Front Matter

Front Matter

International Monetary Fund
Published Date:
January 1995
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    © 1995 International Monetary Fund

    Charts and Cover Design: IMF Graphics Section

    ISBN 1-55775-456-X

    ISSN 0258-7440

    Prepared by a Staff Team in the Policy Development and Review Department

    Price: US$20.00 (US$12.00 to full-time faculty members and students and universities and colleges)

    Please send orders to: International Monetary Fund, Publication Services 700 19th Street, N.W., Washington, D.C. 20431, U.S.A. Tel.: (202) 623-7430 Telefax: (202) 623-7201


    The following symbols have been used throughout this paper:

    … to indicate that data are not available.

    — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    – between years or months (e.g., 1992–93 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

    / between years (e.g., 1992/93) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

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

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that 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.


    This study was prepared in the Policy Development and Review Department of the International Monetary Fund, under the direction of Steven Dunaway, Chief of the Debt and Program Financing Issues Division, with Robert Rennhack, Deputy Chief of the division. Its authors are Brian Aitken, George Anayiotos, David Andrews, Jahangir Aziz, Juan Jose Fernandez-Ansola, Shogo Ishii, Thomas Laursen, Paul Mylonas, Susan Prowse, and Alejandro Santos, economists in the division; Anne Jansen, research officer in the division; and Jolanda Heemskerk, an intern at the IMF during the summer of 1994. The study updates information and analyses contained in Private Market Financing for Developing Countries, World Economic and Financial Surveys (Washington: IMF, December 1993).

    The work benefited from comments by staff in other departments of the IMF and by members of the Executive Board. Opinions expressed, however, are those of the authors and do not necessarily represent the view of the IMF or its Executive Directors. The study was completed in October 1994 and reflects developments to that time.

    Louis Pauly prepared the text for publication. The authors are also grateful to Delrene Alvis, Lucia Buono, Ida Jenkins, and Anne-Barbara Hyde for their valuable word-processing services. Juanita Roushdy of the External Relations Department, gave the manuscript a final edit and coordinated production.

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