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}
Date: 2008-07-14
Institutions: European Commission
Subjects: Community loan, EU Member State, budgetary reserve (EU), general budget (EU), investment protection, report, third country

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COMMISSION OF THE EUROPEAN 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} 

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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. 

1.3. 

1.4. 

Loan operations covered by the Budget guarantee ...................................................... 7 

Disbursement forecast................................................................................................ 11 

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. 

2.2. 

2.3. 

Country-risk evaluation.............................................................................................. 15 

Explanatory notes for country-risk indicators............................................................ 15 

Country-risk indicators (tables).................................................................................. 16 

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1. 

EXPLANATORY 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  respect  of  borrowing  and  lending  operations  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 read as meaning that these amounts will actually 
be drawn from the Fund or the Budget. 

In  these  tables,  figures  related  to  “New  Member  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 loans 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  Mediterranean  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  operations  with  certain 
non-Member  States  authorised  by  the  Council  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 political risks in some cases; 

65%  of  the  total  amounts  of  loans  signed  as  part  of  financing  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 political risks in some cases; 

•  operations  already  repaid,  since  the  amounts  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 the report are converted into EUR. 

1 

Within each portfolio individual EIB loans are, de facto, guaranteed at 100% until the global ceiling is 
reached. 

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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. 

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TABLE A1: CAPITAL OUTSTANDING IN RESPECT OF OPERATIONS DISBURSED at 31.12.2007 (in EUR million)

Operations

MEMBER STATES
EIB (new Member States)
MFA to Bulgaria and Romania
Euratom to Bulgaria and Romania
MEMBER STATES - TOTAL
THIRD COUNTRIES
A. Macro-Financial Assistance
Albania
Bosnia-Herzegovina
Bulgaria 
FYROM
Georgia
Romania
Serbia and Montenegro
Tajikistan
Ukraine
Sub total MFA
B. EURATOM 1
C. Other
EIB Pre-Accession countries
EIB Neighbourhood and Partnership countries
EIB Asia and Latin America
EIB South Africa

Authorised
ceiling

Capital
outstanding at
30.06.2007

Capital
outstanding at
31.12.2007

Remainder
to be disbursed
at 31.12.2007

4 224
309
436
4 969

9
40

90
58

280
28
64
568
 39

3 763
4 951
1 458
 729

4 060
 253
 435
4 748

 9
 40

 90
 58

 280
 28
 29
 534
 39

4 416
5 197
1 452
 666

 0

9
40
750
90
142
780
280
75
453
2 619

28 755
28 342
8 205
2 400

1 086

1 086

 23

3 587
3 975
 570
 266

Sub total EIB2
67 702
70 321
THIRD COUNTRIES - TOTAL
70 321
GRAND TOTAL
(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.

15 125
11 508
16 477

15 790
12 303
17 051

9 483
8 420
9 505

(2) The subtotal EIB includes the EIB loans to Member States.

ANNEX TO TABLE A1: SITUATION IN RESPECT OF EIB OPERATIONS at 31.12.2007 (in EUR million)

Operations 

Mandate 2007/2013:
Pre-Accession countries
Neighbourhood and Partnership countries:

Mediterranean
Eastern Europe, Southern Coucasus and Russia

Asia and Latin America:

Asia
Latin America

South Africa

Previous General Mandate 2000/20075:
Pre-Accession countries
Neighbourhood and Partnership countries
Asia and Latin America
South Africa
Member States (following the accession)

sub-total 65 %3

Financial agreements (70% Guarantee rate)
Pre-Accession countries
Neighbourhood and Partnership countries
Asia and Latin America:
South Africa
Member States (following the accession)

sub-total 70 %3

Financial agreements (75% Guarantee rate)
Pre-Accession countries
Neighbourhood and Partnership countries
Member States (following the accession)

sub-total 75 %3

Financial agreements (100% Guarantee rate)
Pre-Accession countries
Neighbourhood and Partnership countries
Asia and Latin America
South Africa
Member States (following the accession)

sub-total 100 %3
Total  

Credit line
authorised

Loans made
available minus
cancellations

Amounts
disbursed

Amounts
outstanding 
at 31.12.2007

25 800
8 700
12 400
8 700
3 700
3 800
1 000
2 800
 900

20 060
10 235
6 520
2 480
825

45 860
7 477
3 770
2 310
1 022
 375

7 477
7 712
1 350
6 362

7 712
6 653
4 700
 750
903
 300

6 653
67 702

1 898
 388
1 205
1 205

 305

 305

19 587
7 354
6 471
2 175
824
2 763
21 484
6 513
 477
1 617
809
 375
3 236
6 513
7 062
 713
4 492
1 857
7 062
5 320
 29
 315
710
 285
3 982
5 320
40 379

 78

 0

 78

 78

11 640
4 163
3 802
1 423
 457
1 795
11 718
5 894
 412
1 484
 652
 277
3 069
5 894
7 124
 718
4 448
1 958
7 124
5 107
 29
 78
 708
 207
4 086
5 107
29 843

 78

 0

 78

 78

10 060
3 928
3 334
986
439
1 372
10 138
3 226
 323
 823
221
 165
1 695
3 226
1 247
 153
 963
 131
1 247
1 179
 12
 76
167
 62
 862
1 179
15 790

(3) Percentage figures relate to the Guarantee rate.
(4) Loans to New Member States were drawn from 'Pre-Accession countries' or from 'Neighbourhood and Partnership countries' ceilings. Bulgaria and Romania are 
included in the "New Member States".

(5) Including Turkey Terra and Special Action Turkey.

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Table 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

Ranking

Country

2008

2009

2010

2011

2012

2013

2014

2015 until 2037 Total Outstanding

1
2

3
4
5
6

7
8
9
10

11
12
13
14

15
16
17
18

19
20

21
22

23
24

25
26
27
28
29

30
31
32
33

34
35
36
37

38
39

40
41

42
43

44
45
46
47

48
49
50
51

52
53
54

Turkey
Romania

Egypt
Morocco
Tunisia
Serbia and Montenegro

Bulgaria
Czech Republic
South Africa
Poland

Croatia
Slovak Republic
Brazil
Syria

Bosnia and Herzegovina
Lebanon
Jordan
The former Yugoslav Republic of Macedonia

Hungary
Albania

Slovenia
Peru

Indonesia
Mexico

Sri Lanka
Argentina
Pakistan
China
Ukraine

Cyprus
Russia
Vietnam
Colombia

the Philippines
Georgia
Lithuania
Latvia

The West Bank and the Gaza Strip
Algeria

Thailand
Ecuador

Tadjikistan
Panama

Laos
Maldives
Bangladesh
Israel

Costa Rica
India
El Salvador
Estonia

 255.6
 257.5

 199.3
 127.1
 121.9
 55.0

 158.1
 89.0
 84.3
 88.8

 38.5
 71.7
 86.1
 27.9

 30.0
 55.8
 41.3
 22.7

 30.4
 10.7

 38.2
 8.5

 11.4
 24.1

 3.0
 19.1
 9.0
 9.4
 19.6

 15.3
 3.0
 6.5
 2.0

 8.2
 2.5
 6.9
 8.0

 1.8
 7.0

 5.1
 1.0

 1.3
 0.4

 0.0
 1.8
 2.8
 2.9

 3.5
 3.2
 4.6
 4.3

 239.5
 247.2

 189.6
 129.0
 124.8
 56.8

 91.9
 143.9
 113.2
 80.8

 30.3
 65.6
 67.4
 27.3

 26.5
 60.7
 42.1
 25.7

 28.0
 11.6

 25.9
 6.5

 14.4
 21.9

 2.5
 15.2
 9.8
 8.7
 20.7

 15.4
 4.8
 8.8
 0.0

 8.9
 24.6
 6.4
 6.9

 3.9
 6.7

 5.7
 0.0

 1.3
 1.5

 0.0
 1.6
 4.6
 2.9

 3.5
 3.2
 3.0
 3.4

 276.4
 240.1

 176.2
 130.2
 130.7
 59.7

 279.9
 250.9

 160.9
 135.5
 127.3
 67.2

 278.1
 196.5

 154.1
 134.3
 128.2
 108.1

 264.8
 196.0

 144.2
 132.1
 128.6
 106.0

 82.0
 81.8
 73.6
 77.1

 30.4
 65.1
 52.9
 34.1

 28.2
 50.5
 38.0
 25.1

 25.3
 11.8

 20.8
 9.7

 17.8
 22.3

 3.1
 12.7
 11.5
 8.8
 5.4

 15.4
 4.8
 9.8
 4.0

 9.7
 23.6
 5.7
 6.7

 3.9
 6.5

 4.7
 1.9

 1.3
 2.3

 0.0
 2.8
 4.6
 2.9

 3.5
 3.2
 2.4
 2.5

 65.4
 73.0
 58.8
 74.6

 39.1
 65.2
 38.4
 34.1

 28.5
 49.4
 36.4
 24.7

 24.4
 11.7

 14.3
 15.7

 11.0
 3.1

 4.7
 12.9
 11.5
 7.7
 5.2

 15.0
 4.8
 10.3
 7.9

 9.7
 14.1
 5.5
 6.5

 3.9
 6.3

 4.3
 3.9

 1.3
 2.3

 0.2
 3.4
 4.6
 2.9

 3.5
 3.2
 2.3
 2.4

 78.2
 70.4
 68.9
 72.2

 42.0
 50.2
 32.9
 34.1

 50.8
 38.4
 33.2
 26.3

 22.2
 13.0

 11.4
 15.6

 8.6
 3.1

 7.6
 10.2
 11.5
 6.6
 5.0

 8.7
 6.9
 10.2
 7.9

 10.0
 0.0
 5.3
 5.1

 3.9
 5.6

 5.9
 3.9

 13.0
 2.3

 0.4
 3.4
 4.6
 2.9

 3.5
 3.2
 1.3
 1.9

 63.4
 67.8
 43.4
 66.6

 41.8
 36.4
 59.8
 32.2

 22.5
 33.8
 27.0
 22.6

 13.4
 10.7

 9.4
 15.4

 8.6
 3.1

 9.5
 10.4
 8.8
 6.7
 4.9

 4.9
 6.9
 10.1
 7.9

 5.1
 0.0
 5.1
 5.0

 3.9
 5.0

 8.1
 3.9

 12.5
 2.3

 0.4
 3.4
 4.5
 2.9

 3.5
 3.2
 1.2
 1.3

 260.0
 176.7

 126.6
 123.5
 118.5
 111.6

 63.8
 56.4
 45.9
 52.7

 37.9
 24.9
 82.0
 32.2

 21.1
 17.0
 21.4
 24.5

 9.0
 10.3

 7.4
 12.1

 8.6
 3.1

 9.5
 3.4
 6.0
 6.8
 4.7

 3.3
 6.9
 9.9
 7.9

 5.0
 0.0
 5.0
 4.9

 3.9
 2.1

 2.0
 3.9

 4.1
 2.3

 0.5
 3.4
 0.0
 2.9

 0.0
 0.0
 1.2
 0.6

1 936.6
1 101.1

 844.6
 886.2
 681.9
 645.3

 306.7
 175.7
 225.2
 185.0

 324.1
 119.9
 23.5
 219.6

 162.1
 48.2
 62.1
 94.6

 15.1
 79.5

 6.5
 35.7

 29.8
 15.7

 51.3
 3.4
 18.7
 27.8
 14.9

 0.0
 39.0
 9.9
 36.9

 8.7
 0.0
 22.7
 18.4

 19.4
 0.0

 0.0
 17.4

 0.0
 20.9

 31.6
 11.7
 0.0
 1.5

 0.0
 0.0
 1.2
 0.0

3 790.9
2 666.0

1 995.4
1 798.0
1 561.9
1 209.6

 909.6
 758.0
 713.3
 697.8

 584.2
 499.0
 443.2
 441.4

 369.8
 353.8
 301.5
 266.4

 167.9
 159.4

 133.9
 119.1

 110.2
 96.5

 91.0
 87.4
 87.0
 82.5
 80.5

 77.9
 77.1
 75.4
 74.6

 65.5
 64.8
 62.6
 61.5

 44.9
 39.3

 35.9
 35.7

 34.6
 34.4

 33.0
 31.4
 25.7
 22.0

 20.8
 19.1
 17.1
 16.4

Malaysia
Uruguay
Malta
Total Outstanding
Sub-total for Member States

 3.0
 1.0
 0.8
2 090.8
 768.9

 2.9
 0.9
 0.6
2 049.1
 716.1

 2.9
 1.1
 0.6
1 928.1
 623.1

 1.7
 1.2
 0.6
1 853.6
 598.0

 1.7
 1.3
 0.6
1 825.5
 522.8

 0.9
 1.4
 0.3
1 693.6
 469.7

 0.0
 1.5
 0.0
1 549.2
 404.7

 0.0
 1.8
 0.0
8 581.9
1 951.1

 13.1
 10.1
 3.7
21 571.8
6 054.2

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1.2. 

Loan operations covered by the Budget guarantee  

Tables A3a, A3b(1), A3b(2) and A4 

TABLE A3a
Borrowing and lending operations by the Communities to Member States 

Period 30.06.2007 to 31.12.2007
As Bulgaria and Romania join the EU as of 01.01.2007, the outstanding amounts under the Euratom instrument are covered by the Euratom Decisions dedicated to 
the Member States.

Instrument

Decision

Date of
decision

Loan Guarantee Maturity
term
(years)

Rate

Date

Loan
situation

Amount
decided

 - closed (a)
 - partially disbursed (b)
 - disbursed in full (c)
 - not yet disbursed (d)

Outstanding
Outstanding
amount
amount
at 31.12.2007
at 30.06.2007
in EUR million in EUR million

BOP

2002/332/EC

18.02.02

100%

(d)

12 000.00

 0.00

 0.00

EURATOM

(3)

100%

77/270-271/Euratom
80/29/Euratom
82/170/Euratom
85/537/Euratom
90/212/Euratom

29.03.77
20.12.79
15.03.82
05.12.85
23.04.90

Bulgaria
     1st tranche
     2nd tranche
     3rd tranche
     4th tranche
     5th tranche
     6th tranche
     7th tranche
     8th tranche
Romania
     1st tranche
     2nd tranche
     3rd tranche

NCI

20
15
17
15
15
16
16
14

17
19
18

(3)

10.05.2021
15.01.2017
19.08.2019
18.06.2018
16.01.2019
10.09.2020
04.04.2021
23.02.2020

21.07.2022
26.11.2024
23.02.2024

100%

78/870/EEC
81/19/EEC(1)
81/1013/EEC(2)
82/169/EEC
83/200/EEC
87/182/EEC

16.10.78
20.01.81
14.12.81
15.03.82
19.04.83
09.03.87

 436.00

 435.25

 40.00
 15.00
 25.00
 25.00
 35.00
 30.00
 25.00
 17.50

 100.00
 90.00
 33.50

 40.00
 14.25
 25.00
 25.00
 35.00
 30.00
 25.00
 17.50

 100.00
 90.00
 33.50

(c)
(c)
(c)
(c)
   (b)(4)

(c)
(c)
(c)
(c)
(c)
(c)
(c)
(c)

(c)
(c)
(c)

(c)
(c)
(c)
(c)
(c)
(c)

4 000.00
 500.00
 500.00
1 000.00
1 000.00
1 000.00
 212.50

 223.50

6 830.00
1 000.00
1 000.00
 80.00
1 000.00
3 000.00
 750.00

TOTAL

22 830.00

 436.00

 435.25

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   COUNTRY

    BULGARIA III*
     1st tranche
     2nd tranche
    BULGARIA IV*
     1st tranche
     2nd tranche
    ROMANIA III*
     1st tranche
     2nd tranche
     3rd tranche
    ROMANIA IV*
     1st tranche
     2nd tranche
     3rd tranche
    BOSNIA AND HERZEGOVINA I
     1st tranche
     2nd tranche
    BOSNIA AND HERZEGOVINA II
     1st tranche
     2nd tranche
   REPUBLIC OF MOLDOVA I
     1st tranche
     2nd tranche
    REPUBLIC OF MOLDOVA II
    FYROM I
     1st tranche
     2nd tranche
    FYROM II
     1st tranche
     2nd tranche
     3rd tranche
     4th tranche

EN 

in EUR million 

Operations in 
six-month period

Amounts
disbursed

Amounts
repaid

31.25

10.00
15.00

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
Loan
situation

Date
of decision

Amount
decided

Expiry
date

Decision

Amount
outstanding
at 30.06.2007

Loan
term
(years)

 - closed (a)
 - partially disbursed (b)
 - disbursed in full (c)
 - not yet disbursed (d)

97/472/EC

22.07.97

99/731/EC

08.11.99

94/369/EC

20.06.94

99/732/EC

08.11.99

99/325/EC

10.05.99

02/883/EC

09.11.02

94/346/EC

13.06.94

96/242/EC
97/471/EC

25.03.96
22.07.97

99/733/EC

08.11.99

10
10

10
-

7
7
7

10
10
-

15
-

15
15

10
10
10

15
15

15
15
15
15

10.02.2008
22.12.2008

21.12.2009
-

20.11.2002
20.11.2004
23.12.2004

29.06.2010
17.07.2013
-

22.12.2014
-

16.01.2019
09.02.2021

07.12.2004
08.08.2005
30.10.2006

27.09.2012
13.02.2008

15.01.2016
30.01.2017
04.06.2018
23.12.2018

(c)
(c)

(c)
(c)

(a)
(a)
(a)

(c)
(c)
(a)

(c)
(c)

(c)
(c)

(a)
(a)
(a)

(c)
(c)

(c)
(c)
(c)
(c)

8 

250.00
125.00
125.00
100.00
40.00
60.00
125.00
55.00
40.00
30.00
200.00  
100.00
50.00
50.00
20.00
10.00
10.00
20.00
10.00
10.00
45.00
25.00
20.00
15.00
40.00
25.00
15.00
50.00
10.00
12.00
10.00
18.00

31.25
62.50

30.00
60.00

0.00
0.00
0.00

75.00
50.00

10.00
10.00

10.00
10.00

0.00
0.00
0.00

25.00
15.00

10.00
12.00
10.00
18.00

Amount
outstanding
at 31.12.2007

31.25
31.25

20.00
45.00

0.00
0.00
0.00

75.00
50.00

10.00
10.00

10.00
10.00

0.00
0.00
0.00

25.00
15.00

10.00
12.00
10.00
18.00

EN 

 
  
 
TABLE A3b (2)
 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

   COUNTRY

Decision

Date
of decision

Loan
term
(years)

Expiry
date

Loan
situation

Amount
decided

 - closed (a)
 - partially disbursed (b)
 - disbursed in full (c)
 - not yet disbursed (d)

in EUR million

Amount
outstanding
at 31.12.2006

Operations in 
six-month period

Amounts
disbursed

Amounts
repaid

Amount
outstanding
at 31.12.2007

  UKRAINE I
  UKRAINE II
     1/2 tranche
     1/2 tranche
     2nd tranche
  UKRAINE III
     1st tranche

  UKRAINE IV
  GEORGIA
  ARMENIA
  REPS FORMER USSR
  TAJIKISTAN
     1st tranche
SERBIA AND MONTENEGRO
SERBIA AND MONTENEGRO
     1st tranche
     2nd tranche
     3rd tranche
SERBIA AND MONTENEGRO
ALBANIA
LEBANON

94/940/EC
95/442/EC

22.12.94
23.10.95

98/592/EC

15.10.98

2002/639/EC
97/787/EC
97/787/EC
91/658/EEC
2000/244/EC

12.07.02
17.11.97
17.11.97
16.12.91
20.03.00

2001/549/EC
2002/882/EC

16.07.01
09.11.02

2003/825/EC
2004/580/EC
2007/860/EC

25.11.03
29.04.04
21.12.07

10

10
10
10

10
-

15
15
3

15
15

15
15
15
 -
15

28.12.2005

29.08.2006
30.10.2006
25.09.2007

30.07.2009
-

24.07.2013
30.12.2013
28.09.1997

30.03.2016
17.10.2016

28.02.2018
01.09.2018
04.05.2020
 -
23.03.2021

UKRAINE (Euratom)

94/179/EC

21.03.94

11

15.03.2018

TOTAL

EN 

(a)

(a)
(a)
(c)

(c)
(a)
(d)
(c)
(a)
(a)
(b)
(c)
(c)

(c)
(c)
(c)
(a)
(c)
(d)

(b)

9 

85.00
200.00
50.00
50.00
100.00
150.00
58.00
92.00
110.00
110.00
28.00
1,250.00
75.00
60.00
225.00
55.00
10.00
30.00
15.00
25.00
9.00
50.00

EUR equivalent 
of USD 83 million

0.00

0.00
0.00
20.00

43.50

57.50
0.00

28.00
225.00

10.00
30.00
15.00

9.00

39.00

915.75

20.00

14.50

0.00

0.00
0.00
0.00

29.00

57.50
0.00

28.00
225.00

10.00
30.00
15.00

9.00

39.00

0.00

90.75

825.00

EN 

 
  
 
TABLE A4

LOAN GUARANTEES TO EIB

Geographical Area

Decision

Date
of decision

Rate
of guarantee

Amount
decided         (minus cancellations)
at 30.06.07

Loans signed

at 31.12.07

MED. Financial protocols(1)

MED. Horizontal cooperation

R/1762/92/EEC

TOTAL MED. (3)

C and E Europe I

C and E Europe II

Asia, Latin America I

Asia, Latin America Interim

Asia, Latin America Interim

South Africa

New mandates

FYROM

Bosnia and Herzegovina

Turkey Terra

Mandates 2000-2007

The Baltic Sea basin of Russia

Russia, Belarus, Rep. Of Moldova and 
Ukraine

90/62/EEC(4)

91/252/EEC(5)

93/696/EC(6)

93/115/EEC

96/723/EC

96/723/EC

95/207/EC

97/256/EC(7)

98/348/EC

98/729/CE

99/786/EC

2000/24/EC(8)

2001/777/EC(9)

8.03.77

29.06.92

12.02.90

14.05.91

13.12.93

15.02.93

12.12.96

12.12.96

01.06.95

14.04.97

19.05.98

14.12.98

29.11.99

22.12.99

06.11.01

75% (2)

75% (2)

100%

100%

100%

100%

100%

70%

100%

70%

70%

70%

65%

65%

100%

100%

2005/48/EC(10)

22.12.04

19.07.00/24.07.00 (11)

06.05.02/07.05.02

19 460

 100

21.12.05/09.12.05

 500

Date of
guarantee
contract
30.10.78/10.11.78

09.11.92/18.11.92

24.04.90/14.05.90

19.01.93/04.02.93

22.07.94/12.08.94

04.11.93/17.11.93

18.03.97/26.03.97

21.10.97

04.10.95/16.10.95

25.07.97/29.07.97

29.07.98/07.08.98

16.06.99/22.06.99

18.04.00/23.05.00

6 062

1 800

7 862

1 000

 700

3 000

 750

 153

 122

 300

7 105

 150

 100

 600

in EUR million 

Amount outstanding

at 30.06.07

at 31.12.07

 824

 556

1 380

 146

 25

 782

 164

 27

 28

 96

3 334

 103

 63

 535

8 374

 68

 0

 0

 745

 502

1 247

 127

 17

 730

 145

 22

 21

 62

3 036

 108

 61

 526

9 535

 76

 0

 78

15 125

15 790

5 553

1 656

7 209

 912

 493

2 464

 571

 139

 122

 285

6 142

 150

 100

 600

18 025

 85

 30

 0

37 327

5 548

1 656

7 204

 912

 493

2 464

 571

 139

 122

 285

6 142

 150

 100

 600

18 987

 85

 230

1 898

40 381

Mandate 2007-2013

2006/1016/EC(12)

19.12.06

65%

01.08.07/29.08.07 (13)

TOTAL

27 800

69 702

(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 Decision 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 ceiling of a fixed maximum amount of EUR 25 800 million and an optional mandate of EUR 2 000 million.

EN 

10 

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.  This  situation  could  change  in  case  some 
Member  States  which  have  not  adopted  the  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 the 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 

n
o

i
l
l
i

m
R
U
E

 900

 800

 700

 600

 500

 400

 300

 200

 100

 0

2008

2009

2010

2011

2012

2013

2014

2 

3 

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. 
As of 31 December 2007, the 2008 annual risk for Member States was EUR 769 million. 

EN 

11 

   EN 

 
 
 
                                                 
At  31 December 2007,  the  EIB  had  still  to  disburse  a  total  of  EUR 7 191 million  under  the 
EUR 20 060 million previous general mandate 2000 – 2007 for third countries: 

Table A5: Disbursement forecast for EIB loans on previous general mandate 2000 - 2007

Mediterranean
South-Eastern Neighbours**
Asia, Latin America
South Africa
Member States*

Ceiling

Loans made available
(minus cancellations) at
31.12.2007*

EUR million

to be disbursed

6 520
10 235
2 480
 825

20 060

6 471
7 354
2 175
 824
2 763

19 587

2 452
3 149
 343
 266
 981

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.

Graph  A2:  Disbursement  forecast  of  EIB  loans  including  the  new  general  mandate, 
MFA and Euratom loans and total estimated outstanding covered by the Fund 

n
o

i
l
l
i

m
R
U
E

30,000

27,500

25,000

22,500

20,000

17,500

15,000

12,500

10,000

7,500

5,000

2008

2009

2010

2011

2012

2013

2014

Total estimated Outstanding

1.4. 

Payment under the Budget guarantees4 

1.4.1.  Borrowing/lending operations 

In  this  type  of  operation,  the  Community  borrows  on  the  financial  market  and  on-lends  the 
proceeds  (back-to-back)  to  Member States  (balance  of  payments),  third  countries  (Macro-
financial assistance) or utility companies (Euratom). 

The loan repayments are scheduled to match the repayments of the borrowings due from the 
Community. If the recipient of the loan is late 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  external  actions  of  the  Communities  and  are  therefore 
covered directly by the Budget. 

EN 

12 

   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) 

b) 

c) 

d) 

the amount required may be taken provisionally from  cash resources  in  accordance 
with Article 12 of Council Regulation (EC, Euratom) No 1150/2000 of 22 May 2000, 
as amended, implementing Council Decision 2007/436/EC,Euratom of 7 June 2007 
on  the  system  of  the  Communities'  own  resources.  This  method  is  used  so  that  the 
Community can immediately repay the borrowing on the date scheduled in the event 
of late payment by the recipient of the loan; 

if the delay reaches to three months after the due date, the Commission draws on the 
Fund to cover the default. The funds obtained are used to replenish the Commission's 
cash resources; 

the  transfer  procedure  can  be  used  to  provide  the  Budget  heading  with  the 
appropriations  needed  to  cover  the  default.  This  method  is  used  when  there  are 
insufficient  appropriations  in  the  Fund  and  must  be  authorised  in  advance  by  the 
budgetary authority; 

the re-use of amounts repaid by debtors who 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 there are recovered funds available. 

1.4.2.  Guarantees given to third parties 

The  Community  provides  a  guarantee  in  respect  of  financing  granted  by  the  EIB  under  the 
external  mandates.  When  the  recipient  of  a  guaranteed  loan  fails  to  make  a  payment  on  the 
due date, the EIB asks the Community to pay the amounts owed by the defaulting entity in 
accordance  with  the  relevant  guarantee  agreement.  The  guarantee  call  must  be  paid  within 
three  months  of  receiving  the  EIB's  request.  The  EIB  administers  the  loan  with  all  the  care 
required  by  banking  practice  and  is  obliged  to  seek  to  recover  the  payments  due  after  the 
guarantee has been activated. 

Since  the  entry  into  force  of  the  Regulation  establishing  the  Guarantee  Fund  for  external 
actions5,  the  provisions  of  the  Agreement  between  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  withdraw  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  repayment  procedures  in  connection  with 
Community  guarantees  to  the  EIB.  This  agreement  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 losses under loans and loan guarantees 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 

13 

   EN 

 
                                                 
Community6.  The  new  Recovery  Agreement,  which  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 guaranteed by the Budget, the Community guarantee is 
called upon at the earliest three months after the date on which payment has fallen due. The 
Community will act within three months of receiving such a letter from the EIB calling for the 
guarantee  to  be  activated,  authorising  the  EIB  to  take  the  corresponding  amounts  from  the 
Fund (see 1.4.2 above). 

For loans granted by the EC or Euratom, default 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  drawn  from  the  Fund  and  repaid  to  the  Budget.  For  EIB  loans, 
default  interest  is  calculated  during  the  period  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 

14 

   EN 

 
                                                 
2. 

COUNTRY-RISK EVALUATION 

Countries other than those presented in the main report, but representing important risks to the 
Budget, notably through EC macro-financial assistance, Euratom 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 imbalances in their external or debt situation, are 
also  included  in  the  risk  evaluation.  The  country  risk  evaluation  presented  below  comprises 
short analyses or tables of risk indicators. 

2.2. 

Explanatory notes for country-risk indicators 

Standard footnotes 

a) 

b) 

Includes  only  EC  and  EIB  loans  (outstanding  disbursements)  to  CEEC,  NIS  and 
MED. 

The higher the ranking number, the lower 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  rating  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 

CCFF 

EFF 

FDI 

GDP 

SBA 

STF 

est. 

m EUR 

bn USD 

n.a. 

Standard and Poor's 

Compensatory and Contingency Financing Facility 

Extended Fund Facility 

Foreign Direct Investment 

Gross Domestic Product 

Stand-By Arrangement 

Systemic Transformation Facility 

estimates 

EUR million 

USD billion 

not available 

EN 

15 

   EN 

 
 
2.3. 

Country-risk indicators (tables) 

Country-risk indicators

Country: Argentina

footnotes

2005

2006

2007 (proj)

Real GDP growth rate
Industrial production 
Unemployment
Inflation rate (CPI) (Dec. / Dec.)
Exchange rate

(%)
(% change)
(% of labour force)
(% change)
(Pesos per 1 EUR)

General government balance

(% of GDP)

Balance of payments

Exports of goods
Current account balance
Net inflow of foreign direct investment
Official reserves, including gold (end of period)
   bn USD
   months' imports of goods and services

(m EUR)
(% of GDP)
(m EUR)

External debt

Convertible currency external debt
   (end of period)
Convertible currency debt service
   principal
   interest
External debt/GDP
External debt/exports of goods and services
Debt service/exports of goods and services
Arrears (on both interest and principal)
Debt relief agreements and rescheduling

(m EUR)

(m EUR)
(m EUR)
(m EUR)
(%)
(%)
(%)
(m EUR)

Indicators of EU exposure

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

(%)
(%)
(%)

IMF arrangements

Type
(Date)
On track

Indicators of market's perception of creditworthiness

Moody's long-term foreign currency rating (end of period)
S&P long-term foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)

(a) (b)  see explanatory notes at beginning of the tables

8.5
8.3
8.7
10.0
3.9

1.8

37114
3.5
2128

25.3
8.0

85935

17397
12123
5274
51.6
232
46.9
yes
no

1.54
0.21
0.60

8.7
6.9
8.2
17.0
4.5

0.4

40788
2.8
1631

34.2
10.0

6.7
5.1
8.0
22.2
4.5

1.5

47338
1.7
1631

39.1
10.0

82962

76975

na
na
na
44.5
203
na
yes
no

1.15
0.13
0.30

na
na
na
33.5
162
na
yes
no

0.85
0.17
0.27

No

No

No

Caa1
B

Caa1
B

B3
B+

   03/05  09/05
141     120
(185)  (185)
   03/05  09/05
137    115
(173)   (173)

03/06   09/06 03/07   09/07
119       100    110   109
(185)  (185)
03/06   09/06 03/07   09/07

(185)    (185)

91    87
(173)   (173)

   85      83

(173)   (173)

(a)

(b)

EN 

16 

   EN 

 
 
Country-risk indicators

Country: Bosnia & Herzegovina (1)

Real GDP growth rate
Industrial production 
   Federation
   Republika Srpska
Unemployment (end of period)
Inflation rate (CPI) (12 month average)

Exchange rate (end of period)

footnotes

2005

2006

2007
preliminary

(%)
(% change)

(% of labour force)
(% change)

(1)

KM per EUR
KM per USD

3.9

5
20
44.6
4.3

1.96
1.66

6.7

7.5
19.1
44.2
6.1

1.96
1.49

6

9.1
1.4
42.9
1.5

1.96
1.33

General government balance (after grants)

(% of BiH GDP)

2.4

2.9

-

Balance of payments

Exports of goods and services
Current account balance
Net inflow of foreign direct investment
Official reserves, including gold (end of period)
m EUR
   months' imports of goods and services

External debt

Convertible currency external debt
   (end of period)
Convertible currency debt service
   principal
   interest
External debt/GDP
External debt/exports of goods and services
Debt service/exports of goods and services
Arrears (on both interest and principal)
Debt relief agreements and rescheduling

(m EUR)
(% of GDP)
(m EUR)

(m EUR)

(m EUR)
(m EUR)
(m EUR)
(%)
(%)
(%)
(m EUR)

Indicators of EU exposure

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

(%)
(%)
(%)

IMF arrangements

Type
(Date)
On track

Indicators of market's perception of creditworthiness

Moody's long-term foreign currency rating (end of period)
S&P long-term foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)

(2)

(2)

(2)
(2)
(2)

(a)

(b)

(b)

2826
-18
476

2161
4.1

3581
-8.4
561

2789
5.2

2219

2082

117.6
72.6
45
25.6
78.3
4.2
none
yes

138.1
87
51.1
21.3
58
3.8
none
yes

4053
-13.1
1468

3426
6.6

1997

122.3
70.8
51.5
18.5
49.1
3
none
yes

1.55 
7.84 
5.93 

2.73 
11.29 
6.40 

3.63 
18.52 
9.12 

Caa1
none
03/05   09/05
123   124
(185)   (185)
03/05   09/05
107   112
(173)  (173)

B3
none
03/06    09/06
110    105
(185)   (185)
03/06    09/06
109    108
(173)  (173)

B2
none
03/07  09/07
104   107
(185)   (185)
03/07   09/07
101    110
(173)  (173)

Footnotes
(1)

The April 2007 Labour Force Survey points to an unemployment rate of 29% of the labour force

External debt by the private sector is not included (not available).

(2)
(a) (b    See explanatory notes at beginning of the tables.

17 

EN 

   EN 

 
           
           
           
           
         
         
           
           
           
Country-risk indicators

Country: Brazil

footnotes

2005

2006

2,007 €

Real GDP growth rate
Industrial production 
Unemployment (end of period)
Inflation rate (CPI) (Dec. / Dec.)
Exchange rate (end of period)

(%)
(% change)
(% of labour force)
(% change)
(Reais per EUR)

3.8
2.8
10.0
3.1
2.7

5.4
6.0
9.3
4.5

4.6
5
9.0
4.4

General government balance

(% of GDP)

-2.8

-2.1

-1.6

(m EUR)
(% of GDP)
(m EUR)

(m EUR)

(m EUR)
(m EUR)
(m EUR)
(%)
(%)
(%)
(m EUR)
(m EUR)

(%)
(%)
(%)

Balance of payments

Exports of goods
Current account balance
Net inflow of foreign direct investment
Official reserves, including gold (end of period)
   bn USD
   months' imports of goods

External debt

Convertible currency external debt
   (end of period)
Convertible currency debt service
   principal
   interest
External debt/GDP
External debt/exports of goods and services
Debt service/exports of goods and services
Arrears (on both interest and principal)
Debt relief agreements and rescheduling

Indicators of EU exposure

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

IMF arrangements

Type
(Date)
On track

Indicators of market's perception of creditworthiness

Moody's long-term foreign currency rating (end of period)
S&P long-term foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)
   Credit rating 

(a) (b) 

See explanatory notes at beginning of the tables

109748
1.3
14973

68333
8.0

116800
0.3
25246

131127
14.0

123431
-0.7
21702

151441
15

158800

177960

168120

33340
23175
10165
18.7
145
34
no
no

5.50
0.41
0.64

na
na
na
18.5
152
na
no
no

5.69
0.38
0.45

na
na
na
15.0
136
na
no
no

4.35
0.26
0.36

No

No

No

B1
BB

Ba3
BB

  03/05  09/05 03/06    09/06

69       66
68    69
(185)    (185)
(185)    (185)
   03/05  09/05 03/06   09/06

67     66
(173)   (173)

64      61
(173)   (173)

Ba1
BB+
03/07    09/07
67     66
(185)    (185)
03/07   09/07
60     57
(173)   (173)

(a)

(b)

EN 

18 

   EN 

 
 
Country-risk indicators

Country: Croatia 

footnotes

2005

2006

2007

Real GDP growth rate
Industrial production 
Unemployment (end of period)
Inflation rate (CPI) (Dec/Dec)
Exchange rate 

(%)
(% change)
(% of labour force)
(% change)
(kuna per EUR)

General government balance

(% of GDP)

Balance of payments

Exports of goods and services
Current account balance
Net inflow of foreign direct investment
Official reserves, including gold (end of period)
months' imports of goods and services

(m EUR)
(% of GDP)
(m EUR)
(m EUR)

External debt

Convertible currency external debt
   (end of period)
Convertible currency debt service
   principal
   interest
External debt/GDP
External debt/exports of goods and services
Debt service/exports of goods and services

(m EUR)

(m EUR)
(m EUR)
(m EUR)
(%)
(%)
(%)

Indicators of EU exposure

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

(%)
(%)
(%)

IMF arrangements

Type
(Date)
On track

Indicators of market's perception of creditworthiness

Moody's long-term foreign currency rating (end of period)
S&P long-term foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)

Footnotes
(a) (b)

See explanatory notes at the beginning of the tables.

4.3
5.1
12.7
3.7
7.3

-4.0

15,273
-6.4
1,276
7,438
5.1

4.8
4.5
11.2
2.1
7.3

-2.5

16,998
-7.9
2,561
8,725
5.3

5.6
5.6
11.0
5.8
7.3

-1.6

18,372
-8.6
3,419
9,307
5.2

25,748

29,274

32,929

3,666
3,582
702
83.2
169
24.0

2.24
0.96
1.62

5,949
5,864
833
85.5
172
35.0

6.32
1.88
3.24

6,063
5,975
805
87.9
179
33.0

5.74
1.77
3.18

Precautionary stand-by programme
Aug 2004 - Nov 2006
Successfully completed

Ba1
BBB
03/05   09/05
50      55
(185)   (185)
03/05   09/05
59    59
(173)    (173)

Ba1
BBB
03/06    09/06
56     54
(185)   (185)
03/06    09/06
57      57
(173)    (173)

Baa3
BBB
03/07  09/07
54     56
(185)   (185)
03/07  09/07
59      61
(173)    (173)

(b)

(b)

EN 

19 

   EN 

 
Country-risk indicators

Country: Egypt

Real GDP growth rate
Industrial production in public enterprises
Unemployment (average)
Wholesale price Inflation (average)
Exchange rate (end of period)

(%)

(% of labour force)
(% change)
(LE per USD)

(a)

4.5

10.5
9.9
6.0

6.8

11.5
4.1
5.8

7.1

9.5
11.8
5.7

footnotes

2005

2006

2007
(preliminary)

General government balance

(% of GDP)

-8.4

-9.2

-7.7

Balance of payments

Exports of goods and services f.o.b.
Current account balance
Net inflow of foreign direct investment
Official reserves, including gold (end of period)
   bn USD
   in months of next years imports of goods and services

(bn USD)
(% of GDP)
(bn USD)

28.8
3.2
4.3

19.3
5.8

35.1
0.8
5.6

22.9
5.9

41.5
1.4
8.2

28.3
6.1

External debt

Convertible currency external debt
   (end of period)
Convertible currency debt service
   principal
   interest
External debt/GDP
External debt/exports of goods and services
Debt service/exports of goods and services
Arrears (on both interest and principal)
Debt relief agreements and rescheduling

(bn USD)

(bn USD)
(bn USD)
(bn USD)
(%)
(%)
(%)
(m USD)
(m USD)

Indicators of EU exposure

32.2

28.8

24.2

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

(%)
(%)
(%)

(a)

14.1
N/A
6.4

17.9
N/A
5.9

16.5
N/A
6.0

IMF arrangements

Type
(Date)
On track

Indicators of market's perception of creditworthiness

Moody's long-term foreign currency rating (end of period)
S&P long-term foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)

Sources: International Monetary Fund.

Footnotes
(a) (b) 

See explanatory notes at beginning of the tables.

(b)

(b)

CCFF
5/07/1999
yes

-
-
-

-
-
-

Ba2
BB+

Ba1
BB+

Ba2
BB+
03/05  09/05 03/06   09/06 03/07   09/07
71      69
68     68
66    71
(185)   (185)
(185)   (185)
(185)   (185)
03/05  09/05 03/06   09/06 03/07   09/07
70   70
(173)    (173)

70     72
(173)    (173)

68     67
(173)    (173)

EN 

20 

   EN 

 
Country-risk indicators

Country: Georgia

(%)
(% change)
(% of labour force)
(% change)
(Lari per USD)

(% of GDP)
(commitments)

(m USD)
(% of GDP)
(m USD)

Real GDP growth rate
Industrial production 
Unemployment (end of period)
Inflation rate (CPI) (Dec/Dec)
Exchange rate (end of period)

General government balance

Balance of payments

Exports of goods and services
Current account balance
Net inflow of foreign direct investment
Official reserves, including gold (end of period)
   m USD
   months' imports of goods and services

External debt

Convertible currency external debt
   (end of period)
Convertible currency debt service
   principal
   interest
External debt/GDP
External debt/exports of goods and services
Debt service/exports of goods and services
Arrears (on both interest and principal)
Debt relief agreements and rescheduling

(m USD)

(m USD)
(m USD)
(m USD)
(%)
(%)
(%)
(m USD)

Indicators of EU exposure

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

(%)
(%)
(%)

IMF arrangements

Type
(Date)
On track

Indicators of market's perception of creditworthiness

Moody's long-term foreign currency rating (end of period)
S&P long-term foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)

Footnotes
(a) (b) 

See explanatory notes at the beginning of the tables.

footnotes

2005

2006

9.6
11.5
13.8
6.2
1.79

9.4
15.9
13.6
8.8
1.71

2007
(prelim.)

12.4
15.0
n.a.
11.0
1.59

-1.5

-3.0

-4.7

2183
-9.8
542

479
1.7

1735

200
161.9
38.5
27.1
80
7.7
0
no

2567
-13.8
1076

931
2.2

1697

270
234.4
36.0
21.9
66
7.2
0
no

3240
-19.7
1584

1361
3.2

1837

200
120.0
80.0
17.8
57
62.0
0
no

(a)

(b)

(b)

0.8
5.8
4.6

1.0
6.6
4.5

0.6
5.2
2.9

PRGF
(06/04-06/07)
yes

PRGF
(06/04-06/07)
yes

PRGF
(06/04-06/07)
yes

none
none
03/05  09/05
103    122
(185)   (185)
03/05  09/05
141    134
(173)  (173)

none
none

none
none

03/06   09/06 03/07   09/07

114    114
106    120
(185)   (185)
(185)   (185)
03/06   09/06 03/07   09/07

119    113
(173)  (173)

110   117
(173)  (173)

EN 

21 

   EN 

 
Country-risk indicators

Country: Former Yugoslav Republic of Macedonia

footnotes

2005

2006

2007

Real GDP growth rate
Industrial production 
Unemployment (end of period)
Inflation rate (CPI)
Exchange rate (end of period)

(%)
(% change)
(% of labour force)
(% change)
(Denar per EUR)

(1)

(2)

4.10
7.20
37.30
0.50
61.34

4.00
2.30
36.00
3.20
61.19

5.10
4.10
34.70
2.30
61.18

General government balance

(% of GDP)

(1)

0.30

-0.60

-0.90

Balance of payments

Exports of goods and services
Current account balance
Net inflow of foreign direct investment
Official reserves, including gold (end of period)
   m EUR
   months' imports of goods and services

External debt

(m EUR)
(% of GDP)
(m EUR)

(1)
(1)

Convertible currency external debt (end of period)
Convertible currency debt service
   principal 
   interest 
External debt/GDP
External debt/exports of goods and services 
Debt service/exports of goods and services 
Arrears (on both interest and principal)
Debt relief agreements and rescheduling

(m EUR)
(m EUR)
(m EUR)
(m EUR)
(%)
(%)
(%)
(m EUR)
(m EUR)

2090.5
-2.6
74.9

1123.0
4.00

2518.1
210.6
164.8
45.8
53.8
120.45
10.07
none
none

2445.89
-0.9
344.6

1416.7
5.10

2495.2
455.6
389.9
65.6
49.1
102.02
18.63
none
none

3087.8
-3.0
240.1

1524.4
5.30

2711.5
323.5
295.5
28.1
50.3
87.81
10.48
none
none

Indicators of EU exposure

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

(%)
(%)
(%)

(a)

1.9
11.5
10.0

2.5
11.3
9.3

2.6
9.8
8.6

IMF arrangements

Type
(Date)
On track

Indicators of market's perception of creditworthiness

Moody's long-term foreign currency rating (end of period)
S&P long-term foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)

Footnotes
(1)
(2)

Provisional
2007Q4

SBA
08/05-08/08
yes

SBA
08/05-08/08
yes

SBA
08/05-08/08
yes

none
none
03/05   09/05
92  95
(185)   (185)
03/05   09/05
91    93
(173)   (173)

none
none
03/06  09/06
83   82
(185)   (185)
03/06  09/06
85     84
(173)   (173)

none
BB+/Stable/B
03/07  09/07
82    83
(185)   (185)
03/07  09/07
84     85
(173)   (173)

(b)

(b)

EN 

22 

   EN 

 
Country-risk indicators

Country: Lebanon

(%)
(% change)
(% of labour force)
(% change)
(L£ per USD)

(% of GDP)
(% of GDP)
(% of GDP)

(m USD)
(% of GDP)
(m USD)
(gross useable)

Real GDP growth rate
Industrial production (period average)
Unemployment rate (average)
Inflation rate (CPI, av)
Exchange rate (av)

General government overall balance
Primary balance
Total government debt

Balance of payments

Exports of goods and services
Current account balance
Net inflow of foreign direct investment
Official reserves, including gold (end of period)
   m USD
   months' imports of goods and services

External (foreign currency) government debt

GDP

(m USD)

(m USD)
(m USD)
(m USD)
(%)
(%)
(%)
(%)
(m USD)
(m USD)

(%)
(%)
(%)

Convertible currency external debt
   (end of period)
Convertible currency debt service
   principal
   interest
Foreign currency debt/GDP
External debt/GDP
External debt/exports of goods and services
Debt service/exports of goods and services
Arrears (on both interest and principal)
Debt relief agreements and rescheduling

Indicators of EU exposure

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

IMF arrangements

Type
(Date)
On track

Indicators of market's perception of creditworthiness

Moody's long-term foreign currency rating (end of period)
S&P long-term foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)

Sources: IMF

(a)

(b)

(b)

footnotes

2005

2006

2007
(estimates)

1.1
n.a.
n.a.
-0.7
1508

-8.4
2.1
178

0
n.a.
n.a.
5.6
1508

-11.1
1.7
177

4.0
n.a.
n.a.
4.1
1508

-12.0
0.8
173

11,252 
-13.6
2,629

9,611 
7.2

13,293
-6.0
2,723

11,353
7.5

13,703 
-10.4
2,297 

12,089 
7.3

19,135 

20,428

21,634 

3,209 
n.a.
n.a.
89.0 
35.6 
68.0 
28.5 
n.a.
n.a.

2.27
1.55
2.64

-
-
-

B3
B-
03/05  09/05
109    117
(185)   (185)
03/05  09/05
98     98
(173)    (173)

1677
n.a.
n.a.
90
37.1
63.4
12.6
n.a.
n.a.

3.79
2.13
3.27

-
-
-

B3
B-

1,488 
n.a.
n.a.
87.0 
41.0 
71.8 
10.9 
n.a.
n.a.

3.47
2.41
3.80

EPCA
04/07 - 12/07
-

B3
B-

03/06   09/06 03/07   09/07

111    116
98    106
(185)   (185)
(185)   (185)
03/06   09/06 03/07   09/07

101     99
(173)    (173)

109   121 
(173)    (173)

EN 

23 

   EN 

 
     
     
       
       
     
 
     
     
       
       
         
         
         
         
         
         
         
         
Country-risk indicators

Country: Montenegro

footnotes

2005

2006

2007
(preliminary)

Real GDP growth rate
Industrial production 
Unemployment (end of period)
Inflation rate (CPI) (Dec/Dec)
Exchange rate (end of period)

(%)
(% change)
(% of labour force)
(% change)
(EUR per EUR)

General government balance

(% of GDP)

Balance of payments

External debt

Exports of goods and services
Current account balance
Net inflow of foreign direct investment
Official reserves, including gold (end of period)
   m EUR
months' imports of goods and services

(m EUR)
(% of GDP)
(m EUR)

Convertible currency external debt
   (end of period)
Convertible currency debt service
   principal
   interest
External debt/GDP
External debt/exports of goods and services
Debt service/exports of goods and services
Arrears (on both interest and principal)
Debt relief agreements and rescheduling

(m EUR)

(m EUR)
(m EUR)
(m EUR)
(%)
(%)
(%)
(m EUR)

Indicators of EU exposure

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

(%)
(%)
(%)

IMF arrangements

Type
(Date)
On track

Indicators of market's perception of creditworthiness

Moody's long-term foreign currency rating (end of period)
S&P long-term foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)

(a)

(b)

(b)

(a)  (b)

See explanatory notes at beginning of the tables

4.1
-1.9
18.4
1.8
1.0

-2.3

730.9
-9.1
383.0

172.9
2.1

796

n.a.

44.6
95.8
n.a.
0
yes

0.56
7.78
8.47

6.5
1.0
14.7
2.0
1.0

7.0
0.1
11.9
7.7
1.0

2.7

8.5

920.9
-31.0
475.0

310.3
2.7

889

n.a.

44.9
94.2
n.a.
0
yes

0.86
8.40
8.10

1,301.8
-44.2
524.9

432.3
3.4

1,164

n.a.

52.8
94.8
n.a.
0
yes

0.62
5.41
4.84

Extended Arrangement
05/02 - 02/06
completed 

none

none

none
BB/Positive/B 
03/05   09/05
none 
(185)   (185)
03/05   09/05
121    105
(173)    (173)

none

Baa1

BB/Positive/B  BB+/Stable/B
03/07   09/07
03/06  09/06
none
none
(185)   (185)
(185)   (185)
03/07   09/07
03/06  09/06
89     96
87    89
(173)    (173)
(173)    (173)

EN 

24 

   EN 

 
 
Country-risk indicators

Country: Morocco 

Real GDP growth rate

(%)

Unemployment (average)
Wholesale price Inflation (average)
Exchange rate (end of period)

(% of labour force)
(% change)
(MDH per USD)

(1)

2.4

11.3
1.0
8.9

8.0

9.6
3.3
8.8

2.2

9.8
2
7.7

footnotes

2005

2006

2007
(preliminary)

General government balance

(% of GDP)

-5.2

-2.0

-0.2

Balance of payments

Exports of goods and services f.o.b.
Current account balance
Net inflow of foreign direct investment
Official reserves, including gold (end of period)
   bn USD
   in months of next years imports of goods and services

(bn USD)
(% of GDP)
(bn USD)

28.8
1.9
2.9

16.1
7.4

35.1
2.6
3.4

20.0
7.8

41.5
-0.1
3.9

23.6
8.4

External debt

Convertible currency external debt
   (end of period)
Convertible currency debt service
   principal
   interest
External debt/GDP
External debt/exports of goods and services
Debt service/exports of goods and services
Arrears (on both interest and principal)
Debt relief agreements and rescheduling

(bn USD)

(bn USD)
(bn USD)
(bn USD)
(%)
(%)
(%)
(m USD)
(m USD)

Indicators of EU exposure

25.4

23.3

22.0

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

(%)
(%)
(%)

(a)

9.52
N/A
4.33

13.62
N/A
4.45

12.52
N/A
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)
S&P long-term foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)

Sources: International Monetary Fund.

Footnotes
(a) (b)  
(1)

See explanatory notes at beginning of tables.
Officially registered unemployed.

(b)

(b)

-
-
-

-
-
-

Ba2
BB+

Ba1
BB+

Ba2
BB+
03/05   09/05 03/06  09/06  03/07  09/07
65    65
66     65
64    64
(185)   (185)
(185)   (185)
(185)   (185)
03/05   09/05 03/06  09/06  03/07  09/07
65    66
(173)   (173)

67    67
(173)   (173)

62     63
(173)   (173)

EN 

25 

   EN 

 
Country-risk indicators

Country: Serbia 

Real GDP growth rate
Industrial production 
Unemployment (end of period)
Inflation rate (CPI) (Dec/Dec)
Exchange rate (end of period)

(%)
(% change)
(% of labour force)
(% change)
(CSD per EUR)

General government balance

(% of GDP)

Balance of payments

Exports of goods and services
Current account balance
Net inflow of foreign direct investment
Official reserves, including gold (end of period)
   m EUR
months' imports of goods and services

(m EUR)
(% of GDP)
(m EUR)

External debt

Convertible currency external debt
   (end of period)
Convertible currency debt service
   principal
   interest
External debt/GDP
External debt/exports of goods and services
Debt service/exports of goods and services
Arrears (on both interest and principal)
Debt relief agreements and rescheduling

(m EUR)

(m EUR)
(m EUR)
(m EUR)
(%)
(%)
(%)
(m EUR)

Indicators of EU exposure

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

(%)
(%)
(%)

IMF arrangements

Type
(Date)
On track

Indicators of market's perception of creditworthiness

Moody's long-term foreign currency rating (end of period)
S&P long-term foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)

footnotes

2005

2006

2007
(preliminary)

6.2
0.8
21.8
17.3
83.3

1.9

5,597
-8.4
1,314

4,935
5.9

5.7
4.7
21.6
12.7
83.9

1.6

6,649
-11.5
3,235

9,025
9.5

7.5
3.7
18.8
6.6
80.0

0.4

8,087
-16.0
1,505

9,641
8.2

13,108

14,876

17,983

645
NA
NA
62.1
234
11.5
1,855
yes

5.03
4.25
9.96

1,974
NA
NA
58.4
224
29.7
301
yes

7.70
4.51
10.10

Extended Arrangement
05/02 - 02/06
completed 

-
-
-

2,140
NA
NA
62.0
222
26.5
1,763
no

7.97
4.52
10.04

-
-
-

none
BB-
03/05   09/05
158   96
(185)   (185)
03/05   09/05
121    105
(173)   (173)

none
BB-
03/06   09/06
104    93
(185)   (185)
03/06   09/06
87    89
(173)   (173)

none
BB-
03/07   09/07
87     87
(185)   (185)
03/07   09/07
94      89
(173)   (173)

(1)

(a)

(2)

(b)

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); 

EN 

26 

   EN 

 
Country-risk indicators

Country: Syria

Real GDP growth rate
Industrial production in public enterprises
Unemployment (average)
Inflation (average)
Exchange rate (weighted average nominal exchange average)

(%)

(% of labour force)
(% change)
(LS per USD)

3.3

8.0
7.2
52.20

4.4

8.5
10.0
51.00

3.9

9.0
5.5
52.1

footnotes

2005

2006

2007
(preliminary)

Central government balance (including grants, excluding privatisations)(% of GDP)

-4.4

-5.7

-5.0

Balance of payments

Exports (non-oil)
Current account balance (excluding grants)
Net inflow of foreign direct investment
Official reserves, including gold (end of period)
   bn USD
   in months of next years imports of goods and services

(bn USD)
(% of GDP)
(bn USD)

7.7
-4.1
0.5

6.1
16.4

8.4
-6.1
0.6

6.7
13.4

10.1
-5.8
0.8

6.4
12.1

External debt

Foreign currency public debt

(percent of total debt)

66.5

54.0

45.5

Convertible currency debt service
   principal
   interest
External debt/GDP
External debt/exports (non-oil)
External debt service/exports of goods and services
Arrears (on both interest and principal)
Debt relief agreements and rescheduling

Indicators of EU exposure

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

(bn USD)
(bn USD)
(bn USD)
(%)
(%)
(%)
(m USD)
(m USD)

(%)
(%)
(%)

23.3
0.90
4.7

19.4
0.80
5.4

17.2
0.63
7.3

(a)

1.67
N/A
2.83

2.98
N/A
4.07

3.71
N/A
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)
S&P long-term  foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)

Sources: International Monetary Fund, EIU.

(a) (b)  

See explanatory notes at beginning of the tables.

(b)

(b)

A3
BBB

Baa2
BBB

Baa2
BBB
03/05   09/05 03/06  09/06  03/07  09/07
64     62
59     62
59     58
(185)   (185)
(185)   (185)
(185)   (185)
03/05   09/05 03/06  09/06  03/07  09/07
56    56
(173)   (173)

56     57
(173)   (173)

61    60
(173)   (173)

EN 

27 

   EN 

 
Country-risk indicators

Country: South Africa

Real GDP growth rate
Industrial production 
Unemployment (end of period)
Inflation rate (CPI) (Dec/Dec)
Exchange rate (end of period)

(%)
(% change)
(% of labour force)
(% change)
(SAR per EUR)

4.9

3.4
7.50

5.4
6.2

4.7
9.31

5.1
5.8

7.1
10.04

footnotes

2005

2006

2007
(preliminary)

General government balance

(% of GDP)

-0.3

0.4

-1.5

Balance of payments

Exports of goods and services
Exports of goods and services
Current account balance
Net inflow of foreign direct investment
Official reserves, including gold (end of period)
   m EUR
   months' imports of goods and services

External debt

Convertible currency external debt
   (end of period)
Convertible currency debt service
   principal
   interest
External debt/GDP
External debt/exports of goods and services
Debt service/exports of goods and services
Arrears (on both interest and principal)
Debt relief agreements and rescheduling

Indicators of EU exposure

in R billions
(m EUR)
(% of GDP)
(m EUR)

(m EUR)

(m EUR)
(m EUR)
(m EUR)
(%)
(%)
(%)
(m EUR)

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

(%)
(%)
(%)

(a)

IMF arrangements

Type
(Date)
On track

-4.00

37,9117bn SAR

3.3

434.5
46670
-6.5

$25,6bn
32159
3.3

535.7
53357
-7.3

$33,0bn
45234
3.4

2.1

5.0
none
none

7.29
N/A
N/A

2.0

7.0
none
none

8.27
N/A
1.54

1.9

none
none

9.01
N/A
1.72

none

none

none

Indicators of market's perception of creditworthiness

Moody's long-term foreign currency rating (end of period)
S&P long-term foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)

Baa1
BBB+
03/05  09/05

   57         54
(185)  (185)
03/05  09/05

   52       52 

(173)    (173)

(b)

       (b)

(a) (b)  

See explanatory notes at beginning of the tables.

Baa1
BBB+

Baa1
BBB+

(185)  (185)

03/06   09/06 03/07  09/07
   55      55

55      55
(185)  (185)
03/06   09/06 03/07  09/07
   53     51
(173)    (173)

  51     49
(173)    (173)

EN 

28 

   EN 

 
Country-risk indicators

Country: Turkey

footnotes

2005

2006

2007

Real GDP growth rate
Industrial production 
Unemployment (end of period)
Inflation rate (CPI) (Dec/Dec)
Exchange rate (end of period)

(%)
(% change)
(% of labour force)
(% change)
(TL per EUR)

8.4
5.4
10.2
8.2
1.67

6.9
5.8
9.9
9.6
1.80

4.5
5.4
9.9
8.8
1.78

General government balance

(% of GDP)

-0.6

-0.1

-1.2

Balance of payments

Exports of goods and services
Current account balance
Net inflow of foreign direct investment
Official reserves, including gold (end of period)
   m EUR
   months' imports of goods and services

(m EUR)
(% of GDP)
(m EUR)

62110
-4.7
7733

42688
5.2

67724
-6.1
15004

48139
5.2

72815
-5.7
13427

48438
5.0

External debt

Convertible currency external debt
   (end of period)
Convertible currency debt service
   principal
   interest
External debt/GDP
External debt/exports of goods and services
Debt service/exports of goods and services
Arrears (on both interest and principal)
Debt relief agreements and rescheduling

(m EUR)

(m EUR)
(m EUR)
(m EUR)
(%)
(%)
(%)
(m EUR)

Indicators of EU exposure

142857

133808

114810

98901
79486
19415
35.1
230.0
159.2
none
none

92637
71949
20687
32.1
197.6
136.8
none
none

79484
59457
20027
25.7
157.7
109.2
none
none

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

(%)
(%)
(%)

(a)

15.88
1.23
2.83

22.63
1.47
2.91

24.51
1.99
3.14

IMF arrangements

Type
(Date)
On track

Indicators of market's perception of creditworthiness

SBA
(05/08)
yes

SBA
(05/08)
yes

SBA
(05/08)
yes

Moody's long-term foreign currency rating (end of period)
S&P long-term foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)

B1
BB-
03/05  09/05
73   72
(185)   (185)
03/05  09/05
73    74
(173)    (173)

Ba3
BB-

Ba3
BB-

03/06   09/06 03/07  09/07

69      72
71    69
(185)   (185)
(185)   (185)
03/06   09/06 03/07  09/07

72      74
(173)    (173)

71     71
(173)    (173)

(b)

(b)

(a) (b)  

See explanatory notes at beginning of the tables.

EN 

29 

   EN 

 
Country-risk indicators

Country: Ukraine

footnotes

2005

2006

Real GDP growth rate
Industrial production 
Unemployment (ILO definition)
Inflation rate (CPI) (Dec/Dec)
Exchange rate (end of period)

(%)
(% change)
(% of labour force)
(% change)
(Hryvnia per USD)

2.7
3.1
7.8
10.3
5.05

7.3
6.2
7.4
11.6
5.05

2007
(prelim.)

7.3
10.2
6.7
16.6
5.05

General government balance

(% of GDP)

(d)

-2.4

-1.3

-1.5

Balance of payments

Exports of goods and services
Current account balance
Net inflow of foreign direct investment
Official reserves, (end of period)
   m USD
   months' imports of goods and services

External debt

Public external debt
   (end of period)
Public external debt service
   principal
   interest
External debt/GDP
External debt/exports of goods and services
Debt service/exports of goods and services
Arrears (on both interest and principal)
Debt relief agreements and rescheduling

(m USD)
(% of GDP)
(m USD)

(m USD)

(m USD)
(m USD)
(m USD)
(%)
(%)
(%)
(m USD)
(m USD)

Indicators of EU exposure

EU exposure/total EU exposure
EU exposure/external debt
EU exposure/exports of goods and services

(%)
(%)
(%)

IMF arrangements

Type
(Date)
On track

Indicators of market's perception of creditworthiness

Moody's long-term foreign currency rating (end of period)
S&P long-term foreign currency rating (end of period)
Euromoney
   Position in the ranking 
   (number of countries)
The Institutional Investor
   Position in the ranking 
   (number of countries)

Footnotes
(a) (b)  
(d)

See explanatory notes at befinning of the tables.
On a cash basis.

44380
2.9
7533

19390
4.6

50239
-1.5
5737

21900
4.2

64001
-4.2
9218

32460
5.3

12900

13800

15100

2080
1480
600
14.7
29.1
4.9
no
no

1.06
1.08
0.31

2590
1675
915
12.2
25.7
5.1
no
no

0.73
0.61
0.17

2000

10.7
23.6
3.2
no
no

0.86
0.78
0.19

None

None

Stand-by*
(03/04-03/05)
off-track
*precautionary

B2
BB-

B2
BB-

03/05  09/05 03/06   09/06

83      82
(185)  (185)
03/05  09/05 03/06   09/06

78     78
(185)  (185)

82     76
(173)    (173)

75      80
(173)    (173)

Ba3
BB-
03/07  09/07
76     80
(185)  (185)
03/07  09/07
78      78
(173)    (173)

(a)

(b)

(b)

EN 

30 

   EN