Abstract
The Selected Issues paper discusses measures taken by the Chilean government to record moderate economic growth in 2012. The easing of fiscal stance and tightening of expenditure have proved to prevent a decline in the economy. The authorities have estimated retaining a favorable economic environment to mitigate financial risks. Banks have been asked to maintain high levels of liquidity and capital to meet expansion needs. The Executive Board has commended Chilean authorities’ efforts for macrofinancial stability and management of funds.
I. Chile—Fund Relations
(As of June 30, 2012)
I. Membership Status: Joined: December 31, 1945; Article VIII
II. General Resources Account:
| SDR Million | Percent Quota | ||
|---|---|---|---|
| Quota | 856.10 | 100.00 | |
| Fund holdings of currency | 558.07 | 65.19 | |
| Reserve Position | 298.03 | 34.81 | |
| Holdings Exchange Rate | |||
| Lending to the Fund | |||
| New Arrangements to Borrow | 138.8 | ||
| SDR Million | Percent Quota | ||
|---|---|---|---|
| Quota | 856.10 | 100.00 | |
| Fund holdings of currency | 558.07 | 65.19 | |
| Reserve Position | 298.03 | 34.81 | |
| Holdings Exchange Rate | |||
| Lending to the Fund | |||
| New Arrangements to Borrow | 138.8 | ||
III. SDR Department:
| SDR Million | Percent Allocations | |
|---|---|---|
| Net cumulative allocation | 816.89 | 100.00 |
| Holdings | 791.01 | 96.83 |
| SDR Million | Percent Allocations | |
|---|---|---|
| Net cumulative allocation | 816.89 | 100.00 |
| Holdings | 791.01 | 96.83 |
IV. Outstanding Purchases and Loans: None
V. Latest Financial Arrangements:
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| Stand-By | Nov 08, 1989 | Nov 07, 1990 | 64.00 | 64.00 |
| EFF | Aug 15, 1985 | Aug 14, 1989 | 825.00 | 806.25 |
| Stand-By | Jan 10, 1983 | Jan 09, 1985 | 500.00 | 500.00 |
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| Stand-By | Nov 08, 1989 | Nov 07, 1990 | 64.00 | 64.00 |
| EFF | Aug 15, 1985 | Aug 14, 1989 | 825.00 | 806.25 |
| Stand-By | Jan 10, 1983 | Jan 09, 1985 | 500.00 | 500.00 |
VI. Projected Payments to Fund (in SDR Million)
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2012 | 2013 | 2014 | 2015 | 2016 | |
| Principal | |||||
| Charges/Interest | 0.02 | 0.05 | 0.05 | 0.05 | 0.05 |
| Total | 0.02 | 0.05 | 0.05 | 0.05 | 0.05 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2012 | 2013 | 2014 | 2015 | 2016 | |
| Principal | |||||
| Charges/Interest | 0.02 | 0.05 | 0.05 | 0.05 | 0.05 |
| Total | 0.02 | 0.05 | 0.05 | 0.05 | 0.05 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
VII. Exchange Rate System. Chile has accepted the obligations of Article VIII, Sections 2, 3, and 4 and maintains an exchange rate system free of restrictions on the making of payments and transfers for current international transactions. Chile has a floating exchange rate system.
II. Chile—Statistical Issues Appendix
As of July 10, 2012
| I. Assessment of Data Adequacy for Surveillance | |
|---|---|
| General: Data provision is adequate for surveillance. The National Institute of Statistics (INE) regularly publishes a full range of economic and financial data. The Central Bank of Chile also publishes comprehensive macroeconomic and financial data. The Ministry of Finance publishes fiscal data. | |
| Key publicly accessible websites for macroeconomic data and analysis are: | |
| National Institute of Statistics: http://www.ine.cl/canales/chile estadistico/home.php Central Bank of Chile: http://www.bcentral.cl/ Ministry of Finance: http://www.minhda.cl/ | |
| II. Data Standards and Quality | |
| Subscriber to the Fund’s Special Data Dissemination Standard (SDDS) since May 17, 1996. | A data ROSC was published September 17, 2007 |
| I. Assessment of Data Adequacy for Surveillance | |
|---|---|
| General: Data provision is adequate for surveillance. The National Institute of Statistics (INE) regularly publishes a full range of economic and financial data. The Central Bank of Chile also publishes comprehensive macroeconomic and financial data. The Ministry of Finance publishes fiscal data. | |
| Key publicly accessible websites for macroeconomic data and analysis are: | |
| National Institute of Statistics: http://www.ine.cl/canales/chile estadistico/home.php Central Bank of Chile: http://www.bcentral.cl/ Ministry of Finance: http://www.minhda.cl/ | |
| II. Data Standards and Quality | |
| Subscriber to the Fund’s Special Data Dissemination Standard (SDDS) since May 17, 1996. | A data ROSC was published September 17, 2007 |
Chile: Table of Common Indicators Required for Surveillance
As of July 10, 2012
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.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Reflects the assessment provided in the data ROSC, (published September 17, 2007 and based on the findings of the mission that took place during April 18-May2, 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 7, except referring to international standards concerning source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Same as footnote 8, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment and validation of intermediate data and statistical outputs, and revision studies.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Chile: Table of Common Indicators Required for Surveillance
As of July 10, 2012
| Memo items7: | |||||||
|---|---|---|---|---|---|---|---|
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | Data Quality– Methodological Soundness8 | Data Quality Accuracy and reliability9 | |
| Exchange Rates | July 6, 2012 | July 10, 2012 | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | June 30, 2012 | July 10, 2012 | W | W | W | ||
| Reserve/Base Money | June 2012 | July 10, 2012 | M | M | M | O, O, LO, O | O, O, O, LO, O |
| Broad Money | June 2012 | July 10, 2012 | M | M | M | ||
| Central Bank Balance Sheet | June 2012 | July 10, 2012 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | May 2012 | July 10, 2012 | M | M | M | ||
| Interest Rates2 | July 6,2012 | July 10, 2012 | D | D | D | ||
| Consumer Price Index | June 2012 | July 6, 2012 | M | M | M | LO, LNO, LNO, LO | LO, LO, LO, O, LO |
| Revenue, Expenditure, Balance and Composition of Financing3–General Government4 | December 2011 | July 9, 2012 | Q | Q | Q | O, LO, LNO, LO | LO, O, O, LO, O |
| Revenue, Expenditure, Balance and Composition of Financing3–Central Government | May 2012 | July 9, 2012 | M | M | M | ||
| Stocks of Central Government and Central Government–Guaranteed Debt5 | March 2012 | July 9, 2012 | A | Q | Q | ||
| External Current Account Balance | Q1 2012 | May 18, 2012 | W | W | W | O, O, LO, LO | O, O, O, O, O |
| Exports and Imports of Goods and Services | June 2012 | July 10, 2012 | W | W | W | ||
| GDP/GNP | Q1 2012 | May 18, 2012 | Q | Q | Q | O, LO, LO, LO | LO, LO, LO, LO, O |
| Gross External Debt | May 2012 | July 10, 2012 | M | M | M | ||
| International Investment position10 | Q1 2012 | July 10, 2012 | Q | Q | Q | ||
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.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Reflects the assessment provided in the data ROSC, (published September 17, 2007 and based on the findings of the mission that took place during April 18-May2, 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 7, except referring to international standards concerning source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Same as footnote 8, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment and validation of intermediate data and statistical outputs, and revision studies.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Chile: Table of Common Indicators Required for Surveillance
As of July 10, 2012
| Memo items7: | |||||||
|---|---|---|---|---|---|---|---|
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | Data Quality– Methodological Soundness8 | Data Quality Accuracy and reliability9 | |
| Exchange Rates | July 6, 2012 | July 10, 2012 | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | June 30, 2012 | July 10, 2012 | W | W | W | ||
| Reserve/Base Money | June 2012 | July 10, 2012 | M | M | M | O, O, LO, O | O, O, O, LO, O |
| Broad Money | June 2012 | July 10, 2012 | M | M | M | ||
| Central Bank Balance Sheet | June 2012 | July 10, 2012 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | May 2012 | July 10, 2012 | M | M | M | ||
| Interest Rates2 | July 6,2012 | July 10, 2012 | D | D | D | ||
| Consumer Price Index | June 2012 | July 6, 2012 | M | M | M | LO, LNO, LNO, LO | LO, LO, LO, O, LO |
| Revenue, Expenditure, Balance and Composition of Financing3–General Government4 | December 2011 | July 9, 2012 | Q | Q | Q | O, LO, LNO, LO | LO, O, O, LO, O |
| Revenue, Expenditure, Balance and Composition of Financing3–Central Government | May 2012 | July 9, 2012 | M | M | M | ||
| Stocks of Central Government and Central Government–Guaranteed Debt5 | March 2012 | July 9, 2012 | A | Q | Q | ||
| External Current Account Balance | Q1 2012 | May 18, 2012 | W | W | W | O, O, LO, LO | O, O, O, O, O |
| Exports and Imports of Goods and Services | June 2012 | July 10, 2012 | W | W | W | ||
| GDP/GNP | Q1 2012 | May 18, 2012 | Q | Q | Q | O, LO, LO, LO | LO, LO, LO, LO, O |
| Gross External Debt | May 2012 | July 10, 2012 | M | M | M | ||
| International Investment position10 | Q1 2012 | July 10, 2012 | Q | Q | Q | ||
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.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Reflects the assessment provided in the data ROSC, (published September 17, 2007 and based on the findings of the mission that took place during April 18-May2, 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 7, except referring to international standards concerning source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.
Same as footnote 8, except referring to international standards concerning source data, statistical techniques, assessment and validation of source data, assessment and validation of intermediate data and statistical outputs, and revision studies.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
III. Chile—World Bank—Fund Country-Level Work Program Under Jmap
Delivery date refers to the Board date in lending projects and to delivery to client in case of AAA.
| Title | Products | Provisional Timing of Missions | Expected delivery date* |
|---|---|---|---|
| 1. Bank work program | A. Investment Loans
| December 2003 August 2007 June 2007 March 2012 | |
B. Technical Assistance
| June 2013 June 2013 June 2013 June 2013 June 2013 | ||
| 2. Fund work program | Staff visit | January 2013 | |
| 2013 Article IV Consultation | June 2013 | Staff report August 2013 |
Delivery date refers to the Board date in lending projects and to delivery to client in case of AAA.
| Title | Products | Provisional Timing of Missions | Expected delivery date* |
|---|---|---|---|
| 1. Bank work program | A. Investment Loans
| December 2003 August 2007 June 2007 March 2012 | |
B. Technical Assistance
| June 2013 June 2013 June 2013 June 2013 June 2013 | ||
| 2. Fund work program | Staff visit | January 2013 | |
| 2013 Article IV Consultation | June 2013 | Staff report August 2013 |
Delivery date refers to the Board date in lending projects and to delivery to client in case of AAA.