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Topic: Foreign debts

	External debt - Wikipedia, the free encyclopedia
		External debt (or foreign debt) is that part of the total debt in a country that is owed to creditors outside the country.
		IMF defines it as "Gross external debt, at any given time, is the outstanding amount of those actual current, and not contingent, liabilities that require payment(s) of principal and/or interest by the debtor at some point(s) in the future and that are owed to nonresidents by residents of an economy."[1]
		Sustainable debt is the level of debt which allows a debtor country to meet its current and future debt service obligations in full, without recourse to further debt relief or rescheduling, avoiding accumulation of arrears, while allowing an acceptable level of economic growth.
	en.wikipedia.org /wiki/Foreign_debt (836 words)

	Asia Times
		Reorganization of the debts of a municipality is typically accomplished either by extending debt maturities, reducing the near-term payment of principal or interest, or refinancing the debt by obtaining a new loan backed by new taxes and budgetary austerity.
		These proposals for reform of the sovereign debt restructuring process should be exposed as an integral part of a broader strategy toward emerging markets to keep poor countries permanently chained to the tyranny of foreign debt and condemn them to the slavery of export to service such debt.
		Foreign debt in the existing international financial architecture is in essence highway robbery of the poor countries by the rich in the form of predatory lending.
	www.atimes.com /atimes/Global_Economy/DI28Dj01.html (5881 words)

	Foreign credits
		The Government's guarantee on execution of the borrower's commitments to the foreign creditor should be arranged on the ground of the Government's decision upon agreement with the President of the Republic of Belarus.
		When the issue on involvement of foreign credits for the above mentioned projects is solved, it is necessary to use for repay of debts for the projects the resources from the state budget as well as, when needed, the conditions and procedures of partial or full reimbursement to the state budget of the payments effected.
		Foreign investors actively supported the above initiative of the ministry of Foreign Affairs and held several sittings of the working groups; the results of this work will help to present to the Government proposals on how to improve conditions of work for foreign investors in Belarus and a plan of their practical implementation.
	www.belarusembassy.org /economic/economy/foreign_credits.htm (1107 words)

	debts
		From the total amount of foreign debt of USD 1450 million at the beginning of last year, the credits of Turkmenistan, EU and Turkey in amount of USD 600 million were restructured.
		By January 1, 1998 foreign debt of Georgia equaled to USD 1.63 billion and by April 1, 1999 it was USD 1.8 billion.
		In 1995 the share of foreign debts of Georgia was 44 percent of GDP, then fell to 36 percent in 1996 and to 33 percent in 1997.
	www.itic.org.ge /csrdg/debts.htm (3442 words)

	Arab-Business & Finance-Syria settles most of its foreign debts (Site not responding. Last check: 2007-10-31)
		The debts handled by the planning ministry do not include loans to the World Bank which are handled by the finance ministry which total now around $145 million after the settlement of a $526.4 million arrears problem in 1997.
		The minister said the debt problem was not tackled for several years "without logical economic reasons" but the new government started to deal with the problem to settle and reschedule all existing debts.
		The rest of the debt, $256.9 million, representing the accumulated arrears on the interest and the servicing of the new debt, was divided into equal monthly installments of $6.1 million which would be repaid in five years.
	www3.estart.com /arab/business/syriaforeigndebt.html (662 words)

	RULES FOR IMPLEMENTATION OF REGISTRATION OF FOREIGN DEBTS
		The foreign debts owed by Chinese institutions resided abroad that are not regitered outside China's territory shall be registered at the departments of foreign exchange control where they are located.
		The foreign debts for regular registration: mean foriegn debts owed by domestic banks and non-banking financial institutions; foreign government loans and international financial institutions loans borrowed by the Ministry of Finance, the Ministry of Foreign Economic Relations and Trade, the People's Bank of China, the Ministry of Agriculture and the Bank of China.
		For the foreign debts borrowed by financial institutions entrusted by enterprises and non-profit organizations, the debtor specified in the loan agreement shall go through the procedures of registration.
	www.novexcn.com /rules_register_for_debt.html (1384 words)

	Al-Ahram Weekly \| Economy \| When in debt, borrow? (Site not responding. Last check: 2007-10-31)
		Foreign debts have diminished as a result of the economic reform programme.
		Domestic debt stands at LE147 billion, the Ministry of Finance foreign debt is $10.3 billion (LE35.5 billion) while GDP is LE362 billion.
		While one disadvantage of foreign debt is that economic resources are diverted to international markets, a disadvantage of domestic debt is the imposition of a burden, seldom borne equally by taxpayers.
	weekly.ahram.org.eg /2000/485/ec2.htm (643 words)

	Bulatlat.com
		In 1982, due to automatic debt service, payments reached $3.5 billion, almost the same level of total foreign borrowing for that year and larger than the total foreign debt before Martial Law was declared.
		Debts incurred by a despotic power not for the needs or interests of the state but to strengthen its despotic regime or to repress the population that fights against it.
		Debts used for projects or programs that did not happen or did not benefit the people as originally intended, or harmed the community or its environment.
	www.bulatlat.com /news/4-33/4-33-marcosdebt.html (1724 words)

	Balance of trade - Wikipedia, the free encyclopedia
		Potential problems with persistent deficits therefore include the accumulation of foreign debt with associated interest payments or domestic assets passing increasingly into the hands of foreigners.
		In addition, country with a surplus may come to rely on foreign demand for its industry, which may be problematic once the foreign demand dries up.
		The foreign currency Japanese companies earned overseas remained largely unconverted into yen in order to suppress the yen's value, further preventing Japanese consumers from benefiting from the trade surplus.
	en.wikipedia.org /wiki/Trade_deficit (1572 words)

	Odious Debts (Site not responding. Last check: 2007-10-31)
		The debt crisis has only added salt to their wounds: bystanders as the debts were incurred, they are now expected to do their part to pay off their nations' creditors.
		Calling the debt "an economic stain on the second half of the twentieth century," UNICEF condemned both those who incurred the debt and those who extended it.
		SOME WESTERN COUNTRIES have a debt comparable to Brazil's: Canada's foreign debt in 1988 was about twice as large in an economy twice the size.
	www.probeinternational.org /probeint/OdiousDebts/OdiousDebts/part4intro.html (956 words)

	Thin capitalisation - Deloitte Statsautoriseret Revisionsaktieselskab
		A Danish and a foreign company are considered to be under common control if a shareholder controls more than 50% of the share capital or more than 50% of the voting power in both companies.
		In the determining of the debt to equity ratio, all debts are taken into account, including debts to third parties, convertible bonds, and interest-free debts.
		Debts to Danish or foreign third parties are treated as controlled debts if a group company has directly or indirectly guaranteed repayment of the debts (for example, by way of a back-to-back loan).
	www.deloitte.com /dtt/article/0,1002,sid=6207&cid=23248,00.html (511 words)

	ONLINE - International News Network
		He went on to say that the whole nation was sagged under the load of foreign debts.
		Foreign debt increased by 6.6 percent in 1990.
		Had the situation remained unchanged, the foreign debt would have soared to $97 billion, he feared.
	www.onlinenews.com.pk /details.php?id=85152 (511 words)

	Foreign debt burden: who is responsible? -DAWN - Business; February 4, 2002
		A few economic writers have been blaming the military regimes for contracting the huge foreign debts which is one of the reasons for the country’s current economic malaise.
		But during the same period, repayments of foreign debts were made to the extent of $ 4.770 billion which constitutes over 72 per cent of the fresh credits contracted as against the previous democratic regime which utilized only 20 per cent of the fresh loans for debt repayment.
		Since the balances held in the FCAs constitute quasi debts, it can safely be deduced that the 1988-1998 democratic regimes, in addition to the net foreign debt of $16.339 billion, added a further sum of $8.5 billion to external burden under the FCA scheme.
	www.dawn.com /2002/02/04/ebr4.htm (1473 words)

	Odious Debts - Indonesia’s foreign debt: imprisoning the people of Indonesia?
		Most of the additional government foreign debt is to be used to cover the routine budget deficit, finance development projects, and provide loans for Bank Indonesia (US$ 10 billion from the IMF) and state-owned enterprises (around US$ 9 billion).
		There are at least four problems related to this massive debt burden: first, loan repayments will increase as the rupiah continues to depreciate (compared to the pre-crisis situation).
		The international financial system and the model of debt management for poor and third world countries are considered inequitable because they are, for the most part, determined and dominated by creditor parties in collaboration with the IMF and the World Bank.
	www.odiousdebts.org /odiousdebts/index.cfm?dsp=content&contentid=2385 (2210 words)

	$2.45 billion drop in foreign debts in 9 months - PakDef Forums
		This medium and long-term debt also includes multilateral debt, which was $13.4 billion and is now slightly curtailed to $13.3 billion.
		Foreign currency bonds of the NHA were earlier at $219 million and now amount to $198 million.
		As far as the multilateral transactions are concerned the debt of IMF has increased from $1.5 billion to $1.7 billion.
	www.pakdef.info /forum/showthread.php?t=1623 (535 words)

	Cebu Declaration: Break the Debt Cycle!
		The combined foreign debts of 22 developing countries that include the "Newly Industrialized Countries (NICs)" and "emerging markets" in Asia was $2.137 trillion, as of 1997.
		One is the imposition that debts incurred by private foreign corporations and those of the local elite, including the cronies and bureaucrats who milked the public coffers, are assumed by governments.
		Government debts are used to cover import payments and debt-service; shore-up the dwindling foreign exchange reserves; and, spent in infrastructure and showcase projects that are usually cornered by foreign contractors.
	www.jubileesouth.org /news/EpklpEVZkyUBomAOEN.shtml (2118 words)

	PUBLIC ASSUMPTION OF PRIVATE DEBTS
		One of the reasons for the debt build-up during this period was the Marcos regime's need to preserve its economic prop - crony capitalism. So all-encompassing was this system of crony capitalism that many of the country's 500 state agencies at the time took off as private ventures of Marcos' friends and associates.
		This scarcity in foreign financing and failed efforts at tax reform prompted heavy borrowings from the domestic market to pay for an oppressive debt burden. While the foreign debt grew only slightly, domestic debt ballooned from P118.4 billion in 1986 to P656,590 in 1993.
		At the time, the debt equity swaps and disposal of non-performing assets (NPAs), including behest loans extended to crony firms and foreign obligations absorbed by the Central Bank, seemed a fair way of lessening the burden of the Filipino people who were already chained to a huge foreign debt left behind by the Marcos dictatorship.
	www.jubileesouth.org /tribunal/accusation_3/philippines.htm (4042 words)

	BVOM.COM - News (Site not responding. Last check: 2007-10-31)
		In addition to current transactions, regulations on capital transactions for direct and indirect investments into and out of Vietnam, foreign debts and the use of foreign currencies in the country will all be relaxed.
		In other words, those without legitimate need for foreign currency are not allowed to use it to make payments, while those who receive foreign currency as payment may continue to save and make deposits as per existing laws.
		The draft also addresses foreign debts and provides detailed regulations on forex management in both cases of indirect and direct investments and issuing securities overseas.
	www.bvom.com /news/english/news/index.asp?.sequence=44110&.this=55 (397 words)

	Odious Debts (Site not responding. Last check: 2007-10-31)
		The Paris Club, where sovereign debts are more likely to be rescheduled than forgiven, began considering ways to reduce interest rates, to cancel some of the debt related to foreign aid, and to reschedule, or stretch out, debt repayment.
		Expectations of debt relief have one other inevitable effect — a willingness to spend recklessly, as illustrated by the remarks of Gabon's President Omar Bongo, upon learning in 1987 that Canada had forgiven all of Gabon's foreign debts: "I even regretted not having had more debts with Canada," Mr.
		During the 1960s, the proportion of foreign aid which was lent instead of given had tripled, and the grace period for repayment was quickly running out.
	www.probeinternational.org /probeint/OdiousDebts/OdiousDebts/chapter9.html (1094 words)

	Congo Rebels' Debts to Foreign Backers Remain Unclear
		The foreign support for the rebellion is almost certain to complicate Kabila's efforts to govern this fractious country of more than 200 tribes, since it has essentially brought to power the Tutsi, who in Congo are a minor ethnic group with strong ties to Rwanda.
		Because the foreign military aid has been completely covert, the extent of the foreign interference in the civil conflict that has produced a new government and a new name, Congo, for the country Mobutu called Zaire, may never be made public.
		The large amount of foreign aid in the war may account for Kabila's unwillingness to reveal the identities of his senior commanders.
	partners.nytimes.com /library/world/052297congo-debts.html (1726 words)

	Diseasesâ”Ignored Global Killers - Global Issues
		Increased poverty and debt is resulting in forced cut-backs in health and education, the very things that would help form a foundation in ensuring such impacts are minimized.
		By the 1990s, most African countries were spending more repaying foreign debts than on health or education for their people.
		Debt cancellation should be the first step in enabling African countries to tackle their social development challenges.
	www.globalissues.org /health/disease (3339 words)

	Odious Debts - Foreign debt: Nigeria's mill stone
		As a result of this direct deduction, Momoh has pointed out that the enormous funds which are committed to compulsorily service foreign debts has resulted in government's inability to maintain the nation's infrastructural facilities and discharge other responsibilities which should promote the welfare of the people.
		This notwithstanding, investigations have shown that the bulk of Nigeria's debt was accumulated from 1978, during Obasanjo's tenure as a military Head of State, through Shehu Shagari's administration (between 1979 and 1983) and the Babangida military dictatorship (1985-1993).
		Tracing the history of Nigeria's debts, he had admitted that the nation had actually borrowed a total of $13 billion in 20 years, adding that about $17 billion had been repaid.
	www.odiousdebts.org /odiousdebts/index.cfm?DSP=content&ContentID=8000 (1049 words)

	BBC NEWS \| Business \| Nigeria settles Paris Club debt
		The country's debts date back to the early 1980s, and had ballooned to more than $35bn due to penalties and late fees during the 1990s.
		The debt repayment is a key part of the economic reform plan of President Olusegun Obasanjo, who is also planning a string of privatisations, tax reform, and greater transparency in order to boost the economy and attract foreign investors.
		Nigeria has been able to negotiate its own debt deal at its own pace because it has the funds to partially pay off its creditors, who were happy to accept a smaller overall payment in return for cash upfront.
	news.bbc.co.uk /go/rss/-/2/hi/business/4926966.stm (739 words)

	Gov't to shell out $4.1B to repay foreign debts this year (Site not responding. Last check: 2007-10-31)
		Debt servicing is the government's biggest expenditure item accounting for about a third of its budget.
		Of the total foreign bond float, the bulk consisted of global bonds and eurobonds amounting to $16.3 billion and $1.3 billion, respectively.
		The country's foreign debt stock registered with the BSP, mostly consisting of national government and other public sector borrowings, stood at $54.2 billion in 2005, or equivalent to about half of the country's total economic output.
	money.inq7.net /topstories/view_topstories.php?yyyy=2006&mon=05&dd=15&file=3 (508 words)

	Iran News - Iran's Central Bank: Foreign debts low (Site not responding. Last check: 2007-10-31)
		The official had announced back in January that potential debts which may never be utilized are estimated at $38 bln.
		Limited debt means a better credit position such that with timely debt servicing, the volume of foreign obligations have been reduced, he underlined.
		Iran was forced to reschedule much of its foreign debt in 1992.
	www.iranmania.com /News/ArticleView/?NewsCode=32687&NewsKind=CurrentAffairs (629 words)

	ACT ON REHABILITATION AND RESTRUCTURING OF A
		The payment of debts stipulated under articles 7 and 8 of this Law shall be effected from the budget of the Republic of Macedonia.
		The Republic of Macedonia shall assume payment of debts towards the Paris Club of Creditors in the amount of 5.4% from non-allocated debts of ultimate beneficiaries utilized by bodies of the former SFRY which are to be arranged with the Paris Club of Creditors.
		The Government of the Republic of Macedonia is authorized to negotiate with foreign creditors regarding the regulation of receivables and debts on loans stipulated under articles 16 and 17 of this Law.
	pbosnia.kentlaw.edu /macedonia/mlrc/BNKREHAB.html (2277 words)

	China's foreign debts still "below danger line" (09/10/03)
		China's outstanding foreign debts stood at 182.57 billion US dollars (excluding those in Hong Kong, Macao and Taiwan regions) at the end of June this year, a growth of 8.33 percent from the end of 2002, the State Administration of Foreign Exchange (SAFE) announced Wednesday Sep.10.
		Short-term foreign debts should be serviced within one year and long- and medium-term ones can be serviced beyond one year.
		A spokesman for SAFE said that China's foreign debt size was still "below the danger line" and the added share of short-term debts would not exert a fundamental impact on the country's foreign debt situation as a whole.
	www.china-embassy.org /eng/gyzg/t36319.htm (219 words)

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