Official Obligor

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._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.