, at a time where external debt was significantly reduced, notably through advanced repayments of nearly all public external debt ( which amounted to us $ billion 13. 9 by end 2003 ). domestic public debt has also been significantly reduced to a level representing 6. 6 % of gdp in 2008, down from 18. 7 % of gdp in 2003. in addition, available resources in the stabilization fund amounted to us $ billion 59 by end 2008, representing a sizeable self - financing capacity which allows continued implementation of the investment program ( 2009 – 10 ) in the context of external shocks. while sonatrach ’ s investments were partly – although to a large extent – financed on the company ’ s own resources over the period 2001 – 04, accumulated savings ( reaching us $ billion 18 by end 2008 ) have since allowed for total self - financing of the oil company ’ s investments, with investments in 2009 upstream and downstream significantly increasing, in view of the important opportunities in the sector and in line with the objective of achieving potential capacity. investment in the remaining sectors of the economy have also been, to a large extent, selffinanced ( 44. 2 % during the period 2004 – 08 ) while financial savings of private enterprises and households increased. the share of bank financing, mainly domestic, represented 50. 5 % while bond issuance covered 5. 3 % of financing needs. domestic medium and long term bank loans, which have been substantially increasing over the past 5 years, have been oriented to investments in productive non - oil sectors, notably energy and water sectors where investments have significantly increased. anchored to relatively stable and sustainable resources, the development of credit allocation has been notable, with credit to the economy increasing by 15. 7 % in 2007 and 18. 6 % in 2008. growth in the credit to the economy in 2009 remained strong ( 19. 4 %, twelve months increase by june 2009 ) at a time where many emerging economies faced bank credit contractions. credit to private enterprises and households represents a large share of total allocated credit ( 54 to 55 % over the past 3 years ). medium and long term ( investment ) credit increased by 20. 9 % in 2008 and 12. 9 % in the first half of 2009, reflecting favorable domestic bank financing conditions. in this favorable financing context, additional measures have been introduced in the supplementary budget law of july 2009, aimed at further promoting credit to small and medium size enterprises ( smes ), including increasing the maximum government guaranteed credit amount. in

the health of india ’ s external sector which will bear the brunt of global spillovers. i will conclude with a few remarks on the way forward. the global setting global economic conditions in 2013 resembled those that are set to unfold in 2022. the global economy was weak then, with the recovery from the global financial crisis of 2008 – 09 still incomplete, and paths were diverging between jurisdictions. advanced economies ( aes ) were mending and gaining pace despite fiscal consolidation, but emerging market economies ( emes ) were slowing due to the tightening of external financing conditions. the big difference was inflation. commodity prices had fallen amidst improving supply conditions and, moreover, demand from key emes for commodities was subdued. as a result, both fuel and non - fuel commodity prices recorded small declines. the pick - up in growth in the aes was not enough to pull in the slack in these economies and output gaps1 remained large and negative. consequently, inflation actually eased in aes. in emes, on the other hand, the picture was somewhat similar to conditions prevailing today, with inflation turning out to be persistent and range - bound, and pushed up by the pass - through of currency depreciation. although monetary policy was in accommodative mode, financial markets were volatile amidst considerable uncertainty about the future course of monetary policy. in particular, markets were anticipating more tightening of us monetary policy than projected by the fed and this was the factor that caused larger than expected spillovers. in emes, these spillovers interacted with underlying vulnerabilities, triggering capital outflows and a significant tightening of financial conditions in some of them, especially among the fragile five. as events unfolded, however, markets were found to be racing ahead of the real economy – the fed decided not to begin tapering in september, resulting in a modest easing of bond yields. circling back to 2022, the global recovery is once again on a weak wicket – edgy and prone to mishits. the omicron wave has taken its toll and there is growing evidence of loss of pace in the first quarter of 2022, as i alluded to earlier. as in 2013, the paths for aes and emes are diverging, with aes expected to cross pre - pandemic trends while emes lag behind. also, financial markets are highly volatile now, as they were in the fateful summer of 2013. war has added a whole new dimension to