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Bolivia

Author(s):
International Monetary Fund
Published Date:
November 1997
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I. Restructuring of the Banking System

A. Introduction

This appendix identifies the sources of bank problems in Bolivia, describes the measures to strengthen the system since 1985, and assesses the early results of bank restructuring in 1994-96.

Prior to 1985 financial intermediation was subject to extensive controls on both interest rates and the allocation of credit, and hyperinflation distorted bank credit decisions even further. The measures adopted starting in August 1985 dramatically lowered inflation and reduced controls on bank operations. Nevertheless, banks needed some time to learn to make sound loans in a free market and effective supervision developed over several years. As a result, Bolivia has experienced several episodes of bank difficulties since 1985.

The most recent measures to strengthen the banking system have been taken since late 1994. They comprised the closing of two banks and restructuring and recapitalization of three other banks. The measures have been successful in restoring confidence of the banking system, and their fiscal cost has been moderate. By mid-1997 the situation in the banking system had improved considerably, although weaknesses in one bank have persisted. To put the system on a more sound basis permanently, the central bank law approved in November 1995 established stricter prudential standards, which are to be fully implemented by the beginning of 1999.

B. Background and the Nature of Bank Poblems in Bolivia

Bank restructuring has been a major component of structural reforms in Bolivia since 1985. There was an initial shake-out period as three private banks, two banks of mixed private-state ownership, and all four state banks and a public sector investment fund were closed between 1987 and 1992. Following this restructuring, Bolivia’s commercial bank system consisted of 15 domestic and 4 foreign banks. Over this period, progress was made in improving bank regulations and in strengthening the Superintendency of Banks and Other Financial Institutions. These programs were supported by sectoral loans from the World Bank and the Inter-American Development Bank.

Notwithstanding these measures, bank credit expanded rapidly during 1989-94, and the quality of bank portfolios deteriorated. During 1988-94 bank credit to the private sector grew by 30 percent a year on average in U.S. dollar terms, reflecting strong growth in dollar bank deposits resulting from a reflow of flight capital and high domestic interest rates. At the same time, the prudential regulations and bank supervision were not yet strong enough to maintain the quality of bank portfolios.

The main elements of the consolidated balance sheets of commercial banks, as well as the indicators of bank capital adequacy, the quality of the loan portfolio, and the banks’ liquidity and efficiency are presented in Table I.1. However, the basic charter of the Superintendency of Banks (1989) and the 1993 Banking and Financial Institutions Law (1993), and their regulations permitted practices that overstated capital and underestimated loan risks. For example, reported capital included subordinated bonds convertible to shares which provided no fresh funds to the banks because banks tended to lend the funds to the purchasers of these bonds. Also, regulations on risk classification and provisioning were generally less strict than the international standards.

Table I.1Bolivia: National Commercial Banks
19921993199419951996
(In millions of bolivianos, end of period)
1. Consolidated balance sheets, selected items
Net international reserves2945687792
Net domestic assets8,81112,51413,95616,80819,855
Liquid assets1,2101,9982,1032,3093,087
Credit to the private sector7,35910,30411,86213,63114,985
Medium-term external liabilities4521,0051,4841,9041,891
Domestic liabilities8,38811,55412,54014,98118,056
Deposits6,3899,25710,28211,93515,159
Central bank credit 1/1,2461,2891,0481,7491,333
Capital7521,0081,2101,2981,564
Paid in capital409547705838962
Convertible bonds77137176120119
(In percent)
2. Quality of loan portfolio
Past due loans/Total loans5.05.13.66.24.7
Provisions/Past due loans23.624.063.522.838.0
3. Capital adequacy
Capital/Assets 2/7.97.27.87.07.0
Open loan exposure/Capital 3/37.739.512.850.728.2
Open loan exposure/Paid in capital111.9118.798.7124.8102.0
4. Liquidity
Liquid assets/Short-term liabilities82.679.670.656.667.4
5. Efficiency
Administrative costs/Loan portfolio4.64.74.65.45.6
Net profit/Assets0.90.71.00.10.8
Net profit/Paid in capital21.218.121.33.118.6
Effective interest spread, percentage5.75.25.15.35.3
Used for administrative expenditure4.34.13.74.34.1
Used to provision for past due loans0.30.30.40.70.3
Source: Monthly Bulletins of the Superintendency of Banks and Other Financial Institutions.

Mostly on-lending of external credit lines.

Before adjusting for loan risk.

Open loan exposure defined as the difference between the amount of nonperforming loans and loan loss provisions.

Source: Monthly Bulletins of the Superintendency of Banks and Other Financial Institutions.

Mostly on-lending of external credit lines.

Before adjusting for loan risk.

Open loan exposure defined as the difference between the amount of nonperforming loans and loan loss provisions.

The extent of deterioration in the banks’ portfolio was especially obscured by widespread lending to related parties. Regulations for risk-weighing bank assets permitted many loans to related parties to be treated as low risk assets backed by real estate guarantees even if the cash flow of these businesses was weak, and the execution of guarantees was virtually impossible.

A significant mismatch between the loan maturity and gestation period of the projects financed also contributed to the banks’ vulnerability. Many operations that would generate the cashflow required to service loans only over the medium term were financed by short-term loans. The resulting vulnerability of banks was ignored as long as bank deposits grew rapidly and the banks and borrowers counted on being able to roll over such loans on maturity, often increasing the principal by an amount corresponding to the financing of part of interest due.

Operating efficiency of most banks was low. Spreads between deposit and lending rates were high, though they declined gradually from 5.7 to 5.1 percentage points during 1993-94. The bulk of the banks’ gross earnings was used to cover relatively high administrative costs, and capital increases did not keep pace with the growth of assets.

C. Government Responses to Bank Difficulties

These underlying weaknesses led to a bank crisis in 1994. In November two private commercial banks (accounting for about 11 percent of total commercial bank assets) with a high proportion of past-due loans and insufficient capital experienced runs on deposits and were closed. To minimize contagion effects, the central bank provided liquidity support to other commercial banks (US$50 million, equivalent to 9 percent of gross international reserves of the central bank at the time) and redeemed small deposits in the closed banks (US$20 million). Bolivia does not have a deposit insurance scheme, and both the old and new central bank laws authorized the bank to compensate depositors on a case-by-case basis. Large depositors shared the losses by receiving compensation through noninterest-bearing certificates with maturities up to 18 months and losing accrued interest. In the operation, the central bank took over bank assets of about US$210 million. As a result, the indicators of the quality of loan portfolio and capital adequacy for the remaining banking system showed considerable improvement at the end of 1994 (see Table I.1). However, other banks found it increasingly difficult to roll over credit to the higher-risk borrowers in early 1995, as depositgrowth slowed, external credit fell off in the wake of Mexico’s difficulties, and bank supervision intensified. Tight liquidity conditions brought to the forefront substantial deficiencies in the quality of banks’ portfolios and inadequacy of the banks’ capital base. Assessments by the World Bank and IDB at mid-1995 concluded that the Bolivian banking system was not facing a generalized crisis, as the severe liquidity problems and solvency risks were limited to four banks accounting for about one third of the banking system’s assets. The proportion of past due loans in total loans of the four weakest banks rose from about 5 percent in December 1994 to 17 percent in September 1995. These banks lost about 29 percent of their deposit base in 1995. To avoid further bank failures, in 1995 the central bank provided about US$100 million in emergency liquidity credits, and saw a US$37 million increase in the shortfall of required reserves. Some of the distressed banks also appropriated proceeds from the tax payments received on behalf of the treasury. While the troubled banks lost access to fresh external credit, their net foreign liabilities increased in 1995 as at least one large bank was obliged to assume both the claims on and external liabilities of some large clients unable to repay or reschedule their obligations to foreign banks.

To help resolve the bank difficulties, in September of 1995 the government formulated a policy to restructure the troubled banks, and provided resources to establish a fund for strengthening the financial system and supporting the productive sector (FONDESIF). The fund was to help recapitalize viable banks after the shareholders injected fresh capital and developed a bank strengthening program that was endorsed by the Superintendency of Banks and the central bank. First, the subordinated capitalization loans of FONDESIF were to help the bank capital reach the legal minimum, after the bank wrote off or provisioned for all loans in accordance with Basle standards for risk weighing of assets. Second, FONDESIF would provide medium-term loans to the recapitalized banks to help reduce the maturity mismatch between assets and liabilities by restructuring loans to the viable private sector borrowers. Third, FONDESIF also would provide capitalization loans to banks whose capital exceeded the legal minimum of 8 percent but which applied for assistance to raise their capital to 10 percent of risk-weighed assets, the requirement proposed in the new central bank law.

The decree establishing FONDESIF set its size at up to US$265 million. Of this amount, US$100 million would come from a loan from the Andean Development Corporation (CAF), US$85 million and US$40 million, respectively, would be from redirecting already committed funds from the Inter-American Development Bank and the World Bank, and US$40 million would be financed by the central bank.

The conditions for the workout loans were the following: A bank applying for subordinated capitalization loans had to submit a statement on its financial position with adjustments for non-collectable loans, a write-off of losses and a regularization of liabilities fully in accord with the Basle rules. A bank strengthening program had to be approved by the shareholders and the Superintendency of Banks. The loans from FONDESIF could have a maturity up to 10 years and carry a variable interest rate one percentage point higher than the average deposit rate in the banking system. For capitalization loans to the banks that merged or attracted major new shareholders, the loan maturity could be extended to up to 15 years and interest rate reduced by up to 2 percentage points.

Once the loan is approved, the funds are deposited in the bank’s account at the central bank used the funds to repay the emergency liquidity credit and reconstitute bank reserves. While the capitalization loan is outstanding, the bank must submit a quarterly report on the implementation of its strengthening program to FONDESIF, and its financial statements are to be audited by an external auditor and approved by FONDESIF. If principal and interest fall into arrears, the loan contract will be deemed expired, and the total amount of the outstanding debt is to be converted into shares owned by FONDESIF.

FONDESIF medium-term loans to help banks restructure claims on the private sector can be approved up to the amount of the bank’s capital and reserve, or one quarter of total loans restructured, whichever is smaller. These loans have to be guaranteed by first-class assets as classified by the Superintendency. The maximum maturity on these loans is five years, and the interest rate is the average banking system deposit rate plus 1 percentage point.

Three of the four problem banks were restructured in the first half of 1996. One of the implications of the authorities’ effort to minimize the cost to the state was that for all but one of the four banks the process has been more complex and has taken more time than initially envisaged. The amount of support needed by both the government and shareholders was larger than projected in December 1995 (Table I.2).

Table I.2:Bolivia--Financing of Bank Restructuring in 1996(in millions of U.S. dollars)
SourcesProjectedActualUsesProjectedActual
Total145.3220.3Total145.3220.3
Official110.3167.3Obligations to official creditors114.8121.3
Central Bank40.057.1Central Bank94.2101.2
FONDESIF70.3110.2Emergency liquidity credit73.292.8
Capitalization loans17.222.9Reconstitution of reserves21.08.4
Medium-term loans28.139.0Treasury20.620.1
Portfolio purchase25.048.3Pending to others29.6
Cash17.2Disposable at banks30.569.4
Instruments31.1Paid in capital35.053.0
Shareholders35.053.0Unsterilized official support-4.516.4
Sources: Central Bank of Bolivia and FONDESIF.
Sources: Central Bank of Bolivia and FONDESIF.

Each of the three banks was either sold, merged, or received a major new shareholder. The new investors exercised a “due diligence” clause, which gave them up to three months to examine the bank’s situation before making final commitment. During that period the amounts of nonperforming loans to be provisioned and the support needed had increased beyond what was anticipated.

To ensure lasting and general strengthening of the banking system, the central bank law approved by congress in October 1995 contained provisions requiring the banks to eliminate loans to the major shareholders and related parties and to raise their capital to assets ratio from 8 to 10 percent over a three year period. Also the banks are required to prepare for full application of Basle standards for risk-weighing of assets starting in mid-1998. For most banks this will require an improvement in the quality of loan portfolio or a substantial increase in capital.

D. Early Results of the Operations

Policy responses to the recent bank problems in Bolivia have been broadly in line with the criteria and recommendations promoted by the staffs of the international financial institutions. Two of the six banks experiencing difficulties were closed, with both the shareholders and large depositors sharing the cost of failure. The three restructured banks have new owners and managements, and the shareholders have made a substantial capital injection into the banks to qualify for official support. FONDESIF loans were approved with strong conditionality and procedures to monitor the banks’ performance and assure loan repayment on time. During the same period, the legal framework and supervisory institutions have been strengthened to ensure permanent improvements across the banking system.

The restructuring of distressed banks and improvements in prudential legislation had a major positive effect on the public’s confidence in the banking system, and the situation of two restructured banks has improved appreciably. The growth of bank deposits (measured in U.S. dollars) accelerated from 10 percent in 1995 to 23 percent in 1996, while the weighted average annual interest rate on dollar bank deposits declined from 11½ percent in December 1995 to 9 percent in December 1996. The proportion of past due loans in total bank portfolio declined from 6.2 percent at the end of 1995 to 4.7 percent at end-1996. While the decline in the restructured banks was less than anticipated, their ratios now provide a better measure of the quality of portfolios because their assets are valued in accordance with Basle standards. Other banks were cautious in approving new loans in 1996, and used the improved liquidity to strengthen their balance sheets, thus gradually preparing to meet the more demanding prudential requirements of the 1995 central bank law. They increased provisioning, reduced loans to related parties and improved the reporting in response to greater vigilance of the Superintendency of Banks. As a result the open loan exposure (the amount of unprovisioned past due loans in relation to paid-in capital) declined by 23 percentage points, indicating reduced vulnerability of the banking system.

As the implementation of prudential norms intensified, all commercial banks were inspected by the Superintendency of Banks in 1996, compared with one third of banks inspected in 1993. The status and schedule for the elimination of loans to related parties was reviewed with each bank. FONDESIF has been reviewing detailed quarterly reports on operations of each of the three banks that received its support.

However, one of the three restructured banks continued to be weak. The reasons included insufficient involvement of the new shareholders, in revamping the bank’s management and policies. This bank suffered a small run on deposits in February 1997, and was fully taken over by the major foreign bank that bought a minority share in 1996.

The quasi-fiscal cost of the operations also was limited. Of the US$210 million in assets of the two banks taken over by the central bank in late 1994, US$86 million were recovered in 1995-96. The interest cost of the remaining balance and of the portfolio purchased from one restructured bank is equivalent to about 0.3 percent of GDP a year and is borne by the government. The treasury took over debt service of the official external credit lines that were used by the closed banks, and is paying interest on a bond issued to recapitalize the central bank. The latter is sufficient for the bank to have positive operating results. Lending by FONDESIF is unlikely to generate any quasi-fiscal cost. Although bank deposit interest rates have declined considerably, the average rate on loans charged by FONDESIF in early 1997 was higher than the cost of funds used. As liquidity of the restructured banks improved during 1996 and the cost of financing is not low, the banks started to repay FONDESIF ahead of schedule.

II. Reform of the Pension System

A. Background

In November 1996 congress approved a comprehensive pension reform that replaced the old pay-as-you-go (PAYG) system by a privately-managed and individually funded pension system. The reform was designed to stop the accumulation of pension debts related to the old scheme, increase private sector savings and promote the development of the domestic capital market. This appendix describes the basic features of the old system, reviews the main innovations of the new system, and presents an estimate of the additional cash outlays associated with the reform.

B. Features of the Old System

The old pension system comprised (i) a basic pension fund (FOPEBA), which was run by the state and constituted the largest component of the system and (ii) 26 complementary pension funds, including professional and union-based institutions. In addition, private commercial banks, the eight state universities, the police, and the army had their own integrated pension and health system. The National Institute of Pensions (INASEP) was responsible for the supervision and control of the pension system.

Pension contributions to FOPEBA amounted to 8.5 percent of an employee’s wage (2.5 percent paid by the employer, 4.5 percent by the employee, and 1.5 percent by the treasury), while the disability contribution amounted to 1.5 percent (1 percent paid by the employer and 0.5 percent paid by the employee). Pension contributions to complementary funds varied from 3½ to 12 percent of an employee’s wage and were paid by the employee.

Pension benefits consisted of 70 percent of the average wage earned in the last two years of work. There was a basic pension (30 percent of the average wage) provided by FOPEBA and a complementary pension (40 percent of the average wage) provided by the complementary pension fund. To be eligible for pension benefits under the old system, an employee had to contribute for at least 15 years and reach the minimum retirement age—50 years for women and 55 years for men. In accordance with the Social Security Code of 1956, for each additional year beyond 15 years of contributions the pension benefits from FOPEBA were increased by 2 percentage points of the average wage while those from the complementary fund were increased by 1 percentage point. Combined pension benefits could not exceed 100 percent of the average wage. Pension benefits were adjusted annually at a rate equivalent to 90 percent of the public wage increase. Pension benefits from FOPEBA were paid by the treasury. The complementary pensions were paid by the private funds and were not supposed to have any public sector guarantee.

The weak financial position of the old PAYG scheme stemmed from a low ratio of current contributors to retirees, excessive pension benefits, and poor management of the system’s reserves. The ratio of contributors to retirees was about 3:1 (i.e., 308,000 contributors to 110,000 retirees). The system also suffered from high contribution evasion and low population coverage (only 22 percent of workers in the formal sector contributed to the pension system). The INASEP was responsible for determining an adequate contribution rate for each complementary fund. However, due to inadequate supervision and control, most funds maintained relatively low contribution rates. This resulted in an accumulation of unfunded pension liabilities and a continued depletion of funds’ reserves.

C. The New System

The new pension law made several changes to the pension system (Table II.1). First, it created individual contributory accounts to replace the old PAYG scheme. Pension benefits are based on the capital accumulated through a worker’s contributions and on the returns to the contributions. Second, the pension contribution was raised from 8½ percent of a worker’s wage under the old system to 10 percent while the retirement age was extended to 65 years. Theoretical contribution rates were higher under the old system (basic plus complementary). Total contributions now are 12.5 percent (including commission and premium for unemployment insurance) which the authorities believe to be an incentive to join the newsystem. Early retirement is possible when the capital accumulated in a personal account provides for a pension equivalent to 70 percent of the average wage earned over the past five years of work (basic salary). Third, past contributions to the old scheme will be paid by the treasury on the basis of years of contribution and the employees’ wage upon retirement.1 Participants in the old system shifted to the new system in May 1997, and all other workers in the formal labor force are to join in the next two years.

Table II.1.Bolivia: Main Characteristics of the Old and New Pension Systems
FeaturesPay-as-you-go schemePersonal contributory scheme
Benefits30 percent of basic salary paid by FOPEBA and 40 percent of basic salary paid by the complementary fund. For each additional year beyond 15 years of contribution, payment is increased by 2 percentage points of basic salary by FOPEBA and one percentage point by the complementary fund. Combined benefits can not exceed 100 percent of basic wage.Based on capital accumulated through workers’ contributions and the returns to those contributions
Retirement age50 years for women and 55 years for men; and 15 years of contribution65 years; early retirement allowed if capital accumulated provides for a pension equivalent to 70 percent of basic wage
Basic wageDefined as the average wage during last two working yearsDefined as the average U.S. dollar-denominated wage during last five working years
Adjustment to benefitsBenefits adjusted annually by 90 percent of the public wage increase
Coverage of labor force20 percent of formal labor force100 percent of formal labor force within the next two years
Institutional frameworkOne public sector fund (FOPEBA), and 26 private complementary funds (organized by industry, union, and profession). Other funds: for private banks, state universities, police and army. All supervised by the National Institute of Pensions2 private pension funds, regulated by the Superintendency of Pensions
Source: Pension law of November 1996.
Source: Pension law of November 1996.

Under the provisions of the pension law, the government assumed all complementary private pension funds operating under the existing scheme and began their liquidation. The Government has guaranteed complementary pension payments to retirees and has discontinued contribution rates to such funds pari-passu with the shift of workers to the new system of personal accounts.

In addition to personal contributory accounts, the reform created a noncontributory minimum pension (Bonosol) which has been set at the equivalent of US$248 per year for the period 1997-99 for all Bolivian citizens at least 65 years old. This minimum pension will be financed from the dividends on shares in the capitalized enterprises. These shares are being held in the Collective Capitalization Fund (CCF), with the private pension funds serving as trustees.

The pension law also creates a regulatory system (SIREFI) to supervise and control the operations of the financial market. It consists of one general and four sectoral authorities for pensions, insurance, stock market, and the existing superintendency of banks. The general agency will coordinate and supervise the operations of the sectoral agencies. The heads of the agencies will be designated by the President of the Republic from a list of three candidates proposed by the senate. The term is ten years for the head of the general agency and six years for the heads of the sectoral agencies. Some of the tasks of the pension authority (designated in March 1997) include regulating contribution rates and fees charged by the pension fund mangers, monitoring and supervising private funds, and controlling contribution collections.

Operating licences (for a five-year period) for two private pension funds were awarded in January 1997. The private funds will manage personal contributory accounts and noncontributory minimum pensions and will be regulated by the government. Investors were selected through a bidding process based on the offer with the lowest operating fee and disability pension premium. The funds had to meet a minimum capital requirement of SDR 1 million and will offer life pension annuities to retirees in exchange for their accumulated capital. The superintendency of pensions will set investment guidelines for these funds and has requested affiliates not to switch pension funds until the year 2000.

The pension law granted an amnesty on past evasion (before November 1996) provided that employers affiliate their workers (those not affiliated to the PAYG system) to the new system within 24 months. Also, the amnesty waives penalty interest and other fees and gives 10 years from January 1,1997 to repay past due contribution. With the amnesty, the authorities expect to recover overdue contributions in an amount yet to be identified.

D. Benefits and Costs of the Reform

In contrast to some other pension reforms in Latin America, the Bolivian authorities opted for a more rapid elimination of the pay-as-you-go scheme. According to estimates made by the Economic Policy Analysis Unit (UDAPE) and the National Secretariat of Pensions of the former Ministry of Capitalization, this approach will yield fiscal savings of over US$1 billion in net present value terms (12 percent of GDP), compared with the cost of keeping the old system, and of over US$500 million, compared with the alternative of allowing the old system to coexist with the new system.

The first scenario (baseline) assumes: (a) a slow expansion in the coverage of new workers; (b) bonds sold to the new private funds will not exceed 3/4 of the contributions expected to be received by the private funds in 1997;2 and (c) an average real GDP growth of 5½ percent for 1997-2016. The second scenario (savings over US$0.5 billion) assumes that: (a) workers only under 36 years of age affiliated to the PAYG system would shift to the new system during the first year of the reform; (b) the contribution period would be extended from 15 to 25 years; and (c) the social security tax would be consolidated to 8½ percent of the worker’s wage (eliminating the contribution paid by the treasury).

Notwithstanding, net fiscal costs of pensions are porjected to rise from 1.1 percent of GDP in 1996 to 2.7 percent of GDP in 1997 (see Table II.2) because of the pension reform. Pension contributions will fall from 0.9 percent of GDP in 1996 to 0.5 percent of GDP in 1997, as almost all contributors to the public old system were moved to the new system in early May. Current retirees will continue receiving their pensions from the government (estimated at about 2 percent of GDP a year). In addition, the reform required the government to assume responsibility for paying the complementary pensions (about 1 percent of GDP a year), which as mentioned above were managed privately but subject to government supervision. As a result, the additional cash outlay (owing to the implementation of the reform) is projected at 1.6 percent of GDP in 1997 and about 2 percent of GDP in 1998 and 1999. The government plans to take measures to cover all of the additional fiscal cash outlays associated with the pension reform over the next five years.

Bolivia: Table II.2.Projected Balance of the Public Pension System(In percent of GDP)
Prel.Projection
19961997199819992000200120022003
Revenue0.90.50.00.00.00.00.00.0
Contributions to FOPEBA0.90.50.00.00.00.00.00.0
Private sector 1/0.80.40.00.00.00.00.00.0
Public enterprises employers’ contributions0.10.00.00.00.00.00.00.0
Expenditure2.13.23.33.02.92.82.72.6
General Government employers’ contributions to AFPs0.00.30.40.40.40.40.40.3
Pension payments2.12.92.92.62.52.42.32.2
FOPEBA2.01.81.81.51.51.41.41.3
Assumed complementary funds 3/0.11.11.11.11.11.01.00.9
Overall Balance-1.12.7-3.3-3.0-2.9-2.8-2.7-2.6
Sources: Unidad de Programacion Fiscal; and Fund staff estimates.

Includes employee’s contributions made by workers of General Government and public enterprises.

Comprises contributions to private complementary funds assumed in November 1996.

Comprises payments to affiliates of assumed private funds.

Sources: Unidad de Programacion Fiscal; and Fund staff estimates.

Includes employee’s contributions made by workers of General Government and public enterprises.

Comprises contributions to private complementary funds assumed in November 1996.

Comprises payments to affiliates of assumed private funds.

In summary, the decision to rapidly phase out the old pension system and introduce a privately-managed and individually funded pension system constitutes the least costly reform alternative over the long run. However, the projections are sensitive to the assumptions made about the interest rate on bonds sold to the private funds and the overall performance of the economy. For instance, if the rate of return on these bonds turned out to be 1 percentage higher or average real GDP growth were 1 percentage point lower than in the baseline, then cost of the reform could increase by about 0.1 percentage point of GDP a year in 1998-2002. On the whole, the pension reform is expected to contribute to higher national savings and the development of domestic capital markets over the medium term.

APPENDIX III
III. Bolivia: Summary of the Tax System as of June 1, 1997
TaxNature of TaxExemptions, Deductions, and RefundsRates
1.Taxes on income and profits
1.1Complementary VAT

RC-IVA [Regimen Complementarioal IVA] Law 843 of May 20, 1986; Supreme Decree 21531 of Feb. 27, 1987; Law 1314 of Feb. 27, 1992; Law 1606 of Dec 22, 1995; Supreme Decree 24050 of July 29, 1995.
Tax payable monthly by withholders and quarterly by direct taxpayers on income from Bolivian sources such as fees, 1/ salaries of partners, fees of directors and shareholders’ representatives, wages of employed persons, rents, 1/ interest, 1/ and any other type of recurrent income. 1/ In addition, capital investments, i.e., interest, patents, brands, technical assistance, expenses distributed by parent companies or related entities.Social benefits paid to workers in accordance with the law, including prenatal, nuptial, and other allowances under the Social Security Code.



Christmas bonus.



Life annuities collected from the Treasury.



Per diem and representation expenses subject to accountability.



Retirement benefits and pensions, sickness, birth, burial, and professional risks allowances.



Distribution of capital stock or shares arising from the reinvestment of profits.



Salaries of foreign diplomats and official personnel in Bolivia.
13 percent of monthly gross income. Taxpayers may consider as a prepayment the rate of VAT paid on all purchases of goods and services, building contracts, or on services and inputs of any kind.



Wage-earning taxpayers are allowed twice the amount of the minimum wage as an exemption. In addition, 13 percent of two minimum wages may be deducted to offset the VAT on purchases under the Simplified Tax System.
1.2Taxes on profits
1.2.1Profit tax 2/

IU [Impuesto a las Utilidades] Law 1606 of Dec. 22, 1994; Supreme Decree 24051 of July 29, 1995.
Applied to annual profits of all public and private enterprises, national and foreign, regardless of their legal organization, including sole proprietorships.The following are deductible: depreciation, bad debts, fees paid to directors and shareholders’ representatives, travel, per diem and similar expenses, bonuses, and other allowances paid to staff.25 percent on the net profits of enterprises. In the case of independent professionals, it is assumed that the net profit is equivalent to 50 percent of income received.
Applied to net annual profits from the practice of independent professions and occupations.Rents on real or personal property are also deductible, as are royalties, financial services, contributions, and operating expenses.In the case of foreign enterprises that conduct some of their activities in the country, it is assumed that 16 percent of their gross receipts are net income from Bolivian sources; the rate of 25 percent is applied to this portion.
Applied to profits remitted abroad (royalties, interest, technical assistance).The following are exempt: central, regional, and local government activities.
Tax is paid 120 days after the end of the tax year (i.e., tax liabilities incurred during 1995 are paid by end-April 1996).Profits of legally authorized nonprofit associations, foundations, institutions, and organizations.
Interest paid to international credit organizations and authorized foreign official institutions.
Payments are creditable against transaction tax liabilities.
In the hydrocarbons sector, payments for the 13 compensatory royalty (3.2.4) on old hydrocarbons are creditable against income tax liabilities.
1.2.2Nonresident income tax

Law 1606 of Dec. 22, 1994
Tax on earnings from Bolivian sources (from dividends, rents, profits, royalties, technology transfers, etc.) that are remitted abroad to nonresidents or branches of foreign corporations. Included in authorities’ figures for collection of income tax.None.12½ percent.
1.2.3Income surtax for production from nonrewable resources

Law 1731 of Nov. 25, 1996.
Additional income tax on extraordinary income derived from production of nonrewable resources (primarily in the mining and hydrocarbons sectors).Tax is based on profits during the year, minus a figure of up to 33 percent of past investment in exploration and environmental protection; deduction is also made for 45 percent of “net” income, defined as the value of well-head production for hydrocarbons, and for the mining sector the value of commercial output produced in that year.25 percent.
1.2.4Mining profitsMinimum income tax for mining sector. Royalty is based on gross sales.Mining sector pays 25 percent income tax or royalty of between 3 and 7 percent of gross sales (rates vary by mineral), whichever is greater. Royalty is paid as sales are made, and can then be used as credit against the income tax.
2.Taxes on property
2.1Tax on real property and motor vehicles 3/

IPBIVA [Impuesto a la Propiedad de Bienes Inmuebles y Vehiculos Automotores]
2.1.1Tax on real estate property

IPBI (Impuesto a la Propiedad de Bienes Inmuebles]. Law 1606 of Dec. 22, 1994; Supreme Decree 24204 of Dec. 23, 1995.
Applicable to all owners (individuals or corporations and undivided estates) of any type of real property, including rural land, regardless of how acquired.Real estate property owned by the government (unless owned by public enterprises).



Rural real estate property not used for commercial or industrial purposes.



Real estate property of nonprofit foundations, associations, and institutions, as provided for by law.



Real estate property of authorized diplomatic and consular missions.



Real estate property owned by national heroes or their widows.
On excess of property 5/

value over
MarginalFixed
Bs 00.35 percent +Bs 0
Bs 200,0010.50 percent +Bs 700
Bs 400,0011.00 percent +Bs 1,700
Bs 600,0011.50 percent +Bs 3,700
2.1.2Tax on motor vehicles

IPVA [Impuesto a la Propiedad de Vehiculos y Automotores] Supreme Decree 24205 of Dec. 23, 1995.
Payable by all owners (individuals or corporations and undivided estates) of any type of motor vehicle.Vehicles owned by the government (unless owned by public enterprises).



Vehicles owned by foreign diplomatic and consular missions, foreign employees of international organizations, and foreign governments.
Value of the Vehicle 5/MarginalFixed
Bs 01.5 percent +Bs 0
Bs 24,6072.0 percent +Bs 492
Bs 73,8183.0 percent +Bs 1,722
Bs 147,6354.0 percent +Bs 4,306
Bs 295,2695.0 percent +Bs 10,949
For the public transport of passengers and urban freight, the tax is determined by applying 50 percent of the above rate.
2.2Gift tax

TGB [Impuesto a la Transmisión Gratuita de Bienes]. Law 926 of March 25, 1987.
Tax applied to the net value of assets transferred by inheritance or gift (inheritances are subject to the same rules and rates as gifts).



The following are subject to this tax: personal and real estate property, stocks, capital shares, and rights subject to registration.
The following are exempt from this tax: central, departmental, and municipal governments and public institutions.



Legally authorized nonprofit associations, foundations, or institutions.
Immediate family (parents, children, spouse): 1 percent Brothers and sisters and their descendants: 10 percent Other: 20 percent
3.Taxes on goods and services
3.1Value-added tax

IVA [Impuesto al Valor Agregado]. Law 843, Supreme Decree 21530 of Feb. 27, 1987; Law 1314 of Feb. 27, 1992; Law 1606 of Dec. 22, 1994; Supreme Decree 24049 of July 29, 1995.
Applies to all sales of personal property, building contracts, contracts for the provision of services, and all other services rendered in Bolivia, regardless of their nature.

Includes final imports and financial leasing operations.
Excludes real estate property, interest payments, most capital market transactions, and the sale or transfer of assets resulting from capital already invested or from the firms’ internal restructuring processes. In the hydrocarbon sector, the capitalized units of YPFB pay VAT, while the VAT payment due from the residual YPFB is included in the 45 percent of domestic sales that YPFB residual transfers to the Treasury (see 3.2.2 as well).

Refunds: Exporters may request a VAT refund using the Tax Refund Certificate [Certificado de Devolución Impositiva—CEDEIM] provided for by Law 1489 of Apr. 16, 1993, the regulations of which are supplemented by Supreme Decree 23944 of Jan. 30, 1995 (hydrocarbons excepted).



Mineral and metallurgical exporters receive a refund of the VAT on the official price of ore, less operating expenses.
13 percent on total sales, less the tax paid on purchases. The rate applies to the sales price including the tax, so that the effective rate is 14.9 percent
3.2Selective taxes
3.2.1Excise tax4/ ICE [Impuesto a los Consumos Específicos]. Law 843 of May 20, 1986; Supreme Decrees 21492 of Dec. 29, 1986 and 21191 of Aug. 19, 1988; Law 1001 of Jun. 9, 1988; Law 1232 of Feb. 7, 1990; Law 1141 of Feb. 13, 1990; Law 1314 of Feb. 27, 1992; Law 1606 of Dec. 22, 1994; Supreme Decree 24053 of Jun.29, 1995.Tax applied to certain goods and services imported or sold by their domestic producers. The tax is calculated on the price or the unit, depending on the type of good.The ICE on inputs incorporated into exported goods will be refunded to exporters of nontraditional goods and to the mining/metallurgical sector in proportion to the amounts exported.Percentage rates:
Cigarettes and tobacco products

Motor vehicles

Transport vehicles (16 passengers or fewer)
50 percent

18 percent

10 percent
Specific rates (per liter):
Soft drinks Beer, singanis, and other alcoholic beverages

Corn liquor

Other potable spirits
Bs 0.15

Bs 1.20

Bs 0.30

Bs 0.60
3.2.2Excise tax on hydrocarbon products

(IEHD) Law 1606 of December 22, 1994;

Supreme Decree 24013 of May 20,1995;

Supreme Decree 24055 of June 29, 1995;

Supreme Decree 24217 of January 1996;

Supreme Decree 24265 of March 27, 1996;

and Supreme Decree 24395 of Nov. 1996.
Specific tax per unit on hydrocarbon products.





Under the new tax regime implemented in May 1997, this tax payment is collected from the residual YPFB, which remains a state enterprise. This tax payment is included in the 45 percent of domestic sales that YPFB residual transfers to the Treasury, in lieu of tax obligations for the IEHD, value added tax, and transactions tax.
None.Special gasoline: Bs 1.20 liter Diesel: Bs .10 per liter Jet fuel: Bs .14 per liter Industrial and automobile oil: Bs .56 per liter Industrial lubricants: Bs .56 per liter
3.2.3Tax on hydrocarbon production (departmental royalties)

IPPH (Impuesto sobre la Producción de Hidrocarburos] Law 1194 of Nov. 1, 1990;

Law 1698 of April 30, 1996; Law 1731 of

November 25, 1996.
A tax on the total national production of hydrocarbons and their by-products.





Departmental tax on the regional production of hydrocarbons, paid to departments.
None.11 percent on wellhead production for both existing and new hydrocarbons. In addition, 1 percent of gross wellhead production, paid as a compensatory duty to the departments of Beni and Pando.
3.2.4Tax on hydrocarbon production (national royalties)

Law 1698 of April 30, 1996; Law 1731 of

November 25, 1996.
National royalties to be paid by the capitalized units of the state oil company (YPFB). The new regime became effective in May 1997.None.For existing hydrocarbons, 38 percent (19 percent national royalty, 13 percent complementary royalty, and 6 percent royalty payment to the residual YPFB). For new hydrocarbons, 6 percent royalty payment to YPFB. YPFB will transfer the 6 percent to the Treasury, after deducting for the costs of administering contracts.
3.3Taxes on transactions
3.3.1Tax on transactions IT [Impuesto a las Transacciones] Law 843 of May 20, 1986; Supreme Decree 21532 of Feb. 28, 1987; Law 1141 of Feb. 13, 1990; Law 1606 of Dec. 22, 1994; Supreme Decree 24052 of July 29, 1995.Payable monthly by individuals, companies, and public or private enterprises receiving payment for: (a) trade, professional and business services; (b) rent from goods and services; (c) any other activity, whether profitable or not; (d) sales of real estate property and motor vehicles by businesses within their own sector, importers and manufacturers; (e) financial leasing; and (f) transfers effected as a free gift.Export sales are exempt Also exempt are: work performed for an employer, the discharge of public duties; domestic service; services rendered by the national government, departments, and municipal governments (except public enterprises); interest on savings accounts, current accounts, and time deposits; private educational institutions officially recognized by the state; and printing and imports of books, newspapers, and informational publications in general.



Taxpayers who have paid profit tax may deduct it as a prepayment of the Tax on Transactions.



The IT paid on inputs is not refunded to exporters.



In the hydrocarbon sector, the payment due from the residual YPFB is included in the 45 percent of domestic sales that YPFB residual transfers to the Treasury (see 3.2.2 as well). The capitalized units of YPFB do not pay the transactions tax.
3 percent of gross income.
3.3.2Municipal tax on transfers of real estate property and motor vehicles IMT (Impuesto Municipal a las Transferencias de Inmuebles y Vehículos utomotores] Law 1606 of Dec. 22, 1994; Supreme Decree 24054 of July 29, 1995.Monthly tax applied to contingent transfers of real estate property and vehicles. Includes financial leasing in lease back form (the first transfer is exempt from this tax).Does not include gift transfers of real estate property and motor vehicles.



Purchases and sales of shares and securities are exempt



Assets brought in to companies being reorganized or created are excluded.



Does not apply to imports.
3 percent of the amount actually paid and/or paid in kind for the property being transferred. All revenues accrue to the municipality that collects the revenue.
3.4Tax on travel abroad

IVE [Impuesto sobre viajes al exterior] Law 1141 of Feb. 23, 1990; Supreme Decree 22556 of July 28, 1990.
Payable by persons residing in Bolivia on all flights to foreign destinations.Diplomats and Bolivian citizens not residing in Bolivia.US$ 20 for non-Bolivians, and US$4 for Bolivian citizens.
4.Tax on international transactions
4.1Consolldated customs duty

GAC [Gravamen Aduanero Consolidado] Supreme Decrees 21060 of Aug. 29, 1985; 21367 of Aug. 13, 1986; 21660 of July 10, 1987; 21910 of April 6, 1988; 22407 of Jan. 11, 1990; 22585 of Aug. 20, 1990; 23766 of April 21, 1994; 224159 of Nov. 6, 1995.
Tariff system applied to c.i.f. values of imports at port of entry.Imports covered by the Investment Code; grants; exporters may request a refund of the GAC using the CEDEIM (except hydrocarbons and some ores and metals).



Imports of wheat, wheat flour, sugar, and yellow corn are exempt between Nov. 6, 1995 and February 1996.
5 percent on capital goods and 10 percent for all other goods.
5.Special taxes for small businesses
5.1Simplified tax system

RTS [Regimen Tributario Simplificado] Supreme Decrees 21521 of Feb. 13, 1987 and 22555 of July 25, 1990.
Tax payable bi-monthly by small retailers, canteen operators, and craftsmen. Consolidates in one tax payment: VAT, the VAT complementary tax, profit tax, and the tax on transactions.Businesses with capital of Bs 1000 or less. Companies with capital in excess of Bs 10,800 are subject to the general tax system.Payment based on estimated capital, with the following bi-monthly contributions:
Bi—monthly
CategoryCapitalPayment
1Bs 1,001-Bs 2,600Bs 13
2Bs 2,601-Bs 4,800Bs 30
3Bs 4,801-Bs 7,000Bs 250
4Bs 7,001-Bs 10,800Bs 300
5.2Integrated tax system

STI [Sistema Tributario Integrado] Supreme Decrees 21642 of June 30, 1987; 21963 of June 30, 1988; 22835 of June 14, 1991; 23027 of Jan. 10, 1991; 23346 of Dec. 2, 1992.
Tax on owners of up to two vehicles used for urban, interprovincial, and interdepartmental transport Payable in four equal quarterly installments. Consolidates in one tax payment: VAT, the complementary VAT tax, profit tax, and the tax on transactions.Urban, interprovincial, and international carriers are excluded from this system and are subject to the general tax system.Payment determined by the service provided and the district where registered.
CategoryQuarterly IncomeTax
BBs 1,000Bs 100
1Bs 1,500Bs 150
2Bs 2,750Bs 275
3Bs 4,000Bs 400
3ABs 7,000Bs 700
5.3Unified tax system

RTU [Regimen Tributario Unificado] Supreme Decree 22148 of March 3, 1989.
Tax payable annually by owners (individuals or undivided estates) of small rural properties, agricultural cooperatives, and poultry farms. Consolidates in one tax payment: tax on rural property, VAT, profit tax, and the complementary VAT tax.For certain rural areas, the tax is paid only on holding in excess of the threshold, which varies between 10 hectares and 500 hectares, depending on location.Varies per hectare, depending on the location of the rural land.

Unless covered by the Profit Tax.

This tax replaces the Tax on the Presumed Income of Enterprises (IRPE) and repeals Law 1297 (Tax on Mining Profits), Law 1194 (Law on Hydrocarbons, Profit Tax), and Supreme Decree 08438 of July 31, 1986 (Electricity Code).

This law eliminates the Tax on the Presumed Income of Owners of Real Property, Vehicles, Automobiles, Motorboats, and Airplanes (IRPPB), established by Law 843 and regulated by Supreme Decree 21458 of November 20, 1986.

Law 1656 of July 31, 1995 eliminated the Excise Tax (ICE) on electricity for industrial use. In addition, Law 1606 of December 22, 1994 eliminated the ICE on mineral water, electrical appliances, television, ceramics, cosmetics, and jewelry.

Unless covered by the Profit Tax.

This tax replaces the Tax on the Presumed Income of Enterprises (IRPE) and repeals Law 1297 (Tax on Mining Profits), Law 1194 (Law on Hydrocarbons, Profit Tax), and Supreme Decree 08438 of July 31, 1986 (Electricity Code).

This law eliminates the Tax on the Presumed Income of Owners of Real Property, Vehicles, Automobiles, Motorboats, and Airplanes (IRPPB), established by Law 843 and regulated by Supreme Decree 21458 of November 20, 1986.

Law 1656 of July 31, 1995 eliminated the Excise Tax (ICE) on electricity for industrial use. In addition, Law 1606 of December 22, 1994 eliminated the ICE on mineral water, electrical appliances, television, ceramics, cosmetics, and jewelry.

Table 1.Bolivia: Macroflows 1/
19921993199419951996
(Annual percentage growth)
Real GDP growth1.64.14.63.94.0
Consumption per capita1.11.30.91.41.5
Consumer prices (end-of-period)10.59.38.512.68.0
Consumer prices (period average)12.18.57.910.212.4
(Percent of GDP)
I. Balance of Payments
Current account balance 2/-7.2-7.3-3.6-5.0-5.1
Net exports of GNFS-8.2-7.8-5.1-5.0-6.1
Net factor payments-3.4-3.5-3.1-3.3-2.2
Other services and transfers4.44.14.63.33.3
Capital account7.89.75.76.89.7
Nonfinancial public sector 2/4.45.33.53.83.1
Financial public sector1.51.00.80.30.1
Private capital 3/1.93.41.42.66.5
Of which: direct investment related to capitalization0.00.00.00.13.5
Change in net international reserves (increase -)-0.5-2.4-2.1-1.8-4.6
II. Combined Public Sector
Public sector savings before grants2.91.43.34.13.7
General government0.50.21.82.02.4
Public enterprises2.41.21.52.01.3
Official grants2.71.52.51.62.4
Capital expenditure 4/10.09.08.77.57.9
Overall deficit4.46.03.01.81.9
Net Foreign financing4.35.03.63.62.5
Net Domestic financing0.11.0-0.7-1.8-0.6
III. Savings and Investment
Investment16.717.215.315.717.0
Nonfinancial public sector9.79.18.98.28.0
General government5.65.96.36.16.5
Public enterprises4.13.32.62.11.6
Private sector7.08.16.47.49.0
Savings16.717.215.315.717.0
External savings7.27.33.65.05.1
National savings9.510.011.710.711.9
Combined public sector2.91.43.34.13.7
Private sector6.68.68.46.68.3
Sources: Central Bank of Bolivia; Ministry of Finance; National Bureau of Statistics; and Fund staff estimates.

Using the 1990 based national accounts.

Excludes official transfers for debt-reduction operations.

Includes direct foreign investment and errors and omissions.

Net of capital revenue.

Sources: Central Bank of Bolivia; Ministry of Finance; National Bureau of Statistics; and Fund staff estimates.

Using the 1990 based national accounts.

Excludes official transfers for debt-reduction operations.

Includes direct foreign investment and errors and omissions.

Net of capital revenue.

Table 2.Bolivia: Aggregate Supply and Demand
1992199319941995Prel.

1996
I. Annual percentage change
(At current prices)
Aggregate supply17.011.612.316.613.9
GDP at market prices15.111.812.817.317.2
Imports 1/24.010.610.313.91.8
Domestic demand18.912.69.416.817.4
Consumption18.112.311.416.715.6
Fixed capital formation23.413.8-1.417.228.2
Change in inventories 2/-0.60.4-0.70.3-0.1
Exports 1/7.46.128.615.612.3
Implicit GDP deflator13.27.57.812.912.7
(At 1990 prices)
Aggregate supply3.33.33.74.85.2
GDP at market prices1.64.14.63.94.0
Imports 1/9.90.60.28.010.0
Domestic demand3.83.71.34.54.6
Consumption3.63.83.33.73.9
Fixed capital formation5.33.5-10.19.29.1
Change in inventories 2/-0.90.5-0.70.4-0.2
Exports 1/1.11.414.75.97.7
II. Percent of Nominal GDP
Aggregate supply129.1128.7128.1127.3123.7
Imports 1/29.128.728.127.323.7
Domestic demand109.0109.7106.4105.9106.1
Consumption92.392.591.190.389.1
Fixed capital formation16.717.215.315.717.0
Change in inventories 2/0.40.70.10.30.1
Exports 1/20.019.021.721.417.6
Sources: National Bureau of Statistics; and Fund staff estimates.

Goods and nonfactor services.

Change in percent of GDP in the preceding year.

Sources: National Bureau of Statistics; and Fund staff estimates.

Goods and nonfactor services.

Change in percent of GDP in the preceding year.

Table 3.Bolivia: Growth Rates of Selected Economic Aggregates
1992199319941995Prel.

1996
Real GDP (at market prices)1.64.14.63.84.0
Real GDP at producer prices1.64.44.73.83.7
Primary sector-2.14.85.64.11.4
Mining production 1/1.68.30.311.1-3.6
Agricultural production-4.24.16.81.43.3
Secondary sector 2/1.84.44.44.55.5
Terciary sector3.64.24.33.34.1
Consumer prices (annual average)12.18.57.910.212.4
GDP deflator (annual average)13.26.68.29.610.6
Sources: National Bureau of Statistics (INE); and Fund staff estimates.

Includes petroleum and natural gas.

Manufacturing and construction.

Sources: National Bureau of Statistics (INE); and Fund staff estimates.

Includes petroleum and natural gas.

Manufacturing and construction.

Table 4.Bolivia: Gross Domestic Product by Expenditure
1992199319941995Prel.

1996
(In millions bolivianos at 1990 prices)
Total domestic demand17,28117,92718,15618,96919,843
Consumption expenditures14,64615,20015,70316,29016,920
General government1,9452,0092,0572,0832,111
Private sector12,70013,19013,64614,20714,809
Gross domestic investment2,6352,7272,4532,6792,923
Fixed capital formation2,5882,5982,4362,5982,881
Public sector1,5401,4201,3891,3131,280
Private sector1,0481,1771,0471,2841,601
Change in inventories47129178142
External balance-757-731-168-274-406
Exports of goods and nonfactor services3,8163,8704,4404,7025,066
Imports of goods and nonfactor services-4,573-4,601-4,608-4,976-5,473
GDP at market prices16,52417,19617,98818,69419,437
Factor payments (net)-553-591-545-563-398
GNP at market prices15,97116,60517,44318,13219,039
(In million of bolivianos at current prices)
Total domestic demand24,00027,01429,55834,50440,431
Consumption expenditures20,32222,83025,43329,69734,274
General government2,8333,2703,7504,3755,127
Private sector17,48919,55921,68425,32229,147
Gross domestic investment3,6774,1844,1254,8066,157
Fixed capital formation3,5924,0064,1114,7126,102
Public sector2,1372,1902,3432,3822,711
Private sector1,4541,8161,7672,3303,391
Change in inventories86178149455
External balance-1,986-2,392-1,784-2,922-2,257
Exports of goods and nonfactor services4,4134,6846,0235,9716,763
Imports of goods and nonfactor services-6,398-7,076-7,807-8,893-9,020
GDP at market prices22,01424,62227,77532,58538,174
Factor payments (net)-753-873-868-988-785
GNP at market prices21,26123,74926,90731,59737,389
(In percent of nominal GDP)
Total domestic demand109.0109.7106.4105.9105.9
Consumption expenditures92.392.791.691.289.8
General government12.913.313.513.413.4
Private sector79.479.478.177.776.4
Gross domestic investment16.717.014.914.816.1
Fixed capital formation16.316.314.814.516.0
Public sector9.78.98.47.37.1
Private sector6.67.46.47.18.9
Change in inventories0.40.70.10.30.1
External balance-9.0-9.7-6.4-5.9-5.9
Exports of goods and nonfactor services20.019.021.721.417.7
Imports of goods and nonfactor services-29.1-28.7-28.1-27.3-23.6
GDP at market prices100.0100.0100.0100.0100.0
Factor payments (net)-3.4-3.5-3.1-3.0-2.1
GNP at market prices96.696.596.997.097.9
Source: National Bureau of Statistics (INE).
Source: National Bureau of Statistics (INE).
Table 5.Bolivia: Sectorial Product by Origin of Gross Domestic Product
19921993199419951996
(In millions of bolivianos at 1990 prices)
GDP at producer prices15,12515,78816,52317,15017,777
Primary sector4,1334,3334,5744,7634,830
Agriculture, forestry, and fishing2,4952,5982,7752,8142,906
Mining and hydrocarbons1,6391,7351,7991,9491,924
Minerals9641,0441,0471,1631,121
Petroleum and gas675691752787803
Secondary sector3,3073,4513,6023,7623,971
Manufacturing2,7482,8603,0033,1383,265
Construction559591599624706
Services sector7,6858,0058,3488,6248,976
Transport and communication1,6041,6751,7731,8531,944
Commerce1,4721,5141,5831,6191,710
Finance1,7291,8461,9992,1112,221
General government1,6291,6781,7241,7491,797
Other1,2511,2921,2681,2911,304
(Percentage change)
GDP at producer prices1.64.44.73.83.7
Primary sector-2.14.85.64.11.4
Agriculture, forestry, and fishing-4.24.16.81.43.3
Mining and hydrocarbons1.35.93.78.4-1.3
Minerals1.68.30.311.1-3.6
Petroleum and gas0.92.48.94.62.1
Secondary sector1.84.44.44.55.5
Manufacturing0.14.15.04.54.0
Construction11.25.81.54.113.1
Services sector3.64.24.33.34.1
Transport and communication4.64.45.94.54.9
Commerce0.72.94.62.35.6
Finance6.46.78.35.65.2
General government4.13.02.71.52.7
Other1.63.3-1.91.81.1
(Percentage composition)
GDP at producer prices100.0100.0100.0100.0100.0
Primary sector27.327.427.727.827.2
Agriculture, forestry, and fishing16.516.516.816.416.3
Mining and hydrocarbons10.811.010.911.410.8
Minerals6.46.66.36.86.3
Petroleum and gas4.54.44.64.64.5
Secondary sector21.921.921.821.922.3
Manufacturing18.218.118.218.318.4
Construction3.73.73.63.64.0
Services sector50.850.750.550.350.5
Transport and communication10.610.610.710.810.9
Commerce9.79.69.69.49.6
Finance11.411.712.112.312.5
General governemnt10.810.610.410.210.1
Other8.38.27.77.57.3
Source: National Bureau of Statistics (INE).
Source: National Bureau of Statistics (INE).
Table 6.Bolivia: Indices of Output of Major Agricultural Crops(Annual percentage change)
Crops Years Ended June 30
19921993199419951996
Coffee7.8-13.846.65.81.4
Wheat-12.051.6-41.346.5-28.3
Soybeans-13.044.044.422.7-1.7
Corn9.917.26.7-8.111.6
Sugarcane-14.8-6.511.59.06.7
Rice-4.8-2.911.17.030.1
Source: National Bureau of Statistics (INE).
Source: National Bureau of Statistics (INE).
Table 7.Bolivia: Volume of Mining Production
19921993199419951996
(1990=100)
Total104.2108.8109.4124.8120.0
COMIBOL94.676.950.438.237.1
Medium-sized private mines109.6159.8174.0218.9202.6
Small private mines 1/104.588.190.297.398.6
(Percentage change)
Total2.44.40.514.1-3.8
COMIBOL-21.9-18.7-34.4-24.3-2.8
Medium-sized private mines3.445.88.925.8-7.4
Small private mines 1/14.3-15.72.57.91.3
Memorandum items:
Value of mining production in millions of U.S. dollars356.0380.0362.0324.0397.0
Percentage change-12.56.7-4.722.5
Sources: Secretariat of Mining and Metallurgy; and National Bureau of Statistics (INE).

Includes cooperatives.

Sources: Secretariat of Mining and Metallurgy; and National Bureau of Statistics (INE).

Includes cooperatives.

Table 8.Bolivia: Mining Reserves and Production
ReservesProduction
1993 1/19921993199419951996
(In metric tons of fine metal content)
All mines
Tin39416,51618,63416,02714,41914,481
Lead11120,01021,22019,67820,38716,402
Antimony1056,0224,1557,0506,4266,151
Tungsten761,073330583826535
Zinc555143,936122,638100,751146,131145,990
Copper0101947912784
Silver1282333352425382
Bismuth500000
Gold 2/04,68810,40312,79115,85114,942
COMIBOL
Tin1445,6626,9185,2143,9673,926
Lead722,5001182900
Antimony01240000
Tungsten1100000
Zinc21027,84120,30810,9698,2687,265
Silver09915100
Bismuth500000
(In percent)
COMIBOL’s share
Tin36.534.337.132.527.527.1
Lead64.412.50.60.10.00.0
Antimony0.02.10.00.00.00.0
Tungsten13.90.00.00.00.00.0
Zinc37.819.316.610.95.75.0
Silver0.035.14.50.30.00.0
Bismuth93.80.00.00.00.00.0
Sources: Secretariat of Mining and Metallurgy; and National Bureau of Statistics (INE).

In thousands of metric tons of proven and probable reserves except for gold where the figure is for estimated reserves. Does not include silver reserves (including those in the Cerro Rico de Potosi) estimated at 200,000 metric tons, or the lithium and boron salt deposits in the Uyuni flats.

Production in kilograms.

Sources: Secretariat of Mining and Metallurgy; and National Bureau of Statistics (INE).

In thousands of metric tons of proven and probable reserves except for gold where the figure is for estimated reserves. Does not include silver reserves (including those in the Cerro Rico de Potosi) estimated at 200,000 metric tons, or the lithium and boron salt deposits in the Uyuni flats.

Production in kilograms.

Table 9.Bolivia: Production, Consumption, and Exports of Petroleum and Natural Gas
19921993199419951996
(In thousands of barrels)
Petroleum 1/
Production7,7528,1179,38110,34710,682
YPFB6,2206,4957,2537,0676,648
Private companies1,5321,6222,1283,2804,034
Consumption7,6127,6497,6987,3749,236
Of which: stockbuilding001,18400
Exports 3/1404695002,9731,446
(In millions of cubic feet)
Natural gas
Net production 4/107,589107,580115,814116,376117,573
YPFB58,66560,92867,62376,65674,489
Private companies48,92446,65248,19139,72043,084
Consumption32,52033,71839,25843,88744,997
Domestic sales8,4728,0367,3397,4496,882
Other 4/24,04825,68231,91936,43838,115
Exports75,07073,86276,55672,48772,573
(In thousands of barrels) 5/
Total
Production27,17227,53630,28631,35331,905
Consumption 6/13,48113,73514,78415,29617,358
Exports13,69113,80114,31916,05714,546
(Percentage change)
Total production0.31.310.03.51.8
Petroleum-4.24.715.610.33.2
Natural gas2.30.07.70.51.0
Total consumption5.91.97.63.513.5
Petroleum-0.20.50.6-4.225.3
Natural gas15.03.716.411.82.5
(In percent of total production of petroleum and natural gas)
Production100.0100.0100.0100.0100.0
Petroleum28.529.531.033.033.5
Natural gas71.570.569.067.066.5
Consumption49.649.948.848.854.4
Petroleum28.027.825.423.528.9
Natural gas21.622.123.425.325.5
Exports50.450.147.351.245.6
Petroleum0.51.71.79.54.5
Natural gas49.948.445.641.741.1
Sources: Bolivian Petroleum Corporation (YPFB); and National Bureau of Statistics (INE).

Excludes liquid petroleum gas.

Partly reflects improved reporting of imports.

Export data do not include exports of liquids produced from gas and also differ from trade statistics in timing.

Excludes gas injected into wells, gas flared, and other losses.

Gas converted into barrels of oil equivalent at 1,000 cubic feet = 0.180505 barrels.

Includes gas used in the production of liquid petroleum gas and internal consumption.

Sources: Bolivian Petroleum Corporation (YPFB); and National Bureau of Statistics (INE).

Excludes liquid petroleum gas.

Partly reflects improved reporting of imports.

Export data do not include exports of liquids produced from gas and also differ from trade statistics in timing.

Excludes gas injected into wells, gas flared, and other losses.

Gas converted into barrels of oil equivalent at 1,000 cubic feet = 0.180505 barrels.

Includes gas used in the production of liquid petroleum gas and internal consumption.

Table 10.Bolivia: Investment in Petroleum Exploration(In millions of U.S. dollars)
19921993199419951996
YPFB9163674938
Prospecting3924132113
Drilling 1/5239542825
Foreign contractors836974130118
Total investment174132141179156
Memorandum items:
Number of foreign firms involved in exploration1414121316
Number of wells 2/3534323218
Source: Bolivian Petroleum Corporation (YPFB).

Including drilling of production wells.

Prospecting and production, YPFB only.

Source: Bolivian Petroleum Corporation (YPFB).

Including drilling of production wells.

Prospecting and production, YPFB only.

Table 11.Bolivia: Nominal and Real Retail Prices of Petroleum Products
GasolineDiesel OilFuel OilKeroseneJet Fuel
(In current bolivianos per liter)
December
19890.890.760.680.600.74
19901.100.900.850.600.96
19911.481.191.150.801.28
19921.701.411.330.881.47
19931.851.541.450.951.48
19941.851.541.450.951.48
19951.851.541.450.951.48
19962.002.001.291.101.48
(In constant prices of 1991) 1/
December
19891.050.900.800.710.87
19901.100.900.850.600.96
19911.281.031.000.691.11
19921.331.111.040.691.15
19931.331.101.040.681.06
19941.221.020.960.630.98
19951.090.900.850.560.87
19961.091.090.700.600.80
1995
January1.211.010.950.620.97
February1.211.000.950.620.96
March1.200.990.940.610.96
April1.180.980.920.600.94
May1.170.980.920.600.94
June1.160.970.910.600.93
July1.160.960.910.600.93
August1.150.960.900.590.92
September1.150.950.900.590.92
October1.130.940.880.580.90
November1.110.920.870.570.88
December1.090.900.850.560.87
1996
January1.070.890.840.550.86
February1.131.130.730.620.83
March1.131.130.730.620.83
April1.131.130.730.620.84
May1.131.130.730.620.83
June1.121.120.720.620.83
July1.111.110.710.610.82
August1.101.100.710.600.81
September1.091.090.710.600.81
October1.101.100.710.600.81
November1.091.090.700.600.81
December1.091.090.700.600.80
Source: Bolivian Petroleum Corporation (YPFB).

Current price deflated by CPI index. December 1991=100.

Source: Bolivian Petroleum Corporation (YPFB).

Current price deflated by CPI index. December 1991=100.

Table 12.Bolivia: Indices of Manufacturing Output
Weights19921993199419951996
(Indices 1990=100)
Overall Index100.0108.7115.9122.4127.9133.3
By product
Food33.7106.2115.1118.7121.7127.4
Beverages9.3118.1123.1129.0150.9171.6
Tobacco0.5121.4117.8130.6167.7140.7
Textiles2.1119.1117.4139.1143.3137.7
Garments4.0112.9166.0186.5213.6223.2
Leather products1.185.694.3104.489.998.7
Footwear1.9141.2156.2147.1178.7195.3
Wood products5.6104.7110.4115.4113.098.3
Printing and publishing3.0117.7121.1111.1106.089.4
Industrial chemicals0.3109.3108.4137.9155.1149.4
Other chemicals1.687.881.7121.7155.9236.7
Petroleum and coal derivations24.498.595.7100.8101.7112.0
Plastic products1.3138.1158.5171.9191.3221.2
Glass products0.885.276.5105.5110.5142.1
Nometallic minerals4.3115.8125.1135.8152.2146.2
Nonferrous metals2.3119.3130.5133.9102.495.7
Metallic products3.6111.1116.3135.9131.9121.3
Other0.2296.41,290.31,706.11,606.81,307.0
By and use108.7115.9122.4127.9133.3
Nondurable consumer goods107.5113.9120.6128.2135.6
Intermediate goods115.3127.2130.9125.5122.4
Consumer durable111.1116.3135.9131.9121.3
(Percentage change)
Overall Index1.26.65.64.54.2
By product
Food-2.98.43.12.54.7
Beverages0.74.34.817.013.7
Tobacco15.5-2.910.828.4-16.1
Textiles8.8-1.518.53.0-3.9
Garments2.547.112.314.54.5
Leather products4.710.310.7-13.99.8
Footwear18.810.7-5.821.59.3
Wood products0.45.44.6-2.1-13.0
Printing and publishing14.62.9-8.2-4.6-15.7
Industrial chemicals7.4-0.927.212.5-3.7
Other chemicals2.2-6.948.928.151.8
Petroleum and coal derivations-3.3-2.85.30.910.1
Plastic products16.814.78.511.315.6
Glass products-4.5-10.237.94.728.6
Nonmetallic minerals7.58.18.512.1-3.9
Nonferrous metals1.19.32.6-23.5-6.5
Metallic products7.24.716.8-2.9-8.0
Other136.7335.332.2-5.8-18.7
By and use1.26.65.64.54.2
Nondurable consumer goods0.76.05.96.35.8
Intermediate goods3.110.32.9-4.1-2.5
Consumer durable7.24.716.8-2.9-8.0
Source: National Bureau of Statistics (INE).

With respect to the same period of the preceding year.

Source: National Bureau of Statistics (INE).

With respect to the same period of the preceding year.

Table 13.Bolivia: Generation and Consumption of Electricity
19921993199419951996
Generation in Gigawatt Hours (GWH)
Total2,411.42,650.72,824.23,029.72,922.0
Hydrodectric plants1,350.91,572.01,350.81,304.11,327.5
Thermoelectric plants1,060.51,078.71,473.41,725.61,594.5
Consumption in Gigawatt Hours (GWH)
Total2,048.72,261.42,452.32,646.72,745.8
Mining254.0337.4344.4371.9403.5
Industry524.6568.8638.1660.1716.2
Residential802.0857.3951.21,035.81,123.8
Commercial311.1342.2380.7429.3465.8
Other157.0155.7137.9149.636.5
Source: National Bureau of Statistics (INE).
Source: National Bureau of Statistics (INE).
Table 14.Bolivia: Consumer Prices 1/
19921993199419951996
(Period average)
Total12.18.57.910.212.4
Food and beverages13.46.79.012.014.3
Clothing and footwear13.07.76.26.86.2
Housing8.211.68.28.211.8
Household appliances10.19.98.28.99.9
Health12.711.86.616.110.1
Transport and communications16.110.11.92.616.0
Education8.611.98.915.110.4
Culture and entertainment13.312.412.111.75.7
Other10.78.18.98.18.6
(End of period)
Total10.59.38.512.68.0
Food and beverages10.58.810.616.06.8
Clothing and footwear10.97.55.47.15.6
Housing8.910.27.810.28.4
Household appliances10.88.97.79.88.8
Health13.47.09.316.69.7
Transport and communications16.011.80.85.214.5
Education9.311.511.112.09.8
Culture and entertainment12.213.29.711.63.7
Other11.97.88.26.79.0
Source: National Bureau of Statistics (INE).

Index for La Paz, Santa Cruz, Cochabamba, and El Alto.

Source: National Bureau of Statistics (INE).

Index for La Paz, Santa Cruz, Cochabamba, and El Alto.

Table 15.Bolivia: National Minimum Wage
19921993199419951996
(In bolivianos)
Nominal minimum wage
January135.0160.0190.0205.0223.0
February135.0160.0190.0205.0223.0
March135.0160.0190.0205.0223.0
April135.0160.0190.0205.0223.0
May135.0160.0190.0205.0223.0
June135.0160.0190.0205.0223.0
July135.0160.0190.0205.0223.0
August135.0160.0190.0205.0223.0
September135.0160.0190.0205.0223.0
October135.0160.0190.0205.0223.0
November135.0160.0190.0205.0223.0
December135.0160.0190.0205.0223.0
(In bolivianos of 1991)
Real minimum wage
January125.1135.3148.3147.4141.5
February122.3134.1147.5146.6137.7
March121.7134.1147.6145.3138.0
April121.4134.0146.9143.0138.3
May120.5133.0146.0142.4137.7
June119.8131.8145.3141.4137.0
July118.9130.3144.0140.8135.5
August117.8128.1142.2140.1134.1
September117.7127.4141.4139.4133.9
October117.1126.8140.3136.8134.0
November116.5126.5138.0134.4133.3
December116.1125.9137.8132.0133.0
(Index in bolivianos of 1991)
Real minimum wage index
January105.0113.6124.5123.8118.7
February102.7112.5123.8123.1115.5
March102.1112.6123.9121.9115.8
April101.9112.5123.3120.1116.1
May101.2111.6122.6119.5115.6
June100.5110.6122.0118.7115.0
July99.8109.4120.8118.2113.7
August98.9107.5119.4117.6112.5
September98.8107.0118.7117.0112.4
October98.3106.4117.7114.9112.4
November97.8106.2115.8112.8111.9
December97.5105.7115.7110.8111.7
Source: National Bureau of Statistics (INE).
Source: National Bureau of Statistics (INE).
Table 16.Bolivia: Private Sector Wages
December of current year
19921993199419951996
(In bolivianos)
National Average852.8984.11,162.31,295.41,412.9
Mining1,317.01,745.82,330.92,702.63,015.5
Manufacturing712.3774.6922.9989.01,057.0
Construction520.3612.8804.2855.6929.6
Commerce829.9959.61,076.91,172.01,274.9
Finance1,547.21,783.42,074.02,531.12,906.6
Other services882.01,020.21,190.51,339.61,451.2
(In bolivianos of 1991)
National Average755.0802.8878.9888.9862.3
Mining1,165.91,424.11,762.51,854.51,840.4
Manufacturing630.6631.9697.9678.6645.1
Construction460.6499.9608.1587.1567.3
Commerce734.7782.8814.3804.2778.1
Finance1,369.71,454.81,568.31,736.81,773.9
Other services780.8832.2900.2919.2885.7
(Index; 1991=100)
National Average104.6111.2121.8123.2119.5
Mining114.2139.5172.6181.6180.3
Manufacturing101.8102.0112.7109.6104.2
Construction106.2115.3140.2135.4130.8
Commerce102.1108.8113.2111.8108.2
Finance105.2111.7120.4133.4136.2
Other services106.2113.2122.5125.1120.5
Source: National Bureau of Statistics (INE).
Source: National Bureau of Statistics (INE).
Table 17.Bolivia: Urban Labor Force and Employment 1/
19911992199319941995
(In thousands)
Urban population2,7382,8552,9643,0923,189
Labor force1,0501,0751,1611,2341,304
Employed 2/8508629321,0211,078
Unemployed 3/200213229213226
(Annual percentage change)
Population5.44.33.84.33.1
Labor force5.72.48.06.35.7
Employed8.41.58.09.65.6
Unemployed-4.26.17.6-6.86.0
(In percent)
Memorandum items:
Labor force participation rate38.337.739.139.940.9
Unemployment rate 4/19.119.819.717.317.3
Public sector employment 5/22.621.922.119.618.7
Source: National Bureau of Statistics (INE).

Data based on annual households survey conducted during September-November of 1989-92; July-December 1993-94; and June 1995. Data for 1996 based on national employment survey. Both surveys cover urban centers with 10,000 or more inhabitants.

Excludes underemployed working fewer than a minimum number of hours weekly (40) and/or earn income lower than the cost of a basic basket of goods and services.

Includes the underemployed.

As a percentage of the labor force; including the underemployed.

As a percentage of total employment.

Source: National Bureau of Statistics (INE).

Data based on annual households survey conducted during September-November of 1989-92; July-December 1993-94; and June 1995. Data for 1996 based on national employment survey. Both surveys cover urban centers with 10,000 or more inhabitants.

Excludes underemployed working fewer than a minimum number of hours weekly (40) and/or earn income lower than the cost of a basic basket of goods and services.

Includes the underemployed.

As a percentage of the labor force; including the underemployed.

As a percentage of total employment.

Table 18.Bolivia: Urban Private Sector Employment by Sector 1/
19921993199419951996
(In thousands)
Total employment896.0948.91,025.31,016.21,117.4
Agriculture17.518.216.021.717.1
Mining17.914.314.717.919.0
Manufacturing171.7168.9180.6180.6201.5
Utilities7.64.25.55.19.4
Construction91.486.5112.8100.3109.2
Commerce215.0223.1260.2251.6270.8
Transport and communications69.985.085.790.395.8
Finance37.743.945.544.152.4
Other services267.4304.8304.4304.7342.2
(In percent of total)
Total employment100.0100.0100.0100.0100.0
Agriculture1.91.91.62.11.5
Mining2.01.51.41.81.7
Manufacturing19.217.817.617.818.0
Utilities0.80.40.50.50.8
Construction10.29.111.09.99.8
Commerce24.023.525.424.824.2
Transport and communications7.89.08.48.98.6
Finance4.24.64.44.34.7
Other services29.832.129.730.030.6
Source: National Bureau of Statistics.

Includes urban centers with 10,000 or more inhabitants.

Source: National Bureau of Statistics.

Includes urban centers with 10,000 or more inhabitants.

Table 19.Bolivia: Public Sector Employment
DescriptionDecember
19921993199419951996
Public sector188,961205,986200,310201,666200,989
General government158,791183,061180,855182,989188,223
Central administration 1/131,185155,691156,810157,601160,782
Decentralized institutions4,0414,2544,2434,247737
Regional administrations 3/13,59312,84610,54911,72716,890
Social security9,97210,2709,2539,4149,814
Public enterprises28,42421,53518,81318,04912,149
COMIBOL5,0874,3081,5431,4191,471
Other23,33717,22717,27016,63010,678
Financial public sector1,7461,390642628617
Sources: The System of Financial Administration and Control (SAFCO).

Since 1993 SAFCO improved coverage of the public sector employment, hence the new figures are not comparable with those of previous years.

Includes development corporations, municipalities, and departamental governments. Includes an additional 1,375 employees from the municipality of El Alto and 604 for Potosi for 1995 onward; and 163 employees for the municipality of Trinidad and 120 for Cobija for 1996 that were not included in earlier years.

Sources: The System of Financial Administration and Control (SAFCO).

Since 1993 SAFCO improved coverage of the public sector employment, hence the new figures are not comparable with those of previous years.

Includes development corporations, municipalities, and departamental governments. Includes an additional 1,375 employees from the municipality of El Alto and 604 for Potosi for 1995 onward; and 163 employees for the municipality of Trinidad and 120 for Cobija for 1996 that were not included in earlier years.

Table 20.Bolivia: Consolidated Operations of the Combined Public Sector(In millions of bolivianos)
19921993199419951996
Revenue and grants5,258.75,590.06,965.78,342.29,665.3
Current revenue4,652.45,173.06,216.47,567.58,718.1
Tax revenue 1/3,633.44,149.84,767.05,638.76,633.0
Nontax revenue237.0272.4437.6508.2788.8
Transfers 2/288.1357.4416.9496.2576.7
Operating surplus of public enterprises527.4305.6407.5658.1482.6
Central bank operating balance (- = losses)-33.587.9187.5266.4237.0
Capital revenue 3/15.940.468.0242.150.0
Foreign grants590.4376.6681.3532.6897.2
Expenditure6,221.47,074.97,790.08,925.410,382.4
Current expenditure3,959.84,743.65,164.86,120.07,174.6
Wages and salaries 4/1,862.72,216.62,558.82,917.53,381.4
Goods and services572.4593.1567.5755.9883.9
Interest 5/568.5636.0691.5944.01,036.4
Transfers472.6554.1852.6957.61,280.6
Other483.6743.7494.4544.9592.4
Capital expenditure2,261.62,331.32,625.22,805.53,207.9
Fixed capital formation2,206.92,245.52,478.52,678.93,060.5
Other54.785.8146.7126.6147.3
Current account balance692.5429.51,051.61,447.61,543.6
Overall balance-962.8-1,484.8-824.4-583.2-717.1
Overal financing962.81,485.0824.3583.2717.1
External financing942.71,235.21,013.51,161.3941.5
Disbursements1,017.6957.61,332.41,609.91,580.6
Amortization-268.0-366.2-498.5-560.2-620.2
Interest not paid248.6210.0128.3194.41.0
Payments of arrears-4.7-5.30.00.00.0
Argentina gas arrears30.1121.20.00.00.0
Brazil-Switz debt arrangement-65.0-41.5-50.7-41.20.0
Deposits abroad (- = increase)-15.9-6.44.3-41.7-19.9
Argentina special payment0.0365.897.70.00.0
Domestic financing20.1249.8-189.2-578.0-224.5
Central bank58.6218.1-240.7-799.5-727.4
Rest of financial system-13.14.449.8119.1304.0
Unofficial deposits-4.1-65.9-155.455.9-10.3
Bond financing0.00.0357.9114.1-15.7
Other-21.393.1-200.8-67.6224.9
Contractors-26.4-3.8-0.7-4.00.0
Floating debt-11.5104.9-201.2-52.0-20.8
Documents16.6-8.03.3-12.3245.2
Other0.00.0-2.20.70.6
Memorandum items:
GDP22,014.024,622.027,775.032,585.038,174.0
Education expenditure904.41,197.51,416.31,699.72,072.4
Health expenditure482.8553.0497.9538.6538.6
Military expenditure 6/411.5560.2567.9694.3735.6
Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); Central Bank of Bolivia; and Fund staff estimates.

Includes taxes paid by public enterprises.

Comprises social security contributions paid by the private sector and public enterprises.

Following program accounting conventions, loan repayments are excluded.

Includes payments to war veterans and severance payments.

Interest on external debt on a payment-due basis.

Includes military spending not recorded in the public accounts.

Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); Central Bank of Bolivia; and Fund staff estimates.

Includes taxes paid by public enterprises.

Comprises social security contributions paid by the private sector and public enterprises.

Following program accounting conventions, loan repayments are excluded.

Includes payments to war veterans and severance payments.

Interest on external debt on a payment-due basis.

Includes military spending not recorded in the public accounts.

Table 21.Bolivia: Operations of the General Government(In millions of bolivianos)
19921993199419951996
Revenue and grants4,761.65,272.76,534.97,670.59,013.9
Current revenue3,810.94,364.45,096.36,017.67,145.8
Tax revenue 1/3,633.44,149.84,767.05,638.76,633.0.
Domestic taxes3,342.43,827.34,370.75,186.46,158.0
Custom duties291.0322.4396.2452.3475.0
Nontax revenue177.5214.6329.4378.9512.8
Current transfers from369.3475.2608.0966.9680.6
Public enterprises81.2117.8191.1470.7103.9
Private sector 2/288.1357.4416.9496.2576.7
Capital revenue43.467.3175.9184.9378.2
Capital transfers from public enterprises3.60.30.00.90.3
Foreign grants534.5365.6654.6500.3809.1
Expenditure5,388.36,531.97,435.48,367.09,902.3
Current expenditure4,052.84,922.05,508.86,240.97,306.6
Wages and salaries 3/1,862.72,216.62,558.82,917.53,381.4
Goods and services572.4593.1567.5755.9883.9
Interest 4/568.5636.0691.5944.01,036.4
Transfers to565.6732.61,196.51,078.61,412.6
Public enterprises93.0178.5343.9121.0132.0
Private sector472.6554.1852.6957.61,280.6
Other483.6743.7494.4544.9592.4
Capital expenditure1,335.51,609.91,926.72,126.12,595.7
Fixed capital formation1,308.11,440.41,751.61,984.02,425.6
Other22.974.9141.4126.6147.0
Transfers to public enterprises4.594.733.715.523.1
Current account balance127.3-82.5195.6743.5519.8
Overall balance-626.7-1,259.2-900.6-696.5-888.3
Overall financing626.71,259.2900.6696.5888.5
External financing602.6903.3706.01,024.2983.2
Disbursements640.7617.7878.91,272.01,374.0
Amortization-217.0-243.3-348.3-401.1-391.8
Interest not paid248.6210.0128.3194.41.0
Payments of arrears-4.7-5.30.00.00.0
Brazil-Switz debt arrangement-65.0-41.5-50.7-41.20.0
Argentina special payment0.0365.897.70.00.0
Domestic financing24.2355.9194.6-327.7-94.7
Central bank35.7185.8-154.7-840.4-794.4
Rest of financial system-13.14.449.8119.1304.0
Bond financing0.00.0357.9114.1-15.7
Unofficial deposits0.0-55.7-100.650.22.6
Other1.6221.442.2229.3408.8
Floating debt7.745.1-82.4-50.8-62.9
Documents16.6-8.03.3-12.3245.2
Other-22.8184.3121.3292.4226.5
Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); Central Bank of Bolivia; and Fund staff estimates.

Includes taxes paid by public enterprises.

Comprises social security contributions paid by the private sector and public enterprises.

Includes payments to war veterans and severance payments.

Interest on external debt on a payment-due basis.

Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); Central Bank of Bolivia; and Fund staff estimates.

Includes taxes paid by public enterprises.

Comprises social security contributions paid by the private sector and public enterprises.

Includes payments to war veterans and severance payments.

Interest on external debt on a payment-due basis.

Table 22.Bolivia: General Government Revenue and Grants
19921993199419951996
(In millions of bolivianos)
Revenue and grants4,761.65,272.76,534.97,670.59,013.9
Tax revenue3,633.44,149.84,767.05,638.76,633.0
Hydrocarbon revenues 1/1,552.01,636.31,645.21,714.92,138.0
Nonhydrocarbon2,081.42,513.43,121.83,923.84,495.0
Domestic taxes1,790.42,191.02,725.63,471.54,020.0
Direct taxes339.7452.5466.9592.51,022.5
Corporate income tax0.00.00.00.0500.0
Complementary value added109.9156.2181.8175.2165.8
Property tax229.8296.3285.1401.0331.4
Personal (IRPB)109.1127.3142.6225.2284.8
Corporate (IRPE)120.7169.0142.5175.846.6
Mining royalties16325.3
Indirect taxes1,450.71,738.52,258.72,879.02,997.5
Value added 2/943.91,134.71,462.11,698.71,902.7
Domestic 3/800.0846.0887.7
Imports662.2852.81,015.0
Excise taxes201.7233.4270.2377.5394.5
Beer110.9152.9160.8
Automobiles47.869.169.2
Other111.5155.5164.5
Transactions tax 2/4/291.1354.6459.6695.7663.0
Other14.015.866.7107.137.3
Customs duties291.0322.4396.2452.3475.0
Nontax revenues177.5214.6329.4378.9512.8
Current transfers from369.3475.2608.0966.9680.6
Public enterprises81.2117.8191.1470.7103.9
Private sector 5/288.1357.4416.9496.2576.7
Capital revenue43.467.3175.9184.9378.2
Capital transfers from public enterprises3.60.30.00.90.3
Foreign grants534.5365.6654.6500.3809.1
(In percent of GDP)
Revenue and grants21.621.423.523.523.6
Tax revenue16.516.917.217.317.4
Hydrocarbon revenues 1/7.16.65.95.35.6
Nonhydrocarbon9.511.412.712.011.8
Domestic taxes8.110.011.110.710.5
Direct taxes1.52.11.91.82.7
Corporate income tax0.00.00.00.01.3
Complementary value added0.50.70.70.50.4
Property tax1.01.31.21.20.9
Personal (IRPB)0.50.60.60.70.7
Corporate (IRPE)0.50.80.60.50.1
Mining royalties0.10.1
Indirect taxes6.67.99.28.87.9
Value added 2/4.35.25.95.25.0
Domestic 3/3.22.62.3
Imports2.72.62.7
Excise taxes0.91.11.11.21.0
Beer0.50.50.4
Automobiles0.20.20.2
Other0.50.50.4
Transactions tax 2/4/1.31.61.92.11.7
Other0.10.10.30.30.1
Customs duties1.31.51.61.41.2
Nontax revenues0.81.01.31.21.3
Current transfers from1.72.22.53.01.8
Public enterprises0.40.50.81.40.3
Private sector 5/1.31.61.71.51.5
Capital revenue0.20.30.70.61.0
Capital transfers from public enterprises0.00.00.00.00.0
Foreign grants2.41.72.71.52.1
Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); and Fund staff estimates.

Includes value-added and transactions taxes paid by the state oil company (YPFB).

Value added and transaction tax figures for 1990-93 are estimated on the basis of data for the combined total of these taxes.

Includes all value-added tax paid by public enterprises (except YPFB).

Includes all transaction taxes paid by public enterprises (except YPFB).

Comprises social security contributions paid by the private sector and public enterprises.

Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); and Fund staff estimates.

Includes value-added and transactions taxes paid by the state oil company (YPFB).

Value added and transaction tax figures for 1990-93 are estimated on the basis of data for the combined total of these taxes.

Includes all value-added tax paid by public enterprises (except YPFB).

Includes all transaction taxes paid by public enterprises (except YPFB).

Comprises social security contributions paid by the private sector and public enterprises.

Table 23.Bolivia: Operations of the Central Government
19921993199419951996
(In millions of bolivianos)
Revenue and grants4,172.44,532.15,731.86,424.97,551.1
Current revenue3,557.44,088.24,778.85,422.46,321.0
Tax revenue3,484.73,997.14,609.55,214.66,096.5
Domestic taxes 1/3,193.73,674.74,213.34,762.35,621.5
Custom duties291.0322.4396.2452.3475.0
Nontax revenue72.791.1169.2207.7224.5
Current transfers from87.2123.8185.3440.3214.3
Rest of general government8.910.84.47.3134.3
Public enterprises78.3112.8180.9425.480.1
Private sector0.00.30.07.60.0
Capital transfers40.422.221.281.4120.8
Capital revenue0.02.9134.272.2172.1
Foreign grants487.5295.0612.5408.6722.8
Expenditure4,707.75,731.66,665.27,051.88,258.4
Current expenditure3,805.94,644.75,305.05,903.36,964.3
Wages and salaries1,558.21,828.22,092.42,435.22,681.8
Goods and services400.3446.1410.4531.0551.6
Interest566.3625.2652.0912.1990.5
Transfers to902.71,124.91,776.51,623.02,256.9
Rest of general government679.3810.41,063.21,090.61,724.6
Public enterprises89.0174.3343.5120.6132.0
Private sector134.4140.2369.9411.7400.2
Other378.2620.5373.7402.0483.6
Capital expenditure901.91,086.91,360.21,148.61,294.1
Fixed capital formation825.4849.61,038.7967.31,009.8
Other0.029.395.972.070.7
Transfers76.5208.0225.6109.3213.6
Current account balance-161.3-432.7-341.0-40.5-428.9
Overall balance-535.3-1,199.5-933.4-626.9-707.3
Overall financing535.31,199.5933.4626.9707.3
External financing548.4828.6675.5996.9945.4
Disbursements586.2540.9844.81,241.91,324.7
Amortization-216.7-241.3-344.6-398.2-380.3
Interest not paid248.6210.0128.3194.41.0
Payments of arrears-4.7-5.30.00.00.0
Brazil-Switz debt agreement-65.0-41.5-50.7-41.20.0
Argentina special payment0.0365.897.70.00.0
Domestic financing-13.1370.9257.8-370.0-238.1
Central bank108.3216.05.0-889.2-678.6
Rest of financial system-13.14.449.8119.1304.0
Bond financing0.00.0357.9114.1-15.7
Other-108.3150.5-154.9286.0152.2
Floating debt0.045.1-82.4-50.8-62.9
Documents16.6-8.03.3-12.3245.2
Other-124.9113.5-75.8349.1-30.1
(In percent of GDP)
Memorandum items:
Revenues and grants19.018.420.619.719.8
Expenditure21.423.324.021.621.6
Current17.318.919.118.118.2
Capital4.14.44.93.53.4
Overall balance-2.4-4.9-3.4-1.9-1.9
Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); Central Bank of Bolivia; and Fund staff estimates.

Includes payments of value-added taxes and transactions taxes by YPFB.

Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); Central Bank of Bolivia; and Fund staff estimates.

Includes payments of value-added taxes and transactions taxes by YPFB.

Table 24.Bolivia: Operations of the Central Administration(In millions of bolivianos)
19921993199419951996
Revenue and grants3,833.74,213.25,515.86,066.86,960.6
Current revenue3,520.24,030.24,683.65,290.66,221.4
Tax revenue3,493.54,008.14,633.55,224.76,123.1
Domestic taxes 1/3,202.53,685.74,237.34,772.55,648.1
Custom duties291.0322.4396.2452.3475.0
Nontax revenue26.722.150.165.998.3
Current transfers from74.5104.4431.8510.5318.8
Rest of central government0.00.0256.987.9120.1
Rest of general government0.00.00.00.0123.3
Public enterprises74.5104.4174.8418.175.4
Private sector0.00.00.04.50.0
Capital transfers from0.00.00.026.60.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.026.60.0
Public enterprises0.00.00.00.00.0
Capital revenue0.00.070.4-20.997.6
Foreign grants239.078.6330.1260.0322.8
Expenditure3,960.44,747.75,601.35,843.66,972.0
Current expenditure3,719.94,403.15,154.35,686.96,796.3
Wages and salaries 2/1,499.11,747.42,005.42,332.02,606.2
Goods and services358.8383.5353.5472.6506.4
Interest 3/566.2624.7637.0887.8960.2
Transfers to1,359.81,596.72,280.72,106.32,758.6
Rest of central government482.6540.2555.9535.0668.9
Of which
Revenue sharing91.9108.8127.6165.1210.3
Rest of general government654.3785.21,038.91,056.81,636.2
Of which
Revenue sharing427.7503.4675.5686.4981.8
Public enterprises89.0132.8343.5120.678.3
Private sector133.9138.5342.4393.9375.2
Other-64.050.8-122.3-111.9-35.1
Capital expenditure240.6344.5447.0156.7175.6
Fixed capital formation19.122.317.015.425.3
Other9.910.08.70.00.0
Transfers to221.5312.3421.3141.3150.4
Rest of central government145.3119.7259.685.6108.4
Rest of general government72.598.3128.851.024.6
Public enterprises3.694.333.04.717.4
Current account balance-125.2-268.6-38.9114.3-256.1
Overall balance-126.7-534.5-85.5223.2-11.4
Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); Central Bank of Bolivia; and Fund staff estimates.

Includes taxes paid by public enterprises.

Includes payments to war veterans and severance payments.

Interest on external debt on a payment-due basis.

Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); Central Bank of Bolivia; and Fund staff estimates.

Includes taxes paid by public enterprises.

Includes payments to war veterans and severance payments.

Interest on external debt on a payment-due basis.

Table 25.Bolivia: Central Administration Expenditure
19921993199419951996
(In millions of bolivianos)
Expenditure3,993.94,658.95,413.95,843.66,946.5
Current expenditure3,753.34,314.44,966.95,686.86,694.6
Wages and salaries 1/1,499.11,747.42,005.42,332.02,606.2
Goods and services358.8383.5353.5472.6506.4
Interest 2/599.7536.8449.7887.8858.5
Transfers to1,359.81,596.72,280.72,106.32,758.6
Rest of central government482.6540.2555.9535.0668.9
Of which: Revenue sharing91.9108.8127.6165.1210.3
Rest of general government654.3785.21,038.91,056.81,636.2
Of which: Revenue sharing427.7503.4675.5686.4981.8
Public enterprises89.0132.8343.5120.678.3
Private sector133.9138.5342.4393.9375.2
Other-64.150.0-122.3-111.9-35.1
Capital expenditure240.6344.5447.0156.7251.8
Fixed capital formation19.122.317.015.425.3
Other0.010.08.70.076.2
Transfers to221.5312.3421.3141.3150.4
Rest of central government145.3119.7259.685.6108.4
Rest of general government72.598.3128.851.024.6
Public enterprises3.694.333.04.717.4
(In percent of GDP)
Expenditure18.118.919.517.918.2
Current expenditure17.017.517.917.517.5
Wages and salaries 1/6.87.17.27.26.8
Goods and services1.61.61.31.51.3
Interest 2/2.72.21.62.72.2
Transfers to6.26.58.26.57.2
Rest of central government2.22.22.01.61.8
Of which: Revenue sharing0.40.40.50.50.6
Rest of general government3.03.23.73.24.3
Of which: Revenue sharing1.92.02.42.12.6
Public enterprises0.40.51.20.40.2
Private sector0.60.61.21.21.0
Other-0.30.2-0.4-0.3-0.1
Capital expenditure1.11.41.60.50.7
Fixed capital formation0.10.10.10.00.1
Other0.00.00.00.00.2
Transfers to1.01.31.50.40.4
Rest of central government0.70.50.90.30.3
Rest of general government0.30.40.50.20.1
Public enterprises0.00.40.10.00.0
Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); Central Bank of Bolivia; and Fund staff estimates.

Includes payments to war veterans and severance payments.

Interest on external debt on a payment-due basis.

Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); Central Bank of Bolivia; and Fund staff estimates.

Includes payments to war veterans and severance payments.

Interest on external debt on a payment-due basis.

Table 26.Bolivia: Operations of the Rest of Central Government 1/
19921993199419951996
(In millions of bolivianos)
Consolidated Operations of the Rest of Central Government
Revenue and grants975.5989.81,312.51,076.81,514.6
Current revenue137.9177.9246.8307.0336.6
Tax revenue-sharing91.9108.8127.6165.1210.3
Nontax revenue46.069.0119.1141.9126.2
Current transfers from403.3450.8438.7387.6474.3
Central administration390.7431.3428.2369.8458.6
Rest of general government8.910.84.47.311.0
Public enterprises3.88.46.17.44.6
Private sector0.00.30.03.10.0
Capital transfers from185.7141.9280.8140.4229.2
Central administration145.3119.7259.685.6108.4
Rest of general government40.422.221.253.9120.8
Public enterprises0.00.00.00.90.0
Capital revenue0.02.963.893.174.5
Foreign grants248.5216.4282.4148.6400.1
Expenditure1,384.11,654.82,160.41,926.92,210.5
Current expenditure577.4792.8987.6849.4983.7
Wages and salaries59.280.787.0103.275.5
Goods and services41.662.656.958.345.2
Interest0.10.514.924.330.3
Tax payments8.811.024.010.126.6
Transfers to25.568.4308.7139.6287.3
Central administration0.00.0256.987.9120.1
Rest of general government25.025.124.333.888.4
Public enterprises0.041.60.00.053.7
Private sector0.51.727.517.925.1
Other442.3569.6496.1513.8518.7
Capital expenditure806.7862.11,172.81,077.51,226.9
Fixed capital formation806.4827.31,021.6951.9984.6
Other0.019.387.272.070.7
Transfers to0.315.463.953.6171.6
Central administration0.00.00.00.00.0
Rest of general government0.315.263.944.0171.6
Public enterprises0.00.20.09.60.0
Current account balance-36.1-164.1-302.1-154.8-172.8
Overall balance-408.6-665.0-847.9-850.1-695.9
(In percent of GDP)
Consolidated Operations of the Rest of Central Government
Revenue and grants4.44.04.73.34.0
Current revenue0.60.70.90.90.9
Tax revenue-sharing0.40.40.50.50.6
Nontax revenue0.20.30.40.40.3
Current transfers from1.81.81.61.21.2
Central administration1.81.81.51.11.2
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Private sector0.00.00.00.00.0
Capital transfers from0.80.61.00.40.6
Central administration0.70.50.90.30.3
Rest of general government0.20.10.10.20.3
Public enterprises0.00.00.00.00.0
Capital revenue0.00.00.20.30.2
Foreign grants1.10.91.00.51.0
Expenditure6.36.77.85.95.8
Current expenditure2.63.23.62.62.6
Wages and salaries0.30.30.30.30.2
Goods and services0.20.30.20.20.1
Interest0.00.00.10.10.1
Tax payments0.00.00.10.00.1
Transfers to0.10.31.10.40.8
Central administration0.00.00.90.30.3
Rest of general government0.10.10.10.10.2
Public enterprises0.00.20.00.00.1
Private sector0.00.00.10.10.1
Other2.02.31.81.61.4
Capital expenditure3.73.54.23.33.2
Fixed capital formation3.73.43.72.92.6
Other0.00.10.30.20.2
Transfers to0.00.10.20.20.4
Central administration0.00.00.00.00.0
Rest of general government0.00.10.20.10.4
Public enterprises0.00.00.00.00.0
Current account balance-0.2-0.7-1.1-0.5-0.5
Overall balance-1.9-2.7-3.1-2.6-1.8
I. National Road Authority
Revenue and grants325.2296.2427.3266.4232.2
Current revenue42.151.759.176.957.1
Tax revenue0000.00.0
Nontax revenue42.151.759.176.957.1
Current transfers from60.776.379.166.819.8
Central administration60.773.779.166.819.8
Rest of central government02.600.00.0
Rest of general government0000.00.0
Public enterprises0000.00.0
Private sector0000.00.0
Capital transfers from139.2122.3263.1119.296.6
Central administration123.99721564.57.3
Rest of central government017.838.239.847.6
Rest of general government15.37.59.914.941.8
Public enterprises0000.00.0
Capital revenue00.201.50.1
Foreign grants83.345.7262.058.7
Expenditure623.8637.1876.2740.7588.5
Current expenditure103.7126.1145.7157.5110.5
Wages and salaries52.369.768.978.847.5
Goods and services36.543.84745.325.6
Interest0.80.58.417.718.6
Tax payments7.6512.86.02.3
Transfers to6.56.88.49.616.5
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government65.96.77.616.1
Public enterprises0.00.00.00.00.0
Private sector0.511.72.00.3
Other0.10.30.30.20.1
Capital expenditure520.1511730.4583.1478.0
Fixed capital formation520.1511730.4583.1478.0
Other0.00.10.00.00.0
Transfers to0.00.00.00.00.0
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Current account balance-0.91.9-7.6-13.8-33.7
Overall balance-298.5-340.9-448.9-474.3-356.3
II. Social Emergency Fund/Social Investment Fund
Revenue and grants22.838.345.566.5113.7
Current revenue0.82.92.51.41.8
Tax revenue0.00.00.00.00.0
Nontax revenue0.82.92.51.41.8
Current transfers from1.93.24.93.97.4
Central administration1.93.24.23.96.6
Rest of central government0.00.00.70.00.8
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Private sector0.00.00.00.00.0
Capital transfers from1.45.37.99.362.4
Central administration1.3570.62.1
Rest of central government000.60.02.4
Rest of general government00.30.47.857.8
Public enterprises0000.90.0
Capital revenue02.60.60.70.0
Foreign grants18.824.429.651.342.2
Expenditure71.8130.2131.9139.8248.5
Current expenditure12.416.816.721.125.2
Wages and salaries6.88.69.914.316.0
Goods and services5.16.85.96.78.5
Interest0.00.00.00.00.0
Tax payments0.00.00.00.00.0
Transfers to0.10.50.50.10.2
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.10.20.10.10.2
Public enterprises0.00.00.00.00.0
Private sector0.00.40.40.00.0
Other0.30.80.30.00.5
Capital expenditure59.4113.4115.2118.7223.3
Fixed capital formation58.8112.7114.9118.6220.8
Other0.00.60.30.02.4
Transfers to0.60.10.00.10.1
Central administration0.00.00.00.00.0
Rest of central government0.40.00.00.00.0
Rest of general government0.20.10.00.00.0
Public enterprises0.00.00.00.10.0
Current account balance-9.6-10.7-9.3-15.8-16.1
Overall balance-48.9-91.9-86.4-73.3-134.8
III. Other Central Government Agencies
Revenue and grants627.8675.8879.1783.71,219.4
Current revenue95.0123.3185.2228.7277.7
Revenue sharing91.9108.8127.6165.1210.3
Nontax revenue3.114.457.563.667.4
Current transfers from340.7373.9355.4316.9447.9
Central administration328.1354.4345.0299.2432.2
Rest of central government0.00.00.00.00.0
Rest of general government8.910.84.47.311.0
Public enterprises3.88.46.17.44.6
Private sector0.00.30.03.10.0
Capital transfers from45.632.248.551.8120.2
Central administration20.117.737.620.599.0
Rest of central government0.40.00.00.00.0
Rest of general government25.014.510.931.321.2
Public enterprises0.00.00.00.00.0
Capital revenue0.00.163.290.974.5
Foreign grants146.5146.3226.995.4299.1
Expenditure689.0908.01,191.71,086.21,424.2
Current expenditure461.4652.5825.8670.8848.7
Wages and salaries2.58.210.112.0
Goods and services12.04.06.411.1
Interest-0.70.06.46.611.7
Tax payments1.26.011.14.124.3
Transfers to18.963.6300.5129.9271.4
Central administration0.00.0256.987.9120.1
Rest of central government0.02.60.70.00.8
Rest of general government18.919.117.526.172.1
Public enterprises0.041.60.00.053.7
Private sector0.00.325.415.924.7
Other441.9568.5495.5513.6518.2
Capital expenditure227.6255.5365.8415.4575.5
Fixed capital formation227.5203.6176.3250.1285.7
Other0.018.786.972.068.3
Transfers to0.133.2102.693.3221.5
Central administration0.00.00.00.00.0
Rest of central government0.017.838.739.850.0
Rest of general government0.115.263.944.0171.5
Public enterprises0.00.20.09.50.0
Current account balance-25.6-155.3-285.2-125.2-123.1
Overall balance-61.1-232.2-312.5-302.5-204.9
(In percent of GDP)
Memorandum items:
Capital expenditure3.73.54.23.33.2
National Road Authority2.42.12.61.81.3
Social Investment Fund0.30.50.40.40.6
Other government agencies1.01.01.31.31.5
Overall balance of the rest of
central government-1.9-2.7-3.1-2.6-1.8
Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); Central Bank of Bolivia; and Fund staff estimates.

Includes the operations of the National Road Authority; the Social Emergency Fund/Social Investment Fund; and other central government agencies.

Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); Central Bank of Bolivia; and Fund staff estimates.

Includes the operations of the National Road Authority; the Social Emergency Fund/Social Investment Fund; and other central government agencies.

Table 27.Bolivia: Operations of the Rest of General Government 1/
19921993199419951996
(In millions of bolivianos)
Consolidated Operations of the Rest of General Government
Revenue and grants1,391.11,699.22,087.42,537.43,647.2
Current revenue681.8781.3996.11,295.31,815.0
Tax revenue577.0657.7835.91,102.11,494.6
Of which: revenue sharing427.7503.4675.5911.61,266.6
Sale of goods and services3.74.44.73.47.1
Other101.2119.1155.4189.8313.4
Current transfers from542.6669.1814.8942.81,343.4
Central administration226.6281.8363.4375.1654.4
Rest of central government25.025.124.333.888.4
Public enterprises2.95.010.245.323.8
Private sector288.1357.1416.9488.6576.7
Capital revenue43.464.441.7112.7206.1
Capital transfers from76.4113.8192.795.0196.4
Central administration72.598.3128.851.024.6
Rest of central government0.315.263:944.0171.6
Public enterprises3.60.30.00.00.3
Foreign grants46.970.642.191.786.3
Expenditure1,482.51,758.92,054.62,602.43,828.4
Current expenditure935.81,100.11,274.31,449.32,209.8
Wages and salaries304.5388.5466.4482.3699.6
Goods and services172.1147.0157.1224.9332.3
Interest2.210.939.531.945.8
Tax payments0.61.73.013.78.5
Transfers to351.0428.9487.5553.61,014.8
Central administration0.00.00.00.0123.3
Rest of central government8.910.84.47.311.0
Public enterprises4.04.20.50.40.0
Adjustment for transfers 2/0.00.00.00.00.2
Private sector338.2413.9482.7545.9880.4
Other105.4123.2120.7143.0108.8
Capital expenditure546.8658.7780.31,153.01,618.5
Fixed capital formation482.6590.7712.91,016.71,415.8
Other22.945.645.554.676.3
Transfers to41.322.421.981.7126.4
Central administration0.00.00.026.60.0
Rest of central government40.422.221.253.9120.8
Public enterprises0.90.20.71.25.6
Adjustment for transfers 2/0.00.00.00.00.0
Current account balance288.6350.2536.6788.7948.6
Overall balance-91.4-59.732.8-64.9-181.2
Overall financing91.459.7-32.864.9181.2
External financing54.274.730.427.237.8
Disbursements54.576.834.130.149.4
Amortization-0.3-2.1-3.7-2.8-11.5
Payments of arrears0.00.00.00.00.0
Domestic financing37.3-15.1-63.237.7143.4
Central bank-72.6-30.2-159.748.8-115.8
Unofficial deposits0.0-55.7-100.650.22.6
Floating debt7.70.00.00.00.0
Other102.270.9197.1-61.3256.6
I. Regional Development Corporations/Prefecturas
Revenue and grants496.6626.7517.6519.6929.6
Current revenue351.2388.3316.7232.1545.1
Revenue sharing181.1213.8116.40.0168.6
Hydrocarbon taxes149.3154.3160.4190.5228.0
Sale of goods and services1.61.10.70.35.1
Other19.319.139.241.3143.4
Current transfers from10.928.523.479.950.5
Central administration7.919.817.336.37.6
Rest of central government1.57.20.03.222.9
Rest of general government0.00.00.00.10.3
Public enterprises1.41.56.040.219.1
Private sector0.10.00.10.10.6
Capital revenue18.136.44.027.7154.1
Capital transfers from71.3102.8131.390.894.3
Central administration69.593.5120.848.421.5
Rest of central government0.39.310.540.469.3
Rest of general government0.00.00.02.03.5
Public enterprises1.50.00.00.00.0
Foreign grants45.370.642.189.285.5
Expenditure631.4662.7604.6590.3912.8
Current expenditure197.0206.2227.1164.0290.4
Wages and salaries71.090.3103.173.4147.1
Goods and services55.732.929.320.575.2
Interest0.88.730.216.023.5
Tax payments0.00.70.312.80.6
Current transfers to30.127.420.116.335.9
Central administration0.00.00.00.07.8
Rest of central government7.17.52.63.76.4
Rest of general government12.912.413.59.516.8
Public enterprises4.04.20.50.40.0
Private sector6.23.33.52.74.8
Other39.446.344.024.98.1
Capital expenditure434.4456.4377.5426.4622.4
Fixed capital formation389.4420.5350.2368.5554.3
Other0.72.93.32.70.2
Capital transfers to44.333.024.155.267.9
Central administration0.00.00.00.00.0
Rest of central government40.422.220.740.457.0
Rest of general government3.110.62.713.65.3
Public enterprises0.90.20.71.25.6
Current account balance165.0210.6113.1148.0305.3
Overall balance-134.8-36.0-87.0-70.716.8
II. Municipalities
Revenue and grants332.8411.8727.21,118.81,365.1
Current revenue316.7372.4655.21,037.51,239.1
Revenue sharing246.7289.6559.1911.61,097.9
Hydrocarbon taxes0.00.00.00.00.0
Sale of goods and services2.13.34.13.12.0
Other67.979.592.1122.8139.2
Current transfers from3.916.25.48.57.4
Central administration2.412.61.22.42.1
Rest of central government0.00.00.00.00.2
Rest of general government0.00.10.00.10.0
Public enterprises1.53.54.25.04.8
Private sector0.00.00.00.90.4
Capital revenue2.41.62.550.66.9
Capital transfers from8.221.664.119.8110.9
Central administration3.04.87.92.63.1
Rest of central government0.05.953.53.6102.2
Rest of general government3.110.62.713.65.3
Public enterprises2.10.30.00.00.3
Foreign grants1.70.00.02.50.8
Expenditure321.3456.4673.81,124.81,446.9
Current expenditure237.2299.9327.9457.8608.0
Wages and salaries122.4146.2167.0214.5317.2
Goods and services49.363.660.895.3134.1
Interest1.42.29.415322.1
Tax payments0.10.20.20.57.5
Current transfers to18.026.129.339.254.6
Central administration0.00.00.00.00.0
Rest of central government1.73.31.83.64.6
Rest of general government13.618.822.529.340.4
Public enterprises0.00.00.00.00.0
Private sector2.74.15.06.49.6
Other46.061.561.492.272.5
Capital expenditure84.1156.5345.9667.0838.9
Fixed capital formation84.0156.4343.96213768.1
Other0.00.11.53.03.5
Capital transfers to0.00.00.542.167.3
Central administration0.00.00.026.60.0
Rest of central government0.00.00.513.563.8
Rest of general government0.00.00.02.03.5
Public enterprises0.00.00.00.00.0
Current account balance83.388.7332.8588.2638.6
Overall balance11.5-44.653.4-6.0-81.7
III. Social Security Institutions
Revenue and grants591.2702.5881.3953.41,418.3
Current revenue14.020.524.125.730.8
Current transfers from554.3655.6821.9893.21,342.5
Central administration216.3249.4344.9336.4644.7
Rest of central government23.517.924.330.665.3
Rest of general government26.431.236.038.656.7
Public enterprises0.00.00.00.00.0
Private sector 4/288.0357.1416.8487.6575.7
Capital revenue22.926.435.234.545.0
Foreign grants0.00.00.00.00.0
Expenditure559.3681.7814.9941.61,534.6
Current expenditure527.9625.3755.3866.41,368.6
Wages and salaries111.0152.0196.3194.3235.4
Goods and services67.150.567.0109.1123.0
Interest0.00.00.00.00.2
Tax payments0.50.82.50.30.4
Current transfers to329.3406.6474.2536.8981.5
Private sector329.3406.6474.2536.8866.0
Other20.015.415.325.828.1
Capital expenditure31.456.459.675.2166.0
Fixed capital formation9.313.918.826.393.5
Other22.142.540.748.972.5
Capital transfers0.00.00.00.00.0
Current account balance40.450.990.852.54.7
Overall balance31.920.966.411.8-116.3
(In percent of GDP)
Memorandum items:
Revenue and grants 5/6.36.97.57.89.6
Regional development corporations/pref.2.32.51.91.62.4
Municipalities1.51.72.63.43.6
Social security institutions2.72.93.22.93.7
Total expenditure 5/6.77.17.48.010.0
Regional development corporations/pref.2.92.72.21.82.4
Municipalities1.51.92.43.53.8
Social security institutions2.52.82.92.94.0
Current expenditure 5/4.34.54.64.45.8
Regional development corporations/pref.0.90.80.80.50.8
Municipalities1.11.21.21.41.6
Social security institutions2.42.52.72.73.6
Capital expenditure 5/2.52.72.83.54.2
Regional development corporations/pref.2.01.91.41.31.6
Municipalities0.40.61.22.02.2
Social security institutions0.10.20.20.20.4
Overall balance 5/-0.4-0.20.1-0.2-0.5
Regional development corporations/pref.-0.6-0.1-0.3-0.20.0
Municipalities0.1-0.20.20.0-0.2
Social security institutions0.10.10.20.0-0.3
Sources: Ministry of Finance; Integrated System of Financial Administration and Government (SAFCO); Central Bank of Bolivia; and Fund staff estimates.

Includes the operations of the regional development corporations/prefecturas; municipalities; and social security institutions.

Adjusts for statistical discrepancies.

Includes revenues from revenue sharing.

Comprises social security contributions paid by the private sector and public enterprises.

Refers to consolidated operations of the rest of general government.

Sources: Ministry of Finance; Integrated System of Financial Administration and Government (SAFCO); Central Bank of Bolivia; and Fund staff estimates.

Includes the operations of the regional development corporations/prefecturas; municipalities; and social security institutions.

Adjusts for statistical discrepancies.

Includes revenues from revenue sharing.

Comprises social security contributions paid by the private sector and public enterprises.

Refers to consolidated operations of the rest of general government.

Table 28.Bolivia: Operations of the Nonfinancial Public Enterprises
19921993199419951996
Consolidated Operations of Public Enterprises
Operating revenue4,298.34,386.04,859.15,143.44,727.9
Sales of hydrocarbons2,490.42,408.72,549.92,842.63,337.0
Domestic1,872.11,999.92,107.92,291.02,848.7
Exports618.3408.8442.0551.6488.3
Sales of other enterprises1,718.11,863.82,169.72,160.01,258.4
Domestic1,226.61,372.51,566.31,533.0733.4
Exports491.5491.3603.4627.0525.1
Transfers from private sector2.90.03.90.00.7
Other86.8113.5135.6140.8131.8
Operating expenditure3,770.94,082.64,462.94,489.64,248.2
Wages and salaries618.8711.4794.4649.8618.1
Goods and services1,248.41,230.51,316.01,433.51,233.5
Interest92.8142.1164.9183.835.2
Tax payments1,693.41,883.11,901.12,023.32,232.3
Social security payments73.481.288.596.892.6
Transfers to private sector10.711.118.443.213.6
Other33.423.4179.659.223.0
Operating surplus527.4303.4396.2653.8479.6
Current transfers
From general government93.0178.5343.9121.0132.0
To general government81.2117.8191.1472.1122.4
Current account surplus539.2364.1549.0302.7489.3
Capital transfers
From general government4.594.733.715.523.1
To general government3.60.30.00.90.3
Capital revenue32.033.011.6193.126.8
Foreign grants56.011.026.732.388.1
Capital expenditure930.7816.1732.2694.9635.2
Fixed capital formation898.8805.2726.8694.9634.9
Other31.910.95.30.00.3
Overall deflcit (-)-302.6-313.7-111.2-152.2-8.3
Overall financing302.6313.7111.2152.28.3
External financing (net)340.1331.9307.6137.1-41.7
Disbursements376.9339.9453.5337.9206.5
Amortization-51.0-122.9-150.2-159.1-228.3
Interest not paid0.00.00.00.00.0
Payment of arrears0.00.00.00.00.0
Argentina gas arrears30.1121.20.00.00.0
Deposits abroad (-=increase)-15.9-6.44.3-41.7-19.9
Domestic financing-37.5-18.2-196.415.149.9
Central bank22.932.3-86.040.967.0
Unofficial deposits-4.1-10.1-54.85.7-12.8
Other-56.3-40.4-55.6-31.5-4.2
Contractors-26.4-3.8-0.7-4.00.0
Floating debt-19.259.8-118.8-1.242.0
Other-10.7-96.563.9-26.3-46.3
I. Bolivian Oil Company (YPFB)
Operating revenue2,518.02,441.02,579.92,868.73,367.4
Domestic sales1,872.11,999.92,107.92,291.02,848.7
Exports618.3408.8442.0551.6488.3
Transfers from private sector0.00.00.00.00.0
Other27.732.330.026.130.4
Operating expenditure2,326.82,357.12,377.72,513.52,944.4
Wages and salaries229.6255.5241.0262.0287.1
Goods and services387.2310.7327.0355.9456.5
Interest65.487.887.3108.620.3
Tax payments1,612.01,662.41,681.71,740.12,118.2
Social security payments23.834.635.141.655.3
Transfers to private sector5.43.33.32.83.7
Other3.32.82.22.53.2
Operating surplus or deficit (-)191.383.9202.3355.2423.0
Current transfers from55.727.357.810.021.2
Central administration55.724.457.810.021.2
Rest of central government0.02.90.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Current transfers to0.00.00.05.816.2
Central administration0.00.00.05.80.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.016.2
Public enterprises0.00.00.00.00.0
Current account surplus (+) or deficit (-)246.9111.2260.1359.4428.0
Capital transfers from0.090.022.30.00.0
Central administration0.090.022.30.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Capital transfers to1.50.00.00.00.0
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government1.50.00.00.00.0
Public enterprises0.00.00.00.00.0
Capital revenue0.00.00.00.00.0
Foreign grants0.00.00.00.00.0
Capital expenditure408.7402.6460.8316.7235.2
Fixed capital formation408.7402.6460.8316.7235.2
Other0.00.00.00.00.0
Overall surplus (+) or deficit (-)-163.3-201.4-178.442.7192.8
II. Bolivian Mining Company (COMIBOL)
Operating revenue172.5152.0145.9133.2122.7
Domestic sales95.885.497.385.182.2
Exports64.248.333.523.410.0
Transfers from private sector0.00.00.00.00.0
Other12.618.215.224.830.5
Operating expenditure207.1186.1316.7104.6102.9
Wages and salaries124.5107.8259.241.343.9
Goods and services75.772.149.453.251.0
Interest0.81.91.60.20.2
Tax payments1.00.20.73.13.8
Social security payments4.32.55.04.52.8
Transfers to private sector0.30.30.40.50.6
Other0.41.30.41.90.6
Operating surplus (+) or deficit (-)-34.6-34.2-170.828.619.8
Current transfers from0.05.1217.11.40.7
Central administration0.00.0216.20.00.0
Rest of central government0.04.30.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.80.81.40.7
Current transfers to0.00.00.05.00.5
Central administration0.00.00.05.00.5
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Current account surplus (+) or deficit (-)-34.6-29.046.325.020.0
Capital transfers from1.60.02.80.00.3
Central administration0.00.02.80.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises1.60.00.00.00.3
Capital transfers to0.00.00.00.00.0
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Capital revenue1.10.10.14.50.0
Foreign grants0.00.00.00.00.0
Capital expenditure10.21.53.71.51.3
Fixed capital formation7.51.50.91.51.3
Other2.70.02.80.00.0
Overall surplus (+) or deficit (-)-42.2-30.445.528.019.0
III. Bolivian Smelting Company (ENAF)
Operating revenue328.0333.2441.9420.1411.2
Domestic sales2.55.04.35.58.2
Exports317.9317.6413.1397.6380.6
Transfers from private sector0.00.00.00.00.0
Other7.610.624.417.022.4
Operating expenditure303.5332.6366.4390.9394.8
Wages and salaries16.421.324.027.829.2
Goods and services280.9302.3333.3345.9355.9
Interest0.00.11.21.71.1
Tax payments2.85.23.411.44.5
Social security payments2.02.62.83.23.4
Transfers to private sector0.20.30.40.40.5
Other1.10.81.40.40.1
Operating surplus (+) or deficit (-)24.50.675.529.116.4
Current transfers from0.00.09.01.40.0
Central administration0.00.09.01.40.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Current transfers to0.00.80.877.90.7
Central administration0.00.00.076.00.0
Rest of central government0.00.00.00.40.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.80.81.40.7
Current account surplus (+) or deficit (-)24.5-0.283.6-47.315.7
Capital transfers from0.00.00.00.00.0
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Capital transfers to1.60.00.00.00.0
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises1.60.00.00.00.0
Capital revenue0.00.20.10.20.0
Foreign grants0.00.00.00.00.0
Capital expenditure8.97.910.64.97.7
Fixed capital formation8.97.910.64.97.5
Other0.00.00.00.00.2
Overall surplus (+) or deficit (-)14.0-7.973.0-52.08.0
IV. State Electricity Company (ENDE)
Operating revenue249.9326.1392.0323.0121.6
Domestic sales240.9317.4378.7308.4106.4
Exports0.70.91.50.91.1
Transfers from private sector2.90.00.10.00.7
Other5.47.811.813.713.4
Operating expenditure156.3190.7242.9278.399.2
Wages and salaries21.724.823.929.119.5
Goods and services110.889.7132.1121.232.2
Interest11.830.029.729.10.0
Tax payments5.634.947.159.132.5
Social security payments2.74.54.44.55.4
Transfers to private sector0.30.60.628.82.8
Other3.56.25.06.56.7
Operating surplus (+) or deficit (-)93.6135.4149.144.722.3
Current transfers from0.00.00.00.00.0
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Current transfers to0.00.00.0143.323.4
Central administration0.00.00.0143.323.4
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Current account surplus (+) or deficit (-)93.6135.4149.1-98.5-1.1
Capital transfers from0.43.30.00.02.1
Central administration0.43.30.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.02.1
Public enterprises0.00.00.00.00.0
Capital transfers to0.00.00.00.00.0
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Capital revenue2.82.02.9186.73.4
Foreign grants14.96.815.70.01.2
Capital expenditure226.0130.894.3166.4119.3
Fixed capital formation222.6130.891.8166.4119.3
Other3.40.02.40.00.0
Overall surplus (+) or deficit (-)-114.216.873.4-78.2-113.8
V. National Railway Company (ENFE)
Operating revenue226.4217.7230.8221.852.6
Domestic sales223.1214.2227.5220.351.5
Exports0.20.00.00.00.0
Transfers from private sector0.00.00.00.00.0
Other3.23.53.31.51.1
Operating expenditure178.9331.2256.1326.9162.8
Wages and salaries65.4116.269.185.393.4
Goods and services70.592.990.491.831.1
Interest1.99.911.218.71.6
Tax payments12.690.062.2100.527.0
Social security payments18.814.710.713.44.3
Transfers to private sector1.73.04.31.50.0
Other8.64.48.315.75.4
Operating surplus (+) or deficit (-)47.5-113.5-25.3-105.0-110.2
Current transfers from7.2130.058.699.5108.1
Central administration7.296.658.699.554.4
Rest of central government0.033.30.00.053.7
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Current transfers to0.00.20.01.30.0
Central administration0.00.00.01.50.0
Rest of central government0.00.20.00.00.0
Rest of general government0.00.00.00.40.0
Public enterprises0.00.00.00.00.0
Current account surplus (+) or deficit (-)54.716.333.3-7.5-2.0
Capital transfers from0.00.00.00.00.0
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Capital transfers to0.00.00.00.00.0
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Capital revenue0.00.00.00.022.1
Foreign grants0.00.00.00.00.0
Capital expenditure70.559.148.728.32.0
Fixed capital formation70.559.148.728.32.0
Other0.00.0
Overall surplus (+) or deficit (-)-15.8-42.8-15.5-35.818.0
VI. National Telephone Company (ENTEL)
Operating revenue282.7346.1403.1452.80.0
Domestic sales219.0263.6296.8338.60.0
Exports62.071.093.8100.00.0
Transfers from private sector0.00.03.80.00.0
Other1.711.58.814.30.0
Operating expenditure144.4182.1195.4225.70.0
Wages and salaries49.666.463.369.20.0
Goods and services41.560.658.681.40.0
Interest6.26.49.39.80.0
Tax payments38.240.553.253.30.0
Social security payments7.66.88.78.30.0
Transfers to private sector0.80.81.21.00.0
Other0.40.71.02.70.0
Operating surplus (+) or deficit (-)138.3164.1207.7227.10.0
Current transfers from25.80.00.01.10.0
Central administration25.80.00.01.10.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Current transfers to76.6107.0161.2168.90.0
Central administration74.5104.4159.8166.50.0
Rest of central government2.12.61.41.70.0
Rest of general government0.00.00.00.70.0
Public enterprises0.00.00.00.00.0
Current account surplus (+) or deficit (-)87.557.046.559.40.0
Capital transfers from0.00.00.00.00.0
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Capital transfers to0.00.00.00.00.0
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Capital revenue0.20.10.30.20.0
Foreign grants0.00.00.00.00.0
Capital expenditure52.9109.538.627.80.0
Fixed capital formation52.4109.438.527.80.0
Other0.50.10.10.00.0
Overall surplus (+) or deficit (-)34.9-52.48.231.80.0
VII. Enterprises of the Regional Development Corporations/Prefecturas
Operating revenue380.7407.6456.5480.6395.0
Domestic sales349.7390.6436.3454.4341.8
Exports19.82.71.612.142.6
Transfers from private sector0.00.00.00.00.0
Other11.214.218.614.110.7
Operating expenditure351.8370.7391.0427.4356.5
Wages and salaries64.663.753.563.368.4
Goods and services249.1265.4283.3309.8235.3
Interest5.01.21.62.50.0
Tax payments15.626.136.335.737.1
Social security payments7.58.18.79.28.0
Transfers to private sector1.01.74.12.22.1
Other9.04.53.64.75.6
Operating surplus (+) or deficit (-)28.936.965.453.238.6
Current transfers from4.04.21.30.40.0
Central administration0.00.00.80.00.0
Rest of central government0.00.00.00.00.0
Rest of general government4.04.20.50.40.0
Public enterprises0.00.00.00.00.0
Current transfers to4.610.614.950.731.3
Central administration0.00.00.00.00.0
Rest of central government1.75.64.75.34.6
Rest of general government2.95.010.245.426.7
Public enterprises0.00.00.00.00.0
Current account surplus (+) or deficit (-)28.230.451.92.97.2
Capital transfers from0.50.20.00.10.0
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government0.50.20.00.10.0
Public enterprises0.00.00.00.00.0
Capital transfers to2.10.30.00.00.3
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.00.0
Rest of general government2.10.30.00.00.3
Public enterprises0.00.00.00.00.0
Capital revenue26.829.98.01.41.4
Foreign grants0.60.00.00.00.0
Capital expenditure48.336.116.145.17.7
Fixed capital formation23.025.316.145.17.6
Other25.310.80.10.00.1
Overall surplus (+) or deficit (-)5.924.143.7-40.70.6
VIII. Rest of National Public Enterprises
Operating revenue140.0162.2209.0243.1257.4
Domestic sales95.796.2125.5120.7143.3
Exports26.850.759.993.090.7
Transfers from private sector0.00.00.00.00.0
Other17.515.423.629.423.4
Operating expenditure102.1132.0316.7222.2187.7
Wages and salaries46.955.960.471.976.6
Goods and services32.736.641.974.271.5
Interest2.24.823.013.112.0
Tax payments5.523.716.320.29.2
Social security payments6.77.313.012.213.4
Transfers to private sector1.01.14.36.03.8
Other7.12.7157.724.81.3
Operating surplus (+) or deficit (-)37.930.2-107.720.969.7
Current transfers from0.412.71.08.52.7
Central administration0.411.81.08.52.7
Rest of central government0.01.00.00.00.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.0
Current transfers to0.00.015.020.150.9
Central administration0.00.015.020.051.5
Rest of central government0.00.00.00.00.0
Rest of general government0.00.00.00.1-0.6
Public enterprises0.00.00.00.00.0
Current account surplus (+) or deficit (-)38.342.9-121.79.321.5
Capital transfers from3.61.18.515.521.0
Central administration3.20.97.84.717.4
Rest of central government0.00.20.09.60.0
Rest of general government0.40.00.71.23.6
Public enterprises0.00.00.00.00.0
Capital transfers to0.00.00.00.90.3
Central administration0.00.00.00.00.0
Rest of central government0.00.00.00.90.0
Rest of general government0.00.00.00.00.0
Public enterprises0.00.00.00.00.3
Capital revenue1.10.70.30.20.0
Foreign grants40.44.111.032.386.9
Capital expenditure105.168.559.3104.4262.0
’Fixed capital formation105.068.559.3104.4262.0
Other0.10.00.00.00.0
Overall surplus (+) or deficit (-)-21.8-19.6-161.2-48.0-132.9
Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); Central Bank of Bolivia; and Fund staff estimates.
Sources: Ministry of Finance; Integrated System of Financial Administration and Government Control (SAFCO); Central Bank of Bolivia; and Fund staff estimates.
Table 29.Bolivia: Summary Indicators of the Financial System
1992199319941995Prel.

1996
(Flows in millions of bolivianos) 1/
Net international reserves-321393851,688
Net domestic assets1,4841,9001,5442371,001
Credit to public sector20223-192-680-423
Credit to private sector1,9222,2232,1271,0431,333
Medium- and long-term foreign liabilities (-)-364-386-440-11688
Other 2/-94-15948-94
Liabilities to private sector (M3)1,4811,9021,6836222,690
(Change during period in percent of liabilities to private sector) 3/
Net international reserves-0.10.01.43.212.7
Net domestic assets28.326.715.42.07.5
Credit to public sector1.03.5-1.9-5.6-3.2
Credit to private sector36.031.221.38.610.0
Medium- and long-term foreign liabilities (-)-6.8-5.4-4.4-1.00.7
Other 2/-1.9-2.60.4-0.10.0
Liabilities to private sector (M3)27.826.716.85.120.3
Memorandum items:
Nominal growth in credit to the private sector (in percent)45.740.524.012.613.6
Real growth in credit to the private sector (in percent) 4/31.928.514.30.05.2
Accounting exchange rate (bolivianos per U.S. dollar)3.894.114.654.865.12
Source: Central Bank of Bolivia.

Foreign currency flows valued at an accounting exchange rate.

Includes official capital and surplus; intersectoral flows; allocations of SDRs and Andean pesos; and other net unclassified assets.

Flows expressed in percent of liabilities to the private sector at the beginning of the year.

Twelve-month change to end of period, stocks valued at end of period exchange rates.

Source: Central Bank of Bolivia.

Foreign currency flows valued at an accounting exchange rate.

Includes official capital and surplus; intersectoral flows; allocations of SDRs and Andean pesos; and other net unclassified assets.

Flows expressed in percent of liabilities to the private sector at the beginning of the year.

Twelve-month change to end of period, stocks valued at end of period exchange rates.

Table 30.Bolivia: Summary Indicators of the Central Bank
1992199319941995Prel.

1996
(In percent of currency issue at the beginning of the year) 1/
Net international reserves18.661.253.641.781.0
Net domestic assets4.8-48.4-17.9-20.9-72.5
Credit to public sector7.623.4-22.9-55.7-41.9
Credit to banking system30.4-59.8116.9-4.5-31.8
Development credit10.0-12.2-7.8-7.85.0
FONDESIF0.00.00.00.022.4
NAFIBO0.00.00.00.0-2.1
Bank reserves14.6-40.92.1-1.3-34.7
Open market instruments32.5-1.223.0-39.3-4.2
Other2.5-5.499.626.0-18.2
Of which: banks in liquidation5.1-3.5125.0-9.2-5.4
Medium- and long term foreign liabilities-43.5-31.3-18.3-8.02.3
Other 2/10.319.3-93.147.3-1.1
Of which: Special certificates of deposit0.00.0-68.546.94.8
Currency20.112.936.720.88.5
Memorandum items:
(millions of bolivianos, end of period)
Currency9311,0511,4361,7351,883
Base money 3/1,7252,2842,5742,8973,733
(percentage change in real terms)
Currency8.73.326.07.30.5
Base money12.419.83.90.019.3
(percent of GDP)
Currency4.24.35.25.34.9
Base money7.89.39.38.99.8
(millions of U.S. dollars, end of period)
Net international reserves 4/234366472597930
Exchange rate (Bs per U.S. dollar) end of period4.094.474.694.935.18
Accounting rate3.894.114.654.865.12
Source: Central Bank of Bolivia.

Foreign currency asset and liability flows valued at accounting exchange rates.

Includes official capital and surplus; blocked accounts; intersectoral flows; allocations of SDRs and Andean pesos; and other net unclassified assets.

Currency and bank reserve deposits, including reserve deposits on U.S. dollar denominated deposits.

Including the year-end valuation adjustment.

Source: Central Bank of Bolivia.

Foreign currency asset and liability flows valued at accounting exchange rates.

Includes official capital and surplus; blocked accounts; intersectoral flows; allocations of SDRs and Andean pesos; and other net unclassified assets.

Currency and bank reserve deposits, including reserve deposits on U.S. dollar denominated deposits.

Including the year-end valuation adjustment.

Table 31.Bolivia: Banking System Liabilities to the Private Sector
December1996
1992199319941995Mar.JuneSep.Dec.
(End-of-period stocks; in millions of bolivianos) 1/
Currency in circulation8871,0341,4061,6941,3221,4641,4721,802
Demand deposits in local currency349383484643645672709771
Narrow money (M1)1,2361,4171,8902,3371,9672,1362,1822,573
Other deposits in local currency128138241184236214260341
Broad money (M2)1,3641,5552,1322,5202,2032,3502,4422,914
Foreign currency deposits5,7288,1208,91010,28010,99711,90712,65113,206
Demand deposits6881,0831,3421,5801,6201,7721,9152,187
Savings and time deposits5,0407,0387,5688,7009,37710,13510,73611,020
CDD’s00726804333
Liabilities to private sector (M3)7,0929,67511,76812,88013,20314,26015,09516,123
(12-monthly change in percent of M3 at beginning of period) 1/
Currency in circulation2.62.13.82.40.90.70.80.8
Demand deposits in local currency1.20.51.01.31.21.11.21.0
Narrow money (M1)3.82.54.93.82.11.81.91.8
Other deposits in local currency-0.60.11.1-0.50.40.30.51.2
Broad money (M2)3.22.76.03.32.52.12.43.1
Foreign currency deposits33.933.78.211.614.918.424.222.7
CDD’s0.00.07.5-5.5-4.4-2.7-2.0-0.6
Liabilities to private sector (M3)37.136.421.69.513.017.724.625.2
(12-monthly percentage change in real terms) 2/
Currency in circulation6.56.625.37.0-4.8-5.4-5.7-1.5
Demand deposits in local currency11.00.316.517.911.011.510.511.1
Narrow money (M1)7.84.822.99.8-0.2-0.6-1.02.0
Other deposits in local currency-27.4-1.160.9-32.47.14.014.272.1
Broad money (M2)3.14.326.35.00.6-0.20.47.1
Foreign currency deposits30.529.71.12.53.79.514.919.0
CDD’s0.00.00.00.00.00.00.00.0
Liabilities to private sector (M3)24.224.812.1-2.8-1.44.910.016.0
(Percentage distribution)
Currency in circulation12.510.711.913.210.010.39.811.2
Demand deposits in local currency4.94.04.15.04.94.74.74.8
Narrow money (M1)17.414.616.118.114.915.014.516.0
Other deposits in local currency1.81.42.11.41.81.51.72.1
Broad money (M2)19.216.118.119.616.716.516.218.1
Foreign currency deposits80.883.975.779.883.383.583.881.9
CDD’s0.00.06.20.60.00.00.00.0
Liabilities to private sector (M3)100.0100.0100.0100.0100.0100.0100.0100.0
(In percent of GDP) 3/
Currency in circulation4.04.25.15.23.94.24.04.7
Narrow money (M1)5.65.86.87.25.86.15.96.7
Broad money (M1)6.26.37.77.76.56.76.77.6
Foreign currency deposits26.033.032.131.532.533.834.534.6
CDD’s0.00.02.60.20.00.00.0.0.0
Liabilities to private sector (M3)32.239.342.439.539.040.541.142.2
Memorandum item:
Percentage growth of foreign currency deposits in terms of U.S. dollars 4/31.829.74.69.812.916.422.822.3
Source: Central Bank of Bolivia.

Foreign currency deposits valued at end of period exchange rates.

Deflated by the consumer price index.

As a percentage of GDP in the current year.

Percentage change over preceding 12 months.

Source: Central Bank of Bolivia.

Foreign currency deposits valued at end of period exchange rates.

Deflated by the consumer price index.

As a percentage of GDP in the current year.

Percentage change over preceding 12 months.

Table 32.Bolivia: Selected Interest Rates 1/(In percent per annum)
Bank lending ratesTime deposit ratesYield on

Treasury Notes 2/
Margin over

LIBOR 3/
Differential (in favor

of Bolivianos) between

Boliviano and US. dollar

denominated assets 4/
Local

Currency
Foreign

Currency
Local

Currency
Foreign

Currency
Local

Currency
Foreign

Currency
Deposit

rate
Yield on

T-notes
DepositT-notes
Annual ave.
199247.319.024.111.423.58.17.64.22.55.6
199356.318.321.211.122.59.37.86.0-0.23.1
199451.516.418.210.019.77.64.92.62.56.6
199552.717.719.710.522.410.94.95.32.85.1
199656.017.719.210.220.89.64.64.02.75.0
1992
March29.819.324.611.225.88.96.84.56.19.8
June49.018.822.911.222.87.87.23.83.36.9
September51.419.224.711.523.17.88.24.6-2.50.0
December58.818.624.011.722.47.68.14.03.15.9
1993
March58.918.522.711.522.58.48.35.22.25.3
June49.518.322.311.323.111.28.07.91.12.0
September57.018.520.211.223.510.08.06.80.45.0
December59.617.919.710.221.07.36.84.0-4.30.2
1994
March57.316.618.410.119.97.16.23.3-1.92.8
June42.616.721.910.019.56.95.42.23.04.0
September53.415.916.710.119.07.05.01.96.611.9
December52.716.215.89.620.69.33.22.92.47.5
1995
March51.217.520.710.623.010.65.25.23.76.0
June58.017.819.410.220.59.74.64.14.35.9
September49.917.517.19.819.68.34.22.70.24.3
December51.817.821.711.326.614.85.59.02.94.1
1996
January49.017.820.911.226.214.65.79.1-1.7-0.1
February52.017.722.011.125.311.85.86.52.55.1
March51.217.520.710.623.010.65.25.23.76.0
April59.418.020.610.521.710.25.04.73.85.2
May55.318.019.910.520.710.05.04.52.63.9
June58.017.819.410.220.59.74.64.14.35.9
July58.817.819.49.920.69.24.33.64.66.6
August52.117.519.110.019.78.84.53.33.85.7
September49.917.517.19.819.68.34.22.70.24.3
October63.317.717.49.719.18.04.22.50.74.2
November60.617.716.89.317.17.13.81.64.06.6
December62.217.216.89.016.56.43.40.84.46.8
Sources: Central Bank of Bolivia; and Fund staff estimates.

Foreign currency rates are in terms of U.S. dollars.

With maturity of 91 days, until November 1994 CDs of the same maturity.

On time deposits and 90-day T-notes in U.S. dollars compared with LIBOR for 3-month U.S. dollar deposits.

Calculated on basis of exchange rate change during preceding three months.

Sources: Central Bank of Bolivia; and Fund staff estimates.

Foreign currency rates are in terms of U.S. dollars.

With maturity of 91 days, until November 1994 CDs of the same maturity.

On time deposits and 90-day T-notes in U.S. dollars compared with LIBOR for 3-month U.S. dollar deposits.

Calculated on basis of exchange rate change during preceding three months.

Table 33.Bolivia: Legal Reserve Requirements and Interest Rates(In percent)
From Aug. 31, 1987From Nov. 20, 1991From Dec. 6, 1993From May 3, 1994From July 1, 1994
Legal

Reserve

Requirement
Interest

rate 1/
Legal

Reserve

Requirement
Interest

rate 1/
Legal

Reserve

Requirement
Interest rate 1/Minimum

Reserve

Requirement 2/
Additional

Reserve

Requirements 3/
Interest

rate
Minimum

Reserve

Requirement 2/
Additional

Reserve

Requirement 3/
Interest

rate
Deposits
Demand deposits in local currency20Free20deposit rate 4/20deposit rate 4/10109.45100
Savings deposits in local currency20Free20deposit rate 4/20deposit rate 4/10109.451000
Time deposits in local currency10Free10deposit rate 4/8.5deposit rate 4/469.45400
Other deposits in local currency 6/100Free100deposit rate 4/100deposit rate 4/1000010000
Demand and savings deposits in foreign currency20Free2050 percent

of LIBOR
2050 percent

of LIBOR
10102.4510102.45
Time deposits in foreign currency10Free1050 percent

of LIBOR
8.550 percent

of LIBOR
462.45462.45
Indexed time deposits 7/10Free1050 percent

of LIBOR
8.550 percent

of LIBOR
462.45462.45
Source: Central Bank of Bolivia.

Paid monthly on average of daily balances.

Legal minimum, not remunerated.

Constituted in tradable central bank paper with maturity of 28 days.

Weighted average interest rate on savings deposits in the banking system in the current month.

Applies to deposits with maturity up to one year. Required reserves on deposits over one year were remunerated at an annual rate of 8.5 percent from December 1993; 5.5 from February 1994; 4.0 percent from March 1994; and 2.5 percent from april 1994. Since May 4, 1994, there is no legal reserve requirement on deposits over one year.

Negligible deposits made in compliance with legal rulings.

Deposits and loans with “maintenance of value” clause. (The index is the official rate of exchange.)

Source: Central Bank of Bolivia.

Paid monthly on average of daily balances.

Legal minimum, not remunerated.

Constituted in tradable central bank paper with maturity of 28 days.

Weighted average interest rate on savings deposits in the banking system in the current month.

Applies to deposits with maturity up to one year. Required reserves on deposits over one year were remunerated at an annual rate of 8.5 percent from December 1993; 5.5 from February 1994; 4.0 percent from March 1994; and 2.5 percent from april 1994. Since May 4, 1994, there is no legal reserve requirement on deposits over one year.

Negligible deposits made in compliance with legal rulings.

Deposits and loans with “maintenance of value” clause. (The index is the official rate of exchange.)

Table 34.Bolivia: Open Market Bills 1/(In millions of U.S. dollars)
By holderMemorandum items
TotalBanksNonbank Financial InstitutionsOther 2/By CurrencyBy MaturityTotal US$ millionsNet Monthly Placement Bs millionUS$ million
Local CurrencyForeign Currency 3/4 weeks12 weeks26-52 weeksMore than

52 weeks
1992
December2762073237502273921538268-61-16
1993
March361291343532328153261087487-17-5
June333250364729304146161046678-38-9
September46737543486540219550163581087015
December32724648333928851501854273-177-41
1994
March352233447524328221511321777817
June39224981355633638242902184193
September5292991022011941042376105611372
December5222461226491431612182421111-11-2
1995
January53925512272126413891852631114173
February523238122741253988419S2431111-16-3
March70841812277106601275211221014918438
April50617228305574491031912110107-202-42
May6873094233690597251332103014418138
June813362103348114699258411144017012625
July999503122374135864353507138020818638
August9754201274281058692964692100202-24-6
September1,176569174434911,085453519204024320141
October1,2566241914421181,13844456924302598016
November1,3686671805201501,217372665331028011121
December1,4528701084741391,313380655388282958415
1996
January1,7921,0621216081461,6453627395751163601,792360
February2,0731,1521357861981,87531574379921741628256
March2,1731,2261537943S01,82322975197621843510018
April2,2831,2651548653591,9242357691,06021945311018
May2,2101,2611637872921,9181826971,071261437-73-16
June2,2981,2231679083191,9781826811,1542814548717
July2,2661,1931709033201,9471496681,086363444-31-10
August2,3031,2431569043501,9531816291,084409450365
September2,4331,3421928983602,0732115891,10153347313024
October2,4001,5031277703382,0621074941,173626463-33-10
November2,3751,7531394833112,065984271,156695460-25-3
December2,1551,3631116802901,865243381,077715416-221-44
Source: Central Bank of Bolivia.

Comprises central bank certificates of deposit and treasury bills.

Private sector and nonfinancial public entities.

Bills in U.S. dollars and Bills inbolivianos indexed to the U.S. dollar exchange rate.

Source: Central Bank of Bolivia.

Comprises central bank certificates of deposit and treasury bills.

Private sector and nonfinancial public entities.

Bills in U.S. dollars and Bills inbolivianos indexed to the U.S. dollar exchange rate.

Table 35.Bolivia: Distribution of Bank Credit to the Private Sector
19921993199419951996
(In millions of bolivianos)
Total7,92610,94813,69015,43017,419
Agriculture1,2281,8611,7991,9762,153
Mining308408311381386
Industry1,8092,2732,7993,1313,240
Construction4371,021816867805
Commerce1,8513,0943,0133,4624,003
Other 2/2,2932,2914,9535,6146,832
Total100.0100.0100.0100.0100.0
Agriculture15.517.013.112.812.4
Mining3.93.72.32.52.2
Industry22.820.820.420.318.6
Construction5.59.36.05.64.6
Commerce23.428.322.022.423.0
Other 2/28.920.936.236.439.2
Total31.926.415.20.14.6
Agriculture14.538.7-10.9-2.51.0
Mining7.821.2-29.98.9-6.1
Industry32.815.013.5-0.6-4.1
Construction69.1113.6-26.4-5.5-14.0
Commerce40.752.9-10.32.17.1
Other 2/33.8-8.699.20.712.7
Source: Central Bank of Bolivia.

Excludes banks’ investments which comprise part of bank’s claims on the private sector in Tables 36 and 38; U.S. dollar denominated credits valued at end-of-period exchange rates.

Includes loans to the services sector, mortgage, and consumer loans.

Twelve-month rate of change in stocks deflated by the change in prices during the same period.

Source: Central Bank of Bolivia.

Excludes banks’ investments which comprise part of bank’s claims on the private sector in Tables 36 and 38; U.S. dollar denominated credits valued at end-of-period exchange rates.

Includes loans to the services sector, mortgage, and consumer loans.

Twelve-month rate of change in stocks deflated by the change in prices during the same period.

Table 36.Bolivia: Summary Accounts of the Financial System(End-of-period stocks; in millions of bolivianos)
December 1992December 1993December 1994December 1995December 1996
Domesti CurrencyForeign CurrencyTotalDomest CurrertForeig CurrencyTotalDomest CurrecyForeign CurrencyTotalDomestic CurrencyForeign CurrencyTotalDomest CurrecyForeign CurrencyTotal
Net international reserves0800800088188101,1631,16301,4341,43402,9582,958
Assets01,9781,97802,5002,50003,4433,44304,1094,10906,2466,246
Liabilities0-1,179-1,1790-1,619-1,6190-2,280-2,3800-2,675-2,6750-3,288-3,288
Net domestic assets1,3648,5619,9251,55511,41712,9722,13212,12614,2572,52013,13715,6572,31714,71317,631
Nonfinancial public sector51717767-6022,9722,370-7473,3792,631-8431,497654-9491,364415
Central government328-667-339-2952,3402,045-3262,7782,452-4901,6501,160-5721,568996
State governments-6912657-71-22-93-192-38-230-180-26-206-236-107-343
Public Enterprises-2081,2581,050-236654418-229638409-173-126-299-142-97-238
Private sector3107,6827,99241810,69611,11461013,18813,7975431439515,53857017,04417,614
Internationat financial institutions-1492491-1433432-5469464-1503502-2538536
Allocation of SDRs0-192-1920-209-2090-228-2280-245-2450-250-250
Capital and surplus-637-790-1,427-1,489-659-2,148-1,800-1,295-3,095-1971-1,478-3,449-2391-2,057-4,448
Net interbank float-112330218-89-105-194-2214342135-899-893134-720-587
Valuation account7733851,1582,454-1,08213723,195-1,95913363,970-2,62013515,013-3,5531,460
Net unclassified assets954-37917883-6482351,180-1,861-6811,5411,3832,9241,7112,3484,060
26-26-0-1919---800-80-725---725-1,170-0-1,170
Medium- and long-term foreign liabilities0-3,633-3,6330-4,177-4,1770-3,653-3,6530-4,042-4,0420-4,238-4,238
Liabilities to private sector (M3)1,3645,7287,0921,5558,1209,6752,1329,63611,7682,52010,52913,050231713,43316,350
Currency in circulation887--8871,034--1,0341,406--1,4061,694--1,6941,805--1,805
Deposits4775,7286,2055218,1208,6427269,63610,3618261032911,3561,11213,43314,545
Demand deposits3496881,0373831,0831,4664241342