Average grant element on new external debt commitments

The grant element of a loan is the grant equivalent expressed as a percentage of the amount committed. It is used as a measure of the overall cost of borrowing. To obtain the average, the grant elements for all public and publicly guaranteed loans have been weighted by the amounts of the loans. The grant equivalent of a loan is its commitment (present) value, less the discounted present value of its contractual debt service; conventionally, future service payments are discounted at 10 percent. Commitments cover the total amount of loans for which contracts were signed in the year specified. Public debt is an external obligation of a public debtor, including the national government, a political subdivision (or an agency of either), and autonomous public bodies. Publicly guaranteed debt is an external obligation of a private debtor that is guaranteed for repayment by a public entity. Data for private nonguaranteed debt are not available.

贷款的赠与成分（grant element）指以承诺贷款额百分比形式体现的赠与等价额（grant equivalent），是衡量借贷总成本的指标。为计算平均赠与成分，需按所有公共及公共担保贷款的贷款总额对其赠与成分进行加权平均。一笔贷款的赠与等价额为其承诺现值（commitment present value）减去合同债务偿付额的贴现现值（discounted present value）；按照惯例，未来债务偿付款项按10%的贴现率进行贴现。承诺贷款额涵盖指定年度内已签署合同的全部贷款总额。公共债务指公共债务人的对外债务，包括中央政府、地方政府（或其下属机构）以及自治公共机构。公共担保债务指由公共实体提供还款担保的私人债务人的对外债务。目前暂无私人无担保债务的相关数据。