.1. I .... t.

This report is not to be published nor may it be quoted as representing the Bank's views.

..p;

No. E lOS

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

PUBLIC EXTERNAL DEBT OF BELGIUM AND LUXEMBOURG

August 31, 1950

Economic Department

Prepared by: Andrew C. Huang

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

PUBLIC EXTERNAL DEBT OF BELGIUN AIID L1L:EhBOURG - .' --......--

!aQ1e of Conten.tAi

I. Debt Outstanding

1. U.S. dollar debt

a. Bonds b. U~S. Government Loans c. I.B.R.D. Loans

2. Canadian Loan 3. S"Iiss Franc Bonds 4. Sterling Debt 5. Swedish Debt

II. Servic,Sl Pa~ents

!ab1e A-I - List of Public External.Debt of , Belgium, January 1, 1950

Table A-2 - List, of Public Extgrnal..Qebt.of.I::t!Xemboure, JanuarY 1, 19'50

Table B-1 - Estimated Interest and A~ortiza~iQn-Pa~ents QILExternal Debt of ~elf;'i1W.Jllld ;Lu::.::emhourg, 121)0-1974

Table B-2 - ~stim~ted Jn~e~9~~~nQ Amqr1iz~tioD-£a1~ents on the ~xtern~J .. Debt of J3~ll"{i.um, 1250-19Lk

Table B-3 - Estima"tEl.~L'±:nterest_~ Amortization Pa~ents QIL:the lSxternal Debt of .Luxemb,mu:r'",,1250-197!r

~

1

2

2 2 3

4 4 4 5

5

flmlIC ~TEB1:T.AL DE3T OF BELGll]M ~i:m LD12JH30URG

In Ja~~ry 1950 Belgium and Luxembourg had long term Public

External Deb+. outstanding or authorized in t~1e amo1L.'1t of ~374.4 millionj

about 65~;. {,r $247 million, of this represents the U. S. and Canadian

Governmen i; loans to Belgium. The chief components of the obligationsl!

are sepaL'; .tely sho'tm in detail in Appendix Tables A-l e,nd 2 and are

1.

2. 3· 4. 5.

U. S. dollar debt a. Bonds b. U. S_ Government :'oans c. I.E.R.D. Loan

Sub-Total Canadian dollar debt S\lJiss franc oonds Sterling bonds ~ledish krona bonds

Grand Total

(In U.S. $ HilJ.ions)

Belgium L-<lXembou:r.g Total

12.6 0.6 13.2 192.0* 3·0 195·0 16.0** 11.7*** 27.7

220.6 15·3 235.9 54.6 54.6 55.0 4.4 59.4 22.5 0.1 22.6 1.9 1.9

354.6 19·8 374.4

* ~ncluding $8.6 million of EQ~ 18an ULuti1ized as per Dec.31, 1949. ** $5.6 million of this Ullutilized as of June 30, 1950. *** Including about $1 million repayable in B fro

l/ Excluding: (a) Belgiumts Horld -I{ar I debt to the U.S. and the U.K. amounting to :~54l million and $25.2 million (I,9 million) respectively.

(b) all mediuIll and short-term obligations of Belgium estimated at about $450,000 (B fr 2.25 million) as of December 31, 1949.

1. U.S. dollar debt a) Bonds

- 2 -

The de~t represents the amoUllt outstanding on three zovern-

ment bonds and one municipal bond originally issued by Belgium and L1L~embourg

in the amount of $110.6 million. The 30-year 6% and 7% bonds of 1925-55,

each for $50 million, "lere negotiated for the f1nanc:incof domestic dOlbt re-

payment and construction projects in the Belgian Congo, respectively. The

5% City of Ant\>Jerp loan of 1928 in the original amount of $10 million ,·ras

contracted partly for port extensions and partly for internal debt refunding.

Only about $4 million of the total principal amount of $15 million outstand­

ing in 1948 was estimated to be held in the U. s.1..1 AssumiUj; t:b..at the balance

is largely held by 3elg1 urn and other non-dollar area investors. as a u1101e.

Belgium's effective dollar debt is proportionately smaller t~an the Table

indi0ates.

The 25-year dollar bonds of Luxembourg of 1947, issued and

outstanding in the amount of $552,000. bear a 3~ annual interest commencines

in 1948. The amortization is to begin in 1952. The loan may also be serviced

in local currency at the current rate of exchange at the qJtion of the bond-

holders.

b) U.S. Government Loans

The principal outstanding on the three Export-Import Baru<

loans to :Belgium, totalling $150 million, am01L~ts to about $125 million. The

2-3/8~ loan of 1945 of ';.55 !:lillion is payable in 26 years beginning: in July

1949. The 3% loan of $45 million is due in 15 years starting in 1951. The

3-l/2~ loan of $50 million obtained in 1947 has a 5-year maturity beginning

in September 19!~8, of '-lhich $18 million vras privately advanced by seven

commercial banks in Ue\"! York.

11 The Balance of International Pa~ments of the U.S •. 1946-48, Page 268, U.S. Department of Cor.~erce.

- 3 -

The total principal outstanding on tt-10 U. S. SUrplus Property

credits to BelGium amounts to about $19.5 million. These credits bear

2-1/2 - 3-1/2% interest and are to be amortized over 30 years. The loan

agreement provides tllat the one with a total outstanding of $7,284,000 ~y

be repaid in full in local currency or local real estate at the option of

the United States. The second loan of $12,223,000 is repayable in local

currency to the extent of $.5 million, at the option of the U.S. Govel~ent,

but no more than $2 million of local currency rna;)' be taken. in anyone ;crear.

Under the ECA program, Belgium and Luxembourg l1ave obtained

loans in the amounts of $48 million and $3 million, respectively. These are

repayable over 35 years \-lith interest :pa.yments of 2-1/2% starting in 1952

and the repayment of principal beginning in 1956. The loan agreement ~rovides

that service cr~rge l~yments may be postponed at any time due to adVerse

economic conditions, 1'!hen agreed upon bett'leen the tuo goverThllents.

c) I.B.R.D. Loans

The $16 million lOan of 1949 to BelgiUM for the purchase of

eqUipment for steel and pm-Ier plants is to be amortized in 20 years starting

in 1953. Up to the arl of Aug.l<;50almost $1l million of the tot8.l had been

utilized. The $12 million I.E.R.D. loan to Luxembourr}! \'lhich is nO .... l

completely used up for the purchase of equipment for transport and steel

plants is repayable in 25 years beginning in 1949. Both loans carry an

interest of 3-1/4% plus 1% commission per year. According to the contract

$1 million of the loan to Lu.~embourg is repayable in BelGian francs. It

should be noted the I.:B.R.D. is n01:J re<luesting th.:'-l,t the interest payable in

Belgian francs be convertible into U.S. dollars.

-4-

2 . Canadian Loan

In 1945 3elgium obtained a loan from the Canadi~n Government

in the amount of Can $100 million. On December 31, 1948 only Can $67 million

of this total had been utilized and the balance e~ire(l on the se.me date.

The loan, now reduced to Can $60 million, is to be amortized in 28 years

starting in June 1949.

3. ~liss Franc 30nds

The ~liss franc debt of Belgium consists of five state and

governmental or semi-governmental corporation bonds totalling SVT fr 31S

million. The first is a SO-year state bond at 3-1/2%, issued in 1937 for

the refunding of 4-l/2p bonds of 1930-8S. The original amount ,vas St'J fr 11S.2

million and has since been reduced to ~ fr 36 million ($8.4 million). The

second group, totalling Su fr 200 million, is com~)osed of four Stl fr SO

million corporate bonds, t"l0 by the BelgiuI1 lTational Raihvay Co. in 19L~8 and

in 1949. one by the Telephone and Telegraph Administration in 1947 and one

by the Uational Corporation of Industrial Credit in 19S0. All issues are

guaranteed by the Belgian Government as to principal and interest and are

payable in 12 years at 4% per annum.

The ~,iss loan o\'led by Luxembourg results from the 4;; state

bonds of 1948-83 issued in excr~nge for the S~ loan of 1932 and outstanding

in the amount of S\1 fr 19 million ($4.4 I1illion). The debt may also be

serviced in local currency at the option of the bondholders.

4. Sterling Debt

llhe fourth part of the external debt is Jr~de up of ti'!O 4» and

one 3% sterling bonds. The 3S-year bonds of 1936, orisinally e,mounting to

bS.6 million, issued for the conversion of the 710 bonds of 1926, are noW out­

standing in the amount of bS.6 million ($lS.S million). The 2S-year Belgian

- 5 -

bonds of 1937. originally issued for b5 million, have since been reduced to

];,2.5 million ($6.9 million). The 25-year Luxembourg bonds of 1947 issued

for ];,23,000 ($66.000) and nOlj outstcmding in the same amount are also

serviceable in local currency at the bondholders option.

5. SI,'ledi sh Debt

The balance of the external funded debt of Belgium and

Luxembourg comprises of the LJ-1o 25-year bonds of 1936-62 issued for SKr 20

million in pa;Ylllent of the tcf S\"ledish loan of 1926. The debt n01;[ outstanding

amounts to SKr 10 million (U.S. $1.9 million).

II. SERVICE PAYi.IElrrSlI

:Sstimated service charges during 1950-74 on the foreign (lebt of

:Belgium and Lu...'l:embourg are ShO\'ffi both jointly and separately, in detail, in

Apl)endlx Tables :B-1, 2 and 3, and may be summarized as follo\"18:

PROJECTED TOT~iL SERVICE PAYiiBI:JTS OiT TEE PUBLIC EXTERiT.lli DIDT OF 33LGIU:: ArID LuJel·i30URG . --

(In 1Iillions U. S. Dollars)

Total Total Total ':i:otal Service Payments by Cu;rrencj Debt Out- Amorti- Total Service U.S. &. Can S", fr SterlinG and

Year standing zation Interest Payments ;5 Debt. TIebt SKr &. Other DeM

1950 374.4* 16.4 10.2 26.6 21.5 2.5 2.6 1951 358.3 20.0 10·3 30.3 25·2 2·5 2.6 1952 338.4 20.5 10.2 30.7 25·6 2.5 2.6 195.3 .318.0 16.7 10.1 26.8 21.7 2·5 2.6 1954 301·3 12·5 9.6 22.1 17·0 2.5 2.6 1955 288.8 13.6 9·1 22.7 17.6 2.5 2.6 1960 214.8 22.7 6.4 29.1 14.2 13·5 1.4 1970 77.2 7.6 2.0 9·6 8·9 .6 .1 1974 45·8 7.8 1.1 8·9 8·3 .6

* Including approximately $1 million of 1.:B .R. D. loan to Luxembourg repayable in :B fro

11 i'lith the exception of the inter-allied ;10rlcl ivar I debts on uhich service had been suspended since the Hoover Eore.torium in 1931 there ~:las no record of default on any public external obliGation of 3elgium and 1u~embourg. FolloHing the German invasion in 1940, service payments of the sterling loan of :BelgiurJ vlere interrn::.)ted for a fe'.., months. Pa;yrnents 011 the U, S. dollar and the S\'Tedish debts of Belgium uere also suspended in 1943-45 but \'rere resumed and all arrears fully ~,id in 19L!-6. Service on the foreign debt of Luxembourg '<las resumed in 1947 after uartirne suspension.

- 6 -

As seen in the above Table, interest payments approximate $10

million during 1950-55 and steadily decline to $6.4 million in 1960 and

about $1 million in 1974. Amortization payments will drop sharply from $16.4

million in 1950 to $13.6 million in 1955 and then rise to $22.7 million around

1960. Thereafter they 'I:,ill decline to about $8-9 million per year bettleen

1966-74, since SI,liss franc bonds maturing in 1959, 1960, 1961 and 1962 are

to be paid off only to a very small extent thrOUGh sin_lUng fund payments.

Total service charges "Till ranGe from about $27 million to $30 million

bet\veen 1950-62. Beginning in 1963 hO\1eVer, they are expected to ctec1ine

rapidly from about $16 million per year to about $10 million in 1970 and

thereafter. The interest and principal payments in U.S. and Canadian dollars

average 85% of the total bet\1een 1950-1974 except during 1959-62 'I:,hen almost

half of the total payments \'1ill be applied to Sldss franc bonds then maturing.

Table A-l: LIST OF PUBLIC EXTIJRNAL DEBT OF B~;LGIUM:tV J.AlnJARY 1, 1950

__ ______ J'nge 1 Ampunt (thousands) Denominations

Item Unit Issued or Out- Pur:1ose and Other authorized standing terms remarks

U. S. DOLLAR OBLIGATIONS

Bonds Belgian 6~, 1925-55 U8$ 50,000

~elgium 7%. 1925-55 U8$ 50,000

Oity of Antwerp 5%, 1928-58 US$ 10,000

Total dollar bonds US$ 110,000

2,JO~ Debt funding In $~,OOOt $500 and miscel1a- and $100. Pay­neous ex.~!?endi- able s .a. in U. S. tures. gold coin of the

standard existing at the time of issue.

4,572Y Financing construction projects in Belgian Congo, etc.

5,715

12,596

Port exten­sion and debt funding.

In $1,000 and $500 • Payable B.a. in U.S. gold coin of the standard eXisting at the time of issue.

In $500 and $1.000. Payable s.a. in dollars or sterling at current blWing ra te~. A direct obligation of the city.

Interest l1aid regularly" Sinking fund payments irJ-' terrupted during 1943-45~ resumed and all arrears paid up, in 1946. Pay­ments have been made in U.S. legal tender since gold standexd abandoned,

(Same)

Interest regularly ~aid except for 6/40 - 6/46~ Arrears paid in June 1946~ Sinking fund regularly ~aid except in 1941-46, arrears paid up in J:me 1947.

Tab10 A-I: LIST OF PUBLIC :EXT~:Rl~AL D:cJET OF J3ELGIUM,]J JAlIDARY 1, 1950 - Continued Page -Z __

Amount (thousands) Denominations Other Item u:.t Issued or Out- Purpose and remarks

n1 authorized standing t~~ ________________ ~ ____________ __ u.s. Government loans E~'})ort-Im:j}ort Bank loans as of March 31, 1950

No. 38J, 2 3/8%, 1945-76·

No. 384, 3%, 19L~5-6.5

No. 436, 3 1/2%, 1947-53

Ex-port-Import Bank Advances of 7 N.Y. ba~~s

Total Export-Import Bank loans

Surplus property 2 1/2-) 1/2%, 194-6-76

E.C.A. 2 1/2%. 1948-92

Total U.S. Government loans

I.B.R.D. loan

4 1/4%, 194'9-69

Total U.S. dollar obligations

US$ 55,000

us$ 45,000

US$ 50,000

US$ ()2,OOO) US$ (18,000)

US$ 150,000

US$ 38,566

US$ 47,845

US$ 2)2.505

US$ 16,000

US$ 358,50.5

4-7,666

45,000

32,02.5

(19,425) (12,600)

124,691

19,507

47,845

192,043

16,000

220,639

Purchase of U.S. products or services.

(Same)

(Same)

Purchases of y.s. ~)roducts or services.

Purchases of U.s. products or services.

Purchase of equipment for steel & power plants.

Payable s.a. in 26 years from 7/49.

Payable s.a. in 15 years from 1951.

Payable s.a. in 5 years fro:n 9/48.

Payable s.a. in 30 years.

Payable in 35 years interest beginning 1952, amortization in 1956.

Payable in 20 years starting in 1953.

$5.9 million unuti1ized as of May 31, 19.50.

Table A-I! LIST OF PUBLIC EXTLRNAL DEBT OF lELGIUI-J!,Y JAIIDARY 1, 1950 -- Continued

Item

C.AHADIAN GQv.illUUJCNT LOAN

3%, 1945-76

S11ISS FRAl1C BONDS

Belgium 3 1/2%, 1937-85

Belgium Telephone l.; Telegral)h Administration 4%, 1947-59 -

Belgium National Railuay Co. 4%, 1948-61

Belgium National Railway Co. 4%. 1949-61

BelgiUm Hational Corporation of Industrial Credit 4%, 1950-62

Total Swiss franc bonds

~ ______ ~ ________ ~~_ _ ____ ~. PD.r:.e '3

Unit

Can$

Sw fr

S,,, fr

Sw fr

Sw fr

Sty fr

S'l1 fr

Amount (thousands) Denominations Issued or Out- PLrrpose and authorized standin~

100,000

115.200

60.3oof1 For Canadian goods and services.

36,188GJ To repay bonds of 4 1/2% of 1930-8.5.

terms

payable annually in 28 years in Canadian dollars starting 6i49o

Payable also in florins or Swedish kronor at the option of bondholders.'

Other remarks

Serviced regularly

50,000 50,000 Improvement a f service s •

In S\1/ fr 1, OOO~ Pay- Guaranteed by the stcte;.. able s.a. in 12 years.

.50,000

50,000

50,000

31.5,000

50,000 Replacement of In Sw fr 1,000. rolling stock Payable s.a. in 12 and restara- years. tion of war dam-aged ptoperty.

50,000 To finance In SW.fr 1,000. pay-rail\Jny elee- able s.a. in 12 trification. years.

50,000 Payable s.a. in 12 years.

236,188

Guaranteed by the stat~,

Guaranteed by the state(..

Guaranteed by the state

Item

STJ::;RLHJG ::OONDS

Belgium 4%, 1936-70

Belgium 4%, 1937-60

Total sterling bonds

S1'.1EDISH KRONA :BONDS

Belgium 4%, 1936-62

Table A-l: LIST OF PUBLIC EXT?.:RNAL DEBT OF RELGIUl.f,lI JAlWARY 1, 1950 - Continued

Amount (thousands) Denominations U • t I ssued or Out- Furpose and n~ authorized standing te.rm~. ____ _

*' 3,600

,Is 5,000

~ 13,600

SXr 20,000

5,55461 Conversion of 7;;, 1926.

2,47iY

8.027

10,202GJ To repay 7% of 1926 from Sweden.

In ~100, ~500 ruld ~lJOOO.

In ~100, i;.500 and !Is1,000.

In SXr 1,000 and SKr 5,000.

li Excluding (a) 1vorld War I debt to U.S.A., amounting to about $541 million as of December 1949 • . (b) 1'!orld liar I debt to U.K •• amounting to ~9 million as of January 1948.

:?aee 4

other remarks

Sinking fund payments interrupted during 19'·y,:: '

Sinking fUlld payments resumed as from Nov" J.'~J .• :;,_

Service interrupted during 1943-5.

(c) Belgian Congo sterling debt - 5% of 192.5-61 all ouned by the British Government, amounting to ~3.6 million as of December 19[1-7. Service suspended in 1934 by mutual agree~ent.

(d) Belgiumfs medium and short-term public obligations totaling $450,000 (B fr 2.25 million) as of December 1949. ~ Estimated amount outstanding as of 1/1/50 according to amortization sohedulas. Source: Moody 1 s Governments and Munici-pals, 1949, standard and Poor t s 1949; Export-Import :Bank reports; Le Re Quei1 Financier.., 1946-47!'

53e - 54e Annees, Tome VIII, Erussels, Belgium, Corps Legislatif, Senat, Commission des Finances et du Budget. Eap~ort ~~ __ la. Commission des FinD-nces et du Budget chargee dte:caminer Ie pro,jet de 10.1 contenant Ie budget de la dette -oubli9.,ae "0 om" 19L}9 Situation general. du Tresor Public au ler Janyier 1948, p. 46-52 and p. 206-210. Bulletin dfinformution et de Documentati~n~ Banque Nationale de Belgique.

Table A-2: LIST OF PIT'"'.uLIC EXTLP1\fAL DEBT OF LUXEMBOURG. JAlnJARY 1, 1950

Item

U. -Sa DOLLAR OBLIG.i-l.TIONS

Eonds -w,-1947-7l

D.C.A. loan 2 1/2%, 1948-83

I.B.R.D. loan 1/ 4 1/4%, 1947-72

Unit

US$

us$

US$

Total U.S. dollar obligations US$

ST:JRLING BONDS

.3%., 1947-71 ~

Amou.nt (thoupan(ipJ Issued or Out-authorized standin~

552 .552

3,055 .3,055

11,000 10.748

15,607 14,.355

2.3 2.3

SWISS FRAIJe BONDS

4%. 1948-8.3 Sw fr 19,100 19,100

V E::::cluding $1 million repayable in Belgian francs.

purpose

To purchase coal, mach­ine:;v and other products.

To purchase rail and steel plants equipment.

In exchange of 5% of 1932 bonds.

Denominations and

terms

In $100 and $500. Interest p~able 6/30 annually starting 1948, amortization from 1952. Pa~Tr),ble also in Lux fr at the aptLY''"; of bondholders.

Interest payable semi-annually from 1952t

amortization from 1956. .

Payable semi-annually 1/15 and 7/15.

In ~25 and ~100. Interest p~able annually on 6/30 from 1948, amortization from 1952. Payable alzo in Lux fr at the option of bondholders~

In Sw fr 100, Sw fr 500, Sw fr 1,000, anQ Sw fr 10,000. Interest payable semi­annually 2/1 and 8/1. Payable also in Lux fr at the option of bondholders.

Source: MoodY1s Goverlunents and MuniCipals 1950; International Financial Statistics: and Projet de Loi concernant Ie Budget des recettes et des del)enSes de 1 tEtat pour llexercise. 1950 p. 46-51 and 156.

Table B-1: :ZSTIrJLATIJD nIT~~R£ST AND ANORTIZATIOl\r PAYNBNTS ON EXT:.wiIAL :DEBT OF l3:iliGIUlvI AND LU::CMLJURG, 1950-1974 (Expressed in thousands of U.S. dollars)

U.S, and U.S. dollar debt Canadian dollar debt S'l;1iss frv.llC bonds Other debt Grand Total

Pa~ments Amc·I~1i Year Amorti- In- Amort i- In- Amort i- In- Amorti- In- Amort i- In- Ol ;j,'" Total Total Total zationll terestgj Total zation terest Total s t a:r ::;inii-zation terest zation terest zation terest

12,6.32 5,225 17,857 14,653 6,832 21,485 183 2,335 2,518 1,581 1,020 2 f 601 16,417 10,187 26,604 3'"" '. - '1' 1950 '('-T, "'1' ;Y:) ..:J

1951 16,148 5,492 21,640 18,169 7,038 25,207 191 2,327 2.518 1,644 956 2,600 20,004 10,321 30,325 358 . :Jli,~. 1952 16,505 5,524 22,029 18,526 7,010 25,536 197 2,321 2,518 1,736 890 2t62~ 20,459 10,221 30 J 680 33c.~,~ j3r' 1953 12,720 5.541 18,261 14,741 6,966 21,707 205 2t~13 2,518 1,802 823 2,62.) 16,748 10,102 26~850 3J.?~ 1954 8,396 5.170 1],566 10,417 6,534 16,951 212 2,306 2,518 1,876 749 2,625 12,505 9,589 22,094 301-.290 1955 9,428 4,850 14,278 11,449 6,154 17,603 220 2,298 2.518 1,950 676 2,626 13,619 9)128 22,747 2sn ~<)o 1956 8, . .322 4,562 12.884 10,34.3 5,805 16,148 228 2,290 2,518 2,029 595 2,('24- 12 J 600 8,690 21.290 27.5 t 3?6 1957 8,.371 4,.300 12,671 10,.392 5,482 15,874 2.36 2,282 2,518 2,109 515 2, G:;d+ 12,7.37 8,279 21;016 262~, 724 1958 8,420 4,036 1·2,456 10,441 5,158 15,599 244 2,274 2,518 1,680 429 2,1 09 12;365 7,861 20 .. 226 2L~9 r, 9MB 1959 7,670 3,769 11,4.39 9,691 4,8.30 14,521 11,890 2,031 1.3,921 1,230 .364 1, 59L~ 22,811 7,225 .30~036 237;-622 1960 7.686 3,542 11,228 9,707 4,542 14,249 11,900 1,556 13,456 1,08.3 315 1,398 22,690 6,413 29,10.3 214,810 1961 7,985 .3,310 11,29.5 10,006 4,250 14,256 10,909 1,081 12,990 1,126 271 1.397 2.3,041 5,602 28,64.3 192,119 1962 8,002 .3,060 11,062 10,023 .3,9.39 1;,962 11,919 606 12,525 1,172 22L~ 1,396 2.3,114 4,769 27,88.3 169,079 196.3 8.018 2,808 10,826 10,039 .3,627 1.3,666 293 .363 656 1,219 177 1,396 11,551 4,167 15,718 145,965 1964 8,.0.35 2,559 10,594 10,056 .3,317 13,.373 304 .352 656 1,265 130 1,395 11,625 3,799 15::424 1.3411417 1965 8,054 2,30.3 10,)57 10,075 3,000 13,075 .316 340 6.56 1,317 78 1,395 11,708 .3 Ii L~18 15,126 122,790 1966 6,066 2,044 8,110 8,087 2,681 10,768 .327 .329 6.56 281 25 306 8,695 3,035 11,730 111,083 1967 6,086 1,869 7,955 8,107 2,44'5 10,552 340 316 656 55 15 70 8s 502 2,7'l6 11)1278 102tJ62 1968 6,106 1,693 7,799 8,127 2,208 10,335 352 .304 656 58 11 69 81'5.37 2~:123 1::",,060 93:1 8'15 1969 5,628 1,515 7,143 7,649 1,970 9,619 .365 291 656 59 9 68 8~07.3 2.2,/0 IO:;J4.3 85 :;)9 1970 5,113 1,367 6,480 7,1.34 1,761 8,895 378 278 656 61 7 68 7p 573 2p 0;.;,,5 ~,.6':"9 77 r, :.93 1971 5,135 1,2.32 6,367 7,156 1,565 8,721 392 264 656 6.3 4 67 7,,611 L8jj L:;im 69\624 6,001 1,362 9,.384 249 656 61 63 8~490

... 1972 1,089 7,090 8,022 407 2 1~61.3 10f 10.3 62s,C:'J 197.3 .5,.320 938 6,258 7,341 1,150 8,491 422 231.J. 656 7~763 17'384 9,147 53~522 1974 5,.320 807 6,127 7,341 959 8 • .300 437 219 656 7~778 1,178 87 956 4C; '7,.,-, ~,.;;;.,~ '1.22-.-

11 Part of these payments consist of amortization on the Belgian franc portion of the I.B.R.D. loan to Luxembourg, These payments rise iX'om

?J the Belgian franc equivalent of $8 t OOO in 1950 to $61,000 in 1972.

Part of these payments ~onsist of inte:l.'est on the :Belgian franc portion of the I.B.R.D. loan to Luxembourg o These payments range from the Belgian franc equiv~lent of $41,000 in 1950 to $2,000 in 1972. At the present time, however, the I.B.R.D" reques~s conversion of these payments into dol1a~s.

1I Part of this consists of the Belgian franc portion of the I.B.R.D. loan to Luxembourg - B fr 42,124,000 or $~:64,OOO~

T~'1ble B-2l ESTIUATED Il'lTIlR"JST AND AUORTIZATIOIJ PAYMENTS OjJ TIIIJ EXTERNAL DEBT OF :a:IJLGIUI-i, 1950-1974

(Expressed in thousands of U.S. dollars)

Page 1 Dollar bonds U.S, Government loans I.~,R.D. loan

Amount Payments Amount Payments Amount Payments Year out- Amorti- In- Ttl out- Amort i- In- T t out- Amort i- In-

standing zation terest 0 a standing zation terest 0 al standing zution ter§~t Total

1950 12,596 1,664 736 2,400 192,043 10,608 ),336 13,944 16,000 680 680 1951 10,981 1,728 638 2,366 181,435 14,330 3 .. 704 18,034 16,000 680 680 1952 9,304 1,797 537 2,334 167,103 It}, 330 },807 18,137 16,000 680 680 1953 7,559 1,848 431 2,279 152,775 9,981 3,908 13,889 16,000 500 680 1,180 1954 5,758 1,359 322 1,681 142,795 5.633 3,695 9,328 15,500 1,000 648 1,648 1955 4,450 2,380 198 2,578 137,095 5,633 3,557 9,190 14,500 1,000 606 1,606 1956 2,190 695 109 804 131,529 6,161 3,419 9,580 13 .. 500 1,000 563 1,563 1957 1,495 729 75 804 12.5,368 6,161 3,252 9,413 12,500 1,000 521 1,521 1958 766 766 38 804 119,206 6,161 3,087 9,248 11,500 1,000 478 1,478 1959 113,047 6,161 2,922 9,083 10,500 1,000 436 1,436 1960 106,884 6,161 2,759 8,920 9,500 1,000 393 1~393 1961 100,722 6,427 2,589 9.016 8,500 1,000 351 1,351 1962 94,297 6,427 2,404 8,831 7,500 l~OOO 308 1,308 1963 87,871 6,427 2,218 8,645 6,500 1,000 266 1~266 1964 81,447 6,427 2,035 8,462 .5,500 1,000 223 1,223 1965 75,020 6,427 1,846 8,273 4,500 1,000 181 1,181 1966 68,595 4,367 1,657 6,024 3,500 1,000 138 1,138 1967 64,227 4,367 1,552 5,919 2,500 1,000 96 1,096 1968 59~858 4~367 1~447 5,814 1,500 1,000 53 1,053 1969 55,492 4~367 1;341 5,708 500 500 11 511 1970 51,125 4,367 1,236 5,603 1971 46,757 4,367 1,130 .5,497 1972 42,390 5,160 1,019 6t 179 1973 37,230 5,160 894 6,054 1974 32,069 5,160 767 5,927

Table B-2: ESTIHATTID INT:JREST AIID AJWRTlZATIOlT PAYMENTS OF TIG !JXTIJRlJAL DEBT OF :B::-'LGlmr, 1950-1974 ~Continued

(Expressed in thousands of U.S. dollars)

Page 2 Total U.S. dollar debt Canadian Govern~ent loan S,-1iss franc bonds

Amount Pa~ents Amount l:ayments Amount Pa~ents Yea'r out- Arnorti- In- out- Amort i- In- out- Arnorti- In-Total Total Total

standing zation terest standing zation terest standing zation terest

1950 220,639 12,272 4,752 17,024 54,570 2,021 1,607 3,628 5l+,966 120 2,157 2,277 1951 208,416 16,058 5,022 21,080 .52,549 2,021 1,.546 3,567 54,845 125 2,152 2,277 19.52 192,407 16,127 5,024 21,151 50,528 2,021 1,486 3,507 54,721 129 2,148 2,277 1953 176,334 12~329 5,019 17,348 48,507 2,021 1,425 3,446 5L~, 592 134 2,14,3 2,277 1954 164,053 7,992 4,665 12,657 46,486 2,021 1,364 ,3,385 54,458 138 2,139 2,277 1955 156,,04.5 9,01,3 4,,361 13,374 44,46.5 2,.021 1,,304 3,,32.5 54,320 143 2,134 2,277 1956 147,219 7,8.56 4,091 11,947 42,114.5 2,021 1,24,3 3,264 54,177 148 2,129 2,277 1957 139,363 7,890 3,848 11,7.38 40,422 2,021 1,182 3,20.3 54,029 15.3 2,124 2,277 1958 131,472 7~927 3,60.3 11,530 38,401 2,021 1,122 3,14,3 53,876 158 2,119 2,277 19.59 123,;47 7,161 3,)58 10,.519 36,380 2,021 1,061 3,082 53,717 11,800 1,880 13,680 1960 116,384 7,161 3,152 10,313 34,359 2,021 1,000 .3,021 41,917 11,806 1,409 13,215 1961 109,222 7,427 2,940 10,367 32,338 2,021 940 2,961 30,111 11,812 937 12,749 1962 101,797 7,427 2,712 10,139 30,317 2,021 879 2,900 18,299 11,818 466 12,284 1963 94,371 7,427 2,484 9,911 28,296 2,021 819 2,840 6.481 188 227 415 1964 86,947 7,427 2,258 9,685 26,275 2,021 758 2,779 6,29,3 195 220 415 1965 79.520 7,427 2,027 9,454 24,253 2,021 697 2,718 6,098 202 213 415 1966 72,.095 5,367 1,795 7,162 22,232 2,021 637 2,658 5~896 209 206 415 1967 66,727 5,367 1,648 7,015 20,211 2,021 576 2,.597 5,664 217 198 415 1968 61,358 5,367 1,500 6,867 18,190 2,021 515 2,536 5,464 224 191 415 1969 55,992 4,867 1,352 6,219 16~169 2,021 455 2,476 5,240 232 183 415 1970 51,125 4,367 1,236 5;60,3 14.148 2,021 394 2,415 5,009 240 175 415 1971 46~757 4,,367 1,130 5~497 12,127 2,021 333 2,354 4,769 248 167 415 1972 42,390 5,160 1,019 6,179 10;106 2~021 273 2~294 4,520 257 158 415 1973 37,230 5,160 894 6,054 8,084 2,021 212 2,233 4,263 266 149 415 1974 32.069 5,160 767 5,927 6,063 2,021 152 2,173 3,997 275 140 415

Table ]-2: ESTIHAT:m IHT:=R1JST .AND AUORTIZATIOn PAYN::JNTS on TID EXT:rrulAL DEBT OF B:zLGIUM, 1950-1974 - Continued

(Expressed in thousands of U.S. dollars)

Pae.;e :2 Ster1ini~ bonds S\lfecli sh krona bonds Grand total

Amount Pa~ments AmOlUlt pa;yments Amount Pa:z:ments Year out- Amorti- In- out- Amort i- In- out- Amort i- In-Tcta1 Total Total standing zatiQn terest §tanding zat:i:Qn terest standing zp,tiQn terest

1950 22,465 1,405 898 2,303 1,969 168 79 247 354,609 15,986 9,493 25,479 1951 21,061 1,461 842 2,303 1,801 175 72 247 338,672 19,840 9,634 29,,474 1952 19,600 1,520 783 2.303 1,626 182 65 247 318,882 19,979 9,506 29,485 1953 18,080 1,578 725 2,303 1,444 189 58 247 298,957 16,251 9,370 25,621 1954 16~502 1,643 660 2,303 1,255 197 50 247 282,754 11,991 8,878 20,869 1955 14,859 1,707 5~6 2,303 1,058 205 42 247 270,747 13,089 8,437 21,526 1956 13~152 1,777 526 2,303 853 213 34 247 257,846 12,015 8,023 20,038 1957 11,374 1,847 456 2,303 640 221 26 247 245,828 12,132 7,636 19,768 1958 9,527 1,408 380 1,788 419 230 17 247 233.695 11.744 7,241 18~985 1959 8,119 999 325 1,324 188 188 8 196 221,951 22,169 6,632 28,801 1960 7,120 1,038 286 1,324 199,780 22,026 5,847 27,873 1961 6,082 1.080 244 1,324 177,753 22,340 5,061 27,401 1962 5,001 1,125 199 1,324 155,414 22,391 4,256 26,647 196) 3,876 1,170 154 1.324 133,024 10,806 3,684 14,490 1964 2,706 1,215 109 1,324 122,221 10,858 3,345 14,203 1965 1,492 1,265 59 1,324 111,363 10,915 2,996 13,911 1966 227 227 8 235 100,450 7,824 2,646 10,470 1967 92,602 7. 605 2,422 10,027 1968 85,012 7.612 2,206 9,818 1969 77,401 7,120 1,990 9,110 1970 70,282 6,628 1,805 8,433 1971 63,653 6.636 1;630 8,266 1972 57;016 7;438 1,450 8~888 1973 49~577 7 ~4l~7 1,255 8,702 1974 42,129 7,456 1,059 8,515

Table p....3: ESTIHATED INTERt""JST A1-rn lU"\iORTIZATION PAYMmTTS ON THE EXTER1~AL DEBT OF LUXEHBOURG, 1950-1974

(E:qJressed in thousands of U.S, dollars) Page 1

Dollar bonds· E_ •. C.A. lQan I.E.R.D. loan r:I Payable in U,S. dollars payable in Belgian francs

Year Amount Payments Amount Payments Amount Payments Amount Payments out- Amort i- In- T tal out- Amorti- In- Total out- Junorti- In- Total out- Amorti- . In- Total

stDildjng zation tereJ:;t 0 standing zation terest standing 2ation tereet standing %t\llin te~st

1950 552 17 17 3,055 10,748 90 456 546 964 8 41 49 1951 552 17 17 3,055 10,658 90 453 543 956 8 40 48 1952 552 20 17 37 3.055 38 38 10,568 358 446 804 948 32 40 72 1953 532 21 16 37 3,055 76 76 10,210 370 430 800 916 33 38 71 1954 511 22 15 37 3,055 - 76 76 9,840 382 414 796 883 34 37 71 1955 489 22 15 37 3.055 76 76 9,458 394 398 792 849 36 36 72 1956 466 23 14 37 3,055 36 76 112 9,064 407 381 788 813 36 34 70 1957 443 24 13 37 3,019 36 75 111 8,657 420 364 784 777 38 32 70 1958 419 24 13 37 2,984 36 74 110 8,237 433 346 779 739 39 31 70 1959 395 2S 12 37 2,948 36 73 109 7,804 448 327 775 700 40 30 70 1960 370 26 11 37 2,913 36 72 108 7,356 463 307 770 660 42 28 70 1961 344 27 10 37 2,877 53 72 125 6,893 479 288 767 618 43 26 69 1962 317 28 9 37 2,824 53 71 124 6,414 494 267 761 575 44 24 68 1963 289 28 9 37 2,771 53 69 122 5,920 510 246 756 531 46 22 68 1964 261 29 8 37 2,718 53 68 121 5,410 526 224 750 485 47 20 67 1965 231 }O 7 37 2,664 53 67 120 4,884 544 202 746 438 49 18 67 1966 201 31 6 37 2,611 107 64 171 4,340 562 178 740 389 51 16 67 1967 170 32 5 37 2.504 107 62 169 3,778 580 154 734 338 52 14 66 1968 138 33 4 37 2,398 107 59 166 3,198 598 1}0 728 286 54 11 65 1969 105 34 3}7 2.291 107 56 16) 2,600 619 104 72} 232 55 9 64 1970 1 2,185 107 54 161 1,981 639 77 716 177 57 7 64 1971 2,078 107 51 158 1,342 661 51 712 120 59 4 6} 1972 1,972 160 48 208 681 681 22 70} 61 61 2 6} 1973 1,812 160 44 204 1974 1,652 160 40 200

Table B-3: ESTIMATED INTEILjST AND Al\{ORTlZATIO~T ?AYIvCl\fTS ON TEE EXTERNAL DEBT OF LU'X:EJII-mOURG, 1950-1974 (Continued)

(Expressed in thousands of U.S. dollars)

Total dollar debt S"Jiss franc bonds Sterling bonds Grand tot.&. Pa03 2

Amount payments Amount payments Amount PaYments Amount payments Year ou~~ Amort i- In- T tal out- Amort i- In- Total out- Amorti- In- Ttl out- Amort i- In- Total

§tf!:¢fltg iation terest 0 standing zation terest standing zation teres_t ____ ~ a ____ .standiru-.:..~ zation terest

19.50 lL~t35.5 90 473 563 4,1445 63 178 241 66 2 2 19,830 161 694 855 1951 14.265 90 470 560 4,382 66 17.5 2Ln 66 2 2 19,669 164 687 851 1952 14,175 378 500 878 4,316 68 173 241 66 2 2 4 19,505 480 715 1,195 1953 13.797 391 522 913 4.248 71 170 241 63 2 2 4 19.024 497 732 1',229 1954 13,415 404 50S 909 4,177 7L~ 167 241 61 2 2 4 18,536 514 711 1,225 19.55 13.003 415 489 904 4,103 77 164 241 58 2 2 4 18,013 530 691 1,221 1956 12 • .586 466 471 937 4,026 80 161 241 55 3 1 4 17,480 585 667 1,252 1957 12,120 481 4.52 933 3,946 83 158 241 53 3 1 4 16,896 605 643 1,248 19.58 11,641 4~ 433 926 3,863 86 155 241 .50 3 1 4 16,293 621 620 1,241 19.59 11,lL~7 509 411 920 3,777 90 151 241 47 3 1 4 15,671 642 593 1,235 1960 10,639 525 390 915 3,687 94 147 241 44 3 1 4 15,030 664 566 1,230 1961 10,114 558 370 928 3,593 97 144 241 41 3 1 4 14,366 701 .541 1,242 1962 9,556 57.5 )48 923 3,496 101 140 241 38 3 1 4 13,665 723 513 1,236 1963 '8,981 591 324 915 3,395 105 136 241 34 J 1 4 12,941 745 483 1,228 1964 8,390 608 301 909 3,290 109 132 2La 31 J 1 4 12,196 767 454 1,221 1965 7,780 627 276 903 3,181 114 127 241 28 3 1 4 11,427 793 422 1,215 1966 7,153 699 249 948 3,067 118 123 241 24 3 1 4 10,633 871 389 1,260 1967 6,453 719 221 940 2,949 123 118 241 20 3 1 4 9.760 897 354 1,251 1968 5.735 739 193 932 2,826 128 113 241 16 4 !.I 4 8.863 925 317 1,242 1969 4,996 761 163 924 2,698 133 108 241 12 4 !I 4 7,938 953 280 1,233 1970 4,.166 746 1)1 877 2,565 138 103 241 8 4 :£I 4 6,916 945 241 1,186 1971 3,420 768 1Q2 870 2,427 144 97 241 4 4 !J 4 5.971 975 203 1,178 1972 2,653 841 70 911 2,283 150 91 241 4,997 1,052 163 1,215 1973 1,812 160 44 204 2,133 156 85 241 3.945 316 129 445 1974 1,652 160 40 200 1,977 162 79 241 3,629 322 119 441

11 Both principal and interest of this loan are payable in Belgian francs. However, I.D.R.D. at the lresent time requests conversion of the interest payments into dollars.