In Yemen, total external debt has been rising as a result of substantial budget deficits. That process appears to have accelerated in 2004, and total external debt is estimated at some 6.6 billion.

The table below presents the evolution of total external debt of the public sector, with a breakdown of creditors.

External debt

External debt

Haiti External debt

External public debt

In Saudi Arabia, the most highly indebted country of the Gulf Cooperation Council, total government debt increased to some 75 per cent of GDP in 2003 however, only some 23 per cent of total debt is owed to external creditors.

The budget deficit for 2004 stood at an estimated 295 million and the country's total outstanding external debt is estimated at 846 million.

The remainder of the total external debt stock of Iraq, approximately 80 billion, is largely owed to official Arab bilateral and commercial creditors.

Recent developments in external debt

Servicing of external public debt

Need for broader external debt relief

Macroeconomic policy questions external debt crisis

Unlike other Latin American, Caribbean and Central American countries, Guatemala's external debt situation is stable, with normal debt servicing loads and external debt indicators in the moderate range.

59 223. External debt crisis and development

60 187. External debt crisis and development

61 188. External debt crisis and development

58 203. External debt crisis and development

Table 1 Africa's external debt, 1970 2002

58 203 External debt crisis and development

58 203 External debt crisis and development

(c) External debt crisis and development (A 60 139)

For instance, the SADC countries have a total debt stock of 78.1 billion, with an annual total debt service amounting to 6.8 billion.

Debt sustainability is also affected by vulnerability to external shocks.

Closely related to ODA is the issue of external debt.

1989 Master of Political Science (External debt of Latin America).

62 186. External debt and development towards a durable solution to the debt problems of developing countries

Fiscal adjustment was also necessary to limit external vulnerability and the increase of external debt in relation to GDP.

In December 2001, the Government declared default on its external debt.

According to Central Bank estimates, total external debt at the end of June 2002 was over 6.4 billion, and domestic debt amounted to 1.7 billion. When these figures are compared to GDP, the limitations on the provision of public goods and services become clear.

Special communiqué on the swapping of external debt for investment in education

b Total public debt denominated in pesos and foreign currency.

Sustainability of public debt has replaced sustainability of private debt as the biggest threat to financial stability, and the focus of debate about the US current account has shifted from the sustainability of foreign debt to the impact of reducing the external deficit on growth and employment. The dilemma facing US policymakers is how to stimulate growth while lowering the level of total debt.

Taxation remains the dominant source of government revenue in most developed countries. But the role of debt finance has been growing and, with it, the need to refinance old debt when total expenditure, including debt service, exceeds total revenue.

The Government of Jordan continued its efforts to restructure the public debt stock, gradually replacing external by domestic sources with the external debt to GDP ratio declining from 76.4 per cent to 69.7 per cent during 2003 2004.

Figure 15 Indicators for external debt (as a percentage of exports of goods and services)

In Iraq, excessive external debt levels and massive war reparations are major obstacles to reconstruction.

Emphasizing the importance of finding a durable solution for those developing countries that have difficulties in meeting their external debt and debt servicing obligations,

In general, the Gulf Cooperation Council countries maintain low or modest external debt stocks and debt to GDP ratios and have accumulated substantial foreign assets.

Recalling its resolution 58 203 of 23 December 2003 on the external debt crisis and development,

(c) External debt crisis and development (continued) (A C.2 60 L.3 and L.51)

See report of the Secretary General entitled External debt crisis and development (A 59 219), paras.

(c) External debt crisis and development report of the Second Committee (A 60 486 Add.3)

External debt posed a pressing problem and restricted the Government's ability to implement poverty reduction programmes.

We are attentively following the international debate on the concept of the sustainability of external debt.