. . , . ' 'r,' . .- - -. ma- . -Volume 2Striving for Stability in Development Finance1 4~~~~~~~~bj-~~~~~~* A - .. a QD z;; m~~~~I ; ;l!2

Glob alD evelopmentFi inanceStriving for Stability in Development FinanceII: Summary and Country Tables

Gilo b alD evelopmentFi inanceStriving for Stability in Development FinanceTH E WOR LD BAN K

( 2003 The International Bank for Reconstruction and Development/The World Bank1818 H Street, NWWashington, DC 20433Telephonc 202-473-1000Internet wwwworldbank orgE-mail feedback@xworldbank.orgAll rights reserved1 2 3 4 05 04 03This volume is a product of the staff of the World Bank The fndings, interpretations, and conclusionsexpressed herein do not necessarily reflect the views of the Board of Executive Directors of the World Bankor the governments they representThe World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors,denominationis, and other information shown on any map in this work do not imply any judgment on thepart of the World Bank concernln1g the legal status of any territory or the endorsement or acceptance of suchboundariesRights and PermissionsThe material in this work is copyrighted Copying and/or transmiuttinig portnons or all of this work withoutpernussion may be a violation of applicable law The World Bank encourages disseminlation of its work andwill normally grant permilssion promptly.For pern-ussion to photocopy or reprint any part of this work, please send a request with completeinformiiationi to the Copyright Clearance Center, Inc , 222 Rosewood Drive, Danvers, MA 01923, USA,telephone: 978-750-8400, fax 978-750-4470, www copyright coillAll other queries on rights and liceiises, including subsidiary rights, should be addressed to the Officeof the Pubhsher,World Bank, 1818 H Street NW, Washington, DC 20433, USA, fax 202-522-2422, e-mailpubrights@worldbank orgCover photo of the Calcutta Stock Exchange taken by Viviane Moos/CORBIS.Cover design by Fletcher Design.ISBN 0-8213-5429-9ISSN 1020-5454

Table of ContentsPreface vii Central African Republic 128Chad 132Methodology ix Chile 136China 140Sources and definitions xiii Colombia 144Comoros 148Country groups xxiv Congo, Democratic Republic of 152Regional groups Congo, Republic of 156Income groups Costa Rica 160C6te d'Ivoirc 164Summary tables xxvii Croatia 168Czech Republic 172Regional and income group Djibouti 176aggregate tables I Dominica 180Dominican Republic 184Country tables 39 Ecuador 188Albania 40 Egypt, Arab Republic of 192Algeria 44 El Salvador 196Angola 48 Equatorial Guinea 200Argentina 52 Eritrea 204Armenia 56 Estonia 208Azerbaijan 60 Ethiopia 212Bangladesh 64 Fiji 216Barbados 68 Gabon 220Belarus 72 Gambia, The 224Belize 76 Georgia 228Benin 80 Ghana 232Bhutan 84 Grenada 236Bolivia 88 Guatemala 240Bosnia and Herzegovina 92 Guinea 244Botswana 96 Guinca-Bissau 248Brazil 100 Guyana 252Bulgaria 104 Haiti 256Burkina Faso 108 Honduras 260Burundi 112 Hungary 264Cambodia 116 India 268Cameroon 120 Indonesia 272Cape Verde 124 Iran, Islamic Republic of 276v

G LO B AL DE V EL O PM ENT F INA NC E 2 0 0 3Jamaica 280 Russian Federation 440Jordan 284 Rwanda 444Kazakhstan 288 Samoa 448Kenya 292 Sao Tom6 and Principe 452Korea, Republic of 296 Senegal 456Kyrgyz Republic 300 Seychelles 460Lao People's Democratic Republic 304 Sierra Leone 464Latvia 308 Slovak Republic 468Lebanon 312 Solomon Islands 472Lesotho 316 Somalia 476Liberia 320 South Africa 480Lithuania 324 Sri Lanka 484Macedonia, FYR 328 St. Kitts and Nevis 488Madagascar 332 St. Lucia 492Malawi 336 St. Vincent and the Grenadines 496Malaysia 340 Sudan 500Maldives 344 Swaziland 504Mali 348 Syrian Arab Republic 508Malta 352 Tajikistan 512Mauritania 356 Tanzaniia 516Mauritius 360 Thailand 520Mexico 364 Togo 524Moldova 368 Tonga 528Mongolia 372 Trinidad and Tobago 532Morocco 376 Tunisia 536Mozambique 380 Turkey 540Myanmar 384 Turkmenistan 544Nepal 388 Uganda 548Nicaragua 392 Ukraine 552Niger 396 Uruguay 556Nigeria 400 Uzbekistan 560Oman 404 Vanuatu 564Pakistan 408 Venezucla, Rep6blica Bolivariana de 568Panama 412 Vietnam 572Papua New Guinea 416 Yemen, Republic of 576Paraguay 420 Yugoslavia, Federal Republic of 580Peru 424 Zambia 584Philippines 428 Zimbabwe 588Poland 432Romania 436 Country notes 593VI

PrefaceT he print edition of Global Developmnenit computation of net flows, aggregate net resourceFinance consists of two volumes: Analysis flows, and aggregate net transfers; and the relationand Statistical Appendix and Summnnary and betwveen net resource flows and the halance of pay-Country Tables. Anialysis and Statistical Appendix menits. Exact definitionis of the terms used in Globalcontains analysis and commenitary on recent dcvel- Developmiienit Finance are found in the Sources andopmenits in interiationial finance for developing Definitions section.countries, together with summary statistical tables The economic aggregates presented in thefor selected regional and analytical groups com- tables are prepared for the convenience of users.prising 148 developing countries. Although debt indicators can give useful informa-Summary and Counitry Tables containis statisti- tion about developmenits in debt-servicing capacity,cal tables on the external debt of the 138 countries conclusions drawn from them will not be valid un-that report public and publicly guaranteed debt less accompanied by careful economic evaluation.under the Debtor Reporting System (DRS). Also in- T'he macroeconomic inforiimation provided iscluded are tables of selected debt and resource flow from standar-d sources, but maniy of them are sub-statistics for individual reporting countries as well Ject to considerable margins of error, and the usualas summary tables for regional and inconme groups. care must be taken in interpreting the indicators.Earlier this year, country tables and sumrnary This is particularly the case for the most recenttables were also made available online (GDF year or two, when figures are preliminary and sub-Online). ject to revision.For the convenience of readers, chart, on The CD-ROM contains a database of 219 tlimepages xxi to xxiii summarize graphically the rela- series indicators, covering the years 1970 to 2001tion between debt stock and its components, the in most cases and to 2011 for "pipeline" data. ItI i - I n1oi% ..rpr1p Jr h . L liii i 1 L Ii . PI lIit [ ( ,r ,I J, b.%l'iin.,ni h,'l ~ I , n~i~ di 'N.m fZ, g lrnd ihr x~ ?V i-~ ~Ir F'I i~..r. Nc.L Ti n i K I birnh I tii '.,-I~-F. VI Li mfl hiiiN r.:u-11-f ji riL 1,0.1L[ ILS]S I l1 TI;L llt:I- T .|. ---i-. -1,11 I.I T -Tli, ; .Iro IL LI . r1tztit~ ~ ~~ Ai-t I bm L c li I-, rlj, k %%'a-l k The production of this publication was managed by Richard Fix and Ibrahim Levent. TheCD-ROM and database were prepared by William Prince.Vil

G LO B AL DE V EL O PM ENT F INA NC E 2 0 0 3also contains the full contents of the print version developments in debt-servicing capacity, conclu-of the GDF country and summary tables. Text pro- sions drawn from them will not be valid unlessviding country notes, definitions, and source notes accompanied by careful economic evaluation. Theis linked to each table. The general cutoff date for macroeconomic information provided is fromdata is December 2002. standard sources, but many of the indicators areDefinitions of terms used in Global Develop- subject to considerable margins of error, and thement Finance are found in the Sources section. The usual care must be taken in interpreting them. Thiseconomic aggregates presented in the tables are is particularly so for the most recent year or two,prepared for the convenience of users. Although for which figures are preliminary and subject todebt indicators can give useful information about revision.Viii

MethodologyT he World Bank is the sole repository for and reschedulings of other liabilities into long-termstatistics on the external debt of develop- public debt also contribute to the differences.ing countries on a loan-by-loan basis. TheDebtor Reporting System (DRS), set up in 1951 to Public and publicly guaranteed debtmonitor these statistics, is maintained by the staff of All data related to public and publicly guaranteedthe Finaicial Data Team (FIN), part of the Devel- debt are from debtors except for lending by someopment Data Group of Development Economics. multilateral agencies, in which case data are takenfrom the creditors' records. These creditors includethe African Development Bank, the Asian Develop-menit Bank, the Central Bank for Economic Inte-Methodology for aggregating data gration, the Inter-American Development Bank,U sing the DRS data, in combinationi with inmfor- and the International Bank for Reconstruction andnmaation obtained from creditors through the Development (IBRD) and the International Devel-debt data collection systems of other agencies such opment Association (IDA). (The IBRD and IDAas the Bank for International Settlements (BIS) and are components of the World Bank.)the Organisation for Economic Cooperation and Starting with the 1988-89 edition of WorldDevelopment (OECD), the staff of the Fiaricial Debt Tables (as this book was previously titled),Data Team estimate the total external indebted- all data pertaining to World Bank loans from 1985ness of developing countries. The data are also onward are recorded at their current niarket value.supplemented by market sources and estimates Starting with the 1991-92 edition, all data pertain-made by country economists of the World Bank ing to Asian Development Bank loans from 1989and desk officers of the Internationial Monetary onward are recorded at their curreit market value.Fund (IMF). Starting with the 1 998 edition, all data pertainigto Africani Development Bank and African Devel-Converting to a common currency opment Fund loans from 1997 onward areSince debt data are normally reported to the World recorded at their current market value as wvell.Bank in the currency of repayment, they have to beconverted into a common currency (usually U.S. Private nonguaranteed debtdollars) to produce summary tables. Because flow The DRS was expanded in 1970 to incorporatedata are converted at annual average exchange rates private nonguaranteed long-term debt. Reports,and stock data at year-end exchange rates, yeat-to- submitted annually, contain aggregate data foryear changes in debt outstanding and disbursed are disbursed and outstanding debt, disbursements,sometimes not equal to net flows (disbursements principal repayments, interest payments, principalless principal repayments); similarly, changes in and interest rescheduled for the reporting year,debt outstanding including undisbursed debt dif- and projected payments of principal and interest.fer from commitments less repayments. Discrepan- Data are usually presented in dollars, and cur-cies are particularly significant when exchange rates rency conversioni is not necessary. A few reportinghave moved sharply during the year; cancellations countries choose to provide data on their privateIx

G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 3nonguaranteed debt in the loan-by-loan format on its own external liabilities. But for short-termused for reporting public and publicly-guaranteed debt, defined as debt with an original maturity ofdebt. In those cases the currency conversion and one year or less, accurate information is not widelyprojection methodology just described is used. available from debtors. By its nature, short-termAlthough the reporting countries fully recog- debt is difficult to monitor; loan-by-loan registra-nize the importance of collecting data on private tion is normally impractical, and most reportingnonguaranteed debt when it constitutes a signifi- arrangements involve periodic returns to a coun-cant portion of total external debt, detailed data try's central bank from its banking sector. Sinceare available only in countries that have registra- 1982 the quality of such reporting has improved,tion requirements covering private debt, most but only a few developing countries have figurescommonly in connection with exchange controls. available for short-term debt.Where formal registration of foreign borrowing is Where information from debtors is not avail-not mandatory, compilers must rely on balance of able, data from creditors can indicate the magni-payments data and financial surveys. tude of a country's short-term debt. The mostThis edition includes data on private nonguar- important source is the BIS's semiannual seriesanteed debt, either as reported or as estimated, for showing the maturity distribution of commercial80 countries for which this type of debt is known banks' claims on developing countries. Those datato be significant. are reported residually. However, an estimate ofFor private nonguaranteed debt that is not short-term liabilities by original maturity can bereported, the standard estimation approach starts calculated by deducting from claims due in onefrom a calculation of the stock of debt outstand- year those that had a maturity of between one anding, using data available from creditors. Figures two years 12 months earlier.on guaranteed export credits, obtained from the There are several problems with this method.OECD's Creditor Reporting System (CRS), are Valuation adjustments caused by exchange ratesupplemented by loan-by-loan information on movements will affect the calculations, as will pre-official lending to private borrowers and by infor- payment and refinancing of long-term maturitiesmation on noninsured commercial bank lending to falling due. Moreover, not all countries' commer-the private sector. cial banks report in a way that allows the full matu-Disbursements and debt service payments for rity distribution to be determined, and the BIS dataprivate nonguaranteed debt are more difficult to include liabilities only to banks within the report-estimate. Amortization is estimated by making an ing area. Nevertheless, combining these estimatesassumption regarding the proportion of debt re- with data on officially guaranteed short-term sup-paid each year and then applying these ratios to pliers' credits compiled by the OECD gives whatgenerate a first approximation of annual principal may be thought of as a lower-bound estimate of arepayments. country's short-term debt. Even on this basis, how-Disbursements are then estimated as a residual ever, the results need to be interpreted with caution.between net flows (equal to the change in the stock Where short-term debt has been rescheduled, theof debt) and estimated amortization. Interest pay- effect of lags in reporting and differences in thements are estimated by applying an assumed aver- treatment of the rescheduled debt by debtors andage interest rate to the stock of debt outstanding. creditors may result in double counting if short-Data on the balance of payments flows pro- term debt derived from creditor sources is added tovide useful guidelines in the process of building a longterm debt reported by the country to obtaintime series because private nonguaranteed debt can total external liabilities.be treated as a residual between total net longterm Some of the short-term debt estimates pub-borrowing and net long-term borrowing recorded lished are drawn from debtor and creditorin the DRS for public and publicly guaranteed sources, but most are from creditor sources. Onlydebt. for a few countries can the data be regarded asauthoritative, but they offer a guide to the size ofShort-term debt a country's short-term (and, hence, its total) ex-The World Bank regards the individual reporting ternal debt. The quality of these data is likely tocountry as the authoritative source of information improve.x

M E r If 0 D 0 L 0 C YUse of IMF credit credit insurance agencies of the creditor countries.Data related to the operations of the IMF come The debts to the original creditors are reducedfrom the IMF Treasurer's Department and are con- by the amounts rescheduled, and a new obligationverted from special drawing rights (SDRs) into dol- to the official creditor agencies is created. This shiftlars using end-of-period exchange rates for stocks also applies to private nonguaranteed debt that isand average over the period exchange rates for reduced by the amounts rescheduled, which in turniconverting flows, as described earlier. IMF rrust are included in the public and publicly guaranteedfund loans and operations under the structural ad- debt owed to official creditors. On the debtor side,justment and enhaniced structural adjustment facil- when a government accepts responsibility for theities are presented together with all of the Fund's payment of rescheduled debt previously owed byspecial facilities (the buffer stock, compensatory private enterprises, the DRS registers a change infinancing, extended fund, and oil facilities). debtor categories in the DRS. Similarly, whenshortterm debt is included in a restructuring agree-Treatment of arrears ment, the rescheduled amount is shifted fromThe DRS collects informationi on arrears in both short-term to long-term debt.principal and interest. Principal in arrears is in-cluded and identified in the amount of long-iermdebt outstanding. Interest in arrears of long-iermdebt and the use of IMF credit is included and iden- Methodology for projecting datatified in the amount of short-term debt outstancling. A n importanit feature of the WBXD system ofIf and when interest in arrears is capitalized under a the DRS is its ability to project future dis-debt reorganization agreement, the amount of in- bursements of unutilized commitments and futureterest capitalized will be added to the amount of debt service payments.long-term debt outstanding and the correspondingdeduction made from the amount of short-ierm Undisbursed debtdebt outstanding. Projections of disbursements help underpin futurecapital requLirements in the implementation of exter-Treatment of debt restructurings nally financed projects. In addition, they help deter-The DRS attempts to capture accurately the effects mine the interest portion of projected debt service.of the different kinds of restructurings on both Future interest payments are based on projecteddebt stocks and debt flows, consistent with the cir- debt outstanding that is itself determined by proj-cumstances under which the restructuring takes ected disbursements and repayments. The underly-place. Whether a flow has taken place is some- ing assumptions of these projections are that loantimes difficult to determine. commitments will be fully utilized and that theIn compiling and presenting the debt data, a debtor country will repay all sums due. Future dis-distinction is made between cash flows and imputed bursemenits and debt service refer only to existinlgflows. Based on this criterion, rescheduled sei vice debt and do not reflect any assumptions on futurepayments and the shift in liabilities from one finan- borrowing.cial instrument to another as a result of reschedul- Disbursement projections use two methods:ing are considered to be ilputed flows. * Specific schedules. Debtor countries are re-The imputed flows are recorded separately in quested to submit a calendar of future disburse-the World Bank External Debt (WBXD) system, ments, if available, at the time individual loans arebut these debt restructuring transactions are not first reported. Country authorities are in a betterevident in the main body of the debt data-only the position to provide estimated disbursement sched-resulting effect of these transactions is reflected. ules when there is a solid public sector investmenitChanges in creditor and debtor status that can program in place.result from debt restructuring are also reflectecd. * Stanidard schedules. In the absence of specificFor example, when insured commercial credits are schedules, the WBXD system projects disburse-rescheduled, the creditor classification shifts from ments by applying a set of profiles to the last actualprivate sources to official sources (bilateral). This undisbursed balance of individual loans. The pro-reflects the assumption of the assets by the official files are derived under the assumption that specificxl

G LO B AL DE V EL O PM ENT F INA NC E 2 0 0 3sources of funds have some common characteris- repayment terms of the loans. Principal repay-tics that cause them to disburse, in the aggregate, ments (amortization) are based on the amount ofin some observable pattern. Accordingly, some loan commitments, and the amortization profile ofthirty profiles have been derived that roughly cor- most loans follows a set pattern. Using the firstrespond to creditor type. Profiles exist for conces- and final payment dates and the frequency of thesional and nonconcessional loans from official payments, the system calculates the stream of prin-creditors. For bilateral lending, profiles have been cipal payments due. If future payments are irregu-developed for the Development Assistance Com- lar, the WBXD system requires a schedule.mittee, the Organization of Petroleum Exporting Projected future interest payments are calcu-Countries (OPEC), and other creditor groupings. lated similarly. Interest is based on the amount ofFor multilateral lending, specific profiles are avail- debt disbursed and outstanding at the beginning ofable for major international organizations. An es- the period. Again, using the first and final interesttimating equation for each profile is derived by ap- payment dates and the frequency of payments, theplying regression analysis techniques to a body of system calculates the stream of interest paymentsdata that contains actual disbursement informa- due. If interest payments are irregular, the WBXDtion for more than 100,000 loans. Although thesc system requires a schedule.standard profiles are reestimated from time to The published figures for projected debt ser-time, under the best scenario they can only ap- vice obligations are converted into U.S. dollarsproximate the disbursement pattern of any single using the end-December 2001 exchange rates.loan. Likewise the projection routine for variable interestrate debt, such as commercial bank debt based onFuture debt service payments the London interbank offer rate (LIBOR), assumesMost projections of future debt service payments that the rate prevailing at the end of Decembergenerated by the WBXD system are based on the 2001 will be effective throughout.xii

Sources and definitionsT hIis edition of GDF Online presents reported creditors and the arrears owed to private creditors.or estimated data on the total external debt Export credits and principal in arrears on long-of all low- and middle-income countries. term debt are shown as memorandum items.Total debt flows are consolidated data on dis-bursements, principal repayments, and intercstFormat payments for total longterm debt and transactionsT he Coutntry anzd suimmnary data has been ex- with the IMF.T panded to include summary tables along with Net flows on debt are disbursements on long-the standard country tables for the 138 individual term debt and IMF purchases minius principal re-countries that report to the World Bank's Debtor payments on longterm debt and IMF repurchasesReporting System (DRS). Summary tables present up to 1984. Beginniig in 1985 this line includes theselected debt and resource flow statistics for the change in stock of short-term debt (includinig inter-individual reporting countries and external debt est arrears for long-term debt). Thus if the changedata for regional and income groups. Regional in stock is positive, a disbursement is assumed toand income group totals in the summary tables in- have taken place; if negative, a repayment is as-clude estimates for the 11 low- and middle-income sumed to have taken place.countries that do not report to the DRS. Because Total debt service (TDS) shows the debt ser-these estimates are not shown separately in the vice payments on total long-tcrm debt (public andtables, most group totals are larger than the sum publicly guaranteed and private nonguaranteed),of the DRS figures shown. The format of the re- use of IMF credit, and interest on short-term debt.gional and income group tables draws on the mdi- SECTION 2 provides data series for aggregatevidual country table formiat and includes graphic net resource flows and net transfers (long term).presentations. Net resource flows (long tern) are the sum ofFor the 138 individual countries that report to net resource flows on long-term debt (excludingthe World Bank's DRS, tables are presented in a IMF credit) plus net foreign direct investment, port-four-page layout containiig 1O sections. folio equity flows, and official grants (excludingSECTION 1 sumiimarizes the extcrnal debt of the technical cooperation). Grants for technical cooper-country. ation are shown as a memorandum item. AlsoTotal external debt stocks (EDT) consist of shown as memorandum items are official net re-public and publicly guaranteed long-term debt, source flows and private net rcsource flows. Officialprivate nonguaranteed long-term debt (whether re- nct resource flows are the sum of net flows on long-ported or estimated by the staff of the World term debt to official creditors (excluding the IMF)Bank), the use of IMF credit, and estimated short- plus official grants (excluding technical coopera-term debt. Interest in arrears on long-term debt tion). Private net resource flows are the sum of netand the use of IMF credit are added to the short- flows on debt to private creditors plus net foreignterm debt estimates and are shown as separate direct investment and portfolio equity flows. Offi-lines. Arrears of principal and of interest have been cial net transfers and private net transfers aredisaggregated to show the arrears owed to official shown as memorandumil items as well.xiii

G LO B AL DE V EL O PM ENT F INA NC E 2 0 0 3Net transfers (long term) are equal to net long- residual is large it can, in some cases, serve as an il-term resource flows minus interest payments on lustration of the inconsistencies in the reported data.long-term loans and foreign direct investment More often, however, it can be explained byprofits. specific borrowing phenomena in individual coun-SECTION 3 provides data series for major eco- tries. These are explained in the Country Notesnomic aggregates. section.The gross national income (GNI) series uses SECTION 9 provides information on the aver-yearly average exchange rates in converting GNI age terms of new commitments on public and pub-from local currency into U.S. dollars. The eco- licly guaranteed debt and information on the levelnomic aggregates are prepared for the convenience of commitments from official and private sources.of users; the usual caution should be exercised in SECTION 10 provides anticipated disburse-using them for economic analysis. ments and contractual obligations on long-termSECTION 4 provides debt indicators: ratios of debt contracted up to December 2001.debt and debt service to some of the economicaggregates.SECTION 5 provides detailed information on Sourcesstocks and flows of long-term debt and its various he principal sources of information for thecomponents. Data on bonds issued by private enti- tables in these two volumes are reports to theties without public guarantee, compiled for major World Bank through the DRS from member coun-borrowers, are included in private nonguaranteed tries that have received either lBRD loans or IDAdebt. IBRD loans and IDA credits are shown as credits. Additional information has been drawnmemorandum items. from the files of the World Bank and the IMF.SECTION 6 provides information on the cur- Reporting countries submit detailed (loan-rency composition of long-term debt. The major byloan) reports through the DRS on the annualcurrencies in which the external debt of low- and status, transactions, and terms of the long-termmiddle-income countries is contracted are sepa- external debt of public agencies and that of privaterately identified, as is debt denominated in special ones guaranteed by a public agency in the debtordrawing rights and debt repayable in multiple country. This information forms the basis for thecurrencies. tables in these volumes.SECTION 7 provides information on restructur- Aggregate data on private debt without publicings of long-term debt starting in 1985. It shows guarantee are compiled and published as reliableboth the stock and flows rescheduled each year. In reported and estimated information becomesaddition, the amount of debt forgiven (interest for- available. This edition includes data on privategiven is shown as a memorandum item) and the nonguaranteed debt, either as reported or as esti-amount of debt stock reduction (including debt mated, for 80 countries.buyback) are also shown separately. (See the The short-term debt data are as reported byMethodology section for a detailed explanation of the debtor countries or are estimates derived fromrestructuring data.) creditor sources. The principal creditor sources areSECTION 8 reconciles the stock and flow data the semiannual series of commercial banks' claimson total external debt for each year, beginning with on developing countries, published by the Bank1989. This section is designed to illustrate the for International Settlements (BIS), and data onchanges in stock that have taken place due to five officially guaranteed suppliers' credits compiled byfactors: the net flow on debt, the net change in in- the Organisation for Economic Co-operation andterest arrears, the capitalization of interest, the re- Development (OECD). For some countries, esti-duction in debt resulting from debt forgiveness or mates were prepared by pooling creditor andother debt reduction mechanisms, and the crosscur- debtor information.rency valuation effects. The residual difference- Interest in arrears on long-term debt and thethe change in stock not explained by any of the use of IMF credit are added to the short-term debtfactors identified above-is also presented. The estimates and shown as separate lines in section 1.residual is calculated as the sum of identified ac- Arrears of interest and of principal owed to officialcounts minus the change in stock. Where the and to private creditors are identified separately.xiv

S O U R C E S A N D D c F I N I I 0 NSExport credits are shown as a memorandum a political subdivision (or an agency of either), anditem in section 1. Data prior to 1998 include offi- autonomous public bodies.cial export credits, and suppliers' credits and bank * Publicly guiaranteed debt, which is an externalcredits officially guaranteed or insured by an ex- obligation of a private debtor that is guaranteedport credit agency. Both long-term and short-term for repayment by a public entity.exports credits are included. For 1998 to 2001 ex- * Private nonguaranteed external debt, which isport credits include all export credits extended, an external obligation of a private debtor that tsguaranteed, insured, or rescheduled by the official not guaranteed for repayment by a public entity.sector of OECD countries. The source for this in- In the tables, public and publicly guaranteedformation is the Creditor Reporting System i'CRS) long-term debt are aggregated.of the OECD. Short-term external debt is defined as debtData on long-term debt reported by member that has an original maturity of one year or less.countries are checked against, and supplemented by, Available data permit no distinction between pub-data from several other sources. Among these are lic and private noniguaranteed short-term debt.the statements and reports of several regional devel- Interest in arrears on long-term debt is dc-opment banks and government lending agencies, as fined as interest payment due but not paid, on awell as the reports received by the World Bank cumulative basis.under the CRS from the members of the Develop- Principal in arrears on long-term debt is de-ment Assistance Committee (DAC) of the OECD. fined as principal repayment due but not paid, onEvery effort has been made to ensure the accu- a cumulative basis.racy and completeness of the debt statistics. Ncver- The memorandum item export credits in-thcless, quality and coverage vary among debtors cludes official export credits, suppliers' credits, theand may also vary for the same debtor from year to official non-ODA lending, and bank credits offi-year. Coverage has bcen improved through the ef- cially guaranteed or insured by an export creditforts of the reporting agencies and the work of agcncy. Both long-term and short-term credits areWorld Bank missions, which visit member coun- included here.tries to gather data and to provide technical assis- Use of IMF credit denotes repurchase obliga-tance on debt issues. tions to the IMF with respect to all uses of IMF re-sources (excluding those resulting from drawings inthe reserve tranche) shown for the end of the yearDefinitions specified. Use of IMF credit comprises purchasesFor all regional, inlcomile, and individual country outstanding under the credit tranches, includingFtables, data definitions are presented below or enlarged access rcsources and all special facilitiesfootnoted where appropriate. Data definitiots for (the buffer stock, compensatory financilng, ex-other summary tables are, likewise, consistent tended fund, and oil facilities), trust fund loans,with those below. and operations under the structural adjustment andenhanced structural adjustment facilities. Data areSummary debt data from the Treasurer's Department of the IMF.TOTAI DEBT STOCKS are defined as the sum of pub- * IMF purchases are total drawings on the gen-lic and publicly guaranteed long-term debt, private eral resources account of the IMF during the yearnonguaranteed long-term debt, the use of IMF specified, excluding drawings in the reserve tranche.credit, and short-term debt. The relation between * IMF repurchases are total repayments of out-total debt stock and its componenits is illustrated standing drawings from the general resources ac-on page xx. count during the year specified, excluding repay-Long-term external debt is defined as debt ments due in the reserve tranche.that has an original or extended maturity of more To maintain comparability between data onthan one year and that is owed to nonresidents and transactions with the IMF and data oii long-termrepayable in foreign currency, goods, or services. debt, use of IMF credit outstanding at year endLong-term debt has threc components: (stock) is converted to dollars at the SDR exchange* Public debt, wlvich is an external obligation of rate in effect at the end of the year. Purchases and re-a public debtor, including the national governrnent, purchases (flows) are converted at the average SDRxv

G L O B A L D E V E L O P M E N T F I N A N C E 2 0 0 3exchange rate for the year in which transactions management interest (usually 10 percent of votingtake place. stock) in an enterprise operating in a country otherNet purchases will usually not reconcile than that of the investor (defined according to res-changes in the use of IMF credit from year to year. idency), the investor's purpose being an effectiveValuation effects from the use of different ex- voice in the management of the enterprise. It is thechange rates frequently explain much of the differ- sum of equity capital, reinvestment of earnings,ence, but not all. other long-tern capital, and short-term capital asOther factors are increases in quotas (which ex- shown in the balance of payments.pand a country's reserve tranche and can thereby Portfolio equity flows are the sum of countrylower the use of IMF credit as defined here), ap- funds, depository receipts (American or global),proved purchases of a country's currency by another and direct purchases of shares by foreign investors.member country drawing on the general resources Grants are defined as legally binding commit-account, and various administrative uses of a coun- ments that obligate a specific value of funds avail-try's currency by the IMF. able for disbursement for wbich there is no repay-TOTAL DEBT FLOWS include disbursements, ment requirement.principal repayments, net flows and transfers on The memorandum item technical cooperationdebt, and interest payments. grants includes free-standing technical coopera-Disbursements are drawings on loan commit- tion grants, which are intended to finance thements during the year specified. transfer of technical and managerial skills or ofPrincipal repayments are the amounts of prin- technology for the purpose of building up generalcipal (amortization) paid in foreign currency, national capacity without reference to any specificgoods, or services in the year specified. investment projects; and investment-related tech-Net flows on debts (or net lending or net dis- nical cooperation grants, which are provided tobursements) are disbursements minus principal strengthen the capacity to execute specific invest-repayments. ment projccts.Interest payments are the amounts of interest Profit remittances on foreign direct investmentpaid in foreign currency, goods, or services in the covers payments of direct investment income (debityear specified. side), which consist of income on equity (divi-Net transfers on debt are net flows minus in- dends, branch profits, and reinvested earnings) andterest payments (or disbursements minus total debt income on debt (interest).service payments).The concepts of net flows on debt, net trans- Major economic aggregatesfers on debt, and aggregate net flows and net Five economic aggregates are provided for thetransfers are illustrated on pages xxi and xxii. reporting economies. Gross national income, orTotal debt service paid (TDS) is debt service GNI (Gross national product, or GNP, in previouspayments on total long-term debt (public and pub- editions) is the sum of value added by all residentlicly guaranteed and private nonguaranteed), use producers plus any product taxes (less subsidies)of IMF credit, and interest on short-term debt. not included in the valuation of output plus netreceipts of primary income (compensation of em-Aggregate net resource flows and transfers ployees and property income) from abroad. TheNET RESOURCE FLOWS (LONG TERM) are the sum of national accounts data for most developing coun-net resource flows on long-term debt (excluding tries are collected from national statistical organi-IMF) plus non-debt-creating flows. zations and central banks by visiting and residentNON-DEBT-CREATING FLOWS are net foreign di- World Bank missions. Data on GNI are from therect investment, portfolio equity flows, and official Macroeconomic Data Team of the Developmentgrants (excluding technical cooperation). Net for- Economics Development Data Group of the Worldeign direct investment and portfolio equity flows are Bank.treated as private source flows. Grants for technical Exports of goods and services (XGS) are thecooperation are shown as a memorandum item. total value of goods and services exported as well asForeign direct investment (FDI) is defined income and worker remittances received. Workeras investment that is made to acquire a lasting remittances include compensation of employees.xvi

S 0 U R C E S A N D D E F I N I F I O N SImports of goods and services (MGS) are the provicded based on total external debt:total value of goods and services imported and in- EDT/XGS is total external debt to exports ofcome paid. goods and services (including workers' remittances).International reserves (RES) are the sum of a EDT/GNI is total external debt to gross na-country's monetary authority's holdings of special tional income.drawing rights (SDRs), its reserve position in the TDS/XGS, also called the debt service ratio, isIMF, its holdings of foreign exchange, and its total debt service to exports of goods and servicesholdings of gold (valued at year-end London (including workers' remittances).prices). INT/XGS, also called the interest serviceCurrent accounlt balance is the sum of the cred- ratio, is total interest payments to exports of goodsits less the debits arising from international transac- and services (including workers' remittances).tions in goods, services, income, and current trans- INTIGNI is total interest payments to grossfers. It represents the transactions that add to or nationial income.subtract from an economiiy's stock of foreign finan- RES/EDT is international reserves to total ex-cial items. ternal debt.Data on exports and imports (on a balance of RES/MGS is international reserves to importspayments basis), interinational reserves, and cur- of goods and services.rent account balances are drawn mainly from the Short-term/EDT is short-term debt to totalfiles of the IMF, supplemented by World Bank staff external debt.estimates. Balance of payments data are presented Concessional/EDT is concessional debt toaccording to the fifth edition of the IMF's Balance total external debt.of Payments Manuial, which made several adjust- Multilateral/EDT is multilateral debt to totalments to its presentation of trade statistics. Cover- external debt.age of goods was expanded to include in importsthe value of goods received for processing and re- Long-tern debtpair (on a gross basis). Their subsequent re-export Data on long-term debt include eight main elements:is recorded in exports (also on a gross basis). This DEBT OUTSTANDING AND DISBURSED is the totalapproach will cause a country's imports and ex- outstanding debt at year end.ports to increase without affecting the balance of DISBURSEMENTS are drawings on loan commit-goods. In addition, all capital transfers, which ments by the borrower during the year.were included with current transfers in the fourth IPRINCIIPAL REPAYMENTS are amounts paid byedition of the Balance of Payments Manuial, are the borrower during the year.now shown in a separate capital (as opposecd to NET- FLOws received by the borrower during thefinancial) account, and so do not contribute to the year are disbursements minus principal repayments.current account balance. INTEREST PAYMENTS are amounts paid by theborrower during the year.Debt indicators NET TRANSFERS are net flows minus interestThe macroeconomic aggregates and debt data pro- payments during the year; negative transfers showvided in the tables are used to generate ratios that net transfers made by the borrower to the creditoranalysts use to assess the external situations of during the year.developing countries. Different analysts give differ- DEBT SERVICE (LTDS) is the sum of principal re-ent weights to these indicators, but no single indica- payments and interest payments actually made.tor or set of indicators can substitute for a thorotigh UNDISBURSIED) DEBT is total debt undrawni atanalysis of the overall situation of an economy. The year end; data for private noniguaranteed debt areadvantage of the indicators in Global Development not available.Finance is that they are calculated from standard- Data from individual reporters are aggregatedized data series that are compiled on a consistent by type of creditor. Official creditors includes mul-basis by the World Bank and the IMF. The ratios tilateral and bilateral debt.offer various measures of the cost of, or capacity * Loans from multilateral organizations arefor, servicing debt In terms of the foreign exchange loans and credits from the World Bank, regionalor output forgone. The following ratios are development banks, and other multilateral andxvii

G LO B AL DE V EL O PM ENT F INA N Cr 2 0 0 3intergovernmental agencies. Excluded are loans currencies. Beginning in 2001, debt denominatedfrom funds administered by an inter-national orga- in the currencies of the twelve members in thenization on behalf of a single donor government; European Monetary Union is included under thethese are classified as loans from governments. euro.o Bilateral loans are loans from governmentsand their agencies (includinig central banks), loans Debt restructuringsfrom autonomous bodies, and direct loans from Debt restructurings include restructurmgs in theofficial export credit agencies. context of the Paris Club, commercial banks, debt-Private creditors include bonds, commercial equity swaps, buybacks, and bond exchanges.banks, and other private creditors. Commercial Debt restructuring data capture the noncash or in-banks and other private creditors comprise bank ferred flows associated with rescheduling and re-and trade-related lending. structuring. These are presented to complemento Bonds include publicly issued or privately the cash-basis transactions recorded in the mainplaced bonds. body of the data.o Commercial banks are loans from private Debt stock rescheduled is the amount of debtbanks and other private financial institutions. outstanding rescheduled in any given year. Princi-o Otber private includes credits from manufac- pal rescheduled is the amount of principal due orturers, exporters, and other suppliers of goods, in arrears that was rescheduled in any given year.and bank credits covered by a guarantee of an ex- Interest rescheduled is the amount of interestport credit agency. due or in arrears that was rescheduled in any givenFour characteristics of a country's debt are year.given as memorandum items for long-term debt Debt forgiven is the amount of principal dueoutstanding and disbursed (LDOD). or in arrcars that was written off or forgiven in anyConcessional LDOD conveys information given year.about the borrower's receipt of aid from official Interest forgiven is the amount of interest duelenders at concessional terms as defined by the or in arrears that was written off or forgiven in anyDAC, that is, loans with an original grant element given year.of 25 percent or more. Loans from major regional Debt stock reduction is the amount that hasdevelopment banks-African Development Bank, been netted out of the stock of debt using debtAsian Development Bank, and the Inter-American conversion schemes such as buybacks and equityDevelopment Bank-and from the World Bank are swaps or the discounted value of long-term bondsclassified as concessional according to each institu- that were issued in exchange for outstanding debt.non's classification and not according to the DACdefinition, as was the practice in earlier reports. Debt stock-flow reconciliationVariable interest rate LDOD is long-term Stock and flow data on total external debt are rec-debt with interest rates that float with movements onciled for each year, beginning with 1989. Thein a key market rate such as the London interbank data show the changes in stock that have takenoffer rate (LIBOR) or the U.S. prime rate. This place due to the net flow on debt, the net change initem conveys information about the borrower's interest arrears, the capitalization of interest, the re-exposure to changes in international interest rates. duction in debt resulting from debt forgiveness orPublic sector LDOD and private sector LDOD other debt reduction mechanisms, and the crosscur-convey information about the distribution of rency valuation effects. The residual difference-thelongterm debt for DRS countries by type of debtor change in stock not explained by any of these(central government, state and local government, factors-is also presented, calculated as the sum ofcentral bank; private bank, private debt). identified accounts minus the change in stock.Currency composition of long-term debt Average terms of new commitmentsThe major currencies in which the external debt of The average terms of borrowing on public andlow- and middle-income countries is contracted are publicly guaranteed debt are given for all newseparately identified, as is debt denominated in spe- loans contracted during the year and separatelycial drawing rights and debt repayable in multiple for loans from official and private creditors. Toxviii

S O U R C E S A N D D E I I N I T I O N Sobtain averages, the interest rates, maturitics, and 2001. Debt repayable in multiple currencies, goods,grace periods in each category have been weighted or services and debt with a provision for mainte-by the amounts of the loans. nance of value of the currency of repayment areThe grant equivalent of a loan is its commit- shown at book value.ment (present) value, less the dIscounted presentvalue of its contractual debt service; conventionially, Adjustmentsfuture service payments are discounted at 10 per- Year-to-year changes in debt outstanding and dis-cent. The grant element of a loan is the grant equiv- bursed are sometimes not equal to net flows; simi-alent expressed as a percentage of the amount com- larly, changes in debt outstanding, includingintted. It is used as a measure of the overall cost of undisbursed, differ from commitments less repay-borrowing. Loans with an original grant clement of ments. The reasons for these differences are can-25 percent or more are defined as concessional. The cellations, adjustments caused by the use of differ-average grant element has been weighted by the ent exchange rates, and the rescheduling of otheramounts of the loans. liabilities into long-term public debt.Commitments cover the total amount of loansfor which contr-acts were signed in the year speci- Symbolsfied; data for private nonguaranteed debt are not The following symbols have been used throughout:available. * 0.0 indicates that a datum exists, but is negli-gible, or is a true zero.Projections on existing pipeline .. indicates that a datum is not available.Projected debt service payments are estimates of * Dollars are current U.S. dollars unless other-payments due on existing debt outstanding, in- wise specified.cluding undisbursed. They do not include servicepayments that may become due as a result of newloans contracted in subsequent years. Nor do they Note to usersallow for effects on service payments of changes in ong-term public anid publicly guaranteed debtrepaymenit patterns owing to prepayment of loans Ldata are as reported for 83 countries; for 28or to rescheduling or refinancinig, including repay- other countries the data are preliinary (that is,ment of outstanding arrears, that occurred after substantially based on1 reported data) or estimatedthe last year of reported data. by World Bank staff. The status of each country isProjected disbtirsements are estimiates of draw- given in the Country Groups section.ings of unutilized balances. The projections do not This edition includes data on1 private nonguar-take into account future borrowing by the debtor anteed debt, either as reported or as estimated, forcountry. (See the Methodology section for a detailed 80 countries.explanation of how undisbursed balances are Data for exports, imports, and internationalprojected.) reserves are standard series drawn from the Inter-national Monetary Fund (IMF) and maintained inExchange rates the data files of the World Bank. Data for grossData received by the World Bank from its members national income denominated in U.S. dollars areare expressed in the currencies in which the debts drawn directly from the files of the Macroeco-are repayable or in which the transactions took nomic Data Team of the Development Data Groupplace. For aggregation, the Bank converts these of the World Bank. Data for direct foreign invest-amounts to U.S. dollars using the IMF par valjes ment are drawn from the IMF, and data for grantsor central rates, or the current market rates where are drawn from the OECD and supplementcd byappropriate. Servicc payments, commitments, and World Bank staff estimates. The charts on pages xxidisbursements (flows) are converted to U.S. dollars to xxiii arc intended to help the reader interpret theat the average rate for the year. Debt outstanding debt stocks and flows reported in the tables.and disbursed at the end of a given year (a stock i is Beginning with 1991 all ruble debt owed to theconverted at the rate in effect at the end of that former Soviet Union is converted at a rate ofyear. Projected debt service, however, is converted $1 = 0.6 ruble, except in cases where a bilateralto U.S. dollars at rates in effect at end-December agreement specifying a different conversion rate isxix

G LO B AL DE V EL O PM ENT F INA NC E 2 0 0 3in place. This valuation method does not constitute IMF International Monetary Fundan endorsement by World Bank staff of the appro- INT Total interest payments on long-term andpriateness or validity of this method or the exchange short-term debt, including IMF chargesrate used. The appropriate valuation is a matter to LDOD Total long-term debt outstanding andbe resolved bilaterally between the Russian Federa- disbursedtion and its debtor countries. LIBOR London interbank offer rateThe following abbreviations are used in the MGS Imports of goods and servicesprincipal ratios and indicator tables: MYRA Multiyear rescheduling agreementBIS Bank for International Settlements NPV Net present value of debtCRS Creditor Reporting System (of the OECD) ODA Official development assistanceDAC Development Assistance Committee (of OECD Organisation for Economic Co-operationthe OECD) and DevelopmentDDSR Debt and debt service reduction OPEC Organization of Petroleum ExportingDRS Debtor Reporting System (of the World CountriesBank) RES International reservesEDT Total external debt, including short-term SDR Special drawing right (of the IMF)and use of IMF credit TDS Total debt service on long-term debt andFDI Foreign direct investment short-term (interest only), including IMFGNI Gross national income creditsIBRD International Bank for Reconstruction WBXD World Bank External Debt Systemand Development/World Bank XGS Exports of goods and servicesIDA International Development Association(of the World Bank)xx

Debt stock and its componentsTotal exlernal 1debt (EDT)Short-term Long-terrn debt Use of IMFdebt (LDOD) creditsby debtoPrivate Pubilc and pubilclynonguaranteed debt guaranteed debt| by cre ditor l| Official ll Private lI creditors ll creditors lMultilateral || Bilateral | Cobmmnercial | Bonds ll Ote lxxi

Aggregate net resource flows and net transfers(long-term) to developing countriesLoandisbursementsminusPrincipalrepaymentsequalsI ~ ~ ~ ~~~~Freign directDebt service Net resource plu investment (FDI), equals Aggregate net(LTDS) flows on debt portfolio equity flows, q resource flowsand official grantsmus minusInterest payments Loan interestInterest payments and FDI profitsequals equalsNet transfers Aggregate neton debt transfersxxii

Aggregate net resource flows (long-term) and the balance of paymentsCredits Debits* Exports of goods and services * Imports of goods and services* Income received * Incomiie paidCurrent account * Current transfers * Current transfersIncluding workers' remittances andprivate grants* Official unrequited transfers * Official unrequited transfers(by foreign governments) (by national government)* Official unrequited transfers * Official unrequited transfers(by foreign governmienits) (by nationial government)* Foreign direct investmenit * Foreign direct investmient(by nonresidents) (by residents)(disinvestmiieint shown as negative) (disinvestment showin as negative)Capital and * Portfolio investmieit (abroad byfinancial account i s residents)(dalmvwr.tilz7t.R;negat ) (amortizations shown as negative)E) lr,t-w -it * Other long-term capital outflow (by- --.wrs.izraMi=(7Mw s residents) (amortizations showni ast =)g ive_ negative)* Short-tern capital niiflow * Short-term capital outflowReserve account Net changes in reservesAggregate net resource flowsNet resource flows on debt (long-term)xxIII

Country groupsRegional groupsEast Asia and Pacific Russian Federationb (E) Venezuela, R.B. de (A) Cape Verde (A)Slovak Republic (A) Antigua and Barbuda Central African Republic (E)Cambodia (P) Tajikistan (A) Cuba Chad (P)China (E) Turkey (A) Suriname Comoros (P)Fiji (A) Turkmenistan( .) Congo, Dem Rep. (A)Indonesia (P) Ukraine (A) Middle East and North Africa Congo, Rep. (E)Lao PDR (P) Uzbekistan (A) Cote d'lvoire (E)Malaysia (E) Yugoslavia, FR (Serbia and Algeria (A) Equatorial Guinea (E)Mongolia (A) Montenegro)a (P) Djibouti (P) Eritrea (A)Myanmar (E) Gibraltar Egypt, Arab Rep. (A) Ethiopia (P)Papua New Guinea (A) Iran, Islamic Rep (A) Gabon (A)Philippines (A) Latin America and the Jordan (A) Gambia, The (A)Samoa (A) Caribbean Lebanon (A) Ghana (A)Solomon Islands (A) Malta (A) Guinea (E)Thailand (P) Argentina (P) Morocco (A) Guinea-Bissau (E)Tonga (A) Barbados (E) Oman (A) Kenya (A)Vanuatu (E) Beli7e (A) Syrian Arab Republic (E) Lesotho (A)Vietnam (P) Bolivia (A) Tunisia (A) Liberia (E)Kiribati Brazil (P) Yemen, Rep (P) Madagascar (P)Korea, Dem. Rep. Chile (A) Iraq Malawi (E)Colombia (A) Libya Mali (P)Europe and Central Asia Costa Rica (A) Saudi Arabia Mauritania (A)Dominica (A) Mauritius (A)Albania (A) Dominican Republic (A) South Asia Mozambique (E)Armenia (A) Ecuador (E) Niger (P)Azerbaijan (A) El Salvador (A) Bangladesh (A) Nigeria (E)Belarus (A) Grenada (A) Bhutan (A) Rwanda (E)Bosnia and Herzegovinaa (A) Guatemala (A) India (A) Sao Tome and Principe (E)Bulgaria (A) Guyana (A) Maldives (A) Senegal (E)Croatia (A) Haiti (P) Nepal (A) Seychelles (E)Czech Republic (P) Honduras (A) Pakistan (P) Sierra Leone (A)Estonia (A) Jamaica (P) Sri Lanka (A) Somalia (E)Georgia (A) Mexico (A) Afghanistan South Africa (P)Hungary (A) Nicaragua (A) Sudan (P)Kazakhstan (A) Panama (A) Sub-Saharan Africa Swaziland (A)Kyrgyz Republic (A) Paraguay (A) Tanzania (E)Latvia (A) Peru (A) Angola (E) Togo (P)Lithuania (A) St Kitts and Nevis (A) Benin (A) Uganda (A)Macedonia, FYR (A) St. Lucia (A) Botswana (A) Zambia (P)Moldova (A) St. Vincent and the Grenadines (A) Burkina Faso (A) Zimbabwe (P)Poland (A) Trinidad and Tobago (P) Burundi (P) NamibiaRomania (A) Uruguay (A) Cameroon (P)Note Countries printed us normal type are reporters to the Debtor Reporting Systeiss (DRS), those printed in italics do not report to the DRS but are included in aggre-gate tables Letters in parenthesis indicate DRS reporters' status: (A) as reported. (P) preliminary, and (E) estimated The status "as reported" indicates that the countrywas fully current in its reporting under the (DRS) and that World Bank staff are satisfied that the reported data give an adequate and fair representation of the country'stotal public debt "Preliminary" data are based oni reported or collected infornsation but, because of incompleteness or other reasons, include ais element of staff esti-mation "Estimated" data indicate that countries are niot current in their reporting and that a significant eleniett of staff estmnation has been necessary in producing thedata tablesa For Bosniia and Herzegovina total debt before 1999. excluding IBRD and IMF obligationis and short-term debt, is included under Yugoslavia, FR (Serbia andMontenegro)b Includes the debt of the former Soviet Union on the assLumptMIi that 100 percent of all outstanding external debt as of December 1991 has become a liability of theRussian Federationxxiv

CO UN TRY G R O UPSIncome groupsLowv-inconze countries Nigei Middle-itcomne countries MaltaNigeria MauritiusAngola Pakistan Albania MexicoArmenia Papua New Guinea Algeria MoroccoAzerbaijan Rwanda Argentina OmanBanigiadesh Sao Tome and Piincipe Barbados PanamaBeiln Senegal Belarus ParaguayBhutan Sierra Leone Belize PeruBurkinia Faso Solomon Islands Bolivia PhilippinesBurundi Somalia Botswana PolandCambodia Sudan Bosnia and Herzegovina RomaniaCameroon Tajikistan Brazil Russian FederationCentral African Republic Tanzania Bulgaria SamoaChad Togo Cape Verde SeychellesComoios Uganda Chile Slovak RepublicCongo, Dem Rep. Ukraine Chinia South AfricaCongo, Rep. Uzbekistan Colombia Sri LankaCote d'lvoire Vietnam Costa Rica St Kitts and NevisEquatorial Guinea Yemen, Rep Croatia St. LuciaEritrea Zambia Czech Republic St. Vincent and the GrenadimesEthiopia Zimbabwe Dlibouti SwazilandGambia, The Afghanistan Dominica Syrian Arab RepublicGeorgia Korea, Deni. Rep. Dominican Republic ThailandGhana Ecuador TongaGuinea Egypt, Arab Rep. Trinidad and TobagoGuLiea-Bissau El Salvador TunisiaHaiti Estomia TuikeyIndia Fip TurkmenistalIndonesia Gabon UruguayKenya Grenada VanuatuKyrgyz Republic Guatemala Venezuela, R.B deLao PDR Guyana Yugoslavia, FR (Serbia andLesotho Honduras Montenegro)Liberia HLungary Antignia and BarbudaMadagascar li an, Islamic Rep CubaMalawi Jamaica GibraltarMali Jordan IraqMauritania Kazakhstan KiribatiMoldova Latvia LibyaMongolia Lebanon MaltaMozambique Lithuania NainibiaMyaimiar Macedonia, FYR Sanid; ArabiaNepal Malaysia SurinameNicaragua MaldivesNote Countries printed in tormal type are reporters to tht Debior Reporting System (DRS), those printed in italics do not report to the DRS but arc included in aggre-gate tables Low-income coLuntries are those in which 2001 GNI per capita (calcuilated using the \vorld Banik Atlas method) was nio nmore than $745, miiddle-incomiiecounitries are those in wvhich GNI per capita wvaq betweeni $746 anid $9,205 Republic of Korea is a high-1incom1e country anid is riot incltided in regional aiai analyticalgroup totalsxxv

XXIXTable 1: KEY INDEBTEDNESS INDICATORS 1999-2001County EDT 2001 PV 2001 EDT/XGS PV/XGS FDT/GN1 PV/GN1Hungary 30,289 28,427 93 87 64 60India 97,320 67.760 130 91 2 1 ISIndonesia 135,704 131,357 205 198 99 96Iran, Islarnic Rcep 7,483 6,725 29 26 7 6Jamaica 4,956 5,361 III 120) 68 73Jorlani 7,480 6 894 127 118 89 82Ka,'aklistan 14,372 14,265 153 151 79 78Kenya 5,833 4,412 204 154 55 41Kyrgyz Republic 1,717 1,326 292 225 131 101Lao PI)R 2.495 1,295 5(07 263 157 82Latvia 5.710 5,548 165 160 80 78Lebanion 12,450 13.451 428 463 7 1 77Lesotho 593 40)6 108 74 55 37Liberia I 987 1,928 I 731 1,679 487 472L-ithujania 5,248 5,l85 99 98 47 47Macedonia, FYR 1,423 1,170 89 73 40 33Madagavcar 4.160 2,045 .544 267 104 51Malawti 2,602 1,486 556 318 ISI 87Malaysia 43,35 1 46,030 41 44 56 59Maldives 235 177 SI1 38 43 32Mali 2,89(0 1,407 384 187 114 55Malta 1,531 1,357 36 32 43 38Mauri,aniia' 2.164 1,407 568 369 222 144Mauritius 1,724 1,658 63 60 40 38MexiLo 158,290 172,899 89 97 29 32Moldova 1,214 1.126 144 134 88 82Mongolia 885 606 ISO 103 92 63Morocco 16,962 14,694 126 109 5 I 44Mozatinbtqtie 4,466 916 569 117 125 26Myanmiiar 5,670 4,032 245 174 78 55Nepal 2,700 1,567 159 92 49 28Nicaraguai 6,391 4,309 702 473 306 206Niger 1,555 1,025 540 356 82 54Nigeria 31 119 30.882 155 154 88 87Onman 6,025 5 816 57 55 37 36Pakisian 32,02(0 25,457 299 238 55 41Pananmia 8,245 9.020 92 100 89 97Papua New Guinea 2.521 2,188 113 98 80 70Paraguay 2,817 2,666 86 81 37 35Peru 27,512 28,114 284 290 53 54Philippines 52,356 55.262 114 120 67 7 1Poland 62,393 59,268 (29 (23 39 37Ronmania 11.653 11,067 96 9 1 31 301Russian FederatIOn 152,649 146,725 140 134 63 60Ruiancda 1,283 670 910 475 71 37Samoa 204 142 213 148 85 59Sao Tomie anid Princitpe 313 100 1,839 588 735 23.5Senegal 3,461 2,406 252 175 77 53Seychelles 215 212 46 45 37 37Sierrai Leonec 1 (88 834 1,100 772 178 125Slovak Republie 11,121 10879 79 77 56 55Solomnon Islands 163 112 98 68 58 40Somali,d 2,531 2,277South Africa 24,050 23,379 65 63 20 1 9Sri Lanka 8.529 6.909 117 95 54 43St Kitii and Nevis 189 170 123 III 65 58

xxxTable 1: KEY INDEBTEDNESS INDICATORS 1999-2001County EDT 2001 PV 2001 EDT/XGS PV/XGS EDT/GNI PV/GNISt Lucia 238 229 62 60 37 36St Vmncent and the Greniadines 194 156 109 87 60 49Sudan 15,348 14,547 710 673 156 148Swaziland 308 297 28 27 22 22Syrian Arab RepubliL 21,305 20,837 307 300 125 122Tajikistan 1,086 853 138 109 109 867anzania 6,676 1,342 500 101 75 15Thailand 67,384 66,760 84 83 58 57Togo 1,406 999 288 205 III 79Tonga 63 42 67 45 42 28Trinidad and Tobago 2,422 2.60)9 55 59 33 35Tunisia 10,884 10,829 110 109 57 56Turkey 115,118 116,685 207 209 65 66TurkmenistanUganda 3,733 1,151 556 172 65 20Ukraine 12,811 11,483 66 59 39 35Uruguay 9,706 9,872 227 231 49 50Uzbekistan 4,627 4,444 142 136 - -Vanuatu 66 37 37 21 31 17Venetuela, RB de 34.660 37.467 113 122 30 33Vietnam 12,578 10,933 76 66 41 36Yemen, Rep 4,954 3,558 95 68 61 44Yugoslavia, FR 11,740 11,711 379 378 123 122Zambia 5,671 4,036 626 445 178 127Zimbabwe 3.780 3.493 174 161 54 50Not availableI Enhanced HIPC assistance will be accounted for in the 2004 GDFNotes For definition of ind,cators, cc Sources and Defintions suction Numbers in italics are fronit debt sasiainabiliy analyscs undoriaken in the context of the HIPC Ininaive Preseni value estimaies for thesecounries are for public and publickly guaramneed debt only, and cxpon figures exclude worker ntmittaucecIn ihe ratios, the numerator refers to the 2001 data and the denominator is an average of 1999 to 2001 dataCountry classifications The two indebtedness ratios in Global Devel-for 2003 opment Finance 2003 are calculated as follows:G LOBAL DEVELOPMENT FINANCE classi- a The ratio of the present value of total debtG fies indebtedness based on two ratios: the service in 2001 to average GNI in 1999,2000, andratio of the present value of total debt service to 2001.gross national income (GNI) and the ratio of the o The ratio of the present value of total debtpresent value of total debt service to exports. These service in 2001 to average exports (includingratios cast a country's indebtedness in terms of two worker remittances) in 1999, 2000, and 2001.important aspects of its potential capacity to ser- If either ratio exceeds a critical value-80 per-vice the debt: exports (because they provide foreign cent for the debt service to GNI ratio and 220 per-exchange to service debt) and GNI (because it is cent for the debt service to exports ratio-the coun-the broadest measure of income generation in an try is classified as severely indebted. If the criticaleconomy). For the 138 countries that report to the value is not exceeded but either ratio is three-fifthsWorld Bank's Debtor Reporting System (DRS) the or more of the critical value (that is, 48 percent fordebt data are drawn from this source. GNI and ex- the present value of debt service to GNI and 132 per-port data are from World Bank files, as shown in cent for the present value of debt service to exports),the Country Tables volume of Global Development the country is classified as moderately indebted. IfFinance. Export figures are earnings from goods both ratios are less than three-fifths of the criticaland services, including worker remittances. Data value, the country is classified as less indebted.on official grants are not included, although they Countries are further classified as low-inconme ifmay be a stable source of foreign exchange in some 2001 GNI per capita was $745 or less and ascountries. middle-income if 2001 GNI per capita was $746 or

Summary tables

xxviiiTable 1: KEY INDEBTEDNESS INDICATORS 1999-2001County EDT 2001 PV 2001 EDT/XGS PV/XGS EDT/GNI PV/GN1Albania 1,094 762 83 58 28 19Algeria 22,503 21.694 114 110 46 44Anigola 9,600 9,348 140 136 147 143Argentina 136,709 148,847 375 409 50 55Armenia 1,001 654 176 115 50 33Azerbaijan 1,219 994 60 49 25 20Bangladesh 15.215 9.712 178 113 33 2 1Barbados 701 739 46 49 29 30Belarus 869 819 I12 1 I 7 7Belize