Venezuelan Bonds Rise to Seven-Week High as Debt Sales May Be Scaled Back Mar 13, 2010
Measures to contain the bolivar in the parallel foreign exchange market will not include the issuance of public-sector external debt in the remainder of 2010, Sasson wrote. We expect the central bank to intervene in the parallel foreign exchange market more aggressively in coming months and also to increase the sales of dollars at the official exchange rates. (Bloomberg)
Indonesia Credit Rating Raised to 12-Year High by S&P on Economic Growth Mar 12, 2010
The ratings could be raised if inflation pressure diminishes, the external debt burden declines, the sovereigns balance sheet improves, or reforms such as subsidy rationalization suggest that fiscal and external vulnerabilities are reduced, the ratin 00001B55 g company said. To contact the reporter on this story: in Jakarta at. (Bloomberg -- Asia)
RAM revises outlook for 4 sectors to stable Mar 10, 2010
He said the countrys moderate debt level at 42% of gross domestic product (GDP) and strong funding capability, coupled with low external debt, suggested no fiscal risk. Malaysias fiscal deficit last year stood at 7. (The Star Online, Malaysia -- Business)
Africa: South Africa and Nigeria to Issue Bonds Mar 9, 2010
Moody's said the South African government will continue to have relatively low vulnerability to external debt, even with the planned issuance, since it is starting from a low base. As a proportion of its total debt, foreign currency debt will actually decline because of increased borrowing requirements domestically. (allAfrica.com)
Bulgaria—2010 Article IV Consultation, Concluding Statement Mar 7, 2010
Private sector external debt is 102 percent of GDP, while foreign currency debt of the non-financial private sector amounts to 80 percent of GDP. The external environment is more benign than it was a year ago, but considerable risks to the outlook remain including those coming from developments in other euro area countries. 6. (IMF News)
Reserves up to RM331.8bil Mar 6, 2010
3 times the short-term external debt, the central bank said in a statement. The international reserves comprised foreign currency reserves of US$87. (The Star Online, Malaysia -- Business)
Outlook for the World Economy and Policy challenges Ahead: A Multi-speed Recovery, Keynote Address by Murilo Portugal, First Deputy Managing Director, International Monetary Fund, at the Australian Bureau of Agricultural and Resource Economics (ABARE), Outlook 2010 Conference, Canberra Mar 3, 2010
It would put Australian on a firmer footing to deal with future shocks and contain the debt servicing costs associated with the private sector s relatively high external debt. It would also help the budget face longer term challenges from population aging. (IMF News)
Press Release: IMF Executive Board Approves US$3.6 Billion Stand-By Arrangement for Iraq Feb 25, 2010
The authorities have made significant progress in their external debt negotiations with official and private creditors. They remain committed to completing the restructuring of remaining non-Paris Club claims, Mr. Kato stated. (IMF News)
'Generation Zero' Feb 25, 2010
Over seven trillion in external debt or trade debt. Almost $2 trillion federal budget deficit. (Fox News)
Argentine Bond Yields Fall Most in Four Months as Boudou `Calms Market' Feb 25, 2010
The creation of the fund was a gimmick, designed not to guarantee external debt service but to allow authorities higher fiscal largesse, Segura wrote. Still, we expect the Treasury to get more money financing from the Central Bank, in the form of increased (but yet undeclared) transfer of profits, he wrote. (Bloomberg -- Latin America)
Zimbabwe: Nation Regains IMF Voting Rights Feb 22, 2010
Zimbabwe has an external debt of US$5,7 billion and is haggling on how to resolve the issue. MDC-T says Zimbabwe can get debt cancellation under the Heavily Indebted Poor Country (HIPC) initiative. (allAfrica.com)
Press Release: IMF Executive Board Approves Three-Year US$79.4 Million Extended Credit Facility Arrangement for Malawi Feb 21, 2010
External debt (public sector) ... External debt service (percent of exports). (IMF News)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with the Islamic Republic of Iran Feb 19, 2010
Large debt amortizations have further lowered the outstanding external debt to an estimated $20 billion (6 percent of GDP) in 2008/09 ... Public and publicly guaranteed external debt (in percent of GDP). (IMF News)
Transcript of a Press Briefing on the 2009 Article IV Consultation with the United Arab Emirates by Masood Ahmed, Director of the International Monetary Fund’s Middle East and Central Asia Department Feb 19, 2010
For the UAE as a whole, the numbers that we have for debt is 132 billion which is the number that we've been able to pull together, external debt I'm talking about, which is about 57 percent of GDP. When it comes to the numbers for Dubai and particularly for Dubai Holdings or for Dubai Inc., we need to be careful because some of the numbers for debt that are there also include debt owed not externally but to local entities. With that caveat, the numbers that we have in the report for the total... (IMF News)
Greece - the mutatingfinancial crisis Feb 18, 2010
Consequently, the current account deficit widened to 10% of GDP and Greek external debt soared from 100% of GDP in 2004 to 160% of GDP in 2009; Greece became overwhelmed with external debt ... The easiest default for any government has historically been that on external debt ... Greek monetary policy is determined by the ECB. Greece must, however, bear responsibility for servicing an external debt at 160% of GDP in 2009 (and could top 200% of GDP in 2014). (Asia Times Online)
Barnaby lite Feb 17, 2010
According to the CIA factbook, Australia has an estimated US $920 billion dollars (just over one billion Australian dollars or just over US $43,000 average for each person) in external debt. Tanner definitely knows what is going on, but he ignores to tell Australian citizens the truth. (Sydney Morning Herald -- Opinion)
Panama on Cusp of Investment-Grade Rating as Moody's Considering Upgrade Feb 13, 2010
Panamas government and external debt metrics have improved dramatically over the past decade, with several ratios already in line with those of sovereigns at the lower end of the investment grade range, Moodys analyst wrote in statement. The Panama Canal, which is undergoing a $5. (Bloomberg)
Islamabad slips on dollar curb Feb 11, 2010
Some analysts believe the rupee will remain under pressure as the country's external debt continues to pile up and foreign investors' concerns increase due to Pakistan's worsening security situation. Nor has the rupee's free fall helped to increase exports, which have been stagnant for the past two years. (Asia Times Online)
ET in classroom: Non-tax sources of income for government Feb 11, 2010
Public debt can be split into two heads, internal debt (money borrowed within the country) and external debt. The internal debt comprises Treasury Bills, market stabilisation scheme, ways and means advances, and securities against small savings. (India Times)
Zimbabwe: How Do You Solve a Problem Like Arrears? Feb 10, 2010
Bulawayo Faced with nearly six billion dollars of external debt, Zimbabwe's national unity government is considering applying for Highly Indebted Poor Country status ... The programme provides debt relief and low-interest loans to cancel or reduce external debt repayments. (allAfrica.com)
Barnaby Joyce in policy whacko-land Feb 5, 2010
Even among the developed world's most conservative leaders, including those whose countries carry external debt, in the past 60 years none have suggested that aid to poor countries is an either/or proposition. Leaving aside the factual clangers in his remarks for which other politicians would be castigated, Joyce's comments on Australia's international aid raise serious questions about his fitness for the front bench. (Sydney Morning Herald -- Opinion)
* Africas diaspora, remittances come to regions rescue Jan 30, 2010
Savings rates are between 10 percent and 20 percent, and external debt has decreased from 110 percent of GDP in 2005 to 21 percent in 2008. Many factors have contributed to this upturn. (Taipei Times, Taiwan -- Business)
Press Release: IMF and World Bank Announce Debt Relief to the Republic of Congo Jan 30, 2010
External debt thresholds were lowered from the original framework ... Congo s external debt burden indicators will decline significantly following the debt relief and will be well below the HIPC thresholds. (IMF News)
Zeti: Trend not a cause for concern Jan 30, 2010
1 times of the short-term external debt. The reserves level is sufficient to deal with volatile capital flows. (The Star Online, Malaysia -- Business)
Press Release: IMF and World Bank Announce US$1.6 Billion in Debt Relief to Afghanistan Jan 28, 2010
The completion point marks the end of a process that included clearance of arrears and debt reductions by Paris Club creditors since 1996 and will ultimately result in a 96 percent reduction of Afghanistan s external debt, equivalent to US$11 billion in NPV terms ... External debt thresholds were lowered from the original framework. (IMF News)
Economy: Onwards and upwards Jan 27, 2010
That approval gave foreign investors firmer grounds for believing economic reforms and liberalization would continue on the basis of eased concerns over current account balances and the financing of external debt. Even the arrest in mid-October in the United States of Raj Rajaratnam, one of the country's biggest investors, on insider trading charges, did little to dent the stock-price charge, with the benchmark index overcoming chart resistance in November-December last year from its then... (Asia Times Online)
Liberia: Ellen Confirms 2011 Race - Promises Formidable Candidacy Jan 27, 2010
They are all small boys and they are very afraid of the woman," Mr. Kortie said in a recent radio interview. Meanwhile, addressing the joint session of the National Legislature Monday, President Sirleaf noted that her government has made progress, but more needed to be done in the rebuilding of the country. Touching on the state of the economy, President Sirleaf said the government has reduced inherited external debt arrears, which were unprecedented across the globe when compared to our... (allAfrica.com)
Reserves stand at RM331.4bil Jan 23, 2010
1 times the short-term external debt. Most Viewed. (The Star Online, Malaysia -- Business)
* Ma adds Dominican Republic to Central America tour Jan 20, 2010
Reports say that Haiti still owes US$641 million in external debt. Taiwan and Venezuela are reportedly Haitis two biggest creditors and the sum held by the two countries equals roughly half that amount. (Taipei Times, Taiwan -- World Business)
Zimbabwe's debt chains Jan 19, 2010
A government report seen by AFP in December said various options were being considered for paying off the external debt, including asking for debt cancellation in a move to secure new financing from lenders. Biti said the country will need $45-billion to restore its economic performance to levels seen in 1996. (iAfrica.com)
Questions on the forex reserves drop answered Jan 16, 2010
1 times the countrys short-term external debt. The local economist says the issue of capital outflows facing Malaysia must be looked at from a broader socio-economic context or perspective that of confidence, competitiveness, attractiveness, returns on investment (ROI), and ultimately the future of this country. (The Star Online, Malaysia -- Business)
Expert: Capital outflow normal during crisis Jan 15, 2010
1 times the short-term external debt and the reserves to GDP ratio of 47. 7% more than satisfied the reserves level considered as optimal. (The Star Online, Malaysia -- Business)
Pakistan looks to faster growth Jan 14, 2010
The IMF has estimated that the country's external debt is likely to grow by more than 43% over the next five years, to about $73 billion in 2015-16 from about $50. 76 billion early this year. (Asia Times Online)
Venezuela raids price gougers after devaluation Jan 13, 2010
"The FX devaluation is unambiguously positive for fiscal accounts and should limit external debt supply," the bank said in a note on Monday, adding higher oil prices also influenced its decision. COMPANIES HIT. (Sydney Morning Herald -- Business)
China and a newworld economic order Jan 12, 2010
This reflects the overall strength of the US economy, and that strength is derived from the US being the only nation that can enjoy the benefits of sovereign credit utilization while amassing external debt denominated in dollars, largely due to dollar hegemony. Unlike other economies, the US economy incurs no foreign debt, only domestic debt denominated in dollars held by foreigners. (Asia Times Online)
Breaking News Jan 10, 2010
The Argentine government appealed a court ruling to reinstate the central bank chief a day after President Cristina Kirchner ordered him removed in a brewing crisis over external debt payments. --> Topics. (Sydney Morning Herald -- Business)
International reserves at RM331b Jan 10, 2010
1 times the short-term external debt. Malaysia s international reserves, which are usable and unencumbered, are expected to remain at a comfortable level in 2010, it said. (The Star Online, Malaysia -- Business)
Press Release: IMF Executive Board Completes Fourth Review Under the Stand-by Arrangement for Georgia and Modifies Performance Criterion Jan 10, 2010
These policies will place Georgia in a good position to take advantage of a global recovery and to restore its access to capital markets ahead of the large external debt repayment obligations coming due in 2013. Foreign exchange market pressures have all but abated since May 2009, and intervention in support of the lari has been very limited. (IMF News)
Press Release: IMF Executive Board Approves US$551 Million PRGF Arrangement for the Democratic Republic of the Congo and US$73 Million in Interim HIPC Assistance Jan 10, 2010
Satisfactory completion of the first review of the government s PRGF-supported economic program is a key requirement for the DRC to reach the completion point under the enhanced HIPC Initiative and to benefit from the , which together could result in relief from the vast majority of the country s external debt ... Nonetheless, socioeconomic conditions remain poor; the country s infrastructure is dilapidated; and the country s external debt is unsustainable ... The DRC is in debt distress with an... (IMF News)
Press Release: IMF Executive Board Approves US$31.1 Million Extended Fund Facility Arrangement for Seychelles, Completes Final Review Under Stand-By Arrangement Jan 10, 2010
It will be important to press ahead with efforts to strengthen financial discipline and accountability in the parastatal sector, bolster the financial system, overhaul tax policy and administration, reinforce their debt management capacity, and pursue public external debt restructuring negotiations, added M. Kato ... Discussions with external creditors aimed at a comprehensive restructuring of Seychelles unsustainable public external debt are making good progress ... Restructuring public... (IMF News)
Press Release: Statement by the IMF Mission to Iceland Jan 10, 2010
The outlook for the net public external debt has also improved, including due to higher estimated asset recovery. Although the external debt of the private sector is now understood to be larger, and enough so to slightly lift the overall external debt level, this upward revision does not materially impact sustainability. (IMF News)
Public Information Notice: IMF Executive Board Concludes Article IV Consultation with Maldives Jan 10, 2010
External debt service (in percent of domestic GNFS exports). 5. (IMF News)
Bush lays into the left at Americas summit but agrees concessions Jan 10, 2010
The US vision of free trade is frequently blamed by the left in Latin America for increasing poverty everywhere from the floundering Mexican countryside to Argentina's economic crash under external debt. Running against the tide of his Latin American peers, President Fox beamed during a joint press conference with Mr Bush, who last week proposed a guest worker programme that could benefit up to 5 million illegal Mexican workers in the US. The Mexican leader happily accepted an invitation to Mr... (Yahoo News -- Summit of the Americas)
