Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
March 2004
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    ©2003 International Monetary Fund

    Production: IMF Multimedia Services Division

    Cover and Figures: Theodore F. Peters, Jr.

    Typesetting: Alicia Etchebarne-Bourdin

    ISBN 9781589062283

    ISSN 0258-7440

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    Contents

    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

    AfDB

    African Development Bank

    AfDF

    African Development Fund

    AsDB

    Asian Development Bank

    CIRR

    Commercial interest reference rate

    DAC

    Development Assistance Committee

    DRS

    Debtor Reporting System

    DSA

    Debt sustainability analysis

    EBRD

    European Bank for Reconstruction and Development

    ECA

    Export credit agency

    ECG

    OECD Working Party on Export Credits and Credit Guarantees

    ECGD

    Exports Credits Guarantee Department

    EDF

    European Development Fund

    EIB

    European Investment Bank

    ESAF

    Enhanced Structural Adjustment Facility

    EU

    European Union

    FDI

    Foreign direct investment

    FSAP

    Financial Sector Assessment Program

    G-7

    Group of Seven countries

    G-8

    Group of Eight countries

    GDF

    Global Development Finance

    GDP

    Gross domestic product

    GNI

    Gross national income

    HIPC

    Heavily indebted poor country

    IBRD

    International Bank for Reconstruction and Development (World Bank)

    ICSID

    International Centre for the Settlement of Investment Disputes

    IDA

    International Development Association

    IFAD

    International Fund for Agricultural Development

    IFC

    International Finance Corporation

    IFI

    International financial institution

    JBIC

    Japan Bank for International Cooperation

    JEXIM

    Export-Import Bank of Japan

    MDB

    Multilateral development bank

    MDGs

    Millennium Development Goals

    MIGA

    Multilateral Investment Guarantee Agency

    NEPAD

    New Partnership for Africa’s Development

    NEXI

    Nippon Export and Investment Insurance

    NGO

    Nongovernmental organization

    NPV

    Net present value

    ODA

    Official development assistance

    ODF

    Official development finance

    OECD

    Organization for Economic Cooperation and Development

    OOF

    Other official flows

    OPEC

    Organization of the Petroleum Exporting Countries

    PICC

    People’s Insurance Company of China

    PRGF

    Poverty Reduction and Growth Facility

    PRSP

    Poverty Reduction Strategy Paper

    SAF

    Structural Adjustment Facility

    TFP

    Trade Facilitation Program

    UN

    United Nations

    See also Glossary on pages 62–73.

    Preface

    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.

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