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Official obligors (borrowers) or guarantors are: 

  • Central governments or their departments (ministries), 
  • Political subdivisions such as states, provinces, departments, and municipalities, 
  • Foreign central banks, 
  • Any official multinational organization, and 
  • Autonomous institutions (such as corporations, development banks, railways, utilities, etc.) where: 
  1. The budget of the institution is subject to the approval of the government of the recipient country; 
  2. The government owns more than 50 percent of the voting stock or more than half of the members of the board of directors are government representatives; and 
  3. In the case of default, the government or central bank would become liable for the debt of the institution. 

Private obligors (borrowers) or guarantors are defined as obligors other than official.