Financial systems and development

teed, and private nonguaranteed long-term debt, The summary measures are computed from group
use of IMF credit, and short-term debt.
aggregates of debt service and GNP in current dollars.
Table 22. Flow of public and private external
capital
Table 25. Terms of external public borrowing
Data on disbursements and repayment of principal Commitments refer to the public and publicly
(amortization) are for public, publicly guaranteed, guaranteed loans for which contracts were signed
and private nonguaranteed long-term loans. The in the year specified. They are reported in currennet
flow estimates are disbursements less the repay- cies of repayment and converted into U.S. dollars
ment of principal.
at average annual official exchange rates.
Figures for interest rates, maturities, and grace pe-
Table 23. Total external public and private debt riods are averages weighted by the amounts of the
and debt service ratios
loans. Interest is the major charge levied on a loan
and is usually computed on the amount of princi-
Total long-term debt data in this table cover public pal drawn and outstanding. The maturity of a loan
and publicly guaranteed debt and private non- is the interval between the agreement date, when a
guaranteed debt. The ratio of debt service to ex- loan agreement is signed or bonds are issued, and
ports of goods and services is one of several con- the date of final repayment of principal. The grace
ventional measures used to assess the ability to period is the interval between the agreement date
service debt. The average ratios of debt service to and the date of the first repayment of principal.
GNP for the economy groups are weighted by Public loans with variable interest rates, as a percent-
GNP in current dollars. The average ratios of debt age of public debt, refer to interest rates that float
service to exports of goods and services are with movements in a key market rate; for example,
weighted by exports of goods and services in cur- the London interbank offered rate (LIBOR) or the
rent dollars.
U.S. prime rate. This column shows the borrower's
exposure to changes in international interest
Table 24. External public debt and debt service rates.
ratios
The summary measures in this table are weighted
by the amounts of the loans.
External public debt outstanding and disbursed represents
public and publicly guaranteed loans drawn Table 26. Population growth
at year-end, net of repayments of principal and and projections
write-offs. For estimating external public debt as a
percentage of GNP, the debt figures are converted Population growth rates are period averages calcuinto
U.S. dollars from currencies of repayment at lated from midyear populations.
end-of-year official exchange rates. GNP is con- Population estimates for mid-1987 are based on ofverted
from national currencies to U.S. dollars by ficial estimates made by country statistical offices,
applying the conversion procedure described in the U.N. Population Division, and the World
the technical note to Tables 2 and 3.
Bank. They take into account the results of recent
Interest payments are actual payments made on population censuses, which, in some cases, are
the outstanding and disbursed public and publicly neither recent nor accurate. Note that refugees not
guaranteed debt in foreign currencies, goods, or permanently settled in the country of asylum are
services; they include commitment charges on un- generally considered to be part of the population
disbursed debt if information on those charges is of their country of origin.
available.
The projections of population for 2000, 2025, and
Debt service is the sum of actual repayments of the year in which the population will eventually
principal (amortization) and actual payments of in- become stationary (see definition below) are made
terest made in foreign currencies, goods, or ser- for each economy separatelv. Information on total
vices on external public and publicly guaranteed population by age and sex, fertility, mortality, and
debt. Procedures for estimating total long-term international migration is projected on the basis of
debt as a percentage of GNP, average ratios of debt generalized assumptions until the population beservice
to GNP, and average ratios of debt service comes stationary. The base-year estimates are from
to exports of goods and services are the same as updated printouts of the U.N. World Population
those described in the note to Table 23.
Prospects: 1988, recent issues of the U.N. Population
242