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...account -113.1 -13.0 91.1 44.2 Balance on goods and services -65.6 46.1 150.6 94.5 Income, net -97.0 -113.0 -118.3 -117.9 Current transfers, net 49.6 53.9 58.8 67.6 Balance on capital and financial 154.0 68.5 -38.0 1.2 account Balance on capital account (2) 6.4 9.5 22.8 4.1 Balance on financial account 147.6 59.0 -60.8 -2.9 Direct investment, net 158.4 158.0 150.1 169.7 Portfolio investment, net 28.8 25.5 -38.8 -45.9 Other investment. net -44.0 -80.1 -87.8 -27.1 Reserve assets 4.4 -44.4 -84.2 -99.6 Errors and omissions, net -40.9 -55.5 -53.1 -45.5 Capital flows Total capital flows, net (3) 143.2 103.4 23.5 96.7 Net official flows 50.8 44.4 -37.9 11.7 Net private flows (4) 93.0 58.9 60.5 84.8 Direct investment, net 158.4 158.0 150.1 169.7 Private portfolio investment, 23.0 11.7 -11.9 -36.1 net Other private flows, net -88.4 -110.8 -77.7 -48.9 External financing (5) Net external financing (6) 285.4 247.8 247.9 188.6 Non-debt-creating flows 185.4 188.8 200.8 178.4 Capital transfers (7) 6.4 9.5 22.8 4.1 Foreign direct investment and equity security 179.0 179.2 178.1 174.3 liabilities (8) Net external borrowings 100.0 59.0 47.1 10.2 Borrowing from official 44.7 30.6 -10.5 21.6 creditors (10) of which, credit and loans 14.0 -2.4 -10.9 19.0 from IMF (11) Borrowing from banks (10) 8.5 -12.1 -10.8 -13.3 Borrowing from other private 46.8 40.5 68.4 1.8 creditors (10) Memorandum Balance on goods and services in -1.1 0.8 2.4 1.5 percent of GDP (12) Scheduled amortization of 255.1 297.8 344.9 321.8 external debt Gross external financing (13) 540.5 545.5 592.8 510.4 Gross external borrowing (14) 355.0 356.7 392.0 332.0 Exceptional external financing, net 42.0 28.4 9.7 30.3 Of which, Arrears on debt service 21.8 8.2 -30.3 0.2 Debt forgiveness 1.5 2.2 1.7 2.6 Rescheduling of debt service 7.8 14.6 3.1 7.7 2002 2003 2004 2005 Other emerging market and developing countries Balance of payments (1) Balance on current account 84.5 148.5 219.8 423.3 Balance on goods and services 125.6 175.7 251.5 445.1 Income, net -125.0 -145.8 -170.6 -185.4 Current transfers, net 83.9 118.7 138.9 163.5 Balance on capital and financial -26.8 -154.2 -245.7 -363.2 account Balance on capital account (2) 1.6 10.8 17.6 16.0 Balance on financial account -28.3 -164.9 -263.4 -379.2 Direct investment, net 155.1 145.4 192.0 206.2 Portfolio investment, net -25.0 -31.0 0.5 -17.7 Other investment. net -7.3 0.5 -21.4 -42.3 Reserve assets -151.1 -279.9 -434.4 -525.4 Errors and omissions, net -57.7 5.6 25.9 -60.0 Capital flows Total capital flows, net (3) 122.8 115.0 171.0 146.2 Net official flows 13.2 -47.2 -67.5 -123.5 Net private flows (4) 109.1 162.6 237.8 269.7 Direct investment, net 155.1 145.4 192.0 206.2 Private portfolio investment, -26.9 18.1 69.7 78.2 net Other private flows, net -19.1 -1.0 -23.9 -14.7 External financing (5) Net external financing (6) 195.0 281.1 449.5 512.1 Non-debt-creating flows 165.2 184.3 274.0 296.7 Capital transfers (7) 1.6 10.8 17.6 16.0 Foreign direct investment and equity security 163.7 173.6 256.4 280.7 liabilities (8) Net external borrowings 29.8 96.8 175.5 215.3 Borrowing from official 11.5 1.7 2.1 -27.6 creditors (10) of which, credit and loans 13.4 1.7 -14.5 -39.9 from IMF (11) Borrowing from banks (10) -13.6 9.1 34.6 36.7 Borrowing from other private 31.9 86.0 138.8 206.3 creditors (10) Memorandum Balance on goods and services in 1.9 2.3 2.9 4.3 percent of GDP (12) Scheduled amortization of 341.1 369.8 373.2 395.6 external debt Gross external financing (13) 536.0 650.9 822.7 907.7 Gross external borrowing (14) 370.8 466.6 548.6 611.0 Exceptional external financing, net 58.7 35.1 20.4 -36.3 Of which, Arrears on debt service 15.0 18.4 9.7 -24.1 Debt forgiveness 1.8 1.7 3.0 3.5 Rescheduling of debt service 10.4 5.9 8.7 3.7 2006 2007 Other emerging market and developing countries Balance of payments (1) Balance on current account 486.7 473.2 Balance on goods and services 499.3 485.2 Income, net -186.0 -183.2 Current transfers, net 173.4 171.2 Balance on capital and financial -456.5 -455.8 account Balance on capital account (2) 23.3 22.1 Balance on financial account -479.8 -477.9 Direct investment, net 216.1 213.6 Portfolio investment, net -121.8 -119.2 Other investment. net -40.8 -64.8 Reserve assets -533.3 -507.5 Errors and omissions, net -30.2 -17.4 Capital flows Total capital flows, net (3) 53.4 29.6 Net official flows -143.0 -143.8 Net private flows (4) 196.7 173.3 Direct investment, net 216.1 213.6 Private portfolio investment, 32.0 35.0 net Other private flows, net -51.4 -75.4 External financing (5) Net external financing (6) 518.5 489.6 Non-debt-creating flows 311.4 315.0 Capital transfers (7) 23.3 22.1 Foreign direct investment and equity security 288.1 293.0 liabilities (8) Net external borrowings 207.1 174.5 Borrowing from official 10.7 10.5 creditors (10) of which, credit and loans ... ... from IMF (11) Borrowing from banks (10) 43.4 30.8 Borrowing from other private 153.0 133.1 creditors (10) Memorandum Balance on goods and services in 4.2 3.7 percent of GDP (12) Scheduled amortization of 377.4 377.1 external debt Gross external financing (13) 895.9 866.6 Gross external borrowing (14) 584.5 551.6 Exceptional external financing, net 10.1 11.1 Of which, Arrears on debt service ... ... Debt forgiveness ... ... Rescheduling of debt service ... ... (1) Standard presentation in accordance with the 5th edition of the International Monetary Fund's Balance of Payments Manual (1993). (2) Comprises capital transfers--including debt forgiveness--and acquisition/disposal of nonproduced, nonfinancial assets. (3) Comprise net direct investment, net portfolio investment, and other long- and short-term net investment flows, including official and private borrowing. In the standard balance of payments presentation above, total net capital flows are equal to the balance on financial account minus the change in reserve assets. (4) Because of limitations on the data coverage for net official flows, the residually derived data for net private flows may include some official flows. (5) As defined in the World Economic Outlook (see footnote 6). It should be noted that there is no generally accepted standard definition of external financing. (6) Defined as the sum of--with opposite sign--the goods and services balance, net income and current transfers, direct investment abroad, the change in reserve assets, the net acquisition of other assets (such as recorded private portfolio assets, export credit, and the collateral for debt-reduction operations), and the net errors and omissions. Thus, net external financing, according to the definition adopted in the World Economic Outlook, measures the total amount required to finance the current account, direct investment outflows, net reserve transactions (often at the discretion of the monetary authorities), the net acquisition of nonreserve external assets, and the net transactions underlying the errors and omissions (not infrequently reflecting capital flight). (7) Including other transactions on capital account. (8) Debt-creating foreign direct investment liabilities are not included. (9) Net disbursement of long- and short-term credits, including exceptional financing, by both official and private creditors. (10) Changes in liabilities. (11) Comprise use of IMF resources under the General Resources Account, Trust Fund, and Poverty Reduction and Growth Facility (PRGF). For further detail, see Table 36. (12) This is often referred to as the "resource balance" and, with opposite sign, the "net resource transfer." (13) Net external financing plus amortization due on external debt. (14) Net external borrowing plus amortization due on external debt. Table 33. Other Emerging Market and Developing Countries-by Region: Balance of Payments and External Financing (1) (Billion of U.S. dollars) 1998 1999 2000 2001 Africa Balance of payments Balance on current account -19.4 -15.0 7.2 0.5 Balance on capital account 4.1 4.6 3.5 4.4 Balance on financial account 16.5 12.4 -10.0 -4.5 Change in reserves (-= increase) 3.6 -0.4 -12.8 -9.8 Other official flows, net 5.3 3.8 2.7 -0.5 Private flows, net 7.6 9.0 -- 5.7 External financing Net external financing 27.5 30.1 15.1 19.5 Non-debt-creating inflows 20.1 23.0 15.6 23.4 Net external borrowing 7.4 7.1 -0.6 -3.9 From official creditors 5.3 3.8 2.8 -0.4 of which, credit and loans -0.4 -0.2 -0.2 -0.4 from IMF From banks -1.0 1.1 -1.0 -0.1 From other private creditors 3.0 2.2 -2.4 -3.4 Memorandum Exceptional financing 8.8 8.5 6.4 5.2 Sub-Sahara Balance of payments Balance on current account -17.7 -14.4 -0.7 -7.4 Balance on capital...

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