Preliminary survey of the external debt of France

 No. E 90 This report is not to be published nor may it 66998 be quoted as representing the Bank'. view •• INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT PRELIMlNARY SURVEY OF THE EXTERNAL DEBT OF FRANCE 1une 19. 1950 Economic Department Prepared by: A. Huang  PRELL :[1' Ai.1Y S'lmVEY OF THE -r.;xT:clll,~U, DEBT OF FlWiCE TAi3LE OF COHTElITS E?.m I. Debts Outstrulding • • • • • • 1-4 A. U.S. Dollar Debt • • • • • • 1 - :3 B. Canadian Loan • • • • • • • :3 C. Sterling Debt • • • • • • :3 D. Other Debts .;, • • • • • 3 II. Service Paynents • • • • • • 4 - 5 III. Additiona.l Obligations · • .. • 5 Appendices • • • • • • • • I - III  - 1 - Preliminary Survey of the External Debt of France 1. Debts Outstanding The long-term external debt of France in December 1949 amoun~ to about US ~S3 bUlion, of which more than 80%, or about $2.4 bUlion, represents U.S. dollar obligations incurred after !.forld \rlar II. The overall debt position of the Republic, whj.ch is ShOwil in detail in Appendix I, may be summarized as follows: ~!pressed in MUlions of U.S. Dollars A. U.S. Dollar DeQi 1. U.S. Government's loans end credits 2,0;3 2. I.B.R.D. loan 250 3. Private banks' loan 75 Sub...total 2,378 B. Canadian Government'§ Loan C. ~erli!lg Debi 1. U.K. Governmental loan 282 2. New Zealand Government's loan 14 3. Sterling bonds 13_ Sub-total 309 D. other Debts 10 Florin or Swiss Franc bonds 48 2. Swedish Government 1 s loan 9 3. Peseta Bonds 2 Sub-total 59 Grand Total 2,960 11 A. U.S. Dollar Debt The total principal outstanding on two Export-Import Bank loans amounts to ml.l billion. The 2-3 _ Loan of $550 million of 19 is aya ble in This total does not include a number of special, mostly short-term, credits 1.n Sterling and Swiss Franos mentioned in Section III with a maximum dollar value of $220 million, nor is France's drawing of $125 mUlion from IMF included.  -2- 26-1/2 years beginning July 1949. The 3% Loan of 1946 of $650 million is due in 19-1/2 years starting January 1950. Under the E.C.A. Program, France has received aid amounting to $172 million in the form of loans. The principal is to be repaid before 19S3 in semi-annual instalments starting June 1956. The interest at 2-1/2% is payable semi-annually beginning December 1952. The loan agreement contains a waiver clause permitting postponement of service charge payments at any time due to adverse economic conditions, when agreed upon between the two governments .21 other U.S. Government claims on France resulting from the final agree- ment on the settlement of Lend-lease ($353.3 million), Surplus Property ($332.4 million), Maritime Commission ($47.6 million), and l,Jar Asset Credit ($6.9 million) aggregate about $740 million. The interest rate on the in to be debt is 2% - 3-k% p.a. Be ginn ing1l95l, interest end principal are/paid in 30 equal annual instalments. A waiver clause quite similar to that found in the E.C.A. Loan Contract is included in the agreementli which also provides that up to about $55 million of service payments at the option of the United St~tes Government may be settled in the form of French francs or real property in France. The loan of $250 million obtained by France from the I.B.R.D. in 1947 is to be amortized over 23 years beginning in 1952 and carries an interest rate of 3-1/4% plus 1% commission. The ea1ance of the U.S. Dollar debt consists of a 5 year loan from a group of New York private banks negotiated in 1949 in the amount of $75<~~ :,!. ~lliOJl.V  -3- The credit is collaterally secured by gold of the Bank of France deposited ,dth the Federal Reserve Bank of New York. As of November 9, 1949, only about ~15 million was drawn dmrn but the total amount is likely to be utilized by late 19.50 according to the loan agreement. B. Canadian Loan The 30~year 3% Canadian Governmental loan of 1946 to France, authorized in the amount of Can. $2.53' million and utilized in full, has n~[ about Can. ~231 million (U.S. $214 million) outstanding. The loan is to be amor- tized in thirty installments beginnine December 1948. C. Sterling Debt 'Ihe 1/2% French Governr::ental debt to the U.K., determined at UOO.7 million ($282 million) in the Financial Agreement of 1946, constitutes Francefs major sterling Obligation. 21 The principal as well as the interest of the debt is to be redeemed by twelve equal annual installln6nts of about ~;24.3 million (~8,665,ooo) beginninG in September 19.50. The New Zealand Government fS loan of 1947 totalling sterling ~5 million is reported to have been completely utilized~ The debt, negotiated in British pounds at the interest rate of 2-1/2% and due before 1957, is also payable in NeYT Zealand pounds according to the loan contract, The rest of the sterling obligation consists of four bonded debts, chief- ly of the French railways totalling about ~~13 million. D. other Debts The last part of the French external debt is composed of miscellaneous debts in Florins, SVliss France, Pesetas and Swedish Kronor totalling about $59 milliono 21 See Financial Agreement Between His I.Iajesty 1 s Governrnent in the United Kingdom and the Government of the French Hepublic, Dec. 3, 1946, Art,3.  -4- The Svviss Franc or Florin bonds are made up of: a) Republic of France 4% of 1939-69 - $37 million outstanding b) City of Paris 5% of 1932-62 - $ 4 million outstanding c) Morocco Railways 5% of 1938-78 - $ 7 million outstanding The Si'iedish Government's loan to France is the result of the funding of debit balances under the payment agreement of 1946, and is now outstand- inJ to the equivalent amount of $9 million. The outstanding principal of the Peseta bonds now amounts to about $2 million. The bonds represent an obligation of the Empire of I::orocco but are guaranteed by the French GovernrJent and included in the official list of the external obligations of the French Republic. II. Service payments Projected annual service charges throughout ln4 on the French external debt, of which a detailed tabulation is included in Appendix III, may be sUlT'marized as follo~'Js: Total Service Charges on the French _________ Debt (in millions of U.S. dollars) Service payments by CQ~rencies In- Amorti- U.. S.$ Can.$ Sterling other outstand- terest zation Total Debt Debt Debt Debts ing Debt 1950 70 60 130 80 14 27 9 2,915~/ 1951 69 83 152 104 14 25 9 2,900 1952 69 116 185 137 14 25 9 2,816 1953 68 130 198 151 13 28 6 2,700 1954 66 137 203 157 13 28 5 2,570 1955 62 135 197 151 13 28 5 2,432 1960 50 119 169 127 12 25 5 1,831 1970 20 111.3 131.3 121 0 .- 0.7 0.6 764 1974 9.7 74 83.7 75 8 0.7 392 YExcl uding ($45 million payable to the F.R.B., N. Y. in 1950 As indicated above, while interest charges 'which will amount to ;~70 million in 1950, will steadily decline to $61 million in 1955 and to about ~~10 million in  -5- 1974, amortization will regularly move upward from $60 million in 1950 to ~137 million in 1954 and thereafter decline to $74 million in 1974. Barring modification of the terms of debt repayment, total service charge paJ~ents will rise from $130 million in 1950 to $203 million in 1954; they will remain at a high level throughout 1960-70 and will then decline to about $84 million in 1974. The amounts of serv~ce charges payable in U. S. currency account for about 60% to 70% of the total, and reach their peak in 1953-55 with ~~150-160 million annually. III. Additional Obligations In addition to the loans and credits mentioned above, a few remaining foreign obligations should be taken into consideration in order to arrive at a more complete assessment of the external debt position of France. They include: (a) Four loans totalling $220 million shm~ in the Supplementary Table to Appendix I. These are two short-term revolving sterling credits, largely for the financing of wool purchases, equivalent to $151 million and two S'/dss bank credits to the French coal mines and rail- ways, respectively, amounting in all to the equivalent of $68 million. Service payments on these credits are excluded from the above estimates due either to the lack of accurate information or, in some cases, to the special conditions governing them. (b) France's purchase of U.S. dollars from the IMF in the amount of $125 million. Although this is in principle a short-term draWing, in- terest charges increase year by year starting at 1/2 of 1% per annum until the currency is repurchased by the Fund. (c) A small portion of the French internal debt estimates at the equivalent amount of $852,000 held outside the cO',mtry (mostly in S\',ritzerland and the U.S.).  ;~i:'P-i:!(lLSI,- ~ External'Debt of France'll- January 1, 1950 (In 1,000) Outstanding Currency of Expressed in Payment U.S~ Dollars Dollar Debt Debt to U.S. Government Export-Import Bank 2-3/810-3%, 1976 ~1;140,235 ~f.l, IhO, 235 E.C.A. 2-1/2~; - 1983 $ 172,000 172,000 General Services Administration 3% $ t:, 6;910 6$910 Laritillle COllunission 3-1/2% '11> 47;646 47,646 Lend-Lease 2~~ - 1980 $ 353,300 353,300 Surplus Property 2~ - 1980 ~ 332~439 332,432- Total Debt to U.S. Government $2,052,530 :,/2,052,530 Private Bank Credit 2-1/2% f' 'it 75,000 75;000 4-1/4~b - 1974 International Total U.S. Dollar Debt $ 250,000 :';2,377,530 250,000 2,377,530 - Canadian Government Loan 3~~, 1946-1977 C.G 236,600 214,118 Sterlin?: Debt U.K. Government Loan 1/2% T "" 100,677 281,775 New Zealand Goven::u-r:ent Loan 2-1/2~-;, 1947-57]/ T "" 5,000 13,994 Sterlin,e; Bonds: Departr:entof Seine l+-1/2;~, 1922-52 T e 165 462 Compagnie du Chemin de Fer du Nord 6%, 1922-50 T !!'!I 350 980 Compagnie du Chemin de Fer de Paris a Orle3.ns w~, 1935-75 T !!!!I 1;600 4,478 Compagnie des Chemins de Fer d:u Midi 4~~;, 1935-75 T 2,440 6,828 , "" Total Sterling Debt ~ 110,232 308,517 Swiss Franc or Florin :Sonds Republic 'of France 4%, 1939-6911 Sw. Fe. 159,000 37~002 Chemins de du Haroa 5%, 1933-1978 11 11 Sw.. Fe. 31;400 7,307 City of 5%, 1932-62 21 Sw. Fe. 18,520 4,310 Total Swiss Frene or Florin Bonds Srr.Fe. 208,920 48,619 Swedish Government Loan 35;, 1948-52 Sw.Kr. 46,166 8,,912 Peseta Bonds - lIoroceo 5%, 1910-1985 11 P. 48,500 2,o51i Grand Total :;;2,959,751. 1~Exc1uding other loans and credits listed in the supplementa~i table.  External Debt of France (Contd.) Hotes: 11 Although this loan ViaS granted in British pounds, it may be repaid in lJevv Zealand pounds. Y Payable in florins or Swiss francs at the rate of I fl. = 2.405 Svv • .:fcs. NOVi being serviced in Svdss francs. }j Payable in florins or Svdss francs at the rate of 1 fl. :: 2.4 Sw.fcs. NoY! being serviced in Svdss .:francs. ~ Guaranteed by the French Government. 21 Payable in florins or SvIiss francs at the rate of I fl. = 2.08 Sw.fcs. Now being sel~viced in S1'liss francs~ £I Converted at 23.6 pesetas = $1. SupplementarY Table Outstanding Currency of Expressed in Payment _ ' UoS., Dollars (in 1,000) Loan by Credit Suisse and Societe de Banque Suisse to Charbo~noges de France 51 . $ 10,000 ~" ijp 10,000 British Uool Credit EI 53,000 148j4OO French National Hailway Loan sf Sw.Fc. 250,000 58,lCO Loan by Hambros Bank and Lazard Bros. to Societe ~';Ietallurgique de Norm~ndi~ ~ 1,000 2;799 I.l'Ji.F. U.S. Dollar DraTilng e $ 125,000 12$,000 French Franc bonds held abroad Compagnie des Chemins de Fer du l:idi 4%,1930- 1960 'II Fr.Fco> 47,000 134 Compagnie des Chemins de Fer du l~idi 4~~,1930 1982 iII . ' Fr.Fc. 63,000 180 Q rJ S"lI CoF /)' - Alsace-Lorraine 4%,1931<--81 ::fr.Fc. 188,000 538 ll. .,; 345,23:h Payment vvill be effected exclusively '"ith dollar proceeds of coal exports to Switzerland,; 4-l/2/b; payable in five years.; interest on amount drarm only; not guaranteed by French Government, but coal mines are ormed by the govern- menttt It is estimated that this revolving credit vdll pernit purchases of wool up to !b53 million. Existing amount outsta..'1ding unavailable. A 5-year credit granted in equal amounts by the Svviss Bank Corp. and the Credit Suisse, exclusively for the modernization of rail services. rath t.he loan as reserves, the Bank of France is enabled to adVOOlce Fr.Fcs. 20,000 million to the French Railways. The interest is 1-1/8% as long as the Svdss Francs remain in S"t'dtzerland. OthervIise, the Bank o! France must provide Gold as collateral for the portion vdthdravm and pay an interest equal to the discount rate of the S\viss IJational Bank. This credit vd.ll be repaid by the shipment for Great Britain of steel billets, pig iron and other metallurgical products. The dravrlng is in principle a short-term obliga-Gion, but interest charges increase" These bonds are held in the U,S, and the service is habitually converted into dollars. These bonds are held in Seitzerland and the service is habitually converted into Srd.ss francs.  Text of lIaiver Cl_I:L~!lnd Other Related Er_ovisions in French Loal~ Agre€&"1:§l!ts 1. E.C.A. Credits 11 Pa.ragraph 4. If at any time or from time to time the parties hereto de- termine t:lat it 'Would be in their cor;nnon interests because of adverse economic conditions or for apy other reasons to postpone, or provide for tlle postponement of, any il1stalments of interest or principal, or to alter or provide for the alteration of any provisions of the aforesaid promissory note relating to pay- ment of interest and principal, or to modify the aforesaid promissory note in any other respect, they may by mutual agreement in uriting provide for any such postponement or alteration or other modification. ~graph 2, EJdlibi t A. The principal of and interest on this pror.ussory note are payable at the office of EKport-Import Ban..i{ of Hashington, Hashington, D.C., in lauful money of the United States of America, unless the parties here- to mutually acree othe~Jise. y 2. U.S. Lend-Lease, .surplus ilc:r ?r.Qpert:z ur!1_ O~l~infJl.$tilkl, Claims and Accounts i Parar.raph J. . • . • If, by agreement of both Govern."Uents, it is deterr.1ined that because of extraordinary ane! advel'se economic conditions arising during the course of paynent, the paynellt of any installment vlould not be in the joint interest of both Governments, paynent may be pos'cponed for an agreed upon period. &ragrauh 2. As and \-1hen requested by the United States GoverllInent from t:L'Ue to time prior to January 1, 1950, the French Government l1ill transfer to the United Stutes Goverrm~nt real property to be mutually agreed upon and not to ex- ceed a total dollar value of (~15,000,OOO. In addition, the :Brench Goverm1ent will provide, at the request of the United states Gover~ment, francs representing an aggregate dollar value not in excess of 010,000,000. Any francs so transfer- red "lill be furnished at the exchange rate established in copformity "lith pro- cedures of the International l~netary Fund, or if no such rate exists, at the rate used in official French Government transactions at the time of such transfer. The United stutes Government v1ill use francs so transferred exclusively to ac- quire or improve r~al property for United States Government use or to carry out educational prograr.1S agreed betvleen the tvlO Governments. Transfers nade in accordance vli"lih this paragraph 5 v1ill be credited first to interes~/then due and then to installments of principal in direct order of ma turi ty. .2.t The U.K. " Governmental Credit ... of 1946 W Article 3 (Paragraph 3). The French Goverlllilent shall have the right at any time to make redemption payments before the due dates referred to in Para- graph (2) above. If such paj"Iaent::; are made the ruilount of the remaininB annual payments due up to 1st September, 1961, shall be revised in a manner to be agreed batween the parties. (Footnotes on Page 2)  i.PPElTDIX II - Pace 2 JJ See Agreement Betvleen Fral1£..e....1¥l.d ~ort-Impo...rt Bank of t'ashington of the 29th October, 1948. y See Annex 2, Para. :3 and 5 of the llemorandum of Understapding of ~~ay 28, 19£+6 Betvleen the Government of the United States of l"illlerica and the PY'ovis"j anal Governme..ut of the French Republic RetSar~g SettleIn~nt %..QI. 1end-Lease. Reciprocal Aid. SurJ2lys :Jar Property. and ,9l§tllns. 21 The follovIing runendments were made in a subsequent agreement reached on December 6, 1947: a) The original time clause has been deleted. b) The amount of the local currency that the French Goverl1..ment "Till provide for the U.S. Government's use has been increased fro~ the CIO million originally stipulated to ~~25 million. c) The French Government may (in addition to Section b) pay to an aggregate dollar value of ~32 million in francs in partial settle- ment of one item in the ernount of (/50 million of the Surplus Property credits. {;/ See Financial Agreement B~tl'een I-!is. iia,ie::;ty' s Govornment in the United Kingdom and the Government at: the Fr.£!lch Republic,s London. ;3rd December, 1946. -.--  A~:r:)endix III - Page .5 Estimated Interest and Amortization payments on the External Debt of France otnotes '!/ It is assumed that this loan "lill be drmm as follows: Nov. 2, 1949 .... 015,000,000 lifo V.. 23 t 1949- 15.000,000 Feb. 23, 1950- 15,000,000 Hay 23, 1950 .- 15.000,000 Aug. 23, 1950- 15,000,000 y Excludes $45,000,000 p~able to the Federal Reserve :Bank in 1950. 11 There 1s no definite schedule of peyments on this loan. It must be repaid by December 31, 1957. However for the pruposes of this table it was assumed that it \'Toulcl. be repaid in 5 equal annual instalments. '±! These bonds are also l)~able in florins but are being serviced in Swiss Fre.ncs at the present time. 21 Converted to dollars at $1 = 23.6 pesetas.  Appendix III Estimated Interest and Amortization Payments on the External Debt of France (ExnreBsed in thousands of U.S. Dollars) ------------------------------------------------~~------------ Debt to U.S. Government I .. B.R .. Do Lot;;m Private ]jan1\: Credit 1.1 Out- Amort i- In- m .I. Out- Amort i- In- T tal Out- Amorti- In- Ttl standinR zationte_rest___ J:O val __ ~_tDJld~n~_zation terest 0 standing zation terest 0 a 1950 2,052,530 21,737 46,626 68,363 250,000 10,625 10,625 30,000 ,let 1,408 1~408 1951 2,030,793 45,120 46,072 91,192 250,000 10,625 10~ 625 75,000 1,825 1,825 1952 1,985.673 69,242 47,044 116,286 250,000 1,250 10,625 11,875 75,000 7,500 1,803 9,)03 1953 1,916,431 70,022 47,408 117,430 248,750 2,666 10,544 13,210 67 li 500 18,750 1,485 20,235 1954 1,846,409 70,802 45,628 116,430 240,084 2,894 10f 428 13,322 ~·8, 750 26,250 1,010 27,260 1955 1,775,607 71,582 43,824 115~406 243,190 3,128 10,303 13!4)1 22,500 22,500 233 22,733 1956 1,704,025 74 ,362 42,010 116,372 240,062 3,371 10,167 1 3,538 1957 1,629,663 75,142 40,085 115,227 236,691 3,621 10~022 131)643 1958 1,554,521 75,92 2 38,161 114,083 233,070 ),880 9,865 1),745 1959 1,478,599 76,832 36,213 113,045 229,190 4,147 9l)697 13,844 1960 1,401,767 77,677 35\1 258 112,935 225,043 4,423 9,518 13,941 1961 1,324,090 79,717 )2,239 111,956 220,620 4,708 9,327 14!t035 1962 1,244,373 80,627 30,174 110,801 215,912 10,913 9,061 19,974 1963 1~163,746 81,672 28,088 1091) 760 204,999 11,271 8,594 19,865 1964 1,082,074 78,707 2511985 104,692 193,728 11,640 8,111 19,751 1965 1,00J,367 79,682 23 v960 103,642 182,088 12,021 7,612 19,633 1966 923,685 83,787 21,902 10511 68 9 170,067 12,415 7,097 19,512 1967 839,898 84,892 199 753 104 11 645 157,652 12,822 6r 565 19,387 1968 755,006 86,062 17,580 103,642 144,8)0 13,242 6,016 19,258 1969 668,944- 87,232 15,3.53 102,585 131,588 13,676 5,4Lt,8 19,124 1970 581,712 88,467 13,101 101,568 117,912 14,124 4,862 18,986 1971 493, 245 89,637 10,811 100,448 10),788 14,586 4,257 18,843 1972 403,608 50,192 8,798 58,990 89,202 15,065 3,632 18,697 1973 353,416 50,192 7,675 57,867 74,137 15,558 2,987 18,545 1974 303,224 50,192 6,558 56,750 58,579 16,068 2,)20 18,388  Append1~~ III .... Page 2 Estimated Interest and knort1zation Pe~ents on the Ezternal Debt of Fr~ce (Expressed in thousends of U.S. Dollars) Total U.S 2 Dollar Debt Canadian Govt~ Loan ~otal U!S. ~ and Can! ~ Debt Out- Amort i- In- Out- Junorti- In- Total Out- Amorti- In- Total standin~_zatio_n_ _t_e_r_e_s~t__ Total standirJ.g t!2test z~tion ~t~ding z9t1Qn t!2rcst 1950 2,332,530 21,737 58,659 80,396Y 214,118 7,647 6,424 14,071 2,546,648 29,384 651'083 94,467 1951 2,3.55.793 4.5s120 58,.522 10),642 206.471 7,647 6p 19.5 1.3,842 2,562,264 52,767 6[1',717 117,484 1952 2,.310 ,673 77,992 59,472 137!t464 198,824 7,647 5p 96.5 1.3,612 2 509,497 51 85~6.39 65,4.37 151,076 19.53 2,2.32,681 91.438 59,437 150,87.5 191,177 7,647 .5,736 1.3,38.3 2,423,858 99,085 65,17.3 164,258 1954 2,141,243 99~946 .57,066 157,012 18.3,.530 7,647 .5,506 1],15.3 2,324,77.3 107,593 62,572 170,165 1955 2,041,297 97,210 54,.360 151,570 175,883 7,647 5,277 12,924 2,217,180 10J.~,857 59,637 164,494 1956 1,944$087 77,733 52,177 129,910 168,236 7,647 5,047 12,694 2,112,323 85,.380 57,224 142,604 1957 1,866,354 78,763 50,107 128,8"10 160,589 7,647 4,818 12,465 2,026,943 86,410 54,925 141,.3.35 1958 1.787.591 79,802 48 p 026 127,828 152\>942 7,64'7 4,.588 12,2.35 1,940,53.3 87 p 449 52,614 140,063 1959 1,707,789 80,979 45,910 126,889 145,295 7,647 4,359 12,006 1,85.3,084 88,626 50,269 138,895 1960 1,626,810 82,100 44,776 126,876 137,647 7,647 4,130 11,777 1~764,457 89,747 48,906 1.38,653 1961 1,544,71 0 84s;425 41,566 125,991 130,000 7,647 3,900 11,547 1,674,710 92,072 45,466 137,538 1962 1,460,285 91,540 39,235 130,775 122,353 7,647 3,671 11,.318 1,582,6.38 99,187 42,906 142 lt °93 1963 l fi .368\t745 92,943 36.682 129,625 114,706 7,647 .3,442 11,089 1,483,451 100,590 40,124 140,714 1964 1,275,802 90,347 34,096 124,414-3 107,059 7,647 .3,212 10,859 1,382 ,861 97,994 .37,308 135,.302 1965 1,185,455 91,703 31,572 123,275 99,412 7.647 2,98.3 10,630 1,284,861 99S).350 34,555 13.3,905 1966 1,093,752 96,202 28,999 125i 201 91,765 7,647 2,753 10,400 1,185,517 103,849 31,752 135,601 1967 997,550 97,714 26,318 124,032 84,118 7,647 2,524 10,171 1,081,668 10,5,361 28.842 1)4,203 1968 899,836 99,304 23,,596 122.900 76,471 7.647 2,294 9,941 976,307 106,951 25,890 132,841 1969 800,532 100,908 20,801 121,709 68,824 7,647 2.065 9,712 869,3.56 108,555 22,866 131,4-21 1970 699,624 102,591 17,963 120,554 61,177 7,647 1,835 9,482 760,801 11011)2.38 19,798 130,036 1971 597,033 104,22) 15,068 119,291 53,530 7,647 1,606 9,2.53 650,563 111,870 16,674 128,544 1972 492,810 65 0 257 12,4.30 77,687 45,882 7,647 1,377 9,024 538,692 72,904 13,807 86,711 1973 427,553 65,750 10,662 76,412 38,235 7,647 1,147 8,794 465.788 73,397 11,809 85,206 1974 361,803 66,260 8,878 75,138 30,588 7,647 918 8,.565 392,391 73,907 9,796 83,703  Appendix III - Page 3 Estimated Interest and Amortization Payments on the E:::terna1 Debt of France (E~~ressed in thousands of U.S. Dollars) Out- Ster1int;; Bonds Amort i- In- British Govt! Out- }inlOrti- Credit In- New Zealand Govt. cred!tl7 Out- Amorti- In- Total SteJ!ling lirea Debt., Out- Amorti- In- - standing zation terest Total stanclin~ zation terest Total standing zation terest Total standing zatiQn terest Total 1.950 12,748 1,444 532 1.976 281,775 22,844 1,408 24,252 13,994 35° 350 308,517 24,288 2,290 26,578 1.951 11,304 484 453 937 258,931 22,956 1,296 24,252 13,994 350 350 284,229 2),1./40 2,099 25,539 1952 10,820 414 437 8~1 235,975 23,071 1,181 24,252 13,994 350 350 260.789 23,485 1.968 25,453 'i-953 10,406 ).. .5 417 7 2 212,905 23,188 1,06l1- 24,2.52 13,994 2,799 35O 3,149 237,305 26,312 1,831 28,143 '~954 10,081 339 IIDJ 742 189,717 23,303 949 24,252 11,195 2,799 280 3,079 210,993 26,441 1,632 28,073 1955 9,742 353 389 742 166,414 23,420 832 24,252 8,396 2,799 210 3,009 184,552 26,572 1,431 28,003 1956 9,390 367 375 742 142,993 2},538 714 2lj',252 5,598 2,799 140 2,939 157,981 26,704 1,229 27,933 1957 9,023 381 361 742 119,456 2),656 596 24,252 2,799 2,799 70 2,869 131,278 26,836 1,027 27,863 1958 8,643 395 347 742 95,800 23,773 479 24,2.5 2 104,443 24,168 826 24,994 1959 8,248 412 330 742 72,027 23,891 361 24,252 80,275 214-,.303 691 24,994 -1..960 7,837 428 314 742 ~,8t137 24,Oll 241 24,252 55 1 974 24,439 555 24~994 -;-961 7,408 4l.I'5 297 742 24,126 24,126 120 24,246 31.534 24.571 417 24,988 ~~962 6,969 465 277 742 6,969 465 277 742 1..963 6,504 481 261 742 6,504 l.i81 261 742 ~964 6,023 501 241 742 6,023 501 241 742 .i.965 5,522 521 221 742 5,522 521 221 742 '~-966 5,001 543 199 742 5.001 543 199 742 :-967 4,458 563 179 742 4,4.58 .563 179 742 1.968 3,896 585 157 742 3,896 585 157 742 1969 3,311 607 135 742 3,311 607 135 742 ~-970 2,704 635 107 742 2,704 635 107 742 1.971 2,068 658 84 742 2,068 658 84 742 1972 l,l~11 686 56 742 1,411 686 56 742 .1·973 725 725 28 753 725 725 28 753 J.974  A!)!1endix III - Pabe 4 ~stimated Interest and Amortization Payments on the External Debt of France (E~)re.ssed in thousands of U.S. Dollars) S'-lissFranc EondS'£! Peseta BondS51 Swedish Govt. Credit __GranLTo_tal Out- Amort i- In- Totc~l Out- Amort i- In- Total Out- Amorti- In- Total Out- Amorti- In- Total standin~ zation terest standinn: zation terest s_tllndi~g~zation __t~re_st standin;:: zation terest 1950 48,620 4,223 2,066 6,289 2,055 67 102 169 8,912 2,547 267 2,814 2,914,752 60,509 69,808 130,317 Y 1951 44,493 4,408 1,881 6,289 1,988 70 99 169 6,366 2,546 191 2,737 2,899,340 83,231 68,987 152,218 1952 40,085 4,600 1,689 6,289 1,918 73 96 169 3,819 2,546 115 2,661 2,816,108 116.343 69,305 185,648 1953 35,485 .3,419 1,489 4,908 1,845 77 92 169 1,273 1,273 38 1,311 2,699,766 130,166 68,623 198,789 1954 32,066 3,405 l,3 1 .f.8 4,753 1,767 81 88 169 2,569,599 137,520 65,640 203,160 1955 28,662 3,543 1,210 4,753 1,666 85 84 169 2,4'32,080 135,057 62~362 197.419 1956 25,118 .3,688 1,065 4,753 1,601 89 80 169 2,297,023 115,861 59,598 175,459 1957 21,430 3,838 915 4.753 1,512 94 75 169 2,181,163 117,178 56,942 174,120 1958 17,592 3,994 759 4,753 1,418 98 71 169 2,063,985 115,709 54,270 169,979 1959 13,598 4,157 596 4,753 1,319 103 66 169 1,948,276 117,189 51,622 168.811 1960 9,442 4,326 427 4,753 1,216 108 61 169 1,831,089 118,620 49,949 168,569 1961 5,116 802 252 1,054 1,107 114 55 169 1,712,1+67 117.559 46,190 163,749 1.962 4,)13 349 215 564 993 120 49 169 1,594,913 100,121 43,447 143.568 .1963 3,965 )66 198 564 873 126 43 169 1,494,793 101,.563 40,626 142,189 ].964 3,599 384 180 564 747 132 37 169 1,393,230 99,Oll 37,766 136,777 1965 3,214 403 161 564 615 139 .30 169 1,294,218 100,413 34,967 135,380 1966 2,811 424 140 564 476 145 24 169 1,193,805 104,961 32,115 137,076 1967 2,387 445 119 564 331 153 16 169 1,088,844 100,522 29,156 135,678 1..968 1,942 467 97 564 178 160 9 169 982,323 108,163 26,153 134,316 ).969 1,475 490 74 564 17 17 1 18 874,159 109,669 23,076 132,745 i970 984 515 49 564 764,489 111,388 19,954 131,342 '\.971 469 469 23 492 653,100 112,997 16,781 129,778 .1.972 540,103 73,590 13,863 87,453 1973 466,513 74,122 11,837 85,959 1974 392,)91 73,907 9,796 8),703 (Footnotes on following page)