QUARTERLY REVIEW APRIL 1993 FINANCIAL FLOWS TO DEVELOPING COUNTRIES FILE COPY THE WORLD BANK DEBT AND INTERNATIONAL FINANCE DIVISION QUARTERLY REVIEW APRIL 1993 FINANCIAL FLOWS TO DEVELOPING COUNTRIES THE WORLD BANK DEBT AND INTERNATIONAL FINANCE DIVISION CONTENTS & SUMMARY INTERNATIONAL LENDING AND EQUITY PORTFOLIO AND CAPITAL MARKETS FOREIGN DIRECT INVESTMENT * GLOBAL BORROWING PAGE 4 * EMERGING STOCK MARKETS PAGE 9 In the fourth quarter of 1992, $162 billion was The IFC introducesanew "Investable"emerg- raised in international capital markets, thanks ing-market index for institutional investors. to falling interest rates and an easing of ten- Performance in the first quarter of 1993 was sions in the European exchan-ge rate mecha- modest. The rise in the IFC's dollar-based nism. International bond issues grew by 9 composite price index of 18 emerging stock percent, but syndicated loans contracted markets was just shy of 6 percent. sharply, due to continuing caution by leading * NEw EQuITIES, QUASi-EQuITIES, AND international banks. DERIVATIVES PAGE 1 0 M DEVELOPING-COUNTRY International equity issues by developing BORROWING PAGE 5 countries were low in the first quarter. Even In the last quarter of 1992, developing coun- so, there were some firsts: long-datedwarran rs tries raised $10.4 billion on international capi- on Mexican stock, and an Argentine issue with tal markets, $1.4 billion more than in the pre- a minimum coupon. Investors are also dipping vious quarter. Portfolio flows have continued their toes in two less-well-known markets (Peru to rise in the first quarter of 1993, partly be- and Egypt) through country funds. cause of low interest rates and more bond is- U FOREIGN DIRECT INVESTMENT AND sues. PRIVATIZATION PAGE 1 1 * COMMERCIAL BANK CLAIMS PAGE 6 Privatization slowed in the first quarter as Cross-border claims of BIS reporting banks some programs ran into problems. Others, i n (including local foreign currency lending) Chile and Mexico, wound down. Developing were sharply higher (by $285 billion) in the countries continue to liberalize investment third quarter of 1992, after declining in the rules. first half. Special factors were at work. No re- covery in bank lending yet. SECONDARY MARKETS FOR * COUNTRY CREDITWORTHINESS PAGE 8 DEBT PAGE 113 Both Institutional Investor and Euromoney report an improvement in developing-coun- Secondary market prices for debt strength- try creditworthiness. The new Czech Repub- ened in the first quarter of 1993 on the back lic is upgraded by Moody's to investment of a rally in U.S. long-dated bonds. Argentine grade. Malaysia, too, gets a higher rating. and Polish debt led the way. The market for Brazil's MYDFA dries up, and other debt. is mixed. 2 FINANCIAL FLOWS QUARTERLY CONTENTS & SUMMARY OFFICIAL FLOWS: BILATERAL COMMERCIAL BANK AND MULTILATERAL PAGE 14 PROVISIONING AND CAPITAL ADEQUACY PAGE 17 The C-7 countries propose a $43.4 billion aid package for Russia. Peru clears arrears with the U.S. banks chalked up their highest quarterly IMF and the World Bank, and becomes the profits for some years. But individual bank firstcountrytoregainaccesstocreditfromthe profitability in the major OECD countries IMF through the Fund's rights accumulation. varies enormously. That and banks' empha- sis on containing risk will hold back any strong * BILATERAL ODA AND EXPORT recovery in international syndicated credit markets in the near term. U.S. official debt forgiveness for Argentina and Jamaica, and Japanese debt relief for Peru.Japan's export-import bank granted $67 FINANCIAL BRIEF PAGE 18 million in credit to the new Czech Republic * REGULATORY RESTRAINTS ON OUTWARD for structural adjustment. Russia restructures $6 billion of official claims on India. PORTFOLIO INVESTMENT IN INDUSTRIAL COUNTRIES Foreign institutional investors are a potentially DEBT RELIEF UPDATE huge source of financing for developing coun- tries. Financing regulations on outward port- folio investment of institutional investors vary Four Paris Club agreements were signed in the considerably between major industrial coun- first quarter of 1993:Jamaica and Guatemala tries. on Houston Terms for severely indebted lower-middle-income countries and Mauri- tania and Mozambique on enhanced Toronto STATISTICAL APPENDIX PAGE 21 Terms for severely indebted low-income coun- tries. In earlyApril, the Paris Club also reached an accord with the Russian Federation. * COMMERCIAL CREDITORS PAGE 17 On April 7, Argentina completed its debt re- duction agreement and exchanged $27 billion of debt. By March 15, 1993, about 95 percent of Brazil's MYDFA creditor banks had pre- sented selections from six options in the country's 1993 Financing Plan. Meanwhile, two new agreements with Uganda and Bolivia are nearing completion under the debt reduc- tion facility for IDA-only countries. Other negotiations are under way. THE WORLD BANK 3 INTERNATIONAL LENDING AND CAPITAL MARKETS GLOBAL BORROWING shift was due to diminished confidence in other European currencies, especially the Ecu, as well as earlier reforms in the Euro-DM AND AN EASING OF TENSIONS IN THE market, which reduced costs and made bor- EUROPEAN EXCHANGE RATE MECHANISM, rowing easier. The share of fixed-rate United AC'TIVITY ON THE INTERNATIONAL CAPITAL States bonds, which had risen sharply in the MARKETS WAS PUSHED TO NEW HEIGHTS. third quarter, fell back to 30 percent of the BOND MARKETS RECOVER, total, and fixed-rate yen bonds were slightly According to the OECD, $162 billion was higher at 17 percent. raised on international capital markets in the fourth quarter of 1992, pushing the total for * NEW SYNDICATED LOANS FELL SHARPLY IN the year to a record $610 billion, up 16 per- THE FOURTH QUARTER, THANKS TO THE centon 1991. Gross international bond issues BANKS, BUT LOAN SPREADS CONTINUED TO rose 9 percent in the fourth quarter, revers- ' ing the trend of the previous six months. Al- WIDEN. though straight bonds continued to be the Gross new syndicated loans in the fourth quar- most popular instrument for international ter (at $24.3 billion) were sharply down on the borrowing, the share of Euro medium-term previous two quarters; about 30 percent of the and floating-rate notes in total borrowing was lending was refinancing of existing loans, es- sharply higher. pecially by entities in the United States. That Less tension in the Eurocurrency markets trend simply confirmed the continued slug- led the recovery in the bond market. In the gish growth from the previous year. Major in- last quarter of 1992, OECD sovereign govern- ternational banks still remain cautious about ments (Finland, Spain, Sweden, and the U.K) lending. were the most active, borrowing $21 billion Despite some easing of credit terms for the (according to the Bank of England). For the highest-quality borrowers, average loan whole year, these borrowers issued $52 billion spreads continued to widen in 1992, accord- in international bonds, an increase of over 60 ingto the OECD. Spreadswere 85 basispoints, percent on 1991. compared with 79 in 1991 and 54 in 1990. The share of the currency composition of Banks-particularlyJapanese banks-are r e- fixed-rate international bonds shifted in favor luctant to participate in loan syndications, of the deutsche mark, unlike the previous partlybecauseofproblemswithnonperform- quarter, when the composition swung toward ing assets. In 1992, the average maturities of the dollar. Indeed, straight deutsche mark Eurocredits were marginally higher at five bond issues were 19 percent of the total, com- years, nine months. pared with 7 percent in the third quarter. This ____ ____ ___ ____ ___ ____ ___ ____ ___ ____ ___ ____ __ * EQUITY ISSUES IN DEVELOPED STOCK TABLE I MARKETS SLOW DOWN. INTERNATIONAL CAPITAL MARKET FLOWS (US$ billions) Equity prices in major industrial-country stcck Instrument 1987 1988 1989 1990 1991 1992 marketsweremixedinthelastquarterof1992. Bonds 180.8 227.1 255.7 229.9 297.6 333.7 An upturn in economic indicators in the U.S. Equities 18.2 7.7 8.1 7.3 23.4 23.5 Syndicated loans 91.7 125.5 121.1 124.5 116.0 117.9 strengthened share prices there, whereas eco- NIP and other back-up facilities 31.2 16.6 8.4 7.0 7.7 6.7 nomic slowdown inrJapan and fears of a reces- ECPFandothernon-underwrittenfacilities 71.0 76.6 73.2 66.2 80.2 127.9 sion in Germany weakened their stock prices. Total 392.9 453.5 466.5 434.9 524.9 609.7 New international equity issues at $2.5 billion Flows to developing countries (percent) 7.6 6.0 5.7 7.6 9.1 8.0 (OECD data) were well below the previous a. Note issuance facilities. b. Euro-commerci papers. three quarters; the total for the year was $23.5 c. Including Eastem European corntries, Source: OECD Financial Market Trends, billion. 4 FINANCIAL FLOWS QUARTERLY INTERNATIONAL LENDING AND CAPITAL MARKETS DEVELOPING-COUNTRY . THE INCREASE IN BOND FLOWS BORROWING CONTINUED IN THE FIRST QUARTER OF 1993, HELPED BY LOW INTEREST RATES, * IN THE FOURTH QUARTER OF 1992, STRONG UNDERLYING ECONOMIC DEVELOPING COUNTRIES RAISED $10.4 FUNDAMENTALS IN DEVELOPING COUNTRIES, BILLION IN MEDIUM- AND LONG-TERM DEBT AND WEAK ECONOMIC GROWTH IN MOST ON INTERNATIONAL CAPITAL MARKETS, MAJOR INDUSTRIAL COUNTRIES. COMPARED WITH $9 BILLION IN THE THIRD Afteraslowstart,Latinissueshavepickedup. QUARTER. Private and public enterprises in Mexico have The apparent increase in developing-country raised about $1.7 billion. Brazil has raised (as defined by the OECD and including Cen- substantial amounts, much of which repre- tral and Eastern Europe) borrowing in 1992 sents borrowings by banks. Argentina, how- (up nearly 2 percent at $48.8 billion) is mis- ever, lagged with over $300 million, most of leading. Excluding lending related to recon- which was issued by banks. Only a handful of struction in the Middle East ($11 billion in Chilean companies are allowed access to the 1991 and $3 billion in 1992), growth is sub- international bond market, so, despite inves- stantially higher. Most borrowings continued tor interest, Chilean companies have not ac- to be from a handful of countries in Latin tively tapped the international bond market. America and Asia. In the fourth quarter of Yield spreads on new Latin issues (and in 1992, China led the way with $1.7 billion, the secondary market) narrowed in the first closely followed by Mexico ($1.5 billion) and quarter of 1993. With some easing of uncer- Turkey ($1.4 billion). At more than $1 billion, tainty over implementation of NAFTA, and a Thailand nearly doubled the amount it raised tighter supply of paper, spreads on Mexican in international capital markets during the issues are narrower. For example, in the last first quarter of 1992. However, borrowing by quarter of 1992, spreads on two Nafinsa bonds South Koreans fell by 18 percent to $1.3 bil- maturing in 1999 and in 2002 with a 9 3/8 lion, and loans to Indonesia fell sharply. percent coupon had risen from 260 basis In the fourth quarter, developing countries points in October to 330 in November. By increased their share in both international March, spreads had fallen to about 280. On bonds and syndicated credits. Latin American bond issues rebounded from the low of the TABLE 2 INTERNATIONAL BORROWING BY SELECTED DEVELOPING previous quarter, as Mexican borrowers re- COUNTRIES turned to the market for $1.5 billion. Spreads (US$ millions) on Latin bonds widened, and the sizes of is- 1991 1992 1992Q3 1992Q4 Total Bonds Total Bonds Total Bonds Total Bonds sues were smaller. Asian borrowers also were Argentina 725.0 725.0 1,529.2 1 .529.2 684.3 684.3 250.0 250.0 back.TheChinesesharplyincreasedtheirbor- Brazil 1,229.6 1,211.6 3,010.0 2,830.0 355.0 355.0 360.0 330.0 rowings over the previous quarter. Hungary Chile - - 350.0 - - - 250,0 - China 2,595.1 263.0 4,043.2 1,274.0 923.8 385.0 1,741.9 553.0 and Turkey also increased their presence in India 150.4 150.4 200.6 - 86.2 - - - international bond markets. Indonesia 5,526.5 294.1 2,641.2 611.0 1,015.2 379.9 521.2 120.0 Korea, Rep. of 6,093.7 2,446.4 5,204.0 3,181.6 1,612.1 865.1 1,322.0 840.0 Total syndicated credits were relatively flat Malaysia 412.0 190.2 1,270.6 - 401.0 - 193.0 - in the quarter, although patternsvaried across Mexico 5,554.1 2,129.7 3,373.6 2,923.4 650.0 650.0 1,540.5 1,524.8 Pakistan 96.0 - - - - - - - regions. Cross-border lending to EastAsia and Thailand 1,842.2 31.4 2,718.3 646.1 557.4 100.0 1,017.9 171.1 South Asia rose but declined in Central and Turkey 2,279.5 639.8 4,579.9 2,777.1 1,396.4 888.4 1,422.4 1,089.9 VenezLuela 581.3 58 1.3 1,035.4 830.4 - - - - Eastern Europe. Lending to Thailandwas sub- Zimbabwe 170.0 - 115.0 - 45.0 - 30.0 stantally higher, and Chinese entities raised Czechoslovakia 278.3 278.3 39.5 15.5 24.0 - - stantially igher, and hinese entiies raised Hungary 1,378.3 1,237.8 1,446.1 1,234.8 240.0 200.0 618.4 618.3 $1.1 billion in international medium- and Poland 4.7 - 8.7 - - - - - long-term loans in the last quarter, boosting USSR Note: Bonds include both international issues (in Euromarkets) and traditional foreign issues. the year's total to $2.7 billion. Source: OECD Financial Statistics (monthly), November 1992. THE WORLD BANK 5 INTERNATIONAL LENDING AND CAPITAL MARKETS Argentine paper, spreads have also narrowed, points over Treasuries. reflecting both improved investor perception The Philippines' credit standing improved, of the country's risk and lower supply. Injanu- helped in part by the country's second phase ary, the spreads on an Argentine Telecom is- of Brady-style debt restructuring. That trans- sue (maturing in 1997 with a 9 percent cou- lated intoathree-year$150 million Eurobond pon) andaTelefonica issue (maturing in 1995 issue in February, marking the country's re- with an 8 percent coupon) were over 490 ba- turn to voluntary capital markets. The issue sis points. In March, these spreads had fallen was priced at 320 basis points above Treasur- to about 400 and 330, respectively. ies. Institutional investors in Asia purchased There has been much investor interest in 40 percent of the issue, European fund man- blue chip Mexican paper. Witness Pemex's agers and retail buyers purchased another 40 $125 million issue priced at 230 basis points percent, and 20 percent was privately placed over Treasuries (the first Latin issue of the (under Rule 144A) with investors in the year) and Bancomext's seven-year $150 mil- United States. lion issue at a spread of 220. Lesser-known A Philippine company, International Con- companies, too, have had success in borrow- tainer Terminal Services, issued a $20 million ing internationally. For example, Empresas convertible bond (a first for the country) in ICA's first Eurobond issue was increased from the U.S. private placement market, also under a planned $150 million to $225 million, and Rule 144A. The bond has a conversion pie- the five-year bond was priced at 415 basis mium of 20 percent and matures in seven points over Treasuries. Gruma SA de CV also years. increased its five-year bonds-from $100 mil- lion to $125 million. Gruma's note was priced at 445 over U.S. Treasuries, and the five-year COMM ERC IAL BANK CLAI MS $175 million issue by Hylsa SA de CV at 550. More issues are likely, given that about $1 bil- * IN THE THIRD QUARTER OF 1992 CROSS lion of Latin (private and public) bond debt BORDER CLAIMS ROSE SHARPLY, THANKS TO is due in 1993. THE TURMOIL IN MAJOR EUROPEAN FOREIGN The National BankofHungaryraised DM1 CURRENCY MARKETS. BANKS IN THE UNITED billion in its largest-ever international bond STATES AND JAPAN SAW THEIR SHARES OF issue. It was lead-managed by Germany's Deutsche Bank, was for seven years with a Cross-border and local foreign currency coupon of 9.25 percent, and was priced to claims of BIS reporting banks rose by $235 yield a 265 basis point spread over comparable billion in the third quarter, a sharp tuin- German Treasuries (Bundesanleihe govern- around from a $110 billion fall in the first half. ment bonds). The issue was placed with Ger- After adjusting for redeposits, net interria- man retail investors. tional bank credit (or new international bank The new Czech Republic also tapped the lending) rose by $130 billion. BIS banks in Eurobond market, with a $300 million three- Europe saw a big increase in external assets, year bond issue. The issue, which was lead- the largest in 10 years, due to a shift of funds managed by the Japanese brokerage house between European currency markets. Banks Nomura International, was priced at a spread in Japan also saw a small increase in external of 272 basis points over Treasuries. Thanks to assets of $19 billion, a reversal from the $68 an investment-grade rating by Moody's, the billion decline of the first half. investor base widened, and issue volume was Banks in both the United States andJapan increased by $75 million in response to higher saw a decline in their shares of total interna- demand. The increase was made, however, as tional assets. For the Japanese banks, that a separate issue, at a lower spread of 262 basis share fell to 27 percent, the lowest since 1985; 6 FINANCIAL FLOWS QUARTERLY INTERNATIONAL LENDING AND CAPITAL MARKETS their claims booked in Europe continued to On the source side, $5.9 billion in funds was decline, while those in the U.S. andJapan rose. provided by Malaysia. Another $3 billion came U.S. banks' share fell to a record low of 10 from the former Soviet Union, the biggest percent. This was due to a decline in claims quarterly increase in more than 10 years and between banks' offices in the U.S. and the mainly capital flight. Caribbean, combined with no increase in other regions. * IN THE FIRST QUARTER OF 1993, BANK FINANCING TO DEVELOPING COUNTRIES * BIS BANKS' EXPOSURE IN DEVELOPING REMAINS SELECTIVE. CHINA AND THE COUNTRIES RISES, BUT LENDING IS PHILIPPINES WERE FAVORED. SELECTIVE. SYNDICATED CREDITS TO China, which emerged as a major borrower in DEVELOPING COUNTRIES EXPANDED IN THE 1992, continued to raise funds in the first THIRD QUARTER OF 1 992, EVEN THOUGH quarter of 1993, mainly project financing for NEW SYNDICATED LENDING TO ALL power, petrochemicals, and oil. Chinese COUNTRIES WAS $15 BILLION LOWER AT power plants are aggressively using term loan $65 BILLION. facilities in the Hong Kong market. In most BIS banks' outstanding claims on countries cases, the loans are guaranteed by an estab- outside the reporting area rose by $15.5 bil- lished entity. For example, the Bank of China lion, just shy of the increase registered in the (Guangzhou Branch) is the guarantor on a second quarter. The regional composition of $150 million term loan for Foshan Shakou these flows changed. Lending to OPEC coun- Power Plant, and Guangdong International tries fell by $100 million, compared with a rise Trust and Investment Corporation (GITIC) of $7.4 billion in the second quarter. Lend- is the guarantor on a $17 million term loan ing to non-OPEC countries, including Eastern for Xinhui Xinlian Electric Power. The Europe, was up by $13.8 billion, compared spreads on these loans are large-respectively, with an increase of $5.4 billion in the previ- 130 basis points and 150 basis points over ous quarter. LIBOR. New lendingwas concentrated in the high- The Philippines has returned to the inter- growth Asian economies of China ($2.1 bil- national markets, following the completion of lion),Korea ($1.9 billion),Malaysia ($2.1 bil- its Brady-style debt reduction package in De- lion), and Thailand ($1.6 billion). Much came cember. Most borrowings are structured deals out of the Asian centers of the BIS banks, and tied to projects, not stand-alone corporate the funds usually went to local banking. BIS credits. Hopewell Power Philippinesobtained reporting banks' claims on non-OPEC Latin afour-yearloanfacilityofalmost$175million American countries grew marginally (by $1.4 with official guarantees. The U.S. EXIM bank billion), as these countries continued to bor- is providing guarantees for only pre-comple- row from other sources. The largest increase tion political risk, although it will cover both was to Chile ($500 million), followed by Co- political and project risk after the project is lombia and Mexico with $400 million each. completed. Foreign borrowings of $253 mil- Mexico had reduced its borrowing by $2.6 lion will finance an oil refinery (commonly billion in the second quarter. known as Project Star) being built by Pilipinas Borrowing from BIS banks by Eastern Eu- Shell Petroleum. The project financing in- rope and the former Soviet Union increased cludes a U.S. EXIM-backed loan and an IFC by $2 billion, a shade lower than the $2.3 bil- term loan. lion of the previous quarter. Most of the in- In February, the Russian state gas company, crease was due to deferral of principal pay- Gazprom, announced an agreement on a $1 ments on FSU debt and increase in interest billion loan from German banks for new arrears. equipment and a pipeline. THE WORLD BANK 7 INTERNATIONAL LENDING AND CAPITAL MARKETS COUNTRY gion, with the exception of Hungary, Roma- CREDITWORTHINESS nia, and Slovenia (the Czech Republic was rated higher than the former Czechoslovakia). * INSTITUTIONAL INVESTOR REPORTS AN IMPROVEMENT IN DEVELOPING-COUNTRY * MOODY'S ASSIGNS AN INVESTMENT-GRADE CAPITAL MARKET CREDITWORTHINESS. RATING TO THE NEW CZECH REPUBLIC. IT EUROMONEY ALSO REPORTS HIGHER CREDIT ALSO UPGRADES MALAYSIA. RATINGS FOR SEVERAL DEVELOPING In March, Moody's Investor Service upgracled COUNTRI ES. the rating of the new Czech Republic from Bal Institutional Investor reports that credit rat- to Baa3. That rating went to a $300 million ings continued to strengthen in Latin America Eurobond issued by the Czech National Bank, because of investors' favorable perceptions of the central bank, and to the Statni Banka economic developments and prospects. The Ceschoslovenska's $200 million (1991) Euro- region's credit rating (on a scale of 0 to 100) bond issue, which is guaranteed by the Czech rose 1.4 points (over September 1992 levels) and Slovak Republics. The improvement in to 24, its highest in the past 10 years. Of 24 creditworthiness isjustified because of politi- TABLE 3 countries in the regional group, 22 showed an cal stability, relatively little disruption ex- SOVEREIGN FOREIGN increase. Argentina's rating improved the pected from the separation of the Czech and CURRENCY DEBT most, with an increase of 4.4 points, followed Slovak Republics, a small budget deficit, low Moody's S&P by El Salvador, Chile, and Mexico with gains unemployment, and moderate inflation. of 3.4, 3.0, and 2.6. In March, Moody's also upgraded Argentina B I N/A Brazil B2 N/A The sovereign creditworthinesss ofAfrican Malaysia's foreign debt currency rating from Chile N/A BBB/ countries also improved, reversing years of A3 to A2, which covers all such issues by the AA*' China Baal' BBBI decline. The largest improvements were for Malaysian government. This reflects expecta- Czech Republic Baa3 N/A Botswana (up 5.8 points), closely followed by tions of continued economic improvement, as Greece Baa I BBB-2 Hungary Bal BB+2 Seychelles (5.3 points), and Ghana (3.9 points well as political stability. InJanuary, Standard oriea, Repof Al B+' higher). All these reflect improved economic and Poor's, another rating agency, affirmed Malaysia A2 A2 performance and prospects. Other African the Malaysian government's senior long-term Mexico Ba2 BB+/ AA- countries with significant improvement in foreign currency debt rating of 'A' and im- Portugal A l A+' ratings were Swaziland (up 2.9 points) and plied a short-term foreign currency debt rat- Traildad A2 A-' Mauritius (up 2.7 points). ingof 'A-l.'The ratingagencyalso revised the and Tobago Ba2 N/A The economies of East and South Asia also outlook from stable to positive, thanks to Turkey Baa3 BBB' Venezuela Bal BB' saw modest gains in creditworthiness, accord- strong underlying fundamentals, such as cau- Note: Rating by Moody's Investors ing to Institutional Investor. An exception was tious fiscal and monetary policies and appro- Service as of March 1 6 1 993, and that by Standard and poor's as of Thailand, where domestic infrastructure is priate growth policies. April5 1993. a. Sovereign ceiling raeing-no seen as a potential constraint to future growth. Both Moody's and Standard and Poor's debtratged. g Both Euromoney and Institutional Investor (S&P) assigned ratings to an issue by Banco * The first rating applies to foreign cunrency delbt and the second reported a strong improvementin country risk Nacional de Comercio Exterior, S.N.C. dating appliestodomesticcurrency of the Philippines. (Bancomext). A $150 million bond issue by I. Indicates stable outlook. 2. ndicates posive outlook, Transition problems and political events in Bancomext was given a Ba2 (below-invest- Ratng systems for investment grade Eastern European countries continue to pull ment-grade rating) by Moody's last February. bonds are as follows: down credit ratings there. According to Insti- This is similar to the rating on the country's Moody's S&P tutional Investor, save for Hungary, Poland, long-term foreign currency debt and reflects Aza MA Aal AA+ and Slovenia, all countries saw a slide in their the United Mexican States' guarantee of the Aa2 AA Aa3 A- ratings, with the former Soviet republics of company's debt. S&P gave the issue a (com- A2 A Belarus, Kazakhstan, Russia, and Ukraine see- parable) BB' rating. A3 A- Baal BBB+ ing the largest declines. Euromoney's survey Elsewhere, Moody's gave an investment- Baa2 BBB Baa3 BBB- also confirms a worsening of risk for the re- grade rating ofBaa3, and S&P a (comparable) 8 FINANCIAL FLOWS QUARTERLY INTERNATIONAL LENDING AND CAPITAL MARKETS rating of BBB-, to a $182.6 million convertible 144A) private placement for the Republic of subordinated note issued by the Chilean tele- Trinidad and Tobago. This reflected continu- phone company, Campania de Telefonos de ing structural weaknesses in the economy and Chile. In February, Moody's also assigned a large external debt repayments to be made in Ba2 rating to an existing $100 million (Rule the near term. EQUITY PORTFOLIO AND FOREIGN DIRECT INVESTMENT EMERGING STOCK MARKETS funds are small relative to the capitalization of the Turkish stock market, the new rules also /St * THE IFC INTRODUCES A NEW w t l i Quarter widen the local institutional base. 1993 "INVESTABLE" INDEX DESIGNED TO HELP The IFC's Brazilian index rose 24 percent INSTITUTIONAL INVESTORS FIND THEIR WAY in thefirstthree months, more than offsetting Percentage change AROUND EMERGING MARKETS. AN INDEX the 12 percentfall in the previous quarter, de- Since one Since last FUND IS ALSO PLANNED. spite economic and political uncertainties. year ago quarter poitica ~~~~~-16.9% +23,5% The new index, launched in March, measures Mexican stock prices were pushed higher the performance of those emerging-market by good corporate earnings for 1992 and an stocks open to foreign investors. The index easing of investors' concerns over the imple- includes 650 stocks from 18 economies: Ar- mentation of NAFIA by the U.S. and Canada. gentina, Brazil, Chile, Colombia, Greece,Jor- By March, the IFC's Mexico index had recov- dan, India, Indonesia, Malaysia, Mexico, Pa- ered all the ground lost in the first two months kistan, the Philippines, Portugal, South Korea, of 1993. Although investors remain concerned Thailand, Turkey, Venezuela, and one high- about the inflation differential between income economy, Taiwan (China). The index Mexico and the U.S., foreigners continued to is intended to be of practical use for potential purchase Mexican shares in the first three investors, especially institutional investors. months of 1993. The Mexican securities and l The IFC is also planning to set up an emerg- exchange commission says that foreign inves- ing-market index fund for institutional inves- tors own stocks worth 19 percent of Mexico's /st Quarter tors this summer. market capitalization. 1993 In Korea, the government continued to * EMERGING MARKETS MOVED UP IN THE supportshare prices. Even so, investorcaution Percentage change ;FIRST QUARTER OF 1993. THE IFC'S over economic policies and slow growth de- Since one Since last DOLLAR-BASED COMPOSITE INDEX WAS UP . . year ago quarter pressed stock prices the first two months of -21.9% +27.7% ALMOST 6 PERCENT. THE ASIA REGIONAL 1993. The IFC Korea index fell 9.5 percent. INDEXICAN W 6.6 PERCENT. HIGHER,THELATIN Share prices moved up in March, however, AMERICAN UP 3.2 PERCENT. ahead of the government's short-term (100- The Turkish and Brazilian stock markets were day) economic stimulus package, and the IFC particularly strong. The IFC Turkey index rose index rose 5.7 percent. 41 percent in the first two montns of this year Other stock markets were sharply lower in and 28 percent in the first quarter. Trading nhe first quarter of 1993: India's fell by 22.5 volume has also risen, with average daily trad- percent, and Colombia's by 20.6 percent. Also ing up threefold-from $20 million in the last down (by 26.4 percent) was the Venezuelan quarter of 1992 to $62 million this February. stock market, continuing its slide because of Behind the rise were new tax incentives for political worries and weak economic pros- mutual funds to encourage investment in pects. Trading volumes fell dramaticallyj at equities; the capital gains tax on equities was February, and the average daily traded value lowered from 46 percent to 15 percent for was $5.59 million, compared with $12.39 mil- mutual funds. Although the assets of mutual lion in March 1992. THE WORLD BANK 9 EQUITY PORTFOLIO AND FOREIGN DIRECT INVESTMENT CHART I S M *st instruments for APFs (for example, to foreign PEMrcentage change Since one Since last Quarter corporate debt), and allow insurance compa- year ago quarter 1993 nies and mutual funds (but not APFs) to in- vest in derivatives. In Argentina, a pension reform bill plans +2. 3.5 to set up a competitive private pension system -33._.+ I5.3 and liberalize investment rules. The new pen- - .-2 2 . 5 _ sion system, in particular, will open the country's equity markets to institutional inves- tors. U VENEZUELA'S STOCK MARKET IS + I1 4 -4.4 +0.4 AUTOMATED. CHINA IS DRAFTING A .-7.4T -.8 SECURITIES LAW. In a move designed to improve efficiency and transparency, Venezuela introduced auto- mated trading on the Caracas Stock Exchange in February, and at the same time trading ses- -47.2 -26.4 sions on the floor of the exchange have been +24.3 | '| 131 142 gl II i |lengthened. China, which does not have a se- +24.3 / +42 curities law, is drafting a comprehensive regu- latory framework for new stock-market issues, trading, and investor protection. * BOTH CHILE AND ARGENTINA ARE LIBERALIZING INVESTMENT RULES FOR NEw EQUITIES, QUASI- THEIR PENSION FUNDS. EQUITIES, AND DERIVATIVES To further strengthen the domestic institu- tional base of the stock market, the Chilean central bank liberalized investment rules for INTERNATIONAL EQUITY ISSUES BY domestic pension funds, Administradora de DEVELOPING COUNTRIES WERE WELL BELOW - ~~~~~~~THE PREVIOUS QUARTER. Fondos de Pensiones (APF). APFs can now hold up to 3 percent of the capital of closely Only a handful of deals were undertaken in held companies (that is, where a single share- the first quarter, and equity issues were less holder owns more than 20 percent of the than $500 million. New issues from develop- stock). This compares with the earlier 1 per- ing Asian countries were sharply lower, Latin cent, although any single shareholding can- issues higher. Early in the quarter, Korea's not be greater than 1 percent of the fund's Hansol Paper raised $28.1 million through a value. GDR offering. About 25 percent was sold in Of Chile's 281 corporations listed on its the U.S. private placement market (under stock market, APFs can invest in only 46 closely Rule 144A). held and 11 widely held companies. The gov- After a hiatus of two months, Mexico re- ernment has also sent to congress a capital turned to the international equity marketwitri market reform bill further liberalizing invest- a $235 million ADR offering (again under ment rules for all institutional investors. The Rule 144A) by Grupo Carso. At the end of the new law will allowAPFs to invest in more com- quarter, the Mexican truck and bus maker panies, raise the ceilings on investment in any Grupo Dina launched a global share offering one company, expand foreign investment (using depository receipts): $173 million was 10 FINANCIAL FLOWS QUARTERLY EQUITY PORTFOLIO AND FOREIGN DIRECT INVESTMENT raised. An offering of $26.8 million by February, Argentina's Banco de Galicia y Corporacion Financiera del Valle, a Colom- Buenos Aires offered a three-year $50 million bian merchant bank, included a U.S. tranche issue at LIBOR plus 400 basis points, but with (also Rule 144A) of ADRs, a tranche of GDRs a minimum coupon of 9.5 percent. TABLE 5 for investors in the rest of the world, and a do- DEVELOPING mestic tranche. * INVESTORS ENTER LESS-WELL-KNOWN COUNTRIES' BEST The first Russian Federation equity issue DEVELOPING STOCK MARKETS THROUGH CLSED-END FUNDS, came in February, when a joint venture be- COUNTRY FUNDS. MARCH 1993 tween Petersburg Long Distance of Canada Abooming stockmarket, radical reforms, and Market % Avg. return and its St. Petersburg partners raised $23.9 normalization of relations with the IMF and Taiwan (China) (5) 8.84 million. the World Bank have raised investor interest Latin Amexca ( 6) 56.99 in Peru. An open-end fund, Peruvian Invest- Pacific Basin (7) 5.09 * LONG-DATED WARRANTS ON MEXICAN Dev. global (I 1) 4.94 ment Company, was launched in early April Dev. Europe (15) 4.60 STOCK SURFACED THIS YEAR, AND AN by Latin American Securities to invest in blue Brazil (5) 3.21 ARGENTINE ISSUE OFFERED A MINIMUM Indonesia (13) 2.89 chip companies in high-growth sectors of the Emerging Europe (6) 2.72 COUPON. Peruvian economy. The fund is hoping to pull Malaysia/Singapore (6) 1.76 Developing-country issuers are becoming in about $40 million from investors. Else- Asia(14) 0.33 more innovative. In February, Nacional where, a $40 million fund for Egypt was set up China (4I ) 0.063 Financiera SNC, Mexico's development bank, in February. Barclays, SchroderAsseily, and the Emerging global (13) -1.82 offered a five-year $100 million Euronote (the IFC will each hold 15 percent of International Austriy (ungary (4) -1.90 issue was increased from $75 million) with Egyptian Investments. Philippines (3) -2.70 Chile (S) -6.21 detachable warrants. These give investors the Pakistan (2) -6.81 right to purchase GDS and ADS of Grupo Thailand (12) -7.02 Televisa Series L common stock at a pre-set FOREIGN DIRECT India (3) -9.26 price in the third year. The Euronote was INVESTMENT AND number of funds in category. 'VAT I I~~~~~~~~Ihi ~~Source: Lipper International Closed- priced at a yield of less than 6 percent. Also in PR IVATI ZATION End Funds Service. * PRIVATIZATION ACTIVITY SLOWS IN THE TABLE 4 ToP TEN DISCOUNTS AND FIRST QUARTER. SOME COUNTRIES HAVE PREMIUMS, MARCH 31, 1993 RUN INTO PROBLEMS, AND CHILE AND (Percentage difference between net asset value and share price) MEXICO ARE NEARING THE COMPLETION OF % Difference THEIR PRIVATIZATIONS. Largest premiums The Brazilian government resumed its privat- Templeton Emerging Markets 32.62 Japan OTC Equity 22.73 ization program in March, with the sale of Korea Fund 20.37 equity in two state companies. The Taiwan Fund 16.94 Indonesia Fund 16.61 government's 31.5 percent share of India Growth Fund 15.13 Poliolefinas was sold for $86.9 million, of Morgan Stanley Emerging Markets 12.18 Scudder New Asia Fund 12.03 which 30 percent had to be paid in cash. Over Turkish Investment Fund 11.80 Italy Fund 11.61 90 percent of Companhia Siderurgica Nacional was sold for $1.4 billion, with only Lorgest discounts Hungarian Investment Company -46.72 3.8 percent paid in cash ($53 million). Be- Thai Development Capital -36.95 cause of weak demand, the government was Himalayan Fund -35.78 Austro-Hungary Fund -28.26 unable to sell off all its shares. Foreign inves- Greek Progress Fund -27.48 tor participation was reportedly low (under 2 Pakistan Fund -27.08 First Philippine -27.02 percent), but Brazil's state pension funds were JF Japan OTC -26.74 allowed to purchase a substantial amount. Lloyd George-Standard Chartered China Fund -26.11 JF Asia Select Ltd. -26.09 Privatization was suspended in Brazil in Source: Lipper International Cbsed-End Funds Service. December to allow the government to draw THE WORLD BANK 11 EQUITY PORTFOLIO AND FOREIGN DIRECT INVESTMENT up new rules. These provide for a minimum privatized thousands of small businesses and price and cash component for each sale. In hundreds of large enterprises by turning some the past, state pension funds have been the companies' shares over to workers and man- biggest buyers. Now, their role may be limited. agement and auctioning most of the rest to The new rules have also lifted the ceiling on citizens in exchange for vouchers. It recently foreign participation-from 30 to 40 percent. began the privatization (by auction) of Zil, a This can be raised to 100 percent through Russian conglomerate that makes (among review and approval by the government and other things) trucks and refrigerators-the congress. largest auction so far. The pace of privatization has been slow in In the Philippines, the National Oil Com- other Latin countries. Venezuela's privatiza- pany is expected to be privatized, and Zam- tion program slowed down last year because bia is planning to sell more than 150 enrer- of opposition from labor, as well as political prises (which account for 80 percent ofGDP), difficulties. Even so, the government recently mostly in manufacturing, mining, agriculture, announced plans to sell four electrical udili- and transportation. ties this year. Despite the introduction of a sweeping privatization law last year, Bolivia's TAILA A FN privatization, too, has encountered problems, especially opposition from labor and accusa- The Thai government has granted licenses to tions that procedures for selling state assets lack several foreign and domestic banks to open transparency. offshore operations in Bangkok, making it the Among other countries in Latin America, fourth largest banking center in the region Chile and Mexico are nearing the end of their after Tokyo, Hong Kong, and Singapore. privatization programs. In 1993, the Mexican Under the Bangkok International Banking government is expected to sell 37 remaining Facility, the banks get tax breaks on foreign public firms. More activity is expected in Ar- currency loans. They continue, however, to gentina, however. The privatization of the pay local corporate taxes on other business. state oil monopoly YPF, Argentina's largest The BIBF is designed to increase the competi- public company, could bring in maybe $7 bil- tiveness of Thai banks, as well as attract for- lion to $8 billion. Peru's privatization program eign banks interested in doing business in is progressing steadily. InJanuary, 70 percent Indochina (Laos, Cambodia, Viet Nam, and of its state airline, Aeroperu, was sold to Myanmar) as well as Thailand. Aerovias de Mexico (Aeromexico) for $54 milio. * DEVELOPING COUNTRIES CONTINUE TO millilon. Poland's plans have temporarily stalled in LIBERALIZE FOREIGN INVESTMENT RULES. the Sejm (the Polish parliment), where the To attract foreign investors, Viet Nam is fur- government's mass privatization bill failed to ther liberalizing foreign investment rules.. It pass in mid-March despite amendments. It is allowing foreign companies to build-oper- would have transferred 600 enterprises to the ate-transfer infrastructure projects, and it has private sector, and controlling shareholdings lengthened the duration of joint venture would have been placed with about 20 na- projects. The government is hoping to in- tional investment funds managed by foreign crease investment from the $2 billion in com- experts. The government is now pushing for mitments in 1992. Pakistan is also providing a modified bill. To date, it has privatized only incentives to overseas investors, including a an eighth of those public enterprises targeted guaranteed continuous supply of power to 22 for sale. new foreign companies beginning in July. The Russian Federation is making some These measures could attract an extra $3 bil- headway. Over the past months, it has lion in foreign investment. At the beginning 12 FINANCIAL FLOWS QUARTERLY EQUITY PORTFOLIO AND FOREIGN DIRECT INVESTMENT of 1993, the Reserve Bank of India eased for- law permitting foreigners to invest in all sec- eign exchange regulations, including liberal- tors open to domestic investors and has re- izing restrictions on foreign companies setting moved restrictions on profit and capital repa- up in India. And Ecuador introduced a new triation. SECONDARY MARKETS FOR DEVELOPING-COUNTRY DEBT * SECONDARY MARKET PRICES FOR government. Because of investor uncertainty DEVELOPING-COUNTRY DEBT STRENGTHENED about the mix of exchange bonds likely to be IN THE FIRST QUARTER, THANKS PARTLY TO issued under Brazil's Brady restructuring, A RALLY IN THE U.S. LONG BOND MARKET. tradinginwhen-and-if-issuedinstrumentshas Declining yields in U.S. long bonds increased been held back, the attractiveness of high-yielding developing- * OTHER DEBT MIXED. country debt, especially fixed-income bonds. The average price of Brady bonds rose 8 per- In less liquid markets, Peruvian debt re- cent in the quarter. Mexican par bonds, which bounded sharply in the quarter, closing at 27 closely track U.S. long bonds, gained four 1/2, compared with 18 at the beginning of the cents on the dollar to close at 70 1/8, but year. Prices were boosted by Peru's renewed spreads between these and U.S. Treasuries access to IMFand World Bank credit andwill- remained in a fairly narrow range of 230 to ingness to allow debt to be used in privatiza- 260 basis points. tions. Trading in Nigerian pars was active. At a stripped yield of 24.2 percent (end-March), these have the highest yield among dollar- Argentine when-issued Brady bonds benefited collateralized bonds, reflecting the big coun- from the strength in the U.S. long bond mar- try risk that investors attach to Nigerian debt. ket, but prices also rose as deal risk fell with Domestic problems depressed the price of the nearing of the (April 7) Brady bond issue. Venezuelan discount bonds, which fell from More support came from the government's 65 to 62 over the quarter. Par bonds rose 2 announcement of higher-than-expected debt cents to close at 60 5/8. participation prices (69 cents for discount bonds and 49 cents for par bonds) for two CHART 2 upcoming Argentine privatizations. SECONDARY MARKET PRICES The price of Poland's actively traded DDRA Prcentage of face value (Debt Deferral Restructuring Agreement) edged up in the first quarter, gaining more Brady countries than three cents on the dollar to close at 28 , - - --5-0-- + 1/2 cents. The price was buoyed by the pas- sage of the Polish government's conservative budget in mid-February, followed by a Stand- . T by agreement with the IMF. Sentiment was helped, too, by improved prospects for the 0V.. passage of an amended privatization bill. * MARKET FOR BRAZIL'S MYDFA DRIES UP. 20 Trading in Brazil's MYDFA (Multi-Year De- posit Facility Agreement) was halted on Feb- 1 ....................... . :... ... ... ......... .. ..... ... .. . .......... .. .......... .... . ..................... .................. i. ruary 22, the date on which debt holders had _ _ _ _ ZII to submit exchange choices to the Brazilian * Severely indebted middle-income countries THE WORLD BANK 13 OFFICIAL FLOWS: BILATERAL AND MULTILATERAL * G-7 ASSISTANCE TO THE RUSSIAN * PERU CLEARS $860 MILLION IN ARREARS FEDERATION. WITH THE IMF AND THE WORLD BANK, AND At the Tokyo summit (April 14-15), the G-7 BECOMES THE FIRST COUNTRY EVER TO countries proposed an assistance package of REGAIN ACCESS TO CREDIT FROM THE IMF up to $43.4 billion for the Russian Federation. THROUGH THE FUND'S RIGHTS This includes the recently agreed on resched- ACCUMULATION PROGRAM. uling of official debt of $15 billion for 1993 In March, Peru cleared $860 million in arrears (see section on Paris Club). It also includes to the IMF and $900 million in arrears to the about $10 billion in IMF funds ($6 billion for World Bank through short-term bridge financ- arublestabilizationfundanda$4billionfund ing of $1.7 billion from the United States program) offered in 1992. Among new cred- Treasury and the Export-Import Bank of Ja- its is a proposed IMF facility of $3 billion. The pan. Peru immediately regained access to package also calls for $5 billion in World Bank credit from these international financial insti- lending to restructure industry in the new tutions. The IMF approved a $1.4 billion lx- Federation, $300 million from the EBRD, and tended Fund Facility over the next three years, about $10 billion in export credits from G-7 and the WorldBankactivated credits of$1s38 countries. Japan has also pledged an addi- billion. tional $1.5 billion in loans and $320 million in grants. * THE WORLD BANK INTRODUCES SINGLE- At the Vancouver summit in earlyApril, the CURRENCY LOANS. U.S. announced a short-term assistance pack- The World Bank introduced a new single- age of $1.6 billion for Russia. This includes currency loan on a pilot basis. The new lo;m $932 million in credits ($900 million for U.S. will be offered in five currencies-the U.S. dol- food purchases) and $690 million in grants. lar, theJapanese yen, the deutsche mark, the At that time, Canada promised $160 million French franc, and the pound sterling. Its in- in new aid and the U.K agreed to double its terest rate will be tied to six-month LIBOR in assistance to $120 million. each currency (PIBOR for the French franc). A choice should facilitate improved risk man- TABLE 6 agement by providing borrowers with the flex- MULTILATERAL DEVELOPMENT ibility to select terms thatmeet their business BANKS: COMPARISON OF LOAN CHARGES, JANUARY 1, 1993 needs. In the pilot phase, the loan will be of- (percent) fered to borrowers that meet eligibility crite- Structure of ria. The Bank's existing loan product is a mul ti- loan charges IADB ADs AFDB IBRD currency obligation in targeted currency ra- Lending ratea 7.53 6.47 8.05 7.08 Spread on cost base 0.58 0.40 0.50 0. 15b tiosof U.S. dollars,Japaneseyen, and deutsche (varable) (vanable) (fixed) (fixed) mark equivalent. Commitmentfee 0.75 0.75c 1.00 025d Otherservice charge 1.00 None None None' * THE IFC APPROVES $2.2 MILLION FOR a The lending rates are variable and set semiannually. The rate differential reflects, among other factors, the difference in the PRIVATE COMPANIES IN C6TE D'IVOIRE currency composition of the borrowing pool. For example, the ADBs pool is comprised mostly of low-nominal-rate currencies GAM B IA, GHANA, AND UGANDA. such as the Japanese yen, whereas the IBRD's pool is more balanced in terms of major currencies. The IFC announced financing for four com- b. For those borrowers eligible for interest rate waiver, the spread is effectively reduced to 0. 15 percent for fiscal 1993. panies in Africa through its Africa Enterpr ise c. A 0.75 percent commitment fee is applicable to the following proportions of the loan amount less the cumulative disbursement: Fund (established in 1988): two loans of 15 percent in the first year: 45 percent in the second year; 85 percent in the third year; and 100 percent in the fourth year and $650,000 each for a fish-processing company beyon.d. d. A one-year reduction in the commement fee to 0.25 was in C6te d'Ivoire and Uganda; a $800,000 loan approved by the Board for fiscal 1993. While contractually the commitment fee remains at 0.75 percent, the fee can be reduced for a food storage facility in the Gambia; and to a minimum of 0.25 percent on an annual basis by Board decision. $1 million in equity investment in an insur- e. This fee is currently set at zero. Source: FRS and IECDI updates. ance company in Ghana. 14 FINANCIAL FLOWS QUARTERLY OFFICIAL FLOWS: BILATERAL AND MULTILATERAL agreed to cut 22 percent of its $1.5 billion in RETHEIPOLIS H BANK PRI VATON IN ATED FUND official claims on Peru and to ease payments. The U.S. agreed to provide $137 million in DONOR COUNTRIES. aid to Nicaragua in fiscal 1993 (ending in The newly created multilateral Polish Bank September). This amount includes $50 mil- Privatization Fund, designed to help the Pol- lion of funds that had been blocked last year ish government recapitalize and privatize because of concerns that the reform program state-owned banks, has received $480 million might be undermined by political factors. in pledges. The U.S. has pledged $199.14 mil- * THE NEW CZECH REPUBLIC IS TO RECEIVE lion of previously appropriated money to as- * THE NEW ExECH BANK. sist bank privatization. More than a dozen countries are supporting this effort, including The Export-Import Bank of Japan has pro- Japan ($146 million),Italy ($100 million),and vided $67 million in untied credits to the Switzerland ($30 million). Czech central bank for private sector develop- ment, especially of small- and medium-size firms. Other EXIM Japan loans announced BILATERAL ODA AND EXPORT include $325 million in two untied loans to the CREDITS Philippines. One is $200 million in cofinanc- ingwith a World Bank loan to support reforms * U.S. DEBT FORGIVENESS FOR ARGENTINA to enhance international competitiveness of AND JAMAICA, AND JAPANESE DEBT RELIEF th Philippintereonoy Thetothereis $2 FOR PERU. the Phlippie economy. The other Ps $125 million for private sector projects. EXIMJa- In January, under the Enterprise for the pan also made a $120 million untied loan Americas Initiative, both Argentina and Ja- (cofinanced by the World Bank) to Tunisia. maica signed agreements reducing a portion of their U.S. foreign assistance debt. RUSSIA T R BI Argentina's bilateral foreign assistance debt is reduced by nearly 10 percent, from $38.1 InJanuary, Russia agreed to restructure $6 million to $34.3 million. The reduction for billion of official claims on India, lengthen- Jamaica is more substantial at around $94 ing the maturity of these claims to 45 years and million, equivalent to 70 percent of U.S. for- resetting the exchange rate. Russia also seeks eign assistance claims on the country. Peru to recover loans, made by the FSU to its trad- received some debt relief fromJapan, which ing partners, that are not being serviced. DEBT RELIEF UPDATE OFFICIAL CREDITORS * THE PARIS CLUB PROVIDES $15 BILLION IN SHORT-TERM DEBT RELIEF TO THE FSU. In thefirstfewmonthsof 1993, theParis Club The debt of the former Soviet Union (FSU) concluded five agreements-withJamaica and to official creditors has been deferred in three Mauritania in January; Guatemala and successive agreements, covering the first three Mozambique in March; and the Russian Fed- quarters of 1992. The agreed on minute eration on April 2. Jamaica and Guatemala signed April 2 concluded six months of nego- obtained "Houston Terms" for severely in- tiations. The minute restructures all debts cov- debted lower-middle-income countries; ered by the 1992 deferral agreements, other Mauritania and Mozambique obtained "En- debt outstanding at the beginning of 1993, hanced Toronto Terms" for severely indebted and debt service falling due in 1993. Repay- low-income countries. ment terms for the consolidated amounts THE WORLD BANK 15 DEBT RELIEF UPDATE were 10 years maturity, including a five year years grace) and will bear market-related in- grace period. terest charges. Non-ODA debt may be There has been an importantchange in the swapped for up to 10 percent of the total debt modality of restructuring FSU debt. Initially, or $10 million, whichever is higher. (There is negotiations were governed by the October no limit on ODA debt that can be swapped.) 1991 "Memorandum of Understanding on the The two agreements have different consoli- Debt to Foreign Creditors of the USSR and its dation periods. Jamaica, which has an IMF Successors. " Debt negotiations on the debtor's Extended Fund Facility arrangement, had its side were carried out by the former USSR debt rescheduled over three years. However, Vneshekonombank on behalf of all FSU re- the agreementwill come into force over three publics, each of which was assigned a share of stages, each dependent on a continued EFF the FSU debt. Now the negotiating party is the and on satisfactory performance under the Russian Federation. AfewFSU republics have terms of the Paris Club agreement. The first accepted the "zero option" arrangement, stage extends through December 31, 1993, under which they have agreed to cede their and the second and third cover 1994 and 1995. claims on FSU assets in exchange for Russia The Guatemala agreement, however, was assuming their shares of FSU debt under the designed only to reschedule arrears as of debt allocation treaty of December 1991. For March 31, 1993, which were a big slice of out- the other republics, Russia is negotiating on standing debt. One issue in the negotiation their behalf under other arrangements. was reconciliation of the debtor's and credi- The April 3 Paris Club Agreed Minute pro- tors' understanding of the true debt. The Paris vides debt relief of $15 billion in 1993 to be Club agreement is contingent on this recon- repaid with a 10-year maturity, including five ciliation being completed by end-1993. To years grace. The creditor countries will recon- help this along, the deadline for concluding vene to discuss 1994 debt service obligations, bilateral implementation agreements was if the Russian Federation has an IMF upper longer than average. credit tranche arrangement and if debt relief TheJamaicaagreementwas unusual because on other obligations due in 1993 (mainly corn- the consolidation period begins on October 1, mercial bank debt) has been arranged. 1992. This links closely the currentwith the pre- vious Paris Club agreement, avoiding the need * JAMAICA AND GUATEMALA GET HOUSTON to deal with arrears. As usual with Paris Club TERMS. agreements, the cutoff date remains un- In both agreements, rescheduled ODA debt changed. ForJamaica, it was October 1, 1983, is to be repaid with 20 years maturity, includ- established inJuly 1984, the firstofits seven Paris ing 10 years grace, and will bear interest at Club agreements. The cutoff date for the Gua- concessional rates. Non-ODA debt will be re- temala agreement, its first with the Paris Club, paid with a 15-year maturity (including eight was fixed atJanuary 1, 1991. * MAURITANIA AND MOZAMBIQUE RECEIVE TABLE7 ENHANCED TORONTO TERMS. PARIS CLUB AGREEMENTS, JANUARY-MARCH 1993 Period of relief The Enhanced Toronto Terms provide for Estmated amounts Type of terms very long-term rescheduling of ODA debt and Date Country Start Months ($US millions) (Years mat/gr) -~~~~~~~~~~~~~~ amenu approach to non-ODA debt. They also Jan. 25 Jamaica Oct. 92 36 291 Houston Jan. 26 Mauritania Jan. 93 24 218 Menu provide for the possibility of swaps, as under Mar. 23 Mozambique Jan. 93 12 362 Menu the Houston Terms. The consolidation period Mar. 25 Guatemala Arrears as of Mar. 31 440 Menu Apr. 2 Russian Federation Jan. 93 12 15,000 10/6 of the Mauritania accord was 24 months and Note: The Russian agreement includes arrears asofJanuary 1, 1993. that for Mozambique was 12 months. The lat- Menu: Enhanced Toronto Terms. Houston Terms: Exceptional terms for lower-middle-income countries. ter coincides with the final annual program 16 FINANCIAL FLOWS QUARTERLY DEBT RELIEF UPDATE under an Enhanced Structural Adjustment creditors had offered commitments for a debt TABLE 8 Facility with the IMF. The Mauritania agree- exchange under the debt reduction agree- BRAZIL: B3ANK SELECTION AS OF ment, which is coterminus with two years of ment term sheetthatformedpartofthe 1992 MARCH 15, 1993 an ESAF program, isin two stages, the first one Financing Plan. (See WorldDebt Tables, 1992/ Percent concluding on December 31, 1993, and the 93 ed., vol. 1, p. 92.) More than 95 percent of Par bonds second one covering 1994. Like the Jamaica eligible debtwas tendered; 63.9 percent of the Option A 57.59 agreement, the second stage comes into effect debt was offered against par bonds and only Optbon B 6.35 automatically if the ESAF continues, the cur- 18.3 percent for discount bonds. The remain- Option A 17.08 rent Agreed Minute is being implemented, der was offered against other options. Option B 1.19 FLIRBs 5.67 and comparable debt relief has been arranged Because creditors offered only limited Capitalization bonds 8.29 with other creditors. up-front debt stock reduction, efforts are Restructuring option 0.06 Debt conversion bond/ Both agreements, like other Enhanced underway to persuade them to reallocate part new money option 3.77 Toronto Terms arrangements, have a double of their par bond debt-exchange commit- Source: Republica Federativa do goodwill clause. Creditors will meet to con- ments to other options. However, no target Brds sider continuation of debt relief when the was set. consolidation periods end. After three years, The Brazilian authorities expressed con- theywill meet to considerwhat should be done cern about the collateral under the existing TABLE 9 UGANDA: BUYBACK with the remaining stock of debt. selection. There are five possible sources- UNDER THE IDA Brazil's own reserves, new money from banks, DEST REDUCTION FAcILITY FOR IDA- and resources from the IMF, the World Bank, ONLY COUNTRIES, COMMERCIAL CREDITORS and the Inter-American Development Bank. FEBRUARY 26, 1993 US$ mil. A minimum of $3.2 billion will be needed, Total eliible debt 172.3 In mid-March, commercial bank creditors, in according to Brazil. The March creditor bank Accepted for repurdcase 153.2 an understanding with the Russian Federa- commitments would result in $230 million of Funding required ton, agreed to defer FSU debt service falling new money disbursements. (12 cents per dollar) 18.4 due in the second quarter of 1993. This con- On February 26, Uganda repurchased 89 Resoulrcel (A) IDA Facility tinues the series of deferral agreements initi- percent of its outstanding commercial bank IDAfunds 10.0 ated in 1992. debt at 12 cents per dollar. Funds were made Netherlands/Switzerland 3.4 On April 7, Argentina completed its debt available from the IDA Debt Reduction Facil- 13.4 reduction agreement with a swap of instru- ity for IDA-only countries ($10 million), plus To) resore 8.4 ments (see Quarterly Review,January 1993). A parallel contributions from Germany and the Totberesoures 1993 a. To be repaid on June 30, 1 993, slightly lower amount of debt was exchanged EEC. This was supplemented by contributions from pledges by Germany (DM7.5 than had been anticipated, $27 billion rather to the Facility from the Netherlands and Swt milion.and by the EEC (Ecu 3.0 than $29.3 billion-$6.55 billion for discount zerland, totaling $3.4 million (see Table 9). bonds, $12.15 billion for par bonds, and $8.31 An agreement with Bolivia is expected in billion for settlement of past-due interest (of the second quarter of this year (Quarterly Re- which $700 million was a cash down payment). view, January 1993). Other countries are ap- By March 15, Brazil's commercial bank plying for use of the Facility. COMMERCIAL BANK PROVISIONING AND CAPITAL ADEQUACY * U.S. BANKS NOTCHED UP THEIR HIGHEST deed,in 1992,theyweretheworld'smostprof- QUARTERLY PROFITS IN YEARS. BUT ACROSS itable, the first time since 1988. BankAmerica, MAJOR OECD COUNTRIES, BANK JP Morgan, NationsBank, and Chemical re- PROFITABILITY WAS MIXED. ported profits of more than $1 billion, larger Low interest rates, modest economic recovery, than expected for most major banks. When and an upturn in real estate prices all helped compared with asset size, this performance increase the profitability of U.S. banks. In- looks even better, which should improve THE WORLD BANK 17 COMMERCIAL BANK PROVISIONING AND CAPITAL ADEQUACY credit ratings. In turn, that will help lower fallen. Buttheyare,ap ntly,overprovisioned. funding costs for banks, which had suffered Big German banks have provisioned about 10 in the past few years. The outlook for U.S. percent on assets in eastern Germany, and banksremainspositive,whichshouldimprove overprovisioned for claims on the former TA3LE 10 RISK-WEIGHTED their competitiveness vis,a-vis foreign banks. Soviet Union and other countries. CAPITAL RATIOS At the end of 1992, all U.S. money center Japan's banking sector continues to expe- T,er I TOal banks met the minimum capital requirements rience portfolio problems, although (at end- w.z (E) under the Basle guidelines. September 1992) capital ratios are above the Bwrdays 55 9.1 U.S. banks are well positioned to increase BIS risk-weighted capital standards for aU 11 Uc)b* 6.5 10.5 Nat West 5.2 9.8 domestic lending and international lending, city banks and most of the major long-term especially to top quality credit. Lending to creditandtrustbanks. Whilelowershort4erm BNSP 5.29 10.04 developing countries, however, is likely to be interest rates have widened margins between Panba 8-3 9.4 limited because of BIS risk weights and man- lending and deposit rates and improved the Credit Lyonai 4.4 8.81 Soci6 G&*ale 4.6 9,05 datory reserves (required by U.S. regulators) profitability of bankls, costs have been rising against some developing-country debt. because of nonperforming loans; for the 21 a ) 5.4 0.S European banks are also likely to be cau- majorbanks, these rose by54percenttoYI2.3 Dresdner 5.9 9.1 tious in their lending. Some U.K. banks have trillion over the second and third quarter of Japon (Y) been plagued by real estate investments and 1992. For the same reason, loan loss reserves Dadii Kao 4.69 8.25 mortgage lending that soured after the prop- will continue to rise in the near term, despite Ba*kdTokyo 4.41 879I erty boom of the late 1980s. Britain's biggest a substantial increase in provisioning. This Sakisa 4.12 7.93 Sbarom 5.16 8.43 'high street" bank, Barclays, announced a pre- applies particularly to banks, such as long-tenm tax loss of £242 million. The bank also made credit and trwt banks, which have been slow Linisd Stes (kISS) aB*Ae Trut W 7.75 13.64 provision off2.35 bilion againstproblem loans to dispose of their nonperforming loans, are CP 49 9.6 and bad debt, thelargesteverrecordedbyaU.K. stil heavily exposed to bad loans, and do not JR Morg3n 8,6 Q 7 bank. Much was for domestic property. have hidden reserves. A facility to purchase Not: The numbas for Brkish, Gem, and U.S. banks are as of French banks have been affected by non- nonperforming loans at a discount could go December 1992. The nun-bs for French ban*s are as dDecember performing real estate loans, too. They have some way toward resolving these problems. 1991. The nuffbes fr 1apanee banks areas of March 1992. had to cope with the slowdown in the domes- Japan's city banks, which have been the most Source: Salomon Broeconsoy s 1993. tiC economy, increases in small-company aggressivein dealingwith their balance sheet bankruptcies, and high real interest rates. problems, could see a turnaround. Even so, The asset quality of German banks has also the potential for loan growth remains low. FINANCIAL BRIEF * INSTITUTIONAL INVESTORS, MAINLY IN the lion's share of these funds-S4.6 trillion INDUSTRIAL COUNTRIES, ARE HUGE in the U.S. at the end of 1991. Institutional POTENTIAL SOURCES OF FINANCING FOR THE investors have increasingly been raising the DEVELOPING WORLD. REGULATIONS IN share offoreign assets in their total portfolios, INDUSTRIAL COUNTRIES, HOWEVER, CAN BE although they are still well below levels sug- A BARRIER TO RELEASING THAT FLOW. gested by optimal diversification. Notwith- standing this home bias, such institutions are Funds managed by OECD institutional inves- still an important potential source of finance tors in 1991 were about $13 trillion. These for developing countries. funds are invested largely in stocks, bonds, Although institutional investors have not money markets, and property. U.S. institu- spearheaded the portfolio push into emerg- tions had the largest portfolio, at $6 trillion, ing markets, they have increased investments. followed by the $2 trillion of theJapanese. Pen- They hold only a tiny fraction (typically, un- sion funds and insurance companies control der 0.5 percent of assets) in these markets. 18 FINANCIAL FLOWS QUARTERLY FINANCIAL BRIEF However, a small increase in the share could tion (under one percent) of their portfolio mean a massive inflow for developing coun- overseas. They may invest only in a few prede- tries. These investors are of interest to devel- termined categories and must match the cur- oping countries notjust because of their pool rency of assets and liabilities. of funds. Theygenerallyprovideamore stable Japan's insurance industry, the second source of finance than other nonbank private largest in the world, has less prohibitive restric- investors (for example, individuals), and their tions, although overall investment practices investments are mostly in long-term assets. are closely regulated. In August 1986, Japan Regulatory impediments in recipient coun- raised the ceiling on the percentage offoreign tries are well recognized and include restric- assets held by insurance companies-from 25 tions on purchase of listed stocks, registration percent to 30 percent. In practice, this ceiling procedures, and controls on repatriation of on the insurer's general account is not bind- income and capital. Lesser known are the ing. At the end of 1991, insurance companies hurdles that institutional investors face at held 12 percent of their portfolios in foreign home. securities. There are generally (and quite properly) U.K insurers face restrictions also. Life in- fiduciary restrictions on investments in foreign surers must, more or less, match the currency capital markets. The degree of restriction var- composition of assets to that of their liabili- ies considerably across the major industrial ties. Thus, for liabilities in any currency that countries, and the activities of insurance com- account for more than 5 percent of the total, panies are generally more tightly regulated there have to be matching assets, of at least 80 than those of pension funds. Restrictions on percent, in the same currency. insurance companies are shaped largelybythe Canada recently eased restrictions for its nature of their liabilities and the need to main- insurers. UntilJune 1, 1992, they were regu- tain solvency. Controls on pension funds are lated by the Canadian and British Insurance also determined by their liabilities and the Companies Act. It required companies to need to protect beneficiaries. In general, both match Canadian dollar liabilities with Cana- types offunds are required (for sound pruden- dian assets. The new Insurance Companies tial reasons) to invest only in investment-grade Act, which imposes ceilings on equity and real securities. estate holdings, puts no specific limits on for- In most industrial countries, insurance eigninvestment.Althoughotherlimitsmaybe companies face ceilings on the share of for- imposed based on prudential considerations, eign assets in their portfolios. In the United the new law is expected to boost demand for States, home to the world's largest insurance foreign securities. industry, state regulators have imposed strict In contrast to insurance companies, private limits on the external investments of insur- pension fundsare generallylesstightlyreined. ance companies. Until recently, New York Theyareusuallysubjecttoprudentinvestment State limited foreign investments of life insur- and diversification rules, and only occasion- ers to 3 percent of assets. Even now, it is only ally to binding limits on foreign investments. 6 percent (excluding Canadian), although at For example, the Employee Retirement In- the end of 1991, they had only 4 percent of come Security Act (ERISA) of 1974, which assets invested overseas. governs U.S. private pension plans, imposes Other major industrial countries also im- no such legal impediments, although, of pose restrictions on insurance company port- course, there are self-imposed limits by pen- folios. At one extreme is Germany. Under its sion funds. Their investment strategy has to Law on Insurance Supervision, the invest- be prudent and the portfolio diversified to ments of German insurers are tightly regu- minimize risk. Public pension funds, however, lated, and they have invested only a tiny frac- are usually constrained by state investment THE WORLD BANK 19 FINANCIAL BRIEF laws, and restrictions on foreign investments tries-securities market regulations. For ex- are often severe-one reason why public ample, disclosure and registration require- funds have diversified less overseas. ments imposed by the U.S. Securities and Ex- Other countries continue to impose some- change Commission are often too stringent times severe constraints on pension funds. In and costly for developing-country firms wish- Japan, there is a ceiling (albeit nonbinding) ing to list shares on the U.S. stock markets. on the share of foreign assets of pension Regulations such asRule l44Ahelp.Thisrule funds, similar to that for insurance compa- facilitates private placements in the U.S. by cir- nies. In Germany, so prohibitive are restric- cumventing onerous filing requirements (on tions that they have sharply curtailed the for- public offerings) and easing restrictions on eign investments of pension funds. A more resale of privately placed securities. The im- standardized set of regulatory restrictions on proved access and increased secondary mar- the overseas investments of pension and in- ket liquidity provided by Rule 144A has un- surance funds would likely increase their doubtedly contributed to the increase in holdings of foreign assets, including emerg- emerging market issues in the U.S. private ing-market securities. placement market, which is dominated by There is another barrier in industrial coun- institutional investors. 20 FINANCIAL FLOWS QUARTERLY STATISTICAL APPENDIX CONTENTS Table 1 External Debt 22 Table 2 Financial Flows (Long-Term) to Low- and Middle-Income Countries 23 Table 3 Debt Owed to Multilateral Institutions 24 Table 4 Bank and Trade-Related Non-Bank Claims 25 Table 5 Commercial Bank Claims on Developing Countries 26 Table 6 Maturity Distribution of Bank Claims on Developing Countries 27 Table 7a U.S. Commercial Bank Claims on Developing Countries 28 Table 7b Claims on Developing Countries of Banks in the United States 29 Table 8a U.K. Commercial Bank Claims on Developing Countries 30 Table 8b Developing Country Claims of Banks in the United Kingdom 31 Table 9a German Commercial Bank Claims on Developing Countries 32 Table 9b Developing Country Claims of Banks in Germany 33 Table lOa French Commercial Bank Claims on Developing Countries 34 Table 10b Developing Country Claims of Banks in France 35 Table 11 Swiss Commercial Bank Claims on Developing Countries 36 Table 12 Italian Commercial Bank Claims on Developing Countries 37 Table 13 Japanese Commercial Bank Claims on Developing Countries 38 Table 14a Dutch Commercial Bank Claims on Developing Countries 39 Table 14b Claims on Developing Countries of Banks in The Netherlands 40 Table 15a Funds Raised on International Capital Markets 41 Table 15b Loans Raised on International Capital Markets 42 Table 16 Secondary Loan Prices 43 Table 17 Foreign Direct Investment (Net) to Developing Countries 44 Table 18 IMF Financing Arrangements 45 Quarterly Review Groups 46 THE WORLD BANK 21 Table 1 EXTERNAL DEBT (In millions of US$) 1986 1987 1988 1989 1990 1991 1992p/ DRS Reporting Countries 1,089,029 1,230,476 1,225,141 1,253,853 1,345,732 1,417,459 1,510,227 Lon -terrn 915,710 1,043,353 1,029,071 1,036,193 1,102,962 1,159,855 1,236,116 OfIlcial 369,282 449,703 452,230 472,177 531,172 579,081 621,342 Private 546 428 593,650 576,841 564,016 571,791 580 774 614,774 Short-termn 130,743 144,326 161,013 185,716 208,256 219,620 234,863 IMF Credit 42,575 42,797 35,057 31,943 34,513 37,984 39,249 By Geographk Region Africa, South of the Sahara 116,028 142,849 145,784 153,925 172,623 178,004 183,433 East Asia & Pacific 182,922 202,565 204,244 204,816 235,723 268,714 304,745 Europe & Central Asia 174,942 204,719 205,198 219,378 244,743 263,422 294,108 Latin America & the Caribbean 410,442 445,810 427 912 422,690 432,467 439,682 446,906 North Africa & the Middle East 124,713 141,895 145,274 149,261 145,854 146,716 149,996 South Asia 79,980 92,638 96,728 103,783 114,322 120,919 131,040 Memo Item: Eastern Europe 102,296 121,090 123,174 136,507 150,459 164,838 186,271 Severely Indebted Middle Income Countries 424,133 476,322 464,767 470,999 492,374 502,539 507,297 Algeria 22,905 25,021 26 745 28,574 29,794 28,636 26,222 Angola 2 ,826 4,424 5,061 6,767 8,185 8,775 9,293 Argentina 52,450 58,460 58 738 65,027 61 928 63,707 65,036 Bolivia 5 575 5,836 4,901 4,135 4,269 4,075 4,285 Brazil 113,735 123 864 115,726 111,379 116,417 116,514 120,679 Bulgaria 5,264 7,088 9,128 10,213 10,927 11,923 13,243 Congo 3,484 4,287 4,088 4,241 4,818 4,744 4,681 Cote d'Ivoire 11,087 13,554 13,994 15,683 18,079 18,847 19,942 Ecuador 9,334 10,473 10,745 11,317 12,109 12,469 12,804 Jamaica 4,187 4,696 4,532 4,537 4,598 4,456 4,553 Jordan 5,142 6,605 6,720 7,395 8,328 8,641 9,259 Mexico 100,881 109,460 100,781 95,446 97 357 101,737 101,091 Morocco 17,890 20 801 21,054 21,710 23,620 21 219 21,896 Panama 4,898 5,630 6,066 6,318 6,678 6,791 6,440 Peru 14,887 17,490 17,971 18 250 19,429 20,708 20,829 Poland 36 670 42,632 42,131 43,124 49,388 52,481 49 832 Syria 12,918 15,997 16,383 16,881 16,446 16,815 17,211 Severely Indebted Low-Income Countries 140,091 166,071 169,040 173,287 174,260 177,081 180,852 Moderately Indebted Low-Income Countries 127,157 151,066 157,619 167,443 192,618 206,039 222,383 Moderately Indebted Middle-Income Countries 211,234 236,985 237,876 247,391 268,759 280,109 309,419 Other Selected Countries 399,835 443,501 444,112 442,864 465,835 496,140 537,265 Chile 1/ 21,144 21,488 19,593 18 032 19,131 17,902 18,474 China 23,746 35,296 42 362 44,791 52,519 60,802 63,052 Colombia 1/ 15,362 17,008 16,995 16,878 17,241 17,369 16,276 ERypt 3/ 46 338 52,016 52,485 51 498 40,104 40,571 41,561 Hungary 1/ 16,907 19,584 19,603 20,390 21,269 22,657 23,658 India 2/ 48,354 55,825 58,467 63,929 69,138 71,557 78,638 Korea 46,724 39,808 35,716 32,796 34,981 40,518 51,779 Malaysia 22,400 23,817 20,188 17,829 18,173 21,445 25,058 Nigeria 23,473 30,656 31,247 31,977 34,557 34 497 31 303 Philippines I/ 28,207 29,763 28,965 28,375 30,232 31,897 35,410 Thailand 18,505 20,305 21,664 23,432 28,208 35,828 45 190 Turkey 1/ 32,833 40,784 40 805 41,387 49,170 50,252 53,583 Venezuela 1/ 34,340 34,680 34,845 32 478 33 273 34,372 35 477 Yugoslavia 21,501 22,470 21,176 19,072 17,837 16,471 17 806 1/ Also included in Moderately Indebted Middle-Income Countrnes. 2/ Also included in Moderately Indebted Low-Income Countries. 3/ Also included in Severely Indebted Low-Income Countries. P/ Proiection. Table 2 FINANCIAL FLOWS (LONG-TERM) TO LOW-AND MIDDLE-INCOME COUNTRIES, 1983-92 (in billions of US$) 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992p/ Aggreate Net Resource Flows (Long-Term) 72.4 62.6 63.2 56.8 58.6 69.5 72.6 90.6 101.3 122.5 Official Development Finance 34.6 33.7 34.9 37.5 36.7 35.5 39.0 55.7 56.4 60.3 Official Grants 10.0 11.4 14.2 15.6 16.4 17.8 18.6 26.6 29.8 30.0 Official Loans (net) 24.6 22.3 20.7 21.9 20.3 17.7 20.4 29.1 26.6 30.3 Bilateral 13.1 9.7 8.6 8.5 7.8 6.2 8.4 14.1 12.6 12.5 Multilateral 11.5 12.6 12.1 13.4 12.5 11.5 12.0 15.0 14.0 17.8 Private Loans (net) 29.2 20.6 17.3 9.4 8.2 14.3 10.3 10.9 11.0 23.9 Conunercial Banks 20.1 15.6 7.0 2.0 1.0 8.0 4.8 (3.7) 2.3 3.0 Other Private 9.1 5.0 10.3 7.4 7.2 6.3 5.4 14.6 8.7 20.9 ForeignDirectlnveatment(FDI) 8.6 8.3 11.0 9.9 13.7 19.7 23.3 24.0 33.9 38.3 Aggregate Net Transfers (Long-Term) 14.1 (0.6) (3.4) (7.1) (7.3) (5.0) 3.0 23.0 28.7 49.9 Memorandum Iten: Private Grants 2.3 2.6 2.9 3.3 4.0 4.3 4.0 4.9 5.2 5.5 Net Use of IMF Credit 11.1 4.5 (0.2) (2.5) (5.8) (5.5) (2.3) 0.1 3.1 (0.2) Real Aggregate Net Resoumre Flows (Long-Term) (Import Unit Value Index) 64.8 57.4 60.6 56.8 60.7 67.8 71.7 89.2 95.9 112.7 Import Unit Value ndex 111.8 109.1 104.3 100.0 96.6 102.5 101.3 101.5 105.6 108.7 Notes &4Sources: Country Coverage: 116 low-and middle income countries; as covered in World Debt Tables, 1992-93. Loans: DRS; excludes short-term flows; FDI: IMF, balance of payments figures, which include reinvested profits. Official and private grants; OECD. Aggregate net transfers equals aggregate net resource flows less interest payments (DRS basis) and reinvested and remitted profits (IMF). Aggregate net resource flows excludes use of IMF credit. Import unit value index from IMF International Financial Statistics. p/ Projection. Table 3 DEBT OVVED TO MULTILATERAL INSTIlUTIONS (In millions of USS) 1985 1986 1987 1938 1989 1990 1991 Clams By Creditors IBRD 50,707 68,345 89,096 84 266 84,719 95,896 100,337 MDA 24,213 28,008 33,305 36,119 39,284 45,005 49,594 IOA 40,302 42,575 42,797 35,057 31,943 34,513 37,983 IDB 12,064 14,809 17,812 18,116 19,185 21,725 22,894 ASDB 5,940 6,736 7,564 8,847 10,329 15,510 18,323 AFDB 1,174 1,579 2 265 2,699 3 525 4,834 6,076 Other 14,413 18,091 22,780 23,332 25,338 27,145 29,495 Total Debt Owed 148,814 180,142 215,620 208,437 214,324 244,627 264,702 Liabilities By Debtor Africa, South of the Sahara 23,375 28,478 35,618 36,034 37,903 43,717 46,987 |Eat Asia & Pacific 23,694 29,232 35,033 33,310 34,316 39,291 42,170 Europe & Central Asia 17,851 21,499 24,893 21,013 19,241 21,737 27,113 Latin America & the Caribbean 45,592 57,267 69,879 67,119 67,839 78,253 79,667 North Africa & the Middle East 10,981 13,393 16,518 16,302 17,732 17,826 19 213 South Asia 27,320 30,272 33,679 34,658 37,293 43,802 49,552 Low Incone Asia 28,719 33,249 37,797 39,550 43,163 50,635 57,446 Low Incom Africa 18,143 22,121 27,568 28,167 30,031 34,738 37,486 Oil Exportcrs 23,558 31,377 41,238 42,059 46,577 57,085 61,736 Middle Income Oil lmporTers 80,659 97,748 115,583 104,648 100,824 108,852 113,465 Eastern Europe 9,309 10,854 11,619 9,054 7,271 8,296 13,007 Severely Indebted Middle-Income Countries 39,934 S0,620 62,260 59,496 59,440 67,708 70,284 Algeria 582 912 1,207 1,397 2,223 2,755 3,712 Angola 28 34 46 50 53 56 97 Argentina 4,324 5,416 8,082 7,706 7,461 8,090 7,898 I tBolivia 806 1,134 1,290 1,500 1,692 1,849 1,963 Brazil 11,977 14,528 16,287 14,746 13,511 13,206 12,305 Bulgaria 420 471 432 521 539 552 962 Congo 342 408 521 572 552 583 579 Cote d'lvoire 1,872 2,212 2,858 2,652 2 532 3,127 3,303 Ecuador 1,183 1,894 2,338 2,347 2,289 2,392 2,417 Jaadica 1,443 1,584 1,837 1,575 1,485 1,532 1,583 Jordan 481 626 823 791 885 1,037 1,031 Mexico 8,986 12,237 15,543 15,137 15,843 20,854 22,240 Morocco 3,209 3,803 4,708 4,557 4,759 5,331 5,638 Panama 1,071 1,308 1,427 1,345 1,317 1,293 1,172 Peru 2,045 2,395 2,981 2,853 2,781 2 949 2,604 Poland 635 932 924 749 496& 1,032 1,731 Syria 531 727 954 997 1,014 1,069 1,048 Severely Indebted Low-lncomte Countries 22,720 26,860 32,815 33,048 34,789 37,537 39,405 Moderately Indebted Low-Income Countries 35145 40,335 47,775 49,889 53,990 63-158 71020 Moderately Indebted Middle-Income Countries 24,626 31,075 38,144 37 272 38,883 46,657 51,388 Other Selected Countries 58,614 70,201 80,742 76,171 77,248 87,202 94,005 Chile 1/ 2,620 3,625 4,683 4,713 4,820 5,299 5,273 China 1,324 2,882 4,008 4,766 5,669 6,545 7,527 Colomnbia 1/ 3,409 4,561 5,773 5,613 5,651 6,103 6,158 Egypt 3/ 4,079 4,606 5,560 5,363 5,434 3,868 3,467 Itiingarv 1/ 1,392 1,892 2,044 2,314 2,298 2,885 4,601 India 2 17,232 19,036 20,611 20,634 21,230 24,407 27,443 Korea 6,103 6,862 6,406 4,572 3,851 3,794 3,590 Malaysia 1,312 1,344 1,576 1,472 1,461 1,812 1,942 Nigeria 1,431 2,234 3,062 2,849 3,173 3,733 4,010 Philippines I/ 4,660 5,464 6,279 5,871 6,161 7,187 7,757 Thailand 4,218 4,849 5,404 4,308 3,599 3,722 3,544 Turkey 11 6,273 7,793 9,766 9,105 8,673 9,637 10,142 Venezuela 1/ 105 98 161 297 1 558 4 651 5,459 Yugoslavia 4,458 4,956 5,409 4,297 3,669 3,559 3,091 1/ Also included ,o Modeiately Ludibied Middle-income Countries. 2/ Also included in Moderately Indebted Low-Income Countries. 3/ Also included in Severely Indebted Low-Income Countries. --- W-. 0-T_p, _- T F,.p --nn-}stR Table 4 BANK AND TRADE-RELATED NON-BANK CLAIMS (in illdionts of US$) ------------------------1992Q2--- Total Bank Guaran- Trade- 1986 1987 1988 1989 1990 1991 Claims teed Related Claims Non- Bank Claims AM Developinig Coijutries 739,719 796,025 774,168 774,066 821,486 845,779 868,986 726,075 104,523 142,911 By Geographic Regiou Africa, South of the Sahara 66,360 73,869 71,418 69,304 77,294 75,393 75,776 53,098 10,137 22,678 East Asia & Pacific 130,413 141.442 140,123 138,457 167,383 191,478 195,892 177,774 10,261 18,118 Europe & Central Asia 133,630 151 211 147,414 159,746 187,122 190,774 196 181 167,329 32 246 28 ,52 Laiii America & the Caribbean 277,597 284 858 272,355 258,312 238,612 241,016 246,871 212,497 19,415 34,374 North Afiica & the Middle East 117.295 126.604 123,153 126,752 128,586 126,I83 131,920 96,684 27 708 35,236 South Asia 14,424 18,041 19,705 21,495 22,489 20,935 22,346 18,693 4,756 3,653 Severely hIclebted Middle-lincomue Coutitries */ 295,743 317,311 300,460 291,080 286,585 290,939 293,884 244,150 32,063 49,734 Algeria 19,355 21.158 19,860 20,285 21,014 21,384 20,828 17,970 10,939 2,858 Angola 1,321 1 569 1,665 2,16S 2,370 2,668 2,741 1 861 652 880 Aroentina 35,482 39;092 38,693 35,787 34,475 35,918 36,598 31,313 1,743 5,285 BOfivia 840 813 716 453 463 513 674 412 44 262 Brazil 88,827 88,802 83,978 77,887 76,167 70,749 73,181 63,129 2,699 10,052 Bulgaria 4,864 6,188 7,703 8,324 9,348 8,903 8 481 7 848 564 633 Congo 1,632 1,743 1,645 1,537 1,724 1;614 1,615 1,048 211 567 Cote d'lvoirc 4.048 4.245 4.122 4.186 4,379 4,046 4,019 2,790 250 1,229 Ecuador 5,824 5;745 5.528 5,202 4,773 4,46S 4,418 3,859 384 559 Jamaica 750 791 X07 983 975 737 740 418 139 322 Jordan 2,307 3,011 3,157 3,217 3,657 3,198 3,273 2,582 1,075 691 Mexico 79,289 82,244 75.036 75,507 62,684 72,323 72,900 65,179 9,258 7,721 Morocco 6,797 7,557 7,200 7,201 8,002 8,019 8,010 5,522 1,934 2,488 Panama 17,956 23,233 21,706 20,006 22,X55 22.917 22,643 22,476 170 167 Penu 6,366 6,412 6,486 5,967 6,179 6 141 6,047 3,412 377 2,635 Poland 18,556 23,076 20,789 21,044 26,301 26,281 26,738 13,591 1,598 13,147 Syria 1,529 1,632 1,369 1,326 1,219 1,063 978 740 26 238 Severely Iudebted Lost-Income Couiiitries / 50,985 58,240 57,129 55,583 57,373 55,263 55,564 33,485 5,984 22,079 Moderately Indebted Low-lucoine Coutitries I/ 38 308 44,594 45,589 48,828 59,439 61,721 63,811 54,376 8,333 9,435 Moderately Indebted Middle-lecoose Countries */ 139,097 148,926 147,001 149,112 157,935 155,940 160 ,802 142,292 33,243 18,510 Other Selected Countries 216,921 230,174 227,770 220,752 234,709 246.518 253,141 216,070 25,875 37,071 Chile 1/ 14,603 13,476 11,548 9,880 9,823 8,879 9,650 9,030 591 620 China 15,617 20,649 27,631 26,682 34,430 41,420 40,495 36,927 2,963 3,568 Colombia 1/ 8,466 8,965 9,255 8,841 8,889 7,404 8,308 6,550 1,182 1,758 Egypt 3/ 15,779 18,172 17,642 18,689 14,224 13,251 13,121 5,839 1,751 7,282 Hungaryl/ 10,445 12,807 11,815 12,219 12,359 111143 10,482 9,869 831 613 India 21 9,672 12,849 14,342 15,950 15,640 14,801 16,116 13,799 2,914 2,317 Korea 38,873 33,259 31,480 31,503 36,216 41,455 43 669 41,232 1,208 2,437 Malaysia 13,349 12.340 10,037 9,141 9,252 9,980 10,475 9.756 611 719 Niyeria 3/ 13,024 14,950 13,627 11,865 12,796 12,206 11,312 5,178 2,057 6,134 Phili pines I/ 16,306 16,47t 14.507 11,914 11,969 11,224 10,419 7,819 765 2.600 Thailand 8,781 10.450 10,559 12,376 18,035 24,197 27,241 25,058 869 2,183 Turkey I/ .13,596 17,114 16:630 16,705 22,230 22,757 24 187 20,927 6,811 3 260 Venezuela I/ 25 832 25,923 27,347 25,240 19,032 19,466 20,136 18,894 2 046 1,242 Yugoslavia 12,578 12,749 11,350 9,747 9,814 8,335 7,530 5,192 1,276 2,338 Offshore Banking Centers 66,113 76,720 78,778 89,226 116,422 121,171 129,612 127,627 4 186 1,985 Oil Exporters 145,413 156,482 157,457 166,227 175,652 182,054 185,458 150,798 39,895 34,660 DRS Reportes 107,813 115,280 115,496 122,416 132,264 137,565 141,271 116,963 37,253 24,308 DRS Relporting Couutries 651,387 698,180 677,505 673,370 718,257 745,456 763,980 642,577 91,825 121,403 1 DRS Reporters. I/ Also inicluded in Moderately Indebled Middle-Income Countlies. 2/ Also included in Moderately Indebted LoW-In1come CouLntries. 3/ Also included in Severely Indebted Low-income CoUu,ines. Source: OECD/BIS, Statistics on External Indebtedness. Table 5 a' COMMERCIAL BANKS CLAIMS ON DEVELOPINC COUNTRIES (il mlIlions of USS) Claims Liabilities Exchange-Rate Adjusted Flows 1991 1992Q1 1992Q2 1992Q3 1991 1992Q1 1992Q2 1992Q3 1992Q1 1992Q2 1992Q3 AU Developing Countries 696,652 691,226 719,910 746,881 680,787 653,840 671,082 687,403 10,347 12,869 12,872 By Geograpbic Reeo Africa, South ofthie Sahara 52,494 51-630 53,915 55,395 42,928 41,759 43,982 .43,742 532 923 472 East Asia & Pacific 174,109 174,080 177,816 190,582 146,858 138 .014 140,729 152 037 2,258 1,379 10,926 Europe&Central Asia 156,834 152,397 163,817 172,082 81.519 82,356 89,725 98512 2792 4,520 1,205 I Lati,America&theCaribbean 212,922 213.516 215,754 219,461 144,419 140.584 137,769 137,849 3,364 (412) 1,384 Nortb Africa &t the Middle East 79,921 79,486 86 806 86 639 218 518 206,920 213,758 209 417 1,246 5,204 (I,717) South Asia 20,372 20,117 21,802 22722 46545 44,207 45,119 45846 155 1,255 602 Severely Indebted Middle-Incomile Cotuintries 01 245,873 243,591 247,383 250,890 154,402 149,148 150,140 152,950 2,545 (812) (715) Algeria 15,016 14,379 14,796 14,982 3,353 2,903 3,224 3,421 25 (243) (294) Angola 1 623 1,504 1,702 1,887 478 647 810 658 (101) 181 172 Argentinia 31,282 30,581 31,388 32,050 20,948 20.117 19,248 18,444 (154) 291 167 Bolivia 260 310 409 378 870 772 754 775 55 96 (36) Brazil 61,428 61,684 63,211 63,474 24,372 23,670 23,805 23,332 1,142 691 (574) Bulgaria 8,196 7,664 7,801 8,327 * 1.027 1,128 1,265 1,425 (133) (228) 121 Congo 1,093 977 1,033 1,082 327 318 366 377 (89) 26 23 I Cote d'lvoirc 2,765 2,513 2,725 2,834 1,875 1,769 2,177 2,215 (105) 55 (56) Ecuador 3,919 3,687 3,726 3,676 2,805 2,631 2,496 2,407 (184) (2) (86) Jamaica 421 417 416 417 611 577 579 583 1 (4) 1 Jordan 2,183 2,065 2,101 2,149 7,018 7,163 7,194 7,382 * (41) (45) 22 Mexico 65,064 67,208 65,158 65 921 28, 170 27,888 25,863 27,280 2,639 (2,565) 380 Morocco 59416 5,278 5,530 5 466 4.404 4.704 5,099 5,464 16 99 (197) Panama 29 123 28 364 29,728 29,439 44,253 41.361 42,740 43,233 (206) 869 (680) l Peru 3,644 3,34 3 3 403 3,483 3,658 3.522 3,781 3,846 (229) 1 33 Poland 13,622 12,836 13,515 14,554 5,137 5,023 5,586 6 717 (66) 17 273 Syria 818 779 741 771 5,096 4,955 5,153 5,391 (25) (51) 16 Severely Indebted Low-Income Cuikitries O/ 33,087 31,553 33,334 33,034 50,508 49,078 51,179 52,790 (639) 962 (877) Moderately Indebted Low-licomile Countries / 51,314 51,063 53,113 54 925 31 304 31 343 32 507 33 483 615 1,174 1 159 Moderately Indebted Middle-lIucokle Colulitnies 1 133,397 129,483 137,243 144,846 85,518 84,316 87 100 91,722 888 3,128 2,982 Other Selected Countries 206,393 201,985 211,169 222,247 174,252 171.673 178,411 190,938 (338) 5,195 7,796 Chile 1/ 8,038 8.042 8,905 9,475 6,607 6.214 6.262 6,655 109 758 518 China 37,107 35,337 36,836 39,433 46,843 46,797 47,160 48,308 (1,136) 794 2,069 Colombia I/ 6,610 6,444 6,611 7 048 8.838 8.938 8,707 8,972 (64) 73 386 Egypt 3/ 5,773 5,051 5,600 5,088 20,458 20,520 21,381 23,104 (447) 275 (723) Hungary 11 10,506 9,660 9,856 10,000 3,742 4,003 4,229 4,022 (327) (277) (355) India 2/ 12,457 12.336 13,691 14,305 10.058 10,488 10,891 10,723 165 1.060 396 Korea 39,155 40,576 41.238 43,477 10,482 11,337 12.242 14,000 1,874 160 1,856 Malaysia 9,166 9.093 9,752 11,982 9,521 7;185 8,482 14,679 III 492 2,110 Nigeria 3/ 5,808 4,980 5.212 5,378 5,431 5,169 5,427 5,195 (610) 69 44 Philippines I/ 8,751 8,314 7,788 7,427 4,849 4.305 4,740 5,015 (307) (653) (437) Thailand 22,705 23.018 24,970 26,757 5,454 56173 5,570 5,579 507 1,779 1,616 Turkey I/ 16 250 15.338 16,779 17 732 12.062 12,617 14,552 15,580 (367) 936 423 Venezuela 1/ 18,276 18.456 8fI618 18,867 24.859 24.319 24,188 23,686 379 (37) 90 Yugoslavia 5,791 5,340 5,313 5,278 5,048 4,608 4,580 5,420 (225) (234) (197) Offshore Banking Centers 1,077,896 1,057,226 1.043,580 1,051,25 1,014,574 992,446 965,964 962,810 6,210 (39,899) (6,612) Oil Expoters 141,106 136.576 147,307 152,884 194.017 182,007 186,809 181,743 233 5,987 1,197 DRSReportes 107,175 105,048 112,691 119,218 54,739 52,619 53,743 56,197 2,219 3,313 2'420 D)RS Reportiig Cnutkitries 766,198 757,032 775,486 775,193 602,0018 592,115 605,522 599,901 6,264 3,387 (13,863) / DRS Repoilers. I/ Also included in Moderately Indebted Middle-Income Countries. 2/ Also included in Moderately Indebted Low-Income Countries. 3/ Also incitided in Severely Indebted Low-income Countries. Source: Bank for interisational Settlements, International Banking and Finiancial Market Developments. Table 6 MATURITY DISTRIBUTION OF BANK CLAIMS ON DEVELOPING COUNTRIES (in mnibijois of USs) ------------1992Q2 - ------------ Un- Estimated Short- 1988 1989 1990 1991 > I yr & allocated Short- Term| Total < I yr < 2 yrs > 2 yrs Term (% of Total) All Developing Countries 560,056 557,933 580,152 600,573 616,813 287,900 52,929 250,554 25,430 238,349 39 By Greographic Region Africa, South of the Sahara 47,777 46.363 47,790 45,454 45,769 21,041 5,196 17,680 1,852 15,914 35 East Asia & Pacific 101,761 103.229 119.283 142.099 143.757 87.792 9 779 39,071 7.115 77,740 54 ELirope & Centril Asia 117.372 127,502 147,556 152,775 156,318 55,341 19,153 74,768 7,056 39,003 25 Latin America & the Caiihbean 219.438 204.105 185,509 180.986 185.725 80.412 11,103 87,943 6.267 70,395 38 Noinh Afi-ica & the Middle East 61,477 63.801 63,630 64,564 70,399 37,570 6,636 24,494 1,699 30,569 43 South Asia 12,231 12,933 16,384 14,695 14,845 5,744 1,062 6,598 1,441 4,728 32 Severely Itdebted Middle-Incoine Cotiitties I/ 229,680 222,052 209,909 209,437 212,843 96,148 16,280 94,305 6,110 81,010 38 Algeria 14,031 14,168 15,183 15,496 15,512 5,216 3,162 6,726 408 2,039 13 Angola 945 1.339 1,497 1,518 1,678 994 199 462 23 734 44 Arientina 32,448 27 054 26,106 26,784 27,982 12,160 1,084 14,063 675 11,204 40 Bolivia 341 284 230 209 225 167 12 37 9 146 65 Brazil 63,861 61.012 55.457 49,074 51 215 24,159 6,251 19,533 1,272 18,900 37 Bulgaria 6.780 7,803 8,704 8,383 8 086 4,796 827 2,259 204 3,997 49 Congo 999 868 841 800 803 376 101 322 4 281 35 Cote d'lvoire 3,257 3,252 3,083 2,721 2,647 2,175 117 289 66 1,968 74 Ecuador 4,545 4.064 3,586 3,425 3,236 1.603 182 1,308 143 1,373 42 Jamaica 485 485 489 453 427 160 47 176 44 128 30 Jordan 0 2.021 2.271 2,034 1,772 835 165 750 22 599 34 Mexico 62,760 59,747 50,396 55,363 55,373 23,252 1,448 28,312 2,361 21,657 39 Morocco 4,592 4,596 4,851 5,122 5,159 1.526 411 3,209 13 1,041 20 Panama 20,633 21,537 21,558 21,270 22,204 12,324 1,170 8,176 534 11,305 Si Peru 3,694 3,136 2,964 2,906 2,747 1,920 131 575 121 1,814 66 Poland 10,309 10,049 12.187 13,248 13,209 4,149 883 7,969 208 3,569 27 Syria 0 637 506 631 568 336 90 139 3 255 45 Severely Iidebted Low-Inicoue Counltries / 29,058 27,102 27,786 26,810 27,078 12,716 2,245 11,183 934 10,455 39 Moderately Indebted Low-Inconie CCouintries / 30 925 32 500 40,464 41,899 42,196 21,679 4,256 14,398 1 863 17 437 41 Moderately lndebted Middle-lurcoue Coiniltries 122,459 124,401 131,336 129,534 131,476 39,706 15,766 71,167 4,837 26990 21 Other Selected Countries 164,681 162,585 173.746 182,870 183,507 86.923 12,204 74,977 9,403 74,746 41 Chile 1/ 11,038 9,329 8,901 8,035 8.898 3,797 386 4,579 136 3,474 39 China 16,652 17,983 22,273 26,749 24,924 9,592 2,161 12,093 1,078 7,544 30 Colombia 1/ 6,554 6,299 6,353 6,260 6,297 2,156 541 3,418 182 1 662 26 Egypt 3/ 6,138 6,087 5,967 5,499 5.490 3,130 585 1,738 37 2,520 46 Htinary I/ 11,720 11,953 12,153 10.758 9,902 2,360 1,148 5,572 822 1,294 13 India2/ 9,318 10,579 12,149 11,090 11,133 3,733 829 5,897 674 2,863 26 Korea 21,482 23,306 28,744 34,254 36,889 26,045 2,010 6,763 2.071 24 147 65 Malaysia 8,353 7,825 7,266 7,890 7,722 3,168 498 2,970 1,086 2,616 34 Nigeria 3/ 8,992 7,307 6.353 5,523 4,635 1,701 301 2,455 178 1,302 28 Philippines I/ 11,573 9,645 9,337 8,763 7,114 2.867 304 3,491 452 2,514 35 Thailand 8.338 10,591 13,569 19.500 21,372 14,659 1,083 4,779 851 13,384 63 Turkey I/ 10,690 10,918 14,731 15,093 15,237 7,328 1,383 5,421 1,105 5,906 39 Venezuela I/ 25,004 23,094 18,983 17,747 18,731 5,013 542 12 484 692 4,527 24 Yugoslavia 8,829 7,669 6,967 5,709 5,163 1,374 433 3,317 39 993 19 OlTshore Banking Ceniters 358,883 396,825 453,039 459,164 475,173 390,550 12,550 58,320 13,753 378,154 80 Oil Exporters 111,190 117,648 120.038 123,783 129,111 45.878 16,948 63,026 3,259 31,568 24 DRSRepornes 91,102 95,893 101,335 104,717 109,418 33,722 15,523 57,433 2,740 20,572 19 DRS Reporting Conitries 518,363 517,320 539,148 560,928 572,967 266,711 49,685 235,140 21,431 221,821 39 1/ DRS Reporting Countries e > 1/ Also included in Moderately Indebted Middle-income Countries. -..j 2/ Also included in Moderately Indebted Low-Income Couintries. 3/ Also included in Scverely Indebted Low-bicomile Countries. Source: Bank for International Settlements, The Matmritv and Sectoral Distribution of International Bank Lending. 0o Table 7a U.S. COMMERCIAL BANK CLAIMS ON DEVELOPING COUNTRIES */ (in millions of US$) 1984 1985 1986 1987 1988 1989 1990 1991 1992Q1 1992Q2 1992Q3 I All Developing Countries 147,851 134,207 118,459 110,811 93,014 82,182 71,774 66,999 69,161 69,207 71,359 By Geographik Re 'on Africa, South of e Sahara 10,376 7,708 2,896 5,606 2,212 4,500 3,586 3,080 2,887 2,871 2,871 East Asia & Pacific 26,728 23,068 19,331 16,665 13,721 13,111 12,793 12,837 13,144 13,168 14,230 Europe & Central Asia 10 889 10,212 8 410 7,656 6,634 5,799 5,893 5,103 4,603 4,819 4,665 Latin America & the Caribbean 87,165 82,396 78,945 74,670 64,701 53,233 44,292 41,112 42,893 42,264 43,835 North Africa & the Middle East 10,820 8,682 7,235 4,723 4,509 4,264 4,212 4,101 4,678 5,122 4,865 South Asia 1,873 2,141 1,642 1,491 1,237 1,275 998 766 956 963 893 Severely Indebted Middle-Income Countries */ 70,178 66,268 63,470 59,218 50,703 40,892 33,532 30,230 31,593 30,803 32,062 Algeria 1,020 829 848 130 646 528 552 499 497 532 497 Angola Argentina 7,975 8,411 8,524 8,812 7,879 4,500 3,497 3,813 4,251 4,502 5,159 212 113 96 66 38 10 8 11 10 13 11 Brazil 23,869 22,796 22,404 21,275 19,391 16,284 11,444 6,897 7,174 7,049 6,714 Bulgaria 100 114 112 88 151 76 57 70 67 48 51 Congo Cote d'lvoire 471 358 365 363 311 213 76 35 34 27 16 Ecuador 2,144 2,143 2,170 1,919 1,519 1,029 689 500 501 476 513 Jamaica 330 261 205 160 188 152 162 154 154 145 144 Jordan 214 166 154 167 162 118 152 120 111 114 94 Mexico 26,525 24,934 23,654 22,722 17,887 16,060 15,212 16,516 17,249 16,323 17,223 Morocco 911 905 892 820 727 618 575 549 505 498 457 Panama 3,313 3,002 2,191 1,359 964 735 689 641 607 700 769 Peru 2,357 1,654 1,344 901 518 215 116 140 167 153 161 Poland 693 550 469 386 289 313 280 267 250 210 242 Syria 44 32 42 50 33 41 23 18 16 13 11 Severely Indebted Low-lncome Countries *I 5,685 4,197 3,324 2,519 1,836 1,806 1,167 1,093 911 1,104 1,009 Moderately Indebted Low-Income Countries *I 4,424 4,007 3,550 2,749 2,118 2,113 2,088 2,104 2,407 2,463 2,701 Moderately Indebted Middle-lIcome Countries *I 31,710 30,105 27,582 25,700 23,322 19,775 17,932 17,672 17,448 17,851 17,964 Other Selected Countries 49,422 45,645 38,207 33,372 30,410 26,692 26,016 24,054 23,751 24,034 24,617 Chile 1/ 6,697 6,569 6,459 5,999 5,044 3,945 3,085 2,730 3,015 3,029 3,061 China 878 573 491 439 376 342 340 344 329 310 347 Colombia 1/ 2,967 2,625 2,148 2,068 2,117 1,921 1,882 1,742 1,697 1,658 1,805 Egypt 3/ 1,284 996 651 437 293 189 195 205 179 246 175 Hungary 1/ 765 606 346 380 319 247 202 357 257 262 249 India 2/ 755 935 999 989 817 831 676 315 401 469 412 Korea 9,956 9,165 5,997 3,849 3,857 3,972 4,293 3,799 3,818 3,771 4,230 Malaysia 1,726 1,087 741 477 423 324 345 513 518 501 546 Nigeria 3/ 1,539 1,199 903 901 817 694 522 476 353 317 303 Philippines 1/ 5,454 5,418 5,107 4,674 3,993 3,233 3 197 3 005 2,856 2 811 2,709 Thailand 2,191 1,877 1,114 816 943 1,002 1,383 1,558 1,621 1,603 1,796 Turkey 1/ 2,018 2,106 2,074 2,108 1,539 1.188 1,528 1,331 1,125 1,347 1,362 Venezuela 1/ 10.813 10,091 9,112 8 320 8,001 7 149 6,440 6,806 6,806 7,058 6,990 Yugoslavia 2,379 2.398 2,065 1,915 1,871 1,655 1,928 873 776 652 632 Offshore Banking Centers 38,784 34,176 32,339 32,294 29,012 27,840 23,731 26,099 26,290 28,585 25,304 Oil Exporters 17,560 15,268 13,215 11,059 11,396 10,460 9,252 10,010 9 917 10,330 10,004 DRS Reportes 13,764 12,445 11,277 9,720 10,123 8,996 7,861 8,362 8,248 8,492 8,208 DRS Reporting Cotmtries 138,308 127,256 114,356 103,2?4 89,505 76,165 67,010 63,913 65,293 65,494 66,695 1 Consolidated claims of U.S. banks and their worldwide operations. */ DRS Reporters. 1/ Also included in Moderately Indebted Middle-Income Countries. 2/ Also inuluded in Moderately Indebted Low-illeme ; uouniries. 3/ Also included in Severely Indebted Low-Income Countries. Source: Federal Financial Institutions Examinations Council, U.S. Country Exposure Lending Survey. Table 7b CLAIMS ON DEVELOPING COUNTRIES OF BANKS IN THE UNITED STATES */ (in millions of US$) 1986 1987 1988 1989 1990 1991Q2 1991Q3 1991Q4 1992Q1 1992Q2 1992Q3 All Developing Countries 128,974 125,832 126,759 118,256 92,423 90,120 85,283 87,893 88,368 87,039 88,801 By Geographic Re on Afrca, South of t Sahara 3,003 2,892 3,273 3,252 3,265 3,414 3,343 2,959 2,989 2,709 2,759 East Asia & Pacific 15,469 14,635 14,181 12,795 12,937 14,136 12,685 14,335 14,369 13,552 14,428 Europe & Central Asia 7,230 5,894 7,142 7,779 7,444 8,555 7,932 8,748 9,060 9,492 9,903 Latin America & the Caribbean 98,369 97,479 91,469 82,589 56,737 52,365 49,776 50,433 50,773 50,043 51,263 North Africa & the Middle East 4,228 4,096 9,284 9,669 9,617 9,375 9,079 9,299 8,820 8,933 8,344 South Asia 675 836 1,410 2,172 2,423 2,275 2,468 2,119 2,357 2,310 2 104 Severely Indebted Middle-Income Countries *1 81,530 80,720 73,148 65,401 47,890 44,940 41,853 43,005 43,056 42,546 41,945 Algeria . Angola 100 85 73 60 106 127 91 23 Argentina 12,495 12,520 12,322 9,790 7,506 6,617 6,166 6,311 6,117 5,720 4,879 Bolivia 139 134 110 30 55 49 . 53 51 Brazil 26,086 26,447 26,348 24,256 18,956 16,250 12,823 12,856 13,302 12,812 12,042 Bulgaria 42 48 68 98 83 92 66 119 49 29 2.4 Congo Cot d'Ivoire 110' 134' 178' 113' 60' 59' 48' 51, Ecuador 2,536 2,410 2,210 1,768 1,479 1,433 1,203 1,156 1,078 1,009 961 Jamaica 207 195 220 303 242 194 155 162 156 152 163 Jordan 148 135 151 175 214 193 174 139 Mexico 31,367 31,034 26,852 24,997 15,784 16,272 17,681 17,983 18,391 18,228 19,728 Morocco 624 560 525 730 735 805 802 841 801 774 714 Panama 5,746 5,370 2,787 1,985 1,709 1,632 1,765 1,954 2,017 2,358 2,103 Peru 1,689 1,357 1,036 793 698 756 740 763 668 745 864 Poland 189 239 232 258 212 431 424 467 447 423 447 Syria 52 52 36 45 5 1 30 28 27 30 32 20 Severely Indebted Low-Income Countries *I 1,691 1,696 1,686 1,817 1,578 1,468 1,347 1,440 1,404 1,521 1,205 Moderately Indebted Low-Income Countries 1,477 1,518 1,878 2,658 3,155 2,819 2,610 2,896 2,757 2,687 2,550 Moderately Indebted Middle-Incorme Countries **/ 27,890 7,474 28,335 26,094 16 827 16,561 16,317 17,771 17 ,184 18,622 19,539 Other Selected Countries 37,503 34,749 34,461 32,892 25,272 25,336 24,334 24,802 24,419 24 064 25 671 Chile 1/ 6,656 6,492 5,466 4,696 3,567 3,184 3,004 3,088 3,088 3,540 3,631 China 834 1,058 824 703 643 1,052 683 761 734 709 667 Colombia 1/ 2,967 2,898 3,146 2,917 3,037 2,793 2,868 2,858 2,778 2,747 2,892 Egypt 3/ 598 546 527 ~~~~ ~~~~ ~~~~~~~508 35329 331 305 279 264 265 ungr 1/515 472 377 384 190 172 165 125 94 91 104 India 2/ 388 574 600 669 711 530 575 524 553 484 544 Korea 7,586 5,261 5,304 5,422 5,931 6,129 5,365 6,191 6,551 6,012 6,351 Malaysia 398 135 130 477 337 273 425 270 324 224 311 Nigeria 3/ Phili pines 1/ 2,234 2,088 1,897 1,347 1,279 1 536 1 726 2,004 1,923 1,738 1,941 T'hailand 649 642 925 1,185 1,624 2,051 2,015 1,786 1,663 1,827 1,880 Turkey 1/ 1 578 1,767 2,797 3,024 3,429 3 695 3 377 3,1068 2,956 3,029 3,027 Venezuela 1/ 11,192 1, 088 11,050 10 210 2,932 2,618 2,958 2,958 2 626 2 657 3,344 Yugoslavia 1,908 1,728 1,418 1,350 1,197 974 842 864 850 742 714 Oiffshore Banking Centers 136,845 147,781 156.573 192,361 227,994 245,247 249,546 243 204 250,045 233,756 204,988 Oil Exporters 12,741 12,997 14,295 13,501 5,521 5,484 5,838 6,800 6,856 7,294 8,088 DRSkReportes 11,874 11,809 12,676 11,813 3,986 4,105 4,523 5,469 5,667 6,110 7,000 DRS Reporting Countries 187,658 188,105 183,819 186,024 160,262 159,456 156,439 165,780 168,677 161,908 137,757 * All resident banks. 1/ Also included in Moderately Indebted Middle-Income Countries. 2/ Also included in Moderately Indebted Low-Income Countries. 3/ Also included in Severely Indebted Low-Income Countries. Source: U.S. Treasury Bulletin, Quarterly series. %D CD Table 8a UK COMMERCIAL BANK CLAIMS ON DEVELOPING COUNTRIES */ (in millions of US$) 1984 1985 1986 1987 1988 1989Q2 1989Q4 1990Q2 1990Q4 1991Q2 AR Developing Countries 68,324 69,256 69,831 69,553 64,519 60,610 56,419 50,857 48,975 45,189 By Geographic Regon Africa, South ofe Sahara 11.311 10,519 10,297 10,794 9,908 8,994 8,251 8,731 8,001 7,430 East Asia & Pacific 9,223 8,995 8,476 7,579 6,493 6,358 5,423 5,413 5,657 5,888 Europe & Central Asia 10.614 11,953 12,074 11,710 11,770 10,996 11,210 11,150 10,780 9,574 Latin America & the Caribbean 30.083 30,101 30,880 30,714 27,304 26,266 23,623 18,046 16,856 16,271 North Africa & the Middle East 6,233 6,401 6,367 6,816 7,241 6,439 6,338 6,044 5 981 4,508 South Asia 860 1,287 1,737 1.940 1,803 1,557 1,574 1,473 1,700 1,518 Severely Indebted Middle-Income Cotuntries *'/ 27,590 27,766 28,959 29,712 26,662 25,655 24,132 18,851 17,725 16,695 Algeria 658 633 823 832 812 747 784 750 760 655 Angola 51 77 96 74 58 42 32 26 33 31 Arrentina 3,394 3,677 4,110 4,206 4,108 3,868 3,343 2,625 2,352 2,244 Bolivia 124 94 99 109 33 33 26 26 8 0 Brazil 9,344 9,140 9,515 9,673 7,585 7,345 6,890 5,173 4,694 4,226 Bulgaria 208 434 457 411 575 508 532 467 473 209 Congo 57 71 91 85 69 42 39 28 37 37 Cote d'Ivoire 345 335 356 347 354 312 292 272 247 148 Ecuador 725 760 809 864 799 806 750 603 546 542 Jamaica 50 51 45 42 52 54 69 70 68 63 Jordan 154 159 193 300 387 352 376 328 382 355 Mexico 8.746 8,669 8,674 8,773 8,291 8,036 7,500 5,146 4,909 5,270 Morocco 361 385 421 425 374 445 447 412 401 308 Panama 1,429 1,379 1,319 1,523 1,356 1,325 1,325 1,193 1,191 1,143 Peru 708 649 663 670 588 533 464 429 276 295 Poland 1,146 1,136 1,119 1,276 1,132 1,125 1,182 1,226 1,279 1,107 Syria 90 117 169 102 89 82 81 77 69 62 Severely Indebted Low-Income Countries 5/ 5,497 5,692 5,518 5,897 5,413 4,784 4,232 4,386 3,804 3,269 Moderately Indebted Low-Income Countries *I 2,388 2,779 3,203 3,332 3,117 2,629 2,552 2,410 2,676 2,491 Moderatly Indebted Middle-Income Countries */ 12,020 12,906 13,188 12,244 12,047 11,673 10,582 10,049 9,572 8,669 Other Selected Countries 18,928 19,330 19,338 18,261 16,122 14,864 12,923 12,051 12,378 11,572 Chile 1/ 2,095 2,178 2,089 1,725 1,289 1,150 626 530 567 524 China 210 457 267 411 756 947 938 945 1,025 843 Colombia 1/ 786 756 794 715 743 722 785 657 643 546 Egypt 3/ 750 727 637 730 729 670 629 644 650 582 'unga 1/ 812 661 589 602 548 535 518 420 330 331 India 27 494 838 1,267 1,479 1,367 1,091 1,100 1,059 1,219 1,083 Korea 2,763 2,707 2,442 2.040 1,376 1,290 1,130 1,214 1,343 1,560 Malaysia 1,657 1,451 1,390 949 463 510 329 279 484 495 Niecria 3/ 2,394 2 495 2,818 2,981 2,452 1 936 1,704 1,507 1,065 741 PhTiipne 1 / 166 ,51 163 ,500 1,446 1,237 956 795 797 736 Thaliland 1'418 399 212 145 155 184 190 239 228 332 Turkey 1/ 406 636 887 944 826 814 892 959 1,142 1,156 Venezuela 1/ 2,771 2,690 2,642 2,625 2,625 2,685 2,212 2,039 2,140 2,056 Yugoslavia 1,696 1,804 1,681 1,415 1,347 1,093 914 764 745 587 Offshore Banking Centers 20,629 21,528 25,627 29,703 27,225 26,509 27,622 29,075 28,509 25,393 Oil Exporters 11,118 12,114 12,845 13,012 13,134 11,986 11,421 11,011 10,150 8,568 DRSReportes 9,141 10.195 10,910 10,779 10,668 9,991 9,318 9,034 8,066 7,050 DRS Reporting Countries 59,792 61,448 62,088 61,485 56,001 52,527 49,093 42,804 41,055 38,079 5/ Consolidated claims of UK banks and their worldwide operations **/ DRS Reporters 1/ Also included in Moderately Indebted Middle-Ineomne roiinties 2/ Also included in Moderately Indebted Low-Income Countries. 3/ Also included in Severely Indebted Low-Income Countries. Source: Bank of England , Ouarterlv Bulletin. table 8b DEVELOPING COUNTRY CLAIMS OF BANKS IN THE UNITED KINGDOM */ (in millions of US$) 1984 1985 1986 1987 1988 1989 1990Q2 1990Q3 1990Q4 1991Q1 1991Q2 All Developing Countries 96,640 108,444 110,909 111,884 103,736 106,231 102,522 102.470 102,545 97,152 94,644 By Geographi Reg*on Africa, South of e Sahara 19,022 19,644 19,195 18,414 16,765 14,526 14,872 14,874 13,936 13,467 12,737 East Asia & Pacific 10,057 11,656 11,307 12,168 10,558 9,787 11,431 11,434 11,875 12,314 12,106 Europe & Central Asia 22,978 28,863 31,345 33,495 33,127 34,311 33,378 33,322 32,568 29,431 27,836 Latin America & the Caribbean 37,360 39,872 40,117 38,350 34,346 30,901 25,274 25,274 26,431 26,540 27,690 North Africa & the Middle East 5,630 6 011 6,177 6 158 5,994 14,096 14,418 14 417 14,276 11,988 11,285 South Asia 1,593 2,398 2,768 3,299 2,946 2,610 3,149 3,149 3,459 3,412 2,990 Severely Indebted Middle-Income Countries **/ 40,565 43,910 46,776 44,543 38,583 35,626 30,274 30,274 30,626 30,282 30,582 Angola 86 131 151 91 61 205 192 192 173 155 169 Algeria 1,428 1,636 2,109 2,254 2,225 2 076 1 977 1,977 1,912 1,723 1,592 Argentina 3,786 4,479 5,087 5,175 5,123 4,239 3,283 3,283 3,029 2,900 2,815 Bolivia 140 118 112 120 38 30 12 12 11 12 10 Brazil 13,161 13,311 13,123 12,588 10,186 9,330 7,392 7,392 7,202 7 124 6 739 Bulgaria 275 741 1.055 1,388 1,837 1,978 1,750 1,750 1,637 1,408 1,220 Congo 93 105 124 126 88 48 31 31 19 16 14 Cote d'lvoire 507 527 518 482 499 484 384 384 391 284 269 Ecuador Jamaica 84 68 65 56 48 57 93 93 57 61 53 Jordan Mexico 12,002 12,976 13,012 12,739 11,831 11,225 9,491 9,491 10,584 11,722 12,990 Morocco Panama 6,177 6,679 8,225 6,237 3,780 3,179 2,973 2,973 2,955 2,454 2,418 Peru 532 642 630 631 548 466 322 322 323 304 291 Poland 2,167 2,338 2,366 2,511 2,210 2,211 2,289 2,289 2.250 2,051 1,928 Syria 127 159 199 145 109 98 85 85 83 68 74 Severely Indebted Low-Income Countries **i 8,721 9,228 8,404 8,843 8,675 6,985 7,279 7,281 6,849 6,730 5,921 Moderately Indebted Low-Income Countries **/ 3,030 3,936 4,387 4,927 4,718 3,850 4,331 4,334 4,700 4,613 4,183 Moderately Indebted Mfiddle-Income Countries *I 14,513 18,928 21,640 22,172 22,456 22,587 21,016 21,016 20,969 18,720 18,537 Other Selected Countries 25,186 29,270 28,933 29,010 26,799 23,818 24,973 24.973 25,443 24,198 23,724 Chile 1/ 2,234 2,545 2.350 2,004 1,396 802 751 751 817 831 800 China 247 1,392 632 590 1,070 1,246 1,650 1,650 1,805 1,690 1,632 Colombia 1/ 736 703 744 607 731 757 632 632 591 530 494 Egypt 3/ 1,380 1,327 955 964 888 880 859 859 841 1,159 772 kungary 1/ 1,793 2,359 2,589 3,003 2,684 2,647 2,150 2,150 2,004 1,839 1,823 India 2/ 839 1,348 1.757 2.271 2,023 1,692 2,004 2,004 2,258 2,234 1,862 Korea 2,981 3,438 3,518 3,554 3,001 2,988 3,702 3,702 3,960 3,832 4,131 Malaysia 2,233 2,265 2,345 1,913 1,522 1,179 1,321 1,321 1 309 1.241 1,239 Nigeria 3/ 3,465 3 850 4,113 4,587 4,036 3,079 2,694 2 694 2,347 2,125 1,859 Philippines I/ 1,625 1,481 1,622 1,424 1,324 958 1,242 1,242 1,167 1,116 1,065 Thailand 667 668 623 596 593 635 794 794 783 924 963 Turkey 1/ 749 1,440 1,817 2,009 1,939 2 398 3 338 3,338 3,322 3,132 3,273 Venezuela 1/ 3,290 3,460 3,143 3,076 3,214 2,863 2,457 2,457 2,990 2,431 2,794 Yugoslavia 2,947 2,994 2,725 2,412 2,378 1,694 1,379 1,379 1,249 1,114 1,017 Offshore Banking Centers 89,363 89,554 104,843 120,176 112,896 119,231 131,506 131,506 131,203 123,430 116,467 Oil Exporters 12,543 16,281 19,074 20,323 21,027 26,520 23 704 23,703 23,338 20,642 20,292 DRS Reportes 11,651 15,227 18,017 19,258 19,977 21,192 18,550 18,549 18,295 16,102 15,754 DRS Reporting Countries 99,404 108,240 112,798 113,129 106,188 103,086 99,562 99,566 100,502 95,475 92,558 */ All resident banks. */ DRS Reporters. 1/ Also included in Moderatelv Indebted Middle-Income Countries. 2/ Also included in Moderately Indebted Low-Income Countries. 3/ Also included in Severely Indebted Low-Income Countries. I-. Source: Bank of England , rte lvBulletin. I'-.) Table 9a GERMAN COMMERCIAL BANK CLAIMS ON DEVELOPING COUNTRE * (in millions of US$) 1986 1987 1988 1989 1990 1991Q2 1991Q3 1991Q4 1992Q1 1992Q2 1992Q3 AD Developing Countries 69,886 83,856 80,339 87,751 122,110 113,029 122,541 135,605 133,299 146,839 158,036 By Geographic Rion Africa, South of te Sahara 6,815 7,889 6,822 7,132 8,674 7,162 8,078 8,644 8,334 9,112 9,716 East Asia & Pacific 7,738 9,365 9,400 10,252 10,565 12,460 13,618 14,954 14,781 16,422 17,912 Europe & Central Asia 20,881 25,848 25,519 29,214 52,542 47,287 52,586 59,036 56,994 63,432 69,508 Latin America & the Caribbean 20,376 23,500 22,397 22,739 27,707 26,077 27,964 29,802 30,344 32,995 35,166 North Africa & the Middle East 9,474 11,521 10,911 12,081 13,950 12,698 12,859 14,559 14,519 15,961 16,242 South Asia 4,603 5,733 5,291 6,333 8,672 7,344 7,436 8,610 8,326 8,918 9,493 Severely Indebted Middle-Income Countries */ 24,958 29,065 27,851 28,503 33,565 32,207 34,611 37,352 36,918 39,904 42,959 Algeria 883 1,095 1,254 1,346 1,815 1,626 1,726 1,883 1,732 1,827 1,919 Angola 16 8 19 32 136 124 153 158 Argentina 3,682 4,476 4,716 4,767 6,099 5,648 5,925 6,422 6,564 7,178 7,602 Bolivia 124 145 136 163 218 205 231 270 254 281 312 Brazil 7,257 8,574 7,704 8,138 9,505 8,602 9,165 9 842 9,796 10,656 11,293 Bulgaria 1,010 1,340 1,681 1,892 2,185 2,367 2,503 2,685 2,459 2,619 2,905 Congo Cote d'lvoire 231 282 245 268 315 281 304 352 322 345 402 Ecuador 367 420 430 497 646 599 726 640 625 646 636 Jamaica Jordan 247 391 374 393 519 452 476 516 486 517 556 Mexico 3,909 4,145 3,725 3,256 3,353 3,270 3,587 3,882 4,141 4,278 4,896 Morocco 732 868 836 930 1,110 974 1,035 1,146 1,088 1,181 1,256 Panama 858 1,019 935 961 1,171 1,025 1,074 1,383 1,540 1,342 1,514 Peru 579 730 680 751 910 806 874 947 924 1,001 1,117 Poland 3,747 4,340 3,742 3,793 4,026 4,730 5,167 5,702 5,344 5,750 6,401 Syria 256 327 321 371 600 522 543 555 520 540 577 Severely Indebted Low-Income Countries DI 5,657 6,750 5,752 6,113 6,612 5,217 5,706 6,179 5,980 6,610 6,294 Moderately Indebted Low-Income Countries *I 7,123 8,667 8,022 9,210 10,886 9,100 9,938 11,402 10,837 11,580 12,410 Moderately Indebted Middle-lncome Countries *I 7,819 10,756 10,749 11,860 14,942 13,189 14,118 15,176 14,277 15,460 16,630 Other Selected Countries 19,241 23,867 22,917 25,338 29,780 28,432 30,899 33,416 31,974 35,158 37,567 Chile 1/ 1,014 1,048 941 1,007 1,388 1,156 1,093 1,166 1,250 1,439 1,587 China 786 1,236 1,820 1,746 2,146 1,936 2,272 2,324 2,490 3,005 3,108 Colombia 1/ 624 764 844 899 1,035 873 958 1,001 946 993 1,123 Egypt 3/ 1,810 2,309 2,129 2,424 2 993 2,599 2 847 3,121 2,939 3 352 3,046 lfingary 1/ 1,633 2,592 2,450 3,059 3 635 3,227 3,410 3,827 3,644 3,851 4 294 Idia 2! 2,972 3,684 3,409 4,306 5,120 4,508 4,931 5,292 5,137 5,556 5,961 Korea 1,320 1,182 1,154 1,543 938 2,579 2,955 3,224 3,218 3,534 3,837 Malaysia 663 740 648 659 686 596 689 872 840 989 1,100 Nigeria 3/ 1,785 1,803 1,273 1,068 1,283 1,046 1,057 1,059 797 863 904 Phflippines 1/ 612 570 472 436 400 377 438 461 445 426 453 Thailand 616 771 761 945 1,103 1,768 1,939 2,184 2,148 2,320 2,657 Turkey 1/ 3,027 4,561 4,777 5,067 6 594 5,814 6,228 6,824 6 234 6,832 7 348 Venezuela 1/ 2,123 2,254 2,318 2,262 2,188 1,956 2,127 2 319 2,445 2,876 2,901 Yugoslavia 2,378 2,606 2,238 2,179 2,461 1,953 2,082 2,062 1,886 1,999 2,149 Offshore Banking Centers 27,863 38,641 39,861 46,144 55,147 55,078 58,205 64,390 64,213 61 149 65,082 Oil Exporters 12,257 13,670 13,676 15,765 24,062 29,320 32,293 36,898 36,244 40,675 44,037 DRSReportes 10,107 10,964 11,135 12,900 21,564 26,714 30,066 34,686 34,147 38,616 41,991 DRS Reporting Countries 58,499 70,497 67,091 72,281 84,936 81,019 88,559 96,945 95,231 104,200 111,795 'I Partly consolidated aggregate claims of German banks and their worldwide operations. **/DR Reporters. 1/ Also included in Moderately Indebted Middle-Income Countries. 2/ Also included in Moderately Idebted Low-Icome Countries. 3/ Also included in Severely Indebted Low-Income Countries. Sourc: Deutsche e BeiheRc zu den Monatsberichten der Deutschen Bundesbank. Reihe 3. Table 9b DEVELOPING COUNTRIES CLAIMS ON BANKS IN GERMANY */ (in millions of USS) 1986 1987 1988 1989 1990 1991Q2 1991Q3 1991Q4 1992Q1 1992Q2 1992Q3 All Developing Countries 45,885 57,497 54,862 62,581 95,448 87,523 95,475 107,688 103,931 114,123 123,483 By Geographic Region Africa, South of the Sahara 4,973 5,767 4,836 5,217 6,444 5,444 6,023 6,534 6,339 7,081 7,624 East Asia & Pacific 5,249 6,638 6,236 7,039 6,800 7,741 8 629 9,758 9,363 10,504 11,499 Europe & Central Asia 13,801 17,635 17,271 20,671 44,157 40,368 45,295 51,557 49,589 54,756 59,869 Latin Amesica & the Caribbean 9,201 11,574 11,512 12,805 17,019 16,324 17,492 19,350 18936 20,448 21979 North Africa & the Middle East 8,148 10,266 9,893 10,986 12,886 10,916 11,256 12,520 12,069 13,143 13,688 South Asia 4,512 5,618 5,113 5,862 8,142 6,731 6,781 7,970 7,636 8,192 8,824 Severely Indebted Middle-Income Countries **/ 12,996 15,866 15,903 17,570 21,148 21,061 22,538 24,938 23,769 25,462 27,658 Algeria 750 917 1,089 1,213 1,671 1,451 1,532 1,693 1,545 1,620 1,716 Angola 16 8 19 32 136 124 153 158 Arfentina 1,663 2,220 2,277 2,570 3,443 3,290 3,422 3,813 3,737 4,138 4,296 _Hiivia 124 145 136 163 218 205 231 270 254 281 312 Brazil 3,925 4,792 4 599 4,893 5,658 4 979 5,279 5,738 5,443 5,954 6,162 Bulgaria 747 969 1,255 1,488 1,774 2,005 2,114 2,321 2,107 2,241 2,484 Congo Cote d'lvoire 231 282 245 268 315 244 274 317 291 316 370 Ecuador 122 137 148 217 311 309 415 338 327 342 329 Jamaica Jordan 247 391 374 393 519 452 476 516 486 517 556 Mexico 1,001 1,193 1,334 1,417 1,552 1,855 1,945 2,229 2,478 2,527 3,021 Morocco 616 765 738 861 1,009 873 945 1,054 1,000 1,089 1,162 Panama 432 353 243 381 491 398 404 605 598 581 739 Peru 384 514 476 536 663 643 706 779 729 756 852 Poland 2,483 2,851 2,651 2,767 2,788 3,711 4,100 4,553 4,255 4,559 5,081 Syria 256 327 321 371 600 522 543 555 520 540 577 Severely Indebted Low-Income Countries **/ 5,250 6,185 5,227 5,648 6,481 5,343 5,667 6,120 5,966 6,544 6,317 Moderately Indebted Low-Income Countries **/ 6,611 8,164 7,461 8,304 9,770 7,781 8,500 10,003 9,396 10,157 11,077 Moderately Indebted Middle-lncome Countries **I 9,375 12,524 12,396 15,114 26,356 31,382 35,317 40,526 39,337 43,608 47,712 Other Selected Countries 14,698 19,086 17,927 20,488 24,690 23,328 25,394 28,068 26,644 29,176 30,881 Chile 1/ 283 343 318 505 781 649 670 743 762 856 966 China 620 979 1,177 1,427 1,850 1,640 1,761 1,947 1,980 2,263 2,322 Colombia 1/ 416 572 589 663 868 728 780 828 779 806 941 Egypt 3/ 1,795 2,297 2,117 2,424 2,993 2,542 2,788 3,041 2,840 3,221 2,957 Hungary 1/ 655 1,428 1,345 1,762 2,471 2,450 2,641 3,016 2,869 3,029 3,240 India 2i/ 2,882 3,569 3,231 3,835 4,590 3,959 4,343 4,720 4,512 4,885 5,322 Korea 560 705 577 877 * 1.675 1,998 2,211 2,167 2,435 2,541 Malaysia 369 446 375 338 221 179 210 264 208 308 324 Nigeria 3/ 1,447 1,368 908 763 872 741 753 772 607 674 724 Ph lippines 1/ 216 314 276 298 324 341 361 390 397 348 378 Thailand 489 553 491 605 756 739 830 1,002 970 1,103 1,286 Turkey 1/ 2,589 3,905 4,170 4,451 5,782 5,033 5,404 6,012 5,531 5,980 6,477 Venezuela 1/ 722 842 841 895 1,177 1,079 1,163 1,458 1,507 1 667 1,716 Yugoslavia 1,655 1,755 1,510 1,644 2,006 1,574 1,691 1,665 1,515 1,601 1,688 Offshore Banking Centers 11,715 16,152 14,637 18,726 19,956 16,736 17,679 19,873 20,248 19,663 21,999 Oil Exporters 8,429 9 564 9 014 10,838 19 771 25,377 28,391 32,829 32,307 36 203 39,608 DRS Reportes 6,526 7,092 6,633 8,237 17,705 23,707 27,112 31,545 31,107 35,077 38,499 DRS Reporting Countries 40,613 50,716 48,454 55,641 74,143 78,041 86,448 97,681 94,546 103,995 112,812 */ All resident banks. **/ DRS Reporters. 1/ Also included in Moderately Indebted Middle-Income Countries. 2/ Also included in Moderately Indebted Low-Income Countries. 3/ Also included in Severely Indebted Low-Income Countries. Source: Deutsche Bundesbank, Statistische Beihefte zu den Monatsberichten der Deutschen Bundesbank, Reihe 3. Table 10a FRENCH COMMERCIAL BANK CLAIMS ON DEVELOPING COUNTRIES (in millions of U$) 1986 1987 1988 1989 1990 1991Q1 1991Q2 1991Q3 1991Q4 1992QI AU Developing Couttries 84,018 90,326 97,989 92,526 87,069 83,457 80,230 83,777 86,837 85,864 By Geographic Region Africa. South of the Sahara 13.722 15.529 17.819 14,007 14.561 13.436 13.006 12,786 12.988 11,916 East Asia & Pacific 9:829 8;179 10,280 13,941 15,448 16 126 15,912 17,963 17,522 17,833 Europe & Central Asia 16,909 18.915 21,129 211774 16,745 17,054 15.308 16,519 17,513 17,694 Latin America & the Caribbean 22.614 23,463 24,863 21.762 18,559 17.993 17,288 17,351 17,606 17,549 North Africa & the Middle East 17.253 19,712 19,552 19,214 19,812 16.973 17,018 17,332 19,269 18,873 South Asia 3,692 4,528 4,347 1;829 1,943 1,876 1,698 1,824 1,939 2,000 Severely Indebted Middle-Income Countries */ 31,833 35,483 32,868 34,785 32,741 30,514 29,244 30,047 30,547 29,702 Algeria 4,806 5,856 5,077 5.335 6.530 5.539 5,202 5,757 5,775 5,276 Angola . 537 731 636 616 646 630 730 707 Argentina 2,005 2,136 2,299 2,265 2.169 2,383 2,255 2,161 2,335 2,331 Bolivia 36 27 21 20 21 21 18 16 Brazil 8.655 8,917 8.579 8.463 8.466 8.018 7.704 7.744 7,885 7.880 Bulgaria 731 936 755 623 628 633 654 623 Congo 1,102 1,204 898 809 751 645 674 637 697 645 Cote d'lvoire 1.961 2.283 1.991 2.045 2.036 1.850 1,750 1,867 1,936 1,741 Ecuador .I5 161 188 209 216 208 164 146 Jamaica 40 34 30 26 22 16 14 12 Jordan 647 850 975 1,141 1,079 1,023 1,005 1,020 899 Mexico 5.528 5_535 4.559 4.995 2.400 2,247 2,367 2,328 2,357 2,515 Morocco 2,286 2.495 2,004 2,081 2.321 2,125 1,969 2,039 2,199 2.026 Panama 3,450 4,233 2,720 3,566 2.972 2.903 2.624 2,675 2,530 2,695 Peru 625 659 690 669 703 698 640 619 Poland 1.680 1.790 1.419 1,383 1.375 1.254 1,139 1,347 1,321 1,307 Syria 359 386 352 319 259 310 301 280 271 262 Severely Indebted Low-lIncomle Coiuntries **/ 5,421 5.998 7,752 7,553 8,010 7,297 7,264 7,038 7,113 6,708 Moderately Indebted Low-income Cotuntries **/ 2,997 3,431 4,472 4,264 4,647 4,642 4,322 4,674 4,844 4,707 Moderately Indebted Middle-Inicomie Cotntries */ 13,909 15,171 17,603 19,844 15,486 13,889 12,751 13,077 13,513 12,486 Other Selected Countries 19,651 17.472 19.691 22,074 22.089 21.165 20,739 22,460 21,976 21,598 Chile 1/ 395 563 608 586 461 437 437 421 China . 1.374 2,125 2,656 2,507 2,521 2,886 3,769 3,454 Colombia 1/ 432 414 503 518 504 611 512 573 Egypt 3/ 2,629 2.985 2,670 2,782 2.787 2.410 2.491 2.425 2,437 2,242 H-lungary 1/ 699 736 469 325 269 276 217 189 India 2/ 1,115 1,313 1,347 1,378 1,462 1,418 1,244 1,297 1,362 1,460 Korea 5,517 3,289 3.522 4,309 4.537 4,587 4;522 5;616 41573 5,196 Malaysia 870 . 609 449 432 458 386 444 455 362 Nigeria 3/ 2,793 3.013 2.498 2,037 1,837 1.735 1,626 1,543 1,500 1,210 Philippines 1/ 1,560 1.319 867 1,141 1.176 1.149 1,579 1,565 1 389 1,130 Thailand . . . 773 1.086 1,361 996 1,308 1,276 1,527 Turkey 1/ 863 1.041 1.274 1.379 1,894 1.730 1,968 1.955 1,928 1,828 Venezuela 1/ 2.602 2 806 2 779 2,810 1,644 1,478 1.458 1,360 1,367 1.300 Yugoslavia 1,703 1.704 1,223 1,178 997 904 718 738 755 709 Offshore Banking Centers 26,012 36.579 27.745 30,482 39,617 43,818 43,532 44,966 35.166 36,410 Oil Exporters 21,306 24,207 24,850 27,716 22,966 19.766 18,699 18.985 21,124 19.943 DRS Reportes 18;257 20,679 20,990 23,357 18 770 16,470 14,658 15,203 17.114 15.886 DRS Reporting Conœtries 73,421 75,586 81,782 83,136 78,659 73,939 70,814 73,827 75,903 74,558 */ Consolidated claims of French banks and their worldwide operations. ++/ DRS Reporters. 1/ Also included in Moderately Indebted Middle-Income Countries. 2/ Also included in Moderately Indebted Low-Income Countries. 31 Also included in Severely Indebted Low-income Countries. Table IOb DEVELOPING COUNTRIES CLAIMS OF BANKS IN FRANCE */ (ill laillijoiss of US$) 1986 1987 1988 1989 1990 1991Q1 1991Q2 1991Q3 1991Q4 1992Q1 All l)eveloping Countries 65,245 74,478 69.019 71,339 68,321 62,841 59,414 61,623 64,818 63,294 By (Geographic Regioni Atrica. South of the Sahara 10,070 13,359 12.029 11,879 11.867 10,660 10,279 10,200 10,958 10,642 East Asia & Pacific 5,821 4.772 6,807 6,811 8.352 8,070 7,468 8,148 8,398 8,107 ELirope & Central Asia 14,494 15,868 15,864 17,603 15,014 13,868 12,255 13,273 13,692 13,608 Latin America & the Caribbean 19,376 20,608 18.625 18 819 15,271 14,829 14,134 14,011 14,618 14,152 North Africa & the Middle East 14,458 16,460 143592 15,154 16,588 14,299 14,203 14 747 15,726 15 289 South Asia 1,027 3,411 1,102 1,072 1,229 1,116 1,076 1,245 1,426 1,495 Severely Indebted Middle-Income Counilries *'/ 27,941 31,439 28,877 31,018 27,815 26,132 25,062 25,962 26,719 25,582 Alceria 4.616 5,536 4,799 4,919 5,757 5,029 4,732 5,241 5,305 4,830 Angola 526 707 613 639 625 615 714 693 Aracntina 1.772 1,937 2,093 1.988 1,879 1.920 1,865 1,644 1,771 1,745 BoTivia 35 27 21 20 21 21 17 16 Brazil 8,291 8,548 7,824 7.745 7,416 7.021 6,739 6,749 7,105 6,891 Bulgaria . 668 806 687 556 563 572 582 547 Concgo 1,066 1,145 847 789 723 617 639 613 664 608 C.te d Ivoire 1;902 2,181 1.895 1.972 1.887 1,716 1.612 1,723 12798 1,597 Ecu.ador . 137 150 128 133 144 144 93 80 .ai.maica 48 40 31 23 19 16 14 12 10 Jordan 510 631 718 759 702 635 656 684 646 NMexico 4.192 4.634 3.665 3,891 1,438 1,404 1,471 1,438 1,449 1,588 Mlolrocco 2,190 2,394 1.926 2.006 2,116 1X888 1,786 1,861 2.004 1,851 Pa na ma 1.879 2.448 1.594 3.064 2,194 2.370 2.239 2,495 2,463 2.473 PeuLI . 548 655 664 625 616 663 605 580 Poland 1,640 1.740 1,316 1.251 1,260 1,172 1,069 1,242 1,192 1,172 Syria 346 367 333 298 253 303 290 272 263 254 Severely Indebted Low-lacome Countries 4+/ 4,772 5,251 6,743 6,409 6,929 6,146 5,902 5,808 6,142 6,072 Moderately Indlebted Low-lIcoime Countries I '/ 2,572 1,801 2 963 2,958 3,297 3,106 2,966 3,319 3,551 3,476 Moderately Indebted Middle-Income Couiitties I 1117 12,375 15,436 16,540 13,244 11,937 10,274 10,617 10,908 10,294 Other Selected CoLintries 12,771 12,106 15.293 15,054 15,340 13,988 13,247 14,061 14,421 13,911 Chile 1/ . 335 435 457 441 348 341 342 336 China 247 724 1,329 2,053 1,941 1,979 2,334 2,612 2,624 Colombia 1/ . 313 296 361 367 388 408 387 408 Egypt 3/ 2,422 2,761 2.485 2,502 2,643 2,267 2,205 2,210 2,215 2,023 Hungary I/ , 597 611 416 268 206 241 204 174 India 2/ 772 735 735 802 726 713 785 915 994 Korea 1,754 1,996 1,921 1,697 1,841 1,780 1,562 1,914 1,868 1,856 Malaysia 669 491 364 354 283 180 177 158 114 Niocria 3/ 2.307 2.490 2,012 1,613 1,438 1,273 1,243 1,147 1,180 1,094 Phdipine I/ 853 975 1,022 842 1,013 930 907 873 723 633 Thailapid 150 . 116 157 187 241 229 303 357 385 Turkey 1/ . 1,054 1,048 1,528 1,371 1,413 1,521 1,596 1,508 Venezuela 1/ 1.996 2.251 2,337 2,322 1,294 1,239 1,195 1,109 1,149 1,092 Yugoslavia 1.600 1,633 1.148 1.102 953 861 680 698 714 671 Offshore Banking Centers 12,504 20,288 21,772 27,233 35,028 30,071 30,385 29,774 31,001 29,994 Oil Expoiters 19.165 21 291 20.963 227309 19,367 17,027 15 867 16,193 17 283 16 563 DRS Reportes 16,496 18,504 18,282 19,688 16,274 14,603 12,921 13,422 14,524 13,782 DRS Reporting Cotuatries 58,464 61,187 64,893 68,255 65,083 58,756 55,661 57,922 60,707 58,911 */ All resident banks. **/ DRS Reporters. 1/ Also included in Moderately Indebted Middle-Income Countries. 2/ Also included in Moderately Indebted Low-Income Countries. 3/ Also included in Severely Indebted Low-Income Countries. Source: Banque de France, Billetin Trimestriel. w Table 11 SWISS COMMERCIAL BANK CLAIM ON DEVELPING COUNTRIES (in millions of USS) 1985 1986 1987 1988 1989 1990 1991 All Developing Countries 16,835 19,713 24,609 21,948 21,810 25,473 25,534 By Geographk Region Africa, South ofth Sahara 1,388 1,649 1.815 1,771 1,882 2,178 2,180 East Asia & Pacific 1,163 1,618 1,835 1.589 1,796 2,130 2,913 Europe & Central Asia 4,236 5,390 7,247 7,152 7,567 8,411 7 470 Latin America & the Caribbean 6,804 6,896 7,442 6,763 6,412 7,901 8,212 North Africa & the Middle East 2,847 3,619 5,446 4,213 3,753 4,279 4,235 South Asia 396 541 823 461 401 573 525 Severely Indebted Middle-Income Countries */ 6,833 7,305 8,131 7,316 6,947 8,466 8,733 Algeria 209 226 392 296 301 338 307 Angola 25 24 33 55 73 97 63 l Arentina 1.276 1,329 1,512 1,428 1,207 1,414 1,471 Bolivia 15 17 20 30 10 12 12 Brazil 1,707 1,900 2,402 2.127 2,197 2,862 2,812 Bulgaria 222 368 450 483 444 482 445 Congo 9 3 2 3 2 2 4 Cote d'Ivoire 88 131 121 95 111 104 111 Ecuador 85 49 45 41 72 107 125 Jamaica 22 16 38 4 13 21 18 Jordan 32 46 80 142 89 93 93 Mexico 1,744 1,746 1,629 1,403 1,322 1,716 1,864 Morocco 85 114 130 123 103 151 162 Panama 2,559 3,266 3,810 3,452 4,005 4,331 3,782 Peru 205 93 88 191 84 108 142 Poland 407 477 502 372 379 449 479 Syria 43 41 33 32 35 23 15 Severdy Indebted Low-Income Countries I 1,647 2,020 2,110 1,949 1,894 2,074 2,077 Moderately Indebted Low-Income Countries *1 547 742 996 644 625 893 742 Moderately Indebted Middle-Income Countries l 2,498 2,574 3,334 2,918 2,549 3,323 2,837 Other Selected Countries 4,514 4,947 6,018 4,772 4,319 5,791 5,540 Chile l/ 544 330 255 249 193 304 376 China 78 20 81 196 276 363 438 Colombia 1/ 148 203 158 190 194 181 168 Egypt 3/ 535 694 690 564 454 504 416 l Hungary 1/ 251 249 389 315 297 294 118 l India 2! 327 449 699 336 250 379 275 Korea 368 473 398 247 336 584 712 Malaysia 212 230 174 65 58 79 172 Nigeria 3/ 279 325 466 364 311 320 311 Philippines 1/ 199 185 270 185 199 178 144 Thailand 111 128 206 246 267 401 552 Turkey 1/ 1,075 1,277 1,780 1,479 1,202 1,865 1,579 Venezuela 1/ 655 718 713 597 579 587 665 Yugoslavia 364 368 415 332 269 317 260 Offshore Banking Centers 13,300 19,091 21,028 19,620 18,116 21,133 20,833 Oil Exporters 2,942 3 949 6,270 5,472 5,992 6,380 6,066 DRS Reportes 2,022 2,680 3,635 3,660 4,305 4,612 4,131 DRS Reporting Countries 18,353 21,410 25,599 22,821 23,062 27,053 26,129 * DRS Reporters. 1/ Also included in Moderately Indebted Middle-Income Countries. 2/ Also included in Moderately Indebted Low-Income Countries. 3/ Also includcd in Severely Indebted Low-Income Countries. Source: Banque Nationale Suisse, Les Banques Suisses. Table 12 ITALIAN COMMERCIAL BANK CLAIMS ON DEVELOPING COUNTRIES (in millions of US$) 1988 1989 1990 1991 1992Q1 1992Q2 1992Q3 All Developing Countries 13,642 14,656 16,444 17,666 17,685 18,264 18,086 By Geographic Region Africa, South of the Sahara 602 680 641 881 850 848 736 East Asia & Pacific 99 58 142 113 107 95 107 Europe & Central Asia 6,377 7.066 7,396 7,960 8,344 8,583 8,711 Latin America & the Caribbean 4,650 4.560 5,637 5.597 5.472 5.754 5,543 North Africa & the Middle East 881 962 858 884 785 826 729 South Asia 1,033 1.329 1,770 2,230 2.128 2:159 2,260 Severely Indebted Middle-Income Counitries F/ 5,623 5,407 7,007 7,255 6,774 7,095 6,850 Algeria Angola Arientina 1,249 1i054 1,710 1,520 1,479 1,568 1,584 Bolivia .5 5 4 4 4 5 Brazil 932 845 941 947 850 923 833 Bulgaria 234 323 431 567 548 585 640 Congo Cote d'lvoire 28 22 43 31 9 22 24 Ecuador 98 135 156 152 183 133 185 Jamaica Jordan Mexico 1.415 1.442 1.728 1,903 1,780 1.869 1,734 Morocco 361 354 327 490 359 387 388 Panama Peru 155 139 118 101 116 123 87 Poland 1.150 1.089 1,548 1,539 1,446 1,480 1,370 Syria Severely Indebted Low-Income Countries *1 113 202 446 850 841 826 712 Moderately Indebted Low-Income Countries *1 Moderately Indebted Middle-Income Cotintries *1 1,457 1,470 6,000 6,511 7,000 7,176 7,398 Other Selected Countries 1,412 1.493 1.613 11867 1.892 1,947 1,696 Chile I/ 176 209 219 128 120 132 126 China Colombia 1/ 122 160 97 110 144 158 146 Egypt 31/ 558 471 365 353 271 278 232 India 2/ Korea Malaysia Ni-eria 3/ 113 202 446 850 841 826 712 Phiippines 1/ 99 58 142 113 107 95 107 Thai land Turkey 1/ Venezuela 1/ 469 533 605 678 749 791 800 Yugoslavia 344 394 344 314 409 459 373 Offshore Banking Centers . 12.885 18,493 20,859 20.152 24,058 23,594 Oil Exporters 582 735 5,565 6,603 7,152 7.288 7,457 DRS Reportes 582 735 5,565 6,603 7,152 7.288 7,457 DRS Reporting Countries 8,251 8,399 14,461 15,435 15,557 16,105 15,826 */ DRS Reporters. 1/ Also included in Moderately Indebted Middle-Income Countries. 2/ Also included in Moderately Indebted Low-Income Countries. 3/ Also included in Severely Indebted Low-Income Countries. Source: Banca d ltalia, Bolletino Economico. 00 Table 13 JAPANESE COMMERCIAL BANK CLAIMS ON DEVELOPING COUNTRIES */ (in millions of US$) 1987Q1 1987Q3 1988QI AU Developing Countries 73,751 75,199 82,711 By Geographic Region Africa. South of the Sahara 2,878 3,044 3,322 East Asia & Pacific 21,294 21,251 24.973 Europe & Central Asia 10,244 11,227 12,014 Latin America & the Caribbean 33,623 33.776 35.617 North Africa & the Middle East 4.053 4,021 4.216 South Asia 1.659 1.880 2,569 Severely Indebted Middle-income Countries **/ 36,070 36,705 39,422 Algeria 2,695 2,690 2.852 Angola Argentina 5,227 4,982 5,611 Bolivia 3 2 3 Brazil 9.241 9,132 9,723 Bulgaria 952 1,132 1,172 Congo Cote d lvoire 154 156 160 Ecuador 801 791 879 Jamaica 17 17 18 Jordan 23 19 17 Mexico 10.495 11 058 11.372 Morocco 485 471 525 Panama 4.964 5.246 6.045 Peru 337 335 337 Poland 676 674 708 Syria Severely Indebted Low-Income Countries +*/ 2,635 2,699 2,929 Moderately Indebted Low-Income Countries *I 6,756 6,992 8,216 Moderately Indebted Middle-Income Countries **/ 16,640 17,225 18,284 Other Selected Countries 27.940 28,121 32.230 Chile 1/ 1.532 1.570 1.647 China 2,470 3,132 4,578 Colombia 1/ 1,259 1,189 1,216 Egypt 3/ 17 20 20 Hungar 1/ 3,228 3:391 3,643 India 2! 1,409 1 626 2,190 Korea 5.720 4.777 5.413 Malaysia 2,949 2,838 3,041 Nigeria 3/ 272 304 297 Philipis I/ 2,340 2.282 2,583 Th ailpnd 2,187 2,429 2,929 Turkey 1/ Venezuela 1/ 3,787 3.791 3.826 Yugoslavia 770 772 847 Offshore Banking Centers 12,673 15,070 17.447 Oil Exporters 11,993 12,550 13.084 DRS Reportes 11.475 12.011 12,587 DRS Reporting Countries 77,461 78,924 87,103 */ Consolidated claims of Japanese banks and their worldwide operations: Medium and long-term claims. "/ DRS Reporters. 1/ Also inctuded in Moderately Indebted Middle-Income Countries 2/ Also ircluded in Moderaiely indebted Low-income Countries. 3/ Also included in Severely Indebted Low-Income Countries. DUTCH COMMERCIAL BANK CLAMS ON DEVELOPING COUNTRIES * (ii inillions of US$) 1987 1988 1989 1990 1991Q4 1992Q2 All Developing Countries 11,772 11,891 12,795 15,746 18,887 21,080 By Geographic Region Africa, South of the Sahara 961 972 1,085 1,004 994 1,177 East Asia & Pacific 1.262 1.256 1,517 2,093 4.021 4,604 Europe & Central Asia 2.467 2.886 2,953 3.441 4.012 4,140 Latin America & the Caribbean 4.739 4.584 4.968 6,823 7.280 8,611 Notth Africa & the Middle East 1.383 1.293 1,300 1,336 1.934 1,803 Souith Asia 960 900 971 1,050 647 746 Severely Indebted Middle-Income Coutitries ++/ 4,329 4,295 4,222 5,474 6,093 6,948 Algeria 546 512 511 550 765 722 Angola Argentina 1,097 1.079 960 1,107 1.029 1,329 Brazil 866 850 819 1,102 1.321 1,639 Bulgaria Congo Cote d'lvoire Ecuador . 238 241 319 301 363 Jamaica Jordan Mexico 943 890 995 1,697 1.853 2,017 Morocco Panama 565 481 487 404 433 510 Perul Poland 312 245 210 295 392 368 Syria Severely Indebted Low-Income Cotmtries *4/ 333 265 491 356 174 339 Moderately Indebted Low-Income Cotntries t"/ 970 867 897 1,099 1,318 1,480 Moderately Indebted Middle-Income Counltries **/ 1,282 2,146 2,638 3,221 3,596 4,074 Other Selected Countries 729 1,047 1,563 2,334 3,068 4,141 Chile 1/ . 99 428 389 398 499 China . 413 515 Colombia 1/ . . . 277 346 Egypt 3/ Hungary 1/ . 295 305 270 India 2/ Korea . . . 467 826 Malaysia Nigeria 3/ 333 265 195 149 'I irpidnes I/ Thailan 268 311 451 773 Turkey 1/ . 436 545 576 Venezuela I/ 396 388 368 779 517 607 Yugoslavia Offshore Banking Centers 9,021 8,416 10.715 13,944 10,492 12,002 Oil Exporters 2,160 2,283 2.292 2,482 3,155 3,223 DRSReportes 2,160 2,283 2,292 2,482 2,705 2,846 DRS Reporting Countries 9,818 9,700 10,709 12,980 14,911 17,364 */ Consolidated claims; Only partial country breakdown available. 4+/ DRS Reporiers. I/ Also included in Moderately Indebted Middle-Income Countries. 2/ Also included in Moderately Indebted Low-Income Cotuntries. 3/ Also included in Severely Indebted Low-Income Countries. L> Soturce: De Nederlandsche Bank , Ouarterly Bulletin. %lo 0 Table 14b CLAIMS ON DEVELOPING COUNTRIES OF BANKS IN NETHERLANDS */ (in milliolns of US$) 1984 1985 1986 1987 1988 1989 1990 1991 1992Q1 1992Q2 1992Q3 All Developinig Co,mtries 5,733 6,155 6,896 9,486 8,174 7,807 8,139 9,069 8,748 9,722 10,283 By Geographic Regiou Africa. South of the Sahara 709 716 703 693 856 758 817 836 E-ast Asia & Pacific 871 878 791 981 1.294 1.316 1,425 1,461 Europe & Central Asia 827 1,120 1,301 2,792 2.065 2:218 2,398 2,611 2,414 2,750 2,894 Latin America & the Caribbean 4.328 4.416 5.040 3.379 3.266 2.998 3.104 3.250 3.230 3.688 3.909 North Africa & the Middle East 579 620 555 1.243 743 654 659 786 697 771 849 Souith Asia 492 506 443 304 273 332 271 334 Severely Indebted Middle-incomue Countries **/ 314 286 341 3,674 3,174 2,875 2,893 2,961 2,730 3,058 3,159 Algeria . 488 364 301 277 199 181 169 164 Angola Argentina 905 768 743 557 688 583 674 694 Bolivia Brazil 3 2 8 482 463 433 536 493 490 644 676 Bulgaria 39 26 80 114 Congo Cote d'lvoire Ecuador . . . . 221 212 212 196 173 193 208 Jamaica Jordan Mexico . . . 642 575 498 534 531 527 611 699 Morocco Panama . . . 755 536 508 547 544 492 469 403 Peru Poland 275 260 261 289 24i 180 230 309 284 299 315 Syria Severely Indebted Low-Incomie Countries *4/ . . 283 234 335 301 . 268 253 280 Moderately Indebted Low-Incomie Countries */ . 768 644 610 655 666 641 592 659 Moderately Indebted Middle-Income Countries +I 378 706 822 1,441 1,236 1,615 1,613 1,463 1,556 1,696 1,830 Other Selected Counitries 97 156 217 1,052 782 809 884 750 802 1,014 1.072 Chile I/ 51 74 64 75 90 105 China 45 45 69 55 Colombia 1/ . . . 125 124 129 Egypt 3/ iunary 1/ 97 156 217 478 272 281 218 India 2/ Korea . . . . . . . 89 97 221 235 Malaysia Ni-eria 3/ . . . 282 233 167 122 Phlippines I/ Thailand . . . . . 70 44 49 36 38 39 Turkey 1/ . . . . . . 209 281 216 250 280 Venezuela 1/ . . . 292 277 240 217 223 208 222 229 Yugoslavia Offshore Banking Centers . . 6,466 6.000 7.374 11,155 9,418 8,814 10,970 11,879 Oil Exporters 281 550 605 1,733 1,561 1,646 1,334 1.345 1,264 1,367 1,448 DRS eportes 281 550 605 1,733 1,561 1,646 1,334 1,158 1,146 1,232 1,311 DRS Reporting Countries 3,444 3,965 6,896 8,376 6,968 6,940 7,150 7,011 6,988 7,838 8,158 */ All resident banks: Only partial country breakdown available. 4 / DRS Reponers. 1/ Also included in Moderately Indebted Middle-Income Countries. 2/ Also inclided in Moderately Indebted Low Income Countries. 3/ Also included in Severely Indebted Low-Income Countries. Souree: De Nederlandsche Bank , Ouarteriv Bulletin. FUNDS RAISED ON INTERNATIONAL CAPITAL MARKETS (in millions of USS) 1988 1989 1990 1991 1991Q3 1991Q4 1992Q1 1992Q2 1992Q3 1992Q4 A. AR Developing Countries 31,622 25,862 32,144 44,515 8,960 14,092 11,537 9,414 8,961 10,876 Bonds 8,687 6,899 7,328 12,864 3 199 4,010 5,342 4,640 5,043 6,401 International 5,794 4 345 5,380 9,228 2,961 2,833 3,478 3,774 2,769 3,635 Foreign 2 893 2,554 1 948 3,636 238 1,177 1,864 866 2 273 2,766 Ians 22,935 18,962 24,816 31,651 5 762 10,082 6,196 4,774 3,918 4,475 International 19 706 17,900 24,116 31,420 5,660 10,082 6,081 4,765 3,910 4,348 Foreign 3,229 1,213 701 231 102 115 9 8 114 By Geograpkic Rerion Africa, Soutofthe Sahara 170 258 871 614 394 60 619 795 45 139 East Asia & Pacific 8 591 8,273 14 808 17 559 5 024 3,697 3 730 3 225 4,510 5,223 Europe & Central Asia 11,590 10,479 10,257 7,311 1,616 2,618 1,935 2,194 2,535 3,013 Latin Anerica & the Caribbean 7,284 2,051 4,242 8,424 1,926 1,820 2,318 2,990 1,709 2,501 North Africa & the Middle East 1,392 2,403 247 10,361 5,861 2,920 110 77 South Asia 2,595 2,397 1,720 246 36 14 100 86 Severely Indebted Middle-Income Countries / 6,503 1,794 2,517 7,605 1,701 1,510 1,718 2,689 1,749 2,151 Algeria 795 397 . 61 . 61 Angola 5 . 115 30 42'. 325 ArRentina 14 725 300 425 215 380 684 250 Brazil 5,200 100 1,230 812 400 770 1,525 355 360 Bulgaria 194 580 Congo Cote d'Ivoire Ecuador Jamaica . . . 30 30 Jordan 165 Mexico 1 310 2,350 5,554 560 623 733 450 650 1,541 Morocco 130 6 52 . . . . . 60 Panama 238 Peru Poland . 163 . 5 . . . 9 Syria Severely Indebted Low-Income Countries O/ 40 652 385 105 75 30 . 96 Moderately Indebted Low-Income Countries *I 3 603 5,098 7 182 5,773 2 476 731 615 605 1 101 521 Moderately Indebted Middle-Income Countries *1 8,889 8,245 9,558 4,798 1,914 1,404 1,517 2,178 1,656 2,291 Other Selected Countries 16,197 13,593 15,014 15,532 3,982 3,900 4,343 4,723 5,217 6,565 Chile 1/ 151 . 285 . . . . 100 . 250 China 3,846 1,761 1,514 2,595 474 872 659 719 924 1,742 Colombia 1/ 1,000 1,641 . 200 Egypt 3/ . 500 Ifungary 1/ 1 016 1 709 987 1,378 688 388 402 187 240 618 India 21 2,482 2,047 1,242 150 . . 14 100 86 Korea 1 533 1,322 3,982 6,094 1,054 1,342 1,280 990 1,612 1,322 Malaysia 1,133 541 730 412 108 50 166 511 401 193 Nigeria 3/ Philippines 1/ . . 715 Thailand 1,021 1,059 1,465 1,842 651 248 707 436 557 1,018 Turkey 1/ 3,187 3,013 2 498 2,280 782 644 515 1,246 1,396 1,422 Venezuela 1/ 828 . 1,595 581 225 356 600 435 Yugoslavia Offshore Banking Centers 1,103 4,038 4,634 2,491 659 467 403 855 157 643 Oil Exporters 4,485 3,560 5,037 5,443 225 718 3,500 760 . 100 DRS Reportes 4,452 2,655 4,961 943 225 718 600 760 . 100 B. OECD Countries 324,999 341,669 308,764 357,391 90,068 93,600 100,522 99,035 101,596 91,746 C. Multilateral Institutions 10,517 12,932 15,418 14,700 4,658 3,563 5,978 4,412 4,218 6,266 D. Other 1,128 555 644 2,187 206 289 157 1,019 320 466 Grand Totd */ 369,370 385,055 361,604 421,284 104,550 112,011 118,597 114,735 115,251 109,997 1/ Also included in Moderately Indebted Middle-Income Countries. 2/ Also included in Moderately Indebted Low-Income Countries. 3/ Also included in Severely Indebted Low-Income Countries. 1 DRS Reporters. '1 (A+B+C+D+Offshorebanking centers). Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly. Part 1. Table 15b LOANS RAISED ON INTERNATIONAL CAPITAL MARKETS (in mifions of USS) 1988 1989 1990 1991 199tQ3 1991Q4 1992Q1 1992Q2 1992Q3 1992Q4 A. All Developing Countries 22,935 18,962 24,816 31,651 5,762 10,082 6,196 4,774 3,918 4,475 International 19 706 17,900 24,116 31,420 5,660 10,082 6,081 4,765 3,910 4,348 Foreign 3,229 1,213 701 231 102 115 9 8 114 By Geograpbic Region Africa, South of tie Sahara 170 258 871 275 130 60 690 45 139 East Asia & Pacific 6,706 6,759 12,217 14,154 4,532 3,029 2,360 2,296 2,780 3,539 Europe& Central Asia 6,792 5,921 7,015 2,987 1,069 1,081 467 1,123 928 502 Latin America & the Caribbean 6,447 2,051 3,269 3,776 30 15 435 455 20 296 North Africa & the Middle East 939 2,244 247 10,361 5,861 2,920 110 60 South Asia 1,881 1,729 1,197 96 36 14 100 86 Severely Indebted Middle-Income Countries / 5,988 1,305 1,747 3,539 30 61 435 484 60 46 Algeria 362 238 61 61 Angola 5 115 325 Argentina 14 Bolvia ''' Brazil 5,200 100 18 150 30 Bulgaria 112 250 . Congo Cotc d'lvoire Ecuador Janmaica 30 30 Jordan 165 Mexico 310 1,580 3,424 435 16 Morocco 130 6 52 60 Panama 238 . Peru Poland 163 5 9 Syria Severely Indebted Low-Income Countries */ 40 652 385 105 75 30 . . . 96 Moderately Indebted Low-Income Countries 1 2,668 4,255 5,834 5,329 2,476 697 581 527 722 401 Moderately Indebted Middle-Income Countries Cl 5,822 5,214 7,449 2,339 1,142 282 237 1,312 568 583 Other Selected Countries 11,085 9,646 10,915 9,992 2,758 2,210 1,727 3,106 2,778 3,293 Chile I/ 151 . 285 I00 250 China 2,935 1,610 1,514 2,332 328 754 509 533 539 1,189 Colombia 11 1,000 1,641 200 | Egypt 3/ 500 Hungary 1/ 200 765 40 141 141 37 135 40| India 2! 1 768 1,379 719 14 100 86 Korea 1,403 994 2,466 3,647 748 922 394 400 747 482| Malaysia 772 112 530 222 108 50 166 511 401 193 Niveria 3/ Phtlip'inea t/ 715 Thailand 759 827 1,415 1,811 651 217 407 361 457 847 Turkey 1/ 2,027 1,817 1,838 1,640 782 267 200 762 508 333 Venezuela 1/ 70 1,392 205 Yugoslavia I Offshore Banking Centers 778 3,839 4,181 2,380 659 467 403 855 157 643 Oil Exporters 2 882 2,509 4,536 4,861 361 2,900 530 DRSeportes 2 849 1,604 4,460 361 361 530 B. OECD Countries 115,069 103,523 101,951 88,312 20,319 32,366 19,262 29,295 33,238 19,628 C. Multilateral Institutions 2,498 2,614 443 550 77 316 251 444 D. Other 978 365 241 803 156 35 67 657 100 210 Grand Total *l 142,258 129,304 131,632 123,696 26,895 43,027 25,927 35,897 37,664 25,401 1/ Also included in Moderately Indebted Middle-Income Countries. 2/ Also included in Moderately Indebted Low-Income Countries. 3/ Also included in Severely Indebted Low-Income Countries. 1 DRS Reporters. *4/ (A+B+C+D+Offshore banking centers). Source: Organization for Econom ic Coopcration and Development, Financial Statistics Monthly. Part I Table 16 SECONDARY LOAN PRICES I/ (in percent of face value) 1989 1990 1991 1991 1991 1991 1992 1992 1992 1992 1993 Q4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q l Severely Indebted Middle-Income Countries* 25 25 27 33 37 35 36 38 38 38 40 Algeria 81 80 79 84 86 91 83 87 92 91 95 Angola 1 28 22 25 20 20 20 24 25 22 20 Argentina a/ 13 20 17 27 39 38 42 50 50 48 50 Bolivia 11 11 11 11 9 11 10 12 15 16 16 Brazil b/ 22 25 27 34 36 31 36 33 33 30 30 Bulgaria . 8 9 15 21 20 18 17 16 13 14 Congo 15 8 8 7 4 4 4 5 6 6 6 Cote d'lvoire 6 3 6 7 8 9 8 9 7 5 6 Ecuador c/ 14 20 26 22 26 24 22 30 27 28 27 Jamaica 42 42 59 70 75 76 74 74 74 71 76 Jordan . 25 . 22 25 30 30 34 34 35 35 Mexico d/ 36 46 53 56 60 62 63 65 66 65 70 Morocco 38 39 44 48 53 47 42 46 47 47 52 Panama 13 13 11 13 27 21 28 32 33 29 30 Peru 6 4 3 7 17 13 14 15 15 19 24 Poland e/ 18 16 27 29 26 23 20 23 26 25 28 Other Selected Countries Chile 59 74 85 88 88 90 88 89 91 91 92 Costa Rica g/ 17 34 42 47 52 51 51 59 63 60 64 Egypt 40 43 43 45 45 46 46 47 45 45 46 Htonduras 20 19 18 20 20 27 27 31 33 35 31 Hungary 98 85 85 73 65 Nicaragua 1 4 2 4 9 8 8 9 7 7 8 Philippines h/ 49 37 48 50 54 51 51 59 57 57 64 Senegal 39 32 33 42 41 43 38 37 23 Uruguay i/ 50 57 52 59 70 75 70 70 75 75 65 Venezuela f/ 34 50 56 62 70 68 58 63 62 57 59 1/ Bid Price. a/ GRA (1987 Guaranteed Refinancing Agreement). b/ MYDFA (Multi-Year Deposit Facility Agreement). c/ MYRA (Multi-Year Refinancing Agreement). d/ Prices aRer February 1990 refer to par bonds offered under Brady Initiative. e/ DDRA (1988 Debt Deferral & Restructured Agreement). f/ Prices after August 1990 refer to par bonds offered under Brady Initiative. / Prices afer May 1990 refer to Series A par bonds offered under Brady Initiative. h/ Public Sector Restructured including Central Bank of the Philippines. Prices afer January 1990 refer to restructured loans offered under Brady Initiative. i/ Prices after December 1990 refer to par bonds offered under Brady Initiative. */ Weighted by commercial bank debt outstanding (Syria is not included in these calculations). Sources: Salomon Brothers, Euroweek, LDC Debt Report, Intemtional Financing Review, and EECDI. (J. p. Table 17 Foreign Direct Investment (Net) to Developing Countries (In millions of US$) 1985 1986 1987 1988 1989 1990 1991 1992p/ DRS Reporting Countries 10,964 9,874 13,730 19,740 23,321 24,008 33,907 38,252 By Geographic Re ion Africa, South of tne Sahara 1,318 719 1 392 1,044 2,476 669 1,746 1,280 East Asia & Pacific 3,183 3,546 4,485 7,593 9,071 10,885 13,021 15,060 Europe & Central Asia 465 447 664 1,393 2,790 3,282 5,306 5,650 Latin America & the Caribbean 4,345 3,569 5,818 8,012 7,135 7,725 12,766 13,778 North Africa & the Middle East 1,495 1,455 1,178 1,464 1,619 1,156 711 2,064 South Asia 157 137 191 233 229 291 356 420 Memo Item: Eastern Europe Excluding FSU 15 16 12 15 268 300 2,393 2,700 Severely Indebted Middle Income Countries 3,261 2,824 5,072 7,070 5,970 5,808 10 306 11,988 Algeria . 5 4 13 12 160 Angola 278 234 119 131 200 (335) 665 100 fe~Argentina 919 574 (19) 1,147 1,028 2,008 2,439 2,495 Bolivia 10 10 38 (10) (24) 27 52 30 Brazil 1,348 320 1,225 2,969 1,267 901 1,600 2,000 Bulgaria 1 22 . 4 . 50 Congo 13 22 43 9 Cote d'lvoire 29 71 88 52 41 48 46 28 Ecuador 62 70 75 80 80 82 85 85 Jamaica (9) (5) 53 (12) 57 138 127 41 Jordan 25 23 40 24 (1) 38 (12) 4 Mexico 491 1,523 3,246 2,594 3,037 2,632 4,762 6,200 Morocco 20 1 60 85 167 165 320 350 Panama 59 (62) 57 (52) 36 (30) (62) Peru 1 22 32 26 59 41 (7) 95 Poland 15 16 12 15 11 89 291 350 Syria Severely Indebted Low-Income Countries 1,710 1,322 1,792 1,699 3,330 1,482 1,137 2,101 Moderately Indebted Low-Income Countries 510 438 628 854 956 1,401 1,854 2,060 Moderately Indebted Middle-Income Countries 1,991 1,549 1,644 2,756 2,738 2,906 6,379 6,341 Other Selected Countries 5,723 5,504 6,232 9,180 12,926 12,898 17,642 19,270 Chile 1/ 114 116 230 141 184 249 576 640 China 1,659 1,875 2,314 3,194 3,393 3,489 4,366 5,022 Colombia 1/ 1,023 674 319 203 576 501 420 500 Egypt 3/ 1,178 1,217 948 1,190 1,250 734 253 1,200 Hngar7l/ 1,462 1,200 India 2r Korea 234 435 601 871 758 715 1,116 950 Malaysia 695 489 423 719 1,668 2,514 3,455 3,608 Ni8eria 478 167 603 377 1,882 588 712 675 Philippines 1/ 12 127 307 936 563 530 544 675 Thailand 163 263 352 1,105 1,776 2,444 2,014 2,700 Turkey 1/ 99 125 115 354 663 684 810 1,100 Venezuela 1/ 68 16 2i 89 213 451 1,914 1,000 Yugoslavia 1/ Also included in Moderately Indebted Middle-Income Countries. 2/ Also included in Moderately Indebted Low-Income Countries. 3/ Also included in Severely Indebted Low-Income Countries. / Projection. Source: Word Bank Debtor Reporting System. IMF FINANCING ARRANGEMENT 1/ (in millions of SDRs) Member Date of Expiration Amount Undrawn Arranaement Date Agreed Balance Stand-by arrangements 4,834.52 2,301.03 Albania 08/26/92 08/25/93 20.00 10.31 Barbados 02/07/92 05/31/93 23.89 9.22 Brazil 01/29/92 08/31/93 1,500.00 1,372.50 Bulgaria 04/17/92 04/16/93 155.00 31.00 Dominican Republic 08/28/91 03/27/93 39.24 1.86 EevDt 05/17/91 03/22/93 278.00 130.80 El Salvador 01/06/92 03/05/93 41.50 41.50 Estonia 09/16/92 09/15/93 27.90 15.11 Gabon 09/30/91 03/29/93 28.00 24.00 Guatemala 12/18/92 03/17/94 54.00 54.00 India 10/31/91 06/30/93 1,656.00 231.00 Jordan 02/26/92 08/25/93 44.40 11.10 Latvia 09/14/92 09/13/93 54.90 29.74 Lithuania 10/21/92 09/20/93 56.93 39.68 Morocco 01/31/92 03/31/93 91.98 73.58 Nicaragua 09/18/91 03/17/93 40.86 23.83 Panama 02/24/92 12/23/93 93.68 58.83 Philippines 02/20/91 03/31/93 264.20 56.60 Romaria 05/29/92 03/28/93 314.04 52.34 Uruguay 07/01/92 06/30/93 50.00 34.03 Exteded arrangements 12,631.58 5,533.50 Argentina 03/31/92 03/30/95 2,483.15 1,328.11 Hungary 02/20/91 02/19/94 1,114.00 556.77 Jamaica 12/11/92 12/10/95 109.13 100.13 Mexico 05/26/89 05/25/93 3,729.60 466.20 Poland 04/18/91 04/17/94 1,224.00 1,147.50 Venezuela 06/23/89 03/22/93 3,857.10 1,851.50 Zimbabwe 09/11/92 09/10/95 114.60 83.30 SAF arrangements 105.35 75.25 Burkina Faso 03/13/91 03/12/94 22.12 15.80 Comoros 06/21/91 06/20/94 3.15 2.25 Ethiopia 10/28/92 10/27/95 49.42 35.30 Rwanda 04/24/91 04/23/94 30.66 21.90 ESAF arrangements 2,350.15 817.01 Bangladesh 08/10/90 09/13/93 345.00 28.75 Benun 01/25/93 01/24/96 46.95 39.12 Bolivia 07/27/88 09/10/93 163.26 13.61 Burundi 11/13/91 11/12/94 42.70 23.49 Equatorial Guinea 02/03/93 02/02/96 12.88 10.12 Guinea 11/06/91 11/05/94 57.90 40.53 Guyana 07/13/90 12/20/93 81.52 8.86 Honduras 07/24/92 07/23/95 40.68 33.90 Kenya 05/15/89 03/31/93 261.40 45.23 Lesotho 05/22/91 05/21/94 18.12 10.57 Malawi 07/15/88 05/31/93 66.96 5.58 Mali 08/28/92 08/27/95 60.96 50.80 Mauritania 12/09/92 12/08/94 33.90 25.43 Mozambique 06/01/90 09/30/93 100.65 15.25 Nepal 10/05/92 10/04/95 33.57 27.98 Sri Lanka 09/13/91 09/12/94 336.00 168.00 Tanzania 07/29/91 07/28/94 181.90 96.30 Togo 05/31/89 05/19/93 46.08 7.68 Upanda 04/17/89 11/24/93 219.12 19.92 Zimbabwe 09/11/92 09/10/95 200.60 145.90 TOTAL 19,921.59 8,726.78 Ln 1/ As of February 28, 1993. Source: IMF. STATISTICAL APPENDIX QUARTERLY EastAsia and Pacific Suriname Sierra Leone Nepal American Samoa Trinidad & Tobago Somalia Pakistan REVIEW Brunei Virgin Islands (Br.) South Africa Rwanda Cambodia Uruguay Sudan Sri Lanka GROUPS China Venezuela Swaziland Togo Fiji Tanzania Yemen, Rep. of French Polynesia North Africa and the Togo Guam Middle East Uganda Moderately Indebted Indonesia Algeria Zaire Middle-Income Countries Kiribati Egypt, Arab Rep. of Zambia (MIMICS) Korea, D.P.R. of Iran, Islamic Rep. of Zimbabwe Cameroon Korea, Rep. of Iraq Chile Lao P.D.R. Israel Severely Indebted Colombia Malaysia Jordan Middle-Income Countries Costa Rica Marshall Islands Kuwait (SIMICS) Dominican Rep. Micronesia, Fed. Sts. Libya Algeria Former Soviet Unior Mongolia Morocco Angola Gabon Myanmar Oman Argentina Guatemala New Caledonia Other Bolivia Hungary Other Other oil exporters Brazil Papua New Guinea Papua New Guinea Qatar Bulgaria Philippines Philippines Saudi Arabia Congo Senegal Solomon Islands Syrian Arab Rep. C6te d'Ivoire Tunisia Thailand Tunisia Ecuador Turkey Tonga United Arab Emirates Jamaica Uruguay Viet Nam Yemen, Rep. of Jordan Venezuela Western Samoa Mexico South Asia Morocco Offshore Banking Europe and Central Asia Afghanistan Panama Centers Albania Bangladesh Peru Bahamas Bulgaria Bhutan Poland Bahrain Cyprus India Syrian Arab Rep. Barbados Czechoslovakia Maldives Bermuda Former Sbviet Union Nepal Severely Indebted Low- Cayman Islands Gibraltar Other Income Countries Hong Kong Greece Pakistan (SILICS) Lebanon Hungary Sri Lanka Burundi Liberia Isle of Man Egypt, Arab Rep. of Macao Malta Sub-Saharan Africa Equatorial Guinea Neth. Antilles Other Angola Ethiopia Other Poland Benin Ghana Panama Portugal Botswana Guinea-Bissau Singapore Romania Burkina Faso Guyana Vanuatu Turkey Burundi Honduras West Indies (Br.) Yugoslavia Cameroon Kenya Cape Verde Lao P.D.R Oil Exporters Latin America and the Central African Republic Liberia Algeria Caribbean Chad Madagascar Angola Antigua & Barbuda Comoros Mali Brunei Argentina Congo Mauritania Congo Belize C6te d'Ivoire Mozambique Former Soviet Union Bolivia Djibouti Myanmar Gabon Brazil Equatorial Guinea Nicaragua Iran, Islamic Rep. of Chile Ethiopia Niger Iraq Colombia Gabon Nigeria Libya Costa Rica Gambia, The Sao Tome & Principe Nigeria Cuba Ghana Sierra Leone Oman Dominica Guinea Somalia Other Dominican Rep. Guinea-Bissau Sudan Qatar Ecuador Kenya Tanzania Saudi Arabia El Salvador Lesotho Uganda Trinidad & Tobago Grenada Liberia Zaire United Arab Emirates Guadeloupe Madagascar Zambia Venezuela Guatemala Malawi Guiana (Fr.) Mali Moderately Indebted Oil Exporters DRS Guyana Mauritania Low-Income Countries Reporters Haiti Mauritius (MILICS) Algeria Honduras Mayotte Bangladesh Angola Jamaica Mozambique Benin Congo Martinique Namibia Central African Rep. Former Soviet Union Mexico Niger Comoros Gabon Nicaragua Nigeria Ganibia, The Iran, Islamic Rep. of Other Other Guinea Nigeria Paraguay Reunion Haiti Oman Peru Rwanda India Trinidad & Tobago St. Kitts & Nevis Sao Tome & Principe Indonesia Venezuela St. Lucia Senegal Malawi St. Vincent Seychelles Maldives 46 FINANCIAL FLOWS QUARTERLY REGULAR EXTERNAL PUBLICATIONS nternational Economics Department Ihe World Bank global Economic Prospecfs (GEP) - Annual: Analysis of evolving trends in the world economy, discussion of the medium- .erm prospects for developing countries, and an in-depth treatment of different aspects of the economic links between ndustrial and developing countries. 'Vorld Debt Tables (WlDT) - Annual: Analysis of trends and developments in international debt and finance, and compre- iensive debt statistics for developing countries, compiled from information gathered through the World Bank's exclu- ive Debtor Reporting System. Also available are Supplements providing mid-year updates of debt statistics. 'Vorld Tables - Annual with update supplement: Provides timely economic, demographic, and social time-series data, )eginning in 1969, for 139 economies. Data are presented by country and by aggregates for each region and for analyti- al groups, making this an ideal reference for international comparison. 'ocial Indicators of Development- Annual: The World Bank's most detailed data collection for assessing human welfare. 2ountry-level data and aggregates of regional and income groups are presented for international comparison. Data are 'resented for three historical periods in the printed volume, but time-series data from 1965 to 1989 are available in the TARS diskettes. 'he World Bank Atlas - Annual: An international standard in compilation of GNP per capita and other socioeconomic ata, the Atlas covers 185 countries and territories, with statistical tables, maps, and graphs. Text is available in English, rench, and Spanish. 'orld Development Indicators (Statistical Annex to World Development Report) - Annual: Comprehensive, current data n the main features of social and economic development in more than 180 economies. Country-level information with -gional and analytical aggregates for use in international comparison. :2cioeconomic Time-series Access and Retrieval System (STARS): Provides comprehensive data in diskettes for use in per- nal computer. Data collections currently available on STARS diskettes include World Tables, World DebtTables, World evelopment Report and Indicators, Social Indicators of Development, and African Economic and Financial Data. pdates on Commodity Markets and Prices- Quarterly: Assessment of commodity market developments on a quarterly basis. ommodity price projections are also updated every three months. -ends in Developing Economies (TIDE) - Annual: Describes recent economic performance and trends in approximately )0 developing countries. Each country has its own profile, including a comprehensive table of economic and social dicators and a brief analysis of current economic conditions. 'nancial F7ows to Developing Countries - Quarterly: Provides updated analysis of all types and sources of international .pital flows to developing countries. Aimed at reporting emerging trends and new developments relevant for develop- g-country access to international finance. For general information, contact: For subscription, contact: International Economics Department World Bank Publications The World Bank Box 7247-8619 1818 H Street, N.W. Philadelphia, PA 19179-8619, U.S.A. Washington, D.C., 20433 Telephone orders: (908) 225-2156 Telephone: (202) 473-3813 Facsimile orders: (908) 417-0482 Facsimile: (202) 477-0966 Telex orders: WU164145 Consumer Service: (908) 225-2165 Sectoral Library N-145