Net total debt increased to 11.4 billion.

Debt cancellation did not necessarily lead to net flows.

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

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

Thus debt service is a significant item in affecting net resource flows to Africa, and Africa s debt servicing difficulties have long been recognized.

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.

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

Construction fund earnings would be applied to the annual debt service requirement, thereby reducing the net annual debt service to be met by the set aside procedure.

Unfortunately, even with this special year end payment, and a net downward revaluation of equipment debt of 3 million, the Organization s debt will remain high at 864 million.

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.

Debt servicing diverts resources from development, contributing to the net transfer of resources from the poor to the rich.

In particular, they should have paid greater attention to the sustainability of US mortgage and consumer debt. In 2007, the mortgage and consumer debt to GDP ratio was more than 90 , compared to 24 for net foreign debt.

18. Net domestic debt rose 37 per cent in 1997 to LL 18,379 billion, from LL 13,358 billion in 1996.

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.

6 Defined as net resource flows minus the interest payments on long term debt and profit remittances on account of FDI.

5 Defined as the sum of net resource flows on external long term debt (disbursements minus reimbursements), excluding net IMF credits, foreign direct investments, and public grants (excluding technical assistance) received by the recipient country.

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.

The continued slowdown in net aid disbursements was also a growth depressing factor, coupled with the burden of debt repayments, which remained excessive.

Net public debt increased by 35 per cent in 1997 and reached LL 22,006 billion in 1997, compared to LL 16,266 billion in 1996.

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).

In April 2004, Ethiopia reached the completion point under the enhanced HIPC Initiative, and in May 2004 it benefited from a 90 per cent reduction in the net present value of its debt stock, thus reducing the country's debt owed to Paris Club creditors from US 1,087 million to US 153 million in net present value terms.

Net total public debt increased to 10.5 billion in 1996, up by 42 per cent an increase in the same proportion as one year earlier.

Burkina Faso is expected to receive assistance of about 115 million (net present value terms), representing a debt reduction of about 14 per cent.9

Macroeconomic policy questions trade and development financing of development, including net transfer of resources between developing and developed countries commodities external debt crisis and development

21 Debt buy backs involve buying back the claims at the net present value of the remaining cash flows the net present value is calculated by discounting cash flows at risk free rate plus a market referenced common country risk spread.

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.

Prior to the crisis, banks had often been net sellers of foreign government bonds, but they significantly increased their purchases during 2008 2009. With the onset of the European sovereign debt crisis in 2010, banks appetite for public debt fell again.

Corporations, moreover, are holding the largest amounts of cash, relative to assets and net worth, ever recorded. And yet, despite what pundits claim about strong balance sheets, firms debt levels, relative to assets and net worth, also remain near record high levels.

The net transfer of resources to the outside had reached 100 billion, and the external debt had increased from 220.4 billion in 1980 to 607.2 billion in 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 pension Net pensionable salary is that part of net salary that is used to derive the gross pensionable salary. Net pensionable salary is the total net salary less the

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).

Net

net

net

Uganda is estimated to receive 1.95 billion in nominal debt service relief.12 However, the net present value of its debt to exports ratio was estimated to reach 258 per cent by the end of 2003, a level significantly above the HIPC sustainable threshold.14

Total net Total net remuneration is the sum of the non pensionable component and the net pensionable salary.

Total net Total net remuneration is the sum of the non pensionable component and the net pensionable salary.

An estimated 2.06 billion in nominal debt service relief has been committed to Bolivia.12 However, Bolivia's external debt at the end of 2003 was higher than it was prior to receiving debt relief in 2001,13 as the net present value of its debt to exports ratio rose by 117 per cent, reaching 176 per cent at the end of 2003, above the HIPC sustainable threshold of 150 per cent.

Net pensionable salary is the total net salary less the

Likewise, while limiting the deductibility of net interest for corporations, as many other developed countries have done, would broaden the tax base and discourage excessive reliance on debt financing, it would increase the tax burden on major investments in physical capital, which are often debt financed.

The estimated nominal debt service relief committed to Burkina Faso amounts to 930 million.12 By the end of 2003, the net present value of Burkina Faso's debt to exports ratio had risen to 199 per cent, from 150 per cent at the end of 2001.

Sources OECD, statistical annex to 2004 Development Cooperation Report (net ODA receipts, ODA GNI) UNCTAD, Handbook of Statistics, 2004 (exports of merchandise) World Bank, World Development Indicators 2005 (external debt, GDP).

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