No. E 36/49 ! '~-\~·;, ~···· 66882 ~"'-~' This study is not tf) be .publ isherl or quoted as representing the Bank's views. INTERNATIONAL BANK FOR RECONSTRUCTION ~MD DEVELOPME"T TURKEY'S EXTERNAL PUBLIC DEBT HISTORY April 21, 1949 Department: Economic Prepared by~ James J. Lynch The information so far received from -the Turkish Governnent, together vlith all public infOl"lnation 1-re nOl.·l have on the TurJ:..ish debt, has not been S1J.:fficiently clear on a number of items to justify complete confidence in the figures shoim in this study. CONTEI'ITS History of the E::=ternal Debt Payr.1ents of Turl~ey Direct External Bonded Indebtedness of the Turkish Government Direct Oblications of the Turkish Governr.len·h to Foreign Governments Indirect Obligations uith Formal or Implied Guarantee by ·bhe Central Government Outstru1ding E::~erno.l Debt and Service Charges Appendices Histoty of External Debt Payments of Turkex Between 1875 and 1877 Turkey defaulted on several eA"ternal loans. In 1875 it uas announced that only 50% of the interest on foreign loans (outstanding in the amount of about u.s. ~~1 billion) uould be paid in cash. The remainder 1vould be paid in 5% certificates maturing in five years. The follouing year the issuing of the certificates Has discon- tinued and the service of the entire debt, uith the exception of three loans, 't.fent into default. An adjustment in 1881 provided for the creation of the ottoman Public Debt Administration, as an agency of the foreign bondholders, to collect and adrndltister the revenue pledged for the service of the debt. Uncier this adjustment the debt uas rec·uced (42%) from iY252, 801,805 to ~106 1 4.37 1 234. A minim.um of 1% Has fixed as interest on this sum, to be increased in the event that funds became available. .A further adjustment of ·~he debt lTaS made in 190.3, reducing capital from .30 to 62-1/2% but increasing the rate of in- terest to 45~, payments being made to 1914. In 1914, uhen Turkey entered 'Jorld \Jar I, all payments ceased on the external Turldsh debt, then estimatec1 at par of ~52 million, of uhich 62% uas held in Frnnce and 29% in Germany; most of the rer:minder uas held in Great Britain, the Netherlands and Belgium. Bet111een 1920 and 1922 the Debt Council uas able to make soue small payments, from accumulated funds, on coupons that matured betvreen 1915 and 1920. In 1924, by the Treaty of Lausru111e 1 the territories detached from Turkey as a result of Forld Har I v1ere called upon to contribute to the Ottoman debt, -vrhich at that time vTas established at I.Tl.31,666,299. The new Turkey 1-ms responsible for a bout 65% of this sum. Negotiations were begun for the resumption of service and a final agreement was reached in 1928, providing for payments of amtuities starting uith ~T2 million (~~8,820 1 000) in 1929 and reaching ~T.3,400,000 (~14,994,000) in 1952. In 1930, due to financial difficulties, Turl::ey reduced its ser- vice remittances to one-third of ·t;he contractual amount. lleu Turkish bonds 1 bearing interest at the rate of 7-1/2%, uere issued in the amount of 962,6.36,000 francs. On April 1, 19.36, it uas announced that the bondholders uould receive, during the 5 years, only half of their payments in cash, uhile the other half uas to be provided in Turkish liras to be used for the purchase of products to be sold in France for the account of the creiitor. Prior to t·Jorld Har II, the Turkish Goverru..1ent, considering the possibility of a long \vorld uar, had signed severfll credit agreements uith the aovernments of Great Britain and France uith the object of stabilizing its currencies, increasing the possibility of e~rternal payments and equipping the army. Also, during the uar, a 100 million mark loan '.ras concluded uith Germany for supplies of uar. The net result of these and other loans -v1as a three-fold increase in the internal and external debt of Turkey. Follouing the currency readjustment, executed in September 1946 uith the object of averting the differences bet1:1een the internal ru1d external purchasing power of the Turkish currency, the debts payable -2- in forei@1 currencies have increased clmost in proportion to the de- valuation (117%). On the other hand, uith the surplus acquired by revaluing the gold held by the Central Baru~, necrly 280 million liras of floating debts \rere redeened and some other floating debts t,.;ere consolidated. Thus an iraportant part of the floatinc debt, vrhich amounted to 85.3 million Turkish liras and once constituted the most important part of the public debt, \..ras liquidated. Direct Elrternal Bonded Indebtedness of the Turldsh Governuent The major portion of the Turkish Government's direct external bonded debt in the past feu years he.s consisted of the 7-1/2% Conversion Loans of 1933. These obliga'.:;ions Here issued in exchange for that por- tion of ·the debt of the former ottoman Ebpire uhich lTas assumed by Turl:ey in accordance ui th provisions of the Treaty of Lausanne of 1924. The bonds uere denominated in French francs but \·Jere also payable in other currencies at prevailing rates of e~~chanr:;e. Full service uas r.1aintained on this issue only until 1936 uhen, under the Franco- Turkish agreement of that year, bondholders, ui th the e::cception of those in Germany and Turkey; \.Jere to receive payment of only half of the interest due in French francs and the remainder in Turltish pounds to be used for purchase of Turkish goods. Tlll.s agreeruent uas modified in 1938 to provide for all payments in Tv.rldsh currency to be used in merchandise operations. In 1940, by unilateral action, Turkey uithdrevt recognition of the Council of the Repartitioned Public Debt of the Forner Ottoman Empire and suspended further service on the obligations. Subsequently, in 1943, Turl~ey announced its intentions of compulsorily redeeming the issue plus interest arrears ui thin ten years 1.rlth total payments of ~2.9.4, 668.75 French francs or 41,44 S\rlss francs per 500 franc bond. After the devaluation of the franc in December 1945 the pound sterling and S1dss frm1c equivalents in the redmaption offer Here reduced to i.:l.8 • .3 and 23.40 Suiss francs. Since 1943 iraproved terms have been offered for li1ai-Ged periods to bondholders in England (~.5.0), Svrltzerland (65 Sltiss francs), France (866 French frEmcs), and Eelgiun (M.5.0). The period for acceptan.ce of these improved offers has nou expired. Bondholders uho did not accept and those in countries Hhere the inproved offer uas not made (netherlands, Italy, etc,) have nou, apparently, only the possibility of redemption at ·t;he prices prescribed in the compulsory offer of 1943. The Turlcish Govern- ment's official report does not list this bond as nou outstanding. The Izmir-Kasaba 7-1/2% bonds ucre issued in 1934 in payment for acquisition by the government of the Ottoman Izmir and Kasaba Ry. Co, under agreement of liay 26, 19.34. The bonds vrere denonlinated in French francs but uere also payable in other cur:;.~encies at prevailing rates of exchange. The subsequent history of this oblie;ation is the sarae as that of the 193.3 7-1/2% isnue except that redemption offers have provided for payment per 500 franc bond of ~3 .o .o to British holders, 30 Sv1iss fran.cs to Swiss holders, and 550 French francs to holders in France. Available sources do not report any bonds of this issue as still out- standing. The .Aydin 11ailuay 7-1/2% bonds of 1935 uere issued in paym.ent for the acquisition by the government of the Ottor.1an Railuay from Izmir to -3- Aydin Under an agreement of Nay 1, 1935. The bonds uere denominated in pounds sterling but t-Tere also payable in other currencies at pre- vailing rates of exchange. Durinc; 1936 and 1937 service ,,ras paid partly in sterling and partly in Turkish pounds or certificates. Sub- sequent service ,,1as in sterling, being met, beginning in 1940, through Turkish sterling balances accumulated in London under an Anglo-Turkish agreement of February, 1940. According to published announcements the 7-1/2% bonds of 1935 were called for redemption at par on December 1, 1946. Direct Obligations of the Turkish Gove;r-nmen~_:tp_ Foreip1 Gs;>vernments The greater part of this indebtedness is to the United Kingdou for orec1its extenc1ed in 1938 and 1940 amounting to ~58,000 1 000. About l:t5l,OOO,OOO of this total uas utilized by the Turldsh Goverru.1ent uhile the balance \..ras dravm by private Turldsh interests. 1/ The outstanc~ing principal clue to the U.K. by the Turkish Gover11r,1ent in repayment of these credits uas reported at 549,515 1 000 Turkish pounds (u.s. (>19l:-- 175,000) as of JU11e 30 1 1948. In e.ddition to the U.K. indebtedness Turkey has obligations to the governments of France, the U.s.s.R., the United States, St-ritzer- land, Germany and Czechoslovakia. The c1e bt to France is on a loan of 264,750,000 French francs granted in 1939 repayable at 3~; interest in Turldsh pounds at prevailing exchanc;e rates to be used for the purchase of Turkish merchandise. The principal outstanding on tllis loan is reported as of December 31, 1948 at $797,941. The U.s.s.R. obligation is a credit of C;8 million (gold) c;ranted in 1934 Hithout interest, It is repayable in Turkish pounds or Turkish goods valued at the Turkish pound-gold dollar rates. Pnyments through 1948 have been made in Turkish pounds. The outstanding principal is reported as of Deceuber 31, 1948 at ll, 798,000 Turkish pounds (~!;4,169,000). Aside from a negligible sum due on the Horld Har I indemnity, out- standing obligations due by Turkey to the u.s. Government consist of post-Horld Har II credits grc:.nted by the Export-Import Bunk, the Office of the Foreign Liquidation Cor:mssioner, the u.s. Haritime Commission and the Economic Cooperative Administration. The total of these credits, exclusive of E.C.A., amounts to about Q48, 701,000 of vihich (;22 1 795,000 had been utilized by the last half of 1948. Included in this report is an E.C.A. loan of ;:!3C million covering one year Hhich uas assumed ------------------------------------ Jj Drauings by private Turkish interests uere from the Export Guarantee Fund Credit of ~10 million extended to Turkey by the British Govern- ment in 1938. The total outstanding indebtedness to this fund as of June 30, 1948 Has reported at ~,658,000. The government ~ssumes no obligation for repayment of the private portion of this indebted- ness. The entire c::.·ec'it is repayable in sterling at an interest rate of 5-1/2%. -4- utilized by December 31, 1948. Y These credits are repayable in dol.. lars uith the exception of the O.F.L.C. loan \,rhich may be repaid in Turkish currency or property at the option of the u.s. According to present plans the u.s. vlill accept a substantial portion of the repay- ment of this crec1.i t in Turldsh currency to be used for educational and cultural purposes. In addition to the above inter-governmental creoits, the Tt1rkish Govern:r.Ient has outstanding obligations to the International l.ionetary Fund. This obligation is for ::;;5 million arising from the purchase by Turkey of this amount in u.s. dollars from the Fund in November 1947 for the purpose of currency stabilization. Provisionally, such pur- chases from the Fund are repayable i11 one year but the actual term is dependent on movements of the foreign exchange holdings of the borrouing country. The rate of interest charged is 3/4%. Indirect 09ligat~ons vdth Formal or Implied Guarantee b~ the Centr~ Government According to available information the total outstanding prli1cipal of indebtedness in this category amounted to approximately 192 nrl.D.ion Turkish pounds (u.s. ~69 million) as of September 30, 1946. Included in this sl!lount are obligations of the City of Istanbul and of governr,1ent enterprises, such as raihrays, ports, and other utilities.· As of June 30, 1948 our present study shot-Is outstanding in this category some U.S. 073;554,000 {T~08,16l,OOO). Obligations of the City of Istanbul consist of tuo issues; the 3-1/2% (formerly 5%) sterling loan of 1909 uith an outstanding amount as of June 1940 of 1)2,669,000, and the 6% (formerly 5%) franc loan of 1913 outstanding as of June 1948 in the amount of $84,000. (This latter issue 1.-ras originally in gold francs but under an agreement of 1934 service l!as thenceforth payable in French francs at the increased interest rate of 6;~.) The sterling bonds vrent into defuult in 19]1, v1ith only intermittent payments thereafter until 1929• I.n that year, under agreement vlith bondholders' representative, the interest rate uas reduced and a fractional pa~nent made in settlement of arrears. Subsequent pay- ments have been made although uith delays from 1939 to 19L:-5. Interest on the franc loan uas u11paid from 1915 to 1934. These arrears were waived under the agreement of 1934, providing for subsequent payments in French francs which have been regularly met. Only fragmentary information is available on the eA~ernal obliga- tions of various governmental enterprises of Turkey. According to Moody 1 s, 11 other external obligations 11 of Turkey, exclusive of.direct Turkish Government bonds, inter-governn1ental loans, and municipal obli- gations amounted in Hay 1942 to approximately 188 million Slviss francs, Y Actually, this loan vdll not be dra\m dovm completely until the middle of 1949. - 5- 33 million French francs and "2,700,000. J/ On only three of the issues included in these totals is there available information indicating amounts outstanding at a later date than 1942. These are the 5% Swiss franc oblic,ations of the Oriental Railuay, issued in 1937, l-Tith a principal outstanding in June 1947 of 20,760,000 8\.Tiss francs (on which current service is beinc paid only in Turldsh pounds); the privately-held 5% sterling obligation of the Turldsh Electric Co. of Istanbul, issued in 1938, 'I.-lith a principal outstandinG in December 1947 of $1,911,992, -vrhich apparently Has paid off in 1948; and sterling annuities of the Turkish Telephone Co. of Ista.'1bul '1.-rhich appear to be outstanding in an aHou.nt of approxirav.tely i~il, 626,514 as of the end of 1947. References in various sources indicate that there is also out- standing an obligation of the Docl:s and Harehouses of Istanbul (French francs). Outstanding .EJrternal Debt and Se:rv~ Charges It is estimated that by 1949 the outstru1ding externe.l debt of Turkey will be equivalent to u.s. ~~309,413,000. Amortization paynents will amount to around 021 >Jillion and interest payraents to 09 million, a total of ~130 million. Total service payments are e:::;pected to increase to ~~34 million by 1953, declininc gradually to (~21 million by 1959, Clroppinc, sharply to G>3 million by 1966 and remaining at ·that level past 1973. The major portio~1 of the service payments is due on ex- ternal debts on vThich agreer.1ents uere made to change fron external currencies to Turldsh currency and Turl:ish goods. In 19L}9 the e:;..-ternal debt payments in this category vrill anount to 019 million on debts of 0182 million. Host of the remaining service payments are called for on u.s. Gover.nment loans, mainly Export-Import Bank loans, service on uhich is estimated to amou.nt to around 07 million in 1949 on debts of around $67 million. The remaining paYL~ents are called for on sterling debts of ~?62 million, uith service payments atlOunting to ~~.3 r.lillion. Tabulated belou are the principal outstandinc, and arn.ortization, interest and total paynents for 1949 throuch 1973 expressed in u.s. dollars. In addition, a breakdotm of these payments in the kind of cUl·rencies called for is sho\n1 below. Included in the external debt interest and amortization figures are only ~?38 million of ECA loans. It is inadvisable o:t the present time, :in v:ie\v o:f the unsettled policy as to the amounts of future EOA grants and loans, to put in any figure including additional ECA loans. Hm1ever, additional loans of (:>120 millio11 uould require ~~6 million in service pay!nents per year \..rhich \vould become effective some time after 1958. For details and qualifications on the individual debt and service payments, see Appendices I and II. J/ Noody's also lists an International Hatch Loan outstanding in 1942 in an amount of ~~7, 2,4.8 ,ooo. The notes of this obligation uere held by the International !iatch nealization Co. Ltd. until 1943 \Then they Here liquidated along ui th other Turkish assets of this company and the 1\merican Turkish Investment Corp. uhich had taken over the match concession in Turkey. The present status of the notes of the match loan is not known. (in thousands of u.s. dollars) Principal_____ Principal ___ __ --·----· Interest _.. , .. Total k~. _ _ Outsta.n.dj.ng_ _ _ Pa;'!!;ents Pa.meats - -l~!.E'KLt..E 1949 309,413 20,659 9,124 29,78.3 1950 309,611 23,343 9,007 32,350 1951 287,990 23,265 8,193 31,458 1952 266,151 24,41.:13 8,803 .33,251 1<)53 21:-1,704 25~645 8,397 34,01~2 1954 216,057 24)826 7,444 32,270 1955 191,232 22,003 6,5.39 28,542 1956 167,227 23,944 5,701 29,645 1957 lL.. 5,283 171663 4,873 22,536 1958 127,618 17,628 L~,28C 21,916 1959 109,993 17,816 3,681 21,497 1960 92,175 12,010 3,120 15,130 1961 00,164 11,157 2,708 13,865 1962 69,006 8,1.39 2,321 1o,L~6o 1963 60,796 L:-1555 2,082 6,637 1964 56,.311 .3,308 1,989 5,297 1965 5.3,004 3,053 1,800 4,85.3 1966 49,950 1,893 1,706 .3,599 1967 M3,057 1,844 1,647 3,491 1968 46,213 1,90.3 1,588 3,491 1969 44,310 1:,958 1,533 3,491 1970 42,351 2,02.3 1,468 3,491 1971 40,328 2,088 1,403 3,491 1972 38,241 2,155 1,336 .3,491 1973 36,087 2,1:.15 1,076 .3,1}91 ---- ------~-- For detailed breakdmm, see Appendix I. 7. Debt Service Re9uirements of TurkeY in Vnrious, Currencies (in thousands of u.s. dollars) - Payable Utilized Unutilized .._..,_. Utilized Unutilized in Goods Portion Portion of Total Portion Portion Total ':'ctal Year or Payable Sterling Payable Payable Payable Payable Pay- Turldsh Lira in Sterlin~ Commercial Credit in in u.s. Sterling , Dollars _ in u.s. in u.s. Dollars DollBrs..,, ,__...._......,..__,_....., ___ aents 1949 19,.341 2,972 589 .3,561 4,501 2,.380 6,881 29,78.3 1950 17,76.3 .3,128 619 3,747 5,1.34 5,706 10,840 32,350 1951 17,159 .3,998 792 4,790 3,969 5,540 9,509 31,~.58 1952 16,515 6,372 886 7,258 4,104 5,374 9,478 .33,251 195.3 16,498 8,764 983 9,747 21589 5,208 7,797 34,042 1954 16,498 8,939 1,018 9,957 2,282 3,533 5,815 .32,270 1955 16,.313 8,696 970 9,666 2,029 534 2,563 28,542 1956 16,023 9,096 1,049 10,145 2,955 522 3,477 29,645 1957 1.5,911 .3,800 .3,800 2,.315 510 2,825 22,536 1958 15,316 3,800 3,800 2,303 497 2,800 21,916 1959 15,315 3,800 3,800 2,290 92 2,382 21,497 1960 8,963 3,800 3,800 2,278 89 2,367 15,130 1961 7,712 3,800 3,800 2,266 87 2,.353 13,865 1962 6,573 1,900 1,900 1,903 84 1,987 10,460 1963 4,734 1,903 1,903 6,637 1964 .3,394 1,90.3 1,903 5,297 1965 2,950 l,S0.3 1,90.3 4,85.3 1966 1,696 1,90.3 1,90.3 3,599 1967 1,588 1,90.3 1,90.3 .3,491 1968 1,588 1,903 1,90.3 3,491 1969 1,588 1,90.3 1,90.3 .3,491 1970 1,588 1,90.3 1,90.3 3,491 1971 1,588 1,903 1,903 3,491 1972 1,588 1,903 1,903 3,491 197.3 1,588 1,903 "·-·-....._ . __ __ ... 1,903 ------ J,491 For detailed breakdovna1 see Appendix I. APPENDIX I ExternalDeb]__ ;:;ervice of Turl:g (in thousands of U. s. dollars) Payable in to Payable in Goods or Total Payable in Goods or ~ayabi~n!~o;ol~-s-~~~ Uni ~e~S\vitzerland Tur~ish Lira to Others . ·--...---...- Turkish Lira_ Prin- Prin- Inte- Prin- Prin- Inte:- Prin- Prin- Inte- Prin- Prin.:.. Inte- Year cipa1 cipal rest Total cipal cipa1 rest Total cipal cipal rest Total cipal cipal rest Total OUt- Pay- Pay- Pay- Out- Pay- Pay- Pa.y- Out- Pay- Pay- Pay- Out- Pay- Pay- Pay- ___ standing ments ments men,ts standing mept~-!!!.~nts ments standing mente ment_13 mente stanqing ments ments ments 1949 137,8.34 8,740 4,905 1),645 )4,218 8)1 1,.321 2,152 9,746 3,466 78 .3 ~ 544 181 ~ 798 1.3~037 6~304 19,.341 1950 129,095 9~049 4,596 13,645 33,387 843 1,309 2,152 6~280 1~899 67 1,966 168,762 11~791 5:912 17~763 1951 120,045 9,370 4,275 13,645 32~544 855 1,297 2,152 4,381 1,296 66 1,362 156,970 11:521 5~6.38 17~159 1952 110,675 9,703 ),942 13~645 31~689 866 1,286 2,152 3,085 697 21 718 145,449 11~266 5~249 16,515 1953 100,972 10~048 3.597 13,645 30,823 882 1,270 2~152 2~388 682 19 701 1)4,18.3 11~612 4,886 16~498 1954 90,92.3 10,41.3 ),232 13~645 29,940 897 1,255 2,152 1,?06 685 16 701 122,569 11,995 4,50.3 16~498 195.5 80,510 10,778 2,867 13,645 29,044 912 1,240 2,152 1,021 502 14 516 110~575 12,192 4:121 16,313 1956 67,730 11,163 2,482 1.3~645 28,132 928 1,224 2,152 519 214 12 226 96,381 12,.305 3,718 16,023 1957 58,567 11,563 2~082 13~645 27,205 944 1,208 2~152 305 105 9 114 86,077 12,612 3,299 15~911 1958 4?,004 11,969 1~667 13,636 26,260 398 1~190 1~588 200 86 6 92 73~464 12~453 2~86.3 15,316 1959 .35~036 12,405 1,2.31 1),636 25,86.3 416 1,172 1,588 114 87 4 91 61~01.3 12,908 2~40? 15,315 1960 22,629 6,531 836 7,.36? 25,44? 4.35 1,153 1,588 27 7 1 8 48,10.3 6~973 1~990 8~963 1961 16,098 5,525 591 6,116 25~012 454 1,1)4 1,588 20 7 1 8 41~1.30 5~986 1:726 7~712 1962 10t572 4,598 378 4,976 24,558 475 1,113 1,588 13 8 1 9 35~14.3 5~081 1~492 6:573 1963 5,904 2~919 222 3,141 24,083 498 1~090 1~588 5 5 5 29,992 ),422 1,312 4,734 1964 3,055 1~628 178 1,806 23,585 519 1~069 1,588 26~640 2~147 1~247 .3~394 1965 1,428 1,321 41 1,362 23~066 542 1~046 1~588 24~494 1.863 1:087 2~950 1966 106 106 2 108 22,525 567 1,021 1,588 22~631 673 1,023 1~696 1967 21,958 593 995 1,588 21~958 59.3 995 1,588 1968 21,)65 621 967 1,588 21,.365 621 967 1~588 1969 20,744 644 944 1,588 20~744 644 944 1~588 1970 20,100 676 912 1,588 20,100 676 912 1,588 1971 19,424 707 881 1~588 19,424 707 881 1~588 19?2 18,717 740 848 1~588 18,717 740 848 1,588 1973 17,978 965 62.3 1,588 17,978 965 623 1,588 ---····- 1/ Included are bonds of the City of Constantinople on which service has been temporarily suspended. - ' APPENDIX I - Page 2 (in thousands of U.S. dollars) --------~------------- - ---- - Unuti1ized Portion of - _u.s. Igtergovernment Loans - __ Pa_y_ab~e in Ster~ing Sterling __commercial Credit Utilized Portion 2/ Unutilize<:l Portion J../ Year Prin- Prin- lnte- Prin- Prin- Inte- Prin- Prin- Inte- Prin- Prin- Inte- cipa1 cipa1 rest Tot~l cipa1 cipal rest Total cipal cipal rest Total cipal cipal rest Total Out- Ps,y- Pay- Pay- Out- Pay- Pay- Pay- Out- Pay- Pay- Pay- Out- Pay- Pay- Pay- standing ments ments ments standing ments mente ments standing ments ments menta standing menta ments ments 1949 56,,341 1,491 1,481 2,972 5,404 295 294 589 59,264 3.853 648 4,501 6,606 1,983 397 2,380 1950 55,277 1,733 1,395 },128 5~109 343 276 619 55,411 4,607 527 5,134 25~052 4,869 837 5~706 1951 55,266 2,740 1,258 3,998 4~766 543 249 792 50,805 3,592 377 3~969 20,183 4,869 671 5,540 1952 53,951 4,756 1,616 6,372 4,224 66) 223 886 47,_212 2,894 1,210 4,104 15~315 4,869 505 5~374 1953 49,195 6,915 1,849 8,764 3.561 798 185 983 44,)19 1,451 1,138 2,589 10,446 4,869 339 5,208 1954 42,279 7,406 1,533 8,939 2,763 878 140 1,018 42,B68 1,187 1,095 2,282 5.578 3,360 173 },533 1955 34,874 7,495 1,201 8,696 1,885 878 92 970 41,680 964 1,065 2,029 2,218 474 60 534 1956 27,378 8,241 855 9,096 1,007 1,007 42 1,049 40,717 1,917 1,038 2,955 1,744 474 48 522 1957 19,137 3,250 550 3,800 38,799 1,327 988 2,315 1,270 474 36 510 1958 15,887 3,349 451 3,800 37,471 1,352 951 2,303 796 4?4 23 49'7 1959 12,538 3,450 350 3,800 36,_.119 - 1,377 913 2,290 323 81 11 92 1960 9,088 3,554 246 3,800 34,742 1,402 876 2,278 242 81 8 89 1961 5.534 3.661 139 3,800 33,339 1,.429 837 2,266 161 81 6 87 1962 1,872 1,872 28 1,900 31,910 1,105 798 1,903 81 81 3 84 1963 30,804 1,133 770 1,903 1964 29,671 1,161 742 1,903 1965 28,510 1,190 713 1,903 1966 27,319 1,220 683 1,903 1967 26,099 1,251 652 1~903 1968 24,848 1,282 621 1~903 1969 23,566 1,314 589 1~903 1970 22,251 1,34? 556 1,903 1971 20,904 1,381 522 1,903 1972 19,524 1,415 488 1,903 1973 18,109 1,450 453 1,903 '1:../ Includes $38,000,000 loan from E.C.A. J../ Assumes that all credits authorized as of 12/31/48 will be drawn down before expiration. ll.PPENDIX II External Debt of Turl~ey June30, 1948 (ooo omitted) As reported by Turkish In u.s. Dollal"'S Governmel!i.. Ictanbul liuniciy>allty lean 1909 Tis 7 1 109 $ 2,512 II II II 1913 Ti 354 125 Anado1u Ilail1.ray Bonds T~71,847 60,723 n 11 Rep. Banc1.s T;i;. 13,355 L:- 1 719 .• Haydarpasa Quay Bands Tis 13,917 4,918 11 11 Rep. Bonds Tis 997 352 Mersin, TGrsus, Aclana Rep. Bands Tis 236 133 Smyrna Docl::s 'l';!;. 103 36 U.S.S.C.l. Credits (Rucsia) T;i;. 11,798 4,169 Turkish Debt 5% 1937 T;!;. 8,733 3,086 Smyrna Telephone T~ 21;.3 C6 Armament C:rec1it is 7,206 29,022 Commercial Crec~i t ..., Utilized Portion ~ 8,658 34,870 - Unutilized Portion ~ 1,31:.2 5,1~04 Armament Crec1it T*'346,125 122,306 Gold Loan Ti§l24,L~73 1,3,983 Clearing Liquidation Loan T~ 16,596 5,861, Clearing Liquidation Loan 'r;, 2,543 899 Czechoslaval~ Bills Tt, 13,165 L.,. 1 652 E.C.A. 12/31/48 38,000 Export-Import Bank - Utilized Portion 12/31/L,.C 11,798 - Unutilized Portion 12/31/48 21,974 Haritime Cormnission 6/30,i48 (')("!. 6' 0 oo O.F.L.c. -Utilized Portion 6/30/48 411909 ... Unutilized Portion 6/J0/48 • 3,932 Total u.s. Debt S6,701 Gr~:md Total Appendix III Estimated Dollar Interest and Amortization Paymen~of Turkey in Relation to Dollar Receipts and to I~orts, with Western Hemisphere (~allions of u.s. Dollars) Interest and amorti- Net Dollar Interest and zation pa~~ents Year invisibles Exports receipts Imports amortization as percent of y '!I payments Receipts ImportS 1949 - J 50 47 100 7 14.9 7.o 1950 - J 50 47 100 12 25.5 12.0 1951 - 2 55 53 75 11 20.8 14.7 1952 - 2 55 53 60 11 20.8 18vJ l95J - 1 55 54 60 10 18.5 16.7 1954 - 1 55 54 5o 9 16.7 18.0 1955 - 1 55 54 50 7 1).0 14.0 1956 - 1 55 54 50 8 14.8 16.0 1957 - 1 55 54 50 8 14.8 16.0 1958 - 1 55 54 50 7 13.0 14.0 1959 - 1 55 54 50 9 16.7 18.0 1960 -1 55 54 50 9 16.7 18.0 y Excluding interest and amortization payments. lf Net invisibles plus exports. Source: IBRD estimates. IBRD - Statistics Section April 22, 1949 Appendix IV Estimated Interest and Amortization Payments of Turkey in Relation to Exchange Receipts and to Imports, With Viorld (Y~llions of U.S. Dollars) .. I nt eres t an d Interest . and a~orti- Year Net Exports Exchange Imports . t• zat~on payments invisib1es receipts amor t ~za ~on t f Payments ~:::-a_s_peT-. ---;r_c_en--==-o--:-- ~/ 3.1 Rece~pts Impor·ts 1949 - 13 175 162 182 30 18.5 16.5 1950 -14 185 171 199 34 19.9 17.1 1951 - 10 195 185 184 33 17.8 17.9 1952 1953 - - 7 7 200 220 193 213 190 179 35 36 18.1 16.9 18.4 20.1 1954 - 7 220 213 179 35 16.4 19.6 1955 1956 - - 7 7 220 220 213 213 179 179 33 34 15.5 16.0 18.4 19.0 1957 1958 - 7 - 7 220 220 213 213 179 179 28 28 13.1 13.1 15.6 15.6 1959 1960 - - 7 7 220 220 213 213 179 179 28 22 13.1 10.3 15.6 12 ..3 1/ Excluding interest and amortization. 3./ Net invisibles plus exports. Source: IBRD estimates • .. IBRD - Statistics Section April 22, 1949