Front Matter

Front Matter

International Monetary Fund
Published Date:
September 1995
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© 1995 International Monetary Fund

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The following symbols have been used throughout this paper:

  • … to indicate that data are not available;
  • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
  • – between years or months (for example, 1993–94 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
  • / between years (for example, 1993/94) to indicate a fiscal or financial year.

“Billion” means a thousand million; “trillion” means a thousand billion.

“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

Minor discrepancies between constituent figures and totals are due to rounding.

As used in this paper, the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.


This study was prepared in the IMF’s Policy Development and Review Department, under the direction of Steven Dunaway, Chief of the Debt and Program Financing Issues Division, with Shogo Ishii, Deputy Chief of the division. Its authors are David Andrews, Brian Aitken, Elaine Buckberg, Martin Cerisola, Andrea Doughty, Juan José; Fernández-Ansola, Marco Piñón-Farah, Susan Prowse, and Alejandro Santos, economists in the division, and Anne Jansen, research officer in the division. The study updates information and analyses contained in Private Market Financing for Developing Countries, World Economic and Financial Surveys (Washington: IMF, March 1995).

The work benefited from comments by staff in other departments of the IMF and by members of the Executive Board. Opinions expressed, however, are those of the authors and do not necessarily represent the views of the IMF or its Executive Directors. The study was completed in August 1995 and reflects information on developments available at that time.

The authors are grateful to Delrene Alvis, Lucia Buono, and Anne-Barbara Hyde for their valuable word-processing services. James McEuen of the External Relations Department edited the final manuscript and coordinated production.

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