Among the major debtors, only Argentina (at 18 cents) and Peru (6 cents) scored lower.

For the major middle-income debtors, we continue to support the present growth-oriented case-by-case strategy.

But net lending to the major debtors last year was negative.

And interest rates have come down five percentage points since 1984, he noted, saving major debtors more than $13 billion a year in interest.

Mr. Putin is faced with a difficult decision on Iraq, a former ally and major debtor to the Russian government.

Commercial bank exposure to the major debtors since 1985 has declined slightly, while the exposure of the international institutions has increased sharply.

The Soviet Union, which was once a major debtor, now owes the United Nations only $2.6 million in regular dues.

Another major Soviet debtor is Iraq, itself an oil producer, which has received at least $1.5 billion of credits in recent years.

Among the major Latin debtors, only Peru's debt sells at a greater discount.

Of the major debtors, only Brazil has seen a decline.