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STAFF REPORT FOR THE 2013 ARTICLE IV CONSULTATION—INFORMATIONAL ANNEX

Author(s):
International Monetary Fund. Western Hemisphere Dept.
Published Date:
February 2014
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Fund Relations

(As of November 30, 2013)

Membership Status: Joined December 27, 1945; accepted its obligations under Article VIII, Sections 2, 3, and 4 on June 5, 1967. The exchange system is free of restrictions on current international payments and transfers.

General resources Account
SDR Million%Quota
Quota171.50100.00
Fund holdings of currency (Exchange Rate)162.6494.83
Reserve Tranche Position8.875.17
SDR Department
SDR Million%Quota
Net cumulative allocation164.13100.00
Holdings166.68101.55

Outstanding Purchases and Loans: None

Latest Financial Arrangements(In SDR Millions)
TypeDate of ArrangementExpiration DateAmount Approved

(SDR Million)
Amount Drawn

(SDR Million)
Stand-ByApr 02, 2003Mar 31, 2006145.78111.50
ECF 1/Sep 18, 1998Jun 07, 2002100.9663.86
ECF 1/Dec 19, 1994Sep 09, 1998100.96100.96
Projected Payments to Fund2/
(SDR Million; Based on existing use of resources and present holdings of SDRs)
20132014201520162017
Principal
Charges/Interest0.000.000.000.00
Total0.000.000.000.00

Formerly PRGF.

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

Formerly PRGF.

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

Safeguards Assessment: Under the Fund’s safeguards assessment policy, the Central Bank of Bolivia (CBB) was subject to an assessment with respect to the April 2, 2003 Stand-By Arrangement (SBA). A safeguards assessment was completed on June 27, 2003, and while no systemic risks with the CBB’s safeguards were identified, uncertainties were expressed about the de facto lack of operational independence and program monetary data. An update assessment was completed on September 27, 2004 in conjunction with an augmentation of the SBA. This assessment confirmed that measures had been implemented to address all previously identified vulnerabilities, except for those requiring a change in the central bank law. Currently, CBB is not subject to the policy.

Exchange Arrangement: The Bolivian currency is the Boliviano. The de jure exchange rate arrangement is classified as a crawling peg to the U.S. dollar. Within the scope of the official crawling peg exchange rate regime, in an external environment characterized by marked exchange rate volatility and decreasing external inflation, the sliding rate was set to zero to anchor the public expectations. Consequently, the boliviano stabilized anew against the U.S. dollar since November 2011. Accordingly, the de facto exchange rate arrangement has been retroactively reclassified to a stabilized arrangement from a crawling peg, effective November 2, 2011.

Article IV Consultation. The last Article IV consultation was completed by the Executive Board on June 1, 2012 (Country Report No. 12/149). Bolivia is on a standard 12 month consultation cycle.

Implementation of HIPC Initiative:
Original

Framework
Enhanced

Framework
Total
Commitment of HIPC assistance
Decision point dateSep 1997Feb 2000
Assistance committed by all creditors (US$ million)1/448.00854.00
Of which: IMF assistance (US$ million)29.0055.32
(SDR equivalent in millions)21.2541.14
Completion point dateSep 1998Jun 2001
Disbursement of IMF assistance (SDR million)
Assistance disbursed to the member21.2541.1462.39
Interim assistance
Completion point balance21.2541.1462.39
Additional disbursement of interest income 2/3.093.09
Total disbursements21.2544.2365.48
Implementation of MDRI Assistance
Total debt relief (SDR Million)3/160.93
Financed by: MDRI Trust154.82
Remaining HIPC resources6.11
Debt relief by facility (SDR Million)
Eligible Debt
Delivery DateGRAPRGFTotal
January 200683.08N/A83.08
January 20066.7071.1577.85

Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.

Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.

The Multilateral Debt Relief Initiative (MDRI) provides 100 percent debt relief to eligible member countries that are qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.

Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.

Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.

The Multilateral Debt Relief Initiative (MDRI) provides 100 percent debt relief to eligible member countries that are qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.

Implementation of Post-Catastrophe Debt Relief (PCDR): Not Applicable

Technical Assistance, 2008–13
DepartmentPurposeDate
FADTax policyMar. 08
STANational accountsAug. 08
FADTreasury operations, cash and debt management Expenditure policy (fiscal and distributional implications of petroleumNov. 08
FADproduct pricing)Mar. 09
FADPublic financial management (intergovernmental fiscal relations)July/August 2009
FADTax policy (tax reform and taxation of natural resources)July/August 2009
STANational accountsOct. 09
FADTax system under the new constitutional frameworkOct. 09
FADDecentralized autonomies with fiscal stabilityDec. 09
FADTreasury management and sub national debt controlMay 10
FADDevelopment of a medium-term macro fiscal frameworkMay 10
FADInstitutional strengthening of tax and customs administrationJun. 10
FADIntegration of tax and customs administrationsJan. 11
STANational accountsFeb. 11
MCMRoad map for the Issuance of Sovereign BondsNov. 11
LEGAML/CFT regulatory and institutional frameworkJan. 12
STAGovernment Finance StatisticsFeb. 12
LEGAML/CFT regulatory and institutional frameworkJul. 12
FADIntegration of tax and customs administrationsAug. 12
FADTax policy (mining code reform)Dec. 12
LEGAML/CFT regulatory and institutional frameworkApr. 13
FADROSC Evaluation of fiscal transparencyApr. 13
MCMMedium-term debt strategyApr. 13
FADInstitutional strengthening of tax and customs administrationJul. 13
FADTax policy (international taxation, personal income tax and tax expenditure)Jul. 13
STASDDS assessmentOct. 13
STANational accountsOct. 13

Relations with the World Bank and Bank-Fund Collaboration under the JMAP

A. Relations with the World Bank

1. The ongoing Country Partnership Strategy (CPS) for the fiscal period 2012–2015 is guiding the World Bank Group (WBG) support to Bolivia. The CPS consists of a program of lending operations and knowledge activities along four pillars: (i) sustainable productive development; (ii) climate change and disaster risk management; (iii) human development and access to basic services; and (iv) public sector effectiveness. In addition, the strategy incorporates gender, governance, and anti-corruption as cross-cutting themes. These areas respond to government requests and priorities outlined in the National Development Plan (NDP) while also making the most of the WBG´s comparative advantage.

2. A CPS Progress Report will be presented to the Board of Executive Directors in February 2014. This Mid-Term Review is confirming the relevance of the current CPS, under which most of the proposed lending program is under implementation or in the last stage of preparation. In agreement with the government, one operation in water and sanitation was dropped given the expanded role of other development partners. With the launch of the government´s Agenda Patriotica 2025 in early 2013, there is an increased policy dialogue on its emerging priorities with particular emphasis on those related to unlocking alternative sources of growth.

3. For the remainder of the CPS period, efforts will involve more programmatic interventions, new instruments, and more innovative approaches and will now include financing from the International Bank for Reconstruction and Development (IBRD). As envisioned in the CPS in addition to the resources allocated by the International Development Association (IDA), the proposed lending program for the remaining period includes financing from IBRD. The lending strategy will seek to minimize any significant drop in resources in the expected transition after the IDA17 cycle. Under this framework, the proposed program includes new investment financing in rural electrification, employment and job quality, an additional financing for an ongoing statistical capacity strengthening project, and a climate resilience operation for which resources include a combination of grant and concessional financing from the Climate Investment Fund. In terms of more programmatic and transformative approaches, a new project to support the development of Andean products is being prepared; in terms of new instruments, the upcoming Program for Results in road rehabilitation will seek to underpin a multi-agency program. A project to support government efforts to improve the effectiveness of public investment at decentralized levels will also be presented to the Board in the next months.

4. There will be an effort to align the current portfolio and results framework to provide transformative solutions and to further focus on extreme poverty eradication and shared prosperity. The portfolio under implementation comprises eleven investment projects worth US$464 million, of which the undisbursed balance is US$285 million (Table 1); new projects under preparation are worth approximately US$390 million. The Bank will continue to focus on resolving implementation bottlenecks and on moving to a portfolio where products coalesce around a few areas of intervention that are both catalytic and aligned with Bolivia’s own goals of shared prosperity and extreme poverty eradication by 2025. New initiatives will be prioritized according the following criteria: (i) support to sustainable employment and production corridors, particularly in rural areas; (ii) enhance institutional capacity in decentralized areas to deliver basic and social services and to address disaster risk and climate resilience; and (iii) enhance country systems and procedures to promote and evaluate results based development.

Table 1.World Bank Investment Portfolio in Bolivia(as of December 2013)
ProjectCommitmentDisbursedUndisbursed*Closing Date
(US$ million)(US$ million)(US$ million)
Urban Infrastructure54.031.2624.50October 2015
Land for Agricultural Development15.011.573.44June 2014
Lake Titicaca Local Sustainable Development20.03.3415.97February 2015
Investing in Children and Youth17.06.6910.06December 2013
Expanding Access to Reduce Health Inequalities11.174.565.93January 2014
Rural Alliances and AF58.459.840.13March 2014
Strengthening of the Statistical Capacity50.037.8110.96June 2015
National Roads and Airport Infrastructure109.51.10106.03December 2016
Agricultural Innovation and Services39.07.8829.7February 2017
Community Investment in Rural Areas40.010.0828.12April 2017
Rural Alliances II50.01.0048.85November 2017
Total464175.1283.6

Undisbursed balances differ from the difference between committed and disbursed amounts due to variations in the exchange rates between SDRs and U.S. dollars.

Undisbursed balances differ from the difference between committed and disbursed amounts due to variations in the exchange rates between SDRs and U.S. dollars.

5. Under the leadership of the International Finance Corporation (IFC), the CPS will continue supporting opportunities for private sector development under the NDP´s framework. The IFC’s overall program has focused on the investment climate and on simplifying procedures, as well as on Access to Finance (A2F) in agriculture and on training for small and medium enterprises (SMEs) through its Business Edge Program. On the investment side, the IFC has engaged clients in SME banking, microfinance and trade finance, agribusiness, and forestry.

6. In terms of Analytical and Advisory Activities (AAA) and convening services, the Bank will continue supporting the development of a flexible program tailored to the government´s needs. To the extent possible, AAA will be bundled around the criteria mentioned above. For the first time, AAA will include Bolivia´s first Reimbursable Advisory Services (RAS) program to strengthen public sector management systems for the Department of Santa Cruz.Table 2 presents the list of ongoing and tentative Economic and Sector Work (ESW) and Non-Lending Technical Assistance (NLTA). The program will be kept open to respond to emerging requirements.

Table 2.AAA Ongoing and Tentative Program FY2014–2015
Product
Report on Observance of Standards and Codes in AccountingESW
Sources of Growth Programmatic AAAESW
Urban Development Programmatic AAAESW
Multidimensional Poverty Phase IIITA
Multidimensional Poverty Phase IVTA
TRE RAMP Support to the Central Bank of BoliviaTA
Rapid Assessment and Action Plan for Santa CruzRAS
Improving Social ServicesTA
Public Sector Governance IVTA
Science and Technology StrategyTA
Tourism Strategy and Private Sector InvolvementTA

7. Trust Funds (TF) continue to be used to support policy dialogue and to pilot innovative ideas. The current TF portfolio (Table 3) includes six grants in areas such as climate resilience, quality of statistical systems, early childhood care and development, community-driven development in remote areas and institutional strengthening. TFs are an important financing source for the Bank´s program in Bolivia.

Table 3.World Bank Trust Fund Portfolio in Bolivia(as of December 2013)
Amount
Project(US$ million)
Strengthening of the Ministry of Development Planning in the Process of Decentralization (IDF)0.28
Climate Change Resilience Management System in the Pilot Sub-basins (CSCFIA)0.5
Pilot Program for Climate Resilience - Phase I (CSCFIA)1.5
Ensuring Quality in the National Statistical System (TFSCB)0.24
Early Childhood Care And Development in the Most Vulnerable Districts Of La Paz And El Alto (JSDF)2.78
Integrated Community-Driven Territorial Development for Remote Communities in the Amazon (JSDF)2.21

B. IMF Relations with the World Bank under JMAP

8. The following priorities were identified for the coordinated work plan on Bolivia:

  • Strengthening of the fiscal framework. In particular, the reform of intergovernmental relations, transparent management of the hydrocarbon related revenue, and the reinforcement of the multi-annual budget and planning process. The public sector also has to strengthen capacity on public sector management, procurement, and public investment, including at the subnational level.
  • Maintaining adequate financial sector supervision. The financial sector is liquid and solvent. The current challenge is to implement the new Financial Services Law, continue strengthening supervision to maintain the health of the loan portfolios, and manage the transition of the AML/CT regime under the new law.
  • Improving the business climate to bolster investment. Bolivia’s private investment rate remains below the levels observed in the early 2000s and well below the regional average. There is also the challenge to reconcile the need to maintain the role of the private sector with the government intention to increase the role of the state in the economy.
  • Reducing poverty. Significant challenges remain in the area of human development, including access to quality basic education, health, and a social protection network as well as the employability of low income youth. Technical strengthening on poverty measurement issues is also on the agenda.

9. It was agreed that the teams continue with the following division of labor:

  • Tax policy and administration. The Fund will continue to have the lead in collaborating with the authorities in this area. If requested by the government, the Bank may support this effort through its diagnosis tools.
  • Fiscal federalism and budget framework. The Bank is supporting the Ministry of Development Planning in the decentralization process and the public investment management and coordination among different levels of government. The Bank is also providing support to strengthen the planning and implementation of public investment at all levels of governments, in association with the work towards the multi-annual budget process. The Fund will continue its analytical work on macro-fiscal institutions to manage resource wealth, including advising on the components of a medium-term fiscal framework.
  • Debt management. The Bank, in collaboration with the Fund, is assisting the Ministry of Finance on developing debt management reform plans, based on the findings of the Debt Management Performance Assessment (DeMPA). In addition, the Bank will provide technical assistance on the management of non-concessional loans, for which Bolivia is already eligible for access.
  • Poverty and social protection. The Bank has been providing technical assistance on poverty measurement, including monetary poverty and multidimensional well-being indicators. This complements the support provided to generate high quality statistical information through a STATCAP project. These tools would help both diagnose and target the population that fails to reach minimum standards of multidimensional welfare, as well as build capacity on the measurement of poverty, which would include gender issues. Also, the Bank will continue assisting the Government in the area of social protection, health, and early child development.
  • Private sector development. The World Bank Group will continue providing financing in the area of agricultural productivity, food security, rural development and community driven development. The Bank is conducting a sectoral evaluation of growth, bottlenecks and measures to improve growth prospects, which would focus on agriculture, hydrocarbon and mining sectors. The IFC is providing support on improving business procedures for private sector, primarily on subnational levels.
  • Financial sector surveillance. The Fund will continue with the surveillance of the financial sector developments and the monitoring of the implementation and operation of the Financial Services Law.
  • Statistics. The Fund is providing TA for the subscription to the Special Data Dissemination Standard (SDDS). The Fund will also continue to provide support on enhancing the accounting of mixed-ownership companies, primarily in the telecommunications, electricity and hydrocarbon sectors, and their inclusion in the fiscal accounts of the non-financial public sector, given the government’s majority ownership and control.

Relations with the Inter-American Development Bank

1. As of September 30, 2013, the Inter-American Development Bank (IDB) had approved loans to Bolivia amounting to US$5.23 billion, with disbursements totaling US$3.89 billion. Bolivia’s outstanding debt to the IDB was approximately US$828.1 million with undisbursed approved funds for US$972.5 million. During the year, net cash flows to the country were positive for a fourth year in a row, a trend expected to continue in the base scenario to 2016. At the end of 2007, the IDB unilaterally joined the IMF-WB MDRI initiative, by writing off a total of US$741.1 million in principal payments and US$307.3 millions of future interest payments, generating an estimated annual fiscal space of more than US$18.0 millions on average.

2. After the last round of debt relief, the IDB has implemented a new criteria of allocation of concessional lending which is consistent with the application of the Debt Sustainability Framework. The IDB lending to Bolivia will follow the operational guidelines for concessional funds under the Fund of Special Operations (FSO) performance-based allocation system. Parallel lending operations, modality that blends ordinary and concessional funding, will be the preferred lending instrument up to 2020.

3. The IDB and Bolivia have a country strategy covering the period 2011–2015. Under the country strategy, the IDB has decided to increase financial flows to Bolivia. Beginning 2012, Bolivia, in the base scenario, will be allocated 20 percent of the concessional element under IDB’s blended financial conditions. In 2013, Bolivia enjoyed an annual allocation of US$356.50 millions; the base scenario for the period 2013–2014 is the approval of new loans US$356.5 million per year.

4. Under the Bank’s country strategy with Bolivia, the government and the IDB have agreed on two main objectives: sustainable growth and poverty-inequality reduction. In pursuit of these objectives, the Bank will align its actions with those on Bolivia’s National Development Plan. The country strategy will target its interventions in the following sectors: (i) Transport; (ii) Water and sanitation; (iii) Energy; (iv) Early Childhood Development (ECD); (v) Health; (vi) Education; and (vii) Institutional and Sustainability Strengthening. As overarching sectors, the IDB will focus on climate change and indigenous population/diversity issues.

5. As of September 30, 2013, the portfolio of executing sovereign guaranteed operations in Bolivia consists of 35 loans totaling US$1.30 billion, of which 26.9 percent has been disbursed. The current executing portfolio supports mostly transport, water and sanitation, and energy infrastructure interventions. The undisbursed sovereign portfolio is concentrated (56 percent) in the above mentioned sectors. The non-sovereign guaranteed executing portfolio consists of 5 loans ascending to US$29.0 million and two TFFP’s ascending to US$3.7 million. The Bank’s 2013 operative program portfolio contains six sovereign guaranteed loans for a total amount of US$378.5 million, which will be concentrated in transport, water and sanitation, airports, urban development, and the strengthening of public governance, and two non-sovereign guaranteed loans for a total amount of US$22 million. Six additional loans for US$334.5 million have been identified for the pipeline 2014.

6. The conditions for the strategy’s implementation remain complex, with important institutional, social, and political definitions yet to be clarified thus representing direct and indirect risks to the fulfillment of the strategy objectives. In the new country strategy several macroeconomics, institutional, and regulatory risks have been identified to pose direct and indirect challenges to the implementation scenarios of the Bank’s strategic engagement. Particularly relevant for the new country strategy are the financial implications of the country’s excessive dependence on oil revenues, the weak policy implementation and institutional capacity affecting public investment, and the problematic regulatory environment that keeps downgrading the investment climate.

Statistical Issues

(As of November 26, 2013)

A. Assessment of Data Adequacy for Surveillance

General: Data provision has some shortcomings but is broadly adequate for surveillance. Staff welcomes the authorities’ plans to further strengthen the quality and timelines of statistics, which includes updating the base of the national accounts, implementing the agricultural and economic census, reinstating the employment survey, and working towards full subscription of the Special Data Dissemination Standard (SDDS).

National Accounts: The National Institute of Statistics (INE) is in the final stage of updating the base year of the national accounts (from 1990 to 2007), which includes the implementation of the System of National Accounts 1993 (SNA 1993) and some of the most relevant recommendations of the SNA 2008. INE plans to release preliminary results (year 2007–2012) by June 2014 and definitive series by the end of the year.

Labor market: The quality of the household and employment surveys has declined in the last few years, due mainly to financial constraints. The quarterly employment survey was discontinued in 2003, leading to a lack of quarterly information on unemployment, employment and wages. Yearly information on wages is still compiled by INE.

Prices statistics: Industrial producer price indices and external trade unit values are compiled by INE, but are in need of revision in regards to concepts and definitions consistent with SNA 1993, as well as treatment of seasonal products, missing items, quality changes, and introduction of new products.

Government finance statistics: The ongoing implementation of a comprehensive financial management system, with funding from the IADB/WB, will help ensure proper monitoring of public sector financial operations including subnational fiscal operations, debt, and social spending. It will also be important to improve on the reporting of the operations and debt of public enterprises. In particular, mixed-ownership companies, primarily in the telecommunications, electricity and hydrocarbon sectors, should be included in the fiscal accounts of the non-financial public sector, given the government’s majority ownership and control.

Balance of payments: The coverage of certain services and financial transactions in the balance of payments has been expanded, following recommendations by the January 2007 Data ROSC mission.

B. Data Standards and Quality

Bolivia has participated in the General Data Dissemination System (GDDS) since November 2002. The Data ROSC was published on August 13, 2007. In October 2013, a Special Data Dissemination Standard assessment mission was conducted. The mission found that the statistical system of Bolivia is, in general, in a good position to graduate to the SDDS in the mid-term.

Bolivia: Indicators Required for Surveillance(As of November 26, 2013)
Memo Items
Date of Latest Observ.Date ReceivedFrequency of Data1Frequency of Reporting1Frequency of Publication1Data Quality–Methodological Soundness10Data Quality–Accuracy and Reliability11
Exchange RatesDailyDailyDDD
International Reserve Assets and Reserve Liabilities of the Monetary Authorities2DailyDailyDDD
Reserve/Base MoneyOct. 2013Nov. 2013MMMO, LO, LO, OO, O, O, O, O
Broad MoneyOct. 2013Nov. 2013MMM
Central Bank Balance SheetOct. 2013Nov. 2013MMM
Consolidated Balance Sheet of the Banking SystemOct. 2013Nov. 2013MMM
Interest Rates3Oct. 2013Nov. 2013WWW
Consumer Price IndexOct. 2013Nov. 2013MMMLO, O, LO, OO, LO, LNO, O, LO
Revenue, Expenditure, Balance and Composition of Financing4 – General

Government5
Sep. 2013Nov. 2013MMMLO, LO, LNO, LOLO, O, O, O, LO
Revenue, Expenditure, Balance and Composition of Financing4 – Central Government6Sep. 2013Nov. 2013MMM
Stock of Central Government and Central Government-Guaranteed Debt7Sep. 2013Nov. 2013MMM
External Current Account BalanceQ2 2013Sep. 2013QQQO, LO, LO, LOLO, O, LO, O, LO
Exports and Imports of Goods and Services8Q2 2013Sep. 2013QQQ
GDP/GNPQ2 2013Nov. 2013QQQLO, LO, LO, OLNO, LO, LNO, O, LO
Gross External DebtOct. 2013Nov. 2013MMM
International Investment Position9Q4 2012May 2013QQQ

Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); and Not Available (NA).

Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and t receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Bolivia does not compile central government fiscal data.

Guaranteed non-financial public sector debt. Including currency and maturity composition.

Monthly frequencies for goods only.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Reflects the assessment provided in the data ROSC (published on August 13, 2007, and based on the findings of the mission of January 24-February 7, 2007) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are Fully Observed (O); Largely Observed (LO); Largely Not Observed (LNO); Not Observed (NO); and Not Available (NA).

Same as footnote 10, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); and Not Available (NA).

Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and t receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Bolivia does not compile central government fiscal data.

Guaranteed non-financial public sector debt. Including currency and maturity composition.

Monthly frequencies for goods only.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Reflects the assessment provided in the data ROSC (published on August 13, 2007, and based on the findings of the mission of January 24-February 7, 2007) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are Fully Observed (O); Largely Observed (LO); Largely Not Observed (LNO); Not Observed (NO); and Not Available (NA).

Same as footnote 10, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

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