- 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 Abbreviations
African Development Bank
African Development Fund
Asian Development Bank
Commercial interest reference rate
Development Assistance Committee
Debtor Reporting System
Debt sustainability analysis
European Bank for Reconstruction and Development
Export credit agency
OECD Working Party on Export Credits and Credit Guarantees
Exports Credits Guarantee Department
European Development Fund
European Investment Bank
Enhanced Structural Adjustment Facility
Foreign direct investment
Financial Sector Assessment Program
Group of Seven countries
Group of Eight countries
Global Development Finance
Gross domestic product
Gross national income
Heavily indebted poor country
International Bank for Reconstruction and Development (World Bank)
International Centre for the Settlement of Investment Disputes
International Development Association
International Fund for Agricultural Development
International Finance Corporation
International financial institution
Japan Bank for International Cooperation
Export-Import Bank of Japan
Multilateral development bank
Millennium Development Goals
Multilateral Investment Guarantee Agency
New Partnership for Africa’s Development
Nippon Export and Investment Insurance
Net present value
Official development assistance
Official development finance
Organization for Economic Cooperation and Development
Other official flows
Organization of the Petroleum Exporting Countries
People’s Insurance Company of China
Poverty Reduction and Growth Facility
Poverty Reduction Strategy Paper
Structural Adjustment Facility
Trade Facilitation Program
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.