Abstract
In the current environment of payments difficulties, a principal role of the Fund remains the encouragement and support of timely adjustment policies of member countries.
Sources: BIS; JEDH; authorities; and Fund staff estimates and calculations. 1/ Orders of magnitude, estimated mainly from creditor data. 2/ Including insured export credit and off-balance sheet bank guarantees. Annex Table 3. U.A.E.: International Investment Position, Orders of Magnitude In billions of U.S. dollars (including local currency-denominated) 2004 2005 2006 2007 2008 2009 Liabilities International debt securities (by residency of issuer) 3 8 30 43 46 55 Held by
at the end of 1982, amounting to roughly one fourth of the outstanding external debt of these countries (see Table 1 , p. 19). In this period, such credits increased from the equivalent of 39 percent of non-guaranteed commercial bank credits to 41 percent. Furthermore, because of widespread payments difficulties, a large proportion of insured export credit has been subject to debt rescheduling (see Table 2 , p. 20). Credit risks have increased generally, and the response of the agencies to this increase will have a major influence on the mix as well as the
, on the external debt of developing countries. 74 The statistics cover official development assistance and officially supported lending, including insured export credit, reported in the OECD CRS 75 and BIS data on bank lending. The CRS shares many essential features of the World Bank DRS; the two systems are designed to be as complementary as possible. The CRS obtains data from 21 OECD member countries on a loan-by-loan basis. 403 . OECD statistics provide another useful source of data on international debt and may be used to validate nationally compiled data or
-credits is also explained by their flexibility and simplicity of administration. Borrowers might prefer a Euro-credit at a floating interest charge to an insured export credit in order to obtain the most competitive rate by paying off the supplier in cash and also to avoid the complex process of assembling separately the finance for downpayments, for local expenditure, and for supplies from sources other than those covered by the prime supplier’s export credit insurer. 18 In evaluating these positive aspects of Euro-currency credits, it is to be noted that not all credits
the 1960’s has been the increasing role of credits over five years. The share of net insured credits with maturities over five years increased from 23.3 per cent in 1956 to 26.5 per cent in 1960 and to 73 per cent in 1968. Although comparisons between credits of up to five years and over five years must be interpreted with caution, 9 data for a few countries indicate that insured credits in excess of five years were rare prior to 1960 (for public credits, see below). In Belgium only 4 per cent of insured export credits including credits under one year were for
which Fund staff participated, to discuss external debt problems. Fund staff also continued regularly to attend as observers the semiannual meetings of the Union d’Assureurs des Crédits Internationaux (the Berne Union), comprising a large group of governmental and related public agencies, including some from developing countries, which guaranteed or insured export credits, including short-term trade credits. At these meetings, the agencies represented exchanged information on their operations and reviewed attitudes toward specific countries. This information gave