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Global Development Finance 2003

Foreign Investment, Remittances Outpace Debt As Sources of Finance For Developing Countries: World Bank

Washington, April 2, 2003— Foreign direct investment and migrant workers sending part of their paycheck back home have become more important sources of finance for developing countries than private lending. In 2002 payments on private debt were again larger than new loans, so private debt flows were a net negative for developing countries, according to a new World Bank report, Global Development Finance 2003.

These changes are having profound consequences for developing countries. The boom and bust in private lending was a crucial element in a series of financial crises that started with the 1997-98 East Asia crisis and continued in a new round of Latin American debt problems in 2002. More positively, however, the lower volatility of foreign direct investment (FDI) and remittances is fostering a more stable environment for those developing countries that have learned to live with less external debt.

Press Materials
Press Release in English, Arabic (135K PDF), Chinese (160K PDF), French, Hindi (95K Word), Japanese (75K Word), Portuguese, and Spanish.  Coming soon in Italian, German, and Polish.
Regional Press Releases: Africa, East Asia & Pacific (30K PDF), Europe & Central Asia (22K PDF), Latin America & Caribbean in English (125K PDF) & Spanish (25K PDF), Middle East & North Africa in English and Arabic, and South Asia (30K PDF).
Press Conference Transcript
Global Development Finance 2003
Complete Report as One File (1.1MB PDF)
Table of Contents & Overview (55K PDF)
Ch. 1: Financial Flows to Developing Countries: Recent Trends and Near-Term Prospects (55K PDF)
Ch. 2: Battling the Global Headwinds of Financial Imbalances and Uncertain Geopolitics (155K PDF)
Ch. 3: Coping with Weak Private Debt Flows (240K PDF)
Ch. 4: Sustaining and Promoting Equity-Related Finance for Developing Countries (135K PDF)
Ch. 5: Corporate Financial Structures and Performance in Developing Countries (95K PDF)
Ch. 6: Living Up to the Monterrey Commitments: Raising Aid - and Ensuring Its Effectiveness (95K PDF)
Ch. 7: Workers' Remittances: An Important and Stable Source of External Development Finance (95K PDF)
Statistical Appendix (190K PDF)

External Debt Tables (Excel format)
(The World Bank ):
Years 1970, 1980, 1990, 1994-2000

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