Chapter

Chapter V THE INTERNATIONAL MONETARY FUND’S DEBT STATISTICS

Author(s):
International Monetary Fund
Published Date:
March 1988
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1. ORIGINS OF DEBT STATISTICAL ACTIVITIES AND METHODS USED

1.1. Membership and General Objectives

The International Monetary Fund is an intergovernmental monetary and financial organisation comprising 151 member countries (on 15th October 1987). Its policies, activities and relations with member countries are laid down in its Articles of Agreement, Article I. The primary purposes of the organisation are: to promote international co-operation among members through consultation and collaboration on international monetary issues; to facilitate the balanced growth of international trade and, therefore, contribute to high levels of employment and real income and the development of productive capacity; to promote exchange stability and orderly exchange arrangements; to foster a multilateral system of payments and transfers for current transactions and seek the elimination of exchange restrictions; to make financial resources available, on a temporary basis, to permit them to correct payments imbalances; and to seek reduction of both the duration and magnitude of payments imbalances.

The Fund has three main functions. First, it administers a code of conduct with respect to exchange rate policies, payments related to current account transactions, and convertibility of currencies to ensure effective operation of the international monetary system. Second, it provides members with financial resources enabling them to observe the code of conduct while correcting or avoiding payments imbalances. Finally, it provides a forum in which members can consult with each other and collaborate on international monetary matters1.

To enable the Fund to fulfil these functions, member countries are required to provide it with information on their exchange rate and other economic and financial policies. The Fund staff collects information on members’ balance of payments, reserves, external debt and other economic and financial variables during regular consultations between the Fund and its members pursuant to Article IV of the Articles of Agreement, and members regularly provide data to the Fund’s Bureau of Statistics concerning various economic areas. For members which are undergoing balance-of-payments difficulties the Fund can provide financial resources under a number of policies and facilities2 depending on the cause of the imbalance and the time needed for adjustment. Under these arrangements, Fund resources are used to support appropriate policies intended to correct the causes of the imbalances.

1.2. The IMF’s Interest in Debt Statistics

1.2.1. Objectives Pursued

To fulfil its broad mandate in international financial affairs, the Fund has from its inception collected a wide range of financial information. The importance for the Fund of accurate statistical information was recognised in the Articles of Agreement which state that “The Fund may require members to furnish it with such information as it deems necessary for its activities” and that “It shall act as a center for the collection and exchange of information on monetary and financial problems” (Article VIII, section 5). The collection of financial data has been focused on three main areas of concern -balance of payments, government finance, and money and banking - and comprehensive statistical methodologies have been developed in these areas. The heightened problems related to external debt that have developed in recent years, as well as the Fund’s own role in the alleviation of these problems, have placed emphasis on the production of additional and more detailed data concerning external debt.

Comprehensive statistics on external debt have been collected by the Fund on a country-specific basis for many years for use in consultation discussions with members, although no integrated methodology or set of definitions was specifically developed for this compilation of debt data. These country data are usually compiled and presented in a manner which facilitates discussions with national authorities and are not published. Also, the Fund’s Bureau of Statistics has focused its attention on compiling and publishing data consistent with the statistical methodologies in the three areas mentioned above, all of which provide sub-sets of debt stock or debt-related flow data which aid in assessing countries’ external positions. The data collected during consultations and by the Bureau are generally complementary.

Balance-of-payments statistics, which contain comprehensive coverage of current debt service payments and of capital account transactions, include all debt-related flows; the capital account further includes operations in financial instruments which lie outside the core concept of debt. In addition to capital flows, the Fund also collects and publishes stock data for capital account categories for 34 countries. Government finance statistics include information on both external and domestic debt of various levels of government. Money and banking statistics contain data on external liabilities of different classes of financial institutions including monetary authorities, deposit money banks, and other financial institutions. A data base has been developed on international banking statistics, which provides a picture of the external debt of a country that is intermediated by banks either in the country itself or by non-resident banks. This is achieved by combining the information provided by money and banking statistics with data furnished by major international banking centres.

These sets of data do not provide comprehensive statistics on total external debt but they do identify many of the major components of that debt. The Fund’s Bureau of Statistics is currently working towards producing a more comprehensive picture of a country’s external debt by combining the substantial amount of data already collected with additional information from debtor and creditor sources.

1.2.2. Use Made of Debt Information

The analytical uses of the Fund’s external debt data fall into three categories: i) the analysis of economic developments of individual member countries; ii) the analysis of global economic developments relevant to Fund policies; and iii) economic research into areas of interest to the Fund. These uses are both internal, with a direct impact on the analysis underlying the Fund’s own policies, and external, through numerous publications and through collaboration with other organisations.

In the Fund’s country analysis, data on external debt and debt-related flows, including debt service payments and financing transactions, are an important element in evaluating the external position of a country. Emphasis is placed both on analysing recent economic developments in a country and projecting the impact of current and alternative policies on a country in the medium term. Accumulated debt, particularly in the heavily indebted countries, will have a major impact on the policy options available to a country and therefore accurate and comprehensive information on the debt stock, its maturity structure, the terms under which it was incurred, and a number of other factors are critical to a clear understanding of the current economic situation of a country and policy analysis. Complete data on debt rescheduling and the other forms of debt reorganisation which are available to a country are also necessary to evaluate a country’s options. When countries have a programme supported by Fund resources, the incurring of new debt is a major concern as adequate capital flows must be maintained to meet growth and balance-of-payments objectives, but these flows must not exceed the country’s ability to service the resulting debt. To meet this concern Fund programmes often contain quantitative targets or performance criteria on the contracting of new external financing.

A major project in which the Fund analyses and projects global economic and financial trends is the World Economic Outlook (WEO). The WEO provides recent historical data and short- and medium-term forecasts for global external debt broken down by regions and various analytical groupings of countries. This publication uses debt data from all available sources and the resulting figures represent the Fund’s best estimate of gross external debt. Both historical data and forecasts are presented according to several analytical categories, not only for debt outstanding but also for debt service, debt service ratios, use of Fund credit3 and international reserves.

Much of the work on debt, especially that part of it leading to publications, naturally falls into the category of research. A considerable amount of material is made available to the public in the Fund’s World Economic and Financial Surveys and the Occasional Paper series; particularly relevant to the assessment of external debt is International Capital Markets: Recent Developments and Prospects. Further, many of the Fund’s economic research papers are published in the IMF Staff Papers.

The International Capital Markets (ICM) papers assess the recent developments in international lending through banks and bond markets and use the data calculated from the International Banking Statistics (IBS) stock figures to analyse geographic patterns of capital flows through these markets. Papers concerning external debt restructuring and export credit policies are produced every year and a half. Papers related to the external financial positions of member countries are produced on an intermittent basis.

1.3. Collection Method

1.3.1. Main Sources

As was discussed in the previous sections, collection of data on external debt within the Fund follows two separate paths – collection of comprehensive data on a country-specific basis for use in consultations and negotiations with countries and collection of data by the Fund’s Bureau of Statistics for publication.

The data collected by the Fund’s area departments for individual country debt analysis come from a number of sources within the country and from international sources. These data are as comprehensive as possible but their coverage and classification are geared to the circumstances of the country and particular needs of analysis. Such data are not published but are used to prepare global debt analyses such as those presented in the World Economic Outlook.

The Fund’s Bureau of Statistics does not collect comprehensive data on external debt but does collect data in certain areas which provide important debt components. The four major areas of data collection which are relevant to external debt are balance-of-payments statistics (BOP), government finance statistics (GFS), money and banking statistics (MBS), and international banking statistics (IBS). For the first three areas, data are reported to the Bureau of Statistics by a network of correspondents in 137 countries.

In each of these areas the Fund has developed detailed methodologies for the compilation and classification of data (see below). These methodologies have been developed within the Fund and have been reviewed by national compilers and analysts. They are available to national correspondents to assist them in data compilation and are revised periodically. The data sent to the Fund by country correspondents comply as closely as basic sources will permit with the methodologies. The Fund further aids countries in implementing methodologies through an extensive programme of technical assistance in statistical areas through statistics courses at the IMF Institute and through country missions.

The Fund’s international banking statistics are compiled from information on external assets and liabilities of banks which are reported in the money and banking statistics as well as from 31 international banking centres. The latter report on the detailed geographic distribution of foreign assets and liabilities, generally distinguishing between positions with banks and non-banks. The Fund and the BIS receive the same information from 25 countries; the Fund, however, receives geographically distributed data from six countries which are not in the BIS reporting system. The Fund’s method of compiling IBS statistics also differs in some respects from that employed by the BIS (see Section 2.2 below and Chapter IV on the BIS).

With respect to statistics on use of Fund credit and IMF Trust Fund operations, the Fund compiles the data from the accounts of the Fund’s Treasurer’s Department.

1.3.2. Additional Sources and Use of Estimation

With respect to data compiled and published by the Bureau, estimations are seldom used for specific country observations. Estimates are only published when small components of a total are not available but are known from past performance to be relatively stable. Such estimates are clearly marked in Bureau statistical publications. The principle underlying this policy is that users of data should be presented with the most timely and accurate hard data available and can then make their own estimates of missing components or periods.

This policy applies to the publication of data on specific countries. However, estimates are frequently used for data on world and regional totals. It would cause considerable delays to publish such totals only for periods for which all country components were available. To provide totals for current periods, a number of estimating techniques are used, including extrapolation or carry-forward from latest observations, interpolation for periods between actual observations and specific estimates by Bureau economists. These techniques generate estimates for countries which are used to calculate totals which are published but the country estimates themselves are generally not published.

1.3.3. Confidentiality

Apart from some of the data collected by Fund staff in the course of their missions, most of the information on individual countries is not regarded as confidential.

In the IBS, disaggregated figures received from individual banking centres are confidential, but they can be combined to show the positions of all banking centres vis-à-vis banks or non-banks in a given country.

2. RELATIONSHIP TO THE CORE DEFINITION

2.1. General

The Fund, as discussed above, does not compile for publication comprehensive data which correspond to all elements included in the core definition. However, for those elements for which data are collected, there is a very high degree of correspondence with the core definition. Strong efforts are made to keep the Fund’s statistical methodologies internally consistent. For example, in all statistics published by the Bureau, the residence criterion is used to distinguish external from domestic transactions. The components of debt statistics which are published usually relate to disbursed amounts and the instruments included in “debt” closely correspond to the core definition’s coverage except for the balance-of-payments data which use the broader instrument coverage of the BOP capital accounts.

Balance-of-payments data are the most comprehensive in terms of coverage collected by the Bureau. The Fund’s BOP Manual4 provided the starting-point for the Working Group’s efforts to arrive at a core definition because a) it has provided, for many years, a relatively unambiguous basis for distinguishing external operations from domestic, i.e., the residence criterion, and b) the capital account of the BOP provides an exhaustive framework for financial instrument analysis. The Group adopted the residence criterion as part of the core definition and identified a sub-set of capital account instruments to be included in the core. All BOP data are therefore consistent with the core definition in terms of residence but the degree of detail of the capital account makes it somewhat difficult to isolate the specific types of instrument falling within the core.

As discussed in Chapter I, the concept of financial liabilities used in the BOP capital account is broader than that embodied in the core definition, primarily owing to the inclusion of equity-type liabilities in BOP statistics. However, the detailed presentation of capital-account transactions, which classifies operations under direct investment, portfolio investment, other long- and short-term capital and reserves, provides sufficient elaboration to allow a close approximation of those instruments that fall within the core concept. Flow data are published for 132 countries, while stock data on financial assets and liabilities, according to the same capital-account classification scheme as for the flow data are published for 34 countries. The detail provided permits exclusion of the major non-core items such as equities (see Section 2.4.4.1).

Balance-of-payments stock and flow data deal with arrears and debt reorganisation in the manner described in Appendix 4. The impact of these changes is not separately identified but is included with other transactions in the appropriate categories. In the future, the Bureau will be requesting its BOP compilers to supply separate information on arrears and debt reorganisation to provide a specific source of data for these transactions and to facilitate reconciliation between BOP and external debt data.

The Government Finance Statistics Yearbook (GFSY) contains detailed annual data on the operations of government, including revenue, expenditures and financing transactions. Data are presented for central and, where available, other levels of government. In addition to tables on flow transactions, stock data on domestic and external debt are classified according to both type of instrument and type of debt holder. The methodology for defining and classifying debt statistics is provided by the Manual on Government Finance Statistics (GFS Manual), which defines debt as “the outstanding stock of recognised direct liabilities of the government to the rest of the economy and the world generated by government operations in the past and scheduled to be extinguished by government operations in the future or to continue as perpetual debt” (GFS Manual, p. 324). It encompasses debt resulting from assumption of the debt of others for policy purposes or because of guarantees. The instruments included in government debt are bonds, bills, loans, advances and other government contractual obligations, which correspond to the coverage of instruments of the core definition. The distinction between domestic and external debt is made on the basis of residence of the debt holder. Separate information, however, is collected when available for domestic debt repayable in foreign exchange and foreign debt repayable in national currency.

Money and banking statistics which cover the domestic and external balances of a broad range of financial institutions are presented on a monthly basis in International Financial Statistics (IFS). For most countries stock data are published in local currency for the monetary authorities and deposit money banks and, where available, for other financial institutions and insurance companies. Foreign assets and liabilities are distinguished from domestic balances on the basis of residence to the extent that the underlying data permit. Foreign liabilities of the monetary authorities generally include short-term obligations to non-resident banks and to other monetary authorities, use of Fund credit and Trust Fund loans. For some countries long-term foreign liabilities are shown separately and this category includes long-term bonds, bonds issued abroad and other obligations to non-residents with a maturity of more than one year.

The liabilities of deposit money banks (DMBs) include, in addition to those of ordinary commercial banks, any time deposits placed with the Treasury or other government bodies, including the postal cheque system. The “Foreign Liabilities” of DMBs comprise obligations due to non-residents irrespective of the instruments involved and would include demand, time and savings deposits and short- and long-term securities issued by banks.

Other Financial Institutions include those that accept time and savings deposits and issue bonds and carry out many of the functions of deposit money banks apart from accepting transferable deposits. The group most commonly includes savings banks, finance companies, development banks and offshore banking units. The foreign liabilities of these institutions are generally of the same nature as those of deposit money banks.

The financial institutions section of the IFS country pages presents as full a picture as data availability permits of the foreign liabilities of a country’s financial sector. With minor exceptions, the instruments included correspond closely to those covered by the core definition and residence is used to distinguish foreign from domestic balances. The foreign liability positions of deposit banks, other than monetary authorities, are presented in US dollars in a world table.

The international liquidity section of the IFS country pages provides a summary in US dollars of the external position of a country’s financial institutions. Data are presented for monetary authorities, deposit money banks and, where available, other financial institutions and offshore banking units. Where positions vis-à-vis non-resident non-banks are important, they are shown separately as “of which” items.

The Fund reports its financial arrangements with all member countries in a series of world tables in IFS and separately on the IFS country pages. On the country page, the “Fund Position” section presents total liabilities to the Fund in the form of use of Fund credit with details of outstanding purchases under the various Fund policies and facilities. Liabilities to the IMF Trust Fund are shown separately. Data in the “Fund Position” section are denominated in SDRs.

The Fund’s International Banking Statistics (IBS) are published in the IFS in three sets of world tables which combine data from money and banking statistics with data provided by 31 major international banking centres. The reported data cover both asset and liability positions. From the external debt perspective, the three liability tables are relevant. These show:

  • 1. Liabilities of deposit banks in a country to deposit banks in the rest of the world (Table 8yad)5;
  • 2. Liabilities of deposit banks in a country to non-banks in the rest of the world (Table 7ydd)5;
  • 3. Liabilities of non-banks in a country to deposit banks in the rest of the world (Table 7yrd)5.

The IBS tables on bank liabilities to banks and non-banks abroad (8yad and 7ydd) are derived from the money and banking statistics, which are primarily directly reported data of countries. The figures on domestic non-banks’ liabilities to banks abroad (7yrd) are derived from the reports of creditor banks in 31 international banking centres. The sum of these data for a given country is an estimate of its stock of external debt that passes through domestic and foreign banks. For many countries the IBS data will comprise a very important element of the total external debt. In addition, the IBS data are obtained from banks’ balance-sheet records and these are normally available on a much more timely basis than non-banks’ debt sources.

In principle, the debt positions that are not captured by the IBS are those of domestic non-banks vis-à-vis foreign non-banks. This includes inter-government positions and supplier credits, and therefore the amount of debt left uncovered can be quite important in many countries. Other data that are not included in the Fund’s IBS are positions of domestic monetary authorities vis-à-vis foreign monetary authorities. The main reason for excluding positions among monetary authorities is that these often reflect special transactions, e.g., swaps that are made at non-market rates and do not reflect the conditions in the international capital markets. However, positions of monetary authorities with deposit banks are included because they are made at market rates and are included in the data received from the international banking centres.

The IBS stock data are used to calculate flow data, using available information on the currency composition of the international banks’ external positions. The calculation method is explained in Section 3.1. The flow data are used for internal analysis and for the International Capital Markets papers.

The IBS data correspond closely in most respects with the elements of the core definition. Both the money and banking data and the data from the international banking centres from which IBS are derived distinguish foreign from domestic balances on the basis of residence. The bulk of the financial instruments involved -deposits, loans, advances, securities of various maturities - are within the core concept.

2.2. Core Items Excluded or Imperfectly Covered

With the exception of balance-of-payments statistics, the Fund’s debt compilation systems relate to specific classes of financial instruments. The coverage of debt for those areas is as comprehensive as possible and, as described above, corresponds closely to the core definition. The balance-of-payments statistics cover the whole economy with the capital account transactions including all operations in financial assets and liabilities including those which fall outside the core definition such as equities.

The reports from some of the international banking centres might diverge from the core definition. In a number of countries, when a loan or security has become non-performing, the value of that claim is reduced or eliminated from the balance sheet of the bank concerned even though the claim on the debtor still exists (see Chapter II, Section 3.5, for a discussion of provisioning and write-offs). This will result in an understatement of the actual claims on the country which has the non-performing debt and in the period when the adjustment is made it will appear, other things being equal, that the debtor country has made a repayment. Such provisioning can lead to asymmetry in reporting of debt between creditor and debtor sources. As information on provisioning vis-à-vis particular countries is not generally available, the IBS cannot be adjusted to exclude the impact. Provisioning by major industrial countries’ banks against their holdings of developing-country debt has been quite substantial in some cases, so understatement of debt from this source can be quite large. This difficulty only affects the data on non-bank liabilities to non-resident banks, as the money and banking data on which the other IBS tables are based comprise reporting by the debtor which does not reflect provisioning by creditors.

2.3. Non-Core Items Collected or Published

As mentioned above, the balance-of-payments statistics cover the whole economy with the capital account including all operations in financial assets and liabilities. Further, some of the major international banking centres include equity holdings in their reports on claims on other countries. As these are not reported separately and as a given country’s debt to foreign banks is measured as the total of reported claims on that country, the debt to banks might include some element of equity-type liabilities where they exist. This problem also affects only the table on the liabilities of non-banks in a country to banks in the rest of the world, as this is the only table compiled from the reports of the international banking centres in the Fund’s IBS.

2.4. Other Points Concerning Relationship to Core Definition

2.4.1. Residence

One of the crucial points in the “core” definition and in the relationship of any particular debt statistics system to that “core” is the definition of residence. As far as the Fund is concerned, the standards used, as in the core definition itself, are those set out in the Balance of Payments Manual (Fourth Edition), in which the residents of an economy are defined as “general government, individuals, private non-profit bodies serving individuals, all defined in terms of their relationship to the territory of that economy”. (The section of the BOP Manual dealing with this point is reproduced in full in Appendix 2.) Lists of what should be classified under central, state and local government, non-financial public enterprises, and public financial institutions are regularly published in the Fund’s Government Finance Statistics Yearbook (GFSY)6.

Practical questions about residence arise most often concerning individuals, particularly when they are located abroad but retain substantial interest in the country, i.e., emigrant workers. According to the core definition, and assuming that they have been abroad for more than one year, their accounts in their home country should form part of the country’s foreign debt. However, since their funds are usually spent domestically, the Fund prefers separate reporting on these banking liabilities.

Another important question is the treatment of the offshore banking units (OBUs). These OBUs are generally limited to transacting with non-residents under special licences or regulations. However, some of them may conduct limited transactions with domestic residents, although they would not normally take deposits from them. The standards used in the IFS and the United Nations’ System of National Accounts (SNA) suggest that the OBUs should be classified as part of the financial system in which they reside, but most countries do not in fact include them in their domestic monetary statistics because their accounts add nothing to domestic liquidity, however important their transactions may be for the country’s international liquidity. OBUs are therefore identified separately in the “International Liquidity” section.

2.4.2. Maturity

The Fund’s statistics included both short-term and long-term debt data. Maturity analyses are only published for some of the time series.

2.4.3. Undisbursed or Contingent Amounts

The Fund’s published statistics are consistent with the core definition’s provision that external debt statistics should be recorded on the basis of amounts disbursed and outstanding. Money and banking statistics and international banking statistics include only outstanding liabilities and exclude off-balance-sheet contingent liabilities such as letters of credit, guarantees, undrawn loans, and unactivated loan or note facilities. The balance-of-payments system is based on change of ownership of financial instruments and therefore includes only actual liabilities and disbursements; entering into contingent liability commitments does not in and of itself change the ownership of a financial asset or liability. The Manual on Government Finance Statistics recommends that all contingent government liabilities should be excluded from government debt statistics.

2.4.4. Treatment of Certain Types of Instrument

2.4.4.1. Equity and Intra-Group Lending

The Fund’s balance-of-payments statistics treat intra-company financing7 as part of direct investment in the capital account, irrespective of the financial instrument involved in the transaction. However, the direct investment category is sub-divided by instrument, and equity and debt financing can be distinguished if the full details are provided by compilers8. The Fund’s money and banking statistics specifically exclude equity-type liabilities from foreign liabilities. The IBS, however, may include some amount of equities as a number of reporting countries include equities among their financial claims on other countries.

2.4.4.2. Leasing

According to the BOP methodology, a lease arrangement expected to cover at least 75 per cent of the cost of the goods, together with the carrying charges, is a financial lease, i.e., this is presumptive evidence of a financing arrangement which is equivalent to a change of ownership. (For further details, see Section 2.1.2.1 of Chapter III).

2.4.4.3. Loans Repayable in Local Currency

Loans repayable in local currency are generally included in the external debt measure of the Fund. However, there are some special problems with respect to the classification of counterpart funds. In a number of instances, donor governments provide assistance to developing countries in the form of commodities which are sold in the local market. The local currency balances that are generated by these sales are often deposited with the central bank under the joint control of the donor and recipient governments, frequently with substantial restrictions on how they may be spent. These deposits present some problems with respect to classification as external debt or restricted domestic deposits. The BOP statistics treat the original transfer of the goods as a loan, unless there is clear evidence that the transaction is in fact an unrequited transfer. It is normal practice in money and banking statistics to treat the balances with the central bank as neither a foreign liability to the donor government nor a domestic deposit of the recipient government as long as there is joint control. The balances are, where important, classified separately. The GFS do not record the deposits when they are generated, but record withdrawn funds as grants or loans at the time of withdrawal, depending on whether the transaction must be repaid.

2.4.4.4. Military

Fund statistics include debt resulting from transactions of a military nature, just as the broader BOP statistics include the transactions themselves. It should be noted, however, that since data on government debt are provided by the governments themselves and it is known that some governments prefer not to report debt of this kind, there may be some omissions in the data.

3. OTHER QUESTIONS REGARDING CONTENT

3.1. Method of Currency Conversion

Economic and financial data that are reported to the Fund by member countries are normally expressed in the reporting countries’ currencies. To convert the national-currency data into a common currency or SDRs, the end-of-period exchange rates are used for stock data and period-average exchange rates for flow or transaction data. The use of period-average exchange rates for the flow data implies that the transactions are assumed to be spread evenly over the period.

The exchange rate adjustment technique applied in estimating flow data of the Fund’s international banking statistics, which are reported in US dollars, involves the following steps: a) deposit banks’ external positions are converted to the original currencies using data on the currency composition of these positions at end-of-period exchange rates; b) changes in the positions over the period are calculated, in the original currencies; c) the changes are then converted back into US dollars using period-average exchange rates; and d) the changes expressed in US dollars are aggregated across the original currencies.

Both end-of-period and period-average exchange rates are reported to the Fund by member countries and are published in IFS.

3.2. Treatment of Arrears

Both amortization and interest arrears are included in the external debt measure of the Fund.

The balance-of-payments treatment of arrears is described in detail in Appendix 4.

3.3. Treatment of Debt Reorganisation

In Fund terminology, debt refinancing describes a rollover of maturity of debt obligations or the conversion of existing or future debt service payments into a new medium-term loan, while debt rescheduling describes the formal deferment of debt service payments with new maturities applying to the deferred amounts. Debt forgiveness refers to an annulment of the obligation.

The balance-of-payments treatment of debt reorganisation is described in detail in Appendix 4.

4. SECTORING

For a full picture of the various statistical breakdowns normally presented in the various publications, the reader is referred to the specimen tables in the final section of this chapter and, for some aspects, to the synoptic tables at the end of Part II. The following is a summary of the main dimensions of the breakdowns available in the case of the Fund.

4.1. Country Coverage9

The basic distinction adopted by the Fund is between industrial and developing countries. The further breakdown normally used is into area sub-groups for Africa10, Asia, Europe, Middle East10 and Western Hemisphere. Memorandum items are shown for the Oil-Exporting Countries and Non-Oil Developing Countries in all the world tables. The World tables on international banking statistics further show aggregate data for “major offshore banking centres” defined with reference to seven developing countries (the Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama and Singapore) where the banking system, acting as financial entrepot, acquires substantial external accounts, beyond those associated with economic activity in the country concerned. The country composition of “World” is all countries for which the series is available in the Fund’s files; as data are not available for all series for all countries, the country coverage of some areas, mainly Africa and Asia, differs from series to series.

The analytical groupings used in the World Economic Outlook go beyond the above breakdown for developing countries and group countries according to a) their predominant export; b) financial criteria; and c) other criteria of economic relevance. See the specimen tables at the end of the chapter and Appendix 7 for the groupings used in the recent World Economic Outlook and International Capital Markets papers.

4.2. Types of Debtor/Creditor

The Fund’s Balance of Payments Manual has a different degree of debtor sectorisation among the different categories of the capital accounts. The most detailed sectorisation is in “other capital”, which includes all capital transactions that are not covered in direct investment, portfolio investment, or reserves. The Manual recommends a sub-division of the “other capital” into three broad types of domestic debtor: a) official sector, which includes the central government, the state and local governments, and the central bank; b) deposit money banks, which include all public and private monetary institutions except the central bank; and c) other sectors, which include all other public and private sectors not covered above.

In addition to the BOP Manual’s broad coverage of the domestic debtor types, the Manual on Government Financial Statistics sub-divides the public sector into central government, state and local governments, and public enterprises, while the IFS sectorises the financial system of a country into four categories: monetary authorities, the deposit money banks, other banking institutions (which include offshore banking units), and other financial institutions.

On the creditor side, the sectoral distribution is less detailed than on the debtor side. The bank/non-bank disaggregation is available in the IFS, as well as data on the IMF. The World Economic Outlook provides aggregate debt information about official creditors, financial institutions, and other private creditors.

4.3. Types of Claim

See specimen tables at end of chapter.

5. SPECIAL FEATURES

5.1. Data for Calculating “Net Debt” and Flows

In addition to the “net foreign asset” items in the monetary and financial survey section of the IFS country pages, the Fund also collects and publishes detailed figures on gross assets, which can be offset against gross external debt liabilities to obtain estimates of various concepts of “net” debt.

As far as flows are concerned, the IMF balance-of-payments statistics are the most important comprehensive source available. For more specialised data, the IBS stock data are the source for estimating detailed flow statistics on lending and deposit-taking by banks, analysed in the International Capital Markets series. (See Section 2.1.)

The GFS Manual also provides a framework for reconciling changes in external debt during periods with net borrowing flows which are recorded on a cash basis by providing memorandum items for discounts and premia on new issues and redemptions, addition of accrued interest to debt, non-cash debt transactions and revaluation in national currency.

5.2. Data on Debt Service

The balance-of-payments statistics include all debt-service payments. To get a full picture, it is necessary to deal with both the current and the capital account. However, the details might not be available for all countries, i.e., the debt service payments are included in the aggregates but not necessarily identified separately.

5.3. Debt Service Projections

The WEO series includes short-and medium-term forecasts of global external debt and debt service payments, generally from information obtained from country authorities in consultation discussions.

NOTES AND REFERENCES
1.For further details see The Role and Function of the International Monetary Fund, Washington DC, 1981.
3.Use of Fund credit is the sum of members’ outstanding purchases and the Fund’s net operational receipts and expenditures in that currency that increase the adjusted Fund holdings above quota. It measures the amounts that a member is obligated to repurchase.
4.Balance of Payments Manual, Fourth Edition, (1977); A Manual on Government Finance Statistics (1986); and A Guide to Money and Banking Statistics in IFS (1984 -draft not available to the public).
5.The tables have the following titles in IFS:
  • 1. Cross-Border Interbank Liabilities by Residence of Borrowing Bank;
  • 2. Cross-Border Bank Deposits of Non-banks by Residence of Borrowing Bank;
  • 3. Cross-Border Bank Credit to Non-banks by Residence of Borrower.
6.While strict application of the residence criterion is a feature of all the Fund’s reporting systems, additional information is given in the GFSY distinguishing, when data permit, domestic debt repayable in foreign exchange and foreign debt repayable in national currency.
7.Short-term capital flows between affiliated monetary institutions are not included under direct investment because they reflect the regular business activities of those institutions more than direct investments (BOP Manual, p. 417).
8.Only a few countries provide such details at present.
9.The term “country”, as used in the Fund’s statistical publications, does not in all cases refer to a territorial entity which is a state as understood by international law and practice; the term also covers some territorial entities that are not states but for which statistical data are maintained and provided internationally on a separate and independent basis.
10.Note that Egypt and the Libyan Arab Jamahiriya are classified as part of the Middle East, not Africa.

PUBLICATIONS

A. Regular Publications Containing Debt Statistics

1. Balance of Payments Statistics

  • – Frequency, date of publication: monthly (20th of month) plus two-part yearbook (December)

Obtainable from:

  • – International Monetary FundWashington, D.C. 20431, USA
  • – Price $46.00 for twelve monthly issues and yearbook (university libraries, faculty and students, $23) $15 for yearbook only
  • – Also available in tape form: ($1 750 a year to single users, $750 to universities, $7 500 to time-sharers)

Data shown for last available eight years (on annual basis) and on a quarterly basis for the last available five quarters.

Principal series available on tapes back to 1965 (annual data) and 1970 (quarterly data).

2. Government Finance Statistics Yearbook

  • – Frequency, date of publication: annual (December)

Obtainable from:

  • – International Monetary FundWashington, D.C. 20431, USA
  • – $24.00 per copy(university libraries, faculty and students, $12)
  • – Also available in tape form:($1 750 a year to single users, $750 to universities, $7 500 to time-sharers)

Data shown for last available ten years. Principal series available on tapes back to 1965 (annual data), 1970 (quarterly data).

3. International Financial Statistics (IFS)

  • – Frequency, date of publication: monthly (1st of month) and annual (September) and two supplements

Obtainable from:

  • – International Monetary FundWashington, D.C. 20431, USA
  • – Price single copy, $12 for monthly issue, $25 for yearbook, $12 for each supplement annual subscription, $120 (university libraries, faculty and students, $60) subscribers outside US, special airspeed arrangements for surcharge of $100
  • – Also available in tape form: ($1 750 a year to single users, $750 to universities, $7 500 to time-sharers)

Principal series shown for last available seven years (annual), four years (quarterly) and seven months (monthly).

Principal series available on tapes as follows:

Series IFS-A: back to1948 (annual) (most series)
1957 (quarterly)
1976 (monthly)
Series IFS-B: back to1948 (annual) (most series)
1957 (quarterly)
1957 (monthly)

4. International Capital Markets: Developments and Prospects

  • – Frequency, date of publication: periodical

Obtainable from:

  • – External Relations DepartmentInternational Monetary FundWashington, D.C. 20431, USA
  • – Price $15 (university libraries, faculty and students, $11)

5. World Economic Outlook

  • – Frequency, date of publication: periodical

Obtainable from:

  • – External Relations DepartmentInternational Monetary FundWashington, D.C. 20431, USA
  • – Price $15 (university libraries, faculty and students, $11)

United States

Table 3.DETAILED PRESENTATION: STOCK DATA, 1979-86, END OF PERIOD(In billions of SDRs)
Code19791980198119821983198419851986
CAPITAL ACCOUNT (net)… V 469.9583.32121.57124.0885.593.69−101.17−216.16
CAPITAL, EXCLUDING RESERVES (net)9 . . V 455.5662.3495.7393.2953.35−31.95−140.48−255.82
Direct investment abroad (net)3 L . V 4142.61168.87196.18188.33197.91215.75209.16212.47
45. Equity capital (net)3 A 1 V 4
46. Reinvestment of earnings (net)3 B 1 V 4
47. Other long-term capital (net)3 D 1 V 4
48. Short-term capital (net)3 D 2 V 4
Direct investment in United States (net)3 Y . V 4−41.34−65.12−93.40−113.03−130.91−167.90−168.08−171.13
49. Equity capital (net)3 M 1 V 4
50. Reinvestment of earnings (net)3 N 1 V 4
51. Other long-term capital (net)3 P 1 V 4
52. Short-term capital (net)3 P 2 V 4
Portfolio investment (net)6 . 1 V 4−63.76−80.22−99.28−125.21−143.01−181.86−244.38−310.93
Public Sector Bonds (net)6 M 1 V 4−62.40−71.23−89.23−109.34−114.51−142.89−158.98−165.03
53. Assets6 A 1 V 4
54. Liabilities constituting foreign authorities’ reserves6 T 1 V 452.3059.6575.8494.1295.87100.2497.2998.51
U.S. Treasury marketable bonds and notes6 T 1 V X27.8531.7245.3863.0265.0771.1471.8776.68
U.S. Treasury nonmarketable bonds and notes6 T 1 V Y13.2011.4910.137.936.925.923.231.06
Other securities6 T 1 V P11.2416.4520.3323.1623.8723.1922.2020.77
55. Other liabilities6 Q 1 V 410.1011.5813.3915.2218.6442.6461.6966.51
U.S. Treasury marketable securities held by International financial institutions6 Q 1 V X4.123.604.774.224.9510.37
Other6 Q 1 V Y1.703.305.759.8013.7032.2828.81
Security issues in foreign currencies6 Q 1 V V4.284.682.881.21
Other Bonds (net)6 N 1 V 424.0626.6130.1836.2638.5729.64−8.66−50.63
56. Assets6 B 1 V 431.8634.1039.3751.4155.0963.0666.4565.53
57. Liabilities constituting foreign authorities’ reserves6 U 1 V 4
58 Other liabilities6 R 1 V 47.807.499.1815.1516.5233.4275.11116.16
Corporate Equities (nee)6 P 1 V 4−25.42−35.60−40.23−52.13−67.06−68.61−76.74−95.28
59. Assets6 D 1 V 411.2615.0315.0917.0224.9827.8636.2741.61
60. Liabilities constituting foreign authorities’ reserves6 V 1 V 4
61. Other liabilities6 S 1 V 436.6850.6355.3269.1592.0496.47113.01136.89
Other long-term capital of resident official sector (net)4 . 1 V 433.2038.1446.5453.7060.7169.4163.8758.22
62/63. Louis extended4 C 1 V 439.5644.8152.8560.2174.3184.5478.1272.43
64. Other assets4 K 1 V 43.313.824.895.86
65. Liabilities constituting foreign authorities’ reserves4 W 1 V 4
66/67. Other loans received4 P 1 V 4
68. Other liabilities4 S 1 V 49.6810.4811.1912.3713.6015.1314.2514.20
Other long-term capital of deposit money banks (net)5 . 1 V 416.0318.9032.8249.1764.5378.7861.0758.45
69/70. Loans extended5 C 1 V 4
71. Other assets5 K 1 V 416.0318.9032.8249.1764.5378.7861.0758.45
72. Liabilities constituting foreign authorities’ reserves denominated in national currency5 U 1 V 4
73. Liabilities constituting foreign authorities’ reserves denominated in foreign currency5 V 1 V 4
74/75. Other loans received5 P 1 V 4
76. Other liabilities5 S 1 V 4
Other long-term capital of other sectors (net)8 . 1 V 4.55
77/78. Loans extended8 C 1 V 4
79. Other assets8 K 1 V 44.17
80. Liabilities constituting foreign authorities’ reserves8 W 1 V 4
81/82. Other loans received8 P 1 V 4
83. Other liabilities8 S 1 V 43.62
Source: Balance of Payments Yearbook.
Source: Balance of Payments Yearbook.

Korea

5421978197919801981198219831984198519861987p
Billions of Won: Year Ending December 31
TABLE G OUTSTANDING DEBT

BY TYPE OF DEBT INSTRUMENT

CONSOLIDATED CENTRAL GOVERNMENT
(at End of Period)
ITotal Debt (same as F.I)2,9803,5305,3287,3469,34310,71511,61412,75113,125. . . .
IIDomestic Debt (same as F.ll)8611,1831,5112,8514,0204,7435,2415,4225,759. . . .
1Long-term Bonds5709011,0972,0102,8093,1402,8002,4622,536. . . .
of which: Extrabudg. Accts5398761,0761,8712,3232,8292,6182,4112,536. . . .
3Long-term Loans n.e.c2912564148411,2111,6032,4412,9603,223. . . .
of which: Extrabudg. Accts2091942553937591,1051,9312,4232,406. . . .
4Short-term Loans & Advances26. . . .
of which: Extrabudg. Accts26. . . .
IIIForeign Debt (same as F.lll)2,1192,3473,8174,4955,3235,9726,3737,3297,366. . . .
8Long-term Loans n.e.c2,1192,3473,8174,4955,3235,9726,3737,3297,366. . . .
OTHER LEVELS OF GOVERNMENT
TABLE St.

STATE, REGION OR PROVINCE GOVTS.
A. REVENUE AND GRANTS
ITotal Revenue & Grants(II + VII)1,212. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
IITotal Revenue (III + VI)567. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
IIICurrent Revenue (IV+V)524. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
IVTax Revenue (1-7)330. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
1Tax on Inc., Profits. Cap. Gains33. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
4Taxes on Property245. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
5Dom. Taxes on Goods & Serv44. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
3,6,7Other Taxes8. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
VNontax Revenue (8-13)194. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
8,9Prop, Inc.&Op.Sur.of Dept.Ent.10. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
10,11Fees, Sales Fines155. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
13Other Nontax Revenue29. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
VICapital Revenue43. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
VIIGrants645. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
18From Other Levels of Nat. Govt.645. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
B. EXPENDITURE BY FUNCTION
ITotal Expenditure (CII)1,169. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
1General Public Services120. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
2Defense5. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
3Public Order and Safety8. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
4Education585. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
5Health38. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
6Social Security and Welfare37. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
7Housing & Commun, Amenities64. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
10Agricult., Forestry.Fish., Hunt.96. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
11Nonfuel Mining, Mfg & Const.2. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
12Transport. & Communication211. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
13Other Economic Services1. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
14Other2. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
C. EXPENDITURE AND LENDING MINUS

REPAYMENTS BY ECONOMIC TYPE
1Tot.Exp, & Lend-Repay (II+V)1,170. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
IITotal Expenditure (III+IV)1,169. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
IIICurrent Expenditure (1-3)860. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
1Expenditure on Goods & Serv.366. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
1.1-3Wages & Salar, & Empr.Contrib280. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
1.4Other Purch of Goods & Serv87. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
2Interest Payments2. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
3Subsidies & Other Curr. Transf.492. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
3.3Transf. to Oth.Lev. of Nat. Govt.446. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
IVCapital Expenditure (4-7)308. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
4,5,6Stocks, Land, Cap. Assets301. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
7Capital Transfers7. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
VTotal Lending Minus Repay.2. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
S.14DEFICIT/SURPLUS (A.l-C.l)41. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
TABLE L. LOCAL GOVERNMENTS
A. REVENUE AND GRANTS
1Total Revenue & Grants(II+VII)835. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
IITotal Revenue (III+VI)175. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
IIICurrent Revenue (IV+V)144. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
IVTax Revenue (1-7)116. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
1Tax on Inc., Profits.Cap.Gains63. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
1.1Individual44. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
4Taxes on Property33. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
5Dom. Taxes on Goods & Serv16. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
3,6,7Other Taxes4. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Source: Government Finance Statistics Yearbook 1986.
Source: Government Finance Statistics Yearbook 1986.

Cross-Border Interbank Liabilities by Residence of Borrowing Bank

8yad19851986198719871987
1981198219831984IIIIVIIIIIIIVIIIJulyAugIII
Billions of US Dollars:
World0011,762.31,859.01,923.92,011.52,207.52,351.62,436.62,545.02,781.32,998.63,160.03,326.9. . . .. . . .. . . .
Internatl. Monetary Inst.(BIS)09627.6629.0032.5032.5534.9141.9239.3139.3937.4036.2344.8344.2243.4142.6948.23
USSR & Other Nonmembers n.i.e.91029.2725.0524.9124.5931.2033.7234.4538.5841.3142.2542.7243.58. . . .. . . .. . . .
All Countries0101,705.41,805.01,866.41,954.42,141.42,275.92,362.82,467.02,702.52,920.13,072.43,239.1. . . .. . . .. . . .
Industrial Countries1101,156.41,216.51,258.51,325.51,482.61,593.61,666.81,742.91,935.52,112.92,245.42,373.0. . . .. . . .. . . .
United States111162.45209.01246.95270.67286.57307.42315.91324.18366.70396.41392.16405.47407.63417.05. . . .
Canada15637.9338.7536.2934.5535.4534.3034.5135.5533.8336.5335.8533.74. . . .. . . .. . . .
Australia193.33.32.361.15.09.42.39. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Japan15897.9697.51104.29123.47151.92173.10198.83214.48263.50339.13396.22446.67. . . .. . . .. . . .
New Zealand1961.171.281.211.091.231.061.121.551.823.574.06. . . .. . . .. . . .. . . .
Austria12218.9119.8220.3520.7325.0328.3429.0231.7834.7637.7339.3241.0541.1443.2642.39
Belgium-Luxembourg126156.42148.65143.47145.93172.88185.44193.09199.99215.76231.12241.49254.46. . . .. . . .. . . .
Denmark128. . . .5.396.757.8810.4113.4213.9216.7314.8814.4716.4317.71. . . .. . . .. . . .
Finland1724.926.807.569.4511.4712.8214.0315.9718.5420.5322.8826.1226.5454.6256.56
France132123.00129.52128.06128.65. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Germany13450.7349.3541.9740.7646.7553.8558.1759.7870.0071.8274.6376.8275.5877.21. . . .
Iceland176.25.26.34.37.42.44.40.40.42.44.48.50.53.56.57
Ireland178. . . .13.053.013.053.223.414.444.894.795.345.696.24. . . .. . . .. . . .
Italy13650.0146.4650.39. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Netherlands13851.1147.6442.0037.6942.5046.3448.3453.2256.0757.8665.3266.9265.5466.03. . . .
Norway1422.773.243.254.036.446.417.077.538.497.71. . . .. . . .. . . .. . . .. . . .
Spain184. . . .13.8312.0212.5811.5910.8611.1811.3412.6213.2314.2015.4916.6916.47. . . .
Sweden14413.8714.8815.8815.6619.4319.2023.6923.8025.7927.1532.0334.95. . . .. . . .. . . .
Switzerland14637.34131.5929.57128.6634.5239.4940.9945.1349.3852.0458.4562.58. . . .. . . .. . . .
United Kingdom112325.02349.19364.75385.54429.04452.09467.58478.54531.27547.80576.27595.85. . . .. . . .. . . .
Developing Countries200548.99588.45607.96628.84658.83682.29696.04724.10767.01807.23827.01866.05. . . .. . . .. . . .
of which:Major Offshore Bkg.Ctrs.016348.13372.51379.79395.02420.34433.88443.77465.49502.96534.54547.04584.50. . . .. . . .. . . .
Africa60512.4313.6614.7514.8416.4217.0217.1317.0517.4718.3218.2218.69. . . .. . . .. . . .
Algeria6121.371.111.061.452.912.953.463.544.124.41. . . .. . . .. . . .. . . .. . . .
Benin638.09.11.15.15.16.17.16.14.13.13.17.19. . . .. . . .. . . .
Botswana616.01.01.01.02.01.01.03.03.03.02.02.02.02. . . .
Burkina Faso748.02.02.02.01.01.02.01.01.02.02.02.01. . . .. . . .. . . .
Burundi618.01.01.01.01.01.01.01.01.01.01.01.01.01. . . .. . . .
Cameroon622.19.32.22.17.22.26.22.28.29.34.30.37. . . .. . . .. . . .
Cape Verde624. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Central African Rep62601.01.01. . . .. . . .. . . .
Chad628.01.01.01.01.01.01.01.01.01.01. . . .. . . .. . . .
Comoros632. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Congo634.08.08.09.10.12.14.17.16.16.17.07.09. . . .. . . .. . . .
Côte d’Ivoire662.38.31.32.14.17.19.21.27.33.26.20.37. . . .. . . .. . . .
Equatorial Guinea642. . . .. . . .. . . .. . . .
Ethiopia644.07.07.06.05.06.06.05.07.06.07.07.07. . . .. . . .. . . .
Gabon646.12.11.05.03.10.11.12.12.12.14.15.19. . . .. . . .. . . .
Gambia, The648.02.02.01.01.02.02.01.01.03.01.01.01.01. . . .. . . .
Ghana652.16.13.15.24.32.37.44.40.56.85.51. . . .. . . .. . . .. . . .
Kenya664.02.03.02.02.01.01.02.02.01.01.01. . . .. . . .. . . .. . . .
Lesotho666.02. . . .. . . .. . . .. . . .
Liberia668.07.06.06.04.04.05.04.04.04.03.04. . . .. . . .. . . .. . . .
Madagascar*674.18.12.13.16.15.16.15.16.14.14.14. . . .. . . .. . . .. . . .
Malawi676.02.02.03.03.04.03.03.04.05.04.03.04.04. . . .. . . .
Mali678. . . .. . . .. . . ..02.04.04.05.05.05.06.07.06. . . .. . . .. . . .
Mauritania682.19.19.17.19.17.14.17.19.19.16. . . .. . . .. . . .. . . .. . . .
Mauritius684.01.01.01.01.01
Morocco686.73.53.55.47. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Niger692.04.09.06.04.03.05.05.04.05.04.03. . . .. . . .. . . .. . . .
Nigeria694.86.74.63.25.31. . . ..39.30.25.27.17. . . .. . . .. . . .. . . .
Rwanda714.02.01.02.02.02.02.02.02.02.01.02.02.03. . . .. . . .
Senegal722.32.36.31.29.36.46.46.48.48.38.40.43. . . .. . . .. . . .
Seychelles718.01. . . .
Sierra Leone724.15.16.20.21.21.21.22.09.16.15.16.19.21. . . .. . . .
Somalia726.06.07.08.09.08.09.09.09.10.12.12.18. . . .. . . .. . . .
South Africa*1994.895.947.328.278.018.337.627.426.987.387.377.48. . . .. . . .. . . .
Sudan732.96.89.68.56. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Swaziland734.01.01.02.01.01.01.01.01.01.01.01.02
Tanzania738.05.07. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Togo742.06.05.04.04.05.06.06.06.06.08.06.06. . . .. . . .. . . .
Tunisia744.31.32.34.38.06.03.07.19.14.03. . . .. . . .. . . .. . . .. . . .
Uganda746.04.03.01.01.02.01.01.02.01.01. . . .. . . .. . . .. . . .. . . .
Zaire636.07.42.40.30.25.25.31.33.39.39.41.23. . . .. . . .. . . .
Zambia754.641.00.71.54.62.60.39.37.36.41.64. . . .. . . .. . . .. . . .
Zimbabwe698.18.25.35.11.11.07.05.08.09.07.07. . . .. . . .. . . .. . . .
Asia505134.53156.69171.06195.48220.97233.00243.94256.81289.03318.18349.43371.06. . . .. . . .. . . .
Afghanistan512. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Bangladesh513.27.28.20.18.19.19.21.19.16.17.13.13. . . .. . . .. . . .
Burma518.04.06.05.04.02.02.03. . . .. . . .. . . .. . . .
China, People’s Rep9243.872.913.343.655.726.637.148.208.458.398.709.308.76. . . .. . . .
Fiji819.01.01.01.01.04.04.07.06.06.11.19.04.02.03. . . .
Hong Kong53245.3754.1259.6365.9478.2783.3387.3893.39110.39125.78148.30161.27. . . .. . . .. . . .
India534. . . .. . . .. . . .. . . .. . . .
Indonesia536.62.90.92.67.48.49.67.33.33.30.35.39. . . .. . . .. . . .
Source: International Financial Statistics.
Source: International Financial Statistics.

Cross-Border Bank Credit to Nonbanks by Residence of Borrower

7yrd19851986198719871987
1981198219831984IIIIVIIIIIIIVIIIJulyAugIII
(7yrd 900) Billions of US Dollars:
World001673.0734.3761.2763.6828.9882.7914.9952.4988.01,014.41,068.91,088.3. . . .. . . .. . . .
Nonmonetary Internatl. Orgs0962.903.776.026.927.5911.0110.7511.5912.0515.8315.7117.44. . . .. . . .. . . .
USSR & Other Nonmembers n.i.e.9107.867.346.566.176.697.487.537.938.279.139.8010.13. . . .. . . .. . . .
All Countries010662.2723.2748.6750.5814.6864.3896.6932.9967.7989.41,043.31,060.7. . . .. . . .. . . .
Industrial Countries110244.4282.1286.2279.9311.0346.0365.8383.7406.4415.0447.4465.9. . . .. . . .. . . .
United States11141.3257.3258.0268.2683.9493.47103.79110.47116.66119.25125.12131.06. . . .. . . .. . . .
Canada1569.0711.1710.6111.0112.1813.7114.9216.8417.0416.6618.3019.55. . . .. . . .. . . .
Australia1938.7514.1117.4419.7320.6522.2622.3622.2023.1823.9725.2824.65. . . .. . . .. . . .
Japan15812.869.5511.288.528.0510.2510.1813.6916.4016.2621.3929.96. . . .. . . .. . . .
New Zealand1962.853.834.465.066.046.807.307.548.578.9910.1710.44. . . .. . . .. . . .
Austria1223.113.393.593.363.984.174.454.865.245.695.785.76. . . .. . . .. . . .
Belgium-Luxembourg126. . . .12.4612.0211.8412.0111.8912.1412.3312.8812.9014.4114.47. . . .. . . .. . . .
Denmark12811.2212.1712.4410.3312.7215.6216.8317.6018.6618.5919.5420.01. . . .. . . .. . . .
Finland1724.254.554.384.665.225.626.206.196.166.136.566.26. . . .. . . .. . . .
France13211.2915.0216.3717.0618.1519.5619.3519.2819.6619.7620.5419.49. . . .. . . .. . . .
Germany13443.1644.9840.7335.1440.8143.1446.2947.3750.7148.9754.3154.05. . . .. . . .. . . .
Iceland176.61.63.71.73.76.94.87.86.89.981.081.01. . . .. . . .. . . .
Ireland1784.265.565.505.265.907.398.488.719.119.5210.4510.77. . . .. . . .. . . .
Italy13622.7822.1422.7219.6420.1722.7323.8724.8123.7224.6626.7325.72. . . .. . . .. . . .
Netherlands1385.656.816.757.348.159.3910.1910.5510.8713.2314.2117.69. . . .. . . .. . . .
Norway1427.488.367.286.716.797.457.047.657.798.638.458.26. . . .. . . .. . . .
Spain18415.3416.1616.4415.4313.8213.9514.0012.7612.5011.2511.6211.02. . . .. . . .. . . .
Sweden1449.0310.2910.586.967.599.308.988.538.9510.159.479.01. . . .. . . .. . . .
Switzerland1468.558.647.717.317.939.399.9210.3910.9812.3515.5817.36. . . .. . . .. . . .
United Kingdom11212.2413.7615.9813.8314.4016.7116.9318.6023.9624.3525.2526.07. . . .. . . .. . . .
Industrial not specified189.921.261.231.731.802.211.702.522.482.703.173.33. . . .. . . .. . . .
Developing Countries200315.89348.75369.34366.85387.38398.59402.84406.40413.49415.35426.28426.20. . . .. . . .. . . .
of which:Major Offshore Bkg.Ctrs.01625.1930.8531.5632.7340.0544.6746.8647.2750.5251.9455.0456.08. . . .. . . .. . . .
Africa60545.7350.0750.8246.9050.4952.2852.8353.8355.1854.6655.6955.14. . . .. . . .. . . .
Algeria6127.486.996.675.906.957.507.838.058.298.248.578.13. . . .. . . .. . . .
Angola614.32.37.39.49.64.70.70.70.70.75.78.73. . . .. . . .. . . .
Benin638.10.19.18.16.15.18.17.16.17.15.17.14. . . .. . . .. . . .
Botswana616.03.05.05.02.02.02.02.02.02.02.03.03. . . .. . . .. . . .
Burkina Faso748.02.03.04.03.03.03.03.03.03.03.03.03. . . .. . . .. . . .
Burundi618.01.03.03.03.04.03.04.04.03.03.03. . . .. . . .. . . .
Cameroon622.82.73.81.79.81.86.84.85.81.971.071.07. . . .. . . .. . . .
Cape Verde624. . . ..01.01.01.01.01.01.01.01. . . .. . . .. . . .
Central African Rep626.01.01.01.01.01.01.01.01.01.01.02.02. . . .. . . .. . . .
Chad628.02.01.01. . . .. . . .. . . .
Comoros632. . . .. . . .. . . .

Cross-Border Bank Deposits of Nonbanks by Residence of Borrowing Bank

7ydd19851986198719871987
1981198219831984IIIIVIIIIIIIVIIIJulyAugIII
Billions of US Dollars:
World001. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Nonmonetary Internatl. Orgs096. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
USSR & Other Nonmembers n.i.e.910. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
All Countries010559.8618.2678.5698.7768.4806.9832.7870.3916.5951.6986.81,015.3. . . .. . . .. . . .
Industrial Countries110382.7428.0461.7481.6540.3561.0583.3618.3651.9675.3706.9737.7. . . .. . . .. . . .
United States11127.4745.5558.8367.4573.7373.8473.2374.5677.5480.5976.0077.8577.1578.97. . . .
Canada15623.1118.9925.0027.0427.9830.3433.2131.2630.8632.3832.2132.15. . . .. . . .. . . .
Australia193.40.41.2911.122.292.503.40. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Japan1582.442.492.363.585.356.204.555.876.866.864.865.63. . . .. . . .. . . .
New Zealand196. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Austria1226.666.326.047.488.819.7110.3011.1312.2013.1913.4213.2413.2913.5013.55
Belgium-Luxembourg12632.8631.8830.7133.1842.2244.2851.1255.6660.4565.2873.7077.62. . . .. . . .. . . .
Denmark128. . . ..54.41.41.651.441.512.061.991.932.412.66. . . .. . . .. . . .
Finland172. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
France13221.5728.1030.6736.59. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Germany13416.0715.3415.9517.4717.8221.9221.5324.0526.7929.4733.0234.4433.9234.93. . . .
Iceland176. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Ireland178. . . .12.672.662.603.333.573.673.783.673.753.953.87. . . .. . . .. . . .
Italy1361.371.671.82. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Netherlands13814.1815.2114.3515.4418.5119.4420.3122.1824.5925.8328.7429.7129.6428.88. . . .
Norway1423.633.443.493.474.254.905.195.606.597.94. . . .. . . .. . . .. . . .. . . .
Spain184. . . .7.519.3810.4111.4211.7812.0112.5313.2613.4614.1714.2414.2014.65. . . .
Sweden1441.91.681.311.303.112.403.283.554.472.095.064.21. . . .. . . .. . . .
Switzerland14697.461109.61107.911105.93121.96124.31127.69132.46139.57141.68147.33155.15. . . .. . . .. . . .
United Kingdom112123.40137.61150.53146.09154.75157.87167.52181.37187.66192.70203.72217.43. . . .. . . .. . . .
Industrial not specified189. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Developing Countries200177.01190.21216.80217.03228.09245.84249.38251.95264.63276.30279.93277.66. . . .. . . .. . . .
of which:Major Offshore Bkg.Ctrs.016124.90136.69158.98158.78163.17178.50179.22180.75193.24203.40207.63204.78. . . .. . . .. . . .
Africa6051.961.831.932.392.943.193.313.353.783.904.064.08. . . .. . . .. . . .
Algeria6121.06.901.021.531.992.142.252.332.702.79. . . .. . . .. . . .. . . .. . . .
Angola614. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Benin638. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Botswana616.01.01.01.01.01.01. . . .
Burkina Faso748.03.03.03.02.03.03.04.02.02.02.03.03. . . .. . . .. . . .
Burundi618.01.01.01.01.01.01. . . .. . . .
Cameroon622. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Cape Verde624. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Central African Rep626. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Chad628. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .
Source: International Financial Statistics.
Source: International Financial Statistics.

Philippines 566

198619871987
IIIIIIIVIIIIIIMarAprMayJuneJulyAugSeptOct
End of PeriodExchange Rates
23.44824.23424.81225.11226.42026.14326.36126.42026.75726.33126.14325.90226.44826.36127.380Market Rateaa
End of Period (ae) Period Average (rf)
20.60020.58020.44820.53020.55020.45620.60020.55020.48420.46620.45620.44020.45320.60020.725Market Rateae
20.09520.51920.46520.46420.51720.47820.49620.56320.50520.47320.45620.45020.43920.60120.706Market Raterf
End of PeriodFund Position
440440440440440440440440440440440440440440440Quota2f.s
522510123101112123311SDRs1b.s
313139393939393939393939393939Reserve Position in the Fund1c.s
922859802959923924867923956940924921914867867Use of Fund Credit: Gen. Dept2e.s
189165141342318295271318318318295295295271271incl.: Comp. Financing Facility2dus
Oil Facility2dzs
302295283273266277265266278272277277271265265Credit Tranche: Ordinary2ees
1811601391159877569895897774745656Credit Tranche: SFF2dds
202202202204216263263216239239263263263263263Credit Tranche: EAR2dhs
503737252513132525221313131313Extended Facility: Ordinary.2kxs
949179766461496461616149494946Trust Fund Loans Outstanding2ets
End of PeriodInternational Liquidity
7441,0551,0981.7281,6681,4451,1011,6681,6741,4681,4451,4551,5011,101941Total Reserves minus Gold1l.d
622613164131516154414SDRs1b.d
363747475050505051505049505051Reserve Position in the Fund1c.d
7031,0161,0491,6751,6051,3801,0481,6051,6081,4181,3801,3911,4471,048876Foreign Exchange1d.d
1.7251.8922.0772.2592.4852.6722.8752.4852.5212.5902.6722.7622.8112.8752.910Gold (Million Fine Troy Ounces)1ad
5866457197998889761,0718889079399761,0171,0421,0711,089Gold (National Valuation)1and
2,8182,8161,8881,8151,8211,484. . . .1,8211,6771,4941,4841,4751,474. . . .. . . .Monetary Auth: Other Liabilities4. .d
1,4551,6331,6931,8131,8491,9081,9031,8491,8121,8391,9081,8371,8281,903. . . .Commercial Banks: Assets7a.d
149145132142137192172137157172192194202172. . . .of which: Claims on Nonbanks7add
3,5143,4993,2532,6232,6372,7462,7072,6372,6502,6582,7462,7342,6622,707. . . .Commercial Banks: Liabilities7b.d
2,7882,6032,3711,8411,8541,9021,8971,8541,8561,8751,9021,8621,8551,897. . . .of which: Liab. to Nonbanks7bdd
1,1111,1124533. . . .343344. . . .. . . .Develop.& Sav. Bks: Liabilities7f.d
1,1111,1124533. . . .343344. . . .. . . .of which: Liab. to Nonbanks7fdd
579546446441436415. . . .436440481415400414. . . .. . . .OBU: Foreign Assets7k.d
261238179145150144. . . .150144144144144160. . . .. . . .of which: Claims on Nonbanks7kdd
3,6783,4583,4563,4733,4483,381. . . .3,4483,3893,4033,3813,3583,369. . . .. . . .OBU: Foreign Liabilities7m.d
1499589. . . .89891212. . . .. . . .of which: Liab. to Nonbanks7mdd
9911,3561,4501,9401,8231,365. . . .1,8231,5121,3981,3651,2901,351. . . .. . . .US Liabilities to Philippines9a.d
2,3532,4102,1662,2202,3002,126. . . .2,3002,1402,0822,1262,2272,164. . . .. . . .US Claims on Philippines9b.d
End of PeriodMonetary Authorities
26.3033.6635.9551.4252.0349.28. . . .52.0352.4048.8249.2850.3051.74. . . .. . . .Foreign Assets11
38.5530.5330.0555.7347.2242.49. . . .47.2246.8246.0442.4942.0742.02. . . .. . . .Claims on Government12a
4.584.775.014.094.034.29. . . .4.033.984.014.294.294.32. . . .. . . .Claims on Official Entities12b
28.9423.2222.1711.0413.3013.96. . . .13.3013.6813.5413.9613.9813.82. . . .. . . .Claims on Commercial Banks12e
29.0728.9928.589.519.219.13. . . .9.219.199.179.139.129.11. . . .. . . .Claims on Other Financial Inst12f
42.7540.6142.4952.2950.8051.57. . . .50.8047.2451.1751.5750.1547.85. . . .. . . .Reserve Money14
25.8521.8921.4629.3126.5227.36. . . .26.5228.5828.7727.3627.5927.60. . . .. . . .of which: Currency Outside Bks.14a
.63.58.34.34.34.34. . . ..34.34.34.34.34.34. . . .. . . .Bonds16a
81.8680.9560.4663.2563.4956.08. . . .63.4961.5456.9156.0855.2755.63. . . .. . . .Foreign Liabilities16c
4.0214.0713.8016.4126.3240.12. . . .26.3237.1337.2840.1250.6257.10. . . .. . . .Government Deposits16d
−1.83−15.064.66−.60−15.15−28.96. . . .−15.15−20.18−.51−28.96−36.62−39.90. . . .. . . .Other Items (Net)17r
End of PeriodCommercial Banks
14.6016.1618.0520.6721.5821.66. . . .21.5816.5119.2521.6620.3718.21. . . .. . . .Reserves20
10.087.917.104.811.231.02. . . .1.23.94.931.02.50.48. . . .. . . .Central Bank Bonds20c
29.9833.6034.6137.2238.0039.04. . . .38.0037.1337.6339.0437.5537.40. . . .. . . .Foreign Assets21
12.8213.9613.0318.8616.3218.31. . . .16.3219.0817.6718.3120.9821.95. . . .. . . .Claims on Government22a
23.7623.7423.9216.1220.2316.21. . . .20.2317.3614.4516.2112.2212.02. . . .. . . .Claims on Official Entities22b
116.80114.28112.0489.2196.11100.52. . . .96.1199.48100.82100.52103.97105.38. . . .. . . .Claims on Private Sector22d
12.2612.0612.0013.3514.0714.70. . . .14.0713.6613.4214.7014.3014.77. . . .. . . .Demand Deposits24
84.6286.3188.7393.8695.4094.42. . . .95.4089.9590.7494.4293.4994.83. . . .. . . .Time and Savings Deposits25
7.957.707.514.885.183.46. . . .5.183.343.753.463.353.09. . . .. . . .Bonds26a
3.053.163.082.983.36.2.69. . . .3.362.982.722.692.362.27. . . .. . . .Import Deposits26b
72.3872.0166.5353.8554.1956.18. . . .54.1954.2854.4056.1855.8954.44. . . .. . . .Foreign Liabilities26c
7.3110.6912.8910.267.298.79. . . .7.297.828.398.799.8810.40. . . .. . . .Government Deposits26d
27.1622.4521.109.8911.4614.95. . . .11.4612.3114.6214.9514.8214.77. . . .. . . .Credit from Central Bank26g
21.2023.6124.0527.8428.3527.18. . . .28.3528.6326.7427.1827.6227.83. . . .. . . .Capital Accounts27a
−27.89−28.33−27.14−30.02−25.83−25.59. . . .−25.83−22.48−24.04−25.59−26.10−26.96. . . .. . . .Other Items (Net)27r
End of PeriodMonetary Survey
−97.96−85.70−56.43−28.46−27.64−23.95. . . .−27.64−26.29−24.86−23.95−23.30−20.94. . . .. . . .Foreign Assets (Net)31n
214.24191.50185.92166.84159.50142.05. . . .159.50150.97146.49142.05132.15127.31. . . .. . . .Domestic Credit32
40.0419.7316.3847.9229.9211.89. . . .29.9220.9518.0411.892.55−3.52. . . .. . . .Claims on Government (Net)32an
28.3428.5028.9220.2124.2620.50. . . .24.2621.3518.4620.5016.5116.34. . . .. . . .Claims on Official Entities32b
116.80114.28112.0489.2196.11100.52. . . .96.1199.48100.82100.52103.97105.38. . . .. . . .Claims on Private Sector32d
29.0728.9928.589.519.219.13. . . .9.219.199.179.139.129.11. . . .. . . .Claims on Other Financial Inst32f
38.1133.9433.4642.6640.6042.06. . . .40.6042.2442.1942.0641.8942.38. . . .. . . .Money34
84.6286.3188.7393.8695.4094.42. . . .95.4089.9590.7494.4293.4994.83. . . .. . . .Quasi-Money35
8.588.287.845.215.523.80. . . .5.523.684.093.803.693.43. . . .. . . .Bonds36a
−15.02−22.73−.54−3.45−9.66−22.17. . . .−9.66−11.198.21−22.17−30.22−34.26. . . .. . . .Other Items (Net)37r
38.3433.8434.8238.3640.8441.94. . . .40.8441.8241.9041.9443.2343.87. . . .. . . .Money, Seasonally Adjusted34. .b
. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .Bank Debits (Monthly Averages)39d
End of PeriodDevelopment and Savings Banks
6.057.023.972.783.645.48. . . .3.644.744.995.486.07. . . .. . . .. . . .Claims on Government42a
55.2255.4614.7915.6314.7314.45. . . .14.7315.0614.7514.4514.31. . . .. . . .. . . .Claims on Private Sector42d
14.2915.8713.4513.3213.5413.51. . . .13.5413.4013.5213.5113.61. . . .. . . .. . . .Time and Savings Deposits45
5.835.501.561.451.401.30. . . .1.401.401.401.301.28. . . .. . . .. . . .Bonds46a
22.9022.89.07.09.07.07. . . ..07.07.07.07.08. . . .. . . .. . . .Foreign Liabilities46c
6.505.247.406.506.657.03. . . .6.656.866.947.036.80. . . .. . . .. . . .Capital Accounts47a
11.7512.97−3.71−2.96−3.29−1.97. . . .−3.29−1.93−2.19−1.97−1.40. . . .. . . .. . . .Other Items (Net)47r
Source: International Financial Statistics.
Source: International Financial Statistics.
Table 4.Bank Lending to Developing Countries, 1983–First Half 19871,2(In billions of U.S. dollars; or in percent)
19861987
1983198419851986First

half
First

half
Developing countries34.314.87.7−1.4−6.83.4
Growth rate731−11
Africa5.4−0.31.3−1.9−1.7−1.1
Of which:
Algeria0.20.11.90.90.5−0.6
Côte d’Ivoire−0.1−0.3
Morocco0.30.10.10.10.1
Nigeria1.3−0.4−0.7−0.3−0.2−0.3
South Africa3.0−1.4−0.3−2.1−1.2−0.2
Asia9.08.16.34.8−1.54.0
Of which:
China0.81.34.80.7−0.92.0
India0.90.11.70.30.10.8
Indonesia2.70.70.6−0.10.7
Korea2.03.52.2−2.4−0.1−3.6
Malaysia1.91.4−1.4−0.5−0.7−0.6
Philippines−1.30.1−0.5−0.1−0.30.4
Europe1.32.21.8−0.50.60.2
Of which:
Greece1.31.81.60.40.1−0.1
Hungary0.90.22.12.01.40.9
Turkey0.50.90.51.51.60.6
Yugoslavia0.20.2−0.9−0.8−0.6
Middle East3.6−0.9−2.3−2.4−1.40.2
Of which:
Egypt−0.70.6−0.3−0.1−0.5
Israel−0.3−0.6−0.8−1.2−0.7−0.2
Western Hemisphere15.05.70.6−1.5−2.90.1
Of which:
Argentina2.3−0.20.51.21.2−0.2
Brazil5.25.2−2.91.5
Chile0.31.20.2−0.4−0.3−0.7
Colombia0.6−0.10.4−0.4−0.2
Ecuador0.2−0.10.20.30.2
Mexico2.81.31.4−0.6−1.0−0.2
Venezuela−1.2−2.20.5−1.1−0.1−0.3
Memorandum items
Fifteen heavily indebted countries11.35.1−1.2−1.5−1.9−0.3
Countries experiencing debt-servicing problems8.33.3−0.5−8.9−6.40.3
Gross concerted lending disbursements313.110.45.43.11.63.5
Total, BIS-based26.411.614.4−2.9−8.85.1
Growth rate723−1−21
Gross bond issues3.15.39.65.43.32.1
Sources: Bank for International Settlements (BIS); Organization for Economic Cooperation and Development; International Monetary Fund, International Financial Statistics; and Fund staff estimates.

IMF-based data on cross-border lending by banks are derived from the Fund’s international banking statistics (IBS) (cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower), excluding changes attributed to exchange rate movements. BIS-based data are derived from quarterly statistics contained in the BIS’s International Banking and Financial Market Developments; the figures shown are adjusted for the effects of exchange rate movements. Differences between the IMF data and the BIS data are mainly accounted for by the different coverages. The BIS data are derived from geographical analyses provided by banks in the BIS reporting area. The IMF data derive cross-border interbank positions from the regular money and banking data supplied by member countries, while the IMF analysis of transactions with nonbanks is based on data from geographical breakdowns provided by the BIS reporting countries and additional banking centers. Neither the IBS series nor the BIS series are fully comparable over time because of expansion of coverage.

Excluding the seven offshore centers (The Bahamas. Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore).

Excluding bridge loans.

Source: International Capital Markets.
Sources: Bank for International Settlements (BIS); Organization for Economic Cooperation and Development; International Monetary Fund, International Financial Statistics; and Fund staff estimates.

IMF-based data on cross-border lending by banks are derived from the Fund’s international banking statistics (IBS) (cross-border interbank accounts by residence of borrowing bank plus international bank credits to nonbanks by residence of borrower), excluding changes attributed to exchange rate movements. BIS-based data are derived from quarterly statistics contained in the BIS’s International Banking and Financial Market Developments; the figures shown are adjusted for the effects of exchange rate movements. Differences between the IMF data and the BIS data are mainly accounted for by the different coverages. The BIS data are derived from geographical analyses provided by banks in the BIS reporting area. The IMF data derive cross-border interbank positions from the regular money and banking data supplied by member countries, while the IMF analysis of transactions with nonbanks is based on data from geographical breakdowns provided by the BIS reporting countries and additional banking centers. Neither the IBS series nor the BIS series are fully comparable over time because of expansion of coverage.

Excluding the seven offshore centers (The Bahamas. Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore).

Excluding bridge loans.

Source: International Capital Markets.

Debt: by Region

Table A47.Developing Countries—by Region: External Debt, by Class of Creditor, End of Year, 1979–881(In billions of U.S. dollars)
1979198019811982198319841985198619871988
Developing countries
Total debt533.9634.1748.0848.5900.0949.01,018.81,113.51,210.91,247.8
Short-term108.7145.1179.8204.4188.0192.0173.6170.1183.1191.0
Long-term425.2489.0568.3644.1712.1757.1845.3943.41,027.81,056.8
Unguaranteed278.993.1116.1133.4129.7128.3130.2132.5129.9125.1
Guaranteed2346.3395.9452.2510.7582.3628.8715.0810.9897.9931.7
To official creditors168.7192.3216.6245.8272.1298.2340.5400.3460.6490.8
To financial institutions140.2163.3190.2214.1258.3276.2317.3344.4368.8372.2
To other private creditors37.440.345.450.852.054.457.266.268.568.7
By region
Africa
Total debt86.198.4109.1122.3130.8132.9143.2161.3179.0185.0
Short-term11.115.219.224.726.825.922.119.119.519.9
Long-term75.083.289.897.5104.0107.0121.1142.3159.5165.2
To official creditors30.535.841.346.853.358.068.183.399.3106.5
To financial institutions327.329.430.531.431.630.833.238.440.138.5
To other private creditors417.218.118.119.319.118.319.820.620.220.1
Asia
Total debt113.6136.8158.7183.9204.4218.9246.5268.8293.0304.6
Short-term21.629.236.140.842.444.747.639.444.146.4
Long-term92.1107.6122.6143.1162.0174.2199.0229.4249.0258.2
To official creditors52.959.665.173.780.585.698.8116.5133.1142.8
To financial institutions315.320.424.330.236.538.945.051.754.856.1
To other private creditors423.927.633.239.244.949.855.161.261.159.3
Europe
Total debt81.093.6102.0106.8107.4111.9127.3145.3154.0156.8
Short-term15.817.216.715.314.515.817.519.820.922.7
Long-term65.276.485.391.592.996.1109.8125.5133.1134.0
To official creditors27.831.837.342.243.545.952.162.267.768.3
To financial institutions321.725.629.029.329.832.639.946.248.648.9
To other private creditors415.819.018.920.019.617.617.817.116.816.8
Middle East
Total debt65.274.190.5102.8113.2123.0130.6146.7163.9168.2
Short-term24.727.735.842.246.948.048.551.955.054.7
Long-term40.546.454.760.666.275.082.194.8108.9113.5
To official creditors29.833.436.841.744.750.656.265.877.082.0
To financial institutions33.94.35.05.77.78.710.011.512.913.1
To other private creditors46.88.712.813.213.915.715.917.518.918.3
Western Hemisphere
Total debt187.9231.2287.8332.8344.3362.3371.2391.4421.0433.3
Short-term35.655.772.081.457.457.537.939.943.647.3
Long-term152.4175.5215.9251.4286.9304.8333.3351.4377.3386.0
To official creditors27.731.836.141.250.158.265.372.683.591.2
To financial institutions371.983.7101.4117.5152.6165.2189.2196.7212.4215.5
To other private creditors452.860.078.492.684.281.378.882.281.479.3

Excludes debt owed to the Fund.

By an official agency of the debtor country.

Covers only public and publicly guaranteed debt.

Includes all unguaranteed debt on the presumption that this is owed mainly to private creditors.

Source: World Economic Outlook.

Excludes debt owed to the Fund.

By an official agency of the debtor country.

Covers only public and publicly guaranteed debt.

Includes all unguaranteed debt on the presumption that this is owed mainly to private creditors.

Source: World Economic Outlook.

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