Chapter

Chapter VI THE OECD’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 Organisation for Economic Co-operation and Development is an intergovernmental organisation consisting of the main industrial countries in Western Europe, North America and the Pacific region1.

The three basic aims of the Organisation, as set out in Article 1 of the 1961 Convention setting up the OECD2, are:

  • – To achieve the highest sustainable economic growth and employment and a rising standard of living in Member countries, while maintaining financial stability, and thus contribute to the development of the world economy;
  • – To contribute to sound expansion in Member as well as non-Member countries in the process of economic development;
  • – To contribute to the expansion of world trade on a multilateral, non-discriminatory basis in accordance with international obligations.

1.2. The OECD’s Interest in Debt Statistics

1.2.1. Objectives Pursued

The OECD’s debt statistical reporting systems form part of a complex designed to monitor economic developments in general and to prepare analyses related to the specific interests of individual OECD committees.

These cover such topics as the formulation of development co-operation policy, the analysis of resource flows and the relationship between trade, its financing and indebtedness with respect to individual countries or groups of countries (including, in addition to the developing countries, other non-OECD countries, in particular the members of the Council for Mutual Economic Assistance (CMEA), trade policy, creditworthiness and risk analysis, competition and developments in capital markets. Debt is a focus of concern not only as a constraint on economic growth and social progress in the developing countries but also because of its ramifications for the functioning of the international financial system and the impact of debt-related phenomena on trade flows.

The part of the OECD Secretariat which is most active in the collection and publication of information on external debt is the Development Co-operation Directorate (DCD), but analysis of pertinent segments of the data base is also performed in several other Directorates (see Section 1.2.2). Since 1960, when the inter-donor Development Assistance Group, later to become the OECD’s Development Assistance Committee (DAC)3, was created, detailed statistics on the flow of official development assistance and other capital to the developing countries have been collected by the DCD and these are the basic material for most published statistics on aid and aid-related flows. The collection of external debt figures, originally an outgrowth of these “DAC” statistics, is now a separate but related part of the data collection on international resource transfers and is no longer limited to developing countries.

1.2.2. Use Made of Debt Information

The DCD’s use of the debt statistics mainly concerns the economic situation of the developing countries which are the principal recipients of the aid and other financial flows from the Member countries of the Development Assistance Committee, for which the Directorate acts as Secretariat.

Other Committees of the OECD, however, are also vitally concerned in the debt problem and participate actively in the OECD’s work on the subject.

In the work falling under the authority of the Economic Policy Committee, OECD debt statistics are used in particular by Working Party III and in the preparation of global balance-of-payments projections.

In the case of the Trade Committee, debt problems are discussed at meetings of the Group on Export Credits and Export Credit Guarantees. The figures are also used in the preparation of studies concerning particular groups of countries, for example the producers of certain commodities.

The Committee on Financial Markets uses the data in its work on international financial markets, as well as at its regular meetings on East-West financial relations.

1.3. Collection Method

1.3.1. Main Source

The main instrument for the collection of debt statistics is the Creditor Reporting System (CRS)4. This system was originally sponsored and designed jointly by the OECD and the World Bank in 1967, with the OECD’s Development Co-operation Directorate taking responsibility for the operation of the system. The CRS shares many essential features with the World Bank’s Debtor Reporting System (DRS), the two systems being designed to be as complementary as possible. In particular, their coverage is in principle identical as regards debt owed by public borrowers or private sector borrowers with public sector guarantees to OECD countries reporting in the CRS, so that CRS figures not only provide a cross-check for common reporting pairings, but can also be used directly as supplementary information for debtor countries which do not report to the World Bank’s DRS.

The CRS was established with the aim of supplying “a regular flow of data on indebtedness and capital flows”. Within this general objective, it has become, over the years, a major source of information not only on the categories of indebtedness it covers (the notable exclusion being unguaranteed bank claims - see Section 1.3.2), but also on the terms and conditions of external (especially official) lending, as well as the sectoral and geographic distribution of flows to the developing countries. In 1980, coverage was expanded to include flows to, and the indebtedness of, all other countries (the “extended” CRS), using the same reporting forms and norms.

Under the Creditor Reporting System and its extension, the 18 Members of the Development Assistance Committee5, together with three OECD members which are not members of the Committee6, provide data on official development assistance [ODA7], on officially-supported lending (which includes both official lending and officially-guaranteed private ending) and on the corresponding debt. The reporters are official aid agencies (or in some cases an agency responsible for co-ordinating the statistical reporting of several aid agencies), export guarantee agencies, and, in specific instances, official bodies which have undertaken direct lending to a borrowing country, for example in connection with debt reschedulings.

A distinctive feature of the CRS is that it obtains detailed information on individual transactions, which means that it lends itself to an extremely wide range of analyses. The aggregated information derived from the CRS is supplemented by, and can be checked against, the aggregated information provided in other systems, including those of the other organisations described in this report - especially the World Bank and the BIS - as well as the “DAC” reporting system on flows to developing countries. It is worth noting that the consistency of definitions and overall approach with the reporting of annual aggregates to the DAC means that many of the reporters have themselves integrated the two systems in their own bookkeeping.

The system involves reporting on a number of different forms (reproduced in Appendix 8).

One series of forms (Forms 1B, 1C) provides details of each official-sector loan or credit with a maturity exceeding 1 year and each officially insured or guaranteed export credit with a maturity exceeding five years. These reports are in principle provided continuously to the OECD throughout the year within two months of the commitment date (Forms 1C within one month).

A second form (Form 2), compiled annually, provides the following information for official sector loans (mostly ODA lending) to developing countries: a) commitments; b) disbursements; c) amortization; d) interest payments; e) undisbursed debt; f) disbursed debt outstanding at the end of each calendar year; g) arrears of principal; h) arrears of interest. Form 2, together with Form 3A described below, provides a full record of official sector lending (largely government-to-government development lending).

A third (semi-annual) set of forms provides reporting on new and outstanding officially-guaranteed or officially-insured private export credits (Form 3) and on official financing support for exports (sometimes referred to as direct official export credits) (Form 3A). Form 3 is compiled by agencies that insure or guarantee export credits extended by exporters (supplier credits) or financial institutions (financial trade credit, also referred to as buyer credits). Form 3A is compiled by the official agencies of the 6 DAC countries extending direct official export credits. Each form shows for each borrowing country: a) new transactions guaranteed during the half-year; b) payments made by the borrower; c) the resultant balances outstanding; d) arrears of principal and interest; e) projected service payments. A Form 3B is being introduced to cover also insured or guaranteed export credits with an original maturity of less than one year (this reporting already takes place on a voluntary basis and the results are incorporated in the material on total outstanding debt on export credit account).

The DAC reporting system provides aggregated information on flows of a) gross and net official development lending; b) gross and net official export credits; c) gross and net private export credits; d) debt reorganisation; e) interest receipts on official flows. This information is used to extend or corroborate the detailed reporting in the CRS, while, in the opposite direction, the CRS figures can be used to supplement those provided in the DAC system.

It will be seen from comparison with Section 1.3.1 of Chapter VII that the reporting framework provided by these various CRS forms resembles very closely that used in the World Bank’s Debtor Reporting System, although the coverage of the guaranteed claims reported on differs, in that the CRS records guarantees by agencies in the lending country, and the DRS records credits guaranteed by agencies in the debtor country.

1.3.2. Additional Sources and Use of Estimation

The OECD’s aggregated data on external debt draw on several additional sources.

From the BIS

The debt stock figures on export credits merged with the BIS figures on bank claims and adjusted to eliminate double-counting are published jointly by the OECD and the BIS in the OECD/BIS Survey (see section on Publications at end of chapter). The results are also the nucleus of the OECD’s comprehensive stock data, which further include the following non-CRS materials:

From the World Bank and IMF

  • – Lending by multilateral organisations, including regional development banks;
  • – Use of Fund credit;
  • – Supplementary information on bank claims.

From the World Bank (Debtor Reporting System)

  • – Privately-extended export credits taken up by public sector entities, or guaranteed by the public sector in borrowing countries, but not officially guaranteed in the lending country;
  • – (For a number of countries) Private sector borrowing not covered by a guarantee in either the borrowing country or the lending country;
  • – Claims held by countries not reporting in the CRS.

From other OECD Secretariat sources

  • – OPEC and Eastern European lending;
  • – Inter-company lending;
  • – Multilateral lending (for non-DRS countries).

There are several elements of estimation in the integrated debt data in the OECD/BIS survey. First, some of the CRS data on guaranteed export credits in Form 3 (but not the data in Form 3A) include, in addition to disbursed credits, undisbursed credits or credit lines and, for a few reporting countries, the interest due over the entire life of the credits. In order to arrive at figures for disbursed credits only for each borrowing country, the OECD makes estimates to exclude undisbursed amounts and future interest due, using internal evidence in the forms from the reporting country concerned. The amounts involved, once quite large, are now negligible, following the gradual improvement in reporting specifications.

Second, it is not possible to eliminate all the overlaps that exist between the figures reported to the BIS and the OECD in respect of officially-guaranteed supplier credits in cases where such credits are acquired by banks and are considered as external claims. For the United Kingdom and the United States adjustments have been made to the OECD data which eliminate these overlaps as far as possible, but for the other creditor countries where overlaps exist no such adjustment has yet been possible. The error involved is nil or negligible for all debtors combined. For any one debtor, it may involve under-counting or double-counting, but is in any case negligible in relation to that debtor’s total debt vis-à-vis all countries.

In extending the OECD/ BIS nucleus to derive comprehensive debt figures for each borrowing country, two elements of estimation arise from the comparison of data reported by the borrowing country in the World Bank’s DRS with the data concerning each creditor’s claims on that borrower as compiled from the creditor sources:

  • a) For creditor countries for which double-counting (or under-counting) may subsist after collation of the data on bank and supplier credit claims, comparison with the debtor’s data on the claims of the creditor reporter for these categories combined enables the error to be rectified or reduced;
  • b) Until recently, DRS reporters issuing bonds on the international market reported them as such, with no breakdown as between bonds held by banks and bonds held by non-banks. These amounts have been included in the data unmodified. For those creditors whose bank claims data include international bonds and notes, there is double-counting for the debtor concerned. With the separate identification in BIS reports of banks’ holdings of securities (see Chapter III, Section 4.3 (Q)), this double-counting will be virtually eliminated.

A final element of estimation concerns the breakdown between short-term and long-term liabilities, but does not affect estimated total liabilities. In comparing the amounts reported in successive BIS surveys to ascertain the amount of long-term bank claims reaching the last year of their life, the figures must be taken as reported in US dollars. To the extent that some part of the liabilities recorded is denominated in a urrency other than the US dollar, and that currency has depreciated or appreciated against the dollar between the two periods, the volume of short-term debt will be overstated or understated. Second, inasmuch as short-term supplier credits may be discounted within the banking system, there is a double-counting possibility similar to that referred to earlier. In this instance, however, it is known that a higher proportion of short-term supplier credits than of long-term supplier credits is rediscounted with central banks and so excluded from reported bank claims, thus minimising the potential distortion due to this factor.

1.3.3. Confidentiality

No restriction is placed on the disclosure of the total ODA, “other official” (OOF) or guaranteed private export credit transactions of a given creditor country with all recipient countries or with major groups of recipient countries, or on the disclosure of total OOF, total official or total guaranteed private export credit transactions of a given debtor country with all creditor countries reporting in the CRS or the extended CRS.

As regards individual transactions, the information concerning individual ODA loans is classified as restricted, but no restriction is placed on the disclosure of ODA aggregates from any one donor to any one recipient. Information compiled from the CRS on individual OOF and guaranteed private export credit transactions with developing countries, and information from the “extended CRS” on official sector transactions with and private guaranteed export credits to countries other than developing countries, is classified as confidential, being made available only to:

  • – Authorised statistical staff of OECD, the World Bank (for data concerning developing countries) and the BIS (export credit data only);
  • – The OECD’s Trade Committee Group on Export Credits and Export Credit Guarantees;
  • – For the exclusive purpose of cross-checking debt statistics, the non-DAC partner country to a transaction, providing the authority of the reporting country has been obtained beforehand.

2. RELATIONSHIP TO THE CORE DEFINITION

2.1. General

The OECD subscribes to the core definition established by the Group as the concept most adequately describing total external debt. For practical reasons connected with the particular reporting method employed, and its partial derivation from systems set up for other purposes, there are a number of minor deviations between the figures appearing in OECD publications and those which would be obtained by strict application of the core definition.

The figures collected by the OECD in the Creditor Reporting System relate to debt arising from the following types of transaction:

  • – Bilateral official development assistance (ODA) loans, including debt reorganisation classified as ODA and loans repayable in inconvertible local currency;
  • – Direct official export credits;
  • – Official debt reorganisation lending not classified as ODA;
  • – Other official lending;
  • – Export credits guaranteed by an official agency in the creditor country, with separate data for;
    • Supplier credits (credits extended by an exporter);
    • Financial credits (credits extended by a bank or other financial institution directly to a foreign buyer).

(The above sub-categories also include leasing arrangements, revolving credits and lines of credit).

2.2. Core Items Excluded or Imperfectly Covered

The main core item excluded is official loans made out of local currency balances, with amortization stipulated in local currency or repayable in local currency at the borrower’s option.

2.3. Non-Core Items Collected or Published

Data are reported to OECD on undisbursed amounts, and on the future interest guaranteed by export credit guarantee agencies. These data are usually available separately; if not (see Section 1.3.2.) they are estimated. They are not published.

The published data on export credit claims include guaranteed leasing transactions indistinguishably. Some of these would be excluded on virtually any convention concerning the threshold for inclusion in the core definition (see Chapter VII, Section 2.1.2.1.), but even if none were eligible, the overstatement of “core” debt would be of the order of 1 per cent overall.

2.4. Other Points Concerning Relationship to Core Definition

2.4.1. Residence

In the DCD’s systems, reporting is on the basis of IMF balance-of-payments norms, including residence. Strict respect of this criterion, however, would diminish the analytical utility of the derived material in two specific instances. In the published data (including those published in the OECD/BIS survey) on the debt of offshore banking centres, the figures on a residence basis are reduced by neglecting the (substantial) claims of banks on banks. This is on the grounds that the borrowing banks have taken up the funds only to re-lend them externally and that to include these amounts would distort the external indebtedness of the economy proper, as distinct from its banking sector.

A similar view is taken in preparing the overall statistics (but not in the BIS/OECD survey) where the immediate beneficiary of a loan or credit is a “flag of convenience” or “brass plate” company. The principle applied in these cases is to treat non-operational companies as “transparent” and to regard the residence as being that of the ultimate user of the credit.

The reports on export credits in the CRS include indistinguishably amounts of credit extended by lenders in other countries but guaranteed by the reporting agency. In this case, the debt as such is accurately recorded, but there could be small distortions in the assignment of amounts by creditor country.

2.4.2. Maturity

The OECD debt reporting in the CRS covers both long-term and short-term claims, and in many statistical tables a breakdown is shown between claims with an original maturity of one year or less and over one year. Among other things, this permits direct comparison and collation with data in the DAC reporting system, which relate to loans with a maturity of over one year.

2.4.3. Undisbursed or Contingent Amounts

The CRS, since its starting-point is individual commitments, with subsequent disbursements being reported in relation to those commitments, provides data on both disbursed and undisbursed amounts. The published debt statistics pertain only to the disbursed amounts.

Future interest is excluded from data in the public domain.

2.4.4. Treatment of Certain Types of Instrument

2.4.4.1. Equity and Intra-group Lending

Lending to overseas subsidiaries is included, to the extent that it is guaranteed. As already mentioned, however, non-operational companies of a “flag of convenience” or “brass-plate” nature are treated as being “transparent”, i.e., it is the ultimate beneficiary of the transaction which is taken into account and the non-operational companies are ignored.

2.4.4.2. Leasing

Claims resulting from guaranteed leasing arrangements are automatically but indistinguishably included (see Section 2.3).

2.4.4.3. Loans Repayable in Local Currency

Cross-border loans repayable in local currency are included in the debt figures, even if the repayments are to an account in the lender’s name in the borrowing country. By contrast, loans out of such local currency balances, repayable in local currency, are not recorded.

2.4.4.4. Military

Private and official export credits for military purposes are indistinguishably included in the CRS system, so that the corresponding debt is included in OECD figures. In addition, published official data on governmental claims on military account are included where available. As pointed out elsewhere, however, some lending and borrowing countries refuse to reveal information on military transactions.

3. OTHER QUESTIONS REGARDING CONTENT

3.1. Method of Currency Conversion

Most of the CRS data are reported in national currency, which until recently was assumed for practical purposes also to be the currency of repayment (or, more accurately, the currency in which the claim is denominated). However, data by currency of denomination are now being reported by a growing number of countries. For conversion of flow data into dollars, the currency used in the OECD’s statistical tables, the OECD Secretariat uses period-average exchange rates (an exception is that in some data on individual transactions circulated to the Group on Export Credit and Export Credit Guarantees, the data are converted into SDRs at the daily exchange rate applicable at the date of commitment). For debt stock data, including those in the BIS/OECD survey, end-period rates are used.

3.2. Treatment of Arrears

Arrears of principal are reported separately by most creditors and treated as part of outstanding debt (this is in most cases the direct result of the statistical method applied). Arrears of interest are reported in the CRS for official and officially guaranteed credits. Arrears classified by the Secretariat as outstanding short-term debt are kept in the data until they are discharged, rescheduled or written off. In this last case, the total debt stock is reduced, thereby inducing a possible asymmetry vis-à-vis debtor statistics, where the amount will be removed from the record only if the write-off is in connection with forgiveness (see Section 3.3).

3.3. Treatment of Debt Reorganisation

The categories of debt reorganisation recognised are those listed in Section 3.4 of Chapter II and their impact on the debt stock data is in principle as described in that section. To summarise, rescheduling and refinancing leave the principal outstanding unchanged, but if interest has been capitalised the amount of debt shown will rise. In the case of write-off, debt is reduced in creditor source data, but not in debtor data; repudiation reduces debt shown in debtor sources but not necessarily in creditor data; forgiveness reduces the debt shown in both sources. With the exception noted below, the debt stock data reflect the sector changes occurring when refinanced debt is assumed by a new debtor, or taken over by a different creditor.

The data actually collected have not been fully comprehensive as regards refinancing. Where a loan to refinance debt is extended by a party other than the original claimant and which is not a reporter to the CRS, the debt outstanding is recorded at a lower figure. Reporting changes now taking place will remedy this understatement through the combination of two approaches: the receipt by the original reporter of disbursements on the new loan (which is amortization from that reporter’s point of view) will be identified separately, and the corresponding amount of debt reorganisation lending imputed. In this case, the sector to which the new lender belongs cannot usually be identified. The second approach will be to extend the coverage of the system to encompass reports by bodies, not hitherto in the system, extending refinancing loans.

Data on debt reorganisation are received in the CRS when the lender (or the party effecting a rescheduling) reports a commitment. In the case of multilateral debt reorganisations in, e.g., the Paris Club, this means that the record may be completed only after a considerable time, as the bilateral implementing agreements are concluded.

4. SECTORING

4.1. Country Coverage

Data published by the OECD for individual borrowing countries are shown aggregated over groups of creditors. The standard breakdown is between OECD creditor countries and capital markets, use of IMF credit, multilateral sources, and other creditor countries.

The breakdown published on the debtor side is extremely comprehensive, with the tables normally showing 159 countries, including CMEA and other countries not on the DAC list of developing countries (see specimen tables at the end of this chapter and Appendix 7).

4.2. Types of Debtor/Creditor

The term “official sector” on the creditor side refers to governments, including state or local governments, and embraces also transactions effected by their executing agencies, including export credit guarantee and insurance agencies. All other transactors are regarded as private. The data received in the CRS further identify whether a given aggregate relates to a transaction with a “public” or a “private” borrower (this information is used solely in collating CRS and DRS data) (see Section 1.3.2). The definition of “public” and “private” is the same as that used by the World Bank.

4.3. Types of claim

Considerable detail is provided in the OECD publications concerning the type of claim as well as the type of creditor. (See the specimen tables at the end of the chapter).

5. SPECIAL FEATURES

5.1. Data for Calculating “Net Debt” and Flows

Virtually all the debt stock data collected by the OECD in the CRS relate to gross debt, so that data on net debt, which have not so far been presented, can be calculated only by drawing on figures for reporters’ liabilities to each borrowing country taken from other sources. As regards flow data, the systems used by the OECD provide both gross and net figures for most categories of transaction (“net” here referring to allowance for repayments of principal). The record on net flows is completed for the banking sector, where necessary, by referring to data for the change in stock between the two dates, adjusted to allow for a) flow data from the CRS record of banks’ export credit transactions and b) changes between the two dates in the value of the currency of denomination vis-à-vis the numeraire (the US dollar).

5.2. Data on Debt Service

Debt service is regularly included in the OECD reporting systems. The quality of these data is not the same as that of the figures on debt. For work to be done in this area, see Chapter III.

5.3. Debt Service Projections

Information on the projected debt service for officially-supported credits (including repayments scheduled in respect of as yet undisbursed amounts and interest payment liabilities maturing in the course of the period) is reported in Form 3, looking ahead eight years. Taken in conjunction with Form 1 information on official loans, this means that projected debt service for many developing countries, especially the poorer ones, is known for the bulk of the currently outstanding debt.

5.4. Other

The annual publication Geographic Distribution of Financial Flows to Developing Countries contains data for individual developing countries and significant country groupings concerning the flows of official loans from individual industrialised countries and other groups, together with the country’s total receipts of various forms of official and private lending.

NOTES AND REFERENCES
1.The Members of the OECD are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, the Federal Republic of Germany, Greece, Iceland, Ireland, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The Commission of the European Communities takes part in OECD work and Yugoslavia participates in many of its activities.
2.Taking over from the Organisation for European Economic Co-operation, which had been created in 1948 to rebuild and restructure the economies of Europe with the help of United States Marshall Plan aid.
3.Not all OECD Member countries belong to the Development Assistance Committee, which consists of Australia, Austria, Belgium, Canada, Denmark, Finland, France, the Federal Republic of Germany, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Sweden, Switzerland, the United Kingdom, the United States and the Commission of the European Communities. The IMF and the World Bank are permanent observers.
4.Earlier title: the Expanded Reporting System.
5.See footnote 3.
6.Greece, Portugal, Spain.
7.Grants, and loans conveying a grant element of 25 per cent or more, using a 10 per cent discount rate.

PUBLICATIONS

A. Regular Publications Containing Debt Statistics

1. External Debt Statistics

  • – Frequency, date of publication: annual, late in year

Obtainable from:

  • – OECDPublications Service2, rue André Pascal75775 Paris Cedex 16France(Or from sales agents listed at the back of any OECD publication)
  • – Price: FF50 or $10

Data shown for last two available end-years.

2. Statistics on External Indebtedness: Bank and Trade-Related Non-Bank External Claims on Individual Borrowing Countries and Territories

  • – Frequency, date of publication: half-yearly (six to seven months after the date to which the figures relate)

Obtainable from:

and

  • – Development Co-operation Directorate, OECD2, rue André Pascal75775 Paris Cedex 16France
  • – On request, free of charge.

Data shown for latest three end-half-years.

Also available on micro-computer diskette (FF800 or $105).

(For details, contact:

  • – OECDData Dissemination and Reception Unit2, rue André Pascal75775 Paris Cedex 16France

3. Financing and External Debt of Developing Countries

  • – Frequency, date of publication: annual, 6 months after end of year for which estimates presented, with the detailed statistical record up to the preceding end-year.

Obtainable from:

  • – OECDPublications Service2, rue André Pascal75775 Paris Cedex 16France(Or from sales agents listed at the back of any OECD publication)
  • – Price (FF100 or $21).

B. Other Publications Containing Debt or Debt-Related Statistics

1. Financial Statistics

  • – Monthly

Obtainable from:

  • – OECDPublications Service2, rue André Pascal75775 Paris Cedex 16France(Or from sales agents listed at the back of any OECD publication)
  • – On request, free of charge.

2. Geographical Distribution of the Flow of Financial Resources to Developing Countries

  • – Frequency, date of publication: annual, 13-15 months after latest year covered by the statistics

Obtainable from:

  • – Publications Service, OECD2, rue André Pascal75775 Paris Cedex 16France(Or from sales agents listed at the back of any OECD publication)
  • – Price (FF195 or $39)

Also available on micro-computer diskette (FF1400 or $185) For details, contact:

  • – OECDData Dissemination and Reception Unit2, rue André Pascal75775 Paris Cedex 16France

3. The Export Credit Financing System in OECD Member Countries, Third Edition, Paris 1987

Obtainable from:

  • – OECDPublications Service2 rue André Pascal75775 Paris Cedex 16France(Or from sales agents listed at the back of any OECD publication)
  • – Price (FF110 or $22).
Table 2:DEBT AND LIABILITIES OUTSTANDING AT END DECEMBER 1985$ million
OECD Countries and capital marketsMultilateralOther claimsUse of Fund CreditTOTAL
ODANon bank trade claimsGuaranteed bank claimsOther bank claimsNon bank depositsconcessionalNon concessional
TotalLong-termTotalLong-term
SAUDI ARABIA3 3101 66520310 3102 03833014 153
SENEGAL287625507167430146434001624012412 756
SEYCHELLES23168640227137111
SIERRA LEONE8292851623253130174778694
SINGAPORE771 0038232162 3671 94791312014 004
SOMALIA26720920591381153781294771421 749
SOUTH AFRICA1 1104141 96718 5688 68781822 464
SRI LANKA1 405210185229615463150699561643213 849
SUDAN4272 0131 8043521 269485-8981462 5636653 333
SURINAME2148916861158
SWAZILAND582221136855337310276
SYRIA371372182771 143731293801 6374 109
TAIWAN862 4992 3303075 3962 2251425899 019
TANZANIA465597226109329200798262996213 578
THAILAND1 7581 4491 3263609 6136 6504673412 7575941 02018 360
TOGO434323441912679142583221631 008
TONGA1510925
TRINIDAD & TOBAGO84924341839738824217251 739
TUNISIA1 2681 1109407139806894391346605315 836
TURKEY3 5884 5533 9411 3305 7055 0815516414 1742 0131 32623 882
TURKS &CAICOS I.08626087
UGANDA3212710324226388862042821 165
UN. ARAB EMIR13231392098 30489570914179 576
URUGUAY618562442 6391 997182773103503 785
U.S.S.R.9 3097 7106 38614 7817 98030 476
VANUATU342402160401128
VENEZUELA121 3661 05030741 39524 470363840043 553
VIET NAM36314250233782501734 376315 486
WALLIS & FUTUNA2114
YEMEN106112536932711789387661 317112 484
YEMEN. DEM191381191011812329995151 625
YUGOSLAVIA4352 0401 5692 03413 22410 452642 1791 1712 10823 255
ZAIRE7812 7252 5881016984175791182387215 961
ZAMBIA677785645156688203112664657337624 544
ZIMBABWE27615212234769046724551981622642 169
(FOR REF.) TOTAL
DEVELOPING COUNTRIES74 584132 273102 90355 088568 647400 12634 09542 11565 93071 15534 5681 078 456
CMEA COUNTRIES-22 61616 47114 54051 37831 2101 6288 3631 831100 355
Source: External Debt Statistics.
Source: External Debt Statistics.
TABLE IBreakdown by borrower of bank and trade-related non-bank short and long- term external claims of the reporting countries(in millions of US dollars)
Borrowing country or territory (1)External bank claims
Totalof which: identified related (2)Non-bank trade-related credits (3)Total (a)+(c)
Jun.87(a)(b)(c)(d)
46. Finland17,60513527717,882
47. Gabon1,4075975071,915
48. Gambia49433281
49. German Dem.Rep(6)12,5021,5431,76014,262
50. Ghana42110473494
51. Gibraltar247110257
52. Greece14,3486371,60015,948
53. Grenada121719
54. Guatemala477156193670
55. Guiana, French--11
56. Guinea20351147350
57. Guinea-Bissau1611733
58. Guyana66336102
59. Haiti3363770
60. Honduras32587231556
61. Hong Kong (4)9,6631,92798410,647
62. Hungary10,85326637511,228
63. Iceland1,48137541,535
64. India8,3306291,82910,159
65. Indonesia18,1723,1715,11223,284
66. Iran1,2961072,3313,627
67. Iraq8,4352,9334,08612,521
68. Israel5,6991,10410,01715,716
69. Ivory Coast3,4785596234,101
70. Jamaica540150245785
71. Jordan1,6392528902,528
72. Kampuchea--77
73. Kenya1,1633604881,651
74. Kiribati----
75. Korea, Dem.P.Rep.658-4171,075
76. Korea, Rep29,8892,0255,70435,592
77. Kuwait7,867181,5639,431
78. Laos21-627
79. Lebanon (4)1,120541361,256
80. Liberia (4,5)9,98236820010,183
81. Libya65541,0531,708
82. Macao1,095-11,096
83. Madagascar23556151386
84. Malawi841437121
85. Malaysia11,5887531,47113,059
86. Maldives151217
87. Mali531249102
88. Malta104-40144
89. Mauritania1155147162
90. Mauritius981625123
91. Mexico76,0293,5134,68080,708
92. Mongolia--11
93. Morocco5,4611,6481,8467,306
94. Mozambique35092295645
95. Namibia3--3
96. Nauru64--64
97. Nepal85691297
98. Neth.Antilles (4)7,191321627,253
99. New Zealand12,13017950012,630
100. Nicaragua57843152731
Pays ou territoire emprunteur (1)Créances bancaires extérieures
Totaldont: montant identifié de créances garanties (2)Crédits non bancaires liés à des opérations commerciaies (3)Total (a)+(c)
Jun. 87(a)(b)(c)(d)
Ventilation par emprunteur des créances extérieures à court et a long terme des pays déclarants, liées à des opérations bancaires et à des opérations commerciales non bancaires (en millions de dollars des Etats-Unis)

TABLEAU I (suite)
Source: Statistics on External Indebtedness.
Source: Statistics on External Indebtedness.
INDIAUS $ Million
1975198119821982198319841985
GROSS DEBT
Long term
I. OECD countries and capital markets812698581010610324102681073013706
ODA7274875179407899772867268255
Official/off. supported84195516351467112719002063
Official export credits. .. .. .204260733906
Guaranteed supplier credits. .. .. .761494668610
Guaranteed bank credits. .. .. .502373498546
Financial markets11132491959141321053388
Banks9100450927138319753120
Bonds232413230130268
Other private-2040----
II. Multilateral3245672091269126103551125312746
of which: concessional30636050790979098756948110754
non-concessional18267012171217159917721992
III. Non-OECD Creditor countries1100160413051258120712721501
CMEA364311256256302294401
OPEC70612521027980885861819
Other countries and unspecified3041212120117281
Subtotal: Long term debt12471181832053720708218292325627953
of which: concessional11356163321711717076175991729120166
non-concessional1114185134203632423059657787
Short term
Subtotal: Short term debt. .. .. .2397204924343605
Banks. .. .. .1513143718112747
Export credits. .. .. .884612623858
Total external debt excluding IMF credit. .. .. .23105238782568931558
Total external debt including IMF credit. .. .. .25384275762961035760
Other identified liabilities. .. .. .422447470623
Total identified debt. .. .. .25806280233008036383
SERVICE PAYMENTS
Long term
I. OECD countries and capital markets65610031162962114511001422
ODA283520458466439443420
Official/off. supported371450644301575409777
Financial markets23050195132248225
Other private-310----
II. Multilateral113193252252341391481
of which: concessional70929898118140180
III. Non-OECD creditor countries92199235235240189213
Subtotal: Service payments, long term debt861139416491450172616792116
of which: concessional433788773781762720600
Total service payments excl. IMF credit861139416491644194819182363
Amortization, long term debt. .. .. .80210658981249
Interest, long term debt. .. .. .647661781867
Interest, short term debt. .. .. .194222239247
Total service payments incl. IMF credit. .. .. .1714217323772857
Source: Financing and External Debt of Developing Countries.
Source: Financing and External Debt of Developing Countries.

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