Financial systems and development

operation and Development (OECD) and members disbursements of ODA are shown per capita and
of the Organization of Petroleum Exporting Coun- as a percentage of GNP.
tries (OPEC), to promote economic development The summary measures of per capita ODA are
and welfare. While this definition aims at exclud- computed from group aggregates for population
ing purely military assistance, the borderline is and for ODA. Summary measures for ODA as a persometimes
blurred; the definition used by the centage of GNP are computed from group totals
country of origin usually prevails. ODA also in- for ODA and for GNP in current U.S. dollars.
cludes the value of technical cooperation and assistance.
All data shown are supplied by the OECD, Table 21. Total external debt
and all U.S. dollar values are converted at official
exchange rates.
The data on debt in this and successive tables are
Amounts shown are net disbursements to devel- from the World Bank Debtor Reporting System,
oping countries and multilateral institutions. The supplemented by World Bank estimates. That sysdisbursements
to multilateral institutions are now tem is concerned solely with developing econoreported
for all DAC members on the basis of the mies and does not collect data on external debt for
date of issue of notes; some DAC members pre- other groups of borrowers, nor from economies
viously reported on the basis of the date of en- that are not members of the World Bank. The dolcashment.
Net bilateral flozvs to low-income economies lar figures on debt shown in Tables 21 through 25
exclude unallocated bilateral flows and all are in U.S. dollars converted at official exchange
disbursements to multilateral institutions.
rates.
The nominal values shown in the summary for The data on debt include private nonguaranteed
ODA from high-income OECD countries were debt reported by twenty-four developing countries
converted at 1980 prices using the dollar GDP de- and complete or partial estimates for an additional
flator. This deflator is based on price increases in twenty-five countries.
OECD countries (excluding Greece, Portugal, and Public loans are external obligations of public
Turkey) measured in dollars. It takes into account debtors, including the national government, its
the parity changes between the dollar and national agencies, and autonomous public bodies. Publicly
currencies. For example, when the dollar depreci- guaranteed loans are external obligations of private
ates, price changes measured in national curren- debtors that are guaranteed for repayment by a
cies have to be adjusted upward by the amount of public entity. These two categories are aggregated
the depreciation to obtain price changes in dollars. in the tables. Private nonguaranteed loans are exter-
The table, in addition to showing totals for nal obligations of private debtors that are not guar-
OPEC, shows totals for the Organization of Arab anteed for repayment by a public entity.
Petroleum Exporting Countries (OAPEC). The do- Use of IMF credit denotes repurchase obligations
nor members of OAPEC are Algeria, Iraq, Kuwait, to the IMF for all uses of IMF resources, excluding
Libya, Qatar, Saudi Arabia, and United Arab Emir- those resulting from drawings in the reserve
ates. ODA data for OPEC and OAPEC are also tranche and on the IMF Trust Fund and the Strucobtained
from the OECD.
tural Adjustment Facility. It is shown for the end of
the year specified. It comprises purchases out-
Table 20. Official development assistance:
standing under the credit tranches, including enreceipts
larged access resources, and all of the special facilities
(the buffer stock, compensatory financing, and
Net disbursements of ODA from all sources consist of Extended Fund Facility). Trust Fund and Structural
loans and grants made on concessional financial Adjustment Facility loans are included individuterms
by all bilateral official agencies and multilat- ally in the Debtor Reporting System and are thus
eral sources to promote economic development shown within the total of public long-term debt.
and welfare. They include the value of technical Use of IMF credit outstanding at year-end (a stock)
cooperation and assistance. The disbursements is converted to U.S. dollars at the dollar-SDR exshown
in this table are not strictly comparable with change rate in effect at year-end.
those shown in Table 19 since the receipts are from Short-tern external debt is debt with an original
all sources; disbursements in Table 19 refer only to maturity of one year or less. Available data permit
those made by high-income members of the OECD no distinctions between public and private nonand
members of OPEC. Net disbursements equal guaranteed short-term debt.
gross disbursements less payments to the origina- Total external debt is defined for the purpose of
tors of aid for amortization of past aid receipts. Net this report as the sum of public, publicly guaran-
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