was a significant decline in imports reflecting both Government austerity measures as well as the inability to obtain external financing. The result ldas an unforeseen improvement in the current account deficit. There was a furtherA/40 / 430 English Page 8 deterioration in the capital account reflecting primarily a sharp decline inofficial capital inflows. The net result was a marginal improvement in the overall balance of payments deficit from an estimated $US 18 million in 1983 to $US 15.2 million in 1984. This was covered nainly through drawing down external asset.s, restructuring of debt service payments and accrual of arrears in debt service payments. Table 2 Balance of pavnents 1983-1984 (Millions of United States dollars) r983 1984 (Preliminary) (Provisional) Exports, f.o.b. Cocoa Timber Others Imports, c. i.f. Petrol and petroleum byproducts Trade balance Services (net) Interest Transfers Current account balance Capital account balance (including and omissions) Official Disbursements Amort i zat,ion Private g/ Overall balanceerrorg18. 0 ( r3. 1) (4.6) (0.3) -32.3 (-8.3) -14.3 -7.0(-s.7) 5.0 -15.3 -2.7 9.6 23.7 -14.1 -L2.3 -18.0 18. 0.I 1.4 9.1 ,_n17. 0 ( 1r. s) (s.21(.3) -27.4 (7.7) -19J -7.5(-s.8) 5.4 -11.5 -4.7 1.1 ro.2 -9. I -5. 8 -L6.2 15.2 -5.4 1.6 L.2 8.0 r0. IFinancing Change in external assets (net) Commercial arrears !4odif ication of payment arrears b,/ Restructuring of debt service Accumulation of arrears Source: Government of Equatorial Guinea. a/ Includes errors and omissions. p./ Accrual of arrears corresponding to obligations for service of foreign debt, less cash payments of arrears previously accrued. /...A/ 40 / 430 Eng Ii sh Page 9 4. External debt I7. The existing external debt of Eguatorial Guinea is extremely onerous, and the country finds it increasingly difficult to meet its debt service obligation. According to Government figures, the ouLstanding external debt totalled
**Analysis**
The text discusses the economic situation of Equatorial Guinea, specifically the decline in imports, improvement in the current account deficit, and the country's external debt. It also mentions the use of external assets, restructuring of debt service payments, and accrual of arrears in debt service payments. This suggests that the text is primarily focused on economic issues.

**Category**
International trade, Economic development