QUARTERLYREVIEW

FINANCIAL FLOWS TODEVELOPING CO UNTIRIES

CURRENT DEVELOPMENTS

March 1992

. . o...'.,.,....

,. : . -. .... .-.. ....:., ... K

. .: .. v .- . .-.--.. --;.-..s. ..- '........'... .,-'': ..........'"'"""",

{, ',,',,"''1''--'''''"'''-'-''"'"""- .... ..... - . . :- . -.-. . x -. -. . : ..-.-.- . ..--- . . .. . . . . . ..6,,,,.,,.,.,,.,,,.,,,,,,.,.,,,,.,..,.., ... .......

\ ~~~~~~~~.. .. . . .-'.: ? :::,::".,' "' . , . '"'''... aw-.-.J_ . 7......... . ....... , , .............. ................. _... .. .._

w ., \S ., ........~~.. .... ...... .....

- .",,,.',"'.''. ..".. ....'... .Z ,,

THE WORLD BANKDEBT AND INTERNATIONAL FINANCE DIVISION

FILE COPY

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Quarterlv Review Financial Flows to Developing Countries

Table of Contents

Page

SUMIARY.i

INTERNATIONAL LENDING AND CAPITAL MARKET ACTIVITIES .................... 1Borrowing on International Capital Markets .............................. 1Commercial Bank Claims. 4Country Creditworthiness ............ 5

NON-DEBT FLOWS AND FOREIGN DIRECT INVESTMENT .......................... 6Emerging Stock Market Activities .................................... 6New Equities, Quasi-Equities, and Derivatives ............................ 8Foreign Direct Investment and Privatization .............................. 9

SECONDARY MARKETS FOR DEVELOPING COUNTRY DEBT ....................... 10Price Trends and Trading Activities .................................. 10New Developments in Debt Conversions ............................... 11

OFFICIAL AND MULTILATERAL FLOWS ..................................... 12Lending and New Initiatives by IFIs .................................. 12Bilateral ODA and Export Credits ................................... 14

COMMERCLAL BANK PROVISIONING AND CAPITAL ADEQUACY ................... 14Provisioning and Reserves ........................................ 14Capital Adequacy ............................................. 14

DEBT RELIEF AGREEMENTS UPDATE ....................................... 15Official Creditors ............................................. 15Commercial Creditors ........................................... 17

FEATURE ARTICLE: International Equity Issues by Developing Country Companies ... ........ 18American Depository Receipts (ADRs) ................................ 19Country Funds ............................................... 20

STATISTICAL APPENDIX ........... 22

Debt and International Finance Division March 1992

Quanrtey Review

SUMMARY

Cross-border financing activity expanded to a record opening of the Korean stock market to direct accessvolume during the fourth quarter of 1991, supported by foreign investors in 1992, foreign purchases ofby a rebound in syndicated credits. The fourth domestic company shares exceeded $600 million inquarter growth in borrowing also resulted in a record the first two months, despite the sluggishhigh for the annual volume of new funds raised on performance of Korean stock prices.international financial markets. New bond issuesslowed somewhat, but total bond issues in 1991 The recent trend toward issuing developingreached a new record high, surpassing the 1990 total country equities in international markets, particularlyby 30 percent. Despite the turnaround in the last in the form of American Depositary Receiptsquarter, new syndicated loans dropped almost 10 (ADRs), appears to be intensifying. Mexico raisedpercent in 1991 to the lowest yearly total since 1988. more than $4 billion through ADR programs in 1991,Heightened credit quality concerns by major banking far surpassing the total of loans and bond issued byinstitutions resulted in a stiffening of lending terms, Mexican borrowers. The current issue of thewith spreads and fees rising to their highest levels Quarterly Review features an article on internationalsince the early 1980s, and in a shortening of loan equity offers by developing country companies.maturities.

The secondary market for developingFunds raised by developing countries country debt resumed its overall bullish trend in the

declined slightly in the fourth quarter. The slowdown first quarter of 1992, led by the strong pricein borrowing (to $7.4 billion, excluding $5.5 billion performance of Argentine amd Brazilian debtborrowed by Kuwait) was largely accounted for by a instruments. Trading activities are diverging acrosssharp reduction in Indonesian borrowing, which more two market segments as a newt form of secondarythan offset increased borrowings by other countries market emerges. While the trading of value-impairedincluding Korea and China. During 1991 as a whole, loans is slowing down, traders indicate substantialdeveloping countries' new borrowing (excluding large increases in the turover of Brady bonds and newdeals by Kuwait and Saudi Arabia) declined bond issues by developing country borrowers. Themarginally, as the reemergence of Latin American latter reflects the surge in Eurobond issues by Latinborrowers was offset by a drastic cutback in market American corporate borrowers during the past yearaccess accorded to the republics of the former Soviet and strong demand from inve%tors seeldng higherUnion. About 40 percent of the developing country yields.total was raised in the bond markets; increasing useof bond issues in raising externa finance was most Rent statistics show that corporatepronounced for Latin American borrowers. borrowers are increasingly rescrting to commercial

In the fourth quarter, Czechoslovakia tapped paper markets, as banks restrain their asset growth tothe international capital market, for the first time in meet the Basle capital adequacy guidelines. Renewed1991. The new bond issued by the country's centra weakness in the Tokyo stock market, compounded bybank was rated as Bal by Moody's Investors Service. heavy losses on their real estate holdings, raisedThis was the agency's first country rating for concerns over the capital adequacy of JapaneseCzechoslovakia. The Bal rating, which is below banks. Several city banks are reportedly going to fallinvestment grade, is shared with Hungary and one below the 8 percent BIS total capital to asset rationotch higher than that of Mexico. with the Nikkei index below 18,000, affecting the

I availability of credit from Japanese banks.Most emerging stock markets started 1992

on a strong note, replicating a typical phenomenon During the first quartet of 1992 Paris Club(the 'January Effect") in industrial country markets. creditors signed seven agreements with debtorDuring the first quarter of 1992, the developing countries (Bolivia, Brazil, Cameroon, Ecuador,country market average price index (on a U.S. dollar Jordan, Morocco, and Tanzania). In the first quarter,basis) advanced more than 12 percent, spurred by Argentina made progress in negotiations withLatin America's continued strong performance. commercial bank creditors, raising prospects for aAmong individual markets, India recorded the highest Brady deal soon. On February 20, the Philippinespercentage gain (77 percent) as the market reacted and its Bank Advisory Committee reached anfavorably to several government announcements agreement on Phase H of their DDSR operation.concerning financial and fiscal plans. Following the Nigeria concluded its DDSR operation on January 21.

i

Qualerly ReWew

INTERNATIONAL LENDING AND CAPITAL improve the quality of loan portfolios and to curtailMARKET ACTIVITIES asset growth to meet the BIS capital adequacy

requirements. Heightened credit. quality concerns bymajor banking institutions resulted in a stiffening of

Borrowing on International Capital Markets lending terms, with spreads and fees rising to theirhighest levels since the early 1980s, and in anoticeable shortening of loan mraturities.

The fourth quarter of 1991 witnessed acontinued expansion of new cross-border borrowing New bond issues slowed somewhat in theactivity. As a result, the annual volume of new funds fourth quarter ($69 billion) from the previousraised on international financial markets reached a quarter's record pace, but were still 22 percent higherrecord high. The quarterly volume (based on OECD than the figure reported in the same quarter of 1990.statistics) was also a record high, $112 billion, 8 Total bond issues in 1991 reached a new record highpercent above the previous record high level achieved of $298 billion, surpassing the 1990 total by 30in the third quarter. Borrowing in 1991 as a whole percent. The buoyancy in bond markets, particularlyamounted to $417 billion, excluding new equity the straight bond sector which expanded by almost 50issues ($22 billion) and uncommitted borrowing percent to $234 billion, was attributed to falling long-facilities ($79 billion). Performance in different term interest rates in many currencies throughoutmarket segments, however, diverged greatly, as most of 1991. Falling interest rates generated strongTable 1 shows. investor demand for possible capital gains and

borrower desire to lock in lower rates as anThe growth in borrowing was particularly increasing volume of debts matured (in the face of

strong in the syndicated credit sector during the tight bank credit conditions) oI through refinancingsquarter, rising almost 60 percent to $40.4 billion of outstanding higher-cost debt. There was also afrom an unusually low level recorded in the third rebound in equity-linked bond issues in 1991,quarter. Nevertheless, new syndicated loans ($113 expanding 30 percent on a year-to-year basis. Thebillion) contracted 9 percent in 1991 to the lowest floating rate note segment, however, continued toyearly total since 1988. The subdued activity in the contract in 1991 (to $17 billion, the lowest level sincesyndicated credit market reflected the economic 1987).slowdown in major industrial countries, the modestvolume of merger and acquisition transactions, and, Last year there was a major shift in themost importantly, the continuing cautious stance of currency denomination of international bond issues.leading international banks, under pressure to Traditional major currency sectors--the U.S. dollar,

Table 1: Iltemaaonal Capital Market Borrowing(USS billions)

Instrument 1986 1987 19S8 1989 1990 1991

Bonds 228.1 180.8 227.1 255.7 229.9 297.6Equities 11.7 18.2 7.7 8.1 7.3 21.6Syndicated Loans 52.8 91.7 125.6 121.1 124.5 113.2NIF 1/ and other Back-Up Facilities 29.3 31.2 16.6 8.4 7.0 6.3ECP 2/ and other non-Underwritten Facilities 67.7 71.0 76.6 73.2 66.2 78.9

Total 389.6 392.9 453.6 466.5 434.9 517.6

Flows to Developing Countries 3/ (percent) 6.0 7.6 6.0 5.7 7.6 8.4

1/ Note bsuance Facilities.2/ Euro-Conmercial Paper.3/ Based on OECD definition and including Easern European countries.

Source: OECD Financial Market Trends.

1

March 1992

Japanese yen, sterling, Deutsche mark, and Swiss credits; the country's Statni Banka became only thefranc--lagged the overall expansion of the market, second Eastern European borrower to tapwhile issuing activity on several smaller currency international bond markets in 1991 (see the Countrycomponents, including the Canadian dollar, Italian Creditworthiness section of this Review for details).lira and Spanish peseta, was particularly strong, Borrowing by Latin American entities in internationalbreaking all previous records. The most salient markets slowed somewhat in the last quarter of 1991,feature in the international bond market during 1991 partly reflecting the sharp sell-off in the secondarywas the unprecedented growth of the Ecu sector. market for developing country debt, but showedNew Ecu-denominated issues grew by 80 percent to continued strength with a further broadening in thea total of Ecu 25 billion, making it the third-largest range of instruments and maturities utilized. A largecurrency of denomination after the U.S. dollar and drop in external financing by Brazil ($400 million inthe yen. the fourth quarter, less than half of the volume

recorded in the third quarter) more than offset modestFunds raised by developing countries totaled quarter-to-quarter increases in borrowing by Mexico

$7.4 billion (excluding $5.5 billion in borrowing by ($620 million), Argentina ($425 million), andKuwait) during the fourth quarter of 1991, down Venezuela ($360 million).slightly from the third quarter (see Table 2).Indonesia recorded a sharp reduction in new During 1991 as a whole, developing countryborrowing ($0.7 billion, compared with $2.5 billion borrowers, including Eastern Europe, raised a total ofin the third quarter). Korea resumed an aggressive $27 billion in international markets, 8 percent lowerborrowing program, raising $1.3 billion in the fourth than in 1990. The reemergence of several Latinquarter. China increased its borrowing to $700 American borrowers in the international capitalmillion, mostly for aircraft financing. Portugal, after markets was offset by a dramatic decline in externala short absence from the market, raised $560 million borrowing by the former Soviet Union (from $3.3through syndicated credits in the fourth quarter. billion in 1990 to zero in 1991). Korea and IndonesiaHungary continued to issue bonds in Euro-markets topped the list of borrowers, each with $5.7 billion,(almost $400 million in the fourth quarter). In the followed by Mexico ($3.1 billion), China ($2.5fourth quarter, Czechoslovakia became an active billion), Turkey ($2.1 billion), Thailand ($1.8borrower, for the first time in 1991, raising $280 billion), Hungary ($1.4 billion) and Brazil ($1.2million through a combination of new bonds and billion). About 40 percent of the total, or $10.8

Table 2 International Borrowing by Selected Developang Countries, 199111(USS millions)

1990 1991 1991Q3 1991Q4

Total Bonds Total Bonds Total Bonds Total Bonds

Chile 285.0 - - - -

China 1,513.6 - 2,467.6 263.0 524.0 145.6 700.3 117.4India 1,242.2 523.0 239.6 150.4 - - - -

|bdonesia 5,461.5 825.0 5,701.5 294.1 2,475.0 - 695.1 34.1Malaysia 730.0 200.0 348.2 190.2 108.0 - 50.0 -Mexico 2,350.0 769.9 3,054.1 2,129.7 559.8 559.8 623.4 623.4Pakistan 350.0 - 130.5 - - - 36.0

Korea 3,981.8 1,515.4 5,714.8 2,446.4 764.1 306.0 1,300.5 420.0Thailand 1,465.5 50.0 1,826.2 31.4 564.4 - 300.9 31.4Turkey 2,498.3 660.5 2,127.5 639.8 781.6 - 584.2 377.2Venezuela 1,595.1 203.1 581.3 581.3 225.0 225.0 356.3 356.3Zimbabwe 156.0 - 170.0 - 55.0 - 30.0Czechoslovakia 437.5 437.5 278.3 278.3 - - 278.3 200.0Hungary 986.9 946.9 1,378.3 1,237.8 687.5 547.1 388.0 388.0Poland - - 4.7 -

USSR 3,250.1 297.6 - - - - - -

1/ Bonds include both international issues ( in Euro - markets) and traditional foreign issues.Source: OECD Financial Statistics (Monthly), February 1992.

2

Quarterly Rev*ew

billion, was raised in the bond markets (mostly Euro- g 1 Sped on I Bank Loamarkets), led by Korea ($2.4 billion), Mexico ($2.1 (BaSis over LMORnbillion), Hungary ($1.2 billion), Brazil ($1.2 billion),and Argentina ($0.7 billion). Developing countrybond issues were concentrated in the U.S. dollar a_denominated straight bond sector, representing about l

two-thirds of the total. The increasing use of bond Dissues in raising external finance was most 70

pronounced with Latin American borrowers. Stronginstitutional demand from European investors and //U.S. pension funds appeared to have supported Latinbond market activity; these bonds offer a high spreadover comparable Treasury securities. Korea was theonly Asian borrower that tapped the bond market to A/any significant extent, with almost all of its issues for 4A-

public financial institutions. The emergence of alarge current account deficit in the country was animportant factor behind the increased recourse to s0overseas funding.

On an announcement basis (as compiled by 1997 i9 II 16 9 9191

Bank of England) Latin American borrowers in Sourv: OEMh.international capital and credit markets, raised $13billion in 1991, double the amount raised in 1990. l

Towards the end of the year, however, the demandfor Latin American bond issues appeared to have maturities shortened from siix years and nine monthslessened somewhat, and a sign of market saturation to five years and four monlhs. Average spreads onemerged on concerns of oversupply. (More recently new loans to developing countries widened onlythese concerns appear to have eased.) Although all marginally from 65 basis points in 1990 to 70 basisthe issues were absorbed, spreads rose from their points in 1991, as new bank credits were almostlowest levels. For example, the spread on a 7-year exclusively to highly creditworthy borrowers. New$150 million issue for Pemex, one of the higher credits arranged for developing countries contractedquality Latin American borrowers, widened from 245 modestly in 1991, with total borrowing (excludingbasis points at its launch in September to over 300 large deals for Kuwait and Saudi Arabia) reachingbasis points by the end of the year. As a $17 billion, compared with $18 billion in 1990. Butconsequence of the widening in spreads, Latin the borrowing activity varied widely across countriesAmerican borrowers continued to increase their and regions. Countries from East and South Eastpresence in non-traditional market sectors such as Asia were particularly active in syndicated creditEuro-commercial paper (ECP) or CD issuance markets, led by borrowers from Indonesia and Korea,programs. Mexican borrowers established three more mainly financial institutions and corporations. ChinaECP programs in the last quarter of 1991, bringing re-emerged as an active borTower, raising more thanto nine the number of Mexican borrowers establishing $2 billion. New syndicated loans for borrowers fromECP/CD programs. Banamex, a privatized bank, South Asian countries were light by historicalbecame the first Mexican borrower to establish a non- standards, mainly on account of lenders' creditdollar facility with a 1.5 billion yen program. The concerns. Mexico was the only Latin Americanaverage size of these Mexican programs was country to have accessed tChe bank credit market inrelatively small at around $60 million, less one-fifth any significant way (but still only $0.6 billion) inthe size of those of typical industrial country 1991. In contrast to the bond market, the creditborrowers in 1991. market appears not yet ready to add to long-term

exposure to the region. New credit flows to EasternThe persistent tight lending policies of and Central Europe were negligible in 1991, as

commercial banks and their growing attention to international banks remained on the sidelines becauseincreasing returns on assets resulted in an increase in of the unstable political and economic situationsaverage spreads on new syndicated loans. These prevailing in the region. Despite the capitalspreads rose from 54 basis points in 1990 to 77 basis constraints faced by most banks, U.S. and Japanesepoints in 1991 (see Figure 1), while average banks' lending in global syndicated markets showed

3

March 1992

Table 3: New Bond Issues By Sdected Developing Country Borrem : First Quarter, 1992(in millions)

Country Borrower Size Launch Date Maturity Yield Spread Remarks

Argentina Banco Rio $100 3/92 3 9.7 380 144a 1/Alto Parana $40 2V92 3 13.0 700Bridas $50 2/92 5 12.1 565

Brazil Unibanco $100 3/92 2 10.5 460 144a 1/Citibank-Brazil $100 3/92 3 9.6 400Telebras $90 3/92 5 11.0 450 put optionBanco Frances $100 2/92 2 11.0 575 144a 1/Telesp $100 2/92 3 11.9 650 put optionPetrobras $250 1/92 1 9.2 500Hering $50 1192 2 13.0 750

Hungary National Bank DM600 1/92 7 10.2

Mexico Pemex $150 2/92 5 8.6 215Tamsa $50 1/92 3 9.7 430

Turkey Republic $200 3/92 5 8.5 260 put optionBNCE SP10,000 1/92 5 13.0 200

Venezuela Bariven $200 1/92 5 9.2 260

I/ ssued in the United States under SEC Rule 144a.Source: IFR and J.P. Morgan.

some sign of recovery in the fourth quarter of 1991, put option after three years, was priced at a spread ofafter falling precipitously since 1990. Continental around 225 basis point over U.S Treasuries.European banks have generally maintained their levelof lending in 1991, but U.K. banks have recordedabout a 5 percent decline. Commercial Bank Claims

In the first quarter of 1992 a growingnumber of developing country borrowers raised The latest BIS statistics show that interbankexternal financing through new bond issues. lending activities remain very low by historicalBrazilian borrowers led, with over $1 billion in issues standards. After a sizable contraction in thedenominated in U.S. dollars (see Table 3). Terms of preceding two quarters (by a record $126 billion inborrowing by Brazilian borrowers improved as the the second quarter alone), outstanding cross-borderquarter progressed: spreads narrowed (from more claims of BIS reporting banks fell by a further $31than 700 basis point to around 400 basis point) and billion in the third quarter of 1991, bringing thematurities lengthened (from 2 years to 5 years). cumulative decline for the first nine months of 1991Pemex became the first public sector Mexican to 6 percent of total outstanding claims. This declineborrower to tap the international capital market this was the first to last three consecutive quarters sinceyear, with a $150 million five-year deal at a 1984. The scaling-back of activity was especiallyrelatively tight spread. Uruguay is expected to make pronounced in the interbank segment of the marketits Euromarket debut soon with a $75 million three- and involved virtually all nationality groups of banks.year bond issue through J.P. Morgan. Uruguay In marked contrast to earlier years, Japanese bankswould become the fifth Latin American country to did not engage in expanded operations towards theaccess the Euromarkets since Mexico's reentry in late end of September (their interim accounting period).1989. Market sources anticipate a spread of 280 Claims between banks in Japan and banks in otherbasis points for the new issue, reflecting the country's reporting countries accounted for nearly two-thirds ofhigh credit standing among Latin American the third-quarter decrease.borrowers. Turkey launched a $200 million 5-yearEurobond in March, the first Euro-dollar bond issue Banks' outstanding claims on countriesafter the Gulf War. The Turkish bond, featuring a outside the BIS reporting area, which contracted by

4

Quarwney Rewew

billion) in londing to Asia. Japns commoccialTable 4: Japaes Commercial Bank Medium ad bank expoure to Latin America and the Middle EastLong-tem Le_ig to Devlopig Countaim: registered small gains, but declined slightly to Africa.Loa Coemiboas and Outstandin Claims(in USS millions as of end-1991)Region Loan Oit ing County Creditworthiness

Commitments Exposure

Asia 9,415 55,800 Moody's Investors Ser has ratod as BatAfrica 456 5500 the recent $200 million three-year Eurobond isuedLatin America 3,410 31,600 by Statni Banka Coekoslovenska, the contal bank ofMiddle East 1,801 2,200 the Czech and Slovak Federal Republic (CSFR).Others 51 1,000 This was Moody's first country rating for tho CSFR.

The Bal rating will also act n a countty ceiling forTotal 15,133 96,100 all foreign currency borrowing of the CSPR.

Source: Japan Ministry of Finance (MoF).

Tabe 5: Soveraip Feip Cwnuny DektlAnTew Rados 1/

$19 billion during the first half of 1991, increased by RlbI$3 billion in the third quarter. At the same time, Agentina B3outside-area countries became large providers of new 132funds to the international markets. Outstanding China Baldeposits by this group of countries rose by $11 billion Czecholovakia hlin the third quarter of 1991, following a $25 billion Greece DasIdecline recorded for the first six months of the year. Hungary RaiBanks' outstanding claims increased significantly on Indh B12*0

some Asian developing countries, including Thailand Komit Al($2.3 billion), China ($2 billion) and Korea ($1.8 Maly h3

billion). These three countries also substantially iPotugal Alincreased their deposits with the reporting banks. Singpore Aa3*Net withdrawals of deposits were recorded by nilbnd A2*Malaysia ($1.2 billion) and the Philippines ($0.6 Vernzuela hibillion), the latter reportedly in connection with adebt restructuring agreement with its creditor banks /1 Rating by Moody's Investors Servic as of March 24,during the third quarter. Bank claims on Latin IM9America continued to decline, by a further $1.5 * Sho,t-tenm debt rated at P-I.billion in the third quarter, following the $4.6 billion *d Short-trm debt rated at NP. Short-trm deb of olbrcontraction reported in the previous quarter. The developnn courtries unated.quarterly decline was fully accounted for by reduced Note : Rating system for investene grade bonds ane asclaims on Brazil ($1.1 billion) and Argentina ($0.8billion). Following precipitous declines over the Moodv S A P's 2/previous eighteen months, outstanding claims on A" AAAEastern and Central Europe expanded by $1.3 billion Aal AA+in the third quarter of 1991. New lending to the Aa2 AAFormer Soviet Union ($1.6 billion) was accounted for Aa3 AA-by officially guaranteed credits from German banks. Al A+

A2 A

Japanese official statistics from the Ministry A3 A-of Finance indicate that Japanese banks' medium-to- But B--+long term exposure to developing countries totalled a- BIU$96 billion as of the end of 1991 (see Table 4). Thisrepresents an almost 10 percent increase from 1990, 2/Same ting system ued by most oer ting a_cis,and about the same level recorded at the end of 1989. macuding, IBCA, Fich, Dunf Phelp, an JapanesMost of the increase in bank clims was accounted rting agencles.for by a large increase (by 18 percent to $55.8

5

March 199~2

Moody's noted that the Eurobond has been structured in view of the appreciation of the U.S. dollar duringso that it can benefit from the secondary market the period. The strong dollar erased virtually all theliquidity provided by the U.S. Securities and gains (about 9 percent in local currencies) recordedExchange Commission (SEC) rule 144a. The rating in German and French markets.agency cited substantial economic and politicaluncertainties facing the country as determiaing factorsfor the below-investment-grade rating. The Bal The spectacular performance of the Bombayrating assigned to the CSFR is shared with Hungary, Stock Exchange was prompted for the most part byand one notch higher than that of Mexico (see Table speculative demands fueled by industrial and trade5). reform measures introduced by the Indian

government in recent months. The rally continuedthroughout the first quarter and was boosted by the

Moody's reported no other changes in the favorable response to several governmentrating of developing country borrowers during the announcements, including an amnesty programfirst quarter of 1992. But the rating agency is likely resulting in large foreign exchange flows into theto consider a new rating for Chile in the near future. country and the annual budget for the next fiscal

year. Country funds targeted at Indian stocksremained at a discount, ranging from 16 percent toalmost 30 percent to their net asset value (as of theend of February).

The first-quarter performance of otheremerging markets in Asia was mixed. Thailandrecorded a 20 percent gain (in dollar terms),continuing an upward trend established in late 1991.Banking and finance sector stocks contributed most tothe gains during the reporting period. Another solidmarket performance was registered in Malaysia, withan advance of 15 percent in the first quarter. Themarket's dollar gain was attributed in part to thestrengthening Malaysian ringgit, and to increasedinstitutional buying, despite continuing high inflation.The Indonesian stock market showed strength in thefirst quarter, reversing the downward trend observed

NON-DEBT FLOWS AND FOREIGN DIRECT during most of 1991. Upside momentum wasINVESTMENT provided by a 14 percent rise in January, following

the government announcement liberalizing thebanking sector. The market slowed in February; theoverall quarterly gain was 12 percent. After a big

Emerging Stock Market Activities rally (12 percent gain) in January, the Philippinemarket retreated in the subsequent two months,ending the first quarter with a modest 6 percentadvance. Poor general economic conditions and

Most emerging stock markets in developing uncertainty about the outcome of the May presidentialcountries started 1992 on a strong note, replicating a election appear to have caused the consolidation. Intypical phenomenon (the 'January Effect") in contrast, the Korea and Pakistan markets were downindustrial country markets. During the first quarter 11 percent and 21 percent, respectively, from theirof 1992, the IFC's emerging stock market composite end-1991 level. The January rally proved to beindex rose 12.3 percent (on a U.S. dollar basis), short-lived in Korea, where overall bearish marketspurred by Latin America's continued strong sentiment (partly in connection with the defeat of theperformance. Among individual markets, India ruling party in the recent general election) andrecorded the highest percentage gain (77 percent) in institutional selling (ahead of the end of their fiscalthe first quarter, compared with the end-1991 level year in March) caused share prices to fall. The(see Figure 2). The overall solid performance of premium on the New York Stock Exchange-listedemerging stock markets was impressive, particularly Korea Fund continued to shrink, down to 17 percent

6

Quanerly Review

of net asset value as of end-February, compared with gain). The Argentine market wis stronger in January25 percent in December. The sharp fall in Pakistan on news of the IMF's approval of the country's fiscalwas due largely to news of unrest in the southern policy and the provision of a $3 billion Extendedprovince of Sind and to a technical correction after a Fund Facility program. Share prices pulled back indramatic rise (almost 150 percent) in 1991. The February, reflecting commerciOl bank rejection ofdepressed market price in the first quarter was also Argentina's initial Brady proposal. The Argentinaattributed to government measures introduced late last Fund traded at a premium oF almost 20 percentyear to tighten domestic liquidity. towards the end of the first quaiter. Despite a robust

performance in January and mncist of February, theMost stock markets in Latin America posted failed coup and political uncertainty in the aftermath,

strong gains in the first quarter of 1992, continuing along with rising interest rates, caused thebullish trends evident since last year. The IFC's Venezuelan stock market to relreat, ending the firstregional index for Latin America advanced by 27 quarter with a 13 percent loss.percent on a U.S. dollar basis during the firstquarter. Brazil topped the Latin American list with In the Middle East and Europe, shares werea 36 percent rise. A huge gain (38 percent) in generally low. Prices in Turkey remained depressedJanuary was propelled by market anticipation of the in the first quarter, posting another 23 percent loss,IMF's $2 billion stand-by loan for Brazil and the largely on account of the depreciation of the localsubsequent Paris Club agreement with the country. currency. The government's proposed reforms to theThe Brazil Fund traded at a narrow discount of Capital Market Law failed to revive investor interest.around 3 percent. Stock prices also advanced In Eastern Europe, where slock markets remainstrongly in Mexico (26 percent) and Chile (32 largely underdeveloped in termrs of listed shares andpercent) in the first quarter. Contributing factors turnover, Hungary showed some strength in the firstwere improved corporate profits and prospects for an quarter of 1992. After falling 19 percent in price inearly North American Free Trade Agreement 1991, the Budapest Stock Exchange Index (for 23(Mexico) and, significant improvement in balance-of- listed stocks, as complied by Cieditanstalt of Austria)payment figures and reduced inflation rates (Chile). rose 8 percent, on the strong performance of theThe pace of share price appreciation in Argentina shares of a few leading compamies. The improvedslowed to a first-quarter gain of 16 percent, following performance was also supported by increasinga record performance in 1991 (an almost 400 percent turnover in the Budapest exchange. A lackluster

F%gure 2: Emerging Stock Market Performance, Flrst Quarter 19921/

80 -

40-

32:

-40 __Indi Bra Chi Mex Tha Arg Indo Phi Kor Ven Pak Tur

I/ Percentage price clhage from end- 19D1 to end - March 1992.Sourcer: Emerging Market Data Dam. JEC.

7

March 1992

performance continued on the Warsaw Stock measures to allow foreign investment and domesticExchange, whose index (for 11 listed stocks) was access to the offshore capital markets. The first fourlargely unchanged in the first quarter, compared to firms to win approval to issue either convertiblethe end-1991 level. The Polish index lost 13 percent bonds or Global Depositary Receipts (GDRs) areof its value in 1991. Reliance Industries, Tata Iron & Steel, the steelmaker

Essar Gujurat, and the textile group Grasim. Each ofthese four firms is reportedly seeking around $100million. Goldman Sachs is reportedly lead managingthe international offering of shares of China Steel, a

New Equities, Quasi-Equities and Derivatives Taiwanese company. The $400 million GDR issuewill mark the first time that foreign investors havebeen able to buy straight equity in a Taiwanese

An increasing number of developing country company. Until now they have been restricted tocorporations raise funds through listing their equities Euromarket convertibles and warrant bonds and aon industrial country stock exchanges. American small number of offshore country funds.Depositary Receipts (ADRs) have been the mainvehicle, sparked by the landmark $2 billion deal for For the first two months after the opening ofTelmex. A number of new ADR offers took Korean stock market to direct foreign investors inadvantage of the U.S. SEC Rule 144a that allows 1992, the foreign purchase of domestic companyissuers exemptions from resale restrictions and shares listed on Korea Stock Exchange exceeded $600disclosure requirements. The Rule 144a market million. The official statistics from Korean Ministrybecame available in 1991 for Latin American of Finance also showed that the total foreign directcompanies. During 1991, ADR issues by Latin acquisition of domestic shares represented about 3American corporations totalled almost $5 billion, percent of the total transactions during the period.dominated by Mexican companies. Telefonica de The pace of foreign participation has slowed downArgentina was one of few non-Mexican Latin markedly in the recent weeks, reflecting theAmerican companies to access this market, raising continuing sluggish performance of the Korean stock$636 million in December 1991. The current issue market. Roughly 50 percent of the foreign investmentof the Quarterly Review takes a close look at represented U.K. investors and 15 percent U.S.international equity issues--ADRs and new country investors. The foreign purchases of Korean companyfunds--by developing country corporations in 1991. shares were concentrated on stocks with relatively

low price/earning ratios. Following Brazil's abolitionVamsa, which last November acquired a of restrictions on direct foreign investment in its

majority stake in Bancomer, Mexico's second largest domestic stock markets last July, roughly $700bank, is pursuing a $700 million primary million flowed into the market in 1991. The paceinternational equity offering. The offering, managed appears to be intensifying in 1992. According to theby J.P. Morgan, will be in the form of ADRs, the country's central bank, foreign investment in thefirst by a Latin American financial institution. Brazilian stock market amounted to more than $120Proceeds from offering will go towards repaying a $1 million during the first two weeks of January 1992.billion bridge loan arranged to finance part of the$2.8 billion acquisition of Bancomer from the Mexico's stock market authorities plan toMexican govermment. introduce listed warrants on the bolsa index and on

some 10 to 12 leading individual stocks, aimed atInternational equity offerings are in the bolstering liquidity and fostering local derivative

making in a number of developing countries. business. The creation of covered warrants isAracrus, Brazil's leading pulp manufacturer, is set expected to enhance investors' capacity to hedge theirbecome the country's first company to tap the Mexican stock portfolio against unfavorable priceinternational equity markets. Overseas share offers changes. The government envisages a three-stepthat are in the pipeline include large scale offerings program to develop the derivatives market in Mexico:by Telebras, Brazil's telecommunication industry if the warrants market is successful, listed optionsleader, Usiminas, Brazil's leading steel maker will be introduced as a second step, and a financialprivatized in 1991, and Petrobras, the state oil futures market will be set up in the final phase.company. In March, four leading Indian companies Mexican brokerages also expect that more foreignwere authorized to tap the Euro-equity markets for investment in Mexican-listed stocks would bethe first time as part of the Indian government's new attracted if derivatives were available.

8

Quarterly Review

Foreign Direct Invesiment and Privatization peak in 1989. During the first half of fiscal year1991 (April through September 1991), Japanese FDItotalled $19.7 billion (on a MoF notification basis),

Foreign direct investment (FDI) in far below the pace recorded ia the past two years.developing countries is estimated to have reached Japanese FDI was $67.5 billion in fiscal 1989,$24.8 billion (on a cash flow basis) in 1991, about a followed by $56.9 billion ixk fiscal 1990. The6 percent increase from 1990 and almost three times slowdown in Japanese overseas investment appears tolarger than the amount recorded in 1986 (see Table reflect several factors: thde global economic6). Mexico topped the list with an estimated $4.2 slowdown; the general tighltening of financialbillion, up sharply from $2.6 billion in 1990. Other liquidity; the higher cost of capital for Japanesedeveloping country recipients of large amounts of corporations in the wake of the domestic stock marketFDI included Malaysia ($3 billion), Thailand ($2.4 collapse; and the diminishing ability of the Japanesebillion), Argentina ($2.4 billion), China ($2.2 baning system to provide finance for directbillion), and Brazil ($1.6 billion). Roughly one-third investments abroad because of capital constraints.of FDI flows to Latin America over the last few The drop in Japanese FDI was most pronounced inyears is estimated to have been facilitated through the United States, the most significant destination,debt-equity swaps. and in Europe. During the six-month period, host

countries in Asia received $2.9 billion, comparedAccording to recent Japanese official with $7 billion for the entire previous year. Latin

statistics, Japanese FDI continues to decline from its American countries attracted $1.5 billion of JapaneseFDI, compared to $3.6 billion for the previous year.Africa hosted $335 millioni of new Japaneseinvestment during the six-month period, somewhat

Table 6: MWor Destnatio of Foreign Direct higher than the pace of previous years ($551 millionUivesbfat in Developing CowuliS in 1990). Country-specific data indicate that, with

(USS millions) the exception of several Asian countries, most of theCountry 1986 1990 199le/ large developing country recipoients of Japanese FDI

Argentina 574 2,036 2,352 are offshore financial centers.Brazil 320 1,340 1,600Chile 60 595 316 The first quarter of 1J992 witnessed severalChina 1,875 3,489 2,203 large initial public offerings (IPOs) linked toColombia 674 501 310 privatization programs in developing countries.

Egypt, Arab Rep. 1,217 497 1,000 Shares in Tenaga Nasional Be:rhad, Malaysia's state-Gabon 110 -50 0 owned electric company, were offered to local andIndonesia 258 964 1,097 internationalinvestorsinMarch. Itwas the country'sKorea, Republic 435 715 750 first privatization issue open to foreign investors. ItMalaysia 489 2,902 3,000 was also the first offering to use a tender system

Mexico 1,523 2,632 4,239 under which shares were allocated to the highestMorocco 1 165 299 bidders. The privatized company issued 685 millionNigeria 167 588 506 new shares for local investon; including employees.Papua New 91 362 380 An additional 60 million shares were offered to localPhilippines 127 530 740 and international buyers through the tender

Portugal 239 2,123 2,000 mechanismn. Three intema:ional tender agents--Thailand 263 2,376 2,360 Baring Securities, Salomon Brothers, and Daiwa7tunisia 63 58 116 Securities--were appointed to place the offers fromTurkey 125 697 800 foreign investors. Preliminary figures indicate thatVenezuela 16 451 757 each share would be sold at around M$4.5 (or $1.75

Largest Recipient 8,627 23,421 24,816 equivalent).

Al Countries 9,576 25,240 24,816 Thai Airways, Thailand's state-owned

el p carrier, announced plans to rmake an IPO of aboutNote: Includes the 114 countries that report to the World 100 million shares in late March at 60 baht (or $2.36Bank's Debtor Reporting System (DRS). equivalent) per share. Up to 15 million shares can be

taken by foreign investors, but foreign buyers wouldSource: The World Bank. be limited to 10,000 shares each in the initial

offering. The privatized company is expected to float

9

March 1992

100 million shares of new equity every year over the Figure 3: Secondary Marlket Pricesnext thre years.l n (In percent of face value)

Poland agreed to a joint venture between thecountry's FSO car plant and General Motors (GM) inlate February. Under the agreement, GM will invest$75 million to set up an assembly plant with FSO for sla 70 percent controlling share in the project. This s0marks the first foreign partnership of a Polish carmaker in a decade. 45

Bulgaria has recently introduced a new law aaimed at promoting foreign capital flows to the 35

country. The new law provides expanded protection J/

for foreign investors, with the intention to create l 2\favorable conditions for foreign investment under 25

simplified regulations. Foreign investors and l\

business entities registered abroad can now take part,just as local residents, in business activities and buy 1 s " i' '9shares in Bulgarian commercial companies. A I /b t stinta uW disklicense will continue to be required for foreigners to 2/ *Mhkt MM& - 0m Ct r t 1 a t tV ki Tl 1engage in banking and insurance, but the new law Mu hUn, ku& ad MM.eased restrictions on licensing. The previousrequirement for a minimum investment amount($50,000) was also abolished under the new law.The new foreign investment law allows foreigners toinvest in various local securities and to remit profits Argentine debt (restructured bank loans tofrom their investments. the Government of Argentina) prices surged in the

first quarter of 1992, reaching 42 by the end ofMarch. (See Appendix Table 16 for the definition ofthe benchmark debt instruments quoted in this

SECONDARY MARKETS FOR DEVELOPING section.) This was a new record secondary marketCOUNTRY DEBT high for the GRA instrument and represents a more

than 10 percent quarter-to-quarter gain in price.Several factors contributed to this surge: improved

Price Trends and Trading Activities prospects for a Brady deal with commercial banks,continued positive outlook for the country'smacroeconomic performance (notably lower

The secondary market for developing inflation), expectations for expanded support fromcountry debt resumed its overall bullish trend in the international institutions (including access to thefirst quarter of 1992, after a setback experienced IMF's Extended Fund Facility), and increasedduring the fourth quarter of 1991. But the first demand linked to continuing privatization programsquarter's strong performance was concentrated in a (including the roughly $100 million privatization infew debt instruments, most notably those of March of the Central Puertopower generatingArgentina and Brazil, which more than offset the facility).weakness in some other debt issues, including thoseof Venezuela. Trading activities are diverging across The price of Brazil's benchmark liabilitiesmarket segments as a new breed of secondary debt recovered strongly to the pre-crash level of 38 at themarket emerges. While transactions of value- end of March 1992, recouping all of the lossesimpaired debt are slowing down, traders indicate incurred during the preceding quarter. Thesubstantial increases in turnovers in Brady bonds and substantial gain was attributed to the marketnew bond issues by developing country borrowers in expectation that Brazil and its commercial bankthe first quarter of 1992. The latter reflects active creditors are getting close to an agreement on thenew Eurobond issues by Latin American corporate restructuring of $41 billion of foreign commercialborrowers and strong demand from investors seeking debt. Brazilian debt prices have now surpassed thosehigher yields (and often repatriating flight capital). of Argentina (quoted on a 'without interest' basis)

10

Quawrtery Revew

for the first time since October 1991, as the Brazilian price recovered most of its rcent losses in March, ondebt price reacted more strongly to the news of a the news of the IMF's approval of the govermment'spossible Brady deal. The rise in Brazilian debt prices 1992 budget. Market makers started reportingwas also supported by moderating inflation and indicative prices of Former Soviet Union (FSU) debt.continuing privatization (including Acos Finos Piratini The FSU debt prices (based on 1992-94 maturities offor $107 million in February). Vneshekonombank debt) are currently quoted in a

wide range, 30 to 40, atfter drifting downwardTrading of Brady bonds was heavy in the throughout the first quarter. Prices of North African

first quarter, but their price performance was mixed. countries' debt gyrated widely during the firstMexican par bonds stayed firm for most of the first quarter, largely in reaction to political developmentsquarter and ended with a small gain, despite market in the region. The rising Islamic fundamentalism inconcerns over high inflation in Mexico. As in the Algeria and Morocco pushed their debt prices sharplypast, changes in par bond prices closely followed lower in February before some recovery was made inU.S. Treasury bond prices. The stripped spread over March as Algeria's external financing situationU.S. Treasuries on par bonds has held relatively improved. Algerian and Moroccan benchmark loansconstant during the first quarter at around 450 basis ended the first quarter at 83 and 41, respectively.points. In sharp contrast, Venezuelan par bondprices declined substantially to 59 towards the end of Trading in the secondary market forMarch, from almost 68 at end-1991, mainly due to developing country debt is evolving into a three-tierthe unstable political situation. Market perception of market, namely: first, value-impaired orthe deteriorating creditworthiness of Venezuela nonperforming loans; second, restructured bonds,reversed the yield spread between Mexican and including, most notably, Btady bonds; and, third andVenezuelan par bonds over the period: the yield to the latest, recent issues, mainly new bond issues butmaturity for Mexican bonds was 30 basis point higher including some short-term securities. Tradersthan that for Venezuelan bonds at the end of 1991; indicate that the newest component of the market isbut the former is now 130 basis point lower. In growing rapidly, as both th, supply of new bonds andMarch, Nigerian Brady bonds issued on January 21, investor demand increase.1992 were made available for clearance throughEuroclear. The price of Nigerian Par bonds moved The U.S Federal Reserve, concerned aboutnarrowly around 40, showing some sensitivity to lack of trading standards in the secondary markets fordevelopments in OPEC meetings and oil prices. developing country debt, is reportedly conducting

intensive audits of banks that trade value-impairedThe price of Philippine debt (Central Bank sovereign debt. Targets are major U.S. money

Restructured) traded in a narrow range of 51 to 53 center banks, but several foreign banks are alsothrough the first quarter. Trading remained thin, included in the list. Some 70 banks and securitiesreflecting the market's uneasiness as the debt/equity firms now trade in a losely structured market.auction (March 24) and the deadline for closing Trading volume has expanded rapidly over the lastbuyback transactions involving public sector deals several years, reaching an estimated $100 billion in(March 30) approached. Investor interest appeared to turnover in 1991. Potential risks inherent in thebe dampened by the central bank's announced plan to secondary market, including possible conflicts oflaunch a cash buyback of up to $1 billion of its interest and insider trading, have come to light as thecommercial bank debt at the maximum price of 52. volume grew. The Fed's action was apparentlyNew Money bond prices changed little and closed at prompted by the extreme price volatility experienced63 as of end-March, yielding almost 17 percent to during the fourth quarter of 1991, triggered by amaturity. Some activity has emerged in the trading sharp drop in Brazilian debt prices. Securities firms,of "if-and-when-issued" PCIRBs (Principal which fall under the jurisdiction of the Securities andCollateralized Interest Reduction bonds), following Exchange Commission (SE;C), are not part of the Fedthe new refinancing package agreed on February 20. examinations.The price was set at around 50, yielding 17.5percent, but the market still remains thin with mostmarket players concentrating on administrative details New Development in Debt Conversionsrelated to the buyback.

The Polish debt (DDRA) price drifted In March Panama agreed to exchange $30downward through February, reaching as low as 17, million in foreign debt for nature bonds, making thecompared with 22 at the end of 1991. The DDRA arrangement one of the largest debt-for-nature swap

11

March 1992

deals ever concluded. The Nature Conservancy, aprivate organization that has been engaged in debt- rigue 4: ne World Bank (IBRD & IDA) Comaitaeui

for-nature conversion programs in 15 countries, will in 191; By Rqeiobuy $30 million (face value) of Panamanian debt onthe secondary market. The debt paper so purchasedwill then be exchanged for $30 million in ecologicalbonds to be issued by the Panamanian government.The bonds are expected to earn up to $2.5 million a E Ask & Pa (21.7%) Europe h Cnt A (15.97%)

year. The earnings will be used for policing andpreserving the country's diminishing rain forests. S A (15.1%)

Bank of America has donated $2 million of A (16.3))

Brazilian debt to Conservation International insupport of local ecosystem conservation programs in K Et & N Afs.iim an Amer. h Carib. (21.4%)

three endangered rain forest areas of Brazil. Thiswas the bank's second donation of Brazilian debt Toal: Ut 242 biomsince last year. It will be converted into local

SoUrce: The Wforld Rank .currency.

OFFICIAL AND MULTILATERAL FLOWS filed an application with the Bank). They are nowexpected to become members of these institutions inthe second quarter of 1992, subject to decision by the

Lending and New Initiatives by IFls Interim Committee meeting on April 27. Unresolvedissues include IMF quotas for the FSU republics.Membership in the IMF is a prerequisite for

During the calendar year 1991, the IBRD membership in the Bank.committed a total of $17.0 billion, a 12 percentincrease over the previous year. Total new The IMF approved in February a proposal tocommitments by IDA amounted to $7.2 billion, up extend access to the Enhanced Structural Adjustmentalmost 14 percent from 1990. Developing countries Facility (ESAF) to an additional 11 countries. Newlyin Latin America represented the largest share (28 eligible countries include: Albania, Angola, Cotepercent) of the IBRD 1991 commitments, followed by d'Ivoire, Dominican Republic, Egypt, Honduras,Europe and Central Asia (23 percent), East Asia and Mongolia, Nicaragua, Nigeria, the Philippines, andPacific (22 percent), Middle East and North Africa Zimbabwe. ESAF (and SAF) funds are provided on(12 percent), South Asia (9 percent), and Africa (6 concessional terms (currently, an interest of 0.5percent). Africa was the largest recipient of IDA percent, see Table 7), a 10-year maturity and fivecommitments with a 40 percent share, followed by years of grace on principal payments, to low-incomeSouth Asia (30 percent) and East Asia and Pacific (20 developing countries facing protracted balance ofpercent) (See Figure 4). About 70 percent of the payments problems, in support of medium-termIBRD commitments represented investment lending, macroeconomic and adjustment programs. Thedown slightly from 1990; the remainder was in objectives and basic program features of the ESAFsupport of adjustment programs. The share of parallel those of the SAF; differences relate toinvestment lending in IDA comnitments was 72 provisions for access, monitoring, and funding.percent in 1991, unchanged from 1990. Agricultureand rural development led the sectoral distribution of The IFC's loan syndication activities,both IBRD and IDA conmmitments. The World intended to mobilize external commercial resourcesBank's total disbursements amounted to $16.7 billion, for developing country borrowers, have grownincluding $12.1 billion from the IBRD and $4.6 sharply, surpassing $1.2 billion in fiscal 1991 (endingbillion from IDA. The IBRD's loans outstanding in June 1991), doubling the prior year level andsurpassed the $100 billion mark for the first time, representing a nine-fold increase over the past fivereaching $101.4 billion at the end of calendar 1991. year period. The fast-growing syndications are

expected to expand further to a $1.4 billion level inAll Former Soviet Union (FSU) republics fiscal 1992, ending in June 1992. Since the inception

have applied for membership in the IMF and the of the program, the IFC has mobilized more thanWorld Bank (except Tadjikistan which has not yet $4.3 billion from over 270 financial institutions. In

12

Quafln,y Revew

one of its latest syndication activities, the IFC A $1.2 billion Multilateral Investment Fundprovided $110 million lines of credit to four was formally established in ]ebruary to improve thecommercial banks in Morocco in February. The industrial capacity and private investmentcredit lines included $40 miflion for the IFC's own opportunities in Latin America and Caribbean.account and a syndication of $70 million with nine Resources for the fund, whio.h was first proposed asintemational banks. The IFC-led syndication marks part of the Enterprise for tbe Americas Initiative inthe first time the four Moroccan commercial banks June 1990, are to be provided by the United States,have been able to borrow term loans in the Canada, Japan and a consortium of five European andinternational financial markets without a government 15 Latin American countries. The Inter-Americanguarantee. Development Bank (IDB) rill administer the fund.

It will finance projects through three windows: aDuring its first year of operation, the technical assistance facility, a human resources

European Bank for Reconstruction and Development facility, and an enterprise development facility.(EBRD) committed loans and purchased equitiestotaling Ecu 621 million ($800 million equivalent) in In the first quarter of 1992, international20 projects in Central and Eastern Europe. The donors, through consultative meetings under theEBRD, which posted an operating loss of Ecu 7miUion in 1991, expects to borrow up to Ecu 900 au ztices of the World Bank or other internationalmillion in 1992. The EBRD has cofinanced projects organizations (e.g., UNDP), pledged: $1.5 billion towith large international companies including Nestle the Philippines; $800 million to El Salvador; $600and General Motors in their investments in Eastern million to Nicaragua; $1.4 billion to Zambia; $570Europe. million to Bhutan; $500 million to Laos; $1 billion to

Table 7: Multilateral Developmeat Banks: Comparison of Loan Charges 1/(Percent)Structure of Loan Charges IDB ADB AFDB IBRD

A: Lending Rate a/ Old: 7.94 b/ Old: 7.72New: 7.92 6.58 8.03 New: 7.73(variable) (variable) (variable) (variable)

B. Spread on cost base 0.50 0.40 0.50 0.50 c/(variable) (variable) (fixed) (fixed)

C. Conmmitment Fee 0.25 d/ 0.75 et 1.00 0.25 fV

D. Other Service Charges none g/ none none none g/

1/ As of January 1.

a/ The variable lending rates are set semi-annually. The rate differential reflects, among other factors, the difference in currencycomposition of the borrowing pool. For example the ADB's pool is comnprised mostly of low- nominal- rate. currencies such asJapanese Yen, whereas the IBRD's pool is more balanced in terms of major currencies.b/ The lending rate is fixed at the time of the disbursement.c/ For those borrowers eligible for interest rate waiver, the spread could be effectively reduced to .25 percint for fiscal year 1992.d/ A one-semester reduction of the commitment fee to .25 percent was approved for the econd half of 1991.e/ A .75 percent commitment fee is applicable to the following proportions of the loan amount Ion the eumrulative disbursement: 15percent in the first year; 45 percent in the econd year; 85 percent in the third year and 100 percent in the Iburth year and beyond.f/ A one-year reduction in the commitment fee to .25 was approved by the Board for ficl year 1992. While contractually thecommitment fee remains at .75 perient, the fee can be reduced to a minimum of .25 percent on an annual 'bais by Board decision.gl This fee is currently et at zero.

Note: The IMF's interest charge for ordinary resources (such a stand-by credits or compensatory and coningency financing facilities)was 7.85 percent at the end of March 1992, including 1. 17 percent of refundable rate. The charge (net of Ihe refundable rte ) isderived from 96.6 percent of prevailing SDR rate. IMP's concessional rate for SAP or ESAF credits was 0.5 percent as of end -December 1991.

Source: FRS and IECDI updates.

13

March 1992

Zimbabwe; and $825 million to Sri Lanka. All of in deposit insurance premiums) and improve theirthe funds pledged were commitments for 1992. access to capital markets.

In March, IDA granted Kenya a credit of U.S. commercial bank profits rose 15SDR 44.8 million ($60.5 million equivalent) to percent to a total of $18.6 billion in 1991 ($3.7support the country's program to conserve wildlife billion in the fourth quarter of 1991), reversing theirresources. The program is designed to assist the slump over the past five years. The improvedgovernment's efforts to protect wild animals from profitability resulted from several factors, includingextinction and to get communities involved in widened net interest margins due to falling short-termprotecting and managing game parks. Approval of interest rates (the spread between the prime rate andthe IDA credit marks the first time any World Bank the federal funds rate soared to 300 basis points) andagency has supported a project devoted entirely to almost $3 billion in extraordinary gains on securitiesprotecting wildlife. transactions, as the fall in interest rates pushed up the

prices of fixed income securities.On February 6, Panama cleared its arrears

on World Bank loans with a payment of $220 The EBRD is reportedly discussing withmillion, and subsequently was removed from national regulators the possibility of easing loan lossnonaccrual status. A little more than half of the total reserve requirements for loans to Eastern Europeancovered overdue principal payments. Panama had countries in an effort to shore up commercial bankbeen in nonaccrual status since November 1987. support for countries in the region. Loan loss

provisioning required for lending to developingcountry borrowers varies widely, reflecting the

Bilateral ODA and Export Credits creditworthiness of borrowing countries as perceivedby regulatory authorities. The EBRD is not seekingspecial treatment from regulators with regard to

Canada became the first Westem country to capital adequacy guidelines.provide a line of credit to the Ukraine, followingassurances that the republic is prepared to accept itsshare of the FSU debt. The decision opened a $44 Capital Adequacymillion credit line for purchase of Canadian goods.

In February, the U.S. government issued a In support of strengthening their capital.itort z tU.S. EXIM Bank position and improving their liquidity position,

presidential order authorlong the U.S froM Bak commercial banks raised $16 billion of bond andto consider requests for loan guarantees from South equity capital in intemational capital markets in theAfrica. The new policy towards making South Africa fourth quarter of 1991. The 1991 total, $65 billion,eligible for the U.S. EXIM Bank cover reflected the represented a 15 percent increase over the previousU.S. government's recognition that South Africa year. French and German banks were most active,made significant progress in ending apartheid. raising about $16 billion and $12 billion,

respectively. A number of U.K. and Spanish banksoffered preferred shares in both the U.S. andinternational markets. Some U.S. banks raised

COMMERCIAL BANK PROVISIONING AND capital ahead of mergers, including Chemical andCAPITAL ADEQUACY Manufacturers' Hanover ($1.25 billion of ordinary

shares) and NCNB ($300 million of subordinateddebt). Strong performance of bank stock prices in

Provisioning and Reserves the U.S. market supported these activities.

Renewed weakness in the Tokyo stockIn late February, the U.S. Federal Reserve market, compounded by heavy losses on their real

Board reduced bank reserve requirements on estate holdings, raises concerns over the capitaltransaction accounts to 10 percent from 12 percent. adequacy of Japanese banks, especially in fullyThe lower reserve requirement, the first change in 12 complying with the minimum BIS capital guidelinesyears, will become effective April 2. The Fed's one year from now. In March, the Nikkei averagemove was intended to help strengthen profitability of dropped to the 18,000 level for the first time in moredeposit institutions (ahead of the anticipated increase than five years. Industry sources have indicated that

14

Qunerly Review

cash injections from large Japanese insurance Bolivia) were granted exceptional terms introduced incompanies with a relatively better capital position December of last year for severely indebted low-may be inevitable. The capital infusion would be income countries. The four others (Ecuador,made mostly by way of subordinated loans, and could Cameroon, Morocco, and Jordan) benefitted from theamount to a total of $8 billion this year. Among the special terms introduced ir July 1991 forJapanese city banks, Mitsui Taiyo Kobe (recently restructuring the debt of highly indebted lower-middlerenamed as 'Sakuma") Bank and Bank of Tokyo are income countries. The agreemenits with Cameroon,estimated to have faUen below the 8 percent BIS total Ecuador, Jordan, and Tanzania provide for thecapital ratio with the Nikkei index below 18,000. possibility of debt reduction through debt conversionAnd other city banks are under great pressure in programs. Swaps wiU be allowed for up to 10meeting the minimum capital requirement, suggesting percent of eligible non-ODA loans outstanding or upa severe reduction in the availability of credit from to $20 million (up from $10 million in similarJapanese banks. agreements), whichever is higther (the Morocco

agreement retained the old limit). There are no limitsThe Bank of England has recently ruled that on ODA swaps.

British banks will no longer be able to boost theirTier 1 capital through the capitalization of property The precedent for low income countriesrevaluation reserves. The new ruling brings Britain established with the December debt rescheduling forinto line with guidelines under the BIS standards as Benin and Nicaragua was applied to Tanzania andwell as the European Community's capital adequacy Bolivia. The two menu options effectively reduce thedirective. Under the terms of the Basle convergence non-ODA debt consolidated by 50 percent.agreement, property revaluation reserves can only be Consolidated ODA debt is rescheduled over 20 yearsincluded in banks' Tier 2 capital. with ten years of grace at concessional terms. (See

the December 1991 issue of Quarterly Review forThe Basle capital standards apparently have details of the exceptional terms.) For Bolivia, the

helped spur activity in commercial paper (CP) agreement covers repayments of ]principal and interestmarkets. A recent study by Moody's Investors on loans concluded before the 1985 cut-off date, andService reported that corporate borrowers are previously rescheduled debt froa the 1986 and 1988increasingly turning to CP markets, as most banks agreements during the six month period beginningrestrain their asset growth to meet the capital January 1992. The agreement: includes a triggeradequacy standards set by the BIS accord. The clause which would extend the end of consolidationglobal CP market is estimated at over $800 billion in period to end-June 1993, if a Jourth annual ESAo utstanding claims. Almost two-thirds of protoedJn193ifaU Cort anulEAarrangement can be agreed between the governmentissues are concentrated in the U.S. market, followed and the IMF no later than end-September 1992. Forby the Japanese market (roughly 10 percent). The Tanzana the agreement consolidates arrears andCP market has grown at an annual rate of almost 20 current maturities during the thiity months beginningpercent over the last several years. The expansion in January 1. It includes debt covered b the 1986 andCP volume and markets indicates that this short-term 198uache.utinca rebts A ytoc of dfinancing instrument is attractive to issuers and g ginvestors, reflecting its major advantages in easy reduction is to be considered afler three years if theaccess, timing flexibility, and market pricing. Government of Tanzania adheres to an appropriateDemand for CP comes mostly from corporate IMF program.treasurers, insurance companies, and otherinstitutions not subject to BIS capital guideliness. The Brazilian agreement provided for a 14

year repayment period with 2 years grace, but iscomplicated by a graduated payment feature requiringpayment of minimum amounts by January 31, 1993,

DEBT RELIEF AGREEMENTS UPDATE related to amounts which would ]have been due underprevious reschedulings. It also includes a graduatedpayment scale on the amounts casolidated during the

Official Creditors 20 months beginning January 1.

Agreements with Caneroon, Ecuador,During the first quarter of 1992 Paris Club Jordan and Morocco apply the exceptional terms

creditors signed seven agreements with debtor designed for highly-indebted lower middle incomecountries (see Table 8). Two countries (Tanzania and countries with mainly official debt. The Moroccan

15

March 1992

Tab 8: Paris Club Agreimet, Jaay - Marc 1992

Consolidation Period Payment Terms AmountCut-off Rech.

Date Country Date Stait Date No. of Grace Maturity (USS

Months (Yrs) (Yrn) billion)

Jan. 20 Ecuadort ' 01-Jan-83 01-Jan-92 12 0.34ODA debt including maturities from the 1985 and 20 101988 rescheduling and interest on maturities fromthe 1989 rescheduling (including arrears)

1s 8Non-ODA debt and maturities from the 1985and 1988 rescheduling and principal on maturitiesfrom the 1989 rescheduling (including arrea)

Jan. 21 Tanzania 30-Jun-86 01-Jan-92 30 Menu 0.69Long-etrm commercial credits and loans fromgovernments, not yet rescheduled; principal andinterest from the 1986 rescheduling and interestfrom the 1988 rescheduling (including arrean)

Jan. 23 Cameroon' 31-Dec-88 01-Jan-92 9 0.96ODA maturities and arrears and interest 20 10on previously rescheduled debt

Non-ODA maturities 15 8

Non-ODA arrears 14 6

Jan. 24 Bolivia b 31-Dec-85 01-Jan-92 6 Menu 0.07Long-term commercial credits and loans fromgovernment not yet rescheduled (excluding artears)and principal and interest from the 1986 and 1988rescheduling

Feb. 26 Brazil 31-Mar-83 01-Jan-92 20 10.50Long term commercial credits and loans from 14' 28governments which have been included underprevious agreemens; principal and interest from the1987 & 1988 rescheduling (including arrears)

Feb. 27 Morocco b 09-May-83 01-Feb-92 11 1.25ODA debt including principal and interest from the 20 101985 rescheduling (ncluding arrears)

Non-ODA debt (including arrears) 15 8

Feb. 28 Jordan' 01-Jan-89 01-Jan-92 18 0.77ODA debt, 100% of principal and 50% of interest 20 10(including rrears)

Non-ODA debt, 100% of principal and 50% of 15 8interest (imcuding armars)

a Swaps eligibility: 10% of non-ODA or up to S10 miUion. No limit on ODA debt.b Swaps eligibility: 10% of non-ODA or up to S20 million. No limit on ODA debt.c Gradually increasing schedule of payments.d Minimum payment on the arrears to be made by 31-Jan-93.

16

Quareriy ReWew

agreement consolidates (over 11 months) arrears maturities from pre-1983 loaas and from the 1985along with current maturities including amounts and 1988 agreements, and pricipal payments on thepreviously rescheduled (1985 agreement); the 1989 rescheduling, will be repaid with a 15-yearJordanian agreement consolidates (over 18 months) maturity including 8 years of grace.100 percent of principal but only 50 percent ofinterest, treating arrears similarly; while theCameroonian agreement consolidates (over 9 months) Commercial Creditorsarrears along with current maturities and interest onpreviously rescheduled amounts (1989 agreement), Argentina met with its Bank Advisoryarrears on non-ODA debt will be paid sooner. ODA Committee on January 30, 1L992, and proposed adebt under these terms is repaid with a 20-year package consisting of Debt and Debtmaturity, including 10 years grace. Non-ODA debt fnacgpckecnsti oDbtnd etisrepaidwitrmaturity, including 8 years oface.Non-ODA dService Reduction (DDSR) Options and a Past Due

grace. Interest Option (details provided in Table 9). Sincethen there have been six rounds of counter-proposals,

The Ecuadoran agreement consolidates the last one being an Argentinean counter-proposal onamounts falling due during the 12-month period Monday, March 23, 1992. Negotiations are stillbeginning January 1. Maturities of ODA debt underway and it appears that the two parties willresulting from pre-1983 loans, and from the 1985 and1988 agreements and interest on maturities arising reach an agreement in the near future. Details on thefrom the 1989 rescheduling, willbe repaid with a 20- agreed financing package will be available at thatyear maturity including 10 years of grace. Non-ODA time.

Table 9: DDSR Proposaa Areatina, Jaqnry 30, 1992

Maturity Grace InterestInstrument (year) (years) (Percent) Comments

A. Debt and Debt Service ReductionOptions

- Par Bonds 30 yn. 30 yrs. 12 (LIBOR + Princip l collateralized withbullet 13116) 9% cap zero coupon U.S. Treasury

on LIBOR reset securities; also 6 month roilinginterest guarantee.

-Discount Bonds (with a discount of 40% 30 yrs. 30 yrs. LIBOR+ 13/16 Principal colateralized withon the face value of eligible debt) bullet 9% cap on zero coupon U.S. Treasury

LIBOR and .5% securities; also 12 mnonthcap on each rolling interest guarantee.LIBOR reset.

-Bonos de Consolidacion (BOCONs) 16 yrs. 6 yrs. (on 30 day LIBOR Eligible for use in privatizationPar exchange (eligible debt and /or interest and progrna.acctued interest) principal

- Front Loaded Interest Rate Reduction 25 yrs. 15 yrs. Yrs. 1-2:2.5% 6 mnonth rolling interestBonds (F l) Par exchange. Yrs. 3-4:3.5% guarantee for 6 years.

Yrs. 5-6:4.5%Yr.. 7+:5.5%

B. Past Due Interest (PDI) Option

- PDI Bonds

Par Exchange 15 yr.. 6 yn. 4.5% 6 month rolling interestguarantee; 10% of PDI iscollateralized with zero couponU.S. Tireasury ecurities andpayable in year 10.

17

March 1992

On February 20, 1992, an agreement was thereafter (the principal will be collateralized withreached between the Philippines and its Bank zero coupon U.S. Treasury securities; the bonds willAdvisory Committee on Phase II of their DDSR also have a 12 month rolling interest guarantee; inoperation. US$5.2 billion of sovereign commercial addition, these bonds will have "Payment Adjustmentbank debt would be eligible for exchange into bonds. Warrants' which will entitle the holder to receiveBanks will have the option of choosing between: (a) additional cash payments on each interest paymenta Non-collateralized New Money and Conversion date for these bonds after November 1996, subject tobonds Rackage wherein for each dollar of new money cap, on the basis ofte Novene bect tocommitted, $4 of eligible debt may be converted to a ca, on the basis of the difference between theconversion bonds (both bonds have a maturity of 17 actual price of Bonny light oil at the time and anyears with five years of grace and an interest rate of inflation adjusted reference price, initially set atLIBOR + 13/16 percentage points; disbursements of US$28 per barrel); and (c) Non-collateralized Parnew money will be in three tranches--60 percent, 20 bonds with a maturity of 20 years with 10 yearspercent, 20 percent-each being contingent upon IMF grace and an interest rate of (LIBOR + 1/16)tranche releases to the Philippines); (b) Interest percentage points. This conversion option wasReduction Par bonds having a maturity of 15 years available to those banks that agreed to commit newwith seven years grace (interest payments will be money equivalent to 20 percent of the amountgraduated at rates of 4 percent (years I and 2), 5 converted. The new money will carry interest atpercent (years 3-5), 6 percent (year 6) and (LIBOR LIBOR + 1 percentage point and wil be payable+ 13/16) thereafter; the bonds will have a twelve- oveR + yercente six ars of be.month rolling interest guarantee at a 6 percent rate over eight years after six years of grace.for six years); and (c) Collateralized Par bondshaving a 25-year bullet maturity. Interest paymentswill be graduated at rates of 4.25 percent (year 1), A total of $3.3 billion (62 percent) of5.25 percent (year 2), 5.75 percent (year 3), 6.25 eligible debt was converted under the cash buybackpercent (years 4 and 5) and 6.5 percent thereafter. option and the remaining $2 billion (38 percent) ofThe principal will be collateralized with zero coupon eligible debt was exchanged for collateralized parU.S. Treasury securities. The bonds will also have bonds. There appear to have been no takers for thea 14-month rolling interest guarantee at 6.5 percent. New Money option. Nigeria used its own resourcesOptions (b) and (c) have an "early bird fee' of 1/8th ($1.68 billion) for the buyback and the enhancementof I percent of principal value converted to be paid by on the bonds exchanged.the Philippines to banks that commit by April 2,1992. The Philippines will also pay a front-end fee of1/8th of I percent on the total amount of new moneycommitted by the banks. The agreement also permutsthe Philippines to repurchase up to $1 billion of its FEATRlE ARTICLE: nternationalEquityssuescommercial bank debt prior to the bond conversion. by Developing Country CompaniesPublic sector debt will be bought back at a buybackprice of 52 cents per dollar of debt (except fornuclear related debt, which will be bought back at 43percent of face value). One of the most noteworthy developments in

cross-border financial flows to developing countriesover the last few years has been an increase in non-

Nigeria concluded its DDSR operation on debt flows, particularly international equity issues.January 21,1992. Banks holding approximately 99.9 This trend appears to have intensified in 1991 andpercent of the eligible debt (US$5.3 billion) continued through the first quarter of 1992. Againstparticipated. The package consisted of three options: this backdrop, this issue of the Quarterly Reuew(a) the equivalent of a cash buvback of eligible debt assesses the latest developments in internationalat a price of 40 cents per US$ of face value (this equities offered by developing country firms and inbuyback was effected through an exchange of eligible country funds launched to invest in emerging narketdebt for short-term loans, fully collateralized by U.S. equities. International equities and country fundsTreasury bills repayable in 30 days after the closing represent the bulk of equity investment flows todate); (b) Collateralized Par bonds (registered) with developing economies because of existing regulationsa 30 year bullet maturity with interest rates of 5.5 in many emerging markets that limit direct purchasespercent for the first three years and 6.25 percent of local stocks by overseas investors.

18

Quanerly ReWew

American Depositary Receipts (ADRs) firms from eight developing countries, but threequarters of all developing country ADRs were issuedfor South African firms.

An ADR is a negotiable instrument issued bya U.S. depositary bank certifying that shares of the The $2 billion ADR issue by Telephones denon-U.S. issuing company are held by the Mexico (Telmex) in 1991 became a landmark deal,depositary's custodian bank abroad, usually in the prompting a series of subsequent ADR programs byhome market. Each depositary share can represent a other Mexican firms and by companies from othermultiple or fraction of underlying shares. If the ratio developing countries. As shown in Table 10, thereof ADRs to underlying shares is not 1:1, each unit of were a total of 19 Mexican ADR issues brought tothe ADR is called an American Depositary Share market in 1991, raising $4.3 billion. This amount(ADS). ADRs also may be used to issue preferred exceeded Mexico's total external borrowing--stock of debt securities, although this occurs less syndicated loans and bond issues combined-in 1991frequently. Holders of ADRs have largely the same by more than $1 billion.rights and advantages, including voting privileges, asowners of the underlying shares. ADRs are listed on The dramatic surge of new ADR programsthe New York Stock Exchange, the American Stock by developing country firms was supported by strongExchange, and the National Association of Securities performance in many emerging stock markets. TheDealers Association Quotation (NASDAQ) over-the- increase was fueled by institutional demand. SECcounter market. Rule 144a provided sufficient liquidity for privately

placed ADR issues and induced additional demand.With Rule 144a, new ADRt issuers are exempt from

The concept of ADRs was initiated and registration and disclosure requirements. Since andeveloped by Morgan Guaranty in 1927. Since then, ADR is recognized and treated as a U.S. securityADRs have become the most common form of even though it represenis a non-U.S. security,foreign equity held by U.S. investors. There are developing country ADRs are also appealing tomore than 700 ADR programs currently available; institutional investors whose charters prohibit ormost represent firms in industrial countries. As of restrict them from investing directly in non-U.S.end-1990, there were about 100 ADRs issued by securities.

Table 10: ADR Issues by Media Companies 1991Company size Launch Lead Manager

(us$ mfillion) DateFermas 87.5 04/91 First BostonVirto 36.5 04/91 First Boston

Telmex l,900 05/91 Goldman SacheCemex 140 05/91 J.P. MorganCemex so 06/91 J.P. MorganGigante 50 06/91 Bear St:rnsEmpaques Ponderosa 32.7 09/91 Salomori BrothersGrupo Carso 214 09/91 Salomorn BrothersGigante 52 10/91 Inverlat InternationalTelmex 463 10/91 South Wrestern BellTaman 41 10/91 Credit Swiss First BostonVirto 165 11/91 Credit swiss First BostonGrupo Situr 50.5 12/91 James Capel & Co.Grupo Televisa 747 12/91 Goldman SachsGrupo Videovisa 45 12/91 Bear StearnsTransportacion Maritina Mexicana 32 12/91 Bear StearnsTamsa 30 1991 Operdora de Bolsa/ Bankers TrutAero Mexico 140 1991 First Boston/ Nomura SecuritiesCumulative ADRs of under US$ 20 m. 15 1991Total 4,291.2

Source: Salomon Brothers

19

March 1992

In line with the globalization trends in capital early 1992, two new funds totaling $100 million formarkets, the concept of the ADR has recently Korea were introduced. In 1991, country fundsexpanded beyond the boundary of U.S. markets. At joined the rebound that took place in the internationalthe initiative of Citibank, Global Depositary Receipts equity markets. The rebound was particularly(GDRs) were introduced in late 1990. A GDR is vigorous in the case of closed-end funds (CEFs)similar to an ADR, except that GDR is placed in targeting emerging markets, revealing once again thatmultiple markets simultaneously and traded under a developing country stock exchanges continue to be aglobal book-entry settlement system through very attractive source of portfolio diversification toEuroclear, CEDEL, and the Depositary Trust foreign investors.Company (DTC). In May 1991, Samsung Electronicsof Korea became one of the first developing country The introduction of new funds, fostered bycompanies to tap the GDR market. Many of the the improved international investment environmentrecent ADR offerings, including those by Mexican that prevailed in 1991, seems to challenge to somefirms, involved a GDR component. extent the argument that investor interest in country

funds would diminish as nations become more openfor foreigners willing to invest directly in their stockmarkets.

Country FundsSome investment companies have recently

chosen open-ended forms in order to ensure thatNineteen new funds were created in 1991 assets trade at, or at least are linked to, the net asset

with an aggregated size of $1.3 billion in terms of net value (NAV) of the fund. The objective is to avoidasset value as of the end of the year (Table 1 1). In the 'exit' problem experienced by most CEFs, which

Table 11: Closed-end Publily Traded Country Funds Launched for Emerging Markets (1991)

Fund Name Target Inception Listed Manager Size 1/

Morgan Stanley Emerging Mkta Worldwide 10/91 New York Morgan Stanley Aset Mgt. 155Baring Chrysalis Worldwide 11/91 London Baring Intem. Inv. Mgt. 135Baring Puma L. America 03/91 London Baring Intem. Inv. Mgt. 115Fleming Emerging Mkts Inv Worldwide 07/91 London Fleming Inv. Trut Mgt. 112Korea Asia Korea 03/91 H. Kong Korea Asia Fund Mgt. 110LAtin America Equity L. America 10/91 New York BEA Associates, Inc. 91South America L. America 08/91 London Curacao Corp. Conp. 76East Gemian Invest. Tmut Germany 2/ 02/91 London Ermgasaen & Co. 72Argentina Fund Argentina 10/91 New York Scudder, Stevens & Clark 64Latin America Income/Apprec L. America 12/91 London Scudder, Stevens & Clark 62Latin America Extra Yield L. America 11/91 Ireland Bank of Ireland Unit 62Taiwan Tracker Taiwan 11/91 H. Kong Barclays de Zoete Wedd 52Latin America Capital Fund L. America 09/91 Ireland Fidelity International 48Drayton Korea Truit Korea 12/91 London INVESCO MIM Mgt. 42Pakistan Fund Pakistan 07/91 H. Kong Morgan Grenfell Mgt. 33Mexican Horizons Inv Cony. Mexico 03/91 Ireland John Govett Mgt. 32Genesis Condor L. America 04/91 Ireland Genesis Fund Managers 22First Korea Smaller Conp. Korea 12/91 London FKSC Ltd. 20Vietnam Fund Vietnam 11/91 Ireland Vietnam Fund Mgt. 10

TOTAL AMOUNT 1,313

Memo: Funds launched in early 1992The Korean Investment Korea 02/13/92 New York Orion Asset Mgt. Co. 50Schroder Korea Korea 01/10/92 London Schroder Invest. Mgt. 50

NOTES1/ Total Net Asuets as of 12/31/91 in millions of USS. For 1992 funds, figures are the original size.2/ Fund created to invest in companies located or operating in fomier East Germany.|Source Lipper Emerging Market Funds Service - December 31, 1991.

20

Quaerfy ReWew

Table 12: Country Fbnds Market;(Totdal Net Asses) Figue 6(US$ miillions, as of end-1991)

Fund Stmcture 40Region Closed Open TotalAsia 7,574.2 6,675.9 14,250.1 N WM/d0cmmI,

South Korea 1,041.4 715.9 1,757.3Thailand 1,339.8 282.8 1,622.6 toTaiwan 412.1 211.7 623.8 l

India 995.8 1.2 997.0 10Latin Anerica 3,272.3 367.4 3,639.7EuropeMideas 2,238.2 0.0 2,238.2 l OGlobal 2,730.4 85.7 2,816.1 l 0Al Funds 15,815.1 7,129.0 22,944.1 -0

Source: Lipper Reports -20 C an B Dw 0

have historically traded at a discount to NAV. Such price index for this markel rose by 18.9 percent.a discount arises very often in CEFs. The rise was somewhat less than the 23.7 percent

increase in the S&P 500 index, but it represented aAnother relevant development is the significant reversal from the. 44.8 percent plunge of

increasing specialization of some country funds. the index (compared to 7 percent decline of the S&PFunds focus only on specific targets such as smaller 500) during 1990. The upward trend persisted overcapitalized stocks, unlisted securities, companies with the first two months of 1992. The index went up byabove-average growth prospects, stocks of companies 23 percent versus a 1.5 percent increase in the S&Pto be privatized, venture capital funds, and index 500 index. Although fund irturns are still far fromfunds designed to track the performance of certain the dramatic gains experienced in 1989, when thelocal stock market indices (The Taiwan Tracker CEF index outperformed the S&P 500 index by 73.6Fund). percent to 27.3 percent, the renewed interest in CEFs

is indicative of an improvement in investor sentimentThe overall market value of country funds toward investing in equities of less developDd

for emerging markets was US$23 billion as of the economies.end of 1991 (Table 12), with CEFs accounting for 70percent and open-ended form companies for the rest. On a NAV basis, tbe index went up by 13.9

percent in 1991 after decreasing 18.1 percent inFigure 5 shows the rebound experienced by 1990. Combining price and NAV performance, the

the 33 single-country CEFs publicly traded in New value-weighted index of premiums/discounts (shownYork. In 1991, the IECDI composite value-weighted in Figure 6) also rose. The average discount shrank

from its low point of 12.3 percent in September 1990to 2.9 percent at the end of 1)991. CEFs attained a 1percent premium, on average, at the end of February

Figue | 1992. The maximum ave.rage premium was 4890 percent in January 1990.

ISO

170 f CIhi

150

90-

OKcas Doec69 OKc90 OKc91

21

ardrla Review Fandal Flows lo DePelogDLn Counties

STATISTICAL APPENDIX

Table 1 . External Debt ................................................... 23

Table 2 Financial Flows (Long-Term) to Low and Middle Income Countries .................. 24

Table 3 . Debt Owed to Multilateral Institutions .................................... 25

Table 4 . Bank and Trade-Related Non-Bank Claims .................................. 26

Table 5 . Commercial Bank Claims on Developing Countries ............................ 27

Table 6 . Maturity Distribution of Bank Claims on Developing Countries ............. ........ 28

Table 7a. U.S. Commercial Bank Claims on Developing Countries ......................... 29

Table 7b . Claims on Developing Countries of Banks in The United States .................... 30

Table ga . U.K. Commercial Bank Claims on Developing Countries ............ ............. 31

Table 8b . Developing Country Claims of Banks in The United Kingdom ..................... 32

Table 9a . German Commercial Bank Claims on Developing Countries ....................... 33

Table 9b . Developing Country Claims of Banks in Germany ............................. 34

Table 10a. French Commercial Bank Claims on Developing Countries ........ .. ............. 35

Table 10b. Developing Country Claims of Banks in France .. 36

Table 11 . Swiss Commaercial Bank Claims on Developing Countries ........ .. .............. 37

Table 12 . Italian Commercial Bank Claims on Developing Countries ......... .. ............. 38

Table 13 . Japanese Commercial Bank Claims on Developing Countries ....... .. ............. 39

Table 14a. Dutch Commercial Bank Claims on Developing Countries ............... 40

Table 14b. Claims on Developing Countries of Banks in The Netherlands ......... . 41

Table 15a. Funds Raised on International Capital Markets .............. ................. 42

Table 15b. Loans Raised on International Capital Markets .............. ................. 43

Table 16 . Secondary Loan Prices ............................................. 44

Quarterly ReWew Groups ............................................ 45

Det&Land International Finance DivIsion 22 M&12

TaM.

EXTRNAL DEBT(In minioins of USS)

1985 1986 1987 1988 1989 1990 1991p/

DRS Reporting Countries 965,833 1,062,230 1,194,199 1,182,107 1,199,400 1,280,509 1,280,830Lon -term ~~~~~~~~~~~~~~~789,116 893,440 1,012,555 996,246 999,687 1,047,041 1,050,186

Official 304,136 368,60S 449,242 452,547 474,243 524,634 534,104Private 484,980 524,832 563,312 543,698 525,444 522,403 516,082Short-tenr 136,463 126,254 138,869 150,815 167,774 198,965 194,291IMF Credit 40,254 42,536 42,775 35,046 31,939 34,503 41,103

Bly Geogralpic RegoAfrica, South of theSahara 98,695 116,083 143,531 145,916 154,751 173,737 175,836East Asia & Pacific 169,075 186,404 205,219 206,369 207,411 234,684 245,020Europe & the Mediterranean 129,355 144,203 166,386 162 128 164,063 184,102 172,833Latin Amnrica & the Caribbean 390,892 410,946 446,120 428,150 422,761 431,091 429,174North Africa & the Middle East 109,310 124,417 140,257 142 745 146,188 141,544 135,607South Asia 68,505 80,176 92,686 96,799 104,226 115,351 122,360

Menmo ItemEastern Europe 62,900 71,371 82,514 80,776 82,050 90,228 81,263

Severely Indebted Middle Income Countries 418,459 449,364 498,400 485,134 486,718 505,576 486,S36Algeria 18,374 22,796 24,748 25,074 26,063 26,806 25,655Aa enna 50,944 52,451 53,458 58,735 64,776 61,144 56,273

4 805 5,575 5,836 4,901 4,135 4,276 4,037Brazil 105,966 1333550 323,668 135,666 1101,311 136,173 116,803Bulgaria 3,994 5,244 7,072 9,128 10,213 10,927 12,391

Congo 3,033 3,482 4,353 4,361 4,326 5,118 5,053Cote d'lvoire ~~~~~~ ~~~~~~~ ~~~~~~~ ~~~~9,745 11,087 13,554 13,993 15,613 17,956 38,455Ecuador 8,703 9,334 10,473 10,745 11,335 12,305 32Mexico 96,867 100,881 109,460 100,783 95,436 96,809 9,2Morocco 16,527 13,352 20,973 20,969 21,660 23,524 19,373

Nicaragua 5,736 6,730 7,864 8,587 9,568 30,497 10,676Peru 14,279 16,154 18,644 18 998 19,920 21,105 20 031Poland 33,336 36 670 42,620 42,346 43,029 49,386 36,325s ' ~~~~~~~~~~~~~~~~~~10,819 12,918 15,997 36,383 16,8891 16,446 15,352Ven=zueb 35,334 34,340 34,680 34,865 32 491 33,305 35,998

Severely Indebed Low-income Countries 116,738 133,730 157,787 160,908 164,460 165,013 162,157Moderately Indebted Low-Income Countuies 105,476 123,373 145,157 149,706 159,238 183,789 195,440Moderately Indebted Middle-Income Countlries 138,620 156,311 177,38 175,057 177,960 193,701 194,8141Other Selected Countries 332,725 370,332 412,989 414,409 418,268 440,570 446,426

Chile I/ 20,384 23,344 21,471 19,580 38,017 19,114 19,312China 16,722 23,746 35,303 42,406 44,847 52,555 57,999Colomibia I/ 34,245 15,362 17,008 36,995 16,878 17,241 38,086Cobmbia 3/ 41, 36 46,043 50783 52,027 513159 39 ,88 35'944Hnungary 1/ 13,954 16,906 19,584 19 602 20,390 21,316 21,666

IWia 2/ 41,210 48,538 55,856 58 524 64,374 70,115 76,075Jamtaica I/ 4,068 4,387 4,696 4,532 4,537 4,598 4,399Kores 47,3j33 46,fl4 39,808 35,736 32,796 34,014 32,164Malaysia 20,835 22,709 24,202 21,036 39,166 39,502 19,737Nigeria 3/ 19,550 23,580 30,9893 33540 32,769 36,068 35,828

Philie 1/ 26,946 28,519 29,803 28,972 23,469 30,455 30,599Thailan 17,552 38,505 20,305 23,664 23,450 25,868 27,377Turkey l/ 26,030 32,842 40,799 40,827 41,419 49,349 50,333Yugoalavia 22,278 21,507 22,476 20,987 19,998 20,690 16,907

I/ Alao included in Moderately Indebted Middle-Income Countries.2/ AIo included in Moderately Indebted Low-Income Counnies.3/ Also included in Severely Indebted Low-income Countries.p/ Prection.

Source: World Ibank Debtor Repo4ing Symem.

Table 2

FINANCIAL FLOWS (LONG-TERM) TO LOW-AND MIDDLE-INCOME COUNTRIES, 1982-91(in billions of USS)

1982 1983 1984 1985 1986 1987 1988 1989 1990 199 1p/

Aggregate Net Resource Flows (Long-Term) 91.0 71.9 63.3 60.2 54.8 515 66.5 71.0 81.3 84.8

Official Development Finance 35.3 34.0 33.3 34.1 36.0 35.9 37.3 40.1 49.3 51.1

Official Grants 10.4 9.9 11.4 13.2 14.1 15.0 18.1 19.0 26.5 25.2Official Loans (net) 24.9 24.1 21.9 20.9 21.9 21.0 19.2 21.1 22.8 26.1

Bilateral 13.4 13.1 9.5 8.7 8.4 8.3 7.9 9.3 8.0 10.2

Multilateral 11.5 11.0 12.4 12.2 13.5 12.7 11.4 11.8 14.8 15.8

Private Loans (net) 44.5 29.3 21.5 15.5 9.2 2.1 9.6 7.3 7.0 9.0Comimercial Banks 31.7 20.4 16.2 5.8 2.2 (1.4) 2.0 3.3 4.0 3.1Other Private 12.8 8.9 5.3 9.7 7.0 3.5 7.6 4.0 3.0 5.9

Foreign Direct Investment (FDI) 11.2 8.6 8.4 10.6 9.6 13.5 19.6 23.6 25.2 24.7

Agregate Net Transfers (Long-Term) 29.2 13.6 (0.2) (4.6) (7.3) (12.4) (5.8) 4.0 16.0 113S

Memorandum Itens:

Private Grats 2.3 2.3 2.6 2.9 3.3 4.0 4.3 4.2 4.3 4.6

Net Use of IMF Credit 6.6 11.1 4.5 (0.2) (2.5) (5.8) (5.5) (2-3) 0.0 1.8

Red Aggreate Net Resource Flos (Long-Term)(Import Unit Value Inde") 83.0 67.4 61.9 61.8 57.8 S1A 66.4 70.6 91.9 80.8

Import Unit Value Index 109.6 106.6 102.1 97.8 94.6 100.3 100.0 100.4 99.5 105.1

Notes & Sources: Counaiy coverage: 114 low-and niddlk income countries; as covered in World Bank Debt Tables, 1991-92. Loans: DRS; excludes short-tcrm flows.FDI: IMF, balance of payments figures, which include reinvestd profits. Official and private grants; OECD. Aggregate net transfers equals aggregate net resource flows lessinterest payments (DRS basis) and reinvested and remitted profits (IMF). Aggregate net resource flows exchudes use of IMF credit.Import unit vahle index from IMF, International Fmancial Statistics Yearbook 1990 and World Economnic Outlook, Washington, D.C., October 1991.

p/ Proection.

Table 3

DEBT OWED TO MULTILATERAL INSTITUTIONS

(In millions of USS)

1983 1984 1985 1986 1987 1988 1989 1990Claims By Creditors

IBRD 37,025 36,624 50,676 68,305 89,048 84,225 84,684 95,S55IDA 18,567 20,863 24,213 28,007 33,305 36,119 39,284 45,035IMF 33,888 36,045 40,254 42,536 42,775 35,046 31,939 34 503IDB 8,028 9,443 12,018 14,754 17,745 18,042 19,103 21,512ASDB 4,319 5,155 5,939 6,741 7 570 8,854 10,340 15,504AFDB 746 821 1,213 1,627 2 330 2,754 3,545 4 797Other 10,320 10,991 13,876 17,515 21,803 22,442 24,285 25 944

Toal Debt Owed 112,892 119,941 148,189 179,485 214,577 207,482 213,180 243,150

Labilities By DebtorAfrica, South of the Sahara 18,000 19,106 23,352 28,448 35,528 35,925 37,736 43,518East Asia & Pacific 18,860 19,224 23 677 29,222 35 020 33,298 34,303 39,259Europe & the Mediterranean 13,830 13 949 17,432 21,028 24,374 20,362 18,545 20,991Latin America & die Caribbean 30,664 35,015 45 426 57,085 69 442 66,955 67,654 77,980North Africa & the Middle East 8,835 8,953 10,984 13,426 16,528 16,278 17,642 17,542South Asia 22,702 23,693 27,319 30,277 33,685 34,665 37,300 43,860

Low Incomne Asia 23,161 24,334 28,719 33,254 37,804 39,557 43,170 50,693Low Income Africa 13,787 14,782 18,116 22,080 27,466 28,040 29,851 34 500Oil Exportera 16,726 18,595 23,562 31,403 41,245 42,043 46,443 56,925Middle lncome Oil Inaportera 59 353 62,527 78,375 93 991 109,668 99,313 95,517 103,284Eastern Europe 3,377 3,578 4,431 5,427 5,777 4,240 3,062 4,184

Severely Indebed Middle-Incoet Countries 25,193 28,665 37,341 47,514 58,478 56,422 S7,497 68,S26Algeria 403 445 583 926 1,204 1,361 2,078 2,601Argentina 2,729 2,660 4,324 5,416 7,836 7,726 7,451 7,966Blivia 805 783 806 1,134 1,290 1,500 1,692 1 849Brazi 7,766 9,807 11,977 14,528 16 287 14,746 13,511 13,245Bulgaria

CoVgo 278 269 346 412 525 583 560 593Cote d'lvoire 1,611 1,609 1,872 2 212 2,858 2,652 2,532 3,132Ecuador 804 891 1,1S3 1,894 2,338 2,347 2,289 2,391Mexico 5,463 6 753 8,986 12,237 15.543 15,137 15 843 20,854Morocco 2,350 2,434 3,207 3,816 4,712 4,556 4,756 5,219

Nicaragua 663 677 742 786 863 918 928 976Peru 1,682 1,725 2,045 2,395 2,982 2,853 2,790 2,947Poland 52 87 635 932 924 749 496 1,032Syrian Arab Republic 434 403 531 727 954 997 1,014 1,069Venezuela 152 121 105 98 161 297 1,558 4,651

Severely hdebted Low-Incoeme Countries 17,603 18,682 22,314 26,497 32,438 32,s59 34309 36 987Moderately Indebted Low-lnome Countries 26,770 28,154 32,956 37,786 44,719 46,686 S0,412 59310Moderately Indebtd Middle-Income Countries 19,592 20,541 26,707 33,032 39,894 38,571 38,778 43,057

Other Selected Countriea 47,508 48,839 59,936 71,676 82,404 77,439 77,162 84,064Chile I/ 1,249 1,696 2,620 3,625 4,683 4,713 4'820 5,299Ch-ina 401 574 1,324 2,882 4,008 4,766 5,669 6,545Colombia I 2,155 2,334 3,409 4,561 5,773 5,613 5,651 6,103Egypt 3/ 3,624 3,671 4,079 4,606 5,560 5,363 5,428 3,848Hung ry 11 636 1,137 1,392 1,892 2,044 2,314 2,298 2,885IndhV 2{14 513 14,918 17,232 19,036 20,611 20,634 21,230 24,420Jamaica I/ 1,209 I',S 1,443 1,584 1,837 1,575 1,4S5 1,532Konas 5 205 5,385 6,099 6,862 6,406 4,572 3,851 3,794Malaysa 1,428 1,297 1,312 1,344 1,576 1,472 1,461 1,812Nigeria 31 S83 955 1,431 2,234 3,059 2,844 3,168 3,726PhzirtI/es 11 3 928 3 712 4,647 5,453 6,268 5,865 6,158 7,185

llu Ib/d 3,326 3,302 4 218 4 849 5 404 4,308 3,599 3 722Turkey 1/ 5,031 4,951 6,273 7,793 9,766 9,105 8,674 9,631Yuodvhia 3,919 3,722 4, 458 4,956 5,409 4,297 3,669 3,559

1/ Also included in Moderately Indebted Middle-Income Counries.2/ Also inclued in Moderately Indebted Low-Income Countries.3/ Alco included in Severely Indebted Low-Income Countries.v- .,- W-44 P- ̂ 1' AN R1; Sv te

BANK AND TRADE-RELATED NON-BANK CLAIMS(in milions of US$)

199 1Q2Total Bank Cuaran- Trade-

1985 1986 1987 1988 1989 1990 Claias teed RelatedClairn Non-

BankClims

AdI Developing Counties 669,737 721,219 776,110 755,654 755,939 799,871 750,996 622,895 88,207 128,101

By Geograpic RegenAfrica, South of i Saham 45,402 48,862 55,383 54,432 52,857 60,221 53,467 37,248 7,555 16,219East Asia & Pacific 121,728 129,053 139,524 138,190 136,439 165,202 167,743 149,134 8,686 18,609Europe & the Mediterrnean 119,075 133,630 151,211 147,414 159,746 12,922 168,250 136,795 23,275 31,455LAtin America & the Caribbean 268,173 277,625 284 950 272,430 258,312 238,618 225,421 197,575 17 230 27,846North Africa & the Middle East 102,603 117,303 126,621 123 176 126,789 128,452 113,962 83,162 26,976 30,800South Asia 12756 14,746 18,421 20.012 21,796 24,456 22 153 18,981 4,485 3,172

Sever*ly indebted Middl-Icome Countries 282,437 299,967 315,361 301,166 290,570 276,430 260,398 217,095 27,245 43,303

Algeria 17,071 19,355 21,158 19,860 20,285 21,000 19,287 15,447 8,951 3,840Argentina 31,419 35,482 39,092 38,693 35,787 34,470 32,289 29,090 1,274 3,199Bolvia 786 840 813 716 453 463 408 264 52 144Brazil 83 223 88,827 88 802 83 978 77,887 76 155 69 522 61 121 3,968 8,401Bulgaria 3,485 4,864 6,188 7,703 8,324 9,135 7,906 7,259 347 647

Congo 1,326 1,632 1,743 1,645 1,537 1,720 1,527 1,000 271 527Cote d'lvoire 3,554 4,048 4,245 4,122 4,186 4,362 3,595 2,676 277 919Ecuador 5,641 5,824 5,745 5,528 5,202 4,772 4,437 3,992 561 445Mexico 79, 133 79,289 82 244 75 036 75,507 62,676 64,027 57,554 6 606 6 473

0' Moroco 6,115 6,797 7,557 7,200 7 ,201 7,934 7,308 4,769 1,823 2,539

Nicaragua 934 726 731 694 624 1,193 1,119 922 22 197Pe 6,655 6,366 6,412 6,486 5,967 6,179 5,504 3,619 409 1,885Poland 14,936 18,556 23,076 20,789 21,044 25,934 23,949 11,252 1,012 12,697SyrianArb Republic 1,469 1,529 1,632 1 369 1 326 1 219 1,127 896 28 231Venzuela 26,690 25,832 25,923 27,347 25,240 19 218 IS 393 17,234 1,644 1,159

Severely Indebked Low-lncome Countries 47,565 50,562 57,804 56,758 55,282 56,433 49,941 25,998 6,609 17,278Moderately Indebted Low-Income Countries 33,534 37 076 43,384 44,174 47,413 59,548 57,050 48,806 6,819 8,244Moderately Indebted Middlncome Countries 72,062 77677 85,226 81,172 77,401 83,994 76,366 62,934 12,410 12,829

Other Selected Countries 182,240 191,839 205 042 201,230 196 495 218 008 210,498 176,616 24,081 33,782Chile I/ 14,933 14,603 13,476 11,548 9,880 9, 13 8,916 8,151 398 765China 13,947 15,617 20,649 27,631 26,682 34,424 34,064 30,279 2 100 3,785Colombia 1/ 7,857 8,466 8,965 9 255 8,841 8,886 8,169 6 305 1,243 1,864Egypt 3/ 14,287 15 779 1I,172 17,642 18,689 14 219 12 195 6,278 2,328 5,917Hungary 1/ 9,142 10,445 12, 07 11,815 12,219 12,132 10,343 9,869 802 474

India 2/ 8,041 9,672 12,849 14,342 1S,950 17,359 15,724 14,077 2,717 1,647Jarmica 1/ 870 750 791 807 983 974 866 553 151 313Korea 40,138 38,873 33,259 31,480 31,503 36,199 39,205 35,322 2,385 3,883Malaysia 12,719 13,349 12,340 10 037 9 141 9 225 8,349 7,576 391 773Nigeria 3/ 12,010 13,024 14,950 13,627 11,865 12,773 10,871 6,060 2,637 4,811

Philippu 1/ 15,787 16,306 16,471 14,507 11,914 1 i,63 i 1i,1 ii ,848 w. 2,3.3M daild 9,017 8,781 10,450 10,559 12,376 18,018 21,118 19 485 537 1 633Turkey / 11 138 13,596 17,114 16,630 16,705 22,214 21,525 18,045 6,073 3,480Yugoavia 12,354 12,578 12,749 11,350 9,747 9,807 7,992 5,768 1,654 2,224

Offshore Banking Centera 55,114 66,113 76,720 78,778 89,226 116,293 109,694 107,398 2,848 2,296Oil DEi rtens 126,365 145,607 156,798 158,082 167,377 174,867 159 846 127,564 30,739 32,282

Exs reportur 67,410 79,054 82 9SS 83,753 81,5S9 83,404 75 546 57,029 16,194 18,517

DRS Reporting Cntnries 592,963 629,777 674,510 652,555 640,880 677,985 644,129 S36,504 66,324 107,625

1/ Also icluded in Moderately Indebted Middle-Iwnome Countries.2/ Also included in Moderately Indebted Low-lncome Countries.3/ Also included in Severely Indebted Low-Income Countries.Source: OECD/BIS, Statistics on External Indebtedness.

Taw

coMmERIL SAMUc UEAU 401 9VVULOHt 4G emwwua Uos of US

Cn -'-kie Exc RaUe *uudFlo-

1989 1990 1991Q2 199103 1990 1991Q2 1991Q3. 1989 1990 1991Q2 1991Q3

Al De,dopiu Caunrim 623,794 638,553 615,66S 635054 630,813 633,424 66,27' (7789) 6,034 (,"6) 5,910

A SScuh o 37,036 41,033 37,193 38,529 41,815 36225 39280 (421) (21) (0l 320EF Ai & Paific 118,060 145,329 149,091 157,469 138,614 130,116 13f 760 452 10,84 6

Faaop&dho Meditenan 129,793 135,217 133,SC9 141 226, 1,262 68,67S 75.250 9485 (3,795 a243 1,693Lath Maiden & the Carlhbem ~234,223 208,752 200,7 20118 146,673 145,3 144,774' (18, 65) 42 ,21,655)

Noai Ahica & She Middlb Eaut 33,580 34,52 73 428 73 981 228,891 210,750 2190S0- 1,936 3 1 (1,371)South Ask 21,102 23,370 21,972 22 661 43,5S8 42,319 45,153 1 409 210 0) 359

Serq laddbted Middl.Iaceme Coutbis 24A2,96 224,61 213,820 216,574 s 126,382 122,403 123,88 (16,106) (5,480 (3,810) (1,178)Algeria 13,l72 14,745 12,715 13,514 2,510 1,909 2 368 (329 41 (469) 184

32,369 30,760 29,093 2s'797 20,629 20,988 20,675 (5,356' (sn7 (405) (801B=G 9 341 283 2064 258: 943 939 953 (233, 8 5Brazi 70,849 66,924 61,2S2 60,964 23,428 22,999 23,572 . (o (239) (3,858 (1"P1Bullris 7,755 7, 258 7,469 Ss79 707 996, 742 (15) (79) (1C_no a1,085 1,020 986 963 315 256 269 a7S (49 64 54Coft d'lvoir 3,259 3,24 2,616 2,724 2,426 1,1is 2,096 12003 ()Ecuador 4,582 4,080 3,980 3,83S 2,507 2,639 2,s95 8 9l2M cO 70,147 ss462 57 189 58,554 ; 28,758 28 463 28,239, (1,241 786 915Morocco 5 310 4,735 4,784 : 3,633 3,307 3,653 ( (s) (159) (92)

~ Nicaraa 400 915 919 963 209 245 224 6 (15 V1 41Peru 4,066 3,851 3,579 3,609 3,424 3,385 3,610 4(692 (147) (52 (39)Poland 10,286 11,381 11,175 11,957 7,816 5,303 5,793 (63 23r (182k 174

962 932 896 892, 4,521 4,836 5,003 ; (162) 1 03124,122 17,753 17,163 17,291 24,684 24,614 23,812, (t1j8 (4,391) C63$

Sever,e Ibdebed Law-Income Countri 31,926 35,112 31,970 32,739 48,7S4 46,670 48,96' (1,85I) (406) (61 nModerately Indebted Low-Inome Counes 38,043 48,750 43,092 49,431, 25,S46 24,949 26,820 3,125 3 063 1,202,Moderately Iddbfi Midle-Inome Coutri 61,0S0 63,872 59,775 60,402 S6,463 s6,2s4 S8,426 (5,673) 1163) (1,567) (N80)

Odher Seected Counties 152,803 174,421 172,866 181,006 142,378 137 408 143 211' (4,476 5,567 (1,391) 4,819Chib 11 9,061 8,677 8,077 7,772 9,776 9:112 8,s73 (1178 S 327 (563 (398)China 22,660 30,956 30,178 32,697 40,457 40,543 42,15 503) 3,451 (533 1,990Colombia 1/ 6,629 6,740 6,326 6,462 8,060 7,853 ,458 41 (16 (91 43Ept3/ 6 sss 6 531 S,46 5,899 17,440 19,008 1o9, 7581 I2 (SS 325a^<IUDSM I/ 11,884 11,026 9s,66 10,051 1,784 2,106 2,946 508 622

Indi 2/ 12,895 14,749 13,796 14,203 8,937 8,969 10,012 1,168 337 (667 188Jama caI 692 624 547 512 91812 818 754 107 (37) (57)Koe 27,406 32,179 3S,322 37,453 10,372 10,592 11,961 1,171 855 1,0 1,0Malaysia 517 434 7 574 7,967 9 790 7 ,34 7 025 (526) 327 (469) 255Nigeria 31 7,441 6s981 5,901 5,07 s 5,151 4,685 4,783, (1,508 (484) (421) (320)

llilipinea 1/ 9 641 9,4s9 8, 87 9,02s 4,709 5,555 5,061 (2,614) (184) (151) 23Ihailind 11,020 15,930 19,455 21,839 6,393 5,034 5,517 1,705 1,892 1,431 2,255Tare I/ o10,784 14,969 15 441 15,657 10,715 10,057 10,582 21 450 94 13Yugodava 7,588 7,136 5,650 5,662, 7,982 5,242 5,276, (1,580) (434) (42S) Il

Offdhr Bankin Conten 765 148 1,060 121 98 ,159 1 024,31 1 052 132 960,383 9S3 057 149,844 58,268 (26,528) 19,619Oil Expoter 136,474 '12,784 123,937 128,474 205,471 188,942 195,611 7,302 t2,870) 301 276

DRS rlepom 63,385 59,732 53,602 54,427 89,186 78,920 81,141 (2,88) (I,S9) (415) (580)

DRS Repog C _riLi 547,942 693,084 665,174 686,757 607,527 574,214 S90,366 1,S49 8,931 (6,082) 10,470

I/ Also includ in Modeatey Indebted Middle-Income Countries.2/ Also inchlded in Moderately Indebted Low-Income Counties.3/ Also included in Severely Indebted Low-lncome Countr.Soure: Ba for I io Set ents, Itrmtional Bankint uad Finencial Market Develoomenta.

Table 6MATURITY DISTRIBUTION OF BANK CLAIMS ON DEVELOPING COUNTRIES

ain m_lin of US$)

1991Q2-Un- Estimated Shobt-

1987 1988 1989 1990 > I yr& allocated Shoal- TermTotal < I yr < 2 yr > 2yn Trm (% of

Total)

AR Devdoplug Countarne 569,500 544,644 543,069 564,321 527,84S 229,231 35,762 240,691 22,161 194,806 37

By Ge bic ReAfnca, South of theSahara 36,499 33,195 32507 33,196 30,088 14,125 2,619 11,695 1,649 11672 39East Asia & Pacific 101,410 100,492 102,:052 117,862 121,274 70,619 7,882 37,045 5,728 63,293 52Eusrei& thPeMeider n- 117,227 117,372 127,502 147,556 130,019 41,975 11,128 71,235 5,681 31,4 24LIain Amhra & kth Caribbean 237,864 219,512 204,124 185,532 174,414 66,369 7,267 94,928 5,85 0 59,150 34North Afica & the Middtb East 64,540 61,486 63,27 63,630 57,376 31, 139 5,38 18927 1,472 25,536 45South Asia ,960 12,57 13057 16,545 14 674 5,004 1 028 6 861 1 781 4,141 28

Severely Indebted MiddlIncme Contries 250,969 233,072 220,1S2 203,966 189,951 71,383 10,265 102,533 5,770 61,779 33

Algeria 14,662 14,031 14,168 15,183 13,252 4,495 2,776 5,607 374 2,285 17Areendin 33,203 32,448 27,054 26,106 24,489 8,132 548 15,406 403 7,623 31

Bolvia ~~~~~~583 341 284 230 230 149 21 58 2 134 58Dramil 69,249 63 861 61,012 55,457 48,776 19,957 3,334 24,666 819 16,823 34Bulgaria 5,254 6,780 7,803 8,704 7,382 3,819 600 2,772 191 3,029 41

Coqgo 1,311 999 868 841 752 441 49 259 3 392 52Cote d'lvoire 3,556 3,257 3,252 3,0S3 2,563 1,821 190 505 47 1,592 62Ecuado S,3. 4,'545 4,064 3586 3,497 1,604 271 1,504 118 1,414 40Mexico 69,930 62,760 59,747 50,396 52,151 20,392 1,208 27,720 2,831 19,195 37

00 Morocco 5,229 4,592 4,596 4,851 4,317 1,092 330 2,863 32 803 19

Nicaragua 461 451 388 889 887 401 26 460 358 40Peru 4,212 3,694 3,136 2,964 2,818 1,946 112 638 122 1,829 65PolaS 1 1,909 10,309 10,049 12,187 10,930 3,058 396 7,135 341 2,747 25S -aArab Republc 914 637 506 512 361 Is 121 12 336 66Venzue 25,184 25,004 23,094 18,983 17,395 3,715 386 12,819 475 3,219 19

Se,erel ndebAed Low-luoere Cotntres 31,924 28,831 26,891 27,075 24,647 11,23 2,249 10,428 735 9,079 37Moderatey Inddee Low-lcerne Counties 28,724 30 110 31,828 39 798 38,963 19,27 3,328 14,342 2,036 16,251 42M eodatey ludebled Middle-Ilucee Counes 67,556 60,81S 60,353 63,966 56,304 21,894 4,402 27,309 2,699 17,066 30

Other Selct Counties 145,427 140,162 139,976 155,252 147,800 67,887 10,737 62,002 7,174 57,254 39Chile 1/ 12,843 11,038 9,329 8,901 8,203 3,124 341 4,583 155 2,764 34China 11,987 16,652 17,983 22,273 20,021 6,030 1,883 10,991 1,117 4,1S6 21Colombia 1/ 6,266 6,554 6,299 6,353 5,648 1,867 550 3,121 110 1,231 22Eyp3/1 6,813 6,138 6,087 5,967 5,363 2'842 630 1,870 21 2,132 40iuanguy I/ 12,442 11,720 11,953 12,153 10,007 2,033 1,209 6,044 721 646 6

ndia 2/ 8,362 9,318 10,579 12,149 10,621 2,961 828 6,166 666 2,278 21Jamica 1/ 487 485 485 489 413 139 41 192 41 S4 20Korea 23,793 21,482 23 306 28 744 30,792 21,844 1,594 5,923 1,431 20,464 66M.aIvy* 9.975 8.353 7,825 7,266 6,585 2,!16 409 2,974 1,086 1,639 25Nigeia 3/ 10,806 8,992 7,307 6,353 5,26 i,927 397 3,^S -,; :,4.

Philippines 1/ 13,105 11,573 9,645 9,337 8,134 2,708 303 4,644 479 2,321 29Thailand 7,513 8,338 10,591 13,569 16,773 11,756 1 041 3,645 331 11 041 66

Turke I/ ~~~~~11,146 10,690 10,918 14,731 14,030 7,212 1,215 4,686 917 5,987 43Yl:supgi 9,889 8,829 7,669 6,967 5,584 1,328 296 3,6934 26 1',09 18

OffihorcBlaningCeetn 375,045 358,883 396,825 453,118 416,186 341,928 11,555 49,980 12,723 330,384 79OilREx7oden 110,478 111,662 IS8,503 121,349 108,089 36,150 9230 60,473 2,236 26,964 25

DRS mpoden 62,224 58,874 56,679 52,866 47,473 17,710 4,326 24,341 1,096 13',784 29

DRS Reput Conries 530,504 497,061 489,054 S03,832 477,662 216,660 31,328 210,045 19,629 187,046 39

1/ Abo included in Mode Indebted Middle-Income Countfies.2V Abl ieldediM bM Ibted LAw-IaCouutrics.3/ Al 1cded inwelyln db .Sotclen t for e Swternus, 1UMstrt ad Sectaul Distnibuuon of Ba( eonata Ban.L=ndgz

Table 7a

U.S. COMMERCIAL BANK CLAIMS ON DEVELOPING COUNTRIES *(in m;llions Qf US$)

1984 1985 1986 1987 1988 1989 1990Q3 1990Q4 1991Q1 1991Q2 1991Q3

AN Devewoping Cotries 142,850 130,680 118,325 107,898 92,877 79,723 69,892 69,561 67,782 65,987 66,166

By Geographc ReZonAfrica, South of be Sahara 5,671 4,467 2,896 2,826 2,212 2,203 1,612 1,524 1,346 1,396 1,273East Asia & Pacific 26,432 22,782 18,565 16,532 13,584 12,949 12,633 12 642 12,837 12,985 13,264Europe & the Mediterranean 10,889 10,212 8,410 7,656 6,634 5,799 5,371 5,893 4 997 5,087 5 202Latin America & the Caribbean 87,165 82,396 78,945 74,670 64,701 53,233 45,064' 44,292 43,455 41,372 41,385North Africa & the Middle East 10,820 8,682 7 235 4 723 4 509 4,264 4,258 4,212 4,179 4,392 4,341South Asia 1,873 2,141 2,274 1,491 1,237 1,275 954 998 968 755 701

Severdy Indebted Middb-Income Countries 77,359 73,021 70,098 65,895 57,390 47,036 39,819 38,969 38,428 36,426 36,439Algeria 1 020 829 848 130 646 528 562 552 543 500 473Argentina 7,975 8,411 8,524 8,812 7,879 4,500 3,298 3,497 3,453 3,381 3,642Bolivia 212 113 96 66 38 10 4 8 12 11 9Brazil 23,869 22,796 22,404 21,275 19,391 16,284 12,385 11,444 10,980 8,790 7,801Bulgaria 100 114 112 88 151 76 58 57 51 76 65

CongoCote d'Ivoire 471 358 365 363 311 213 138 76 75 73 65Ecuador 2,144 2,143 2,170 1,919 1,519 1,029 812 689 699 650 568Mexico 26,525 24,934 23,654 22,722 17,887 16,060 15,184 15,212 15,229 15,433 15,927Morocco 911 905 892 820 727 618 570 575 570 529 538

Nicaragua 225 91 66 43 16 5 4r'3 Peru 2,357 1,654 1,344 901 518 215 122 116 108 109 136

Poland 693 550 469 386 289 313 270 280 277 286 296Syrian Arab Republic 44 32 42 50 33 41 29 23 20 19 18Menezuela 10,813 10,091 9,112 8,320 8,001 7,149 6,387 6,440 6,395 6,564 6,897

Severy Indebted Low-Income Countries 5,511 4,167 3,300 2,489 1,843 1,813 1,255 1,171 1,066 1,156 1,084Moderaitely Indebted Low-Income Countries 4,373 3,946 3,508 2,736 2,111 2,106 1,913 2,084 2,215 2,098 2,008Moderately Indebted Middle-Income Countries 21,230 20,168 18,697 17,551 15,182 12,574 11,776 11 740 11,388 11 167 11,156

10738 18305 11953Other Selected Countries 38,939 35,815 29,300 25,212 22,597 19,695 19,018 19,738 18,305 17,953 18.029

Chile 1/ 6,697 6,569 6,459 5,999 5,044 3,945 3,063 3,085 3,009 2,987 2,904China 878 573 491 439 376 342 323 340 370 322 353Colombia 1/ 2,967 2,625 2,148 2,068 2,117 1,921 1,888 1,882 1,753 1,636 1,654Egypt 3/ 1,284 996 651 437 293 189 168 195 195 199 199Hungary 1/ 765 606 346 380 319 247 253 202 213 280 424

India 2/ 755 935 999 989 817 831 640 676 605 360 280Jamaica 1/ 330 261 205 160 188 152 171 162 144 131 147Korea 9,956 9,165 5,997 3,849 3,857 3,972 4,326 4,293 3,971 4,029 4,091Malaysia 1 726 1,087 741 477 423 324 316 345 385 377 473Nigeria 3/ 1,539 1,199 903 901 817 694 592 522 496 526 489

Philiooines I/ 5,454 5,418 5,107 4,674 3,993 3,233 3,201 3,197 3,123 3,092 3,045Thailind 2,191 1 877 1,114 816 943 1 002 1,271 1 383 1,484 1,580 1,730Turkey 1/ 2,018 2,106 2 074 2,108 1,539 1,188 1,507 1,528 1,560 1,454 1,398Yugoslavia 2,379 2,398 2,065 1,915 1,871 1,655 1,299 1,928 997 980 842

Offshore Banking Centers 38,784 34 176 32 339 32,294 29,012 27,840 26,592 23,731 24,030 24,989 24,921Oil Exporters 17,560 15 268 13 215 11 059 11 396 10,460 9 250 9 252 9 420 9 978 10 175

DRSreporters 14,720 12,901 11,581 9,852 10,013 8,886 7,914 7 889 7,779 7,952 8,260

DRS Rqeprting Countries 141,131 129,954 116,650 105,011 90,598 77,217 68,191 68,108 66,346 64,184 64,384

* ConsoCdated claims of U.S. banks and their worldwide operations.1/ Also included in Moderately Indebted Middle-Inconme Countries.2/ Also included in Moderately Indebted Low-lncome Countries.3/ Also included in Severely Indebted Low-Income Countries.Source: Federal Fancial Institutions Examinations Council, U.S. Country Exposure Lending Survey.

Table 7b

CLAIMS ON DEVELOPING COUNTRIES OF BANKS IN TME UNITED STATES *(n mions of USS)

1984 1985 1986 1987 1988 1989 1990Q3 1990Q4 1991Q1 1991Q2 1991Q3

ANl Deweoping Couties 135,818 129,110 127,243 124,202 124,979 116,549 96,265 90,573 91,162 88,169 83,546

By Geographic MeAfrica, South he Sahara 1,733 1,590 1,321 1,306 1,516 1,579 1,540 1,582 1,820 1,617 1,805East Asia & Pacific 17,983 16,569 15,417 14,590 14,158 12,761 12,142 12,894 13,266 14,189 12,629Europe & the Mediterranean 6,622 6,745 7,230 5,894 7,142 7,779 7,656 7,444 8,302 8,560 7,925Latin America & the Caribbean 103,694 98,663 98,369 97,479 91,469 82,589 62,951 56,729 55,958 52,306 49,700North Africa & the Middle East 4,969 4,744 4,238 4,093 9,285 9 672 9,070 9 617 9,265 9,379 9,063South Asia 817 799 668 835 1,409 2,169 2,906 2,307 2,551 2,218 2,424

Severel Indebed Middle-wome Countries 90,619 86,273 86,637 86,139 81,022 73,143 54,734 48,602 48,140 45,433 42,828

Algrina 11,225 11,634 12,495 12,520 12,322 9,790 8,133 7,506 7,114 6,613 6,199Borivia 208 167 139 134 110 30 55 49Brazil r26,745 25,653 26,086 26,447 26,348 24,256 19,391 18,953 19,192 16,173 12,781Bulgaria 23 22 42 48 68 98 85 83 100 92 66

CongoCote d'Ivoire 170 165 110 134 178 113. 60. 59Ecuador 2,469 2,438 2,536 2,410 2,210 1,768 1,599 1,479 1,427 1,433 1,203Mexico 35,186 32,175 31,367 31,034 26,852 24,997 15,902 15,782 15,910 16,311 17,703Morocco 604 591 624 560 525 730 707 735 754 805 793

Nicaragua 99 115 116 116 55 55 56 52W Peru 2,411 1,967 1,689 1,357 1,036 793 684 698 730 755 7380 Poland 196 172 189 239 232 258 193 212 321 431 424

Syria 58 58 52 52 36 45 146 51 31 31 28Venezueb 11,225 11,116 11,192 11,088 11,050 10,210 7,894 2,932 2,561 2,629 2,893

Severely ldebtedLow-Income Countries 1,940 1,765 1,582 1,580 1,632 1,762 1,362 1,523 1,306 1,415 1,338Moderately Intebted Low-Iclome Countries 1,672 1,581 1,430 1,466 1,806 2,577 2,956 3,035 2,971 2,789 2,535Moderaty Indebted Middlencme Countri 18,231 17,115 16,715 16,367 16,356 15,187 12,602 13,897 12,822 13,379 12,100

Other Selected Countries 30,991 29,451 26,518 23,856 23,631 22,985 22,223 22 579 23181 22,848 21,397Chile 1/ 7,011 6,719 6,656 6 492 5,466 4,696 3,579 3,566 3,445 3,179 2,987China 729 704 834 1,058 824 703 567 643 744 1,052 683Colombia 1/ 3,583 3,351 2,967 2,398 3,146 2,917 2,704 3,035 2,875 2,792 2,863E.gypt 3/ 775 757 598 546 527 508 43 3552 32792 323Hungary 1/ 895 663 515 472 377 384 214 190 199 174 165

India 2/ 465 490 388 574 600 669 921 711 632 519 526Jamaica 1/ 268 237 207 195 220 303 258 242 230 194 155Korea 9,653 9,596 7,586 5,261 5,304 5,422 6,032 5,931 6,355 6,086 5,322Malaysia 780 428 398 135 130 477 273 337 327 274 425Nigeria 3/

Philiopir 1/ 2,589 2,242 2,234 2,088 1,897 1,347 1,335 i,i-y9 i,4/1 1,;36 inaLoThailand 1,163 1,000 649 642 925 1,185 1,331 1,624 1,811 2,047 2,010Turkey 1/ 1,175 1 253 1 578 1 767 2,797 3 024 3,434 3 429 3 731 3,692 3,371Yugosbvia 1,905 2 011 1 908 1 728 1,418 1 350 1,138 1,197 1 034 974 841

Offshore Banking Centers 122 975 124,279 136,845 147,781 156,573 192,361 196,428 227,936 229,757 245,139 248,476Oil Exporters 12,800 12,449 12 741 12 997 14,295 13 501 10,835 5 521 5,265 5,497 5 762

DRS reporters 11,563 11,429 11,487 11,335 11,278 10,473 8,122 3,270 2,789 2,979 3,067

DRS Report Contries 197,274 190,987 187,950 188,154 182,890 185,502 159,771 160,265 157,799 158,990 155,346

A lU resident banks.1/ Also included in Moderately Indebted Middle-Incorm Countries.21 Also included in Moderately Indebted Low-Incomn Countries.3/ Also included in Severely Indebted Low-Income Countries.Source: U.S. Treasury Bulletin, Ouarterly series.

Table BeUK COMMERCIAL BANK CLAIMS ON DEVELOPING COUNTRIES *

(in m _ion of USS)

1984 1985 1986 1987 1988 1989Q2 1989Q4 1990Q2 1990Q4 1991Q2

AN Developing Counries 62,735 64,706 65,441 64,952 60,310 56,531 52,551 46,564 44,958 41,204

By Geographic ReqinAfrica, South of the Sahara 5,748 6,058 6,052 6,352 5,809 5,039 4,539 4,633 4,140 3,594Eat Asia & Pacific 9,123 8840 8,269 7,360 6,331 6,194 5,267 5,218 5,501 5,739Europe&the Mediterranwan 10,614 11,953 12,074 11,710 11,770 10,996 11,210 11,150 10,780 9,574Latini America & the Caribbean 30,083 30,101 30,880 30,714 27,304 26,266 23,623 18,046 16,856 16,271North Africa & the Middle East 6,233 6 401 6 367 6,816 7,241 6 439 6 338 6 044 5,981 4 508South Asia 934 1,353 1,799 2,000 1,855 1,597 1,574 1,473 1,700 1,518

Sewere Indebted Midd-Income Countries 28,785 28,888 30,036 30,481 27,505 26,604 24,577 19,327 18,226 17,193Algeria 658 633 823 832 812 747 784 750 760 655A¶rentina 3,394 3,677 4,110 4,206 4,108 3,868 3,343 2,625 2,352 2,244Do via 124 94 99 109 33 33 26 26 8Brazil 9,344 9,140 9,515 9,673 7,585 7,345 6,890 5,173 4,694 4,226Bulgaria 208 434 457 411 575 508 532 467 473 209

Congo 57 71 91 85 69 42 39 28 37 37Cote d'Ivoire 345 335 356 347 354 312 292 272 247 148Ecuador 725 760 809 864 799 806 750 603 546 542Mexico 8,746 8,669 8,674 8,773 8,291 8,036 7,500 5,146 4,909 5,270Morocco 361 385 421 425 374 445 447 412 401 308

Nicaragua 108 98 88 83 71 37 35 54 35 34L Peru 708 649 663 670 588 533 464 429 276 295FJ 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 62Ver.ezuela 2,771 2,690 2,642 2,625 2,625 2,685 2,212 2,039 2,140 2,056

Severy Indebted Low-Income Coubies 5,446 S,640 5,469 5,842 5,378 4,780 4,224 4,363 3,800 3,266Mo Iedebted Low-Iacome Counties 2,304 2,693 3,130 3,272 3,057 2,571 2,502 2,358 2,626 2,441MadwateryInbted Middle-Iocom Conties 6,881 6,970 7,281 6,759 6,131 5,615 4,904 4,339 4,473 4,128

Other Selected Countries 16,207 16 691 16 741 15 678 13 549 12,233 10,780 10,082 10,306 9,579Chile 11 2,095 2,178 2,089 1,725 1,289 1,150 626 530 567 524China 210 457 267 411 756 947 938 945 1,025 843Colombia 1/ 786 756 794 715 743 722 785 657 643 546Egypt 3/ 750 727 637 730 729 670 629 644 650 582Hungary 1/ 812 661 589 602 548 535 518 420 330 331

India 2/ 494 838 1,267 1,479 1,367 1,091 1,100 1,059 1,219 1,083Jamica 1/ 50 51 45 42 52 54 69 70 68 63Korea 2,763 2 707 2,442 2,040 1,376 1,290 1,130 1,214 1,343 1,560Malaysia 1,657 1,451 1 390 949 463 510 329 279 484 495Nigeria 3/ 2,394 2,495 2,818 2,981 2,452 1,936 1,704 1,507 1,065 741

PhiliPmencs I/ 1,676 1,531 1,623 1,500 1,446 1,237 956 795 797 736lbail/nd 418 399 212 145 'IS 184 190 239 228 332Tulcey I/ 406 636 887 944 126 814 192 959 1,142 3,326Y god=vu 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 25,393Oil Exporters 11,159 12,165 12,901 13,103 13,208 12,118 11,547 11,152 10,341 8,712

DRS reporters 7,476 7,395 7,972 8,104 7,515 6,841 6,039 5,481 5,185 4,509

DRS Rqeorting Countries 58,916 59,677 60,430 60,061 54,027 50,416 47,004 40,411 39,380 37,031

Conolidated claims of UK banks and their worldwide crations11 Also included in Moderately Indebted Middle-Ine Countries.2V Also inchlded in Moderately Indebted Low-Income Countries.3/ Also inchlded in Severely Indebted Low-Income Counites.

,, I - , , -" ,,,, ,JrPS149-

Table 8b

DEVELOPING COUNTRY CLAIMS OF BANKS IN THE UNITED KINGDOM *On m_ions of USS)

1984 1985 1986 1987 1988 1989 1990Q2 1990Q3 1990Q4 1991Q1 1991Q2

Al Deydoping Counries 88,497 100,278 102,919 103,679 96,855 100,052 96,157 96,105 96,601 90,876 88,714

By Gfogrphic RegaAfrca, South of ce Sahara 11,032 11,640 11,322 10,386 10,096 8,599 8794 8,796 8,347 7,554 7,146East Asia & Pacific 9,840 11,433 11,144 11,931 10,294 9,501 11,114 11,117 11,492 11,927 11,747Europe & the Mediterranean 22,978 28,863 31,345 33,495 33,127 34,311 33,378 33,322 32,568 29,431 27,836Latin America & the Canbbean 37,360 39,872 40,117 38,350 34,346 30,901 25,274 25,274 26,431 26,540 27,690North Africa & the Middle Eas 5,630 6,011 6,177 6,158 5,994 14,096 14,418 14,417 14,276 11,988 11,285South Asia 1,657 2,459 2,814 3,359 2,998 2,644 3,179 3,179 3,487 3,436 3,010

Severely hIebted Middle-Inme Countries 37,620 40,613 41,587 41,34C 37,993 35,095 29,519 29,519 30,476 30,087 30,780Algeria 1 428 1 636 2 109 2,254 2,225 2 076 1 977 1 977 1,912 1,723 1,592Arzentina 3,786 4,479 5,087 5,175 5,123 4,239 3,283 3,283 3,029 2,900 2,815Bolivia 140 118 112 120 38 30 12 12 1 1 12 10Brazil 13,161 13,311 13,123 12,588 10,186 9,330 7 392 7 392 7 202 7,124 6,739Bulgaria 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 14Cd(e d'voire 507 527 518 482 499 484 384 384 391 284 269EcuadorMexico 12,002 12,976 13,01i 12,739 11,831 11,225 9,491 9,491 10,584 11,722 12,990Merocclo

Nicaragua 112 121 109 111 85 47 46 46 45 44 44Peru 532 642 630 631 548 466 322 322 323 304 291Polnd 2,167 2,338 2,366 2,511 2,210 2,211 2,289 2,289 2,250 2,051 1,928Svna '127 159 199 145 109 98 85 85 83 68 74

=enela 3,290 3,460 3,143 3,076 3,214 2,863 2,457 2,457 2,990 2,431 2,794

Severy Indebted Low-Income Cuuuris 8,684 9,167 8,349 8,770 8,627 6,969 7,272 7,274 6,839 6,716 5,906Moder Indebted Low-Income Cuutries 2,955 3,876 4,333 4,889 4,681 3,819 4,292 4,29S 4,665 4,583 4,152>deratj indebated Middle-Income Cauutries 7,922 9,384 10,045 9,831 8,740 8,341 8,758 8,758 8,437 7,870 7,968

Odher Selected Countries 21,980 25,878 25,855 25,990 23,633 21,012 22,609 22,609 22,510 21,828 20,983Chile 1/ 2,234 2,545 2,350 2,004 1,396 802 751 751 817 831 S00China 247 1,392 632 590 1,070 1,246 1,650 1,650 1,805 1,690 1,632Colombia 1/ 736 703 744 607 731 757 632 632 591 530 494EA"pt 31 1,380 1 327 955 964 888 S80 59 859 841 1 159 772Hiungary 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 1,862JamIca l/ 84 68 65 56 48 57 93 93 57 61 53Komea 2,981 3,438 3,518 3,554 3,001 2,988 3,702 3,702 3 960 3,832 4,131Malysia 2,233 2,265 2,345 1,913 1,522 1 179 1,321 1,321 1,309 1,241 1,239Nigeria 3/ 3,465 3,850 4,113 4,587 4,036 3,079 2,694 2,694 2,347 2,125 1,859

Philippins 1/ 1,625 1,481 1,622 1,424 1,324 958 I,242 1,242 1,167 1,116 1,065Thailand 667 668 623 596 593 635 794 794 783 924 963burkev I/ 749 1,440 1,817 2,009 1 939 2,398 3,338 3,338 3,322 3,132 3,273YuEx#aia 2,947 2,994 2,725 2,412 2,378 1,694 1,379 1,379 1,249 1,114 1,017

Offshor BankingCenters 89,363 89,554 104,843 120,176 112,896 119,231 131,506 131,506 131,203 123,430 116,467Oa Exporters 12,543 16,281 19,074 20,323 21,027 26,520 23,704 23,703 23,338 20,642 20,292DRtSreporters 8,362 9,182 9,640 10,134 9,624 10,939 9,913 9,912 10,023 8,812 8,959

DFS Reporting Comnties 101,980 108,548 110,621 109,914 101,534 97,325 95,652 95,656 96,997 92,591 89,866

AJI resident banks.1/ Also included in Moderately hdebted Middle-Income Countries.2/ Also included in Modeatey Indebd Low-ncome Counts.31 Also included in Severely abter Low-incaoe Coutries.Source: Ba of Evgland, QlIIMlDy

Table 9a

GERMAN COMMERCIAL BANK CLAIMS ON DEVELOPING COUNTRIES *

(in millions of US$)

1984 1985 1986 1987 1988 1989 1990Q3 1990Q4 1991Q1 1991Q2 1991Q3

All Developing Countries 58,354 56,673 68,018 81,782 78,387 85,622 112,865 119,444 114,196 109,486 119,838

By Geogr plic RegionAfrica, South ofte Sahara 4,359 4,065 4.947 5.814 4.869 5.003 5,639 6,008 5,296 4,751 5,466East Asia & Pacific 6,786 6,417 7 274 8,777 8.839 9,656 11,215 10,565 12.281 11.328 13,528Europe & the Mediterranean 16,840 17.007 20.881 25,848 25.519 29,214 47,187 52,542 49,430 47,287 52,586Latin America & the Caribbean 19.157 17,968 20,376 23.500 22.397 22,739 27,244 27,707 26.613 26.077 27,964North Africa & the Middle East 7T868 7,507 9.524 11,579 10,959 12.128 13,985 14.028 12,344 12.698 12,859South Asia 3,344 3,708 5,016 6.263 5.804 6.882 7,595 8,594 8,232 7,344 7,436

Severely Indebted Middle-Income Countries 22,556 21,531 24,958 29,065 27,851 28,503 32,692 33,565 32,683 32,207 34,611

Algeria 1.019 829 883 1.095 1.254 1,346 1.713 1.815 1,712 1,626 1,726Aroentina 3.102 3.056 3,682 4.476 4.716 4,767 5,743 6,099 5,559 5.648 5,925BoTivia 90 98 124 145 136 163 205 218 198 205 231Brazil 6.203 6.099 7.257 8,574 7,704 8,138 9,392 9,505 8,679 8.602 9,165Bulgaria 541 646 1.010 1.340 1,681 1,892 1,983 2,185 2,549 2.367 2,503

CongoCote dilvoire 195 198 231 282 245 268 281 315 291 281 304Ecuador 362 328 367 420 430 497 631 646 605 599 726Mexico 4.496 3.818 3.909 4.145 3.725 3.256 3.324 3.353 3,233 3.270 3.587Morocco 555 577 732 868 836 930 1,057 1,110 993 974 1,035

Nicaragtia . 46 58 69 63 68 595 592 623 698wPens 42 2 455 579 730 680 751 866 910 832 806 874Poland 2.955 3.084 3.747 4.340 3.742 3.793 4.424 4.026 4.917 4.730 5,167Syrian Arab Republic 152 181 256 327 321 371 591 600 542 522 543Venezuela 2.465 2.117 2.123 2.254 2.318 2,262 2.484 2,188 1,981 1,956 2,127

Severelv Indebted Low-Incomie Countries 4.730 4,590 5,657 6,750 5,752 6,113 5 869 6,612 5,891 5,217 5,706Moderately Indebted Low-income Countries 5.494 5,477 7,123 8,667 8.022 9,210 9,629 10 886 9,459 9 100 9,938Moderatelv Indebted Middle-Income Comuitries 6,248 6,513 7.819 10,756 10.749 11,860 13,177 14 942 14,090 13 189 14.118

Other Selected Countries 15.804 15,838 19.241 23.867 22.917 25.338 28.913 29.780 29,318 27,501 30,899Chile 1/ 1,087 1.003 1.014 1.048 941 1,007 1,283 1,388 1,329 1,156 1,093China 494 783 786 1,236 1,820 1.746 1,977 2.146 2,001 1.004 2,272Colombia I/ 426 444 624 764 844 899 1.004 1,035 915 873 958Egypt 3/ 1,205 1.356 1,810 2.309 2,129 2.424 2.869 2,993 2.684 2,599 2,847Hungary 1/ 1,405 1,375 1,633 2,592 2,450 3.059 3,073 3.635 3,397 3,227 3,410

India 2/ 2,031 2,190 2,972 3,684 3,409 4,306 4,715 5,120 4,737 4,508 4,931Jamaica 1/Korea 1,341 1.084 1.320 1,182 1,154 1,543 2,151 938 2,387 2.579 2.955Malaysia 714 557 663 740 648 659 625 686 609 596 689Nigeria 3/ 1,831 1,582 1,785 1,803 1,273 1,068 1,253 1,283 1,197 1,046 1,057

Philippines 1/ 605 552 612 570 472 436 352 400 379 377 438Thailand 462 524 616 771 761 945 1,228 1,103 1,563 1,768 1,939Turkey 1/ 2,155 2,430 3,027 4,561 4,777 5,067 5,897 6,594 5 973 5,814 6,228Yugoslavia 2,049 1,959 2,378 2,606 2,238 2,179 2,487 2,461 2,149 1,953 2,082

Offshore Banking Centers 18,534 18,654 27,863 38,641 39,861 46,144 53,045 55,147 55,941 55,078 58,205Oil Exporters 11,331 10,141 12,257 13,670 13,676 15,765 22,526 24,062 29,858 29,320 32,293

DRE reporters 5,951 4,989 5,340 5,889 5,638 5,706 6,681 7,010 6,594 6,170 6,522

| DRS Reporting Countries 50,939 49,135 58,499 70,497 67,091 72,281 82,399 84,936 83,463 80,087 88,559

* Parily consolidated aggregate claimns of German banks and their worldwide operations.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-lncome Countries.

-- -'...:.X:..o -o 4, Mlpn. rn- htern der Deutschen Bundesbank. Rihe 3.

I able Yb

DEVELOPING COUNTRIES CLAIMS ON BANKS IN GERMANY*(in milions of US$)

1984 1985 1986 1987 1988 1989 1990Q3 1990Q4 1991Q1 1991Q2 1991Q3

All Developing Countries 25,839 35,206 45,408 56,922 54,318 61,834 87,397 94,26 90,013 85,328 94,209

By GoeVrpbh R i -Africa, South ofe Saha 2,867 3,599 4,497 5,192 4,293 4,470 4,881 5,282 4,519 4,274 4,757East Asia & Pacific 2,735 3,728 4,785 6,050 5,675 6,442 7,534 6,800 7,635 6,715 8,629Europe & the Mediterranean 8,354 11,035 13,801 17,635 17,271 20,671 38,763 44,157 42 362 40,368 45,295Latin America & the Caribbean 4,567 7,066 9,201 11,574 11,512 12,805 16,252 17,019 16,718 16 324 17,492North Africa & the Middle East 4,756 6,140 8,198 10,324 9,941 11 033 12 860 12 965 11 245 10,916 11,256South Asia 2,560 3,638 4,926 6,148 5,626 6,411 7,106 8,064 7,535 6,731 6,781

Severely Indebted Middle-Income Countries 7,129 10,288 13,081 16,024 16,173 17,727 20,640 21,774 22,110 21,790 23,366

Algeria 654 708 750 917 1,089 1,213 1,580 1,671 1,578 1,451 1,532Argentina 641 1,245 1,663 2,220 21277 2,570 3,121 3,443 3,075 3,290 3,422Bolivia 71 98 124 145 136 163 205 218 198 .205 231Brazil 1,976 2,940 3,925 4,792 4 599 4 893 5 459 5 658 5 130 4 979 5 279Bulgaria 333 476 747 969 1,255 1,488 1,595 1 774 2 175 2 005 2 114

CongoCote d'lvoire 152 198 231 282 245 268 281 315 250 244 274Ecuador 78 98 122 137 148 217 297 311 292 309 415Mexico 536 869 1,001 1,193 1,334 1,417 1,499 1 552 1,835 1,855 1,945Morocco 292 449 616 765 738 861 956 1,009 897 873 945

Nicargua 46 58 69 63 68 595 592 623 698w3 Peru 189 283 384 514 476 536 623 663 600 643 7064- Pobland 1,587 2,083 2,483 2,851 2,651 2,767 3,156 2,788 3,854 3,711 4,100

Syrian Arab Republic 119 181 256 327 321 371 591 600 542 522 543Venezuela 501 614 722 842 841 895 1,288 1,177 1,091 1,079 1,163

Severely Indebted Low-Income Countries 3,147 4,117 5,192 6,116 5,163 5,580 5,112 5,886 5,092 4,720 4,968Moderately Indebted Low-Income Countries 3,704 4,939 6,602 8,145 7,435 8,270 8,510 9,691 8,019 7,781 8,500Moderately Indebted Middle-Income Coumtries 2,494 3,758 4,934 7,652 7,855 9,019 10,615 12,100 11,609 10,653 11,544

Other Sclected Countries 7,830 10,776 13,976 18,245 17,086 19,593 22,814 23,513 23,058 21,318 24,231Chile 1/ 142 238 283 343 318 505 709 781 771 649 670China 299 502 620 979 1,177 1,427 1,678 1,850 1,687 708 1,761Colombia 1/ 137 251 416 572 589 663 814 868 761 728 780Erypt3/ 932 1,350 1,795 2,297 2,117 2,424 2,869 2,993 2,623 2,542 2,788liungary 1/ 376 505 655 1,428 1,345 1,762 2,121 2,471 2,738 2,450 2,641

India 2/ 1,534 2,120 2,882 3,569 3,231 3,835 4,225 4,590 4,098 3,959 4,343Jarnica 1/Korea 311 382 560 705 577 877 1,182 1,474 1,675 1,998Malaysia 192 271 369 446 375 338 264 221 182 179 210Nigeria 3/ 1,083 1,265 1,447 1,368 908 763 845 872 786 741 753

Pailippines 1/ 113 147 216 314 276 298 277 324 298 341 361iLo i [ c 403 4S9 563 4915 AO L 7n13 756 718 739 830Turkey 1/ 1 379 2 028 2,589 3,905 4 170 4 451 5,190 5 782 5,171 5 033 5,404Yugoilavia 1,078 1,316 1,655 1,755 1,510 1,644 1,936 2,006 1,750 1,574 1,691

Offshore Banking Centers 5,516 7,408 11,715 16 152 14,637 18,726 19,759 19,956 18,194 16,736 17,679OilFExporters 5,711 6,786 8,429 9,564 9,014 10,838 17,998 19,771 26,311 25,377 28,391

DRl reporters 2,677 2,935 3,350 3,743 3,523 3,642 4,635 5,032 4,713 4,449 4,890

DRS Reporting Cosbtries 21,645 29,811 38,132 48,146 46,117 52,047 59,902 62,660 62,020 59,042 65,693

AUl resident banks.1/ Also included in Moderately Indebted Middle-Income Countries.2/ Also included in Moderately Indebted Low-Income Countries.3/ Alao included in Severely Indebted Low-Income CountriesSource: Deutsche Bundesbank, Statistische Beihefie zu den Monatsberichten der Deutschen Bundesbank. Reihe 3.

Table NCaFRENCH COMMERCIAL BANK CLAIMS ON DEVELOPING COUNTRIES *

(in milions of US$)

1985 1986 1987 1988 1989 1990Q1 1990Q2 1990Q3 1990Q4 1991QI

Al Deveoping Ceuntrie 70,448 81,442 87,687 95,390 89,973 85,075 83,182 86,289 84,237 80,799

By Geogrphic RegieAfrica, South ofe Sahara 9,755 11,145 12,890 15,537 11,740 11,495 11,579 11,813 12,107 11,123E"t Asia & Pacific 6,832 9,829 8,179 9,907 13,601 12,475 12,895 14,366 15,019 15,727Europe & the Mediterranean 13,659 16,909 18,915 21,129 21 774 21,463 19 662 19 109 16 745 17,054Latin America ie Caribbean 21 306 22,614 23,463 24,863 21,764 18,831 18 165 19 423 18,559 17,993North Africa & the Middle East 15,381 17,253 19,712 19,554 19,215 18,982 19,055 19,634 19,813 16,973South Asia 3,516 3,692 4,528 4,400 1,880 1,828 1,826 1,944 1,994 1,928

Severely Inlebted Middle-Income Countries 28,854 30,984 33,409 31,569 32,345 29,614 28,927 30,728 29,660 27,418Algeria 3,730 4,806 5,856 5,077 5,335 5,749 6,022 6,403 6,530 5,539Arserxtiina 1,877 2,005 2,136 2,299 2,265 2,258 2,087 2,158 2,169 2,383Bolivia 8,08 36 27 22 21 21 21 20Brazil 8,081 8,655 8,917 8,579 8,463 8,411 7,962 8,552 8,466 8,018Bulgaria 731 936 863 839 866 755 623

Congo 934 1,102 1,204 898 809 787 711 751 751 645Cot'd-Ivoire 1,651 1,961 2,283 1,991 2,045 1,939 1,956 1,997 2,036 1,850Ecuador 150 161 135 161 173 188 209Mexico 5 346 5,528 5,535 4,559 4,995 2,179 2,202 2 307 2,400 2,247Morocco 2,165 2,286 2,495 2,004 2,081 2,107 2,164 2,306 2,321 2,125

Nicaragua 69 56 57 53 54 54 49Penu 666 625 659 660 660 864 690 669Poland 1,742 1,680 1,790 1,419 1,383 1,381 1,342 1,458 1,375 1,254Syri n Arab Republic 275 359 386 352 319 328 311 288 259 310Venezuela 2,387 2,602 2,806 2,779 2,810 2,736 2,436 2,530 1,644 1,478

Severdy Indebted Low-lnme Counries 4,961 5,421 5,998 7,740 7,564 7,354 7,600 7,817 8,026 7,303Moderately Indebted Low-bIcome Countries 2,799 2,997 3,431 3,977 3,898 3,706 3,732 4,104 4,276 4,289Moderately Indebted Middle-Income Countries 2,224 4,239 5,144 7,954 8,551 8,450 8,731 9,068 9,247 8,405

Other Selected Countries 12,658 17,049 14,665 16,952 19,298 18,580 18,870 19,895 20,474 19,712Chile 1/ 395 563 583 528 499 608 586China 1,374 2,125 2,165 2,362 2,592 2,656 2,507Colombia 1/ 432 414 415 419 533 503 518Epypt 3/ 2,431 2,629 2,985 2,670 2,782 2,636 2,705 2,696 2,787 2,410

unigary 1/ 699 736 647 634 590 469 325

India 2/ 947 1,115 1,313 1,347 1,378 1,395 1,395 1,394 1,462 1,418Jamaica 1/ 40 34 30 40 31 30 26Korea 2,683 5,517 3,289 3,522 4,309 3,783 3,528 4,058 4,537 4,587Malaysia 951 870 609 449 439 398 440 432 458Nigeria 3/ 2,530 2,793 3,013 2,498 2,037 2,034 1,924 1,893 1,837 1,735

Philippines 1/ 1,347 1,560 1,319 867 1,141 1,045 1,239 1 171 1,176 1 149Thailnd . . 773 815 897 1,009 1,086 1,361Turkey 1/ 863 1,041 1,274 1,379 1,437 1,695 1,849 1,894 1,730Yugolavia 1,770 1,703 1,704 1,223 1,178 1,156 1,107 1,141 997 904

Offshore Banking Centers 26,595 26,012 36,579 27,745 30,482 31,160 33,563 37,249 39,617 43,818Oil Exporters 18,001 21,306 24,207 24 921 27,810 27,917 25,283 24,618 23,034 19,847

DRS reporters 9,581 12,206 13,938 13,869 14,344 14,551 14,260 14,478 13,737 11,826

DRS Reporting Contries 59,308 69,627 71,529 76,767 76,064 72,095 71,173 75,546 75,481 71,859

o Consolidated claims of French banks and their worldwide operations.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 Frane, Bulletin Trimestriel.

Table 10bDEVELOPING COUNTRIES CLAIMS OF BANKS IN FRANCE *

(in miions of US$)

1985 1986 1987 1988 1989 1990Q1 1990Q2 1990Q3 1990Q4 1991QI

AD Developing Countris 63,119 65,095 72,730 67,383 69,740 67,716 65,642 66,811 66,793 61,510

By Geographic R Afica,SouthoftheSaara 12,157 10,070 11,611 10,537 10,447 10,246 10,242 10,505 10,601 9,587East Asia & Pacific 5,192 5,624 4,772 6,607 6,591 6,682 6,822 7,580 8,031 7,758Europe & the Mediterranean 14,173 14,494 15,868 15,864 17,603 17,895 16,264 15,618 15,014 13 868Latin America & the Caribbean 17,827 19,378 20,608 18,627 18,821 16,094 15,112 15,739 15 271 14 829North Africa & the Middle East 12,809 14,458 16,460 14,594 15,154 15,677 16,091 16 154 16,588 14,307South Asia 961 1,071 3,411 1,155 1,123 1,122 1,112 1,215 1,286 1,161

Severely InWebted Middle-ncme Countries 25,022 28,010 30,731 28,489 28,872 26,489 25,132 26,370 25,570 23,687Algeria 3,587 4,616 5 536 4,799 4,919 5 302 5,398 5,812 5,757 5,029Argentina 1,634 1,772 1,937 2,093 1,988 1,988 1,847 1,884 1,879 1,920Bolrivia 35 27 22 21 21 21 20Brazil 7,750 8,291 8,548 7,824 7,745 7,716 7,242 7,443 7,416 7,021Bulgaria 668 806 750 720 743 687 556

Congo 908 1,066 1,145 847 789 770 704 759 723 617Cote d'Ivoir 1,595 1,902 2,181 1,895 1,972 1,902 1,790 1,920 1,887 1,716Ecuador 137 150 119 108 112 128 133Mexico 3,638 4 192 4,634 3,665 3,891 1,297 1,248 1,329 1,438 1,404Morocco 2,105 2,190 2,394 1,926 2,006 2,035 2,022 2,106 2,116 1,888

Nicaragua 65 52 53 49 49 50 45PerU 548 655 656 639 661 664 625Poland 1,707 1,640 1,740 1,316 1,251 1,236 1,219 1,329 1,260 1,172Svyian Arab Republic 260 346 367 333 298 315 302 281 253 303Venezuela 1,838 1,996 2,251 2,337 2,322 2,327 1,823 1,920 1,294 1,239

Severely Indebted Low-Income Countries 4,332 4,772 5,251 6,735 6,419 6,313 6,S63 6,714 6,948 6,158Moderately Indebted Low-Incme Countres 2,232 2,560 1,801 2,777 2,722 2,674 2,692 3,031 3,049 2,881Moderately Indebted Middle-Income Countres 1,739 2,593 3,484 7,034 7,106 7,371 7,589 7,542 7,673 6,851

Other Selected Countries 10,168 10,822 9,855 12,996 12,762 12,908 13,170 13,777 14,069 12,768Chile 1/ 335 435 435 409 401 457 441China 376 247 724 1,329 1,467 1,611 1,903 2,053 1,941Colombia 1/ 313 296 316 295 389 361 367Eypt 3/ 2,263 2,422 2,761 2,485 2,502 2,449 2,518 2,509 2,643 2,267H=rigary 1/ 597 611 550 573 518 416 268

India 2/ 639 772 735 735 747 733 741 802 726Jamaica 1/ 48 40 31 25 34 24 23 19Korea 1,602 1,754 1,996 1,921 1,697 1,646 1,695 1,834 1,841 1,780Malaysia 678 669 491 364 355 315 327 354 283Nigeria 3/ 2,036 2,307 2,490 2,012 1,613 1,509 1,453 1,446 1,438 1,273

Philippines 1/ 742 853 975 1,022 842 1,045 968 987 1,013 930Ibailand i5i i5 . ;;6 ;J7 :2' 4 117 !87 241Turkey 1/ 1,054 1,048 1 157 1 380 1,448 1,528 1,371Yugolavia 1,681 1,600 1,633 1,148 1,102 1,080 1,038 1,083 953 861

Offshore Banking Centers 12,040 12,504 20,288 21,772 27 233 26,258 29,251 31,740 35,028 30,071Oil Exporters 15 398 19,165 21,291 20,991 22,351 23,176 20,863 20,240 19,421 17,078DRS reporters 8,538 11,125 12,629 12,126 12,122 12,459 11,934 12,211 11,715 10,309

DRS Reporting Countie 53,846 54,593 57,056 60,463 62,333 59,988 58,369 60,582 61,921 55,869

All resident banks.1/ Also included in Moderately Indebted Middle-Income Countries.2/ AMo included in Moderately Indebted Low-Income Countries.3/ Also included in Severely Indebted Low-lncome Countries.Source: Banque de France,Vullotia Tiarngail.

Table 11SWISS COMMERCIAL BANK CLAIMS ON DEVELOPING COUNTRIES

(in millions of US$)

1984 1985 1986 1987 1988 1989 1990

AR Developng Codnries 13,484 16,835 19,713 24,609 21,948 21,810 25,473By Geographi Regio

Africa, South of he Sahara 1,212 1,388 1,649 1,815 1,771 1,882 2,178EaA Asia & Pacific 903 1,163 1,618 1,835 1,589 1,796 2,130Europe & the Mediterranean 2,897 4,236 5,390 7,247 7,152 7,567 8,411Latin Arnerica & the Caribbean 6,022 6,804 6,896 7,442 6,763 6,412 7 901North Africa & the Middle East 2,287 2,847 3,619 5,446 4,213 3,753 4,279South Asia 163 396 541 823 461 401 573

Severely Indebted Middle-Income Countries 5,882 6,833 7,305 8,131 7,316 6,947 8,466Algeria 171 209 226 392 296 301 338Arentina 1,120 1,276 1,329 1,512 1,428 1,207 1,414Blivia 22 15 17 20 30 10 12Brazil 1,630 1,707 1,900 2,402 2,127 2,197 2,862Bulgaria 126 222 368 450 483 444 482Congo 7 9 3 2 3 2 2Cote d'Ivoire 90 88 131 121 95 III 104Ecuador 85 85 49 45 41 72 107Mexico 1,427 1,744 1,746 1,629 1,403 1,322 1,716Morocco 80 85 114 130 123 103 151

Nicaragua 14 83 94 92 96 103 110_ NicaruPeu 130 205 93 88 191 84 108

Poland 330 407 477 502 372 379 449SynianArab Republic 38 43 41 33 32 35 23Veezel 612 655 718 713 597 579 587

Severely Indebted Low-Income Countries 1,379 1,644 2,016 2,106 1,946 1,892 2,066Moderately Indebted Low-Income Countries 339 547 742 996 644 625 893Moderatdy Indebted Middle-Income Countries 2,144 2,538 2,619 3,374 2,947 2,578 3,413

Other Selected Countries 3,501 4,514 4,947 6,018 4,772 4,319 5,791Chile 1/ 583 544 330 255 249 193 304China 7 78 20 81 196 276 363Colombia 1/ 152 148 203 158 190 194 181

,-,)?t ~~~~ ~~~~ ~~~~~~~444 535 694 690 564 454 504kiU olY 14 169 251 249 389 315 297 294

India 2/ 116 327 449 699 336 250 379Jamiaica 1/ 4 22 16 38 4 13 21Korea 299 368 473 398 247 336 584Malaysia 156 212 230 174 65 58 79Nigeria 3/ 271 279 325 466 364 311 320

PhilMims l/ ~~~ ~ ~~~~~~~~~~166 199 185 270 185 199 178InaiClld 172 119 128 206 246 267 401Turkey 1/ 778 1,075 1,277 1,780 1,479 1,202 1,865Yugoslavia 283 364 368 415 332 269 317

offshore Banking Centers 10,310 13,300 19,091 21,028 19,620 18,116 21,133Oisorexpioten 2,123 2,942 3,949 6,270 5,472 5,992 6,380DR9 reporters ~~~~~~~~~~~~~1,559 1,696 1,901 2 ,376 2,017 1,994 2,291

DRS Reporting Counries 15,319 18,201 20,925 24,606 21,431 20,971 25,0071/ Also included in Moderately Indebted Middle-Income Countries.2/ Also included in Moderately Indebted Low-Income Countries.3/ Also included in Scvcrely Indebted Low-Incone Countries.Source: Banque Nationle Suise, Les Banoues Suisses.

Table 12

ITAIJAN COMMIERCIAL BANK CLARIS ON DEVELOPING COUNTRIESon unUiens of USS)

1986 1987 1988 1989 1990 1991QI 1991Q2

AN Deweoping Couubies 12,442 13,448 13,642 14,656 16,444 16,052 15,922

By Gerapi ReAfrica, Southof the Sahara 837 821 602 680 641 609 808East Aia & Pacific 163 111 99 58 142 89 114Europe & the Mediterrmnean 4,986 5,666 6,377 7,066 7,396 6,745 6,523Latin Anerica & the Caribbean 4,830 4,915 4,650 4,560 5,637 5,471 5,362North Africa & the Middle Eat I,018 1,014 881 962 858 976 1,042South Asia 608 921 1,033 1,329 1,770 2,163 2,074

Severely Indebted Middle-ncusne Countries 4,726 6,360 6,091 5,940 7,612 7,461 7,337

Algeria ... nigerdina 1,055 1,311 1,249 1,054 1,710 1,598 1,693BGn I 1 5 5 6 7

Brazil 965 956 932 845 941 964 876Bulgaria 222 234 323 431 448 458

Congo... ....C4ce d'lvoire 43 42 28 22 43 30 19Ecuador 186 142 98 135 156 155 142Mexico 1,452 1,454 1,415 1,442 1,728 1,677 1,620Morocco 267 362 361 354 327 444 429

Nicaragua00 Peru 260 213 155 139 118 112 112

Poland 1,197 1,150 1,089 1,548 1,454 I,428SVnian Arab Republic..Wr.I. 496 460 469 533 605 572 552

Severely Indebted Low-Income Conmtries 130 130 113 202 446 S13 789Moderatdey debted Lew Inme CountriesModerately Indeked Middle-Income Comtries 57 876 989 937 881 785 815

Other Selected Counricae 1,091 1,354 1,412 1,493 1,613 1,556 1,835Chile 1/ 198 169 176 209 219 234 188ChinaColomrbia 1/ 188 186 122 160 97 95 103

nuary I/ 387 558 471 365 310 342

India 2/Jamaica I/KoreaMalaysiaNigeia 3/ 130 130 113 202 446 513 789

PhilEpines Ii 163 111 99 5 142 59 1i4

Thbaiid... ... Turkey 1/Yugoelavia 412 371 344 394 344 315 300

Offshore Banking Centera 12,885 18,493 21,300 20,425Oil Exportero 627 590 582 735 5,565 5,138 5,189

DRS eports 627 590 582 735 1,051 1,085 1,341

DRS Repoartig Comuties 6,595 8,645 8,251 8,399 9,948 9,710 9,946

I/ Also included in Moderaely Indebted Middle-Income Countries.2/ Abo included i Moderately Indebted Low-Income Countries.3/ Also included in Seerely Indebted Loyw-Income Countries.Souce: Dowc d'Italia, D2iLhl,,ou_ io.

Table 13

JAPANESE COMMERCIAL BANK CLAIMS ON DEVELOPING COUNTRIES a(in millm of USO)

1987Q1 1987Q3 1988Ql

AU De dspiug C bdiis 73,751 75,199 82,711

By GeoVapr RerlArca, South of lb. Sahara 2,378 3,044 3,322Eat Aia Pacific 21,292 21,248 24,971EuroeA h the MedIter anan 10,244 11,227 12,014Latin Americ &d the Caribean3 33 33776 35,617Noeth Afiica & the Mdiddle East 44,1South Aska 4,053 4 021 4,216SottbA"^s ~~~~~~~~~~~~~~~~~~~~~~~~~1,661 1,333 2,571

Semvay ldetbed hfddke-Ineeme Cew ties 34,869 35,230 37,183Algera 2 695 2,690 2,852

5,227 4,982 5,6113 2 3

Dbaz 9,241 9 132 9,723biugaria 952 1,132 1,172

CongoCoa. d'hvoire 154 156 160Ecuador 801 791 t79Meico 10,495 1 1,053 11,372Morocco 485 471 525

Nicaragu 16 16 IsPeru 337 335 337'0 Nland 676 674 703Snun Arb RepublicV'enez " 3,737 3,791 3,326

SevereyIn tidi Lw-Iomme Cmirtl 2,619 2,683 2,914h4 de Inl debtekd IA.-l on C*Mbi. 6,756 6,992 3,216

leadeed Niddle-Imeeme Ceds 8,692 8,77 9,414

Odher Selected Cousbiris 24,17 24,4 28,422Chile I/ I532 1 1,647Chits 2,7 3,3 4,578Colbi I/ 1,259 1,1 1,216

3,22 3,391 3,643

bJfia 2/ 1,409 1,626 2,190Jamaica I/ 17 17 1sKorma 5,720 4,777 5 413Malaysi 2,949 2,333 3,041N-ieia 31 272 304 297

Phifi>pine I/ 2,340 2,282 2,583Tbaibad 2,187 2,429 2,929

Yugavia 770 772m 47

Offibore Banking Canton 12,673 15,070 17,447Oil ExpotRSS 11,993 12,550 13,064

lDS repors 7,800 7,310 7,994

DRS Reptasl Cemrki 73,372 74,315 82,143

* Comolidated caims of Japaneas banks and tew worldwide operatios; Medium nd longterm claims.1/ Also inchded in Moderaely Indebted Middle-Ibome Couiews.2/ AMo inchled in Mdeately Indebted Low-Income Cowies.

j Al-n ;hsdod in Severely Indebted Lw-Income Counuws.

Table 14a

DUTCH COMMERCIAL BANK CLAIMS ON DEVELOPING COUNTRIES *

(in millions of US$)

1987 1988 1989 19 90Q2 1990Q4 1991Q2

AD Derdoping Countries 11,772 11,891 12,795 14,260 1S,746 16,065

By Geegrakli Ay Gcou gra ' Sahara 961 972 1,085 1,088 1,004 966Eat Asia & Pacific 1,262 1,256 1,517 1,715 2 093 2,604Europe & the Mediterranean 2,467 2 886 2,953 3 473 3,441 3,453Latin America & the Caribbean 4,739 4,584 4,968 5,346 6,823 6 898North Afica & the Middle East 1,383 1,293 1,300 1 572 1,336 1,615South Asia 960 900 971 1,068 1,050 528

Severy Indebted Middle-Incme Countries 4,160 4,202 4,103 4,368 5,849 5,911

Algeria 546 512 511 516 550 616Arentina 1,097 1,079 960 1,020 1,107 1,023BdliviaBrazil 866 850 819 948 1,102 1,445Bupria

CongoCoe d'IvoireEcuador 238 241 264 319 255Mexico 943 890 995 972 1,697 1,591Morocco

o ~~~~PeruPoband 312 245 210 230 295 324Sv - rb RepublicVVnezuela ~396- 388 368 417 779 652

Severely Inked Low-li_e C _mirnm 333 265 491 476 356fode* hndebed Lowin e Comis 970 867 897 1,020 1,099 1,217Mledelr lndebted MiddEleme Co _ri e 640 1,052 1,423 1,437 1,243

Othr Selected Countries 333 659 1,195 1,561 IS,55 1,33Chl I/ 99 428 475 389 421Chins. 285C4olootia I/

Hrry 1/ 295 305 309 270

India 2/Jamaica 1/Konea 313MalaysiaNigefia 3/ 333 265 195 189 149

Thelend 268 298 311 383Tue I/ 290 436 436

Oflihore Banking Centers 9,021 8,416 10,715 13,044 13,944 12,363Oil Exposteo 2,160 2,283 2,292 2,324 2 482 2,700

DRS repofrs 1,275 1,165 1,073 1,122 1,478 1,268

DRS R_1ahg Co ies 9,386 9,191 10,087 11,356 12,615 U,903

* Coruolidated clain; Only partial country breakdown available.1/ Also included in Moderately Indebted Middle-Inome Counties.2/ Alo included in Moderately Indebted Low-lIcome Countries.3/ Ao inclded in Sevrl Idebted Low-Income Countri.Source: De Nedecrindache B= , Onarv Sulkd.

Table 14b

CLAIMS ON DEVELOPING COUNTRES OF BANKS IN NETIERLANDS*(in millions of US$)

1984 1985 1986 1987 1988 1989 1990Q3 1990Q4 1991Q1 1991Q2 1991Q3

AlR Developing Countries 5,733 6,155 6,896 9,486 8,174 7,807 8,387 8,139 8,272 7,866 8,384

By Geograpbk RegionAfrica, South of the Sahara 709 716 703 796 693 694 724 784East Asia & Pacific .,. 0. 871 878 791 922 981 1,108 901 1,293Europe & the Mediterranean 827 1 120 1 301 2 792 2 065 2 218 2,302 2,398 2,579 2,301 2,469Latin America & the Caribbean 4,328 4,416 5,040 3,379 3,266 2,998 3,296 3,104 2,928 3,077 2,989North Africa & the Middle East 579 620 555 1,243 743 654 741 659 627 556 634South Asia . . 492 506 443 332 304 336 308 216

Severely Indebted Middle-Income Countries 314 286 341 3,211 2,915 2,607 2,810 2,562 2,482 2,481 2,436Algeria 488 364 301 311 277 232 188 215Argentina . 905 768 743 741 557 628 629 627Bolrv,iaBrazilo 482 463 433 528 536 492 480 457Bulgaria 39 26 80 114

CongoCote d'lvoireEcuador 221 222212197 194 192.Mexico 642 575 498 519 534 535 535 464Morocco

NicaraguaPeruPoland 275 260 261 289 247 180 244 230 250 222 256Syrian Arab RepublicVe=zuela. 292 277 240 246 217 147 233 226

Severely Indebted Low-Income Counties 283 234 335 406 301 292 325Moderatey Indebted Low-Income Countries . 768 644 610 653 655 719 S88 657Moderately Indebted Middle-Income Counties 97 156 217 478 272 436 S46 678 712 609 483

Other Selected Countries 97 156 217 760 505 569 579 667 648 600 506Chile 1/ . . . 51 63 74 68 74 77China 27Colombia 1/Egyt 3/Hungary 1/ 97 156 217 478 272 281 304 218 204 153

India 2VJamaica 1/Korea . . . . . . . . . 94MalaysiaNigeria 3/ 282 233 167 165 122 102 87

Phil'ppia 1/Ibailand . . . . . 70 46 44 37 40 40Turkey 1/ . . . . . . . 209 237 246 267Yugoslavia

Offshore Banking Centers . 6,466 6,000 7,374 11,107 11,155 10,395 10,378 9,851Oil E deortrs 281 550 605 1,733 1,561 1,646 1,499 1,334 1,224 1,088 1,189

DRS 'denortcs . . . 1,062 874 707 722 616 481 509 441

DRS Reporting Counbries 3,163 3,415 6,291 8,159 6,695 6,428 7,134 6,876 6,941 6,716 6,361

* All resident banks; Only partial country breakdown available.1/ Also included in Moderately Indebted Middle-Income Countries.2/ Also included in Moderately Indebted Low-Income Countries.'Xi 'Pm, ;_,-P,4 ;, irw ,v 1J"tcd Low-Income Countrics.

FUNDS RAISED ON INTERNATIONAL CAPITAL MARKETS(in millions of USS)

1984 1985 1986 1987 1988 1989 1990 1991Q1 1991Q2 1991Q3 1991Q4

A. AU Developing Countries 33,762 32,139 27,930 34,234 31,654 26,197 29,006 6,412 12,987 8,416 13,957

Bonds 3,425 7,295 4,805 4,878 8,719 7,009 7,208 2,354 3,227 2,935 4,010hIte3ational 2,392 5,552 2,739 3,397 5,794 4,345 5 21 ,339 2,021 2,697 2,833Foreign 1,033 1,743 2,066 1,481 2,925 2,664 1,948 13015 1,206 238 1,177

Loam ~~~~~~~~30,337 24,844 23,125 29,356 22,935 19,187 21,798 4,059 9,761 5,8 9,947Severdy Indebtitt!d Mi28,c 627 23,224 19,844 26,102 19,706 17,975 21,065 3,961 9,640 5,38 9,947Frgeign 1,710 1 620 3,281 3,254 3,229 1,213 734 98 120 0

By Geographic RegoAfrica,Southof deSahara 110 492 201 315 170 258 771 20 235 130 30East Asia & Pacific 10,942 24,368 22,252 20,447 8,623 8,459 13,443 31,649 5,381 4,696 3,537Europe& die Mcditerrnean 3,061 5,838 210,280 9,979 2 1,590 10,628 10,310 2,540 1,644 2,664 2,558Latin Aaerica & the Caribbean 16,038 6,366 422 10,340 7,284 2,051 2,842 963 1,233 2,926 1,805

Cotc~~~~~~~~~~~~~~,8 d'vor 93 1534SW59

NEoh Africa & the Middle East 23,090 830 2,392 2 403 1*9South Asia 1,224 2,145 2,985 2,324 2,595 2,397 1,470 240 95 36

Severedy lndebted Middle-Income Countries 15,144 6,242 2,290 10,726 7,161 1,556 2,597 968 933 1,896 1,966

Algeria 240 1,450 1,345 344 795 397 1 2 4 .561

A entina . 3,700 27 2,305 24 .... 300 425

Bal 6,521 . 350 . 5,200 100 . 259 822 400Bulgaria 4 45 2,94 580 1 2

Congo 2 3 3Cote d'Ivoice 153..

Ecuador . 200 220 32 . 5Mexico 8,220 109 313 7,700 . 310 985 938' 933' 560' 623

41- ~ MOrocco 1 07 . 25 230 6 52.

Nicaragua Penn . 1 . 2 - . ..Poland 260 S9S30 1 463 7 S

ventzuer2 498 . 30 28 13 1,560 . 225 3569

Severyly Indebted Low-income Countries 81 208 61 120 40 652 385 170 75Moderately Indebted Low-income Coaunties 2,984 1,626 3,329 4,070 3,603 5,098 6,550 1,298 1,568 2,475 731

Moderately Indebted Middle-Income Countries 3,149 6,796 4,476 5,389 5,536 6,363 3,638 55 1,10 1,547 972

Other Selected Countries 12,749 20,283 15,576 25,758 15,369 13,593 12,276 2,986 4,733 3,507 3,324Chile I/ 780 1,085 . 51 . 285.China 309 3,245 3,336 4,757 3,84 1,762 1,300) 1,029 224 524 700Colombia I/ 364 1,052 240 137 2,000 1,641 .. 200

I.~~gypt 3/ ~48 158. 500..nuqgary I/ ~~~~1,167 1,642 1,316 1,950 1,016 2,709 991 117 186 688 388

India 2/ 1,050 863 2,796 2,256 2,482 2,047 1,342 240Jamiaica I/ .30 .33

Kome 5,338 6,043 3,252 2,788 2,533 1,322 3,963 891 2,759 764 2,301Malaysia 2,200 1,959 1,204 555 1,133 541 759 190 . 108 5Nigeria 3/ 170...

Phuli!pines I/ . 925T'hailan 1,076- 1,638 2,677 463 1,021 1059 1,401 381 580 564 301T.,tkcy 1/ ~~~~~~~~~~i17 1-659 2.755 2.902 3,187 3",013 2,235 137 624 829 584

Yugoslavia . 2~ ~ ~ ~ ~~~~~~ ~~4 . 20-....

Offshore Banking Centers 2770 2,378 1,661 1,317 2,203 4,038 4,614 912 687 659 467 IO il Exporters 2,:895 5,203 4,802 1,504 4,485 3,560 4,926 . 4,670 225 8481* DRllrepoateis 910 3,029 2,732 640 1,807 797 1,675 . 170 225 848 j

*B. OECD Countries 204,063 228,734 284,633 255,787 324,999 341,669 304,058 88,267 83,974 89,718 93,449

D. Other 2,234 3,285 2,733 634 1,128 555 1,862 967 724 206 289j

Grand Tota * 251,641 279,472 324,007 303,844 369,402 385,390 354,431 100,971 100,439 103,657 111,648

11Also inclddi oeaeyIdbe ideIomCutisVAlso included in Moderately Indebted Low-Ioncom Countries.

3/ Also included in Severely Indebted Low-Iwncom Countries.* (A+B+C+D-tOffshomebanking centers).Source: Organization for Economic Cooperation and Development, Finanicial Statistics Monthly. Part 2.

Table ISb

LOANS RAISED ON INTERNATIONAL CAPITAL MARKETSin millions of US)

1984 1935 19S6 1987 1988 1989 1990 1991Q1 1991Q2 1991Q3 1991Q4

A.Loass 30,337 24,844 23,125 29,356 22,93S 19,137 21,791 4,059 9,761 5,481 9,9471isemtioa 28,627 23,224 19,344 26,102 19,706 17.975 21.065 3,961 9,640 5,380 9,947

Foreign 1,710 1,620 3,231 3,254 3,229 1,213 734 98 120 102

By Gegrapbk ReigeAfci. South ofilb e 110 491 101 315 170 251 771 20 235 130 30Eat Asia & Pacific 478 9 041 3,560 3.389 6,706 6,909 11,143 2,724 4,062 4 204 2 ,69Eunpe & doMediter_ne 2,70 5065 9069 7,961 6,792 5996 6692 583 362 1 117 13021latin Amcncamh thcCarihin 35,931 6,216 770 9,989 6,447 2,05 2,169 642 508 30Nonh Africa The Middl East 2,112 3,304 2 964 746 939 2,244 171 . 4,500 . 5,991SouthAsia 926 727 1,661 1,956 I,381 1,729 847 89' 95 . 36

Severely Indebted Midde-cem* Contri IS,144 S,693 1,SSI 10,412 5,181 1,067 1,924 646 308 . 61Algrna 240 950 13219 295 362 236 . . . 61

3,700 17 2,110 14

BlH 6,521 . 50 . 5,200 100 . 25B_ipri . 475 45 260 112 250

CoMo3 13Cote d'lvoire 153 220 32Ecuador . 200 220 32Mexico 8,110 60 . 7,700 . 310 480 617 308Morocco . 107 . 25 130 6 52

Nicaragua

PlaN 260 30 163 S

V/=eznela . 48 . 30 70 . 1,392.

Severely ludeted Lown-lcome Countries 81 148 61 120 40 652 385 . 170 7SModeratdy lIdebted Low-ineoe Couetria 2,636 1,208 2,705 3 677 2,668 4,255 S,398 947 1,508 2 47S 697Moderately Indebted Middle-Income Countries 3,108 6,236 3,979 4,473 3,560 4,223 2,030 137 562 1000 207

OdherSelectedCountrics 10,038 13,9S8 12,517 12,462 11,015 9,646 8,280 1,993 3,100 2,509 1,990chile 3/ 780 3,08 .s 353 285.China 227 2 272 1,974 3,222 2,935 360 1.300 1,029 214 373 583Colombia 3/ 364 1,052 201 37 1,000 1,s641 200

E.XM 31 ~~~~48 98 Soo0. Hungary 3/ 1,126 1,195 1,025 1,396 200 765 44 141

India 2/ 752 445 1,472 1,809 1,763 1,379 719 39)amaica I/ 30 30KorJa, 4 282 4,312 2,469 2,506 1,403 994 2,447 356 1,574 45°8 S0Maaysia 1,150 218 1,161 339 772 112 559 108 soNigeiia 3/ 170.

Phili....../ I925Th1il'nd 792 776 1,627 463 759 827 351 381 5S0 564 270Turkev 1/ 517 1,596 2 588 2,590 2,027 1,817 3575 137 362 S29 207Yugodavia 14 20

Offshore Banking Centers 1,434 1976 3,032 3,025 778 3,839 4,433 837 651 659 467Oil ExponersB^okingC 2,563 4,577 4,676 1,349 2,382 2,5309 4,460 . 4,670 . 491

DRS reponers 778 2,403 2,606 485 537 638 1,507 170 491

B. OECD Countries U2,166 SI,766 72.933 90,763 115,069 103,523 100,710 15,620 18,525 19,970 32,115C. Muilateral Institutions 1,949 2,196 63 1,644 2,498 2,614 443 401 72D. Odher 1,012 1,078 687 342 978 365 379 482 130 156 35

Grand Total * 116,948 111,860 98,640 123,130 142,253 129,529 127,811 21,398 29,138 26,266 42,564

1/ Abo included in Moderately Indebted Middle-Income Counties.2/ Abo iucluded in Moderately Indbled Low-income Countries.3/ Also included ia Seveel lyIbted Low-icome Counuies.* (A+B+C+D+OffAore=bnkingeers).Source: Organization for Ecoronoic Cooperstion nd Development, Financial Statistics Monthly. Part 1.

Table 16

SECONDARY LOAN PRICES I/

G pmt eff o

1919 1939 1990 1990 1990 1990 1991 1991 1991 199 1992Q3 Q4 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 Ql

sme 1ai b MiMle-Inc_m rw 31 26 22 23 22 26 26 34 37 35 37

Algea 1S0 at 12 II 31 S0 79 14 36 91 83A='m a/ IS 13 11 14 13 20 17 27 39 38 42

Bzil b/ 21 22 24 24 22 25 27 34 36 31 3621. ada, 5 9 IS 21 20 11

Comge IS IS 10 9 S a S 7 4CCs d'Ivoiz 6 6 6 4 2 3 6 7 a 9 aBEcuo c/ 16 14 IS 16 17 20 26 22 26 24 22Mecxio d/ 41 36 40 43 43 46 S3 56 60 62 63Moocco 45 31 39 44 33 39 44 41 53 47 42

Nirwaga I 1 3 4 4 4 2 4 9 a aPeru 5 6 5 4 4 4 3 7 17 13 14PolAd I 33 s1 14 iS 13 16 27 29 26 23 20Ve_as fl 40 34 40 45 49 S0 56 62 70 6s 53

Odw Sf1 CAMi

Cblb 61 59 66 66 72 74 aS U U8 90 SSCoa Rica S 17 17 21 36 32 34 42 47 52 S 51EWest 39 40 40 42 43 43 43 45 45

Handum 19 20 21 19 19 19 18 20 20 27 27

Huma 99 91 33 1S 15 t5 S5 73 6SFhihpps hb/ 49 49 49 52 36 37 48 S0 54 51 51Senegal 47 39 32 36 32 32 33 42 41 43* Unguayi/ 55 SO 45 49 46 57 S2 59 70 75 70

1/ Bid Price.a/ GRA 1997 Guaruteed Refimnc Agreemeat).b/ MYDFA Auli-Year Deposit Fac Ageemt).c/ MYRA Multi-Year Refinancing Agreemo).d/ Pricei Febnaay 1990 refer to par bo=d offered under Brady Initiative.e/ DDRA (1911 Debt DeferTl & Ret re Ar t).0l pfl A,, ld oon *4. ,, -. iwd.f- *-.w By U...A..e/ Ptm a*~ AMty1990 refer to Sets A par bonds ofer ed under Bddy Iniitiav.

abbc Seder Rectured inchding CeantI Ba of tbe Philippiane. aflte Jlmy 1990 refer to restuctued ns offered under Brady Initiative.i Price adcer Decenber 1990 refer to par bons offeted d rady Inthative.

*/ Weiged by comnercial bak debt otanding (Syra is not included in these calulaions).

Souzee: Salomo Brdhes, Buweek, and 1ECDI.

QULARTERI, REVIEW GROUPS

ARICA, SOUIT1 OF THE SAHARA

A|.. 0)Oth A UhR A Uhf Amgk Ula. h Pap fAP. of o d I_Bun"|Cmm. Cp. V_lds CoWl Aamo RfASp C(edCIM.. CG_ Ca. d'Fvo,, fAp. dc 1 Di Ea. Am Com

_qmva_i 0ts SM1ph G_m C.obh. G_h0.ma, G0.*_ 111M IJIc Lajdo Mark

"adar M.I.k Mli M.11Maym. M-1-6a Nurii Niw, NPda|dma o T &P. sawmPb3wydIh. Showm Lam. &MiILA a. Haim & Dip. Sd| Sa,mfil T _ank Togo UpwiT UiDf EAMA Ahho)|Updbd AM Z.b Z_bi

ArST ASIA AND PACICIh_mi Cbhk Cook hi F. Sam Oth U* l FDFPit P*mh OIhwt hA hinal. h1u BaW KIrjba. D.Km.. DPI. of Kom.. RnMlc of Lao P.D.L Malya) )11 Da Po4a14mcla N.w. fAP. of NOW Cak&¢ (Fr.) N. - O1 0h b It Umg

0 ., Pacifc k.a MmP-p- N Gb_ Ppp a hTdWWW Tem bind Twa Tw h VI N_mfWs& a Pm.s Warn.. Sao

EUROPE AND TE MEDrERRANEANAboWs Oiall. C_7w Co.ckoa Eavp Oth a UtGmibw Gna HUDU Uhs Od_ _ao BM

Pomp) F lmw) Today UJ±L

IATIN AMERICA AND TIE CARIBEANApap- Ame.ic (N) Oth & U.l Arini (5)Oth a UMl AqwdAi

alimSbc li B3mi a2amb. C. ib. c0 D _m m DCmui PA.Gl-_.k E Saiwdc FPuibbalC ht 0 G _mbmJ_mic. Gull. (Fr.) 0o. Holid 11_id

-uF Mowldq.. maxim Nmcm mpSt. a_apbo Paoli St. Lai. t. V- B. Fwas A ui4qb.WU.last DOWMM (AM) TwlmTdad & Tobag TwI. a Cms U,.llo. DONM CAM

Viri hs (Br.) Updihd Amhs tmpufd LIa Am" hD. Uny V h .. ,'

NORTH AFRICA AND THE MIDDLE EASTAftb_da AMphI ))pi. Agob Rfp. oi bon. ll Rap. ofdqbe"aag K...) Liba Om.0oth M. FEL_ Otdo Oil Eapo Moom. Om" 5a A."Sy.l Amah Rlp. TWa. ad A,a 3dsim. Umpadifid AM Yam, PAP. fi

SOUTH ASIA

N$59. PoMiaM S. A.a Oh A UTll. 3 ud 1mi tmpacfl Aal

SEVERELY DINDEBI MIDDLE INCOME COtNTRIES (SIMICS)

Cawo Cow dvfab., Ra.o d E dar Mdod Mm....NI... Pm POI Sywi_A Arb Rep. Van,W6

SEVERELY INDEBTED LOW INCOME COUNTRIES (SIUCS)la 1pt A.b elap. of E lm)) avian EMO& Ohm

Ckm CWM-flm qapm Homas LopeLiEhs Muda14 MalA maliwmd.Myr N4p Nipda SW TOM & Ft Saw L.aSinaIA Tam. Upm. Zaki

MODERATELY INDEBTED LOW-INCOME COUNTRlES (MIICS)Bmjadaah 3m.b F,Opa LaP. Of Coad. Ahms Rlap Com....fiBm.h Ma Paw"I. Ramm dd 1 RCTOg.

MODERATELY INDEBTED MIDDLE-INCOME COUNTRIES (MIMCS)Aah C m_ Cd Co.flCmWm Reap. 3 aNWwM Goon um.ml. blapo

Jm.. Jof PFlPpium m-I1 TwlayUWp Ya-, R. . cI

OFFSIORE BANKING CENTERS

H-g Kis La. lil am NmL AIO_w Pam _ Vinaba Wm Wbd(

OIL EXPORTERSMpr. Ap)k dm Cow cmom Gd.r, km 0o otlOw, OlapoW Q8 3a) AfablTwd a TOdg Va..d Arb liu_ USA.5. V _a)

OIL EXIPORTER DRS REPORTERSAlIci Aspi. Coo Giba ha= bm. PAp ofN4ib omm, Tow" a Tobg UIud Arab 3mh. V_mfk

45

REGULAR EXTERNAL PUBLICATIONS

INTERNATIONAL ECONOMICS DEPARTMENT (IEC)THE WORLD BANK

Global Economic Prospects (GEP) - Annual: Analysis of evolving trends in the world economy, discussionof the medium-term prospects for developing countries, and an in-depth treatment of different aspects of theeconomic links between industrial and developing countries.

World Debt Tables (WDI) - Annual: Analysis of trends and developments in international debt and finance,and comprehensive debt statistics for developing countries, compiled from information gathered through theWorld Bank's exclusive Debtor Reporting System. Also available are Supplements prDviding mid-yearupdates of debt statistics.

World Tables - Annual with update supplement: Provides timely economic, demographic, and social timeseries data beginning 1969 for 139 economies. Data are presented by country and by aggregates for eachregion and for analytical groups, making this an ideal reference for international comparison.

Social Indicators of Development - Annual: The World Bank's most detailed data collection for assessinghuman welfare. Country level data and aggregates of regional and income groups are presented forinternational comparison. Data are presented for three historical periods in the printed volume, but timeseries data from 1965 to 1989 are available in the STARS diskettes.

The World Bank Atlas - Annual: An international standard in compilation of GNP per capita and othersocioeconomic data, the Atlas covers 185 countries and territories, with statistical tables, maps and graphs.Text is available in English, French, and Spanish.

World Development Indicators (Statistical Annex to World Development Report) - Annual: Comprehensive,current data on the main features of social and economic development in more than 180 eccnomies. Countrylevel information with regional and analytical aggregates for use in international comparison.

Socioeconomic Tnie-series Access and Retrieval System (STARS): Provides comprehensive data in diskettesfor use in personal computer. Data collections currently available on STARS diskett,es include WorldTables, World Debt Tables, World Development Report and Indicators, Social Indicators of Development,and African Economic and Financial Data.

Updates on Commodity Markets and Prices - Quarterly: Assessment of commodity market developmentson a quarterly basis. Commodity price projections are also updated every three months.

Financial Flows to Developing Countries - Quarterly: Provides updated analysis of all Iypes and sourcesof international capital flows to developing countries. Aimed at reporting emerging trends and newdevelopments relevant for developing country access to international finance.

For Subscnition. Contact: For General Information Contact:

World Bank Publications International Economics DepartmentBox 7247-8619 The World BankPhiladelphia, PA 19179-8619, U.S.A. 1818 H Street, N.W.

Washington, D.C., 20433

Telephone orders: (908) 225-2165Facsimile orders: (908) 417-0482Telex orders: WUI 64145 Telephone: (202) 473-3813Consumer Service: (908) 225-2165 Facsimile: (202) 477-0966