1、INTERNATIONALDEBT REPORTUpdated International Debt Statistics2022International Debt Report 2022International Debt Report 2022Updated International Debt Statistics 2022 International Bank for Reconstruction and Development/The World Bank1818 H Street NW,Washington,DC 20433Telephone:202-473-1000;Inter

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13、rld Bank and Bill Pragluski/Critical Stages,LLC.Library of Congress Control Number:2022918025vForeword ixAcknowledgments xiIntroduction xiiiPART I:Overview 1Overview 3Trends in External Debt,201021 3The Evolving Maturity Composition of External Debt,201021 8Changes in the Creditor Composition of Ext

14、ernal Debt,201021 11Extraordinary Support from Multilateral Creditors during the COVID-19 Pandemic 15The Debt Service Suspension Initiative:Update and Perspectives 17Spotlight on Debt Data Transparency:The Role of the World Banks Debtor Reporting System 18Notes 24References 24PART II:Aggregate and C

15、ountry Tables 27All Low-and Middle-Income Countries 29East Asia and Pacific 30Europe and Central Asia 31Latin America and the Caribbean 32Middle East and North Africa 33South Asia 34Sub-Saharan Africa 35Afghanistan 36Albania 37Algeria 38Angola 39Argentina 40Armenia 41Azerbaijan 42Bangladesh 43Belaru

16、s 44Belize 45Benin 46Bhutan 47Bolivia,Plurinational State of 48Bosnia and Herzegovina 49Botswana 50Brazil 51Bulgaria 52Burkina Faso 53Burundi 54Cabo Verde 55Cambodia 56Cameroon 57Central African Republic 58Chad 59China 60Colombia 61Comoros 62Congo,Democratic Republic of 63Congo,Republic of 64Costa R

17、ica 65Cte dIvoire 66Djibouti 67Dominica 68Dominican Republic 69Ecuador 70Egypt,Arab Republic of 71El Salvador 72Eritrea 73Eswatini 74Ethiopia 75Fiji 76Gabon 77Gambia,The 78Georgia 79Ghana 80Grenada 81Guatemala 82Guinea 83ContentsI N T E R N A T I O N A L D E B T R E P O R T 2 0 2 2viGuinea-Bissau 84

18、Guyana 85Haiti 86Honduras 87India 88Indonesia 89Iran,Islamic Republic of 90Iraq 91Jamaica 92Jordan 93Kazakhstan 94Kenya 95Kosovo 96Kyrgyz Republic 97Lao Peoples Democratic Republic 98Lebanon 99Lesotho 100Liberia 101Madagascar 102Malawi 103Maldives 104Mali 105Mauritania 106Mauritius 107Mexico 108Mold

19、ova 109Mongolia 110Montenegro 111Morocco 112Mozambique 113Myanmar 114Nepal 115Nicaragua 116Niger 117Nigeria 118North Macedonia 119Pakistan 120Papua New Guinea 121Paraguay 122Peru 123Philippines 124Russian Federation 125Rwanda 126Samoa 127So Tom and Prncipe 128Senegal 129Serbia 130Sierra Leone 131Sol

20、omon Islands 132Somalia 133South Africa 134Sri Lanka 135St.Lucia 136St.Vincent and the Grenadines 137Sudan 138Syrian Arab Republic 139Tajikistan 140Tanzania 141Thailand 142Timor-Leste 143Togo 144Tonga 145Tunisia 146Trkiye 147Turkmenistan 148Uganda 149Ukraine 150Uzbekistan 151Vanuatu 152Vietnam 153Ye

21、men,Republic of 154Zambia 155Zimbabwe 156APPENDIX:About the Data 157User Guide to Tables 159Tables 159Statistics 159Aggregate Measures for Income Groups and Regions 159Classification of Countries 160Symbols 160User Guide to Online Tables and Database 161How to Access the Online Country Tables 161Ind

22、icators 163How to Access the Database 165Actions 165Data Sources and Methodology 167Data Sources 167Methodology 168External Debt and Its Components 170Data Documentation 173Sources of the Macroeconomic Indicators 178Country Groups 181Regional Groups 181Income Groups 182Glossary 183viiC O N T E N T S

23、BOXESO.1 External Debt Data:Concepts,Sources,and Coverage 3O.2 World Bank Income and Lending Classifications Used in the International Debt Report 2022 5O.3 Allocation of the International Monetary Funds Special Drawing Rights in 2021 9O.4 Sovereign Debt Market Fragmentation in Highly Indebted Poor

24、Countries 14O.5 Improvements in Debtor Reporting System Coverage Enhance Debt Transparency 22FIGURESBO.1.1 Net Equity Inflows and External Debt Flows to Low-and Middle-Income Countries,201021 4BO.2.1 Number of Low-and Middle-Income Countries Covered in the International Debt Report 2022,by FY2023 In

25、come and Lending Groups 5O.1 External Debt-to-GNI Ratios for Low-and Middle-Income Countries,201021 6O.2 External Debt-to-GNI Ratios,by Country and Region,2010 and 2021 6O.3 External Debt Stocks of Low-and Middle-Income Countries,201021 7O.4 Percent Change in External Debt Stocks of Low-and Middle-I

26、ncome Countries,201021 7O.5 Share of External Debt Stocks of Low-and Middle-Income Countries,201021 8BO.3.1 SDR Allocations as a Share of General Government External Debt and International Reserves,by Region,2021 9O.6 Long-Term and Short-Term Debt Stocks of Low-and Middle-Income Countries,201021 10O

27、.7 Share of Short-Term Debt Stocks of Low-and Middle-Income Countries,201021 10O.8 Change in Low-and Middle-Income Countries Short-Term Debt Stocks and Trade-Related Debt,201021 10O.9 Net Debt Inflows by Maturity in Low-and Middle-Income Countries,201021 10O.10 IDA-Eligible Countries Long-Term Exter

28、nal Debt Owed to Private Creditors,201021 11O.11 IDA-Eligible Countries Creditor Composition of Long-Term Public and Publicly Guaranteed External Debt,201021 12O.12 Share of Public and Publicly Guaranteed External Debt Stocks of IDA-Eligible Countries Owed to Bilateral Paris Club and NonParis Club C

29、reditors,201021 12O.13 IDA-Eligible Countries Disbursements,Debt Service Payments,and Net Transfer as a Share of GNI,201021 13O.14 Average Terms of Commitments of External Public and Publicly Guaranteed Debt to IDA-Eligible Countries,by Creditor Type,201021 13BO.4.1 Creditor Base Fragmentation in Hi

30、ghly Indebted Poor Countries 14BO.4.2 Debtor Base Fragmentation in Highly Indebted Poor Countries 15O.15 Commitments to Low-and Middle-Income Countries from Multilateral Institutions,201021 16O.16 Disbursements to Low-and Middle-Income Countries by Multilateral Institutions,201921 16O.17 Loan Commit

31、ments from Official Creditors to IDA-Eligible Countries,201021 17O.18 DSSI-Participating Countries Debt Service Paid and Deferred,by Creditor Groups,201921 17O.19 Percent of Countries That Report Public and Publicly Guaranteed and Private Nonguaranteed Year-End Transaction Data to the DRS,201021 20O

32、.20 Number of Indicators Published in the International Debt Statistics Database,Year-End Data,201721 21I N T E R N A T I O N A L D E B T R E P O R T 2 0 2 2viiiBO.5.1 Ex Post Upward Revisions of External Public and Publicly Guaranteed Loan Commitments 22BO.5.2 Countries with the Largest Cumulative

33、Upward Revisions since International Debt Statistics 2018 23A.1 External Debt and Its Components 171TABLEO.1 External Debt-to-GNI Ratios for Income and Lending Categories,2010 and 201921 5ixForewordThe external debt service payments on public and publicly guaranteed debt by the worlds poorest countr

34、ies are expected to surge by 35 per-cent from 2021 to over US$62 billion in 2022.Debt service payments take away scarce fiscal resources from health,education,social assis-tance,and infrastructure investment.Payments scheduled for 2023 and 2024 are likely to remain elevated because of high interest

35、rates,maturing principal,and the compounding of interest on Debt Service Suspension Initiative deferrals.The increased liquidity pressures in poor countries go hand in hand with solvency challenges,causing a debt overhang that is unsustainable for dozens of countries.Nearly 60 percent of countries s

36、ubject to the Joint World BankInternational Monetary Fund Debt Sustainability Framework for Low-Income Countries are at high risk of debt distress or already experiencing it.In 2021,the debt stock of low-and middle-income countries rose by 5.6 percent to US$9 trillion,of which International Developm

37、ent Association(IDA)countries owe nearly US$1 trillion.Although on average countries public and publicly guaranteed external debt as a share of gross national income returned to prepandemic levels,such was not the case for IDA countries;in those countries,ratios of debt to gross national income rema

38、ined well above their levels before the pandemic.With the 2022 growth outlook cut in half,interest rates much higher,and many currencies depreciating,the burden of debt is likely to increase further.As debt has grown in recent years,its com-position has also changed rapidly.Low-and middle-income eco

39、nomies have become increas-ingly indebted to private creditors,especially bondholders.At the end of 2021,61 percent of the US$3.6 trillion in long-term public and pub-licly guaranteed external debt stock was owed to private creditorsup from 46 percent in 2010.In IDA-eligible countries,the share owed

40、 to pri-vate creditors rose from 5 percent in 2010 to 21 percent in 2021.The composition of debt owed by IDA countries to official bilateral creditors has also changed significantly.The proportion owed to Paris Club creditors fell to 32 percent at the end of 2021(US$64.2 billion),down from 58 percen

41、t(US$48.9 billion)at the end of 2010.Meanwhile,the amount owed to nonParis Club creditors(China,India,Saudi Arabia,the United Arab Emirates,and others)increased to 68 percent(US$138.3 billion)in 2021 from 42 percent(US$35.3 billion)in 2010.Among the nonParis Club creditors,Chinas share of official b

42、ilateral debt stock grew from 18 percent in 2010 to 49 percent in 2021.This growth is also reflected in the increase of debt service flows to China,estimated at US$17 billion in 2022 and account-ing for 66 percent of official bilateral debt service.Increases in the size of debt and debt pay-ments un

43、derscore the need to create a more effective debt reduction process for low-and middle-income countries in debt distress.Given the changes in debt composition,creating such a process has become challenging and requires cooperation from all major creditors.The growth of debt also underscores the need

44、 for greater debt transparency.The World Bank is actively engaged in discussions at various inter-national forums to design solutions for address-ing unsustainable debt in developing countries.For more than four decades,the World Bank has been a leader in disseminating information on the external de

45、bt of low-and middle-income countries.Our database constitutes the most comprehensive publicly available source of cross-country comparable data on external debt for those countries.Much remains to be done on transparency,but we are making significant I N T E R N A T I O N A L D E B T R E P O R T 2

46、0 2 2xprogress.Over the past five years,we have added US$631 billion in previously unreported loan commitments to the database.In the past three years,we have released 569 new debt indicators,constituting a significant increase in instrument and creditor coverage as well as in specificity.This year,

47、we are rebranding our annual International Debt Statistics publication with a new nameInternational Debt Report.This change reflects the reports new and substantive analyses on debt issues and improvements in its coverage to close data gaps.The report offers a crucial base of information for shaping

48、 debt-related policies and programs.Raising the bar on debt transparency means supporting borrowers efforts to implement reforms to build such systems.Greater transpar-ency will improve incentives for the implementa-tion of policies that strengthen debt and fiscal sustainability and promote debt tra

49、nsparency.We are also working with national debt offices to enhance debt reporting and advocating for further disclosure by debtors and creditors alike.David MalpassPresident,World Bank Group xiThis volume was prepared by the Debt Statis-tics Team of the Development Data Group(DECDG)at the World Ban

50、k,led by Evis Rucaj and comprising Parul Agarwal,Arturo Albarran-Cortes,Ogma Dessirama Bale,Arzu Aytekin Balibek,Kifaye Didem Bayar,Daniella Kathyuska Bolanos-Misas,Wendy Ven-dee Huang,Chineze Olive Okafor,Malvina Pollock,Rubena Sukaj,Tin Yu To,Rasiel Vellos,and Bedri Zymeri.The overview was pre-par

51、ed by the Debt Statistics Team with contributions from Sebastian Andreas Horn,Clemens Graf von Luckner,and David Mihalyi.The work was carried out under the management of Nada Hamadeh and the direction of Haishan Fu.The team was assisted by Nancy Kebe.Valuable guidance was provided by Indermit S.Gill

52、,Senior Vice President and Chief Economist of the World Bank Group,and Aart C.Kraay,Deputy Chief Economist and Director of Development Policy.Sebastian Andreas Horn,Rita Ramalho,and Sergio Schmukler from the Development Economics Vice Presidency;Ivailo V.Izvorski and Diego Rivetti from the Macroecon

53、omics,Trade and Investment Global Practice;and Abha Prasad,Xubei Luo,and Toru Nishiuchi from the Development Finance Vice Presidency at the World Bank provided valuable feedback on the overview section.The final statistics were reviewed by country economists.The cover was designed by Parul Agarwal a

54、nd Bill Pragluski.Jewel McFadden,Mark McClure,and Orlando Mota coordinated the publication and dissemination of this volume.Elizabeth Price,Joseph Rebello,and Shane Kimo Romig managed the communications surround-ing the release.The accompanying International Debt Statistics electronic products were

55、prepared with support from a team led by Sebastian Ariel Dolber and Anna Maria Kojzar and comprising Surya Anandan,Rajesh Kumar Danda,Vijayakumar Juttu Mohan,Ramgopal Erabelly Kunal Patel,Meher Vikramadhitya Varma Penmetsa,Gangadhar Simhani,Ivan Spiriev,and Ajith Kumar Rajagopal Vijaya.Acknowledgmen

56、tsxiiiPublic debt reached record levels during the pandemic,in both advanced economies and low-and middle-income countries.For the poor-est and most fragile countries,high fiscal and debt vulnerabilities undermined macroeconomic stabil-ity.Today,60 percent of the countries eligible for the Debt Serv

57、ice Suspension Initiative are assessed at high risk of debt distress or are already in debt distress.Escalation of geopolitical tensions from the Russia-Ukraine war could lead to even tighter global financial conditions,higher inflation,lower growth,and higher stress on public finances and,consequen

58、tly,have adverse implications for low-and middle-income countries debt dynamics.1 Rising debt vulnerabilities underscore the urgency of enhanced debt transparency and more complete debt information to strengthen countries ability to manage debt risks and use resources effi-ciently for sustainable de

59、velopment.Complete and transparent debt data are the cornerstone of good debt management and accurate debt sustainability analyses.They are also critical to facilitating an appropriate and more efficient response to debt restructuring needs through initiatives such as the Group of Twenty Common Fram

60、ework to help the most vulnerable countries return quickly to stabil-ity and economic growth.The World Bank has been collecting exter-nal debt data from its client countries through the World Bank Debtor Reporting System since the 1950s.The World Bank International Debt Statistics(IDS)database2 is t

61、he most comprehen-sive source of cross-country comparable informa-tion on the external debt liabilities of low-and middle-income countries.The World Bank is sup-porting governments and working with develop-ment partners to strengthen debt recording and reporting,raising the bar on debt transparency.

62、Central to this agenda is its commitment to contin-uously improve the coverage,accuracy,timeliness,and transparency of the external debt statistics it compiles and disseminates in the IDS database.Along with the release of the newly updated online IDS database based on the latest round of Debtor Rep

63、orting System reporting of the 2021 external debt for low-and middle-income coun-tries,Part I of International Debt Report 2022 dis-cusses the following key messages from the newly available 2021 data,and Part II presents aggregate and country tables.In 2021,total external debt increased 5.6 per-cen

64、t in nominal terms to US$9 trillion at year end.External debt as a share of gross national income(GNI)declined 3 percentage points in 2021 to 26 percent for low-and middle-income countries.This largely reversed the sharp pandemic-induced increase during 2020,with the debt-to-GNI ratio returning to 2

65、019 levels.This decline was driven by a resumption of GNI growth in 2021 rather than a reduction in debt.Debt-to-GNI ratios remain high for many low-and middle-income countries following a decade of rapid debt accumulation since 2010.This is particu-larly so for countries eligible for International

66、Development Association(IDA)assistance;in these countries,the ratio of external debt to GNI rose from an average of 20 percent in 2010 to 36.2 percent in 2021.Short-term debt accounted for half of the increase in the total net external debt inflows for low-and middle-income countries in 2021,even th

67、ough it accounts for only 27 percent of the overall external debt stock.Short-term debt inflows are volatile and to a IntroductionI N T E R N A T I O N A L D E B T R E P O R T 2 0 2 2xivlarge extent reflect fluctuations in the demand for trade credit as import volumes change.Trade credits and advanc

68、es and short-term commercial bank deposits used to facilitate imports are estimated at about 60 percent(US$1.4 trillion)of short-term debt,and the rebound in international trade in 2021 drove much of the increase in short-term debt dur-ing the year.Private creditors account for an increasing share o

69、f low-and middle-income countries external debt.At year-end 2021,61 percent of the public and publicly guaranteed debt of low-and middle-income countries was owed to private creditors,up from 46 percent in 2010.For IDA-eligible countries,the private creditor share increased fourfold from 5 per-cent

70、in 2010 to 21 percent in 2021.While creditor diversification has brought benefits to borrowing countries with maturing sover-eign debt markets,greater reliance on private creditors has also been associated with higher debt servicing costs.Because of an increase in both the level and cost of borrowin

71、g,debt ser-vice as a share of GNI for IDA-eligible coun-tries has increased from 1 percent in 2010 to 3 percent in 2021,a level not seen since 1997 and before the implementation of the Heav-ily Indebted Poor Countries Initiative and the Multilateral Debt Relief Initiative.Greater reliance on a large

72、r number of creditors also risks complicating creditor coordination in debt relief efforts.Multilateral creditors provided extraordi-nary levels of assistance to help mitigate the economic and social costs of the COVID-19 pandemic and support the recovery.In 2021,loan disbursements to low-and middle

73、-income countries from multilateral creditors remained slightly above prepandemic levels in 2021,at US$108 billion,including US$12 billion from the International Monetary Fund and US$40 billion from the World Bank.During 2020 and 2021,the World Bank also provided US$11 billion in grants to IDA-eligi

74、ble countries.Related to COVID-19,disbursements rose from US$104 billion in 2019 to US$157 billion in 2020,including US$50 billion from the International Mon-etary Fund and US$41 billion from the World Bank.Bilateral official creditors deferred US$8.9 billion in debt service payments owed in 2020 an

75、d 2021 by a group of 48 countries who par-ticipated in the DSSI.During this period,these countries also paid US$99 billion in total debt service,representing 4 percent of their com-bined average GNI in 2020 and 2021.This included US$71 billion to service public and publicly guaranteed debt,of which

76、US$16.1 billion represented debt service payments to bilateral official creditors.Notes1.Development Committee.2022.“Making Debt Work for Development and Macroeconomic Stability.”Press Release DC2022-0003,April 1,2022.2.The IDS database is available at https:/databank.worldbank.org/source/internatio

77、nal-debt-statistics.1PART IOverview13OverviewTrends in External Debt,201021In 2021,total external debt increased 5.6 percent in nominal terms to US$9 trillion at year end.External debt as a share of gross national income(GNI)declined 3 percentage points in 2021 to 26 percent for low-and middle-incom

78、e countries.This largely reversed the sharp pandemic-induced increase during 2020,with the debt-to-GNI ratio returning to 2019 levels.This decline was driven by a resumption of GNI growth in 2021 rather than a reduction in debt.Debt-to-GNI ratios remain high for many low-and middle-income countries

79、following a decade of rapid debt accu-mulation since 2010.This is particularly true for countries eligible for International Development Association assistance,where the ratio of external debt to GNI rose from an average of 20 percent in 2010 to 36.2 percent in 2021.Box O.1 External Debt Data:Concep

80、ts,Sources,and CoverageThis report presents data and analysis on external debt for 121 low-and middle-income countries.The primary source for these data is reports to the World Banks Debtor Reporting System(DRS)from member countries that have received either International Bank for Reconstruction and

81、 Development loans or International Development Association credits and have outstanding obliga-tions to the World Bank.The DRS,instituted in 1951,has its origins in the World Banks need to monitor and assess the financial position of its borrowers.Comprehensive information on data sources and the m

82、ethodology used to compile the statistics presented in this report are given in the appendix under Data Sources and Methodology.The following describes the key concepts and data sources.The total external debt of a country is the sum of public and publicly guaranteed debt,private nonguaranteed debt,

83、and short-term debt.Public and publicly guaranteed external debt comprises long-term external obligations(maturities of over one year)of all public debtors,including the central government and state-owned enterprises.Data are col-lected on a loan-by-loan basis through the DRS.Reporting countries sub

84、mit quarterly reports on new loan commitments and annual reports on loan status and transac-tions(new commitments,gross disburse-ments,principal,and interest payments).Private nonguaranteed debt comprises long-term external obligations of private debtors that are not guaranteed by a public entity.Th

85、e DRS covers private nonguaranteed debt since 1973;however,for this category of debt data,the annual status and transactions(gross disbursements,principal,and interest payments)are reported in aggregate.Short-term debt is defined as debt with an original maturity of one year or less and is not cover

86、ed under DRS reporting require-ments.However,most DRS reporters provide an annual report on outstanding short-term debt stocks on a voluntary basis.For coun-tries that do not provide these data,informa-tion on their short-term debt is drawn from the Quarterly External Debt Statistics data-base,a joi

87、nt World BankInternational Mon-etary Fund initiative where data are compiled and reported by the countries central banks,along with data compiled by the Bank for International Settlements.All debt data reported to the DRS are validated againstand,when appropriate,supplemented bydata from other sourc

88、es.These include the Balance of Payments and I N T E R N A T I O N A L D E B T R E P O R T 2 0 2 24International Investment position statistics,Quarterly External Debt Statistics,information published on official government websites,reports from the International Monetary Fund,regional development b

89、anks,the Organisation for Economic Co-operation and Development,the Bank for International Settlements,and websites and annual publications of lending agencies.Other forms of capital flows:External debt stocks and flows as presented in International Debt Report 2022 constitute only about half of ove

90、rall capital inflows to low-and middle-income countries,which also include significant equity inflows such as foreign direct investment(FDI)and portfolio equity.Between 2010 and 2021,equity inflows to the 121 low-and middle-income countries included in this report totaled US$6.9 trillion,equivalent

91、to 54 percent of aggregate net inflows(debt and equity combined).FDI equity investmentsa accounted for 90 percent of equity inflows over this period.Only a small number of low-and middle-income countries benefit from portfolio equity inflows to any significant degree.Net equity inflows rose 31 perce

92、nt in 2021 to US$687 billion from the previous year,the highest level since 2010 and equivalent to 55 percent of the aggregate financial inflows(figure BO.1.1).The debt and equity inflows presented in this report are“net”flows in that they take account of principal payments on external loans and rep

93、atriation of earnings on FDI and disinvestment.However,they do not take account of the outflows from low-and middle-income countries in the form of lending and investment abroad,which for some low-and middle-income countries like China,India,the Russian Federation,and Trkiye are substantial.a.FDI eq

94、uity investments exclude the loan component,which is captured in private nonguaranteed debt data as intercompany lending.Box O.1 External Debt Data:Concepts,Sources,and Coverage(continued)In 2021,the easing of the COVID-19 pan-demic and rebound in global economy activity led to a widespread decline

95、in ratios of external debt to GNI in low-and middle-income countries(see box O.1).For low-and middle-income countries combined,the debt-to-GNI ratio fell by 3 percent-age points to 26 percent in 2021.This ratio was on a par with the 2019 prepandemic ratio and down from 29 percent in 2020 when extern

96、al debt as a share of GNI peaked at its highest level since 2010.The decline in 2021 was the outcome of an increase in the US dollar value of low-and middle-income countries combined GNI,which rose 17.4 percent in 2021,to US$35.1 trillion from US$29.9 trillion in 2020,compared with a 5.6 percent inc

97、rease in external debt.This figure includes China,which accounts for about half of low-and middle-income countries combined GNI and 29 percent of exter-nal debt.However,even for low-and middle-income countries excluding China,the pattern was the same:the ratio of external debt to GNI rose,on average

98、,5 percentage points of GNI in 2020,to 41 percent,and fell by a corresponding amount in 2021,returning to its prepandemic level of 36 percent.In countries eligible for International Development Association(IDA)assistance,the pattern was different.Although external debt rela-tive to GNI declined marg

99、inally in 2021,to 36.2 percent,it remained 3.4 percentage points of GNI higher than the prepandemic level of 32.8 percent in 2019(see table O.1 and box O.2).The changes in debt in 2020 and 2021 follow a decade of steady debt accumulation over 201019 in many low-and middle-income countries.50005001,0

100、001,500201020112012201320142015201620172018201920202021Public and publiclyguaranteed debt flowsPortfolio investment equity flowsForeign direct investmentequity flowsPrivate nonguaranteed debt flowsShort-term debt flowsFigure BO.1.1 Net Equity Inflows and External Debt Flows to Low-and Middle-Income

101、Countries,201021US$(billion)Sources:International Monetary Fund and United Nations Conference on Trade and Development.O v e r v i e w5The most significant rise took place in IDA-eligible countries and particularly in low-income countries.On average,external debt as a share of GNI for IDA-eligible c

102、ountries rose from 20 percent in 2010 to 36.2 percent in 2021.For low-income countries,24 of which benefited from the Heavily Indebted Poor Country(HIPC)Initiative and Multilateral Debt Relief Initiative(MDRI),the increase was even more pronounced.For these countries,exter-nal debt as a share of GNI

103、 rose from an average of 17.1 percent in 2010 to 48.5 percent in 2021.In contrast,for middle-income countries the increase in external debt relative to GNI was moderate over the past decade,rising from 21.6 percent in 2010 to 25.4 percent in 2021(table O.1 and figure O.1).The evolution of external d

104、ebt-to-GNI ratios over the past decade varied widely at the individual Table O.1 External Debt-to-GNI Ratios for Income and Lending Categories,2010 and 201921PercentCountry groupsYear2010 2019 2020 2021Low-and middle-income21.426.328.525.7 Excluding China25.636.140.536.3Income classification:Low-inc

105、ome17.148.552.548.5 Middle-income21.626.028.225.4Lending classification:IDA-eligible(IDA only and blend)20.032.836.836.2 IBRD21.625.827.824.9Sources:World Bank International Debt Statistics and World Development Indicators databases.Note:See box O.2 for more information on World Bank income and lend

106、ing classifications.GNI=gross national income;IBRD=International Bank for Reconstruction and Development;IDA=International Development Association.Box O.2 World Bank Income and Lending Classifications Used in the International Debt Report 2022The World Bank classifies economies by income level for a

107、nalytical purposes(to broadly group countries by level of development)and opera-tional purposes(to determine their Financial Terms and Conditions of Bank Financing).This report presents data for 121 low-and middle-income countries reporting to the World Bank Debtor Reporting System.Of these,26 count

108、ries are classified as low-income countries with a per capita income of US$1,085 or below and 95 countries are classified as middle-income countries with a per capita income greater than US$1,085 and less than US$13,205.a The income classifications are updated annually at the start of the World Bank

109、 fiscal year(July 1)on the basis of gross national income per capita for the previous year.Gross national income is expressed in US dollars determined by conversion factors derived according to the Atlas methodology.b Fifty-two of the 121 countries covered by this report and classified as middle-inc

110、ome are eligible only for nonconcessional loans from the International Bank for Reconstruction and Development(IBRD).They are referred to as IBRD countries.The remaining 26 low-and 43 middle-income countries reporting to the Debtor Reporting System are either(a)eligible only for concessional lending

111、 from the International Development Association(IDA)and referred to as IDA-only countries;or(b)eligible for a mix of IBRD and IDA lending and referred to as“blend”countries.Together,IDA-only and blend countries are referred to as IDA-eligible countries.Figure BO.2.1 shows the distribution of the 121

112、 low-and middle-income countries included in the International Debt Report 2022 by income and lending groups.A comprehensive list of each countrys income and lending classifications is given in the appendix of this report under Country Groups.a.The country grouping is held fixed when data are compar

113、ed over time in the International Debt Report.For example,the aggregate for low-income countries from 2010 to 2021 consists of the same group of countries that are classified as low-income countries according to the latest World Bank income classification.b.More information on the Atlas methodology

114、can be found at https:/datahelpdesk.worldbank.org/knowledgebase/articles/378832-what-is-the-world-bank-atlas-method.0102030405060IDA-only countriesBlend countriesIBRD countriesLow-incomeMiddle-incomeFigure BO.2.1 Number of Low-and Middle-Income Countries Covered in the International Debt Report 2022

115、,by FY2023 Income and Lending GroupsNumberSources:World Bank Country and Lending Groups at https:/datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups and World Bank International Development Association(IDA)at https:/ida.worldbank.org/en/home.FY=fiscal year

116、;IBRD=International Bank for Reconstruction and Development.I N T E R N A T I O N A L D E B T R E P O R T 2 0 2 26country level.By 2021,13 low-and middle-income countries had a debt-to-GNI ratio above 100 per-cent in 2021,including some that benefited from the HIPC and MDRI.Reasons for these elevate

117、d external debt-to-GNI ratios varied.Zambias debt vulnerabilities are well documented and stem from expansionary and procyclical fiscal policies,a rapid increase in nonconcessional external borrow-ing,and a large-scale public investment program that did not yield a growth dividend.In Georgia and Mon

118、tenegro,the elevated ratio is the result of increased borrowing by public and private entities for large-scale infrastructure projects.Jamaicas debt-to-GNI ratios have been elevated over the past decade as a result of low growth and vulnerability to natural disasters.Recent fiscal consolidation meas

119、ures were derailed by the pandemic,which led to a sharp contraction in tourism,and the external debt-to-GNI ratio rose to 127 percent in 2021 from a prepandemic level of 111 percent.Cte dIvoires external debt-to-GNI ratio has climbed moder-ately from 35 percent in 2012 following agreement on the HIP

120、C completion point and MDRI to 42 percent in 2021,reflecting an increase in investment in infrastructure and social spending supported by external financing from official creditors.Belize has confronted the challenges of the vulnerabilities of a small island economy,including the elevated risk of na

121、tural disasters and managing a currency pegged to the US dollar,but a concerted fiscal consolida-tion reduced the external debt-to-GNI ratio from 102 percent in 2010 to 76 percent in 2019.Belize was hard hit by the pandemic,and the debt-to-GNI ratio rose to 98 percent in 2020.The resumption of growt

122、h in 2021,which led to an increase in GNI,coupled with external debt restructuring,includ-ing a debt swap for marine protection,reduced the debt-to-GNI ratio to 81 percent in 2021.Countries with the highest debt-to-GNI ratio in 2021 included Mozambique(396 percent),where the ratio is driven up be a

123、large share of private nonguaranteed debt in total external debt stocks to finance mega infrastruc-ture projects;Lebanon(375 percent),which is going through a severe macroeconomic and financial crisis;and Mongolia(259 percent),resulting largely from massive mining investment financed with debt rathe

124、r than equity,loose fiscal and monetary policies,and sharp exchange rate depreciation(figure O.2).Rising debt vulnerabilities in low-and middle-income countries are also underscored by the num-ber of countries that have recorded a significant increase in the ratio of external debt-to-GNI over the pa

125、st decade.In 2010,54 of 121(or 45 percent)low-and middle-income countries had an external debt-to-GNI ratio below 30 percent,and in 71 percent of low-and middle-income countries it was at or below 60 percent.By 2021,the number Figure O.1 External Debt-to-GNI Ratios for Low-and Middle-Income Countrie

126、s,201021PercentSource:World Bank International Debt Statistics database.Note:External debt stocks excludes the International Monetary Funds special drawing rights(SDRs)allocation.GNI=gross national income;IDA=International Development Association.01020304050602010201120122013201420152016201720182019

127、20202021Low-income countriesMiddle-income countriesIDA-eligible countriesFigure O.2 External Debt-to-GNI Ratios,by Country and Region,2010 and 2021Sources:World Bank International Debt Statistics and World Development Indicators databases.Note:Countries above the dashed 45-degree line correspond to

128、increases in external debt-to-GNI ratios from 2010 to 2021 whereas countries below the 45-degree line correspond to decreases in external debt-to-GNI ratios from 2010 to 2021.Note the break in the vertical axis to retain data on outliers.GNI=gross national income.2010 debt-to-GNI ratioEast Asia and

129、PacificLatin America and the CaribbeanSouth AsiaEurope and Central AsiaMiddle East and North AfricaSub-Saharan AfricaBulgariaMontenegroBelizeJamaicaGuinea-BissauZambiaLebanonMozambiqueMongolia0204060801001201401601802502703703904100204060801001201401601802002021 debt-to-GNI ratioO v e r v i e w7of l

130、ow-and middle-income countries with a debt-to-GNI ratio below 30 percent had fallen to 22(or 18 percent),and the ratio was at or below 60 percent in 61 percent of the low-and middle-income coun-tries.Over the same period,the number of low-and middle-income countries with a debt-to-GNI ratio that exc

131、eeded 100 percent rose from 7 to 13,includ-ing 4 countries that benefited from HIPC and MDRI:Mozambique,Nicaragua,Senegal,and Zambia.Following a slowdown in 2020,the pace of external debt accumulation in low-and middle-income countries accelerated in 2021.The external debt stocks of low-and middle-i

132、ncome countries rose on average 5.6 percent in nominal terms in 2021 to a year-end total of US$9 trillion,up from US$8.5 trillion in 2020(figure O.3).The US$482 billion increase in gross external debt stocks in 2021 resulted from(a)net debt inflows(new disbursements minus principal payments)of US$55

133、9 billion,of which half were short-term debt inflows,predominantly trade credits;(b)downward adjustment of US$60 billion in the US dollar value of external debt denominated and payable in currencies other than the US dollar,reflecting the appreciation of the US dollar against most major currencies i

134、n 2021;and(c)outflow of US$17 billion related to other factors including the sale of nonresident holdings of domestically issued debt to residents and debt forgiveness.1 The increase in gross nominal external debt in 2021 outpaced the 4.6 percent rise in comparable external debt stocks in 2020.Measu

135、res to mitigate the economic and social impact of the COVID-19 pandemic raised financing needs in low-and middle-income countries in 2020,met in part by emergency support from external creditors.At the same time,the pandemic-induced global lockdown and trade restrictions led to a slowdown in economi

136、c activity,reflected in a fall in new external loan commitments and inflows(disbursements)for infrastructure proj-ects.As a result,the pace at which gross external debt stocks grew slowed to 4.6 percent in 2020 compared to 4.9 percent in 2019 before COVID-19.The rebound in global economic activity i

137、n 2021 pushed the increase in gross external debt stocks up to 5.6 percent,but that growth was still much slower than the average annual increase of 7.9 percent recorded from 2010 to 2019.The pace of external debt stock accumula-tion by individual countries and country groups has been uneven.Countri

138、es recording the fast-est increase in gross external debt,in nominal terms over the past decade,were China,where it increased by 262 percent between 2010 and 2021,and IDA-eligible countries,where the increase was 182 percent over this period.In 2020,Chinas gross external debt stocks rose 10.1 percen

139、t and accelerated to 14.5 percent in 2021.IDA-eligible countries gross external debt stocks rose 12.1 percent in 2020,faster than all other low-and middle-income countries,and it rose a further 7.4 percent in 2021(figure O.4).Figure O.3 External Debt Stocks of Low-and Middle-Income Countries,201021U

140、S$(billion)Source:World Bank International Debt Statistics database.Note:IDA=International Development Association.01,0002,0003,0004,0005,0006,0007,0008,0009,00010,0002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Low-and middle-income countriesChinaIDA-eligible countriesOther low-and mi

141、ddle-income countriesFigure O.4 Percent Change in External Debt Stocks of Low-and Middle-Income Countries,201021PercentSource:World Bank International Debt Statistics database.Note:IDA=International Development Association.0510152025Low-and middle-income countriesChinaIDA-eligible countriesOther low

142、-and middle-income countriesAverage 2010 to 201920202021I N T E R N A T I O N A L D E B T R E P O R T 2 0 2 28The external debt stocks of low-and middle-income countries are highly concentrated.Eleven countries accounted for 72 percent of the com-bined year-end 2021 gross external debt stocks.The mo

143、st significant change in the concentration of low-and middle-income countries external debt stocks over the past decade has been the steady increase in Chinas share of the total,which rose from 17 percent in 2010 to 29 percent in 2021.There was a corresponding fall in the share of the next 10 larges

144、t borrowers,2 from 53 percent at the start of the decade to 43 percent in 2021.The remaining 110 low-and middle-income countries share accounted for 28 percent in 2021,largely unchanged from the start of the decade(figure O.5).In August 2021,the International Monetary Fund(IMF)made by far the larges

145、t allocation of special drawing rights(SDRs)to date,US$650 billion to help countries address the economic crisis created by the COVID-19 pandemic.From this amount,US$199 billion was allocated to the 121 low-and middle-income countries included in International Debt Report 2022.SDR allocations are re

146、corded as an increase in reserves.However,because SDRs do not represent a change in the net wealth of the receiving country,following the statistical guidelines of the IMF(2009),they are also recorded as a long-term debt liability(box O.3).SDR allocations are separately identi-fied and included in t

147、he tables for total external debt stocks for individual countries and country groups presented in International Debt Report 2022 and the International Debt Statistics data-base.The analysis in this overview,however,excludes SDR allocations from external debt stocks because they do not contribute to

148、the net indebtedness of countries.The Evolving Maturity Composition of External Debt,201021Short-term debt accounted for half of the increase in total net external debt inflows for low-and middle-income countries in 2021,but only 27 percent of the overall external debt stock.Short-term debt inflows

149、are volatile and to a large extent reflect fluctuations in the demand for trade credit as import volumes change.Trade credits and advances and short-term commercial bank deposits used to facilitate imports are estimated at about 60 percent(US$1.4 trillion)of short-term debt,and the rebound in intern

150、ational trade in 2021 drove much of the increase in short-term debt during the year.The share of short-term debt in the total external debt stocks of low-and middle-income countries was US$2.4 trillion or 27 percent at year-end 2021,comparable to its share in 2010(figure O.6).Over the period,short-t

151、erm debt as a share of total external debt has remained stable,oscillating within a narrow band from a peak of 31 percent in 2014 to a low of 24 percent in 2016.As a share of low-and middle-income countries combined GNI,short-term debt rose from 5.8 percent in 2010 to 6.9 per-cent in 2021.Short-term

152、 debt stocks are highly concen-trated and dominated by the low-and middle-income countries largest economies.Moreover,compared to the maturity composition of other low-and middle-income countries,China is an outlier.It accounted for 59 percent of low-and middle-income countries total short-term debt

153、 stocks at year-end 2021,compared to 28 percent for the next 10 largest borrowers combined and Figure O.5 Share of External Debt Stocks of Low-and Middle-Income Countries,201021 PercentSource:World Bank International Debt Statistics database.Note:The 10 largest borrowers are based on total external

154、debt stock at year-end 2021.The 10 largest borrowers excluding China are Argentina,Brazil,Colombia,India,Indonesia,Mexico,the Russian Federation,South Africa,Thailand,and Trkiye.0102030405060708090100201020112012201320142015201620172018201920202021Top 10 countries,excluding ChinaChinaOther low-and m

155、iddle-income countriesO v e r v i e w9Box O.3 Allocation of the International Monetary Funds Special Drawing Rights in2021In August 2021,the International Monetary Fund made a general allocation of special drawing rights(SDRs)equivalent to US$650 billion.The newly created SDRs were credited to Inter

156、national Monetary Fund members in proportion to their existing quotas in the Fund.The main purpose of the allocation was to help with the economic crisis created by the COVID-19 pandemic and to meet the long-term global need to supplement members existing reserve assets in a manner that avoided econ

157、omic stagnation and deflation as well as excess demand and inflation(IMF 2021a).Allocations of SDRs do not change a countrys net wealth,but they create an increase in long-term debt liabilities and a corresponding increase in gross international reserves(holdings of SDRs).Both transactions are refle

158、cted in balance of payments statistics and international investment positions(IMF 2009).In government finance statistics,SDR allocations are recorded as a long-term debt liability within public sector gross debt,with a corresponding entry for SDR holdings as a part of the public sectors financial as

159、sets(IMF 2014).Following these guidelines,SDR allocations are recorded in the International Debt Statistics database as part of long-term gross external public debt and are separately identified.SDR liabilities are not subject to debt limits in International Monetary Fund programs because they do no

160、t fall within the definition of“debt”for program purposes under the Funds Guidelines on Public Debt Conditionality in Fund Arrangements.SDR allocations are generally considered to have limited impact on debt sustainability,but new guidance issued in August 2021 on incorporating SDR allocations into

161、debt sustainability analyses aims to better reflect the impact of how SDRs are used(IMF 2021b).Total outstanding SDR allocations of the 121 low-and middle-income countries included in International Debt Report 2022 were US$273 billion at year-end 2021,equivalent on average to 11 percent of general g

162、overnment external debt stocks and 4 percent of international reserves,but with sharp divergence at the regional level(figure BO.3.1).05101520253035East Asia andPacificEurope andCentral AsiaLatin Americaand the CaribbeanMiddle East andNorth AfricaSouth AsiaSub-SaharanAfricaSDR/General government ext

163、ernal debt stockSDR/International reservesFigure BO.3.1 SDR Allocations as a Share of General Government External Debt and International Reserves,by Region,2021PercentSources:World Bank International Debt Statistics and International Monetary Fund International Financial Statistics databases.Note:SD

164、R=special drawing right.13 percent for all other low-and middle-income countries(figure O.7).Trade-related debt in the form of trade credits and advances and other short-term com-mercial bank deposits used to facilitate imports are estimated at about 60 percent(US$1.4 tril-lion)of short-term debt.Ov

165、er the past decade,low-and middle-income countries short-term debt stocks have averaged 25 percent of their annual imports.Reporting of short-term debt is not a Debtor Reporting System(DRS)require-ment and,although most reporting countries provide information on short-term debt stocks on a voluntary

166、 basis,the data are aggregates with I N T E R N A T I O N A L D E B T R E P O R T 2 0 2 210no granularity.However,drawing on the data reported to the Quarterly External Debt Statistics database,3 about 60 percent of the change in short-term debt stocks to low-and middle-income countries is driven by

167、 trade-related debt.These short-term debt stocks fluctuate with the change in the countries short-term trade-related debt(figure O.8).In contrast to the relative stability of net inflows of long-term debt stocks,net inflows of short-term debt are highly volatile.On an annual basis,short-term debt in

168、flows as a share of total debt inflows of low-and middle-income countries fluctuated widely from as high as 60 percent in 2010 to 3 percent in 2020.In some years,such as 2015,they turned sharply negative in response to downturns in the global economy and sharp contraction in low-and middle-income co

169、untries imports.In 2020,COVID-19-related restrictions on global trade reduced low-and middle-income countries imports by 11 percent,and short-term debt inflows fell by two-thirds to US$11.3 billion.In 2021,in response to the easing of the pandemic and resumption of growth and trade,low-and middle-in

170、come countries imports rose 29 percent,and short-term debt inflows surged to US$278 billion,equivalent to half of net external debt inflows in 2021(figure O.9).Figure O.7 Share of Short-Term Debt Stocks of Low-and Middle-Income Countries,201021PercentSource:World Bank International Debt Statistics d

171、atabase.Note:The 10 largest borrowers are based on total external debt stock at year-end 2021.The 10 largest borrowers,excluding China,are Argentina,Brazil,Colombia,India,Indonesia,Mexico,the Russian Federation,South Africa,Thailand,and Trkiye.01020304050607080901002010201120122013201420152016201720

172、18201920202021Other low-and middle-income countriesTop 10 countries,excluding ChinaChinaFigure O.8 Change in Low-and Middle-Income Countries Short-Term Debt Stocks and Trade-Related Debt,201021US$(billion)Sources:World Bank International Debt Statistics and World Bank/International Monetary Fund Qua

173、rterly External Debt Statistics databases.600500400300200100010020030040020112012201320142015201620172018201920202021Short-term debtShort-term,trade-related debtFigure O.9 Net Debt Inflows by Maturity in Low-and Middle-Income Countries,201021US$(billion)Source:World Bank International Debt Statistic

174、s database.60040020002004006008001,000201020112012201320142015201620172018201920202021Long-termShort-termFigure O.6 Long-Term and Short-Term Debt Stocks of Low-and Middle-Income Countries,201021US$(trillion)Source:World Bank International Debt Statistics database.012345678910201020112012201320142015

175、201620172018201920202021Long-termShort-termO v e r v i e w11Changes in the Creditor Composition of External Debt,201021Private creditors account for an increasing share of lending to low-and middle-income countries.At year-end 2021,61 percent of the public and publicly guaranteed debt of low-and mid

176、dle-income countries was owed to private creditors,up from 46 percent in 2010.The same is true among IDA-eligible countries,where the private creditor share increased from 5 percent in 2010 to 21 percent in 2021.Although creditor diversifica-tion has brought benefits to borrowing countries with matu

177、ring sovereign debt markets,greater reli-ance on private creditors has also been associated with higher debt servicing costs and risks compli-cating creditor coordination in debt relief efforts.The rising share of external debt owed to private creditors has been a key feature of the evolution of low

178、-and middle-income countries long-term public and publicly guaranteed exter-nal debt stocks over the past decade.By year-end 2021,61 percent of the US$3.6 trillion gross long-term public and publicly guaranteed external debt stocks was owed to private creditors rather than official creditors,compare

179、d to 46 percent in 2010.The share of debt owed to bondholders has risen from 29 percent to 47 percent.Over the same period,private sector entities nonguaranteed obligations to private creditors increased from US$1.4 trillion in 2010 to US$3.0 trillion in 2021,although their share of total long-term

180、external debt has fallen back from a peak of 51 percent in 2016 to 45 percent in 2021.In IDA-eligible coun-tries,obligations to private creditors account for a smaller share of long-term public and publicly guaranteed debt,but they too have risen sharply over the past decade,from US$13 billion in 20

181、10,equivalent to 5 percent,to US$133 billion,or 21 percent at year-end 2021(figure O.10).In addition,nonguaranteed external borrowing by private sector entities from private creditors has risen fourfold over this period,from US$50 billion in 2010 to US$201 billion in 2021.Although not guaranteed by

182、the state,private entities debt contracted in foreign currency ultimately repre-sents a claim on a countrys international reserves,especially when private entities cannot hedge their foreign currency liabilities against foreign currency assets.Even when such debt is denominated in local currency but

183、 held by external creditors,it presents the risk of a sudden reversal in external credit flows that have the potential to undermine debt sustainability.An important factor in the increased share of public and publicly guaranteed external debt owed to private creditors in IDA-eligible countries is th

184、e increase in financing raised from bondholders.Since Ghana issued its first sovereign Eurobond in 2007,about 30 IDA-eligible countries have issued bonds in international capital markets.Obligations to bondholders have risen from US$2.7 billion,equivalent to just 1 percent of gross long-term public

185、and publicly guaranteed debt in 2010,to US$76.2 billion or 12 percent in 2021(figure O.11).Over this period,obligations to other private creditors,primarily commercial banks,also rose from US$10.2 billion or 4 percent in 2010,to US$56.5 billion or 9 percent in 2021.The increase in the share of debt

186、owed to private creditors was accompanied by a decline in the share of debt owed to multilateral creditors from 59 percent of gross external debt stocks at year-end 2010 to 47 percent at year-end 2021.Bond issuance has opened an important alternate financ-ing source,and the rigorous information requ

187、ire-ments of market participation and maintenance of credit ratings has also led to improvements in institutional arrangements for debt management and greater debt transparency.Some debut bond issues have already been repaid,and others refi-nanced with lower cost issues;these issues build track reco

188、rds for debt servicing and active debt management.Figure O.10 IDA-Eligible Countries Long-Term External Debt Owed to Private Creditors,201021 US$(billion)Source:World Bank International Debt Statistics database.Note:IDA=International Development Association.050100150200250300350400201020112012201320

189、142015201620172018201920202021Public and publicly guaranteed debtPrivate nonguaranteed debtI N T E R N A T I O N A L D E B T R E P O R T 2 0 2 212The increase in borrowing from private creditors has been accompanied by a shift in the composition of bilateral official creditors.Over the past decade,b

190、ilateral official creditors share of gross external public and publicly guaranteed debt stocks was broadly stable,falling only mod-erately from 36 percent in 2010 to 32 percent in 2021.However,over this period the composition of bilateral creditors changed.There has been a marked shift away from Par

191、is Club bilateral creditors toward bilateral lending from China and other nontraditional sources,including other middle-income countries like India,the Russian Federation,and Trkiye.Thus,there is now a greater reliance on financial cooperation between low-and middle-income countries,in addition to f

192、inancing from private creditors.This carries its own risks,for example in the form of a rise in the use of loan collaterals for commodity-linked infrastructure loans,particularly in the extractive industries,and potentially higher interest costs and other charges.IDA-eligible countries obligations t

193、o nonParis Club creditors as a share of total obligations to bilateral creditors rose from 42 per-cent in 2010 to 68 percent in 2021(figure O.12).Inflows of long-term debt from external credi-tors to IDA-eligible countries have risen sharply throughout the past decade and particularly in 2020 and 20

194、21.Gross inflows(disbursements)of external financing to IDA-eligible countries main-tained an upward trajectory throughout the past decade,except in 2015 and 2016.New inflows(dis-bursements)of long-term debt from external credi-tors were particularly pronounced over the past five years,notably in 20

195、20 and 2021,when gross inflows rose 15 percent from the 2019 prepandemic level of US$101 billion to an average of US$119 billion annually in 2020 and 2021.Disbursements of long-term public and publicly guaranteed debt rose 20 percent from the prepandemic level to an average of US$84 billion over the

196、 same period.These record high inflows reflected in large part the exceptional support from the World Bank and IMF to assist IDA-eligible countries in mitigating the economic and social costs of the pandemic.Increasing long-term debt inflows have led to a rise in debt servicing costs.Gross inflows o

197、f long-term external debt reached US$122 billion in 2021,equivalent to 5 percent of GNI,compared with 2 percent of GNI in 2010.Debt service pay-ments on long-term external debt rose to US$78 billion in 2021,equivalent to 18 percent of exports of goods and services and 3 percent of GNI,com-pared to 5

198、 percent and 1 percent respectively in 2010.This was the highest level recorded since 1997,and before the implementation of the HIPC Initiative and MDRI.Between 2010 and 2021,interest payments as a share of GNI rose from 0.23 percent to 0.72 percent,reflecting the increased share of borrowing from p

199、rivate creditors at higher interest costs.Debt service payments in 2021 accounted for 64 percent of gross inflows,which reduced the net transfer(disbursements minus total debt service payments)to 1.7 percent of GNI(figure O.13).Regarding long-term external public Figure O.12 Share of Public and Publ

200、icly Guaranteed External Debt Stocks of IDA-Eligible Countries Owed to Bilateral Paris Club and NonParis Club Creditors,201021PercentSource:World Bank International Debt Statistics database.Note:IDA=International Development Association.010203040506070809010020102011201220132014201520162017201820192

201、0202021Paris ClubNonParis ClubFigure O.11 IDA-Eligible Countries Creditor Composition of Long-Term Public and Publicly Guaranteed External Debt,201021 US$(billion)Source:World Bank International Debt Statistics database.Note:IDA=International Development Association;IMF=International Monetary Fund;S

202、DR=special drawing right.0100200300400500600700201020112012201320142015201620172018201920202021Other private creditorsBondholdersMultilateral creditors(incl.IMF,excl.SDR allocations)Bilateral creditorsO v e r v i e w13and publicly guaranteed debt,debt service pay-ments accounted for 55 percent of gr

203、oss inflows,resulting in a net transfer of US$38 billion,after taking into account the temporary debt relief pro-vided by bilateral creditors in the context of the Debt Service Suspension Initiative(DSSI).Increased borrowing from private creditors has led to a hardening of the average terms of new l

204、oan commitments to IDA-eligible countries.The average terms on loans contracted from private creditors between 2010 and 2021 were much harder than the average terms on loans from official(bilateral and multilateral)creditors.The average maturity on loans from private creditors during this period was

205、 12 years,compared to 26 years for loans from official creditors,and the average interest rate was 5 percent,or 3 percent-age points higher than the average interest rate of 2 percent on loans from official creditors.The average grace period on loans from private credi-tors,6.7 years,was slightly lo

206、nger than the aver-age grace period of 6.3 years on loans from official creditors(figure O.14).In this context,an impor-tant factor was the rise in bonds issued in interna-tional markets,of which the majority have a bullet repayment.Unlike the terms on loans from official creditors,which remain broa

207、dly the same from year to year,the average terms on loans from pri-vate creditors may oscillate sharply because they are heavily weighted by which IDA-eligible bor-rowers are active in the market at that time and the terms on which they are able to issue.Bond maturities range from 3 years to 40 year

208、s,but interest rates on bonds issued in international capital markets have averaged about 5 percent-age points above those paid on loans from official creditors.The average terms on loans from private creditors are also downwardly biased in recent years because loans and deposits from bilateral cred

209、itors at subsidized interest rates that are chan-neled through commercial banks are thus captured in the International Debt Statistics(IDS)database as loans from private creditors.The increase in IDA-eligible countries bor-rowing from private sources and new bilateral creditors has led to a fragment

210、ation of public debt portfolios(box O.4).Almost all IDA-eligible countries report loans from commercial banks and other private entities,some of which have complex structures with a portion covered by an export credit guarantee from a bilateral agency.Other commercial bank loans are guaranteed by mu

211、l-tilateral institutions,including the World Bank,and borrowing by public sector entities from com-mercial banks and through bond issuance with a government guarantee has also increased.Some of the bonds issued in international capital markets have collective action clauses but others do not,adding

212、to the challenges of coordination in the event of a restructuring.Conventional distinctions between external and domestic debt are increas-ingly blurred:nonresident holders of domestic bonds are common in domestic debt,which can be denominated in either local or foreign currency.Figure O.13 IDA-Elig

213、ible Countries Disbursements,Debt Service Payments,and Net Transfer as a Share of GNI,201021PercentSource:World Bank International Debt Statistics database.Note:GNI=gross national income;IDA=International Development Association.43210123456201020112012201320142015201620172018201920202021Official cre

214、ditors debt serviceOfficial creditors disbursementPrivate creditors debt servicePrivate creditors disbursementOfficial creditors net transferPrivate creditors net transferFigure O.14 Average Terms of Commitments of External Public and Publicly Guaranteed Debt to IDA-Eligible Countries,by Creditor Ty

215、pe,201021Source:World Bank International Debt Statistics database.Note:IDA=International Development Association.0123456051015202530OfficialPrivateOfficialPrivateOfficialPrivateGrace period(years)Maturity(years)Interest(%)YearsPercentI N T E R N A T I O N A L D E B T R E P O R T 2 0 2 214Box O.4 Sov

216、ereign Debt Market Fragmentation in Highly Indebted Poor CountriesOver the course of the past two decades,sovereign debt markets in low-and middle-income countries have become increasingly complex(Gelpern et al.2021;IMF 2020;World Bank 2022).Against that backdrop,this box quantifies the heterogeneit

217、y of the creditor and debtor base,particularly in countries that benefited from large-scale relief in the context of the Highly Indebted Poor Countries(HIPC)Initiative and the Multilateral Debt Relief Initiative.The empirical evidence presented in this box shows that HIPC sovereign borrowing has bec

218、ome increasingly fragmented since countries reached the HIPC completion point.In other words,external public and publicly guaranteed debt is now contracted between an increasing number of creditor and debtor entities.The find-ings of the analysis are based on the uniquely granular loan-level data th

219、at underlie the World Banks International Debt Statistics Database.They also build on an ongoing research project that examines the evolving microstructure of sovereign debt markets since the 1970s(Graf von Luckner and Horn 2022).The focus on the countries under the HIPC Initiative reflects the fact

220、 that this group of countries has seen a particularly pronounced change in the structure of their sovereign debt portfolio over the past 20 years.At the same time,most HIPC countries face increasing and considerable risk of debt distress with potentially severe implications for poverty reduction and

221、 long-run development prospects(Farah Yacoub et al.2022).The strong rebound since about 2010 in public external debt levels in HIPC countries is well documented(World Bank 2022).However,these increases in public external debt can occur at both the extensive and the intensive margins.Debtor countries

222、 may borrow additional financing from their existing,traditional creditors,or they can seek to increase their financing options and contract loans with new creditor entities.The research shows a significant part of the debt accumulation in HIPC countries occurred at the extensive margin and resulted

223、 in a substantial increase in the number of creditor entities.Importantly,the fragmentation is not limited to the creditor dimension:a wider group of debtor entities in HIPC countries has been able to contract external public debt,albeit often only with the support of a guarantee from the government

224、.Figure BO.4.1 shows that HIPC countries have contracted loans with on average 10 new creditor entities in the 15 years since reaching the HIPC completion point.As a result,an HIPC country now has an outstanding external public debt portfolio with obligations to,on average,more than 40 different cre

225、ditor entities,an increase of more than 30 percent from its completion point portfolio.As others have observed,many of the new creditors that have extended loans to HIPC countries are middle-income countries,particularly China(Broner et al.2020;Horn,Reinhart,and Trebesch 2021)but also others like Br

226、azil,India,and Trkiye.A significant share of HIPC countries have accessed international bond markets,some on repeated occasions since Ghanas entry into the Eurobond market led the way in 2007(Presbitero et al.2016).The increasing fragmentation on the creditor side is mirrored by a similar expansion

227、on the debtor side.Information provided to the World Bank Debtor Reporting System shows an increasing number of debtor entities in low-income countries have contracted external public debt(figure BO.4.2).The number of public sector entities in HIPC countries with outstanding external obligations ros

228、e from an average of 11 entities to an average of 16 entities per country following achievement of the HIPC completion point,an increase of almost 50 percent.This increase is driven primarily by a growing number of state-owned and mixed enterprises able to tap international credit markets and by pri

229、vate sector entities reliant on government guarantees to borrow abroad.203040505051015Average number of differentcreditor entities Years before and after HIPC completion pointBlack line:From how many different creditor entities,on average,has an HIPC country borrowed?HIPC completion pointFigure BO.4

230、.1 Creditor Base Fragmentation in Highly Indebted Poor CountriesSource:World Bank Debtor Reporting System.Note:The figure shows the average number of different creditor entities across all countries under the Heavily Indebted Poor Countries(HIPC)Initiative for years before and after HIPC completion

231、points.The average HIPC completion year is 2006.O v e r v i e w15These findings have important policy implications and call for further empirical research on the microstructure of sovereign debt markets,particularly in the worlds poorest countries.A more dispersed creditor base can help to diversify

232、 financing risks and lead to better international risk-sharing outcomes(Arslanalp and Tsuda 2014;Callen,Imbs,and Mauro 2015).In times of crisis,however,sovereign debt theory predicts that a larger number of creditors will likely aggravate collective action problems and burden sharing by creditors an

233、d lead to longer and more costly restructuring processes(Bai and Zhang 2012;Cobas 2022;Krueger 2002).Greater diversification of borrower entities in the debtor country presents its own challenges:for borrowing by entities outside the central government,including those that benefit from a government

234、guarantee,reporting standards are often inconsistent and frequently inadequate(World Bank 2021).Diversification also imposes additional challenges for sovereign debt restructuring processes(Gulati and Buchheit 2013),not least because government guarantees that have not been called are typically outs

235、ide the scope of the restructuring process.Extraordinary Support from Multilateral Creditors during the COVID-19 PandemicMultilateral creditors provided extraordinary levels of assistance to help mitigate the economic and social costs of the COVID-19 pandemic.Loan disbursements to low-and middle-inc

236、ome countries from multilateral creditors rose from US$104 billion in 2019 to US$157 billion in 2020,including US$50 billion from the IMF and US$41 billion from the World Bank.Disbursements from multilateral creditors remained slightly above prepandemic levels in 2021,at US$108 billion,including US$

237、12 billion from the IMF and US$40 billion from the World Bank.During 2020 and 2021,the World Bank also provided US$11 billion in grants to IDA-eligible countries.The unprecedented level of support to miti-gate the economic and social impact of the global pandemic led to a surge in commitments to low

238、-and middle-income countries in 2020 and 2021 from multilateral creditors,who stepped up to fill the gap left by a downturn in new commit-ments from private creditors and other official,bilateral creditors.New loan commitments from multilateral creditors,excluding the IMF,rose to US$132 billion in 2

239、020,an increase of 49 percent from the 2019 prepandemic level of US$89 billion.They fell to US$109 billion in 2021 but were still 23 percent above the prepandemic level(figure O.15).Loan commitments from the World Bank in 2020 and 2021 totaled US$101 billion,equivalent to 42 percent of loan commit-m

240、ents by all multilateral institutions combined in those two years.COVID-19-related support from multilateral institutions extended beyond IDA-eligible coun-tries to cover middle-income International Bank for Reconstruction and Development(IBRD)countries.Fifty-six percent of loan commitments from the

241、 World Bank in 2020 and 2021 were extended to IBRD borrowers.For IBRD borrow-ers,commitments from multilateral institutions as a share of total long-term commitments of public and publicly guaranteed debt rose from 15 percent in 2019 to 20 percent and 18 percent in 2020 10121416185051015Average numb

242、er of differentdebtor entitiesYears before and after HIPC completion pointBlack line:On average,how manydifferent debtor en?escontract public externaldebt in an HIPC country?HIPC completion pointFigure BO.4.2 Debtor Base Fragmentation in Highly Indebted Poor CountriesSource:World Bank Debtor Reporti

243、ng System.Note:This figure shows the average number of different debtor entities with outstanding external public and publicly guaranteed debt across all countries under the Heavily Indebted Poor Countries(HIPC)Initiative for years before and after HIPC completion points.The average HIPC completion

244、year is 2006.Box O.4 Sovereign Debt Market Fragmentation in Highly Indebted Poor Countries(continued)I N T E R N A T I O N A L D E B T R E P O R T 2 0 2 216and 2021,respectively.Bilateral creditors had a smaller share,which fell from 6 percent in both 2019 and 2020 to 4 percent in 2021.In contrast,f

245、or IDA-eligible countries,multilateral creditors share of comparable long-term commitments rose from 41 percent in 2019 to 52 percent in 2020,then dropped back to 44 percent in 2021.Bilateral creditors share fell from 33 percent in 2019 to 18 percent in 2021.Looking beyond loan commitments to loan d

246、isbursements,in 2020 multilateral institutions disbursed a total of US$106 billion to low-and middle-income countries,37 percent higher than the 2019 disbursements of US$78 billion(figure O.16).Financing from the IMF provided an additional US$50 billion,raising overall disbursements from multilatera

247、l institutions to US$157 billion in 2020.In 2021,disbursements declined by 31 percent largely on account of the steep US$38 billion contraction in financing from the IMF to US$12 billion.For other mul-tilateral institutions,including the World Bank,disbursements were also lower in 2021.They fell 10

248、percent to US$96 billion but remained 23 percent higher than their prepandemic level.IDA-eligible countries received 30 percent of the 2020 and 2021 disbursements from multilateral creditors.In addition,in 2020 and 2021 these countries received a total of US$11 billion in IDA grants and the poorest

249、countries among them also benefited from grants from the IMFs Catastrophe Containment and Relief Trust of US$488 million in 2020 and US$509 million in 2021 that offset debt service payments made to the IMF.4The World Bank is IDA-eligible countries single largest creditor,but financing from other off

250、icial creditors is also highly concentrated.Between 2010 and 2021,the World Bank(IBRD and IDA)extended US$453 billion in loan com-mitments,of which US$166 billion,or 37 percent,went to IDA-eligible countries.Commitments from the World Bank were equivalent to 27 percent of the US$618 billion in loan

251、commitments from all official creditors,excluding the IMF,and half of those from multilateral creditors.Over this period,IDA-eligible countries also received an additional US$35 billion in IDA grants.Three regional development banks(African Development Bank,Asian Development Bank,and Inter-American

252、Development Bank)were the second most impor-tant group of multilateral creditors,with com-bined loan commitments of US$93 billion from 2010 to 2021,equivalent to 15 percent of official creditors and 28 percent of commitments from multilateral creditors.China was IDA-eligible countries second most im

253、portant creditor and the largest bilateral creditor.It extended US$138 billion in new loans over this period,equivalent to 22 percent of commitments from all official creditors and 48 percent of those from bilateral creditors.Japan,the second largest bilateral credi-tor and largest Paris Club credit

254、or,accounted for 7 percent of official creditors and 16 percent of overall loan commitments from bilateral credi-tors.Taken together,the World Bank,the three Figure O.15 Commitments to Low-and Middle-Income Countries from Multilateral Institutions,201021US$(billion)Source:World Bank International De

255、bt Statistics database.Note:IBRD=International Bank for Reconstruction and Development;IDA=International Development Association.020406080100120140201020112012201320142015201620172018201920202021IDA-eligible countriesIBRD countriesFigure O.16 Disbursements to Low-and Middle-Income Countries by Multi

256、lateral Institutions,201921US$(billion)Source:World Bank International Debt Statistics database.Note:IBRD=International Bank for Reconstruction and Development;IDA=International Development Association;IMF=International Monetary Fund.020406080100120201920202021201920202021IDA-eligible countriesIBRD

257、countriesWorld BankIMFOther multilateral InstitutionsO v e r v i e w17regional development banks,China,and Japan extended 72 percent of loan commitments from official creditors.The remaining 28 percent was spread across around 40 bilateral(Paris Club and nonParis Club)and multilateral creditors(figu

258、re O.17).The Debt Service Suspension Initiative:Update and PerspectivesBilateral official creditors deferred US$8.9 billion in debt service payments owed in 2020 and 2021 by a group of 48 countries that participated in the DSSI.During that period,these countries also paid US$99 billion in total debt

259、 service,represent-ing 4 percent of their combined average GNI in 2020 and 2021.This debt service included US$71 billion to service public and publicly guaranteed debt,including US$16.1 billion in debt service payments to bilateral official creditors.In 2020 and 2021,68 DSSI-eligible countries repor

260、ting to the DRS spent a total of US$160 billion to service external debt,of which US$99 billion was debt service payments on public and publicly guaranteed debt.5 The US$99 billion was equivalent to 2 percent of the countries combined average GNI in 2020 and 2021,and comprised US$68.7 billion in pri

261、ncipal payments and US$30.5 billion in interest and other charges.Private creditors accounted for only 25 percent of DSSI-eligible countries year-end 2021 public and publicly guaranteed external debt stocks but received 49 percent of the total debt service paid in 2020 and 2021,because their lending

262、 on average is more costly and of shorter maturity.Multilateral creditors received 29 percent of 202021 debt service payments,and 22 percent went to bilateral creditors.Debt service payments to the World Bank and the IMF were US$8.3 bil-lion and US$5.9 billion,respectively,and together accounted for

263、 just under half of the debt service paid in 2020 and 2021 to multilateral creditors.Bilateral creditors deferred US$8.9 billion in debt service payments due in 2020 and 2021 for the 48 DSSI-eligible countries that chose to participate in the initiative,but also received US$16.1 billion in debt serv

264、ice payments from them.These participat-ing countries paid US$71 billion in 202021 to ser-vice external public and publicly guaranteed debt,of which US$16.1 billion was paid to bilateral cred-itors.The US$8.9 billion deferred included US$3.4 billion falling due in 2020 and US$5.5 billion due in 2021

265、 and reflected deferrals agreed with Group of Twenty creditors and some bilateral creditors outside the Group of Twenty,notably Kuwait and the United Arab Emirates,which participate in the initiative on comparable terms(figure O.18).Of the deferred debt service,US$1.9 billion,or 22 percent,were inte

266、rest payments that were capitalized and added to external debt stock.Principal payments Figure O.17 Loan Commitments from Official Creditors to IDA-Eligible Countries,201021US$(billion)Source:World Bank International Debt Statistics database.Note:IDA=International Development Association.01020304050

267、6070201020112012201320142015201620172018201920202021Other multilateralsAfrican Development Bank,Asian Development Bank,andInter-American Development BankWorld BankAll other bilateralJapanChinaFigure O.18 DSSI-Participating Countries Debt Service Paid and Deferred,by Creditor Groups,201921US$(billion

268、)Source:World Bank International Debt Statistics database.Note:DSSI=Debt Service Suspension Initiative;IMF=International Monetary Fund.Multilateral creditors,including IMFPrivate creditorsBilateral creditors05101520253035404550201920202021Debt service deferredDebtservicepaidI N T E R N A T I O N A L

269、 D E B T R E P O R T 2 0 2 218subject to the deferral were already included in external debt stocks because they were not paid on the original due date.Instead of providing a debt reduction,the DSSI established that the standstill in debt service pay-ments would be net present value neutral.Bilatera

270、l creditors were expected to charge interest on the amount of debt service deferred at an interest rate comparable to the one that applied to the original terms of a loan subject to deferral.The DSSI restruc-tured repayments on the debt service deferred over a six-year period,including a one-year gr

271、ace period and five-year repayment term.Based on informa-tion provided by participating countries,the cost of the deferral is estimated at about US$575 mil-lion in additional interest charges on the principal and interest payments due in 2020 and 2021 and deferred.Total principal and interest paymen

272、ts due on the deferred payments are estimated to average US$1.8 billion in 202225,equivalent to 8.7 per-cent of projected debt service payments to bilateral creditors over that period.The deferral process requires a detailed recon-ciliation between debtor and creditor records and has been administra

273、tively costly.Loans to which the deferral applies and the precise amount of debt service to be deferred must be identified,and a legal document to revise the contractual payment terms of the original loan(s)is created.This is a time-consuming process,as shown by a statement from the Pakistan Ministr

274、y of Economic Affairs in June 2022,when it announced the signing of two more deferral agreements(BR Web Desk 2022).One agreement,with Japan,covered deferrals related to the first half of 2021;the other agreement,with Switzerland,covered deferrals related to the sec-ond half of 2021.These new agreeme

275、nts brought the total number of deferral agreements signed by Pakistan to 93 with 21 different creditors.During the protracted DSSI implementation process,partic-ipating countries reporting to the World Bank DRS have taken various approaches in managing their public debt portfolio.For example,some c

276、ountries reported debt service potentially subject to deferral as paid to avoid any unintended consequences of payment arrears,in the expectation of reimburse-ment upon signature of the deferral agreement.Other countries recorded“technical arrears”or reported estimated amounts of debt service deferr

277、ed pending an agreement with the creditor on the actual amount.Data presented in International Debt Report 2022 for deferred debt service have been standard-ized,to the extent possible.The data reflect all amounts reported as actually deferred by DSSI-participating countries,estimates agreed with na

278、tional authorities for those still being finalized,and,where available,amounts reconciled with creditor data for all agreements that have been concluded.For example,the Japanese authorities shared information that enabled its accounts of debt service deferred to be reconciled on a loan-by-loan basis

279、 with debtor records.This exercise confirmed that,in most instances,the two data sets had only a small percentage point difference,not only assuring concordance regarding the defer-rals but also providing confidence regarding the accuracy of borrowers reports to the DRS.Figures for debt deferrals do

280、 not include debt forgiveness or debt restructuring outside the parameters of the DSSI.Other debt restructuring arrangements are captured by the World Bank DRS in the appropriate debt restructuring trans-actions.These arrangements include forgiveness of some concessional loans by China,reprofil-ing

281、of terms including for some in oil-backed facilities,Kuwaits US$900 million write-off of for Mauritania of interest arrears and restructuring of the principal on longstanding“passive”debt,and the refinancing agreement between Australia and Papua New Guinea that substituted for the debt deferral.For

282、countries in conflict like the Republic of Yemen,which currently do not report to the DRS,the debt service deferred under the DSSI is only partially recorded.Spotlight on Debt Data Transparency:The Role of the World Banks Debtor Reporting SystemThe World Bank has collected external debt data from it

283、s client countries through the DRS since the 1950s.The World Bank IDS database is the most comprehensive source of cross-country comparable information on the external debt liabilities of low-and middle-income countries.The World Bank supports governments and works with development partners to stren

284、gthen debt recording and reporting and to raise the bar on debt transparency.Central to this agenda is its commitment to continuously O v e r v i e w19improve the coverage,accuracy,timeliness,and transparency of the external debt statistics it com-piles and disseminates in the IDS database.The World

285、 Bank has collected external debt data since the 1950s and has disseminated them for almost 50 years.Comprehensive,accurate,and transparent data on external debt liabilities are central to effective debt management by debtors and key to supporting countries to restructure unsustainable debt and gene

286、rate a durable eco-nomic recovery.The World Banks IDS database is the most comprehensive source of cross-country comparable information on the external debt liabilities of low-and middle-income countries.These data are drawn from DRS.The World Bank requires all member countries that borrow from IBRD

287、 and IDA to provide regular detailed reports on a debt instrument basis on long-term external debt with an original maturity of over one year owed by a public agency or by a private agency with a public guarantee.6 It also requires borrowers to report aggregate data on long-term external debt owed b

288、y the private sector with no public guarantee.Currently,121 low-and middle-income countries report to the DRS,including all countries eligible for loans from IDA.Information recorded in the DRS is drawn from debt instrument agreements and the trans-action records of the borrowers loan recording syst

289、em.Most countries submit DRS reports elec-tronically using a customized debt management software package or the standardized software packages developed by the Commonwealth Secretariat and the United Nations Conference on Trade and Development.Data compiled include the basic elements of each instrum

290、ent such as com-mitment date,amount and currency of the instru-ment,name and type of debtor,name and type of creditor,and repayment terms as well as the annual transactions on each instrument(disburse-ments and principal and interest payments)and related outstanding debt stocks.Accurately and transp

291、arently reporting public debt liabilities requires a debt data management framework that ensures the capture of all relevant liabilities(data coverage)and the accuracy of the information recorded(data quality).Greater debt transparency is not simply a matter of information disclosure.It requires(a)a

292、 sound and enforce-able legal and institutional framework governing all public sector borrowing,(b)an effective debt management office staffed by qualified and expe-rienced officials,and(c)robust debt recording and reporting systems.Ensuring adequate coverage of public and external debt data is also

293、 compounded by the need for debt recording to keep pace with an expanding universe of domestic and external creditors and increasingly complex mechanisms for mobilizing financing.The DRS has evolved with the changing land-scape of external debt.Since its establishment in the 1950s,the DRS has routin

294、ely expanded and adapted is reporting requirements to take into account changes in the external borrowing land-scape of low-and middle-income countries and to support the data needs of policy makers,debt practitioners,and researchers during the periodic debt crises and concomitant debt restructuring

295、 and debt relief initiatives.The emergence of exter-nal borrowing by private sector entities without a government guarantee led to the introduction of the reporting requirement for this category of external debt in the 1970s.The requirement to report loan-by-loan transaction records to mea-sure the

296、extent and impact of debt restructuring arrangements and buybacks was introduced in the late 1970s and modified on several occasions thereafter to include the effects of these innova-tions on countries debt obligations.Similarly,the introduction of new lending instruments such as bond buybacks,zero

297、coupon bonds,interest rates set as a fixed spread and adjustable base rate,debt swaps,and central banks deposits with open-ended repayment terms has necessitated changes in the data elements captured in the DRS.The DRS continues to expand its support of greater debt transparency.This expansion inclu

298、des implementation of revisions to the report-ing requirement to ensure that DRS reports cap-ture all debt instruments,to gather information on borrower and creditor loan guarantees and other creditor risk mitigation mechanisms,and to extend the scope of the DRS to all public debt liabilities,domest

299、ic and external.The past decade has seen a marked improvement in the coverage,completeness,and accuracy of DRS reporting.This improvement arises from concerted efforts to strengthen and enhance countries debt recording and reporting to better understand rising debt vulnerabilities.It also reflects i

300、mplementation of reforms to strengthen debt management capacity in low-and middle-income countries,often supported I N T E R N A T I O N A L D E B T R E P O R T 2 0 2 220by development policy financing from the World Bank and the Debt Management Facility launched in 2008 by the World Bank with donor

301、 support and now run jointly by the World Bank and the IMF with technical support from other international partners.7 The IDA Sustainable Development Finance Policy(SDFP)incentivizes countries to move toward transparent and sustainable financing.The SDFP has been instrumental in increasing and insti

302、tutionalizing the disclosure and publication of public debt data.Since the policy became effective in July 2020,implementation of policy perfor-mance actions to improve debt transparency has resulted in the publication of annual debt reports and/or quarterly debt bulletins by 33 IDA-eligible countri

303、es and has seen the process institutional-ized through government orders or decrees.These initiatives have further improved the coverage,completeness,and accuracy of DRS reports.Recent years marked an important improve-ment in the number of countries reporting to the DRS.The DRS received additional

304、data from previously nonreporting countries,such as Iraq and Turkmenistan,which started to report again in 2021 after a 12-year hiatus.Tanzania resumed its reporting in 2020 after a 5-year gap,and South Africa increased the transparency of its data and started reporting debt instrumentlevel data ins

305、tead of aggregate data.The completeness of the DRS reports,par-ticularly the reporting of private nonguaranteed debt,also improved in recent years.Historically,private nonguaranteed debt did not represent a large proportion of many low-and middle-income countries external debt.As countries external

306、debt portfolios evolved and private sector entities were able to access external financing without a government guarantee,however,the importance of providing comprehensive data to the DRS on all types of external debt increased.For the year-end 2018 data,about 51 percent of DRS countries reported pr

307、ivate nonguaranteed debt,the highest share of countries since the DRS introduced the reporting requirement in the 1970s(figure O.19).About 43 percent of DRS countries reported year-end 2021 private nonguaranteed data,demonstrating countries quick recovery and abil-ity to send data to the DRS after f

308、acing difficulties reporting during the COVID-19 pandemic.Of the remaining DRS countries,36 countries have private nonguaranteed data supplemented by other sources as noted in the methodology(box O.1)and 33 countries do not have data.Out of the 33 countries with no data,two-thirds are classified as

309、countries affected by fragility,conflict,and violence(most of which are low-income countries facing capacity constraints).Other countries have no outstanding obligations for the private nonguaranteed sector,confirming the challenges that arise when borrow-ing without the guarantee of the public sect

310、or in economies that are more susceptible to shocks.The most significant current gap in data reported to the DRS relates to borrowing by state-owned enterprises(SOEs),particularly SOE borrowing without a government guaran-tee.Most data omissions reflect discrepancies between the countrys definition

311、of public debt and DRS reporting standards,the absence of systems to collect these data at the national level,and the limited authority of the national debt office.Many countries,including high-income developed economies,define public debt as the direct borrowing of the general government and borrow

312、ing of a public or private sector entity with a state guarantee.As such,recording and reporting on debt outside these parameters will be beyond the legal authority and remit of the national debt office.The DRS definition of public debt extends to external borrowing by nonfinan-cial SOEs in which the

313、 government holds more Figure O.19 Percent of Countries That Report Public and Publicly Guaranteed and Private Nonguaranteed Year-End Transaction Data to the DRS,201021PercentSource:World Bank Debtor Reporting System(DRS).Note:The dip in year 2019 reflects the countries challenges to report during t

314、he COVID-19 pandemic lockdowns.The list of reporting countries is based on year-end 2021 data.0102030405060708090100201020112012201320142015201620172018201920202021Public and publicly guaranteed debtPrivate nonguaranteed debtO v e r v i e w21than a 50 percent share of the debt,but histori-cally this

315、 information was rarely reported.The heightened emphasis by the World Bank and the IMF since 2018 on the liabilities of SOEs and policy actions incentivized by the SDFP to strengthen fiscal risk management and greater transparency are leading to the compilation and reporting of more data on the exte

316、rnal liabilities of SOEs.This information is being used to expand coverage of the DRS database.Most data on SOE debt liabilities,however,are as yet available only in aggregate.Incorporating these data at the loan level into national recording and reporting systems,as needed to meet the DRS reporting

317、 requirement,will likely take time.Major efforts have been made to improve the accuracy of the data reported to the DRS.They include a comprehensive review of the entire data-base(currently about 50,000 active loans)to ensure consistency of borrower type,creditor type,and entity name and classificat

318、ion.Debt data submitted by DRS reporting countries are validated against other sources such as creditor records,market data compiled by private entities like Dealogic,academic data sets,and information from central banks and other national agencies that compile the balance of payments and internatio

319、nal investment position statistics.When data gaps are identified through reconciliation with other sources,they are brought to the attention of national debt compilers and the information is used to improve the comprehensive-ness of the DRS.There has also been a major expansion in the scope and gran

320、ularity of the debt data drawn from the DRS and presented in the annual publication and the online IDS database.For decades,the number of indicators available hovered around 214.In 2019(year-end 2018 data),the number of indicators available more than doubled with the addition of 283 indicators to th

321、e database.The new indicators consisted mostly of the breakdown of external debt stock and flow data by debtor types including general government,public sec-tor,and private sector guaranteed by the public sector.In 2021(year-end 2020 data),another 72 indicators were added to reflect the breakdown of

322、 external debt by the central bank,bringing the total number of indicators to 569(figure O.20).The most important increase in granular-ity in the history of the publication of debt data was the addition of a fourth dimension of data disaggregated by creditor in 2020.The IDS data-base added the abili

323、ty to disaggregate data by more than 300 creditors,including bilateral lend-ers at the country level and about 100 multilateral institutions.This addition allows users to view and download data at the debtor-creditor level and provides additional transparency not only on the debt stocks and flows,bu

324、t also on lend-ing terms(average maturity,grace period,grant element,and interest rate on new commitments).In addition,in 2020 the IDS database was also expanded to support the DSSI.Projected debt service payments were expanded from an annual periodicity to a monthly periodicity and presented for ea

325、ch official bilateral creditor and multilateral entity to facilitate implementation of the DSSI.Going forward,proposed enhancements to the DRS are designed to ensure that the informa-tion the World Bank collects and disseminates will support and advance the debt transparency agenda.A four-point agen

326、da to be implemented over the next two to three years centers on rede-signing the DRS to further align with changes in borrowing patterns and instruments,and expand-ing the reporting requirement where appropriate to support current data needs.An important ele-ment of this work will be extending the

327、coverage of the DRS to domestic public debt to reflect its increasing importance in low-and middle-income countries overall debt portfolios.Additional effort will be made to close data gaps to enhance data quality and coverage,including the debt instrument information for the nonguaranteed debt of S

328、OEs.This work will build on policy actions undertaken in the context of the IDA Figure O.20 Number of Indicators Published in the International Debt Statistics Database,Year-End Data,201721NumberSource:World Bank International Debt Statistics database.010020030040050060020172018201920202021I N T E R

329、 N A T I O N A L D E B T R E P O R T 2 0 2 222SDFP to institutionalize transparency and regular recording and reporting of this category of debt.In addition,the platform that serves for record-ing and disseminating the data captured through the DRS will be replaced with a state-of-the-art cloud-base

330、d system to accommodate all the new data requirements,allow for faster and easier elec-tronic transfer of DRS reports from national debt systems,and provide users of the IDS database expanded access and the capability to extract customized reports to support policy making,research,and analysis(box O

331、.5).Box O.5 Improvements in Debtor Reporting System Coverage Enhance Debt TransparencySince 2018,there have been substantial improve-ments in the coverage of the external debt data published by the World Bank for both official and private creditors.a Successive editions of the International Debt Sta

332、tistics(IDS),201822,and International Debt Report,2022,have identified and added US$631 billion in previously unre-ported loan commitments,equivalent to more than 17 percent of the total outstanding public and publicly guaranteed debt stock in 2021.b When previously unreported loans are identified a

333、nd recorded,past debt stocks,transactions(dis-bursements and debt service payments),and loan commitment figures are revised ex post in the new releases of debt statistics(figure BO.5.1).Tracking these revisions across IDS reports enables the quantification of debt not previously captured in public debt statistics and increases the coverage and completeness of debt statistics.Newly identified loans