Global Development Finance External Debt of Developing Countries

This volume is a product of the staff of the International Bank for Reconstruction and Development The World Bank. The findings, interpretations, and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgement on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this publication is copyrighted. Copying andor transmitting portions or all of this work without permission may be a violation of applicable law. The International Bank for Reconstruction and Development The World Bank encourages d

T H E W O R L D Global Development Finance External Debt of Developing Countries B A N K Global Development Finance External Debt of Developing Countries Global Development Finance External Debt of Developing Countries 2010 THE WORLD BANK © 2010 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org E-mail: feedback@worldbank.org All rights reserved 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 not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent The World Bank does not guarantee the accuracy of the data included in this work The boundaries, colors, denominations, and other information shown on any map in this work not imply any judgement on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries Rights and Permissions The material in this publication is copyrighted Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law The International Bank for Reconstruction and Development / The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2422; e-mail: pubrights@worldbank.org ISBN: 978-0-8213-8229-5 eISBN: 978-0-8213-8230-1 DOI: 10.1596/978-0-8213-8229-5 Table of Contents Preface vii Acknowledgments ix Overview Financial Flows to Developing Countries: Trend in 2008 Trends in External Debt in 2008 Support from the World Bank Group Debt Restructurings with Official Creditors 1 Summary tables 11 Regional and income group aggregate tables 23 Country tables Afghanistan Albania Algeria Angola Argentina Armenia Azerbaijan Bangladesh Belarus Belize Benin Bhutan Bolivia, Plurinational State of Bosnia and Herzegovina Botswana Brazil Bulgaria Burkina Faso Burundi Cambodia Cameroon Cape Verde Central African Republic 43 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 Chad Chile China Colombia Comoros Congo, Democratic Republic of Congo, Republic of Costa Rica Côte d’Ivoire Djibouti Dominica Dominican Republic Ecuador Egypt, Arab Republic of El Salvador Eritrea Ethiopia Fiji Gabon Gambia, The Georgia Ghana Grenada Guatemala Guinea Guinea-Bissau Guyana Haiti Honduras India Indonesia Iran, Islamic Republic of Jamaica Jordan Kazakhstan Kenya Kyrgyz Republic Lao People’s Democratic Republic 90 92 94 96 98 100 102 104 106 108 110 112 114 116 118 120 122 124 126 128 130 132 134 136 138 140 142 144 146 148 150 152 154 156 158 160 162 164 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 Latvia Lebanon Lesotho Liberia Lithuania Macedonia, FYR Madagascar Malawi Malaysia Maldives Mali Mauritania Mauritius Mexico Moldova Mongolia Montenegro Morocco Mozambique Myanmar Nepal Nicaragua Niger Nigeria Pakistan Panama Papua New Guinea Paraguay Peru Philippines Poland Romania Russian Federation Rwanda Samoa São Tomé and Principe Senegal Serbia Seychelles Sierra Leone vi 166 168 170 172 174 176 178 180 182 184 186 188 190 192 194 196 198 200 202 204 206 208 210 212 214 216 218 220 222 224 226 228 230 232 234 236 238 240 242 244 Solomon Islands Somalia South Africa Sri Lanka St Kitts and Nevis St Lucia St Vincent and the Grenadines Sudan Swaziland Tajikistan Tanzania Thailand Togo Tonga Tunisia Turkey Turkmenistan Uganda Ukraine Uruguay Uzbekistan Vanuatu Venezuela, República Bolivariana de Vietnam Yemen, Republic of Zambia Zimbabwe 246 248 250 252 254 256 258 260 262 264 266 268 270 272 274 276 278 280 282 284 286 288 290 292 294 296 298 About the data Data sources Methodology External debt and its components 301 301 302 304 Country groups 309 Glossary 311 Users guide 317 Preface T he World Bank’s Debtor Reporting System (DRS), from which the aggregates and country tables presented in this report are drawn, was established in 1951 The debt crisis of the 1980s brought increased attention to debt statistics and to the World Debt Tables, the predecessor to Global Development Finance Now the global financial crisis has once again heightened awareness in developing countries of the importance of managing their external obligations Central to this process is the measurement and monitoring of external debt stocks and flows in a coordinated and comprehensive way The initial objective of the DRS was to support the World Bank’s assessment of the creditworthiness of its borrowers But it has grown as a tool to inform developing countries and the international community of trends in external financing and as a standard for the concepts and definitions on which countries can base their own debt management systems Over the years the external financing options available to developing countries have evolved and expanded, and so too has the demand for timely and relevant data to measure the activity of public and private sector borrowers and creditors Recurrent debt crises caused by adverse global economic conditions or poor economic management have demanded solutions, including debt restructuring and, in the case of the poorest, most highly indebted countries, outright debt forgiveness, formulated on the basis of detailed and robust information on external obligations Steps are continuously being taken to ensure that the data captured by the DRS mirrors these developments and responds to the needs of debt managers and analysts In this context reporting requirements are periodically amended to reflect changes in borrowing patterns Many developing countries increasingly rely on financing raised in domestic markets, and so we are exploring ways to expand the coverage of public sector borrowing in domestic markets At the same time we are mindful that expanded coverage and efforts to enhance data accuracy and timeliness must be balanced against the reporting burden imposed on developing countries Bringing modern technology to bear reduces reporting costs In partnership with the major providers of debt data management systems to developing countries, the Commonwealth Secretariat and the United Nations Conference on Trade and Development (UNCTAD), we have established standard code and system links that enable countries to provide their DRS reports electronically, in a seamless and automated data exchange process We recognize that robust debt data and good debt management go hand in hand, and the World Bank, together with its partners, is committed to improving the capacity of developing countries to manage their debt We are also committed to maintaining the DRS as a rich source of information and welcome your comments and suggestions to ensure that it meets your needs Shaida Badiee Director, Development Data Group vii LITHUANIA 86PLOOLRQXQOHVVRWKHUZLVHLQGLFDWHG         459 430 317 163 62 154 113 29 157 157 92 38 12 54 64 0 12 12 0 0 0 17 17 13 4 0 0 3,417 2,206 670 447 253 223 1,537 1,130 188 1,211 37 1,165 479 146 139 66 333 300 31 686 37 799 310 82 62 19 229 25 146 489 215 136 35 26 15 100 63 20 80 6,699 3,078 698 444 197 255 2,379 2,077 201 3,621 3,059 1,322 60 52 22 1,263 1,243 20 1,736 1,399 594 189 147 115 42 405 50 330 805 236 152 32 23 14 120 73 37 84 6,104 1,998 462 298 86 164 1,536 1,416 69 4,107 2,863 45 45 42 14 0 2,818 2,255 804 235 144 111 91 569 405 115 1,451 173 106 36 26 15 10 70 55 67 12,859 4,582 308 301 81 4,274 4,214 56 8,277 9,400 2,540 28 28 10 0 2,511 2,511 6,860 3,739 275 209 52 19 157 66 18 3,464 275 161 24 14 10 137 131 114 21,661 5,860 221 217 24 5,639 5,594 44 15,800 1,030 14,461 841 19 19 0 822 822 13,620 1,030 7,717 147 129 126 58 19 17 7,570 529 156 14 14 0 142 139 373 41 23,550 5,329 190 188 27 5,138 5,114 23 18,222 1,030 11,120 116 6 0 110 110 11,004 8,385 344 28 25 316 294 21 8,041 798 251 10 10 0 241 239 547 58 267 228 13 308 383 -95 3,008 2,129 93 938 2,143 -335 7,136 6,042 190 10,859 8,801 522 2,296 3,142 -316 0 0 0 0 0 0 0 0 0 0 Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt Cross-currency valuation Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback 10 Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest         35 20 20 19 19 19 18 19 4,670 929 4,281 717 1,929 614 3,116 527 2,771 376 1,735 236 658 193 2,078 159 Notes: Long-term private nonguaranteed debt data from 2005 are revised based on government reports Short-term debt data are based on government statistics from 1996 175 MACEDONIA, FYR 86PLOOLRQXQOHVVRWKHUZLVHLQGLFDWHG         Summary external debt data External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term Memorandum items 3ULQFLSDODUUHDUVRQORQJWHUP /RQJWHUPSXEOLFVHFWRUGHEW /RQJWHUPSULYDWHVHFWRUGHEW 3XEOLF SXEOLFO\JXDUDQWHHGFRPPLWPHQWV 1,277 1,078 788 289 57 143 143 1,469 1,333 1,206 127 81 55 2,817 1,920 1,556 364 63 834 2,971 2,109 1,638 471 62 800 3,284 2,362 1,556 805 56 867 15 4,161 2,564 1,520 1,044 1,597 28 4,678 2,950 1,538 1,412 1,729 33 216 785 293 206 19 1,201 132 123 43 1,554 366 84 36 1,636 473 274 49 1,555 807 130 108 1,519 1,044 103 127 1,537 1,412 155 External debt flows Disbursements Long-term external debt IMF purchases Principal repayments Long-term external debt IMF repurchases Net flows Long-term external debt Short-term external debt Interest payments Long-term external debt IMF charges Short-term external debt 112 75 38 20 19 74 56 -18 11 155 151 93 74 19 59 78 -3 45 37 281 269 12 193 173 20 871 97 783 88 48 39 334 318 16 182 171 11 118 147 -34 92 54 37 399 399 439 430 10 22 -30 61 124 82 40 538 538 542 485 57 713 52 717 163 88 74 812 812 295 295 643 517 126 184 105 80 0 18 16 175 174 30 323 13 69 142 0 105 97 54 140 112 0 98 424 86 62 103 0 96 320 165 118 136 0 59 598 -49 247 144 0 46 Other non-debt resource flows Foreign direct investment (net) Portfolio equity flows Profit remittances on FDI Grants (excluding technical coop.) of which: Debt forgiveness grants IDA grants Memo: technical coop grants Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars 6.5 1.1 0.9 49.7 0.4 0.2 2.4 71.8 34.4 0.1 0.1 0.8 62.5 40.9 0.2 0.1 0.6 56.6 52.3 0.5 0.1 0.5 44.8 63.0 1.4 0.0 0.1 34.3 64.8 3.1 0.0 0.0 31.0 3.8 23.0 6.7 5.5 19.5 6.4 2.3 18.3 5.5 3.1 16.7 5.1 3.8 16.8 5.4 5.0 17.0 5.0 5.2 17.4 4.6 2.3 29.7 10.9 9.2 3.4 0.5 0.0 0.0 0.0 4.6 10.0 9.9 5.8 16.3 3.9 0.0 0.0 0.0 1.8 4.3 0.1 4,410 275 3,522 1,760 81 2,386 460 -98 5,329 2,373 213 3,444 991 -453 5,701 2,823 227 3,864 1,340 -158 6,336 3,330 267 4,426 1,889 -56 7,638 4,620 345 6,007 2,264 -247 9,431 5,521 407 7,913 2,110 -1,210 29.0 11.2 22.6 21.5 83.5 41.7 7.9 3.7 38.8 31.3 2.3 118.7 52.9 11.9 29.6 33.5 35.2 3.5 105.2 52.1 9.7 26.9 30.8 45.1 4.2 98.6 51.8 16.9 26.4 31.3 57.5 5.1 90.1 54.5 15.3 38.4 25.0 54.4 4.5 84.7 49.6 8.7 37.0 21.7 45.1 3.2 Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years) Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit & comp of employees Imports of goods & services International reserves Current account balance Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months) 176 MACEDONIA, FYR 86PLOOLRQXQOHVVRWKHUZLVHLQGLFDWHG         Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds 1,078 788 605 288 97 84 317 184 103 289 1,333 1,206 921 570 116 249 352 284 274 127 1,920 1,556 1,284 942 218 387 341 272 265 364 2,109 1,638 1,203 914 244 364 289 435 177 252 471 2,362 1,556 1,298 1,028 259 383 270 258 198 56 805 2,564 1,520 1,239 1,040 193 394 199 281 221 57 1,044 2,950 1,538 1,245 1,015 230 361 230 293 209 79 1,412 Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds 75 75 74 74 20 42 0 0 0 151 98 96 79 13 38 17 0 54 269 150 135 112 43 14 23 15 15 119 318 294 105 94 54 11 189 187 25 399 111 82 71 11 11 29 28 289 538 142 138 108 54 31 3 396 812 162 131 79 45 52 32 30 650 Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds 19 19 19 19 19 0 0 0 74 25 23 20 3 2 49 173 82 65 30 11 35 17 17 90 171 81 67 31 11 36 14 14 90 430 307 79 36 12 43 228 227 123 485 294 286 171 134 115 191 295 78 74 52 21 217 Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds 9 9 0 0 0 37 30 20 19 10 10 48 37 30 19 11 11 54 41 32 20 12 13 82 52 37 23 10 13 15 30 88 51 38 29 11 12 10 38 105 54 41 33 14 10 50 174 74 -41 44 59 -36 939 871 54 154 118 -98 314 22 90 876 713 106 518 643 -67 256 0 44 0 15 0 0 0 0 0 0 Long-term external debt Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt Cross-currency valuation Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback 10 Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest         110 32 116 30 99 28 97 26 97 24 102 22 101 20 100 17 256 89 177 76 179 70 184 74 67 48 52 37 242 34 81 24 Notes: The former Yugoslav Republic of Macedonia became a member of World Bank in 1993 Debt outstanding as of end-1993 reflects only loans used directly by Macedonian beneficiaries Short-term debt includes intercompany lending and is based on Central Bank data from 2004 177 MADAGASCAR 86PLOOLRQXQOHVVRWKHUZLVHLQGLFDWHG         3,689 3,320 3,320 144 225 126 4,302 3,687 3,687 73 542 486 4,691 4,286 4,286 104 301 203 3,788 3,487 3,487 226 76 76 3,490 3,179 3,179 212 99 72 1,488 1,238 1,238 29 221 186 1,703 1,407 1,407 43 254 189 2,086 1,728 1,722 99 258 188 266 3,244 76 211 1,194 3,555 133 80 665 4,164 122 187 228 3,432 54 161 218 3,133 46 295 223 1,234 280 196 1,403 192 197 1,720 506 231 213 17 121 69 51 194 144 83 102 85 10 90 90 38 24 15 59 66 20 16 200 150 50 79 74 45 76 -76 38 28 525 473 52 52 45 460 428 -13 31 30 265 249 17 48 38 10 244 211 27 30 28 1 291 280 12 46 46 254 234 24 22 273 261 12 9 294 252 30 13 10 394 335 59 11 11 388 324 13 11 22 348 84 10 164 124 83 113 24 85 53 21 906 535 91 95 85 38 802 504 95 294 0 2,744 2,400 111 777 0 507 85 11 135 1,477 0 416 5 84 Summary external debt data External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term Memorandum items 3ULQFLSDODUUHDUVRQORQJWHUP /RQJWHUPSXEOLFVHFWRUGHEW /RQJWHUPSULYDWHVHFWRUGHEW 3XEOLF SXEOLFO\JXDUDQWHHGFRPPLWPHQWV External debt flows Disbursements Long-term external debt IMF purchases Principal repayments Long-term external debt IMF repurchases Net flows Long-term external debt Short-term external debt Interest payments Long-term external debt IMF charges Short-term external debt Other non-debt resource flows Foreign direct investment (net) Portfolio equity flows Profit remittances on FDI Grants (excluding technical coop.) of which: Debt forgiveness grants IDA grants Memo: technical coop grants Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars 6.9 0.1 1.4 42.5 7.7 0.1 1.3 45.0 7.4 0.1 0.9 56.8 2.5 0.0 0.0 0.2 69.9 2.3 0.0 0.0 0.1 72.0 5.8 0.0 0.0 0.4 55.9 3.1 0.0 0.0 0.4 57.3 2.5 0.0 0.0 0.3 54.0 1.1 36.4 9.7 1.1 36.8 9.6 0.8 40.1 10.2 0.7 41.3 9.8 0.8 37.8 9.8 0.8 43.7 10.1 1.1 33.5 9.0 1.3 31.3 6.9 5.0 5.1 1.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0 30.8 11.3 0.0 0.0 0.0 0.0 0.0 0.0 4.3 3.9 0.3 2,958 490 985 92 -265 3,002 765 14 1,161 109 -276 3,807 1,210 11 1,584 285 -260 4,285 1,435 12 2,154 504 -399 4,960 1,357 11 2,146 481 -554 5,435 11 583 7,288 11 847 8,894 11 982 753.0 124.7 45.5 6.1 33.4 2.5 1.1 562.2 143.3 7.6 12.6 39.3 2.5 1.1 387.6 123.2 9.6 6.4 39.0 6.1 2.2 264.0 88.4 5.7 2.0 74.9 13.3 2.8 257.2 70.4 5.8 2.8 81.3 13.8 2.7 27.4 14.8 59.7 39.2 23.4 14.9 64.2 49.7 23.4 12.4 66.0 47.1 Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years) Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit & comp of employees Imports of goods & services International reserves Current account balance Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months) 178 MADAGASCAR 86PLOOLRQXQOHVVRWKHUZLVHLQGLFDWHG         3,320 3,320 3,180 1,231 26 770 1,949 140 38 0 3,687 3,687 3,603 1,690 12 1,110 1,913 84 28 0 4,286 4,286 4,247 1,828 1,378 2,419 39 23 0 3,487 3,487 3,475 2,836 2,269 639 12 10 0 3,179 3,179 3,170 2,839 2,298 331 0 1,238 1,238 1,232 888 636 343 0 1,407 1,407 1,400 1,093 865 307 0 1,728 1,722 1,716 1,377 1,066 338 6 Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds 213 213 212 136 64 77 0 0 90 90 89 78 76 11 0 0 150 150 150 143 94 0 0 473 473 473 308 227 166 0 0 249 249 249 248 221 0 0 280 280 280 256 178 24 0 0 261 261 261 250 198 10 0 0 335 332 331 299 211 32 0 Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds 69 69 53 19 3 34 16 11 0 24 24 19 18 0 74 74 73 37 17 36 0 0 45 45 43 29 10 14 2 0 38 38 37 22 11 15 1 0 46 46 42 28 16 14 3 0 9 0 1 0 0 11 10 10 0 Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds 85 85 72 18 54 13 10 0 16 16 15 12 0 0 28 28 28 17 10 11 0 0 30 30 29 22 16 0 0 28 28 28 22 17 0 0 22 22 22 17 12 0 0 10 10 10 0 0 11 11 11 10 0 0 271 194 181 226 59 -45 -53 45 -161 -1,156 460 146 -298 244 -229 -2,002 254 -2,104 216 294 -8 382 388 88 185 0 0 0 0 1,412 31 98 11 2,273 143 11 Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt Cross-currency valuation Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback 10 Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest         59 17 62 18 48 18 49 19 47 19 56 19 63 18 54 18 1 1 0 0 0 Notes: Madagascar was granted debt relief effective in 2006 under the Multilateral Debt Relief Initiative 179 MALAWI 86PLOOLRQXQOHVVRWKHUZLVHLQGLFDWHG         1,556.8 1,383.5 1,381.0 2.5 115.0 58.4 6.4 2,237.8 2,078.3 2,078.3 0.0 116.0 43.5 1.4 2,704.9 2,544.1 2,544.1 0.0 82.5 78.3 36.7 3,427.3 3,295.6 3,295.6 0.0 92.5 39.3 28.3 3,183.2 3,061.8 3,061.8 0.0 75.2 46.2 34.2 872.4 788.9 788.9 0.0 19.5 64.0 0.0 835.8 804.8 804.8 0.0 31.0 0.0 0.0 963.1 838.5 838.5 0.0 124.7 0.0 0.0 19.2 1,370.9 12.5 258.8 7.2 2,075.2 3.1 102.3 72.3 2,541.4 2.7 58.5 1.7 3,293.8 1.7 102.6 13.3 3,061.8 0.0 24.7 0.0 788.9 0.0 20.1 0.0 804.8 0.0 80.3 0.0 838.5 0.0 146.4 161.0 135.8 25.3 85.9 66.6 19.3 87.9 69.2 12.8 46.7 36.3 6.0 4.3 226.7 215.1 11.6 75.3 65.5 9.9 183.4 149.6 32.1 42.7 38.7 1.4 2.5 127.0 118.6 8.5 41.8 32.7 9.1 83.3 85.8 -1.9 21.1 17.9 0.4 2.9 85.7 85.7 0.0 35.2 25.8 9.5 35.4 59.9 -15.0 24.9 23.3 1.0 0.6 96.5 88.5 8.0 52.3 37.8 14.5 45.3 50.8 1.0 23.4 21.8 1.2 0.5 108.4 94.0 14.5 64.9 47.8 17.1 95.5 46.2 52.0 22.0 19.0 1.0 1.9 79.1 68.9 10.2 19.7 19.7 0.0 -4.6 49.2 -64.0 14.1 12.2 0.1 1.8 162.5 65.6 97.0 17.3 17.3 0.0 145.2 48.3 0.0 15.9 15.6 0.3 0.0 23.3 0.8 5.3 226.7 110.5 5.6 0.0 8.6 262.4 87.4 26.0 0.0 15.1 227.4 14.0 110.6 107.7 0.0 0.0 402.3 53.7 12.8 107.5 26.5 0.0 0.0 456.9 44.5 70.7 100.6 29.7 0.0 0.0 2,727.3 2,307.9 29.5 99.6 54.6 0.0 0.0 810.0 219.0 63.6 73.7 37.0 0.0 0.0 702.9 16.9 40.5 73.7 Summary external debt data External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term Memorandum items 3ULQFLSDODUUHDUVRQORQJWHUP /RQJWHUPSXEOLFVHFWRUGHEW /RQJWHUPSULYDWHVHFWRUGHEW 3XEOLF SXEOLFO\JXDUDQWHHGFRPPLWPHQWV External debt flows Disbursements Long-term external debt IMF purchases Principal repayments Long-term external debt IMF repurchases Net flows Long-term external debt Short-term external debt Interest payments Long-term external debt IMF charges Short-term external debt Other non-debt resource flows Foreign direct investment (net) Portfolio equity flows Profit remittances on FDI Grants (excluding technical coop.) of which: Debt forgiveness grants IDA grants Memo: technical coop grants Currency composition of public and publicly guaranteed debt (%) Euro Japanese yen Pound sterling Swiss franc U.S.dollars 9.3 16.8 0.1 46.9 12.3 9.0 0.1 53.6 8.4 6.2 0.1 65.9 3.4 7.0 4.9 0.0 65.0 3.3 6.2 4.8 0.0 65.8 8.7 0.0 0.0 0.0 57.0 5.2 0.0 0.0 0.0 59.0 3.7 0.0 0.0 0.0 56.9 1.1 39.5 9.4 1.0 38.6 9.6 0.8 44.7 10.1 1.0 37.6 8.6 1.4 41.4 8.9 0.8 34.6 10.7 1.8 39.2 10.4 1.0 36.9 14.0 8.6 11.8 3.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1,837.5 452.4 637.7 142.1 -86.2 1,350.1 473.8 1.0 708.2 115.0 -78.0 1,707.2 471.4 1.0 679.6 246.5 -73.5 2,582.1 1.0 133.7 2,813.4 1.0 165.5 3,125.3 1.0 141.9 3,562.7 1.0 227.3 4,245.5 1.0 344.1 84.7 29.3 3.7 69.9 9.1 2.7 472.3 165.8 24.9 1.9 76.3 5.1 1.9 573.8 158.4 13.3 2.9 75.6 9.1 4.4 132.7 1.1 79.9 3.9 113.1 1.5 80.5 5.2 27.9 7.3 49.4 16.3 23.5 52.3 27.2 22.7 50.3 Average terms of new commitments Official creditors Interest (%) Maturity (years) Grace period (years) Private creditors Interest (%) Maturity (years) Grace period (years) Major economic aggregates Gross national income (GNI) Exports of goods, services & income Worker remit & comp of employees Imports of goods & services International reserves Current account balance Ratios External debt stocks to exports (%) External debt stocks to GNI (%) Debt service to exports (%) Short-term to external debt stocks (%) Multilateral to external debt stocks (%) Reserves to external debt stocks (%) Reserves to imports (months) 180 MALAWI 86PLOOLRQXQOHVVRWKHUZLVHLQGLFDWHG         1,383.5 1,381.0 1,303.3 1,087.6 90.7 763.5 215.7 77.7 0.0 35.4 2.5 0.0 2,078.3 2,078.3 2,049.9 1,708.3 55.0 1,251.3 341.6 28.4 0.0 0.0 0.0 0.0 2,544.1 2,544.1 2,526.1 2,044.4 8.5 1,592.2 481.8 17.9 0.0 0.0 0.0 0.0 3,295.6 3,295.6 3,287.9 2,738.4 0.3 2,075.3 549.4 7.7 0.0 5.7 0.0 0.0 3,061.8 3,061.8 3,043.4 2,561.4 0.0 1,940.4 482.1 18.4 0.0 16.7 0.0 0.0 788.9 788.9 777.6 430.8 0.0 156.9 346.7 11.4 0.0 10.0 0.0 0.0 804.8 804.8 793.2 436.9 0.0 177.6 356.3 11.6 0.0 10.3 0.0 0.0 838.5 838.5 827.8 484.6 0.0 187.7 343.2 10.6 0.0 9.7 0.0 0.0 Disbursements Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds 135.8 135.8 128.5 118.1 2.3 98.6 10.4 7.3 0.0 0.0 0.0 0.0 215.1 215.1 215.1 97.3 0.0 73.3 117.8 0.0 0.0 0.0 0.0 0.0 118.6 118.6 118.6 118.6 0.0 97.0 0.0 0.0 0.0 0.0 0.0 0.0 85.7 85.7 85.7 85.7 0.0 62.0 0.0 0.0 0.0 0.0 0.0 0.0 88.5 88.5 88.5 87.7 0.0 45.1 0.8 0.0 0.0 0.0 0.0 0.0 94.0 94.0 94.0 82.2 0.0 46.2 11.7 0.0 0.0 0.0 0.0 0.0 68.9 68.9 68.9 51.5 0.0 13.8 17.4 0.0 0.0 0.0 0.0 0.0 65.6 65.6 65.6 61.8 0.0 11.9 3.8 0.0 0.0 0.0 0.0 0.0 Principal repayments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds 66.6 65.4 61.0 20.0 7.8 2.5 41.1 4.4 0.0 0.0 1.2 0.0 65.5 65.5 42.6 28.3 11.7 7.1 14.3 22.8 0.0 10.5 0.0 0.0 32.7 32.7 32.7 30.1 7.6 15.8 2.6 0.0 0.0 0.0 0.0 0.0 25.8 25.8 23.8 18.7 0.5 11.1 5.1 2.0 0.0 1.9 0.0 0.0 37.8 37.8 35.2 29.7 0.2 12.4 5.5 2.5 0.0 2.4 0.0 0.0 47.8 47.8 46.2 40.9 0.0 25.9 5.4 1.5 0.0 1.4 0.0 0.0 19.7 19.7 18.9 8.1 0.0 0.0 10.8 0.9 0.0 0.8 0.0 0.0 17.3 17.3 17.2 6.9 0.0 0.2 10.3 0.1 0.0 0.0 0.0 0.0 Interest payments Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds 36.3 36.0 30.4 18.9 7.7 5.0 11.6 5.6 0.0 3.3 0.3 0.0 38.7 38.7 35.2 25.2 6.5 9.3 10.0 3.6 0.0 0.6 0.0 0.0 17.9 17.9 17.9 17.2 1.0 11.7 0.6 0.0 0.0 0.0 0.0 0.0 23.3 23.3 22.8 20.2 0.0 13.8 2.6 0.5 0.0 0.5 0.0 0.0 21.8 21.8 21.6 20.1 0.0 14.2 1.5 0.2 0.0 0.2 0.0 0.0 19.0 19.0 18.8 17.6 0.0 10.7 1.2 0.2 0.0 0.2 0.0 0.0 12.2 12.2 12.0 4.5 0.0 1.3 7.5 0.3 0.0 0.3 0.0 0.0 15.6 15.6 15.4 4.7 0.0 1.4 10.7 0.3 0.0 0.3 0.0 0.0 148.2 87.9 22.0 217.7 183.4 -91.4 -36.4 83.3 -111.0 329.1 35.4 78.2 -244.2 45.3 -230.1 -2,310.8 95.5 -2,021.5 -36.6 -4.6 -11.2 127.3 145.2 2.3 0.0 50.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.4 56.4 0.0 1.0 49.8 0.0 179.7 2,456.3 0.0 24.0 56.1 0.0 0.0 16.3 0.0 Long-term external debt Debt outstanding and disbursed Public and publicly guaranteed Official creditors Multilateral of which: IBRD IDA Bilateral Private creditors of which: Bonds Commercial banks Private nonguaranteed of which: Bonds Debt stock-flow reconciliation Total change in external debt stocks Net flows on external debt Cross-currency valuation Debt restructurings Total amount rescheduled Total amount forgiven Debt buyback 10 Contractual obligations on outstanding long-term external debt Official creditors Principal Interest Private creditors Principal Interest         25.3 15.4 26.4 15.6 27.6 15.5 27.4 15.2 29.4 14.8 28.3 14.3 28.0 13.8 27.8 13.3 0.1 0.2 0.1 0.2 0.1 0.2 0.1 0.2 0.1 0.2 0.1 0.2 0.1 0.2 0.1 0.2 Notes: Malawi was granted debt relief effective in 2006 under the Multilateral Debt Relief Initiative Data include the effects of Paris Club restructuring agreement signed in 2006 Data for 2007 and 2008 include the effects of Enhanced HIPC Initiative, in the amount of $685 in thousands and $835 in thousands respectively 181 MALAYSIA 86PLOOLRQXQOHVVRWKHUZLVHLQGLFDWHG [...]... the United States Summary tables 11 S U M M A R Y Table 1 Key Indebtedness Indicators, 2006–2008 (US$ millions) Country Total external debt 2008 Present value of debt 2008 Ratio of total external debt to exports of GS (%) Ratio of present value of debt to exports of GS (%) Ratio of total external debt to GNI (%) Ratio of present value of debt to GNI (%) Afghanistan Albania Algeria Angola Argentina Armenia... E V E L O P M E N T F I N A N C E 2 0 1 0 Table 1 Key Indebtedness Indicators, 2006–2008 (continued) (US$ millions) Country Total external debt 2008 Present value of debt 2008 Ratio of total external debt to exports of GS (%) Ratio of present value of debt to exports of GS (%) Ratio of total external debt to GNI (%) Ratio of present value of debt to GNI (%) Jamaica Jordan Kazakhstan Kenya Kyrgyz Republic... their external debt ratios External debt indicators measured in terms of gross national income and export earnings have improved markedly since the start of the decade and this trend continued in 2008 Since 2000 the rate of growth in developing countries has outpaced the accumulation of new external obligations, and there has been a move from debt to equity For all developing countries the ratio of total... Summary external debt data External debt stocks Long-term external debt Public and publicly guaranteed Private nonguaranteed Use of IMF credit Short-term external debt interest arrears on long-term Memorandum items Principal arrears on long-term Long-term public sector debt Long-term private sector debt Public & publicly guaranteed commitments External debt flows Disbursements Long-term external debt. .. purchases Principal repayments Long-term external debt IMF repurchases Net flows Long-term external debt Short-term external debt Interest payments Long-term external debt IMF charges Short-term external debt 2 Other non -debt resource flows Foreign direct investment (net) Portfolio equity flows Profit remittances on FDI Grants (excluding technical coop.) of which: Debt forgiveness grants IDA grants Memo:... 10 21 16 35 45 86 33 78 12 23 14 (table continues on next page) 14 S U M M A R Y Table 1 Key Indebtedness Indicators, 2006–2008 (continued) (US$ millions) Country Total external debt 2008 Present value of debt 2008 Ratio of total external debt to exports of GS (%) Ratio of present value of debt to exports of GS (%) Thailand Togo Tonga Tunisia Turkey Turkmenistan Uganda Ukraine Uruguay Uzbekistan Vanuatu... by international financial institutions, led by the International Finance Corporation (IFC).1 Concomitant with the fall of external financing, the pace at which external debt accumulated slowed The total stock of external debt outstanding of developing countries rose only 7.7 percent in 2008—one-third of the 22.8 percent rise in 2007 Of the total outstanding at end-2008, 83 percent was accounted for... in the ratio of external debt outstanding to GNI for the South Asia region The countries of Sub-Saharan Africa have seen the greatest improvement in debt indicators since 2000, in part because of booming commodity prices and as a consequence of large-scale debt forgiveness under the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI) The debt to export... help developing countries, particularly those of SubSaharan Africa, achieve internationally agreed development objectives, including the Millennium Development Goals (MDGs) Trends in External Debt in 2008 N otwithstanding strong inflows in the first part of the year, debt flows from private creditors to developing countries fell 61 percent in 2008 to $216 billion This decline was only partially offset... 2008, twice the ratio of all developing countries The global and financial crisis that erupted in 2008 had no immediate impact on debt indicators: on the contrary most regions recorded a marked improvement in the measure of external debt to GNI and to export earnings The only exceptions were a slight rise in the debt service to export ratio for the countries of Europe Figure 4 Key debt indicators, trend ... Global Development Finance External Debt of Developing Countries Global Development Finance External Debt of Developing Countries 2010 THE WORLD BANK © 2010... Key Indebtedness Indicators, 2006–2008 (US$ millions) Country Total external debt 2008 Present value of debt 2008 Ratio of total external debt to exports of GS (%) Ratio of present value of debt. .. International Finance Corporation (IFC).1 Concomitant with the fall of external financing, the pace at which external debt accumulated slowed The total stock of external debt outstanding of developing countries