EC- 39Fi i , * _,.f_

This report is restricted to use within the Bank.

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPME.NT

THE LONG-TERM PUBLIC EXTERNAL DEBT

OF BELGIUM AND THE BELGIAN CONGO

January 10, 1955

Economic StaffPrepared by: Andrew C. HuangReviewed by: Carel deBeaufort

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Table of Contents

Page

I. Debt Outstanding as of June 30, 1954 1II. Debt Incurred between June 30 and December 31,1954 1III. Composition of Debt 2IV. Service Payments 2

TablesS-1: Summary of External Public Debt of Belgium and the

Belgian CongoA-1: External Public Debt of Belgium and Belgian CongoA-2: Estimated Contractual Interest and Amortization Payments

on the External Public Debt of Belgium and Belgian Congo

THE LONG-TERM FUBLIC EXTERNAL DEBTOF BELGIUMI AND THE BELGIAN CONGO

I. Debt Outstanding as of June 3(, 1954

Between December 31, 1953 and June 30, 1954, the long-term public externaldebt of Belgium and the Belgian Congo was reduced by $16.5 million to the equivalentof t447.5 million. Part of the debt was shifted from U.S. dollars to Swiss francsas a result of the prepayment of an Eximbank loan largely with the proceeds of a newloan from the BIS. Developments during the first half of 1954 in the indebtednessof Belgium and the Belgian Congo are summarized below:

(amounts in millions of US$ equiv.)

Belgium Belgian Congo TotalDec. June Dec. June Dec. June31/53 30/54 31/53 30/54 31/53 30/54

1) U.S. DOLLAR DEBTa) Bonds 6.3 5.2 - - 6.3 5.2b) IBRD Loans* 45.0 45.0 34.0** 32.8 79.0 77.8c) U.S. Govt. Loans 192.6 151.0 - - 192.6 151.0

Sub-Total . . . 243.9 201.2 34 779 234.02) SVIISS FRAINC DEBT

a) Bonds 66.2 66.2 42.0 42.0 108.2 108.2b) BIS Loan - 30.1 - - - 30.1c) IBRD Loan - - 6.0 7.2 6.0 7.2

Sub-Total . . . 6 96.3 IW- 49.2 1II72 1435.

3) CANADIAN GOVT. LOAN 54.5 51.8 - - 54.5 51.84) STERLING DEBT 16.1 14.9 - - 16.1 14.95) SWEDISH KRONA LOAN 1.3 1.3 - - 1.3 1.3

Grand Total ..... ... 3527 0 3C7 5T2 6.0 K. 0 r67 I 77§

* Including amounts undisbursed.** Including the equivalent of $1.2 million subsequently disbursed in

Swiss francs.

II. Debt Incurred between June 30 and December 31, 1954

Since the end of June 1954, Belgium has successfully floated in the Nether-lands three issues of bonds in the aggregate amount of f 132.5 million ($34.8million). All three loans mature between 1954 and 1984 and carry 3 3/4% interestrate. The July 1954 Kingdom of Belgium loan of f 100 million ($26.3 million), ofwhich half was placed privately, was used to repay short-term debts to Netherlandsbanks and to the BIS. The City of Antwerp loan of f 12.5 million ($3.3 million)was obtained in September 1954, and was to be used to retire the City of Antwerp1925-58 dollar issue. In November 1954 the City of Liege floated a loan of f 20million ($5.2 million). In addition, in a joint operation in December 1954, Belgium

contracted a 15-year a 5/8% loan of $20 million from the IBRD, and floated a $30million bond issue in New York due 1957-64, with interest rates ranging from 3 3/8%to 4% depending on maturity. The proceeds of both loans are to be used to financethe same projects to improve inland water transport and the port of Antvwerp.

JLII. Composition of Debt

hs of June 30, 1954 the two main currency groups of debt were:

1) U.S. Dollar DebtThis part of the debt was reduced by $42.7 million during the first

half of 1954 largely by the advance payment of the balance of $h0 million out-standing on the $50 million Eximbank loan obtained in 1952. iiVith this prepayment,Belgium was relieved from the obligation it had assumed under the loan contract ofmaintaining with the Federal Reserve Bank of New York, a gold deposit equivalent to105% of the outstanding amount of the loan. The remainder of the reduction of thedollar debt of .02.7 million was on account of contractual amortization payments,and the final redemption of the 6% 1925-55 Kingdom of Belgium Dollar Bonds.

2) Swiss Franc DebtThe total amount of Swiss franc debt of Belgium and the Belgian Congo

was increased by about Sw fr 113 million to Sw fr 623 million (6l145.5 raillion),largely by the BIS loan of Sw fr 129 million ($q30 million). This loan was con-tracted by the Belgian Government in Iday 1954 to help prepay the 4% Eximbank loanof 1952-7. It carries 3 1/2% interest and is repayable in six semi-annual instal-ments of Sw fr 21.5 million between June 15, 1955 and December 15, 1957. Additioaldisbursement in Swiss francs equivalent to '41.2 million, made in the first half of1954 under the IBRD loan to the Belgian Congo, also contributed to the growth ofthe Swiss franc debt.

IV. Service Payments

Prior to the invasion of Belgium in May 1940, there was no record ofdefault on service payments of loans issued by Belgium. External debt service wasinterrupted during 1943-45 on account of war but all arrears were fully made up in1946, and regular service resumed.

Projected service payments between 195h and 1978 of the external debt, in-cluding the three guilder loans mentioned above, are given in detail in Table A-2.Payments for the next decade and for a few selected years thereafter are summed upbelow. The amounts given do not include payments on the 850 million obtained inDecember 1954 from the IBRD loan and the public bond issue. These payments areestimated at an annual average rate of about $2 million during 1955-6, $7 millionduring 1957-9, 64.3 million during 1960-64, and $4.5 million during 1965-69.

- 3 -

(amounts in millions of US$ equiv.)

Debt Amortization Total Payments1955 478.1 0-7 39.31956 455.o 22.7 38.51957 432.3 26.6 41.71958 4o5.7 16.2 30.41959 389.5 27.5 40.91960 362.0 27.3 39.71961 334.7 28.2 39.61962 306.5 28.3 38.61963 278.2 16.7 26.21964 261.5 29.6 38.51965 231.9 19.7 27.61970 1h1.7 16.6 21.31976 47.4 13.1 14.51978 29.0 5.3 6.2

As indicated above, service payments run at an annual rate of around $40million between 1955 and 1964, except for a brief decline to about $30 million in1958 and again to about $26 million in 1963. Thereafter payments will declinesteadily from about $27 million in 1965 to about $19 million per annum during1970-76, and to $6.2 million in 1978, when the existing debt will be reduced toabout $29 million, based on the service schedule now in force.

Table S-1; BELGIUM AID BELGIAN\ CONGO - SUMMAIRY OF EXTEPTAL PUBLIC DEBT

(Amounts in thousands of U.S. dollar equivalents)

Total externalmNatl. & govern- Non-guaranteed Debt ofCurrency public debt debt ofa Beaium municipal debt Belgian Congo

Amount , Amount q Amount % Amount % Amount %

DEBT OUTSTANDINIG JUNE 30, 1954 447.511 lQ O65, 100.00 3.62_2800 1 Q 1 100,00 82056 lGO.0OO

Disbursed and still outstanding 444,573 99.34 365,392 99.98 362,217 99.98 3,175 100.00 80,417 98.00Undisbursed 2,938 o.66 63 0.02 63 0.02 - - 1,639 2.00U.S. DOLLARS 234.002 S2.29 201.147 55.04 197972 6100.00Publicly-issued bonds .,164 1.15 5.164 1.42 1,989 0.55 3,125 100.00 _Privately-placed debt 1.900 -O.43 1,250 o, 34 1,-250 o34 60o 0.79Loans held by IBERD 75.255 16.97 43.750 11.97 43.750 12.08 - _ 32,205 29.25

Disbursed and still outstanding 73,019 16.32 42,453 11.62 42,453 11,72 - 30,566 37.25Undisbursed 2,936 0.65 1,297 0.35 1,297 0.36 - 1,639 2.00

U.S. government loans 150.983 33.74 150.983 41.31 150,983 41,68 -

Export-Import Bank ... 76 20.89 .76?3 .297 .. .. .....

Other .74X .65~~~~~~~~~0 ,156. .7,6Q,2,. 4 5Q. ,20X61 ...,... .-

Disbursed and still outstanding 74,648 16.68 74,648 20.42 74,648 20,61 -Undisbursed 2 2 2 .2 -_

CANADIAiN DOLLARS (Govt, loan) 51.83? 11. 58 51.83? 1.837 14.30 - - - -

SWISS FRAICS 145,447 32.50 96.246 26.34 96,246 26.57 _ 96Publicly issued bonds 108,147 24.17 66,141 18.10 66,141 18.26 - - 42,006 51.19Loans held by IBRD 7,195 1. 61 - - .-. 7,195 8.77Loan from BIS 30,105 6.72 30,105 8.24 30,105 8.31 - -

POUNDS STERLINIG (Publicly-issued bonds) 14.927 _._34 142927 4.08 142927 4.2L 12 -. , .

SWEDISH KROlIOR (Publicly-issued bonds) 1.298 1.298 _ o 1,298 o.- _ _ -

MAJOR REPORTED ADDITIONS JULY 1-NOV*2,1954 100.00 86 1 0. 1000 83 - -

GUILDERS 34,869 100.00 34.869 100.00 26,316 8050 100.00 __

Publicly-issued bonds 17,500 50.19 17,500 50,19 13,158 50.00 4,342 50.77Privately-placed debt 17,369 49.81 17,369 49.81 13,158 50,00 4,211 49.23

j Less than 0.005% IBRD - Economic StaffDecember 10, 1954

Table A-I: BELGIUM AND BELGIAIT CONGO - EXERTT1AT PUBTIC D5&ET

(In thousands).... .. .. W ... . * . ~~~~~~~Pat<e 1.

-Debt outstanding UajOr reported a'i.ibnsJune 30, 1954 JTuly 1 Nov. 2, 1954

Item In currency In U,S. dollar In currency In U.S. dollarof payment equivalents of payment equivnlents

TOTAL EXTERNAL P7BlIIC DEBT OF B137GIUM AID BELGIAN COTGO / 447,511 34t869

TOTAL DlEBT O0 BEGIUM 365_455 34__86

TOTAL NATIONTAI AND GOVEYRMTEENT GUARAXTRED DET OF' BEIGIUM (362,280) (26,316)

TOTAL N-ON-TGTUARANTT.fl MUINCIPAL D7,BT OF BIGIGUM 3,175) ( 8,,553)

U.S. DOLLARP DEBT $ 201,147 201,147

Publicly-issued bonds $ 5,164 5,164

$50,000,000 Kingdom of Belgium External 7%,1925-1955$ 1,989 1,989

$11,000,000 City of Antwerp External S.F. 5%,1928-1958 Z. t 3,175 3,175

Privately-placed debt$1,250,000 sale at 3 1/2% for 1954-1958 ofI0o4boG6QOIBRD loan to Belgium 4 1/2%,1951-1976 $ 1,250 3/ 1,250

Loans held by IBRD $ 43,750 43,750

$16,000,000 steel and rower loan 4 1/4%, 1949-1969 $ 15,000 4/ 15,000$28,750,000 nortion of $30,000,000 loan to Belgium*4 1/2%, 1951-1976 $ 28,750 3J 28,750

U.S. government loans 4 150,983 150,983

Bx-ort-Import Bank loans$55,000,000 loan 2 3/8d, 1945-1976 t 40,333 40,33345,0O0,000 loan 2 1/2%-3 1/2%, 1945-1966 $ 36;000 36,000

Other U.S. government loans $.. ?.59 .7*, 659$47,900,000 ERP loan 2 1/2%, 1948-1983 $ 47,900 47,9001,778,000 PRP loan 2 1/2%, 1950-1970 / $ 1,384 1,384

Vl5,500,000 NRP loan 3 1/4M, 1951-1976-1 $ 15,503 64 ,38500t30,405,592 S7rrlus Pronerty Credit 2 3%8%, $ 9,866

3ee footrntps at '-, tvP +

Table A-1: BELGIUM AND BELGIAN CONGO - EXTE&NAL PUBLIC DEBT (Cont.)

(In thousands)Rawe 2,

Debt outstanding Mlajor reported additionsJune 30, 1954 'July 1 - Nov. 2, 1I54

Item In currency In U.S.dollar In currency In U.S.dollar

of payment equivalents of Dayment equivalents

TOTAL DEBT OF BELGIUvI (Cont.)

CANADIAN DOLLAR DEBTCan$ 68,000,000 Canadian Govt. loan 3#, 1946-1976 Can$ 50,74 51.837

SWISS FARNC DEBT Sw F412?418 96.246

Publicly-issued bonds Sw F283,418 66,141Sw P 115,200,000 Kingdom of Belgium external 3 1/2%,1937-1985 Sw F 33,418 J 7,799

Sw F 50,000,000 Regie des Telegraphes et Telephones4%, 1947-1959 2/ Sw F 50,000 11,668

Sw F 50,000,000 Soc, Nationale des Chemins de FerBelges 4%, 1948-1960 Sw F 50,0-0 11,669

Sw F 50,000,000 Soc. Nationale des Chemins de FerBelges 4%, 1949-1961 21 Sw F 50,000 11,668

Sw F 50,000,000 Soc. Nationale de Credit a ltIndustrie4%, 1950-1962 2/ Sw P 50,000 11,669

Sw P 50,000,000 Kingdom of Belgiun External 4%/, 1952-1964 Sw P 50,000 11,668

Loan from BIS Sw P129,000 30,105Sw F 129,000,000 BIS loan to Belgium 3 1/2%, 1954-1957 Sw 1129,000 30,105

GUILDER DEBT f. 132,500 34,869Publicly-issued bonds f. 66,5a0 17. 500

f. 50,000,000 Kingdom of Belgium 3 3/4%, 1954-1984 f. 50,000 13,158f. 6,500,000 City of Antwerp bond issue 3 3 /4%,19 54-1984 gj f. 6,500 1,711f. 10,000,000 City of Liege bond issue 3 3/4%, 1954-1984 f. 10,000 2,631

Privately-placed debt f. 66.000 12,362f.50,000,000 Kingdom of Belgium 3 3/4% bonds, 1954-1984

placed with Dutch Insurance companies f. 50,000 13,158f. 6,000,000 City of Antwerp 3 3/4% bonds, 1954-1984

placed with private Dutch companies f. 6,000 1,579f. 1i0,000OOO City of Liege 3 3/4% bonds, 1954-1984

placed with private Dutch companies f. 10,000 2,632

See footnotes at errd of table

Tablb A-1: B3I2GIUU A1Th 3ELGIAN CONGO -1T.RI\TAL PUB3TIC DEBT (Cont.)(In thousands)

Debt outstanding Major rerorted OAdittqnsJune 30, 1954 Julyv - Nov. 2, 1954

Item In currency In U.S. dollsr In currency In U.S. dollarof nayment equivalents of rayment equivalents

TOTAL DEZT OF BELGIUM (Cont.)

STIMLING DEBT £ 5,331 14,927

Publicly-issued bonds£ 8,600,000 Kingdom of Belgium External 41,1936-1970 £ 4,222 11,822£ 5,000,000 Kingdom of Belgium External 4g,1937-1960 £ 1,109 3,105

SVEDISH KRONA DEBTPublicly-issued bonds

SKr 20,000,000 Kingdom of Beglium External 45%,1936-1962 s£r 6 ,717 1,298

TOTAL DEBT OF BELGIAN CONGO GUARATTEED BY BELGIUM 82,056

U.S. DOLLAR DEBT $ 32,855 32,855

Privat ely-olaced debt$650,000 sale at 3 1/2% for 1954-1958 of $40,000,000

loan to Belgian Congo 4 1/21, 1951-1976 650 11/ 650

Loans held by IBRD$32,205,000 vortion of $40,000,000 loan to :Belgian

Congo 4 1/2%, 1951-1976 $ 32,205 1I1 32,205

SnISS FRANC DEBT Si F210,833 49,201

Publicly.-issued bonds Swr F180,000 42,006

Sw F 60,000,000 Belgian Congo External 40,1950-1970 12] Sr F 60,000 14,002 12/

Sw F 60,000,_0 6l 13elgian Congo External 4%,1952-1975 1~4/ s5rr F 60,000 14,002 15/

S r 60000,0067 Belgian Congo External 41, F 60,000 14,002 l

loans held bv IERDSw F 30,832,736 portion of t40,000,000 ItTD C.an to

Belgian Congo 4 1/ 2, 1951-1976 Sf F 30,833 11/ 7,195

See footnotes at end of table

Table A-1: BEIGIUM1 AMTD BfIGITAT CONGO - PXTMRNAL PLTIIC Man (Cont.)Page 4

Exchange rates - The following exchange rates h'ave been used:

Par values: t 1 = $2.80; SKr I = $0.193304: f. 1 = $0.26316Current market rates: Can$ 1 = $l.02134 as of June 30, 1954 and Can$ 1 = $1.O)2v 8 oRep¢g&l4r i4;

Sw F 1 = $0.23337 as of June 30, 1954 and Sw F 1 = $0.23330 as of Sent. 30, 14. r

1/ Although there are at present no -purchases outstanding, the IMP has made a standby agreement which will rermit the

Government of Belgium to purchase on a revolving basis up to $50,000,000 in currencies held by the Fund. This

arrangement will terminate on J-une 19, 1957 unless Belgium requests its termination prior to that date,

2J This loan is not guaranteed by the Belgian government.

3/ The status of this loan on given dates wqas as follows:June 30, 1954 Sent. 30, 1954

Total loan (all U.S. dollars) *30,000,000 t30,000,000

Held by IBRD ^-28,750,000 *28,525,000

Disbursed and still cutstandin- $2795i4c0oo -$28,525,000

Undisbursed $ 1,236,co0

Sold to third parties without Bank!s guarantee $ '1. ZIQ. $ 1.475c000

#i The entire issue has teen sold, i ith the Taiik1 s guarantee, to third. oarties. The status of the loan on given

dates eas as follows:June 30, 1954 Sent. 30, 1954

Total loan (all U.S. dollars) $16,000,000 t16,000,000

Disbursed and still outstanding $14,938,793 $lL4,500,000

Undisbursed 61,207 -

Repaid $ 1,000,000 $ 1,500,000

5/ Contracted between the U.S. government and the Kingdom of Belgium, proceeds to be used for the develo'oment of

the Belgian Congo and service to be borr&by the Belgian Congo.

J Of this amount $15,497,995 was disbursed and still outstanding and $2,005 was undisbursed as of June 30, 1954.

ZI The agreement -provides that the United States may elect to accenot either real orooerty and improvements to real

pro-perty or local currency instead of U.S. dollars for repayment of this obligation, to be used. for U.S. Government

purposes, including cultural and educational orograms.

Q Payable in Swiss francs, guilders, or SwAredish kronor at Sw F 1 = f. 0.41666 = SEr 0.89583.

Table A-1: BET,GIM1!' AND BELGIAIT COTG0 - EXT'TAL FTJ3IIC IBBT (Cont.)Page ,5.

2/ Guaranteed by the Kingdom of Belgium. -

19] This loan was issued in September 1954. The proceeds of the issue were to be used for the orepsyment on Dec, 1, 1954of the outstanding balance of $3,175,000 of the 1928 City of Antwerp U.S. dollar issue.

T/ he status of this loan on given dates was as follows:June 30, 1 9.4 Sent . 30, 19.64

In currency In U.S. doller In currency Tn U,S. dollarof nayment equivalents of rayment equivalents

Total loan 40,049,9 3 6 a/ 40,047,777 a/

Feld by IB3RD 39)399,936 39,172,777

Disbursed and still outstanding 37,760,936 39,172,777

U.S. dollars $ 30,565,500 30,565,500 $ 31,979,500 31,979,500Swptiss francs Sw F 30,832,736 7J195,436 SD F 30,832,736 7,193,277

Undisbursed 19,639,000 °

Sold to third parties without Bank's _arahtee 650,000 875,000

a/ The total amount of this loan originally authorized was the eauivalent of $40,000,000. The disbursements of theS-wiss francs have been valued at the current market rate on June 30 and Sent. 30, 1954 respectively. Since theserates have varied slightly from the rate used at the time of actual c.isbursement, the total shotrn here differsfrom the originally authorized amount.

12/ Payable in Swiss francs or Belgian Congo francs at Sw F 1 = Cong. fr 11.60.

12/ This conversion to U.S. dollars wias made at the current exchange rate. Conversion to U.S. dollars from theBelgian Congo franc value (see footnote twelve) would give an amount of -13,920,000.

/ Payable in Swiss francs or Belgian Congo france at Sw F 1= Cong. fr 11.50.

;j This conversion to U.S. dollars was made at the current exchange ra.te. Conversion to U.S. dollars from theBelgian Congo franc value (see footnote fourteen) would give an amount of d13,800,000.

16/ Payable in Swiss francs or 'Belgian Congo francs at Sw F 1 = Cohg. fr 11,40.

17/ This conversion to U.S. dollars wpyas made at the current exchange rate. Conversion to U.S. dollars from theBelgian Congo franc value (see footnote sixteen) would give an amount of t13,680,000.

IBRD - Economic Staff

December 10,1954

Table A-2: BELGIUM ANID THE :BELGIAN CONGO - ESTIMATED CONTRACTUAIL INTEREST

A1ND AMORTIZATION PAYivIENTS ON THE EXTERNAL PU13LIC DEBT

Including debt contracted up to November 2, 1954

(Expressed in thousands of U.S. dollar equivalents)Page 1

Total debt of Belgium Debt of belRium,ad the Be gian Congo Total debt of Leug . Service Dayments by currency of payment

Year Debt out- Payments, during year Debt out- Payments during year U Cana- Pounds Swe- i Nether-standing Amorti- In- Tot standing Amorti- In- Total dollars ianish landsJanuary 1 zation terest ota January 1 zation terest dollars francs ling kronor guilders

1954 447,511 j 50,638 15,834 66,472 365,455 L/ 50,638 12,546 63,184 53,428 3,983 3,273 2,253 247 -

1955 478,129 22,746 16,596 39,342 396,087 22,746 13,120 35,866 14,403 3,912 13,744 2,253 247 1,3071956 455,012 22,718 15,823 38,541 372,970 22,718 12,347 35,065 14,024 3,841 13,393 2,253 247 1,3071957 432,294 26,630 15,032 41,662 350,252 24,629 11,581 36,210 15,593 3,771 13,C41 2,251 247 1,3071958 405,664 16,174 14,191 30,365 325,623 14,173 10,824 24,997 15,313 3,698 2,?46 1,686 247 1,3071959 389,490 27,508 13,410 40,918 311,450 24,338 10,130 34,468 13,811 3,626 14,178 1,285 261 1,3071960 361,982 27,311 12,394 39,705 287,112 24,141 9,251 33,392 13,534 3,556 13,711 1,284 1,3071961 334,671 28,216 11,377 39,593 262,971 25,046 8,371 33,!417 14,098 3,484 13,244 1,284 1,3071962 306,455 28,283 10,337 38,620 237,925 25,114 7,468 32,582 13,801 3,413 12,778 1,283 1,3071963 278,172 16,691 9,519 26,210 212,811 13,521 6,786 20,307 13,496 3,342 880 1,282 1,3071964 261,481 29,595 8,935 38,530 199,290 25,259 6,340 31,599 13,196 3,270 12,544 1,282 1,3071965 231,886 19,749 7,832 27,581 174,031 15,413 5,419 20,832 12,890 3,199 412 1,280 3,0511966 212,137 18,193 7,124 25,317 158,618 13,858 4,895 18,753 11,913 3,128 412 315 2,9851967 193,944 17,589 6,515 24,104 144,760 12,087 4,469 16,556 10,169 3,055 412 2,9201968 176,355 17,583 5,896 23,479 132,673 12,081 4,081 16,162 9,912 2,984 412 2,8541969 158,772 17,067 5,278 22,345 120,592 11,565 3,693 15,258 9,143 2,914 412 2,7891970 141,705 16,602 4,691 21,293 109,027 11,101 3,336 14,437 8,459 2,842 412 2,7241971 125,103 15,471 4,114 19,585 97,926 11,135 2,990 14,125 8,283 2,771 411 2,6601972 109,632 15,511 3,584 19,095 86,791 11,175 2,642 13,817 8,111 2,700 411 2,5951973 94,121 15,549 3,047 18,596 75,616 11,213 2,289 13,502 7,936 2,627 411 2,5281974 78,572 15,588 2,513 18,101 64,403 11,254 1,937 13,191 7,761 2,556 412 2,4621975 62,984 15,630 1,977 17,607 53,149 11,295 1,586 12,881 7,586 2,486 411 2,3981976 47,354 13,061 1,440 14,501 41,854 9,893 1,231 11,124 5,967 2,414 411 2,3321977 34,293 5,324 1,079 6,403 31,961 4,158 986 5,144 2,468 411 2,2651978 28,969 5,336 905 6,241 27,803 4,170 858 5,028 2,415 411 2,202

See footnotes at e?o¢d of teble

Table A-2: BELGIUM ARD THEF BELGIAN C0ONGO - ESTTh4AT7D CO17TRACTUAL IFFT.R2ST

AID AMORTIZATION PAYMENTS ON TEI EXTTRhAL PUBLIC DEBT (Cont.)Including debt oontracteX UD toaHojember 2 1954(Expressed in tho'asands 0 US olar equftralents)

Page 2DEBT OF BELGIM4U. S. DOLTRS

Total Publicly-issued bonds Privately-placed aebt

Year Debt out- Payments durng_ year Debt out- Pn,yments, durDnp- r Debt out- Payments during yearstanding Amortl- In- Total standing Amorti- In sJanuary 1 zation terest January 1 zation terest Total taInding zati.on Iterest

1954 201,147 j 46,317 7,111 53,428 5 164 i/ 1,361 317 1,678 1,250 1/ 36,ooo ?j 746 36,7461955 197,091 8,317 6,086 14,403 4,506 1,943 192 2,125 1,475 - 52 521956 183,403 8.208 5;816 14;024 2,194 696 101 797 1,475 - 52 521957 180,195 10,035 5,558 15,593 1,498 731 66 797 1,U75 1,425 52 1,4771958 170,160 10,091 5,222 15,313 767 767 29 796 50 50 1 511959 160,069 8,912 4,899 13,8111960 151,157 8,921 4,613 13,5341961. 142)236 9,781 4,317 14,0981962 132,455 9,802 3,999 13,8011963 122,653 9,823 ,673 13,4961964 112,830 9,847 3,349 13,1961965 102,983 9,869 3;021 12,8901966 93,?114 9$223 2,690 11,9131967 83%891 7,749 2,420 10,1691968 76,142 7,735 2,177 9,9121969 68;4O7 7,211 1,932 9,1431970 61496 6,7?9 1,720 8,4591971 54,457 6,766 1,517 8,2831972 47,691 6,795 1,316 6,1111973 40,896 6,826 1,110 7,t9361974 34,070 6,856 905 7,7611975 27,214 6JiO88 698 7,!5861976 20,326 5,476 491 5,9671977 14,850 2,110 358 2,4681978 12,740 2,110 305 2,415

See footnotes at end of table

Table A-?;. BELGIUMi ATD TER BELGIANT COTGO - ESTIMATED COITTRACTUAL IFTPERNST

ATD AMORTIZATIO17 PAYMEETS OTT THTi "TER1\TAL PTPI,TC DEBT (Cont,)Including debt contracted up to November 2, 1954

,(Expressed' in thousands of U.S. dollar equivalents)Page 3

DKBT OF BELGIUTNU.S. DOLLARS

IBRD loans held by Bank UT5t.alL.TjS. government I anns _ ,port-InmTort Bank- loansYear Debt out- Payments during year Debt out- Payments during year Debt out- Paymehts during year-.

standing Amorti- In- Total standing Amorti- In- Total standitng Amorti- In-January 1 zation terest January 1 zation terest January 1 gation terest

1954 43,750 1/ 500 1,904 2 404 150,983 1/ 8,456 J 4,14 12,600 76,933 1/ 7,916 ? / 2,174 10,0901955 43,025 2,000 1,890 2,890 148,083 5,374 3,952 9,326 73,917 4,834 1,995 6,8291956 42,025 l,000 1,847 2,847 142,709 6,512 3,816 10,328 69,083 4,833 1,877 6,7101957 41,025 1,075 1,805 2,880 136,197 6,804 3,635 10,439 64,250 4,833 1744 6,5771958 39,950 2,450 1,742 4,192 129,393 6,824 3,450 10,274 59,417 ,834 1,612 6,4461959 37,500 2,500 1i634 1-,134 122,569 6;zdl2 3t265 9,677 54,583 ,833 1,479 6,3121960 35,000 2,500 1?524 4,024 116,157 6,421 3,089 9,510 49,750 4,833 1,346 6,1791961 32,500 2,500 1,414 37914 109,736 7.281 2,903 10,184 44,917 4,834 1,210 6,0441962 30,000 2,500 1,304 3,804 102,455 7,302 2?695 9,997 40,083 4,833 1,067 5?9001963 27,500 2,500 1,194 3,694 95,153 7,323 2,479 9,B02 35,250 ,,833 918 5,7511964 25,000 2,500 1,084 3,584 87,830 7,347 2,265 9,612 30,417 4,834 771 5,6051965 22,500 2,500 974 3,474 80,483 7,369 2,047 9,416 25,583 4,,833 621 5,4541966 20,000 2,500 864 3,364 73,114 6,723 1,826 8,549 20,750 ,333 473 3,8061967 17,500 2,500 754 3,254 66,391 5,249 1,666 6;915 17;417 1,834 1403 ?,2271968 15;000 2,500 6z44 34144 61;142 5;235 1;533 6;768 1518n 1,833 360 2;1971969 12,500 2,000 534 2,534 55,907 5,211 1,398 6,609 13;750 1,833 216 2,1491970 10,500 1,500 456 1,956 50,696 5219 1,264 6;50 1l;91? 1,834 273 2,1071971 9r000 1,500 388 1;888 45,457 5,266 1,129 63?95 10,083 1,833 229 2,0621972 7?500 1,500 321 1,821 40,191 5,295 995 6,290 8,250 1?833 186 2,0191973 6,000 1,500 253 1,753 34,896 5?326 857 6,183 6,417 1?834 142 1,9761974 4,500 1,500 186 1,686 297570 5.356 719 6?o75 4,583 1,833 98 1,9311975 3,000 1,500 118 1,618 24,214 5,388 580 5,968 2,750 1,833 55 1,8881976 1,500 1,500 51 1,551 18,826 3,976 440 4,416 917 917 11 9281977 14,850 2,110 358 2,4681978 12,740 2,110 305 2,415

See footnotes at end of table

Ta.ble A-Z2: BELGIUM AND THE BELGIAN CONGO BST!EIATED CONTRACTUAIT I TTARST

AND AMORTIZATTIOB PAYMENTS ONT TBs TXTEP=TNAL PUBLIC DEBT (Cont.)Including debt contracted up to November 2, 1954

(Expressed in thousands of U.S. lollar equivalents)Page 4

1DEBT OF FPLIJGIUMU.S. DOLIARS STTSS FRATOS

utiaer U.,S. Government loans Canadian Dollars Total

Year Debt out- Payments during Year Debt out- Payments during year Debt out- Payments during yearstanding Amorti- Inn Total standing Amorti- In- T talJanuary 1 zation terest January I zation terest JTnuary 1 ation terest °

1954 74,650 1/ 540 1,970 2,510 51,837 IJ 2,378 1,605 3,983 96,246 1/ 138 3,135 3,2731955 74,166 540 1,957 2,497 52,323 2,378 1,534 3,912 96,217 10,175 3,569 13,7441956 73,626 1,679 1,939 3,618 49,945 2,378 1,463 3,841 86,0h2 10,180 3,213 13,3931957 71,947 1,971 1,891 3,862 47,567 2,379 1,392 3.771 75,862 10,186 2,855 13,0411958 69,976 1.990 1,838 3,828 45,188 2,378 1,320 3,698 65,676 159 2,587 2,7461959 67,986 1,579 1,786 3,365 42,810 2,378 1,248 3,626 65,517 11,829 2,349 14,1781960 66,407 1,588 1,743 3,331 40,432 2,379 1,177 3,556 53,688 11,835 1,876 13,7111961 64,819 2,447 1,693 4,140 38,053 2,178 1,106 3,484 41,853 11,841 1,403 13,2441962 62,372 2,469 1,628 4,097 35,675 2,378 1,035 3,413 30,012 11,847 931 12,7781963 59,903 2,490 1,561 4,051 33,297 2,379 963 3,342 18,165 189 691 8801964 57,413 2,513 1,494 4,007 30,918 2,378 892 3,270 17,976 11,860 684 12,5441965 54,900 2,536 1,426 3,962 28,540 2,378 821 3,199 6,116 202 210 4121966 52,364 3,390 1,353 4,743 26,162 2,379 749 3,128 5,914 209 203 4121967 48,974 3,415 1,263 4,678 23,783 2,378 677 3,055 5,705 217 195 4121968 45,559 3,402 1,173 4,575 21,405 2,378 606 2,984 5,488 224 198 4121969 42,157 3,378 1,082 4,460 19,027 2,379 535 2,914 5,264 232 180 4121970 38,779 3,405 991 4,396 16,648 2,378 464 2,842 5,032 240 172 4121971 35,374 3,433 900 4,333 14,270 2,378 393 2,771 4,792 248 163 4111972 31,941 3,462 809 4,271 11,892 2,379 321 2,700 4,544 257 154 4111973 28,479 3,492 715 4,207 9,513 2,378 249 2,627 4,287 266 145 4111974 24,987 3,523 621 4,144 7,135 2,378 178 2,556 4,021 276 136 4121975 21,464 3,555 525 4,080 4,757 2,379 107 2,486 3,745 285 126 4111976 17,909 3,059 429 3,488 2,37A 2,378 36 2,LL14 3,460 295 116 4111977 14,850 2,110 358 21468 3,165 305 1o6 4ii

1978 12,740 2,110 305 2,415 2,860 316 95 411

See footnotes at end of table

Table A-2: BELGIUW AND THE BEIGIAN CONGO - ESTTKATED COFNRACTUAL ItTEREST

ANM AMORTIZATION PAYMETS ON T-E.EXTEREAT. ? LIC 11 T (Cont.)

Including debt contracted up to November 2, 1954(Expressed in thousands of U.S. dollar equivalents) Psge 5

DEBT OF BRIGIUGMSWISS FEAOTCS

Swiss franc debt (Publicly-issued bonds) Loan from 11SYear Debt out- Payments during year Debt out- Payments during year

standing Amorti_ In- Total standing Amorti In-Janua.ry I zation terest January I zation terest Total

1954 66,14i l/ 138 2,608 2,746 30,105 1/ - 527 5271955 66,121 143 2,603 2,746 30,096 10,032 966 10,9981956 65,978 148 2,598 2,746 20,064 10,032 615: 10,6471957 65,830 154 2,592 2,746 10,032 10,032 263 10,2951958 65,676 159 2,587 2,7461959 65,517 11,829 2,349 14,1781960 53,688 11,835 1,876 13,7111961 41,853 11,841 1,403 13,2441962 30,012 11,847 931 12,7781963 18,165 189 691 8801964 17,976 11,860 684 12,5441965 6,116 202 210 4121966 5,914 209 203 4121967 5,705 217 195 4121968 5,488 224 188 4121969 5,264 232 180 4121970 5,032 240 172 4121971 4,792 248 163 4111972 4,544 257 154 4111973 4,287 266 145 4111974 4,021 276 136 4121975 3,745 285 126 4111976 3,460 295 116 4111977 3,165 305 106 4111978 2,860 316 95 411

See footnotes at end of table

Table A-2: B3TGItM AND Tl2E 'BELGIAN CONGO - ESTIMATED COFTTRACTUJAL INT'qEREST

ANWD AMORTIZATION PAYMENTS O1T THE. EXTERTAT, PTTBEI C DJBT (Cont.)Including debt contracted u to November 2, 1954(Exvressed in thousands of L1S. dollar equivalents)

Page 6_DEBT OF BELGIUM

Pounds sterling Swedish KronorDebt out- Paments during Year Debt out- Payments during yearstanding Amorti- In- Total standing Amorti- In- TotalJanuary 1 zation terest JanuarT 1 zation terest

1954 14,927 I/ 1,610 643 2,253 1,298 1/ 195 52 2471955 14,474 1,673 580 2,253 1,113 203 44 2471956 12,801 1,741 512 2,253 910 211 36 2471957 li,o6o 1,809 442 2,251 699 220 27 2471958 9,251 1,317 369 1,686 479 228 19 2471959 7,934 968 317 1,285 251 251 10 2611960 6,966 1,006 278 1,2841961 5,960 1,o46 238 1,2841962 4,914 1,087 196 1,2831963 3,827 1,130 152 1,2821964 2,697 1,174 108 1,2821965 1,523 1,220 60 1,2801966 303 303 12 315196719681969197019711972197319741975197619771978

See footnotw as end of table

Table A-2: BELGIUM AND TBE BELGIAN CONGO - ESTIMATED CONTRACTUAL IN2EREST

AND AMORTIZATION PAYIvIETS ON THE EXTERNAL PUBLIC DEBT (Cont,)

Including debt contracted ap to November 2, 1954

(Expressed in thousands of U.S. dollar equivalents)Page 7

Debt of BelgiumGuilders

Total Publicly-issued bonds Privately-placed debt

Year Debt out- Payments during year Debt out- Payments during year Debt out- Payments during year

Amodti- In- Total standing Amorti- In- Total standing Amorti- In- Total

January 1 zation terest January 1 zation terest January 1 zation terest °oa

1954 -1/ -. - - I - - - _- - -

1955 34,869 - 1,307 1,307 17,500 - 656 656 17,369 - 651 651

1956 34,869 - 1,307 1,307 17,500 - 656 656 17,369 - 651 651

1957 34,869 - 1,307 1,307 17,500 - 656 656 17,369 - 651 651

1958 34,869 - 1,307 1,307 17,500 - 656 656 17,369 - 651 651

1959 34,869 - 1,307 1,307 17,500 - 656 656 17,369 - 651 651

1960 34,869 - 1,307 1,307 17,500 - 656 656 17,369 - 651 651

1961 34,869 - 1,307 1,307 17,500 - 656 656 17,369 - 651 65

1962 34,869 - 1,307 1,307 17,500 - 656 656 17,369 - 651 651

1963 34,869 - 1,307 1,307 17,500 - 656 656 17,369 - 651 651

1964 34,869 - 1,307 1,307 17,500 - 656 656 17,369 - 651 651

1965 34,869 1,744 1,307 3,051 17,500 875 656 1,531 17,369 869 651 1,520

1966 33,125 1,744 1,241 2,985 16,625 875 623 1,498 16,500 869 618 1,487

1967 31,381 1,743 1,177 2,920 15,750 875 591 i,466 15,631 868 586 1,454

1968 29,638 1,744 1,110 2,854 14,875 875 557 1,432 14,763 869 553 1,422

1969 27,894 1,743 1,046 2,789 14,000 875 525 1,400 13,894 868 521 1,389

1970 26,151 1,744 980 2,724 13,125 875 492 1,367 13,026 869 488 1,357

1971 24,407 1,743 917 2,660 12,250 875 460 1,335 12,157 868 457 1,325

1972 22,664 1,744 851 2,595 11,375 875 427 1,302 11,289 869 424 1,293

1973 20,920 1,743 785 2,528 10,500 875 394 1,269 10,420 868 391 1,259

1974 19,177 1,744 718 2,462 9,625 875 360 1,235 9,552 869 358 1,227

1975 17,433 1,743 655 2,398 8,750 875 329 1,204 8,683 868 326 1,194

1976 15,690 1,744 588 2,332 7,875 875 295 1,170 7,815 869 293 1,162

1977 13,946 1,743 522 2,265 7,000 875 262 1,137 6,946 868 260 1,128

1978 12,203 1,744 458 2,202 6,125 875 230 1,105 6,078 869 228 1,097

See footnotes at end of table

Tabl_ A-*1: BELGIUM A9D THE BILGIAN CONGO - EXTIMIATED COlNTERACTUAL INTEREST

AIM AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT (Cont.)

Including debt contracted up to lNovember 2, 1954(Expressed in thousands of U.S. dollar equivalents)

Pa-e 8Debt of the Belgian Cong, Guaranteed by Belgium

Total _~~~~~~~~~~U.S, dollars.

Year DTotal Total . ,Privately-rlaced debtDebt out- Payments during year Debt out- Payments during year Debt out- P,aments durinp: year

standing Amorti- In- Total standing Amorti- In- Total standing Amorti- In- TotalJanuars l, zation terest, January 1 zation, terest Jauary I zation terest

1954 82,056 j - 3,288 3,288 32,855 1/ - 1,328 1,328 650 ] - 32 321955 82,042 _ 3,476 3,476 32,855 - 1,472 1,472 875 33 331956 82,042 - 3,476 3,476 32,855 - 1,472 1,472 875 - 33 331957 82,042 2,001 3,451 5,452 32,855 1,785 1,452 3,237 875 825 33 8581958 80,04. 2,001 3,367 5,368 31,070 1,643 1,377 3,020 50 50 1 511959 78,040 3,170 3,280 6,450 29,427 1,635 1,306 2,9411960 74,870 3,170 3,143 6,313 27,792 1,635 1,233 2,8681961 71,700 3,170 3,oo6 6,176 26,157 1,635 1,159 2,7941962 68,530 3,169 2,869 6to38 24,522 1,635 1,085 2,7201963 65,361 3,170 2,733 5,903 22,887 1,635 1,012 2,6471964 62,191 4,536 2,595 6,931 21,252 1,635 938 2,5731965 57,855 4,336 2,413 6,749 19,617 1,635 865 2,5001966 53,519 4,335 2,229 6,564 17,982 1,635 791 2,4261967 49,184 5,502 2,046 7,548 16,347 1,635 718 2,3531968 43,682 5,502 1,815 7,317 14,712 1,635 644 2,2791969 38,180 5,502 1,585 7,087 13,077 1,635 571 2,2061970 32,678 5,501 1,355 6,856 11,442 1,635 497 2,1321971 27,177 4,336 1,124 5,460 9,807 1,635 423 2,0581972 22,841 4,336 942 5,278 8,172 1,635 350 1,9851973 18,505 4,336 758 5,094 6,537 1,635 276 1,9111974 14,169 4,334 576 4,910 4,902 1,634 203 1,8371975 9,835 4,335 391 4,726 3,268 1,634 129 1,7631976 5,500 3,168 209 3,377 1,634 1,634 56 1,6901977 2,332 1,166 93 1,2591? 8 1,166 1,166 47 1,213

See footnotes at rnd. of table

Table A-2: BELGIUM AND THE BE2LGIIX CONGO - ESTIMATED CONTRACTUAL INTEREST

AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT (Cont.)Including debt contracted up to November 2, 1954

(Expressed in thousands of U.S. dollar equivalents)Page 9

Debt of the Belgian Congo Guaranteed by BelgiumUIS. dollars Swiss francs

Year IBRD loans held Z Bank 1Total Publicly-issued bondsDebt out- .Payments d_uring year Debt out- Payments during year Debt out- Payments during yearstanding Amorti- In- Total standing Amorti- In- Total standing Amorti- In- TotalJanuary 1 zation terest January 1 zation terest January 1 zation terest

)954 32,205 )j - 1,296 1,296 49,201 I/ - 1,960 1,960 42,006 / - 1,680 1,6801955 31,980 - 1,439 1,439 49,187 - 2,004 2,004 41,994 - 1,680 1,6801956 31,980 - 1,439 1,439 49,187 - 2,004 2,004 41,994 - 1,680 1,6801957 31,980 960 1,419 2,379 49,187 216 1,999 2,215 41,994 1,680 1,6801958 31,020 1,593 1,376 2,969 48,971 358 1,990 2,348 41t994 _ 1,680 1,6801959 29,427 1,635 1,306 2,941 48,613 1,535 1,974 3,509 41,994 1,167 1,680 2,8471960 27,792 1,635 1,233 2,868 47,078 1,535 1,910 3,445 40,827 1,167 1,633 2,8001961 26,157 1,635 1,159 2,794 45,543 1,535 1,847 3,382 39,660 1,167 1,586 2,7531962 24,522 1,635 1,085 2,720 44,008 1,534 1,784 3,318 38,493 1,167 1,540 2,7071963 22,887 1,635 1,012 2,647 42,474 1,535 1,721 3,256 37,326 1,167 1,493 2,6601964 21,252 1,635 938 2,573 40,939 2,701 1,657 4,358 36,159 2,333 1,446 3,7791965 19,617 1,635 865 2,500 38,238 2,701 1,548 4,249 33,826 2,333 1,353 3,6861966 17,982 1,635 791 2,426 35,537 2,700 1,438 4,138 31,493 2,333 1,260 3,5931967 16,347 1,635 718 2,353 32,837 3,867 1,328 5,195 29,160 3,499 1,167 4,6661968 14,712 1,635 644 2,279 28,970 3,867 1,171 5,038 25,661 3,499 1,026 4,5251969 13,077 1,635 571 2,206 25,103 3,867 1,o14 4,881 22,162 3,499 886 4,3851970 11,442 1,635 497 2,132 21,236 3,866 858 41724 18,663 3,499 746 4,2451971 9,807 1,635 423 2,058 17,370 2,701 701 3,402 15,164 2,333 606 2,9391972 8,172 1,635 350 1,985 14,669 2,701 592 3,293 12,831 2,333 513 2,8461973 6,537 1,635 276 1t911 11,968 2,701 482 3,183 10,498 2,333 420 2,7531974 4,902 1,634 203 1,837 9,267 2,700 373 3,073 8,165 2,333 327 2,6601975 3,268 1,634 129 1,763 6,567 2,701 262 2,963 5,832 2,333 233 2,5661976 1,634 1,634 56 1,690 3,866 1,534 153 1,687 3,499 1,167 140 1,3071977 2,332 1,166 93 1,259 2,332 1,166 93 1,2591978 1,166 1,166 47 1,213 1,166 1,166 47 1,213

See footnotes at end of table

Table A-2: BELGIUMi AIUD TEE BELGIAlI COlTGO - ESTIMAVI¶D C01TRACTUJAL IT.FREST

AND ADIORTIZATIT01 PAYMETS ONT TEE EXTERBTAL PUTBLIC DEPT (Cont.)Including debt contracted up to November 2, 1954

(Expressed in thousands of U.S. dollar equivalents)Page 10

DEBT OF T1E tBELGIAIT COITGO GUARAITTEED BY BRLGIUMSUISS FRAlTCS

IBED loans held bv BankYear Debt out- Payments during year

standing Amorti- In-January . zation terest Total

1954 7,195 / _ 280 2801955 7,193 _ 324 3241956 7,193 _ 324 324 LL/ This amount outstanding is as of June 30, 1954.1957 7,193 216 319 535 Payments shown are for the full year.1958 6,977 358 310 668 / This represents an extraordinary payment made in1959 6?619 368 294 662 the first half of 195h. on an Ery-ort-ifrport Bank1960 6,251 368 2677 629 loan wthich was formerly due in 1957. This payment1961 5,883 368 261 629 was made to parties who had participated with the1962 5,!515 367 244 611 Export-Import Bank in advancings the loan and those1963 5,148 368 228 596 who had pourchased notes originally held by the1964 4,780 368 211 579 TExport-Import Bank. Since it had been fully repaid1965 4'412 368 195 563 by June 30, 1954, this loan does not appear on1966 4.,044 367 178 55Table A-I.1967 3,677 368 16-1 5291968 3,309 368 145 513 J This represents a payment on the loan described in1969 2,941 368 128 496 footnote two above. It was made to the Export-1970 2,573 367 112 479 Import Ban1r to repay In full the portion of the1971 2,206 368 95 463 loan still held by the Export-Import Bank. Since1972 1,838 368 79 447 it had been fully repaid by June 30, 1954, this1973 1,470 368 62 430 loan does not appear on Table A-1.1974 1,102 367 46 4131975 735 368 29 3971976 367 367 13 38019771978

.Table A-2: BELGIUM AND ThE BELGIAN CONGO - ESTIaTLD CONTRACTUAL INTEREST

ANiD AMIORTIZATION PAYMENTS ON THE EXTERUNAL PUBLIC DEBT (Cont.)Page 11

g/ This includes the City of Antwerp dollar bond issue of 1928 (service on which is approximately $797,000 per year

through 1958). This entire loan was to have been prepaid on Dec. 1, 1954 from the proceeds of the f.12,500,000City of Antwerp bond issue in the letherlands in Sept. 1954. It is therefore expected that the debt burden indollars. will be reduced from 1955 to 1958 inclusive.

IBRD - Economic StaffDecember 10, 1954