Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
March 2004
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©2003 International Monetary Fund

Production: IMF Multimedia Services Division

Cover and Figures: Theodore F. Peters, Jr.

Typesetting: Alicia Etchebarne-Bourdin

ISBN 9781589062283

ISSN 0258-7440

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Contents

The following symbols have been used throughout this volume:

… to indicate that data are not available;

—to indicate that the figure is zero, or that the item does not exist;

– between years or months (for example, 2001–02 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

/ between years (for example, 2002/03) to indicate a fiscal or financial year;

0 amount greater than zero but decimal points not shown.

“Billion” means a thousand million; “trillion” means a thousand billion.

“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

“n.a.” means not applicable.

Minor discrepancies between constituent figures and totals are due to rounding.

As used in this volume the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

Frequently Used Abbreviations

AfDB

African Development Bank

AfDF

African Development Fund

AsDB

Asian Development Bank

CIRR

Commercial interest reference rate

DAC

Development Assistance Committee

DRS

Debtor Reporting System

DSA

Debt sustainability analysis

EBRD

European Bank for Reconstruction and Development

ECA

Export credit agency

ECG

OECD Working Party on Export Credits and Credit Guarantees

ECGD

Exports Credits Guarantee Department

EDF

European Development Fund

EIB

European Investment Bank

ESAF

Enhanced Structural Adjustment Facility

EU

European Union

FDI

Foreign direct investment

FSAP

Financial Sector Assessment Program

G-7

Group of Seven countries

G-8

Group of Eight countries

GDF

Global Development Finance

GDP

Gross domestic product

GNI

Gross national income

HIPC

Heavily indebted poor country

IBRD

International Bank for Reconstruction and Development (World Bank)

ICSID

International Centre for the Settlement of Investment Disputes

IDA

International Development Association

IFAD

International Fund for Agricultural Development

IFC

International Finance Corporation

IFI

International financial institution

JBIC

Japan Bank for International Cooperation

JEXIM

Export-Import Bank of Japan

MDB

Multilateral development bank

MDGs

Millennium Development Goals

MIGA

Multilateral Investment Guarantee Agency

NEPAD

New Partnership for Africa’s Development

NEXI

Nippon Export and Investment Insurance

NGO

Nongovernmental organization

NPV

Net present value

ODA

Official development assistance

ODF

Official development finance

OECD

Organization for Economic Cooperation and Development

OOF

Other official flows

OPEC

Organization of the Petroleum Exporting Countries

PICC

People’s Insurance Company of China

PRGF

Poverty Reduction and Growth Facility

PRSP

Poverty Reduction Strategy Paper

SAF

Structural Adjustment Facility

TFP

Trade Facilitation Program

UN

United Nations

See also Glossary on pages 62–73.

Preface

This paper was prepared in the Official Financing Operations Division of the Policy Development and Review Department of the International Monetary Fund, under the direction of Martin Gilman and Jian-Ye Wang. It was coordinated by Marcio Ronci, with contributions from Ulrich Jacoby, Iacovos Ioannou, Sumio Ishikawa, Julie Kozack, Boileau Loko, Mario Mansilla, Wayne Mitchell, Montfort Mlachila, Mona Said, Helaway Tadesse, and Kadima Kalonji. Richard Harmsen coordinated early stages of the preparation. This paper provides information on official financing and the debt situation of developing countries. It discusses issues related to trade finance in financial crises and the challenge of maintaining external debt sustainability in debtor countries. The paper updates Official Financing for Developing Countries (Doris Ross and Richard Harmsen, 2001).

The work benefited from comments by staff in the Policy Development and Review Department and other departments of the IMF. Opinions expressed in this paper are those of the authors and do not necessarily represent the views of the IMF or its Executive Directors. The paper is based on data available when it was issued for information to the Executive Board of the IMF in December 2003.

The authors are grateful to Barbara Dabrowska for research and to Sulochana Kamaldinni and Seetha Milton for secretarial assistance. Esha Ray of the External Relations Department edited the manuscript and coordinated production of the publication.

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