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Thursday, 13 September 1984
Page: 995
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Senator Walsh —On 7 June 1984 (Hansard, page 2753) Senator Lajovic asked me, as Minister representing the Treasurer, a question without notice concerning international debts. The Treasurer has provided the following information in answer to the honourable senator's question:

Statistics from a number of sources have to be used to provide an analysis of a country's external debt.

(1) Debts to Banks

The International Monetary Fund (IMF) publishes a monthly volume of International Financial Statistics. Its tables provide the most comprehensive published information about international debts to banks and deposits with banks , under the headings of interbank accounts, bank credit to non-banks, and bank deposits of non-banks. The publication contains data up to about 6 months before the time of publication. Its tables relate only to IMF member countries and hence have a limited coverage of the Eastern European countries. The IMF's statistics do not include projection of repayment obligations. Table 1 shows figures from this source for major debtor countries as of December 1983.

The Bank for International Settlement (BIS) publishes International Banking Developments, a quarterly bulletin showing individual countries' positions with respect to the Western banks and those offshore branches which report to the BIS . These figures are incorporated in the relevant tables in the IMF's publication International Financial Statistics, just mentioned. The BIS also publishes a bi- annual bulletin, The Maturity Distribution of International Lending, showing the periods within which each country's repayment obligations to banks are scheduled . Table 2 shows figures from this second BIS source, for major debtor countries as of June 1983.

(2) Medium and Long Term Debts of All Kinds

The World Bank publishes annually a volume of World Debt Tables, with comprehensive statistics about the external debt of 103 developing countries which report to it. Eastern European countries are not included. The statistics mainly concern debts contracted or guaranteed by public authorities of the debtor countries, but for some countries include privately-contracted non- guaranteed debt. There is some overlap with the IMF or BIS statistics for debts to banks, where the statistics in the World Debt Tables include either public or private debts of which non-resident banks are creditors; but the World Debt Tables do not include data for any short-term debt (that is, debt with original maturity of one year or less). The latest issue for 1983-84 contains time-series statistics up to 1982, and also projections of debt-servicing obligations up to 1990 relating to public debts at the end of 1982. Table 3 shows selected statistics from this source for major debtor countries.

(3) Trade-Related Debts

The Organisation for Economic Cooperation and Development (OECD) publishes, jointly with the BIS, Statistics on External Indebtedness. This half-yearly publication extends the BIS statistics by showing the component of each country' s international debts which comprises trade-related obligations other than to banks, so far as these are reported to the OECD. Some of these obligations are short-term and not included in the World Bank's tables. Table 4 shows figures from this source for major debtor countries as of June 1983; as implied above, the figures here are additional to those in Tables 1 and 2, but partly overlap those in Table 3.

Table 1

SELECTED COUNTRIES' POSITIONS VIS-A-VIS COMMERCIAL BANKS

(at end of 1983-in $US billion)

(3) Country of

(1) (2) Net debt borrowers/

Gross debt Deposits to banks depositors

to banks with banks (1)-(2)

Latin America-

Argentina 24.07 6.57 17.50 Brazil 73.14 (a) 7.93 (a) 65.21 Chile 11.91 4.49 7 .42 Columbia 5.93 (b) 2.57 (b) 3.36 Ecuador 4.20 (b) 1.31 (b) 2.89 Mexico 85. 09 14.27 70.82 Peru 4.22 3.14 (a) 1.08 Venezuela 21.21 16.07 5.14

Asia-

China 4.13 14.65 -10.52 Indonesia 13.25 8.42 4.83 South Korea 23.42 6.60 16. 82 Malaysia 9.99 5.17 4.82 Philippines 14.63 3.09 11.54 Thailand 5.65 2.08 3. 57

Africa-

Algeria 6.04 (b) 1.79 (b) 4.25 Ivory Coast 2.30 0.38 1.92 Morocco 3.55 (b) 0. 58 (b) 2.97 Nigeria 7.75 2.20 5.55

Eastern Europe-

Czechoslovakia 2.45 (b) 0.91 (b) 1.54 Germany, Dem R 7.83 (b) 3.23 (b) 4.60 Hungary 8.62 1.54 7.08 Poland 10.44 (b) 1.08 (b) 9.36 Romania 3.47 (b) 0.45 ( b) 3.02 Turkey 8.81 (a) 2.53 (a) 6.28 USSR 14.87 (b) 9.65 (b) 5.22 Yugoslavia 14.51 2.72 11.79

Source: IMF, International Financial Statistics, June 1984, except as noted.

(a) = Partially based on data for third quarter 1983.

(b) = Data from BIS, International Banking Developments, April 1984.

Table 2

MATURITY DISTRIBUTION OF INTERNATIONAL LENDING OF BIS REPORTING BANKS

Percentage Percentage

Bank lending Percentage due between due in more

at end June due within one and two than two Country of borrower

1983 $USbn one year years years

Latin America-

Argentina 25.45 53.4 6.8 35.3 Brazil 62.78 34.0 5.6 50.7 Chile 10.95 37.6 7.2 52.2 Colombia 6.63 47.9 5.6 40.2 Ecuador 4.38 55.5 7.7 34.2 Mexico 65. 48 47.7 6.8 41.4 Peru 5.31 58.1 7.4 27.2 Venezuela 27.77 57.2 7.3 29.2 Total for Latin America 217.88 45.4 6.7 41.6

Asia-

China 1.51 47.3 9.7 30.6 Indonesia 10.88 35.5 7.5 48.4 South Korea 22.73 56.5 5.1 34.6 Malaysia 7.93 27.9 3.0 60.0 Philippines 13.34 59.7 3.9 32.9 Thailand 4.87 54.4 7.1 34.8 Total for Asia 74.12 49.5 5.5 39.0

Africa-

Algeria 7.13 17.1 11.5 43.6 Ivory Coast 3.18 24.0 4.8 28.9 Morocco 3.79 26 .0 4.4 30.0 Nigeria 9.25 39.0 7.6 38.5 Total for Africa 34.83 30.7 7.2 32.6

Eastern Europe-

Czechoslovakia 2.74 32.3 9.4 49.0 Germany, Dem. R. 8.26 38.8 14.4. 31.3 Hungary 6.42 36.0 14.1 40.9 Poland 12.16 29.3 7.5 48.2 Romania 4.07 32.8 7. 8 33.5 Turkey 3.84 25.0 5.6 60.1 USSR 14.97 46.0 8.5 28.1 Yugoslavia 9.55 30.0 10.6 43.1 Total for Eastern Europe (a) 50.40 38.0 10.2 36.4

Note: Rows do not add up to 100 per cent owing to an unallocated component of reported loans.

Source:BIS, Maturity Distribution of International Lending, December 1983.

(a) Does not include Turkey and Yugoslavia.

Table 3

MEDIUM AND LONG-TERM DEBT OF SELECTED COUNTRIES

(at end of 1982, in $US billions)

Public/publicity guaranteed debt

Of which Private non-

official Supplier Financial guaranteed debt Countries

Total creditors credits markets (where given)

Latin America-

Argentina 15.78 1.99 2.38 11.41 . . Brazil 47.59 8.18 1.08 38.20 23.12 Chile 5.24 1.31 0.33 3.53 8.73 Colombia 6.21 2.99 0.34 2.88 1.22 Ecuador 3.91 1.56 0.24 2.11 . . Mexico 50.41 7.10 0.35 42.96 . . Peru 6.71 3.37 0.77 2.57 . . Venezuela 12.12 0.30 0.12 11.68 . .

Asia-

Indonesia 18.42 10.99 1.75 5.54 . . South Korea 20.06 8.34 2.04 9.68 1.44 Malaysia 7.67 1.77 0.21 5.68 . . Philippines 8.84 3.85 0.33 4.66 3.16 Thailand 6.21 3.50 0.17 2.54 2.32

Africa-

Algeria 13.57 2.90 2.68 7.99 . . Ivory Coast 4.54 1.34 0.34 2.86 . . Morocco 6.08 1.14 0.01 4.94 . . Nigeria 9.03 4.90 0.26 3.87 . .

Eastern Europe-

Hungary 6.74 0.96 0.53 5.25 . . Turkey 15.04 9.79 0.93 4.32 0.39 Yugoslavia 5.63 4.12 0.01 1.50 10.45

Source: World Bank, World Debt Tables, 1983-84.

Table 4

SELECTED COUNTRIES' NON-BANK TRADE-RELATED DEBTS

(as reported to OECD, at end of June 1983-in $US billions)Latin America-

Argentina 2.26 Brazil 7.32 Chile 0.48 Colombia 0.72 Ecuador 0.40 Mexico 3.66 Peru 0.67 Venezuela 1.46

Asia-

China 3.68 Indonesia 3.77 South Korea 5.01 Malaysia 0.70 Philippines 1. 58 Thailand 1.19

Africa-

Algeria 8.15 Ivory Coast 0.57 Morocco 1.11 Nigeria 3.37

Eastern Europe-

Czechoslovakia 0.76 Germany, Dem R 1.58 Hungary 0.25 Poland 2.16 Romania 0.49 Turkey 2.65 USSR 11.83 Yugoslavia 1.74

Source: OECD/BIS, Statistics on External Indebtedness, April 1984.

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