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Zimbabwe: Staff Report for the 2014 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund. African Dept.
Published Date:
July 2014
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Fund Relations

A. Financial Relations

As of April 30, 2014

Membership Status

Joined: September 29, 1980; Article VIII

General Resources Account:

SDR Million%Quota
Quota353.40100.00
Fund holdings of currency353.0799.91
Reserve position0.330.09

SDR Department:

SDR Million%Allocation
Net cumulative allocation1272.18100.00
Holdings192.8534.11

Excluding SDRs allocated and placed in escrow account under the Fourth Amendment of the IMF’s Articles of agreement (SDR 66,402,156). Such holdings will be available to Zimbabwe upon the settlement of all overdue obligations to the Fund.

Excluding SDRs allocated and placed in escrow account under the Fourth Amendment of the IMF’s Articles of agreement (SDR 66,402,156). Such holdings will be available to Zimbabwe upon the settlement of all overdue obligations to the Fund.

Outstanding Purchases and Loans:

SDR Million%Quota
ECF arrangements64.5718.27

Latest Financial Arrangements:

Date ofExpirationAmount ApprovedAmount Drawn
TypeArrangementDate(SDR Million)(SDR Million)
Stand-byAug 02, 1999Oct 01, 2000141.3624.74
Stand-byJun 01, 1998Jun 30, 1999130.6539.20
ECF1Sep 11, 1992Sep 10, 1995200.60151.90

Formerly PRGF

Formerly PRGF

Projected Payments to Fund1, 2

(SDR Million; based on existing use of resources and present holdings of SDRs):

OverdueForthcoming
April 30, 201420142015201620172018
Principal64.57
Charges/interest16.510.250.320.320.320.32
Total81.080.250.320.320.320.32

Implementation of HIPC Initiative:

Not Applicable

Implementation of Multilateral Debt Relief Initiative (MDRI):

Not Applicable

Application of Remedial Measures under the Arrears Strategy:

Zimbabwe has been in continuous arrears to the Fund since February 2001. On September 24, 2001, the Executive Board declared Zimbabwe ineligible to use the general resources of the Fund and removed it from the list of PRGT-eligible countries. On June 13, 2002, the Board issued a declaration of non-cooperation with respect to Zimbabwe and suspended all technical assistance (TA) to the country. On June 6, 2003, the Board suspended Zimbabwe’s voting and related rights at the Fund. The Managing Director issued a complaint regarding compulsory withdrawal on February 6, 2004. The Executive Board considered the complaint on July 7, 2004, on February 15, 2005, and again on September 9, 2005, and decided to postpone the recommendation on Zimbabwe’s compulsory withdrawal from the Fund to the Board of Governors so as to give more time for Zimbabwe to improve cooperation with the Fund. On February 15, 2006, Zimbabwe fully settled its arrears to the General Resources Account. As a consequence, the complaint for compulsory withdrawal was withdrawn. However, the Executive Board decided not to restore Zimbabwe’s voting and related rights, nor did it terminate Zimbabwe’s ineligibility to use the general resources of the Fund. The Executive Board also kept in place the decisions taken to address Zimbabwe’s arrears to the PRGT Trust—the declaration of noncooperation, the suspension of TA, and the removal of Zimbabwe from the list of PRGT-eligible countries.

On May 4, 2009, the Executive Board lifted the suspension of TA to Zimbabwe in the following areas: (i) tax policy and administration; (ii) payments system; (iii) lender-of-last-resort and banking supervision; and (iv) central banking governance and accounting (EBS/09/55). On February 19, 2010, the Executive Board restored Zimbabwe’s voting rights and its eligibility for general resources. On May 17, 2010, the Executive Board added macroeconomic statistics to the targeted areas for Fund TA. On January 4, 2011, it added public financial management and anti-money laundering and combating the financing of terrorism. On October 23, 2012, the Executive Board further relaxed the restrictions on Fund TA to Zimbabwe to include any other area that would support the formulation and implementation of a comprehensive adjustment and structural reform program that can be monitored by the staff. Zimbabwe’s arrears to the PRGT Trust amounted to SDR 81.1 million (US$125.6 million) as of April 30, 2014.

B. Nonfinancial Relations

Exchange Arrangement

Zimbabwe’s exchange system has been significantly liberalized and exchange rates have been unified. Apart from one remaining exchange restriction subject to IMF jurisdiction arising from unsettled balances under an inoperative bilateral payments agreement with Malaysia, payments and transfers for current international transactions can now be effected without restriction. Since 2009, Zimbabwe has adopted a multi-currency regime, including the U.S. dollar, the South African rand, the British pound, the euro and the Botswana pula—with the U.S. dollar as principal currency. The Australian dollar, the Chinese yuan, the Indian rupee and the Japanese yen were added to the list in February 2014. The use of the Zimbabwean dollar as domestic currency has been discontinued. The de facto exchange regime is classified as exchange arrangement with no separate legal tender.

Article IV Consultations

Zimbabwe is on the standard 12-month consultation cycle. The Executive Board discussed the staff report for the 2012 Article IV consultation on September 21, 2012.

Technical Assistance

DepartmentDatesPurpose
FADJune 2009Tax policy and mining taxation
July 2009Revenue administration
October 2009Tax policy (follow-up)
June 2010General tax policy and mining taxation
Sept./Oct. 2010General tax policy and mining taxation (follow-up)
June 2011PFM diagnostic
Oct./Nov. 2011Development of PFM regulations
May/June 2011Revenue administration (follow-up)
April/May 2013Public-private partnerships and fiscal risks
FAD/STAJune 2011Strengthening PFM and statistics
July/August 2012Strategic issues in PFM and the fiscal statistics framework
FAD/AFSOctober 2012VAT compliance
LEGJuly 2011Fiscal law
August 2011AML/CFT diagnostic
October 2011Fiscal law
June 2012AML/CFT diagnostic: Precious metals and stones
May 2013AML/CFT diagnostic: Precious metals and stones (follow-up)
MCMMay 2009Banking supervision, central bank governance and accounting,
lender-of-last resort operations, and payments systems
June 2010Accounting
August 2010Central bank balance sheet restructuring and reporting
January 2011Review and enhancement of the stress testing framework
March 2011Central bank accounting
March 2011Central bank balance sheet restructuring and debt relief
July 2011Stress testing
August 2011Central bank balance sheet restructuring and debt relief
August 2011Systemic liquidity, stress testing, and bank distress resolution
September 2011Stress testing
December 2011Stress testing
January 2012Central bank organization and accounting
June/July 2012Central bank debt relief and liquidity support to the banking
system
STAJune 2010Compilation of national accounts
August 2010Compilation of monetary statistics for the central bank
June 2011Improving fiscal data in line with GFSM 2001 (follow-up)
October 2011National accounts
April/May 2013Multisector statistics and cross-sector data consistency
Aug./Sept. 2013External sector statistics (follow-up)
October 2013Government finance statistics (2-week training course)
January 2014Monetary data reporting using SRFs
March/April 2014Monetary data reporting using SRFs (follow-up)
AFRITAC SouthOct./Nov. 2011Update of the PFM legal and regulatory framework
January 2012Tax administration needs assessment
August 2012Update of the PFM legal and regulatory framework
January 2013Banking supervision needs assessment
Feb./March 2013Strengthening medium-term macro-fiscal and budget
frameworks
June 2013Strengthening the macro-fiscal framework (follow-up)
July 2013Macro-fiscal framework: nominal GDP and private investment
forecasting
Feb/March 2014Reforming fiscal accounting and reporting
March/April 2014Developing the tools and skills for macro fiscal forecasting
April 2014Comprehensive, timely, and accurate accounting and financial reporting
ICDApril 2012Financial programming and policies (2-week training)
February 2014Macro diagnostics (2-week training)

Resident Representative

In February 2014, the Fund’s management approved the re-opening of a Resident Representative office in Harare and the resident representative will assume the position in July 2014.

World Bank—IMF Collaboration

1. The Fund Zimbabwe team led by Mr. A. Cuevas (mission chief) met with the World Bank Zimbabwe team, led by Mr. N. Lenneiye (country manager) on March 17, 2014.

2. The teams were encouraged by the policy dialogue with the new government, and agreed that strong policies and reforms are needed to unlock Zimbabwe’s growth potential and place the country on a sustainable, inclusive growth path. Over the near to medium term, reforms need to be focused on strengthening public financial management, improving payroll and human resource management, raising the productivity of government expenditure, reducing financial sector vulnerabilities, tackling infrastructure bottlenecks, and improving the business environment. In addition, addressing Zimbabwe’s debt overhang and enhancing governance will be essential if the country is to attract much-needed investment and access affordable long-term capital.

3. Based on this assessment, the teams agreed to support the authorities’ efforts with the following division of labor:

  • PFM reform: The Fund will continue its engagement with the Zimbabwean authorities in their effort to advance the fiscal reform agenda and restore fiscal sustainability. The Fund will offer TA in: (i) macro-fiscal forecasting and budgeting to develop and implement a strategy for an improved medium-term expenditure framework; (ii) cash management, accounting, and fiscal reporting; (iii) improving fiscal oversight at the general government and public sector levels, including SOEs; and (iv) revising the legal and regulatory framework for PFM. The Bank will continue supporting the government in implementing the findings of the Country Integrated Fiduciary Assessment and the Country Procurement Assessment Report. Specifically, the Bank will: (i) expand (to phase II) its TA to strengthen the computerized PFM system and enhance its functionality; (ii) support strengthening of the legal framework for PFM to increase compliance; and (iii) provide TA to strengthen and decentralize public procurement.

  • Tax reform: The authorities have made progress on tax reform. The Fund will continue to offer TA in tax policy and tax administration reform, including in the areas of risk management and post control audit.

  • Diamond sector reform: The lack of transparency in the diamond sector is a major concern, reinforced by the significant underperformance of diamond revenue in the last two years. Based on the 2012 diagnostic Fund TA mission on AML/CFT standards in the diamond and precious metal sectors, the Fund developed detailed recommendations to increase transparency and revenue collection. The Bank is providing initial technical support for improved management of the mineral sector. In March 2014 the Bank launched a project on fiscal modeling and capacity building for mining with the Ministry of Mines and Mining Development (MoMMD) and the Ministry of Finance and Economic Development (MoFED). The Bank will provide TA aimed at optimizing diamond development, and a better understanding of different fiscal and ownership systems, including production-sharing agreements.

  • Delivery of basic services and social safety nets: The Bank delivered TA to support preparation of the 2014 budget, and prepared a series of short policy notes in support of the socio-economic recovery. The Bank is implementing the second phase of a results-based financing program for maternal and child health, and a public works rapid social response program. Analytical support is being provided for a safety nets tracking survey, a health financing issues note, and the design of a social transfer framework. A safety-net pilot program will be launched in late-2014, in the context of a new programmatic trust fund, currently under preparation. The IMF will continue to provide policy advice and TA support to the budget preparation.

  • Business environment reform: The Bank has completed a micro-small-medium enterprise survey, a trade and integration diagnostic study, and has launched the second phase of a trade facilitation assessment. The Bank/IFC provided the government with an updated Doing Business Reform Memorandum, and has responded to the government’s request for knowledge sharing on Special Economic Zones.

  • Financial sector reform: Financial sector vulnerabilities persist, despite ongoing efforts to enhance the financial regulatory framework. There is a need to further strengthen banking supervision and make it more proactive. Fund staff will continue to provide TA to: further strengthen the legal and regulatory framework, enhance risk-based supervision and solvency stress testing, and help to develop a strategy for addressing the high levels of nonperforming loans in the financial sector. The Bank has finalized the FINSCOPE survey to assess access to finance. The IFC is launching advisory services on a credit reference bureau.

  • Central bank reform: The authorities are implementing plans to recapitalize the Reserve Bank of Zimbabwe (RBZ), thereby paving the way for resumption of such core functions as banker to the government and establishment of a lender-of-last-resort facility. The Fund will offer additional TA in governance and central bank accounting and financial controls.

  • Reform of the statistical system: The Bank assisted ZIMSTAT in developing a poverty report and starting poverty mapping. The Fund will continue to offer TA in national accounts, monetary statistics, and government finance statistics.

  • Debt and arrears strategy: In the context of the 2014 Article IV Consultation, Bank and Fund staffs produced a joint DSA, and are carrying out a joint loan-by-loan debt reconciliation exercise.

  • Poverty Analysis and Poverty Reduction Strategy: The Bank provided technical guidance to analyze the 2011 household survey data and produce a poverty report. The Bank will deliver TA to support the preparation of a poverty reduction strategy as part of the implementation of Zimbabwe’s development agenda (ZIM ASSET).

4. The teams agreed to the following sharing of information:

  • The Fund team requests to be kept informed about the timing of Bank missions and about progress in the above macrocritical structural reform areas. The Fund team also requests from the Bank team to share outputs, as requested.

  • The Bank team requests to be kept informed of progress in the above cited areas where the Fund takes the lead. The Bank team also requests from the Fund team to share outputs, as requested.

The appendix lists the teams’ work programs over the period June 2014–June 2015. The Bank team noted that a Zimbabwe Interim Strategy Note was issued April 2013. The Bank’s engagement in 2014/15 will strongly be influenced by programs under the new programmatic trust fund, and the program listed here represents the teams’ best judgment at this stage.

Joint Bank-Fund Work ProgramJune 2014-June 2015
TitleProductsProvisional Timing of MissionsExpected Delivery Dates
A. Mutual information on relevant work programs
Bank work program in next 12 months
  • PFM reform

  • Private Sector Development Program

  • TA on Mineral Sector Development

  • Doing Business Reform Memorandum

Apr.-Sept. 2014

Q1-Q2 of FY15

May-July 2014



Q1-Q2 of FY15
September 2014

June 2015



December 2014



June 2015
IMF work program in next 12 monthsMacroeconomic policy analysis and policy advice
  • Support the formulation and implementation of a comprehensive adjustment and reform program

  • [Third review of the SMP]

  • [Discussion of a successor SMP]

Technical Assistance
  • Medium-term macro-fiscal and budget frameworks

  • Customs and tax administrations

  • Comprehensive, timely, and accurate accounting and financial reporting

  • Tax compliance and risk management

  • Strengthening data compilation and dissemination



Ongoing





Late 2014

Late 2014





Q3-Q4:2014,

Q1:2015

Q3:2014, Q2:2015

Q3:2014, Q1:2015



Q4:2014



Q4:2014, Q2:2015
B. Requests for work program inputs
Fund requests to Bank
  • Updates on policy reform work: increasing diamond sector transparency, strengthening human resource and payroll management, PFM reform, improving the business climate, I-PRSP.

  • Macro framework

  • Timing and scope of Bank’s missions

Ongoing





Ongoing

Ongoing
Bank requests to Fund
  • Updates on the SMP

  • Updates on policy reform work: PFM, tax and financial sector reforms

  • Timing and scope of missions

Ongoing

Ongoing





Ongoing
C. Agreements on joint products and missions
Joint products and missions in next 12 months
  • Debt sustainability analysis

  • Updates on the SMP

Q4:2014

Ongoing

Statistical Issues

(As of May 29, 2014)

I. Assessment of Data Adequacy for Surveillance

General: Data provision has shortcomings but data are broadly adequate for surveillance. Despite recent improvements in timeliness and coverage, there are some shortcomings stemming from weak data sources, insufficient coverage, and capacity constraints. In May 2010, the Executive Board approved a list of targeted TA, including macro statistics. The authorities are committed to improving statistics to facilitate policymaking and monitoring. They have adopted a National Strategy for the Development of Statistics (NSDS) for 2011–15, laying out a comprehensive framework for improving statistical capacity and coordination across institutions over this period.

During April-May 2013, a STA multisector statistics mission was undertaken to: (i) assess Zimbabwe’s external sector statistics (ESS), monetary and financial statistics (MFS), national accounts (NA) statistics, and price statistics; (ii) identify key issues and priorities to address over the next two to three years, develop a strategy for delivery of future TA and training, and provide recommendations for improving statistical compilation in line with international standards; (iii) examine cross-sector data consistency; and (iv) update Zimbabwe’s General Data Dissemination System (GDDS) metadata to reflect the current statistical practices in the country. There were a number of follow-up missions to further the work. TA on government financial statistics (GFS) has been covered in the context of PFM TA. Good progress has been made in implementing the recommendations, particularly in the areas of MFS, ESS, and GFS. Capacity constraints have limited the implementation of recommendations on improving NA and price statistics.

Zimbabwe has several regular statistical publications. Since April 2012, ZIMSTAT resumed publishing the Quarterly Digest of Statistics, a comprehensive source of economic and social data. In addition, the consumer and producer price indices are disseminated monthly and quarterly, respectively. The report for the 2012 census was published in December 2012. Some labor market statistics, such as employment and earnings by sector, are published quarterly. The RBZ produces monthly MFS which are published in the Monthly Review on their website. MoFED publishes a Monthly State of the Economy and a Quarterly Treasury Bulletin on its website. With TA from STA, the GDDS metadata have been updated and posted on the IMF website.

National Accounts: Zimbabwe’s National Statistics Agency (ZIMSTAT) revised NA data based on the Poverty Income Consumption and Expenditure Survey (PICES) conducted from June 2011 to May 2012. This resulted in an upward revision of GDP data for 2009–12, published in September 2013. ZIMSTAT also conducts surveys of agriculture, livestock, industrial production, and manufacturing, as well as a quarterly employment survey and a survey of non-profit institutions. The NA compilation system and the statistical infrastructure are being upgraded, in line with the latest international standards (e.g., 2008 SNA). The scope of NA statistics is being expanded, including the compilation of quarterly national accounts. However, staff resources are inadequate to keep up.

Price statistics: ZIMSTAT compiles and disseminates a monthly consumer price index (CPI), with weights based on data from the 2011/12 Household Budget Survey (HBS) with a December 2012 base. In the new CPI compiled since January 2013, ZIMSTAT also expanded the geographical coverage to include price developments in both urban and rural areas, and increased the number of items in the basket. ZIMSTAT also compiles and disseminates a quarterly producer price index (PPI), based on December 2009 with December 2008 weights. The 2013 STA TA mission recommendations to further improve the index included updating the CPI basket to replace outdated products, increasing the frequency of data collection for perishable items from monthly to weekly, and expanding PPI coverage to include exports.

Government finance statistics: Reporting of GFS for the central government has improved significantly since 2009. The MoFED collects data on revenue and expenditure, which are published on its website on a monthly basis, along with the annual budget statements. Data on government financing are limited. The MoFED does not yet compile GFS in line with the Government Finance Statistics Manual (GFSM) 2001, but is in the process of moving to GFSM 2001, with IMF TA. Budget data are compiled only for the budgetary central government.

Monetary statistics: Data on MFS are timely but are based on the 1984 IMF guidelines for MFS compilation. The 2013 STA TA mission assisted the RBZ in starting the compilation of data covering the operations of the central bank and commercial banks using the new standardized reporting forms (SRFs), consistent with current international standards. The mission made several recommendations for improving the compilation and dissemination of MFS, including improving the classification and valuation of financial instruments, and expanding coverage beyond commercial banks to other financial corporations—including merchant banks, building societies, and the People’s Own Savings Bank. There was a follow-up mission in March/April 2014 to further advance this work. [In May 2014, the RBZ published the annual reports and audited financial statements for 2009-2012. Prior to this, the last annual report or audited financial statement was published in 2008.] The audited 2010 financial statement carried a qualified audit opinion and presented a negative equity position of [US$1,235.9] million. The basis of the qualification relates to disputed liabilities totaling US$20.5 million, which have been reduced to US$8 million at end-December 2013. MCM and STA TA and the Article IV missions have made recommendations on central bank accounting and reporting.

External sector statistics: Balance of payments and external debt statistics are subject to a number of data issues. There is a structural break in trade data in 2010. For years prior to 2010, the source is the Exchange Control Department of the RBZ, and for 2010 and onwards, the source is customs data. For 2010 and 2011, there are very large unidentified credits in the BOP which are financing imports, probably due to under-recorded export receipts and FDI. Labor income and workers’ remittances do not include estimates of cash and in-kind transfers from Zimbabweans working abroad. Interest payments are not yet reconciled with creditors’ records and do not contain accrued interest on overdue financial obligations. The 2013 STA TA mission identified gaps with respect to international trade in services, direct investment and portfolio investment income, transactions involving assets and liabilities of direct investment, portfolio investment, trade credit and advances, currency and deposit assets and liabilities of banks, and other sector deposit assets. Gaps in services arose due to the fact that a number of service items are not covered, since the RBZ follows BPM4 methodology. The mission provided training in BPM6 methodology and assisted in mapping tables from BPM4 to BPM6. Recommendations for improving the compilation and quality of the data included: migrating from BPM4 to BPM6 compilation methodology; expanding coverage of exports to include estimates for unrecorded mineral exports, informal exports of artisanal products and other items by pedestrians and small cars crossing borders; improving coverage of service exports and imports; and separating capital account from financial account transactions.

The authorities have finalized their first debt reconciliation exercise and a joint Fund/Bank mission visited Harare in May/June for a loan-by-loan assessment. Current and capital transfers to nongovernmental organizations and to the government are not fully reconciled with donors’ data. The financial account is incomplete, as it does not record substantial transactions in assets that are reported by central banks that are members of the Bank for International Settlements. The RBZ’s initial submission of stocks and flows of gross international reserves and its NFA position often require some adjustments. Exceptional financing does not fully capture the flow of overdue financial obligations.

International Investment Position (IIP): The compilation of the IIP is not possible due to the lack of reliable information on private sector stocks of foreign assets and liabilities and due to the lack of appropriate categorization of the available stock data into the required instruments. However, the authorities have committed to preparing a preliminary IIP once results of the first foreign private capital stocks and flows survey are made available.

II. Data Standards and Quality

Participant in the General Data Dissemination System since November 1, 2002. No data ROSC is available.

III. Reporting to STA

Zimbabwe does not report NA, price, BOP, government finance statistics or its IIP to STA for dissemination in the International Financial Statistics, the BOP Statistics Yearbook, or the GFS Yearbook. NA data have not been reported since 2005 and no data are being reported for the new CPI. Since May 2014, the RBZ resumed monthly reporting of monetary and financial statistics to STA.

Table 1.Zimbabwe: Common Indicators Required for Surveillance
Date of latest

observation
Date

received
Frequency

of data1
Frequency of

reporting1
Frequency of

publication1
Exchange rates2NANANANANA
International reserve assets and reserveMar. 2014Apr. 2014WWM
liabilities of the monetary authorities3
Reserve/base moneyMar. 2014Apr. 2014WWM
Broad moneyMar. 2014Apr. 2014MMM
Central bank balance sheetMar. 2014Apr. 2014WMM
Consolidated balance sheet of theDec. 2013Mar. 2014QQNA
banking system
Interest rates4Mar. 2014Apr. 2014MMM
Consumer price indexMar. 2014Apr. 2014MMM
Revenue, expenditure, balance andNANANANANA
composition of financing5—General
government6
Revenue, expenditure, balance andMar. 2014Apr. 2014MMM
composition of financing5—Central
government
Stocks of central government and central2012Nov. 2013MII
government-guaranteed debt7
External current account balance2013Mar. 2014AII
External capital and financial account2013Mar. 2014QII
Exports and imports of goodsDec. 2013Mar. 2014MII
GDP/GNP2012Sept. 2013AAA
Gross external debt2013Mar. 2014AII
International investment position8NANANANANA

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

The Zimbabwe dollar is no longer traded against foreign currencies on the exchange market.

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 to 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.

Including currency and maturity composition.

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

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

The Zimbabwe dollar is no longer traded against foreign currencies on the exchange market.

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 to 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.

Including currency and maturity composition.

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

The projection of charges and interest assumes that overdue principal at the report date (if any) will remain outstanding, but forthcoming obligations will be settled on time.

Projected amounts do not include additional interest levied on overdue PRGT interest.

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