Zimbabwe: U.S. $5.7 Billion Debt Splits Cabinet Oct 4, 2009
The external debt of US$5,2 billion includes total arrears of US$3,6 billion. Zimbabwe currently needs up to US$10 billion for economic recovery. (allAfrica.com)
Press Release: Crisis Hits Low-Income Countries Worse than Anticipated, but Flexible Program Design has Given Governments Greater Policy Space to Respond, IMF Studies Show Oct 2, 2009
In some cases, the risk of external debt distress is increasing. Policies to counter the effects of the crisis should continue, where appropriate, until the economic recovery is clearly underway. (IMF News)
Bulgaria—September 2009 Staff Visit, Concluding Statement Oct 2, 2009
After years of rapid credit growth and large capital inflows, private sector external debt had increased to around 100 percent of GDP at the end of 2008. 4. (IMF News)
External debt goes up to $228 bn Oct 1, 2009
External debt goes up marginally to $228 bn- Indicators-Economy-News-The Economic Times ... External debt goes up marginally to $228 bn1 Oct 2009, 0418 hrs IST, ET Bureau ... MUMBAI: India's external debt stood rose marginally by $3. (India Times)
Indonesia regaining its lost charm Sep 26, 2009
Due to its fairly open capital account convertability and a past high proportion of external debt, initial currency volatility tends to be amplified as weakness is compounded by the locals switching out of rupiah and by debt capital outflows, it adds ... This is particularly so when its total external debt to foreign reserves ratio is relatively high compared with other Asian economies. (The Star Online, Malaysia -- Business)
Clouds over Central, Eastern European economies to lift slowly Sep 25, 2009
While the Czech Republic and Poland have better recovery prospects, the Baltic states and Hungary are facing more challenging ones, as they run "higher external debt levels and have limited fiscal and exchange rate response to the slowdown," UniCredit Group's analysts said. In Hungary, a combination of rescue packages from both the International Monetary Fund (IMF) and the EU eased the financial difficulties and eventually made foreign investors return. (Xinhuanet, China)
Zimbabwe: Biti Scores Own Goal Sep 24, 2009
Zimbabwe's total external debt, including arrears, amounted to US$4,7 billion as at December 31 2008, of which debt owed by government to international creditors totaled US$3,6 billion and that owed by parastatals and the private sector amounted to US$1,1 billion ... The US$110 million owed in external arrears is a drop in the ocean insofar as expunging the external debt stock is concerned ... The allocation is a low-cost way of adding to members' international reserves, allowing members to... (allAfrica.com)
Deficit on the decline - Governor Sep 24, 2009
External debt also increased from US$3,9826 million (28. 1 percent of GDP) at the end of December 2008 to US$4,470. (Ghana Web, Ghana)
External debt marginally up by 2.4% Sep 24, 2009
External debt marginally up by 2 ... External debt marginally up by 2 ... NEW DELHI: India's external debt rose marginally by 2. (India Times, India -- Intl Business)
Kenyon: Chelsea broke United-Arsenal cartel Sep 23, 2009
We ve got no external debt. We re not leveraged. (The Star Online, Malaysia -- Sports)
Press Release: Statement by the IMF Mission to Bulgaria Sep 22, 2009
These buffers were important given its large private sector vulnerabilities after year of large capital inflows, private sector external debt had increased to around 100 percent of GDP.. Before the downturn, Bulgaria could combine fiscal surpluses with high expenditure growth, as revenue grew very rapidly the result of the capital-inflows financing domestic demand boom. (IMF News)
Press Release: IMF Executive Board Approves US$21.5 Million PRGF Arrangement for the Union of the Comoros Sep 22, 2009
NPV of external debt to exports of goods and services. 249. (IMF News)
The 2009 Supplementary Budget: Politics And Nothing New Sep 10, 2009
Using figures from page 13 of the Supplementary Budget, one can, however, estimate the burden of external debt servicing to be about 9. 07 per cent of total receipts and that of domestic debt interest payments to be about 8. (Ghana Web, Ghana)
Public Information Notice: IMF Executive Board Reviews the Low-Income Country Debt Sustainability Framework and Adopts a More Flexible Policy on Debt Limits in IMF-Supported Programs Sep 10, 2009
The review of the policy on external debt limits in Fund-supported programs was initiated in March 2009 (see ) Considering the substantial changes in the patterns of financing of LICs in recent years and the increasing diversity of situations among LICs, the review envisages moving away from a single design of debt limits in Fund-supported programs toward a menu of options ... Today s discussion of the policy on external debt limits in Fund arrangements and the review of some aspects of the debt... (IMF News)
'Independent' directors just a myth Sep 8, 2009
"Net investment value" is just the market capitalisation plus how much external debt has been loaded into the vehicle. Management fees based on a percentage of debt represent a clear moral hazard. (Sydney Morning Herald -- Business)
Ghana on track to halving poverty before 2015 Sep 4, 2009
Total stock of medium and long-term external debt, which stood at US$6,347 ... Level of external debt service as a percentage of exports of goods and services declined from 5. (Ghana Web, Ghana)
Republic of Serbia - Stand-By Arrangement-Second Review, Aide Memoire Sep 4, 2009
Ceiling on contracting or guaranteeing by the public sector of new short-term external debt ... Ceiling on contracting or guaranteeing by the public sector of new short-term external debt (up to and including one year, in millions of euro) ... Ceiling on contracting or guaranteeing by the public sector of new nonconcessional external debt (over one year, in millions of euro) 3. (IMF News)
Minority calls on Finance Minister to be consistent Sep 3, 2009
Mr. Kyei-Mensah-Bonsu said "The question Ghanaians want the Minister to answer is which information about the state of the economy is correct; the one he characterizes as 'run-down' or the one he describes in his June 2009 letter to the IMF? Clearly, we know he cannot lie to the IMF, because the sanctions will be most severe as occurred in 2001, when Ghana was made to pay back almost $34 million dollars as a result of NDC government's misreporting on our external debt in 2000". He said NDC... (Ghana Web, Ghana)
Bampoe Addo passes away Sep 3, 2009
He also served Ghana on various Commissions of Enquiries, Boards and Committees including the Abraham Commission, Ollenu Commission, External Debt Committee, Computerisation Committee, Korle-Bu Teaching Hospital Development Committee, Committee on Government Accounts, Export Bonus Committee, Board of Governors of Accra Academy, Board of Stewards of the Accra Turf Club, and Board of Directors of the Faith Evangelical Mission Clinic. He is survived by ten children. (Ghana Web, Ghana)
Kiwi Traders Dare Bollard to Cut Rates as Standard Chartered Sees 6% Gain Sep 1, 2009
The New Zealand economy is fragile; it has a large external debt. . (Bloomberg)
Gross financing up in July on high loan disbursement Aug 27, 2009
8 times the short-term external debt. As for the banking sector, the level of capitalisation is still sound, with the risk-weighted capital ratio and core capital ratio improving to 14. (The Star Online, Malaysia -- Business)
Press Release: IMF Executive Board Approves US$240.6 Million Arrangement for the Federal Democratic Republic of Ethiopia Under the Exogenous Shocks Facility Aug 27, 2009
Public sector domestic borrowing will be contained to 3 percent of GDP, with the government acting to improve controls over borrowing by public enterprises and monitoring carefully external debt levels to ensure debt sustainability. The authorities are committed to crafting a tax reform strategy, aimed at reversing the decline in the tax-to-GDP ratio recorded in recent years. (IMF News)
Highlights of the supplementary budget Aug 26, 2009
- External Debt Service for the period under review was GH232. 1 million. (Ghana Web, Ghana)
LETTER: Guns at health care meeting is outrageous Aug 26, 2009
"USA External DEBT: $12.25 trillion (30 June 2007) -- CIA WORLD FACTBOOKYou heard it here first, Obama is leading us out of debt. ". elbert wrote on Aug 25, 2009 7:44 AM:" To prairieguy.You stated that three of the presidents died as a result of being shot. History tells me that that Lincoln was shot and died in 1865, Garfield was shot and died in 1881, McKinley was shot and died in 1901 and Kennedy was shot and died in 1963. Thus, history teaches that four presidents died. I wish you well in... (Mattoon Journal-Gazette, IL)
Press Release: IMF Sees Strong Progress in Seychelles Economic Program Aug 19, 2009
Good progress is being made in advancing public external debt restructuring discussions and the mission encourages the authorities to press ahead with their debt restructuring strategy. The IMF arrangement, approved on November 14, 2008, is for about US$24 million (SDR17. (IMF News)
Wanted: Somebody With An African Sensibility Steeped In Controversy Aug 16, 2009
She explains how external debt has come down, and how reserves have improved. She gives a new meaning to remittances: Africans abroad send money to Africa not because there is so much poverty there, but because they have confidence in their systems. (Ghana Web, Ghana)
Restoring Confidence in the Economy: Aug 15, 2009
- In the space of two years i.e. between 2006 and 2008, our stock of external debt increased from US$2. 2 billion to US$3. (Ghana Web, Ghana)
Pakistan pileson IMF debt Aug 11, 2009
It will be difficult for the country to repay the massive external debt with the current GDP growth, the slowest in 10 years and a current account deficit that has yet to be cut to a sustainable level. The central bank cut the discount rate by 100 basis points (or 1 percentage point) to 14% in its last quarterly statement, yet this is not enough to reduce the bank's lending rate and to stimulate economy. (Asia Times Online)
UNASUR summit crowned by Declaration of Quito Aug 11, 2009
He added that UNASUR faces the challenge of launching projects like the Bank of the South, creating a common reserve fund and monetary system and formulating new policies on restructuring the external debt of its members. The president also proposed the creation of an observation commission for the electoral process in the region. (Xinhuanet, China)
Mobius: Illiquidity is least of challenges Aug 11, 2009
He said China and India would continue to see growth because of domestic demand, huge foreign currency reserves, low external debt and low inflation environment. Most Viewed. (The Star Online, Malaysia -- Business)
Debt a threat to growth, says IMF Aug 10, 2009
Australia's persistent current account deficit, sizeable short-term external debt, and the worsening households' balance sheets were seen as vulnerabilities,'' the IMF's board concluded. A similar warning was delivered by IMF staff who visited Australia in June to meet Treasurer Wayne Swan, Reserve Bank governor Glenn Stevens and senior officials. (Sydney Morning Herald -- Business)
China's sleepless nights Aug 6, 2009
This is a classical creditor-debtor conflict - a debtor country never relegates domestic priorities to maintain the real value of what it owes or even to insure its ability to service its external debt ... The country issuing a reserve currency receives significant benefits from seignorage (defined as the benefit accruing to an issuer of a currency as the printing of currency cost very little while it can be used to purchase goods and services that equal its face value) and can finance its... (Asia Times Online)
Bush lays into the left at Americas summit but agrees concessions Aug 6, 2009
The US vision of free trade is frequently blamed by the left in Latin America for increasing poverty everywhere from the floundering Mexican countryside to Argentina's economic crash under external debt. Running against the tide of his Latin American peers, President Fox beamed during a joint press conference with Mr Bush, who last week proposed a guest worker programme that could benefit up to 5 million illegal Mexican workers in the US. The Mexican leader happily accepted an invitation to Mr... (Yahoo News -- Summit of the Americas)
Putin budget revealsidea deficit Aug 5, 2009
These figures are quite moderate in themselves and the external debt reaching 15-17% of GDP is not a heavy burden, but there is also corporate debt, which Kudrin estimates as exceeding $400 billion ... Indeed, the ability to pay off the external debt was one of the main sources of Putin's confidence in Russia's rising power, and his arrogant challenging of Western interests was in no small measure based on the assumption that Russia was free of this humiliating dependency. (Asia Times Online)
Foreign borrowings ease Aug 4, 2009
At the macro level there is an additional danger that mindless recourse to overseas funds could see the countrys external debt situation deteriorate. It is now comfortable, the amounts involved are small and both the RBI and government have followed a fairly conservative policy when it comes to allowing access to overseas funds, especially debt. (India Times)
Transcript of a Conference Call on Ukraine With Ceyla Pazarbasioglu, Mission Chief for Ukraine in the IMF's European Department Jul 31, 2009
Can a certain amount of IMF tranche be used for Ukraine s external debt ... But, basically, the idea is that the government has external obligations, and that this disbursement would support the payment of those obligations, be it balance of payments needs, be it external debt payments, or otherwise ... The idea is that they have balance of payments needs, including gas purchases, including external debt payments, and these funds are available to help the government make those governments. (IMF News)
Public Information Notice: IMF Executive Board Concludes Article IV Consultation with Brazil Jul 29, 2009
Outstanding external debt (in percent of GDP) ... Gross reserves/short-term external debt (residual maturity, in percent). (IMF News)
Liberia: Sirleaf Moves Cautiously On Truth Commission Report Jul 29, 2009
"We are close to the end of the program that will bring us relief from the US$4.9 billion external debt which we inherited. Our Central Bank international reserves have gone from US$5 million to US$50 million," the Liberian leader said. She said when the improvement in the financial sector combines with the removal of UN sanctions on diamonds and forestry and Liberia's membership in the Extractive Industries Transparency Initiative (EITI), there was no question that the nation was inching slowly... (allAfrica.com)
Press Release: IMF Executive Board Approves US$2.6 Billion Stand-By Arrangement for Sri Lanka Jul 26, 2009
External debt (public and private). In billions of U.S. dollars. (IMF News)
FEC okays N1.026tr budget deficit projection Jul 23, 2009
He said that with the current revelation that our current external debt profile is standing at $3 ... Director-General of DMO, Abraham Nwankwo had presented a document to the Senate Committee on Local and Foreign Debts when they visited his office on Monday which says that Nigeria's external debt was $3. (Guardian News, Nigeria)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with the People's Republic of China Jul 23, 2009
External debt and balance of payments. Current account. (IMF News)
Ideal Financial Solutions Posts Current Financial Statements Jul 22, 2009
"It is also important to note that the company paid off $428,857.31 of its debt during this same period, and plans to pay off all external debt before the end of the third quarter of 2009.". By posting its financial statements on Pinksheets. (Primezone Releases)
New Zealand's Long-Term Credit Rating Outlook Is Cut to Negative by Fitch Jul 16, 2009
The ratings company said low interest rates and an accommodative fiscal stance means households may not reduce spending and borrowing enough to reduce the current account deficit and the nations external debt to a safe level. Against this backdrop of external vulnerability, more aggressive restoration of public finances through fiscal prudence will be needed to raise the national savings rate to counter weak private savings. (Bloomberg -- Australia & New Zealand)
China doubles down in Africa Jul 14, 2009
This shortfall, a loss of a quarter trillion dollars in revenues, will throw the aggregate current account into deficit, create a dire food and fuel import crisis for cash-strapped countries and put paid to the idea of servicing any normal external debt for infrastructure construction. Therefore, much of the perhaps US$50 billion in infrastructure investment needed per annum to sustain Africa's economic growth will have to come from outside in the form of investment or aid. (Asia Times Online)
Zimbabwe: IMF Sets Strict Terms for Country Jul 13, 2009
Elton Mangoma, the Economic Planning Minister, said in March Zimbabwe had no capacity to repay its external debt, including clearing outstanding arrears with the IMF. Major donors and lenders take a cue from the IMF.. Kramarenko's statement came even after the IMF had warned in May that Zimbabwe would remain mired in large financing gaps even if the country heightened efforts aimed at reviving the country's battered economy. (allAfrica.com)
Bank Negara reserves up Jul 8, 2009
8 times the short-term external debt, it said in a statement yesterday. Bernama. (The Star Online, Malaysia -- Business)
Regional Course on Financial Programming and Policies opens Jul 8, 2009
Dr Acquah said those high deficits would put pressures on the recently achieved public external debt relief and exacerbate the already onerous domestic debt. He said servicing of the public debt was laying claim to government revenues that should ideally be targeted at poverty reducing expenditures such as education, health and socio, economic infrastructure. (Ghana Web, Ghana)
Pakistan still owes India Rs 300 crore as pre-partition debt Jul 7, 2009
40 crore and nearly 10 times of India's total external debt of Rs 32 crore. Surprisingly, New Delhi has not added interest to this amount since its entry in the books. (India Times, India)
Zimbabwe: Govt Can't Repay Loans - Insisting On 'Debt Strategy' Jul 7, 2009
According to the latest ministry of finance and Reserve Bank of Zimbabwe statistics, released on Jun 30, Zimbabwe is sitting on a total external debt of 4,6 billion dollars ... The huge external debt may extinguish whatever possibility exists of an economic recovery. (allAfrica.com)
Malcolm Maiden Jul 5, 2009
The caveat that crawls like a corrosive worm through Macquarie Group's accounts is asset valuations - on Macquarie's co-investments in the family of funds it created and on the external debt and equity exposure the group holds. Tuesday November 18, 2008. (Sydney Morning Herald -- Opinion)
Miners bank $3bnon Baloch project Jul 3, 2009
The wealth from Reko Diq could enable Pakistan to retire its external debt and liabilities, which have surged to $50. 9 billion. (Asia Times Online)
Weaning Ghana off Foreign Aid: Is it Possible? Jul 3, 2009
The best strategy would be nurturing the country to gradually detach her from the overdependence of foreign aid which has practically served no usefulness to our development efforts but rather increasing our external debt ... The incumbent government can boldly start this approach which holds a lot of promise by weaning the country off foreign aid to possibly clamp down on external debt. (Ghana Web, Ghana)
Haiti debt relief to free up $50 mln a year - IMF Jul 2, 2009
The largest share of Haiti's foreign debt is owed to the Inter-American Development Bank (41 percent of total external debt), the World Bank (27 percent), and bilateral creditors (24 percent). Helped by 9,000 U.N. peacekeepers, Haiti appears to be on a slow recovery from its troubled past of dictatorship and political violence. (AlertNet)
Press Release: IMF and World Bank Approve US$1.2 Billion Debt Relief for Haiti Jul 2, 2009
The largest share of Haiti s external debt is owed to the Inter-American Development Bank (41 percent of total external debt), the World Bank (27 percent), and bilateral creditors (24 percent) ... External debt thresholds were lowered from the original framework. (IMF News)
Press Release: IMF and World Bank Support the Central African Republic's Completion Point under the Enhanced HIPC Initiative and Approve Debt Relief under the Multilateral Debt Relief Initiative Jul 1, 2009
External debt thresholds were lowered from the original framework. As a result, more countries have become eligible for debt relief and some countries have become eligible for greater relief. (IMF News)
Mugabe should know his currency is a stale joke Jul 1, 2009
External debt was US$6bn. Retailers' bravado. (Business Report, South Africa)
Nigeria: Country's External Debt Rises to $3.6 Billion Jul 1, 2009
com: Nigeria: Country's External Debt Rises to $3 ... Nigeria: Country's External Debt Rises to $3 ... Owerri Nigeria's current debt portfolio has been described as being very healthy considering the fact that as at end of May 2009, its external debt stock stood at about USD3. (allAfrica.com)
Press Release: IMF Executive Board Completes the Second Review Under Seychelles' Stand-By Arrangement and Approves US$1.4 Million Disbursement Jul 1, 2009
Good progress is being made with public external debt restructuring. Following the favorable agreement with the Paris Club, the authorities have shown good faith efforts to normalize relations with all creditor groups. (IMF News)
* Emaar downplays debt burden from property merger Jun 30, 2009
The company said the three Dubai Holding units had by the end of last year a combined total assets book value of 126 billion dirhams, while their total external debt amounted to about 3. 4 billion dirhams. (Taipei Times, Taiwan -- Sports)
Emaar downplays debt burden of Dubai property merger Jun 29, 2009
3 billion dollars), while their total external debt amounted to about 3. 4 billion dirhams (926 million dollars). (Yahoo! Asia News)
Madoff awaits moment of truth Jun 29, 2009
The sums were shockingly large -- bigger than the gross domestic product of countries such as Luxembourg, and more than the external debt of several poor African nations. Chin has ordered that Madoff forfeit over 170 billion US dollars in illegally obtained assets, following a request from the prosecutors. (Sydney Morning Herald -- World)
Economic Meltdown Temporarily Restrains Growth in the Middle East Water and Wastewater Treatment Equipment Markets, Finds Frost & Sullivan Jun 29, 2009
" Governments in GCC countries have exhibited strong political will to continue investing in important infrastructure projects. Environmental and health hazards related to the disposal of untreated effluent, marine pollution, and deteriorating ground water quality are some of the issues that are keeping market prospects alive. Though these forces have been overshadowed by short-term concerns, they are expected to positively impact market dynamics from 2009 to 2013. The extent to which markets... (PR Newswire)
Nigeria: Govt Bans Fresh Investment in Tobacco Jun 29, 2009
He said that Nigeria is a preferred investment destination because of the current administration's commitment to the rule of law, empowerment of the private sector, commitment to creating enabling business environment and its low external debt estimated as at February this year to be $3. 5 billion. (allAfrica.com)
Judge orders Madoff stripped of $170 bln in assets Jun 28, 2009
The sums were shockingly large -- bigger than the gross domestic product of countries such as Luxembourg, and more than the external debt of several poor African nations. An attachment to Judge Chin's order outlines the assets Madoff will be stripped of in addition to the holdings he obtained through the investment fraud. (Yahoo! Asia News)
President Mills Government cannot fail Ghana Jun 27, 2009
The average term to maturity of the external debt portfolio is currently about 23 years, indicating that the present external debt is largely of a long term profile ... 1 per cent of the external debt portfolio. (Ghana Web, Ghana)
