HC Deb 16 May 1988 vol 133 cc302-3W
Mr. Tom Clarke

To ask the Secretary of State for Foreign and Commonwealth Affairs if he will publish a table in theOfficial Report showing, as a total for all non-oil developing countries, and the 1974 to 1987 cumulative totals in constant 1987 pounds sterling of non-oil developing countries (a) current account deficits, (b) increases in official reserves, (c) non-debt creating flows to these countries, net, (d) net long-term capital from official sources and (e) borrowing from private markets.

Mrs. Chalker

Information is not available in the exact form requested. The following table, which has been obtained from International Monetary Fund sources, shows data for all non-oil developing countries on external financing flows between 1974 and 1987, measured in current dollars. Particular attention is drawn to the explantions in the footnotes to the table.

Non-oil developing countries 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987
Use of reserves -3.0 -1.0 -13.8 -13.0 -19.6 -15.2 -12.2 -6.8 4.5 -11.4 -17.4 -10.1 -29.3 -41.8
Asset transactions, net2 -2.9 -2.4 -5.3 -5.6 -4.8 -7.6 -6.4 -11.0 -7.1 -5.5 -8.8 -8.5 -9.0 -6.9
Recorded errors and omission3 -4.5 -7.7 -6.8 -5.7 -8.4 -1.5 -10.8 -15.7 -20.3 -15.3 -7.6 -5.9 3.0 2.7
Net external borrowing 32.4 43.8 47.6 40.1 57.3 63.1 92.1 118.8 89.9 65.2 51.0 39.2 36.5 27.1
Reserve related liabilities 1.9 2.7 5.2 4.0 2.7 0.2 2.9 12.6 22.2 14.2 9.3 2.1 8.0 -4.6
Liabilities constituting foreign authorities' reserves4 0.1 0.4 1.7 2.0 1.4 -0.8 1.6 0.7 3.4 -3.7 -0.4 0.4 1.7 0.1
Net credit from IMF5 1.5 2.1 3.2 0.1 0.5 0.9 2.8 6.5 6.9 10.9 4.9 0.3 -2.7 -6.7
Arrears 0.3 0.2 0.3 1.9 0.7 — -1.5 5.4 11.9 7.0 4.7 1.3 9.0 2.1
Long-term borrowing from official creditors, net6 5.1 11.8 12.5 13.0 15.0 28.4 23.6 30.0 30.5 27.6 26.3 24.0 26.2 29.5
Other net external borrowing7 22.3 29.3 30.0 23.0 39.6 34.5 65.7 76.2 37.2 23.4 15. 4 13.1 2.2 2.2
Source: IMF 'World Economic Outlook April 1988' (Table A43) and IMF Staff.
Note: Except where otherwise footnoted, estimates shown here are based on national balance of payments statistics, which are not always easily reconcilable with year-to-year changes in either debtor-or creditor-reported debt statistics, in part because the latter are affected by changes in valuation. The figures for earlier years are not as reliable as those from 1980; there may ?e breaks in individual series and in some cases, data may have been estimated.
1 Equivalent to currrent account deficit less official transfers. For purposes of this table, official transfers are treated as external financing.
2 Pertains primarily to export credit.
3 Positioned here on the presumption that estimates reflect primarily unrecorded capital outflows.
4 Comprises short-term borrowing by monetary authorities from other monetary authorities.
5 Includes use of Fund credit under General Resources Account, Trust Fund, Structural Adjustment Facility and Enhanced Structural Adjustment Facility.
6 Estimates of net disbursements by official creditors (other than monetary authorities) derived from debt statistics. Official net disbursement include the increase in official claims caused the transfer of officially guaranteed claims to the guarantor agency in the creditor country, usually in the context of debt reschedulings.
7 Residually calculated. Except for discrepancies in coverage, amounts shown reflect mainly net external borrowing from private creditors and short-term flows.

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