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Disbursements are drawings on loan commitments during the year specified. This item includes disbursements on long-term and short-term debt and IMF repurchases. Long-term external debt is defined as debt that has an original or extended maturity of more than one year and that is owed to nonresidents and repayable in currency, goods, or services. IMF purchases are total drawings on the General Resources Account of the IMF during the year specified, excluding drawings in the reserve tranche. To maintain comparability between data on transactions with the IMF and data on long-term debt, use of IMF credit outstanding at the end of year (stock) is converted to dollars at the SDR exchange rate in effect at the end of year. Purchases are converted at the average SDR exchange rate for the year in which transactions take place.