13.07.2013 Views

World Development Report 1984

World Development Report 1984

World Development Report 1984

SHOW MORE
SHOW LESS

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

Public loans are external obligations of public final repayment of principal. The grace period is<br />

debtors, including the national government, its the interval between the agreement date and the<br />

agencies, and autonomous public bodies. Publicly date of the first repayment of principal.<br />

guaranteed loans are external obligations of pri- The summary measures in this table are<br />

vate debtors that are guaranteed for repayment by weighted by the amounts of loans.<br />

a public entity.<br />

The data in this table and in successive tables on Table 18. Official development assistance from<br />

debt do not cover nonguaranteed private debt OECD and OPEC members<br />

because comprehensive data are not available; for<br />

some borrowers such debt is substantial. The debt Official development assistance (ODA) consists of net<br />

contracted for purchases of military equipment is disbursements of loans and grants made at concesalso<br />

excluded because it usually is not reported. sional financial terms by official agencies of the<br />

members of the <strong>Development</strong> Assistance Commit-<br />

Table 16. External public debt and tee (DAC) of the Organisation for Economic Codebt<br />

service ratio operation and <strong>Development</strong> (OECD) and of the<br />

members of the Organization of Petroleum Export-<br />

External public debt outstanding and disbursed repre- ing Countries (OPEC) with the objective of prosents<br />

the amount of public and publicly guaran- moting economic development and welfare. It<br />

teed loans that has been disbursed, net of includes the value of technical cooperation and<br />

repayments of principal and write-offs at year-end. assistance. All data shown were supplied by the<br />

In estimating external public debt as a percentage OECD.<br />

of GNP, GNP was converted from national curren- Amounts shown are net disbursements to develcies<br />

to dollars at the average official exchange rate oping countries and multilateral institutions. The<br />

for the year in question. The summary measures disbursements to multilateral institutions are now<br />

are weighted by GNP in current dollars. reported for all DAC members on the basis of the<br />

Interest payments are those on the disbursed and date of issue of notes; some DAC members previoutstanding<br />

public and publicly guaranteed debt ously reported on the basis of the date of encashin<br />

foreign currencies, goods, or services; they ment. Net bilateral flows to low-income countries<br />

include commitment charges on undisbursed debt exclude unallocated bilateral flows and all disif<br />

information on those charges was available. bursements to multilateral institutions.<br />

Debt service is the sum of interest payments and The nominal values shown in the summary for<br />

repayments of principal on external public and ODA from OECD countries were converted into<br />

publicly guaranteed debt. The ratio of debt service 1980 prices using the dollar GNP deflator. This<br />

to exports of goods and services is one of several deflator is based on price increases in OECD counrules<br />

of thumb commonly used to assess the ability tries (excluding Greece, Portugal, and Turkey)<br />

to service debt. The average ratios of debt service measured in dollars. It takes into account the parto<br />

GNP for the economy groups are weighted by ity changes between the dollar and national cur-<br />

GNP in current dollars. The average ratios of debt rencies. For example, when the dollar depreciates,<br />

service to exports of goods and services are price increases measured in national currencies<br />

weighted by exports of goods and services in cur- have to be adjusted upward by the amount of the<br />

rent dollars. depreciation to obtain price increases in dollars.<br />

The table, in addition to showing totals for<br />

Table 17. Terms of public borrowing OPEC, shows totals for the Organization of Arab<br />

Petroleum Exporting Countries (OAPEC). The<br />

Commitments refer to the public and publicly guar- donor members of OAPEC are Algeria, Iraq,<br />

anteed loans for which contracts were signed in Kuwait, Libya, Qatar, Saudi Arabia, and United<br />

the year specified. Arab Emirates. ODA data for OPEC and OAPEC<br />

Interest rates, maturities, and grace periods are aver- were also obtained from the OECD.<br />

ages weighted by the amounts of loans. Interest is<br />

the major charge levied on a loan and is usually Table 19. Population growth and<br />

computed on the amount of principal drawn and projections<br />

outstanding. The maturity of a loan is the interval<br />

between the agreement date, when a loan agree- The growth rates of population are period averages<br />

ment is signed or bonds are issued, and the date of calculated from midyear populations. The sum-<br />

280

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!