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External Debt Management an Introduction Public Disclosure Authorized WNORLD BANK TECHNICAL PAi"i ' i- i!Z ° '/Ti2*:LF. ~~ - \/\JTP2L45 Ton~el 0qQY External Debt Management An Introduction Public Disclosure Authorized Thomas M. Klein Public Disclosure Authorized ,~~~~~~~~~~~~~~~" Public Disclosure Authorized Public Disclosure Authorized RECENT WORLD BANK TECHNICAL PAPERS No. 175 Le Moigne and others, editors, CouniitryExperiences with Water Resources Managemrienit:Economic, Instituitional, Technological and EnvironmtienttalIssues No. 176 The World Bank/FAO/UNIDO/Industry Fertilizer Working Group, World and Regional Supply and Demand Balancesfor Nitrogen, Phosphate, and Potash, 1990/91-1996/97 No. 177 Adarns, The World Bank's Treatmenit of Employmenit and Labor Market Issues No. 178 Le Moigne, Barghouti, and Garbus, editors, Developing and Improving Irrigation and Drainage Systems: Selected Papersfrom World Bank Semin1ars No. 179 Speirs and Olsen, Indigenous InitegratedFarming Systems in the Sahel No. 180 Barghouti, Garbus, and Umali, editors, Trends in Agricultural Diversification: Regional Perspectives No. 181 Mining Unit, Industry and Energy Division, Strategy for African Mining No. 182 Land Resources Unit, Asia Technical Department, Strategyfor Forest Sector Development in Asia No. 183 Najera, Liese, and Hammer, Malaria: New Patterns and Perspectives No. 184 Crosson and Anderson, Resources and Global Food Prospects: Supply and Demandfor Cereals to 2030 No. 185 Frederiksen, Drought Planninlgand Water Efficiency Implications in Water Resources Managemnent No. 186 Guislain, Divestiture of State Enterprises: An Overview of the Legal Framework No. 187 De Geyndt, Zhao, and Liu, From Barefoot Doctor to Village Doctor in Rural Chinla No. 188 Silverman, Public Sector Decentralization: Economic Policy and Sector Investment Programs No. 189 Frederick, Balancinig Water Demands with Supplies: The Role of Managemenit in a World of Iincreasinig Scarcity No. 190 Macklin, Agricultuiral Extensioni in India No. 191 Frederiksen, Water Resources Iinstituitionis:Some Principles and Practices No. 192 McMillan, Painter, and Scudder, Settlement and Development in the River Blindness ConltrolZone No. 193 Braatz, ConiservinigBiological Diversity: A Strategyfor Protected Areas in the Asia-Pacific Region No. 194 Saint, Universities in Africa: Strategiesfor Stabilization and Revitalization No. 195 Ochs and Bishay, Drainage Guidelinies No. 196 Mabogunje, Perspective on Urban Land and Land Management Policies in Sub-Saharan Africa No. 197 Zymelman, editor, Assessing Engineering Education in Sub-SaharanlAfrica No. 198 Teerink and Nakashima, Water Allocation, Rights, and Pricing: Examplesfrom Japan and the United States No. 199 Hussi, Murphy, Lindberg, and Brenneman, The Development of Cooperatives and Other Rural Organizations: The Role of the World Bank No. 200 McMillan, Nana, and Savadogo, Settlement and Development in the River Blindness Control Zone: Case Study Burkinia Faso No. 201 Van Tuijl, Improving Water Use in Agricultuire: Experiences in the Middle East and North Africa No. 202 Vergara, ThieMaterials Revolution: What Does It Meanfor Developing Asia? No. 203 Cleaver, A Strategy to Develop Agriculture in Sub-Saharan Africa and a Focusfor the World Bank No. 204 Barghouti, Cromwell, and Pritchard, editors, Agricultural Technologiesfor Market-Led Development Opportunities in the 1990s No. 205 Xie, Kuffner, and Le Moigne, Using Water Efficienttly:Techniological Options No. 206 The World Bank/FAO/UNIDO/Industry Fertilizer Working Group, World and Regional Supply and Demand Balancesfor Nitrogen, Phosplhate,and Potash, 1991/92-1997/98 No. 207 Narayan, Participatory Evaluation: Toolsfor Managinig Change in Water and Sanitation No. 208 Bindlish and Evenson, Evaluationi of the Performance of T&V Extension in Kenya No. 209 Keith, Property Tax: A Practical Manulalfor Anglophonie Africa No. 210 Bradley and McNamara, editors, Living with Trees: Policies-forForestry Management in Zimbabwe (List continues on the inside back cover) World Bank Technical Paper Number 245 External Debt Management An Introduction Thomas M. Klein The World Bank Washington, D.C. Copyright © 1994 The International Bank for Reconstruction and Development/THE WORLDBANK 1818 H Street, N.W. Washington, D.C. 20433, U.S.A. All rights reserved Manufactured in the United States of America First printing June 1994 Technical Papers are published to communicate the results of the Bank's work to the development community with the least possible delay. The typescript of this paper therefore has not been prepared in accordance with the procedures appropriate to formal printed texts, and the World Bank accepts no responsibility for errors. Some sources cited in this paper may be informal documents that are not readily available. The findings, interpretations, and conclusions expressed in this paper are entirely those of the author(s) and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility whatsoever for any consequence of their use. The boundaries, colors, denominations, and other information shown on any map in this volume do not imply on the part of the World Bank Group any judgment on the legal status of any territory or the endorsement or acceptance of such boundaries. The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to the Office of the Publisher at the address shown in the copyright notice above. The World Bank encourages dissemination of its work and will normally give permission promptly and, when the reproduction is for noncommercial purposes, without asking a fee. Permission to copy portions for classroom use is granted through the Copyright Clearance Center, Inc., Suite 910, 222 Rosewood Drive, Danvers, Massachusetts 01923, U.S.A. The complete backlist of publications from the World Bank is shown in the annual Index of Publications, which contains an alphabetical title list (with full ordering information) and indexes of subjects, authors, and countries and regions. The latest edition is available free of charge from the Distribution Unit, Office of the Publisher, The World Bank, 1818 H Street, N.W., Washington, D.C. 20433, U.S.A., or from Publications, The World Bank, 66, avenue d'I6na, 75116 Paris, France. ISSN: 0253-7494 Thomas M. Klein has retired from the World Bank. He was formerly senior economist in the International Economics Department and is currently working as an economic consultant to that department at the World Bank. Library of Congress Cataloging-in-Publication Data Klein, Thomas M. (Thomas Martin), 1928- External debt management: an introduction / Thomas M. Klein. p. cm. - (World Bank technical paper, ISSN 0253-7494 ; no. 245) Includes bibliographical references. ISBN 0-8213-2808-5 1. Debts, External-Management. I. Title. II. Series. HJ8015.K54 1994 336.3'435-dc2O 94-4972 CIP Contents Foreword by Masood Ahmed vii Abstract ix 1. Debt ManagementIssues: An Overview I Optimal Level of Borrowing 1 Macroeconomic Considerations 3 Debt Management Failure 4 The Issues 6 Financing Techniques 6 How Much to Borrow 7 Managing Risk 8 Knowing the Debt 8 A Look Ahead 8 Part One: Financingand LoanNegotiation Issues 2. Financeand Debt 13 Debt and Non-Debt Creating Flows 13 Official Development Finance 14 Official Development Assistance 14 Other Official Development Flows 15 Export Credits 17 Insured Private Export Credits 17 Official Export Credits 18 Private Flows 18 International Bank Lending 18 Bonds 19 Foreign Direct Investment (FDI) 20 Other Private Flows 20 Annex 2.1 Grant Element Calculation 22 ... CONTENTS 3. Borrowing and Debt Management 25 Loan Negotiation by the Government 25 Concessional Assistance and Other Foreign Aid 25 Export Credits 27 Market Finance 28 Controlling Nongovernment Borrowing 30 Authorization Procedures 30 Registration of Private Sector Loans 31 Guarantees 32 4. Legal Aspectsof SovereignLending by ThomasA. Duvall,III 35 Legal Basis for International Borrowing 36 The Loan Agreement 36 Governing Law 37 Forum and Sovereign Immunity 38 Choice of Forum 39 Sovereign Immunity 40 Principal Obligations of Sovereign Borrowers 41 Negative Pledge Covenants 41 Pari Passu Covenant 43 Mandatory Prepayment Clause 44 Events of Default 44 Nonpayment 45 Misrepresentation and Breach of Covenant 45 Cross-Default Clause 45 Material Adverse Change 46 Remedies 46 Acceieration 47 Remedies in the Absence of Acceleration 47 Set-Off 48 Potential Limitations on Remedies 48 Mutuality of Obligations 48 Piercing the Corporate Veil 49 Sharing Clauses 49 Act of State Doctrine 50 Exchange Controls 50 Part Two: Debt Monitoring 5. Accounting Principles 55 The Compilation of External Debt by International Organizations 55 External Debt Defined 56 Accounting Relationships 57 Definitions 58 How to Organize Debt Statistics 59 iv CONTENTS Relation to Other Financial Accounts 61 National Income Accounts 62 The Balance of Payments 62 The International Investment Position 66 Relation to Government Finance Statistics 71 Relation to the Monetary Survey 72 Summary 72 6. Monitoring Government Direct Debt 75 Debt Monitoring Tasks 76 Monitoring Loan Commitments 76 Monitoring Disbursements 77 Monitoring Debt Service Payments 81 Monitoring Arrears 82 Debt Records 83 7. Monitoring Nongovernment Debt 85 Public Enterprise Debt 85 New Loan Commitment Data 86 Status of Debt Reports
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