- International Monetary Fund
- Published Date:
- March 2004
©2003 International Monetary Fund
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The following symbols have been used throughout this volume:
… to indicate that data are not available;
—to indicate that the figure is zero, or that the item does not exist;
– between years or months (for example, 2001–02 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (for example, 2002/03) to indicate a fiscal or financial year;
0 amount greater than zero but decimal points not shown.
“Billion” means a thousand million; “trillion” means a thousand billion.
“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).
“n.a.” means not applicable.
Minor discrepancies between constituent figures and totals are due to rounding.
As used in this volume the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.
Frequently Used AbbreviationsAfDB
African Development BankAfDF
African Development FundAsDB
Asian Development BankCIRR
Commercial interest reference rateDAC
Development Assistance CommitteeDRS
Debtor Reporting SystemDSA
Debt sustainability analysisEBRD
European Bank for Reconstruction and DevelopmentECA
Export credit agencyECG
OECD Working Party on Export Credits and Credit GuaranteesECGD
Exports Credits Guarantee DepartmentEDF
European Development FundEIB
European Investment BankESAF
Enhanced Structural Adjustment FacilityEU
Foreign direct investmentFSAP
Financial Sector Assessment ProgramG-7
Group of Seven countriesG-8
Group of Eight countriesGDF
Global Development FinanceGDP
Gross domestic productGNI
Gross national incomeHIPC
Heavily indebted poor countryIBRD
International Bank for Reconstruction and Development (World Bank)ICSID
International Centre for the Settlement of Investment DisputesIDA
International Development AssociationIFAD
International Fund for Agricultural DevelopmentIFC
International Finance CorporationIFI
International financial institutionJBIC
Japan Bank for International CooperationJEXIM
Export-Import Bank of JapanMDB
Multilateral development bankMDGs
Millennium Development GoalsMIGA
Multilateral Investment Guarantee AgencyNEPAD
New Partnership for Africa’s DevelopmentNEXI
Nippon Export and Investment InsuranceNGO
Net present valueODA
Official development assistanceODF
Official development financeOECD
Organization for Economic Cooperation and DevelopmentOOF
Other official flowsOPEC
Organization of the Petroleum Exporting CountriesPICC
People’s Insurance Company of ChinaPRGF
Poverty Reduction and Growth FacilityPRSP
Poverty Reduction Strategy PaperSAF
Structural Adjustment FacilityTFP
Trade Facilitation ProgramUN
See also Glossary on pages 62–73.
This paper was prepared in the Official Financing Operations Division of the Policy Development and Review Department of the International Monetary Fund, under the direction of Martin Gilman and Jian-Ye Wang. It was coordinated by Marcio Ronci, with contributions from Ulrich Jacoby, Iacovos Ioannou, Sumio Ishikawa, Julie Kozack, Boileau Loko, Mario Mansilla, Wayne Mitchell, Montfort Mlachila, Mona Said, Helaway Tadesse, and Kadima Kalonji. Richard Harmsen coordinated early stages of the preparation. This paper provides information on official financing and the debt situation of developing countries. It discusses issues related to trade finance in financial crises and the challenge of maintaining external debt sustainability in debtor countries. The paper updates Official Financing for Developing Countries (Doris Ross and Richard Harmsen, 2001).
The work benefited from comments by staff in the Policy Development and Review Department and other departments of the IMF. Opinions expressed in this paper are those of the authors and do not necessarily represent the views of the IMF or its Executive Directors. The paper is based on data available when it was issued for information to the Executive Board of the IMF in December 2003.
The authors are grateful to Barbara Dabrowska for research and to Sulochana Kamaldinni and Seetha Milton for secretarial assistance. Esha Ray of the External Relations Department edited the manuscript and coordinated production of the publication.