metadata: authors: 0: author: Everaert, Luc
1: author: Garcia-Pinto, Fernando
2: author: Ventura, Ja
count: Türkiye
docna: 0: docna: A RMSM-X model for Turkey
docty: Policy Research Working Paper
subtopic: Debt Relief and HIPC,Financial Regulation & Supervision,External Debt,Inflation,Macroeconomic Management,Debt Markets
teratopic: Finance and Financial Sector Development
abstracts: cdata!: To improve the Bank's macroeconomic
            modeling capabilities, a continuum of macro models referred
            to as RMSM-X and RMSM-XX are being developed. These models
            share a common accounting framework that ensures economic
            consistency among economic sectors. This paper shows how to
            specify the budget constraints and market clearing
            conditions in a RMSM-X model for Turkey. An overview of the
            system defined by the RMSM-X model, the debt module (DM) and
            the data base is presented, along with a detailed
            explanation of the theoretical model. Alternative closure
            rules are discussed and the debt model is presented. This
            paper also includes annexes which present a complete set of
            historical data and an explanation of how the data was constructed.
geo_reg_key: 517208,517198,517190,119229,517191
repnme: repnme: A RMSM-X model for Turkey
display_title: A RMSM-X model for Turkey
listing_relative_url: /research/1990/08/700192/rmsm-x-model-turkey
topicv3: Capital Account m1326277 1134,Current Account m1326278 1135,Inflation m1326709 0870F4727ACED1CF8525815C00471347,Debt Restructuring m1327213 454,Trade Guarantees m1505111 3906
publishtoextweb_dt: 2010-07-01T00:00:00Z
historic_topic: Finance and Financial Sector Development
origu: Policy, Research & Ect Affairs
no_of_pages: 178
author_keys: 0: author_key: NA
1: author_key: NA
2: author_key: NA
model_extractions: **Pollcy, Research, and Erlernal Affairs**

**MUacroeconomic Adjustment and Growth**

WPS 486 Thispaper- ajointproduct of the Macroeconomic Adjustmcnt and Growth Division, Country Economics Departmcnt and the Country Operations Division, Country Departmcnt 1, Europe, Middle East, and North - Africa Regional Office is part of a larger effort in PRE to assist in the design and analysis of macroeconomic policies. Copies of this paper are available free from the World Bank, 1818 H Street NW, Washington DC 20433. Pleasc contact Sanjev Aggarwal, room, N I1-019, extension 39176(59 pages plus 105 pages of appendices).

To improve the Bank's macroeconomic modeling capabilities, the Country Economics Department is developing a continuum of macro models referred to as RMSM-X and RMSM-XX. These models share a common accounting framework that ensures economic consistency among economic sectors.

RMSM-X is the simplest model, with an elementary economic structure. The RMSM-XX more richly specifies the behavioral links among economic variables.

Everaert, Garcia-Pinto, and Ventura show in detail how to specify the budget constraints and market clearing conditions in a RMSM-X model for Turkey. They include six sectors: the Government, the State Economic Enterprises, the Central Bank, the domestic banking system, the nonfinancial private sector, and the foreign sector. The different markets consist of a domestically produced and exportable good, an importablc, a money market, a domestic credit market, a quasi-market for Central Bank Credit, and a foreign asset market. This model can be used to project the behavior of these sectors in a simple manner, linked through the various markets.

They explain four possible closurcs of the model. One choice depends on whether policy variables are exogenous (the positive closure) or targets on economic variables are given and policy variables are solved for (the normative closure). Under both closures, a second choice, depending on whether an external credit constraint or target is binding or not, is implemented.

The interaction of the projection model and a debt module is explained in detail. The debt module, which in the future should become automatically linked to the DRS, allows the user to experiment with different forms of debt restructuring in a simple manner. The debt module also allows to calculate the supply schedule for foreign credit and to project in detail (by creditor) debt stocks, capital flows, and interest payments.

Finally, since the model is based on the concept of a consistent flow of funds among all the specified sectors, it is necessary to build a consistent historical data set for at least the base year. Appendix I explains how such a set of consistent macroeconomic data was constructed.

The RMSM-X model presented in this paper will be extended to include more estimated behavioral relations (RMSM-XX) for future operational work on Turkey. Applications of the RMSM-X model have also been developed for Colombia, Zimbabwe, Chile, and the Philippines.

KThe PRE Working Paper Series disseminates thc findings of work under way in the Bank's Policy, Research, and External Affairs Complex. An objective of the scries is to get these findings out quickly, evcn if presentations are lcss than fully polished. The findings, interpretations, and conclusions in these papers do not necessarily represent official Bank policy.

Produced by thc PRE Dissemination Centcr
# _TABLE_ OF CONTENTS

# I. AN OVERVIEW OF THE SYSTEM

# II. THE RNSM-X MODEL

The Consistency Framework The Behavioral Structure Closing the Model

# III. THE DEBT MODULE

Historical Data and Assumptions Existing Debt and Debt-Restructuring New Debt Total Debt

# IV. CONCLUDING REMARKS

# BIBLIOGRAPHY

APPENDIX 1: Creating a Consistent Data Base APPENDIX 2: Historical Data aud Output of the Model We are grateful to Ismail Arslan, Cavit Dagdas, Shideh Hadian, Mehmet Polat, Paulo Vieira da Cunha and Steve Webb for their contributions and to Yavuz Arinsoy, Vittorio Corbo, Nihal Ergun, John Holsen and Luis Serven for their useful comments.
The predominance of adjustment problems in LDCs since the early 1980. has prompted the need for extensive use of adjustment lending by the World Bank. In order to assist the design and analysis of macroeconomic policies, CECMG has initiated a major effort to enhance the macroeconomic modelling capabilities of the Bank. A continuum of macro models is being developed which are referred to as RMSM-X and RMSM-XX. These models share a common accounting framework that ensures economic consistency among the sectors of the economy. The level of sophistication of the behavioral structure is what distinguishes the different classes of models. The RMSM-X stands as the simplest model, with an elementary economic structure. The RMSM-XX is a step forward in the sense that it includes a richer specification of the links among economic variables.

The present pape:-r, which is the result of a joint effort by staff of EMlCO and CECMG, presents the Turkey application of the RMSM-X model. This is only the first stage of a larger project involving the construction of a RMSM-XX model for Turkey. Given the macroeconomic management problems facing Turkey at present and the Bank's heavy involvement in all sectors of its economy, the development of these analytical tools is quite timely. They will be used extensively in EMlCO's future economic work.

The RMSM-X model presented here builds on Holsen (1989a, 1989b) and Serven and Ventura (1989b). Other applications of this model for Colombia, Zimbabwe, Chile and Philippines are: Easterly et al. (1990); Kahdr et al.(1989); Serven (1990); and Riveros et 1
# al. (1989), respectively.

The paper is organized as follows. First, we rresent an overview of the system defined by the RMSM-X model, the Debt module (DM) and the data base. Second, we provide a detailed explanation of the theoretical model. We carefully specify its underlying economic structure in terms of both budget constraints for the different economic agents and market specification. We also discuss the implementation of alternative closure rules. Third, we present the Debt Module. As explained below, the DM allows us to calculate the supply schedule for foreign credit and to project in detail debt stocks, capital flows and interest payments by creditor.

Since the RMSM-X model is based upon the concept of a consistent flow-of-funds, a prerequisite for the empirical application of the model is the construction of a consistent historical data set at least for the base year. Appendix 1 explains how we constructed such a set of consistent macroeconomic data. Appendix 2 presents a complete set of historical data as well as the output of the model, including the debt module.

2
# I. AN OVERVIEW OF THE SYSTEM

The Turkey Model is an integrated system that includes four components: Historical Data, the RMSM-X macroeconomic model, the Debt Module and Standard Tables. All these components have been organized in several, linked JAVELIN-models. Figure 1 gives a schematic view of their organization. Technically, the transfer of data among the different JAVELIN models is done with the special feature called the "Import Data Building Block." This reduces the effort of transferring the data between models to a few keystrokes.

FIGURE 1: DATA FLOW CHART HISTORICAL| | DATA

3
In t.s HISTORICAL DATA model we copy each of the original data tables obtained from Turkish sources in a separate worksheet. We design formulas to map the original data in the squired flow of funds format. In this way future updates, revisions, or additional historical data collection are rendered automatic. It is sufficient to add or change the data in the original worksheet and the model will automatically (re-) calculate a consistent flow of funds. Separating the data collection and transformation from the actual projection model not only has the advantage of saving space and increasing speed but it avoids the potential confusion that might arise from the difference between the historical closure of the model (where the private sector is the residual, and the simulation closure (solving for selected endogenous variables). Appendix I explains in detail the construction of the historical flow of funds and the mapping of actual data into it.

The RMSM-X projection model only requires historical data for a few periods in order to provide initial values for the simulations. In most cases, the base year data are sufficient since the economic relations between two variables seldom exceed a one year lag. Sometimes if parameters are calibrated on historical data it may be useful to add a few more historical periods in order to check the stability of these parameters. A detailed description of the RMSM-X model is provided in the next section of the paper.

External debt and creditworthiness are key variables for the country as well as for the Bank's work. Therefore, we decided to 4
introduca separately a DEBT MODULE that details the interaction between the country and the foreign credit market. The particular details of this model are discussed in section TII. The basic input into the DEBT model is the existing pipeline debt by creditor as reported in the Bank's Debt Report System (DRS) and the terms and conditions of new debt (maturity and grace periods, interest rate and time profile of gross disbursements). At this stage the transfer of data between the DRS and JAVELIN is not yet automatic but this problem will be resolved in the near future.

The nature of the transfer of data between the DEBT model and the **RMSM-X** model depends on the circumstances facing the country. If the country faces a foreign borrowing constraint the total available credit is sent from the DEBT model to RMSM-X as well as the interest rate. No data return from RMSM-X to the ,EBT model. If the country's foreign horrowing is not constrained, the DEBT model provides the interest rate to the RMSM-X. The RMSX-X model returns total demand for credit which is then matched by the DEBT model's pipeline and a gap. The gap is distributed across foreign creditors in the DEBT model, based on a set of assumptions.

Finaily, we design standard output required for various purposes in a STANDARI) TABLES model. This includes the standard attachment to CSPs, CEMs and other Bank documents. The STANDARD TABLES model imports the data from the three other models. Part of the historical data come from the HISTORICAL DATA model and the DEBT model. Projections come from the RMSM-X model and the DEBT MODULE.

5
# **II.** THE **RMSM-X** MODEL

In this section we describe the RMSM-X model for Turkey. We start by presenting the cortnistency framework. Then, we append a simple behavioral structure to produce projections. Finally, we discuss alternative closure rules.

# 11.1. The Consistency Framework

The RMSM-X model assures consistency in the projections by requiring that the budget constraints for the six eco.oamic sectors are satisfied. Each budget constraint consists of two statements of the type:

# CURRENT INCOME - CURRENT EXPENDITURE = NET SAVINGS NET SAVINGS = NET ACCUMULATION OF WEALTH

The first statement is the current account of the sector, while the second is the capital account. These two equations can be reduced to a single expression: CURRENT INCOME - CURRENT EXPENDITURE = NET ACCUMULATION OF WEALTH In the rest of this su>Fsectionj we present the budget constraints for each of the economic agents or sectors. We omit the time subscript for current end-of-period stocks and for flows occurring during the current period. All budget constraints are defined in nominal terms. The symbols used are exp'Lained in Table 1.

6
# Non-Financial Public Sector

The economic importance of the non-financial SEEs in Turkey leads us to distinguis" them from other components of the nonfinancial public sector. Hence, we proceeded to decompose the nonfinancial public sector in two: budget (b) and non-financial SEEs **(0).** The former includes the central government, local governments, social security, extra-budgetary funds and revolving funds. As it will be shown shortly, the financial public sector, composed of the central bank and the financial-SEEs, has been incorporated into the financial sector.

The current accounts of the budget and non-iinancial SEEs can be written as follows: Equation ;2.1) defines budgetary savings as the sum of factor income, distributed central bank profits, tax revenues, and transfers from abroad, minus transfers to domestic sectors, interest payments on domestic and net foreign-currency denominated debt and consumption of the budget. Note that, although the budget owns some financial institutions other than the central bank, it does not receive a share of the profits and losses from the banking system. These are all distributed to the private sector.

7
# TABLE **1s** DEEINITIONS OF VARIABLES IN BUDGET CONSTRALINTS

Variables with an asterisk are defined in US$. The rest of the variables are express^.i in local currency at current prices except for those variables marked with (#) which are defined in constant terms.

- B Bonds C Consumption (#) CR Credit from the central bank Cu Currency in circulation DD Demand deposits E* AoA..rage exchange rate _F_ Pet foreign-currency denominated borrowing FI Factor income I* Investment (#) i Nominal foreign interest rate iD Nomi.aal interest rate on deposits iC Nominal interest rate on credits i Nominal rate of rediscount IA Imports (#) KT Capital transfers _NW_ Net worth OFI Other factor income P&i Distributed profits PN Profit remittances abroad R Foreign reserves RR Legal reserves S Savings SUB Subsidies T* Net current transfers T Net transfers from abroad TD Direct taxes

- TI Indirect taxes VA* Value added WR* Workers remittances from abroad X Exports (#)

## Sector-specifii. variables and intersectoral flows are represented by the following suffixes at the end of each variable:

- b Budgetary government

- c. Central bank

- d Banking system

- 0 Other non-financial public sector (SEEs)

- g Consolidated non-financial public sector

- p Private sector

- m Consolidated monetary sector

- f Foreign sector

- t Total

8
Similarly, the banking sector does not pay taxes. We are implicitly assuming that these are paid by the private sector on its behalf. Equation (2.2) defines savings of the non-financial SEEs as the difference between factor income plus transfers from the budget and taxes plus interest payments on its domestic and net foreign-currency denominated debt (hereafter foreign debt).

The capital accounts for the budget and non-financial SEEs are given bys:

> (2.3) Sb PIIb + KTbo + KTbd + KTbp - ABb - EeF*b - ACRb (2.4) so P.I1 0 + KTop - KTbo - AB0 EAF* 0 - ACRQ

Equation (2.3) simply states that budgetary savings plus domestic and foreign borrowing are invested and distributed as capital transfers to the =est of domestic sectors except for the central bank. Equation (2.4) shows that non-financial SEEs inve.tment and capital transfers to the private sector are finasiced through its own savings, capital transfers from the budget and domestic and foreign borrowing.

It is important to note that changes on the net foreign position of the budget and non-financial SEEs, AF*b and AF*O, do not coincide with recorded balance of payments capital flows to these sectors. This is due to the existence of both cross-currency 1 Throughout the paper, we will use the following conventions:

**AX** a **X-X_ 1 ;** X = AX/X

9
effects and foreign exchange transactions among domestic sectors. The same applies to changes in the net foreign position of the other domestic sectors. In Appendix I we provide a detailed account of how these effects were calculated.

# Non-Financial Private Sector

In our model, the private sector incorporates all domestic economic agents not included elsewhere. It would have been desirable to decompose the private sector in firms and households. There is no doubt that the economic behavior of these groups responds to different incentives, and that modelling them together may obscure some interesting issues. Unfortunately, the lack of data made the task of distinguishing between firms and households impossible.

The current account of the private sector is specified as follows: (2.5) VAp + Tb + E(T *fp+WR*) + i *Bp_. + iDD-D1 + P&Ld - TD - ES(i* .F *_+PR*) - PcCp =p p P p Equation (2.5) defines private sector savings as the excess of income, transfers and net interest receipts over consumption. Then, the capital account for the private sector is given by: (2.6) Sp = p1 eIp+ ACU + ADD+ AB - E*AF p- KT - KT KT -EOADFI 10p p pp op bp dp 10
This equation explains that private investment, as well as increases in domestic lending and mcney holdings, are financed through savings, foreign borrowing (bond and equity) and capital transfers from other domestic sectors.

# Financial Sector

The financial sector has been divided in the central bank and the banking system, which consists of financial SEEs and private financial institutions. This distinction makes it easier to distinguish among policy variables, e.g. central bank credit, and intermediate variables, e.g. the money supply.

The current accounts of the central bank and banking system are given by:

- (2.7) iRCRt_l + Esi*(R*c-lF *c-l) P&Lc = c

Equations (2.7) an (2.8) define the central bank's and banking system's savings (increase in their net worth), respectively. In both cases, savings are equal to the excess of net interest receipts over distributed profits. Note that the banking system does not receive interest on their deposits in the central bank. This is consistent with Turkish financial regulations.

The capital accounts of the financial sectors can be written as: 11
## (2.10) NWd = ACUd+ ARR + ABd - ADD - ACRd- (KTbd-ETdp) - EoAF d

Equation (2.9) states that changes in the net worth of the :entral bank and base money creation must equal credit creation and reserve accumulation. The base money consists of currency in circulation in the hands of both the private sector and the banking system (vault cash), and bank reserves. Accordingly, the implicit assumption is that the public sector does not hold money. Equation (2.10) forces the changes in banking sector's assets to be equal to changes in liabilities plus savings and net capital transfers. The former consist of vault cash, reserves in the central bank and domestic credit (net of time deposits). The latter consists of demand deposits, credit from the central bank, foreign borrowing, and savings plus net transfers.

# Rest of the World

To complete the specification of the open economy model we include a foreign sector containing the rest of the world. The budget constraint of the foreign sector is nothing but the balance of payments. The current account is: (2.11) pIMIM-poX+Eo[i *(F*t_l-R )+PR*)-E(T fb+Tfp+WR*) = Sf Equation (2.11) defines foreign saving as the excess of imports and factor payments (interest and profits) over exports, transfers from abroad and worker remittances. The counterpart of this foreign savings is shown in the capital account as direct 12
foreign **investmnt** plus total debt accumulation minus the increase in c.ntzal bank's foreign reservest (2.12) Sf - B ADFI* 4 Ea(F*t-R*c)

# **The** Plow of Funds Presentation

An alternativ, presentation of the budget constraints is given by **the** following expressions:

# CURRENT SOURCES - CURRENT USES CAPITAL SOURCES - CAPITAL USES

**Figure** 2 presents the budget constraints following this alternative procedure. In the figure, we have two different matrices, one for the current account and one for the capital account. **The** CURRENT ACCOUNT MATRIX shows how the different sectors finance their respective current expenditure and savings. **The** CAPITAL ACCOUNT MATRIX gives us a picture of how the sectors finance their capital expenditures.

The functioning of both matrices is parallel. Rows represent incomings and columns outgoings, i.e. the rows give us the"sources"of funds for a particular sector while the columns show the "uses" of funds. For example, the intersection of the Budget column **with the Private** Sector row in the current account gives us the amount of funds that are at the same time current uses for Budget and current sources for the Private Sector. In our frameowrk, **these are** transfers and interest payments. Total 13
# FIGURE 2: SOURCES AND USES OF FUNDS MATRIX

## CURRENT ACCOWiT

||Govrnsnt<br>**Budget**|ou0hr<br>Public|Private<br>Sector|Central<br>Bank|Banking<br>S1.t|Belnceof<br>Payenta|Productio<br>Account|n Total<br>Sources|
|---|---|---|---|---|---|---|---|---|
|tver,nmnt<br>**udget**||ID*|lo|PL||E*Tf*b|TI<br>OFIb||
|Vier<br>ubl ic|Tho||||||Flo||
|--tor|CppEM||||||||
|.nk|||||||||
|anking|1COBb|tCSood|iCeBpd||||||
|-lanceof<br>syn nt<br>|I<br>IE*I-OF*b|E-T-oF o|E4100FP|-<br>_EOT*FWc_|d<br> Ei*TF*ed|<br>_|l<br>**~-Xt**||
|Consumption<br>**and**Savings<br>AccountI|<br>Cb<br>Sb|S,|Cp<br>Sp|hI,11|Mid|St|||
|otaI|||C|APITAL ACC|OUNT||||
||Governumen<br>Budget|t Other<br>Public|Private<br>Sector|Central<br>Bank|Banking<br>System|Balanceof<br>Paymnt.|Savings<br>Account|Total<br>Sources|
|**:vernsnt **<br>**udget__**|**Ibp**|||**CRb**<br>_<br>_<br>___|**5bd**|**E*'Fb**<br>_<br>_<br>_<br>_<br>_|Sb||
|ub;,i|KTbo||Dop|60|03od|E061o|SO||
|rivet.<br>- _tar|_KTbp_<br>_<br>_<br>_|_KTop_<br>_<br>_<br>_|||AB<br>_<br>_<br>_|E*AF<br>E7|Sp|_<br>_D_|
|Central<br>Bank|_=d||AP|||**EO*F 0**|**AW**||
|nking|KTbd|D<br>|<br>CEd|||ElFd<br>|=||
|ranceot||||E.hR%|||St||
|Inveetmnnt<br>Account|<br>lb||I=||||||
|TotalI<br>Uses|||||||||

14
sources are represented in the final column of a sector and must equal total uses which are represented in final row of the same sector. In this way, the flow of funds framework assures consistency among the data.

# **II.2** The Behavioral Structure

The flow of funds is a useful accounting framework that helps to organize the data in a consistent manner. If we want to use this information for policy analysis, the data framework must be linked to a model that contains the behavioral and technical relationships among variables. In this section we develop a simple behavioral model and append it to the consistency framework described above.

# I.1.2 The Real Economy

For simplicity, we assume that the domestic economy produces only one composite good that can be used for domestic consumption and investment, or sold abroad. The condition of equilibrium in the goods market is: (2.13) Y + IM = Cp + Cb + Ip + Ib + Io + X where C, I, Y, X and IM denote consumption, investment, output, exports and imports of goods and services, respectively. All variables are measured in real terms. In order to provide a complete description of the real side of the model, we must specify the supply-side of the economy and the expenditure functions.

15
## The Supply Side

On the supply-side of the model, we assume that the economy is operatir. under a fixed coefficients production function and that capital is the constraining factor. Therefore,

# (2.14) AYF+l 0BIt

where yF is potential output and B is the incremental outputcapital ratio or the inverse of the ICOR, corrected by the depreciation rate. It is total investment in the economy. Equation (2.14) is the growth equation. It states that the change in potential income is given by both the amount of investment of the previous period and the efficiency of this investment, as measured by the parameter S. The simplifying assumption that we are making is that investment has the same efficiency across sectors. This assumption can be easily removed by having different 4s for the different economic sectors.

Equation (2.15) simply defines total investment as the sum of each sector's investment: (2.15) It I j - b,o,p.

Finally, current income and gross output are obtained as: (2.16) Y - YF*cu where cu is the rate of capacity utilization.

16
# The Expenditure Functions

On the expenditure side, we must specify the consumption, investment, exports and imports equations. we will assume the following: <!-- Start of picture text -->
-<br>(2.17)  Cp  C$Yd<br>-<br>(2.18)  Ip  op*Y<br>(2.19)  10  - 0*o@FIo<br>(2.20)  X  - (1+exoq+py *Y )X_1<br>(2.21)  IN - 1MF  +  IN, + Iv + ING<br>(2.22)  I  - (1+COq+pC*Ct)oIMC_<br>(2.23)  . (1+eI*q+pI*It)*IX _1<br>(2.24)  IOK  - (  A+evq pVY)*IMV  l<br><!-- End of picture text -->

where q is the real exchange rate and Yd is disposable income<sup>2</sup> ; c is the propunsity to consume; Y is the level of income of Turkey's export partners, respectively. as and ps refer to real exchange rate and foreign-income, consumption, investment and income elasticities. Finally, IMC, I', INV and ING refer to consumption, 2 Yd can be obtained from (2.5).

Yd - (VAp+Tbp+E@(T*fp+WR* -PR* )+rCBp_l+rDD.DD-1 +P&Ld-TD p -E-r *OF* JPC Note that interest payments have been corrected of advanced capital payments due to inflation. Hence r is tjhe real interest on the asset i. In the case, of foreign debt r is the nominal foreign interest rate corrected for foreign inflation.

17
investment, intermediate and non-monetary gold imports. Ct denotes total consumption: (2.25) Ct = Cp + Cb Equation (2.17) states that consumption demand is linearly dependent on disposable income. Equation (2.18) explains that investment demand is a exogenously given fraction (oap) of GDP. Equation (2.19) projects investment of non-financial SEEs as a share (ao) of their factor income. It is a shortcoming of this model the fact that c and _a_ p do not depend upon the real interest rate and inflation. The former would provide a measure of the opportunity cost of accumulating real assets versus financial assets and/or consumption. The latter would account for the effect of the inflation tax on both investment and consumption.

Equation (2.20) assumes export growth to be a function of the growth rate of Turkish export markets and changes in the real exchange rate. Equation (2.21) defines total imports as the sum of consumption, investment, intermediate and non-monetary gold imports. The first three are then projected in (2.22)-(2.24) as a function of total consumption, total investment and GDP at factor cost, respectively. They also depend upon the real exchange rate. Imports of non-monetary gold are projected exogenously.

# Prolecting Prices and Nominal Variables

Once real variables have been calculated, the RMSM-X model computes prices and nominal variables. The former follow these 18
simple rules:

- (2.26) P =(PE'PE1)

- (2.27) PI = (1-X)*P + XOPIM

- (2.28) PIM EOpIM

- (2.29) PX P

where PE is the end-of-period GDP deflator, and pi represents the period average deflator of the expenditure component i, with i = I, IM, X. E is the period average nominal exchange rate, and X and -IM indicate the share of imports in investment demand, and the foreign prices of imports, respectively. Once these prices are obtained, it is straightforward to project nominal variables as follows:

# Total nominal consumption is obtained as follows:

- (2.37) NCP + NCb = NY + NIM - NIp - NIb NIO NX

Equation (2.37) constitutes the "national accounts" of the RMSM presentation. It portrays goods market equilibrium in nominal terms. Finally, the consumption deflator is obtained by dividing total nominal consumption by total real consumption: (2.38) PC = (NCp+NCb)/(CP+Cb) 19
In this way, mathematical consistency among prices and real and nominal variables is achieved.3

# 1.1.2 The Asset Markets

As opposed to the RMSM model, which only includes the real side of the economy, the RMSM-X model integrates both real and monetary aspects. Therefore, we introduce a menu of four assets in the model. Money is defined as currency plus demand deposits, which are held by the private and banking sectors. The foreign asset can be held by all sectors. The domestic bond includes bank credit as well as public debt. Finally, the central bank extends credit to the budget, the non-financial SES and the banking system.

# The Money Market

The RMSM-X model considers the different components of money as perfect substitutes. Therefore, the equilibrium condition in the money market is given bys

- (2.39) Ms = Md

# Money demand is projected with this simple rule:

- (2.40) Md - kpeY

3 As opposed to economic consistency. The latter demands to have as many prices and material balance equations as goods exist in the economy.

20
where k is the --exogenously given -- inverse of the velocity of circulation. Money supply is determined as: (2.41) MN - 'r*H where H is the base money and i- is the money multiplier. These are defined ass (2.42) H - CUp + CUd + RR (2.43) - a (cc+l)/(cc+re) cc and re are the currency to deposits and reserves to deposits ratios. These ratios are given exogenously. Thus, (2.44) cc - (CUp+CUd)/DD (2.45) ra - RR/DD Finally, the fraction of currency in circulation held by the private sector is given bys

- (2.46) CUp/(CUp+CUd)

where 0 is a given parameter.

# Foreign Credit Market

We assume that there is only one type of foreign-currencydenominated asset. This allows us to state the following equilibrium condition in the foreign credit market: (2.47) F*bd + F* d + * pd + 2 + (F*c-R*c) d = F*t
Equation (2.47) states that the sum of the net demands for foreign credit of each of the national sectors must equal the total supply of foreign credit. The demand for foreign credit of the private and banking sectors are given by:

- (2.49) F dd **=** pF(l-re)*DD/EE

where PF and OF are fixed parameters and EE is the end of period nomirnal exchange rate. The relationship between the end of period and period average exchange rates is given by:

- (2.50) E = (EE*EE-1)4

Note that *F and PF in (2.48-2.49) do not depend upon the relative rates of return on the different assets (including the rate of currency depreciation). This is an unrealistic assumption that we are forced to make in the absence of econometric estimates of asset demand equations.

On the supply side two assumptions are possible. First, the country is credit constrained. In this case, F *ts and i* would be exogenously determined: (2.51) F t **=** t (2.52) i* **=** 1* F t and I would be calculated in the debt module. This case has been traditionally labeled the "availabilities" model in 22
# operational work in the<sup>Bank.</sup>

The other possible assumption<sup>is that the country can borrow</sup> in the international market<sup>at an interest rate that can be fixed</sup> or increasing. This interest<sup>rate would be calculated as follows:</sup> (2.52') i* = i eF e/F*t + i* n(F<sup>t-F e)/F*t</sup> where i*et and F e are<sup>the interest rate and amount of already</sup> e~~~~~~~ contracted (existing) credit,<sup>and i n is the interest rate on new</sup> credit. These variables<sup>are obtained in the debt module. This</sup> case has been traditionally<sup>called the "requirements" model.</sup>

# Domestic Assets

There are two domestic assets<sup>other than money: the domestic</sup> bond and central bank credit.<sup>The domestic bond, issued by the</sup> budget, other public and/or<sup>private sectors, is held by the private</sup> and/or banking sectors.<sup>This market could be disaggregated into</sup> credit provided by the<sup>financial system and domestic public debt</sup> sold to the private non-financial<sup>sector.</sup> While this further distinction may appear very<sup>appropriate, one should be aware that</sup> it will be entirely irrelevant<sup>for practical purposes unless both</sup> assets are assumed imperfect<sup>substitutes from the viewpoint of at</sup> least one economic sector. In addition, this imperfect substitutability should<sup>be explicitly embedded somewhere in the</sup> model. Of course, this would<sup>require the specification of distinct</sup> supply and/or demand rules<sup>for each of the assets.</sup> This disaggregation would introduce<sup>unnecessary complications when we</sup> 23
cannot back it with meaningful behavioral assumptions.

The condition of equilibrium in the domestic bond market is given by the following equation: (2.53) Bbs + Bos = gpd + Bdd Equation (2.53) states that the net supply of the domestic bond by the budget and other public sector, must equal the net demand by the private and banking sectors. We enter the interest rate on bonds exogenously: (2-54) ir = This assumption could be interpreted as having a perfectly elastic supply or demand for credit. This would be an unrealistic assumption and the user must carefully project the interest rate consistently with the evolution of demand and supply. The banking sector's demand for bonds is calculated as: (2.55) Bd = pB(l-re)DD where _PB_ is a given parameter.

The other domestic asset consists of the central bank credit. The equation that must be satisfied in order to assure equilibrium in the central bank's credit market is: (2.56) CRt" = CRbd + CRod + CRdd Equation (2.56) states that overall credit extended by the central bank is distributed among the budget, the other public 24
# sector and the banking system

# 11.3. Closing the xodel

If we consider each budget constraint as a single equation<sup>4</sup> and substitute the behavioral relationships into the budget constraints and the market equilibrium conditions, we obtain a system of eleven equations. This is the compact form of the model. Given that the sum of all budget constraints is equal to the sum of the excess demands of all markets, one equation is linearly dependent on all others. Consequently, we can solve for a set of ten endogenous variables.

The appropriate selection of the set of ten endogenous (or residual) variables depends upon the purpose of the simulation exercise to be undertaken. Nonetheless, the mathematical structure of the model imposes one restriction on the set of variables chosen. This condition is that each of the eleven equations must contain at least one endogenous variable. If this condition is not satisfied, the system cannot be solved. Note that this requirement applies to the eleven equations above.

The choice of the set of endogenous variables determines whether the solution of the model is recursive, simultaneous, or if it has both simultaneous and recursive blocks. For simplicity, we will only consider those sets of endogenous variables that allow a recursive solution to the model. The purpose of this restriction 4 That is, if savings variables are always obtained as residuals.

25
is to reduce the software requirements. The RMSM-XX version of the Turkey model will extend the class of models to those requiring a simultaneous solution.

There are many closure rules that are meaningful from the economic point of view. In the application for Turkey we have chosen to implement four alternative possibilities that are shown in Table 2. The four closure rules result from a two-dimensional classification.

TABLE 2: CLOSURE RULES

# FOREIGN CREDIT CONSTRAINT

<!-- Start of picture text --> Yes No<br><!-- End of picture text --> <!-- Start of picture text --> Financial Normative Normative<br>Programming & &<br>USE OF THE Availabilities Requirements<br>MODEL<br>Positive Positive<br>Projections & &<br>Availabilities Requirements<br><!-- End of picture text --> On the one hand, the Turkey RMSM-X can be used both for assessing the effects on the target variables of alternative macroeconomic programs and for obtaining the values of the policy variables that would be consistent with a set of exogenously given targets. In the first case, the policy variables would be determined exogenously, and the model would give us their most likely effects on the target variables. This closure rule defines a positive model which is useful to make projections of the "most 26
likely scenario", or to analyze<sup>the effects of proposed policies.</sup> In the second case, the purpose<sup>is not to find out the most likely</sup> path for a number of variables,<sup>but to determine which are the</sup> values of the instrumental variables<sup>that would be consistent with</sup> the desired levels of the objective<sup>variables.</sup> This closure defines a normative model. This closure rule will be preferred when the model is used<sup>to design a feasible financial or</sup> macroeconomic program.

On the other hand, the model can<sup>be used with or without a</sup> binding upper bound on foreign credit. If the RMSM-X is used without a credit constraint or target,<sup>we will follow Bank's</sup> convention and call it a "requirements"<sup>model. In this case, the</sup> debt module would provide the RMSM-X<sup>with a credit supply schedule.</sup> The foreign credit market would<sup>be solved in the RMSM-X together</sup> with the rest of the macroeconomic<sup>model. If we use the model with</sup> a binding credit constraint,<sup>we label it the 'availabilities"</sup> model. Now the debt module would<sup>provide us with the amount of</sup> foreign credit that has been targeted<sup>or is available, and the</sup> RMSM-X would calculate the implications<sup>for macroeconomic policy</sup> or the effects on the target variablea.

Before turning to the description of each model<sup>closure, we</sup> must warn the reader that the recursive<sup>nature of the model does</sup> not allow for the explicit consideration<sup>of all the relevant</sup> economic relationships among variables.<sup>As a result, it becomes</sup> necessary to check some of these<sup>relationships 'ex-post'. For</sup> example, the model does not<sup>directly relate consumption and</sup> 27
investment to the real interest rate or the velocity of circulation to inflation and interest rates. All these must be checked 'expost'. If these tests are not satisfactory, another iteration, reconsidering some of the assumptions and/or targets, is needed.

In the rest of this subsection we first define the projection rules for some exogenous variables. Then we consider a positive and a normative closure for the model. We describe first the "requirements" version of both normative and positive closure rules. Then, we show how these closures are modified under the "availabilities" case.

# Projecting Exogenous Variables

We project the following variables according to the rules:

- (2.57) FIo = fiop*Y

- (2.58) OFIb = ofiepOY

- (2.59) VAp = p*Y - FIo - OFIb - TI + SUB

(2.60) TI = t yY + tIMOIM

- (2.61) TDp = tp*VAp

- (2.62) TDO = to*FIO

- (2.63) SUB = t5 eY

Then we project transfers among domestic sectors as follows: (2.64-2.70) X = (1+w)*XX1 ; X = TboITbptKTbo,KTbd,KTbp,KTop,KTdp.

and transfers among domestic and the foreign sector: 28
(2.71-2.73) X - (1+4w)*X_1 ; X = T fb,T fpoWRFinally, there are some variables that we project exogenously. These ares DFI , PR , P&Lcl P&Ld, iDD and iR.

# The Normative Model

The purpose of this model closure is to find the fiscal, monetary and exchange rate policies that are consistent with a given set of macroeconomic policy objectives.

The first step is to set up tarlets for the inflation rate (X), full employment growth rate (g), the real exchange rate (q), and foreign reserves as a certain number of months of imports(res). This allows us to calculate p, YF, E and R *d:

- (2.74) p (1+)*p_ 1

(2.75) YF - (l+g)*YF

- (2.76) E - q(p/pIM *)

(2.77) R d * reso[(IM/E)/12] Once we have set these targets, the model solves for the values of policy variables that would be consistent with this objectives, given our assumptions. Figure 3 shows our proposed closure rule for a normative type model closure.<sup>5</sup> We start with the goods market. Note first, that the growth equation, (2.14), and the definition of total investment, (2.15), determine the S5 This type of closure is consistent with the Fund's financial programming approach as presented in IMF Institute (1981).

29
# FIGURE S: THE NORMATIVE AND REQUIREMENTS MODEL

<!-- Start of picture text --> Fix Targets: g, W, q, res.<br>Goods Balance of money<br>Marle Payments Market<br>Cb AFt H<br>Foreign-Asset Central Bank<br>Market Balance Sheet<br>f ---- F*g{ I CRt <<br>Public Sector<br>Budget S<br>[It] | _ CR_ Central<br>,c-CRg< Bank <- CRd < Banking System<br>Credit Balance Sheet<br>residual CRO Market<br>t<br>B9<br>|estic Bond Bp <C<br>Market Secto;r-3<br><!-- End of picture text -->

<!-- Start of picture text --> 30<br><!-- End of picture text -->
values of IT and Ib that are consistent with our growth target. Then capacity utilization is determined exogenously so that current output can be obtained. Once Y is known, all expenditure items can be projected except for Cb, which is the residual on the goods market equilibrium equation.

In the balance of payments, the residual item is the amount of foreign borrowing, F*t. The projection riles for the rest of the variables have already been discussed.

Once we have obtained the supply of foreign credit, we solve the foreign asset market. The demand for foreign credit of the private and banking system is projected with the help of equations (2.48) and (2.49). These projections together with the supply of foreign credit obtained in the balance of payments and the target for reserves determine the amount of foreign borrowing by the public sector, (F*b+F*o+F*c). The distribution of credit between F*b, F*0 and F*c is determined exogenously.

In the money market, the money supply is determined by the exogenously given targets for inflation and growth. Given the paths of k, re and cc, the money market equilibrium equation yields the value of H that is compatible with the given inflation and growth targets. The central bank budget constraint is closed once we know the level of reserves, the amount of foreign borrowing and the base money. The residual is the level of domestic credit, CRt.

The budget constraint of the banking system is solved for the banking system's demand for central bank credit. Then, the central bank credit market, solves for the amount of credit that is given 31
to the public sector, (CRb+CRo). CRO, is the residual of the nonfinancial SEEs budaet constraint. Consequently, credit to the budget, CRb, is obtained residually.

The private sector's budget constraint determines Bpo Finally, in the domestic bond market, public sector's domestic borrowing, (Bb+Bo), is determined. As was the case in the foreign asset market, we distribute the amount of borrowing between SEEs and budget exogenously.

# The Positive Model

In contrast to the previous model, the purpose now is to find the effect on the target variables of given fiscal, monetary and exchange rate policies. This model closure could be especially useful when a particular policy package needs to be evaluated.

First we must determine the path of fiscal policy variables. Once this has been done, the values for the nominal exchange rate and monetary policy must also be entered.<sup>6</sup> These, together with the remaining assumptions, will determine the growth rate, inflation, real exchange rate and foreign reserves.

Figure 4 details the solution structure of this second case. Comparing figures 4 and 3, the complete symmetry between the present closure and the previous one becomes obvious. Note, however, that there are only eight endogenous variables in 6 As it stands now, monetary policy is entered in terms of base money. we could alternatively define it in terms of money supply. The change required in the model would be trivial.

32
<!-- Start of picture text --> II- q<br>4'<br>IV I I N<br>.99'<br>21 U<br>w p<br>A, On<br>'9 1* S<br>rq;<br>.93 .9<br>[<br>1' 0<br>1� 4.<br>Jr -<br>sip<br>p<br>gI�<br>pp.9 -9' 4- c� pg2� �. ii<br>N,<br>.9<br>gY<br><!-- End of picture text -->
Figure 4. This is because all public sector variables have been determined previously. Any two variables in the budgetary government and non-financial SEEs budget constraints could be seen as the missing residuals.

In the goods market, budget investment and consuLnption are now projected exogenously. Therefore, potential output growth is no longer determined exogenously, but by using the growth equation. A tempting closure would have been to leave the real exchange rate as the adjusting va.iable. The problem with such a solution is its simultaneous nature. Hence, we are forced to choose an expenditure component to close the goods market. Given the positive nature of this model, government variables have already been determined. It seems appropriate to leave as the endogenous variable the level of private investment, and hence future growth, compatible with domestic and foreign savings that result from the assumed policies. Therefore, the private investment equation, (2.18), is not used.

In the money market, the money supply is determined by the exogenously projected base money. Therefore, the price level is the variable that adjusts money demand to the fixed supply. There a.e no changes in the balance of payments. In the foreign asset market, the balancing item is now the stock of foreign reserves.

As in the normative model, the central bank budget constraint determines overall domestic credit. However, in the central bank credit market, the residual is now CRd instead of CRb.

The budget constraint of the banking system determines its demand for the domestic bond -- that is, its total credit supply.

34
Therefore, equation (2.61) is not used under the positive closure rule. Finally, the domestic bond market is now closed with the private sector's domestic financing, Bp.

Constrained Foreign Borrowing The closure rules just presented implicitly exclude the possibility of a foreign borrowing constraint. We define the latter as a binding upper bound on F* . In other words, the current account deficit resulting from (2.1l) and (2.12) is not feasible. In this case, F*t would be exogenously determined. In the normative model the residual of the balance of payments would not longer be AF*t but the change in reserves of the central bank. In the positive model F*t would be replaced by F * as the closing t ~~~~~~p variable for the foreign asset market. Figures 5 and 6 show the normative and positive models under a foreign credit constraint.

35
<!-- Start of picture text --> V1U3o 13 2. NOUI&?1V AND AVAMAILrMLZI3 MOmU<br>Viz S rsets.s. r q, rem.<br>1 1. 1~<br>Goods e of NY<br>Market [jsmat market<br>Wle<br>Cb _<br>I Z~~~~~~<br>Iorei-Asset Catral 'l<br>Macktt |balance 8<br>r t*g I I A wt e .1m Ihee<br>_~~~~~~<br>Public Sector<br>Budget $nl<br>Central<br>Bank V - ca q,.g k. Systm<br>Cedt lie Sheet I<br>residual Ca* Market<br>IS<br>Domwtl sm op "ri tc<br>Ka sector<br>36<br><!-- End of picture text -->
<!-- Start of picture text --> FIG=U GS TII POSITIV AND AVAILABILITIES MODELS<br>Fix fiscal. metarr nd exchange rate policy<br>. . ~~~~~~1<br>r.,<br>Goods Balance of<br>Froregn<br>Market Ass t Make Payents<br>1⁄2 (C*1) |R c<br>Ir Fp l<br>.Privte - Bp < Domtic Boad Central Bank<br>.Se*ctor lMarket Balance Sheet<br>l l1<br>CR'<br>I.I<br>Bning System CRd< Central Bank<br>lnce Sheet Credit Market<br><!-- End of picture text -->

37
# III. THE DEBT MODULE

External debt and creditworthiness are key issues for the Bank's operational work. Therefore, it is necessary to provide an adequate treatment of debt flows and creditworthiness issues in the RMSM-X system. This is accomplished by linking the RMSM-X projection model to a debt module (DM) that supplies detailed information on debt stocks, interest payments and capital flows by creditor.

The debt module allows the country economist to use the wealth of external debt information contained in the Debt Reporting System (DRS). In addition, it permits the user to investigate the effects of alternative debt strategies, including the use of debtrestructuring techniques such as reschedulings, buybacks, accumulation of arrears, and debt forgiveness. The DM and the RMSM-X macroeconomic, model have an interactive relationship through which both the impact of debt management on the macroeconomy and of macroeconomic policies on external debt accumulation can be analyzed.

# III.1 A Concise Description of the Debt Module

The DM projects debt stocks, capital flows and interest payments by creditor. Stocks and flows that result from loans already committed are named "existing". Stocks and flows that result from projected commitments are labeled "new". As a rule, each variable representing a total will be the addition of existing 38
and new values. For instance, total amortization payments to the jth-creditor is the sum of the amortization payments on both already contracted and projected loans to the jth-creditor. Although apparently trivial, the distinction between existing and new debt turns out to be very useful for constructing a DM. The reason is that the procedures followed to determine existing and new debt are very different.

Existing debt will generally be entered as exogenous data. This piece of information is provided by the DRS and it is known as "pipeline debt" in the DRS system. It reflects the contractual stream of disbursements and payments that results from already contracted loans. In most instances, existing debt is set equal to pipeline debt. But in some circumstances, existing debt may be subject to debt-restructuring. If this is the case, the DM offers a debt-restructuring menu that allows the user to determine the impact of alternative rescheduling schemes, buybacks, accumulation of arrears and debt forgiveness. The application of debtrestructuring techniques involves modifications on the existing debt. In fact, we will define debt restructuring as any change in the existing debt that does not result from the original contract.

To calculate new debt, it is necessary first to determine whether the DM is run with or without a binding upper bound on foreign credit. If the DM is used without a credit constraint, we follow Bank's convention and call it a "requirements" model. If we use the model with a binding credit constraint, we label it the "availabilities" model. Under both closure rules, the user must 39
first enter information about the terms and conditions at which new debt would be contracted from each of the creditors.

If run as a "requirements" model, the DM computes values (or equations) for the interest rates on existing and new debt and the stock of existing debt for each year of the projection period. These values (or equations) are then exported to the RMSM-X model where they are used to construct the following foreign credit supply schedule:<sup>7</sup> (3.1) i*t =i e(F*e,_,/F *t,-) + i n*[(F*t,_l-F *el_)/F*t,_l] where i*t* i*e and **i*nl** are the implicit interest rates on total, existing and new debt, respectively; and F *t and F*e are the stocks of total and existing debt. Throughout this chapter the subscripts e, n and t, stand for "existing", "new" and "total" debt. Equation (3.1) is used in the RMSM-X model to solve the foreign credit market simultaneously with the rest of the macroeconomic model. In this way we obtain values for i*t and F*t, as well as for interest payments. The values obtained for F*t are fed back to the DM, where detailed projections of gross (GD) and net (ND) disbursements, commitments (C), amortization payments (AP), debt stocks (F) and interest payments (IP), are produced. To assemble 7 Unless otherwise specified all variables are defined in the current period (T). When the variables refer to a period other than T we use a time subscript relating the date of the variable with T. for instance, the total stock of debt in year T will be denoted F t, while the same variable in year T-1 will be denoted by F 1 40
these projections we use the same set of assumptions that we used initially to calculate i*n.

In the "availabilities" case, the user must enter information not only on existing debt and the terms and conditions of new debt, but also the amount of foreign credit that we assume is forthcoming. In this case, i*t and F*t are both calculated in the DM and exported to the RMSM-X. There, they are used to determine the solution to the RMSM-X macroeconomic model.

Note the differences between the old RMSM system and the one proposed here. In the former, the demand for foreign credit is obtained in the RMSM model independently from the supply, as if there were a perfectly elastic supply for credit. The old DM also projects stocks of debt and exports them to the RMSM. Any divergence between debt stocks projected in the DM and demand for credit calculated in the RMSM is captured by a variable called GAPFIL. If GAPFIL is bigger (smaller) than zero, the user must choose whether supply is increased (decreased) or demand is decreased (increased). In the first case, new borrowing has to be projected and the source of this borrowing must be identified. In the second case, the trade balance and/or international reserves must be reduced The procedure by which the supply and demand of foreign credit are reconciled involves therefore an iterative process in which many runs of the DM and RMSM model might be necessary.

Now, the DX does not calculate the value of supply at a predetermined interest rate, but the whole supply schedule. The 41
latter is then exported to RMSM-X.<sup>Under the "requirements" model</sup> closure, calculating the supply schedule<sup>means obtaining the values</sup> of i*ef F*eI and i n at each<sup>point in time.</sup> Under the "availabilities" model closure, we<sup>must calculatei</sup> and F t. In both cases, no iterations are necessary<sup>to match supply and demand</sup> for foreign credit.

The rest of this chapter provides<sup>a detailed description of</sup> the DM. We start by presenting<sup>the data requirements of the DM.</sup> Second, we look at how existing<sup>debt is obtained and at how</sup> alternative debt-restructuring techniques<sup>can be analyzed. Third,</sup> we indicate how the DM computes values<sup>for new debt. Fourth, we</sup> explain how the totals are assembled.<sup>Finally, we discuss some</sup> possible extensions of the current<sup>version of the DM.</sup>

**III.2** Initial Data and Assumptions

Before solving the DM it is necessary<sup>to enter some</sup> information concerning already contracted<sup>debt and to make</sup> assumptions about the terms and conditions<sup>at which new debt would</sup> be contracted. The user must enter<sup>the stock of debt (FJBY) in the</sup> base year,8 the projected path for<sup>gross disbursements (GDJp)</sup> 1 amortization payments (APJ p) and, interest payments (IPJ p~~~~~~~~~~ p) The subscript p is used to indicate<sup>pipeline variables.</sup> These variables, which come from the DRS system,<sup>must be entered for each</sup> 8 Throughout this section, j indicates<sup>the j-th creditor and</sup> m the total number of creditors. For simplicity we omit the asterisk superscript when we refer<sup>to a creditor variable.</sup> We still keep it for totals.

42
and every creditor. Once these variables are known, the DM calculates net disbursements (NDJp), the stock of debt (FJp) and the implicit interest rate on pipeline debt (iJp). The formulas used for this purpose are: Note that equation (3.3) does not consider the possibility of cross-currency effects. For simplicity they are projected to be zero. It would be straightforward to include an additional term in equation (3.3) to reflect projected cross-currency effects.

The terms and conditions of new debt are defined by the time profile of gross disbursements (TJn)i grace period (Gjn)i maturity of the loans (MJn), and the applicable interest rate (iin), on new debt. These variables must also be entered for each and every creditor. Note that iJn may not be a constant. For instance, iJn may be equal to the LIBOR rate plus a fixed spread or it may be contingent to the state of nature, embodied in a variable (or set of variables) such as a commodity price, the rate of growth, or others.

If the model is run under the "requirements" closure, we also need to make assumptions about the shares of each creditor in new debt (BJ). That is, we must define who is the "marginal creditor". These shares need not be constant. In fact, in many cases they 43
will be a function of other variables, including the<sup>amount of</sup> borrowing. If the model is run under the "availabilities"<sup>case,</sup> the Bs are not used. However, the user must enter the loan commitments that are expected to be made by each of<sup>the creditors.</sup>

# **III.3** Existing Debt

Broadly speaking, there are three steps to calculate<sup>existing</sup> debt. First, the user must enter the pipeline data. Second,<sup>the</sup> DM calculates the effects of possible debt-restructuring operations. Finally, existing debt is obtained by adding the previous calculations.

We turn now to the third step. It is assumed, for presentational purposes, that both pipeline debt<sup>and the effects</sup> of debt-restructuring have already been calculated. In the next subsection, we will come back to the debt-restructuring<sup>menu and</sup> we will detail how the effects of alternative debt-restructuring schemes are calculated.

# 3.3.1 Existina Debt

The DM calculates the values of existing gross disbursements and amortization payments for each creditor as follows: (3.5) GDIe = GDJp + AGDJrs + tGDJar (3.6) APie = APJ<sup>p</sup> + AAPJrs + &APJbb + tAAPar + 6APJwoff 44
where the operator A is used to indicate the effects of debtrestructuring operations on the corresponding variable. The subscripts rs, bb, ar and woff, denote reschedulings, buybacks, accumulation of arrears and write-offs, respectively. Equations (3.5) and (3.6) state that existing gross disbursements and amortization payments equal to their pipeline counterparts plus any changes that may result from the different debt-restructuring operations that the DM considers. Note that AGDJbb and AGDJwoff are set equal to zero. This is because buybacks and debt writeoffs do not affect gross disbursements.

The DX computes existing net disbursements as the difference between gross disbursements and amortization payments: (3.7) NDJ e - GDJe - APJe

# Next, the stock of existing debt is obtained as:

(3.8) Fie - FJel + NDJe + AFibb + AFJwoff Equation (3.8) defines the stock of debt at each period as the previous stock plus net disbursements plus the effects of possible buybacks and write-offs. As explained above, cross-currency effects are set equal to zero.

Finally, the DM calculates interest payments and the implicit interest rate on existing debt: (3.9) Itje ^IPi + AIPirs + AIPjbb + AIPar + AIPiwoff (3.10) ie - IPJe/FJe-l 45
Equation (3.9) defines interest payments on existing debt as the pipeline interest payments plus any change resulting<sup>from</sup> reschedulings, buybacks, arrears and/or write-offs. Equation (3.10) calculates the implicit interest rate on existing debt.

In most cases, there may not be debt-restructuring operations. If this is the case, equations (3.5) to (3.10) are reduced to: <!-- Start of picture text --> (3.5') GDie = GDJp<br>(3.6') APie APJp<br>(3.7) NDJe = GDJe APJe<br>(3.8') FJe = FJel + NDJe<br>(3.9') IPJe = IPJp<br>(3.10) iJe = IPJe/FJe-l<br><!-- End of picture text --> Equations (3.5) to (3.10) describe how the DM calculf s existing debt once the effects of debt-restructuring operations have been obtained. Next, we analyze these effects.

# 3.3.2 Debt-Restructuring

Debt-restructuring techniques include reschedulings, buybacks, accumulation of arrears and, write-offs. The application of these instruments has an impact on the supply of credit and therefore on the macroeconomy.<sup>9</sup> 9 There may be other channels through which debt reduction may affect the macroeconomy. For instance, the reduction of uncertainty and improvement of incentives resulting from a reduced stock of debt could lead to a higher investment.

46
# Reschedulings

A rescheduling of the debt is a negotiation in which the contractual streams of amortization and/or interest payments are modified. The conditions of the rescheduling are negotiated among creditors and borrowers. Two types of reschedulings are possible. Following standard practice, we will label these two cases as "pure rescheduling" and "refinancing". In the "pure rescheduling" case, creditors and borrowers negotiate new streams of amortization and interest payments, which replace the contractual ones. We define the difference between the old and new streams of amortization and interest payments as PRJ1 - and PRJIp1 respectively. In the "refinancing" case, the rescheduled - amortization and interest payments defined as RFJAP and RFJIp, - respectively are capitalized at negotiated conditions. These are embodied in the interest rate (iirs), maturity (Mjrs) and grace period (GJrs) applicable to the refinanced payments.

The DM is able to calculate the effects of both types of - reschedulings. First, the user must enter exogenously the values - 1 or equations for the following variables: PRJ , PRJIp, RFJApi RFpJ i Jr Mjr and G<sup>1</sup> rs' This is done in the jth-CREDITOR worksheet (see figure 3). Second, the DM determines AGDJrs, AAP<sup>1</sup> rs and AIPJrs.

Gross disbursements will be affected insofar some "refinancing" takes place. If this is the case, 1 (3.11) AGDJ _ = RFJAP+ RFJIP 47
Equation (3.11) determines the increase in gross disbursements as the sum of the capitalized amortization and interest payments of a "refinancing". Note that a pure rescheduling does not affect the stream of gross disbursements.

The effect on amortization payments of a rescheduling is the addition of two components. On the one hand, there is the change on amortization payments that results from the "pure rescheduling", PRJ,U. On the other hand, there is the amortization of the "refinanced" amortization and interest payments. Therefore, The first and second sources of changed amortization payments are captured by the first and second terms of equation (3.12), respectively. Finally, the effect on interest payments is obtained as: Equation (3.13) also divides the change in interest payments into two components. The first one results from a "pure rescheduling", PRJIP. The second term measures the effect on interest payments of capitalized amortization and interest payments resulting from a "refinancing" operation.

# Buybacks

A country may buy part of its own debt (BBJ) in the secondary market at a given discount (61). The cost (CJbb) of the operation 48
ist

# (3.14) Cibb m (1-5i)eBBJ

Broadly speaking, there are four alternative ways to finance a buyback. First, a foreign country may provide the funds as a grant or gift. That is, the country uses "external financing". Second, the country can use its own reserves to buy back its debt. Third, old debt can be traded for new debt. Following general practice, we will call this new debt "exit bonds". This operation is sometimes called debt conversion. Finally, the country may exchange its debt for equity. This is the traditional debt-equity swap.

The user must therefore start by specifying the share of each financing method in the cost of the buyback. It is necessary also to make assumptions about the interest rate (iJbb), maturity (Mibb) and grace period (GJbb) applicable to exit bonds. Once this is done, the DM calculates the effects of the buyback on the stock of debt and on amortization and interest payments. That is, the DM computes series for AFJbb, AAPJbb and, AIPJbb#

# A buyback will reduce the stock of debt by the value of the retired debt minus the amount of exit bonds issued. Therefore: (3.15) AFJbb = EBJ - BBJ

In addition, amortization and interest payments must be reduced. The question is how much are they reduced. If all the loans given by a single creditor where homogeneous or, 49
alternatively, we knew exactly which loans were bought back, we could easily calculate the effects on amortization (AAPJbb) and interest payments (AiPJbb). In the absence of this information, it is impossible to know AAPJbb and AIPibb with certainty. We are, therefore, forced to make an assumption. We chose to assume that the loans bought back were "average" loans, that is, that they carried the average interest rate and that they were amortized with the average amortization schedule.<sup>10</sup> Therefore, AAPibb and AIPjbb are calculated as follows:

- (Aie,h-l/FJe,h-l)BBih_l]EiJbb,h

Equations (3.16) and (3.17) have two terms each. In both cases, the first term measures the reduction in payments that results from the reduction of old debt, whj-e the second termt shows the increase in payments that results from issuing exit bonds.

From the accounting point of view, equations (3.15), (3.16) and (3.'7) exhaust the effects of a buyback. However, the economic effects of a buyback depend crucially on how it is financed. An externally financed buyback does not have further consequences than those derived in equation3 (3.15) to (3.17). The. same applies for 10 It is straightforward to change this assumption if more information is available.

50
a buyback financed through exit bonds. However, a buyback financed through the use of reserves has the additional effect of reducing the stock of reserves. This reduction in reserves is calculated in the DM and exported to the RMSM-X. There, we take into account the possible macroeconomic implications.

In the case of a buyback financed by equity, that is, a debtequity swap, the user must make an assumption about the "additionality" of the direct foreign investment. The flow of foreign investment is reduced to the extent that the equity that is exchanged for old debt would have been bought otherwise. In addition the DM calculates the increase in profit remittances that results from the increased foreign ownership of real assets. Both the change in direct foreign investment and profit remittances are exported to the RMSM-X. Finally, there is an extra issue to be considered in a debt-equity swap. This is the origin of the equity exchanged for the buyback. If it was previously owned by the government, no monetary implications arise. But, if the equity was owned by the private sector the issue arises of how did the government raise the funds to buy it. It could be through taxes, by borrowing at home or by increasing the money supply. In any case, this action would have macroeconomic implications. Therefore, the user is asked to decide the source of the funds. Once this is done, the increase in taxes, borrowing and/or money creation is fed back to the RMSM-X model.

51
# Accumulation of Arrears

When a country accumulates arrears, it is forcing new financing from its creditors. Formally, it amounts to what we have labeled refinancing in the subsection about reschedulings. Therefore, we treat arrears as we did with refinancing. The only difference is that we apply different interest rate (iJar), maturity (MJar) and grace period (Gjar) to forced debt. If we define amortization and interest payments as ARJAP and ARJIp) respectively, we have: Equation (3.18) states that gross disbursements increase by the amount of arrears accumulated on amortization and interest payments. Equations (3.19) and (3.20) calculate amortization and interest payments due on the forced debt.

# Debt Forgiveness

Debt forgiveness takes place if some or all creditors writeoff part of the stock of debt. This case is formally equivalent to an "externally financed" buyback. First, a write-off (WOFFi) will reduce the stock of debt by the value of the forgiven debt: (3.21) AFJwoff - WOFFJ 52
In addition, amortization and interest payments must be reduced. As in the case of a buyback the question arises of is how much are amortization and interest payments reduced. As before, we assume that the loans forgiven were "average, loans, that is, that they carried the average interest rate and that they were amortized with the average amortization schedule. Therefore, AAPJwoff and AIPJwoff are calculated as follows: (3.22) &APJwoff = -(AP je/Fie)*WOFF _l (3.23) aIP'woff = - **(** IPJe/Fie) *WOFFj_l Equations (3.22) and (3.23) determine the reduction in amortization and interest payments that result from the reduction of debt.

# 3.4 **New** Debt

Once existing debt has been calculated, the DM projects new debt for each of the creditors. That is, the DM also computes the value of the six following variables at each point of time: the stc.ck of new debt (Fin), new "Loans committei (Cjn), gross disbursements (GDJn), amortization payments (APJn), net disbursements (NDJn), and interest payments (IPjn). For this purpose the DM uses the following set of equations: (3.24) Fin = Fin,1 + NDJn (3.25) NDJn = GDin - APJn 53
where T indicates the current time period. Equations (3.24) indicates that the current stock of debt equals last period's stock of debt plus net disbursements. Equation (3.25) defines net disbursements as the difference between gross disbursements and amortization payments. In (3.26) gross disbursements in period T is defined as the sum of each of the gross diEbursements due from. all past loans committed. Each of these disbursements are in turn defined as the amount committed times the corresponding percentage to be disbursed in T. Equation (3.27) defines amortization payments as the sum of all the amortization payments due in T for loans committed before T. These will be zero if the grace period has not finished or the maturity period has already expired. Otherwise, they are assumed to be equal to the loan divided by the number of payments. Finally, equation (3.28) defines interest payments as the stock of debt in period T-1 times the current interest rate.

The system of equations (3.24)-(3.28) is not sufficient to determine the value of FJn Cjn, GDjn, APjn, NDn and IPmn We need an extra relationship. This extra equation is what differentiates the "requirements" and the 'availabilities" models.

54
# The "Requirements" Model Closure

Under the "requirements" closure rule, the DM calculates the values (or equations) for the total stock of existing debt (F*e) as well as the average interest rates on existing (i*e) and new (i*n) debt for each year of the projection period. This is done as follows:

- (3.29) F* =E j

- (3.30) .30) ie =j1 in (Fi e/ e)ie ji. I F (3.31) i*n =jE **ijn in**

Equation (3.29) defines the total stock of existing debt as the sum of each creditor's stock of existing debt. Equation (3.30) calculates the average interest rate on existing debt as the weighted sum of each creditor's implicit interest rate on existing debt. Finally, equation (3.31) defines the average interest rate on new debt as the weighted sum of each creditor's interest rate on new debt. The weights used are the exogenously given shares of each creditor in new debt, that is, the Bs.

Once **F*et** i e and in have been computed, they are exported to the RMSM-X model and used to construct the foreign credit supply schedule:

- (3.1) i = i*e *(F*e,1/F* t,l) + i n *t( *t1-F*e __)IF*_ ]

55
Then, the total stock of debt is calculated in the RMSM-X model and imported back to the DM. Having F*t and using the share of creditor J in new debt, BJ, the DM calculatea Fin as follows:

## (3.32) Fjn = **BIJF*t** - Fie

Equation (3.32) is the extra equation needed to solve the model and obtain the figures for new debt.

# The "Availabilities Model Closure

Under the "availabilities" model closure, the user is asked to make an assumption on how many loans will be made by creditor j. This assumption gives us the extra relationship needed:

- (3.32') CJn = 5n

In this case, it is not necessary to solve the RMSM-X model to obtain projections for new debt. Nor is it necessary to assume the value of the as.

# 3.5 Total Debt

The DM obtains the total figures for each of the creditors by adding existing and new debt. In this way total gross and net disbursements, amortization payments, loans committed, stocks of debt and interest payments are calculated. Then the DM obtains the economy-wide values of interest payments and capital flows by adding the m-creditors' FJt, IPJt, GDJt, APJt, and NDJt: 56
X =J!, xit X = GD,AP,ND,F,IP.

The total output of the DM is presented in Appendix 2.

57
# IV. CONCLUDING REMARKS

The RMSM-X for Turkey can be extended in many directions. We are currently working on two areas of possible improvement. First, we are replacing some of the simple rules used in this version by econometrically estimated behavioral functions. Second, we are in the process of implementing a simultaneous solution technique<sup>that</sup> will allow us to solve the model for intermediate variables such as the real interest rate and the real exchange rate. Several other extensions could be considered. In particular, the specification of the markets could be enriched by disaggregating the goods and domestic asset markets. Factor markets, especially the labor market, could also be added to the model.

Despite the simple behavioral structure of the current model, the application of RMSM-X to Turkey has yielded some useful insights. Specifying the model contributed to an improved understanding of the relationships among the different sectors of the economy. Building the consistency framework helped us to identify the major inconsistencies in the original statistics and provided us with clues on how to resolve them. In addition, this model equips us with a useful quantitative tool for the study of the interaction between our economic assumptions on the behavior of economic agents and the design of consistent macroeconomic policies.

58
# BIBLIOGRAPHYs

- Easterly, W., P. Kongsamut and J<sup>Zizek (1990):"The Macroeconomic</sup> Requirements of Policy Reforms in Colombia:<sup>A Model-Based</sup> Approach", WPS, The World Bank.

- Holsen, J. (1989a): "A Simple<sup>Sources and Uses Framework for</sup> Historical and Projected Country<sup>Economic Data", Manuscript,</sup> The World Bank, Washington, D.C., April.

- (1989b): "KENYA.MOD: A Simplified Example<sup>of RMSM-X",</sup>

- Manuscript, The World Bank, Washington,<sup>D.C., May.</sup>

- Khadr, A., L. McKay, K. Schmidt-Hebbel<sup>and J. Ventura (1989):</sup> "A RMSM-X Model Illustration for Zimbabwe,,,<sup>mimeo, The World</sup> Bank.

- King, B.B. (1985): "What is a SAM?",<sup>in G. Pyatt and Jeffrey I.</sup> Round eds. Social Accounting Matrices:<sup>A Basis for Planning.</sup> Washington D.C., The World Bank.

- Riveros, L., M. Kiguel and P. Aizenman<sup>(1989): "PHIPROI: An</sup> Application of the RMSM-X Model to the<sup>Philippines", mimeo,</sup> The World Bank.

- Serven, Luis (1990): "A RMSM-X Model<sup>for Chile", mimeo, The World</sup> Bank.

- Serven, L., and J. Ventura (1989a): "The<sup>Structure and Closure of</sup> a Macroeconomic Model", mimeo, The World<sup>Bank.</sup>

- Serven L., and J. Ventura (1989b): "Alternative<sup>Closure Rules for</sup> RMSM-X", mimeo, The World Bank.

- Turnovsky, A. (1977): Macroeconomic<sup>Analysis and Stabilization</sup> Policies. Cambridge University Press,<sup>Cambridge.</sup>

- IMF Institute (1981): Financial Policy<sup>Workshops: The Case of</sup> Kenya. International Monetary Fund, Washington,<sup>D.C.</sup>

59
# APPENDIX 1: Creatizig a Consistent Data Base

Given the nature of the RMSM-X models, it is necessary to assemble the macroeconomic statistics of Turkey into a flow-offunds accounting framework. This nc. only maps the budget constraints of the various sectors into actual data but also describes the characteristics of the Turkish economy in detail. The methodology is based on the fact that each source of funds for one sector is also a use or resource for another. This system of double entry accounting portrays income, expenditure, investment, savings and financing in such a way that consistency among sectors is assured.

The theoretical sections of the paper include a description of the economic sectors and markets that we need to incorporate into the model. This theoretical framework determines the data requirements. In spite of its adaptation to the Turkish case we were likely to encounter two data problems: (i) inconsistency, and (ii) incompleteness. The first problem arises from the fact that similar data are collected by different agents or institutions in the economy. Resolving the problem can only be done by means of a qualitative judgement on the data sources. Timeliness of the availability of data is also a concern. The second problem needs to be solved through assumptions about the missing data.

Creating a consistent data set is an iterative process. At the outset it is difficult to see which original data set and which assumptions will lead to a "better" consistency of the data. Hence, it is often necessary to revise assumptions, collect
additional data or switch to a different starting point. In what follows we will document how we proceeded from original data to flow-of-funds accounts. We will focus on the process of data selection, on the assumptions needed to close the data set, and, on the reconciliation of stocks and flows.

In the remainder of this appendix and in the appendix tables we have indicated our data sources as follows:

- CB: Central Bank's Quarterly Bulletin containing all monetary data on the Central Bank and the domestic banking system and, Reserve Money Table; a weekly publication of the Central Bank's balance sheet.

- BoP: Balance of payments data prepared by the Central Bank and available in various publications (e.g. State Planning Organization: Main Economic Indicators).

- DRS: Debt Reporting System of the World Bank.

- Fiscal: "Public Balances" tables published by State Planning organization in most Plan documents.

- NA: National accounts data are taken from "Macrobalances" tables published by SPO.

- E10: Special table prepared by the Central Bank showing foreign asset position of domestic money banks.

- F19: Table on debt service prepared by Treasury.

Some of these sources overlap in terms of data coverage. In the description of the construction of a consistent data set we<sup>will</sup> motivate and indicate our preferred sources.

We have used the following general principle to ensure historical consistency of the data. In an accounting sense, budget constraints of all sectors add up (to zero). Therefore, if data on all but one sector are gathered, then the data on the remaining 2
one are automatically filled.<sup>This feature of flow-of-funds can</sup> readily be exploited to fill<sup>gaps in the data. Given that very</sup> limited independent information<sup>is available on the private sector,</sup> we choose this sector as<sup>the residual of our system and focus on</sup> the collection of data for<sup>the other five sectors.</sup> This also provides a check on the collection<sup>of data since the variables</sup> obtained as a residual in<sup>the private sector should behave</sup> normally.

The problem of stock-flow<sup>consistency arises because of the</sup> use of discrete time periods during<sup>which flow data are collected.</sup> In an accounting sense, flow-of-funds<sup>do not require the stock</sup> data. However, implicitly, we require<sup>stock data to determine some</sup> flows, for example, interest payments. In addition, from the economic perspective stocks play a crucial role in the determination of asset prices,<sup>interest rates and inflation.</sup> We start the construction of<sup>the flow of funds by ensuring</sup> consistency between stocks<sup>and flows of external debt and the</sup> balance of payment's capital account.<sup>Then we take the data from</sup> the current account of the balance<sup>of payments and relate them to</sup> the national accounts and interest<sup>payments on external debt. Next</sup> we consider the monetary sector<sup>and ensure stock-flow consistency</sup> of domestic assets as well as consistency<sup>between Tl flows and the</sup> Tl value of foreign currency denominated<sup>assets. Given explicit</sup> and implicit interest rates we<sup>derive the current account for the</sup> Central Bank and the banking<sup>system. Then we move to the fiscal</sup> accounts where we assure<sup>consistency between financing and the</sup> current accounts of the budget<sup>and the SEEs. We make sure that</sup> the key macroeconomic identitie of the national accounts<sup>are</sup>
satisfied and obtain the private sector account as the residual that closes the historical flow of funds. Finally, we present the sector accounts in a concise matrix format.

# A1.1 Bxternal Debt and the Balance of Payments

Data on the balance of payments and external debt are commonly expressed in a single foreign currency. The current account of the balance of payments should be consistent with the national accounts. If the data are constructed jointly, as is the case in Turkey, no inconsistencies arise. The links between the capital account of the balance of payments, representing financing flows for the domestic agents, and the stocks of external debt as well as the net foreign asset position of the various sectors are somewhat more complicated.

We encounter four problems during the reconciliation of dollar denominated stocks of external debt, the net foreign asset position, dollar flows of the balance of payments, TL flows and TL stocks. First, the stock of external debt expressed in dollars does not only change because of new foreign borrowing but also because of changes in the cross-currency rates among the foreign currencies that constitute the stock. Hence, the stocks of debt need to be adjusted for the "cross-currency effects" in order to reconcile the capital flows from the balance of payments with the changes in the stocks. Second, the net foreign asset position of each of the domestic sectors does not correspond with its external debt position. This is the result of transactions among domestic sectors in foreign currency. For example, the private sector could either sell proceeds of exports or deposit them in the domestic 4
banking system. Although<sup>neither transaction changes the net</sup> foreign asset position of the countey, the first transaction changes the net foreign asset<sup>position of the private sector and</sup> the domestic banking system,<sup>while the second does not. The third</sup> problem, the "timing-effect,"<sup>is related to the conversion of</sup> dollar flows in TL equivalent.<sup>Due to the use of discrete time</sup> periods, the question of the proper<sup>exchange rate becomes a crucial</sup> one. The domestic currency equivalent<sup>financing will be affected</sup> by the timing of the flows,<sup>particularly in an inflationary</sup> environment. A country that receives a foreign<sup>loan at the</sup> beginning of the time period will<sup>derive much less financing from</sup> it than the country that receives the<sup>same loan at the end of the</sup> period. Finally, the change in the<sup>TL value of stocks of net</sup> foreign assets does not correspond<sup>to the value of the Ti flows due</sup> to the "revaluation effect." As<sup>the result of changes in the end</sup> of period nominal exchange rate these<sup>stocks need to be revaluated.</sup> If sufficient information is available,<sup>these four issues can</sup> be accurately dealt with. However,<sup>it is very unlikely that this</sup> information is available or consistent.<sup>In what follows, we explain</sup> how we deal with the problems that<sup>arose during the exercise on</sup> Turkey and detail the assumptions<sup>needed to resolve each of the</sup> problems. The solution of the problem<sup>of the revaluation effect and</sup> the timing of flows will be explained<sup>in the section on monetary</sup> accounts.

# Stock-Flow Consistency

Four equations ensure the consistency<sup>of foreign currency</sup> denominated stocks and flows<sup>for each of the sectors:</sup> 5
(Al.l) Fi = FGi - RESi + £(FXji - FXij); for i+j+t and i=c,d,o,b,p,t (Al.2) dFGi = K dFGi + CC dFGj; for<sup>i=c,d,o,b,p,t</sup> (Al.3) dFX = K dFXj3 + CC dFXi; for(i,j)=(d,c),(o,c),(b,c),(p,d) (Al.4) dRESi K Ki dRESi + CC dRESj; for i = c, d with Fi = net foreign liability position<sup>of sector i, FGi=external</sup> debt position of sector i, RESi= reserve<sup>position of sector i, FXij</sup> foreign exchange deposits of sector<sup>i at sector j. d stands for</sup> flow data, the prefix K is for the flows<sup>from the capital account</sup> of the balance of payments and the prefix<sup>CC indicates the cross-</sup> currency effect.

Equation A1.1 states th^ ;.ne net foreign<sup>liability position</sup> of any sector in the economy equals its external<sup>debt position</sup> minus reserve holdings and minus net foreign<sup>exchange deposits at</sup> other domestic sectors. In this way, we deal explicitly<sup>with the</sup> difference between the external debt position<sup>and the net foreign</sup> asset position of each sector. Clearly,<sup>for the economy as a whole</sup> there is no difference between the net<sup>external debt and the net</sup> foreign asset position. Equation A1.2<sup>decomposes the stock change</sup> of external debt into the actual flow from<sup>the capital account of</sup> the balance of payments and the "cross-currency<sup>effect" due to</sup> changes in exchange rates among the foreign<sup>currencies that compose</sup> the stock of debt. Equation A1.3 and A1.4<sup>do the same as equation</sup> A1.2 for foreign exchange deposits and<sup>reserve holdings.</sup> The formulation of equation A1.4 implicitly<sup>assumes that</sup> there are no sales or purchases of reserves<sup>between the different</sup> sectors of the economy (other than related<sup>to balance of payments</sup> 6
transactions). This is consistent with another assumption embodied in the set limitation of equation Al.4: the private sector does not hold foreign exchange in cash or as deposits with the foreign sector. Hence, balance of payments proceeds from trade or capital transactions are either sold directly to the Central Bank or deposited in the banking system. Obviously, additional information on private sector's holding of foreign cash and intersectoral sales and purchases of foreign exchange would avoid the need to make these assumptions.

We further observe that the budget and the SEEs hold foreign excharge deposits at the Central Bank and assume that they do not hold foreign exchange deposits at the domestic banking system. The private sector holds foreign exchange deposits only in the domestic banking system. The domestic banks hold foreign exchange deposits at the Central Bank to satisfy reserve requirements on their foreign exchange deposits and to satisfy a regulation that limits the net foreign liability position of the domestic banking system. Data on the six equations embodied in Equation AII.1 were readily available from different sources. Since one of the equations represents the total, the six equations are obviously not linearly independent. Table Al.1 shows the detail of Equation A1.1 for each of the sectcrs and lists the sources of the data. Depending on our judgement on the quality of the source of data and the availability of data from different sources, either the net foreign liability position or the total stock of external debt is calculat e The private sector contains a residual that reconciles the info. Aion on the total with that on each of the other sectors.

7
The next step involves obtaining the identities A1.2 throuah A1.4. These identities are derived as flows from the right hand side of equation Al.l. Given the set limitations on the equations we get 12 equations each having three variables but only 11 equations are linearly independent. In the Turkish case not enough data are available to solve the entire system without making further assumptions.

Given the 11 independent equations we can determine 11 variables provided they appear in different equations. The 11 equations contain 33 variables of which 11 are known from the flow version of equation Al.l. We have additional independent information from the balance of payments on reserve flows (K dRESc and K dRESd) and from fiscal data on the financing of the public sector (K dFGb) and K dFGo). This leaves us with 18 variables to be determined. However, given equation Al.l we also know the net asset position of the country ind we know that the sum of all net positions of the individual sectors must add up to that total. This provides us with an additional constraint so that we are left with 17 unknowns of which 11 can be determined. Hence, we need to Lind additional information for 6 variables.

For 1988, our base year, we choose to make the assumptions on the cross-currency effects as we have some additional information on the currency composition of external debts and reserves as well as the cross-exchange rates. We assume that the currency composition of foreign exchange deposits is similar to that of Central Bank reserves (approximately 19 percent DM, the remainder US dollars). Given the cross-exchange rates, we can determine the cross-currency effects on the foreign exchange deposits held by 8
Table AI.1 Foreign Currenry Denoinated Assets and Liabilities(USS Nitlion)

|||1906|1987|1988|Source|
|---|---|---|---|---|---|
||TOTAL|||||
|FGt|External<br>Debt|32,789.45|40,932.04|39,592.24|DRS|
|RESc|CB Reservftes|2,596.21|3,245.47|3,671.20|CS|
|RESd|RS Reserves|1,619.00|2,241.00|2,921.00|EIO|
|Ft|Met Externrl Debt|28,372.24|35,445.57|33,000.04|Calculated|
||CENRAL BAK|||||
|FGc|Externnl Debt|8,443.76|10,464.39|6,275.95|Calculated|
|FXbc|FX deposits of Sudget|729.62|990.01|1,096.48|CB|
|FXoc|FX deposits<br>of SEEs|219.32|120.68|218.48|CB|
|FXdc|FX depositsofBS|1,680.81|2,556.76|2,390.46|CB|
|RESc|Reserves|2,596.21|3,245.47|3,671.20|CB|
|Fc|NFAPosition|8,475.30|10,886.37|8,310.17|CB|
||BUDGET|||||
|FGb|Externrl<br>Debt|16,215.96|20,516.05|20,318.68|DRS|
|FXbc|FX deposits<br>at CB|729.62|990.01|1,096.48|CB|
|Fb|<br>NFAPaoition|15486.36|19,5Z6.03|19,222.19|CalcuLated|
||SEEs|||||
|FGo|Externnl<br>Debt|3,767.80|4,249.67|4,332.74|DRS|
|FXoc|FX deposits<br>atCB|219.32|120.68|218.48|CB|
|Fo|<br>NFAposition|3,548.48|4,128.99|4,114.26|Calculated|
||DOUESTIC aS|||||
|FGd|Exten, l Debt|3,590.26|5,396.32|5,931.16|CaLculated|
|FXdc|<br>FX DepositsatC(|<br>1,680.81|<br>2,556.76|<br>2,390.46|cB|
|FXpd|FXdeposits<br>of Private|2,074.00|3,528.00|3,011.00|E10|
|RESd|Reserves|1,819.00|2,241.00|2,921.00|EIO|
|Fd|NFAPosition|<br>2,164.45|<br>4,126.56|<br>3,630.70|CB|
||PRIVATESECTOR|||||
|FGp|ExtermL<br>Debt|77.65|305.61|733.70|Calculated|
|<br>FXpd|Deposits<br>**at**BS|2,074.00|3,528.00|3,011.00|EIO|
|Fp|NFA position|-1,302.35|-3,222.39|-2,277.30|Residual|

Source: See expltation in text 0d right most coltm.

9
domestic sectors among each other (CC dFXbc, CC dFXoc, CC dFXdc, CC dFXpd). We also know the currency composition of the Central Bank's external debt (approximately 44 percent US$, 56 percent DM), and assume that the domestic banking system's external debt had the same composition. This is sufficient to determine CC dFGc and CC dFGd.

We choose the end of 1988 cross-currency rates as the base rates. Then, it is straightforward to calculate the cross-currency effect in 1988 with the following formula: for X = FXbc, FXoc, FXdc, FXpd, FGd, FGc.

where i is defined over the set of foreign currencies, except US$<sup>1</sup> , ai is the weight of the foreign currency i in total dollar stock of external debt (X) and EERi(t) is the end of period exchange rate expressed as the amount of foreign currency per US$.

In order to calculate cross-currency effects for 1987 some additional assumptions are required if the weights ai are not known at all relevant points in time. If they are known, the calculation of the cross-currency effect can be done according to equation A1.5. If the ai are only known in the base period, two possible assumptions can be made to calculate the past effects. One hypothesis assumes that the a, simply stay constant. This implies that the country follows a borrowing strategy that offsets cross1 We assume, according to common practice, that the external debt is expressed is the US$.

10
currency effects. If the US$ appreciates the<sup>country swaps other</sup> currency debt for US$ debt to maintain a constant<sup>dollar value</sup> share of other currency debt. Another hypothesis<sup>is to assume that</sup> a fixed share (a,) of the dollar flow value is borrowed in foreign currency. This allows us to determine the stocks<sup>of foreign debt</sup> by foreign currency, implicitly changing the ai<sup>for the past</sup> stocks. Both assumptions can be misleading, but<sup>in the absence of</sup> data on the ai I s or on the currency composition of<sup>flows we opt for</sup> the second assumption since Turkey does not seem<sup>to pursue an</sup> offsetting borrowing strategy. This is a temporary<sup>solution until</sup> proper data on the ai's are collected.

Table A1.2 shows the data obtained from solving the system<sup>of</sup> equations Al.l through A1.4. Boldface numbers are the<sup>variables</sup> we solved for while numbers with an asterisk indicate<sup>assumptions</sup> that we have made. All other variables are taken<sup>from available</sup> statistics, as explained above. Blank entries simply<sup>reflect the</sup> underlying economic structure as not all sectors<sup>are related to</sup> each other for all items.

# Capital Account of Balance of Payments

As a by-product of the exercise above we also obtain<sup>all the</sup> entries in the capital account of the balance of payments.<sup>Table</sup> A1.3 reproduces the balance of payments in its<sup>original format</sup> obtained from the Central Bank. Table A1.4 presents<sup>the balance</sup> of payments in the format needed for the model.<sup>As is evident, the</sup> original capital account does not contain sufficient<sup>information</sup> to fit our sectoral composition of the economy. The<sup>solution of</sup> equations Al.l to A1.4 solves this problem.

11
Table A1.2 Foreign Currency Dentmin ted Debt: Flow 1968 (US NIttion)

|||a. EqustianA1.1fl|||
|---|---|---|---|---|
||,afet foreign<br>Aset<br>Position|Exteratl<br>Debt<br> <br>Debt (+)<br>Acc|**Reere**<br>ulation<br>_(-)_|Demats<br>of<br>ctors(-|
|Total<br>Central<br>Bank<br>|-2,445.5<br>-2.576.1<br>|-1.339.8<br>-2.188.4<br>|1,105.7<br>425.7|0.0<br>-36.0<br>|
|Budget<br>|-303.8|-197.4|-|106.5|
|SEEs|-14.7|83.1|-|87.8|
|Dowastic<br>ES<br>Private<br>Sector|435.9<br>945.1|534.8<br>428.1|680.0<br>-|350.7<br>-517.0|
|||B.ZqlattLA1.2_kL_|||
||AExternal<br>Debt|soPlop (+)|Croe|a-Currmicy<br>Effects<br>**(t)**|
|Total<br>Central<br>Bank<br>Budget|-1,339.8<br>-2.188.4<br>-197.4|-146.0<br>-1.668.9<br>468.3||-1,193.8<br>-519.5-<br>-665.6|
|SEEs|83.1|1,199.7||-111.6|
|Does tic<br>BS<br>Private<br>Sector|534.8<br>428.1|<br>907.2<br>-1,052.2||-372.3-<br>1,480.3|
|||C.<br>Etuatio4<br>A1.3 I|||
||**ryaIserves**|BoP flow (t)|Cros|s-currmcy<br>Effects<br>(*)|
|Total<br>Central<br>Bank<br>Budget|1,105.7<br>425.7<br>-|1,709.0<br>888.0<br>-||-803.3<br>-462.3<br>-|
|gyps|-|-||-|
|<br>Daiutic<br>RS<br> <br>|680.0|821.0||-141.0|
|Private<br>Sector|-|-<br>D.<br>Equati<br>.M4A||-|
||FlDeposits|**FE**flos|Cror|s-currancy<br>Iffect|
|Total<br> <br>|0.0<br>|0.0<br>||0.0<br>|
|Central<br>Bank<br>|-38.0<br>|-116.9<br>||78.9<br>|
|Budget<br>"|106.5<br>|129.8<br>||-23.3-<br>|
|R,.<br>|97.8|102.5||-4.7*|
|Doinstic<br>BS<br> <br>|350.7<br>|337.5||13.2-|
|Private<br>Sector|-517.0|-452.9||-64.10|

5/ This is **the** flom reprwenmttion of Table M1A for 1988.

B oldiface er andogbmrs variables vaiable _rked with asterisk **ar.** based c Ua,tious. all othbr var.ables are takn fzo available data.

Source: See explantion in tezt.

12
# Table Al. Salarce of Payments: Origirut For (USS ittlion)

||1987|1988|
|---|---|---|
|Nerchwdise<br>expwts<br>fob|10,322.0|11.846.0|
|<br>Nerdc,wdise<br>iqiprts<br>fob|-13,551.0|-13,646.0|
|Other credit|4,111.0|5,945.0|
|Ship<br>nt<br>|617.0<br>|m.o<br>|
|Trawportation|99.0|60.0|
|_T@wim_|1,476.0|2,355.0|
|Other goods,**nfs**|1,328.0|2,005.0|
|Profit<br>rmnittances|293.0|476.0|
|Interest<br>incme|298.0|272.0<br>|
|Other debit|-4,282.0|-4,812.0|
|Shipent|-404.0|-399.0|
|<br>Trnportation|-214.0|-174.0|
|<br>Tourism|-448.0|-358.0|
|Other goodc, nfs|-629.0|-994.0|
|Profit<br>Rmittames|-80.0|-8.0|
|Interest<br>pa)y1ts|-2,507.0|-2,799.0|
|<br>Tranfers<br>credit|2,456.0|2,199.0|
|Private<br>Workerremittacos|2,021.0|1,755.0|
|Private<br>other|67.0|70.0|
|P"btic|368.0|374.0|
|WorkerRmi ttances|81.0|89.0|
|other|287.0|285.0|
|Trmnfers<br>debit|-38.0|-29.0|
|Private|-22.0|-19.0|
|Publlc|-16.0|-10.0|
|CUJEENTACCMT|-962.0|1,503.0|
|Direct<br>Investm ent|110.0|352.0|
|Portfolio<br>Invest<br>ent|-29.0|-4.0|
|Other toV-term<br>capital|1,573.0|930.0|
|Drawsfsr|3,662.0|4,308.0|
|Oresdhr|<br>568.0|549.0|
|***ep**yents|-2,657.0|-3,927.0|
|Short-term<br>capital|356.0|-1,979.0|
|<br>**Asets**|-945.0|-1,423.0|
|Credits extended|-842.0|-607.0|
|**Total**dhire<br>in UotdirW|-103.0|-821.0|
|Liobitities|1,301.0|-551.0|
|Credits|692.0|-979.0|
|Oosl, ts|609.0|428.0|
|CAPITAL ACnJI|2,010.0|-701.0|
|METEUS<br>MONISSIONS|-459.0|347.0|
|<br> <br>QaPTIYt<br>FhN<br>W-I|0.0|0.0|
|<br>ITERPATI13To|424.0|-261.0|
|OVERALL ALANM|993.0|U8.0|
|CHAI<br>N1_RESERVS_|-993.0<br>|-888.0<br>|
|IMF|-344.0|-467.0|
|<br>**Official**Renerves|<br>**-649.0**|-421.0|

**source:** Central Ienk

13
Current Account of the Balance of Payments For our purpose we need to distinguish in the current account of the balance of payments total exports and imports, interest payments per sector, total profit remittances, foreign transfers to the private sector and the public sector and worker remittances. We also distinguish among imports or investment goods, consumption goods and intermediate goods. For this purpose additional information was obtained based on customs statistics.

To preserve the original consistency between the balance of payments data and the national accounts, we adopted the somewhat peculiar system of the Turkish authorities. They consider all current account transactions except interest payments, profit remittances and private and official workers remittances<sup>2</sup> as goods and non-factor services. Hence, the resource balance includes some transfer items that are assumed to be goods and non-factor services by Turkish officials. Private worker remittances of Table A1.3 correspond with worker remittances in Table Al.4, foreign transfers to the budget in Table A1.4 correspond with official worker remittances in Table A1.3 while total profit remittances and interest payments in Table A1.4 are the net of the corresponding debit and credit entries of Table A1.3. Transfers debit, private other transfers credit and public transfers credit from Table A1.3 are added to exports and imports, respectively, in Table A1.4. In 2 This category consists mainly of payments by Turkish nationals abroad in lieu of military service.

14
Table A1l4 Balance of Payments (USS Million)

|||1987|1988|Source|
|---|---|---|---|---|
|NDXt<br>HD INt<br>HD_INl_<br>HD INC<br>ND_INV_|Exports<br>imports<br>Investi<br>tgoods<br>Consumptiongoods<br>Intermediate<br>goods|14 196.0<br>15,284.0<br>3 817.0<br>2,287.0<br>9,180.0|17,398.0<br>15,600.0<br>3 389.0<br>2,370.0<br>9,241.0|(SoP data)<br>(SoP data)<br>(SoPdata)<br>(BoP data)<br>(BoP data)|
|ND RB|Resource<br>Balance|-1,088 0|1,798.0|(CalcuLated)|
|NDiFt<br>ND iFGb<br>ND iFGo<br>HDiFGp<br>ND iFGd<br>ND iFGc<br>ND iRESc<br>NDiRESd|Interest<br>Paoments<br>Budget<br>SEEs<br>Private<br>BankingSyste'<br>Central<br>Bank<br>C8's ForeignReserves(-)<br>BS'sForeign Reservest-)|2,209 0<br>1,215.0<br>322.0<br>61.8<br>141.9<br>676.4<br>208.2<br>145.7|2,527.0<br>1,358.0<br>360.0<br>23.2<br>239.0<br>792.7<br>245.8<br>169.8|(SoPdata)<br>(F20)<br>(F20)<br>(iF-FGptt-1])<br>(iF-lFGd-RESdOIt-1])<br>(iF*FGc[t-1])<br>(iFRESc(t-11)|
|NDPR|Profit<br>Remittances|-213.0|-388.0|(BoP data)|
|HDiFt&PR|Factor<br>Payents|1,996.0|2,139.0|(Calculated)|
|NDTfb<br>ND Tfp<br>HDUR|Foreign Transfers<br>to Budget<br>Foreign Transfers<br>to PS<br>Vorkers Remittances|81.0<br>0.0<br>_2,021.0_|89.0<br>0.0<br>1,755.0|(SoP data)<br>(SoP data)<br>(SoP data)|
|ND Tft|Total Foreign Transfers|2,102.0|1,844.0|(Calculated)|
|ND Sf|Foreign Savings|982.0|-1,503.0|(BoP data)|
|NDDFI|Foreign Investment|110.0|352.0|(BoP data)|
|ND dFGb<br>ND dFGo<br>NDdFGp<br>NDdFGd<br>HD dFGc|Capital<br>Inflows:<br>**Bucxoet**<br>SEEs<br>Private<br>BankinSystem<br>Central Bank|-764.6<br>1,498.4<br>-899.2<br>1,237.8<br>895.7|468.3<br>1,199.7<br>-1,052.2<br>906.2<br>-1,668.9|(Fiscat<br>data)<br>(Fiscal<br>data)<br>(Residual)<br>(Calc.<br>from CS data)<br>(Catc.<br>fromCBdata)|
|HDdFt|TotalCapitatInftows|872.0|-1,855.0|(Calculated)|
|NDdRESc<br>NDcdESd|Central<br>Bank<br>Banking System|993.0<br>103.0|888.0<br>821.0|(From BoP)<br>(FromCBdata)|

Source: See explanation in text **and** right m*st coluu.

order to rnake the data on the subcategories<sup>of imports consistent</sup> with the total we choose to leave<sup>imports of consumption goods as</sup> the residual.

Interest payments are obtained in two<sup>different ways. First,</sup> data on interest payments of the budget<sup>and the SEEs are taken from</sup> the external debt service table. However, this table does not detail payments made/receivad by the<sup>other three sectors. Hence,</sup> 15
in order to ensure consistency, we calculated an implicit foreign interest rate as the ratio of interest payments and the previous end of period stock of external debt of the other three sectors (net of reserves) .3 Multiplying this interest rate with the respective stocks gives us the required interest payments.

# Balance of Payments in TL

As a matter of principle, we choose to work with period average pyices, exchange rates and interest rates. This is motivated by the fact that the majority of the data are only available in flow form. National accounts data and budget data are examples of this, and the standard practice to deflate these data is by means of a period average price index. Hence, we convert US$ balance of payments flows at the period average exchange rate. This has important implications for the calculation of the "timing effect" necessary to reconcile Tl denominated stocks and flows with USS flows as will be explained below. This assumption obviously leads to an approximation of the Tl value of the balance of payments transactions since the timing of the transactions is of crucial importance, especially when large exchange rate swings occur. If more information is available on the timing of flows or the exchange rate process this should be taken into account. **A1.2.** The **monetary sector** 3 Expressed using symbols of Tables AII.4 and AII.1, the formula is: iF = (HD iFt - HD iFGo - HD iFGb)(88)/(Ft - FGb - FGo)(87) 16
The basic data for the Central Bank and the domestic banking system are obtained in the form of balance sheets expressed in TL at the end of the year. In order to obtain information on the net foreign asset position of these institutions and on the foreign exchange deposits from other sectors in the economy, the original data has to be complemented with two additional sources. The Reserve Money table is used to derive all foreign asset positions of the Central Bank vis-a-vis the other sectors, while a special table (EIO) provides the same information on the domestic banking system.

A further complication arises from the existence of public banks that are included in fiscal data as well as data on the banking system. In order to avoid double counting and to group activities in meaningful sectors we decided to include the financial state enterprises in the domestic banking system. Hence, the fiscal data are adjusted in order to exclude the financial SEEs. The Turkish fiscal data explicitly distinguished the category of financial SEEs that consist only of deposit money banks and development banks.

For assets and liabilities denominated in Tl, we can readily derive the corresponding financing flows as the changes in the Tl stocks. We assume that relative prices other than the exchange rate are constant. However, for the assets and liabilities expressed in Tl but denominated in foreign currency, we face the problem of reconciliating dollar flows and TL flows. First, flows are evaluated at period average exchange rates while stocks use 17
end-of-period exchange rates (the "timing effect"). Second, Tl stocks change not only due to quantity changes but also due to endof-period exchange rate fluctuations (the "revaluation effect").

# Revaluation effects

We will discuss the general solution of the problem of revaluation effects using the reserves of the Central Bank as an example. All other foreign currency denominated assets are treated in the same way.

The change in the domestic currency equivalent of reserves d(Ee.RESc) can be decomposed as: (A1.6) d(Ee.RESc) = Ee*dRESc + dEe.RESc(t-1) Ee is the end of period exchange rate while E is the period average rate. Adding and subtracting E*dRESc, we obtain: (A1.7) di(Ee.RESc) = E*dRESc + (Ee - E).dRESc + dEe.RESc(t-l) Note that we have already decomposed E*dRESc in dollar terms into the cross-currency effect and the balance of payment flows in equations A1.2 through A1.4. Here we translate this into Tl by multiplying with the average exchange rate: (A1.8) E.dRESc = E-K dRESc + E-CC dRESc The remaining two terms on the right hand side of equation A1.7 constitute the "timing effect" ((Ee-E).dRESc) and the "revaluation effect" (dEe.RESc (t-l1). We denote the sum as: 18
(Al.9) dRVlc = (Ee-E)*dRESc + dEe*RESc(t-1) The "timing effect" is the result of the fact that stocks are evaluated at the end of period rates while flows are evaluated at period average exchange rates. The "revaluation effect" is due to fluctuations in the end of period dollar exchange rate.

The top section of Table A1.5 represents the simplified stock balance sheet of the Central Bank. All stock data on the balance sheet are taken from the original data set and do not require further manipulation. From the change in the stock balance sheet we derive the capital account of the Central Bank. On the asset side, the change in the Tl value of reserves is decomposed using equations A1.6 through Al.9. To save notation in the model, we denote E*K dRESc as dARESc and E*CC dRE as CCRlc. On the liability side the same is done with the total liabiliti., (Ee.Fc). They consist not only of external debt (Ee.FGc) but also of the sum of all foreign currency denominated deposits of dcmestic sectors with the Central Bank (Ee-FXt). In the capital account of Table A1.5 we decompose the total liabilities (dEe.Fc) into the balance of payments flow (dAFGc), the total flow from other domestic sectors (dFXt), the "cross-currency" effect on both (CCR2c) and the sum of the "timing and revaluation" effects on both (dRV2c). The counterpart of cross-currency, timing and revaluation effects (RVTc, dRVTc) is entered (with a negative sign) in net other liabilities (NOL, dNOLc) as they constitute a claim of the Central 19
Table **Al.S** Central **Sa*ing Accouits** (TL Bitlion)

|**A**|**STOCKS**|1987|L|A|STOCK 1|988|L|
|---|---|---|---|---|---|---|---|
|||H<br>|4,933.6|||H|9,100.0|
|Ee-Rese|3,313.3|CUt|3,044.1|Ee.RESc|6,662.5|aCt|4,518.4|
|CRt|2,080.2|CUp<br>|2,274.7<br>|CRt|1,394.6<br>|**CUp**|3,425.6|
|Ctb|2,062.0|CUd|769.4|CRb|1,567.6|**CUd**|1,092.1|
|CRo|501.1|Dde|1,889.5|CRo|674.9|Dde|21,743.8|
|CRd|-482.9|**Ee-Fc**|14,427.2|CRd|-847.9|**I.**|-22,786.7|
|||liO|-13,967.3|||**IVe**|-6,793.1|
|||NHe|-5,397.4|||RVTc|-15,993.6|
|||RVTc|-8,569.9|||||
|||Q8A|CAPITAL**ACCD**|**Jh.**1988|_IL_|||
|||||dN|4,166.4|||
|||d(Ee&RES0)|3,349.2|dXllt|1,474.3|||
|||**dARES**|1,257.8|**dCLip**|1,150.9|||
|||**CCRIc**|-654.8|dCLld|323.4|||
|||**cdVec**|2,746.2|dDde|2,692.1|||
|||dCRt|-685.6|**d(Ee-Fc)**|7,316.6|||
|||dCRb|-494.4|dAFGc|-2,364.0|||
|||dcRd|173.8|dFXt|165.5|||
|||dCRd|-365.0|CCR2c|-847.7|||
|||||dRV2c|10,362.7|||
|||||dlOLc|-8,819.4|||
|||||**dNIc**|-1,395.7|||
|||||CRVTC|-7,423.7|||
|||R|**OJRREN**<br>|**T**<br>ACCWNT 88|**ELS**|||
|||;,-Bbd-I|531.0|ioo-Dp-i|1,794.9|||
|||ic40od-1<br>|1,069.2|iRYCRd-1|-245.6|||
|||**i.5pdi-**|3,680.5|iF-E-FXpd-1|378.6|||
|||<br>iF*E-FXdc|-i<br>274.3|<br>iF*E*FGd-i|338.6|||
|||||**P&Ld**|-1,798.4|||
|||||**dlNd**|5,087.0|||

**Source:** See **explanation** in text.

Bank on the budget. Net worth (NWc) and its change (dNWc, savings of the Central Bank) close the stock balance sheet and _the_ capital account, respectively.

There are no data available on the current account (revenue and expenditure) of the Central Bank. We calculate a current account based on the balance sheet of the previous period by applying the corresponding interest rates to the respective assets and liabilities. Given the change in net worth of the Central Bank 20
(dNWc), this allows us to determine<sup>the distributed profits and</sup> losses (P&Lc) as the residual variable<sup>in the current account.</sup> Profits and losses contain all the<sup>items other than interest</sup> payments and receipts such as operating<sup>costs, exceptional revenues</sup> and costs, etc. These profits and losses<sup>are transferred as factor</sup> incoide to the budget. The bottom<sup>part of Table A1.5 presents the</sup> current account of the Central Bank.

The construction of the accounts of<sup>the domestic banking</sup> system follow exactly the same procedure.<sup>Table A1.6 presents the</sup> stock balance sheets for 1987 and 1988,<sup>the capital account and the</sup> current account for 1988. The existence<sup>of financial SEEs (deposit</sup> money banks and development finance institutions<sup>owned by the</sup> public sector) forces us to adjust<sup>the balance sheet of the</sup> domestic banking system in order to<sup>inc'lude explicitly some</sup> transactions between the budget and these<sup>financial institutions.</sup> Henca, the stock balance sheet contains<sup>paid in capital (Kbd) and</sup> real assets (Kd). Since we do not have<sup>information on the stocks</sup> of these two variables, they are obtained<sup>as the accumulation of</sup> flow data which we obtain from fi5cal data. Paid in capital is the accumulatLon of equity transfers<sup>from</sup> the ceritral Government (KTbd), while real assets correspond<sup>withthe</sup> accumulation of purchases of existing real estate by<sup>the financial SEEs (KTdp).'</sup> 4 The fiscal data report new fixed investment of the financial SEEs. This item Jc classified<sup>under the investment of</sup> the budget to maintain the total figure<sup>for public investment in</sup> the public sector. The corresponding offsetting item is<sup>the</sup> reduction in capital transfers from the budget<sup>to the banking</sup> system.

21
The change in foreign liabilities (dFd) in the capital account of the banking system is the net flow from new external borrowing, private sector deposits in foreign currency and deposits of the banking system at the Central Bank in foreign currency. In Table A1.6 dAFd is the T1 equivalent of the balance of payments flow, CCRd is the T' equivalent of the cross-currency effect and dRVd is the sum of the timing and revaluation effects. Similarly to the Central Bank account, dRVTd is the offsetting item in net other liabilities. The current account shows all interest payments and receipts. Rather than adding all interest payments and receipts on foreign currency denominated assets and liabilities in a single item, we present each item separately. Distributed profits and losses (P&Ld) are again the residual item that includes all costs and revenues other than interest payments. The current account shows the interest payments received and disbursed for each of the three categories of foreign currency assets separately.

The interest rates used in the current account correspond with our assumption on the number of different types of assets. In reality, a larger array of different interest rates applies. tiowever, as long as the theoretical model does not identify ifferent behavioral relations for these different assets it is not meaningful to use a larger number of interest rates. The possible under- or over-estimations of current revenue and expenditure simply show up in distributed profits and losses.

22
Tabte A1.6 Baning System Accmmts (TL Bittion)

|A|STOCK|S 1987<br>L|A|STOCK|1988|L|
|---|---|---|---|---|---|---|
|OUd|769.4|OOp<br>6,400.8|Cld|1,092.8|DOp|7,873.8|
|Ddc|1,889.5|CRd<br>-4a2.9|Ddc|4,581.6|CRd|-847.9|
|Bd|8,503.5|Ee.Fd<br>4,212.8|Bd|10,882.1|Ee-Fd|6,589.0|
|Bdb|855.0|Kbd<br>76.5|Bd)|2,256.5|Kbd|245.2|
|Bod|1,721.8|WOLd<br>1,065.6|Sod|3,265.5|lOLd|3,420.4|
|spd|5,926.7|Nd<br>-1,866.0|Bpd|5,360.1|Mud|3,420.4|
|Kd|110.4|RVd<br>2,732.2|Kd|724.0|RVTa|0.0|
|||,A<br>UCAPITAL<br>ACCII|<br>1988|aL|||
|||dCtd<br>323.4|dCOp|1,473.0|||
|||dDdc<br>2,692.1|dCRd|-365.0|||
|||d3d<br>2,378.6|d(Ee-Fd)|2,376.2|||
|||dBbd<br>1,401.5|dAFd|-356.0|||
|||dBod<br>1,543.3|CCRd|-346.4|||
|||dcpd<br>-566.6|cdRVd|3,078.6|||
|||KTdp<br>613.6|KTbd|168.7|||
||||diOLd|2,354.8|||
||||dW|S,087.0|||
||||dRVTd|-2,732.2|||
|||R<br>ORRMET|ACCoEIT 88|E&S|||
|||531.0<br>|iCW.DOp-1|1,794.9|||
|||'C <sup>4</sup><br>=<br>'<br>1,069.2|<br>iRCad-1|-245.6|||
|||icBd-t<br>3,680.5|iF-E-FXPd&1|378.6|||
|||<br>YF*E-FXdc-1<br>274.3|iF-EFGd-i|338.6|||
||||P&Ld|-1,798.4|||
||||dr|5,087.0|||

Source: See expLaietion in text.

# A1.3 Fiscal ACCounts

The public sector consist of two different subsectors: the SEEs (non-financial state economic enterprises), called "other" sector, and the budget. As explained before, public banks are classified under the domestic banking system and all fiscal accounts were adjusted accordingly. In the case of Turkey, the budget includes the consolidated Central Government, the extrabudgetary funds, local administrations, revolving funds and the social security administration.

23
# The Budget

# The current account of the budget is given by:

(A1.10) OFIb + P&Lc + iF*FXbc-l+ TI + TDo + TDp + Tfb = = Sub + Tbo + Tbp + iR*CRb-l+ ic Bbd-1+ ic0 Bbp-l+ iF-E-FGb-1+ Cb + Sb Distributed profits and losses, interest receipts from FX deposits at Central Bank and interest payments on advances of the Central Bank do not appear in the original fiscal data. However, their inclusion does not alter total expenditure or revenue by construction. From total factor income obtained as hard data from fiscal accounts we subtract profits and losses from the Central Bank (P&Lc) and interest receip. on FX deposits (iF.FXbc-l) to obtain other factor income from the budget. This operation leaves total fiscal revenue unaffected. On the expenditure side current transfers to the private sector (Tbp) adjust to maintain the total level of expenditure.

The other variables of the budget's current account with the ex_eaption of subsidies (Sub), public consumption (Cb), transfers from abroad (Tfb)and stocks of domestic debt (Bbp,Bbd) are also obtained from original fiscal data. Subsidies and public consumption are taken from the national accounts to ensure consistency.<sup>5</sup> Transfers from abroad are obtained from the balance of payments by multiplying the dollar value with the average 5 Although consumption data from both sources were identical, subsidies could not be identified from the fVscal data.

24
exchange rate. Finally, given total interest payment on domestic debt and the average interest rate ic, it is straightforward<sup>to</sup> calculate outstanding government debt Bb using the formula<sup>ic-Bb</sup> = interest payments. The part of public debt held<sup>by the banking</sup> system (Bbd) can readily be identified from the banking<sup>system</sup> data, hence, Bbp, the part held by the private sector is<sup>obtained</sup> as the residual. In order to close the fiscal account,<sup>transfers</sup> to the private sector (Tbp) are left as the residual.

The capital account of the budget can be written as: (Al.ll) Sb + dCRb + dBbd + dBbp + E*dFGb = = Ib + E*dFXbc + KTbo + KTbp + KTbd Investment data are taken from fiscal accounts and are consistent with the national accounts data. All data on capital transfers<sup>and</sup> savings are also obtained from fiscal data. The Central Bank accounts determine dFXbc and dCRb, while balance-of-payment<sup>data</sup> determine E*dFb and the domestic banking system accounts dBbd. Consequently, to close the accounts, borrowing from the private sector (dBbp) is left as the residual.

25
Table Al.7 Goverr ent Budget (TL billion)

|||1987|1988|Source|
|---|---|---|---|---|
|H Fib<br>H P&Lc<br>H iFXbc<br>H OFIb<br>H TI<br>HTDo<br>HTDp<br>H Tfb<br>|Factor Income<br>Profits<br>andLosses of CB<br>Interest<br>Received from FX Deposits<br>at CB<br>Other Factor Income<br>Indirect<br>Taxes<br>Direct<br>Taxes from SEEs<br>Direct<br>Taxes from PS<br>Transfers<br>from Abroad<br>|1,392.1<br>1,433.3<br>50.0<br>-91.3<br>6,618.9<br>741.1<br>6,010.4<br>69.3|3,058.3<br>1,285.6<br>106.2<br>1,666.4<br>11,255.6<br>852.9<br>9,725.0<br>126.1|(Fiscal<br>data)<br>(Catc fromCB)<br>(CS data)<br>(Calculated)<br>(fiscal<br>data)<br>(Fiscal<br>data)<br>(Fiscal<br>data)<br>(SOP data)|
|H REVb<br>|Total Revenues<br>|14,831.8<br>|25,017.9|(CalcuLated)<br>|
|H Cb<br>HTbo<br>H Tbp<br>H Sub<br>|Consu ption<br>Transfers<br>to SEEs<br>Transfers<br>to PS<br>Subsidies<br>Interest<br>Payents<br>on:<br> <br>|5,320.0<br>216.2<br>1 941.4<br>1,247.9|8,814.7<br>426.3<br>2,888.9<br>2,229.6|(MA data)<br>(Fiscal<br>data)<br>(Residual)<br>(iAdata)|
|H iCRb<br>H ib<br>H iBbd<br>H iRbo<br>Hi iFGb<br>|<br>Central<br>Bank Credit<br>Domestic Bonds<br>ToBankingSystem<br>To Private<br>Sector<br>Foreign<br>ornds<br>|798.5<br>1,274.6<br>23.4<br>12512<br>1,039.7<br>|1,048.8<br>3,346.7<br>531.0<br>2,815.7<br>1,923.6<br>|(iR*CRb(t-1))<br>(Fiscal<br>data)<br>(iR^Bbd(t-1))<br>(Calculated)<br>(Table F19)|
|HECURb<br>|Current Expenditures<br>|11,838.3|20,678.6|(Calculated)|
|H Sb<br>|Savings<br>|2,993.5<br>|4,339.3|(Fiscal<br>data)|
|H lb<br>H dFXbc<br>H<br>iTbo<br>H KTbd<br>HKTbp<br>|Investmnt<br>Foreign Exchange deposits<br>atCS<br> Capital<br>Transfers<br>to SEEs<br>Capital<br>Transfers<br>to (public)<br>Banks<br>Capitat<br>Transfers<br>to Private<br> <br>|4,205.8<br>191.1<br>289.7<br>101.7<br>459.9<br>|6,321.2<br>183.9<br>666.2<br>213.3<br>472.1|(Fiscal<br>data)<br>(CS data)<br>(Fiscal<br>data)<br>(Fiscal<br>data)<br>(Fiscat<br>data)|
|H ECAPb<br>|Capital<br>Expenditures<br>|5,248.2|7,856.7|(Calculated)|
|H DEFb|Deficit<br>|2,254.7|3,517.4|(Calculated)|
|H dCRb<br>H dab<br>H dBbd<br>H dRdp<br>_H_dFGb|Financino:<br>Central Bank Credit<br>Domestic Borrowing<br>From Banking System<br>From Private<br>Sector<br>Foreign Borrowing|-1.4<br>2,910.4<br>802.5<br>2,107.9<br>-654.3|-494.4<br>3 348.5<br>1,401.5<br>1,947.0<br>663.3|(From CB stocks)<br>(Calculated)<br>(From BS stocks)<br>(Residual)<br>(Fiscal<br>data)|

Source: See explanation in text and right most coluan.

The cther public sector (non-financial SEEs) The current and capital accounts of the SEEs can respectively be written as: (Al.12) FIo + Tbo + iF*FXoc-i = TDo + iR CRo-l+ ic Bop-1+ icBod-1 + iF'EFMo=i+ So (A1.13) So + KTko + dCPo + dBod + dBop+ E*dFGo = Io - E'dFXocKXTop Given the fact that the SEEs do not raise financing directly in domestic capital markets there is no relationship with the private 26
Table Al.8 Other Put4ic Sector (TL bitlion)

|||1987|1963|source|
|---|---|---|---|---|
|H Flo|FactorInccoe|2,309.8|3,416.6|(Residml)|
|_N_Tbo|Current Tranfers<br>from Btudet|216.2|426.3|(Fiscal<br>dsta)|
|H iFXoc|Interest<br>Received<br>fromFX Deposits<br>atCB|15.0|12.9|(Calculated)|
|HREVo|Revenues|2,541.0|3,855.9|(Calculated)|
|N TDo|DirectTaxes<br> <br>|741.1|852.9|(Fiscal<br>data)|
||Interest<br>Payments on:||||
|NiCRo|CentralBankCredit|-11.8|2S4.9|(iR*CRo)|
|H iso|Domestic<br>onds|486.2|1069.2|(Calculated)|
|H iBop|To Private<br>Sector|0.0|0.0||
|H iBod|ToBankingSystme|486.2|1,069.2|(Bod*C)|
|N iFGo|Foreign<br>Borrouing|275.5|509.9|(COP data)|
|H ECURo|<br>Current Expenditure|1,491.0|2,686.9|(Calculated)|
|H So|Savings|1,050.0|1,168.9|(kesidual)|
|Hlo|Investment|3,555.6|4,624.6|(Fiscal<br>data)|
|H dFXoc|Foreign Exchange Deposits**at**CB|-83.2|145.1|(CB**data)**|
|HKTop|Capital<br>Transfers<br>to PS|315.3|462.3|(Fiscal<br>data)|
|H ECAPo|Copitat<br>Expenditures|3.72.?|5,252.0|(Calculated)|
|H DEFo|Deficit|2732.7|4083.1|(Calculated)|
|HKTbo|Fifnrcing:<br>CapitatTrunfers<br>fro Budget|289.7|666.2|(Fiscaldata)|
|NdCRo|CentraL Su*<br>Credit|531.5|173.8|(From CS stocks)|
|H_dBo_|Domestic Borrouing|629.3|1543.7|<br>(Calculated)|
|HdBod|<br>FroBanking System|629.3|1543.7|(From ES stocks)|
|HdBqp|From Private<br>Sector|0.0|0.0||
|H dFGo|ForeignBorrowing|1252.2|1699.4|(Fiscal<br>data)|

Source: See exptanation in text and right mst colu n.

sector in either current or capital account and both ic.Bop-i and dBop are equal to zero. Consequently our strategy of selecting the private sector as a residual cannot work in this case.

In the capital account (equation A1.12) all financing variables are already determir.ed in the monetary sector. Investment is given from fiscal data and consistent with national accounts data. Transfers from the budget and purchases of existing real assets from the private sector are given from fiscal data. Consequently, savings of the SEEs is determined as the residual of 27
the capital account. Unfortunately, savings thus obtained does not correspond with fiscal data since the financing flows from the monetary sector are inconsistent with tnose data. Given savings from the capital account, the only variable that is left to close the current account is factor income (FIo). This factor income id defined as the return to capital employed by the SEEs. Therefore, it includes retained profits and depreciation but not wage payments. Again, this figure does not match the data obtained from the fiscal accounts.

**A1.4.** National Accounts

# The national accounts identity can be expressed as:

(A1.14) OFIb + Flo + VAp + TI - Sub = E*Xt - E-IMt + Cb + Cp + + Ig + Id + Ip Both sides of the equation must sum to GDP at market prices. The left hand side af the equations sums value added, indirect taxes and subsidies (-). Given other factor income of the budget and factor income of the SEEs (Flo), we can derive a concept of value added of th; private sector using GDP at market prices as hard data. The concept of value added of the private sector is not a pure concept as it also includes wage payments received from other sectors, non-retairned profits and the value of free services provided by the iublic sector. Consequently, VAp is the residual.

The right hand side of the equation sums the various components of expenditure. All but Cp and Ip are known. In order to consistently close the model we take private investment (Ip) from national accounts data and leave private consumption as the 28
residual. This is in line with standard<sup>national accounting</sup> practices. Table A1.9 gives a summary<sup>view of the national</sup>

# accounts.

Table A.9 National Accaunts (Cu rent Prices)

|||1987|1988|Source|
|---|---|---|---|---|
|H Oflo<br>|Other Factor IncomeBudget<br>|-93.1<br>|1t666.4<br>|(Fiscal<br>data)<br>Fil<br>dt|
|NFlo<br>|SEsFactor Inco e<br> <br>|2.309.8<br>|3,416.6<br>4|(sca<br>aa)<br>RifL|
|NVAp<br>N TI|Private<br>Sector Value Added<br>Indirect<br>Taxes|50,710.5<br>6,618.9|86,63.9<br>11,255.6|(esus)<br>(Fiscal<br>data)|
|NSub|SubsidiesC-)|1,247.9|2,229.6|(MA data)|
|HGDP|aP|58,300.0|100,573.0|(Stardard<br>Tables 3)|
|N**INt**<br>|Total<br>Imports<br>|13,078.4<br>|22,097.2<br>|(SWdata)<br>|
|HXt|Total Exports|12.147.4|**.4,644.1**|(SoP data)|
|NRG<br>|Resource Gap<br>|931.0<br>|-2,546.8<br>|(Calculated)<br>Fil d|
|NCb|BiudetConsuaption<br> <br>|5,320.0<br>|8,814.7<br>|(sca ata)<br>|
|HCp|Private<br>Conumption|39,062.7|65, 164.9|(Resid&tl)|
|NCt|TotalConsumption|4,382.7|73.979.6|(Calculated)|
|N IOld<br>|Pubtic Irneti ent<br>|7,786.6<br>|10,990.4<br>|<br>|
|1lb<br>|Guidet<br>Investnt<br>|4,205.8<br>|6,321.2<br>|(Fiscal<br>data)<br> <br>|
|Hlo<br>|SEEs Investnt<br> <br>|3,555.6<br>|4,624.6<br>|(Fiscal<br>data)|
|N**Id**<br>|Bankinsector Investme<br>(Public)<br> <br>|2.2<br>|44.6<br>||
|HIp<br>N It|Private<br>Investment<br>Total<br>In1et|7,061.7<br>14,J48.3|13,056.2<br>24,046.6|(Calculated)|

Source: See explwetfon in text nn right met colun.

# **Al.S.** Private Sector

The flow of funds methodology<sup>is based on double entry</sup> accounting. In all other accounts<sup>the private sector variables are</sup> obtained residually. The inherent<sup>consistency of the methodology</sup> ensures that the private sector's budget constraint is automatically satisfied. The private<sup>sector accounts can therefore</sup> be read as a check of the historical<sup>data in terms of the quality</sup> of consistency.

29
**A1.6. The Matrix-Representation of the Flow-of-Funds**

In the preceding sections of the appendix we presented the budget constraints of all but the private sector individually. In the theoretical section of the paper we discussed the matrix representation of the budget constraints. This identifies the bilateral relations between the various sectors in concise format. Table **Al.10** presents this matrix with actual data for 1988. The nom,an!cl3ature of the variables is identical to that of the Tables A1.4 through Al.9 without the prefix H. Balance of payments data are multiplied by the average exchange rate to obtain T1 values. In the banking system and the Central Bank accounts we disaggregate the net foreign asset position (excluding cross-currency, timing and revaluation effects) in order to show all bilateral flows.

30
# Table Al1.10 SOURCES<sup>AND USES OF FUNDS MATRIX FOR 1988</sup>

|CURRENT<br>|<br>|Other<br>Pli|Priv<br>St|ate<br>|Central<br>Bank|Bank<br>Syste|ing<br>m|Balan<br>Paym|ce of<br>ents|Prod<br>Ac|uction<br>count|Total|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|ACCOUNT:|<br>Budget|ubc|eco|r|||||||||
|Budget||TDo<br>853|TDp|9725|P&Lc<br>1286<br>iFXbc<br>106|||Tfb|126|TI<br>-Sub<br>OFIb|11256<br>-2230<br>1666|22788|
|Other<br>Pubtic|Tbo<br>426||||iFXoc<br>13|||||Flo|3417|3856|
|Private<br>Sector|Tbp<br>2889<br>iBbp<br>2816|igop<br>0||||iTpd<br>P&Ld|2173<br>-1798|Tfp<br>UR|0<br>2486|VAp|86464|95030|
|Central<br>Bank|iCRb<br>1049|iCRo<br>255||||iCRd|-246|-iFGc<br>iRESC|-1123<br>348|||283|
|Banking<br>System|iBbd<br>531|iBod<br>1069|iBpd|3680|iFXdc<br>274|||||||5555|
|Balance<br>Payments|iFGb<br>1924<br>|iFGo<br>510|iFGp<br>PR|33<br>-550||iFGd|579|||lNt<br>-Xt|22097<br>-24644|-292|
|C&S<br>Account|Cb<br>8815<br>Sb<br>4339|Sco<br>1169|Cp<br>Sp|65165<br>16976|dNWc<br>-1396|dNUd|5087|Sf|-2129|||98026|
|Tota'|227MB|3856||95030|283||5555||-292||98026||
|CAPITAL<br>ACCOUNT|<br>:<br>Budget|Other<br>Public|Priv<br>Sect|ate<br>or|Central<br>Bank|Ban<br>Syst|king<br>em|Balan<br>Paym|ce of<br>ents|S<br>Ac|avings<br>counts|Total|
|Budget|||dBbp|1992|dCRb<br>-494|dBbd|1402|dFGb|663|Sb|4339|7901|
|Other<br>Publ ic|KTbo<br>6S6||dBop|0|dCRo<br>174|dBod|1544|dFGo|1699|So|1169|<br>5252|
|Private|rTbp<br>517|KTop<br>482||||dBpd<br>|-567<br>|dFGp<br>|-1490<br>|Sp|16976|<br>17030|
|Sector|||||I|KTdp|614<br>|IDFT<br>|499||||
|Central<br>Bank|dFxbc<br>184|dcXoc<br>145|dCUp|1151||d)dc<br>dFXdc<br>dCUd|2692<br> <br>-163<br>323|I<br>.c<br> <br>ARES|-2364<br>c -1258|dNWc|<br>-1396|<br>-686|
|Banking<br>System|klbd<br>169||dDDp<br>dFXpd|1473<br> <br>-641|dCRd<br>-365|||dAFGd|1285|dNWd|<br>5087|<br>5844|
|||||||||||Sf|-2129|<br>-2129|
|Balance<br>||||||||||||<br>|
|Pay1iets|||||||||||||
|Invest.<br>AccoLnt|lb<br>6366|lo<br>4625|Ip|13056||||||||24047|
|Total|7901|<br>5252||17030|-686||5844||-2129||24047||

Sources: See explanation in text
APPINDIX 2: ELstorical Data and Output of the Model
tAStE 1 : *ISlI1CAL DAtA

|Codes<br>aFib<br>S PILc<br>riFXbc<br>aOFlb<br>a11<br>T<br>ID<br>aTop<br>aIfb<br>_N_IEWb|WVERlEl<br>1967<br>factor<br>Income<br>1392.1<br>Profits<br>*ndLestes<br>tof<br>C<br>1453.3<br>Interest<br>ReceivedfromFXDeposits<br>**at**CB<br>50.0<br>Otber factor Inea e<br>-91.3<br>indirectTFto<br>6618.9<br>Direct<br>oamesfra SEEs<br>741.1<br>Direct<br>lanesfromPS<br>6010.4<br>Transfers<br>from_Abroad_<br>69.3<br>Ttl <br>148318|9UDGEI<br>1988<br>3058.3<br>12bS.6<br>106.2<br>166.4<br>11255.6<br>652.9<br>9725.0<br>126.1<br>250179|(Fiscal<br>dota)<br>(Calc froe<br>CB)<br>(CB data)<br>(Calculated)<br>(Fiscal<br>dots)<br>(Fiscal<br>date)<br>(Fiscal<br>date)<br>(aOP date)<br>Clltd|
|---|---|---|---|
||oaRevenues<br>.<br>|.<br>|(acuae)<br>|
|N Cb<br>alii<br>Ilbp<br>aSub<br>|Cenu<br>tien<br>5320.0<br>Irensfers to SEEs<br>216.2<br>Irnisfers<br>toSS<br>1941.4<br>Sabsidies<br>1247.9<br>Interest<br>Paewnts<br>on:0|6814.7<br>426.3<br>2808.9<br>2229.6<br>|(NA data)<br>(Fiscal<br>date)<br>_(Residml)_<br>(MA data)<br>|
|viiCRb<br>* ,icb<br>S fbd<br>N iflbp<br>ifCb<br>|Central Brnk Credit<br>79 L S<br>DoCestic<br>rends<br>1274.6<br>laBning<br>Sy2eb<br>23.4<br>to Privnte Sestor<br>1251.2<br>foreign Boatds<br>1039.7<br> <br> <br>|WWIIJ<br>3346.7<br>531.0<br>2815.l<br>1923.6<br>|timebwo-))<br>(Fiscal<br>data)<br>(WINbIAt-0))<br>(Calculated)<br>(Tabie F19)<br>|
|N ECURb<br>|Current<br>Espealdttiwes<br>11636.3<br> <br>|20678.6<br>|(Calculated)<br> <br>|
|N Sb<br>|**Savings**<br>2993.5<br> <br>|4339.3<br>|(Fiscal<br>data)<br> <br>|
|Hlb<br>**dofXbc**<br>N KTbo<br>N KJbd<br>N Kbp<br>|Investment<br>4231.0<br>Foreigs<br>**Exchen**<br>deposits<br>at CO<br>191.1<br>Capital<br>tranfers<br>to SEEs<br>289.7<br>Capital<br>Iransfers<br>to ilpublic)<br>Sinks<br>76.5<br>Capital<br>transfers<br>to (Private<br>485.1<br> <br> <br>|6365.8<br>113.9<br>666.2<br>168.7<br>516.7<br>|(Fiscal<br>dats)<br>(CO data)<br>(Fiscal<br>dats)<br>(Fiscal<br>dota)<br>(fiscal<br>**data)**<br>|
|**n**ECAPb<br>|Capital<br>Expenditures<br>5273.4<br> <br>|**7901.3**<br>|(Calcultted)<br>|
|**H**OEfb|Deficit<br>2279.9<br>financing:|3562.0|(Calculated)|
|N**dCRb**<br>H db<br>_N_**dBbd**<br>Ndbp<br>1 dFGb|Central<br>**BS***<br>Credit<br>-1.4<br>Domestic<br>4orrowtins<br>2935.6<br>FromBa*ing<br>System<br>802.5<br>free Prwvate Sector<br>213S.1<br>foreign<br>Borsvownag<br>-654.3<br>Stocks of Debt:|-4944<br>3393.1<br>1401.5<br>1991.6<br>663.3|(Froe CB stocks)<br>(Calculated)<br>(froe<br>BSstocks)<br>(ResidSal)<br>(Fiscal<br>**data)**|
# IABtt **1:** HISlORICAt **DAIA**

|**IfCRb**<br>H8b<br>H**Bbd**|Central<br>Bank Credit<br>Domestic Bonds<br>Hld b**Bki**|**_2062.0_**<br>2864.2<br>|1567.6<br>**ss89.2**<br>|(CB data)<br>(Habp/iC=88)<br>|
|---|---|---|---|---|
|<br>H Bbp<br>H**fb**|e y**anng**Systen<br>Held by Private<br>Secto-,<br>**Foreign Debt**|855.0<br>**2009.2**<br>**199341**|2256.5<br>3132.7<br>**S**|**(CE**data)<br>(i8bp/iC^1988)<br> <br>|
|||**.**|**3484.4**|**(Catculated**<br>**fromBOPdate)**|
|codes<br>H||**OTHER PUB**<br>|**LIC SECIOR**||
|**Flo**<br>H Ibo|**factor**Incoe<br>Current<br>**Irensters**<br>**fl**ttt|**2309.8**<br>a.416<br>|.6<br>|crescdual)<br>|
|<br>**tl**iFXoc|<br> <br>**rom**:gc<br>Itt<br> <br> <br>|_216.2_<br>|426.3<br>|(Fiscolf.3Za)<br>|
||neres<br>**Received ImY**<br>1Depostt;<br>att CB|15.0|12.9|(Calcu1itedS|
|**H**R£Vo|Revenues|2541.0||**(Calculated)**|
|HIDo<br>|Direct<br>Inxcs<br>Interest<br>Paymnts<br>on:<br> <br>|7'.1|052.9|t3scal<br>dta)|
|It**iCRo**<br>HiBo|Central<br>DcrikCrc,ht<br>DomesttcOBd|-i>t.8<br>|25&.9<br>|Cf:o<br>_'_|
|<br>NiB|us<br>TPit<br>S|486.2<br>|1069.2<br>|_(CoICURee)_|
|op<br>H iBod|orvoe<br>ector<br>t Bki S|0.0<br>|0.0<br>||
|<br>HifG|o anrg ystem<br>fi<br>Bii|486.2<br>|t069.2<br>|(8od'iC)<br>|
|o|oregn<br>orrowng|275.5|509.9|(BQPdate)|
|HtCURo|Current<br>Expcnditure|1491.0|2686.9|(Calcutated)|
|H_So_<br>|Savings|1050.0|1168.9|(Residutl)|
|H lo<br>H dfXoc|Investrwent<br>Forein EAhn D CEI|35SS.6<br>|4624.6<br>|(Fiscal<br>date)<br>|
|<br>H tlop|g cage epvs: sat <br>(apital<br>fransfers<br>to PS|-88.2<br>1|145.<br>|(tC date)<br>|
||<br> <br>|35.3|482.3|(fiscatdata)|
|H ECAPo|Capital<br>Expenditures|3782.7|5252.0|(Calculated)|
|DEOfo|Deficit|2132.7|4083.1|(Calculated)|
|H Klbo|f i nanrincg:<br>Caital<br>Transfers<br>from Budet|2897||<br>|
|<br>HdCR|p<br> <br>g<br>Ctt<br>Bk Cdi|.<br>|666.2<br>|(Fiscat<br>data)<br>|
|o<br>HdBo|enra<br>an ret<br>Domestic Bi|531.5<br>|13.8<br>|(FromCB stocks)<br>|
|<br>HdBd|orrourg<br>FBki St|629.3<br>|1543.7<br>|(Calculated)<br>|
|o<br>HloOp|romanng ysem<br>from Private<br>Sector|629.3<br>00|1543.7<br>|(From OSstocks)|
|<br>|<br> <br>|.<br>|0.0<br>||
|**H**dfGo|Foreign Borroving|**1282.2**|1699.4|(Fiscal<br>data)|

Stocks of Debt:
# **TABLE I: HISTORICAL DATA**

|**"CRo**<br>**Hso**<br>**H Sod**<br>**HBop**|**CentralBankCredit**<br>**DomesticBonds**<br>**BankingSystm**<br>**Priv-te**<br>**Sector**|**501.1**<br>**1721.8**<br>**1721.8**<br>**0.0**|**674.9**<br>**3265.5**<br>**3265.5**<br>**0.0**|**(CO data)**<br>**(Calculated)**<br>**(COdata)**|
|---|---|---|---|---|
|<br>**H fo**|**Foreign Debt**|**4215.3**|**7466.6**|**(otiF)**|
|||**_BALANCE_OFPA**|**YMENTS (PiLL**<br>**USS)**||
|**Codes**|||||
|**MDXt**|Exports|14196.0|17398.0|(BOP data)<br>|
|**HD**lit<br>|<br>lIports<br> <br>|15284.0<br>|15600.0<br>|**(SOP**data)|
|**HD**lini<br>**HDINC**<br>|Investment<br>**goods**<br>Consumption goods<br> <br>|3817.0<br>2287.0<br>|3989.0<br>2370.0<br>||
|**HD**lilV|Intermediate<br>goods|9180.0|9241.0||
|**_ND_**RB|IlesourceBaionee|-1088.0|1798.0|(Calcutated)|
|HD ift|Interest<br>Pe,-ints|2209.0|2527.0||
|HD IFGb|Budget|1215.0|135B.0|(Standardtables)|
|**HD**ifGo|<br>**SEEs**|322.0|360.0|(Standard<br>Isbles)<br>|
|HD iF&p|Private|61.8|23.2|**(iffp)**|
|<br>hD**diGd**|Banking System|287.6|4Ofl3<br>|(TFlfd)|
|liD iFGc|Central<br>8an(<br>|676.k|7°.?7||
|ItD iRESc|CO'sforeign<br>R2srve,<br>r|2G0.1|_?t5_8|C1¢ec9|
|_LiD_RE Sd|BS4s<br>Resevc|5o.gn<br>75|||
|iD PR|ProFit<br>RC'.i•tinccs|-211.Ii|-tp|DIN'rt3|
|Hi) ift&PR|iiotor<br>Paysnts|1996.0|_21'1P_n|(Colculated)|
|oi)lib|foreign<br>Transfers<br>toBudget|81.0<br>|R9.G|(BC0data)<br>|
|<br>iiD lIp|<br>foreign<br>Irons(ers<br>to PS|0.0e.Q|fP0S|e<br>p<br>)<br>|
|<br>HD**WR**|<br>Workers Remittances|2021.0|1755.0|(SOP datm)|
|**HD Itt**|Total foreign<br>Transfers|_2102.0_|1344.0|(Colculated)|
|**iiD**<br>**Sf**|foreign<br>Savings|982.0|-1503.0|(S0? data)|
|**HODFI**|foreign<br>Investment|110.0|352.0|(HOP data)|
||Capital<br>**Inflows:**||||
|**KU**dFGb|<br>Budget|-764.6|468.3|(H dFb/D**AER)**<br>|
|**HD**dFGo|<br>SEEs|1498.4|1199.7|**(H**dFo/D AER)|
|**HD dFGp**|Private|-899.2|-1052.2|(Residual)|
# TABLE 1 : HISlO-ICAt DAle

|HD dFCd<br>MD dFGc|Banking System<br>Central BSnk|1237.8<br>895.7|907.2<br>-1666.9|(Calc. from CIdata)<br>(Calc.<br>fromCBdata)|
|---|---|---|---|---|
|ND dFt|flat<br>Capital<br>Inflois|1968.0|-146.0|(Calculated)|
|NDdxESc<br>UPdRESd|Changes<br>in Foreign<br>Reserves:<br>Central<br>Bank<br>Baking<br>System|993.0<br>103.0|U88.0<br>621.0|(From<br>OP)|
||<br>f Db||||
||Stocks<br>o et:||||
|ND Ft<br>NDFb<br>NDFGb<br>NDFXbc<br>NDfo<br>ND fGo<br>ND FXoc<br>NDfp<br>HDFCp<br>ND FXpd<br>ND Fc<br>HN FCc<br>HDFXbc<br>HNFxoc<br>nDFXdc<br>NDfd<br>_)D_<br>FGd<br>NDFXpd<br>NDFXdc|lotal<br>Debt<br>udqet<br>Excernat<br>Debt<br>ioreign<br>Exchange<br>Deposits<br>at CB<br>SEEs<br>External<br>Debt<br>Foreign<br>Exchange<br>Deposits<br>atCB<br>Private<br>Sector<br>External<br>Debt<br>Foreign<br>Exchange<br>Deposits<br>atDS<br>Central<br>Sank<br>External<br>Debt<br>Foreign<br>Exchange<br>Deposits<br>of Budget<br>foreign<br>Exchange<br>Deposits<br>of SEEs<br>Foreign<br>Exchange<br>Deposits<br>of SS<br>Banking<br>System<br>External<br>Debt<br>ForeignExchange<br>Deposits<br>of PS<br>Foreign<br>Exchange<br>Deposits<br>atCB|40932.0<br>19526.0<br>20516.0<br>990.0<br>4129.0<br>4249.7<br>120.7<br>-3222.4<br>305.6<br>3528.0<br>14131.8<br>1064.4<br>990.0<br>120.7<br>2556.6<br>6367.6<br>5396.3<br>3528.0<br>25S6.8|3f592.2<br>19222.2<br>20318.7<br>1096.S<br>4114.3<br>4332.7<br>216.5<br>-2277.3<br>733.?<br>3011.0<br>11981.4<br>8276.0<br>1096.5<br>_218.5_<br>2390.S<br>6551.7<br>5931.2<br>3011.0<br>2390.5|(Calculated)<br>(NDiFblIf)<br>(ND IFoliF)<br>(Residual)<br>(From CB stocks)<br>(FromCBstocks)|
|NDRESc<br>HDRESd|Foreign<br>Reserves<br>of CS<br>Foreign<br>Reserves<br>held<br>by BS|324S.5<br>2241.0|3671.2<br>2921.0|(From CS stocks<br>_wd_S1P)|
|(3zdes||BALMCE OF P|AYHENTS (SLL<br>E.L.)||
|H Xt<br>H IKt<br>HSI<br>H InC<br>H 3KV|Eiports<br>Imperts<br>Imnvestmnmt goods<br>Consumption<br>goods<br>Intermediate<br>goods|12147.4<br>13078.4<br>3266.2<br>1957.0<br>7855.2|24644.1<br>22097.2<br>56S0.4<br>3357.1<br>13089.8|(SOP data)<br>(BOP data)|
|N RB|Resource<br>Sai.me|-931.0|25456.|(Calculated)|
|N iFt<br>NiFGb<br>|Interest<br>Payments<br>Budget<br>|1890.2<br>1039.7<br>|3579.5<br>1923.6<br> <br>|(Staidard<br>Tables)<br> <br>Tbl|
|NuFGo|SEEs|_275.5_|5<br>.9|(Standard<br>aes)|
# ]ABLE 1 HISTORICAL DATA

|itifGp<br>H ifGd<br>N iFGc<br>n iRESc<br>NiRESd<br>H PR|Private<br>Banking System<br>Central<br>Bank<br>tSs<br>Foreign Reserves<sup>(-)</sup><br>CSsaForeign Reserves<sup>(-)</sup><br>Prof<br>it Remittances|52.9<br>246.1<br>578.8<br>178.1<br>124.7<br>-182.3|32.8<br>579.0<br>1122.8<br>348.2<br>240.5<br>*549.6|(iffp)<br>(iF*Fd)<br>(iFlFc)<br>iFfIIFAc)<br>(0.1Z of GDP)|
|---|---|---|---|---|
|H ift4PR|FactorPaymnts<br>........<br>.............<br>.........<br>.|1708.0<br>.<br>.<br>-<br>--<br>-|3029.9<br>.................<br>..|(Calculated)|
|HIfb<br>N lip<br>HUS|Foreign<br>Trasfers<br>to fJudget<br>Foreign<br>Transfers<br>to PS<br>Uorkers Remittances|69.3<br>0.0<br>1729.3|126.1<br>0.0<br>2485.9|(SOPdata)<br>(Residual)<br>(fOP data)|
|N Ift|Total<br>ForeignTransfers<br>**.......**.......................................<br>..........<br>|1798.7<br>.<br>..............|2612.0<br>..........|(Calculated)|
|H Sf|Foreign Savings|540.3|-2129.0|(BOP data)|
|N DFI|foreign<br>Investment|94.1|498.6|(SWP data)|
|NdFGb<br>H dFGo<br>H dFGp<br>N dAFCd<br>HdAfGc|Capital inftows:<br>Budget<br>SEfs<br>Private<br>BankingSystem<br>Central<br>Sank|-654.3<br>1282.2<br>-769.5<br>1059.1<br>766.4|663.3<br>1699.4<br>-1490.5<br>1285.0<br>-2364.0|(StandardTables)<br>(Standardtables)<br>(Residual)<br>(CaIc. from CSdota)<br>SCalc.fromCB data)|
|N dft|lota;<br>Capital<br>Inflows<br>..........................................<br>Changes in foreign<br>Reserves|1684.0<br>---<br>--<br>--|-206.8<br>----------.....<br>.....|(Calculated)|
|H dARESc<br>H dARESd|<br>Centrat<br>bwnk<br> <br>BankingSystem|849.7<br>88.1|1257.8<br>1162.9|(FromCB stocks)|
||Stocks of Oebt:||||
|H Ft<br>H fb<br>Hfo<br>H fp<br>H Fc<br>H fd|Total Debt<br>Budget<br>SEEs<br>Private<br>Sector<br>Central<br>Bank<br>Banking System|41787.5<br>19934.1<br>4215.3<br>-3289.7<br>14427.2<br>6500.6|71852.0<br>34884.4<br>7466.6<br>-4132.8<br>21743.8<br>11890.0|(CaIc.6Debt Management<sup>report)</sup><br>(ND Fb*H EER)<br>(HD FoH EER)<br>(Residual)<br>(FromCB stocks)<br>(From CB stocks)|
|N RESc|Foreign Reserves<sup>ofCS</sup>|3313.3<br>CENTRA|6662.5<br>LBANK|(From CB stocks)|
|Code.|............<br>CURRENI ACCOJUT:||||
**TABLE** 1 HIStORICAL **DAIA**

|_H_**iRESc**<br>HiCRb<br>HiCRo<br>H iCRd|1.<br>Revenues:<br>**Interest**<br>**Received****_from:_**<br>Foreign Reserves<br>Budget<br>**SEEs**<br>Banking System<br>2. ExpendCtures:|178.1<br>798.5<br>**-11.8**<br>-209.4|348.2<br>1048.8<br>**254.9**<br>-245.6|(iFNFAc)<br>(iR*CRb)<br>**(iRCRo)**<br>(iR*CRd)|
|---|---|---|---|---|
|H**iFi;c**<br>**Hi**;foc<br>**Hifxoc**<br>H**ifXdc**<br>H 8E.c<br>|<br>Interest<br>**Payments**on**FX**Deposits;<br>Foreign<br>Budget<br>SEEs<br>BankingSyste.<br>Prohit<br>&Losses|578.8<br>50.0<br>15.0<br>115.2<br>1433.3|1122.8<br>106.2<br>12.9<br>276.3<br>**1235.6**|_(iF*Fc)_<br>(Residuol)|
|_H dfl9_|**_Chonge3_in**<br>; 2ortA<br>. ...<br>~...<br>.<br>.<br>.<br>.<br>..|1435.9<br>-<br>-<br>-<br>-<br>-...|-1395.7<br>.|(Residul<br>CC'sLtccksi|
||CAPITAL ACCQIUJT<br>1. Chonge in Assets||||
|H C7:slc<br>HCCS17<br>|roncin<br>Rese9-vc<br>ucd<br>Cross-Currency<br>Revaluolion<br>XRR 1<br>rvevaluatson<br>Ef<br>cc<br>|8(.9.**7**<br>-295.e<br>"'°~~?,~<br>05|25Z.8<br>6542e<br>87b6<br>2|(Calc.<br>arr<br>crza<br>E<br>2<br>_l_<br>_Scr!lc._<br>_crx,-_<br>_cm,8.-_<br>drt:s'|
|H..<br>SR3c|«oreign<br>ses^r-^<br>.<br>.<br>..<br>.....<br>...<br>...<br>--<br>.<br>.<br>.<br>.|1364'.4<br>tFros<br>.<br>..<br>.....|3349.2<br>2|Stochsi<br>,'r.<br>..<br>.k|
|HdRb<br>HdC4?o<br>**H**dCfld|Doanest c Crcdt to:<br>Dudget<br>SEEs53517a<br>**Banking Systce**|-1.4<br>**531.5**<br>58.1|-494.4<br>**113.8**<br>-365.0|**(Calcutated)**<br>(From Stocks)<br>**(From**Stocks)|
|_N_dCSt|total<br>Domestic Credit|588.2|-685.6||
||2.Change in liabilities||||
|H_dCUt_<br>**H**dCUp<br>H dCWd<br>_H_**_cDdc_**|Currency<br>in Circulation<br>Currency<br>in Private<br>sector<br>Vault Cash<br>Deposits<br>**of**Banking System1|1010.3<br>859.6<br>150.7<br>328.0|1474.3<br>1150.9<br>323.4<br>2692 1|**(From**Stocks)<br>(fromStocks)|
|_Hf_dH|ease<br>.oney<br>~~~~~~~~~~~~~.....|1338.3<br>|4166.4|(Calculated)|
|HdAFGc<br>|foreign<br>Debt (Adjusted)<br>**Foreign Exchange Deposits:**<br>|**.**<br>**...**<br>**.**<br>766.4|**...**<br>**.**<br>**.**<br>**.**<br>-2364.0|(Calc.<br>from CBIBDP data)|
|**n dfXbc**<br>**H dfXoc**<br>**H dfxdc**|**BuSget**<br>**SEEs-8.141**<br>**an8ing Sstem**<br>|**191.1**|**183.9**||
||**y**<br>**Banking System**|**o88.2**<br>**~~~667**|**145.1**<br>**.3-163.5**||
# TABLE 1: HISTORICAL DATA

|H *CR2c<br>**H**dRV2c|Cross-Currency<br>Revaluation<br>Revaluation<br>Effect|1080.5<br>3418.8|-47.7<br>10362.7||
|---|---|---|---|---|
|Hdfc|Foreign Debt|6035.8|7316.6||
|H**rHUc**<br>**H lRVTc**<br>|MetWorth<br>Total Revaluation<br>Effects<br>|-1436.9<br>-4004.6|-1395.7<br>-7423.7|(Residual<br>CO's stocks)<br>(CaIc.<br>from CB&BOP data)|
|**H**dNOLc|Net Other Liabilities<br>....<br>....<br>.....<br>.......<br>.<br>....<br>.....|-5441.5<br>--<br>-<br>-<br>-<br>-|-8819.4<br>-<br>-<br>-<br>-<br>-|(Calculated)|
|||CENTRA|L BANK||
|Codes<br>-<br>- --|STOCKS:<br>1. Assets||||
|H RESc|Foreign Reserves|3313.3|6662.5|(HD NFAc*AER)|
|H CRb<br>"_CRo_<br>H CRd|Domestic Credit<br>to:<br>Budget<br>SEEs<br>Benking System|2062.0<br>501.1<br>-482.9|1567.6<br>674.9<br>-847.9|(CS data)<br>(CD data)<br>(CS data)|
|fCRt|lotal<br>Domestic Cred<br>.. ......**-**-<br>- -<br>- -<br>- -|_2080.2_<br>. . . . . . . . . .|1394.6<br>- - - - - -...**..**. ....**.**.||
||2. Liabitities||||
|Cut<br>tlCUP<br>NLtI<br>1_DIc_|Currency<br>in Circulation<br>Currency<br>inPrivate<br>Sector<br>vault<br>Cash<br>Deposits<br>ofBanking<br>System|3044.1<br>2274.7<br>769.4<br>1889.5|4513.4<br>3425.6<br>1092.8<br>4581.6|(CBdata)<br>(calculated)|
|HIl|8aseMoney|4933.6|9100.0|(CB data)|
|HFe|Foreign Debt|14427.2|21743.8|(CB data)|
|HUc<br>H_RVic_|Net Worth<br>Revaluation<br>Account|-5397.4<br>-8569.9|-6793.1<br>-15993.6|(Residual)<br>(Caic.<br>from CBISU°P datal|
|H MOLc|NetOthers Liabilities<br>....<br>....<br>...<br>...<br>..<br>.......|-13967.3<br>........<br>...<br>..|-22786.7<br>.....<br>.....|(Calculated)|
||Nemorandum Items:||||
|_HD_RESc|foreign<br>Reserves (m. USS)|3245.5|3671.2|(CB anrinual report)|
co

# IABtE I NISIORICAL DATA

|H iR<br>RateofRediscount|0.387|0.509|(Calculated<br>fromCOdata)|
|---|---|---|---|
|H iC<br>Interest<br>Rate on Domestic Bonds<br>|0.445|0.621|(Table34)|
|H iDD<br>Interest<br>Rateon Deposits|0.100|0.280|(Calculated<br>fromCO**data)**|

# BANKING SYSTEM

|Codes||||
|---|---|---|---|
|N iBbd<br>N iBod<br>N iBpd<br>N iBd|CURRENTACCOINT:<br>1. Revenwe<br>Returns from:<br>Budget Bonds<br>SEEs Bonds<br>Private<br>Bonds<br>Total Returna<br>from Bonds|23.4<br>486.2<br>1301.1<br>1810.7|531.0<br>(IC*Bbd)<br>1069.2<br>(ICUod)<br>3680.5<br>(IC*Ipd)<br>_528C.7_<br>(Calculated)|
|HiFxdc<br>N iRESd|Interest<br>fromFX Deposits<br>**at**CB<br>Interest<br>from Foreign Reserves|115.2<br>124.7|274.3<br>240.5|
|N ilpd<br>N iDDp<br>N iFXpd<br>HiCRd<br>H iFGd<br>H P4Ld|2.Expenditure<br>Interest<br>Payments to:<br>Private<br>Sector<br>_Demnd_Deposits<br>FX Deposits<br>Central<br>Bank<br>Foreign Sector<br>Profit<br>ILosses|534.8<br>392.7<br>142.2<br>-209.4<br>246.1<br>498.4|2173.4<br>(iD*Dpd)<br>1794.9<br>378.6<br>-245.6<br>(iRtClId)<br>579.0<br>(iFFd)<br>-1798.4<br>(Residuall|
|N<br>hdWd|NetUorth<br>- .--........------.--...------<br>.<br>.<br>.|980.6<br><br>..........|5007.0<br>. ......<br>.......|
||CAPITAL ACCIINT:<br>1. Chane<br>in Assets|||
|NdCUd<br>H CDdc|Vault Cash<br>Deposits<br>at CB|150.7<br>328.0|323.4<br>(FromStoks)<br>2692.1|
||Bornds:|||
|N cdlbd<br>N dBod<br>N cipd|dudget<br>SEEs<br>Private<br>Sector|802.5<br>629.3<br>3002.8|1401.S<br>(From Stocks)<br>1543.7<br>(From Stocks)<br>-566.6<br>(From Stocks)|
|N cBd|Total Bonds|4434.6|2378.6<br>(Calculated)|
|1 dlXdc|FX Deposits<br>**at**CB|667.3|-163.5|
|N dARESd|<br>Reserves of Banking System<br> <br> <br>|88.1|1162.9|
||...apita T<br>str.............................i<br>e S<br>r||-1|
|Hldp|Capital<br>Transfers<br>to Private<br>Sector|110.4|613.6|
IABLE 1 HISTORICAL DAIA

||2.Change in Liabilities||||
|---|---|---|---|---|
|H dDDp<br>H dFXpd<br>HdCRd<br>H KTbd|Demand DepositsfromPrivate Sector<br>fXDeposits<br>fromPrivate Sector<br>CrAdit from Central Sank<br>Capital Transfers from Budget|2474.3<br>1130.4<br>58.1<br>76.5|1473.0<br>-641.5<br>-365.0<br>168.7|(FromStocks)<br>(FromStocks)|
|HC dAfGd<br>HCCRd<br>H dRVd|Foreign Borrowing (Adjusted)<br>Cross-Currency Revaluation<br>Revaluation Effect|1059.1<br>244.8<br>893.6|1285.0<br>-346.4<br>3078.6|(CaIc. from CB&OP data)|
|_H4_dfd|Foreign Borrowing<br>...<br>....<br>...........<br>............-|3482.0<br>-<br>--<br>--|5389.4<br>.......<br>...||
|HcfRVld<br>HcdHUd|Revaluation Account<br>Met Worth|1138.4<br>980.6|2732.2<br>Sf087.0|(Calc. from CBIHOP data)<br>(Residual IS' stocks)|
|HdSOtd|<br>MetOther Liabilities|-157.8|2354.8||
|||BANKIN|G SYSTEN||
||STOCK bALANCE<br>SHEET:<br>1.Assets||||
|N CUd<br>H Ddc|Vault Cash<br>DepositsatCB|769.4<br>1889.5|1092.8<br>4581.6|(CB data)|
|H Bbd<br>N fod<br>H Spd|lornds:<br>JBanking System<br>SEEs<br>Private Sector|855.0<br>1721.8<br>5926.7|2256.5<br>3265.5<br>S360.1|(CB**data)**<br>(CB**data)**<br>(CB data)|
|HBd|lotalBonds|8503.5|10882.1||
||...<br>..<br>.....<br>........<br>...<br>...<br>....<br>.|...<br>...<br>....|...<br>..<br>......||
|HKd|Real Assets|110.4|724.0||
|Codes|2.Liabilities||||
|HDOp<br>H CRd<br>H Fd|DepositfromPrivate Sector<br>Credit from Central Bank<br>Foreign Borrowing|6400.8<br>-482.9<br>6500.6|7873.8<br>-847.9<br>11890.0|(CB**data)**<br>(CB data)<br>(CB data)|
|H Kbd<br>H MWd<br>H RVTd|Paid in Capital<br>met worth<br>Revaluation|76.5<br>-1666.6<br>2732.2|245.2<br>3420.4<br>0.0|(Residual)<br>(CaIc. from CB3OP data)|
|HMXd|Net Others Liabilities|1065.6|3420.4|(Calculated)|
|hd fd||6367.6|6551.7||
**TABLE** 1 **: HISIORICAI** DAIA

|h id||6500.6|1189a.o||
|---|---|---|---|---|
|h'esd||2287.8|5301.0||
|||PRIVATE S|ECTOR||
|_f_sl>rs|||||
||**Valued Added**|**50710.5**|**66-463.9**||
||Workers Remittincc5|1729.3|2?4859|lew<br>datc1|
||<br>|OD|rJa|(SiO9 d3ite)|
||T:.<br>ransfers fromn Abroad<br>Transfers ero= ekpd5J|.<br>1941.4||<br>(Sesidusi eu.S|
||Interest Received f:c<i<br>Budget Bonds|1251.2||Bb|
||<br>Bd|00|||
||SEEs ons<br>DemoerdŽpo°5<br>- . ,stcm|<br>39297°||'U|
||<br>1lDepos<br>n r_<br>.|**1.2**|||
||<br>65esPoflsis<br>nusa .(,w,<br>,c|496.4|:|(Tos.c,r<br>.K|
||Dwrect loxes|6010.|_F2_D|I<br>'K|
||trtIcres7.Par^nts<br>'|2-<br>|__rarp_||
||IntcfestZ2yr**uLQs**|_;3C1 7_|||
||<br>Profit r<br>tsr.es<br>_r_<br>le2||||
||Constrr1lor)IOf|6O,,'|'6:.|(Re?Jd:l:|
||<br>Sav ings|1D620|*<br>I|o|
||foicignElarroirig|-769.5|''ml 5|(Residu<br>r<br>-|
||<br>**foreign**<br>Investment|**94.6**|/O,.6||
||<br> <br>Credit<br>froemHenkins<br>Sy't-n|_5fl02.8_|'46 6<br>|lFrcsJ<br>3s_et_|
||<br> <br> <br>Capital Trans?ers Trcs_Sf'._|315.3|_t2.3_|_(Fiscel_<br>dota-|
|%<br>'np|<br>Cmoital<br>TranseerS<br>Crcr CdieCt|485.1|3ts7||
||a.'jjt<br>I Transferstron<br>fscnl,king<br>sector|110.4|'13.h||
|';lr|Donestic<br>rending<br>|-869.7<br>|*'55B2<br>|<br>Sd'<br>r|
|lt<br>"tni|toBudget|2133.1|1991.6|(Residual<br>os<br>...)|
|<br>|<br>|||tRldl<br>Oh'**A**|
|al<br>op<br>'|**to SEEs**<br>|**0.0**|**0.0**|esua<br>ters**s)**|
|ildLUp|**Change in money Holdings:**<br>**Currency**<br>**Circulation**|**859.6**|**1150.9**|(From CB**stocks)**|
|<br>It**dDDp**|<br> <br>Deposits in**BS**|2474.3|1473.0|(From<br>**Bsstocks)**|
|<br>**H dfXd**|<br>**fX Deosits in B5**|1130.4|-641.5||
|**p**<br>**H**Ip|**p**<br>**Private Investment**|**7061.7**|**13056.2**|**(NA**data)|
|11erao:|||||
|H i8p|**lotak**Interest Payments<sup>on</sup><sup>**Bonds**</sup>|**-49.9**<br>|-864.8<br>||
|H**Bp**|**Stock**ofDomestic<br>Bonds|**-3917.5**|**-2227.4**||
> iABLE I: HISIORICAt **DAIA**

Codes NATIOMAL ACCOUNTS (Current Prices)

|**itOflb**<br> <br> <br>|Other Factor<br>Income Budg,t<br>|-91.8|3166.4|(fiscal<br>aeta)|
|---|---|---|---|---|
|_N f lo_<br> <br>V<br>VAp<br> <br> <br>|SEEs Valued Added<br>Private<br>Sector<br>VatuedAdded<br>|**2309.8**<br>50710.5|**3416.6**<br>86463.9|<br><br>**(Fiscal**<br>date)<br>(Residuatl|
|itrl<br> <br>_N Sb_<br> <br>HGOP<br> <br>.|_Indirect_<br>_taxes_<br>Subsidies<br>1-)<br>**GOP**<br><br>.................<br>..............<br>.......<br>.|6618.9<br>1247.9<br>58300.0<br>..........<br>..|11255.6<br>2229.6<br>100573.0<br>........|(Fiscal<br>data)<br>(MA data)<br>**_t(W_**data)|
|**itt**<br>H Xt|Totaliotports<br>total<br>Exports|13078.4<br>1,2147.4|22097.2<br>24644.1|(sop data)<br>(amWdata)|
|HRGt<br>|Resource Gap|931.0|-25.6.8|<br>(ca(culated)|
|_h_tb<br>H Cp|Budget CoosisLtion<br>Private Consurntion|5'20.0<br>39062.7|8814.7<br>65164..9|(Fiscal data)<br>(Residual)|
|_k,_Lt<br>'|otat<br>ConsLuLrtioon<br>. ..<br>...<br>.<br>.<br>I<br>....... ....|44382.7|13979.6|(Calculated)|
|H it',<br>iH<br>|PLublicInvestment<br>stxud9etInvestmen't<br>|_7786.6_<br>423t.0|tD990.4<br>6365.8|(Caiculated)<br>(fiscal<br>data)|
|_It_<br>',<br>r7 pgl<br>It<br>t<br>a1 su,|SEEs lnvestment<br>PrIvate<br>Investrnit<br>,ral<br>Investmnt|35S5<br>¶6<br>7061.7<br>14848.3<br>840.3<br>2993.5<br>|<br>4624.6<br>13056.2<br>24046.6<br>-212..0<br>4339.3<br>|<br><br>(tfisc&a data)<br>(NAdata)<br>**(CatculetedJ**|
|HdYNc<br>HidtUd<br>Hi5P||1050.0<br>-1436.9<br>980.6<br>10420.8|1168.9<br>-1395.7<br>5087.0<br>t6976.1||

C NAtIONAL ACCOUNTS (Constant Prices) .dcs.......... )tK Otlb Other Factor Income Budget -151.B 1666.4 **HX tIo** SEEs valued Added 3842.3 3416.6 _HXK VAp_ Private Sectoc Valu-d Ad)ed 84356.9 86463.9 HK b gdp GOP GOP .. ........ gd ....... ...... ....... 969B2.1 58300.0 10057n3.0o100573.0 ..........
TABLE 1 HISIORICAL DATA

|HK lNt<br>HK INC<br>HK 1E 1<br>HK INV<br>HK Xt|Total Imports<br>Consumption<br>Investment<br>Intermediate Goods<br>lotal EEports|22518.2<br>3369.5<br>5623.6<br>13525.0<br>20207.2|22097.2<br>3357.1<br>5650.4<br>13089.8<br>24644.1|
|---|---|---|---|
|HK RG|Resource Gap<br>.....................<br>.................<br>.|2311.0<br>..........<br>.|-2546.8<br>**..........**..<br>...............|
|HK Cb<br>NKCp|BudgetConsuwption<br>Private<br>Consumption|8639.7<br>65771.3|8814.7<br>65164.9|
|HK Ct|Total Consumption<br>..............................|74411.0<br>----------.<br>.......-|73979.6<br>..**.**<br>------- ..........|
|HK 19<br>_HK_lb<br>_HK_to<br>_HK_Ip|PublicInvestment<br>Budget Investment<br>SEES Investment<br>Private<br>Investment|13048.4<br>7090.1<br>5958.3<br>11833.7|10990.4<br>6365.8<br>462(<br>130|
|NK It|Total Investment<br>..............................|24882.1<br>..........<br>.|24046.6<br><br>.**...**.......<br>...............|

|||N)MEYMARKET||
|---|---|---|---|
|H H<br>H CUt<br>H DOp|money Stock<br>Cuwrency in Circulation<br>Demand Deposits|9444.9<br>3044.1<br>6400.8|12392.2<br>4518.4<br>7873.8|
||Demand Copponents:|||
|HlpGDP<br>HKGDP<br>H rGDP.M|Price<br>Level<br>Real Income<br>Velocity<br>ofCirculation|0.801<br>96982.1<br>8.220|1.346<br>100573.0<br>10.924|
||Supply Side:|||
|H H<br>H CUt<br>H Cup<br>HCud<br>H Ddc|Base Honey<br>Currency<br>Total<br>Currency<br>In Private<br>Sector<br>Currency<br>In Banks<br>Reserves|4933.6<br>3044.1<br>2274.7<br>769.4<br>1889.5|9100.0<br>4518.4<br>3425.6<br>1092.8<br>4581.6|
|H rMm<br>HrCUt.DOp<br>H rDdc.DDp|Money HultIplier<br> <br>Currency/Deposits<br> <br>Reserves/Deposits|1.914<br>0.476<br>0.295|1.362<br>0.574<br>0.582|
IA8LE 1 HISlORICAL DATA

|H AtR<br>N EER<br>_OXAER_|Nemorandm Items:<br>Exchange Rates:<br>Nominal (Period<br>Average)<br>Nocinal<br>(End of Period)<br>Real (Period<br>Average)|0.856<br>1.021<br>0.966|1.416<br>1.815<br>1.000|
|---|---|---|---|
|HiC<br>H ioo<br>H iR<br>NDi|Interest Rates:<br>Domestic<br>lond<br>Demand Deposits<br>Rediscount Rate<br>Foreign Rate|0.445<br>0.100<br>0.387<br>0.080|0.621<br>0.280<br>0.509<br>0.076|
|HI pGDP<br>HI PAGDP<br>HI_pACp_<br>_HI_pACb<br>|Prices (Period Averages):<br>GOP deflator (End of Ptriod)<br>GDP Deflator<br>Private Consurption<br>Pul ic Consuiption|0.801<br>0.601<br>0.594<br>0.616|1.346<br>1.000<br>1.000<br>1.000|
|HI pAlt<br>NI pINt<br>H10 pint<br>NI pkiNt<br>0DI<br>pAINt<br>HI pAXt<br>NO pAXt|Investment<br>Imports (End of Period TL)<br>[sports (End of Period**S;**<br>lports (TU)<br> <br>Imports (S)<br>Exports<br>(TL)<br>Exports (5)|0.597<br>0.702<br>0.688<br>0.581<br>0.679<br>0.601<br>0.703|1.000<br>1.310<br>0.722<br>1L000<br>0.706<br>1.000<br>0.706|
|N rJXT.It|Other:<br> <br>Share of isports in Total Investment|0.216|0.233|
Base Case Scenario

|||iAtI7<br>2:<br>AS<br>|SUMPIIONS<br>|FOR Ift,|POSIIIVE<br>|CLOSURE||||
|---|---|---|---|---|---|---|---|---|---|
|||1988|1989|1990|1991|1992|1993|1994|1995|
|Codes|EXIERNALSECIOR|||||||||
|AK AER|(a)<br>Prices<br>Rl<br>Eh<br> <br>|||||||||
|<br>AER|ea<br>xcange<br>Rate<br>(AE9)<br>Nil<br>|1.000<br>|0.936<br>|0.875<br>|0.875<br>|0.875<br>|9.875<br>|0.875<br>|0.875<br>|
|<br>EER|(omna<br>AERI<br> <br>|1.416<br>|2.138<br>|3.355<br>|5.473<br>|9.045<br>|14.874<br>|24.520|40.448|
|<br>|tMominal<br>EERI<br> <br>|1.815<br>|2.746<br>|4.414<br>|7.259<br>|11.960<br>|19.697<br>|32.484<br>|45.373|
|KEErR|Real Exchange<br>Rate (EER)1|0.968<br>................................**...............**|0.906<br>**.**.......|0.875<br>.........|0.B75<br>....<br>....|0.875<br>..<br>---|0.875<br>.<br>.<br>.<br>.<br>.<br>..<br>..|0.875<br> <br>...<br>.............-|0.875|
|<br>|(b)<br>External<br>Debt<br>(USS)<br> <br>|||||||||
|_Atl._<br>Gc<br>'|Cco (alt<br>USS)<br> <br> <br> <br>||7862.2<br>|66892.8<br>|5680.4<br>|4828.3|4104.1|3488.5|2965.2|
|AU fGg<br> <br> <br>|Foreign<br>Loans<br>to<br>F1Gbgo<br> <br> <br> <br>|24651.4|25563.5|26509.4|27490.2|28507<br>4|29562.1|30655.9|31790.2|
|Al<br>rf(;b<br>fGs<br>|<br>Share<br>ot<br>FGb_in_ftO.bo<br> <br>|0.871<br>|0.817<br>|0.807|0.797|0.77|0.777|_0.7b7_|0.F77|
|AUiVGd.DDp<br>AL) I<br> <br>_GD_|<br>SSDebtF(1-re)-DDp<br> <br>PS Dbt/GD?|2.552<br>|1.820<br>|1.'70<br>|1 .56c<br>|1.330<br>|1.10£<br> <br>|1.000<br>|1,.C0<br>|
|<br>_0_<br>|<br>e|0.010|0.010|0.008|33.J08|0.G08|0.009<br>3|o.c03|Ooc|
||(c)<br>Incorts<br>PERF!tilt<br>t'f|||||||||
||,ascyu<br><br>'<br> <br>||||||<br>|||
|p:s<br> <br> <br>|1M .P(-R<br>r¢Jrzuowt<br>los} ilrX7: t.<br>'|2.651<br>_*_|.,2,>',,<br>|<' 6tJ<br>|?<br>_<br>|.J<br>-?5,T<br> <br>|<br>2.6!'<br>|-2.c,|2<br>_A2._|
|_A_<br>jo<br>l<br>|Mr;<br> <br>|_i_55-3<br>|t.557|1557|i.55!<br>|<br>1.5;<br>|1551|;5'|^5|
|IfiW.1f0|<br>1terrmrL.-to<br>_*_<br>_'41_<br>ltii<br>t _'fYC_<br>|.rx.<br>05z?|_2-,27_|_'.2_<br>_I_|,'s27|?<br>|_.52_|_2?_<br>_iS?'_|.)52,|
||<br> <br>esc<br>yo.f_uo_<br>.o:<br> <br>' '<br>||*|<br>|<br>|_.ls_||||
|<br> <br>|ith Ct<br>)StST<)e<br>l.or.<br> <br>'<br> <br>~~~~~~~~~~~~~~~|~~~~~~~~~~|1 t~oo<br>~~~~~|<br>l.oce<br>~~~~~|<br>C<br>1<br>~t|5..|,.|7.,|,t.0r,ur|
|_Al_\<br>l<br>_N1_<br>'<br>|11r,>>sior~<br>5.W<br>lL.<br>q <br>'||.<br> <br>i'.tJ)<br>.-<br>ti00<br>|nc-S<br>,C 057<br> <br>^.Ii<br>Q<br>t2;<br> <br>|<br>5 .15<br>o<br>!<br>..<br>.>,'"''1'''<br> <br>|<br>&<br>- -^<br>¢C||_._K¢rC|LC|
|API<br>!Mint|[^O||<'I|s<br>e'I;15f<br>C(";r)5t..|,<br>..<br>3<br>J:,I||||D). C'J|
||(,1,<br>Epri:5t<br>|||||||||
|<br>|E1,3stc1t7cs:<br> <br>|||||||||
|A..<br>'<br>rt<br>|iorcl2An<br>_lr:CCfxr_<br>||1750|i..<br>>o|I5t;<br>105|?|1.,<br>1<br>.|1.|<br>4:fj<br>.50.|
|X.RR|LRf<br>'<br>|1.150|1.150<br>|1;50,<br>|115.53|1.,'|1 T<br>|.I<br>'|<br>1750|
||:reArgn<br>_lnccaotBe_Grcwc t<br> <br> <br>||0 018<br>|0.630|0030|017?0|0'0,<br>|0.030<br>|0.030<br>|
|_I r.mAt_|i tpol4s<br>Prrie<br>OrKeIa88|1.0CC<br>,.<br>|1.690<br>.<br>..<br>..<br>.<br>.<br>.|r.919<br>.<br>..<br>..<br>.|C0,Z<br>**.**<br>.|<br>3,A2|'5.29.<br>.<br>.<br>..<br>..|'.-65<br>.<br>.|45so0<br>..<br>....<br>..<br>.|
||(c)Iransters<br>(Nit<br>11SS)<br>|||||||||
|AClIb<br>|Budgetary<br>Gove,rAent<br> <br>|126.1|132.1<br>|1;A.7|_4,5.r_|<br>15.'0|160.6|_t8._<br>6|117.1|
|AD lfp<br>|Private<br>Sector<br> <br>||0.0<br>|0.0<br>|0.0<br>|0.0|0.0|_0.0_|0.0|
|AD WR|Workers<br>Remittances|2485.9|2605.7|2300.0|2415.0|2535.8i|2662.5|?795.7|293S.4|
||(f)<br>Other<br> <br>|||||||||
|AD Dfi|foreign<br>Investment|498.6|522.6|548.7|576.2|605.0|635.?|667.0|700.4|
||NA11OtIAL ACCOUNIS|||||||||
||**'a)**<br>**Consurst ion**<br> <br>|||||||||
|A rCp.vd|**Cp's**<br>share<br>Yd|0.793<br>**.....**...........**.......**..............|0.812<br>............|0.840<br>..................|0.o40<br>...|0.840<br>..........................................|0.840|0.840|0.840<br>.|
||**(b)Investment**<br>|||||||||
|A ICOR|ICOR|**5.500**|**5.500**|<br>**5.500**|**5.500**|<br>**5.500**|<br>5.5A0|<br>5.500|5.500|
|**GOPFG**|**(c)**Other<br>**P**||<sup>**1**</sup>|||||||
|**Ar.**<br>|Capacity Utilization<br> <br>|-<br>0.991|**0.'V**|0.950|0.965|0.970|0.970|0.970|**0.970**|
|ArPR.GDP|Profit<br>**Remiittances/lD1**|**-0.005**|**-0.006**|**-0.006**|**-0.006**|-U.007|-0.007|<br>-0.007|-0.008|
**Base** Case Scenario

**TABLE 2: ASS9MPIIONS FOR TIE POSITIVE CLOSURE**

||**-**<br>**WDCXETARY**<br>**SEClORl**<br>|**ARSECO1988**|**1989**|**1990**|**1991**|**1992**|<br>**1993**|<br>**1994**|<br>**1995**|
|---|---|---|---|---|---|---|---|---|---|
|**ArFDoFIo**|**(a)**Revenues<br>**SEEs Direct**<br>**TaXes/Flo**|||||||||
|**.**<br>**A rtDp.VAp**<br>**ArII.GDP**<br>**_A_**rOfIb.GDP|<br> <br>**PS's Direct**<br>**laxes/VAp**<br> **Indirect Taxes/GOP**<br>Budget's<br>OFl:GDP<br>|**0.250**<br>**0.112**<br>**0.112**<br>0.017|**0.110**<br>**0.092**<br>**0.103**<br>0.017|**0.110**<br>**0.092**<br>**0.103**<br>0.017|**0 110**<br>**0.092**<br>**0.103**<br>0.017|**0.110**<br>**0.092**<br>**D.ACI**<br>0.017|0.110<br>**0.093**<br>**0.103**<br>0.017|D**;iO**<br> <br>**0.392**<br>**0.103**<br>0.017|<br>**0.110**<br> <br>**0.092**<br>**0.103**<br>**0.017**|
|A2KCb|(b) Expencditures<br>Conscmntion (Con:<br>t**TL88**|||||||||
|<br>A2Xlb|.p<br> **)**<br>Investment<br>(Const<br>**TL88)**|9002.8<br>73775|10749.?<br>49140|11091.4<br>|11777.9<br>|12380.8<br>|12942.4<br>|13520.0<br>|14114.6<br>|
|_A_SuLb|<br>,.<br>, <br>Subsidies<br>(Bit**Il)**<br>|.<br>22296|.<br>37478|506i.0<br>67830|5368.8<br>122800|5635.6<br>?22926|5862.8<br>|6136.5<br>|6397.2<br>|
|A_lbo_|<br>GLrrcnt<sup>7 </sup>:aiosterstoSEsEs|.<br>4263|.<br>7166|.<br>12969|.<br>23479|.<br>|40050.3<br>'|72072.9<br>|129771.5<br>|
|i,;4|<br>Ctirruzo<br>ir:ranserstoPS|.<br>?aK 9|<br>(56|.<br>875$Q|.<br>159 1 '|4263.0<br>2$C2|657.7<br>|37N.Q4<br>|24 9_0_<br> **'**<br>|
|p ;o|t!a15<br>fransers<br> SEE|.<br>**_'_**<br>|.<br>'|.<br>'|<br>_'_<br>|<br>|2<br>|35335.T=|**>-**<br>3|
|<br>~~<br>/|,<br> <br>eo <br>**F**<br>_n._<br>_S-_<br>_-._<br>_z:_<br>_as_<br>.<br>.<br>_*_<br>r<br>_F_<br>><br>-<br>><br>>5i.<br>*.|**_$_**<br>**_2_**|117, 3<br>**2'**<br>**-Y2**|??2.<br>_?._<br>'<br>2<br>|_.,$9.2_<br>_2_<br>**2**|B2<br>**^**|'|R<br>**.-**||
|_udc_<br>|<br><br> <br> <br>|||<br>**f**||||||
|_._.<br>.<br>**P&I**|. . . .<br>.<br>. . .<br>**I2**<br>V<br> <br>**.0**<br>...<br>-,~l<br>.<br>,6c I||**.2.**|<br>**.-. 2 ~**|||0.|||
|**_A42_**g(H|_(c)_<br>**OtiLeis**<br>sa~e<br>Money**(;fowth**|0844|0<br>|<br>||<br>||||
|<br>**AP&IL**<br>|<br> <br>_Prof't_9Lus,,es ot 128<br>|.<br>**_?1d2?_**|.<br>9120<br>21981|<br>U 612£<br>39?83|_4i..3LC_<br>**_P212_**<br>|U**_30_**<br>**_J_**<br>|**.O2C**<br>|0.6321<br>|.ECD<br>|
|A~~&i|<br>d<br>4**LProfitof Bs**|**_._**<br>1798.4|.<br>-17984|.<br>-11984|<br>_L_<br>-I744|i307o<br>~1798<br>4|240.<br> <br>179&4|1187,<br>|.<br>|
||**'**<br>||.|.||<br>|<br>-.|-1798.4|**-1795.4**|
|**_A_9N**|**UliIR ASSLUMII**<br>1(iH2~<br>Poputatton**Growth**|0.024|0.024|0|r24<br>0.0,3|0.023|0.023|0.023|**_0.023_**|
Base Case Scenario

**IA8tE 3:** DERIVED INDICAIORS

|||1988|1989|1990|1991|199?2|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||**NAI1ONA**ACCOUNIS|||||||||
|**gFCDP**<br>|Full<br>Eaployment Growth<br>|0.047<br>|0.043|0.039<br>|0.040|0.041|0.040|0.040|0.039|
|A rGDP.FGDP<br>|**Capacity**Utilization<br> <br>|0.991<br>|0.961<br>|0.950<br>|0.965<br>|0.970<br>|0.970<br>|0970<br>|0.970|
|K**gOP**<br>|Actual<br>**COP**Crowth<br> <br>|0.037<br>|0.012<br>|0.027<br>|0.057<br>|0.046|0.040|o.040|0.039|
|K**gAS5**|Absorption<br>Grouth|-0.013|0.052|**0.0S9**|0.057|0.044|0.037|0.037|0.036|
||As share of GDP:<br>|||||||||
|rRB.CDP<br>|Resource Balance|0.025|0.002|-0.312|-0.013|-0.011|-0.008|-O.O0S|-0.003|
|rXt.GDP<br>|Exports<br>|0.245<br>|0.232<br>|0.221<br>|0.219|0.219|0.221|0.222|0.223|
|rIMt.CDP<br>|Imports<br>|0.220<br>|0.230<br>|0.233|0.232|0.230|0.228|0.227|0.225|
|**rCt.GDP**<br>|Cons.uptilon<br>|0.736<br>|0.780<br>|0.786<br>|0.788<br>|0.790<br>|0.791<br>|0.792<br>|0.793<br>|
|**rCp.COP**<br>|Private<br>|0.648<br>|0.674<br>|0.682|0.684|0.685|0.685|0.686|0.686|
|**rCb.CDP**<br>|Public<br>|0.088|O.1U6|0.104|0.105|0.105|0.106|0.106|0.106|
|rIt.GDP<br>|**Investment**<br>|0.239|0.218|0.226|0.224|0.221|0.217|0.213|0.210|
|rIp.GDP<br>|Private<br>|0.130<br>|0.126<br>|0.135<br>|0.133<br>|0.129<br>|0.125<br>|0.121<br>|0.118<br>|
|**rIg.GDP**|**Puiblic**|0.109|0.092|0.091|0.091|0.091|0.092|0.092|0.092|
|I gpGCP|Inflation<br>(e.o.p.)|0.681|0.681|0.633|0.762|0.721|0.730|0.731|0.732|
|<br>**IgpACGP**<br>|<br>Inflation<br>(p.s.)<br>|0.664<br>|0.690<br>|0.763<br>|0.713<br>|0.n35<br>|0.727<br>|0.731<br>|0.732<br>|
|K AER<br>|Real AER<br>|1.000<br>|0.936<br>|0.875<br>|0.875<br>|0.875<br>|0.875<br>|0.875<br>|0.875<br>|
|K**tC**|Real iC|-0.020|-0.053|-0.047|0.015|0.015|0.015|0.015|0.015|
|r'.GDP|**"I/COP**|0.092|0.107|0.115|0.111|0.111|0.111|0.111|0.111|
|gm<br>|Money Growth<br> <br>|0.312|0.989|0.800|0.800|0.800|0.800|0.800|0.800|
|A rlDp.VAp|Direct<br>**lax**Rate<br>|0.112|0.092|0.092|0.092|0.092|0.092|0.092|0.092|
|A rIlI.GP<br>|**Inctirect lax**Rate<br>|0.112<br>|0.103<br>|0.103<br>|0.103<br>|0.103<br>|0.103<br>|0.103<br>|0.103<br>|
|rCp.N|Consumption per capita|-0.032|0.028|0.033|0.037|0.025|0.019|0.018|0.018|
||ASSETMARKETS||....... ...........<br>,,,,,-<br>- - - -|- - - - - - - - -|- - - - - - - - -|- - - -<br>- -....- - -|- - -,-<br>-,- -_- -_|_-__-._- -_- -_- - -|- - - - - - - -......**.**..<br>__**_**_|
||1 .Money:|||||||||
|rGDP."|Income-Velocity|10.924|9.338|8.700|9.000|9.000|9.000|9.000|9.000|
|I gpGOP|Inflation<br>(e.o.p.)|0.681|0.681|0.633|0.762|0.721|0.730|0.731|0.732|
|rCUp.M|Currency/HI|0.276|0.276|0.276|0.276|0.276|0.276|0.276|0.276|
|rOOd.M|Deposits(N1|0.635|0.635|0.635|0.635|0.635|0.635|0.635|0.635|
|rM.H|**Money**Multiplier|1.362|1.426|1.426|1.426|1.426|1.426|1.426|1.426|
|ArCUt.DOp|Currency/Deposits||0.574|0.574|0.574|0.574|0.574|0.574|0.574|
|ArOdc.DDp|Reserves/Deposits||0.530|0.530|0.530|0.530|0.530|0.530|0.530|
|rN.GDP|Base MoneytGOP|0.090|0.101|0.100|0.099|0.099|0.099|0.099|0.099|
|**9g**|Base Money Grouth|0.844|0.900|0.800|0.800|0.800|**0.800**|0.800|0.800|
|rRESc.H|RESc/lase<br>Money|0.7n2|0.973|0.940|0.865|0.823|0.843|0.981|1.024|
|rCRt.Ht|Domestic<br>Credit/Base<br>Money|0.153|0.051|0.145|0.318|0.487|0.623|0.686|0.698|
Base Case Scenario I

# IABLE 3 : DERIVED INDICAIORS

1908 1989 1990 1991 1992 1993 1994 1995 2.Do.estic Bond:

**_UpLd_** finncial wealth 10645.37 23076.65 38932.91 68360.77 125333.8 235266.9 444718.1 82913.4 rBpBd.Wp4d Bp&dIA4Bd 0.876 0.811 0.806 0.736 0.656 0.590 0.58K 0.590

3.Foreign worrowing: rFp4d.WpLd (-Fpgd)/Wpgd

|rFp4d.WpLd|(-Fpgd)/Wpgd|-0.715|-0.560|-0.606|-0.556|-0.461|-0.361|-0.319|-0.256|
|---|---|---|---|---|---|---|---|---|---|
||4.Interest<br>Rates:<br>|||||||||
|K iC|ReaiiC|-0.020|-0.053|-0.047|0.015|0.015|0.015|0.015|0.015|
|KiR|seal<br>iR|-0.088|-0.068|-0.000|-0.070|-0.060|-0.050|-0.040|-0.030|
|KiD0|RealiD|-0.226|-0.259|-0.250|-0.220|-0.190|-0.160|-0.130|-0.100|
|iC|Nominal iC|0.621|0.600|0.680|0.739|0.762|0.753|0.757|0.75S|
|i|ZNominaliR|0.509|0.541|0.622|0.593|0.631|0.640|0.662|0.680|
|iDO|Noa.rm,<br>iDo|0.280|0.252|0.322|0.336|0.406|0.450|0.506|O.S59|
|D i|Foreign<br>i|0.076|0.063|0.064|0.064|0.065|0.066|0.068|0.071|
|gEER|Depreciation<br>rate|8.778|0.513|0.607|0.645|0.648|0.647|O.649|0.397|
|FISNER<br>||-0.034<br>|0.091<br>|0.110<br>|0.107<br>|0.109|0.108|0.100|0.108|
|AK IC|FPULICSEC1OR|-0.020|-0.053|-0.047|0.015|0.015|0.015|0.015|0.015|
||A) NominalPSbR:|||||||||
|rDE b.tDP|Budget Deficit/GDP|0.035|0.043|0.044|0.047|0.051|0.054|0.058|0.062|
|rdCRb.GDP|<br>dCRb/GDP|-0.005|-0.001|0.001|0.002|0.003|0.004|0.004|0.005|
|rdcb.GDP<br>|dkW/GDP<br>|0.034|0.036|0.037|0.040|0.043|0.046|0.049|0.053|
|rdFb.GDP|dFb/GDP|0.007|0.007|0.005|0.005|o.do|o.004|o.04|0.004|
|rDEFo.GDP|SEEs Deficit/GDP|0.041|0.026|0.025|0.026|0.026|0.027|0.027|0.027|
|rdCRo.GDP|dCRo/GDP|0.002|0.001|0.000|0.000|0.001|0.001|0.001|0.002|
|rdBo.GDP|dRo/GDP|0.015|0.015|0.014|0.015|0.015|0.015|0.015|0.015|
|rdFo.GDP<br>|dfo/GDP<br>|0.017<br>|0.004<br>|0.005<br>|0.005<br>|0.004<br>|0.004<br>|0.004<br>|0.004<br>|
|rKlbo.GDP|KIbo/GDP|0.007|0.007|0.007|0.007|0.007|0.007|0.007|0.007|
|rOEfg.GDP|Non-Financial<br>Public<br>Def./GDP|0.069|0.062|0.063|0.067|0.071|0.074|0.078|0.083|
|rdCRg.GDP|dCRg/GOP|-0.003|0.000|0.001|0.002|0.004|0.005|O.C06|0.007|
|rdBg.GDP|dBgIGDP|0.049|0.051|0.051|0.055|0.058|0.061|0.064|0.068|
|rdFg.GDP|dfg/UDP|0.023|0.011|0.010|0.010|0.009|0.009|0.008|0.008|
|rDtIps.GDP|Consolidated<br>PublicDef./GDP<br>|0.085|0.077|0.077|0.077|0.074|0,071|0.068|0.069|
|rdH.GDP|dH/GDP|0.041|0.048|0.044|0.044|0.044|0.044|0.044|0.044|
|rcBACRps.tOP|dB&CRps/GDP|0.053|0.054|0.041|0.034|0.031|0.031|0.037|0.044|
|rdfps.GDP|dFpsiGDP|-0.011|-0.024|-0.008|-0.001|-0.001|-0.004|_-0.012_|-0.019|
# IABLE 3 : DERIVED INDICATORS

|Base Case Scenario|
|---|

|rADEFb.GDP<br>|B) Inflation-Adjusted<br>PSfR:<br> <br>Budget Deficit/GDP<br> <br>|1988<br>0.004|1989<br>0.016|1990<br>0.013|1991<br>0.015|1992<br>0.015|1993<br>0.016|1994<br>0.016|1995<br>0.016|
|---|---|---|---|---|---|---|---|---|---|
|rAdCRb.GDP<br>rAdEb.GDP<br>rdfb.GDP|<br>dCRb/GDP<br>dSd/GDP<br>dFb/GDP|-0.017<br>0.015<br>0.007|-0.007<br>0.016<br>0.007|-0.002<br>0.010<br>0.005|0.000<br>0.010<br>0.005|0.001<br>0.010<br>0.005|0.001<br>0.010<br>0.004|0.002<br>0.010<br>0.004|0.002<br>0.011<br>0.004|
|rADEFo.GDP<br>|<br>SEEs Deficit/GDP<br> <br>|0.026|0.011|0.010|0.012|0.012|0.012|0.013|0.013|
|rAdCRo.GDP|<br>dCRo/GDP|-0.001|-0.002|-0.002|0.000|0.000|0.000|0.001|0.001|
|rAdOo.GDP|dHo/GDP|0.004|0.002|0.001|0.001|0.001|0.001|0.001|0.002|
|rdFo.COP<br>|dFo/GDP<br>|0.017|0.004|0.005|0.005|0.004|0.004|0.004|0.004|
|rKlbo.GDP|KTbo/GDP|0.007|0.007|0.007|0.007|0.007|0.007|0.007|0.007|
|rADEfg.GDP|Mon-financial<br>PubticDef./GDP|0.024|0.021|0.017|0.021|0.021|0.022|0.022|0.023|
|rAdCRg.GDP|dCRg/GDP|-0.019|-0.008|-0.004|-0.001|0.001|0.002|0.002|0.003|
|rAdSg.CDP<br>|dO97CDP<br>|0.019<br>|0.018<br>|0.011|0.012|0.011|0.011|0.012|0.012|
|rdFg.GDP|dFg/GDP|0.023|0.011|0.010|0.010|0.009|0.009|0.008|0.008|
|rADEFps.GDP<br>rdH.GDP<br>rAdB&CRps.G|Consolidated<br>Pubtic<br>Oef./GDP<br>dH/GDP<br>DdB4CRps/GDP|0.051<br>0.041<br>0.020|0.041<br>0.048<br>0.018|0.034<br>0.044<br>-0.003|0.037<br>0.044<br>-0.007|0.037<br>0.044<br>-0.006|0.037<br>0.044<br>-0.003|0.036<br>0.044<br>0.004|0.035<br>0.044<br>0.010|
|rdfps.GDP|dFps/GOP|-0.011|-0.024|-0.008|-0.001|-0.001|-0.004|-0.012|-0.019|
||fALAHCE OF PAYEMITS|||||||||
||As a share of GOP:|||||||||
|rRB.GOP<br>rift4PR.GDP|Resource<br>Balance<br>Interest<br>Payments|0.025<br>-0.030|0.002<br>-0.020|-0.012<br>-0.015|-0.013<br>-0.013|-0.011<br>-0.011|-0.008<br>-0.009|-0.005<br>-0.007|-0.003<br>-0.005|
|rift.GDP|Met Transfers|0.026|0.034|0.026|0.025|0.024|0.023|0.022|0.021|
|rSf.GDP|CAB|0.021|0.016|-0.001|<br>0.000|0.003|0.007|<br>0.010|<br>0.014|
|rFt.GDP|Total Debt/GDP|0.714|0.647|0.580|0.526|0.474|0.433|<br>0.402|<br>0.321|
|rflgc.GDP<br>|Public<br>Debt/GDP<br> <br>|0.637|0.572|0.505|0.458|0.418|0.386|0.359|0.283|
|rfpgd.GDP|Private<br>Debt/GDP|0.077|0.075|0.076|0.067|0.056|0.046|0.043|0.038|
|riFt.Xt|Total<br>Interest/Exports|0.145|0.133|0.126|0.116|0.107|0.098|c 092<br>|0.089|
|rlfg&c.Xt|Public Interest/Exports|0.144|0.111|0.104|0.094|0.087|0.081|<br>_o.o0_|0.074|
|rfp8d.Xt|Private<br>Interest/Exports|0.025|0.022|0.022|0.022|0.020|0.018|0.01S|<br>0.015|
|0 RESC|Stock of Reserves (US$3|3671.2|6128.9|6627.9|6674.5|6937.4|7764.9|9861.8|13276.5|
IABLE 4: FISCAL ACCOUNIS Base Case Scenario

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
|Codes|GOVERIENT|||<br>|<br>|<br>|50167<br>|88983 1|778329|
|Fib<br>P4tc|Factor<br>Income<br>Profits<br>and Losses of<sup>CB</sup>|3058.3<br>1285.6|5194.6<br>2198.1<br>|9369.4<br> <br>3978.3<br>|6921.0<br> <br>7202.4<br> <br>|0669.8<br> <br>13077.0<br>2<br>|.<br> <br>3490.4<br> <br>|.<br>42271.8<br><br>18343|.<br>76071.7<br>31578|
|<br>|<br> <br>FX di<br>t CB|1062|147.3|234.4|383.0|642.6|1078.3|.<br>|.<br>|
|iFXbc<br>|Interest<br>on eposts<br>a<br>Oh Ft<br>Income|.<br>1666.4|<br>2849.2|5156.7<br>|9335.6<br> <br>|16950.23<br>|0440.0<br> <br>|54792.2<br><br>|98603.4<br>|
|Ofib|ter acor<br> <br>|<br> <br>|7<br>|19079<br>|77661 1|048828<sup>1</sup>|<sup>88402.7 3</sup>|<sup>39037.5 6</sup>|<sup>10127.4</sup>|
|Ti|Indirect<br>Taxes<br> <br>|11255.6<br> <br>8529|630.0<br> <br>7640|.<br> <br>13956|.<br>24932|. <br>4515.6|<br>8138.8|<br>14705.7|<br>26587.9|
|Too<br>|Direct<br>Taxes from<sup>SEEs</sup><br> <br>f<sup>PS</sup>|.<br>97250<br>|.<br>13572.7<br>|.<br>24554.1<br>4|.<br>4480.7<br>|<br>80770.5<br>1|45066.4 2|61002.5<sup>4</sup>|<sup>69593.5</sup><br>|
|lDp|Direct<br>Taxes rom|.<br> <br>|<br>|4654|7973|13836|23890|4135.3|7162.6|
|<br>lfb|Transfers<br>oron Abroad|126.1<br>|282.5<br> <br>|.<br>|.<br>|.<br>|.<br>|<br><sup>117792</sup>|1291304|
|REVb|Total Revenues|25017.9<br> <br> <br>|37443.8<br> <br> <br>|67692.4 1<br> <br>|2458.3<sup>2</sup><br>1|<sup>2222.4 3</sup><br>075752<sup>1</sup>|<sup>99013.6</sup><br><sup>939983 3</sup>|<sup>.</sup><br><sup>505088 6</sup>|<sup>333532</sup>|
|Cb|Consuiption<br> <br>|8814.7<br> <br>4263|18179.8<br> <br>7166|32491.5<br> <br>12969|9027.1<br>2347.9|. <br>4263.0|<sup>.</sup><br>7657.7|<sup>.</sup><br>13780.4|<sup>.</sup><br>24799.0|
|Tbo|Transfers<br>to SEEs|.<br>|.<br>|.<br> <br>|<br>|<br>|518944|933859<br>|680560|
|<br>|<br> <br>PS|28889|4856.1|8788.8<br>|15911.3|28889.4<br>|.|.<br><br>|.<br>|
|Ibp|Transfers<br>to|.<br>|<br>|67830<br>|22800|222961<br>|40050.8|72072.9|129701.5|
|<br>Sub|Subsidies<br>Interest<br>Payuents on:|2229.6|3747.8<br>|.<br> <br>|.<br>|.<br> <br>|<br>|82212|185685|
|iCRb<br>|<br> <br>Central<br>Bank Credit<br>|1048.8<br>33467|4B.8<br>3235.8|891.0<br>7898.6<br>|1027.4<br>17135.2|1785.2<br>34941.6|3676.3<br>67902.4|.<br>132352.2<br>|.<br><sup>256188.9</sup><br>|
|iBb|DomesticOonds<br>|.<br>5310|<br>13549|00|0.0|0.0|0.0|0.0|0.0|
|iBbd|to Banking<sup>System</sup><br> <br>|.<br>28157|.<br>18809|.<br>00|<br>0.0<br>|0.0<br>|0.0<br>|0.0<br>|0.0<br>|
|iFG|to Private<br>Sector<br>|.<br>19236|.<br>27287|.<br>4464.8|7472.4|12840.7|<sup>22063.6</sup>|<sup>38425.6</sup>|<sup>67715.6</sup>|
||aForeign<sup>Bronds</sup>|.|.|<br>|||||1298383|
|ECURb|Current<br>Expenditures|20678.6|34313.6<br>|62614.6<br>1|15201.4 2|12591.2<sup>3</sup>|<sup>87243.7</sup>|<sup>08147.0</sup><br>||
|Sb|Savings<br>|4339.3<br>63658|3130.2<br>81665|5077.8<br>145459|7256.9<br>26421.2|9631.2<br>48132.1|11770.0<br>86751.3|9032.3<br>156637.7|-7078.5<br><sup>282832.7</sup>|
|lb<br>|Investment<br> <br>CB|.<br>1839|.<br>0.0|.<br>0.0|<br>0.0|0.0|0.0|0.0|0.0<br>|
|dFXbc<br>|FX Deposits<br>at<br>Citl<br>Transfers<br>to SEEs|.<br>666.2|<br>1119.8|2026.7|3669.2|6662.0<br>|11967.1<br>|21535.2<br>|38754.6<br>|
|Eibo|apa<br> <br> <br> <br> <br>|1687|2836|5132|9292|1687.0|3030.4|5453.3|9813.7|
|Klbd<br>|Capital<br>Transfers<br>to Banking System<br> <br> <br>Pi<br>St|.<br>5167|.<br>8685|.<br>1571.9|.<br>2845.8|<br>5167.0|9281.6|16702.6|30057.8|
|Klbp|Capital<br>Transfers<br>to rvate<br>ecor|.|.|||||||
|ECAPb|Capital<br>Expenditure|7901.3|10438.5|18657.9|33865.5|61648.2|111030.4<br>|<sup>200328.8</sup><br>|<sup>361458.7</sup><br>|
|DEFb|Deficit|3562.0|7308.3|13580.0|26608.5|52017.0|99260.5|191296.6|<sup>368537.3</sup>|
||Financing:<br>||1341|2989|10952|29141|6682.7|14878.0|31997.8|
|dCRb<br>|Central<br>Bank<br>|-494.4<br>33951|-.<br>62309|.<br>11578.1|.<br>22686.0|.<br>44348.8|<br>84627.8|163096.2|314208.6<br>|
|ci8b<br>|Domestic Borrowiing<br> <sup>St</sup>|.<br>14015|.<br>0.0|<br>0.0|0.0|0.0|0.0|0.0|0.0<br>|
|cdbd<br>|from Banking<sup>ysem</sup><br>f Private<br>Sector|.<br>1991.6|<br>0.0|0.0|0.0|0.0|0.0<br>|0.0<br>|0.0<br>|
|dBbp|rom<br> <br> <br>|6633|12115|17030|28274|4754.1|7950.0|13322.4|22330.9|
|dfGb|Foreign<br>Borrowing<br><br>.|.<br>.<br>..<br>..<br>..<br>...|.<br>. ...<br>..<br>..|.<br>.<br>..<br>.<br>.|.<br>.<br>--<br>-<br>-|<br>-<br>-<br>-<br>-|-<br>-<br>-<br>--|-<br>-<br>-<br>-<br>|-<br>-<br>-<br>-<br>-|
||..<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>|||||||||
||Stocks of Debt:|||||||273023|593001|
|CRb<br>|Central<br>Bank Credit<br>Bid|1567.6<br>5389.2|1433.5<br>11620 1|1732.4<br>23198.2|2827.6<br>45884.2|5741.7<br>90232.9|12424.3<br>174860.t|.<br>337956.9|.<br>652165.4<br>|
|ttb|Domestic ons<br>|<br>22565|<br>00|<br>00|<br>0.0|<br>0.0|<br>0.0|<br>0.0|<br>0.0|
|BWxI<br>ttlr|held byB8ok<sup>ingSy.,tem</sup><br>held by Pi Iv.te<br>Sectoz|.<br>3132.t|<br>.<br>0.0<br>|<br>.<br> <br>0.0<br>|<br> <br> <br>0.0<br>|<br> <br>0.0<br>|<br>0.0<br>|<br>0.0<br>21|<br>0.0<br>1042163|
|<br>lb|,<br>FofeIgn Debt|54884.4|$4343.2|89S80.9|<sup>151082.7</sup>|<sup>25507.5</sup>|<sup>430843.8</sup>|/890.0||
0

|||IABLE4 :F|ISCALACC|OUIIS||||Base Cas|e Scenario|
|---|---|---|---|---|---|---|---|---|---|
||Shares ofGDP:|1988|1989|1990|1991|1992|1993|1994|199f|
|rREVb.GDP<br>rECtRb.GD|<br>Revenues<br>P<br>CutrentExpeditures|0.249<br>0.206|0.218<br>0.200|0.218<br>0.201|0.217<br>0.204|0.217<br>0.208|0.217<br>0.211|0.217<br>0.214|0.217<br>0.218|
|rSb.GDP|Savings|0.043|0.018|0.016|0.013|0.009|0.006|0.003|-0.001|
|rECAPb.GD|P<br>Capital<br>Expenditures|0.079|0.061|0.060|0.060|0.060|0.060|0.061|0.061|
|rOEfb.GDP<br>rdCRb.GDP<br>|<br>Budget Oeficit<br> <br>dCRb<br>|0.035<br>-0.00S<br>|0.043<br>-0.001<br>|0.044<br>0.001<br>|0.047<br>0.002<br>|0.051<br>0.003<br>|0.054<br>0.004<br>|0.058<br>0.004|0.062<br>0.005|
|rdBb.GDP<br>rdFGb.GDP|dBd<br> <br>dfb|0.034<br>0.007|0.036<br>0.007|0.037<br>0.005|0.040<br>0.005|0.043<br>0.005|0.046<br>0.004|0.049<br>0.004|0.053<br>0.004|
|Codes|B. OHER PUBLIC SECIOR|||||||||
|Fie<br>Tbo<br>iFXoc|Factor<br>Incea<br>Cuwrent Tranfers<br>from Budget<br>Interest<br>on FX Deposits<br>at CO|3416.6<br>426.3<br>12.9|6967.4<br>716.6<br>29.3|12727.9<br>1296.9<br>46.7|22737.4<br>2347.S<br>?6.3|41181.4<br>4263.0<br>128.0|74224.0<br>7657.7<br>214.9|134112.9<br>1378.4<br>365.5|242476.0<br>24799.0<br>629.2|
|REVo|Revenues|3855.9|7713.3|14071.5|25161.6|45572.5|2096.6|148258.8|267904.2|
|lOo|Direct<br>Taxes|852.9|764.0|1395.6|2493.2|4515.6|8138.8|14705.7|26587.9|
|iCRo<br>iao<br>iRop<br>iBod<br>iFGo|Interest<br>Payments on:<br>Central<br>Bank Credit<br>DomesticBoods<br>to Private<br>Sector<br>to Banking System<br>Foreign Borrowing|254.9<br>1069.2<br>0.0<br>1069.2<br>509.9|365.4<br>1960.7<br>0.0<br>1960.7<br>581.9|491.8<br>3914.5<br>0.0<br>0.0<br>1000.1|468.7<br>7514.6<br>0.0<br>0.0<br>1787.1|670.4<br>13979.9<br>0.0<br>0.0<br>3270.6|1224.7<br>25179.4<br>0.0<br>0.0<br>5971.5|2514.7<br>45965.4<br>0.0<br>0.0<br>11028.2|5570.7<br>83774.5<br>0.0<br>0.0<br>20570.7|
|ECURo|Current<br>Expenditures|2686.9|3672.0|6802.1|12263.6|22436.5|40514.4|74213.9|136503.5|
|So|Savings|1168.9|4041.3|7269.4|12898.1|23136.0|41582.2|74044.9|131400.4|
|lo<br>dfXoc<br>Klop|Investnet<br>FX Deposits<br>at Central<br>Bank<br>Capital<br>Transfers<br>to PS|4624.6<br>145.1<br>482.3|7698.6<br>0.0<br>810.7|13712.5<br>0.0<br>1467.3|2490?.3<br>0.0<br>2656.4|45374.1<br>0.0<br>4823.0|81780.5<br>0.0<br>663.7|147662.4<br>0.0<br>15590.6|266626.5<br>0.0<br>28056.6|
|ECAPo|Capital<br>Expenditures|5252.0|8509.3|15179.7|27563.7|50197.2|90444.1|163253.0|294683.1|
|DEfo|Oeficit|4083.1|4468.0|7910.3|14665.6|27061.2|48862.0|89208.1|163282.7|
|Kibo<br>|Financing:<br>Capital<br>Transfers<br>from Budget<br> <br>|666.2|1119.8|2026.7|3669.2|6662.0|11967.1|21535.2|38754.6|
|dCRo<br>dBo|Central<br>Bank Credit<br>Domestic Borrowcng|173.8<br>15437|116.4<br>24934|-0.9<br>44145|271.5<br>81844|850.8<br>151021|<br>1881.6<br>272684|4390.6<br>497844|9856.3<br>911233|
|<br>cBod<br>O|<br>fromBanking System<br> <br>|.<br>1543.7<br>|.<br>0.0<br>|.<br>0.0<br>|.<br>0.0<br>|.<br>0.0<br>|.<br>0.0|.<br>0.0|.<br>0.0<br>|
|dop<br>dFGo|fromPrivate<br>Sector<br>Fi Bi|0.0<br>|0.0<br>|0.0<br>|0.0<br>|0.0<br>|0.0<br>|<br>0.0<br>|<br>0.0<br>|
||oregn orrowng<br>....**..**.. .<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>...............<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.|1699.4<br>.<br>. .<br>.<br>. .<br>. .<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.|738.3<br>.<br>.<br>.<br>.<br>.<br>........... .<br>|1469.9<br>.<br>.<br>. .<br>.<br>.<br>.<br>.<br>.|2540.4<br>.<br>.<br>.<br>.<br>.<br>. .<br>.<br>.|4446.3<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.|7718.9<br>.<br>.<br>.<br>.<br>. .<br>.<br>.<br>.|13497.8<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.|23548.6<br>.<br>.<br>.<br>.<br>.<br>. .<br>.<br>.... ...........**..**...................**.....**.|
|||IABLE 4 : fI<br>|SCAL ACCO<br>|UNIS<br>||12|<br>1993|8ase Cas<br>1994|e Scenario<br> <br>1995|
|---|---|---|---|---|---|---|---|---|---|
||Stocks of Debt:|1988|1989|1990|1991|99|<br>|<br>|<br><br>|
|CRo<br>Bo<br>god<br>Bop<br>Fo<br>|CentralDsnkCredit<br>DomesticBonds<br>beld by Banking System<br>held by Private<br>Sector<br>Foreign Debt<br>Shares of GOP:|674.9<br>3265.5<br>3265.5<br>0.0<br>7466.6|791.3<br>5758.9<br>0.0<br>0.0<br>12246.8|790.4<br>10;73.5<br>0.0<br>0.0<br>21617.0|1061.9<br>18357.9<br>0.0<br>0.0<br>38922.9|1912.8<br>33460.0<br>0.0<br>0.0<br>70007.6|3800.3<br>60728.4<br>0.0<br>0.0<br>125547.8 2|8190.9<br>110512.8<br>0.0<br>0.0<br>24933.3|18047.2<br><sup>201636.1</sup><br>0.0<br>0.0<br><sup>340595.5</sup>|
|rREVo.GDP<br>rECURo.GDP|Revenues<br>Current Expenditures|0.038<br>0.027|0.045<br>0.021|0.045<br>0.022|0.045<br>0.022|0.045<br> <br>0.022|0.045<br> <br>0.022|0.045<br> <br>0.022|0.045<br> <br>0.023|
|rSo.GDP|Savings|0.012|0.024|<br>0.023|0.023|<br>0.023|<br>0.023|<br>0.022|<br>0.022|
|rECAPo.GDP|Capitai<br>Expenditures|0.052|0.049|<br>0.049|0.049|<br>0.049|<br>0.049|<br>0.049|<br>0.050|
|rOEFo.GOP<br>rdCRo.GDP<br>rdIBo.GDP<br>rdfGo.GDP|SEEs Deficit<br>dCRb<br>dBd<br>dfb|0.041<br>0.002<br>0.015<br>0.017|0.026<br> <br>0.001<br>0.015<br> <br>0.004|<br>0.025<br> <br>0.000<br>0.014<br>0.005|0.026<br> <br>0.000<br>0.015<br>0.005|<br>0.026<br>0.001<br>0.015<br>0.004|<br>0.027<br>0.001<br>0.015<br>0.004|<br>0.027<br>0.001<br>0.015<br>0.004|<br>0.027<br>0.002<br>0.015<br>0.004|
# TABLE 5 : KONEIARY ACCOUNIS

|||TABLE 5 :<br>|KONEIAR|ACCOUNI||||Base Case Scenario|
|---|---|---|---|---|---|---|---|---|
|||1988|1989|<br>1990|1991|1992|1993|1994|
||A. CENTRAL BANK||||||||
||CURRENT ACCOUNT<br>1. Revenue:||||||||
|iRESc<br>irRb<br>iCRo<br>iCRd|Interest Received from:<br> <br>foreign Reserves<br>Budget<br>SEEs<br>Banking System|348.2<br>1048.8<br>254.9<br>-245.6|<br>493.0<br> <br>848.8<br> <br>365.4<br>-459.1|1310.2<br>891.0<br>491.8<br> <br>-831.4|2315.1<br> <br>1027.4<br> <br>468.7<br>1172.2|<br>3911.8<br>1785.2<br> <br>670.4<br>8788.0|6822.5<br>3676.3<br> <br>1224.7<br>26548.3|12989.7<br>8221.2<br>2514.7<br>64097.5|
||2. Expenditure:<br>Interest Payments on_FX_Deposits:<br>||||||||
|iFGc<br>iFXbc<br>ifXoc<br>iFXdc<br>P4Lc|Foreign<br>Budget<br>SEEs<br>Banking System<br>Profit&Losses<br>|1122.8<br>106.2<br>12.9<br>274.3<br>1285.6|<br>1111.4<br>147.3<br>29.3<br>321.0<br>2198.1|1680.7<br>234.4<br>46.7<br>511.0<br>3978.3|2334.2<br>383.0<br>76.3<br>835.0<br>7202.4|3329.1<br>642.6<br>128.0<br>1401.0<br>13077.0|4748.4<br>1078.3<br>214.9<br>2350.9<br>23490.4|<br>6865.6<br>1834.3<br>365.5<br>3998.9<br>42271.8|
|dcUc|ChangeIn Net Worth|-1395.7|-2559.1|-4589.6|-5847.5|-3422.4|6389.0|32486.9|
||CAPITAL ACCOUNT:<br>1. Changes in Assets||||||||
|dARESc<br>CCR1c<br>dRVIc<br>dRESc|<br>Foreign Reserves (Adjusted)<br>Cross-Currency<br>Revaluation<br>Revaluation<br>Effect<br>foreign<br>Reserves<br>---<br>-|1257.8<br>-654.8<br>2746.2<br>3349.2|5253.9<br>0.0<br>4914.5<br>10168.4|1674.0<br>0.0<br>10748.1<br>12422.1|254.9<br>0.0<br>18942.2<br>19197.1|2377.7<br>0.0<br>32141.7<br> 34519.4|12309.1<br>0.0<br>57669.0<br>69978.2|51417.2<br>0.0<br>115991.2<br>167408.3|
||......**.** **..**.<br>|....<br>..............|......|.........|..........|. ..|. . . .....|...<br>...<br>...|
||Domestic Credit to:<br>Bd||||||||
|dCRb<br>dCRo|uget<br>SEEs|-494.4<br>|-134.1<br>|298.9<br>|1095.2<br>|2914.1<br>|6682.7<br>|14878.0<br>|
|<br>dCRd|<br>Banking Sstem|173.8<br>3650|116.4<br>47|-0.9<br>|271.5<br>|850.8<br>|1887.6<br>|4390.6<br>|
|<br>dCRt|y<br>**Total**Domestic Credit|-.<br>-6856|-89.<br>-5075|3314.2<br>36123|11942.6<br>133093|27543.5<br>313084|55405.2<br>|91909.0<br>|
|||.|.|.|.|.|63975.5|111177.5|
|||............<br>......|..............................**-**<br>- - - - - - -<br>-|- - - - - - - - -|- - - - - - - -...|.......-<br>- - - - -|- - - - - - - - -|- - - - - - - -.-. .|
||2. Change in Liabilities||||||||
|dCUt<br>dCU|Currency<br>in circulation<br>Currenc<br>in Pit<br>St|1474.3<br>|4470.0<br>|7190.8<br>|12943.4<br>|23298.0<br>|41936.5<br>|75485.6<br>|
|p<br>|y<br>rvae<br>ecor<br> <br>|1150.9|3388.9|5451.6|9812.9|17663.3|31793.9|57229.0|
|dCUd|Vault<br>Cash|3234|10811|17391|31304|4|||
|dDdc|<br> <br>Deposits<br>of the Banking System|.<br>2692.1|.<br>3720.0|.<br>66412|.<br>119542|563.8<br>215176|10142.6<br>387318|18256.6<br>697172|
|d|<br> <br>B|<br>|<br>|.<br>|,<br>|.<br>|.<br>|.<br>|
|o|ase Honey<br>..............................|4166.4<br>----------------------------|8190.0<br>----------------|13832.0<br>-------------------|24897.6|44815.7|80668.2|145202.8|
||||...............|........||||.. ..... . ...... ............**.**.|
|dAFgc<br>dfxbc|Foreign Debt (Adjusted)<br>FXDit<br>f Bd|-2364.0<br>|-884.6<br>|-3956.1<br>|-5485.9<br>|-7707.2<br>|-10772.7<br>|-15095.0<br>|
|<br>dfXoc|eposs<br>o uget<br>FXDeposits<br>of SEEs|183.9<br>1451|0.0<br>00|0.0<br>00|0.0<br>|0.0<br>|0.0<br>|0.0<br>|
|<br>|<br> <br> <br>|.<br>|.|.|0.0|0.0|0.0|0.0|
|dfXdc<br>|FXDeposits<br>of Banking System<br>|-163.5<br>|0.0<br>|0.0<br>|0.0<br>|0.0|0.0|0.0|
|CCR2c<br>dRV2c|Cross-Currency Revaluation<br>Revaluation<br>Effect|-847.7<br>103627|0.0<br>17|0.0<br>|0.0<br>|0.0<br>|0.0<br>|0.0<br>|
|<br>dFc|<br> <br>foreign Debt|.<br>13166|090.0<br>100224|18039.4<br>|27767.9<br>|41637.7<br>|62536.7<br>|94958.5<br>|
||<br>..............................|.<br>......................................|.<br>......................|14083.3|22282.0|33930.5|51764.0|79863.5<br>......<br>.............................|
Base Case Scenario

# ]ABLE s : OIEIARY ACCOUNTS

1988 1989 1990 1991 1992 1993 1994 d4Uc Net Worth -1395.7 -2559.1 -4589.6 -5847.5 -3422.4 6389.0 32486.9 dRVTc Total Revaluation Effects -7423.7 -5992.5 -7291.3 -8825.6 -9496.0 -4867.6 21032.7 dRCLc **Not** Other Li.bilitles -881Y.4 -8551.6 -11880.9 -14673.1 -12918.4 1521.4 53519.6 ... **.......** ....... ............ ............. ......... ................. .......... .................. ...... .......... ..

# A. CENTIRAL **UNK**

Stocks:

# 1. Assets:

Domestic Credit to: CRb Budget CRo SEEs CRd 0arkirs System CRt lotal Domestic Credit ..............................

|CRb<br>CRo<br>CRd<br>CRt|Budget<br>SEEs<br>0arkirsSystem<br>lotal<br>Domestic Credit<br>..............................<br>2. Liabilities:|1567.6<br>674.9<br>-847.9<br>1394.6<br>--------------------------|1433.5<br>791.3<br>-1337.6<br>887.1<br>---------------------------|1732.4<br>790.4<br>1976.6<br>4499.4<br>----------.|2827.6<br>1061.9<br>13919.2<br>17808.7|5741.7<br>1912.8<br>41462.7<br>49117.2|12424.3<br>3800.3<br>96868.0<br>113092.6|27302.3<br>8190.9<br>188776.9<br>224270.2|
|---|---|---|---|---|---|---|---|---|
|CUt<br>|Currency<br>in Circutation<br> <br> <br>|4518.4|8988.4|16179.2|29122.5|52420.6|94357.0|169842.7|
|CUp<br>CUd<br>Ddc|Currency<br>in Private<br>Sector<br>Vault<br>Cash<br>Deposits ofBanking System<br>|3425.6<br>1092.8<br>4581.6|6814.5<br>2173.9<br>8301.6|12266.2<br>3913.0<br>14942.8|22079.1<br>7043.4<br>26897.1|39742.4<br>12678.2<br>48414.7|71536.3<br>22820.8<br>87146.5|128765.3<br>41077.4<br>156863.7|
|Nt|BaseMoney|9100.0|17290.0|31122.0|56019.6|100835.3|181503.5|326706.3|
|Fc|foreign<br>Debt|21743.8|31766.2|45849.5|68131.5|102062.0|153826.0|233689.5|
|NUC<br>RVIc|Net Uorth<br>Revaluation|-6793.1<br>-15993.6|-9352.2<br>-21986.1|-13941.7<br>-29277.4|-19789.2<br>-38103.1|-23211.6<br>-47599.1|-16822.5<br>-52466.7|15664.4<br>-31434.1|
|NOLc|Net Other Liabilities<br>MemorandL. Items:|-22786.7|-31338.3|-43219.1|-57892.3|-70810.6|-69289.3|-15769.7|
|D RESc|Foreign Reserves (USSi.)|36T1.2|612b.9|<br>6627.9|6674.5|<br>6937.4|<br>7764.9|9861.8|
|iR|Rate of Rediscount|0.509|<br>0.541|<br>0.622|<br>0.593|<br>0.631|<br>0.640|<br>0.662|
|iC|Interest Rate on Domestic Bonds|0.621|<br>0.600|<br>0.680|<br>0.739|<br>0.762|<br>0.753|<br>0.757|
|iDD|Interest Rate on Deposits|0.280|<br>0.252|<br>0.322|<br>0.336|<br>0.406|<br>0.450|<br>0.506|

....... ........ **.** ... .....
1

# TABLE 5: ONEIARY ACCOULNtS

|||TABLE 5:|ONEIAR|ACCOULN|tS|||Base Case Scenario|
|---|---|---|---|---|---|---|---|---|
||D. BANKING SISTEN|1988<br>.**...**....**....**........................|1989<br>.|1990|1991<br>...................|1992<br>.............|19S3|1994|
|Codes|CIRRENT ACCOUNT<br>||||||||
|i6bd<br>igod<br>i6pd<br>ifd|1. Revenue:<br>Returns from:<br>Budget Bonds<br>SEEs Bonds<br>Private<br>Bonds<br>Total Returns<br>from Bonds|531.0<br>1069.2<br>3680.5<br>5280.7|1354.9<br>1960.7<br>3218.4<br>6533.9|0.0<br>_0.0_<br>0.0<br>13649.1|0.0<br>0.0<br>0.0<br>29442.3|0.0<br>0.0<br>0.0<br>58166.3|0.0<br>0.0<br>0.0<br>105096.7|0.0<br>0.0<br>0.0<br>184413.1|
|iFXdc|Interest<br>from FX Deposits<br>**at**CO|274.3|321.0|511.0|835.0|1401.0|2350.9|3998.9|
||2. Expenditure:<br>Interest<br>Paments<br>to:||||||||
|ITpd<br>i0op<br>iFXpd<br>iCRd<br>iFGd|<br> <br><br>Private<br>Sector<br>DemandDeposits<br>FX Deposits<br>Central<br>Bank<br>Foreign Debt|2173.4<br>1794.9<br>378.6<br>-245.6<br>579.0|2387.4<br>1983.0<br>404.4<br>-459.1<br>796.5|5686.2<br>5042.5<br>643.7<br>-831.4<br>1339.9|10527.7<br>9476.0<br>1051.?<br>1172.2<br>2442.2|22355.8<br>20591.1<br>1764.7<br>8788.0<br>3984.8|44101.2<br>41140.1<br>2961.1<br>26548.3<br> 6208.3|88223.3<br>83186.2<br>5037.0<br>6409?.5<br>9560.8|
|P&Ld|ProfitUosses|-1798.4|-1198.4|-1798.4|-1798.4|-1798.4|-1798.4|-178.4|
|dSld|Change inNetUorth<br>. .<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>.<br>........<br>CAPITAL ACCOUINT|5087.0<br>......-.-.---|6320.8<br>-<br>--...........|10450.8<br>.................|19168.1.|28515.6<br>............|36594.0<br>...........|36198.6<br>.|
||1. Chane<br>in Assets<br>||||||||
|dCUd<br>C!Ddc<br>dfXdc|Vault Cash<br>Deposits**at**CB<br>FK Deposits<br>**at**Central<br>Bank|323.4<br>2692.1<br>-163.5|1081.1<br>3720.0<br>0.0|1739.1<br>6641.2<br>0.0|3130.4<br>11954.2<br>0.0|5634.8<br>21517.6<br>0.0|10142.6<br>38731.8<br>0.0|18256.6<br>69717.2<br>0.0|
|dBbd|Bonds:<br>Budet||||||||
|<br>d3od<br>d8pd|g<br>SEEs<br>Private<br>Sector|1401.5<br>1543.7<br>-566.6|0.0<br>0.0<br>-5360.1|0.0<br>0.0<br>00|0.0<br>0.0<br>00|0.0<br>0.0<br>00|0.0<br>0.0<br>00|0.0<br>0.0<br>00|
|<br>dBd|Total Bonds|<br>2378.6|<br>9198.0|.<br>19779.8|.<br>36522.1|.<br>63277.1|.<br>103985.2|.<br>164561.2|
|KITdp|Capital<br>Transfers<br>to Private<br>Sector|613.6|0.0|0.0|0.0|0.0|0.0|0.0|
||2. Change in Liabilities<br>||||||||
|dDOp|DemandDeposits|1473.0|7789.5|125307|2ZS552|405993|730788|1315419|
|<br>dFXd|<br>fX dit<br>f Pi<br>|<br>|<br>|.<br>|.<br>|.<br>|.<br>|.<br>|
|p<br>|eposs<br>o rvate<br>Sector<br>|-641.5|0.0|0.0|0.0|0.0|0.0|00|
|dCkd|Credit<br>fromCentral<br>Bank|-3650|-4897|33142|119426|<br>24|<br>|.<br>|
|<br>|<br> <br> <br> <br> <br>|.<br>|.<br>|.|.|753.5|55405.2|91909.0|
|KTbd|Capital<br>Transfers<br>fromBudget|168.7|283.6|5132|9292|16870|30304|54533|
|dfd|<br> <br>Fi i<br>|<br>|<br>|.<br>|.<br>|.<br>|.<br>|.<br>|
|AG<br>|oregn borrowng<br>(Adjusted)<br>|1285.0|719.3|2429.2|-1054.0|-4399.2|-8889.7|-1032.7|
|CCRd<br>|Cross-Currency<br>Revatuation<br> <br>|-346.4|0.0|0.0|0.0|0.0|<br>0.0|0.0|
|dRVd<br>|Revaluation<br>Effect<br>|3078.6<br>|3408.4<br>|6554.6<br>|10627.8<br>|14052.2|15611.4|16779.4|
|dfd|Foreign Borrowing|5389.4|7026.0|14681.8|20261.9|290621|418747|796478|
||<br>.**.........**.......................<br>|.....<br>.......|....<br>.....|<br>...<br>...<br>.|<br>...<br>...<br>. ...|.<br>......<br>....|.<br>...<br>.....|.<br>.......<br>.|
|idAd<br>.JRVld|Networth<br>Revaluation<br>Account|5087.0<br>27322|6320.8<br>34084|10450.8<br>65546|19168.1<br>106278|28515.6<br>140522|36594.0<br>156114|36198.6<br>167794|
|dlOt.d|NetOther Liabilities|.<br>7819.2|.<br>9729.2|.<br>17005.4|.<br>29795.9|.<br>42567.8|.<br>52205.4|.<br>52978.0|
_Lu_ Stocks: 1. Assets Cud Vault Cash Ddc Deposits at CB Bonds: 8bd Budget Sod SEEs Bpd Private Sector 8d Total Bords Kd Real Assets Base Case Scenario

# TABLE 5 MONEIARY ACCOUTIS

1988 1989 1990 1991 1992 1993 1994 1092.8 2173.9<sup>3913.0 7043.412678.2 22820.8 41077.4</sup> 4581.6 8301.6 14942.8 26897.1<sup>48414.7 87146.5 156863.7</sup> 2256.5 0.0 0.0 0.0 0.0 0.0 0.0 3265.5 0.0 0.0 0.0 0.0 0.0 0.0 5360.1 0.0 0.0 0.0 0.0 0.0 0.0 10882.1 20080.1<sup>39859.9 76382.0 139659.1 243642.4 408203.6</sup> 724.0 724.0 724.0 724.0 724.0 724.0 724.0 2. Liabilities ODp Demand Deposits CRd Credit from Central<sup>Bank</sup> fd Foreign Borrowing Kbd Paid In Capital SNd Met Uorth RVld Revaluation NOLd Met Others Liabilities 7873.8 15663.3 28194.0<sup>50749.2 91348.5 164427.3</sup> 295969.2 -847.9 -1337.6 1976.6 13919.2 41462.7<sup>96868.0 188776.9</sup> 11890.0 18916.0<sup>33597.8 53859.782921.9 124796.5 204444.4</sup> 245.2 528.8 1042.0<sup>1971.2 3658.2 6688.6 12141.9</sup> 3420.4 9741.2<sup>20192.0 39360.0 67875.6 104469.6</sup> 140668.2 0.0 -3408.4 -9963.1 -20590.9<sup>-34643.1 -50254.6 -67034.0</sup> 3420.4 6332.7<sup>10228.9 18769.1 33232.4 54215.0 73634.2</sup>
IABLE 6.a : BALANCE Of PAThEMIS (mit USS)

|Codes|IAB|LE 6.a : BAL<br>1988<br>---------------|ANCE<br>OfPA<br> <br>1989<br>--------|ThEMIS<br>(m<br> <br>1990<br>--..-|it USS)<br> <br>1991<br>---<br>---|<br>199i<br>-<br>----<br>--|<br>1993<br>.....----|Base<br> <br>1994<br>----|Case Scenario<br> <br>1995<br>-..-<br>--.|
|---|---|---|---|---|---|---|---|---|---|
|D Xt<br>DINt|Exports<br>Imports|17398.0<br>15600.0|18662.6<br>18493.9|20459.8<br>21600.4|22546.2<br>23838.1|24609.9<br>26004.3|27261.7<br>28203.2|29912.<br>30587.6|9 32774.8<br>33172.0|
|DRB|Resource BeaInce|1798.0|168.7|-1140.6|-1291.9|-1194.4|-941.5|-674.7|-397.2|
|D lft<br>D IfGb<br>DifGo<br>0iFGp<br>0iFGd<br>oiFGc<br>DiRESc|TotalInterest<br>Payments<br>Budget<br>SEEs<br>PrivateSector<br>DomesticBS<br>Central<br>Bank Debt<br>Central Bank Reserves()|2527.0<br>1358.0<br>360.0<br>23.2<br>408.8<br>792.7<br>245.8|2487.3<br>1276.5<br>272.2<br>46.1<br>372.6<br>519.9<br>230.6|2582.5<br>1330.9<br>298.1<br>53.0<br>399.4<br>501.0<br>390.6|2612.1<br>1365.4<br> 326.5<br>47.4<br>446.3<br> <br>426.5<br>423.0|2643.1<br>1419.6<br>361.6<br>53.4<br>440.5<br>368.0<br>432.5|2681.3<br>1483.3<br>401.5<br>59.6<br>417.4<br>319.2<br>458.7|2754.2<br>1567.1<br>449.8<br>67.4<br>389.9<br>280.0<br>529.8|2911.8<br> 1674.1<br>508.6<br>76.8<br>403.9<br> <br>248.4<br>702.2|
|DPR|Profit<br>Remittances|-388.0|-461.6|-558.9|-651.3|-751.2|-861.6|987.6|-1131.3|
|DiFt4PR|Factor Paynents|||||||||
|O Tfb<br>DTfp<br>D UR|Foreign Transfers toBuduet<br>Foreign Transfers to PS<br>WorkersRemittances|89.0<br>0.0<br>1755.0|132.1<br>0.0<br>2605.7|138.7<br>0.0<br>2300.0|145.7<br>0.0<br>2415.0|153.0<br>0.0<br>253S.8|160.6<br>0.0<br>2662.5|168.6<br>0.0<br>2795.7|_l77.1_<br>0.0<br> <br>2935.4|
|0 Tft|Total Foreign Transfers|1844.0|2737.8|2438.7|2560.7|2688.7|2823.2|2964.3|<br>3112.5|
|O Sf|Foreign<br>Savings|-1503.0|-1294.|9 130.0|<br>43.4|-286.8|-803.5|-1373.|7 -2005.4|
|O DIl|Foreign<br>Direct Investment|352.0|<br>522.6|<br>548.7|576.2|605.0|635.2|667.0|<br>700.4|
|0 dFGb<br>0 dFGo<br>0 dFOp<br>0 dFGd<br>0 dFGc<br>O dft|Capital<br>Inflows<br>:<br>Budget<br>SEEs<br>Private<br>Sector<br>Domestic<br>aS<br>Central<br>Bank<br>Total CapitalInflows<br>,.......<br>............<br>....<br>....<br>.|468.3<br>1199.7<br>-1052.2<br>907.2<br>-1668.9<br>-146.0<br>.....<br>.......|566.7<br>345.4<br> <br>97.5<br> <br>336.5<br>-413.8<br>932.3<br>...<br>...|507.7<br> <br>438.2<br> <br>-89.0<br> <br>724.1<br>-1179.3<br> <br>401.6<br>..<br>..<br>...................|516.6<br>464.2<br> <br>81.4<br>-192.6<br>-1002.<br>-132.7<br>............................|52S.6<br>491.6<br> <br>81.1<br>-486.3<br>4 -852.1<br>-240.1|534.5<br> <br>520.3<br> <br>83.6<br>-597.<br>-724.<br>-183.|543.3<br>550.5<br> <br>90.5<br>7 -42.1<br>3 -615.<br>6 526.6|552.1<br>582.2<br> <br>98.1<br>517.3<br>6 -523.3<br> 1226.4|
|dRESc<br>D dkESd|Changes<br>in Foreign<br>leserves<br> ChargesIn**6S**Reserves|888.0<br>821.0|2457.7<br>292.1|499.0<br>321.3|46.6<br>353.4|262.9<br> <br>388.8|827.5<br>427.7|2096.9<br>470.4|<br>3414.7<br>517.5|
IABLE 6.a : BALANCE OF PATNEMIS **(oit** USS) Ease Case Scenario

|||1988|<br>1989|**1990**|<br>1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||Stocks of Debt:|||||||||
|**Oft**|Total get<br>|39592.2<br>|40524.6<br>|40926.2<br>|40793.5<br>|40553.3<br>|40369.8<br>|40896.4<br>|42122.7<br>|
|O**Fb**<br>|**Budget**|19222.2<br>|19788.9<br>|20296.6<br>|20813.2<br>|21338.8<br>|21813.3<br>|22416.6<br>|22968.7<br>|
|**OfGb**|Eaternal Debt|20318.7|20885.4|21393.1<br>|21909.7<br>|22435.3<br>|22969.8<br>|23513.1<br>|24065.2|
|**D**fxbc|**FX**Deposits at Co|**1096.S**|1096.5|<br>1096.5|1096.5|1096.5|1096.5|1096.5|1096.5|
|**O Fo**|SEEs|4114.3|4459.6|4897.8|5362.3|5853.6|6313.9|6924.4|7506.5|
|**O FGo**<br>|External Debt<br>|4332.7|4678.1|5116.3|5580.5|6072.1|6592.4|7142.8|7125.0|
|0 fXoc<br>|**FX**Deposits<br>at**CB**<br> <br>|218.5<br>|218.5<br>|218.5<br>|218.5<br>|218.S<br>|<br>218.5<br>|218.5<br>|218.5<br>|
|**_D fp_**<br>|Pr**_ivate_**<br>Sector|-2277.3|-2179.8|-2268.8|-2187.4|-2106.2|-2022.7|-1932.1|-l834.0|
|**_D_**fGp|External<br>Debt|733.7|831.2|742.2|823.6|904.8|988.3|1078.9|1177.0|
|**D**fXpd|**FX**Deposits at OS|3011.0<br>|3011.0<br>|3011.0<br>|3011.0<br>|3011.0<br>|3011.0<br>|3011.0<br>|3011.0<br>|
|0**fc**<br>|Central**lank**<br> <br>|11981.4|11561.6|1038.3|9385.8|8533.8|7809.5|7193.9|6670.6|
|**_D_**fGc<br>|External<br>Debt<br> <br>|8276.0|7862.2|6682.8|5680.4|4828.3|4104.1|3488.5|2965.2|
|**OFXbc**|**FX**Deposits<br>of Budget<br>|1096.5|1096.5|1096.5|1096.5|1096.5|1096.5|1096.5|1096.5|
|**D Fxoc**|**FX**Deposits<br>of SEEs<br> <br>|218.5|218.5|218.5|218.5|218.5|218.5|218.5|218.5|
|**D**FXdc|**FX**Oeposits<br>of**SS**|2390.5|2390.5|2390.5|2390.5|2390.5|2390.5|2390.5|2390.5|
|**D Fd**<br>|Banking System<br> <br>|6551.7<br>|6888.2<br>|7612.3<br>|7419.7<br>|6933.4<br>|6335.7<br>|6293.6|6810.9|
|oFGd<br>|External<br>Debt<br> <br> <br>|5931.2<br>|6267.7<br>|6991.8<br>|6799.2<br>|6312.9<br>|5715.2<br>|5673.1<br>|6190.3|
|O Fxpd|**FX**Deposits<br>of Private<br>Sector|3011.0|3011.0|3011.0|3011.0|3011.0|3011.0|3011.0|3011.0|
|**D 5xdc**|**FX**Deposits<br>at CB|2390.5|2390.5|2390.5|2390.5|2390.5|2390.5|2390.5|2390.5|
|**D**RESc|foreign Reserves ofCB|3671.2|6128.9|6627.9|6674.5|6937.4|7764.9|9861.8|13276.5|
|D FNt<br>||33000.0|31182.6|30763.9|30231.1|29339.3|27900.5|25859.8|23154.0|
|**D**RESd||2921.0|3213.1|3534.4|3887.9|4276.6|4704.3|5174.7|5692.2|
co fABLE 6.b BALANCE OF PATNENIS (bil. I.L.)

|||.<br>|BALANCE<br>|OFPATNE<br>|IS(bil.|I.L.)|||easeCase Scenario|
|---|---|---|---|---|---|---|---|---|---|
|Codes||1988<br>..................|1989|1990<br>.. ..<br>-|1991<br>-- -|1992|199s|<br>1994|1995|
||||||....|.||||
|xt<br>**lNt**<br>|Exports<br>Irports<br>|24644.1<br>22097.2|39895.1<br>39534.6|68634.3<br>72460.5|123386.6<br>130456.6|224414.1<br>235217.6|405496.4<br> <br>419499.8|133473.6<br>750017.6|1325692.1<br>1341756.t,|
|_Re_|Resource Balance|2546.8|360.6|-3826.2|-7070.1<br>|-10803.6|-14003.4<br>|-16544.0|-16064.4|
|**iFt**<br>iFGb<br>iFGo|Total<br>Interest<br>Payents<br>Budget<br>SEEs|3579.5<br>1923.6<br>5099|5317.1<br>2728.7<br>5819|8663.1<br>4464.8<br>|14295.1<br>7472.4<br>|23908.0<br>12840.7<br>|39881.5<br>22063.6<br>|67533.6<br>38425.6<br>|11777.9<br>67715.6<br>|
|**iFCp**<br>iFGd<br>tFGc<br>|<br>Private<br>Sector<br>DomesticGS<br>Centrat_lank_Debt|.<br>32.8<br>579.0<br>1122.8|.<br>98.5<br>796.5<br>11114|1000.1<br>117.1<br>1339.9<br>16807|1787.1<br>259.2<br>2442.2<br>23342|3270.6<br>482.7<br>3984.8<br>33291|5971.5<br>889.8<br>6208.3<br>47484|11028.2<br>2653.4<br>9560.8<br>68656|20570.?<br>3107.1<br>16337.9<br>|
|lRESc<br>|Central Bank Reserves**(-)**<br> <br>|<br>348.2|.<br>493.0|.<br>1310.2|.<br>2315.1|.<br>3911.8|.<br>6822.5|.<br>12989.7|10046.5<br>28401.Z|
|PR<br>**iF4PR**|Profit<br>Remittnces<br>|-549.6|-986.7|-1875.0|-3564.3|-6795.0<br>|-12816.3 -|24216.5|-45758.8|
|**t**|FactorPayments<br>-- -<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>. ..|--<br>-<br>-<br>-<br>-|-<br>-<br>-<br>-|-<br>-<br>-<br>-<br>-|-<br>-<br>-<br>-|-<br>-<br>-<br>-<br>|-<br>-<br>-<br>-<br>-|--<br>-<br>-<br>-|--<br>-<br>-<br>-<br>-|
||_Foreign_<br>_Tranters to_Budget<br>Foreign<br>Transfers<br>to PS<br>WorkersRemittences<br> <br>|126.1<br>0.0<br>2485.94|282.5<br>0.0<br>5570.15|465.4<br>0.0<br>7715.54|797.3<br>0.0<br>13216.33 2|1383.6<br>0.0<br>2936.71|2389.0<br>0.0<br>39603.136|4135.3<br>0.0<br>8550.52|7162.6<br>_0.0_<br>118734.36|
|Tft|Total Foreign<br>Transfers|2612.0|5852.6|81810o|14013.6|24320.4|41992.2|72685.8|125896.9|
|Sf<br>|Foreign Savings<br>|-2129.0|-2768.0|436.2|237.7|-2594.2|-11951.8-|33684.3|-81117.4|
|**DlI**<br>|Foreign DirectInvestment<br>Capital<br>Inflows<br>|498.6|1117.2|1840.8|3153.2|5472.4|9448.8|16355.2|28328.4|
|dFGb<br>**dfGo**|Budget<br>SEEs|663.3<br>16994|1211.5<br>7383|1703.0<br>|2827.4<br>|4754.1<br>|7950.0<br>|13322.4<br>|22330.9<br>|
|<br>dFGp|<br>Private Sector|.<br>-14905|.<br>2085|1469.9<br>2987|2540.4<br>447|446.3<br>|7738.9<br>|13497.8<br>|23548.6<br>|
|<br>**dAFGd**|<br>Domestic**I5**|.<br>1285.0|.<br>7193|-.<br>24292|5.<br>-10540|m33.8<br>-43992|1243.2<br>-8M87|2220.2<br>10327|3968.1<br>209227|
|**dAFCc**<br>|CentralBank<br>|<br>-2364.0|.<br>-884.6|.<br>-3956.1|.<br>-5485.9|.<br>-7707.2|.<br>-10772.7-|-.<br> 15095.0|.<br>-21165.6|
|**dFt**<br>|Total Capital Inflows<br>|-206.8<br>|193.0<br>|1347.3|-726.4|-2172.2|-2730.3|1I912.O|49604.7|
|dtRESc|Changes in foreign Reserves<br>|1257.8|5253.9|1674.0|254.9|2377.7|12309.1|51417.2|138119.4|
||StocksofDebt:<br>|||||||||
|ft|TotalDebt|718520 1|112864|806316 2|961188 4|850088|951734|||
|fb|Bdt|.<br>|.<br>|.<br>|.<br>|. <br>|.<br>|1328494<br>|19il242.8|
|<br>**Fo**|uge<br>**SEEs**|34884.4 <br>|54343.2<br>|89580.91<br>|51082.? 2<br>|55207.5 4<br>|30843.8 7<br>|28190.0<br>|1042162.9|
|<br>**Fp**|<br>Private<br>Sector|7466.6<br>41328|12246.8<br> <br>|21617.0<br>|38922.9<br>|70007.6<br>|25547.82<br>|24933.3<br>|340595.<br>|
|<br>fc<br>fd|<br> <br>Central Bank<br>BankingSystem|-.<br>21743.8<br>11890.0|-5986.0<br>-<br>31766.2<br>189160|10013.6-<br>45849.5<br>335978|15878.0-<br>68131.S 1<br>538597<br>|25190.2-<br>02062.0 1<br>829219<br>|39840.8-<br>53826.0 2<br>24796S|62763.4<br>33689.S<br>|-83214.8<br>302667.7<br>|
||||.|.|.<br>|.<br>|.|04444.4|30903115|
|2ESc|foreign ReservesofCO|6662.5|16830.9|29253.0|48450.1<br>|82969.5 1|52947.6 3|20356.0|602399.0|
TABLE 7 : NAIONAL ACCOUNTS

||||TABLE 7|: NAIONAL|ACCOUNTS|||B|ase Case Scenario|
|---|---|---|---|---|---|---|---|---|---|
|||1988<br> <br> <br> <br>|1989<br> <br> <br>|1990<br> <br> <br> <br>|<br>1991<br> <br> <br> <br>|<br>1992<br> <br>.....|<br>1993<br>....<br>.....|<br>1994<br>.<br>.<br>.<br>.|<br>1995<br>.<br>.<br>.<br>.<br>.<br>.|
|Codes|<br>1. CURRENI PRICES|..<br>...<br>. ....<br>.|....<br>....<br>|....<br>...<br>...<br>.|<br>...<br>...<br>. ......|......<br>|<br>|||
|OfIb<br>flo<br>VAp<br>PR<br>1t<br>Sub|Other factor Incowe<br>Budget<br>SfEs Value Added<br>PrivateSector Vatue Added<br>Profit<br>Remittances<br>Indirect<br>laxes<br>Subsidies(-)|1666.4<br>3416.6<br>86463.9<br>-549.6<br>11255.6<br>2229.6|<br>2849.2<br> <br>6967.4<br>148256.9<br>.986.7<br>17630.0<br>3747.8|<br>5156.7<br> <br>12727.9<br> 268207.2<br> -1875.0<br>31907.9<br>6783.0|<br>9335.6<br>22737.4<br>485868.5<br>-3 64.3<br>57766.1<br>12280.0|<br>16950.2<br>41181.4<br>882266.5<br>-6795.0<br>104882.8<br>22296.1|30448.0<br>74224.0<br>1584580.<br>-12816.3<br>188402.7<br>40050.8|54792.2<br>134112.9<br>0 2850965.0<br>-21.216.5<br>339037.5<br>72072.9|<br>98603.4<br> <br>242476.0<br>5129431.4<br>-45758.8<br>610127.4<br>129701.5|
|GOP|GOP|100573.0|171955.7|311216.6|563427.7|1022984.9|1837603.8|3306834.7|5950936.7|
|lit<br>Xt|lotal<br>lqports<br>lotal Exports|22097.2<br>24644.1|39534.6<br>39895.1|72460.5<br>68634.3|130456.6<br>123386.6|235217.6<br>224414.1|419499.8<br>405496.4|750017.6<br>733473.6|1341756.5<br>1325692.1|
|RG|Resource<br>Gap|-2546.8|<br>-360.6|3826.2|7070.1|10803.6|14003.4|16544.C|16064.4|
|Cb<br>Cp<br>Ct|Budget<br>Consugytion<br>Private<br>Consumption<br>Total Consumption|8814.7<br>65164.9<br>73979.6|<br>1817S.8<br>115943.8<br>134123.6|32491.5<br>212232.3<br>244723.7|59027.1<br>385116.3<br>444143.5|107575.2<br>700404.1<br>807979.2|193998.<br>1259337.<br>1453335.8|3 350508.8<br>5 2267948.4<br>2618457.3|<br>633355.2<br>4084313.6<br>4717666.8|
|tg<br>lb<br>lo<br>Ip<br>It|Pubtic Investment<br>Budget Investment<br>SEEs Investment<br>Private<br>Investment<br>Total Investment|10990.4<br>6365.8<br>4624.6<br>13056.2<br>24046.6|15865.1<br>8166.5<br> <br>7698.6<br>21606.4<br>37471.5|28258.4<br> <br>14545.9<br> <br>13712.5<br>42060.6<br>70319.0|51328.5<br>26421.2<br>24907.3<br>75025.7<br>126354.3|93506.2<br>48132.1<br>45374.1<br>132303.<br>225809.2|165531.<br> 86751.3<br>81780.5<br>0 229739.6<br>398271.4|8 304300.1<br>156637.7<br>147662.4<br>400621.3<br>704921.3|<br>549459.2<br>282832.7<br> <br>26S626.5<br> <br>699875.2<br>1249334.4|
|Sf<br>Sb|Savings:<br>Foreign<br>Budget|-2129.0<br>4339.!|-2768.0<br> <br>3130.2|<br>436.2<br> <br>5077.8|<br>237.7<br> <br>7256.9|<br>-2594.2<br> <br>9631.2|-11951.<br> <br>11770.0|8 -33684.3<br> <br>9032.3|<br>-81117.4<br> <br>-7078.5|
|So|SEEs|1168.9|<br>4041.3|<br>7269.4|12898.1|23136.0|41582.2|74044.9|<br>131400.4|
|dNUc|<br>Central<br>Bank|-1395.7|-2559.1|-4589.6|-5847.5|-3422.4|<br>6389.0|<br>32486.9|<br>84139.8|
|dMWd|<br>Banking System|5087.0|6320.8|10450.8|19168.1|28515.6|36594.0|36198.6|14220.3|
|Sp|Private|16976.1|29306.3|51674.4|92641.0|.70543.|1313888.0|586843.0|1107769.8|
0 TABLE 7 NATIONAL ACCOLJNTS

# Base Case Scenerio

||2. CONSTANT<br>PRICES|1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
|K OFib<br>K**Flo**<br>K**VAp**|Other factor<br>Encae Budget<br> SEEs Value Added<br> Private<br>Sector Value Added|1666.4<br>3416.6<br>86463.9|0.0<br>4122.7<br>7m6.0|0.0<br>4272.9<br>90040.1|0.0<br>4456.2<br>95222.6|0.0<br>4650.S<br>99632.3|0.0<br>454.5<br>103637.4|0.0<br>S067.5<br>10M4.2|0.0<br>5239.6<br>II1890.7|
|k GoP|GoP|100573.0|101746.9|104478.6|110422.9|115523.3|120186.1|124949.3|129619.6|
|Klet<br>k Xt<br>K**RG**|Total<br>lports<br>Total Exports<br>Resource Gap|22097.2<br>2464.1<br>-25.8|24992.8<br>23606.6<br>1386.2|27800.9<br>23041.3<br>47S9.6|29219.9<br>24181.6<br>503.1|30357.2<br>25342.6<br>5014.7|31356.4<br>26S21.0<br>403S.4|32386.0<br>2714.4<br>473.6|33451.9<br>28920.0<br>4531.9|
|_K_**Cb**<br>_K_Cp<br>K Ct|Budget CnauuptIon<br>Private<br>Consurption<br>Total<br>Consumption<br>**.....**.........<br>......................|8814.7<br>65164.9<br>73979.6<br>...<br>...<br>...<br>...|10749.2<br>68554.5<br>79303.8<br>............|11091.4<br>72448.3<br>635S9.7<br>.......................|11M.9<br>76843.S<br>08621.3|12380.8<br>8609.1<br>92989.9<br>....<br>......|12942.4<br>8401S.4<br>96957.6<br>.............|13520.0<br>67480.7<br>101000.7<br>.......................|14114.6<br>91021.3<br>105136.0<br>.......**....**.|
|K**1g**<br>_K lb_<br>K to<br>K**Ip**<br>K It|Public<br>Investment<br>Budget Investment<br>SEEs Investment<br>Private<br>Investment<br>Total<br>Investment|10990.4<br>6365.8<br>4624.6<br>13056.2<br>24046.6|9546.4<br>4914.0<br>4632.4<br>13001.1<br>22547.s|9636.0<br>5063.0<br>4772.9<br>1460.1<br>24476.1|10430.0<br>5366.8<br>5061.2<br>15245.3<br>25675.2|10946.2<br>5635.6<br>5312.7<br>15490.8<br>26439.0|11428.5<br>5882.8<br>554S.7<br>15579.1<br>27007.6|11921.4<br>6136.5<br>5784.9<br>15694.9<br>27616.3|12427.6<br>6397.2<br>6030.6<br>15030.0<br>28257.8|
|||1966|TABLE 7<br>N<br>1969|ATIONAL AC<br>1990|CWNIS<br>1991|1992|1993|Bas<br>1994|e Case Scenario<br>1995|
|---|---|---|---|---|---|---|---|---|---|
||_3.ONEW_**NARKET**|||||<br>|<br>|||
|n<br> <br>Cut<br>ODp|NoneyStock<br>Currency<br>In Circulation<br>D_and_r,eposits_|12392.2<br>4510.4<br>7813.0|24651.8<br>8968.4<br>15663.3|_44373.2_<br>16179.2<br>28194.0|79671.7<br> <br>29122.5<br>50749.2|143769.1<br> <br>S2420.6<br>91348.S<br>|255764.3<br> <br>94357.0<br> <br>164U7.3<br>|65611.8<br>169642.7<br>295969.2|83861.3<br>305716.8<br>S32744.5|
|<br>I pGDP<br>K**COP**<br>**rCDP.M**|**Demand**Determinants:<br>Price<br>Level<br>**Real**<br>Income<br> <br>Velocity of Circulation|1.U6<br>100573.0 <br>10.924|2.263<br>101740.9<br> <br>9.338|3.695<br>104478.8<br> <br>6.700|6.S10<br>110422.9<br> <br>9.000|11.201<br>115523.3<br> <br>9.000|19.379<br>120186.1 <br>9.000|33.552<br>124949.3<br>9.000|58.128<br>129819.8<br>9.000|
|<br>|Supply Side:<br>||172900|311220|560196|1008353<br>|161503.5<br>|326706.3|588071.4|
|N<br>Cut<br>CUp<br>Cud<br>|Base moneV<br>Currency Total<br>Currency in Private<sup>Sector</sup><br>Currencyin<sup>Ranks</sup><br>|9100.0<br>4518.4<br>3425.6<br>1092.8<br>45816|.<br>8988.4<br>6814.5<br>2173.9<br>83016|.<br>16179.2<br>12266.2<br>3913.0<br>149426|.<br>29122.5<br>22079.1<br>7043.4<br>26897.1|.<br> <br>5 20.6<br>9742.4<br>12678.2<br>48414.7|<br>943s7.0<br> <br>71536.3<br>22820.8<br>87146.5|169842.7<br>128765.3<br>41077.4<br>156863.7|305716.8<br>231M.S<br>73939.3<br>282354.6|
|**Odc**|Reserves|.|.|.<br>|<br>||||1426|
|11.N<br>|Roney Multiptlier<br>|1.362<br>0574|1.426<br>0574|1.426<br>0574|1.426<br>0.574|1.426<br>0.574|1.426<br>0.574|1.426<br>0.574|.<br>0.574|
|rCut.D<br>|Currency/Deposits<br>R/Di|.<br>OS82|.<br>0.530|.<br>0.530|<br>0.530|0.530|0.530|0.530|0.530|
|rOdc.O|eserveseposts|.||||||||
||MemoreA,,l Ites:<br>...<br>..<br>........<br>......<br>....<br>.....<br>...|||||||||
||Exchange Rates:|||3355|5473|9045|14874|24.520|40.448|
|AER<br>|Nominal (Period<sup>Average)</sup><br> <sup>i</sup>|1.416<br>1815|2.138<br>2746|.<br>4.414|.<br>7.259|.<br>11.960|.<br>19.697|<br>32.484|45.373|
|EER<br>|Nominal (End of<sup>Perod)</sup><br>A|.<br>1000|.<br>0.936|_0.875_|0.875|0.875|0.875|0.875|0.875|
|KAER|Real (Period verage)|.||||||||
||Interest<br>Rates:<br> <br>||0600|0680|0739|0762|0.753|0.757|0.7S8|
|iC|Doestic<br>**8ond**<br>|0.621<br>|.<br>0252|.<br>0322|.<br>0336|.<br>0406|<br>0.450|0.506|0.559|
|**iD0**<br>|Demand Deposits<br>|0.280<br>0509|.<br>0541|.<br>0622|.<br>0.593|.<br>0.631|<br>0.640|0.662|0.680|
|iR<br>|Rediscount Rate<br>|.<br>758|.<br>628|.<br>637x|<br>638s|6S4sx|6.61X|6.s2x|7.12X|
|**D**I|Foreign Rate|.s|.x|.|.|||||
||Prices<br>(Period<br>Averages):<br> <br>|1346|2263|3695|6510|11.201|19.379|33.552|58.128|
|**I pGP**|GOP Deflator<br>(End-of-Period)<br>|.<br>i000|.<br>1690|.<br>2979|.<br>5102|<br>8.855|15.290|26.465|45.840|
|**I**pAGO<br>|<br>**GDP**Deflator<br> <br>|.|.|.|.|||||
|**I**pACp<br>|<br>Private Consurption<br> <br>|||||||||
|IpACb<br>|<br>Public Consumption<br>|1000|1662|_2873_|4921|8.541|14.747|25.526|44.212|
|I pAlt<br>|Investment<br> <br> <br>|.<br>1310|.<br>2082|_._<br>3513|.<br>6.066|<br>10.495|18.149|31.427|46.091|
|**I**piNt<br>|Imports<br>(End of Period<br>TL)<br> <br> <sup>*****</sup>|.<br>0722|.<br>0758|.<br>0796|<br>0.836|0.878|0.921|0.967|1.016|
|**Dl pil**<br>|<br>Iqports (End of<sup>Period</sup><sup>**)**</sup><br>|.<br>1000|.<br>1582|.<br>2.606|<br>4.465|7.748|13.378|23.157|40.110<br>|
|**I**pAIN<br>|**loports**(TL)<br>|.<br>0706|.<br>0740|<br>0.777|0.816|0.857|0.899|0.944|0.992|
|**Dl**pAl<br>|Imports(S)<br> <br>|.<br>1000|.<br>1690|<br>2.979|5.102|8.855|15.290|26.465|45.840<br>|
|**I**pAXt<br>**DlpAX**|Exports<br>(IL)<br> <br>Exports(S)|.<br>0.706|.<br>0.791|<br>0.888|0.932|0.979|1.028|1.079|1.133|
|||IABLE8<br>1988|:PRIVAT<br> <br>|E SECTOR<br> <br>|<br> <br>|<br>|<br>|Base<br> <br>|Case Scenario<br>|
|---|---|---|---|---|---|---|---|---|---|
|Codes||<br>**...-----**|<br>1989<br>**---------**|<br>1990<br>**--------**|<br>1991<br>**--------**|<br>1992<br>**---------**|<br>1993<br>**--------**|<br>1994|<br>1995|
|**A**|Vld Addd|||||||||
|**vp**<br>**UR**|aue e<br>Uorkers<br>Remittances|86463.9<br>248594|148256.9<br>55'0t|268207.2<br> 771554|485868.5<br>1321633|882266.5<br>29367|1584580<br>|2850965<br>|5129431.4<br>|
|lfp|Transfers<br>from Abroad|.<br>00|.<br>|.<br>|.<br>|.5<br>|39603.13<br>|68550.52<br>|118734.36|
|<br>**lbp**<br>iBkp|<br> <br>**Transfers**from Budget<br>Interest<br>Received from:<br>Budget Bonds|.<br>2888.9<br>|0.0<br>4856.1<br>|0.0<br>8788.8<br>|0.0<br>15911.3<br>|0.0<br>28889.4<br>|0.0<br>51894.4<br>|0.0<br>93385.9|0.0<br>168056.0|
|<br>i8op|<br>SEEs Bonds|2815.7<br>00|1880.9<br>00|0.0<br>00|0.0<br>|0.0<br>|0.0<br>|0.0<br>|0.0<br>|
|<br>**iDDp**|<br>Demand Deposits in Banking System|.<br>17949|.<br>19830|.<br>50425|0.0<br>94760|0.0<br>|0.0<br>|**C0.**<br>|0.0<br>|
|<br>iFXpd|<br> <br>**Fx**Deposits in BankingSystem|.<br>3786|.<br>4044|.<br>|.<br>|20591.1<br>|41140.1<br>|83186.2<br>|165406.5<br>|
|<br>**P&Ld**|<br> OS'Profits<br>and Losses|.<br>-17984|.<br>17984|643.7<br>174|1051.7<br>|1764.7<br>|2961.1<br>|5037.0<br>|8671.4<br>|
||<br> <br>|.<br>|-.<br>|-98.<br>|-1798.4<br>|-1798.4<br>|-1798.4<br>|-1798.4<br>|-1798.4<br>|
|**lDp**<br>iFGp|Direct Taxes<br>Interest<br>Payments on External<br>debt|9725.0<br>328|13572.7<br>985|24554.1<br>1777|44480.7<br>2592|_80770.5_<br>|145066.4<br>|261002.5<br>|<br>469593.5<br>|
|<br>i8pd|<br> <br>Interest<br>Payments toOS|.<br>36805|.<br>32184|.<br>00|.<br>00|482.7<br>|889.8<br>|1653.4<br>|3107.1<br>|
|<br>PR|<br>Profits<br>to**OFi**|.<br>-5496|.<br>-9867|.<br>18750|.<br>4|0.0<br>|0.0<br>|0.0<br>|0.0<br>|
||<br>|.<br>|.<br>|-.<br>|-356.3<br>|-6795.0<br>|-12816.3<br>|-24216.5<br>|-45758.8<br>|
|**Yd**<br>|Disposabte Incom<br>|82140.9|145250.1|263906.6|477751.3|870947.1|1573225|2854791|5192083.4|
|Cp<br>Sp|Consumption<br>Savings|65164.9<br>169761|115943.8 2<br>293063|12232.3<br>516744|385116.3<br>926410|700404.1<br>|1259337<br>|2267948<br>|4084313.6<br>|
|<br>|<br> <br>|.<br>|.<br>|.|.|70543.1|13888.0|586843.0|1107769.8|
|dFGp<br>**Dfl**|Foreign<br>Borrowing<br>Foreign<br>Investment|-1490.5<br>4986|208.5<br>11172|-298.7<br>14|445.7<br>|733.8<br>|1243.2<br>|2220.2<br>|3968.1<br>|
|d8pd|<br> <br>Credit from Banking System|.<br>-5666|.<br> -53601|80.8<br>00|3153.2<br>00|5472.4<br>00|9448.8<br>|16355.2<br>|28328.4<br>|
|Kiop|<br>Capital<br>Transfers<br>from SEEs|.<br>4823|.<br>8107|.<br>14673|.<br>26564|.<br>48230|0.0<br>|0.0<br>|0.0<br>|
|Klbp|<br> <br>Capital Transfers from Budget|.<br>5167|.<br>8685|.<br>15719|.<br> 28458|.<br>51670|8663.7<br>|15590.6<br>|28056.6<br>|
||<br>|.|.|.|.|.|9281.6|16702.6|30057.8|
|**Kidp**|Capital Transfers from Banking System|6136|00|00|00|||||
|**dS**|<br> <br>|.<br>|.<br>|.<br>|.|0.0|0.0|0.0|0.0|
|**p**<br>**dBbp**|Domestic<br>Lending<br>to Budget|2558.2<br>19916|-473.6<br>00|-3787.2<br>00|-5651.7<br>|-3826.3<br>|7912.9<br>|48319.4<br>|158517.9|
|<br>dOop|<br>toSEEs|.<br>00|.<br>00|.<br>00|0.0<br>00|0.0<br>00|0.0<br>|0.0<br>|0.0<br>|
||Ch i Hldi|.|.|.|.|.|0.0|0.0|0.0|
||ange n**Money**ongs:|||||||||
|dCUp|Currency in Circulation|11509|33889|54516|98129|176633||||
|<br>**dDOp**|<br>Demand Deposits|.<br>14730|.<br>77895|.<br>125307|.<br>225552|.<br>|31793.9<br>|57229.0<br>|103012.2<br>|
|<br>dFXpd|<br>FXDeposits at**8S**|.<br>-6415|.<br>00|.<br>00|.<br>|40599.3<br>|73078.8<br>|31541.9<br>|236775.3<br>|
|<br>**Ip**|<br>Private Investment|.<br>130562|.<br>2160O4|.<br>|0.0<br>|0.0<br>|0.0<br>|0.0<br>|0.0<br>|
|||.|.|42060.6|75025.7|32303.0|29739.6|00621.3|699875.2|
||Memo:<br>|||||||||
|iBp|Total Interest Payments|-8648|-13374|-18360|-47925|92448|121|*||
|<br>B|<br>Stk f Di|.<br>|.<br>|.<br>|.<br>|-. -<br>|05.0<br>|6095.5<br>|30523.8|
|p|oc o omestc Bonds|-2227.4|-2701.0|-6488.3 -|12139.9 -|15966.2|-8053.3|40266.1|198784.0|
a

# TABLE 9: PIPEINE DATA

|||1988|1969|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||1.304:|||||||||
|0Vp|GrossDisburoments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|<br>APlp|Amwtization<br>Paynts||3.50|3.62|3.66|4.35|S.02|S.32|5.32|
|DIlDe|et 0isburwsents||-3.50|-3.62|-3.66|-4.35|_-S.02_|-S.32|-5.32|
|Dle|Existing<br>Debt|166.19|162.69|159.06|15S.41|1S1.06|14.04|140.72|135.40|
|Ric|interest<br>late||0.7X|0.7X|0.7X|0.7n|0.7X|0.71|0.7X|
|IP1e|Interest<br>Payents||1.24|1.21|1.19|1.16|1.12|1.06|1.05|
||2. OIIERNITILAIERAL<br>COU|CESSIOAL:||||||||
|C02e|Gross Disbswsemnts||37.72|47.18|17.68|10.64|6.07|0.99|0.65|
|APe|Amortization<br>Payents||42.71|51.58|29.70|34.3S|32.66|54.38|72.48|
|1102e|let Disbursements||-4.99|-4.40|-12.02|-23.71|-26.S9|-53.39|-71.63|
|_D2e_|Existing<br>Debt|1064.1J|1059.12|1054.71|1042.70|1OI.99|992.40|939.01|867.17|
|Rze|Interest<br>late||3.80|4.1|4.1S|4.11|4.2X|4.2Z|4.3X|
|IP2e|Interest<br>Payments||40.78|43.82|43.47|43.14|42.63|41.40|40.76|
||3.low1:|||||||||
||A) Concessional|||||||||
|C03Ce|<br>Gross Disbursements||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AP3Ce|Amortization<br>Payments||0.70|0.75|0.80|0.86|0.91|0.97|1.04|
|ND3Ce|MetDisburse.nts||-0.70|-0.75|-0.80|-0.86|-0.91|-0.97|-1.04|
|O3Ce|Existing<br>Debt|49.98|4928|48.53|47.73|46.88|45.97|45.01|43.97|
|RMCe|Interest<br>Rate||4.9S|4.81|4.81|<br>4.81|4.8X|4.71|4.71|
|IP3Ce|Interest<br>Payments||2.44|2.39|2.34|2.29|2.23|2.17|2.11|
||9) Nonconcessional|||||||||
|CC31e|Gross Disbursements||657.86|510.52|401.25|323.94|259.77|194.68|1211.35|
|AP31e|Aotization<br>Paymnts||473.26|584.45|664.35|719.41|736.28|763.39|730.17|
|lD3te|let<br>Disbursements||164.60|-73.93|-263.09|-395.47|-476.51|-568.71|-602.42|
|D3Ne|Existing<br>Debt|6079.76|6244.36|6170.43|5907.34|5511.87|5035.36|4466.65|3864.23|
|R31e|<br>Interest<br>Rate||8.71|8.6X|8.5I|8.41|6.31|8.3X|8.21|
|IP3ie|Interest<br>Payments||528.91|538.73|525.61|497.81|459.77|415.84|365.88|
||C) lotal|||||||||
|GD3e|<br>Gross Disbursements||637.86|510.52|401.25|323.94|259.71|194.68|128.35|
|APSe|Amortization<br>Payments||473.96|585.20|665.15|720.26|737.18|764.35|731.80|
|IlD3e|let<br>Disbwrsements||163.90|-74.68|-263.89|-396.33|-477.41|-569.68|-603.45|
|D3e|Existing<br>Debt|6129 74|6293.64|6218.96|5955.07|5558.74|5061.33|4511.65|3906.20|
|R3e|Interest<br>Rate||6.7X|8.61|8.51|8.41|8.31|8.2X|8.21|
|IPWU|Interest<br>Payments||531.35|541.12|527.95|500.10|462.00|418.01|367.99|
1 41 _

# TABLE 9: PIPEIINE DATA

||,.|1988<br>..<br>...<br>........|1989<br>..<br>--<br>--|1990<br>--<br>--<br>--|1991<br>-<br>---<br>--|1992<br>---<br>--<br>---|1993<br>--<br>---<br>--|1994<br>---<br>--<br>---|1995<br> <br>--<br>--|
|---|---|---|---|---|---|---|---|---|---|
||4. OTHER MMTILATERAL NONCOIC|ESSIONAL:||||||||
|GD4e<br>|Gross Disbursements<br> <br>||33.59<br>|45.31<br>20821|35.43<br>19047|19.13<br>21395|11.68<br><sup>24905</sup>|7.74<br>31524|5.86<br>166.16|
|AP4e<br>|Amortization<br>Payments<br>||113.26<br>7967|.<br>-16290|.<br>-15504|.<br> <sup>-25482</sup>|<sup>.</sup><br><sup>-23737</sup>|.<br><sup>-307.50</sup>|<br><sup>-160.30</sup>|
|D4e|NetDisbursements<br> <br>||-.<br>|.<br>|.<br><sup>103526</sup>|<sup>.</sup><br><sup>78044</sup>|<sup>.</sup><br><sup>54307</sup>|<br>23557|<br> <br>7527|
|D4e<br>|Existing<br>Debt<br>|1432.87|1353.20<br>|<sup>1190.29</sup><br> <br>|<sup>.</sup><br> <br>77X|<sup>.</sup><br> <br>74X|<sup>.</sup><br> <br>761|.<br> <br>77X|<br>.<br> <br>103X|
|R4e<br>|Interest<br>Rate<br> <br> <br>||7.3X<br>|<br>7.4X<br>10020|<br>.<br> <br>9111|<br>.<br>7672|<br>.<br>5940|<br>.<br>4205|<br>.<br> <br>24.21|
|IP4e|<br>Interest<br>Payments||103.91|.|<br>.|.|.|.|<br>|
||5. BILATERAL<br>COUCESSIOIAL:|||||||||
|GDSe|Gross Disbursements<br> <br>||367.54<br>|386.55<br>36712|251.03<br>39059|104.69<br>41458|47.81<br>38458|20.24<br>40840|8.73<br>42186|
|APSe<br>|Amortization<br>Payments<br>||352.70<br>1484|.<br>1944|.<br>-13956|.<br>-30988|.<br>-33677|.<br>-38817|.<br>-413.13|
|NDSe|let Disbursements<br> <br>||.<br>|.<br>|.<br> <sup>530663</sup>|.<br>499675|.<br>465997|.<br>427181|385868|
|OSe|Existing<br>Debt<br>|5411.91|5426.75<br>|<sup>5446.19</sup><br>|<sup>.</sup><br>34X|.<br>34X|.<br>34X|.<br>35X|.<br>35X|
|R5e<br>|Interest Rate<br>||3.21<br>|3.3X<br>|.<br>18317|.<br>17899|.<br>17162|.<br>16367|.<br>15132|
|IPSe|Interest Payments||173.31|180.46|.|.|.|.|.|
||6. BILATERAL OICONCESSION|AL:||||||||
|GD6e|Gross Disbursements||340.87<br>|323.36<br>|157.91<br>55126|65.56<br>39050|23.53<br>29762|2.40<br>23972|0.00<br>22159|
|AP6e<br>|Amortization<br>Payments<br>||876.41<br>|810.82<br>48746|.<br>39335|.<br>-32494|.<br>-27409|.<br>-23732|.<br>-22159|
|ND6e|let Disbursements<br>||-535.54<br>|-.<br>21|-.<br>168675|.<br>136180|.<br>105771|.<br>85039|.<br>62880|
|06e<br>|Existing Debt<br> <br>|3103.10|2567.56<br>|080.0<br>|.<br>83X|.<br>83X|.<br>821|.<br>821|.<br>841|
|R6e|Interest<br>Rate<br>||8.0X<br>|8.5X<br>|.<br> <br>|.<br> <br>13971|.<br> <br>11185|.<br> <br>0922|.<br> <br>7102|
|MP6e|Interest<br>Payments||247.61|217.28|<br>173.63|<br>.|<br>.|<br>.|<br>.|
||7. PRIVATEBONDS:|||||||||
|SD7e<br>|Gross Disbursements<br>||0.00<br>|0.00<br>|0.00<br>|0.00<br>115|0.00<br>121|0.00<br>126|0.00<br>144|
|AP7e<br>|Amortization Payments<br>||0.90<br>|1.04<br>14|1.10<br>110|.<br>-115|.<br>-121|.<br>-126|.<br>-144|
|WD7e|Net Disbursements<br>||-0.90<br>|-.0<br>|-.<br>|.<br>|.<br>1055|.<br>929|.<br>785|
|D7e|Existing Debt|15.94|15.05<br>|14.01<br> <br>|12.91<br> <br>|11.75<br> <br>|.<br> <br>|.<br> <br>461|.<br> <br>501|
|aRe|Interest<br>Rate||4.1X<br>|<br>4.6X<br>|<br>4.61<br>|<br>4.61<br> <br>060|<br>4.62<br>054|<br>.<br> <br>049|<br>.<br> <br>047|
|IP7e|<br>Interest<br>Payments||0.66|0.69|0.65|<br>.|.|<br>.|<br>.|
||8. PRIVATE<br>COIIERCIAL<br>BANKS:|||||||||
|GDe8|<br>Gross Disbursements||932.38<br>|407.74<br>|<br>291.97<br>|<br>181.59<br>|<br>122.07<br>|<br>32.19<br>|<br>0.00<br>115402|
|APSe|<br>Amortization<br>Paryents||5146.04<br>|1160.42<br>|1303.74<br>|<sup>1335.12</sup><br>|<sup>1123.46</sup><br>|<sup>na.09</sup><br>|.<br>|
|NDU8|<br>let Disbursements<br>||-4213.66<br>|-752.68<br>|-1011.77<br>|<sup>-1153.53</sup><br>|<sup>-1001.38</sup><br>|<sup>-745.90</sup><br>|<sup>-1154.02</sup><br>1|
|DCe|Existing Debt<br> <br>|11341.30|7127.64<br>|6374.95<br>|5363.18<br>|4209.66<br>|3208.28<br>|2462.38<br>811|308.36<br>812|
|18e|Interest<br>Rate||8.0X<br>|8.51<br>|8.22<br>|8.01<br>|8.0o<br>|.<br>|.<br>|
|IPSO|Interest<br>Payments||906.79|604.79|522.92|429.93|336.44|260.25|200.31|
TABIE 9: PIPELINE DATA

||9. OHIIER PRIVATE:|1988|1989<br>|1990<br>|1991<br>|1992<br>|1993<br>6116|1994<br>318|1995<br>000|
|---|---|---|---|---|---|---|---|---|---|
|09e<br> <br>AP9e<br> <br>ND9e<br> <br>w9e<br> <br>**R9**<br>IP9e|Gross Disbursements<br>Awortization<br>Payments<br>NetDisbursements<br>Existing<br>Debt<br>Interest<br>Rate<br>Interest<br>Payments|2389.20|452.45<br>443.63<br>8.82<br> <br>2398.01<br> <br>8.8X<br>210.41|208.27<br>497.92<br>-289.65<sup>-</sup><br>2108.37<br>1<br>8.1X<br>193.21|138.22<br>452.30<br><sup>314.08</sup><br>-<br>794.28<br> <br>7.85<br>163.47|137.00<br>414.47<br>277.48<br>-<br>1516.81<br>1<br>7.6S<br>135.88|.<br>351.71<br>290.55<br>-<br>226.26<br>7.3X<br>110.72|.<br>316.44<br>313.26<br>-<br>913.01<br>7.1S<br>87.40|.<br>403.64<br>403.64<br>509.37<br>6.7X<br>61.11|
||10.PRIVATE NON-GUARAUTEED||||||000|Q00|000|
|GDPRe<br>APPRe<br>|Cross<sup>Disbursements</sup><br>Amortization<br>Payments<br>||0.00<br>94.50<br>-94.50|0.00<br>73.00<br>-73.00|0.00<br>99.28<br>-99.28|0.00<br>94.36<br>-94.36<br>|.<br>102.28<br>-102.28|.<br>71.57<br>-71.57|.<br>0.00<br>0.00<br>|
|NDPRe<br>DPRe<br>|Net Disbursemnts<br>Existing<br>Debt<br> <br>|535.00|<br>440.50<br>99S|367.50<br>14.3X|268.22<br>10.82|173.85<br>11.02|71.58<br>11.92|0.01<br>18.02|0.01<br>0.0S|
|Me<br>|Interest<br>Rate<br> <br>||.<br>5304|6303|39.84|29.S3|20.70|12.88|0.00|
|IPRe|Interest<br>Payents||.|.||||||
||11.IMFPURCHASES:||||||000|000|000|
|GDINFe<br>|Gross<sup>Disbursements</sup><br> <sup>Pt</sup>||0.00<br>000|0.00<br>0.00|0.00<br>0.00|0.00<br>0.00|.<br>0.00|.<br>0.00|.<br>0.00|
|APINFe<br>|Amortization<sup>aynens</sup><br>||.<br>000|<br>000|0.00|0.00|0.00|0.00|0.00|
|DINWe<br>|Net Disbursements<br> <br>D|29879|.<br>29879|.<br>298.79|<br>298.79|298.79|298.79|298.79|29.79<br>|
|DINFe<br>|Existing<br>ebt<br>|.|.<br>002|<br>0.02|<br>0.02|<br>0.0o|<br>0.02|<br>0.02|<br>0.02|
|RINFe<br>|Interest Rate<br> <br>P||.<br>0.00|<br> <br>0.00|<br>0.00|0.00|0.00|0.00|0.00|
|IPINFe|Interest<br>aynents|||||||||
||12.NETSHORT<sup>TERMCAPITAL:</sup>|||||||000|000|
|G0STe<br>|Gross Disbursements<br> <br>Pt||0.00<br>000|0.00<br>0.00|0.00<br>0.00|0.00<br>0.00|0.00<br>0.00|.<br>0.00|.<br>0.00|
|APSTe<br>|Aortization<br>aymens<br>||.<br>000|<br>0.00|0.00|0.00|0.00|0.00|0.00|
|CSTle<br>|Net Disbursements<br> <br>|770400|.<br>770400|<br>7704.00|7704.00|7704.00|7704.00|7704.00|7704.00<br>|
|DSle<br>|Existing<br>Debt<br> <br>|.|.<br>0.02|<br>0.02|0.02|0.0|0.0|0.0|0.0|
|RSTe|Interest<br>Rate<br>||<br>|000|000|000|000|0.00|0.00|
|IPSTe|Interest<br>Payments||0.00|.|.|.|.|||
1*811 10: ASSUMPT IONS 1989 1990 1991 1992 1993 1991.

1995 OMS YEAR; 1988 CLOSURE: RE

# A) COUDIIIOIiS OF NIEW DEST:

|Ni<br>GI<br>|1. IDA:<br>Nativity<br>Grace Period|30.00<br>5.00|30.00<br>5.00|30.00<br>5.00|30.00<br>5.00|30.00<br>5.00|30.00<br>5.00|30.003<br>5.00|
|---|---|---|---|---|---|---|---|---|
|gin|Interest<br>Rate|0.12|0.12|0.12|0.12y|0.12|0.71|0.12|
|TI|Time Profile<br>of Wiln|252|_25%_|_252_|2S2|02|02|02|
||2. GTHEE MULTILATERAL<br>COU|CESSIOUAL:|||||||
|_112_|maturity|38.00|38.00|38.00|38.00|38.00|38.00|31.00|
|62|<br>GracePeriod|10.00|10.00|10.00|10.00|10.00|10.00|10.00|
|*2n|Interest<br>Rate|1.1.02|1.1.02|1.1.02|1.10.0|1.1.02|1.1.02|1.1.02|
|_12_|lime Profile<br>of GWZn|_22_|92|_112_|222|192|132|102|
||3. IURD:<br>A) Noncomcessional||||||||
||Mediun and Slow Disb. loa|ns|||||||
|131S|Maturity|17.00|17.00|17.00|17.00|17.00|17.00|17.00|
|GiNS<br>|<br>Grace Period<br>|4..00|4.00|1..00|4.00|4.00|4.00|4.00|
|ailsa|Interest<br>**Rate**|7.12|7.71|7.12|7.12|7.12|7.12|7.72|
|Ti11S|Time Profile<br>of GD3NSn|12|192|_212_|_112_|132|12|42|
||lastDilxseurent||||||||
|N3NF|maturity|_17.00_|17.00|17.00|17.00|17.00|17.00|17.00|
|G311l|Grace Period|4.00|4.00|4.00|4.00|4.00|4.00|4.00|
|RuI1n|Interest Rate|7.12|7.12|_7.712_|7.12|7.12|7.12|7.12|
|1311F|**Time**Profile<br>ofG03NFn|332|332|332|ox|02|02|02|
||Concessionai||||||||
|_NuC_|maturity|_17.00_|17.00|_17.00_|17.00|17.00|17.00|17.00|
|G3C|<br>Grace Period|4.00|4.00|4.00|4.00|4.00|4.00|4.00|
|W3n|Interest Rate|0.12|0.12|0.12|_0.12_|_0.12_|0.72|0.12|
|isc|lime Profile of GD3Cn|51.2|102|112|92|12|32|22|
TABLE 10: ASSUMPTIONS

||1989<br>1|990<br>1|991<br>1|992<br>1|993<br>1|994|1995|
|---|---|---|---|---|---|---|---|
||BASE YEAR:<br>1988<br>CLOSURE:<br>RE<br>4. OTHER W11ILATERAL<sup>MOSCONCESSIONAL</sup><br> <br>|2|2000|2000|20.00|20.00|20.00|
|M4|maturity<br>20.00<br>|0.00<br>|.<br>|.<br>400|<br>400|400|4.00|
|C4|Grace Period<br>4.00<br>|4.00<br>|4.00<br>|.<br>780|.<br>78X|.<br>78X|7.8X|
|R4n|Interest Rate<br>7.8X<br>......<br>........<br>..<br>.....................................|7.8X<br>|7.8X<br>.....<br>........<br>.|.<br> ..........<br>.............|.<br>.....|.<br>.....<br>.......<br>|...<br>...<br>... ......**..**.**.**.. .<br>|
|14|Time Profile of<sup>GD4n</sup><br>10|12X|16X|18X|16X|12X|9X|
||5. BILATERAL COSCESSIONAL:<br>||||2200|2200|2200|
|"5|Maturity<br>22.00<br> <br>|22.00<br>|22.00<br>640|22.00<br>640|.<br>640|.<br>6.40|.<br>6.40|
|C5|Grace Period<br>6.40<br>|6.40<br>|.<br>34X|.<br>34X|.<br>34X|<br>3.4K|3.4X|
|RSn|Interest Rate<br>3.4K<br>...<br>....<br>........<br>..............<br>...........<br>.|3.4K<br>...<br>.....<br>..<br>..<br>|.<br>.....................|.<br>....................|.<br>.....................||........**.......**...<br>|
|TS|Time Profile<sup>of CDSn</sup><br>18X|33K|23X|25X|B%|2X|1K|
||6. O1LATERAL WWOCOSCESSIONAL:<br> <br>||1300|1300|1300|13.00|13.00|
|16|maturity<br>13.00<br>|13.00<br>|.<br>|.<br>|.<br>300|<br>300|300|
|G6|Grace Period<br>3.00<br>|3.00<br>|3.00<br>99X|3.00<br>99X|.<br>99X|.<br>9.9X|.<br>9.9X|
|R6n|Interest Rate<br>9.9X<br>....<br>....<br>.<br>........<br>...............<br>.............................|9.9X|.<br>......|.<br>.......<br>...............|.<br>...............|<br>..............................................<br>|.. ... ...<br>|
|16|Time Profile of<sup>606n</sup><br>13X|30K|25K|15X|8X|5|4X|
||7. PRIVATE BONDS:<br> <br>||600|600|600|6.00|6.00|
|N7|Maturity<br>6.00<br>|6.00<br>|.<br>|.<br>|.<br>000|<br>000|000|
|G7|Grace Period<br>0.00<br>|0.00<br>|0.00<br>|0.00<br>|.<br>96X|.<br>96K|.<br>9.6X|
|R7n|Interest Rate<br>9.6K<br>.<br>.<br>....<br>...<br>..<br>......<br>..........<br>.......................|9.6X<br>..........|9.6X<br>...................................|9.6X|.|.<br>.<br>. .................||
|17|Time Profile of CD7n<br>lOOK<br>**....**.....<br>................<br>...............................|OX|OX<br>..<br>. .......|OK<br>.........<br>.............|OX<br> <br>..............|OX<br>...........|OX<br>.|
||S.PRIVATE CONIERCIAL<sup>BANKS:</sup><br> <br>||800|800|800|800|8.00|
|me8|aturity<br>8.00<br>|8.00<br>|.<br>|.<br>|.<br>300|.<br>300|300|
|G8|Grace Period<br>3.00<br> <br>|3.00<br>96X|3.00<br>96X|3.00<br>96K|.<br>9.6X|.<br>9.6X|.<br>9.6X|
|ROn|Interest Rate<br>9.6K|.|.|.||||
||. . . . .................................<br>....|.<br>.......<br>.....|.....<br>............|........|.....<br>........<br>|.....................<br>||
|la|Tiee Profile of<sup>GDan</sup><br>43X<br>.. .....<br>.......<br>.......<br>............<br>. .....<br>..|25X<br>.<br>...........|13X<br>..................|9X<br>....<br>.....|8S<br>........<br>.............|2X<br>.<br>..|OX<br>....<br>...<br>............. ...........................|
I O TABLE 10: ASSUMPIIOWS

||1|989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|
||BASETEAR:<br>CLOSURE:<br>RE|1988|||||||
|tl9|9. PRIVATE OTHER:<br>Mi||||||||
|<br>9|aturty<br>G Pi|6.00<br>|6.00<br>|6.00<br>|6.00<br>|6.00<br>|6.00|6.00|
|G<br>|race erod<br> <br>|0.00<br>|0.00<br>|0.00<br>|0.00|0.00|0.00|0.00|
|R9n|Interest<br>Rate|9.6X|9.6X|9.6X|9.6X|9.6X|9.6X|9.6X|
|19|TimeProfile<br>of GD9n|100l|OX|OX|0O|0|OX|OX|
|MPR|10. PRIVATE N-GUARAITEED<br>Mtit||||||||
|<br>|aury<br>|8.00<br>|8.00<br>|8.00|8.00|8.00|8.00|8.00|
|GPR<br>RPR|Grace Period<br> <br>|3.00<br>|3.00<br>|3.00|3.00|3.00|3.00|3.00|
|n|Interest<br>Rate|10.1S|10.1|10.1|10.1|10.11|10.11|10.1X|
|TPR|TimeProfile ofGDPRn|1001|01|01|01|0|0|0|
|MIMF|11.IMFPURCHASES:<br>Mtit||||||||
|<br>|aury<br>|3.00<br>|3.00<br>|3.00<br>|3.00|3.00|3.00|3.00|
|GIIF<br>|Grace Period<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00|0.00|0.00|
|RIFn|Interest Rate|8.71|8.71|8.7X|8.7X|8.7X|8.7X|8.7X|
|_TIHF_|Time Profile<br>of GDIMFn|501|501|01|01|01|O<br>X<br>O||
|HST|12. IEI SHORT TERM CAPIIAL:<br>tit||||||||
|<br>|:raury<br>|1.00<br>|1.00<br>|1.00<br>|1.00|1.00|1.00|1.00|
|GST<br>|Grace Period<br> <br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00|0.00|0.00|
|RSTn|Interest<br>Rate|9.61|9.61|9.61|9.61|9.61|9.61|9.61|
|IST|lime Profile<br>of GOSln|1001|01|01|0|0|01|0|
||B) AVAILABILITIESCASE:||||||||
||NewComitments:<br>||||||||
|A Cl<br>|IDA<br>|0.00<br>|0.00<br>|0.00|0.00|0.00|0.00|0.00|
|A C2<br>A C3|Other Mutt. Conc.<br>I1RD|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00|
|<br>A&C3C|<br>Cil|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|<br>|oncessona<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00|0.00|0.00|
|A C311<br>AC3NF|Nonconcessional<br>f<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00|
|<br>A C3YS|ast<br>Disbursement<br>Slow Disbursement|0.00<br>0.00|0.00<br>0.00|0.00<br>0.00|0.00<br>0.00|0.00<br>0.00|0.00<br>0.00|0.00<br>0.00|
_TABLE 10:_ ASIMPFIOSIs

|||1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|
||..<br>.|...............|...............................||............|......................||........................................<br>....**..**......|
||BASEYEAR:<br>CtOSURE:<br>RE|1988<br>|||||||
|AC4|Other Mutt.honc.|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|ACS|Bilaterai<br>Conc.|0.00|0.00|0.00|0.00|0.00|0.00<br>|0.00<br>|
|A C6|Bilateral<br>Nonconc.|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AC?|Private Bonds|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|ACS|Comercial Banks|10000.00|4000.00|6000.00|8000.00|8000.00|9000.00|8000.00|
|A C9<br>|Other Private<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|000<br>|0.00<br>|
|ACPR|Private Mon-guaranteed|2000.00|500.00|1000.00|1000.00|1000.00|1000.00|1000.00|
|ACINF|<br>llf Purchases<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br> <br>|
|A CST|Met Short**_Term_**Capital|2000.00|2500.00|2000.00|4000.00|4000.00|5000.00|<br>1000.00|
|ACOIn|New Disbursements:<br>IDA|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AG02n|Other Mult. Conc.|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|A GD3n|1BRD|-0.40|-0.40|-0.40|-0.40|-0.40|-0.40|-0.40|
|AGD3Cn|<br>Concessional|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|A_G031n_|<br>Nonconcessional|-0.40|-0.40|-0.40|-0.40|-0.40|-0.40|-0.40|
|AGD3Wfn|<br>Fast Disbursement|<br>0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AGD3USn|<br>Slow Disbursement|<br>-0.40|-0.40|-0.40|-0.40|-0.40|-0.40|-0.40|
|AGD4n|Other Mutt. Nonc.|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AGDSn|Bilateral<br>Conc.|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|A GD6n|Bilateral<br>Nonconc.|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AGDCn|Private<br>Bonds|1441.37|447.91|731.57|944.06|1064.54|1184.17|<br>-3433.61|
|AGD8n|Commercial<br>Banks|15443.30|2225.13|4464.48|5434.81|12222.84|8462.46|-41397.25|
|AGD9n|Other Private|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|A GDPRn|<br>Private<br>Non-guaranteed|1029.55|148.34|297.63|362.32|541.90|530.29|-K849.57|
|A GDINFn|IMf Purchases|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AGDSIn|<br>Net Short Term Capital|2676.84|3062.53|3836.37|4778.40|5651.99|6418.24|<br>-1757.92|
||C) REQrUIREMENTS<br>CASE:||||||||
||Share of n-Creditor<br>in Ne|w Debt:|||||||
|BETAI|IDA|0.0|0.02|0.0|0.0|0.0|0.0|0.0|
|BE1A2|Other Mutt. Conc.|0.0|0.0|0.0|0.0|0.0|0.0|0.0|
|BETA3|IBRD|0.0|0.0|0.0|0.0D|<br>0.0|0.02|<br>0.0|
|BETA3C|Concessional|0.02|0.02|0.02|0.02|<br>0.02|0.02|<br>0.02|
|BETA3h|Nonconcessional|0.02|0.0|0.02|0.02|0.02|0.02|0.02|
|9ETA3hF|<br>fast Disbursement|0.0|0.02|0.02|0.02|0.02|0.02|0.02|
|BETA3NS|<br>Slow Disbursement|0.02|0.0|0.0|0.02|0.02|0.02|0.02|
|BETA4|Other Mult. Monm.|0.02|0.02|0.02|0.02|<br>0.02|0.02|<br>0.02|
|BEIAS|Bilateral<br>Conc.|0.0|0.02|0.0|0.02|<br>0.02|0.02|<br>0.02|
|BEIA6|Bilateral<br>Nonconc.|0.0|0.02|0.02|0.02|<br>0.02|0.02|<br>0.02|
|BETA?|Private<br>Bonds|7.0X|7.02|7.0X|7.02|<br>7.02|7.02|<br>7.02|
0vS.

# IACLE 10: ASSuIPIIONS

1989 1990 1991 1992 1993 1994 1995 BASE YEAR: 1988 CLOSURE: RE D} COHMa ASSU"WTIONS ON DEBT-RESTRUCTURING:

|Reb|TEAR Of RESTRUCTURING:<br>Exit<br>Bonds:<br>I||||||||
|---|---|---|---|---|---|---|---|---|
||neres ae||||||||
|ASeb|<br>Amortization Schedule|.|.|.5|2.5X|2.5X|2.5X|2.31|
|AOEB|Equity:<br>Additionslit||||||||
|.<br>Rk|y<br>Rate of Return|0.02<br>002|0.0X<br>|0.0X<br>|0.0X<br>|0.0<br>|0.0X<br>|0.0X|
|<br>|<br>|.|0.02|0.02|0.02|0.02|0.02|0.02|
|A.dNbb|Iof Debt-Equity<br>Staps<br>financed<br>by Noney Creation|50X|50X|502|502|50e|502|502|
# TABLE 11: TOTAL CREDIlORS

|||1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|
||A. EXISIING DEBI:<br>.................||||||||
|Goe|GrossDisbursements|2802.41|1928.94|1293.49|<br>842.55|532.09|261.41|<br>143.59|
|APe|Amortization Payments<br>|7547.60|3758.93|3687.25|3683.09|3284.76|2954.71|<br>3178.31|
|IDe<br>|Met Disbursements<br>|-4745.19<br>|-1829.99<br>|-2393.76<br>|-2840.54<br>|-2752.67<br>|-2693.37<br>|-3034.72<br>|
|De|Stock of Debt|34846.94|33016.95|30623.19|27782.64|25029.97|22336.60|19301.88|
|Re<br>|Interest Rate (lepticit)<br>|5.73%<br>|<br>5.58%<br>|<br>5.29%|<br>5.01%|<br>4.74%|<br>4.46%|<br>4.11%|
|IPe|Interest Payments|2269.09|1945.81|1747.38|1535.73|1317.02|1116.45|<br>918.24|
||_S._RESIRUCUWRED_DEBT:_<br>.. ..<br>......<br>.......<br>..||||||||
|GOr|Gross Disbursements|2802.41|1928.94|1293.49|842.55|532.09|261.41|<br>143.59|
|APr|Amortization Payments|7547.60|3758.93|3687.25|3683.09|3284.76|2954.77|<br>3178.31|
|_NDr_|Met Disbursements|-4745.19|-1829.99|-2393.76|-2840.54|-2752.67|-2693.37|-3034.72|
|Dr|Stock of Debt|34846.94|33016.95|30623.19|27782.64|25029.97|22336.60|<br>19301.88|
|Deb|Of which: Exit bonds|0.00|0.00|0.00|0.00|0.00|0.00|<br>0.00|
|Rr|Interest Rate (Ipt Icit)|5.73%|<br>5.58%|<br>5.29X|<br>5.01%|<br>4.74%|<br>4.46%|<br>4.11%|
|IPr|Interest Payments|2269.09|1945.81|1747.38|1535.73|1317.02|1116.45|<br>916.24|
||C. NEU DEBT:||||||||
|GDn|Gross Disbursements|20591.07|5883.91|9330.05|11519.59|19481.27|16595.17|-49438.36|
|APn|Amortization Payments|0.00|2917.07|3377.41|4273.18|12761.40|10700.89|13455.22|
|NOn|Net Pisbursements|20591.07|2966.84|5952.64|7246.41|6719.87|5894.28|-62893.58|
|Dn|Stock of Debt|20591.07|23557.91|29510.55|36756.96|43476.83|49371.11|-1352Z.48|
|Rn|Interest<br>Rate (Implicit)|9.67%|9.67%|9.67%|9.67%|9.67%|9.67%|<br>9.67%|
|IPn|Interest<br>Payments|0.00|1990.13|2276.87|2852.19|3552.56|4202.04|4771.72|
||0. IOIALDEBI:||||||||
|CDt|Gross Disbursements|23393.48|7812.84|10623.54|12362.14|_2001j..___|16856.58|-49294.77|
|APt|Amortization Payments|7547.60|6676.00|7064 66|7956.27|<br>16046.16|13655.67|16633.53|
|NDt<br>|Met Disbursements|15845 88|1136.84|3558.88|4405.87|3967.20|3200.91|-65928.30|
|Ot|Stock of Debt|55438.01|56574.85|60133.73|64539.60|68506.80|71707.71|<br>5779.41|
|Deb|Ofwhich: Exit bonds|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|Rt|interest Rate (Iqfticit)|5.73%|<br>7.10%|<br>7.11%|<br>7.30%|<br>7.55%|<br>7.76%|<br>7.93%|
|IPt|Interest Payments|2269.09|3935.94|4024.25|4387.92|4869.58|5318.49|<br>5689.95|
||E. EFfECTS Of DEBI-RESTRUClURING:<br>,..........<br>..<br>...................||||||||
||A)On Debt:||||||||
|CD1|Gross Disbursements|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|APf|Amortization Payments|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|MDf|Net Disbursements<br>|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|Of|ChangeinDebt|0.00|<br>0.00|0.00|<br>0.00|<br>0.00|<br>0.00|<br>0.00|
|Deb|Of which: Exit bonds|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|Rf|Interest Rate (implicit)|0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|IPf|Interest<br>Payments|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
l

# IABLE It: IOIAL CREDITORS

|||1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|
|dRES|0) On Reserves:<br>Change in Reserves|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|dPR<br>dFI|C) On Foreign Investment:<br>Incre2sed foreign Profits<br>Increase in OFI|0.00<br>0.00|0.00<br>0.00|0.00<br>0.00|0.00<br>0.00|0.00<br>0.00|0.00<br>0.00|0.00<br>0.00|
|dNlb|0) On Ioney Creation<br>Increase in Sase Haney to<br>finance Debt-Equity Stups|0.00|0.00|0.00|0.00|O.00|0.00|0.00|
IASLE 12: IDA

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||A. PIPKLI0E<br>DEBT:<br>..<br>....<br>..........<br>||000|000|000|000|000|000|000|
|GDlp<br>|Gross Disbursements<br>||.<br>|.<br>|.<br>366|.<br>|.<br>502|.<br>532|.<br>532|
|APIp<br>|AmortizationPayments<br>||3.50<br>-350|3.62<br>-362|.<br>-366|4.35<br>-435|.<br>-502|.<br>-532|.<br>-532|
|Dilp<br>|Net Disbursements<br> <br>|6619|.<br>16269|.<br>15908|.<br>15541|.<br>15106|.<br>14604|.<br>14072|.<br>13540|
|Dlp<br>|Existing Debt<br> <br>|.|.<br>|.<br> <br>07X|.<br>07X|.<br> <br>071|.<br>0n1|.<br>07X|.<br>07X|
|Rlp<br>|Interestlate<br> <br>||0.7X<br>|<br>.<br>|.<br>|<br>.<br>116|.<br>112|.<br>100|.<br>105|
|IPip|Interest<br>Payments||1.24|1.21|1.19|.|.|.|.|
||S. DEST RESTRUCTURING<br>INSTRUtENIS:<br>1. RESC0EDULINGS:|||||||||
||_A)_Pure Rescheb.aling<br>Change in the Contractual Stream<sup>of:</sup><br>|||||||||
|PRIAP<br>|Amortization Payments<br> <br>||0.00<br>000|0.00<br>000|0.00<br>000|0.00<br>000|0.00<br>000|0.00<br>000|0.00<br>000|
|PR1IP|Interest<br>Payments||.|.|.|.|.|.|.|
||9) Refinancing<br>Rdti in:|||||||||
||eucon<br>||||||||000|
|RF1AP<br>|Amortization Payments<br>||0.00<br>000|0.00<br>000|0.00<br>000|0.00<br>000|0.00<br>000|O.OC<br>000|.<br>000|
|RIlIP|Interest Payments||.|.|.|.|.|.|.|
|dGDlrs|Capitalization:||0.00<br>|0.00<br>|0.00<br>|0.00<br>0|0.00<br>50|0.00<br>50|0.00<br> <br>50X|
|Rlrs<br>|Interest<br>Rate<br>||5.0<br>|5.0<br>|5.0<br>|5.<br>|.<br>9|.<br>9|<br>.<br>9|
|Nlrs<br>|maturity<br>|9<br>|9<br>3|9<br>3|9<br>3|9<br>3|<br>3|<br>3|3|
|GCrs|Grace Period|3||||||||
||C) Effects on:<br>|||||000|000|000|000|
|dGDlrs|Gross Disbursements||0.00<br>|0.00<br>|0.00<br>.<br>|.<br>|.<br>|.<br>000|.<br>000|
|dAPIrs<br>|Amortization<br>Payments<br> <br>||0.00<br>000|0.00<br>000|0.00<br>000|0.00<br> <br>000|0.00<br>000|.<br> <br>000|.<br> <br>000|
|dIPirs|Interest<br>Payments||.|.|.|<br>.|.|<br>.|<br>.|
||2. DEBTBUYBACKS:|||||||||
||A) Conditions:<br> <br>|||<br>|001|<br>001|<br>001|<br>001|<br>001|
|DELTAI|Discount<br>Rate<br>||0.01<br>|<br>0.0<br>|.<br> <br>|<br>.<br> <br>|<br>.<br>|<br>.<br> <br>000|<br>.<br> <br>000|
|Pei<br>|Debt sought fBack<br> <br> <br>||0.00<br>|0.00<br>|<br>0.00<br>|<br>0.00<br>1|0.00<br>001|<br>.<br>00|<br>.<br>OO1|
|Ef.Cae1|<br>Externally<br>financed (%1)||0.0<br>|0.01<br>|0.01<br>|0.0<br>|.<br>|.<br>|.<br> <br>|
|UR.CB8|1 Use of Reserves<br>(1)||100.01<br>|100.01<br> <br>|100.0<br> <br>|<sup>100.01</sup><br> <br>|100.0<br> <br>|100.01<br> <br>|<br>100.01<br> <br>|
|E8.C88|1 Exit Bonds (1)||0.01<br>|<br>0.01<br> <br>|<br>0.01<br> <br>|<br>0.01<br> <br>|<br>0.01<br> <br>2|<br>0.01<br> <br>25|<br>0.0O<br> <br>25X|
|Reb<br>|Interest<br>Rate<br>||2.51<br>|<br>2.51<br>|<br>2.51<br>10|<br>2.51<br>10|<br>.5<br>10|<br>.<br> <br>10|<br>.<br> <br>10|
|Neb|Maturity<br>||10<br>|.0<br>|<br>|<br>|<br>3|<br> <br>3|<br><br>3|
|Geb<br>|Grace Period<br> <br>||3<br>|3<br> <br>|3<br> <br>|3<br> <br>|<br> <br>00|<br> <br>001|<br>OOX|
|DE.C8B<br>|1 Debt-Equity<br>Swaps IX)<br> <br> <br>||0.01<br>|<br>0.01<br> <br>00|<br>0.0<br> <br>00|<br>0.01<br> <br>001|<br>.<br> <br>001|<br>.<br> <br>00|<br>.<br> <br>001|
|A.DE8B<br>Rk|<br>Additionality<br>of DFI<br>Profit Rate||0.01<br>0.01|<br>.<br>0.01|<br>.<br>0.01|<br>.<br>0.01|<br>.<br>0.01|<br>.<br>0.0|<br>.<br>0.01|
# TABLE 12: IDA

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
|Co1a|0) Financing:<br>Cost of Buyback||000|000|000||||<br>|
|Ef881|<br> <br>Externally<br>financed||.<br>000|.<br>000|.<br>|0.00<br>|0.00<br>|0.00<br>|<br>0.00<br> <br>|
|<br>UR881|<br> <br> <br> <br>Use of Reserves||.<br>000|.<br>000|0.00<br>000|0.00<br>|0.00<br>|0.00<br>|<br>0.00<br>|
|<br>EBBBl|<br> <br> <br>ExitBonds||.<br>000|.<br>000|.<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br> <br>|
|<br>DEB8I|<br> <br> <br>Debt-Equity Swaps||.<br>000|.<br>000|0.00<br>000|0.00<br>000|0.00<br>000|0.00<br>|<br>0.00<br>|
||<br>||.|.|.|.|.|0.00|0.00|
|dAPlbb|C)Effects on:<br>Amortization<br>Payments||000|000|000|000|000||<br>|
|APleb|<br> <br>Of ihich: Exit Bonds||.<br>000|.<br>000|.<br>|.<br>|.<br>|0.00<br>|<br>0.00<br> <br>|
|<br>dlPlbb|<br> <br>Interest<br>Payments||.|.<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|<br>0.00<br> <br>|
|<br>IPleb|<br> <br> <br>Of ihich:<br>Exit Bonds|||0.00<br>000|0.00<br>000|0.00<br>|0.00<br>|0.00<br>|<br>0.00<br> <br>|
|cDlbb|<br> <br>Stock of Debt||000|.<br>000|.<br>|0.00<br>|0.00<br>|0.00<br>|<br>0.00<br> <br>|
|<br>ESB81|<br> <br>Of which: Exit Bonds||.<br>000|.<br>000|0.00<br>000|0.00<br>000|0.00<br>000|0.00<br>000|<br>0.00<br> <br>|
||||.|.|.|.|.|.|<br>0.00|
||3. ACCUUJtAIION<br>Of ARREARS:<br>|||||||||
|ARlAP|A) Arrears on:<br> <br>Amortization<br>Paments||000|000|||||<br>|
|<br>ARIIP|<br> <br>y<br> <br>Interest<br>Payments||.<br>000|.<br>000|0.00<br>000|0.00<br>000|0.00<br>|0.00<br>|<br>0.00<br> <br>|
||<br>||.|.|.|.|0.00|0.00|<br>0.00|
|dGDlar<br>Rlar|B) Capitalization:<br>Interest<br>rate|001|0.00<br> <br>001|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|<br>0.00<br> <br>|
|<br>Niar|<br> <br>Maturity|.<br>30.00|<br>.<br>3000|0.01<br>3000|0.01<br>3000|0.01<br>3000|0.01<br>3000|0.01<br>3000|<br>0.01<br> <br>|
|Glar|<br>Grace Period|<br>500|.<br> <br>|.<br>|.<br>|.<br>|.<br>|.<br>|<br>10.00<br> <br>|
||<br>|.|<br>5.00|5.00|5.00|5.00|5.00|5.00|<br>.00|
|dGDlar|C) Effects<br>on:<br> <br>Cross Disbursements||000|000|||||<br>|
|dAPlar|<br>Amortization<br>Papents||.<br>000|.<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|<br>0.00<br> <br>|
|<br>dIPlar|<br>y<br> <br>Interest<br>Payments||.|0.00<br>000|0.00<br>000|0.00<br>000|0.00<br>|0.00<br>|<br>0.00<br> <br>|
|||||.|.|.|0.00|0.00|<br>0.00|
||4.URIITE-OFFS:<br>|||||||||
|IOFfI|A) Debt Forgiven<br>||0.00|0.00|0.00|0.00|0.00|0.00|<br>0.00|
|dAPiwof|8) Effects on:<br> <br>Amortization Paments|||||||||
|<br>dlPiwof|<br>y<br>Interest Paments|||0.00<br>000|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|<br>dDlwoff|y<br>Stock of Debt||000|.<br>000|0.00<br>000|0.00<br>000|0.00<br>|0.00<br>|0.00<br>|
||<br>||.|.|.|.|0.00|0.00|0.00|
||C. EXISTING DEBT:|||||||||
|COl|....<br>....<br>......<br>G Dib|||||||||
|e<br>APle|ross sursements<br>Amortization<br>Paments||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|<br>NdOle|<br>y<br>Net Disbursements||3.50<br>|3.62<br>|3.66<br>|4.35<br>|_5.02_<br>|5.32<br>|5.32<br>|
|<br>Dte|<br>Restructured Debt|16619|-3.50<br>16269|-3.62<br>15908|-3.66<br>141|*4.35<br>|-5.02<br>|-5.32<br>|-5.32<br>|
|<br>Dleb|<br>Ofwhich:Exit Bonds|.|.<br>0OC|.<br>000|55.<br>000|151.06<br>000|146.04<br>|_1(0.72_<br>|135.40<br>|
||<br>Interest Rate:||.|.|.|.|0.00|0.00|0.00|
|Rl|Onvvi-Restructured Dbt|||||||||
|p<br>Rlie|e<br>Implicit||0.7%<br>0.7%|0.7%<br>_0.7%_|_0.7%_<br>0.7%|0.7%<br>07%|0.7%<br>07%|_0.7%_<br>07%|0.7%<br> <br>07%|
|iPle|Interest Payments||1.24|<br>1.21|<br>1.19|.<br>1.16|.<br>1.12|.<br>1.08|<br>.<br>1.05|
Ln TABLE 12: IDA

|||1988|1989|1990|1991|1992|1993|1994<br><br>|i995<br>.....|
|---|---|---|---|---|---|---|---|---|---|
||0. NEW DEBT:<br>.<br>..............<br>.<br>|...<br>...<br>..<br>...<br>|..<br>...<br>...<br>. <br>|............<br>3000|....................<br>3000|3000|.....<br>3000|.....<br>. .....<br>3000|<br>3000|
|Ni<br>|Matuwrity<br>|30.00<br>|30.00<br>|.<br>500|.<br>500|.<br>500|.<br>500|.<br>500|.<br>500|
|CI|Grace Period|5.00|5.00|.|.|.|.|.<br>|.<br>|
|||||25|25X|25X|Om|mX|<br>ox|
|T1|Tie Profile of Coin<br>.........<br>...............<br>......<br>..|.............<br>I............|25X<br>|X<br>.......................||<br>------------------------|<br>----------.......................<br>|<br>.........<br>|<br><br>.... ... ........**..**............<br>|
|Ci<br>|Coamitments<br>||0.00<br>000|0.00<br>000|0.00<br>000|0.00<br>000|0.00<br>000|0.00<br>000|0.00<br>000|
|CDln<br>|Gross Disbursements<br> <br>|0.00<br>|.<br>|.<br>000|.<br>000|.<br>000|.<br>000|.<br>000|.<br>000|
|APin<br>|Amortization<br>Payments<br>|0.00<br>|0.00<br>000|.<br>000|.<br>000|.<br>000|.<br>000|.<br>000|.<br>000|
|MDOn<br>|Net Disbursements<br>|0.00<br>|.<br>|.<br>000|.<br>000|.<br>000|.<br>000|.<br>000|.<br>000|
|Dln<br>|Stock of Debt<br>|0.00<br>|0.00<br>|.<br>07|.<br>07X|.<br>07X|.<br>07X|.<br>07X|.<br>07X|
|Rln<br>|Interest Rate<br> <br>|_0.7X_|0.7X<br>000|.X<br>000|.<br>000|.<br>000|.<br>000|.<br>000|.<br>000|
|WIn|Interest<br>Payments||.|.|.|.|.|.|.|
||E. TOTAL DEBT:<br>.........<br>........|||||||||
|GDlt<br>|Gross Disbursements<br> <br>|0.00<br>|0.00<br>350|0.00<br>362|0.00<br>366|0.00<br>435|0.00<br>502|0.00<br>532|0.00<br>532|
|APit<br>|Amortization<br>Payments<br>|0.00<br>|.<br>|.<br>362|.<br>366|.<br>-435|.<br>-502|.<br>-532|.<br>-532|
|NDlt<br>|Net Disbursements<br>|0.00<br>16619|-3.50<br>16269|-.<br>15908|-.<br>15541|.<br>15106|.<br>14604|.<br>14072|.<br>13540|
|Olt<br>|Stock of Debt<br> <br>|.|.<br>07X|.<br>074X|.<br>074|.<br>0 75X|.<br>074X|.<br>074X|.<br>0i4X|
|Rlt<br>|Interest<br>Rste<br> <br>||.5<br>124|.<br>121|.<br>119|.<br>116|.<br>112|.<br>108|.<br>105<br>O|
|IPlt|Interest<br>eayments||.|.|.|.|.|.|.<br>|
4

# TABLE 13: OIHER MULTILAIERAL CONCESSIONAL

|||1988|1989|1990|1991|1992|1993|1994|1995|1996|1997|1998|1999|2000|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||A. EXISTING DEBI:<br>...........||||||||||||||
|CD2e<br>|Gross Disbursements<br> <br>||37.72|47.18|17.68|10.64<br>|6.07<br>|0.99<br>|0.65<br>|0.25|0.10|0.00|0.00|0.00|
|AP2e<br>|Amortization<br>Payments<br>||42.71<br>|51.58<br>|29.70<br>|34.35<br>|32.66<br>|54.38<br>|72.48<br>|206.44<br> <br>|169.35<br>|156.B5<br>|182.38<br>|183.10<br>|
|WZe|MetDisbursements||-4.99|-4.40|-12.02|-23.71|-26.59|-53.39|-71.83|-206.19<br>|-169.25|*156.85|-182.38|-183.10|
|D2e|Existing<br>Debt<br>|1064.10|1059.12<br>|1054.71|1042.70<br>|1018.99|992.40|939.01|867.17|660.98|491.73|334.88|152.50|-30.60|
|R2e|Interest<br>Rate||3.8%|4.1%|4.1%|4.1%|4.2%|4.2%|4.3%|4.1%|4.0%|3.6X|5.6%|12.4%|
|IP2e|Interest Payme.,ts||40.78|43.82|43.47|43.14|42.63|41.40|40.76|35.55|26.72|17.93|<br>18.86|18.90|
||B. DEBT RESIRUCIURING INSTRUMENIS:<br>.**...**.....<br>........................||||||||||||||
||1. RESCHEDULINGS:||||||||||||||
||A)Pure Rescheduling<br>Change in the Contractual<br>Stream of|:|||||||||||||
|RS2AP|Amortization Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|RS21P|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Refinancing<br> <br>||||||||||||||
||Peduction<br>in:||||||||||||||
|RFZAP|Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|RF21P|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GD2rs|Capitalization:||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|R2rs|Interest Rate||0.0%|0.0%|<br>0.0%|0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|0.0%|<br>0.0|0.0%|<br>0.0%|
|U2rs|Maturity|10|10|10|10|10|10|10|10|10|10|10|10|10|
|G2rs|Grace Period|3|3|3|3|3|3|3|3|3|3|3|3|3|
||C) Effects on:||||||||||||||
|GD2rs|Gross Disbursements||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AP2rs|Amortization Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IPMrs|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||2. DEBT BUYBACKS:||||||||||||||
||A) Conditions:||||||||||||||
|DELTA2|Discount Rate||0.0%|0.0%|<br>0.0%|0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|B82|Debt Bought Back||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|EF.CBB2|<br>Externally Financed(%)||0.0%|0.0%|<br>0.0%|0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|UR.CBB2|<br>U.se of Reserves (lO||100.0%|100.0%|100.0%|100.0%|100.0%|100.0%|100.0%|100.0%|100.0%|100.0%|<br>10|1000%|
|EB.CB82|<br> <br>Exit Bonds (2)||0.0%|0.0%|<br>0.0%|0.0%|<br> <br>0.0%|<br> <br>0.0%|<br> <br>0.0%|<br> <br>0.0%|<br>0.0%|<br> <br>0.0%|<br>.<br> <br>0.0%|.<br> <br>0.0%|
|Reb|Interest Rate||2.5%|2.5%|<br>2.5%|2.5%|<br>2.5%|<br>2.5%|<br>2.5%|<br>2.5%|2.5%|<br>2.5%|<br> <br>2.5%|<br><br> <br>2.5%|
|Ieb|Maturity||10|10|10|10|10|10|10|10|10|10|10|10|
|Geb|<br>Grace Period||3|3|3|3|3|<br>3|<br>3|<br>3|<br>3|<br>3|<br>3|3|
|DE.CBB2|<br>Debt-Equity Swaps (X)||0.0%|0.0%|<br>0.0%|0.0%|0.0%|<br>0.0%|<br>0.0%|<br>0.0%|0.0%|<br>0.0S|<br>0.0%|<br>0.0%|
|A.DE8B|<br>AdditionalcCy of DFI||0.0%|0.0%|<br>0.0%|0.0%|0.0%|<br>0.0%|0.0%|<br>0.0%|0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|rK|Profit Rate||0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|||1986<br>.............................|1989|1990|T<br>1991<br>...............................|ABLE 13:<br>1992<br>.............................|OlhER NU<br>1993|tILAJERA<br>1994|L COUCES<br>1995|SIONA*<br>1996|1199<br>. ..|1996<br>..................................|1999<br>..................................-|2000|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||**0)**finaneing:<br>||||||||||||||
|CU2|Cost of Suyback||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|_(f1U12_|<br>EntxrnallyFinwiced||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|1U112|UseofReserves||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|**E6w2**|Exit<br>**lands**||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|_DEUS2_|<br>Debt-Equity Swaps||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|**o.oo**|0.00|0.00|0.00|
||C) Effects<br>on:||||||||||||||
|AP2bb<br>|<br> <br>Amrtization<br>Payments<br> <br>||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|APZeb|<br>Ofwhich:ExitBonds||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IPZbb|<br>Interest<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IP2eb|Ofwhich:<br>Exit<br>Bonds|||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||3. ACCUOMLATIUOfAMEAIS:||||||||||||||
||A) Arrears<br>on:||||||||||||||
|AR2AP|Anortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AR21P|Interest<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|CD2ar|**R)**Capitalization:||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|P2ar<br>WZar|Interest<br>rate<br>Maturity|0.01<br>38.00|0.01<br>38.00|0.01<br>38.00|0.01<br>38.00|0.01<br>38.00|0.01<br>38.00|0.01<br>38.00|0.01<br>38.00|0.01<br>38.00|0.01<br>38.00|0.01<br>38.60|0.01<br>38.00|0.01<br>38.00|
|C2ar|<br>Grace Period|10.00|10.00|10.00|10.00|10.00|10.00|10.00|10.00|10.00|10.00|10.00|<br>10.00|<br>10.00|
||C) Effects<br>on:||||||||||||||
|GClar|<br>Gross Disbuwsements||||||||||||||
|P2ar|Amortilation<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IP2ar|Interest<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||4. WRIIE-DfFfS:||||||||||||||
|UOFF2|A) Debt Forgiven||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||0)Effects<br>on:||||||||||||||
|AP2wof|<br>f<br>Amortization<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IP2wof|f<br>Interest<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||C. RESTRUCTURED<br>DEBI:||||||||||||||
|GD2r|Gross Disbursements||37.72|47.18|17.68|10.64|6.07|0.99|0.65|0.25|0.10|0.00|0.00|0.00|
|AP2r|Amortization Payments||42.71|51.58|29.70|34.35|32.66|54.38|72.48|206.44|169.35|156.85|182.38|<br>183.10|
|ND2r|metDisbursements||-4.99|-4.40|<br>-12.02|-23.71|-26.59|-53.39|*71.83|-20o.19|-169.25|-156.85|-182.38|-183.10|
|_02r_|Restructured Debt|1064.10|1059.12|1054.71|1042.70|1018.99|992.40|939.01|867.17|660.98|491.73|334.88|152.50|<br>-30.60|
|D2b|01 hihEit<br>d||000||||||||||||
|e|wc:x<br>Bons||.|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||Interest Rate||||||||||||||
|R2e|OnWon-Restructured Debt||3.8%|4.1%|<br>4.1%|4.1%|4.2%|4.2%|4.3S|4.1%|4.0%|3.6X|<br>5.6X|12.4X|
|R2r|IniciCIt||3.8%|<br>4.1%|<br>4.1%|<br>4.1%|4.2%|<br>4.2%|4.3%|4.1%|<br>4.0X|<br>3.6X|<br>5.6X|<br>12.4%|
|IP2.|Interest<br>Payments||40.78|43.82|43.47|43.14|42.63|41.40|40.76|35.55|26.72|17.93|18.86|18.90|
1 g TABtE 13: OTHER MULIILATERAL CONCESSIONAt

|||1988<br>.|1989<br>.....<br>**...**...<br>...<br>...|1990<br>...........<br>...........|1991<br>....................|1992<br>.......|1993|1994<br>...<br>. ...|1995<br>.........|1996<br>..............|1997<br>........|1998<br>....................|1999|2000|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||0.NEWDEBT:||||||||||||||
|_It2_|Maturity|38.00|38.00|38.00|<br>38.00|38.00|38.00|38.00|38.00|38.00|38.00|38.00|38.D^|38.00|
|G2|Grace Period<br>.........................................|10.00<br>............................................................|10.00<br>....................................|10.00<br>................................|10.00|10.00|10.00|10.00|10.00|10.00|10.00|10.00|10.00|10.00|
|_12_|lime Profile<br>of GD2n<br>~~~~~~~~~~||_2%_|<br>9%|<br>_17%_|<br>_22%_|<br>19%|<br>13%|<br>10%|<br>_7%_|<br>0%|<br>0%|<br>0%|<br>0%|
|C2|<br>.........................................**.**.......................<br>Coantitments|.............................................................|.....................................<br>0.00|......<br>0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|..**.**......................**.....**.........<br>0.00|
|G02n|GrossDisbursements|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AP2n|Amortization Payments|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|MD2n|Net Disbursements||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|02n|Stock of Debt||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|R2n|Interest Rate|1.40%|<br>1.40%|<br>1.40%|<br>1.40%|<br>1.40%|<br>1.40%|<br>1.40%|<br>1.40%|<br>1.40%|<br>1.40%|<br>1.40%|<br>1.40%|<br>1.40%|
|IP2n|Interest Payments|||0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|<br>0.00|0.00|
||E. TOTAL DEBt:<br>.............||||||||||||||
|GC2t|Gross Disbursements|0.00|37.72|47.18|17.68|10.64|6.07|0.99|0.65|0.25|0.10|0.00|0.00|0.00|
|AP2t|Amortization Payments|0.00|42.71|51.58|29.70|34.35|32.66|54.38|72.48|206.44|169.35|156.85|182.38|183.10|
|ND2t|Met Disbursements||-4.99|-4.40|-12.02|-23.71|-26.59|-53.39|-71.83|-206.19|-169.25|-156.85|-182.38|*183.10|
|D2t|StockofDebt|1064.10|1059.12|1054.71|1042.70|1018.99|992.40|939.01|867.17|660.98|491.73|334.88|152.50|-30.60|
|R2t|Interest Rate||3.83%|<br>4.14%|<br>4.12%|<br>4.14%|<br>4.18%|<br>4.17%|<br>4.34%|<br>4.10%|4.04%|<br>3.65%|<br>5.63%|<br>12.39%|
|IP2t|Interest Payments||40.78|43.82|43.47|43.14|42.63|41.40|40.76|35.55|26.72|17.93|18.86|18.90|
|||1988<br>...<br>............<br>...|1989<br>..<br>........<br>...|1990<br>**....**<br><br>.......|T<br>1991<br>..<br>--|ABLE14:<br>1992<br>-<br>-<br>-<br>-|I8RD<br>1993<br>--<br>-<br>-<br>-|1994<br>-<br>-<br>--<br>-|1995<br>-<br>-<br>-<br>-|
|---|---|---|---|---|---|---|---|---|---|
||D.KEuDEBT:|||||||||
|13C|Maturity<br>|17.00|ii.0|1i.00|17.00|17.00|17.00|ii.oo|17.00|
|G3C|**Grace**Period|4.00|4.00|4.00|4.00|4.00|4.00|4.00|4.00|
|WiCn||0.71|0.7S|0.71|0.7S|0.71|0.71|0.71|0.71|
|3iC|lineProfile<br>of GD3Cn||54S|<br>10|11|9S|<br>7X|<br>3S|<br>21|
|C3C|Comitments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|CD3Cn<br>|<br>Gross Disbursements<br>|0.00<br>|0.00<br> <br>|0.00<br>|0.00<br>|0.00<br> <br>|0.00<br>|0.00<br>|0.00<br> <br>|
|AP3Cn<br>|Amrti;ation Payments<br>|0.00<br>|**o**<br>**o**<br>|**.oo**0.00<br>|o.00<br>|<br>0.00<br>|0.00<br>|0.00<br>|<br>0.00<br>|
|ID3Cn|letDisbutsements|0.00|0.00|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|D3Cn<br>|Stock of Debt<br>|0.00<br>|0.00<br>|0.00<br> <br>|0.00<br>|0.00<br>|**0.g0**<br>|0.00<br>|0.00<br>|
|RWit|Intere=t Rate|0.71|0.7X|<br>0.71|0.71|0.71|_0.7_|_0.71_|0.71|
|IP3Cn|Interest<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||E. TOTAL CONCESSION"l DEBT:|||||||||
|GD3Ct|Gross Disbur6seents|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AP3Ct|Ao etization<br>Payments|0.00<br>|0.70<br>|0.75<br>|0.80<br>|0.86<br>|0.91<br>|0.97<br>|1.04<br>|
|XD3Ct|<br>get<br>Disbursements|0.00|-0.70|-0.75|-0.80|-0.86|-0.91|-0.97|-1.04|
|D3Ct|<br>Stock of Debt|49.98|49.28|48.53|47.73|4.88|45.97|45.n|43.97|
|R3Ct|Interest<br>Rate||4.89S|4.852|4.82X|4.80S|4.76X|4.72X|4.692|
|IP3Ct|Interest<br>Payments||2.44|2.39|2.34|2.29|2.23|2.17|2.11|
||3.101AL IBRD|||||||||
||A. EXISTING DEBT:|||||||||
|GD3X|Gross Disbursements||637.86|510.52|401.25|323.94|259.77|194.68|<br>128.35|
|APXe|Amortization Paywents||473.96|585.20|665.15|720.26|737.18|764.35|<br>_731.80_|
|XD3e|MetDisbursements||163.90|-74.68|-263.89|-196.33|-477.41|-569.68|-603.45|
|D3e|Existing<br>Debt|6129.74|6293.64|6218.96|_5955.07_|5551.74|5011.33|4511.65|390D.20|
|R3e|Interest<br>Rate||8.7X|8.61|8.52|8.42|8.31|8.2x|8.22|
|IP3e|Interest<br>Payewnts||531.35|541.12|527.95|SOu.10|462.00|418.01|367.99|
||S. RESTRUCIURED DEBI:|||||||||
|GD3r|Gross Disbursements||637.86|510.52|401.25|323.94|259.77|194.68|128.35|
|AP3t|Amortization Payments||473.96|585.20|665.15|720.26|737.18|<br>764.35|731.80|
|<br>ND3r|<br>Met Disbursements||163.90|-74.68|-263.89|-396.33|-477.41|-569.68|-603.45|
|D5r|Restructured Debt|6129.74|6293.64|6218.96|5955.07|5558.74|5081.33|4511.65|3908.20|
|D3eb|Of Which: Exit Bonds||0.00|0.00|0.00|0.00|0.00|0.00|<br>0.00|
||Interest<br>Rate:|||||||||
|R3e|OnNon-Restructured<br>Debt||_8.7X_|8.6X|8.51|8.41|8.32|8.22|8.22|
|R3r|Implicit||_8.7X_|<br>8.6X|<br>8.5X|<br>8.4X|<br>8.31|<br>8.22|<br>_8.22_|
|IP3r|<br>Interest Payments||531.35|541.12|527.95|500.10|462.00|418.01|<br>367.99|
**OJ** 0

# IABLE 14: IBRD

|||1988<br>....................<br>.|1989<br>.............|1990<br>....<br>...|1991<br> <br>..<br>....<br>..|1992<br>.<br>......<br>...|1993<br>.......|1994<br>...<br>.....<br>..|1995<br>...<br>....|
|---|---|---|---|---|---|---|---|---|---|
||C.KuOEBT:<br>........<br>.........|||||||||
|C3|C"itmnts||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|CD3n|Gross Disbursements<br> <br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|AP3n|Artixation<br>Payments<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|13n|NetDisbursements|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|03n|Stock of Debt<br> <br>|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|Pln|Interest<br>Rate||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|IP3n|Interest<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||0. IOTAL DEST:|||||||||
|GD3t|Gross Disbursements|0.00|637.86|510.52|401.25|323.94|259.77<br>|194.68<br>|126.35<br>|
|AP3t|Aoortization Payments|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|Wilt|get Disbursements|0.00|<br>163.90|-7468|-263.89|-396.33|-477.41|-569.68|-603.45|
|03t|Stock of Debt|6129.74|6293.64|6218.96|5955.07|5558.74|5061.35|4511.65|3908.20|
|R3t<br>|Interest<br>Rate<br> <br>||8.67S<br>|8.60S<br>|8.49S|8.40Z|8.31S|<br>8.23k|8.16S|
|IP3t|Interest<br>Payments||531.35|541.12|527.95|500.10|462.00|418.01|367.99|
TABLE 14: IBRD 1990 1991 1992 1993 1994 1995 1988 1989

||D. NEW DEBT:<br>Dl. Fast Disbursement||<br>||||<br>|<br>|<br>|
|---|---|---|---|---|---|---|---|---|---|
|M3NF|Maturity|17.00<br>|<br>17.00<br>|17.00<br>|17.00<br>|17.00<br>|<br>17.00<br>|<br>17.00<br>|<br>17.00<br> <br>|
|G3NF|Grace Period|4.00<br>|4.00<br> <br>|4.00<br> <br>|4.00<br> <br>|4.00<br> <br>|4.00<br> <br>|4.00<br> <br>|<br>4.00<br> <br>|
|R3NFn||7.7%|<br>7.7%|<br>7.7%|<br>7.7%|<br>7.7%|<br>7.7%|<br>7.7%|<br>7.7%|
|T3NF|Time ProfiLe of GD3NFn||33%|<br>33%|<br>33%|<br>0%|<br>0%|<br>0%|<br>0%|
||D2. SLow Disbursement||<br>|||<br>|<br>|<br>|<br>170|
|M3NS|Maturity|17.00<br>|<br>17.00<br>|17.00<br>|17.00<br>|<br>17.00<br>|<br>17.00<br>|<br>17.00<br>|<br>.D<br> <br>|
|G3NS|Grace Period|4.00<br>|4.00<br> <br>|4.00<br> <br>|4.00<br> <br>|4.00<br> <br>|4.00<br> <br>|4.00<br> <br>|<br>4.00<br> <br>|
|R3NSn||7.7%|<br>7.7%|<br>7.7%|<br>7.7%|<br>7.7%|<br>7.7%|<br>7.7%|<br>7.7%|
|T3NS|Time ProfiLe of GD3NSn||7%|<br>19%|<br>21%|<br>17%|<br>13%|<br>7%|<br>4%|
|C3N|Commitments||1451.69<br>|-797.01<br>|Z055.02 -<br>|1504.83<br>|<sup>3280.63</sup><br>|<sup>-636.12</sup><br>|<sup>-916.10</sup><br>|
|C3NF|Fast Disbursement||251.95<br>|218.62<br>|113.97<br>|<sup>355.21</sup><br>|<sup>274.64</sup><br>|<sup>334.89</sup><br>|<sup>283.94</sup><br><sup>120004</sup>|
|C3NS|SLow Disbursement||1199.74 -<br>|1015.64<br>|1941.04 -<br>|1860.04<br>|<sup>3005.99</sup><br>|<sup>-971.01</sup><br>|<sup>-.</sup><br>|
|GD3Nn|Gross Disbursements|0.00<br>|167.96<br>|313.71<br>|389.70<br>|458.54<br>|<sup>495.88</sup><br>|<sup>716.07</sup><br>|<sup>573.61</sup><br>|
|GD3NFn|<br>Fast Disbursement|0.00|83.98<br>|156.86<br>|194.85<br>|229.27<br>|<sup>247.94</sup><br>|<sup>321.58</sup><br>|<sup>297.82</sup><br>|
|GD3NSn|<br>Slow Disbursement|0.00|83.98<br>|156.86<br>|194.85<br>|229.27<br> <br>|<sup>247.94</sup><br> <br>|<sup>394.49</sup><br>|<sup>275.79</sup><br> <br>|
|AP3Nn|Amortization<br>Payments|0.00|0.00|0.00<br>|0.00<br>|<br>0.00<br> <br>|<br>0.00<br> <br>|111.67<br>|<br>50.36<br> <br>|
|AP3NFn|<br>Fast Disbursement|0.00<br>|0.00<br>|0.00<br>|0.00<br>|<br>0.00<br> <br>|<br>0.00<br> <br>|19.38<br>|<br>36.20<br> <br>1416|
|AP3NSn|<br>Slow Disbursement|0.00<br>|0.00<br>|0.00<br>|0.00<br>|<br>0.00<br>|<br>0.00<br>|92.29<br>|<br>.<br>|
|ND3Nn|Net Disbursements|0.00|167.96<br>|313.71<br>|389.70<br>|<sup>458.54</sup><br>|<sup>495.88</sup><br>|<sup>604.40</sup><br>|<sup>523.25</sup><br>|
|ND3NFn|<br>Fast Disbursement|0.00|83.98<br>|156.86<br>|194.85<br>|229.27<br>|<sup>?47.94</sup><br>|<sup>302.20</sup><br>|<sup>261.63</sup><br>|
|UD3NSn|<br>Slow Disbursement|0.00<br>|<br>83.98<br>|156.86<br>|194.85<br>|229.27<br>|<sup>"47.94</sup><br>|<sup>302.20</sup><br>|<sup>261.63</sup><br>|
|D3Nn|Stock of Debt|0.00<br>|167.96<br> <br>|481.68<br>|871.37<br>|<sup>1329.91</sup><br>|<sup>1825.79</sup><br>|<sup>2430.19</sup><br>|<sup>2953.44</sup><br>|
|D3NFn|Fast Disbursement|0.00<br>|<br>83.98<br> <br>|240.84<br>|435.69<br>|664.96<br>|<sup>912.90</sup><br>|<sup>1215.09</sup><br>|<sup>1476.72</sup><br>|
|D3NSn<br>|<br>Stow Disbursement<br>|0.00|<br>83.98<br>|240.84<br> <br>|435.69<br> <br>|664.96<br> <br>77|<sup>912.90</sup><br> <br>77|<sup>1215.09</sup><br> <br>77|<sup>1476.72</sup><br> <br>77%|
|R3Nn|Interest Rate||#ARITH|<br>7.7%|<br>7.7|<br>.<br>|<br>.<br> <br>|<br>.<br> <br>|<br>.<br> <br>|
|R3NFn|<br>Fast Disbursement|7.7%<br>|<br>7.7%<br> <br>|<br>7.7%<br> <br>|<br>7.7%<br> <br>|<br>7.7%<br> <br>|<br>7.7%<br> <br>|<br>7.7%<br> <br>|<br>7.7%<br> <br>|
|R3NSn|<br>Slow Disbursement|7.7%|<br>7.7%<br>|<br>7.7%<br>|<br>7.7%<br> <br>|<br>7.7%<br> <br>|<br>7.7%<br>|<br>7.7<br>|<br>7.7%<br>|
|IP3Nn|Interest Payments||0.00|12.93<br>|<br>37.09<br>|<br>67.10<br> <br>|102.40<br> <br>|140.59<br> <br>|<sup>187.12</sup><br> <br>|
|IP3NFn|<br>Fast Disbursement||0.00<br>|6.47<br>|18.54<br>|<br>33.55<br> <br>|<br>51.20<br> <br>|<br>70.29<br> <br>|<br>93.56<br> <br>|
|IP3NSn|<br>Slow Disbursement<br>E. TOTAL NONCONCESSIONAL<br>DEBT:||0.00<br>|6.47<br>|18.54<br>|<br>33.55<br>|<br>r1.20<br>|<br>70.29<br>|<br>93.56<br>|
|GD3Nt|Gross Disbursements|258.47|506.60|520.16|524.92|<sup>561.59</sup>|<sup>567.55</sup><br>|<sup>767.12</sup><br>|<sup>607.19</sup><br>|
|AP3Nt|Amortization<br>Payments|0.00<br>|<br>0.0o<br>|<br>0.00<br>|<br>0.00<br>|<br>0.00<br>|<br>0.00<br>|223.34<br>|100.72<br>|
|ND3Nt|Net Disbursements<br>|-18.84<br>|228.(0<br>|214.61<br>|<sup>215.93</sup><br>|<sup>246.92</sup><br>|<sup>246.42</sup><br>|<sup>313.41</sup><br><sup>2</sup>|<sup>221.68</sup><br><sup>506188</sup>|
|D3Nt<br>|Stock of Debt<br>|3374.20|3602.90<br>|3817.51<br> <br>|<sup>4033.44</sup><br> <br>|<sup>4280.36</sup><br> <br>|<sup>4526.79</sup><br> <br>822|<sup>4840.0</sup><br> <br>808|<sup>.</sup><br> <br>798%|
|R3Nt|Interest Rate||9.25%|<br>8.83%|<br>8.56|<br>8.38|<br>.|<br>.|<br>.|
|<br>IP3Nt|Interest Payments|287.18|312.20|318.20|326.79|<sup>337.97</sup>|<sup>351.80</sup>|<sup>365.62</sup>|<sup>386.01</sup>|

E. TOTAL NONCONCESSIONAL DEBT: GD3Nt Gross Disbursements AP3Nt Amortization Payments ND3Nt Net Disbursements D3Nt Stock of Debt R3Nt Interest Rate IP3Nt Interest Payments
TABLE 14: IBRD

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||2.CONCESSIONAL|||||||||
||A.EXISTING DEBT:|||||||||
|GD3Ce|Gross Disbursements|0.00|0.00|0.00|0.00|0.00|0.oe<br>|0.00<br>|0.00<br>|
|AP3Ce<br>|Amortization<br>Payments<br>|5.56<br>|5.52<br>|2.16<br>|2.27<br>22|2.38<br>238|2.50<br>250|2.61<br>261|2.41<br>-241|
|ND3Ce<br>|Net Disbursements<br> <br>|-5.56<br>|-5.52<br>2827|-2.16<br>2611|-.7<br>2385|-.<br>2147|-.<br>1898|-.<br>1637|.<br>1396|
|03Ce|Existing<br>Debt|33.79|.|.|.|.|.|.|.|
|R3Ce|<br>Interest<br>Rate<br>||4.5X<br>|4.5X<br>|4.51<br>|4.5X<br>|4.41<br>|4.41<br>|4.31<br>|
|IP3Ce|Interest<br>Payments|1.84|1.52|1.28|1.18|1.07|0.96|0.83|0.71|
||B. DEBT RESTRUCTURING<br>INSTRWLENIS:|||||||||
||1. RESCHEDULINGS:|||||||||
||A) Pure Rescheduling<br>Change in the Contractual<br>Stream of|:||||||||
|RS3CAP|<br>Amortization<br>Payments||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|RS3CIP|<br>Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Refinancing|||||||||
||Reduction in:|||||||||
|RF3CAP<br>|<br>Amortization<br>Payments<br> <br>||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|RF3CIP|<br>Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.0o|
|GD3Crs|Capitalization:||0.00|0.00|0.00|0.00|0.00<br>|0.00<br> <br>|0.00<br> <br>|
|R3Crs|Interest Rate|2.0X|<br>2.01|<br>2.0X|<br>2.01|<br>2.0X|<br>2.0X|<br>2.01<br>|<br>2.01<br>|
|M3Crs|Maturity|10|10|10|10|10|10|10<br>|10<br>|
|M3Crs|<br>Grace Period|3|3|3|3|3|3|3|3|
||C) Effects<br>on:<br>|||||||||
|CD3Crs|Gross Disbursements||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|AP3Crs|Amortization<br>Payments||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|IP3Crs|<br>Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||2. DEBT BUYBACKS:|||||||||
||A) Conditions:|||||||||
|DELTA3C|Discount Rate||0.01|<br>0.0%<br>|0.01<br>|0.01<br>|0.0<br>|0.01<br>|0.01<br>|
|BB3C|Debt Bought Back||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|EF.CBB3|Externally Financed (1)||0.01<br>|<br>0.01<br>|<br>0.01<br>|<br>0.01<br>|<br>0.01<br>|<br>0.01<br>|<br>0.01<br>|
|UR.CBB3|Use of Reserves (XI||100.01|100.01|100.01|100.01|100.01|<sup>100.01</sup>|<sup>100.01</sup>|
|EB.CBB3|Exit Bonds (Z)||0.01|0.0|0.0|0.01|<br>0.01|<br>0.01<br>|<br>0.01<br> <br>|
|Reb|Interest Rate||2.51|<br>2.51|<br>2.51|<br>2.51|<br>2.51|<br>2.51<br>|<br>2.51<br>|
|Meb|Maturity||10|10|10|10|10|10|10|
|Geb|<br>G.ace Period||3<br>|3<br>|3<br>|3<br>|3<br>|3<br>|3<br>|
|DE.CBB|3<br>Debt-Equity<br>Swaps(X)<br> <br>||0.01<br>|0.01<br>|0.01<br>|0.01<br>|0.01<br>|0.01<br>|0.01<br>|
|A.DEBB<br>Rk|Additionality<br>of DFI<br>Profit<br>Rate||0.01<br>0.01|0.01<br>0.01|0.01<br>0.01|0.01<br>0.01|0.01<br>0.0|0.01<br>0.01|0.01<br>0.01|
TABLE 14: IBRD

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||B)Financing:|||||||||
|C8B3C|Cost of Buyback||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>000|0.00<br>000|
|EFBB3C|<br>Externally Financed||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>000|.<br>000|.<br>000|
|URBB3C|<br>Useof Reserves||0.00<br>|0.00<br>|0.00<br>|0.00<br>|.<br>000|.<br>000|.<br>000|
|EBBB3C|<br>Exit Bonds<br>||0.00<br>|0.00<br>|0.00<br>000|0.00<br>000|.<br>000|.<br>000|.<br>000|
|DEBB3C|<br>Debt-Equity Swaps||0.00|0.00|.|.|.|.|.|
||C) Effects on:|||||||000|000|
|AP3Cbb|Amortization<br>Payments||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>000|.<br>000|.<br>000|
|AP3Ceb|<br>Of which: Exit Bonds||0.00|0.00<br>|0.00<br>|0.00<br>|.<br>|.<br>|.<br>000|
|IP3Cbb|Interest<sup>Payments</sup>|||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>000|.<br>000|
|IP3Ceb|<br>Of which: Exit Bonds|||0.00|0.00|0.00|0.00|.|.|
||3. ACCUMULATION<br>OF ARREARS:|||||||||
||A) Arrears on:||||000|000|000|000|000|
|AR3CAP|<br>Amortization<br>Payments||0.00<br>|0.00<br>|.<br>|.<br>|.<br>|.<br>|.<br>000|
|AR3CIP|<br>Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|.|
|GD3Car|B)Capitalization:||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|R3Car|Interest rate|0.01<br>|0.01<br> <br>|0.01<br>|0.01<br>|0.01<br>|0.01<br>1|0.01<br>1700|0.01<br>1700|
|W3Car|<br>Maturity|17.00<br>|<br>17.00<br>|17.00<br>|17.00<br>|17.00<br>|7.00<br>400|.<br>400|.<br>400|
|G3Car|Grace Period|4.00|4.00|4.00|4.00|4.00|.|.|.|
||C) Effects<br>on:<br>||||||000|000|000|
|GD3Car|<br>Gross Disbursements||0.00<br>|0.00<br>|0.00<br>|0.00<br>|.<br>|.<br>|.<br>000|
|AP3Car|Amortization<br>Payments<br>||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>000|0.00<br>000|.<br>000|
|IP3Car|Interest<br>Payments|||0.00|0.00|0.00|.|.|.|
||4.WRITE-OFFS:|||||||||
|UOFF3C|A) Debt Forgiven||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Effects<br>on:||||||||000|
|AP3Cwo|f<br>Amortization<br>Payments|||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|.<br> <br>|
|IP3Cwo|f<br>Interest<br>Payments|||0.00|0.00|0.00|0.00|0.00|<br>0.00|
||C. RESTRUCTURED<br>DEBT:|||||||||
|||||||||000|000|
|GD3Cr|Gross Disbursements|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|.<br>|.<br>|
|AP3Cr|Amortization<br>Payments|5.56<br>|5.52<br>|2.16<br>|2.27<br>|2.38<br>2|2.50<br>250|2.61<br>-261|2.41<br>-241|
|ND3Cr|Net Disbursements|-5.56|-5.52|-2.16|-2.27|-.38|-.|.|.<br>|
|<br>D3Cr|<br>Restructured<br>Debt|33.79|<br>28.27<br>|26.1'<br>|23.85<br>|21.47<br>|<br>18.98<br> <br>|<br>16.37<br> <br>|<br>13.96<br> <br>000|
|D3Ceb|<br>Of which: Exit Bonds<br>||0.00|0.0(|0.00|0.00|<br>0.00|<br>0.00|<br>.|
||interest Rate:||||||<br>|<br>|<br>|
|R3Ce|On Non-Restructured<br>Debt<br>||4.5X<br>|<br>4.5X<br> <br>45|<br>4.5X<br> <br>45X|<br>4.5X<br> <br>45X|<br>4.4X<br> <br>44X|<br>4.4X<br> <br>44X|<br>4.3X<br> <br>4.3X|
|R3Cr|Iplicit||4.5X|<br>.X|<br>.|<br>.<br>|<br>.<br> <br>|<br>.<br> <br>|<br><br> <br>|
|IP3Cr|<br>Interest Payments|1.84|<br>1.52|<br>1.28|1.18|1.07|<br>0.96|<br>0.83|<br>0.71|
# TABLE 14: IBRD

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||0. NEW DEBT:|||||||||
|M3C|Maturity|17.00|<br>17.00|17.00|<br>17.00|<br>17.00|<br>17.00|<br>17.00|<br>17.00|
|G3C|Grace Period|4.00|4.00|4.00|4.00|4.00|4.00|4.00<br>|<br>4.00<br> <br>|
|fSCn||0.7%|<br>0.7%|0.7%"|<br>0.7%|<br>0.7%|0.7%|<br>0.7%|<br>0.7%|
|T3C|Time Profile of GD3Cn||54%|<br>10%|<br>11%|<br>9%|Y<br>7X|<br>3%|<br>2%|
|C3C|Commitments||0.00|0.00|0.00|0.00|0.00|0.00|<br>0.00|
|<br>GD3Cn|Gross Disbursements|0.00|<br>0.00|0.00|0.00|<br>0.00|0.00|0.00|<br>0.00|
|AP3Cn|Amortization<br>Payments|0.00|<br>0.00|0.00|0.00|0.00|0.00|0.00|<br>0.00|
|ND3Cn|Net Disbursements|0.00|<br>0.00|0.00|0.00|<br>0.00|<br>0.00|0.00|<br>0.00|
|D3Cn|Stock of Debt|0.00|<br>0.00|0.00|0.00|<br>0.00|<br>0.00|0.00|<br>0.00|
|R3Cn|Interest Rate|0.7%|<br>0.7%|<br>0.7Y|.<br>0.7%|<br>_0.7%_|<br>0.7%|<br>0. 7%|<br>0.7%|
|IP3Cn|Interest Payments||0.00|0.00|0.00|<br>0.00|<br>0.00|0.00|<br>0.00|
||E. TOTAL CONCESSIONAL<br>DEBT:|||||||||
|GD3Ct|Gross Disbursements|0.00|<br>0.00|0.00|0.00|<br>0.00|<br>0.00|0.00|<br>0.00|
|AP3Ct|Amortization<br>Payments|5.56|<br>5.52|2.16|2.27<br>|<br>2.38<br> <br>|<br>2.50<br> <br>|2.61<br> <br>|<br>2.41<br> <br>|
|ND3Ct|Net Disbursements|-5.56|<br>-5.52|<br>-2.16|<br>-2.27|<br>-2.38|<br>-2.50|<br>-2.61|<br>-2.41|
|D3Ct|Stock of Debt|33.79|<br>28.27|26.11|<br>23.85|<br>21.47|<br>18.98|<br>16.37|<br>13.96|
|R3Ct|Interest Rate||4.51%|<br>4.53%|<br>4.51%|<br>4.48%|<br>4.45%|<br>4.39%|<br>4.32%|
|<br>IP3Ct|<br>Interest Payments|1.84|<br>1.52|<br>1.28|<br>1.18|<br>1.07|<br>0.96|0.83|<br>0.71|
||3.TOTAL IBRD|||||||||
||A. EXISTING DEBT:|||||||||
|GD3e|Gross Disbursements|258.47|338.63|206.44|135.23|103.05|<br>71.67|<br>51.06|<br>33.58|
|<br>AP3e|<br>Amortization<br>Payments|282.87|283.42|307.70|311.26|'17.04|<sup>323.63</sup>|<sup>344.64</sup>|<sup>337.56</sup>|
|ND3e|<br>Net Disbursements|-24.40|<br>55.21|-101.26|-176.07|, 13.99|<sup>-251.95</sup>|<sup>-293.59</sup>|<sup>-303.98</sup>|
|D3e|Existing Debt|3408.00|3463.21|3361.95|3185.92|Z971.93|<sup>2719.97</sup>|<sup>2426.39</sup>|<sup>2122.41</sup>|
|R3e|Interest Rate||9.2%|<br>8.9%|<br>8.7%|<br>8.5%|<br>8.4%|<br>8.3%|<br>8.2%|
|IP3e|Interest Payments|289.02|313.72|306.55|290.87|271.95|<sup>250.35</sup>|<sup>225.87</sup>|<sup>199.60</sup>|
||B. RESTRUCTURED<br>DEBT:|||||||||
|GD3r|Gross Disbursements|258.47|338.63|206.44|135.23|103.05|<br>71.67|<br>51.06|<br>33.58|
|<br>AP3r|<br>Amortization<br>Payments|<br>282.87|<br>283.42|<br>307.70|<br>311.26|<br>317.04|<br> <sup>323.63</sup>|<sup>344.64</sup>|<sup>337.56</sup>|
|<br>ND3r|<br> <br>Net Disbursements|-24.40|<br>55.21|-101.26|-176.03|-213.99|-251.95|<sup>-293.59</sup>|<sup>-303.98</sup>|
|D3r|Restructured<br>Debt|3408.00|3463.21|3361.95|3185.92|2971.93|2719.97|<sup>2426.39</sup>|<sup>2122.41</sup>|
|<br>D3eb|<br> <br>Ofwhich: Exit Bonds||<br>0.00|<br> <br>0.00|<br> <br>0.00|<br> <br>0.00|<br> <br>0.00|<br> <br>0.00|<br>0.00|
||Interest Rate:|||||||||
|R3e|<br>On Non-Restructured<br>Debt||9.2%|<br>8.9%|<br>8.7%|<br>8.5%|<br>8.4%|<br>8.3%|<br>8.2%|
|R3r|Implicit||9.2%|<br>8.9X|<br>8.7%|<br>8.5%|<br>8.4%|<br>8.3%|<br>8.2%|
|IP3r|<br>Interest Payments|289.02|313.72|306.55|290.87|271.95|<sup>250.35</sup>|<sup>225.87</sup>|<sup>199.60</sup>|
**VI 1./**

# TABLE 14: IBRD

|1988<br>1989<br>;990<br>1991<br>1992<br>1993<br>1994<br>1995|
|---|

||C. NEW DEBT:|1|45169 -|79701<sup>2</sup>|<sup>055.02 -</sup>|<sup>1504.83 3</sup>|<sup>280.63</sup>|<sup>-636.12 -</sup>|<sup>916.10</sup>|
|---|---|---|---|---|---|---|---|---|---|
|C3<br>|Commitments<br>|<br>000|.<br>167.97|. <br>313.71|<br><sup>389.70</sup>|<br><sup>458.54</sup>|<br><sup>495.88</sup><br>|<br><sup>716.07</sup><br>|<br><sup>573.61</sup><br>|
|GD3n<br>|Gross Disbursements<br> <br>|.<br>000|<br>000|<br>0.00|0.00|0.00|0.00|111.67|<sup>50.36</sup>|
|AP3n<br>|Amortization<br>Payments<br>|.<br>000|.<br>167.97|<sup>313.71</sup>|<sup>389.70</sup>|<sup>458.54</sup>|<sup>495.88</sup>|<sup>604.40</sup>|<sup>523.25</sup>|
|ND3n|Net Disbursements<br>|.<br>000|<br>16797|<sup>481.68</sup>|<sup>871.37 1</sup>|<sup>329.91 1</sup>|<sup>825.79</sup>|<sup>2430.19 2</sup>|<sup>953.44</sup>|
|D3n<br>|Stock of Debt<br>|.|. <br>#ARITH|<br>0.08|<br>0.08|<br>0.08<br>|<br>0.08<br>|<br>0.08<br>|<br>0.08<br>|
|R3n|Interest<sup>Rate</sup><br>||<br>000|12.93|37.09|67.10|102.40|<sup>140.59</sup>|<sup>187.12</sup>|
|IP3n|Interest Payments||.|||||||

# D. TOTAL DEBT:

|GD3t|....<br>.........<br>Gross Disbursements<br> <br>|258.47<br>000|506.60<br>000|<sup>520.16</sup><br>0.00|<sup>524.92</sup><br>0.00|<sup>561.59</sup><br>0.00|<sup>567.55</sup><br>0.00|<sup>767.12</sup><br>223.34|<sup>607.19</sup><br><sup>100.72</sup>|
|---|---|---|---|---|---|---|---|---|---|
|AP3t|Amortization<br>Payments<br>|.<br>-2440|.<br><sup>22318</sup>|<sup>212.45</sup>|<sup>213.66</sup>|<sup>244.55</sup>|<sup>243.93</sup>|<sup>310.81</sup>|<sup>219.27</sup>|
|ND3t|Net Disbursements<br>|.<br>340800|<sup>.</sup><br>363117<sup>3</sup>|<br><sup>843.63 4</sup>|<br><sup>057.29 4</sup>|<br><sup>301.84 4</sup>|<br><sup>545.77 4</sup>|<br><sup>856.57</sup>|<br><sup>5075.84</sup>|
|D3t<br>|Stock of Debt<br>|.|. <br>9.21%|<br>8.80%|<br>8.53%|<br>8.36%|<br>8.20%|<br> <br>8.06%|<br> <br>7.96%|
|R3t|Interest Rate<br>|28902|<br><sup>31372</sup>|<sup>319.48</sup>|<sup>327.96</sup>|<sup>339.04</sup>|<sup>352.75</sup>|<sup>366.46</sup>|<sup>386.72</sup>|
|IP3t|Interest<sup>Payments</sup>|.|<sup>.</sup>|||||||
TABLE 15: OTHER MULTILATERAL NONCONCESSIONAL

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||A. EXISTING DEBT:|||||||||
|GD4e|Gross Disbursements|130.88|<br>146.95|159.77|143.41|117.19|<br>81.44|51.66|<br>29.24|
|AP4e|Amortization<br>Payments|62.55|<br>57.23|64.69|71.65|82.65|93.63|99.10|106.76|
|ND4e|Net Disbursements|68.33|<br>89.72|95.08|71.75|34.54|-12.19|<br>-47.43|<br>-77.52|
|D4e|Existing Debt|1099.05|1188.77|1283.85|1355.61|1390.15|1377.96|1330.52|1253.00|
|R4e|<br>Interest Rate||10.1%|<br>10.4%|<br>10.3%|<br>10.1%|<br>9.9%|<br>9.8%|<br>9.7%|
|IP4e|Interest Payments|94.99|<br>111.20|123.60|132.14|137.28|<br>138.13|<br>134.94|<br>128.75|
||S. DEBT RESTRUCTURING<br>INSTRUMENTS:<br>1. RESCHEDULINGS:|||||||||
||A) Pure Rescheduling|||||||||
||Change in the Contractual<br>Stream of|:||||||||
|RS4AP|Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|RS41P|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Refinancing|||||||||
||Reduction in:|||||||||
|RF4AP|Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|RF41P|<br>Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GD4rs|Capitalization:||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|R4rs|Interest Rate||2.0%|<br>2.0%|<br>2.0%|<br>2.0%|<br>2.0%|<br>2.0%|<br>2.0%|
|M4rs|Maturity|10|10|10|10|10|10|10|10|
|G4rs|Grace Period|3|3|3|3|3|3|3|3|
||C) Effects on:|||||||||
|GD4rs|Gross Disbursements||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AP4rs|Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IP4rs|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||2. DEBT BUYBACKS:|||||||||
||A) Conditions:|||||||||
|DELTA4|Discount Rate||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|884|Debt Bought Back||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|EF.CBB4|<br>Externally<br>FinancedtX)||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|UR.CBB|4 Use of Reserves(X)||100.0%|100.0%|100.0%|100.0%|100.0%|<br>100.0%|<br>100.0%|
|EB.CBB<br>|<br>4<br>Exit BondstX)<br> <br>||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|C.00<br>|
|Reb|Interest<br>Rate||2.5%|2.5%|2.5%|2.5%|2.5%|2.5%|25%|
|<br>Meb|<br> <br>Maturity||<br>10|<br>10|<br>10|<br>10|<br>10|<br>10|.<br>10|
|Geb|<br>Grace Period||3|3|<br>3|<br>3|<br>3|<br>3|3|
|DE.CBB<br>|4<br>Debt-Equity<br>SwapsSX)<br> <br> <br>||0.00<br>|0.00<br>|0.00|0.00|0.00|0.00|0.00|
|A.DEBB|<br>Additionality<br>of DFI||0.0%|0.0%|0.G%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|Rk|<br>Profit<br>Rate||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|
TABLE 15: OTHER MULTILATERAL NONCONCESSIONAL

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||B) Financing:|||||||||
|CBB4|Costof Buyback||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|EFBB4<br>|<br>Externatty Financed<br>||0.00<br>|0.00<br>|0.00<br>|<br>0.00<br>|<br>0.00<br>|<br>0.00<br>|<br>0.00<br>|
|URBS4|Use of Reserves||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|EBBB4|Exit Bonds||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|DEBB4|Debt-Equity<br>Swaps||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||C) Effects<br>on:|||||||||
|AP4bb|Amortization<br>Payments<br>||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AP4eb<br>|Of which: Exit Bonds<br> <br>||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IP4bb|Interest<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|
|IP4eb|Of which: Exit Bonds|||0.00|0.00|0.00|0.00|0.00|0.00|
||3. ACCUMULA(1ON<br>OF ARREARS:|||||||||
||A) Arrears<br>on:|||||||||
|AR4AP|Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AR41P|Interest<br>Payments||0.00|0.00|0.00|0.00|0.00|<br>0.00|<br>0.00|
|GD4ar|B)Capitalization:||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|R4ar|<br>Interest rate|0.08|<br>0.08|0.08|0.08|0.08|0.08|<br>0.08|<br>0.08|
|N4ar|Maturity|20.00|<br>20.00|20.00|<br>20.00|20.00|20.00|<br>20.00|<br>20.00|
|G4ar|Grace Period|4.00|<br>4.00|4.00|4.00|4.00|4.00|<br>4.00|<br>4.00|
||C) Effects on:|||||||||
|GD4ar|Gross Disbursements||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AP4ar|Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IP4ar|Interest Payments|||0.00|0.00|0.00|0.00|<br>0.00|<br>0.00|
||4.WRITE-OFFS:|||||||||
|WOFF4|A) Debt Forgiven||0.00|0.00|0.00|0.00|0.00|<br>0.00|<br>0.00|
||B) Effects on:|||||||||
|AP4wof|f Amortization<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|
|IP4wof|fInterest<br>Payments|||0.00|0.00|0 00|0.00|<br>0.00|<br>0.00|
||C. RESTRUCTURED<br>DEBT:|||||||||
|GD4r|Gross Disbursements|130.88|<br>146.95|<br>159.77|<br>143.41|117.19|<br>81.44|51.66|<br>29.24|
|AP4r|Amortization<br>Payments|62.55|<br>57.23|64.69|71.65|82.65|93.63|99.10|<br>106.76|
|ND4r|Net Disbursements|68.33|<br>89.72|95.08|71.75|34.54|-12.19|<br>-47.43|<br>-77.52|
|D4r|Restructured<br>Debt|1099.05|1188.77|1283.85|1355.61|1390.15|1377.96|1330.52|1253.00|
|D4eb|Of which: Exit Bonds||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||Interest Rate:|||||||||
|R4e|on Non-Restructured<br>Debt||10.1X|<br>10.4%|<br>10.3%|<br>10.1%|<br>9.9%|9.8%|<br>9.7%|
|R4r|laplicit||10.1%|<br>10.4%|<br>10.3%|<br>10.1%|<br>9.9%|9.8%|<br>9.7%|
|IP4r|Interest Payments|94.99|111.20|123.60|<br>132.14|137.28|138.'3|<br>134.94|128.75|
# TABLE 15: OTHER MULTILATERAL NONCONCESSIONAL

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||0. NEW DEBT:<br>|||||||||
|144<br>|Maturity<br>|20.00<br>|20.00<br>|20.00<br>|20.00<br>|20.00<br>|20.00|20.00|20.00|
|G4|Grace Period|4.00|4.00|4.00|4.00|4.00|4.00|4.00|4.00|
|T4|Time Profile of GD4n||10X|<br>122|<br>16X|<br>18X|<br>16%|<br>12X|<br>92|
|C4<br>|Commitments<br> <br>||569.68<br>|380.40<br>|-46.24|-23.36|187.68|1009.11|<br>4.12|
|GD4n<br>|<br>Gross Disbursements<br> <br> <br>|0.00<br>|56.97<br>|106.40<br>|132.17|155.52|168.19|<br>240.60|236.85|
|AP4n<br>|<br>Amortization<br>Pavments<br> <br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00|35.60|59.38|
|ND4n<br>|<br>Net Disbursements<br>|0.00<br>|56.97<br>|106.40<br>|132.17|155.52|168.19|<br>204.99|177.47|
|D4n<br>|Stock of Debt<br>|0.00<br>|56.97<br> <br>|163.37<br>|295.54|451.06|619.25|824.24|1001.71|
|R4n<br>|Interest Rate<br> <br>|7.8%|<br>7.82<br>|<br>7.8X<br>|<br>7.8%<br>|<br>7.8%|<br>7.8%|<br>7.82|<br>7.8%|
|IP4n|<br>Interest Payments||0.00|4.44|12.74|23.05|35.18|48.30|64.29|
||E. TOTAL DEBT:|||||||||
|GD4t<br>|Gross Disbursements<br> <br>|130.88<br>|203.91<br>|266.17|275.58<br>|272.71|249.63|292.26|266.09|
|AP4t<br>|Amortization<br>Payments<br>|62.55<br>|57.23<br>|64.69|71.65|82.65|93.63|134.70|166.14|
|ND4t<br>|Net Disbursements<br>|68.33<br>|146.69<br>|201.48<br>|203.93<br>|190.06<br>|156.00<br>|157.56|99.95|
|D4t<br>|Stock of Debt<br> <br>|1099.05|1245.74<br>|1447.22<br>|1651.15<br>|1841.21|1997.20|2154.76|2254.71|
|R4t<br>IP|Interest<br>Rate<br> <br>||10.122<br>|10.282<br>|10.01%<br>|9.71X<br>|9.41X<br>|9.17X|8.96X|
|4t|Interest<br>Payments|94.99|111.20|128.05|144.89|160.34|173.31|183.24|193.04|
# IABLE 16: BILATERAL CONCESSIONAL

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||A. EXISTING DEBT:|||||||||
|GD5e|Gross Disbursements|766.88|486.93|432.48|371.95|247.41|75.00|38.75<br>|19.98<br>|
|AP5e|Amortization<br>Payments|11.71|123.31|137.54<br>|223.25<br>|281.61<br>|344.29<br>|365.23<br>|382.58<br>|
|ND5e|Net Disbursements|755.17|363.61|294.93|148.70|-34.20|-269.29|-326.48<br>|-362.60<br>|
|D5e|Existing<br>Debt|4719.19|5082.80<br>|5377.74<br>|5526.43|5492.24|5222.95|489o.,'<br>|4533.87<br> <br>|
|R5e<br>|<br>Interest<br>Rate<br> <br>||3.5%<br>|3.5%<br>|3.4%<br>11|3.4%<br>18523|<br>3.3%<br>17927|<br>3.2%<br>16829|<br>3.2X<br>15595|
|IP5e|Interest<br>Payments|52.96|165.81|175.95|83.5|.|.|.|.|
||B.DEBT RESTRUCTURING<br>INSTRUMENT<br>1. RESCHEDULINGS:|S:||||||||
||A) Pure Rescheduling<br>Change in the Contractual<br>Stream o|f:||||||||
|RS5AP|<br>Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00<br>|0.00<br>|
|RS51P|<br>Interest<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Refinancing<br>Reduction in:|||||||||
|RF5AP|Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|RF5IP|<br>Interest<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GD5rs|Capitalization:||0.00|0.00|0.00|0.00|0.00|<br>0.00|<br>0.00|
|<br>R5rs|<br>Interest<br>Rate||0.0%|<br>0.0%<br>|<br>0.0%<br>|<br>0.0%<br>|<br>0.0%<br>|<br>0.0%<br>|<br>0.0%<br>|
|M5rs|Maturity|10|<br>10|10|10|10|10|10|10|
|<br>G5rs|<br>Grace Period|3|3|3|3|3|3|3|3|
|GDSrs|C) Effects<br>on:<br>Gross Disbursements||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|<br>AP5rs|<br>Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00<br>|0.00<br>|0.00<br>|
|IP5rs|<br>Interest<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||2. DEBT BUYBACKS:|||||||||
||A) Conditions:|||||||||
|DELrA5|<br>Discount Rate||0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|<br>BB5|<br>Debt Bought Back||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|<br>EF.CBB|<br>5<br>ExternaLty<br>Financed (x)||0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|<br>URCB5|<br> <br> <br> <br>Use of Reserves tX)||100.0%|<br>100.0%|<br>100.0%|<br>100.0%|<br>100.0%|<br>100.0%|<br>100.0%|
|.<br>EBCBB|<br> <br>5 Exit<br>Bonds**t%)**||0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|.<br>Reb|<br> <br>Interest<br>Rate||2.5%|<br>2.5%|<br>2.5%|<br>2.5%|<br>2.5%|<br>2.5%|<br>2.5%|
|<br>Meb|<br> <br>Maturity||10|10|10|10|10|10|10|
|<br>Geb|<br>Grace Period||3|3|3|3|3|3|3|
|<br>|<br> <br>|||<br>|<br>00|<br>00|<br>00%|<br>00%|<br>00%|
|DE.CBB|5 Debt-Equity<br>Swaps (t)||0.0%|<br>0.0%|<br>.%|<br>.|<br>.|<br>.|<br>.<br>|
|<br>A.DEBB|<br> <br> <br>AdditionaLity<br>of DFI||0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|<br>Rk|<br> <br>Profit<br>Rate||0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
ON **0** TABLE 16: BILATERAL CONCESSIONAL

||B) Financing:<br> f|1988|1989<br>|1990<br>|1991<br> <br>|1992<br> <br>|1993<br> <br>|1994<br>|1995|
|---|---|---|---|---|---|---|---|---|---|
|CBB5<br>EFBB5|CostoBuyback<br>EtlL<br>||0.00<br>|0.00<br>|<br>0.00<br> <br>|<br>0.00<br> <br>|<br>0.00<br> <br>|<br>0.00<br> <br>|<br>0.00<br> <br>|
|<br>|xernay<br>Financed<br>||0.00<br>|0.00<br>|<br>0.00<br> <br>|<br>0.00<br> <br>|<br>0.00<br> <br>|<br>0.00<br>|<br>0.00|
|URBB5<br>EBBB5|UseofReserves<br>Eit Bd||0.00<br>|0.00<br>|<br>0.00<br>|<br>0.00<br>|<br>0.00<br>|<br>0.00<br>|<br>0.00<br>|
|<br>DEBB5|x ons<br>Dbt-Eit<br>S||0.00<br>|0.00<br>|0.00<br> <br>|0.00<br> <br>|0.00<br> <br>|0.00<br> <br>|0.00<br> <br>|
||equy<br>waps||0.00|0.00|<br>0.00|<br>0.00|<br>0.00|<br>0.00|<br>0.00|
|AP5bb|C) Effects<br>on:<br>Amortization<br>Paments||000|000||||||
|<br>AP5b|<br>y<br>Of hih<br>||.<br>|.<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|e<br>IP5bb|wc: Exit<br>Bonds<br>Itt<br>P||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|<br>IP5b|neres<br>ayments<br>f|||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|e|O which: Exit Bonds|||0.00|0.00|0.00|0.00|0.00|0.00|
||3. ACCLUULATION<br>OF ARREARS:|||||||||
||A) Arrears on:<br> <br>|||||||||
|AR5AP<br>AR51P|Amortization<br>Payments<br>Interest<br>Pt||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
||<br>aymens||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GD5ar<br>|B) Capitalization:<br> <br>||0.00<br>|3.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|R5ar<br>M5ar|Interest<br>rate<br>Maturit|0.03<br>2200|0.03<br>2200|0.03<br>2200|0.03<br>|0.03<br>|0.03<br>|0.03<br>|0.03<br>|
|<br>|y<br>|.<br>|.<br>|.<br>|22.00<br>|22.00<br>|22.00<br>|22.00<br>|22.00<br>|
|G5ar|Grace Period|6.40|6.40|6.40|6.40|6.40|6.40|6.40|6.40|
|GD5|C) Effects<br>on:<br>|||||||||
|.r<br>|Gross Disbursements<br> <br>||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00|
|AP5ar<br>IP5r|Amortization<br>Payments<br>Itt<br>P||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|a|neres<br>ayments|||0.00|0.00|0.00|0.00|0.00|0.00|
||4. WRITE-OFFS:|||||||||
|WOFF5|A) Debt Forgiven||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Effects<br>on:<br> <br> <br>|||||||||
|AP5woff<br>|<br>Amortization<br>Payments<br> <br>|||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|IP5woff|Interest<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|
||C. RESTRUCTURED<br>DEBT:<br>|||||||||
|GD5r<br>|Gross Disbursements<br> <br>|766.88<br>|486.93<br>|432.48<br>|371.95|247.41|75.00|38.75|19.98|
|AP5r<br>|Amortization<br>Paym-nts<br>|11.71<br>|123.31<br>|137.54<br>|223.25<br>|281.61|344.29|365.23|382.58|
|ND5r|Net Disbursements|755.17|363.61|294.93|148.70|-34.20|-269.29|-32648|-36260|
|D5r|Rttd<br>Db||<br>||<br> <br>|<br>|<br>|.<br>|.<br>|
|<br>|esrucure<br>et<br>|4719.19|5082.80<br> <br>|5377.74|5526.43<br>|5492.24|5222.95|4896.47|4533.87|
|D5eb|Of which: Exit Bonds<br>I<br>||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||nterest<br>Rate:<br> <br>|||||||||
|R5e<br>R5|OnNon-Restructured<br>Debt<br>lLii||3.5X<br>|3.5X<br>|3.4X<br>|3.4X<br>|3.3%<br>|3.21<br>|3.2X<br>|
|r<br>IP5r|mpct<br>Interest<br>Payments|52.96|3.5X<br>165.81|3.51<br>175.95|3.41<br>183.51|3.41<br>185.23|3.31<br>179.27|3.21<br>168.29|3.21<br>155.95|
co

# TABLE 16: BILATERAL<sup>CONCESSIONAL</sup>

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||D. NEW DEBT:|||||2200|2200|2200|2200|
|M5|Maturity|22.00<br>|22.00<br>|22.00<br>|22.00<br>640|.<br>640|.<br>640|.<br>640|.<br>640|
|G5|Grace Period|6.40|6.40|6.40|.|.|.|.|.|
|||||<br>||<br>|<br>8%|<br>2%|<br>1%|
|T5|Time Profite of GD5n||18%|<br>33%|23%|<br>25%|<br>|<br>|<br>|
|C5|Commitments|<br>|1354.60<br>|46.61<br>|1326.50<br>|-674.85<sup>2</sup><br><sup>66564</sup>|<sup>874.66 -</sup><br><sup>71985</sup>|<sup>1547.14</sup><br><sup>87738</sup>|<sup>3650.46</sup><br><sup>75958</sup>|
|GD5n|Gross Disbursements|0.00<br>|243.83<br>|<sup>455.41</sup><br>|<sup>565.71</sup><br>000|<sup>.</sup><br>000|<sup>.</sup><br>000|<sup>.</sup><br>000|<sup>.</sup><br>000|
|AP5n|A irtization Payments|0.00<br>|0.00<br>|0.00<br>|.<br>|.<br><sup>66564</sup>|.<br><sup>71985</sup>|.<br><sup>87738</sup>|.<br><sup>75958</sup>|
|ND5n|Net Disbursements|0.00<br>|243.83<br>|<sup>455.41</sup><br>|<sup>565.71</sup><br>|<sup>.</sup><br><sup>93059</sup>|<sup>.</sup><br><sup>65044</sup>|<sup>.</sup><br><sup>352782</sup>|<sup>.</sup><br><sup>428741</sup>|
|D5n|Stock of Debt|0.00<br>|243.83<br> <br>|<sup>699.24</sup><br> <br>|<sup>264.94</sup><br> <br>34%|<sup>.</sup><br> <br>34%|<sup>.</sup><br> <br>34%|<sup>.</sup><br> <br>34%|<sup>.</sup><br> <br>34%|
|R5n|Interest Rate|3.4%|<br>3.4%<br>|<br>3.4%<br>|<br>.<br>|<br>.<br>4301|<br>.<br>6564|<br>.<br> <br>9011|<br>.<br>11995|
|IP5n|Interest Payments||0.00|8.29|23.77|.|.|<br>.|.|
||E. TOTAL DEBT:|||||||||
|GD5t|Gross Disbursements|766.88<br>|730.75<br>|887.88<br>|<sup>937.66</sup><br>|<sup>913.05</sup><br><sup>28161</sup>|<sup>794.85</sup><br><sup>34429</sup>|<sup>916.14</sup><br><sup>36523</sup>|<sup>779.56</sup><br><sup>38258</sup>|
|AP5t|Amortization<br>Payments|11.71<br>|123.31<br>|<sup>137.54</sup><br>|<sup>223.25</sup><br>|<sup>.</sup><br><sup>6314</sup>|<sup>.</sup><br><sup>45057</sup>|<sup>.</sup><br><sup>55090</sup>|<sup>.</sup><br><sup>39698</sup>|
|ND5t|Net Disbursements|755.17<br>|607.44<br>|<sup>750.34</sup><br>|<sup>714.41</sup><br>|<sup>.5</sup><br><sup>742283</sup>|<sup>.</sup><br><sup>787339</sup>|<sup>.</sup><br><sup>842430</sup>|<sup>.</sup><br><sup>882128</sup>|
|D5t|Stock of Debt|4719.19|5326.63 <br>|<sup>6076.97</sup><br> <br>|<sup>791.38</sup><br> <br>341%|<sup>.</sup><br> <br>336%|<sup>.</sup><br> <br>330%|<sup>.</sup><br> <br>328%|<sup>.</sup><br> <br>3.28%|
|R5t|Interest Rate||3.51%<br>|<br>3.46%<br>|<br>.<br>|<br>.<br>|<br>.<br><sup>24491</sup>|<br>.<br><sup>25840</sup>|<br><br><sup>27590</sup>|
|IP5t|Interest Payments|52.96|165.81|184.24|<sup>207.29</sup>|<sup>228.24</sup>|<sup>.</sup>|<sup>.</sup>|<sup>.</sup>|
on

# TABLE 17: BILATERAL NONCONCESSIONAL

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||A. EXISTING DEBT:|||||||||
|GD6e|Gross Disbursements|31.37|72.32|40.14|24.10|8.04<br>|0.00<br>|0.00<br>|0.00<br>|
|AP6e|Amortization<br>Payments|27.48|95.41|107.45<br>|202.23<br>|245.25<br>|245.71<br>|244.22<br>|238.18<br>|
|ND6e|Net Disbursements|3.90<br>|-23.09<br>|-67.31<br>|-178.13<br>|-237.21<br>|<sup>-245.71</sup><br>|<sup>-244.22</sup><br>|<sup>-238.18</sup><br>|
|D6e|Existing Debt|1426.00|1402.91<br>|1335.60<br> <br>|<sup>1157.47</sup><br> <br>|920.26<br> <br>|674.55<br> <br>|430.33<br> <br>|192.15<br> <br>|
|R6e|Interest Rate||8.3%<br>|<br>8.2%<br>|<br>8.0%<br>|<br>7.8%<br>|<br>7.6%<br>|<br>7.4%<br>|<br>7.0%<br>|
|IP6e|Interest Payments|67.42|119.05|115.57|106.58|89.98|70.13|49.98|30.07|
||B. DEBT RESTRUCTURING INSTRUMENTS:|||||||||
||1. RESCHEDULINGS:|||||||||
||A) Pure Rescheduling|||||||||
||<br> <br>f|||||||||
||Change in the ContractuaL<br>Stream o|||||||||
|RS6AP|Amortization Payments||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|RS61P|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Refinancing|||||||||
||Reduction in:|||||||||
|RF6AP|Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00<br>|0.00<br>|
|RF61P|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GD6rs|Capitalization:||0.00|0.00|0.00|0.00|0.00|0.00|0.00<br>|
|R6rs|<br>Interest Rate||2.0%|<br>2.0%|<br>2.0%<br>|<br>2.0%<br>|<br>2.0%<br>|<br>2.uX<br>|<br>2.0%<br>|
|M6rs|Maturity|10|10|10|10|10|10|10<br>|10<br>|
|G6rs|Grace Period|3|3|3|3|3|3|3|3|
||C) Effects on:|||||||||
|GD6rs|Gross Disbursements||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AP6rs|Amortization<br>Payments||0.00|0.00|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|IP6rs|<br>Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||2. DEBT BUYSACKS:|||||||||
||A) Conditions:||||||<br>|<br>|<br>|
|DELTA6|Discount Rate||0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%<br>|<br>0.0%<br>|
|BS6|Debt Bought Back||0.00|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|EF.CBB|<br>6<br>Externalty<br>Financed(%)||0.0%|<br>0.0%|<br>0.0%|0.0%|0.0%|0.0%|0.0%<br>|
|UR.CBB|<br>6 Use of Reserves<sup>(X)</sup>||100.0%|<br>100.0%|<br>100.0%|<br>100.0%|<br>100.0%<br>|<br>100.0X<br> <br>|<br>100.0%<br> <br>|
|EBCBB|6 Exit Bonds (X)||0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|.<br>Reb|<br>Interest Rate||<br>2.5%<br>|<br> <br>2.5%<br>|<br>2.5%<br>|<br>2.5%<br>|<br>2.5%<br>|<br>2.5%<br>|<br>2.5%<br>|
|Meb|Maturit||10|10|10|10|10|10|10|
|<br>Geb|y<br>Grace Period||3|3|3|3|3|3|3|
|<br>DE.CBB|<br>6 Debt-Equity<br>Swaps (%)<br>||0.0%<br>|<br>0.0%<br> <br>|<br>0.0%<br> <br>|<br>0.0%<br> <br>|<br>0.0%<br> <br>|<br>0.0%<br> <br>|<br>0.0%<br> <br>|
|A.DEBB|<br>AdditionaLity<br>of DFI||0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|<br>Rk|<br> <br>Profit Rate||0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
TABLE 17: BILATERAL<sup>NONCONCESSIONAL</sup>

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||B) Financing:|||||||||
|**CBB6**|<br>Cost of Buyback||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|EFB86|Externally<br>Financed<br>||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>000|
|UR8B6|Use of Reserves<br>||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>000|0.00<br>000|.<br>000|
|EEB86|Exit Bonds<br> <br>||0.00<br>|0.00<br>|C.00<br>|0.00<br>|.<br>000|.<br>000|.<br>000|
|**DEB6**|Debt-Equity<br>**Swaps**||0.00|0.00|0.00|0.00|.|.|.|
||C) Effects<br>on:|||||||||
|AP6bb|Amortization<br>Payments||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|AP6eb|Of which: Exit Bonds||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|IP6bb|Interest<br>Payments<br> <br>|||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>000|0.00<br>000|
|IP6eb|Of which: Exit<br>Bonds|||0.00|0.00|0.00|0.00|.|.|
||3. ACCUMULATION<br>OF ARREARS:|||||||||
||A) Arrears on:|||||||||
|AR6AP|<br>Amortization<br>Payments||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|AR61P|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GD6ar|B) Capitalization:||0.00|0.00|0.00|0.00|0.00<br>|0.00<br>|0.00<br>|
|<br>R6ar|<br>Interest rate|0.10<br>|0.10<br> <br>|0.10<br>|0.10<br>|0.10<br>|0.10<br>|0.10<br>|0.10<br> <br>1300|
|M6ar|Maturity|13.00|<br>13.00|13.00<br>|13.00<br>|13.00<br>|13.00<br>|13.00<br>|<br>.<br>|
|G6ar|Grace Period|3.00|3.00|3.00|3.00|3.00|3.00|3.00|3.00|
||C) Effects<br>on:|||||||||
|GD6ar|<br>Gross Disbursements||0.00|0.00|0.00|0.00|0.00<br>|0.00<br>|0.00<br>|
|AP6ar|Amortization<br>Payments||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|IP6ar|<br>Interest Payments|||0.00|0.00|0.00|0.00|0.00|0.00|
||4. WRITE-OFFS:|||||||||
|WOFF6|A) Debt Forgiven||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Effects on:|||||||||
|AP6wof|f Amortization<br>Payments|||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|IP6wof|f Interest Payments|||0.00|0.00|0.00|0.00|0.00|0.00|
||C. RESTRUCTURED<br>DEBT:|||||||||
|GD6r|Gross Disbursements|31.37|<br>72.32|40.14|24.10|8.04|0.00|0.00|0.00|
|<br>AP6r|<br>Amortization<br>Payments|27.48|<br>95.41|107.45<br>|<br>202.23<br>|245.25<br>|<br>245.71<br>|244.22<br>|<br>238.18<br>|
|ND6r|Net Disbursements|3.90<br>|<br>-23.09<br>|<br>-67.31<br>|-178.13<br>|-237.21<br> <br>|<sup>-245.71</sup><br> <br>|<sup>-244.22</sup><br>43033|<sup>-238.18</sup><br> <br>19215|
|D6r|Restructured<br>Debt|1426.00|1402.91|<sup>1335.60</sup>|<sup>1157.47</sup>|<br>920.26|<br>674.55|.|<br>.|
|<br>D6eb|<br> <br>Of which:Exit Bonds<br>||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||Interest Rate:|||||||||
|R6e|On Non-Restructured<br>Debt||8.3%|<br>8.2%<br>|<br>8.0%<br> <br>|<br>7.8%<br> <br>|<br>7.6%<br> <br>|<br>7.4%<br> <br>|<br>7.0%<br> <br>|
|R6r|Implicit||8.3%|<br>8.2%|<br>8.0%|<br>7.8%|<br>7.6%|<br>7.4%|<br>7.0%<br>|
|IP6r|<br>Interest Payments|67.42|<br>119.05|<br>115.57|<br>106.58|<br>89.98|70.13|49.98|<br>30.07|
# TABLE 17: BILATERAL NONCONCESSIONAL

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||D. NEW DEBT:|||||||||
|16|Maturity|13.00|13.00|13.00|13.00|13.00|<br>13.00|<br>13.00|<br>13.00|
|G6|Grace Period|3.00|3.00|3.00|3.00|3.00|3.00|3.00|3.00|
|T6|Time Profile of GD6n||13%|<br>30%|<br>25%|<br>15%|<br>8%|<br>5%|<br>4%|
|C6|Commitments||517.89|-227.85|731.42|-433.47|1465.28|-1364.07|2707.45|
|GD6n|<br>Gross Disbursements|0.00|67.33|125.75|156.20|<br>183.80|<br>250.55|<br>271.27|<br>311.88|
|AP6n|<br>Amortization<br>Payments|0.00|0.00|0.00|0.00|0.00|51.79|<br>29.00|102.15|
|ND6n|<br>Net Disbursements|0.00|67.33|125.75|156.20|<br>183.80|<br>198.77|<br>242.26|<br>209.74|
|D6n|Stock of Debt|0.00|67.33|193.07|349.28|533.07|731.84|<br>974.10|1183.84|
|R6n|Interest Rate|9.9%|<br>9.9%|<br>9.9%|<br>9.9%|<br>9.9%|<br>9.9%|<br>9.9%|<br>9.9%|
|IP6n|<br>Interest Payments||0.00|6.67|19.11|34.58|52.77|<br>72.45|96.44|
||E. TOTAL DEBT:|||||||||
|GD6t|<br>Gross Disbursements|31.37|139.65|165.89|180.30|<br>191.84|<br>250.55|<br>271.27|<br>311.88|
|AP6t|<br>Amortization<br>Payments|27.48|95.41|107.45|<br>202.23|245.25|297.53|<br>273.22|<br>340.33|
|ND6t|<br>Net Disbursements|3.90|44.24|58.44|-21.92|<br>-53.42|<br>-46.95|<br>-1.95|<br>-28.45|
|D6t|Stock of Debt|1426.00|1470.24|1528.67|1506.75|1453.33|1406.39|1404.43|1375.99|
|R6t|Interest<br>Rate||8.35%|8.31%|8.22%|8.27%|<br>8.46%|<br>8.71%|<br>9.01%|
|IP6t|Interest<br>Payments|67.42|119.05|122.23|125.70|124.56|122.90|122.43|126.50|
U'

# TABLE 18: PRIVATE BONDS

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||A. EXISTING DEBT:|||||||||
|GD7e|Gross Disbursements|0.00|<br>0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AP7e|Amortization<br>Payments|169.93|<br>167.30|173.60|151.87|36.43|34.44|10.60|5.26|
|WD7e|Net DisbLarsements|-169.93|-167.30|-173.60|-151.87|-36.43|-34.44|-10.60|-5.26|
|D7e|Existing Debt|579.50|<br>412.20|238.60|86.73|50.30|15.86|5.26|0.00|
|R7e|Interest Rate||7.3%|<br>7.0%|6.4%|6.3X|6.0%|<br>6.3%|3.8%|
|IP7e|Interest Payments|56.25|<br>42.46|28.79|15.22|5.49|3.00|0.99|0.20|
||8. DEBT RESTRUCTURING INSTRUMENTS:|||||||||
||1. RESCHEDULINGS:|||||||||
||A) Pure Rescheduling<br>Changein the Contractual<br>Stream of:|||||||||
|RS7AP|<br>Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|RS71P|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Refinancing<br>|||||||||
||Reduction in:|||||||||
|RF7AP|Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|RF71P|<br>Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GD7rs|Capitalization:||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|R7rs|Interest Rate||2.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|0.0%|
|M7rs|Maturity|10|10|10|10|10|10|10|10|
|G7rs|Grace Period|3|3|3|3|3|3|3|3|
||C) Effects<br>on:|||||||||
|GD7rs|<br>Gross Disbursements||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AP7rs|Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IP7rs|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||2. DEBT BUYBACKS:|||||||||
||A) Conditions:|||||||||
|DELTA7|Discount Rate||0.0%|<br>0.0%|<br>0.0%|0.0%|0.0X|<br>0.0%|0.0%|
|BB7|Debt Bought Back||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|EF.CBB|<br>7 Externally Financed (X)||0.0%|<br>0.0%|<br>0.0%|0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|<br>UR.CBB|<br>7 Use of Reserves (M)||100.0%|<br>100.0%|<br>100.0%|<br>100.0%|<br>100.0%|<br>100.0%|<br>100.0%|
|<br>EB.CB8|<br>7 Exit Bonds C%)||0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|Reb|Interest Rate||2.5%|<br>2.5%|<br>2.5%|2.5%|2.5%|<br>2.5%|2.5%|
|Meb|Maturity||10|10|10|10|10|10|10|
|<br>Geb|<br>Grace Period||3|3|3|3|3|3|3|
|DE.CBB|7 Debt-Equity Siaps(M)||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|
|A.DEBB|<br>Additionality<br>ot DFI||0.0%|<br>0.0%|<br>0.0%|0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|Rk|<br>Profit Rate||0.0%|<br>0.0%|<br>0.0%|0.0%|0.0%|<br>0.0%|0.0%|
0 TABLE 18: PRIVATE BONDS

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||9) Financing:|||||||||
|CBB7|Cost of Buyback||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|EFBB7|Externally<br>Financed||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|URBB7|Use of Reserves||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.30<br>|0.00<br>|0.00<br>000|
|EBB?7|Exit Bonds<br>||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|.<br>|
|DEBB7|Debt-Equity<br>Swaps||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||C) Effects<br>on:<br>||||||||000|
|AP7bb|Amortization<br>Payments||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|.<br>|
|AP7eb|Of which: Exit<br>Bonds||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|IP7bb|Interest<br>Payments|||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|IP7eb|Of which: Exit<br>Bonds|||0.00|0.00|0.00|0.00|0.00|0.00|
||3. ACCLMULATION<br>OF ARREARS:|||||||||
||A) Arrears on:|||||||||
|AR7AP|Amortization<br>Payments||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|AR71P|Interest<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GD7ar|B) Capitalization:||0.00|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|R7ar|<br>Interest<br>rate||0.10<br>|0.10<br>|0.10<br>|0.10<br>|0.10<br>|0.10<br>|0.10<br>|
|M7ar|Maturity|6.00<br>|6.00<br>|6.00<br>|6.00<br>|6.00<br>|6.00<br>|6.00<br>|6.00<br>|
|G7ar|Grace Period|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||C) Effects<br>on:<br>|||||||000|000|
|WD7ar|Gross Disbursements||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|.<br>|.<br>|
|AP7ar|Amortization<br>Payments||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|WP7ar|Interest<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|
||4.WRITE-OFFS:|||||||||
|UOFF7|A) Debt Forgiven||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Effects<br>on:|||||||||
|AP7ioff|Amortization<br>Payments|||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|IP7woff|<br>Interest<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|
||C. RESTRUCTURED<br>DEBT:|||||||||
|GD7r|Gross Disbursements|0.00|0.00|0.00|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|AP7r|Amortization<br>Payments|169.93|167.30|173.60|151.87|36.43|34.44<br>|10.60<br>|5.26<br>|
|ND7r|<br>NetMisbursements|-169.93|-167.30|-173.60<br>|-151.87<br>|-36.43<br>|-34.44<br>|-10.60<br>|-5.26<br>|
|D7r|Restructured<br>Debt|579.50|412.20|238.60|86.73|50.30|15.86|5.26<br>|0.00<br>|
|D7eb|Of which: Exit<br>Bonds<br> <br>||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||Interest<br>Rate:|||||||||
|R7e|On Non-Restructured<br>Debt||7.3X<br>|7.0X<br>|6.4X<br>|6.3X<br>|6.0X<br>|6.3X<br>|3.8X<br>|
|R7r|Implicit||7.3X|7.0X<br>|6.4X<br>|6.3X<br>|6.0X<br>|6.3X<br>|3.8X<br>|
|IP7r|Interest<br>Payments|56.25|42.46|28.79|15.22|5.49|3.00|0.99|0.20|
# TABLE 18: PRIVATE BONDS

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||0. NEW DEBT:|||||||||
|NY|maturity|6.00|6.00|6.00|6.00|6.00|6.00|6.00|6.00|
|G7|Grace Period|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|T7|Time Profile<br>of GD7n||100%|<br>0X|<br>0%|<br>0X|0X|<br>0X|<br>0X|
|C7|Commitments||19.74|40.15|55.77|73.15|89.73|117.44|127.48|
|GD7n|Gross Disbursements|0.00|19.74|40.15|55.77|73.15|89.73|117.44|127.48|
|AP7n|Amortization<br>Payments|0.00|0.00|3.29|9.98|19.28|31.47|46.42|66.00|
|ND7n|Net Disbursements|0.00|19.74|36.86|45.79|53.88|58.27|71.02|61.48|
|D7n|Stock of Debt|0.00|19.74|56.60|102.39|156.26|214.53|285.55|<br>347.03|
|R7n|Interest<br>Rate||10.0%|<br>10.0%|<br>10.0%|<br>10.0%|<br>10.0%|<br>10.0%|<br>10.0%|
|IP7n|Interest<br>Payments||0.00|1.97|5.66|10.24|15.63|21.45|28.55|
||E. TOTAL DEBT:|||||||||
|GD7t|Gross Disbursements|0.00|19.74|40.15|55.77|73.15|89.73|117.44|127.48|
|AP7t|Amortization<br>Payments|169.93|<br>167.30|176.89|161.85|55.71|65.91|57.02|71.26|
|ND7t|Net Disbursements|-169.93|-147.57|-136.74|-106.08|17.45|23.83|60.42|56.22|
|D7t|Stock of Debt|579.50|<br>431.93|295.19|189.12|206.56|230.39|290.81|347..,|
|R7t|Interest Rate||7.33%|<br>7.12%|<br>7.07%|<br>8.31%|<br>9.02%|<br>9.74%|<br>9.89%|
|IP7t|<br>Interest Payments|56.25|<br>42.46|30.76|20.87|15.72|18.63|22.45|28.75|
_an_ o

# TABLE 19: PRIVATE CONhERCIAL BANKS

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||A. EXISTING DEBT:|||||||||
|GD8e|Gross Disbursements|8.00|93.32|47.00|32.90|23.50|35.25|11.75|0.00|
|AP8e<br>|Amortization<br>Payments<br>|621.19<br>|359.07<br> <br>|531.48<br>|537.14<br>|531.83<br>|1357.73<br>|1933.96<br>|<br>1160.51<br>|
|ND8&|Net Disbursements|-613.19|<br>-265.75|-484.48|-504.24|-508.33|-1322.48|-1922.21|-1160.51|
|D8e|Existing Debt|9768.83|9503.09|9018.60|8514.36|8006.03|6683.55|4761.34|3600.83|
|R8e<br>IP8e|<br>Interest Rate<br>Interest Payments|859.18|11.9%<br>1166.51|<br>12.8%<br>1218.28|<br>13.4%<br>1209.65|<br>15.1%<br>1286.60|<br>14.7%<br>1180.77|<br>15.3%<br>1022.77|<br>17.8%<br> <br>849.49|
||B. DEBT RESTRUCTURING<br>INSTRUMENTS:<br>1. RESCHEDULINGS:<br>A) Pure Rescheduling|||||||||
||Change in the Contractual<br>Stream of:|||||||||
|RS8AP|Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|RS8IP|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Refinancing|||||||||
||Reduction in:|||||||||
|RF8AP|Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|RF8IP|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GD8rs|CapitaLization:||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|R8rs|Interest Rate||2.0%|0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|"8rs|Maturity|10|10|10|10|10|10|10|10|
|G8rs|Grace Period|3|3|3|3|3|3|3|3|
||C) Effects<br>on:|||||||||
|GD8rs|Gross Disbursements||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AP8rs|Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IP8rs|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||2. DEBT BUYBACKS:|||||||||
||A) Conditions:|||||||||
|DELTA8|<br>Discount Rate||0.0%|0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|<br>0.0%|
|B88|Debt Bought Back||0.00|0.00|0.00|0.00|0.00<br>|0.00<br>|0.00<br>|
|EF.CBB|8 Externally Financed tX)||0.0%|0.0%|<br>0.0%|<br>0.0%|<br>0.0%|0.0%|0.0%|
|<br>UR.CBB|<br>8 Use of Reserves (X)||100.0%|<br>100.0%|<br>100.0%|<br>100.0%|<br>100.0%|<br>100.0%|<br>100.0%|
|<br>EB.CBB|<br>8 Exit<br>Bonds(X)||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|
|Reb|<br>Interest<br>Rate||2.5%|2.5%|2.5%|2.5%|2.5%|2.5%|2.5%|
|web|Maturity||10|10|10|10|10|10|10|
|<br>Geb|<br>Grace Period||3|3|3|3|3|3|3|
|DE.CBB|8 Debt-Equity<br>SwapstX)||0.0%|0.0%|0.0%|0.0%|0*0%|0.0%|0.0%|
|A.DEBB|<br>Additionality<br>of DFI||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|
|Rk|<br>Profit<br>Rate||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|
TABLE 19: PRIVATE COMERCIAL<sup>BANKS</sup>

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||B) Financing:||||||||000|
|CBB8|<br>Cost of Buyback||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>000|0.00<br>000|.<br>000|
|EFBB8|Externally<br>Financed||0.00<br>|0.00<br>|0.00<br>|0.00<br>|.<br>000|.<br>000|.<br>000|
|URBB8|Use of Reserves<br>||0.00<br>|0.00<br>|0.00<br>000|0.00<br>000|.<br>000|.<br>000|.<br>000|
|EBBB8|Exit Bonds||0.00<br>|0.00<br>|.<br>|.<br>000|.<br>000|.<br>000|.<br>000|
|DEBB8|Debt-Equity Swaps||0.00|0.00|0.00|.|.|.|.|
||C) Effects on:||||||000|000|000|
|AP8bb|Amortization<br>Payments||0.00<br>|0.00<br>|0.00<br>|0.00<br>|.<br>|.<br>000|.<br>000|
|APBeb|Of which: Exit Bonds||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|.<br>|.<br>000|
|IP8bb|Interest Payments|||0.00<br>|0.00<br>|0.00<br>|0.00<br>000|0.00<br>000|.<br>000|
|IP8eb|Of which: Exit Bonds|||0.00|0.00|0.00|.|.|.|
||3. ACCIUMLATION<br>OF ARREARS:|||||||||
||A) Arrears on:|||||||||
|AR8AP|<br>Amortization<br>Payments||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>000|0.00<br>000|0.00<br>000|
|AR81P|Interest Payments||0.00|0.00|0.00|0.00|.|.|.|
|G08ar|B) Capitalization:||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|<br>R8ar|<br>Interest rate|0.09<br>|0.09<br>|0.09<br>|0.09<br>|0.09<br>800|0.09<br>800|0.09<br>800|0.09<br>800|
|M8ar|Maturity|8.00|8.00|8.00<br>|8.00<br>|.<br>|.<br>|.<br>|.<br>300|
|G8ar|Grace Period|3.00|3.00|3.00|3.00|3.00|3.00|3.00|.|
||C) Effects<br>on:|||||||000|000|
|GD8ar|<br>Gross Disbursements||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|.<br>|.<br>|
|AP8ar|Amortization<br>Payments||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>000|0.00<br>000|0.00<br>000|
|IP8ar|Interest<br>Payments|||0.00|0.00|0.00|.|.|.|
||4. WRITE-OFFS:|||||||||
|WOFF8|A) Debt Forgiven||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Effects<br>on:||||||000|000|000|
|AP8wof|f<br>Amortization<br>Payments|||0.00<br>|0.00<br>|0.00<br>|.<br>|.<br>000|.<br>000|
|IP8woff|<br>Interest<br>Payments|||0.00|0.00|0.00|0.00|.|.|
||C. RESTRUCTURED<br>DEBT:|||||||||
||||||||3525|1175|<br>000|
|GD8r|Gross Disbursements|8.00|93.32|47.00|32.90|23.50<br>|.<br>|.<br>|<br>.<br>|
|AP8r|Amortization<br>Payments|621.19<br>|359.07<br> <br>|531.48<br>|537.14<br>|531.83<br> <br>|1357.73<br>132248|1933.96<br> <sup>-192221</sup>|1160.51<br><sup>-116051</sup>|
|ND8r|Net Disbursements|-613.19|<br>-265.75|-484.48|-504.24|<br>-508.33<br>|-.<br>|<sup>.</sup><br>|<sup>.</sup><br> <br>|
|<br>D8r|Restructured<br>Debt|9768.83|<br>9503.09|9018.60|8514.36|8006.03<br>|6683.55<br>|4761.34<br>|<br>3600.83<br>|
|<br>D8eb|<br>Of which: Exit Bonds<br> <br>||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||Interest<br>Rate:||||||||<br>|
|R8e|On Non-Restructured<sup>Debt</sup>||11.9%<br>|<br>12.8%<br>|<br>13.4%<br>|15.1%<br>|14.7X<br>1472|15.3%<br>153X|<br>17.8X<br>1782|
|wsr|Implicit||11.9%|12.8X<br>|13.42<br>|15.1%<br>|.<br>|.<br>|.<br>|
|IP8r|<br>Interest<br>Payments|859.18|1166.51|1218.28|1209.65|1286.60|1180.77|1022.77|849.49|
°

# TABLE 19: PRIVATE COMERCIAL BANKS

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||D. NEW DEBT:|||||||||
|M8|Maturity|8.00|8.00|8.00|8.00|8.00|8.00|8.00|8.00|
|G8|Grace Period|3.00|3.00|3.00|3.00|3.00|3.00|3.00|3.00|
|T8|Time Profile of GD8n||43%|<br>25%|<br>13%|<br>9%|<br>8%|<br>2%|<br>0%|
|Ca|Commitments||1060.19|1363.77|1346.36|<br>1477.32|<br>1874.48|<br>2821.11|<br>2226.39|
|GD8n|Gross Disbursements|0.00|455.88|851.47|1057.70|<br>1244.55|<br>1557.94|<br>2125.23|<br>2174.25|
|AP8n|Amortization<br>Payments|0.00|0.00|0.00|0.00|0.00|212.04|484.79|754.06|
|ND8n|Net Disbursements|0.00|455.88|851.47|1057.70|<br>1244.55|<br>1345.90|<br>1640.43|<br>1420.19|
|D8n|Stock of Debt|0.00|455.88|1307.35|2365.05|<br>3609.60|<br>4955.50|<br>6595.94|<br>8016.12|
|R8n|Interest Rate|8.6%|8.6%|<br>8.6%|<br>8.6%|<br>8.6%|<br>8.6%|<br>8.6%|<br>8.6%|
|IP8n|<br>Interest Payments||0.00|39.21|112.43|203.39|310.43|426.17|567.25|
||E. TOTAL DEST:<br>..........|||||||||
|GD8t|Gross Disbursements|8.00|549.20|898.47|1090.60|<br>1268.05|<br>1593.19|<br>2136.98|<br>2174.25|
|AP8t|Amortization<br>Payments|621.19|359.07|531.48|537.14|531.83|1569.77|<br>2418.75|<br>1914.58|
|ND8t|Net Disbursements|-613.19|190.14|366.99|553.46|736.22|23.42|-281.78|<br>259.67|
|D8t|Stock of Debt|9768.83|9958.97|10325.95|10879.41|11615.63|11639.05|11357.28|11616.95|
|R8t|Interest Rate||11.94%|<br>12.63%|<br>12.80%|<br>13.70%|<br>12.84%|<br>12.45%|<br>12.47%|
|IP8t|<br>Interest Payments|859.18|1166.51|1257.48|1322.08|<br>1490.00|<br>1491.19|<br>1448.95|<br>1416.74|
TABLE 20: OTHER PRIVATE

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||A. EXISTING DEBT:<br>........<br>.<br>....|||||||||
|GD9e|Gross Disbursements|134.71|117.94|59.75<br>|40.64<br>|29.22<br>|12.75<br>|0.87<br>|0.00<br>|
|AP9e|Amortization<br>Payments|39.70<br>|310.51<br>|282.46<br>|292.96<br>|192.85<br>|298.40<br>|278.88<br>|244.88<br>24488|
|ND9e|Net Disbursements|95.01|-192.58|-222.71<br>|-252.32<br>|-163.64<br>|-285.65<br>|-278.02<br>|-.<br>|
|D9e|Existing Debt|2170.09|1977.51<br>|1754.80<br>|1502.48<br>|1338.85<br>|1053.20<br>|775.18<br>|530.30<br>|
|R9e|Interest Rate||7.2%<br>|7.0%<br>|6.9%<br>|6.9%<br>|6.4%<br>|6.0%<br>2|5.4%<br>4155|
|IP9e|Interest Payments|91.91|155.48|138.97|121.53|103.29|86.29|6.87|.|
||B. DEBT RESTRUCTURING INSTRUMENTS:|||||||||
||1. RESCHEDULINGS:|||||||||
||A) Pure Rescheduling<br>Change in the Contractual Stream of:|||||||||
|RS9AP|<br>Amortization<br>Payments||0.00|0.00|0.00<br>|0.00<br>|U.00<br>|0.00<br>|0.00<br>|
|RS91P|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Refinancing|||||||||
||Reduction in:|||||||||
|RF9AP|Amortization<br>Payments||0.00|0.00|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|RF91P|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GD9rs|Capitalization:||0.00|0.00|0.00|0.00|0.00|0.00|0.00<br>|
|R9rs|<br>Interest Rate||2.0%|0.0%|0.0%|0.0%|0.0%<br>|0.0%<br>|0.0%<br>|
|M9rs|Maturity|10|10|10|10|10<br>|10<br>|10<br>|10<br>|
|G9rs|<br>Grace Period|3|3|3|3|3|3|3|3|
||C) Effects<br>on:|||||||||
|GD9rs|Gross Disbursements||0.00|0.00|0.00|0.00|0.00<br>|0.C3<br>|0.00<br>|
|AP9rs|Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00<br>|0.00<br>|
|IP9rs|<br> <br>Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||2. DEBT BUYBACKS:|||||||||
||A) Conditions:|||||||||
|DLLTA9|<br>Discount Rate||0.0%|0.0%|0.0%|0.0%|0.0%<br>|0.0%<br>|0.0%<br>|
|BB9|Debt Bought Back||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|<br>EF.CBB|<br>9 Externally Financed (X)||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|<br>0.0%<br>|
|UR.CBB|9 Use of Reserves (X)||100.0%|100.0%|<br>100.0%|<br>100.0%|<br>100.0%|<br>100.0%|<br>100.0%|
|<br>EB.CBB|<br>9 Exit Bonds (X)||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%<br>|<br>0.0%<br> <br>|
|Reb|Interest Rate||2.5%|2.5%|2.5%|2.5%|2.5%|2.5%|<br>2.5%<br>|
|Meb|Maturity||10|10|10|10|10|10|10|
|||||||||3|3|
|Geb|Grace Period||3|3|3|3|3<br>|<br>|<br>|
|DE.CBB|9 Debt-Equity<br>Swaps (X)||0.0%|0.0%<br>|0.0%<br>|0.0%<br>|0.0%<br>|0.0%<br>|<br>0.0%<br> <br>|
|A.DEBB|<br>Additionality<br>of DFI||0.0%|0.0%|0.0%|0.0%|0.0%<br>|0.0%<br>|<br>0.0%<br>|
|Rk|<br>Profit Rate||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|O.0X|
# TABLE 20: OTHER PRIVATE

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
|CB89|8) Financing:<br>C f Bbk|||||||||
|<br>EFBB9|ost o uyac<br> <br>Etll<br>Fid||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|<br>URB9|<br>xernay<br>nance<br>f||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00|
|<br>EBBB9|Use o Reserves<br> <br>Exit Bd||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|<br>DEBB9|<br>ons<br> <br>DbtEit<br>S||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
||<br>e-quy<br>waps||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|AP9bb|C) Effects<br>on:<br>Atiti<br>P|||||||||
|<br>|morzaon<br>ayments<br>||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00|0.00|
|AP9eb<br>IP|Of which: Exit Bonds<br> <br>||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|9bb<br>IP9b|Interest<br>Payments<br>|||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|e|Of which: Exit Bords|||0.00|0.00|0.00|0.00|0.00|0.00|
||3. ACCWJLAT1ON<br>OF ARREARS:|||||||||
||A) Arrears on:<br> <br> <br>|||||||||
|AR9AP<br>AR91P|<br>Amortization<br>Payments<br> <br> <br>||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00|0.00|0.00|
||<br>Interest<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GD9ar<br>|B) Capitalization:<br> <br>||0.00<br>|0.00<br>|0. I.<br>|0.00<br>|0.00|0.00|0.00|
|R9ar<br>W9|Interest<br>rate<br>Mtit||0.10<br>|0.10<br>|0.10<br>|0.10<br>|0.10<br>|0.10<br>|0.10<br>|
|ar<br>G9|aury<br>|6.00<br>|6.00<br>|6.00<br>|6.00<br>|6.00<br>|6.00<br>|6.00|6.00<br>s|
|ar|Grace Period|0.00|_o.noo_|0.00|0.00|0.00|0.00|0.00|0.00|
||C) Effects<br>on:<br>|||||||||
|GD9ar<br>|Gross Disbursements<br> <br>||0.00<br>|0.00<br>|0.00<br>|0.00|0.00|0.00|0.00|
|AP9ar<br>IP9|Amortization<br>Payments<br>I<br>||0.00|0.00<br>|0.00<br>|(0.00<br>|0.00<br>|0.00<br>|0.00|
|ar|nterest<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|
||4.WRITE-OFFS:|||||||||
|WOFF9|A) Debt Forgiven||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Effects<br>on:<br> <br>|||||||||
|AP9wof<br>|fAmortization<br>Payments<br> <br> <br>|||0.00|0.00|0.00|0.00|0.00|0.00|
|IP9woff|<br>Interest<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|
||C. RESTRUCTURED<br>DEBT:<br>|||||||||
|GD9r<br>|Gross Disbursements<br> <br>|134.71<br>|117.94|59.75|40.64|29.22|12.75|0.87|0.00|
|AP9r<br>|Amortization<br>Payments<br>|39.70<br>|310.51<br>|282.46<br>|292.96<br>|192.85<br>|298.40<br>|278.88<br>|244.88|
|109r<br>|MetDisbursements<br> <br>|95.01<br>|-192.58<br>|-222.71<br>|-252.32<br>|-163.64<br>|-285.65<br>|-278.02<br>|-244.88|
|09r|Restructured<br>Debt|2170.09|1977.51|1754.80|1502.48|1338.85|1053.20|77518|53030|
|D9eb|Of which: Exit Bands||0.00|0.00|0.00|<br>0.00|<br>0.00|.<br>0.00|.<br>000|
||Interest<br>Rate:||||||||.|
|R9e<br>R|On Non-Restructured<br>Debt<br>||7.2%<br>|7.0X<br>|6.9X<br>|6.9X<br>|6.4X<br>|6.01<br>|5.4X<br>|
|9r|lmplicit||7.21|7.0|6.9X|6.9X|6.4X|6.01|5.4X|
|IP9r|Interest<br>Payments|91.91|155.48|138.97|121.53|103.29|86.29|62.87|41.55|
TABLE 20: OTHER<sup>PRIVATE</sup>

|||1988|1989|1990|1991|1992|1993|'994|1995|
|---|---|---|---|---|---|---|---|---|---|
||D.<br>**.**.ET:|||||||||
|M9|Naturity|6.00<br>|6.00<br>|6.00<br>|6.00<br>000|6.00<br>000|6.00<br>0.00|6.00<br>0.00|6.00<br>0.00|
|G9|Grace Period|0.00|0.00|0.00|.|.|<br>|||
|T9|Time Profite of<sup>GD9n</sup>||100%|0%|0%|0%|0%|0%<br>|0%<br>|
|C9|Commitments||94.90<br>|193.06<br>|268.17<br>26817|351.76<br>35176|431.49<br>43149|564.72<br>564.72|612.99<br>612.99|
|GD9n|Gross Disbursements|0.00<br>|94.90<br>|193.06<br>|.<br>4799|.<br>9269|.<br>151.32|223.23|317.35|
|AP9n|Amortization<br>Payments|0.00<br>|0.00<br>|15.82<br>|.<br>22018|.<br>25907|<br>280.17|341.48|295.64|
|ND9n|Met Disbursements|0.00<br>|94.90<br>|177.25<br>|.<br>49233|.<br>75140|<br>1031.57|1373.06|1668.69|
|D9n|Stock of Debt|0.00|94.90<br>|272.15<br>|.<br>100%|.<br>100%|<br>100%|10.0%|10.0%|
|R9r,|Interest Rate||10.0%<br>|10.0%<br>|.<br>2721|.<br>4923|.<br>75.14|103.16|137.31|
|IP9n|Interest Payments||0.00|9.49|.|.||||
||E. TOTAL DEBT:|||||||||
|||||||38098|44424|56558|612.99|
|GD9t|Gross Disbursements|134.71<br>|212.83<br>|252.81<br>|308.81<br>34095|.<br>28554|.<br>449.71|.<br>502.11|562.23|
|AP9t|Amortization<br>Payments|39.70<br>|310.51<br>|298.27<br>|.<br>-3214|.<br>9544|<br>-547|63.47|50.76|
|ND9t|Net Disbursements|95.01<br>|-97.68<br>|-45.46<br>|.<br>199481|.<br>209025|.<br>208477|2148.24|2199.00|
|D9t|Stock of Debt|2170.09|2072.41<br>|2f26.95<br>|.<br>734%|.<br>765%|.<br>772%|<br>7.96%|8.33%|
|R9t|Interest Rate||7.16%<br>|7.16%<br>14846|.<br>14875|.<br>15252|.<br>161.43|166.02|178.86|
|IP9t|Interest Payments|91.91|155.48|.|.|.||||
# TABLE 21: PRIVATE NON-GUARANTEED

|1988|
|---|

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||A. EXISTING DEBT:<br>.....<br>.......<br>......|||||||||
|GDPRe<br>|Gross Disbursements<br> <br>|0.00<br>|<br>0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|<br>0.00<br>|<br>0.00<br>|
|APPRe<br>|Amortization<br>Payments<br>|100.00<br>|118.00<br>|120.00<br>|115.00<br>|128.00<br>|125.00<br>|118.00<br>|100.00<br>|
|NDPRe<br>|Net Disbursements<br> <br>|-100.00<br>|-118.00<br>|-120.00<br>|-115.00<br>|-128.00<br>|-125.00<br>|-118.00<br>|-100.00<br>|
|DPRe<br>RPR|Existing<br>Debt<br> <br>|992.43|874.43<br>|754.43<br>|639.43<br>|511.43<br>|38'.43<br>|268.43<br>|168.43<br> <br>|
|e<br>|Interest<br>Rate<br> <br>||8.4X<br>|8.3%<br>|8.4%<br>|8.4X<br>|8.3X<br>|8.0X<br>|<br>8.22<br>|
|IPPRe|Interest<br>Payments|123.00|83.00|72.40|63.20|54.00|42.40|31.10|22.10|
||B. DEBT RESTRUCTLIRING<br>INSTRUNENTS<br>1. RESCHEDULINGS;<br>A) Pure Rescheduting<br>Change in the Contractuat<br>Stream of<br> <br>|:<br>:||||||||
|RSPRAP|<br>Amortization<br>Payments||0.00|0.00|0.00<br>|0.00|0.00|0.00|<br>0.00|
|RSPRIP|Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||8)Refinancing<br>|||||||||
||Reduction in:<br> <br> <br>|||||||||
|RFPRAP<br>|<br>Anortization<br>Payments<br> <br>||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00|0.00|
|RFPRIP|Interest<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GDPRrs<br>|CapitaLization:<br> <br>||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00|0.00|0.00|
|RPRrs|Interest<br>Rate<br>||2.02<br>|2.02<br>|2.02<br>|2.0X<br>|2.02<br>|2.02<br>|2.02<br>|
|UPRrs<br>|Maturity<br>|10|10|10|10|10|10|10|10|
|GPRrs|Grace Period|3|3|3|3|3|3|3|3|
||C) Effects<br>on:<br>|||||||||
|GDPRrs|Gross Disbursements||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|APPRrs<br>|Amortization<br>Payments<br> <br>||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IPPRrs|<br>Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||2. DEBT BUYBACKS:|||||||||
||A) Conditions:<br>|||||||||
|DELTAPR|Discount Rate||0.02|0.02|0.02|0.02|0.0|0.02|0.02|
|BBPR<br>|DebtBought Back<br> <br>||0.00<br>|0.00<br>|0.00|0.00|0.00|0.00|0.00|
|EF.CBBP<br>|R Externally<br>Financed(X)<br>||0.0<br>|0.02<br>|0.02<br>|0.02<br>|0.02<br>|0.02<br>|0.02|
|UR.CBBP<br>|R Use of Reserves(%)<br>||100.02|100.02|100.02|100.02|100.02|100.02|100.02|
|EB.CBBP<br>|R Exit Bonds(X)<br> <br>||0.02<br>|0.02<br> <br>|0.02<br>|0.02<br>|0.02<br>|0.02<br>|0.0(.<br>|
|Reb<br>|Interest<br>Rate<br>||2.5X<br>|<br>2.52<br>|2.52<br>|2.52|2.52|2.52|2.52|
|Web|Maturity||10|10|10|10|10|10|10|
|Gob<br>|<br>Grace Period<br> <br>||3|<br>3|<br>3|<br>3|<br>3|<br>3|3|
|DE.CBBP<br>|R Debt-Equity<br>Swaps(X)<br> <br>||0.02<br>|0.02<br>|0.02<br>|0.02<br>|0.02<br>|0.02<br>|0.02<br>|
|A.DEBB|Additionality<br>ofDFI||0.02|0.02|0.02|0.02|0.02|0.02|0.02|
|Rk|<br>Profit<br>Rate||0.02|0.02|<br>0.02|<br>0.02|<br>0.02|<br>0.02|0.02|
TABLE 21: PRIVATE NON-GUARANTEED

|<br> <br>|B) Financing:<br>|1988|1989<br> <br>000|1990<br> <br>000|1991<br> <br>0.00|1992<br>0.00|1993<br>0.00|1994<br>0.00|1995<br>0.00|
|---|---|---|---|---|---|---|---|---|---|
|CBBPR<br>|Cost of Buyback<br>||.<br>000|.<br>000|<br>000|0.00|0.00|0.00|0.00|
|EFBBPR<br>|Externatly Financed<br>||.<br>000|.<br>0.00|.<br>0.00|<br>0.00|0.00|0.00|0.00|
|URBBPR<br>|Use of Reserves<br>||.<br>000|<br>000|0.00|0.00|0.00|0.00|0.00|
|EBBBPR<br>|Exit Bonds<br>||.<br>0.00|.<br>0.00|<br>0.00|0.00|0.00|0.00|0.00|
|DEBBPR|Debt-Equity Swaps|||||||||
|*<br>|C) Effects<br>on:<br> <br>P||000|0.00|0.00|0.00|0.00|0.00|0.00|
|APPRb<br> <br>|Amortization<br>ayments<br>||.<br>000|<br>000|000|000|0.00|0.00|0.00|
|APPReb<br>|Of which: Exit Bonds<br> <br>||.|.<br>000|.<br>000|.<br>0.00|<br>0.00|0.00|0.00|
|IPPRbb<br>|Interest<br>Payments<br>|||.<br>000|.<br>0.00|<br>0.00|0.00|0.00|0.00|
|IPPReb|Of which: Exit<sup>Bonds</sup>|||.||||||
||3. ACCaJMLATION<br>OFARREARS:|||||||||
||A) Arrears on:<br> <br>||000|000|0.00|0.00|0.00|0.00|0.00|
|ARPRAP<br>|Amortization<br>Payments<br>||.<br>000|.<br>000|<br>0.00|0.00|0.00|0.00|0.00|
|ARPRIP|Interest Payments||.|.||||||
|GDPRar|B) Capitalization:<br>||0.00<br>009|0.00<br>009|0.00<br>009|0.00<br>009|0.00<br>0.09|0.00<br>0.09|0.00<br>0.09|
|RPRar<br>|Interest rate<br>i|0.09<br>B.00|.<br>8.00|.<br>8.00|.<br>8.00|.<br>8.00|<br>8.00|8.00|8.00|
|MPRar|Maturty<br>|<br>300|300|300|300|3.00|3.00|3.00|3.00|
|GPRar|Grace Period|.|.|.|.|||||
||C) Effects on:<br>||000|000|000|000|0.00|0.00|0.00|
|GDPRar|Gross Disbursements<br> <br>||.<br>000|.<br>000|.<br>0.00|.<br>0.00|<br>0.00|0.00|0.00|
|APPRar<br>|Amortization<br>Payments<br>||.|.<br>0.00|<br>0.00|0.00|0.00|0.00|0.00|
|IPPRar|Interest Payments|||||||||
||4. WRITE-OFFS:|||||||||
|WOFFPR|A) Debt<sup>Forgiven</sup>||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||8)Effects<br>on:<br> <br>|||000|0.00|0.00|0.00|0.00|0.00|
|APPRwof<br>|f Amortization<br>Payments<br> <br>|||.<br>000|<br>0.00|0.00|0.00|0.00|0.00|
|IPPRuoff|Interest<br>Payments|||.||||||
||C. RESTRUCTURED<br>DEBT:||||000|000|000|000|0.00|
|GDPRr|Gross Disbursements|0.00<br>|0.00<br>|U.00<br>|.<br><sup>11500</sup>|.<br><sup>12800</sup>|.<br><sup>12500</sup>|.<br><sup>11800</sup>|<sup>100.00</sup>|
|APPRr|Amortization<br>Payments|100.00<br>|118.00<br>|<sup>170.00</sup><br>|<sup>.</sup><br>|<sup>.</sup><br><sup>-12800</sup>|<sup>.</sup><br><sup>-12500</sup>|<sup>.</sup><br><sup>-11800</sup>|<br><sup>-10000</sup>|
|NDPRr|Net Disbursements|-100.00|-118.00<br>|<sup>-120.00</sup><br>|<sup>-115.00</sup><br>|<sup>.</sup><br>|<sup>.</sup><br>|<sup>.</sup><br>|<sup>.</sup><br>|
||<br> <br>||87443|75443|<sup>63943</sup>|<sup>51143</sup>|<sup>386.43</sup>|<sup>268.43</sup>|<sup>168.43</sup>|
|DPRr|Restructured<br>Debt<br>|92.43|.<br>|.<br>|<sup>.</sup><br>000|<sup>.</sup><br>000|<br>000|<br>000|<br> <br>0.00|
|OPReb|Of which: Exit Bonds<br>||0.00|0.00|.|.|.|.|<br>|
||Interest Rate:<br> <br>||84%|<br>83%|<br>84%|<br>84%|<br>8.3%|<br>8.0%|<br>8.2%|
|RPRe<br>|On Mon-Restructured<br>Debt<br>||.<br>84%|<br>.<br> <br>8.3%|<br>.<br> <br>8.4%|<br>.<br> <br>8.4%|<br> <br> <br>8.3%|<br> <br>8.0%|<br>8.2%|
|RPRr<br>IPPRr|Implicit<br>Interest Payments|123.00|.<br> <br>83.00|<br> <br>72.40|<br>63.20|54.00|42.40|31.10|<br>22.10|
# TABLE 21: PRIVATE NON-GUARANTEED

||D. NEW DEBT:|1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
|MPR|Maturity|8.00|8.00|8.00|8.00|8.00|8.00|8.00|8.00|
|GPR|Grace Period|3.03|3.00|3.00|3.00|3.00|3.00|3.00|3.00|
|TPR|Time Profite of GDPRn<br>CPR----C<br>--------<br>i--m---nt-----4199-----7843--|100%<br>----9742-----11463-|<br>100%<br>---|<br>0%|<br>0%|<br>0%|<br>0%<br>13237|<br>0X<br> 1751-----|<br>0%<br>--------<br>17438----|
|CPR|<br>..<br>Commitments|..|<br>41.99|78.43|97.42|114.63|.<br>132.37|.<br>175.18|<br>.<br>174.38|
|GDPRn|<br>Gross Disbursements|0.00|41.99|78.43|97.42|114.63|132.37|175.18|174.38|
|APPRn|<br>Amortization<br>Payments|0.00|0.00|0.00|0.00|0.00|8.40|24.08|<br>43.57|
|NDPRn|<br>Net Disbursements|0.00|41.99|78.43|97.42|114.63|123.97|151.10|130.81|
|DPRn|Stock of Debt|0.00|41.99|120.42|217.84|332.48|456.45|607.55|738.36|
|RPRn|Interest Rate|8.6%|<br>8.6%|<br>8.6%|<br>8.6%|<br>8.6%|<br>8.6%|<br>8.6%|<br>8.6%|
|IPPRn|<br>Interest Payments||0.00|3.61|10.36|18.73|28.59|39.25|52.25|
||E. TOTAL DEBT:|||||||||
|GDPRt|<br>Gross Disbursements|0.00|41.99|78.43|97.42|114.63|132.37|175.18|174.38|
|APPRt|<br>Amortization<br>Payments|100.00|118.00|120.00|115.00|128.00|133.40|142.08|143.57|
|NDPRt|<br>Net Disbursements|-100.00|-76.01|-41.57|-17.58|-13.37|<br>-1.03|33.10|30.81|
|DPRt|Stock of Debt|992.43|916.42|874.85|857.27|843.90|842.87|875.97|906.79|
|RPRt|Interest Rate||8.36%|<br>8.29%|<br>8.41%|<br>8.48%|<br>8.41%|<br>8.35%|<br>8.49%|
|IPPRt|<br>Interest Payments|123.00|<br>83.00|76.01|73.56|72.73|70.99|70.35|<br>74.35|
# TABLE 22: IMF

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||A. EXISTING DEBT:|||||||||
|GDINFe|Gross Disbursements||0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|APINFe|Amortization<br>Payments|195.77|196.42|307.31<br>|259.94<br>|132.45<br>|55.43<br>|80.85<br>|61.64<br>|
|NDINFe|Net Disbursements|-195.77|-196.42|-307.31|-259.94<br>|-132.45|-55.43<br>|-80.85<br>|-61.64<br>|
|DINFe|Existing Debt|1093.13|896.72|589.41|329.47|197.02|141.59|60.74|-0.90|
|RIFe|Interest Rate||7.7%|10.7%|12.0%|15.2%|20.1%<br>|23.3%<br>|41.7%<br>|
|IPINFe|Interest Payments|74.11|83.73|96.38|70.57|49.94|39.61|33.05|25.35|
||B. DEBT RESTRUCTURING INSTRUMENTS:|||||||||
||1. RESCHEDULINGS:|||||||||
||A) Pure Rescheduling|||||||||
||Change in the Contractual<br>Stream of:|||||||||
|RSIMFA|P Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|RSINFI|P Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Refinancing|||||||||
||Reduction in:|||||||||
|RFIMFA|P Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|RFIMFI|<br>P Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GDIMFr|s CapitaLization:||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|RIMFrs|<br>Interest Rate||2.0%|2.0%|2.0%|2.0%|2.0%|2.0%|2.0%|
|MINFrs|<br>Maturity|10|10|10|10|10|10|10|10|
|GINFrs|<br> <br>Grace Period|3|3|3|3|3|3|3|3|
||C) Effects on:|||||||||
|GDIMFr|s Gross Disbursements||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|<br>APIMFr|<br>s Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IPINFr|s Interest Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||2. DEBT BUYBACKS:|||||||||
||A) Conditions:|||||||||
|DELTAI|<br>N Discount Rate||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|
|BBIMF|Debt Bought Back||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|<br>EF.CBB|<br>I Externally Financed (X)||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|
|<br>URCBB|<br>I Use of Reserves (%)||100.0%|100.0%|100.0%|100.0%|100.0%|100.0%|100.0%|
|.<br>EB.CBB|<br>I Exit Bonds (%)||<br>0.0%|<br>0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|
|<br>Reb|<br>Interest Rate||2.5%|2.5%|2.5%|2.5%|2.5%|2.5%|2.5%|
|<br>Meb|Maturity||10|10|10|10|10|10|10|
|<br>Geb|<br>Grace Period||<br>3|<br>3|<br>3|3|3|3|3|
|DE.CBB|I Debt-Equity<br>Swaps (M)||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|
|<br>A.DEBB|<br> <br>Additionality<br>of DFI||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|
|Rk|<br>Profit Rate||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|
TABLE 22: IMF

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||B) Financing:|||||||||
|CBBIMF|<br>Cost of Buyback||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|<br>EFBBMI|<br>F Externally<br>Financed||0.00|0.00|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|URBBIM|F Use of Reserves||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|EBBBIR|F Exit Bonds||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|<br>DEBBIM|<br>F Debt-Equity<br>Swaps||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|APIMFb|C) Effects<br>on:<br>b<br>Amortizdtion<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|<br>APINFe|<br> <br> <br>b Of which:<br>Exit Bonds||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IPIMF|b<br>Interest<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|
|<br>IPINFe|<br> <br> <br>b Of which:<br>Exit Bonds|||0.00|0.00|0.00|0.00|0.00|0.00|
||3.ACCUWWLATION<br>OF ARREARS:|||||||||
||A) Arrears<br>on:|||||||||
|ARINFA|P Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|<br>ARIMFI|<br> <br>P Interest<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GDIMFa|r<br>B) Capitalization:||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|<br>RIMFar|<br> <br>Interest<br>rate|0.09|<br>0.09|0.09<br>|0.09<br>|0.09<br>|0.09<br>|0.09<br>|0.09<br>|
|MINFar|Maturity|3.00|<br>3.00|3.00|3.00|3.00|_3.00_|3.00|3.00|
|<br>GIMFar|<br>Grace<br>Period|0.00|<br>0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GDINF|C) Effects on:<br>r Gross Disbursements||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|<br>APINFa|<br>r AmortizationPayments||<br>0.00|<br>0.00|<br>0.00|0.00|0.00|0.00|0.00|
|<br>IPIMFa|<br>r<br>Interest Payments|||0.00|0.00|0.00|0.00|0.00|0.00|
||4. WRITE-OFFS:|||||||||
|WOFFI|NF<br>A) Debt Forgiven||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|APINF|B) Effects on:<br>o Amortization Paments|||000|0.00|0.00|0.00|0.00|0.00|
|<br>IPINFw|y<br>o<br>Interest Payments|||.<br>0.00|<br>0.00|<br>0.00|<br>0.00|0.00|0.00|
||C.RESTRUCTUR**E**D<br>D BT:|||||||||
|GDINF|Gross Disbursements||000|000|0.00|0.00|0.00|0.00|0.00|
|<br>|<br>||.<br>|.<br>|<br>|<br>1324|<br>5543|8085|6164|
|APINFr|Amorti?ation Payments|195.77|196.42|307.31|259.94|.5|.|.<br>|.<br>|
|<br>NDIMF|<br>rNetDisbursements|-195.77|-196.42|-307.31|-259.94|-132.45|-55.43|-80.85|-61.64|
|<br>DIMFr|<br>Restructured Debt|109313|896.72|589.41|329.47|197.02|141.59|60.74|-0.90|
|<br>DIMFeb|<br> <br>Of which: Exit Bonds<br>|.|<br>0.00|<br>0.00|<br>0.00|0.00|0.00|0.00|0.00|
|RINFe|InterestRate:<br> <br>OnNon-RestructuredDebt||7.7X|10.7X|12.0X|15.2l|20.1X|23.3X|41.7X<br>|
|<br>RIMFr|<br> <br>iqplcit||7.7X|10.7X|12.0X|15.2X|20.1X|23.3X<br>|41.7X<br>|
|<br>IPINFr|<br> Interest<br>Payments|74.11|83.73|96.38|70.57|49.94|39.61|33.05|25.35|
# TABLE 22: INF

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||D. NEW DEBT:|||||||||
|NINF|Naturity|3.00|3.00|3.00|3.00<br>|3.00<br>|3.00<br>|3.00<br>|3.00<br>|
|GINF|<br>Grace Period|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|TINF|Time Profite<br>of GDINFn<br>~~~~~<br> <br> <br>|.....<br>........<br>...............|50X<br>..<br>.......|50X<br>...........|01<br>.....<br>........|0X<br>...<br>.....<br>......|01<br>....<br>......<br>..|0X<br>...........|01|
|CINF|**.**<br>.<br>...<br>....<br>..<br>. ..<br>......<br>..<br>......<br> <br>Coeitments|<br>|111.98|171.82|277.18|492.49<br>|495.75<br>|690.79<br>|717.40<br>|
|GDINFn|Gross Disbursements|0.00|55.99|141.90|224.50<br>|339.84<br>|49.12<br>|593.27<br>|704.10<br>|
|APINFn|Amortization<br>Payments|0.00|0.00|37.33|94.60|186.99<br>|283.83<br>|391.81<br>|529.68<br>|
|NDINFn|Net Disbursements|0.00|55.99|104.57|129.90|152.85<br>|165.29<br>|201.47<br>|174.42<br>|
|DINFn|Stock of Debt|0.00|55.99|160.56|290.46|443.30<br>|608.60<br>|810.06<br>|984.48<br>|
|RINFn|Interest<br>Rate|8.7X|8.71|8.7X|8.71<br>|8.71<br>|8.71<br>|8.71<br>|8.71<br>|
|IPINFn|Interest<br>Payments||0.00|4.87|13.97|25.27|38.57|52.95|70.48|
||E. TOTAL DEBT:|||||||||
|GDINFt|Gross Disbursements|0.00|55.99|141.90|224.50|339.84<br>|449.12<br>|593.27<br>|704.10<br>|
|APINFt|Aortization Payments|195.77|196.42|344.63<br>|354.54<br>|319.44<br>|339.26<br>|472.65<br>|591.32<br> <br>|
|NDINFt|Net Disbursements|-195.77|-140.43|-202.74|-130.04<br>|20.40<br>|109.87<br>|120.62<br>|112.78<br>_-4_<br>|
|D.-'t|Stock of Debt|1093.13|952.70|749.97|619.92|640.32|750.19<br>|870.81<br>|983.58<br>|
|RINFt|Interest Rate||7.66X|10.63X<br>|11.27X|12.13X<br>|12.21X<br>|11.461<br>|11.00X<br>|
|IPINFt|Interest Payments|74.11|83.73|101.25|84.54|75.21|78.18|86.00|95.83|
X 0

# TABLE 23: SHORT TERM CAPITAL

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||A.EXISTING DEBT:|||||||||
|GDSTe|Gross Disbursements|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>000|
|APSTe|Amortization<br>Payments|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|.<br>|
|NDle<br>OSTe|NetDisbursements<br>Existing<br>Debt|2.57<br>3888.00|0.76<br>3888.00|-0.22<br>3888.00|-0.58<br>3888.00|-1.30<br>3888.00|-1.50<br>3888.00<br>|-1.50<br>3888.00<br>|-1.69<br>3188.00<br>|
|<br>RSTe|<br>Interest<br>Rate||10.0%<br>|10.0%<br>|10.0%<br>|10.0%<br>|10.0%<br>|10.0%<br>|10.0%<br>000|
|IPSTe|Interest<br>Payments|341.00|0.00|0.00|0.00|0.00|0.00|0.00|.|
||B. DEBT RESTRUCTURING<br>INSTRUMENTS:|||||||||
||1. RESCHEDULINGS:|||||||||
||A) Pure Rescheduling<br>Change in the Contractual<br>Stream of:|||||||||
|RSSTAP|<br> <br>Amortization<br>Payments||0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|RSSTIP|<br>Interest<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Refinancing|||||||||
||Reduction in:|||||||||
|RFSTAP|<br>Amortization<br>Payments||0.00|0.00|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|RFSTIP|<br> <br>Interest<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GDSTrs|<br>Capitalization:||0.00|0.00|0.00|0.00|0.00<br>|0.00<br>|0.00|
|<br>RSTrs|<br> <br>Interest<br>Rate||2.0%|2.0%|2.0%<br>|2.0%<br>|2.0%<br>|2.0%<br>|2.0%<br>|
|NSTrs|Maturity|10|10|10|10|10|10<br>|10<br>|10<br>|
|GSTrs|<br>Grace Period|3|3|3|_3_|3|3|3|3|
||C) Effects on:|||||||||
|GDSTrs|<br> <br>Gross Disbursements||0.00|0.00|0.00|0.00<br>|0.00<br>|0.00<br>|0.00<br>|
|<br>APSTrs|<br> <br>Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00<br>|0.00<br>|0.00<br>|
|<br>IPSTrs|<br> <br>Interest<br>Payments||0.00|0.00|C 00|0.00|0.00|0.00|0.00|
||2.DEBT BUYBACKS:|||||||||
||A) Conditions:|||||||||
|DELTAS|<br>T Discount Rate||0.0%|0.0%|0.0%<br>|0.0%<br>|0.0%<br>|0.0%<br>|0.0%<br>|
|BBST|Debt Bought Back||0.00|0.00|0.00|0.00|0.00|Q1.00|0.00|
|<br>EF.CBB|<br>S<br>Externally<br>Financed (X)||0.0%|0.0%|0.0%|0.0%|0.0%<br>|0.0%<br>|0.0%<br>|
|URCBB|<br> <br>S Use of Reserves<sup>(X)</sup>||100.0%|100.0%|100.0%|100.0%|100.0%|100.0%|100.0%|
|.<br>EB.CB|<br>BS Exit Bonds(X)||0.0%|0.0%|0.0%|<br>0.0%|<br>0.0%|<br>0.0%<br>|<br>0.0%<br>|
|<br>Reb|<br>Interest<br>Rate||2.5%|2.5%|2.5%|2.5%|<br>2.5%|2.5%|2.5%|
|<br>Reb|<br>Interest<br>Rate||2.5%|2.5%|2.5%|2.5%|<br>2.5%|2.5%<br>|<br>2.5%<br>|
|<br>Meb|<br> <br>maturity||10|10|10<br>|10<br>|10<br>|10<br>|10<br>|
|DE.CB8|<br>S<br>Debt-Equity<br>Swaps (X)||0.0%|0.0%<br>|0.0%<br>|0.0%<br>|0.0%<br>|0.0%<br>|0.0%<br>|
|A.DEBB|<br> <br>Additionality<br>of DFI||0.0%|0.0%|0.0%|0.0%<br>|0.0%<br>|0.0%<br>|0.0%<br>|
|<br>Rk|<br> <br>Profit<br>Rate||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|
TABLE 25: SHORT TERM CAPITAL

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||B) Financing:|||||||||
|CBBST|<br>Cost of Buyback||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|EFBBST|<br>Externalty Financed||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|URBBST|<br>Use of Reserves||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|EBBBST|<br>Exit Bonds||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|DEBBST|<br>Debt-Equity<br>Swaps||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||C) Effectson:||||<br>|||||
|APSTb|b Amortization<br>Payments||0.00|Ce.00|<br>0.00|0.00|e.u0|0.00|0.00|
|APSTeb|<br>Ofwhich:Exit Bonds||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IPSTbb|Interest Payments|||0.00|0.00|0.00|0.00|0.00<br>|G.00<br>|
|IPSTeb|<br>Of which: Exit<br>Bonds|||0.00|0.00|0.00|0.00|0.00|0.00|
||3. ACCUMULATION<br>OF ARREARS:|||||||||
||A) Arrearson.|||||||||
|ARSTAP|<br>Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|ARSTIP|<br> <br>Interest<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|GOSTar|B) Capitalization:||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|<br>RST,r|<br>Interest<br>rate||0.10|0.10|0.10|0.10|0.10|0.10|0.10|
|NSTar|Maturity|1.00|1.00|1.00|1.00|1.00|1.00|1.00|1.00|
|GSTar|<br>Grace Period|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||C) Effects<br>on:|||||||||
|GDSTar|<br> <br>Gross Disbursements||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|APSTar|<br>Amortization<br>Payments||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|IPSTar|Interest<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|
||4. WRITE-OFFS:|||||||||
|WOFFST|A) Debt Forgiven||0.00|0.00|0.00|0.00|0.00|0.00|0.00|
||B) Effects<br>on:|||||||||
|APSTwo|f<br>Amortization<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|
|IPSTwo|<br>f<br>Interest<br>Payments|||0.00|0.00|0.00|0.00|0.00|0.00|
||C. RESTRUCTURED<br>DEBT:|||||||||
|GDSTr|Gross Disbursements|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|<br>APSTr|<br>Amortization<br>Payments|<br>0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|NDSTr|<br>Net Disbursements|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|DSTr|Restructured<br>Debt|388800|388800|3888.00|3888.00|3888.00|3888.00|3888.00|3888.00|
|<br>DSTeb|<br> <br>Of which: Exit Bonds|.|.<br>0.00|<br>0.00|<br>0.00|<br>0.00|<br>0.00|0.00|0.00|
||Interest Rate:|||||||||
|RSTe|On Non-Restructured<br>Debt||10.0%|10.0%|10.0%|10.0%|10.0%|10.0%|10.0%|
|RSTr|Iqpticit||0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|0.0%|
|IPSTr|<br>Interest<br>Payments|341.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
# TABLE 23: SHORT TERM CAPITAL

|||1988|1989|1990|1991|1992|1993|1994|1995|
|---|---|---|---|---|---|---|---|---|---|
||D. NEW DEBT:|||||||||
|MST<br>|Maturity<br>|1.00<br>|1.00<br>|1.00<br>|1.00<br>|1.00|1.00|1.00|1.00|
|GST|Grace Period|0.00|0.00|0.00|0.00|0.00|0.00|0.00|0.00|
|TST|Time Profile of GDSTn||1001|0|01|0Z|01|01|0X|
|CST<br>|Commitments<br>||179.86<br>|515.80<br>|933.10<br>|1424.11|1955.12|2602.33|3162.64|
|GDSTn<br>|Gross Disbursements<br>ii<br>|0.00<br>|179.86<br>|515.80<br>|933.10<br>|1424.11|1955.12|2602.33|3162.64|
|APSTn<br>|Amortzaton<br>Payments<br>|0.00<br>|0.00<br>|179.86<br>|515.80<br>|933.10|1424.11|1955.12|2602.33|
|NDSTn<br>DST|Net Disbursements<br>Stk f|0.00<br>|179.86<br>|335.93<br>|417.30<br>|491.02<br>|531.01|647.21|560.31|
|n<br>|oc o Debt<br>|0.00|179.86<br>|515.80<br>|933.10|1424.11|19'55.12|<br>2602.33|3162.64|
|RSTn<br>|Interest Rate<br>||10.01<br>|10.0X<br>|10.01<br>|10.0%|10.0%|10.01|10.0%|
|IPSTn|Interest Payments||0.00|17.99|51.58|93.31|142.41|195.51|260.23|
||E. TOTAL DEBT:|||||||||
|GDSTt<br>|Gross Disbursements<br> <br>|0.00<br>|179.86<br>|515.80<br>|933.10|1424.11|1955.12|2602.33|3162.64|
|APSTt<br>|Amortization<br>Payments<br>|0.00<br>|0.00<br>|179.86|515.80|933.10|1424.11|1955.12|2602.33|
|NDSTt<br>|Net Disbursements<br>|0.00<br>|179.86<br>|335.93<br>|417.30|491.02|531.01|647.21|560.31|
|DSTt<br>|Stock of Debt<br>|3888.00|4067.86<br>|403.80<br>|4821.10|5312.11|5843.12|6490.33|7050.64|
|RSTt<br>|Interest Rate<br>||0.00X<br>|0.44%<br>|1.17%|1.94%|2.68%|3.35%|4.01%|
|IPSTt|Interest Payments|341.00|0.00|17.99|51.58|93.31|142.41|195.51|260.23|
PRE WorkinC Paper Series

||BI6|Auihnr||Contact<br>for paper|
|---|---|---|---|---|
|WPS469|Modeling Economic Behavior in<br>Peru's Informal Urban Retail Sector|J. Barry Smith<br>Morton Stelcner|August 1990|M. Abundo<br>36820|
|WPS470|What Do Alternative Measures of<br>Comparative Advantage Reveal<br>About the Composition of Developing<br>Countries' Exports?|Alexander J. Yeats<br>|August 1990|J. Epps<br>33710|
|WPS471|The Determinants<br>of Farm<br>Investment and Residential<br>Construction in Post-Reform China|Gershon Feder<br>Lawrence J. Lau<br>Justin Lin<br>Xiaopeng Luo|August 1990|C. Spooner<br>30464|
|WPS472|Gains in the Education of Peruvian<br>Women, 1940 to 1980|Elizabeth M. King<br>Rosemary Bellew|August 1990|C. Cristobal<br>33640|
|WPS473|Adjustment, Investment, and the<br>Real Exchange Rate in Developing<br>Countries|Riccardo Faini<br>Jaime de Melo|August 1990|R. Sugui<br>37951|
|WPS474|Methods for Measuring the Effect<br>of Adjustment Policies on Income<br>Distribution|Anne Maasland|August 1990|P. Dixon<br>39175|
|WPS475|Does Divestiture Matter? A<br>Framework for Learning from Experie|Ahmed Galal<br>nce|August 1990|G. Orraca-Tetteh<br>37646|
|WPS476|Health Insurance in Sub-Saharan<br>Africa: A Survey and Analysis|Ronald J. Vogel|August 1990|K. Brown<br>35073|
|WPS477|Private Participation in the Delivery<br>of Guinea's Water Supply Services|Thelma A. Triche|August 1990|M. Dhokai<br>33970|
|WPS478|Interrelations Among Child Mortality,<br>Breastfeeding, and Fertility in<br>Egypt, 1975-80|John Marcotte<br>John B. Casterline|August 1990|S. Cochrane<br>33222|
|WPS479|Conversion Factors: A Discussion<br>of Alternate Rates and Correspondin<br>Weights|Michael Hee<br>g|August 1990|E. Zamora<br>33706|
|WPS480|An Evaluation of Neutral Trade Policy<br>Incentives Under Increasing Returns<br>to Scale|Jaime de Melo<br>David Roland-Holst|August 1990|R. Sugui<br>37951|
|WPS481|The Effects of Trade Reforms on<br> <br>Scale and Technical Efficiency:<br> <br>New Evidence from Chile|James Tybout<br>Jaime de Melo<br>Vittorio Corbo|August 1990|R. Sugui<br>37951|
|WPC 482|Membership in the CFA Zone:<br> <br>Odyssean Journey or Trojan Horse?|Shantayanan Devarajan<br>Jaime de Melo|August 1990|R. Sugui<br>37951|
PRE Working Paper Series

|||Aulho||Contact<br>for pape|
|---|---|---|---|---|
|WPS483|An Evaluation of the Main Elements<br>in the Leading Proposals to Phase<br>Out the Multi-Fibre Arrangement|Refik Erzan<br>Paula Holmes|August 1990|G. llogon<br>33732|
|WPS484|Stock Markets, Growth, and Policy|Ross Levine|August 1990|R. Levine<br>39175|
|WPS485|Do Labor Market Distortions Cause<br>Overvaluation and Rigidity of the<br>Real Exchange Rate?|Ram6n Lopez<br>Luis Riveros|August 1990|R. Luz<br>34303|
|WPS486|A RMSM-X Model for Turkey|Luc Everaert<br>Fernando Garcia-Pinto<br>Jaume Ventura|August 1990|S. Aggarwal<br>39176|