The International Monetary Fund has corrected an outstanding error for some eastern European countries because of wrong data.
In its latest Global Financial Stability Report, published in April, the IMF provide key numbers on 38 selected emerging market countries, including their 2009 external debt refinancing needs as a ratio of their foreign exchange reserves.
After the number released were challenged by central bankers, analysts and journalists, the IMF revised the data and began publishing new figures for the external debt or reserves ratios of some eastern European countries.
We regret any confusion that may have arisen as a result of our publication of erroneous figure, the IMF said Wednesday it would verify its numbers and publish correct figures on its website as soon as possible.
The ratio for the Czech Republic was cut from 236% to 89% and Estonia’s was reduced to 132% from 210%. The figure for Ukraine is also being cut to 116% from 208%, that Lithuania’s ratio of 425% may also be recalculated and that others may follow.
The eastern European error is the second time in less than a month that the IMF has had to correct published data.
The fund changed its estimates of the costs of Britain's banking losses from 13.4% of gross domestic product to 9.1% after the UK Treasury said the original number was wrong.