EN    EN EN 
 
EN    EN  COMMISSION OF THE E UROPEAN COMMUNITIES 
Brussels, 14.7.2008 
SEC(2008) 2249 
  
COMMISSION STAFF WORKING DOCUMENT 
ANNEX TO THE 
  
REPORT FROM THE COMMISSION 
TO THE BUDGETARY AUTHORITY ON  GUARANTEES COVERED BY THE 
GENERAL BUDGET 
SITUATION AT 31 DECEMBER 2007 
    
{COM(2008) 451 final} 
 
EN 2   EN TABLE OF CONTENTS 
1. Explanatory notes on the situation of risks covered by the Budget ............................. 3 
1.1. Tables A1 and A2......................................................................................................... 3  
1.1.1. Authorised ceiling (Table A1) ..................................................................................... 3 1.1.2. Capital outstanding (Table A1).................................................................................... 4 1.1.3. Annual risk (Table A2) ................................................................................................ 4 1.2. Loan operations covered by the Budget guarantee ...................................................... 7 1.3. Disbursement forecast................................................................................................ 11 1.4. Payment under the Budget guarantees ....................................................................... 12 1.4.1. Borrowing/lending operations.................................................................................... 12 1.4.2. Guarantees given to third parties................................................................................ 13 1.4.3. Activation of Budget guarantees................................................................................ 14 2. Country-risk evaluation.............................................................................................. 15 2.2. Explanatory notes for co untry-risk indicators............................................................ 15 
2.3. Country-risk indicators (tables).................................................................................. 16 
 
EN 3   EN 1. E XPLANATORY NOTES ON THE SITUATION OF RISKS COVERED BY THE BUDGET  
1.1. Tables A1 and A2 
The purpose of Tables A1 and A2 is to show  the outstanding amount and annual repayments 
of capital and interest in resp ect of borrowing and lending opera tions for which the risk is 
covered by the Budget. The figures show the maximum possible risk for the Community in 
respect of these operations and must not be r ead as meaning that th ese amounts will actually 
be drawn from the Fund or the Budget. 
In these tables, figures related to “New Memb er States” refer to the Member States which 
acceded to the European Union on 1 May 2004 and on 1 January 2007. 
1.1.1. Authorised ceiling (Table A1) 
This is the aggregate of the maximum amounts of capital authorised (ceilings) for each 
operation decided by the Council. 
In order to relate it to the risk which the Budget might have to cover, account should be taken 
of the following factors which could affect it: 
Factor increasing the risk: 
• the interest on the loan s must be added to the authorised ceiling. 
Factors reducing the risk: 
• limitation of the guarantee given to the EIB1: 
75% of the total amounts of loans signed in the Mediterra nean countries based on the 
Mediterranean protocols of 1977 and the Council Regulations 1762/92/EEC and 
1763/92/EEC. 
70% of the total amounts of loans signed as  part of lending ope rations with certain 
non-Member States authorised by the C ouncil Decisions 96/723/EC, 97/256/EC, 98/348/EC 
and 98/729/EC and a sharing of risk between  the Community and the EIB as the Budget 
guarantee covers only politic al risks in some cases; 
65% of the total amounts of lo ans signed as part of financ ing operations with certain 
non-Member States authorised  by the Council Decisions 99 /786/EC, 2000/24/EC as amended 
and 2006/1016/EC, and a sharing of  risk between the Community  and the EIB as the Budget 
guarantee covers only politic al risks in some cases; 
• operations already repaid, since the amount s concerned are the maximum amounts of 
capital authorised (ceilings) and not outstanding amounts; 
• the ceilings are not necessarily taken up in full. 
Another factor to be considered is that some loans are disbursed in currencies other than the 
EUR. Due to exchange rate fluctuations, the ceiling may be exceeded when the amounts 
disbursed up to the date of th e report are converted into EUR. 
                                                 
1 Within each portfolio individual EIB loans are, de facto, guaranteed at 100% until the global ceiling is 
reached. 
 
EN 4   EN 1.1.2. Capital outstanding (Table A1) 
This is the amount of capital still to be repaid on a given date in respect of operations 
disbursed. 
Compared with the previous aggregate, the amount outstanding does not include loans which 
have not yet been disbursed or the proportion of disbursed loans which have already been 
repaid. 
1.1.3. Annual risk (Table A2) 
Estimated amount of principal and interest due  each financial year by each country according 
to disbursements made until 31 December 2007. 
 
EN 5   EN Authorised Capital Capital Remainder
Operations ceiling outstanding at outstanding at to be disbursed
30.06.2007 31.12.2007 at 31.12.2007
MEMBER STATES  
EIB (new Member States )  4 224 4 060 1 086
MFA to Bul garia and Romania  309  253
Euratom to Bul garia and Romania  436  435
MEMBER STATES - TOTAL  0 4 969 4 748 1 086
THIRD COUNTRIES
A. Macro-Financial Assistance
Albania 9 9  9
Bosnia-Herze govina 40 40  40
Bulgaria 750
FYROM 90 90  90
Geor gia 142 58  58
Romania 780Serbia and Montene
gro 280 280  280
Tajikistan 75 28  28
Ukraine 453 64  29
Sub total MF A 2 619 568  534
B. EURATOM 1  39  39  23
C. Other
EIB Pre-Accession countries 28 755 3 763 4 416 3 587
EIB Neighbourhood and Partnership countries 28 342 4 951 5 197 3 975
EIB Asia and Latin America 8 205 1 458 1 452  570
EIB South Africa 2 400  729  666  266
Sub total EIB267 702 15 125 15 790 9 483
THIRD COUNTRIES - TOTAL 70 321 11 508 12 303 8 420
GRAND TOTAL 70 321 16 477 17 051 9 505
(2) The subtotal EIB includes the EIB loans to Member States.  
Credit line Loans made Amounts Amounts
Operations authorised available minus disbursed outstanding 
cancellations at 31.12.2007
Mandate 2007/2013: 25 800 1 898  78  78
Pre-Accession countries 8 700  388
Neighbourhood and Partnership countries: 12 400 1 205  0  0
Mediterranean 8 700 1 205
Eastern Europe, Southern Coucasus and Russia 3 700
Asia and Latin America: 3 800  305  78  78
Asia 1 000
Latin America 2 800  305  78  78
South Africa  900
Previous General Mandate 2000/20075: 20 060 19 587 11 640 10 060
Pre-Accession countries 10 235 7 354 4 163 3 928
Neighbourhood and Partnershi p countries 6 520 6 471 3 802 3 334
Asia and Latin America 2 480 2 175 1 423 986
South Africa 825 824  457 439
Member States (followin g the accession ) 2 763 1 795 1 372
sub-total 65 %345 860 21 484 11 718 10 138
Financial agreements (70% Guarantee rate) 7 477 6 513 5 894 3 226
Pre-Accession countries 3 770  477  412  323
Neighbourhood and Partnership countries 2 310 1 617 1 484  823
Asia and Latin America: 1 022 809  652 221
South Africa  375  375  277  165
Member States (following the accession) 3 236 3 069 1 695
sub-total 70 %37 477 6 513 5 894 3 226
Financial agreements (75% Guarantee rate) 7 712 7 062 7 124 1 247
Pre-Accession countries 1 350  713  718  153
Neighbourhood and Partnership countries 6 362 4 492 4 448  963
Member States (following the accession) 1 857 1 958  131
sub-total 75 %37 712 7 062 7 124 1 247
Financial agreements (100% Guarantee rate) 6 653 5 320 5 107 1 179
Pre-Accession countries 4 700  29  29  12
Neighbourhood and Partnership countries  750  315  78  76
Asia and Latin America 903 710  708 167
South Africa  300  285  207  62
Member States (following the accession) 3 982 4 086  862
sub-total 100 %36 653 5 320 5 107 1 179
Total  67 702 40 379 29 843 15 790
(3) Percentage figures relate to the Guarantee rate.
(5) Including Turkey Terra and Special Action Turkey.(4) Loans to New Member States were drawn from 'Pre-Accession countries' or from 'Neighbourhood and Partnership countries' ceil ings. Bulgaria and Romania are 
included in the "New Member States".TABLE A1: CAPITAL OUTSTANDING IN RESPECT OF OPERATIONS DISBURSED at 31.12.2007 (in EUR million)
(1) The overall ceiling is EUR 4 000 million for loans to Member States and non-member States. By Decision 94/179/Euratom of 21  March 1994, the Council decided to 
extend Euratom loans to the financing of projects in certain non-member States.
ANNEX TO TABLE A1: SITUATION IN RESPECT OF EIB OPERATIONS at 31.12.2007 (in EUR million)
 
EN 6   EN Ranking Country 2008 2009 2010 2011 2012 2013 2014 2015 until 2037 Total Outstanding
1 Turkey  255.6  239.5  276.4  279.9  278.1  264.8  260.0 1 936.6 3 790.9
2 Romania  257.5  247.2  240.1  250.9  196.5  196.0  176.7 1 101.1 2 666.0
3 Egypt  199.3  189.6  176.2  160.9  154.1  144.2  126.6  844.6 1 995.4
4 Morocco  127.1  129.0  130.2  135.5  134.3  132.1  123.5  886.2 1 798.0
5 Tunisia  121.9  124.8  130.7  127.3  128.2  128.6  118.5  681.9 1 561.9
6 Serbia and Montenegro  55.0  56.8  59.7  67.2  108.1  106.0  111.6  645.3 1 209.6
7 Bulgaria  158.1  91.9  82.0  65.4  78.2  63.4  63.8  306.7  909.6
8 Czech Republic  89.0  143.9  81.8  73.0  70.4  67.8  56.4  175.7  758.0
9 South Africa  84.3  113.2  73.6  58.8  68.9  43.4  45.9  225.2  713.3
10 Poland  88.8  80.8  77.1  74.6  72.2  66.6  52.7  185.0  697.8
11 Croatia  38.5  30.3  30.4  39.1  42.0  41.8  37.9  324.1  584.2
12 Slovak Republic  71.7  65.6  65.1  65.2  50.2  36.4  24.9  119.9  499.0
13 Brazil  86.1  67.4  52.9  38.4  32.9  59.8  82.0  23.5  443.2
14 Syria  27.9  27.3  34.1  34.1  34.1  32.2  32.2  219.6  441.4
15 Bosnia and Herzegovina  30.0  26.5  28.2  28.5  50.8  22.5  21.1  162.1  369.8
16 Lebanon  55.8  60.7  50.5  49.4  38.4  33.8  17.0  48.2  353.8
17 Jordan  41.3  42.1  38.0  36.4  33.2  27.0  21.4  62.1  301.5
18 The former Yugoslav Republic of Macedonia  22.7  25.7  25.1  24.7  26.3  22.6  24.5  94.6  266.4
19 Hungary  30.4  28.0  25.3  24.4  22.2  13.4  9.0  15.1  167.9
20 Albania  10.7  11.6  11.8  11.7  13.0  10.7  10.3  79.5  159.4
21 Slovenia  38.2  25.9  20.8  14.3  11.4  9.4  7.4  6.5  133.9
22 Peru  8.5  6.5  9.7  15.7  15.6  15.4  12.1  35.7  119.1
23 Indonesia  11.4  14.4  17.8  11.0  8.6  8.6  8.6  29.8  110.2
24 Mexico  24.1  21.9  22.3  3.1  3.1  3.1  3.1  15.7  96.5
25 Sri Lanka  3.0  2.5  3.1  4.7  7.6  9.5  9.5  51.3  91.0
26 Argentina  19.1  15.2  12.7  12.9  10.2  10.4  3.4  3.4  87.427 Pakistan  9.0  9.8  11.5  11.5  11.5  8.8  6.0  18.7  87.0
28 China  9.4  8.7  8.8  7.7  6.6  6.7  6.8  27.8  82.5
29 Ukraine  19.6  20.7  5.4  5.2  5.0  4.9  4.7  14.9  80.5
30 Cyprus  15.3  15.4  15.4  15.0  8.7  4.9  3.3  0.0  77.9
31 Russia  3.0  4.8  4.8  4.8  6.9  6.9  6.9  39.0  77.1
32 Vietnam  6.5  8.8  9.8  10.3  10.2  10.1  9.9  9.9  75.4
33 Colombia  2.0  0.0  4.0  7.9  7.9  7.9  7.9  36.9  74.6
34 the Philippines  8.2  8.9  9.7  9.7  10.0  5.1  5.0  8.7  65.5
35 Georgia  2.5  24.6  23.6  14.1  0.0  0.0  0.0  0.0  64.8
36 Lithuania  6.9  6.4  5.7  5.5  5.3  5.1  5.0  22.7  62.6
37 Latvia  8.0  6.9  6.7  6.5  5.1  5.0  4.9  18.4  61.5
38 The West Bank and the Gaza Strip  1.8  3.9  3.9  3.9  3.9  3.9  3.9  19.4  44.9
39 Algeria  7.0  6.7  6.5  6.3  5.6  5.0  2.1  0.0  39.3
40 Thailand  5.1  5.7  4.7  4.3  5.9  8.1  2.0  0.0  35.9
41 Ecuador  1.0  0.0  1.9  3.9  3.9  3.9  3.9  17.4  35.7
42 Tadjikistan  1.3  1.3  1.3  1.3  13.0  12.5  4.1  0.0  34.6
43 Panama  0.4  1.5  2.3  2.3  2.3  2.3  2.3  20.9  34.4
44 Laos  0.0  0.0  0.0  0.2  0.4  0.4  0.5  31.6  33.0
45 Maldives  1.8  1.6  2.8  3.4  3.4  3.4  3.4  11.7  31.4
46 Bangladesh  2.8  4.6  4.6  4.6  4.6  4.5  0.0  0.0  25.7
47 Israel  2.9  2.9  2.9  2.9  2.9  2.9  2.9  1.5  22.0
48 Costa Rica  3.5  3.5  3.5  3.5  3.5  3.5  0.0  0.0  20.8
49 India  3.2  3.2  3.2  3.2  3.2  3.2  0.0  0.0  19.1
50 El Salvador  4.6  3.0  2.4  2.3  1.3  1.2  1.2  1.2  17.1
51 Estonia  4.3  3.4  2.5  2.4  1.9  1.3  0.6  0.0  16.4
52 Malaysia  3.0  2.9  2.9  1.7  1.7  0.9  0.0  0.0  13.1
53 Uruguay  1.0  0.9  1.1  1.2  1.3  1.4  1.5  1.8  10.1
54 Malta  0.8  0.6  0.6  0.6  0.6  0.3  0.0  0.0  3.7
Total Outstanding 2 090.8 2 049.1 1 928.1 1 853.6 1 825.5 1 693.6 1 549.2 8 581.9 21 571.8
Sub-total for Member States  768.9  716.1  623.1  598.0  522.8  469.7  404.7 1 951.1 6 054.2Table A2: Total Annual Risk borne by the Budget in EUR million based on the amounts (capital and interest) due under all 
operations (MFA, Euratom and EIB) disbursed at 31.12.2007
 
 
EN 7   EN 1.2. Loan operations covered by the Budget guarantee  
Tables A3a, A3b(1), A3b(2) and A4 
Instrument Decision Date of Loan Guarantee Maturity Loan Amount Outstanding Outstanding
decision term Rate Date situation decided amount amount
(years)  - closed (a) at 30.06.2007 at 31.12.2007
 - partially disbursed (b) in EUR million in EUR million
 - disbursed in full (c)
 - not yet disbursed (d)
BOP 2002/332/EC 18.02.02 100% (d) 12 000.00  0.00  0.00
EURATOM (3) 100% 4 000.00  436.00  435.25
77/270-271/Euratom 29.03.77 (c)  500.00
80/29/Euratom 20.12.79 (c)  500.00
82/170/Euratom 15.03.82 (c) 1 000.00
85/537/Euratom 05.12.85 (c) 1 000.00
90/212/Euratom 23.04.90    (b)(4) 1 000.00
Bulgaria  212.50
     1st tranche 20 10.05.2021 (c)  40.00  40.00
     2nd tranche 15 15.01.2017 (c)  15.00  14.25
     3rd tranche 17 19.08.2019 (c)  25.00  25.00
     4th tranche 15 18.06.2018 (c)  25.00  25.00
     5th tranche 15 16.01.2019 (c)  35.00  35.00
     6th tranche 16 10.09.2020 (c)  30.00  30.00
     7th tranche 16 04.04.2021 (c)  25.00  25.00
     8th tranche 14 23.02.2020 (c)  17.50  17.50
Romania  223.50
     1st tranche 17 21.07.2022 (c)  100.00  100.00
     2nd tranche 19 26.11.2024 (c)  90.00  90.00
     3rd tranche 18 23.02.2024 (c)  33.50  33.50
NCI (3) 100% 6 830.00
78/870/EEC 16.10.78 (c) 1 000.00
81/19/EEC(1) 20.01.81 (c) 1 000.00
81/1013/EEC(2) 14.12.81 (c)  80.00
82/169/EEC 15.03.82 (c) 1 000.00
83/200/EEC 19.04.83 (c) 3 000.00
87/182/EEC 09.03.87 (c)  750.00
TOTAL 22 830.00  436.00  435.25As Bulgaria and Romania join the EU as of 01.01.2007, the outstanding amounts under the Euratom instrument are covered by the E uratom Decisions dedicated to 
the Member States.TABLE A3a
Borrowing and lending operations by the Communities to Member States 
Period 30.06.2007 to 31.12.2007
 
 
EN 8   EN TABLE A3b (1)
 European Community (MFA) and Euratom loans to non-member States
Changes in amounts outstanding during six-month period 30.06.2007 to 31.12.2007, broken down by countries and tranche
* Member States as of 01.01.2007 in EUR million 
   COUNTRY Decision Date Loan Expiry Loan Amount Amount Operations in Amount
of decision term date situation decided outstanding six-month period outstanding
(years)  - closed (a) at 30.06.2007 Amounts Amounts at 31.12.2007
 - partially disbursed (b) disbursed repaid
 - disbursed in full (c)
 - not yet disbursed (d)
    BULGARIA III* 97/472/EC 22.07.97 250.00
     1st tranche 10 10.02.2008 (c) 125.00 31.25 31.25
     2nd tranche 10 22.12.2008 (c) 125.00 62.50 31.25 31.25
    BULGARIA IV* 99/731/EC 08.11.99 100.00
     1st tranche 10 21.12.2009 (c) 40.00 30.00 10.00 20.00
     2nd tranche -- ( c ) 60.00 60.00 15.00 45.00
    ROMANIA III* 94/369/EC 20.06.94 125.00
     1st tranche 7 20.11.2002 (a) 55.00 0.00 0.00
     2nd tranche 7 20.11.2004 (a) 40.00 0.00 0.00
     3rd tranche 7 23.12.2004 (a) 30.00 0.00 0.00
    ROMANIA IV* 99/732/EC 08.11.99 200.00   
     1st tranche 10 29.06.2010 (c) 100.00 75.00 75.00
     2nd tranche 10 17.07.2013 (c) 50.00 50.00 50.00
     3rd tranche -- (a) 50.00
    BOSNIA AND HERZEGOVINA I 99/325/EC 10.05.99 20.00
     1st tranche 15 22.12.2014 (c) 10.00 10.00 10.00
     2nd tranche -- ( c ) 10.00 10.00 10.00
    BOSNIA AND HERZEGOVINA II 02/883/EC 09.11.02 20.00
     1st tranche 15 16.01.2019 (c) 10.00 10.00 10.00
     2nd tranche 15 09.02.2021 (c) 10.00 10.00 10.00
   REPUBLIC OF MOLDOVA I 94/346/EC 13.06.94 45.00
     1st tranche 10 07.12.2004 (a) 25.00 0.00 0.00
     2nd tranche 10 08.08.2005 (a) 20.00 0.00 0.00
    REPUBLIC OF MOLDOVA II 96/242/EC 25.03.96 10 30.10.2006 (a) 15.00 0.00 0.00
    FYROM I 97/471/EC 22.07.97 40.00
     1st tranche 15 27.09.2012 (c) 25.00 25.00 25.00
     2nd tranche 15 13.02.2008 (c) 15.00 15.00 15.00
    FYROM II 99/733/EC 08.11.99 50.00
     1st tranche 15 15.01.2016 (c) 10.00 10.00 10.00
     2nd tranche 15 30.01.2017 (c) 12.00 12.00 12.00
     3rd tranche 15 04.06.2018 (c) 10.00 10.00 10.00
     4th tranche 15 23.12.2018 (c) 18.00 18.00 18.00
 
EN 9   EN TABLE A3b (2)
 European Community (MFA) and Euratom loans to non-member States
Chan ges in amounts outstandin g durin g six-month period 30.06.2007 to 31.12.2007 , broken down b y countries and tranche
in EUR million
   COUNTRY Decision Date Loan Expiry Loan Amount Amount Operations in Amount
of decision term date situation decided outstanding six-month period outstanding
(years)  - closed (a) at 31.12.2006 Amounts Amounts at 31.12.2007
 - partially disbursed (b) disbursed repaid
 - disbursed in full (c)
 - not yet disbursed (d)
  UKRAINE I 94/940/EC 22.12.94 10 28.12.2005 (a) 85.00 0.00 0.00
  UKRAINE II 95/442/EC 23.10.95 200.00
     1/2 tranche 10 29.08.2006 (a) 50.00 0.00 0.00
     1/2 tranche 10 30.10.2006 (a) 50.00 0.00 0.00
     2nd tranche 10 25.09.2007 (c) 100.00 20.00 20.00 0.00
  UKRAINE III 98/592/EC 15.10.98 150.00
     1st tranche 10 30.07.2009 (c) 58.00 43.50 14.50 29.00
-- ( a ) 92.00
  UKRAINE IV 2002/639/EC 12.07.02 (d) 110.00
  GEORGIA 97/787/EC 17.11.97 15 24.07.2013 (c) 110.00 57.50 57.50
  ARMENIA 97/787/EC 17.11.97 15 30.12.2013 (a) 28.00 0.00 0.00
  REPS FORMER USSR 91/658/EEC 16.12.91 3 28.09.1997 (a) 1,250.00
  TAJIKISTAN 2000/244/EC 20.03.00 (b) 75.00
     1st tranche 15 30.03.2016 (c) 60.00 28.00 28.00
SERBIA AND MONTENEGRO 2001/549/EC 16.07.01 15 17.10.2016 (c) 225.00 225.00 225.00
SERBIA AND MONTENEGRO 2002/882/EC 09.11.02 55.00
     1st tranche 15 28.02.2018 (c) 10.00 10.00 10.00
     2nd tranche 15 01.09.2018 (c) 30.00 30.00 30.00
     3rd tranche 15 04.05.2020 (c) 15.00 15.00 15.00
SERBIA AND MONTENEGRO 2003/825/EC 25.11.03  -  - (a) 25.00
ALBANIA 2004/580/EC 29.04.04 15 23.03.2021 (c) 9.00 9.00 9.00
LEBANON 2007/860/EC 21.12.07 (d) 50.00
UKRAINE (Euratom) 94/179/EC 21.03.94 11 15.03.2018 (b) EUR e quivalent 39.00 39.00
of USD 83 million
TOTAL  915.75 0.00 90.75 825.00
 
EN 10   EN TABLE A4 LOAN GUARANTEES TO EIB in EUR million 
Date Rate Date of Amount Loans signed Amount outstanding
Geographical Area Decision of decision of guarantee guarantee decided         (minus cancellations)
contract at 30.06.07 at 31.12.07 at 30.06.07 at 31.12.07
MED. Financial protocols(1) 8.03.77 75% (2) 30.10.78/10.11.78 6 062 5 553 5 548  824  745
MED. Horizontal cooperation R/1762/92/EEC 29.06.92 75% (2) 09.11.92/18.11.92 1 800 1 656 1 656  556  502
TOTAL MED. (3) 7 862 7 209 7 204 1 380 1 247
C and E Europe I 90/62/EEC(4) 12.02.90 100% 24.04.90/14.05.90 1 000  912  912  146  127
91/252/EEC(5) 14.05.91 100% 19.01.93/04.02.93  700  493  493  25  17
C and E Europe II 93/696/EC(6) 13.12.93 100% 22.07.94/12.08.94 3 000 2 464 2 464  782  730
Asia, Latin America I 93/115/EEC 15.02.93 100% 04.11.93/17.11.93  750  571  571  164  145
Asia, Latin America Interim 96/723/EC 12.12.96 100% 18.03.97/26.03.97  153  139  139  27  22
Asia, Latin America Interim 96/723/EC 12.12.96 70% 21.10.97  122  122  122  28  21
South Africa 95/207/EC 01.06.95 100% 04.10.95/16.10.95  300  285  285  96  62
New mandates 97/256/EC(7) 14.04.97 70% 25.07.97/29.07.97 7 105 6 142 6 142 3 334 3 036
FYROM 98/348/EC 19.05.98 70% 29.07.98/07.08.98  150  150  150  103  108
Bosnia and Herzegovina 98/729/CE 14.12.98 70% 16.06.99/22.06.99  100  100  100  63  61
Turkey Terra 99/786/EC 29.11.99 65% 18.04.00/23.05.00  600  600  600  535  526
Mandates 2000-2007 2000/24/EC(8) 22.12.99 65% 19.07.00/24.07.00 (11) 19 460 18 025 18 987 8 374 9 535
The Baltic Sea basin of Russia 2001/777/EC(9) 06.11.01 100% 06.05.02/07.05.02  100  85  85  68  76
Russia, Belarus, Rep. Of Moldova and 
Ukraine2005/48/EC(10) 22.12.04 100% 21.12.05/09.12.05  500  30  230  0  0
Mandate 2007-2013 2006/1016/EC(12) 19.12.06 65% 01.08.07/29.08.07 (13) 27 800  0 1 898  0  78
TOTAL 69 702 37 327 40 381 15 125 15 790
(1) Including EUR 1 500 million for Spain, Greece and Portugal.
(2) General guarantee of 75% for all credits made available under lending operations under a guarantee contract signed between the Community and the EIB on 30.10.78 and 10.11.78.
       By way of exception, a 100% guarantee applies to the emergency aid granted to Portugal in accordance with the Council De cision of 7 October 1975.  
(3) The Community has guaranteed EUR 5 497 million, of which EUR 141.5 million is covered by a 100% guarantee for Portugal.
(4)  Poland, Hungary.
(5) Czech Republic and Slovak Republic, Bulgaria, Romania.
(6) Poland, Hungary, Czech Republic and Slovak Republic, Bulgaria, Romania, Baltic States and Albania.
(7) Central and Eastern Europe, Mediterranean, Asia and Latin America, South Africa.
(8) South-eastern Neighbours, Mediterranean countries, Latin America and Asia, Republic of South Africa, Special action Turkey,  as amended (2005/47/EC).
(9) A special lending action for selected environmental projects in the Baltic Sea basin of Russia under the Northern Dimension .
(10) A special lending action for certain types of projects in Russia, Belarus,Republic of Moldova and Ukraine.
(11) Restated and amended in 2005.
(12) Pre-Accession countries, Neighbourhood and Partnership countries, Asia and Latin America, Republic of South Africa.
(13) The amount decided of EUR 27 800 million is broken down into a basic ceilin g of a fixed maximum amount of EUR 25 800 million and an o ptional mandate of EUR 2 000 million.
 
EN 11   EN 1.3. Disbursement forecast 
The risk towards Member States should decrease in future as the loans are reimbursed under 
Euratom, MFA or EIB guaranteed financing. Th is situation could change in case some 
Member States which have not adopted th e Euro call upon the Community medium-term 
financial assistance instrument (Balance-of-Payment)2 or call upon the Euratom facility. 
Graph A1: Annual Risk borne directly by th e Budget in EUR million from 2008 to 2014 
based on the amounts (capital and interest) due by Member States under all operations 
(MFA, Euratom and EIB) disbursed at 31 December 20073 
 0 100 200 300 400 500 600 700 800 900
2008 2009 2010 2011 2012 2013 2014EUR million
 
                                                 
2 Council Regulation (EC) No 332/2002 of 18 February  2002, OJ L 53, 23.2.2002, p. 1. This facility is 
limited to EUR 12 billion and has not yet been used. 
3 As of 31 December 2007, the 2008 annual risk for Member States was EUR 769 million. 
 
EN 12   EN At 31 December 2007, the EIB had still to disbur se a total of EUR 7 191 million under the 
EUR 20 060 million previous general ma ndate 2000 – 2007 for third countries: 
EUR million
Loans made available
Ceiling (minus cancellations) at to be disbursed
31.12.2007*  
Mediterranean 6 520 6 471 2 452
South-Eastern Neighbours** 10 235 7 354 3 149
Asia, Latin America 2 480 2 175  343
South Africa  825  824  266
Member States* 2 763  981
20 060 19 587 7 191
* EUR 2,763 million for Member States are not included (Bulgaria, Hungary, Lithuania, Romania, Slovakia, Slovenia).
** The ceiling includes Terra Turkey and Special Action Turkey.Table A5: Disbursement forecast for EIB loans on previous general mandate 2000 - 2007
 
Graph A2: Disbursement forecast of EIB loans including the new general mandate, 
MFA and Euratom loans and total estimated outstanding covered by the Fund 
5,0007,50010,00012,50015,00017,50020,00022,50025,00027,50030,000
2008 2009 2010 2011 2012 2013 2014EUR million
Total estimated Outstanding
 
1.4. Payment under the Budget guarantees4 
1.4.1. Borrowing/lending operations 
In this type of operation, the Community bo rrows on the financial market and on-lends the 
proceeds (back-to-back) to Member States (b alance of payments), third countries (Macro-
financial assistance) or utility companies (Euratom). 
The loan repayments are scheduled to match th e repayments of the borrowings due from the 
Community. If the recipient of the loan is la te in making a repayment, the Commission must 
draw on its resources to repay the borrowing on the due date. 
                                                 
4 The Communities have granted loans and guaranteed  loans to accession countries. Those loans and 
guarantees were covered by the Guarantee Fund and remain outstanding or in force after the date of 
accession. From that date, they cease to be extern al actions of the Communities and are therefore 
covered directly by the Budget. 
 
EN 13   EN The funds needed to pay the Budget guarantee in the event of late payment by the recipient of 
a loan granted by the Community are raised as follows: 
a) the amount required may be taken provisi onally from cash resources in accordance 
with Article 12 of Council Regulation (EC, Euratom) No 1150/2000 of 22 May 2000, 
as amended, implementing Council Decisi on 2007/436/EC,Euratom of 7 June 2007 
on the system of the Communities' own resour ces. This method is used so that the 
Community can immediately repay the borrowi ng on the date scheduled in the event 
of late payment by the recipient of the loan; 
b) if the delay reaches to three months af ter the due date, the Commission draws on the 
Fund to cover the default. The funds obtai ned are used to replenish the Commission's 
cash resources; 
c) the transfer procedure can be used to provide the Budge t heading with the 
appropriations needed to cover the defau lt. This method is used when there are 
insufficient appropriations in the Fund and must be authorised in advance by the 
budgetary authority; 
d) the re-use of amounts repaid by debtors w ho have defaulted, leading to activation of 
the Community guarantee, allows payments to be made within a short period of time 
always providing, of course, that th ere are recovered funds available. 
1.4.2. Guarantees given to third parties 
The Community provides a guarantee in respec t of financing grante d by the EIB under the 
external mandates. When the recipient of a gua ranteed loan fails to make a payment on the 
due date, the EIB asks the Community to pa y the amounts owed by the defaulting entity in 
accordance with the relevant guara ntee agreement. The guarantee call must be paid within 
three months of receiving the EIB's request. Th e EIB administers the loan with all the care 
required by banking practice and is obliged to s eek to recover the payments due after the 
guarantee has been activated. 
Since the entry into force of the Regulation establishing the Guaran tee Fund for external 
actions5, the provisions of the Agreement be tween the Community and the EIB on 
management of the Fund state that, after the EIB calls in the guarantee in the event of a 
default, the Commission must  authorise the Bank to with draw the corresponding amounts 
from the Fund within three months. 
If there are insufficient resources in the Fund, the procedure used for activating the guarantee 
is the same as for borrowing /lending operations, see 1.4.1 above. 
An implementation agreement was concluded between the Community and the EIB on 20 and 
22 January 1999 to determine payment and re payment procedures in connection with 
Community guarantees to the EIB. This agr eement was revised in order to reflect the 
provisions of Council Decision 2006/1016/EC of  19 December 2006 granting a Community 
guarantee to the EIB against loss es under loans and loan guarant ees for projects outside the 
                                                 
5 Council Regulation (EC, Euratom) No 2728/94 of 31 October 1994 establishing a Guarantee Fund for 
external actions, OJ L 293, 12.11.1994, p.1, as amended by Council Regulation (EC, Euratom) No 1149/1999 of 25 May 1999, OJ L  139, 2.6.1999, p. 1, Council Regulation (EC, Euratom) 
No 2273/2004 of 22 December 2004,  OJ L 396, 31.12.2004, p. 28 , and Council Regulation (EC, 
Euratom) No 89/2007 of 30 January 2007,
 OJ L 22, 31.1.2007, p. 1.  
 
EN 14   EN Community6. The new Recovery Agreement, whic h has replaced the implementation 
agreement, was signed by the Community and the EIB on 1 and 29 August 2007. 
1.4.3. Activation of Budget guarantees 
If a borrower defaults on an EIB loan guarant eed by the Budget, the Community guarantee is 
called upon at the earliest  three months after th e date on which payment has fallen due. The 
Community will act within three months of recei ving such a letter from the EIB calling for the 
guarantee to be activated, aut horising the EIB to take the corresponding amounts from the 
Fund (see 1.4.2 above). 
For loans granted by the EC or Euratom, defau lt interest owed by loan beneficiaries for the 
time between the date on which cash resources are made available by the Budget and the date 
of activation of the Fund is dr awn from the Fund and repaid to  the Budget. For EIB loans, 
default interest is calculated during the peri od between the due date  of a defaulted loan 
instalment and the date of receipt of the cash resources by the EIB from the Commission. 
                                                 
6 OJ L 414, 30.1.2.2006, p. 95. 
 
EN 15   EN 2. C OUNTRY -RISK EVALUATION  
Countries other than those presented in the main  report, but representing important risks to the 
Budget, notably through EC macr o-financial assistance, Eurato m loans or guarantees of EIB 
projects related financing, and either categorised  as “severely indebted” according to criteria 
set by the World Bank or facing significant imbalanc es in their external or debt situation, are 
also included in the risk evaluation. The c ountry risk evaluation pr esented below comprises 
short analyses or tables of risk indicators. 
2.2. Explanatory notes for country-risk indicators 
Standard footnotes  
a) Includes only EC and EIB loans (outst anding disbursements) to CEEC, NIS and 
MED. 
b) The higher the ranking number, the lowe r the creditworthiness of the country. 
 Countries are rated on a scale of zero to 185; 185 represents the least chance of 
default. A given country may improve its ra ting and still fall in the ranking if the 
average global rating for all rated countries improves. 
Abbreviations and English words used in tables  
S&P Standard and Poor's 
CCFF Compensatory and Contingency Financing Facility 
EFF Extended Fund Facility FDI Foreign Direct Investment GDP Gross Domestic Product SBA Stand-By Arrangement STF Systemic Transformation Facility est. estimates m EUR EUR million bn USD USD billion n.a. not available 
 
EN 16   EN 2.3. Country-risk indicators (tables) 
Country-risk indicators
Country: Argentina
footnotes 2005 2006 2007 (proj)
Real GDP growth rate (%) 8.5 8.7 6.7
Industrial production (% change) 8.3 6.9 5.1
Unemployment (% of labour force) 8.7 8.2 8.0
Inflation rate (CPI) (Dec. / Dec.) (% change) 10.0 17.0 22.2Exchange rate (Pesos per 1 EUR) 3.9 4.5 4.5
General government balance (% of GDP) 1.8 0.4 1.5
Balance of payments
Exports of goods (m EUR) 37114 40788 47338
Current account balance (% of GDP) 3.5 2.8 1.7Net inflow of foreign direct investment (m EUR) 2128 1631 1631Official reserves, includi ng gold (end of period)
   bn USD 25.3 34.2 39.1
   months' imports of goods and services 8.0 10.0 10.0
External debt
Convertible currency external debt (m EUR) 85935 82962 76975
   (end of period)Convertible currency debt service (m EUR) 17397 na na   principal (m EUR) 12123 na na   interest (m EUR) 5274 na naExternal debt/GDP (%) 51.6 44.5 33.5External debt/exports of goods and services (%) 232 203 162
Debt service/exports of goods and services (%) 46.9 na na
Arrears (on both interest and principal) (m EUR) yes yes yesDebt relief agreements and rescheduling no no no
Indicators of EU exposure
EU exposure/total EU exposure (%) (a) 1.54 1.15 0.85
EU exposure/external debt (%) 0.21 0.13 0.17EU exposure/exports of goods and services (%) 0.60 0.30 0.27
IMF arrangements
Type No No No
(Date)On track
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) Caa1 Caa1 B3
S&P long-term foreign currency rating (end of period) B B B+Euromoney    03/05  09/05 03/06   09/06 03/07   09/07
   Position in the ranking (b) 141     120 119       100    110   109   (number of countries) (185)  (185) (185)  (185) (185)    (185)
The Institutional Investor    03/ 05  09/05 03/06   09/06 03/07   09/07
   Position in the ranking 137    115 91    87    85      83
   (number of countries) (173)   (173) (173)   (173) (173)   (173)
(a) (b)  see explanatory notes  at beginning of the tables
 
 
EN 17   EN footnotes 2005 2006 2007
preliminary
Real GDP growth rate (%) 3.9 6.7 6
Industrial production (% change)
   Federation 57 . 5 9 . 1
   Republika Srpska 20 19.1 1.4
Unemployment (end of period) (% of labour force) (1) 44.6 44.2 42.9
Inflation rate (CPI) (12 month average) (% change) 4.3 6.1 1.5
Exchange rate (end of period) KM per EUR 1.96 1.96 1.96
KM per USD 1.66 1.49 1.33
General government balance (after grants) (% of BiH GDP) 2.4 2.9 -
Balance of payments
Exports of goods and services (m EUR) 2826 3581 4053
Current account balance (% of GDP) -18 -8.4 -13.1
Net inflow of foreign direct investment (m EUR) 476 561 1468
Official reserves, including gold (end of period)
m EUR 2161 2789 3426
   months' imports of goods and services 4.1 5.2 6.6
External debt
Convertible currency external debt (m EUR) (2) 2219 2082 1997
   (end of period)
Convertible currency debt service (m EUR) (2) 117.6 138.1 122.3   principal (m EUR) 72.6 87 70.8
   interest (m EUR) 45 51.1 51.5
External debt/GDP (%) (2) 25.6 21.3 18.5
External debt/exports of goods and services (%) (2) 78.3 58 49.1
Debt service/exports of goods and services (%) (2) 4.2 3.8 3
Arrears (on both interest and principal) (m EUR) none none none
Debt relief agreements and rescheduling yes yes yes
Indicators of EU exposure
EU exposure/total EU exposure (%) (a) 1.55            2.73            3.63            
EU exposure/external debt (%) 7.84            11.29          18.52          
EU exposure/exports of goods and services (%) 5.93            6.40            9.12            
IMF arrangements
Type
(Date)
On track
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) Caa1 B3 B2
S&P long-term foreign currency rating (end of period) none none none
Euromoney 03/05   09/05 03/06    09/06 03/07  09/07
   Position in the ranking (b) 123   124 110    105 104   107
   (number of countries) (185)   (185) (185)   (185) (185)   (185)
The Institutional Investor 03/05   09/05 03/06    09/06 03/07   09/07
   Position in the ranking (b) 107   112 109    108 101    110
   (number of countries) (173)  (173) (173)  (173) (173)  (173)
Footnotes
(1) The April 2007 Labour Force Survey points to an unemployment rate of 29% of the labour force
(2) External debt by the private sector is not included (not available).
(a) (b    See explanatory notes at beginning of the tables.Country-risk indicators
Country: Bosnia & Herzegovina (1)
 
EN 18   EN Country-risk indicators
Country: Brazil
footnotes 2005 2006 2,007 €
Real GDP growth rate (%) 3.8 5.4 4.6
Industrial production (% change) 2.8 6.0 5
Unemployment (end of period) (% of labour force) 10.0 9.3 9.0
Inflation rate (CPI) (Dec. / Dec.) (% change) 3.1 4.5 4.4
Exchange rate (end of period) (Reais per EUR) 2.7
General government balance (% of GDP) -2.8 -2.1 -1.6
Balance of payments
Exports of goods (m EUR) 109748 116800 123431
Current account balance (% of GDP) 1.3 0.3 -0.7Net inflow of foreign direct investment (m EUR) 14973 25246 21702
Official reserves, including gold (end of period)
   bn USD 68333 131127 151441
   months' imports of goods 8.0 14.0 15
External debt
Convertible currency external debt (m EUR) 158800 177960 168120
   (end of period)Convertible currency debt service (m EUR) 33340 na na
   principal (m EUR) 23175 na na
   interest (m EUR) 10165 na na
External debt/GDP (%) 18.7 18.5 15.0
External debt/exports of goods and services (%) 145 152 136Debt service/exports of goods and services (%) 34 na na
Arrears (on both interest and principal) (m EUR) no no no
Debt relief agreements and rescheduling (m EUR) no no no
Indicators of EU exposure
EU exposure/total EU exposure (%) (a) 5.50 5.69 4.35
EU exposure/external debt (%) 0.41 0.38 0.26
EU exposure/exports of goods and services (%) 0.64 0.45 0.36
IMF arrangements
Type No No No
(Date)
On track
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) B1 Ba3 Ba1
S&P long-term foreign currency rating (end of period) BB BB BB+
Euromoney   03/05  09/05 03/06    09/06 03/07    09/07
   Position in the ranking (b) 68    69 69       66 67     66
   (number of countries) (185)    (185) (185)    (185) (185)    (185)
The Institutional Investor    03/05  09/05 03/06   09/06 03/07   09/07
   Position in the ranking 
67     66 64      61 60     57
   (number of countries) (173)   (173) (173)   (173) (173)   (173)
   Credit rating 
(a) (b) See explanatory notes at beginning of the tables  
 
EN 19   EN footnotes 2005 2006 2007
Real GDP growth rate (%) 4.3 4.8 5.6
Industrial production (% change) 5.1 4.5 5.6Unemployment (end of period) (% of labour force) 12.7 11.2 11.0
Inflation rate (CPI) (Dec/Dec) (% change) 3.7 2.1 5.8
Exchange rate (kuna per EUR) 7.3 7.3 7.3
General government balance (% of GDP) -4.0 -2.5 -1.6
Balance of payments
Exports of goods and services (m EUR) 15,273 16,998 18,372
Current account balance (% of GDP) -6.4 -7.9 -8.6
Net inflow of foreign direct investment (m EUR) 1,276 2,561 3,419
Official reserves, including gold (end of period) (m EUR) 7,438 8,725 9,307
months' imports of goods and services 5.1 5.3 5.2
External debt
Convertible currency external debt (m EUR) 25,748 29,274 32,929
   (end of period)
Convertible currency debt service (m EUR) 3,666 5,949 6,063
   principal (m EUR) 3,582 5,864 5,975
   interest (m EUR) 702 833 805External debt/GDP (%) 83.2 85.5 87.9
External debt/exports of goods and services (%) 169 172 179
Debt service/exports of goods and services (%) 24.0 35.0 33.0
Indicators of EU exposure
EU exposure/total EU exposure (%) 2.24 6.32 5.74
EU exposure/external debt (%) 0.96 1.88 1.77
EU exposure/exports of goods and services (%) 1.62 3.24 3.18
IMF arrangements
Type
(Date)
On track
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) Ba1 Ba1 Baa3
S&P long-term foreign currency rating (end of period) BBB BBB BBB
Euromoney 03/05   09/05 03/06    09/06 03/07  09/07
   Position in the ranking (b) 50      55 56     54 54     56
   (number of countries) (185)   (185) (185)   (185) (185)   (185)
The Institutional Investor 03/05   09/05 03/06    09/06 03/07  09/07
   Position in the ranking (b) 59    59 57      57 59      61
   (number of countries) (173)    (173) (173)    (173) (173)    (173)
Footnotes
(a) (b) See explanatory notes at the beginning of the tables.Successfully completedCountry-risk indicators
Country: Croatia 
Precautionary stand-by programme
Aug 2004 - Nov 2006
 
EN 20   EN Country-risk indicators
Country: Egypt
footnotes 2005 2006 2007
(preliminary)
Real GDP growth rate (%) 4.5 6.8 7.1
Industrial production in public enterprises
Unemployment (average) (% of labour force) (a) 10.5 11.5 9.5
Wholesale price Inflation (average) (% change) 9.9 4.1 11.8
Exchange rate (end of period) (LE per USD) 6.0 5.8 5.7
General government balance (% of GDP) -8.4 -9.2 -7.7
Balance of payments
Exports of goods and services f.o.b. (bn USD) 28.8 35.1 41.5
Current account balance (% of GDP) 3.2 0.8 1.4
Net inflow of foreign direct investment (bn USD) 4.3 5.6 8.2
Official reserves, including gold (end of period)
   bn USD 19.3 22.9 28.3
   in months of next years imports of goods and services 5.8 5.9 6.1
External debt
Convertible currency external debt (bn USD)
   (end of period)
Convertible currency debt service (bn USD)
   principal (bn USD)
   interest (bn USD)
External debt/GDP (%) 32.2 28.8 24.2
External debt/exports of goods and services (%)
Debt service/exports of goods and services (%)
Arrears (on both interest and principal) (m USD)
Debt relief agreements and rescheduling (m USD)
Indicators of EU exposure
EU exposure/total EU exposure (%) (a) 14.1 17.9 16.5
EU exposure/external debt (%) N/A N/A N/A
EU exposure/exports of goods and services (%) 6.4 5.9 6.0
IMF arrangements
Type CCFF - -
(Date) 5/07/1999 - -
On track yes - -
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) Ba2 Ba2 Ba1
S&P long-term foreign currency rating (end of period) BB+ BB+ BB+
Euromoney 03/05  09/05 03/06   09/06 03/07   09/07
   Position in the ranking (b) 66    71 68     68 71      69   (number of countries) (185)   (185) (185)   (185) (185)   (185)
The Institutional Investor 03/05  09/05 03/06   09/06 03/07   09/07
   Position in the ranking (b) 68     67 70   70 70     72
   (number of countries) (173)    (173) (173)    (173) (173)    (173)
Sources: International Monetary Fund.
Footnotes
(a) (b) See explanatory notes at beginning of the tables.
 
EN 21   EN Country-risk indicators
Country: Georgia
footnotes 2005 2006 2007
(prelim.)
Real GDP growth rate (%) 9.6 9.4 12.4
Industrial production (% change) 11.5 15.9 15.0Unemployment (end of period) (% of labour force) 13.8 13.6 n.a.
Inflation rate (CPI) (Dec/Dec) (% change) 6.2 8.8 11.0
Exchange rate (end of period) (Lari per USD) 1.79 1.71 1.59
General government balance (% of GDP) -1.5 -3.0 -4.7
(commitments)
Balance of payments
Exports of goods and services (m USD) 2183 2567 3240
Current account balance (% of GDP) -9.8 -13.8 -19.7
Net inflow of foreign direct investment (m USD) 542 1076 1584
Official reserves, including gold (end of period)
   m USD 479 931 1361
   months' imports of goods and services 1.7 2.2 3.2
External debt
Convertible currency external debt (m USD) 1735 1697 1837
   (end of period)
Convertible currency debt service (m USD) 200 270 200
   principal (m USD) 161.9 234.4 120.0
   interest (m USD) 38.5 36.0 80.0External debt/GDP (%) 27.1 21.9 17.8
External debt/exports of goods and services (%) 80 66 57
Debt service/exports of goods and services (%) 7.7 7.2 62.0
Arrears (on both interest and principal) (m USD) 0 0 0
Debt relief agreements and rescheduling no no no
Indicators of EU exposure
EU exposure/total EU exposure (%) (a) 0.8 1.0 0.6
EU exposure/external debt (%) 5.8 6.6 5.2
EU exposure/exports of goods and services (%) 4.6 4.5 2.9
IMF arrangements
Type PRGF PRGF PRGF
(Date) (06/04-06/07) (06/04-06/07) (06/04-06/07)
On track yes yes yes
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) none none none
S&P long-term foreign currency rating (end of period) none none none
Euromoney 03/05  09/05 03/06   09/06 03/07   09/07
   Position in the ranking (b) 103    122 106    120 114    114
   (number of countries) (185)   (185) (185)   (185) (185)   (185)
The Institutional Investor 03/05  09/05 03/06   09/06 03/07   09/07
   Position in the ranking (b) 141    134 119    113 110   117
   (number of countries) (173)  (173) (173)  (173) (173)  (173)
Footnotes
(a) (b) See explanatory notes at the beginning of the tables.
 
EN 22   EN footnotes 2005 2006 2007
Real GDP growth rate (%) (1) 4.10 4.00 5.10
Industrial production (% change) 7.20 2.30 4.10Unemployment (end of period) (% of labour force) (2) 37.30 36.00 34.70
Inflation rate (CPI) (% change) 0.50 3.20 2.30
Exchange rate (end of period) (Denar per 
EUR) 61.34 61.19 61.18
General government balance (% of GDP) (1) 0.30 -0.60 -0.90
Balance of payments
Exports of goods and services (m EUR) (1) 2090.5 2445.89 3087.8
Current account balance (% of GDP) (1) -2.6 -0.9 -3.0
Net inflow of foreign direct investment (m EUR) 74.9 344.6 240.1
Official reserves, including gold (end of period)
   m EUR 1123.0 1416.7 1524.4
   months' imports of goods and services 4.00 5.10 5.30
External debt
Convertible currency external debt (end of period) (m EUR) 2518.1 2495.2 2711.5
Convertible currency debt service (m EUR) 210.6 455.6 323.5
   principal (m EUR) 164.8 389.9 295.5
   interest (m EUR) 45.8 65.6 28.1
External debt/GDP (%) 53.8 49.1 50.3External debt/exports of goods and services (%) 120.45 102.02 87.81
Debt service/exports of goods and services (%) 10.07 18.63 10.48
Arrears (on both interest and principal) (m EUR) none none none
Debt relief agreements and rescheduling (m EUR) none none none
Indicators of EU exposure
EU exposure/total EU exposure (%) (a) 1.9 2.5 2.6
EU exposure/external debt (%) 11.5 11.3 9.8
EU exposure/exports of goods and services (%) 10.0 9.3 8.6
IMF arrangements
Type SBA SBA SBA
(Date) 08/05-08/08 08/05-08/08 08/05-08/08
On track yes yes yes
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) none none none
S&P long-term foreign currency rating (end of period) none none BB+/Stable/B
Euromoney 03/05   09/05 03/06  09/06 03/07  09/07
   Position in the ranking (b) 92  95 83   82 82    83
   (number of countries) (185)   (185) (185)   (185) (185)   (185)
The Institutional Investor 03/05   09/05 03/06  09/06 03/07  09/07
   Position in the ranking (b) 91    93 85     84 84     85
   (number of countries) (173)   (173) (173)   (173) (173)   (173)
Footnotes
(1) Provisional
(2) 2007Q4Country-risk indicators
Country: Former Yugoslav Republic of Macedonia
 
EN 23   EN footnotes 2005 2006 2007
(estimates)
Real GDP growth rate (%) 1.1 0 4.0
Industrial production (period average) (% change) n.a. n.a. n.a.Unemployment rate (average) (% of labour force) n.a. n.a. n.a.
Inflation rate (CPI, av) (% change) -0.7 5.6 4.1
Exchange rate (av) (L£ per USD) 1508 1508 1508
General government overall balance (% of GDP) -8.4 -11.1 -12.0
Primary balance (% of GDP) 2.1 1.7 0.8
Total government debt
(% of GDP ) 178 177 173
Balance of payments
Exports of goods and services (m USD) 11,252      13,293 13,703      
Current account balance (% of GDP) -13.6 -6.0 -10.4
Net inflow of foreign direct investment (m USD) 2,629 2,723 2,297        
Official reserves, including gold (end of period) (gross useable)   m USD 9,611        11,353 12,089      
   months' imports of goods and services 7.2 7.5 7.3
GDP
External 
(forei gn currenc y) government debt
Convertible currency external debt (m USD)  19,135      20,428 21,634      
   (end of period)
Convertible currency debt service (m USD) 3,209        1677 1,488        
   principal (m USD) n.a. n.a. n.a.
   interest (m USD) n.a. n.a. n.a.
Foreign currency debt/GDP (%) 89.0          90 87.0          
External debt/GDP (%) 35.6          37.1 41.0          
External debt/exports of goods and services (%) 68.0          63.4 71.8          
Debt service/exports of goods and services (%) 28.5          12.6 10.9          
Arrears (on both interest and principal) (m USD) n.a. n.a. n.a.
Debt relief agreements and rescheduling (m USD) n.a. n.a. n.a.
Indicators of EU exposure
EU exposure/total EU exposure (%) (a) 2.27 3.79 3.47
EU exposure/external debt (%) 1.55 2.13 2.41
EU exposure/exports of goods and services (%) 2.64 3.27 3.80
IMF arrangements
Type - - EPCA
(Date) - - 04/07 - 12/07
On track ---
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) B3 B3 B3
S&P long-term foreign currency rating (end of period) B- B- B-
Euromoney 03/05  09/05 03/06   09/06 03/07   09/07
   Position in the ranking (b) 109    117 98    106 111    116
   (number of countries) (185)   (185) (185)   (185) (185)   (185)
The Institutional Investor 03/05  09/05 03/06   09/06 03/07   09/07
   Position in the ranking (b) 98     98 101     99 109   121 
   (number of countries) (173)    (173) (173)    (173) (173)    (173)
Sources: IMFCountry-risk indicators
Country: Lebanon
 
EN 24   EN  
footnotes 2005 2006 2007
(preliminary )
Real GDP growth rate (%) 4.1 6.5 7.0Industrial production (% change) -1.9 1.0 0.1Unemployment (end of period) (% of labour force) 18.4 14.7 11.9
Inflation rate (CPI) (Dec/Dec) (% change) 1.8 2.0 7.7
Exchange rate (end of period) (EUR per EUR) 1.0 1.0 1.0
General government balance (% of GDP) -2.3 2.7 8.5
Balance of payments
Exports of goods and services (m EUR) 730.9 920.9 1,301.8
Current account balance (% of GDP) -9.1 -31.0 -44.2
Net inflow of foreign direct investment (m EUR) 383.0 475.0 524.9
Official reserves, including gold (end of period)
   m EUR 172.9 310.3 432.3
months' imports of goods and services 2.1 2.7 3.4
External debt
Convertible currency external debt (m EUR) 796 889 1,164
   (end of period)
Convertible currency debt service (m EUR) n.a. n.a. n.a.
   principal (m EUR)
   interest (m EUR)External debt/GDP (%) 44.6 44.9 52.8
External debt/exports of goods and services (%) 95.8 94.2 94.8
Debt service/exports of goods and services (%) n.a. n.a. n.a.
Arrears (on both interest and principal) (m EUR) 0 0 0
Debt relief agreements and rescheduling yes yes yes
Indicators of EU exposure
EU exposure/total EU exposure (%) (a) 0.56 0.86 0.62
EU exposure/external debt (%) 7.78 8.40 5.41
EU exposure/exports of goods and services (%) 8.47 8.10 4.84
IMF arrangements
Type
Extended Arrangement none none
(Date) 05/02 - 02/06
On track completed 
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) none none Baa1
S&P long-term foreign currency rating (end of period) BB/Positive/B BB/Positive/B BB+/Stable/B
Euromoney 03/05   09/05 03/06  09/06 03/07   09/07
   Position in the ranking (b) none none none   (number of countries) (185)   (185) (185)   (185) (185)   (185)
The Institutional Investor 03/05   09/05 03/06  09/06 03/07   09/07
   Position in the ranking (b) 121    105 87    89 89     96
   (number of countries) (173)    (173) (173)    (173) (173)    (173)
(a)  (b) See explanatory notes at beginning of the tablesCountry-risk indicators
Country: Montenegro
 
EN 25   EN Country-risk indicators
Country: Morocco 
footnotes 2005 2006 2007
(preliminary)
Real GDP growth rate (%) 2.4 8.0 2.2
Unemployment (average) (% of labour force) (1) 11.3 9.6 9.8
Wholesale price Inflation (average) (% change) 1.0 3.3 2
Exchange rate (end of period) (MDH per USD) 8.9 8.8 7.7
General government balance (% of GDP) -5.2 -2.0 -0.2
Balance of payments
Exports of goods and services f.o.b. (bn USD) 28.8 35.1 41.5
Current account balance (% of GDP) 1.9 2.6 -0.1
Net inflow of foreign direct investment (bn USD) 2.9 3.4 3.9
Official reserves, including gold (end of period)
   bn USD 16.1 20.0 23.6
   in months of next years imports of goods and services 7.4 7.8 8.4
External debt
Convertible currency external debt (bn USD)
   (end of period)
Convertible currency debt service (bn USD)
   principal (bn USD)
   interest (bn USD)
External debt/GDP (%) 25.4 23.3 22.0
External debt/exports of goods and services (%)
Debt service/exports of goods and services (%)
Arrears (on both interest and principal) (m USD)
Debt relief agreements and rescheduling (m USD)
Indicators of EU exposure
EU exposure/total EU exposure (%) (a) 9.52 13.62 12.52
EU exposure/external debt (%) N/A N/A N/A
EU exposure/exports of goods and services (%) 4.33 4.45 4.52
IMF arrangements
Type --
(Date) --
On track --
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) Ba2 Ba2 Ba1
S&P long-term foreign currency rating (end of period) BB+ BB+ BB+
Euromoney 03/05   09/05 03/06  09/06 03/07  09/07
   Position in the ranking (b) 64    64 66     65 65    65
   (number of countries) (185)   (185) (185)   (185) (185)   (185)
The Institutional Investor 03/05   09/05 03/06  09/06 03/07  09/07
   Position in the ranking (b) 62     63 65    66 67    67
   (number of countries) (173)   (173) (173)   (173) (173)   (173)
Sources: International Monetary Fund.
Footnotes
(a) (b)  See explanatory notes at beginning of tables.
(1) Officially registered unemployed.
 
EN 26   EN footnotes 2005 2006 2007
(preliminary)
Real GDP growth rate (%) 6.2 5.7 7.5
Industrial production (% change) 0.8 4.7 3.7Unemployment (end of period) (% of labour force) 21.8 21.6 18.8
Inflation rate (CPI) (Dec/Dec) (% change) 17.3 12.7 6.6
Exchange rate (end of period) (CSD per EUR) 83.3 83.9 80.0
General government balance (% of GDP) 1.9 1.6 0.4
Balance of payments
Exports of goods and services (m EUR) 5,597 6,649 8,087
Current account balance (% of GDP) -8.4 -11.5 -16.0
Net inflow of foreign direct investment (m EUR) 1,314 3,235 1,505
Official reserves, including gold (end of period)
   m EUR 4,935 9,025 9,641
months' imports of goods and services 5.9 9.5 8.2
External debt
Convertible currency external debt (m EUR) 13,108 14,876 17,983
   (end of period)
Convertible currency debt service (m EUR) 645 1,974 2,140
   principal (m EUR) NA NA NA
   interest (m EUR) NA NA NAExternal debt/GDP (%) 62.1 58.4 62.0
External debt/exports of goods and services (%) 234 224 222
Debt service/exports of goods and services (%) 11.5 29.7 26.5
Arrears (on both interest and principal) (m EUR) 1,855 301 1,763
Debt relief agreements and rescheduling (1) yes yes no
Indicators of EU exposure
EU exposure/total EU exposure (%) (a) 5.03 7.70 7.97
EU exposure/external debt (%) 4.25 4.51 4.52
EU exposure/exports of goods and services (%) 9.96 10.10 10.04
IMF arrangements
Type
Extended Arrangement - -
(Date) 05/02 - 02/06 - -
On track completed - -
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) none none none
S&P long-term foreign currency rating (end of period) (2) BB- BB- BB-
Euromoney 03/05   09/05 03/06   09/06 03/07   09/07
   Position in the ranking 158   96 104    93 87     87
   (number of countries) (185)   (185) (185)   (185) (185)   (185)
The Institutional Investor 03/05   09/05 03/06   09/06 03/07   09/07
   Position in the ranking (b) 121    105 87    89 94      89
   (number of countries) (173)   (173) (173)   (173) (173)   (173)
Footnotes
(1) In November 2001, the Paris Club creditors agreed on a highly concessional two-phased debt restructuring of 66% in NPV terms .
The first phase (51%) became effective in May 2002 when the IMF adopted the new three-year Extended Arrangement (EA); Country-risk indicators
Country: Serbia 
 
EN 27   EN Country-risk indicators
Country: Syria
footnotes 2005 2006 2007
(preliminary)
Real GDP growth rate (%) 3.3 4.4 3.9
Industrial production in public enterprisesUnemployment (average) (% of labour force) 8.0 8.5 9.0
Inflation (average) (% change) 7.2 10.0 5.5
Exchange rate (weighted average nominal exchange average) (LS per USD ) 52.20 51.00 52.1
Central government balance (including grants, excluding privatisations
)(% of GDP) -4.4 -5.7 -5.0
Balance of payments
Exports (non-oil) (bn USD) 7.7 8.4 10.1
Current account balance (excluding grants) (% of GDP) -4.1 -6.1 -5.8
Net inflow of foreign direct investment (bn USD) 0.5 0.6 0.8
Official reserves, including gold (end of period)
   bn USD 6.1 6.7 6.4
   in months of next years imports of goods and services 16.4 13.4 12.1
External debt
Foreign currency public debt (percent of total debt) 66.5 54.0 45.5
Convertible currency debt service (bn USD)
   principal (bn USD)
   interest (bn USD)
External debt/GDP (%) 23.3 19.4 17.2
External debt/exports (non-oil) (%) 0.90 0.80 0.63
External debt service/exports of goods and services (%) 4.7 5.4 7.3
Arrears (on both interest and principal) (m USD)
Debt relief agreements and rescheduling (m USD)
Indicators of EU exposure
EU exposure/total EU exposure (%) (a) 1.67 2.98 3.71
EU exposure/external debt (%) N/A N/A N/A
EU exposure/exports of goods and services (%) 2.83 4.07 5.51
IMF arrangements
Type
(Date)
On track
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) Baa2 Baa2 A3
S&P long-term foreign currency rating (end of period) BBB BBB BBB
Euromoney 03/05   09/05 03/06  09/06 03/07  09/07
   Position in the ranking (b) 59     58 59     62 64     62
   (number of countries) (185)   (185) (185)   (185) (185)   (185)
The Institutional Investor 03/05   09/05 03/06  09/06 03/07  09/07
   Position in the ranking (b) 56     57 56    56 61    60
   (number of countries) (173)   (173) (173)   (173) (173)   (173)
Sources: International Monetary Fund, EIU.
(a) (b)  See explanatory notes at beginning of the tables.
 
EN 28   EN footnotes 2005 2006 2007
(preliminary)
Real GDP growth rate (%) 4.9 5.4 5.1
Industrial production (% change) 6.2 5.8Unemployment (end of period) (% of labour force)Inflation rate (CPI) (Dec/Dec) (% change) 3.4 4.7 7.1Exchange rate (end of period) (SAR per EUR) 7.50 9.31 10.04
General government balance (% of GDP) -0.3 0.4 -1.5
Balance of payments
Exports of goods and services in R billions 434.5 535.7
Exports of goods and services (m EUR) 46670 53357Current account balance (% of GDP) -4.00 -6.5 -7.3
Net inflow of foreign direct investment (m EUR)
Official reserves, including gold (end of period) 37,9117bn SAR $25,6bn $33,0bn   m EUR 32159 45234
   months' imports of goods and services 3.3 3.3 3.4
External debt
Convertible currency external debt (m EUR)
   (end of period)Convertible currency debt service (m EUR)   principal (m EUR)   interest (m EUR)External debt/GDP (%) 2.1 2.0 1.9External debt/exports of goods and services (%)Debt service/exports of goods and services (%) 5.0 7.0
Arrears (on both interest and principal) (m EUR) none none none
Debt relief agreements and rescheduling none none none
Indicators of EU exposure
EU exposure/total EU exposure (%) (a) 7.29 8.27 9.01
EU exposure/external debt (%) N/A N/A N/A
EU exposure/exports of goods and services (%) N/A 1.54 1.72
IMF arrangements
Type none none none
(Date)On track
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) Baa1 Baa1 Baa1
S&P long-term foreign currency rating (end of period) BBB+ BBB+ BBB+Euromoney 03/05  09/05 03/06   09/06 03/07  09/07
   Position in the ranking (b)    57         54    55      55 55      55
   (number of countries)
(185)  (185) (185)  (185) (185)  (185)
The Institutional Investor 03/05  09/05 03/06   09/06 03/07  09/07   Position in the ranking        (b)    52       52    53     51   51     49
   (number of countries) (173)    (173) (173)    (173) (173)    (173)
(a) (b)  See explanatory notes at beginning of the tables.Country-risk indicators
Country: South Africa
 
EN 29   EN footnotes 2005 2006 2007
Real GDP growth rate (%) 8.4 6.9 4.5
Industrial production (% change) 5.4 5.8 5.4Unemployment (end of period) (% of labour force) 10.2 9.9 9.9
Inflation rate (CPI) (Dec/Dec) (% change) 8.2 9.6 8.8
Exchange rate (end of period) (TL per EUR) 1.67 1.80 1.78
General government balance (% of GDP) -0.6 -0.1 -1.2
Balance of payments
Exports of goods and services (m EUR) 62110 67724 72815
Current account balance (% of GDP) -4.7 -6.1 -5.7
Net inflow of foreign direct investment (m EUR) 7733 15004 13427
Official reserves, including gold (end of period)
   m EUR 42688 48139 48438
   months' imports of goods and services 5.2 5.2 5.0
External debt
Convertible currency external debt (m EUR) 142857 133808 114810
   (end of period)
Convertible currency debt service (m EUR) 98901 92637 79484
   principal (m EUR) 79486 71949 59457
   interest (m EUR) 19415 20687 20027
External debt/GDP (%) 35.1 32.1 25.7
External debt/exports of goods and services (%) 230.0 197.6 157.7Debt service/exports of goods and services (%) 159.2 136.8 109.2
Arrears (on both interest and principal) (m EUR) none none none
Debt relief agreements and rescheduling none none none
Indicators of EU exposure
EU exposure/total EU exposure (%) (a) 15.88 22.63 24.51
EU exposure/external debt (%) 1.23 1.47 1.99EU exposure/exports of goods and services (%) 2.83 2.91 3.14
IMF arrangements
Type SBA SBA SBA
(Date) (05/08) (05/08) (05/08)
On track yes yes yes
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) B1 Ba3 Ba3
S&P long-term foreign currency rating (end of period) BB- BB- BB-
Euromoney 03/05  09/05 03/06   09/06 03/07  09/07
   Position in the ranking (b) 73   72 71    69 69      72   (number of countries) (185)   (185) (185)   (185) (185)   (185)
The Institutional Investor 03/05  09/05 03/06   09/06 03/07  09/07
   Position in the ranking (b) 73    74 72      74 71     71
   (number of countries) (173)    (173) (173)    (173) (173)    (173)
(a) (b)  See explanatory notes at beginning of the tables.Country-risk indicators
Country: Turkey
 
EN 30   EN Country-risk indicators
Country: Ukraine
footnotes 2005 2006 2007
(prelim.)
Real GDP growth rate (%) 2.7 7.3 7.3
Industrial production (% change) 3.1 6.2 10.2Unemployment (ILO definition) (% of labour force) 7.8 7.4 6.7Inflation rate (CPI) (Dec/Dec) (% change) 10.3 11.6 16.6Exchange rate (end of period) (Hryvnia per USD) 5.05 5.05 5.05
General government balance (% of GDP) (d) -2.4 -1.3 -1.5
Balance of payments
Exports of goods and services (m USD) 44380 50239 64001
Current account balance (% of GDP) 2.9 -1.5 -4.2Net inflow of foreign direct investment (m USD) 7533 5737 9218Official reserves, (end of period)   m USD 19390 21900 32460
   months' imports of goods and services 4.6 4.2 5.3
External debt
Public external debt (m USD) 12900 13800 15100
   (end of period)Public external debt service (m USD) 2080 2590 2000   principal (m USD) 1480 1675   interest (m USD) 600 915External debt/GDP (%) 14.7 12.2 10.7External debt/exports of goods and services (%) 29.1 25.7 23.6
Debt service/exports of goods and services (%) 4.9 5.1 3.2
Arrears (on both interest and principal) (m USD) no no noDebt relief agreements and rescheduling (m USD) no no no
Indicators of EU exposure
EU exposure/total EU exposure (%) (a) 1.06 0.73 0.86
EU exposure/external debt (%) 1.08 0.61 0.78EU exposure/exports of goods and services (%) 0.31 0.17 0.19
IMF arrangements
Type  Stand-by* None None
(Date) (03/04-03/05)
On track off-track
*precautionary
Indicators of market's perception of creditworthiness
Moody's long-term foreign currency rating (end of period) B2 B2 Ba3
S&P long-term foreign currency rating (end of period) BB- BB- BB-Euromoney 03/05  09/05 03/06   09/06 03/07  09/07
   Position in the ranking (b) 83      82 78     78 76     80   (number of countries)
(185)  (185) (185)  (185) (185)  (185)
The Institutional Investor 03/05  09/05 03/06   09/06 03/07  09/07   Position in the ranking (b) 82     76 75      80 78      78   (number of countries) (173)    (173) (173)    (173) (173)    (173)
Footnotes
(a) (b)  See explanatory notes at befinning of the tables.
(d) On a cash basis.