May 6 (Reuters) - The International Monetary Fund said on
Wednesday it was correcting figures it published in April on
financing needs of eastern European countries, largely because
of double-counting errors.

Economists agree short-term financing needs are the
linchpin of economic stability in Eastern Europe, but pinning
down accurate figures has at times frustrated banks and
international institutions alike.

Bankers and policymakers have tried to quash alarming
reports that sparked a selloff across emerging Europe at the
start of the year by saying the region was in hock to Western
banks by up to 1.7 trillion euros.

The European Bank for Reconstruction and Development said
the figure was "nonsensical," pointing out that it was just the
size of the overall balance sheet of the region's foreign owned
banks, not exposure to debt.

A better figure, it said, was the 130 billion euros owed by
sovereigns and banks in the region -- excluding Russia and
Kazakhstan -- through this year.

Following are figures of debt due to be paid to BIS
reporting banks by the end of the third quarter, including
international debt securities. Also included are central bank
foreign currency reserves at the end of March for countries in
central and Eastern Europe.

The figures, taken from the Joint External Debt Hub
website, do not exactly match those issued in the International
Monetary Fund's Global Financial Stability report issued in
April, as they only include sums owed to BIS reporting banks.

But analysts say they are a good approximation of the
external positions of the emerging countries.

SHORT TERM CBANK FOREX RATIO

DEBT* RESERVES DEBT/RESERVES

($bln) ($bln) (pct)
1. Bulgaria 11.780 16.08 73.3
2. Croatia 18.080 11.88 152.18
3. Czech Republic 19.886 36.854 54.0
4. Estonia 6.499 3.55 183.1
5. Hungary 32.974 37.74 *** 87.4
6. Latvia 10.990 4.52 243.1
7. Lithuania 6.069 4.99 121.6
8. Poland 35.202 61.79 57.0
9. Romania 38.827 32.96 117.8
10. Russia 101.395 380.6 26.6
11. Serbia 7.246 10.7 67.7
12. Ukraine 20.052 25.4 78.9
* Latest available data (Q3, 2008) data taken from Joint
External Debt Hub database jointly developed by the Bank for
International Settlements, the International Monetary Fund, the
Organisation for Economic Cooperation and Development, and the
World Bank. They include short-term international debt
securities, and short term liabilities to BIS banks.
** Reserves data taken from national banks' latest figures.
*** Reserves increased from $22.69 in October, 2008, after
government converted IMF-led bailout package through the
central bank, boosting reserves.
(Reporting by Michael Winfrey; Editing by Diane Craft)