RESTRICTE D

Report No. E.C. 51

FIE COPYThis document was prepared for internal use in the Bank. In makingit available to others, the Bank assumes no responsibility to them forthe accuracy or completeness of the information contained herein.

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

A PRELIMINARY REVIEW

OF THE

EXTERNAL PUBLIC DEBT

OF

INDIA

April 3, 1956

Economic StaffPrep4ared by: Andrew C. Huang

Reviewed by: Carel deBeaufortLeslie G. Butcher

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A PRELIMINARY REVIEWJ OF THE EXTERPNAL PUBLIC DEBT OF INDIA

I. Debt Outstanding

As of the end of June 1955, the public external debt of Indiawas estimated at the equivalent of $472,8 million,2/ The amount,however, is exclusive of a) purchases of $12.6 million from the IMFb) U.S.. Government silver and surplus properties loans aggregatlng$169.6 million and c) externally held (largely in Pakistan) Indiangovernment securities valued at Rs290 million as of the end of 1953,The composition of the indebtedness, detailed in Table A-,1, issummarized below:

(amounts in US$ millions equivalent)

1. U.S.Government Loans $ 234.7

2. U.S,S.R Credit 115.4

3. IBRD Loans 111,5 /

4. Sterling Bonds 11.2

Grand total $ 472.8 /1, U.S.Government Loans - Indials indebtedness to the UP S.

Government totalling about $35 million at the end of June 1955consisted of (i) a 2 % 1951-86 MSA wheat loan of $190 million,(ii) a 3% 1955-95 ICA loan of 045 million. Repayments on the $45million loan, which was totally undisbursed at the end of 1955,may be made, at the sole option of the Indian Government, eitherin Indian rupees or in United States dollars at annual interestrates of 4% or 3% respectively.

2, U.S.S.R. Credit - The U.S.S.R. credit was negotiated inFebruary 1955 for the financing of a steel plant; the amount ofcredit was originally established at Rs434 million, but this hassince been raised to about Rs550 million (equivalent to US,0L15million)* The credit bears interest at 2X% per annum and is repayablein annual instalments between 1957 and 1971. All service paymentson the loan are to be made available in Indiairupees to the U.S.S.RGovernment for the purchase of goods in India and/or to be freelyconvertible into sterling.

/ Including about $218 million undisbursed as of 6/30/55./ Including the equivalent of $18.7 million disbursed in poundssterling, Canadian dollars and Dutch Guilders as of 6/30/55,

- 2 -

3. IBRD Loans - Indials indebtedness to IBRD wias reduced to4111.5 million at the end of June 1955 from a total of about $1;iDmillion on seven loans negotiated bet¶reen 1949-55, of which about$54 million were for the development of electric power; 434 million-for railway rehabilitation, $31,5 million for the development ofsteel industry and $20 million for industrial and agriculturaldevelopment,

4. Sterling Bonds - The debt consists of the principal out-standing of ;4 mi4lion (equivalent to $ll million) on eleven issuesincurred from 1892 to 1934 originally for a total of ;49 million,of wUch ;40 miJlion were incurred by the Indian Government, 5 millionby the Railways, and ;4 million chiefly by the port authorities ofCalcutta;

II, Additional Obligations

Apart from the obligations mentioned above, a U.K. steel creditof 126.5 million and a $37.5 million ICA loan both announced inearly 1956, should be taken into account, in order to arrive at amore conclusive assessment of the long-term external debt positionof India.

III. Service Payments

Projected service payments from 1956 to 1980 on the public ex-ternal debt of India (not including (a) three debts equivalent to$243 million4and (b) two loans totalling $112 million mentioned inI. and II, respectively), are detailed in Table A-2, These estimatesare made on the basis of certain assumptions mentioned in footnoteI. to Table A-2 and furthermore on the assumption that (i) the steelworks which the U.S.S.R is financing will be completed by the end of1959, as proposed in the loan contract and (ii) repayments of the ICAloan will be made in Indian rupees.

Service payments increase from an annual rate of about $14 millionin 1956-57 to about $23 million in 1958 and $29 million in 1959. Pay-ments are estimated at an annual rate of 433 million between 1960 and1964, except for 1962, when payments will reach a peak of $36 millionon account of the final redemption of the Port of Calcutta loan of1932, Thereafter payments will decline steadily from an annual rateof about $30 million between 1965 and 1967 to about $15 million up to1980, when the existing external indebtedness will be reduced toabout $109 million on the basis of current service schedules,

2 a) $12.6 million purchases from DTb) $169.6 million U.S.Government silver loanc) $60.9 million externally held Indian government securities

Table S-1: INDIA - SUMiJARY OF EXTERUWAL PUBLIC DEBT

National and Government Guaranteed Debt and Debt of Political Subdivisions

(Amounts in thousands of U.S. dollar equivalents)

1110tal National and government Debt ofItem Total guaranteed debt- political subdivisions

Amount % Amount Amount

TOTAL EERLBNAL PUBLIC DEBT OUT-STAIDING JU1iJ 30, 1955 472X808 100,00 462,929 100l.-O 9,879 100.00

U.S. DOLLARS 293,630 62.10 293, _ ___.4 _ _

Disbursed and still outstanding 236,162 49.95 236,162 51.02 - _Undisbursed 57,468 12.15 57,468 12.41 - -

Privately-placed debt 6,R7i l,l5 6,871 1.48 - -Disbursed and still outstanding 5,507 1.17 5,507 1.19 - -Undisbursed 1.364 0.28 1,.364 0.29 - -

Loans held by IBRD 97,103 97,103 20.98 -_Disbursed and still outstanding 40,999 8.67 40,999 8.86 - _Undisbursed 56,104 11.87 56,104 17.12 - _

U.S. Governnent loans 189,656 40.11 189,656 40.97 - -

CAd;ADIAiW DOLLARS 6,329 1.34 61329 1.37 - -

Privately-placed debt 227 0.05 227 0.05 - -Loans held by IBRD 6,l02 1.29 6,102 1.32 - _

POUNDS STERLING 12,083 2.55 2,204 0..7 9,P79 100.00

Publicly-issued bonds 11,217 2.37 1,338 0.29 9t8?9 100,00Loan held by IERD 866 0.18 866 0.18 -

N.THPMLJMTDS GUILDERS 268 0.06 268 _ o.6 _

Loans hold by IBRD 268 0.06 268 o.o6 -

INDIAN RUPEES 160,498 .33.95 160,498 34.67 -

USSR government loan (all undisbursed)115,498 24.43 115,498 24.95 -

U.S.Government loan (all undisbursed) 45,000 9.52 45,000 9.72 _

IBRD - Economic StaffMarch 7, 1956

Table A-1.- INDIA - EXTERNAL PUBLIC MET

Wational and Government Guaranteed Debt and Debt of Political Subdivisions

(In thousands)

Page 1'Oebt outstanding

Item June 30, 1955In currency In U.S. dollarof payment equivalents

MTAL EiXTERNAL PUBLIC DEBT 472,808 /1

TOTAL NATIONAL AIND GOVERYPMETT GUAK.ANTUED DEBT 462,929

U.S. DOLLAR DEBT 293,630 293.630

Privately-placed debt $ 6.871 6,871Portion sold at 39 for 1956-1958 of $34,000,000 IBRD loan

to India 4po, 1949-1964 $ 3,336 /2 3,336Portion sold at 2 l/l$ for 1956 of $10,000,000 IBRD loan

to India 3 it /2, 1949-1956 ? ,o66 L2 1,066Portion sold at 3% for 1956-1957 of $18,500,000 IBRD loan

to India 4p, 1950-1970 $ 1,105 & 1,105$1,364,000 -oarticipation at 3 3/41, for 1958-1960 in $16,200,000IRD loan to Tata Hydro-electric, Andhra and Tata Power Cos.,4 3/4-p, 1954-1974 $ $ 1364 /6 1,364

Loans held by IBRD M 97,103 97.103Portion of $34,000,000 loan to India 4$, 1949-1964 $ 15,474 LA 15,474Portion of $10,000,000 loan to India 3 l/eo, 1949-1956 $ 706 h2 706Portion of $18,500,000 loan to India 4%, 1950-1970 1. 15,221 A4 15,221$19,500,000 loan to India 4 7/18, 1953-1977 $ 10,500 10,500Portion of $31,500,000 loan to Indian Iron and Steel Co.,

4 3/4%, 1952-1967 La $ 30,366 /8 30,366Portion of $16,200,000 loan to Tata Hydro-electric. Andhra and

Tata Power Cos. 4 3/4%, 1954-1974 15 $ 14,836 L6 14,836$10,000,000 loan to Industrial Credit and Investment Corp. of

India 4 5/e%,. 1955-1969 A $ 10,000 /9 10,000

U.S. Government loans $ 189.656 189,656$189,656-,421- MSA Indian loan 2 1/2%, 1951-1986 $ 189,656 189,656

See footnotes at end of table

Table A-1: INDIA - EXTTEOTAL PUBLIC M-BT (CONT.)

National and Government Guaranteed Debt and Debt of Political Subdivisions

(In thousands)

Page 2Debt outstandingJune 30, 1955

Item In currency In U.-S. dollar

of payment equivalents

.ATIObAL AiID GOVER14rCT GUARAiTEED DEBT (CONT.)

CdAIADIAT DOLLAR DEBT Can$ 6,238 _,322

Privately-placed debt Can$ 223 227Can$223,323 sele at 3p for 1957 of $34,000,000 IBRD loan

to India 4g, 1949-1964 Can$ 223 L2 227

Loans held by IBRD Can$ 6,015 6,102Can$7,028,805 portion of $34,000,000 loan to India 45-, 1949-1964 Can$ 4,982 L2 5,054Portion of $18,500,000 loan to India 4&,. 1950-1970 Can$ 1,033 /4 1,04%

STERLING DEBT £ 787 2_204

Publicly-issued bonds £ 478 1,138£ 11,900,000 India Stock 2 1/2% 1896/1899 103 288£ 17,500,000 India Stock 4 1/2%, 1928/1929-1968 £ 339 949£ 10,000,000 India Stock 3 1/25l, 1933/1934-1959 £ 10 28£ 1,435,650 East Indian TRy. Deb.Stock (Irr.) L l/4 , 1892/1893 £ 9 25£ 348,666 Bastern Bengal Ry. Deb.Stock (Irr.) 4%, 1892/1900 £ 2 6£ 2,701,450 Great Indian Peninsula Ry.DebwStock (Irr.) 4%,1892/1900 £ 11 31£ 425,000 South Indian Ry.Deb.Stock (Perp.) 4 1/2p, 1892/1893 £ 4 11

Loan held by IBRD £ 309 866Portion of $31,500,000 loan to Indian Iron and Steel Co. 4 3/4%,

1952-1967 L £ 309 /8 866NETERLANDS GUILDER DEBT f. 1,019 268

Loans held by IBRD f. 1,019 268Portion of $31,500,000 loan- to Indian Iron and Steel Co. 4 3/4%,

195Z-1967 b f. 1,019 /8 268

See footnotpe Pt. enr of t.1%1

Table A-1: INDIA - EXTERNAL PUBLIC MEET (CONT.)

National and Government Guaranteed Debt and Debt of Political Subdivisions

(In thousands)

.Debt outstanding_ ~June 10, 1255

Item In currency In U.S. dollar

of payment equivalents

NATIONAL AWD GOVIRN-,iENT GUARANT.EED DEBT (CONT.)

INDIAN RUPEE DEBT 160.498

USSR Government loanRs 550,000,000 loan to India 2 1/2%, 1955-1971 110 Rs 550,000 115,498

U.S. Goverunment loanEquivalent of $45,000,000 ICA, Indian loan 3% or 4%, 1955-1995 hi 45,000__

TOTAL fEBT OF POLITIGAL SUBDIVISIONS _22187

STERLING DEBT g, £ 3.528 9-879

Publicly-issued bonds £ _3,528 9,9879£ 899,600 Bombay Improvement Trust Gtd. Deb. 4%, 1909tio-1969/70 £ 900 Lia 2,520£ 1.000,000 Port of Calcutta 5%, 1923-1983 £ 892 /12 2,498£ 1,OOQ.,00o Port of Calcutta 5%., 1924-1984 £ 901 L12 2,523£ 1,075,000 Port of Calcutta 5 1/2p, 1932-1962 £ 835 /12 2,338

sichange rates - The following exchange rates have been used:Par value: £ 1 $2.80; f.l = $0.26316; Rs I = $0.209996Current market rate: Can$ 1 = $1.014610 as of June 30, 1955 and Can$ 1 = $1.000901 as of December 31.1955

L_j Does not include the following.a. $12,580,000 purchased from the IIF and not yet resold.b_ U.S. surplus property credit equivalent to $8,890,000 payable in local currency, real property and improvements

to real property.. No definite agreement has been reached at this time as to the interest rate or terms of rev.

payment on this loan..C. U.S. lend-lease silver loan equivalent to $160,711,000. This loan bears no interest and is payable in kind by

April 28. 1957_

Table A-1; INDIA - EXTThI1AL PUBLIC 3BT (CONT.)

Page 4

Li (Continued)d. British World War I loan, outstanding in the amount of £ 15,466,928 (equivalent to $43,307,398). Payments on

this obligation have been suspended since July 1, 1931 as it has been agreed between the governments of theUnited Kingdom and India that, as long as the United Kingdom suspends payment on its World War I debts to theUnited States, India would susnend payment of its contribution.

e. The following railway annuities;Amount outstandingjune 30, 1955

In currency In U.S, dollarof -pyment e uivralents

Total £ 2,099,657 5,879,040Eastern Bengal Ry. annuities - 1957 £ 258,504 723,811Madras Ry. annuities - 1956 £ 475,810 1,332,268Scinde, Punjab and Delhi Ry. annuities - 1959 £ 1,365,343 3,822,961

In 1943 India made a payment of £ 30,000,000 to the United Kingdom, which undertook to provide the necessarysterling as the payments fall due. India is still liable for the payments to the annuitants, but each yearreceives the required sum in sterling from the United Kingdom.

f. External liabilities of the Indian Government held abroad. At the end of 1953 Rs 290 million was enfaced forpayment abroad, almost entirely in Pakistan.

g. An International Cooperation Administration pro-osed loan which is not finally determined but is estirated at$37.5 million.

h. United Kingdom steel credits of £ 26.5 million, the full details of which are not yet readily available. Itis understood that £ 15 million will be extended by the United Kingdom Government and c 11.5 million by asyndicate of British banks. The interest rate on the £ 11.5 million wrill be 8 1/24.

Table A-1: INDIA - EXT7R14AL PUJBLIC DEBT (CON-T.)Page -5

The status of this loan as of the given dates was as follows:Amount outstanding Amount outstanding

June 30, 1955 Decem.ber 31, 1955In currency In U.S.dollar In currency In U.S. dollarof payment equivalent s of nayment equivalents

Total 34,549,239 /a 34.456.968 /

Disbursed and still outstanding 24,090,956 22,968,

U.S. dollars $ 18j809,801 18,809,801 $ 17,986,588 17,986,588

Held by IBRD $ 15,4 73,58F 15,473,588 $ 14,650,375 14,650,375Sold to third parties without IBRD guarantee $ 3,336,213 3,336,213 $ 3,336,213 3,336,213

Canadian dollars Can$ 5,205,108 5,281,155 CM$ 4,977,306 4,981,791Held by IBRD Can$ 4,981,785 5,054,569 Can$ 4,753,983 4,758,267

Sold to third parties without IBRD guarantee Can$ 223,323 226,586 Can$ 223,323 223,524Cancelled 1,200,000 1,200,000

Repaid 9,258,283 10,288,589

To IBRD 4,498,981 4,724,287To third Tarties (sold with IBRD guarantee) 2,684,255 2,684,255To third parties (sold without IBRD guarantee) 2,075,047 2,380,047

/a The total amount of this loan originally authorized was the equivalent of $34,000,000.The disbursements of.Canadian dollars have been valued at the rates shown in the sectionabove headed "Exchange rates". Since these rates have changed from the rate used at thetime of actual disbursement, the total shown here differs from the originally authorizedamount.

3 The status of this loan as of the given dates was as follows: Amount outstandiR&

June 30,1955 December 31,1955In U.S. dollar eouivalents

Total $ 10,000,000 $ 10,000,000

Disbursed and still outstanding (all U.S. dollars) 1,771,813 1,180,813Held by IBRD 706,000 115,000Sold to third parties without IBRD guarantee 1,065,813 1,065,813

Cancelled 2,796,187 2,796,187Repaid 5,432,000 6,023.000

To I-BRD 1,557,000 2,148,000To third parties (sold with IBRD guarantee) 2,595,000 2,595O000To third narties (sold without IBRD guarantee) 1,280,000 1,280,000

Table A-1: INDIA - EXTERNAL PUBLIC, DEBT (COITT.)

Page 6L4 The status of this loan as of the given dates was as follows:

Amount outstanding Amount outstandingJune 30, 1955 December 31.1955

In currency In U.S. dollar In currency In U.S. dollarof paymnent eouivalents of nayment eauivalents

Total 18,499,662 L 18,490,470 /a

Disbursed and still outstanding 16,061,256 15,711.96'

U.S. dollars $ 15,011,21Z 15,013,217 $ 15,031,128 152031,128Held by IBRD $ 13,908,217 13,908,217 $ 13,926,128 13,926,128Sold to third parties without IBRD guarantee $ 1,105,000 1,105,000 $ 1,105,000 1,105,000

Canadian dollars (held by IBRD) Can$ 1,032,948 1,048.,039 Can$ 680,224 680,837Cancelled _7690,000 1779,.500

Repaid 864.6.06o

To IBRD 121,000 549,000

To third parties (sold without IBRD guarantee) 315,000 315,000Undisbursed 1,312,406

.LA The total amount of this loan originally authorized was the equivalent of $18,500,000.The disbursements of Canadian dollars have been valued at the rates shown in the sectionabove headed nXxchange rates-. Since these rates have changed from the rate used at thetime of actual disbursement, the total shown here differs from the originally authorizedamount.

]i Guaranteed by the G-overnment of India.

L6 The statu3 of this loan as of the given dates was as foliows:.Amount outstanding Amount outstanding

June 30, 1955 D0ecember 31, 1955In currency In U.S. dollar In currency In U..S.dollarof nayment eauivalents of yMment equivalents

Total 16,200,000 16,200,000

Disbursed and still outstanding (held by IBRD) i,52M672U.S. dollars 1,502,393Pounds sterling £ 7,243 20,279

Undisbursed 16,200o,000 14,677,28Held by IBRD 14,836,000 13,313,328Participation funds not yet called 1,364,000 1,364,000

'Pable .,I: INDIA _ EXTE1NAL PUBLIC DEBT (CONT.)

P ape 7tL The status of this loan as of the given dates was as follows:

Amount outstandingJune 30, 1955 December 31.1955

Total loan (U.S. dollars) $ 19,500.000 $ 19.500,000Disbursed and still outstanding (held by IBRD) 830,979 2,766,632Cancelled 9,000,000 9,000,000Undisbursed 9,669,021 7,733,368

M8 The status of this loan as of the given dates was as follows:Amount outstanding Amount outstanding

June 30, 1955 Dece mber 31, 1955In currency In U.S. dollar In currency In U.S. dollarof nayment equivalents of payment equivalents

Total 31,500,000 31,500,000Disbursed and still outstanding (held by IBRD) 1,242,996 4,137.588

U.S. dollars $ 108,740 108,740 $ 1,101,140 1,101,140Pounds sterling £ 309,339 866,149 £ 986,994 2,763,583Netherlands guilders f.l,018,806 268,107 f. 1,036,886 272,865

Undisbursed 30,257,004 27.362,412

./2 As of June 30, 1955 and December 31, 1955 this loan was comPletely undisbursed.

/10 This loan is to finance the establishment of an integrated Iron and Steel Works in India for which the currentestimated cost is approximately Rs 550,000,000. The actual amount of the loan shall be determined by mutualnegotiations and agreement and credit shall be raised upon each delivery c.i.f. Indian ports. All payments tobe made by the Indian authorities shall be in Indian rupees and may be utilized by the USSR for the purchase ofgoods in India and/or be freely convertible into pnounds sterling. If the narity of the Indian rupee (0.186621grammes of fine gold per one Indian rupee) in terms of gold changes, repayments shall be revalued promortionately.Should the Indian authorities decide to cancel the project after the Soviet authorities have submitted a decailedproject report, the Indian Government shall be liable for the excpenses incurred by the Soviet organizations inconnection with the report upn to a maximum of Rs 8 million.

/11 This loan is denominated in U.S. dollars, but any instalment of princinal and interest may be paid either in U.S.dollars or in Indian rupees at the sole option of India. If payment is made in U.S. dollars, interest on the out-standing balance is calculated at 3% p.a.; if the payment is made in rupees, interest is calculated at 4% p.a. Forpurposes of this table, it has been assumed payment will be made in rupees.

LAZ Estimated by IBRD to be outstanding June 30, 1955.IBRD - iconomic Staff

Table A-2: INDIA - ESTIMATED CONTRijCTUAL INTEREST AKD AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT

National and Government Guaranteed Debt and Debt of Political Subdivisions

(In thousands of U.S. dollar equivalents)page 1

Total Li Service payments by currency of )aymentsDebt out- Payments during year U. S. Canadian Pounds NTetherlands Indian

Year standing Amorti- In- Total dollars dollars sterling guilders rupeesJanuary 1 zation terest

1956 472,808 t2 4,302 7,702 12,004 10,553 565 525 _ 3611957 465,265 8,059 8,771 16,830 11,955 530 525 _ 3,8201958 457,206 10,995 11,771 22,766 12,967 615 526 - 8,658.959 446,211 16,686 12,710 29,396 16,103 820 786 23 11,664

1960 429,525. 20,285 13,332 33,617 17,836 820 906 36 14,0191961 409,240 20,753 12,703 33,456 17,898 820 885 36 13,8171962 388,487 23.944 11,942 35,886 18,222 820 3,190 39 13,6151963 364,543 22,133 11,151 33,284 18,223 820 788 39 13,4141964 342,410 22,680 10,402 33,082 18,223 820 788 39 13,2121965 319,730 20,147 9,662 29,809 15,904 67 788 39 13,0111966 299,583 20,617 8,991 29,608 15,905 67 788 39 12,8091967 278,966 22,606 8,297 30,903 17,403 67 789 38 12,6061;)68 256,360 21,092 7,561 28,653 14,857 67 1,323 12,406,969 235,268 19,712 6,946 26,658 14,855 67 1,939 9,7971070 215,556 15,061 6,348 21,409 12,904 34 1,220 7,2511971 200,495 11,324 5,911 17,235 12,211 251 4,7731972 189,171 9,223 5,576 14,799 12,212 251 2,3361973 179,948 9,548 5,289 14,837 12,212 251 Z,3741974 170,400 9,886 4,991 14,877 12,213 251- 2,4131975 160,514 8,790 4,698 13,488 10,785 251 2,4521976 151,724 9,080 4,446 13,526 1o,784 251 2,4911977 142,644 11,393 4,172 15,565 12,784 251 2,5301978 131,251 10,952 3,859 14,811 11,991 251 2,5691979 120,299 11,284 3,566 14,850 11,991 251 2,6081980 109,015 1l,626 3,263 14,889 11,991 251 2,647

See footnotes at end of table

Table Ah-2: IN-DIA - BSTIMMTMD CONJTRACTUAL INTLREST AND AMORTIZATIOIN PAYkEi1TS ON THIL EXMRNAL PUBLIC DEBT (Cont.)

National and. Government Guaranteed Debt and Debt of Political Subdivisions

(In thousands of U.S. dollar equivalents)Page 2

U.S. dollarsTotal Privately-nlaced debt Loans held by IBRD Li

Year Debt out- _Payments during year Debt out- Piments during year Debt out- Payvments during yearJtanding 1 morti- In- Total standing Amorti- In- Total standing Amorti- In- TotalJanuary I zation terest January 1 zation terest January 1 zation terest

1956 293,630 A 3,965 6,588 10,553 -6,871L 2 2,333 149 2,482 97,103 /-2 1,632 1,698 3,3301957 285,167 5,338 6,617 ll955 4,538 2,369 76 2,445 90,973 705 1,814 2,5191958 279,829 5,767 7,200 12,967 2,169 1,134 63 1,197 90,268 2,312 2,467 4,7791959 274,062 8,513 7,590 16,103 1,035 682 32 714 87,956 5,452 2,946 8,3981960 265,549 9,634 8,202 17,836 353 353 7 360 82,504 6,842 3,643 10,4851961 255,915 10,041 7,857 17,898 75,662 7,540 3,367 10,9071962 245,874 10,773 7,449 18,222 68,122 8,209 3,022 11,2311963 235,101 11,208 7,015 18,223 59,913 8,580 2,652 11,.2321964 223,893 11,661 6,562 18,223 51,333 8,967 2,265 11,2321965 212,232 9,792 6,112 15,904 42,366 7,030 1,883 8,9131966 20r,440 10,188 5,717 15,905 35,336 7,357 1,557 8,9141967 192,252 12,103 5,300 17,403 27,979 7,700 1,212 8,9121968 180,149 9,998 4,859 14,857 20,279 3,966 900 4,8661969 170,151 10,327 4,528 14,855 16,313 4,143 721 4,8641970 159,824 8,707 4,197 12,904 12,170 2,368 545 2,9131971 151,117 8,268 3,943 12,211 9,802 1,769 451 2,2201972 142,849 8,518 3,694 12,212 8,033 1,856 365 2,2211973 134,331 8,776 3,436 12,212 6,177 1,946 275 2,2211974 125,555 9,043 3,170 12,213 4,231 2,041 181 2,2221975 116,512 7,874 2,911 10,785 2,190 696 98 7941976 108,638 8,O87 2,697 10,784 1,494 729 64 7931977 100,551 10,321 2,463 12,784 765 765 28 7931978 90,230 9,797 2,194 11,9911979 80,433 10,043 1,948 11,9911980 70,390 10,296 1,695 11,991

See footnotes at end of table

Table A-2: INDIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PFAYMNTS ON THE EXTERNAL PUBLIC DEBT (Cont.)

National and Government Guaranteed Debt and Debt of Political Subdivisions

(In thousands of U.S. dollar equivalents)-Page 3

U.S. dollars Canadian dollarsU.S, government loan Total PrivatelY-tlaced debt

Year Debt out- Payments during year Debt out- Payments durnFya Deaymentsd payments during .ear_standing Amorti- In- Total standing Amorti- In- Total standing Amorti- In- TotalJanuary 1 zation terest January 1 zation terest January I zation terest

1956 189,656 L2 - 4,741 4,741 6,329 /2 337 228 565 227 L2 - 7 71957 189,656 2,264 4,727 6,991 5,326 315 215 530 224 224 7 2311958 187,392 2,321 4,670 6,991 5,011 416 199 6151959 185,071 2,379 4,612 6,991 4,595 643 177 8201960 182,692 2,439 4,552 6,991 3,952 669 151 8201961 180,253 2,501 4,490 6,991 3,283 696 124 8201962 177,752 2,564 4,427 6,991 2,587 723 97 8201963 175,188 2,628 4,363 6,991 1,864 753 67 8201964 172,560 2,694 4,297 6,991 1,111 783 37 8201965 169,866 2,762 4,229 6,991 328 54 13 671966 167,104 2V831 4,160 6,991 274 57 10 671?67 164,273 4,403 4,088 8,491 217 59 8 671968 159,870 6,032 3,959 9,991 158 61 6 671969 153,838 6,184 3,807 9,991 97 64 3 671970 147,654 6,339 3,652 9,991 33 33 1 341971 141,315 6,499 3,492 9,9911?72 134,816 6,662 3,329 9,9911973 128,154 6,830 3,161 9,991-1974 121,324- 7,002 2,989 9,9911975 114,322 7,178 2,813 9,9911976 107,144 7,358 2,633 9,991197-7 99,786 9,556 2,435 11,9911978 90,230 9,797 2,194 11,9911979 80,433 10,043 1,948 11,9911980 70,390 10,296 1,695 11,991

See footnotes at end of table

Table A-2: -INDIA - ESTIMATED CONTIRACTUAL INT:-RLST AIM AMORTIZATION PAYMENTS ON THI EXTERNAL PUBLIC DEBT (Cont.}

National and Government Guaranteed Debt and Debt of Political Subdivisions

(In thousands of U.S. dollar equivalents)pagg 4

Canadian dollars Pounds sterlingLoans held by IBRD Li Total Publicly-issued bonds

Year Debt out- _Pfayments during year Debt out- Payments during Year Debt out- Payments-,"uring -yearstanding Amorti- In- standing Amorti- In- T standing Amorti- In- TJanuary 1 zation terest January 1 zation terest January 1 zation terest otal

1956 6,102 12 337 221 558 12,083 L2 - 525 525 11,217 L2 - 525 5251957 5,102 91 208 299 14,001 - 525 525 11,217 - 525 5251958 5,011 416 199 615 14,001 - 526 526 11,217 - 525 5251959 4,595 643 177 820 14,001 260 526 786 11,217 27 525 5521960 3,952 669 1e1 820 13,741 264 642 906 11,190 - 524 5241961 3,283 696 124 820 13,477 255 630 885 11,190 - 524 5241962- 2,587 723 97 820 13,222 2,638 552 3,190 11,190 2,338 459 2,7971963 1,864 753 67 820 10,584 315 473 788 8,852 - 395 3951964 1,111 783 37 820 10,269 330 458 788 8,852 - 395 395,1965 328 54 13 67 9,939 345 443 788 8,852 - 395 3951966 274 57 10 67 9,594 362 426 788 8,852 - 395 3951967 217 59 8 67 9,232 380 409 789 8,852 - 395 3951968 158 61 6 67 8,852 950 373 1,323 8,852 950 373 1,3231969 97 64 3 67 7,902 1,587 352 1,939 7,902 1,587 352 1-,9391970 33- 33 1 34 6,315 932 288 1,220 6,315 932 288 1,2201971 5,383 - 251 251 5,383 - 251 2511972 5,383 - 251 251 5,383 _ 251 2511973 5,383 _ 251 251 5,383 - 251 2511974 5,383 - 251 251 5,.383 - 251 2511975 5,383 - 251 251 5,383 - 251 2511.976 5,383 - 251 251 5,383 - 251 2511977 5,383 - 251 251 5,383 - 251 2511978 5,383 - 251 251 5,383 - 251 2511979 5,383 - 251 251 5,383 - 251 251980 5,383 - 251 251 5,383 - 251 251

See footnotes at end of 'table

Table A-2: INDIA - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT (Cont.)

National and Government Guaranteed Debt and Debt of Political Subdivisions

(In thousands of U.S. dollar equivalents)page 5

Pounds --sterling Netherlands guilders Indian rupeesLoans held by IBRD 12 Total (Loan held by IBRD 12) _ Total

Year Debt out- payments during year Debt out- Payments during year Debt out- Paymentsstandingtal stinding Amorti- In- T standing Amorti- In-January 1 zation terest Total tandiny orti- Inre January 1 zation terest Total

1956 866 L/ - - - 268 /2 _ . 160,498 L - 361 3611957 2,784 - - - 273 _ _ _ 160,498 2,406 1,414 3,8201958 2,784 - 1 1 273 _ - - 158,092 4,812 3,846 8,6581959 2,784 233 1 234 273 23 - 23 153,280 7,247 4,417 11,6641960 2,551 264 118 382 250 24 12 36 146,033 9,694 4,325 14,0191961 2,287 255 106 361 226 25 11 36 136,339 9,736 4,081 13,8171962 2,1032 300 93 393 201 30 9 39 126,603 9,780 3,835 13,6151963 1,732 315 78 393 171 31 8 39 116,823 9,826 3,588 13,4141964 1,417 330 63 393 140 33 6 39 106,997 9,.8?3 3,339 13,2121965 1,087 345 48 393 107 34 5 39 97,124 9,922 3,089 13,0111966 742 362 31 393 73 36 3 39 87,202 .9,974 2,835 12,8091967- 380 380 14 394 37 37 1 38 77,228 10,027 2,579 12,6061968 67>201 10,083 2,323 1294061969 57,118 7,734 2,063 9,7971970 49,384 5,389 1,862 7,2511971 43,995 3,056 1,717 4,7731972 40,939 705 1,631 2,3361973 40,234 772 1,602 2,3741974 39,462 843 1,570 2,4131975 38,619 916 1,536 2,4521976 37,703 993 1,498 2,4911977 36,710 1,072 1,458 2,5301978 35,638 1,155 1,414 2,5691979 34,483 1,241 1,367 2,608ig89) 33,242 1,330 1,317 2,647

See footnotes at end of table

Table A-2: INDIA - ESTIMA'TD CONTRACTUAL INTEREST ANTI AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT (Cont.)

National and Government Guaranteed Debt and Debt of Political Subdivisions

(In thousands of U,S..dollar equivalents)paze 6

Indian rupeesU.S.SR.. government loan U.S. government loan L It has been assumed that the

Year Debt out- P paments durina Year Debt out- gayments during year undisbursed portion of thesestanding Amorti- In- Total standing Amorti- In- Total loans have been disbursed byJanuary 1 zation terest January 1 2ation terest December 31, 1956 with the

following axceptions:1956 115,498 L2 - 361 361 45,000 /2 - _ _ (a)- Disbursements of IBRD loans.957 115,498 2,406 1,414 3,820 45,000 - - - have been assumed as esti-1958 113,092 4,812 2,O46 6,858 45,000 - 1,800 1,800 mated by Treasurer's Depart-1959 108,280 7,218 2,617 9,835 45,000 29 1,800 1,829 ment of IBED.1960 101,.062 9,6224 2,527 12,151 44,971 70 1,798 1,868 (b) Disbursement of the U.S.S.R.1961 91,438 9,624 2,286 11,910 44,901 112 1,795 1,907 government loan was estimated1962 81,814 9,624 2,045 11,669 44,789 156 1,790 1,946 to be made in four equal in-1963 72,190 9,624 1,805 11,429 44,633 202 1,783 1,985 stallments over a four year1964 62,566 9,624 1,564 11,188 44,431 249 1,775 2,024 period, beginning March 15,1965 52,942 9,624 1,324 10,948 44,182 298 1,765 2,063 1956.1966 43,318 9,624 1,083 10,707 43,884 350 1,752 2,1021967 33,694 9,.624 842 10,466 43,534 403 1,737 2,140 /2 Amount outstanding in 1956 is as1968 24,070 9,624 602 10,226 43,131 459 1,721 2,180 of June 30, 1955. However, no1969 14,446 7,218 361 7,579 42,672 516 1,702 2,218 payments for 1955 are shown on1970 7,228 4,812 181 4,993 42,156 577 1,681 2,258 this table.1971 2,416 21416 60 2,476 41,579 640 1,657 2,2971972 40,939 705 1,631 2,336 ,2 Amount outstanding in 1956 is as1973 40,234 772 1,602 2,374 of June 30, 1955. However, pay-1974 39,462 843 1,570 2,413 ments are based on the status as1975 38,619 916 1,536 2,452 of December 31, 1955c1976 37,703 993 1,498 2,4911977 36,710 1,072 1,458 2,5301978 35,638 1,155 1,414 2,5691979 34,483 1,241 1,367 2,6081980 33,242 1,330 1,317 2,647

IBRD - Economic StaffMarch 7, 1956