Statistical Appendix

International Monetary Fund

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Author: International Monetary Fund

Language:: English

Keywords:: WEFS; investor confidence; foreign direct investment flow; secondary market; developing country securities; securities exchange; interest arrears; interest guarantee; debt reduction; reduction bond; debt exchange; Bonds; Interbank rates; Debt reduction; Currencies; Arrears; Africa; Middle East; Western Hemisphere; Asia and Pacific; Europe

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Abstract

Agreement classified by month of signature1

Table A1.

Chronology of Bank Debt Restructurings and Bank Financial Packages, 1984–July 1994

Agreement classified by month of signature¹

Sources: Restructuring agreements.Note: “Restructuring” covers rescheduling and also certain refinancing operations.

^¹Agreement either signed or reached in principle (if signature has not yet taken place); not all signed agreements have become effective.

^²The restructuring agreement includes new financing.

^³Agreed in principle or tentative agreement with banks’ Steering Committees.

^⁴Refinancing agreement.

^⁵A separate club deal for new financing was arranged at the same time.

^⁶Preliminary agreement on interest arrears.

Table A2.

Amounts of Medium- and Long-Term Bank Debt Restructured¹

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

Sources: Restructuring agreements; and IMF staff estimates.

^¹Including short-term debt converted into long-term debt and debt exchanges involving interest or principal reduction. Amounts represent face value of old claims restructured; includes past due interest where applicable.

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

^³Financing packages involving debt and debt-service reduction.

^⁴Excludes past due interest.

^⁵Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

^⁶Amendments to previous restructuring agreements.

^⁷Estimates of eligible debt.

^⁸Deferment agreement.

^⁹Face value of debt extinguished in buy-back.

^¹⁰Agreements in 1985 and 1987 modified debt-service profiles on debt rescheduled under the 1984 agreements; the amounts involved are not shown because repayments made during 1985–87 have not been identified.

Table A2.

Amounts of Medium- and Long-Term Bank Debt Restructured¹

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

																	First Half
	1986		1987		1988		1989		1990		1991		1992		1993		1994
Argentina	—		29,500	²	—		—		—		—		27,980	³	—		—
Bolivia	—		473	^3,4	—		—		—		—		170	^3,4	—		—
Brazil	6,671	⁵	—		61,000	²	—		—		7,100		46,600	³	—		—
Bulgaria	—		—		—		—		—		—		—		8,666		—
Chile			5,902	²	—		—		1,800	⁶	—		—		—		—

Congo	217		—		—		—		—		—		—		—		—
Costa Rica	—		—		—		1,570	³	—		—		—		—		—
Côte d’lvoire	691	²	—		2,211	²	—		—		—		—		—		—
Dominican Republic	—		—		—		—		—		—		—		1,100	^3,7	—
Ecuador	—		—		—		—		—		—		—		—		7,117	⁷

Gabon	—		39		—		—		—		157		—		—		150	⁷
Gambia, The	—		19		—		—		—		—		—		—		—
Guinea	—		43		—		—		—		—		—		—		—
Guyana	(57)	⁸	—		—		—		—		—		93	⁹	—		—
Honduras	—		248	²	—		132	²	—		—		—		—

Jamaica	—		285	²	—		—		332		—		—		—		—
Jordan	—		—		—		—		—		—		—		857	³	—
Madagascar	—		…	¹⁰	—		—		21		—		—		—		—
Malawi	—		—		35	²	—		—		—		—		—		—
Mexico	43,700	²	—		3,671	³	48,231	³	—		—		—		—		—

Morocco	2,174		—		—		—		3,150		—		—		—		—
Mozambique	—		253	²	—		—		—		124	^4,9	—		—		—
Nicaragua	—		—		—		—		—		—		—		—		—
Niger	52		—		—		—		—		111	^4,9	—		—		—
Nigeria	4,250		—		5,824	²	—		—		5,811	⁹	—		—		—

Panama	—		—		—		—		—		—		—		—		—
Peru	—		—		—		—		—		—		—		—		—
Philippines	—		9,010	²	—		781		1,339	⁹	4,473	³	—		—		—
Poland	1,970		8,411	²	—		(351)	⁸	—		—		—		—		12,669	⁷
Romania	800		—		—		—		—		—		—		—		—

Russia	—		—		—		—		—		—		—		24,000	⁷	—
Senegal	—		—		—		—		37		—		—		—		—
Sierra Leone	—		—		—		—		—		—		—		—		—
South Africa	(13,600)	⁸	11,900	²	—		8,000		—		—		—		5,000		—
Sudan	—		—		—		—		—		—		—		—		—

Togo	—		—		49	²	—		—		—		—		—		—
Trinidad and Tobago	—		—		470	²	—		—		—		—		—		—
Uganda	—		—		—		—		—		—		—		153	^4,9	—
Uruguay	—		1,770	²	—		—		1,608	³	—		—		—		—
Venezuela	—		20,338	²	—		—		19,700	³	—		—		—		—
Yugoslavia	—		—		6,895	²	—		—		—		—		—		—
Zaïre	(65)	⁸	(61)	⁸	—		(61)	⁸	—		—		—		—		—
Zambia	—		—		—		—		—		—		—		—		414	⁷

Total⁹	60,525		87,221		80,155		50,714		27,987		17,776		74,843		40,276		20,350

Sources: Restructuring agreements; and IMF staff estimates.

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

^³Financing packages involving debt and debt-service reduction.

^⁴Excludes past due interest.

^⁵Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

^⁶Amendments to previous restructuring agreements.

^⁷Estimates of eligible debt.

^⁸Deferment agreement.

^⁹Face value of debt extinguished in buy-back.

Table A2.

Amounts of Medium- and Long-Term Bank Debt Restructured¹

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

																	First Half
	1986		1987		1988		1989		1990		1991		1992		1993		1994
Argentina	—		29,500	²	—		—		—		—		27,980	³	—		—
Bolivia	—		473	^3,4	—		—		—		—		170	^3,4	—		—
Brazil	6,671	⁵	—		61,000	²	—		—		7,100		46,600	³	—		—
Bulgaria	—		—		—		—		—		—		—		8,666		—
Chile			5,902	²	—		—		1,800	⁶	—		—		—		—

Congo	217		—		—		—		—		—		—		—		—
Costa Rica	—		—		—		1,570	³	—		—		—		—		—
Côte d’lvoire	691	²	—		2,211	²	—		—		—		—		—		—
Dominican Republic	—		—		—		—		—		—		—		1,100	^3,7	—
Ecuador	—		—		—		—		—		—		—		—		7,117	⁷

Gabon	—		39		—		—		—		157		—		—		150	⁷
Gambia, The	—		19		—		—		—		—		—		—		—
Guinea	—		43		—		—		—		—		—		—		—
Guyana	(57)	⁸	—		—		—		—		—		93	⁹	—		—
Honduras	—		248	²	—		132	²	—		—		—		—

Jamaica	—		285	²	—		—		332		—		—		—		—
Jordan	—		—		—		—		—		—		—		857	³	—
Madagascar	—		…	¹⁰	—		—		21		—		—		—		—
Malawi	—		—		35	²	—		—		—		—		—		—
Mexico	43,700	²	—		3,671	³	48,231	³	—		—		—		—		—

Morocco	2,174		—		—		—		3,150		—		—		—		—
Mozambique	—		253	²	—		—		—		124	^4,9	—		—		—
Nicaragua	—		—		—		—		—		—		—		—		—
Niger	52		—		—		—		—		111	^4,9	—		—		—
Nigeria	4,250		—		5,824	²	—		—		5,811	⁹	—		—		—

Panama	—		—		—		—		—		—		—		—		—
Peru	—		—		—		—		—		—		—		—		—
Philippines	—		9,010	²	—		781		1,339	⁹	4,473	³	—		—		—
Poland	1,970		8,411	²	—		(351)	⁸	—		—		—		—		12,669	⁷
Romania	800		—		—		—		—		—		—		—		—

Russia	—		—		—		—		—		—		—		24,000	⁷	—
Senegal	—		—		—		—		37		—		—		—		—
Sierra Leone	—		—		—		—		—		—		—		—		—
South Africa	(13,600)	⁸	11,900	²	—		8,000		—		—		—		5,000		—
Sudan	—		—		—		—		—		—		—		—		—

Togo	—		—		49	²	—		—		—		—		—		—
Trinidad and Tobago	—		—		470	²	—		—		—		—		—		—
Uganda	—		—		—		—		—		—		—		153	^4,9	—
Uruguay	—		1,770	²	—		—		1,608	³	—		—		—		—
Venezuela	—		20,338	²	—		—		19,700	³	—		—		—		—
Yugoslavia	—		—		6,895	²	—		—		—		—		—		—
Zaïre	(65)	⁸	(61)	⁸	—		(61)	⁸	—		—		—		—		—
Zambia	—		—		—		—		—		—		—		—		414	⁷

Total⁹	60,525		87,221		80,155		50,714		27,987		17,776		74,843		40,276		20,350

Sources: Restructuring agreements; and IMF staff estimates.

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

^³Financing packages involving debt and debt-service reduction.

^⁴Excludes past due interest.

^⁵Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

^⁶Amendments to previous restructuring agreements.

^⁷Estimates of eligible debt.

^⁸Deferment agreement.

^⁹Face value of debt extinguished in buy-back.

Table A3.

Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1989–July 1994¹

Sources: Restructuring agreements; and IMF staff estimates.

^¹Arrangements approved in principle before January 1, 1989 are reported in previous background papers.

^²Voluntary amortization payments made during the grace period would be matched on a 1:1 basis by debt forgiveness (equivalent to a buy-back option at 50 cents on the dollar).

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

^⁴Seventy percent of these arrears were forgiven in 1990 upon down-payment equal to 5 percent of these arrears. Beginning at the end of 1990 and provided that Honduras remained current on interest due on all rescheduled amounts under the agreement, the creditor bank would further forgive interest arrears by a yearly amount equal to 5 percent of the arrears outstanding at the end of October 1989.

^⁵New money options include medium-term loan, new money bonds, on-lending facility, and medium-term trade facility. As of the end of March 1992, $952 million had been disbursed.

^⁶Includes $112 million of previously capitalized interest arrears on letters of credit.

^⁷Allowance for re-lending for up to 366 days of up to 20 percent of the new money on a revolving basis, of which one half would be available in any one calendar year and one half would be available to the private sector.

^⁸Committed to the new money option at the end of June 1992, with 95 percent of eligible debt tendered under the package.

^⁹Payment was to be deferred until December 30, 1991. Alternatively, banks would receive payments according to the original schedule in return for an equal increase in the short-term revolving trade facility.

^¹⁰Payment was deferred until the second quarter of 1990.

^¹¹The interest rate of LIBOR plus ⅞ applies to the new money bonds issued by the central bank (as opposed to bonds issued by Venezuela).

Table A3.

Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1989–July 1994¹

Country, Date of Agreement, and Type of Debt Rescheduled					Basis	Amount Provided	Grace Period	Maturity	Interest Rate
						(In millions of U.S. dollars)	(In years, unless otherwise noted)		(In percent spread over LIBOR/U.S. prime, unless otherwise noted)
Argentina
	Preliminary agreement on April 7, 1992; term sheet June 23, 1992; final agreement December 6, 1992 and closing of agreement for principal on April 7, 1993
		Collateralized debt exchange			Debt reduction (see Table A4)

Bolivia
	Agreement in principle of April 1992; term sheet July 10, 1992; final agreement March 30, 1993 and closing of agreement on May 19, 1993
			Waiver to allow debt buy-back and exchanges		Debt reduction (see Table A4)

Brazil
	Preliminary agreement on July 8, 1992; term sheet September 22, 1992; final agreement November 29, 1993 and closing of agreement April 15, 1994				Old debt (equal to 5.5 times the new money provided) to be exchanged at par for new noncollateralized bonds.	…	7	15	⅞
			New money bonds
			Restructuring loan		Difference between interest rate in years 1–6 and LIBOR plus to be capitalized.	…	10	20	Years 1–2: 4 percent Years 3–4: 4.5 percent Years 5–6: 5 percent Years 7–20:
			Capitalization bond		Difference between interest rate in years 1–6 and 8 percent to be capitalized. Back-loaded amortization schedule.	…	10	20	Years 1–2: 4 percent Years 3–4: 4.5 percent Years 5–6: 5 percent Years 7–20: 8 percent
			Collateralized debt exchanges		Debt reduction (see Table A4)

Bulgaria
	Agreement in principle on November 24, 1993; term sheet March 11, 1994; final agreement on June 29, 1994
			Collateralized debt exchange		Debt reduction (see Table A4)

Costa Rica
	Preliminary agreement on November 16, 1989; final agreement on May 21,1990				Debt reduction (see Table A4)

Dominican Republic
	Preliminary agreement on May 3, 1993; term sheet August 6, 1993; final agreement on February 14, 1994
			Collateralized debt exchange		Debt reduction (Table A4)

Ecuador
	Agreement in principle on May 2, 1994; term sheet June 14, 1994
			Collateralized debt exchange		Debt reduction (see Table A4)

Gabon
	Agreement in principle on December 11, 1991; final agreement on May 12, 1992
			Rescheduling of principal due January 1, 1989–December 31, 1992		100 percent of principal	157	3	13	⅞

Guyana
	Agreement on term sheet on August 27, 1992; final agreement on November 24, 1992				Debt reduction (see Table A4)

Honduras
	Agreements of August 17, 1989
		Bilateral concessional rescheduling of debt to Lloyds Bank
			Principal outstanding at end of October 1989		100 percent	46²	7	20	6.25 percent fixed rate³
				Interest arrears at end of October 1989	100 percent	22^2,4	7	20	6.25 percent fixed rate³
		Bilateral concessional rescheduling of debt to Bank of America
			Principal outstanding		100 percent	47²	10	20	6.5 percent
			Interest arrears as of end of October 1989		100 percent	17⁴	⅔	20	4 percent fixed rate

Jamaica
	Agreement on June 26, 1990
	Refinancing of debt previously rescheduled in 1987
		Tranche A			100 percent of principal	144	—	10 ½
		Tranche B			100 percent of principal	188	8	14 ½

Jordan
	Agreement in principle on November 20, 1989
		Restructuring of medium- term loans maturing between January 1, 1989–June 30, 1991			100 percent of principal	580	5	11 ½
		New medium-term money facility			New money	50	3	3

	Preliminary agreement on June 30, 1993; term sheet August 20, 1993; final agreement
		December 10, 1993 and closing of agreement
		December 23, 1993
			Collateralized debt exchange		Debt reduction (see Table A4)

Madagascar
	Agreement in principle in October 1989 and signed on April 10, 1990
		Rescheduling			100 percent of principal falling due on December 15, 1989 and 50 percent of principal falling due in 1990–93	21.1	3 ½	9	⅞–1

Mexico
	Agreement on February 4, 1990
		New money facility			New money	1,090⁵	7	15
		Collateralized debt exchanges			Debt reduction (see Table A4)
		Restructuring of maturities of eligible debt not subject to debt and debt-service reduction			100 percent of principal	6,400	7	15

Morocco
	Agreement in principle of April 1990; final agreement of September 1990
		Restructuring of the entire debt outstanding at end of 1989			100 percent of pre-cutoff debt	3,150	7–10	15–20
		Debt buy-backs authorized

Mozambique
	Agreement in principle on November 1, 1991; operation completed December 27, 1991
		Waivers to allow debt buy-back			Debt reduction (see Table A4)

Niger
	Agreement in principle on January 14, 1991; operation completed March 8, 1991
		Waivers to allow debt buy-back			Debt reduction (see Table A4)

Nigeria
	Agreement in principle of September 1988; final agreement of April 1989
		Restructuring of debt outstanding at end of 1987
			Not previously rescheduled medium-term debt		100 percent of principal	1,256	3	20	⅞
			Debt covered by the November 1987 rescheduling agreement		100 percent of principal	1,635	3	20	⅞
			Debt (letters of credit) covered by the November 1987 refinancing agreement		Arrears on interest, fees, and commissions on letters of credit	2,448	3	15
					100 percent	490⁶	—	3	Non-interest-bearing

	Agreement in principle of March 1991;final agreement December 20, 1991 and closing of agreement on January 21, 1992
		New money bond exchange			Banks would provide new money in an amount equivalent to 20 percent of debts exchanged for noncollateralized new bonds.	—	7	15	1
		Buy-back and debt exchange			Debt reduction (see Table A4)

Philippines
	Agreement in principle of October 1989; final agreement of February 1990:
		New money bonds or loans⁷			New money	710	8	15
		Rescheduling of maturities falling due in 1990–93			100 percent of principal	781	8	15
		Change in spread on previously restructured debt			—	Unchanged
		Waivers to allow debt buy-backs and exchanges			Debt reduction (see Table A4)

	Preliminary agreement of August 1991; term sheet February 1992, final agreement July 24, 1992 and closing of agreement on December 1, 1992
		New money bonds			Old debt (equal to four times the new money provided) to be exchanged at par bond for new noncollateralized bonds	139⁸	5	17
		Collateralized debt exchanges			Debt reduction (see Table A4)

Poland
	Agreement in principle of June 16, 1989
		Deferment of amortization payments falling due between May 1989 and December 1990⁹			100 percent	206	…	…	Unchanged
	Agreement in principle of October 1989
		Rescheduling of interest falling due in the fourth quarter of 1989¹⁰			85 percent	145	…	…
	Agreement in principle on March 10, 1994; term sheet May 23, 1994
		New money bonds			New money bonds to be provided corresponding to 35 percent of debt allocated to debt conversion bonds (see Table A4)	…	10	15
		Collateralized debt exchange			Debt reduction (see Table A4)

Russia
	Agreement in principle of July 30, 1993				100 percent of principal	24,000	5	15	…
		Rescheduling of existing stock of debt and interest arrears			100 percent of interest arrears after cash payments of $500 million	3,000	5	10	…

Senegal
	Agreement of September 1990					37	—	9	⅞

South Africa
	Debt arrangement of September 27, 1993				100 percent of principal	5,000	½	8	1 ⅛
		Rescheduling of short and medium-term debt subject to September 1985 standstill and falling due at expiration of third interim arrangement

Trinidad and Tobago
	Agreement in principle of November 1988; final agreement December 1989
	Medium- and long-term maturities falling due September 1, 1988–August 31, 1992				100 percent of principal	446		12 ½

Uganda
	Final agreement: February 26, 1993				Debt reduction (Table A4)

Uruguay
	Agreement in principle of November 1990; final agreement January 1991
		New Money Bond Exchange			20 percent increase in exposure via purchase of new bonds would entitle banks to exchange at par old debt for noncollateralized “debt-conversion notes.”	89	7	15	1.0
		Buy-back and debt exchange			Debt reduction (see Table A4)

Venezuela
	Agreement in principle on March 20, 1990; final term sheet of June 25, 1990; final agreement on December 5, 1990
		New money bond exchange			Old debt (equal to five times the new money provided) to be exchanged at par for new, noncollateralized bonds.	1,197	7	15	1 and ⅞¹¹
		Collateralized debt exchanges			Debt reduction (see Table A4)

Zambia
	Agreement in principle, July 1, 1994				Debt reduction (see Table A4)

Sources: Restructuring agreements; and IMF staff estimates.

^¹Arrangements approved in principle before January 1, 1989 are reported in previous background papers.

^²Voluntary amortization payments made during the grace period would be matched on a 1:1 basis by debt forgiveness (equivalent to a buy-back option at 50 cents on the dollar).

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

^⁵New money options include medium-term loan, new money bonds, on-lending facility, and medium-term trade facility. As of the end of March 1992, $952 million had been disbursed.

^⁶Includes $112 million of previously capitalized interest arrears on letters of credit.

^⁸Committed to the new money option at the end of June 1992, with 95 percent of eligible debt tendered under the package.

^¹⁰Payment was deferred until the second quarter of 1990.

^¹¹The interest rate of LIBOR plus ⅞ applies to the new money bonds issued by the central bank (as opposed to bonds issued by Venezuela).

Table A3.

Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1989–July 1994¹

Country, Date of Agreement, and Type of Debt Rescheduled					Basis	Amount Provided	Grace Period	Maturity	Interest Rate
						(In millions of U.S. dollars)	(In years, unless otherwise noted)		(In percent spread over LIBOR/U.S. prime, unless otherwise noted)
Argentina
	Preliminary agreement on April 7, 1992; term sheet June 23, 1992; final agreement December 6, 1992 and closing of agreement for principal on April 7, 1993
		Collateralized debt exchange			Debt reduction (see Table A4)

Bolivia
	Agreement in principle of April 1992; term sheet July 10, 1992; final agreement March 30, 1993 and closing of agreement on May 19, 1993
			Waiver to allow debt buy-back and exchanges		Debt reduction (see Table A4)

Brazil
	Preliminary agreement on July 8, 1992; term sheet September 22, 1992; final agreement November 29, 1993 and closing of agreement April 15, 1994				Old debt (equal to 5.5 times the new money provided) to be exchanged at par for new noncollateralized bonds.	…	7	15	⅞
			New money bonds
			Restructuring loan		Difference between interest rate in years 1–6 and LIBOR plus to be capitalized.	…	10	20	Years 1–2: 4 percent Years 3–4: 4.5 percent Years 5–6: 5 percent Years 7–20:
			Capitalization bond		Difference between interest rate in years 1–6 and 8 percent to be capitalized. Back-loaded amortization schedule.	…	10	20	Years 1–2: 4 percent Years 3–4: 4.5 percent Years 5–6: 5 percent Years 7–20: 8 percent
			Collateralized debt exchanges		Debt reduction (see Table A4)

Bulgaria
	Agreement in principle on November 24, 1993; term sheet March 11, 1994; final agreement on June 29, 1994
			Collateralized debt exchange		Debt reduction (see Table A4)

Costa Rica
	Preliminary agreement on November 16, 1989; final agreement on May 21,1990				Debt reduction (see Table A4)

Dominican Republic
	Preliminary agreement on May 3, 1993; term sheet August 6, 1993; final agreement on February 14, 1994
			Collateralized debt exchange		Debt reduction (Table A4)

Ecuador
	Agreement in principle on May 2, 1994; term sheet June 14, 1994
			Collateralized debt exchange		Debt reduction (see Table A4)

Gabon
	Agreement in principle on December 11, 1991; final agreement on May 12, 1992
			Rescheduling of principal due January 1, 1989–December 31, 1992		100 percent of principal	157	3	13	⅞

Guyana
	Agreement on term sheet on August 27, 1992; final agreement on November 24, 1992				Debt reduction (see Table A4)

Honduras
	Agreements of August 17, 1989
		Bilateral concessional rescheduling of debt to Lloyds Bank
			Principal outstanding at end of October 1989		100 percent	46²	7	20	6.25 percent fixed rate³
				Interest arrears at end of October 1989	100 percent	22^2,4	7	20	6.25 percent fixed rate³
		Bilateral concessional rescheduling of debt to Bank of America
			Principal outstanding		100 percent	47²	10	20	6.5 percent
			Interest arrears as of end of October 1989		100 percent	17⁴	⅔	20	4 percent fixed rate

Jamaica
	Agreement on June 26, 1990
	Refinancing of debt previously rescheduled in 1987
		Tranche A			100 percent of principal	144	—	10 ½
		Tranche B			100 percent of principal	188	8	14 ½

Jordan
	Agreement in principle on November 20, 1989
		Restructuring of medium- term loans maturing between January 1, 1989–June 30, 1991			100 percent of principal	580	5	11 ½
		New medium-term money facility			New money	50	3	3

	Preliminary agreement on June 30, 1993; term sheet August 20, 1993; final agreement
		December 10, 1993 and closing of agreement
		December 23, 1993
			Collateralized debt exchange		Debt reduction (see Table A4)

Madagascar
	Agreement in principle in October 1989 and signed on April 10, 1990
		Rescheduling			100 percent of principal falling due on December 15, 1989 and 50 percent of principal falling due in 1990–93	21.1	3 ½	9	⅞–1

Mexico
	Agreement on February 4, 1990
		New money facility			New money	1,090⁵	7	15
		Collateralized debt exchanges			Debt reduction (see Table A4)
		Restructuring of maturities of eligible debt not subject to debt and debt-service reduction			100 percent of principal	6,400	7	15

Morocco
	Agreement in principle of April 1990; final agreement of September 1990
		Restructuring of the entire debt outstanding at end of 1989			100 percent of pre-cutoff debt	3,150	7–10	15–20
		Debt buy-backs authorized

Mozambique
	Agreement in principle on November 1, 1991; operation completed December 27, 1991
		Waivers to allow debt buy-back			Debt reduction (see Table A4)

Niger
	Agreement in principle on January 14, 1991; operation completed March 8, 1991
		Waivers to allow debt buy-back			Debt reduction (see Table A4)

Nigeria
	Agreement in principle of September 1988; final agreement of April 1989
		Restructuring of debt outstanding at end of 1987
			Not previously rescheduled medium-term debt		100 percent of principal	1,256	3	20	⅞
			Debt covered by the November 1987 rescheduling agreement		100 percent of principal	1,635	3	20	⅞
			Debt (letters of credit) covered by the November 1987 refinancing agreement		Arrears on interest, fees, and commissions on letters of credit	2,448	3	15
					100 percent	490⁶	—	3	Non-interest-bearing

	Agreement in principle of March 1991;final agreement December 20, 1991 and closing of agreement on January 21, 1992
		New money bond exchange			Banks would provide new money in an amount equivalent to 20 percent of debts exchanged for noncollateralized new bonds.	—	7	15	1
		Buy-back and debt exchange			Debt reduction (see Table A4)

Philippines
	Agreement in principle of October 1989; final agreement of February 1990:
		New money bonds or loans⁷			New money	710	8	15
		Rescheduling of maturities falling due in 1990–93			100 percent of principal	781	8	15
		Change in spread on previously restructured debt			—	Unchanged
		Waivers to allow debt buy-backs and exchanges			Debt reduction (see Table A4)

	Preliminary agreement of August 1991; term sheet February 1992, final agreement July 24, 1992 and closing of agreement on December 1, 1992
		New money bonds			Old debt (equal to four times the new money provided) to be exchanged at par bond for new noncollateralized bonds	139⁸	5	17
		Collateralized debt exchanges			Debt reduction (see Table A4)

Poland
	Agreement in principle of June 16, 1989
		Deferment of amortization payments falling due between May 1989 and December 1990⁹			100 percent	206	…	…	Unchanged
	Agreement in principle of October 1989
		Rescheduling of interest falling due in the fourth quarter of 1989¹⁰			85 percent	145	…	…
	Agreement in principle on March 10, 1994; term sheet May 23, 1994
		New money bonds			New money bonds to be provided corresponding to 35 percent of debt allocated to debt conversion bonds (see Table A4)	…	10	15
		Collateralized debt exchange			Debt reduction (see Table A4)

Russia
	Agreement in principle of July 30, 1993				100 percent of principal	24,000	5	15	…
		Rescheduling of existing stock of debt and interest arrears			100 percent of interest arrears after cash payments of $500 million	3,000	5	10	…

Senegal
	Agreement of September 1990					37	—	9	⅞

South Africa
	Debt arrangement of September 27, 1993				100 percent of principal	5,000	½	8	1 ⅛
		Rescheduling of short and medium-term debt subject to September 1985 standstill and falling due at expiration of third interim arrangement

Trinidad and Tobago
	Agreement in principle of November 1988; final agreement December 1989
	Medium- and long-term maturities falling due September 1, 1988–August 31, 1992				100 percent of principal	446		12 ½

Uganda
	Final agreement: February 26, 1993				Debt reduction (Table A4)

Uruguay
	Agreement in principle of November 1990; final agreement January 1991
		New Money Bond Exchange			20 percent increase in exposure via purchase of new bonds would entitle banks to exchange at par old debt for noncollateralized “debt-conversion notes.”	89	7	15	1.0
		Buy-back and debt exchange			Debt reduction (see Table A4)

Venezuela
	Agreement in principle on March 20, 1990; final term sheet of June 25, 1990; final agreement on December 5, 1990
		New money bond exchange			Old debt (equal to five times the new money provided) to be exchanged at par for new, noncollateralized bonds.	1,197	7	15	1 and ⅞¹¹
		Collateralized debt exchanges			Debt reduction (see Table A4)

Zambia
	Agreement in principle, July 1, 1994				Debt reduction (see Table A4)

Sources: Restructuring agreements; and IMF staff estimates.

^¹Arrangements approved in principle before January 1, 1989 are reported in previous background papers.

^²Voluntary amortization payments made during the grace period would be matched on a 1:1 basis by debt forgiveness (equivalent to a buy-back option at 50 cents on the dollar).

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

^⁵New money options include medium-term loan, new money bonds, on-lending facility, and medium-term trade facility. As of the end of March 1992, $952 million had been disbursed.

^⁶Includes $112 million of previously capitalized interest arrears on letters of credit.

^⁸Committed to the new money option at the end of June 1992, with 95 percent of eligible debt tendered under the package.

^¹⁰Payment was deferred until the second quarter of 1990.

^¹¹The interest rate of LIBOR plus ⅞ applies to the new money bonds issued by the central bank (as opposed to bonds issued by Venezuela).

Table A4.

Debt and Debt-Service Reduction in Commercial Bank Agreements, 1987–July 1994¹

(By year of agreement in principle)

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

^¹Excludes $700 million in downpayment on past due interest.

^²Excludes $64 million in downpayment on past due interest.

^³Excludes $29 million in downpayment on past due interest.

^⁴Excludes $75 million in interest equalization payments.

^⁵Excludes $29 million in downpayment on past due interest.

^⁶Includes $2,447 million of debt of domestic commercial banks, for which no enhancements were provided (the Gurria bonds).

^⁷Excludes $373 million of cash payments to clear all interest arrears.

^⁸Excludes $158 million in catch-up and downpayment on past due interest.

Table A4.

Debt and Debt-Service Reduction in Commercial Bank Agreements, 1987–July 1994¹

(By year of agreement in principle)

			Face Value of Debt to Commercial Banks		Resources Used	Terms	Enhancements for New Instruments	Special Features
			Retired	Issued	Resources Used	Terms	Enhancements for New Instruments	Special Features
			(In millions of U.S. dollars)
Argentina (1987)
	Noncollateralized debt exchange with interest reduction		15	15	—	Old claims exchanged at par for new exit bonds with a 25-year maturity (12 years’ grace) and 4 percent fixed rate.	—	New bonds excluded from future new money base.

Argentina (1992)
	Principal reduction		6,663	4,331	3,059¹ (including resources from IMF, World Bank, Inter-American Development Bank, Eximbank Japan, and Argentina’s own resources)	Old claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus , at prenegotiated exchange ratio of 1:0.65.	Principal fully collateralized and 12-month rolling interest guarantee based on 8 percent rate.	Part of past due interest settled at closing date (through cash payments of $700 million). The balance refinanced (3 years’ grace) bearing interest of LIBOR plus and all semiannual amortization payments rising from 1 percent of the original face value in payments 1–7, 5 percent in payment 8, and 8 percent in payments 9–19. Interest due reduced to respective monthly LIBOR through end of 1991, and to 4 percent thereafter. Bonds eligible for debt conversion.
	Interest reduction		12,734	12,734		Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 4 percent in year one, to 6 percent in year seven, and remaining at that level until maturity.	Principal fully collateralized and 12-month rolling interest guarantee based on 6 percent rate.

Bolivia (1987)
	Cash buy-back		253	—	28 (bilateral donations)	At preannounced price of 11 cents on the dollar.	—	—
	Collateralized debt exchange with principal reduction		204	22	7 (bilateral donations)	Old claims exchanged for new zero-coupon 25-year bond carrying 9.25 percent yield at a preannounced exchange ratio of 1:0.11.	Principal and interest fully collateralized.	Past due interest canceled under all options. New bonds eligible for debt conversion.
	Debt forgiveness		16	—	—	—	—	Includes $0.6 million of debt-for-nature swap.

Bolivia (1992)
	Cash buy-back		78	—	27 (including resources from IDA debt-reduction facility and grants from the United States, Sweden, Switzerland, and the Netherlands)	At preannounced price of 16 cents on the dollar.	—	Past due interest canceled under all options.
	Interest reduction		33	33		Old claims exchanged at par for non-interest-bearing new bonds with a 30-year bullet maturity.	Principal fully collateralized.	Value recovery clause based on the world price of tin. Upon maturity, bonds exchanged into assets denominated in domestic currency at prenegotiated ratio of 1:1.5 for approved investment in special projects.
	Principal reduction		60	10		Old claims exchanged for new short-term bonds at prenegotiated exchange ratio of 1:0.16	—

Brazil (1988)
	Noncollateralized debt exchange with interest reduction		1,100	1,100	—	Old claims exchanged at par for new exit bonds with a 25-year maturity (10 years’ grace) and 6 percent fixed rate.	—	New bonds excluded from future new money base. Eligible for debt-equity conversion program.

Brazil (1992)
	Principal reduction		14,210	9,237	2,800 (own resources and about 400 of new money). Additional 900 are to be delivered in the next two years.	Old claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus , at prenegotiated exchange ratio of 1:0.65.	Principal fully collateralized and 12-month rolling interest guarantee.	Cash payment of $2.0 billion paid during May-December 1991. The past due interest remaining at end of 1990 converted into a 10-year bond (3 years’ grace) at LIBOR plus . Interest due in 1992–93 reduced to 4 percent.
	Interest reduction		12,992	12,992		Old claim exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 4 percent in year one, to 6 percent in year seven, and remaining at that level until maturity.	Principal fully collateralized and 12-month rolling interest guarantee.	Remaining past due interest accumulated in 1991 and 1992 is converted into 12-year bonds (3 years’ grace) at LIBOR plus ; semiannual amortization payments of 1 percent of original principal for payments 1–7, 5 percent for payment 8, and 8 percent bonds eligible for debt conversions for payments 9–19.
	Temporary interest reduction		2,030	2,030		Old claim exchanged at par for new bonds with a 15-year maturity (9 years’ grace) and an interest rate of 4 percent in the years 1–2, 4.5 percent in years 3–4, 5 percent in years 5-6, and LIBOR plus from years 7 to 15.	Twelve-month rolling interest guarantee for the first six years.

Bulgaria (1993)
	Cash buy-back		798	—	652² (expected to come from IMF, World Bank, and own resources).	At preannounced price of 25.1875 cents on the dollar.	—	Buy-back price applies to principal and interest arrears separately.
	Principal reduction		3,730	1,865		Old claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus , at prenegotiated exchange ratio of 1:0.50.	Principal fully collateralized and 12-month rolling interest.	At closing, 3 percent of past due interest will be settled through cash payments. The balance will be refinanced as an uncollateralized 17-year bond (7 years’ grace) bearing interest of LIBOR plus and semiannual amortization payments rising from 1 percent of the original face value in payments 1-6 to 3 percent in payments 7–11, to 6 percent in payments 12–16 and to 9.8 percent in payments 17–21. Value recovery clause based on GDP performance. Package includes short-term debt. A special issue of discount and temporary interest reduction bonds will be made for 30 percent of the short-term debt allocated to these options at an interest rate ½ of 1 percent higher. The package includes a currency option for deutsche mark. Agreement limits allocation for temporary interest reduction bonds to 30 percent.
	Temporary interest reduction		1,658	1,658		Old claims exchanged at par for new bonds with an 18-year maturity (7 years’ grace) and an interest rate of 2 percent in years 1-2, 2.25 percent in years 3-4, 2.5 percent in year 5, 2.75 percent in year 6, 3 percent in year 7, and LIBOR plus from years 8 to 18.	Twelve-month rolling interest guarantee for the first seven years.

Chile (1988)
	Cash buy-back		439	—	248 (own resources)	$299 million bought back in November 1988 at average price of 56 cents on the dollar; $140 million bought back in November 1989 at average price of 58 cents on the dollar. Price determined in Dutch auction.	—	Resources used for buy-backs subject to aggregate limit of $500 million; debt to be extinguished subject to aggregate ceiling of $2 billion.

Costa Rica (1989)
	Cash buy-back		991	—	196³ (from bilateral and multilateral sources and Costa Rica’s own reserves)	At preannounced price of 16 cents on the dollar.	—	Includes $223 million of past due interest.
	Collateralized debt exchange with interest reduction		290	290		(a) Old debt exchanged at par for new 20-year bond (10 years’ grace) carrying 6.25 percent fixed, negotiated rate. (b) Past due interest, after 20 percent cash downpayment, exchanged at par for a new claim with a 15-year maturity (no grace period) and LIBOR plus . (c) Old claims (including past due interest) exchanged at par for a new 25-year bond (15 years’ grace) carrying 6.25 percent fixed, negotiated rate.	(a) Eighteen-month interest guarantee (excess enhancement funds to be applied to increase coverage up to 18 months). (b) Thirty-six month interest guarantee.	(a) and (b) available only to banks tendering at least 60 percent of their exposure to the buy-back option. Value recovery clause linked to GDP growth. Converted past due interest equaled $53 million. (c) and (d) optional to banks tendering less than 60 percent of their exposure (including past due interest) to the buy-back option. Converted past due interest equaled $61 million.
	Noncollateralized debt exchange with interest reduction		289	289			—	(a), (b), (c), and (d): new bonds eligible for debt-equity conversion program.
						(d) Past due interest, after a 20 percent cash downpayment, exchanged at par for a new claim with a 15-year maturity (no grace period) and LIBOR plus .		Value recovery clause activated if GDP exceeds 1989 GDP by 120 percent in real terms.

Dominican Republic (1993)
	Cash buy-back		272	—	149 (own resources)	At preannounced price of 25 cents on the dollar.	—	Buy-back price applies to principal and interest arrears separately.
	Principal reduction		505	328		Old claims exchanged for new bonds with 30-year bullet maturity and interest at LIBOR plus at prenegotiated exchange rate of 1:0.65.	Principal fully collateralized and 9-month rolling interest guarantee (to be capitalized until 12 months).	At closing, 12.5 percent of remaining past due interest will be settled through cash payments. The balance will be refinanced as uncollateralized 15-year bonds (3 years’ grace) bearing interest of LIBOR plus and semiannual amortization payments rising from 1 percent of the original face value in payments 1-7 and equal installments thereafter.
	Temporary interest reduction		—	—		Old claims exchanged at par for new bonds with an 18-year maturity (9 years’ grace) with equal semiannual installments after grace and an interest rate of 3 percent in years 1–2, 3.5 percent in years 3–4, 4 percent in years 5–6, and LIBOR plus % from years 7 to 18.	—	Agreement included a “pull-back” clause if banks’ allocation does not yield at least 50 percent debt reduction.

Ecuador (1994)
	Principal reduction		2,621	1,442	583⁴ expected to come from IMF, World Bank, official sources, and own resources)	Old claims exchanged for new bonds with 30-year bullet maturity and interest at LIBOR plus at prenegotiated exchange ratio of 1:0.55.	Principal fully collateralized and 12-month rolling interest guarantee based on 7 percent.	Part of past due interest settled before closing (through cash payment of $75 million). The balance will be refinanced as an uncollateralized 20-year bond (10 years’ grace) bearing interest of LIBOR plus and semiannual amortization payments rising from 2.5 percent of the original face value in payments 1–6 to 4 percent in payments 7–12, to 6.78 percent in payments 13–21. The past due interest bond will have the option to capitalize interest due in excess of the following rates during the first 6 years of the bond: 3 percent in years 1–2, 3.25 percent in years 3–4, and 3.75 percent in years 5-6. An uncollateralized 10-year interest equalization bond for $191 million will be issued to regularize presently discriminatory payments to creditors.
	Interest reduction		1,898	1,898		Old claims exchanged at par for new bonds with 30-year bullet maturity and interest increasing gradually from 3 percent in year 1 to 5 percent in year 11, and remaining at that level until maturity.	Principal fully collateralized and 12-month rolling interest guarantee at 3.75 percent (to be capitalized until it reaches 5 percent).

Guyana (1992)
	Cash buy-back		69	—	10 (fully financed by IDA debt-reduction facility)	At preannounced price of 14.5 cents on the dollar.		Excludes export credit debt. Buy-back price applied to principal, past due interest ($23.5 million) canceled.

Jordan (1993)					118⁵ (own resources)
	Cash buy-back		—	—		At preannounced price of 39 cents on the dollar.	—	Buy-back price applies to principal and interest arrears separately.
	Principal reduction		243	158		Old claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus at prenegotiated exchange ratio of 1:0.65.	Principal fully collateralized and 6-month rolling interest guarantee based on 8 percent.	At closing, 50 percent of past due interest associated with the discount exchange and 10 percent of past due interest associated with the par exchange will be settled through cash payments. The balance will be refinanced as uncollateralized 12-year bond (3 years’ grace) bearing interest of LIBOR plus and equal semiannual installments after grace.
	Interest reduction		493	493		Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually starting at 4 percent in years 1–4, 5 percent in year 5, 5.5 percent in year 6 and 6 percent from years 7 to 30.	Principal fully collateralized and 6-month rolling interest guarantee based on 6 percent.	Interest due after March 1991 and until the closing date reduced to an interest rate of 4 percent.

Mexico (1988)
	Collateralized debt exchange with principal reduction		3,671	2,556	555 (own resources)	Old claims exchanged for new bond with 20-year bullet maturity and LIBOR plus 1 ⅝; average exchange ratio 1:0.7 (determined in Dutch auction).	Principal fully collateralized.	New bonds excluded from future new money base.

Mexcio (1989)					7,122 (including resources from IMF and World Bank)
	Collateralized debt exchange with principal reduction		20,546	13,354⁶		Old claims exchanged for new bond with 30-year bullet maturity and LIBOR plus ; exchange ratio 1:0.65 (negotiated).	Principal fully collateralized and 18-month rolling interest guarantee	Recovery clause in case real oil prices exceed threshold real price of $14 a barrel. New bonds excluded from future new money base and eligible for debt-equity conversion.
	Interest reduction		22,427	22,427		Old claims exchanged at par for new bond with 30-year bullet maturity and 6.25 percent fixed, negotiated interest rate.	Same as above

Mozambique (1991)
	Cash buy-back		124	—	12 (including resources from IDA debt-reduction facility and French, Swiss, Swedish, and Dutch grants)	At a preannounced price of 10 cents on the dollar.	—	Buy-back price applied to principal, past due interest canceled.

Niger (1991)
	Principal reduction		111	—	23 (including resources from IDA debt-reduction facility and French and Swiss grants)	Old claims exchanged for new 60-day notes with face value equivalent to 18 percent of outstanding face value of principal.	Principal fully guaranteed by BCEAO.	Buy-back price applied to principal, past due interest canceled. Operation has been structured as a novation, that is, the exchange of a new obligation for an old obligation to avoid seeking waivers from certain provisions in existing loan contracts.
	Interest reduction		…	…		Old claims exchanged at par for 21-year non-interest-bearing notes.	Principal fully collateralized by zero coupon bonds purchased by the BCEAO.	—

	Nigeria (1991)
	Cash buy-back		3,390	1,356	1,708⁷ (own resources)	At preannounced price of 40 cents on the dollar.		All past due interest cleared prior to closing date. Recovery clause in the event that oil prices exceed threshold of $28 a barrel in 1996, adjusted for inflation thereafter. New bonds eligible for debt conversions.
	Interest reduction		2,048	2,048	1,708⁷ (own resources)	Old claims exchanged at par for new registered bonds with a 30-year bullet maturity and a fixed interest rate of 5.5 percent for 3 years and 6.25 percent thereafter.	Principal fully collateralized by U.S. Treasury bonds with a 12-month rolling interest guarantee, based on rate of 6.25 percent.

Philippines (1989)
	Cash buy-back		1,339	—	670 (including resources from IMF and World Bank).	At preannounced price of 50 cents on the dollar.	—	Included waiver for second round of buy-backs.

Philippines (1992)
	Cash buy-back		1,263	—	1,125 (including resources from IMF, World Bank, Eximbank Japan, and the Philippines’ own resources)	At a preannounced price of 52 cents on the dollar.	—	—
	Temporary interest reduction		757	757		Old claims exchanged at par for new bonds with 15-year maturity (7 years’ grace) and an interest rate of 4 percent in the first two years, 5 percent in years 3-5, 6 percent in year 6, and LIBOR plus from year 7 onward.	Twelve-month rolling interest guarantee based on a 6 percent annual rate for the first six years.	—
	Principal collateralized interest reduction		1,894	1,894		Old claims exchanged at par for new bonds with a 25-year bullet maturity and an interest rate that gradually rises from 4.25 percent in the first year to 6.5 percent in the sixth year and remains at that level until maturity.	Principal fully collateralized and 14 months’ rolling interest guarantee based on a rate of 6.5 percent.	—

Poland (1994)
	Cash buy-back		2,454	—	1,866⁸ (expected to come from IMF, World Bank, official sources, and own resources)	At preannounced price of 41 cents on the dollar for medium-and long-term debt and 38 cents on the dollar for short-term debt.	—	—
	Principal reduction		5,336	2,935		Old claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus at prenegotiated exchange ratio of 1:0.55.	Principal fully collateralized; no interest collateral.
	Interest reduction		1,743	1,743		Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 2.75 percent in year 1 to 5 percent from year 21 onward.	Principal fully collateralized; no interest collateral.	Separate par bonds with slightly different interest profile for medium- and long-term and short-term debt. Payment of 85 percent of interest due in December 1989 and 30 percent of interest due accruing from May 1993 expected before closing. The balance will be subject to debt-service reduction through an uncollateralized 20-year bond (7-years’ grace) bearing an interest rate gradually increasing from 3.25 percent in year 1 to 7 percent in year 9 and remaining at that level until maturity. Amortization payments are semiannual rising from 1 percent of the original face value in payments 1–3 to 2 percent in payments 4–6, to 3 percent in payments 7–17, to 5 percent in payments 18–23, to 7 percent in payments 24-27.
	Noncollateralized debt exchange with interest reduction		386	386		Old claims exchanged at par for debt conversion bonds with 25-year maturity (20 years’ grace) and interest increasing gradually from 4.5 percent in year 1 to 7.5 percent from year 11 and remaining at that level until maturity.	—

Uganda (1993)
	Cash buy-back		153	—	18 (including resources from IDA debt-reduction facility and grants from the Netherlands, Switzerland, Germany, and the EC)	At preannounced price of 12 cents on the dollar.		Buy-back price applied to principal, past due interest canceled.

Uruguay (1991)
	Cash buy-back		633	—	463 (including resources from the IDB)	At preannounced price of 56 cents on the dollar.
	Interest reduction		530	530		Old claims exchanged at par for new bonds with a 30-year bullet maturity and a fixed interest rate of 6.75 percent.	Principal fully collateralized and an 18-month rolling interest guarantee.	Value recovery clause allowing for larger payments in the event of a favorable performance of an index of Uruguay’s terms of trade.

Venezuela (1990)
	Collateralized debt exchanges				2,585 (including resources from IMF and World Bank)
		Principal reduction	1,411	647		Old claims exchanged for new three-month notes with present value equal to 45 percent of face value of old claims.	Face value of notes fully collateralized by short-term U.S. Treasury securities.
		Principal reduction	1,808	1,265		Old claims exchanged for new bond with 30-year maturity and LIBOR plus at prenegotiated exchange ratio of 1:0.70.	Principal fully collateralized and 14-month rolling interest guarantee.	Eligible for debt-equity conversion. Includes warrants to be triggered in case oil prices exceed threshold price of $26 a barrel in 1996, adjusted for inflation thereafter through 2020.
		Interest reduction	7,450	7,450		Old claims exchanged at par for new bond with 30-year maturity and fixed interest rate of 6.75 percent.	Principal fully collateralized and 14-month rolling interest guarantee.
		Temporary interest reduction	3,018	3,018		Old claims exchanged for new bond with 17-year maturity and interest rate of 5 percent in years 1–2, 6 percent in years 3–4, 7 percent in year five, and LIBOR plus ⅞ of 1 percent thereafter.	Twelve-month rolling-interest guarantee for the first five years.	Eligible for debt-equity conversion.

Zambia (1994)			200	—	22 (including resources from IDA debt-reduction facility and grants from Germany, the Netherlands, Sweden, and Switzerland)	At a preannounced price of 11 cents on the dollar.		Buy-back price applied to principal, past due interest canceled.

^¹Excludes $700 million in downpayment on past due interest.

^²Excludes $64 million in downpayment on past due interest.

^³Excludes $29 million in downpayment on past due interest.

^⁴Excludes $75 million in interest equalization payments.

^⁵Excludes $29 million in downpayment on past due interest.

^⁶Includes $2,447 million of debt of domestic commercial banks, for which no enhancements were provided (the Gurria bonds).

^⁷Excludes $373 million of cash payments to clear all interest arrears.

^⁸Excludes $158 million in catch-up and downpayment on past due interest.

Table A4.

Debt and Debt-Service Reduction in Commercial Bank Agreements, 1987–July 1994¹

(By year of agreement in principle)

		Face Value of Debt to Commercial Banks		Resources Used	Terms	Enhancements for New Instruments	Special Features
		Retired	Issued	Resources Used	Terms	Enhancements for New Instruments	Special Features
		(In millions of U.S. dollars)
Argentina (1987)
	Noncollateralized debt exchange with interest reduction	15	15	—	Old claims exchanged at par for new exit bonds with a 25-year maturity (12 years’ grace) and 4 percent fixed rate.	—	New bonds excluded from future new money base.

Argentina (1992)
	Principal reduction	6,663	4,331	3,059¹ (including resources from IMF, World Bank, Inter-American Development Bank, Eximbank Japan, and Argentina’s own resources)	Old claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus , at prenegotiated exchange ratio of 1:0.65.	Principal fully collateralized and 12-month rolling interest guarantee based on 8 percent rate.	Part of past due interest settled at closing date (through cash payments of $700 million). The balance refinanced (3 years’ grace) bearing interest of LIBOR plus and all semiannual amortization payments rising from 1 percent of the original face value in payments 1–7, 5 percent in payment 8, and 8 percent in payments 9–19. Interest due reduced to respective monthly LIBOR through end of 1991, and to 4 percent thereafter. Bonds eligible for debt conversion.
	Interest reduction	12,734	12,734		Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 4 percent in year one, to 6 percent in year seven, and remaining at that level until maturity.	Principal fully collateralized and 12-month rolling interest guarantee based on 6 percent rate.

Bolivia (1987)
	Cash buy-back	253	—	28 (bilateral donations)	At preannounced price of 11 cents on the dollar.	—	—
	Collateralized debt exchange with principal reduction	204	22	7 (bilateral donations)	Old claims exchanged for new zero-coupon 25-year bond carrying 9.25 percent yield at a preannounced exchange ratio of 1:0.11.	Principal and interest fully collateralized.	Past due interest canceled under all options. New bonds eligible for debt conversion.
	Debt forgiveness	16	—	—	—	—	Includes $0.6 million of debt-for-nature swap.

Bolivia (1992)
	Cash buy-back	78	—	27 (including resources from IDA debt-reduction facility and grants from the United States, Sweden, Switzerland, and the Netherlands)	At preannounced price of 16 cents on the dollar.	—	Past due interest canceled under all options.
	Interest reduction	33	33		Old claims exchanged at par for non-interest-bearing new bonds with a 30-year bullet maturity.	Principal fully collateralized.	Value recovery clause based on the world price of tin. Upon maturity, bonds exchanged into assets denominated in domestic currency at prenegotiated ratio of 1:1.5 for approved investment in special projects.
	Principal reduction	60	10		Old claims exchanged for new short-term bonds at prenegotiated exchange ratio of 1:0.16	—

Brazil (1988)
	Noncollateralized debt exchange with interest reduction	1,100	1,100	—	Old claims exchanged at par for new exit bonds with a 25-year maturity (10 years’ grace) and 6 percent fixed rate.	—	New bonds excluded from future new money base. Eligible for debt-equity conversion program.

Brazil (1992)
	Principal reduction	14,210	9,237	2,800 (own resources and about 400 of new money). Additional 900 are to be delivered in the next two years.	Old claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus , at prenegotiated exchange ratio of 1:0.65.	Principal fully collateralized and 12-month rolling interest guarantee.	Cash payment of $2.0 billion paid during May-December 1991. The past due interest remaining at end of 1990 converted into a 10-year bond (3 years’ grace) at LIBOR plus . Interest due in 1992–93 reduced to 4 percent.
	Interest reduction	12,992	12,992		Old claim exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 4 percent in year one, to 6 percent in year seven, and remaining at that level until maturity.	Principal fully collateralized and 12-month rolling interest guarantee.	Remaining past due interest accumulated in 1991 and 1992 is converted into 12-year bonds (3 years’ grace) at LIBOR plus ; semiannual amortization payments of 1 percent of original principal for payments 1–7, 5 percent for payment 8, and 8 percent bonds eligible for debt conversions for payments 9–19.
	Temporary interest reduction	2,030	2,030		Old claim exchanged at par for new bonds with a 15-year maturity (9 years’ grace) and an interest rate of 4 percent in the years 1–2, 4.5 percent in years 3–4, 5 percent in years 5-6, and LIBOR plus from years 7 to 15.	Twelve-month rolling interest guarantee for the first six years.

Bulgaria (1993)
	Cash buy-back	798	—	652² (expected to come from IMF, World Bank, and own resources).	At preannounced price of 25.1875 cents on the dollar.	—	Buy-back price applies to principal and interest arrears separately.
	Principal reduction	3,730	1,865		Old claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus , at prenegotiated exchange ratio of 1:0.50.	Principal fully collateralized and 12-month rolling interest.	At closing, 3 percent of past due interest will be settled through cash payments. The balance will be refinanced as an uncollateralized 17-year bond (7 years’ grace) bearing interest of LIBOR plus and semiannual amortization payments rising from 1 percent of the original face value in payments 1-6 to 3 percent in payments 7–11, to 6 percent in payments 12–16 and to 9.8 percent in payments 17–21. Value recovery clause based on GDP performance. Package includes short-term debt. A special issue of discount and temporary interest reduction bonds will be made for 30 percent of the short-term debt allocated to these options at an interest rate ½ of 1 percent higher. The package includes a currency option for deutsche mark. Agreement limits allocation for temporary interest reduction bonds to 30 percent.
	Temporary interest reduction	1,658	1,658		Old claims exchanged at par for new bonds with an 18-year maturity (7 years’ grace) and an interest rate of 2 percent in years 1-2, 2.25 percent in years 3-4, 2.5 percent in year 5, 2.75 percent in year 6, 3 percent in year 7, and LIBOR plus from years 8 to 18.	Twelve-month rolling interest guarantee for the first seven years.

Chile (1988)
	Cash buy-back	439	—	248 (own resources)	$299 million bought back in November 1988 at average price of 56 cents on the dollar; $140 million bought back in November 1989 at average price of 58 cents on the dollar. Price determined in Dutch auction.	—	Resources used for buy-backs subject to aggregate limit of $500 million; debt to be extinguished subject to aggregate ceiling of $2 billion.

Costa Rica (1989)
	Cash buy-back	991	—	196³ (from bilateral and multilateral sources and Costa Rica’s own reserves)	At preannounced price of 16 cents on the dollar.	—	Includes $223 million of past due interest.
	Collateralized debt exchange with interest reduction	290	290		(a) Old debt exchanged at par for new 20-year bond (10 years’ grace) carrying 6.25 percent fixed, negotiated rate. (b) Past due interest, after 20 percent cash downpayment, exchanged at par for a new claim with a 15-year maturity (no grace period) and LIBOR plus . (c) Old claims (including past due interest) exchanged at par for a new 25-year bond (15 years’ grace) carrying 6.25 percent fixed, negotiated rate.	(a) Eighteen-month interest guarantee (excess enhancement funds to be applied to increase coverage up to 18 months). (b) Thirty-six month interest guarantee.	(a) and (b) available only to banks tendering at least 60 percent of their exposure to the buy-back option. Value recovery clause linked to GDP growth. Converted past due interest equaled $53 million. (c) and (d) optional to banks tendering less than 60 percent of their exposure (including past due interest) to the buy-back option. Converted past due interest equaled $61 million.
	Noncollateralized debt exchange with interest reduction	289	289			—	(a), (b), (c), and (d): new bonds eligible for debt-equity conversion program.
					(d) Past due interest, after a 20 percent cash downpayment, exchanged at par for a new claim with a 15-year maturity (no grace period) and LIBOR plus .		Value recovery clause activated if GDP exceeds 1989 GDP by 120 percent in real terms.

Dominican Republic (1993)
	Cash buy-back	272	—	149 (own resources)	At preannounced price of 25 cents on the dollar.	—	Buy-back price applies to principal and interest arrears separately.
	Principal reduction	505	328		Old claims exchanged for new bonds with 30-year bullet maturity and interest at LIBOR plus at prenegotiated exchange rate of 1:0.65.	Principal fully collateralized and 9-month rolling interest guarantee (to be capitalized until 12 months).	At closing, 12.5 percent of remaining past due interest will be settled through cash payments. The balance will be refinanced as uncollateralized 15-year bonds (3 years’ grace) bearing interest of LIBOR plus and semiannual amortization payments rising from 1 percent of the original face value in payments 1-7 and equal installments thereafter.
	Temporary interest reduction	—	—		Old claims exchanged at par for new bonds with an 18-year maturity (9 years’ grace) with equal semiannual installments after grace and an interest rate of 3 percent in years 1–2, 3.5 percent in years 3–4, 4 percent in years 5–6, and LIBOR plus % from years 7 to 18.	—	Agreement included a “pull-back” clause if banks’ allocation does not yield at least 50 percent debt reduction.

Ecuador (1994)
	Principal reduction	2,621	1,442	583⁴ expected to come from IMF, World Bank, official sources, and own resources)	Old claims exchanged for new bonds with 30-year bullet maturity and interest at LIBOR plus at prenegotiated exchange ratio of 1:0.55.	Principal fully collateralized and 12-month rolling interest guarantee based on 7 percent.	Part of past due interest settled before closing (through cash payment of $75 million). The balance will be refinanced as an uncollateralized 20-year bond (10 years’ grace) bearing interest of LIBOR plus and semiannual amortization payments rising from 2.5 percent of the original face value in payments 1–6 to 4 percent in payments 7–12, to 6.78 percent in payments 13–21. The past due interest bond will have the option to capitalize interest due in excess of the following rates during the first 6 years of the bond: 3 percent in years 1–2, 3.25 percent in years 3–4, and 3.75 percent in years 5-6. An uncollateralized 10-year interest equalization bond for $191 million will be issued to regularize presently discriminatory payments to creditors.
	Interest reduction	1,898	1,898		Old claims exchanged at par for new bonds with 30-year bullet maturity and interest increasing gradually from 3 percent in year 1 to 5 percent in year 11, and remaining at that level until maturity.	Principal fully collateralized and 12-month rolling interest guarantee at 3.75 percent (to be capitalized until it reaches 5 percent).

Guyana (1992)
	Cash buy-back	69	—	10 (fully financed by IDA debt-reduction facility)	At preannounced price of 14.5 cents on the dollar.		Excludes export credit debt. Buy-back price applied to principal, past due interest ($23.5 million) canceled.

Jordan (1993)

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