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Abstract
The external indebtedness of non-oil developing countries has been of growing concern in recent years. Several factors have brought the debt issue to the forefront of the problems facing a number of countries, including the rapid rise in external debt in the recent past, changes in the composition of debt (toward a greater proportion owed to commercial banks) and the attendant deterioration in the terms of debt, and the rise in debt service resulting from these developments. Some countries have already encountered or are currently experiencing debt servicing problems, and there is concern that such problems may become more acute as countries incur additional external debt.
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