R S R-1-CTE D ANNEX I ®. CIRCULATING COPY i 2 / TO BE RETURNED TO ARCHIVES DIVISION H This report was prepared for use within 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 THE EXTERNAL PUBLIC DEBT OF YUGOSLAVIA May 1, 1958 Economic Staff TABLE OF CONTENTS Table 1 Pre-Ucl.orld War II External Public Debt. Table 2A Summary-Post iworld War II External Public Debt Outstanding August 31, 1957 with Najor heported Additions through Decemnber 31, 195?. Table 2B Post-World k*ar II External Public Debt Outstanding August 31, 1957 with i4aajor Aeported Additions through December 331, 1957. Table 3A Summary-Interest and Amortization Payments on Post- 'World War II External Public Lebt: Estimated Actual Payments 1946-57 and lstimated Contractual Payments 1958-72 on Debt Outstanding August 31, 1957 with Major Reported Aidditiors to December 31, 1957. Table 33 Interest and Amortization Payments on Post-v'orld War II External Public Debt: Estimated Actual Payments 1946-57 and Estimated Contractual Payments 1958-72 on Debt Out- standing August 31, 1957 with Major Reported Additions to December 31, 1957. Table 4 Service Payments on Post-War II Lxternal Public Debt by Area and Currency. Table L-i. YUGOSLAVIA - PRE-WORLD LAiR II EXT]APNAL PUBLIC DEBT National and Government Guaranteed Debt (In thousands) Page 1 Debt outstanding April 5, 194l /1 I tern In currency In U.S. dollar of payment equivalents TOTAL ?RE-1iORLD WAR II EXTERNAL PUB-LIC DEBT 2 U. S. DOLLAR DEBT $ 42,328 /3 L2,328 Bonds /3 4 2,328 /3 42,328 g15,250,000 Kingdom of Serbs, Croats & Slovenes Ext. S.F. Series A 8%, 1922-1962 u 10,948 /3 10,948 430°,0O0,000 Kingdom of Serbs, Croats & Slovenes Ext. S.F. Series B 7%, 1922-1962 . 19,109 /3 19,109 $4, 771,5147 Yugoslavia Funding 1st Series 5%, ) 1933/5-1956 ) 52L3 5 e? $.2,569,3C1 Yugoslavia Funding 2nd Series 5A, } 4> 5,9 a ,92 1936-1956 ) $12,000,000 State Mortgage Bank of Yugoslavia Sec. S.F. 7V, 1927-1957 /4 E, 5,86C /3 5,860 0724, 230 State Mortgage Bank of Yugoslavia ) Funding 1st Series 5%, 1933-1956 /14 ) 459 13 45 $307,709 State 11ortgage Bank of Yugoslavia ) Funding 2nd Series 5%, 1936-1956 /4 ) FRENCH FRhNC DEBT /6 Pre-VWorld Viar I bonds /5 /6 Gfr 355,252,000 Kingdom of Serbia Converted Loan 4%, 1895-1967 Gfr 226,897 /6 Gfr 60,000,000 Kingdom of Serbia hMonopc.ly Loan 5%, 1902-1952 Gfr 35,731 /6 Gfr 95,000,000 Kingdom of Serbia 4L2%, 1906-1956 (railway construction and rearmament loan) Gfr 58,755 /6 Gfr 20,000,000 Serbian Red Cross Lottery Loan, 1907 Gfr 14,879 L6 Gfr 150,000,000 Kingdom of Serbia 42-%, 1909 (railway construction & completion of rearmament) Gfr 77,829 /6 See footnotes at the end of table. Table J,_y YUGOSLAVIA - PRE-liWORLD 'JfAR II EXTLRNTAL PUBLIC DEBT (CONT.) National and Government Guaranteed Debt (In thousands) Page 2 Debt outstanding April 5, 194 /1 Item In currency In U.S. dollar of payment equivalents FRENCH FRhNC DEBT (CONT.) Pre-T.,orld YTar I bonds /5 (Cont.) Gfr 30,000,00n State Mortgage Bank of Yugoslavia 4h-%, 191r) /A Gfr 21,296 /6 Gfr 30,000,000 State Mortgage Bank of Yugoslavia 41%, 1911 /A Gfr 23,115 /6 Gfr 25), 000,000 Kingdom of Serbia 5%, 1913 (loan for liquidation of wvar expenses and for most urgent needs of the government) Gfr 190,489 /6 Gfr 8,000,000 Montenegro 6% (now 5%), 1913 Gfr 352 /6 Caisse CcrzuneL7 fr 273,951 77 Post-W7orld -Jar I bonds /6 Gfr 251,235,360 Danube-Sove-Adriatique 1923-1968 /8 Gfr 203,300 /6 Gfr l,O25,000,0( Kingdom of Yugoslavia Inter- national Loan 7%, 1931-1971 /9 Gfr 872, 532 d Gfr 415,542,500 Kingdom of Yugoslavia Funding 5%, 1933-1956 /10 Gfr 372,968 /6 Other debt /6 French Treasury advances 5%, 1923 /11 fr 291,193 /6 3%, 1931 /1- fr 278,69sn Treasury bills 1939/40 51 fr 261,305 SWISS FRANC DEBT SwF 9,536 2,223 Bonds SwF 9,536 2,223 SwF 9,568,000 State liortgage Bank of Yugoslavia 4%, 1938-1950 /A /12 SwF 8,428 1,965 SwF 2,311,000 State Mortgage Bank of Yugoslavia Funding 5%, 1933-1947 /4 /o SviF 1,108 258 See footnotes at the end of tab1e. Table 1 YUGOSLAVIA - PRE-WORLD V.T,R II EXTRKAL PUBLIC DEBT (CONT.) National and Government Guaranteed Debt (In thousands) Page 3 Debt outstanding April 5, 1941 /l Item In currency In U.S. dollar of payment equivalents CZECHOSLOIAK KORUN. DEBT Ke 500,000 10,000 Treasury bills 1939/40 /11 Kc 500,000 10,000 STERLING DEBT £ 335 938 Bonds £ 194 543 £17,360 Kingdom of Serbia Converted Loan 4%J 1895 /13 £ 17 48 £250,000 kiontenegro 5%, 1909-1947 /13 £ 143 4U0 £41, C Kingdcm of Yugoslavia Funding 5%, 1933/37-1956 /10 £ 34 )5 Other debt i 141 395 Treasury bills 1939/40 /l1 £ 141 395 BELGA DEBT Bg 3,153 315 Treasury bills 1939/40 /11 Bg 3,153 315 Exchange rates: par value - £1 = *2.80; Bg l= $0.10 current rate - SwF I = $0.23317; and - Ke 1 = 60.02. /1 The figures in this table were furnished to the IBRD by the Yugoslav Govern- ment in 1949. At that time the government stated that the records were damaged during the -war and that the reconstruction of the exact status of the debt was in progress. No later figtrres have been received by the Bank. /2 No total is given here because it is not certain how the French franc bonds should be valued. However, the total wvould be $510.4 r4llion if the franc bond- are converted at the gold rate and would be $56.6 million if these bonds arb converted at the current rate. See footnote 6 for detail on French franc bonds, These totals do not include Yugoslavia's share in the repartitioned Ottoman debt. The lausonne Treaty of 1923 established the principle of repartition among the successor states and according to an arbitral award of 1925 the share of Yugoslavia was determined to be £5,C0O,OO. Since Yugoslavia did not sign the Lausanne Treaty, it does not consider itself bourd by it. No other agreement on the matter has ever been concluded. However holders of Ottomnan bonds did receive payment under the azreements of 1951-1955 T-rith French bondholders. ,uch payments totalled F 34,772,502 from 1951 to 1956. Table 1 - YUGOSLAVIA - PRE-WORLD lJiAR II EXTER1MAL PUBLIC DEBT (cONi].) Page 4 3 The following amounts of dollar bonds were reported to have been held by the State Investment Bank: (In thousands) Total $ 12,688 Kingdom Serbs, Croats & Slovenes Ext. S.F. Series A 8%, 1922-1962 1,858 Kingdom of Serbs, Croats & Slovenes Ext. S.F. Series B 7%, 1922-1962 5,196 Yugoslavia Funding 1st Series 5%, 1933/5-195 )2,236 Yugoslavia Funding 2nd Series 5%, 1936-1956 ) State Mortgage Bank of Yugoslavia Sec. S.F. 7%, 1927-1957 3,349 State lMortgage Bank of Yugoslavia Funding 1st ) Series 5%, 1933-1956 ) State Mortgage Bank of Yugoslavia Funding 2nd ) Series 5%, 1936-1956 ) Service was regularly paid on all dollar bonds through the first half of 1932. Subsequently payments were made under various agreements as follows: 1. Agreement of 1933 covered the period from October 14, 1932 and October 13, 1935 incl. and provided: a. suspension of sinking fund payments which were to be increased after 1935. b. coupons to be payable either i in dinars within six months of the due dates, or ii 90% in 5% Funding Bonds and 10% in cash within 5 years of the due dates. 2. Agreement of 1936 covered the period from October 14, 1935 to October 13, 1937 incl. and provided that: a, coupons were to be paid 15% in cash and 55% in 5% Funding Bonds. The 30% balance was to be applied to amortization but contractual amortization remained suspended. b, full service was to be paid on the Funding Bonds. Table - YUGOSLAVIA - PRE-WORLD Hi.R II YT-RNL TPU BLIC DEBT (CONT.) Page 5 /3 - (Cont.) 3. Agreement of 1937 with French bondholders, which wvas extended to British and American bondholders in 1938, provided: a. payment of coupons at 45% of contractual rate in full settlement. b. resumption of full amortization on loans issued in London (£200 p.a. for the Serbian loan and £5,325 on the Mlontenegran loan). c. annual deposit of $200,000 for purchase of the dollar 7% and 8% bonds. d. annuity of fr 175,500,000 for interest and amortization of franc bonds and franc bonds to be paid at 1928 gold content of the franc, increasing the effective rate of payment commensurate, with the depreciation of the franc from 1928 to the date of payment. Service was paid under these agreements on the 7% and 8% bonds through the first half of 1939. The Eunding Bonds received full interest payments through 1940. All dollar bonds have been in complete default since that time. / Guaranteed by the national government. /5 French franc bonds were regularly serviced tnrough World War I. 'ollowing the depreciation of the Irench franc after lUorld ';'ar I service was paid in paper francs instead of gold francs as provided in the various contracts. In 1929 the international Court of Justice ruled that the Pre-war loans must be serviced in gold francs (a franc being considered to be 1/20 of a gold piece weighing 6.45161 grams, 9/10 fine). As a result of this decision an agreement was signed on April 5, 1930 providing that the pre-war loans should be serviced as follows: 1. Interest to be paid at these percentages of nominal value: at 55% from April 1, 1930 to March 31, 1935; 56% from April 1, 1935 to Iviarch 31,19h0; 58% from April 1, 194"n to March 31, 1946; at 60%o from April 1, 1946 to .March 31, 1951; at 65% from April 1, 1951 to March 31, 1955 at 75% from April 1, 1955 to March 31, 1958; and at 100% thereafter. 2. Amortization to be suspended until April 1, 1933 and then to be resumed and be completed by March 31, 1975 3. Coupons maturing prior to April 1, 1930 to be settled by either of two alternatives: a. 40% in non-interest bearing arrears certificates redeemable from 1931-1935 b. 35% in cash immediately. Table 1 - YUGOSLAVIA - PRE-WORLD WAiR II EXTIRHAL PUBLIC DEBT (CONT.) 6 5 - (Cont.) From 1933 to 1939 inclusive French franc bonds were serviced in accordance with the agreement of 1933, 1936 and 1937 (described in footnote 3). An agreement of 1939 provided for minimum and taximum payments for the year ending October 13, 1940. No payments were made after 1940 until 1951. On April 4, 1951 the French and Yugoslav governments signed a financial agreement wvhich orovided as follows: 1. The Bank of France shall open an account entitled "French financial credits-financial Protocol of April 14, 1951.". 2. To this account will be transferred the balance of a special account in the name of the National Bank of Yugoslavia arising from an agree- ment of May 21, 1949. 3. Also to this account Trill accrue the proceeds of a tax to be levied on French imports from Yugoslavia: 8% for the year ended April 1k, 1952 10% for the year ended iLpril 14, 1953 12% for the year ended April 14, 1954 4. The funds in this account will be distributed by the French 1iinistry of Finance, a. fr 494,239,184 as follows: fr 11,200,000 to the public treasury fr 10,539,184 to Batignolles Construction Co. fr 297,500,000 to bondholders fr 175,000,000 to holders of claims for nationalized properties b. the proceeds of the tax on iraports 2% to the public treasury 2% to Batignolles Construction Co. 64% to bondholders 32% to holders of claims for nationalized properties 5. The Yugoslav Government agreed to open negotiations by October 1, 1953 for a settlement of debts to French creditors. The French hinistry of Finance determined that of the amount to be allocated to bondholders 70% mould go to the holders oi Serbian and Yugoslavian bonds and the remainder to holders of the Danube-Save-Adriatic bonds and the bonds under the administration of the Caisse Commiune. Throu,h 1956 a total of fr 115,908,322 had been paid on Caisse Commune bonds and fr 197,044,164 on Danube_3ave-i.driatic bonds. Table 1 - YUGOSLAVIA - PRE-VXi;RLD WAR II EXT$RIWAL PUBLIC DEBT (CONT.) Page 7 /5 - (Cont.) Under this agreement the holders of Servian and Yugoslavian bonds received a total of fr 407 per bond as followvs: Date payment Payment per Bond was announced fr 520 bond For coupons 4%, 1895 5/15/51 fr 118 Jan.,1941-Jul.1,1944 and "talon" 5/14/52 fr 58 1952 annual 5/13/53 fr 106 1953 annual 5/15/54 fr 125 1954 annual 6/ 1/56 fr 5C 5%, 1902 5/15/51 fr 118 Nov.15,1940-Feb.15,1942 and "ttalon"t 5/14/52 fr 58 1952 annual 5/13/53 fr 106 1953 annual 5/15/54 fr 125 1954 annual 6/ 1/56 fr 50 41, 196 5/15/51 fr 118 Oct.15,1940-Oct.15,1956 5/14/52 fr 58 Apr.15,1951-Oct.15,1951 5/13/53 fr 106 Apr.15,1952-Oct.15,1952 5/15/54 fr 125 Apr.15,1953-Oct.15,1953 6/ 1/S6 Lr 50 k2%, 1909 5/15/51 fr 118 Dec.1,1940-Dec.1,1951 5/14/52 fr 58 June 1,1951-Dec. 1, 1951 5/13/53 fr 106 June 1,1952-Dec. 1, 1952 5/15/54 fr 125 June 1,1953-Dec. 1, 1953 6/ 1/56 fr 50 5%, 1913 5/15/51 fr 118 Feb. 16, 1941-Mar. 1, 1951 5/14/52 fr 58 Sept. 1, 1951-Mar. 1, 1952 5/13/53 fr 106 Sept. 1, 1952-Mar. 1, 1953 5/15/54 fr 125 Sept. 1, 1953-Mar. 1, 1954 6/ 1/56 fr 50 Mtge Bank 4k%, 1910 5/15/51 fr 118 Jan. 1, 1941-Jan. 1, 1951 5/14/52 fr 58 July 1, 1951-Jan. 1, 1952 5/13/53 fr 106 July 1, 1952-Jan. 1, 1953 5/15/54 fr 125 July 1, 1953-Jan. 1, 1954 6/ 1/56 fr 50 Mtge Bank 4-%, 1911 5/15/51 fr 118 Oct. 14, 1940-Apr. 14,1951 5/14/52 fr 58 Oct. 14, 1951-Apr. 11,1952 5/13/52 fr 106 Oct. 14, 1953-_pr. 14,1953 5/15/54 fr 125 Oct.14, 1953-Apr. 14,1954 7%, 1931 . /5l/ f frr 1 9 Dec.l, 1940-Dee_1,195r, 5/14/52 fr 58 June 1, 1951- and "talon" 5/13/53 fr 106 1953 annual 5/15/54 fr 125 1954 annual 6/ 1/56 fr 50 Table 1 - YUGOSL&VIA - PRE-t'ORLD VLR II EXT-ENAL PUTBTIC DEBT (CONT.) Page 8 /5 - (Ccitt.) Date paynont Payment per Bond was announced fr 1000 bond For coupons Funding Bonds 5/15/51 fr 118 Oct. 14, 1940-Apr.1Li, 1951 5/14/52 fr 58 Oct. 14,1951-Apr. 14,1952 5/13/53 fr 106 Oct. IL,1952-Apr.14, 1953 5/15/54 fr 125 Oct. 14,1953-Apr.l1s,1954 6/ 1/56 fr 50 Date paym,ent Pay-ment per Bond wias amnounced fr 20 bond No. of bonds redeemed Red Cross 1907 5/15/51 fr 42 36,250 (fr 725,000) 5/14/52 fr 40 36,250 (fr 725,000) 5/13/53 fr 40 36,,250 (fr 725,000) 5/15/54 fr 40 36,250 (fr 725,000) The Yugoslav Governrment expressed the hope in 1951, at the signing of the first IBRD loan, that they would reach a settlement of the pre-war debt by April 1954. If such a settlement failed to materialize, they intended to set aside each year a certain amount of foreign exchange for this purpose. On April 15, 1954 after the expiration of the agreement described above, Yugoslavia asked the Bank to postpone the application of this set-aside provision for a period of five years. The Bank urged Yugoslavia to contact the appropriate bondholders' committees and stated that it regarded the set-aside provisions as remaining in effect. No response has been forthcoming from Yugoslavia on this matter and no further action was taken by the Bank. - In 1955 a protocol was issued whereby the levy on exports was reduced from 12pS to 6.5,s and the portion applicable to debt service was reduced from 64% to 44,.'D The French bondholders did not sign this. The same protocol raised the percentage applicable to nationalized properties from. `2p to 55,. Table 1 - YUGOSLAVIA - FRE-V;CRLD IqA-R II EXTEIM4AL PUBLIC DuET (CONT,) Page 9 /6 The dollar equivalent of the French franc obligations is as follows con- verted at the value of the gold franc and at the current rate of the franc. (In thousands) In currency In U. S. dollar equivalents Description of payment at gold rate at fr 1 = $0.00C23 Total 339,139 6 974 4%, 1895-1967 Gfr 226, 897 43,791 /a 540 5%, 1902-1952 Gfr 35,731 6,896 7 85 4-k2%, 1906-1956 Gfr 58,755 11,34o0 a 14 Red Cross 1907 Gfr 14,879 2,872 7a 35 4-2-%, 1909 Gfr 77,829 15,021 7a 185 Mtge.Bank 4o%, 1910 Gfr 21,296 4k,ll 7a 51 Mitge.Bank h-% 1911 Gfr 23,115 4,461 7a 55 5%, 1913 Gfr 19L,489 36,764 454 Montenegro 5%,1913 Gfr 352 68 a 1 Danube-Save - Adriatique, 1923 Gfr 203,300 39,237 /a 484 7%, 1931-1971 Gfr 872,532 57,849 73 2,077 Funding 5%, 1933 Gfr 372,968 24,728 7F 888 Treas, advances 5%, 1923 fr 291,193 56,200 /a 693 3%, 1931 fr 278,690 18,477 T 664 Treasury bills 1939/40 fr 2'1,305 17,325 /b 622 La Gfr 1 = $0.193 /b Gfr 1 = 0.0663 Table .1 YUGOSLAVIA - irRE-l!ORLD WALR II EXTSRftiAL PUBLIC DEBT (CONT.) Page 10 /7 At the outbreak of World b;ar I the service of the debt of Austria-Hungary went into default. In 1923 the successor and cessionary states (Austria, Czechoslovakia, Hungary, Italy, Poland, Roumania and Yugoslavia) signed the Innsbruck Protocol for the repartition of this debt. The protocol was further defined and interpreted by the Paris Annex of 1926. It provided for r&rtial settlement of arrears, payment of future interest at 27-32o of contractual rates and for amortization at reduced rates. The service of the debt was centralized vith the Caisse Commune des Porteurs des Dettes Publiques Autrichienne et Hongroise. An agreement signed in Paris in 1930 provided for payments at 28-30% of the contractual rate to rise on a graduated scale to 100% after several years. Large allotments for amortization were also provided. Further slight modi- fications were made by agreements of 1931 and 1932. Yugoslavia made full payments under these agreements until 1932. From 1932- 19h1 she made partial transfers. No payments vwere made by Yugoslavia to the Caisse Commune from 1941until the payments to French bondholders in 1951. The 1953 report of the Council of the Corporation of Foreign Bondholders (London) reports Yugoslavia's liability on these debts as follovws: In currency of payment Total Austrian 4%0, Gold Rentes Gf 8,897,141 ' Austrian 41%, Treasury Notes 1914 Gf 4,701,189 Hungarian h%, Gold Rentes Gf 84h,484,579 Hungarian 4h%, Gold Rentes 1913 Gf 19,335,708 Hungarian K2% Loan 1914 SvF 70,3U4,846 , Hungarian 4%, Cons. State Rentes 1910 STY 38,959,767 S.T.E.G. 3%, Gold Bonds Gfr 14,408,43) ' Hungarian 3%, Iron Gates Gates Gold £ 785,900 Loan The total dollar equivalent of these bonds is $128.3 million (if zold clause is fully applied) or $0.6 million (if converted of $1 = F 420) The amount of debt of fr 273,951,000 shown in the table was furnished to T1e Bank by the Yugoslav Government. If this were converted to U.S. dollars at fr 1 - 40.193 the equivalent would be i52,872,543. If it were converted at the current rate of fr 1 - $0.00286, the equivalent would be $783,500. Table 1 - YUGOSLAUVi - PR-V;WRLU VWAR II EXTERNAL PUBLIC DEBT (CONT.) Page 11 /8 Yugoslavia's obligation for these bonds was determined by an agreement made in Rome in 1923. The bonds arose from an exchange for old bonds of the Compagnie des Chemins de Fer du Sud de l'Autriche (Chemins de Fer Lombards). Yugoslavia agreed to pay as her share of the deut an annuity of Gfr 5.8oo,ooo (4!1,119,400) p.a. from 1923-1968. The other countries resposible and signa- tory to the agreement wbere Austria, Hungary, and Italy. Yugoslavia made payments regularly until the third quarter of 1932. Partial payments vwere made from 1932 to 1941. raayr.ents were resumed under the agreements with French bondholdeis of 1951-55 (see footnote 5). /9 These bonds were serviced regularly until 1932. Subsequently they were serviced under agreements of 1933, 1936, 1937, 1939 and 1951 (.4ee footnotes 3 and 5) /10 These bonds were issued to partially fund unpaid coupons under the agreements of 1933 and 1934 (see footnote 3). They were serviced regularly through 1939 and partially in 1940 and again under the agreement of 1951 (see footnote 5) /11 No details of the origin or terms of these obligations are readily available. /12 These bonds vfere issued in exchange for 7% Liortgage Bonds of 1924 and 1927. They were regularly serviced through April 1941 but have been in default since that time. /13 These bonds were serviced in the same manner as thc~ French franc bonds (bee footnote 5) except that they were not included in the Agreement of 1951. IBRD - Economic Staff Iay 22, 1958 Table 2A - SU.NARY YUGOSLAVIA - POST-WJORLD WlAR II EXTERIAL PUBLIC DEBT OUTSTAVDING AUGTUST 31, 1957 UJITH 14AJOR REPORTED ADDITIONS TTROUGH DECEIBER 31, 1957 NIational and Governzent uuaranteed Debt (Amounts in thousands of U.S. dollar equivalents) Page 1 Currency Debt outstanding Amount TOTAL POST-WORLD -:AP, II EXiTERNiAL PUBLIC DEBT OUTSTANDING AUC-UST 31, 1957 800,305 100.00 Disbursed and still outstanding 298,674 37.32 Undisbursed 501.631 62.68 U.S. DOLLARS 78,370 9.79 Disbursed and still outstanding 70,860 8.&5 Undisbursed 7,510 0.94 POUNDS STERLING 74,347 9.29 DEUTSCHE iARKS 56 782 7.10 Disbursed and still outstanding 9,955 7.2b Undisbursed 6,827 o.86 FRENCH FRAA'ICS 40 512 5,o6 Disbursed and still outstanding 29,17 3.65 Undisbursed 11,338 1.41 SJ.TSS FRANCS 26,967 3.37 Disbursed and still outstanding 23384 2.92 Undisbursed 3,583 0.45 BELGIAN FRANCS 11 586 1.h5 Disbursed and still outstanding 11 1525.44 Undisbursed 61 0.01 AUSTRIAW S CHILLINCS 5,432 o.68 Disbursed and still outstanding 4,62 0.60 Undisbursed 608 0.08 NETHERLANDS GUILDERS 658 0.08 SWEDISH KROINOR 171 0.02 ITALIAN LIRE 32,710 4.09 Disbursed and still outstanding 6022 0.79 Undisbursed 26,388 3.30 Table 2A - S'M-A.,Y (CONT.) YUGOSLAVIA - POST-TJORLD IJAR II EXTERNAL PIBLIC DEBT OUTSTANDING AUGUST 31, 1957 WITH IAJOR REPORTED ADDITIONS THROUGH DECEMBER 31, 1957 (CONT.) Netional and Government Guaranteed Debt (Amounts in thousands of U.S. dollar equivalents) Page 2 Debt outstanding Currency Aon Amount NOR1EGIAN hRONER 281 0.04 Disbursed and still outstanding 255 0.03 Undisbursed 26 0.01 DANISH KROIER 989 0.12 PAYNENTS AGREEi'IENTS 259g000 32.36 Disbursed and still outstanding 26,210 3.27 Undisbursed 232,790 29.09 GOODS (all undisbursed) 175,000 21.87 YUGOSLAV DINARS (all undisbursed) 37,500 4.66 IAJOR REPORTED ADDITIOINS SEPTEiBER 1 - DECE?2BER 31,1957 (all in Yugoslav Dinars) 73,700 100.00 Thbll 2B YUG03LAVIA - -OST-:WOtRLD AI. II EXTiB,k: i-UBLIC DEBT OUT'JT,d\DIf4j UC,U6T 31, 1957 iITH vmJOR JK -ORTMD AMiMTIONS THTRCUGM DECEi BSa- 31, 1957 (CONT.) iLational and Government Guaranteed Debt (In thousands) Page Debt outstanding ilajor reported additions Ite n gust 31, 1957 3eptember 1 D lecer.ber 31,1957 e In currency In U.,.dollar In currency In U..,. dollar of paynent equivalents of rayment equivalents TOThL PO_T_-0ORLD .AR II EXT1.i L UB. IC DEET /1 800,305 73,700 U.;,. LOLLAR DTEBT 78,370 78,370 Privately-placed debt 16,30 16,309 $5,OOG,000 Cha_e .ianhattan Bank revolving credit 4,", 1952 6,000 /2 6,o0o $14,319,000 Invest-Import from Oscar :ohorn & Co. (Japanese credit) 5'o, 1953-1961 8,592 /3 8,592 p5,702,502 Steinmuller & Siemens 96, 1953-1959 1,717 18 1,717 Loans hield by IBRD 811 811 Portion of $28,000,000 IBRD loan 4-, 1951-1976 4? 30 /4 30 i-ortion of s30,000,000 IBRD loan 4 7/18, 1953-1978 781 781 Loan from U.S.3overrunent i-4'5,250 4-S.250 455,000,000 Export Import Bank loan 3t, 1950-1968 w 45,250 45,250 Loan fro^ii U.S.S.R. Government 16,oo L,00O $1o,000,OO portion of $30,000,000 loan 2, 1l56-1966 16 0,0ooo /6 16,000 STERLINiG DEBT 26,55374 34L Nationalized properties 255 14 4 ,500,000 settlement with United Xinrdom 1948/9-1957 255 714 See fcotnotes at end of table. Table 2B YUGOSLAVAL- POSTJ-ORKD aR II EXTLRiiAL PUBLIC DEr 0PsVTANDING AUGUST 31, 1957 --ITH -iiJCR PEFORTED ADDITIONS THROUGi. DECE-FER 31, 1957 (CONT.) National and uovernment Guaranteed Debt (In thousands) __lage 2 Debt outstanding .ajor reported additions Item -August 31, 1957 Septeiuber 1 _ December 31,1957 In currency In U.3. dollar In currency In U.S. dollar of payment equivalents of payment equivalents STERLING DEBT (Cont.) Privately-placed debt 630 1,764 2,500,000 iiidlond Bank L9 368 1,030 t 1,500,000 'estminster Bank 12 212 594 £ 133,000 Investment credit 4-2fi, 1955-1959 (1.J. liakanj) 50 140 Loans held by IBRD 4,108 11,501 Portion of $28,000,000 IBRD loan 41-p, 1951-1976 1,906 /4 5,336 i-ortion of $30,000,000 IBRD loarn 4 7/8A, 1953-1978 2,202 /5 6,165 U.l.. Governnent loan 1 16,560 46,368 17,000,000 Export Credits Guarantee Dept. 4>-- 5,6, 1956-1967 /10 L 16,560 46,368 Loan from U.S.S.R. Government 5 5 ° 14,000 5,000,000 portion of $30,000,000 loan 2P,1956-66 1 5,000 /6 14,000 DEUT3ChE ijuA DEBT Diva 238,486 56,782 Loans held by IBRD Dili 13,656 3,251 Portion of $28,000,000 IBRD loan 41-P, 1951-1976 D!. 4,223 4 1,005 iortion of $30,000,000 IBRD loan 4 7/8 ,1953-78 DiN; 9,433 /5 2,246 Erivately_placed debt Dii 224,830 53,531 DiVi 159,692,560 Conv. and ext.credit 3jo,1956-68/ll DD 148,581 35,376 DaL 21,438,086 inv.credit 'uakanj 9/i, 1953-1960 Di! 6,837 1,628 .ee footnotes at end of table. Tal-ALe 2B YUGC 3---VTk 0_ O'3T-' RLD . II EXT:R jC PUH. IC DTBT 'OUT:-Tits'ADING AUGUST 31, 1957 '1TU-' iH JOR Rr- OT-,TD A-DITIONS TEROUGH DECF.IJER 31, 1957 (CONT.) National and Government Guaranteed Debt (In thous-ands) Page 3 Debt outstanding hiajor reported additions Item Au¢st 31, 1957 September 1 - December 31,1l57 In currency In U.S.dollar In currency In U.S. dollar of payment equivalents of payment equivalents -L.UTDChE .,Rl DEBT (Cont.) Frivately-placed debt (Cont.) Di. 60,000,000 special credit for clearing account debit 3-34-`Q, 1956-1960 D1.i 60,000 /Z 14,286 Da 13,006,167 inv.credit Loznica 4',,,1954-1961 Di, 9,412 2,241 FIC .Ch DE'C DEBT F 15,7444,684 40.512 I\,tionalized properties F 4,233,667 10,080 4 15,000,000 settleatent wlith France 1951-61 /12 F 4,233,667 10,080 Privately-placed debt F 5,203,127 12,389 F 5,620,000,000 military credit from French banks 6.18,i, 1951-1957 F 578,751 ]1 1,378 F 3,500,000 Ju;-othena from C0Dt-C 5", 5 years (Eardja _uka) F 3,124,376 ]1 7,439 F 1,500,000,000 hevolvin- credit 3op,1957-1961 F 1,500,000 715 3,572 Loans 1-;eld by IBRD F 6,307,890 18,043 Portion of P28,000,000 IBRD loan 4-y,, 1951-1976 F 3,640,746 /4 10,414 Portion of $30,000,000 IBRD loan 4 7/8i,1953-78 F 2,667,144 T 7,629 SlVJIDS FlhiC 14UqBT SWF 115,631 _26,962 Nationalized properties IwF 41,901 9,781 SwF 78,750,000 settleimient withl Switzerland 1945-1958 / SwF 41,901 9,781 _ee footnotes at end of table. Table 2B YUGCO 3SLVIA - PC:T_ OF$3 '-.i II 1.'TTRNl PUBLIC DTBT OUT-T.isDIi1G AUGul3T 31, 1957 U'!ITEI MAJOR REPORTED ADDITIOMNS TIT,OUGH DECELB3ER 31, 1957 (CONT.) National' and Govermnent Guaranteed Debt (In thousands) Cage 4 Debt outstancding 1lajor rerorted additions Item In urwst 31, 1957 September 1 - December 31,1957 In currency In U.S. dollar In currency In U,). dollar of r c avment equivalents of pavyment eQuivalents &.;I$3 FR,41C LDBT ((ont.) kriv&tely-placed debt 3wF 17,043 3,978 SwF 25,000,000 to Natiornal Bank of Yugoslavia from a consortium of Svwiss banks 1953-1958 ]1 owF 8,000 1,867 SwF 26,000,000 loan to Invest-Import from SwJiss banks 1953-1959 (C"ostanj and ,trni.sce) /18 SwF 9,043 2,111 Loans held by IBED SwE 56,687 13,208 Portion of $ 28,000,000 IEBRD loan 4.^,1951-76 .-wF 23,350 /4 5,440 .ortion of $30,000,000 IBRD loan 4 7/8;,1953-786WF 33,337 T 7,768 BELGIiae ER 2X-,iCs BF 579,316 11,586 National ized properties BF 275,348 5.507 BF 369o,000,000 settlement with Belgium 194)LF1963 BF 275,348 5,5 07 PrivatoJly-placed debt DE 147,935 2,959 BE 7 DO,ooo,ooo investment credit 5;-6,2 8 l93(...Y5 ~BF' 121,394 /19428 BF Ll. O,o o II investment credit 6 1,l953-58 SF 26,541 /2 531 Loans 1>.ld by IBRD BF 156,033 3,120 ForMtiorn of $28,000,000 IBRD loan 4,%,1951-76 BF 116,729 /4 2,334 Por4tion of p30,000,000 IDRD loan 47/8;D,1953- _9g9-1. Is F 39,304 /5 786 See foo;fnotes at end of table. TabP_ 2? YUGOSLAVIA _ T `;T- .ORLD -AR II .XTLKIJA,I - UB' IC D_bT JUT T- IDING AUGIUST 31, 1957 ITH !ŽiJCR R&E ORT7D iDLITIO1E' THR&UGH DEC`PEiER 31, 1957 (CODiT.-) National and Governmnent ;uaranteed Debt (In thousands) Page 5 Debt outstanding i,ajor reported additions Item iH.u:ust 31,1957 September 1 - December 31,1957 In currency In U.S. dollar In currency In U._.dollar of rayment equivalents of payment eouivalents j.USTRIAN 3CUll1LIiG DBT 5,432 Loan held by IBWD 3 6,203 238 Portion of $ 30,000,000 1BRD loan 4 7/8;j, 1953-1978 S 6,203 /5 238 Loan from Austrian Government 5,194 510,000,000 investinent credit 4 1951-1960 /21 5,194 /22 IMEThEhLj.YlTL JCI. R7- T.:D riDDI'IRI?3 Thi-,CUUUH DECE,BERL 31, 1957 (C`kTd) hational and Governmlent GuarLrnteed Debt (In thousands) Debt outstanding 1-"jor reiorted additions .~iu,u_st 31, 195 etember ] - December 31,1957 Item 957- urnyI ..dla In currency In U.-. dollar In currency ln U.. dollar of r,-.yment equiv:7l ents of payment e_equivClenlts ITAlIIAN LI - DEBT (Cont.) Loans held by IBRD (Cont.) Portion of ?$28,000,000 IBRD loan 4;,1951-76 Lit 491,317 /4 7836 Portion of $30,00o,000 IBRD loan 4 7/8`, 1953-1978 Lit 1,202,42815. 1,924 Loan. from Italinn Government 30,000 $300000,000 special comniodity credit 5w' and 8ZS,, 1957 LL1 30,000 L2 NOR EGIAN N,ONl DEBT NXr 2,009 281 Loan held by IBRD N;'r 1,035 145 Portion of $30,000,000 IBRD loan 4 7/8%, 1953-1978 N r 1,035 t 145 Loan from Norwegian Government Yr 974 136 Ni-r 2,OC0,o00 food loan 2-P, 1953-1957 N_r 974 /24 136 DLAISH 111yQW-1 DY'BT DKr 6,829 989 Loans held by IBRD Dir 6,82;) 989 Y'ortior of `P2POOO0,000 IRD loan 4VP,1951-76 DMr 2,65 A 385 .ortion of $,o0,000,oo00 IBRD loan 4 7/8H,$, 195$.1,978 Di.r 4,170 15 604 FYABIS LANDFI-:. 1AYi1::TS AGRES:r.-ENFTS 259.000 Loan5 from U.$'...,R. $110000,00on investment credit 2',19564968 110,000 L2 $154,000,000 raw minatcria1s crcdit 2.,1956_1968 54,000 /26 Tnble 4-. YU3i-'LJAVIA - POSST-_Y'iOLD ^KA II EXTEINAL rlUBlIC DEBT OUT5TAiZDING AUGUST 31, 1957 -iITH -P.JOR RE-ORTED ADDITIONS ThiRCUSH DECEi3B-R 31, 1957 (CCOT.) National and Government Guaranteed Debt (In thousands) Pa_e 7 Debt outstanding hajor reported additions Iteimi August 31, 1957 3eptember 1 - December 31,1957 In currency In U.S. dollar In currency In U.S. dollar of payment equivalents of payment equivalents iY AhBI- Ui.DER AAY..LT$ AiREEi'LNTS (Cont.) Loans from Czechoslovakia $50,000,000 investment credit 2,o, 1956-1970 50,000 /27 $25,000,000 commodity credit 2p-, 1956-1968 25,000 28 Loan from T-oland $20,000,000 investment credit 2%, 1956-1964 20,000 /28 -hAYkBTIE IT' 30ODS 175,000 Loan from U.S.S.R. and East Germany $175,000,000 aluminum credit 2%, 1956-1984 175,000 /28 YUGO;LAV DINAR DEBT _37 I,0 73,700 U.S. Governmaent loans 37'500 7 $15,000,000 ICA loan 3 or 4,0, 1956 15,000 $ 9,000,000 ICA loan 3 or 4), 1956 9,000 $13,500,000 ICA loan 3 or 4-, 1957 13,500 $73,700,000 ICA loan 3 or 4P, 1957 /29 73,700 Exchange rates: Par values: - 1 = 2.80; Dii 1 = .0.238095; BEF 1 = 90.02; f.1 = $.0263158; Nlr 1 = $0.14; S 1 = $0.03846; Th r 1 $0.193304; Lit 1 = Op.0016; D1,.r 1 = *l;0.144778. Otlier rates: F 1 $0.002381; SwF 1 = $0.23343 ]l Does not include the following: a. $7,750,000 purchase from IEF b. Short-term debt outstanding as of June 30, 1957: (1) Fixed obli ations of enterprises guaranteed by the Niational Bank of $10,922,044 payable in various currencies Table 2B YUGOSLAVIA - POST-1.ORLD AR II EXTERNAL rUBLIC EBT OUT3TANDITG AUGUDT 31, 1957 ':ITH iAJOR REPORTED ADDITIONS Tf;hGUEUGH DECEi*'BER 31, 1957 (COClT.) F-a :re 8 A (Continlued) b. (Continued) (2) Fixed oblijations of enterprises not guaranteed by the National Bank of $2,129,828 payable in various currencies. /2 Of this amount $ 4,50O,500 was undisbursed. /3 Of this amount $ 1,675,500 was undisbursed. L The status of this loan as of August 31, 1957 was as followqs: In currency In U.S. dollar of paymnent equivalents Total 28,000,000.00 Disbursed, and still outstanding (all held by IBRD) 25,988,441.63 Belgian francs 116,729,094.24 2,334,581.91 Danish kroner 2,659,041.85 384,970.02 Deutsche inarks 4,223,229.10 1,005,530.70 French francs 3,640,746,350.00 10,414,034.11 Italian lire 491,316,795.25 786,106.89 i£etherlands g,uilders 1,094,696.19 288,077.94 Pounds sterling 1,905,565-10-10 5,335,583.41 Swiss francs 23,350,237.60 5,439,556.65 Undisbursed 29,558.37 Repaid 1,982,000.00 Table Žp YUGOSLAVIA - FOST-Q : ORLD 1-*AR II ,ITXTThRAL Z-UBLIC DEBT uiUTSTiu1DING AUU :T 31, 1957 `ITH v.AJOR RE?'ORrTLD ADDITIONS ThIoC'UU!H LbCEIB`ii 31, 1957 (COjNT.) Page 9 X~ The status of this loan as of aujust 31, 1957 was as followJs: In currency In U.S. dollar of payrnent eQuivalents Total 30, 000,000.00 Disbursed and still outstanding (all held by IBiD) 28,027,326.56 ku.strian schillings S 6,202,731.52 238,566.59 celgian francs BF 39,304,099.96 786,081.98 Danish kroner DMr 4,169,786.24 603,692.16 Deutsche marks Di"i 9,433,075.94 2,245,970.42 2rench francs F 2,667,143,513.00 7,629,128.95 Italian lire Lit 1,202,428.211.00 1,923,885.12 Netlerlands guilders f. 1,405,258.88 369,804.96 NiorwJep:ian kroner NLr 1,035,235.00 -144,932.84 Pounds sterling 2,201,681-12-15 6,164,708.94 Swedish kronor ,,;r 788,631.40 152,445.26 Swiss francs JwF 33,336,595.72 7,768,109.34 Undisbursed 780,673.44 i epaid 1,192,000.00 6 The status of this loan as of Au;-lust 31, 1957 was as follows: In currency In U.S. dollar of payment equivalents (In thousands) Total (all disbursed) 30 000 U.,,, dollars $ 16,000 16,000 iounds sterling i 5,000 14,000 /7 Of this amount DIvi 18,952,000 (+4,512,000) was undisbursed. /8 Of this amount $515,100 was undisbursed. L9 This was originally a documeintary sight credit facility established in 1949 and the original notes matured from 1951 to 1952. Payment was later deferred to 1953 and in December 1954 a further agreement was made to extend the mnaturities to 1954-1957. The interest rate is 34 k above the Bank of EnIland rate. Table 2B YUGOSL-VIA - POST- ORLD WiAR II EXTTH4,,i.L FUDLIC DEBT OUTf-Th,`DIIlG AUGUMT 31, 1957 Y`ITF ~*iAJOR REPORTE,D AhDDITIONS TH-OUGH DFCT .BER 31, 1957 (CONT.) Fa;-e 10 .Lo This is a consolidation of 4 loans as followzs: Ori.-inal amount £ 8,000,000 5,., 1949-1956 4,000,000 4Z), 1951-1958 3,000,000 4-A,, 1950-1958 2,000,000 4¾, 1951-1958 Al This represents a settlement of the following credits: Ori inal amount Divi 185,000,000 investment credit from German exporters 52z-7i,', 1950-1960 17,037,000 12-months credit 5-2P, 1954 60,900,000 investment credit from German exporters 9,`, 1953-1957 Of the amount outstanding in the table D;- 9,724,000 ($2,315,000) was undisbursed. ]12 In 1951 the French and Yugoslav governm;ents signed a financial agreement whereby a tax to be levied on trench imports from Yugoslavia would be employed to compensate holders of Yugoslav Frewar French franc bonds and holders of claims for nationalized properties. The following percentage of imports would be levied: 8,' for the year ended April 14, 1952 104 for the year ended tpri1 14, 1933 12A for the year ended ipril 14, 1954 32,b of these funds were paid to holders of claims for nationalized properties. On July 27, 1955 the two governments concluded another agreement. This provided for a levy of 6t-,. on French imr,orts from Yugoslavia in the neriod from April 15, 1954 to April 14, 1957. These funds would be deposited in a speci.l accoun-I. in the Bank of Fr;.nce in the name of the National Bank of Yugoslavia and would be utilized: 55; for the holders of claims for nationalized properties 4S5', for the -re. orld ;ar II rublic bonded debt. Table 2B YU_C:LAVIA . POST- ORLD AS. II EXTZEFNL _UBLIC DEBT OUTSTh.DING 'UGUTT 31, 1957 ITH iAJCR R.1 TORPD IADDITIONo THROUGH DECESBER 31, 1957 (CONT.) Fage 1L /12 (Continued) Starting from October 14, 1955 the iAational Bank of Yugoslavia would pay semai-annually 78p of the funds in the account as follows: 55/,D in favor of the holders of claims for nationalized properties 1-;4 to pay the debt to the French Treasury 22)o to pay interest on coupons maturin:- up to April 14, 1957 on the pre_- orld 'ar II bonded debt. The remaining 22-A would be paid into a srecial blocked account to be used for amortization subject to subsequent ag,reement. The twqo governments agreed to open negotiations starting in October 1956 for the settlement of the debts covered by this agreement. /13 Of t'is amount F 522,959,70C ($1,245,000) was undisbursed. /i4 Of this amount F 1,979,024,200 ($4,712,057) was undiSlbursed. /15 Of this amount F 1,466,514,400 ($3,491,771) was undisbursed. /16 The agreement provides for a payment of a minimum of SwF 3,500,000 sea>i-annually to be naid out of 12pb of the value Of Yu-oslav exports to ^witzerland. L17 Secured b-, a deposit of 2,298,850.57 kilos of fine gold (Sw¢F 10,000,000). The contract provides that the interest rate shall be 21Z,1 above the official discount rate of the Banque Nationale Suisse. On August 31, 1957 3wF 8,000,000 ($ 1,867,440) was undisbursed. /13 The contract provides that the interest rate shall be 3,' above the official discount rate of the Banque Nationale Suisse. As of April 30, 1957 SwF' 7,351,900 ($ 1,716,154) was undisbursed. L19 Of this amount OF 11,600 ($ 232) was undisbursed. /20 Of this amount BP 3,032,200 (,60,644) iwas undisbursed. /21 This loa.n is expressed in U.S. dollars but payable in the currency indicated. /22 Of this aniount ' 607,600 was undisbursed. Table 23 Y1XE - :-^^VlA _ r !_WGORLD ',,!R II EPTLh.;L-L PUBLIC LIBT CUT_T.:*;DINJ AUuU-IT 31, 1957 ' IT,-- AJOi- REORTED ADDITIONS Ti:ROUGi. DECE 'BR 31, 1957 (CCNT.) Tage 12 b3 The terms of repayment have not been reported to the Bank by 'Yu-oslavia. The Italian lira equivalent is also not reported. Of this amount $26,388,300 was undisbursed. /24 Of this amount NEr 189,000 (4+26,000) was undisbursed. LJ.? Of this amsount -,-107,300,700 was undisbursed. /26 Of this amount $33,217,400 was undisbursed. m27 Of this amount $47,272,300 was undisbursed. /28 Completely undisbursed. 12 Each; of these loans is repayable in 73 semi-annual installments starting 4 years from the date of the first disbursement. None of these loans have been disbursed as -et. Yu::oslavia may pay interest and prinicipal in U.S. dollars or in dinars. If payme-nts are lmade in dollars, interest Till be at 3>,) p.a.; if in dinars, at 4% p.a, IBRD - Economic '-taff February 24, 1958 Table 31a -t1l4APf- YUGOSLAVIA - INTERE$T A&D AiiORTIZATION PAYiIhNTS ON POST-WORLD-'vAR II EXThRNAL PUBLIC DEBT; ;'STI'iATED ACTUAL PAYhENTS 1946-1957 AND ESTIIATEL CONTRACTUAL PAYMENTS 1958-1972 ON DEDT OUTSTANDING AUGUST 31, 1957 ".4ITH MAJOR REPORTED ADDITIONS TO ;iECEIVBER 31, 1957 j1 (In thousands of U. S. dollar equivalents) Page I lotal - Service payments by currency of payment Debt out- Payents during year Year standing Amorti- In- U. S. Canadian Swiss Other EPU Under payments January 1 zation terest Total dollars dollars francs currencies agreements Dinars Goods 1946 1947 1948 8,333 - - - - _ _ _ - _ _ 1949 30,930 1,750 - 1,750 - - 350 1,400 _ _ 1950 78,957 1,550 83 1,633 83 - 350 1,200 - - - 1951 194,763 11,362 1,170 12,532 1,682 - 539 7,939 2,372 - _ 1952 271,976 34,797 2,754 37,551 4,121 - 799 31,787 844 _ _ 1953 286,663 47,046 5,277 52,323 24,948 8,921 2,490 .13,168 2,796 - - 1954 365,828 45,728 6,791 52,519 19,823 - 5,203 25,289 2,204 _ _ 1955 336,307 43,148 6,178 49,326 14,379 1,005 9,829 24,113 - - _ 1956 320,815 41,973 6,538 48,511 6,879 6,256 12,930 22,446 - - - 1957 576,486 30,769 7,301 38,070 7,328 - 4,376 26,366 - - - PROJECTED 1958 800,305/2 36,493 8,325 44,818 13,506 - 5,365 25,947 - - - 1959 824,931 46,024 10,533 56,557 8,868 - 4,408 26,879 16,402 - - 1960 778,907 48,655 10,543 59,198 8,040 - 2,973 30,255 17,930 - - 1961 730,252 53,332 15,470 68,802 8,508 - 2,973 28,822 24,054 4,445 - 1962 676,920 56,564 19,535 76,099 5,857 - 1,845 23,251 27,740 4,727 12,679 1963 620,356 56,158 18,790 74,948 5,699 - 1,035 23,496 27,393 4,821 12,504 1964 564,198 56,642 18,691 75,333 6,038 - 1,035 21,585 29,432 4,914 12,329 1965 507,556 51,516 17,126 68,642 5,862 - 1,035 16,_?1 28,012 5,008 12,154 1966 456,040 78,442 15,934 94,376 21,688 - 1,035 28,259 26,316 5,099 11,979 1967 377,598 44,734 13,510 58,244 5,688 - 1,035 11,079 23,449 5i189 11,804 1968 332,864 35,653 11,520 47,173 1,272 - 1,035 7,098 20,862 5,277 11,629 1969 297,211 26,449 9,585 36,034 - - 1,035 3,221 14,959 5,365 11,454 1970 270,762 26,716 8,605 35,321 - - 1,035 3,221 14,333 5,453 11,279 1971 244,046 21,994 7,838 29,832 - - 1,0)5 3,222 8,933 5,538 11,104 1972 222,052 23,650 7,409 31,059 - _ 1,035 3,221 10,252 5,622 10,929 L Includ s .11 dbt-t listed on Table 2A. /2 The amount outstanding shown for 1958 is as of August 31, 1957. mTb i3E, _YUGOSLAVIA - INThhST ANG AiiOaTIZATION PAYIiNTz ON P'OST-WORLD-iwAR II EXTERNAL PUBLIC DEBT; ESTIYiATED ACTUAL PAY16i NT& 1946-1957 AND LbILJMAT1D COIIRACTUAL PA)hENTS 1958-1972 ON DEPT OUTJTANDING AUGUST 31, 1957 .ITH ViAJOR ftPORTED ADDITIONS TO DECEKBER 31, 1957 LJ (In thousands of U. ci. dollar equivalents) Page l U. S. dollars /3 Total Suppliers' and bank credits U. S D. government loans Year Debt out- Payments during year Debt out- Payments during year Debt out-Payments during _year standing Amorti- In- Total standing Asiorti- In- standing Amortiv In- Total January 1 zation terest January 1 zation terest Total January zation terest 1946 1947 1948 1949 1950 8,000 - 83 83 - - - - 8,000 - 83 83 1951 44,500 1,000 682 1,682 1,500 1,000 43 1,043 43,000 - 639 639 1952 46,500 3,207 914 4,121 3,500 3,207 108 3,315 43,000 - 806 806 1953 70,256 22,705 2,243 24,948 15,256 22,705 344 23,049 55,000 - 1,899 1,899 1954 90,719 17,425 2,398 19,823 35,719 16,175 475 16,650 55,000 1,250 1,923 3,173 1955 84,752 12,509 1,870 14,379 31,002 10,009 - 10,009 53,?50 2,500 1,870 4,370 1956 70,453 5,116 1,763 6,879 19,203 2,116 - 2,116 51,250 3,000 1,763 4,?63 1957 81,335 4,775 2,553 7,328 17,085 1,775 571 2,346 48,250 3,000 1,662 4,662 PROJECTED 1958 77,559 12 11,119 2,387 13,506 16,309 /2 8,119 509 8,628 45,250 12 3,000 1,558 4,558 1959 66,440 6,678 2,190 8,868 8,190 3,r178 422 3,600 42,250 3,500 1,448 4,948 1960 59,762 6,148 1,892 8,040 5,012 2,148 251 2,399 38,?50 4,000 1,321 5,321 1961 53,614 6,864 1,644 8,508 2,864 2,864 143 3,007 34,750 4,000 1,181 5,181 1962 46,750 4,500 1,357 5,857 - - - - 30,750 4,500 1,037 5,537 1963 42,250 4,500 1,199 5,699 - - - - 26,250 4,500 879 5,379 1964 37,750 5,000 1,038 6,o08 - - - - 21,750 5,000 718 5,718 1965 32,750 5,000 862 5,862 - - - - 16,750 5,000 542 5,542 1966 27,750 21,000 688 21,688 - - - - 11,750 5,000 368 5,368 1967 6,750 5,500 188 5,688 - - - - 6,750 5,500 188 5,688 1968 1,250 1,250 22 1,272 - - - - 1,250 1,250 22 1,272 1969 1970 1971 1972 See footnotes at the end of table. Thb 1 3F;- YUGOSLAVIA - INTEREST AiD Ai'i0?"TIZATION PAYI~LNT5 01' POST- . ORLD WAR II EXTERNAL PUBLIC DEBT; ESTI1ATLD ACTUAL PAYiENTS 1946-1957 AN4D hSTLiaTAT_L CONTR1CTUi1L PAYMENTS 1958-1972 ON DEBT OUTSTANDING AUGUST 31, 1957 kITH iIAJOR RLPORTED ADDITIONS TO DECIIBER 31, 1957 / (CONT.) (In thousands of U. 3. dollar equivalents) Page U. S. dollars Canadian dollars Swiss francs Loan from U. S. S. R. Total Total Year Debt out- j-rments during year Debt out- Paypients during year Debt out- Payments during year standing Amorti- In- standing Amorti- In- Total standing fmorti- In- January 1. zation ter-est Ttljanuary 1 zation terest January i zation terest Toa 1946 1947 1948 1949 17,380 350 - 350 1950 17,020 350 - 350 1951 16,680 539 - 539 1952 16,121 723 76 799 1953 8,893 8,893 28 8,921 17,573 2,185 305 2,490 1954 _ - - - 37,106 4,392 811 5,203 1955 7,273 1,005 _ 1,005 23,578 9,210 619 9,829 1956 6,244 6,256 - 6,256 45,186 12,299 631 12,930 1957 16,000 - 320 320 - _ - - 30,299 3,626 750 4,376 PhOJ ECTEDJ 1958 16,000 /2 - 320 320 - - _ _ 26,967 /2 4,663 702 5,365 1959 16,000 - 320 320 20,884 3,808 600 4,408 1960 16,000 - 320 320 17,076 2,393 580 2,973 1961 16,000 - 320 320 14,683 2,415 558 2,973 1962 16,000 - 320 320 12,268 1,310 535 1,845 1963 16,000 - 320 320 10,958 523 512 1,035 1964 16,000 - 320 320 10,435 548 487 1,035 1965 16,000 - 320 320 9,387 575 460 1,035 1966 16,000 16,000 320 16,320 9,312 602 433 1,035 1967 8,710 631 404 1,035 1968 8,079 661 374 1,035 1969 7,418 691 344 1,035 1970 6,727 725 310 1,035 1971 6,002 761 274 1,035 1972 5,241 796 2_9 -_.o See footnotesiV tein.o able. Thblr. 3E- YUGOSLAVIA - INTEREST A,\D ALORTIZAMION PAYiV iT5 CjN TOSTVv.0fiD 'vAR II EXThRNAL PUBLIC DEBT; ESTIMrATED ACTUAL PAY1ENTS 1946-1957 AND LSTfLiATIL CONTRACTUAL PAYMIETS 1958-1972 ON DEBT OUTSTANDING AUGUST 31, 1957 WITH MAJOR REPORTED ALDITIONS TO DECElER 31, 1957 Ll (CONT.) (In thousands of U. S. dollar equivalents) Page 3 Swiss francs Nationalized properties Suppliers' and bank credits Loans held by IBRD Year Debt out- Payments during year Debt out- Payments during year Debt out- Payments during year standing Amorti- In- To1lstanding niorti- In- standing Amorti- In- January 1 zation terest January 1 zation terest Total January I zation terest Total 1946 1947 1948 1949 17,380 350 - 350 1950 17,020 350 - 350 1951 16,680 539 - 539 1952 16,121 723 - 723 - - - - 76 76 1953 15,410 915 - 915 - 1,270 59 1,329 2.163 - 246 246 1954 14,469 638 - 638 11,699 3,754 210 3,964 10,938 - 601 601 1955 13,839 7,031 - 7,031 9,794 2,097 - 2,097 12,395 82 619 701 1956 12,605 1,448 - 1,448 19,420 10,573 - 10,573 13,161 278 631 909 1957 11,157 1,938 - 1,938 5,876 1,493 117 1,610 13,266 195 633 828 PROJECTED 1958 9,781 L 1,938 - 1,938 3,978 2 2,310 82 2,392 13,208 /2 415 620 1,035 1959 6,624 1,938 - 1,938 1,435 1,435 - 1,435 12,825 435 6oo 1,035 1960 4,686 1,938 - 1,938 - 12,390 455 580 1,035 1961 2.748 1,938 - 1,938 - 11,935 477 558 1,035 1962 810 810 - 810 _ 11,458 500 535 1,035 1963 10,958 523 512 1,035 1964 10,435 548 487 1,035 1965 9,887 5?5 460 1,035 1966 9,312 602 433 1,035 1967 8,710 631 404 1,035 1968 8,079 661 374 1,035 1969 7,418 691 344 1,035 1970 6,727 725 310 1,035 1971 6,002 761 274 1,035 1972 _ 5,241 796 239 1.035 See footnotes at the end of table. TaIle 3B - YUGOSLAVIA - INiTLREST AND AiORTIZATION PAYiYiENTS ON POST-WORLD V4AR II EXTERNAL PUBLIC DEBT; ESTIPATED ACTUAL PAYIENTS 1946-1957 AND E6TIiiATY.D CON'Y'YACTUAL PAY1lvi-TS 1958-1972 CN DEBT OUTSTANDING AUGUST 31, 1957 ~,ITH iiAJOR RPFOhRTLD ALDITIONS TO DECEkBER 31, 1957 /1 (CONT.) (In thousands of U. S. dollar equivalents) Page 4 Other EPU currencies Total Nationalized properties Suppliers and bank credits Year Debt out- Payments during _year Debt out- Payments during year Debt out- Payments during year standing Amorti- In- iotal standing Amorti- In- standing Amorti- In- l January 1 zation terest January 1 zation terest ° t _January 1 zation terest ot 1946 1947 1948 8,333 - - 8,333 - - - 1949 13,550 1,400 - 1,400 13,550 1,400 - 1,400 1950 53,937 1,200 - 1,200 21,457 1,200 - 1,200 32,480 - - - 1951 125,543 7,451 488 7,939 20,035 2,157 - 2,157 102,876 3,978 479 4,457 1952 208,511 30,023 1,764 31,787 32,908 2,962 - 2,962 134,428 25,745 1,359 27,104 1953 189,941 10,467 2,701 13,168 29,946 2,469 - 2,469 122,299 7,979 1,902 9,881 1954 235,799 21,707 3,582 25,289 27,477 2,583 - 2,583 149,140 16,715 1,398 18,113 1955 220,704 20,424 3,689 24,113 25,071 2,733 - 2,733 14W0,290 14,966 1,750 16,716 1956 198,932 18,302 4,144 22,446 22,388 2,655 - 2,655 124,830 14,148 2,100 16,248 1957 205,852 22,368 3,998 26,366 19,669 2,770 - 2,770 124,124 16,848 1,547 18,395 PROJECTED 1958 224,279 /2 20,711 5,236 25,947 16,320 L 2,770 - 2,770 117,011 2 14,015 2,521 16,536 1959 192,407 21,768 5,111 26,879 12,602 2,234 - 2,234 94,281 14,800 2,540 17,340 1960 170,639 24,718 5,537 30,255 10,368 2,234 - 2,234 79,481 14,752 2,440 17,192 1961 145,921 23,532 5,290 28,822 8,134 2,234 - 2,234 64,729 14,798 2,288 17,086 1962 122,389 17,876 5,375 23,251 5,900 2,234 - 2,234 49,931 9,071 2,444 11,515 1963 104,513 18,020 5,476 23,496 3,666 2,236 - 2,236 40,860 9,140 2,620 11,760 1964 86,493 16,072 5,513 21,585 1,430 1,430 - 1,430 31,720 7,918 2,736 10,654 1965 70,421 11,639 4,932 16,571 23,802 7,835 2,902 10,737 1966 58,782 23,584 4,675 28,259 15,967 7,695 3,063 10,758 1967 35,198 7,587 3,492 11,079 8,272 5,608 2,250 7,858 1968 27,611 4,736 2,362 7,098 2,664 2,664 1,213 3,877 1969 22,875 2,172 1,049 3,221 1970 20,703 2,274 947 3,221 1971 18,429 2,381 841 3,222 1972 16,048 2,494 727 3,221 See footnotes at the end of table. vTan '25.. YUGOSLAVIA - IhTKRaLT A1D ATaORTIZATION PAM,1LNT3 ON POST-O.RLD lU_R II EXTERNAL PUBLIC DEBT; ESTI1iATED ACTUAL PAYiENTS 1946-1957 AMD L,TI-ATED CjCTfACTUAL PAyjEjLETS 1958-1972 ON DEBT OUTSTANDING AUGUST 31, 1957 WITH £iAJOR tEPORTED ALDITIONS TO LECEZThR 31, 1957 /L (CONT.) (In thousands of U. S. dollar equivalents) Page 5 Other EPU currencies Loans held by IBRD Loans fr western European gov'ts. Loans from U.S.S.R. Year Debt out- Fapaents during year Debt out- rayments during year Debt out- Paynents during year standing ^morti- In- standing Amorti- In- standing Amorti- In- Total January 1 zation terest Total January 1 zation terest Total January 1 zation terest 1946 1947 1948 1949 1950 1951 2,632 1,316 9 1,325 1952 28,000 - 230 230 13,175 1,316 175 1,491 1953 25,837 - 780 780 11,859 19 19 38 1954 47,062 - 1,500 1,500 12,120 2,409 684 3,093 1955 45,605 684 1,939 2,623 9,738 2,041 - 2,041 1956 44,072 910 2,044 2,954 7,692 589 - 589 1957 42,328 1,447 1,917 3,364 5,731 1,303 254 1,557 14,000 - 280 280 PROJECTED 1958 41,618 /2 1,303 1,918 3,221 35,330 L2 2,623 517 3,140 14,000 L - 280 280 1959 39,857 1,367 1,855 3,222 31,667 3,367 436 3,803 14,000 - 280 280 1960 38,490 1,432 1,789 3,221 23,300 6,300 1,028 7,328 14,000 - 280 280 1961 37,058 1,500 1,722 3,222 22,000 5,000 1,000 6,000 14,000 - 280 280 1962 35,558 1,571 1,651 3,222 17,000 5,000 1,000 6,000 14,000 - 280 280 1963 33,987 1,644 1,576 3,220 12,000 5,000 1,000 6,ooo 14,000 - 280 280 965 32,343 1,724 1,497 3,221 7,000 5,000 1,000 6,000 14,000 - 280 280 1965 30,619 1,804 1,417 3,221 2,000 2,000 333 2,333 14,000 - 280 280 1966 28,815 1,889 1,332 3,221 14,000 1 280 280 1967 26,926 1,979 1,242 3,221 14,000 14,000 280 14,280 1968 24,947 2,072 1,149 3,221 1969 22,875 2,172 1,049 3,221 1970 20,703 2,274 947 3,221 1971 18,429 2,381 841 3,222 1972 16,048 2,494 727 3,221 _____ oee footnotes at the end of table. TablP 3E- YUGOSLAVIA - INTL.RLST AND A'iORTIZATION PAYMENTS 014 FPOT-VWORLD lVAR II EXTERNAL PUBLIC DEBT; ESTINATED ACTUAL PAYMENTS 1946-1957 AID ESTIAKTED CONTRACTUAL PAYMENTS 1958-1972 ON DEBT OUTSTe.NDING AUGUST 31, 1957 WITH iNAJOR REFORTED ADDITIONS TO DECEJBER 31, 1957 L (COtIT.) (In thousands of U. S. dollar equivalents) Page 6 Payable under paynients agreements binars Goods Total Total Total Year Debt out- Paynents during year Debt out- Payments during year Debt out- Payments during year standing Amorti- In- standing Amorti- In- standing Amorti- In- January 1 zation terest Total January 1 zation terest Total January 1 zation terest Total 1946 1947 1948 1949 1950 1951 8,040 2,372 - 2,372 1952 844 844 - 844 1953 - 2,796 - 2,796 1954 2,204 2,204 - 2,204 1955 - - - _ 1956 - _ _ 1957 259,000 - - - - - FrAOJECTkD 1958 259,000 /2 - - - 37,500 1 - - - 175,000 /2 - - - 1959 259,000 13,770 2,632 16,402 111,200 - - - 175,000 - - - 1960 245,230 15,396 2,534 17,930 111,200 - - - 175,000 - - - 1961 229,834 20,521 3,533 24,054 111,200 - 4,44+5 4,445 175,000 _ _ _ 1962 209,313 23,846 3,894 27,740 111,200 282 4,445 4,727 175,000 8,750 3,929 12,679 1963 185,467 23,977 3,416 27,393 110,918 388 4,433 4,821 166,250 8,750 3,754 12,504 1964 161,490 25,774 3,658 29,432 110,530 498 4,416 4,914 157,500 8,750 3,579 12,329 1965 135,716 24,940 3,072 28,012 110,032 612 4,396 5,008 148,750 8,750 3,404 12,154 1966 110,776 23,776 2,540 26,316 109,420 730 4,369 5,099 140,000 8,750 3,229 11,979 1967 87,600 21,417 2,032 23,449 108,690 849 4,340 5,189 131,250 8,750 3,054 11,804 1968 65,583 19,283 1,579 20,862 107,841 973 4,304 5,277 122,500 8,750 2,879 11,629 1969 46,300 13,733 1,226 14,959 106,868 1,103 4,262 5,365 113,750 8,750 2,704 11,454 1970 32,567 13,733 6co 14,333 105,765 1,234 4,219 5,453 105,000 8,750 2,529 11,279 1971 18,834 8,733 200 8,933 104,531 1,369 4,169 5,538 96,250 8,750 2,354 11,104 1972 10,101 10,101 151 10,252 103,162 1,509 4,113 5,622 87,500 8,750 2,179 10,929 See footnotes at the end of table. Thhlc' 3LB-YUGOSLAVIA - INTEhEST AND AtiORTI'ZATION FAYkitNTS ON POST-WOuLD XvAR II EXTERNAL PUBLIC DEBT; ESTIhATE ACTUAL PAYvIENTS 1946-1957 AND E;oTILAThED CONTACTUAL PAtIIENTS 1958-1972 ON DEBT OUT±TAiLING AUGUST 31, 1957 vITH ihiAJOR RLEORTtL ADUITIuU$S TO DhCiir±BE±t 31, 1957 /1 (OiNT.) Page 7 Note: Yugoslavia made its first external debt re port to the IBiD as of June 30, 1951. Data prior to that date are estimated by IBRD. Subsequent data are estimated on the basis of reports from Yugoslavia. /1 Includes all debt listed on Table 2B prepared February 24, 1958. 12 The arnount outstanding shown for 1958 is as of August 31, 1957. Payments shown are for the full calendar year. /3 The undisbursed amounts of IBRD loans which are shown on Tables 2A and 2B, under U. S. dollars have been transferred to EPU currencies on this table. IBRD - zconoznic Staff February 24, 1958 Table 4: YUGOSLAVIA - SERVICE iFiYMLTS ON F0OT-K-JAx II LKXTLERhL ;UI3 IC DEBT BY AR2. M0D CU LKENCY J1 Total rayable in '