External Debt of Developing Countries

Public Disclosure Authorized

14839 v3

WORLD DEBT TABLES

External Debt of Developing Countries

Public Disclosure Authorized

Public Disclosure Authorized

Public Disclosure Authorized

WORLD DEBT TABLES

External Debt of Developing Countries

1988-89 EDITION

Volume III. Country Tables, 1970-79

INTERNATION,..L MONfl ""; I'UNO JOINT LIBRARY

..'\',': ,d.. 0 1989

INTERNATIONAL BANK FOR RECONSTRUCflON AND DEVELOPMENT

WASHINGTON, D.C. 20161

The World Bank Washington, D.C.

Contents

Preface

vii

Sources and Definitions

ix

Groups of Reporters

xiii

Geographic Groups

xiii

Other Groups

xiv

Private Nonguaranteed Debt

XV

Debt Tables

1

Group Tables

2

Algeria

26

Argentina

28

Bahamas, The

30

Bangladesh

32

Barbados

34

Belize

36

Benin

38

Bhutan

40

Bolivia

42

Botswana

44

Brazil

46

Burkina Faso

48

Burma

50

Burundi

52

Cameroon

54

Cape Verde

56

Central African Republic

58

Chad

60

Chile

62

China

64

Colombia

66

Comoros

68

Congo, People's Republic of the 70

Costa Rica

72

Cote d'Ivoire

74

Cyprus

76

Djibouti

78

Dominican Republic

80

Ecuador

82

Egypt, Arab Republic of

84

El Salvador

86

Equatorial Guinea

88

Ethiopia

90

Fiji

92

Gabon

94

Gambia, The

96

Ghana

98

Grenada

100

Greece

102

Guatemala

104

Guinea

106

Guinea Bissau

108

Guyana

110

Haiti

112

Honduras

114

Hungary

116

India

118

Indonesia

120

Israel

122

Jamaica

124

Jordan

126

Kenya

128

Korea, Republic of

130

Lao People's Democratic Republic

132

Lebanon

134

Lesotho

136

Liberia

138

Madagascar

140

Malawi

142

Malaysia

144

Maldives

146

Mali

148

Malta

150

Mauratania

152

Mauritius

154

Mexico

156

v

Preface

The 1988-89 edition of the World Debt Tables comes in three volumes. Volume I contains analysis and commentary on recent developments in international lending to the developing countries, together with summary debt data tables for all countries, for selected regions, and for other groups. The geographic groupings are Africa, South of the Sahara; East Asia and Pacific; Europe and the Mediterranean; Latin America and the Caribbean; North Africa and the Middle East; and South Asia. The other groupings are highly indebted countries, low-income Africa, low-income Asia, middle-income oil importers, and oil exporters. The highly indebted countries are seventeen countries that account for nearly half of all developing-country debt, with approximately 80 percent of it owed to private creditors, mostly at variable interest rates.

Volumes II and III contain statistical tables showing the external debt of the 111 countries that report public and publicly guaranteed debt under the World Bank's Debtor Reporting Systme (DRS). Bhutan and Lao People's Democratic Republic have been added to the 109 countries that reported last year. Reported data are supplemented by estimates made by World Bank staff. Twenty-four countries also report private nonguaranteed debt.

To preserve a readable layout in the tables, data in Volume II, Country Tables are provided for 10 years: 1970, 1975, and 1980-87. Data in Volume III, Country Tables, 1970-79 are also provided for 10 years: 1970-79. Debt data and economic aggregates for 86 countries with debt outstanding and disbursed at more than $583 million at the end of 1987 have been rounded to the nearest US$ million. For the remaining 25 countries with debt outstanding at the end of 1987 at no more than $583 million, the debt data and economic aggregates are presented with one decimal place. Some subcategories of debt are also omitted. For most users, the loss of detail should cause few problems. For others, this omission can be overcome by subscribing to the World Debt Tables on magnetic tape. Enquiries about data-tape subscription should be sent to the Publications Sales Unit of the World Bank.

Long-term debt data were reported, and are shown on a fiscal year basis, for three countries: Burma and

India, as of the end of March, and Haiti, as of the end of September.

The tables contain reported or estimated data for public and publicly guaranteed long-term debt, private nonguaranteed long-term debt (where significant), short-term debt, and the use of International Monetary Fund (IMF) credit. The data are augmented by information on major economic aggregates and by indicators that are used frequently in analyses of debt and creditworthiness. The macroeconomic information provided is from standard sources; but many series, especially for African countries, are incomplete. In most cases, omissions relate to the service accounts of the balance of payments. Users of the indicators can eliminate gaps by substituting other standard data series for those used here (for example, merchandise trade could replace total exports and imports).

The macroeconomic indicators are prepared for the convenience of users. Debt indicators give useful information about developments in debt-servicing capacity, but conclusions should not be drawn from them unless supported by careful economic evaluation. To ensure cross-country comparability, the charts and most indicators are based on public debt only; for countries where complete information is available, some indicators have been prepared based on total external debt.

The Debtor Reporting System is maintained, and these volumes prepared, by the staff of the Debt and International Finance Division, International Economics Department. The macroeconomic aggregates used are drawn from the files of the Socio-Economic Data Division of the World Bank and from the International Monetary Fund.

The 1988-89 editon of the World Debt Tables includes for the first time information on the current market value of principal repayments and debt outstanding to the World Bank, the current account balance of each reporting country, and workers' remittances in the export series.

Until now the Debtor Reporting System showed all data on World Bank loans in dollars at their historical dollar value. Because World Bank loans are disbursed and repaid in a variety ofcurrencies, this practice leads to an understatement or an overstatement of member

vii

Sources and Definitions

The format of the World Debt Tables, 1988:89 edition incorporates several changes in data series and contents, designed to improve the comprehensiveness of the information published. For most countries, the tables include reported or estimated data on their total external debt. Tables for individual countries in Volume III are presented in a two-page layout containing five sections.

? Section I, first page, summarizes the external debt of the country. It includes public long-term debt, private nonguaranteed long-term debt (whether reported or estimated by the staff of the International Finance Division), the use of IMF credit, and estimated short-term debt. The sum of these four components is termed Debt Stocks (EDT). Total Long-Term Debt Flows present consolidated data for total long-term debt (combining the data of sections III and V). Purchases and repurchases give an expanded presentation of Transactions with the IMF.

? Section II, first page, provides series for the Major Economic Aggregates and an expanded set of indicators, including for the first time data on the current account balance. The GNP series uses "yearly average" exchange rates in converting GNP from local currency into dollars.

? Section III, first and second pages, provides detailed information on Public and Publicly Guaranteed Long-Term Debt Source.

? Section IV, second page, provides information on the Average Terms of New Commitments.

? Section V, second page, provides information on Private Nonguaranteed Long-Term Debt.

The principal sources of information for World Debt Tables are reports to the World Bank, through the Debtor Reporting System (DRS), from its member countries that have received either International Bank for Reconstruction and Development (IBRD) loans or International Development Association (IDA) credits. Additional information has been drawn from the files of the World Bank and the IMF.

Reporting countries submit detailed (loan-by-loan)

reports through the DRS on the annual status, transactions, and terms of the long-term external debt of public agencies and that of private ones guaranteed by a public agency in the debtor country. This information forms the basis for the tables shown in these volumes.

Aggregate data on private debt without public guarantee are compiled and published as reliable reported and estimated information becomes available. This edition of World Debt Tables includes data on private nonguaranteed debt reported by 24 developing countries and complete or partial estimates for an additional 25 countries. The list and status of countries reporting private nonguaranteed debt are shown under "Groups of Reporters."

The short-term debt data from 1977-79 are as reported by the debtor countries or are estimates derived from creditor sources. No estimates are available for earlier years. The principal creditor sources are the semiannual series of commercial banks' claims on developing countries, published by the Bank for International Settlements, and data on officially guaranteed suppliers' credits compiled by the Organisation for Economic Co-operation and Development (OECD). For some countries, estimates were prepared by pooling creditor and debtor information.

Long-term debt data reported by member countries are checked with, and supplemented by, data from several other sources. Among these are the statements and reports of several regional development banks and government lending agencies, as well as the reports received by the World Bank under the Creditor Reporting System from the members of the Development Assistance Committee of the OECD.

Every effort has been made to ensure the accuracy and completeness of the statistics. Nevertheless, quality and coverage vary between debtors and may also vary for the same debtor from year to year. Coverage has been improved by efforts of the reporting agencies and the work of World Bank missions, which have visited members to gather data and to provide technical assistance on debt issues.

ix

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