Thailand - The public external debt

CONFIDE N TIA L Report NO. E.C.55 FILE C Y Copy No. 37 This report is available to those members of the staff to whose work it relates. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT THE PUBLIC EXTERNAL DEBT OF THAILAND January 15, 1957 Economic Staff Prepared by: Andrew C. Huang Reviewed by: Leslie G. Butcher THE PUBLIC EXTERNAL DEBT OF THAILAND 11 Position as of June 30, 1956 The public external debt of Thailand at the end of June 1956 was approximately the equivalent of $90.5 million, including about $21 million undisbursed. Of the total, about 45% ($41 million) consisted of medium-term bank and.suppliers' credits guaranteed by the Thai government and nearly 40% ($36 million) of IBRD loans. The indebtedness is summarized below: (Amounts in US$ million equivalent) 1. Medium-Term Credits a) French Supplieits Credits 16.6 b) U.S. Bank Credit 10.0 c) U.K. Suppliers' Credits 5.9- d) Japanese Supplier's Credit. 3.9 e) Dutch Supplier's Credit 2.6 f German Supplier's Credit 2.0 Sub total .... 41.0 2. IBRD Loans 35.8 * 3. U.S. Government Credits 10.8 ** 4. Sterling Bonds 2.9 Grand Total .. 90.5 * Including $11 million undisbursed. For details of various currencies disbursed under these loans, see Table A-1. Including $10 million undisbursed. Including $21 million undisbursed. 1. Medium-Term Credits a) French Supplier's Credits - The debt is made up of- two seven year credits totalling $16.6 million from Co.de Fives-Lille, Paris incurred in 1955 and 1956 for machinery and equipment for the manufacture of paper and sugar. b) U.S. Bank Credit - This indebtedness consists of a $10 million 2$% loan due in 1958 from the Bank of America to the National Economic Development Corporation for development projects. -2- c) U.K. Suppliers' Credits - The amount shown ($5.9 million) representsthe principal amount outstanding of about & 2.1 million of thirteen suppliers' credits negotiated in 1954 and 1955, the largest creditor being the Associated British Oil EnginesLtd. These credits were granted chiefly for electrification purposes and their terms run for five ot six years. It is understood that negotiations have been held with the Bank of America to refund these credits, but the results of these negotiations have not been made public. d) Japanese Supplier's Credit - This is the balance outstanding, $3.9 million, of a $6 million seven year credit from the Fuji Car Manufacturing Company for steel bridges. e) Dutch Supplier's Credit- - This debt consists of the amount outstanding of $2.6 million ( 929,000) on a L I million seven year credit incurred in 1954 by the Sugar Industry Co. from Stork Werkspoor, Amsterdam. f) German Supplier's Credit - This $2 million six year credit from B. Grim and Co., Germany was arranged in 1954 for the purchase of machinery and equipment for a cement plant. 2. IBRD Loans Thailand's indebtedness to the IBRD was reduced by amortization from $37.4 million to $35.8 million (including $11 million undisbursed). The debt consists of two railway loans aggregating $15 million, an irrigation loan of $18 million, and a port construction loan of $4.4 million. 3. U.S. Government Credits Thailand's indebtedness to the U.S. Government aggregating $10.8 million consists of a $10 million 4% loan made by ICA in 1956 with final maturity in 1996 and the outstanding principal of $756,000 of a $1 million 31% shipping loan from the ExImbank made in 1951 and maturing in 1968, Repayments on the $10 million ICA loan, which was totally undisbursed at the end of June 1956 may be made at the sole option of the Thai government either in local currency or in United States Dollars with interest rates of 4% or 3% respectively. 4. Sterling Bonds The amount represents the outstanding principal of about 1 million ($2.9 million) of the 4% 1939-64 conversion loan. Of this amount, about ; 720,000 ($2 million) is held internally. -3- II. Service Payments Table A-2 lists a projection of the service payments on the external debt of Thailand exclusive of U.K. Suppliers' credits totalling $5.9 million on which payments have been temporarily suspended pending refinancing through a Bank of America loan as mentioned in I. c). A summary for a few selected years is ahown below: (Amounts in U.S. Dollars Milliony equiv.) Estimated amounts Total Other Year outstanding in January Payments $ T currency 1956 84.6 8.0 5.3 1.4 1.3 1957 83.1 8.6 6.7 1.1 .8 1958 76.4 12.9 11.0 1.1 .8 1959 65.2 10.0 8.1 1.1 .8 1960 56.8 9.5 7.6 1.1 .8 1961 48.8 9.5 7.6 1.1 1962 40.7 6.8 6.2 .6 - 1965 26.7 4.0 3.8 .2 - 1970 13.0 3.2 3.1 .1 - The debt service payment increases from about $8 million yearly in 1956 and 1957 to a peak of about 10.3 million in 1958, largely caused by the final amortization of the $10 million Bank of America Loan. Thereafter, service payments decline from an annual amount of about $10 million during 1959, 1960 and 1961 to about $4 million in 1965, and finally to about $3 million in 1970, at which time the existing indebtedness should have been reduced to about $13 million under the current service payment schedule. III. Earlier Debt Developments of Thailand 1. Pre-World War II Period (1900-1940) The long-term external indebtedness, incurred by the government of Thailand prior to the World War II, consisted of: a) 4% loan of 1905-45 - Is 1 million, issued at 952 in London and Paris in equal amounts; b) 41% loan of 1907-47 - L 3 million issued at 98 1/4 in Belgium, London and-Paris; c) 4% loan of 1909-49 - I 4.6 million; d) 7% loan of 1922-62 - - 2 million placed at par in London; e) 6% loan of 1924-64 - T 3 million placed at 952 in London; f) 4% conversion loan of 1936-64 - & 2.34 million placed in London at par. -4- The proceeds of the five publicly-placed loans between 1905-24 were used largely for the development of railways and irrigation, while the conversion loan of 1936 was for the refund- ing of 6% sterling loan of 1924. Except for the conversion loan of 1936, these above mentioned loans have all been retired: the 1907 and the 1909 loans were paid off in full at maturity; the 1905 and 1922 loans were redeemed prior to maturity as permitted under the contracts, and the 6% loan of 1924 was refunded into the 4% conversion loan of 1936. 2, World War II Period Debt service was suspended from 1942 to 1946 as a result of the Japanese occupation. 3. Immediate Post World War II Period (1946-49) The Thai government obtainedtwo twenty year loans in 1946 for reconstruction, one from the U.S. for $10 million and the other from the Indian government for Rs.50 million. The 2 3/8% U.S. govern- ment loan of $10 million was used to the extent of $6,2 million for the purchase of surplus properties.the balance was cancelled. The 3% Indian government loan of Rs.50P million was repaid in full in 1949 under an arrangement with the Bank of Thailand whereby the latter advanced the necessary funds to the Thai government against receipt of 3% inscribed stock with terms similar to those provided in the loan agreement with India. Service on the pre-war debt was resumed in 1947 with full payment of all arrears. In 1947 and 1949 the Thai government re- deemed the loans of 1907 and 1909*. 4, Recent Developments In 1950 the IBRD made three loans to Thailand totalling about $25 million. IBRD loans accounted for over 70% of the total external debt incurred by Thailand between the end of 1950 and 1953, but, in spite of another $12 million IBRD loan for railways in 1955 and a $10 million ICA loan in early 1950, the situation has since changed greatly. In 1954 Thailand resorted to medium- term credits (mainly from suppliers) as a principal means of ex- ternal financing. These credits amounted to about $35 million including $10 million from the Bank of America in 1954 and were increased by $13 million in 1955 and further by $16.6 million in the first half of 1956. As a proportion of the total external debt of Thailand, medium-term credits have increased steadily from about 35% at the end of 1954 to about 40% in 1955 and 45% in June 1956 ($41 million out of a total of $90 million). The Bank has expressed its concern to the Government of Thailand about the rapid growth in these medium-term credits and, as a result, the government agreed in August 1955 to incur medium-term suppliers' credits only for economically sound projects within its capacity to pay, and to consult the IBRD about any such undertakings in advance. On the whole the agreement has worked well and the rate of the increase in medium-term credits in 1956 has been slower than in the period 1954-55. Table A-1: THAILAND - EXTERNAL PUBLIC DEBT OUTSTANDING JUNE 30, 1956 National and Government Guaranteed Debt (In thousands) Page 1 Debt outstanding Item June 30, 1956 In currency In U.S. dollar of payment equivalents TOTAL EXTERNAL PUBLIC DEBT 90,515 1 U.S. DOLLAR DEBT $ 71,934 71,934 Privately-placed debt $ 29,694 29,694 Suppliers' and bank credits /2 $ 2f,569 2,(9 $10,000,000 Bank of America loan to National Economic Development Corp. 2 1/2%, 1954-1958 $ 10,000 10,000 $1,990,926 Fritz, Krupp and Rheinhausen loan to The Jalaprathan Cement Co, Ltd., 1955-1960 / $ 1,991 1,991 $6,031,260 Compagnie De Fives loan to The National Economic Development Corp. Ltd., 1955-1962 $ 6,031 6,031 $10,567,200 Compagnie De Fives loan to The National Economic Development Corp. Ltd., 1956-1963 $ 10,567 10,567 Participation in IBRD loan $ 1 101 $1,,105,000 participation at 3 5/8% for 1958-1959 in $12,000,000 loan to State Railway of Thailand 4 5/8%, 1955-1970 /2 $ 1,105 /5 1,105 Loans held or guaranteed by IBRD $ 31,484 31 484 $2,144,317 portion of $3,000,000 loan to Thailand 3 3/%, 1950-1966 $ 1,949 /6 1,949 Portion of $18,000,000 loan to Thailand 4%, 1950-1971 $ 15,588 /7 15,588 $3,557,819 portion of 6h,h00,0o0 loan to Thailand 3 3/4%, 1950-1966 $ 3,276 /8 3,276 Portion of $12,000,000 loan to State Railway of Thailand 4 5/8%, 1955-1970 L $ 10,671 /5 10,671 See footnotes at end of table. Table A-1: THAILAND - EXTERNAL PUBLIC DEBT OUTSTANDING JUNE 30, 1956 (CONT.) National and Government Guaranteed Debt (In thousands) Page 2 Debt outstanding June 30, 1956 Item In currency In U.S. dollar of payment equivalents TOTAL EXTERNAL FUBLIC DEBT (CONT.) U.S. DOLLAR DEBT (CONT.) U.S. government loans $ 10,756 10,756 Export-Import Bank $1,039,830 loan to Thailand 3 1/2%, 1951-1968 $ 756 756 Other $10,000,0O0 ICA loan to Thailand 3% or 4% 1956, 40 years /9 $ 10,000 10,000 STERLINM DEBT f 5,108 14,403 Publicly-issued bonds £ 1,044 2,923 £2,340,300 Thailand Sterling Conversion Loan 4%, 1936-1964 Z 1,044 /10 2,923 Privately-placed debt (suppliers' credits)/2 E 3,051 8,544 Associated British Oil Engines Ltd. loans to Provincial Electrification Organization /3 11 £1,044,390, 1954-1959 £ 940 2,632 £ 47,868, 1954-1960 4 43 121 C 93,188, 1954-1960 f 93 261 £ 97,478, 1955-1960 f 97 273 £ 37,381, 1955-1960 £ 37 105 Z 320,204, 1955-1960 f 400 1,120 £ 44,676, 1955-1961 £ 45 125 F 39,089, 1955-1961 £ 39 109 £ 94,158, 1955-1961 £ 94 264 f 32,684, 1955-1961 £ 33 92 Edison Swan Electric Co. Ltd. loans to Provincial Electrification Organization /3 /Al rI141F399, 1954-1960 £ 130 364 Z 100,571, 1955-1961 £ 101 282 E 69,584, 1955-1961 £ 70 195 £ 1,038,350 Stork Werkspoor loan to Sugar Industry Co., 1954-1961 /3 £ 929 2,601 See footnotes at end of table. Table A-1: THAILAND - EXTERNAL PUBLIC DEBT OUTSTANDING JUNE 30, 1956 (CONT.) National and Government Guaranteed Debt (In thousands) Page 3 Debt outstanding Item June 30, 1956 In currency In U.S.dollar of payment equivalents TOTAL EXTERNAL PUBLIC DEBT (CONT.) STERLING DEBT (CONT.) Loans held by IBRD F 1,013 2,837 Z 207,420 portion of $3,000,000 loan to Thailand 3 3/4%, 1950-1966 £ 198 /6 556 Portion of $18,000,000 loan to Thailand 4%, 1950-1971 z 709 / 1,984 E 106,078 portion of $4,400,000 loan to Thailand 3 3/4%, 1950-1966 f 106 8 297 SWISS FRANC DEBT SWF 450 105 Loans held by IBRD SwF 450 105 Portion of $18,000,000 loan to Thailand 4%, 1950-1971 Sm 12 / 3 SwF 2,097,178 portion of $4,400,000 loan to Thailand 3 3/4%, 1950-1966 SwF 438 /8 102 JAPANESE YEN DEBT . 80 43 223 Loan held by IBRD Portion of $12, 000,000 loan to State Railway of Thailand 4 5/8%, 1955-1970 /2 5 80,435 1 223 DEBT PAYABLE IN GOODS 3,949 Privately-placed debt (Suppliers' credit) $5,924,000 Fuji Car Manufacturing Co. loan to the Ministry of Interior, 1954-1961 /2 /12 3,949 Exchange rates - The following exchange rates have been used: Par values: Z 1 = $2.80; E 1 = W0.002778 Current market rate: SwF 1 = $0.23337 as of June 30, 1956. Table A-1: THAILAND - EXTERNAL PUBLIC DEBT OUTSTANDING JUNE 30, 1956 (CONT.) Page 4 /1 Does not include a loan of $3,000,000 from Bank of America which is now under consideration. For further details, see footnote 12, /2 Guaranteed by the Government of Thailand. These credits were granted by suppliers to finance purchase of goods. The amounts authorized and outstanding include interest charges. The contracts for these obligations provide for a payment within 30 days of signing the contract or upon shipment of goods, with the balance of the cost being funded. Only the funded portion is included in this table, as shown below: Total cost Initial Funded to borrower payment portion Associated British Oil Engines to Provincial Electrification Organization 1954 - 1959 £ 1, 305,488 £ 261,098 £ 1, 0,390 195- 1960 59,835 11,967 47,868 1954 - 1960 116,484 23,296 93,188 1955 - 1960 121,848 2k,370 97,478 1955 - 1960 46,726 9,35 37,381 1955 - 1960 400,255 -0oo,255 1955 - 1961 55,845 11,169 4,676 1955 - 1961 8,861 9,772 39,089 1955 - 1961 117,697 23,539 94,158 1955 - 1961 40,855 8,171 32,684 Edison Swan Electric Co. to Provincial Electrification Org. 1954 - 1960 180,499 36,100 144,399 1955 - 1961 125,714 25,1143 100,571 1955 - 1961 86,980 17,396 69,584 Stork Werkspoor to Sugar Industry Co., 1954-1961 1,093,000 54,650 1,038,350 /A This amount.consists of the contract price of $2,165,462 plus an escalator clause of $42,010. Table A-1: THAILAND - EXTERNAL PUBLIC DEBT OUTSTANDING JUNE 30, 1956 (CONT.) Page 5 /5 The status of this loan as of June 30, 1956 was as follows: In currency In U.S. dollar of payment equivalents Total loan 12,000,000 Disbursed and still outstanding (held by IBRD) 929 254 U.S, dollars $ 705,825 705, 82 Japanese Y80,36,57h 2n3, 29 Undisbursed 11,07n,746 Held by IBRD 9,965,746 Participation funds not yet called 1,105,000 The status of this loan as of June 30, 1956 was as follows: In currency In U.S. dollar of payment equivalents Total loan 3,000,000 Disbursed and still outstanding (held by IBRD) 2,505,000 U.S. dollars $ 1,949,400 1,949,400 Pounds sterling F 198,429 555,600 Repaid 495,000 To IBRD 306,000 To third parties 189,000 /7 The status of this loan as of June 30, 1956 was as follows: In currency In U.S. dollar of payment equivalents Total loan 18,000,009'/a Disbursed and still outstanding 17,575,009 Held by IBRD 16,779,009 U.S. dollars $ 14,792,148 14,792,14d Pounds sterling £ 708,602 1,984,087 Swiss francs SwF 11,885 2,774 Held by third parties with guarantee 796,000 Repaid 425,ooo /a The total amount of this loan originally authorized was the equivalent of $18,000,000. The disbursement of the Swiss francs have been valued at the rate shown in the section above headed "Exchange rates". Since this rate has changed from the rate used at the time of actual disbursement, the total shown here differs from the originally authorized amount. Table A-l: THAILAND - EXTERNAL PUBLIC DEBT OUTSTANDING JUNE 30, 1956 (CONT.) Page 6 /8 The status of this loan as of June 30, 1956 is 4s follows: In currency In U.S. dollar of payment equivalents Total loan 4,oo,031 /a Disbursed and still outstanding 3,675,031 U.S. dollars $ 3,275,819 3,275,819 Pounds sterling f 106,078 297,018 Swiss francs SwF 437,905 102, 194 Repaid 725,000 To IBRD 450,000 To third parties 275,000 /a The total amount of this loan originally authorized was the equivalent of $6,400,000. The disbursement of the Swiss francs have been valued at the rates shown in the section above headed "Exchange rates". Since this rate has changed from the rate used at the time of actual disburse- ment, the total shown here differs from the originally authorized amount. /9 This loan was completely undisbursed as of June 30, 1956. The first disbursement occurred in August 1956 and amortization of the loan is to begin during the second half of 1960. This loan is to be disbursed in U.S. dollars or other currencies. The repayment terms provide that any installment of principal and interest may be paid either in U.S. dollars or in baht at the sole option of Thailand. If payment is made in U.S. dollars, interest on the outstanding balance is calculated at 3% p.a.,; if the payment is made in baht, interest is calculated at hfo p.a. /10 Of this amount, Z 720,680 (equivalent to $2,017,904) was held internally. /11 Payments have been suspended on the funded portions of these loans, however, there is a proposed 3,000,000 loan from the Bank of America for the purpose of paying off these loans. The negotiations on this loan are still in progress. /12 This loan will be paid via the open account established under the trade agreement, renewable each year, which exists between Japan and Thailand. Under this agreement goods are exchanged between the two countries without the exchange of currency. Acounts are kept.and at given periods of rendering, the partner country with a balance due must settle it by making equivalent payment either in U.S. dollars or gold. IBRD - Economic Staff October 3, 1956 Table A-2: THAILAND - INTEREST AND AMORTIZATION PAYMENTS ON EXTET(NAL PUBLIC DEBT; ESTIMATED ACTUAL PAYMENTS 1946-1955 AND ESTIMATED CONTRACTUAL PAYMENTS 1956-1970 ON EEBT OUTSTANDING AS OF JUNE 30, 1956 National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 1 Total /1 Service payments by currency of payment Year Debt out- Payments during year standing Amorti- In- U.S. Pounds Swiss Japanese Goods Netherland Indian January 1 zation terest dollars sterling francs yen guilders rupees 1946 7,434 269 297 566 - 566 - - - - - 1947 20,965 279 701 980 - 566 - - - - 414 1948 30,686 293 775 1,o68 88 566 - - -414 1949 28,382 14,452 882 15,334 727 393 - - - - 14,214 1950 10,143 557 312 869 476 393 - - - - - 1951 34,986 1,616 443 2,059 1,665 394 - - - - - 1952 34,410 1,654 695 2,349 1,925 424 - - - - - 1953 32,757 1,534 916 2,450 2,009 436 5 - - - - 1954 31,715 3,715 1,070 4,785 2,578 990 32 - 1,185 - 1955 55,578 2,746 1,227 3,973 2,344 1,109 463 - - 57 - PROJECTED 1956 84,572 L2 6,545 1,449 7,994 5,360 1,360 482 2 790 1957 83,131 6,700 1,924 8,624 6,680 1,144 10 790 1958 76,431 11,280 1,687 12,967 11,023 1,144 10 790 1959 65,151 8,367 1,584 9,951 8,008 1,143 10 790 1960 56,784 7,962 1,604 9,566 7,607 1,143 26 790 1961 48,822 8,086 1,486 9,572 7,613 1,144 26 789 1962 40,736 5,485 1,367 6,852 6,202 624 26 1963 35,251 5,262 1,244 6,506 5,856 624 26 1964 29,989 3,289 1,104 4.393 3,751 616 26 .1965 26,700 3,039 975 .4,014 3,758 230 26 1966 23,661 2,800 849 3,649 3,436 187 26 1967 20,861 2,543 739 3,282 3,114 142 26 1968 18,318 2,630 631 3,261 3,093 142 26 1969 15,688 2,718 520 3,238 3,070 142 26 1970 12,970 2,842 406 3,248 3,080 142 26 See footnotes at end of table. Table A-2: THAILAND - INTEREST AND A:,ORTIZATION PAYMENTS Oi EXTERE11AL PUBLIC DEBT; ESTIMATED ACTUAL PAYMNTS 1946-1955 AND ESTIMATED CONTRACTUAL PAYMENTS 1956-1970 ON MBT OUTSTANDING AS OF JUNE 30, 1956 (coNT.) National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 2 U.S. dollars Total Total privately-placed debt Su7ppliers' and bank credits Year Debt out- Payments d.uring year Debt out- Payments during year Debt out- Payments during year standing Amorti- In- standing Amorti- In- Total standing Amorti- In- TotalToaTtl January 1 zation terest January 1 zation terest January 1 zation terest 1946 - - - - - - - - - - - - 1947 - - - - - - - - - - - - 1948 10,000 2 86 88 - - - - - - - 1949 10,000 442 285 727 - - - - - - - - 1950 5,771 339 137 476 - - - - - - - - 1951 30,832 1,389 276 1,665 - - - - - - - 1952 30,043 1,417 508 1,925 - - 4 4 - - - - 1953 28,111 1,287 722 2,009 275 - 8 8 - - - - 1954 25,079 1,778 800 2,578 766 766 8 774 491 491 - 491 1955 40,884 1,388 956 2,344 18,040 607 143 750 18,oo 607 143 750 PROJECTED 1956 71,934 /L 4,112 1,248 5,360 29,694 12 4,049 329 4,378 28,.589 .L2 4,049 325 4,374 1957 71,457 4,958 1,722 6,680 29,248 3,616 396 4,012 28,143 3,616 356 3,972 1958 66,499 9,522 1,501 11,023 25,632 8,130 227 8,357 24,.527 7,770 187 7,957 1959 56,977 6,590 1,418 8,008 17,502 5,146 49 5,195 16,757 4,401 29 4,430 1960 50,387 6,153 1,454 7,607 12,356 3,888 - 3,888 12,356 3,888 - 3,888 1961 44,234 6,255 1,358 7,613 8,468 3,887 - 3,887 8,468 3,887 - 3,887 1962 37,979 4,943 1,259 6,202 4,581 2,468 - 2,468 4,581 2,468 - 2,468 1963 33,036 4,700 1,156 5,856 2,113 2,113 - 2,113 2,113 2,113 - 2,113 1964 28,336 2,704 1,047 3,751 1965 25,632 2,824 934 3,758 1966 22,808 2,620 816 3,436 1967 20,188 2,401 713 3,114 1968 17,787 2,482 611 3,093 1969 15,305 2,564 506 3,070 1970 12,741 2,682 398 3,080 See footnotes at end of table. Table A-2: THAILAND - INTEREST AND AMORTIZATION PAYMENTS ON EXTERNAL PUBLIC DEBT; ESTIMATED ACTUAL PAYMENTS 1946-1955 AND ESTIMATED CONTRACTUAL PAYMENTS 1956-1970 ON DEBT OUTSTANDING AS OF JUNE 30, 1956 (cONT.) National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 3 U.S. dollars IBRD participation and sales , Loans held or guaranteed by IBRD Total U.S. government loans Year Debt out- Payments during year Debt out- Payments during year Debt out- Payments during year standing Amorti- In- Total standing Amorti- In- Total standing Amorti- In- Total January 1 zation terest January 1 zation terest January 1 zation terest 1946 - - - - - - - - - - - - 1947 - - - - - - - - 1948 - - - - - - - - 10,000 2 86 88 1949 - - - - - - - - 10,000 442 285 727 1950 - - - - - - - - 5,771 339 137 476 1951 - - - - 25,400 - 145 145 5,432 1,389 131 1,520 1952 - - 4 4 24,960 - 381 381 5,083 1,417 123 1,540 1953 275 - 8 8 24,170 - 614 614 3,666 1,287 100 1,387 1954 275 275 8 283 21,934 199 727 926 2,379 813 65 878 1955 - - - - 21,278 3 768 771 1,566 778 45 823 PROJECTED 1956 1,105 2 - 4 4 31,484 L2? - 892 892 10,756 j2 63 27 90 1957 1,105 - 40 40 31,484 1,279 1,301 2,580 10,725 63 25 88 1958 1,105 360 40 400 30,205 1,329 1,251 2,580 10,662 63 23 86 1959 745 745 20 765 28,876 1,381 1,199 2,580 10.599 63 170 233 1960 27,495 2,199 1,136 3,335 10,536 66 318 384 1961 25,296 2,293 1,042 3,335 10,470 75 316 391 1962 23,003 2,389 946 3,335 10,395 86 313 399 1963 20,614 2,490 845 3,335 10,309 97 311 408 1964 18,124 2,595 740 3,335 10,212 109 307 416 1965 15,529 2,704 631 3,335 10,103 120 303 423 1966 12,825 2,489 517 3,oo6 9,983 131 299 430 1967 10,336 2,259 418 2,677 9,852 142 295 437 1968 8,077 2,357 320 2,677 9,710 125 291 416 1969 5,720 2,458 219 2,677 9,585 106 287 393 1970 3,262 2,563 114 2,677 9,479 119 284 403 See footnotes at end of table. Table A-2: THAILAND - INTEREST AND AMORTIZATION PAYMENTS ON EXTERNAL PUBLIC UEBT; ESTIMATED ACTUAL PAYMENTS 1946-1955 AND ESTIMATED CONTRACTUAL PAY ENTS 1956-1970 ON DEBT OUTSTANDING AS OF JUNE 30, 1956 (cONT.) National and Government Guaranteed Debt (In thousands of U.S6 dollar equivalents) Page 4 U.S..dollars Pounds sterling Export-Import Bank Other U.S. government Total /1 Year Debt out- Payments during year Debt out- Payments during year Debt out- Payments during year standing Amorti- In- Total standing Amorti- In- Total standing Amorti- In- Total January 1 zation terest January 1 zation terest January 1 zation terest 1946 - - - - - - - - 7,434 269 297 .566 1947 - - - - - - - - 7,165 279 287 566 1948 - - - - 10,000 2 86 88 6,886 291 275 566 1949 - - - - 10,000 442 285 727 4,582 210 183 393 1950 - - - - 5,771 339 137 476 4,372 218 175 393 1951 - - - - 5,432 1,389 131 1,520 4,154 227 167 394 1952 1,040 63 30 93 4,043 1,354 93 1,447 4,367 237 187 424 1953 977 63 34 97 2,689 1,224 66 1,290 4,646 247 189 436 1954 914 63 31 94 1,465 750 34 784 5,771 752 238 990 1955 851 63 29 92 715 715 16 731 9,060 869 240 1,109 PROJECTED 1956 756 jL2 63 27 90 10,000 2 - - - 8,361 L2 1,169 191 1,360 1957 725 63 25 88 10,ooo - - - 7,502 952 192 1,144 1958 662 63 23 86 10,000 - - - 6,550 968 176 1,144 1959 599 63 20 83 10,000 - 150 150 5,582 987 156 1,143 1960 536 63 18 81 10,000 3 300 303 4,595 1,003 140 1,143 1961 473 63 16 79 9,997 12 300 312 3,592 1,025 119 1,144 1962 410 63 14 77 9,985 23 299 322 2,567 524 100 624 1963 347 63 12 75 9,962 34 299 333 2,043 544 80 624 1964 284 64 9 73 9,928 45 298 343 1,499 566 50 616 1965 220 63 7 70 9,883 57 296 353 933 195 35 230 1966 157 63 5 68 9,826 68 294 362 738 159 28 187 1967 94 62 3 65 9,758 80 292 372 579 120 22 142 1968 32 32 1 33 9,678 93 290 383 459 125 17 142 1969 9,585 106 287 393 334 130 12 142 1970 9,479 119 284 403 204 135 7 142 See footnotes at end of table. Table A"2: THAILAND - INTEREST AND AMORTIZATION PAYMENTS ON EXTERNAL PUBLIC DEBT; ESTIMATED ACTUAL PAYMENTS 1946-1955 AND ESTIMATED CONTRACTUAL PAYMENTS 1956-1970 ON DEBT OUTSTANDING AS OF JUNE 30, 1956 (CoNT.) National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 5 Pounds sterling Publicly-issued bonds Privately-placed debt _1 Loans held by IBRD Year Debt out- Payments during year Debt out- Payments during year. Debt out- Payments during year standing Amorti- In- Total standing Amorti- In- Total standing Amorti- In- Total January 1 zation terest January 1 zation terest January 1 zation terest 1946 7,434 269 297 566 - - - - - - - - 1947 7,165 279 287 566 - - - - - - - - 1948 6,886 291 275 566 - - - - - - - - 1949 4,582 210 183 393 - - - - - - - 1950 4,372 218 175 393 - - - - - - - - 1951 4,154 227 166 393 -- - - - - 1 1 1952 3,927 237 157 394 - - - - 440 - 30 30 1953 3,691 247 148 395 - - - - 955 - 41 41 1954 3,445 257 138 395 - 495 495 2,326 - 100 100 1955 3,190 267 128 395 3,118 601 601 2,752 1 112 113 PROJECTED 1956 2,923 L2 274 120 394 2,601 1/g - - - 2,837 L 895 71 966 1957 2,649 289 105 394 2,601 520 520 2,252 143 87 230 1958 2,360 299 95 394 2,081 520 520 2,109 149 81 230 1959 2,061 311 82 393 1,561 520 520 1,960 156 74 231 1960 1,750 322 71 393 1,041 520 520 1,804 161 69 230 1961 1,428 336 57 393 521 521 521 1,643 168 62 230 1962 1,092 .350 44 394 1,475 174 56 230 1963 742 364 30 394 1,301 180 50 230 1964 378 378 8 386 1,121 188 42 230 1965 933 195 35 230 1966 738 159 28 187 1967 579 120 22 142 1968 459 125 17 142 1969 334 130 12 142 1970 204 135 7 142 See footnotes at end of table. Table A-2: THAILAND - INTEREST AND AMORTIZATION PAYMENTS ON EXTERNAL PUBLIC DEBT; ESTIMATED ACTUAL PAYMENTS 1946-1955 AND ESTIMATED CONTRACTUAL PAYMNTS 1956-1970 ON DEBT OUTSTANDING AS OF JUNE 30, 1956 (coNT.) National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 6 Swiss francs Total (loan held by IBRD) Japanese yen Goods Year Debt out- Payments during year Debt out- Payments dring year Debt out- Payments during year standing Amorti- In- Total standing Amorti- In- Total standing Amorti- In- Total January 1 zation terest January 1 zation terest January 1 zation terest 1946 - - - - - - 1947 - - - - - - - - - - 1948 - - - - - - - - - - - 1949 - - - - - - - - - - - - 1950 - - - - - - - - - - 1951 - - - - - - - - - - - 1952 - - - - - - - - - - - - 1953 - - 5 5 - - - - - - - - 1954 865 - 32 32 - - - - - 1,185 - 1,185 1955 895 433 30 463 - - - - 4,739 - - - PROJECTED 1956 105 12 474 8 482 223 L2 - 2 2 3,949 j 790 790 197 223 - 10 10 3,949 790 790 1958 223 - 10 10 3,159 790 790 1959 223 - 10 10 2,369 790 790 1960 223 16 10 26 1,579 790 790 1961 207 17 9 26 789 789 789 1962 190 18 8 26 1963 172 18 8 26 1964 154 19 7 26 1965 135 20 6 26 1966 115 21 5 26 1967 94 22 4 26 1968 72 23 3 26 1969 49 24 2 26 1970 25 25 1 26 See footnotes at end of table. Table A-2: THAILAND - ITTEREST AND AMORTIZATION PAYMENTS ON EXTERNAL PUBLIC DEBT; ESTIMATED ACTUAL PAYMENTS 1946-1955 AND ESTIMATED CONTRACTUAL PAYMENTS 1956-1970 ON DEBT OUTSTANDING AS OF JUNE 30, 1956 (CONT.) National and Government Guaranteed Debt (In thousands of U.S. dollar eauivalents) Page 7 Netherlands guilders Indian rupees Total (loans held by IBRD) Total (intergovernmert loan) Year Debt out- Payments during year Debt out- Payments during year standing Amorti- In- Total standing Amorti- In- Total January 1 zation terest January 1 zation terest 1946 - - - - - - - 1947 - - - 13,800 - 414 414 1948 - - - 13,800 - 414 414 1949 - - - 13,800 13,800 414 14,214 1950 - - - - 1951 - - - 1952 1953 1954 - - 1955 56 1 57 1.1 For the years starting 1956, includes all debt shown on Table A-1 as of June 30, 1956 prepared on October 3, 1956 except the suppliersl credits of the Aesociated British Oil Engines Ltd. loans to the Provincial Electrification Organization and the Edison Swan Electric Co.,Ltd. loans to the Provincial Electrificaton Organization (see Table A-1, footnote 11), totalling & 2,122,000 or the equivalent of $5,943,000. Payments on these loans have been temporarily suspended, however, negotiations are now underway for a $3,000,000 loan from the Bank of America to help pay these loans. If they had been paid according to the original contract, the payment schedule would have been as follows: (In thousands of U.S. dollar equivalents) Debt out- Payments during year standing Amorti- In- January 1 zation terest 1956 5,720 996 - 996 1957 4,724 1,209 - 1,209 1958 3,515 1,209 - 1,209 1959 2,306 1.,505 - 1,505 1960 801 585 - 585 1961 216 216 - 216 Table A-2: THAILAND - INTEREST AND AMORTIZATION PAYMENTS ON EXTERNAL PUBLIC EEBT; ESTIMATED ACTUAL PAYMENTS 1946-1955 AND ESTIMATED CONTRACTUAL PAYMENTS 1956-1970 ON rEBT OUTSTANDING AS OF JUNE 30, 1956 (coNT.) Page 8 L2 The amount outstanding shown for 1956 is as of June 30th; payments shown are for the full year 1956. On Janualy 1, 1956 the total debt outstanding was $71,897,000. This total and the total for each category may be obtained by adding the respective figures in the two columns of debt outstanding on Table A-3. .L. Interest is understood to be included in the selling price. N4ote: Thailand made its first external debt report to the IBRD as of June 30, 1952. Data prior to that date are estimated by IBRD. Subsequent data are estimated on the basis of reports from Thailand. IBRD - Economic Staff October 4, 1956 Table A-3: THAILAND - EXTERNAL PUBLIC DEBT CONTRACTED, AMOUNTS DISBURSED, DEBT OUTSTANDING AND UNDISBURSED 1946-1956 National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 1 Debt contracted Utilization Debt outstanding Debt contracted Utilization Debt outstanding New of new January 1 t New of new January 1 Year money oney Disbursed Undisbursed money money Disbursed Undisbursed U. S. dollars Total debt Total 1946 13,800 13,800 - 13,800 7,434 - - - 1947 10,000 10,000 - 5,122 20,965 - 10,000 10,000 - 5,122 - - 1948 - - - 1,093 25,808 4,878 - - - 1,093 5,122 4,878 1949 - - - - 24,597 3,785 - - - - 6,215 3,785 1950 25,400 25,400 - - 10,143 - 25,400 25,400 - - 5,771 - 1951 1,071 1,071 - 4,771 9,586 25,400 1,071 1,071 - 4,331 5,432 25,400 1952 - - - 8,953 12,748 21,662 - - - 8,438 8,381 21,662 1953 491 491 - 1,964 20,048 12,709 491 491 - 6,487 15,402 12,709 1954 24,278 24,278 - 22,450 27,238 4,477 11,281 11,281 - 5,697 20,602 4,477 1955 22,364 22,364 - 22,809 39,215 9,604 20,022 20,022 - 16,717 24,521 9,604 1956 59,279 12,618 39,85C 12,618 U. S, dollars Privately-placed debt Loans held or guaranteed by IBRD 1946 - - - - - - - - - - 1947 - - - - - - - - - - 1948 - - - - -- - - - - 1949 - - - - - - - - - - 1950 - - - - - 25,400 25,400 - - - 1951 - - - - -- - - - 3,291 - 25,400 1952 - - - - -- - - - 8,438 3,298 21,662 1953 491 491 - 491 75- - - - 5,996 11,461 12,709 1954 11,281 11,281 - 4,381 766 - - - - 1,316 17,457 4,477 1955 9,127 9,127 - 14,922 4,381 6,900 10,895 10,895 - 1,795 18,574 2,704 1956 18,696 1,105 20,366 11,513 Table A-3: THAILAND - EXTERNAL PUBLIC DEBT COhTRACTED, AMOUNTS DIS:bURSED, DEBT OUTSTANDING AND UNDISBURSED 1946-1956 (coNT.) National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 2 Debt contracted Utilization Debt outstanding Debt cantracted Utilization Debt outstanding Total New of new January 1 Total New Other of new January 1 Year money money Disbursed Undisbursed money money Disbursed Undisbursed U, S, dollars Pounds sterling U.S. government loans Total 1946 - - - - - - - - - 7,434 - 1947 10,000 10,000 - 5,122 - - - - - 7,165 - 1948 - - - 1,093 5,122 4,878 - - - - 6886 - 1949 - - - - 6,215 3,785 - - - - 4,582 - 1950 - - - - 5,771 - - - - - 4,372 - 1951 1,071 1,071 - 1,040 5,432 - - - 440 4,154 - 1952 - - - - 5,083 - - - - 515 4,367 - 1953 - - - - 3,666 - - - - 1,371 4,646 1954 - - - - 2,379 - 7,073 7,073 - 4,039 5,771 - 1955 - - - - 1,566 - 2,342 2,342 - 6,028 9,060 - 1956 788 _ 14,220 - Pounds sterling Publicly-issued bonds Privately-placed debt 1946 - - - - 7,434 - - - - - 1947 - - - - 7,165 - - - - 1948 - - - - 6,886 - - - - 1949 - - - - 4,582 - - - - 1950 - - - - 4,372 - - - 1951 - - - - 4,154 - - - 1952 - - - - 3,927 - - - 1953 - - - - 3,691 - - - - 1954 - - - - 3,445 - 7,073 7,073 - 3,613 - 1955 - - - - 3,190 - 2,342 2,342 - 5,802 3,118 1956 2,924 8,319 - Table A-3: THAILAND - EXTERAL PUBLIC DEBT COTRACTED, AMOUNTS DISBURSED, DEBT OUTSTANDING AND UNDISBURSED 1946-1956 (CONT.) National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 3 Debt contracted Utilization Debt outstanding Debt contracted Utilization Debt outstanding Total New Other of new - January 1 Total New Other of new January 1 Year money money Disbursed Undisbursed money money Disbursed Undisbursed Pounds sterling Swiss francs Loans held by IBRD Total (loans held by IBRD) 1946 - - - - - - - - - - - 1947 - - - - - - - - - - - 1948 - - - - - - - - - - - 1949 - - - - - - - - - - - 1950 - - - - - - - - - - - 1951 - - - 440 - - - - - - - 1952 - - - 515 440 - - - - - - 1953 - - - 1,371 955 - - - - 865 - 1954 - - - 426 2,326 - - - - 31 865 - 1955 - - - 226 2,752 - - - - 8 895 - 1956 2,977 - 470 - Goods Netherlands guilders Total (orivately-placed debt, supplierst credit) Total (loans held by IBRD) 1946 - - - - - - - - - 1947 - - - - - - - - - - 1948 - - - - - - - - - - - 1949 - - - - - - - - - 1950 - - - - - - - - 1951 - - - - - - - - - 1952 - - - - - - - - - - - 1953 - - - - - - - - - - 1954 5,924 5,924 - 5,924 - - - - - - 1955 - - - - 4,739 - - - - 56 - 1956 4,739 - Table A-3; THAILAND - EXTERNAL PUbLIC DEBT CuNTRACTED, AMOUNTS DIS6URSED, DEBT OUTSTAUDING AND UNDISBURSED 1946-1956 (CONT.) National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 4 Debt contracted Utilization Debt outstanding Total New Other of new January 1 money money Disbursed Undisbursed Indian rujoees 1946 13,800 13,800 - 13,800 - - 1947 - - - - 13,800 - 1948 - - - - 13,800 - 1949 - - - - 13,800 - 1950 - - -- 191 -; 2 1952 - - ---- 1953 - -- 1954--- 1955--- 1956 IBRD - Economic Staff October 4, 1956