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Language:: English

Keywords:: WEFS; market financing; financing terms; capital repatriation; commercial bank debt; debt problem; Capital outflows; Bonds; Commercial banks; Debt reduction; Securities; Middle East; Western Hemisphere; Africa; Asia and Pacific; Eastern Europe

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Abstract

Change in Interbank Claims and Liabilities, 1985–First Quarter 19911

Statistical Appendix

^{Table A1.}

Change in Interbank Claims and Liabilities, 1985–First Quarter 1991¹

(In billions of U.S. dollars)

Sources: International Monetary Fund, International Financial Statistics (IFS); and IMF staff estimates.

^¹Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank.

^³Excluding offshore centers.

^⁴The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁵Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of the Bank for International Settlements with banks other than central banks and changes in identified cross-border interbank accounts of European developing economies (excluding IMF members).

^⁶All developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

^⁷All developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

^⁸As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

^⁹Difference between changes in claims and liabilities.

^¹⁰The difference between global measures of cross-border changes in interbank claims and liabilities.

^{Table A1.}

Change in Interbank Claims and Liabilities, 1985–First Quarter 1991¹

(In billions of U.S. dollars)

				1985	1986	1987	1988	1989	1990	First Quarter 1991
Total change in claims²				217	450	660	480	653	479	—
	Industrial countries			184	376	465	393	452	377	14
		Of which:
			United States	33	69	83	69	59	16	–12
			Japan	40	148	192	185	136	47	–54
	Developing countries³			8	4	16	–2	—	9	5
	Offshore centers⁴			19	81	163	82	171	112	–18
	Other transactors⁵			7	–11	15	8	30	–20	–2
Memorandum items
	Capital-importing developing countries^3,6			8	4	14	–6	–2	8	7
	Non-oil developing countries^3,7			6	4	14	–8	5	6	8
	Fifteen heavily indebted countries			—	–1	2	–10	–3	–9	2
Total change in liabilities⁸				213	466	625	445	651	432	–60
	Industrial countries			168	364	439	327	464	384	–23
		Of which:
			United States	8	56	35	63	61	–1	–14
			Japan	40	111	145	147	125	58	–41
	Developing countries³			1	–10	33	19	41	45	–1
	Offshore centers⁴			37	117	137	95	135	25	–33
	Other transactors⁵			8	–5	16	4	12	–21	–3
Memorandum items
	Capital-importing developing countries^3,6			5	2	25	12	36	50	—
	Non-oil developing countries^3,7			2	9	25	13	33	41	–2
	Fifteen heavily indebted countries			–3	–7	5	–1	7	13	—
Change in total net claims⁹				5	–16	35	35	2	47	59
	Industrial countries			16	12	26	66	–12	–7	37
		Of which:
			United States	25	13	48	6	–2	17	3
			Japan	–1	37	47	39	12	–11	–14
	Developing countries³			7	14	–17	–20	–41	–35	6
	Offshore centers⁴			–18	–36	26	–14	36	87	15
	Other transactions⁵			–1	–5	–1	4	18	2	1
Memorandum items
	Capital-importing developing countries^3,6			–3	2	–10	–18	–38	–42	7
	Non-oil developing countries^3,7			5	–5	–12	–22	–37	–34	10
	Fifteen heavily indebted countries			3	6	–3	–9	–10	–22	2
	Net errors and omissions¹⁰			–5	16	–35	–35	–2	–47	–59

Sources: International Monetary Fund, International Financial Statistics (IFS); and IMF staff estimates.

^¹Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank.

^³Excluding offshore centers.

^⁴The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁷All developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

^⁸As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

^⁹Difference between changes in claims and liabilities.

^¹⁰The difference between global measures of cross-border changes in interbank claims and liabilities.

^{Table A1.}

Change in Interbank Claims and Liabilities, 1985–First Quarter 1991¹

(In billions of U.S. dollars)

				1985	1986	1987	1988	1989	1990	First Quarter 1991
Total change in claims²				217	450	660	480	653	479	—
	Industrial countries			184	376	465	393	452	377	14
		Of which:
			United States	33	69	83	69	59	16	–12
			Japan	40	148	192	185	136	47	–54
	Developing countries³			8	4	16	–2	—	9	5
	Offshore centers⁴			19	81	163	82	171	112	–18
	Other transactors⁵			7	–11	15	8	30	–20	–2
Memorandum items
	Capital-importing developing countries^3,6			8	4	14	–6	–2	8	7
	Non-oil developing countries^3,7			6	4	14	–8	5	6	8
	Fifteen heavily indebted countries			—	–1	2	–10	–3	–9	2
Total change in liabilities⁸				213	466	625	445	651	432	–60
	Industrial countries			168	364	439	327	464	384	–23
		Of which:
			United States	8	56	35	63	61	–1	–14
			Japan	40	111	145	147	125	58	–41
	Developing countries³			1	–10	33	19	41	45	–1
	Offshore centers⁴			37	117	137	95	135	25	–33
	Other transactors⁵			8	–5	16	4	12	–21	–3
Memorandum items
	Capital-importing developing countries^3,6			5	2	25	12	36	50	—
	Non-oil developing countries^3,7			2	9	25	13	33	41	–2
	Fifteen heavily indebted countries			–3	–7	5	–1	7	13	—
Change in total net claims⁹				5	–16	35	35	2	47	59
	Industrial countries			16	12	26	66	–12	–7	37
		Of which:
			United States	25	13	48	6	–2	17	3
			Japan	–1	37	47	39	12	–11	–14
	Developing countries³			7	14	–17	–20	–41	–35	6
	Offshore centers⁴			–18	–36	26	–14	36	87	15
	Other transactions⁵			–1	–5	–1	4	18	2	1
Memorandum items
	Capital-importing developing countries^3,6			–3	2	–10	–18	–38	–42	7
	Non-oil developing countries^3,7			5	–5	–12	–22	–37	–34	10
	Fifteen heavily indebted countries			3	6	–3	–9	–10	–22	2
	Net errors and omissions¹⁰			–5	16	–35	–35	–2	–47	–59

Sources: International Monetary Fund, International Financial Statistics (IFS); and IMF staff estimates.

^¹Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank.

^³Excluding offshore centers.

^⁴The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁷All developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

^⁸As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

^⁹Difference between changes in claims and liabilities.

^¹⁰The difference between global measures of cross-border changes in interbank claims and liabilities.

^{Table A2}

Change in Claims on Nonbanks and Liabilities to Nonbanks, 1985–First Quarter 1991¹

(In billions of U.S. dollars)

Sources: International Monetary Fund, International Financial Statistics (IFS); and IMF staff estimates.

^¹Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border bank credits to nonbanks by residence of borrower.

^³Excluding offshore centers.

^⁴The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁵Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of international organizations (other than the Bank for International Settlements) with banks; and changes in identified cross-border bank accounts of nonbanks in European developing economies (excluding Fund members).

^⁶The difference between the amount that countries report as their banks’ positions with nonresident nonbanks in their monetary statistics and the amounts that banks in major financial centers report as their positions with nonbanks in each country.

^⁷All developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

^⁸All developing countries except the eight Middle Eastern oil exporters (listed in footnote 7), Algeria, Indonesia, Nigeria, and Venezuela.

^⁹As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

^¹⁰Difference between changes in claims and liabilities.

^{Table A2}

Change in Claims on Nonbanks and Liabilities to Nonbanks, 1985–First Quarter 1991¹

(In billions of U.S. dollars)

				1985	1986	1987	1988	1989	1990	First Quarter 1991
Total change in claims²				60	88	139	74	187	263	52
	Industrial countries			25	38	79	81	120	204	25
		Of which:
			United States	21	25	23	39	35	49	2
			Japan	—	5	31	18	36	54	1
	Developing countries³			–4	–2	6	–3	11	–6	7
	Offshore centers⁴			10	5	1	3	10	16	–4
	Other transactors⁵			3	4	2	—	3	9	2
	Unidentified borrowers⁶			26	43	51	–7	43	41	21
Memorandum items
	Capital-importing developing countries^3,7			–3	–1	7	–3	8	–3	4
	Non-oil developing countries^3,8			–3	–1	8	–1	10	—	8
	Fifteen heavily indebted countries			–5	–1	1	–5	—	–19	–1
Total change in liabilities⁹				88	118	135	95	161	213	12
	Industrial countries			27	60	53	50	107	116	37
		Of which:
			United States	14	26	23	21	6	25	1
			Japan	1	2	1	2	13	–3	—
	Developing countries³			22	3	15	18	34	27	–6
	Offshore centers⁴			9	13	7	5	13	18	–4
	Other transactors⁵			1	–1	1	2	1	2	2
	Unidentified depositors⁶			30	42	58	20	6	50	–17
Memorandum items
	Capital-importing developing countries^3,7			16	6	11	13	23	21	–3
	Non-oil developing countries^3,8			14	7	11	12	20	20	–3
	Fifteen heavily indebted countries			8	2	5	6	10	8	–1
Change in total net claims on¹⁰				–27	–29	3	–22	26	50	40
	Industrial countries			–1	–22	25	31	13	88	–2
		Of which:
			United States	8	–1	1	19	28	24	1
			Japan	–1	3	30	16	22	57	1
	Developing countries³			–26	–5	–9	–21	–23	–33	13
	Offshore centers⁴			—	–8	–6	–2	–4	–2	—
	Other transactors⁵			2	5	1	–2	3	7	1
	Unidentified (net)⁶			–3	1	–7	–27	37	–9	38
Memorandum items
	Capital-importing developing countries^3,7			–19	–7	–5	–16	–15	–23	7
	Non-oil developing countries^3,8			–16	–8	–3	–13	–10	–19	10
	Fifteen heavily indebted countries			–13	–3	–4	–11	–10	–27	—

Sources: International Monetary Fund, International Financial Statistics (IFS); and IMF staff estimates.

^¹Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border bank credits to nonbanks by residence of borrower.

^³Excluding offshore centers.

^⁴The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁵Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of international organizations (other than the Bank for International Settlements) with banks; and changes in identified cross-border bank accounts of nonbanks in European developing economies (excluding Fund members).

^⁸All developing countries except the eight Middle Eastern oil exporters (listed in footnote 7), Algeria, Indonesia, Nigeria, and Venezuela.

^⁹As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

^¹⁰Difference between changes in claims and liabilities.

^{Table A2}

Change in Claims on Nonbanks and Liabilities to Nonbanks, 1985–First Quarter 1991¹

(In billions of U.S. dollars)

				1985	1986	1987	1988	1989	1990	First Quarter 1991
Total change in claims²				60	88	139	74	187	263	52
	Industrial countries			25	38	79	81	120	204	25
		Of which:
			United States	21	25	23	39	35	49	2
			Japan	—	5	31	18	36	54	1
	Developing countries³			–4	–2	6	–3	11	–6	7
	Offshore centers⁴			10	5	1	3	10	16	–4
	Other transactors⁵			3	4	2	—	3	9	2
	Unidentified borrowers⁶			26	43	51	–7	43	41	21
Memorandum items
	Capital-importing developing countries^3,7			–3	–1	7	–3	8	–3	4
	Non-oil developing countries^3,8			–3	–1	8	–1	10	—	8
	Fifteen heavily indebted countries			–5	–1	1	–5	—	–19	–1
Total change in liabilities⁹				88	118	135	95	161	213	12
	Industrial countries			27	60	53	50	107	116	37
		Of which:
			United States	14	26	23	21	6	25	1
			Japan	1	2	1	2	13	–3	—
	Developing countries³			22	3	15	18	34	27	–6
	Offshore centers⁴			9	13	7	5	13	18	–4
	Other transactors⁵			1	–1	1	2	1	2	2
	Unidentified depositors⁶			30	42	58	20	6	50	–17
Memorandum items
	Capital-importing developing countries^3,7			16	6	11	13	23	21	–3
	Non-oil developing countries^3,8			14	7	11	12	20	20	–3
	Fifteen heavily indebted countries			8	2	5	6	10	8	–1
Change in total net claims on¹⁰				–27	–29	3	–22	26	50	40
	Industrial countries			–1	–22	25	31	13	88	–2
		Of which:
			United States	8	–1	1	19	28	24	1
			Japan	–1	3	30	16	22	57	1
	Developing countries³			–26	–5	–9	–21	–23	–33	13
	Offshore centers⁴			—	–8	–6	–2	–4	–2	—
	Other transactors⁵			2	5	1	–2	3	7	1
	Unidentified (net)⁶			–3	1	–7	–27	37	–9	38
Memorandum items
	Capital-importing developing countries^3,7			–19	–7	–5	–16	–15	–23	7
	Non-oil developing countries^3,8			–16	–8	–3	–13	–10	–19	10
	Fifteen heavily indebted countries			–13	–3	–4	–11	–10	–27	—

Sources: International Monetary Fund, International Financial Statistics (IFS); and IMF staff estimates.

^¹Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

^²As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border bank credits to nonbanks by residence of borrower.

^³Excluding offshore centers.

^⁴The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

^⁵Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of international organizations (other than the Bank for International Settlements) with banks; and changes in identified cross-border bank accounts of nonbanks in European developing economies (excluding Fund members).

^⁸All developing countries except the eight Middle Eastern oil exporters (listed in footnote 7), Algeria, Indonesia, Nigeria, and Venezuela.

^⁹As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

^¹⁰Difference between changes in claims and liabilities.

^{Table A3}

Long-Term Bank Credit Commitments to Developing Countries, 1984–First Quarter 1991¹

(In billions of U.S. dollars)

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and IMF staff estimates.

^¹Owing to rounding, components may not add.

^²Includes agreements in principle with Argentina, Côte d’lvoire, Ecuador, and the Philippines.

^³Includes a $0.1 billion revolving trade facility for Costa Rica.

^⁴Includes agreements in principle with the Congo, Mexico, and Nigeria.

^⁵Includes agreement in principle with Ecuador.

^⁶Includes agreements in principle with Côte d’lvoire and Yugoslavia.

^⁷Includes agreement in principle with Jordan and finalized agreements with Mexico and the Philippines.

^⁸Includes agreements in principle with Venezuela and Uruguay.

^⁹Excludes offshore banking centers.

^¹⁰Concerted lending refers to bank credit commitments coordinated by a bank advisory committee.

^¹¹Includes bank loans obtained by Colombia ($1.6 billion in 1989 and $1.8 billion in 1990) on a “semi-concerted” basis to refinance principal payments.

^¹²Includes a $0.1 billion concerted lending commitment to Panama.

^{Table A3}

Long-Term Bank Credit Commitments to Developing Countries, 1984–First Quarter 1991¹

(In billions of U.S. dollars)

											First Quarter
				1984²	1985³	1986⁴	1987⁵	1988⁶	1989⁷	1990⁸	1990	1991
Developing countries⁹				29.2	16.0	22.8	16.4	17.5	18.2	17.8	3.4	2.6
			Spontaneous lending	12.7	13.8	14.7	14.1	11.8	15.9	16.6	2.2	2.6
			Concerted lending¹⁰	16.5	2.2	8.1	2.3	5.7	2.3	1.3	1.2	—
	Capital importing countries⁹			28.1	14.4	21.4	16.3	17.2	16.8	17.8	3.4	2.6
			Spontaneous lending	11.6	12.2	13.3	14.0	11.5	14.5	16.6	2.2	2.6
			Concerted lending¹⁰	16.5	2.2	8.1	2.3	5.7	2.3	1.3	1.2	—
		Africa		0.6	1.5	1.8	0.7	0.6	0.5	0.6	0.1	—
			Spontaneous lending	0.5	—	1.4	0.7	0.4	0.5	0.6	0.1	—
			Concerted lending¹⁰	0.1	—	0.4	—	0.2	—	—	—	—
		Asia		9.4	7.5	8.2	8.5	7.8	8.9	10.7	1.9	2.6
			Spontaneous lending	8.5	7.5	8.2	8.5	7.8	8.3	10.7	1.9	2.6
			Concerted lending¹⁰	0.9	—	—	—	—	0.6	—	—	—
		Europe		1.6	2.8	2.8	4.1	2.2	2.7	1.7	—	—
			Spontaneous lending	1.6	2.8	2.8	4.1	1.9	2.7	1.7	—	—
			Concerted lending¹⁰	—	—	—	—	0.3	—	—	—	—
		Middle East		0.4	0.3	0.1	0.3	0.2	0.7	0.1	—	—
			Spontaneous lending	0.4	0.3	0.1	0.3	0.2	0.6	0.1	—	—
			Concerted lending¹⁰	—	—	—	—	—	0.1	—	—	—
		Western Hemisphere		16.1	2.4	8.5	2.7	6.4	4.1	4.8	1.4	—
			Spontaneous lending	0.6	0.2	0.8	0.4	1.2	3.0¹¹	2.7¹¹	0.2	—
			Concerted lending¹⁰	15.5	2.2	7.7	2.3	5.2	1.1	2.1	1.2	—
Memorandum items
	Other countries n.i.e.			1.9	3.5	2.1	1.5	2.5	1.5	3.0	—	—
	Offshore banking centers			0.9	0.4¹²	0.7	0.3	0.4	2.4	3.0	0.2	0.7

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and IMF staff estimates.

^¹Owing to rounding, components may not add.

^²Includes agreements in principle with Argentina, Côte d’lvoire, Ecuador, and the Philippines.

^³Includes a $0.1 billion revolving trade facility for Costa Rica.

^⁴Includes agreements in principle with the Congo, Mexico, and Nigeria.

^⁵Includes agreement in principle with Ecuador.

^⁶Includes agreements in principle with Côte d’lvoire and Yugoslavia.

^⁷Includes agreement in principle with Jordan and finalized agreements with Mexico and the Philippines.

^⁸Includes agreements in principle with Venezuela and Uruguay.

^⁹Excludes offshore banking centers.

^¹⁰Concerted lending refers to bank credit commitments coordinated by a bank advisory committee.

^¹¹Includes bank loans obtained by Colombia ($1.6 billion in 1989 and $1.8 billion in 1990) on a “semi-concerted” basis to refinance principal payments.

^¹²Includes a $0.1 billion concerted lending commitment to Panama.

^{Table A3}

Long-Term Bank Credit Commitments to Developing Countries, 1984–First Quarter 1991¹

(In billions of U.S. dollars)

											First Quarter
				1984²	1985³	1986⁴	1987⁵	1988⁶	1989⁷	1990⁸	1990	1991
Developing countries⁹				29.2	16.0	22.8	16.4	17.5	18.2	17.8	3.4	2.6
			Spontaneous lending	12.7	13.8	14.7	14.1	11.8	15.9	16.6	2.2	2.6
			Concerted lending¹⁰	16.5	2.2	8.1	2.3	5.7	2.3	1.3	1.2	—
	Capital importing countries⁹			28.1	14.4	21.4	16.3	17.2	16.8	17.8	3.4	2.6
			Spontaneous lending	11.6	12.2	13.3	14.0	11.5	14.5	16.6	2.2	2.6
			Concerted lending¹⁰	16.5	2.2	8.1	2.3	5.7	2.3	1.3	1.2	—
		Africa		0.6	1.5	1.8	0.7	0.6	0.5	0.6	0.1	—
			Spontaneous lending	0.5	—	1.4	0.7	0.4	0.5	0.6	0.1	—
			Concerted lending¹⁰	0.1	—	0.4	—	0.2	—	—	—	—
		Asia		9.4	7.5	8.2	8.5	7.8	8.9	10.7	1.9	2.6
			Spontaneous lending	8.5	7.5	8.2	8.5	7.8	8.3	10.7	1.9	2.6
			Concerted lending¹⁰	0.9	—	—	—	—	0.6	—	—	—
		Europe		1.6	2.8	2.8	4.1	2.2	2.7	1.7	—	—
			Spontaneous lending	1.6	2.8	2.8	4.1	1.9	2.7	1.7	—	—
			Concerted lending¹⁰	—	—	—	—	0.3	—	—	—	—
		Middle East		0.4	0.3	0.1	0.3	0.2	0.7	0.1	—	—
			Spontaneous lending	0.4	0.3	0.1	0.3	0.2	0.6	0.1	—	—
			Concerted lending¹⁰	—	—	—	—	—	0.1	—	—	—
		Western Hemisphere		16.1	2.4	8.5	2.7	6.4	4.1	4.8	1.4	—
			Spontaneous lending	0.6	0.2	0.8	0.4	1.2	3.0¹¹	2.7¹¹	0.2	—
			Concerted lending¹⁰	15.5	2.2	7.7	2.3	5.2	1.1	2.1	1.2	—
Memorandum items
	Other countries n.i.e.			1.9	3.5	2.1	1.5	2.5	1.5	3.0	—	—
	Offshore banking centers			0.9	0.4¹²	0.7	0.3	0.4	2.4	3.0	0.2	0.7

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and IMF staff estimates.

^¹Owing to rounding, components may not add.

^²Includes agreements in principle with Argentina, Côte d’lvoire, Ecuador, and the Philippines.

^³Includes a $0.1 billion revolving trade facility for Costa Rica.

^⁴Includes agreements in principle with the Congo, Mexico, and Nigeria.

^⁵Includes agreement in principle with Ecuador.

^⁶Includes agreements in principle with Côte d’lvoire and Yugoslavia.

^⁷Includes agreement in principle with Jordan and finalized agreements with Mexico and the Philippines.

^⁸Includes agreements in principle with Venezuela and Uruguay.

^⁹Excludes offshore banking centers.

^¹⁰Concerted lending refers to bank credit commitments coordinated by a bank advisory committee.

^¹¹Includes bank loans obtained by Colombia ($1.6 billion in 1989 and $1.8 billion in 1990) on a “semi-concerted” basis to refinance principal payments.

^¹²Includes a $0.1 billion concerted lending commitment to Panama.

^{Table A4}

Bank Credit Commitments by Country of Destination,1984–First Quarter 1991¹

(In billions of U.S. dollars)

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and IMF staff estimates.

^¹OECD data on developing countries have been adjusted to include new money commitments under bank agreements in principle, as follows (amounts in billions of U.S. dollars):

1984: Argentina (3.7); Côte d’lvoire (0.1); Ecuador (0.2); the Philippines (0.9).

1985: Costa Rica (0.1 revolving trade facility)

1986: Congo (0.1); Mexico (7.7); Nigeria (0.3)

1987: Ecuador (0.4)

1988: Côte d’lvoire (0.2); Yugoslavia (0.3)

1989: Jordan (0.1); Mexico (1.1); the Philippines (0.7)

1990: Colombia (1.8); Uruguay (0.1); Venezuela (1.2)

^²Excludes offshore banking centers.

^³Includes former German Democratic Republic through 1989.

^{Table A4}

Bank Credit Commitments by Country of Destination,1984–First Quarter 1991¹

(In billions of U.S. dollars)

											First Quarter
				1984	1985	1986	1987	1988	1989	1990	1990	1991
Industrial countries				32.0	32.4	40.5	54.3	95.7	97.6	90.2	18.2	11.6
	Australia			2.4	2.6	5.0	3.1	3.8	8.2	2.6	1.1	1.6
	Belgium			0.9	0.7	0.8	0.3	0.9	0.5	1.1	0.9	—
	Canada			2.7	7.0	6.2	2.1	3.9	5.9	8.3	1.3	0.5
	Denmark			0.7	0.3	0.5	0.8	0.9	0.5	1.0	0.3	0.1
	France			2.0	4.1	3.7	3.0	7.5	5.9	6.7	0.9	1.8
	Italy			4.7	5.1	6.0	5.4	4.3	7.6	13.2	2.1	1.6
	Spain			3.5	2.6	4.5	1.1	1.7	1.7	1.8	0.7	0.3
	Sweden			0.4	1.0	0.1	0.5	2.3	0.7	2.7	0.8	1.1
	United Kingdom			3.3	1.5	2.2	12.9	32.1	19.8	22.4	2.8	0.3
	United States			5.3	3.5	5.2	15.7	28.3	32.9	11.7	2.9	2.7
	Other			6.1	4.0	6.3	9.4	10.0	13.9	18.7	4.4	1.6
Developing countries²				29.2	16.0	22.8	16.4	17.5	18.2	17.8	3.4	2.6
	Capital-importing developing countries²			28.1	14.4	21.4	16.3	17.2	16.8	17.8	3.4	2.6
		Africa		0.6	1.5	1.8	0.7	0.6	0.5	0.6	0.1	—
			Côte d’lvoire	0.1	0.1	—	—	0.2	—	—	—	—
			Morocco	—	0.1	—	—	0.1	—	0.1	—	—
			Nigeria	—	—	0.3	—	—	—	—	—	—
			South Africa	0.2	—	—	—	—	—	—	—	—
			Other	0.3	1.3	1.5	0.7	0.3	0.5	0.5	0.1	—
		Asia		9.4	7.5	8.2	8.5	7.8	8.9	10.7	1.9	2.6
			China	0.2	2.3	1.9	3.3	2.7	1.6	1.3	0.8	1.0
			India	0.6	0.2	1.2	1.8	1.6	1.4	0.7	0.3	0.1
			Indonesia	1.6	0.1	1.0	1.6	0.5	2.3	3.9	0.3	0.7
			Korea	3.7	3.7	1.5	0.9	1.2	0.7	1.9	0.2	0.4
			Malaysia	1.0	0.2	1.2	0.3	0.8	0.1	0.5	—	—
			Philippines	0.9	—	—	—	—	0.7	—	—	—
			Thailand	0.8	0.7	1.1	0.3	0.8	0.8	1.2	0.3	0.3
			Other	0.6	0.3	0.3	0.3	0.2	1.3	1.2	—	0.1
		Europe		1.6	2.8	2.8	4.1	2.2	2.1	1.7	—	—
			Hungary	0.8	0.9	0.8	1.4	0.2	0.8	—	—	—
			Turkey	0.4	1.6	2.0	2.6	1.7	1.7	1.6	—	—
			Yugoslavia	—	—	—	—	0.3	—	—	—	—
			Other	0.4	0.3	—	0.1	—	0.2	0.1	—	—
		Middle East		0.4	0.3	0.1	0.3	0.2	0.7	0.1	—	—
			Egypt	—	0.1	—	—	—	0.5	—	—	—
			Jordan	0.3	0.2	—	0.2	0.2	0.1	—	—	—
			Other	—	—	0.1	0.1	—	0.1	0.1	—	—
		Western Hemisphere		16.1	2.4	8.5	2.7	6.4	4.6	4.8	1.4	—
			Argentina	4.2	—	—	2.1	—	—	—	—	—
			Brazil	6.5	—	—	—	5.2	0.1	—	—	—
			Chile	0.8	1.1	—	—	0.2	—	0.3	—	—
			Colombia	0.4	1.1	0.2	0.1	1.0	1.6	1.8	—	—
			Ecuador	0.2	—	0.2	0.4	—	—	—	—	—
			Mexico	3.8	—	7.7	—	—	1.3	0.5	—	—
			Peru		—		—	—			—	—
			Venezuela	—	—	—	—	—	—	1.4	1.4	—
			Other	0.2	0.2	0.4	0.1	—	1.1	0.8	—	—
Other countries n.i.e.³				1.9	3.5	2.1	1.5	2.5	1.5	3.0	—	—
	Bulgaria			—	0.5	—	0.3	0.1	0.3	—	—	—
	Czechoslovakia			—	0.1	0.3	0.2	0.2	0.3	—	—	—
	U.S.S.R.			0.9	1.5	1.3	0.8	2.2	0.9	3.0	—	—
	Other			1.0	1.5	0.5	0.2	0.1	0.1	—	—	—
Offshore banking centers				0.9	0.4	0.7	0.3	0.4	2.4	3.0	0.2	0.7
International organizations and unallocated				3.5	4.0	5.2	11.7	10.0	3.3	7.3	0.5	0.9
			Total	67.5	56.3	71.3	84.3	126.1	123.0	121.3	22.3	15.8

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and IMF staff estimates.

^¹OECD data on developing countries have been adjusted to include new money commitments under bank agreements in principle, as follows (amounts in billions of U.S. dollars):

1984: Argentina (3.7); Côte d’lvoire (0.1); Ecuador (0.2); the Philippines (0.9).

1985: Costa Rica (0.1 revolving trade facility)

1986: Congo (0.1); Mexico (7.7); Nigeria (0.3)

1987: Ecuador (0.4)

1988: Côte d’lvoire (0.2); Yugoslavia (0.3)

1989: Jordan (0.1); Mexico (1.1); the Philippines (0.7)

1990: Colombia (1.8); Uruguay (0.1); Venezuela (1.2)

^²Excludes offshore banking centers.

^³Includes former German Democratic Republic through 1989.

^{Table A4}

Bank Credit Commitments by Country of Destination,1984–First Quarter 1991¹

(In billions of U.S. dollars)

											First Quarter
				1984	1985	1986	1987	1988	1989	1990	1990	1991
Industrial countries				32.0	32.4	40.5	54.3	95.7	97.6	90.2	18.2	11.6
	Australia			2.4	2.6	5.0	3.1	3.8	8.2	2.6	1.1	1.6
	Belgium			0.9	0.7	0.8	0.3	0.9	0.5	1.1	0.9	—
	Canada			2.7	7.0	6.2	2.1	3.9	5.9	8.3	1.3	0.5
	Denmark			0.7	0.3	0.5	0.8	0.9	0.5	1.0	0.3	0.1
	France			2.0	4.1	3.7	3.0	7.5	5.9	6.7	0.9	1.8
	Italy			4.7	5.1	6.0	5.4	4.3	7.6	13.2	2.1	1.6
	Spain			3.5	2.6	4.5	1.1	1.7	1.7	1.8	0.7	0.3
	Sweden			0.4	1.0	0.1	0.5	2.3	0.7	2.7	0.8	1.1
	United Kingdom			3.3	1.5	2.2	12.9	32.1	19.8	22.4	2.8	0.3
	United States			5.3	3.5	5.2	15.7	28.3	32.9	11.7	2.9	2.7
	Other			6.1	4.0	6.3	9.4	10.0	13.9	18.7	4.4	1.6
Developing countries²				29.2	16.0	22.8	16.4	17.5	18.2	17.8	3.4	2.6
	Capital-importing developing countries²			28.1	14.4	21.4	16.3	17.2	16.8	17.8	3.4	2.6
		Africa		0.6	1.5	1.8	0.7	0.6	0.5	0.6	0.1	—
			Côte d’lvoire	0.1	0.1	—	—	0.2	—	—	—	—
			Morocco	—	0.1	—	—	0.1	—	0.1	—	—
			Nigeria	—	—	0.3	—	—	—	—	—	—
			South Africa	0.2	—	—	—	—	—	—	—	—
			Other	0.3	1.3	1.5	0.7	0.3	0.5	0.5	0.1	—
		Asia		9.4	7.5	8.2	8.5	7.8	8.9	10.7	1.9	2.6
			China	0.2	2.3	1.9	3.3	2.7	1.6	1.3	0.8	1.0
			India	0.6	0.2	1.2	1.8	1.6	1.4	0.7	0.3	0.1
			Indonesia	1.6	0.1	1.0	1.6	0.5	2.3	3.9	0.3	0.7
			Korea	3.7	3.7	1.5	0.9	1.2	0.7	1.9	0.2	0.4
			Malaysia	1.0	0.2	1.2	0.3	0.8	0.1	0.5	—	—
			Philippines	0.9	—	—	—	—	0.7	—	—	—
			Thailand	0.8	0.7	1.1	0.3	0.8	0.8	1.2	0.3	0.3
			Other	0.6	0.3	0.3	0.3	0.2	1.3	1.2	—	0.1
		Europe		1.6	2.8	2.8	4.1	2.2	2.1	1.7	—	—
			Hungary	0.8	0.9	0.8	1.4	0.2	0.8	—	—	—
			Turkey	0.4	1.6	2.0	2.6	1.7	1.7	1.6	—	—
			Yugoslavia	—	—	—	—	0.3	—	—	—	—
			Other	0.4	0.3	—	0.1	—	0.2	0.1	—	—
		Middle East		0.4	0.3	0.1	0.3	0.2	0.7	0.1	—	—
			Egypt	—	0.1	—	—	—	0.5	—	—	—
			Jordan	0.3	0.2	—	0.2	0.2	0.1	—	—	—
			Other	—	—	0.1	0.1	—	0.1	0.1	—	—
		Western Hemisphere		16.1	2.4	8.5	2.7	6.4	4.6	4.8	1.4	—
			Argentina	4.2	—	—	2.1	—	—	—	—	—
			Brazil	6.5	—	—	—	5.2	0.1	—	—	—
			Chile	0.8	1.1	—	—	0.2	—	0.3	—	—
			Colombia	0.4	1.1	0.2	0.1	1.0	1.6	1.8	—	—
			Ecuador	0.2	—	0.2	0.4	—	—	—	—	—
			Mexico	3.8	—	7.7	—	—	1.3	0.5	—	—
			Peru		—		—	—			—	—
			Venezuela	—	—	—	—	—	—	1.4	1.4	—
			Other	0.2	0.2	0.4	0.1	—	1.1	0.8	—	—
Other countries n.i.e.³				1.9	3.5	2.1	1.5	2.5	1.5	3.0	—	—
	Bulgaria			—	0.5	—	0.3	0.1	0.3	—	—	—
	Czechoslovakia			—	0.1	0.3	0.2	0.2	0.3	—	—	—
	U.S.S.R.			0.9	1.5	1.3	0.8	2.2	0.9	3.0	—	—
	Other			1.0	1.5	0.5	0.2	0.1	0.1	—	—	—
Offshore banking centers				0.9	0.4	0.7	0.3	0.4	2.4	3.0	0.2	0.7
International organizations and unallocated				3.5	4.0	5.2	11.7	10.0	3.3	7.3	0.5	0.9
			Total	67.5	56.3	71.3	84.3	126.1	123.0	121.3	22.3	15.8

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and IMF staff estimates.

^¹OECD data on developing countries have been adjusted to include new money commitments under bank agreements in principle, as follows (amounts in billions of U.S. dollars):

1984: Argentina (3.7); Côte d’lvoire (0.1); Ecuador (0.2); the Philippines (0.9).

1985: Costa Rica (0.1 revolving trade facility)

1986: Congo (0.1); Mexico (7.7); Nigeria (0.3)

1987: Ecuador (0.4)

1988: Côte d’lvoire (0.2); Yugoslavia (0.3)

1989: Jordan (0.1); Mexico (1.1); the Philippines (0.7)

1990: Colombia (1.8); Uruguay (0.1); Venezuela (1.2)

^²Excludes offshore banking centers.

^³Includes former German Democratic Republic through 1989.

^{Table A5}

External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1986–June 1990

(In billions of U.S. dollars)

Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.

^{Table A5}

External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1986–June 1990

(In billions of U.S. dollars)

		December 1986			December 1987			December 1988			December 1989			June 1990
		External assets			External assets			External assets			External assets			External assets
		Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments
Claims on
Industrial countries outside the BIS reporting area		91.5	40.4	22.8	106.5	49.5	27.1	107.7	49.9	31.3	112.9	54.2	33.6	117.3	58.7	32.6
	Australia	34.4	15.8	12.2	39.4	18.2	15.7	42.3	19.5	19.4	45.5	21.9	21.4	47.9	23.4	19.8
	Norway	17.5	10.0	3.9	23.2	14.3	3.9	21.5	13.0	4.1	22.8	14.2	5.4	24.3	15.8	6.0
	Other	39.6	14.6	6.7	43.9	17.0	7.5	43.9	17.4	7.8	44.6	18.1	6.8	45.1	19.5	6.8
Developing countries		493.8	202.5	66.5	522.3	214.2	74.6	492.5	199.4	77.5	479.2	200.6	76.3	455.3	197.7	74.9
	Capital-importing developing countries	467.0	182.0	61.7	493.3	192.1	69.3	464.0	178.0	71.9	447.3	176.5	70.7	423.9	174.9	68.8
Africa		66.6	31.7	7.4	73.2	33.4	8.8	66.9	29.1	9.5	64.4	30.2	9.9	64.9	29.4	9.5
	Côte d’lvoire	3.3	0.9	0.3	3.6	1.5	0.1	3.3	1.7	0.2	3.3	2.1	0.3	3.0	2.0	0.2
	Morocco	4.9	2.3	0.2	5.2	2.3	0.5	4.6	1.3	0.5	4.6	1.5	0.4	4.6	1.7	0.4
	Nigeria	9.9	5.1	0.7	10.8	4.5	0.7	9.0	3.8	0.9	7.3	2.4	0.8	7.0	2.3	0.8
	South Africa	15.6	11.0	1.7	16.0	9.4	1.5	14.6	7.2	1.4	13.9	9.0	1.8	14.1	7.4	2.2
	Zaïre	0.8	0.3	0.1	1.0	0.4	0.2	1.1	0.5	0.3	1.0	0.5	0.4	1.1	0.6	0.2
	Other	32.1	12.1	4.4	36.6	15.3	5.8	34.3	14.6	6.2	34.3	14.7	6.2	35.1	15.4	5.7
Asia		99.9	43.2	24.9	113.1	52.2	27.9	113.6	53.5	29.1	115.8	57.4	29.6	115.7	59.3	29.1
	China	6.6	3.1	6.3	12.0	4.7	8.0	16.7	6.5	9.0	18.0	5.8	6.0	18.8	6.1	5.0
	India	6.7	2.7	2.2	8.4	2.8	2.2	9.3	2.7	2.4	10.6	3.0	2.7	10.8	3.3	2.6
	Indonesia	15.9	6.4	3.7	17.7	6.5	4.2	17.9	7.4	4.3	18.8	8.3	4.0	20.1	10.4	4.6
	Korea	27.2	12.4	5.9	23.8	13.0	5.7	21.5	12.5	6.1	23.3	15.6	6.5	23.4	15.5	6.2
	Malaysia	10.8	2.3	1.1	10.0	1.8	1.0	8.4	1.7	1.0	7.8	1.8	0.9	6.9	1.8	1.1
	Philippines	13.9	5.5	0.9	13.1	4.1	0.7	11.6	2.8	0.9	9.6	2.9	1.2	9.1	3.0	1.2
	Thailand	6.7	2.5	2.0	7.5	2.4	2.4	8.3	3.5	1.8	10.6	5.8	2.2	11.7	7.0	2.4
	Other	12.1	8.3	2.8	20.6	16.9	3.7	19.3	16.4	3.6	17.1	14.2	6.1	14.9	12.2	6.0
Europe		43.5	15.3	4.8	49.8	16.5	6.3	44.7	14.8	6.3	44.2	13.6	5.7	45.4	15.0	5.8
	Hungary	10.0	3.4	1.2	12.4	3.2	1.5	11.7	3.0	1.3	12.9	3.1	1.3	11.2	2.7	1.1
	Poland	10.7	2.4	0.3	11.9	3.3	0.5	10.3	3.1	0.4	10.0	2.8	0.4	10.1	2.5	0.7
	Romania	2.8	1.0	0.2	2.4	…	…	0.7	0.4	0.3	0.2	0.2	0.3	0.2	0.2	0.2
	Turkey	8.3	4.3	2.2	11.2	…	3.1	10.7	4.8	2.9	10.9	4.8	2.7	12.6	6.0	2.6
	Yugoslavia	10.3	3.7	0.6	9.9	3.1	0.5	8.8	2.1	0.7	7.7	1.5	0.5	7.0	1.3	0.6
	Other	1.4	0.5	0.3	2.1	6.9	0.7	2.5	1.4	0.7	3.4	1.7	0.5	4.3	2.3	0.6
Middle East		15.7	9.8	3.4	16.2	9.5	4.2	15.2	8.0	4.3	14.1	7.8	3.8	13.6	7.7	2.9
	Egypt	6.5	3.3	1.9	6.8	3.4	2.1	6.1	2.8	1.9	6.1	3.0	1.6	5.9	2.8	1.5
	Israel	5.2	3.4	0.5	5.0	2.9	0.8	4.3	2.3	1.3	3.5	2.1	1.1	3.4	2.2	0.7
	Other	4.0	3.1	1.0	4.4	3.2	1.3	4.8	2.9	1.1	4.5	2.7	1.1	4.3	2.7	0.7
Western Hemisphere		241.2	81.9	21.2	241.0	80.5	22.1	223.5	72.6	22.7	208.7	67.5	21.8	184.2	63.6	21.4
	Argentina	31.1	10.3	1.4	33.2	10.8	2.1	32.4	8.5	1.5	27.1	6.0	1.4	25.1	6.2	1.2
	Brazil	69.4	25.6	4.9	69.2	28.6	4.8	63.9	26.1	5.0	61.0	23.3	4.7	55.0	20.7	4.0
	Chile	14.2	5.5	0.7	12.8	4.6	1.2	11.0	3.9	0.8	9.3	4.1	0.8	8.6	3.9	0.9
	Colombia	6.7	2.4	1.2	6.3	2.0	1.2	6.6	2.4	1.1	6.3	2.4	1.1	6.1	2.1	1.0
	Ecuador	5.3	1.8	0.7	5.3	1.9	0.6	4.5	2.1	0.3	4.1	1.9	0.5	3.6	1.6	0.4
	Mexico	70.9	16.5	4.3	69.9	15.7	4.3	62.8	13.9	2.6	59.7	14.6	2.3	46.9	14.6	3.7
	Peru	4.5	2.6	0.4	4.2	2.5	0.2	3.7	2.3	0.1	3.1	1.9	0.2	3.0	1.7	0.1
	Venezuela	25.9	11.3	1.4	25.2	6.7	1.7	25.0	6.8	3.4	23.1	5.9	1.5	21.2	5.6	1.5
	Other	13.2	5.9	6.2	14.9	7.7	6.6	13.6	6.6	7.9	15.0	7.4	9.3	14.7	7.2	8.6
Other countries n.i.e.		51.4	22.5	6.6	60.1	25.5	9.1	66.3	28.5	11.6	76.5	35.3	12.3	73.6	31.3	11.9
	Czechoslovakia	3.1	1.7	0.8	4.2	2.3	1.1	4.5	2.4	1.1	5.4	5.7	1.1	5.1	2.4	1.2
	German Democratic Republic	12.2	4.7	1.7	15.0	5.8	2.3	16.0	5.2	3.0	17.1	2.6	2.4	17.2	5.7	2.4
	U.S.S.R.	28.7	12.4	3.2	32.2	13.3	4.2	36.1	16.4	6.1	43.4	21.3	7.3	40.6	17.0	7.2
	Other	7.4	3.7	0.9	8.7	4.1	1.5	9.7	4.5	1.4	10.6	5.7	1.5	10.7	6.2	1.1
Total		636.7	265.4	95.9	688.9	289.1	110.8	666.4	277.8	120.4	668.6	290.1	122.2	646.2	287.7	119.4

Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.

^{Table A5}

External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1986–June 1990

(In billions of U.S. dollars)

		December 1986			December 1987			December 1988			December 1989			June 1990
		External assets			External assets			External assets			External assets			External assets
		Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments	Total	Up to and including one year	Undisbursed credit commitments
Claims on
Industrial countries outside the BIS reporting area		91.5	40.4	22.8	106.5	49.5	27.1	107.7	49.9	31.3	112.9	54.2	33.6	117.3	58.7	32.6
	Australia	34.4	15.8	12.2	39.4	18.2	15.7	42.3	19.5	19.4	45.5	21.9	21.4	47.9	23.4	19.8
	Norway	17.5	10.0	3.9	23.2	14.3	3.9	21.5	13.0	4.1	22.8	14.2	5.4	24.3	15.8	6.0
	Other	39.6	14.6	6.7	43.9	17.0	7.5	43.9	17.4	7.8	44.6	18.1	6.8	45.1	19.5	6.8
Developing countries		493.8	202.5	66.5	522.3	214.2	74.6	492.5	199.4	77.5	479.2	200.6	76.3	455.3	197.7	74.9
	Capital-importing developing countries	467.0	182.0	61.7	493.3	192.1	69.3	464.0	178.0	71.9	447.3	176.5	70.7	423.9	174.9	68.8
Africa		66.6	31.7	7.4	73.2	33.4	8.8	66.9	29.1	9.5	64.4	30.2	9.9	64.9	29.4	9.5
	Côte d’lvoire	3.3	0.9	0.3	3.6	1.5	0.1	3.3	1.7	0.2	3.3	2.1	0.3	3.0	2.0	0.2
	Morocco	4.9	2.3	0.2	5.2	2.3	0.5	4.6	1.3	0.5	4.6	1.5	0.4	4.6	1.7	0.4
	Nigeria	9.9	5.1	0.7	10.8	4.5	0.7	9.0	3.8	0.9	7.3	2.4	0.8	7.0	2.3	0.8
	South Africa	15.6	11.0	1.7	16.0	9.4	1.5	14.6	7.2	1.4	13.9	9.0	1.8	14.1	7.4	2.2
	Zaïre	0.8	0.3	0.1	1.0	0.4	0.2	1.1	0.5	0.3	1.0	0.5	0.4	1.1	0.6	0.2
	Other	32.1	12.1	4.4	36.6	15.3	5.8	34.3	14.6	6.2	34.3	14.7	6.2	35.1	15.4	5.7
Asia		99.9	43.2	24.9	113.1	52.2	27.9	113.6	53.5	29.1	115.8	57.4	29.6	115.7	59.3	29.1
	China	6.6	3.1	6.3	12.0	4.7	8.0	16.7	6.5	9.0	18.0	5.8	6.0	18.8	6.1	5.0
	India	6.7	2.7	2.2	8.4	2.8	2.2	9.3	2.7	2.4	10.6	3.0	2.7	10.8	3.3	2.6
	Indonesia	15.9	6.4	3.7	17.7	6.5	4.2	17.9	7.4	4.3	18.8	8.3	4.0	20.1	10.4	4.6
	Korea	27.2	12.4	5.9	23.8	13.0	5.7	21.5	12.5	6.1	23.3	15.6	6.5	23.4	15.5	6.2
	Malaysia	10.8	2.3	1.1	10.0	1.8	1.0	8.4	1.7	1.0	7.8	1.8	0.9	6.9	1.8	1.1
	Philippines	13.9	5.5	0.9	13.1	4.1	0.7	11.6	2.8	0.9	9.6	2.9	1.2	9.1	3.0	1.2
	Thailand	6.7	2.5	2.0	7.5	2.4	2.4	8.3	3.5	1.8	10.6	5.8	2.2	11.7	7.0	2.4
	Other	12.1	8.3	2.8	20.6	16.9	3.7	19.3	16.4	3.6	17.1	14.2	6.1	14.9	12.2	6.0
Europe		43.5	15.3	4.8	49.8	16.5	6.3	44.7	14.8	6.3	44.2	13.6	5.7	45.4	15.0	5.8
	Hungary	10.0	3.4	1.2	12.4	3.2	1.5	11.7	3.0	1.3	12.9	3.1	1.3	11.2	2.7	1.1
	Poland	10.7	2.4	0.3	11.9	3.3	0.5	10.3	3.1	0.4	10.0	2.8	0.4	10.1	2.5	0.7
	Romania	2.8	1.0	0.2	2.4	…	…	0.7	0.4	0.3	0.2	0.2	0.3	0.2	0.2	0.2
	Turkey	8.3	4.3	2.2	11.2	…	3.1	10.7	4.8	2.9	10.9	4.8	2.7	12.6	6.0	2.6
	Yugoslavia	10.3	3.7	0.6	9.9	3.1	0.5	8.8	2.1	0.7	7.7	1.5	0.5	7.0	1.3	0.6
	Other	1.4	0.5	0.3	2.1	6.9	0.7	2.5	1.4	0.7	3.4	1.7	0.5	4.3	2.3	0.6
Middle East		15.7	9.8	3.4	16.2	9.5	4.2	15.2	8.0	4.3	14.1	7.8	3.8	13.6	7.7	2.9
	Egypt	6.5	3.3	1.9	6.8	3.4	2.1	6.1	2.8	1.9	6.1	3.0	1.6	5.9	2.8	1.5
	Israel	5.2	3.4	0.5	5.0	2.9	0.8	4.3	2.3	1.3	3.5	2.1	1.1	3.4	2.2	0.7
	Other	4.0	3.1	1.0	4.4	3.2	1.3	4.8	2.9	1.1	4.5	2.7	1.1	4.3	2.7	0.7
Western Hemisphere		241.2	81.9	21.2	241.0	80.5	22.1	223.5	72.6	22.7	208.7	67.5	21.8	184.2	63.6	21.4
	Argentina	31.1	10.3	1.4	33.2	10.8	2.1	32.4	8.5	1.5	27.1	6.0	1.4	25.1	6.2	1.2
	Brazil	69.4	25.6	4.9	69.2	28.6	4.8	63.9	26.1	5.0	61.0	23.3	4.7	55.0	20.7	4.0
	Chile	14.2	5.5	0.7	12.8	4.6	1.2	11.0	3.9	0.8	9.3	4.1	0.8	8.6	3.9	0.9
	Colombia	6.7	2.4	1.2	6.3	2.0	1.2	6.6	2.4	1.1	6.3	2.4	1.1	6.1	2.1	1.0
	Ecuador	5.3	1.8	0.7	5.3	1.9	0.6	4.5	2.1	0.3	4.1	1.9	0.5	3.6	1.6	0.4
	Mexico	70.9	16.5	4.3	69.9	15.7	4.3	62.8	13.9	2.6	59.7	14.6	2.3	46.9	14.6	3.7
	Peru	4.5	2.6	0.4	4.2	2.5	0.2	3.7	2.3	0.1	3.1	1.9	0.2	3.0	1.7	0.1
	Venezuela	25.9	11.3	1.4	25.2	6.7	1.7	25.0	6.8	3.4	23.1	5.9	1.5	21.2	5.6	1.5
	Other	13.2	5.9	6.2	14.9	7.7	6.6	13.6	6.6	7.9	15.0	7.4	9.3	14.7	7.2	8.6
Other countries n.i.e.		51.4	22.5	6.6	60.1	25.5	9.1	66.3	28.5	11.6	76.5	35.3	12.3	73.6	31.3	11.9
	Czechoslovakia	3.1	1.7	0.8	4.2	2.3	1.1	4.5	2.4	1.1	5.4	5.7	1.1	5.1	2.4	1.2
	German Democratic Republic	12.2	4.7	1.7	15.0	5.8	2.3	16.0	5.2	3.0	17.1	2.6	2.4	17.2	5.7	2.4
	U.S.S.R.	28.7	12.4	3.2	32.2	13.3	4.2	36.1	16.4	6.1	43.4	21.3	7.3	40.6	17.0	7.2
	Other	7.4	3.7	0.9	8.7	4.1	1.5	9.7	4.5	1.4	10.6	5.7	1.5	10.7	6.2	1.1
Total		636.7	265.4	95.9	688.9	289.1	110.8	666.4	277.8	120.4	668.6	290.1	122.2	646.2	287.7	119.4

Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.

^{Table A6}

Change in Claims of U.S. Banks on Developing Countries, 1985–90¹

(In billions of U.S. dollars and in percent)

Source: Federal Financial Institutions Examination Council, Country Exposure Lending Survey.

^¹Data are based on consolidated reports of banks; owing to rounding, components may not add.

^²Data for 1989–90 are based on the 12 major banks.

^³Excludes offshore banking centers.

^{Table A6}

Change in Claims of U.S. Banks on Developing Countries, 1985–90¹

(In billions of U.S. dollars and in percent)

			1985		1986		1987		1988		1989²		1990²
			Billion U.S. dollars	Growth rate	Billion U.S. dollars	Growth rate	Billion U.S. dollars	Growth rate	Billion U.S. dollars	Growth rate	Billion U.S. dollars	Growth rate	Billion U.S. dollars	Growth rate
Developing countries³
	All banks		–13.0	–8.5	–12.5	–9.0	–7.1	–5.6	–15.0	–12.6	–14.3	–13.7	–11.4	–12.6
		Nine banks	–7.1	–7.5	–7.7	–8.7	–4.3	–5.4	–7.5	–9.9	–7.0	–10.2	–5.9	–9.6
		Fifteen banks	–5.0	–16.5	–2.8	–10.9	–1.4	–6.3	–3.4	–16.1	–3.9	–22.1	–3.4	–24.2
		Others	–0.8	–3.2	–2.1	–8.1	–1.3	–5.7	–4.1	–18.5	–3.4	–18.8	–2.1	–14.3
Capital-importing developing countries³
	All banks		–11.6	–7.9	–11.7	–8.6	–6.1	–4.9	–14.8	–12.6	–14.6	–14.2	–11.3	–12.9
		Nine banks	–6.3	–6.9	–7.0	–8.2	–3.6	–4.6	–7.1	–9.6	–7.3	–10.9	–5.9	–9.9
		Fifteen banks	–4.6	–15.5	–2.8	–11.2	–1.2	–5.6	–3.5	–16.5	–3.9	–22.4	–3.3	–24.5
		Others	–0.8	–2.9	–1.9	–7.7	–1.3	–5.4	–4.2	–19.0	–3.4	–19.0	–2.1	–14.4
Africa
	All banks		–2.8	–22.4	–2.0	–20.1	–0.3	–4.0	–1.3	–17.0	–0.5	–7.8	–0.9	–16.4
		Nine banks	–1.6	–18.3	–1.4	–19.4	–0.1	–2.5	–1.0	–17.4	–0.3	–7.0	–0.7	–15.9
		Fifteen banks	–0.9	–38.2	–0.3	–23.1	–0.1	–8.6	–0.1	–13.6	—	2.7	–0.2	–21.5
		Others	–0.3	–23.9	–0.2	–20.9	–0.1	–10.1	–0.1	–18.8	–0.2	–32.1	—	–8.7
Asia
	All banks		–3.4	–11.9	–4.9	–19.3	–2.2	–10.7	–3.2	–17.6	–0.6	–3.8	–0.6	–4.1
		Nine banks	–2.6	–13.5	–2.9	–17.7	–1.6	–11.6	–2.7	–22.5	–0.1	–1.2	0.3	2.9
		Fifteen banks	–0.9	–14.9	–1.1	–21.4	–0.9	–21.3	—	–0.3	—	1.2	–0.8	–24.6
		Others	0.1	4.3	–0.8	–23.9	0.3	11.7	–0.5	–17.0	–0.5	–21.9	—	–2.4
Indonesia
	All banks		–0.6	–18.8	–0.6	–21.6	–0.6	–29.4	–0.4	–25.6	–0.1	–4.2	0.2	20.5
		Nine banks	–0.5	–16.7	–0.5	–22.4	–0.6	–30.9	–0.3	–26.4	–0.1	–7.9	0.1	16.8
		Fifteen banks	–0.2	–36.9	—	–14.3	–0.1	–27.6	—	–24.3	—	–16.8	—	6.0
		Others	—	3.0	—	–24.3	—	–9.3	—	–17.4	—	—	0.1	87.7
Korea
	All banks		–0.8	–7.9	–3.2	–34.6	–2.1	–35.8	—	0.2	0.1	3.0	0.3	8.1
		Nine banks	–0.5	–9.7	–1.6	–31.1	–0.8	–24.2	–0.4	–14.6	0.3	12.8	0.3	10.6
		Fifteen banks	–0.5	–17.0	–0.9	–41.3	–0.8	–59.4	0.4	71.4	—	–3.6	–0.3	–29.6
		Others	0.2	13.3	–0.7	–35.8	–0.5	–43.9	—	1.5	–0.1	–21.1	0.3	59.4
Philippines
	All banks		—	–0.7	–0.3	–5.8	–0.4	–8.5	–0.7	–14.6	–0.8	–19.0	—	–1.1
		Nine banks	—	0.9	–0.1	–2.3	–0.4	–11.6	–0.4	–11.5	–0.4	–12.6	0.1	5.9
		Fifteen banks	–0.1	–6.8	–0.1	–13.2	–0.1	–9.8	–0.1	–16.8	–0.2	–34.1	–0.1	–20.9
		Others	—	2.1	–0.1	–14.9	0.1	20.6	–0.2	–29.9	–0.1	–40.3	–0.1	–38.5
Europe
	All banks		–0.3	–4.4	–0.8	–12.8	–0.2	–4.4	–0.8	–15.8	–0.7	–17.1	–0.2	–6.6
		Nine banks	–0.1	–1.6	–0.5	–13.0	–0.2	–6.1	–0.6	–17.0	–0.3	–10.6	—	–0.8
		Fifteen banks	–0.1	–11.3	–0.1	–0.1	–0.1	–9.6	–0.1	–6.5	–0.2	–30.1	—	–7.0
		Others	–0.1	–7.6	–0.1	–15.1	0.1	10.8	–0.2	–20.7	–0.2	–28.9	–0.2	–38.0
Middle East
	All banks		–0.7	–18.8	–0.6	–20.3	–0.7	–29.2	–0.4	–20.5	–0.3	–22.8	–0.1	–8.2
		Nine banks	–0.5	–20.6	–0.5	–23.4	–0.5	–31.6	–0.2	–23.3	–0.3	–32.5	–0.1	–18.2
		Fifteen banks	–0.2	–24.7	–0.1	–17.7	–0.1	–29.0	–0.1	–13.6	—	–0.7	—	23.4
		Others	–0.1	–7.3	–0.1	–12.9	–0.1	–22.7	—	–9.7	—	–9.5	—	–9.1
Western Hemisphere
	All banks		–4.5	–4.7	–3.5	–3.9	–2.7	–3.0	–9.1	–10.7	–12.6	–16.5	–9.6	–15.2
		Nine banks	–1.5	–2.7	–1.6	–3.0	–1.2	–2.2	–2.6	–5.0	–6.3	–12.7	–5.5	–12.6
		Fifteen banks	–2.5	–13.0	–1.1	–6.8	–0.1	–0.4	–3.1	–20.0	–3.8	–30.4	–2.3	–27.1
		Others	–0.5	–2.5	–0.8	–3.9	–1.4	–7.6	–3.4	–19.5	–2.5	–17.8	–1.8	–15.8
Argentina
	All banks		0.4	5.5	0.1	1.4	0.3	3.4	–0.9	–10.6	–3.4	–42.9	–1.0	–22.3
		Nine banks	0.8	15.1	0.1	0.9	0.4	6.2	–0.3	–4.5	–2.6	–42.6	–0.7	–21.2
		Fifteen banks	–0.2	–13.3	—	1.4	—	1.2	–0.4	–24.4	–0.6	–45.4	—	–6.0
		Others	–0.1	–8.6	—	4.2	–0.1	–10.3	–0.3	–28.9	–0.2	–40.2	–0.2	–62.5
Brazil
	All banks		–1.1	–4.5	–0.4	–1.7	–1.1	–5.0	–1.9	–8.9	–3.1	–16.0	–4.8	–29.7
		Nine banks	–0.3	–1.6	–0.2	–1.2	–0.4	–2.3	–0.1	–0.4	–1.7	–11.2	–3.3	–24.6
		Fifteen banks	–0.8	–16.6	–0.2	–4.7	–0.3	–7.7	–0.7	–21.1	–1.0	–37.6	–0.8	–45.4
		Others	—	–1.2	—	–0.5	–0.5	–14.9	–1.1	–39.3	–0.4	–24.2	–0.8	–61.7
Mexico
	All banks		–1.6	–6.0	–1.3	–5.1	–0.9	–3.9	–4.8	–21.3	–1.8	–10.2	–0.8	–5.3
		Nine banks	–0.6	–4.1	–0.7	–5.2	—	—	–1.6	–11.7	–0.3	–2.1	–0.2	–2.1
		Fifteen banks	–0.6	–12.0	–0.1	–1.1	–0.3	–6.8	–1.7	–39.4	–0.8	–30.5	—	0.8
		Others	–0.3	–5.3	–0.5	–8.1	–0.6	–10.9	–1.6	–31.2	–0.8	–22.4	–0.6	–23.2
Venezuela
	All banks		–0.7	–6.7	–1.0	–9.7	–0.8	–8.7	–0.3	–3.8	–0.9	–10.7	–0.7	–9.9
		Nine banks	–0.3	–4.1	–0.6	–8.7	–0.7	–10.5	–0.2	–3.0	0.1	1.4	–0.1	–1.3
		Fifteen banks	–0.3	–15.9	–0.2	–9.2	—	1.2	–0.2	–15.2	–0.7	–50.5	–0.3	–49.5
		Others	–0.1	–6.8	–0.2	–15.9	–0.1	–11.9	0.1	10.7	–0.3	–25.7	–0.3	–40.5

Source: Federal Financial Institutions Examination Council, Country Exposure Lending Survey.

^¹Data are based on consolidated reports of banks; owing to rounding, components may not add.

^²Data for 1989–90 are based on the 12 major banks.

^³Excludes offshore banking centers.

^{Table A6}

Change in Claims of U.S. Banks on Developing Countries, 1985–90¹

(In billions of U.S. dollars and in percent)

			1985		1986		1987		1988		1989²		1990²
			Billion U.S. dollars	Growth rate	Billion U.S. dollars	Growth rate	Billion U.S. dollars	Growth rate	Billion U.S. dollars	Growth rate	Billion U.S. dollars	Growth rate	Billion U.S. dollars	Growth rate
Developing countries³
	All banks		–13.0	–8.5	–12.5	–9.0	–7.1	–5.6	–15.0	–12.6	–14.3	–13.7	–11.4	–12.6
		Nine banks	–7.1	–7.5	–7.7	–8.7	–4.3	–5.4	–7.5	–9.9	–7.0	–10.2	–5.9	–9.6
		Fifteen banks	–5.0	–16.5	–2.8	–10.9	–1.4	–6.3	–3.4	–16.1	–3.9	–22.1	–3.4	–24.2
		Others	–0.8	–3.2	–2.1	–8.1	–1.3	–5.7	–4.1	–18.5	–3.4	–18.8	–2.1	–14.3
Capital-importing developing countries³
	All banks		–11.6	–7.9	–11.7	–8.6	–6.1	–4.9	–14.8	–12.6	–14.6	–14.2	–11.3	–12.9
		Nine banks	–6.3	–6.9	–7.0	–8.2	–3.6	–4.6	–7.1	–9.6	–7.3	–10.9	–5.9	–9.9
		Fifteen banks	–4.6	–15.5	–2.8	–11.2	–1.2	–5.6	–3.5	–16.5	–3.9	–22.4	–3.3	–24.5
		Others	–0.8	–2.9	–1.9	–7.7	–1.3	–5.4	–4.2	–19.0	–3.4	–19.0	–2.1	–14.4
Africa
	All banks		–2.8	–22.4	–2.0	–20.1	–0.3	–4.0	–1.3	–17.0	–0.5	–7.8	–0.9	–16.4
		Nine banks	–1.6	–18.3	–1.4	–19.4	–0.1	–2.5	–1.0	–17.4	–0.3	–7.0	–0.7	–15.9
		Fifteen banks	–0.9	–38.2	–0.3	–23.1	–0.1	–8.6	–0.1	–13.6	—	2.7	–0.2	–21.5
		Others	–0.3	–23.9	–0.2	–20.9	–0.1	–10.1	–0.1	–18.8	–0.2	–32.1	—	–8.7
Asia
	All banks		–3.4	–11.9	–4.9	–19.3	–2.2	–10.7	–3.2	–17.6	–0.6	–3.8	–0.6	–4.1
		Nine banks	–2.6	–13.5	–2.9	–17.7	–1.6	–11.6	–2.7	–22.5	–0.1	–1.2	0.3	2.9
		Fifteen banks	–0.9	–14.9	–1.1	–21.4	–0.9	–21.3	—	–0.3	—	1.2	–0.8	–24.6
		Others	0.1	4.3	–0.8	–23.9	0.3	11.7	–0.5	–17.0	–0.5	–21.9	—	–2.4
Indonesia
	All banks		–0.6	–18.8	–0.6	–21.6	–0.6	–29.4	–0.4	–25.6	–0.1	–4.2	0.2	20.5
		Nine banks	–0.5	–16.7	–0.5	–22.4	–0.6	–30.9	–0.3	–26.4	–0.1	–7.9	0.1	16.8
		Fifteen banks	–0.2	–36.9	—	–14.3	–0.1	–27.6	—	–24.3	—	–16.8	—	6.0
		Others	—	3.0	—	–24.3	—	–9.3	—	–17.4	—	—	0.1	87.7
Korea
	All banks		–0.8	–7.9	–3.2	–34.6	–2.1	–35.8	—	0.2	0.1	3.0	0.3	8.1
		Nine banks	–0.5	–9.7	–1.6	–31.1	–0.8	–24.2	–0.4	–14.6	0.3	12.8	0.3	10.6
		Fifteen banks	–0.5	–17.0	–0.9	–41.3	–0.8	–59.4	0.4	71.4	—	–3.6	–0.3	–29.6
		Others	0.2	13.3	–0.7	–35.8	–0.5	–43.9	—	1.5	–0.1	–21.1	0.3	59.4
Philippines
	All banks		—	–0.7	–0.3	–5.8	–0.4	–8.5	–0.7	–14.6	–0.8	–19.0	—	–1.1
		Nine banks	—	0.9	–0.1	–2.3	–0.4	–11.6	–0.4	–11.5	–0.4	–12.6	0.1	5.9
		Fifteen banks	–0.1	–6.8	–0.1	–13.2	–0.1	–9.8	–0.1	–16.8	–0.2	–34.1	–0.1	–20.9
		Others	—	2.1	–0.1	–14.9	0.1	20.6	–0.2	–29.9	–0.1	–40.3	–0.1	–38.5
Europe
	All banks		–0.3	–4.4	–0.8	–12.8	–0.2	–4.4	–0.8	–15.8	–0.7	–17.1	–0.2	–6.6
		Nine banks	–0.1	–1.6	–0.5	–13.0	–0.2	–6.1	–0.6	–17.0	–0.3	–10.6	—	–0.8
		Fifteen banks	–0.1	–11.3	–0.1	–0.1	–0.1	–9.6	–0.1	–6.5	–0.2	–30.1	—	–7.0
		Others	–0.1	–7.6	–0.1	–15.1	0.1	10.8	–0.2	–20.7	–0.2	–28.9	–0.2	–38.0
Middle East
	All banks		–0.7	–18.8	–0.6	–20.3	–0.7	–29.2	–0.4	–20.5	–0.3	–22.8	–0.1	–8.2
		Nine banks	–0.5	–20.6	–0.5	–23.4	–0.5	–31.6	–0.2	–23.3	–0.3	–32.5	–0.1	–18.2
		Fifteen banks	–0.2	–24.7	–0.1	–17.7	–0.1	–29.0	–0.1	–13.6	—	–0.7	—	23.4
		Others	–0.1	–7.3	–0.1	–12.9	–0.1	–22.7	—	–9.7	—	–9.5	—	–9.1
Western Hemisphere
	All banks		–4.5	–4.7	–3.5	–3.9	–2.7	–3.0	–9.1	–10.7	–12.6	–16.5	–9.6	–15.2
		Nine banks	–1.5	–2.7	–1.6	–3.0	–1.2	–2.2	–2.6	–5.0	–6.3	–12.7	–5.5	–12.6
		Fifteen banks	–2.5	–13.0	–1.1	–6.8	–0.1	–0.4	–3.1	–20.0	–3.8	–30.4	–2.3	–27.1
		Others	–0.5	–2.5	–0.8	–3.9	–1.4	–7.6	–3.4	–19.5	–2.5	–17.8	–1.8	–15.8
Argentina
	All banks		0.4	5.5	0.1	1.4	0.3	3.4	–0.9	–10.6	–3.4	–42.9	–1.0	–22.3
		Nine banks	0.8	15.1	0.1	0.9	0.4	6.2	–0.3	–4.5	–2.6	–42.6	–0.7	–21.2
		Fifteen banks	–0.2	–13.3	—	1.4	—	1.2	–0.4	–24.4	–0.6	–45.4	—	–6.0
		Others	–0.1	–8.6	—	4.2	–0.1	–10.3	–0.3	–28.9	–0.2	–40.2	–0.2	–62.5
Brazil
	All banks		–1.1	–4.5	–0.4	–1.7	–1.1	–5.0	–1.9	–8.9	–3.1	–16.0	–4.8	–29.7
		Nine banks	–0.3	–1.6	–0.2	–1.2	–0.4	–2.3	–0.1	–0.4	–1.7	–11.2	–3.3	–24.6
		Fifteen banks	–0.8	–16.6	–0.2	–4.7	–0.3	–7.7	–0.7	–21.1	–1.0	–37.6	–0.8	–45.4
		Others	—	–1.2	—	–0.5	–0.5	–14.9	–1.1	–39.3	–0.4	–24.2	–0.8	–61.7
Mexico
	All banks		–1.6	–6.0	–1.3	–5.1	–0.9	–3.9	–4.8	–21.3	–1.8	–10.2	–0.8	–5.3
		Nine banks	–0.6	–4.1	–0.7	–5.2	—	—	–1.6	–11.7	–0.3	–2.1	–0.2	–2.1
		Fifteen banks	–0.6	–12.0	–0.1	–1.1	–0.3	–6.8	–1.7	–39.4	–0.8	–30.5	—	0.8
		Others	–0.3	–5.3	–0.5	–8.1	–0.6	–10.9	–1.6	–31.2	–0.8	–22.4	–0.6	–23.2
Venezuela
	All banks		–0.7	–6.7	–1.0	–9.7	–0.8	–8.7	–0.3	–3.8	–0.9	–10.7	–0.7	–9.9
		Nine banks	–0.3	–4.1	–0.6	–8.7	–0.7	–10.5	–0.2	–3.0	0.1	1.4	–0.1	–1.3
		Fifteen banks	–0.3	–15.9	–0.2	–9.2	—	1.2	–0.2	–15.2	–0.7	–50.5	–0.3	–49.5
		Others	–0.1	–6.8	–0.2	–15.9	–0.1	–11.9	0.1	10.7	–0.3	–25.7	–0.3	–40.5

Source: Federal Financial Institutions Examination Council, Country Exposure Lending Survey.

^¹Data are based on consolidated reports of banks; owing to rounding, components may not add.

^²Data for 1989–90 are based on the 12 major banks.

^³Excludes offshore banking centers.

^{Table A7}

U.S. Banks: Developing Country Claims Relative to Capital, 1984–90

Sources: Federal Financial Institutions Examination Council, Country Exposure Lending Survey; and International Monetary Fund, International Financial Statistics.

^¹Data are based on exposure, that is, claims are adjusted for guarantees and other risk transfers.

^{Table A7}

U.S. Banks: Developing Country Claims Relative to Capital, 1984–90

		1984	1985	1986	1987	1988	1989	1990
		(In billions of U.S. dollars)
External claims on developing countries¹		140.8	128.8	118.6	108.8	93.2	78.8	65.9
Total assets		1,413.0	1,529.0	1,613.0	1,633.0	1,670.3	1,770.0	1,764.1
Capital		92.2	105.4	116.1	129.2	135.6	145.2	152.9
Memorandum items		(In percent)
	Capital to total assets	6.5	6.9	7.2	7.9	8.1	8.2	8.7
	External claims on developing countries to total assets	10.0	8.4	7.4	6.7	5.6	4.5	3.7
	Capital to external claims on developing countries	65.5	81.8	97.9	118.8	145.5	184.3	232.0

Sources: Federal Financial Institutions Examination Council, Country Exposure Lending Survey; and International Monetary Fund, International Financial Statistics.

^¹Data are based on exposure, that is, claims are adjusted for guarantees and other risk transfers.

^{Table A7}

U.S. Banks: Developing Country Claims Relative to Capital, 1984–90

		1984	1985	1986	1987	1988	1989	1990
		(In billions of U.S. dollars)
External claims on developing countries¹		140.8	128.8	118.6	108.8	93.2	78.8	65.9
Total assets		1,413.0	1,529.0	1,613.0	1,633.0	1,670.3	1,770.0	1,764.1
Capital		92.2	105.4	116.1	129.2	135.6	145.2	152.9
Memorandum items		(In percent)
	Capital to total assets	6.5	6.9	7.2	7.9	8.1	8.2	8.7
	External claims on developing countries to total assets	10.0	8.4	7.4	6.7	5.6	4.5	3.7
	Capital to external claims on developing countries	65.5	81.8	97.9	118.8	145.5	184.3	232.0

Sources: Federal Financial Institutions Examination Council, Country Exposure Lending Survey; and International Monetary Fund, International Financial Statistics.

^¹Data are based on exposure, that is, claims are adjusted for guarantees and other risk transfers.

^{Table A8}

Terms of Long-Term Bank Credit Commitments, 1985–April 1991¹

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and International Monetary Fund, International Financial Statistics (for Eurodollar and prime rates).

^¹The country classification and loan coverage are those used by the OECD.

^{Table A8}

Terms of Long-Term Bank Credit Commitments, 1985–April 1991¹

		1985	1986	1987	1988	1989	1990	Jan.–Apr. 1991
Average maturity (in years)		7.8	6.7	8.3	5.7	6.2	6.5	5.3
	OECD countries	7.4	6.3	7.5	5.1	5.8	5.8	4.9
	Eastern Europe	7.4	7.8	8.1	8.4	8.3	11.9	—
	Developing countries	8.4	8.2	10.7	9.0	7.3	8.6	8.8
	Other	7.3	6.8	6.1	6.5	8.8	6.6	2.0
Average spread (basis points)		62	41	42	35	56	52	87
	OECD countries	47	37	34	31	54	51	83
	Eastern Europe	55	26	24	30	49	50	—
	Developing countries	92	61	68	65	68	60	100
	Other	56	33	48	42	32	47	188
Memorandum items (in percent)
	Six-month Eurodollar interbank rate (average)	8.64	6.85	7.30	8.13	9.27	8.35	6.38
	U.S. prime rate (average)	9.93	8.35	8.21	9.32	10.92	10.01	9.00

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and International Monetary Fund, International Financial Statistics (for Eurodollar and prime rates).

^¹The country classification and loan coverage are those used by the OECD.

^{Table A8}

Terms of Long-Term Bank Credit Commitments, 1985–April 1991¹

		1985	1986	1987	1988	1989	1990	Jan.–Apr. 1991
Average maturity (in years)		7.8	6.7	8.3	5.7	6.2	6.5	5.3
	OECD countries	7.4	6.3	7.5	5.1	5.8	5.8	4.9
	Eastern Europe	7.4	7.8	8.1	8.4	8.3	11.9	—
	Developing countries	8.4	8.2	10.7	9.0	7.3	8.6	8.8
	Other	7.3	6.8	6.1	6.5	8.8	6.6	2.0
Average spread (basis points)		62	41	42	35	56	52	87
	OECD countries	47	37	34	31	54	51	83
	Eastern Europe	55	26	24	30	49	50	—
	Developing countries	92	61	68	65	68	60	100
	Other	56	33	48	42	32	47	188
Memorandum items (in percent)
	Six-month Eurodollar interbank rate (average)	8.64	6.85	7.30	8.13	9.27	8.35	6.38
	U.S. prime rate (average)	9.93	8.35	8.21	9.32	10.92	10.01	9.00

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and International Monetary Fund, International Financial Statistics (for Eurodollar and prime rates).

^¹The country classification and loan coverage are those used by the OECD.

^{Table A9}

Average Spreads on Bank Credit Commitments for Developing Countries, 1984–90

(In basis points over London interbank offered rate)

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and IMF staff estimates.

^¹Excludes restructurings of claims involving debt and debt-service reduction.

^²Weighted average of nonconcerted bank commitments to “Developing Countries” as defined by the OECD.

^³Based on term sheets agreed in principle.

^⁴Argentina, Brazil, and Mexico.

^{Table A9}

Average Spreads on Bank Credit Commitments for Developing Countries, 1984–90

(In basis points over London interbank offered rate)

				1984	1985	1986	1987	1988	1989¹	1990¹
Spontaneous commitments²				72	64	61	56	57	68	60
Concerted commitments³
	All			185	179	84	89	83	81	95
	Three largest debtors			186	…	81	88	81	81
	Others			174	179	140	100	108	81	95
Restructuring of existing debt³
	All			131	138	95	80	83	81	82
	Three largest debtors⁴			128	…	85	81	81	81	…
	Others			136	138	140	80	88	81	82
Memorandum items
	Difference between spreads
		Concerted/spontaneous		113	115	23	33	26	13	35
		Restructuring/spontaneous		59	74	34	24	26	13	22
		Concerted/restructuring		54	41	–11	9	—	—	13
		Largest/others
			Concerted	12	…	−59	−12	−27	−	…
			Restructurings	–8	…	–55	1	–7	—	…

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and IMF staff estimates.

^¹Excludes restructurings of claims involving debt and debt-service reduction.

^²Weighted average of nonconcerted bank commitments to “Developing Countries” as defined by the OECD.

^³Based on term sheets agreed in principle.

^⁴Argentina, Brazil, and Mexico.

^{Table A9}

Average Spreads on Bank Credit Commitments for Developing Countries, 1984–90

(In basis points over London interbank offered rate)

				1984	1985	1986	1987	1988	1989¹	1990¹
Spontaneous commitments²				72	64	61	56	57	68	60
Concerted commitments³
	All			185	179	84	89	83	81	95
	Three largest debtors			186	…	81	88	81	81
	Others			174	179	140	100	108	81	95
Restructuring of existing debt³
	All			131	138	95	80	83	81	82
	Three largest debtors⁴			128	…	85	81	81	81	…
	Others			136	138	140	80	88	81	82
Memorandum items
	Difference between spreads
		Concerted/spontaneous		113	115	23	33	26	13	35
		Restructuring/spontaneous		59	74	34	24	26	13	22
		Concerted/restructuring		54	41	–11	9	—	—	13
		Largest/others
			Concerted	12	…	−59	−12	−27	−	…
			Restructurings	–8	…	–55	1	–7	—	…

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and IMF staff estimates.

^¹Excludes restructurings of claims involving debt and debt-service reduction.

^²Weighted average of nonconcerted bank commitments to “Developing Countries” as defined by the OECD.

^³Based on term sheets agreed in principle.

^⁴Argentina, Brazil, and Mexico.

^{Table A10}

Selected Developing Countries: Terms on Syndicated Bank Credits, 1989–May 1991¹

Source: Organization for Economic Cooperation and Development (OECD).

^¹Excludes concerted commitments. Country classifications are those of the OECD.

^{Table A10}

Selected Developing Countries: Terms on Syndicated Bank Credits, 1989–May 1991¹

			1989		1990		Jan.–May 1991
			Maturity	Spread	Maturity	Spread	Maturity	Spread
			(In years)	(In basis points)	(In years)	(In basis points)	(In years)	(In basis points)
	Bahrain		10.5	51	7.2	38	3.0	65
	Bulgaria		7.0	40	—	—	—	—
	China		9.3	63	9.8	61	11.3	142
	Colombia		11.8	87	—	—	5.0	150
	Hong Kong		4.6	31	4.4	62	8.5	72
	Hungary		8.8	53	8.0	82	—	—
	India		10.4	30	8.4	30	—	—
	Indonesia		7.0	95	9.3	78	5.8	99
	Korea		7.1	38	10.3	48	7.4	54
	Malaysia		5.8	22	13.3	58	—	—
	Mexico		3.2	300	7.0	175	—	—
	Pakistan		2.2	92	—	—	1.0	90
	Singapore		4.2	73	10.3	26	3.0	137
	Thailand		7.0	51	7.8	56	7.7	89
Average for Eastern European countries			8.3	49	11.9	50	—	—
	Of which:
		U.S.S.R.	6.2	49	12.0	50	—	—

Source: Organization for Economic Cooperation and Development (OECD).

^¹Excludes concerted commitments. Country classifications are those of the OECD.

^{Table A10}

Selected Developing Countries: Terms on Syndicated Bank Credits, 1989–May 1991¹

			1989		1990		Jan.–May 1991
			Maturity	Spread	Maturity	Spread	Maturity	Spread
			(In years)	(In basis points)	(In years)	(In basis points)	(In years)	(In basis points)
	Bahrain		10.5	51	7.2	38	3.0	65
	Bulgaria		7.0	40	—	—	—	—
	China		9.3	63	9.8	61	11.3	142
	Colombia		11.8	87	—	—	5.0	150
	Hong Kong		4.6	31	4.4	62	8.5	72
	Hungary		8.8	53	8.0	82	—	—
	India		10.4	30	8.4	30	—	—
	Indonesia		7.0	95	9.3	78	5.8	99
	Korea		7.1	38	10.3	48	7.4	54
	Malaysia		5.8	22	13.3	58	—	—
	Mexico		3.2	300	7.0	175	—	—
	Pakistan		2.2	92	—	—	1.0	90
	Singapore		4.2	73	10.3	26	3.0	137
	Thailand		7.0	51	7.8	56	7.7	89
Average for Eastern European countries			8.3	49	11.9	50	—	—
	Of which:
		U.S.S.R.	6.2	49	12.0	50	—	—

Source: Organization for Economic Cooperation and Development (OECD).

^¹Excludes concerted commitments. Country classifications are those of the OECD.

^{Table A11}

Amounts of Medium- and Long-Term Bank Debt Restructured, 1985–June 1991¹

(In millions of U.S. dollars; by year of agreement in principle)

Sources: Restructuring agreements; and IMF staff estimates.

^¹Excluding cash buy-backs but including short-term debt converted into long-term debt and debt exchanges involving interest or principal reduction. Amounts represent face value of old claims restructured. Does not include the March 1991 preliminary agreement with Nigeria and the May 1991 arrears agreement with Brazil.

^²Multiyear rescheduling agreement (MYRA) entailing the restructuring of all eligible debt outstanding as of a certain date.

^³Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

^⁴Amendments to previous restructuring agreements.

^⁵Collateralized debt exchanges involving principal reduction.

^⁶Deferment agreement.

^⁷Agreements in 1985 and 1987 modified debt-service profiles on debt rescheduled under the 1984 agreements; the amounts involved, however, are not shown because repayments made during 1985–87 have not been identified.

^⁸Agreement was reached with creditor banks in this year to amend certain terms of previous restructuring agreements. The amounts involved, however, were not modified in relation to those shown for the previous year.

^⁹Financing packages involve debt and debt-service reduction.

^¹⁰Totals exclude amounts deferred, which are given in parentheses.

^{Table A11}

Amounts of Medium- and Long-Term Bank Debt Restructured, 1985–June 1991¹

(In millions of U.S. dollars; by year of agreement in principle)

	1985	1986	1987	1988	1989	1990	1991 First Half
Argentina	—	—	29,500²	—	—	—	—
Bolivia	—	—	—	—	—	—	—
Brazil	—	6,671³	—	61,000²	—	—	—
Chile	6,007	—	5,902²	—	—	1,800⁴	—
Congo	—	217	—	—	—	—	—
Costa Rica	440	—	—	—	1,825⁵	—	—
Côte d’lvoire	—	691²	—	2,211²	—	—	—
Dominican Republic	787²	—	—	—	—	—	—
Ecuador	—	—	—	4,683²	—	—	—
Gabon	—	—	39	—	—	—	—
Gambia, The	—	—	19	—	—	—	—
Guinea	—	—	43	—	—	—	—
Guyana	(47)⁴	(57)⁴	—	—	—	—	—
Honduras	—	—	248²	—	132²	—	—
Jamaica	195	—	285²	—	—	332	—
Jordan	—	—	—	—	580²	—	—
Madagascar	…⁷	—	…⁷	—	—	21	—
Malawi	—	—	—	352	—	—	—
Mexico	(950)⁸	43,700²	—	3,671⁵	48,089⁵	—	—
Morocco	538	2,174	—	—	—	3,150	—
Mozambique	—	—	253²	—	—	—	—
Nicaragua	—	—	—	—	—	—	—
Niger	—	52	—	—	—	—	110
Nigeria	—	4,250	—	5,824²	—	—	—
Panama	579	—	—	—	—	—	—
Peru	—	—	—	—	—	—	—
Philippines	—	—	9,010²	—	781	—	—
Poland	—	1,970	8,441²	—	(351)⁶	—	—
Romania	—	800	—	—	—	—	—
Senegal	20	—	—	—	—	37	—
Sierra Leone	—	—	—	—	—	—	—
South Africa	—	(9,800)⁶	10,900²	—	—	—	—
Sudan	920	—	—	—	—	—	—
Togo	—	—	—	492	—	—	—
Trinidad and Tobago	—	—	—	4702	—	—	—
Uruguay	1,958²	—	1,770²	—	—	1,604⁹	—
Venezuela	—	—	20,338²	—	—	19,786⁹	—
Yugoslavia	4,012²	—	—	6,895²	—	—	—
Zaïre	(61)⁶	(65)⁶	(61)⁶	—	(61)⁶	—	—
Zambia	—	—	—	—	—	—	—
Total¹⁰	15,456	60,525	91,431	80,155	51,552	26,730	110

Sources: Restructuring agreements; and IMF staff estimates.

^²Multiyear rescheduling agreement (MYRA) entailing the restructuring of all eligible debt outstanding as of a certain date.

^³Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

^⁴Amendments to previous restructuring agreements.

^⁵Collateralized debt exchanges involving principal reduction.

^⁶Deferment agreement.

^⁹Financing packages involve debt and debt-service reduction.

^¹⁰Totals exclude amounts deferred, which are given in parentheses.

^{Table A11}

Amounts of Medium- and Long-Term Bank Debt Restructured, 1985–June 1991¹

(In millions of U.S. dollars; by year of agreement in principle)

	1985	1986	1987	1988	1989	1990	1991 First Half
Argentina	—	—	29,500²	—	—	—	—
Bolivia	—	—	—	—	—	—	—
Brazil	—	6,671³	—	61,000²	—	—	—
Chile	6,007	—	5,902²	—	—	1,800⁴	—
Congo	—	217	—	—	—	—	—
Costa Rica	440	—	—	—	1,825⁵	—	—
Côte d’lvoire	—	691²	—	2,211²	—	—	—
Dominican Republic	787²	—	—	—	—	—	—
Ecuador	—	—	—	4,683²	—	—	—
Gabon	—	—	39	—	—	—	—
Gambia, The	—	—	19	—	—	—	—
Guinea	—	—	43	—	—	—	—
Guyana	(47)⁴	(57)⁴	—	—	—	—	—
Honduras	—	—	248²	—	132²	—	—
Jamaica	195	—	285²	—	—	332	—
Jordan	—	—	—	—	580²	—	—
Madagascar	…⁷	—	…⁷	—	—	21	—
Malawi	—	—	—	352	—	—	—
Mexico	(950)⁸	43,700²	—	3,671⁵	48,089⁵	—	—
Morocco	538	2,174	—	—	—	3,150	—
Mozambique	—	—	253²	—	—	—	—
Nicaragua	—	—	—	—	—	—	—
Niger	—	52	—	—	—	—	110
Nigeria	—	4,250	—	5,824²	—	—	—
Panama	579	—	—	—	—	—	—
Peru	—	—	—	—	—	—	—
Philippines	—	—	9,010²	—	781	—	—
Poland	—	1,970	8,441²	—	(351)⁶	—	—
Romania	—	800	—	—	—	—	—
Senegal	20	—	—	—	—	37	—
Sierra Leone	—	—	—	—	—	—	—
South Africa	—	(9,800)⁶	10,900²	—	—	—	—
Sudan	920	—	—	—	—	—	—
Togo	—	—	—	492	—	—	—
Trinidad and Tobago	—	—	—	4702	—	—	—
Uruguay	1,958²	—	1,770²	—	—	1,604⁹	—
Venezuela	—	—	20,338²	—	—	19,786⁹	—
Yugoslavia	4,012²	—	—	6,895²	—	—	—
Zaïre	(61)⁶	(65)⁶	(61)⁶	—	(61)⁶	—	—
Zambia	—	—	—	—	—	—	—
Total¹⁰	15,456	60,525	91,431	80,155	51,552	26,730	110

Sources: Restructuring agreements; and IMF staff estimates.

^²Multiyear rescheduling agreement (MYRA) entailing the restructuring of all eligible debt outstanding as of a certain date.

^³Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

^⁴Amendments to previous restructuring agreements.

^⁵Collateralized debt exchanges involving principal reduction.

^⁶Deferment agreement.

^⁹Financing packages involve debt and debt-service reduction.

^¹⁰Totals exclude amounts deferred, which are given in parentheses.

^{Table A12}

Debt and Debt-Service Reduction in Commercial Bank Agreements, 1987–June 1991

(By year of agreement in principle)

Sources: Debt restructuring agreements; and IMF staff estimates. Note: BCEAO = Banque Centrale des Etats de L’Afrique de L’Ouest; IDA = International Development Association.

^¹Includes $0.6 million of debt-for-nature swap.

^²Reflects two separate bilateral agreements with Bank of America and Lloyds Bank.

^³A fixed rate of 4 percent applies to $17 million of restructured interest arrears.

^⁴Including about $210 million used to offer comparable collateral for bonds issued prior to 1990.

^{Table A12}

Debt and Debt-Service Reduction in Commercial Bank Agreements, 1987–June 1991

(By year of agreement in principle)

			Face Value of Debt to Commercial Banks				Enhancements for New Instruments
			Retired	Issued	Resources Used	Terms	Enhancements for New Instruments	Special Features
			(In millions of U. S. dollars)
Argentina (1987)
	Noncollateralized debt exchange with interest reduction		15	15	—	Old claims exchanged at par for new exit bonds with 25–year maturity (12 years’ grace) and 4 percent fixed rate.	—	New bonds excluded from future new money base.
Bolivia (1987)
	Cash buy-back		253	—	28 (bilateral donations)	At pre-announced price of 11 cents on the dollar.	—	—
	Collateralized debt exchange with principal reduction		204	22	7 (bilateral donations)	Old claims exchanged for new zero-coupon 25–year bond carrying 9.25 percent yield at a pre-announced exchange ratio of 1:0.11.	Principal and interest fully collateralized.
	Debt forgiveness		16¹	—	—	—	—	—
Brazil (1988)
	Noncollateralized debt exchange with interest reduction		1,100	1,100	—	Old claims exchanged at par for new exit bonds with 25–year maturity (10 years’ grace) and 6 percent fixed rate.	—	New bonds excluded from future new money base. Eligible for debt-equity conversion program.
Chile (1988)
	Cash buy-backs		439		248 (own resources)	$299 million bought back in November 1988 at average price of 56 cents on the dollar; $140 bought back in November 1989 at average price of 58 cents on the dollar. Price determined in Dutch auction.		Resources used for buy-backs subject to aggregate limit of $500 million; debt to be extinguished subject to aggregate ceiling of $2 billion.
Mexico (1988)
	Collateralized debt exchange with principal reduction		3,671	2,556	555 (own resources)	Old claims exchanged for new bond with 20–year bullet maturity and LIBOR plus 1 5/8; average exchange ratio 1:0.7 (determined in Dutch auction).	Principal fully collateralized.	New bonds excluded from future new money base.
Costa Rica (1989)
	Cash buy-back		991	…	At pre-announced price of 16 cents on the dollar.
	Collateralized debt exchanges with interest reduction		290	…	225 (from bilateral and multilateral sources and Costa Rica’s own reserves)	(a) Old debt exchanged at par for new 20–year bond (10 years’ grace) carrying 6.25 percent fixed, negotiated rate.	(a) Eighteen-month interest guarantee (excess enhancefunds to be applied to increase coverage up to 18 months).	(a) Available only to banks tendering at least 60 percent of their exposure to the buy-back option. Value recovery clause linked to GDP growth.
						(b) Past-due interest exchanged at par for a new claim with a 15–year maturity (no grace period) and LIBOR plus .	(b) Thirty-six month interest guarantee.	(b) Available only to banks tendering at least 60 percent of their debt and past-due interest claims to the buy-back option. Value recovery clause linked to GDP growth.
	Noncollateralized debt exchange with interest reduction		289	…		(c) Old claims (including past-due interest) exchanged at par for a new 25–year bond (15 years’ grace) carrying 6.25 percent fixed, negotiated rate.	—	(c) Optional to banks tendering less than 60 percent of their exposure (including past-due interest) to the buy-back option. (a), (b), and (c): new bonds eligible for debt-equity conversion program.
Honduras (1989)
	Noncollateralized debt restructuring with interest reduction²		132	132	—	Old claims (including interest arrears) restructured into new claims with 20–year maturity (7–10 years grace) and 6.25 percent fixed, negotiated rate.³	—	Interest rate to be increased by up to 3 percentage points if GDP growth exceeds threshold rate. Voluntary amortization during grace period to be matched on 1:1 basis for debt forgiveness. Seventy percent of arrears before restructuring to be forgiven upon 20 percent downpayment; further forgiveness (of 5 percent of such arrears a year) if debtor remains current on interest in subsequent years.
Mexico (1989)
	Collateralized debt exchanges
		Principal reduction	20,581	13,372	7,100 (including resources from IMF and World Bank}	Old claims exchanged for new bond with 30–year bullet maturity and LIBOR plus ; exchange ratio 1:0.65 (negotiated).	Principal fully collateralized and 18–month rolling interest guarantee.	Recovery clause in case real oil prices exceed threshold real price of $14 a barrel. New bonds excluded from future new money base and eligible for debt-equity conversion.
		Interest reduction	22,427	22,427	7,100 (including resources from IMF and World Bank}	Old claims exchanged at par for new bond with 30–year bullet maturity and 6.25 percent fixed, negotiated interest rate.	Same as above
Philippines (1989)
	Cash buy-back		1,339	—	670 (including resources from IMF and World Bank)	At pre-announced price of 50 cents on the dollar.
Venezuela (1990)					2,580⁴ (including resources from IMF and World Bank)
	Collateralized debt exchanges
		Principal reduction	1,411	647		Old claims exchanged for new three-month notes with present value equal to 45 percent of face value of old claims.	Face value of notes fully collateralized by short-term U.S. Treasury securities.
		Principal reduction	1,794	1,256		Old claims exchanged for new bond with 30–year maturity and LIBOR plus at prenegotiated exchange ratio of 1:0.70.	Principal fully collateralized and 14–month rolling interest guarantee.	Eligible for debt-equity conversion. Includes warrants to be triggered in case oil prices exceed threshold price of $26 a barrel in 1996, adjusted for inflation thereafter through 2020.
		Interest reduction	7,415	7,415		Old claims exchanged at par for new bond with 30–year maturity and fixed interest rate of 6.75 percent.	Principal fully collateralized and 14–month rolling interest guarantee.
		Temporary interest reduction	2,918	2,918		Old claims exchanged for new bond with 17–year maturity and interest rate of 5 percent for the first and second years, 6 percent for the third and fourth years, 7 percent for the fifth year, and LIBOR plus 7/8 of 1 percent thereafter.	Twelve-month rolling interest guarantee for the first five years.	Eligible for debt-equity conversion.
Niger (1991)
	Collateralized debt exchanges
		Principal reduction	…	…	20 (including resources from IDA debt reduction facility and French and Swiss grants)	Old claims exchanged for new 60–day notes with face value equivalent to 18 percent of outstanding value of principal.	Face value of notes fully collateralized by BCEAO.	Operation has been structured as a novation, that is the exchange of a new obligation for an old obligation.
		Interest reduction	…	…		Old claims exchanged at par for 21 -year non-interest-bearing notes.	Principal on these notes guaranteed by zero coupon bonds purchased by BCEAO.
Nigeria (1991)
	Cash buy-back		…	…	…	Price to be determined.
	Interest reduction		…	…	…	Old claims exchanged at par for new registered bonds with a 30–year bullet maturity and a fixed interest rate of 5.5 percent for 3 years and 6.25 percent thereafter.	Principal fully collateralized by U.S. Treasury bonds with a 12–month interest guarantee.
Uruguay (1991)
	Cash buy-back		633	—	461	At pre-announced price of 56 cents on the dollar.
	Interest reduction		530	530	461	Old claims exchanged at par for new bonds with a 30–year bullet maturity and a fixed interest rate of 6.75 percent.	Principal fully collateralized and an 18–month rolling interest guarantee.	Value recovery clause allowing for larger payments in the event of a favorable performance of an index of Uruguay’s terms of trade.

Sources: Debt restructuring agreements; and IMF staff estimates. Note: BCEAO = Banque Centrale des Etats de L’Afrique de L’Ouest; IDA = International Development Association.

^¹Includes $0.6 million of debt-for-nature swap.

^²Reflects two separate bilateral agreements with Bank of America and Lloyds Bank.

^³A fixed rate of 4 percent applies to $17 million of restructured interest arrears.

^⁴Including about $210 million used to offer comparable collateral for bonds issued prior to 1990.

^{Table A12}

Debt and Debt-Service Reduction in Commercial Bank Agreements, 1987–June 1991

(By year of agreement in principle)

			Face Value of Debt to Commercial Banks				Enhancements for New Instruments
			Retired	Issued	Resources Used	Terms	Enhancements for New Instruments	Special Features
			(In millions of U. S. dollars)
Argentina (1987)
	Noncollateralized debt exchange with interest reduction		15	15	—	Old claims exchanged at par for new exit bonds with 25–year maturity (12 years’ grace) and 4 percent fixed rate.	—	New bonds excluded from future new money base.
Bolivia (1987)
	Cash buy-back		253	—	28 (bilateral donations)	At pre-announced price of 11 cents on the dollar.	—	—
	Collateralized debt exchange with principal reduction		204	22	7 (bilateral donations)	Old claims exchanged for new zero-coupon 25–year bond carrying 9.25 percent yield at a pre-announced exchange ratio of 1:0.11.	Principal and interest fully collateralized.
	Debt forgiveness		16¹	—	—	—	—	—
Brazil (1988)
	Noncollateralized debt exchange with interest reduction		1,100	1,100	—	Old claims exchanged at par for new exit bonds with 25–year maturity (10 years’ grace) and 6 percent fixed rate.	—	New bonds excluded from future new money base. Eligible for debt-equity conversion program.
Chile (1988)
	Cash buy-backs		439		248 (own resources)	$299 million bought back in November 1988 at average price of 56 cents on the dollar; $140 bought back in November 1989 at average price of 58 cents on the dollar. Price determined in Dutch auction.		Resources used for buy-backs subject to aggregate limit of $500 million; debt to be extinguished subject to aggregate ceiling of $2 billion.
Mexico (1988)
	Collateralized debt exchange with principal reduction		3,671	2,556	555 (own resources)	Old claims exchanged for new bond with 20–year bullet maturity and LIBOR plus 1 5/8; average exchange ratio 1:0.7 (determined in Dutch auction).	Principal fully collateralized.	New bonds excluded from future new money base.
Costa Rica (1989)
	Cash buy-back		991	…	At pre-announced price of 16 cents on the dollar.
	Collateralized debt exchanges with interest reduction		290	…	225 (from bilateral and multilateral sources and Costa Rica’s own reserves)	(a) Old debt exchanged at par for new 20–year bond (10 years’ grace) carrying 6.25 percent fixed, negotiated rate.	(a) Eighteen-month interest guarantee (excess enhancefunds to be applied to increase coverage up to 18 months).	(a) Available only to banks tendering at least 60 percent of their exposure to the buy-back option. Value recovery clause linked to GDP growth.
						(b) Past-due interest exchanged at par for a new claim with a 15–year maturity (no grace period) and LIBOR plus .	(b) Thirty-six month interest guarantee.	(b) Available only to banks tendering at least 60 percent of their debt and past-due interest claims to the buy-back option. Value recovery clause linked to GDP growth.
	Noncollateralized debt exchange with interest reduction		289	…		(c) Old claims (including past-due interest) exchanged at par for a new 25–year bond (15 years’ grace) carrying 6.25 percent fixed, negotiated rate.	—	(c) Optional to banks tendering less than 60 percent of their exposure (including past-due interest) to the buy-back option. (a), (b), and (c): new bonds eligible for debt-equity conversion program.
Honduras (1989)
	Noncollateralized debt restructuring with interest reduction²		132	132	—	Old claims (including interest arrears) restructured into new claims with 20–year maturity (7–10 years grace) and 6.25 percent fixed, negotiated rate.³	—	Interest rate to be increased by up to 3 percentage points if GDP growth exceeds threshold rate. Voluntary amortization during grace period to be matched on 1:1 basis for debt forgiveness. Seventy percent of arrears before restructuring to be forgiven upon 20 percent downpayment; further forgiveness (of 5 percent of such arrears a year) if debtor remains current on interest in subsequent years.
Mexico (1989)
	Collateralized debt exchanges
		Principal reduction	20,581	13,372	7,100 (including resources from IMF and World Bank}	Old claims exchanged for new bond with 30–year bullet maturity and LIBOR plus ; exchange ratio 1:0.65 (negotiated).	Principal fully collateralized and 18–month rolling interest guarantee.	Recovery clause in case real oil prices exceed threshold real price of $14 a barrel. New bonds excluded from future new money base and eligible for debt-equity conversion.
		Interest reduction	22,427	22,427	7,100 (including resources from IMF and World Bank}	Old claims exchanged at par for new bond with 30–year bullet maturity and 6.25 percent fixed, negotiated interest rate.	Same as above
Philippines (1989)
	Cash buy-back		1,339	—	670 (including resources from IMF and World Bank)	At pre-announced price of 50 cents on the dollar.
Venezuela (1990)					2,580⁴ (including resources from IMF and World Bank)
	Collateralized debt exchanges
		Principal reduction	1,411	647		Old claims exchanged for new three-month notes with present value equal to 45 percent of face value of old claims.	Face value of notes fully collateralized by short-term U.S. Treasury securities.
		Principal reduction	1,794	1,256		Old claims exchanged for new bond with 30–year maturity and LIBOR plus at prenegotiated exchange ratio of 1:0.70.	Principal fully collateralized and 14–month rolling interest guarantee.	Eligible for debt-equity conversion. Includes warrants to be triggered in case oil prices exceed threshold price of $26 a barrel in 1996, adjusted for inflation thereafter through 2020.
		Interest reduction	7,415	7,415		Old claims exchanged at par for new bond with 30–year maturity and fixed interest rate of 6.75 percent.	Principal fully collateralized and 14–month rolling interest guarantee.
		Temporary interest reduction	2,918	2,918		Old claims exchanged for new bond with 17–year maturity and interest rate of 5 percent for the first and second years, 6 percent for the third and fourth years, 7 percent for the fifth year, and LIBOR plus 7/8 of 1 percent thereafter.	Twelve-month rolling interest guarantee for the first five years.	Eligible for debt-equity conversion.
Niger (1991)
	Collateralized debt exchanges
		Principal reduction	…	…	20 (including resources from IDA debt reduction facility and French and Swiss grants)	Old claims exchanged for new 60–day notes with face value equivalent to 18 percent of outstanding value of principal.	Face value of notes fully collateralized by BCEAO.	Operation has been structured as a novation, that is the exchange of a new obligation for an old obligation.
		Interest reduction	…	…		Old claims exchanged at par for 21 -year non-interest-bearing notes.	Principal on these notes guaranteed by zero coupon bonds purchased by BCEAO.
Nigeria (1991)
	Cash buy-back		…	…	…	Price to be determined.
	Interest reduction		…	…	…	Old claims exchanged at par for new registered bonds with a 30–year bullet maturity and a fixed interest rate of 5.5 percent for 3 years and 6.25 percent thereafter.	Principal fully collateralized by U.S. Treasury bonds with a 12–month interest guarantee.
Uruguay (1991)
	Cash buy-back		633	—	461	At pre-announced price of 56 cents on the dollar.
	Interest reduction		530	530	461	Old claims exchanged at par for new bonds with a 30–year bullet maturity and a fixed interest rate of 6.75 percent.	Principal fully collateralized and an 18–month rolling interest guarantee.	Value recovery clause allowing for larger payments in the event of a favorable performance of an index of Uruguay’s terms of trade.

Sources: Debt restructuring agreements; and IMF staff estimates. Note: BCEAO = Banque Centrale des Etats de L’Afrique de L’Ouest; IDA = International Development Association.

^¹Includes $0.6 million of debt-for-nature swap.

^²Reflects two separate bilateral agreements with Bank of America and Lloyds Bank.

^³A fixed rate of 4 percent applies to $17 million of restructured interest arrears.

^⁴Including about $210 million used to offer comparable collateral for bonds issued prior to 1990.

Table A13

Terms of Selected Bank Debt Restructurings and Financial Packages, 1984–June 1991¹

Sources: Restructuring agreements.

^¹Classified by year of agreement in principle.

^²Early participation fee.

^³New trade credit and deposit facility.

^⁴Amendment to previous reschedulings or new money packages.

^⁵Multiyear debt restructuring agreement (MYRA).

^⁶New money bonds, parallel financing, and cofinancing with the World Bank.

^⁷Restructuring of maturities under the 1983 and 1985 new money agreements.

^⁸Restructuring of maturities under the 1985 MYRA and other refinancing agreements.

^⁹Growth contingency cofinancing with the World Bank.

^¹⁰Contingent investment support facility.

^¹¹Arrears as of September 26, 1986.

^¹²Maturities falling due in April 1986–December 1987.

^¹³Medium-term debt.

^¹⁴0nly on previously unrestructured debt.

^¹⁵Letters of credit covered by previous agreement.

^¹⁶Arrears of interest, fees, and commission on letters of credit.

^¹⁷Debt will not be interest-bearing provided it is paid on time.

^¹⁸Of private financial and private corporate sector debt, except for private corporate sector debt due in 1990–92 under the 1985 restructuring agreement. The latter maturities are restructured at public-sector terms.

Table A13

Terms of Selected Bank Debt Restructurings and Financial Packages, 1984–June 1991¹

Country	Year of Agreement	Type of Transaction	Grace Period	Maturity	Interest Rate	Fees
			(In years)		(In percent spread over LIBOR/U.S. Prime)	(In percent)
Argentina	1984	Restructuring	3	10 to 12	1⅜	—
		New financing	3	10	1⅝-1¼	⅝
	1987	New financing	5	12	⅞	⅜²
		New financing³	—	4	⅞	⅜²
		Restructuring^4,5	7	19		—
		Restructuring^4,5	5	12		—
Brazil	1984	Restructuring	5	9	2–1¾	1
		New financing	5	9	2–1¾	1
	1986	Restructuring	5	7	1⅛	—
	1988	Restructuring⁵	7	19		—
		New financing⁶	5	12		⅜²
		New financing³	9	9		⅜²
Chile	1984	New financing	5	9	1¾–1½	⅝
	1985	Restructuring	6	12	1⅜
		New financing	5	10	1⅝–1¼	72
	1987	Restructuring^4,5	3	5	1⅛	—
		Restructuring⁵	5	15½	1	—
	1988	Restructuring^4,5	5	15		—
		Restructuring^3,4	3	5	⅞	—
	1990	Restructuring	4	8 to 12	Original rates	—
Côte d’lvoire	1984	Restructuring	2	7	1⅞–1⅝	1¼
		Restructuring	3	8	1⅞–1⅝	1¼
		New financing	3	7	1⅞–1⅝	1¼
	1986	Restructuring⁵	3	9	1⅞–1⅜	—
	1988	Restructuring⁵	5	14½	1¼	½²
		New financing	4	8	1½	¾²
Dominican Republic	1985	Restructuring⁵	3	13	1⅜	—
Ecuador	1985	Restructuring⁵	3	12	1⅜	—
		New financing	2	10	1⅝–1¼	—
	1987	Restructuring⁷	3	10	1
		Restructuring⁸	7	19
		New financing	2	8	1	⅛–½²
Jamaica	1987	Rescheduling	1½	8½	1¼	—
		Rescheduling	9	12½	1¼	—
	1990	Refinancing	—	10½		—
		Refinancing	7½	14½		—
Mexico	1984	New financing	5½	10	1½–1⅛	⅝
		Restructuring⁵	0 to 1	14	⅞ in 1985–86	—
					1⅛ in 1987–91	—
					1¼ in 1992–98	—
	1986	Restructuring⁵	7	20		—
		New financing	5	12		—
		New financing⁹	7	12		—
		New financing¹⁰	4	8		—
	1989	New financing	7	15		—
		Restructuring	7	15		—
Morocco	1986	Restructuring	3	7	1¾	—
	1987	Restructuring
		—Not previously rescheduled	4	11		—
		—Previously rescheduled	4	4	1¾	—
		—Conversion short-term in-medium-term	—	6		—
		—Trade arrears	—	5½	Original rates	—
	1990	Restructuring	7–10	15–20		—
Nigeria	1986	Restructuring¹¹	1	4	1¼	½
		Restructuring¹²	3	9	1¼	½
		New financing	3	7		½
	1988	Restructuring¹³	3	20	⅞	½¹⁴
		Restructuring¹⁵	3	15		—
	1990	Restructuring¹⁶	—	3	none¹⁷	—
Philippines	1984	Restructuring	5	10	1⅝	—
		New financing	5	9	1¾–1⅜	—
	1987	Restructuring⁵	7½	17	⅞	—
		Restructuring^5,18	6	10	1⅜	—
Poland	1988	Restructuring	8	15		—
Uruguay	1986	Restructuring⁵	3	12	1⅜	—
		Restructuring^4,5	3	12	⅝	—
	1987	Restructuring^4,5	3	17	⅞	—
	1990	New financing	7	15	1	⅛²
		Restructuring	7	15	⅞	⅛²
Venezuela	1984	Restructuring⁵	—	12½	1⅛	—
	1987	Restructuring⁴	—	13	⅞	—
	1990	New financing	7	15	⅞–1	½²
		Restructuring	7	15	1⅞	—
Yugoslavia	1984	Restructuring	4	7	1⅝–1½	⅞
	1985	Restructuring⁵	4	10½	1⅛	—
	1988	Restructuring⁵	5	18		—
		New financing	5	5	⅞	¼

Sources: Restructuring agreements.

^¹Classified by year of agreement in principle.

^²Early participation fee.

^³New trade credit and deposit facility.

^⁴Amendment to previous reschedulings or new money packages.

^⁵Multiyear debt restructuring agreement (MYRA).

^⁶New money bonds, parallel financing, and cofinancing with the World Bank.

^⁷Restructuring of maturities under the 1983 and 1985 new money agreements.

^⁸Restructuring of maturities under the 1985 MYRA and other refinancing agreements.

^⁹Growth contingency cofinancing with the World Bank.

^¹⁰Contingent investment support facility.

^¹¹Arrears as of September 26, 1986.

^¹²Maturities falling due in April 1986–December 1987.

^¹³Medium-term debt.

^¹⁴0nly on previously unrestructured debt.

^¹⁵Letters of credit covered by previous agreement.

^¹⁶Arrears of interest, fees, and commission on letters of credit.

^¹⁷Debt will not be interest-bearing provided it is paid on time.

Table A13

Terms of Selected Bank Debt Restructurings and Financial Packages, 1984–June 1991¹

Country	Year of Agreement	Type of Transaction	Grace Period	Maturity	Interest Rate	Fees
			(In years)		(In percent spread over LIBOR/U.S. Prime)	(In percent)
Argentina	1984	Restructuring	3	10 to 12	1⅜	—
		New financing	3	10	1⅝-1¼	⅝
	1987	New financing	5	12	⅞	⅜²
		New financing³	—	4	⅞	⅜²
		Restructuring^4,5	7	19		—
		Restructuring^4,5	5	12		—
Brazil	1984	Restructuring	5	9	2–1¾	1
		New financing	5	9	2–1¾	1
	1986	Restructuring	5	7	1⅛	—
	1988	Restructuring⁵	7	19		—
		New financing⁶	5	12		⅜²
		New financing³	9	9		⅜²
Chile	1984	New financing	5	9	1¾–1½	⅝
	1985	Restructuring	6	12	1⅜
		New financing	5	10	1⅝–1¼	72
	1987	Restructuring^4,5	3	5	1⅛	—
		Restructuring⁵	5	15½	1	—
	1988	Restructuring^4,5	5	15		—
		Restructuring^3,4	3	5	⅞	—
	1990	Restructuring	4	8 to 12	Original rates	—
Côte d’lvoire	1984	Restructuring	2	7	1⅞–1⅝	1¼
		Restructuring	3	8	1⅞–1⅝	1¼
		New financing	3	7	1⅞–1⅝	1¼
	1986	Restructuring⁵	3	9	1⅞–1⅜	—
	1988	Restructuring⁵	5	14½	1¼	½²
		New financing	4	8	1½	¾²
Dominican Republic	1985	Restructuring⁵	3	13	1⅜	—
Ecuador	1985	Restructuring⁵	3	12	1⅜	—
		New financing	2	10	1⅝–1¼	—
	1987	Restructuring⁷	3	10	1
		Restructuring⁸	7	19
		New financing	2	8	1	⅛–½²
Jamaica	1987	Rescheduling	1½	8½	1¼	—
		Rescheduling	9	12½	1¼	—
	1990	Refinancing	—	10½		—
		Refinancing	7½	14½		—
Mexico	1984	New financing	5½	10	1½–1⅛	⅝
		Restructuring⁵	0 to 1	14	⅞ in 1985–86	—
					1⅛ in 1987–91	—
					1¼ in 1992–98	—
	1986	Restructuring⁵	7	20		—
		New financing	5	12		—
		New financing⁹	7	12		—
		New financing¹⁰	4	8		—
	1989	New financing	7	15		—
		Restructuring	7	15		—
Morocco	1986	Restructuring	3	7	1¾	—
	1987	Restructuring
		—Not previously rescheduled	4	11		—
		—Previously rescheduled	4	4	1¾	—
		—Conversion short-term in-medium-term	—	6		—
		—Trade arrears	—	5½	Original rates	—
	1990	Restructuring	7–10	15–20		—
Nigeria	1986	Restructuring¹¹	1	4	1¼	½
		Restructuring¹²	3	9	1¼	½
		New financing	3	7		½
	1988	Restructuring¹³	3	20	⅞	½¹⁴
		Restructuring¹⁵	3	15		—
	1990	Restructuring¹⁶	—	3	none¹⁷	—
Philippines	1984	Restructuring	5	10	1⅝	—
		New financing	5	9	1¾–1⅜	—
	1987	Restructuring⁵	7½	17	⅞	—
		Restructuring^5,18	6	10	1⅜	—
Poland	1988	Restructuring	8	15		—
Uruguay	1986	Restructuring⁵	3	12	1⅜	—
		Restructuring^4,5	3	12	⅝	—
	1987	Restructuring^4,5	3	17	⅞	—
	1990	New financing	7	15	1	⅛²
		Restructuring	7	15	⅞	⅛²
Venezuela	1984	Restructuring⁵	—	12½	1⅛	—
	1987	Restructuring⁴	—	13	⅞	—
	1990	New financing	7	15	⅞–1	½²
		Restructuring	7	15	1⅞	—
Yugoslavia	1984	Restructuring	4	7	1⅝–1½	⅞
	1985	Restructuring⁵	4	10½	1⅛	—
	1988	Restructuring⁵	5	18		—
		New financing	5	5	⅞	¼

Sources: Restructuring agreements.

^¹Classified by year of agreement in principle.

^²Early participation fee.

^³New trade credit and deposit facility.

^⁴Amendment to previous reschedulings or new money packages.

^⁵Multiyear debt restructuring agreement (MYRA).

^⁶New money bonds, parallel financing, and cofinancing with the World Bank.

^⁷Restructuring of maturities under the 1983 and 1985 new money agreements.

^⁸Restructuring of maturities under the 1985 MYRA and other refinancing agreements.

^⁹Growth contingency cofinancing with the World Bank.

^¹⁰Contingent investment support facility.

^¹¹Arrears as of September 26, 1986.

^¹²Maturities falling due in April 1986–December 1987.

^¹³Medium-term debt.

^¹⁴0nly on previously unrestructured debt.

^¹⁵Letters of credit covered by previous agreement.

^¹⁶Arrears of interest, fees, and commission on letters of credit.

^¹⁷Debt will not be interest-bearing provided it is paid on time.

Table A14

Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1987–June 1991¹

Sources: Restructuring agreements; and IMF staff estimates.

^¹Arrangements approved in principle before January 1, 1987 were reported in International Capital Markets: Developments and Prospects, World Economic and Financial Surveys (Washington: International Monetary Fund, April 1989).

^²For public debt, pre-December 9, 1982, debt originally falling due prior to January 1, 1986, which has been previously restructured, and debt originally falling due after December 31, 1985, which has not been previously restructured. Excluded is indebtedness under the 1983 and 1985 term credit agreements and the 1985 trade credit and deposit facility, which is rescheduled on different terms. For private-sector borrowers, the restructuring of principal maturities of pre-December 9, 1982, indebtedness maturing subsequent to December 31, 1985, including previously restructured maturities. Up to $5 billion of eligible debt could be exchanged at par for 25–year exit bonds carrying a fixed 4 percent yield.

^³The agreement provides also for repricing and retiming of public sector debt. The savings to Brazil from repricing, which will consist of a reduction in the spread over the London interbank offered rate (LIBOR) from their current range (1.125–2.414) to , are estimated at $100 million in 1988 and $380 million in 1989. Retiming of interest periods from a quarterly to a six-monthly basis is estimated to provide relief of $600 million in 1988.

^⁴Excluding (1) about $1 billion corresponding to repayments on voluntary lending after January 1, 1983 falling due in 1988–93; and (2) amounts under switching operations (see footnote 6). Up to $5 billion of eligible debt could be exchanged at par for 25–year exit bonds carrying 6 percent fixed yield.

^⁵Includes at least $2,850 million in parallel financing with the World Bank; two cofinancing facilities with the World Bank for up to $500 million and $210 million, respectively; and new money bonds for up to $1 billion.

^⁶Banks will be permitted to switch up to $1.8 billion of interbank commitments to trade commitments during 1988–90.

^⁷Interest periods under all agreements were temporarily converted to periods of 12 months providing relief in 1988 of an estimated $415 million.

^⁸Amendments also allow for repayments in Chilean currency and the pledge of collaterals to facilitate debt reduction, hedging operations, and the raising of voluntary new money. New money may be collateralized in amounts of up to $100 million in 1988, $200 million in 1989, and $200 million a year, thereafter, with an aggregate limit of $500 million outstanding at any point after 1989. No more than $200 million of new money can be collateralized with exportable assets. The limit on collateral for risk-management techniques is $150 million.

^⁹Spreads and guarantee fees would revert to their previous levels should Chile ask for new money “on a concerted basis” before the end of 1989.

^¹⁰Amendments to the 1985 new money agreement also allow for an increase, as of January 1, 1989, of $35 million in relending. To facilitate the reduction in spreads, the fee paid by banks on the World Bank guarantee, under the 1985 cofinancing agreement, was reduced by ¼ of 1 percentage point.

^¹¹The amendments provide for an extension of the retiming periods during which annual interest periods, which had been scheduled to revert to six-month interest periods, will be maintained. The extension will be until 1993 for 1985 new money; until 1994 for 1983 and 1984 new money; until 1995 for the 1983–84 restructuring agreements; and until 1996 for the 1985–91 restructuring agreements.

^¹²Voluntary amortization payments made during the grace period would be matched on a 1:1 basis by debt forgiveness (equivalent to a buy-back option at 50 cents on the dollar).

^¹³Interest rate would be increased by a maximum of 3 percentage points if GDP growth exceeds a threshold rate.

^¹⁴Seventy percent of these arrears to be forgiven in 1990 upon downpayment equal to 5 percent of these arrears. Beginning at the end of 1990 and provided that Honduras remains current on interest due on all rescheduled amounts under the agreement, the creditor bank would further forgive interest arrears by a yearly amount equal to 5 percent of the arrears outstanding at end-October 1989.

^¹⁵Amount of debt on which terms were modified is not known because repayments made during 1985–87 have not been identified.

^¹⁶Amortization of rescheduled amounts subject to relending at the choice of creditors, but within certain limits of the domestic credit program established by the Mexican authorities.

^¹⁷New money options include medium-term loan, new money bonds, on-lending facility, and medium-term trade facility.

^¹⁸Spread to increase to 1¼ percentage points at the end of the grace period.

^¹⁹Includes $112 million of previously capitalized interest arrears on letters of credit.

^²⁰Allowance for re-lending for up to 366 days of up to 20 percent of the new money on a revolving basis, of which one half would be available in any one calendar year and one half would be available to the private sector.

^²¹As of end-December 1989.

^²²Payment is to be deferred until December 30, 1991. Alternatively, banks may receive payments according to the original schedule in return for an equal increase in the short-term revolving trade facility.

^²³Payment was deferred until the second quarter of 1990.

^²⁴Net of $24 million of prepayment required under the agreement.

^²⁵The interest rate of LIBOR plus ⅞ applies to the new money bonds issued by the Central Bank (as opposed to the Republic of Venezuela).

^²⁶There will be monthly payments of $3 million for the May 1987–May 1988 period, except for July 1987 when the payment due is $3.5 million.

^²⁷Under this agreement Zaïre would make monthly payments of $4 million, which roughly covers interest on outstanding claims (including principal and interest arrears).

^²⁸The spread over LIBOR is expected to remain 1¾ A percentage points for the first three years, to decline to 1½ percentage points for the next five years, and to 1¼ percentage points for the final four years, subject to the borrowers’ compliance with the terms and conditions of the agreement.

Table A14

Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1987–June 1991¹

Country, Date of Agreement, and Type of Debt Rescheduled				Basis	Amount Provided	Grace Period	Maturity	Interest Rate
					(In millions of U.S. dollars)	(In years, unless otherwise noted)		(In percent spread over LIBOR/U.S. prime, unless otherwise noted)
Argentina
	Agreement in principle of April 24, 1987; final agreement August 1987
		Rescheduling of public and private sector indebtedness²		100 percent of principal	25,300	8	19
		Rescheduling of 1983 and 1985 term credit agreements		100 percent of principal 100 percent of principal	4,200	5	12
		New medium-term loan		New financing	1,550	5	12	⅞
		New trade credit and deposit facility		New financing	400	—	4	⅞
		Amendment to trade credit and deposit facility of 1985		Maturity lengthened to coincide with 1987 trade credit deposit facility	500	—	4
		Trade credit maintenance facility		Banks will continue to maintain trade credit at levels of September 30, 1984	1,200	—	2
		Stand-by money market facility		Banks will continue to make available to the Central Bank on request any amounts outstanding to foreign branches and agencies of Argentine banks on September 30, 1984	1,400	—	2	¾
Bolivia
	Agreement in principle of March 4, 1987; signed July 10, 1987
		Amendment to 1981 refinancing agreement to allow for debt buy-backs and conversions		Debt reduction (see Table A12)
Brazil
	Agreement with Advisory Committee of June 22, 1988;³ final agreement November 11, 1988
		Rescheduling of public and private debt⁴ falling due in 1987–93		100 percent of principal	61,000	7	19
		New medium-term financing⁵		New financing	4,600	5	12
		New medium-term trade credit and deposit facility		New financing	600	9	9
		Short-term trade credit facility⁶		Banks will maintain trade credit at their 1986 commitment level	10,182	—	2½	⅛–¾
		Interbank facility⁶		Banks will maintain interbank credit at their 1986 commitment level	4,651	—	2½	⅝
Chile
	Agreement of June 17, 1987⁷
		Amendment to 1983–87 restructuring agreements		100 percent of principal falling due in 1988–90	2,951	5	15½	1
		Amendments to 1983–84 new money agreements		100 percent of principal falling due in 1988–90	1,416	3	5	1⅛
		1988–91 unrescheduled original maturities		100 percent of principal	1,534	5	15½	1
		Extension of short-term trade related facility until end of 1989		100 percent rollover	1,700	—	2	1⅜–1⅛
		Agreement in principle of March 22, 1988; final agreement August 1988
		Amendments to the restructuring agreements of June 17, 1987
			1983–84 and 1985–91 restructuring agreements⁸	Unchanged	Unchanged	Unchanged	Unchanged	⁹
			1983–85 new money agreements and 1985 cofinancing agreement¹⁰	Unchanged	Unchanged	Unchanged	Unchanged	⅞⁹
			Waivers to allow buy-backs and exchanges	Debt reduction (see Table A12)
	Agreement in principle of October 1990; final agreement of December 1990
		Amendments to the restructuring agreements of June 17, 1987, already amended in August 1988		1983–84 restructuring agreements, 1985–87 restructuring agreements, 1988–91 restructuring agreements, 1983–85 new money agreements Unchanged	1,800	4	8–12	Unchanged¹¹
Costa Rica
	Preliminary agreement of November 16, 1989			Debt reduction (see Table A12)
Côte d’lvoire
	Agreement in principle of April 29,1988
		Rescheduling of public and private eligible debt
			In arrears as of the end of 1987	100 percent of principal	111	5	14½	1¼
			Falling due in 1988–95	100 percent of principal	2,100	5	14½	1¼
		New medium-term loan		New financing	151	4	8	1½
Ecuador
	Agreement in principle of November 25, 1987
		Rescheduling of 1983 and 1985 new money agreements		100 percent of principal	631	3	10	1
		Rescheduling of maturities under 1985 MYRA and other rescheduling agreements		100 percent of principal	4,052	7	19
		New medium-term loan		New financing	350	2	8	1
Gabon
	Agreement in principle of June 4, 1987; final agreement December 1987
		Rescheduling of principal due September 21, 1986– December 31, 1988		100 percent of principal	39	4	9	1⅜
Gambia, The
	Agreement in principle of May 27, 1987; final agreement February 15, 1988
		Rescheduling of public debt outstanding as of December 18, 1986		100 percent of principal	19	3½	8	1¼
Guinea
	Agreement in principle of November 1987; final agreement April 20,1988
		Restructuring of short- and medium-term debt outstanding		70 percent of principal	43	½	3	1¾
Honduras
	Agreement in principle of June 26, 1987
		Restructuring of principal and interest in arrears		100 percent of arrears as of the end of March 1987	219	6	8	1⅛
		Restructuring of maturities falling due in 1987–89		100 percent of principal	29	6	8	1⅛
	Agreements of August 17, 1989
		Bilateral concessional rescheduling of debt to Lloyds Bank
			Principal outstanding at end-October 1989	100 percent	46¹²	7	20	6.25 percent fixed rate¹³
			Interest arrears at end-October 1989	100 percent	22^12,14	7	20	6.25 percent fixed rate¹³
		Bilateral concessional rescheduling of debt to Bank of America
			Principal outstanding	100 percent	47¹²	10	20	6.5 percent
		Interest arrears as of end-October 1989		100 percent	17¹⁴	⅔	20	4 percent fixed rate
Jamaica
	Agreement of May 7, 1987
		Rescheduling of maturities falling due April 1985 to end–1986		100 percent of principal	185	1½	8½	1¼
		Rescheduling of maturities falling due January 1987 to March 31, 1990		100 percent of principal	100	9	12½	1¼
	Agreement of June 26, 1990
		Refinancing of debt previously rescheduled in 1987
			Tranche A	100 percent of principal	144	—	10½
			Tranche B	100 percent of principal	188	8	14½
Jordan
	Agreement in principle of November 20, 1989
		Restructuring of medium-term loans maturing between January 1, 1989–June 30, 1991		100 percent of principal	580	5	11½
		New medium-term money facility		New money	50	3	3
Madagascar
	Agreement of June 15, 1987
		Modifications to 1984 and debt service profile on rescheduled debt		1985 agreements altering 100 percent of principal	…¹⁵	—	9	1⅝–1⅞
		Agreement in principle in October 1989 and signed on April 10, 1990
		Rescheduling		100 percent of principal falling due on December 15, 1989 and 50 percent of principal falling due in 1990–93	21.1	3½	9	⅞–1
Malawi
	Agreement in principle of April 26, 1988; final agreement October 4, 1988
		Rescheduling of public and publicly guaranteed debt outstanding as of August 21, 1987		100 percent of principal	35	4	8	1¼
Mexico
	Agreement of August 14, 1987
		Private sector debt under Forward Coverage Scheme (FICORCA)		100 percent of principal	6,000–8,000¹⁶	7	20
		Request for waivers of December 30, 1987; auction completed February 26, 1988
		Amendment to previous agreements to allow for debt exchanges		Debt reduction (see Table A12)
	Agreement of February 4, 1990
		New money facility Collateralized debt exchanges		New money¹⁷ Debt reduction (see Table A12)	1,090	7	15
		Restructuring of maturities of eligible debt not subject to debt and debt-service reduction		100 percent of principal	6,400	7	15
Morocco
	Agreement in principle of April 1990; final agreement of September 1990
		Restructuring of the entire debt outstanding at end-1989		100 percent of pre-cut-off debt	3,150	7–10	15–20
		Debt buy-backs authorized
Mozambique
	Agreement in principle of May 27, 1987
		Refinancing of trade-related and other short-term debt		100 percent of principal outstanding on May 27, 1987	86	5	8	1⅛
		Restructuring of medium-term debt		100 percent of principal outstanding on May 27, 1987	54	8	15	1⅛¹⁸
		Restructuring of all non-principal overdue amounts on short- and medium-term debt		100 percent of arrears as of June 30, 1987	113	8	12	1⅛¹⁸
Niger
	Agreement in principle of January 1991 collateralized debt exchanges			Debt reduction (see Table A12)
Nigeria
	Agreement in principle of September 1988; final agreement of April 1989
		Restructuring of debt outstanding at end-1987
			Not previously rescheduled medium-term debt	100 percent of principal	1,256	3	20	⅞
			Debt covered by the November 1987 rescheduling agreement	100 percent of principal	1,635	3	20	⅞
			Debt (letters of credit) covered by the November 1987 refinancing agreement	Arrears on interest, fees, and commissions on letters of credit	2,448 490¹⁹	3	153	non-interest-bearing
	Agreement in principle of March 1991
	New money bond exchange			Banks would provide new money for an amount equivalent to 20 percent of debts exchanged for noncollateralized new bonds.
	Buy-back and debt exchange			Debt reduction (see Table A12)	…	7	15	1
Philippines
	Agreement in principle of March 27, 1987; final agreement of December 1987:
		Rescheduling of public and publicly guaranteed debt:
			Due January 1, 1987–December31, 1992	100 percent of principal	2,762	7½	17	⅞
			Due January 1, 1989–December31, 1994 under 1985 restructuring agreement	100 percent of principal	3,963	7½	17	⅞
		Rescheduling of private financial sector debt:
			Due January 1, 1987–December 31, 1992	100 percent of principal	13	6	10	1⅜
			Due January 1, 1989–December 31, 1992 under 1985 restructuring agreement	100 percent of principal	1,172	6	10	1⅜
		Rescheduling of private corporate debt:
			Due January 1, 1987–
			December 31, 1992	100 percent of principal	653	6	10	1⅜
			Due January 1, 1990–December 31, 1992 under 1985 restructuring agreement	100 percent of principal	447	7½	17	⅞
		Extension of short-term trade-related facility until June 30, 1991		100 percent rollover	2,965	4½	5	¾
		Change in spread for 1985 new medium-term loans		—	Unchanged	Unchanged	Unchanged	⅞
	Agreement in principle of October 1989; final agreement of February 1990:
		New money bonds or loans²⁰		New money	612²¹	8	15
		Rescheduling of maturities falling due in 1990–93		100 percent of principal	781	8	15
		Change in spread on previously restructured debt		—	Unchanged	Unchanged	Unchanged
		Waivers to allow debt buy-backs and exchanges		Debt reduction (see Table A12)
Poland
	Agreement in principle of August 1987; final agreement July 1988
		Rescheduling of maturities falling due in 1987–90, including previously restructured debt		100 percent of principal	5,219	1	15
		Rescheduling of maturities falling due in 1991–93, including previously restructured debt		100 percent of principal	3,082	6	15
		Modification of the 1986 restructuring agreement covering payments falling due in 1987		50 percent of principal	140	—	2
		Short-term revolving trade credit facility		Banks will maintain 100 percent of trade-related facilities under the 1983 and 1984 agreements	1,000	—	2
	Agreement in principle of June 16, 1989
		Deferment of amortization payments falling due between May 1989 and December 1990²²		100 percent	206	…	…	Unchanged
	Agreement in principle of October 1989
		Rescheduling of interest falling due in the fourth quarter of 1989²³		85 percent	145	…	…
Romania
	Agreement in principle of September 1987
		Change in spread of 1986 restructuring agreement		Unchanged	Unchanged	Unchanged	Unchanged	⅞
Senegal
	Agreement of September 1990				37	—	9	⅞
South Africa
	Second interim debt arrangement of March 24, 1987							Margin applicable in August
		Short- and medium-term debt subject to September 1985 standstill due June 30, 1987 to June 30, 1990		About 87 percent of principal	10,900	3	3	1985 plus a maximum additional spread of up to 1 percentage point
Togo
	Agreement of May 1988
		Arrears and principal outstanding at end of 1987		100 percent of principal	49	4	8
Trinidad and Tobago
	Agreement in principle of November 1988; final agreement December 1989
		Medium- and long-term maturities falling due September 1, 1988–August 31, 1992		100 percent of principal	446	4½	12½
Uruguay
	Agreement in principle of November 1987; final agreement March 1988
		Restructuring of debt covered by the July 1986 agreement		100 percent of principal	1,695	3	17	⅞
		Restructuring of maturities falling due in 1990–91, according to the pre-MYRA 1986 schedule		100 percent of principal	75²⁴	3	17	⅞
	Agreement in principle of November 1990; final agreement January 1991
		New Money Bond Exchange		20 percent increase in exposure via purchase of new bonds would entitle banks to exchange at par old debt for noncollateralized “debt conversion notes.”	89	7	15	1.0
		Buy-back and debt exchange		Debt reduction (see Table A12)
Venezuela
	Agreement with Steering Committee of February 27, 1987; final agreement September 18, 1988
		Modification of February 1986 rescheduling agreement		100 percent of principal	20,338	—	13	⅞
	Agreement in principle of March 20, 1990; final term sheet of June 25, 1990; final agreement of December 5, 1990
		New money bond exchange		Old debt (equal to five times the new money provided) to be exchanged at par for new, noncollateralized bonds.	1,212	7	15	1 and ⅞²⁵
		Collateralized debt exchanges		Debt reduction (see Table A12)
Yugoslavia
	Tentative agreement with bank coordinating committee of April 20, 1988; final agreement September 21, 1988
		Rescheduling of the stock of medium- and long-term debt		100 percent of principal	6,895	5	18
		New trade deposit facility		New financing	300	5	5	⅞
Zaïre
	Deferment agreement of May 1987²⁶			Principal	61	…	…	Originally contracted rate
	Deferment agreement of June 1989²⁷			Principal	61	…	…	1.5
Memorandum item
Non-Fund member
	North Korea:
		Agreement in principle of September 1987
			Rescheduling of arrears		770	4	12	1¾²⁸