## Figure 1.17. Rising Vulnerabilities and More Complex Creditor Composition

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**Canonical URL:** [Figure 1.17. Rising Vulnerabilities and More Complex Creditor Composition](https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-17.pdf)

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### Debt Sustainability Ratings (Panel 1)
- Metric: Percent of PRGT-eligible countries with DSAs (Debt Sustainability Analysis).
- Finding: "More than 45 percent of LICs are at high risk or in debt distress."
- Legend categories (as shown): "15–20 percent", "20–25 percent", ">25 percent".
- Risk classification labels (as shown): "In debt distress", "High risk".

### Debt Service as a Share of Exports (Panel 2)
- Metric: Percent of small high-yield EMs (sample includes 35 non-investment-grade relatively small issuers that are part of JPMorgan’s EMBIG index; each has a weight of less than 2 percent of the index).
- Finding: "Debt-servicing costs have risen across small non-investment-grade EM issuers."
- Axis units: Percent.

### External Debt Creditor Composition (Panel 3)
- Metric: Percent of public and publicly guaranteed external debt (based on 37 LIDCs where continuous data are available from 2007 to 2016).
- Creditor categories (as shown):
  - "Other multilateral"
  - "Non–Paris Club excluding China"
  - "WB, IDB, IMF, AfDB, AsDB, and Paris Club"
  - "China"
  - "Bonds"
  - "Commercial banks"
  - "Other commercial"
- Note: "Figures are in simple averages and may be overly influenced by the experience of countries with very high levels of debt."

### External Creditor Composition of Post-HIPC Countries in Debt Difficulty (Panel 4)
- Metric: Percent of public and publicly guaranteed external debt.
- Countries included: Cameroon, Chad, Republic of Congo, Ethiopia, Ghana, Mauritania, Mozambique, and Zambia.
- Observation: "Composition of creditors of public debt has changed substantially ...... particularly in several post-HIPC countries."
- Other commercial creditors include oil traders.

*Sources: Bank for International Settlements; IMF-Organisation for Economic Co-operation and Development-WB Joint External Debt Statistics; 2017 survey of IMF country desks; World Bank International Debt Statistics; IMF, International Financial Statistics database; and various IMF staff reports.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-17.pdf_