T H E W O R L D B A N K Global 58447 Development Finance External Debt of Developing Countries Global Development Finance External Debt of Developing Countries Global Development Finance External Debt of Developing Countries 2011 © 2011 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org All rights reserved 1 2 3 4 13 12 11 10 This volume is a product of the staff of the International Bank for Reconstruction and Development / The World Bank. The findings, interpretations, and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. 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ISBN: 978-0-8213-8673-6 eISBN: 978-0-8213-8674-3 DOI: 10.1595/978-0-8213-8673-6 ISSN: 1020-5454 Table of Contents Preface vii Cambodia 94 Cameroon 96 Acknowledgments ix Cape Verde 98 Overview 1 Central African Republic 100 Financial Flows to Developing Chad 102 Countries: Trend in 2009 1 Chile 104 Recent Trends in Financing from China 106 Official Creditors 4 Colombia 108 Volatility in Private Debt Flows Comoros 110 to Developing Countries 8 Congo, Democratic Republic of 112 Debt Indicators 10 Congo, Republic of 114 Regional Developments and Trends 11 Costa Rica 116 Annex A: Debt Restructuring in 2009 19 Côte d'Ivoire 118 Djibouti 120 Summary Tables 21 Dominica 122 Regional and Income Group Dominican Republic 124 Aggregate Tables 35 Ecuador 126 Egypt, Arab Republic of 128 Country Tables 55 El Salvador 130 Afghanistan 56 Eritrea 132 Albania 58 Ethiopia 134 Algeria 60 Fiji 136 Angola 62 Gabon 138 Argentina 64 Gambia, The 140 Armenia 66 Georgia 142 Azerbaijan 68 Ghana 144 Bangladesh 70 Grenada 146 Belarus 72 Guatemala 148 Belize 74 Guinea 150 Benin 76 Guinea-Bissau 152 Bhutan 78 Guyana 154 Bolivia, Plurinational State of 80 Haiti 156 Bosnia and Herzegovina 82 Honduras 158 Botswana 84 India 160 Brazil 86 Indonesia 162 Bulgaria 88 Iran, Islamic Republic of 164 Burkina Faso 90 Jamaica 166 Burundi 92 Jordan 168 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 1 1 Kazakhstan 170 Seychelles 252 Kenya 172 Sierra Leone 254 Kosovo 174 Solomon Islands 256 Kyrgyz Republic 176 Somalia 258 Lao People's Democratic Republic 178 South Africa 260 Lebanon 180 Sri Lanka 262 Lesotho 182 St. Kitts and Nevis 264 Liberia 184 St. Lucia 266 Lithuania 186 St. Vincent and the Grenadines 268 Macedonia, Former Yugoslav Republic of 188 Sudan 270 Madagascar 190 Swaziland 272 Malawi 192 Syrian Arab Republic 274 Malaysia 194 Tajikistan 276 Maldives 196 Tanzania 278 Mali 198 Thailand 280 Mauritania 200 Togo 282 Mauritius 202 Tonga 284 Mexico 204 Tunisia 286 Moldova 206 Turkey 288 Mongolia 208 Turkmenistan 290 Montenegro 210 Uganda 292 Morocco 212 Ukraine 294 Mozambique 214 Uruguay 296 Myanmar 216 Uzbekistan 298 Nepal 218 Vanuatu 300 Nicaragua 220 Venezuela, República Bolivariana de 302 Niger 222 Vietnam 304 Nigeria 224 Yemen, Republic of 306 Pakistan 226 Zambia 308 Panama 228 Zimbabwe 310 Papua New Guinea 230 About the Data 313 Paraguay 232 Data Sources 313 Peru 234 Methodology 314 Philippines 236 External Debt and Its Components 316 Romania 238 Countries with Estimated Data 319 Russian Federation 240 Rwanda 242 Country Groups 321 Samoa 244 Glossary 323 São Tomé and Príncipe 246 Senegal 248 Users' Guide 327 Serbia 250 vi vi Preface T he World Bank's Debtor Reporting System Steps are continuously being taken to ensure (DRS), from which the aggregates and that the data captured by the DRS mirror these country tables presented in this report are developments and respond to the needs of debt drawn, was established in 1951. The debt crisis managers and analysts. In this context, reporting of the 1980s brought increased attention to debt requirements are periodically amended to reflect statistics and to the World Debt Tables, the prede- changes in borrowing patterns. Many develop- cessor to Global Development Finance. Now the ing countries increasingly rely on financing raised global financial crisis has once again heightened in domestic markets, so we are exploring ways to awareness in developing countries of the impor- expand the coverage of public sector borrowing in tance of managing their external obligations. domestic markets. At the same time, we are mindful Central to this process is the measurement and that expanded coverage and efforts to enhance data monitoring of external debt stocks and flows in a accuracy and timeliness must be balanced against coordinated and comprehensive way. The initial the reporting burden imposed on developing coun- objective of the DRS was to support the World tries. Bringing modern technology to bear reduces Bank's assessment of the creditworthiness of its reporting costs. In partnership with the major pro- borrowers. But it has grown as a tool to inform viders of debt data management systems to devel- developing countries and the international com- oping countries, the Commonwealth Secretariat munity of trends in external financing and as a (COMSEC) and the United Nations Conference on standard for the concepts and definitions on which Trade and Development (UNCTAD), we have estab- countries can base their own debt management lished standard code and system links that enable systems. countries to provide their DRS reports electronically, Over the years, the external financing options in a seamless and automated data exchange process. available to developing countries have evolved and We recognize that robust debt data and good expanded, and so too has the demand for timely debt management go hand in hand, and the World and relevant data to measure the activity of public Bank, together with its partners, is committed to and private sector borrowers and creditors. Recur- improving the capacity of developing countries rent debt crises caused by adverse global economic to manage their debt. We are also committed to conditions or poor economic management have maintaining the DRS as a rich source of informa- demanded solutions, including debt restructur- tion. All the relevant data and information are ing and, in the case of the poorest, most highly available to you from the World Bank's Open indebted countries, outright debt forgiveness, Data site at http://data.worldbank.org/. We wel- formulated on the basis of detailed and robust come your comments and suggestions to ensure information on external obligations. that our data meet your needs. Shaida Badiee Director, Development Data Group vii Acknowledgments T his volume and its companion volume, Remittances unit provided worker remittances The Little Data Book on External Debt, and compensation of employee data. The over- were prepared by the Financial Data Team view of current developments was prepared by of the Development Data Group (DECDG), led Malvina Pollock in consultation with the staff of by Ibrahim Levent under the supervision of Eric DECDG, and country economists reviewed the Swanson and Neil James Fantom, and compris- data. The work was carried out under the man- ing Nanasamudd Chhim, Shelley Fu, Akane agement of Shaida Badiee. Hanai, Hiroko Maeda, Gloria Moreno, Evis The production of this volume was managed by Rukaj, Yasue Sakuramoto, Makiko Sano, Rubena Azita Amjadi, with the assistance of Alison Kwong Sukaj, Alagiriswamy Venkatesan, and Mizuki and Vera Wen. The CD-ROM and online database Yamanaka, working closely with other teams in were prepared by Buyant Erdene Khaltarkhuu and the Development Economics Vice Presidency's William Prince, with technical support from Shelly Development Data Group. The team was assisted Fu, Vilas K. Madlekar, Abarna Gayathri Manickudi by Awatif H. Abuzeid, Rosario Alipio, and Premi Panchapakesan, Sujay Ramasamy, and Malarvizhi Rathan. The system support team was led by Veerappan. The cover was designed by Jomo Tariku. Abdolreza Farivari; Soong Sup Lee provided the Staff members from External Affairs coordinated macroeconomic data, and the Migration and the publication and dissemination of the book. ix . Overview Financial Flows to Developing (which were mostly trade related). Both foreign Countries: Trend in 2009 direct investment (FDI) flows and bank lend- I nternational capital flows to the 128 developing countries reporting to the World Bank Debtor Reporting System (DRS) fell by 20 percent in ing fell precipitously. By contrast, the net inflow of debt-related financing from official creditors (excluding grants) rose 175 percent as support was 2009 to $598 billion (3.7 percent of gross national stepped up to low- and middle-income countries income [GNI]), compared with $744 billion in severely affected by the global financial crisis. 2008 (4.5 percent of GNI) and a little over half Net equity inflows (direct investment and the peak level of $1,111 billion realized in 2007 portfolio investment combined) totaled $462 bil- (table 1). Private flows (debt and equity) declined lion in 2009, down 13 percent from the $534 bil- by 27 percent despite a rebound in bond issuance, lion total recorded in 2008 and close to 30 percent portfolio equity flows, and short-term debt flows lower than the $643 billion total recorded in 2007 Table 1. Net Capital Inflows to Developing Countries, 2001­09 $ billions Inflows 2001 2002 2003 2004 2005 2006 2007 2008 2009 Net private and official inflows 212.6 154.4 262.4 342.2 464.8 610.2 1,110.5 743.9 597.8 Percentage of GNI 3.7 2.7 3.9 4.3 4.9 5.5 8.0 4.5 3.7 Net equity inflows 165.5 162.5 178.8 243.6 341.1 451.0 643.2 533.9 462.2 Net FDI inflows 158.8 154.3 152.5 206.7 273.6 343.3 508.1 587.1 354.1 Net portfolio equity inflows 6.7 8.3 26.3 36.9 67.5 107.7 135.1 53.2 108.2 Net debt flows 47.2 8.1 83.6 98.6 123.7 159.2 467.3 209.9 135.5 Official creditors 31.0 6.7 11.9 24.1 64.0 69.6 0.0 27.8 76.4 World Bank 7.4 0.5 2.5 2.4 2.7 0.2 5.2 7.3 17.7 IMF 19.5 14.2 2.4 14.7 40.2 26.7 5.1 10.0 26.5 Other official creditors 4.1 7.0 11.8 11.8 26.6 42.6 0.0 10.6 32.2 Private creditors 16.2 14.8 95.5 122.7 187.7 228.8 467.3 182.1 59.1 Net medium- and long-term debt flows 3.2 1.7 38.3 69.8 113.2 144.9 283.1 196.1 52.7 Bonds 15.5 11.1 23.1 34.3 48.2 31.7 88.2 24.1 51.1 Banks and other private creditors 18.7 12.8 15.2 35.5 65.0 113.2 194.9 172.0 1.6 Net short-term debt flows 19.4 13.1 57.2 52.9 74.5 83.9 184.2 14.0 6.4 Change in reserves ( increase) 81.5 165.3 288.1 395.3 404.6 634.2 1,083.7 452.7 673.8 Memorandum items Official grants excluding technical cooperation 28.4 33.1 44.7 52.1 56.9 106.9 76.1 86.4 95.0 Worker remittances 93.8 109.9 136.8 158.6 190.6 225.3 277.2 323.5 305.2 Sources: World Bank Debtor Reporting System, IMF, Bank for International Settlements, and OECD. Note: Grants are World Bank staff estimates. 1 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 Figure 1. Net Equity Flows to Developing Figure 2. Net Foreign Direct Investment Inflows Countries, 2001­09 to Major Recipients, 2008­09 $ billions $ billions 700 China 600 Russian 500 Federation Brazil 400 India 300 200 Mexico 100 Turkey 0 Kazakhstan ­100 Chile 2001 2002 2003 2004 2005 2006 2007 2008 2009 0 50 100 150 200 Net FDI inflows Net portfolio equity inflows 2008 2009 Sources: IMF and World Bank staff estimates. Sources: IMF and World Bank staff estimates. (table 1 and figure 1). FDI inflows fell to $354 bil- Table 2. Net Inflows of Portfolio Equity: Top 10 lion from $587 billion in 2008--the sharpest drop Recipients $ billions in 20 years, with all of the largest recipients of FDI seeing net inflows decline. China, the largest recip- Country 2005 2006 2007 2008 2009 ient of FDI inflows among developing countries, Brazil 6.5 7.7 26.2 7.6 37.1 experienced a 47 percent drop in FDI inflows in China 20.3 42.9 18.5 8.7 28.2 2009, to an estimated $78 billion, partly because India 12.2 9.5 35.0 15.0 21.1 of high disinvestment in the financial sector (figure Indonesia 0.2 1.9 3.6 0.3 0.8 2). The story was repeated in other regions as mul- Mexico 3.4 2.8 0.5 3.5 4.2 tinational firms were hit hard by the global eco- Philippines 1.5 2.5 3.2 1.3 1.1 Russian nomic recession and financial crisis. Slower global Federation 0.1 6.5 18.7 15.0 2.0 growth squeezed their profitability, and economic South Africa 7.2 15.0 8.7 4.7 9.4 uncertainty and weak global demand reduced Thailand 5.1 5.2 4.3 3.8 1.9 their willingness (and ability) to expand abroad. Turkey 5.7 1.9 5.1 0.7 2.8 Brazil and Mexico saw FDI inflows decline 42 Sources: IMF and World Bank staff estimates. percent and 51 percent respectively. Inflows to the Russian Federation were down 50 percent, and from the net outflow of $53 billion in 2008, when in Turkey they dropped by 56 percent. In India, investors retreated from stock holdings in emerg- the decline was more moderate (16 percent), and ing markets. Brazil recorded the strongest reversal, the same was true for Chile (down 16 percent) with an inflow of $37 billion in 2009 compared to and, to a lesser extent, Kazakhstan (down 20 an outflow of $8 billion in 2008. Other countries percent). In general, energy-oriented FDI was less that saw an important reversal in portfolio flows affected because many companies with expertise in in 2009 included China ($19 billion increase), energy exploration still had strong cash positions, India ($36 billion increase), Russia ($17 billion and falling prices of energy assets in developing increase), and South Africa ($14 billion increase). countries raised investment attractiveness. As a Portfolio equity flows remain concentrated in result, countries such as Angola, Azerbaijan, the 10 countries that typically account for about 90 Islamic Republic of Iran, and Nigeria all recorded percent of all portfolio equity flows to developing increased net FDI flows in 2009. countries (table 2). In contrast to the fall in FDI inflows, portfolio Debt-related flows plummeted in 2009, fall- equity inflows turned sharply positive in 2009, ing by 35 percent to $136 billion ($210 billion in rising to $108 billion--a dramatic turnaround 2008), and their composition changed markedly. 2 O V E R V I E W Medium- and long-term financing from official Figure 4. Net Private Debt Flows by Creditor Type, creditors accounted for 56 percent of debt-related 2001­09 flows, compared to just 13 percent in 2008. Debt $ billions inflows from official sources surpassed those from 250 private creditors for the first time since 2002 (fig- ure 3). The dominant element was new lending by 200 multilateral creditors, including the International Monetary Fund (IMF). It constituted almost 90 percent of net inflows from official sources in 150 2009, reflecting increased support to low- and middle-income countries severely affected by the 100 global financial crisis. The structure of inflows from private creditors in 2009 was markedly dif- ferent from the pattern recorded in 2008. Net 50 inflows on bonds rebounded following a resur- gence of new issues by public sector and, to a lesser 0 degree, corporate borrowers. Similarly, short-term flows returned to positive territory ($6 billion) ­50 after the $14 billion outflow of 2008--the only 2001 2002 2003 2004 2005 2006 2007 2008 2009 time there had been an outflow of short-term Bonds Banks and other private capital from developing countries since 2000. Net short term debt flows However, the net inflow of capital from banks and other private creditors, which held up reason- Source: World Bank Debtor Reporting System. ably well in 2008, collapsed in 2009 because of the combined effect of a sharp reduction in gross Table 3. Net Capital Inflows to Developing Regions, inflows and large payments by corporate borrow- 2005­09 ers (figure 4). $ billions At the regional level, the emerging market Inflows (by region) 2005 2006 2007 2008 2009 economies in Europe and Central Asia experi- enced the most pronounced drop in the net inflow Net private and official inflows 465 610 1,111 744 598 East Asia and Pacific 171 192 282 183 191 Figure 3. Net Debt Flows by Creditor Type, 2001­09 Europe and Central Asia 128 218 411 262 90 Latin America and the $ billions Caribbean 85 66 217 177 167 500 Middle East and North Africa 19 14 30 21 28 South Asia 29 77 118 62 77 400 Sub-Saharan Africa 33 43 53 39 45 Source: World Bank Debtor Reporting System. 300 200 of capital. Debt and equity flows combined fell 66 percent in 2009 to $90 billion, well below one-quarter of the amount received in 2007 (table 100 3). Net capital inflows to Latin America and the Caribbean also continued their downward trajec- 0 tory in 2009 but declined only moderately, down 6 percent from their 2008 level. All other regions ­100 enjoyed an increase in net capital inflows in 2009. 2001 2002 2003 2004 2005 2006 2007 2008 2009 In the Middle East and North Africa and in South Official creditors Private creditors Asia, net capital inflows rose by 33 percent and Source: World Bank Debtor Reporting System. 26 percent, respectively, driven by new borrowing 3 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 in the case of the former and almost entirely by or no access to market-based financing. Official portfolio inflows to India in the case of the latter. grants data for 2009 to be published by OECD East Asia and the Pacific recorded a small (4 per- in December 2010 are expected to show that cent) rise in the net inflow of capital in 2009, with grants (excluding technical cooperation grants) the sharp decrease in the net inflow of FDI offset by rose by an additional 10 percent in 2009, reflect- increased portfolio flows and by the rise in short- ing donors' commitment to a substantial increase term borrowing. In Sub-Saharan Africa, net capital in official development assistance (ODA) to help inflows were up by 16 percent in 2009, primarily developing countries, particularly those of Sub- because of the turnaround in portfolio equity flows Saharan Africa, achieve internationally established to South Africa. However, most countries in the development objectives, including the Millennium region saw net capital inflows fall in 2009. When Development Goals (MDGs). South Africa is excluded, the net inflows of capital The recent shift from grants to loans in to Sub-Saharan Africa were 11 percent lower than financing from official sources is significant. In the comparable figure for 2008. 2007, grants constituted almost 100 percent of the combined net inflows of loans and grants from official bilateral and multilateral sources. By 2009, grants, as a share of the net inflow of offi- Recent Trends in Financing from cial financing (loans and grants), are estimated to Official Creditors have fallen to 55 percent. By contrast, net official N et inflows of capital from official creditors (loans and grants) were estimated at $171 billion in 2009, an increase of about 50 percent financing provided by multilateral institutions (including the IMF and grants from IDA), rose from $11.4 billion in 2007 to $70.8 billion in over the comparable figure for 2008 (table 4). This 2009. In parallel, middle-income countries signifi- increase was driven mostly by the rapid rise in the cantly increased their share of official financing; in net inflow of medium- and long-term loans from 2009, they received 90 percent of net official loan the IMF and the multilateral development banks, financing ($68 billion). The level and composition reflecting the decision made at the Group of 20 of new commitments in 2009 by the multilateral London Summit in April 2009 to accord these institutions suggest this trend will continue. These institutions a central role in crisis response for institutions increased their 2008 level by more developing countries (table 4). The net inflow of than 65 percent to $102 billion, with 93 percent capital from bilateral creditors turned positive for directed to middle-income countries. the first time since 2000, in large measure because The gross inflow of capital from multilateral of increased South-South lending. Most Organisa- institutions (defined as IMF purchases and dis- tion for Economic Co-operation and Development bursements from multilateral creditors) increased (OECD) countries provided a large share of their 113 percent since 2007 to reach $98 billion in bilateral assistance in the form of official grants, 2009. The dominant factor behind this rapid rise particularly to low-income countries with little was the amount of member countries' purchases Table 4. Net Official Financing to Developing Countries, 2001­09 $ billions Financing 2001 2002 2003 2004 2005 2006 2007 2008 2009 Total 59.3 39.8 32.8 28.0 7.1 37.4 76.1 114.2 171.4 Official grants 28.4 33.1 44.7 52.1 56.9 106.9 76.1 86.4 95.0 IDA 0.0 0.3 0.4 1.1 1.2 1.2 1.9 2.1 2.5 Loans 31.0 6.7 11.9 24.1 64.0 69.6 0.1 27.8 76.4 Bilateral 3.6 8.5 13.9 12.3 31.5 46.2 11.4 2.5 5.6 Multilateral 34.6 15.2 1.9 11.8 32.5 23.4 11.4 30.3 70.8 IBRD 2.4 6.0 7.6 4.0 2.9 5.2 0.3 2.7 11.3 IDA 5.0 5.5 5.0 6.4 5.6 5.0 5.5 4.6 6.5 IMF 19.5 14.2 2.4 14.7 40.2 26.7 5.2 9.9 26.5 Sources: World Bank Debtor Reporting System and OECD. Note: Grants are World Bank staff estimates. 4 O V E R V I E W from the IMF; it increased 14-fold to $28.3 bil- more extensive discussion on the composition of lion in 2009 ($2 billion in 2007). Disbursements lending by multilateral creditors.) from the World Bank (the International Bank Every developing country that reports to the for Reconstruction [IBRD] and the International DRS indicates some inflow of capital from multilat- Development Association [IDA]) rose 73 percent eral sources. However, multilateral lending is con- over this period, and this trend was also mirrored centrated in a relatively small number of countries in the increased level of lending by the regional in each region--particularly in the case of the IMF, development banks. Collectively, their disburse- whose lending patterns are dictated by the balance ments have risen 54 percent since 2007 (figure 5). of payment needs of its member countries. In 2009, The Bretton Woods institutions (IMF, IBRD, 67 percent of IMF purchases were attributable to and IDA) are the most important source of mul- just three countries: Romania (33 percent), Ukraine tilateral financing to developing countries around (22 percent), and Pakistan (12 percent). All regions the globe. Together they accounted for 60 percent have seen a rise in multilateral financing since 2007, of gross disbursements from multilateral sources but two regions, Europe and Central Asia and Latin in 2009, up from 44 percent in 2007. However, America and the Caribbean, have been the primary the regional development banks are a critical com- beneficiaries (figure 6). Together they accounted for ponent of multilateral financing and are frequently 62 percent of gross inflows from multilateral insti- the principle source of such financing in the regions tutions in 2009, up from 52 percent in 2008. This they target. For example, the Inter-American gain came at the expense of other regions, which all Development Bank (IDB) accounted for 48 per- saw their share of gross multilateral inflows decline cent of disbursements by multilateral creditors in 2009. South Asia was the most affected: its share to countries in Latin America and the Caribbean fell by more than 6 percentage points to 12.2 per- in 2008­09. The World Bank (IBRD and IDA cent in 2009 (figure 7). combined) share accounted for 40 percent. Dis- Financing from the World Bank Group takes a bursements by the Asian Development Bank were variety of forms: loans and guarantees from IBRD equivalent to 43 percent of disbursements from and loans, grants, and guarantees from IDA to the multilateral creditors to countries in South Asia public sector of the borrowing country; loans and in 2008­09, almost the same share of the total as equity financing from IFC to the private sector; and that of IBRD and IDA combined. (See the section investment guarantees from the Multilateral Invest- titled "Regional Developments and Trends" for a ment Guarantee Agency (MIGA). Financing by Figure 6. Disbursements from Multilateral Sources Figure 5. Gross Inflows from Multilateral Creditors by Region, 2008­09 to Developing Countries, 2005­09 $ billions $ billions 40 45 35 40 30 35 25 30 20 25 15 20 10 15 5 10 0 As tral be e fic a a ric h 5 ib th i ric Af ort As ci ia an a en Af ar d Pa N C an h C d ut an d an d a So 0 an ar an ic st ah er ia e Ea 2005 2006 2007 2008 2009 Am As -S op b e r st Eu Su dl tin Ea id IMF IBRD IDA La M Other multilateral 2008 2009 Source: World Bank Debtor Reporting System. Source: World Bank Debtor Reporting System. 5 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 Figure 7. Disbursements by Multilateral Creditors, in 2009 over the comparable figure for 2008. The Regional Distribution region received almost half of IBRD disbursements $ billions in 2009. IBRD disbursements to countries in a. Share of 2008 disbursements (%) b. Share of 2009 disbursements (%) Europe and Central Asia rose 65 percent in 2009 to $4.7 billion compared to a moderate, 16 percent 10.4 12.7 9.8 10.4 increase in countries in East Asia and the Pacific to 12.2 $3.7 billion. The three remaining regions com- 18.5 bined received $3 billion in IBRD disbursements 26.2 5.8 35.2 in 2009 (13 percent of the total), exceeding the 6.1 comparable figure for 2008 by 55 percent (figure 26.1 26.6 8). Like commitments, IBRD disbursements are heavily concentrated, with one country, Mexico, accounting for 22 percent of IBRD disbursements East Asia and Pacific Europe and Central Asia in 2009 and the top 10 borrowers accounting for Latin America and the Caribbean Middle East and North Africa 76 percent (figure 9). The total amount of debt South Asia Sub-Saharan Africa Source: World Bank Debtor Reporting System. Figure 8. IBRD Disbursements, Regional Distribution, 2008­09 $ millions the World Bank Group is captured in the data pre- 12,000 sented in Global Development Finance as follows: 10,000 · Loans from IBRD and IDA constitute part of 8,000 the borrowing country's public and publicly guar- 6,000 anteed debt and are also separately identified by source. 4,000 · Loan financing from IFC is recorded as part 2,000 of private, nonguaranteed debt. Grants provided 0 by IDA are recorded in official grants. Equity Latin America Europe and East Asia Other regions financing from IFC and investments guaranteed by and the Central Asia and Pacific Caribbean MIGA are recorded as part of FDI. 2008 2009 · IBRD and IDA guarantees do not represent Source: World Bank Debtor Reporting System. financing and are recorded only as a flow of funds if the guarantee is invoked. Figure 9. Top 10 Recipients of IBRD Trends in IBRD Financing Disbursements, 2009 In 2009, IBRD commitments totaled $36 billion, $ millions a 75 percent increase over the comparable figure Mexico for 2008 and the highest ever recorded in the institution's history. This total reflected a surge Turkey in new loans to borrowers across all regions. The Indonesia countries of Latin America and the Caribbean India and of Europe and Central Asia commanded 60 Colombia percent of new IBRD loan commitments in 2009, China but India was the single largest recipient, securing Brazil $5.8 billion. IBRD commitments remained con- Argentina centrated: 10 borrowers accounted for 75 percent Romania of new IBRD loans in 2009. Disbursements by Egypt, Arab IBRD jumped 61 percent in 2009 to $22 billion. Rep. 0 1,000 2,000 3,000 4,000 5,000 6,000 The countries of Latin America and the Caribbean saw a 90 percent increase in IBRD disbursements Source: World Bank Debtor Reporting System. 6 O V E R V I E W outstanding and disbursed to IBRD stood at $108 accounts for the size of the population and GNI billion at the end of 2009 for countries reporting per capita. IDA recipient countries in the top per- to the World Bank Debtor Reporting System.1 Of formance quintile receive about three times the this amount, 54 percent was owed by six borrow- commitment amount per capita received by those ers: in order of highest amount, China, Mexico, in the lowest quintile. At the same time, the distri- Brazil, Turkey, India, and Indonesia. bution of IDA resources is relatively concentrated. There are currently 79 IDA-eligible countries, but Trends in IDA Financing 75 percent of gross IDA disbursements in 2009 IDA resources are reserved for the world's poor- went to 10 countries (figure 11). est countries, and its operations are concentrated The outstanding IDA loan portfolio ($117 in South Asia and Sub-Saharan Africa. New loan billion at the end of 2009) is heavily concentrated, commitments from IDA rose 15 percent in 2009 with five East and South Asian countries account- to $10.4 billion, but gross disbursements increased ing for 54 percent of the total: in order of highest more rapidly, by 26 percent to $8.7 billion. In amount India, Bangladesh, Pakistan, China, and addition, IDA disbursed $2.5 billion in grants in Vietnam. This concentration is a consequence of 2009, an increase of 19 percent over the com- the fact that, at the end of 2009, 26 countries, parable figure for 2008 ($2.1 billion). Countries primarily in Sub-Saharan Africa, had reached the in Sub-Saharan Africa received 46 percent of all Highly Indebted Poor Country (HIPC) comple- IDA gross disbursements (loans and grants) in tion point and received $42.8 billion in HIPC 2009, down from 51 percent in 2008; South Asia and Multilateral Debt Relief Initiative (MDRI) received 31 percent (up from 27 percent the previ- assistance from IDA. Among Sub-Saharan African ous year), reflecting increases in IDA resources countries, those with the largest share of the out- going to Afghanistan and Pakistan. The share standing IDA portfolio include Kenya ($3.2 bil- of IDA gross disbursements to East Asia and the lion) and Nigeria ($2.7 billion), neither of which is Pacific remained largely unchanged at 14 percent eligible for HIPC or MDRI relief. Three countries of the total. Gross IDA flows to countries in (Burundi, the Central African Republic, and Haiti) regions other than those cited increased sharply, reached the HIPC completion point in 2009 and albeit from a small base, primarily because of the became eligible for debt relief under the MDRI. doubling of IDA grants to Haiti (figure 10). IDA Côte d'Ivoire reached the HIPC decision point in resources are allocated to individual countries 2009 and became eligible for interim relief from using a performance-based allocation system that IDA (accorded to countries between the HIPC Figure 10. Gross Inflows (Loans and Grants), Figure 11. Top 10 Recipients of Gross IDA 2008­09 Disbursements (Loans and Grants), 2009 $ millions $ millions 6,000 India 5,000 Vietnam 4,000 Pakistan Ethiopia 3,000 Tanzania 2,000 Nigeria Uganda 1,000 Congo, Dem.Rep. 0 Bangladesh Sub-Saharan South Asia East Asia Other regions Africa and Pacific Afghanistan 2008 2009 0 200 400 600 800 1,000 1,200 1,400 Source: World Bank Debtor Reporting System. Source: World Bank Debtor Reporting System. 7 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 decision and completion points), raising the num- Figure 12. Net Medium- and Long-Term Bank ber of countries receiving interim relief to nine. Lending, 2007­09 $ billions 140 Volatility in Private Debt Flows 120 to Developing Countries 100 T he global financial crisis severely reduced 80 developing countries' access to international 60 capital markets: countries reporting to the World 40 Bank DRS confirmed a substantial reduction in 20 debt flows from private creditors. These flows fell 0 70 percent in 2009 to $59 billion, one-eighth of the $467 billion net inflow from private creditors ­20 East Asia Europe and Latin America Other regions in 2007. Driving the downturn in 2009 was the and Pacific Central Asia and the collapse in medium-term commercial bank lend- Caribbean ing to both public and private sector borrowers. 2007 2008 2009 These flows all but disappeared in 2009, with the Source: World Bank Debtor Reporting System. net inflows to all developing countries reduced to a mere $1.6 billion, compared to $172 billion in 2008. The decline was felt across all regions as banks remained cautious about their exposure $107 billion to $444 billion between 2000 and to emerging market economies and continued to 2008. Those directed to private sector borrowers redress their balance sheets in the expectation of increased fivefold from $80 billion to $412 billion significant tightening in risk-weighted bank capital and, as a share of the total, from 75 percent to requirements. The most substantial fall from previ- 93 percent. Because maturities on medium-term ous levels was in Europe and Central Asia, where bank loans typically averaged 5 years, principal concerns over mounting nonperforming loans and repayments also followed a rapid upward trajec- large domestic adjustments restrained both the tory. They jumped from $108 billion in 2000 to demand for and supply of lending. The region saw $278 billion in 2008, with repayments owed by net medium-term lending by banks plummet to private sector borrowers tripling over this period. $7 billion (down from $105 billion in 2008). Net In 2009, both public and private sector borrowers private debt flows to Latin America and the Carib- had to contend with a further 13 percent increase bean turned negative (-$6 billion) from an inflow in principal payments, while gross disbursements of $41 billion the previous year. Bank lending to to public borrowers fell by 20 percent and those to East Asia and the Pacific was also negative, but private sector borrowers by 30 percent (figure 13). this effect was due more to lower demand than to Developing countries recorded only a small limited supply (figure 12). With abundant domes- $6 billion net inflow of short-term debt in 2009, tic liquidity, borrowers in East Asia and the Pacific but this figure reflected a $20 billion turnaround had less need to tap international markets. from the $14 billion outflow recorded in 2008. Developing countries' private sectors had to However, recovery remained limited when viewed absorb most of the impact of the downturn in in the context of the $184 billion inflow of short- bank financing. Over the past 15 years, the surge term debt in developing countries in 2007. More- in medium-term bank lending to developing coun- over, the aggregate inflow in 2009 masks sharp tries had been largely directed to private sector disparity at the regional level in the direction of borrowers. Whereas in 1995 developing countries' short-term debt flows. Short-term debt transac- obligations to commercial banks were divided tions are mostly trade related, and it is therefore roughly equally between public and private sector not surprising that short-term financing in 2009 borrowers, by the end of 2009 the latter's share was directed primarily to the fastest-growing had risen to almost 90 percent of the total. Gross regions and away from those where the pace of disbursements from commercial banks rose from economic recovery was sluggish. The main driver 8 O V E R V I E W Figure 13. Gross Medium-Term Commercial Bank Table 5. Net Short-Term Debt Flows to Developing Flows to Developing Countries, 2000­09 Countries, 2007-09 $ billions $ billions Region 2007 2008 2009 450 East Asia and Pacific 55 11 55 400 Europe and Central Asia 76 15 38 Latin America and the Caribbean 33 4 2 350 Middle East and North Africa 4 4 2 South Asia 13 8 1 300 Sub-Saharan Africa 4 5 10 250 All developing countries 184 14 6 Sources: World Bank Debtor Reporting System and Bank for Inter- 200 national Settlements. 150 Table 6. Bond Issuance by Developing Countries, 100 2008­09 $ billions 50 Sovereign Corporate borrowers borrowers 0 Region 2008 2009 2008 2009 2000 2005 2006 2007 2008 2009 Gross disbursements public borrowers East Asia and Pacific 5.2 13.9 0.4 2.7 Gross disbursements private sector borrowers Europe and Central Asia 17.9 15.3 16.3 3.2 Principal payments public borrowers Latin America and the Caribbean 32.5 32.4 8.4 27.8 Principal payments private sector borrowers Middle East and North Africa 2.3 2.9 0.0 0.2 Source: World Bank Debtor Reporting System. South Asia 0.0 0.7 0.6 2.5 Sub-Saharan Africa 0.0 2.2 0.0 0.0 All developing countries 57.9 67.4 25.7 36.4 was East Asia and the Pacific, where the net Source: World Bank Debt Reporting System. inflow of short-term capital returned to pre-crisis levels. The region recorded inflows of $55 billion average of 700 basis points in early March. Latin in 2009, the same as in 2007, and a $66 billion America and the Caribbean led the way in sover- turnaround from outflows of $11 billion in 2008. eign bond issuances, with countries in the region Countries in the Middle East and North Africa raising a total of $32 billion in 2009, almost also saw short-term debt rebound in 2009. All identical to the amount they raised in 2008 (table other regions had to contend with net outflows of 6). Sovereign bond financing in East Asia and the short-term debt in 2009 (table 5). This situation Pacific jumped to $13.9 billion, from $5.2 billion was particularly marked in the case of Europe and in 2008, because of new issuances by Indonesia, Central Asia, where outflows rose to $38 billion, Malaysia, and the Philippines. There was a 15 more than double the $15 billion outflow recorded percent decline in sovereign bond issuance by in 2009. Short-term debt flows also turned sharply countries in Europe and Central Asia in 2009, but negative in Sub-Saharan Africa (-$10 billion), Lithuania, Russia, and Turkey all came to the mar- driven primarily by outflows from South Africa. ket in 2009. Corporate issuances increased by 42 International bond issuance by develop- percent in 2009 to $36.5 billion but were limited ing countries contracted in 2008 as the global principally to high-grade borrowers, suggesting financial crisis unfolded but increased strongly in that the market is still largely closed to high-risk 2009. It soared after the first quarter of the year to corporate borrowers. Corporate bond issuances, $104 billion for the entire year, an increase of 24 as a share of total bond issuances, were 35 percent percent over its 2008 level, as investor confidence in 2009, broadly unchanged from their share in returned and demand for riskier assets increased. 2008. But there was a marked regional shift. In Emerging market bond spreads narrowed, falling 2008, Russian borrowers accounted for 56 per- to near pre-crisis levels by the year's end, from an cent of corporate bond issuances by all developing 9 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 countries, whereas in 2009 their share had fallen Figure 14. Key Debt Indicators: Trend 2000­09 to 6 percent. Of $2.3 billion raised by Russian 140 corporates in 2009 most was accounted for by Gazprom. The opposite was true for Brazil, which 120 saw its share of total bond issuances by corporate borrowers nearly double, reaching 47 percent in 100 2009 (from 26 percent in 2008). The corporate sectors in Chile, Colombia, Jamaica, and Mexico were also active in the bond markets in 2009. In 80 East Asia and the Pacific, the only corporate bor- rowers to enter the bond markets in 2009 were 60 those in China and Indonesia. 40 Debt Indicators 20 E xternal debt indicators (measured in terms of GNI) and export earnings improved markedly from the start of the decade until 2008, with the 0 2000 2005 2007 2008 2009 rate of growth in developing countries outpacing External debt stocks to exports (%) the accumulation of new external obligations. External debt stocks to GNI (%) Export earnings rose sharply because of increased Debt service to exports (%) export volume and high international prices for Sources: World Bank Debtor Reporting System and IMF. primary commodities, which prevailed until the last quarter of 2008. The rotation of international capital flows from debt to equity and, in the case of low-income countries, the large-scale forgive- All regions saw their external debt ratios dete- ness of external debt obligations under the HIPC riorate in 2009, but the pace at which this took and MDRI also played an important role in reduc- place varied considerably from region to region. ing many countries' external debt burdens. From The countries of East Asia and the Pacific and the 2000 to 2008, the ratio of total external debt Middle East and North Africa continued to have outstanding to exports for all developing countries the lowest level of external debt, measured against reporting to the DRS fell by well over half, from both export earnings and GNI. In 2009, these 128.4 percent to 58.7 percent. Measured against countries experienced only a moderate increase in developing countries' GNI, the ratio dropped from the ratio of external debt to export earnings and 37.8 percent to 20.6 percent over the same period. a marginal upward change in their external debt However, this trend came to an abrupt halt in 2009 to GNI ratio. By contrast, in Europe and Central as the impact of global economic and financial cri- Asia, the most heavily indebted region, the ratio sis manifested itself in slower growth and sharply of external debt outstanding to GNI increased to reduced export earnings in the vast majority of 44.7 percent in 2009 (from 35.1 percent in 2008), developing countries. Export earnings were down over three times that of East Asia and the Pacific almost 20 percent from their 2008 level, which, and nearly twice as high as Latin America and the combined with increased external borrowing, Caribbean. Europe and Central Asia also has the pushed the ratio of total external debt outstanding highest ratio of outstanding debt to exports: 131.8 to exports up to 74.6 percent, its highest level since percent in 2009, up from 91.6 percent in 2008 2005 and close to 30 percent higher than its 2008 (table 7). level. The ratio of debt service to exports was simi- Over the course of the decade, there has been larly affected, increasing from 9.2 percent in 2008 a marked improvement in the sustainability of to 11.3 percent in 2009. The change in the ratio of developing countries' debt, measured by the ratio outstanding external debt to GNI was more mod- of external debt service to export earnings. The erate, but it also rose in 2009 (figure 14). ratio of debt service to exports for all developing 10 O V E R V I E W Table 7. Debt Indicators for Regional Country Figure 15. Ratio of Debt Service to Exports, Groups 1995­2009 percent percent Debt outstanding/GNI Debt outstanding/exports 30 Region 2000 2008 2009 2000 2008 2009 East Asia and 25 Pacific 29.6 12.9 13.2 78.1 30.9 39.0 Europe and 20 Central Asia 52.9 35.1 44.7 140.2 91.6 131.8 Latin America and the Caribbean 38.3 21.5 23.7 169.6 85.2 111.4 15 Middle East and North Africa 38.4 14.9 15.4 118.4 33.9 37.4 10 South Asia 26.7 20.8 20.7 181.5 87.4 104.4 Sub-Saharan Africa 66.0 21.4 22.9 185.2 49.0 66.5 5 Sources: World Bank Debtor Reporting System and IMF. 0 1995 2000 2005 2006 2007 2008 2009 Low-income countries Middle-income countries countries combined was reduced by more than half between 2000 and 2008, from 20.9 percent Sources: World Bank Debtor Reporting System and IMF. to 9.2 percent. The improvement was particularly striking in the case of low-income countries, which saw the ratio of debt service to exports fall to 4.9 percent by 2008. In 2009, the sharp fall in export by the end of 2009 totaled $101 billion, including earnings interrupted the downward trajectory in debt relief under HIPC, MDRI relief, and addi- the debt-to-export ratio, but the impact was most tional debt relief from bilateral creditors. Con- pronounced in middle-income countries. Their sequently, these countries have seen a continual export earnings fell almost 20 percent in 2009, improvement in their debt indicators. and as a consequence, the cost of debt service as a share of export earnings rose to 11.3 percent, an increase of 22 percent over the comparable figure for 2008. By contrast, in low-income coun- Regional Developments and Trends tries, the decline in export earnings was much less (down 10 percent from their 2008 level) and the East Asia and Pacific ratio of debt service to exports rose only margin- Net capital flows to the region rose slightly in ally in 2009 to 5.1 percent (figure 15). 2009 to $191 billion and remained constant, in Low-income countries also benefited from terms of GNI (3.1 percent), at their 2008 level further debt restructuring and debt relief. In 2009, (table 8). A turnaround in portfolio equity flows Paris Club creditors restructured $5 billion in and a rebound in short-term (trade-related) financ- claims on six low-income countries, of which $1.2 ing to pre-crisis levels offset the sharp fall in net billion was canceled (see annex A). All six were FDI inflows and outflows for medium-term loans countries eligible for the HIPC Initiative, and the from commercial banks. group included the three countries that reached Net equity flows fell by 26 percent in 2009, the HIPC completion point in 2009 (Burundi, with the important turnaround in portfolio flows the Central African Republic, and Haiti) and also not large enough to offset the 45 percent reduc- qualified for debt relief under the MDRI. In addi- tion in FDI. China was the main driver for both tion, Liberia bought back $1.2 billion owed to categories of equity flows. The precipitous drop private creditors at a discount of nearly 97 percent (47 percent) in FDI investment flows to China, the with support from the IDA Debt Reduction Facil- largest recipient of FDI among developing coun- ity and bilateral donors. Debt relief for the 26 tries, dictated the regional trend. But the down- countries that reached the HIPC completion point turn was mirrored across the region, with only the 11 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 Philippines recording increased FDI inflows--up to an average inflow of $16.9 billion in the two 26 percent in 2009. In contrast, portfolio equity preceding years. Asian borrowers took advantage flows to China rebounded to $28 billion (from of improved market conditions and renewed inves- $9 billion in 2008). Thailand also saw portfolio tor appetite, issuing bonds totaling $16.6 billion in equity rebound to $1.9 billion from an outflow of 2009, triple the amount issued in 2008. Of these $3.8 billion in 2008. bonds, 85 percent were raised by public sector Net capital inflows from private creditors borrowers, with the Philippines, Indonesia, and jumped to 11 times their 2008 level, with short- Malaysia issuing $5.5 billion, $4.5 billion, and term financing (mostly trade related) recovering $3.9 billion respectively. to pre-crisis levels as the global economic environ- Capital flows from official sources are a ment normalized. Most borrowers in the region relatively small share of the total for most bor- reported inflows of short-term debt, but China rowers in the region. An important exception is again dominated the trend: its net short-term Vietnam, which was the second-largest recipient of debt inflows rose 28 percent over the 2008 level IDA in 2009, with disbursements of $1.2 billion. to $241 billion. Exceptions to the regional trend The region also shared in the resurgence of flows were the Philippines, with an outflow of short-term from official creditors in 2009: these flows turned debt of $3 billion in 2009 and Indonesia, with a positive for the first time since 2001, driven by more moderate $0.4 billion outflow. In contrast, disbursements from multilateral creditors, which short-term debt disbursements on medium-term rose 30 percent over their 2008 level as a result bank loans to both public sector and private sector of increased lending by both the World Bank borrowers were subdued: the demand for inter- Group and the Asian Development Bank. These national financing was weak because domestic institutions provided 52 percent and 46 percent, markets were liquid and cheap. These disburse- respectively, of the $10.1 billion disbursed by mul- ments fell by 20 percent from their 2008 level and, tilateral creditors in 2009. combined with increased principal repayments, led The fall in export earnings led to an increase to an outflow of $9.2 billion in 2009 compared in the ratio of outstanding debt and debt service Table 8. Net Capital Inflows to East Asia and the Pacific, 2001­09 $ billions Inflows 2001 2002 2003 2004 2005 2006 2007 2008 2009 Net private and official inflows 82.2 49.6 76.4 127.0 171.0 192.4 282.2 183.2 190.6 Percentage of GNI 4.6 2.5 3.4 4.9 5.6 5.3 6.1 3.1 3.1 Net equity inflows 50.7 63.2 69.3 89.7 130.0 161.9 212.2 179.3 132.3 Net FDI inflows 48.9 59.4 56.8 70.4 104.3 105.7 177.1 186.6 102.5 Net portfolio equity inflows 1.8 3.8 12.5 19.3 25.7 56.2 35.1 7.3 29.9 Net debt flows 31.5 13.6 7.1 37.3 40.9 30.6 70.0 3.9 58.3 Official creditors 3.1 7.7 7.2 5.2 3.2 9.3 3.8 1.1 3.7 World Bank 0.9 1.7 1.5 1.9 0.6 0.4 0.3 1.2 2.2 IMF 2.5 2.7 0.5 1.6 1.6 8.5 0.0 0.0 0.1 Other official creditors 4.7 3.3 5.2 1.7 1.0 0.4 3.5 2.3 1.4 Private creditors 28.5 5.9 14.3 42.5 44.2 39.9 73.9 5.0 54.5 Net medium- and long-term debt flows 12.9 12.3 9.8 9.1 9.3 14.8 18.5 16.2 0.8 Bonds 0.4 0.1 1.8 9.6 10.1 3.9 0.7 0.2 8.4 Banks and other private creditors 13.3 12.4 11.5 0.5 0.7 10.9 17.8 16.0 9.2 Net short-term debt flows 41.4 6.5 24.1 33.4 34.8 25.1 55.4 11.2 55.4 Change in reserves ( increase) 49.8 92.8 139.8 237.1 217.7 295.1 541.0 432.4 534.8 Memorandum item Worker remittances 21.0 27.0 32.3 40.0 50.3 57.4 71.1 85.5 84.9 Sources: World Bank Debtor Reporting System, IMF, Bank for International Settlements, and OECD. 12 O V E R V I E W to export earnings in 2009, but these ratios remain the hydrocarbon sector held up well, experienced the lowest of all six regions at 39 percent and 4.8 a more moderate decline of inflows (20 percent). percent, respectively. Led by China, countries in There was resurgence in portfolio equity inflows the region increased international reserves by a fur- to Russia and Turkey, but at $5 billion they ther $600 million in 2009: at the end of 2009, the remained well below the $24 billion received in stock of international reserves was three and one- 2007. half times the level of outstanding external debt. The net inflow of financing from official creditors tripled in 2009 to $32 billion, primar- Europe and Central Asia ily because of the large-scale rescue packages for This region has been severely affected by the Romania and Ukraine. Together these countries global economic crisis and has seen private capital received 55 percent of IMF financing (purchases) flows plummet from $411 billion in 2007 (15.8 to developing countries in 2009. New commit- percent of GNI) to $90 billion in 2009 (3.6 per- ments by multilateral creditors other than the cent of GNI). As a consequence, the region has IMF more than doubled in 2009 to $24 billion, become increasingly dependent on financing from including $7 billion from the European Commu- official creditors, which accounted for 36 percent nity as part of the rescue package to Romania. of net capital flows to the region in 2009 (table 9). Gross disbursement rose by 82 percent to $13.4 FDI collapsed in 2009, pulling down net billion, of which 54 percent went to Romania and equity inflows by 38 percent. In Russia, the Turkey. Disbursements by IBRD rose 65 percent in second-largest recipient of FDI among developing 2009 to $4.7 billion, of which Turkey received 49 countries, the net inflow of FDI was down by 50 percent. percent from its 2008 level to $37 billion. The pat- The net inflow of medium- and long-term tern was repeated across the region with inflows to financing from banks held up well in 2008, but Bulgaria, Romania, Turkey, and Ukraine down by the retrenchment in 2009 was severe: a 35 percent a similar percentage. Among the major recipients drop in disbursements juxtaposed with principal of FDI, only Kazakhstan, where investments into repayments on a steep upward trajectory reduced Table 9. Net Capital Inflows to Europe and Central Asia, 2001­09 $ billions Inflows 2001 2002 2003 2004 2005 2006 2007 2008 2009 Net private and official inflows 20.6 36.9 81.6 99.9 127.8 218.3 410.6 262.3 89.8 Percentage of GNI 3.0 4.7 8.3 7.7 7.8 10.9 15.8 8.2 3.6 Net equity inflows 14.5 16.8 25.3 43.7 57.8 104.6 160.2 145.0 90.0 Net FDI inflows 13.9 14.0 23.8 41.9 51.1 92.3 133.2 160.1 85.1 Net portfolio equity inflows 0.6 2.7 1.5 1.8 6.7 12.3 27.0 15.1 5.0 Net debt flows 6.1 20.1 56.3 56.2 70.0 113.7 250.4 117.3 0.3 Official creditors 6.6 3.8 4.7 7.3 28.4 30.7 3.0 11.1 32.2 World Bank 2.0 1.0 0.2 1.0 0.7 0.2 0.2 0.7 2.8 IMF 6.1 4.8 2.0 5.9 9.8 5.8 5.0 6.2 20.2 Other official creditors 1.5 2.0 2.5 2.5 18.0 25.1 1.8 4.2 9.3 Private creditors 0.5 16.3 61.0 63.5 98.4 144.4 253.4 106.2 32.5 Net medium- and long-term debt flows 0.3 14.9 34.5 52.1 80.1 108.9 177.7 121.5 5.2 Bonds 0.5 3.2 7.3 14.4 16.6 32.2 55.9 16.3 1.6 Banks and other private creditors 0.8 11.7 27.2 37.7 63.5 76.7 121.8 105.2 6.8 Net short-term debt flows 0.8 1.4 26.5 11.4 18.3 35.5 75.7 15.3 37.7 Change in reserves ( increase) 11.0 28.7 49.1 68.8 87.0 171.6 226.1 57.8 26.0 Memorandum item Worker remittances 10.2 10.5 11.5 16.0 23.2 28.4 39.2 45.8 35.6 Sources: World Bank Debtor Reporting System, IMF, Bank of International Settlements, and OECD. 13 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 net inflows to $7 billion, their lowest level since and short-term bank financing was largely offset 2001. Short-term debt also contracted in response by a surge in new bond issuance, a tripling of net to the deteriorating terms of trade and sharp inflows from official creditors, and a marginal import compression, resulting in a widening of decline in net equity flows. the net outflow of short-term debt to $38 billion The collapse in FDI in 2009 affected borrowers in 2009, (from $15 billion in 2008). New bond across the region and reflected the 43 percent fall issuances by public sector agencies in 2009 totaled in FDI inflows to Brazil and the 51 percent decline $15.3 billion, down by only 15 percent from their in Mexico, the region's two largest recipients of 2008 level, but there was a sharp reduction in FDI. Investments in the hydrocarbon sector typi- bond issuance by private sector borrowers. This cally held up worldwide in 2009, but that was not reduction was driven primarily by Russia, where the case in the República Bolivariana de Venezuela, the corporate sector raised only $2.3 billion in where appropriation of some FDI claims deterred new issuances in 2009 compared to $14.3 billion investors and led to a $3.1 billion net outflow of in 2008. FDI in 2009, a marked turnaround from the $10.1 Debt indicators deteriorated significantly, billion and $3.5 billion FDI inflows to the country owing to a substantial increase in debt and gener- in 2007 and 2008, respectively. The decline in FDI ally poor export growth performance. The ratio inflows was in part offset by the surge in portfo- of debt to exports increased from 95.3 percent in lio equity inflows. These inflows rebounded in 2005 to 131.8 percent in 2009 while the ratio of response to economic recovery, which proceeded at debt service to exports climbed to 26.9 percent a faster pace in the region than had been expected. (from 19.7 percent in 2005), the highest ratio of The main driver was Brazil, with portfolio equity any region. inflows of $37 billion in 2009, 90 percent of the regional total, in contrast to the $7.6 billion out- Latin America and the Caribbean flow in 2008. Mexico, the only other significant Net capital flows to the region fell 6 percent in recipient of portfolio equity inflows also recorded a 2009 but remained constant in relation to GNI at net inflow ($4.2 billion) in 2009 compared to a net 4.3 percent (table 10). The downturn in medium- outflow of $3.5 billion in 2008. Table 10. Net Capital Inflows to Latin America and the Caribbean, 2001­09 $ billions Inflows 2001 2002 2003 2004 2005 2006 2007 2008 2009 Net private and official inflows 86.1 40.4 62.2 57.2 85.2 66.2 217.5 177.2 166.7 Percentage of GNI 4.5 2.4 3.4 2.7 3.3 2.2 6.1 4.3 4.3 Net equity inflows 74.3 56.6 46.6 65.3 84.4 83.0 138.2 118.2 115.2 Net FDI inflows 71.8 55.2 43.3 65.9 72.2 72.0 109.4 127.9 73.6 Net portfolio equity inflows 2.5 1.4 3.3 0.6 12.2 11.0 28.8 9.7 41.6 Net debt flows 11.8 16.2 15.7 8.1 0.8 16.8 79.2 59.0 51.5 Official creditors 20.6 12.4 4.7 10.2 31.3 19.9 1.1 6.5 19.2 World Bank 1.3 0.6 0.4 1.0 0.7 3.4 0.1 2.4 6.6 IMF 15.6 11.9 5.6 6.3 27.6 12.1 0.0 0.0 0.4 Other official creditors 3.8 1.1 0.4 2.9 3.0 4.4 1.0 4.1 12.2 Private creditors 8.8 28.6 10.9 2.0 32.2 3.1 80.3 52.5 32.3 Net medium- and long-term debt flows 6.5 8.4 9.2 0.9 16.4 5.2 47.6 48.4 34.1 Bonds 9.8 1.9 16.7 3.1 20.6 11.9 13.4 7.5 40.3 Banks and other private creditors 3.3 10.2 7.5 4.0 4.2 17.1 34.2 40.9 6.2 Net short-term debt flows 15.3 20.2 1.8 3.0 15.7 2.1 32.7 4.1 1.8 Change in reserves ( increase) 0.9 2.6 35.6 25.4 34.4 55.5 137.8 50.1 52.0 Memorandum item Worker remittances 24.4 28.1 36.7 43.3 50.1 59.2 63.1 64.6 56.9 Sources: World Bank Debtor Reporting System, IMF, Bank for International Settlements, and OECD. 14 O V E R V I E W Increased borrowing from multilateral institu- accounted for 69 percent. New issuances by pri- tions was already evident in 2008 and continued vate sector borrowers shot up to $28 billion (from apace in 2009. This increase was the main fac- $8 billion in 2008), led by the corporate sector in tor in the sharp rise in net inflows from official Brazil ($17 billion) and, to a lesser extent, Mexico creditors, which rose to $19.2 billion in 2009, ($5.1 billion). close to three times higher than their 2008 level The rise in the stock of outstanding debt in and in marked contrast to the outflows from the 2009 was moderate--3 percent for the entire region to official creditors between 2004 and region--and it was the decline in export earn- 2007. New commitments from IBRD and the IDB ings that caused the ratio of outstanding debt to doubled to $30 billion in 2009, while disburse- exports to deteriorate. It jumped to 111.4 percent ments by the two institutions jumped 89 percent (from 85.2 percent in 2008). Debt in relation to to $22.6 billion (from $12.2 billion in 2008). But GNI rose slightly in 2009 but remains moderate at these disbursements were highly concentrated, 23.7 percent. with 67 percent of IBRD gross disbursements and 58 percent of those from IDB in 2009 going to Middle East and North Africa three countries, in order of largest disbursement, The Middle East and North Africa recorded the Mexico, Brazil, and Argentina. IDB, the largest sharpest rise in net capital inflows in 2009 of all multilateral creditor, accounted for 50 percent of regions. Capital inflows increased by 32 percent 2009 multilateral commitments and 48 percent of largely because of the increase in lending by official gross disbursements. creditors and an inflow of short-term debt. The The steep drop in medium-term lending by reversal in net debt flows to $2 billion in 2009, from banks was offset by a sharp rise in net inflows for an outflow of $9 billion in 2008, more than offset bonds, which leapt from $7.5 billion in 2008 to the 14 percent fall in net equity flows (table 11). $40.3 billion in 2009. New bonds issued by the Net equity inflows have constituted 96 per- public sector totaled $32 billion, almost identical cent of all net capital flows into the region since to 2008, of which Brazil ($6.1 billion), Colom- 2001. The 17 percent decline in net FDI inflows bia ($5.5 billion), and Mexico ($10.9 billion) in 2009 was partially offset by an increase in net Table 11. Net Capital Inflows to Middle East and North Africa, 2001­09 $ billions Inflows 2001 2002 2003 2004 2005 2006 2007 2008 2009 Net private and official inflows 4.4 10.3 13.5 13.0 19.4 14.4 29.4 21.1 27.8 Percentage of GNI 1.2 2.7 3.3 2.7 3.6 2.3 3.9 2.3 3.0 Net equity inflows 3.9 7.6 10.2 10.4 19.2 28.2 25.5 29.7 25.6 Net FDI inflows 4.0 8.1 10.0 9.7 16.8 27.2 27.6 29.3 24.4 Net portfolio equity inflows 0.0 0.5 0.2 0.7 2.4 1.0 2.1 0.4 1.2 Net debt flows 0.5 2.7 3.4 2.6 0.2 13.7 3.9 8.6 2.2 Official creditors 1.5 2.1 2.1 3.4 3.0 11.2 1.1 1.8 2.3 World Bank 0.1 0.3 0.3 0.6 0.0 0.8 1.0 0.3 0.9 IMF 0.1 0.3 0.6 0.5 0.7 0.2 0.1 0.1 0.1 Other official creditors 1.3 1.5 1.2 2.3 2.3 10.3 0.2 1.4 1.4 Private creditors 1.9 4.8 5.4 5.9 3.2 2.5 2.8 6.8 0.1 Net medium- and long-term debt flows 4.9 5.4 0.9 2.7 2.9 1.7 0.7 2.7 1.7 Bonds 4.4 5.2 0.7 2.8 2.5 0.8 0.7 0.8 0.5 Banks and other private creditors 0.5 0.2 0.2 0.1 0.4 2.5 1.4 1.8 2.1 Net short-term debt flows 3.0 0.7 4.6 3.2 0.3 0.8 3.5 4.2 1.6 Change in reserves ( increase) 9.3 12.6 23.2 14.7 38.9 37.8 48.0 43.4 24.2 Memorandum item Worker remittances 14.2 14.9 19.9 22.6 23.6 25.1 31.0 34.7 32.3 Sources: World Bank Debtor Reporting System, IMF, Bank for International Settlements, and OECD. 15 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 portfolio equity flows. They rose to $1.2 billion in and a net inflow on bonds. The Islamic Republic of 2009 from $0.4 billion in 2008. Portfolio equity Iran, Morocco, and Tunisia were important drivers flows are concentrated in the Arab Republic of of the overall rise in short-term debt inflows: they Egypt and Lebanon, and both countries recorded recorded increases of $0.9 billion, $0.5 billion, a marked increase in inflows in 2009. With regard and $0.5 billion, respectively, in 2009. By contrast, to FDI, however, the picture was mixed. Egypt, some borrowers in the region, including Egypt the region's largest recipient of FDI, saw net FDI and Jordan, saw short-term debt contract in 2009. inflows fall 29 percent in 2009. But in Lebanon, Bond inflows in 2009 are concentrated entirely in FDI inflows were $4.8 billion, up by 10 percent, Lebanon and reflect the bond exchange operation, and in the Islamic Republic of Iran, they jumped which is valued at $2.9 billion. In 2008, Lebanon by an unprecedented 87 percent to $3 billion, raised $2.5 billion in the bond markets. directed primarily at the oil and gas sector. Debt indicators are moderate because of the Net debt flows from official creditors turned preponderance of equity in net capital flows to positive in 2009, rising to $2.3 billion compared the region and relatively robust export earnings. to an outflow of $1.8 billion in 2008. This rise Despite a 10 percent fall in export earnings in was driven by an increase in disbursements by 2009, the stock of outstanding debt in relation to each of the principal multilateral institutions export earnings was, at 37.4 percent, the lowest of operating in the region: the African Development any region, and the ratio of debt service to export Bank, the European Investment Bank, and IBRD. was only 4.7 percent. Debt as a share of GNI was Collectively, these banks disbursed $3.9 billion 15.4 percent in 2009, lower than in all regions in 2009, an increase of close to 70 percent over except East Asia and the Pacific. the comparable figure for 2008, with Egypt and Morocco being the primary beneficiaries. South Asia The large net outflow from the region in 2008 Net capital inflows to the region rose 26 percent in for debt owed to private creditors, $6.8 billion, 2009, to 4.7 percent of GNI, because of a remark- was reversed in 2009 because of a sharp turn- able $37 billion turnaround in portfolio equity around in the direction of short-term debt flows flows (table 12). The increase more than offset the Table 12. Net Capital Inflows to South Asia, 2001­09 $ billions Inflows 2001 2002 2003 2004 2005 2006 2007 2008 2009 Net private and official inflows 8.1 7.5 14.5 21.2 28.5 76.6 117.7 61.4 77.7 Percentage of GNI 1.3 1.1 1.9 2.3 2.7 6.5 7.8 4.0 4.7 Net equity inflows 8.9 7.8 13.5 16.8 23.6 36.4 68.4 32.9 58.8 Net FDI inflows 6.1 6.8 5.4 7.8 11.2 26.0 32.3 48.7 38.3 Net portfolio equity inflows 2.8 1.1 8.0 9.0 12.4 10.4 36.1 15.8 20.5 Net debt flows 0.9 0.4 1.0 4.4 4.9 40.2 49.3 28.5 18.8 Official creditors 2.1 2.3 4.1 0.3 2.9 3.5 4.4 8.6 9.5 World Bank 1.5 1.0 2.3 2.3 2.3 2.0 2.0 1.4 2.1 IMF 0.3 0.1 0.1 0.3 0.0 0.1 0.1 3.2 3.6 Other official creditors 0.3 1.4 1.8 2.4 0.6 1.6 2.4 4.0 3.8 Private creditors 3.0 2.0 5.1 4.7 2.0 36.7 44.9 19.9 9.3 Net medium- and long-term debt flows 2.1 0.1 3.1 4.0 0.2 19.9 32.0 12.0 10.3 Bonds 0.4 0.7 3.7 3.9 2.8 6.4 10.7 1.7 1.7 Banks and other private creditors 1.6 0.8 6.8 0.2 2.6 13.5 21.3 10.3 8.6 Net short-term debt flows 0.9 1.8 2.0 0.7 2.3 16.8 12.9 7.9 1.0 Change in reserves ( increase) 10.2 28.0 36.9 27.6 6.8 41.7 103.8 26.3 38.6 Memorandum item Worker remittances 19.2 24.1 30.4 28.7 33.9 42.5 54.0 71.6 74.9 Sources: World Bank Debtor Reporting System, IMF, Bank for International Settlements, and OECD. 16 O V E R V I E W decline in net medium- and long-term bank financ- notably India, also dropped off sharply in 2009, ing and the reversal of short-term debt, which but Sri Lanka issued $500 million in development turned negative (-$1 billion from an $8 billion bonds; aimed at the Sri Lankan Diaspora, these inflow in 2008). bonds were oversubscribed. Bond issuance by cor- Net equity flows to the region rose by almost porate borrowers, again largely in India, rose to 80 percent in 2009 because of an important turn- $2.5 billion, five times the 2008 level. around in portfolio equity flows to India. Foreign Debt indicators are lower than those of Europe investors repatriated $16 billion in 2008 but came and Central Asia and Latin America and the Carib- back to the Indian stock market in 2009 as fears bean. Debt outstanding at the end of 2009 as a about the effect of the global economic crisis percentage of exports was 104.4 percent and the subsided with net inflows of $21 billion. India debt service to export ratio was 6.8 percent. But has also become one of the foremost recipients of there are important differences between countries: FDI among developing countries--the third larg- the debt-to-export ratio ranged from 86.6 percent est after China and Russia. Like those countries, in India to 235.2 percent in Pakistan. Similarly, India saw FDI fall in 2009, but by a moderate 19 reserves as a percentage of the stock of external percent. FDI to Pakistan fell by more than half, debt were 119.8 percent in India at the end of 2009 to $2.4 billion, as investors retreated because of compared to 25.3 percent in Pakistan. Reliance on concerns about the deteriorating economic and multilateral creditors is high: the share of outstand- security situation and the stalled privatization ing debt owed to multilateral creditors (including program. Portfolio equity flows to Pakistan also the IMF) was 30 percent at the end of 2009. dwindled to almost nothing in 2009, from $1.3 billion in 2007, because of similar concerns. Sub-Saharan Africa Countries in the region are relatively poor Net capital flows to Sub-Saharan Africa rose 16 and rely in large measure on official sources of percent in 2009, driven by a resurgence in port- financing, including official aid. Afghanistan, folio equity inflows, a more than 100 percent the second-highest aid recipient of all developing increase in the net debt inflows from official credi- countries, received 4 percent of global aid flows tors, and a 130 percent rise in net medium-term in 2008, and this trend is likely to be repeated in bank financing. Measured in terms of GNI, net 2009. Bangladesh, India, and Pakistan are also capital flows were 5.2 percent in 2009, higher among the top 10 aid recipients. Debt-related than in any other region (table 13). flows from official creditors rose by 10 percent FDI in the region, directed mainly to the min- in 2009. Pakistan was the largest recipient and erals and metals sector, constituted two-thirds of received almost 50 percent of disbursements to net capital flows (excluding grants) between 2001 the region in 2009 from multilateral creditors, and 2009. It declined in 2009, driven by falling including $3.3 billion in purchases from IMF. investment flows to South Africa, the region's larg- These purchases were made under the $7.6 billion est recipient of FDI since 2001. But overall the fall IMF program, approved in November 2008 and was much less than expected because reduced FDI increased by a further $3.2billion in July 2009. from high-income countries was offset by strong Disbursements in 2009 from the World Bank South-South FDI, and excluding South Africa, (IBRD and IDA combined) were $4 billion, almost FDI inflows declined only 1 percent in 2009. FDI identical to those of the Asian Development Bank to Nigeria, which received the highest share of to the region in 2009. all FDI to the region in 2009, rose by almost 20 The overall fall in debt-related flows from percent (mostly given to the hydrocarbon sector), private creditors was driven in large part by the and FDI to countries in the region classified as contraction in short-term (trade-related) debt to HIPCs fell only marginally. Portfolio equity flows India. Additionally, disbursements of medium- to South Africa rebounded to $9.4 billion, buoyed term financing by banks fell by about 10 percent by improved economic prospects and the sale of from their 2008 level, which, coupled with the Vodacom. They also turned positive in Nigeria continued rise in principal repayments, led to a 17 ($0.5 billion). percent decline in net inflow in 2009 compared to Many countries in the region remain on the 2008. Bond issuance by public sector borrowers, margins of international capital markets and 17 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 depend on official aid, mostly grants. Such aid South Africa accounts for almost all of the is projected to rise again in 2009, notwithstand- increase in medium-term financing from private ing the recessions in developed countries, but to creditors (bonds and banks). It returned to the remain below the target set by donors' "Renewed markets in March 2009 with a $2 billion sovereign Commitment to Africa," which called for aid to bond. Senegal became the second post­completion increase by $25 billion by 2010 from its 2004 point HIPC country (Ghana being the first) to issue level. Debt-related financing from official creditors an international bond: $200 million in December doubled in 2009 to $10 billion, led by a sharp rise 2009. Short-term debt flows to the region shrank in gross disbursements from multilateral credi- because of import contraction in Nigeria (down tors (including the IMF). IDA is the single most $4 billion) and South Africa (down $5 billion), the important multilateral creditor to the region, dis- main drivers. bursing $5 billion in 2009 (in loans and grants), Debt indicators have improved significantly a 13 percent rise over the comparable figure for since 2000 because of economic reforms, a favor- 2008. Twenty-four countries received financing able external environment, increased aid and debt under IMF programs, and IMF purchases rose 85 restructuring, and debt relief. Excluding South percent in 2009. Among the largest recipients were Africa, the stock of outstanding debt at the end Angola, the Democratic Republic of Congo, Côte of 2009 was 73 percent of exports and the debt d'Ivoire, and Tanzania. There was also a sharp service ratio had fallen to below 5 percent. Six upturn in market-based financing by the African countries in the region restructured $5 billion owed Development Bank. It committed $5 billion in to Paris Club creditors in 2009, of which $1 billion 2009, including $1.5 billion to Botswana (of which was forgiven (see annex A), and with support from $1.1 billion was disbursed immediately) and $2.7 the IDA Debt Reduction Facility Liberia bought billion to South Africa. Disbursements from bilat- back $1.2 billion at a discount of 97 percent. By the eral creditors (for the most part non-OECD coun- end of 2009, 21 of the 33 eligible African countries tries--notably China) jumped 37 percent but were had reached the HIPC completion point and had heavily concentrated in mineral-rich countries. received $74 billion in HIPC and MDRI debt relief. Table 13. Net Capital Inflows to Sub-Saharan Africa, 2001­09 $ billions Inflows 2001 2002 2003 2004 2005 2006 2007 2008 2009 Net private and official inflows 11.1 10.1 14.6 24.0 33.0 42.4 53.2 38.9 45.3 Percentage of GNI 3.5 3.0 3.5 4.6 5.5 6.0 6.7 4.3 5.2 Net equity inflows 13.2 10.4 14.0 17.7 26.1 37.0 38.7 28.9 40.2 Net FDI inflows 14.1 10.8 13.3 11.0 18.0 20.2 28.5 34.5 30.3 Net portfolio equity inflows 0.9 0.4 0.7 6.7 8.1 16.8 10.1 5.6 10.0 Net debt flows 2.1 0.4 0.6 6.4 6.9 5.4 14.6 10.0 5.1 Official creditors 0.0 2.7 1.4 2.3 0.9 1.9 2.5 4.6 9.5 World Bank 1.8 2.2 2.2 2.5 2.4 2.2 2.4 1.9 3.1 IMF 0.1 0.5 0.0 0.1 0.4 0.1 0.1 0.7 2.2 Other official creditors 1.9 0.0 0.8 0.0 2.9 4.1 0.0 2.0 4.1 Private creditors 2.1 3.0 0.8 4.0 7.9 7.4 12.1 5.5 4.4 Net medium- and long-term debt flows 0.0 1.2 0.9 2.7 4.8 2.0 8.0 0.8 5.6 Bonds 1.9 1.5 0.4 0.6 1.3 0.3 6.7 0.7 1.9 Banks and other private creditors 1.9 2.7 0.5 2.1 3.5 2.3 1.4 1.6 3.7 Net short-term debt flows 2.1 1.8 1.7 1.4 3.0 9.4 4.0 4.6 10.0 Change in reserves ( increase) 0.2 0.7 3.5 21.7 19.9 32.5 27.0 10.9 1.9 Memorandum item Worker remittances 4.6 5.0 6.0 8.0 9.4 12.7 18.6 21.3 20.8 Sources: World Bank Debtor Reporting System, IMF, Bank for International Settlements, and OECD. 18 O V E R V I E W Annex A: Debt Restructuring in 2009 and interest as of June 30, 2009, and maturities due from July 1, 2009 to June 30, 2012. Of the Developments in 2009 amount restructured, $1 million was canceled The Paris Club restructured $5.2 billion in 2009 and $12 million was rescheduled. Creditors also for seven countries. Of these countries, six are eli- signaled their willingness to top up debt relief to gible for the HIPC Initiative. About 23 percent of Cologne terms (90 net percent value reduction) the restructured debt was canceled and the remain- once Comoros reaches the HIPC decision point. der rescheduled (table A1). The share of debt Côte d'Ivoire concluded an agreement in May canceled for each debtor country was dictated by 2009 that restructured claims totaling $4.7 billion. its progress under the HIPC process and the com- This agreement followed approval in March of a position of the debt owed to Paris Club creditors. new three-year arrangement under the IMF PRGF and the HIPC decision point by executive direc- Agreements with HIPC Countries tors of the IMF and the World Bank. The May Burundi became the 24th country to reach the agreement was concluded on Cologne terms (90 HIPC completion point in January 2009 and percent net present value reduction). The agree- concluded a stock of debt treatment with Paris ment restructured arrears of principal and interest Club creditors on March 11, 2009. The agreement as of March 31, 2009, and maturities falling due marked an exit from the Paris Club rescheduling from April 2009 to March 2012. Of the $4.7 bil- process and canceled claims valued at $129 mil- lion covered by the agreement, $3.8 billion was lion in nominal terms. rescheduled and $0.9 billion was canceled over the The Central African Republic became the three-year consolidation period. 25th country to reach the HIPC completion point Haiti became the 26th country to reach the in June 2009 and concluded a stock of debt treat- HIPC completion point in June 2009 and con- ment with Paris Club creditors in September 2009. cluded a stock of debt treatment with Paris Club The agreement, which marked an exit from the creditors on July 8, 2009. The agreement marked Paris Club rescheduling process, restructured an exit from the Paris Club rescheduling process $49.2 million, of which the entirety was canceled. and canceled claims valued at $62 million in nomi- The Comoros concluded an agreement in nal terms and restructured $98 million. November 2009 that restructured claims totaling Togo reached the HIPC decision point in $13 million. This agreement followed approval in November 2008 and became eligible for debt relief September 2009 of a new three-year arrangement on Cologne terms (90 percent net present value). under the IMF Poverty Reduction and Growth The agreement concluded in January 2009 topped Facility (PRGF) that was concluded on Naples up the debt relief of 67 percent (in net present terms (67 percent net present value reduction). value terms) accorded under the agreement of June The agreement restructured arrears of principal 2008 to 90 percent (in net present value terms). Table A.1. Paris Club Agreements, January 1­December 21, 2009 Amount ($ millions) Concessionality Consolidation period (% net Country Signature date Cutoff date Total Rescheduled Canceled present vaule) Start End Burundi March 11, 2009 June 1999 134.0 5.0 129.0 90 Stock Central African September 15, January 1983 49.2 0.0 49.2 90 Stock Republic 2009 Comoros November 19, June 1999 13.0 12.0 1.0 67 July 2009 June 2012 2009 Côte d'Ivoire May 15, 2009 July 1983 4,690.0 3,845.0 845.0 90 April 2009 March 2012 Haiti July 8, 2009 October 1993 161.0 98.9 62.7 90 Stock Seychelles April 16, 2009 December 163.0 89.6 73.4 50 October 2009 July 2010 2008 Togo January 22, 2009 January 1983 22.0 0.0 22.0 90 April 2008 Mar 2011 Sources: World Bank and Paris Club. 19 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 It covered $22 million in claims, of which the amount restructured (equivalent to 50 percent in entirety was canceled (in addition to the $347 mil- net present value terms) in two phases: 22.5 per- lion canceled under the 2008 agreement). cent on July 1, 2009, and a further 22.5 percent on July 1, 2010. Paris Club creditors required the Seychelles to seek comparable treatment from other Agreements with Non-HIPC Countries bilateral and external commercial creditors. Seychelles concluded a debt restructuring agree- ment with Paris Club creditors in April 2009 fol- lowing approval of a 2-year standby arrangement with the IMF in November 2008. This agreement was the country's first with Paris Club creditors, Note 1. Borrowers that have outstanding obligations to and it restructured a total of $163 million in claims, IBRD, and classified as high-income countries, and are not largely arrears and late interest charges. The agree- included in the DRS: Barbados, Croatia, Estonia, Hungary, ment was concluded under the Evian approach and the Republic of Korea, Latvia, Poland, the Slovak Republic, provided for the cancellation of 45 percent of the Slovenia, and Trinidad and Tobago. 20 . Summary Tables 21 S U M M A R Y T A B L E S Summary Table 1. Key Indebtedness Indicators, 2007­09 Ratio of present Ratio of total value of debt Total external Present value external debt to exports Ratio of total Ratio of present debt, 2009 of debt, 2009 to exports of goods of goods and external debt value of debt Country ($ millions) ($ millions) and services (%) services (%) to GNI (%) to GNI (%) Afghanistan 2,328 596 96 25 21 5 Albania 4,719 3,683 123 96 40 31 Algeria 5,345 4,719 6 5 4 3 Angola 16,715 14,228 25 21 28 24 Argentina 120,183 119,952 156 156 41 41 Armenia 4,935 3,656 200 148 48 36 Azerbaijan 4,865 3,701 18 14 13 10 Bangladesh 23,820 14,697 146 90 28 17 Belarus 17,158 15,228 57 51 34 30 Belize 1,092 811 135 100 94 70 Benin 1,073 738 90 62 17 12 Bhutan 762 625 106 87 61 50 Bolivia 5,745 2,446 81 34 38 16 Bosnia and Herzegovina 9,583 7,925 128 106 55 45 Botswana 1,617 1,001 25 16 13 8 Brazil 276,932 260,697 133 125 18 17 Bulgaria 40,582 36,959 145 132 93 85 Burkina Faso 1,835 1,272 222 154 24 17 Burundi 518 156 477 143 45 13 Cambodia 4,364 3,544 74 60 47 38 Cameroon 2,941 771 46 12 14 4 Cape Verde 707 381 113 61 49 27 Central African Republic 396 222 134 75 21 12 Chad 1,743 1,354 53 41 28 22 Chile 71,646 65,749 92 84 47 43 China 428,442 404,026 26 25 10 9 Colombia 52,223 44,370 131 111 24 20 Comoros 279 205 460 338 54 40 Congo, Dem. Rep. 12,183 2,384 362 71 122 24 Congo, Rep. 5,041 1,265 72 18 81 20 Costa Rica 8,070 7,573 54 50 29 27 Côte d'Ivoire 11,701 9,738 106 88 55 46 Djibouti 752 511 195 133 72 49 Dominica 252 211 162 136 73 61 Dominican Republic 11,003 9,248 86 73 26 22 Ecuador 12,930 11,816 65 59 25 23 Egypt, Arab Rep. 33,257 26,629 66 53 21 16 El Salvador 11,384 10,198 181 162 55 49 Eritrea 1,019 597 1,383 811 58 34 Ethiopia 5,025 2,931 153 89 20 12 Fiji 432 390 26 23 13 12 Gabon 2,130 1,990 19 18 20 19 Gambia, The 520 203 207 81 76 30 Georgia 4,231 3,064 111 80 38 28 Ghana 5,720 4,235 81 60 37 27 Grenada 531 580 269 293 90 98 Guatemala 13,801 12,013 144 126 38 33 Guinea 2,926 1,980 225 152 65 44 Guinea-Bissau 1,111 848 847 647 265 203 Guyana 1,036 668 107 69 92 59 Haiti 1,244 989 142 113 19 15 Honduras 3,675 1,775 51 25 28 13 India 237,692 212,262 80 71 19 17 (table continues on next page) 23 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 Summary Table 1. Key Indebtedness Indicators, 2007­09 (continued) Ratio of present Ratio of total value of debt Total external Present value external debt to exports Ratio of total Ratio of present debt, 2009 of debt, 2009 to exports of goods of goods and external debt value of debt Country ($ millions) ($ millions) and services (%) services (%) to GNI (%) to GNI (%) Indonesia 157,517 140,615 111 99 33 30 Iran, Islamic Rep. 13,435 11,667 -- -- 4 4 Jamaica 10,959 10,991 177 178 82 82 Jordan 6,615 5,603 54 46 31 27 Kazakhstan 109,873 97,124 177 157 109 96 Kenya 8,005 5,689 101 72 27 19 Kosovo 359 223 41 25 7 4 Kyrgyz Republic 2,900 1,576 113 62 66 36 Lao PDR 5,539 3,963 325 233 109 78 Lebanon 24,864 24,132 108 105 82 80 Lesotho 705 388 49 27 34 19 Liberia 1,660 1,977 291 347 265 316 Lithuania 31,717 28,939 131 120 79 72 Macedonia, FYR 5,589 5,188 107 100 64 59 Madagascar 2,213 1,464 89 59 26 17 Malawi 1,093 649 110 65 27 16 Malaysia 66,390 60,881 29 27 34 31 Maldives 780 630 85 69 66 54 Mali 2,667 1,200 114 51 32 14 Mauritania 2,029 2,602 119 153 65 83 Mauritius 742 589 14 11 9 7 Mexico 192,008 176,766 67 61 20 18 Moldova 3,457 3,157 119 109 60 55 Mongolia 2,212 1,497 84 57 51 35 Montenegro 2,308 2,025 115 100 56 49 Morocco 23,752 19,578 79 65 28 23 Mozambique 4,168 1,589 138 53 47 18 Myanmar 8,186 5,187 -- -- -- -- Nepal 3,683 2,728 208 154 31 23 Nicaragua 4,420 2,090 145 68 76 36 Niger 991 633 105 67 20 13 Nigeria 7,846 5,936 11 8 5 4 Pakistan 53,710 38,732 218 157 33 24 Panama 12,418 11,464 72 66 58 54 Papua New Guinea 1,555 1,287 25 21 21 18 Paraguay 4,323 3,760 55 48 30 26 Peru 29,593 26,341 87 78 26 23 Philippines 62,911 54,814 104 90 40 35 Romania 117,511 94,557 206 166 66 53 Russian Federation 381,339 348,913 81 74 28 26 Rwanda 747 353 136 64 17 8 Samoa 235 136 137 79 46 27 São Tomé and Principe 186 18 900 89 106 11 Senegal 3,503 2,492 103 73 28 20 Serbia 33,402 30,484 244 223 78 71 Seychelles 1,624 1,701 181 189 200 210 Sierra Leone 444 368 125 104 24 20 Solomon Islands 156 110 60 43 30 21 Somalia 2,973 3,710 -- -- -- --. South Africa 42,101 42,043 44 44 15 15 Sri Lanka 17,208 13,257 176 136 46 35 St. Kitts and Nevis 227 195 100 86 44 38 St. Lucia 416 343 81 67 47 39 (table continues on next page) 24 S U M M A R Y T A B L E S Summary Table 1. Key Indebtedness Indicators, 2007­09 (continued) Ratio of present Ratio of total value of debt Total external Present value external debt to exports Ratio of total Ratio of present debt, 2009 of debt, 2009 to exports of goods of goods and external debt value of debt Country ($ millions) ($ millions) and services (%) services (%) to GNI (%) to GNI (%) St. Vincent and the Grenadines 209 166 95 76 38 30 Sudan 20,139 35,082 202 352 42 73 Swaziland 418 379 17 16 15 13 Syrian Arab Republic 5,236 4,413 28 24 11 9 Tajikistan 2,514 1,792 159 114 55 39 Tanzania 7,325 2,648 157 57 37 13 Thailand 58,755 54,554 30 28 23 22 Togo 1,640 1,360 164 136 60 50 Tonga 105 66 169 107 32 20 Tunisia 21,709 19,650 89 80 60 54 Turkey 251,372 231,439 157 144 38 35 Turkmenistan 576 525 5 4 4 3 Uganda 2,490 1,132 76 34 18 8 Ukraine 93,153 89,029 128 123 65 62 Uruguay 12,159 10,868 135 121 41 37 Uzbekistan 4,109 3,329 36 29 15 12 Vanuatu 130 96 48 35 22 16 Venezuela, RB 54,503 54,906 66 66 19 19 Vietnam 28,674 21,704 45 34 35 27 Yemen, Rep. 6,356 4,052 74 47 27 17 Zambia 3,049 1,172 63 24 26 10 Zimbabwe 5,015 6,247 269 335 -- 0 Source: World Bank data. Note: GNI = gross national income; -- = not available. For definitions of indicators, see the "About the Data" section. Numbers in italics are based on the latest available Debt Sustainability Analysis for Low-Income Countries (LIC DSA) and include the effects of traditional relief, debt relief under the Heavily Indebted Poor Country (HIPC) Initiative, and relief under the Multilateral Debt Relief Initiative (MDRI). Under MDRI, the International Development Association (IDA), the International Monetary Fund (IMF), and the African Development Fund (AfDF) provide debt stock cancellation to post­completion point HIPCs on debt owed to the three institutions. The Inter-American Development Bank (IDB) provides similar debt stock cancellation under the IDB 2007 Debt Initiative. MDRI debt relief provides 100 percent stock cancellation on debt disbursed before the end of 2004 (for the IMF, AfDF, and IDB) or the end of 2003 (for IDA) and still outstanding at the time the coun- try reaches the completion point under the HIPC Initiative. In line with the Debt Sustainability Framework for Low-Income Countries, only the conditional debt relief under HIPC Initiative is included for countries in the interim period (between the decision and completion points of the HIPC Initiative). 25 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 Summary Table 2. Composition of Total External Debt Stocks, 2009 $ millions Public and Public and publicly Public and publicly Total external Total long-term guaranteed debt, publicly guaranteed guaranteed Country debt stocks external debt multilateral debt, bilateral debt, bonds Afghanistan 2,328 2,203 1,112 1,090 0 Albania 4,719 3,813 1,504 660 0 Algeria 5,345 3,853 11 2,039 0 Angola 16,715 13,722 441 4,379 0 Argentina 120,183 100,646 16,156 6,172 49,670 Armenia 4,935 3,837 1,427 948 0 Azerbaijan 4,865 3,993 1,462 730 0 Bangladesh 23,820 21,206 18,376 2,746 0 Belarus 17,158 6,262 261 4,368 0 Belize 1,092 1,076 245 162 21 Benin 1,073 990 801 188 0 Bhutan 762 762 286 476 0 Bolivia 5,745 5,191 1,978 482 0 Bosnia and Herzegovina 9,583 7,620 2,197 845 322 Botswana 1,617 1,388 1,252 135 0 Brazil 276,932 237,143 2,4753 7,632 47,361 Bulgaria 40,582 22,004 2,507 815 1,430 Burkina Faso 1,835 1,725 1,402 303 0 Burundi 518 420 322 98 0 Cambodia 4,364 4,099 1,501 2,598 0 Cameroon 2,941 2,743 682 1,435 0 Cape Verde 707 695 532 156 0 Central African Republic 396 250 60 156 0 Chad 1,743 1,711 1,479 199 0 Chile 71646 54,170 848 193 5,413 China 428,442 187,933 33,156 34,923 10,826 Colombia 52,223 48,113 14,732 514 17,159 Comoros 279 264 215 49 0 Congo, Dem. Rep. 12,183 10,788 4,187 6,310 0 Congo, Rep. 5,041 4,785 463 3,398 0 Costa Rica 8,070 5,728 1,178 392 1,435 Côte d'Ivoire 11,701 11,250 2,374 6,540 1,931 Djibouti 752 732 403 314 0 Dominica 252 193 116 36 34 Dominican Republic 11,003 8,557 2,608 2,657 1,076 Ecuador 12,930 11,511 4,336 1,509 873 Egypt, Arab Rep. 33,257 30,696 8,413 19,915 1,883 El Salvador 11,384 9,270 3,200 667 2,174 Eritrea 1,019 1,013 658 315 0 Ethiopia 5,025 4,812 2,310 1,243 0 Fiji 432 362 104 107 150 Gabon 2,130 2,022 401 525 901 Gambia, The 520 449 314 135 0 Georgia 4,231 3,114 1,535 560 500 26 S U M M A R Y T A B L E S Public and publicly Private guaranteed debt, Private nonguaranteed commercial banks nonguaranteed debt, commercial and other debt, bonds banks and other IBRD (memo) IDA (memo) Use of IMF credit Short-term debt 0 0 0 0 471 106 20 665 0 983 24 849 71 835 821 0 982 10 0 0 1,492 8,902 0 0 0 385 359 2,634 924 6,850 20,873 5,305 0 0 19,537 1 0 1,461 53 1,161 587 512 1,212 0 590 199 739 62 810 84 0 0 0 10,746 675 1,939 128 19 1,485 256 0 2,871 8,024 634 0 14 16 0 7 8 0 0 0 0 309 39 45 0 0 0 0 114 0 0 84 0 2,647 0 316 0 554 206 0 4,051 417 1,102 286 1,677 2 0 0 0 5 0 229 7,571 53,342 96,483 10,065 0 0 39,789 21 146 17,085 1,509 0 0 18,578 20 0 0 0 721 110 0 0 0 0 0 147 91 7 0 0 0 0 566 0 265 11 0 615 30 273 175 23 6 0 0 0 286 11 2 34 0 0 0 9 78 67 33 0 0 0 896 29 4 2,827 6,584 38,304 215 1 0 17,476 14,220 7,020 87,788 12,705 9,521 0 240,509 2,959 2,709 10,040 6,570 1 0 4,110 0 0 0 0 120 10 5 292 0 0 0 2,497 800 596 924 0 0 0 298 43 213 185 0 2,538 57 0 0 2341 134 0 271 42 1,781 352 99 15 0 0 0 1,58 16 5 6 0 0 1 28 20 40 1,373 843 0 748 8 767 1,679 192 0 4,600 532 11 0 1,419 410 0 74 1,850 1,400 0 2,561 90 0 3,139 569 9 0 2,114 41 0 0 0 477 0 6 1,259 0 0 0 1,422 168 45 0 0 1 0 0 0 70 195 0 0 18 0 0 108 1 0 0 0 64 29 42 1 0 518 100 1,153 786 330 (table continues on next page) 27 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 Summary Table 2. Composition of Total External Debt Stocks, 2009 (continued) $ millions Public and Public and publicly Public and publicly Total external Total long-term guaranteed debt, publicly guaranteed guaranteed Country debt stocks external debt multilateral debt, bilateral debt, bonds Ghana 5,720 4,126 2,230 339 750 Grenada 531 462 161 88 210 Guatemala 13,801 1,2575 3,620 356 955 Guinea 2,926 2,827 1,827 966 0 Guinea-Bissau 1,111 950 507 443 0 Guyana 1,036 781 448 312 0 Haiti 1,244 1,078 520 558 0 Honduras 3,675 3,326 1,517 843 50 India 237,692 194,741 41,486 22,780 5,542 Indonesia 157,517 138,854 21,052 42,272 14,344 Iran, Islamic Rep. 13,435 7,524 836 1,418 0 Jamaica 10,959 9,905 1,520 887 3,890 Jordan 6,615 5,445 2,361 2,740 181 Kazakhstan 109,873 101,197 1,349 1,137 0 Kenya 8,005 6,543 3,862 2,330 0 Kosovo 359 359 359 0 0 Kyrgyz Republic 2,900 2,652 1,310 1,010 0 Lao PDR 5,539 5,523 2,003 920 0 Lebanon 24,864 21,649 1,301 1,008 18,105 Lesotho 705 681 607 60 0 Liberia 1,660 677 155 502 0 Lithuania 31,717 25,767 1,239 0 7,816 Macedonia, FYR 5,589 3,689 1,081 240 468 Madagascar 2,213 1,851 1,447 393 0 Malawi 1,093 899 540 349 0 Malaysia 66,390 42,696 303 3,789 13,316 Maldives 780 569 288 183 0 Mali 2,667 2,592 1,504 1,081 0 Mauritania 2,029 1,851 1,114 725 0 Mauritius 742 742 370 201 0 Mexico 192,008 168,672 17,232 3,980 58,890 Moldova 3,457 1,985 514 265 0 Mongolia 2,212 1,958 1,069 664 75 Montenegro 2,308 1,101 591 302 0 Morocco 23,752 21,573 10,021 6,694 0 Mozambique 4,168 3,354 1,996 1,330 0 Myanmar 8,186 6,320 1,341 4,004 0 Nepal 3,683 3,563 3,211 349 0 Nicaragua 4,420 3,554 1,448 1,010 0 Niger 991 916 684 225 0 Nigeria 7,846 4,332 3,391 492 0 Pakistan 53,710 44,749 23,506 15,591 2,150 Panama 12,418 12,418 1,626 207 9,219 28 S U M M A R Y T A B L E S Public and publicly Private guaranteed debt, Private nonguaranteed commercial banks nonguaranteed debt, commercial and other debt, bonds banks and other IBRD (memo) IDA (memo) Use of IMF credit Short-term debt 806 0 0 0 1,581 271 1,323 2 0 0 11 39 23 46 0 5 7,639 1,112 0 0 1,226 35 0 0 0 1,269 59 40 0 0 0 0 304 10 151 21 0 0 0 10 58 197 0 0 0 0 39 166 0 37 0 880 0 502 32 317 6,723 15,331 102,880 8,048 25,980 0 42,950 8,352 5,897 46,937 7,876 2,234 0 18,662 5,269 0 0 836 0 0 5,911 367 3,215 26 398 0 0 1,054 163 0 0 1074 34 12 1,158 1 22,097 76,613 547 0 0 8,676 352 0 0 0 3,156 451 1,011 0 0 0 359 0 0 0 0 0 332 0 656 167 81 0 0 2,601 0 680 16 0 565 670 0 318 0 119 3,096 14 0 0 3 311 24 0 21 0 0 0 69 891 92 4 1,030 15,679 23 0 0 5,949 84 0 1,816 271 382 0 1,900 7 0 4 0 1,105 101 262 10 0 0 0 213 127 67 3,955 5,927 15,406 39 0 0 23,695 97 0 0 0 84 9 202 7 0 0 0 698 44 32 12 0 0 0 282 16 163 90 0 81 204 8 0 0 19,272 21,525 47,774 10,143 0 0 23,335 4 0 1,203 110 332 154 1,318 9 0 141 0 392 182 72 201 0 8 261 75 0 1,207 2,504 0 2,354 2,543 14 0 2,179 28 0 0 0 1,356 171 643 976 0 0 0 777 0 1,866 4 0 0 0 1,483 76 44 4 0 1,093 0 418 150 716 0 0 7 0 266 57 18 273 175 0 113 2,739 0 3,514 237 850 2,415 1,769 10,075 7,495 1,466 230 1,061 75 435 0 0 0 (table continues on next page) 29 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 Summary Table 2. Composition of Total External Debt Stocks, 2009 (continued) $ millions Public and Public and publicly Public and publicly Total external Total long-term guaranteed debt, publicly guaranteed guaranteed Country debt stocks external debt multilateral debt, bilateral debt, bonds Papua New Guinea 1,555 1,434 724 276 0 Paraguay 4,323 3,571 1,398 628 0 Peru 29,593 24,863 8,378 3,352 8911 Philippines 62,911 58,909 8,448 13,611 18,522 Romania 117,511 86,935 10,518 692 2,809 Russian Federation 381,339 350,715 3,724 3,599 69,580 Rwanda 747 725 631 94 0 Samoa 235 226 180 46 0 São Tomé and Principe 186 172 43 128 0 Senegal 3,503 3,318 1,810 949 200 Serbia 33,402 27,801 4,442 3,109 0 Seychelles 1,624 643 50 159 307 Sierra Leone 444 371 308 63 0 Solomon Islands 156 154 111 21 0 Somalia 2,973 1987 805 1,145 0 South Africa 42,101 28,827 227 0 9279 Sri Lanka 17,208 14,614 5,875 6,054 1,000 St. Kitts and Nevis 227 222 98 40 29 St. Lucia 416 344 197 25 55 St. Vincent and the Grenadines 209 202 121 21 0 Sudan 20,139 12,998 3,154 7,395 0 Swaziland 418 391 255 116 0 Syrian Arab Republic 5,236 4,480 1,657 2,824 0 Tajikistan 2,514 2,458 826 777 0 Tanzania 7,325 5,653 3,573 947 0 Thailand 58,755 30,873 208 6,261 1,754 Togo 1,640 1,502 837 665 0 Tonga 105 105 73 31 0 Tunisia 21,709 16,907 6,511 3,448 3,776 Turkey 251,372 203,689 16,870 6,284 40,808 Turkmenistan 576 501 17 392 0 Uganda 2,490 2,245 2,017 203 0 Ukraine 93,153 62,306 4,237 1,547 3,121 Uruguay 12,159 11,035 3,653 135 7,094 Uzbekistan 4,109 3,965 1,065 1,843 0 Vanuatu 130 99 69 30 0 Venezuela, RB 54,503 38,494 3,120 1,010 28,360 Vietnam 28,674 23,403 10,312 11,346 1,041 Yemen, Rep. 6,356 5,861 3,159 2,698 0 Zambia 3,049 2,230 881 222 0 Zimbabwe 5,015 3,831 1619 1,677 0 All developing countries 3,545,114 2,759,199 438,044 326,017 475,768 30 S U M M A R Y T A B L E S Public and publicly Private guaranteed debt, Private nonguaranteed commercial banks nonguaranteed debt, commercial and other debt, bonds banks and other IBRD (memo) IDA (memo) Use of IMF credit Short-term debt 36 0 397 149 82 0 121 282 0 1,263 281 15 0 752 149 2,097 1,976 2,846 0 0 4,730 1,157 956 16,215 2,488 181 0 4,002 3,885 35 68,996 2,995 0 9,544 21,032 23,087 73,331 177,395 3,211 0 0 30,624 0 0 0 0 254 15 6 0 0 0 0 80 9 0 0 0 0 0 14 4 10 2 0 357 0 921 167 18 1,175 165 18,911 1,783 676 1,601 4,000 127 0 0 0 0 19 962 0 0 0 0 124 73 0 0 0 21 0 44 0 2 38 0 0 0 448 176 810 5,558 6,049 7,715 21 0 0 13,274 718 0 967 0 2,487 721 1,873 55 0 0 12 1 3 1 67 0 0 19 50 11 62 60 0 0 3 20 6 1 2,449 0 0 0 1,306 403 6,739 20 0 0 8 2 0 27 0 0 0 0 16 0 756 0 0 855 0 373 41 15 118 0 1,016 0 2,598 329 1,342 2,962 3,040 16,649 74 59 0 27,881 0 0 0 0 586 91 47 1 0 0 0 23 0 0 1,101 0 2,070 1,385 20 0 4,801 20,913 6,606 112,207 9,769 48 7,958 39,725 54 0 38 13 0 0 75 25 0 0 0 1,379 9 235 1,544 5,059 46,798 3,294 0 10,974 19,873 72 80 0 1,099 0 0 1,124 330 0 727 284 83 0 144 0 0 0 0 12 0 31 2,694 3,310 0 0 0 0 16,009 704 0 0 0 6,270 84 5,186 5 0 0 0 2,187 53 442 107 0 1,020 0 407 345 474 446 0 89 463 522 116 1,068 167,161 256,025 1,096,185 107,984 116,903 52,179 73,3736 (table continues on next page) 31 G L O B A L D E V E L O P M E N T F I N A N C E 2 0 1 1 Summary Table 2. Composition of Total External Debt Stocks, 2009 (continued) $ millions Public and Public and publicly Public and publicly Total external Total long-term guaranteed debt, publicly guaranteed guaranteed Country debt stocks external debt multilateral debt, bilateral debt, bonds Region or Group East Asia and Pacific 825,602 502,950 80,654 120,900 60,029 Europe and Central Asia 1,126,252 925,764 59,033 30,122 126,853 Latin America and the Caribbean 912,980 773,100 115,208 33,869 242,880 Middle East and North Africa 141,321 118,719 34,673 43,096 23,946 South Asia 339,983 282,407 94,140 49,269 8,692 Sub-Saharan Africa 198,976 156,260 54,335 48,761 13,368 Low-income countries 135,593 116,809 68,594 36,764 750 Middle-income countries 3,409,521 2,642,391 369,450 289,252 475,018 Source: World Bank data. Note: IBRD = International Bank for Reconstruction and Development; IDA = International Development Association; IMF = International Monetary Fund. 32 S U M M A R Y T A B L E S Public and publicly Private guaranteed debt, Private nonguaranteed commercial banks nonguaranteed debt, commercial and other debt, bonds banks and other IBRD (memo) IDA (memo) Use of IMF credit Short-term debt 32,372 22,840 186,154 23,332 20,921 291 322,361 53,516 108,489 547,750 25,479 7,631 35,103 165,385 40,159 101,621 239,364 40,439 1,468 1,243 138,637 10,853 670 5,480 8,016 3,831 200 22,402 7,863 16,181 106,261 9,817 51,440 9,081 48,495 22,396 6,224 11,175 900 31,612 6,261 36,456 4,754 0 5,946 463 39,115 5,951 1,2833 162,406 256,025 1,090,239 107,521 77,788 46,227 720,903 33 . Regional and Income Group Aggregate Tables 35 ALL DEVELOPING COUNTRIES (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 1. Summary external debt data External debt stocks 1,253,016 1,860,250 2,122,096 2,488,733 2,643,251 3,180,004 3,425,383 3,545,114 Long-term external debt 1,032,168 1,469,667 1,776,864 1,964,829 2,067,087 2,421,910 2,672,049 2,759,199 Public and publicly guaranteed 972,552 1,261,176 1,287,114 1,283,181 1,210,859 1,308,265 1,348,023 1,406,990 Private nonguaranteed 59,616 208,491 489,750 681,648 856,227 1,113,645 1,324,026 1,352,210 Use of IMF credit 33,626 59,721 58,231 49,179 19,859 15,540 24,915 52,179 Short-term external debt 187,222 330,863 287,001 474,725 556,305 742,554 728,419 733,736 interest arrears on long-term 44,689 44,539 31,838 28,665 26,334 27,933 27,807 26,726 Memorandum items Principal arrears on long-term 53,981 104,656 60,834 46,432 45,071 47,985 49,621 51,557 Long-term public sector debt 966,765 1,256,108 1,281,244 1,278,690 1,206,587 1,303,504 1,342,408 1,395,767 Long-term private sector debt 65,403 213,559 495,621 686,139 860,500 1,118,406 1,329,641 1,363,432 Public & publicly guaranteed commitments 112,931 140,532 145,847 157,350 140,021 189,986 176,452 216,718 External debt flows Disbursements 121,319 209,469 235,818 384,285 458,638 646,010 623,104 537,473 Long-term external debt 113,870 181,686 225,703 380,324 454,524 643,997 609,344 509,127 IMF purchases 7,449 27,783 10,114 3,961 4,113 2,013 13,760 28,346 Principal repayments 79,142 120,565 232,711 335,002 383,247 363,027 399,192 408,234 Long-term external debt 71,317 111,927 212,119 290,880 352,428 355,872 395,392 406,390 IMF repurchases 7,825 8,638 20,592 44,122 30,819 7,155 3,800 1,844 Net flows 56,358 142,985 -5,176 123,777 159,301 467,229 209,903 135,637 Long-term external debt 42,553 69,759 13,584 89,444 102,096 288,124 213,952 102,737 Short-term external debt 14,181 54,082 -8,282 74,494 83,911 184,246 -14,009 6,398 Interest payments 60,784 85,012 112,421 103,589 117,309 135,710 140,568 124,324 Long-term external debt 48,917 67,476 93,744 84,843 95,089 109,172 120,257 110,205 IMF charges 2,415 2,623 2,863 3,277 1,622 710 979 554 Short-term external debt 9,452 14,912 15,815 15,469 20,597 25,828 19,332 13,565 2. Other non-debt resource inflows Foreign direct investment 21,609 94,658 148,373 273,590 343,337 508,131 587,109 354,088 Portfolio equity 3,390 13,779 13,955 67,498 107,674 135,080 -53,193 108,157 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 14.2 15.1 15.6 14.2 15.0 Japanese yen 10.9 13.0 12.0 10.1 10.2 9.3 11.1 10.6 Pound sterling 2.4 1.6 1.0 1.1 0.8 0.6 0.4 0.5 Swiss franc 1.7 1.1 0.4 0.6 0.6 0.6 0.6 0.5 U.S.dollars 44.5 47.9 62.8 65.6 65.2 66.0 66.2 66.0 4. Average terms of new commitments Official creditors Interest (%) 5.4 5.8 4.8 3.6 3.9 3.7 2.9 2.1 Maturity (years) 22.8 19.2 20.2 22.1 22.8 23.2 23.6 21.2 Grace period (years) 6.6 5.3 5.1 5.7 6.2 6.5 6.7 6.2 Private creditors Interest (%) 8.5 6.5 8.1 6.3 6.2 6.3 6.0 6.3 Maturity (years) 11.7 7.4 11.3 11.2 12.1 10.8 11.8 10.0 Grace period (years) 4.9 3.4 8.4 8.7 9.5 7.9 8.1 8.6 5. Major economic aggregates Gross national income (GNI) 3,530,181 4,791,570 5,614,158 9,427,817 11,189,833 13,856,781 16,589,721 16,023,321 Exports of goods, services & income 651,786 1,140,219 1,652,400 3,329,578 4,057,884 4,911,991 5,863,632 4,755,347 Worker remit. & comp. of employees 30,760 54,593 80,196 190,644 225,325 277,165 323,542 305,200 Imports of goods, services & income 718,403 1,300,105 1,703,631 3,209,914 3,840,260 4,709,354 5,732,392 4,588,788 Profit remittances on FDI 16,118 36,709 67,741 163,147 232,181 299,410 340,938 243,805 International reserves 178,522 438,799 641,834 1,976,647 2,610,837 3,694,463 4,147,161 4,820,982 6. Ratios External debt stocks to exports (%) 192.2 163.1 128.4 74.7 65.1 64.7 58.4 74.6 External debt stocks to GNI (%) 35.5 38.8 37.8 26.4 23.6 22.9 20.6 22.1 Debt service to exports (%) 21.5 18.0 20.9 13.2 12.4 10.2 9.2 11.3 Short-term to external debt stocks (%) 14.9 17.8 13.5 19.1 21.0 23.4 21.3 20.7 Multilateral to external debt stocks (%) 16.0 15.0 15.4 15.0 13.2 11.7 11.5 12.4 Reserves to external debt stocks (%) 14.2 23.6 30.2 79.4 98.8 116.2 121.1 136.0 Reserves to imports (months) 3.0 4.1 4.5 7.4 8.2 9.4 8.7 12.6 36 ALL DEVELOPING COUNTRIES (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 7. Long-term external debt Debt outstanding and disbursed 1,032,168 1,469,667 1,776,864 1,964,829 2,067,087 2,421,910 2,672,049 2,759,199 Public and publicly guaranteed 972,552 1,261,176 1,287,114 1,283,181 1,210,859 1,308,265 1,348,023 1,406,990 Official creditors 519,825 764,715 751,068 714,294 636,047 666,297 707,661 764,061 Multilateral 199,951 278,613 326,080 373,417 347,610 372,517 393,444 438,044 of which: IBRD 90,637 106,385 108,080 96,259 92,286 93,566 96,635 107,984 IDA 45,278 71,495 86,796 121,077 99,005 107,675 111,269 116,903 Bilateral 319,874 486,102 424,988 340,876 288,437 293,780 314,217 326,017 Private creditors 452,727 496,461 536,045 568,887 574,812 641,968 640,361 642,929 of which: Bonds 99,350 220,462 341,857 400,332 409,075 452,166 462,290 475,768 Commercial banks 224,277 146,865 125,865 125,757 128,188 157,275 150,135 136,340 Private nonguaranteed 59,616 208,491 489,750 681,648 856,227 1,113,645 1,324,026 1,352,210 of which: Bonds 347 51,018 89,492 154,026 190,151 250,422 240,701 256,025 Disbursements 113,870 181,686 225,703 380,324 454,524 643,997 609,344 509,127 Public and publicly guaranteed 96,613 128,191 134,860 142,528 140,018 181,983 171,783 190,191 Official creditors 48,480 64,866 52,307 46,011 54,105 58,469 68,007 96,430 Multilateral 26,496 31,094 34,186 34,281 39,732 43,055 47,360 69,770 of which: IBRD 13,086 12,537 12,906 9,178 11,933 10,498 13,608 22,125 IDA 4,330 5,474 5,219 7,207 6,771 7,358 6,864 8,701 Bilateral 21,984 33,772 18,121 11,730 14,373 15,413 20,646 26,660 Private creditors 48,133 63,325 82,553 96,517 85,912 123,515 103,776 93,761 of which: Bonds 4,226 21,993 55,784 61,066 56,972 72,216 72,936 68,909 Commercial banks 14,592 22,190 18,109 31,732 24,160 47,941 28,446 19,047 Private nonguaranteed 17,257 53,495 90,844 237,796 314,507 462,013 437,561 318,936 of which: Bonds 291 14,063 10,810 46,898 53,017 83,950 25,655 36,484 Principal repayments 71,317 111,927 212,119 290,880 352,428 355,872 395,392 406,390 Public and publicly guaranteed 64,096 86,009 114,161 145,812 191,885 128,023 144,276 116,937 Official creditors 22,579 42,585 47,474 69,878 96,994 53,328 50,130 46,503 Multilateral 11,656 19,649 22,544 26,634 36,465 26,480 26,972 25,471 of which: IBRD 7,804 11,364 9,409 12,066 17,168 10,844 10,924 10,838 IDA 248 542 948 1,621 1,779 1,836 2,296 2,250 Bilateral 10,923 22,935 24,929 43,243 60,529 26,848 23,158 21,032 Private creditors 41,517 43,424 66,688 75,935 94,891 74,695 94,145 70,435 of which: Bonds 4,270 11,091 31,454 44,630 60,268 43,632 54,625 32,872 Commercial banks 19,870 15,281 23,256 22,316 25,154 23,971 32,337 30,198 Private nonguaranteed 7,221 25,918 97,958 145,067 160,543 227,849 251,117 289,453 of which: Bonds 0 4,042 15,002 15,063 17,973 24,350 19,902 21,401 Interest payments 48,917 67,476 93,744 84,843 95,089 109,172 120,257 110,205 Public and publicly guaranteed 44,375 56,580 63,139 60,506 56,335 59,643 59,040 53,955 Official creditors 17,921 27,395 25,961 23,904 19,694 20,163 18,960 16,885 Multilateral 10,239 13,153 15,208 10,572 11,659 12,859 12,287 10,422 of which: IBRD 6,753 7,610 7,444 4,013 4,777 5,430 4,572 3,415 IDA 301 503 577 897 811 758 908 798 Bilateral 7,682 14,241 10,753 13,332 8,035 7,303 6,674 6,463 Private creditors 26,455 29,185 37,179 36,602 36,641 39,481 40,080 37,071 of which: Bonds 4,100 14,713 25,000 30,143 28,861 31,151 31,730 30,744 Commercial banks 15,991 7,822 8,566 4,921 6,258 6,541 6,672 5,104 Private nonguaranteed 4,542 10,897 30,605 24,337 38,755 49,529 61,217 56,250 of which: Bonds 3 3,172 7,774 8,809 13,935 16,186 15,993 16,188 8. Debt stock-flow reconciliation Total change in external debt stocks 92,997 169,892 -63,271 -19,198 154,518 536,754 245,379 .. 750 Non-debt flows (bill US$) Net flows on external debt 56,358 142,985 200 -5,176 123,777 Debt 159,301 ratios467,229 (%) 209,903 0 Cross-currency valuation 43,490 3,160 -49,519 -75,273 -6,942 38,092 14,228 .. 9. Debt restructurings Total amount rescheduled 75,505 30,719 61,338 150 32,824 4,788 3,150 1,618 .. Total amount forgiven 500 12,370 2,244 945 20,525 16,122 3,249 2,180 .. Debt buyback 4,359 162 16,072 736 5,450 6,035 3,998 .. 100 250 50 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2001 2002 2003 2004 2005 2006 2007 2008 2009 Foreign direct investment Portfolio equity flows Debt to exports Reserves to debt 37 EAST ASIA AND PACIFIC (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 1. Summary external debt data External debt stocks 233,974 455,544 496,687 614,625 648,706 726,940 756,756 825,602 Long-term external debt 194,526 345,382 418,614 408,562 425,941 448,695 489,681 502,950 Public and publicly guaranteed 172,986 255,399 271,459 262,047 261,218 260,896 278,116 293,956 Private nonguaranteed 21,541 89,982 147,155 146,515 164,723 187,799 211,565 208,994 Use of IMF credit 2,085 1,337 16,452 8,545 239 215 162 291 Short-term external debt 37,363 108,826 61,621 197,519 222,526 278,031 266,914 322,361 interest arrears on long-term 1,886 2,952 5,336 1,088 991 1,121 1,155 1,226 Memorandum items Principal arrears on long-term 2,965 10,943 7,461 5,920 4,670 5,329 5,478 5,779 Long-term public sector debt 172,443 254,012 271,107 261,526 260,723 260,463 277,689 289,041 Long-term private sector debt 22,083 91,370 147,507 147,036 165,219 188,232 211,992 213,908 Public & publicly guaranteed commitments 23,347 46,429 26,963 24,974 20,208 19,177 28,566 42,088 External debt flows Disbursements 29,489 59,108 41,428 74,963 76,940 90,725 88,543 85,403 Long-term external debt 29,431 58,906 39,935 74,963 76,940 90,725 88,543 85,229 IMF purchases 58 203 1,493 0 0 0 0 174 Principal repayments 18,645 32,240 47,836 68,857 71,484 76,062 73,504 82,516 Long-term external debt 17,359 31,850 47,568 67,260 63,005 76,027 73,455 82,465 IMF repurchases 1,286 390 267 1,597 8,479 35 49 50 Net flows 18,630 54,088 -17,219 40,937 30,560 70,037 3,888 58,264 Long-term external debt 12,072 27,056 -7,633 7,703 13,935 14,698 15,088 2,763 Short-term external debt 7,786 27,220 -10,812 34,831 25,105 55,374 -11,151 55,376 Interest payments 12,501 20,622 25,180 17,876 22,011 25,496 23,038 19,908 Long-term external debt 10,147 15,539 20,377 12,859 14,257 17,461 16,859 15,345 IMF charges 245 69 793 336 308 3 1 2 Short-term external debt 2,109 5,014 4,011 4,682 7,446 8,032 6,178 4,561 2. Other non-debt resource inflows Foreign direct investment 10,512 50,797 45,168 104,348 105,666 177,106 186,610 102,486 Portfolio equity 440 3,746 6,589 25,684 56,191 35,093 -7,340 29,850 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 8.3 8.9 9.1 7.5 6.5 Japanese yen 29.1 28.2 28.3 26.4 25.2 24.3 27.2 24.6 Pound sterling 1.0 0.4 0.5 0.8 0.7 0.7 0.4 0.4 Swiss franc 1.0 0.5 0.2 0.3 0.2 0.2 0.2 0.2 U.S.dollars 23.6 36.7 55.9 57.1 58.3 58.9 58.7 62.6 4. Average terms of new commitments Official creditors Interest (%) 4.9 5.3 3.8 3.1 4.2 3.3 2.4 1.5 Maturity (years) 24.7 22.0 26.9 24.9 25.1 25.4 24.8 24.6 Grace period (years) 7.1 5.6 6.3 6.7 6.5 7.2 7.1 6.2 Private creditors Interest (%) 8.3 6.4 6.6 5.6 6.6 5.2 5.3 6.8 Maturity (years) 14.1 9.6 13.0 10.5 15.8 15.9 12.9 11.1 Grace period (years) 3.5 4.4 4.5 8.2 11.4 11.5 8.6 8.6 5. Major economic aggregates Gross national income (GNI) 658,701 1,284,276 1,680,203 3,036,877 3,663,806 4,647,614 5,874,893 6,234,784 Exports of goods, services & income 176,389 416,035 636,015 1,379,877 1,705,209 2,108,858 2,451,581 2,114,647 Worker remit. & comp. of employees 3,084 8,918 15,799 50,293 57,433 71,066 85,456 84,949 Imports of goods, services & income 182,910 452,272 606,336 1,249,941 1,458,037 1,745,763 2,066,863 1,796,936 Profit remittances on FDI 5,159 15,893 31,679 47,095 55,744 72,985 79,889 70,430 International reserves 71,348 167,801 283,042 1,020,250 1,315,338 1,856,343 2,288,782 2,823,603 6. Ratios External debt stocks to exports (%) 132.6 109.5 78.1 44.5 38.0 34.5 30.9 39.0 External debt stocks to GNI (%) 35.5 35.5 29.6 20.2 17.7 15.6 12.9 13.2 Debt service to exports (%) 17.7 12.7 11.5 6.3 5.5 4.8 3.9 4.8 Short-term to external debt stocks (%) 16.0 23.9 12.4 32.1 34.3 38.2 35.3 39.0 Multilateral to external debt stocks (%) 14.9 11.8 13.2 10.5 10.2 9.6 9.7 9.8 Reserves to external debt stocks (%) 30.5 36.8 57.0 166.0 202.8 255.4 302.4 342.0 Reserves to imports (months) 4.7 4.5 5.6 9.8 10.8 12.8 13.3 18.9 38 EAST ASIA AND PACIFIC (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 7. Long-term external debt Debt outstanding and disbursed 194,526 345,382 418,614 408,562 425,941 448,695 489,681 502,950 Public and publicly guaranteed 172,986 255,399 271,459 262,047 261,218 260,896 278,116 293,956 Official creditors 104,752 159,595 171,450 172,244 173,497 178,076 193,977 201,554 Multilateral 34,976 53,607 65,756 64,368 66,424 69,641 73,617 80,654 of which: IBRD 20,176 27,912 30,476 23,331 22,550 21,693 22,275 23,332 IDA 5,130 9,692 12,520 16,498 17,683 19,086 19,683 20,921 Bilateral 69,775 105,988 105,694 107,876 107,073 108,435 120,360 120,900 Private creditors 68,234 95,804 100,009 89,803 87,721 82,820 84,140 92,401 of which: Bonds 11,814 23,690 35,943 52,450 54,997 55,418 55,396 60,029 Commercial banks 35,221 39,894 33,257 17,675 14,755 12,881 15,442 16,677 Private nonguaranteed 21,541 89,982 147,155 146,515 164,723 187,799 211,565 208,994 of which: Bonds 160 15,574 22,077 24,435 25,472 22,968 21,711 22,840 Disbursements 29,431 58,906 39,935 74,963 76,940 90,725 88,543 85,229 Public and publicly guaranteed 19,604 38,009 26,489 25,251 25,699 19,100 22,777 37,411 Official creditors 10,138 17,653 15,619 9,056 11,687 11,213 12,652 16,346 Multilateral 4,711 6,129 6,943 5,145 5,930 6,715 7,775 10,068 of which: IBRD 2,532 3,168 3,245 1,825 2,012 2,347 3,200 3,710 IDA 604 934 700 627 754 1,058 1,152 1,550 Bilateral 5,427 11,524 8,676 3,911 5,757 4,498 4,877 6,278 Private creditors 9,466 20,356 10,870 16,195 14,011 7,887 10,126 21,065 of which: Bonds 852 4,449 4,539 11,523 8,906 4,295 5,180 13,903 Commercial banks 4,097 8,785 2,535 3,034 1,912 1,207 3,413 3,541 Private nonguaranteed 9,827 20,897 13,446 49,711 51,241 71,625 65,766 47,817 of which: Bonds 120 5,731 1,106 4,981 3,444 1,701 368 2,733 Principal repayments 17,359 31,850 47,568 67,260 63,005 76,027 73,455 82,465 Public and publicly guaranteed 14,808 21,665 23,361 24,427 25,140 22,886 23,089 24,821 Official creditors 4,266 8,357 10,243 10,678 12,511 15,007 13,742 12,749 Multilateral 2,032 3,094 4,062 4,609 4,676 4,969 4,781 4,588 of which: IBRD 1,462 2,152 2,006 2,798 2,891 3,336 2,775 2,583 IDA 19 50 107 286 324 368 413 450 Bilateral 2,234 5,262 6,182 6,068 7,835 10,038 8,961 8,160 Private creditors 10,542 13,308 13,117 13,750 12,629 7,879 9,347 12,073 of which: Bonds 1,925 1,854 1,211 4,327 5,441 2,591 3,831 5,323 Commercial banks 5,395 5,320 7,160 5,471 2,684 2,606 1,675 2,629 Private nonguaranteed 2,551 10,185 24,208 42,833 37,865 53,141 50,366 57,644 of which: Bonds 0 120 5,168 2,115 3,022 2,719 1,533 2,929 Interest payments 10,147 15,539 20,377 12,859 14,257 17,461 16,859 15,345 Public and publicly guaranteed 8,864 12,046 12,838 8,647 9,275 10,588 10,117 9,431 Official creditors 3,673 6,283 7,238 4,043 4,468 5,103 4,664 3,946 Multilateral 2,146 3,051 3,833 2,018 2,245 2,492 2,282 1,726 of which: IBRD 1,521 1,999 2,146 1,028 1,168 1,298 1,085 734 IDA 34 69 87 133 131 134 146 139 Bilateral 1,527 3,232 3,404 2,025 2,223 2,611 2,382 2,220 Private creditors 5,191 5,763 5,600 4,605 4,807 5,486 5,453 5,485 of which: Bonds 923 1,238 2,300 3,232 3,673 3,968 4,027 4,392 Commercial banks 2,795 2,462 1,921 845 609 717 595 547 Private nonguaranteed 1,283 3,493 7,539 4,211 4,982 6,873 6,743 5,914 of which: Bonds 2 503 1,942 1,293 1,486 1,495 1,239 1,154 8. Debt stock-flow reconciliation Total change in external debt stocks 30,296 71,933 -42,308 31,629 34,081 78,234 29,816 .. 250 Non-debt flows (bill US$) Net flows on external debt 18,630 54,088 400 -17,219 40,937 Debt 30,560 ratios (%) 70,037 3,888 0 Cross-currency valuation 10,348 -1,772 -13,909 -15,831 3,693 7,558 13,993 .. 350 Debt 9. 200 restructurings Total amount rescheduled 1,478 314 2,468 300 2,809 3 1 0 .. Total amount forgiven 0 44 5 4 35 6 1 .. Debt buyback 721 0 250 0 0 0 0 0 .. 150 200 100 150 100 50 50 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2001 2002 2003 2004 2005 2006 2007 2008 2009 Foreign direct investment Portfolio equity flows Debt to exports Reserves to debt 39 EUROPE AND CENTRAL ASIA (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 1. Summary external debt data External debt stocks 138,266 246,178 362,885 585,408 718,457 994,142 1,125,784 1,126,252 Long-term external debt 113,697 199,300 284,480 457,536 563,424 767,475 908,435 925,764 Public and publicly guaranteed 108,777 189,044 217,438 209,647 203,943 256,174 256,620 269,524 Private nonguaranteed 4,921 10,256 67,041 247,889 359,481 511,301 651,815 656,239 Use of IMF credit 467 15,628 21,739 18,810 13,088 8,550 14,334 35,103 Short-term external debt 24,102 31,250 56,666 109,061 141,945 218,117 203,015 165,385 interest arrears on long-term 4,726 7,818 8,508 4,098 1,542 1,587 1,770 1,873 Memorandum items Principal arrears on long-term 654 28,017 14,077 3,545 2,020 2,136 2,938 4,864 Long-term public sector debt 108,020 188,556 216,905 208,991 203,318 255,248 255,183 267,884 Long-term private sector debt 5,677 10,745 67,574 248,545 360,106 512,227 653,252 657,880 Public & publicly guaranteed commitments 23,415 14,532 21,424 30,684 34,021 68,324 47,723 45,521 External debt flows Disbursements 24,038 22,954 40,993 146,709 182,702 292,415 295,762 221,533 Long-term external debt 23,949 14,930 36,624 143,919 179,621 291,170 287,116 200,414 IMF purchases 89 8,024 4,369 2,789 3,081 1,245 8,646 21,119 Principal repayments 15,851 12,755 30,964 95,096 104,530 117,931 163,403 184,036 Long-term external debt 15,449 12,106 26,057 82,512 95,640 111,651 160,915 183,102 IMF repurchases 402 649 4,907 12,585 8,889 6,280 2,488 935 Net flows 1,507 14,141 18,626 69,969 113,613 250,206 117,074 -236 Long-term external debt 8,500 2,824 10,568 61,408 83,981 179,520 126,201 17,313 Short-term external debt -6,680 3,943 8,597 18,357 35,440 75,721 -15,285 -37,733 Interest payments 9,492 9,231 16,484 25,674 32,949 42,742 52,178 45,706 Long-term external debt 7,536 7,575 12,610 20,330 26,218 34,283 45,768 41,039 IMF charges 70 549 1,062 1,125 905 623 429 437 Short-term external debt 1,885 1,108 2,812 4,219 5,826 7,836 5,981 4,230 2. Other non-debt resource inflows Foreign direct investment 688 5,599 9,386 51,115 92,297 133,195 160,127 85,053 Portfolio equity 89 248 993 6,667 12,279 27,006 -15,104 4,990 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 20.9 22.6 21.4 22.0 25.7 Japanese yen 6.4 8.2 5.2 3.3 3.4 2.9 3.6 3.5 Pound sterling 1.4 0.8 0.3 0.2 0.1 0.1 0.0 0.0 Swiss franc 5.8 2.7 0.3 0.5 1.1 1.0 1.1 0.5 U.S.dollars 35.0 47.6 64.2 71.0 68.7 71.7 70.7 67.8 4. Average terms of new commitments Official creditors Interest (%) 7.8 5.7 5.7 2.7 3.9 4.3 4.2 2.4 Maturity (years) 13.2 17.0 17.7 23.0 18.5 18.4 19.7 18.6 Grace period (years) 6.2 5.4 5.3 6.4 5.9 6.1 7.0 5.9 Private creditors Interest (%) 8.5 6.5 8.7 5.4 5.9 5.9 5.8 6.2 Maturity (years) 11.9 6.2 10.2 8.0 7.6 7.4 7.7 6.4 Grace period (years) 6.6 2.6 7.5 5.9 6.1 5.2 5.5 5.9 5. Major economic aggregates Gross national income (GNI) 935,756 753,413 686,230 1,645,761 2,007,226 2,595,979 3,205,318 2,519,190 Exports of goods, services & income 0 201,494 258,838 614,130 760,788 943,336 1,229,612 854,438 Worker remit. & comp. of employees 3,246 6,482 10,357 23,262 28,397 39,332 45,824 35,421 Imports of goods, services & income 0 221,617 245,288 608,477 777,586 1,026,817 1,304,038 899,745 Profit remittances on FDI 161 622 2,973 32,310 55,003 76,773 101,557 64,454 International reserves 0 42,638 67,171 311,761 483,365 709,471 651,631 677,650 6. Ratios External debt stocks to exports (%) 0.0 122.2 140.2 95.3 94.4 105.4 91.6 131.8 External debt stocks to GNI (%) 14.8 32.7 52.9 35.6 35.8 38.3 35.1 44.7 Debt service to exports (%) 0.0 10.9 18.3 19.7 18.1 17.0 17.5 26.9 Short-term to external debt stocks (%) 17.4 12.7 15.6 18.6 19.8 21.9 18.0 14.7 Multilateral to external debt stocks (%) 9.6 7.6 8.0 6.5 5.6 4.6 4.3 5.2 Reserves to external debt stocks (%) 0.0 17.3 18.5 53.3 67.3 71.4 57.9 60.2 Reserves to imports (months) 0.0 2.3 3.3 6.1 7.5 8.3 6.0 9.0 40 EUROPE AND CENTRAL ASIA (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 7. Long-term external debt Debt outstanding and disbursed 113,697 199,300 284,480 457,536 563,424 767,475 908,435 925,764 Public and publicly guaranteed 108,777 189,044 217,438 209,647 203,943 256,174 256,620 269,524 Official creditors 32,723 98,526 114,512 86,083 64,690 70,822 76,180 89,155 Multilateral 13,315 18,706 28,954 37,864 40,527 45,749 48,593 59,033 of which: IBRD 8,704 10,853 18,825 21,682 22,113 22,602 23,010 25,479 IDA 157 669 2,667 5,548 6,188 6,862 7,160 7,631 Bilateral 19,408 79,820 85,559 48,219 24,162 25,073 27,587 30,122 Private creditors 76,054 90,518 102,926 123,565 139,253 185,353 180,440 180,370 of which: Bonds 7,195 21,373 68,437 78,939 89,819 114,226 120,017 126,853 Commercial banks 43,653 35,523 24,675 39,486 44,970 67,762 57,631 51,037 Private nonguaranteed 4,921 10,256 67,041 247,889 359,481 511,301 651,815 656,239 of which: Bonds 16 149 3,333 46,324 70,578 107,748 115,663 108,489 Disbursements 23,949 14,930 36,624 143,919 179,621 291,170 287,116 200,414 Public and publicly guaranteed 22,188 12,726 21,115 26,141 30,635 65,808 40,380 39,215 Official creditors 5,584 5,298 6,840 5,182 6,035 8,625 11,159 17,899 Multilateral 1,580 3,395 4,293 4,242 4,882 5,770 7,367 13,418 of which: IBRD 896 2,157 2,592 1,814 2,477 2,153 2,825 4,672 IDA 0 370 351 420 412 468 423 509 Bilateral 4,003 1,904 2,547 940 1,153 2,854 3,791 4,481 Private creditors 16,604 7,427 14,275 20,959 24,599 57,184 29,221 21,316 of which: Bonds 1,019 2,376 7,907 7,787 14,085 27,649 17,901 15,267 Commercial banks 2,567 1,579 5,290 12,952 10,382 29,372 11,166 5,879 Private nonguaranteed 1,761 2,205 15,509 117,779 148,987 225,362 246,736 161,200 of which: Bonds 0 0 566 21,494 25,316 42,353 16,253 3,258 Principal repayments 15,449 12,106 26,057 82,512 95,640 111,651 160,915 183,102 Public and publicly guaranteed 13,952 10,933 12,673 38,986 43,564 23,020 36,825 27,965 Official creditors 2,787 3,648 5,738 23,814 30,937 6,636 6,265 5,854 Multilateral 1,276 1,984 2,224 3,978 3,750 3,806 4,002 3,851 of which: IBRD 1,026 901 952 2,868 2,635 2,389 2,448 2,314 IDA 4 6 6 23 38 56 75 92 Bilateral 1,511 1,665 3,514 19,836 27,187 2,830 2,263 2,003 Private creditors 11,165 7,285 6,935 15,172 12,627 16,384 30,560 22,111 of which: Bonds 47 2,765 2,241 10,660 5,614 7,283 10,308 9,620 Commercial banks 6,422 1,829 2,424 3,000 6,040 7,905 19,509 11,959 Private nonguaranteed 1,497 1,172 13,384 43,526 52,076 88,631 124,090 155,136 of which: Bonds 0 0 900 1,982 1,524 6,794 7,607 10,558 Interest payments 7,536 7,575 12,610 20,330 26,218 34,283 45,768 41,039 Public and publicly guaranteed 7,095 7,200 9,010 12,278 12,541 13,005 14,691 13,075 Official creditors 1,894 3,083 2,971 4,033 3,523 2,619 2,649 2,240 Multilateral 966 1,018 1,537 1,433 1,573 1,884 1,889 1,592 of which: IBRD 703 588 1,068 866 1,066 1,212 1,079 843 IDA 1 3 19 45 47 50 54 53 Bilateral 928 2,065 1,434 2,600 1,950 734 759 648 Private creditors 5,201 4,117 6,038 8,246 9,018 10,386 12,042 10,835 of which: Bonds 494 1,616 4,277 6,422 6,431 7,500 8,688 8,765 Commercial banks 3,430 1,402 1,247 1,530 2,337 2,667 3,171 1,929 Private nonguaranteed 441 375 3,601 8,051 13,677 21,278 31,077 27,965 of which: Bonds 1 13 310 2,727 4,528 6,996 7,885 8,053 8. Debt stock-flow reconciliation Total change in external debt stocks 12,395 13,906 9,075 64,986 133,049 275,686 131,642 .. 200 Non-debt flows (bill US$) Net flows on external debt 1,507 14,141 200 18,626 69,969 Debt 113,613 ratios250,206 (%) 117,074 0 Cross-currency valuation 5,885 4,359 -6,983 -13,012 6,370 7,931 -1,403 .. 175 9. Debt restructurings Total amount rescheduled 150 0 10,047 29,177 150 596 1,357 39 54 .. Total amount forgiven 0 0 12 109 105 26 42 .. Debt buyback 125 882 30 0 0 0 0 127 .. 100 100 75 50 50 25 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2001 2002 2003 2004 2005 2006 2007 2008 2009 Foreign direct investment Portfolio equity flows Debt to exports Reserves to debt 41 LATIN AMERICA AND CARIBBEAN (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 1. Summary external debt data External debt stocks 441,198 608,666 751,080 740,598 736,620 835,365 890,515 912,980 Long-term external debt 349,923 459,179 631,268 624,393 635,470 699,415 749,904 773,100 Public and publicly guaranteed 325,178 371,875 389,547 410,589 394,105 406,740 420,086 432,115 Private nonguaranteed 24,745 87,303 241,722 213,804 241,365 292,675 329,817 340,984 Use of IMF credit 17,968 26,632 8,846 13,122 737 804 824 1,243 Short-term external debt 73,307 122,856 110,966 103,084 100,414 135,147 139,787 138,637 interest arrears on long-term 25,542 10,303 1,674 8,900 8,320 10,367 10,940 11,598 Memorandum items Principal arrears on long-term 24,264 15,834 3,510 12,361 13,148 16,976 19,261 20,443 Long-term public sector debt 321,813 369,910 386,607 408,195 391,890 404,542 417,502 428,553 Long-term private sector debt 28,110 89,269 244,661 216,198 243,580 294,873 332,402 344,547 Public & publicly guaranteed commitments 25,845 49,943 66,082 55,252 50,587 53,069 61,868 82,039 External debt flows Disbursements 32,291 89,784 119,852 107,092 135,421 152,589 164,602 157,299 Long-term external debt 27,558 74,013 116,343 106,500 134,857 152,340 164,388 156,849 IMF purchases 4,733 15,772 3,510 593 564 249 213 450 Principal repayments 21,790 43,123 124,162 122,010 150,113 106,039 109,691 103,963 Long-term external debt 18,138 40,290 109,925 93,838 137,430 105,819 109,518 103,910 IMF repurchases 3,651 2,832 14,237 28,172 12,683 220 173 53 Net flows 18,134 61,054 -5,226 814 -16,782 79,237 58,978 51,528 Long-term external debt 9,420 33,722 6,418 12,661 -2,573 46,521 54,870 52,940 Short-term external debt 7,633 14,392 -917 15,732 -2,090 32,687 4,067 -1,808 Interest payments 21,711 35,904 54,789 40,395 45,720 47,406 45,914 42,733 Long-term external debt 17,915 28,411 47,273 34,336 40,672 41,711 41,963 39,903 IMF charges 1,435 1,100 777 1,732 330 35 26 9 Short-term external debt 2,362 6,393 6,739 4,327 4,718 5,660 3,925 2,820 2. Other non-debt resource inflows Foreign direct investment 8,121 30,202 79,040 72,223 71,954 109,405 127,864 73,622 Portfolio equity 2,464 5,216 -561 12,209 11,047 28,837 -9,688 41,584 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 9.5 10.7 11.3 10.1 11.1 Japanese yen 6.2 8.2 6.6 3.4 3.0 2.7 3.2 4.0 Pound sterling 1.6 1.1 0.6 0.2 0.3 0.2 0.1 0.4 Swiss franc 1.0 0.6 0.3 0.2 0.1 0.1 0.1 0.2 U.S.dollars 59.6 62.1 73.4 82.0 81.7 82.3 83.7 82.2 4. Average terms of new commitments Official creditors Interest (%) 7.0 7.6 5.9 4.4 5.4 5.2 3.6 2.1 Maturity (years) 18.1 14.2 12.5 18.8 18.9 18.2 20.6 18.8 Grace period (years) 4.9 4.1 2.8 4.9 5.4 5.0 5.3 6.3 Private creditors Interest (%) 9.1 6.8 9.4 7.3 6.2 7.2 6.5 6.1 Maturity (years) 11.0 4.1 12.6 14.5 14.8 16.5 15.9 11.8 Grace period (years) 5.2 2.9 11.6 12.0 12.6 12.8 11.3 11.0 5. Major economic aggregates Gross national income (GNI) 1,049,965 1,698,189 1,961,805 2,559,479 3,008,168 3,555,152 4,145,756 3,851,824 Exports of goods, services & income 177,594 289,620 442,911 667,094 799,235 912,208 1,045,060 819,368 Worker remit. & comp. of employees 5,681 13,318 20,164 50,119 59,197 63,117 64,620 56,879 Imports of goods, services & income 189,189 343,893 512,722 685,910 818,367 968,137 1,145,725 891,518 Profit remittances on FDI 7,323 14,909 22,787 53,318 76,781 90,221 94,413 75,275 International reserves 58,057 138,616 158,413 257,309 312,791 450,589 500,720 552,745 6. Ratios External debt stocks to exports (%) 248.4 210.2 169.6 111.0 92.2 91.6 85.2 111.4 External debt stocks to GNI (%) 42.0 35.8 38.3 28.9 24.5 23.5 21.5 23.7 Debt service to exports (%) 24.5 27.3 40.4 24.3 24.9 16.8 14.9 17.9 Short-term to external debt stocks (%) 16.6 20.2 14.8 13.9 13.6 16.2 15.7 15.2 Multilateral to external debt stocks (%) 13.5 11.9 12.3 13.9 13.0 11.4 11.4 12.6 Reserves to external debt stocks (%) 13.2 22.8 21.1 34.7 42.5 53.9 56.2 60.5 Reserves to imports (months) 3.7 4.8 3.7 4.5 4.6 5.6 5.2 7.4 42 LATIN AMERICA AND CARIBBEAN (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 7. Long-term external debt Debt outstanding and disbursed 349,923 459,179 631,268 624,393 635,470 699,415 749,904 773,100 Public and publicly guaranteed 325,178 371,875 389,547 410,589 394,105 406,740 420,086 432,115 Official creditors 120,583 159,015 139,647 134,169 123,761 121,313 130,560 149,077 Multilateral 59,684 72,134 92,649 103,241 95,868 95,345 101,348 115,208 of which: IBRD 34,683 36,299 37,429 34,958 31,528 31,534 33,857 40,439 IDA 1,117 2,186 3,387 5,049 1,529 1,692 1,778 1,468 Bilateral 60,899 86,881 46,998 30,928 27,893 25,968 29,212 33,869 Private creditors 204,595 212,860 249,899 276,420 270,344 285,427 289,527 283,039 of which: Bonds 75,572 165,105 210,023 233,541 227,616 237,985 243,525 242,880 Commercial banks 100,991 34,360 31,416 38,493 39,590 43,348 42,632 35,991 Private nonguaranteed 24,745 87,303 241,722 213,804 241,365 292,675 329,817 340,984 of which: Bonds 171 33,829 60,325 74,487 80,608 96,010 80,983 101,621 Disbursements 27,558 74,013 116,343 106,500 134,857 152,340 164,388 156,849 Public and publicly guaranteed 22,860 46,483 58,440 54,835 49,411 45,711 63,373 69,607 Official creditors 13,106 23,663 16,174 12,889 16,741 14,755 19,325 32,271 Multilateral 8,925 9,893 13,297 10,531 14,677 13,052 15,750 25,614 of which: IBRD 6,114 4,624 5,595 3,550 5,570 3,067 5,679 10,790 IDA 119 277 202 306 178 129 114 157 Bilateral 4,182 13,771 2,877 2,359 2,064 1,703 3,574 6,656 Private creditors 9,754 22,819 42,266 41,946 32,669 30,956 44,049 37,337 of which: Bonds 1,938 13,654 35,022 35,298 24,854 24,473 36,092 32,530 Commercial banks 4,746 7,427 6,499 6,151 7,218 6,149 7,798 4,141 Private nonguaranteed 4,698 27,530 57,903 51,664 85,447 106,629 101,015 87,242 of which: Bonds 171 7,412 8,312 15,066 19,459 26,341 8,440 27,821 Principal repayments 18,138 40,290 109,925 93,838 137,430 105,819 109,518 103,910 Public and publicly guaranteed 15,967 27,594 51,901 43,905 78,881 47,718 47,503 37,286 Official creditors 6,423 14,493 16,787 16,653 24,546 15,853 12,868 13,449 Multilateral 4,728 8,309 9,787 10,922 19,236 10,815 10,494 9,768 of which: IBRD 3,297 4,974 3,798 4,561 9,143 3,311 3,407 4,301 IDA 9 21 18 39 29 14 24 20 Bilateral 1,696 6,184 7,000 5,730 5,310 5,038 2,374 3,681 Private creditors 9,544 13,101 35,114 27,252 54,334 31,865 34,635 23,837 of which: Bonds 1,912 5,833 26,575 19,194 43,064 24,603 27,882 13,926 Commercial banks 5,100 4,240 6,934 7,273 10,117 6,482 6,122 8,723 Private nonguaranteed 2,171 12,696 58,024 49,933 58,549 58,100 62,015 66,624 of which: Bonds 0 3,922 8,849 10,583 13,165 12,763 9,126 6,135 Interest payments 17,915 28,411 47,273 34,336 40,672 41,711 41,963 39,903 Public and publicly guaranteed 15,680 22,582 29,249 24,175 24,655 25,351 23,775 22,157 Official creditors 5,433 8,830 8,531 5,589 5,992 5,995 5,462 5,035 Multilateral 4,107 4,850 6,323 4,451 4,984 5,020 4,658 4,089 of which: IBRD 2,533 2,651 2,801 1,507 1,813 1,781 1,545 1,302 IDA 8 23 17 37 23 12 14 12 Bilateral 1,326 3,981 2,208 1,137 1,007 976 804 946 Private creditors 10,247 13,751 20,717 18,586 18,663 19,356 18,313 17,122 of which: Bonds 2,365 11,254 17,194 16,756 16,552 17,342 16,425 15,076 Commercial banks 6,628 1,568 2,715 1,630 1,935 1,709 1,631 1,748 Private nonguaranteed 2,235 5,829 18,024 10,161 16,018 16,359 18,188 17,746 of which: Bonds 0 2,597 5,185 4,487 7,481 7,095 6,226 6,334 8. Debt stock-flow reconciliation Total change in external debt stocks 19,420 63,262 -15,300 -66,610 -3,978 98,745 55,150 .. 150 Non-debt flows (bill US$) Net flows on external debt 18,134 61,054 200 -5,226 814 Debt -16,782 ratios (%) 79,237 58,978 0 Cross-currency valuation 11,380 1,918 -9,902 -14,331 2,202 8,361 -118 .. Debt 9. 125 restructurings Total amount rescheduled 63,474 7,922 5,236 150 25,998 2,336 1,135 352 .. Total amount forgiven 100 173 534 116 866 351 1,223 218 .. Debt buyback 2,756 102 15,851 736 5,450 2,712 1,406 .. 75 100 50 50 25 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2001 2002 2003 2004 2005 2006 2007 2008 2009 Foreign direct investment Portfolio equity flows Debt to exports Reserves to debt 43 MIDDLE EAST AND NORTH AFRICA (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 1. Summary external debt data External debt stocks 136,835 161,737 139,240 145,466 136,977 148,337 137,937 141,321 Long-term external debt 115,594 141,185 116,552 122,671 115,075 123,047 116,911 118,719 Public and publicly guaranteed 114,176 140,298 112,582 115,909 108,458 116,424 110,254 112,569 Private nonguaranteed 1,418 887 3,970 6,762 6,616 6,623 6,657 6,150 Use of IMF credit 1,815 2,177 2,542 547 423 353 258 200 Short-term external debt 19,427 18,375 20,145 22,247 21,479 24,937 20,768 22,402 interest arrears on long-term 2,994 2,673 2,629 298 308 256 259 328 Memorandum items Principal arrears on long-term 8,303 8,720 9,977 510 482 442 419 418 Long-term public sector debt 114,010 139,870 112,216 115,261 107,708 115,381 109,301 111,685 Long-term private sector debt 1,583 1,315 4,336 7,410 7,367 7,665 7,610 7,034 Public & publicly guaranteed commitments 15,023 12,036 10,205 13,471 12,011 10,740 8,575 10,874 External debt flows Disbursements 13,189 11,547 9,247 14,791 11,917 14,799 11,891 13,543 Long-term external debt 13,124 10,958 9,223 14,791 11,917 14,721 11,845 13,541 IMF purchases 65 590 24 0 0 78 46 2 Principal repayments 12,070 11,418 10,936 14,875 24,885 14,379 16,307 12,925 Long-term external debt 11,674 11,029 10,698 14,130 24,734 14,213 16,172 12,862 IMF repurchases 397 390 238 745 150 166 135 64 Net flows 2,755 3,702 -3,016 177 -13,745 3,929 -8,587 2,182 Long-term external debt 1,450 -71 -1,475 661 -12,818 508 -4,327 679 Short-term external debt 1,636 3,573 -1,327 261 -777 3,509 -4,171 1,564 Interest payments 5,767 7,393 5,867 6,010 5,971 5,843 5,406 4,897 Long-term external debt 4,395 6,311 4,888 4,795 4,785 4,743 4,782 4,297 IMF charges 180 112 130 32 14 12 7 3 Short-term external debt 1,192 970 849 1,184 1,172 1,088 617 597 2. Other non-debt resource inflows Foreign direct investment 561 871 3,878 16,763 27,228 27,601 29,295 24,350 Portfolio equity 5 32 252 2,410 963 -2,096 422 1,228 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 30.7 33.0 35.4 33.7 34.3 Japanese yen 7.3 9.8 11.1 9.3 8.7 8.3 10.4 9.7 Pound sterling 1.6 1.1 0.8 1.5 1.5 1.4 0.5 0.5 Swiss franc 1.2 1.0 1.1 1.4 1.4 1.2 1.1 1.2 U.S.dollars 44.2 42.2 49.5 43.3 41.3 38.9 38.5 37.8 4. Average terms of new commitments Official creditors Interest (%) 5.5 5.3 4.5 3.7 3.6 3.4 3.4 2.2 Maturity (years) 21.6 18.2 19.7 19.1 22.1 19.9 20.4 21.6 Grace period (years) 6.3 5.1 5.6 5.2 6.9 5.9 5.3 5.7 Private creditors Interest (%) 8.9 7.0 7.1 5.6 6.8 5.9 8.6 7.7 Maturity (years) 7.5 9.5 8.0 8.0 10.9 8.4 5.8 7.2 Grace period (years) 2.3 3.7 4.5 6.1 7.8 6.2 5.6 6.5 5. Major economic aggregates Gross national income (GNI) 221,824 273,070 362,858 539,603 623,450 761,228 926,486 919,356 Exports of goods, services & income 74,128 89,138 117,615 242,724 284,886 342,976 407,058 377,359 Worker remit. & comp. of employees 11,393 12,693 12,042 23,647 25,125 31,041 34,699 32,291 Imports of goods, services & income 84,443 91,459 105,104 175,820 196,692 249,937 326,047 276,161 Profit remittances on FDI 614 941 1,721 5,200 5,377 5,974 7,258 5,261 International reserves 15,859 38,387 49,482 148,207 186,054 234,053 277,486 301,670 6. Ratios External debt stocks to exports (%) 184.6 181.4 118.4 59.9 48.1 43.2 33.9 37.4 External debt stocks to GNI (%) 61.7 59.2 38.4 27.0 22.0 19.5 14.9 15.4 Debt service to exports (%) 24.1 21.1 14.3 8.6 10.8 5.9 5.3 4.7 Short-term to external debt stocks (%) 14.2 11.4 14.5 15.3 15.7 16.8 15.1 15.9 Multilateral to external debt stocks (%) 11.3 14.1 16.6 17.8 18.8 20.7 22.5 24.5 Reserves to external debt stocks (%) 11.6 23.7 35.5 101.9 135.8 157.8 201.2 213.5 Reserves to imports (months) 2.3 5.0 5.6 10.1 11.4 11.2 10.2 13.1 44 MIDDLE EAST AND NORTH AFRICA (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 7. Long-term external debt Debt outstanding and disbursed 115,594 141,185 116,552 122,671 115,075 123,047 116,911 118,719 Public and publicly guaranteed 114,176 140,298 112,582 115,909 108,458 116,424 110,254 112,569 Official creditors 70,682 105,109 88,170 77,511 70,323 76,694 74,398 77,769 Multilateral 15,414 22,871 23,105 25,916 25,807 30,673 30,983 34,673 of which: IBRD 8,249 10,646 7,664 6,757 6,144 7,447 7,123 8,016 IDA 1,774 2,105 2,685 3,344 3,616 3,795 3,802 3,831 Bilateral 55,268 82,237 65,065 51,594 44,516 46,021 43,415 43,096 Private creditors 43,494 35,189 24,412 38,399 38,135 39,730 35,855 34,800 of which: Bonds 1,683 2,036 7,375 22,142 23,179 24,579 23,907 23,946 Commercial banks 13,623 10,340 8,412 8,718 8,082 8,966 7,640 7,378 Private nonguaranteed 1,418 887 3,970 6,762 6,616 6,623 6,657 6,150 of which: Bonds 0 50 836 1,011 805 530 470 670 Disbursements 13,124 10,958 9,223 14,791 11,917 14,721 11,845 13,541 Public and publicly guaranteed 13,035 10,775 7,943 12,871 10,720 12,966 9,737 11,946 Official creditors 5,681 5,986 3,413 5,415 5,082 7,051 6,276 7,993 Multilateral 2,353 3,503 1,947 3,832 3,457 5,575 3,709 5,680 of which: IBRD 1,154 1,455 532 895 739 1,723 684 1,625 IDA 37 128 118 202 225 145 126 110 Bilateral 3,328 2,483 1,465 1,583 1,625 1,477 2,567 2,313 Private creditors 7,354 4,790 4,530 7,455 5,637 5,915 3,461 3,953 of which: Bonds 0 888 2,031 4,144 3,799 3,635 2,257 2,894 Commercial banks 732 874 1,092 2,265 1,447 2,077 1,029 998 Private nonguaranteed 89 183 1,281 1,920 1,197 1,755 2,108 1,595 of which: Bonds 0 50 115 530 0 0 0 200 Principal repayments 11,674 11,029 10,698 14,130 24,734 14,213 16,172 12,862 Public and publicly guaranteed 11,497 10,902 10,461 13,321 23,079 11,802 14,189 10,632 Official creditors 4,203 7,349 5,914 7,685 16,160 5,881 7,944 5,655 Multilateral 1,268 2,021 2,014 3,404 4,765 2,640 2,615 2,346 of which: IBRD 745 1,109 869 1,030 1,673 771 986 731 IDA 14 28 45 76 82 90 98 103 Bilateral 2,935 5,328 3,900 4,281 11,396 3,241 5,329 3,310 Private creditors 7,293 3,553 4,547 5,635 6,918 5,922 6,245 4,977 of which: Bonds 76 278 896 1,883 2,810 2,620 3,021 2,621 Commercial banks 1,586 629 1,425 1,764 2,471 1,923 1,723 1,347 Private nonguaranteed 177 127 237 809 1,656 2,411 1,983 2,230 of which: Bonds 0 0 50 265 206 275 60 0 Interest payments 4,395 6,311 4,888 4,795 4,785 4,743 4,782 4,297 Public and publicly guaranteed 4,290 6,278 4,734 4,505 4,481 4,470 4,522 4,036 Official creditors 2,058 4,258 3,127 2,491 2,266 2,139 2,233 2,025 Multilateral 852 1,361 1,305 1,014 1,031 1,088 1,199 1,075 of which: IBRD 593 748 602 308 296 329 352 260 IDA 12 15 20 28 27 28 30 28 Bilateral 1,207 2,897 1,822 1,477 1,235 1,051 1,034 950 Private creditors 2,232 2,020 1,607 2,014 2,215 2,330 2,289 2,011 of which: Bonds 124 88 458 1,366 1,499 1,591 1,623 1,603 Commercial banks 720 617 569 320 399 430 401 267 Private nonguaranteed 104 33 154 290 304 274 260 262 of which: Bonds 0 0 69 90 74 57 40 43 8. Debt stock-flow reconciliation Total change in external debt stocks -3,464 7,034 -9,756 -21,299 -8,489 11,360 -10,400 .. 40 Non-debt flows (bill US$) Net flows on external debt 2,755 3,702 250 -3,016 177 Debt -13,745 ratios (%) 3,929 -8,587 0 Cross-currency valuation 5,288 2,160 -4,067 -7,835 4,352 6,120 -1,166 .. 9. Debt restructurings 200 Total amount rescheduled 30 4,565 8,947 908 1,936 208 238 58 .. Total amount forgiven 10,614 357 179 10,453 123 40 65 .. Debt buyback 0 0 85 150 0 0 0 2,038 .. 20 100 10 50 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2001 2002 2003 2004 2005 2006 2007 2008 2009 Foreign direct investment Portfolio equity flows Debt to exports Reserves to debt 45 SOUTH ASIA (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 1. Summary external debt data External debt stocks 126,331 152,282 161,045 188,169 232,047 286,330 318,864 339,983 Long-term external debt 109,312 137,937 153,068 174,110 201,149 242,464 264,016 282,407 Public and publicly guaranteed 107,585 129,636 134,554 116,079 126,388 143,651 154,174 159,965 Private nonguaranteed 1,727 8,301 18,514 58,031 74,761 98,813 109,843 122,442 Use of IMF credit 4,686 5,293 1,918 2,208 2,232 2,277 5,374 9,081 Short-term external debt 12,333 9,051 6,059 11,851 28,665 41,589 49,473 48,495 interest arrears on long-term 19 59 120 30 18 36 32 46 Memorandum items Principal arrears on long-term 35 81 276 68 90 150 86 142 Long-term public sector debt 106,814 128,962 133,781 115,907 126,237 143,517 153,980 159,762 Long-term private sector debt 2,498 8,975 19,287 58,203 74,912 98,947 110,037 122,645 Public & publicly guaranteed commitments 13,853 8,435 12,817 9,332 10,948 20,520 12,319 9,551 External debt flows Disbursements 12,000 12,071 14,192 24,681 38,514 71,418 47,917 35,007 Long-term external debt 10,156 11,869 13,998 24,425 38,343 71,330 44,474 31,030 IMF purchases 1,844 202 195 256 171 88 3,443 3,978 Principal repayments 5,219 11,610 9,798 22,032 15,134 35,068 27,301 15,188 Long-term external debt 4,077 9,605 9,315 21,756 14,873 34,911 27,033 14,832 IMF repurchases 1,142 2,006 483 275 261 157 268 356 Net flows 8,331 2,497 3,456 4,933 40,206 49,256 28,504 18,827 Long-term external debt 6,079 2,264 4,683 2,669 23,470 36,419 17,441 16,198 Short-term external debt 1,550 2,037 -938 2,284 16,826 12,906 7,888 -992 Interest payments 6,026 6,524 5,659 5,674 6,355 8,982 9,021 7,100 Long-term external debt 4,577 5,666 5,277 5,202 5,736 6,910 7,288 6,360 IMF charges 247 234 58 26 26 23 23 76 Short-term external debt 1,202 624 323 446 592 2,048 1,710 664 2. Other non-debt resource inflows Foreign direct investment 540 2,931 4,358 11,185 26,037 32,310 48,715 38,311 Portfolio equity 0 1,585 2,518 12,406 10,388 36,093 -15,836 20,538 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 7.4 7.4 7.1 6.2 6.1 Japanese yen 12.6 17.0 15.3 19.1 18.4 17.2 20.1 18.9 Pound sterling 5.0 3.6 2.8 2.2 1.9 1.5 1.3 1.2 Swiss franc 0.6 0.7 0.3 0.3 0.2 0.2 0.2 0.1 U.S.dollars 53.6 46.0 56.6 54.4 55.6 56.7 54.9 56.0 4. Average terms of new commitments Official creditors Interest (%) 3.7 3.7 5.1 2.0 3.1 3.5 1.7 2.0 Maturity (years) 28.9 25.8 23.4 28.1 26.5 25.8 27.4 24.1 Grace period (years) 8.1 7.7 6.4 8.0 6.3 6.9 7.6 6.9 Private creditors Interest (%) 6.9 5.8 4.4 5.2 6.4 6.6 3.2 6.6 Maturity (years) 14.8 6.0 5.3 5.4 9.3 9.3 8.7 6.3 Grace period (years) 7.1 3.9 4.6 4.4 8.1 4.7 3.8 4.7 5. Major economic aggregates Gross national income (GNI) 400,537 473,560 603,639 1,047,164 1,185,549 1,501,975 1,530,319 1,644,307 Exports of goods, services & income 35,587 61,117 88,739 201,500 248,231 299,599 364,779 325,657 Worker remit. & comp. of employees 5,571 10,005 17,206 33,924 42,523 54,041 71,598 74,850 Imports of goods, services & income 53,492 86,693 116,954 258,918 316,030 383,023 496,278 408,636 Profit remittances on FDI 93 392 721 7,979 11,542 14,851 14,740 3,905 International reserves 8,896 30,704 47,221 156,713 198,414 302,179 275,856 314,494 6. Ratios External debt stocks to exports (%) 355.0 249.2 181.5 93.4 93.5 95.6 87.4 104.4 External debt stocks to GNI (%) 31.5 32.2 26.7 18.0 19.6 19.1 20.8 20.7 Debt service to exports (%) 31.6 29.7 17.4 13.7 8.7 14.7 10.0 6.8 Short-term to external debt stocks (%) 9.8 5.9 3.8 6.3 12.4 14.5 15.5 14.3 Multilateral to external debt stocks (%) 30.4 37.3 37.9 37.0 32.7 29.1 27.9 27.7 Reserves to external debt stocks (%) 7.0 20.2 29.3 83.3 85.5 105.5 86.5 92.5 Reserves to imports (months) 2.0 4.3 4.8 7.3 7.5 9.5 6.7 9.2 46 SOUTH ASIA (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 7. Long-term external debt Debt outstanding and disbursed 109,312 137,937 153,068 174,110 201,149 242,464 264,016 282,407 Public and publicly guaranteed 107,585 129,636 134,554 116,079 126,388 143,651 154,174 159,965 Official creditors 82,873 104,110 101,787 109,216 116,210 126,562 136,936 143,409 Multilateral 38,389 56,867 61,051 69,558 75,902 83,233 88,846 94,140 of which: IBRD 9,646 13,035 10,209 7,514 8,151 8,766 9,376 9,817 IDA 21,381 29,001 31,963 42,193 45,803 48,915 49,529 51,440 Bilateral 44,483 47,242 40,736 39,658 40,308 43,330 48,089 49,269 Private creditors 24,712 25,526 32,767 6,862 10,178 17,089 17,238 16,556 of which: Bonds 2,785 3,474 10,928 2,525 4,178 7,879 7,670 8,692 Commercial banks 16,927 14,176 19,662 3,769 5,483 8,704 9,104 7,460 Private nonguaranteed 1,727 8,301 18,514 58,031 74,761 98,813 109,843 122,442 of which: Bonds 0 1,065 1,560 6,461 11,204 16,277 15,682 16,181 Disbursements 10,156 11,869 13,998 24,425 38,343 71,330 44,474 31,030 Public and publicly guaranteed 9,903 9,935 13,411 10,963 13,896 22,140 23,519 13,711 Official creditors 6,855 6,392 6,119 7,368 8,252 9,244 11,008 11,305 Multilateral 4,386 3,972 4,347 5,728 6,235 6,966 7,852 8,054 of which: IBRD 1,576 860 866 1,081 1,134 1,178 1,176 1,215 IDA 1,545 1,374 1,655 2,709 2,452 2,572 2,151 2,932 Bilateral 2,469 2,420 1,772 1,640 2,016 2,278 3,156 3,251 Private creditors 3,049 3,542 7,293 3,595 5,645 12,896 12,511 2,406 of which: Bonds 416 85 5,520 2,314 3,252 8,639 11,507 2,115 Commercial banks 2,071 1,901 942 1,245 2,368 4,246 972 283 Private nonguaranteed 252 1,934 586 13,462 24,447 49,190 20,955 17,319 of which: Bonds 0 520 0 3,520 4,799 7,793 594 2,473 Principal repayments 4,077 9,605 9,315 21,756 14,873 34,911 27,033 14,832 Public and publicly guaranteed 3,718 9,107 8,607 14,497 6,988 11,357 16,278 8,417 Official creditors 2,359 5,763 5,350 4,461 4,643 4,803 5,565 5,403 Multilateral 1,009 2,227 2,827 2,166 2,485 2,516 3,079 3,158 of which: IBRD 553 1,173 1,231 523 543 631 687 707 IDA 151 318 548 949 1,069 1,112 1,223 1,318 Bilateral 1,350 3,537 2,523 2,295 2,158 2,287 2,486 2,245 Private creditors 1,359 3,343 3,257 10,035 2,345 6,554 10,714 3,014 of which: Bonds 279 320 50 8,565 1,597 5,313 9,533 1,088 Commercial banks 369 2,002 2,868 1,282 670 1,199 1,137 1,884 Private nonguaranteed 359 498 707 7,260 7,886 23,554 10,755 6,415 of which: Bonds 0 0 35 117 57 409 880 1,779 Interest payments 4,577 5,666 5,277 5,202 5,736 6,910 7,288 6,360 Public and publicly guaranteed 4,429 5,004 4,396 3,930 2,401 2,714 2,912 2,595 Official creditors 2,166 2,934 2,268 1,894 2,039 2,228 2,286 2,109 Multilateral 1,064 1,640 1,366 899 1,132 1,322 1,328 1,073 of which: IBRD 752 995 613 252 387 470 401 254 IDA 149 215 236 342 343 355 388 370 Bilateral 1,102 1,294 902 995 907 906 958 1,036 Private creditors 2,263 2,070 2,127 2,036 362 486 627 486 of which: Bonds 180 196 210 1,849 154 211 290 259 Commercial banks 1,803 1,317 1,811 171 198 265 327 220 Private nonguaranteed 148 663 881 1,272 3,336 4,196 4,376 3,765 of which: Bonds 0 58 227 151 276 404 345 346 8. Debt stock-flow reconciliation Total change in external debt stocks 14,605 -787 -1,676 -5,568 43,878 54,284 32,533 .. 100 Non-debt flows (bill US$) Net flows on external debt 8,331 2,497 200 3,456 4,933 Debt 40,206 ratios (%) 49,256 28,504 0 Cross-currency valuation 2,928 -4,425 -7,787 -10,517 3,335 4,667 4,373 .. 9. Debt restructurings Total amount rescheduled 75 0 0 918 150 265 95 842 52 .. Total amount forgiven 0 7 9 2 83 166 583 .. Debt buyback 0 0 0 0 0 0 0 .. 50 100 25 50 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2001 2002 2003 2004 2005 2006 2007 2008 2009 Foreign direct investment Portfolio equity flows Debt to exports Reserves to debt 47 SUB-SAHARAN AFRICA (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 1. Summary external debt data External debt stocks 176,411 235,842 211,158 214,467 170,444 188,889 195,527 198,976 Long-term external debt 149,115 186,684 172,882 177,556 126,028 140,814 143,103 156,260 Public and publicly guaranteed 143,851 174,924 161,534 168,909 116,747 124,380 128,772 138,861 Private nonguaranteed 5,264 11,760 11,348 8,648 9,281 16,434 14,330 17,399 Use of IMF credit 6,606 8,654 6,734 5,947 3,140 3,341 3,963 6,261 Short-term external debt 20,689 40,504 31,542 30,963 41,275 44,734 48,461 36,456 interest arrears on long-term 9,522 20,734 13,570 14,250 15,155 14,565 13,650 11,654 Memorandum items Principal arrears on long-term 17,760 41,062 25,534 24,027 24,659 22,951 21,439 19,911 Long-term public sector debt 143,664 174,798 160,627 168,811 116,711 124,353 128,754 138,842 Long-term private sector debt 5,451 11,886 12,255 8,746 9,318 16,461 14,349 17,418 Public & publicly guaranteed commitments 11,448 9,157 8,356 23,638 12,247 18,155 17,401 26,644 External debt flows Disbursements 10,312 14,004 10,104 16,050 13,144 24,064 14,390 24,688 Long-term external debt 9,652 11,010 9,580 15,727 12,847 23,710 12,977 22,065 IMF purchases 660 2,994 525 323 298 354 1,413 2,623 Principal repayments 5,568 9,419 9,016 12,131 17,102 13,548 8,986 9,605 Long-term external debt 4,620 7,048 8,556 11,384 16,745 13,251 8,299 9,220 IMF repurchases 947 2,371 460 747 357 296 687 385 Net flows 7,001 7,502 -1,797 6,947 5,450 14,565 10,046 5,073 Long-term external debt 5,031 3,963 1,023 4,343 -3,898 10,459 4,678 12,845 Short-term external debt 2,257 2,917 -2,886 3,028 9,407 4,049 4,642 -10,010 Interest payments 5,286 5,337 4,443 7,961 4,302 5,240 5,010 3,981 Long-term external debt 4,348 3,975 3,319 7,322 3,420 4,063 3,596 3,261 IMF charges 238 559 43 27 39 14 494 28 Short-term external debt 701 803 1,081 612 842 1,163 921 692 2. Other non-debt resource inflows Foreign direct investment 1,187 4,258 6,543 17,954 20,155 28,514 34,498 30,266 Portfolio equity 393 2,952 4,164 8,121 16,805 10,147 -5,647 9,966 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 19.8 22.8 21.8 19.4 18.8 Japanese yen 4.1 5.5 4.1 3.6 3.2 2.7 3.8 3.2 Pound sterling 5.5 3.8 2.1 4.2 1.8 1.6 1.1 1.2 Swiss franc 2.3 2.1 1.5 1.9 2.5 2.5 2.6 2.5 U.S.dollars 36.5 40.7 61.4 55.0 51.8 51.9 53.6 53.7 4. Average terms of new commitments Official creditors Interest (%) 3.5 1.8 1.1 4.4 1.5 1.4 1.8 2.6 Maturity (years) 28.4 31.7 36.3 21.4 29.7 31.5 30.5 24.8 Grace period (years) 7.7 8.7 9.1 4.5 7.3 7.9 8.1 6.4 Private creditors Interest (%) 8.1 5.7 5.8 5.6 6.8 6.7 4.0 5.8 Maturity (years) 11.6 12.4 7.7 7.2 11.3 8.3 8.1 8.3 Grace period (years) 2.7 1.9 2.1 1.9 4.9 5.3 1.3 4.1 5. Major economic aggregates Gross national income (GNI) 281,623 310,096 319,713 601,468 705,045 799,087 914,091 867,375 Exports of goods, services & income 78,552 90,831 114,029 241,016 279,380 329,764 398,746 299,420 Worker remit. & comp. of employees 1,785 3,178 4,627 9,400 12,651 18,568 21,345 20,810 Imports of goods, services & income 86,132 111,987 118,497 242,962 290,892 365,193 436,288 346,963 Profit remittances on FDI 2,768 3,952 7,860 17,244 27,734 38,606 43,082 24,479 International reserves 15,362 20,652 36,505 82,407 114,876 141,827 152,687 150,820 6. Ratios External debt stocks to exports (%) 224.6 259.6 185.2 89.0 61.0 57.3 49.0 66.5 External debt stocks to GNI (%) 62.6 76.1 66.0 35.7 24.2 23.6 21.4 22.9 Debt service to exports (%) 13.8 16.2 11.8 8.3 7.7 5.7 3.5 5.9 Short-term to external debt stocks (%) 11.7 17.2 14.9 14.4 24.2 23.7 24.8 18.3 Multilateral to external debt stocks (%) 21.6 23.1 25.8 33.8 25.3 25.3 25.6 27.3 Reserves to external debt stocks (%) 8.7 8.8 17.3 38.4 67.4 75.1 78.1 75.8 Reserves to imports (months) 2.1 2.2 3.7 4.1 4.7 4.7 4.2 5.2 48 SUB-SAHARAN AFRICA (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 7. Long-term external debt Debt outstanding and disbursed 149,115 186,684 172,882 177,556 126,028 140,814 143,103 156,260 Public and publicly guaranteed 143,851 174,924 161,534 168,909 116,747 124,380 128,772 138,861 Official creditors 108,212 138,361 135,502 135,070 87,566 92,830 95,610 103,096 Multilateral 38,172 54,427 54,566 72,470 43,081 47,877 50,057 54,335 of which: IBRD 9,178 7,641 3,477 2,015 1,799 1,524 994 900 IDA 15,718 27,842 33,574 48,444 24,187 27,325 29,318 31,612 Bilateral 70,041 83,934 80,937 62,600 44,485 44,953 45,553 48,761 Private creditors 35,639 36,563 26,032 33,838 29,181 31,550 33,162 35,764 of which: Bonds 301 4,784 9,150 10,734 9,285 12,078 11,775 13,368 Commercial banks 13,863 12,571 8,443 17,616 15,308 15,614 17,686 17,797 Private nonguaranteed 5,264 11,760 11,348 8,648 9,281 16,434 14,330 17,399 of which: Bonds 0 350 1,360 1,307 1,484 6,890 6,192 6,224 Disbursements 9,652 11,010 9,580 15,727 12,847 23,710 12,977 22,065 Public and publicly guaranteed 9,022 10,263 7,461 12,467 9,658 16,257 11,997 18,301 Official creditors 7,116 5,873 4,143 6,101 6,307 7,580 7,588 10,617 Multilateral 4,542 4,202 3,359 4,805 4,550 4,976 4,907 6,936 of which: IBRD 813 274 75 14 1 31 45 113 IDA 2,025 2,390 2,193 2,943 2,749 2,987 2,898 3,444 Bilateral 2,574 1,671 784 1,297 1,758 2,604 2,681 3,681 Private creditors 1,906 4,390 3,318 6,366 3,350 8,677 4,409 7,684 of which: Bonds 0 541 765 0 2,076 3,525 0 2,200 Commercial banks 378 1,623 1,752 6,085 833 4,890 4,069 4,204 Private nonguaranteed 630 747 2,119 3,260 3,189 7,453 980 3,764 of which: Bonds 0 350 712 1,307 0 5,762 0 0 Principal repayments 4,620 7,048 8,556 11,384 16,745 13,251 8,299 9,220 Public and publicly guaranteed 4,155 5,808 7,159 10,677 14,234 11,240 6,392 7,815 Official creditors 2,541 2,975 3,440 6,587 8,196 5,149 3,746 3,392 Multilateral 1,343 2,016 1,630 1,554 1,553 1,734 2,000 1,759 of which: IBRD 721 1,056 552 286 284 406 620 202 IDA 51 120 225 248 238 195 463 266 Bilateral 1,197 959 1,811 5,033 6,643 3,414 1,746 1,633 Private creditors 1,614 2,834 3,719 4,091 6,038 6,091 2,645 4,423 of which: Bonds 31 40 480 1 1,742 1,222 52 294 Commercial banks 997 1,261 2,444 3,525 3,172 3,856 2,170 3,657 Private nonguaranteed 466 1,240 1,398 706 2,511 2,012 1,907 1,405 of which: Bonds 0 0 0 0 0 1,390 698 0 Interest payments 4,348 3,975 3,319 7,322 3,420 4,063 3,596 3,261 Public and publicly guaranteed 4,017 3,471 2,915 6,971 2,983 3,515 3,023 2,661 Official creditors 2,696 2,006 1,826 5,855 1,407 2,079 1,667 1,529 Multilateral 1,104 1,234 843 757 695 1,053 931 867 of which: IBRD 651 630 213 53 47 339 109 22 IDA 97 178 199 313 240 179 277 196 Bilateral 1,591 772 982 5,098 712 1,026 737 662 Private creditors 1,321 1,465 1,089 1,116 1,576 1,436 1,356 1,132 of which: Bonds 13 322 561 517 552 539 677 649 Commercial banks 615 457 303 425 780 752 547 393 Private nonguaranteed 331 504 405 352 438 548 574 599 of which: Bonds 0 0 41 61 89 139 258 258 8. Debt stock-flow reconciliation Total change in external debt stocks 19,745 14,545 -3,305 -22,336 -44,023 18,445 6,638 .. 50 Non-debt flows (bill US$) Net flows on external debt 7,001 7,502 200 -1,797 6,947 Debt ratios (%) 5,450 14,565 10,046 0 Cross-currency valuation 7,661 921 -6,871 -13,747 -26,895 3,455 -1,451 .. Debt restructurings 9. 40 Total amount rescheduled 5,987 3,489 22,630 150 1,220 789 895 1,102 .. Total amount forgiven 1,583 1,302 625 9,090 15,425 1,787 1,272 .. Debt buyback 30 0 29 137 0 0 3,322 428 .. 100 20 50 10 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2001 2002 2003 2004 2005 2006 2007 2008 2009 Foreign direct investment Portfolio equity flows Debt to exports Reserves to debt 49 LOW-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 1. Summary external debt data External debt stocks 103,958 130,267 125,357 135,485 110,475 122,413 129,531 135,593 Long-term external debt 90,375 112,369 107,322 118,661 93,450 104,036 109,987 116,809 Public and publicly guaranteed 88,993 109,551 104,423 116,422 90,584 99,923 104,501 110,863 Private nonguaranteed 1,383 2,818 2,899 2,239 2,866 4,113 5,485 5,946 Use of IMF credit 5,337 6,760 5,608 5,431 3,079 3,444 4,342 5,951 Short-term external debt 8,245 11,139 12,427 11,393 13,946 14,933 15,202 12,833 interest arrears on long-term 3,592 7,765 7,859 7,245 7,737 7,746 6,807 5,869 Memorandum items Principal arrears on long-term 8,561 19,081 16,091 14,317 14,945 15,944 15,004 15,933 Long-term public sector debt 88,399 109,056 104,095 116,259 90,475 99,799 104,376 110,730 Long-term private sector debt 1,976 3,313 3,227 2,402 2,975 4,237 5,610 6,079 Public & publicly guaranteed commitments 8,205 5,089 5,179 6,974 8,549 10,458 12,106 11,050 External debt flows Disbursements 7,123 8,777 4,879 7,032 7,374 9,279 10,339 13,518 Long-term external debt 6,597 5,986 4,420 6,574 6,909 8,851 8,715 11,666 IMF purchases 525 2,792 459 457 465 428 1,624 1,853 Principal repayments 3,128 5,364 2,833 3,031 2,581 3,031 3,397 3,685 Long-term external debt 2,196 3,119 2,388 2,449 2,314 2,819 2,784 3,386 IMF repurchases 932 2,245 445 583 267 213 613 299 Net flows 4,715 3,722 1,516 3,644 6,854 7,225 8,151 8,403 Long-term external debt 4,401 2,867 2,032 4,126 4,595 6,032 5,932 8,280 Short-term external debt 720 309 -530 -357 2,061 978 1,208 -1,431 Interest payments 1,813 2,124 1,382 1,264 1,308 1,800 2,106 1,478 Long-term external debt 1,321 1,470 1,034 1,054 1,005 1,501 1,413 1,298 IMF charges 207 490 45 23 38 14 497 33 Short-term external debt 285 164 303 186 265 286 196 147 2. Other non-debt resource inflows Foreign direct investment 944 1,540 2,759 5,428 7,157 12,812 14,526 12,033 Portfolio equity 5 -10 5 59 70 144 -27 -36 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 8.3 11.1 11.3 10.1 9.8 Japanese yen 9.0 11.4 10.8 8.1 9.8 9.0 9.9 9.0 Pound sterling 4.0 2.9 2.3 1.8 1.5 1.3 1.0 1.0 Swiss franc 0.9 0.9 0.7 0.6 0.7 0.6 0.5 0.4 U.S.dollars 37.8 41.3 51.7 55.8 49.7 49.2 49.6 49.7 4. Average terms of new commitments Official creditors Interest (%) 2.0 1.7 1.2 1.3 1.5 1.5 1.5 1.3 Maturity (years) 33.9 34.6 36.3 34.9 34.0 34.2 33.6 31.6 Grace period (years) 9.0 9.4 9.3 8.7 8.6 8.7 8.8 7.9 Private creditors Interest (%) 7.9 4.3 5.9 3.7 6.0 7.7 2.9 3.1 Maturity (years) 11.6 6.1 10.5 16.5 16.3 10.2 12.9 11.9 Grace period (years) 2.2 1.2 2.8 4.2 3.2 8.6 2.8 2.5 5. Major economic aggregates Gross national income (GNI) 148,506 148,519 170,831 252,593 282,954 332,638 397,688 417,914 Exports of goods, services & income 18,694 29,201 36,397 66,174 81,340 93,314 111,542 100,756 Worker remit. & comp. of employees 1,470 2,189 4,144 10,071 12,992 16,574 21,962 22,535 Imports of goods, services & income 32,280 47,662 51,937 91,682 108,767 134,406 157,798 132,588 Profit remittances on FDI 581 287 679 3,941 4,979 4,677 4,572 3,628 International reserves 5,892 10,975 11,706 22,281 26,240 30,928 32,032 40,649 6. Ratios External debt stocks to exports (%) 556.1 446.1 344.4 204.7 135.8 131.2 116.1 134.6 External debt stocks to GNI (%) 70.0 87.7 73.4 53.6 39.0 36.8 32.6 32.4 Debt service to exports (%) 26.4 25.6 11.6 6.5 4.8 5.2 4.9 5.1 Short-term to external debt stocks (%) 7.9 8.6 9.9 8.4 12.6 12.2 11.7 9.5 Multilateral to external debt stocks (%) 32.7 39.4 46.2 59.3 49.8 49.9 50.2 50.6 Reserves to external debt stocks (%) 5.7 8.4 9.3 16.4 23.8 25.3 24.7 30.0 Reserves to imports (months) 2.2 2.8 2.7 2.9 2.9 2.8 2.4 3.7 50 LOW-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 7. Long-term external debt Debt outstanding and disbursed 90,375 112,369 107,322 118,661 93,450 104,036 109,987 116,809 Public and publicly guaranteed 88,993 109,551 104,423 116,422 90,584 99,923 104,501 110,863 Official creditors 81,360 104,329 100,747 112,499 86,897 95,357 100,112 105,359 Multilateral 33,959 51,317 57,944 80,361 54,970 61,092 64,960 68,594 of which: IBRD 2,679 1,692 752 618 622 480 464 463 IDA 19,348 31,736 37,441 53,690 32,148 35,663 37,820 39,115 Bilateral 47,401 53,012 42,802 32,139 31,927 34,265 35,152 36,764 Private creditors 7,633 5,222 3,676 3,923 3,687 4,566 4,389 5,504 of which: Bonds 301 129 7 1 1 750 750 750 Commercial banks 2,264 1,630 1,717 1,710 1,746 1,823 1,769 1,872 Private nonguaranteed 1,383 2,818 2,899 2,239 2,866 4,113 5,485 5,946 of which: Bonds 0 0 250 0 0 0 0 0 Disbursements 6,597 5,986 4,420 6,574 6,909 8,851 8,715 11,666 Public and publicly guaranteed 6,342 5,717 4,355 6,089 6,101 7,482 7,886 10,302 Official creditors 5,681 5,122 4,150 5,827 5,970 6,603 7,710 8,887 Multilateral 3,948 3,876 3,564 5,190 4,863 5,338 5,843 6,620 of which: IBRD 66 32 19 1 0 0 0 0 IDA 2,401 2,350 2,417 3,170 2,742 3,206 3,273 3,085 Bilateral 1,733 1,247 586 636 1,106 1,266 1,867 2,267 Private creditors 661 595 205 262 131 879 176 1,415 of which: Bonds 0 0 0 0 0 750 0 0 Commercial banks 193 221 122 122 100 57 60 283 Private nonguaranteed 255 269 65 486 808 1,369 829 1,363 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 2,196 3,119 2,388 2,449 2,314 2,819 2,784 3,386 Public and publicly guaranteed 2,083 2,905 2,141 2,224 2,124 2,534 2,333 2,431 Official creditors 1,383 2,118 1,828 2,025 1,930 2,399 2,196 2,208 Multilateral 680 1,057 949 1,209 1,263 1,558 1,447 1,362 of which: IBRD 229 286 122 8 5 167 26 0 IDA 59 172 303 401 426 405 606 505 Bilateral 703 1,061 879 816 666 841 750 846 Private creditors 700 787 313 199 195 135 136 223 of which: Bonds 30 30 0 1 0 0 0 0 Commercial banks 274 288 156 101 98 50 61 75 Private nonguaranteed 113 214 247 225 190 285 451 955 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 1,321 1,470 1,034 1,054 1,005 1,501 1,413 1,298 Public and publicly guaranteed 1,256 1,394 918 974 942 1,428 1,306 1,153 Official creditors 967 1,223 836 931 891 1,376 1,194 1,063 Multilateral 528 672 518 699 646 1,007 803 683 of which: IBRD 165 132 40 3 2 294 1 0 IDA 123 226 234 372 307 245 294 259 Bilateral 439 551 318 231 244 369 391 380 Private creditors 289 171 82 43 52 52 112 90 of which: Bonds 13 6 0 0 0 0 64 32 Commercial banks 126 87 39 21 24 27 24 34 Private nonguaranteed 65 76 116 80 63 73 107 145 of which: Bonds 0 0 14 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 10,997 4,634 -4,312 -8,679 -25,010 11,937 7,118 .. 20 Non-debt flows (bill US$) Net flows on external debt 4,715 3,722 400 1,516 3,644 Debt ratios (%) 6,854 7,225 8,151 0 Cross-currency valuation 4,613 -1,729 -5,797 -9,090 -26,840 2,738 -1,224 .. 350 9. Debt restructurings Total amount rescheduled 15 2,089 1,065 827 300 1,123 474 1,192 796 .. Total amount forgiven 1,494 952 580 1,368 1,043 534 1,664 .. Debt buyback 0 29 250 137 0 0 0 0 .. 10 200 150 5 100 50 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2001 2002 2003 2004 2005 2006 2007 2008 2009 Foreign direct investment Portfolio equity flows Debt to exports Reserves to debt 51 MIDDLE-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 1. Summary external debt data External debt stocks 1,149,058 1,729,983 1,996,738 2,353,247 2,532,775 3,057,592 3,295,853 3,409,521 Long-term external debt 941,793 1,357,298 1,669,543 1,846,168 1,973,636 2,317,874 2,562,063 2,642,391 Public and publicly guaranteed 883,559 1,151,625 1,182,691 1,166,759 1,120,275 1,208,341 1,243,521 1,296,127 Private nonguaranteed 58,234 205,673 486,852 679,409 853,361 1,109,532 1,318,541 1,346,264 Use of IMF credit 28,289 52,961 52,623 43,748 16,780 12,097 20,573 46,227 Short-term external debt 178,976 319,724 274,573 463,331 542,359 727,621 713,217 720,903 interest arrears on long-term 41,096 36,774 23,978 21,419 18,598 20,186 21,000 20,857 Memorandum items Principal arrears on long-term 45,420 85,575 44,743 32,114 30,126 32,041 34,617 35,624 Long-term public sector debt 878,367 1,147,052 1,177,149 1,162,431 1,116,112 1,203,705 1,238,032 1,285,038 Long-term private sector debt 63,426 210,246 492,394 683,736 857,525 1,114,169 1,324,031 1,357,353 Public & publicly guaranteed commitments 104,726 135,443 140,667 150,376 131,472 179,528 164,346 205,668 External debt flows Disbursements 114,196 200,691 230,939 377,253 451,264 636,731 612,765 523,955 Long-term external debt 107,273 175,700 221,283 373,750 447,615 635,146 600,629 497,462 IMF purchases 6,924 24,992 9,656 3,504 3,649 1,585 12,137 26,493 Principal repayments 76,014 115,201 229,878 331,971 380,667 359,995 395,795 404,549 Long-term external debt 69,121 108,808 209,730 288,431 350,114 353,053 392,609 403,004 IMF repurchases 6,893 6,393 20,148 43,539 30,553 6,942 3,187 1,545 Net flows 51,643 139,263 -6,692 120,133 152,447 460,004 201,753 127,235 Long-term external debt 38,152 66,892 11,553 85,319 97,501 282,092 208,020 94,458 Short-term external debt 13,461 53,773 -7,752 74,850 81,850 183,268 -15,218 7,829 Interest payments 58,971 82,887 111,040 102,325 116,001 133,910 138,462 122,846 Long-term external debt 47,596 66,007 92,710 83,789 94,084 107,671 118,845 108,907 IMF charges 2,208 2,133 2,818 3,254 1,584 697 482 521 Short-term external debt 9,166 14,748 15,512 15,282 20,333 25,542 19,135 13,418 2. Other non-debt resource inflows Foreign direct investment 20,665 93,117 145,614 268,162 336,180 495,319 572,583 342,055 Portfolio equity 3,385 13,789 13,950 67,439 107,603 134,937 -53,166 108,193 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 14.8 15.4 15.9 14.6 15.4 Japanese yen 11.1 13.2 12.1 10.3 10.2 9.4 11.2 10.7 Pound sterling 2.3 1.4 0.9 1.0 0.7 0.6 0.4 0.5 Swiss franc 1.8 1.1 0.4 0.6 0.6 0.6 0.6 0.5 U.S.dollars 45.2 48.6 63.8 66.6 66.5 67.4 67.6 67.4 4. Average terms of new commitments Official creditors Interest (%) 5.8 6.1 5.2 3.9 4.3 4.0 3.2 2.2 Maturity (years) 21.3 18.3 18.5 20.6 21.3 21.5 22.1 20.4 Grace period (years) 6.3 5.1 4.6 5.3 5.9 6.1 6.3 6.0 Private creditors Interest (%) 8.5 6.5 8.1 6.3 6.2 6.3 6.0 6.3 Maturity (years) 11.7 7.5 11.3 11.2 12.0 10.8 11.7 10.0 Grace period (years) 5.0 3.5 8.4 8.7 9.7 7.9 8.1 8.7 5. Major economic aggregates Gross national income (GNI) 3,386,550 4,642,072 5,441,751 9,169,241 10,897,697 13,510,580 16,175,725 15,595,681 Exports of goods, services & income 633,948 1,112,250 1,616,680 3,263,528 3,976,815 4,817,919 5,751,219 4,656,643 Worker remit. & comp. of employees 29,291 52,404 76,052 180,573 212,333 260,591 301,581 282,665 Imports of goods, services & income 686,368 1,253,317 1,651,272 3,116,709 3,729,572 4,572,744 5,575,660 4,453,692 Profit remittances on FDI 15,537 36,422 67,062 159,206 227,201 294,734 336,367 240,176 International reserves 172,630 427,824 630,128 1,954,365 2,584,597 3,663,535 4,115,129 4,780,334 6. Ratios External debt stocks to exports (%) 181.3 155.5 123.5 72.1 63.7 63.5 57.3 73.2 External debt stocks to GNI (%) 33.9 37.3 36.7 25.7 23.2 22.6 20.4 21.9 Debt service to exports (%) 21.3 17.8 21.1 13.3 12.6 10.3 9.3 11.4 Short-term to external debt stocks (%) 15.6 18.5 13.8 19.7 21.4 23.8 21.6 21.1 Multilateral to external debt stocks (%) 14.4 13.1 13.4 12.5 11.6 10.2 10.0 10.8 Reserves to external debt stocks (%) 15.0 24.7 31.6 83.0 102.0 119.8 124.9 140.2 Reserves to imports (months) 3.0 4.1 4.6 7.5 8.3 9.6 8.9 12.9 52 MIDDLE-INCOME COUNTRIES (US$ million, unless otherwise indicated) 1990 1995 2000 2005 2006 2007 2008 2009 7. Long-term external debt Debt outstanding and disbursed 941,793 1,357,298 1,669,543 1,846,168 1,973,636 2,317,874 2,562,063 2,642,391 Public and publicly guaranteed 883,559 1,151,625 1,182,691 1,166,759 1,120,275 1,208,341 1,243,521 1,296,127 Official creditors 438,465 660,387 650,322 601,794 549,150 570,939 607,550 658,702 Multilateral 165,992 227,296 268,136 293,057 292,640 311,425 328,484 369,450 of which: IBRD 87,958 104,693 107,328 95,641 91,664 93,086 96,171 107,521 IDA 25,929 39,759 49,355 67,387 66,857 72,011 73,449 77,788 Bilateral 272,473 433,091 382,186 308,738 256,510 259,514 279,065 289,252 Private creditors 445,094 491,238 532,369 564,964 571,126 637,402 635,972 637,424 of which: Bonds 99,048 220,333 341,850 400,331 409,074 451,416 461,540 475,018 Commercial banks 222,013 145,235 124,148 124,047 126,442 155,452 148,365 134,468 Private nonguaranteed 58,234 205,673 486,852 679,409 853,361 1,109,532 1,318,541 1,346,264 of which: Bonds 347 51,018 89,242 154,026 190,151 250,422 240,701 256,025 Disbursements 107,273 175,700 221,283 373,750 447,615 635,146 600,629 497,462 Public and publicly guaranteed 90,270 122,474 130,505 136,439 133,917 174,501 163,897 179,889 Official creditors 42,799 59,743 48,157 40,185 48,135 51,865 60,296 87,544 Multilateral 22,548 27,218 30,622 29,091 34,869 37,718 41,518 63,151 of which: IBRD 13,019 12,505 12,888 9,177 11,933 10,498 13,608 22,125 IDA 1,929 3,124 2,803 4,037 4,029 4,152 3,590 5,616 Bilateral 20,251 32,526 17,535 11,094 13,267 14,147 18,779 24,393 Private creditors 47,472 62,730 82,348 96,255 85,781 122,636 103,600 92,345 of which: Bonds 4,226 21,993 55,784 61,066 56,972 71,466 72,936 68,909 Commercial banks 14,399 21,968 17,988 31,610 24,060 47,884 28,386 18,764 Private nonguaranteed 17,002 53,226 90,778 237,310 313,699 460,645 436,732 317,573 of which: Bonds 291 14,063 10,810 46,898 53,017 83,950 25,655 36,484 Principal repayments 69,121 108,808 209,730 288,431 350,114 353,053 392,609 403,004 Public and publicly guaranteed 62,013 83,104 112,020 143,589 189,760 125,489 141,943 114,507 Official creditors 21,196 40,466 45,646 67,853 95,064 50,929 47,934 44,295 Multilateral 10,976 18,592 21,596 25,425 35,202 24,922 25,525 24,109 of which: IBRD 7,574 11,079 9,287 12,059 17,164 10,677 10,898 10,838 IDA 189 370 645 1,220 1,353 1,431 1,690 1,745 Bilateral 10,220 21,874 24,050 42,428 59,863 26,007 22,409 20,186 Private creditors 40,817 42,638 66,374 75,736 94,696 74,561 94,009 70,212 of which: Bonds 4,240 11,061 31,454 44,629 60,268 43,632 54,625 32,872 Commercial banks 19,595 14,992 23,100 22,215 25,056 23,922 32,276 30,124 Private nonguaranteed 7,108 25,704 97,710 144,843 160,354 227,564 250,666 288,498 of which: Bonds 0 4,042 15,002 15,063 17,973 24,350 19,902 21,401 Interest payments 47,596 66,007 92,710 83,789 94,084 107,671 118,845 108,907 Public and publicly guaranteed 43,119 55,186 62,221 59,532 55,392 58,216 57,734 52,802 Official creditors 16,953 26,172 25,125 22,973 18,803 18,787 17,766 15,822 Multilateral 9,710 12,481 14,690 9,873 11,013 11,852 11,484 9,739 of which: IBRD 6,588 7,478 7,404 4,010 4,775 5,136 4,571 3,415 IDA 178 277 344 525 504 514 614 539 Bilateral 7,243 13,691 10,435 13,101 7,790 6,934 6,282 6,083 Private creditors 26,166 29,014 37,097 36,558 36,589 39,429 39,968 36,980 of which: Bonds 4,087 14,707 25,000 30,143 28,861 31,151 31,666 30,712 Commercial banks 15,865 7,735 8,527 4,900 6,234 6,514 6,648 5,070 Private nonguaranteed 4,477 10,820 30,489 24,257 38,691 49,456 61,110 56,105 of which: Bonds 3 3,172 7,760 8,809 13,935 16,186 15,993 16,188 8. Debt stock-flow reconciliation Total change in external debt stocks 82,000 165,259 -58,959 -10,518 179,528 524,816 238,261 .. 750 Non-debt flows (bill US$) Net flows on external debt 51,643 139,263 200 -6,692 120,133 Debt 152,447 ratios460,004 (%) 201,753 0 Cross-currency valuation 38,877 4,889 -43,722 -66,183 19,897 35,354 15,452 .. 9. Debt restructurings Total amount rescheduled 73,415 29,655 60,510 150 31,701 4,313 1,958 823 .. Total amount forgiven 500 10,876 1,292 365 19,157 15,079 2,715 516 .. Debt buyback 4,359 132 15,935 736 5,450 6,035 3,998 .. 100 250 50 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2001 2002 2003 2004 2005 2006 2007 2008 2009 Foreign direct investment Portfolio equity flows Debt to exports Reserves to debt 53 . Country Tables 55 AFGHANISTAN 1. Summary external debt data External debt stocks .. .. .. .. 929 1,974 2,089 2,328 Long-term external debt .. .. .. .. 911 1,894 1,985 2,203 Public and publicly guaranteed .. .. .. .. 911 1,894 1,985 2,203 Private nonguaranteed .. .. .. .. 0 0 0 0 Use of IMF credit .. 0 0 0 0 59 87 106 Short-term external debt .. .. .. .. 18 21 17 20 interest arrears on long-term .. .. .. .. 18 21 17 20 Memorandum items .. .. .. .. 87 89 56 54 .. .. .. .. 911 1,894 1,985 2,203 .. .. .. .. 0 0 0 0 .. .. .. .. 130 37 58 0 External debt flows Disbursements .. .. .. .. 146 202 132 130 Long-term external debt .. .. .. .. 146 147 96 112 IMF purchases .. 0 0 0 0 55 36 17 Principal repayments .. .. .. .. 3 1 1 3 Long-term external debt .. .. .. .. 3 1 1 3 IMF repurchases .. 0 0 0 0 0 0 0 Net flows .. .. .. .. 143 201 131 126 Long-term external debt .. .. .. .. 143 146 95 109 Short-term external debt .. .. .. .. 0 0 0 0 Interest payments .. .. .. .. 6 3 6 7 Long-term external debt .. .. .. .. 6 3 6 7 IMF charges .. 0 0 0 0 0 0 1 Short-term external debt .. .. .. .. 0 0 0 0 2. Other non-debt resource inflows Foreign direct investment .. .. .. .. 238 243 300 185 Portfolio equity .. .. .. .. .. .. .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. .. 0.0 0.0 0.0 0.0 Japanese yen .. .. .. .. 0.0 0.0 0.0 0.0 Pound sterling .. .. .. .. 2.8 1.3 0.0 0.0 Swiss franc .. .. .. .. 0.0 0.0 0.0 0.0 U.S.dollars .. .. .. .. 63.3 74.5 73.0 66.1 4. Average terms of new commitments Official creditors Interest (%) .. .. .. .. 1.2 1.4 0.5 0.0 Maturity (years) .. .. .. .. 39.8 31.6 34.6 0.0 Grace period (years) .. .. .. .. 10.3 8.1 10.0 0.0 Private creditors Interest (%) .. .. .. .. 0.0 0.0 0.0 0.0 Maturity (years) .. .. .. .. 0.0 0.0 0.0 0.0 Grace period (years) .. .. .. .. 0.0 0.0 0.0 0.0 5. Major economic aggregates Gross national income (GNI) .. .. .. .. 8,209 10,184 10,644 .. Exports of goods, services & income .. .. .. .. 3,714 3,791 4,367 2,825 Worker remit. & comp. of employees .. .. .. .. .. .. .. .. Imports of goods, services & income .. .. .. .. .. 5,746 5,603 .. Profit remittances on FDI .. .. .. .. .. .. .. .. Current account balance .. .. .. .. .. .. .. .. International reserves .. .. .. .. .. .. .. .. 6. Ratios External debt stocks to exports (%) .. .. .. .. 25.0 52.1 47.8 82.4 External debt stocks to GNI (%) .. .. .. .. 11.3 19.4 19.6 .. Debt service to exports (%) .. .. .. .. 0.2 0.1 0.2 0.4 Short-term to external debt stocks (%) .. .. .. .. 2.0 1.1 0.8 0.9 Multilateral to external debt stocks (%) .. .. .. .. 70.4 41.5 43.3 47.7 Reserves to external debt stocks (%) .. .. .. .. .. .. .. .. Reserves to imports (months) .. .. .. .. .. .. .. .. 56 AFGHANISTAN 7. Long-term external debt Debt outstanding and disbursed .. .. .. .. 911 1,894 1,985 2,203 Public and publicly guaranteed .. .. .. .. 911 1,894 1,985 2,203 Official creditors .. .. .. .. 910 1,893 1,984 2,202 Multilateral .. .. .. .. 654 819 903 1,112 of which: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 0 294 343 399 438 471 Bilateral .. .. .. .. 257 1,074 1,081 1,090 Private creditors .. .. .. .. 0 0 0 0 of which: Bonds .. .. .. .. 0 0 0 0 Commercial banks .. .. .. .. 0 0 0 0 Private nonguaranteed .. .. .. .. 0 0 0 0 of which: Bonds .. .. .. .. 0 0 0 0 Disbursements .. .. .. .. 146 147 96 112 Public and publicly guaranteed .. .. .. .. 146 147 96 112 Official creditors .. .. .. .. 146 147 96 112 Multilateral .. .. .. .. 107 140 96 109 of which: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 0 84 39 44 44 27 Bilateral .. .. .. .. 40 7 1 4 Private creditors .. .. .. .. 0 0 0 0 of which: Bonds .. .. .. .. 0 0 0 0 Commercial banks .. .. .. .. 0 0 0 0 Private nonguaranteed .. .. .. .. 0 0 0 0 of which: Bonds .. .. .. .. 0 0 0 0 Principal repayments .. .. .. .. 3 1 1 3 Public and publicly guaranteed .. .. .. .. 3 1 1 3 Official creditors .. .. .. .. 3 1 1 3 Multilateral .. .. .. .. 3 1 1 1 of which: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 0 3 3 0 0 0 Bilateral .. .. .. .. 0 0 0 3 Private creditors .. .. .. .. 0 0 0 0 of which: Bonds .. .. .. .. 0 0 0 0 Commercial banks .. .. .. .. 0 0 0 0 Private nonguaranteed .. .. .. .. 0 0 0 0 of which: Bonds .. .. .. .. 0 0 0 0 Interest payments .. .. .. .. 6 3 6 7 Public and publicly guaranteed .. .. .. .. 6 3 6 7 Official creditors .. .. .. .. 6 3 6 7 Multilateral .. .. .. .. 6 3 6 7 of which: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 0 3 3 0 2 2 Bilateral .. .. .. .. 0 0 0 0 Private creditors .. .. .. .. 0 0 0 0 of which: Bonds .. .. .. .. 0 0 0 0 Commercial banks .. .. .. .. 0 0 0 0 Private nonguaranteed .. .. .. .. 0 0 0 0 of which: Bonds .. .. .. .. 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks .. .. .. .. 229 1,045 115 240 Net flows on external debt .. .. .. .. 143 201 131 126 9. Debt restructurings Total amount rescheduled .. .. .. .. 95 842 52 1 Total amount forgiven .. .. .. .. 0 21 52 4 Debt buyback .. .. .. .. 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 7 17 31 43 94 104 107 99 Interest 12 14 22 21 64 61 59 54 Private creditors Principal 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 Notes: Data include the effects of the 2006 Paris Club rescheduling. Data for 2007, 2008, and 2009 include the effects of Enhanced HIPC Initiative, in the amount of $1,774 in thousands, $3,537 in thousands, and $3,523 in thousands respectively. 57 ALBANIA 1. Summary external debt data External debt stocks .. 456 1,061 2,052 2,439 2,887 3,942 4,719 Long-term external debt .. 330 936 1,805 1,960 2,287 2,932 3,813 Public and publicly guaranteed .. 330 921 1,379 1,601 1,829 2,264 2,829 Private nonguaranteed .. 0 15 426 359 458 668 983 Use of IMF credit .. 65 88 92 93 90 80 71 Short-term external debt .. 62 37 155 386 511 930 835 interest arrears on long-term .. 2 3 1 1 1 0 0 Memorandum items .. 27 271 16 16 17 1 0 .. 330 920 1,379 1,601 1,829 2,264 2,829 .. 0 16 426 359 458 668 983 .. 183 173 225 311 280 610 356 External debt flows Disbursements .. 80 138 512 208 312 821 776 Long-term external debt .. 70 120 500 201 305 813 772 IMF purchases .. 11 19 12 7 7 8 4 Principal repayments .. 2 16 50 158 92 96 172 Long-term external debt .. 0 9 41 147 77 80 158 IMF repurchases .. 1 7 9 11 14 15 14 Net flows .. -99 130 616 281 344 1,145 509 Long-term external debt .. 69 110 459 54 227 733 614 Short-term external debt .. -178 8 154 231 124 420 -95 Interest payments .. 9 11 30 47 60 68 92 Long-term external debt .. 5 8 25 29 34 50 81 IMF charges .. 1 1 0 1 1 1 1 Short-term external debt .. 3 2 4 17 26 17 11 2. Other non-debt resource inflows Foreign direct investment .. 70 143 262 325 662 973 978 Portfolio equity .. 0 0 .. .. .. 23 4 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 28.6 32.3 36.8 48.5 55.5 Japanese yen .. 2.5 3.2 3.9 3.4 2.9 2.8 2.1 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 .. 60.7 72.5 58.3 54.3 50.1 39.4 33.3 4. Average terms of new commitments Official creditors Interest (%) .. 3.4 3.5 2.7 3.4 4.3 1.9 2.3 Maturity (years) .. 25.4 29.7 21.3 20.2 20.7 28.3 16.4 Grace period (years) .. 7.5 10.5 7.2 6.6 5.3 8.3 6.4 Private creditors Interest (%) .. 3.0 0.0 0.0 0.3 5.3 6.2 11.0 Maturity (years) .. 22.7 0.0 0.0 29.9 11.2 15.4 3.3 Grace period (years) .. 11.7 0.0 0.0 18.8 1.7 6.0 3.0 5. Major economic aggregates Gross national income (GNI) .. 2,468 3,790 8,541 9,386 11,136 12,977 11,724 Exports of goods, services & income .. 376 819 2,048 2,629 3,407 4,307 3,836 Worker remit. & comp. of employees .. 427 598 1,290 1,359 1,468 1,495 1,317 Imports of goods, services & income .. 865 1,509 3,913 4,569 5,989 7,689 7,018 Profit remittances on FDI .. 4 0 2 5 9 285 401 Current account balance .. -12 -156 -571 -671 -1,151 -2,002 -1,875 International reserves .. 265 646 1,440 1,813 2,162 2,364 2,369 6. Ratios External debt stocks to exports (%) .. 121.5 129.5 100.2 92.8 84.7 91.5 123.0 External debt stocks to GNI (%) .. 18.5 28.0 24.0 26.0 25.9 30.4 40.3 Debt service to exports (%) .. 2.8 3.3 3.9 7.8 4.5 3.8 6.9 Short-term to external debt stocks (%) .. 13.7 3.5 7.6 15.8 17.7 23.6 17.7 Multilateral to external debt stocks (%) .. 25.1 40.2 42.6 42.6 42.3 34.1 31.9 Reserves to external debt stocks (%) .. 58.1 60.9 70.2 74.3 74.9 60.0 50.2 Reserves to imports (months) .. 3.7 5.1 4.4 4.8 4.3 3.7 4.1 58 ALBANIA 7. Long-term external debt Debt outstanding and disbursed .. 330 936 1,805 1,960 2,287 2,932 3,813 Public and publicly guaranteed .. 330 921 1,379 1,601 1,829 2,264 2,829 Official creditors .. 305 899 1,357 1,578 1,807 1,923 2,164 Multilateral .. 115 426 875 1,039 1,222 1,343 1,504 of which: IBRD .. 0 0 0 0 6 17 24 IDA .. 109 346 655 729 803 817 849 Bilateral .. 190 473 482 539 586 579 660 Private creditors .. 25 22 22 23 21 342 665 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 0 0 0 0 0 326 630 Private nonguaranteed .. 0 15 426 359 458 668 983 of which: Bonds .. 0 0 0 0 0 0 0 Disbursements .. 70 120 500 201 305 813 772 Public and publicly guaranteed .. 70 120 123 185 176 574 543 Official creditors .. 70 120 123 185 175 218 241 Multilateral .. 48 101 89 132 143 180 175 of which: IBRD .. 0 0 0 0 5 12 7 IDA .. 43 64 34 46 48 27 34 Bilateral .. 22 19 34 53 32 39 66 Private creditors .. 0 0 0 0 1 356 302 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 0 0 0 0 0 345 283 Private nonguaranteed .. 0 0 377 15 128 239 229 of which: Bonds .. 0 0 0 0 0 0 0 Principal repayments .. 0 9 41 147 77 80 158 Public and publicly guaranteed .. 0 9 40 57 55 58 79 Official creditors .. 0 8 39 54 52 58 78 Multilateral .. 0 2 18 24 26 28 39 of which: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 0 4 5 6 7 9 Bilateral .. 0 6 21 31 26 30 39 Private creditors .. 0 1 1 3 4 0 1 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 0 0 0 0 0 0 0 Private nonguaranteed .. 0 0 1 90 22 23 79 of which: Bonds .. 0 0 0 0 0 0 0 Interest payments .. 5 8 25 29 34 50 81 Public and publicly guaranteed .. 5 7 23 25 31 44 70 Official creditors .. 4 7 23 25 31 35 37 Multilateral .. 1 4 14 14 18 24 25 of which: IBRD .. 0 0 0 0 0 1 1 IDA .. 1 2 5 6 6 6 6 Bilateral .. 3 3 9 11 13 11 12 Private creditors .. 1 0 0 0 0 9 33 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 0 0 0 0 0 9 33 Private nonguaranteed .. 0 1 2 4 3 6 10 of which: Bonds .. 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks .. -427 352 505 387 448 1,055 777 Net flows on external debt .. -99 130 616 281 344 1,145 509 9. Debt restructurings Total amount rescheduled .. 6 28 10 9 0 8 41 Total amount forgiven .. 116 0 0 2 0 0 0 Debt buyback .. 30 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 112 124 134 141 145 152 142 146 Interest 35 37 37 36 34 31 28 26 Private creditors Principal 195 163 437 144 171 99 79 106 Interest 75 71 34 28 23 19 15 11 Notes: Long-term private nonguaranteed debt data are reported by the Bank of Albania for the first time. Short-term debt is revised based on Central Bank data from 2005. 59 ALGERIA 1. Summary external debt data External debt stocks 28,149 33,053 25,389 16,873 5,722 5,794 5,825 5,345 Long-term external debt 26,688 31,314 23,449 16,357 5,181 5,045 4,522 3,853 Public and publicly guaranteed 26,688 31,314 23,449 15,491 3,877 3,896 3,078 2,871 Private nonguaranteed 0 0 0 866 1,304 1,148 1,444 982 Use of IMF credit 670 1,478 1,718 0 0 0 0 0 Short-term external debt 791 261 222 516 541 750 1,304 1,492 interest arrears on long-term 0 3 0 0 0 0 0 0 Memorandum items 1 1 0 0 0 0 0 0 26,608 31,226 23,328 15,316 3,817 3,788 2,997 2,798 80 89 122 1,040 1,364 1,256 1,525 1,055 8,054 2,427 1,419 331 212 94 0 5 External debt flows Disbursements 7,017 4,157 1,215 1,239 853 471 580 194 Long-term external debt 7,017 3,683 1,215 1,239 853 471 580 194 IMF purchases 0 475 0 0 0 0 0 0 Principal repayments 6,780 2,419 2,813 5,057 12,791 1,122 1,060 887 Long-term external debt 6,780 2,248 2,721 4,445 12,791 1,122 1,060 887 IMF repurchases 0 171 93 612 0 0 0 0 Net flows -811 1,361 -1,572 -3,733 -11,914 -443 73 -504 Long-term external debt 237 1,435 -1,506 -3,207 -11,939 -652 -481 -693 Short-term external debt -1,049 -378 27 85 25 209 554 189 Interest payments 2,025 1,832 1,655 921 626 224 191 140 Long-term external debt 1,784 1,741 1,552 888 610 202 161 122 IMF charges 62 69 92 18 1 0 0 0 Short-term external debt 179 22 10 15 15 22 31 18 2. Other non-debt resource inflows Foreign direct investment 0 .. 438 1,081 1,795 1,662 2,646 2,847 Portfolio equity 0 .. .. .. .. .. .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 40.5 58.4 61.9 60.9 62.5 Japanese yen 15.1 13.1 14.4 8.2 6.1 4.8 5.4 4.5 Pound sterling 1.5 0.9 1.0 1.4 0.0 0.0 0.0 0.0 Swiss franc 0.8 0.7 0.5 0.8 0.1 0.1 0.0 0.0 U.S.dollars 33.5 38.0 44.4 40.9 30.0 26.8 27.6 26.9 4. Average terms of new commitments Official creditors Interest (%) 7.0 6.2 6.2 3.2 0.5 0.9 0.0 2.0 Maturity (years) 16.8 11.7 14.9 12.9 17.5 14.7 0.0 21.8 Grace period (years) 4.0 3.3 4.1 3.6 3.4 7.7 0.0 6.7 Private creditors Interest (%) 8.9 7.2 6.2 2.6 3.5 4.6 0.0 0.0 Maturity (years) 6.6 8.9 7.4 9.6 12.0 6.0 0.0 0.0 Grace period (years) 2.0 1.9 1.9 2.0 3.1 0.9 0.0 0.0 5. Major economic aggregates Gross national income (GNI) 59,955 39,574 52,080 97,259 112,669 134,004 169,689 139,577 Exports of goods, services & income 13,535 .. .. 50,270 59,740 67,240 87,210 .. Worker remit. & comp. of employees 352 1,120 790 2,060 1,610 2,120 2,202 2,193 Imports of goods, services & income 12,448 .. .. 24,640 25,460 33,180 49,140 .. Profit remittances on FDI 151 .. .. .. .. .. .. .. Current account balance 1,420 .. .. .. .. .. .. .. International reserves 2,703 4,164 13,556 59,167 81,463 114,972 148,099 155,112 6. Ratios External debt stocks to exports (%) 208.0 .. .. 33.6 9.6 8.6 6.7 .. External debt stocks to GNI (%) 47.0 83.5 48.8 17.3 5.1 4.3 3.4 3.8 Debt service to exports (%) 65.1 .. .. 11.9 22.5 2.0 1.4 .. Short-term to external debt stocks (%) 2.8 0.8 0.9 3.1 9.5 12.9 22.4 27.9 Multilateral to external debt stocks (%) 7.2 11.8 16.2 14.5 2.5 2.3 0.2 0.2 Reserves to external debt stocks (%) 9.6 12.6 53.4 350.7 1,423.6 1,984.3 2,542.3 2,901.8 Reserves to imports (months) 2.6 .. .. 28.8 38.4 41.6 36.2 .. 60 ALGERIA 7. Long-term external debt Debt outstanding and disbursed 26,688 31,314 23,449 16,357 5,181 5,045 4,522 3,853 Public and publicly guaranteed 26,688 31,314 23,449 15,491 3,877 3,896 3,078 2,871 Official creditors 5,866 15,697 17,598 12,426 2,172 2,318 2,066 2,050 Multilateral 2,031 3,915 4,123 2,443 144 136 13 11 of which: IBRD 1,208 2,049 1,425 779 119 113 11 10 IDA 0 0 0 0 0 0 0 0 Bilateral 3,835 11,781 13,475 9,983 2,027 2,183 2,053 2,039 Private creditors 20,822 15,618 5,851 3,065 1,706 1,578 1,012 821 of which: Bonds 1,420 0 0 0 0 0 0 0 Commercial banks 5,851 4,529 2,508 1,038 59 76 60 54 Private nonguaranteed 0 0 0 866 1,304 1,148 1,444 982 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 7,017 3,683 1,215 1,239 853 471 580 194 Public and publicly guaranteed 7,017 3,683 1,215 776 401 167 173 71 Official creditors 1,835 1,596 795 445 263 109 157 70 Multilateral 612 932 349 358 54 6 5 0 of which: IBRD 300 554 58 31 16 6 5 0 IDA 0 0 0 0 0 0 0 0 Bilateral 1,223 664 446 87 209 103 152 70 Private creditors 5,182 2,087 420 331 138 58 16 1 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 206 222 0 8 34 20 0 0 Private nonguaranteed 0 0 0 463 451 304 407 123 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 6,780 2,248 2,721 4,445 12,791 1,122 1,060 887 Public and publicly guaranteed 6,780 2,248 2,721 4,217 12,640 591 917 366 Official creditors 1,174 671 1,055 2,846 10,938 198 372 156 Multilateral 312 454 351 1,190 2,396 16 127 1 of which: IBRD 130 260 172 156 677 12 107 1 IDA 0 0 0 0 0 0 0 0 Bilateral 862 217 704 1,655 8,542 182 245 155 Private creditors 5,606 1,577 1,666 1,371 1,702 392 545 210 of which: Bonds 16 278 0 0 0 0 0 0 Commercial banks 1,330 220 439 348 1,029 10 13 8 Private nonguaranteed 0 0 0 229 151 532 144 522 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 1,784 1,741 1,552 888 610 202 161 122 Public and publicly guaranteed 1,784 1,741 1,552 863 557 145 113 73 Official creditors 312 823 1,131 711 441 61 49 34 Multilateral 117 251 297 163 118 7 12 1 of which: IBRD 73 137 128 46 21 6 12 1 IDA 0 0 0 0 0 0 0 0 Bilateral 195 572 834 547 322 53 37 33 Private creditors 1,472 917 421 152 116 84 63 39 of which: Bonds 105 13 0 0 0 0 0 0 Commercial banks 526 251 146 34 30 2 2 2 Private nonguaranteed 0 0 0 25 53 57 48 49 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 912 2,810 -2,618 -5,314 -11,151 72 31 -480 Net flows on external debt -811 1,361 -1,572 -3,733 -11,914 -443 73 -504 9. Debt restructurings Total amount rescheduled 0 5,096 0 0 0 0 0 0 Total amount forgiven 0 0 0 0 0 0 0 0 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 478 223 205 193 214 185 152 134 Interest 47 40 36 32 28 23 20 16 Private creditors Principal 450 357 516 132 94 80 79 53 Interest 45 33 24 17 13 10 7 5 Notes: Short-term debt data are reported by the country. 61 ANGOLA 1. Summary external debt data External debt stocks 8,592 11,500 9,408 11,822 9,469 11,518 15,132 16,715 Long-term external debt 7,603 9,543 8,085 9,506 7,337 9,247 12,713 13,722 Public and publicly guaranteed 7,603 9,543 8,085 9,506 7,337 9,247 12,713 13,722 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 0 0 0 0 0 0 0 359 Short-term external debt 989 1,958 1,323 2,316 2,132 2,271 2,419 2,634 interest arrears on long-term 204 1,232 874 577 161 90 71 90 Memorandum items 496 4,190 2,853 1,877 700 351 279 361 7,599 9,513 8,059 9,495 7,331 9,245 12,712 13,721 5 29 26 12 7 2 1 0 523 420 1,033 14,150 2,036 4,378 4,188 5,705 External debt flows Disbursements 862 550 1,045 3,664 1,224 5,648 4,624 4,399 Long-term external debt 862 550 1,045 3,664 1,224 5,648 4,624 4,046 IMF purchases 0 0 0 0 0 0 0 353 Principal repayments 183 332 1,530 2,289 3,513 3,753 1,132 3,088 Long-term external debt 183 332 1,530 2,289 3,513 3,753 1,132 3,088 IMF repurchases 0 0 0 0 0 0 0 0 Net flows 977 -90 -733 2,591 -2,057 2,105 3,659 1,508 Long-term external debt 679 218 -485 1,375 -2,289 1,895 3,492 958 Short-term external debt 298 -308 -248 1,216 232 210 167 196 Interest payments 143 132 175 313 908 681 511 420 Long-term external debt 100 79 149 257 824 577 443 389 IMF charges 0 0 0 0 0 0 0 0 Short-term external debt 43 53 26 57 83 104 68 31 2. Other non-debt resource inflows Foreign direct investment -335 472 879 -1,304 -38 -893 1,679 2,205 Portfolio equity 0 0 0 0 0 0 0 0 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 8.2 6.2 6.4 7.6 9.6 Japanese yen 0.3 0.3 0.5 0.3 0.0 0.0 0.0 0.0 Pound sterling 1.4 0.9 1.0 0.9 0.2 0.2 0.1 0.1 Swiss franc 0.7 0.1 0.1 0.0 0.0 0.0 0.0 0.0 U.S.dollars 80.7 81.0 86.3 87.8 90.4 91.1 90.6 88.6 4. Average terms of new commitments Official creditors Interest (%) 5.7 8.1 0.8 6.5 1.1 0.4 0.6 3.4 Maturity (years) 14.1 9.9 39.8 13.8 10.9 12.1 43.4 8.7 Grace period (years) 3.7 0.4 10.3 2.0 1.5 2.7 10.4 1.7 Private creditors Interest (%) 7.7 8.1 5.0 6.6 8.0 6.3 4.5 6.5 Maturity (years) 7.7 8.6 3.1 7.7 9.0 6.8 7.4 5.3 Grace period (years) 1.8 0.4 1.3 1.3 0.8 1.0 0.8 1.2 5. Major economic aggregates Gross national income (GNI) 8,214 3,688 7,449 26,601 39,679 50,485 70,441 59,261 Exports of goods, services & income 4,003 3,852 8,222 24,312 33,492 45,329 64,666 41,582 Worker remit. & comp. of employees .. .. .. .. .. .. 82 .. Imports of goods, services & income 4,161 4,302 7,454 19,201 22,612 34,913 58,048 48,784 Profit remittances on FDI 314 386 929 3,406 5,278 7,268 13,185 6,130 Current account balance -236 -295 796 5,138 10,690 10,194 6,408 .. International reserves .. 213 1,198 3,197 8,599 11,197 17,869 13,664 6. Ratios External debt stocks to exports (%) 214.6 298.6 114.4 48.6 28.3 25.4 23.4 40.2 External debt stocks to GNI (%) 104.6 311.9 126.3 44.4 23.9 22.8 21.5 28.2 Debt service to exports (%) 8.1 12.0 20.7 10.7 13.2 9.8 2.5 8.4 Short-term to external debt stocks (%) 11.5 17.0 14.1 19.6 22.5 19.7 16.0 15.8 Multilateral to external debt stocks (%) 0.7 1.7 3.1 3.1 4.2 3.6 2.8 2.6 Reserves to external debt stocks (%) .. 1.9 12.7 27.0 90.8 97.2 118.1 81.7 Reserves to imports (months) .. 0.6 1.9 2.0 4.6 3.8 3.7 3.4 62 ANGOLA 7. Long-term external debt Debt outstanding and disbursed 7,603 9,543 8,085 9,506 7,337 9,247 12,713 13,722 Public and publicly guaranteed 7,603 9,543 8,085 9,506 7,337 9,247 12,713 13,722 Official creditors 1,839 2,226 2,703 3,162 2,578 3,202 4,006 4,820 Multilateral 57 191 294 371 396 416 421 441 of which: IBRD 0 0 0 0 0 0 0 0 IDA 0 81 226 319 347 365 369 385 Bilateral 1,782 2,035 2,409 2,791 2,182 2,785 3,585 4,379 Private creditors 5,765 7,316 5,382 6,344 4,760 6,045 8,707 8,902 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 143 873 2,625 5,062 3,928 5,248 7,790 7,953 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 862 550 1,045 3,664 1,224 5,648 4,624 4,046 Public and publicly guaranteed 862 550 1,045 3,664 1,224 5,648 4,624 4,046 Official creditors 169 119 34 309 508 953 1,103 1,112 Multilateral 5 30 24 34 21 9 16 23 of which: IBRD 0 0 0 0 0 0 0 0 IDA 0 30 24 30 18 8 12 19 Bilateral 164 89 10 275 487 944 1,087 1,089 Private creditors 693 431 1,011 3,355 717 4,695 3,521 2,934 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 17 396 1,010 3,236 573 4,562 3,276 2,792 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 183 332 1,530 2,289 3,513 3,753 1,132 3,088 Public and publicly guaranteed 183 332 1,530 2,289 3,513 3,753 1,132 3,088 Official creditors 59 24 268 505 1,206 351 278 310 Multilateral 4 2 27 8 15 7 8 8 of which: IBRD 0 0 0 0 0 0 0 0 IDA 0 0 0 5 5 5 6 6 Bilateral 56 22 241 497 1,191 344 270 302 Private creditors 123 308 1,262 1,784 2,307 3,402 854 2,778 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 8 108 1,149 1,654 1,713 3,253 715 2,649 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 100 79 149 257 824 577 443 389 Public and publicly guaranteed 100 79 149 257 824 577 443 389 Official creditors 19 12 36 61 364 162 118 143 Multilateral 2 1 28 4 7 3 4 4 of which: IBRD 0 0 0 0 0 0 0 0 IDA 0 0 2 3 3 2 3 3 Bilateral 16 12 8 57 356 159 114 139 Private creditors 81 67 113 195 460 415 325 246 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 5 33 93 160 330 352 260 218 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 1,303 207 -891 2,460 -2,353 2,048 3,614 1,583 Net flows on external debt 977 -90 -733 2,591 -2,057 2,105 3,659 1,508 9. Debt restructurings Total amount rescheduled 252 437 0 0 2 21 67 0 Total amount forgiven 0 0 0 122 400 72 18 0 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 1,616 1,898 1,993 1,989 1,953 1,927 1,921 1,808 Interest 145 319 363 343 293 235 168 101 Private creditors Principal 2,616 2,497 2,225 1,506 1,042 410 111 110 Interest 242 207 152 99 62 36 23 14 63 ARGENTINA 1. Summary external debt data External debt stocks 62,233 98,465 140,914 124,939 115,863 117,317 118,901 120,183 Long-term external debt 48,676 70,979 107,543 80,586 87,564 98,058 98,924 100,646 Public and publicly guaranteed 46,876 54,913 81,633 54,225 60,754 68,029 68,627 72,923 Private nonguaranteed 1,800 16,066 25,909 26,361 26,811 30,028 30,298 27,723 Use of IMF credit 3,083 6,131 5,056 9,513 0 0 0 0 Short-term external debt 10,473 21,355 28,315 34,841 28,299 19,260 19,977 19,537 interest arrears on long-term 7,590 0 0 7,735 7,452 9,452 10,003 10,665 Memorandum items 4,372 0 0 11,193 12,125 16,157 18,466 19,633 44,707 54,891 81,582 54,205 60,655 67,935 68,538 72,862 3,969 16,088 25,961 26,381 26,909 30,123 30,386 27,785 572 8,381 11,985 2,462 5,747 7,522 4,969 3,375 External debt flows Disbursements 1,587 11,319 20,853 4,690 8,789 9,089 7,037 7,537 Long-term external debt 1,150 8,954 18,759 4,690 8,789 9,089 7,037 7,537 IMF purchases 437 2,365 2,094 0 0 0 0 0 Principal repayments 3,443 3,532 15,679 7,009 14,819 5,171 4,635 8,784 Long-term external debt 2,745 3,048 14,400 3,438 5,026 5,171 4,635 8,784 IMF repurchases 697 484 1,280 3,571 9,793 0 0 0 Net flows -1,856 21,972 4,074 14,787 -12,289 -7,121 2,568 -2,350 Long-term external debt -1,595 5,906 4,359 1,252 3,763 3,918 2,402 -1,248 Short-term external debt 0 14,185 -1,100 17,106 -6,259 -11,039 166 -1,102 Interest payments 2,716 5,322 11,163 2,962 3,979 3,774 3,089 3,343 Long-term external debt 2,208 4,320 9,236 2,108 2,959 2,900 2,849 3,222 IMF charges 277 274 195 510 83 0 0 0 Short-term external debt 231 727 1,732 344 937 874 240 121 2. Other non-debt resource inflows Foreign direct investment 1,836 5,609 10,418 5,265 5,537 6,473 9,726 4,009 Portfolio equity 0 1,552 -3,227 -48 707 1,785 -531 -212 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 36.6 36.6 39.1 36.9 36.0 Japanese yen 6.7 9.2 6.2 2.7 2.5 2.3 2.9 2.7 Pound sterling 1.1 0.2 0.6 0.1 0.1 0.1 0.1 0.1 Swiss franc 2.2 1.6 0.4 0.4 0.4 0.4 0.4 0.4 U.S.dollars 54.5 57.5 61.0 54.4 55.9 54.7 57.0 58.8 4. Average terms of new commitments Official creditors Interest (%) 6.5 6.5 7.2 4.2 5.5 6.1 3.2 1.3 Maturity (years) 19.2 16.3 18.2 17.3 20.3 18.9 18.4 26.3 Grace period (years) 4.0 4.7 4.8 4.6 5.0 4.8 3.6 3.9 Private creditors Interest (%) 6.0 7.4 10.0 5.0 5.7 6.6 6.8 5.4 Maturity (years) 8.4 4.8 11.6 8.4 11.1 13.7 12.8 28.5 Grace period (years) 1.3 4.6 11.6 3.7 6.0 11.5 11.3 19.0 5. Major economic aggregates Gross national income (GNI) 135,150 253,396 276,656 176,575 208,884 257,129 321,257 299,468 Exports of goods, services & income 16,654 29,356 38,697 51,334 60,255 72,969 87,712 70,162 Worker remit. & comp. of employees 23 64 86 432 541 606 698 660 Imports of goods, services & income 13,100 35,070 48,076 46,543 52,947 65,967 80,826 61,571 Profit remittances on FDI 637 2,129 3,086 5,456 7,112 7,283 7,902 8,356 Current account balance 4,552 -5,118 -8,981 5,275 7,768 7,355 7,037 8,635 International reserves 6,222 15,979 25,152 28,082 32,022 46,149 46,385 48,007 6. Ratios External debt stocks to exports (%) 373.7 335.4 364.1 243.4 192.3 160.8 135.6 171.3 External debt stocks to GNI (%) 46.0 38.9 50.9 70.8 55.5 45.6 37.0 40.1 Debt service to exports (%) 37.0 30.2 69.4 19.4 36.2 12.3 8.8 17.3 Short-term to external debt stocks (%) 16.8 21.7 20.1 27.9 24.4 16.4 16.8 16.3 Multilateral to external debt stocks (%) 8.0 9.5 11.5 12.5 12.9 12.7 12.4 13.4 Reserves to external debt stocks (%) 10.0 16.2 17.8 22.5 27.6 39.3 39.0 39.9 Reserves to imports (months) 5.7 5.5 6.3 7.2 7.3 8.4 6.9 9.4 64 ARGENTINA 7. Long-term external debt Debt outstanding and disbursed 48,676 70,979 107,543 80,586 87,564 98,058 98,924 100,646 Public and publicly guaranteed 46,876 54,913 81,633 54,225 60,754 68,029 68,627 72,923 Official creditors 11,226 20,658 20,484 20,344 20,184 20,443 20,574 22,328 Multilateral 5,007 9,373 16,235 15,571 14,984 14,909 14,780 16,156 of which: IBRD 2,609 4,913 8,789 6,881 6,206 5,674 5,069 5,305 IDA 0 0 0 0 0 0 0 0 Bilateral 6,219 11,285 4,249 4,774 5,200 5,535 5,794 6,172 Private creditors 35,650 34,255 61,149 33,881 40,569 47,586 48,052 50,595 of which: Bonds 11,514 32,670 60,622 33,373 40,018 46,589 47,088 49,670 Commercial banks 22,631 793 294 171 201 211 205 208 Private nonguaranteed 1,800 16,066 25,909 26,361 26,811 30,028 30,298 27,723 of which: Bonds 21 7,582 11,138 8,772 10,138 12,073 7,921 6,850 Disbursements 1,150 8,954 18,759 4,690 8,789 9,089 7,037 7,537 Public and publicly guaranteed 1,129 6,604 14,277 3,183 3,893 5,647 4,047 3,591 Official creditors 910 2,804 1,937 989 1,666 2,385 2,022 3,498 Multilateral 736 1,936 1,923 985 1,662 2,373 2,000 3,070 of which: IBRD 405 941 1,019 362 459 505 332 1,028 IDA 0 0 0 0 0 0 0 0 Bilateral 174 868 13 4 4 12 22 429 Private creditors 219 3,800 12,340 2,194 2,227 3,263 2,025 93 of which: Bonds 0 3,630 12,338 2,194 2,227 3,263 2,025 93 Commercial banks 183 105 2 0 0 0 0 0 Private nonguaranteed 21 2,350 4,482 1,507 4,896 3,441 2,990 3,946 of which: Bonds 21 834 1,408 540 2,896 2,241 0 476 Principal repayments 2,745 3,048 14,400 3,438 5,026 5,171 4,635 8,784 Public and publicly guaranteed 2,745 1,783 8,896 1,672 2,539 3,230 2,367 3,070 Official creditors 454 1,356 1,837 1,489 2,362 2,676 2,364 1,783 Multilateral 405 512 825 1,462 2,354 2,568 2,253 1,637 of which: IBRD 233 259 538 928 1,134 1,037 936 793 IDA 0 0 0 0 0 0 0 0 Bilateral 49 844 1,012 27 9 108 111 146 Private creditors 2,292 427 7,059 183 177 554 3 1,287 of which: Bonds 878 128 6,842 182 175 554 3 1,232 Commercial banks 1,342 158 162 0 1 0 0 0 Private nonguaranteed 0 1,265 5,503 1,766 2,487 1,941 2,268 5,714 of which: Bonds 0 631 2,309 680 1,303 606 2,009 450 Interest payments 2,208 4,320 9,236 2,108 2,959 2,900 2,849 3,222 Public and publicly guaranteed 2,064 3,435 7,196 1,392 1,309 1,618 1,644 1,887 Official creditors 456 1,374 1,589 751 842 868 763 656 Multilateral 375 617 1,256 747 838 864 718 581 of which: IBRD 181 306 701 288 346 350 258 169 IDA 0 0 0 0 0 0 0 0 Bilateral 81 757 334 5 4 4 44 76 Private creditors 1,608 2,062 5,606 641 467 750 881 1,231 of which: Bonds 973 1,960 5,465 640 466 750 881 1,195 Commercial banks 621 56 121 0 0 0 0 0 Private nonguaranteed 144 885 2,041 716 1,650 1,282 1,206 1,335 of which: Bonds 0 641 1,109 585 1,135 759 710 562 8. Debt stock-flow reconciliation Total change in external debt stocks -3,024 23,646 570 -37,439 -9,076 1,454 1,584 1,282 Net flows on external debt -1,856 21,972 4,074 14,787 -12,289 -7,121 2,568 -2,350 9. Debt restructurings Total amount rescheduled 932 248 0 20,136 2,096 983 0 0 Total amount forgiven 5,970 863 689 40,333 3 0 0 10 Debt buyback 1,232 0 2,745 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 1,971 2,165 2,311 1,963 1,929 1,869 1,713 1,499 Interest 535 496 449 400 350 300 253 214 Private creditors Principal 8,490 5,832 4,984 4,219 1,751 4,552 1,949 5,217 Interest 3,726 3,228 3,006 2,711 2,504 2,363 2,016 1,754 Notes: Long-term private nonguaranteed debt data for 2009 are reported by the country for the first time. Historical data are World Bank staff estimates. Short-term debt data are revised from 2007 based on BIS data. Long-term provincial debt data are World Bank staff estimates. 65 ARMENIA 1. Summary external debt data External debt stocks .. 371 916 1,842 2,004 2,898 3,406 4,935 Long-term external debt .. 298 697 1,368 1,533 2,281 2,818 3,837 Public and publicly guaranteed .. 298 675 923 1,037 1,282 1,446 2,376 Private nonguaranteed .. 0 21 446 496 999 1,373 1,461 Use of IMF credit .. 70 175 176 164 158 135 587 Short-term external debt .. 2 44 298 307 459 453 512 interest arrears on long-term .. 1 6 0 0 0 0 0 Memorandum items .. 75 4 0 0 0 0 0 .. 298 675 923 1,037 1,282 1,446 2,376 .. 0 21 446 496 999 1,373 1,461 .. 131 74 251 65 203 201 898 External debt flows Disbursements .. 148 84 177 175 761 783 1,732 Long-term external debt .. 102 84 168 165 751 776 1,266 IMF purchases .. 46 0 10 10 10 7 466 Principal repayments .. 3 31 104 80 82 280 328 Long-term external debt .. 3 15 69 49 58 253 305 IMF repurchases .. 0 16 34 31 24 27 23 Net flows .. 147 42 -38 104 831 497 1,462 Long-term external debt .. 100 69 98 116 693 523 961 Short-term external debt .. 1 -11 -112 9 152 -6 59 Interest payments .. 8 15 35 70 107 85 102 Long-term external debt .. 7 9 23 59 91 70 81 IMF charges .. 2 3 1 1 1 1 4 Short-term external debt .. 0 2 11 11 15 15 18 2. Other non-debt resource inflows Foreign direct investment .. 25 104 239 453 699 935 777 Portfolio equity .. .. 0 1 -1 0 -1 1 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 8.0 8.8 9.0 8.7 6.3 Japanese yen .. 0.0 0.0 0.2 0.4 7.0 12.1 11.3 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 .. 62.6 93.3 86.3 82.6 71.2 62.9 66.0 4. Average terms of new commitments Official creditors Interest (%) .. 1.3 0.8 0.8 0.8 1.5 1.2 2.9 Maturity (years) .. 32.6 35.7 39.6 32.2 24.4 32.1 19.7 Grace period (years) .. 9.2 10.2 10.0 10.3 8.7 8.8 5.9 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 5. Major economic aggregates Gross national income (GNI) .. 1,466 1,964 5,033 6,600 9,485 12,388 8,926 Exports of goods, services & income .. 354 551 1,873 2,134 2,588 2,751 2,056 Worker remit. & comp. of employees .. 65 87 498 658 846 1,062 769 Imports of goods, services & income .. 741 1,017 2,449 2,946 4,122 5,272 4,189 Profit remittances on FDI .. .. 22 170 244 332 279 332 Current account balance .. -218 -278 -52 -117 -590 -1,383 -1,326 International reserves .. 111 314 669 1,072 1,659 1,407 2,004 6. Ratios External debt stocks to exports (%) .. 104.7 166.4 98.3 93.9 112.0 123.8 240.0 External debt stocks to GNI (%) .. 25.3 46.6 36.6 30.4 30.6 27.5 55.3 Debt service to exports (%) .. 3.2 8.3 7.4 7.0 7.3 13.3 20.9 Short-term to external debt stocks (%) .. 0.6 4.8 16.2 15.3 15.8 13.3 10.4 Multilateral to external debt stocks (%) .. 56.1 52.9 43.9 45.1 35.9 32.6 28.9 Reserves to external debt stocks (%) .. 30.0 34.3 36.3 53.5 57.2 41.3 40.6 Reserves to imports (months) .. 1.8 3.7 3.3 4.4 4.8 3.2 5.7 66 ARMENIA 7. Long-term external debt Debt outstanding and disbursed .. 298 697 1,368 1,533 2,281 2,818 3,837 Public and publicly guaranteed .. 298 675 923 1,037 1,282 1,446 2,376 Official creditors .. 298 658 921 1,036 1,281 1,444 2,375 Multilateral .. 208 485 808 905 1,041 1,111 1,427 of which: IBRD .. 5 8 6 6 5 5 53 IDA .. 91 388 746 841 965 1,025 1,161 Bilateral .. 90 173 113 131 240 333 948 Private creditors .. 0 17 1 1 1 1 1 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 0 5 0 0 0 0 0 Private nonguaranteed .. 0 21 446 496 999 1,373 1,461 of which: Bonds .. 0 0 0 0 0 0 0 Disbursements .. 102 84 168 165 751 776 1,266 Public and publicly guaranteed .. 102 63 50 83 207 164 941 Official creditors .. 102 62 50 83 207 164 941 Multilateral .. 102 58 37 72 110 92 324 of which: IBRD .. 3 0 0 0 0 0 49 IDA .. 88 54 34 64 93 80 142 Bilateral .. 0 4 14 11 97 72 617 Private creditors .. 0 1 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 21 117 82 544 612 325 of which: Bonds .. 0 0 0 0 0 0 0 Principal repayments .. 3 15 69 49 58 253 305 Public and publicly guaranteed .. 3 15 16 17 17 15 21 Official creditors .. 3 13 16 17 17 15 21 Multilateral .. 0 8 14 15 15 13 15 of which: IBRD .. 0 0 1 1 1 1 1 IDA .. 0 0 3 6 7 11 14 Bilateral .. 3 5 2 2 2 2 6 Private creditors .. 0 2 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 53 32 42 238 284 of which: Bonds .. 0 0 0 0 0 0 0 Interest payments .. 7 9 23 59 91 70 81 Public and publicly guaranteed .. 7 9 9 9 10 11 23 Official creditors .. 7 9 9 9 10 11 23 Multilateral .. 7 8 8 8 8 9 9 of which: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 3 6 6 7 8 8 Bilateral .. 0 1 2 2 2 2 14 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 14 49 81 58 58 of which: Bonds .. 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks .. 156 15 -127 162 894 508 1,530 Net flows on external debt .. 147 42 -38 104 831 497 1,462 9. Debt restructurings Total amount rescheduled .. 0 14 0 0 0 0 0 Total amount forgiven .. 0 0 0 0 0 0 0 Debt buyback .. 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 25 28 30 75 91 95 104 119 Interest 35 36 36 36 34 32 30 29 Private creditors Principal 368 290 257 150 119 88 74 58 Interest 63 47 32 23 16 11 7 4 Notes: Short-term debt is based on reports provided by the country. 67 AZERBAIJAN 1. Summary external debt data External debt stocks .. 321 1,328 2,043 2,586 3,593 4,315 4,865 Long-term external debt .. 206 836 1,693 1,932 2,447 3,066 3,993 Public and publicly guaranteed .. 206 737 1,506 1,828 2,304 2,739 3,403 Private nonguaranteed .. 0 99 187 104 143 327 590 Use of IMF credit .. 101 336 164 134 103 79 62 Short-term external debt .. 14 156 186 520 1,043 1,169 810 interest arrears on long-term .. 6 0 0 0 0 0 0 Memorandum items .. 36 0 0 0 0 0 0 .. 206 737 1,506 1,828 2,304 2,739 3,403 .. 0 99 187 104 143 327 590 .. 188 202 1,387 412 723 1,928 1,368 External debt flows Disbursements .. 205 256 449 468 490 727 985 Long-term external debt .. 102 256 430 468 490 727 985 IMF purchases .. 103 0 19 0 0 0 0 Principal repayments .. 0 74 198 215 114 180 308 Long-term external debt .. 0 22 150 178 77 159 290 IMF repurchases .. 0 51 48 37 37 22 19 Net flows .. 207 309 300 587 899 673 318 Long-term external debt .. 102 234 281 290 413 568 696 Short-term external debt .. 2 127 48 334 523 126 -359 Interest payments .. 10 56 36 55 88 112 89 Long-term external debt .. 9 37 27 39 69 79 70 IMF charges .. 1 14 2 2 1 1 0 Short-term external debt .. 0 5 6 15 18 33 19 2. Other non-debt resource inflows Foreign direct investment .. 330 130 1,680 -584 -4,749 15 473 Portfolio equity .. .. .. 0 1 2 0 0 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 12.6 18.6 21.6 20.7 26.5 Japanese yen .. 0.0 20.8 24.8 19.8 16.6 17.3 12.5 Pound sterling .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc .. 0.0 6.5 4.1 3.1 2.4 2.1 1.5 U.S.dollars .. 51.4 65.8 54.1 52.5 51.8 51.8 51.6 4. Average terms of new commitments Official creditors Interest (%) .. 1.4 4.3 2.3 4.5 5.2 3.0 1.6 Maturity (years) .. 32.2 22.6 28.8 24.7 20.1 21.5 25.2 Grace period (years) .. 9.4 4.7 7.7 8.0 4.2 4.8 6.6 Private creditors Interest (%) .. 0.0 8.2 3.5 6.0 6.6 4.8 4.3 Maturity (years) .. 0.0 9.7 13.3 12.0 9.8 13.0 15.2 Grace period (years) .. 0.0 1.1 3.0 0.5 1.3 5.0 4.0 5. Major economic aggregates Gross national income (GNI) .. 3,039 4,987 11,599 18,302 27,970 40,992 40,255 Exports of goods, services & income .. 795 2,174 8,534 14,235 22,845 32,728 23,398 Worker remit. & comp. of employees .. 3 57 693 813 1,287 1,554 1,274 Imports of goods, services & income .. 1,306 2,415 8,850 11,093 14,831 17,325 13,942 Profit remittances on FDI .. 0 317 1,582 2,624 4,995 5,401 3,664 Current account balance .. -401 -168 167 3,708 9,019 16,454 10,178 International reserves .. 121 680 1,178 2,500 4,273 6,467 5,364 6. Ratios External debt stocks to exports (%) .. 40.4 61.1 23.9 18.2 15.7 13.2 20.8 External debt stocks to GNI (%) .. 10.6 26.6 17.6 14.1 12.8 10.5 12.1 Debt service to exports (%) .. 1.3 6.0 2.7 1.9 0.9 0.9 1.7 Short-term to external debt stocks (%) .. 4.4 11.8 9.1 20.1 29.0 27.1 16.6 Multilateral to external debt stocks (%) .. 30.8 24.3 30.8 28.4 26.8 26.4 30.0 Reserves to external debt stocks (%) .. 37.7 51.2 57.7 96.7 118.9 149.9 110.3 Reserves to imports (months) .. 1.1 3.4 1.6 2.7 3.5 4.5 4.6 68 AZERBAIJAN 7. Long-term external debt Debt outstanding and disbursed .. 206 836 1,693 1,932 2,447 3,066 3,993 Public and publicly guaranteed .. 206 737 1,506 1,828 2,304 2,739 3,403 Official creditors .. 206 647 1,217 1,355 1,594 1,892 2,191 Multilateral .. 99 323 630 735 963 1,140 1,462 of which: IBRD .. 0 0 0 5 21 78 199 IDA .. 30 216 501 583 660 698 739 Bilateral .. 107 324 587 620 631 752 730 Private creditors .. 0 90 289 473 710 848 1,212 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 0 65 289 419 570 652 968 Private nonguaranteed .. 0 99 187 104 143 327 590 of which: Bonds .. 0 0 0 0 0 0 0 Disbursements .. 102 256 430 468 490 727 985 Public and publicly guaranteed .. 102 250 306 443 443 512 845 Official creditors .. 102 209 70 266 233 283 431 Multilateral .. 90 56 57 211 219 213 367 of which: IBRD .. 0 0 0 5 16 56 122 IDA .. 30 27 48 60 58 50 45 Bilateral .. 13 153 13 55 14 70 64 Private creditors .. 0 41 236 177 210 228 414 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 0 38 236 121 119 167 346 Private nonguaranteed .. 0 6 124 25 47 216 140 of which: Bonds .. 0 0 0 0 0 0 0 Principal repayments .. 0 22 150 178 77 159 290 Public and publicly guaranteed .. 0 15 53 62 66 136 214 Official creditors .. 0 13 36 43 50 70 135 Multilateral .. 0 9 18 17 21 29 54 of which: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 0 2 4 6 8 9 Bilateral .. 0 4 19 26 29 41 81 Private creditors .. 0 2 16 19 16 66 78 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 0 0 16 17 13 59 59 Private nonguaranteed .. 0 7 97 116 11 23 76 of which: Bonds .. 0 0 0 0 0 0 0 Interest payments .. 9 37 27 39 69 79 70 Public and publicly guaranteed .. 9 32 20 32 62 67 52 Official creditors .. 9 31 16 18 35 29 31 Multilateral .. 2 7 9 11 26 21 22 of which: IBRD .. 0 0 0 1 1 3 5 IDA .. 0 2 4 4 5 5 5 Bilateral .. 7 24 7 7 9 9 9 Private creditors .. 0 1 4 14 27 38 21 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 0 0 4 13 24 35 15 Private nonguaranteed .. 0 5 7 7 7 11 18 of which: Bonds .. 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks .. 208 255 94 543 1,007 721 550 Net flows on external debt .. 207 309 300 587 899 673 318 9. Debt restructurings Total amount rescheduled .. 0 0 0 0 0 0 0 Total amount forgiven .. 0 0 0 0 0 0 0 Debt buyback .. 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 133 130 194 209 233 245 284 285 Interest 34 40 44 46 47 46 45 42 Private creditors Principal 243 256 220 212 228 213 185 158 Interest 48 42 35 29 24 19 14 10 Notes: Long-term private nonguaranteed debt data only cover European Bank for Reconstruction and Development. 69 BANGLADESH 1. Summary external debt data External debt stocks 12,285 15,726 15,535 18,381 20,032 21,296 22,886 23,820 Long-term external debt 11,504 14,905 14,985 17,385 18,378 19,426 20,307 21,206 Public and publicly guaranteed 11,504 14,905 14,985 17,385 18,378 19,426 20,307 21,206 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 626 622 216 308 476 501 686 675 Short-term external debt 156 199 334 688 1,178 1,370 1,894 1,939 interest arrears on long-term 1 15 0 16 0 4 1 0 Memorandum items 11 13 4 1 3 53 10 7 11,504 14,905 14,985 17,385 18,378 19,426 20,307 21,206 0 0 0 0 0 0 0 0 1,231 716 588 1,106 1,322 1,997 2,751 1,796 External debt flows Disbursements 1,264 757 861 976 1,211 1,080 1,939 1,499 Long-term external debt 1,203 757 861 878 1,061 1,080 1,732 1,499 IMF purchases 60 0 0 97 150 0 206 0 Principal repayments 539 574 572 566 482 735 640 729 Long-term external debt 335 513 487 566 482 735 632 705 IMF repurchases 204 61 86 0 0 0 8 23 Net flows 812 182 368 370 1,235 532 1,826 817 Long-term external debt 868 244 374 312 579 344 1,100 794 Short-term external debt 88 -1 80 -40 506 188 527 46 Interest payments 196 180 194 233 228 255 249 228 Long-term external debt 146 167 165 197 167 180 203 197 IMF charges 40 3 7 1 2 2 7 6 Short-term external debt 9 10 22 35 59 72 39 25 2. Other non-debt resource inflows Foreign direct investment 3 2 280 813 697 653 1,010 674 Portfolio equity 0 -15 1 20 31 153 -48 -154 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 0.7 0.8 0.9 0.7 0.6 Japanese yen 24.2 25.6 20.3 14.2 12.5 10.4 10.0 9.0 Pound sterling 5.1 3.5 3.0 2.1 1.9 1.7 1.5 1.4 Swiss franc 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 48.3 41.7 44.3 50.7 52.3 51.9 52.4 53.5 4. Average terms of new commitments Official creditors Interest (%) 1.1 1.9 2.4 1.5 2.0 2.1 1.2 2.0 Maturity (years) 37.6 38.2 28.4 35.2 33.6 32.4 37.6 25.4 Grace period (years) 10.2 10.0 7.4 9.2 8.7 8.2 9.5 7.3 Private creditors Interest (%) 5.8 0.0 3.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) 11.8 0.0 12.7 0.0 0.0 0.0 0.0 0.0 Grace period (years) 3.4 0.0 3.2 0.0 0.0 0.0 0.0 0.0 5. Major economic aggregates Gross national income (GNI) 30,757 39,097 48,828 63,397 65,950 73,526 86,604 99,391 Exports of goods, services & income 2,128 4,702 7,293 10,668 13,065 14,335 17,690 17,060 Worker remit. & comp. of employees 779 1,202 1,968 4,315 5,428 6,562 8,941 10,523 Imports of goods, services & income 4,140 7,790 10,018 15,618 17,802 20,766 26,382 24,590 Profit remittances on FDI 0 0 149 661 765 903 840 1,084 Current account balance -398 -824 -306 -176 1,196 857 926 3,345 International reserves 660 2,376 1,516 2,825 3,877 5,277 5,787 10,342 6. Ratios External debt stocks to exports (%) 577.3 334.5 213.0 172.3 153.3 148.6 129.4 139.6 External debt stocks to GNI (%) 39.9 40.2 31.8 29.0 30.4 29.0 26.4 24.0 Debt service to exports (%) 34.6 16.1 10.5 7.5 5.4 6.9 5.0 5.6 Short-term to external debt stocks (%) 1.3 1.3 2.2 3.7 5.9 6.4 8.3 8.1 Multilateral to external debt stocks (%) 52.4 61.5 70.8 76.4 74.6 76.6 75.6 77.1 Reserves to external debt stocks (%) 5.4 15.1 9.8 15.4 19.4 24.8 25.3 43.4 Reserves to imports (months) 1.9 3.7 1.8 2.2 2.6 3.0 2.6 5.0 70 BANGLADESH 7. Long-term external debt Debt outstanding and disbursed 11,504 14,905 14,985 17,385 18,378 19,426 20,307 21,206 Public and publicly guaranteed 11,504 14,905 14,985 17,385 18,378 19,426 20,307 21,206 Official creditors 11,281 14,727 14,809 17,201 18,215 19,278 20,209 21,122 Multilateral 6,434 9,669 10,998 14,044 14,947 16,315 17,296 18,376 of which: IBRD 64 55 24 0 0 0 0 0 IDA 4,095 5,638 6,431 8,688 9,297 10,077 10,613 10,746 Bilateral 4,847 5,057 3,810 3,157 3,268 2,963 2,914 2,746 Private creditors 223 179 176 184 163 148 98 84 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 21 12 15 32 30 26 18 15 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 1,203 757 861 878 1,061 1,080 1,732 1,499 Public and publicly guaranteed 1,203 757 861 878 1,061 1,080 1,732 1,499 Official creditors 1,114 677 794 878 1,061 1,080 1,706 1,499 Multilateral 819 494 650 814 742 1,008 1,451 1,430 of which: IBRD 0 0 0 0 0 0 0 0 IDA 464 198 357 547 398 602 820 297 Bilateral 295 183 145 64 319 71 255 69 Private creditors 90 79 67 0 0 0 27 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 22 0 15 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 335 513 487 566 482 735 632 705 Public and publicly guaranteed 335 513 487 566 482 735 632 705 Official creditors 301 414 465 551 459 719 612 692 Multilateral 62 104 168 290 328 383 434 477 of which: IBRD 2 5 5 0 0 0 0 0 IDA 13 41 82 153 172 193 213 234 Bilateral 240 310 297 260 131 335 178 215 Private creditors 34 99 22 16 24 17 20 13 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 2 2 0 5 5 5 5 3 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 146 167 165 197 167 180 203 197 Public and publicly guaranteed 146 167 165 197 167 180 203 197 Official creditors 135 162 156 195 166 178 200 195 Multilateral 51 87 93 133 137 144 161 157 of which: IBRD 4 4 2 0 0 0 0 0 IDA 28 42 47 70 70 72 77 79 Bilateral 84 75 63 62 29 34 38 38 Private creditors 11 5 9 2 2 2 3 2 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 1 0 0 0 1 1 1 0 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 1,587 244 -845 -1,205 1,651 1,264 1,590 934 Net flows on external debt 812 182 368 370 1,235 532 1,826 817 9. Debt restructurings Total amount rescheduled 0 0 0 0 0 0 0 0 Total amount forgiven 0 0 0 0 0 0 0 0 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 764 775 822 1,109 1,140 927 978 1,024 Interest 236 242 244 240 229 218 214 207 Private creditors Principal 26 22 19 14 14 2 2 2 Interest 3 3 2 1 1 0 0 0 Notes: Historical data on long-term public and publicly guaranteed debt up to 2008 are revised based on reports provided by the country. 71 BELARUS 1. Summary external debt data External debt stocks .. 1,694 2,140 4,737 5,352 10,341 12,299 17,158 Long-term external debt .. 1,302 787 1,233 1,697 3,463 5,340 6,262 Public and publicly guaranteed .. 1,301 689 786 842 2,338 3,752 4,758 Private nonguaranteed .. 0 98 448 855 1,125 1,589 1,504 Use of IMF credit .. 283 114 0 0 0 0 2,871 Short-term external debt .. 110 1,239 3,503 3,654 6,878 6,959 8,024 interest arrears on long-term .. 19 14 1 4 2 2 3 Memorandum items .. 140 29 37 22 10 4 19 .. 1,301 689 777 837 2,336 3,752 4,758 .. 0 98 456 860 1,127 1,589 1,504 .. 145 136 412 174 1,639 1,961 1,492 External debt flows Disbursements .. 441 249 648 747 2,532 2,709 4,917 Long-term external debt .. 258 249 648 747 2,532 2,709 2,091 IMF purchases .. 182 0 0 0 0 0 2,825 Principal repayments .. 108 261 519 483 757 826 935 Long-term external debt .. 108 206 510 483 757 826 935 IMF repurchases .. 0 56 9 0 0 0 0 Net flows .. 369 -89 695 412 5,000 1,965 5,046 Long-term external debt .. 150 43 138 264 1,775 1,883 1,157 Short-term external debt .. 36 -76 566 148 3,225 82 1,064 Interest payments .. 74 107 161 250 322 349 313 Long-term external debt .. 59 39 51 72 81 232 172 IMF charges .. 10 7 0 0 0 0 13 Short-term external debt .. 4 61 111 178 241 117 128 2. Other non-debt resource inflows Foreign direct investment .. 15 119 305 354 1,785 2,181 1,884 Portfolio equity .. .. 1 1 -1 5 1 1 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 14.4 26.0 9.9 4.1 7.8 Japanese yen .. 2.3 2.2 1.1 0.7 0.1 0.0 0.0 Pound sterling .. 0.0 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 0.0 U.S.dollars .. 50.8 48.9 71.8 61.1 85.5 93.4 89.3 4. Average terms of new commitments Official creditors Interest (%) .. 5.1 6.8 5.0 5.9 4.6 6.1 4.2 Maturity (years) .. 16.0 5.9 7.6 16.9 14.9 12.1 13.4 Grace period (years) .. 5.6 2.4 1.4 5.4 5.4 4.2 4.7 Private creditors Interest (%) .. 8.1 7.2 8.9 7.2 4.8 0.0 3.2 Maturity (years) .. 5.8 2.5 1.1 2.3 3.0 0.0 9.0 Grace period (years) .. 1.6 1.0 1.1 1.3 1.0 0.0 2.3 5. Major economic aggregates Gross national income (GNI) .. 13,922 12,690 30,220 36,841 44,870 59,974 48,249 Exports of goods, services & income .. 5,271 7,667 18,350 22,482 27,901 37,388 25,070 Worker remit. & comp. of employees .. 29 139 255 340 354 443 352 Imports of goods, services & income .. 5,805 8,160 18,079 24,134 31,124 42,844 31,729 Profit remittances on FDI .. .. 5 135 236 435 682 871 Current account balance .. -458 -338 436 -1,448 -3,032 -5,262 -6,402 International reserves .. 377 350 1,342 1,386 4,179 3,063 5,640 6. Ratios External debt stocks to exports (%) .. 32.1 27.9 25.8 23.8 37.1 32.9 68.4 External debt stocks to GNI (%) .. 12.2 16.9 15.7 14.5 23.0 20.5 35.6 Debt service to exports (%) .. 3.4 4.8 3.7 3.3 3.9 3.1 5.0 Short-term to external debt stocks (%) .. 6.5 57.9 74.0 68.3 66.5 56.6 46.8 Multilateral to external debt stocks (%) .. 11.1 10.1 1.7 1.2 0.5 0.4 1.5 Reserves to external debt stocks (%) .. 22.3 16.4 28.3 25.9 40.4 24.9 32.9 Reserves to imports (months) .. 0.8 0.5 0.9 0.7 1.6 0.9 2.1 72 BELARUS 7. Long-term external debt Debt outstanding and disbursed .. 1,302 787 1,233 1,697 3,463 5,340 6,262 Public and publicly guaranteed .. 1,301 689 786 842 2,338 3,752 4,758 Official creditors .. 769 400 566 571 2,076 3,580 4,629 Multilateral .. 188 217 81 65 52 50 261 of which: IBRD .. 116 105 59 50 42 42 256 IDA .. 0 0 0 0 0 0 0 Bilateral .. 582 183 485 506 2,023 3,529 4,368 Private creditors .. 532 289 219 271 262 172 128 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 46 56 57 102 107 68 46 Private nonguaranteed .. 0 98 448 855 1,125 1,589 1,504 of which: Bonds .. 0 0 0 0 19 19 19 Disbursements .. 258 249 648 747 2,532 2,709 2,091 Public and publicly guaranteed .. 258 143 254 207 1,717 1,568 1,265 Official creditors .. 131 25 188 74 1,596 1,563 1,254 Multilateral .. 77 25 7 5 7 16 216 of which: IBRD .. 11 6 7 5 7 16 216 IDA .. 0 0 0 0 0 0 0 Bilateral .. 54 0 181 69 1,589 1,547 1,038 Private creditors .. 127 118 66 133 121 5 11 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 20 48 34 83 96 0 10 Private nonguaranteed .. 0 106 395 540 815 1,141 826 of which: Bonds .. 0 0 0 0 19 0 0 Principal repayments .. 108 206 510 483 757 826 935 Public and publicly guaranteed .. 108 134 177 171 253 151 126 Official creditors .. 84 52 94 73 98 64 67 Multilateral .. 70 49 42 23 21 19 5 of which: IBRD .. 0 14 16 15 16 17 3 IDA .. 0 0 0 0 0 0 0 Bilateral .. 15 4 52 50 77 45 62 Private creditors .. 24 82 83 98 155 86 59 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 0 28 12 42 101 35 33 Private nonguaranteed .. 0 71 333 311 505 675 809 of which: Bonds .. 0 0 0 0 0 0 0 Interest payments .. 59 39 51 72 81 232 172 Public and publicly guaranteed .. 59 38 39 45 49 176 105 Official creditors .. 32 18 17 28 30 159 97 Multilateral .. 23 17 5 4 4 3 2 of which: IBRD .. 8 6 3 3 3 2 2 IDA .. 0 0 0 0 0 0 0 Bilateral .. 10 2 12 24 26 156 94 Private creditors .. 26 19 22 16 19 17 8 of which: Bonds .. 0 0 0 0 0 0 0 Commercial banks .. 1 4 4 6 8 8 4 Private nonguaranteed .. 0 1 12 27 33 56 67 of which: Bonds .. 0 0 0 0 1 2 2 8. Debt stock-flow reconciliation Total change in external debt stocks .. 398 -122 708 615 4,989 1,958 4,859 Net flows on external debt .. 369 -89 695 412 5,000 1,965 5,046 9. Debt restructurings Total amount rescheduled .. 0 50 0 0 0 0 0 Total amount forgiven .. 0 0 0 0 0 0 15 Debt buyback .. 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 91 154 273 437 580 556 464 474 Interest 120 164 156 139 119 96 76 62 Private creditors Principal 454 331 298 188 148 108 74 60 Interest 70 52 36 26 18 12 8 4 Notes: Short-term debt is based on reports provided by the National Bank. 73 BELIZE 1. Summary external debt data External debt stocks 143 255 612 1,012 1,036 1,085 1,071 1,092 Long-term external debt 136 219 562 1,006 1,029 1,078 1,064 1,076 Public and publicly guaranteed 136 219 553 981 1,009 1,064 1,048 1,063 Private nonguaranteed 0 0 8 25 20 14 16 14 Use of IMF credit 0 0 0 0 0 0 0 7 Short-term external debt 6 36 50 6 7 6 7 8 interest arrears on long-term 1 1 0 6 7 6 7 8 Memorandum items 2 1 0 2 0 1 1 1 136 219 553 981 1,009 1,052 1,038 1,054 0 0 8 25 20 26 26 23 5 29 224 199 106 591 16 90 External debt flows Disbursements 18 31 223 212 99 615 43 72 Long-term external debt 18 31 223 212 99 615 43 64 IMF purchases 0 0 0 0 0 0 0 7 Principal repayments 12 25 41 160 77 567 56 52 Long-term external debt 9 25 41 160 77 567 56 52 IMF repurchases 3 0 0 0 0 0 0 0 Net flows 7 27 181 53 23 48 -13 19 Long-term external debt 9 6 182 53 23 48 -13 12 Short-term external debt 1 21 -1 0 0 0 0 0 Interest payments 6 11 35 73 64 64 51 47 Long-term external debt 6 10 32 73 64 64 51 47 IMF charges 0 0 0 0 0 0 0 0 Short-term external debt 0 1 3 0 0 0 0 0 2. Other non-debt resource inflows Foreign direct investment 17 21 23 127 109 140 191 95 Portfolio equity 0 0 0 0 4 0 2 0 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 1.3 1.4 1.3 0.8 0.8 Japanese yen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pound sterling 23.6 10.0 1.8 0.4 0.4 0.2 0.1 0.1 Swiss franc 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 45.3 62.7 93.2 96.7 96.9 97.2 97.8 98.0 4. Average terms of new commitments Official creditors Interest (%) 5.0 5.9 6.3 0.0 2.9 5.3 4.1 1.9 Maturity (years) 10.0 17.9 21.1 28.4 10.5 22.3 23.4 22.2 Grace period (years) 2.5 3.9 5.3 1.0 2.4 5.6 5.6 4.6 Private creditors Interest (%) 0.0 8.6 9.5 4.7 0.0 4.2 4.3 0.0 Maturity (years) 0.0 4.8 8.1 7.1 0.0 21.9 22.0 0.0 Grace period (years) 0.0 0.3 3.0 1.6 0.0 12.2 12.5 0.0 5. Major economic aggregates Gross national income (GNI) 406 599 775 1,000 1,088 1,118 1,197 .. Exports of goods, services & income 255 300 441 634 800 831 872 731 Worker remit. & comp. of employees 18 14 26 46 65 75 78 80 Imports of goods, services & income 269 351 661 836 899 976 1,116 905 Profit remittances on FDI 7 8 31 35 52 87 94 66 Current account balance 15 -17 -162 -151 -25 -52 -132 -94 International reserves 70 38 123 71 114 109 166 214 6. Ratios External debt stocks to exports (%) 55.9 85.0 138.6 159.6 129.5 130.6 122.7 149.3 External debt stocks to GNI (%) 35.1 42.6 78.9 101.1 95.2 97.0 89.4 .. Debt service to exports (%) 7.2 12.2 17.3 36.7 17.6 76.0 12.3 13.6 Short-term to external debt stocks (%) 4.3 14.0 8.2 0.6 0.6 0.6 0.6 0.7 Multilateral to external debt stocks (%) 40.2 35.1 22.2 21.4 21.2 21.7 21.1 22.5 Reserves to external debt stocks (%) 48.9 14.7 20.1 7.1 11.0 10.0 15.5 19.6 Reserves to imports (months) 3.1 1.3 2.2 1.0 1.5 1.3 1.8 2.8 74 BELIZE 7. Long-term external debt Debt outstanding and disbursed 136 219 562 1,006 1,029 1,078 1,064 1,076 Public and publicly guaranteed 136 219 553 981 1,009 1,064 1,048 1,063 Official creditors 118 175 225 340 407 383 381 407 Multilateral 57 89 136 216 219 236 226 245 of which: IBRD 18 30 40 35 30 25 21 16 IDA 0 0 0 0 0 0 0 0 Bilateral 61 86 89 124 188 148 156 162 Private creditors 18 44 328 641 602 681 667 655 of which: Bonds 0 0 75 482 466 24 22 21 Commercial banks 16 39 245 149 129 652 642 634 Private nonguaranteed 0 0 8 25 20 14 16 14 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 18 31 223 212 99 615 43 64 Public and publicly guaranteed 18 31 218 212 99 615 43 64 Official creditors 13 26 26 48 97 63 41 63 Multilateral 6 12 22 14 17 36 18 34 of which: IBRD 3 6 2 1 0 0 0 0 IDA 0 0 0 0 0 0 0 0 Bilateral 7 13 4 34 80 26 24 30 Private creditors 5 5 192 165 3 552 2 1 of which: Bonds 0 0 86 143 0 0 0 0 Commercial banks 5 5 96 12 3 552 2 1 Private nonguaranteed 0 0 5 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 9 25 41 160 77 567 56 52 Public and publicly guaranteed 9 25 41 158 72 561 52 50 Official creditors 7 18 20 23 30 87 36 37 Multilateral 3 7 9 17 15 21 21 15 of which: IBRD 1 2 4 4 5 5 5 4 IDA 0 0 0 0 0 0 0 0 Bilateral 4 11 11 6 15 66 16 23 Private creditors 2 8 22 135 41 474 16 13 of which: Bonds 0 0 11 36 16 441 2 1 Commercial banks 2 5 9 98 22 30 11 9 Private nonguaranteed 0 0 0 2 5 6 4 2 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 6 10 32 73 64 64 51 47 Public and publicly guaranteed 6 10 32 72 64 63 50 47 Official creditors 4 8 12 15 17 18 17 14 Multilateral 3 4 7 9 10 11 10 8 of which: IBRD 1 2 3 2 2 2 1 1 IDA 0 0 0 0 0 0 0 0 Bilateral 1 4 4 5 7 8 7 7 Private creditors 1 2 20 58 47 45 33 33 of which: Bonds 0 0 1 41 36 23 2 2 Commercial banks 1 2 18 16 10 21 31 30 Private nonguaranteed 0 0 0 1 1 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 6 56 220 49 24 49 -14 21 Net flows on external debt 7 27 181 53 23 48 -13 19 9. Debt restructurings Total amount rescheduled 0 0 0 0 0 0 7 0 Total amount forgiven 9 0 0 0 0 0 0 0 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 32 28 28 27 29 29 39 28 Interest 13 12 12 11 10 9 8 7 Private creditors Principal 37 12 31 9 9 9 5 5 Interest 31 29 27 26 25 24 24 23 Notes: Long-term private nonguaranteed debt data are World Bank staff estimates. 75 BENIN 1. Summary external debt data External debt stocks 1,122 1,398 1,390 1,539 642 766 918 1,073 Long-term external debt 1,048 1,267 1,239 1,446 599 757 857 990 Public and publicly guaranteed 1,048 1,267 1,239 1,446 599 757 857 990 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 18 84 84 53 3 4 22 39 Short-term external debt 56 47 66 41 41 5 38 45 interest arrears on long-term 21 8 1 2 2 5 5 33 Memorandum items 69 71 2 6 8 9 13 36 1,048 1,267 1,239 1,446 599 757 857 990 0 0 0 0 0 0 0 0 85 113 140 266 91 228 147 232 External debt flows Disbursements 120 104 48 98 162 160 162 166 Long-term external debt 120 90 39 97 161 158 143 150 IMF purchases 0 14 9 1 1 1 19 16 Principal repayments 20 25 53 31 27 18 17 25 Long-term external debt 18 23 43 24 27 18 17 25 IMF repurchases 2 2 11 7 0 0 0 0 Net flows 91 95 -54 82 135 102 178 120 Long-term external debt 101 67 -4 73 134 140 127 125 Short-term external debt -8 16 -48 15 0 -39 33 -21 Interest payments 17 23 21 16 14 11 42 12 Long-term external debt 13 21 16 14 12 10 41 12 IMF charges 0 0 0 0 0 0 0 0 Short-term external debt 4 2 4 2 2 1 0 0 2. Other non-debt resource inflows Foreign direct investment 62 13 60 53 53 255 174 93 Portfolio equity 0 0 0 2 0 5 .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 4.4 4.9 3.8 3.2 5.3 Japanese yen 0.0 0.0 2.6 0.0 0.0 0.0 0.0 0.0 Pound sterling 1.0 0.5 0.3 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 40.3 45.1 54.8 50.7 27.2 27.9 24.3 21.5 4. Average terms of new commitments Official creditors Interest (%) 1.3 1.7 1.9 1.3 1.2 1.5 1.5 1.3 Maturity (years) 39.2 32.4 32.7 30.4 32.6 32.5 30.1 36.8 Grace period (years) 8.4 8.9 8.3 9.3 8.3 8.4 8.0 8.9 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 5. Major economic aggregates Gross national income (GNI) 1,806 1,965 2,243 4,259 4,623 5,428 6,672 6,646 Exports of goods, services & income 376 638 552 797 976 1,385 .. .. Worker remit. & comp. of employees 101 100 87 173 224 282 271 267 Imports of goods, services & income 492 926 744 1,188 1,452 2,189 1,928 .. Profit remittances on FDI 0 6 1 9 15 53 .. .. Current account balance -18 -167 -81 -226 -217 -535 .. .. International reserves 69 198 458 657 912 1,209 1,263 1,230 6. Ratios External debt stocks to exports (%) 298.2 219.3 251.8 193.1 65.8 55.3 .. .. External debt stocks to GNI (%) 62.1 71.2 62.0 36.1 13.9 14.1 13.8 16.1 Debt service to exports (%) 9.9 7.5 13.5 5.9 4.2 2.1 .. .. Short-term to external debt stocks (%) 5.0 3.4 4.8 2.7 6.4 0.6 4.2 4.2 Multilateral to external debt stocks (%) 51.4 63.1 69.7 88.1 72.0 77.9 75.4 74.7 Reserves to external debt stocks (%) 6.2 14.2 33.0 42.7 142.0 157.9 137.7 114.6 Reserves to imports (months) 1.7 2.6 7.4 6.6 7.5 6.6 7.9 .. 76 BENIN 7. Long-term external debt Debt outstanding and disbursed 1,048 1,267 1,239 1,446 599 757 857 990 Public and publicly guaranteed 1,048 1,267 1,239 1,446 599 757 857 990 Official creditors 1,031 1,263 1,237 1,446 599 757 857 990 Multilateral 576 882 969 1,356 463 597 692 801 of which: IBRD 0 0 0 0 0 0 0 0 IDA 326 498 578 771 126 176 255 309 Bilateral 455 381 267 89 136 160 165 188 Private creditors 17 4 3 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 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 120 90 39 97 161 158 143 150 Public and publicly guaranteed 120 90 39 97 161 158 143 150 Official creditors 120 90 39 97 161 158 143 150 Multilateral 90 80 27 92 85 138 138 117 of which: IBRD 0 0 0 0 0 0 0 0 IDA 56 31 36 49 32 43 84 51 Bilateral 29 10 12 4 75 21 5 33 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 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 18 23 43 24 27 18 17 25 Public and publicly guaranteed 18 23 43 24 27 18 17 25 Official creditors 18 23 43 20 27 18 17 25 Multilateral 18 16 14 20 21 17 14 17 of which: IBRD 0 0 0 0 0 0 0 0 IDA 1 3 4 6 3 0 0 0 Bilateral 0 7 28 1 6 2 3 8 Private creditors 0 0 0 4 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 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 13 21 16 14 12 10 41 12 Public and publicly guaranteed 13 21 16 14 12 10 41 12 Official creditors 13 21 16 14 12 10 41 12 Multilateral 12 8 11 13 12 10 24 10 of which: IBRD 0 0 0 0 0 0 0 0 IDA 2 4 4 6 4 1 2 2 Bilateral 1 12 5 1 1 1 17 2 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 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 50 14 -88 -60 -897 123 152 156 Net flows on external debt 91 95 -54 82 135 102 178 120 9. Debt restructurings Total amount rescheduled 12 5 53 0 0 0 0 0 Total amount forgiven 125 139 7 15 1,076 0 6 0 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 43 46 50 56 58 60 57 55 Interest 14 15 16 16 16 15 14 13 Private creditors Principal 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 Notes: Historical data on long-term public and publicly guaranteed debt up to 2008 are revised based on reports provided by the country. Benin was granted debt relief effective in 2006 under MDRI. 77 BHUTAN 1. Summary external debt data External debt stocks 83.5 105.8 203.8 649.2 713.3 775.0 692.4 762.4 Long-term external debt 80.3 105.2 202.2 636.7 697.3 775.0 692.4 762.4 Public and publicly guaranteed 80.3 105.2 202.2 636.7 697.3 775.0 692.4 762.4 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 external debt 3.3 0.6 1.5 12.5 16.0 0.0 0.0 0.0 interest arrears on long-term 0.3 0.6 0.0 4.5 0.0 0.0 0.0 0.0 Memorandum items 1.5 0.2 0.0 4.1 0.0 0.0 0.0 0.0 80.3 105.2 202.2 636.7 697.3 775.0 692.4 762.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24.0 85.1 60.3 25.0 896.6 0.0 175.8 External debt flows Disbursements 8.4 9.9 34.8 81.9 45.2 31.9 48.4 91.9 Long-term external debt 8.4 9.9 34.8 81.9 45.2 31.9 48.4 91.9 IMF purchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 2.9 7.2 4.7 4.6 5.9 23.9 43.5 41.1 Long-term external debt 2.9 7.2 4.7 4.6 5.9 23.9 43.5 41.1 IMF repurchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net flows 6.5 2.7 29.6 85.3 47.3 -8.0 4.9 50.8 Long-term external debt 5.5 2.7 30.1 77.3 39.3 8.0 4.9 50.8 Short-term external debt 1.0 0.0 -0.5 8.0 8.0 -16.0 0.0 0.0 Interest payments 2.3 2.6 2.0 2.2 4.2 7.3 38.0 34.4 Long-term external debt 2.0 2.6 1.8 2.0 3.4 6.9 38.0 34.4 IMF charges 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term external debt 0.2 0.0 0.2 0.2 0.8 0.4 0.0 0.0 2. Other non-debt resource inflows Foreign direct investment .. .. .. 9.0 6.1 73.3 29.7 36.4 Portfolio equity .. .. .. .. .. .. .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 9.6 10.9 11.1 11.3 11.3 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 43.1 28.6 17.7 18.2 19.2 19.0 22.4 23.6 4. Average terms of new commitments Official creditors Interest (%) 0.0 1.3 3.6 0.8 1.4 9.5 0.8 4.3 Maturity (years) 0.0 33.4 32.1 28.6 32.0 19.3 38.9 24.7 Grace period (years) 0.0 11.2 10.5 7.1 8.5 7.6 9.4 6.1 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 5. Major economic aggregates Gross national income (GNI) 297.7 291.6 418.7 792.7 875.7 1190.5 1218.6 1322.4 Exports of goods, services & income .. .. .. 144.9 194.8 266.5 381.9 659.8 Worker remit. & comp. of employees .. .. .. .. .. .. .. .. Imports of goods, services & income .. .. .. .. .. 658.6 656.0 610.0 Profit remittances on FDI .. .. .. .. .. .. .. .. Current account balance .. .. .. .. .. .. .. .. International reserves 88.8 130.5 317.6 467.4 545.3 699.0 764.8 .. 6. Ratios External debt stocks to exports (%) .. .. .. 448.0 366.2 290.8 181.3 115.6 External debt stocks to GNI (%) 28.1 36.3 48.7 81.9 81.5 65.1 56.8 57.7 Debt service to exports (%) .. .. .. 4.7 5.2 11.7 21.3 11.4 Short-term to external debt stocks (%) 3.9 0.5 0.8 1.9 2.2 .. .. .. Multilateral to external debt stocks (%) 50.1 64.5 49.4 27.3 27.4 28.9 34.4 37.5 Reserves to external debt stocks (%) 106.3 123.3 155.9 72.0 76.5 90.2 110.5 .. Reserves to imports (months) .. .. .. .. .. 12.7 14.0 .. 78 BHUTAN 7. Long-term external debt Debt outstanding and disbursed 80.3 105.2 202.2 636.7 697.3 775.0 692.4 762.4 Public and publicly guaranteed 80.3 105.2 202.2 636.7 697.3 775.0 692.4 762.4 Official creditors 61.8 98.4 202.2 636.7 697.3 775.0 692.4 762.4 Multilateral 41.9 68.2 100.6 177.1 195.8 223.7 238.1 286.0 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 16.1 22.5 26.1 63.3 76.0 87.5 94.3 113.9 Bilateral 19.9 30.2 101.6 459.6 501.5 551.4 454.3 476.4 Private creditors 18.5 6.8 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Disbursements 8.4 9.9 34.8 81.9 45.2 31.9 48.4 91.9 Public and publicly guaranteed 8.4 9.9 34.8 81.9 45.2 31.9 48.4 91.9 Official creditors 8.4 9.9 34.8 81.9 45.2 31.9 48.4 91.9 Multilateral 7.2 5.8 11.8 22.1 15.1 21.4 14.7 51.3 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 2.0 1.2 3.6 8.4 10.3 8.8 8.6 19.9 Bilateral 1.2 4.1 23.0 59.9 30.1 10.5 33.6 40.6 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 2.9 7.2 4.7 4.6 5.9 23.9 43.5 41.1 Public and publicly guaranteed 2.9 7.2 4.7 4.6 5.9 23.9 43.5 41.1 Official creditors 0.3 4.9 4.7 4.6 5.9 23.9 43.5 41.1 Multilateral 0.0 0.6 1.3 2.2 2.5 2.7 3.7 5.3 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.0 0.1 0.3 0.7 0.8 0.8 1.0 1.2 Bilateral 0.3 4.3 3.4 2.5 3.4 21.2 39.8 35.7 Private creditors 2.6 2.3 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest payments 2.0 2.6 1.8 2.0 3.4 6.9 38.0 34.4 Public and publicly guaranteed 2.0 2.6 1.8 2.0 3.4 6.9 38.0 34.4 Official creditors 0.4 2.0 1.8 2.0 3.4 6.9 38.0 34.4 Multilateral 0.3 0.6 0.9 1.6 1.8 1.8 2.1 2.2 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.1 0.2 0.2 0.6 0.6 0.6 0.7 0.7 Bilateral 0.1 1.4 0.9 0.4 1.6 5.1 35.9 32.2 Private creditors 1.6 0.6 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. Debt stock-flow reconciliation Total change in external debt stocks 9.7 1.3 20.0 55.9 64.1 61.7 -82.6 69.9 Net flows on external debt 6.5 2.7 29.6 85.3 47.3 -8.0 4.9 50.8 9. Debt restructurings Total amount rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total amount forgiven 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 66.4 66.5 67.0 72.2 75.9 142.0 117.0 91.5 Interest 46.9 53.9 55.2 53.1 49.2 88.9 76.9 69.8 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 79 BOLIVIA, PLURINATIONAL STATE OF 1. Summary external debt data External debt stocks 4,275 5,272 5,785 6,908 5,798 4,992 5,529 5,745 Long-term external debt 3,864 4,698 5,163 6,482 5,563 4,815 5,371 5,191 Public and publicly guaranteed 3,687 4,459 4,137 4,568 3,175 2,194 2,403 2,545 Private nonguaranteed 177 239 1,026 1,914 2,388 2,621 2,969 2,647 Use of IMF credit 257 268 220 244 15 0 0 0 Short-term external debt 154 307 402 182 220 177 158 554 interest arrears on long-term 6 20 2 0 0 0 0 0 Memorandum items 31 30 19 0 0 0 0 0 3,687 4,459 3,759 4,545 3,157 2,184 2,393 2,535 177 239 1,403 1,937 2,406 2,631 2,978 2,656 549 684 180 551 185 1,059 1,173 1,156 External debt flows Disbursements 331 520 759 895 364 912 1,264 512 Long-term external debt 300 494 744 880 364 912 1,264 512 IMF purchases 31 26 15 14 0 0 0 0 Principal repayments 241 199 454 355 208 539 767 452 Long-term external debt 196 173 434 315 208 525 767 452 IMF repurchases 46 26 20 40 0 15 0 0 Net flows 32 341 294 449 194 329 479 456 Long-term external debt 104 321 309 565 155 387 498 60 Short-term external debt -57 20 -10 -91 38 -43 -19 396 Interest payments 144 173 180 174 215 202 179 137 Long-term external debt 117 155 159 159 203 194 175 118 IMF charges 13 1 1 6 2 1 0 0 Short-term external debt 14 17 20 10 10 7 4 19 2. Other non-debt resource inflows Foreign direct investment 27 393 736 -239 281 366 512 423 Portfolio equity 0 0 0 0 0 0 0 .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 1.5 2.6 4.2 3.6 3.1 Japanese yen 10.0 13.2 12.3 0.0 0.0 0.0 0.0 0.0 Pound sterling 0.9 0.7 0.2 0.0 0.0 0.0 0.0 0.0 Swiss franc 0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 41.3 32.7 45.0 75.3 66.2 76.5 79.7 82.0 4. Average terms of new commitments Official creditors Interest (%) 4.1 3.8 4.2 4.9 4.1 2.7 3.6 3.4 Maturity (years) 29.5 29.1 28.6 21.6 24.9 22.8 19.9 22.3 Grace period (years) 7.9 7.8 7.9 5.6 5.8 5.2 5.3 5.5 Private creditors Interest (%) 9.4 6.7 7.4 0.0 0.0 5.0 4.8 2.2 Maturity (years) 5.8 5.6 5.8 0.0 0.0 2.0 2.7 15.0 Grace period (years) 1.5 1.0 0.8 0.0 0.0 2.0 2.0 4.5 5. Major economic aggregates Gross national income (GNI) 4,626 6,494 8,172 10,980 12,378 12,631 16,138 16,675 Exports of goods, services & income 996 1,262 1,610 3,401 4,587 5,327 7,294 4,096 Worker remit. & comp. of employees 5 7 127 346 612 1,065 1,144 1,109 Imports of goods, services & income 1,354 1,809 2,443 3,363 4,091 5,002 6,563 522 Profit remittances on FDI 17 24 148 271 392 644 681 .. Current account balance -199 -303 -446 622 1,317 1,591 2,015 .. International reserves 511 1,005 1,184 1,795 3,194 5,314 7,720 8,575 6. Ratios External debt stocks to exports (%) 429.4 417.7 359.4 203.1 126.4 93.7 75.8 140.3 External debt stocks to GNI (%) 92.4 81.2 70.8 62.9 46.8 39.5 34.3 34.5 Debt service to exports (%) 38.7 29.5 39.4 15.6 9.2 13.9 13.0 14.4 Short-term to external debt stocks (%) 3.6 5.8 7.0 2.6 3.8 3.5 2.9 9.6 Multilateral to external debt stocks (%) 37.2 48.9 48.5 60.9 47.6 34.0 32.7 34.4 Reserves to external debt stocks (%) 12.0 19.1 20.5 26.0 55.1 106.4 139.6 149.2 Reserves to imports (months) 4.5 6.7 5.8 6.4 9.4 12.7 14.1 197.2 80 BOLIVIA, PLURINATIONAL STATE OF 7. Long-term external debt Debt outstanding and disbursed 3,864 4,698 5,163 6,482 5,563 4,815 5,371 5,191 Public and publicly guaranteed 3,687 4,459 4,137 4,568 3,175 2,194 2,403 2,545 Official creditors 3,362 4,396 4,103 4,545 3,155 2,166 2,313 2,461 Multilateral 1,589 2,579 2,803 4,210 2,762 1,698 1,810 1,978 of which: IBRD 194 95 0 0 0 0 0 0 IDA 393 770 1,096 1,673 233 259 281 316 Bilateral 1,773 1,817 1,300 336 393 468 503 482 Private creditors 325 63 33 23 20 28 89 84 of which: Bonds 35 17 0 0 0 10 10 0 Commercial banks 4 9 3 1 0 0 66 73 Private nonguaranteed 177 239 1,026 1,914 2,388 2,621 2,969 2,647 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 300 494 744 880 364 912 1,264 512 Public and publicly guaranteed 300 427 276 434 259 319 592 415 Official creditors 291 427 263 433 258 309 525 408 Multilateral 204 383 238 350 186 222 458 330 of which: IBRD 0 0 0 0 0 0 0 0 IDA 49 113 61 71 34 16 25 34 Bilateral 86 45 25 83 72 87 67 79 Private creditors 9 0 13 1 1 10 67 7 of which: Bonds 0 0 0 0 0 10 0 0 Commercial banks 0 0 0 0 0 0 66 7 Private nonguaranteed 0 67 468 447 105 593 673 97 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 196 173 434 315 208 525 767 452 Public and publicly guaranteed 172 155 153 184 200 165 375 195 Official creditors 163 147 149 182 196 161 370 182 Multilateral 117 120 118 169 181 145 352 166 of which: IBRD 21 26 12 0 0 0 0 0 IDA 2 2 0 8 5 0 1 2 Bilateral 46 27 32 13 14 16 19 17 Private creditors 9 8 4 2 4 4 5 13 of which: Bonds 0 0 0 0 0 0 0 10 Commercial banks 2 4 1 1 1 0 0 0 Private nonguaranteed 24 18 281 131 8 360 392 257 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 117 155 159 159 203 194 175 118 Public and publicly guaranteed 103 137 112 100 111 103 98 70 Official creditors 101 133 111 99 111 103 98 66 Multilateral 69 100 82 94 101 92 88 57 of which: IBRD 15 9 1 0 0 0 0 0 IDA 3 6 1 12 6 2 2 2 Bilateral 32 33 29 5 10 11 10 9 Private creditors 2 4 1 0 0 0 1 4 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 1 1 0 0 0 0 0 3 Private nonguaranteed 14 19 47 59 92 91 77 48 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 143 396 237 686 -1,110 -805 537 216 Net flows on external debt 32 341 294 449 194 329 479 456 9. Debt restructurings Total amount rescheduled 153 196 0 0 0 0 0 0 Total amount forgiven 169 82 64 65 1,787 1,182 17 87 Debt buyback 4 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 197 186 192 231 260 265 266 274 Interest 65 71 76 77 76 72 67 64 Private creditors Principal 607 517 461 567 200 189 95 64 Interest 115 88 64 49 18 14 11 9 Notes: Bolivia was granted debt relief effective in 2006 under MDRI. Data for 2007 include the effects of MDRI, in the amount of $810 in thousands. 81 BOSNIA AND HERZEGOVINA 1. Summary external debt data External debt stocks .. .. 2,773 6,222 7,242 8,823 8,303 9,583 Long-term external debt .. .. 2,619 5,323 6,051 7,133 7,398 7,620 Public and publicly guaranteed .. .. 1,957 2,556 2,716 2,958 3,000 3,569 Private nonguaranteed .. .. 663 2,767 3,335 4,175 4,398 4,051 Use of IMF credit .. 48 105 62 20 2 0 286 Short-term external debt .. .. 49 837 1,171 1,687 905 1,677 interest arrears on long-term .. .. 1 0 0 0 0 0 Memorandum items .. .. 1 0 0 0 0 0 .. .. 1,957 2,556 2,716 2,958 3,000 3,569 .. .. 663 2,767 3,335 4,175 4,398 4,051 .. .. 197 120 616 231 302 368 External debt flows Disbursements .. .. 138 536 754 1,022 471 815 Long-term external debt .. .. 103 536 754 1,022 471 533 IMF purchases .. 46 36 0 0 0 0 282 Principal repayments .. .. 190 134 188 145 139 354 Long-term external debt .. .. 170 95 144 127 137 354 IMF repurchases .. 28 20 39 44 18 2 0 Net flows .. .. -41 879 899 1,392 -450 1,233 Long-term external debt .. .. -68 441 609 895 335 179 Short-term external debt .. .. 11 477 334 516 -782 772 Interest payments .. .. 127 151 183 290 307 292 Long-term external debt .. .. 119 136 176 217 256 219 IMF charges .. 5 5 3 2 1 0 1 Short-term external debt .. .. 3 12 4 73 50 72 2. Other non-debt resource inflows Foreign direct investment .. .. 146 608 768 2,071 921 235 Portfolio equity .. .. 0 .. .. .. .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 33.9 35.7 38.0 38.9 48.6 Japanese yen .. .. 0.0 1.2 1.3 1.2 1.5 1.2 Pound sterling .. .. 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc .. .. 2.3 1.7 1.2 1.2 1.2 1.1 U.S.dollars .. .. 27.6 41.3 40.9 40.1 39.1 32.7 4. Average terms of new commitments Official creditors Interest (%) .. .. 3.7 1.9 3.1 3.9 4.7 1.6 Maturity (years) .. .. 23.3 17.1 20.6 22.4 16.2 16.1 Grace period (years) .. .. 6.7 5.9 6.9 6.1 4.3 4.8 Private creditors Interest (%) .. .. 0.0 0.0 2.9 4.2 1.2 1.0 Maturity (years) .. .. 0.0 0.0 11.9 15.1 13.4 13.5 Grace period (years) .. .. 0.0 0.0 2.9 6.9 6.0 4.5 5. Major economic aggregates Gross national income (GNI) .. .. 6,096 11,343 12,810 15,723 19,100 17,554 Exports of goods, services & income .. .. 2,247 4,227 5,253 6,738 8,062 6,125 Worker remit. & comp. of employees .. .. 1,607 2,043 2,157 2,700 2,735 2,167 Imports of goods, services & income .. .. 4,234 8,103 8,468 11,049 13,539 9,441 Profit remittances on FDI .. .. 0 97 175 344 234 29 Current account balance .. .. -396 -1,844 -981 -1,594 -2,764 .. International reserves .. .. 497 2,531 3,372 4,525 3,516 3,245 6. Ratios External debt stocks to exports (%) .. .. 123.4 147.2 137.9 130.9 103.0 156.5 External debt stocks to GNI (%) .. .. 45.5 54.9 56.5 56.1 43.5 54.6 Debt service to exports (%) .. .. 14.2 6.8 7.1 6.5 5.5 10.5 Short-term to external debt stocks (%) .. .. 1.8 13.5 16.2 19.1 10.9 17.5 Multilateral to external debt stocks (%) .. .. 45.6 27.5 24.9 22.0 23.9 22.9 Reserves to external debt stocks (%) .. .. 17.9 40.7 46.6 51.3 42.3 33.9 Reserves to imports (months) .. .. 1.4 3.7 4.8 4.9 3.1 4.1 82 BOSNIA AND HERZEGOVINA 7. Long-term external debt Debt outstanding and disbursed .. .. 2,619 5,323 6,051 7,133 7,398 7,620 Public and publicly guaranteed .. .. 1,957 2,556 2,716 2,958 3,000 3,569 Official creditors .. .. 1,832 2,401 2,547 2,764 2,800 3,041 Multilateral .. .. 1,266 1,712 1,802 1,942 1,984 2,197 of which: IBRD .. 472 562 481 466 453 443 417 IDA .. 0 398 921 983 1,068 1,077 1,102 Bilateral .. .. 566 689 744 821 816 845 Private creditors .. .. 125 155 169 195 200 527 of which: Bonds .. .. 0 0 0 0 0 322 Commercial banks .. .. 125 155 169 195 200 206 Private nonguaranteed .. .. 663 2,767 3,335 4,175 4,398 4,051 of which: Bonds .. .. 0 0 0 0 0 0 Disbursements .. .. 103 536 754 1,022 471 533 Public and publicly guaranteed .. .. 98 150 125 149 189 327 Official creditors .. .. 98 150 125 137 163 315 Multilateral .. .. 90 133 94 118 128 269 of which: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 44 56 27 57 29 33 Bilateral .. .. 8 17 32 19 35 46 Private creditors .. .. 0 0 0 12 26 12 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 0 0 12 26 12 Private nonguaranteed .. .. 5 386 628 873 282 206 of which: Bonds .. .. 0 0 0 0 0 0 Principal repayments .. .. 170 95 144 127 137 354 Public and publicly guaranteed .. .. 170 54 67 79 91 109 Official creditors .. .. 170 51 63 72 82 96 Multilateral .. .. 166 44 56 63 71 84 of which: IBRD .. 0 0 24 24 24 25 25 IDA .. 0 0 0 4 9 12 15 Bilateral .. .. 3 7 8 9 11 12 Private creditors .. .. 0 3 3 7 9 13 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 0 3 3 7 9 13 Private nonguaranteed .. .. 1 41 78 48 46 245 of which: Bonds .. .. 0 0 0 0 0 0 Interest payments .. .. 119 136 176 217 256 219 Public and publicly guaranteed .. .. 89 53 61 70 80 63 Official creditors .. .. 86 48 56 63 70 56 Multilateral .. .. 74 35 43 49 54 41 of which: IBRD .. 0 33 17 23 26 26 17 IDA .. 0 3 7 8 8 8 8 Bilateral .. .. 13 13 13 14 16 14 Private creditors .. .. 2 6 6 6 10 8 of which: Bonds .. .. 0 0 0 0 0 0 Commercial banks .. .. 2 6 6 6 10 8 Private nonguaranteed .. .. 30 83 114 147 176 155 of which: Bonds .. .. 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks .. .. 397 633 1,020 1,580 -520 1,280 Net flows on external debt .. .. -41 879 899 1,392 -450 1,233 9. Debt restructurings Total amount rescheduled .. .. 4 0 0 0 0 0 Total amount forgiven .. .. 0 0 0 0 0 0 Debt buyback .. .. 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 197 181 180 195 218 224 220 229 Interest 57 57 56 54 51 48 44 40 Private creditors Principal 1,055 859 792 520 378 284 235 192 Interest 168 125 92 62 44 31 21 14 Notes: Data on long-term private nonguaranteed debt from 2005 are World Bank staff estimates. 83 BOTSWANA 1. Summary external debt data External debt stocks 553 717 453 447 382 413 434 1,617 Long-term external debt 547 707 438 412 358 391 391 1,388 Public and publicly guaranteed 547 707 438 412 358 391 391 1,388 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 0 0 0 0 0 0 0 0 Short-term external debt 6 10 15 35 24 22 43 229 interest arrears on long-term 3 6 0 0 0 0 0 0 Memorandum items 3 9 1 0 0 0 0 0 547 676 432 412 358 391 391 1,388 0 31 5 0 0 0 0 0 81 0 0 0 75 50 0 1,777 External debt flows Disbursements 27 67 28 11 4 50 54 1,006 Long-term external debt 27 67 28 11 4 50 54 1,006 IMF purchases 0 0 0 0 0 0 0 0 Principal repayments 66 64 52 40 45 37 61 36 Long-term external debt 66 64 52 40 45 37 61 36 IMF repurchases 0 0 0 0 0 0 0 0 Net flows -39 4 -29 -17 -51 11 15 1,156 Long-term external debt -39 3 -24 -30 -40 13 -6 970 Short-term external debt 0 1 -5 13 -11 -2 21 186 Interest payments 39 27 17 13 12 10 8 11 Long-term external debt 39 27 15 12 10 9 7 9 IMF charges 0 0 0 0 0 0 0 0 Short-term external debt 0 0 1 1 2 1 1 2 2. Other non-debt resource inflows Foreign direct investment 96 70 57 279 486 647 109 234 Portfolio equity 0 6 -6 62 36 9 -37 18 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 6.9 8.2 8.0 7.2 2.0 Japanese yen 4.4 11.1 11.4 17.1 10.4 13.3 13.9 3.5 Pound sterling 10.1 3.8 2.3 5.2 6.1 5.5 3.6 1.0 Swiss franc 0.0 0.1 0.1 0.1 0.0 0.0 0.0 0.0 U.S.dollars 11.9 13.4 18.0 20.5 20.8 18.3 24.9 7.7 4. Average terms of new commitments Official creditors Interest (%) 5.6 0.0 0.0 0.0 4.6 3.3 0.0 0.8 Maturity (years) 17.6 0.0 0.0 0.0 18.2 20.9 0.0 20.7 Grace period (years) 4.5 0.0 0.0 0.0 5.2 5.9 0.0 5.8 Private creditors Interest (%) 8.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Maturity (years) 11.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grace period (years) 4.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5. Major economic aggregates Gross national income (GNI) 3,686 4,741 5,280 9,420 10,482 11,647 13,169 11,432 Exports of goods, services & income 2,421 2,904 3,378 5,757 5,821 6,061 6,042 3,835 Worker remit. & comp. of employees 86 59 26 127 117 105 114 122 Imports of goods, services & income 2,509 2,565 3,050 4,839 4,753 5,816 6,550 5,218 Profit remittances on FDI 407 416 658 1,066 1,043 989 598 .. Current account balance -19 300 545 1,591 1,940 1,351 502 .. International reserves 3,331 4,695 6,318 6,309 7,992 9,790 9,119 8,704 6. Ratios External debt stocks to exports (%) 22.8 24.7 13.4 7.8 6.6 6.8 7.2 42.2 External debt stocks to GNI (%) 15.0 15.1 8.6 4.7 3.6 3.5 3.3 14.1 Debt service to exports (%) 4.3 3.1 2.0 0.9 1.0 0.8 1.1 1.2 Short-term to external debt stocks (%) 1.0 1.4 3.3 7.8 6.3 5.3 9.9 14.2 Multilateral to external debt stocks (%) 70.0 70.1 65.7 58.6 64.2 58.2 57.1 77.4 Reserves to external debt stocks (%) 602.5 654.7 1,395.5 1,410.5 2,091.3 2,369.9 2,102.1 538.2 Reserves to imports (months) 15.9 22.0 24.9 15.6 20.2 20.2 16.7 20.0 84 BOTSWANA 7. Long-term external debt Debt outstanding and disbursed 547 707 438 412 358 391 391 1,388 Public and publicly guaranteed 547 707 438 412 358 391 391 1,388 Official creditors 520 660 410 401 349 384 389 1,387 Multilateral 387 503 297 262 245 240 248 1,252 of which: IBRD 155 96 16 2 1 0 0 0 IDA 14 12 9 7 6 6 5 5 Bilateral 133 157 112 139 104 144 141 135 Private creditors 27 47 28 12 9 7 2 2 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 3 33 20 7 5 4 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 27 67 28 11 4 50 54 1,006 Public and publicly guaranteed 27 67 28 11 4 50 54 1,006 Official creditors 27 67 24 11 4 50 54 1,006 Multilateral 21 23 8 0 2 8 44 997 of which: IBRD 7 1 0 0 0 0 0 0 IDA 0 0 0 0 0 0 0 0 Bilateral 6 44 16 11 3 43 11 9 Private creditors 0 0 4 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 0 4 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 66 64 52 40 45 37 61 36 Public and publicly guaranteed 66 64 52 40 45 37 61 36 Official creditors 48 58 45 38 42 35 56 35 Multilateral 37 48 33 28 30 25 26 21 of which: IBRD 19 24 7 1 1 1 0 0 IDA 0 0 0 0 0 0 0 0 Bilateral 11 9 12 10 12 10 30 14 Private creditors 18 6 7 2 2 2 5 1 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 5 6 2 2 2 4 0 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 39 27 15 12 10 9 7 9 Public and publicly guaranteed 39 27 15 12 10 9 7 9 Official creditors 36 24 14 11 10 9 7 9 Multilateral 28 21 11 8 7 6 5 5 of which: IBRD 14 9 1 0 0 0 0 0 IDA 0 0 0 0 0 0 0 0 Bilateral 8 3 3 4 3 3 3 3 Private creditors 3 3 1 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 0 2 1 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 3 17 -51 -63 -65 31 21 1,184 Net flows on external debt -39 4 -29 -17 -51 11 15 1,156 9. Debt restructurings Total amount rescheduled 0 0 0 0 0 0 0 0 Total amount forgiven 0 0 0 0 0 0 0 0 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 35 52 34 30 29 130 128 133 Interest 11 15 14 14 14 13 12 12 Private creditors Principal 1 1 1 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 85 BRAZIL 1. Summary external debt data External debt stocks 119,732 160,469 241,550 187,526 193,458 237,605 262,139 276,932 Long-term external debt 94,196 129,090 208,809 163,533 173,133 198,357 225,488 237,143 Public and publicly guaranteed 87,525 98,260 96,127 94,028 84,245 79,595 79,646 87,317 Private nonguaranteed 6,671 30,830 112,682 69,505 88,889 118,762 145,842 149,826 Use of IMF credit 1,821 142 1,768 0 0 0 0 0 Short-term external debt 23,715 31,238 30,973 23,993 20,325 39,248 36,652 39,789 interest arrears on long-term 8,790 1,546 176 0 2 2 8 3 Memorandum items 3,597 3,936 1,821 18 3 6 5 10 86,955 97,392 95,681 92,677 83,044 78,374 78,396 85,000 7,241 31,698 113,127 70,855 90,089 119,983 147,092 152,144 3,012 7,606 30,557 12,659 9,247 11,070 12,743 19,262 External debt flows Disbursements 4,087 20,207 44,051 27,402 52,622 59,905 69,496 57,431 Long-term external debt 4,087 20,207 44,051 27,402 52,622 59,905 69,496 57,431 IMF purchases 0 0 0 0 0 0 0 0 Principal repayments 5,896 11,051 47,733 49,561 47,388 40,422 40,285 30,151 Long-term external debt 5,131 11,002 41,040 25,751 47,388 40,422 40,285 30,151 IMF repurchases 765 49 6,693 23,810 0 0 0 0 Net flows -1,710 8,797 -1,851 -23,433 1,564 38,407 26,610 30,422 Long-term external debt -1,044 9,205 3,011 1,651 5,234 19,484 29,212 27,280 Short-term external debt 99 -359 1,831 -1,274 -3,670 18,923 -2,602 3,142 Interest payments 2,260 10,522 17,111 13,282 14,785 14,514 16,175 14,166 Long-term external debt 2,029 8,719 15,280 10,303 13,150 13,025 15,037 13,677 IMF charges 231 10 336 1,079 109 0 0 0 Short-term external debt 0 1,792 1,494 1,900 1,526 1,489 1,138 489 2. Other non-debt resource inflows Foreign direct investment 989 4,859 32,779 15,066 18,782 34,585 45,058 25,949 Portfolio equity 103 2,775 3,076 6,451 7,716 26,217 -7,565 37,071 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 9.4 10.4 9.8 9.0 7.3 Japanese yen 7.4 8.7 7.4 6.1 5.4 4.7 5.9 5.0 Pound sterling 1.8 1.8 1.0 0.2 0.3 0.0 0.1 0.1 Swiss franc 1.0 0.3 0.3 0.1 0.0 0.0 0.0 0.0 U.S.dollars 60.5 68.3 70.4 79.3 79.0 80.7 80.6 84.2 4. Average terms of new commitments Official creditors Interest (%) 7.4 5.9 5.7 4.7 6.0 4.6 3.7 2.5 Maturity (years) 15.2 19.9 8.6 18.5 17.1 16.7 23.6 15.3 Grace period (years) 4.1 4.9 1.2 4.3 4.4 3.9 3.8 5.0 Private creditors Interest (%) 9.0 7.7 9.9 8.7 7.5 8.5 5.5 5.7 Maturity (years) 8.0 3.3 15.5 14.5 15.1 13.7 14.2 14.8 Grace period (years) 3.2 2.1 14.2 14.0 15.0 9.4 13.7 13.9 5. Major economic aggregates Gross national income (GNI) 449,672 757,886 626,768 869,565 1,073,837 1,346,232 1,609,692 1,547,131 Exports of goods, services & income 36,327 56,098 68,205 137,550 163,708 196,096 240,904 189,549 Worker remit. & comp. of employees 573 3,315 1,649 3,540 4,253 4,382 5,089 4,234 Imports of goods, services & income 40,949 77,855 93,950 127,123 154,393 198,574 273,320 217,189 Profit remittances on FDI 1,892 2,814 4,238 11,035 13,884 19,692 28,773 21,029 Current account balance -3,823 -18,136 -24,225 13,985 13,621 1,551 -28,192 -24,302 International reserves 9,200 51,477 33,015 53,799 85,843 180,334 193,783 238,539 6. Ratios External debt stocks to exports (%) 329.6 286.1 354.2 136.3 118.2 121.2 108.8 146.1 External debt stocks to GNI (%) 26.6 21.2 38.5 21.6 18.0 17.6 16.3 17.9 Debt service to exports (%) 22.5 38.5 95.1 45.7 38.0 28.0 23.4 23.4 Short-term to external debt stocks (%) 19.8 19.5 12.8 12.8 10.5 16.5 14.0 14.4 Multilateral to external debt stocks (%) 9.5 5.8 7.6 10.3 11.3 9.6 9.3 8.9 Reserves to external debt stocks (%) 7.7 32.1 13.7 28.7 44.4 75.9 73.9 86.1 Reserves to imports (months) 2.7 7.9 4.2 5.1 6.7 10.9 8.5 13.2 86 BRAZIL 7. Long-term external debt Debt outstanding and disbursed 94,196 129,090 208,809 163,533 173,133 198,357 225,488 237,143 Public and publicly guaranteed 87,525 98,260 96,127 94,028 84,245 79,595 79,646 87,317 Official creditors 29,348 27,837 29,351 25,843 25,382 26,148 29,020 32,385 Multilateral 11,391 9,366 18,330 19,356 21,929 22,721 24,352 24,753 of which: IBRD 8,427 6,038 7,377 8,083 9,694 9,676 10,671 10,065 IDA 0 0 0 0 0 0 0 0 Bilateral 17,956 18,471 11,021 6,487 3,454 3,427 4,668 7,632 Private creditors 58,177 70,423 66,776 68,185 58,862 53,447 50,626 54,932 of which: Bonds 2,339 54,615 54,096 59,077 49,173 45,441 42,035 47,361 Commercial banks 47,461 12,158 11,478 8,331 9,575 7,719 8,382 7,389 Private nonguaranteed 6,671 30,830 112,682 69,505 88,889 118,762 145,842 149,826 of which: Bonds 0 11,290 16,846 35,969 38,764 45,311 37,855 53,342 Disbursements 4,087 20,207 44,051 27,402 52,622 59,905 69,496 57,431 Public and publicly guaranteed 3,212 8,111 19,636 13,195 11,122 6,275 16,633 13,489 Official creditors 1,322 2,005 5,244 3,326 4,249 2,063 4,313 6,845 Multilateral 1,001 1,257 4,478 2,326 3,865 1,986 2,959 3,269 of which: IBRD 782 838 1,692 773 2,203 606 1,726 1,274 IDA 0 0 0 0 0 0 0 0 Bilateral 321 747 766 1,001 384 78 1,354 3,576 Private creditors 1,890 6,107 14,391 9,868 6,873 4,212 12,320 6,643 of which: Bonds 200 1,661 10,836 8,252 5,614 2,977 10,254 6,100 Commercial banks 864 4,340 3,532 1,608 1,240 1,182 2,057 485 Private nonguaranteed 875 12,096 24,415 14,207 41,500 53,630 52,863 43,943 of which: Bonds 0 4,563 2,886 6,579 9,832 13,930 6,754 17,015 Principal repayments 5,131 11,002 41,040 25,751 47,388 40,422 40,285 30,151 Public and publicly guaranteed 4,123 6,522 17,226 9,444 24,474 14,079 16,282 7,466 Official creditors 1,956 3,719 7,045 3,300 4,534 2,263 2,352 3,407 Multilateral 1,518 1,683 4,309 1,774 1,512 1,679 1,734 2,830 of which: IBRD 1,251 1,377 887 1,029 743 805 812 1,872 IDA 0 0 0 0 0 0 0 0 Bilateral 439 2,035 2,736 1,526 3,022 584 618 578 Private creditors 2,167 2,804 10,181 6,145 19,941 11,816 13,931 4,059 of which: Bonds 71 919 8,397 4,187 17,885 8,110 11,952 2,419 Commercial banks 1,616 1,051 1,546 1,923 2,015 3,612 1,897 1,557 Private nonguaranteed 1,008 4,480 23,813 16,306 22,914 26,343 24,002 22,685 of which: Bonds 0 2,670 2,775 7,063 5,479 8,471 2,420 1,585 Interest payments 2,029 8,719 15,280 10,303 13,150 13,025 15,037 13,677 Public and publicly guaranteed 1,569 6,624 6,926 6,689 7,136 7,069 6,048 5,779 Official creditors 1,273 1,567 1,915 1,047 1,224 1,352 1,283 1,205 Multilateral 966 750 1,407 807 973 1,174 1,111 919 of which: IBRD 725 491 464 307 432 548 498 359 IDA 0 0 0 0 0 0 0 0 Bilateral 307 817 508 240 251 178 172 286 Private creditors 296 5,056 5,010 5,642 5,911 5,717 4,765 4,574 of which: Bonds 14 4,416 4,212 5,033 5,012 4,959 4,272 4,025 Commercial banks 46 376 759 602 891 742 480 531 Private nonguaranteed 460 2,095 8,355 3,614 6,014 5,956 8,989 7,898 of which: Bonds 0 837 1,562 2,161 3,799 3,454 2,842 2,936 8. Debt stock-flow reconciliation Total change in external debt stocks 5,375 8,075 -2,558 -32,260 5,933 44,146 24,535 14,793 Net flows on external debt -1,710 8,797 -1,851 -23,433 1,564 38,407 26,610 30,422 9. Debt restructurings Total amount rescheduled 1,316 234 0 4,271 0 28 265 2 Total amount forgiven 483 0 137 0 0 0 56 0 Debt buyback 776 0 6,342 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 3,070 3,158 3,382 2,986 2,682 4,607 4,332 4,135 Interest 912 871 816 755 699 621 510 407 Private creditors Principal 24,765 24,955 19,720 14,752 13,735 16,982 13,710 15,189 Interest 11,060 10,695 9,564 8,895 7,991 7,197 6,127 5,263 Notes: Short-term debt for 2009 is based on reports provided by the country. 87 BULGARIA 1. Summary external debt data External debt stocks 10,890 10,379 11,212 15,700 20,990 32,967 39,767 40,582 Long-term external debt 9,834 9,150 8,440 10,597 12,609 18,930 21,433 22,004 Public and publicly guaranteed 9,834 8,808 7,671 5,075 5,066 5,242 4,397 4,772 Private nonguaranteed 0 342 769 5,522 7,543 13,689 17,035 17,232 Use of IMF credit 0 717 1,322 660 341 0 0 0 Short-term external debt 1,056 512 1,450 4,442 8,040 14,036 18,334 18,578 interest arrears on long-term 226 74 0 0 0 0 0 0 Memorandum items 356 227 1 0 0 0 0 0 9,834 8,808 7,671 5,075 5,066 5,199 4,359 4,735 0 342 769 5,522 7,543 13,732 17,074 17,269 563 678 700 266 104 455 374 280 External debt flows Disbursements 875 259 995 3,710 3,616 7,740 8,224 3,880 Long-term external debt 875 259 719 3,710 3,616 7,740 8,224 3,880 IMF purchases 0 0 276 0 0 0 0 0 Principal repayments 865 565 712 3,352 1,992 3,033 3,765 3,694 Long-term external debt 865 319 573 2,909 1,645 2,686 3,765 3,694 IMF repurchases 0 246 139 443 346 347 0 0 Net flows -14 -194 465 1,564 5,222 10,704 8,756 430 Long-term external debt 11 -61 145 801 1,970 5,054 4,458 186 Short-term external debt -24 113 183 1,206 3,598 5,996 4,298 244 Interest payments 510 575 584 613 744 1,164 1,610 1,516 Long-term external debt 452 501 456 445 489 603 858 773 IMF charges 0 50 63 37 24 9 0 0 Short-term external debt 58 24 65 130 230 552 752 743 2. Other non-debt resource inflows Foreign direct investment 4 90 1,002 4,312 7,758 13,215 9,937 4,489 Portfolio equity 0 0 5 449 148 89 -106 8 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 48.4 50.7 52.4 51.7 56.8 Japanese yen 6.6 9.0 5.5 5.1 6.5 7.4 12.9 12.4 Pound sterling 0.3 0.2 0.1 0.0 0.0 0.0 0.0 0.0 Swiss franc 7.7 1.1 0.3 0.0 0.0 0.0 0.0 0.0 U.S.dollars 42.1 66.1 80.1 44.9 41.7 39.3 34.6 30.4 4. Average terms of new commitments Official creditors Interest (%) 9.3 5.9 6.2 3.0 3.7 4.9 4.3 2.4 Maturity (years) 7.2 17.3 16.1 16.2 16.1 16.6 16.8 17.6 Grace period (years) 3.0 5.4 4.4 4.7 2.6 4.5 4.0 5.3 Private creditors Interest (%) 9.1 3.4 7.6 4.2 5.0 0.0 2.0 0.0 Maturity (years) 3.2 4.7 16.0 9.4 10.0 0.0 29.2 0.0 Grace period (years) 2.3 3.2 4.9 1.9 0.5 0.0 9.2 0.0 5. Major economic aggregates Gross national income (GNI) 19,083 12,675 12,276 27,265 30,793 38,018 47,327 44,907 Exports of goods, services & income 7,070 6,926 7,321 17,674 21,972 27,487 31,931 24,464 Worker remit. & comp. of employees .. .. 58 1,613 1,716 1,694 1,874 1,558 Imports of goods, services & income 8,905 7,084 8,314 22,034 28,680 39,909 45,108 30,095 Profit remittances on FDI 0 0 107 912 1,857 3,742 2,720 2,335 Current account balance -1,710 -26 -703 -3,347 -5,863 -11,437 -11,898 -4,340 International reserves .. 1,635 3,507 8,697 11,756 17,545 17,930 18,522 6. Ratios External debt stocks to exports (%) 154.0 149.9 153.2 88.8 95.5 119.9 124.5 165.9 External debt stocks to GNI (%) 57.1 81.9 91.3 57.6 68.2 86.7 84.0 90.4 Debt service to exports (%) 19.4 16.5 17.7 22.4 12.4 15.3 16.8 21.3 Short-term to external debt stocks (%) 9.7 4.9 12.9 28.3 38.3 42.6 46.1 45.8 Multilateral to external debt stocks (%) 2.0 11.9 13.8 15.7 11.4 8.1 5.5 6.2 Reserves to external debt stocks (%) .. 15.8 31.3 55.4 56.0 53.2 45.1 45.6 Reserves to imports (months) .. 2.8 5.1 4.7 4.9 5.3 4.8 7.4 88 BULGARIA 7. Long-term external debt Debt outstanding and disbursed 9,834 9,150 8,440 10,597 12,609 18,930 21,433 22,004 Public and publicly guaranteed 9,834 8,808 7,671 5,075 5,066 5,242 4,397 4,772 Official creditors 1,669 2,950 2,603 3,045 3,012 3,362 3,019 3,322 Multilateral 222 1,230 1,542 2,457 2,392 2,674 2,198 2,507 of which: IBRD 0 444 824 1,453 1,331 1,604 1,207 1,509 IDA 0 0 0 0 0 0 0 0 Bilateral 1,447 1,720 1,061 587 620 688 821 815 Private creditors 8,165 5,857 5,068 2,030 2,054 1,880 1,378 1,450 of which: Bonds 327 5,412 4,982 1,920 1,937 1,792 1,342 1,430 Commercial banks 7,084 394 26 111 116 86 34 19 Private nonguaranteed 0 342 769 5,522 7,543 13,689 17,035 17,232 of which: Bonds 0 0 0 526 736 855 522 146 Disbursements 875 259 719 3,710 3,616 7,740 8,224 3,880 Public and publicly guaranteed 875 259 405 402 260 368 370 520 Official creditors 80 129 381 383 243 361 362 520 Multilateral 44 38 156 328 150 293 227 446 of which: IBRD 0 15 71 200 38 201 56 370 IDA 0 0 0 0 0 0 0 0 Bilateral 36 91 225 55 93 68 136 74 Private creditors 795 129 24 19 17 7 8 0 of which: Bonds 65 33 0 0 0 0 0 0 Commercial banks 652 96 24 19 16 7 8 0 Private nonguaranteed 0 0 313 3,308 3,355 7,372 7,853 3,360 of which: Bonds 0 0 0 249 215 0 0 0 Principal repayments 865 319 573 2,909 1,645 2,686 3,765 3,694 Public and publicly guaranteed 865 319 345 1,761 515 404 858 281 Official creditors 23 92 297 255 502 299 715 266 Multilateral 22 25 58 214 430 253 658 187 of which: IBRD 0 0 27 85 276 65 462 85 IDA 0 0 0 0 0 0 0 0 Bilateral 1 67 239 41 73 47 57 79 Private creditors 842 228 48 1,507 13 105 143 15 of which: Bonds 0 39 46 1,496 0 87 124 0 Commercial banks 241 182 1 11 13 18 19 15 Private nonguaranteed 0 0 229 1,147 1,130 2,282 2,908 3,413 of which: Bonds 0 0 0 10 49 0 287 372 Interest payments 452 501 456 445 489 603 858 773 Public and publicly guaranteed 452 501 424 327 352 285 286 211 Official creditors 14 178 139 93 100 129 148 106 Multilateral 13 61 81 75 82 110 124 84 of which: IBRD 0 31 49 40 44 62 72 43 IDA 0 0 0 0 0 0 0 0 Bilateral 0 118 58 18 19 19 24 22 Private creditors 438 323 285 234 252 156 139 105 of which: Bonds 15 315 284 229 245 149 133 104 Commercial banks 337 7 0 5 7 7 5 1 Private nonguaranteed 0 0 32 118 137 318 572 562 of which: Bonds 0 0 0 30 44 55 36 29 8. Debt stock-flow reconciliation Total change in external debt stocks 753 550 192 33 5,290 11,977 6,800 815 Net flows on external debt -14 -194 465 1,564 5,222 10,704 8,756 430 9. Debt restructurings Total amount rescheduled 0 84 0 0 0 0 0 0 Total amount forgiven 0 0 0 0 0 0 0 0 Debt buyback 0 0 0 0 0 0 127 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 490 233 245 276 290 277 282 278 Interest 81 68 62 56 49 43 36 30 Private creditors Principal 3,543 2,692 2,415 2,716 1,409 2,468 1,604 1,790 Interest 452 381 343 275 173 107 52 48 Notes: Short-term debt is based on Central Bank data. 89 BURKINA FASO 1. Summary external debt data External debt stocks 832 1,271 1,422 1,994 1,123 1,450 1,682 1,835 Long-term external debt 748 1,140 1,226 1,868 999 1,257 1,518 1,725 Public and publicly guaranteed 748 1,140 1,226 1,868 999 1,257 1,518 1,725 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 0 75 112 104 35 37 54 110 Short-term external debt 84 56 84 22 89 155 110 0 interest arrears on long-term 21 12 5 0 0 0 0 0 Memorandum items 64 37 42 36 39 37 34 34 747 1,140 1,226 1,868 999 1,257 1,518 1,725 1 0 0 0 0 0 0 0 90 37 53 232 294 389 414 48 External debt flows Disbursements 77 139 99 218 301 226 327 263 Long-term external debt 77 112 91 203 282 225 308 209 IMF purchases 0 27 7 15 19 1 18 54 Principal repayments 19 28 33 28 27 25 27 26 Long-term external debt 18 28 26 24 27 25 27 26 IMF repurchases 1 0 7 4 0 0 0 0 Net flows 68 124 47 188 341 267 254 127 Long-term external debt 59 83 65 179 255 200 281 183 Short-term external debt 10 14 -19 -2 67 66 -45 -110 Interest payments 16 20 14 17 17 17 18 15 Long-term external debt 10 18 12 16 15 12 14 15 IMF charges 0 0 1 0 0 0 0 0 Short-term external debt 6 2 1 1 2 5 3 0 2. Other non-debt resource inflows Foreign direct investment 0 10 23 34 34 344 137 171 Portfolio equity 0 .. -3 .. .. .. .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 1.7 6.2 6.7 12.8 11.9 Japanese yen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pound sterling 0.5 0.3 0.1 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 39.1 55.5 59.4 56.5 40.3 39.4 35.9 35.8 4. Average terms of new commitments Official creditors Interest (%) 2.5 0.8 1.4 0.9 0.8 1.3 1.1 0.8 Maturity (years) 27.9 39.9 37.1 35.8 40.9 32.6 35.2 49.9 Grace period (years) 8.7 10.4 7.8 8.8 10.1 8.5 9.0 10.4 Private creditors Interest (%) 0.0 0.0 0.0 4.2 0.0 0.0 0.0 0.0 Maturity (years) 0.0 0.0 0.0 11.2 0.0 0.0 0.0 0.0 Grace period (years) 0.0 0.0 0.0 1.7 0.0 0.0 0.0 0.0 5. Major economic aggregates Gross national income (GNI) 3,094 2,369 2,606 5,411 5,756 6,752 7,932 8,019 Exports of goods, services & income 367 .. 251 .. .. .. .. .. Worker remit. & comp. of employees 140 78 67 50 50 50 50 49 Imports of goods, services & income 776 .. 691 .. .. .. .. .. Profit remittances on FDI 6 .. 3 .. .. .. .. .. Current account balance -77 .. -319 .. .. .. .. .. International reserves 305 347 244 438 555 1,029 928 1,296 6. Ratios External debt stocks to exports (%) 226.9 .. 567.6 .. .. .. .. .. External debt stocks to GNI (%) 26.9 53.6 54.6 36.9 19.5 21.5 21.2 22.9 Debt service to exports (%) 9.4 .. 18.6 .. .. .. .. .. Short-term to external debt stocks (%) 10.1 4.4 5.9 1.1 7.9 10.7 6.5 .. Multilateral to external debt stocks (%) 67.7 77.2 72.0 85.2 69.8 67.5 71.7 76.4 Reserves to external debt stocks (%) 36.6 27.3 17.1 22.0 49.4 71.0 55.1 70.6 Reserves to imports (months) 4.7 .. 4.2 .. .. .. .. .. 90 BURKINA FASO 7. Long-term external debt Debt outstanding and disbursed 748 1,140 1,226 1,868 999 1,257 1,518 1,725 Public and publicly guaranteed 748 1,140 1,226 1,868 999 1,257 1,518 1,725 Official creditors 710 1,135 1,222 1,868 987 1,232 1,496 1,705 Multilateral 563 981 1,024 1,699 784 979 1,206 1,402 of which: IBRD 0 0 0 0 0 0 0 0 IDA 282 608 593 1,043 371 468 626 721 Bilateral 147 154 198 169 202 252 291 303 Private creditors 38 5 3 0 12 26 22 20 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 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 77 112 91 203 282 225 308 209 Public and publicly guaranteed 77 112 91 203 282 225 308 209 Official creditors 77 112 91 203 270 211 308 209 Multilateral 43 106 76 191 232 161 253 187 of which: IBRD 0 0 0 0 0 0 0 0 IDA 15 85 38 107 125 80 160 90 Bilateral 34 6 16 13 38 50 55 22 Private creditors 0 0 0 0 12 14 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 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 18 28 26 24 27 25 27 26 Public and publicly guaranteed 18 28 26 24 27 25 27 26 Official creditors 18 28 26 24 27 22 24 24 Multilateral 13 24 20 17 18 11 15 15 of which: IBRD 0 0 0 0 0 0 0 0 IDA 1 4 1 5 3 0 0 0 Bilateral 4 4 6 8 9 11 9 9 Private creditors 0 0 0 0 0 3 3 3 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 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 10 18 12 16 15 12 14 15 Public and publicly guaranteed 10 18 12 16 15 12 14 15 Official creditors 10 18 12 16 15 12 14 15 Multilateral 7 11 9 14 13 9 11 12 of which: IBRD 0 0 0 0 0 0 0 0 IDA 2 4 4 8 5 4 4 5 Bilateral 3 6 2 2 3 3 3 3 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 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 115 139 -161 5 -871 327 233 153 Net flows on external debt 68 124 47 188 341 267 254 127 9. Debt restructurings Total amount rescheduled 0 0 17 1 4 0 1 0 Total amount forgiven 5 15 81 45 1,290 3 7 0 Debt buyback 0 0 92 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 62 52 55 66 72 75 81 90 Interest 22 23 23 23 23 22 21 20 Private creditors Principal 3 3 3 3 3 3 3 0 Interest 1 1 1 0 0 0 0 0 Notes: Data on long-term public debt for 2009 are World Bank staff estimates. Burkina Faso was granted debt relief effective in 2006 under MDRI. 91 BURUNDI 1. Summary external debt data External debt stocks 906.9 1162.0 1108.0 1321.8 1411.8 1455.7 1443.2 518.0 Long-term external debt 851.0 1099.3 1036.0 1229.6 1291.4 1343.7 1308.0 419.8 Public and publicly guaranteed 851.0 1099.3 1036.0 1229.6 1291.4 1343.7 1308.0 419.8 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit 42.6 47.8 7.0 58.2 82.7 98.2 116.9 90.9 Short-term external debt 13.4 14.9 65.0 34.1 37.6 13.8 18.3 7.3 interest arrears on long-term 0.0 2.0 19.7 33.1 36.6 12.8 4.3 0.3 Memorandum items 0.1 3.0 82.1 75.2 76.4 60.0 65.3 16.3 849.2 1099.3 1036.0 1229.6 1291.4 1343.7 1308.0 419.8 1.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 126.0 38.8 50.3 39.2 3.8 2.4 37.0 8.0 External debt flows Disbursements 95.7 44.8 41.3 63.3 60.4 42.2 46.6 43.9 Long-term external debt 95.7 44.8 41.3 42.1 39.4 31.3 24.8 23.6 IMF purchases 0.0 0.0 0.0 21.1 21.0 10.9 21.7 20.4 Principal repayments 28.3 26.8 14.0 27.1 12.9 11.2 11.3 15.2 Long-term external debt 27.5 17.8 9.4 27.1 12.9 11.2 11.3 8.3 IMF repurchases 0.8 9.1 4.5 0.0 0.0 0.0 0.0 6.9 Net flows 64.9 26.3 18.4 34.2 47.5 31.0 48.3 21.7 Long-term external debt 68.2 27.1 31.8 15.0 26.5 20.1 13.5 15.3 Short-term external debt -2.5 8.3 -8.9 -2.0 0.0 0.0 13.0 -7.0 Interest payments 14.1 11.8 7.9 12.2 5.5 7.8 8.2 4.1 Long-term external debt 12.2 11.0 4.5 11.9 5.1 7.3 7.4 3.6 IMF charges 0.2 0.3 0.1 0.2 0.3 0.5 0.6 0.4 Short-term external debt 1.7 0.5 3.3 0.1 0.1 0.0 0.2 0.1 2. Other non-debt resource inflows Foreign direct investment 1.3 2.0 11.7 0.6 0.0 0.5 3.8 9.9 Portfolio equity 0.0 0.0 0.0 0.0 0.0 0.0 .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 11.1 11.4 11.9 10.1 17.6 Japanese yen 2.0 2.9 2.8 1.4 0.7 0.7 1.0 2.9 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 50.3 55.1 59.4 61.8 61.3 60.4 60.3 33.6 4. Average terms of new commitments Official creditors Interest (%) 0.9 0.8 1.7 0.8 0.0 1.5 1.0 1.0 Maturity (years) 40.3 38.0 31.3 47.8 19.6 22.5 19.5 28.5 Grace period (years) 10.3 9.8 8.2 10.2 10.1 4.7 6.4 10.0 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 5. Major economic aggregates Gross national income (GNI) 1117.2 988.0 723.4 776.2 910.0 973.9 1164.6 1331.3 Exports of goods, services & income 97.7 139.7 55.4 98.7 97.3 98.3 146.8 .. Worker remit. & comp. of employees .. .. .. 0.1 0.0 0.2 3.6 3.8 Imports of goods, services & income 341.3 281.8 165.0 343.9 460.4 449.3 544.5 .. Profit remittances on FDI 3.3 3.1 0.4 2.1 3.4 4.8 5.3 .. Current account balance -69.4 10.4 -50.2 -5.7 -134.0 -109.8 -211.5 .. International reserves 111.7 216.1 37.6 100.6 131.1 177.1 266.5 323.1 6. Ratios External debt stocks to exports (%) 928.7 831.6 1999.7 1338.6 1450.6 1480.8 983.4 .. External debt stocks to GNI (%) 81.2 117.6 153.2 170.3 155.1 149.5 123.9 38.9 Debt service to exports (%) 43.4 27.6 39.4 39.8 18.9 19.4 13.3 .. Short-term to external debt stocks (%) 1.5 1.3 5.9 2.6 2.7 0.9 1.3 1.4 Multilateral to external debt stocks (%) 72.7 80.1 80.4 80.3 79.6 80.9 80.6 62.1 Reserves to external debt stocks (%) 12.3 18.6 3.4 7.6 9.3 12.2 18.5 62.4 Reserves to imports (months) 3.9 9.2 2.7 3.5 3.4 4.7 5.9 .. 92 BURUNDI 7. Long-term external debt Debt outstanding and disbursed 851.0 1099.3 1036.0 1229.6 1291.4 1343.7 1308.0 419.8 Public and publicly guaranteed 851.0 1099.3 1036.0 1229.6 1291.4 1343.7 1308.0 419.8 Official creditors 841.6 1097.6 1032.0 1227.5 1290.8 1342.9 1308.0 419.8 Multilateral 659.8 930.5 890.4 1061.8 1124.0 1177.0 1163.8 321.8 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 398.0 591.4 600.5 750.8 797.0 830.1 818.5 147.2 Bilateral 181.8 167.1 141.6 165.7 166.9 165.9 144.2 98.0 Private creditors 9.4 1.6 4.0 2.1 0.6 0.7 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 1.3 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Disbursements 95.7 44.8 41.3 42.1 39.4 31.3 24.8 23.6 Public and publicly guaranteed 95.7 44.8 41.3 42.1 39.4 31.3 24.8 23.6 Official creditors 93.4 44.8 38.2 42.1 36.9 31.3 24.8 23.6 Multilateral 63.5 40.6 38.2 42.1 36.9 29.8 24.3 23.6 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 48.7 27.3 36.4 27.4 28.9 19.2 13.8 8.7 Bilateral 29.8 4.2 0.0 0.0 0.0 1.5 0.5 0.0 Private creditors 2.4 0.0 3.0 0.0 2.5 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 27.5 17.8 9.4 27.1 12.9 11.2 11.3 8.3 Public and publicly guaranteed 27.5 17.8 9.4 27.1 12.9 11.2 11.3 8.3 Official creditors 19.2 16.9 9.4 22.5 8.9 11.2 11.3 8.3 Multilateral 11.3 11.8 9.4 22.3 8.9 10.7 10.0 8.3 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.9 2.9 8.8 8.5 0.0 0.0 0.1 0.1 Bilateral 7.9 5.1 0.0 0.2 0.0 0.6 1.3 0.0 Private creditors 8.3 0.9 0.0 4.6 4.0 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 5.2 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest payments 12.2 11.0 4.5 11.9 5.1 7.3 7.4 3.6 Public and publicly guaranteed 12.2 11.0 4.5 11.9 5.1 7.3 7.4 3.6 Official creditors 11.1 10.9 4.5 11.9 5.1 7.3 7.4 3.6 Multilateral 9.0 8.5 4.5 11.7 4.5 5.6 6.2 3.1 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 2.6 4.6 4.4 4.3 1.7 2.4 3.7 1.0 Bilateral 2.1 2.4 0.0 0.2 0.6 1.7 1.2 0.5 Private creditors 1.1 0.1 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 0.5 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. Debt stock-flow reconciliation Total change in external debt stocks 18.1 34.6 -26.9 -68.5 90.0 43.9 -12.5 -925.2 Net flows on external debt 64.9 26.3 18.4 34.2 47.5 31.0 48.3 21.7 9. Debt restructurings Total amount rescheduled 0.0 0.0 0.0 0.0 3.9 3.3 0.0 71.4 Total amount forgiven 105.4 16.7 0.0 11.5 28.2 22.4 48.0 821.0 Debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 15.8 14.4 14.1 17.3 16.3 18.6 18.5 17.8 Interest 3.8 3.8 3.7 3.6 3.5 3.4 3.2 3.0 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 include the effects of Paris Club debt restructuring agreement signed in 2009. Data for 2007, 2008, and 2009 include the effects of MDRI and HIPC debt relief, in the amount of $21,071 in thousands, $22,871 in thousands, and $655,538 in thousands respectively. 93 CAMBODIA 1. Summary external debt data External debt stocks 1,845 2,284 2,628 3,515 3,527 3,761 4,215 4,364 Long-term external debt 1,683 2,110 2,328 3,155 3,318 3,537 3,892 4,099 Public and publicly guaranteed 1,683 2,110 2,328 3,155 3,318 3,537 3,892 4,099 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 27 72 73 81 0 0 0 0 Short-term external debt 136 102 227 279 209 224 323 265 interest arrears on long-term 103 90 131 243 173 164 197 208 Memorandum items 393 653 1,275 1,485 1,508 1,545 1,599 1,613 1,683 2,110 2,328 3,155 3,318 3,537 3,892 4,099 0 0 0 0 0 0 0 0 0 161 185 208 149 390 305 717 External debt flows Disbursements 0 123 90 168 153 154 383 211 Long-term external debt 0 80 79 168 153 154 383 211 IMF purchases 0 42 11 0 0 0 0 0 Principal repayments 0 5 14 16 15 13 19 26 Long-term external debt 0 5 7 8 15 13 19 26 IMF repurchases 0 0 7 9 0 0 0 0 Net flows 15 100 128 154 138 165 430 116 Long-term external debt 0 75 72 160 138 141 364 185 Short-term external debt 15 -18 52 2 0 24 66 -69 Interest payments 30 3 18 15 15 18 23 23 Long-term external debt 29 1 12 12 13 15 21 22 IMF charges 0 1 1 0 0 0 0 0 Short-term external debt .. .. 5 2 2 3 2 .. 2. Other non-debt resource inflows Foreign direct investment .. 151 149 381 483 867 815 530 Portfolio equity .. .. 0 0 0 0 0 .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 0.8 0.8 0.9 0.9 0.9 Japanese yen 0.6 0.4 0.3 1.1 1.2 1.5 2.0 2.4 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 12.6 27.2 30.2 39.4 39.0 39.0 40.1 40.6 4. Average terms of new commitments Official creditors Interest (%) 0.0 1.8 1.3 1.4 1.0 1.5 1.2 1.3 Maturity (years) 0.0 37.5 30.3 26.9 26.2 23.6 29.4 25.4 Grace period (years) 0.0 9.7 8.2 9.2 9.8 7.7 8.6 3.3 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 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 5. Major economic aggregates Gross national income (GNI) 1,115 3,380 3,535 6,039 6,963 8,271 9,896 9,688 Exports of goods, services & income .. 979 1,893 4,096 5,079 5,748 6,462 5,982 Worker remit. & comp. of employees .. 12 121 200 297 353 325 338 Imports of goods, services & income .. 1,442 2,453 4,923 5,971 6,830 8,127 7,422 Profit remittances on FDI .. 4 123 227 270 353 403 349 Current account balance .. -186 -136 -307 -262 -488 -1,051 .. International reserves .. 192 611 1,158 1,411 2,140 2,639 3,286 6. Ratios External debt stocks to exports (%) .. 233.3 138.8 85.8 69.4 65.4 65.2 72.9 External debt stocks to GNI (%) 165.5 67.6 74.3 58.2 50.7 45.5 42.6 45.0 Debt service to exports (%) .. 0.7 1.7 0.8 0.6 0.5 0.7 0.8 Short-term to external debt stocks (%) 7.3 4.5 8.6 7.9 5.9 6.0 7.7 6.1 Multilateral to external debt stocks (%) 0.1 5.2 14.5 30.1 33.1 34.5 33.7 34.4 Reserves to external debt stocks (%) .. 8.4 23.3 32.9 40.0 56.9 62.6 75.3 Reserves to imports (months) .. 1.6 3.0 2.8 2.8 3.8 3.9 5.3 94 CAMBODIA 7. Long-term external debt Debt outstanding and disbursed 1,683 2,110 2,328 3,155 3,318 3,537 3,892 4,099 Public and publicly guaranteed 1,683 2,110 2,328 3,155 3,318 3,537 3,892 4,099 Official creditors 1,683 2,097 2,328 3,155 3,318 3,537 3,892 4,099 Multilateral 1 118 381 1,059 1,168 1,298 1,420 1,501 of which: IBRD 0 0 0 0 0 0 0 0 IDA 0 65 207 462 500 535 545 566 Bilateral 1,681 1,979 1,947 2,096 2,150 2,239 2,472 2,598 Private creditors 0 13 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 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 0 80 79 168 153 154 383 211 Public and publicly guaranteed 0 80 79 168 153 154 383 211 Official creditors 0 64 79 168 153 154 383 211 Multilateral 0 61 78 130 79 78 145 92 of which: IBRD 0 0 0 0 0 0 0 0 IDA 0 25 37 36 19 18 20 23 Bilateral 0 4 1 38 74 76 238 119 Private creditors 0 16 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 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 0 5 7 8 15 13 19 26 Public and publicly guaranteed 0 5 7 8 15 13 19 26 Official creditors 0 2 7 8 15 13 19 26 Multilateral 0 0 0 5 9 11 17 23 of which: IBRD 0 0 0 0 0 0 0 0 IDA 0 0 0 2 4 5 6 6 Bilateral 0 2 7 2 6 2 2 3 Private creditors 0 3 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 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 29 1 12 12 13 15 21 22 Public and publicly guaranteed 29 1 12 12 13 15 21 22 Official creditors 29 1 12 12 13 15 21 22 Multilateral 0 1 3 10 10 11 13 13 of which: IBRD 0 0 0 0 0 0 0 0 IDA 0 0 1 4 4 4 4 4 Bilateral 29 0 9 3 3 4 8 9 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 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 166 375 111 76 11 234 454 149 Net flows on external debt 15 100 128 154 138 165 430 116 9. Debt restructurings Total amount rescheduled 0 224 0 0 0 1 0 0 Total amount forgiven 0 13 0 0 106 0 0 0 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 63 72 75 87 113 123 129 145 Interest 37 38 38 38 38 36 35 33 Private creditors Principal 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 Notes: Cambodia was granted debt relief effective in 2006 under MDRI. 95 CAMEROON 1. Summary external debt data External debt stocks 6,563 10,950 10,323 7,273 3,243 3,004 2,756 2,941 Long-term external debt 5,505 9,908 8,864 6,667 2,733 2,749 2,690 2,743 Public and publicly guaranteed 5,276 9,620 8,547 6,075 2,243 2,113 2,055 2,128 Private nonguaranteed 230 288 317 592 489 636 636 615 Use of IMF credit 121 51 235 272 8 17 24 175 Short-term external debt 936 991 1,224 334 502 238 41 23 interest arrears on long-term 168 349 205 280 434 39 41 23 Memorandum items 309 474 322 51 91 1 19 68 5,153 9,543 8,500 6,075 2,243 2,113 2,055 2,128 353 365 364 592 489 636 636 615 479 197 100 47 41 449 147 510 External debt flows Disbursements 704 174 354 231 162 270 287 487 Long-term external debt 704 161 286 227 158 262 279 339 IMF purchases 0 13 69 4 4 8 8 147 Principal repayments 269 217 270 576 376 369 358 336 Long-term external debt 268 211 253 537 355 369 358 336 IMF repurchases 1 6 17 39 21 0 0 0 Net flows 672 117 -21 -683 -200 32 -270 151 Long-term external debt 436 -50 33 -310 -197 -107 -79 3 Short-term external debt 237 160 -105 -339 14 131 -199 0 Interest payments 247 214 288 245 140 143 119 59 Long-term external debt 194 173 215 231 135 135 115 58 IMF charges 11 2 2 1 0 0 0 0 Short-term external debt 42 38 72 12 4 8 5 0 2. Other non-debt resource inflows Foreign direct investment -113 7 159 234 16 191 -60 340 Portfolio equity 0 0 0 -4 -6 -14 -1 0 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 65.9 76.9 72.7 65.7 63.7 Japanese yen 0.3 0.3 0.5 1.3 0.0 0.0 0.0 0.0 Pound sterling 2.4 1.2 2.0 1.7 0.0 0.0 0.0 0.0 Swiss franc 1.2 1.1 0.7 0.6 0.4 0.3 0.3 0.3 U.S.dollars 11.2 9.6 24.4 20.8 10.5 12.6 14.2 14.2 4. Average terms of new commitments Official creditors Interest (%) 6.6 2.6 0.9 0.4 1.4 0.9 0.7 1.3 Maturity (years) 15.3 23.3 38.6 30.7 24.3 37.2 37.0 30.0 Grace period (years) 5.3 7.7 9.5 9.2 5.6 8.6 9.3 7.6 Private creditors Interest (%) 7.0 0.0 0.0 0.0 0.0 0.0 0.0 5.2 Maturity (years) 13.2 0.0 0.0 0.0 0.0 0.0 0.0 12.2 Grace period (years) 2.7 0.0 0.0 0.0 0.0 0.0 0.0 2.4 5. Major economic aggregates Gross national income (GNI) 10,674 8,205 9,464 16,126 17,706 20,193 22,585 21,602 Exports of goods, services & income 2,516 2,053 2,602 4,280 4,911 6,393 7,439 5,368 Worker remit. & comp. of employees 23 11 30 77 130 167 162 148 Imports of goods, services & income 3,041 2,032 2,960 5,010 5,031 6,552 8,487 6,897 Profit remittances on FDI 138 21 41 289 10 385 165 147 Current account balance -551 90 -249 -493 193 286 -450 -1,137 International reserves 37 15 220 965 1,735 2,932 3,112 3,708 6. Ratios External debt stocks to exports (%) 260.8 533.4 396.7 169.9 66.0 47.0 37.0 54.8 External debt stocks to GNI (%) 61.5 133.4 109.1 45.1 18.3 14.9 12.2 13.6 Debt service to exports (%) 20.5 21.0 21.5 19.2 10.5 8.0 6.4 7.4 Short-term to external debt stocks (%) 14.3 9.0 11.9 4.6 15.5 7.9 1.5 0.8 Multilateral to external debt stocks (%) 20.2 15.4 13.7 21.8 15.7 18.7 22.4 23.2 Reserves to external debt stocks (%) 0.6 0.1 2.1 13.3 53.5 97.6 113.0 126.1 Reserves to imports (months) 0.1 0.1 0.9 2.3 4.1 5.4 4.4 6.5 96 CAMEROON 7. Long-term external debt Debt outstanding and disbursed 5,505 9,908 8,864 6,667 2,733 2,749 2,690 2,743 Public and publicly guaranteed 5,276 9,620 8,547 6,075 2,243 2,113 2,055 2,128 Official creditors 3,809 8,734 8,227 5,989 2,179 2,111 2,052 2,117 Multilateral 1,323 1,684 1,419 1,585 510 562 618 682 of which: IBRD 651 639 218 84 46 40 35 30 IDA 238 443 769 1,032 170 198 225 273 Bilateral 2,486 7,050 6,808 4,403 1,669 1,549 1,435 1,435 Private creditors 1,467 885 320 87 65 3 2 11 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 390 300 175 43 46 2 2 11 Private nonguaranteed 230 288 317 592 489 636 636 615 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 704 161 286 227 158 262 279 339 Public and publicly guaranteed 651 161 247 130 119 180 192 130 Official creditors 546 161 247 130 118 180 192 122 Multilateral 200 81 115 68 84 83 106 93 of which: IBRD 75 6 0 0 0 0 0 0 IDA 0 35 55 31 29 20 29 48 Bilateral 347 80 133 62 34 97 86 29 Private creditors 105 0 0 0 1 0 0 8 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 10 0 0 0 1 0 0 8 Private nonguaranteed 53 0 39 98 39 82 87 209 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 268 211 253 537 355 369 358 336 Public and publicly guaranteed 138 183 166 396 194 186 166 107 Official creditors 96 146 162 395 194 167 165 107 Multilateral 68 130 97 92 86 40 41 39 of which: IBRD 42 91 53 32 39 5 5 5 IDA 3 4 7 12 6 0 1 2 Bilateral 28 16 66 303 108 127 125 68 Private creditors 41 36 4 0 0 19 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 28 25 4 0 0 16 0 0 Private nonguaranteed 130 28 86 141 161 183 192 229 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 194 173 215 231 135 135 115 58 Public and publicly guaranteed 177 163 198 181 79 93 70 27 Official creditors 122 152 198 180 79 70 70 27 Multilateral 73 80 48 27 20 16 14 11 of which: IBRD 49 56 22 5 4 2 2 2 IDA 2 3 5 8 5 2 2 2 Bilateral 49 72 149 153 59 54 56 16 Private creditors 55 10 1 1 0 23 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 39 5 1 0 0 23 0 0 Private nonguaranteed 17 11 17 51 57 42 44 31 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 1,198 1,687 -239 -3,025 -4,030 -239 -248 186 Net flows on external debt 672 117 -21 -683 -200 32 -270 151 9. Debt restructurings Total amount rescheduled 75 1,070 206 68 20 4 0 0 Total amount forgiven 10 0 7 166 4,292 144 16 65 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 196 176 153 138 139 150 131 125 Interest 57 53 50 47 45 42 39 36 Private creditors Principal 52 53 53 53 53 53 53 53 Interest 9 9 8 7 6 5 5 4 Notes: Cameroon was granted debt relief effective in 2006 under MDRI. 97 CAPE VERDE 1. Summary external debt data External debt stocks 133.8 213.8 316.5 475.2 522.1 578.7 624.6 707.2 Long-term external debt 129.1 184.6 312.6 461.9 508.4 564.0 610.8 694.7 Public and publicly guaranteed 129.1 184.6 312.6 461.9 508.4 564.0 610.8 694.7 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 12.3 13.0 13.5 12.4 11.0 Short-term external debt 4.7 29.2 3.9 0.9 0.7 1.3 1.4 1.5 interest arrears on long-term 2.3 4.6 3.9 0.9 0.7 1.3 1.4 1.5 Memorandum items 11.1 19.6 32.2 3.2 2.4 2.4 2.4 2.4 129.1 184.6 312.6 461.9 508.4 564.0 610.8 694.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35.9 11.5 33.9 88.8 27.4 209.9 379.0 251.8 External debt flows Disbursements 12.1 21.4 28.8 77.9 48.9 51.1 74.8 97.3 Long-term external debt 12.1 21.4 28.8 74.3 48.9 51.1 74.8 97.3 IMF purchases 0.0 0.0 0.0 3.7 0.0 0.0 0.0 0.0 Principal repayments 3.7 5.6 11.1 28.6 25.0 22.7 24.5 25.9 Long-term external debt 3.7 5.6 11.1 28.6 25.0 22.5 23.7 24.4 IMF repurchases 0.0 0.0 0.0 0.0 0.0 0.2 0.8 1.5 Net flows 10.7 34.4 2.0 49.3 23.9 28.4 50.4 71.4 Long-term external debt 8.3 15.8 17.7 45.7 23.9 28.6 51.1 72.9 Short-term external debt 2.4 18.7 -15.7 0.0 0.0 0.0 0.0 0.0 Interest payments 2.0 4.1 4.7 6.8 6.3 6.4 6.6 7.0 Long-term external debt 1.9 3.4 4.7 6.8 6.2 6.4 6.5 6.9 IMF charges 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 Short-term external debt 0.1 0.8 0.0 0.0 0.0 0.0 0.0 0.0 2. Other non-debt resource inflows Foreign direct investment 0.3 26.2 33.4 80.4 131.8 191.9 211.3 119.6 Portfolio equity 0.0 0.0 .. 0.0 0.3 2.2 0.0 .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 13.4 15.0 16.1 18.2 19.2 Japanese yen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 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 38.5 35.3 55.8 54.1 53.3 49.6 48.5 43.2 4. Average terms of new commitments Official creditors Interest (%) 1.5 0.8 2.0 3.5 2.9 1.3 2.0 1.6 Maturity (years) 42.6 39.8 31.3 32.5 38.1 25.7 26.9 26.6 Grace period (years) 9.1 10.3 10.4 8.4 9.0 8.2 6.7 7.2 Private creditors Interest (%) 0.0 0.0 5.7 0.0 0.0 0.0 0.0 1.7 Maturity (years) 0.0 0.0 10.6 0.0 0.0 0.0 0.0 33.0 Grace period (years) 0.0 0.0 2.2 0.0 0.0 0.0 0.0 12.8 5. Major economic aggregates Gross national income (GNI) 340.5 485.3 520.0 965.7 1062.9 1304.8 1484.4 1499.1 Exports of goods, services & income 63.2 87.5 150.9 377.5 497.0 599.4 744.6 .. Worker remit. & comp. of employees 59.1 105.9 86.9 136.6 136.6 138.9 155.1 149.2 Imports of goods, services & income 153.1 300.7 343.6 699.0 868.8 1099.0 1265.2 .. Profit remittances on FDI 0.0 0.5 5.1 10.9 24.1 28.2 38.2 .. Current account balance -3.8 -61.6 -58.0 -40.7 -82.7 -198.3 -205.5 .. International reserves 77.0 36.9 28.3 164.6 244.4 364.5 361.5 366.2 6. Ratios External debt stocks to exports (%) 211.5 244.4 209.7 125.9 105.0 96.6 83.9 .. External debt stocks to GNI (%) 39.3 44.1 60.9 49.2 49.1 44.4 42.1 47.2 Debt service to exports (%) 9.1 11.2 10.5 9.4 6.3 4.9 4.2 .. Short-term to external debt stocks (%) 3.5 13.7 1.2 0.2 0.1 0.2 0.2 0.2 Multilateral to external debt stocks (%) 65.0 67.3 72.4 78.8 78.9 78.6 77.3 75.3 Reserves to external debt stocks (%) 57.5 17.3 8.9 34.6 46.8 63.0 57.9 51.8 Reserves to imports (months) 6.0 1.5 1.0 2.8 3.4 4.0 3.4 .. 98 CAPE VERDE 7. Long-term external debt Debt outstanding and disbursed 129.1 184.6 312.6 461.9 508.4 564.0 610.8 694.7 Public and publicly guaranteed 129.1 184.6 312.6 461.9 508.4 564.0 610.8 694.7 Official creditors 126.6 178.2 305.2 440.3 491.1 549.2 600.9 688.2 Multilateral 87.0 143.9 229.2 374.7 411.8 454.8 482.9 532.4 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 13.6 33.0 97.9 205.1 235.9 267.4 283.8 286.4 Bilateral 39.6 34.2 75.9 65.6 79.3 94.3 117.9 155.8 Private creditors 2.5 6.4 7.5 21.6 17.3 14.8 9.9 6.5 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 1.8 1.5 1.0 0.3 0.2 Private nonguaranteed 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 Disbursements 12.1 21.4 28.8 74.3 48.9 51.1 74.8 97.3 Public and publicly guaranteed 12.1 21.4 28.8 74.3 48.9 51.1 74.8 97.3 Official creditors 12.1 17.1 28.8 64.9 48.8 51.1 74.8 97.3 Multilateral 6.0 14.9 23.5 48.8 30.0 34.5 36.6 58.6 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 2.0 6.0 10.4 27.2 22.1 22.7 20.8 3.8 Bilateral 6.1 2.2 5.3 16.1 18.7 16.6 38.2 38.7 Private creditors 0.0 4.2 0.0 9.4 0.1 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 0.9 0.1 0.0 0.0 0.0 Private nonguaranteed 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 Principal repayments 3.7 5.6 11.1 28.6 25.0 22.5 23.7 24.4 Public and publicly guaranteed 3.7 5.6 11.1 28.6 25.0 22.5 23.7 24.4 Official creditors 3.6 5.6 9.3 23.2 18.5 18.3 19.3 20.8 Multilateral 2.5 4.8 6.1 12.2 8.6 9.3 10.4 13.7 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.0 0.1 0.3 1.4 1.5 1.8 2.6 3.3 Bilateral 1.1 0.8 3.2 11.0 9.9 9.0 9.0 7.1 Private creditors 0.1 0.0 1.8 5.4 6.5 4.2 4.3 3.6 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 1.4 0.6 0.6 0.7 0.1 Private nonguaranteed 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 Interest payments 1.9 3.4 4.7 6.8 6.2 6.4 6.5 6.9 Public and publicly guaranteed 1.9 3.4 4.7 6.8 6.2 6.4 6.5 6.9 Official creditors 1.9 3.4 3.8 5.7 5.7 6.1 6.3 6.7 Multilateral 1.2 3.3 2.7 4.2 4.1 4.3 4.7 4.9 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.1 0.2 0.7 1.6 1.7 1.8 2.1 2.0 Bilateral 0.7 0.1 1.1 1.6 1.6 1.8 1.6 1.9 Private creditors 0.0 0.0 0.9 1.0 0.5 0.3 0.3 0.2 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 0.5 0.1 0.1 0.0 0.0 Private nonguaranteed 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 8. Debt stock-flow reconciliation Total change in external debt stocks 7.7 37.9 -8.7 13.6 46.9 56.6 45.8 82.7 Net flows on external debt 10.7 34.4 2.0 49.3 23.9 28.4 50.4 71.4 9. Debt restructurings Total amount rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total amount forgiven 9.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 24.0 24.5 22.7 41.3 42.7 46.1 45.7 47.0 Interest 10.1 12.6 14.1 14.7 14.6 14.3 13.7 13.1 Private creditors Principal 3.6 2.3 0.5 0.0 0.0 0.0 0.0 0.0 Interest 0.1 1.0 2.2 2.4 2.5 2.5 2.5 2.5 99 CENTRAL AFRICAN REPUBLIC 1. Summary external debt data External debt stocks 698.5 946.0 860.0 1019.9 1010.2 964.2 955.1 396.0 Long-term external debt 624.1 853.9 797.3 877.5 868.5 849.0 817.1 250.4 Public and publicly guaranteed 624.1 853.9 797.3 877.5 868.5 849.0 817.1 250.4 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit 36.7 34.9 21.5 35.9 42.1 49.4 63.0 78.4 Short-term external debt 37.7 57.1 41.2 106.6 99.6 65.8 75.0 67.2 interest arrears on long-term 15.0 35.7 26.1 97.6 90.6 65.8 63.0 63.2 Memorandum items 23.2 74.2 97.7 227.1 218.7 170.8 158.2 156.6 624.1 853.7 796.3 876.1 867.0 847.4 817.1 250.4 0.0 0.3 1.0 1.3 1.5 1.6 0.0 0.0 174.9 16.6 28.0 0.0 0.0 0.0 0.0 0.0 External debt flows Disbursements 121.1 32.6 16.1 0.0 10.2 34.9 24.9 43.5 Long-term external debt 112.8 32.6 16.1 0.0 0.0 3.2 1.9 3.8 IMF purchases 8.3 0.0 0.0 0.0 10.2 31.7 23.0 39.6 Principal repayments 17.4 10.0 8.3 5.3 52.7 68.7 19.4 28.2 Long-term external debt 7.6 2.6 7.5 0.4 46.7 42.1 11.7 8.9 IMF repurchases 9.8 7.4 0.8 4.9 6.0 26.7 7.7 19.4 Net flows 106.6 25.1 -13.8 -5.3 -42.5 -42.9 17.5 7.2 Long-term external debt 105.2 30.0 8.6 -0.4 -46.7 -38.9 -9.8 -5.0 Short-term external debt 2.9 2.4 -21.6 0.0 0.0 -9.0 12.0 -8.0 Interest payments 11.8 5.7 5.9 0.9 17.7 20.2 6.6 3.6 Long-term external debt 9.0 3.5 4.3 0.1 16.5 19.6 6.1 3.2 IMF charges 1.2 1.0 0.1 0.4 0.9 0.4 0.3 0.3 Short-term external debt 1.6 1.2 1.4 0.3 0.3 0.2 0.2 0.1 2. Other non-debt resource inflows Foreign direct investment 0.7 6.2 0.8 32.4 34.6 56.7 117.1 42.3 Portfolio equity 0.0 .. .. .. .. .. .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 5.9 6.3 3.8 3.4 5.3 Japanese yen 0.7 0.7 0.7 0.6 0.6 0.3 0.4 0.0 Pound sterling 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.0 Swiss franc 2.6 2.8 2.2 2.5 2.7 2.2 2.3 4.7 U.S.dollars 43.6 56.2 61.2 59.6 57.5 61.9 63.1 56.6 4. Average terms of new commitments Official creditors Interest (%) 1.0 0.8 0.8 0.0 0.0 0.0 0.0 0.0 Maturity (years) 37.6 39.7 39.8 0.0 0.0 0.0 0.0 0.0 Grace period (years) 10.2 10.2 10.3 0.0 0.0 0.0 0.0 0.0 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 5. Major economic aggregates Gross national income (GNI) 1465.1 1100.9 946.8 1348.0 1472.9 1701.9 1965.8 1983.3 Exports of goods, services & income 220.4 .. .. .. .. .. .. .. Worker remit. & comp. of employees 0.1 .. .. .. .. .. .. .. Imports of goods, services & income 432.5 .. .. .. .. 381.4 464.5 .. Profit remittances on FDI 2.1 .. .. .. .. .. .. .. Current account balance -89.1 .. .. .. .. .. .. .. International reserves 122.9 237.9 136.3 144.9 132.4 91.9 131.5 222.7 6. Ratios External debt stocks to exports (%) 317.0 .. .. .. .. .. .. .. External debt stocks to GNI (%) 47.7 85.9 90.8 75.7 68.6 56.7 48.6 20.0 Debt service to exports (%) 13.2 .. .. .. .. .. .. .. Short-term to external debt stocks (%) 5.4 6.0 4.8 10.5 9.9 6.8 7.8 17.0 Multilateral to external debt stocks (%) 65.2 67.3 67.8 61.6 60.7 62.6 60.2 15.1 Reserves to external debt stocks (%) 17.6 25.2 15.9 14.2 13.1 9.5 13.8 56.2 Reserves to imports (months) 3.4 .. .. .. .. 2.9 3.4 .. 100 CENTRAL AFRICAN REPUBLIC 7. Long-term external debt Debt outstanding and disbursed 624.1 853.9 797.3 877.5 868.5 849.0 817.1 250.4 Public and publicly guaranteed 624.1 853.9 797.3 877.5 868.5 849.0 817.1 250.4 Official creditors 602.6 835.6 764.8 843.4 834.1 814.3 782.6 216.0 Multilateral 455.5 636.2 583.3 628.6 612.7 603.5 574.9 59.6 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 265.1 414.0 391.3 422.7 395.1 402.8 389.9 9.0 Bilateral 147.0 199.4 181.5 214.8 221.4 210.8 207.7 156.4 Private creditors 21.6 18.4 32.6 34.1 34.4 34.7 34.5 34.4 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 0.0 0.0 Private nonguaranteed 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 Disbursements 112.8 32.6 16.1 0.0 0.0 3.2 1.9 3.8 Public and publicly guaranteed 112.8 32.6 16.1 0.0 0.0 3.2 1.9 3.8 Official creditors 112.8 32.6 16.1 0.0 0.0 3.2 1.9 3.8 Multilateral 95.2 32.6 16.1 0.0 0.0 3.2 1.9 3.8 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 70.4 29.8 12.9 0.0 0.0 3.2 1.9 3.8 Bilateral 17.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private creditors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 7.6 2.6 7.5 0.4 46.7 42.1 11.7 8.9 Public and publicly guaranteed 7.6 2.6 7.5 0.4 46.7 42.1 11.7 8.9 Official creditors 7.0 2.6 7.4 0.4 46.7 42.1 11.7 8.9 Multilateral 3.2 2.6 6.9 0.4 46.7 42.1 8.9 5.5 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.5 1.3 5.7 0.0 46.7 9.6 3.1 1.7 Bilateral 3.8 0.0 0.5 0.0 0.0 0.0 2.8 3.4 Private creditors 0.6 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest payments 9.0 3.5 4.3 0.1 16.5 19.6 6.1 3.2 Public and publicly guaranteed 9.0 3.5 4.3 0.1 16.5 19.6 6.1 3.2 Official creditors 8.1 3.5 4.3 0.1 16.5 19.6 6.1 3.2 Multilateral 5.1 3.5 3.4 0.1 16.5 19.6 4.4 2.4 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 1.5 2.9 3.2 0.0 16.5 3.3 3.1 1.6 Bilateral 3.1 0.0 0.9 0.0 0.0 0.0 1.7 0.9 Private creditors 0.8 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. Debt stock-flow reconciliation Total change in external debt stocks 5.0 57.9 -51.4 -58.9 -9.7 -46.0 -9.1 -559.1 Net flows on external debt 106.6 25.1 -13.8 -5.3 -42.5 -42.9 17.5 7.2 9. Debt restructurings Total amount rescheduled 4.4 7.6 2.9 0.0 0.0 20.8 3.2 0.0 Total amount forgiven 157.5 1.3 0.7 0.0 0.0 8.2 14.1 519.5 Debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 3.3 3.7 3.8 3.8 4.0 4.0 4.3 4.4 Interest 1.7 1.6 1.6 1.5 1.5 1.4 1.3 1.2 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 on long-term public debt for 2009 are World Bank staff estimates. Data include the effects of Paris Club debt restructuring agreements signed in 2007 and in 2009. Data for 2007, 2008, and 2009 include the effects of MDRI and HIPC debt relief, in the amount of $1,510 in thousands, $9,416 in thousands, and $380,659 in thousands respectively. 101 CHAD 1. Summary external debt data External debt stocks 514 843 1,090 1,585 1,707 1,797 1,749 1,743 Long-term external debt 454 777 987 1,495 1,628 1,712 1,705 1,711 Public and publicly guaranteed 454 777 987 1,495 1,628 1,712 1,705 1,711 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 30 49 78 79 68 56 41 29 Short-term external debt 30 17 25 11 12 29 4 4 interest arrears on long-term 6 9 10 6 8 6 4 4 Memorandum items 16 36 52 26 24 22 26 28 454 777 987 1,495 1,628 1,712 1,705 1,711 0 0 0 0 0 0 0 0 83 116 178 134 7 141 11 3 External debt flows Disbursements 103 73 59 116 102 50 97 35 Long-term external debt 94 61 46 110 102 50 97 35 IMF purchases 8 13 14 6 0 0 0 0 Principal repayments 7 10 14 38 40 49 119 55 Long-term external debt 3 3 13 24 24 34 105 42 IMF repurchases 4 7 1 13 16 15 14 13 Net flows 98 63 44 75 61 21 -45 -19 Long-term external debt 91 57 33 85 78 17 -8 -7 Short-term external debt 2 0 -2 -3 -1 19 -23 0 Interest payments 5 5 10 17 17 19 19 23 Long-term external debt 3 4 9 16 16 19 18 23 IMF charges 0 1 0 0 0 0 0 0 Short-term external debt 2 1 1 0 0 1 0 0 2. Other non-debt resource inflows Foreign direct investment 9 33 115 -99 -279 -69 234 462 Portfolio equity 0 .. .. .. .. .. .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 3.3 3.9 3.6 3.3 3.3 Japanese yen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pound sterling 0.1 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 49.6 54.8 58.6 66.1 65.0 64.4 60.2 59.8 4. Average terms of new commitments Official creditors Interest (%) 1.8 1.0 0.7 1.6 0.0 1.3 0.0 2.0 Maturity (years) 31.0 38.0 40.5 23.8 28.6 19.9 24.0 24.6 Grace period (years) 9.1 8.7 10.1 6.6 9.1 6.9 6.5 5.1 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 5. Major economic aggregates Gross national income (GNI) 1,721 1,441 1,368 4,435 5,125 5,808 6,699 6,090 Exports of goods, services & income 274 .. .. 3,234 3,714 3,791 4,367 2,825 Worker remit. & comp. of employees 1 .. .. .. .. .. .. .. Imports of goods, services & income 511 .. .. 3,191 3,366 4,814 5,818 5,456 Profit remittances on FDI 0 .. .. .. .. .. .. .. Current account balance -46 .. .. .. .. .. .. .. International reserves 132 147 114 231 632 964 1,355 629 6. Ratios External debt stocks to exports (%) 187.5 .. .. 49.0 46.0 47.4 40.1 61.7 External debt stocks to GNI (%) 29.9 58.5 79.7 35.7 33.3 30.9 26.1 28.6 Debt service to exports (%) 4.3 .. .. 1.7 1.5 1.8 3.2 2.8 Short-term to external debt stocks (%) 5.8 2.0 2.3 0.7 0.7 1.6 0.2 0.2 Multilateral to external debt stocks (%) 65.5 76.5 76.6 84.5 84.9 85.0 84.0 84.9 Reserves to external debt stocks (%) 25.7 17.4 10.4 14.6 37.0 53.7 77.5 36.1 Reserves to imports (months) 3.1 .. .. 0.9 2.3 2.4 2.8 1.4 102 CHAD 7. Long-term external debt Debt outstanding and disbursed 454 777 987 1,495 1,628 1,712 1,705 1,711 Public and publicly guaranteed 454 777 987 1,495 1,628 1,712 1,705 1,711 Official creditors 446 775 972 1,463 1,595 1,679 1,672 1,679 Multilateral 337 645 834 1,340 1,450 1,527 1,469 1,479 of which: IBRD 0 0 0 35 30 26 0 0 IDA 186 379 515 864 925 968 905 896 Bilateral 109 131 138 123 145 152 203 199 Private creditors 8 2 15 32 33 33 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 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 94 61 46 110 102 50 97 35 Public and publicly guaranteed 94 61 46 110 102 50 97 35 Official creditors 94 61 46 110 102 50 97 35 Multilateral 72 61 36 108 71 39 38 32 of which: IBRD 0 0 0 1 0 0 0 0 IDA 48 42 18 64 31 16 5 3 Bilateral 22 0 10 2 31 12 59 4 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 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 3 3 13 24 24 34 105 42 Public and publicly guaranteed 3 3 13 24 24 34 105 42 Official creditors 3 3 13 23 24 33 105 42 Multilateral 3 3 10 17 18 28 100 36 of which: IBRD 0 0 0 2 5 5 26 0 IDA 1 1 4 4 5 7 62 17 Bilateral 0 1 3 5 6 5 6 6 Private creditors 1 0 1 1 1 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 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 3 4 9 16 16 19 18 23 Public and publicly guaranteed 3 4 9 16 16 19 18 23 Official creditors 3 4 9 16 16 18 18 23 Multilateral 2 3 6 14 13 15 15 19 of which: IBRD 0 0 0 1 2 2 1 0 IDA 1 3 3 6 6 7 8 7 Bilateral 1 0 3 2 3 3 4 4 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 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 116 59 -8 -56 122 90 -48 -6 Net flows on external debt 98 63 44 75 61 21 -45 -19 9. Debt restructurings Total amount rescheduled 8 46 0 12 0 0 0 0 Total amount forgiven 12 62 0 18 22 5 4 5 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 62 65 70 72 80 85 81 82 Interest 19 19 18 17 16 15 14 13 Private creditors Principal 6 2 2 2 2 2 1 0 Interest 0 0 0 0 0 0 0 0 Notes: Data for 2007 include the effects of Enhanced HIPC Initiative, in the amount of $3,612 in thousands. 103 CHILE 1. Summary external debt data External debt stocks 19,226 22,038 37,261 45,446 48,052 56,443 64,297 71,646 Long-term external debt 14,687 18,607 31,089 38,357 38,734 45,387 49,387 54,170 Public and publicly guaranteed 10,425 7,178 5,228 9,173 9,390 9,325 8,782 9,282 Private nonguaranteed 4,263 11,429 25,861 29,184 29,344 36,062 40,605 44,888 Use of IMF credit 1,156 0 0 0 0 0 0 0 Short-term external debt 3,382 3,431 6,172 7,089 9,318 11,056 14,910 17,476 interest arrears on long-term 0 0 0 0 0 0 0 0 Memorandum items 0 0 0 0 0 0 0 0 10,421 7,178 5,148 9,170 9,377 9,313 8,773 9,276 4,267 11,429 25,941 29,188 29,357 36,073 40,613 44,894 1,049 314 324 995 1,423 894 1,063 1,927 External debt flows Disbursements 2,253 3,821 4,966 9,156 12,620 13,201 17,314 18,117 Long-term external debt 2,253 3,821 4,966 9,156 12,620 13,201 17,314 18,117 IMF purchases 0 0 0 0 0 0 0 0 Principal repayments 980 3,671 3,938 6,075 12,553 9,222 13,863 13,611 Long-term external debt 771 3,369 3,938 6,075 12,553 9,222 13,863 13,611 IMF repurchases 208 303 0 0 0 0 0 0 Net flows 1,682 -284 2,883 2,718 2,296 5,717 7,304 7,072 Long-term external debt 1,481 452 1,028 3,081 67 3,979 3,450 4,506 Short-term external debt 409 -434 1,855 -363 2,229 1,738 3,854 2,566 Interest payments 1,792 1,293 2,235 1,510 1,993 2,276 2,023 1,672 Long-term external debt 1,364 1,114 2,081 1,290 1,655 1,723 1,634 1,218 IMF charges 118 13 0 0 0 0 0 0 Short-term external debt 310 165 154 221 338 553 389 454 2. Other non-debt resource inflows Foreign direct investment 661 2,957 4,860 6,984 7,298 12,534 15,181 12,702 Portfolio equity 367 -249 -427 1,571 -124 388 1,904 316 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 1.0 1.1 1.2 1.1 1.0 Japanese yen 8.2 9.5 5.0 0.4 2.5 2.2 0.0 0.0 Pound sterling 3.4 2.9 0.2 0.0 0.0 0.0 0.0 0.0 Swiss franc 0.6 0.9 0.1 0.0 0.0 0.0 0.0 0.0 U.S.dollars 40.2 42.0 84.2 98.0 95.8 96.0 98.2 98.5 4. Average terms of new commitments Official creditors Interest (%) 7.7 6.1 1.0 4.2 5.2 5.1 2.8 0.0 Maturity (years) 18.8 19.5 17.0 13.1 13.1 15.7 9.8 0.0 Grace period (years) 4.3 5.8 1.5 4.7 6.0 5.5 5.7 0.0 Private creditors Interest (%) 9.3 6.8 7.0 5.1 5.8 5.6 4.7 4.5 Maturity (years) 7.6 10.9 6.3 19.2 15.7 6.4 5.6 6.5 Grace period (years) 2.3 3.0 3.0 18.2 13.0 5.0 2.2 5.9 5. Major economic aggregates Gross national income (GNI) 29,800 68,637 72,333 107,763 128,372 145,691 157,427 153,364 Exports of goods, services & income 10,705 20,226 24,891 50,853 69,885 83,259 83,545 67,595 Worker remit. & comp. of employees 0 .. 13 13 3 3 3 4 Imports of goods, services & income 11,387 21,883 26,346 51,187 66,137 78,930 88,992 64,994 Profit remittances on FDI 387 2,178 2,539 11,416 19,913 22,832 17,419 14,088 Current account balance -485 -1,350 -898 1,449 7,154 7,458 -2,513 4,217 International reserves 6,784 14,860 15,055 16,933 19,397 16,843 23,079 25,292 6. Ratios External debt stocks to exports (%) 179.6 109.0 149.7 89.4 68.8 67.8 77.0 106.0 External debt stocks to GNI (%) 64.5 32.1 51.5 42.2 37.4 38.7 40.8 46.7 Debt service to exports (%) 25.9 24.5 24.8 14.9 20.8 13.8 19.0 22.6 Short-term to external debt stocks (%) 17.6 15.6 16.6 15.6 19.4 19.6 23.2 24.4 Multilateral to external debt stocks (%) 21.5 13.0 3.8 1.8 1.9 1.6 1.2 1.2 Reserves to external debt stocks (%) 35.3 67.4 40.4 37.3 40.4 29.8 35.9 35.3 Reserves to imports (months) 7.1 8.1 6.9 4.0 3.5 2.6 3.1 4.7 104 CHILE 7. Long-term external debt Debt outstanding and disbursed 14,687 18,607 31,089 38,357 38,734 45,387 49,387 54,170 Public and publicly guaranteed 10,425 7,178 5,228 9,173 9,390 9,325 8,782 9,282 Official creditors 5,182 3,582 1,887 1,089 1,151 1,136 1,004 1,041 Multilateral 4,143 2,871 1,406 827 897 907 793 848 of which: IBRD 1,860 1,372 808 289 346 354 200 215 IDA 14 11 7 4 3 2 2 1 Bilateral 1,039 711 481 262 254 229 211 193 Private creditors 5,242 3,596 3,341 8,084 8,239 8,189 7,778 8,241 of which: Bonds 39 0 0 5,406 5,938 5,401 4,513 5,413 Commercial banks 4,747 3,509 3,273 2,678 2,301 2,788 3,264 2,827 Private nonguaranteed 4,263 11,429 25,861 29,184 29,344 36,062 40,605 44,888 of which: Bonds 0 866 6,339 4,761 4,779 6,385 5,585 6,584 Disbursements 2,253 3,821 4,966 9,156 12,620 13,201 17,314 18,117 Public and publicly guaranteed 708 342 369 1,197 1,186 689 1,030 2,403 Official creditors 650 194 147 176 112 64 132 109 Multilateral 583 146 113 162 92 47 126 109 of which: IBRD 251 83 48 55 62 14 53 29 IDA 0 0 0 0 0 0 0 0 Bilateral 67 48 34 14 20 16 6 0 Private creditors 58 148 221 1,022 1,074 626 899 2,293 of which: Bonds 0 0 0 500 650 0 0 900 Commercial banks 37 141 221 522 424 626 899 1,393 Private nonguaranteed 1,545 3,479 4,597 7,959 11,434 12,512 16,283 15,714 of which: Bonds 0 500 672 700 813 250 100 1,400 Principal repayments 771 3,369 3,938 6,075 12,553 9,222 13,863 13,611 Public and publicly guaranteed 500 2,277 757 1,364 976 742 1,592 1,906 Official creditors 356 2,003 277 371 61 58 261 75 Multilateral 263 1,884 177 345 23 40 243 54 of which: IBRD 119 704 115 206 5 6 207 14 IDA 1 1 1 1 1 1 1 1 Bilateral 93 119 100 26 38 18 17 21 Private creditors 144 273 480 993 914 684 1,332 1,830 of which: Bonds 7 0 0 422 118 537 888 0 Commercial banks 32 240 479 546 797 147 444 1,830 Private nonguaranteed 271 1,092 3,181 4,711 11,578 8,480 12,271 11,705 of which: Bonds 0 11 0 195 765 575 900 400 Interest payments 1,364 1,114 2,081 1,290 1,655 1,723 1,634 1,218 Public and publicly guaranteed 1,112 653 377 460 495 530 529 422 Official creditors 384 387 138 49 49 55 46 40 Multilateral 313 348 112 43 43 50 42 31 of which: IBRD 130 137 70 16 17 20 13 6 IDA 0 0 0 0 0 0 0 0 Bilateral 71 39 26 6 6 5 5 9 Private creditors 729 266 239 411 446 475 483 383 of which: Bonds 2 0 0 299 313 336 249 281 Commercial banks 688 258 234 112 134 138 234 102 Private nonguaranteed 252 461 1,704 829 1,160 1,194 1,105 795 of which: Bonds 0 26 440 347 359 471 412 369 8. Debt stock-flow reconciliation Total change in external debt stocks 1,193 -117 2,467 1,672 2,606 8,391 7,854 7,349 Net flows on external debt 1,682 -284 2,883 2,718 2,296 5,717 7,304 7,072 9. Debt restructurings Total amount rescheduled 4,172 0 0 0 0 0 0 0 Total amount forgiven 0 0 0 0 0 0 0 0 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 192 122 77 101 153 154 153 147 Interest 29 28 27 26 24 22 19 16 Private creditors Principal 13,678 5,608 6,468 5,606 3,809 2,298 1,278 1,153 Interest 1,647 1,439 1,310 978 880 1,755 600 800 Notes: Short-term debt is based on reports provided by the country. 105 CHINA 1. Summary external debt data External debt stocks 55,301 118,090 145,711 283,986 325,260 373,773 378,245 428,442 Long-term external debt 45,515 95,764 132,631 135,719 151,883 170,075 191,057 187,933 Public and publicly guaranteed 45,515 94,674 94,842 85,227 88,217 87,791 89,282 93,125 Private nonguaranteed 0 1,090 37,789 50,492 63,666 82,284 101,774 94,808 Use of IMF credit 469 0 0 0 0 0 0 0 Short-term external debt 9,317 22,325 13,080 148,267 173,377 203,698 187,188 240,509 interest arrears on long-term 0 0 0 0 0 0 0 0 Memorandum items 0 0 0 0 0 0 0 0 45,449 93,573 94,842 84,968 87,972 87,619 89,125 92,982 66 2,192 37,789 50,751 63,910 82,456 101,932 94,951 9,988 22,812 10,702 10,233 6,275 6,927 6,010 7,273 External debt flows Disbursements 9,665 21,985 16,776 29,228 26,524 36,339 38,188 23,105 Long-term external debt 9,665 21,985 16,776 29,228 26,524 36,339 38,188 23,105 IMF purchases 0 0 0 0 0 0 0 0 Principal repayments 3,809 9,070 19,924 20,846 18,120 20,790 25,143 34,478 Long-term external debt 3,319 9,070 19,924 20,846 18,120 20,790 25,143 34,478 IMF repurchases 490 0 0 0 0 0 0 0 Net flows 8,267 17,758 -5,247 40,878 33,514 45,870 -3,465 41,948 Long-term external debt 6,346 12,915 -3,147 8,381 8,404 15,549 13,045 -11,373 Short-term external debt 2,410 4,842 -2,100 32,497 25,110 30,321 -16,510 53,321 Interest payments 3,248 5,996 7,165 6,519 9,359 11,395 9,246 7,352 Long-term external debt 2,534 4,657 5,998 3,218 3,818 5,454 4,760 4,144 IMF charges 65 0 0 0 0 0 0 0 Short-term external debt 649 1,340 1,168 3,302 5,541 5,942 4,486 3,208 2. Other non-debt resource inflows Foreign direct investment 3,487 35,849 38,399 79,127 78,095 138,413 147,791 78,193 Portfolio equity 0 0 6,912 20,346 42,861 18,510 8,721 28,161 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 8.0 8.4 8.1 6.6 6.2 Japanese yen 30.4 20.7 16.9 13.5 12.0 8.4 9.1 7.9 Pound sterling 0.7 0.2 0.1 0.1 0.1 0.1 0.0 0.0 Swiss franc 0.2 0.0 0.1 0.1 0.1 0.0 0.0 0.0 U.S.dollars 29.1 58.1 71.5 74.7 76.3 80.6 81.7 83.8 4. Average terms of new commitments Official creditors Interest (%) 3.7 6.8 7.2 4.3 5.4 5.4 3.6 1.8 Maturity (years) 27.9 18.3 21.1 22.5 22.7 21.8 23.0 25.9 Grace period (years) 7.9 3.7 4.9 5.5 5.7 5.4 5.8 5.8 Private creditors Interest (%) 8.6 6.3 5.9 4.6 5.0 4.1 4.6 5.0 Maturity (years) 13.3 7.3 17.0 9.1 14.4 9.0 13.0 14.5 Grace period (years) 2.7 2.4 1.8 5.2 0.9 1.4 1.1 0.9 5. Major economic aggregates Gross national income (GNI) 357,992 716,233 1,183,815 2,267,698 2,732,021 3,531,214 4,564,224 4,937,980 Exports of goods, services & income 60,391 152,431 292,111 875,847 1,116,323 1,425,236 1,673,328 1,441,928 Worker remit. & comp. of employees 175 878 5,237 24,102 27,954 38,791 48,524 47,553 Imports of goods, services & income 48,668 152,248 277,904 740,414 892,255 1,092,071 1,293,020 1,178,534 Profit remittances on FDI 46 9,953 20,198 21,040 29,236 43,711 48,866 54,783 Current account balance 11,997 1,618 20,518 160,818 253,268 371,833 426,107 .. International reserves 34,476 80,288 171,763 831,410 1,080,756 1,546,365 1,966,037 2,452,899 6. Ratios External debt stocks to exports (%) 91.6 77.5 49.9 32.4 29.1 26.2 22.6 29.7 External debt stocks to GNI (%) 15.4 16.5 12.3 12.5 11.9 10.6 8.3 8.7 Debt service to exports (%) 11.7 9.9 9.3 3.1 2.5 2.3 2.1 2.9 Short-term to external debt stocks (%) 16.8 18.9 9.0 52.2 53.3 54.5 49.5 56.1 Multilateral to external debt stocks (%) 11.1 13.8 17.7 9.3 8.5 7.8 8.1 7.7 Reserves to external debt stocks (%) 62.3 68.0 117.9 292.8 332.3 413.7 519.8 572.5 Reserves to imports (months) 8.5 6.3 7.4 13.5 14.5 17.0 18.2 25.0 106 CHINA 7. Long-term external debt Debt outstanding and disbursed 45,515 95,764 132,631 135,719 151,883 170,075 191,057 187,933 Public and publicly guaranteed 45,515 94,674 94,842 85,227 88,217 87,791 89,282 93,125 Official creditors 14,514 36,982 50,374 52,215 55,333 58,375 63,128 68,079 Multilateral 6,111 16,302 25,811 26,413 27,738 29,258 30,655 33,156 of which: IBRD 2,865 7,209 11,118 11,140 11,415 11,762 12,464 12,705 IDA 3,016 7,038 8,771 9,741 9,997 10,151 9,786 9,521 Bilateral 8,403 20,680 24,563 25,802 27,595 29,117 32,473 34,923 Private creditors 31,001 57,693 44,467 33,012 32,884 29,416 26,154 25,046 of which: Bonds 5,425 10,684 11,371 16,039 16,382 16,566 13,925 10,826 Commercial banks 14,520 23,869 10,619 3,247 3,763 3,030 2,868 2,735 Private nonguaranteed 0 1,090 37,789 50,492 63,666 82,284 101,774 94,808 of which: Bonds 0 1,090 1,068 3,574 5,279 6,018 5,970 7,020 Disbursements 9,665 21,985 16,776 29,228 26,524 36,339 38,188 23,105 Public and publicly guaranteed 9,665 21,441 9,694 9,776 6,278 6,562 5,449 5,938 Official creditors 2,578 9,073 5,790 2,169 3,588 2,835 3,893 3,310 Multilateral 1,158 2,838 3,303 2,010 2,153 2,425 2,870 2,657 of which: IBRD 591 1,457 1,528 1,061 1,134 1,194 1,604 1,290 IDA 507 812 379 70 34 14 9 1 Bilateral 1,420 6,235 2,487 159 1,434 410 1,023 653 Private creditors 7,087 12,368 3,904 7,606 2,690 3,727 1,556 2,628 of which: Bonds 277 1,224 848 4,208 0 1,456 0 0 Commercial banks 3,247 4,977 131 2,161 17 215 27 46 Private nonguaranteed 0 544 7,082 19,452 20,246 29,777 32,739 17,167 of which: Bonds 0 544 390 1,622 1,945 740 0 925 Principal repayments 3,319 9,070 19,924 20,846 18,120 20,790 25,143 34,478 Public and publicly guaranteed 3,319 9,070 10,797 6,569 6,520 5,727 7,934 6,472 Official creditors 851 1,171 4,270 1,323 2,684 2,855 2,990 2,594 Multilateral 220 420 1,400 1,195 1,333 1,397 1,520 1,602 of which: IBRD 216 350 578 787 901 908 971 992 IDA 0 14 66 217 243 276 309 331 Bilateral 631 751 2,870 128 1,351 1,458 1,470 992 Private creditors 2,468 7,899 6,527 5,246 3,836 2,872 4,944 3,878 of which: Bonds 325 1,451 443 550 0 479 1,746 500 Commercial banks 808 2,645 2,016 1,936 149 676 264 200 Private nonguaranteed 0 0 9,127 14,277 11,600 15,063 17,209 28,006 of which: Bonds 0 0 534 370 240 0 350 464 Interest payments 2,534 4,657 5,998 3,218 3,818 5,454 4,760 4,144 Public and publicly guaranteed 2,534 4,623 4,074 2,201 2,304 3,227 2,540 2,107 Official creditors 531 1,288 2,386 1,375 1,427 1,690 1,407 1,090 Multilateral 226 619 1,518 680 935 1,105 1,009 733 of which: IBRD 200 460 713 351 542 653 553 363 IDA 19 49 65 79 74 74 79 69 Bilateral 305 669 867 695 492 586 398 358 Private creditors 2,003 3,335 1,688 826 877 1,537 1,133 1,017 of which: Bonds 367 594 521 430 502 778 445 557 Commercial banks 959 1,333 222 71 80 182 33 42 Private nonguaranteed 0 33 1,924 1,017 1,514 2,227 2,220 2,037 of which: Bonds 0 33 93 248 343 445 431 445 8. Debt stock-flow reconciliation Total change in external debt stocks 10,369 17,633 -6,354 36,307 41,274 48,513 4,472 50,198 Net flows on external debt 8,267 17,758 -5,247 40,878 33,514 45,870 -3,465 41,948 9. Debt restructurings Total amount rescheduled 0 0 0 0 0 0 0 0 Total amount forgiven 0 0 0 0 0 0 0 0 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 6,665 6,171 6,243 5,841 5,829 5,670 5,428 5,326 Interest 2,085 1,863 1,668 1,480 1,305 1,133 968 808 Private creditors Principal 30,633 23,422 18,654 12,102 11,167 9,808 5,633 4,000 Interest 5,363 4,062 2,940 2,190 1,631 1,081 602 304 Notes: Data on long-term public and publicly guaranteed, long-term private nonguaranteed and short-term debt for 2009 are World Bank staff estimates based on aggregate information provided by the authority. 107 COLOMBIA 1. Summary external debt data External debt stocks 17,222 25,044 33,937 37,720 38,024 43,675 46,551 52,223 Long-term external debt 15,784 19,499 31,066 31,544 33,261 38,514 40,918 48,113 Public and publicly guaranteed 14,671 13,946 20,806 22,555 24,720 27,402 28,960 35,364 Private nonguaranteed 1,113 5,553 10,259 8,989 8,541 11,112 11,958 12,749 Use of IMF credit 0 0 0 0 0 0 0 0 Short-term external debt 1,438 5,545 2,871 6,176 4,763 5,161 5,633 4,110 interest arrears on long-term 28 2 0 0 0 0 0 0 Memorandum items 409 177 8 0 0 0 0 0 14,630 13,945 20,805 22,554 24,719 27,401 28,483 34,837 1,154 5,555 10,261 8,990 8,542 11,113 12,435 13,276 1,269 1,792 3,782 4,879 4,916 4,647 5,106 7,971 External debt flows Disbursements 1,994 4,179 3,803 6,496 8,943 8,860 7,219 13,183 Long-term external debt 1,994 4,179 3,803 6,496 8,943 8,860 7,219 13,183 IMF purchases 0 0 0 0 0 0 0 0 Principal repayments 2,189 2,347 2,900 7,403 7,769 5,641 4,878 5,923 Long-term external debt 2,189 2,347 2,900 7,403 7,769 5,641 4,878 5,923 IMF repurchases 0 0 0 0 0 0 0 0 Net flows -399 2,894 -191 149 -240 3,618 2,814 5,737 Long-term external debt -195 1,832 903 -907 1,174 3,220 2,342 7,260 Short-term external debt -204 1,062 -1,094 1,056 -1,413 398 472 -1,523 Interest payments 1,701 1,998 2,204 2,838 2,577 2,992 3,034 2,917 Long-term external debt 1,558 1,687 2,032 2,584 2,357 2,748 2,769 2,724 IMF charges 0 0 0 0 0 0 0 0 Short-term external debt 143 311 172 254 220 244 265 193 2. Other non-debt resource inflows Foreign direct investment 500 968 2,436 10,252 6,656 9,049 10,596 7,260 Portfolio equity 0 165 17 86 -30 790 -86 67 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 4.2 3.5 3.5 1.4 1.1 Japanese yen 4.9 5.6 3.6 1.6 1.3 1.1 1.1 2.2 Pound sterling 0.3 0.1 0.8 0.8 0.8 0.8 0.0 0.0 Swiss franc 0.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 44.0 49.9 74.4 85.2 88.0 89.8 93.7 94.3 4. Average terms of new commitments Official creditors Interest (%) 7.5 6.4 8.8 5.1 5.5 5.7 3.7 1.3 Maturity (years) 18.7 20.4 12.1 15.9 17.7 12.3 23.1 23.9 Grace period (years) 5.4 4.8 3.1 6.0 5.3 4.8 7.1 7.0 Private creditors Interest (%) 9.3 3.8 7.6 8.0 7.5 9.2 6.8 6.6 Maturity (years) 10.2 6.1 10.2 11.4 18.3 13.4 14.5 14.0 Grace period (years) 2.2 4.0 7.5 10.2 17.9 13.2 13.7 13.6 5. Major economic aggregates Gross national income (GNI) 38,193 90,924 91,738 139,124 156,417 199,900 232,964 221,200 Exports of goods, services & income 9,026 12,971 16,850 25,467 30,077 36,067 44,414 39,421 Worker remit. & comp. of employees 495 815 1,610 3,346 3,928 4,523 4,884 4,180 Imports of goods, services & income 9,510 18,286 17,728 31,435 37,808 47,273 56,809 49,186 Profit remittances on FDI 964 359 655 3,565 4,591 6,598 8,706 7,555 Current account balance 542 -4,516 795 -1,886 -2,989 -5,977 -6,883 -5,146 International reserves 4,869 8,452 9,006 14,955 15,437 20,951 23,671 24,987 6. Ratios External debt stocks to exports (%) 190.8 193.1 201.4 148.1 126.4 121.1 104.8 132.5 External debt stocks to GNI (%) 45.1 27.5 37.0 27.1 24.3 21.8 20.0 23.6 Debt service to exports (%) 43.1 33.5 30.3 40.2 34.4 23.9 17.8 22.4 Short-term to external debt stocks (%) 8.4 22.1 8.5 16.4 12.5 11.8 12.1 7.9 Multilateral to external debt stocks (%) 35.4 21.2 18.5 25.5 28.5 25.8 28.2 28.2 Reserves to external debt stocks (%) 28.3 33.7 26.5 39.6 40.6 48.0 50.8 47.8 Reserves to imports (months) 6.1 5.5 6.1 5.7 4.9 5.3 5.0 6.1 108 COLOMBIA 7. Long-term external debt Debt outstanding and disbursed 15,784 19,499 31,066 31,544 33,261 38,514 40,918 48,113 Public and publicly guaranteed 14,671 13,946 20,806 22,555 24,720 27,402 28,960 35,364 Official creditors 8,540 7,063 7,722 10,568 11,657 11,993 13,739 15,246 Multilateral 6,103 5,316 6,274 9,615 10,841 11,277 13,114 14,732 of which: IBRD 3,859 2,548 1,920 3,896 4,563 4,756 5,438 6,570 IDA 14 11 7 4 3 2 2 1 Bilateral 2,437 1,747 1,448 954 816 717 626 514 Private creditors 6,131 6,883 13,084 11,987 13,063 15,409 15,221 20,118 of which: Bonds 275 1,733 8,201 10,927 12,162 12,354 12,280 17,159 Commercial banks 4,208 4,163 4,252 800 754 2,224 2,202 2,184 Private nonguaranteed 1,113 5,553 10,259 8,989 8,541 11,112 11,958 12,749 of which: Bonds 0 717 762 370 540 809 809 2,709 Disbursements 1,994 4,179 3,803 6,496 8,943 8,860 7,219 13,183 Public and publicly guaranteed 1,847 1,569 2,939 4,376 5,578 4,494 3,862 8,141 Official creditors 697 685 660 1,467 2,237 1,585 2,567 2,450 Multilateral 559 394 508 1,467 2,219 1,581 2,546 2,435 of which: IBRD 213 238 266 705 942 564 847 1,331 IDA 0 0 0 0 0 0 0 0 Bilateral 139 290 152 0 18 4 21 15 Private creditors 1,150 885 2,279 2,908 3,341 2,909 1,296 5,691 of which: Bonds 0 535 1,804 2,304 2,696 1,293 1,000 5,491 Commercial banks 874 257 469 591 645 1,615 296 200 Private nonguaranteed 147 2,610 865 2,121 3,364 4,366 3,357 5,041 of which: Bonds 0 592 0 0 170 469 0 1,900 Principal repayments 2,189 2,347 2,900 7,403 7,769 5,641 4,878 5,923 Public and publicly guaranteed 1,875 2,200 2,068 4,712 3,863 2,914 2,173 1,797 Official creditors 737 1,110 557 2,223 1,177 1,364 883 940 Multilateral 527 647 440 2,072 1,005 1,248 755 811 of which: IBRD 434 414 242 218 259 432 158 216 IDA 1 1 1 1 1 1 1 1 Bilateral 210 463 116 151 171 117 128 129 Private creditors 1,138 1,090 1,511 2,488 2,686 1,549 1,290 857 of which: Bonds 4 119 469 1,723 1,879 1,353 953 623 Commercial banks 849 723 838 680 693 150 317 218 Private nonguaranteed 314 147 832 2,692 3,906 2,727 2,705 4,126 of which: Bonds 0 0 110 0 0 200 0 0 Interest payments 1,558 1,687 2,032 2,584 2,357 2,748 2,769 2,724 Public and publicly guaranteed 1,240 962 1,414 1,947 1,650 1,948 2,106 2,006 Official creditors 627 505 541 574 580 681 656 602 Multilateral 476 388 470 529 543 648 629 582 of which: IBRD 318 190 126 174 210 256 241 242 IDA 0 0 0 0 0 0 0 0 Bilateral 150 118 71 44 37 33 27 20 Private creditors 613 457 873 1,373 1,071 1,266 1,450 1,404 of which: Bonds 27 58 515 1,284 1,005 1,058 1,112 1,073 Commercial banks 461 310 298 69 52 48 183 171 Private nonguaranteed 318 725 618 637 707 800 663 718 of which: Bonds 0 15 84 36 43 75 68 129 8. Debt stock-flow reconciliation Total change in external debt stocks 336 3,106 -490 -191 304 5,651 2,876 5,672 Net flows on external debt -399 2,894 -191 149 -240 3,618 2,814 5,737 9. Debt restructurings Total amount rescheduled 0 0 0 0 0 0 0 0 Total amount forgiven 0 0 0 0 0 0 0 0 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 878 1,060 1,103 1,074 1,323 1,194 1,107 984 Interest 378 353 327 303 275 247 221 199 Private creditors Principal 4,381 2,253 3,701 1,443 2,601 1,469 623 2,900 Interest 1,962 1,717 1,598 1,341 1,277 1,093 981 950 Notes: Short-term debt is based on the Central Bank data. 109 COMOROS 1. Summary external debt data External debt stocks 187.8 214.5 236.6 291.8 296.7 291.8 282.0 279.3 Long-term external debt 175.4 201.2 206.9 258.0 260.3 279.9 271.0 263.8 Public and publicly guaranteed 175.4 201.2 206.9 258.0 260.3 279.9 271.0 263.8 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit 0.0 3.3 1.5 0.0 0.0 0.0 5.1 10.1 Short-term external debt 12.4 10.0 28.1 33.7 36.3 11.8 5.8 5.4 interest arrears on long-term 12.2 8.0 19.1 30.7 32.3 7.8 5.8 5.4 Memorandum items 25.5 26.7 60.2 74.1 78.6 38.5 27.4 24.8 175.4 201.2 206.9 258.0 260.3 279.9 271.0 263.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.9 4.7 0.0 0.6 0.0 0.0 0.0 0.0 External debt flows Disbursements 5.1 9.6 2.1 3.3 3.0 4.8 6.7 6.9 Long-term external debt 5.1 9.6 2.1 3.3 3.0 4.8 1.4 0.3 IMF purchases 0.0 0.0 0.0 0.0 0.0 0.0 5.3 6.5 Principal repayments 0.2 0.4 1.8 2.6 2.4 12.8 8.1 8.9 Long-term external debt 0.2 0.4 1.2 2.6 2.4 12.8 8.1 7.2 IMF repurchases 0.0 0.0 0.6 0.0 0.0 0.0 0.0 1.7 Net flows 1.8 11.2 2.3 0.7 1.6 -8.0 -5.5 -2.1 Long-term external debt 4.8 9.2 0.9 0.7 0.6 -8.0 -6.7 -6.9 Short-term external debt -3.0 2.0 2.0 0.0 1.0 0.0 -4.0 0.0 Interest payments 0.9 0.6 1.4 1.4 1.4 13.3 4.2 2.9 Long-term external debt 0.7 0.5 0.8 1.3 1.2 13.1 4.2 2.9 IMF charges 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term external debt 0.2 0.1 0.6 0.2 0.2 0.2 0.0 0.0 2. Other non-debt resource inflows Foreign direct investment 0.4 0.9 0.1 0.6 0.6 7.5 7.5 9.1 Portfolio equity 0.0 0.0 .. .. .. .. .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 12.4 12.3 11.6 11.4 11.4 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 16.7 27.1 31.9 40.6 41.3 42.5 43.1 43.7 4. Average terms of new commitments Official creditors Interest (%) 2.0 0.9 0.0 1.0 0.0 0.0 0.0 0.0 Maturity (years) 29.8 37.7 0.0 39.7 0.0 0.0 0.0 0.0 Grace period (years) 10.3 10.4 0.0 10.2 0.0 0.0 0.0 0.0 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 5. Major economic aggregates Gross national income (GNI) 249.3 232.9 202.2 384.6 403.6 466.9 531.2 547.9 Exports of goods, services & income 38.1 49.2 .. .. .. .. .. .. Worker remit. & comp. of employees 9.9 12.2 12.0 12.0 12.0 12.0 12.0 12.0 Imports of goods, services & income 93.4 105.7 .. .. .. 173.7 195.9 .. Profit remittances on FDI 0.6 0.2 .. .. .. .. .. .. Current account balance -10.5 -19.0 .. .. .. .. .. .. International reserves 29.9 44.9 43.4 86.1 93.9 117.6 112.7 .. 6. Ratios External debt stocks to exports (%) 492.2 435.8 .. .. .. .. .. .. External debt stocks to GNI (%) 75.3 92.1 117.0 75.9 73.5 62.5 53.1 51.0 Debt service to exports (%) 2.9 2.0 .. .. .. .. .. .. Short-term to external debt stocks (%) 6.6 4.7 11.9 11.6 12.2 4.1 2.1 1.9 Multilateral to external debt stocks (%) 61.0 72.9 70.1 71.1 73.1 78.2 77.8 76.8 Reserves to external debt stocks (%) 15.9 20.9 18.3 29.5 31.6 40.3 40.0 .. Reserves to imports (months) 3.8 5.1 .. .. .. 8.1 6.9 .. 110 COMOROS 7. Long-term external debt Debt outstanding and disbursed 175.4 201.2 206.9 258.0 260.3 279.9 271.0 263.8 Public and publicly guaranteed 175.4 201.2 206.9 258.0 260.3 279.9 271.0 263.8 Official creditors 175.4 201.2 206.9 258.0 260.3 279.9 271.0 263.8 Multilateral 114.6 156.5 165.9 207.3 216.9 228.1 219.4 214.6 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 37.5 64.1 70.8 111.1 117.1 124.4 122.3 120.4 Bilateral 60.8 44.7 41.1 50.7 43.5 51.8 51.6 49.2 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Disbursements 5.1 9.6 2.1 3.3 3.0 4.8 1.4 0.3 Public and publicly guaranteed 5.1 9.6 2.1 3.3 3.0 4.8 1.4 0.3 Official creditors 5.1 9.6 2.1 3.3 3.0 4.8 1.4 0.3 Multilateral 0.9 9.6 2.1 3.3 3.0 4.8 1.4 0.3 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.7 9.6 2.1 2.7 3.0 4.8 1.4 0.3 Bilateral 4.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private creditors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 0.2 0.4 1.2 2.6 2.4 12.8 8.1 7.2 Public and publicly guaranteed 0.2 0.4 1.2 2.6 2.4 12.8 8.1 7.2 Official creditors 0.2 0.4 1.2 2.6 2.4 12.8 8.1 7.2 Multilateral 0.2 0.4 1.2 2.6 2.4 12.8 8.1 7.2 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.1 0.4 0.8 2.0 2.0 2.3 2.6 3.1 Bilateral 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Private creditors 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest payments 0.7 0.5 0.8 1.3 1.2 13.1 4.2 2.9 Public and publicly guaranteed 0.7 0.5 0.8 1.3 1.2 13.1 4.2 2.9 Official creditors 0.7 0.5 0.8 1.3 1.2 13.1 4.2 2.9 Multilateral 0.4 0.5 0.8 1.3 1.2 12.9 3.9 2.6 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.3 0.4 0.8 0.9 0.9 0.9 0.8 1.1 Bilateral 0.3 0.0 0.0 0.0 0.0 0.2 0.3 0.3 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. Debt stock-flow reconciliation Total change in external debt stocks 10.7 11.9 0.6 -15.7 4.9 -4.9 -9.8 -2.7 Net flows on external debt 1.8 11.2 2.3 0.7 1.6 -8.0 -5.5 -2.1 9. Debt restructurings Total amount rescheduled 0.0 2.0 0.0 0.0 0.0 68.6 0.0 0.0 Total amount forgiven 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 7.6 7.8 8.1 7.2 7.5 7.9 7.9 7.9 Interest 1.7 1.7 1.7 1.6 1.6 1.5 1.5 1.4 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 0.0 111 CONGO, DEMOCRATIC REPUBLIC OF 1. Summary external debt data External debt stocks 10,259 13,239 11,692 10,600 11,244 12,359 12,196 12,183 Long-term external debt 8,994 9,636 7,880 9,412 9,891 10,928 10,872 10,788 Public and publicly guaranteed 8,994 9,636 7,880 9,412 9,891 10,928 10,872 10,788 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 521 485 391 791 833 808 654 800 Short-term external debt 744 3,118 3,421 397 520 623 670 596 interest arrears on long-term 265 2,937 3,042 359 378 443 464 482 Memorandum items 1,050 4,569 4,949 1,186 1,279 1,530 1,676 2,168 8,994 9,621 7,867 9,412 9,891 10,928 10,872 10,788 0 15 13 0 0 0 0 0 109 14 0 45 45 0 0 0 External debt flows Disbursements 315 0 0 288 182 116 100 387 Long-term external debt 315 0 0 249 182 116 100 105 IMF purchases 0 0 0 39 0 0 0 282 Principal repayments 201 1 0 112 142 223 310 449 Long-term external debt 49 0 0 112 142 158 173 298 IMF repurchases 152 1 0 0 0 64 137 150 Net flows 88 61 20 95 144 -68 -185 -154 Long-term external debt 266 0 0 137 40 -42 -74 -193 Short-term external debt -27 63 20 -81 104 38 26 -92 Interest payments 147 24 25 102 143 280 288 251 Long-term external debt 88 0 0 97 134 269 278 245 IMF charges 38 16 0 2 4 4 4 4 Short-term external debt 21 8 25 3 5 6 6 2 2. Other non-debt resource inflows Foreign direct investment -14 -22 72 .. 256 1,808 1,727 951 Portfolio equity .. .. .. .. .. .. .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 30.1 31.3 31.0 28.9 29.2 Japanese yen 3.0 3.7 4.8 7.3 6.8 6.3 7.9 7.7 Pound sterling 1.2 0.9 1.1 1.2 1.3 1.2 0.9 1.0 Swiss franc 0.2 0.3 0.2 0.3 0.3 0.3 0.3 0.2 U.S.dollars 41.5 40.8 44.6 46.0 45.2 41.8 42.1 41.4 4. Average terms of new commitments Official creditors Interest (%) 5.9 2.5 0.0 1.5 2.2 0.0 0.0 0.0 Maturity (years) 23.8 19.9 0.0 30.3 27.8 0.0 0.0 0.0 Grace period (years) 6.4 4.4 0.0 6.7 1.7 0.0 0.0 0.0 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 1.3 0.0 0.0 0.0 Grace period (years) 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 5. Major economic aggregates Gross national income (GNI) 8,579 4,878 3,918 6,760 8,143 9,621 10,396 10,034 Exports of goods, services & income .. .. .. .. .. .. .. .. Worker remit. & comp. of employees .. .. .. .. .. .. .. .. Imports of goods, services & income .. .. .. .. .. 98,053 106,338 80,328 Profit remittances on FDI .. .. .. .. .. .. .. .. Current account balance .. .. .. .. .. .. .. .. International reserves 261 157 83 131 155 181 78 .. 6. Ratios External debt stocks to exports (%) .. .. .. .. .. .. .. .. External debt stocks to GNI (%) 119.6 271.4 298.4 156.8 138.1 128.5 117.3 121.4 Debt service to exports (%) .. .. .. .. .. .. .. .. Short-term to external debt stocks (%) 7.2 23.6 29.3 3.7 4.6 5.0 5.5 4.9 Multilateral to external debt stocks (%) 18.6 18.0 18.5 28.8 29.2 32.8 34.0 34.4 Reserves to external debt stocks (%) 2.5 1.2 0.7 1.2 1.4 1.5 0.6 .. Reserves to imports (months) .. .. .. .. .. 0.0 0.0 .. 112 CONGO, DEMOCRATIC REPUBLIC OF 7. Long-term external debt Debt outstanding and disbursed 8,994 9,636 7,880 9,412 9,891 10,928 10,872 10,788 Public and publicly guaranteed 8,994 9,636 7,880 9,412 9,891 10,928 10,872 10,788 Official creditors 8,105 8,758 7,384 9,042 9,524 10,571 10,520 10,496 Multilateral 1,912 2,382 2,164 3,050 3,280 4,056 4,150 4,187 of which: IBRD 49 92 81 0 0 0 0 0 IDA 1,112 1,321 1,188 2,050 2,251 2,402 2,437 2,497 Bilateral 6,193 6,376 5,220 5,992 6,244 6,515 6,371 6,310 Private creditors 889 878 496 370 367 357 351 292 of which: Bonds 5 5 3 1 1 0 0 0 Commercial banks 118 117 81 1 1 1 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 315 0 0 249 182 116 100 105 Public and publicly guaranteed 315 0 0 249 182 116 100 105 Official creditors 312 0 0 249 182 116 100 105 Multilateral 222 0 0 249 143 105 100 105 of which: IBRD 21 0 0 0 0 0 0 0 IDA 89 0 0 226 138 99 92 85 Bilateral 90 0 0 0 39 10 0 0 Private creditors 3 0 0 0 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 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 49 0 0 112 142 158 173 298 Public and publicly guaranteed 49 0 0 112 142 158 173 298 Official creditors 34 0 0 110 136 154 167 238 Multilateral 28 0 0 11 19 40 58 69 of which: IBRD 5 0 0 0 0 0 0 0 IDA 2 0 0 0 1 1 3 7 Bilateral 6 0 0 98 116 114 109 169 Private creditors 15 0 0 2 6 5 7 61 of which: Bonds 0 0 0 1 0 0 0 0 Commercial banks 5 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 88 0 0 97 134 269 278 245 Public and publicly guaranteed 88 0 0 97 134 269 278 245 Official creditors 76 0 0 95 132 267 275 243 Multilateral 40 0 0 52 62 113 126 125 of which: IBRD 1 0 0 0 0 0 0 0 IDA 7 0 0 12 12 14 15 16 Bilateral 36 0 0 43 70 153 149 119 Private creditors 12 0 0 1 2 2 3 2 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 2 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 1,007 918 -356 -834 643 1,116 -164 -13 Net flows on external debt 88 61 20 95 144 -68 -185 -154 9. Debt restructurings Total amount rescheduled 446 0 0 34 0 0 0 0 Total amount forgiven 24 0 0 95 37 40 161 37 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 302 314 324 341 299 256 266 324 Interest 135 129 123 117 110 106 103 99 Private creditors Principal 4 4 4 4 4 1 1 1 Interest 1 1 0 0 0 0 0 0 Notes: Data on long-term public and publicly guaranteed debt for 2009 are World Bank staff estimates. Data for 2007, 2008, and 2009 include the effects of Enhanced HIPC Initiative, in the amount of $40,433 in thousands, $42,477 in thousands, and $37,364 in thousands respectively. 113 CONGO, REPUBLIC OF 1. Summary external debt data External debt stocks 4,903 5,887 4,782 6,154 6,561 5,648 5,931 5,041 Long-term external debt 4,160 4,867 3,682 5,413 5,749 5,247 5,504 4,785 Public and publicly guaranteed 4,160 4,867 3,682 5,413 5,749 5,247 5,504 4,785 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 11 19 41 26 35 37 38 43 Short-term external debt 732 1,002 1,059 714 776 364 389 213 interest arrears on long-term 177 412 638 703 713 259 252 144 Memorandum items 569 950 1,727 2,511 2,564 1,008 978 512 4,160 4,867 3,682 5,413 5,749 5,247 5,504 4,785 0 0 0 0 0 0 0 0 192 31 24 630 17 10 13 394 External debt flows Disbursements 325 15 15 242 153 28 21 10 Long-term external debt 320 15 1 231 142 28 19 7 IMF purchases 5 0 14 12 12 0 2 4 Principal repayments 357 88 6 77 54 74 112 86 Long-term external debt 350 85 6 65 50 74 112 86 IMF repurchases 7 2 0 12 4 0 0 0 Net flows 106 163 -52 176 151 -4 -60 -144 Long-term external debt -30 -70 -5 165 92 -46 -94 -80 Short-term external debt 138 236 -61 11 52 42 32 -68 Interest payments 163 99 38 35 33 34 70 77 Long-term external debt 114 62 7 34 31 29 64 75 IMF charges 1 1 1 0 0 0 0 0 Short-term external debt 48 35 30 0 2 4 5 2 2. Other non-debt resource inflows Foreign direct investment 23 125 166 514 1,488 2,638 2,483 2,083 Portfolio equity 0 0 0 .. .. .. .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 35.9 36.0 41.9 40.3 42.6 Japanese yen 0.2 0.2 0.2 0.1 0.1 0.2 0.2 0.0 Pound sterling 5.4 3.5 4.9 5.3 6.4 6.3 4.4 5.4 Swiss franc 0.4 0.5 0.3 0.2 0.2 0.3 0.3 0.3 U.S.dollars 16.6 24.1 29.9 52.5 51.4 43.9 47.9 42.7 4. Average terms of new commitments Official creditors Interest (%) 4.3 2.2 2.0 0.6 2.4 1.0 2.8 0.9 Maturity (years) 17.2 31.8 15.0 16.1 39.5 19.7 19.5 19.5 Grace period (years) 7.2 9.0 7.0 4.7 10.4 5.2 4.8 5.2 Private creditors Interest (%) 9.9 0.0 0.0 0.0 0.0 0.0 4.0 0.0 Maturity (years) 8.3 0.0 0.0 0.0 0.0 0.0 9.8 0.0 Grace period (years) 4.1 0.0 0.0 0.0 0.0 0.0 0.2 0.0 5. Major economic aggregates Gross national income (GNI) 2,324 1,228 2,275 4,039 5,104 5,042 7,675 6,018 Exports of goods, services & income 1,503 1,383 2,642 4,983 6,352 6,151 .. .. Worker remit. & comp. of employees .. 4 10 11 13 15 15 15 Imports of goods, services & income 1,757 2,050 2,013 4,318 6,202 8,294 .. .. Profit remittances on FDI 0 326 466 1,296 1,403 1,651 .. .. Current account balance -251 -625 648 696 124 -2,181 .. .. International reserves 10 64 225 738 1,848 2,184 3,881 3,818 6. Ratios External debt stocks to exports (%) 326.3 425.8 181.0 123.5 103.3 91.8 .. .. External debt stocks to GNI (%) 211.0 479.3 210.2 152.4 128.6 112.0 77.3 83.8 Debt service to exports (%) 34.6 13.5 1.7 2.2 1.4 1.7 .. .. Short-term to external debt stocks (%) 14.9 17.0 22.1 11.6 11.8 6.4 6.6 4.2 Multilateral to external debt stocks (%) 11.3 10.7 10.4 8.5 7.9 8.9 8.0 9.2 Reserves to external debt stocks (%) 0.2 1.1 4.7 12.0 28.2 38.7 65.4 75.7 Reserves to imports (months) 0.1 0.4 1.3 2.0 3.6 3.2 .. .. 114 CONGO, REPUBLIC OF 7. Long-term external debt Debt outstanding and disbursed 4,160 4,867 3,682 5,413 5,749 5,247 5,504 4,785 Public and publicly guaranteed 4,160 4,867 3,682 5,413 5,749 5,247 5,504 4,785 Official creditors 3,013 3,947 2,920 3,303 3,609 3,864 4,150 3,861 Multilateral 555 631 499 522 518 501 476 463 of which: IBRD 164 105 65 0 0 0 0 0 IDA 75 174 159 280 295 303 299 298 Bilateral 2,458 3,316 2,421 2,780 3,091 3,363 3,674 3,398 Private creditors 1,147 920 762 2,111 2,140 1,383 1,354 924 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 719 778 686 2,017 2,037 1,281 1,261 779 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 320 15 1 231 142 28 19 7 Public and publicly guaranteed 320 15 1 231 142 28 19 7 Official creditors 127 15 1 231 142 28 14 7 Multilateral 11 1 0 95 8 14 9 5 of which: IBRD 2 1 0 0 0 0 0 0 IDA 0 0 0 35 8 2 3 3 Bilateral 116 15 1 135 134 14 4 1 Private creditors 193 0 0 0 0 0 5 0 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 174 0 0 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 350 85 6 65 50 74 112 86 Public and publicly guaranteed 350 85 6 65 50 74 112 86 Official creditors 66 33 6 65 50 72 84 86 Multilateral 26 20 6 47 31 23 21 22 of which: IBRD 6 18 2 0 0 0 0 0 IDA 0 1 1 5 3 2 2 2 Bilateral 40 12 0 19 19 49 64 64 Private creditors 283 53 0 0 0 1 28 1 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 255 46 0 0 0 0 24 0 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 114 62 7 34 31 29 64 75 Public and publicly guaranteed 114 62 7 34 31 29 64 75 Official creditors 62 20 7 34 31 29 59 57 Multilateral 25 11 7 26 14 11 9 8 of which: IBRD 12 10 1 0 0 0 0 0 IDA 1 1 1 2 2 2 2 2 Bilateral 38 9 0 8 17 19 50 49 Private creditors 51 42 0 0 0 0 5 18 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 44 39 0 0 0 0 5 18 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 691 586 -138 -410 406 -912 283 -890 Net flows on external debt 106 163 -52 176 151 -4 -60 -144 9. Debt restructurings Total amount rescheduled 780 108 0 86 124 616 312 53 Total amount forgiven 0 24 0 141 152 1,282 114 765 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 316 272 278 206 231 217 211 210 Interest 62 64 69 64 62 59 55 51 Private creditors Principal 24 24 28 32 32 32 32 32 Interest 12 11 11 10 10 9 8 11 Notes: Data include the effects of London Club debt restructuring agreement signed in 2007 and Paris Club debt restructuring agreement signed in 2008. Data for 2007, 2008, and 2009 include the effects of Enhanced HIPC Initiative, in the amount of $3,616 in thousands and $3,596 in thousands, and $3,576 in thousands respectively. 115 COSTA RICA 1. Summary external debt data External debt stocks 3,738 3,766 4,636 6,480 6,987 8,398 9,189 8,070 Long-term external debt 3,350 3,312 3,688 4,383 4,632 5,164 5,201 5,728 Public and publicly guaranteed 3,046 3,097 3,452 3,152 3,307 3,643 3,168 3,190 Private nonguaranteed 304 214 236 1,231 1,325 1,521 2,033 2,538 Use of IMF credit 11 24 0 0 0 0 0 0 Short-term external debt 377 430 948 2,097 2,355 3,234 3,989 2,341 interest arrears on long-term 77 32 12 2 2 0 0 0 Memorandum items 171 98 29 0 0 0 0 0 3,043 3,095 3,451 3,152 3,307 3,643 3,168 3,190 308 216 237 1,231 1,325 1,521 2,033 2,538 230 25 824 358 416 149 446 1,798 External debt flows Disbursements 206 211 758 985 458 610 1,115 1,320 Long-term external debt 206 211 758 985 458 610 1,115 1,320 IMF purchases 0 0 0 0 0 0 0 0 Principal repayments 297 401 388 568 497 558 1,111 793 Long-term external debt 272 357 388 568 497 558 1,111 793 IMF repurchases 26 44 0 0 0 0 0 0 Net flows -111 -148 549 842 220 932 758 -1,120 Long-term external debt -65 -146 370 417 -39 52 3 527 Short-term external debt -20 42 179 425 258 880 755 -1,647 Interest payments 207 251 262 274 293 347 462 437 Long-term external debt 172 225 206 179 176 207 352 366 IMF charges 3 3 0 0 0 0 0 0 Short-term external debt 32 23 56 94 118 140 110 70 2. Other non-debt resource inflows Foreign direct investment 163 337 409 861 1,469 1,896 2,078 1,347 Portfolio equity 0 0 0 0 0 0 0 0 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 1.5 1.4 1.6 1.6 1.5 Japanese yen 3.0 8.2 4.0 2.8 2.1 2.3 3.8 5.1 Pound sterling 0.2 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 58.4 49.1 69.9 77.4 80.4 83.1 88.1 88.1 4. Average terms of new commitments Official creditors Interest (%) 6.4 2.2 6.3 5.7 4.8 6.2 4.6 2.6 Maturity (years) 17.6 7.3 4.3 17.5 15.1 14.8 17.3 19.6 Grace period (years) 5.0 1.2 1.8 4.0 3.9 3.8 4.0 4.1 Private creditors Interest (%) 9.5 6.9 8.3 8.2 6.9 6.0 0.0 5.1 Maturity (years) 3.2 6.0 17.3 12.1 10.3 1.4 0.0 7.2 Grace period (years) 1.1 1.5 17.3 0.5 10.3 0.3 0.0 5.6 5. Major economic aggregates Gross national income (GNI) 7,151 11,497 14,697 19,174 21,788 25,468 28,941 28,752 Exports of goods, services & income 2,094 4,597 7,992 10,528 12,208 13,559 14,340 12,786 Worker remit. & comp. of employees 12 123 136 420 513 618 605 574 Imports of goods, services & income 2,709 5,089 8,793 11,779 13,580 15,675 17,511 13,681 Profit remittances on FDI 60 109 1,141 743 853 1,131 688 1,056 Current account balance -424 -358 -707 -981 -1,023 -1,646 -2,729 .. International reserves 525 1,060 1,318 2,314 3,117 4,115 3,801 4,068 6. Ratios External debt stocks to exports (%) 178.6 81.9 58.0 61.5 57.2 61.9 64.1 63.1 External debt stocks to GNI (%) 52.3 32.8 31.5 33.8 32.1 33.0 31.8 28.1 Debt service to exports (%) 24.1 14.2 8.1 8.0 6.5 6.7 11.0 9.6 Short-term to external debt stocks (%) 10.1 11.4 20.4 32.4 33.7 38.5 43.4 29.0 Multilateral to external debt stocks (%) 30.5 36.6 28.1 18.1 18.0 14.2 11.3 14.6 Reserves to external debt stocks (%) 14.0 28.1 28.4 35.7 44.6 49.0 41.4 50.4 Reserves to imports (months) 2.3 2.5 1.8 2.4 2.8 3.2 2.6 3.6 116 COSTA RICA 7. Long-term external debt Debt outstanding and disbursed 3,350 3,312 3,688 4,383 4,632 5,164 5,201 5,728 Public and publicly guaranteed 3,046 3,097 3,452 3,152 3,307 3,643 3,168 3,190 Official creditors 2,342 2,486 1,861 1,361 1,443 1,469 1,355 1,570 Multilateral 1,140 1,380 1,305 1,174 1,258 1,192 1,038 1,178 of which: IBRD 409 300 121 59 53 45 41 57 IDA 3 3 2 1 1 1 0 0 Bilateral 1,202 1,106 556 187 185 277 318 392 Private creditors 704 611 1,591 1,791 1,864 2,174 1,812 1,620 of which: Bonds 609 572 1,542 1,669 1,685 1,900 1,660 1,435 Commercial banks 41 3 23 102 161 257 137 172 Private nonguaranteed 304 214 236 1,231 1,325 1,521 2,033 2,538 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 206 211 758 985 458 610 1,115 1,320 Public and publicly guaranteed 201 201 749 75 142 118 320 521 Official creditors 170 200 249 75 92 118 309 378 Multilateral 89 183 130 69 77 102 245 258 of which: IBRD 5 16 6 5 5 1 4 24 IDA 0 0 0 0 0 0 0 0 Bilateral 81 18 118 6 15 16 63 120 Private creditors 31 0 500 0 50 0 11 143 of which: Bonds 0 0 500 0 50 0 0 75 Commercial banks 30 0 0 0 0 0 11 68 Private nonguaranteed 5 10 9 910 316 492 795 799 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 272 357 388 568 497 558 1,111 793 Public and publicly guaranteed 266 333 371 364 275 262 828 498 Official creditors 95 323 334 305 229 220 455 163 Multilateral 79 176 154 275 212 190 412 118 of which: IBRD 45 55 33 17 11 9 8 7 IDA 0 0 0 0 0 0 0 0 Bilateral 16 146 180 30 17 30 43 45 Private creditors 171 10 37 59 45 42 373 335 of which: Bonds 42 4 30 41 34 35 240 300 Commercial banks 124 2 4 17 11 7 130 33 Private nonguaranteed 6 24 17 204 222 296 283 294 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 172 225 206 179 176 207 352 366 Public and publicly guaranteed 170 204 190 105 95 115 246 214 Official creditors 105 163 104 63 53 42 78 73 Multilateral 77 95 84 57 50 39 68 63 of which: IBRD 33 27 12 3 3 3 3 2 IDA 0 0 0 0 0 0 0 0 Bilateral 28 67 20 5 3 3 10 9 Private creditors 65 42 86 43 42 73 168 142 of which: Bonds 24 37 80 39 37 68 152 131 Commercial banks 36 0 2 3 5 4 14 10 Private nonguaranteed 2 21 16 74 80 92 106 152 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks -837 -110 490 774 507 1,411 791 -1,120 Net flows on external debt -111 -148 549 842 220 932 758 -1,120 9. Debt restructurings Total amount rescheduled 641 0 0 0 0 0 0 0 Total amount forgiven 855 3 0 0 0 0 0 0 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 258 243 229 250 228 208 184 174 Interest 68 61 53 44 36 30 26 22 Private creditors Principal 638 727 703 550 545 183 278 130 Interest 235 197 161 114 88 59 46 35 Notes: Data on long-term private nonguaranteed debt are World Bank staff estimates. Short-term debt is based on reports provided by the country. 117 COTE D'IVOIRE 1. Summary external debt data External debt stocks 17,251 18,899 12,138 11,912 12,764 13,865 12,568 11,701 Long-term external debt 13,223 14,562 10,546 10,866 11,605 12,237 11,036 11,250 Public and publicly guaranteed 10,665 11,902 9,063 9,965 10,823 11,646 10,622 10,979 Private nonguaranteed 2,558 2,660 1,482 900 782 591 414 271 Use of IMF credit 431 427 549 198 150 173 188 352 Short-term external debt 3,597 3,910 1,043 848 1,010 1,455 1,344 99 interest arrears on long-term 819 1,020 79 848 1,010 1,455 1,344 99 Memorandum items 1,727 2,686 169 1,499 2,033 2,497 2,218 183 10,663 11,901 9,063 9,965 10,823 11,646 10,622 10,979 2,560 2,661 1,482 900 782 591 414 271 764 716 72 40 58 162 73 148 External debt flows Disbursements 1,172 924 148 55 116 140 118 359 Long-term external debt 1,019 743 148 55 116 77 54 58 IMF purchases 153 181 0 0 0 62 64 301 Principal repayments 621 625 481 255 217 345 829 841 Long-term external debt 498 539 442 164 160 298 784 697 IMF repurchases 123 86 39 91 57 47 44 143 Net flows 1,189 935 -617 -308 -101 -206 -711 -481 Long-term external debt 521 204 -294 -109 -44 -221 -731 -639 Short-term external debt 639 636 -283 -108 0 0 0 0 Interest payments 641 421 539 50 50 84 221 266 Long-term external debt 443 390 462 46 49 82 216 264 IMF charges 31 8 3 1 1 1 5 2 Short-term external debt 167 23 74 3 0 0 0 0 2. Other non-debt resource inflows Foreign direct investment 48 211 235 312 319 427 446 381 Portfolio equity 0 1 1 14 2 2 2 -9 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 51.9 53.4 55.6 56.2 58.6 Japanese yen 0.9 1.4 1.4 1.3 1.2 1.1 1.6 2.0 Pound sterling 1.3 0.9 0.6 0.4 0.4 0.4 0.3 0.4 Swiss franc 2.3 0.5 0.2 0.2 0.2 0.2 0.2 0.0 U.S.dollars 15.5 22.0 53.7 37.7 35.9 34.1 33.0 34.0 4. Average terms of new commitments Official creditors Interest (%) 5.9 1.9 0.8 1.7 0.2 4.8 1.7 3.7 Maturity (years) 20.0 29.8 46.2 20.0 7.8 14.9 20.5 21.3 Grace period (years) 6.3 8.5 9.6 5.7 1.7 4.4 5.7 6.6 Private creditors Interest (%) 0.0 14.5 0.0 0.0 0.0 0.5 0.0 1.1 Maturity (years) 0.0 19.6 0.0 0.0 0.0 11.7 0.0 20.3 Grace period (years) 0.0 0.1 0.0 0.0 0.0 3.7 0.0 2.3 5. Major economic aggregates Gross national income (GNI) 9,209 10,013 9,715 15,643 16,589 18,913 22,442 22,078 Exports of goods, services & income 3,561 4,526 4,512 8,724 9,518 9,820 11,651 11,702 Worker remit. & comp. of employees 44 151 119 163 167 185 199 185 Imports of goods, services & income 4,594 4,782 4,423 8,222 8,508 9,616 10,867 9,917 Profit remittances on FDI 75 204 284 370 478 531 581 0 Current account balance -1,214 -492 -241 40 479 -139 452 1,670 International reserves 21 529 668 1,322 1,798 2,519 2,253 3,267 6. Ratios External debt stocks to exports (%) 484.5 417.5 269.0 136.5 134.1 141.2 107.9 100.0 External debt stocks to GNI (%) 187.3 188.7 124.9 76.2 76.9 73.3 56.0 53.0 Debt service to exports (%) 35.4 23.1 22.6 3.5 2.8 4.4 9.0 9.5 Short-term to external debt stocks (%) 20.8 20.7 8.6 7.1 7.9 10.5 10.7 0.8 Multilateral to external debt stocks (%) 20.8 20.6 24.4 25.9 26.1 25.0 23.0 20.3 Reserves to external debt stocks (%) 0.1 2.8 5.5 11.1 14.1 18.2 17.9 27.9 Reserves to imports (months) 0.1 1.3 1.8 1.9 2.5 3.1 2.5 4.0 118 COTE D'IVOIRE 7. Long-term external debt Debt outstanding and disbursed 13,223 14,562 10,546 10,866 11,605 12,237 11,036 11,250 Public and publicly guaranteed 10,665 11,902 9,063 9,965 10,823 11,646 10,622 10,979 Official creditors 7,686 9,217 6,669 7,673 8,384 9,062 8,123 8,914 Multilateral 3,585 3,900 2,958 3,087 3,330 3,471 2,892 2,374 of which: IBRD 1,913 1,573 599 423 456 479 117 42 IDA 7 813 1,366 1,763 1,847 1,909 1,797 1,781 Bilateral 4,101 5,317 3,711 4,586 5,054 5,591 5,232 6,540 Private creditors 2,980 2,685 2,394 2,292 2,439 2,584 2,499 2,065 of which: Bonds 0 0 2,343 2,159 2,293 2,425 2,346 1,931 Commercial banks 2,640 2,630 14 133 146 160 152 134 Private nonguaranteed 2,558 2,660 1,482 900 782 591 414 271 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 1,019 743 148 55 116 77 54 58 Public and publicly guaranteed 769 670 148 21 88 57 35 36 Official creditors 758 669 148 21 88 57 35 36 Multilateral 460 340 148 11 71 35 24 23 of which: IBRD 261 19 0 0 0 0 0 0 IDA 0 226 76 0 0 0 13 13 Bilateral 298 329 0 10 17 22 10 13 Private creditors 11 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 250 73 0 34 28 20 19 22 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 498 539 442 164 160 298 784 697 Public and publicly guaranteed 319 514 329 21 14 112 588 532 Official creditors 247 479 283 21 13 112 588 532 Multilateral 230 286 143 20 12 106 587 504 of which: IBRD 125 199 57 0 0 30 377 73 IDA 0 0 0 0 0 16 117 41 Bilateral 16 193 140 0 1 6 1 28 Private creditors 72 36 46 0 0 0 0 0 of which: Bonds 1 0 46 0 0 0 0 0 Commercial banks 25 5 0 0 0 0 0 0 Private nonguaranteed 179 25 113 143 146 187 196 165 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 443 390 462 46 49 82 216 264 Public and publicly guaranteed 205 257 342 3 2 41 183 241 Official creditors 187 252 189 3 2 41 183 241 Multilateral 176 172 78 3 2 41 183 238 of which: IBRD 141 135 32 0 0 10 83 6 IDA 0 5 8 0 0 8 61 14 Bilateral 12 81 111 0 0 1 1 3 Private creditors 18 5 153 0 0 0 0 0 of which: Bonds 0 0 153 0 0 0 0 0 Commercial banks 7 1 0 0 0 0 0 0 Private nonguaranteed 237 133 120 43 47 41 33 23 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 2,430 1,503 -1,032 -1,287 852 1,101 -1,297 -867 Net flows on external debt 1,189 935 -617 -308 -101 -206 -711 -481 9. Debt restructurings Total amount rescheduled 930 381 72 0 0 0 0 3,079 Total amount forgiven 50 322 29 0 0 0 0 1,103 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 1,050 1,041 684 532 534 535 538 525 Interest 251 249 246 241 226 208 190 172 Private creditors Principal 300 287 278 260 253 248 245 242 Interest 31 26 21 17 14 11 8 6 Notes: Long-term private nonguaranteed debt data are World Bank staff estimates. Data include the effects of Paris Club debt restructuring agreements signed in 2009. 119 DJIBOUTI 1. Summary external debt data External debt stocks 155.3 272.4 258.2 406.8 451.8 656.9 684.7 752.4 Long-term external debt 155.2 268.9 238.3 378.9 423.6 634.9 666.5 731.9 Public and publicly guaranteed 155.2 268.9 238.3 378.9 423.6 634.9 666.5 731.9 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit 0.0 0.0 13.4 18.7 18.0 16.1 17.4 15.8 Short-term external debt 0.1 3.5 6.5 9.2 10.2 5.9 0.7 4.7 interest arrears on long-term 0.1 3.5 6.5 9.2 10.2 5.9 0.7 4.7 Memorandum items 1.2 13.1 22.7 22.2 26.8 40.4 2.2 7.7 155.2 268.9 238.3 378.9 423.6 634.9 666.5 731.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.2 0.0 48.6 68.6 41.1 22.7 38.4 24.3 External debt flows Disbursements 27.0 18.4 11.3 26.5 44.5 39.0 52.0 73.3 Long-term external debt 27.0 18.4 7.7 26.5 44.5 39.0 45.9 71.0 IMF purchases 0.0 0.0 3.6 0.0 0.0 0.0 6.1 2.3 Principal repayments 8.9 9.2 10.7 11.9 16.1 16.0 17.9 21.6 Long-term external debt 8.9 9.2 8.4 11.0 14.5 13.2 13.6 17.4 IMF repurchases 0.0 0.0 2.3 0.8 1.6 2.8 4.3 4.2 Net flows 18.0 9.2 0.7 14.7 28.4 23.0 34.1 51.6 Long-term external debt 18.0 9.2 -0.7 15.5 30.0 25.8 32.3 53.6 Short-term external debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest payments 2.1 2.0 2.6 3.8 5.0 6.6 7.3 7.7 Long-term external debt 2.1 2.0 2.2 3.7 4.9 6.5 7.2 7.6 IMF charges 0.0 0.0 0.4 0.1 0.1 0.1 0.1 0.1 Short-term external debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2. Other non-debt resource inflows Foreign direct investment .. 3.2 3.3 22.2 108.3 195.4 253.0 100.0 Portfolio equity .. 0.0 0.0 0.0 0.0 0.0 0.0 .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 13.1 13.4 31.9 30.2 29.5 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 13.9 12.4 16.2 34.2 34.0 26.6 26.1 24.9 4. Average terms of new commitments Official creditors Interest (%) 0.8 0.0 2.3 1.3 1.8 3.9 2.9 2.5 Maturity (years) 39.7 0.0 29.9 38.0 10.9 24.8 20.8 26.3 Grace period (years) 10.2 0.0 6.9 9.0 6.5 5.8 5.0 7.3 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 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 5. Major economic aggregates Gross national income (GNI) .. 515.0 567.0 775.8 853.9 935.9 1072.5 1120.1 Exports of goods, services & income .. 220.7 218.4 319.8 341.5 341.7 409.6 .. Worker remit. & comp. of employees .. 11.9 12.3 25.8 28.5 28.6 30.3 30.3 Imports of goods, services & income .. 263.5 287.1 372.3 436.8 592.3 714.8 .. Profit remittances on FDI .. 4.6 4.2 5.9 5.9 4.2 5.0 .. Current account balance .. 17.5 -19.0 20.1 -16.6 -171.4 -225.4 .. International reserves 93.6 72.2 67.8 89.3 120.3 132.1 175.5 241.8 6. Ratios External debt stocks to exports (%) .. 123.4 118.2 127.2 132.3 192.2 167.2 .. External debt stocks to GNI (%) .. 52.9 45.5 52.4 52.9 70.2 63.8 67.2 Debt service to exports (%) .. 5.0 6.1 4.9 6.2 6.6 6.2 .. Short-term to external debt stocks (%) 0.0 1.3 2.5 2.3 2.3 0.9 0.1 0.6 Multilateral to external debt stocks (%) 55.4 50.1 53.6 66.0 67.7 52.8 53.0 53.6 Reserves to external debt stocks (%) 60.3 26.5 26.3 21.9 26.6 20.1 25.6 32.1 Reserves to imports (months) .. 3.3 2.8 2.9 3.3 2.7 2.9 .. 120 DJIBOUTI 7. Long-term external debt Debt outstanding and disbursed 155.2 268.9 238.3 378.9 423.6 634.9 666.5 731.9 Public and publicly guaranteed 155.2 268.9 238.3 378.9 423.6 634.9 666.5 731.9 Official creditors 155.2 268.9 238.3 373.3 418.0 622.6 653.0 716.7 Multilateral 86.1 136.4 138.3 268.7 305.7 347.0 362.8 403.1 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 31.1 46.2 49.9 120.3 133.3 147.2 151.6 158.4 Bilateral 69.2 132.5 100.0 104.6 112.3 275.6 290.2 313.6 Private creditors 0.0 0.0 0.0 5.6 5.6 12.3 13.5 15.2 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 5.6 5.6 12.3 13.5 15.2 Private nonguaranteed 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 Disbursements 27.0 18.4 7.7 26.5 44.5 39.0 45.9 71.0 Public and publicly guaranteed 27.0 18.4 7.7 26.5 44.5 39.0 45.9 71.0 Official creditors 27.0 18.4 7.7 26.5 44.5 39.0 45.9 71.0 Multilateral 8.9 10.0 7.7 16.2 34.2 29.6 24.0 48.4 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 2.5 2.8 3.9 4.7 8.2 9.7 7.2 7.4 Bilateral 18.0 8.4 0.0 10.3 10.4 9.4 21.9 22.6 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 8.9 9.2 8.4 11.0 14.5 13.2 13.6 17.4 Public and publicly guaranteed 8.9 9.2 8.4 11.0 14.5 13.2 13.6 17.4 Official creditors 8.3 9.2 8.4 11.0 14.5 13.2 13.6 17.4 Multilateral 3.5 4.4 4.0 5.1 8.2 7.9 8.7 9.7 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.0 0.3 0.5 1.4 1.2 1.8 1.6 1.8 Bilateral 4.8 4.8 4.4 6.0 6.3 5.3 5.0 7.7 Private creditors 0.6 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 0.4 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest payments 2.1 2.0 2.2 3.7 4.9 6.5 7.2 7.6 Public and publicly guaranteed 2.1 2.0 2.2 3.7 4.9 6.5 7.2 7.6 Official creditors 2.1 2.0 2.2 3.7 4.9 6.5 7.2 7.6 Multilateral 1.3 0.9 1.4 2.7 3.9 4.6 5.2 5.0 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.2 0.3 0.4 1.0 0.8 1.1 1.3 1.1 Bilateral 0.8 1.1 0.8 1.0 1.1 1.9 2.0 2.6 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. Debt stock-flow reconciliation Total change in external debt stocks 24.0 14.8 -9.6 -13.0 45.0 205.1 27.8 67.7 Net flows on external debt 18.0 9.2 0.7 14.7 28.4 23.0 34.1 51.6 9. Debt restructurings Total amount rescheduled 0.0 0.0 2.1 0.0 0.0 0.0 58.2 8.7 Total amount forgiven 0.0 0.0 0.0 0.6 2.1 0.0 0.0 0.0 Debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 29.9 31.5 49.6 29.3 26.7 26.9 30.7 31.1 Interest 8.7 9.0 10.0 9.2 8.9 8.5 8.0 7.5 Private creditors Principal 2.9 2.9 2.8 0.1 0.1 0.1 0.1 0.1 Interest 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 Notes: Data on long-term public and publicly guaranteed debt include the effects of Paris Club debt restructuring agreement signed in 2008. 121 DOMINICA 1. Summary external debt data External debt stocks 88.0 103.3 164.8 273.7 253.5 289.6 297.2 251.6 Long-term external debt 80.2 94.9 145.8 221.6 217.5 214.4 199.2 192.5 Public and publicly guaranteed 80.2 94.9 145.8 221.6 217.5 214.4 199.2 192.5 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit 5.7 1.7 0.0 11.6 14.0 12.1 15.0 19.6 Short-term external debt 2.0 6.7 19.0 40.6 22.0 63.0 83.1 39.5 interest arrears on long-term 0.0 0.2 0.0 8.6 11.0 14.0 17.1 19.5 Memorandum items 0.2 1.8 0.3 6.5 6.0 11.2 10.3 10.8 80.2 94.9 145.8 221.6 217.5 214.4 199.2 192.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.4 5.1 57.3 25.8 0.0 6.0 2.4 0.0 External debt flows Disbursements 11.5 9.5 56.2 8.0 6.5 4.9 6.8 11.5 Long-term external debt 11.5 9.5 56.2 4.5 3.1 4.9 3.5 6.5 IMF purchases 0.0 0.0 0.0 3.5 3.4 0.0 3.2 5.1 Principal repayments 3.8 4.4 6.7 10.0 11.0 12.7 11.1 13.1 Long-term external debt 2.5 3.6 6.7 9.6 9.4 10.3 11.1 12.4 IMF repurchases 1.4 0.9 0.0 0.4 1.6 2.5 0.0 0.8 Net flows 7.8 4.6 49.7 -37.0 -25.5 30.1 12.6 -47.6 Long-term external debt 9.0 5.9 49.5 -5.2 -6.3 -5.4 -7.6 -5.9 Short-term external debt 0.1 -0.5 0.2 -35.0 -21.0 38.0 17.0 -46.0 Interest payments 2.0 2.4 4.1 6.2 6.8 6.6 6.2 4.7 Long-term external debt 1.6 2.0 3.0 4.6 5.5 4.9 4.3 4.0 IMF charges 0.2 0.0 0.0 0.2 0.2 0.1 0.2 0.1 Short-term external debt 0.2 0.4 1.1 1.5 1.1 1.6 1.7 0.6 2. Other non-debt resource inflows Foreign direct investment 12.9 54.1 17.6 19.2 25.9 40.5 56.5 50.3 Portfolio equity -0.4 .. .. .. .. .. .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 5.4 3.9 3.4 2.8 2.3 Japanese yen 0.3 1.1 0.4 0.0 0.0 0.0 0.0 0.0 Pound sterling 16.5 13.3 2.8 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 51.7 60.8 81.1 86.0 87.3 86.8 86.6 85.8 4. Average terms of new commitments Official creditors Interest (%) 3.0 2.6 5.2 2.4 0.0 0.8 0.8 0.0 Maturity (years) 25.2 26.4 21.3 21.9 0.0 34.5 34.4 0.0 Grace period (years) 8.5 8.8 6.9 7.6 0.0 10.0 9.9 0.0 Private creditors Interest (%) 0.0 0.0 1.9 0.0 0.0 0.0 0.0 0.0 Maturity (years) 0.0 0.0 9.2 0.0 0.0 0.0 0.0 0.0 Grace period (years) 0.0 0.0 2.3 0.0 0.0 0.0 0.0 0.0 5. Major economic aggregates Gross national income (GNI) 161.4 210.7 231.8 270.3 300.7 324.8 353.7 359.8 Exports of goods, services & income 93.5 110.7 149.2 135.3 150.6 156.4 160.5 148.3 Worker remit. & comp. of employees 13.9 13.4 16.3 25.0 25.4 25.9 26.1 23.1 Imports of goods, services & income 142.9 158.9 227.1 231.0 220.0 264.5 315.7 289.3 Profit remittances on FDI 5.4 12.2 33.0 22.7 7.4 13.0 12.5 10.2 Current account balance -43.5 -40.2 -59.8 -76.1 -49.9 -86.9 -136.1 -123.2 International reserves 14.5 22.1 29.4 49.2 63.0 60.5 55.2 75.5 6. Ratios External debt stocks to exports (%) 94.1 93.3 110.5 202.3 168.3 185.2 185.1 169.6 External debt stocks to GNI (%) 54.5 49.0 71.1 101.3 84.3 89.2 84.0 69.9 Debt service to exports (%) 6.2 6.1 7.2 12.0 11.8 12.4 10.8 12.0 Short-term to external debt stocks (%) 2.3 6.5 11.5 14.8 8.7 21.8 27.9 15.7 Multilateral to external debt stocks (%) 65.7 62.2 50.6 46.0 47.9 41.9 39.2 46.2 Reserves to external debt stocks (%) 16.4 21.4 17.8 18.0 24.9 20.9 18.6 30.0 Reserves to imports (months) 1.2 1.7 1.6 2.6 3.4 2.7 2.1 3.1 122 DOMINICA 7. Long-term external debt Debt outstanding and disbursed 80.2 94.9 145.8 221.6 217.5 214.4 199.2 192.5 Public and publicly guaranteed 80.2 94.9 145.8 221.6 217.5 214.4 199.2 192.5 Official creditors 80.2 94.9 114.2 172.0 167.8 164.8 156.5 152.4 Multilateral 57.8 64.3 83.4 126.0 121.4 121.2 116.5 116.4 of which: IBRD 0.0 0.0 2.4 3.9 3.3 2.5 1.8 1.2 IDA 10.4 12.2 13.6 21.7 22.5 25.4 26.5 27.5 Bilateral 22.4 30.6 30.8 46.0 46.4 43.6 40.0 36.1 Private creditors 0.1 0.0 31.6 49.6 49.6 49.6 42.7 40.1 of which: Bonds 0.0 0.0 31.6 43.4 43.4 43.4 36.5 33.9 Commercial banks 0.1 0.0 0.0 3.7 3.7 3.7 3.7 3.7 Private nonguaranteed 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 Disbursements 11.5 9.5 56.2 4.5 3.1 4.9 3.5 6.5 Public and publicly guaranteed 11.5 9.5 56.2 4.5 3.1 4.9 3.5 6.5 Official creditors 11.5 9.5 25.7 4.5 3.1 4.9 3.5 6.5 Multilateral 8.3 3.5 19.3 3.9 2.6 4.7 3.5 4.9 of which: IBRD 0.0 0.0 0.7 0.3 0.0 0.0 0.0 0.0 IDA 0.9 0.1 -0.1 0.5 0.1 2.3 1.8 1.4 Bilateral 3.2 6.0 6.3 0.6 0.5 0.1 0.0 1.6 Private creditors 0.0 0.0 30.5 0.0 0.0 0.0 0.0 0.0 of which: Bonds 0.0 0.0 30.5 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 2.5 3.6 6.7 9.6 9.4 10.3 11.1 12.4 Public and publicly guaranteed 2.5 3.6 6.7 9.6 9.4 10.3 11.1 12.4 Official creditors 2.4 3.6 6.7 9.6 9.4 10.3 11.1 12.4 Multilateral 2.1 2.0 3.9 7.9 7.9 6.8 7.7 7.3 of which: IBRD 0.0 0.0 0.0 0.4 0.6 0.8 0.8 0.6 IDA 0.0 0.1 0.1 0.3 0.3 0.4 0.5 0.5 Bilateral 0.3 1.5 2.8 1.7 1.5 3.5 3.5 5.1 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest payments 1.6 2.0 3.0 4.6 5.5 4.9 4.3 4.0 Public and publicly guaranteed 1.6 2.0 3.0 4.6 5.5 4.9 4.3 4.0 Official creditors 1.6 2.0 2.9 4.2 4.9 4.4 4.1 3.9 Multilateral 1.4 1.6 1.9 3.2 3.2 3.1 2.8 2.8 of which: IBRD 0.0 0.0 0.1 0.2 0.2 0.2 0.1 0.1 IDA 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 Bilateral 0.2 0.4 1.0 1.0 1.7 1.3 1.3 1.2 Private creditors 0.0 0.0 0.1 0.3 0.6 0.4 0.2 0.1 of which: Bonds 0.0 0.0 0.1 0.3 0.5 0.4 0.1 0.0 Commercial banks 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 Private nonguaranteed 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 8. Debt stock-flow reconciliation Total change in external debt stocks 10.4 5.2 49.3 -30.7 -20.3 36.1 7.6 -45.6 Net flows on external debt 7.8 4.6 49.7 -37.0 -25.5 30.1 12.6 -47.6 9. Debt restructurings Total amount rescheduled 0.0 0.0 0.0 14.6 11.5 0.0 0.0 0.0 Total amount forgiven 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 16.1 10.4 7.1 7.0 6.7 6.8 6.5 6.1 Interest 3.1 2.7 2.4 2.3 2.1 1.9 1.8 1.7 Private creditors Principal 4.1 0.0 0.0 0.0 30.6 0.0 0.0 0.0 Interest 2.9 2.8 2.8 2.8 2.8 0.0 0.0 0.0 123 DOMINICAN REPUBLIC 1. Summary external debt data External debt stocks 4,372 4,447 4,541 7,075 8,556 10,144 10,121 11,003 Long-term external debt 3,518 3,672 3,311 5,774 6,637 7,120 7,691 8,557 Public and publicly guaranteed 3,419 3,653 3,311 5,772 6,223 6,275 6,848 7,714 Private nonguaranteed 99 19 0 2 414 845 843 843 Use of IMF credit 72 160 52 400 459 548 492 767 Short-term external debt 782 616 1,178 901 1,460 2,476 1,938 1,679 interest arrears on long-term 506 214 28 20 9 9 3 0 Memorandum items 614 320 56 145 33 14 16 1 3,391 3,626 3,299 5,765 6,217 6,270 6,843 7,710 127 46 13 9 420 851 848 847 204 167 469 811 1,336 343 957 2,934 External debt flows Disbursements 138 195 303 894 1,701 1,427 1,420 1,656 Long-term external debt 138 195 303 674 1,560 1,250 1,298 1,348 IMF purchases 0 0 0 220 142 177 122 308 Principal repayments 146 234 257 762 1,023 928 864 818 Long-term external debt 88 200 257 762 918 814 699 770 IMF repurchases 58 34 0 0 105 114 164 47 Net flows 15 105 311 97 1,248 1,516 24 582 Long-term external debt 50 -5 46 -87 641 437 599 577 Short-term external debt 23 143 265 -36 570 1,016 -532 -256 Interest payments 86 175 263 248 320 454 548 509 Long-term external debt 59 145 211 211 255 328 446 429 IMF charges 9 10 3 9 22 26 24 7 Short-term external debt 19 20 50 27 42 100 78 72 2. Other non-debt resource inflows Foreign direct investment 133 414 953 1,123 1,085 1,667 2,870 2,067 Portfolio equity 0 .. .. 0 0 0 0 0 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 2.8 3.4 6.2 7.7 8.7 Japanese yen 6.4 7.7 5.0 2.8 2.1 1.8 2.0 1.9 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 68.4 63.7 73.8 86.9 88.0 86.0 85.4 85.4 4. Average terms of new commitments Official creditors Interest (%) 5.8 6.6 6.5 1.7 4.2 3.7 2.4 2.5 Maturity (years) 24.9 20.2 13.6 21.5 21.2 21.2 23.2 17.1 Grace period (years) 6.4 5.2 1.8 4.1 4.6 4.1 3.3 4.9 Private creditors Interest (%) 9.8 8.4 6.5 3.2 6.4 6.5 6.0 4.8 Maturity (years) 9.1 9.5 10.3 4.0 13.8 9.2 7.1 10.7 Grace period (years) 4.6 2.0 2.7 1.2 8.5 2.2 2.6 3.0 5. Major economic aggregates Gross national income (GNI) 6,759 15,589 22,955 32,102 34,100 39,236 43,726 44,715 Exports of goods, services & income 1,918 5,859 9,264 10,498 11,877 12,766 12,569 10,918 Worker remit. & comp. of employees 315 839 1,839 2,719 3,084 3,427 3,556 3,477 Imports of goods, services & income 2,568 7,034 12,193 13,668 16,309 18,263 20,438 16,382 Profit remittances on FDI 90 624 1,068 1,765 1,932 2,194 1,669 1,577 Current account balance -280 -183 -1,027 -473 -1,288 -2,096 -4,437 .. International reserves 69 373 632 1,853 2,127 2,562 2,288 2,905 6. Ratios External debt stocks to exports (%) 228.0 75.9 49.0 67.4 72.0 79.5 80.5 100.8 External debt stocks to GNI (%) 64.7 28.5 19.8 22.0 25.1 25.9 23.1 24.6 Debt service to exports (%) 12.1 7.0 5.6 9.6 11.3 10.8 11.2 12.1 Short-term to external debt stocks (%) 17.9 13.8 25.9 12.7 17.1 24.4 19.1 15.3 Multilateral to external debt stocks (%) 19.6 23.2 24.9 25.5 22.2 18.6 18.6 23.7 Reserves to external debt stocks (%) 1.6 8.4 13.9 26.2 24.9 25.3 22.6 26.4 Reserves to imports (months) 0.3 0.6 0.6 1.6 1.6 1.7 1.3 2.1 124 DOMINICAN REPUBLIC 7. Long-term external debt Debt outstanding and disbursed 3,518 3,672 3,311 5,774 6,637 7,120 7,691 8,557 Public and publicly guaranteed 3,419 3,653 3,311 5,772 6,223 6,275 6,848 7,714 Official creditors 2,383 2,996 2,565 3,146 3,497 3,626 4,341 5,265 Multilateral 858 1,033 1,132 1,807 1,901 1,886 1,883 2,608 of which: IBRD 238 282 292 405 438 472 449 748 IDA 20 17 14 11 10 9 9 8 Bilateral 1,525 1,962 1,433 1,339 1,596 1,741 2,458 2,657 Private creditors 1,036 657 746 2,627 2,727 2,649 2,506 2,449 of which: Bonds 0 520 506 1,147 1,452 1,326 1,201 1,076 Commercial banks 775 33 121 983 1,109 1,196 1,213 1,295 Private nonguaranteed 99 19 0 2 414 845 843 843 of which: Bonds 0 0 0 0 412 844 843 843 Disbursements 138 195 303 674 1,560 1,250 1,298 1,348 Public and publicly guaranteed 138 195 303 673 1,148 820 1,298 1,348 Official creditors 136 187 147 402 613 454 1,010 1,254 Multilateral 84 157 100 199 187 184 213 904 of which: IBRD 39 36 39 64 67 73 20 352 IDA 0 0 0 0 0 0 0 0 Bilateral 53 30 46 204 426 270 797 350 Private creditors 2 8 156 271 534 366 288 94 of which: Bonds 0 0 0 0 324 0 0 0 Commercial banks 0 8 90 227 193 357 285 90 Private nonguaranteed 0 0 0 2 412 431 0 0 of which: Bonds 0 0 0 0 412 431 0 0 Principal repayments 88 200 257 762 918 814 699 770 Public and publicly guaranteed 83 184 257 762 918 813 699 770 Official creditors 83 161 217 171 373 353 294 338 Multilateral 38 79 63 110 113 215 215 191 of which: IBRD 19 40 21 38 34 39 43 54 IDA 0 1 1 1 1 1 1 1 Bilateral 44 82 154 61 261 137 80 147 Private creditors 0 23 40 591 545 460 404 432 of which: Bonds 0 0 4 336 20 125 125 125 Commercial banks 0 3 18 162 174 291 243 289 Private nonguaranteed 5 16 0 0 0 0 1 0 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 59 145 211 211 255 328 446 429 Public and publicly guaranteed 56 143 211 211 253 271 338 321 Official creditors 55 120 158 108 142 147 136 148 Multilateral 32 51 58 82 90 98 87 83 of which: IBRD 14 20 22 21 23 25 24 22 IDA 0 0 0 0 0 0 0 0 Bilateral 23 69 100 26 52 50 48 65 Private creditors 1 23 53 103 112 123 202 173 of which: Bonds 0 13 38 16 45 56 125 113 Commercial banks 0 3 7 38 56 61 70 56 Private nonguaranteed 3 2 0 0 2 57 108 108 of which: Bonds 0 0 0 0 2 57 108 108 8. Debt stock-flow reconciliation Total change in external debt stocks 334 173 -145 -52 1,481 1,588 -23 882 Net flows on external debt 15 105 311 97 1,248 1,516 24 582 9. Debt restructurings Total amount rescheduled 7 2 0 1,209 203 0 0 0 Total amount forgiven 7 0 1 0 0 0 0 0 Debt buyback 0 0 0 316 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 622 462 485 643 810 451 425 370 Interest 122 128 121 113 92 71 62 54 Private creditors Principal 658 457 790 614 279 204 171 110 Interest 247 240 200 147 126 119 111 108 Notes: Data include the effects of Paris Club debt restructuring agreement signed in 2005. Long-term private nonguaranteed debt data only cover Inter-American Development Bank and Bonds. 125 ECUADOR 1. Summary external debt data External debt stocks 12,107 13,877 13,254 17,316 17,296 17,787 17,349 12,930 Long-term external debt 10,029 12,391 12,310 15,519 15,284 15,893 15,685 11,511 Public and publicly guaranteed 9,865 11,951 10,875 10,850 10,304 10,710 10,043 6,910 Private nonguaranteed 164 440 1,435 4,668 4,980 5,183 5,642 4,600 Use of IMF credit 265 173 148 78 23 0 0 0 Short-term external debt 1,814 1,312 797 1,719 1,990 1,894 1,664 1,419 interest arrears on long-term 1,522 12 3 1 0 0 31 37 Memorandum items 1,096 10 6 5 0 0 1 1 9,865 11,951 10,875 10,850 10,304 10,705 10,026 6,884 164 440 1,435 4,668 4,980 5,188 5,659 4,626 642 1,162 404 1,328 1,303 1,238 17 162 External debt flows Disbursements 638 1,028 1,125 3,154 2,638 3,039 1,776 1,363 Long-term external debt 606 1,028 976 3,154 2,638 3,039 1,776 1,363 IMF purchases 32 0 150 0 0 0 0 0 Principal repayments 610 750 1,065 3,242 2,935 2,362 1,704 5,465 Long-term external debt 495 721 1,065 3,047 2,877 2,339 1,704 5,465 IMF repurchases 115 29 0 195 58 23 0 0 Net flows 0 -173 -194 -234 -27 581 -189 -4,353 Long-term external debt 110 307 -89 106 -239 700 72 -4,103 Short-term external debt -28 -451 -254 -145 271 -95 -261 -251 Interest payments 474 656 813 957 1,271 1,325 1,009 903 Long-term external debt 416 565 708 842 1,175 1,227 926 848 IMF charges 30 10 4 7 3 1 0 0 Short-term external debt 28 81 102 107 93 97 84 55 2. Other non-debt resource inflows Foreign direct investment 126 452 -23 493 271 194 1,001 316 Portfolio equity 0 13 0 2 0 0 1 2 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 3.4 3.5 3.4 3.0 4.1 Japanese yen 6.9 4.1 4.5 3.5 3.4 3.1 2.6 3.3 Pound sterling 1.6 0.7 0.8 0.7 0.8 0.7 0.5 0.8 Swiss franc 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 54.5 71.2 83.3 87.4 87.7 88.7 90.0 86.7 4. Average terms of new commitments Official creditors Interest (%) 5.2 6.2 6.9 6.6 6.7 5.4 3.3 3.3 Maturity (years) 22.2 16.4 17.2 8.1 16.7 20.9 18.7 23.0 Grace period (years) 6.0 6.0 5.2 2.9 4.5 4.2 2.2 5.6 Private creditors Interest (%) 8.6 7.9 7.5 9.3 6.0 0.0 6.3 0.0 Maturity (years) 8.7 12.0 9.9 10.0 10.7 0.0 12.6 0.0 Grace period (years) 1.0 2.5 2.5 9.8 1.9 0.0 3.1 0.0 5. Major economic aggregates Gross national income (GNI) 9,145 19,281 14,530 35,245 39,813 43,742 53,078 55,572 Exports of goods, services & income 3,287 5,295 5,976 11,566 14,378 16,329 20,647 15,607 Worker remit. & comp. of employees 51 386 1,322 2,460 2,934 3,094 2,828 2,502 Imports of goods, services & income 3,754 6,736 6,403 13,880 15,863 17,924 22,515 18,372 Profit remittances on FDI 125 144 329 1,004 977 1,160 787 822 Current account balance -360 -1,000 926 347 1,618 1,650 1,120 .. International reserves 1,009 1,788 1,179 2,148 2,026 3,521 4,473 3,792 6. Ratios External debt stocks to exports (%) 368.3 262.1 221.8 149.7 120.3 108.9 84.0 82.8 External debt stocks to GNI (%) 132.4 72.0 91.2 49.1 43.4 40.7 32.7 23.3 Debt service to exports (%) 33.0 26.6 31.4 36.3 29.3 22.6 13.1 40.8 Short-term to external debt stocks (%) 15.0 9.5 6.0 9.9 11.5 10.7 9.6 11.0 Multilateral to external debt stocks (%) 17.6 21.9 27.7 20.8 23.1 26.1 24.7 33.5 Reserves to external debt stocks (%) 8.3 12.9 8.9 12.4 11.7 19.8 25.8 29.3 Reserves to imports (months) 3.2 3.2 2.2 1.9 1.5 2.4 2.4 2.5 126 ECUADOR 7. Long-term external debt Debt outstanding and disbursed 10,029 12,391 12,310 15,519 15,284 15,893 15,685 11,511 Public and publicly guaranteed 9,865 11,951 10,875 10,850 10,304 10,710 10,043 6,910 Official creditors 4,065 5,210 5,881 5,948 6,136 6,582 5,955 5,845 Multilateral 2,127 3,044 3,670 3,609 3,988 4,649 4,283 4,336 of which: IBRD 816 1,082 840 799 746 684 612 532 IDA 32 26 21 15 14 13 12 11 Bilateral 1,938 2,165 2,212 2,339 2,147 1,934 1,672 1,509 Private creditors 5,800 6,742 4,993 4,902 4,168 4,128 4,088 1,065 of which: Bonds 0 5,999 3,950 4,600 3,860 3,860 3,860 873 Commercial banks 4,899 385 910 241 212 194 163 134 Private nonguaranteed 164 440 1,435 4,668 4,980 5,183 5,642 4,600 of which: Bonds 0 10 0 0 0 0 0 0 Disbursements 606 1,028 976 3,154 2,638 3,039 1,776 1,363 Public and publicly guaranteed 575 818 595 991 928 1,347 353 384 Official creditors 329 733 524 318 844 1,323 343 382 Multilateral 227 593 446 316 840 1,314 339 377 of which: IBRD 47 319 69 39 21 8 5 0 IDA 0 0 0 0 0 0 0 0 Bilateral 101 141 78 2 4 9 5 5 Private creditors 246 85 71 674 83 24 10 2 of which: Bonds 0 0 0 650 0 0 0 0 Commercial banks 39 57 71 24 22 24 10 2 Private nonguaranteed 30 210 381 2,162 1,710 1,691 1,423 979 of which: Bonds 0 10 0 0 0 0 0 0 Principal repayments 495 721 1,065 3,047 2,877 2,339 1,704 5,465 Public and publicly guaranteed 470 711 548 922 1,585 1,028 962 3,526 Official creditors 276 486 397 802 772 963 914 501 Multilateral 164 235 324 409 481 685 733 321 of which: IBRD 41 98 89 74 74 70 77 81 IDA 1 1 1 1 1 1 1 1 Bilateral 112 252 73 393 291 277 180 180 Private creditors 194 225 151 120 813 65 49 3,025 of which: Bonds 0 10 0 0 740 0 0 2,987 Commercial banks 27 59 119 101 51 42 41 31 Private nonguaranteed 25 10 517 2,125 1,292 1,311 741 1,939 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 416 565 708 842 1,175 1,227 926 848 Public and publicly guaranteed 404 563 535 657 749 736 655 329 Official creditors 212 321 295 275 317 327 310 226 Multilateral 140 173 264 171 220 238 246 177 of which: IBRD 62 69 74 32 40 42 33 23 IDA 0 0 0 0 0 0 0 0 Bilateral 72 148 31 104 97 89 64 49 Private creditors 191 242 240 383 432 409 345 103 of which: Bonds 0 147 140 367 410 392 331 91 Commercial banks 134 50 89 12 16 10 9 7 Private nonguaranteed 12 1 172 185 426 492 270 519 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 791 -1,084 -2,740 -133 -19 491 -438 -4,419 Net flows on external debt 0 -173 -194 -234 -27 581 -189 -4,353 9. Debt restructurings Total amount rescheduled 249 5,818 4,674 0 0 0 0 0 Total amount forgiven 46 1,180 2,522 2 1 4 3 5 Debt buyback 0 0 0 0 0 0 0 2,987 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 564 531 542 520 511 457 430 404 Interest 180 160 141 123 106 91 77 63 Private creditors Principal 1,037 859 649 304 267 926 227 225 Interest 341 291 297 215 187 167 84 84 Notes: Short-term debt is based on reports provided by Central Bank. 127 EGYPT, ARAB REPUBLIC OF 1. Summary external debt data External debt stocks 32,992 33,475 29,016 30,266 30,657 34,120 33,417 33,257 Long-term external debt 28,414 31,000 24,912 28,610 28,937 31,884 30,574 30,696 Public and publicly guaranteed 27,414 30,687 24,339 28,517 28,856 31,864 30,494 30,622 Private nonguaranteed 1,000 313 573 93 81 21 80 74 Use of IMF credit 125 103 0 0 0 0 0 0 Short-term external debt 4,453 2,372 4,104 1,656 1,720 2,236 2,842 2,561 interest arrears on long-term 1,441 4 0 2 1 1 0 0 Memorandum items 3,542 148 14 8 2 2 2 2 27,393 30,684 24,337 28,231 28,417 31,258 29,960 30,182 1,021 316 574 379 520 626 614 514 1,223 207 1,034 3,053 2,472 1,437 2,183 1,832 External debt flows Disbursements 1,951 642 575 2,998 763 3,139 1,122 1,977 Long-term external debt 1,951 642 575 2,998 763 3,139 1,122 1,977 IMF purchases 0 0 0 0 0 0 0 0 Principal repayments 1,750 988 1,100 1,571 1,628 2,031 2,310 2,071 Long-term external debt 1,704 894 1,100 1,571 1,628 2,031 2,310 2,071 IMF repurchases 47 94 0 0 0 0 0 0 Net flows -1,301 92 -714 1,364 -801 1,623 -582 -376 Long-term external debt 248 -251 -525 1,428 -866 1,107 -1,189 -95 Short-term external debt -1,502 438 -189 -64 65 516 607 -281 Interest payments 1,322 1,393 733 699 840 907 935 870 Long-term external debt 1,007 1,252 619 617 744 795 822 768 IMF charges 14 9 0 0 0 0 0 0 Short-term external debt 301 132 113 83 96 112 113 102 2. Other non-debt resource inflows Foreign direct investment 734 598 1,235 5,376 10,043 11,578 9,495 6,712 Portfolio equity 0 0 269 729 502 -3,199 -674 393 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 32.5 35.0 35.4 34.3 35.3 Japanese yen 8.2 13.1 13.8 12.6 12.2 10.7 13.3 12.7 Pound sterling 2.5 1.4 1.2 1.9 2.0 1.8 1.3 1.3 Swiss franc 3.0 2.7 2.1 1.8 1.9 1.7 1.8 1.7 U.S.dollars 41.9 34.5 39.8 38.0 35.8 36.0 35.1 34.1 4. Average terms of new commitments Official creditors Interest (%) 4.7 3.1 4.6 5.2 4.4 2.2 3.1 1.6 Maturity (years) 28.6 22.0 21.6 18.8 21.4 16.5 20.9 23.2 Grace period (years) 7.5 6.6 5.6 7.6 7.4 6.5 5.6 6.7 Private creditors Interest (%) 8.4 6.5 5.8 4.4 2.2 6.4 1.0 0.0 Maturity (years) 11.5 4.3 4.3 7.6 5.3 6.6 3.3 0.0 Grace period (years) 3.4 2.4 3.1 7.1 3.1 4.8 2.5 0.0 5. Major economic aggregates Gross national income (GNI) 42,025 60,038 100,838 89,474 108,015 131,650 164,178 188,496 Exports of goods, services & income 10,752 14,838 18,735 32,141 39,241 47,707 57,826 45,601 Worker remit. & comp. of employees 4,284 3,226 2,852 5,017 5,330 7,656 8,694 7,150 Imports of goods, services & income 15,969 19,123 23,878 35,787 42,375 55,618 68,999 56,910 Profit remittances on FDI 14 228 92 647 915 1,015 680 2,101 Current account balance 2,327 -254 -971 2,103 2,635 412 -1,415 -3,349 International reserves 3,620 17,122 13,785 21,857 26,007 32,214 34,331 34,897 6. Ratios External debt stocks to exports (%) 306.9 225.6 154.9 94.2 78.1 71.5 57.8 72.9 External debt stocks to GNI (%) 78.5 55.8 28.8 33.8 28.4 25.9 20.4 17.6 Debt service to exports (%) 28.6 16.0 9.8 7.1 6.3 6.2 5.6 6.5 Short-term to external debt stocks (%) 13.5 7.1 14.1 5.5 5.6 6.6 8.5 7.7 Multilateral to external debt stocks (%) 10.3 12.0 13.5 17.0 18.3 22.1 22.4 25.3 Reserves to external debt stocks (%) 11.0 51.1 47.5 72.2 84.8 94.4 102.7 104.9 Reserves to imports (months) 2.7 10.7 6.9 7.3 7.4 7.0 6.0 7.4 128 EGYPT, ARAB REPUBLIC OF 7. Long-term external debt Debt outstanding and disbursed 28,414 31,000 24,912 28,610 28,937 31,884 30,574 30,696 Public and publicly guaranteed 27,414 30,687 24,339 28,517 28,856 31,864 30,494 30,622 Official creditors 21,165 28,934 23,799 25,743 26,525 28,894 27,906 28,328 Multilateral 3,403 4,022 3,921 5,143 5,599 7,541 7,498 8,413 of which: IBRD 1,480 1,320 639 492 544 1,181 1,255 1,850 IDA 921 1,035 1,266 1,420 1,481 1,490 1,444 1,400 Bilateral 17,763 24,912 19,879 20,600 20,926 21,353 20,408 19,915 Private creditors 6,249 1,753 540 2,774 2,331 2,970 2,588 2,293 of which: Bonds 0 0 0 1,829 1,576 2,199 2,184 1,883 Commercial banks 731 560 317 798 621 665 314 325 Private nonguaranteed 1,000 313 573 93 81 21 80 74 of which: Bonds 0 0 100 0 0 0 0 0 Disbursements 1,951 642 575 2,998 763 3,139 1,122 1,977 Public and publicly guaranteed 1,900 642 368 2,998 763 3,138 1,052 1,968 Official creditors 1,198 602 223 1,040 701 2,401 954 1,879 Multilateral 269 392 174 874 576 2,265 711 1,465 of which: IBRD 92 42 6 97 108 723 143 684 IDA 8 83 49 69 57 13 11 2 Bilateral 929 209 50 166 125 136 244 414 Private creditors 703 40 144 1,958 62 737 97 89 of which: Bonds 0 0 0 1,250 0 643 0 0 Commercial banks 175 31 132 707 60 82 93 89 Private nonguaranteed 51 0 207 0 0 0 70 9 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 1,704 894 1,100 1,571 1,628 2,031 2,310 2,071 Public and publicly guaranteed 1,572 832 984 1,571 1,628 1,970 2,300 2,052 Official creditors 884 542 863 1,344 1,357 1,874 1,831 1,941 Multilateral 282 310 298 425 371 674 572 619 of which: IBRD 176 198 87 77 66 97 77 89 IDA 7 14 23 41 42 47 50 52 Bilateral 603 232 564 919 985 1,200 1,259 1,322 Private creditors 687 290 121 227 271 96 469 111 of which: Bonds 1 0 0 0 0 0 0 0 Commercial banks 34 91 57 201 254 49 437 85 Private nonguaranteed 132 62 116 0 1 61 11 20 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 1,007 1,252 619 617 744 795 822 768 Public and publicly guaranteed 918 1,228 603 612 725 793 819 766 Official creditors 719 1,121 573 545 581 673 706 645 Multilateral 184 232 147 136 174 229 260 232 of which: IBRD 138 114 41 21 27 47 58 55 IDA 7 7 9 11 11 11 11 10 Bilateral 535 889 425 409 406 444 446 413 Private creditors 199 106 31 68 145 120 112 120 of which: Bonds 0 0 0 51 106 84 85 112 Commercial banks 48 44 16 12 35 34 24 7 Private nonguaranteed 89 24 16 4 19 2 3 2 of which: Bonds 0 0 12 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks -12,667 976 -1,869 -858 391 3,463 -704 -159 Net flows on external debt -1,301 92 -714 1,364 -801 1,623 -582 -376 9. Debt restructurings Total amount rescheduled 0 309 22 1 1 1 0 0 Total amount forgiven 13,057 54 25 0 0 0 0 0 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 2,850 2,960 3,629 3,279 2,954 2,772 2,648 1,445 Interest 641 584 529 466 401 340 289 247 Private creditors Principal 102 103 761 58 55 1,303 50 39 Interest 121 121 120 63 62 61 3 2 Notes: Short-term debt is based on the Central Bank data from 2001. Data on long-term private nonguaranteed debt are revised based on reports provided by the country. 129 EL SALVADOR 1. Summary external debt data External debt stocks 2,145 2,509 4,467 8,984 9,842 9,516 10,111 11,384 Long-term external debt 1,935 1,984 2,822 7,409 8,878 8,515 9,059 9,270 Public and publicly guaranteed 1,909 1,979 2,710 4,786 5,589 5,435 5,743 6,131 Private nonguaranteed 26 5 111 2,622 3,289 3,079 3,316 3,139 Use of IMF credit 0 0 0 0 0 0 0 0 Short-term external debt 210 525 1,645 1,575 964 1,001 1,052 2,114 interest arrears on long-term 7 3 0 0 0 0 0 0 Memorandum items 6 6 0 0 0 0 0 0 1,901 1,972 2,705 4,782 5,585 5,432 5,739 6,128 34 11 117 2,626 3,293 3,083 3,319 3,142 131 832 347 693 1,146 251 1,068 810 External debt flows Disbursements 108 206 371 1,222 1,643 251 1,042 1,217 Long-term external debt 108 206 371 1,222 1,643 251 1,042 1,217 IMF purchases 0 0 0 0 0 0 0 0 Principal repayments 124 160 157 405 671 550 488 685 Long-term external debt 118 160 157 405 671 550 488 685 IMF repurchases 5 0 0 0 0 0 0 0 Net flows 2 383 807 613 361 -262 605 1,594 Long-term external debt -11 46 214 817 972 -299 554 532 Short-term external debt 18 337 592 -205 -611 37 51 1,062 Interest payments 84 120 212 445 519 505 515 539 Long-term external debt 75 98 139 344 464 466 484 477 IMF charges 0 0 0 0 0 0 0 0 Short-term external debt 9 22 73 101 55 39 31 62 2. Other non-debt resource inflows Foreign direct investment 2 38 173 511 241 1,508 784 431 Portfolio equity 0 0 0 0 0 0 0 .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 3.5 3.3 3.8 3.4 3.2 Japanese yen 1.3 1.8 6.7 4.9 4.3 4.7 5.9 5.2 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 56.5 46.7 68.3 81.5 84.1 83.2 83.5 85.3 4. Average terms of new commitments Official creditors Interest (%) 3.2 6.5 7.2 5.1 6.0 5.6 5.5 2.3 Maturity (years) 35.6 22.3 18.6 18.6 18.0 21.9 10.7 24.6 Grace period (years) 8.8 5.2 4.0 2.2 4.0 3.3 3.3 4.9 Private creditors Interest (%) 10.4 6.1 9.6 7.7 7.6 0.0 4.1 0.0 Maturity (years) 5.0 26.3 9.2 30.4 27.9 0.0 2.0 0.0 Grace period (years) 0.5 5.8 2.3 30.4 27.9 0.0 2.0 0.0 5. Major economic aggregates Gross national income (GNI) 4,801 9,500 13,134 17,070 18,654 19,797 21,579 20,978 Exports of goods, services & income 1,003 2,094 3,803 4,749 5,419 5,820 6,343 4,856 Worker remit. & comp. of employees 366 1,064 1,765 3,030 3,485 3,712 3,804 3,480 Imports of goods, services & income 1,785 3,744 6,031 8,352 9,562 10,753 11,771 7,966 Profit remittances on FDI 31 0 60 181 91 172 73 .. Current account balance -152 -262 -431 -569 -671 -1,183 -1,596 .. International reserves 595 940 1,901 1,890 1,963 2,304 2,646 3,122 6. Ratios External debt stocks to exports (%) 213.9 119.8 117.5 189.2 181.6 163.5 159.4 234.4 External debt stocks to GNI (%) 44.7 26.4 34.0 52.6 52.8 48.1 46.9 54.3 Debt service to exports (%) 20.7 13.4 9.7 17.9 22.0 18.1 15.8 25.2 Short-term to external debt stocks (%) 9.8 20.9 36.8 17.5 9.8 10.5 10.4 18.6 Multilateral to external debt stocks (%) 36.6 54.7 42.5 27.1 25.5 26.3 27.4 28.1 Reserves to external debt stocks (%) 27.8 37.5 42.6 21.0 19.9 24.2 26.2 27.4 Reserves to imports (months) 4.0 3.0 3.8 2.7 2.5 2.6 2.7 4.7 130 EL SALVADOR 7. Long-term external debt Debt outstanding and disbursed 1,935 1,984 2,822 7,409 8,878 8,515 9,059 9,270 Public and publicly guaranteed 1,909 1,979 2,710 4,786 5,589 5,435 5,743 6,131 Official creditors 1,725 1,870 2,505 3,067 3,141 3,160 3,475 3,867 Multilateral 784 1,374 1,900 2,431 2,507 2,507 2,770 3,200 of which: IBRD 140 307 309 436 417 401 400 569 IDA 23 20 16 12 11 10 9 9 Bilateral 941 496 605 636 633 653 705 667 Private creditors 184 109 205 1,719 2,448 2,275 2,267 2,264 of which: Bonds 0 0 82 1,636 2,344 2,242 2,174 2,174 Commercial banks 127 74 102 58 78 5 68 66 Private nonguaranteed 26 5 111 2,622 3,289 3,079 3,316 3,139 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 108 206 371 1,222 1,643 251 1,042 1,217 Public and publicly guaranteed 108 206 321 682 998 251 666 911 Official creditors 77 201 200 337 373 250 601 911 Multilateral 44 165 159 308 347 226 563 905 of which: IBRD 2 26 34 129 25 35 52 228 IDA 0 0 0 0 0 0 0 0 Bilateral 33 35 41 28 25 24 38 7 Private creditors 30 5 120 345 625 0 65 0 of which: Bonds 0 0 32 343 625 0 0 0 Commercial banks 25 5 87 0 0 0 65 0 Private nonguaranteed 0 0 51 540 645 0 376 306 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 118 160 157 405 671 550 488 685 Public and publicly guaranteed 105 157 124 244 457 340 349 557 Official creditors 94 123 120 228 330 280 346 554 Multilateral 57 78 87 184 287 241 305 508 of which: IBRD 15 21 17 40 44 51 53 59 IDA 1 1 1 1 1 1 1 1 Bilateral 37 45 33 44 43 39 41 45 Private creditors 11 33 4 16 127 60 4 4 of which: Bonds 0 0 0 0 121 30 0 0 Commercial banks 9 25 4 14 5 28 2 2 Private nonguaranteed 14 3 33 160 214 210 139 127 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 75 98 139 344 464 466 484 477 Public and publicly guaranteed 72 98 132 257 334 348 368 375 Official creditors 62 89 123 118 126 137 136 141 Multilateral 50 62 103 101 111 123 121 125 of which: IBRD 14 22 24 14 22 24 19 16 IDA 0 0 0 0 0 0 0 0 Bilateral 13 27 19 17 16 14 15 15 Private creditors 9 9 9 139 207 211 232 235 of which: Bonds 0 0 8 133 206 209 232 232 Commercial banks 8 7 1 6 1 2 0 3 Private nonguaranteed 3 0 7 87 131 117 116 102 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 65 412 778 467 859 -327 595 1,273 Net flows on external debt 2 383 807 613 361 -262 605 1,594 9. Debt restructurings Total amount rescheduled 84 0 0 0 0 0 0 0 Total amount forgiven 0 0 17 0 0 0 3 0 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 388 319 299 262 267 266 253 245 Interest 143 130 118 106 95 85 75 65 Private creditors Principal 872 936 431 347 262 220 178 178 Interest 282 247 209 193 181 171 163 162 Notes: Data on long-term private nonguaranteed debt are World Bank staff estimates based on Balance of Payments reported by the country from 2005. 131 ERITREA 1. Summary external debt data External debt stocks .. 37 300 725 785 860 961 1,019 Long-term external debt .. 37 298 723 781 856 957 1,013 Public and publicly guaranteed .. 37 298 723 781 856 957 1,013 Private nonguaranteed .. 0 0 0 0 0 0 0 Use of IMF credit .. 0 0 0 0 0 0 0 Short-term external debt .. 0 2 2 4 4 4 6 interest arrears on long-term .. 0 2 2 4 4 4 6 Memorandum items .. 0 5 14 21 18 8 13 .. 37 298 723 781 856 957 1,013 .. 0 0 0 0 0 0 0 .. 111 174 0 39 46 80 49 External debt flows Disbursements .. 7 51 71 38 42 105 58 Long-term external debt .. 7 51 71 38 42 105 58 IMF purchases .. 0 0 0 0 0 0 0 Principal repayments .. 0 0 12 6 2 7 11 Long-term external debt .. 0 0 12 6 2 7 11 IMF repurchases .. 0 0 0 0 0 0 0 Net flows .. 7 50 59 32 40 98 46 Long-term external debt .. 7 50 59 32 40 98 46 Short-term external debt .. 0 0 0 0 0 0 0 Interest payments .. 0 2 8 6 4 9 10 Long-term external debt .. 0 2 8 6 4 9 10 IMF charges .. 0 0 0 0 0 0 0 Short-term external debt .. 0 0 0 0 0 0 0 2. Other non-debt resource inflows Foreign direct investment .. .. 28 -1 0 0 0 0 Portfolio equity .. .. .. .. .. .. .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 5.3 5.4 5.5 4.7 4.4 Japanese yen .. 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 Swiss franc .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars .. 66.3 57.0 68.5 68.1 67.9 66.6 67.8 4. Average terms of new commitments Official creditors Interest (%) .. 2.0 0.7 0.0 2.0 2.0 5.5 1.7 Maturity (years) .. 23.9 39.7 0.0 22.9 17.6 5.5 18.2 Grace period (years) .. 5.6 10.4 0.0 6.3 3.1 3.0 5.0 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 5. Major economic aggregates Gross national income (GNI) .. 586 634 1,162 1,272 1,365 1,641 .. Exports of goods, services & income .. 142 107 .. .. .. .. .. Worker remit. & comp. of employees .. .. 3 .. .. .. .. .. Imports of goods, services & income .. 498 510 .. .. 474 .. .. Profit remittances on FDI .. .. 4 .. .. .. .. .. Current account balance .. -31 -105 .. .. .. .. .. International reserves .. 40 36 28 25 34 58 .. 6. Ratios External debt stocks to exports (%) .. 25.8 280.7 .. .. .. .. .. External debt stocks to GNI (%) .. 6.3 47.3 62.4 61.7 63.0 58.6 .. Debt service to exports (%) .. 0.1 2.8 .. .. .. .. .. Short-term to external debt stocks (%) .. .. 0.7 0.2 0.5 0.5 0.5 0.6 Multilateral to external debt stocks (%) .. 66.3 50.6 70.4 71.5 71.3 66.9 64.5 Reserves to external debt stocks (%) .. 110.4 12.0 3.9 3.2 4.0 6.0 .. Reserves to imports (months) .. 1.0 0.8 .. .. 0.9 .. .. 132 ERITREA 7. Long-term external debt Debt outstanding and disbursed .. 37 298 723 781 856 957 1,013 Public and publicly guaranteed .. 37 298 723 781 856 957 1,013 Official creditors .. 37 298 690 745 815 917 972 Multilateral .. 24 152 510 562 613 644 658 of which: IBRD .. 0 0 0 0 0 0 0 IDA .. 24 84 381 419 457 473 477 Bilateral .. 12 146 180 183 201 274 315 Private creditors .. 0 0 33 37 41 40 41 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 of which: Bonds .. 0 0 0 0 0 0 0 Disbursements .. 7 51 71 38 42 105 58 Public and publicly guaranteed .. 7 51 71 38 42 105 58 Official creditors .. 7 51 71 37 42 104 58 Multilateral .. 5 39 70 33 28 32 12 of which: IBRD .. 0 0 0 0 0 0 0 IDA .. 5 32 57 20 21 23 4 Bilateral .. 2 12 1 4 14 72 46 Private creditors .. 0 0 0 0 0 1 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 of which: Bonds .. 0 0 0 0 0 0 0 Principal repayments .. 0 0 12 6 2 7 11 Public and publicly guaranteed .. 0 0 12 6 2 7 11 Official creditors .. 0 0 12 6 2 7 11 Multilateral .. 0 0 7 4 1 5 7 of which: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 0 1 1 1 3 3 Bilateral .. 0 0 5 2 0 1 4 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 of which: Bonds .. 0 0 0 0 0 0 0 Interest payments .. 0 2 8 6 4 9 10 Public and publicly guaranteed .. 0 2 8 6 4 9 10 Official creditors .. 0 2 8 6 4 9 10 Multilateral .. 0 1 6 5 4 5 5 of which: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 0 3 4 3 3 3 Bilateral .. 0 1 3 1 0 4 5 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 of which: Bonds .. 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks .. 8 47 19 60 75 102 57 Net flows on external debt .. 7 50 59 32 40 98 46 9. Debt restructurings Total amount rescheduled .. 0 0 0 0 17 21 5 Total amount forgiven .. 0 0 0 0 0 0 0 Debt buyback .. 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 40 67 68 67 43 37 34 35 Interest 12 12 11 9 8 7 7 7 Private creditors Principal 0 0 0 0 0 0 0 0 Interest 0 0 0 0 0 0 0 0 133 ETHIOPIA 1. Summary external debt data External debt stocks 8,645 10,322 5,495 6,208 2,277 2,620 2,879 5,025 Long-term external debt 8,493 9,788 5,339 5,928 2,201 2,571 2,829 4,812 Public and publicly guaranteed 8,493 9,788 5,339 5,928 2,201 2,571 2,829 4,812 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 6 73 77 160 0 0 0 168 Short-term external debt 145 460 79 120 76 49 50 45 interest arrears on long-term 43 437 65 36 36 32 32 32 Memorandum items 236 3,628 652 508 374 373 373 373 8,492 9,788 5,339 5,928 2,201 2,571 2,829 4,812 1 0 0 0 0 0 0 0 580 170 500 748 1,904 992 1,065 1,445 External debt flows Disbursements 374 232 185 527 370 380 379 2,308 Long-term external debt 374 232 185 527 370 380 379 2,143 IMF purchases 0 0 0 0 0 0 0 165 Principal repayments 177 92 85 40 89 88 72 62 Long-term external debt 152 92 72 36 89 88 72 62 IMF repurchases 25 0 13 4 0 0 0 0 Net flows 203 133 90 478 237 269 309 2,242 Long-term external debt 222 140 114 491 281 292 307 2,081 Short-term external debt 7 -8 -11 -9 -44 -23 1 -5 Interest payments 59 63 53 54 49 45 40 41 Long-term external debt 49 61 52 49 47 44 39 40 IMF charges 2 0 0 1 0 0 0 0 Short-term external debt 8 1 1 3 3 1 1 1 2. Other non-debt resource inflows Foreign direct investment .. 14 135 265 545 222 109 94 Portfolio equity 0 .. .. 0 0 0 0 .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 5.6 14.9 17.5 16.9 8.5 Japanese yen 0.5 0.4 0.3 0.2 0.1 0.1 0.1 0.0 Pound sterling 0.3 0.2 0.3 0.0 0.0 0.0 0.0 0.0 Swiss franc 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 U.S.dollars 24.2 29.0 75.8 72.4 63.6 58.2 55.1 68.7 4. Average terms of new commitments Official creditors Interest (%) 1.9 1.0 0.8 0.9 1.1 0.9 2.9 1.3 Maturity (years) 32.7 36.3 38.4 32.3 34.9 39.5 27.4 31.4 Grace period (years) 7.9 9.3 10.0 6.3 8.9 9.6 6.9 8.7 Private creditors Interest (%) 9.8 0.0 0.0 0.0 6.4 5.2 5.1 3.9 Maturity (years) 14.1 0.0 0.0 0.0 16.8 7.5 6.3 11.4 Grace period (years) 0.4 0.0 0.0 0.0 3.3 2.9 2.6 2.6 5. Major economic aggregates Gross national income (GNI) 12,016 7,545 8,119 12,269 15,124 19,196 25,931 28,500 Exports of goods, services & income 606 836 1,008 1,973 2,254 2,729 3,552 3,370 Worker remit. & comp. of employees 5 27 53 174 172 358 387 301 Imports of goods, services & income 1,349 1,533 1,673 4,943 5,314 6,945 9,653 9,271 Profit remittances on FDI 0 0 9 21 24 18 17 .. Current account balance -294 39 13 -1,568 -1,786 -828 -1,806 .. International reserves 55 815 363 1,043 867 1,290 871 1,781 6. Ratios External debt stocks to exports (%) 1,427.1 1,234.8 544.9 314.7 101.0 96.0 81.1 149.1 External debt stocks to GNI (%) 71.9 136.8 67.7 50.6 15.1 13.6 11.1 17.6 Debt service to exports (%) 39.0 18.5 13.7 4.7 6.2 4.9 3.1 3.1 Short-term to external debt stocks (%) 1.7 4.5 1.4 1.9 3.3 1.9 1.7 0.9 Multilateral to external debt stocks (%) 14.8 22.8 50.1 75.8 47.5 52.5 55.7 46.0 Reserves to external debt stocks (%) 0.6 7.9 6.6 16.8 38.1 49.2 30.2 35.4 Reserves to imports (months) 0.5 6.4 2.6 2.5 2.0 2.2 1.1 2.3 134 ETHIOPIA 7. Long-term external debt Debt outstanding and disbursed 8,493 9,788 5,339 5,928 2,201 2,571 2,829 4,812 Public and publicly guaranteed 8,493 9,788 5,339 5,928 2,201 2,571 2,829 4,812 Official creditors 7,920 9,198 5,226 5,564 1,885 2,299 2,590 3,553 Multilateral 1,283 2,354 2,752 4,703 1,082 1,376 1,603 2,310 of which: IBRD 27 0 0 0 0 0 0 0 IDA 824 1,470 1,779 3,359 553 711 859 1,422 Bilateral 6,637 6,844 2,473 861 803 923 987 1,243 Private creditors 573 590 113 364 316 272 239 1,259 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 116 253 12 1 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 374 232 185 527 370 380 379 2,143 Public and publicly guaranteed 374 232 185 527 370 380 379 2,143 Official creditors 324 232 184 400 370 380 379 1,096 Multilateral 139 209 181 323 290 272 285 755 of which: IBRD 0 0 0 0 0 0 0 0 IDA 74 84 137 162 179 132 160 553 Bilateral 185 23 3 76 80 108 95 341 Private creditors 51 0 2 127 0 0 0 1,046 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 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 152 92 72 36 89 88 72 62 Public and publicly guaranteed 152 92 72 36 89 88 72 62 Official creditors 45 44 62 25 44 44 39 34 Multilateral 16 40 56 15 34 34 30 28 of which: IBRD 7 4 0 0 0 0 0 0 IDA 4 12 21 0 0 0 3 4 Bilateral 29 3 6 10 10 9 8 6 Private creditors 107 48 10 11 45 44 33 27 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 45 39 4 0 1 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 49 61 52 49 47 44 39 40 Public and publicly guaranteed 49 61 52 49 47 44 39 40 Official creditors 24 32 48 40 30 29 27 32 Multilateral 13 24 34 29 25 17 19 19 of which: IBRD 2 0 0 0 0 0 0 0 IDA 6 11 13 15 9 6 7 8 Bilateral 11 9 14 11 5 12 8 14 Private creditors 24 29 4 10 17 15 11 8 of which: Bonds 0 0 0 0 0 0 0 0 Commercial banks 11 27 1 0 0 0 0 0 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 790 244 -62 -455 -3,931 343 259 2,146 Net flows on external debt 203 133 90 478 237 269 309 2,242 9. Debt restructurings Total amount rescheduled 0 30 0 168 0 0 0 0 Total amount forgiven 66 8 0 452 4,357 13 31 0 Debt buyback 0 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 84 106 115 137 168 177 184 223 Interest 51 56 59 61 61 60 58 55 Private creditors Principal 345 169 162 158 152 145 127 124 Interest 25 28 27 23 22 19 16 14 Notes: Ethiopia was granted debt relief effective in 2006 under MDRI. 135 FIJI 1. Summary external debt data External debt stocks 308.4 178.2 172.6 185.7 354.2 347.3 379.9 431.7 Long-term external debt 296.4 163.2 172.4 185.4 342.2 347.0 360.5 361.6 Public and publicly guaranteed 296.4 163.2 172.4 185.4 342.2 347.0 360.1 361.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.5 Use of IMF credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term external debt 12.0 15.0 0.2 0.4 12.0 0.3 19.4 70.1 interest arrears on long-term 0.0 0.1 0.2 0.4 1.0 0.3 0.4 0.1 Memorandum items 0.0 0.0 0.0 0.0 2.0 1.5 2.2 0.0 296.4 163.2 99.5 112.5 269.3 274.1 287.2 288.1 0.0 0.0 72.9 72.9 72.9 72.9 73.3 73.4 30.0 10.5 0.0 25.0 170.7 0.0 0.0 17.6 External debt flows Disbursements 15.1 15.2 7.1 14.1 162.8 12.6 13.4 15.2 Long-term external debt 15.1 15.2 7.1 14.1 162.8 12.6 13.4 15.2 IMF purchases 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 55.5 31.2 16.9 8.5 7.6 10.4 7.8 9.8 Long-term external debt 54.6 31.2 16.9 8.5 7.6 10.4 7.8 9.8 IMF repurchases 0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net flows -42.3 -17.1 -9.8 -47.5 166.2 -8.8 24.6 56.5 Long-term external debt -39.5 -16.0 -9.8 5.5 155.2 2.2 5.6 5.5 Short-term external debt -2.0 -1.1 0.0 -53.0 11.0 -11.0 19.0 51.0 Interest payments 25.2 11.2 7.7 5.5 6.2 16.1 16.0 15.8 Long-term external debt 23.7 10.3 7.7 5.5 5.7 16.1 15.8 14.4 IMF charges 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Short-term external debt 1.5 0.9 0.0 0.0 0.6 0.0 0.3 1.4 2. Other non-debt resource inflows Foreign direct investment 91.9 69.5 0.6 155.7 412.4 337.8 309.3 237.8 Portfolio equity 0.0 0.0 0.0 1.7 -3.0 4.2 1.4 .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 2.3 1.3 1.3 1.1 0.6 Japanese yen 0.0 0.0 0.8 9.7 4.9 4.8 5.4 4.9 Pound sterling 13.7 3.3 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 5.4 0.8 49.0 64.2 81.2 83.4 82.7 83.3 4. Average terms of new commitments Official creditors Interest (%) 6.6 4.5 0.0 4.3 2.0 0.0 0.0 0.8 Maturity (years) 24.8 12.0 0.0 24.7 20.4 0.0 0.0 31.6 Grace period (years) 5.1 4.5 0.0 5.2 0.4 0.0 0.0 8.1 Private creditors Interest (%) 8.8 0.0 0.0 0.0 6.9 0.0 0.0 0.0 Maturity (years) 10.4 0.0 0.0 0.0 5.0 0.0 0.0 0.0 Grace period (years) 6.3 0.0 0.0 0.0 5.0 0.0 0.0 0.0 5. Major economic aggregates Gross national income (GNI) 1289.6 1931.1 1717.4 3049.9 2982.5 3304.8 3544.0 3038.4 Exports of goods, services & income 881.6 1139.1 1023.2 1620.7 1553.2 1657.8 1935.0 .. Worker remit. & comp. of employees 21.9 32.9 44.0 185.1 184.7 160.5 123.4 119.3 Imports of goods, services & income 974.3 1254.7 1136.4 2088.2 2343.0 2316.3 2749.1 .. Profit remittances on FDI 49.4 83.7 7.5 114.7 162.4 116.9 56.9 .. Current account balance -94.0 -112.7 -25.5 -292.7 -590.7 -475.4 -630.0 .. International reserves 261.1 349.3 412.0 318.8 .. .. .. .. 6. Ratios External debt stocks to exports (%) 35.0 15.6 16.9 11.5 22.8 20.9 19.6 .. External debt stocks to GNI (%) 23.9 9.2 10.1 6.1 11.9 10.5 10.7 14.2 Debt service to exports (%) 9.1 3.7 2.4 0.9 0.9 1.6 1.2 .. Short-term to external debt stocks (%) 3.9 8.4 0.1 0.2 3.4 0.1 5.1 16.2 Multilateral to external debt stocks (%) 65.5 84.0 51.4 49.5 27.3 29.3 28.6 24.0 Reserves to external debt stocks (%) 84.7 196.0 238.7 171.7 .. .. .. .. Reserves to imports (months) 3.2 3.3 4.4 1.8 .. .. .. .. 136 FIJI 7. Long-term external debt Debt outstanding and disbursed 296.4 163.2 172.4 185.4 342.2 347.0 360.5 361.6 Public and publicly guaranteed 296.4 163.2 172.4 185.4 342.2 347.0 360.1 361.0 Official creditors 269.5 162.7 172.4 185.4 192.2 197.0 210.1 211.0 Multilateral 202.0 149.7 88.8 91.8 96.7 101.6 108.6 103.6 of which: IBRD 67.8 35.3 19.7 6.3 4.3 2.6 1.5 0.0 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bilateral 67.5 13.0 83.6 93.5 95.5 95.4 101.4 107.5 Private creditors 26.9 0.6 0.0 0.0 150.0 150.0 150.0 150.0 of which: Bonds 0.0 0.0 0.0 0.0 150.0 150.0 150.0 150.0 Commercial banks 12.1 0.4 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 0.4 0.5 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Disbursements 15.1 15.2 7.1 14.1 162.8 12.6 13.4 15.2 Public and publicly guaranteed 15.1 15.2 7.1 14.1 162.8 12.6 13.2 15.0 Official creditors 14.4 15.2 7.1 14.1 12.8 12.6 13.2 15.0 Multilateral 13.2 15.2 5.6 14.1 9.7 12.6 10.0 5.3 of which: IBRD 5.1 5.6 1.0 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 Bilateral 1.1 0.0 1.5 0.0 3.1 0.0 3.3 9.7 Private creditors 0.7 0.0 0.0 0.0 150.0 0.0 0.0 0.0 of which: Bonds 0.0 0.0 0.0 0.0 150.0 0.0 0.0 0.0 Commercial banks 0.6 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 0.2 0.3 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 54.6 31.2 16.9 8.5 7.6 10.4 7.8 9.8 Public and publicly guaranteed 54.6 31.2 16.9 8.5 7.6 10.4 7.7 9.7 Official creditors 41.5 30.2 16.9 8.5 7.6 10.4 7.7 9.7 Multilateral 33.8 28.2 14.8 6.5 6.3 9.1 6.3 6.3 of which: IBRD 9.1 11.5 7.7 2.3 2.2 1.8 1.3 1.4 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bilateral 7.7 2.0 2.1 2.0 1.3 1.3 1.4 3.4 Private creditors 13.2 1.0 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 5.7 0.2 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest payments 23.7 10.3 7.7 5.5 5.7 16.1 15.8 14.4 Public and publicly guaranteed 23.7 10.3 7.7 5.5 5.7 16.1 15.8 14.4 Official creditors 21.0 10.2 7.7 5.5 5.7 5.8 5.5 4.1 Multilateral 15.0 9.5 5.2 3.2 3.8 4.1 3.8 2.5 of which: IBRD 5.6 3.0 1.4 0.4 0.3 0.2 0.1 0.0 IDA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bilateral 6.0 0.7 2.5 2.3 1.9 1.6 1.7 1.5 Private creditors 2.6 0.1 0.0 0.0 0.0 10.3 10.3 10.3 of which: Bonds 0.0 0.0 0.0 0.0 0.0 10.3 10.3 10.3 Commercial banks 1.1 0.1 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. Debt stock-flow reconciliation Total change in external debt stocks -3.8 -12.8 -19.0 -60.2 168.5 -6.9 32.6 51.8 Net flows on external debt -42.3 -17.1 -9.8 -47.5 166.2 -8.8 24.6 56.5 9. Debt restructurings Total amount rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total amount forgiven 0.0 0.0 0.0 0.0 0.0 2.2 0.0 4.1 Debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 48.7 48.9 12.6 10.9 11.0 11.2 11.3 10.8 Interest 5.1 4.0 3.0 2.7 2.5 2.3 2.0 1.8 Private creditors Principal 0.1 150.1 0.1 0.1 0.1 0.1 0.0 0.0 Interest 10.3 10.3 0.0 0.0 0.0 0.0 0.0 0.0 Notes: Long-term private nonguaranteed debt data are reported by the Reserve Bank for the first time. 137 GABON 1. Summary external debt data External debt stocks 3,983 4,361 3,902 3,877 4,187 2,845 2,173 2,130 Long-term external debt 3,150 3,977 3,457 3,562 3,697 2,599 2,055 2,022 Public and publicly guaranteed 3,150 3,977 3,457 3,562 3,697 2,599 2,055 2,022 Private nonguaranteed 0 0 0 0 0 0 0 0 Use of IMF credit 140 97 89 68 57 25 0 0 Short-term external debt 693 287 355 247 434 221 118 108 interest arrears on long-term 130 0 63 187 344 6 10 5 Memorandum items 82 26 118 341 773 38 28 9 3,148 3,977 3,457 3,562 3,697 2,599 2,055 2,022 2 0 0 0 0 0 0 0 65 89 20 142 40 1,946 641 420 External debt flows Disbursements 204 279 51 18 87 1,089 108 265 Long-term external debt 195 222 34 18 87 1,089 108 265 IMF purchases 9 57 17 0 0 0 0 0 Principal repayments 40 216 198 136 128 2,280 642 320 Long-term external debt 26 165 188 111 114 2,246 617 320 IMF repurchases 15 52 10 25 14 34 25 0 Net flows 164 14 -363 -58 -11 -1,066 -641 -60 Long-term external debt 170 57 -154 -93 -27 -1,157 -509 -55 Short-term external debt 0 -49 -216 60 30 125 -107 -5 Interest payments 136 240 154 57 42 386 228 148 Long-term external debt 78 217 124 52 36 377 224 144 IMF charges 13 5 4 3 3 3 1 0 Short-term external debt 45 17 26 2 3 6 4 4 2. Other non-debt resource inflows Foreign direct investment 73 -315 -43 242 268 269 209 33 Portfolio equity 0 .. .. .. .. .. .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 47.5 48.9 35.1 26.4 24.5 Japanese yen 0.7 0.9 0.8 0.5 0.5 0.4 0.5 0.2 Pound sterling 5.3 5.0 4.6 4.4 4.9 4.6 0.9 0.7 Swiss franc 0.3 0.8 0.5 0.2 0.2 0.2 0.0 0.0 U.S.dollars 10.3 11.5 29.1 36.2 34.6 44.7 54.4 55.1 4. Average terms of new commitments Official creditors Interest (%) 7.7 4.7 0.0 1.4 4.2 4.9 2.5 0.0 Maturity (years) 19.0 13.0 9.7 16.2 14.4 19.4 18.1 19.9 Grace period (years) 5.4 5.9 0.7 4.3 2.9 5.3 6.1 10.0 Private creditors Interest (%) 9.0 0.0 0.0 2.6 0.0 7.3 4.9 3.1 Maturity (years) 11.8 0.0 0.0 5.8 0.0 8.1 7.8 6.2 Grace period (years) 1.3 0.0 0.0 2.7 0.0 7.1 2.3 1.6 5. Major economic aggregates Gross national income (GNI) 5,336 4,293 4,289 7,708 7,902 10,044 12,364 9,549 Exports of goods, services & income 2,750 2,980 3,547 5,647 6,252 7,246 9,723 5,752 Worker remit. & comp. of employees 1 4 6 11 11 11 11 11 Imports of goods, services & income 2,448 2,423 2,483 3,395 4,223 5,375 6,871 5,183 Profit remittances on FDI 116 236 473 765 .. .. .. .. Current account balance 168 515 1,001 1,983 .. .. .. .. International reserves 279 153 194 675 1,122 1,238 1,935 2,007 6. Ratios External debt stocks to exports (%) 144.8 146.3 110.0 68.7 67.0 39.3 22.4 37.0 External debt stocks to GNI (%) 74.6 101.6 91.0 50.3 53.0 28.3 17.6 22.3 Debt service to exports (%) 6.4 15.3 9.9 3.4 2.7 36.8 8.9 8.1 Short-term to external debt stocks (%) 17.4 6.6 9.1 6.4 10.4 7.8 5.4 5.1 Multilateral to external debt stocks (%) 8.0 13.5 12.0 10.1 9.7 14.3 17.5 18.8 Reserves to external debt stocks (%) 7.0 3.5 5.0 17.4 26.8 43.5 89.0 94.2 Reserves to imports (months) 1.4 0.8 0.9 2.4 3.2 2.8 3.4 4.6 138 GABON 7. Long-term external debt Debt outstanding and disbursed 3,150 3,977 3,457 3,562 3,697 2,599 2,055 2,022 Public and publicly guaranteed 3,150 3,977 3,457 3,562 3,697 2,599 2,055 2,022 Official creditors 2,435 3,778 3,338 3,443 3,576 1,464 994 926 Multilateral 317 588 468 393 408 406 381 401 of which: IBRD 69 110 64 30 19 12 20 18 IDA 0 0 0 0 0 0 0 0 Bilateral 2,118 3,190 2,871 3,050 3,168 1,058 613 525 Private creditors 715 199 119 119 121 1,135 1,062 1,096 of which: Bonds 0 0 0 0 0 1,000 946 901 Commercial banks 181 148 103 39 29 60 79 168 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Disbursements 195 222 34 18 87 1,089 108 265 Public and publicly guaranteed 195 222 34 18 87 1,089 108 265 Official creditors 158 222 13 18 61 41 62 147 Multilateral 84 150 11 15 57 37 17 74 of which: IBRD 10 4 9 0 0 0 12 4 IDA 0 0 0 0 0 0 0 0 Bilateral 74 72 2 3 4 4 45 73 Private creditors 37 0 21 0 26 1,048 45 118 of which: Bonds 0 0 0 0 0 1,000 0 0 Commercial banks 0 0 21 0 0 37 45 113 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Principal repayments 26 165 188 111 114 2,246 617 320 Public and publicly guaranteed 26 165 188 111 114 2,246 617 320 Official creditors 18 90 160 63 84 2,207 506 231 Multilateral 13 43 44 54 56 51 53 59 of which: IBRD 1 12 13 7 12 8 3 6 IDA 0 0 0 0 0 0 0 0 Bilateral 5 48 116 9 28 2,156 453 173 Private creditors 8 75 27 48 30 39 111 89 of which: Bonds 0 0 0 0 0 0 50 44 Commercial banks 3 26 27 28 10 6 22 29 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 Interest payments 78 217 124 52 36 377 224 144 Public and publicly guaranteed 78 217 124 52 36 377 224 144 Official creditors 68 174 118 46 32 372 139 53 Multilateral 21 26 42 21 21 21 19 20 of which: IBRD 5 8 5 1 2 1 1 1 IDA 0 0 0 0 0 0 0 0 Bilateral 47 148 75 24 11 350 120 33 Private creditors 11 44 7 7 4 5 85 91 of which: Bonds 0 0 0 0 0 0 80 75 Commercial banks 5 26 7 5 3 2 4 14 Private nonguaranteed 0 0 0 0 0 0 0 0 of which: Bonds 0 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks 632 189 -83 -183 310 -1,342 -672 -43 Net flows on external debt 164 14 -363 -58 -11 -1,066 -641 -60 9. Debt restructurings Total amount rescheduled 271 472 637 407 0 0 0 0 Total amount forgiven 0 41 0 0 0 89 9 0 Debt buyback 0 0 0 0 0 2,100 428 44 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 232 183 127 98 96 110 107 107 Interest 33 29 23 21 19 18 16 15 Private creditors Principal 498 66 97 82 64 64 52 932 Interest 91 90 89 87 84 80 78 75 Notes: Data on long-term public and publicly guaranteed debt for 2009 are World Bank staff estimates based on reports provided by the country and include the effects of Paris Club debt buyback agreement signed in 2007. 139 GAMBIA, THE 1. Summary external debt data External debt stocks 369.1 426.1 483.3 669.5 728.1 726.6 448.6 520.1 Long-term external debt 308.4 385.5 437.9 626.2 692.4 698.6 421.0 449.2 Public and publicly guaranteed 308.4 385.5 437.9 626.2 692.4 698.6 421.0 449.2 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Use of IMF credit 44.9 25.8 18.1 20.8 17.8 6.3 12.3 28.6 Short-term external debt 15.7 14.8 27.3 22.4 17.9 21.6 15.3 42.3 interest arrears on long-term 0.6 0.7 0.0 1.4 0.9 0.6 1.3 1.3 Memorandum items 0.9 2.2 2.0 20.9 23.6 21.0 16.6 19.1 306.6 385.3 437.9 626.2 692.4 698.6 421.0 449.2 1.8 0.2 0.0 0.0 0.0 0.0 0.0 0.0 37.9 40.3 24.5 51.0 25.3 23.0 25.1 7.7 External debt flows Disbursements 32.8 23.0 29.7 62.6 59.9 58.6 59.8 58.8 Long-term external debt 23.5 23.0 20.7 62.6 59.9 52.5 53.5 43.1 IMF purchases 9.3 0.0 9.1 0.0 0.0 6.1 6.3 15.8 Principal repayments 25.5 21.7 14.3 17.9 21.6 24.4 12.6 17.8 Long-term external debt 20.2 15.5 12.7 15.8 17.5 20.8 12.6 17.8 IMF repurchases 5.3 6.2 1.6 2.0 4.0 3.7 0.0 0.0 Net flows 15.5 -7.6 20.6 41.7 34.3 38.2 40.3 68.0 Long-term external debt 3.4 7.5 8.0 46.7 42.4 31.7 40.9 25.3 Short-term external debt 8.1 -8.8 5.2 -3.0 -4.0 4.0 -7.0 27.0 Interest payments 12.3 6.3 7.3 10.5 9.9 11.8 9.0 7.8 Long-term external debt 10.2 5.2 6.0 9.5 9.0 10.6 8.0 7.4 IMF charges 1.3 0.2 0.1 0.1 0.1 0.1 0.1 0.1 Short-term external debt 0.8 0.9 1.2 0.9 0.9 1.0 0.9 0.4 2. Other non-debt resource inflows Foreign direct investment 14.1 7.8 .. 51.9 82.1 72.6 72.1 47.0 Portfolio equity 0.0 .. .. .. .. .. .. .. 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 3.7 3.5 4.0 6.5 7.3 Japanese yen 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pound sterling 8.5 6.3 4.8 2.7 2.3 2.2 0.0 0.0 Swiss franc 1.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 U.S.dollars 39.1 43.5 51.3 55.0 53.6 47.2 48.6 45.9 4. Average terms of new commitments Official creditors Interest (%) 0.8 3.5 1.7 4.1 0.2 0.0 2.0 0.8 Maturity (years) 42.0 21.3 27.4 29.9 29.5 28.9 22.8 26.8 Grace period (years) 10.0 6.2 6.8 7.3 8.7 9.9 4.5 7.3 Private creditors Interest (%) 0.0 0.0 0.0 0.0 0.0 4.7 0.0 0.0 Maturity (years) 0.0 0.0 0.0 0.0 0.0 12.4 0.0 0.0 Grace period (years) 0.0 0.0 0.0 0.0 0.0 2.4 0.0 0.0 5. Major economic aggregates Gross national income (GNI) 291.4 377.1 400.4 417.8 459.7 596.7 776.0 690.3 Exports of goods, services & income 169.7 181.0 .. 183.7 205.1 256.8 283.7 .. Worker remit. & comp. of employees 10.0 19.0 14.0 57.4 63.7 62.5 66.8 64.8 Imports of goods, services & income 205.4 241.4 .. 295.3 358.1 396.7 411.0 .. Profit remittances on FDI 0.0 0.0 .. 26.0 32.8 33.9 35.7 .. Current account balance 23.4 -8.2 .. -42.0 -65.5 -29.2 -43.4 .. International reserves 55.4 106.1 109.4 98.3 120.6 142.8 116.5 .. 6. Ratios External debt stocks to exports (%) 217.5 235.4 .. 364.5 354.9 282.9 158.1 .. External debt stocks to GNI (%) 126.7 113.0 120.7 160.2 158.4 121.8 57.8 75.3 Debt service to exports (%) 22.2 15.5 .. 15.5 15.4 14.1 7.6 .. Short-term to external debt stocks (%) 4.3 3.5 5.7 3.4 2.5 3.0 3.4 8.1 Multilateral to external debt stocks (%) 55.0 76.6 71.1 76.1 78.3 78.8 64.1 60.3 Reserves to external debt stocks (%) 15.0 24.9 22.6 14.7 16.6 19.7 26.0 .. Reserves to imports (months) 3.2 5.3 .. 4.0 4.0 4.3 3.4 .. 140 GAMBIA, THE 7. Long-term external debt Debt outstanding and disbursed 308.4 385.5 437.9 626.2 692.4 698.6 421.0 449.2 Public and publicly guaranteed 308.4 385.5 437.9 626.2 692.4 698.6 421.0 449.2 Official creditors 290.1 385.2 436.9 625.5 691.5 697.6 420.1 448.3 Multilateral 203.1 326.2 343.7 509.5 570.1 572.2 287.5 313.7 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 101.6 161.6 170.7 244.9 263.5 218.9 61.9 64.3 Bilateral 87.0 59.0 93.2 116.0 121.5 125.4 132.6 134.6 Private creditors 18.3 0.2 1.0 0.8 0.9 1.0 0.9 1.0 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial banks 16.0 0.0 0.9 0.8 0.9 1.0 0.9 1.0 Private nonguaranteed 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 Disbursements 23.5 23.0 20.7 62.6 59.9 52.5 53.5 43.1 Public and publicly guaranteed 23.5 23.0 20.7 62.6 59.9 52.5 53.5 43.1 Official creditors 23.5 23.0 20.7 62.6 59.9 52.5 53.5 43.1 Multilateral 17.7 19.0 17.1 53.7 50.0 40.9 46.5 31.3 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 9.8 11.6 7.7 18.9 11.7 1.1 2.4 2.4 Bilateral 5.8 4.0 3.6 8.9 9.9 11.6 7.0 11.8 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 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Principal repayments 20.2 15.5 12.7 15.8 17.5 20.8 12.6 17.8 Public and publicly guaranteed 20.2 15.5 12.7 15.8 17.5 20.8 12.6 17.8 Official creditors 12.7 15.1 12.3 15.8 17.5 20.8 12.6 17.8 Multilateral 4.7 6.7 7.9 10.1 11.0 14.7 8.3 9.0 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.3 0.8 2.3 3.3 4.3 5.0 0.1 0.3 Bilateral 7.9 8.5 4.4 5.7 6.6 6.0 4.3 8.8 Private creditors 7.5 0.4 0.4 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 3.0 0.0 0.3 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest payments 10.2 5.2 6.0 9.5 9.0 10.6 8.0 7.4 Public and publicly guaranteed 10.2 5.2 6.0 9.5 9.0 10.6 8.0 7.4 Official creditors 5.5 5.2 5.9 9.5 9.0 10.6 8.0 7.4 Multilateral 2.9 3.5 3.6 5.3 5.7 6.8 5.1 4.0 of which: IBRD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 IDA 0.7 1.2 1.2 1.9 2.0 2.0 0.5 0.5 Bilateral 2.6 1.7 2.3 4.2 3.3 3.8 3.0 3.4 Private creditors 4.7 0.0 0.1 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 3.8 0.0 0.1 0.0 0.0 0.0 0.0 0.0 Private nonguaranteed 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 of which: Bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8. Debt stock-flow reconciliation Total change in external debt stocks 31.4 3.1 18.7 -3.9 58.6 -1.5 -277.9 71.5 Net flows on external debt 15.5 -7.6 20.6 41.7 34.3 38.2 40.3 68.0 9. Debt restructurings Total amount rescheduled 0.0 0.0 0.0 0.0 0.0 0.0 3.4 0.0 Total amount forgiven 0.0 0.0 0.0 0.7 0.2 14.4 224.4 0.0 Debt buyback 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 24.1 26.7 25.6 25.2 26.2 26.0 23.8 23.8 Interest 7.2 7.0 6.7 6.4 5.9 5.4 5.0 4.6 Private creditors Principal 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 Interest 0.2 0.3 0.3 0.3 0.2 0.2 0.1 0.1 Notes: Data on long-term public and publicly guaranteed debt for 2009 are World Bank staff estimates. Data for 2008 include the effects of MDRI and HIPC debt relief, in the amount of $214,362 in thousands. 141 GEORGIA 1. Summary external debt data External debt stocks .. 1,240 1,638 1,909 1,970 2,271 3,380 4,231 Long-term external debt .. 1,039 1,316 1,626 1,625 1,784 2,562 3,114 Public and publicly guaranteed .. 1,039 1,274 1,494 1,466 1,544 2,222 2,596 Private nonguaranteed .. 0 42 132 159 241 341 518 Use of IMF credit .. 116 278 232 236 252 460 786 Short-term external debt .. 85 44 50 108 235 357 330 interest arrears on long-term .. 61 1 11 7 7 7 7 Memorandum items .. 211 179 151 69 32 28 28 .. 1,039 1,264 1,493 1,466 1,544 2,222 2,596 .. 0 52 133 159 241 341 518 .. 91 72 84 104 55 812 781 External debt flows Disbursements .. 174 65 187 216 235 1,149 968 Long-term external debt .. 98 65 146 175 193 893 628 IMF purchases .. 76 0 41 41 43 256 341 Principal repayments .. 0 68 157 234 143 120 163 Long-term external debt .. 0 42 103 185 103 85 136 IMF repurchases .. 0 26 54 49 40 35 28 Net flows .. -272 33 -30 44 220 1,151 778 Long-term external debt .. 98 23 43 -10 89 808 492 Short-term external debt .. -446 36 -60 62 127 122 -27 Interest payments .. 20 49 30 34 38 70 100 Long-term external debt .. 17 43 27 31 31 58 83 IMF charges .. 3 5 1 1 1 2 7 Short-term external debt .. 0 1 2 2 6 11 10 2. Other non-debt resource inflows Foreign direct investment .. .. 131 453 1,170 1,750 1,564 764 Portfolio equity .. .. 0 3 143 34 118 8 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 20.2 15.5 17.4 12.0 10.7 Japanese yen .. 0.0 0.2 2.7 3.0 3.1 2.6 2.1 Pound sterling .. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Swiss franc .. 0.4 0.2 0.2 0.0 0.0 0.0 0.0 U.S.dollars .. 75.3 82.3 72.7 76.2 72.1 75.5 73.2 4. Average terms of new commitments Official creditors Interest (%) .. 1.5 1.1 0.8 1.4 0.8 1.3 1.1 Maturity (years) .. 32.3 32.0 40.3 34.8 26.9 25.4 30.9 Grace period (years) .. 9.6 8.9 10.7 8.8 10.2 8.7 7.8 Private creditors Interest (%) .. 0.0 0.0 0.0 0.0 0.0 7.5 0.0 Maturity (years) .. 0.0 0.0 0.0 0.0 0.0 5.0 0.0 Grace period (years) .. 0.0 0.0 0.0 0.0 0.0 5.0 0.0 5. Major economic aggregates Gross national income (GNI) .. 2,574 3,175 6,474 7,910 10,210 12,631 10,571 Exports of goods, services & income .. .. 844 2,451 2,893 3,664 4,177 3,622 Worker remit. & comp. of employees .. .. 274 346 485 695 732 714 Imports of goods, services & income .. .. 1,248 3,519 4,592 6,362 8,154 5,837 Profit remittances on FDI .. .. 0 116 94 298 361 295 Current account balance .. .. -269 -709 -1,175 -2,010 -2,917 -1,257 International reserves .. 199 116 479 931 1,361 1,480 2,110 6. Ratios External debt stocks to exports (%) .. .. 194.1 77.9 68.1 62.0 80.9 116.8 External debt stocks to GNI (%) .. 48.2 51.6 29.5 24.9 22.2 26.8 40.0 Debt service to exports (%) .. .. 13.9 7.6 9.3 4.9 4.6 7.3 Short-term to external debt stocks (%) .. 6.9 2.7 2.6 5.5 10.4 10.6 7.8 Multilateral to external debt stocks (%) .. 19.7 29.2 42.9 45.9 44.7 35.2 36.3 Reserves to external debt stocks (%) .. 16.0 7.1 25.1 47.3 59.9 43.8 49.9 Reserves to imports (months) .. .. 1.1 1.6 2.4 2.6 2.2 4.3 142 GEORGIA 7. Long-term external debt Debt outstanding and disbursed .. 1,039 1,316 1,626 1,625 1,784 2,562 3,114 Public and publicly guaranteed .. 1,039 1,274 1,494 1,466 1,544 2,222 2,596 Official creditors .. 939 1,272 1,492 1,464 1,542 1,720 2,095 Multilateral .. 245 478 819 904 1,015 1,190 1,535 of which: IBRD .. 0 0 0 0 0 0 100 IDA .. 84 347 679 785 885 989 1,153 Bilateral .. 694 794 673 560 527 530 560 Private creditors .. 100 2 2 2 2 501 501 of which: Bonds .. 0 0 0 0 0 500 500 Commercial banks .. 0 0 0 0 0 0 0 Private nonguaranteed .. 0 42 132 159 241 341 518 of which: Bonds .. 0 0 0 0 0 0 0 Disbursements .. 98 65 146 175 193 893 628 Public and publicly guaranteed .. 98 37 76 119 100 725 427 Official creditors .. 98 37 76 119 100 225 427 Multilateral .. 96 25 60 88 82 202 385 of which: IBRD .. 0 0 0 0 0 0 100 IDA .. 85 18 54 76 72 121 168 Bilateral .. 2 13 16 31 18 23 42 Private creditors .. 0 0 0 0 0 500 0 of which: Bonds .. 0 0 0 0 0 500 0 Commercial banks .. 0 0 0 0 0 0 0 Private nonguaranteed .. 0 28 69 56 93 168 201 of which: Bonds .. 0 0 0 0 0 0 0 Principal repayments .. 0 42 103 185 103 85 136 Public and publicly guaranteed .. 0 41 80 166 86 40 71 Official creditors .. 0 41 80 165 85 40 70 Multilateral .. 0 5 10 47 15 19 52 of which: IBRD .. 0 0 0 0 0 0 0 IDA .. 0 0 2 4 7 10 12 Bilateral .. 0 35 70 119 71 21 18 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 2 23 19 17 45 65 of which: Bonds .. 0 0 0 0 0 0 0 Interest payments .. 17 43 27 31 31 58 83 Public and publicly guaranteed .. 17 42 23 24 23 44 66 Official creditors .. 17 42 23 24 23 25 29 Multilateral .. 0 8 11 11 10 13 13 of which: IBRD .. 0 0 0 0 0 0 1 IDA .. 0 3 6 6 6 7 7 Bilateral .. 17 34 12 13 13 12 16 Private creditors .. 0 0 0 0 0 19 38 of which: Bonds .. 0 0 0 0 0 19 38 Commercial banks .. 0 0 0 0 0 0 0 Private nonguaranteed .. 0 1 4 6 8 14 17 of which: Bonds .. 0 0 0 0 0 0 0 8. Debt stock-flow reconciliation Total change in external debt stocks .. -210 -16 -156 61 302 1,108 851 Net flows on external debt .. -272 33 -30 44 220 1,151 778 9. Debt restructurings Total amount rescheduled .. 0 0 57 44 0 0 0 Total amount forgiven .. 0 0 0 109 2 0 0 Debt buyback .. 0 0 0 0 0 0 0 10. Contractual obligations on outstanding long-term external debt Official creditors Principal 53 58 58 70 50 64 68 81 Interest 24 25 26 26 25 25 24 24 Private creditors Principal 42 139 102 576 68 51 31 9 Interest 57 54 49 27 6 3 2 0 Notes: Long-term private nonguaranteed debt data only cover European Bank for Reconstruction and Development. 143 GHANA 1. Summary external debt data External debt stocks 3,734 5,495 6,116 6,732 3,184 4,463 4,927 5,720 Long-term external debt 2,670 4,227 5,251 5,728 1,882 3,032 3,418 4,126 Public and publicly guaranteed 2,637 4,200 4,994 5,728 1,882 3,032 3,418 4,126 Private nonguaranteed 33 27 257 0 0 0 0 0 Use of IMF credit 745 648 293 417 159 167 162 271 Short-term external debt 320 620 572 587 1,143 1,264 1,347 1,323 interest arrears on long-term 56 26 10 9 19 9 9 41 Memorandum items 77 86 25 19 42 28 26 29 2,637 4,200 4,994 5,728 1,882 3,032 3,418 4,126 33 27 257 0 0 0 0 0 632 620 453 352 477 1,127 2,559 1,060 External debt flows Disbursements 473 570 397 519 505 1,155 525 871 Long-term external debt 408 528 362 480 389 1,155 525 767 IMF purchases 65 42 35 39 116 0 0 104 Principal repayments 260 292 254 186 150 96 87 104 Long-term external debt 143 184 217 155 150 96 87 104 IMF repurchases 116 108 37 32 0 0 0 0 Net flows 312 349 7 224 901 1,189 522 711 Long-term external debt 265 344 144 326 238 1,058 439 663 Short-term external debt 98 71 -136 -109 546 131 83 -56 Interest payments 104 95 134 95 83 79 143 129 Long-term external debt 55 57 95 72 54 46 110 97 IMF charges 37 10 1 2 0 1 1 1 Short-term external debt 12 28 38 21 29 32 32 31 2. Other non-debt resource inflows Foreign direct investment 15 107 166 145 636 970 2,112 1,685 Portfolio equity 0 0 0 0 0 0 0 0 3. Currency composition of public and publicly guaranteed debt (%) Euro .. .. .. 3.2 11.5 11.2 12.2 14.8 Japanese yen 5.4 14.0 16.2 0.0 0.0 0.0 0.0 0.0 Pound sterling 3.0 5.2 2.1 0.0 0.1 0.0 0.0 0.0 Swiss franc 0.7 0.3 0.1 0.0 0.1 0.1 0.1 0.1 U.S.dollars 60.5 59.9 67.6 79.4 53.8 60.4 58.0 54.6 4. Average terms of new commitments Official creditors Interest (%) 2.1 1.5 1.4 0.8 0.7 0.8 2.1 1.0 Maturity (years) 35.4 34.8 34.7 43.0 41.8 38.6 27.1 32.3 Grace period (years) 9.4 9.4 8.9 10.3 10.3 10.0 7.2 8.8 Private creditors Interest (%) 8.1 6.4 6.2 0.8 2.8 8.5 2.7 2.7 Maturity (years) 8.2 6.6 10.2 40.2 11.8 10.1 13.6 14.0 Grace period (years) 2.1 1.3 2.7 10.7 2.2 10.0 2.9 2.4 5. Major economic aggregates Gross national income (GNI) 5,774 6,324 4,831 10,590 12,595 14,804 16,395 15,320 Exports of goods, services & income 949 1,596 2,456 3,952 5,183 6,088 7,156 7,911 Worker remit. & comp. of employees 6 17 32 99 105 117 126 114 Imports of goods, services & income 1,583 2,262 3,474 6,851 8,474 10,283 12,911 11,187 Profit remittances on FDI 7 17 17 94 92 135 172 241 Current account balance -223 -144 -387 -1,105 -1,043 -2,151 -3,543 -1,198 International reserves 309 804 309 1,897 2,269 .. .. .. 6. Ratios External debt stocks to exports (%) 393.6 344.4 249.0 170.3 61.4 73.3 68.9 72.3 External debt stocks to GNI (%) 64.7 86.9 126.6 63.6 25.3 30.2 30.1 37.3 Debt service to exports (%) 38.4 24.2 15.8 7.1 4.5 2.9 3.2 2.9 Short-term to external debt stocks (%) 8.6 11.3 9.4 8.7 35.9 28.3 27.3 23.1 Multilateral to external debt stocks (%) 49.4 54.3 59.9 74.9 38.9 34.8 37.9 39.0 Reserves to external debt stocks (%) 8.3 14.6 5.1 28.2 71.3 .. .. .. Reserves to imports (months) 2.3 4.3 1.1 3.3 3.2 .. .. .. 144 GHANA 7. Long-term external debt Debt outstanding and disbursed 2,670 4,227 5,251 5,728 1,882 3,032 3,418 4,126 Public and publicly guaranteed 2,637 4,200 4,994 5,728 1,882 3,032 3,418 4,126 Official creditors 2,424 3,847 4,703 5,313 1,445 1,767 2,103 2,570 Multilateral 1,846 2,982 3,663 5,042 1,239 1,552 1,866 2,230 of which: IBRD 113 59 9 0 0 0 0 0 IDA 1,310 2,375 3,130 4,234 815 1,087 1,330 1,581 Bilateral 578 865 1,039 271 206 215 238 339 Private creditors 213 352 292 415 438 1,265 1,315 1,556 of which: Bonds 0 0 0 0 0 750 750 750 Commercial banks 10 97 57 264 287 323 334 589 Private nonguaranteed 33 27 257 0 0 0 0 0 of which: Bonds 0 0 250 0 0 0 0 0 Disbursements 408 528 362 480 389 1,155 525 767 Public and publicly guaranteed 400 528 362 480 389 1,155 525 767 Official creditors 351 414 340 429 349 307 414 484 Multilateral 274 284 223 411 343 282 364 358 of which: IBRD 0 0 0 0 0 0 0 0 IDA 201 242 204 305 266 231 257 241 Bilateral 77 130 117 17 6 25 51 126 Private creditors 48