F!rF ropy RESTRI CTED

AW32Vol. 2

This report is for official use only by the Bank Group and specificalUy authorized organizationsor~~~~~~~ ten.! ra o ^pb:kd W4edo d:ted w.:hout Bank G.Aoup au-uio'M:ln ti

Bank Group does not accept responsibility for the accuracy or completeness of the report.

I.Ir VB" AOs vA BANK BOR BC"ON ITRU"COION A"D DPiVELOPMNuNFIMfJNA 1 IOIN.JJNL ±AIN~ V'JK Sfl .JINCKIM- I 'JN A±NL VijLA.WVr~N

iIN " ERINTATIONAL DEVELOPM1OI1 ASSOCIAT iON

CURRENT ECONOMIC SITUATION

AND PROSPECTS

OF

GHANA

(in seven volurnes)

VOLUME II

EXTERNAL DEBT

March 9, 1972

Western Africa Department

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CURRENCY EQUIVALENTS

1 N Ce = iTT!Zkn QR

1 UST Dola^- = .01 .02

On December 27, 1971 the Cedi was devalued to 1 New Cedi

Us$ 0.55 and on February 7, 1972 the Cedi was revalued

to 1 New Cedi = US$ 0.78. In this report the exchange

rate of 1 New Cedi = US$ 0.98 has been used.

COMPOSITION OF THE MISSION

This report is based on the findings of a mission to Ghanain April 1970, consisting of:

Mr. James J. McGibbon - Chief of MissionMr. Fateh Chaudhri - General EconomistMr. Hellmut Dostal - National Accounts & Production SectorsMr. Ved Gandhi - FiscalMr. Norman Hicks - Economic ProjectionsMr. Thomas Klein - External DebtMiss Katharine Mortimer - Social SectorsMr. Herman Nissenbaum - ProjectsMr= Nabhi I qkkar - Trade and Balance nf PavmentnMr. Carlos St Hill - External Debt StatisticsMr. Merri1 Rafman* - CoeoaMr. Dean Papavassiliou - Statistical AssistantMiss Geraldine Prefontaine - Seeretary

* ('o,welii tnn

The report comprises the following volrumes

Vollume I - Main ReportVolume II - External DebtVlume !II Rece D>nt Fi;sc-l Poli;ciesD

Volume IV - Cocoa1Troliiw.e V =Intere-- Po-tes - th- .Mobiliza-ton

of Private SavingsVTlT1 u VI - R4eview of E-conm rn.-- P-1 ni,ng

Volume VII - National Accounts Data - Sourcesand Methods

rfl)>,4 a ,,nl jima has beea~~ nn pered y, .Mr.rln^ na Win

TABLE OF CONTENTS

Page No.

INTRODUCTION ................................ 1

I. DEBT RELIEF AGREEMENTS ................... ... 2

The Case for Debt Relief .................. 2The December 1966 Minute of Agreement ..... 3The October 1968 Minute of Agreement ...... 5The July 1970 Minute of Agreement ......... 8Current Status of Bilateral Negotiations .. 10

II. IMPACT OF DEBT RESCHEDULING ................. 11

III. FINANCIAL FLOWS TO GHANA ANT) THE CHANGINGSTRUCTURE OF EXTERNAL DEBT .................. ****. 15

IV. GHANA'S DEBT SERVICE OBLIGATIONS, 1971-82 ... 21

Annex A. Debt Relief AgreementsAnnex B. Model Suppliers CreditAnnex C. Statistics on External Debt

LIST OF TABLES

P1 Tag L.

Table 1 - Estimated Debt Service, 1966-68, on DebtOutstanding as of February 24, 1966 ............ 2

Table 2 - Medium and Long Term Debt Outstanding, December31, 1970 by Creditor Country .................... 4

Table 3 - Terms of Ghanaian Debt Rescheduling ............. 7

Table 4 - Status of Negotiations under the 1968 and 1970Minutes of Agreement ............... 12

Table 5 - Effect of Debt Rescheduling on the Terms of thepre-February 24, 1966 Medium-Term Suppliers'Credits .................................... .... 13

Table 6 - Debt Service on pre-February 1966 Suppliers'Credits, before and after Rescheduling .........

Table 7 - Structure of Ghana's External Debt, February 24,1966 vs. December 31, 1970 ..... ......... * ...... 18

Table 8 - Financial Flows and Average Terms of Lending,1957-66, 1967-68, 1969 and 1970 ................ 19

Table 9 - Private Sector Suppliers' Credits Authorized andAccepted, 1967-70 .............................. 21

Table 10 - Debt Outstanding, end-1970 and Estimated DebtService 1971-82...... 0 ........ 24

Table 11 - Debt Service on pre-February 24, 1966 Suppliers'Credits: (A) Classified by Status ofRescheduling .. ......... ................... ...... 25

Table 12 - Debt Service on pre-February 24, 1966 Suppliers'Credits: (B) Classified by-Creditor Area ....... 26

Table 13 - Debt Outstanding, end-1970, and Estimated DebtService Payments, by Creditor Country .... ...... 27

This report was prepared in the latter half of 1971.

The Green cover version of the report was circulated in

December of 1971 but following the change of government

in Ghana in January of 1972 the issuing of the report in

Grey cover was postponed pending discussion with, and

approval from, the Ghanaian authorities. The report takes

account of budgetary measures for the fiscal year 1971/72

which were introduced in August of 1971. It also takes

account of a comprehensive study of cocoa prospects which

was completed in December of 1971. The report does not

take account of the changes in the parity value of the

cedi in December of 1971 and February of 1972, and other

measures announced since December of 1971 such as the

abolition of import surcharge and export bonus systems,

increase in cocoa producer price, increase in minimum

wage rate and abolition of the National Development Levy.

EXTERNAL DEBT

1. At- the end nf 1957- the year of Ghana's indenendence; externaldebt was negligible and foreign exchange reserves amounted to $480.7 mil-lion, When the Government chanaed nn Februarv 24, 1966; fnreign exchangereserves had fallen to about $50 million while medium- and long-term ex-ternal debt 1/ had exianded to about $500 m1llion. Thi ahar-n deterr4ra-tion in Ghana's external financial position was reflected in the rapid risein imnnt-t-a wh4rh Arnmnani±A lnaroe tIuelnnm_nt onutlavr nt A t4im when ponrt

earnings showed little growth. Of the medium- and long-term debt, 80%consisted of Snl4.,-a rcr.A4dt-s minvo than three-quarters of oh4 h wera

scheduled for repayment between 1966 and 1971. The only long-term bor-rowing that took place between 1957 and February 24s, 1966 was to fina.ncethe Volta Dam. 2/

2. The problem of meeting these debt service obligations was com-p.Licateu b thAe r,eed for further .et capital. flows fromU abroad, first tohelp stabilize the economy (which was experiencing strong inflationarypressu.es) an. thLLen to LI-elp f.inance furth.er economic growth. TheL L.w

Ghanaian Government was able to arrange a series of program loans and someproject ai fA rom -le TUnited States, thle ITnit~ed3L Krnglomt art' the Federal~~~~JLIJJOL~~~~~~~~~~~~~~~~~~.L U1. A. AiA LAV LuLL L U O)L.LOo LLLO 1)1L. L. U LI.LLAuUL u~ LL IV U LJ

Republic of Germany on concessional terms. Loans were also obtained fromthLe WUorLdU BJankI Group. A"t thLe saue tLiLIe, the GoverrLent ppealed to the

creditor countries for rescheduling the medium-term suppliers' creditsreceivedu prLor to February 24, 19UU. Debt reiefL arrarugemients were agreedto in 1966, 1968 and 1970.

3. This section of the Report attempts (a) to describe the debtrelief offered to Ghana and tne difficuities tnat nave arisen in impie-menting the debt relief agreements, (b) to evaluate the impact of thedeDt relief agreements, (c) to describe how the structure of Gnanats ex-ternal debt has changed since February 1966, and (d) to set forth thecomponents of Ghana's debt service obligations in order to provide anunderstanding of Ghana's current debt problem.

1/ The coverage of external debt includes all obligations with an originalmaturity of more than one year. Debts of the private sector. to the ex-tent that they are known, are included in addition to the usual coverageof public sector debts in the IBRD's statistical renorts.

2/ A comnlete listing of loans and grants rec-eived frnor Interniationnal agen-cies and governments is presented in Table 4.1 of the Statistical Annexto the main volume of this Renort.

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I. THE DEBT RELIEF AGREEMENTS

T-he nGas for nebt Relief

4. The oase fnr dpht rplipf was based mainlv nn the hbunching ofGhana's debt service payments on suppliers' credits in a short period oftime; debt service paym..ents were nwrticularly 'irop in 1966-70. Lookingforward in 1966, debt service as a percentage of exports of goods andservices of the recent past appeared likely to increase sharply in 1967and 1968 (see Table 1). In retrospect, the debt service payments owed in1966-68m bef_or thD Anht treDne,t4nt4r.,,al 5 , , trntana of~ 1t,.1 o1~rs of4

goods and services turned out to be even higher than anticipated, owing tofalling .o.oa proceeds in these years.

Table 1: SCHEDULED DEBT SERVICE PAYMENTS ON DEBTOUTSTANDING ON FEBRUARY 24, 1966

(In millions of U.S. dollars)

1966 1967 1968

ebut service onL supplers' credlts 36.3 56.5 6

Debt service on long-term debt 1.3 2.1 3.0

Total 37.6 58.6 65.4

Ratio to 1961-65 average exports ofgoods and services 10.8% 16. 9% 18.9%

Ratio to actual exports ofgoods and services 12.0% 18.8% 19.3%

5. Debt relief in 1966 was justified on other considerations aswell as a high debt service ratio. Ghana had considerable short-termdebt, the necessity of repayment also posed a potential strain on thebalance of payments. 1/ There was little further scope for reducingimports. The prospect for exports was bleak; cocoa prices in 1965-66had been falling, and the outlook for future production was poor owingto the spread of disease among cocoa trees following the lack of availabilityof insecticides in the early 1960's.

1/ The short-term debt problem which faced Ghana after the change of Govern-mcent i,% F;ebruary 1966 is set forth elsewhere in. this Report. The oi.4,elements were: (a) arrears on current payments of about $80 million,(b) repurchase of the 1966-67 draw ings from the TMV of $77 millIon, and(c) eliminating the mandatory 180-day import credit requirement at the

cos of $0- Y7 A.millon. The amount ousa4ndrg of 180-Aay credits asof December 31, 1970 was $98 million; comparable figures for earlierdates are not avalale.1

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6. Nearly 80% of the pre-1966 suppliers' credits were owed to IBRDmember countries (see Table 2). The largest IBRD member creditor was theUnited Kingdom (25% of the total), but there were significant credits alsofrom Germany (13%) and the Netherlands (8%). Yugoslavia, France, Italy andJanan each accounted for 5% of the total. About 25% of the credits wereextended by non-IBRD member countries, half of which came from the SovietUnion. Long-term loans have been nrovided by only six sources (Canada-Denmark, Germany, the United Kingdom, the United States and the World BankGroun). The United States is the nrnrinpaI long-term -redrtnr- fol1nwed

by the World Bank Group.

7. Shortly after the change of government in February 1966, Ghanarequested immediate debt relief. At a meeting in London with the majorwestern creditors on June 1-2, 1966, the new Ghanaian Government announcedthat it intended to honor a11 Of its international obligations but requested_._~~~~~~~~~ - -1 - s& 1. v s- z - - x - j ------ xsvL v Xblv sM

a temporary suspension on all payments of suppliers' credits incurred beforeFebruary 24, 19 666, untill such _i- zs a resnchduling could be ar- TI-

representatives of the creditor countries noted this request, and Ghanastopped payment on these creudits aflter tL e une meeting.

T to _ n _u _ ~ I IL j E o x.Ll .>A iAA

ILLEt LiecmiLUeL I 7UU 1"liULLC UOf AgreemIIILt

8. The creUditor countries mi,et Wtihi each otlier on October 25-26LU di oNovember 21-23 and then with the (;hanaian representatives on December 6-9to ULscuss thie proposec de'UL relief. T1ue creditor countries agreed to givesome relief on pre-Februarv 24, 1966 suppliers' credits of 1-12 yearsmaturity. Of tne payments due from June 1, 1966 tnrough 1ecember 31, 1968,plus accumulated arrears as of June 1, 1966, 80% of the principal andinterest would be deferred until July 1, 1971 and then paid in instaimentsof increasing size over an eight-year period. The remaining 20% would bepaid on the original due dates except that the cash payments due withrespect to maturities due through June 30, 1967 would be payable duringthe second half of 1967 and 1968. With regard to arrears on those creditsoutstanding as of June 1, 1966, 20% would be payable along with maturitiesdue through june 30, 1967, and the remaining 80u/ wouid be deferred to 1971-79.Thus, a complete moratorium on debt service was granted fgr the paymentsfailing due during the thirteen months ending June 1967.= The -linute ofAgreement required that Ghana pay interest on thie deferred portions of therescheduled debt and that the rate of interest would be related to the currentcost of borrowing in each country. The actual amount would be determined inbilateral agreements between Ghana and the individual creditor countries.WMhile the IMinute of Agreement expressed the hope that the moratorium interestrates would be as low as possible, the Minute of Agreement established theprinciple that ". . . debt rearrangement must be disting4isi1ed from aid andlthat it could not be provided at concessionary rates." L/

j Although no debt service was paid on the debts eligible for rescheduling,moratorium interest accrued on the amfFountLbs deferred.

2 "Agreed Minute on the Repayment of Medium-Term Debt of the Government ofGhana and others Resident in Ghana,:: December 9, 1966, para. 8. The threeMinutes of Agreement signed at the 1966, 1968 and 1970 London Conferencesare reprinted in Annex A.

Table 2: MEDIUM AND LONG TERM DEBT OUTSTANDING,

DECEMBER 31, 1970, BY CREDITOR COUNTRY /1

(In thousands of U.S. dollars)

Pre-1966 Post-1966Sunpliers Suppliers Long Term TotalCredits Credits Loans

Participants in the London kgreementsAustralia 20 - - 20

Belgium 1,097 - - 1,097

C,anada 30 - 7,012 7,0b2

Denrark - 2,667 2,667

France /2 14.334 712 - 15,01i6

Germany 36,717 161 3),421 71,299

israel 562 - - 562

Italy 13,857 378 - 1b,235

Japan 12.422 1,935 - 14,357

Netherlands 23,305 - - 23,305

Norway [4,319 - - )4,319

No.way 95,357 5,160 43,265 103,782

U.SoSA. 550 1,977 103,301 105,828

Total 202,570 10,323 190,666 403,559

Other IBRD Member CountriesIndla 365 _ 365

3nain 6,o054 - 6,054

U'*A.R. 125. - - 125

Yugoslavia 15 729 - - 15,729

Toa ~ T1 - 22,2713

Unidentified (IBRLD countri e_ _ - 8 - 1,896

Total IBRD countries 218,421 6, 190,666 L27,728

Other CountriesBulgaria 1, 280 - - 1,280

China (Mainland) 6,591 - _ 6,591Cze&hc~~~iovakia 12,028~~l - - 12,028

C ze o>h o 2 ovak ia v

'Fast Germany 275 -_ 875

Hungary 2,29 - - 229

Poland 9,681 - - 9,681

Rumania 1,262 - - 1,262

USSR 37 215 37,215

Total 71,2 71 -22

World Bank Grou- - 3,L88 73, l88

Total 289,6403 18,63P _6ni53 572,23!

/1 including undisbursed. Details may not add to totals owing to rounding.

/2 France particinated in the 1970 Multilateral Agreement only. However, France

signed bilateral agreements with Ghana on terms following the 1966 and 1968 London

agreements.

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9. Agreements were concluded with most participants in the 1966 Lon-don Agreement within six months. 1/ A rescheduling agreement was alsonegotiated with the United Arab Republic on the same terms as with partici-pating countries. In March 1967, a Ghanaian Mission visited Yugoslaviaand the USSR and negotiated bilateral agreements on terms differing insome respects from those arranged with the participants in the Londonmeeting. These negotiations set the pattern for subsequent agreementswith Czechoslovakia, Poland and Rumania. Like the London agreement, 80%of the debt service due on 1966-68 maturities was to be deferred.However, instead of paying the deferred debt service in rising quarterlyinstalments, it was to be paid in 16 equal semi-annual payments from 1971-78.On the other hand, the moratorium interest rates were much lower: rangingbetween 2-1/2% and 3% vs. an average of 6% with participants in the LondonConference. The agreement with the USSR was unique in that it covered theentire pre-1966 debt; 80% of the 1969-74 maturities were to be paid in sixannual instalments following a two-year grace period. The Agreement alsomade arrangements for the scheduling of new debts to the USSR which wouldarise from the completion of outstanding proiects.

The October 1968 Minute of Agreement

10. There was an informal understanding between Ghana and the creditorcountries that the pre-1966 supplier credits would be further rescheduledat some time before December 31, 1968. 2/ Therefore- the United Kingdomconvened a second debt conference for October 16-22, 1968. The Ghanaianrenrespntativpe at this onnferenre nnintpd ntir thA-t in the nhapnep of fur-ther rescheduling, debt service on all types of debt would increase from anaverago of n40 million per year, or 12% of pmrnvwt vralnta diring 1966-68to about $100 million per year, or 25% of expected export receipts duringthe next few years. This would greatly raeduc the possibiliy of f4nncangthe capital formation needed to accelerate development. The Ghanaian re-presentatives also re-uested tha-t the m0ra-toriu interest rate or. additior.alrescheduling be substantially lower than under the 1966 Minute of Agreement.T'h ". ,-4 ,. .A f.. 2 -. ~.A .1I,4 . 4. .4-,.4- C ... .A4 -.M.e y "4f-4 ot.eAd for a IT rate an.d called to the atte.tion of tahe creitorcountries that, even if they agreed to 3%, the total moratorium interestprayments on the f4irt .- A ------- eA second resckheA..l 4 ng togeth.e A -lAA

nearly 25% to the original debt.

1TThe agreement with Japan was not signed until June 1968, but it re-scheduled maturities through June 1969. See Annex A for a listing of thebilateral debt agreements concluded with the individual creditor countries.

2/ The reference to this understanding is in para. 11 of the 1966 Minute ofAgee.et "... &th tbe "ni.ed Ringdom, as ChaLir.mLLUar L3.L Lofte Udeu confer-

ence would reconvene the conference at the request of Ghana or anothercred'o (e Armex A -p.9cred±Lito couintry. (e e .'uiue t!Lt, P.7j .

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11. Th,e rescheduling agreed to in the Minute of Agreemenr.t sigcr o^-October 22, 1968 came close to the Ghanaian request in many respects (seeIlablle 13 below),. Th.e maturities to be reschedul-d were from jan--,y16Af aUJ. .I UCJ.W . *** LU-A&.1..' -ta At -tl .O

through June 1972. Cash payments during the consolidation period were to,) 'A-/ ..Cu4 1 A.. . -k... 4., O.4- lO4 A - ----b_e 20X Ormatur'-'es as they Afell dAue, the~ smeU aDi .te'66W rectu~ LI%Jlo Uk U~ L .L1.Lb a . LLA=) LJJ fll au .Y

instead of 15% as desired by the Ghanaians. However, only 15% of the 1969maturJLt!ies were Lo bUe paiLU or. the Uue Ulates and the remaining.L 5Z pjJU iU

equs.l instalments on January 1, 1971 and January 1, 1972. The grace perioddU repayuenlt period were each only six mor.ths shorIULLL LLhIL LreqUes.eU Uy

the Ghanaians.

12. The question of moratorium interest, however, was not satisfactor-ily resolved at tne debt conference. iue U-verglent vie-ws Uf Ghaua a-ud the

creditor countries are set forth in para. 10 of the Minute of Agreement. 1/The creuitor countries suggested that the rate of interest on deferredpayments should be determined by bilateral negotiations ". . . having regardto the cost of borrowing in the creditor countries concernea . . .,- ana tnecreditor countries further suggested that the moratorium interest rate bein the range of 5.5-6.0Z. At the same time the creditors, as a group, ac-knowledged the right of any of their members to offer a lower rate and agreedon the principle that each creditor country should attempt to keep theaverage rate charged as low as possible. The Ghanaian representatives,while willing to agree to the payment of moratorium interest, felt tnatinterest rates in the 5.5-6.0% range would be excessively burdeDsome ".

unless alleviated by supplementary measures".

13. As of September 15, 1971, bilateral agreements have been concludedonly with four of the six major creditors participants in the London conference(i.e., countries holding debts exceeding $iO million). An agreement waspromptly signed with the United Kingdom. Many of the U.K. suppliers' creditsspecified, in the original agreements, a moratorium interest rate in theevent of a failure to meet payments as originally scheduled, and so thepossibilities of lowering the average moratorium interest rate throughnegotiation were limited. Ghana agreed to pay 6% moratorium interest onrescheduled debts not specifying a particular rate; and the U.K. Government,to ease the burden of the moratorium interest payments, agreed that programloans to Ghana during the U.K. fiscal years 1969-70, 1970-71 and 1971-72should be free of interest. Bilateral rescheduling agreements includingmoratorium interest rates well below the 5-1/2-6% range were negotiated withGermany (4-3/4%), France (4-3/4%) and the Netherlands (4-1/4%). 2/Negotiations with Italy and Japan, the other two major creditors, berame

1/ See Annex A below, p. 14.

2/ The French rescheduled maturities only for 1969, because French Govern-ment administrative procedures required that rescheduling agreements besigned for one fiscal year only. Ghana agreed to the principle of sign-ing a series of three agreements. Later, the Ghana Government requestedthat arrangements for the 1970 maturities be postponed until after themid-year conference. Rescheduling the 1970-June 1972 maturities wasfinally agreed upon in May 1971 on identical terms with the reschedulingof the 1969 maturities,

Tabl3 TERMS OF (iHANNAIAN DEBT RESCHEDULING AGREEMENTS

FiJrst Agreement - Second teement - October_2=2 jr_ _…__ _ _ December '3,_1966 _ _ Ghana ian Request Agreed Terms

Consolidation Period June 1, L966 - Dec. 31, :1968 Jan. :1, 1969 - June 30, 1973 Jan. 1., 1969 - June 30, 1572(2I years) (4k years) (3½ yetars)

Amount Consolidated 80f% 85% 80%

Grace period followingconsolidation periodc Jan. 1,1969 - June 30, 1971 Jualy :1,1973 - Dec.31,1975 July 1,1972 - June 30, 1974

(2½ yrears) (2½! years) (2 years)

Repayment period JuLy ]L,1971 - Apr.. 1,1979 Jan-.119715 - Dec.31,1983 July 1,1974 - Oct. 1,1981(8 years) (8 years) (7½ years)

Moratorium interest rate Bilateral determination /1 3% Bilateral determination /22 _;

71 To be 'reated to-c:ost of borrowing, in eacTi crecLit<>r couiry-72 Also to be relatedc to cost; of borrowing in creditor countries but a 5½ - 6% range was suggested.

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dueadlu±uockIed over thte moratori=, interest rate. The Italian. Govern..en.tasked for a 5-1/2% moratorium interest rate. This was rejected by theGhlanaians, and regotiWatiC4or.s were broker. off Detwee 1 969 i arA 1071. Japanrequested a 6% moratorium interest rate, which was rejected by Ghana des-pite the offe of. an~A. IJAn $400 A.,000 grant to AiLna.ce thLLe purchase of

Japanese agricultural machinery. The negotiations with Japan were furthercomplicaLtedU Uy Lhe Japanese LnsinLuLCe upOLL hUana paying cUntacLualinterest in full on the due dates and deferring payment only of originalpriLnciLpal (ilanLa had agreed to such an arrangemLenIC-11; Jin thLe fil1rsL rescneau±-

ing). W4ith the smaller creditors, an agreement with a 4-7/8%, moratoriuminterest rate was signed with Israel, but negotiations broke down withBelgium, Norway and the United States over the interest rate issue. 1/

14. Ghana also had mixed results in negotiating rescheduling agree-ments with Yugoslavia and the Soviet Bloc countries. Tne Rumanian andBulgarian debts were fully rescheduled in July 1969; but an agreement withYugoslavia was not reached until December 24, 1969. it provided onlyfor cash payments during the consolidation period on terms similar to theLondon Minute of Agreement. Also, it covered only maturities throughJune 30, 1970. The arrangements for paying the deferred portion of the1969 and first half 1970 maturitie's and arrangements for reschedulingmaturities through June 1972 were to be resolved by the end of 1970. However,no meetings were held between Ghana and Yugoslavia during this period, andthese matters are still unsettled. Discussions took place with Hungary inMay 1969 to consider rescheduling the 1966-june 1972 maturities, but noagreement was reached. No meetings were held with Poland regarding asecond rescheduling, and there have been no talks regarding any reschedul-ing with mainland China and East Germany.

The July 1970 Minute of Agreement

15. In the Autumn of 1969 the Government of Ghana requested a review ofthe arrangements which had been made for rescheduling the pre-1966 suppliers'credits. Nine months later, in April 1970, after informal discussionswith individual creditor countries, the Ghanaian Govenment circulated adocument among the creditors presenting the basis for requesting that:

the total balances of principal outstanding as of1st July 1969 on medium-term debt incurred prior to Feb-ruary 1966 should be consolidated and be repaid in a singleinstalment by means of refinancing loans . . . Since afterrepayment of principal there will be no outstanding debt un-der the original contracts the question of interest paymentson these credits, including both original contractual in-terest and moratorium interest, would not arise thereafter." 2/

_i An agreem.ent with the united States was signed on May 4, 1971, but, asof September 15, 1971, agreements were still pending with Belgium andNorway.

2/ Government of Ghana, "Ghana's External Debt Problem: Its Nature andSolution!" (A Memorandum submitted by the Government of Ghana to theCreditor Countries), April 1970, p. 68.

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The Ghanaian authorities argued in 1969 and again in April 1970 that thestandard of living in Ghana had fallen during the decade of the 1960's andthat the new democratic regime, if it is to survive, must achieve somesignificant economic progress. The 1966 and 1968 debt rescheduling, ac-cording to the Ghanaian authorities, while giving substantial immediaterelief, failed to take account of the depth of Ghana's balance of paymentsproblem and the length of time required for its solution. Also, the im-position of moratorium interest payments on the deferred debt servicebased on the cost of borrowing in the creditor countries was estimated tohave increased substantially the amount of total debt service to be paid. 1/Payments due on medium-term debt after rescheduling would average about$30 million per year from 1969-80, and the Ghanaian authorities believedthis to be a severe handicap to the financing of an effective developmentproRram. 2/ Therefore. the Ghanaian Government asked the creditors toabandon their position that aid and debt relief must be handled separatelywith debt relief based on commercial terms. The 1966 and 1968 debt reliefagreements shifted forward by a few years the peak in debt service payments;what the Ghanaian Government wanted was a smoothing out of these debt serv-ice payments over a substantial period of time. Specifically, the GhanaianGovernment reauested a 50-vear. 2% refinancine loan includina a 10-veargrace period.

16. The representatives of the creditor countries met with theGhanaian authorities in London under the Chalrmanshin of the Tlenitprl ingdomfrom July 7-11, 1970 to consider Ghana's request. While expressing under-standing and svmnathv for Ghana's growth obnhirtivs and the need fnr a

sound balance of payments program, the creditors took the position thatdevelopment aid rather thnn dbht relief was mnre suitnhbl for thic purpose.

The creditor countries also noted that they ". . . were disappointed thatG-hann had fnound it nercessry to spek tn reonpe the 1QAR debt- catflem ant- whichhad been expected, by both Ghana and the Creditor Countries, to be final." 3/However, the creditor countries did acree to extend relief on 50% of thepayments on consolidated debt falling due between July 1, 1970 and June 30,1972- Thev alnno agred to meet aga4n hpfore Juimp 3, 1972 to revifew the

medium-term debt obligations falling due after that date.

17. Under the agreement, individual creditor countries had a choiceof the following three methnoA of Aebt relief:

a. In.terest-free defeme.nt of debt service for a ten-yearperiod. Such a measure would have a grant element of6 *t% aUSJg .1 AJ4ount rate _ .

1/ According to a model of the debt rescheduling presented in Annex B below,moratorium interest added 28% to total debt service. According to theGhanaian authorities, the increment was 36% (Ibid., p. 66).

2/ Government of Ghana, op. cit., p. 3.

3/ "Agreed Minute on the rearrangement of Medium-Term Debt repayments duefrom Ghana between July 1970 and June 1972," para. 2. (See: Annex A, p.19.)

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b. Refinancing loans wnich would also have a grant elementof 61%. (One such possible loan would have a maturityof 30 years, including a grace period of 8 years, at2.5% interest.)

c. Program aid, over and above the level disbursed in theyear ending June 1970. Such aid would have to be fullydisbursed before June 30, 1972 and the aid would alsohave to have a grant element of 61%.

18. The Ghanaian Government in turn agreed to conclude bilateral agree-ments under the 1966 and 1968 Agreed ttinutes with those countries with whichagreements had not yet been concluded. Payments outstanding under theterms of the 1968 Agreed Minute which had not been transferred prior toJune 30, 1967 because the bilateral agreements had not been signed wouldnot be subject to debt relief under the July 1970 agreement.

Current Status of Bilateral Negotiations

19. The negotiation of bilateral agreements is still in progress. Asof September 15, 1971 bilateral agreements had been signed with France,Germany, the United Kingdom and the United States under the terms of the July1970 Minute of Agreement. 1/ Israel, in connection with other aid to Ghana,cancelled i4 750,000 of the final maturities of its rescheduled suppliers'credits working back from 1981 and 1979 on the debt service streams resultingfrom the two reschedulings. Debt relief agreements have not been concludedwith Belgium, Italy, Japan and Norway under the terms of the 1968 Minutes ofAgreement; the issue of what rate of the moratorium interest rate is to becharged against the deferred debts has not been resolved. Simultaneouslywith the signing of the debt relief agreement with France. Ghana arrangedfor the rescheduling of 1970-June 1972 maturities of pre-1966 suppliers'credits covered by export credit insurance under the terms of the 1968Minute of Agreement.

20. As for arrangements with creditors not participating in the 1968and 1970 Minutes of Agreement- the only Western creditor with debts whosepayments had not been arranged prior to the July 1970 Debt Conference wasCnnndna On Mnv 9 1971 Canada accented the cedi eauivalent to the S30thousand outstanding suppliers' credit, and this sum will be used to meetCanadian Government expenditures in Ghana- Debt reschedulinQ has still notbeen completed with Yugoslavia, mainland China and certain Soviet Bloc,count-ri4 c (China, Ch1nosvki E. Germannu Hiincrv and Pnlnnd') rpcgrding

1969-June 1972 maturities. Also, no agreements have been concluded withYugoslavia and the Soviet Bloc countries regarding dt relief on nparentsdue from July 1970-June 1972 on rescheduled debts.

.1, ThI-e options selected by tbhe credit,ors are showr. T e 4n ab.'

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21. After June 30, 1970, debt service payments on rescheduled debtswere interrupted pending implementation of the new Minute of Agreement.Payments to the U.K., the U.S.A., France, Germany and the Netherlands werereduced by 50% but were resumed following the signature of agreements underthe 1970 formula (other than to the Netherlands for which an agreement isstill pending). However, debt service payments on rescheduled debt owingto Belgium and Japan have been stopped entirely. Payments in full arebeing made to the smaller Western creditors (Australia, Canada and theU.A.R.). A debt to Norway is being serviced, because it was outside therescheduling arrangements; payments are being made to Italy because thesuppliers' credits were refinanced rather than rescheduled. Payments toYugoslavia and the Soviet Bloc countries with respect to rescheduled debtsceased after June 30, 1970 pending a review of bilateral agreements withthese countries. Also, no service payments are being made to creditorcountries on debts technically eligible for rescheduling under the 1968Minute of Agteement but which have not yet been rescheduled.

22. Table 4 summarizes the present status of negotiations under the1968 and 1970 Minutes of Agreement. A complete listing of bilateral debtrescheduling and debt relief agreements, together with the texts of thethree Minutes of Agreement is presented in Annex A.

II. IMPACT OF DEBT RESCHEDULING

23. The effect of the debt rescheduling and debt relief agreementswas to soften the original terms of lending and to give some inmediaterelief to the pressures on Ghana's balance of payments. However, theshort-terni character of the debt relief has created a bulge in Ghana'sdebt service schedule for the mid-1970's.

24. The impact of rescheduling on the original terms of lending wasdpterrmTined by takin mntipl lon with termq eniial to those of the averageterms for suppliers' credits extended to Ghana by creditors in IBRD membercountries. The debt service schedule for this loan was then adiusted

successively in accordance with the terms of the 1966, 1968 and the 1970Minutes of Agreement= 1/ The effect of these resrhedul1ngs can he observedby the change in the effective rate of interest and by the change in thegrant element. The effective rate of interest was estimated by calculatinthe rate of discount which equated the sum of the debt service payments(nrincipanl and 4ntevsat) to the face value of the loan. The postponement

of debt service tended to reduce the net effective interest rate; the re-quirement th-at G-hana must pay moratorium interest on the deferred portionsof the original principal and interest payments tended to increase theeffective rate of9 4nterest. Our calculati4ons suggest- that- th1e post.pone-ment effect outweighed the adverse moratorium interest effect (see Table 5).

1/ These calculations are set forth in detail in Annex B.

Table 4: ST'AlUS 0F BILATJEIL DBT R1EL'[LU NIEGOTIATIONS WIT,H PARTICIPANTS iN TH4E 1968 AND 1970

M-ITNUTEE 0Ž AGREEMENT AS oF SEPI'EMBER 15, 1971

Bilateral agreements to be concluded Bilateral agreements to bE concluded

Creditor urnder the 1968 Minuite of Agreemcnt _ inder the 1970 ilinute of Agreement

Country Arehount nodt Agreement date or Status Proposed form of Amount of Term A e or Statuls of

(. Thousands) of negotiations debt relief debt relief Mat. Gr. It. Negotiations

Australia /1 Original maturities to bepaid on schedule:less than $35,000

Belgium 294 Jnable to agree on Payment deferred n.a. Pending concIasion

moratorium inter est rate of debtrescheduling

France--Insured credits - May12, 1971 Program aid /2 F 3.71 mn. Grant May12, 1971

Uninsured credits 3146 Agreement expected innca- future

Gearmany - July 11, 1969 Pay-ment deferred DM 10.48 mn. - May 4, 1971

Israel - Jan. 1, 1969 Cancellation of L 0.75 mn. Grant August 31, 1970maturities andprogram aid H

Ital.y 3,850 Unable to agree on Payment deferred n.a. - Pending conclusionmoratorium interest of debtrate rescheduling

Jauaii 5,296 iegotiations will be Pirogram aid to $ 0.9 mn. Grant Possibility of broad-

resumed followfng agree- consist ex- ening content ofment on form of 1970 c]usively of program aid inder

debt relief Japanese ri-ce discussion

lBetheriandF - Mar. 21, 1969 Refinancing loan f 5.43 mr. 30/8/2.5 Agreement expected/2 in near futuire

lNoreay 1 ,291 No intormaition Payment deferred n.a. - No information

United Kingdom - Jan. 1, 1969 Refinancing loan p 3.5 mn. 25/7/2 July 19, 1971

Ur,ited btates May s, 1971 Program aid $0.04 40/10/2-3/3 Y.ay 4, 1971

I/ Not a participant in the 1970 Minute of Agreement.Debt relief with respect to insured suppliers' credit only.

3j Lower interest rate applies during grace period.

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Table 5: EFFECT OF DEBT RESCHEDULING ON THE TERMS OF GHANA'SPRE-FEBRUARY 1966 MEDIUM-TERM SUPPLIERS' CREDITS

Or-iginal After 1966 After I96W' ~Aft-er 1970:Terms Rescheduling Rescheduling Debt Relief

Actual

Effective interest rate 5.2% 3.8% 3.5% 3.3%

Grant element(10% discount) 16.9% 29.7% 39.1% 41.4%

If no moratorium interesthad been charged

Effective interest rate 5.2% 1.8% 0.5% o.4%

Grant element(10% discount) 16.9% 38.1% 5L.1% 55.3%

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25. The largest percentage decline in effective interest took placea- a result of the first rescheduling, despite the fact that moratoriuminterest rates were higher for the first rescheduling than for the second.Maturities on the original schedule were substantially larger between June1966 and December 1968 than between January 1969 and June 1972. Therefore,the postponing of 80% of the June 1966-December 1968 maturities had arelatively greater impact on the timing of the debt service payments thandid the comparable treatment of the January 1969-June 1972 maturities.Also. the first rescheduling included a complete moratorium on debt serviceuntil July 1967, whereas there was no comparable moratorium under the sec-ond rescheduling (other than that cash payments due in 1969 were 15% insteadof 20% as in other years of the consolidation period). The impact of theJuly 1970 Minute of Agreement on the terms of lending, after adJustment forthe 1966 and 1968 reschedulings was relatively small. However, as a resultof these successive debt relief onerations the grant element of the nre-1966suppliers' credits, adjusted for the debt rescheduling and debt reliefagreements at 41=4X i6 now close to the grant element for the avernage newloan commitments to all African countries during 1968-69 (see Table 8,belnw)-

26. The issue of what rate of moratorium interest, if anvy should hpcharged on the deferred portion of this debt has been a major issue betweenChAnA AnA thp ereditnr ctountries= 1 !While the ficiirpes in the~ to-p half ofTable 5 indicate that moratorium interest did not offset the favorableeffects of debt postpon-ment, the ronsequences of moratorIu i f- iPnteres onthe terms of the pre-1966 suppliers' credits after rescheduling can begauged b estimatinu the effective interest rstee nnd grant- ellemeent on the

assumption that no moratorium interest was paid. These figures, presentednr the lo- er portio of la ble 5, indicate that had n oaoimit:s

been charged, the effective interest rate on these credits would now beA. 4 in.steadI of 3.3 r ad the- grar.t element wo uld be 55.1/ irs#t-ea o' f 4.4./O

27. .. .eit concerr. of the6 debt rescheduling aragmrt t theI.,. ULOC A.UUM CUJCRU t.,L.Lf*LA. -**- IA -U -~ '~~L..L Ok LfA ~~ * C LUSC

debt conferences was the effect on the balance of payments. These amountsare presentedU iLn Table 6. TI.e deLb sCeLvj.c s.chu'esL or. pre=196 UpP.L.L=CLO

credits are shown before rescheduling (column 1), and after the 1966, 1968and 1970 Agreements (coln-un2, 3 UU 4). liCe figures J'or '6u6 IV as8ume

full implementation of 1966 and 1968 Minutes of Agreement.

28. The amount of debt relief (column 10) as a percentage of the originalpayments was relatively large in 1967 and probably was even larger in 1966.The proportion of debt relief declined in 1968 (when cash payments were duewith respect to 1967 maturities) and then rose again in 1969 twhen casn pay-ments were only 15% of current maturities). For 1971, the proportion ofdebt relief is reduced because the debt relief afforded by postponement of80% of the current maturities is offset somewhat by the beginning of payments

1/ See para. 15 above.

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due on the 80% portion of the debts deferred from 1966-68 under the firstAgreement. However, these comparisons must be regarded as only very roughorders of magnitude, because the original schedule (column 1), was compiledat a different time than were the estimates of payments due after rescheduling,and the coverage may not be comparable.

29. If the 1970 Agreement is fully implemented and parallel arrange-ments are made with other creditors, $22 million of debt relief would beavailable through deferment of debt service (column 7) and through the receiptof refinancing loans from the United Kingdom and the Netherlands or additionalprogram aid from the United States, France, and Japan (column 8). There wouldbe small increments to debt service payments from 1973 through 1977 in theform of interest payments, somewhat larger increases in 1978-80 (but lessthan $1 million per year) as principal payments on the refinancing and prog-ram aid loans begin. Payments of the deferred debt would take place in1981-82, causing debt service due in these years to increase.

30. Table 6 shows that debt service on the pre-1966 suppliers' creditsbefore rescheduling reached a peak in 1967-68, diminished below $20 millionper year in 1972, below $10 million in 1974, and then tapered off sharplyin the following seven years. The 1966 and 1968 reschedulings greatlyreduced the debt service due in the years 1966-70, but in the 1970'sscheduled debt service will rise to about $40 million per year from 1975-78before diminishing sharply with the conclusion of debt service paymentsunder the first rescheduling in 1979. The 1970 Agreement served to reducethe level of the annual rate of repayment (on the assumption of fullimplementation of rescheduling) to the average order of magnitude of debtservice payments on pre-1966 suppliers' credits that were actually made in1969-70. In turn, the 1981-82 obligations were increased as were, to alesser extent, the 1978-80 payments due.

III. FINANCIAL FLOWS TO GHANA AND THE CIHANGING STRUCTURE OF EXTERNAL DEBT

31. The changes in the structure of Ghana's external debt betweenFebruary 24, 1966 and the end of 1970 are shown in Table 7. Debt outstand-ing has increased by 29%, but the growth has consisted mainly of long-termloans on concessional terms. The outstanding balance due on the pre-1966suppliers' credits was reduced by only 10% from 1966 through December 31,1970 owing to the postponement of repayment under rescheduling agreementsand the accumulated arrears in debts technically eligible for reschedulingbut not yet rescheduled. Also, the amounts outstanding have been increasedby the capitalization of contractual interest payments in the debt servicepayments which have been rescheduled. However, the figure of $359.8 mil-lion shown in Table 7 includes $71.2 million of credits owed by the Drevici

Table 6: DEBT SERVICE ONI PRE--FEBRUARY 24, 1966 SUPPLIERS CREDITS BEFORE ANI) AFTER RESCHEDULING AL

(In millions of U.S. dollars)

Debt Service Schedules,7, _, -- -- ___of De' b t , Relief_______ _______ _______ _______ _____ - - - - A l-ft - Tr)70 Amoilit of' De'bt. R elief

Original After 1966 Aftcr l(4198 Dcbi, Rel-ief After I After L9(i After 19'- AW Qememnt = CuultvYear Schedule Rescheduling Scsb eduli rig Agresc Rescheduling PesobodlL.ng ngescheuling HeTo iI-nel,agl Total t.aL

_ (1) _ (2) ___ (3') . 7 ..) (9) .5) _

1966 36.3 n.a. n.a. - - -a,1967' 56.5 9.0 47.5 _ _ - -. ,j1968 62.4 32.1 30.3 - - - - 50.31969) 49.8 59.3 16.6 -9.5 42.7 - - - 33.21970 4o.3 48.8 52 3 22.7 -8.5 24.0o 2.1 1.8 3.9 19.41971 30.5 44.3 2T.1 21.9 4 -13.8 16.2 6.2 6.5 1;2.7 15.11972 18.6 35.4 33.8 31.3 -16.8 1. 6 2.5 3.0 5.5 -9.71975 11.7 30.5 35.5 35.5 -18.6 -5.2 - -0.2 -0.2 --24.01974 9.0 28.9 37.2 37.2 -19.9 -8.3 - -0.2 -0.2 -28.41975 4.7 26.5 38.5 38.5 -21.8 -12.0 - -0.2 -0.2 -34.o CT1976c 2.9 25.9 40.7 40.7 -23.0 -14.8 - -0.2 -0.2 -38.01977' 2.7' 26.1 40.2 40.2 -23.4 -14.1 - -0.2 -0.2 -537.71978 2.5 26.8 39.3 39.3 -24.3 -12.5 - -0.7 -0.7 -537.51979 *7 11.5 24.4 24.4 -10.8 -12.9 - -0.7 -0.7 -24.41980 *7 .7 18.5 18.5 - -17.8 - -0.7 -0.7 -18.51981 - - 17.0 21.4 -17.0 -4,4 -0.7 -5.1 -22.11982 - - - 6.4 _ - -6.4 -0.7 -7.1 -7.1

/A The coverage of the schedules given in Columns (3) and (4), which are based on a detailed review of the Bank of Ghana's external debtstatistics by the IBRD staff in March 19'71, may differ from that of columns (1) and (2) which wer-e prepared at an earlier date.Therefore, comrrparisons between the debt service schedules in columns (5) - (9) are subject to a margin of error, the figures forcumalaftive debt relief in column (10) can -be regarded only as a rough order of' magnitude.

/2 Assumes full imnplementation of the Minutes of Agreement./3 The 19969 f'igure in column (3) is a joint IMF-Bank of Ghlana estimate, and the 1970 figure is an IBRD staff estimate develcped in

1970 mission; they may not be fully comparable with subsequent year data./4 The figures for 1971 differ from those given in Tables IO-13,, Those tables assumre that paymnents due prior to 1971 with respect to

suppliers credits not yet rescheduled are a-l made in 1971./5 Debt service on refinancing loans p:Lanned under the 1970 Minute of Agreement. These schedu:Les are not included in column (4), which covers

debt service on suppLiers cred-Lts only.

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group of companies to German firms, the payment of which is in dispute. 1/The pre-1966 suppliers' credits now account for 56% of the total (includingthe Drevici credits in dispute) as compared with 80% on February 24, 1966;and, as a result of rescheduling, their present terms are now significantlysofter (see Table 5 above). If one excludes the Drevici debts in dispute..nd adjustments are made for the completion of rescheduling, total debtouL.'standing in this period would show an increase of 15% and pre-1966 sup-pliers' credits a decline of 27%.

32. The availability of long-term loans has enabled Ghana to reduceits dependence on suppliers' credits, and the terms of borrowing have beenmuch improved since the change of government in 1966 (see Table 8). Thetotal known inflow of grants and medium- and long-term capital to Ghanahe~twc-en indenendence and the change of government on February 24; 1966 was$601.3 million, 82% of which consisted of medium-term suppliers' credits.Of the sunnliers' credits from IBRD member countries; the average maturitywas 8 years and the average interest rate was 5.2%. Suppliers' creditsfrc%mt thp Snviet Rlnc countrien wpre nn mitch snft-er t-prms: 10 years maturityawnd 3% interest with an estimated 4-year average grace period. The grantelement of grants and InAns during this period was nnlyv M-2! (using a 10%discount rate), which was low compared with loans and grants available toother deelnoning nAtions at that time

1/ RBtween 19Q6_-A rhv r-hona r.^ornmnt sl4gnoA wteata TJ4vh rh6o n-.,4r4

.,__ _. .,- _5 _h _G_._ _ G en e.. .. _.gn..._. _- _0- ---

grnup to construct fourteen projects. Following the change of governmentin 1966, all but four of the Drevicicpr pro,cts weere anAdA T o.nedtrecidcd that the development of these four projects, plus a diamond company,would be manageA by the new government and the Drevlcl group as par…ers.A new contract to this effect was signed on September 13, 1967, but itrever becam.e operative .because the Lwo partles could not reacilh an agreementon the formula for equity participation.

On January 31, 1970, the Government of Ghana terminated all contractsWlit h& the Drevilci group (inc.LluCdling thLe Septe,..ber 1967l agreement) and estEab L=

lished the Special Projects Division to operate the projects. The Govern-ment ar.r.ounced that it was taking possessiLon of projects constructed wtitpublic funds but that it would be willing to discuss all matters arisingfrom the termination of the contracts. Promissory notes issued to Dreviciby the former Ghana government, discounted by three commercial banks, havenot been paid, and there has been no discussion with the Drevici groupreg-trding compensation.

Table 7: STRUCTURE OF GHANA'S EXTERNAL DEBT FEBRUARY 24, 1966AND DECEMBER 31, 1970

(Millions of U.S. dollars)

OutstandingOutstanding Net Change December 31, 1970Including Feb. 24, 1966 As in

Undisbursed through Agreed AdjuistedType of Debt Feb. 24, 1966 Dec. 31, 1970 Schedules /2

Pre-Feb. 24, 1966 ASuppliersI Credits 397.7 -37.9 35q18L- 289 .6/2

Post-Feb. 24. 1966Suppliers' Credits - +18.6 18.6 18.6

Long-Term Loans 101.6 +162.6 264.2 264.2

TOTAL 499.1 +143-3 642.6 572.h

/1 Includes arrears of principal and interest.7J Excluding Drevici debts in dispute ($71.2 million) and including

estimated capitalized interest on debts elieible for rescheduling butnot rescheduled as of December 31, 1970 ($1.0 million).

Table 8: FINANCIAL FLOWS AND AVERAGE ERMS OF LENDING, 1957-66, :L967-68, 1959 ANI) 1970

=1957- Feb. , 1-966_ 1967-6c3 _ 19_9 _ 1970Amt Aver uge Terms Amt. Average Terms - Amt. Average Terms Amt. Average Terms$mn. Yrs. Yrs. Grant $mn. Yrs. Yrs.Y Grant $mnn. Yrs. Yrs. 70 Grant $mn. Yrs.Ys.

Mat. Gr. Int. Element Mat. Gr. Int. Element Mat. Gr. Int. Element Mat. Gr. Int. ElementGrants L 28.3 - - - 100.0 44.9 - - - 100.0 15.9 - - - 100.0 LL.5 - - - 100.0

IDA Loans - - - - 10.0 50 10 .8 86.1 6.3 40 8 .8 59.8El 8.5 50 1D .8 86.1IBRD Loans 47.0 25 6 5.8 3L-7 - - - - - 6.0 25 1C) 6.5 28.1 - - - -

Inter-Govrernme-ntLoans 56.0 27 7 4.8 40.2 82.1 33 8 3.5 55.0 jl.1 35 9 1.0 75.7 39.1 35 9 2.0 67.3

Suppliers Credlits:a. Sov-Let Bloc 73.1 10 4/e 3.0 33.8 - - - - - - - - - - - - - - -

b. IBRD MemberCountries

(i)]vt.sector) ( 12.6 4 1 6.o 9.5 1.8 4 1 5.3 10.8 0-3O 5 1 6.o 10.8(ii)Public ) 396.6 8 l/e 5.2 16.9 (

sector) __ _ 3__ ( - - - 3.5 11 1 5.5 19.2 2.7 8 1 5.5 1

529 H

TOTAL LOANS 573.0 12 3 4.9 22.5 l04.7 31 7 3. 5 52.5 48.7 32 8 2.1 63.8 51.1 36; 9 2.1 66.8,

TOTAL LOANS ANDGRANTS 601. 5 26.2 149.6 66.7 64.6 72.7 62. 6 72.9

Compare:Grant eLement of1. Loan commitments to

a. All countries 37'2 34 32 n.a.b. African countries 412 44 43 n.a.

2. Loans plus grants toa. All countries 59/a 48 44 n. a.b. Akfricaxt countries 7b 2 67 66 n.a.

-e E-st mate . (p ) ProvisionaLl.I Tnc:Ludes sales by the United States Government of agricultural commodities for cedis ($22.1 mn. in 1967-6c3, $6.9 mn. in 1969 and $2.5 mn. in 1970).1965 only.

Source: Data compiled by IBRD Mission. Figures on grant element for all countries from IBRD, 1971 Annual Report, Statistical Annex, TabLe 10.

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33. The grant element of loans more than doubled in 1967-68 as long-term loans became available, and the grant element of loans and grants com-bined increased by a factor of nearly 2-1/2 owing to the availability ofU.S. agricultural commodities which could be purchased with cedis (whichare considered the equivalent of grants in these calculations). The grantelement of inter-governmental loans rose further in 1969-70, owing to theprovision of interest-free loans by the United Kingdom and Canada and asoftening in the terms of lending by the German Kreditanstalt fur Wiederauf-bau. A listing of individual loans and grants by countries is given inTable 4.1 in the Statistical Annex of the main volume of this Report.

34. The terms of suppliers' credits available to private borrowers inGhana after February 24, 1966 were harder than before the change of govern-ment. This reflects in part the higher level of commercial interest rates.Also maturities now average 4 years instead of 8 years, because the projectsfinanced are - in most instances - imports of machinery in contrast withthe construction works and complex factory installations financed with sup-nliers' credits nrtor to 1966- But the nronortion of sunnliers' credits intotal flows was only 8% n 1967-68 and 7% in 1969-70.

35. The reduced dependence on suppliers' credits since 1966 was duein nart to the Government's decisionj in connection with the IMF StandbyAgreement, to restrict their usage in view of Ghana's past experience withsuch credits, and of the availability of nrogram loans on concessional terms.The public sector has accepted only three between 1966 and March 1971 (fora ship, railway locomotives and two aircraft); and the Bank of Ghana con-trols the acceptance of suppliers' credits by the private sector. 1/ However,a smaller volume of credits has been taken un byv hanaian nrivate imnOrteFs

than has been authorized, owing to much greater caution on the part of export^reA4t 4nsurancre agencies ir. We-st-ern Europe, '" Th;ese ager.cies still cor.aider

ing insuring medium-term credits review each application with great care. Theexporters who initially offer suppliers' credits to Ghanaian firms frenuently

have withdrawn their financing offers after learning that their proposedcredAts could .not be insured. Therefore, between 1967-70, the amount ofexport credits received by Ghanaian private firms have been less than 40%oul sth aut. authorized A b ,y the Bank of Ghana (seea Table 9).

if Th-e teru-i oj' pa-yments on imports of m,achinery and equipment under 'per,-If± L~LU J Ull LALIpU L- J.&&J.L~LLIL OLU jUL )1t&L ULI4 %Jp

General License in excess of NO 50,000 must be submitted to the Bank ofGhana for approval. See: Cormercial and Industrial Bulletin, May 28,1971, p. 728.

2/ In general, export credit insurance is now provided only for creditsmaturing in six-months or less - and many agencies have even imposeda ceiling on the volume of the credits they will insure.

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Table 9: PRIVATE SECTOR SUPPLIERS CREDlTS AUTHORIlZED AND ISSUED

(Millions of cedis)

1967 1968 1969 1970 1967-70

Credits authorized by the Bankof Ghana 2.5 19.2 10.4 7.4 39.5

Credits issued:

Amount 0.4 12.4 1.8 0.8 15.5

As a percent of amountauthorized 16% 65% 18% 11% 39%

IV. GHANA'S DEBT SERVICE OBLIGATIONS, 1971-82

36. The debt service on debt outstanding as of December 31, 1970 issummarized in Tables 10-13, below. Table 10 brings together the debt servicepayments on the three major categories of Ghana's medium- and long-termexternal debt: pre-1966 suppliers' credits, post-1966 suppliers' credits,and long-term loans. A detailed breakdown of these debt service schedulesis given in Annex C, where the debt is classified by status of rescheduling(for the pre-1966 suppliers' credits), by creditor country, and whether thedebts are obligations of the official or private sectors. The schedulesshown here assume full rescheduling of the pre-1966 suppliers' credits. andthe granting of debt relief by all creditors under the terms of the 1970Minute of Agreement.

37. Table 10 indicates that the total debt service schedule is stilldominated by the debt service on pre-1966 suppliers' credits. Five yearsafter the change of government, long-term debt is roughly the same size asthe pre-1966 suppliers' credits (excluding Drevici credits in dispute), butthe debt service on the pre-1966 suppliers' credits for the 12-year period1971-82 is more than double the debt service due on long-term loans. Thepayment of outstanding post-February 1966 suppliers' credits is concen-trated in 1971-73 owing to the short maturities on credits owed by the pri-vate sector; payments on new credits to the official sector stretch through1980. As for the long-term debt, payments of principal begin to increasesteadily in the mid-1970's as grace periods are concluded.

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38. T.,e debt service Au on the ---- 1966aA uppliers' creditz--1-- casfiedA

by status of rescheduling is summarized in Table 11. Of the total debt,y251J I L.Lion lse LigibLe for resche dul.gL , n g or this amount $216 mi.L.L.LL

is already covered by rescheduling agreements. For the debts eligible forreshLeUuling but not ye-L. rescheduled, estimated debt ser-v±Lce schedWues hiavebeen prepared and are given in line 2 of the upper portion of this table. 1/.Alit adUjusLtumets Lor UeJeLment ur,der tLLe 1V7 ir,JLLULt UL AMrLCeLLL . Lt are suOwI

in line 3 (countries with which no arrangements have been made are assumedto Lhiave 8e'Lectedu the Udebt defemUent option). L n thLe 'Lower portULor. o1Table 11 are presented the debt service schedules on those debts whichare not covereu b'y the present rescl'ieuuLLng agreements. hILese consiLst of

the post-June 1972 maturities of debts eligible for rescheduling and debtsnot eligibie for rescheduling (original muaturities of less than one yearor more than twelve years). The post-June 1972 maturities average only$7.7 million per year from 1972-74; aidue Lrom tnese sums, this group isof little quantitative significance. The bulk of the debt service paymentsdue on pre-1966 suppliers' credits consist of oDilgations on debts aireadyrescheduled under the terms of the 1966 and 1968 Minutes of Agreement.

39. A summary of pre-1966 suppliers' credits classified by creditorarea is given in Table 1l2 The debts owing to inRu memDer countries arethree times as large as debts owing to non-IBRD member countries. A rela-tively larger proportion of the debts to IBRD member countries have beenrescheduled (90% vs. 69%), and the arrangements for concluding reschedulingagreements with IBRD member countries appear to be closer to conclusionthan for the non-IBRD member countries. Table 13 presents a summary ofdebt service owing to each creditor country, classified by type of obliga-tion (pre-1966 suppliers' credit, post-1966 suppliers' credit, or long-termloan).

40. In the five and a half years since the change of government inFebruary 1966, Ghana still faces substantial payments of debt serviceobligations resulting from the financing between 1957-65 of a majordevelopment effort almost exclusively with suppliers'credits. For theyears 1966-72, the creditor countries gave immediate and substantialdebt relief by rescheduling the current maturities of these credits.

1/ The maturities of debts eligible for rescheduling have been rescheduledaccording to the 1966 and 1968 Minutes of Agreement and the paymentsdue prior to 1971 have been added to the 1971 obligations. For debtsowing to IBRD member countr,es a moratorium interest rate of 4.65% wasassumed to be charged. This is the weighted average of moratoriuminterest rates agreed to with all countries other than the UnitedKinsdom (who_m! moratorium interest rates were, to a considerableextent, established in the original contract). For the debts owingto Yugoslavia and to non-IBRD countries, a moratorium interest rateof 3% was assumed to be charged.

- 23 -

However, the requirement that Ghana pay back these rescheduled creditsbetween 1971-82 plus moratorium interest means that Ghana must pay, onaverage between 1972-79, $36 million per year with respect to the pre-1966 suppliers' credits and $51 million per year with respect to allmedium and long-term debt outstanding at the end of 1970. This is anamount roughly equal to the long-term aid commitments received during1969-70. In view of the difficulties anticipated in achieving a struc-tural improvement to the balance of payments, these obligations willplace a considerable strain on Ghana's balance of payments for thisperiod.

I1/TabIe 10; DEBTr OUTSTANfDING ENJ)-1970 -AND ESTIMATED TEBT SERtVICE, 1971-82-'

(In thousands of IUS Dollars)

Debt Outstchding Mcecber 51, 1970 Estiesated Debt ServiceFoully Undisb,srsed Including

Disbursed A ounts Jndisburced 1971 197T2 1975 1974 1975 1976 1977 1978 1979 1980 1981 1982

TOTAL DEBT SEiTE '90 6 L) 52j- 49h2~5 607 69]~ o6 ~ 5766 5526 2 9A-rticssics 25,755 217, 6537 1,791L 51,4 , 37 5 88 Ti85 E3,s 71 276879 so,516 15,752Interest i5.6oc 17,591 17,659 16,651; 1577 14,029 12,o'~4 10,224 8,125 6,958 -7,921 7,418

Official Sector 1-94,291 70, 075 561, 5I4 55,53k8 42D 7 ~ 7 _16i 50,660) 53642 56,007 55 8C5 55 982 40 671 437806 N3 224 25,150s-ri- ction 20,0 25 95,7929 54,107 -57,677 41l,99 l~7 $79 57.57; 27,898 To, o0 15,752

I,terest 15,240 17: [60 17, )5. i6,55) 15,755 14,0oi4 12, 022 10,211 8,ii6 6,958 7,921 7,418

Private Secto,r 5,8(0 2, 200 8.070 5 405 2"'36 -1967 6i!5 529 90 62 94 614 10 12 -Asortication 27>98 2 00- 5567 -598 -75 70 5 5 -10 12 -

In~terest 561 '531 109 8i. 25 15 12 10 9 - --

A. Ere-Feb. 24 Sh Suppliers Credits P7 16%6h ___- 6%.54 25 308 51 062 's5 ly-i 5461 40 742 40,222 39,1 24,599 18,46 2155 6 421

rIo satico ~~~~~~ ~~~~~ ~~~~~~ ~ ~~~~~~~~~~~1>5 19 37909 7 965 5,9 651 55,579 2,49 i,8 ::00 56Ine-t 9,666 11,'77 ii,658 10, 424; 6,608 7,544 5,691I 3,756 1,950 1,197 2,515 2,161~

1. Official Sector 1839, 136 *.89,1814 25 282 51 121 '5 49 57, 12 8 062 4 6 921 2,5 50 216 6 42,5

Ano,ti-ation 1565 .,6 ~ 6o 2 179 29,595 55,555 5411 5,9 244 17,3555 1,43,6Interest ~~~~~~ ~~~~~~~~~~~~~~ ~~~~~~~~~9, 617- 11,255 ii, 6i6 00,599) 8,786 7,529 5,6'19 5,726 1,921 1, 097 2,515 2,165~

2. Pricate Sector 4,59 - 59 26 41 51 6~5 8o do 5D 94 64 10 12 --

Anrtization 7 17 29 ''55 0h FO"3 " "985 01 In terest 19; 24 22 2'5 20 15 1-2 10 9 ---

B. Post-feb 24, 1066 'skplier' Credits, 16§458 _22% 658 I 68 , 748 -1-75Q 2+220 1g7 i,90 1658 1 588 252 1.21--AmorTsti,ti 1 1 '2 5,75 5,220 4Fi1 1,33 1,395 157"7

sneet 6 76 510 459? 542 295 21 29 1

1. Official Tests, 11,057 - 11 02' J763~~~~~~~~~ A76L~~ 1768 1 ys6 1 680 1 6584 576 58726 252 12152 --2hoserti sati cv ~ ~~~~~~~~~~~~~~~~~~~~~~~~~~1,4 1,587 _T 77 1,58 i,1 1>398 S~7 1,579 2T3 ~ 1Thl - -

IsnUnrest 52 ~ 469 427( s85 559 295 2151 209 16 s

2. Privute Sector 5,6 1 6.5010 7 I.1 2,195 I_916 552 24-9 10 - - ---Amnerticaticon ¼98 gm 3 2"$8 8 -10 ---- -

In erest 51~ 207 85 ~ 5 S - --- -

C.Official Longs Ter 1loss %9L0o _70 075 L761J' 9 6" 9 716 LO 15 Ii 765 iD52 IiA 6-6 5 377 1%.155 i6 o84 i6:?~ 68 16. 725Anorta estioc 'V5T~ ~~~~~~~~~ _7tO57 _TtS 5,99 6,697 7,275 7,99 5, 75 79869 10 11,25 i47

Int-ero : 5,"70 5,1:58 5,49i 5,771 6,626 6,590 6,09~2 6,279 6,179 5, 5s 5,608 5,255

1. To World Esa,i rrosl 55,517 20, 51 75,457~ .,"5 666 4 778 4 789 4 9 4 795 14894 979 0 525 5 6s 5o6

Anorti osti cv 1,705~ - 1,909 2,055 -2 206 _>32 21> F7 2'8 2,91 5,1 ,555 5,517lnorvrest 21,15'; 25 62S 2,678 2,6835 2,584 2,474 2,546 ,215 2,069 1,905 1,750 i 5466

J To Lzflr 1r,i 0 0769.,5).72 iqs,66s ;.o 200 5?6 5485 697 8 553 8 868 9 252 10 259 11 051 11,212 ]a, 800 11 661A.,ri;ti 2,56 5 015 P~ 9 2675 5,99 ,, 5 5,41 o195 6,2 ,7 ,2 7,958ln'terco's. 2,7216 2,81d s 813 3,o88 4: ,04r 5,916 3,744 ~ ,6. 4,11 5, 955 5,878 5,707

I/ Tell versiOn so 1oIsI so-t 2 sludo I rejectioncs of arrears .c cri-cio cod intereot except see debts c-loigble for rescheduling blot noct ee rescbeduled.o/ --v,; cvDii i:o:lv~eect:,'i:n ci no'A 1, 19,69 _nd 1570 debt resched,,tiog agreeennts sith parts: pa~nts so, the Lonedos Debt Confereoces and Q.suclcsion of

parallel -rcgnet t} ve cr-sitors.i/ Dot cuLztO'is -fgoes occlude $71,224 thouseod so d- pte owed t,o G-erca cr-ditory by Dhe-ccit grosp of c-rpaniec.

lo-ec- IID esti-te- 1oved cc Ronk of Ghoca dcta. See Annex C for a noro vot-iled presectation of these figures.

Table 11: DEbT DERVICE ON 2SDE-PEEPIIASY 24, !966, S:tP247125 CREDITS :(A) CIACIIFSE BY ST'ATUS OF EC1542 /1.

(I. thousads of i.S. doilarn)

D- 1ebt C@atctuding December 31, 1970 Est.m_Dlatvnd Debt Service Pa~i-.ts ___________

Rally Undinior-d Scuig 1971 1972 1-973 19714 1975i 1976 1977 1978 1979 1980 1981 1982

Din bursd Acuccnts Unodisburced

Debts Covered by Reschedlin Agreements1. Debt service on -nturities rescheduled under

1L966 and 1968 Agre-emets 216,1445 2i16,445 223358 25,58 27 18 26 956 5152U1466 54,69 70 2 1 2 89 1 2,21

Asnrticatio. 12,~35 15,01 T$.5 'tZ9 3,71 27l 29,561 31, 55 fT5j3 i2,023 12,3cC -

V.raterlin intcerent 9,973 1o,57h 9, 76 6 9,056 7,84 6574 5,06 321 ,51 875 23 -

2. Encinated debt serice on maturitIes eligibleCor resheduling but net yet rescheduled ft 35,017 5 5,017 6,92J 17q95 -L 134 2 000 3 242 4 077 3~ 965 851 3 523 14.0 4 739 -

Aerti-ation 5 397 3 -ss,T3 '?2 017 liT ~ P 7"5

Mor.t.,i- interest ~~~~~~ ~~~~~~~~1,526 509 926 qot 8350 722 605 484 369 222 56

3. Estinmted adjustments for 1972 Agreement /2 -6 799 -2_ 196 -__ ~ -- - ,6 425

Acurticatio. n 7 -1,137 - - - ---- 2,339 b

M.ratnriuz in'terest -2,217 - -59- -- 2,024 2,165

4. Estiested debt service after fulIL iMplementatint.of 1966, 1968 and 1970 agreemets 251,462 -251 462 22 1462 22,685 21j,521 26 95 54 76 2 58,766 38,54 35,561 1~,74 7.801 _291,5, 6_425

Amorti-ntion i1,iIF 12,59 97,69T-59 9j 11,70 21,91 434'529 21>810- 16,7-04 l9O

M.ratcri=, interest 9,282 10:,524 110,692 9,980 5,679 7,296 5,670 3,735 1,930 1,097 2,3135 2,165

Debts Not Covedrsi__RescheduAig Agi.eements1. Pent-Jun-e 1972 maturities of debts eligible

for rescheduling 27,592 -. 27,592 - 67322 9 656 7 51 2,621 929 779 659 65 659 --

duneti netlon - 5,003 2,5o3 923 779 119 Z39 T59 - -~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~0 2,~~ 93 79 U" 5

Contractual interest - 559 819 371 141 6 ----- -

2. Debts not covered by rescheduling agreements ft.1 10,589 10,5699 2 846 2 055 iGoo 1la I01 073 1 0147 A39 Ss 5- Acurti cation 2,02 Ttl ItT 1,036 1,077 1,005 526 7iConotr.ctuml interest 584 191,) 131f .7 6i 42 21 1 ----

3. Tetal 38 i1i1 3818 5 22 86 2 SiS 977 111 25 2 0699q 1 .,' i6s8 7514 659 659 Aw,t i -t i.n I _ - - ---0-7 - 3 -C- -E5

Amorti cation 2,14o2 7,699 12,220 7,70cc 3,570 J- S,o07 713 659 059 - -~~~~~~~~~~~.710 7,62T (,d~ ,57 J1

Cont-nct-al interest 5S4 175 946 1464 119 15 21 1 - - -

All Pm-February 1966 Dsipylier Credits1. Debt cer-iee -sesing f'ull icaplementation of th,e

1966 and 1969 Agrecent a bu,t before JLnPleetnt~Liuaof the 1.970 A4greement 289,6143 -2S9,1 52,10?, 35.755' 35 547 t5 - 7 1903 31 461 L0 742 140 222 935 214 700 12 460 17 013

Anurti nation 20245 ____ - 47~ -7t"2 21,575 2 5 509 l c 29,45 55.3223 35i 3,57

Interes.t 17 583t 12, 5¼ Lo. o,30 S v1,4 54691 3,7.56 -1,950 1,097 289 -

2. Debt cervine after iplen,entation of the

1970 Ar,-scat 269,645 759.-6415 70i v 0 o t c to 77,22 553L 20j99 6Th2 21=,3- 6 11-5

Dat--et -- 17 ,9 uo 5 53 7 74 4 371, 55,.569 276 736 6~ 7

/9 Intl ccvic avnste do not ino-ludo projcetiooc cc cro-c otter Sl,u: for Jails 1111- 1mŽ. -4 ur-.i Co I i ums-c n ,tt -,ctoi ud denot cooler om d- zn e:-c-Lde

$7L,C314' thousnnl D,reo-i ...oditS in dispuite.

/5Acc-o tes ol inplcmentation of the 1366, 166 mod 1973 London Micr ,f Agor-dvcst s,ic his ozetlo.ci tiA' 41ic5n_Pht o, -th or-ginl 12siis Coe ye 700C .0In%t vtm o-25tolree ttenJ,lt co,ad

Table 12: DEBT SERVICE ON PRE-FEBRUARY 24, 19)66 SUPPIJERS CREDITS: (B) CLASSIFIED BY CREDITOR ARiEA /

(Is thousands of U.S. dollars)

Page 1Debt Outstanding December 31, 1970 Estimated Debt Service Payments

Fully Undisbursed Including -______________________________________________Disbursed Amounts UIndisbursed 1971- 19172 1973 1974 1975 1976 1977 19,78 1979 1980 1961 1982

I-DEBTS TO 1TND MEMBIER COUNTRIESA) Covered by Rescheduling Agreements

s71 Agemet(omltef18,159 - 103,159 8, 455 1-1 705 15 801 15 8 18 iS50 l9 20 685 21_ 592 10,595 - - -

Amortization 2,1 5,5 8 12, 774 788 6451178 3)I 018

Moratoriums interest 6, 145 5,973 5,554 5,054 4,27.5 3,498 2,55$8 1,271 102 - - -

2. 1968 Agreement (Comnpleted) 7(1,6851 - 71,651 7.680O j5692 3.6 5,75 8,651 106C102$ 97r87 9353 12 707 12,062 ___4,9116 205 - 2369 5,5587,0 791 795 77 17739 11,5 -I

Amortizatlon2 )5579 791 790~~Ioratorium interest 2~~~~~~~~~~,y64 3,687 3,461 5, 422 5,123 2,748 2, 320 i, 884 1,447 868 225 -

Totai' Agreements Conacluded 17(9,810 - 179,ol10 i6 15 17 597 17_262 21 599 27 021 50,642 30 938 31 579 19 9418 12 707 12 08 2 -

Amortizatt on 7,38t3 >7 TsM i4 68 4363'&F 9~22 839 619rw

Nbratoriwet interest 8,907 9,1660 9,015 53,456 7,396 6,246 4: 8!8 5 155 1,549 868 229 -

-.1966 and 1968B Agreements (Pending) 8,4 -1843 ,45 92 547 47 S2 24 ,8 7 ,2 Ž7 20 Amortization 229 4 l 8 507 1,152 71 168 14 716 2,5 255 -

Ntratorium interest 8(6 '512 525 515 475 413, 346 278 215 127 32 -

Total Rescheduled Debts, Prior to 1970 Agreenent 1983,253 - 198,253 -. 19 180 18 517 17 809 22,621 268f 3,4 32,92 7350 21 7715,9 2 Ž9 Anorti cation 77t7 77137 7,~~~~~~~~~~~~~~~~~~~~~~_T271 13,6506 20,75 26029 276 6'( 29 (6 20,015 f174 2 £47228

Moratoriums interest 9,7153 10,172 9,538 8,971 7,871 6,659 5, 204 3, 433 1,762 995 561

1, Adjustments for 1970 Agreement -2- -I 2 - 1 562 - - - - - - - - 215 2 859Amortization - 1 7l- M8 - 96 ,9Mtratoriwsn interest -126 L(L- 18 - . - - - - 1,546 1,465

TotaeS Rescheduled Debt, Adjusted for1970 Agreement Y~~~~~~~~~~~~773 -~~~ 198,255 16 351 16957 17.809 122621 7i,fS6 32,686 52 902 33502 21 7715 0 668 s

271Tn 15650 26,02 6th 29f.5701 24178 0. Amortization ,O 725_3~T *, 20,775 42,65 , 90 15,077 139MDratoriume interest 8,251l 9,1454 9,558 8,971 7,871 6,659 5,204. 3,433 1,762 995 1,607 1,465

53) Nlot Eligible for Rescheduling1. Post -1972 Maturities of Rcschedc.led Debts 17,594 -17,3,94 ~4 797 7 127 5469 1 506 60 - - - - - -

Amortization -T-2~78T>8465,35 1760~ 8 - -

Conitractual interest - 499 681 35 46 2 - - - - - -

2. Not Covered by Rescheduling Agreements 2,774 -274 168 04 475 - - .

Amortizcation -, - - _5_____Z

Conitractuatl interest 213 5 1 9 - -- - - - - -

Total 06 20 168 1 668 5 703 7602 _5,469 1 508 6o - - - - - -

Amortication 1, 71T5 5,151 ,912 5,153 7>83 4b0 - - -

Contractual interest 21' 550 690 336 46 2 - - - - - -

C)]oa,[BRD Me:sber Countries 218,421l 218,421 18_03-2 2_2 73 25~ d±l 2 g 50_ 152 32 48I 02 20 16_684 2 C) mXortization ___ 95512,86 15758 183 22,235 249 9 20,01 i.T 507 139

Iecere-t 8,464 10,904 10,228 9,307 7,91.7 6,661- 5,204 3,~433 1,762 995 1,607 1,465

II-DUNTS TO OTHER COUNTRIESA) Debts Covered b Rescheduling Agreements

1. 1~66 ement Concluded) 35,582 -55,1552 6 153 611 90 524 4 393 590( 3,55 4,9 3 Amnortization 5,075 5,29 578 4702 3,96 3, 599~ 3,368 5,115 156 - - -

Mojratorium interest 1,058 882 726 572 419 307 191 82 1 - - -

2. 1968 Agreement (Concluded) 1,053 -1,055 70 48 25 6,s 106i 141 1i56 134 152 191 159 -s

PAmortization 7 b - j 8 120 120 120 1721 7881 337 -

Moratorium interest 8 32 25 28 22 21 16 14 11 7-

Total Agroements Concluded 36,635 -36,635 623 6iSO A95 535 9 4791 93 269 11 8 AmnortIzation) 5,17 5275 5778 8>5 >38 1 ,07 3257' - 14

Koratorium interest i,066 914 751 500o 451 328 2107 96 12 -

3. 19)66 and 1968 Agreements (Pending) :L6, 5ye 16, 574 j3878 8'r 587 978 _L,73 2.03] ~191 _I 928 1 69 2 h 31 2,332 -Amortization ~~~~~~ ~~~~~~ ~~~3,1 77• 6 37 1,9 1, 722 1,7'? 1 7-27 73 ,0o 23c

AMratori we interest 720 597 0 3, 569 3557 309 259 2%6 156 95 Ii~

77 ee fcootnotea at -e-nd -ot tasre.

Table 12: DEBIT SERVICE ON PRE-FEBRUARY 24, 1966 SUPPLIERS CREDITS: (B) CLASSIFIED SY CREDITOR PARA ft (CONT.)

(In thousandis of UI.S. dollars)

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ P a L e 2Debt Outstanidjing ecember 51, 1970 Estimated Debt Service Payments

3fuslly DoFd isburs,ed Includi~ng -_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Disbuzrsed Amnounts U.ndisborsed 1971 .1972 1973 1974 1_975 1976 1977 1978 19.79 1-900 1901 1962,

II- DEBTS TO OTHER COUNJTRTBs (coot.)A) Debts Covered by Rescheduling Agreements (Cooit.)

TotaLI Reschecluled Debt., Prior to 1970 Agreement 53,2090 55,209 1006 7 062 6 51.2 6 31 1 78- 5 692 5 25 j~6 2 1490 2 14935 __

As,iort i ?sati on ~?95 ~3 u 5,328 5~~ 5N_9 41 5,226 T>7 1,795 mj t N-Morato'rium. interest 1,786 1,311 1,154 969 686 637 466 302 i66 102 268

.14. Adjustments for 1970 Agreement -- - 3,970 -1 1,34 -- - - - - - 2 168 3 566

Amortizcation -325- 93 - - - -s- 8~Moratorium interest - 755 - 241 - - 678 700

Total Rescheduled Debt, Adjusted for

1970 Agreement ~2 9 - ~ 12 611 5928 ,1 .1 1 078 3 9 5 t ,92 ,689 3 566Amortization 5,080 7,8~~~~~~~~~~~~~~~~~~~~~~~~~~~8 ~~5,358 5,326 t8 5t_ 522 t957 175 ,9 3,98

Moatrum interest 1,031 100 ,54 99 608 637 466 302 .L68 102 706 700

N) Sot Eligiblle for Reschedu:Ling1. Post-June 1972 Maturities 10,196 - 10, 198 1. 525 2 499 1 682 1j.i8 869_ 779 659 659 659- -

Amortization 1- 465 1,103 '865 79 89 b5

Contractual interest - 6o 138 35 15 14 - - - - -

2. Not Covered by Rescheduiling Agreements 7,815 - 7, 815 1- 178 1 11 1 2 0 ,7 17 89__

Amortization ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~1,007 1,007 1%3 1,007 1,005 ST ~ Contractual interest 171 i45 Ila8 95 68 42 21 1 - - --

Total 18,015 - 18,08-3 _1178 2,67 -3,624 2,83 219 1, 1 628 754 659 _659 --

Amnortlzzation 1,007 2,473 3,6 ,55 2 ,110 1,870 1;607 733 5 Contractual interest 171 203 256 123 83 46 21 1 - - --

c) Toa Other Coulntries 71,222 - 712,22 7,289 8,604 ]o 136 91j00 4i5_9 7,3 320 6,02-3 £2,62 5A251 4,8 3_

AmiortizaLtion - 2787 7317,3 TI9231 6,3 571 17 ,49 ,63 2, 836toterect ~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~1, 202 2,7 i40 ,17 '9 '638 4517 '33 '6 102 70 '700

III - TOTAL ALL COUTRlRTES 289,643 -8 53 37110 911 4t 40 222 aO] 41i 6 2

__________________ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ _~ 26J0 31,999 5 1 ±7 __ __ ~ _ __ _ ,-- _ ____ ____ _ E_____

Amortization 15,6421 19,965 235 909 26, 766 29,653 35, 396 534551 55,579 22,469 17,363 19,060 14, 260

Interes+t 9,666 11. 27'? 11, 638 10,1424 8,6o8 7.,3414 5,691 3,73(~6 5.930 1,097 2,313 2.155

MIThO_RANIiJ4 ITEM:

1. Debt Relief LoansDisbursemenots 8,30 3,oo ,168 - - - - - - - - -

Debt service - i56 206 20~6 206 206 206 67p _663 721 710 699Asmortizcation - - - - - -- 46 t6 T -4 sIntEres3t - 1±6 206 206 206 26 20r p6 206 197 187 iy( 1_65

2. Debt Service Adjio;ted lbr Debt Relief' Loans 1(, 008 28,253 0 733,5 )6,io67 40.94d 10. 420) Ij gon 25 0o2 i9,.161 92=212

5 Se ntes to,, Tabls10Source: TRPS estimates based on Bank. o1 Ghana data.

Table 15: ESI'MATED DEBT SERVICE ON MEDIUM AND LONG-TERM DFBT BY COUNTRY, 1971-82 /1

(In thousarids of' U.S. dollars)___ Page 1

DebtOutstandingIncluding

Undisbursed Estimated Debt Servic eDec. 31, 1970- 1971 1972 1973 19717 1975 1976 1977 - 977 -979 1'7 98 1982

Part I - Participants in the Iondon Agreements

Australia 20 1_ 3 L _3 2 5 21. E're-196 6 Suppliers

credits-Rescheduled 20 1 3 3 3 3 2 3 5 2Amortization - 2 2 2 2 2 2 77 -

Interest 1 1 1 L 1 - 1 1 --

Belgium 1°097 104 94 120 148 179 194 116 205: 61 47 81 48

Amortization 58 49 63 95> 133 157 169 1879 55 44 8 17Interest 46 45 57 5:3 46 37 27 16 6 3 33 31

1. I're-1596 6 Suppliers credits-(a)Rescheduled 812 36 83 109 128 149 156 160 170 27 - 26 38

Amortization iI M ETh -IIci 27 - -iInterest 25 37 46 142 36 28 20 1C) 1 _ 26 25

2, E're-15'66 Suppliers credits-(b)Eligible for rescheduling butnot yet reseciedulecd. 285 68 1L 11 20 30 38 :36 35 34 47 55 10

Amortization 3 - 9 20 29 29 29 29 7Interest 21 8 11 11 10 9 7 6 5 3 7 6

Canacla 7,042 -- -_ 175 L75 17_ 17qAmcrtization - - - - - - 7 1 75 175 175 175Interest

1. E're-196 6 Suppliers credits-Eligible for rescheduling but /2rLot yeit rescheduled. 30' -

AmcrtizationInterest

2. Long-Term loans 7.012 _ 175 1L75 175 175Amortization 1-7 175 fT 177Interest -_ _

See footnotes at the end of table

Table 13: ESTIMATED DEBT SER'VICE ON MEDIUM AND LDNG-T]ERM DEBT BY COTNTRY, 1971-82 /1 (ContLnue(l)

(In thLousands of U.S. dollars)' ~ Dett - -- -- _ _ Page 2

OutstandingIncluding

Uhdisbursed ____ Estimated Debt ServiceDec. 31, 1970 1971 1972 1973 19L7T 1975 1976 1977 1978 197 9 1980- 19 1982

Denmark 2,667 - _ _- 76 152 152 1l52 1 152 152 1',2 1521. LDng-Tierm Debt T, T - __ _ 7 12 1522__ 152 12 __2Amortization - -6 - 76 12 15 1152l2 T7 -15721Interest

France 15 046 1,824 2,115 1,712 1,182 1L,905 2.182 2,1B8 2,219 2,496 1 0 76 1 8Amortization :L,107 1,377 1,040 87, ;L,371 1,744 1,855 1,999 1,382 1,010 1,0]0Intierest 717 738 672 607 534 438 333 220 11L4 66 1]81. Pre-1966 Suppliers credits

(a)Rescheduled 13,.444 L,541 1, 2 1 8 1 154 1 482 1,905 2,182 2 1138 2 219 1496 , 076 1,028 OAmortization t 870 M 5°7 875 1,371 1,7t 1, 9992 1382 1,0D10 1,010Interest 671 674 647 607 534 438 333 220 114 66 1.82. Pre-19 6 6 Suppliers credits

(b)Post-June 30, 1972 Maturities 890 623 305 _ -_-Amortization - ; 2 9Interest - 27 10 - - - - - _ . -3, Post-1966 Suppliers credits '712 283 274 2153 - - _ . __Amortization 237 237 2Interest 46 37 :15 - -

ermaaxr 71,299 2,676 3,979 4,8'59 6,044 7,38 8,14 8,725 9,012 6,958 5,1434 6,507 14,253Amortization I,087 1,551 2,3,L 3,667 5:,233 6,726 7,V18 7,75 C' 5,962 1,,619 5,L42 ,900Interest 1,589 2,428 2,515 2,377 2,156 1,888 1,544 1,262 996 815 1,365 1,353:1. Pre-196 6 Suppliers credits-

Rescheduled 36,717 1 454 2,732 3 2140 4 148 c 334 6 :139 6 191 6 344 j 160 2,697 3,832 1 639Amortization 670 1,133 '1,5 2 3 ,961 3 73 2, 3 3,057 812Interest 784 1,599 1,6'72 1,561 1,373 1,145 8 55 560 286 166 778 8272. Post-1966 SuLppliErs credits :L61 63 60 57 _ Amortization 7 - -- -

Interest 10 6 3 - - - - - - -~3. Tong-Ter-m Debt 314,1421 ,15 1, 18 7 1,562 1 896 159 4~j75 2 5314 2 668 2 798 L,3 2,6715 ' 1-Amortization 3614 >1T 722 1,272 1,7'2 t .2,t 2,6 20 'Interest 795 823 814o 816 783 7143 689 702 710 6149 587 526

See footnotes at end of table

Table 13: EST.MATED DEBT SERVICE ON MEDIUM AND LONG-TERM DEBT BY COJUNTRY, 1971-82 (Continued)

(In thousands of U.s. dollars)______________________________________________________ _____ _______________ Page 3

Debt0'jtstandilng

IncludingUndisbursed __ Estimated Debt; ServiceDec. 3L 1 970 .971 1972 1975 . 7 1975 197b 1977 197 19 19 1 198l 1982

Israe:L 562 .4 1D3 1615 225 1iL - - - - _ _ -

Pre-196 6 Suppliers credits- ____-

Rasche(Luled 562 34 105 1635 225 134AmortizatiLon p9 12 0 ;- -- - -I _ _Interest 5 21 45 62 58 - - _ _ _ _ _

__ 1 l__,430 1,286 1, _ _ 5 I _ _L_ 267 2, 3 D4 2, 52 i _581 1 518 615 1 112 607

Amortization 2 609 8 1,76 1,595 1,9 2,119 2,29 1, 578 56 160Interest 607 677 835 769 674 5 i 406 52 90 57 456 447

1. Pre-196 6 Suppliers credLits(a) Rescheduled 10,007 506 1 011 1 437 1 614 1867 0 0D5 2 044 21 118 1,0 73 381 461

Amortization 127 7 '74, 3 1,525 1,9 ) r IL 1 1, _Interest 379 55 692 528 544 436 510 174 30 - 381 377

2. Pre-1966 Suppliers credits(b) Eligible for rescheduling

but not yet reschedLuled 3,850 788 141 14s 57 _ 400 4 481 46 445 615 7146Amortization 5853 53 - 16 270 5 38 , 385 - 6 6 76Interest 205 108 145- 1141 130 114 96 78 60 37 75 70

3. Post-196 6 Suppliers credits 378 136 1, 4 75 74 - - - - -

Amortization 113 17 75 7 - - - - _ -_Interest 23 16

Japan 14,ui7 2,0 1,903 2,1292 1965 1,807 166 6 1,67' 714 1.160 840 804-

Amortization 1,57, 5 1, 1,533 15 1 790 790Interest 544 474 554 482 403 331 260 181 95 50 14

1. Pre-196 6 Suppliers credLits(a) RescheduLed 5.247 574 561 66- 767 901 984 1 02:L 081 _ 551 - -

Amortization 259 3 ] ,007 539Interest 288 502 279 256 220 175 128 74 12 -

See foctnoteo at end of table

Table 13: ESTDIATED DEBT SERVICE ON MEDIUM AIND LONG-TERM DEBT BY COUTRY, 1971-82 (Continued)(In thousands of U.S. dollars)

Page 4Deb it

OutstanldingInclud ing

Undisbursed Estimated Debit ServiceDac. 31. 1970 1971 1972 1973 J[974 19_75 1975 1977 2978 1979 1980 1981 1982Japan (continued.)2. Pre-1966 Suppliers credits

(b) Eligible for reschedulingbut not yet rescheduled 5,157 1.112 157 196 _ 350 547 582 _ 658 633 609 840 804Amortization 891 65 - 158 369 5245 526 526 526 790 790Inteirest 221 92 196 192 178 1515 132 107 83 50 143. Pre-1966 Suppliers credits

(c) Post-June 30, 1972 1Maturities 2,018 - 669 78C 573 140 - _ - - -'-Amortization - 614 724 544 136 - - -Interest - 55 64 29 4 - - - - - - _4. Post-1966 Suppliers credits 1,935 __16_ 516 480 275 219 - -_ -Amortization 491 4931 465 270 218 - - - --Interest 35 25 15 5 1 - - - - - - -etherlanda 2i,505 2.455 2.7(1 2.080 2164 2 888 3.38'i 3 7 3,14 2.431 1.846 772Nether lands -n -~~~~~~~~~~~~~~~~~~~5 .427.. ~ 177 Amortization 1,546 1,788 1,251 1,391 2,205 2,817 2,988 3,212 2,258 1,744 1,744Interest 909 917 829 773 683 568 439 302 173 102 281. Pre-1966 Suppliers creditts(a) Rescheduled 21,072 1.589 1.642 1.605. 2.164 2.888 3.385i 3.427 3L51 4 2.431 1,846 1.772Amortization 770 797 785 1,391 2,205 2,817' 2,988 3,212 2,258 1,744 1,744Interest 819 845 820 773 683 568 439 302 173 102 282. Pre-1966 Suppliers credits(b) Post-June, 1972 MatuLritieis 138 _ 159 _ _ _ _ _ __AmortizatiLon - 1818

Inte:rest - 21 - - - - - - - - -3. Pre-1966 Suppliers credits(c) Not eligible for resicheduling 2,095 9866 904 7 -4 Amoritizat:Lon 776 85;3 466 - - - - - - - - -Interest 90 51 9 -

See footnotes at: end of table

Table 13: ESTIMATED DEBI' SERVICE ON MEDIUM AND LONG-TERM DEBT BY COUNTRY, 1971-82 (Continuetd)

(In thousands of U.S. dollars)Pa-e 5

DebtOutstandingIncluding

Undisbursed _ Estimated Debt ServiceDlec. 31. 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982

Norway 4 1,050 541 943 942 448 240 176( 176 140 142 167 77Amortization 855 456 818 854 396 202 149 156 124 134 151 59Interest 195 85 125 88 52 38 27 20 16 8 16 18

1. Pre-1966 Suppliers credits(a) Rescheduled 29 - 4 2 4 5 7 5 5 4 _ _

Amortization - 2 2 2 5 5 5 5 2 - -

Interest - 2 - 2 - 2 - - 22. Pre-1966 Suppliers credits

(b) Eligible for reschedulingbut not yet rescheduled 1,288 249 93 70 103 145 173 17L 171 136 142 16 7 77Amortization 176 60 24 58 105 139 144 151 122 134 151 59Interest 73 33 46 45 40 34 27 20 14 8 16, 18

3. Pre-1966 Suppliers credits(c) Post-June 30, 1972 Maturities 2,323 - 444 871 835 298 60 - - - - _ -

Amortization - 394 792 794 286 58Interest - 50 79 41 12 2 - - - - - -

4. Pre-1966 Suppliers credits(d) Not eligible for rescheduling 679 801 - - - -_ _ _ _ _ _ _

Amortization 679Interest 122

U.K. 143 782 9,236 11 688 13.142 1:5.902 17 634 18,651 18.707 19.186 13.546 10.274 9.701 2946Amortization 4,489 6,396 7,934 10,862 12,294 13,899 14,675 16,152 11,602 8,811 8,707 2, 160

Interest 4,747 5,292 5,208 5,040 5,340 4,752 4,032 3,034 1,944 1,463 994 7861. Pre-1966 Suppliers credits

(a) Rescheduled 86,287 7,748 8.094 8.145 lQ0,304 1, 15,032 15.153 15.205 1134 7.065 6.68 -

Amortization 3,226 3,251 3,461 5,897 9,187 11,656 12,4310 13,415 9,206 6,533 6,547Interest 4,522 4,843 4,684 4,407 3,867 3,376 2,723 1,790 928 532 137

2. Pre-1966 Suppliers credlits(b) Post-June 30, 1972 Maturities 9,070 - 2,148 3,653 3.226 _ 891 - - - - - _

Amortization - 1,882 3,281 3,046 862 -Interest - 266 372 180 29 - - - - - - -

See footnotes at end of table

Table 13: ESTIMATED) DEBI SERVICE ON MEDIUM AliD LONG-TERM DEBT BY COUNTRY, 1971-82 (Continued)

(In thousands of U.S. dollars)_Page 6

DebitOutstandingIncluding

Undisbursed Estimated Debt Service _ __-______________ _ Dec. 3L. 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982

U.K. (contiLnued)3. Post-1966 Suppliers credits 5,160 787 786 792 730 _ 738 740 746 750 252 1.21 - -

Amortization 639 639 642 577 579 577 579 577 236 118Interest 148 147 150 153 159 L63 167 173 16 3

4. Long-Term debt 43,265 701 660 552 1,642 2.-951 2.379 2,808 _323]L 3.160 3.088 3.017 2.946Amortizal:ion 624 624 550 1,342 1,666 1,1566 1,666 2,160 2,160 2,160 2,160 2,160Intesrest 77 36 2 300 1,285 1,213 1,142 1,071 1,000 928 857 786

U.S .A. 105 828 4,71 _131 4,109 334444 461 _3.58 3.838 4.311 4 5,084 5 804 5,774Amortization 2,091 2,084 2,090 1,446 1,465 1,479 1,911 2,010 2,403 2,726 3,370 3,379Intearest 1,980 2,047 2,019 1,998 1,996 1,979 1,92,7 2,301 2,404 2,358 2,434 2,395

1. Pre-19615 Suppliers credlitsRescheduled 550 69 54 _59 71 86 97 100 104 60 24 23 -

Amortizal'ion 31 24 30 45 64 78 86 94 56 22 22Intierest 38 30 29 26 22 19 1.4 10 4 2 1

2. Post-19656 Suppliers credits 1,977 757 718 679 - - - -_ - - - - -AmortizatWion 659 659 659Intierest 98 59 20

3. Long-Term Debt 103,301 3 245 3 359 3.371 3 3375 3.361 _3.78 _4207 4.747 5.060 5.781 5.774Amortization 1,401 1,401 1,401 1,401. 1,401 1,401 1,825 1,916 2,347 2,704 3,348 3,379Interest 1L,844 1,958 1,970 1,972 1,974 1,960 1,913 2,291 2,400 2,356 2,433 2,395

PART II - IOEYR IBRD COUNIRIES

India 365 119 113 106 118 - -

1. Post-19156 Suppliers credits 365 119 113 106 118 - _- - _ - -Amortization 97 97 97 74-Interest 22 16 9 44

Spain _E0 588 _.136 1,088 1,038 988 940 892 838 - _ - -

See footnotes at end of table

-Table 13: ESTIMATED DEBT SERVICE ON MEDIUM! AND LONG-TERM DEBT 13Y COUNTRY, 1971-82 (Continued)

(In thousands of U.S. dollars)Page 7

D.-btOutstandingIncluding

Undisbursed _ _ Estirmated Debt ServiceDec. 31. 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982

Spain (continuLed)Posl--1966 Suppliers credits 6,054 588 L,136 1,088 1,038 988 940 892 838 - - -

Amortization 404 808 808 808 808 808 808 802Interest 184 328 280 230 180 132 84 :36 -

U.A.,R. 125 7 12 14 17 2'L 24 26 2 6 12

Pre.-1966 Suppliers credits(a) Rescheduled 125 7 12 14 17 2L 24 26 26 12 _ - '

Armortizatiorn 2 7 10 12 17 19 21 24 12-Interest 5 5 4 5 4 5 5 2 -

Yugoslav La 15.729 830 L.571 2472 2.002 1483 275 36 604 860 _L7537

Amortization 563 L,301 2,090 1,708 1,303 1,128 1,124 1,127 554 831 1,034 371Interest 267 270 382 294 180 147 112 78 50 29 ]L41 166

1. Pre-1966 Suppliers credits(a) Rescheduled 4,941 458 690 669 654 635 621 598 584 - - : 34 406

Amortization 368 594 570 571 5 72 574 570 573 - - 47 299Interest 90 96 99 83 63 47 28 'I - - 87 107

2. Pre-1966 Suppliers Credits(b) E'Ligible for rescheduling

but not: yet rescheduled 7,833 372 127 293 513 669 _ 654 638 621 604 _ 860 1,041 131Amortization 195 32 166 388 554 554 554 55T4 554 831 987 72Interest 177 95 127 125 115 100 84 657 50 29 5 4 59

3. Pre-1966 Suppliers credits(c) Post-Jtne 30, 1972 Maturities 2,955 - 754 1j510 835 17) - - - -

Amortization - 675 1,354 749 1777

Interest 79 156 86 2 - - - - - --

Unidentified 1,89a 1 L425 312 202 83 30 10 - -_ _

Post-196 6 Suppliers creclits 1,895 1,425 312 202 33 30 10Amortization 1, 32T 27O I 2 - 10Inter est 99 42 18 7 2 - - - - - - -

See footnotes at end of table

Table 1: ESTIMATED DEBT SERVICE ON MDDIUM AND LONG-TERM DEBT BY COUNTRY, 1971-82 (Continued)

(In thousarnds of U.S. dollars)

Page 8Debt

Out standingInc liding

Undisbursecl Estirnated Debt ServiceDec. 31. 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982

Unidentif.ied (continued)Posl:-1966 Suppliers credits 1,8964 312 202 85 30 10 -_

Amortization 1,326 270 184 78 28 10 - - - - -

Interest 98 42 18 7 .2 - - - - - - -

PART III - OTHIR COUrNTRIES

Bulgaria 67 14 228 181 19B 211 208 81 60 89 114 28

Amortization 58 2 141 158 180 197 198 74 55 86 109 23Interest 9 12 87 23 18 14 10 7 5 3 5 5

1. Pre-1966 Suppliers credits(a) Rescheduled 677 67 14 34 51 71 87 87 81 60 89 114 28

Amortizaition 58 2 20 37 59 76 77 74 55 86 109 23Interest 9 12 14 14 12 11 10 7 5 3 5 5

2. Pre-1966 Suppliers credits(b) Post-June 30, 1972 Maturities 603 - - 194 130 127 124 121 - -

Amortizat ion - - 121 121 121 121 1.21Interest - - 73 9 6 3 -

Ch i na 1591 68 378 683 312 749 777 774 771 768 813 183 72Amortization 66 362 659 689 728 758 758 758 758 807 181 66Inlterest: 2 16 24 23 21 19 16 13 10 6 2 6

1. Pre-1966 Suppliers credits(a) Eligible for rescheduling

bul: not yet rescheduled 990 68 49 24 53 90 118 1.15 112 109 154 183 72Amortization 66 33 - 30 69 99 99 99 99 148 181 66Int:erest 2 16 24 23 21 19 16 13 10 6 2 6

2. Pre-1966 Suppliers credits(b) Post-June 30, 1972 Maturities 5,601 - 329 659 659 659 659 659 659 659 659 -

Amortizaition - 329 659 659 659 659 c59 659 659 659Int:erest: - - - - - - - -

See footnotes at end of table

Table 13: ESTIMATED DEBT SERVICE OIN MEDIUM AND LONG-TERM DEBT BY COUNTRY, 1971-82 (Continued)

(Ir thousands; of U.S. Dollars)- -___ _ __ _ _ _Page 9

DebtOutstanding

IncludingUndisbursed Estimated Debt ServiceDec. 31. 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982

Czechoslovalkia 12,028 61 941 1 243 1 326 1 124 1 248 1 1,8 102 7 1238 1.581 368Amortization - :L,0

42 747 *S 1,078 9'30 985 87 L,J7

Interest 222 194 260 231 199 170 138 107 80 49 101 1071. Pre-1966 Suppliers credits

(a) Rescheduled 1,511 83 179 230 224 220 217 207 195 94 - 18 106Amortization 61 156 199 198 199 F99 197 192 94 - - 86Interest 22 23 31 26 21 18 10 3 - - 18 20

2. Pre-1966 Suppliers credits(b) Eligible for rescheduling

but not yet rescheduled 8,130 2L 181 _202 190 368 _728 944 87'3 873 1,238 1.563 262Amtortization 981 * 181 555 793 7'3 793 793 1,189 1,480 175Interest 200 141 190 187 173 151 128 104 80 49 83 87

3. Pre-1966 Supp'liers credits(c) Post-June 30, 1972 Maturities 2,287 - 560 823 734 176 87

Amortization - 530 7184 - 716 171 86-Interest - 30 39 18 5 1

East Germany. 875 295 99 1(1 98 97 94 91l 89 1 2 12 52Pre-1966 Suppliers credits(a) Eligible for rescheduling

but not yet rescheduled 875 295 99 1(1 - 98 97 94 9'1 89 1 2 12 52Amortization 218 86 136 86 87 87 87 87 1 2 2 43Interest 77 13 15 12 10 7 4 2 - - 10 9

Hungary 2,290 410 216 250 17) 223 253 227 240 136 192 249 106Amortizat:Lon 305 17 201 135 i d4 221 2'1 22i 123 "i4 2 b 82Interest 105 40 49 44 39 32 6 19 13 8 23 24

1. Pre-1966 SuppLiers credits(a) Eligible for rescheduling£

but not yet rescheduled 2,123 410 150 146 179 223 253 2 7 240c 136 L92 o-a 106Amortization 305 112 98 155 184 221 221 221 123 19L 82Interest 105 38 48 44 39 32 6 19 13 8 2 3 24

See footnotes at end of table

Table 13: ESTIMATED DEBT SERVICE ON MEDIUM AND LONG-TERM DEBT BY COUNTRY, :1971-82 (Continued)

(In thousands of U.S. dollars)- - - EPage 10

DebtOutstandingIncluding

Undisbursed __ _ Estimated Debt Service-Dec. 31. 1970 1971 1.972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982

Hungary (continued)2. Pre-1966 Suppliers crediits

(b) Post-June 30, 1L972 Maturities 167 - 66 104 - - - -Amortization - 64 103 - - - - - --

Interest - 2 1 - - - -

Poland __9681 _ 995 134 _404 9791 1.156 .125 100 1,56 _ 575 815 1,2318 572Amortization 813 919 1,147 760 969 974 974 974 522 783 1,085 452Interest 182 215 257 2119 187 151 13L6 82 53 32 153 120

1. Pre-1966 Suppliers credits(a) Rescheduled 3,684 302 433 558 540 522 503 484 466 - - 218 288

Amortization 226 339 452 452 4 452 452 452 452 - - 113 226Interest 76 94 106 88 70 51 32 14 - - 105 62

2'. Pre-1966 Suppliers crediits(b) Eligible for rescheduling

but not yet rescheduled 4,456 693 132 126 279 478 622 606 590 _ 575 815 1,020 284Amortization 587 38 - 156 365 522 522 522 522 783 972 226Interest i06 94 126 12:3 113 100 84 6El 53 32 48 58

31. Pre-1966 Suppliers crediits(c) Post-June 30, :1972 Maturities 1,541 - 569 720 160 _ 156M

Amortization - 542 695 152. 152 - - - - - -

Interest - 27 25 8 4 - *-

Rumania I.262 37 108 114 134 152 170 164 162 115 102 120 71P're-1966 Suppliers credits(a)Rescheduled 1,262 37 108 114 134 152 170 164 162 115 102 120 771

Amortization 19 81 86 106 131 151 151 151. 108 98 116 42Interest 18 27 28 28 21 19 13 11 7 4 4 29

J.S.S.R. 72L5 5 .953 574 5 1 6 1 5494 =4,611 34 18 3,6L8 = - 5 =15 2 2297Amortization 3,366 4,958 5,424 4,955 4,215 3,846 3,455 2,460 - - 784 1,897Interest 587 756 692 539 396 272 163 62 - - 408 400

See footnotes at end of table

Table 13: ESTIMATED DEBT SERVICE ON MEDIUM AND LONG-TERM I)EBT BY COUNTRY, 1971-82 (Continued)

("In tbiousands of U.S. dollars)?Page Ll

DebtOuiL:standingIncluding

Undisbursed _ Estimated Debt Service _

Dec. 31., 1970 1971 1972 1973 1974 1975 1.976 1977 1978 1979 1980 1981 1982_

U.S.S.R. (continued)1. Pre-1966 Suppliers credits

(a) Rescheduled 29,400 2.775 4,563 4.991 4.393 _3,536 3,071 2.769 2,42'7 __ 1.192 2,29;Amortization 2,359 3,950 4,417 3,947 :3,208 2,841 2,627 2,366 - - 784 1,89;7Interest 416 613 574 446 328 230 142 6L - - 408 400

2. Pre-1966 Suppliers credits(b) Debts not eligible for

rescheduling 7,815 1.178 1,L51 1,125 1.101 1.075 ,047 849 95 -

Amortization 1,007 1,008 1,C007 1,008 1,007 1,005 828 94 - - - -

Interest 171 143 1]18 93 68 42 21 1

/1 Includes private sector suppliers credits. Schedules ior de!bt service assume fuLl implementation of the 1966, L968 amd 1970 Minutes ofAgreement and the conclusion of paLrallel arrangements with countries which were not participants in t'he London dlebt ctonference.

/2 The balance owing on the pre--1966 suppliers credilt was settled by a payment in cedis to the Office of the High Commissioner for Canadaon May 3, 1971.

ANNEX APage 1

DEBT RELIEF AGREFMENTS

1. The texts of the three agreements which provided debt relief forpayments due on SUppli4ers' cred4tsaepted prior to Februarv 24, 1966 are-reproduced in this Annex. These agreements set forth general principlesaccording to whAich debts are to be rescheduled. Tn order to implement theseagreements, Ghana had to enter into bilateral agreements with each of thesigr.ator;7 counr.tres. Tn Table A-1, the. ceditor countries are listed accord-

ing to whether or not they were participants in the London debt conferences,-and t.he Aa-es of t.he bilatera' agreements are giver.. larallel arrangerments~~flL.- ~~~~~-LL0 ~~~~ LJ. LL UL.La L~L. O4L ~ i LLL LC -~L L A.G~LLJ L A. Of6~f0iL

have been made with some countries which did not participate in the Londoncon.ferences; th-Le udates of thiese bilatera± agLrtdL-ee.m-ents are givern in the 'Lowerpart of the table.

2. The contents of this Annex are as follows:

Table A-1 Bilateral Debt Relief Agreements with Creditor Countries p. 2

"Agreed Minute on the Repayment of the Medium-Term Debt of theGovermnent of Ghana and Others Resident in Ghana", December 9, 1966 p. 3

"Agreed Minute on the Repayment of the Medium-Term Deebt of the Govern-ment of Ghana and Others Resident in Ghana", October 22, 1968 p.1 0

"Agreed Minute on the Re-arrangement of M4edium-Term Debt Payments Duefrom Ghana between july 1970 and June 1972"', July 11, 1970 p.' 6

Table A-1: BILATERAL AGREEMENTS SIGNED UDDER THE 1966, 1968 AND 1970 LONDON MINUTES OF AGREEMENT

Participation in London First Rescheduling Second Rescheduling AgreementDebt Conferences Date of Moratorium Date of Moratorium for 1970

T1E- 1968 1970 Agreement Interest Rate Agreement Interest Rate Debt Relief L=

A. Participants in the London DebtConferenices

Australia Yes Yes No Jan. 1, 1967 - /2Be:Lgium Yes Yes Observer May 24, 1967 Z11Ca.nada Yes No No May 5, 1971 - 2 -France No Observer Yes Apr. 10, 1967 6yj% /6 (May 22, 1969/3 4 3/4'i May 4, 1971

(MSay 4, 1971 4 3/49Germany Yes Yes Yes May 18, 1967 5% July11 1969 4 3/4% May 4, 1971Israel Yes Yes Yes May 19, 1967 9-0 Jan. 31, 1969 4 7/8% Aug.31, 1970Ittaly Yes Yes Yes May 8, 1967 6$ /6Japan Yes Yes Yes June 14, 1968/4 6o iNe-therlands Yes Yes Yes June 14, 1967 - 4i Mar. 21, 1969 49$YNorway Yes Yes Yes May 31, 1967 9e, /6Switzerland Yes Observer Observer - - _United Kingdom Yes Yes Yes Feb. 28, 1967 6 5/8% /6 Jan. 1, 1969 1S% July 19, 1971United States Yes Yes Yes June 28, 1967 6% May 4, 1971 4 3/4' May 4, 1971

B. Other IBRD Member CountriesU.A.R. _- - Aug. 26, 1967 5% /6Yugoslavia - - - Mar. 15, 1967 D% Dec. 24, 1969 3%

C. Other CountriesBulgaria - - - Jul. 21, 1969 2½% Jul. 21, 1969 2½%China (M4ainland) _- -

Czechoslovakia _- - Dec. 51, 1967 2 foE. Germany - - -Hungary Poland _- - Feb. 7, 1968 2Wo, /7Rumania _ - - Dec. 14, 1968 jlg% Jul. l, 1969 l-%U.S.S.R - - Aug. 24, 1968 3% - -

r A blank space tmeans that debt rescheduling or debt relief is technically possible but that no agreement has been signed. A dash means that there isno debt e:Ligible for rescheduling or debt relief under -the terms of the London Minutes of Agreement.

J Matu:rities are less than $35,COO and are, therefore, not eligible for rescheduling. O 5Rescheduled 1969 maturities only. (MD

4 Maturities rescheduled through June 30, 1969.All pre-lC366 credits rescheduled under the August 24, 1968 Agreement.Unless specified in contract.3% on arrears.

IWOZX A

Page 3

Tmi 1966 AGREEMEOrl

AGREED MINUTE

ON THE REPAYMENT OF THE MEDIUM-TERM DEBTOF THE GOVERNMENT OF GHANA AND OTHERS

RESIDENT IN GHANA

1. Representatives of the Governments of Australia, Belgium, Canada,the Federal Republic of Germany, Israel, Italy, Japan, The Netherlands, Nor-way, Switzerland, the United States of America, and the United Kingdom ("thecreditor countries") met in London under the Chairmanship of the United King-dom from 6 December to 9 December, 1966 with representatives of the Govern-ment of Ghana ("the Ghana representatives") to consider Ghana's request forexternal debt re-arrangement. Representatives of the International MonetaryFund and the International Bank for Reconstruction and Development were alsopresent.

2. The Ghana representatives recalled that at a meeting convened atthe Ghana Government's request by the United Kingdom Government in London onthe 1 and 2 June, 1966, they had described the grave economic situation theGhana Government had inherited from the previous Government and the deter-mined and practical steps the new Government, in consultation with the I.M.F.,were taking to rehabilitate Ghana's economy. They had also stated that theGhana Government were determined to meet in due course the country's externalfinancial obligations incurred under the previous Government but that debtre-arrangement was needed because the Government were currently faced withforeign exchange difficulties.

Accordingly, the Ghana Government had sought a temporary suspen-sion of the service of transfers under suppliers' credits until an appro-priate debt rescheduling or refinancing could be arranged.

They had also drawn attention to the grave imbalance in the yearsimmediately ahead between the estimated receipts from visible and invisibleexports, aid and other sources and the considerable payments required fornecessary imports and debt servicing.

The renresentatives of the creditor countries had undertaken toreport the Ghana Government's request to their Governments.

The Ghana Government had expressed the hope that at a subsequentmeetlina it would be ponssble to naeotlate a rearrangpment or refinanc-ing ofthese credits in a manner cpnsistent with the equitable treatment of thecredionra and the rehabilitation of the arnonmv in order tn fnpil4tntp thelong-term development of Ghana.

ANNEX APage 4

3. Attention was drawn to the terms on which transfers of paymentsin respect of credits or loans provided by the Governments of, or personsor corporations resident in, the creditor countries to the Ghana Governmentor to persons or corporations resident in Ghana with an original maturityexceeding one year but not exceeding twelve years and arising under or re-lating to contracts for the supply of goods or services or both from outsideGhana concluded before 24 February, 1966, should be made.

4. The Ghana representatives stated that the Government would under-take new external borrowing only for purposes of high economic priority andwith due regard to the fulfilment of existing debt service obligations. Atpresent new external borrowing with a maturity of one to twelve years waslimited under the provisions of a one-year standby arrangement with theInternational Monetary Fund which became effective in May. The Governmentconsidered it essential to bring about gradually a net reduction in the totaloutstanding amount of such debt and would continue its efforts to achievethiq end- Unon the expirv of the present standbv arraneement in Mav. 1967,the Government contemplated requesting another standby arrangement with theFundi They wunild he nrenared to include in this nrnvisions relating toGhana's foreign borrowing policy.

With effect from the end of December, 1966, the Government wouldnrvovide fnreign exchange cover on an un-to-date hasis for all nuthnrised

current payments other than profits and items of a capital nature. Theposition in respect of profits would be kepnt under reuiefwA ani is-h vamit-tances would be liberalised as the foreign exchange situation improved. Thescheane lntroduceed in Autgtust 1 Q96 fnr l- earing, nr-rears of current- pa, ertswas working smoothly and the Government would continue to meet their obliga-

e4 ..1 1,. ... A^.. e-h4 arhaina ha (o ^rornmant- ,*.s1 A ,w^*4

".. wn _A

tios ful ud.ths scee Th Goermn ld cotiu to reiw At _ll

outstanding current arrears on a quarterly basis and would clear these arrearsas rapidly as t"he foreign exchange situation pe.J, .#CeL

ILIIe UJV Lt-U LL WLUL w ouLd review periloddilcall y the.i poUlL- ice .1L- hf

nancial, trade and payments fields with the International Monetary Fund,wilthLl Lne frdmewor1lWO o'1 113. LsL.Lc *4 cUInsU±LtdaUi[5. * 1s11 WOUxU provide tneGovernments of the creditor countries with up-to-date information on perfor-mance under their economic programme designed to achieve growth with stabil-ity. During the consolidation period information would be sent to the Inter-national Monetary Fund, on a half-yearly basis, on all new externai debtcommitments and debt service payments, other than short term trade and bank-ing credits, undertaken or authorised by the Government. The Governmentwould authorise the Fund to make this information available to the Govern-ments of the creditor countries, with such interpretation as might be neces-sary.

5. In respect of the credits or loans referred to in paragraph 3 andgranted or insured by the Governments or the competent institutions of thecreditor countries the Ghana representatives stated that their Governmentproposed to make transfers in respect of all debts of principal and interestoverdue thereunder on 1 June, 1966, and of all such debts due or falling due

IM,N^EX APage 5

between 1 June, 1966 and 31 December, 1968, both dates inciusive ("the con-solidation period") in the following manner:-

In respect of each such debt due or falling due on or before30 June, 1967, there will be transferred to the appropriate creditor country

(i) an amount equal to 20% of that debt in the followinginstalments:-

(a) 3.33% on 1 July, 1967(b) 3.33% on 1 January, 1968(c) 3.33% on 1 April, 1968(d) 3.33% on I July, 1968(e) 6.68% on 1 December, 1968

(ii) in the financial year ending 30th June, 1972, an amountequal to 2.7% of that debt

(iii) in the financial year ending 30 June, 1973, an amountequal to 5.3% of that debt

(iv) in the financial year ending 30 June, 1974, an amountequal to 6.6% of that debt

(v) in the financial year ending 30 June, 1975, an amountequal to 9.2% of that debt

(vi) in the financial year ending 30 June, 1976, an amountequal to 11.9% of that debt

(vii) in the financial year ending 30 June, 1977, an amountequal to 13.2% of that debt

(viii) in the financial. year ending 30 June, 1978, an amountequal to 14.5% of that debt

(ix) in the financial year ending 30 June, 1979, an amountequal to 16.6% of that debt

In respect of each such debt falling due in the financial vearending 30 June, 1968, there will be transferred to the appropriate creditorcountry

(i) in the financial year ending 30 June. 1968, an amountequal to 20% of that debt

(ii) in the financial year ending 30 June, 1972, an amountpeual to 2.7% of that debt

RNAEX A

Page 6

(iii) in the financial year ending 30 June, 1973, an amountequa'l to J5.3% o'L that d'ebt

(iv) in the financial year ending 30 June, 1974, an amountequal to 6.6% of that debt

(v) in the financial year ending 30 June, 1975, an amountequal to 9.2% of that debt

(vi) in the financial year ending 30 June, 1976, an amountequal to 11.9% of that debt

(vii) in the financial year ending 30 June, 1977, an amountequal to 13.2% of that debt

(viii) in the financial year ending 30 June, 1978, an amountequal to 14.5% of that debt

(ix) in the financial year ending 30 June. 1979, an amountequal to 16.6% of that debt

In respect of each such debt failing due between 1 July, 1968and 31 December, 1968, both dates inclusive there will be transferred tothe appropriate creditor country

(i) between 1 July, 1968, and 31 December, 1968, both datesinclusive an amount equal to 20% of that debt

(ii) in the financial year ending 30 June, 1972, an amountequal to 2.7% of that debt

(iii) in the financial year ending 30 June, 1973, an amountequal to 5.3% of that debt

(iv) in the financial year ending 30 June, 1974, an amountequal to 6.6% of that debt

(v) in the financial year ending 30 June, 1975, an amountequal to 9.2% of that debt

(vi) in the financial year ending 30 June, 1976, an amountequal to 11.9% of that debt

(vii) in the financial year ending 30 June, 1977, an amountequal to 13.2% of that debt

(viii) in the financial year ending 30 June, 1978. an amountequal to 14.5% of that debt

ANNEX AFage7

(ix) in the financial year ending 30 June, 1979, an amountequaL to IV.U/. 0 o Liftat UeUL

A C.-…- 4 ~ . a..A *inancial year i-,ears Ltle year start.Lng on 1 July ar.ud endLing or30 June in the following year.

Where no date is specified in the formula set out above transfersin accordance with the said formula will be made in four equal instalmentsof the total amount due to be transferred in any financial year on the firstday of July, October, january and April except that the first transrer inrespect of payment of any debt falling due on or after I July, 1967, will bemade on the original contractual due date for such payment if so required bya creditor country.

The Ghana representatives also stated that it was the intention ofthe Ghana Government to make available to the international Monetary Fund assoon as possible after the first day of July, October, January and April ineach year during the consolidation and delayed transfer periods informationto enable the International Monetary Fund to inform the Governments of thecreditor countries of the amount of all transfers made since 1 June, 1966,to each creditor country in settlement of debts incurred under the creditsor loans referred to in paragraph 3.

6. The Ghana representatives stated that their Government would under-take that if at any time terms which are more favourable than those set outin paragraph 5 are accorded in relation to credits or loans of the type re-ferred to in paragraph 3 whether or not provided by the creditor countries orresidents in those countries terms no less favourable will forthwith beaccorded to the creditor countries and/or creditors resident in those coun-tries. The Government of Ghana would supply through the International Mone-tary Fund information on the terms which they accorded to other creditors.

7. The Ghana representatives stated that their Government:-

(a) would, if required by a creditor country and to theextent that this was shown to be necessary by thenature of its credit insurance system direct thatduring the consolidation period debtors, or theirguarantors, resident in Ghana would pay a sum incedis equal to the full contractual amount of allinstalments due to creditors resident in thatcountry into special accounts with the Bank of Ghanawhere it would remain until transferred or paid inaccordance with this Agreed Minute or with the bilat-eral agreements, or other arrangements referred to inparagraph 9. The Government of Ghana would take stepsto notify without delay to the appropriate authorityof the creditor country concerned particulars of thesepayments.

ANNEX Arage 8'

(b) would undertake that the payments made as provided insub-paragraph (a) would be transferred in the currencyin which the debt had been contracted or in the currencyof the creditor country in question at the exchange rateruling on the date of the cedi payment of the instalmentin question.

8. The Ghana representatives stated that their Government would arrangethat interest would be paid by the Ghana Government on all delayed transfers.The rate of interest to be paid would be determined in the bilateral agreementor other arrangement referred to in paragraph 9 having regard to the costof borrowing in the creditor country concerned. Each creditor country willuse its best endeavours to keep the average rate it charges as low as possible.Such interest would be transferred in the currency concerned half-yearlyon the 30 June and 31 December, or as provided in the bilateral agreementor arrangement, except that interest on arrears accruing before 30 June, 1967,would be transferred in the following instalments:-

(a) one-sixth on 1 July, 1967

(b) one-sixth on 1 January, 1968

(c) one-sixth on 1 April, 1968

(d) one-sixth on 1 July, 1968

(e) one-third on 1 December, 1968

The representatives of the creditor countries stated that the debtcononlidat4in pni,lei meet only a nart of the balance of pavments nrohlem asillustrated by the material which the Ghana representatives had put beforethe meeting. They also maintained that the deht re-arrangement muist hp dis-tinguished from aid and that it could not be provided at concessionary rates.

9. The Ghana representatives said that their Government would be pre-pared to take all r.ecsaration ton g4iA ffect toI these p al

--- -- -- 7 ac t ot t -_ ------ nzarticular they were willing, on the basis of this Agreed Minute, to enterir.to bilateral! negotiations with the Gover.nments of the creditor cour.tries,or the competent institutions or agencies, without delay with a view torahnnl4gnt .u1 1 a ement o aO A _ _ h opin of 4.e cen.Ad 4i oh.ntry, con_ern eAA. OXt.&..A^Lb A. W.. a51-b ^w i ... w %M._- .L.. .Lt* iJ.L _. _ Av t w.'.A*4.. v.'Jf*t zA *

other arrangemenl:s, as soon as possible. Such agreements or arrangementswould 4r,.clAu -11 -.ecessary 0-A. .seqr.tal. prvs0s i u prov4s40n_s

for their technical application.

The representatives of the creditor countries stated that they.NUldreo-e..dto their ' vern=ments that they should enter ir.to bilateralW-7ou± recoLufue1LZULU LAI 4.L UVLU~ LLLI1 L LLI~ ~LL LU ~L.L J.LU UL.LL. .L

negotiations with the Ghana Government on the basis of this Agreed Minute.PartLculars of suclh agreements or arrangements woulUd bJe sent 'y thile anaGovernment to the International Monetary Fund who would transmit them to theGovernments of all the cred'tor countries.

ANNEX APageo q

10. It was stated by the representatives of the creditor countries andb the G-hana representatives 1 that nothing in t Ae Minute o in the

bilateral agreements or other arrangements envisaged in paragraph 9, wouldaffect rilghts anA obligations ofS credit4Uors, Aebtlors ard guarantors under o-in relation to the contracts referred to in paragraph 3.

11. The Ghana representatives requested that the creditor countriesshlould rmeet in 196 to consid'er further relief t-o the Ghana balance of pa--~Li LU±U II LI I Y'JO LU LI~L~ U L~ L.LL ILUF -L1i I.L L4L UCLLL&_ W'as. Jments by debt consolidation in the light of Ghana's balance of payments andexternal duebut si-tuatiLon 'if, in the -view of the Ghar.a Gover..me-nt, suc Ca~'~LL I~1±U~UL~J.. LdLLUI ± .i LiL LW U. LIt %LL ~IiLLC %JVC LIIMent L. i.LL

meeting was necessary. In a spirit of understanding the representatives ofI,e cLreiUto coUUnLtLes took not fL Ut 'l-jLs w {sL iL. ± LrtLeL-d± LUlsll sLadeu thLat thke

United Kingdom Government would convene a further meeting at the request ofthe Ghana Governr,,ent or ofi any cre-dtor country.

12. ThiLe GhL'ana representatiLves andu th'e representatiLves ofL thL'e creditorcountries agreed that the foregoing is a correct record.

Signed at London onDecember 9, 1966.

ANNEX APage 1 0

THE 1968 AGREEMENT

A^-REPE MTI\TTTTP

ON THE REPAYMENT OF THE MEDIUM-TERM DEBT"Y m,r ^1l~ll~lffF flf tTIAfA A?.Tfl fl'TTlffl

RESIDENT IN GHANA

Preamnble

1. Representatives of the Governments of Australia, Belgium, TneFederal Republic of Germany, Israel, Italy, Japan, The Netherlands, Norway,The United States of America and the United Kingdom ('"the creditor countries")met in London under the Chairmanship of the United Kingdom from 16th Octoberto 22nd October, 1968, with representatives of the Government of Ghana ("theGhana representatives") to consider Ghana's request for a final re-arrangementof medium-term external debt. A delegation of France attended as observersand presented their views on the matters under discussion. A representativeof Switzerland attended as an observer. Representatives of the InternationalMonetary Fund and the International Bank for Reconstruction and Developmentwere also present.

Review of Performance and Request for Further Debt Re-arrangement

2(1) Representatives of the creditor countries, in the light of theinformation made available to them before and during the meeting, took notethat the Ghana Government had faithfully adhered to the provisions for thepayment of debt recorded in the Agreed Minute of December, 1966 which wereincorporated in subsequent Bilateral Agreements with creditor countries, andhad been meeting debt service payments in accordance with the provisions setout in that Minute and Agreements regularly.

2(2) Representatives of the creditor countries also expressed apprecia-tion of the achievements of the Ghana Government during the first consolida-tion period.

2(3) The Ghana representatives expressed their Government's firm inten-tion to continue their efforts to strengthen and develop Ghana's economy.They reaffirmed their Government's determination to meet in due course thelegitimate external financial obligations of the country. They maintainedthat the speed of repayment would, however, be conditioned by the country'scapacity to pay. They drew attention in an aide-memoire to the substantialimbalance in the next few years between the estimated receipts from visibleand invisible exports, aid and other sources and the considerable paymentsrequired for debt servicing and essential imports. To assist their Govern-ment's efforts to strengthen the economy and to facilitate the resumption of

ANNEX APage 11

an adequate economic growth rate, they requested a -irther re-arrangement ofdebt. Vhev stressed that without such assistance it would be unrealisticto expect that the Ghanaian economy could generate the economic resourcesneeded to meet fully the country's current payments and its contractual obli-gations.

2(4) The representatives of the creditor countries considered the bal-ance of payments estimates presented in an aide-memoire by the Ghana author-ities and recognised that these estimates illustrated the scale of the pro-blem.

Debt to be Re-arranged

3. The debt to be the subject of re-arrangement would be contractualdebt maturities falling due in the new consolidation period (as defined inparagraph 5 below) in respect of credits or loans provided by the Govern-ments of, or persons or corporations resident in, the creditor countries tothe Ghana Government, or to persons or corporations resident in Ghana, withan original maturity exceeding one year but not exceeding 12 years and aris-ing under or relating to contracts for the supply of goods or services orboth from outside Ghana concluded before 24th February, 1966.

Undertakings by Ghana

4. The Ghana representatives stated that:-

(1) their Government would have due regard to the ful-filment of existing debt service obligations intheir policy with respect to new external borrowing;

(2) their Government would endeavour to provide foreignexchange cover for all current obligations as andwhen they fell due and for the prompt clearance ofaccumulated arrears;

(3) their Government would continue to review periodic-ally their policies in the financial, trade and pay-ments fields with the International Monetary Fund,within the framework of Article 14 consultations.This would provide the Governments of the creditorcountries with up-to-date information on performanceunder their economic programme designed to achievegrowth with stability. During the new consolidationperiod, information would be sent to the InternationalMonetary Fund, on a half-yearly basis, on all newexternal debt commitments and debt service payments,other than short-term trade and banking credits, under-taken or authorised by their Government. Their Govern-ment would authorise the Fund to make this information

ANNEX AD..~ 1 )

available to the Governments of the creditor countries,with such interpretation as might be necessary.

Rescheduling Arrangements

5. (1) In respect of the credits or loans referred to in para-graph 3 and granted or insured by the Governments or thecompetent institutions of the creditor countries, otherthan those referred to in paragraph 8, the Ghana repre-sentatives stated that their Government proposed to maketransfers in respect of all debts of principal and inter-est falling due between 1 January, 1969 and 30 June, 1972,both dates inclusive ("the consolidation period") in thefollowing manner:-

In respect of each such debt there would be transferred tothe appropriate creditor country:

(i) an amount equal to 20 percent of that debt on thecontractual due date except that, in relation toeach such debt falling due between 1 January, 1969and 31 December. 1969, both dates inclusive, anamount equal to 15 percent of that debt would betransferred on the contractual due date and amountseach equal to 2-1/2 percent of that debt would betransferred on 1 Januarvy 1971 and 1 January; 1972;

(ii) an amount enual to 3 nernent of that debt in twoequal instalments on 1 July, 1974 and 1 October, 1974;

(iii) in equal quarterly instalments on 1 January, 1 April,1 JTulv 2nd 1 Ort-toer in earh ire1nrdar year -

(a? an nmount pniual to 7 nperent of that debt inthe calendar year 1975;

(b) amounts equal to 10 percent of that debt ineach of the calendar years 1976, 1977, 1978and 1979;

(c) amounts equal to 15 percent of that debt ineach of the calendar years 1980 an 1981.

(2) T..h.e rhana representatives a'lso stCated t-'h at It was th.eintention of the Ghana Government to make available tothIe Internr.aonal Monetary Fund, as soon a safter the first day of July and January in each yearuL_nt.L 1.paYILLnhad leen comiL.pleted in accorduance with

sub-section (1) of this paragraph, information to enable

ANNEX APage 13

the Fund to inform the Governments of the creditr cour-tries of the amount of all transfers made on or after1 Ja6.uary, 1969 to each creto A our.tr in settlement.

of debts incurred under the credits or loans referred

or.n---scr m-. nat'on

6. The Gnana representatives stated that their Government would under-take that if at any time terms which are more favourable than those set outin paragraph 5 were accorded, other than in the circumstances set out in para-graph 8, in relation to credits or loans of the type referred to in paragraph3, whether or not provided by the creditor countries or residents in thosecountries, terms no less favourable would forthwith be accorded to the credi-tor countries and/or creditors resident in those countries. The Government ofGhana would supply through the International Monetary Fund information on theterms which they accorded to other creditors.

Statement by representative of Japan

7. The representative of Japan stated that his Government had, withthe agreement of the Governments of the other creditor countries, negotiateda bilateral agreement with Ghana in accordance with the Agreed Minute ofDecember 1966, which, while in other respects according with the terms setout in that Agreed Minute, had conformed to the principle that contractualinterest would be paid in full on the original due dates. The representativeof Japan stated that his Government intended to negotiate a bilateral agree-ment with Ghana in accordance with this Agreed Minute conforming to the sameprinciple. Such an agreement might result in transfers to creditors residentin Japan exceeding 20 percent of the total of principal and interest to beL-ransferred during the consolidation period in accordance with paragraph 5of this Agreed Minute, but the representative of Japan stated that his Gov-ernment would ensure that the bilateral agreement would, in respect of thewhole period of debt rescheduling arrangements covered by this Agreed Minute,offer terms no more favourable to creditors resident in Japan than those setout in paragraph 5 thereof. Representatives of other creditor countries tooknote of the statement by the representative of Japan.

Creditor Countries with very small claims

8. The Ghana representatives stated that, for technical and administra-tive reasons, their Government intended to make transfers on the contractualdue dates in respect of maturities under credits or loans referred to inparagraph 3 where the unrescheduled amounts due after 31 December. 1968 topersons or corporations resident in a creditor country totalled less thanU.S. $35,000.

ANNEX APage 14

-.di Pamen

9. The Ghana representatives stated that their Government:-

(1) would, if required by a creditor country, and tothe extent that this was shown to be necessary bythe nature of its credit insurance system, directthat during the consolidation period debtors, ortheir guarantors, resident in Ghana would pay a sumin cedis equal to the full contractual amount ofall instalments due to creditors resident in thatcreditor country into special accounts with theBank of Ghana where it would remain until trans-ferred or paid in accordance with this Agreed Minuteor with the Bilateral Agreements, or other arranRe-ments referred to in paragraph 11. The Governmentof Ghana would take steps to notify without delay tothe appropriate authority of the creditor countryconcerned nartirulars of these payments;

(2) would undertake that the navments made as providedin sub-paragraph (1) would be transferred in thecurrency in whirh the deb t had been contracted orin the currency of the creditor country in questionat the exchange rate ruling on the date of the cedipayment of the instalment in question.

Interest on Deferred Transfers

10. The representatives of the creditor countries urged that the inter-est rate on deferred transfers should follotwS the for.mula ir tUh Agreed A-Minute

of December 1966, i.e. the rate of interest would be determined by bilateral,-2gotiations hLv-. - ear to -h cos of -orwn in the crei:o co-tries

I LflttA L±%U* ZSlV .Lfl5 LU5

L L .tJ L* .- ' - L> W&U LJ USW. LIILL LA %..LC.ALLLAL %.lIAULL ±C2.=

concerned, each creditor country using its best endeavours to keep the aver-age rate chaLged as low as possible. H1w-Ver, iL ar.a ---nlevour to secureagreement with the representatives of Ghana, and in the context of the otherterm-,,s of this Agreed Min-ute, they proposed that each creditor country wouldcharge interest rates on deferred transfers such that the average payable tocreulLors resiuent 'L LltaL country woulU De in tne range of a 114 percent to6 percent per annum inclusive. This proposal, however, would not precludeany creditor agreeing to a rate or ineerest lower tnan this range.

Tne Gnana representatives took note of this proposal, and statedthat their Government would arrange that interest would be paid by the GhanaGovernment on all deferred transfers. Such interest would be transferred inthe currency concerned half-yearly on 1 July and 1 January, or as provided inthe Bilateral Agreement or arrangement. They maintained, however, that inter-est payments at the rates proposed would, in the context of the general settle-ment, impose an undue burden on the balance of payments of Ghana unless alle-viated by supplementary measures.

ANNEX APage 15

The representatives of Ghana and of the creditor countries thereforeundertook to recommend to their respective Governments that the rate of inter-est on deferred transfers should be determined at bilateral negotiations.

Implementation of Proposals

11. (1) The Ghana representatives stated that they would recommendto their Government that they should take all necessarYaction to give effect to these proposals. In particular,they were willing. on the basis of this Agreed Minute, torecommend to their Government that they should enter intohilateral negntiations with the Governments of the credi-tor countries or the competent institutions or agenciesT.rtbhlut delayavt with a viuew to reaching formal aereementsor, at the option of the creditor country concerned, otherarrannaements , na soon as possilhe. Surh agreements orarrangements would include all necessary consequentialprovnisions, including nrovisionns foir th1eir terhnicalapplication. Particulars of such agreements or arrange-ments would be sent by the Ghana Government to the Tnter-national Monetary Fund who would transmit them to theGovernments of all the creditor countries.

(',\N rile rep.orese4ntatives of + r- nroeA4 4o n,n4r t.emA

(2) -6 I rrea s Lo theiedsubject to the implementation of existing bilateral agree-r.t L. r,ade in accordUUance w L."Jh. t .he Agreed M te of JecerS.

1966 they would recommend to their Governments that theys,,Aou 1 --en.er 4n.o 1-4a1,eral nego.a. on.s -.4 41, ..e C!hnaa

bI LUU L OI O ~L I. ) L. ILTL .1 SIC'. Lt LA1)L A.LI tlS--LCI

Government on the basis of this Agreed Minute.

Preservation of rights and obligations

12. It was stated by the representatives of the creditor countries and, .L:.-- #-L- .v*14 4. e-o A - -- nA )S4 o,^ 4- honuy tL.e ULId.L-an L-La L r ep rCeLeL vC .LA.a. thU LIA.If LV .1.11 LILXO CILL greL. 1.1.u1114L, or t ...

bilateral agreements or other arrangements envisaged in paragraph 11 wouldataLect rights adIUU obligations of creditors, ldebUttors ar.d guarantors undIer oin relation to the contracts referred to in paragraph 3.

Final Settlement

13. Representatives of creditor countries noted and endorsed the expec-tation ofL thie bhana G-vernmentt L'Lat t,LiJ'S Udebt re-a.ange-ent wvuWLU represenLa final settlement with all creditors.

ANNEX APage 16

Conclusion

14. The Ghana representatives and the representatives of the creditorcountries agreed that the foregoing was a correct record.

Signed in London on 22 October, 1968

Marlborough House,London, S.W.1

ANNEX Arage I1

The 1970 Agreement

AGREED MINUTE

on the re-arrangement of Medium Term

Debt repayments due from Ghana between

July 1970 and June 1972

1. Preamble

Representatives of the Governments of France, the Federal Republicof Germany, Israel, Italy, Japan, the Netherlands, Norway, the United Statesof America and the United Kingdom ("the Creditor Countries") met in Londonunder the Chairmanship of the United Kingdom from 7 July to 11 July 1970with the representatives of the Government of Ghana ("the Ghana representa-tives") to consider Ghana's request for further re-arrangement of medium termexternal debts. Representatives of the Governments of Belgium and Switzer-land attended as observers. Representatives of the International MonetaryFund and the International Bank for Reconstruction and Development were alsopresent.

2. Ghana's case for debt relief

(1) The Ghana representatives drew attention to the efforts made bythe previous administration under the National Liberation Council and by thepresent Government to consolidate and strengthen the economy and to meetdebt service payments. They emphasized however that in their view the bur-den of debt repayment presented an insuperable obstacle to the resumption ofeconomic development and the improvement of the living standards of the peo-ple of Ghana which it was the duty of a democratically elected government tosecure.

(2) While the previous arrangements made between the Government ofGhana and the Creditor Countries in 1966 and 1968 had afforded immediate andsizeable relief, it was clear, from a fresh technical assessment set out inthe documentation submitted to the creditors before the Conference, thatthere was serious defects in the earlier arrangements:

(i) They were not based on a realistic appreciation ofthe denth of the balance of payments nrnholm or the

period required for its solution. They largely ig-noredcosdrto eaiptoterqieetfreconomic growth. Hence the earlier arrangementsstipulated short consolidation periods, of 2-1/!2 to

A?WMrVV A

Page 18

31 years, followedI ly 7=1/2 to °, years repa-ymlent~~- . ,' y~~~~~~~~~.1L ~~~~~~ , JLJA W: LJ 1 I LI_-ycL ~ d~I~L

periods, the whole arrangement being held withinthtugie t radi -ional ti,,,e limits 0f MIeu tem.. cor.-

mercial credits.

(ii) They provided for the levying of onerous moratoriuminterest cuiarges 'in consiclerat'ion of tne postpone-ment of repayment obligations, and

(iii) Because they attempted to fit a short-term solutionto a long-term problem, tne amount of relief afford-ed bv them fell far short of what was required torill the long term resource gap and to amelioratethe pressing budgetary and balance of payments pro-blems.

(3) It was for this reason they had proposed a further meeting of Cred-itor Countries. They stressed that without debt relief which wiould help torelease resources for accelerated economic growth, it would be unrealistic toexpect the country for the foreseeable future to be free from the need of ex-ternal assistance. Domestic measures and development aid should contributesuch resources, but debt relief should also play an important part. TheGhlana delegation accordingly proposed the following re-arrangements:

(i) That the 1968 debt re-arrangement be replaced with along-term settlement;

(ii) That the total balances of principal outstanding asat 1st July 1969 on medium-term debt incurred priorto February 196.6 should be consolidated and repaidin a single instalment by means of refinancing loansgranted by the Governments of Creditor Countries fora period of 50 years including a 10 year grace pe-riod and at a rate of interest not exceeding 2 percent;

(iii) That with the repayment of the said balances ofprincipal, the original contractual interest onsuch principal and interest on deferred paymentswould be eliminated.

3. Creditor Countries' response to Ghana's case

(1) The renresentatives of the Creditor Countries took note of the pro-jected balance of payments and other documentation presented to them both atthe meeting and beforehand, including the evaluation of Ghana's Balance ofPayments estimates produced by a Joint Study Group of the Conference (see An-nex). They stated that they agreed with the Government of Ghana that- with-out a sound balance of payments, long term growth of the Ghanaian economy

ANiNEX APage 19

would not be possible. They recognised and sympathised with the problemsfacing the new civilian Government and expressed their support for the Gov-ernment's efforts to raise the living standards of the people ot Ghana whilemaintaining the institutions of democracy and political freedom.

(2) The representatives of the Creditor Countries recognised the im-portance of a sound balance of payments programme in furthering acceleratedeconomic growth, but considered that development aid was more suitab'e forthis purpose than debt relief. They were disappointed that Ghana had foundit necessary to seek to reopen the 1968 debt settlement which had been ex-pected, by both Ghana and the Creditor Countries, to be final.

(3) In the light of certain of the considerations advanced by theGhanaian delegation, the representatives of the Creditor Countries took theview that certain measures of debt relief or other arrangements to offsetGhana's debt servicing obligations in respect of the period between 1 July1970 and 30 June 1972 would be justified. In considering the amount andnature of the relief to be provided they took note of the importance at-tached by the Ghana Government to the question of moratorium interest. Inview of all the relevant factors stated above the Creditor Countries con-cluded that they would extend relief of 50 per cent of the amounts describedin paragraph 4 (1). The Creditor Countries wanted to state that the effectof this relief was on average broadly equivalent overall to relief of approx-imately two thirds of the moratorium interest and approximately one quarterof the principal payable.

(4) In view of the many uncertainties in the situation from mid-1972onwards, the representatives of the Creditor Countries felt unable to de-cide, at the present conferenice, on any measures of debt relief which mightbe required thereafter. They therefore proposed that a further debt con-ference of the Governments and institutions attending the present conferenceshould be held before 30 June 1972 to review the medium term debt obligationsfalling due after mid-1972 in the light of the then prevailing circumstancesand of forecasts of likely trends.

4. Relief to be made available

(1) Relief would be made available in respect of the amounts fallingdue as defined in sub-paragraph (2) below in respect of credits and loansas defined in the Agreed Minutes of 9 December 1966 and 22 October 1968.

(2) The relief should be of 50 per cent of the amounts due between 1July 1970 and 30 June 1972 in respect of principal and interest on mediumterm debt as defined in the Agreed Minutes cited in sub-paragraph (I), andcovered by full implementation of those Minutes. Creditor Countries shouldhave the choice of providing this relief by one or more of the followingmeans:-

ANNEX APage 20

(a) refinancing loans having a grant element of 61 per

cent*, or

(b) partial and temporary deferment of instalments ofinterest and/or Drincipal due between 1 July 1970

and 30 June 1972 for a period of ten years withoutinterest; i.e. which would be equal to a grant

element of 61 per cent*, or

(c) additional programme aid having an average grant

element of 61 per cent*, where disbursements of

such aid can be agreed to promptly and completedby June 30, 1972 and over that neriod provide at

least the equivalent of the agreed amount of debtrelief for each of these two vyars, over and above

the level of aid disbursed during the period July

1969 to June 1970.

n Undnertakings by G-hana

(1) The Ghana representatives stated that:

(a) thCeir Goverr.ment would promptly conclude b…lateralagreements under the 1966 and 1968 Agreed Minutes

w-t thos countres with wTho.. such. atr-ementshanot yet been concluded;

(b) the policies of their Government would embrace

restralint o. Goverm.ent current expenditure; the

improvement of agricultural production; the pro-

motioLL of exports; the im.provem.ent of tax policies;

and the introduction of more effective foreign ex-change polic'es, as well as a review of the tariffstructure and the limitation of imports to goodshaving a high degree of economic and social essen-tiality.

(c) their Government would continue to review periodic-ally their policies in the economic, financial,

trade and payments fields with the International

Monetary Fund and with the International Bank for

Reconstruction and Development;

(d) their Government would seek to negotiate with

Creditor Countries present but not participatingat the present Conference and with other Creditors

re-arrangements no less favourable to Ghana in re-

spect of payments due in the period from July 1970

to June 1972.

* Using a 10 percent discount rate; the Creditor Countries Representatives

stated that this was in accordance with Development Assistance Committee

practices,

ANNEX APage 21

(2) The Ghana representatives stated that their Government would under-take that if at any time terms which are more favourable to any creditor thanthose set out in the Agreed Minute of December 1966 and the Agreed Minute ofOctober 1968 as modified by the provisions set out in paragraph 4 of thisMinute were to be accorded (other than in the circumstances set out in para-graph 8 entitled "Creditor Countries with very small claims") in relation tocredits or loans of the type referred to in paragraph 4(1) of this Minutewhether or not nrovided by the Creditor Countries or residents in those coun-tries, terms no less favourable would forthwith be accorded to the CreditorCou,ntries and/or creditors resident in those countries. The Government of

Ghana would supply through the International Monetary Fund or direct to Credi-tor Countr4es information on the terms khich thp, acrorded to other creditors.

(3) It Was stated by the representatives of the Creditor Countries andby the Ghana representatives that nothing in this Agreed Minute would affectthe rights and obli-ations of the parties to bilatera1 nagrements concluded

or to be concluded pursuant to the 1966 and 1968 Agreed Minutes.

6. Conclusion of outstanding bilateral agreements

Where a bilateral agreement In accordance with the terms set out inthe 19680 Agreed .t1-linute had r.ot at, the Aat'e of the si1gnir.g of this Agreed Min-LIIt I Y v U m U ~ISI.L.L L ~~ A L. LLh OL '.J LI91 OLfl..LS

ute been concluded, and where amounts were for this reason outstanding andpayable on or bUefLore .JII LIZ .IT Jne 1IU7, sucham z,ounts would bUecom.e payable upon

the conclusion of such an Agreement according to the terms of the 1968 AgreedI'IL11te 'L LNLIL~dUL,LLL ~ULI - ts[~&L mglUl-L thenL le~ mInadeI dAuringL LILM'.inute. LNotwiths tard'u L rg thlat such pa-ym,ent m.h the be r,eurngth

period of debt relief as defined in paragraph 4(2) they should not be subjectto the terms of this Agreed Minute.

7. Implementation of Proposals

(1) The Ghana Representatives statea that they would recomuend to theirGovernment that they should enter into bilateral negotiations on the basis ofthis Agreed Minute with the Governments of the Creditor Countries or the com-petent institutions or agencies without delay with a view to reaching formalagreements as soon as possible.

(2) Tne representatives of the Creditor Countries stated that theywould recommend to their governments that they, or the competent institutionsor agencies should enter into bilateral negotiations on the basis of thisAgreed Minute with the Ghana Government without delay with a view to reachingformal agreements as soon as possible.

(3) The bilateral agreements referred to in sub-paragraphs (1) and (2)above would include all necessary consequential provisions, including provi-sions for their technical application, and would where appropriate constitutemodifications to the provisions of the agreements concluded or to be concluded

ANNEX APage 22

in consequence of the Agreed Minutes of 1966 and 1968. Particulars of suchagreements would be sent by the Governments that were parties to them to theInternational Monetary Fund, who would transmit them to the Governments ofthe Creditor Countries.

8. Creditor Countries with very small claims

The Ghana representatives stated that their Government intended tocontinue to make transfers on the due dates set out in the 1966 and 1968Agreed Minutes in respect of maturities under credits or loans referred toin paragraph 4(1) but for technical and administrative reanons, would notnecessarily request measures of relief in accordance with paragraph 4(2) inthose cases where amounts due between 1 July 1970 and 30 June 1972 to nripn-rations or persons resident in a creditor country totalled less than US$35,000.

9. Preservation of rights and obligations

It was stated by the representatives of the Creditor Countries arllby thp Channa rpnrqesntatives that nothing in this Agreed Minute, Or in thebilateral agreements or other arrangements envisaged in paragraph 7 would af-fect the rights nnd nbliantins nf creditnrs dbtors ar. grantors under orin relation to contracts referred to in the Agreed Minutes of 9 December 1966and 22 Ohtoer% 1968

10. Furthe Pr Poeiaw

The conference concluded that a further m-eting of the same natureshould be convened before mid-1972 to review Ghana's debt situation in thelonger te.r. t*he b-asi of tht re vUie - ant in Lthe 1g Uo.. prevax xx

conditions and of forecasts of likely trends the Creditor Countries wouldconsiLder -WLa .audditional debt reJLeL ueasures irlgt lue requLreU. TLLhe GLLILaai-a

Representative urged that that Conference should seek a long-term solution toLillaria's uebt problemU . T- Crei,LtoU.LLUL CoU1tLrLLes' LepLCesnLL.atLiV LUok IIULt 01

this statement. In the interim, the periodic DIF consultations under ArticleXIV and IBRD reviews as well as the meetings ol the TBRD Consultative Groupfor Ghana and bilateral consultations would provide all countries concernedwith current information on Gnana!s economic progress. Lne Conference pro-posed that their Governments should invite the IBRD in consultation with theDhF to assist those participating in the proposed further conference to pre-pare the documentation for it.

11. General

Except where inconsistent therewith the terms of this Agreed Minutedo not supersede those of the Agreed Minutes of 1966 and 1968.

AIThVV A

Page 23

12. ConcJlusion

T-ne Gnana representatives and the representatives of the CreditorCountries agreed that the foregoing was a correct record.

Signed in London onJuly i1, 1970

Marlborough House,London, S.W.1

ANNEX Bage

MODEL SUPPLIERS' CREDIT

i. The arrangements for rescheduling Ghana's medium-term suppliers'credits are very complex. To facilitate their understanding, a modelsuppliers' credit was rescheduled in accordance with the terms of the threeLondon Minutes of Agreement. In the upper portion of Table B-1, theoriginal payments schedule of a $10 million suppliers' credit is presented.The terms of this model credit are the average of the credits given Ghanaby exporters in IBRD member countries prior to February 24, 1966: 8 yearsmaturity and 5.2% interest. The credit was given on August 3, 1965.

2. We shall assume that the first payment was made on schedule, butthat the second and third payments were not made pending the signing of abilateral rescheduling agreement with the creditor country under the termsof the December 1966 Minute of Agreement. 1/ To keep the calculations simple,we shall presume that this agreement was signed prior to July 1, 1967.Under the terms of the 1966 Minute of Agreement, payments of principal andinterest falling due through December 1968 are eligible for rescheduling.They are listed in Section A of the lower portion of Table B-1. Paymentof 80% of total contractual principal and interest payments due in thisperiod is deferred until July 1971 and then paid in increasing instalmentsthrough the first half of 1979. The remaining 20% is to be paid on theoriginal due date except for payments due prior to July 1, 1967. The20% portion of these maturities is to be spread between July 1, 1967 andDecember 1, 1968.

3. The calculation of rescheduled payments due under the 1966 Minuteof Agreement is presented in the left side of Table B-3. The maturitiesprior to July 1, 1967 total $1,546,920 (item B in Table B-1); the schedulingof the 20% cash portion due ($309,384) is given in the first two columnso:i Table B-3, and the scheduling of the cash payments on the other maturities(item C; D. and E of Table B--1) nre viven in the next two columns, Theamount deferred is $3,093,840 (80% of item A of Table B-1). The proportionpaid in 1971-72 is 2.7% of item A and this proportion increases to 16.6%in 1978-79.

4. Under the terms of the 1966 Agreement, interest is charged on theportion of the debt whose payment is deferred. A 6% moratoriu-m interestrate is assumed here, because this is average rate charged by IBRD memberrcuntries. The A -alculation of moratoriUm lnterest i8 nhntjn i n Table R-4 .The semi-annual payments due are presented in the right side of this table,and the underiving calculations are shtown in the left side, Of the interestaccrued prior to July 1, 1967 (items A plus B on the left side of TableB-4), one-third was -aid on December 1, 1968 and the remai.der i. fourequal instalments on July 1, 1967, January 1, 1968, April 1, 1968 and July 1,1968 (see right side of Table B-4).

1/ The text of the three Minutes of Agreement signed at the London debtconferences are presented in Annex A.

ANNEX BPage 2

5. Rescheduling under the 1968 Minute of Agreement was similar, inmany respects, to theU LO the 1 Y o A

The maturities eligible for rescheduling are those from January 1, 1969tLIhough JUIne J'JV I 11 aLU a Ldthy a- s .L' Lnsci B of tIL Lute '.IL poUrtio

of Table B-1. The total amount to be consolidated for rescheduling is1 C L If 1It 1i. In~ & n_Li_. fl IN oflr c 4.J.1 IL. 13'21 i oA' J- L_ I- J.3qJ1#4,4 'kLtewI E OL ±~Lz.L DJYp1 QWJ/ OL WL"t;lI L9p.J,OU LU UV= PId.LU

over a 7-1/2 year period beginning July 1, 1974 (see the far right columnOf TZaUle D-J). VI hLIe ItaL.UJL.LCS UUe UbtLWtLL JnLLUdLY 1970 aUU Jue 1971

(items J-N of Table B-1), 20% is due on the original due date (see thesecond column from the right on Table B-3). For the 1969 maturities (itemsG and H of Table B-1), 15% is due:on the original due date and the remain-ing 5% is paid in two equal instalments on January 1i 1971 and January 1,1972. Moratorium interest is paid on the deferred portions of the consoli-dated debt, and the calculations are set forth in Table B-5. A moratoriuminterest rate of 5.2% is assumed.

6. The payment of rescheduled contractual principal and interestand moratorium interest under the two rescheduling agreements are set forthin columns 6 and 7 (first rescheduling) and columns 8 and 9 (second re-scheduling) of Table B-2. The total debt service schedules following thereschedulings are given in columns 10 and 11. Column 11 consists of thesums of columns 4, 5, 8, and 9.

7. rhe 1970 Minute of Agreement allowed 50% of the payments duebetween July 1, 1970 and June 30, 1972 under the two rescheduling agreements(columns 6 through 9 of Table B-2) to be deferred for ten years. The totaldebt service schedule, adjusted for the 1970 Agreement, is given in column12 of Table B-2.

ANNEX B

1'.a -I1 e 1 Th'A-nM C r,TTT('T'1 CVTITTT T rT'T~ (r nX(ThT T mn,T1h -r.,r' nr,n1 -T m 0 -flC! ij,A ArPTT--TfPV Pa g e 3TaLbe B-J- 1ID1 SERflV.LCE, 0JUfllJULZ FOR A MO 01DEL DULI1 SLEL0 ULUC±.E L - 8AO 12AS LU?LL.1 a

5.2% INTEREST

(In U.S. dollars)

Due Date Amortization Interest Total payments

I. Original ScheduleFebruary 3. 1966 _10.961 262,500 773,461August 3, 1966 524,373 249,087 773,460February 3, 1967 538.138 235,322 773,460August 3, 1967 552,264 221,196 773,460February 3, 1968 566,761 206,699 773,460August 3, 1968 581,639 191,822 773,461February 3, 1969 596,907 176,554 773,461August 3, 1969 612,570 160,885 773,461February 3, 1970 628,656 144,805 773,461August 3, 1970 645,158 128,303 773,461February 3, 1971 662,093 111,367 773,460August 3, 1971 679,473 93,987 773,460February 3, 1972 697,309 76,151 773,460August 3, 1972 715,614 57,847 773,461February 3, 1973 734,399 39,062 773,461August 3, 1973 753,679 ±9 784 773,463

Total 10,000,000 ,375,_371 12,375,371

II. Payments Eligible for ReschedulingA. Under the 196f- Minu.te of A=reempnt

1. Payments due through June 1967August 3. 1966 q24,373 249,087 773,460February 3, 1967 538 138 235 322 773 460

Total 1,o62;5-11 484,46 0 B

2. Payments due July 1967-December 1968August 3, 1967 552,264 221,196 773,460 CFebruary 3, 1968 566,761 206,699 773,460 DAugust 3, 1968 581,639 191,822 77,f,

Total to be1) *741 -1'7fl' I 1C ), 1'A 1 A0Irh A

consolidated' 2,763,175, 1,0,1 3,f7,0I

B. Under the 1968 Minute of Agreement1. 1969 Maturities

February 3, 1969 596,907 176,554 773,461 CrAugust 3, 1969 612,576 160,885 773,4f61

Total 1,209,483 337,439 1 I2. 1970-June 1972 Maturities

February 3, 1970 628,656 144,805 773, 61 J

August 3, 1970 645,158 128,303 77_,461 KFebruary 3, 1971 662,093 111,367 773,Q60 LAugust 3, 1971 679,473 93,987 773,660 NFebruary 3, 1972 697,309 76,151 77 64 0 T ll

Total to beconsolidated 4,522,172 892,052 5,41L4,224 F

Table B-2: DEBT SERVICE ON MDDEL SUPP];IERS CREDITS AFTER RESCHEDU:LING ACCORDING TO THE 1966, .1968 AND 1970 MINUTES OF AGREEMENT

(In thousands of U.S. dollars)

Debt Service After Reschedu:LingDebt Service Before Payments Due From _ ]ayments Due on Consolid.ated Debt Total Debt Service Payments

Year - esced1ng Original Schedule Firslt Rescheduling Second ReschedulingAmorti- In- Total Asiorti- In- Amorti- MDratcrium Amo:rti- Moratorium Following the Following the Following the

zation teret_ zation terest zation Interest zation Interest 1966 JAreent 68 Areement_1970 Agreement(2) (3) (4) (5 7W 7 -F7h (8T (9) 7 10) (11) 12

1966 1L,035 511 1,546 511 262 - - 773 773 7731967 1,090 457 1,5417 - - 206 70 - _ 276 276 2761968 1,148 399) 1,547- - - 568 220 - - 788 7838 7881969 1,210 357 1,547- - - - 186 252 45 1,733 4W3 .463197C 1,274 275 1,54-7 - - - 186 509 111 1,733 606 4501971 1,542 205 1,54' - - 52 184 3548 175 1,783 757 3781972 1,413 134 1,547t 716 58 155 177 193 222 1,879 1,5.21 1,2991973 1,488 59 1,547t :L,488 59 230 165 - 225 1,942 2,16 7 2,.1671974 - -- . - - 306 149 l162 222 455 839 8391975 - .. _ - 408 127 379 204 555 1,1.18 1,.1181976 - - - 485 99 541 179 584 1,30D4 1,5041977 - ..- - 536 68 5141 151 604 1,2196 1,;2961978 - .- - 601 33 5141 123 634 1,2'98 1,;2981979 - .. _ _ 321 2 5141 95 323 959 9591980 - . - - 8:L2 58 - 8'70 1,0261981 - -- - - - - - 812 16 - 828 1,2071982 __ ---- - - - - - - 2 2 2Total 10,000 2 7 1 5 79 = TE TEt 1 70_2 15 1 5 2 22

Source: IBRD Mission estimates.

oIa WS

C4o'4o'e A4 A" 441JO IT/I t-

~fl 0 AOc aJO 941 JO IL/ I9144C'4oN A JO -. Jo -,/o.I-

-4c01A Jo JO bI-4'o;AJJo 71 JO! Z/1 T~

94741 J~;Oi JO Vt/I 6,-GT- T

~~(T ~~j To /"C) IJO II/ I '0,-,~~/<cnT V JO nJ IT T/ftOTJJ /4o IJO tilt I . ( . L-'T -T

94•44 A,~ 'Jo jT Jo ft/i u 047 Vq ,O- Otft J, VI ~1<ti -T94•'~~ 4I 1AJO )SOT JO ft/i t4 06V V JO . Oft JVTt/ 9), T494 I '441 J O 901 TJ -tt/ 46f'091 V Jo XO

9T JO ti/iT 9,-4-T94(44T A- JO 0~)tj ' tOJ-/ I o6illOfT V J

044-q ;'t ' t/fT 9ofL -T

941744 JO %OT JO VrTTF 0 f'09 T V Jo %2'fTI J A0

'iT 1±-I T-944'4fT Jo JO01 Jo ft/I 0Tc!'09T VJ A0

%'fT J0

ft/ft 21-1 -T9417'~ 44 JoA %OTI Jo ft/ft 119911e V Jo %F141 JO ft/T 9L-ft -fT9447441 1JO %01 JO ft/T T19'±TT V JO %62T JO ft/I 9±-i -T944744 Jo %OT Jo tt/i 11±1V JO %6c4- A

0ft/i 9L~-OT -

6944'4t6 A Jo *01 J0

ft/I f9'±ov Jo %6'4T JO ft/fT 9±-DT-T961).46 A JO %Lf JO It/fT l4tt'4T VJO %61T JO ft/fT 9±-ft -T6944'46 Jq JO %JJ JO V/T qt41/41 1r Jo 90t6 Jo 9/t 9±-q -T6~2'tTf' 96 JO-'Li0 q'? rJ %L 1 JO ft/ftT 69±T 96 Jo % JO Itf 4t)('611 Vr JO 9711 Jo T/ 41-1.T-T6.' 96 A Jo %L J t/f I&016W i j 6 JO 'VT ft±±-

691.96 A JO %± jo Wft 9f~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~T6'99 if A0

%9 o o -LI-991299~ It A" %90' A JoVT ft-I-

41119 A JO *5/ft I 9±-Oft-I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~T ' 9 IfJ %'9 OVIC-L-4ft1'Tg A JO %s/i ft 996~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~1'T9 If A

0%C1 JO WI C-4-

Zqi"T~~~~ If JO %C'~~~~~~ JO iI/T CL~~'t-9 -T0194T9 VF A

0%9'~ JO T/ e)1-OT-T

0Te'49 VF A0 %C~ Jo ftI eLL -fT

107214 Vt JO 944? JO ~T/ 47-9 fT

291214 V1 JO %4'4 JO ft?/ITT -i -T

19'1 A 4* 0

-I F69' q~~~~~~~~ T X J.0195 V

091/ J OL1-ft-

e69'941' fl JO %0l 94 IJ f 0

1 01-ft-

169'941 N JO 901 01~~~~6io'TT J 6-R -461:0'9TT 0 Jof'91 V J %VsJ I69-± -I

Lq'p4 I JO 95/1 2 I±T ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~C~~T o 9,9 q -~I-169'941 N JO 902 01~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~?" 'T O eq-2

169'ft41 £ JO 9(15 O1~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-1 -4~e ~ g oggL-410911 1 A

0941 69~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~n qJ C'' g-9 -T

l69'~T4 (I Jo 90a 9479

114 '14 9 JO %444 99-t -T

103141 1 JO 901 90~~~~~~E'T aJo-fT4

1I1000042V JO jrtuTW qQj47 ft'J3071uf00007 JO O40' 994 CT~ 10901

AtfNt'U O 1S)'qIJAN•ti 9.161 AWlV ',4T .0!1! 01 JAOC-JC,ZJV JJPlifti t.tSLfiI liltl IJJITTIWVd HE1 NOlft;tI)'IVD 130ftAtIAt 111 41Ott

ANNEX BPage 6

Table B-4: MODEL SUPPLIERS CREDIT - CALCULATION OF MORATORIUM INTEREST AT 6% PER ANNUM

UNDER THE DECEMBER 1%6 MINUTE OF AGREEMENT

(In TT,S. dol-" )

Calculation PAmount on A +Payment

which Period AoU

interest ofto be From To Nof 4 nterest Date Identification A.ou n t

calculated days

A 773,460 3/ 8/66 1/ 7/67 334 42,463 1/ 7/67 1/6 of A + B 10,255

B 773.460 3/ 2/67 1/ 7/67 150 19,069 31/12/67 C + D 59,739

C 1,495,872 1/ 7/67 31/12/67 183 44,993 1/ 1/68 1/6 of A + B 10,255

D 618,768 3/ 8/67 31/12/67 145 14,746 1/ 4/68 1/6 of A + B 10,255

E 2,063,592 31/12/67 1/ 4/68 92 31,115 30/ 6/68 E + F + G 75,952

F 618,768 3/ 2/68 30/6/68 149 15,144 1/ 7/68 1/6 of A + B 10,255G 2,012,544 1/ 4/68 30/ 6/68 90 29,693 1/12/68 1/3 of A + B 20,512

H 2,580,264 30/ 6/68 1/12/68 154 65,131 31/12/68 H + I + J 92,711

I 618,769 3/ 8/68 31/12/68 152 15,418 30/ 6/69 K 92,036J 2,475,072 1/12/68 31/12/68 30 12,162 31/12/69 L 93,576

K 3,093,841 31/12/68 35/ 6/69 181 92,036 30/ 6/70 M 92.036L 3,093,841 30/ 6/69 31/12/69 184 93,576 21/12/70 N 93,576M 3,093,8)1 31/12/69 30/ 6/70 181 925036 20/ 6/71 0 92,036

N 3,093,841 30/ 6/70 31/12/70 184 93,576 31/12/71 P + Q 92,378

0 3093,84)1 31/12/70 30/ 6/71 181 92.036 30/ 6/72 R + S 89,574

P 3,067,737 30/ 6/71 1/10/71 93 46,881 31/12/72 T + U 87,840

Q 3,041.633 1/10/71 31/12/71 91 45,497 30/ 6/73 V + W 83,598

R 3,015,529 31/12/71 1/ 4/72 92 45,468 31/12/73 X + Y 81,313S 2,989,425 1/ 4/72 30/ 6/72 90 44,106 30/ 6/74 z + AA 76,193

T 2,938,183 30/ 6/72 1/10/72 93 44,778 31/12/74 BB + CC 72,463

U 2,886,941 1/10/72 31/12/72 91 43,062 30/ 6/75 DD + EE 65,986

V 2,835,699 31/12/73 1/ 4/73 91 42,416 31/12/75 rr + GG 60,524

W 2,784,457 1/ 4/73 30/ 6/73 90 41,182 30/ 6/76 HH + II 52,844

X 2,720,647 30/ 6/73 1/10/73 93 41,577 31/12/76 JJ + KK 45,911

Y 2,656,837 1/10/73 31/12/73 91 39,741 30/ 6/77 LL + MM 37,687Z 2,593,027 31/12/73 1/ 4/74 91 38, 786 311 2/77 NTN1 + 00 3; 035

AA 2,529,217 1/ 4/74 30/ 6/74 90 37,407 30/ 6/78 PP + QQ 21,195BB 2,440,269 30/ 6/74 1/10/74 93 37 292 31/12/78 RR + SS 12,159

CC 2,351,321 1/10/74 31/12/74 91 35,171 30/ 6/79 TT 2,401

DD 2,262,373 31/12/74 1/ 4/75 91 33,841 Total 1,665,300

EE 2,173,425 1/ 4/75 30/ 6/75 90 32,145FF 2 058,373 30/ 6/75 1/10/75 93 31,456

GG 1,943,321 1/10/75 31/12/75 91 29,068HH 1,828,269 31/12/75 1/ 4/76 92 27,567II 1,713,217 1/ 4/76 30/ 6/76 90 25,277JJ 1,585,596 30/ 6/76 1/10/76 93 24,164KK 1,457,975 1/10/76 31/12/76 91 21,747LL 1,330,354 30/12/76 1/ 4/77 91 19,899MM 1,202,733 1/ 4/77 301 6/77 90 17,788NN 1,062,543 30/ 6/77 1/10/77 93 16,23800 922,353 1/10/77 31/12/77 91 13,797PP 782,163 31/12/77 1/ 4/78 91 11,700QQ 64,973 1/ 4/78 30/ 6/78 90 9,495RR 481,480 30/ 6/78 1/10/78 93 7,358SS 320,987 1/10/78 31/12/78 91 4.;801

TT 160,494 31/12/78 1/ 4/79 91 2,401Total 165, 300

ANNEX BPag e 7

Table B-5: MODEL SUPPLIERS CREDIT - CALCULATION OF MORATORIUM INTEREST AT 5-2% PER ANNUMUNDER THE OCTOBER 1968 MINUTE OF AGREEMENT

(In U.S. dollars)

Calculation

Amoutch Pptierit ATnnunt. Pay~rrent

interest ofto be From To ~~~~~~~~~~~~No. of interest a er I .A t 4

calculated dy

A 657,442 1/ 2/69 30/ 6/69 149 13,955 3O/ 6/69 A 13,955B 657,442 30/ 6/69 31/12/69 184 17,234 31/12/69 B + C 31,469U 0'5!,442 l/ L1/69 31/12/69 152 214,235 30/ 6/70 D + E 47,034D 1,314,884~ 31/12/69 30/ 6/70 181 33,900 31/12/70 F + G 64,o85

6 ~18,6 1/ 2/170 30/ 6/70 149 13,134* 30/ 6/71 H+ I 77,9i12F 1,933,653 30/ 6/70 31/12/70 184* 50,687 31/12/71 J + K 95,511

G 1 '7A 0 ~I O/ p in n- ,II',r'h n rlI% 1r139 IA fI7'm 't U 1'Ino nA~

H 2,513,749 31/12/70 30/ 6/71 181 64,808 31/12/72 N 113,224I 618A769 1/ 2/71 30/ 6/7' 1 *9 i 13,13 31-/ 6 /3 0 111.670

J 3,132,518 30/ ~~~~~6/71 31/12/71 184 82,113 31/12/73 P 113,539K 618,769 1/ B/71 311/12/71 152 lo39 / 6/7h Q 111,670L3,712,611* 31/12/7 30/ 6/7~2 182 95,987 31/2/74 R + S 110,336

H 618,769 1/ 2/72 30/ 6/72 14*9 13,.099 3o/ 6/75 T + U 103,825N 4,331,383 30/ 6/72 31/12/72 184 113,224 31/12/75 V + W 100,583o 4,331,383 31/12/72 30/ 6/73 181 111,670 30/ 6/76 X + Y 92,757P 4,331,383 30/ 6/73 31/12/73 184 113,539 31/12/76 Z + AA 86,688Q 4,331,383 31/12/73 30/6/74 181 111,670 30/ 6/77 BB + CC 78,528R~ 4,250,170 301 6/74 1/10/74 93 56,291 31/12/77 DD + EE 72,741S 4,168,957 1/10/74 31/12/74 91 54,045 30/ 6/78 FF + G 64,569T 41,074,208 21/'12/74 1 / 4/ 7 5 91 52,816 31/12/78 1M + H 58, 5 5 U 3,979,459 1/ 4/75 30/ 6/75 90 51,009 30/ 6/79 JJ + KK 50,610

J,U1J4, FkL.' )V/ Wj 12 J./ ±V/ 12 7J) -)L,42J. -)J-/ -LC/ 1 7 L 1, w1 L,i

W 3,789,-961 1/10/75 21/11/75 91 49,132 30/ 6/80 NN~ + 00 34,1491 3,654,,605 31 /120/75 -1/ 4,/76 92D 17 '7C7 -1 /iIA 3 R-V 6 r 010'17

Y 3,519,249 1/ 4/76 30/ 6/76 90 45,000 30/ 6/81 RR + SS 13,101Z 3I3813893 30/ 6/76 1t10/76i 93 44,6 94, 31/12/8~1 TT 2A689

AA 3,248,I537 1/10/76 31/12/76 91 4*1,994 Total, 1-,826,580BB 3,113,181 31/12/76 l/ 4/77 91 40.358CC 2,977,825 1/ 4/77 30/ 6/77 90 38,170DD 2,842',469 30/ 6/77 1/10/77 93 37,647EE 2,707,113 1/10/77 31/12/77 91 35,094FT 2,571,757 31/12/77 1/ 4/78 91 33,339GG 2,436,401 1/ 4/78 30/ 6/78 90 31,230HH- 2,301,0o*5 30/ 6/78 1/10/78 93 30,476II 2,1065,6089 1/100/78" 31/A2/'78 91 208,075JJ 2,030,333 31/12/78 1/ 4/79 91 26,320ILL 1,6594,97 1O/ 47 3/0/ ,79 9034,9LL 1,759~~,621 0 6/79 1/07 3 23,305MM 1,624~~~,265 1/10/79- 31 /12'>/79Q Q 91 21056

NN 1,421,232 31/12/79 1/ 4/80 92 18,57200 1:,218,199 1/ IL/R0 30/ 6/80 90 1q;577PP 1,015,166 30/ 6/80 1/10/80 93 13,0QQ 812,133 1/10/80 31/12/80 91 10,499RR 609,100 31/12/80 1/ 4/81 91 7,896SS 406,067 1/ 4/81 30/ 6/81 905,0TT 203,033 30/ 6/81 1/10/81 93 2 689

Total 1,250

ANNEX C

STATISTICS ON EXTERNAL DEBT

Table of Contents

TAOLD'CTlION . . .* . * . . * . . . _ * Xv

TABLE C-2 PRECTION OF DEBTm SAMUv |Cw P * .. ..

Total iternalDbt De *... . . *AaA***a. 0 *.. 6

I. Prel966SuppliersCredits .7

A. Official Sector . . . . . .............. 7

1. Maturities rescheduled in 1966 . . . . A . . A . 8a. Debts to IBRD member countries , . * . o . 8b. Debts to non-IBRD member countries o . . . . 14

2. Maturities rescheduled in 1968 . A . . . . . . . 17a. Debts to IBRD member countries * . . . . . . 18b. Debts to non-IBRD member countries . . . . . 21

3. Dabts not eligible for rescheduling . . . . . . 23a. Debts to IBRD member countries . . . . ° . . 23

b. Debts to non-IBRD member countries . . . . e 25

4. Debts not rescheduled but subject to rescheduling 25a. Debts to IBRD member countries . . . . . . . 26

b. Debts to non-IBRD member countries . . . . 29

5. Post June 30, 1972 maturities . . . . . .o . . . . 32a. Debts to IBRD member countries . .. . a .. 32b. Debts to non-IBRD member countries . . . . . 36

B. Private Sector . . . . . . . . . .. . . . . 39

1. Maturities rescheduled in 1966 . . . . . .. . * 39

2. Maturities rescheduled in 1968 . . . . . . . 0 J4 J.

II. Post 1966 Suppliers Credits . . a .. . . . . . . . . . 42

A. Official Sector . . . . . . . . . . . . e . .. .a . 42

B. Private Sector ... . . . ... 0 aa A. 44

III. Long-Term Debt . . . . . . . . . . A. . . 0 * . 48

A. Loans from International Organizations . . * . . A . 49

B. Loans from Governments . A . . . 2 . . . . 0 . . . 52

ANNEX C

Page lIntroduction

1. The tables in this Annex present the amounts outstanding andprojected debt service on external official and private debt with an originalmaturity of more than one year. The figures are based upon a status ofdebt report prepared by the Bank of Ghana in March 1971 with the assistanceof IBRD staff from the External Debt Section, Economic and Social DataDivision. The primary classification is into three groups: (a) supplierscredits accepted prior to February 24, 1966, (b) suppliers credits acceptedafter that date, and (c) long-term loans from governments and internationalagencies. The suppliers credits are sub-divided into obligations of theGhanian official and private sectors. The pre Frebruary 24, 1966 supplierscredits are further sub-grouped by the status of rescheduling, and debtswithin each sub-group are listed by creditor country with IBRD membercountries and non-IBRD member countries listed separately.

2. The treatment of debts technically eligible for rescheduling underthe formulae of the London debt conferences but not yet rescheduled differsin this annex from the tables presented in the main body of the text. Here,the debt service schedules are presented as of December 31, 1970. In Tables10-13 of the text, it is assumed that these debts will be rescheduled in 1971following the terms of the three Minutes of Agreement. A uniform moratoriuminterest rate of 4.65% has been assumed for debts to IBRD member countriesand 3% for debts to other countries. Payments which would have been due tothese countries prior to 1971 on rescheduled debt are assumed to have beenmade in 1971. The amounts outstanding for pre-1966 suppliers credits asshown in Tables 10-13 are larger than the amount shown in Table C-1 in thisAnnex by the amount of original contractual interest that would be capitalizedwhen these debts are rescheduled.

ANNEX C

Page 2

Tshl e C-1 G*HI.ANA _- - V T MnTTf] AIM TInfTri-TPTqM DTET . AS OF

DECEMBER 31, 1970 /1

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

Debt OutstandingDecember 31, 1970

Source Disbursed Including

only undisbursed

TOTAI EXTERAL DEBT /2 /3 2498282 571,255

I Pre 1966 Suppliers Credits 288.b6b 288.)A61t

A) Official sector debts - 288 O _______

%U-.4-~.-4-4---A 1-~ n~-14 4 41. t^-it>es re~sceuled U :L 1966-7V -L4.,,,0 7) ,j,Ja. Debts to IBRD member countries Tb7,753 IJ7,75,3

Australia 20 20Belgium 812 812Trance 7,043 7,0lu3Germany (Fed. Rep. of) 21,369 21,369ILsrael 4 9 U 0 u90Italy 9,997 9,997Japarn 5,2 C.Netherlands 10,669 10,669U*A. 12.RUnited Kingdom 46,879 46,879'united States 409 °09Yugoslavia h,695 1,695

b. Debts to non-IBRD member countries 35,582 35,582Bulgaria 161 161Czechoslovakia 1,61 1,611Poland 3,684 3,6814Rumania 726 726U.S.S.R. 29,100 29,400

2. Maturities rescheduled in 1968 68,369 68,369a, Debts to IBRD member countries 67,31b 6b,3'1

France 2,260 2,260Germany (Fed. Rep. of) i5,308 15,348Israel 72 72Netherlands 10,403 10,403United Kingdom 38,988 38,988Yugoslavia 246 246

be Debts to non-IBRD member countries 1,053 1,053Bulgaria 516 516Rumania 536 536

3. Debts not eligible for rescheduling 10,589 10,589a. Debts to IBRD member countries 2,7lh 27,7T

Netherlands 2,095 2,095Norway 679 679

b. Debts to non-IBRD member countries -U.S.S.R. 7,815 7,815

ANNEX C

Page 3

Table C-1: GHANA - EXTERNAL MEDIUM AND LONG-TERM DEBT, OUTSTANDING AS OFDECEMBER 31, 1970 /1 (CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.Q. dollars)

Debt OutstandingDecember 31, 1970

Source Disbursed Including

only undisbursed

4. Debts not rescheduled but suiject torescheduling 98,120 38,120

a. Debts to IBRD member countries 21,801 21,801Belgium 285 285Canada 30 30France 3,937 3,937

Japan L,870 IJ,870NorwAv Il202 1,202United States 141 141Yugoslavia 7.579 7,579

b. Debts to non-IBRD member countries 16,319 16,319China (Mainland) 990 990Czechoslovakia 8,003 8,003Germany (Dem. Rep. of) 874 874Hungary 2,110 2,110Poland L,3h2 h,342

5, Post June 30, 1972 maturities 27,592 27,592a. Debts to IBRDn mwm'her countries 17,3917 ITh, 3971

France 890 890JaDan 2.018 2.018Netherlands 138 138Norway 2,323 2,323United Kingdom 9,070 9,070Yugoslavia 2,955 2,955

b. Debts to non-IBRD member countries 10,198 10,198Bulgaria 603 603

-1- t,. f - , - r, Zr1 ? r~, ZChina (MariandLLU) 5,Z^ UU1 5S"'1VJ

Czechoslovakia 2,287 29287Hvw=ary 167 167Poland 1,5hl 1,5hl

B) Private sector debts 459 t591. Maturities rescheduled in 1966

a. Debts to IBRD member countries 406 L06Italy 10 15Norway 29 29United Kingdom 367 367

2. Maturities reseneduled in 1968a. Debts to IBRD member countries -

II Post 1966 Ruipliers credits A6Ll31 1R 6,R

A) Official sector debt- VL .. - a~ ToflfIt n 1.17 I n ~ -f7

t0 Debts to .IDRV r.ae,be,- countries J...L 1 L( C..I

Spain 6,01TTJrt 4 in3 VP2 - I. L9 (V7iUl"LI . U LU ng1UVIi .'47 1 L4,,7 I)

Page LTabl r-le G1: GfNTA - V'YXrE7TAT MvIrT1T ANm TnKIT P1MDU TDEBT, OTTMAITIM AC AF

DECEMEER 31, 1970 /1 (CONT.)

Debt Repayable in Foreign Currency

(In thousands df U.S. dollars)

Debt Outstanding

Source December 31, 1970Disbursed Including

only undisbursed

II Post 1966 Sulppliers credits (cont.)B .)-V Pr-+a'J S Aeto d s

a. Debt to IBRD member countries 5411 7,611Prannp 712 712Germany (Fed. Rep. of) 161 161India 67 365Italy 352 378Japan 611 1,935United Kingdom 98 187United States 1,977 1,977Unknown 1,433 1,896

III etrm 1`,. 4bt1-, 2614,15'3

A) Loans to international organizations 5 4773-,IBRD 14,73 40,0o0

IDA 10,602 2h,800

B) Bilateral agreements 140 T73 190,665Canarin I nc;2 7;012Denmark 1,798 2,667Germany (Fed. ReDp of) 26.273 34.421United Kingdom 34,865 43,265United States 75,591 103;-301

Debt with an original or extended maturity of over one year.t Does not include Drevici credits in dispute of $71,224,0UW.

Includes arrears of pr_ncipal and interest totalling $31,13 4,000

ARREARS OF PRINCIPAL AND INTEREST 31,3 3

(In thousands of U.S. dollars)

I Pre 1966 Suppliers CreditsA) Official Sector debts 31,323

1. Maturities rescheduled in 1966 c

a. Debts to IBRD member countries 1,5Belgi 'wTn 26France 223Germvany (Fed. rep. of) 290

Japan 75Netherlands 119United Kingdom 699Yugoslavia 129

b. Debts to non-IBRD member countries 1,177Bulgaria 2Czechoslovakia 30Poland 70Rumania 37U.S.S.R. 1,038

See continuation of footnotes at endo table7.

A NN E X C

Page 5

Table C-l: GHANA - EXTERNAL MEDIUM AND LONG-TERM DEBT. OTTTSTANnTNrf AS OpDECEMBER 31, 1970 /A (CONTo)

Debt Repayable in Foreign Currancy

(In thousands of U.S. dollars)

ARREARS OF PRINCIPAL AND INTEREST (cont.)

20 Maturities rescheduled in 1968 1,488a. Debts to IBRD member countries 1,4d5

France 53Germany (Fed. Rep. of) 350Netherlands 242United Kingdom 762Yugoslavia 77

bo Debts to non-IBRD member countries -Bulgaria 3

3. Debts not eligible for reschedulinga. Debts to non-IBRD member countries -

U.S.S.R. 848

4. Debts not rescheduled but subject torescheduling 26 249

a. Debts to IBRD member countriesBelgium 285Canada 30France 1,771Italy 3,318Japan 2,698Norway 691United States 141Yugoslavia 5, 425

b. Debts to non-IBRD member countries 11,890Czechoslovakia 5,798Germany (Dem, Rep. of) 870Hungary 1,726Poland 3, 5496

B) Private sector debts 111. Maturities rescheduled in 1966

a. Debts to IBRD member countries -United Kingdom 9

2. Maturities reschedulled in 1968a. Debts to IBRD member countri.es -

United Kingdom 2

Economic ald Social Data DivisionEcononic Program Department

.Jilly 27, 1971

Page 6

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDLONG-TERM DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1970

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

DEBT OUTST(T;T,IT OF ;VTfD T) PAV VP.NTTq TTPT hDr. PRPTOD

INCLUDIING AMORTI-^V AD TThmTT,TDTDcVE7' rArT(ThT INTETmnLT'V tO'rflAT

.JBL ~fiL U M/-,)Ii J V ILO LL J 2,j I A JI uN1Li 1.lflnXLU.) I jvI. IALJ

r^'r'T A T nvr'V nrklT. T Tr'TYYIIv± Ai 1 _JAIIJftPH IJA,DI

1971 519;.Q22 30.615 16.972 47.58R1972 509,307 31,628 17,627 49,2521973 177-680 31.583 16.550 H8.i31974 446,098 33,417 15,569 48,9901975 i2-68i 35;271 vIv.7Q3 50.o0,1976 377,1410 38,285 13,172 51,4571977 339,127 ho0066 11,319 51,383.978 299,060 142,038 9,650 51,685

1979 257-026 29J)29 7;687 360711,1980 227,999 22,556 6,673 29,2281981 205,14142 22j651 CR827 28LJ 811982 182,789 11,1472 5,253 16,725

1984 159,982 11,573 4,371 15,94hI9Q8 11.R ,0nQ 11,823 R 3,91 1 71

1986 136,586 11,668 3,445 15,1131987 12 o91 R 0,611 2 RR8 12 ,59

1988 115,308 7,808 2,699 10,5071ORo 1C7 CdnC 7,876 2 I. 10,3A11

1990 99,624 8,120 2,227 10,317QON 01 unl Q 92Rn 1 4R.109X100, o. , N ., Rv V, ri VV A)V, _ ,

Note: Includes service on all debt listed in Table C-1 prepared July 27, 1971with the exception of:

Arrears of principal and interest $ 31,327.000Drevici credits in dispute $ 71,224.000

Total $102.9T;i.00O

A)MThtV C'r

Page 7

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIIUY ALlLONG-TERM DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

DEBT OUTST(BEGIN OF PERIOD) PAYMENTS DURING PERIOD

INCLUDING AMORTT-YEAR UNDISBURSED ZATION INTEREST TOTAL

PRE 1966 SUPPLIERS CREDITS

1971 257,131 22,504 11,038 33,54131972 234,627 23,976 11,513 35,4881973 210,650 23,701 10,549 34,2501974 186,949 25,542 9,359 3b,9051975 161,407 26,9141 7,825 314,7671976 1314,166 29,615 6,1487 36,1021977 104,851 30,743 4,976 35,7181978 74,108 31,7814 3,162 314,914141979 42,325 18,887 1,492 20,3781980 23,440 12,040 832 12,8721981 11,398 11,398 219 11,618

OFFICI AL SECTOR - PRE 1966 SUPP-LIERS CREDITS

1971 2 A6,68K 22,1497 11,019 33,5171972 234,188 23,959 11,489 35, 14 7

1071 91 n 99R 9'1 A79 1A n97 )l 1.0 o0

1974 186,556 25,5014 9,334 314,84210'7I ,gj1 nAt~ 9A RAI 7 Rnc)Kl A%R7

1976 1314,170 29,550 6,472 36,0221077 I0 62 pn'0 A0w73 1. 96L. 35,636I1 I -J- '.I -I. 4,Z-J J',-~

1978 73,91,7 31,700 3,152 314,8501070 I, 91.R 8 Rig83 1. 83 90,)'I

1980 23,418 12,030 832 12,8621981'l1A '5,38 11386 219 I I 4n4

ANNE^X C

Tabhl G-2st rFTANA - ESTTMATTFln VMIR P. SE?RvTCE PAYMENTS ON EY'T'ERNAT. M¶EnTlTM ANnIONG-TERK DEBT OUTSTANDING INCIJDING UNDISBUTRSED AS OF DECEMBER 31, 1970

(GONT )

7),h+. Panv::ahla iin lih ? a;icn riiv--ronnrxDb -h Wr-~ m5 1YP

(TY) thousni dsri eof UT S. Anl nys)

DEBT OUTST(BEGIN OF PERIOD) PAYMENTS DURING PERIOD

INCLUDING AMORTI-YEAR UNDISBURSED ZATION INTEREST TOTAL

OFFICIAL SECTOR - MATURITIES RESCHEDULED IN 1966

1971 LO.,598 7,380 7,182 Jl1,5621972 133,218 --,97,1973 122,243 13,392 6,260 19,6511974 io8,852 )$,h38 4 21,0261975 93,41h 17,974 4,684 22,6581976 75,439 20,034 3,790 23,8211977 55,ho6 21,466 2,719 24,18519708 33,939 C3 , 1,3'3 2L -)I/

1979 10,581 10,581 96 10,677

OFFICIAL SECTOR - MATURITIES RESCHiEDULED IN 1966DEBTS TO IBRD {M1BER COUNTRIES

1971 106P191 2.305 6P124 8P4291972 103P886 50715 5.951 11.6661973 98.170 8H218 5.534 13s7521974 89P952 109736 5.9014 15,o7511975 79,216 14.010 4,255 18.2651976 65.206 16*435 3,483 19A9181977 48.771 18.082 2P528 2O06101978 30.689 20.244 1.261 2105041979 10.445 10.445 95 10.540

ANN.X C

Page 9

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDLONG-TERM DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

DEBT OUTST(BEGIN OF PERIOD) PAYMENTS DURING PERIOD

INCLUDING AMORTI-YEAR UNDISBURSED ZATION INTEREST TUTAL

197i 20 i 11972 20 2 1 31973 18 2 1 31974 16 2 1 31975 13 2 1 31976 11 2 - 21977 9 2 1 31978 7 4 1 61979 2 2 2

BELGIUM

1971 786 22 51 731972 764 48 49 971973 716 63 46 1091974 653 86 42 1281975 567 113 36 1481976 454 128 28 1561977 327 140 20 1601978 186 160 10 1701979 26 26 1 27

ANNEX C

Page 10

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDWfNG-TERM4 DEBT OUTSTkNDI.J T7rm - TT&mCrh i n Sv AS OF DECIJr 31, 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

0EBT OUTST(BEGIN OF PERIOD) PAYHENTS DURING PERIOD

INCLUDING AMURTI-YEAR UNDISBURSED ZATION INTEREST TOTAL

fRANCE

*4074. A19 ! 15 4a0 5551972 6,704 341 423 7641973 6 VJ63 507 3921974 5:856 673 355 1,0281975.- 5a13 900 302 1*201

1976 49283 1,010 235 1,:305i%977 'A213 4:M? I6 1 j 34 21978 2P033 1P325 80 IS4051979 ,708 708 6 -11

GERMANY (FED. REP. OF)

1971 21'079 356 I1 152 1s5081972 209o723 1jo54 1I108 2;1631973 19'669 1:568 1*031 2,5981974 18:101 2^08! 929 3^011

1975 16,020 2*78U 791 3p571

!1'J ?7 6 13: > 24n 0 3: 3 0 7 sv 3 4 3 J Y 401977 9,933 3P649 424. 4073197A 628 4 44,97 It 43071979 2:187 2'187 16 2:(202

ANNEX C

Page 11

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDON A-ifl-lfli DEJf1 O'u U ALLLIO U .TIwIJGUU1flIU 'UrlvIS1 Ui1W)SED AS OF DECEMBnR 3i, 197O

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

DEST OUTST(BEGIN OF PERIOD) PAyMENTS DURING PERIOD

INCLUDING AMORTI-YEAR UNDISBURSED ZATION INTEREST TUTAL

IT AI V

i9 7ivvr 7 0 C 9 75 0

1972 9J827 500 738 1#2381973 9P327 74i 690 - 4£31974 8s586 986 628 1'o614i975 7*601 1j319 544 ;,8631976 6.282 1.569 436 2.0051977 4,713 1P730 3i0 2P0401978 2,983 1.944 174 2.J118i979 1, 039 1iJ039 30 ,u068

JAPAN

1971 S .1 A86 288 374

1972 5.085 259 302 5611973 4 -26 386 279. 6651974 4*440 511 256 767

:9?$ 3,Q29 681 290 9gO

1976 3.248 809 175 9831977 2.439 693 178 1.021

1978 1.546 1.007 t4 10082la9079 539 539'255!

ANNEX C

Page 12

TaD1e C-es GHiANA - SiT1IAT-ED FUTURE SERV-V i15 PAAIlENib O'W EXTERNAL M!-1-jUtw1 ANtDLONG-TER8M DEBT OUTSTANDING INCWDING UNTDISBURSED AS OF DECEMBER 31, 1970

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

(BEGIN OF PERIOD) PAYMENTS DURING PERIOD} L" Co L Uv Dr%T IN' G AM w R I if

yEAR UNDISBURSED ZATION INTEREST TOTAL

NETHERLANDS

1071 10n.5s 178 473 651i972 10P372 528 453 9811o7r3 9*844 785 423 1.207

1974 9Y059 1.O42 380 1.4221975 8A0n8 1.391 323 1'714

1976 6o627 1.655 253 1.908i97Q7 ,977 1.J826 173 1IJ999

1978 3P1 46 2.050 85 2.*136A.. 6 .. 0 6

UNItEU KINGDOM

j971 46b9178 773 2o750 3*5231972 45,406 2.306 2.700 5.0061973 43'O99 3i437 2P503 5P9401974 39.#662 4J567 20254 6J82|

1975 35.095 6.O86 1.915 8.i002i976 29.o09 7.238 j.656 8.89419;? 21P,770 r.997 1.267 9P26419Q78 ~ 13P774 8P978 607 9J 5861979 4P795 4J795 24 4.819

ANNEX C

Page 13

Table C-2s GHANA - ESTIKATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDLNO-TERM DEBT OUTSTANDING INCLUDIHO UNDISBURSED :3 OF DECEMBER 31, 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

DEBT OUTST(BEGIN OF PERIOD) PAYMENTS DURING PERIOD

INCLUDING AMORTI'YEAR UNDISBURSED ZATION INTEREST TOTAL

UNITED STATES

1971 409 6 24 301912 403 20 24 441973 383 30 23 531974 353 4i 20 611975 312 54 I? T11976 258 64 14 181977 194 72 10 821978 122 80 6 861979 42 42 1 43

YUGOSLAVIA

97 1 0566 568 177 ?r4519T2 3P998 568 125 6931973 3P430 sro 99 6691974 2P860 571 83 6541975 2P289 572 63 6351976 1,717 574 47 6211977 1i143 570 28 5981.9 .1a 573 573 11 584

.%LULLA C,

Page 1l1

Trible C-2: GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL mEDIum ANI)

LONG-TERM DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1970(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

DEBT OUTST(BEGIN OF PERIOD) PAYMENTS DURING PERIOD

INCLUDING A4MORTIYEAR UNOISBURSEo ZATION INTEREST TOTAL

ISRAEL

1971 490 29 5 341972 461 82 21 103

1973 379 120 43 163197h 259 163 62 225

1975 96 96 38 134

U.A.R.

1971 125 2 5 7

1972 122 7 5 12

1973 115 10 4 itt

1974 105 12 5 17

1975 94 17 421976 77 19 5 24

1977 58 21 5 26

1978 36 24 2 26

1979 12 12 - 12

OFFICIA%L 3SECTOR - MATURTTIES RESCHEDULED IN 1966

DEBTS 1 NON-IBRD COUNTRIS

1971 34,407 5*075 1*058 6*J133

1972 29*332 5SJ259 821973 24073 5* 174 726 5*899

1974 18*900 4s702 572 5*275

1975 140198 3;964 429 4,393

19T6 10J233 3*599 307 3#906

1 9 7 7 6J6635 3-384 191 3J5751978 3 250 3P1 5 82 3JI96

1979 136 136 1 137

jumixN*:A U

Page 15

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAYKENTS ON EXTERNAL MIEDIUI1 ANDWNG-TERM DEBT OUTSTANDING INCUJDING UNDISBURSED AS OF DECEMBER 31, 1970

(CONT.)

Debt ReDavable in Foreien Currencv

(In thousands of U.S. dollars)

OEBT OUTST(REGIN OF PERIOD) PAYMENTS DURING PERIOD

INCLUDING AMORTI-YEAR UNOISRURSEn ZATION INTEREST TOTAL

.~~~~~~~~~~Al r.i

BULGARIA

i971 I ;59 20 521972 139 21 3 2419r3 1i9 2 2 2L1974 99 19 2 211975 o0 20 2 2u21976 61 21 2 231977 40 2 21978 19 19 1 20

CZECHOSLOVAK IA

1971 1.582 104 41 1451972 1.478 199 33 2321973 1,279 199 31 2301974 1,079 198 26 2241975 881 199 21 2201976 682 199 18 2171977 483 197 10 2071978 286 192 3 1951979 94 94 94

AMNEX CPage 16

Tq la G-2: r-^ANMA - E.TqTTMATFn rT7TMTRE S;FTRVTr(F PAYW.NT ON EYTERNAL MEDTIJM ANDILONC-TERM DEBT OUTSTANDING INCLUDING UNDISB3JRSED AS OF DECEMBER 31, 1970

1 ' -, - -- - -- ,

(In thousanfds f Ij-US dollars)

DEBT OUTST(BEGIN OF PFRTID) PAYMENTS DURING PERIOD

INCLUDING AMORTIYEAR UNnTYSRIj1RSFn ZATION INTEREST TOTAL

POLAND

1971 3,614 452 143 5941972 3,162 452 124 5751973 2'711 452 106 5571974 2,259 452 88 539

1975 1J807 452 70 5211976 1J355 452 51 5021977 904 452 32 4831978 452 452 14 465

RUMANIA

1971 689 43 38 811972 646 86 16 10?1973 560 86 14 1001974 473 86 11 97

1975 387 86 9 951976 301 86 7 931977 215 86 5 911978 18 2Y6 A 891979 42 42 1 43

ANNEX C

Page 17

Table C-2: GHANA - ESSTIMATED FUTURE SERVICE PAMNTS ON EXTERNAL MEDIUJM AND

G-TEXK DEBT OUTSTANDING INC!wDINDG UNDISBURSEEl: AS OF 3E1BER -i, i970

(CONT.)

Debt Repayable in Pbreign Currency

(In thousands of U.S. dollars)

DEBT OUTST(BEGIN OF PERIOD) PAYMENTS OURING PERIOD

INCLUInING AMORT!.

YEAR uNDISBURSED ZATION INTEREST TOTAL

USSR

1971 28P363 4#456 832 5P218

1972 23#907 40501 706 5J208

1973 19,406 40417 574 49990

1974 14.989 3.947 446 4.394

1975 11.042 3P208 328 3.536

1976 7.834 2.841 230 30071

1977 4.993 2P627 142 2.769

1978 2P366 2.366 61 20427

OFFICIAL SECTOR - MATURITIES RESCHEDULED IN 1968

1971 66,881 h,263 2,620 6,883

1972 62 618 1,879 3,558 5,437

1973 60,739 - 3,321 3,321

197 60,739 2,278 3,28L 5,563

1975 58,461 5,337 2,992 8,329

1976 53,124 7,588 2,63h 10,221

1977 45,536 7,600 2,224 9,8231978 37,937 ?;88 1,808 9.396

1979 30,3'49 7,592 1,387 8,978

1980 22,759 11071 832 12,203

1981 11,386 11,386 219 11,606

ANNE X C

Page 18

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAYMNTS ON EXTERNAL MEDIUM ANDTrlf)'JT 'WrVT ThW'D' A%TTR'Q1'~A ,rTvrW1 T%T,9?YTTrr%I-f T lhr------. Tn,\,iG--.tS WV OXJTSA IImiJ tNLtjLU1J L1v 'UnvioFs0zu1U,3D AO OF- DECU1rU_. 31, )1970

(CONT'.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

iEBT1 OUIST(BEGIN OF PERIOD) PAYMENTS DURING PERIOD

INCLUDING AMORTI-YEAR UNDISBURSED ZATION INTEREST TOTAL

OFFICIAL SECTOR - MATURITIES RESCHEDUED IN 1968D'B TO I' NEKEE COUNTRIN

1971 65*831 4'201 2.612 W6"8131972 61*630 1*863 3*526 5$J3891973 59J767 a 3*296 3o2961974 59*767 2*241 3P256 5'P4971975 57*526 5*253 2*970 8-2231976 52*273 7*468 2*613 10*0811977 44*805 7.480 2P208 9'o6881978 37.325 7Tf468 1,794 9.2631979 29,857 7 471 1*376 --P3- 471980 22*386 11 *187 825 1-2.P0121981 11.199 11*199 217 11.-2417

FRANCE

1971 2J207 Ai 93 15A

1972 2i 142 65 96 1631973 2.077 f7 98 9A1974 2e077 78 97 1751975 1A999 181 89 2711976 1.817 260 78 3381 Q77 1*557 260 66 3261978, 1*297 260 54 3141079 1A 07 27 I 0 430

* - AP ~~~11 V~~V---C

19eC 777 389 25 414.21 a 1a 0Qa 7 a.

.IZ w A J V t U, r I U

Amr1 V C

Page 19

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM5 ANDLONG-TERM DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1970

(CON'T.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

DEBT uUTST(BEGIN OF PERIOO) PAYMENTS DURING PERIOD

INCLUDING AMO RT0i YEAR UNDISBURSED ZATION TtEYKST Tpt

GERMANY (FED. REP. OF)

1971 14J998 984 416 1.4001972 14#013 514 gil 1D4251973 13P499 , 641 6411974 13'499 056 632 1.1331975 12J993 1 181 582 1*7631976 t11.13 1'687 511 2'1981977 .10#125 1.687 431 2.l181978 8,838 1A687 351 2038Iq79 6.750 1.687 270 1P9581980 5,063 2931 166 9,6971981 2.532 2P532 45 2.P577

A.~~~~~~~~~~ ~~~ .. _JT cO A DT

1971 72 14 2 i71912 58 14 2 171973 43 31974 43 14 2 171975 29 29 5 34

ANNEX C

Page 20

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDTUM ANDWNG-TERM DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEM3BER 31. 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

nOET OUTST

(BEGIN OF PERIOD) PAYMENTS DURING PERIODTfi UO'- A u nRT I

YEAR UNOISBURSED ZATION INTEREST TUTAL

NETHERLANDS

1971 10*160 592 346 9381972 9*568 269 392 6611973 9,299 a 397 3971974 99299 349 393 7421975 8,951 814 360 1' 1741976 8*137 1t162 315 14781977 6*975 1*162 266 1*4291978 5.812 1'162 217 1*379i979 49650 1J162 167 1*3301980 3,487 1*744 102 1*8461981 1T744 1*744 28 1'772

UNITED KINGDOM

1971 38 *225 2*9446 1 * 53 4p1989 't 3 5JI7 79J 21 3;053L

1973 34 848 ' 2* 160 2,1601974 34P84o I .3 3;4v1975 33,554 3t048 1.933 4*9819 7 6 30* 506 4 * 358 , ,709 6* v67

1977 260148 4*370 1*444 5*815n . < e o * s I c _a:

1978 21*778 4*378 1*73 5 *531

1979. 17,419 4*361 897 5*2581980 139058 6,523 532 r 0551981 6o535 6*535 137 6*672

ANNEX CTi '111reitge 21L

Table C-22 GHANA - ST- FD SERV1LF r-iuzRE SvA. CE 'wuo N'Te' L UN ZATLmrNXU ruuiuri AULJT

LWNG-TERM DEBT OUTSTANDING INCLUJDING UNDISJISED AS OF DECEMBER 31, i97fv(CONT. )

Debt RepayaWle in Foreign Currency

(In thousands of U.S. dollars)

OEBT OUTST(HEGIN OF PERiOu) PAYMLNTS OURING PERIOD

INCLUDING AMORTI-yEAR UNDISBURSED ZATAri N T'r_RERi.S, Ti AL L

%,'TT^f%L'T A-Irr aI UULOhA.4J. Vit

1971 169 99 3 1021972 70 (0 i ,u

urr IU±AL OJECjufl - r&juaJ±..=n ;c,,CJn*I-U.LINA. l9J

DEBTS TO NON-IBRD MEMBER COUNTRIES

1971 1005C 62 6 70L7' 2. aR 'A 32 A

1973 972 - 25 251974 972 37 28 661975 935 84 22 106

76 8,51 t 20 21 t401977 731 120 16 135

9'fl 612 120 !4 ~~~~~~~133A3 7 a

1979 492 121 11 131ga8 3?1 7 191

1981 187 187 2 189

ANNEX C

Page 22T g l ' 9 -. GHU A. IA = ~1, I" lh n v,'~ ~ T MtITWn~' 6 ,l ri

Table____ C=2: .P1LA =iU-kA ET D PT. ERT"LJ. PATS OUIU2, Y.LUVi rAYr IN E .LMERNAL MEDrUMi ANTJLONG-TERM DEBT OUTSTANDING INCLUJDING UNDISBURSED AS OF DECEMBER 31, 1970

(uCOi 1. )

Debt Repayable inL Foreign Currency

(In thousands of u.S. do"lars)

iIAST OUTSTc6LGIh OF PERIODl) pA,'M'NrS ,DURING pERIOD

IUCLUOING AM(RTI-y E Ap C(211B cr D zA T T i N Tr RET TnT A L

ij L G A R I A

i971 514 62 8 701912 452 * 12 121973 452 * 12 121974 452 1l 12 2919T5 434 39 10 491976 395 55 9 641977 340 55 8 631978 285 55 6 6t

i979 230 55 5 601980 175 86 3 89i 981 g9 89 1 90

R U mA NIA

1971 536 i 61972 536 16 21 361973 520 a 14 141974 520 20 17 361975 501 45 12 571976 456 65 12 761977 391 65 8 731978 326 6,5 a 731979 262 66 6 72198) 196 98 4 1021981 98 98 1 99

ANNEX C

Page 23

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDiLNG-TJ;iM DEBT OUTSTANDING INCGLDING UNDISBURSE; AS OF DECEMBER 31, 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

DEBT OUTST(BEGIN OF PERIOD) PAYMENTS DURING PERIOD

INCLJDING AMOFRTT-YEAR UNDISBURSED ZATION INTEREST TOTAL

OFFICIAL SECTOR - DEBTS NOT ELIGIBLE FOR RESCHEDULING

1971 9,741 2,462 384 2,8h61972 7-278 1-A1 IQ). ? nf 1973 5,t17 1,473 127 1,600197h 3s91, noo8 93 1,1021975 2,935 1,007 68 1,0751976 7j928 1,005 1J2 1,R1977 922 828 21 8B9I1978 Q9. 9), 1 95

OFFICIAL SECTOR - DEBTS NO ELIGIBLE FOR RESCHEDULING

DEBTS TO IBRD MfYDLR wOUNTHLkSi

1971 2P774 1'455 213 1'668

1973 466 466 9 475

ANNEY G.Page 24

Table C-2s GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDLONG-TERM DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

uEBT ovTST(BEGIN OF PERIOD) PAYMENTS DURING PERIOD

INCLUDING AMORTI-YEAR UNDISBURSEO ZATION INTEREST TOTAL

NETHERLANDS

1971 2.095 776 90 8661972 1,319 853 51 9041973 466 466 9 475

NORWAY

19T1 679 679 122 802

A NNg-,X C

Table G0-2t GHrANA - VSTTrATvn PTIMTR1 SIvmTG P,AYMPUWT rON vTTPmAT Vn-nVT.m AUm

LONG-TERM DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1970(Gn%1'r, )

Debt Pepa,,reb1in Forei,,. Currency

(In flnicarel eof U.SIT d

OEBT OUTST(BEGIN OF PERIOD) PAYMENTS DURING PERIOU

INCLUDING AMORTI YEAR UNOISBURSED ZATION INTEREST' TOTAL

OFFICIAL SECTOR - DEBTS NOT ELIGIBLE FOR RESCHEDULING -

DEBTS-TO NON-IBRD XWM4R COWN9RIES - U.S.S.R.

1971 6.967 1.007 171 101781972 5P959 1.008 143 1.151

1973 4,951 1.007 118 1,125i974 33944 1.008 93 1J102

19.75 2P935 1#007 68 1#0751976 1.928 1.005 42 1J048

1977 922 828 21 849!97R 94 94 1 95

OFFICIAL SECTOR - DEBTS NOT RESCHEDULED BUT SUBJECT TO

RESCHEDUIIN.G.

1971 11,873 8; 92 833 9,2261972 3,i482 3,482 3415 3,826

ANNEX C

Page 26

Table C-22 GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDTUM ANIDLONG-TERM DEBT OUTSTANDING INCLUDING UNDISFURSED AS OF DECEMBER 31, 1970

(CONT=!

Debt Repravable in Foreign CurrAncv

(Tn thonisantis of TUS= doinsll.r)

IJEHT OIJTST(eL-(lN OF PERIOD) PAyMENTS OURING PERlon

INCLUCING AMORTI-YEAR LNDISBURSED 7ATION INTEREST TOTAi

OrWTf4'A. rLN n T- nMMMCKE' S . nr- nn nUr nUl nm ---i 1 -- -n n--VrJICJAJ±JUj Orugk±Jl AJJZaDLi) r,4i fEz!2)t.'1fahUi&I!LJ Fl C)UThJUI IU nWaE Uftjri ULIaN(i

DEBTS TO IBRD MEMBER COUNTRIES1971 l'h43 5 116 653 5.7691972 2P328 2.328 271 7P599

FRANCE

1971 2,167 iP522 150 1i6801972 645 645 46 691

ANMX CPageA 27

e- -

Tnhl a (G-29 nlAWIA - V-E3TWATMTrP WlTTRR q17R7". pPAYRW' V AU nu 'IrnT ,AT. Wfll A AwnITNG-TEM DEBT OUTSTANDING INCLUDING UNDISBSED AS OF DECEMBER 31, 1970

Debt Reyable it 'ForeIgn C urr ancy

Inthosa.d of TJ 0..dol-s%.LAI VA4%Paa&lZA%A .JA. U .IJ. LJWLJ.IGAZJL

OEUT OUTST(BEGIN OF. PE-I1D) pAyYK.N.TS, OURING PERI10)

INCLUDING AmORTI.YEAR UNOISBURSED ?ATION INTEREST TOTAL

I T A L Y

1971 4,39 439 93 532

JAPAN

1971 2' 172 1'55t 206 1,7631972 615 615 81 696

AINX C

Page 28

Table C-2: GHANA - ESTIHATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDLONG-TERH DEBT OUTSTANDING INCIUDING UNDISBURSED AS OF DECEMBER 31, 1970

(CONT.)

Debt Repayable in Fbreign Currency

(In thousands of U.S. dollars)

REST OIJTSTCBEGI'Tk (O PEr!nO PAyMUtN1TS niOT'JR! pER!O PTnn

INCLUOING AMORTI-rr'A n 3K, n?TC nIIflnC Cr -,ATTnlM TiufCoLcT ?fITAi

yEAR U401onwnaC t) t^T0 thES TUTAL

NORWAY

1971 511 115 26 1421972 396 396 60 456

YUGOSLAVIA

m1 176 752

19-12 671 671 84 756

ANNEX C

Page 29

Table C-2t GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDTJ`Nr1n..lV1DU IT'D'I' ATTWQPQTA%mTnTTr'- ?TIVITTMT,rIM ,fmTv-nfmOvr% AO ,^c' 7%vf%u% n *%~ *vi (%1 A"TnNn A"A -1 DB vn-D JlJ.1.,LG IL.' UDJING'i U 'j.Ij Uun° -R,u iw OFr Dj%j ,ErLfLn _)fL 3, 19 7 0 J

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

OEHT OUTSr(tHEGIIN UF PERIOrO) PAYMENTS DURING PERIOD

TKrN IInLNr AurODTTO

yEAR UNOISHURSED ZATION INTEREST TOTAL

OFFICIAL SECTOR - DEBTS NOT RESCHEDULED BUT SUBJECT TO RESCHEDULING

D TO NON-IBRDJ MPJfBk COUUN!4TRIKmn7t II IA n n 1z av r. -sh7

AfW ii0 II' I an p .

1972 1,154 1,154 74 1o227

CHINA (MAINLAND)

1971 990 660 * 6601972 330 ,30 - 330

,ANINIE C

Page 30

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAThENTS ON &XTNAL MEDIUM ANDIONG-TERII DEBT OUTSTANDING INCIWDING UNDISBURSED AS OF DECHR 31, 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

DEBT OUTST(BEGIIN OF PERIOD) PAYi4L-"T DUnFnin pIEpjfln

INCLUDING AMORTI-YEAR UNDISBURSED ZATION INTEREST TOTAL

CZECHOSLOVAK IA

1971 2,205 1#614 97 1,7111972 591 591 30 621

G A5i5 (DE. REPP. F)

19Tl ~ ~~5 5 16

AuWuY G

Page 31

Table C-N GHANA - ESTIKATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDLONG-TERM DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEMEER 31, 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thQusands of U.S. dollars)

11EST 0lJ T ST(BLGIN OF PERIOD) PAyMENTS DURING PERIOn

INCLUDING AMORTI-yEAR tlNnISRURSEn ZATION INTEREsT TOTAt _

WUNGARY

19?! - 3RS 304 10 3141972 81 81 3 83

PULAND

1971 846 694 73 7661912 152 152 4i 193

AN-EX C

Pave 32

Table C-2: C-HA-A - E-STMNIM FUTl S?RRVTCE PAYMEd5S ON ErI!RrrAl MEDTUM A-NDLONG-TEM DE:BT OUTSTANDING INCUDING UNDISBURSED AS OF DECMR 31, 1970

Debt ~ ~ ~ -r Renbe* oe.. Gurene-

fTrl +U^~W.nh1d of U. S. o llars)

LALD Ofu t1o'T(BEGIN OF PERIOD) PAYMENTS DURING PERIOD

IjIJJJ u Pfl'-jf± i

Y,EAR UNDISBlURSED ZATION INTEREST TOTAL

OFFICIAL SECT-OR - ru]aST XT IAJ 30, 1972 MALRdTIE'D

197i 27,592 - - _1972 27,592 5,763 559 6,3221973 21,829 8,807 819 9,6271974 13,021 6,780 371 7,151

___ ~ ~~~~ , AS/ /i n, /, _ . ,1975- 0,242 2, 563 61 2,621976 3,679 923 6 9291977 2,756 779 - 7791978 1,977 659 - 6591979 1,318 659 - 6>91980 659 659 - 659

AlP " SQ,'- - ST mjUN 30, 1Q72 sTURlTT

DEBTS TO IW M R COUNTRIE

1971 17.394 41972 17#394 4.298 499 4*7971973 13#096 6,446 681 7.*12719g4 6,650 5.133 336 5,4681975 1.518 1.460 46 1.5071976 58 51 2 60

ANN1AX U

PnO¢A 33q

Table C-2s GiHANA - FaSTJ(AnT ruAWfnu fE p n1 1E..AT T A

LONG-TERK DEBT OUTSTANDING INCLUDING UNDISBUR$ED AS OF DECEKBER 31, 1970/19M?WflM '

Debt Repayable in Fore -ign Crec

(In thousands of U.S. do'lars)

nElI T OUTS5tnFGTk nr PF,TnnN oAvmFNTS niiAiNa oFoynn

INCLUD ING AMORTI-YEVA UnDIS8URSEn 7ATTON INTFEST TOnTA!

r L ir

i~~~~~~~~~~~~~~~~~1 Ya A ki 8 Y

1971 891972 890 596 27 622

1973 295 295 ;0 30

JAPA!N

1971 2,018 -

1972 2,018 614 55 669

1973 1It404 724 64 788

1974 680 544 29 573

1975 136 136 4 140

ANNEX C

Page 3b

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAMETS ON EXTERNAL MEDIUM ANDTl,W_= DEr ffTTlq t1 A%m"r%T- TLflTTiTn' TT1kmTt. nvTTJf' AS .OF lEl -;7

(CONT. )

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

DEB3T CUTST18LGIN OF PERIOD) PAyMENTS DURING PERIOD

INCLUOING AMORTI-YEAR UNDIS$URSED 7ATION INTEREST TOTAL

jyr~~ ~ ~~~~~~~~ r T~~ -:

1912 138 138 21 159

NhRwAY

1971 2P323 -1972 2'323 394 50 4441973 1,930 792 79 8711974 i,138 794 41 8351975 343 286 12 2981976 58 58 2 60

ANTEX C

Page 35

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDflNfl-TRPM TThER'P AT UTA? fLrITlm ArI Tmmr MjtR., AS O

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

I I' n T 0 i I J I

(BEGIN OF PERIOD) PAyMENTS DURING PERIODINCLUDING AmdnRI-

yEAR UNUISHURSED 7ATION INTEREST TOTAL

UNITED KINGoOM

1971 9 070 a _1972 9,O70 1I882 266 PP14;1973 7J188 3.281 372 3A6531974 3#907 3,046 180 3,2261975 862 $62 29 890

YUGOSLMvLA

1971 2t 955 ' -1972 2.955 675 79 7551973 2'2d0 1J 354 156 1.5101974 926 749 86 8351975 177 177 2 179

ANM C

Page 36

Table C-2: GHANA - ESlTATED FUTURE SERVICE PAN1WS ON E1f3ERAL MEDIUM ANDWmx i r DEBT O aCUDI WNISWiiEDi AS OFr DECii(nE 31, 1970

(CONT.)

Debt Repayable in Foreign Carrency

(In thousands of U.S. dollars)

C[PT DijTST(HEGIK OF PERICD) PAyMENTS DURING PERIOD

yEAR UHCIS URSED ZATION INtEREST TOTAL

OFFICIAL SECTOR - POST JUNE 30, 1972 MATURITIES

DEBT TO NDN-IBR) K4ER COUNTRIES

1971 107198 L -

1972 10198 1J465 60 1,525,9a73a AR7 '33 231 13 91 A P2,mnn

-7 -, j ~ t I .J'4£le F0 J VJ1974 6P371 1E647 35 t1683:975 r; 72 1,:034 15 C.'

1976 3,621 865 4 869mu' 2;7'6 77- 7791£-77'! LF!.JV !7 n

1978 1w977 659 . 659

;979 :s3; 619 - vJ7

1980 659 659 - 659

RULGARIA

1971 603 - -1972 603 - - -

1973 603 t21 t3 1931974 482 121 9 1291975 362 121 6 t26!976 241 121 3 123

1977 121 121 . 121

ANNEX CPage 37

Table C-2: GHENA - ESTIMATED FUTURE SERVICE PAYMENS ON EXTERNAL MEDIUM ANDT 1 ^"Avrt Y1:It f nA % W. T t^lY Tti Iftdq lYlf 6 tTvmm O A * 6 w tAO T" '%I1 1 e% 7^WnLx-cLx u1 An%VJDl lIJU .U U11JJ.L0j3UZI*m&1J vr LJmu.rI&LEAn L 3A L 7 1 Y .U

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollais)

O)EIBT OUTST(HE,IN OF PERIIU) PAyE.NTS DURING PERIOD

ITkinUOTNG AmnRT!-YEAR UNCIS8URSEo ZATION INTEREST TOTAL

CHINA (mAINLAND)

1971 5,601 - -1972 :)60u1 3'9 - 3291973 5,2t1 659 - 6591974 4'612 659 , 6591975 3'953 659 . 6591976 3#295 659 a 6591977 2#636 659 a 6591978 1i977 659 a 6591979 1'318 659 , 6591980 659 659 a 659

CZECHUSLOvAKIA

1971 2P287 -1972 2J287 530 30 5601973 1P757 7814 39 8241974 973 716 18 7351975 257 171 5 1771976 86 86 1 87

ANNEX CPage 38

Table C-2s GHANA - ESTIDTED FUTUR1E SE1RVICE PAYMET ON EfTERNAL MEDIUM ANDLONG-TERN DEBT OUTSTANDING INCIDIDNG UJNDISBURSED AS OF DECEIEER 31. 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dDllars)

DEBT OUTST(,LGIN OF PERIOD) PAymENTS DURING PERIOn

INCLUrIING AMORTI-YEAR LN(tCSBURSED ZATION INTERZST TOTAL

HUNGARY

1i'1 167 - -

i 072 167 64 2 6619(3 103 103 1 104

POLAND

1971 1w541 - ' -

1972 i'54i 542 27 5691973 999 695 25 7201974 304 152 8 1601975 152 152 4 156

ANEtX C

Page 39

Table C-2r GHANA - ESTDIATED FUTURE SERVICE PAYMENTS ON EXERNAL MEDIUM ANljG-TERn' DEBT OUTSTANDING INCDDING UNISBURSED AS OF DECEMBR 31, 1970

(CONT. )

Debt Repayable in Forei-n Currency

(In thousends of U.S. dollars)

DEBT OUTST(BEGIN OF PERIOD) PAYMENTS DURING PERIOD

ING LD ING AMORT I-.YEAR UNDISBURSED 4 ATION INTEREST TOTAL

PRIVATE SECTOR - PRE 1966 SUPPLIERS CREDITS

1971 446 7 19 2614_72 '-3i17 24 41

1973 422 29 22 51.La51439 3n 25 631975 355 60 20 801976 2g6 L,65- 7 u 15 801977 231 70 12 82

97 6u L1 84 10 941979 77 55 9 642980 22 10 - 101981 12 12 12

PRIVATiE SECTOR - MATURITIES RESCHEDULED IN 1966DE.BTS TO BRD M CONt IS

4 07 49 7% tl Z407 1J 7 9 261972 389 11 22 39

1973 3, 2 2n 20 4 91974 343 38 20 58n 7 5 - r t}55 u1eAfl7~ 1 -) Z

1976 250 e6Q 15 757, 190 65 10 79

1978 125 77 10 87Sr9797 48 8 7 55

Page )4o

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAYMENT ON EXTERNAL MEDIUM ANDL sNG-TIM DEBT "U"uTANDMuL INCLUUDIN U_N)IS AS OF DECEMER 31, 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

,- E-T OUTST(BEGIN OF PERino) PAYMENTS OURING PERIOD

-INCLUDING AmORTI-YEAR UNDIStURSED ZATI(IN INTEREST TOTAL

I rALY

!971 In1972 10 t o

01 9 74

1 a X S , -2 ~~C 31976 7 - -1975 7 2 - 31976 5 - - _

* 7 7 Q 3 407N 5r- - 3

1978 2 - - -19 79 22

NORW~AY~

1911 29 --1972 29 2 2 51973 26 2 - 21974 24 2 2 51975 22 5 - 519(6 17 5 2 71977 12 5 - 91 978 7 5 - 51979 2 2 2 5

ANNEX C

Page 41

Table C-2: GHAANA - ETAMA1TEI !U1JRES SERVICE PAIPM1NhS ON EXT-iERNAI MI1UEI1 ANf

LONG-TERM DEBT OUTSTANDING INCLUDING UNDI;BURSED AS OF DECiXBR 31, 1970(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

DE-81-T 4WThTS(BEGIN OF PERIOuD PAYMENTS DURING PERIOD

INCLUDING AMORTI-YEAR UNDISHUhRSEi) ZATInN INTEREST TOTAL

UPJ I-TIFU KINGDOM

1971 358 r 19 261972 350 149 341973 336 24 19 4?1974 312 36 17 Sl-1-975 276 *8 19 671976 228 55 12 671977 173 58 10 671978 11!5 72 10 A,,1979 43 43 5 48

PRIVATE SECTOR - MATURITIES RESCHEDULED IN 1968

DyEBro nu IDnDi %Drin UNITED k-NGmim-nYM - -

19o7 50 - -1972 50 - 2 2i a07 'aun_

1974 50 - 5 5!975 50 5 51976 46 5 - 54177 4 2

1978 36 7 * 74n7~~~~~£ 10A, 7 29 7I;

1980 22 10 - 101 7 - I A C. IC A 12

ANNEX C

Page h2

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDLONG-TERM DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

DEBT OUTST(BRGIN OF PERTOD) PPAVMEI qS DURING P_RIOD

INCLUDING AMORTI-VYEA TUhMTISqBURSED ZATION TITERRST Tn AT.

POST 1966 SUPPLIERS CREDITS

1971 18,638 L.019 66t h.6831972 14,619 3,373 676 1,0h81973 11.2L7 3.220 510 3,73019T7 8,027 1,881 39 2,3201975 6;1h6 1.633 32 1.9751976 4,513 1,395 295 1,6901Q77 3;119 1387 251 1,6381978 1,732 1,379 209 1,5881979 354 236 16 2521980 118 118 3 121

OFFICIAL SECTOR - POST 1966 SUPPLIERS CREDITSDRBTS TO IBRn MEM=R COUNTRI.ES

197? 10'046 1',385 469 1,8531t(3 39662 iwin7 427 iJA141974 7P?75 1'385 383 1I'7681975 5'890 i'3 7 339 io7 21976 4P503 1,385 295 1,6801977 3Jii9 i'387 25i tA6391978 I'732 1'379 209 li5881979 354 2 3h b 25?

1980 11-8 11I 3 12i

AIThr,v IC

Page 43Table C-2: GHIANA - ESTIMATED FUTURE SERVICE PAYMNS ON EXTERNAL MEDIUM AND

Ynun=u{ DEBT "~UU--TANiJN-- -- N-U--X- UNDISBURSED AS OF DECEMBER 31, 1970(CONT.)

Debt Repayable in Foreign Curiency

(In thousands of U.S. dollars)

(BEGIN QF PERIno) PAYMENTS DURING PERIOD-INCLWUING AMORT!_

YEAR UNOISBURSED ZATION INTEREST TOTAL

SPAIN

1971 6'054 404 184 5881972 5J650 O0r 328 iJi361973 4*842 808 280 1 i0881974 4PO34 805 230 1.f038t975 -3-'-226 -60o -IflO 9881976 2#418 808 132 9401977 1.610 8 08 84 89?1978 802 802 36 838

UJN l -*6E-0--I GDOM

1971 4,9-73 5-7-7 t39 7161972 4,396 577 141 7171973 3.820 579 147 7261974 3.241 577 153 730-t 19?-s5- 2 P,6,6 4- 579 15-9 7381976 2*085 577 163 7401977 1,509 579 167 7461978 930 577 173 7501 979 354 236 16 2521980 118 118 3 121

ANNE C

Page 4d

Table C-2: GHANA - ESTIMATKD FUTURE SERVICE PAYMENTS ON EZTERNAL MEDIUM ANDLONG-TERK DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1970

(CONT.)?

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

IfEBT UUTST(HLGItN OF PERIDO) PAyMENTS DURING PERIOn

ITECLUI TNrG AuORTI-yEAR l[NCIS8URSEO ZATION INTEREST TOTAL

PRIVATE SECTOR - POST 1966 SUPPLIERS CREDITS

DEBTS TO IBRD MEMBER COUNTRIES:971 7,1Al A. 341 3,379

1972 4'[573 1,98b 207 2,195Q73 9 985A 1, I3 R3 1 91A

1974 752 496 56 552

1976 10 10 - 10

F ANCE

1971 712 237 46 2831972 475 237 37 2741973 238 23b 15 253

ANNEX C

Page 45

Table C-2, GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON ETrMNAL MEDTUM ANDIONG-TERM DEBT OUTSTANDING INCLUDING UNDIS3 RSED AS OF DECEMBER 31, 1970

(coNT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

r,rQT (H ltyT

(BLPGIN OF PERIOU) PAYMENTS DURING PERIODiNCLUCING AMunTI-

YEAR UNCISBURSEo ZATION INTEREsT TOTAL

GERMANY (FED. REP. OF)

1971 161 53 10 631972 108 54 6 601973 54 54 3 57

ITALY

1071 378 A13 231972 265 11B 16 1344:9X3 I I7 73 - 73£7' J - 74 W1974 7474-4

ANIEXc

Page 416

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PATJfNTS 0ON EMlERNAL MDIUW ANDIWNG-TEM DEBT OUTSTANDIT INCLUDIN3 UiDISBURSED AS OF DEC-EMER 31, 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

r. L:~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

(BEGIN OF PERIOD) PAyMENTS DURING PERIODI'NCLUDING AMORTI *

YEAR ,NCISBURSED 7ATION INTEREST TOTAL

JAPAN

1971 1J935 491 35 526

1972 1,444 491 25 5161973 953 4 65 15 480

1974 488 7u0 5 c751975 218 21b 1 219

UNITED KINGDOM

1971 187 62 9 71

1972 125 62 6 681973 63 63 3 66

AiRATR Y c

Page !h7

Table C-2s GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL NEDIUM ANDLONG-TERM DEBT OUTSTANDING INCUMJDING UNDISBURSED AS OF DECEMBER 31, 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

ABT UDJSTt(,1N (IF PEIIOU) PAyMENTS DURING PERIOD

iNCLUDING AMORTI YEAR tJNOIS8URSED ZATION INTEREsT TOTAl.

UNITEO STATES

1971 1J977 659 98 7571972 1'318 659 59 7181973 659 659 20 679

INDIA

1971 365 97 22 119I 072 268 97 16 1131973 171 97 9 106

0971, 7) 7h 118

UNIDENTIFIED

19T7 1.896 1,326 98 1,b2L1972 570 270 412 31219Q73 300 18ta 18 202197h~ 116 78 7 8519,7 38 28 2 301976 10 10 - 10

ANNEX C

Page 48

Table C-2: GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDLONG-TERM DEBT OUTSTANDING INCIUJDING UNDISBURSED 3 OF DECEMBER 31, 1970

(CONT.)

Debt Repayable in Fbreign Currency

(In thousands of U.S. dollars)

DERT 01HTST(BEGIN OF PERIOD) PAYMENTS DURING PERIOD

INrCDmrNG AMIORTI-YEAR UNDISBURSED ZATION INTEREST TOTAL

LONG TERM DEBT

1971 26h,153 4,092 5,270 9,3621972 260,061 4i279 5,038 9,7161973 255,783 4,662 5,h91 10,15119 7 4 25i 5,99ta 5,771 1i,7651975 245,128 6,697 6,626 13,32219ri76 238vn 31 ^-I If 6)390 -13 v6_L7 ' u c 'Tho I ".t tC -)7-u- 9-L- t/7-

1977 231,157 7,936 6,092 1b,0271978 2rJ<y23,220 ,75 279 15,153

1979 21h,347 9,906 6,179 16.08b1980u 204L,L441 1sU,3 8 5030 1/. 531981 19,ohh4 11,256 5,608 16,8631982 182,789 11,i.72 5,253 16,7251983 171,317 11,335 4,814 16,119I7014 ±,y2yoc ± 3 4,371 l5,9I4h

1985 148,409 11,823 3,915 15,7381986 13 6, 586 1,6 o o W6 15,4 1131987 124,918 9,611 2,988 12,5991988 115,308 7,808 2,699 10,5071989 107,500 7,876 2,465 10,3411990 99,62t4 8,120 2,227 10,3471991 91,504 8,280 1,984 10,264

ANNEX C

Page 49

Table C-2: GHANA - EST3l4ATED FUTURE SERVICE PAYM2NS ON EXTERNAL MEDIUM ANDIONG-TERM DEBT OUTSTANDINa INCLUDING UNDISBUaSED AS OF DECEMKER 31. 1970

(CONT.)

Debt Repayable in Fbreign Currency

(In thousands of U.S. dollars)

DEBT OUTST(BEGING OF PERIOD) PAYMENTS DURING PERIOD

INCLUDING AMORTI-YEAR UNDISBURSED ZATION INTEREST TIOTAI

WiON TERYi DE31 - UJAN-S FOWM INTJERNATIONAL ORGANIZATIONS

1971 73.488 1*703 2*554 4*2571 972 7 1.!5 1.89 2P620 4J510O1973 69YJ896 1J989 2J678 4D 6661914 67:907 2.095 2683 4D 7781975 65.813 2.206 2.584 4,78919Q76 63 J 6C7 2W 32q 2 47 t4 4, 7971977 61.*284 2.4440 2'P48 4,7951978 '8;936 2*680 2.215 4,8941979 56j,157 2p984 2*069 5.0531980 53. 173 3.i19 i,905 5J(231981 50J055 3J333 1,730 5,0631982 46,722 3*51i ,5 46 5,0641983 43,204 3,713 1.35C 5,063'984 39. 49 1 3. 9ie 1. 143 5 06 11985 35J573 40134 924 5.0587W98 31.439 4*362 692 5.054

1987 27*077 2,687 447 3*1341988 24. 390 846 361 1,2091989 23J542 878 331 1,209;g9u 22C664 1,084 298 I.3821991 21.*580 1*204 262 1,466

ANNEX C

Tale 0-2: 1neGILA-A - ESTATED r'TT'THP. qWRITTVC. PAY T.9 nN PJT.PRNAT. PnTTIM A"IfNG-TERM DEBT OUTSTANDING INCING UNDISBURSED AS OF DECEMER 31, 1970

Debt Ret1,abldir ForeU.S. Gurec%T- -AeAtAs -P IT CZ ,1s1 B

fCE P T OU I S T(nrT IN IF PFRIOn)i pDyvMNTS OURINGT PERInn

INCLUDING AMURTI-yEAR iUrTIsruRSEi) 7ATITN ITNTERST TnTAL

IBRD

1971 48,688 1"609 2P467 4,0761972 47,o79 1i702 2P502 4,2041973 45,377 1'801 2#532 4,3331974 43J576 1,907 2J524 404311975 41,669 ?7018 2P412 4,4301976 39,651 2, 13° 29295 4, 43i1977 37,515 2,260 2,170 4*4301978 35*255 2,392 2p038 4,4301979 32P863 2o766 1J895 4,66119a0 30jP097 2,Y926 i,732 4.6601981 27,169 3,100 1o559 4,6591982 24,069 3,285 1P376 4P6611983 20,784 3,480 1,182 4S6621984 17f304 3J,685 977 4D6621985 13'619 3,901 760 4o66t1986 9,716 4,129 530 4,6591987 5o"589 2P354 286 2,6401968 3 235 415 204 619'1989 2)820 445 176 6211990 2P375 470 147 6171991 1905 505 116 621

ANNEX C

Page 51

Table C-2: OHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDWNG-TERM DEBT OUTSTANDING INCIWDING UNDISEURSED AS OF DECEMEER 31, 1970

(CONT.)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

DEBT OuTST(BEGIN OF PERIOD) PAYMENTS DURING PERIOD

INCLUDING AMORTI-YEAR UNDISBURSED ZATION INTEREST TOTAL

IDA

1971 24P800 94 87 1811972 24*706 188 118 3051973 24,519 188 146 3331974 24P331 188 160 3471975 24,144 188 171 3591976 23P956 188 179 3671977 23,769 188 178 3651978 23#581 288 176 4641979 23'294 218 174 3921900 23'076 191 173 3631981 22'886 233 171 4041982 22,653 ;33 169 4021983 22P420 233 168 4011984 22,187 233 166 Q99

1985 21#954 233 164 3971986 21*721 233 162 3951987 21.488 333 161 494198 8 21.155 433 158 5911989 20.722 433 155 5881990 20O289 6t4 151 7651991 19,675 699 146 845.

ANEX C

Page 52

^. e C-2 Uf&UVA - T01JIAJ rW OULUtI aWEVIUir. YrAIMMiZi ON 6STWW" MIWUM AMWi4NG-TEEK DEBT OUTSTANDING INCLDDING UNDISBURSED AS OF DECEMBER 31, 1970

C ONT. )

Debt Repayable in Foreign Currency

(In thousands of U.S. dol lars)

OEBT OUTSTrILGIN OF PERInDi PAYMFNTS nliRl[n PERTOn

ICLU I NG AMORT IyEAR UNOISRURSEn 7ATION INTERE%T TOTAL

lNG TERM DEMT' BI 'Th 'AGLRZ TS

1971 190J665 2*389 2J716 5*I051972 188i0276 2,389 2,J818 5J206973 185p887 2J673 2,813 5*48574 183*215 3,899 3m088 6.987

1975 179*315 4,491 4.042 8,5331976 174P824 4,951 3,916 8,8681977 169P873 5,488 3,744 9,2321978 164P384 6,195 4,064 IO*2591979 158,190 6*922 4*110 11*0311980 151*268 7,279 3P933 1I*2121981 143*989 7*92J 3*878 1198001982 136*067 7.954 3P707 11,6611983 128,113 7,622 3*464 11*0861984 120*491 7r655 3*228 10*0831985 112J836 7?689. 2,991 10*680i986 105*147 7,306 2753 1000591987 97,841 6,924. 2.541 99465i988 90*918 6P960 2.338 9*2981989 83*958 6J998 2o134 9J1321990 76*960 7,036 1,929 8#9651991 69,924 7r076 1,722 8,798

CANADA

1971 7,012 -

1972 7,0121973 7,012 - -

1974 7,012 - -

1975 7,012 - .1976 7*012 - -

1977 7P012 - .1978 7o012 - -

1979 7,012 175 * 1751980 6*836 175 ' 1751981 6*661 175 . 1751982 6P486 175 . 1751983 6P310 175 - 1751984 6,135 175 . 1751985 5J960 175 ' 1751986 5*784 175 * 1751987 5P609 175 - 1751988 5P434 175 * 1751989 5*259 175 , 1751990 5.083 175 * 1751991 4.908 175 - 175

ANNEX C

Page 53

Table C-2: GHANA - ESTIMATED FUTURE SEWV1tCv PArAYMENNT ON ErXTERNAL UEDr- ANDL4NG-TERM DEBT OUTSTANDING INCLUJDING UNDISBURSED AS OF DECEMBER 31, 1970

(CONTi.'

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

[)L8T OUISTl.rvaIIN ur rVnuL ^)U PAYMyMNTS DURIPNGi PErMlUD

INCLUDING A40RTI-yrA9I I.LI9 I¶LJ A ltU' ITC AI~ UMyEAR U N D L e nU R S' D 7 A 'rTIuN R NaE S, ,O UfAi

flENMARK

1971 2J6h7 -61972 2 667 . .19?3 2.66? 71974 2.667 76 * 761975 2.590 152 - 1521976 2,438 152 * 152j977 2.286 152 152197f 2,t33 152 , t521979 1,981 152 w 1521980 1,829 152 - 1521981 j1676 152 * 1521982 IJ524 152 e 1521983 1,371 152 - 1521984 1,219 152 1 1521985 1,067 152 . 1521986 914 152 2 1521987 762 152 * 1521986 610 152 U 1521989 £J57 152 U 1521990 305 152 t 1521991 152 152 a 152

ANNW2X G

Page 5b

Table C-2s GHANA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL MEDIUM ANDWN-lE(M DErMI OuUZAI'L f IhuuL_uLx'JuIiy'4 Uli iCL utr DnIrlinrL 9i70

(CONTo)

Debt Repayable in Foreign Currency

(In thousands of U.S. dollars)

DEBT OUTST(BEGIN OF PERIOD) PAyMENT6 D-URING F1RIOD

INCIUDING AMORTI-YEAR UNDISBURSED ZATION INTEREST TOTAL

GERMANY (FED. REP. OF)

A,. L I,~ S.--.

1972 34,057 364 823 1t187;97,3 sa,'.A 2 0 (

17' 3 ~~~~~~JJ P V7 J IC ~ ''v

1974 32P971 1t080 b16 IP89615r 31 892 17-27 0783 2Z055

1976 30'620 1#732 743 2,474j977 4R,;8fi9 I : 6 ~890i 2v534

1978 27s044 1,966 702 2P668. n7 74n' %;9 7 25;07B4 2io 2;79a8

1980 22'990 2*088 649 2P737i9Q; 2090 2izU 587 2&75rp u ~ ~ £ 77J e.P', .JU! t JU -'f -j

1982 18,815 2,068 526 2P614. .6< -Li .IC ,. 7 , 7 p I Q1 1.1

s s u :> 3, v I Z I f C r 4 'it AV u7 'I c M 4

1984 15J003 1J724 417 2 D 141i985 i3s I79 1,J724" 3bb e, 0vA

1986 11 555 1 514 316 1,82997 1 004 2 1Y3 3 J 275 j 5 7R

198A 8#738 1'303 237 1..540. ^Q 7 }. >6 . GN . 4 ~ ~ ~~~~~~~~~~~~~~~~~~~~~~~~~~nn c . AnUlf r35 J33 7, ,J IP UJ 77Y1.i_

1990 6'131 1*303 161 i,4651991 4,9828 1'-J03 123 1,#427

ANNEX- CPage 55

Table C-2t GHANA - ESTIMATED FUTURE SERVICE PAYEMS ON EXTERNAL MEDIUM ANDL-^Drrm nc.i aED tmnn wr f vmn?rttCt TThmT U nnnnr'on * l OFl t'rtflP 3' 1°700J.AJiu-krJRn nJrjflL UU10JUVAJAJLflU% J.dL,JAJ1JJ±IIIS UAWL0LJDU1bUfl,j. JIMJ 'r L,ZJALWALIALJ1I¾ -Y-LY 4.1 I

(CONT. )

Debt Repayable in Fbreign Currency

(In thousands of U.S. dollars)

IJEnT OUltST

(BEGIN OF PERIOD) PAyMElNTS DURING PERIOCIAn L 'U U n 1GnnI I

YE^lQ JiL1.W!l UhOf IIyEAR. UNOISBURSED 7ATION INIER4EIS_ TOTAL

~~~~~~~~~~~~~~~U fJ .fU l.LJ _l~4

1971 43#265 624 7? 701JL ; * r_ -^ - - _

1973 42 017 550 2 552I74 417A7 s.342 0inn ! 643

1975 40124 1i666 1J285 2,9511976 181usd 1,666 1.213 2.0801977 36u792. 1b666 1*142 2A8091978 19.5125- Z'2160 1,071 1.2311979 32.966 2. 160 1.000 3, 1591980 30.806 2',160 92A 3,ARR1981 28I646 26160 857 3.017

; A It A48 A 2J 7a6 2A ,95l983 24P327 2,16U 714 2P874

aAi, 2. 16A7 2; 6',A432.603

1985 20,007 2.?160 572 2.,732.A 7- 17:B47 0 1 C. 2.660

1987 150688 2*160 429 2.509

1989 11.368 2.160 287 2.446L99' 7,o049 2C60 215 2.3051991 7.049 2,160 144 2.304

ri 0~~~

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44 ~~~~~~~~~~~~~~~~% 4444 4144% 444 4 4 44%

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