .. Worker remit. & comp. of employees 4.0 10.0 12.0 12.0 12.0 12.0 12.0 12.0 Imports of goods & services (MGS) 66.1 93.4 105.7 .. .. .. .. .. International reserves (RES) 11.9 29.9 44.9 43.4 62.5 80.1 94.5 104.0 Current account balance -14.3 -10.5 -19.0 .. .. .. .. .. 4. DEBT INDICATORS EDT / XGS (%) 543.2 392.0 350.8 .. .. .. .. .. EDT / GNI (%) 118.4 72.0 92.5 116.4 112.3 112.0 92.3 83.9 TDS / XGS (%) 8.8 2.3 1.6 .. .. .. .. .. INT / XGS (%) 7.4 1.8 0.9 .. .. .. .. .. INT / GNI (%) 1.6 0.3 0.2 0.7 0.4 0.4 0.3 0.3 RES / EDT (%) 8.9 15.9 20.8 18.3 25.2 29.1 32.3 34.0 RES / MGS (months) 2.2 3.8 5.1 .. .. .. .. .. Short-term / EDT (%) 3.4 6.6 4.7 11.9 9.7 10.7 9.4 10.0 Concessional / EDT (%) 90.7 86.1 90.2 83.9 86.8 85.9 87.3 86.8 Multilateral / EDT (%) 51.5 61.2 73.0 70.2 69.6 70.6 72.8 73.0 111 COMOROS (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 129.6 176.1 202.1 207.9 223.1 245.4 265.3 275.2 Public and publicly guaranteed 129.6 176.1 202.1 207.9 223.1 245.4 265.3 275.2 Official creditors 129.4 176.1 202.1 207.9 223.1 245.4 265.3 275.2 Multilateral 69.1 115.3 157.4 166.8 172.6 194.6 213.4 223.4 Concessional 62.5 101.6 149.7 158.2 164.8 185.9 203.9 213.5 Bilateral 60.2 60.8 44.7 41.1 50.5 50.9 51.8 51.8 Concessional 59.3 60.8 44.7 41.1 50.5 50.9 51.8 51.8 Private creditors 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 19.5 37.5 64.1 70.8 79.0 96.1 112.4 118.7 Public sector LDOD 129.6 176.1 202.1 207.9 223.1 245.4 265.3 275.2 Private sector LDOD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DISBURSEMENTS 22.2 5.4 9.6 2.1 11.6 12.2 8.6 3.2 Public and publicly guaranteed 22.2 5.4 9.6 2.1 11.6 12.2 8.6 3.2 Official creditors 22.2 5.4 9.6 2.1 11.6 12.2 8.6 3.2 Multilateral 14.1 1.3 9.6 2.1 11.6 12.2 8.6 3.2 Concessional 12.5 1.3 9.6 2.1 11.6 12.2 8.6 3.2 Bilateral 8.1 4.2 0.0 0.0 0.0 0.0 0.0 0.0 Concessional 8.1 4.2 0.0 0.0 0.0 0.0 0.0 0.0 Private creditors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 5.5 0.7 9.6 2.1 11.6 12.2 8.6 3.2 PRINCIPAL REPAYMENTS 0.4 0.2 0.4 1.2 1.3 3.8 1.8 2.0 Public and publicly guaranteed 0.4 0.2 0.4 1.2 1.3 3.8 1.8 2.0 Official creditors 0.2 0.2 0.4 1.2 1.3 3.8 1.8 2.0 Multilateral 0.2 0.2 0.4 1.2 1.3 3.1 1.8 2.0 Concessional 0.2 0.2 0.4 1.2 1.3 3.1 1.8 2.0 Bilateral 0.0 0.0 0.0 0.0 0.0 0.7 0.0 0.0 Concessional 0.0 0.0 0.0 0.0 0.0 0.7 0.0 0.0 Private creditors 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.0 0.1 0.4 0.8 0.8 1.1 1.3 1.8 INTEREST PAYMENTS (LINT) 1.5 0.7 0.5 0.8 0.6 0.8 0.8 1.0 Public and publicly guaranteed 1.5 0.7 0.5 0.8 0.6 0.8 0.8 1.0 Official creditors 1.5 0.7 0.5 0.8 0.6 0.8 0.8 1.0 Multilateral 1.1 0.4 0.5 0.8 0.6 0.7 0.8 1.0 Concessional 0.6 0.4 0.5 0.8 0.6 0.7 0.8 1.0 Bilateral 0.4 0.3 0.0 0.0 0.0 0.1 0.0 0.0 Concessional 0.4 0.3 0.0 0.0 0.0 0.1 0.0 0.0 Private creditors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks and other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Memo: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.1 0.3 0.4 0.8 0.6 0.6 0.7 0.9 112 COMOROS (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 14.1 13.5 13.3 13.0 Japanese yen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pound sterling 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 19.1 17.0 27.5 32.2 34.2 37.6 40.3 40.7 7. DEBT RESTRUCTURINGS Total amount rescheduled 0.0 0.0 2.0 0.0 0.0 0.0 0.0 0.0 Debt stock rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal rescheduled 0.0 0.0 1.8 0.0 0.0 0.0 0.0 0.0 Official 0.0 0.0 1.8 0.0 0.0 0.0 0.0 0.0 Private 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest rescheduled 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 Official 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 Private 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt forgiven 0.0 0.1 0.4 0.0 0.0 0.0 0.0 0.0 Memo: interest forgiven 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt stock reduction 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 29.4 11.1 11.9 0.6 10.5 27.5 17.6 12.7 Net flows on debt 22.9 2.2 11.2 2.3 3.7 11.0 1.6 0.0 Cross-currency valuation 3.1 2.5 -3.4 -9.5 -3.3 9.7 13.6 6.6 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 4.2 2.0 0.9 0.0 0.8 0.0 0.0 0.8 Maturity (years) 19.0 29.8 38.9 0.0 39.6 0.0 0.0 39.8 Grace period (years) 8.2 10.3 12.0 0.0 10.1 0.0 0.0 10.3 Grant element (%) 41.0 65.9 79.6 0.0 80.4 0.0 0.0 80.7 Official creditors Interest (%) 4.2 2.0 0.9 0.0 0.8 0.0 0.0 0.8 Maturity (years) 19.0 29.8 38.9 0.0 39.6 0.0 0.0 39.8 Grace period (years) 8.2 10.3 12.0 0.0 10.1 0.0 0.0 10.3 Grant element (%) 41.0 65.9 79.6 0.0 80.4 0.0 0.0 80.7 Private creditors Interest (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grant element (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 17.6 7.8 5.8 6.3 6.4 6.2 6.5 6.9 Interest 2.1 1.6 1.5 1.5 1.5 1.5 1.4 1.4 Official creditors Principal 17.6 7.8 5.8 6.3 6.4 6.2 6.5 6.9 Interest 2.1 1.6 1.5 1.5 1.5 1.5 1.4 1.4 Bilateral creditors Principal 1.3 1.3 1.2 1.2 1.2 1.0 1.0 1.0 Interest 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 Multilateral creditors Principal 16.3 6.5 4.6 5.1 5.2 5.2 5.6 5.9 Interest 2.0 1.4 1.4 1.4 1.4 1.3 1.3 1.3 Private creditors Principal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are based on reports provided by the country. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. 113 CONGO, DEMOCRATIC REPUBLIC OF (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 6,183 10,259 13,239 11,692 11,519 10,060 11,254 11,841 Long-term debt (LDOD) 4,963 8,994 9,636 7,880 7,587 8,845 10,161 10,532 Public and publicly guaranteed 4,963 8,994 9,636 7,880 7,587 8,845 10,161 10,532 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 807 521 485 391 377 571 703 818 Short-term debt 413 744 3,118 3,421 3,555 643 390 491 of which interest arrears on LDOD 104 265 2,937 3,042 3,174 340 363 372 Official creditors 25 166 2,611 2,863 2,997 287 300 308 Private creditors 79 99 326 179 177 53 63 64 Memorandum items Principal arrears on LDOD 254 1,050 4,569 4,949 5,279 721 907 938 Official creditors 88 376 3,752 4,461 4,798 578 768 797 Private creditors 166 674 817 488 482 143 139 140 TOTAL DEBT FLOWS Disbursements 313 315 0 0 0 959 265 291 Long-term debt 141 315 0 0 0 415 190 211 IMF purchases 172 0 0 0 0 544 75 79 Principal repayments 229 201 1 0 0 637 56 58 Long-term debt 105 49 0 0 0 248 56 58 IMF repurchases 124 152 1 0 0 388 0 0 Net flows on debt 149 88 61 20 2 244 -67 324 of which short-term debt 65 -27 63 20 2 -78 -276 92 Interest payments (INT) 269 147 24 25 18 290 91 63 Long-term debt 195 88 0 0 0 164 85 59 IMF charges 50 38 16 0 0 113 1 2 Short-term debt 23 21 8 25 17 14 5 2 Net transfers on debt -120 -60 38 -4 -16 -46 -158 261 Total debt service paid (TDS) 498 348 25 25 18 927 146 121 Long-term debt 300 137 0 0 0 412 141 117 IMF repurchases and charges 175 190 17 0 0 501 1 2 Short-term debt (interest only) 23 21 8 25 17 14 5 2 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 197 626 139 160 279 776 5,136 1,597 Net flow of long-term debt (ex. IMF) 36 266 0 0 0 167 134 153 Foreign direct investment (net) 69 -14 -22 23 82 117 158 0 Portfolio equity flows 0 0 0 0 0 0 0 0 Grants (excluding technical coop.) 91 374 161 137 197 492 4,843 1,444 Memo: technical coop. grants 111 146 55 54 72 92 131 144 NET TRANSFERS -33 537 139 160 279 612 5,051 1,538 Interest on long-term debt 195 88 0 0 0 164 85 59 Profit remittances on FDI 34 0 0 0 0 0 0 0 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 6,626 8,581 4,878 3,916 4,468 5,249 5,502 6,354 Exports of goods, serv. & inc. (XGS) .. .. .. .. .. .. .. .. Worker remit. & comp. of employees 0 0 0 0 0 0 0 0 Imports of goods & services (MGS) .. .. .. .. .. .. .. .. International reserves (RES) 335 261 157 .. .. .. .. .. Current account balance .. .. .. .. .. .. .. .. 4. DEBT INDICATORS EDT / XGS (%) .. .. .. .. .. .. .. .. EDT / GNI (%) 93.3 119.6 271.4 298.6 257.8 191.6 204.6 186.4 TDS / XGS (%) .. .. .. .. .. .. .. .. INT / XGS (%) .. .. .. .. .. .. .. .. INT / GNI (%) 4.1 1.7 0.5 0.6 0.4 5.5 1.6 1.0 RES / EDT (%) 5.4 2.5 1.2 .. .. .. .. .. RES / MGS (months) .. .. .. .. .. .. .. .. Short-term / EDT (%) 6.7 7.2 23.6 29.3 30.9 6.4 3.5 4.1 Concessional / EDT (%) 22.7 31.0 26.9 26.8 26.2 61.5 63.5 62.1 Multilateral / EDT (%) 9.8 18.6 18.0 18.5 17.9 24.3 24.8 26.2 114 CONGO, DEMOCRATIC REPUBLIC OF (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 4,963 8,994 9,636 7,880 7,587 8,845 10,161 10,532 Public and publicly guaranteed 4,963 8,994 9,636 7,880 7,587 8,845 10,161 10,532 Official creditors 4,071 8,105 8,758 7,384 7,098 8,504 9,789 10,156 Multilateral 603 1,912 2,382 2,164 2,065 2,446 2,796 3,098 Concessional 490 1,439 1,704 1,541 1,489 1,892 2,180 2,457 Bilateral 3,467 6,193 6,376 5,220 5,033 6,058 6,993 7,058 Concessional 913 1,737 1,859 1,598 1,525 4,299 4,965 4,898 Private creditors 892 889 878 496 488 341 372 376 of which: Bonds 4 5 5 3 3 2 2 1 Commercial banks 147 118 117 81 80 0 1 1 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 46 49 92 81 81 0 0 0 IDA 372 1,112 1,321 1,188 1,151 1,504 1,771 1,993 Public sector LDOD 4,963 8,994 9,621 7,867 7,587 8,845 10,161 10,532 Private sector LDOD 0 0 15 13 0 0 0 0 DISBURSEMENTS 141 315 0 0 0 415 190 211 Public and publicly guaranteed 141 315 0 0 0 415 190 211 Official creditors 141 312 0 0 0 415 161 211 Multilateral 98 222 0 0 0 410 160 211 Concessional 75 125 0 0 0 410 160 211 Bilateral 43 90 0 0 0 5 1 0 Concessional 36 88 0 0 0 5 1 0 Private creditors 0 3 0 0 0 0 29 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 0 0 0 0 1 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 0 21 0 0 0 0 0 0 IDA 58 89 0 0 0 410 160 167 PRINCIPAL REPAYMENTS 105 49 0 0 0 248 56 58 Public and publicly guaranteed 105 49 0 0 0 248 56 58 Official creditors 69 34 0 0 0 248 55 54 Multilateral 17 28 0 0 0 248 17 11 Concessional 5 4 0 0 0 167 17 9 Bilateral 52 6 0 0 0 0 38 43 Concessional 3 4 0 0 0 0 4 18 Private creditors 36 15 0 0 0 0 1 4 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 22 5 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 8 5 0 0 0 82 0 0 IDA 1 2 0 0 0 135 12 0 INTEREST PAYMENTS (LINT) 195 88 0 0 0 164 85 59 Public and publicly guaranteed 195 88 0 0 0 164 85 59 Official creditors 132 76 0 0 0 164 85 58 Multilateral 13 40 0 0 0 164 77 48 Concessional 5 9 0 0 0 102 10 13 Bilateral 119 36 0 0 0 0 8 10 Concessional 2 8 0 0 0 0 2 4 Private creditors 63 12 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 4 2 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 4 1 0 0 0 51 0 0 IDA 3 7 0 0 0 86 9 11 115 CONGO, DEMOCRATIC REPUBLIC OF (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 33.1 34.7 36.9 35.7 Japanese yen 3.8 3.0 3.7 4.8 4.3 7.6 7.5 7.6 Pound sterling 2.0 1.2 0.9 1.1 1.1 1.2 1.2 1.2 Swiss franc 0.3 0.2 0.3 0.2 0.2 0.4 0.4 0.3 U.S.dollars 47.8 41.5 40.8 44.6 45.8 43.2 41.7 41.5 7. DEBT RESTRUCTURINGS Total amount rescheduled 364 446 0 0 0 4,810 79 71 Debt stock rescheduled 0 0 0 0 0 0 0 0 Principal rescheduled 219 259 0 0 0 2,220 61 49 Official 168 252 0 0 0 2,072 61 48 Private 51 7 0 0 0 149 1 1 Interest rescheduled 94 131 0 0 0 1,298 18 17 Official 80 129 0 0 0 1,247 17 17 Private 15 2 0 0 0 51 0 0 Debt forgiven 4 9 0 0 0 2,086 76 97 Memo: interest forgiven 0 15 0 0 0 1,467 27 33 Debt stock reduction 0 0 0 0 0 0 0 0 of which debt buyback 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 894 1,007 918 -356 -173 -1,460 1,195 587 Net flows on debt 149 88 61 20 2 244 -67 324 Cross-currency valuation 462 400 95 -373 -294 643 910 426 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 4.0 5.9 2.5 0.0 0.0 4.5 0.9 0.8 Maturity (years) 35.3 23.8 19.9 0.0 0.0 29.4 40.3 41.3 Grace period (years) 7.8 6.4 4.4 0.0 0.0 7.5 9.6 10.0 Grant element (%) 52.4 30.6 48.7 0.0 0.0 43.7 77.3 80.8 Official creditors Interest (%) 3.7 5.9 2.5 0.0 0.0 4.5 0.8 0.8 Maturity (years) 36.8 23.8 19.9 0.0 0.0 29.4 43.5 41.3 Grace period (years) 8.0 6.4 4.4 0.0 0.0 7.5 10.3 10.0 Grant element (%) 54.9 30.6 48.7 0.0 0.0 43.7 81.6 80.8 Private creditors Interest (%) 8.5 0.0 0.0 0.0 0.0 0.0 2.0 0.0 Maturity (years) 8.9 0.0 0.0 0.0 0.0 0.0 11.1 0.0 Grace period (years) 4.0 0.0 0.0 0.0 0.0 0.0 2.9 0.0 Grant element (%) 6.6 0.0 0.0 0.0 0.0 0.0 37.6 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 894 408 397 388 367 302 364 368 Interest 205 227 216 205 195 186 175 163 Official creditors Principal 849 368 360 350 329 298 360 364 Interest 198 222 212 202 193 185 174 162 Bilateral creditors Principal 797 316 303 292 270 238 300 295 Interest 159 183 173 163 154 146 135 124 Multilateral creditors Principal 52 52 57 58 59 60 60 69 Interest 39 39 39 39 39 39 39 38 Private creditors Principal 45 40 38 38 38 4 4 4 Interest 7 6 4 3 2 1 1 1 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are based on reports provided by the country. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. Rescheduling: Debt data includes the effects of all Paris Club agreements signed until December 2004. Grants in 2003 include the debt forgiveness under the Paris Club reschedule agreement signed in 2002. 116 CONGO, REPUBLIC OF (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 3,051 4,947 6,004 4,887 4,491 5,152 5,527 5,829 Long-term debt (LDOD) 2,361 4,200 4,955 3,758 3,631 3,974 4,426 5,051 Public and publicly guaranteed 2,361 4,200 4,955 3,758 3,631 3,974 4,426 5,051 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 10 11 19 41 39 33 28 29 Short-term debt 679 736 1,030 1,088 821 1,145 1,073 750 of which interest arrears on LDOD 19 181 441 667 724 874 1,042 443 Official creditors 8 77 332 496 553 693 849 244 Private creditors 11 104 109 171 171 181 193 199 Memorandum items Principal arrears on LDOD 151 571 1,028 1,806 1,971 2,278 2,649 1,778 Official creditors 59 127 595 1,093 1,218 1,489 1,814 922 Private creditors 92 443 433 714 753 788 835 856 TOTAL DEBT FLOWS Disbursements 461 318 15 14 38 2 24 39 Long-term debt 461 312 15 0 38 2 24 27 IMF purchases 0 5 0 14 0 0 0 12 Principal repayments 255 362 84 5 56 18 31 233 Long-term debt 253 355 82 5 54 10 24 221 IMF repurchases 2 7 2 0 1 8 8 12 Net flows on debt 689 93 166 -52 -341 158 -247 82 of which short-term debt 483 138 236 -61 -324 174 -240 276 Interest payments (INT) 168 169 97 37 36 7 30 118 Long-term debt 133 120 61 7 26 3 28 115 IMF charges 0 1 1 1 1 1 0 0 Short-term debt 35 48 35 30 9 3 2 2 Net transfers on debt 521 -75 69 -90 -378 151 -277 -35 Total debt service paid (TDS) 423 531 181 43 92 25 61 350 Long-term debt 385 475 142 12 80 13 51 336 IMF repurchases and charges 2 8 3 1 2 9 8 12 Short-term debt (interest only) 35 48 35 30 9 3 2 2 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 245 7 144 193 96 384 234 -115 Net flow of long-term debt (ex. IMF) 208 -43 -67 -5 -17 -8 0 -193 Foreign direct investment (net) 13 0 125 166 77 331 201 0 Portfolio equity flows 0 0 0 0 0 0 0 0 Grants (excluding technical coop.) 24 50 86 32 35 61 33 78 Memo: technical coop. grants 31 51 41 19 20 25 33 32 NET TRANSFERS 65 -113 -243 -280 -299 -191 -171 -514 Interest on long-term debt 133 120 61 7 26 3 28 115 Profit remittances on FDI 47 0 326 466 369 572 378 0 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 2,024 2,324 1,228 2,275 1,954 2,198 2,681 3,281 Exports of goods, serv. & inc. (XGS) 1,229 1,503 1,384 2,644 2,217 2,461 1,550 .. Worker remit. & comp. of employees 0 0 4 10 1 1 1 1 Imports of goods & services (MGS) 1,393 1,757 2,050 2,013 2,228 2,484 1,545 .. International reserves (RES) 8 10 64 225 72 35 39 124 Current account balance -161 -251 -625 648 -28 -34 -3 .. 4. DEBT INDICATORS EDT / XGS (%) 248.3 329.2 433.8 184.9 202.6 209.4 356.6 .. EDT / GNI (%) 150.7 212.9 488.8 214.8 229.9 234.4 206.2 177.7 TDS / XGS (%) 34.4 35.3 13.1 1.6 4.1 1.0 4.0 .. INT / XGS (%) 13.7 11.2 7.0 1.4 1.6 0.3 1.9 .. INT / GNI (%) 8.3 7.3 7.9 1.6 1.9 0.3 1.1 3.6 RES / EDT (%) 0.2 0.2 1.1 4.6 1.6 0.7 0.7 2.1 RES / MGS (months) 0.1 0.1 0.4 1.3 0.4 0.2 0.3 .. Short-term / EDT (%) 22.3 14.9 17.2 22.3 18.3 22.2 19.4 12.9 Concessional / EDT (%) 20.9 35.1 33.0 33.7 36.2 34.9 37.0 31.1 Multilateral / EDT (%) 10.9 11.5 11.7 11.7 11.9 11.0 11.3 10.4 117 CONGO, REPUBLIC OF (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 2,361 4,200 4,955 3,758 3,631 3,974 4,426 5,051 Public and publicly guaranteed 2,361 4,200 4,955 3,758 3,631 3,974 4,426 5,051 Official creditors 959 3,055 4,043 2,993 2,878 3,185 3,591 4,194 Multilateral 332 568 703 570 535 569 626 605 Concessional 117 151 261 223 250 266 312 347 Bilateral 626 2,487 3,340 2,424 2,343 2,617 2,965 3,589 Concessional 520 1,588 1,722 1,424 1,378 1,534 1,735 1,467 Private creditors 1,403 1,145 913 764 753 789 835 856 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 680 724 784 691 683 708 739 753 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 58 164 105 65 16 10 3 0 IDA 67 75 174 159 187 198 235 269 Public sector LDOD 2,361 4,200 4,955 3,758 3,631 3,974 4,426 5,051 Private sector LDOD 0 0 0 0 0 0 0 0 DISBURSEMENTS 461 312 15 0 38 2 24 27 Public and publicly guaranteed 461 312 15 0 38 2 24 27 Official creditors 141 127 15 0 38 2 24 27 Multilateral 41 11 1 0 38 2 24 27 Concessional 21 1 0 0 38 2 24 27 Bilateral 100 116 14 0 0 0 0 0 Concessional 63 113 14 0 0 0 0 0 Private creditors 320 185 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 140 174 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 12 2 1 0 0 0 0 0 IDA 4 0 0 0 38 2 24 27 PRINCIPAL REPAYMENTS 253 355 82 5 54 10 24 221 Public and publicly guaranteed 253 355 82 5 54 10 24 221 Official creditors 30 70 32 5 54 10 24 221 Multilateral 8 30 19 5 54 10 24 84 Concessional 2 2 1 1 5 3 4 6 Bilateral 22 40 13 0 0 0 0 136 Concessional 10 1 5 0 0 0 0 75 Private creditors 222 285 50 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 113 257 46 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 2 6 18 2 48 6 6 3 IDA 0 0 1 1 5 2 2 4 INTEREST PAYMENTS (LINT) 133 120 61 7 26 3 28 115 Public and publicly guaranteed 133 120 61 7 26 3 28 115 Official creditors 26 68 20 7 26 3 28 115 Multilateral 13 30 11 7 26 3 23 75 Concessional 1 1 1 1 4 2 3 3 Bilateral 14 38 9 0 0 0 5 40 Concessional 10 28 8 0 0 0 1 16 Private creditors 107 52 40 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 59 44 39 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 0 0 0 0 0 0 0 0 Memo: IBRD 5 12 10 1 22 1 1 0 IDA 1 1 1 1 4 2 2 2 118 CONGO, REPUBLIC OF (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 6. CURRENCY COMPOSITION OF PUBLIC AND PUBLICLY GUARANTEED DEBT (PERCENT) Euro .. .. .. .. 44.6 48.2 51.8 31.8 Japanese yen 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Pound sterling 6.4 5.7 4.9 6.5 6.6 6.7 6.6 4.3 Swiss franc 0.4 0.4 0.5 0.3 0.3 0.3 0.3 0.2 U.S.dollars 23.7 16.6 23.7 29.0 30.2 27.7 25.5 50.8 7. DEBT RESTRUCTURINGS Total amount rescheduled 0 780 108 0 0 0 0 1,575 Debt stock rescheduled 0 0 0 0 0 0 0 0 Principal rescheduled 0 386 65 0 0 0 0 298 Official 0 101 60 0 0 0 0 298 Private 0 285 5 0 0 0 0 0 Interest rescheduled 0 370 42 0 0 0 0 189 Official 0 248 41 0 0 0 0 189 Private 0 121 0 0 0 0 0 0 Debt forgiven 0 0 24 0 0 0 0 605 Memo: interest forgiven 0 0 0 0 0 0 0 384 Debt stock reduction 0 0 0 0 0 0 0 0 of which debt buyback 0 0 0 0 0 0 0 0 8. DEBT STOCK-FLOW RECONCILIATION Total change in debt stocks 982 668 591 -146 -396 662 375 302 Net flows on debt 689 93 166 -52 -341 158 -247 82 Cross-currency valuation 250 321 115 -163 -117 340 444 209 9. AVERAGE TERMS OF NEW COMMITMENTS ALL CREDITORS Interest (%) 9.9 5.1 2.2 0.0 0.8 0.8 0.8 0.8 Maturity (years) 7.4 15.7 31.8 0.0 39.8 39.4 39.6 42.4 Grace period (years) 2.5 6.8 9.0 0.0 10.3 9.9 10.1 10.4 Grant element (%) 3.3 32.0 63.7 0.0 80.7 80.2 80.4 81.4 Official creditors Interest (%) 5.9 4.3 2.2 0.0 0.8 0.8 0.8 0.8 Maturity (years) 18.1 16.9 31.8 0.0 39.8 39.4 39.6 42.4 Grace period (years) 5.8 7.2 9.0 0.0 10.3 9.9 10.1 10.4 Grant element (%) 28.4 37.3 63.7 0.0 80.7 80.2 80.4 81.4 Private creditors Interest (%) 10.6 9.9 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) 5.3 8.3 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) 1.8 4.1 0.0 0.0 0.0 0.0 0.0 0.0 Grant element (%) -1.5 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 10. CONTRACTUAL OBLIGATIONS ON OUTSTANDING LONG-TERM DEBT 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL Principal 219 211 129 136 137 55 54 67 Interest 78 107 104 112 104 98 97 95 Official creditors Principal 219 211 129 136 137 55 54 67 Interest 78 107 104 112 104 98 97 95 Bilateral creditors Principal 192 184 105 118 120 38 37 48 Interest 73 102 100 109 101 95 94 92 Multilateral creditors Principal 28 26 25 18 17 17 17 18 Interest 5 4 4 3 3 3 3 3 Private creditors Principal 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 Notes: Data source: Data on long-term public and publicly guaranteed debt for 2004 are World Bank staff estimates. Short-term debt data are World Bank staff estimates, based on the BIS data on international bank lending. Rescheduling: Debt data includes the effects of all Paris Club agreements signed until December 2004. 119 COSTA RICA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 1. SUMMARY DEBT DATA TOTAL DEBT STOCKS (EDT) 4,400 3,756 3,802 4,456 4,650 4,834 5,424 5,700 Long-term debt (LDOD) 3,835 3,367 3,348 3,500 3,489 3,335 3,797 4,013 Public and publicly guaranteed 3,533 3,063 3,133 3,264 3,273 3,139 3,622 3,859 Private nonguaranteed 302 304 214 236 216 196 175 154 Use of IMF credit 189 11 24 0 0 0 0 0 Short-term debt 377 377 430 956 1,161 1,499 1,626 1,687 of which interest arrears on LDOD 13 77 32 20 20 16 16 17 Official creditors 10 76 28 17 16 16 16 16 Private creditors 3 2 4 3 3 0 0 0 Memorandum items Principal arrears on LDOD 45 173 118 78 75 76 77 77 Official creditors 9 167 114 76 73 74 75 75 Private creditors 36 6 3 2 2 2 2 2 TOTAL DEBT FLOWS Disbursements 355 206 211 508 444 171 885 511 Long-term debt 321 206 211 508 444 171 885 511 IMF purchases 35 0 0 0 0 0 0 0 Principal repayments 166 295 399 387 416 390 525 479 Long-term debt 145 269 355 387 416 390 525 479 IMF repurchases 22 26 44 0 0 0 0 0 Net flows on debt 284 -108 -146 300 234 122 487 92 of which short-term debt 95 -20 42 179 206 341 128 60 Interest payments (INT) 360 206 251 261 282 280 316 208 Long-term debt 343 171 224 205 239 239 254 142 IMF charges 14 3 3 0 0 0 0 0 Short-term debt 3 32 23 56 43 41 62 66 Net transfers on debt -76 -315 -397 38 -48 -158 171 -116 Total debt service paid (TDS) 527 501 650 648 697 670 841 686 Long-term debt 488 440 580 592 654 629 779 621 IMF repurchases and charges 36 29 47 0 0 0 0 0 Short-term debt (interest only) 3 32 23 56 43 41 62 66 2. AGGREGATE NET RESOURCE FLOWS AND NET TRANSFERS (LONG-TERM) NET RESOURCE FLOWS 411 210 223 555 503 465 957 682 Net flow of long-term debt (ex. IMF) 176 -63 -144 121 28 -220 360 32 Foreign direct investment (net) 70 163 337 409 454 662 574 620 Portfolio equity flows 0 0 0 0 0 0 0 0 Grants (excluding technical coop.) 165 110 30 25 21 22 24 30 Memo: technical coop. grants 27 73 77 24 42 29 29 30 NET TRANSFERS 41 -20 -110 -791 -332 -280 -7 -129 Interest on long-term debt 343 171 224 205 239 239 254 142 Profit remittances on FDI 27 60 109 1,141 596 506 710 668 3. MAJOR ECONOMIC AGGREGATES Gross national income (GNI) 3,637 5,460 11,497 14,694 15,611 16,307 16,637 17,979 Exports of goods, serv. & inc. (XGS) 1,270 2,094 4,713 8,113 7,204 7,692 8,709 9,400 Worker remit. & comp. of employees 7 12 123 136 198 251 321 320 Imports of goods & services (MGS) 1,615 2,709 5,089 8,793 7,888 8,555 9,545 10,145 International reserves (RES) 525 525 1,060 1,318 1,330 1,497 1,837 1,919 Current account balance -126 -424 -358 -707 -713 -916 -929 -831 4. DEBT INDICATORS EDT / XGS (%) 346.4 179.4 80.7 54.9 64.5 62.8 62.3 60.6 EDT / GNI (%) 121.0 68.8 33.1 30.3 29.8 29.6 32.6 31.7 TDS / XGS (%) 41.5 23.9 13.8 8.0 9.7 8.7 9.7 7.3 INT / XGS (%) 28.4 9.9 5.3 3.2 3.9 3.6 3.6 2.2 INT / GNI (%) 9.9 3.8 2.2 1.8 1.8 1.7 1.9 1.2 RES / EDT (%) 11.9 14.0 27.9 29.6 28.6 31.0 33.9 33.7 RES / MGS (months) 3.9 2.3 2.5 1.8 2.0 2.1 2.3 2.3 Short-term / EDT (%) 8.6 10.0 11.3 21.4 25.0 31.0 30.0 29.6 Concessional / EDT (%) 15.6 23.6 24.2 13.1 11.4 10.3 9.4 8.0 Multilateral / EDT (%) 17.5 30.4 35.6 29.1 27.8 26.0 27.0 26.3 120 COSTA RICA (US$ million, unless otherwise indicated) 1985 1990 1995 2000 2001 2002 2003 2004 5. LONG-TERM DEBT DEBT OUTSTANDING (LDOD) 3,835 3,367 3,348 3,500 3,489 3,335 3,797 4,013 Public and publicly guaranteed 3,533 3,063 3,133 3,264 3,273 3,139 3,622 3,859 Official creditors 1,735 2,359 2,492 1,909 1,718 1,624 1,820 1,802 Multilateral 771 1,141 1,352 1,295 1,294 1,256 1,466 1,498 Concessional 226 246 199 182 187 197 214 201 Bilateral 964 1,218 1,139 615 424 368 354 304 Concessional 461 642 721 399 344 301 296 257 Private creditors 1,798 704 642 1,355 1,555 1,515 1,802 2,057 of which: Bonds 220 609 572 1,292 1,500 1,456 1,661 1,910 Commercial banks 1,530 41 33 36 28 34 118 125 Private nonguaranteed 302 304 214 236 216 196 175 154 Bonds 0 0 0 0 0 0 0 0 Commercial banks and other 302 304 214 236 216 196 175 154 Memo: IBRD 308 409 300 121 102 91 80 71 IDA 4 3 3 2 2 1 1 1 Public sector LDOD 3,519 3,059 3,131 3,263 3,272 3,138 3,621 3,858 Private sector LDOD 316 308 216 237 217 197 176 155 DISBURSEMENTS 321 206 211 508 444 171 885 511 Public and publicly guaranteed 321 201 201 499 444 171 885 511 Official creditors 228 170 190 249 194 155 319 185 Multilateral 161 89 172 130 181 145 298 184 Concessional 31 13