However, a fall in import payments, largely due to the decline in oil prices, served to narrow the current account deficit to 6.9% of GDP, from 11.9% in 2008.
Net private capital inflows slumped by $ million, as project financing was considerably lower in than in 2008  BIS Review 14/2010  15  Figure 17: Net international reserves and import cover  $ 1,800  30.0  1,600  25.0  1,400 1,200  20.0  1,000  15.0  800 600  10.0  400  5.0  200 0  0.0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 NIR (left hand axis) Weeks of imports of goods & services (right hand axis)  In 2010, the external current account deficit is projected to be slightly wider than that of 2009 owing primarily to a pickup in retained imports, as international oil and other commodity prices, as well as interest costs on external debt are projected to rise.