OREANDA-NEWS. December 29, 2009.In respect to the structure of external liabilities by institutional sectors, the economic agents of other sectors continued to hold the largest share – 44.7%, followed by the general government – 18.1%, monetary authorities – 8.0%, and banks – 11.6%.

The external debt totaled USD 4292.73 million as of September 30, 2009

 

End of 2007

End of 2008

End of QI 2009

End of QII 2009

End of QIII 2009

General government

765.80

778.30

755.58

775.10

778.41

Long-term

765.80

778.30

755.58

775.10

778.41

Bonds and notes

12.69

6.35

6.47

3.17

3.22

Loans

753.11

771.95

749.11

771.93

775.19

Monetary authorities

159.36

166.97

154.88

159.71

342.02

Long-term

159.36

166.97

154.88

159.71

342.02

Loans

159.36

166.97

154.88

159.71

156.32

SDR allocation

 

 

 

 

185.70

Banks

362.37

577.99

516.13

529.57

498.63

Short-term

199.24

265.05

247.38

223.48

218.08

Loans

10.45

38.70

34.89

26.89

21.71

Currency and deposits

178.49

226.35

210.28

196.59

196.37

Other debt liabilities

10.30

 

2.21

 

 

Long-term

163.13

312.94

268.75

306.09

280.55

Loans

163.13

312.94

268.75

306.09

280.55

Other sectors

1523.36

1853.01

1856.26

1866.36

1919.62

Short-term

942.03

1111.32

1123.27

1116.65

1153.76

Loans

10.59

30.78

24.10

26.65

27.64

Trade credits

501.73

606.87

586.25

602.53

637.85

Other debt liabilities

429.71

473.67

512.92

487.47

488.27

Arrears

84.93

111.66

119.39

121.01

124.23

Other

344.78

362.01

393.53

366.46

364.04

Long-term

581.33

741.69

732.99

749.71

765.86

Loans

581.33

741.69

732.99

749.71

765.86

Direct investment: intercompany lending

545.03

729.81

709.44

731.41

754.05

Debt liabilities to direct investors

545.03

729.81

709.44

731.41

754.05

Arrears

25.86

38.31

41.77

57.97

80.01

Other

519.17

691.50

667.67

673.44

674.04

TOTAL

3355.92

4106.08

3992.29

4062.15

4292.73

Note: data for the preceding periods have been revised.

Out of the total external liabilities, long-term liabilities constituted USD 2840.88 million (66.2%), of which: loans – 69.6%, intercompany lending – 23.7%, SDR allocation – 6.5%, bonds and notes – 0.1%. Short-term liabilities recorded USD 1451.85 million (33.8%) and consisted of: trade credits – 43.9%, arrears – 14.1%, currency and deposits – 13.5%, loans – 3.4%, other debt liabilities – 25.1%.

Sector Debt (USD million)

 

 

 

 

 

End of 2007

End of 2008

End of QI 2009

End of QII 2009

End of QIII 2009

Public and publicly guaranteed debt

943.99

957.36

921.61

954.01

1139.51

Short-term

0.04

0.02

0.02

0.02

0.02

Other debt liabilities

0.04

0.02

0.02

0.02

0.02

Arrears (on principal and interest)

0.04

0.02

0.02

0.02

0.02

of which: debt of public corporations*

0.04

0.02

0.02

0.02

0.02

Long-term

943.95

957.34

921.59

953.99

1139.49

Bonds and notes

12.69

6.35

6.47

3.17

3.22

Loans

931.26

950.99

915.12

950.82

1136.27

of which: debt of public corporations*

5.29

1.14

0.69

9.50

9.83

Non-guaranteed private debt

2411.93

3148.72

3070.68

3108.14

3153.22

Short-term

1141.23

1376.35

1370.63

1340.11

1371.82

Loans

21.04

69.48

58.99

53.54

49.35

Currency and deposits

178.49

226.35

210.28

196.59

196.37

Trade credits

501.73

606.87

586.25

602.53

637.85

Other debt liabilities

439.97

473.65

515.11

487.45

488.25

Arrears (on principal and interest)

84.89

111.64

119.37

120.99

124.21

Other

355.08

362.01

395.74

366.46

364.04

Long-term

725.67

1042.56

990.61

1036.62

1027.35

Loans

725.67

1042.56

990.61

1036.62

1027.35

Direct investment: intercompany lending

545.03

729.81

709.44

731.41

754.05

Debt liabilities to direct investors

545.03

729.81

709.44

731.41

754.05

Arrears

25.86

38.31

41.77

57.97

80.01

Other

519.17

691.50

667.67

673.44

674.04

TOTAL

3355.92

4106.08

3992.29

4062.15

4292.73

*reclassification

 

 

 

 

 

At the end of quarter III, 2009, the stock of public and publicly guaranteed external debt amounted to USD 1139.51 million, and the stock of non-guaranteed private external debt – to USD 3153.22 million (table 2).

The structure of the external debt by type of liability is presented in chart 3. The most important shares belonged to: loans – 47.2%, lending from foreign investors – 15.7%, and trade credits – 14.9%.

Table 3. External Loans and Debt Securities* by Sector (USD million)

 

 

End of 2007

End of 2008

End of QI 2009

End of QII 2009

End of QIII 2009

Monetary authorities

159.36

166.97

154.88

159.71

342.02

Loans (from the IMF)

159.36

166.97

154.88

159.71

156.32

SDR allocation (from the IMF)

 

 

 

 

185.70

Direct governmental debt

747.22

762.77

741.48

760.88

764.04

Loans

734.53

756.42

735.01

757.71

760.82

Debt securities

12.69

6.35

6.47

3.17

3.22

Publicly guaranteed assumed debt **

18.58

15.53

14.10

14.22

14.37

Other sectors

18.58

15.53

14.10

14.22

14.37

Loans

18.58

15.53

14.10

14.22

14.37

Debt of public corporations

5.33

1.16

0.71

9.52

9.85

Banks

0.59

 

 

 

 

Loans

0.59

 

 

 

 

Other sectors

4.74

1.16

0.71

9.52

9.85

Loans

4.70

1.14

0.69

9.50

9.83

Arrears on loans

0.04

0.02

0.02

0.02

0.02

Private debt guaranteed by the government ***

13.50

10.93

10.44

9.68

9.23

Other sectors

13.50

10.93

10.44

9.68

9.23

Loans

13.50

10.93

10.44

9.68

9.23

Non-guaranteed private debt

1376.63

1953.49

1878.41

1942.56

1954.96

Banks

172.99

351.64

303.64

332.98

302.26

Loans

172.99

351.64

303.64

332.98

302.26

Other sectors

1203.64

1601.85

1574.77

1609.58

1652.70

Loans

1092.89

1451.90

1413.63

1430.62

1448.48

Arrears on loans

110.75

149.95

161.14

178.96

204.22

TOTAL

2320.62

2910.85

2800.02

2896.57

3094.47

External liabilities in the form of loans and debt securities (tables 3 and 4) totaled USD 3094.47 million as of September 30, of which the private sector accounted for 63.5% and the public sector – for 36.5%. The main creditors are specified in table 4.

Table 4. External Loans and Debt Securities* by Creditor (USD million)

 

 

End of 2007

End of 2008

End of QI 2009

End of QII 2009

End of QIII 2009

Monetary authorities

159.36

166.97

 

154.88

159.71

342.02

IMF

159.36

166.97

 

154.88

159.71

156.32

SDR allocation

 

 

 

 

 

185.70

Direct governmental debt

747.22

762.77

 

741.48

760.88

764.04

Multilateral creditors

461.65

480.25

 

469.65

491.87

499.02

IBRD and IDA

434.49

436.40

 

424.25

439.22

444.50

EBRD

3.44

2.47

 

1.98

1.98

1.50

IFAD

19.31

31.65

 

31.04

34.61

36.46

CEB

4.41

8.79

 

8.17

11.47

11.88

EIB

 

0.94

 

4.21

4.59

4.68

Bilateral creditors

272.88

276.17

 

265.36

265.84

261.80

USA

56.74

56.41

 

56.41

56.41

56.01

Japan

22.51

26.89

 

25.09

24.08

25.53

Russia

135.84

133.51

 

127.41

127.40

121.30

other

57.79

59.36

 

56.45

57.95

58.96

Debt securities

12.69

6.35

 

6.47

3.17

3.22

Publicly guaranteed assumed debt **

18.58

15.53

 

14.10

14.22

14.37

Other creditors

18.58

15.53

 

14.10

14.22

14.37

Debt of public corporations

5.33

1.16

 

0.71

9.52

9.85

Multilateral creditors

 

0.36

 

0.34

9.13

9.46

EBRD

 

0.36

 

0.34

9.13

9.46

Other creditors

5.33

0.80

 

0.37

0.39

0.39

Publicly guaranteed private debt***

13.50

10.93

 

10.44

9.68

9.23

Multilateral creditors

13.50

10.93

 

10.44

9.68

9.23

EBRD

13.50

10.93

 

10.44

9.68

9.23

Non-guaranteed private debt

1376.63

1953.49

 

1878.41

1942.56

1954.96

Multilateral creditors

101.41

176.14

 

162.42

159.66

152.40

Other creditors

1275.22

1777.35

 

1715.99

1782.90

1802.56

TOTAL

2320.62

2910.85

 

2800.02

2896.57

3094.47

During the third quarter of 2009 no new drawings on loans have been made by the National Bank of Moldova, while USD 6.14 million was reimbursed from previously contracted loans. The external liabilities of the NBM increased due to the SDR allocation made by the IMF to member countries, in proportion to their existing quotas in the Fund. The Republic of Moldova received SDR 117.71 million (USD 184.20 million), of which SDR 91.33 million (USD 142.66 million) was offered under the general allocation and SDR 26.38 million (USD 41.54 million) – under the special allocation.

The government made new drawings on loans to the amount of USD 5.81 million and reimbursed USD 15.30 million from previously contracted loans. It should be noted that during 2009 no arrears have been accumulated by the general government.

The private sector (except for public corporations) received USD 93.56 million in new loans. Thus, banks borrowed USD 10.52 million, and the economic agents of other sectors – USD 83.04 million (of which USD 37.97 million – from foreign investors and USD 45.07

million – from other foreign creditors). Principal repayments by the private sector constituted USD 110.21 million versus USD 128.49 million according to the schedule.

Table 5. External Loans and Debt Securities (additional details)* (USD million)

 

 

Stock at

the end of Drawings**

QII, 2009

Principal repayments

Accumulation

of interest

arrears

Other adjustments

Exchange Stock at the rate    end of QIII, changes     2009

Debt of monetary authorities

159.71

184.20

-6.14

 

 

4.25

342.02

loans from the IMF

159.71

 

-6.14

 

 

2.75

156.32

SDR allocation

 

184.20

 

 

 

1.50

185.70

Direct governmental debt

760.88

5.81

-14.94

 

0.05

12.24

764.04

multilateral creditors

491.87

5.81

-8.04

 

 

9.38

499.02

bilateral creditors

265.84

 

-6.90

 

 

2.86

261.80

long-term governmental bonds

3.17

 

 

 

0.05

 

3.22

Publicly guaranteed assumed debt

14.22

 

-0.36

 

 

0.51

14.37

other creditors

14.22

 

-0.36

 

 

0.51

14.37

Debt of public corporations

9.52

 

 

 

 

0.33

9.85

multilateral creditors

9.13

 

 

 

 

0.33

9.46

other creditors

0.39

 

 

 

 

 

0.39

Publicly guaranteed private debt

9.68

 

-0.46

 

 

0.01

9.23

multilateral creditors

9.68

 

-0.46

 

 

0.01

9.23

Non-guaranteed private debt

1942.56

93.56

-110.21

6.98

 

22.07

1954.96

multilateral creditors

159.66

4.00

-12.91

0.33

 

1.32

152.40

other creditors

1782.90

89.56

-97.30

6.65

 

20.75

1802.56

TOTAL

2896.57

283.60

-132.11

6.98

0.05

39.41

3094.47

The indices of external indebtedness of the domestic economy are given in table 6.

Table 6. Indices of External Indebtedness

 

 

 

 

 

 

 

UM

2007

2008

Q I 2009

Q II 2009

Q III 2009

External debt at year-end

USD mil.

3355.92

4106.08

3992.29

4062.15

4292.73

Exports of goods and services

USD mil.

1998.42

2483.17

436.71

465.59

494.75

External debt in the form of loans and debt securities

USD mil.

2320.62

2910.85

2800.02

2896.57

3094.47

Service of public and publicly guaranteed external debt in the form of loans and debt securities (including public corporations)

scheduled

USD mil.

92.69

91.34

27.32

15.40

27.81

actual

USD mil.

92.75

91.26

27.32

15.40

27.81

Service of public and publicly guaranteed external debt in the form of loans and debt securities / Exports of goods and services

scheduled

%

4.6

3.7

6.3

3.3

5.6

Service of governmental debt (direct and assumed)

actual

USD mil.

53.16

54.89

20.36

12.54

20.95