ASi" kUCTURE FlOR DEVELOPMENT

derived from shorter-term stays are induded in ser- bursements to multilateral institutions are now revices
as labc income. The distincion accords with ported for all DAC members on the basis of the date
internationally agreed guidelines, but many devel- of issue of notes; some DAC members previously
oping countries dassify workers' remittances as a reported on the basis of the date of encashment..
factor income receipt (hence, a component of GNP). The nominal values shown in the sumunary for
The World Bank adheres to intemrational guidelines ODA from high-income OECD countries were conin
defining GNP and therefore may differ from na- verted at 1987 prices using the dollar GDP deflator.
tional practices.
This deflator is based on price increases in OECD
Gross international rnsexrvs comprise holdings of countries (excluding Greece, Portugal, and Turkey)
monetary gold, special drawing rights (SDRs), the measured in dollars. It takes into account the parity
reserve position of members in the 1MvF, and hold- changes betwveen the dollar and national currencies.
mgs of foreign exchange under the control of mone- For example, when the dollar depreciates, price
taxy authorities. The data on holdings of interna- changes measured in national currencies have to be
tional reserves are from IMF data ifies. The gold adjusted upward by the amount of the depreciation
component of these reserves is valued throughout at to obtain price changes in dollars.
year-end (December 31) London prices: that is, The table, in addition to showing totals for
$3737 an ounce in 1970 and $33325 an ounce in OPEC, shows totals for the Organization of Arab
1992 Because of differences in the definition of in- Petroleum Exporting Countries (OAPEC)_ The
ternational reserves, m the valuation of gold, and in donor members of OAPEC are Algeria, Iraq,
reserve management practices, the levels of reserve Kuwait~, LiAya, Qatar, Saudi Arabia, and United
holdings published in national sources do not have Arab Emiates. ODA data for OPEC and OAPEC
stricly comparable sinificance- The reserve levels are also obtained from the OECD.
for 1970 and 1992 refer to the end of the year indicated
and are in current U5. dollars at prevailng Table 19. Offlcial development assistance: receipts
exchange rates. Reserve holdings at the end of 1992.
montls of import covemge, are also expressed in terms Net disbursemets of ODA from all sources consist of
of the number of months of imnports of goods and loans and grants made on concessional financial
services they could pay for.
terms by all bilateral official agencies and multilat-
The. summary measures are computed from eral sources to promote economic development and
group aggregates for gross international reserves welfare. They indude the value of technical cooperand
total imports of goods and services in current ation and assistance. The disbumsements shown in
dollars,
this table are not strictly comparable with those
shown in Table 18 since the receipts are from all
Table 18. Official development assistance from sources; disbursements in Table 18 refer only to
OECD and OPEC members
those made by high-income members of the OECD
and members of OPEC Net disbursements equal
Offlcial development assitance (ODA) consists of net gross disbursements less payments to the originadisbursements
of loans and grants made on conces- tors of aid for amortiation of past aid receipts. Net
sional financial terms by official agencies of the disbursements of ODA are shown per capita and as
members of the Development Assistance Commit- a percentage of GNP.
tee (DAC) of the Organization for Economic Coop- The summary measures of per capita ODA are
eration and Development (OECD) and members of computed from group aggregates for population
the Organization of Petroleum Exporting Countries and for ODA Summary measures for ODA as a per-
(OPEC) to promote economic development and centage of GNP are computed from group totals for
weLfre Although this definition is meant to ex- ODA and for GNP in current US. dollars.
dude purely military assistance, the borderline is
sometimes blurred; the definition used by the coun- Table 20. Total external debt
try of origin usually prevails ODA also includes the
value of techrical cooperation and assistance. All The data on debt in this and successive tables are
data shown are supplied by the OECD, and all US. from the World Bank Debtor Reporting System,
dollar values are converted at official exchange supplemented byWorld Bank estimates. The system
rates.
is concerned solely with developing economies and
Total net flows are net disbursements to develop- does not collect data on external debt for other
ing countries and multilateral institutions. The dis- groups of borrowers or from economnies that are not
239