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International Monetary Fund. Research Dept.

Introduction The developing countries, and in particular those with debt-servicing difficulties, face a number of challenges over the medium term. First, there is concern about the implications of the potential demands on global saving by Eastern Europe, the U.S.S.R., the Middle East, and a few other developing countries. Second, although debt-export ratios generally have fallen and there has been some progress in addressing debt-servicing problems, a number of debtor countries continue to face uncertain prospects for normalizing financial relations with

Mr. John Lipsky, Mr. Peter M Keller, Mr. Donald J Mathieson, and Mr. Richard N. Williams

large fiscal imbalances in certain industrial countries have also given rise to concerns regarding prospective interest rate developments. A further concern of banks is the possibility of increased protectionism in the industrial economies. At the same time, the effectiveness of adjustment programs by a number of debtor countries will be a primary factor determining the willingness of banks to lend internationally, in particular to the developing countries. In this regard, a great deal will depend upon the success of the debt rescheduling exercises of several major

Charles Applegate and Ms. Susan Fennell

and policy coordination among the major industrial countries, and was a promising response to rising protectionist pressures. Governors also noted that a number of debtor countries had made difficult adjustment efforts and that the external position of some of these countries had improved, with the economies of non-oil developing countries as a group growing by 5.6 percent in 1984, while experiencing the lowest external current account deficit in two decades. However, Governors stressed that the world economic outlook was clouded by uncertainties. In the

Mr. Eduard H. Brau

rescheduling were raised in practical terms in connection with a few concerted financing arrangements for certain debtor countries in the past. The experience of both debtor and creditor governments with such pledging efforts has not been encouraging. Nonetheless, in the current circumstances where a number of debtor countries continue to face payments difficulties notwithstanding their recent adjustment efforts, the desirability and feasibility of an informal approach to integrating export credits into the adjustment and financing strategy in certain circumstances may be

Mr. G. Russell Kincaid, K. Burke Dillon, Mr. Maxwell Watson, and Ms. Chanpen Puckahtikom


This paper, following two earlier studies, reviews the arrangements for restructuring commercial bank and official debt up to early 1985.

Jacques de Larosière

early stages. Atlanta, October 1986 Banks’ new loan commitments to major debtors during [1986] appear to be well short of the amounts implied in the US debt initiative. … It is encouraging that some debtor countries who had earlier needed the bridge provided by concerted lending to help them through the difficult early stages of adjustment have now graduated to more normal market assess. In this respect the resumption of spontaneous bank lending to Ecuador and Uruguay … is most heartening. One promising avenue—already under way in a number of debtor countries

Mr. G. Russell Kincaid, K. Burke Dillon, Mr. Maxwell Watson, and Ms. Chanpen Puckahtikom

future access to international bond markets. In addition to restructuring debt owed or guaranteed by the debtor government, a number of debtor countries have encouraged the restructuring of nonguaranteed debt owed by their private sector in order to regularize the sector’s relations with creditors and to secure additional balance of payments relief. To facilitate these restructurings, and to soften the impact of sharp currency depreciations on the external debt-servicing costs of the private sector, a preferential exchange rate scheme has been instituted in

Gerard Rice, James C. Corr, and Ms. Susan Fennell

tendencies. Governors welcomed, therefore, recent efforts to develop more effective consultation procedures among the major countries, and they urged that the Fund’s Article IV consultations with members should be strengthened to focus more closely on the international impact of domestic policies. The implementation of Fund-supported adjustment programs had been instrumental in maintaining commercial bank lending to a number of debtor countries. As one Governor stated: “[the Fund’s] effective, innovative response to the strains of the past 12 months represents a landmark

Mr. Peter M Keller

creditors to provide more debt relief but rather the increasingly difficult external situation of a number of debtor countries. Notable developments were the absence of any new rescheduling agreements with extended consolidation periods and the difficulties encountered with the implementation of those concluded in 1985 and 1986 with Ecuador and Côte d’Ivoire and Yugoslavia. Owing partly to unfavorable external developments, the hoped for early return to normal market access did not materialize in any of the three cases. Indeed, all three have since experienced an

International Monetary Fund

generally available only with a considerable time lag. More recent data are available on a commitment basis to a number of debtor countries; these data typically include all future interest payments. Data on officially supported export credits are published in Statistics on External Indebtedness: Bank and Trade Related Non-Bank External Claims on Individual Borrowing Countries and Territories prepared jointly by the Bank for International Settlements (BIS) and the OECD. Recent Developments Total net bilateral disbursements by Development Assistance Committee