A preliminary review of the external public debt of India

RESTRICTED Report No. E.C. 51 FIE COPY This document was prepared for internal .use in the Bank. In making it available to others, the Bank assumes no responsibility to them for the accuracy or completeness of the information contained herein. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT A PRELIMINARY REVIEW OF THE EXTERNAL PUBLIC DEBT OF INDIA April 3, 1956 Economic Staff Prep4ared by: Andrew C. Huang Reviewed by: Carel deBeaufort Leslie G. Butcher A PRELIMINARY REVIEW OF THE EXTERNAL PUBLIC DEBT OF INDIA I. Debt Outstanding As of the end of June 1955, the public external debt of India was estimated at the equivalent of $472.8 million./ The amount, however, is exclusive of a) purchases of $12.6 million.from the IM, b) U.S.. Government silver and surplus properties loans aggregating $169.6 million and o) externally held (largely in Pakistan) Indian government securities valued at Rs290 million as of the end of 1953, The composition of the indebtedness, detailed in Table A.l, is summarized below: (amounts in US$ millions equivalent) 1, U.S.Government Loans $ Z34.7 2. U.S,S.R Credit 115.4 3. IBD Loans 111.5 2/ 4. Sterling Bonds 1,2 Grand total $ 472.8 J/ 1, U.S.Government Loans - Indials indebtedness to the U, S, Government totalling about $235 million at the end of June 1955 consisted of (i) a 2 % 1951-86 MSA wheat loan of $190 million, (ii) a 3% 1955-95 ICA loan of $45 million. Repayments on the $45 million loan, which was totally undisbursed at the end of 1955, may be made, at the sole option of the Indian Government, either in Indian rupees or in United States dollars at annual interest rates of 4% or 3% respectively. 2, U.S.S.R. Credit - The U.S.S.R. credit was negotiated in February 1955 for the financing of a steel plant; the amount of credit was originally established at Rs434 million, but this has since been raised to about RS550 million (equivalent to US$115 million), The credit bears interest at 2A% per annum and is repayable in annual instalments between 1957 and 1971. All service payments on the loan are to be made available in Indianrupees to the U.S.S.R Government for the purchase of goods in India and/or to be freely convertible into sterling. 1/ Including about $218 million undisbursed as of 6/30/55. 2/ Including the equivalent of $18.7 million disbursed in pounds sterling, Canadian dollars and Dutch Guilders as of 6/30/55, - 2 - 3. IBRD Loans - Indials indebtedness to IBRD was reduced to $11.5 million at the end of June 1955 from a total of about $110 million on seven loans negotiated between 1949-55, of which about $54 million were for the development of electric power; $34 million- for railway rehabilitation, 31.5 million for the development of steel industry and $20 million for industrial and agricultural development. 4. Sterling Bonds - The debt consists of the principal out- standing of ;4 mi;lion (equivalent to $11 million) on eleven issues incurred from 1892 to 1934 originally for a total of L49 million, of wHch A40 miJlion were incurred by the Indian Government, 5 million by the Railways, and ;4 million chiefly by the port authorities of Calcutta; II, Additional Obligations Apart from the obligations mentioned above, a U.K. steel credit of ;26.5 million and a $37.5 million ICA loan both announced in early 1956, should be taken into account, in order to arrive at a more conclusive assessment of the long-term external debt position of India. III. Service Payments Projected service payments from 1956 to 1980 on the public ex- ternal debt India (not including (a) three debts equivalent to $243 million4and (b) two loans totalling $112 million mentioned in I. and II. respectively), are detailed in Table A-2. These estimates are made on the basis of certain assumptions mentioned in footnote I, to Table A-2 and furthermore on the assumption that (i) the steel works which the U.S.S.R is financing will be completed by the end of 1959, as proposed in the loan contract and (ii) repayments of the ICA loan will be made in Indian rupees. Service payments increase from an annual rate of about $14 million in 1956-57 to about $23 million in 1958 and $29 million in 1959. Pay- ments are estimated at an annual rate of $33 million between 1960 and 1964, except for 1962, when payments will reach a peak of $36 million on account of the final redemption of the Port of Calcutta loan of 1932, Thereafter payments will decline steadily from an annual rate of about $30 million between 1965 and 1967 to about $15 million up to 1980, when the existing external indebtedness will be reduced to about $109 million on the basis of current service schedules, 1 a) $12.6 million purchases from IDF b) $169.6 million U.S.Government silver loan c) $60.9 million externally held Indian government securities Table S-1: INDIA - SUMiJARY OF EXTERNAL PUBLIC DEBT National and Government Guaranteed Debt and Debt of Political Subdivisions (Amounts in thousands of U.S. dollar equivalents) National and government Debt of Item Total guaranteed debt- political subdivisions Amount % Amount Amount TOTAL EXPERNAL PUBLIC DEBT OUT- STANDING JUNE 30, 1955 472,808 100.00 462,929 100.00 2879 100.00 U.S. DOLLARS 293,630 62.10 293,610 _6.43 - Disbursed and still outstanding 236,162 49.95 236,162 51.02 - - Undisbursed 57,468 12.15 57,468 12.41 - - Privately-placed debt 6,R71 1,ta 6,871 1.48 - - Disbursed and still outstanding 5,507 1.17 5,507 1.19 - - Undisbursed 1.364 0.28 1,364 0.29 - - Loans held by IBRD 97103 97,103 20.98 - - Disbursed and still outstanding 40,999 8.67 40,999 8.86 - - Undisbursed 56,104 11.87 56,104 12.12 - - U.S. Governlent loans 189,656 40.11 189,656 40.97 _ - CA;ADIAN DOLLARS 6,329 1.34 6,329 1.37 Privately-placed debt 227 0.05 227 0.05 - Loans held by IBRD 6,l02 1.29 6,102 1.32 - POUNDS STERLING 12,083 2.55 2,204 0.h.7 9,79 100.00 Publicly-issued bonds 11,217 2.37 1,338 0.29 9,879 100,00 Loan held by IERD 866 0.18 866 0.18 -- IETHPELATDS GUILDERS 268 0.06 268 0.06 - Loans hold by IBRD 268 0.06 268 0.06 - INDIAN RUPEES 160,498 -33.95 160,498 34.67 USSR Government loan (all undisbursed)115,498 24.43 115,498 24.95 - 'U.S*Government loan (all undisbursed) 45,000 9.52 45,000 9.72 - IBRD - Economic Staff March 7, 1956 Table A-1. INDIA - EXTERNAL PUBLIC DET National and Government Guaranteed Debt and Debt of Political Subdivisions (In thousands) Page 1 'ebt outstanding Item June 30, 1955 In currency In U.S. dollar of -payment equivalents TAL EXTERNAL PUBLIC DEBT 472,808 l TOTAL NATIONAL AND GOVERNPMENT GUA-ANTED DEBT 462929 U.S. DOLLAR DEBT 293,6n 2]3630 Privately-placed debt $ 6,671 6,871 Portion sold at 30 for 1956-1958 of $34,000,000 IBRD loan to India 4 , 1949-1964 $ 3,336 /2 3,336 Portion sold at 2 1/2 for 1956 of $10,000,000 IBRD loan to India 3 1/2%. 1949-1956 l,o L, Portion sold at 3% for 1956-1957 of $18,500,000 IBRD loan to India 4p, 1950-1970 $ 1,105 & 1,105 $1,364,000 -participation at 3 3/4,2 for 1958-1960 in $16,200,000 IBRD loan to Tata Hydro-electric, Andhra and Tata Power Cos., 4 3/%,, 1954-1974 1,364 / 1,364 Loans held by IBRD 97,103 97,101 Portion of $34,000,000 loan to India 4e, 1949-1964 $ 15,47L2 15.474 Portion of $10,000,000 loan to India 3 1/2%, 1949-1956 $ 706 L2 706 Portion of $18,500,000 loan to India 40%, 1950-1970 t 15,221 /4 15,221 $19,500,000 loan to India 4 7/8%, 1953-1977 10,500 10,500 Portion of $31,500,000 loan to Indian Iron and Steel Co.. 4 3/4, 1952-1967 L $ 30,366 /8 30,366 Portion of $16,200,000 loan to Tata Hydro-electric. Andhra and Tata Power Cos. 4 3/4/-, 1954-1974 Li $ 14,836 /6 14,836 $10,000,000 loan to Industrial Credit and Investment Corp. of India 4 5/8%- 1955-1969 1$ 10,000 10,000 U.S. Government loans $ 189,656 189,656 $189,656-,4212MSA Indian loan 2 1/2%, 1951-1986 $ 189,656 1,656 See footnotes at end of table3 Table A-1: INDIA - EXTET0AL PUBLIC DEBT (CONT.) National and Government Guaranteed Debt and Debt of Political Subdivisions (In thousands) Page 2 Debt outstanding June 30, 1955 In currency In U.S. dollar of payment equivalents oATIONAL Ai4D GOVERVET GUARAN4TEED DMBT (CONT.) CANADIAN DOLLAR DEBT Can$ 6,238 6,.29 Privately-placed debt Can$ 22 227 Can$223,323 sele at 3% for 1957 of $34,000,000 IBRD loan to India 4., 19497-1964 Can$ 223 L-2 227 Loans held by IBRD Can$ 6,015 6,102 Can$7,028,805 portion of $34,000,000 loan to India 45-, 1949-1964 Can$ 4,1982 L 5,054 Portion of $18,500,000 loan to India 414, 1950-1970 Can$ 1,033 &t 1,048 STERLING DEBT Z 787 2,204 Publicly-issued bonds £ 478 10138 £ 11,900,000 India Stock 2 1/2% 1896/1899 103 288 X 17,500,000 India Stock 4 1/2%, 1928/1929-1968 9 339 949 Z 10,000,000 India Stock 3 1/2e, 1933/1934-1959 J 10 28 & 1,435,650 East Indian Ry. Deb.Stock (Irr.) L 1/2%, 1892/1893 £ 9 25 0 348,666 Eastern Bengal Ry. Deb.Stock (Irr.) 4%, 1892/1900 2 6 z 2,701,450 Great Indian Peninsula Ry.Deb.Stock (Irr.) 4%,1892/1900 £ 11 31 £ 425,000 South Indian Ry.Deb.Stock (Perp.) 4 1/2%, 1892/1893 z 4 11 Loan held by IBRD 9 309 866 Portion of $31,500,000 loan to Indian Iron and Steel Co. 4 3/4%, 1952-1967 Li z 309 866 NETHERLANDS GUILDER DEBT f. 1.019 268 Loans held by IBRD f. 1,019 268 Portion of $31,500,000 loan to Indian Iron and Steel co. 4 3/4%, 1952-1967 jj f. 1,019 /8 268 See footnote nt enr f m nf Table A-1: INDIA - EXTERNAL PUBLIC EBT (CONT.) National and Government Guaranteed Debt and Debt of Political Subdivisions (In thousands) .Debt outstanding June-30, 1955 Item In currency In U.S. dollar of payment equivalents NATIONAL AND GOVERNMENT GUARANTEED DIMT (CONT.) INDIAN RUPEE DEBT 160,498 USSR Government loan Rs 550,000,000 loan to India 2 1/2%, 1955-1971 110 REs 550,000 115,498 U.S. Government loan Equivalent of $45,000,000 ICA, Indian loan 3% or I4, 1955-1995 I-1. 45,ooo L2 TOTAL DEBT OF POLITICAL SUBDIVISIONS _-sm87 STERLING DEBT Y 3.528 9,879 Publicly-issued bonds R 3528 9,879 R 899,600 Bombay Improvement Trust Gtd. Deb. 4%, 1909/10-1969/70 z 900 12 2,520 4 1,000,000 Port of Calcutta 5%, 1923-1983 9 892 12 2,498 Z 1,OO.,000 Port of Calcutta 5%., 1924-1984 z 901 L.? 2,523 e 1,075,000 Port of Calcutta 5 1/2 , 1932-1962 z 835 L2 2,338 ixchange rates - The following exchange rates have been used: Par value: Z 1 = $2.804 f.1 = $0.26316; Rs I = $0.209996 Current market rate: Can$ 1 = $1.014610 as of June 30, 1955 and Can$ 1 = $1.000901 as of December 31.1955 Ll Does not include the following a. $12,5804000 purchased from the IHF and not yet resold. b. U.S. surplus property credit equivalent to $8,890,000 payable in local currency, real property and improvements ,to real property. No definite agreement has been reached at this time as to the interest rate or terms of re. payment on this loan. C. U.S. lend-lease silver loan equivalent to $160,711,000. This loan bears no interest and is payable in kind by April 28. 1957. Table A-1; INDIA - EXTE-1RAL PUBLIC EBT (CONT.) Page 4 .L. (Continued) d. British World War I loan, outstanding in the amount of E 15,466,928 (equivalent to $43,307,398). Payments on this obligation have been suspended since July 1, 1931 as it has been agreed between the governments of the United Kingdom and India that, as long as the United Kingdom suspends payment on its World War I debts to the United States, India would suspend payment of its contribution. e. The following railway annuities: Amount outstanding June 30, 1955 In currency In U.S, dollar of payment equivalents Total £ 2,099,657 5,879,040 Eastern Bengal Ry. annuities - 1957 E 258,504 723,811 Madras Ry. annuities - 1956 E 475,810 1,332,268 Scinde, Punjab and Delhi Ry. annuities - 1959 ' 1,365,343 3,822,961 In 1943 India made a payment of £ 30,000,000 to the United Kingdom, which undertook to provide the necessary sterling as the payments fall due. India is still liable for the payments to the annuitants, but each year receives the required sum in sterling from the United Kingdom. f. External liabilities of the Indian Government held abroad. At the end of 1953 Rs 290 million was enfaced for payment abroad, almost entirely in Pakistan. g. An International Cooperation Administration pronosed loan which is not finally determined but is estirated at $37.5 million. h. United Kingdom steel credits of £ 26.5 million, the full details of which are not yet readily available. It is understood that E 15 million will be extended by the United Kingdom Government and 0 11.5 million by a syndicate of British banks. The interest rate on the Z 11.5 million will be 8 1/2e. Table A-1: INDIA - EXTER1AL PUBLIC DXBT (CONT.) Page -5 Z2 The status of this loan as of the given dates was as follows: Amount outstanding Amount outstanding June 30, 1955 December 31, 1955 In currency In U.S.dollar In currency In U.S. dollar of payment equivalent s of -ayment equivalents Total 34,549,239 /a 34,456,968 ]a Disbursed and still outstanding 24,090,956 U.S. dollars $ 18,809,801 18,809,801 $ 17,986,588 17,986.588 Held by BRD $ 15,473,58F 15,473t588 $ 14,650,375 14,650,375 Sold to third parties without IBRD guarantee $ 3,336,213 3,336,213 $ 3,336,213 3,336,213 Canadian dollars Can$ 5,205,108 5,281,155 0a$ 4,977,306 4,981,791 Held by IBRD Can$ 4,981,785 5,054,569 0n$ 4,753,983 4,758,267 Sold to third parties without IBRD guarantee Can$ 223,323 226,586 Cn$ 223,323 223,524 Cancelled 1,200,000 1,200,000 Repaid 9,2584283 10,288,589 To IBRD 4,498,981 4,724,287 To third Tarties (sold with IBRD guarantee) 2,684,255 2,684,255 To third parties (sold without IBRD guarantee) 2,075,047 2,580,047 LJa The total amount of this loan originally authorized was the equivalent of $34,000,000. The disbursements of ,Canadian dollar- have been valued at the rates shown in the section above headed "Exchange rates". Since these rates have changed from the rate used at the time of actual disbursement, the total shown here differs from the originally authorized amount. Ja The status of this loan as of the given dates was as follows: Amount outstanding June 29,1955 December 31,1955 In U.S. dollar eouivalents Total $ 10t000,000 $ 10,000.000 Disbursed and still outstanding (all U.S. dollars) 1,771,813 1,180,813 Held by IBRD 706,000 115,000 Sold to third parties without IBRD guarantee 1,065,813 1,065,813 Cancelled 2,796,187 2,796,187 Repaid 5,432,000 6,023,000 To IBRD 1,557,000 2,14F,000 To third parties (sold with IBRD guarantee) 2,595,000 2,595000 To third parties (sold without IBRD guarantee) 1,280,000 1,280,000 Table A-1: INDIA - EXTERNAL PUBLIr, DEBT (COIT.) Page 6 L4± The status of this loan as of the given dates was as follows: Amount out standing Amount outstanding June 30, 1955 December 31,1955 In currency In U.S. dollar In currency In U.S. dollar of paymfent ecuivalents of aoayment eauivalents Total 18,499,662 ja 18,490,470 la Disbursed and still outstanding 16,o61,56 15,711.96 U.S. dollars $ 15,011,2 15,013,217 $ 15,031,128 1501,128 Held by IBRD $ 13,908,217 13,908,217 $ 13,926,128 13,926,128 Sold to third parties without IBRD guarantee $ 1,105,000 1,105,000 $ 1,105,000 1,105000 Canadian dollars (held by IBRD) Can$ 1,0m2,948 1.0.o09 Can$ 680,224 680&37 Cancelled 690,000 1,779,500 Repaid 864,000 To IBRD 121,000 549000 To third parties (sold without IBRD guarantee) 315,000 315000 Undisbursed 11321 406 15, .La The total amount of this loan originally authorized was the equivalent of $18,500,000. The disbursements of' Canadian dollars have been valued at the rates shown in the section above headed "E~xchange rates"-. Since these rates have changed from the rate used at the time of actual disbursement, the total shown here differs from the originally authorized amount. ]~GuaranteeLA by the Government of India. L6 The sttitu-, of this loan as of the given dates 1was as foliows:. Amount outstanding Amount outstanding June 130, 1955 2ecember 31 1955 In currency In U.S. dollar In currency In U..S.dollar of -nayment eouivalents of -nMment equivalents Total 16,200 ,000 16,200,000 Disbursed and still outstanding (held by IBRD) i,52, 72 U.S. dollars1 ,500 Pounds sterling 7,243 20 279 Undisbursed 16,200,0 100,00 3 Held by IBRD 14,836,000 o$150,0320 Participation funds not yet called 1,364,000 1,364,000 Table A-i: INDIA - EXTERxNAL PUBLIC DEBT (CONT.) P age 7 The status of this loan as of the given dates was as follows: Amount outstanding June 30, 1955 December 31,1955 Total. loan (U.S. 'dollars) $ 19,500,000 $ 19,500,000 Disbursed and still outstanding (held by IBRD) 830,979 2,766,632 Cancelled 9,000,000 9,000,000 Undisbursed 9,669,021 7,733,368 /8 The status of this loan as of the given dates was as follows: Amount outstanding Amount outstanding June 10, 1955 December 31. 1955 In currency In U.S. dollar In cuirrency In U.S.- dollar of payment equivalents of payment equivalents Total 31,500,000 31,500,000 Disbursed and still outstanding (held by IBRD) 1,242,996 4,117,588 U.S. dollars $ 108,740 108,740 $ 1,101,140 1,101,140 Pounds sterling Z 309,339 866,149 Z 986,994 2,763,583 Netherlands guilders f.1,018,806 268,107 f. 1,036,886 272,865 Undisbursed 30,257,004 27.362,412 As of June 30, 1955 and December 31, 1955 this loan was comPletely undisbursed. /10 This loan is to finance the establishment of an integrated Iron and Steel Works in India for which the current estimated cost is approximately Rs 550,000,000. The actual amount of the loan shall be determined by mu.tual negotiations and agreement and credit shall be raised upon each delivery c.i.f. Indian ports. All payments to be made by the Indian authorities shall 'be in Indian rupees and may be utilized by the USSR for the purchase of goods in India and/or be freely convertible into pnounds-st,rling, If the arity of the Indian rupee 0.186621 grammes of fine gold -per one Indian rupee) in terms of gold changes, repayments shall be revalued prortionately. Should the Indian authorities decide to cancel the project after the Soviet authorities have submitted a deGailed project report, the Indian Government shall be liable for the expenses incurred by the Soviet arganizations in connection with the report up to a maximum of TRs 8 million. /11 This loan is denominated in U.S. dollars, but any instalment of principal and interest may be paid either in U.S. dollars or In Indian rupees at'the sole option of India. If payment is made in U.S. dollars, interest on the out- standing balance is calculated at 3111 p.a.; if the payment is made in rupees, interest is calculated at 4% p.a. For purposes of this table, it has been assumed payment will be made in rupees. LAZ? Estimated by OERD to be outstanding June 30, 1955. OBRD - E~conomic Staff Table A-2: INDIA - ESTIMATED CONTRjtCTUAL INTEREST AD AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT National and Government Guaranteed Debt and Debt of Political Subdivisions (In thousands of U.S. dollar equivalents) Page 1 Total 11. Service payments by currency of payments Year Debt out- Payments during-year U. S. Canadian Pounds Netherlands Indian standing Amorti- In- Total dollars dollars sterling guilders rupees January 1 zation terest 1956 472,808 ]. 4,302 7,702 12,004 10,553 565 525 - 361 1957 465,265 - 8,059 8,771 16,830 11,955 530 525 - 3,820 1958 457,206 10,995 11,771 22,766 12,967 615 526 - 8,658 '959 446,211 16,686 12,710 29,396 16,103 820 786 23 11,664 1960 429,525. 20,285 13,332 33,617 17,836 820 906 36 14,019 1961 409,240 20,753 12,703 33,456 17,898 820 885 36 13.817 1962 388,487 23.944 11,942 35,886 18,222 820 3,190 39 13,615 1963 364,543 22,133 11,151 33,284 18,223 820 788 39 13,414 1964 342,410 22,680 10,402 33,082 18,223 820 788 39 13,212 1965 319,730 20,147 9,662 29,809 15,904 67 788 39 13,011 1966 299,583 20,617 8,991 29,608 15,905 67 788 39 12,809 1967 278,966 22,606 8,297 30,903 17,403 67 789 38 12,606 1)68 256,360 21,092 7,561 28,653 14,857 67 1,323 12,406 1969 235,268 19,712 6,946 26,658 14,855 67 1,939 9,797 1970 215,556 15,061 6,348 21,409 12,904 34 1,220 7,251 1971 200,495 11,324 5,911 17,235 12,211 251 4,773 1972 189,171 9,223 5,576 14,799 12,212 251 2,336 1973 179,948 9,548 5,289 14,837 12,212 251 Z,374 1974 170,400 9,886 4,991 14,877 12,213 251 2,413 1975 160,514 8,790 4,698 13,488 10,785 251 2,452 1976 151,724 9,080 4,446 13,526 10,784 251 2,491 1977 142,644 11,393 4,172 15,565 12,784 251 2,530 1978 131,251 10,952 3,859 14,811 11,991 251 2,569 1979 120,299 11,284 3,566 14,850 11,991 251 2,608 1980 109,015 11,626 3,263 14,889 11,991 251 2,647 See footnotes at end of table Table A-2: INDIA - ESTIMATD CONTRACTUAL INTLREST AND AMORTIZATION PAYkEN4TS ON THI EXTRNAL PUBLIC DEBT (Cont.) National and.Government Guaranteed Debt and Debt of Political Subdivisions (In thousands of U.S. dollar equivalents) Page 2 U,S. dollars Total Privately-placed debt Loans held by IBRD 2I Year Debt out- Payments during year Debt out- Paments 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 1956 293,630 2 3,965 6,588 10,553 -6,871 2. 2,333 149 2,482 97,103 1.- 1,632 1,698 3,330 1957 285,167 5,338 6,617 11,955 4,538 2,369 76 2,445 90,973 705 1,814 2,519 1958 279,829 5,767 7,200 12,967 2,169 1,134 63 1,197 90,268 2,312 2,46? 4,779 1959 274,062 8,513 7,590 16,103 1,035 682 32 714 87,956 5,452 2,946 8,398 1960 265,549 9,634 8,202 17,836 353 353 7 360 82,504 6,842 3,643 10,485 1961 255,915 10,041 7,857 17,898 75,662 7,540 3,367 10,907 1962 245,874 10,773 7,449 18,222 68,122 8,209 3,022 11,231 1963 235,101 11,208 7,015 18,223 59,913 8,580 2,652 11,232 1964 223,893 11,661 6,562 18,223 51,333 8,967 2,265 11,232 1965 212,232 9,792 6,112 15,904 42,366 7,030 1,883 8,913 1966 202,440 10,188 5,717 15,905 35,336 7,357 1,557 8,914 1967 192,252 12,103 5,300 17,403 27,979 7,700 1,212 8,912 1968 180,149 9,998 4,859 14,857 20,279 3,966 900 4,866 1969 170,151 10,327 4,528 14,855 16,313 4,143 721 4,864 1970 159,824 8,707 4,197 12,904 12,170 2,368 545 2,913 1971 151,117 8,268 3,943 12,211 9,802 1,769 451 2,220 1972 142,849 8,518 3,694 12,212 8,033 1,856 365 2,221 1973 134,331 8,776 3,436 12,212 6,177 1,946 275 2,221 1974 125,555 9,043 3,170 12,213 4,231 2,041 181 2,222 1975 116,512 7,874 2,911 10,785 2,190 696 98 794 1976 108,638 8,087 2,697 10,784 1,494 729 64 793 1977 100,551 10,321 2,463 12,784 765 765 28 793 1978 90,230 9,797 2,194 11,991 1979 80,433 10,043 1,948 11,991 1980 70,390 10,296 1,695 11,991 See footnotes at end of table Table A-2: INDIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT (Cont.) National and,Government Guaranteed Debt and Debt of Political Subdivisions (In thousands of U.S. dollar equivalents) Page 3 U.S, dollars Canadian dollars U,S, government loan Total Privately-placed debt Tear Debt out- Payments during year Debt out- Payments during Zear Debt out- Payments during year standing Amorti- In- Total standing Amorti- In- Total standing Amorti- In- Total January 1 zation terest January 1 sation terest January 1 zation terest 1956 189,656 .L - 4,741 4,741 6,329 1L 337 228 565 227 L - 7 7 1957 189,656 2,264 4,727 6,991 5,326 315 215 530 224 224 7 231 1958 187,392 2,321 4,670 6,991 5,011 416 199 615 1959 185,071 2,379 4,612 6,991 4,595 643 177 820 1960 182,692 2,439 4,552 6,991 3,952 669 151 820 1961 180,253 2,501 4,490 6,991 3,283 696 124 820 1962 177,752 2,564 4,427 6,991 2,587 723 97 820 1963 175,188 2,628 4,363 6,991 1,864 753 67 820 1964 172,560 2,694 4,297 6,991 1,111 783 37 820 1965 169,866 2,762 4,229 6,991 328 54 13 67 1966 167,104 2V831 4,160 6,991 274 57 10 67 1967 164,273 4,403 4,088 8,491 217 59 8 67 1968 159,870 6,032 3,959 9,991 158 61 6 67 1969 153,838 6,184 3,807 9.991 97 64 3 67 1970 147,654 6,339 3,652 9,991 33 33 1 34 1971 141,315 6,499 3,492 9,991 1972 134,816 6,662 3,329 9,991 1973 128,154 6,830 3,161 9,991 1974 121,324- 7,002 2,989 9,991 1975 114,322 7,178 2,813 9,991 1976 107,144 7,358 2,633 9,991 197-7 99,786 9,556 2,435 11,991 1978 90,230 9,797 2,194 11,991 1979 80,433 10,043 1,948 11,991 1980 70,390 10,296 1,695 11,991 See footnotes at end of table Table A-2: -INDIA - ESTIMATED CONTRACTUAL INTEREST AIM AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT (Cont.) National and Government Guaranteed Debt and Debt of Political Subdivisions (In thousands of U.S. dollar equivalents) Page 4 Canadian dollars Pounds sterling Loans held by IBRD Ll Total Publicly-is sued bonds Year Debt out- Pfayments during year Debt out- Payments during year Debt out- Payments durinR year standing Amorti- In- stnn A standing Amorti- In- January 1 ation terest Tanding 1 mzation terest January 1 zation terest 1956 6,102 2 337 221 558 12,083 J.2 - 525 525 11,217 .2 - 525 525 1957 5,102 91 208 299 14,001 - 525 525 11,217 - 525 525 1958 5,011 416 199 615 14,001 - 526 526 11,217 - 525 525 1959 4,595 643 177 820 14,001 260 526 786 11,217 27 525 552 1960 3,952 669 151 820 13,741 264 642 906 11,190 - 524 524 1961 3,283 696 124 820 13,477 255 630 885 11,190 - 524 524 1962- 2,587 723 97 820 13,222 2,638 552 3,190 11,190 2,338 459 2,797 1963 1,864 753 67 820 10,584 315 473 788 8,852 - 395 395 1964 1,111 783 37 820 10,269 330 458 788 8,852 - 395 395, 1965 328 54 13 67 9,939 345 443 788 8,852 - 395 395 1966 274 57 10 67 9,594 362 426 788 8,852 - 395 395 1967 217 59 8 67 9,232 380 409 789 8,852 - 395 395 1968 158 61 6 67 8,852 950 373 1,323 8,852 950 373 1,323 1969 97 64 3 67 7t902 1,587 352 1,939 7,902 1,587 352 1,939 1970 33r 33 1 34 6,315 932 288 1,220 6,315 932 288 1,220 1971 5,383 - 251 251 5,383 - 251 251 1972 5,383 - 251 251 5,383 - 251 251 1973 5,383 - 251 251 5,383 - 251 251 1974 5,383 - 251 251 5,383 - 251 251 1975 5,383 - 251 251 5,383 - 251 251 1976 5,383 - 251 251 5,383 - 251 251 1977 5,383 - 251 251 5,383 - 251 251 1978 5,383 - 251 251 5,383 - 251 251 1979 5,383 - 251 251 5,383 - 251 251 19f0 5,383 - 251 251 5,383 - 251 251 See footnotes at end of 'table Table A-2: INDIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT (Cont.) National and Government Guaranteed Debt and Debt of Political Subdivisions (In thousands of U.S. dollar equivalents) page 5 Pounds sterling Netherlands guilders Indian rupees Loans held by IBRD 11 Total (Loan held by IBRD LI) __Zotal_ Year Debt out- Payments during year Debt out- Payments during year Debt out- Payments d ring_year sIn- stg Ar- Ig Amo rti- In- standing Amorti- In- Tal January 1 zation terest Total January 1 ation terest ot January 1 zation terest Total 1956 866 L - - - 268 2 - - 160,498 g - 361 361 1957 2,784 - - - 273 - - - 160,498 2,406 1,414 3,820 1958 2,784 - 1 1 273 - - - 158,092 4,812 3,846 8,658 1959 2,784 233 1 234 273 23 - 23 153,280 7.247 4,417 11,664 1960 2,551 264 118 382 250 24 12 36 146,033 9,694 4,325 14,019 1961 2,287 255 106 361 226 25 11 36 136,339 9,736 4,081 13,817 1962 2,032 300 93 393 201 30 9 39 126,603 9,780 3,835 13,615 1963 1,732 315 78 393 171 31 8 39 116,823 9,826 3,588 13,414 1964 1,417 330 63 393 140 33 6 39 106,997 9,873 3,339 13,212 1965 1,087 345 48 393 107 34 5 39 97,124 9,922 3,089 13,011 1966 742 362 31 393 73 36 3 39 87,202 9,974 2,835 12,809 1967 380 380 14 394 37 37 1 38 77,228 10,027 2,579 12,606 1968 67 201 10,083 2,323 12,406 1969 57,118 7,734 2,063 9,797 1970 49,384 5,389 1,862 7,251 1971 43,995 3,056 1,717 ,4773 1972 40,939 705 1,631 2,336 1973 40,234 772 1,602 2,374 1974 39,462 843 1,570 2,413 1975 38,619 916 1,536 2,452 1976 37,703 993 1,498 2,491 1977 36,710 1,072 1,458 2,530 1978 35,638 1,155 1,414 2.569 1979 34,483 1,241 1,367 2,608 1980 33,242 1,330 1,317 2,647 See footnotes at end of table Table A-2: INDIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT (Cont.) National and Government Guaranteed Debt and Debt of Political Subdivisions (In thousands of U.S. dollar equivalents) Page 6 Indian rupees U.S.S.R government loan U.S, government loan L It has been assumed that the Year Debt out- Payments during year Debt out- Payments during year undisbursed portion of these standing Amorti- In- Total standing Amorti- In- Total loans have been disbursed by January 1 zation terest January 1 2ation terest December 31, 1956 with the following exceptions: 1956 115,498 1-2 - 361 361 45,000 - - -(a) Disbursements of IBD loans 957 115,498 2,406 1,414 3,820 45,000 - - - have been assumed as esti- 1958 113,092 4,812 2,046 6,858 45,000 - 1,800 1,800 mated by Treasurer's Depart- 1959 108,280 7,218 2,617 9,835 45,ooo 29 1,800 1,829 ment of IBRD. 1960 101,062 9,624 2,527 12,151 44,971 70 1,798 1,868 (b) Disbursement of the U.S.S.R. 1961 91,438 9,624 2,286 11,910 44,901 112 1,795 1,907 government loan was estimated 1962 81,814 9,624 2,045 11,669 44,789 156 1,790 1,946 to be made in four equal in- 1963 72,190 9,624 1,805 11,429 44,633 202 1,783 1,985 stallments over a four year 1964 62,566 9,624 1,564 11,188 44,431 249 1,775 2,024 period, beginning March 15, 1965 52,942 9,624 1,324 10,948 44,182 298 1,765 2,063 1956. 1966 43,318 9,624 1,083 10,707 43,884 350 1,752 2,102 1967 33,694 9,.624 842 10,466 43,534 403 1,737 2,140 L2 Amount outstanding in 1956 is as 1968 24,070 9,624 602 10,226 43,131 459 1,721 2,180 of June 30, 1955. However, no 1969 14,446 7,218 361 7,579 42,672 516 1,702 2,218 1970 7,228 4,812 181 4,993 42,156 577 1,681 2,258 this table. 1971 2,416 2,416 60 2,476 41,579 640 1,657 2,297 1972 40,939 705 1,631 2,336 Amount outstanding in 1956 is as 1973 40,234 772 1,602 2,374 of June 30, 1955. However, pay- 1974 39,462 843 1,570 2,413 ments are based on the status as 1975 38,619 916 1,536 2t452 of December 31, 1955. 1976 37,703 993 1,498 2,491 1977 36,710 1,072 1,458 2,530 1978 35,638 1,155 1,414 2,569 1979 34,483 1,241 1,367 2,608 1980 33,242 1,330 1,317 2,647 IBRD - Ecoomic Staff March 7, 1956