225:
233:
117:. All other payments of economic value by the debtor to the creditor that reduce the principal amount outstanding are known as principal payments. However, the definition of external debt does not distinguish between principal payments or interest payments, or payments for both. Also, the definition does not specify that the timing of the future payments of principal and/or interest need be known for a liability to be classified as debt.
214:
280:
comparison between two heads and the relation thereon and thus facilitate the policy makers in their external debt management exercise. These indicators can be thought of as measures of the country's "solvency" in that they consider the stock of debt at certain time in relation to the country's ability to generate resources to repay the outstanding balance.
487:
259:
would stabilize at reasonable levels, the major risks to the economy, and the need and scope for policy adjustment. In these analyses, macroeconomic uncertainties, such as the outlook for the current account, and policy uncertainties, such as for fiscal policy, tend to dominate the medium-term outlook.
279:
There are various indicators for determining a sustainable level of external debt. While each has its own advantage and peculiarity to deal with particular situations, there is no unanimous opinion amongst economists as to a sole indicator. These indicators are primarily in the nature of ratios—i.e.,
266:
and IMF hold that "a country can be said to achieve external debt sustainability if it can meet its current and future external debt service obligations in full, without recourse to debt rescheduling or the accumulation of arrears and without compromising growth". According to these two institutions,
315:
A second set of indicators focuses on the short-term liquidity requirements of the country with respect to its debt service obligations. These indicators are not only useful early-warning signs of debt service problems, but also highlight the impact of the inter-temporal trade-offs arising from past
258:
External-debt-sustainability analysis is generally conducted in the context of medium-term scenarios. These scenarios are numerical evaluations that take account of expectations of the behavior of economic variables and other factors to determine the conditions under which debt and other indicators
133:
are not included in the definition of external debt. These are defined as arrangements under which one or more conditions must be fulfilled before a financial transaction takes place. However, from the viewpoint of understanding vulnerability, there is analytical interest in the potential impact of
491:
330:
The final indicators are more forward-looking, as they point out how the debt burden will evolve over time, given the current stock of data and average interest rate. The dynamic ratios show how the debt-burden ratios would change in the absence of repayments or new disbursements, indicating the
85:, "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."
123:
To qualify as external debt, the debt liabilities must be owed by a resident to a nonresident. Residence is determined by where the debtor and creditor have their centers of economic interest—typically, where they are ordinarily located—and not by their
271:(NPV) of external public debt down to about 150 percent of a country's exports or 250 percent of a country's revenues" would help eliminating this "critical barrier to longer-term debt sustainability". High external debt is believed to be harmful for the economy.
70:(net IIP). Provided that debt securities are measured at market value, the net external debt position equals the net IIP excluding equity and investment fund shares, financial derivatives, and employee stock options.
61:
External debt measures an economy's obligations to make future payments and, therefore, is an indicator of a country's vulnerability to solvency and liquidity problems. Another useful indicator is the
441:
187:
224:
611:
701:
331:
stability of the debt burden. An example of a dynamic ratio is the ratio of the average interest rate on outstanding debt to the growth rate of nominal
647:
667:
243:
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
1155:
359:
67:
66:
external debt position, which equals gross external debt minus external assets in the form of debt instruments. A related concept is the
354:
1145:
438:
899:
749:
545:
1150:
386:
608:
698:
380:
79:
51:
46:
or citizens. External debt may be denominated in domestic or foreign currency. It includes amounts owed to private
1032:
232:
462:
311:(f) Concessional debt ("loans with an original grant element of 25 percent or more") in the total debt stock.
1068:
979:
883:
619:
349:
644:
1073:
664:
654:, Informal hearings of civil society on financing for development, UN Headquarters, 22 March 2004, 6 pp.
449:
240:
894:
874:
134:
contingent liabilities on an economy and on particular institutional sectors, such as the government.
130:
1007:
889:
869:
742:
954:
1099:
974:
834:
631:
374:
288:
268:
248:
693:
634:, pp. 169-183 in IMF "External Debt Statistics. Guide for Compilers and Users. 2 IMF, 2003.
1119:
1037:
1012:
944:
939:
914:
791:
705:
671:
651:
615:
445:
369:
47:
531:
521:
IMF, "Debt- and
Reserve-Related Indicators of External Vulnerability", Policy Paper, 2000
1052:
1022:
1002:
904:
844:
796:
781:
773:
201:
113:
When the cost of borrowing is paid periodically, as commonly occurs, it is known as an
100:
1140:
1134:
1114:
1082:
997:
814:
735:
711:
687:
580:
301:
This set of indicators also covers the structure of the outstanding debt, including:
228:
Total debt service as % of exports of goods, services and primary income in 2017
38:) is the liabilities that are owed to nonresidents by residents. The debtors can be
694:
IMF World
Economic Outlook (WEO)-- September 2003 -- Public Debt in Emerging Markets
213:
1047:
1042:
1027:
1017:
969:
949:
921:
194:
556:
1086:
989:
964:
879:
829:
425:
391:
364:
244:
155:
However, the exact treatment varies from country to country. For example, while
43:
1104:
934:
864:
824:
722:
263:
55:
39:
316:
borrowing decisions. Examples of liquidity monitoring indicators include the
959:
786:
17:
50:, foreign governments, or international financial institutions such as the
1109:
929:
463:"Total debt service (% of exports of goods, services and primary income)"
114:
104:
344:
252:
96:
819:
532:"The Challenge of Maintaining Long-term External Debt Sustainability"
534:, World Bank and International Monetary Fund, April 2001, ii +48 pp.
839:
231:
223:
212:
160:
156:
88:
In this definition, the IMF defines the key elements as follows:
806:
758:
439:"External Position of the Egyptian Economy, Fiscal Year 2011/12"
731:
645:“How to ensure debt sustainability beyond the HIPC-Initiative?”
332:
218:
174:
716:
326:(c) Government debt service to current fiscal revenue ratio
426:"External Debt Statistics: Guide for Compilers and Users"
255:, while allowing an acceptable level of economic growth.
27:
A country's liabilities owed to nonresidents by residents
297:(c) government debt to current fiscal revenue ratio etc.
138:
Generally, external debt is classified into four heads:
727:
83:
External Debt
Statistics: Guide for Compilers and Users
555:. Economic Policy Institute. p. 2. Archived from
217:
Map of countries by external debt as a percentage of
1061:
988:
913:
857:
805:
772:
765:
622:, South Asia Department, Nov. 2003, iv + 30 pp.
283:Examples of debt burden indicators include the
188:Non-resident Indian and person of Indian origin
581:"Concessional debt (% of total external debt)"
743:
690:(see "External Debt" under "External Sector")
8:
604:
602:
236:Share of U.S. gross external debt by debtors
159:maintains this four-head classification, in
632:"Part III. Use of External Debt Statistics"
769:
750:
736:
728:
609:“Sri Lanka: Borrowing Capacity Assessment”
323:(b) Foreign debt service to exports ratio,
92:Outstanding and actual current liabilities
719:reports, news and links on external debt.
717:European Network on Debt and Development
712:IMF Guide to understanding External Debt
142:(1) public and publicly guaranteed debt;
403:
723:Comparison of external debt by country
663:Chandrasekhar, C.P. and Ghosh, Jayati
665:"The Crisis of State Government Debt"
419:
417:
415:
413:
411:
409:
407:
360:Net international investment position
68:net international investment position
7:
900:Debtor-in-possession (DIP) financing
544:Bivens, L. Josh (14 December 2004).
145:(2) private non-guaranteed credits;
355:List of countries by external debt
294:(b) foreign debt to exports ratio,
25:
163:it is classified in seven heads:
688:IMF National Summary Data Pages
546:"US external debt obligations"
320:(a) Debt service to GDP ratio,
148:(3) central bank deposits; and
1:
424:International Monetary Fund.
80:International Monetary Fund's
1156:International macroeconomics
585:World Development Indicators
387:Debt of developing countries
209:External debt sustainability
381:The Accumulation of Capital
251:, avoiding accumulation of
52:International Monetary Fund
1172:
708:list in CIA World Factbook
305:(d) Share of foreign debt,
183:(e) Commercial borrowings,
127:Current and not contingent
1095:
674:, Macroscan, May 25, 2005
151:(4) loans due to the IMF.
95:Debt liabilities include
1146:Macroeconomic indicators
452:Quarterly, Volume No. 38
308:(e) Short-term debt, and
1069:Consumer leverage ratio
980:Tax refund interception
620:Asian Development Bank
350:Jubilee Debt Coalition
237:
229:
221:
131:Contingent liabilities
110:Principal and interest
1074:Debt levels and flows
450:Central Bank of Egypt
235:
227:
216:
895:Debt snowball method
643:Berensmann, Kathrin
1151:Financial economics
553:Debt and the dollar
494:on 17 November 2014
704:2019-03-17 at the
670:2006-11-14 at the
650:2012-03-27 at the
614:2006-11-03 at the
444:2015-10-29 at the
238:
230:
222:
30:A country's gross
1128:
1127:
975:Strategic default
940:Collection agency
853:
852:
835:Predatory lending
512:UNCTAD/UNDP, 1996
467:Our World in Data
375:Sovereign default
289:Debt-to-GDP ratio
269:net present value
180:(d) Trade credit,
167:(a) Multilateral,
78:According to the
16:(Redirected from
1163:
820:Consumer lending
770:
752:
745:
738:
729:
675:
661:
655:
641:
635:
629:
623:
606:
597:
596:
594:
592:
577:
571:
570:
568:
567:
561:
550:
541:
535:
528:
522:
519:
513:
510:
504:
503:
501:
499:
490:. Archived from
484:
478:
477:
475:
473:
459:
453:
436:
430:
429:
421:
241:Sustainable debt
115:interest payment
48:commercial banks
21:
1171:
1170:
1166:
1165:
1164:
1162:
1161:
1160:
1131:
1130:
1129:
1124:
1120:Promissory note
1091:
1057:
1038:Deposit account
984:
955:Debtors' prison
909:
875:Management plan
849:
801:
761:
756:
706:Wayback Machine
684:
679:
678:
672:Wayback Machine
662:
658:
652:Wayback Machine
642:
638:
630:
626:
616:Wayback Machine
607:
600:
590:
588:
579:
578:
574:
565:
563:
559:
548:
543:
542:
538:
529:
525:
520:
516:
511:
507:
497:
495:
486:
485:
481:
471:
469:
461:
460:
456:
446:Wayback Machine
437:
433:
423:
422:
405:
400:
370:Government debt
341:
277:
211:
76:
28:
23:
22:
15:
12:
11:
5:
1169:
1167:
1159:
1158:
1153:
1148:
1143:
1133:
1132:
1126:
1125:
1123:
1122:
1117:
1112:
1107:
1102:
1096:
1093:
1092:
1090:
1089:
1076:
1071:
1065:
1063:
1059:
1058:
1056:
1055:
1053:Securitization
1050:
1045:
1040:
1035:
1030:
1025:
1020:
1015:
1010:
1005:
1000:
994:
992:
986:
985:
983:
982:
977:
972:
967:
962:
957:
952:
947:
942:
937:
932:
926:
924:
911:
910:
908:
907:
905:Loan guarantee
902:
897:
892:
887:
877:
872:
867:
861:
859:
855:
854:
851:
850:
848:
847:
845:Vendor finance
842:
837:
832:
827:
822:
817:
811:
809:
803:
802:
800:
799:
794:
789:
784:
778:
776:
767:
763:
762:
757:
755:
754:
747:
740:
732:
726:
725:
720:
714:
709:
696:
691:
683:
682:External links
680:
677:
676:
656:
636:
624:
598:
572:
536:
523:
514:
505:
479:
454:
431:
402:
401:
399:
396:
395:
394:
389:
384:
377:
372:
367:
362:
357:
352:
347:
340:
337:
328:
327:
324:
321:
313:
312:
309:
306:
299:
298:
295:
292:
276:
273:
267:"bringing the
210:
207:
206:
205:
198:
191:
184:
181:
178:
171:
170:(b) Bilateral,
168:
153:
152:
149:
146:
143:
136:
135:
128:
125:
121:
118:
111:
108:
93:
75:
72:
54:(IMF) and the
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
1168:
1157:
1154:
1152:
1149:
1147:
1144:
1142:
1139:
1138:
1136:
1121:
1118:
1116:
1115:Interest rate
1113:
1111:
1108:
1106:
1103:
1101:
1098:
1097:
1094:
1088:
1084:
1080:
1077:
1075:
1072:
1070:
1067:
1066:
1064:
1060:
1054:
1051:
1049:
1046:
1044:
1041:
1039:
1036:
1034:
1031:
1029:
1026:
1024:
1021:
1019:
1016:
1014:
1011:
1009:
1006:
1004:
1001:
999:
996:
995:
993:
991:
987:
981:
978:
976:
973:
971:
968:
966:
963:
961:
958:
956:
953:
951:
948:
946:
943:
941:
938:
936:
933:
931:
928:
927:
925:
923:
920:
916:
912:
906:
903:
901:
898:
896:
893:
891:
890:Restructuring
888:
885:
881:
878:
876:
873:
871:
870:Consolidation
868:
866:
863:
862:
860:
856:
846:
843:
841:
838:
836:
833:
831:
828:
826:
823:
821:
818:
816:
815:Business loan
813:
812:
810:
808:
804:
798:
795:
793:
790:
788:
785:
783:
780:
779:
777:
775:
771:
768:
764:
760:
753:
748:
746:
741:
739:
734:
733:
730:
724:
721:
718:
715:
713:
710:
707:
703:
700:
699:External debt
697:
695:
692:
689:
686:
685:
681:
673:
669:
666:
660:
657:
653:
649:
646:
640:
637:
633:
628:
625:
621:
617:
613:
610:
605:
603:
599:
586:
582:
576:
573:
562:on 2004-12-17
558:
554:
547:
540:
537:
533:
527:
524:
518:
515:
509:
506:
493:
489:
483:
480:
468:
464:
458:
455:
451:
447:
443:
440:
435:
432:
427:
420:
418:
416:
414:
412:
410:
408:
404:
397:
393:
390:
388:
385:
383:
382:
378:
376:
373:
371:
368:
366:
363:
361:
358:
356:
353:
351:
348:
346:
343:
342:
338:
336:
334:
325:
322:
319:
318:
317:
310:
307:
304:
303:
302:
296:
293:
290:
286:
285:
284:
281:
274:
272:
270:
265:
260:
256:
254:
250:
246:
242:
234:
226:
220:
215:
208:
203:
199:
196:
192:
189:
185:
182:
179:
176:
172:
169:
166:
165:
164:
162:
158:
150:
147:
144:
141:
140:
139:
132:
129:
126:
122:
119:
116:
112:
109:
106:
102:
98:
94:
91:
90:
89:
86:
84:
81:
73:
71:
69:
65:
59:
57:
53:
49:
45:
41:
37:
33:
32:external debt
19:
1085: /
1081: /
1078:
1048:Money market
1043:Fixed income
970:Phantom debt
950:Debt bondage
918:
659:
639:
627:
589:. Retrieved
587:. World Bank
584:
575:
564:. Retrieved
557:the original
552:
539:
526:
517:
508:
496:. Retrieved
492:the original
488:"Bluenomics"
482:
470:. Retrieved
466:
457:
434:
379:
329:
314:
300:
282:
278:
261:
257:
249:rescheduling
239:
154:
137:
124:nationality.
87:
82:
77:
63:
60:
44:corporations
36:foreign debt
35:
31:
29:
18:Foreign Debt
1087:Odious debt
965:Garnishment
830:Payday loan
766:Instruments
591:24 December
392:Global debt
365:Odious debt
245:debt relief
40:governments
1135:Categories
1105:Insolvency
1013:Government
945:Compliance
935:Charge-off
915:Collection
865:Bankruptcy
858:Management
825:Loan shark
792:Government
566:2007-07-08
530:Page 4 in
275:Indicators
264:World Bank
74:Definition
56:World Bank
1062:Economics
1023:Municipal
1008:Diplomacy
1003:Corporate
960:Distraint
797:Municipal
787:Debenture
782:Corporate
197:debt, and
190:deposits,
120:Residence
101:principal
1110:Interest
1083:Internal
1079:External
998:Consumer
930:Bad debt
702:Archived
668:Archived
648:Archived
612:Archived
442:Archived
339:See also
105:interest
99:of both
1100:Default
1028:Venture
1018:Medical
990:Markets
922:Evasion
884:history
498:7 March
472:7 March
345:Eurodad
253:arrears
97:arrears
917:
880:Relief
177:loans,
1033:Buyer
840:Usury
807:Loans
774:Bonds
560:(PDF)
549:(PDF)
398:Notes
204:debt.
195:Rupee
161:India
157:Egypt
1141:Debt
759:Debt
593:2014
500:2020
474:2020
287:(a)
262:The
200:(h)
193:(g)
186:(f)
173:(c)
103:and
34:(or
333:GDP
247:or
219:GDP
202:NPR
175:IMF
64:net
58:.
1137::
618:,
601:^
583:.
551:.
465:.
448:,
406:^
335:.
42:,
919:·
886:)
882:(
751:e
744:t
737:v
595:.
569:.
502:.
476:.
428:.
291:,
107:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
