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STATISTICS

External Debt
Statistics

1999-2000

2001
© OECD, 2001.
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«
External Debt
Statistics

1999-2000

The Debt of Developing Countries and

Countries in Transition

2001
 ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960, and which came into
force on 30th September 1961, the Organisation for Economic Co-operation and Development (OECD)
shall promote policies designed:
– to achieve the highest sustainable economic growth and employment and a rising standard of
living in Member countries, while maintaining financial stability, and thus to contribute to the
development of the world economy;
– to contribute to sound economic expansion in Member as well as non-member countries in the
process of economic development; and
– to contribute to the expansion of world trade on a multilateral, non-discriminatory basis in
accordance with international obligations.
The original Member countries of the OECD are Austria, Belgium, Canada, Denmark, France,
Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain,
Sweden, Switzerland, Turkey, the United Kingdom and the United States. The following countries became
Members subsequently through accession at the dates indicated hereafter: Japan (28th April 1964),
Finland (28th January 1969), Australia (7th June 1971), New Zealand (29th May 1973), Mexico
(18th May 1994), the Czech Republic (21st December 1995), Hungary (7th May 1996), Poland
(22nd November 1996), Korea (12th December 1996) and the Slovak Republic (14th December 2000). The
Commission of the European Communities takes part in the work of the OECD (Article 13 of the OECD
Convention).

In order to achieve its aims the OECD has set up a number of specialised committees. One of these is the Development
Assistance Committee, whose Members have agreed to secure an expansion of aggregate volume of resources made available
to developing countries and to improve their effectiveness. To this end, Members periodically review together both the amount
and the nature of their contributions to aid programmes, bilateral and multilateral, and consult each other on all other relevant
aspects of their development assistance policies.
The Members of the Development Assistance Committee are Australia, Austria, Belgium, Canada, Denmark, Finland,
France, Germany, Greece, Ireland, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain,
Sweden, Switzerland, the United Kingdom, the United States and the Commission of the European Communities.

Publié en français sous le titre :

Statistiques de la dette extérieure

© OECD 2001
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 INTRODUCTION

This annual review presents comprehensive statistics on the external debt of developing
countries and countries in transition at end-2000 and end-1999. The main sources of the data are the
major creditors. The source data are compiled by OECD (official bilateral creditors), BIS (commercial
banks), the IMF and World Bank (multilateral lenders). These are supplemented by market sources on
securities made available through the BIS, debtor data drawn from the Debtor Reporting System of the
World Bank and selected series from the IMF’s International Financial Statistics (IFS).

Section I presents the salient features of external debt at end-2000 and major developments
during the year. It contains summary tables on the volume and structure of the debt for major regions
and analytical groups of countries. Section II provides the basic components of external debt at end-
2000 and end-1999 for individual countries and territories, as well as separate information on the
volume of short-term and long-term debt falling due in the subsequent 12 months. Section III
describes the sources, compilation and estimation procedures for individual items as well as an
assessment of the completeness and reliability of the data.

As described in Section III, the sources used for this publication, while fairly comprehensive,
do not capture all components of external debt. Complete data is not available from either debtor or
creditor data. Thanks to on-going efforts at improvement, data for some debtor countries provide a full
picture, although at the expense of consistency over time. Nevertheless, critical differences in
definitions and collection procedures continue to impair the comparability of debtor-based data across
countries. As a result, and despite their own shortcomings, creditor data remain the most reliable,
consistent and internationally comparable source of information on external debt. However, as creditor
data were originally designed to meet creditor needs, they may not always meet the requirements from
a debtor perspective.

To address such data issues, the methodology has been further refined in this edition by
supplementing creditor data with debtor data and using a variety of BIS data series to give a more
accurate picture of the market component of countries’ external debt, in particular for offshore centres
(see Section III). The other main change in this edition is that the long-term component of external
debt is no longer identified in the tables. Instead, the figures are presented for total debt, with the
short-term component of the debt identified where possible. This caters better to the needs of users of
debt statistics for assessing the external financial exposure of countries and avoids misclassification
when the original maturity of the debt is unknown. And it brings External Debt Statistics more into
1
line with the presentation used in the Joint BIS-IMF-OECD-World Bank statistics on external debt .

An innovation in this edition is the inclusion of estimates of changes in the stock of debt
between end-1999 and end-2000. These changes are based on data on flows when available;
otherwise, they represent the change in stocks adjusted for exchange rate changes. They are provided
in order to indicate trends; they are not intended to be estimates of actual flows. More precise and
2
detailed data on flows are presented annually in International Development Statistics .

1
www.oecd.org/dac/debt
2.
www.oecd.org/dac/stats
3
 SECTION I

SALIENT FEATURES OF EXTERNAL DEBT IN 2000

OVERVIEW

At end-2000, the overall external debt of the 187 developing and transition countries which
are on the DAC list of aid recipients1 amounted to USD 2 294 billion. Almost half the debt was owed
by the nine major borrowing countries whose external debt exceeded USD 90 billion2. In terms of
income groups1, half the debt was owed by middle-income countries, 26 % by low-income countries
and 23 % by high income and transition countries. Heavily Indebted Poor Countries (HIPCs) were
responsible for only 7 % of total debt. The type of debt also varied considerably across different
regions and income groups. For example, market financing, which accounts for half the total debt,
ranged from about one quarter of low-income countries’ debt to almost three quarters for upper
middle-income countries.

In current dollar terms, the end-2000 total debt showed a 5 % fall on end-1999, following a
somewhat similar decline in the previous year after a decade of uninterrupted expansion. Most of this
decline was due to the strengthening of the dollar in 2000, which reduced the dollar value of the debt
denominated in other currencies. Nevertheless, there was some actual contraction in the debt stock
(-0.4 %), despite the rebound in growth rates and buoyant exports in many countries. The share of debt
falling due within a year was stable at nearly a quarter of the total, having been reduced in preceding
years as countries sought to reduce their dependence on short-term bank lending by outright
repayments or restructuring arrangements. Last year, in contrast, major borrowing countries took
opportunities whenever possible to lengthen the maturity profile of their longer term debt.

A number of factors combined to dampen debt-creating flows to developing and transition

countries in 2000. These included sustained foreign direct and other equity investments (partly due to
privatisation), greater use of local funding, stronger current account positions, the implementation of
debt reduction schemes, active debt repayment policies and a growing reliance on grants for the
poorest. Moreover, the deterioration in financial market conditions in the industrialised world in 2000
meant that financing was constrained at times. Difficulties in a few countries, such as Argentina and
Turkey, also inhibited some investors and substantially increased the cost of borrowing in the market.

The general picture masks important disparities between countries. Equity funds were
heavily weighted towards the major economies in Latin America and Asia, therefore reducing their
borrowing needs. However, the majority of aid recipient countries were still unable to tap this source
of finance. Higher oil and gas prices had a dual effect. They obviated the financing needs of energy
exporting countries, in the Middle East and Russia in particular, while adding to funding requirements
elsewhere. In this respect, there was an apparent lack of recycling of the oil surpluses to other
emerging economies last year, in contrast with earlier episodes of rapid deepening of energy
imbalances. In addition, both supply and demand factors negatively affected bank lending. On the
supply side, banks appear to have been more selective. On the demand side, corporate and financial

1
For the DAC List of Aid Recipients and the definition of income groups see end of Section III.
2
Brazil, Argentina, Mexico, China, Korea, Indonesia, Russia, Turkey and India (by descending order of debt)

5
restructuring, notably in Asia, restrained external borrowing. Local impediments to market financing
remain strong in Africa where there is continuing dependence on debt relief and grants.

Cross-country differences in 2000 were even greater with respect to individual types of debt
financing. First, there were large net repayments to multilateral agencies of emergency loans by
Brazil, Mexico and Russia, nearly matching the total volume of new facilities provided to countries
experiencing financial strains. Secondly, bilateral net lending slowed due to the following factors:
repayments were made on previous crisis lending; grants and debt relief continued to be the main
avenue for official aid to the poorest countries; and other countries tended to favour market financing,
including equity. Thirdly, private funding was subject to two contrasting developments. On the one
hand, there was a further USD 36 billion contraction in outstanding bank credits, which includes the
impact of the Russian rescheduling agreement (see below). On the other hand, the stock of debt
securities issued by developing and transition countries rose by USD 19 billion, with the surge in gross
issuance being largely offset by repayments of existing debt, Brady bonds in particular. Moreover,
security issuance was volatile and was sharply curtailed in the latter part of the year, as international
investors tended to become more risk averse.

Chart A. Debt pattern at end-2000 by income group

Low-Income Countries Low Middle-Income Countries

13%
8% 16%
11%
23%

33%
43%
53%

Upper Middle-Income Countries Other

4% 2% 8% 1%
22%
31%

72% 60%

TOTAL Heavily Indebted Poor Countries

9% 13%
7% 7%
20%

36%
50%
58%

ODA Other official credits Financial markets Other

6
 Meanwhile, market access for low-income countries continued to be constrained, adding to
pressure for implementing new schemes in order to fight poverty. The 1999 enhancement to the HIPC
initiative (a scheme set up for heavily indebted poor countries in 1996, which for the first time
provided for debt relief on multilateral debt and incorporated and enhanced the traditional Paris Club
debt relief for countries eligible for the scheme) explicitly associated debt relief with poverty reduction
and reforms for promoting governance, financial institutions and transparency.

This growing dichotomy in external funding between higher and lower income countries has
not reduced their overall vulnerability to a generalised economic and financial set back. Whereas the
former group is now highly exposed to the vagaries of financial markets, the latter has become heavily
dependent upon the fiscal leeway of industrial countries’ governments. In the wake of the September
2001 events, a more than temporary slowdown in world economic growth, coupled with the
persistence of risk aversion by investors, could add to the calls for more official flows to support
long-term sustainable development.

Chart B. Debt pattern at end-2000 by region

Sub-Saharan Africa North Africa and Middle East

6% 8% 16% 9%

28%

38%
58% 37%

Asia and Oceania Latin America and Caribbean

6% 13% 2%
5%
26%

44%
37%
67%

Europe Total

9% 2% 7% 7%

40%

36%
49% 50%

ODA Other official credits Financial markets Other

7
MAIN COMPONENTS OF EXTERNAL DEBT

At the end of 2000, half the combined external debt of developing and transition countries
was owed to private creditors. However, the proportion varied considerably between debtor countries.
For instance, market financing ranged from one-fifth on average in the case of heavily indebted poor
countries, which are mostly located in sub-Saharan Africa, to nearly three quarters for upper middle
income countries, which include the major Latin American borrowers. Developments during the year
tended to accentuate this divergence. And within market financing there was a shift from bank credit
to debt securities.

Table A. Debt outstanding at end-2000 by groups of countries

USD billion
1
Official and Market financing Changes
officially
guaranteed 2 Debt Other TOTAL
Bank loans 1999 2000
credits securities

Least Developed Countries 97.4 24.2 0.2 16.9 138.6 2.3 2.2
Other Low-Income Countries 314.3 85.8 27.0 32.4 459.4 -24.6 -6.2
China 75.5 34.3 13.8 0.2 123.7 -18.9 -7.0
India 55.9 11.1 4.5 19.6 91.1 -4.6 -0.1
Indonesia 80.4 26.5 2.7 0.2 109.7 -4.8 -0.3
Lower Middle-Income Countries 234.4 77.9 58.7 45.1 416.1 -12.3 -5.6
Philippines 28.9 7.5 15.4 2.0 53.8 4.3 1.3
Thailand 29.2 20.5 12.2 2.4 64.3 -13.7 -8.6
Upper Middle-Income Countries 177.4 230.1 310.5 29.0 747.1 20.5 17.8
Argentina 32.4 30.3 82.5 8.9 154.1 11.2 6.9
Brazil 40.2 52.4 79.3 0.0 172.0 -0.5 0.3
Mexico 31.2 34.1 74.4 0.3 139.9 -2.8 -10.1
Turkey 31.8 31.2 20.8 12.9 96.5 9.5 19.0
High Income and Transition Countries 167.6 182.4 138.2 44.1 532.3 -14.6 -17.1
Russia 62.0 22.6 16.7 0.2 101.5 -3.5 -9.7
Korea 28.4 46.9 46.8 0.0 122.1 -15.2 -4.9

TOTAL 991.0 600.5 534.6 167.4 2293.5 -28.7 -8.9

Sub-Saharan Africa 128.6 42.0 11.2 11.2 193.1 -0.5 0.7

North Africa and Middle East 128.2 82.2 19.9 44.8 275.2 9.1 -0.4
Latin America and Caribbean 188.6 170.4 286.2 36.6 681.8 7.8 1.5
Asia and Oceania 397.3 207.5 143.7 44.0 792.4 -55.7 -20.7
Europe 148.4 98.3 73.6 30.8 351.1 10.7 10.2

Heavily Indebted Poor Countries 121.4 30.6 3.8 14.7 170.5 1.9 3.0
1
Changes
1999 22.0 -79.5 28.8 .. -28.7
2000 8.4 -35.9 18.7 .. -8.9

1. Based on flow data, when available; otherwise estimates based on exchange-rate adjusted changes of stocks. Excluding changes in the
‘Other’category and market financing to offshore centres.
2. Excluding officially guaranteed export credits.

The USD 36 billion contraction in outstanding loans due to foreign banks last year
(following one of USD 79 billion in 1999) encompassed a broad spectrum of countries. The main
underlying factors were: improved current account positions (in the case of major Asian borrowers and
Middle East OPEC countries); prime reliance on capital market financing (for Latin America); and the
reluctance of banks to add to their exposure to the least creditworthy borrowers. In addition, there was
some substitution of foreign loans by domestic loans. This was in part due to the increasing stake of

8
foreign banks in local establishments, in Latin America and Central Europe in particular, which
resulted in more lending being implemented locally. The write off of about USD 12 billion of Russian
debt as part of a restructuring agreement covering USD 32 billion of Soviet-era debt also contributed
to the decline. Turkey stands out as the major exception to the general trend, with a USD 7 billion rise
in foreign banks’ outstanding loans to the country (mostly inter-bank). This movement is consistent
with the common tendency in the past for countries experiencing financial difficulties to make heavy
recourse to short-term inter-bank credit lines as a stop-gap measure. While this type of borrowing
provides temporary relief, it often accentuates the subsequent crisis, as in the case of Turkey in
November 2000.

Emerging markets continued to make inroads into the international debt securities market.
The successful debt rescheduling agreements reached with Ecuador and Russia contributed to
assuaging investors’ concerns over the risk of developing and transition country borrowers. However,
gross issuance by this group remained well below the record pace of the 1996-97 period and much of
the issuance was used to retire Brady bonds, as part of active debt management strategies. There was,
in particular, a large volume of issues for the replacement of some USD 20 billion of existing Brady
bonds, including USD 5.4 billion by Argentina, USD 6.6 billion by Brazil and USD 2.6 billion by
Mexico. The extent of refinancing operations meant that, on a net basis, international debt securities
issuance by developing and transition countries amounted to only USD 19 billion (compared with
USD 29 billion in 1999)3. Moreover, the issuance pattern was fairly erratic throughout the year, with
emerging market names sometimes being denied market access. This was especially the case in the
spring, in the wake of the initial fall of the NASDAQ and concerns over Argentine debt, and again in
the autumn, in response to events in Argentina and Turkey. The announcement in December of
multilateral financial packages for these two countries alleviated investors’ fears and reopened the
market to emerging market names.

In 2000, the net flows on official multilateral loans declined from 1999 levels but continued
to be dominated by large flows of funds provided in the context of crisis management. New financial
packages extended to Argentina and Turkey were dwarfed by repayments on earlier emergency
packages by Brazil, Mexico, Thailand and Russia. At the same time, agencies continued to provide
financial support to the poorer countries, many of these under poverty reduction programmes, mostly
linked to the HIPC initiative. The HIPC initiative progressed apace in 2000, with Uganda being the
first country to reach completion point under the enhanced initiative, and 22 countries reaching
decision point by the end of the year. Most of the relief committed under the initiative is not yet
reflected in the multilateral debt stocks because, even once completion point is reached,
implementation is spread over time rather than all being provided up-front.

In contrast with market lending, official and officially guaranteed bilateral net lending
remained positive in 2000, but was significantly lower than in 1999. The reduction concerned
non-concessional lending; net ODA/OA debt flows hardly changed. This is in line with other global
trends, which include large repayments of crisis lending, an overall shift from foreign borrowing to
equity flows and local financial resources in emerging markets and a greater proportion of grant
funding in the poorer countries. Continuing debt forgiveness, largely agreed through the Paris Club,
has further reduced bilateral debt stocks particularly for HIPCs.

3
Due to lack of information, the figures do not include domestic bonds which may have been subscribed by
foreign investors.

9
EXTERNAL DEBT AND OFFICIAL BILATERAL CREDITORS

Net new bilateral lending was sharply curtailed last year. Estimated flows show a decline
from some USD 16 billion in 1999 to about USD 7 billion in 2000. While Official Development
Assistance and Official Aid (ODA/OA) stabilised at around USD 5 billion, guaranteed export credits
were sharply reduced and other bilateral flows were negative. Although the general picture is correct,
export credit flows are likely to be underestimated as actual flows are not available for some creditor
countries and use of exchange rate adjusted changes does not make allowance for debt forgiveness.

ODA/OA lending was stable in 2000. Its low level reflects the overwhelming importance of
grants, which have become the preferred route for ODA, and account for over 90 % of bilateral net
ODA flows. Many creditors continue to receive repayments on old loans but have sharply curtailed or
eliminated their lending programmes in favour of grant aid.

Table B. Official and officially guaranteed credits at end-2000

USD billion
1
Multilateral Bilateral official and officially guaranteed credits Changes
credits Total of which :
Export
ODA/OA Other 1999 2000
Credits
Least Developed Countries 61.3 36.1 15.1 16.7 4.3 3.0 1.8
Other Low-Income Countries 135.8 178.4 78.3 90.1 10.0 13.9 6.2
China 26.3 49.1 17.6 29.0 2.5 3.4 -0.1
India 32.6 23.3 15.0 7.6 0.7 0.9 0.7
Indonesia 30.6 49.8 23.8 21.6 4.4 5.7 3.2
Lower Middle-Income Countries 79.6 154.8 53.5 91.1 10.2 9.9 2.9
Philippines 9.1 19.8 8.7 8.8 2.2 1.1 1.7
Thailand 8.4 20.8 8.4 7.4 4.9 2.7 -1.0
Upper Middle-Income Countries 83.1 94.3 12.0 76.1 6.1 6.8 0.9
Argentina 22.1 10.4 0.7 8.5 1.2 1.1 1.2
Brazil 20.1 20.1 2.2 15.9 2.0 7.8 -4.0
Mexico 17.8 13.4 0.9 11.3 1.2 -4.7 -2.8
Turkey 9.9 21.9 4.1 17.7 0.1 0.9 6.8
High Income and Transition Countries 56.9 110.7 5.1 100.0 5.5 -11.5 -3.4
Russia 19.6 42.4 0.8 40.4 1.3 -0.3 -2.5
Korea 17.9 10.5 1.9 6.0 2.6 -9.5 0.4

TOTAL 416.8 574.3 164.0 374.1 36.1 22.0 8.4

Sub-Saharan Africa 62.3 66.3 16.2 43.0 7.2 0.8 1.6

North Africa and Middle East 25.5 102.7 24.8 76.7 1.2 4.7 -1.1
Latin America and Caribbean 103.5 85.1 14.5 64.4 6.2 7.8 -2.4
Asia and Oceania 171.5 225.8 102.3 105.1 18.4 6.4 8.1
Europe 54.1 94.3 6.3 84.8 3.1 2.4 2.2

Heavily Indebted Poor Countries 68.2 53.1 21.9 25.2 6.0 3.6 3.2
1
Changes
1999 6.3 15.8 4.9 7.9 2.9
2000 1.6 6.8 4.9 3.4 -1.6

1. Based on actual flow data, when available; otherwise estimates based on exchange-rate adjusted changes of stocks.

Officially guaranteed export lending to aid recipient countries slowed from the already
reduced pace of 1999. In fact, most countries made net repayments in 2000, but these were more than
offset by large positive flows to several countries, including Chinese Taipei, Korea, Philippines,
Mexico, South Africa and, in particular, Turkey. There were several reasons for the repayments. In
some countries, improved foreign exchange reserves and the consequent lower inflationary pressures

10
in borrowing countries reduced the demand for external export finance, particularly in Middle East oil
exporting countries and some Asian economies. Simultaneously, debt stocks were reduced by debt
relief, which continued under the aegis of the Paris Club for several HIPCs. Furthermore, the policies
of the borrowing countries and some export credit agencies discouraged recourse to new export credits
by HIPCs. In July 2001, the OECD Export Credit Group issued a statement of principles designed to
discourage the provision of officially supported export credits for “unproductive’ expenditures in
‘Heavily Indebted Poor Countries’. The measure seeks to ensure that non-essential capital goods and
projects which do not contribute to the social and/or economic development of the poorest nations, but
have the effect of increasing their external debt burdens, do not benefit from OECD governments’
support.

Meanwhile, there was net repayment of other bilateral loans, which are mostly used for
infrastructure and balance of payments support. This should be seen in the context of improvement in
the finances of many emerging and transition economies. Stronger macro-economic performance and
infrastructure have allowed a growing number, but not all, of these countries to gradually gain access
to capital market financing for infrastructure projects and reduce or eliminate external financing gaps.

11
 SECTION II

DEBT OUTSTANDING AT END-DECEMBER 2000

AND END-DECEMBER 1999
14
Table 1 : DEBT OUTSTANDING AT END-DECEMBER 2000 $ million
Official and officially guaranteed credits of which identified as Memorandum items
OECD countries Due within one year
Bank loans
Multilateral Bilateral Loans1 Export Credits Debt
and
securities
Other TOTAL Short-term Repayments Short-term Debt/ GNI
deposits2 debt of long-term export %
of which :
Total
ODA/OA
Non bank Bank debt credits3

Afghanistan - 115 115 - - 4 - 5 200 5 319 6 0 - ..

Albania 507 151 151 26 9 41 108 18 860 32 29 0 23
Algeria 5 852 1 245 823 12 260 4 121 1 247 293 724 25 742 2 712 2 329 388 50
Angola 294 516 507 1 902 728 1 940 - 2 393 7 772 1 536 592 23 206
Antigua and Barbuda - 9 9 186 560 - - - 756 59 61 1 116
Argentina 22 056 1 922 687 4 493 3 971 30 270 82 471 8 893 154 076 17 577 13 671 762 56
Armenia 680 52 52 0 1 32 2 195 963 27 41 0 50
Aruba - - - 123 26 4 - - 152 116 7 6 ..
Azerbaijan 754 54 54 348 114 120 - 3 1 393 200 155 3 29
Bahamas - - 40 22 275 - - 336 191 39 15 7
Bahrain - - - 174 1 115 340 - - 1 629 956 60 44 ..
Bangladesh 11 230 3 780 3 780 311 384 316 7 685 16 713 359 648 35 34
Barbados - 4 4 14 17 559 100 5 699 283 63 13 27
Belarus 334 84 84 69 221 102 1 95 905 48 152 13 3
Belize 140 34 34 4 59 872 - 37 1 146 791 23 4 150
Benin 1 031 62 60 141 6 65 - 280 1 585 114 54 13 71
Bermuda - - - 467 1 983 124 - - 2 575 52 630 5 ..
Bhutan 96 - - 3 2 - - 134 234 1 5 0 51
Bolivia 3 006 999 997 224 279 253 14 48 4 823 546 284 11 59
Bosnia-Herzegovina 1 352 193 94 219 155 211 25 28 2 183 183 95 8 48
Botswana 285 114 113 7 29 - - 54 490 16 38 6 9
Brazil 20 123 4 202 2 247 8 909 7 006 52 376 79 314 39 171 967 30 076 11 027 1 501 31
Brunei - - - 296 - 348 - - 644 32 211 14 ..
Bulgaria 2 832 167 21 671 36 613 5 062 - 9 382 374 532 35 80
Burkina Faso 1 081 43 33 44 3 114 - 65 1 349 119 61 13 56
Burundi 907 94 94 0 - 64 - 28 1 094 45 35 0 162
Cambodia 454 336 333 5 - 41 - 281 1 116 42 43 1 35
Cameroon 1 614 1 669 1 627 2 361 186 1 120 1 99 7 049 1 351 490 40 87
Cape Verde 222 41 41 13 23 18 - 12 329 4 14 1 59
Cayman Islands - 1 1 78 85 601 - - 765 179 131 2 ..
Central African Republic 605 10 5 38 0 53 - 115 821 51 28 3 86
Chad 933 8 6 28 10 52 - 82 1 113 62 31 3 81
Chile 1 406 545 396 850 1 257 15 637 7 713 - 27 408 5 302 2 948 321 40
China 26 349 20 113 17 644 11 747 17 256 34 331 13 777 173 123 746 15 835 12 001 2 203 12
Chinese Taipei - 3 3 1 963 172 12 212 6 109 - 20 459 8 061 2 058 319 7
Colombia 6 351 842 647 879 2 297 7 007 8 706 73 26 154 2 460 2 881 219 32
Comoros 159 5 2 4 - 10 - 20 198 11 9 - 98
Congo 616 1 327 594 971 447 996 563 66 4 987 940 252 20 234
Congo, Democratic Republic 2 800 2 476 1 436 4 101 139 397 - 128 10 041 2 611 244 7 ..
Costa Rica 1 355 448 448 58 225 2 802 1 415 61 6 364 2 077 324 50 44
Côte d'Ivoire 3 508 2 491 1 863 1 401 180 2 155 2 343 17 12 094 1 246 444 97 129
Croatia 936 200 161 558 746 2 444 3 354 731 8 968 847 500 114 48
Cuba - 170 55 1 699 410 1 080 15 20 000 23 375 2 039 72 175 ..
Cyprus - 11 11 94 10 5 281 1 230 - 6 626 2 711 264 88 ..
Czech Republic 906 90 - 476 598 8 503 885 2 306 13 764 4 010 747 328 29
Djibouti 151 63 63 2 2 41 - 77 337 41 12 1 59
Dominica 64 21 21 0 11 80 - 4 181 70 9 0 75
 Table 1 : DEBT OUTSTANDING AT END-DECEMBER 2000 $ million
Official and officially guaranteed credits of which identified as Memorandum items
OECD countries Due within one year
Bank loans
Multilateral Bilateral Loans1 Export Credits Debt
and
securities
Other TOTAL Short-term Repayments Short-term Debt/ GNI
deposits2 debt of long-term export %
of which :
Total
ODA/OA
Non bank Bank debt credits3

Dominican Republic 1 193 533 527 626 432 1 541 707 126 5 158 1 190 214 50 27
Ecuador 3 614 1 007 799 502 393 947 4 579 350 11 392 818 953 49 92
Egypt 3 813 11 615 11 615 7 969 1 954 2 972 25 1 846 30 194 6 009 1 161 400 30
El Salvador 1 867 623 617 116 618 1 123 200 5 4 551 1 192 184 19 35
Equatorial Guinea 99 4 60 32 7 - 3 205 33 5 - ..
Eritrea 152 27 27 1 - 1 9 116 306 2 10 1 44
Estonia 233 23 10 36 47 503 335 187 1 363 173 156 20 30
Ethiopia 2 818 383 382 202 27 23 - 1 467 4 920 40 162 5 79
Fiji 89 9 4 5 34 5 - 114 255 11 13 5 18
French Polynesia - 0 - 4 10 54 10 - 79 42 0 4 2
FYROM 703 42 29 187 16 99 13 105 1 166 80 57 6 36
Gabon 552 923 350 1 379 209 345 5 105 3 518 764 158 22 83
Gambia 360 5 5 11 12 56 1 65 510 49 19 0 129
Georgia 799 145 145 76 5 70 136 401 1 631 41 148 1 51
Ghana 4 017 1 248 1 223 165 560 472 1 558 7 020 602 270 60 132
Grenada 71 6 6 8 24 42 - 83 233 24 6 2 66
Guatemala 1 494 488 487 270 917 1 073 150 21 4 413 1 499 233 29 23
Guinea 1 722 351 323 136 36 248 - 94 2 588 257 106 1 85
Guinea-Bissau 422 2 2 155 2 23 - 71 675 38 24 - 317
Guyana 715 44 44 37 11 31 - 238 1 075 32 49 5 162
Haiti 943 57 53 79 13 108 - 1 1 200 117 25 2 31
Honduras 2 938 661 661 338 176 489 4 189 4 796 514 235 21 83
Hong Kong, China - 0 - 1 504 1 838 18 138 20 720 - 42 200 12 764 4 080 982 25
Hungary 2 275 285 5 468 367 7 083 10 410 - 20 888 2 041 2 221 244 47
India 32 572 15 699 15 019 3 305 4 297 11 110 4 529 19 578 91 090 7 708 5 360 556 19
Indonesia 30 631 28 185 23 755 10 981 10 624 26 467 2 664 192 109 745 18 664 8 460 934 77
Iran 520 297 295 1 736 2 765 4 855 46 517 10 735 5 843 1 710 558 11
Iraq - 374 374 8 938 1 187 190 2 6 951 17 642 9 244 38 105 ..
Israel - 1 677 1 677 2 275 14 155 3 800 7 013 19 505 48 426 2 275 1 689 456 ..
Jamaica 1 183 857 844 224 241 385 861 97 3 848 411 235 36 59
Jordan 2 201 2 330 2 165 1 057 359 756 622 3 450 10 775 732 445 69 132
Kazakstan 1 608 465 262 348 520 180 1 000 11 4 131 228 281 23 26
Kenya 2 957 1 518 1 518 418 312 695 1 28 5 930 773 341 80 57
Korea 17 892 4 540 1 937 1 568 4 414 46 937 46 773 - 122 123 23 602 18 004 550 27
Korea, Democratic Republic - 52 - 1 133 14 231 1 6 180 7 612 845 10 1 ..
Kuwait - - - 316 463 8 177 312 - 9 269 5 729 573 83 ..
Kyrgyz Republic 931 216 216 74 230 94 - 164 1 709 92 69 0 141
Laos 1 100 42 42 12 54 - 1 31 1 240 6 25 1 76
Latvia 617 50 9 56 83 300 209 1 984 3 300 139 104 29 46
Lebanon 677 100 100 318 510 1 366 4 770 197 7 938 1 252 713 202 49
Lesotho 489 22 22 47 196 78 - 56 888 97 46 - 78
Liberia 705 474 450 235 300 17 871 150 15 19 750 4 155 1 360 1 ..
Libya - - - 292 - 343 - 3 969 4 604 510 57 27 ..
Lithuania 688 157 76 79 246 570 1 050 113 2 903 301 141 38 26
Macao - - - 3 11 161 80 - 255 89 11 2 ..
Madagascar 1 932 560 275 481 63 74 - 145 3 254 155 55 7 82
Malawi 2 130 255 255 30 21 76 - 33 2 546 70 59 4 142
15
 Table 1 : DEBT OUTSTANDING AT END-DECEMBER 2000
16
$ million
Official and officially guaranteed credits of which identified as Memorandum items
OECD countries Due within one year
Bank loans
Multilateral Bilateral Loans1 Export Credits Debt
and
securities
Other TOTAL Short-term Repayments Short-term Debt/ GNI
deposits2 debt of long-term export %
of which :
Total
ODA/OA
Non bank Bank debt credits3

Malaysia 1 314 2 315 1 922 998 1 639 14 533 14 906 21 35 726 4 948 2 461 518 44
Maldives 120 3 3 17 29 3 - 52 224 18 9 1 55
Mali 1 673 148 98 97 8 215 - 180 2 321 111 143 20 101
Malta - 8 8 57 129 3 977 614 5 012 9 797 2 464 175 42 ..
Mauritania 1 093 178 160 90 4 163 - 328 1 856 148 96 16 204
Mauritius 349 194 183 34 163 744 - 36 1 519 422 132 32 34
Mexico 17 838 2 067 914 3 756 7 565 34 051 74 390 267 139 933 14 414 14 814 831 25
Moldova 565 119 89 15 28 59 75 15 876 36 58 1 65
Mongolia 491 272 272 5 21 4 - 30 823 6 10 0 90
Morocco 5 822 3 452 3 362 1 044 2 025 3 736 373 795 17 247 1 439 1 307 258 53
Mozambique 1 350 2 498 144 1 010 199 170 - 1 430 6 656 348 183 2 188
Myanmar 1 266 3 125 3 125 307 31 57 - 1 398 6 184 654 121 1 ..
Namibia - 65 65 3 4 21 22 99 214 12 0 3 6
Nepal 2 470 391 391 10 57 46 - 246 3 221 32 72 2 59
Netherlands Antilles - - - 71 47 313 - - 431 117 22 5 ..
Nicaragua 2 365 406 405 595 32 614 98 761 4 871 421 199 5 223
Niger 1 040 111 24 69 9 88 - 114 1 431 57 52 12 78
Nigeria 3 302 893 603 13 112 554 1 555 2 051 - 21 468 8 297 768 8 58
Northern Marianas - - - 0 - 167 - - 167 24 1 0 ..
Oman 201 232 53 154 1 528 2 681 355 464 5 615 1 572 265 103 ..
Pakistan 15 082 9 040 8 664 2 128 2 307 3 311 314 653 32 836 2 581 1 991 175 52
Palestinian Administered Areas - 72 69 3 - 53 - - 128 37 1 3 3
Panama 1 121 287 286 109 191 581 1 718 3 4 009 204 233 38 43
Papua New Guinea 907 451 438 85 113 233 1 16 1 805 79 176 10 47
Paraguay 1 142 428 409 34 82 957 - 41 2 684 739 251 16 35
Peru 6 128 3 435 2 660 3 237 1 457 3 618 4 027 64 21 965 3 832 968 99 42
Philippines 9 147 10 934 8 711 3 883 4 951 7 494 15 405 1 981 53 795 4 718 4 412 462 68
Poland 2 511 791 221 13 504 1 595 9 040 6 159 3 470 37 069 5 038 1 311 620 23
Qatar - 18 - 250 1 529 4 958 3 600 - 10 355 1 361 635 49 ..
Romania 3 726 204 99 514 1 483 722 1 126 140 7 914 769 1 009 126 22
Russia 19 579 2 062 791 27 677 12 696 22 607 16 716 189 101 526 9 036 7 327 200 42
Rwanda 1 081 48 48 20 8 30 - 38 1 226 24 37 1 70
Saint Kitts and Nevis 55 23 13 28 9 - - 27 142 28 8 2 51
Saint Lucia 99 23 22 5 2 26 - - 156 24 12 3 23
Saint Vincent and Grenadines 67 10 10 17 40 346 - 18 499 313 10 3 160
Sao Tome & Principe 170 7 7 43 - 11 10 13 254 25 4 - 581
Saudi Arabia - 233 233 3 515 602 30 828 972 - 36 149 16 508 865 914 ..
Senegal 2 131 547 290 171 31 307 - 439 3 626 195 250 52 84
Seychelles 54 53 44 12 5 102 - 22 247 56 13 2 41
Sierra Leone 749 135 124 79 - 11 3 47 1 023 26 48 0 162
Singapore - 47 47 644 486 8 171 4 420 - 13 766 5 653 2 846 268 14
Slovak Republic 709 143 - 294 444 2 024 2 879 - 6 493 745 610 172 35
Slovenia - 34 34 164 12 2 536 1 725 441 4 911 575 546 124 27
Solomon Islands 102 30 29 45 - 3 - 2 182 3 6 0 64
Somalia 931 433 385 406 17 13 - 39 1 839 245 28 - ..
South Africa 3 440 144 787 3 645 10 286 6 018 1 045 22 225 8 131 1 448 578 18
 Table 1 : DEBT OUTSTANDING AT END-DECEMBER 2000 $ million
Official and officially guaranteed credits of which identified as Memorandum items
OECD countries Due within one year
Bank loans
Multilateral Bilateral Loans1 Export Credits Debt
and
securities
Other TOTAL Short-term Repayments Short-term Debt/ GNI
deposits2 debt of long-term export %
of which :
Total
ODA/OA
Non bank Bank debt credits3

Sri Lanka 3 564 3 450 3 450 288 745 19 65 826 8 956 472 458 26 55
Sudan 2 791 878 695 2 045 110 365 1 427 6 618 1 818 86 11 68
Suriname - 21 21 23 30 69 16 - 160 57 2 0 ..
Swaziland 146 49 49 2 3 126 - - 325 103 21 0 25
Syria 575 1 729 1 729 635 51 211 - 882 4 083 424 171 37 26
Tajikistan 304 50 50 3 12 36 1 299 704 29 53 0 76
Tanzania 3 623 278 278 595 64 343 - 341 5 245 287 157 14 56
Thailand 8 392 13 376 8 432 4 458 2 973 20 474 12 222 2 438 64 333 8 105 6 484 714 53
Togo 924 182 82 266 2 93 - 13 1 481 87 32 6 117
Tonga 51 8 8 2 - 8 - - 69 2 2 0 44
Trinidad and Tobago 641 39 1 302 855 953 675 0 3 465 786 206 38 53
Tunisia 3 466 2 176 1 819 502 1 200 1 714 1 527 1 639 12 224 1 012 1 044 284 66
Turkey 9 884 4 166 4 110 5 224 12 477 31 150 20 762 12 878 96 541 26 368 8 493 1 063 48
Turkmenistan 75 47 47 654 983 611 - 84 2 455 186 251 0 56
Turks and Caicos Islands - 2 2 0 0 175 - - 177 155 0 0 ..
Uganda 2 960 89 89 94 34 85 - 173 3 435 71 109 7 55
Ukraine 4 590 239 94 211 874 265 732 3 134 10 045 385 1 846 46 32
United Arab Emirates - - - 788 805 13 397 35 3 588 18 613 8 183 662 424 ..
Uruguay 2 085 177 138 101 159 3 928 2 803 5 163 14 416 2 524 564 61 72
Uzbekistan 643 421 421 799 1 537 558 - 12 3 971 213 398 12 30
Vanuatu 59 8 6 3 - 118 - 3 190 41 2 1 85
Venezuela 3 395 325 51 1 288 2 985 7 006 16 216 32 31 247 3 148 1 814 261 26
Viet Nam 2 163 2 893 2 893 489 673 722 560 2 548 10 048 665 721 96 32
Virgin Islands - - - 67 33 78 - - 178 71 27 24 ..
Western Samoa 138 0 0 1 - 32 - 8 180 26 5 1 76
Yemen 2 378 443 443 147 4 601 - 226 3 799 650 151 8 49
Yugoslavia, Federal Republic 1 121 245 245 1 674 288 176 110 - 3 613 1 380 14 1 ..
Zambia 3 550 674 628 639 22 59 - 184 5 129 122 318 2 185
Zimbabwe 1 784 741 741 241 443 254 - 80 3 543 559 427 27 52

All Aid Recipients 416 761 200 181 164 044 207 193 166 890 600 451 534 600 167 445 2293 521 372 150 175 075 21 550
of which:
Sub-Saharan Africa 62 264 23 334 16 158 34 149 8 849 42 033 11 179 11 240 193 050 36 322 9 272 1 201
North Africa & Middle East 25 504 25 993 24 757 42 373 34 374 82 225 19 945 44 754 275 167 66 447 13 877 4 411
Latin America & Caribbean 103 453 20 717 14 515 29 859 34 521 170 408 286 192 36 645 681 795 94 461 53 437 4 687
Asia and Oceania 171 473 120 675 102 272 48 536 56 587 207 476 143 705 43 960 792 412 117 182 72 101 7 933
Europe 54 066 9 462 6 341 52 276 32 559 98 308 73 579 30 846 351 096 57 738 26 388 3 318
Least Developed countries 61 304 19 391 15 071 14 025 2 654 24 197 182 16 859 138 610 14 826 5 330 230
Other Low-Income Countries 135 828 88 295 78 281 50 658 39 482 85 783 26 987 32 353 459 385 61 772 32 857 4 378
Lower-Middle Income Countries 79 597 63 698 53 520 54 940 36 158 77 922 58 704 45 080 416 097 69 313 28 936 4 719
Upper-Middle Income countries 83 141 18 167 12 046 32 445 43 677 230 135 310 523 29 020 747 108 128 345 59 124 6 857
CEECS/NIS in transition 38 999 4 293 1 409 44 055 18 689 52 333 45 563 11 618 215 551 23 061 16 155 1 870
Other High Income Countries 17 892 6 338 3 717 11 071 26 230 130 081 92 641 32 516 316 769 74 834 32 672 3 497

1 Excluding export credits

2 Excluding officially guaranteed export credits
3 For OECD creditor countries only
17
18
Table 2 : DEBT OUTSTANDING AT END-DECEMBER 1999 $ million
Official and officially guaranteed credits of which identified as Memorandum items
OECD countries Due within one year
Bank loans
Multilateral Bilateral Loans1 Export Credits Debt
and
securities
Other TOTAL Short-term Repayments Short-term Debt/ GNI
deposits2 debt of long-term export %
of which :
Total
ODA/OA
Non bank Bank debt credits3

Afghanistan - 117 117 0 - 3 2 5 200 5 322 3 2 0 ..

Albania 437 159 159 180 2 28 113 22 941 28 10 0 25
Algeria 6 155 1 411 857 12 858 5 516 1 132 83 756 27 910 3 085 1 515 282 62
Angola 312 475 475 1 866 771 2 027 - 2 944 8 395 1 727 478 24 340
Antigua and Barbuda - 10 10 196 307 - - - 513 60 37 2 84
Argentina 20 523 2 309 731 5 042 4 251 31 348 79 947 7 253 150 673 17 486 12 025 661 55
Armenia 657 48 48 0 1 41 - 248 995 40 20 0 54
Aruba - - - 119 28 3 - - 149 110 9 8 ..
Azerbaijan 799 28 28 159 68 3 - 57 1 115 62 54 1 25
Bahamas - - 42 26 296 - - 364 242 21 14 8
Bahrain - - - 181 1 088 126 - - 1 395 897 89 47 ..
Bangladesh 11 516 4 216 4 216 305 391 217 7 629 17 281 289 390 32 36
Barbados - 4 4 18 9 371 - 6 408 296 3 17 17
Belarus 431 84 84 56 219 71 155 111 1 127 90 109 16 4
Belize 127 36 36 3 41 68 - 39 314 112 3 5 45
Benin 1 049 39 37 154 6 103 - 296 1 647 163 21 16 70
Bermuda - - - 144 1 531 136 - - 1 811 77 332 7 ..
Bhutan 93 - - 3 3 - - 77 177 0 0 0 43
Bolivia 3 024 1 124 1 123 239 285 562 19 72 5 326 722 118 15 66
Bosnia-Herzegovina 1 507 157 96 255 162 - 27 18 2 126 139 95 6 46
Botswana 323 127 126 8 28 - - 57 543 19 4 8 12
Brazil 27 438 4 459 2 318 10 290 7 328 57 316 76 162 122 183 115 36 080 16 551 1 802 36
Brunei - - - 576 - 478 - - 1 054 161 574 2 ..
Bulgaria 2 652 138 19 841 52 591 5 064 155 9 494 444 264 25 78
Burkina Faso 1 265 12 6 65 3 51 15 87 1 497 78 21 28 58
Burundi 912 98 98 0 - 75 - 55 1 141 58 5 0 162
Cambodia 398 336 332 5 - 42 - 1 464 2 245 35 9 1 73
Cameroon 1 652 1 690 1 606 2 487 220 1 315 1 99 7 464 1 485 290 58 86
Cape Verde 213 35 35 15 26 13 - 15 317 9 2 1 55
Cayman Islands - 4 4 124 103 608 - - 839 659 62 17 ..
Central African Republic 632 10 6 57 0 47 - 141 886 51 2 4 86
Chad 935 2 - 31 11 27 - 105 1 111 42 3 2 73
Chile 1 497 623 409 1 016 1 066 16 139 7 428 - 27 769 4 635 1 548 295 42
China 23 856 25 063 18 828 12 813 18 167 42 828 14 208 193 137 129 17 179 7 693 2 064 14
Chinese Taipei - 3 3 1 251 197 17 150 6 220 - 24 820 12 572 2 582 398 9
Colombia 6 443 1 198 690 1 130 2 411 9 559 7 478 89 28 307 3 574 1 758 225 34
Comoros 159 2 0 4 - 8 - 27 201 9 1 - 89
Congo 630 1 212 623 1 035 516 960 552 239 5 144 927 196 5 325
Congo, Democratic Republic 2 642 2 299 1 496 3 974 136 450 1 386 9 887 2 664 62 11 ..
Costa Rica 1 384 471 471 83 237 2 439 1 363 184 6 163 1 987 210 37 45
Côte d'Ivoire 3 768 2 569 1 898 1 383 182 1 683 2 389 30 12 004 1 247 339 159 115
Croatia 921 224 177 988 587 2 396 2 610 1 013 8 740 928 395 116 44
Cuba - 141 61 1 875 367 2 027 13 20 000 24 423 3 001 103 176 ..
Cyprus - 23 23 134 18 4 824 1 380 - 6 379 1 770 390 91 70
Czech Republic 956 104 - 975 632 8 399 805 2 760 14 630 4 290 639 373 28
Djibouti 155 54 54 3 3 38 - 95 348 45 4 3 64
Dominica 63 22 22 1 0 - 168 34 287 1 1 1 120
 Table 2 : DEBT OUTSTANDING AT END-DECEMBER 1999 $ million
Official and officially guaranteed credits of which identified as Memorandum items
OECD countries Due within one year
Bank loans
Multilateral Bilateral Loans1 Export Credits Debt
and
securities
Other TOTAL Short-term Repayments Short-term Debt/ GNI
deposits2 debt of long-term export %
of which :
Total
ODA/OA
Non bank Bank debt credits3

Dominican Republic 1 179 684 677 647 277 1 145 748 282 4 963 921 98 48 30
Ecuador 3 351 1 033 817 544 446 1 765 6 435 215 13 789 1 139 178 45 77
Egypt 3 968 12 085 12 085 8 604 2 127 2 576 20 1 900 31 279 6 344 746 467 35
El Salvador 1 825 591 587 139 577 1 033 150 7 4 323 1 126 76 20 35
Equatorial Guinea 106 4 - 51 33 9 - 25 228 17 4 - 39
Eritrea 118 28 28 0 - - - 107 253 0 0 0 33
Estonia 286 27 10 53 48 601 258 100 1 373 320 156 27 27
Ethiopia 2 833 395 394 223 33 34 - 2 096 5 615 70 26 10 88
Fiji 106 7 1 6 33 14 - 151 317 17 0 6 19
French Polynesia - 286 - 4 0 56 - - 345 56 70 4 9
FYROM 660 46 32 205 16 97 51 266 1 340 64 43 3 39
Gabon 611 907 349 1 531 238 466 8 112 3 872 940 173 35 102
Gambia 358 5 5 13 14 43 2 67 503 26 8 0 130
Georgia 819 143 143 82 5 - 60 636 1 744 6 27 6 61
Ghana 3 992 1 268 1 244 183 603 653 5 510 7 214 686 216 60 94
Grenada 65 6 6 10 24 17 - 101 222 16 0 3 67
Guatemala 1 429 484 483 286 895 852 150 149 4 244 1 459 75 36 24
Guinea 1 807 325 307 145 39 290 - 258 2 864 277 74 1 85
Guinea-Bissau 416 3 3 160 2 17 - 127 724 33 0 0 355
Guyana 722 45 45 43 11 12 - 325 1 158 19 27 3 186
Haiti 950 54 54 81 14 63 - 1 1 163 81 6 16 27
Honduras 2 807 699 698 310 194 788 - 219 5 018 753 94 10 95
Hong Kong, China - 0 0 1 766 2 002 17 066 17 400 - 38 234 12 908 2 528 1 220 23
Hungary 2 375 372 8 788 379 6 291 12 587 - 22 792 1 616 2 643 310 49
India 31 414 17 240 16 135 3 115 4 747 12 321 4 710 19 534 93 081 9 592 2 767 656 21
Indonesia 29 981 30 269 25 443 10 912 10 868 30 268 3 308 202 115 807 17 595 6 012 558 88
Iran 503 302 300 2 480 2 927 5 274 104 419 12 011 5 488 1 163 765 12
Iraq - 421 421 9 199 1 144 498 1 6 951 18 214 9 768 47 76 ..
Israel - 1 842 1 842 2 399 14 237 5 183 5 380 17 288 46 329 3 924 712 565 47
Jamaica 1 098 926 915 215 218 322 450 201 3 430 361 183 30 54
Jordan 2 314 2 595 2 377 1 033 383 656 861 3 366 11 207 839 140 84 142
Kazakstan 2 022 483 224 440 552 484 650 16 4 647 341 413 26 28
Kenya 3 015 1 643 1 643 405 368 754 16 34 6 235 812 199 85 59
Korea 18 559 4 767 2 388 1 566 4 220 54 083 47 339 - 130 535 24 913 16 540 400 33
Korea, Democratic Republic - 58 58 1 258 27 201 12 6 180 7 736 1 114 5 205 ..
Kuwait - - - 593 595 8 938 395 - 10 521 6 686 406 85 30
Kyrgyz Republic 872 204 204 80 233 61 - 189 1 639 46 20 0 140
Laos 1 117 41 41 10 46 41 9 16 1 280 3 16 0 92
Latvia 643 59 9 79 72 294 256 1 663 3 066 142 80 47 46
Lebanon 629 98 98 313 539 1 611 3 280 199 6 669 1 414 556 155 40
Lesotho 504 23 23 44 228 138 - 46 982 127 37 0 82
Liberia 706 491 472 282 380 16 408 150 64 18 482 4 396 1 052 0 ..
Libya - - - 584 3 242 - 4 290 5 119 550 28 27 ..
Lithuania 693 169 76 87 312 671 702 193 2 827 418 199 47 27
Macao - - - 7 14 313 80 - 414 288 3 6 7
Madagascar 1 864 628 393 486 68 87 - 344 3 477 188 38 8 95
Malawi 2 145 297 297 34 23 34 - 54 2 587 46 21 6 133
19
 Table 2 : DEBT OUTSTANDING AT END-DECEMBER 1999
20
$ million
Official and officially guaranteed credits of which identified as Memorandum items
OECD countries Due within one year
Bank loans
Multilateral Bilateral Loans1 Export Credits Debt
and
securities
Other TOTAL Short-term Repayments Short-term Debt/ GNI
deposits2 debt of long-term export %
of which :
Total
ODA/OA
Non bank Bank debt credits3

Malaysia 1 438 2 609 2 200 1 246 1 059 15 627 13 583 25 35 587 6 709 1 536 547 48
Maldives 125 3 3 21 22 9 - 45 225 19 5 2 62
Mali 1 798 119 89 102 10 221 - 289 2 538 175 28 29 100
Malta - 9 9 60 126 2 884 435 5 339 8 853 1 153 239 43 245
Mauritania 1 079 172 151 90 2 156 - 761 2 261 151 23 9 245
Mauritius 387 219 191 77 183 601 - 31 1 498 403 213 45 36
Mexico 21 438 3 294 1 161 3 954 6 847 39 721 79 212 267 154 734 16 728 11 221 816 33
Moldova 594 92 92 17 33 23 75 106 940 11 36 1 78
Mongolia 489 280 280 13 22 29 - 27 861 10 16 0 100
Morocco 6 281 3 558 3 413 1 239 2 096 4 281 403 1 287 19 145 1 912 763 372 56
Mozambique 1 279 2 340 153 1 261 167 138 - 1 728 6 912 425 82 2 189
Myanmar 1 250 3 411 3 411 422 33 65 1 1 552 6 735 728 5 0 ..
Namibia - 57 57 3 0 43 46 40 190 21 0 3 5
Nepal 2 559 402 402 11 61 12 - 178 3 223 36 19 3 63
Netherlands Antilles - - - 81 53 433 - - 568 199 31 5 ..
Nicaragua 2 224 428 426 589 37 343 25 1 718 5 365 293 26 2 270
Niger 1 025 169 34 67 10 25 - 195 1 491 41 11 7 75
Nigeria 3 768 812 653 14 746 622 1 645 2 051 239 23 883 9 047 374 32 76
Northern Marianas - - - 0 - 68 - - 68 10 0 0 ..
Oman 200 243 53 219 1 268 3 374 373 243 5 919 2 238 107 164 ..
Pakistan 15 877 9 412 9 026 2 139 2 573 4 049 843 738 35 630 2 923 1 399 188 61
Palestinian Administered Areas - 56 53 4 20 19 - - 99 33 7 3 2
Panama 1 177 289 288 104 204 502 1 872 4 4 152 208 159 30 47
Papua New Guinea 948 474 445 88 225 296 78 19 2 127 131 144 9 62
Paraguay 1 085 535 494 66 99 504 19 50 2 359 507 60 29 30
Peru 6 090 3 341 2 738 3 179 1 405 4 435 4 030 200 22 681 4 201 778 126 45
Philippines 9 634 11 890 9 531 4 062 4 894 9 370 14 049 2 920 56 820 6 419 2 651 415 70
Poland 2 441 888 257 14 610 1 793 9 120 6 612 3 564 39 027 6 037 1 471 786 25
Qatar - 200 - 337 1 772 5 405 2 200 - 9 914 2 300 662 45 ..
Romania 3 391 230 104 636 1 456 868 975 121 7 678 728 566 124 22
Russia 23 366 1 423 791 30 311 14 617 30 437 17 788 1 622 119 564 10 533 8 617 145 66
Rwanda 1 084 49 49 20 9 53 - 70 1 284 33 19 0 67
Saint Kitts and Nevis 52 13 13 20 11 - - 27 123 20 6 2 46
Saint Lucia 92 23 23 3 2 26 - - 146 22 3 3 23
Saint Vincent and Grenadines 66 10 10 43 40 404 - 18 581 370 21 2 188
Sao Tome & Principe 171 7 7 52 - 14 - 15 259 27 0 - 613
Saudi Arabia - 261 261 4 343 648 34 843 775 - 40 871 17 823 1 825 1 038 29
Senegal 2 175 545 265 195 22 239 1 462 3 639 185 236 78 78
Seychelles 55 48 46 20 7 100 - 28 258 97 4 6 44
Sierra Leone 726 167 158 81 - 9 1 57 1 041 29 27 3 160
Singapore - 62 62 811 511 7 930 3 510 - 12 824 6 015 1 040 310 14
Slovak Republic 975 376 - 638 540 2 936 2 277 - 7 742 1 240 431 145 40
Slovenia - 41 41 265 16 2 150 1 435 471 4 377 453 181 138 22
Solomon Islands 108 36 36 50 - 2 1 10 207 40 3 1 62
Somalia 883 418 390 407 18 16 - 350 2 091 264 6 - ..
South Africa 1 535 105 848 2 035 12 662 5 498 129 21 708 8 925 1 692 402 17
 Table 2 : DEBT OUTSTANDING AT END-DECEMBER 1999 $ million
Official and officially guaranteed credits of which identified as Memorandum items
OECD countries Due within one year
Bank loans
Multilateral Bilateral Loans1 Export Credits Debt
and
securities
Other TOTAL Short-term Repayments Short-term Debt/ GNI
deposits2 debt of long-term export %
Of which :
Total
ODA/OA
Non bank Bank debt credits3

Sri Lanka 3 865 3 650 3 650 205 707 234 115 604 9 381 717 412 27 61
Sudan 2 726 856 750 2 316 119 285 1 2 667 8 969 1 875 22 8 106
Suriname - 21 21 17 34 75 21 87 255 58 0 0 ..
Swaziland 144 54 54 3 3 27 26 - 257 19 6 2 19
Syria 640 1 847 1 847 416 70 203 - 1 758 4 935 606 109 34 31
Tajikistan 249 85 50 11 6 61 1 346 759 50 16 - 74
Tanzania 3 587 318 318 618 64 136 - 713 5 436 231 51 11 62
Thailand 8 858 14 552 8 907 5 754 3 595 28 031 13 198 2 453 76 441 11 907 5 673 1 019 64
Togo 876 174 90 392 3 118 - 18 1 581 129 15 12 115
Tonga 54 10 10 2 - 3 - 1 70 1 1 1 45
Trinidad and Tobago 645 53 1 303 912 723 625 0 3 262 733 352 39 51
Tunisia 3 722 2 150 1 801 515 1 356 1 793 1 581 937 12 055 1 285 880 327 60
Turkey 6 331 4 959 4 408 5 328 11 228 24 637 16 722 14 180 83 384 19 562 6 475 949 45
Turkmenistan 57 47 47 530 1 055 410 2 113 2 214 245 68 2 67
Turks and Caicos Islands - 2 2 0 0 231 - - 233 213 1 0 ..
Uganda 2 932 108 99 97 36 74 - 375 3 621 84 54 10 56
Ukraine 5 304 256 94 140 1 012 144 1 292 3 391 11 540 191 1 444 53 39
United Arab Emirates - - - 827 636 14 887 36 2 537 18 923 10 538 434 674 ..
Uruguay 1 962 193 143 145 157 3 736 2 360 3 706 12 258 2 424 406 73 60
Uzbekistan 646 376 376 691 1 591 126 102 17 3 548 348 147 11 21
Vanuatu 55 26 6 1 - 45 - 3 130 44 1 1 57
Venezuela 3 907 434 33 1 109 3 055 7 535 16 830 48 32 918 3 440 1 320 237 32
Viet Nam 1 961 2 351 2 351 929 577 822 560 11 971 19 170 701 359 76 67
Virgin Islands - - - 21 9 89 - - 118 76 10 19 ..
Western Samoa 147 0 0 1 - 5 - 9 162 6 0 1 68
Yemen 2 561 481 481 137 1 347 - 753 4 280 370 82 6 69
Yugoslavia, Federal Republic 985 242 242 1 993 300 352 53 - 3 925 2 127 24 1 ..
Zambia 3 502 735 692 784 24 85 1 333 5 465 145 37 1 185
Zimbabwe 1 991 738 738 216 526 462 - 81 4 015 740 185 37 76

All Aid Recipients 428 419 217 962 173 842 225 571 169 897 660 578 523 539 186 022 2411 987 406 315 142 339 22 974
of which:
Sub-Saharan Africa 63 309 23 282 16 705 37 036 7 792 42 837 10 764 16 996 202 016 39 186 6 361 1 223
North Africa & Middle East 26 973 27 550 25 890 46 282 36 425 91 389 15 492 42 683 286 794 76 099 10 270 5 217
Latin America & Caribbean 112 662 23 558 15 514 32 232 33 512 185 642 285 506 35 424 708 536 104 417 47 911 4 877
Asia and Oceania 170 529 133 493 109 003 51 381 58 549 242 894 140 104 55 824 852 773 134 324 53 294 8 210
Europe 54 946 10 078 6 730 58 641 33 620 97 815 71 672 35 096 361 868 52 289 24 503 3 447
Least Developed countries 61 677 19 982 16 205 14 943 2 808 22 107 199 24 842 146 557 15 299 2 772 272
Other Low-Income Countries 132 830 96 782 82 386 53 525 41 667 99 959 28 759 43 534 497 056 65 742 20 619 4 280
Lower-Middle Income Countries 82 152 67 923 56 376 59 681 37 102 93 402 58 164 46 619 445 043 80 130 20 399 5 150
Upper-Middle Income countries 89 689 21 412 13 054 36 489 41 091 241 448 301 788 27 421 759 338 133 409 55 007 7 087
CEECS/NIS in transition 43 512 4 127 1 451 49 212 21 132 60 423 48 771 13 681 240 858 26 049 16 617 2 097
Other High Income Countries 18 559 7 736 4 371 11 720 26 097 143 239 85 858 29 925 323 135 85 686 26 927 4 088

1 Excluding export credits

2 Excluding officially guaranteed export credits
3 For OECD creditor countries only
21
 SECTION III

EXPLANATORY NOTES

A. GENERAL DESCRIPTION

The tables in Section II provide data on the gross external debt of developing countries and
countries in transition at end-1999 and end-2000. Debtor coverage includes all countries on the DAC
list of Aid recipients, in effect, all non-OECD countries plus some OECD Members (see the end of
this Section). Individual country data are shown in the publication for all countries with total external
1
debt in excess of USD 50 million at end-2000 .

The data are derived largely from creditors who report to the OECD (bilateral official
creditors), BIS (banks), IMF and World Bank (multilateral organisations). Although creditor reporting
systems cover the main categories of external debt (see Section C), they are not immune to gaps and
overlaps (see Section D). These short-comings are largely allowed for in the present report through
supplementary information included in a special category “Other”, which draws on debtor sources, in
particular, the World Bank’s Debtor Reporting System (DRS) and the IMF’s International Finance
Statistics (IFS). Despite on-going efforts on the debtor side, creditor data remain to date the most
comprehensive and comparable measure of gross external debt.

All amounts are shown to the nearest million in US dollars, converted at the exchange rate
ruling at the date concerned. As a result, changes in amounts outstanding between end-1999 and end-
2000 reflect, in part, changes in the dollar value of positions denominated in other currencies not
associated with actual movements of funds. The importance of this effect depends on both movements
in exchange rates and the currency composition of external debt, which varies from country to
country. Section I includes estimated changes for 1999 and 2000, based on official flow data where
available and exchange rate adjusted changes in all other cases.

B. COUNTRY GROUPS

The group of developing countries and other income groups are defined according to the
DAC list of Aid Recipients, which is divided into two parts and regional sub-categories. The full list
of countries and their allocation to individual income and regional groups are provided at the end of
this Section.

Part I comprises the developing countries which are eligible for Official Development
Assistance. Part II comprises countries defined by the DAC as countries in transition. The later
includes more economically advanced developing, NIS and Eastern European countries.

1
Data for countries with smaller amounts of debt can be obtained from the OECD on request and are included
in the relevant regional and income group aggregates.

23
 The sub-categories are:

− Least Developed Countries (LLDCs);

− Low-Income Countries (LICs);
− Low Middle-Income Countries (LMICs);
− Upper Middle-Income Countries (UMICs);
− High-Income Countries (HICs);
− Central and Eastern European Countries and the Newly Independent States of the former
Soviet Union (CEECs/NIS);
− More Advanced Developing Countries (included with High Income Countries in
Tables 1 and 2).

The regional groups include all countries on the DAC list that are situated in those regions.

Specific reference is made in Sections I and II to the group of Heavily Indebted Poor
Countries (HIPCs) qualifying for the debt relief initiative launched in 1996 and enhanced in 1999. At
the date of publication, the list included 41 actual or potentially eligible countries. These are: Angola,
Benin, Bolivia, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Comoros, Congo,
Congo Democratic Republic, Côte d’Ivoire, Ethiopia, Gambia, Ghana, Guinea, Guinea-Bissau,
Guyana, Honduras, Kenya, Laos PDR, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique,
Myanmar, Nicaragua, Niger, Rwanda, Sao Tomé and Principe, Senegal, Sierra Leone, Somalia,
Sudan, Tanzania, Togo, Uganda, Viet Nam and Zambia.

C. MAIN CATEGORIES OF DEBT

Four major categories of external debt derived from creditor or market sources are identified.
The first one covers all official multilateral credits. The second comprises lending which is directly
provided, guaranteed or insured by a bilateral official agency. The third category consists of financial
market lending which is not guaranteed by the official sector in the creditor country: namely bank
loans and deposits. The fourth covers debt securities. Together, these four categories cover all the
individual series on total external debt provided in the Joint BIS-IMF-OECD-World Bank statistics on
external debt. A fifth category, consisting of items mainly drawn from various debtor sources and
often specific to individual debtor countries, has been added to allow for gaps in the creditor-based
statistics.

Two sub-categories of total debt are shown to indicate the maturity structure of total debt:
short-term debt (debt with an original maturity of one year or less, including arrears of a principal and
interest) and repayments of long-term debt due within a year. Short-term export credits are shown as
memorandum items.

Official and officially guaranteed credits

Multilateral credits

The data cover all multilateral credits, including claims by the African Development Bank,
Asian Development Bank, European Investment Bank, Inter-American Development Bank,
International Monetary Fund and World Bank. The sources are International Financial Statistics for
the IMF component and the World Bank for all other multilateral credits (end-2000 data from the
World Bank are preliminary).

24
 OECD countries: bilateral

The data cover Official Development Assistance (ODA) loans, Official Aid (OA) and other
lending, excluding export credits, provided by the official sector of OECD countries. They are
2
reported to the OECD by Members of its Development Assistance Committee (DAC), as well as
Korea, through the Creditor Reporting System. In the case of incomplete reporting these data are
supplemented by OECD data on flows from the DAC reporting system.

OECD countries: of which ODA/OA

ODA loans are concessional loans provided by the official sector to countries and territories
on Part I of the DAC List of Aid Recipients. To qualify as ODA a transaction must meet the following
criteria:

a) It is administered with the promotion of the economic development and welfare of

developing countries as its main objective, and

b) It is concessional in character and contains a grant element of at least 25%.

This category relates to bilateral claims only. ODA lending includes, as well as
straightforward loans, loans repayable in kind, and eligible loans in Associated Financing packages.
Official Aid loans are loans that meet the criteria of ODA outlined above, except that they are to
countries on Part II of the DAC list (see the end of this Section).

They are reported to the OECD by DAC Member countries and Korea under the Creditor
Reporting System. In the case of late reporting these data are supplemented by OECD data on flows
from the DAC reporting system. Data for other OECD countries that are not DAC Members are
estimated by using concessional loans reported to the World Bank by the borrower.

Export credits: Non-banks

The data comprise all officially supported non-bank export credits, that is official export
credits and supplier credits guaranteed or insured by the official sector of the creditor countries. They
also include arrears and officially rescheduled amounts on officially guaranteed or insured financial
export credits since these are taken over by export credit agencies from the original bank creditors.
3
They are reported to the OECD by nearly all member countries .

Export credits: Banks

The data cover officially guaranteed financial trade credits that are, by definition, bank loans.
Arrears are excluded here since they are taken on by the official sector (non-bank). The data are
3
reported to the OECD by nearly all Member countries .

2
See page 2.
3
Data on all officially supported bilateral lending are reported to the OECD by Australia, Austria, Belgium,
Canada, Denmark, Finland, France, Germany, Italy, Japan, Korea, Luxembourg, the Netherlands, Norway,
Portugal, Spain, Sweden, Switzerland, the United Kingdom and the United States. In addition, the Czech
Republic, Hungary, Mexico, Poland, Turkey report on all officially supported export credits.

25
Bank loans and deposits

The data are derived from the BIS locational banking statistics4, excluding officially
guaranteed financial trade credits, as these are already included in the preceding column. While the
data for the vast majority of debtor countries correspond to the series directly reported to the BIS by
creditor banks, a further adjustment is made here in the case of offshore financial centres (OFCs) to
allow for offshore financial intermediation (see Offshore Financial Centres below). In these instances,
the data exclude all interbank business. Moreover, in the case of OFCs which are island territories with
small populations, the data are limited to the estimated debt of the government sector.

Debt securities

The data are derived from the BIS quarterly statistics on international debt securities,
including money market instruments. Data on Brady bonds from the World Bank are added in. Here
too, a further adjustment is made in the case of OFCs by restricting the data to non-financial issuers,
and, in the case of island territories with small populations, to the government sector only (see
Section D).

Other

This column combines figures which come primarily from debtor sources. The main items
are IFS data on the liabilities of the banking system of the debtor countries to foreign creditors not
covered by the BIS reporting system, and DRS figures on loans of official bilateral creditors not
covered by the OECD figures.

Total: of which due within one year

Short-term debt

The data cover debt of all categories with an identified original maturity of one year or less,
including arrears. This information is reported for the OECD data, but has to be estimated for the BIS
banking and security data (see Section D). This category does not apply to official multilateral lending
which is in principle all long-term and does not incur arrears. No information is available for the
maturity of the DRS and IFS items which make up the bulk of the “Other” category. As a result, no
estimation is made for these categories.

4
Data are reported to the BIS by banks operating in the following countries: Australia, Austria, Belgium,
Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Japan, the Netherlands,
Norway, Portugal, Spain, Sweden, Switzerland, the United Kingdom and the United States (including the
branches of US banks in Panama), and the following offshore financial centres: Bahamas, Bahrain, Cayman
Islands, Hong Kong, Netherlands Antilles and Singapore. As from end-2000, BIS reporting banks also
include those operating in Chinese Taipei and Turkey.

26
 Repayment of long-term debt

These data cover repayments falling due within the following 12 months for all categories of
long-term external debt, except the non-BIS liabilities of the banking system included in the “Other
category”. There is a significant degree of estimation here (see Section D).

Memo item: Short-term export credits

The data include all supplier and financial credits with an original maturity of one year or
less. They are reported to the OECD by DAC Member countries through the Creditor Reporting
System.

Memo item: Debt/GNI ratio

Gross national income (GNI) is a broad measure of an economy’s performance; it is the

value of the final output of goods and services produced by the residents of an economy plus net
primary income from non-resident sources. The data used here are from the World Bank Atlas.

D. QUALITY OF DATA

The coverage of external debt presented in this publication is comprehensive. The officially
supported lending of the 25 reporting Members of OECD, the lending of the major multilateral
agencies and the banking data of the 26 major banking countries or centres provide very good
coverage of these types of lending and the gaps are substantially filled by the debtor data included in
the “Other” category. However, there remain some missing categories of debt for which no data are
available. The main gaps are non-officially guaranteed supplier credit not channelled through banks,
and domestically issued, or privately placed, debt securities held by non-residents. No reliable estimate
5
could be made for these categories of debt .

The use of estimation has been kept to a minimum. Nevertheless, three categories of debt
still involve fairly extensive estimation procedures. They fall under the following headings: “Other”,
“Total due within one year: short-term debt” and “Total due within one year: repayment of long-term
debt”. In addition, adjustments have been made for the role of certain countries and territories as
Offshore Financial Centres (OFCs).

“Other”

The “Other” category includes a heterogeneous group of items. It includes the estimated
liabilities of banks in the debtor countries to non-resident, non-BIS reporting banks and non-bank
entities. These figures are estimated as any positive difference between the external liabilities reported
by the domestic banking system of the debtor country (source: IFS) and the external lending of BIS
reporting banks to its domestic banks. For India and Turkey, for which there are insufficient data on
the external liabilities of the local banking system, this category includes instead local deposits from
expatriates, for which information is available from the debtor countries themselves. The other main

5
In a few cases for which the holding of debt securities by BIS reporting banks exceeds the sum of
international debt securities and Brady bonds issued by the debtor country, the excess is included in the
figures.

27
category in this item covers debt owed to non-OECD countries arising from bilateral official credits,
export credits, inter-company lending and nationalisation (source: DRS). In the case of five countries
which do not report to the DRS (Afghanistan, Cuba, Iraq, Democratic Republic of Korea, and Libya)
debt data included in this category are derived from ad hoc creditor information obtained in the mid-
1990s, and should therefore be treated with caution.

“Total due within one year: short-term debt”

There is no maturity breakdown of the BIS locational bank loans and deposits data. In its
absence, the BIS consolidated claims data are used to make estimates based on the remaining maturity
breakdown. To estimate the proportion of claims with a short-term original maturity, claims reported
12 months earlier as being due in one to two years (intermediate remaining maturity) are subtracted
from the total of claims due within one year at the end of the current period. This ratio - of short-term
to total debt - for the consolidated data is applied to the locational data to estimate the figures for
short-term bank loans and deposits.

“Total due within one year: repayment of long-term debt”

Long-term bank loans and deposits falling due within the following twelve months are also
estimated from the maturity breakdown of the BIS consolidated claims allocated to the BIS locational
data on a pro rata basis.

Offshore Financial Centres (OFCs)

Special treatment has been given in this publication to countries and territories with
6
significant offshore financial activity . Offshore financial centres have been divided into two groups
for estimation purposes. The first group includes all countries where the external debt of the non-bank
public and private sector per capita is smaller than twice the GDP per head. In this case, both the
external debt of the public and corporate sector are retained, whilst that of the banking sector is
excluded. Otherwise, the external debt in this publication is limited to that of the public sector. Loans
and deposits for the public sector only have been estimated using the BIS consolidated data on a pro
rata basis. These adjustments are considered to better reflect the funds actually channelled to these
jurisdictions and to the region or income groups to which they belong. For these two groups, securities
data are based on the nationality, rather than the country of residence, of borrowing entities, in order to
better reflect transactions of their own nationals.

6
Anguilla, Antigua and Barbuda, Aruba, the Bahamas, Bahrain, Barbados, Belize, Bermuda,
British Virgin Islands, Cayman Islands, Cook Islands, Cyprus, Gibraltar, Hong Kong, Lebanon, Liberia,
Macao, Marshall Islands, Mauritius, Nauru, Netherlands Antilles, Niue, Panama, St Kitts and Nevis, St
Lucia, St Vincent and the Grenadines, Samoa, Seychelles, Singapore, Turks and Caicos, and Vanuatu.

28
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* Central and Eastern European Countries and New Independent States of the former Soviet Union (CEECs/NIS).
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1.
The criterion for classifying a country as a LIC is a 1998 per capita GNP below USD 760; as a LMIC a per capita GNP between USD 761 and
USD 3 030; as a UMIC a per capita GNP between USD 3 031 and USD 9 360; as a HIC a per capita GNP above USD 9 360.
2.
Classified as a Least Developed Country by the UN from April 2001.
Any reference in the List or elsewhere in this publication to States, entities or territories shall neither imply recognition by OECD Member States nor approval by
OECD Member States of the designations used. The designation "countries" is used as a generic term in its own right covering both "countries" and "territories"
and does not carry any special meaning as to the political or legal classification of the recipients concerned.

29
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