Construction of the External Vulnerability Index Annexure-4: Construction of the External Vulnerability Index The five external vulnerability indicators are as follows Indicator 1. External Debt as% of GNI 2. External Debt as% of Exports 3. Reserves as% of External Debt 4. Debt Service as% of Exports 5. Short-Term Debt as% of total Debt Lower, the better Lower, the better Higher, the better Lower, the better Lower, the better Across the countries, for construction of an index of each indicator In the case of an indicator where lower value is better, the index is as follows: In the case where a higher value is better, the index is as follows: The External Vulnerability Index for the jth country is given: 203