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Topic: External debt

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In the News (Tue 2 Dec 08)

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	50 Years Is Enough Network
		Debt is necessarily the starting-point in explaining the state of siege that grips the economies of most developing countries today.
		That’s because the efforts by governments to pay their external debts, or at least calm the pressures exerted on them to make interest payments, are what have allowed officials of the International Monetary Fund (IMF) and the World Bank to take those countries’ economic policies hostage.
		The massive debts that lead to the ceding of a country’s economy to international bankers are those owed by developing countries to other countries (as a result of loans and aid programs), to private banks, and to the multilateral institutions themselves -- the World Bank, the IMF, and regional development banks.
	www.50years.org /factsheets/debt.html (1033 words)

	India's external debt at $112 billion
		India's external debt rose by 6.5 per cent to a whopping $112.10 billion by the end of 2003, mainly due to a surge in Non-Resident Indian deposits.
		The country's external debt, which stood at $105.22 billion in December 2002, increased to $112.72 billion in September 2003 and then came down marginally to $112.10 billion by December 2003.
		"External debt to GDP ratio dropped to 20.2 per cent in last fiscal from 30.8 per cent in 1994-95," the ministry said in its quarterly report on external debt.
	www.rediff.com /money/2004/mar/31debt.htm (603 words)

	External Debt and Political Chaos: Future of Liberia's Economic Policy
		But the central argument here is that the combination of excessive external debt and political vulnerability and chaos, as in the current Liberian situation, tends to cause countries to not only suffer economic deprivations in the present but also lose greater control over the destiny of their economic policies.
		For 1999 her Debt Service-to-Exports ratio was 70.8 percent, compared with the averages of 28.9 and 10.7 percent for all SSA and HIPC countries, respectively.
		I am saying that because of these problems of excessive external debt, domestic political insecurity, international isolation, and ineffective management capacity, this government is highly vulnerable to external forces and therefore incapable of effectively engaging and negotiating with foreign creditor institutions and governments.
	www.theperspective.org /externaldebt.html (1859 words)

	India's external debt at $125 bn
		India's external debt has risen by $2 billion to $125.2 billion as on March 30, year-on-year, as Non-Resident Indian long-term deposits escalated and short-term debt surged due to increase in oil import bill.
		However, the rise in NRI deposits and short-term debt was partially offset by decline in commercial borrowings by $1.4 billion to $25.56 billion and bilateral loans by $1.14 billion to $15.78 billion at the end of 2005-06, the report said.
		Large accumulation of short-term debt, considered as a part of volatile capital flows, exposes the economy to external shocks as was witnessed by the currency meltdown in East Asia in 1997.
	www.rediff.com /money/2006/sep/11debt.htm (235 words)

	The Hindu : Business : External debt not alarming
		Even the statement that India's external debt crossed $123 billion, having grown in nominal terms by $11.6 billion last year (2004-05) needs to be appreciated in its proper context.
		External commercial borrowings, whose share in total debt is 21.8 per cent, went up by around $5 billion or nearly 22 per cent during the year.
		External assistance (both concessional and non-concessional) to the Government from multilateral agencies increased substantially during 2004-05.
	www.hindu.com /2005/07/18/stories/2005071800741500.htm (913 words)

	External debt crisis and development
		When we look at the evolution of debt indicators of developing countries in the context of recent developments in international trade and payments and in international capital markets, we see that the total external debt for developing countries and economies in transition increased by $95 billion or 4% in 2003.
		Debt sustainability, both in terms of its definition and calculation, is critical to the whole debate around debt relief.
		In this regard, the report mentions how debt sustainability, which is affected, inter alia, by vulnerability to external shock, is key to achieving economic growth and sustainable development.
	www.g77.org /Speeches/101204b.htm (561 words)

	QUARTERLY DEBT REPORT
		However, in shilling terms, the external debt stock increased from TZS 6,545.2 bn to TZS 6,699.2 bn due to the shilling’s depreciation by 2.5%.
		The decrease in domestic debt stock from TZS 1,314.3 bn to TZS 1,308.2 bn was entirely attributable to the TZS 14.1 bn decrease in BoT liquidity paper.
		Given the emphasis shift of external debt flows from development expenditure in-kind to recurrent expenditure in-cash, then the marginal benefits of denominating this assistance in shillings is worth serious consideration, in light of maintaining a stable exchange rate.
	www.tanzania.go.tz /qpdra-s02.htm (952 words)

	IPD's Capacity Building and Journalism Program; Economic Journalism Training
		Most debt is denominated in dollars or other hard currencies, and accordingly, what is a manageable debt level becomes unmanageable when poor countries’ currencies are devalued or depreciate in relation to hard currencies.
		Advocates of debt forgiveness contend that these official institutions, with their greater sophistication, should be able to perform a full risk analysis better than the borrowing countries, and should be able to refuse to lend to countries that are overstretched.
		Using this criteria (which debt activists say is too narrow because it does not take into account a country’s debt in relation to social spending) at least 7 of the countries that have qualified for HIPC will still not achieve debt sustainability at completion point.
	www.gsb.columbia.edu /ipd/j_debtrelief.html (3873 words)

	Putin Urges Early Repayment of Russia’s Whole External Debt - MONEY - MOSNEWS.COM (Site not responding. Last check: 2007-10-31)
		President Putin said that he supports the idea of repaying the debt early as long as the government is capable of doing this while also solving various social issues (such as monetization of the benefits).
		In 2000 Russia’s external debt amounted to $158.4 billion or 89.5 percent of the GDP.
		In the beginning of 2004 the external debt amounted to $119.1 billion, and now this sum is approximately $115 billion and less than 30 percent of the GDP.
	www.mosnews.com /money/2005/02/11/putindebt.shtml (491 words)

	IFIs Latin American Monitor - External debt audit: Why? What for?
		Debt auditing is among top issues on the agenda of Latin American social movements working in favor of a legitimate and sustainable external debt.
		Then, in April, once the Commission to audit the external debt in Ecuador was set, a seminar entitled ‘A methodology for public debt auditing’ was held mainly aiming at providing more and better elements for the members of such Commission to carry out their work.
		Thereby, such private debt which nowadays accounts for half of the global public debt became legitimated, thus turning into one of the burdens currently borne by the population as a whole.
	ifis.choike.org /informes/352.html (1536 words)

	Solving Africa's External Debt Problem to Finance Development: A Progress Report
		The Experts noted that the appropriate definition of debt sustainability and the application of its concept is key to reach a long-term solution to Africa's external debt problem.
		On the measurement of debt burdens, Experts noted that the concept of net present value (NPV) of debt that is used in debt sustainability analysis may not be an accurate measure.
		Experts recognized that the legal aspects of external debt are an important factor in understanding the causes of the current debt burdens of African countries.
	www.uneca.org /cfm/2004/solving_africa.htm (1417 words)

	Global Debt and Third World Development (Site not responding. Last check: 2007-10-31)
		Debt service, defined as the sum of actual repayments of principal and actual payments of interest made in foreign currencies, goods, or services on external public and publicly guaranteed debt, accounted for 1.5 percent of their GNP and 12.4 percent of their to exports of goods and services in 1970.
		For the developing world as a whole, in 1991, the total external debt was $1.362 trillion, which was 126.5 percent of its total exports of goods and services in that year, and the ratio of debt servicing to the gross domestic product of the developing world reached 32.4 percent.
		The external debt crisis that emerged in many developing countries in 1982 can be traced to higher oil prices in 1973-74 and 1979-80, high interest rates in 1980-82, declining export prices and volume associated with global recession in 1981-82, problems of domestic economic management, and an adverse psychological shift in the credit markets.
	www.mtholyoke.edu /acad/intrel/globdebt.htm (10491 words)

	Russia’s External Debt Grew by $25Bln in 2004 - MONEY - MOSNEWS.COM (Site not responding. Last check: 2007-10-31)
		Debt denominated in domestic currency grew by 41.5 percent from $10.6 billion to $15 billion, while the sum of debt denominated in foreign currencies grew by 18 percent from $175.1 billion to $196.4 billion.
		The country’s external debt is the sum of all debts of government agencies, banks and non-financial organizations to non-residents.
		The volume of external debt acquired by Russia since the break-up of the Soviet Union amounts to $39.6 billion, while the debts of the former USSR amount to $55.9 billion.
	www.mosnews.com /money/2005/04/01/externaldoubt.shtml (487 words)

	Portal - Public and Publicly Guaranteed External Debt
		Debt not guaranteed by the central government and obtained by the private sector directly, or by local governments or public enterprises, is compiled as part of commercial debt but is not disseminated separately.
		External debt is defined internationally as debt resulting from loans or credits obtained for a term of more than one year from institutions not resident in a country, payment of which is made in a currency that can be converted into goods or services.
		Debt to official creditors is also known as debt for official development assistance (ODA).
	www.ine.gov.mz /Ingles/metadados/e_sector/Document.2004-11-22.1885571859 (568 words)

	Choike - External debt
		Whereas in the 1980s foreign debt was the focus of argument, twenty years later it appears as a marginal issue, as much in discussion of public policy on the development financing of alternatives to the current model as in critical theory.
		The increasing external debt that countries pay year after year to the IFIs (IMF, WB and regional development banks) is a problem that directly affects social development in those countries.
		The definition of the odious debt doctrine; its status in international law; the mechanisms through which the doctrine may be applied in dispute resolution; and areas of 'illegitimate debt' that the odious debts doctrine does not cover.
	www.choike.org /nuevo_eng/informes/3950.html (8213 words)

	Debt Management Office of Nigeria.
		The Guidelines seek to ensure that maximum benefits are derived from external borrowing in bridging medium-term resource gap as well as financing long-term capital formation with a view to fostering economic growth, poverty reduction and sustainable development.
		Among other declarations, the court adjudged that external debt service should be charged upon, and payable out of, the revenue and assets of the respective governments that incurred the indebtedness and not the Federation Account.
		The acceptance of these options by the project promoters and the external financier/technical partner, would serve as an implicit test of the level of confidence to be attached to the claim of the two parties (promoter and financier/technical partner) that the project is commercially viable.
	majorca.globat.com /~dmo.gov.ng/debtstrategy/borrowingpol.htm (1198 words)

	Data - Quarterly External Debt Statistics (Site not responding. Last check: 2007-10-31)
		The Quarterly External Debt Database, jointly developed by the World Bank and the International Monetary Fund, brings together detailed external debt data that are published individually by countries that subscribe to the IMF’s Special Data Dissemination Standard (SDDS).
		The benefit of bringing together comparable external debt data for a large number of SDDS-subscribing countries in one central location, is to facilitate macroeconomic analysis and cross-country data comparison.
		Table 1 includes breakdowns of the external debt position by sector, maturity, and instrument, and the two other tables gather data on the domestic-foreign currency breakdown of external debt and forward debt service schedule, respectively.
	web.worldbank.org /WBSITE/EXTERNAL/DATASTATISTICS/0,,contentMDK:20440104~menuPK:1204260~pagePK:64133150~piPK:64133175~theSitePK:239419,00.html (363 words)

	Africa Action: Campaign to Cancel Africa's Debt
		Most of this debt is illegitimate, having been incurred by despotic and unrepresentative regimes.
		The U.S. and other rich countries have resisted calls to cancel this debt, instead proposing partial solutions that are inadequate and impose harsh economic policies on indebted countries.
		But partial debt cancellation allowed the government to grant free basic healthcare to its population in 2006.
	www.africaaction.org /campaign_new/debt.php (403 words)

	Pakistan's external debt scenario (Site not responding. Last check: 2007-10-31)
		The major portion of this increase in foreign debt had, however, come during the past decade when Nawaz Sharif and Benazir Bhutto played musical chair in and out of the Government although both had heavily relied on the slogan of self-reliance to win the elections.
		We are drowned in foreign debt to the tune of 3$ 8 billion and its debt servicing has risen to over Rs.
		The huge debt trap in which Pakistan finds itself entangled today has in fact, turned out to be a death trap stripping the country of its sovereign right to take important decisions independently for its political and economic survival and progress.
	www.pakistaneconomist.com /issue2000/issue18/f&m4.htm (820 words)

	The Manila Times Internet Edition \| BUSINESS > Philippines trims its foreign debt in 2005
		The BSP said the Philippines’ external debt at end-December amounted to $54.2 billion, 1.2 percent lower than the $54.8 billion the year before.
		The lower debt level also pulled down the Philippines’ external debt to GNP ratio to 51.5 percent, or 8 percentage points lower than the 59.5 percent the previous year.
		The external debt to GNP ratio indicates how manageable is the Philippines’ foreign debt, as it compares the size of the country’s financial obligations to its economic output.
	www.manilatimes.net /national/2006/apr/01/yehey/business/20060401bus1.html (406 words)

	Comments on the external debt aspects of WSSD draft plan
		Para 80(a) which deals with the debt of Heavily Indebted Poor Countries (HIPCs) calls for greater urgency in its implementation of the HIPC initiative and recognizes the impact of the external economic environment on the performance of these countries in satisfying the criteria of the initiative.
		Under the HIPC initiative, debt relief is provided by both multilateral and bilateral creditors to bring down the total stock of debt to within ‘sustainable’ levels.
		When the total stock of debt is more than one and half times the value of exports, the country is deemed to have an ‘unsustainable’ level of debt.
	www.twnside.org.sg /title/jb10.htm (1009 words)

	The Hindu : MANAGEABLE EXTERNAL DEBT
		Even the occasional sharp jumps in the aggregate external debt ought to be viewed as the logical consequence of certain policy measures intended to benefit the economy as a whole.
		External debt grew from $98.76 billion in March 2002 to $105 billion a year later and to $112.5 billion by September 2003.
		The conventional definition is that short-term debt includes only those loans that have a maturity of less than one year at the time of contract.
	www.hindu.com /2004/02/21/stories/2004022101421000.htm (605 words)

	hana's external debt drops - but long-term debt increases
		Ghana's external debts including obligations to the International Monetary Fund (IMF) dropped by 90 million dollars to 5,885 million dollars at the end of the second quarter, figures from Databank Equity Reserach made available to the GNA have indicated.
		Long term debt soared from 89 per cent in the fourth quarter of last year to 93 per cent in the second quarter of 2001.
		The study noted that "the changing portfolio of external debt is an indication of a shift in government's external borrowing style from short and medium term to long term financing."
	www.jubileeresearch.org /finance/ghana_external_debt.htm (249 words)

	Freedom from Debt
		THAT the external debt, in addition to constituting an economic problem, is also an ethical, political, social, historical and environmental problem, generating responsibilities at various levels and demanding immediate action.
		The External Debt of the countries of the South, having been materialized outside of national and international legal frameworks, without consulting the society, having favored elites almost exclusively to detriment of a majority of the people, and having wounded national sovereignty, is illegitimate, unjust and unsustainably ethically, juridical and politically.
		The foreign debt of the so-called Third World--due to its exorbitant amount and rate of growth, and because of worsening conditions--now excludes four-fifths of the world's population from economic and social development.
	www.epica.org /Programs/voices/debt.htm (2717 words)

	External debt to GDP ratio on a downswing-Indicators-Economy-News-The Economic Times (Site not responding. Last check: 2007-10-31)
		External debt to GDP ratio on a downswing
		External debt is broadly classified into eight categories — multilateral, bilateral, International Monetary Fund (IMF), export credit, commercial borrowings, NRI deposits, rupee debt and short-term debt.
		The primary factor behind the rise in the external debt is a large inflow of NRI deposits in ’03, accounting for a total of $8bn, which is higher than the total debt.
	economictimes.indiatimes.com /articleshow/818770.cms (446 words)

	India releases external debt data Emerging Markets Economy - Find Articles
		India's external debt stock which stood at US $ 112.10 billion as at the end of December, 2003 was a shade lower than that of US $ 112.72 billion as on September 30, 2003.
		External Debt to GDP ratio dropped from 30.8 percent as at the end of March 1995 to 20.2 percent at end-March, 2003.
		Similarly, debt service ratio as measured by the ratio of total debt service payments to current receipts, improved from 25.9 percent to 15.8 percent during this period.
	www.findarticles.com /p/articles/mi_qn4174/is_20040331/ai_n12932274 (188 words)

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