IMF debt / Debt as defined by the IMF


Dernière mise à jour le :27/01/2021


IMF debt covers five financial liabilities of the general government: cash and deposits (F.2), debt securities (F.3), loans (F.4), provisions for calls under standardized guarantees (F.6) and other accounts payable (F.8). It is a gross debt, consolidated and expressed at its face value.

The IMF's definition of debt is broader than the Maastricht definition of debt. Indeed, in addition to the three liabilities included in the scope of Maastricht debt (cash and deposits, debt securities, and loans), IMF debt includes insurance, pension and standardized guarantees schemes (AF.6) as well as other accounts payable (AF.8).

IMF debt covers all general government as defined in the national accounts: the government, central agencies (ODACs), local government and social security funds.

It is gross debt in the sense that government financial assets are not subtracted from liabilities.

It is consolidated: the debt calculation therefore excludes the debt items of one administration held by another administration. For example, this is the case of government deposits with the Treasury.

IMF debt is valued at nominal value, i.e. at the face value of the principal. Thus, accrued interest or fluctuations in the price of securities are not included in the valuation of instruments, while the revaluation of the redemption value of price-indexed bonds (OATi, BTANi and CADESi) is taken into account.