text: Except for some developing countries in Asia, access to internatlonal and.forelgn bond markets by non-oil exporting developing countrles eill continue to be negllglble. U?. Offtcial debt (ODA, official trade crealtt and IMF lending) did not escape the overall financial constraints faced by donor countrles (their fiscal deficits and ba lance-of-payments deflcits, in particular) t ae a result, total official alebt grer at a mdest annual rate ot L2.4 per cent during the perlod I98l-198{ as agalnst 18.2 per cent in the l9?0s. Conaiderlng the rather somber proapects for the donora I future financial conditions (both deveLoPetl countrle€ an{ najor oil e:.porters), a significant increase in offlcial debt flons is not likely ln the near and medlum term. they Oay malntain the current rate of growth and reoain unchanged ln real teros durlng the perlod 1985-1990. Anong the cooponents of the offlclal debts, offlciaf trade credits and bilateral OLIA are expected to increase at a more rapld rate than other conponents. 118. tibe average interest rate on official atebt (about 4 to 5 Per cent) ts significantly l-orer than tbe commercial rate, owinq nainly to the conceasionaryA/40/5L9 EngIi sh Page 56 componentE of tbe debt. Thls is expected to continue and interest payments onofficlal debts nill thus continue to be lees than those pald on a comparable amountof commerciar deb!. As for the repayoents of principal, o$ing to the rescheaturingof official debt $hose typical new maturity is up to l0 years, including a graceperiod of up to 5 years, some debtors may encounter a bunching of amortization in1987 and 1988.
analysis: This text appears to be discussing the financial constraints faced by developing countries, specifically their access to international and foreign bond markets, official debt, and interest payments. It also touches on the topic of bilateral ODA and the maturity of official debt. Given the focus on financial and economic issues, it is likely that this text is related to the broader field of economic development.