The International Monetary Fund has corrected a miscalculation that led to massively overblown estimates of external debt in crisis-hit eastern European, reports the Financial Times.

In its Global Financial Stability Report, published in April. The IMF gave key figures on 38 emerging market countries, including their 2009 external debt refinancing requirements as a ratio of their foreign exchange reserves.

But the numbers for several countries were challenged, the IMF has revised the numbers and begun publishing new data for the external debt/reserves ratios of some eastern European countries, says the FT.

'The ratio for the Czech Republic was cut from 236 per cent to 89 per cent and Estonia's was reduced to 132 per cent from 210 per cent. It is understood the figure for Ukraine is also being cut to 116 per cent from 208 per cent, that Lithuania's ratio of 425 per cent may also be recalculated and that others may follow, ' said the FT.

The IMF said ,"We regret any confusion that may have arisen as a result of our publication of erroneous figures."

The fund added that it was now reviewing "how the errors occurred" and would "amend the IMF's internal procedures according to the lessons learned".

The FT reports, 'The data revision comes at a sensitive time for central and eastern Europe, which has been particularly reliant on external debt financing compared with emerging markets in other regions.

'Even after the reductions, the 2009 external debt refinancing/reserves ratios are much higher in eastern Europe than in Africa, Latin America or Asia. The figure for South Korea, the largest outside eastern Europe, is 93 per cent. '