Since the late 1990s, a fundamental shift has occrred in the pattern of private sector financial flows to developing countries. Debt flows have fallen sharply, while equity flows - mainly in the form of foreign direct investment - have remained comparatively robust. This shift from debt to equity should diminish the volatility of developing countries" external finance and improve their access to technology, markets and management expertise. But much more needs to be done to put development finance on a stable basis. This annual review of recent trends in and prospects for financial flows to developing countries from the World Bank also contains its projections of the global outlook in light of current global geopolitical uncertainties. Volume II includes a comprehensive set of tables with statistical data for 138 countries that report debt under the World Bank Detor Reporting System, as well as summary data for regions and income groups. It contains data on total external debt stocks and flows, aggregates and key debt ratios, and provides a detailed, country-by-country picture of debt.