- International Monetary Fund
- Published Date:
- January 1993
© 1993 International Monetary Fund
Charts and Cover Design: IMF Graphics Section
(US$12.00 to full-time faculty members and students at universities and colleges)
Please send orders to:
International Monetary Fund, Publication Services
700 19th Street, N.W., Washington, D.C 20431, U.S.A.
Tel.: (202) 623-7430 Telefax: (202) 623-7201
Box 1. Letters of Credit
The following symbols have been used throughout this paper:
… to indicate that data not available;
— to indicate that the figure is zero or less than half the final digit shown; of that the item does not exist;
– between years or months (e.g., 1991–92 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.
This study was prepared in the Policy Development and Review Department of the International Monetary Fund, under the direction of Charles Collyns, Chief of the Debt and Program Financing Issues Division. Its authors are George Anayiotos, Shogo Ishii, Thomas Laursen, Paulo Leme, Paul Mylonas, Susan Prowse, Robert Rennhack, Alejandro Santos, and Philippe Szymczak, economists in the division. The study updates information and analyses contained in Private Market Financing for Developing Countries, World Economic and Financial Surveys (Washington: IMF, December 1992).
The work benefited from comments by staff in other departments of the IMF and by members of the Executive Board. Opinions expressed, however, are those of the authors and do not necessarily represent the view of the IMF or its Executive Directors. The study was completed in September 1993 and reflects developments to that time.
Louis Pauly prepared the text for publication. The authorities are also grateful to Anne Jansen for excellent research assistance, and to Delrene Alvis, Ana Knowles, and Lucia Buono for their valuable word-processing services. Juanita Roushdy of the External Relations Department gave the manuscript a final edit and coordinated production.