text: o6l\0rrt I c\lrt (\t @ ul ir) .l .{ dl(it|nt\|!\|-a F F..1Frrlaart .o€@..1\oaNo-t.{ o o4 -1 oo{ viu c o o oA/40/5l9 English Page54 Table21.Debtservice projections onpUblicandpublicly guaranteed external debtofnon-oil exporting developing countries!I (Billions ofUnitedStatesdollars) 1984 1985 1986 1987 1988 1989 1990 Totaldebtservices 54.2 58.8 62.8 60.7 56.0 47.4 38.2 Principal repayments 30.5 35.4 41.4 42.0 40.3 34.9 28.4 Interest payments 23.7 23.4 21.4 18.7 15.7 12.5 9.8 Official creditors 18.8 21.5 23.3 23.2 22.8 21.8 20.6 Principal repayments 10.9 12.8 14.5 14.6 14.6 14.3 13.8 Interest payments 7.9 8.7 8.8 8.6 8.2 7.5 6.8 Private creditors 35.4 37.3 39.5 37.5 33.2 25.6 17.6 Principal repayments 19.6 22.6 26.9 27.4 25.7 20.6 14.6 Interest payments 15.8 14.7 12.6 10.1 7.5 5.0 3.0 Source. Calculations oftheDepartment ofInternational Economic andSocial Affairs oftheUnitedNations Secretariat, basedonWorldBankandothernational andinternational sources. !IExcludes amortization andinterest payments dueonshort-term debtsand onlong-term debtsnotguaranteed bypublicauthorities orentities asofend 1983.Further, theydonotinclude debtsowedbynon-reporting countries. 113.Amongthesources ofexternal debt,thecommercial bankdebt(especially that oflargedebtors inLatinAmerica) hasshownthemostdrastic changes inrecent years. Asaresultofadecrease indemandforcommercial creditthrough the adopted austerity adjustment measures combined withtheincreased reluctance of bankstomakeadditional loans,theshort-term commercial bankdebthasbeen greatly reduced inrecentyearsandthustheshareoftheshort-term commercial debtintheirtotaldebtdeclined significantly. Ontheotherhand,thecommercial medium- andlong-term debt(andtheirshareintotaldebt)increased asshort-term debtswereconsolidated intolong-term debtsinthedebtrescheduling process. A significant portion oftheincrease inthelatter, however, wasinvoluntary bank lending madeaspartoftherescheduling arrangements undertheauspices ofIMF. By1984,through aseriesofsuccessful rescheduling arrangements, bothmaturity structures andgeneral lending termshaveimproved significantly. maturities lengthened andspreads andfinancial feeswerereduced. Asaresult, boththe interest payments andtherateofincrease inamortization payments oncommercial bankdebtsdeclined significantly. 114.Despite theprogress madeduringthepasttwoyears,theprospects forthe growthofcommercial bankdebtareratherdim.Inparticular, thegrowthofthe I...A/ 40 /5r9 English Page 55 spontaneous portion of this debt is tess llkely to accelelate significantly owing to the concern of banks over their high exposure (although trErkedli reduced recentLy) ln combination with the lntensified monitoring by bank supervisory authorities. As the grace periods (4 to 5 yearst of the reschealuled alebts from the
analysis: The text appears to be discussing the external debt of non-oil exporting developing countries, specifically the debt service projections, principal repayments, and interest payments. It also touches on the rescheduling of commercial bank debt and the impact of austerity measures on the growth of commercial bank debt. Given the focus on financial and economic aspects, it is likely that the text is related to economic development and international trade.