ASEAN 4 includes: Indonesia, Malaysia, the Philippines, and Thailand.
The authorities’ notional debt ceiling excludes VDB liabilities and municipal bonds, which are included in the staff’s definition of public and publicly guaranteed debt.
The DSA in Country Report No. 06/421 included two alternative scenarios with contingent liabilities ranging from 8 percent of GDP to 20 percent of GDP. The assumed size of contingent liabilities has been scaled down to 4 percent to 8 percent of GDP in this year’s DSA on the assumption that the government’s efforts to speed up the equitization of SOCBs, together with slowing growth in SOCB lending, will help contain possible future burdens on the budget associated with SOCB recapitalization.
Vietnam is considered a “medium” performer on the basis of the three-year moving average of its CPIA rating, which is the same as its CPIA score for 2005. Its applicable external debt thresholds are the following: (i) NPV of debt-to-exports = 150 percent; (ii) NPV of debt-to-GDP = 40 percent; and (iii) debt service-to-exports = 20 percent.