For starters, when it comes to public debt, there is a big difference between the gross and net figures. While Japan s gross public debt, for example, is a massive 246 of GDP, the net figure, accounting for intra government debts, is 127 of GDP.

Net total debt increased to 11.4 billion.

2. Net transfer of financial resources of net debtor developing countries, 1987 1997

At HIPC completion point in June 1999, when formal cancellation is to take place, Mozambique s total debt stock in net present value terms is to fall from over US 7 billion to US 1.1 billion.

12. Since it is important to examine the financial composition of net transfers as well as the overall levels, data with the requisite detail have been brought together for 105 net debtor developing countries.

The net addition to the General Services Section would be eight.

External debt rose by 574 million in 1996 to 1,856 million (18 per cent of net total public debt).

Net excess (shortfall) of income over expenditure

Debt cancellation did not necessarily lead to net flows.

Overall, short term debt and total debt service also declined.

The total estimated NPV of Total Debt Relief by IDB to 14 Member Countries as of June 2003 reached US.D 144 Million.

In the first quarter of 1998, net public debt increased by 4 per cent to reach US 15 billion, of which 17 per cent was foreign debt (US 2.5 billion or about 16 per cent of GDP).

Total expenditure for the same period amounted to 492,556,300 gross ( 486,716,800 net), inclusive of unliquidated obligations in the amount of 18,367,800.

Figure 2 shows the breakdown between new (net) transfers and debt forgiveness.

Debt sustainability indicators for Haiti are mixed.

At that point, a stock of debt operation in the Paris Club would also take effect, i.e., reduction of the stock of debt.

Now we've got a chance to liquidate and start over with a clean slate.

It is estimated that the debt export ratio in net present value terms is high (187 per cent), suggesting that Haiti's debt is unsustainable.

Holders of both state and federal bonds were thus offered a basket of long dated bonds, some with an interest rate of 3 , and others with 6 (with a ten year grace period). The basket was designed in such a way as to result in an average debt service cost of 4 .

Latin American debt indicators generally indicated a sustainable debt position for the region as a whole, with a debt service ratio of 12 per cent, debt stock to exports and to GNP ratios of 103 per cent and 43 per cent respectively, and a short term debt to reserves ratio of 71 per cent.

Figure II.2 Total unliquidated obligations

An amount of 3,277,774 net saving arises from the cancellation of 2002 2003 obligations.

Debt rate ( GNP)

In order to make the net debt reduction sufficiently large, however, the HIPC initiative requires deep reductions in the debt servicing owed to bilateral official creditors, which some creditor countries have resisted, and it introduces special processes for reducing the servicing of multilateral debt.

A number of official bilateral creditors have expressed their intention to go beyond the agreed cancellation, and to grant additional relief on a bilateral basis, estimated to be worth approximately US 336 million in net present value terms.

This suggests that net private borrowing using debt instruments has been rather small over this recent period.

Public and publicly guaranteed debt continued to account for the major share of long term debt, at 83 per cent of the total, but the volume of private non guaranteed debt accelerated by 18 per cent and its share rose from 15 per cent in 1996 to 17 per cent of the total.

10. Although the overall debt situation of net debtor developing countries as a group had continued to improve in 1996, a significant number of developing countries, mostly low income African countries, continued to suffer from a heavy debt burden.

His delegation therefore supported the application of the debt burden adjustment based on the debt stock approach.

Net total

The bulk of that amount comprised long term debt (80 per cent), while short term debt accounted for 18 per cent of the total.

Net public debt could soon reach 100 per cent of GDP on the basis of recent trends (hence, the importance of achieving increasing primary surpluses in the general budget).

For the HIPCs, the debt structure is overwhelmingly public and publicly guaranteed, which accounted for 80 per cent of total external debt at end 1996.

The net domestic public debt to GDP ratio stood at a high 63 per cent at the end of 1996 (52 per cent at the end of 1995).

NET TOTAL

25. The financial report and accounts reflect UNICEF income, expenditure, assets and liabilities, including the net operating income, assets and liabilities of the greeting card and related operations.

Arrears as a share of total debt

The debt indicators show what would be expected to be a sustainable debt position.1 The debt service ratio measured 13 per cent, the debt stock to exports ratio 114 per cent, the debt stock to GNP ratio 31 per cent, and short term debt to foreign exchange reserves ratio 53 per cent as noted, however, those figures obscure diverse trends at the country level.

The unliquidated obligations charged during the last month of the fiscal year constituted 80 per cent of the total of unjustified unliquidated obligations.

The unliquidated obligations charged during the last month of the fiscal year constituted 80 per cent of the total of unjustified unliquidated obligations.

However, members of the Committee had divergent views on the validity of the adjustment and on its application, with some members favouring a debt flow approach in place of the debt stock approach currently utilized.

Foreign transfers for debt payment were, however, already taken into account in calculating gross national product and net national income, so that if the gross national product were taken as the measure of income for calculating the scale, debt burden adjustment was already taken into account to some extent.

Total debt relief accorded to the 27 countries that have reached either the decision point or the completion point, together with other debt relief measures, represents a two thirds reduction in these countries' overall debt stock.

In accordance with the Staff Regulations and Rules of the Tribunal the contingent liability reflected above is based on net remuneration.

It is calculated to receive debt relief equivalent to about 345 million (in net present value terms) which is projected to reduce its debt to export ratio to 202 per cent.