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Report No. 2461-PA ILE COPY


EconomicMemorandumon Paraguay
May 1979 9 )a( fD/M'
Latin Americaand the CaribbeanRegion
Country ProgramsDepartmentII

RETM"uINTOLAs
&cG
Public Disclosure Authorized

FOR OFFICIALUSEONLY INF-ORIAIOREmTR


Public Disclosure Authorized
Public Disclosure Authorized

Document of the World Bank

Thisdocumenthasa restricteddistributionandmaybeusedby recipients


onlyin the performance
of theirofficialduties.Itscontentsmaynot
otherwisebedisclosedwithout WorldBankauthorization.
CURRENCY
EQUIVALENTS

Currency Unit = Guarani (t)

US$1.00 = Z 126

0 1.00 = US$0.008
FOR OFFICIAL USE ONLY

This report was written by Messrs. Manmohan Agarwal and


Hugo Zea-Barrigabased on the findings of an economic
mission that visited Paraguay in October/November1978,
and included in additionMr. Alfredo Gutierrez and
Ms. Dolores Velasco.

This document has a restricteddistributionand may be used by recipients only in the performance
of their ofcial duties. Its contents may not otherwise be disclosed without World Bank authorization.
Table of Contents

Page No.

MAP

COUNTRY DATA

SUMMARY AND CONCLUSIONS ....................... i-v

I. RECENT ECONOMIC PERFORMANCE

A. Background ........................................ I
- Physical Endowment ............................. I
- Human Resources ................................ 3
B. Growth of Output and Income ....................... 4
C. Wages and Employment .............................. 6
D. Balance of Payments ............................... 7
E. Monetary Policy ................................... 10
F. Fiscal Policy and Public Finances .... .............12
- Public Sector Investment ....................... 14

II. SECTORAL PROSPECTS AND POLICIES

- Agriculture .........................................18
- Industry . 23
............................................

III. GROWTH PROSPECTS

- Growth and Investment ............... ................ 27


- Public Investment Program ............. .............. 28
- Balance of Payments and External
Capital Requirements ... 36

ANNEX - INTERNATIONAL TRADE STATISTICS

STATISTICAL APPENDIX
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Page 1 of 2 pages

COUNTRYDATA - PARAGUAY

AREA 2/ POPULATION DENSITY


406,752 kmit' 2.7 million (mid-1977) 6.6per km-/
Rate of Growth: 2.7% (from 1962 to 1972) 15.9per k2$'/of arable land

POPULATION CHARACTERISTICS 1970 HEALTH 1970


Average Birth Rate (per 1,000) 39.8 Population per physician 2,190
Average Death Rate (ner 1 000) 8.9 Population per hospital bed 610
Infant Mortality (per 1,000 live births) 84.0

INCOME DISTRIBUTION 1970 DISTRIBUTION OF LAND OWNERSHIP


% of national income, highest quintile 62 % owned by top 10% of owners
lowest quintile 4 7 owned by smallest 107.of owners

ACCESS TO PIPED WATER 1972 ACCESS TO ELECTRICITY 1973


7. of population - urban 24 % of population - urban 20
- rural 3 - rural

NUTRITION 1970 EDUCATION 1970


Calorie intake as % of requirements 119 Adult literacy rate 7% 81
Per capita protein intake 73 Primary school enrollment % 107

1/
GNP PER CAPITA in 1977 : JS$760

GROSS NATIONAL PRODUCT IN 1977 ANNUAL RATE OF GROWTH (7.. constant prices)

US $ Mln. 7. 1965-70 1970-75 1977

GNP at Market Prices 2,092.2 100.0 4.0 6.6 11.8


Gross Domestic Investment 516.4 24.7 3.9 22.0 22.8
Gross National Saving 263.0 12.6 2.9 15.4 26.9
Current Account Balance -231.1 11.1
Exports of Goods, NFS 332.5 15.9 1.8 7.0 16.3
Imports of Goods, NFS 451.5 21.6 2.7 15.2 24.8

OUTPUT, LABOR FORCE AND


PRODUCTIVITY IN 1975

Value Added Labor Forc2/ V. A. Per Worker


uS $Mln. 7. Mln. % US $ %

Agriculture 557.8 39.1 0.411 51.2 1,357.2 76.3


Industry 285.5 20.0 0.119 14.8 2,399.2 134.9
Services 577.3 40.5 0.263 32.9 2,195.0 123.4
Unallocated 5.4 0.4 0.009 1.1 .__
Total/Average 1,426.0 100.0 0.802 100.0 1,778.0 100.0

GOVERNMENTFINANCE
Filip Sector Central Government
( Mln.) %. of GDp ( ¢ Mln.) % of GDP
1977 1977 195 -77 1977 1977 1975-77

Current Receipts 44,811 17.0 16.5 30,921 11.7 11.2


Current Expenditure 31,609 12.0 11.9 21,105 8.0 8.4
Current Surplus 13,202 5.0 4.6 9,816 3.7 2.8
Capital Expenditures 14,893 5.6 6.8 7,569 2.9 3.0
External Assistance (net) 6,461 2.5 3.5 2.445 0.9 1.3

1/ The Per Capita GNP estimate is at current market prices, calculated by the same conversion
technique as the 1971 World Atlas. All other conversions to dollars in this table are
at the average exchange rate prevailing during the period covered.
2/ Total labor force; unemployed are allocated to sector of their normal occupation. "Unallocated" consists
mainly of unemployed workers seeking their first job.

not available
not applicable
Page 2 of 2 pages

COUNTRYDATA - PARAGUAY

MONEY, CREDIT and PRICES 1972 1973 1974 1975 1976 1977
(Million ¢ outstandinx end teriod)

Money and Quasi Money 20,108 24,932 30,196 36,571 43,351 59,939
Bank Credit to Public Sector 5,590 4,826 2,701 2,253 1,502 -4,916
Bank Credit to Private Sector 17,822 21,475 24,964 29,226 34,403 42,479

(Percentages or Index Numbers)

Money and Quasi Money as % of GDP 20.8 19.9 18.0 19.2 20.3 22.7
Wholesale Price Index (1972 - 100) 100.0 138.0 180.1 207.4 209.7 226.5
Annual percentage changes in:
Wholesale Price Index 8.5 38.0 30.5 15.2 1.1 8.0
Bank credit to Public Sector 21.2 -13.6 -44.9 -16.5 -33.3
Bank credit to Private Sector 11.1 20.5 16.2 17.1 17.7 23.5

/1ANCE OF PAYMENTS MERCHANDISE EXPORTS (AVERAGE 1975-77)


BALANCEOF PAYMENTS -'-- US $ Mln %

1975 1976 197 7 Beef 29.1 13.7


(Millions US $) Lumber & other Wood Products 20.0 e 9.4

Exports of Goods, NFS 210.0 212.0 332.5 Soybean & other Seeds 37.3 17.6
Imports of Goods, NFS 300.3 306.3 451.5 Cotton 455' 21.2
Resource Gap (deficit = _) -90.3 -94.3 -119.0 Tobacco 13.5 6.3
Other 67.5 31.8
Interest Payments (net) -11.9 -14.0 -14.0 Total 212.5 100.0
Workers' Remittances - - -
Other Factor Payments (net) -1.4 -1.1 -1.6
Net Transfers 14.0 4.2 1.2
Balance on Current Account -89.6 -105.2 -133.4 EXTERNAL DEBT, DECEMBER 31. 1977

Direct Foreign Investment 14.2 11.4 11.0 US $ Mln


Net MLT Borrowing 27.9 47.0 90.5 Public Debt, incl. guaranteed / 317.1
Disbursements 41.8 58.7 106.6 Non-Guaranteed Private Debt
Amortization 13.9 11.7 16.1 Total Outstanding & Disbursed

Capital Grants DEBT SERVICE RATIO FOR 197 -/


Other Capital (net) 30.9 10.1 -14.8
Other items n.e.i 45.6 76.7 149.0 %
Increase in Reserves (_) -29.0 -40.0 -108.3 Public Debt, i. guaranteed 7.8
Non-Guaranteed
Private Debt 7.
Gross Reserves (end year) ... ,. ... Notarandivate Debt
Net Reserves (end year) 117.0 157.0 265.3 Total Outstanding & Disbursed

RATE OF EXCHANGE IBRD/IDA LENDING, DECEMBER 31, 1976 (Million US $)

IBRD IDA

Outstanding & Disbursed 28.0 33.8


Undisbursed 60.9 15.2
Since - 1960 Outstanding incl. Undisbursed 88.9 49.0
US $ 1.00 e 126
1.00 = US $0.008

1/ Include unregistered trade.

2/ Repayable in foreign currency only.

not available

not applicable

March 1978
SUMMARY AND CONCLUSIONS

1. Paraguay is a landlockedcountry endowed with vast areas of


unutilized land well-suitedfor agricultureand substantialhydroelectric
potential, largely on the Parana River which forms its eastern and southern
border. During most of the twentieth century Paraguay'seconomic development
had been restrictedby political turbulence,remotenessfrom foreign markets,
scatteredpopulationand a weak transport network. Per capita income and
employmentgrew slowly and emigrationserved as an outlet for excess manpower

2. The economicpotential of the country began to be more fully realized


during the 1970's with the rapid expansion of land under cultivationand the
constructionof hydroelectricplants to tap the Parana River's potential.
This has resulted in an accelerationof growth; per capita income grew at 5.2%
per annum during 1972-78 compared to the 1.2% averaged during the previous
30 years. Growth has resulted in expanding employmentand a reverse flow
of former emigrants. Rising per capita incomes have been accompaniedby other
improvementsin the standard of living as life expectancyand literacyhave
increased and infant mortality has declined.

3. Agriculturaldevelopmenthas been a most important componentof


economic growth in the seventies. A rise in external demand and favorable
prices were instrumentalin acceleratingagriculturalgrowth from about
2.5% per annum between 1962-72 to over 7% between 1972-78. Producers'prices
rose along with internationalones as the country has a free price system,
which has enabled it to avoid distortions. The effective supply responseof
Paraguayanagriculturereflects the ample supply of land and the Government's
consistentefforts to improve the sector's productivecapacity through improve-
ments in transportand implementationof a number of programs, such as the
introductionof new cotton varieties,designed to increaseand diversify
agriculturalexports. Agriculturalgrowth has raised incomes of the rural
population,which comprisesabout three-fifthsof the total, and the widespread
distributionof the benefits of this growth have kept rural-urbanmigration
down. Small farmers,who have received land under Governmentand privately
sponsored colonizationschemes, contributea large part of the rapidly growing
output of cotton, soybean and tobacco. The labor intensivetechniquesused in
the cultivationof these crops have recently led to demand for agricutural
labor exceeding supply in some areas and a sharp increasein rural wages.

4. Exploitationof the country'shydropowerpotential is proceeding


under treatiessigned with Brazil and Argentina,which set up two binational
authoritiesfor the constructionand operation of three hydroelectricplants
aggregatingat least 17,000 MW. Constructionof the Itaipu dam with Brazil
has resulted in rapid expansion of the Paraguayan constructionsector (aver-
aging 20% a year between 1973 and 1978). It also has generateddemand
for various industrialproducts which, togetherwith the effect of rising
incomes and greater availabilityof agriculturalraw materials,has enabled
industrialoutput to grow at over 7% a year in the seventies. These develop-
ments have been accompaniedby increasedforeign capital inflows and expanded
- ii -

investment in infrastructure. As a result, there has been a notable expansion


of investment--and savings (about 25% of GDP in 1978)--and a strengthening of
the country's foreign exchange reserve position.

5. Along with high rates of growth, Paraguay experienced relatively


stable prices. The rate of inflation which reached 25% in 1974 decelerated
to 7% in 1975 and 5% in 1976 reflecting austere monetary and fiscal policies
as well as the tapering off of price increases for imports and exports. The
rapid increase in the money supply generated by large capital inflows asso-
ciated with the construction of Itaipu dam and buoyant domestic demand resulted
in a moderately higher inflation rate of about 9% in 1977 and 11% in 1978.
While contractionary fiscal policies have helped in easing inflationary
pressures, these policies alone cannot be an effective instrument for this
purpose, given the relatively small role of the Central Government in the
economy and the effects of the expansive forces, including the effects of
foreign inflation. Moreover, undue reliance on such a policy could jeopardize
the implementation of important development projects and social services. In
the circumstances, the authorities are relying on the openness of the Paraguayan
economy, which enables imports to act as an effective safety valve for domestic
demand pressures. However, there are limitations to what a small country like
Paraguay can do to insulate itself from the effects of foreign inflation.

6. The buoyant economy and measures introduced to improve the effi-


ciency of tax administration have reversed the declining trend in the ratio
of Central Government revenues to GDP during 1974-76, raising it from 9.0%
in 1976 to over 10% in 1978. The Government continued to maintain a tight
rein on expenditures, which have remained at about the same proportion of
GDP during the last five years. While this raised Central Government savings
during 1977/78 it adversely affected the expansion of social services. The
decline in public sector investment from its peak of 6.4% of GDP in 1976 to
about 4.5% in 1978 with the completion of several large projects reduced
financing requirements, allowing the Government to reduce its debt outstanding
to the monetary authorities.

7. Paraguay's positive balance of payments performance in recent years


has largely been the result of heavy capital inflows including direct invest-
ment and foreign exchange flows associated with construction of the Itaipu dam.
Foreign exchange reserves have continued to grow, increasing from US$150
million at the end of 1976, to about US$440 million by 1978 (representing
about 7 months of imports) despite a widening trade balance. Import growth
at over 20% a year, mainly for capital goods and nonfood consumer goods,
reflected the demands generated by an expanding economy and outpaced the rapid
expansion of exports, resulting in a higher trade deficit.

8. The rapid expansion of recent years has altered Paraguay's export


structure. The predominant position of wood and beef, which accounted for
almost 50% of total exports in the early 1970's, has been taken by cotton
and soybean which now account for half of registered commodity exports.
Roughly 300% increase in the international prices of raw cotton and soybeans
between 1970 and 1977 together with implementation of government programs led
to a rapid increase in production; the volume of cotton and soybean exports
increased 5-fold and 150-fold respectively. Even between 1975 and 1977,
- iii -

the volume of cotton and soybean exports more than doubled. Wood and beef
continue to be importantproducts representingabout 15% of exports in 1977.
The diversificationof export structure has improved the country'sability to
weather unfavorableinternationaleconomic events. Furthermore,it demonstrates
the ability of Paraguayanproducers to adjust rapidly to internationalprices
as well as the importanceof domestic policies that allow internalprices to
reflect world market conditions.

Economic Prospects

9. Given the availabilityof still abundant land resources,a favorable


investmentclimate, a relativelyfavorableprice outlook for major agricul-
tural exports and the constructionof the hydroelectricprojects, prospects
as regards the balance of payments and growth are good over the foreseeable
future. The future developmentof the economy will be stronglyinfluenced
by the expansionof the agriculturalfrontier and the pace of constructionof
the hydroelectricprojects.

10. The country'sdevelopmentstrategy aims at sustainingthe growth


momentum of agricultureand agroindustry,giving high priority to land settle-
ment and to the provision of transport infrastructureto facilitatethe flow
of goods to domesticand foreign markets. Government programsare aimed at
removing the most importantconstraintsfacing agriculture. Improvement
of marketing facilitiesand providing more effective provisionof support
services, including credit, are stressed. The Government'scolonization
programs are designed to increase productivityof smallholdersand reduce
the dualism prevalent in agriculture. To prevent indiscriminatedeforestation
in the process of expanding the agriculturalfrontierwhich might lead to land
erosion and productivitydecline, there is an urgent need to implementa more
effective and rational land use policy.

11. Rising income and a plentiful supply of agriculturalraw materials


provide a favorable environmentfor the manufacturingsector. Before elec-
tricity generated by Itaipu becomes available, industrialgrowth is expected
to be based on processingagriculturalraw materials and satisfyingthe demand
generated by the constructionof the hydroelectricprojects. The sector is
expected to continue to be especially concentratedon agro-industriesconsonant
with the country's agriculturalpotential. Governmentpolicy towards industry
focuses on providing capital and maintaininga relativelydistortion-free
trade policy. Developmentof management capabilitiesand provision of adequate
capital will be the most important factors in determiningthe sector's future
growth. Encouragementof joint ventures and passage of a proposed Capital
Markets Law could help in easing these constraints. Further measures for
mobilizing domesticcapital need to be examined. Electricityfrom Itaipu would
open additionalopportunitiesfor industry. The absence of known large mineral
resources, the country's disadvantageousgeographicposition vis-a-vis poten-
tial markets, and the small size of the economy which limits economic linkages
enhances the difficultiesof establishingenergy-intensiveindustries.
Careful analysiswill be needed to determine the industriesin which Paraguay
has a comparativeadvantage. The studies should be conductedexpeditiouslyin
order to reach a timely decision on prioritiesand policies suitablefor
Paraguay's longer term growth.
- iv -

12. The Government's agricultural and industrial programs would enable


Paraguay to sustain a GDP growth rate of about 10% a year during 1979-83.
The economy is expected to enter into a period of transition during the time
between reduced construction activity on the hydroelectric projects in the
early eighties and substantial exports of electricity in the late eighties.
During this transition period, increased external borrowing might be required
to supplement domestic savings to maintain an investment level of about 20%
and GDP growth of 8% a year, and to carry out the public sector investment
program.

13. The ongoing boom in private investment and the prospect of continued
high rates of GDP growth will call for greater public investment in supporting
infrastructure as well as increased expenditure for education, health, rural
development and other development-related services. The program based mainly
on projects which are currently being implemented or are being considered by
the various ministries and agencies implies that public sector investments
would average about 5% of GDP during 1979-83 rising gradually from 4.8% to
5.3% in 1983, levels that are in line with past experience. The trend reflects
the initial limitations in absorptive capacity as well as a small pipeline of
projects. The composition of the public sector investment program is likely
to continue to be dominated by infrastructure even though there should be an
increase in the proportion going to the productive and social sectors. This
investment program (as well as the higher current expenditures required to
improve the effectiveness and broaden the scope of public action) imply that
the Government will require additional resources. Pending revenues from power
exports, the Central Government will require new tax measures, such as a
progressive income tax and changes in import duty structure including increasing
levies on luxury goods. Such measures could raise tax revenues without being
a disincentive to increased production.

14. The level and pattern of public investment that could be achieved
during the next five years will also depend on the technical and administra-
tive capacity of the public sector to prepare and implement projects. Although
improvements have been made in the planning mechanism in recent years, effi-
cient implementation of the public sector investment program would require
a greater number of well-prepared projects. There is a need for upgrading
the technical aspects of project identification and preparation, and for
devoting increased attention to enhancing the administrative capacity of
public sector institutions. Monitoring and evaluation capabilities also need
to be strengthened to determine the progress of projects and to alter project
design according to the emerging constraints. Streamlining and decentralizing
the decision-making process will be required. Moreover, salaries of scarce
professional staff need to be adjusted upwards to compete more effectively
with the increased demands of the private sector and the binational power
authorities for their services. Given the institutional difficulties and the
urgent need for greater public investment to support higher levels of private
economic activity, external development assistancee could usefully emphasize
technical and training aspects with the objective of enhancing domestic
absorptive capacity.
v

15. The expectedexpansion of cropped area and continuedconstruction


of the hydroelectricprojectswill be the major factors in the expected
average annual growth rate of about 10% during 1979-83. Because of agricul-
tural growth and favorable internationalprospects for cotton and soybeans,
real exports are projected to grow at 13% a year during this period. Imports,
mainly of intermediateand capital goods, are projected to grow at 9% per
year. The above trade projections combinedwith steadily increasingnet
factor payments on public and private account would result in a widening of
the current account deficit from an average of US$270 million during 1977-78
to an annual average of US$400 million in 1979-83. Private sector borrowing
and capital inflows related to constructionof the hydroelectricprojectsare
expected to provide a substantialpart of the gross capital requirementsand
the rest would be borrowedon the public account. Public sector borrowing is
projected to rise from an average of US$150 million during 1979-81 to US$280
million in 1982-83mainly because of the declining of Itaipu related capital
flows. Bilateral and multilateralagencies are projected to supply a smaller
share of external capital requirementsthan they had historically. Private
financial institutionsand supplier'scredits can be expected to provide the
rest. Given the projected export performance,Paraguay is however expected
to maintain its current low debt service ratio and its creditworthinessfor
external financing.
CHAPTER I

RECENT ECONOMICPERFORMANCE

A. Background

1. Paraguay'shistory is characterizedby long periods of political


turbulencedue to events such as the war of the triple Alliance against
Argentina, Brazil and Uruguay (1865-70),the Chaco war against Bolivia in
1933-35,the civil war of 1947, and numerous changes in governmentbetween
1948 and 1954. This prevented continuityin economicpolicies and contributed
to a failure to develop the country's potential. As a result the country
remained sociallyand economicallybackward.

2. When the present Government assumed office in 1954 the economic


situationwas severelystrained because of high inflation (averaging50% a
year between 1947-55), inefficienciesdue to price and exchange controls,
multiple exchange rates, import licenses, inappropriatecurrencydevalua-
tions, etc. The present Governmenthas provided both political and economic
stability. Its basic economic philosophyof concentratingpublic sector
activity on basic infrastructureand servicesnot provided by the private
sector and followingmonetary and fiscal policies designedto ensure price
stability has contrastedwith the more interventionistpolicies of other
Latin American governments,and has relativelyisolated the country from the
political and economiccurrents that dominatedher neighbors. While the
private sector respondedonly gradually to investmentopportunitiesand ini-
tially progresswas slow, these policies laid the basis for acceleratedgrowth
later.

PhysicalEndowment

3. Paraguay'smain physical resources are vast land areas in relation


to populationand the huge hydroelectricpotential of the Parana River.
Important mineral resources have not been discoveredin spite of several
surveys, though explorationactivity is continuing. With expansionof
cultivatedacreage, (still only about 20% of arable land, see Table 1), and
constructionof hydroelectricplants, Paraguay'spotential is only beginning
to be realized. Agriculturalproductionhas been concentratedin the Oriental
Region, mainly around Asuncion where populationdensity is highest.

4. With the constructionof roads and the official colonizationpro-


grams, the colonizationof the Eastern and Southern parts of the country
initiated earlier by immigrantshas accelerated. While these coloniesinclude
larger commercialfarms, in general small subsistencefarms predominatein
Paraguay. For instance,in Paraguari, a departmentin the orientalregion,
85% of farms have less than five ha.

5. There is a rapid expansion of cultivatedarea at the expense of


forestland (about 60,000 ha. a year are being cleared). The practice of
clearingmainly by uncontrolledburning as well as clearing of soils unsuit-
able for agricultureor water catchmentareas could have potentiallyserious
ecological effects resulting (as has already happened in some areas in the
country and on a larger scale in neighboring Brazil) in extensive soil
erosion, loss of water retention capacity, and ultimately in low yielding
marginal agricultural production systems. While the potential for further
agricultural expansion exists careful planning is required to avoid ecological
damage. This would imply a land use policy including provision of various
incentives to prevent clearance of land unsuitable for agriculture.

Table 1: PRESENT AND POTENTIAL LAND USE

Present (000's Ha.) Potential-/


19721/ % 19771/ % %

Crops 952 2.3 1,564 3.8 8,000 19.7


Pasture land 3/ 14,849 35.5 15,653 38.5 14,050 34.5
Forest 23,921 58.8 22,505 53.3 17,672 43.4
Other 953 2.3 953 2.3 953 2.3

Total 40,675 100 40,675 100 40,675 100

1/ Encuesta Agropecuaria por Muestreo.


2/ IBRD Agricultural Sector Report 1972.
3/ Lower pasture land in potential than in present reflects a desirable
transfer of part of current pastureland to crops.

6. The Chaco, the area west of the Paraguay River, comprises almost
60% of the country's area but contains only 3% of the population. Owing to
unfavorable climate consisting of alternating periods of drought and flooding
its economic development has been limited to extensive ranching and some
areas cultivated by Mennonite groups. While the full potential of the
region is not well known its development would require heavy investments
in water development; in the short- and medium-term the Eastern Region
offers better prospects.

7. With the oil crisis of 1974 and growth of power markets in Argentina
and Brazil, the hydroelectric potential of the Parana River has begun to be
exploited. Currently three hydroelectric projects with a total planned
capacity of 17,000 MW and eventual generation of nearly 100 billion Kwh
annually are at various stages of planning and execution. The Itaipu
project being constructed jointly with Brazil and situated near Ciudad
Presidente Stroessner will be the largest hydroplant in the world with a
capacity of 12,600 MW, more than forty times Paraguay's present installed
capacity of 288 MW. Construction of Yacyreta in conjunction with Argentina
is expected to start shortly and the preliminary works are already underway,
while Corpus, which is located between Itaipu and Yacyreta, is still at the
planning stage.
- 3 -

8. The hydroelectric projects imply heavy construction activity along


the Parana River in the medium-term, and provide opportunities for Paraguayan
labor and firms. Furthermore, they open up longer-run growth possibilities
by providing additional financial resources through sales of power. The
Government is studying the different options opened up by the projects and
has yet to decide upon a long-term course of action.

Human Resources

9. Paraguay's population, estimated at 2.7 million for 1977, is small


in relation to its land resources (6.6 persons per km 2 ). Growth of population
has been moderate (2.7% between 1962-72) despite a high fertility rate (40.6
births per thousand population during the same period) due to extensive
migration to neighboring countries, especially Argentina. Argentinian data
indicate a net migration of 203,000 Paraguayans during 1962-72.1/ Since
1972, however, with increased employment opportunities, there has been a
return flow of Paraguayans. The fertility rate, while gradually declining,
remains high and has resulted in a dependency index close to 100 2/ (see
Statistical Appendix, Table 1.1). Urbanization has occurred gradually with
only 36.4% of the population living in urban areas as against 35.8% in 1962.
In recent years there has been a tendency toward deconcentration from around
Asuncion to the area around CPS and Encarnacion where economic activity is
expanding rapidly.

10. The population, largely of Spanish and Indian descent, is fairly


homogeneous. Both languages, Guarani and Spanish are spoken by most Paraguayans,
which contributes towards social cohesiveness. The availability of relatively
good land suitable for a variety of crops has had favorable effects. Social
indicators such as life expectancy and nutritional levels compare favorably
with those in Latin American countries with higher per capita income though
the quality of Paraguayan data may not be comparable to that of the other
countries. For example, life expectancy of 62 years in Paraguay is higher
than in many countries with a higher per capita income. Protein intake (74.5
gm/day in Paraguay) is higher than in Peru (61.7), Mexico (66.9) or Brazil
(62.1). Still, dietary habits produce nutrional deficiencies, most notably of
vitamin A, iodine and riboflavin. These deficiencies are in part the cause
for slow physical development and maturation. Small landholders continue to
have a low standard of living, owing in part to limited access to social and
production support services despite efforts to expand their coverage. Further-
more, the quality of these services needs to be improved. For instance, while
official figures show a high level of literacy (81%), the general level of
education is low. About 85% of the population 15 years or older has not
studied beyond the primary level; most attended schools that offer only the
two or three initial grades, and dropout and repetition rates are high.

1/ Centro Paraguayo de Estudios Sociologicos, La Poblacion del Paraguay


(Asuncion, 1974), p. 45.

2/ Defined as the ratio of population aged (10-14 years) and (65 or more)
to population aged (15-16), multiplied by 100.
-4-

B. Growth of Output and Income

11. Paraguay seems to have entered a period of high and sustained


economic growth. Growth accelerated from an average of 4.3% during 1962-72
to 8.1% in 1972-77 in spite of the adverse effects of the oil price increase
in 1974 (see Statistical Appendix Table 2.2). The economy soon recovered from
the slowdown in 1975 (5% growth) caused by the world economic recession and
the closure of the EEC beef market, to grow by 7.5% in 1976 and an unprece-
dented 11.8% in 1977. Estimates for 1978 indicate a 9.5% growth rate despite
a drought that affected agricultural output. Increased agricultural produc-
tion has been the basis for accelerated growth. The sector represents about
a third of GDP, and industry and, to a lesser extent, services are tied
primarily to agriculture.

12. Agricultural growth caused mainly by expansion of cultivated area


has been concentrated in export crops. During the last five years, harvested
area for annual crops increased at about 16% a year (25% and 30% for cotton
and soybeans, respectively). Land is being brought into cultivation through
organized and even more through spontaneous colonization made possible by
earlier investments in transport infrastructure. The dynamism shown by
cotton and soybean production has been stimulated by the favorable, though
fluctuating, evolution of export prices in the absence of government price
controls, and has made these crops the most important foreign exchange
earners accounting for about 50% of registered exports. Furthermore, such
an expansion has enabled a wide distribution of benefits from agricultural
growth as a large proportion of cotton and soybean production originates
from smallholders (para 55).
- 5 -

Table 2: SECTORAL GROWTH OF REAL GDP AND COMPOSITION 1/, 1972-77


(Annual Percentage Changes)

Average Composition %
1972 1973 1974 1975 1976 1977 1972-77 1972 1975 1977

Agriculture 3.9 8.7 9.2 3.9 5.0 9.4 7.2 34.5 34.7 33.1
Industry 6.4 8.5 9.7 1.8 8.1 21.1 9.7 19.0 18.8 20.5
Infrastructure
services 10.4 13.4 10.8 15.6 11.8 9.4 12.2 5.3 6.2 6.3
Other services 5.0 6.1 6.4 6.1 8.8 9.8 7.5 41.2 40.3 40.1
Gross domestic
product 5.1 7.8 8.3 5.0 7.5 11.8 8.1 100.0 100.0 100.0

GDP in current
million US$ 769 995.5 1333.5 15511.4 1699.0 2091.1

Per Capita
(US$) 316 398 518 571 624 746

1/ Excluding direct Itaipu activity.

Source: Table 2.2

13. Although the industrial and construction sectors have a smaller


weight in GDP than agriculture, their expansion has contributed significantly
to overall growth (see Table 2). Their dynamism reflects availability of
agricultural raw materials and improvement in productive infrastructure due
to public investments in roads and energy. Furthermore, expansion of expendi-
tures on construction of Itaipu from about US$200 million in 1975 to about
US$500 million in 1977 has stimulated industry as slightly over a fifth of
this amount is spent on purchase of Parguayan goods and services. Industrial
growth accelerated from 5.4% in 1976 to 18.4% in 1977 and construction from
17.6% in 1976 to 31.7% in 1977.

14. Growth has been accompanied by rapid capital formation and gross
investment as a share of GDP has increased from 15.1% in 1972 to 24.7% in 1977
(excluding direct investment in Itaipu). In Paraguay the private sector
accounts for the major share of total investment, increasing from 70% in 1972
to 77% in 1977. Foreign participation in investment has also grown, increasing
from about 14% of total investment in 1972 to almost 30% in 1977 1/. Invest-
ment has responded to the country's favorable development prospects and has

1/ This estimate is based on official figures. Unofficial figures sug-


gest that the inflow of foreign capital and thus its share in total
investment is larger.
- 6 -

been promoted by such factors as relative price stability, the absence of


price and foreign exchange controls, low taxation rates, and tax incentives
provided under Investment Law 550 (para 63), the Government's moderate wage
policy and a relatively competitive labor market.

15. Consumption's share in GDP seems to have stabilized at about 80%


after an earlier decline and the share of savings is stable at about 20% (see
Table 3). The increasing level of investment and associated higher imports
have raised the resource gap from a negligible level in 1972 to about 5% of
GDP in 1977. Unregistered imports are quite substantial and larger than
unregistered exports, suggesting that official data underestimate the resource
gap and consumption, while overestimating savings, particularly private savings.
The financial system seems to have had only limited success in channelling
increased incomes into savings, leading to increasing recourse to foreign
capital to finance investments.

Table 3: PARAGUAY - SOURCES AND USES OF RESOURCES, AS PERCENT OF GDP


1972-77

1972 1973 1974 1975 1976 1977

GDP at market prices 100.0 100.0 100.0 100.0 100.0 100.0

Imports 1/ 13.8 14.3 17.2 17.9 17.4 20.1


Exports 1/ 13.8 15.0 13.2 13.2 12.4 15.0
Resource Gap 1/ - - .7 4.7 4.7 5.0 5.1

Available Resources 100.0 99.3 101.7 104.7 105.0 105.1

Consumption 85.0 80.3 80.7 80.6 80.4 80.4


Gross Investments 15.0 19.0 21.0 24.1 24.6 24.7

Gross Domestic Savings 15.0 19.7 19.3 19.5 19.6 19.6


Gross Net Savings 14.4 19.3 18.7 19.5 19.0 18.9
Private Domestic Savings 13.1 16.9 15.9 15.5 14.8 14.6

Source: Calculated from data in current prices; see Table 2.4 Statistical
Appendix.

I/ Official estimates only.

C. Wages and Employment

16. Analysis of the effects of high growth on wage levels and employ-
ment is limited by the scarcity of information. The limited available data
suggest that the economic expansion has increased employment as well as
raised wages in the non-organized sector, though real wages in the organized
sector have not changed much. Indications are that higher employment has been
accompanied by higher wages in industries not covered by the Central Bank
index as well as greater employment opportunities. 1/ The increase in per
capita GDP relative to average wage of surveyed worker suggests an increase
in other incomes, namely that of other the workers of farmers. Two surveys in
Asuncion show that the proportion of the labor force earning less than I 1,000
a week in constant 1973 prices declined from 31% in 1973 to about 17% in 1976
suggesting that wages of urban workers have improved. Rural wage rates have
also increased as has been reported by technicians of the Ministry of
Agriculture.

17. The increasing wages reflect the greater employment opportunities


in urban and rural areas. The expansion of cotton and soybean output through
labor intensive cultivation method has benefited rural workers. Urban workers
have benefited from direct employment of Paraguayans at Itaipu which increased
from 2,500 in 1976 to about 8,000 in 1977, as well as from the housing con-
struction boom. Furthermore, salaries at Itaipu ( 18-20,000 a month), which
are at a par with those in the organized sector are substantial higher than
the average urban wage. Consequently, Itaipu has provided employment oppor-
tunities for urban workers as well as encouraging higher wage rates.

18. The Government's policy of restraining wage increases in the organ-


ized sector together with the absence of strong labor unions has contributed
to increased employment and absorption of the urban underemployed. Scarcity
of labor in cotton growing areas in the minifundia regions during harvest
time, inability of recruiters from Itaipu to fill a number of jobs at the
ongoing wage rate, and increases in rural wages are all indications of a
tightening labor market. The labor market for professionals has been parti-
cularly tight because of the small number of Paraguayan professionals and
demand from Itaipu for skilled workers. The outflow of professionals from
public sector agencies to Itaipu because of higher salaries has adversely
affected the implementation of some public sector programs.

D. Balance of Payments

19. Agricultural growth and Itaipu have also contributed to the very
favorable balance of payments situation. Despite a widening trade balance,
reserves have increased from US$150 million at the end of 1976 to about US$440
million by 1978 (representing about 7 months of imports) largely reflecting
capital inflows on both the official and private accounts (see Table 4). The
largest single source of capital inflows (US$143 million in 1977) has been the
Itaipu Binational Entity. The rapid growth of export earnings (20% per annum
between 1975 and 1977) and the slow growth of external debt (15% per annum
between 1975 and 1978) as well as the favorable terms on which it had been
contracted (average interest of about 4%) have all contributed to Paraguay
having a low debt service ratio.

1/ The index is based on a 1969 survey of firms registered with the Labor
Ministry. The workers in the sample who were only a fraction of the
total labor force enjoyed salaries substantially higher than in the rest
of the economy, and seemed to represent only the highest paid members
of the labor force.
Table 4: BALANCE OF PAYMENTS -

(millions of US$)

1974 1975 1976 . 1977

Exports of Goods & NFS 205.9 210.0 212.0 332.5


Imports of Goods & NFS 251.3 300.3 306.3 451.5
Resource Balance - 45.4 - 90.3 - 94.3 -119.0

Net Factor Payments - 12.7 - 13.3 - 15.1 - 15.6


Net Transfers 3.9 14.0 4.2 1.2
Current Account Balance - 54.2 - 89.6 -105.2 -133.4
Net Private Long Term
Capital 38.7 52.9 43.9 45.0 m
Net Capital for Binational Power Entities 1.5 45.6 76.7 149.0
Net Public Long Term
Capital 14.2 27.9 47.0 90.5
Gross Disbursements 24.7 41.8 58.7 106.6
Amortization 10.5 13.9 11.7 16.1

Short Term Capital Flows and Errors and Omissions 30.1 - 7.8 - 22.4 -42.8

Change in Reserves (- increase) - 30.3 - 29.0 - 40.0 -108.3

/1 Official Data as recorded by the Central Bank.


- 9-

20. The trade picture is clouded by data problems which arise from the
large volume of unrecorded trade and the convention followed for registering
expenditures by Itaipu (see Annex 1). The discrepancy between registered
trade figures and those derived from partner country data has been increasing
and may be as much as 50%. Unregistered trade does not seem to be in
response to an overvalued exchange rate (the legal free market exchange rate
is only about 5% higher than the official exchange rate which has been
unchanged for over 20 years) or because of quantitative controls. Since
unregistered imports are greater than unregistered exports, the current
account deficit is significantly larger when unrecorded transactions are
included (see Annex 1, Tables a and b). The financing of this larger
deficit through private capital inflows adds an element of uncertainty to
the balance of payments prospects as such flows could be volatile. For a
proper appraisal of their importance to the economy as well as to enable the
Government to take corrective action should they decline thus exerting
pressure on the balance of payments, it is suggested that foreign trade data
collection be improved. The main commodities featured in unregistered trade
as well as the direction of such trade could be identified through partner
country data. This information could then be used to improve domestic
collection of external trade data.

21. High rates of economic growth in Paraguay have resulted in registered


imports in current prices increasing at an average annual rate of 21% between
1974 and 1977. The rate of growth has been particularly high for capital goods
imports whose share in total imports increased from 30 to 35%. 1/ Increased
imports of consumer durables because of rising incomes are not fully reflected
in registered data, but are in the form of unregistered imports.

22. The rapid increase in imports has implied that despite exports
growing at an average annual rate of 17% during 1974-77, the current account
deficit has tended to widen. This increase in the current account deficit,
even though covered until now by capital inflows, points to the need to main-
tain policies favorable to export expansion. The much larger current account
deficit estimated when unrecorded trade is included in the analysis only
underscores this need. The recent rapid expansion of exports as well as
their diversification, however, augurs well for Paraguay's ability to main-
tain a healthy balance of payments.

23. The rapid expansion of recent years has altered Paraguay's export
structure. The predominant position of wood and beef which accounted for
almost 50% of total exports in the early 1970's has been taken by cotton and
soybean which accounted for 50% of registered commodity exports in 1977 (see
Statistical Appendix, table 3.2). An increase of about 300% in the interna-
tional price of raw cotton and soybeans between 1970 and 1977 together with
Government programs aimed in part at small landholdders who predominate in
their production led to a rapid increase in production, and export volume of
these commodities increased 5 fold and 150 fold respectively. Again, between
1975 and 1977, the volume of cotton and soybean exports more than doubled.
However, wood and beef continue to be important, accounting for about a sixth

1/ Do not include capital goods used directly in construction of Itaipu.


- 10 -

of Paraguay's exports in 1977 more than that of the next two largest export
items in the early seventies. The diversification of export structure has
improved Paraguay's ability to weather an unfavorable international market
in a particular commodity. It suggests the ability of Paraguayan producers
to adjustly rapidly to international prices as well as the positive effects
of appropriate price policies.

E. Monetary Policy

24. Since the Paraguayan experience of high inflation rates in the late
fifties and early sixties which were eventually brought under control through
a stabilization program in cooperation with the IMF, the Government has fol-
lowed cautious fiscal and monetary policies resulting in a stable price
environment. The inflationary upsurge following international developments
in 1973-74 was quickly controlled and the average annual rate of inflation
decelerated to 7% in 1975 and 5% in 1976 from 25% in 1974 (see Statistical
Appendix table 9.3). The continued high rate of growth together with foreign
capital inflows leading to monetary expansion have resulted again in a slight
acceleration of inflation to 9% in 1977 and about 11% in 1978. 1/

25. The price increase has been moderate owing to an expanding supply
of food, availability of imports resulting from the openness of the economy
and continuing monetization of the economy. Furthermore, the Government
has followed a very cautious fiscal policy as a major instrument against
inflation. While fiscal restraint did restrict monetary expansion, an
austere fiscal policy can have only limited impact on aggregate demand in
Paraguay because of the relatively small size of the public sector. More-
over, the authorities need to ensure that such a policy does not run counter
to efforts at better provision of economic and social services.

26. Monetary contraction would be difficult to carry out in Paraguay


because of already high reserve ratio (42%), lack of paper and mechanisms
suitable for open market operations, and lack of controls on the inflow of
foreign capital facilitated by the ownership patterns of the banking system,
only one of the commercial banks being Paraguayan. The openness and small
size of the Paraguayan economy limit the ability of the authorities to
insulate the economy from external influences.

27. The Central Bank's net foreign assets increased from US$151.4
million in 1976 to about US$440.0 million in 1978 reflecting the favorable
balance-of-payments position (see Table 5). This increase raised the money
base despite reduced Central Bank credit to the public and private sectors.
Central Bank credit to the public sector which was US$28.7 million in 1976
has been negative since the end of 1977 reaching minus US$50.0 million by
December 1978 as public sector deposits at the Central Bank were then
larger than outstanding credit.

1/ On a December to December basis the rate of inflation was 22% in 1974,


8% in 1975, 6% in 1976, 9% in 1977 and, 16% in 1978.
Table 5: PARAGUAY - SUMMARY ACCOUNTS OF THE CENTRAL BANK, 1973-AUGUST, 1978

(in millions of guaranies)

…------------------…December 31--------------------- ---- August 31----


1973 1974 1975 1976 1977 1977 1978

A. Net international reserves 6,651 10,490 13,986 18,854 32,790 - 30299 49,479
1. Assets 7,201 10,991 14,510 19,844 33,780 31,630 50,733
2. Liabilities -550 -501 -524 -990 -990 -1,331 -1,254

B. Domestic credit 8,326 7,732 8,414 7,308 1,719 3,619 -4,985


1. Net claims on public sector 5,322 3,872 3,836 3,150 -232 918 -4,374
a) Net Central Government (budget) 3,170 1,303 855 511 -2,496 -1,327 -6,057
Assets (4,426) (3,190) (2,979) (2,694) (2,891) (3,102) (4,314)
Liabilities (-1,256) (-1,887) (-2,124) (-2,183) (-5,387) (-4,429) (.10,371)
b) Net Central Government (others) 90 563 834 386 92 47 71
Assets (249) (563) (834) (386) (92) (47) (71)
Liabilities (-159) (-) ()-)-)-)-) I
c) Rest of public sector 2,062 2,006 2,147 2,253 2,172 2,198 1,612 H
Assets (2,194) (2,183) (2,359) (2,364) (2,323) (2,379) (2,455) ~
Liabilities (-132) (-177) (-212) (-111) (-151) (-181) (-843)
2. Official capital and surplus -114 -249 -663 -1,092 -1,578 -1,490 -2,441
3. Credit to commercial banks 427 838 645 534 757 545 1,027
4. Credit to National Development Bank 1,977 2,781 3,257 4,031 3,697 3,410 2,095
5. Credit to private sector 512 520 481 606 643 681 651
6. Non-monetary international organizations -911 -1,039 -691 -181 -425 -550 -901
7. SDRs -998 -998 -1,027 -961 -1,005 -961 -1,052
10. Advance import deposits -444 -523 -395 -603 -1,014 -809 -1,203
11. Claims on Ex-bank of Paraguay (net) 2,036 1,995 1,940 1,902 1,876 1,875 1,860
12. Unclassified assets 416 535 1,031 -78 -1,000 - -647

C. Medium- and long-term foreign liabilities 66 11 108 103 73 62 181

D. Liabilities to banks 8,421 10,558 13,391 15.773 21,092 21,159 28,003


1. Cash in vault 621 759 822 970 1,413 1,427 1,841
2. Deposits 7,800 9,799 12,569 14,803 19,679 19,732 26,162

E. Currency in circulation 6,490 7,553 8,901 10,286 13.344 12,697 16,310

Sources: Central Bank and IMF.


- 12 -

28. Net Central Bank credit to the banking sector has declined as credit
extended has been constant during 1977-78 at about US$50.0 million, while
legal reserves increased from US$110.6 million in 1976 to US$190 million in
1978, despite a constant reserve ratio. Reduced credit to the domestic
economy counteracted the substantial increase in the Central Bank's foreign
assets and restricted the increase in money supply to about 30% each in 1977
and 1978.

29. Commercial banks managed to increase credit to the private sector


by about 35% per year in 1977 and about 40% in 1978 as, despite reduced credit
from the Central Bank, their total deposit liabilities increased at an
average annual rate of about 30% in 1977 and 1978. BNF, the public sector
development agency was not able to attract deposits at the same pace. This
affected the availability of long-term credit for agriculture and industry
since BNF is the main source for such credit (see Chapter II). The share of
agriculture and industry in commercial bank credit also declined during
1976-78. Agriculture's share declined from 12.3% to 10.5% and industry's from
27.3% to 24.9%-- though the banks continued to meet their portfolio requirement
of allocating at least 5% of their total credit to agriculture and 20% to
industry. Commercial bank credit continued to be concentrated in the commer-
cial sector which increased its share of total bank credit from 50.6% in 1976
to 56.3% in 1978. Credit to the construction seccor also increased from 0.3%
in 1976 to 1.6% in 1978. Savings and loan associations which have been
established since 1973 have rapidly expanded their loans and deposits which
are subject to monetary correction equal to the lesser of the increase in the
minimum wage or the cost of living (their deposits have increased from
US$36.3 million in 1976 to US$78.8 million in 1978). Mortgages issued by
these associations have helped sustain the current construction boom for
houses for middle and high income earners. The institutions have been less
successful in achieving their original objective of encouraging construction
of houses for low income earners.

30. There was an important institutional change in September 1978 when


stock market operations were initiated. Currently transactions have been
limited to transfers of existing stock mainly between financial institutions.
Passage of a proposed Capital Market Law (see section in Industry), would
help the development of the stock market. Such a development might open up
an important new source of long-term capital as well as enable the authorities
to conduct open market operations.

F. Fiscal Policy and Public Finances

31. In accordance with its general economic philosophy of reliance on


the market, the Government has circumscribed the role of the public sector to
support the productive activities of the private sector and to provide services
not furnished by the private sector. Therefore, it has limited taxes, controls
and the direct assumption of productive activities. Public sector expenditures 1/
as a percentage of GDP have been low, averaging 12.1% between 1972 and 1977.

1/ The public sector is composed of the Central Government and the public
enterprises. Within the General Government the Central Administration
accounts for about 85% of expenditures and revenues. Other components
of the General Government are the social security institutions, the
decentralized agencies and the municipalities.
- 13 -

32. The Government has, however, played an essential supporting role


through its investments in infrastructure (transport, communications, energy)
and provision of productive and social services. However, even the relatively
modest expenditure and investment programs usually ran into financial diffi-
culties. To meet the increasing demand for public services generated by an
expanding economy, public sector investment increased rapidly between 1974
and 1976 albeit from a low base. This acceleration revealed the financial
and administrative limitations of public sector institutions and during
1977-78, the share of public sector investment in GDP has again declined.

33. The public sector seems to find it increasingly difficult to


respond to the growing demands of the economy. Tight control on central
administration current expenditure is resulting in administrative deficiencies
that hamper investments required by the growth of agriculture and industry
(roads, storage facilities) and the provision of support services (credit,
research, extension). Small farmers in the colonization and minifundia areas
do not have access to adequate education and health facilities and continue
to have a low standard of living. Scarcity of trained manpower at all levels
is becoming acute. Thus, public sector expenditures need to increase in
order to improve the physical and human infrastructure consistent with fur-
ther development.

34. The authorities are aware of the demands and need for additional
government services. To provide these services while maintaining sound
financial practices would require greater financial resources. This implies
increasing revenues of the central administration. Maintenance of the cur-
rent user charge policies in public enterprises would obviate the need for
large transfers from the Central Administration.

35. To provide additional revenues for the Government and to reverse


the slight decline in share of Central Administration revenues in GDP between
1974 and 1976 (from 9.7% to 9%) some measures were introduced recently.
These measures were mainly designed to improve the efficiency of tax administ-
ration. Consequently, a "Comision Fiscalizadora" headed by the under-secretary
of Finance was established in 1976 to coordinate the actions of the three units
in charge of tax collection (Internal Tax, Customs and Income Taxes); some
import duties have been converted from specific to ad-valorem; a cadastral
survey is in progress to improve assessment of rural property and some admin-
istrative improvements (e.g. requiring all firms to close their balance sheets
on December 31) were made. In part owing to these measures, but more impor-
tantly to the buoyant economy, tax revenues increased during 1977 and 1978 by
about 35% a year. Expenditures have continued to be restrained as part of the
Government's anti-inflationary fiscal policy at the cost of curtailing the
provision of public services.

36. To generate the additional resources needed to meet the demand and
needs of a rapidly growing economy further tax reform will be necessary. In
principle, the absence of fiscal crisis should make it possible to adopt new
- 14 -

measures in an efficient way taking into account longer-term considerations.


But Congressional reluctance to approve new tax measures in the present cir-
cumstances may delay implementation of measures such as a progressive income
tax, more effective taxes on property, and changes in import duty structure
including increasing levies on luxury goods, needed to broaden the tax base,
make the system more equitable and further improve its elasticity. These
taxes while increasing the resources available to the Central Administration
would not adversely affect incentives for production.

Table 6: INDICATORS OF CENTRAL ADMINISTRATION FINANCES, 1973-77


(as percentage of nominal GDP)

1973 1974 1975 1976 1977

Current revenue 9.2 9.7 9.4 9.0 10.0


of which: Tax revenues 8.1 8.7 8.4 7.8 9.0
(on international trade) (2.5) (2.8) (2.5) (2.3) (2.7)

Total revenue and grants 9.3 9.7 9.4 9.0 10.0

Current expenditure 8.1 7.7 7.7 7.7 7.1


of which: Wage bill 3.5 3.0 3.4 3.4 3.2

Current account surplus 1.2 1.9 1.3 1.3 2.9

Capital expenditure 1.6 1.6 3.1 3.1 2.6


of which: Fixed Capital
Formation 1.1 1.0 2.7 2.7 2.2

Overall surplus/deficit (-) -0.2 -0.3 -1.8 -1.8 0.3

External financing (net) 0.2 0.5 2.0 2.0 1.0


Internal financing (net) - -0.2 -0.2 -0.2 -1.3

Source: Ministry of Finance, Technical Planning Secretariat and mission


estimates.

Public Sector Investment

37. Though public sector investment is a relatively small part of total


investment (about 24% of the total during 1973-77), it has played an important
role in creating the infrastructure that has permitted the recent expansion of
private investment and output. The share of public sector investment has tended
to fluctuate increasing from 3.8% of GDP in 1973 to 6.4% in 1976, as major new
projects were initiated. The acceleration in investment outpaced improvements
in administrative capacity, contributing to problems in project implementation.
With the completion of some projects in 1977/78, growth of real public sector
investment declined and in 1978, it is estimated to amount to some 4.5% of GDP.
- 15 -

The Central Administration was responsible for about 35% of the total invest-
ment, and public enterprises about 55%, with the rest being spent by munici-
palities.

38. Increased public sector savings together with higher external


financing have been more than sufficient to finance the investments, enabling
the public sector (mainly the Central Administration) to repay domestic debts
and accumulate cash balances. Overall savings of the public sector have shown
a steady improvement, increasing from 2.8% of GDP in 1973 to 5% in 1977 (see
Statistical Appendix Table 5.1). Savings levels of the Central Administration
though fluctuating considerably have shown some increase and the contribu-
tions of the decentralized agencies have increased. The public enterprises
have maintained their savings at slightly above 1% of GDP.

39. The main characteristics of public sector investment have been its
concentration on infrastructure and the important role of external agencies.
Close to 70% of total public sector investment went to energy, transport and
communications, while that to the productive sectors (agriculture, industry)
had been small (see Table 7). The latter sectors benefit more from indirect
investments through Government provision of credit. Fixed public investment
in agriculture has been small (3.5%) as the sector does not require major
direct investment (e.g., irrigation). Integrated rural development programs
are a part of government efforts to improve rural productivity and standards
of living. The different non-agricultural components are included in their
respective sector's investment rather than in agricultural investment.

40. Similarly, in the industrial sector, public sector support takes the
form of promotion (tax incentives) and provision of credit. Direct involvement
has been limited to public enterprises like the National Cement Industry and
the Alcohol Monopoly.

41. The social sectors (education and health) seem to present the
greatest imbalance between unfulfilled needs and availability of resources
for investment. Their share in fixed investment has been declining as has
their share in current expenditures. Financial constraints due to austere
expenditure policies and weak administrative capacity have held back the
expansion of these social services. The Government's plans call for a sub-
stantial increase in investment for social sectors. Efficient execution of
these projects will require considerable strengthening of the institutions
involved in the sector.
- 16 -

Table 7: SECTOR COMPOSITION OF PUBLIC SECTOR FIXED INVESTMENT


(%)

1973 1974 1975 1976 1977 1973-77

Agriculture 7.4 4.7 1.6 2.0 1.6 3.5


Industry 0.3 11.1 5.6 2.8 1.2 4.2
Energy 1/ 35.2 26.8 34.0 24.5 18.3 27.8
Transport & Communications 32.4 32.2 34.9 46.9 53.3 39.9
Education 5.7 6.6 4.8 3.5 4.3 5.0
Health, 10.6 8.4 9.1 6.4 10.1 8.9
Housing 0.1 1.0 1.2 2.0 - 0.9
Other 8.3 9.2 8.8 11.9 11.2 9.8

Total 100.0 100.0 100.0 100.0 100.0 100.0


As % of GDP 3.8 3.9 5.3 6.4 5.6

1/ Excluding international hydroprojects.

Source: Secretaria Tecnica de Planificacion, CEPCIES, 1977.

42. Investment in infrastructure has been partly the responsibility


of public enterprises and partly of the Central Administration. Investment
in energy and communications has been the responsibility of public sector
enterprises such as ANDE (power) and ANTELCO (communications). Together with
CORPOSANA (water supply and sewerage) they have accounted for about 96% of
investment by public enterprises. Public sector enterprises have enjoyed
administrative and financial autonomy. Their investments have been financed
by internal savings and external official aid and they have not depended upon
transfers from the Central Administration. The public enterprises have imple-
mented their investment program without major delays. For instance, ANDE has
continuously expanded its output and has been successful in meeting the growing
domestic demand for electric power.

43. To generate sufficient internal savings public enterprises have


charged tariffs relatively high in comparison to neighboring countries.
Lower rates, particularly installation charges, might increase the access of
the poor to such services. The entire rate structure needs to be carefully
examined in order to maintain savings of public enterprises while expanding
coverage.

44. Investments in transport infrastructure which have absorbed a size-


able share of public investment have been instrumental in opening up the
country. All major projects have been executed with external technical and
financial assistance. In 1975 investments in current prices rose to about
US$18 million from US$6 million the year before, in 1976, they further rose to
about US$35 million and have remained at about that level in 1977 and 1978
implying a decline in real terms, in 1977-78. The fluctuating and modest
- 17 -

investment level reflects difficulties faced by MOPC 1/ that are symptomatic


of the financial and administrative limitations facing the public sector.

45. Financial constraints have arisen, in part, due to cost overruns


and lack of coordination between executing and financing agencies. Cost
overruns sometimes result from execution of inadequately prepared projects,
and lack of complete feasibility studies that would help determine optimum
timing and size. A case in point is the Asuncion Airport Terminal whose
specifications, because of lack of adequate studies, were not well defined
and varied as construction progressed, which contributed to a doubling of
initial costs.

46. Administrative weaknesses, particularly in planning, are in part the


cause for inadequate project preparation. These weaknesses within MOPC have
been exacerbated by the loss of skilled manpower to Itaipu and have also
affected MOPC's capacity to evaluate construction bids and to supervise
contractors. This has resulted in major delays and cost overruns. Implemen-
tation of the Trans Chaco road in particular has been plagued by problems with
contractors. Initially in 1972 a contract was signed with a Venezuelan firm
which went bankrupt when costs escalated owing to difficult terrain. A
Brazilian firm got the contract in 1975 and has had repeatedly requested
extension of deadlines because of problems caused by natural conditions,
shortages in supply of raw materials, etc.

46a. Shortage of skilled manpower has also resulted in weak coordination


resulting in difficulties in execution of projects requiring extensive coopera-
tion between several public sector institutions. For example, the roads
component of a recent rural development project is facing delays as lack of
coordination between MOPC, ONP 2/ and the Ministry of Finance and cumbersome
administrative procedures have prevented the Pre-Investment Fund from releas-
ing funds needed for design studies.

1/ Ministry of Public Works and Communications.

2/ Oficina Nacional de Projectos


- 18 -

CHAPTER II

SECTORAL PROSPECTS AND POLICIES

47. This chapter focuses on the performance of agricultural and indus-


trial sectors, the factors constraining their development, and the policies
needed to foster their growth. Other sectors, particularly education and
transport, are examined only to the extent they affect industry and agricul-
ture.

Agriculture

48. As noted earlier, Paraguay has a vast untapped potential in agricul-


ture. From an estimated 8 million ha of land suitable for crop production,
only 1.6 million are currently in use and most is in the Eastern Region.
In addition, 15.6 million ha of land are currently in pastures and about 22
million in forests (see Table 1).

49. The agricultural sector is the backbone of the economy. It accounts


for 34% of GDP and employs over 50% of the labor force. Furthermore, 60% of
value added in industry is derived from processing agricultural products and
95% of export earnings come from agricultural products in various stages of
processing.

50. With the exception of livestock operations, Paraguayan agriculture


is characterized by smallholders, most of whom were concentrated until recently
in the densely populated Central Zone 1/ around Asuncion. The 1956 Agricultural
Census showed 86% of farms were of less than 20 ha and occupied 4% of the land.
This uneven land distribution reflects in part the pronounced differences in the
natural endowment and land use in Eastern Paraguay and the Chaco where utilized
land is mainly in extensive cattle ranching. Most of the smallholders have
been engaged in subsistence agriculture.

51. In recent years, the agricultural sector has been undergoing struc-
tural change under the impetus of government programs and the impact of Itaipu
on the Eastern Region. This has resulted in accelerated colonization of the
Southern and Eastern parts of the country and a reduction of pressure on land
in the minifundia area around Asuncion. The sector has also been undergoing a
shift from subsistence agriculture to commercial farming. However, the effect
of the recent rapid growth on the structural characteristics of the sector
cannot be determined with any precision as there has not been a census since
1956 when most currently colonized areas were still virgin lands and the
ongoing surveys are based on that census.

52. The design behind the Government's policies has been to enable the
private sector to develop Paraguay's land resources. Government programs have
been aimed at opening up new lands for cultivation through colonization schemes

1/ Departments of Cordillera, Guaira, Paraguari and Central.


- 19 -

and at providing transport services. There has been no Government interven-


tion in price determination by the market. To expand the agricultural frontier,
the Government established the Institute for Rural Welfare (IBR) as an auto-
nomous agency under the Ministry of Agriculture (MAG) to deal with all aspects
of land tenure, land reform and settlement. IBR has concentrated on settling
families on unutilized state land and also on acquired private lands, and
during the last fifteen years, has provided over 90,000 land titles covering
4.6 million ha. While IBR's operations have eased the pressure on land, its
low cost approach has meant inadequate provision of infrastructure, credit and
other complementary services and, consequently, slow development of the
settlements.

53. The recent largely spontaneous acceleration in the colonization


process associated with intensification of migration toward the fertile soils
near Paraguay's Eastern border has occured largely outside IBR's framework.
IBR's role has been essentially reduced to demarcating plots and granting land
titles. This spontaneous colonization has been mainly in response to high soy-
bean and cotton prices. Colonists have been of two different kinds -- foreigners
mainly from Brazil and Japan and smallholders migrating from the minifundia
area around Asuncion. Government investments in road infrastructure that
provided access to the new agricultural areas and improved marketing channels
have been instrumental in facilitating this opening up of new agricultural
lands. The smallholders who have gained access to better and larger plots of
land are, however, only at the beginning of a transition process from subsis-
tence to commercial agriculture. Because of limited capacity to invest and
limited access to support services, their productivity and incomes have
remained far below what is achievable. In contrast, the foreign colonists
have larger farms and use more advanced techniques. Therefore, in general,
their productivity and incomes are higher.

54. Agricultural output grew at 8% per year between 1973 and 1977, far
outstripping the population growth rate. This has enabled the country to be
practically self-sufficient in food as well as to rapidly expand exports of
agricultural commodities. The most remarkable achievement in this period has
been the rapidly expanding production and export of soybeans and cotton. These
commodities accounted for about 50% of registered merchandise exports in 1977
as compared to about 18% in 1973. Output gains for both export and domestic
crops have been obtained primarily through expansion of acreage, as yields
have hardly improved (see Table 8).

55. The rapid pace of agricultural production has been accompanied by


an improvement of rural incomes since an important share of cotton (60%) and
soybean production (some 30%) originates from small farmers. Rural wages have
also increased significantly (doubling in some areas in a period of three
years) in response to the demand for agricultural labor. These developments
suggest that underemployment in agriculture, one of Paraguay's traditional
problems, has been substantially alleviated. Scarcity of agricultural labor
in cotton-growing areas is emerging as a constraint at harvest time, neces-
sitating sometimes the mobilization of army personnel for this task.
- 20 -

56. The agricultural boom, particularly because of the rapidity of


expansion of acreage, has heightened certain characteristics that have been
prevalent in Paraguayan agriculture. The principal ones are:

(a) Dualism: Large and small farmers work separately on


valuable agricultural land using very different techno-
logies. By and large, small farmers continue to operate
with little capital and rudimentary production methods.
Because of lack of animal or motor traction only about
a third of their typical 20 ha plots are under cultiva-
tion. Furthermore, owing to limited access to credit and
other support services, smaller farmers have a substan-
tially lower productivity than larger farmers. This
raises the possibility that the smaller farmers might
be displaced by the greater economic power of mechanized
agriculture before the rest of the economy has developed
sufficiently to absorb them.

(b) Deforestation. The rapid and largely uncontrolled nature of


the settlement process is taking its toll on the forestry
resources of the area. Land which should be preserved as forest
is being cleared for cultivation. An urgent problem is to avoid
clearing land that is next to rivers or that is a watershed as
this leads to rapid soil erosion and affects the soil's
permeability with negative effects on climate and water avail-
ability. Furthermore, the method of clearing with only the more
profitable species being processed locally and the major
portion of the trees being burned implies loss of valuable
resources. Therefore, there is an urgent need to carry out a
more effective and rational land use policy.

(c) Regional Priorities. The still unrealized potential of the


Eastern Region combined with its growth suggest that con-
centration of public sector effort in this region would
yield substantial returns. In the longer run, the Chaco
could be developed. Though there is no urgency to this
development, surveys should be undertaken to obtain a
better knowledge of that region's resources and potential.

57. The main policy issues raised by the character of Paraguayan agri-
culture are the need for a land utilization policy to restrict economic and
ecological damage from acreage expansion and to bridge the productivity gap
between large and small farmers. As compared to large farmers, smallholders
require much broader institutional support regarding credit, technical
assistance, infrastructure and organized marketing channels. Provision of
these services would enable small farmers to increase their productivity, as
has already been happening in project currently being implemented and is
justified on economic grounds. However, the provision of adequate levels
of such services to widely scattered small farms is a slow process requiring
substantial financial resources and institutional cooperation. It is thus
essential that the Government's rural development programs not be retarded
by an overly austere fiscal policy. To carry out these actions the Government
will have to review the manpower, financial and institutional implications of
- 21 -

a larger and more cohesive investment program. The Secretaria Tecnica de


Planificacion or the Consejo Nacional de Progreso Social suitably strengthened
would have the capacity to undertake this task.

58. Key elements of the Government's agricultural development strategy


appear to be:

(a) Improved Marketing Channels. This basically requires con-


tinued expansion and upgrading of the road network and
better river transport facilities. Improved marketing
facilities would help to integrate the regional markets into
a national one. This would permit more efficient regional
specialization and resource allocation. Further, because of
Paraguay's small population, agricultural development must
depend on external markets and transport costs are high because
of its landlocked character. Lower transport costs would
increase the competitive of agricultural products. Improved
marketing facilities such as storage, grading are also important
to ensure that producers' prices are not too low because of the
small number of traders. This is particularly important for
small producers who are at present dependent on distress sales
(i.e. sales made even when prices are at their lowest level in
order to cope with urgent cash payments).

(b) More Effective Support Services. Although the Government


has been increasing its efforts to provide support services
to agricultural producers, they still are fragmented and insuf-
ficient to meet the sector's needs. Even the effective use of
existing resource is affected by institutional/administrative
problems like lack of coordination and duplication of services.
Correction of these problems would lead to a more effective
research/extension system. Research, training and extension should
be geared to delivering suitable technological/farm management
packages geared at achieving a more effective use of the land.

(c) Expansion of Credit Coverage. One of the main constraints


facing settlers, particularly smallholders is lack of
access to credit needed to clear land and to introduce
more efficient technology. A 1976 estimate indicated that
a moderate investment equivalent to US$1,200-1,500 in farm
equipment would allow the typical farmer to double the
area planted. Currently most credit is short-run. Further-
more, only 20% of small farmers receive credit and just 6%
from institutional sources. The Banco Nacional de Fomento
(BNF) accounts for about 3/5 of total credit to agriculture.
The Banco Nacional de Fomento's (BNF) capacity to expand credit
had been hampered in the past by administrative and financial
difficulties, which are being addressed to with external and
internal support. The most important aspects that need to be
strengthened are the management and appraisal procedures to
assure that funds are channeled to well identified investment
opportunities with reasonable returns, and guarantee timely
recovery of loans. Improved operational efficiency would
facilitate BNF to raise the resources needed for the sector.
An illustrative calculation shows that average lending to
agriculture in 1977 was only US$70 per farm unit of less than
21 ha.
Table 8: HARVESTED AREA, YIELD AND OUTPUT OF PRINCIPAL ANNUAL CROPS, 1972-77

Area in 1,000 Ha Yield in Kg/Ha Output in 1,000 Tons


Average Average Average
1972 1977 Growth 1972 1977 Growth 1972 1977 Growth

Export Crops

Soybeans 81.4 228.8 23.0 1,505 1,647 1.8 122.5 376.9 25.0
Cotton 81.1 200.2 19.8 1,052 1,135 1.5 85.3 227.4 21.5
Tobacco 20.4 29.8 7.9 1,309 1,390 1.2 26.7 41.4 9.1

Domestic Crops

Corn 185.6 282.1 8.8 1,325 1,421 1.4 246.0 401.0 10.3
Manioc 79.6 116.1 7.8 13,918 14,803 1.2 1,107.9 1,718.6 9.2
Wheat 20.3 28.5 7.0 1,133 993 -2.7 23.0 28.3 4.3

Source: Encuesta Agropecuaria por Muestreo, MAG 1977.


- 23 -

(d) Development of Land Settlements. Since its inception


IBR has lacked sufficient means to provide settlers with
the support services required to develop their land. Spon-
taneous settlers face even more severe constraints. Difficulty
in obtaining titles restricts access to credit. Wide dis-
persion of settlements enhances the difficulty of providing
access to services and markets. Inadequate planning has
led to cultivation of unsuitable soils leading to soil erosion,
irrational use of forest resources and possible ecological
damage. IBR's capacity to deal with these problems is hampered
by the large number of activities it undertakes. It should
concentrate on land settlement aspects and coordinate more
effectively its actions with the specialized services like
SEAG, SNF, BNF, etc. 1/

59. Improved planning and implementation of Government programs and


greater access to better production methods and markets are necessary to
raise the productivity of Paraguayan agriculture. While in the next years
agricultural development could continue on the basis of expansion of acreage,
higher productivity is necessary to sustain growth beyond the period when good
land is plentiful. Higher productivity would also raise incomes of producers
which would enlarge the domestic market for industrial goods.

Industry

60. The industrial sector, which contributes 20% to GDP and employs 16%
of the labor force, is heavily dependent on agriculture as two-thirds of the
sector's value added is derived from processing agricultural products. This
concentration in agro-industries reflects the relative abundance of agricul-
tural raw materials. The substantial volume of non-registered trade has
implied low effective protection, discouraging creation of inefficient import
substitution industry and favoring establishment of relatively efficient indus-
tries based on the country's comparative advantages. The industrial sector is
characterized by relatively small firms (50% have less than ten workers) and
concentration around the main consumer market, Asuncion, which has a relatively
good infrastructure.

61. In recent years, the sector has grown rapidly (7.5% annual growth in
1973-77) as a result of, on the one hand, the increasing availability of agri-
cultural raw materials, and, on the other, the demand generated by increasing
incomes from agricultural growth and construction of the Itaipu project. Owing
to rising domestic incomes and the declining importance of meat processing
because of external marketing difficulties, the sector is becoming more inter-
nally oriented. Exports of some industrial products such as cement and tung
oil have declined as booming domestic demand reduced the exportable surplus.
The fixed exchange rate might have contributed to the shift of output from
the external to the domestic market.

1/ Servicio de Extension Agricola y Ganadera, Servicio Nacional Forestal


Banco Nacional de Fomento.
- 24 -

62. The colonization and location of Itaipu's dam in the Eastern region
are lessening the concentration of industrial activity around Asuncion.
According to Ministry of Industry and Commerce (MIC) data for registered
industrial investment, for the first time in 1977 the value of proposed
investments in the three Eastern departments of Alto Parana, Itapua and
Caaguazu exceeded that for the capital and the adjoining Central Department.
The same data indicate a tendency for investments to become larger so that
increased financing is required. The demand for a better trained labor force
is also increasing.

63. The Government's policy towards the sector has aimed at expanding
agro-industrial exports through the creation of a favorable investment climate
for private investors. The main instrument has been the 1970 Industrial Pro-
motion Law (Law No. 210) which was reformed in 1975 (Law No. 550). The law
provides the Government with authority to grant various types of fiscal incen-
tives to "necessary" industries -- those that are export-oriented and "advan-
tageous" industries -- those that are labor-intensive/import substitution
industries. The main benefits provided under the law include exemption
of taxes on capital transfers, a 50% reduction of income taxes and duty
free importation of capital goods. This law has been an attractive incentive
in a generally favorable economic environment. Since the enactment of the
law, the pace of industrial investment accelerated. Investments qualifying
under the law increased from US$68 million in 1976 to about US$150 million
in 1978 and the number of approved projects increased from 162 to about 244
respectively.

64. The continued growth and diversification of agricultural produc-


tion should continue to provide a basis for expanding agro-industries. Agri-
cultural products such as cotton, oilseeds and wood can be further processed.
Investment proposals received by BNF are heavily concentrated on leather
tanning, production of chemicals such as soaps, textiles and agro-industries.
Demand generated by combination of the hydroprojects (see para 70) and rising
agricultural incomes provides a favorable opportunity for industrial growth
over the medium term. The pace at which manufacturing opportunities can be
exploited will depend on the managerial capacity of Paraguayan entrepreneurs,
the inflow of foreign capital and technical know-how, the availability of
adequate transport and electric infrastructure, and a consistent policy of
industrial promotion.

65. Under the static economic environment that prevailed in the economy
for many years Paraguayan entrepreneurs had no need to assess evolving market
opportunities and risks. They now need, in particular, assistance in project
identification and preparation. In this context domestic and export market
studies are important, and the MIC or the association of industrialists could
coordinate these. The resources of the Pre-Investment Fund for project prepa-
ration could be made available to a greater variety of entrepreneurs. Further-
more, participation in joint ventures with foreign firms can shorten the
learning period as well as provide short run production benefits. Paraguayan
entrepreneurs have been cautious in forming joint ventures, partly because
they would not be able to provide enough capital to have a significant manage-
ment role. The experience recently obtained by Paraguayan construction firms
in organizing into a consortium for the civil works at Itaipu in conjunction
with a similarly organized Brazilian consortium is an indication of the
- 25 -

Government policy is quite receptive to foreign investment. But for the


Paraguayan firm to derive the maximum benefit it must have a meaningful stake
in the operation of the joint venture and this would require providing a
significant share of the capital. Government action in undertaking market
studies, enlarging the availability of the Pre-Investment Fund's resources
for project preparation and increasing the flow of long-term capital would
assist Paraguayan entrepreneurs in exploiting the current economic opportuni-
ties.

66. An important factor determining manufacturing development will be


the availability of long-term financing. Financing is often difficult to
obtain even at high interest rates because credit needs often are much higher
than available collateral, reflecting the quantum jump in the scale of opera-
tions of many firms due to the sharp increase in aggregate demand. The limited
capital market has led to a great reliance on the firms' own funds -- these
accounted for 60% of investment in projects under the Investment Law. As a
result, new firms operate under very restrictive liquidity constraints. The
commercial banks are now participating in a program for small agro-industrial
enterprises sponsored by AID and the Central Bank. A Fondo Especial de
Desarrollo was set up to provide a second guarantee up to 75% of the loan
amount. This represents an innovative way of reaching small entrepreneurs
and possibilities for eventually expanding the Fund should be considered.
Paraguay's two development banks BNF, which is a public sector enterprise, and
COMDESA, which is privately owned, are the main sources of long-term credit
but their participation in industrial investment has declined in the seventies
owing to a shortage of loanable funds. Recently the resources of BNF have
been increased through external credits following increased capitalization
by the Government, improved operational efficiency after a change in management
in 1976, and the introduction of more selective evaluation and supervision
procedures. These measures have strengthened BNF. But continued efforts will
be required to improve its managerial, financial and administrative capacity
to enable it to meet the increasing demand for industrial financing. COMDESA
is well respected and managed but its financial capacity is small (total
assets in 1977 were US$8.6 million). COMDESA could expand its operations
relatively easily and consideration should be given to expanding its capital
base. A guarantee from the Central Bank for external loans would enable it to
expand operations and finance the foreign exchange component of project
costs. Another possibility is the initiative of some private bankers, led by
Banco Union, who are aiming at establishing a private development bank. How-
ever, a proliferation of small institutions should be avoided if that would
imply that Government subsidies would be required for them to operate.

67. Passage of the proposed capital markets law would improve the func-
tioning of the recently established stock market thus opening a new source for
long-term capital. The draft law provides for additional financial disclosure
by firms in order to provide comparable information and a measure of security
to investors. At present, little financial information is available about
firms, particularly individual and partnership firms. In addition, the draft
law provides for fiscal incentives, such as partial exemption from stamp and
other duties as well as from taxes on a firm's assets and earnings. The incen-
tives are applicable to initial holders of stocks, financial intermediaries
operating in the capital market and companies issuing the stocks. As compared
to the present situation, passage of this law would provide fiscal incentives
- 26 -

as well as greater security to investorsby making more informationavailable,


thus encouragingthe public to buy stocks of companies. This, togetherwith
finding ways to facilitateparticipationby financierasand other financial
institutionsthrough underwritingoperationsor other mechanismsshould enable
further mobilizationof domestic savings for long-term investmentpurposes.

68. Apart from acting to increase the supply of long-term capital for
industry,Governmentshould attempt to improve availabilityof raw materials.
Special credit facilitiesand probably complementaryinvestmentsby the Gov-
ernment (silos,etc.) will be required to ease the current shortage of storage
facilities. But proper mobility of raw materials and finishedproductswill
require improvedmarketing channelsand better transportfacilities. In
particular,developmentof transport facilitiesshould assist in the devel-
opment of an integratednationalmarket.

69. Given the limitationsof existing public sector institutionsthe


authoritiesmight best concentrateon easing the finance and infrastructure
bottlenecks. In the longer run, the availabilityof plentiful electricity
opens up additionalpossibilities. Projects on a wide variety of products,
includingaluminum,methanol, peroxide of hydrogen, heavy water and silicon
crystals are being discussed. At this stage these are mainly ideas and no
feasibilitystudies have been conducted. The absence of known large mineral
resourceslimits the possibilitiesfor energy - intensive industries. Such
industriescreate only limited employmentand the knowledge about the tech-
nology and market possibilitiesrequired for their operation are typically
controlledby only a few large internationalcorporations. Thus public sector
investmentin such industriesshould be undertakencautiouslyin order to
ensure that it is consonantwith Paraguay'sneeds and opportunities.
- 27 -

CHAPTER III

GROWTH PROSPECTS

70. Given the availability of still abundant land resources and the
continuing construction of the Itaipu and Yacyreta hydroelectric projects,
Paraguay's development prospects over the foreseeable future are good. The
economy can be expected to continue to grow at an average annual rate of
about 10% for the next five years. The pattern of growth is expected to
follow recent experience and would thus depend mainly on continued expansion
of acreage under cultivation, the beginning of intensification of livestock
operations, and exploitation of manufacturing opportunities for processing the
increased agricultural output as well as meeting the demand generated by
construction of the hydroelectric projects.

71. The course of the Paraguayan economy will be influenced by the pace
of construction of the hydroelectric projects, particularly because of the
size of the projects relative to Paraguay's economy, and their spillover
effect on private economic activity and investments. The projections below
are based on the following assumptions: (a) construction activity on Itaipu
will taper off after 1981; (b) construction of Yacyreta will be proceeding in
the early 80's but at a slower pace than had been envisaged; since Yacyreta
is considerably smaller than Itaipu its impact on the economy will be much
less; (c) production of electricity will not have commenced in the projection
period 1978-83, so that no revenues from electricity sales are shown to accrue
to Paraguay in this period.

72. During the period between reduced construction activity on hydro-


projects in the early eighties and substantial sales of electricity in the late
eighties, foreign exchange earnings associated with the hydroprojects are
projected to decline. This period will be one of transition for the economy,
and growth will depend on agricultural and industrial expansion (as discussed
in Chapter II). Continued development of the physical and human infrastructure
as well as greater availability of long-term capital to agriculture and
industry will be required. Furthermore, a higher level of external borrowing
than that achieved historically might be required to close the external gap
and ensure execution of the public sector investment program outlined below,
which is essential to realize the economy's growth potential. The required
level of additional borrowing can be undertaken even on harder than existing
terms without posing debt-service problems.

Growth and Investment

73. Demand prospects for Paraguay's major agricultural commodities seem


favorable as the international market for cotton and soybeans is expected to
remain strong while that for beef and timber is recovering. Furthermore,
internal demand is expected to be strong because of higher incomes and employ-
ment. The challenge before the authorities is to improve the conditions for
continued rapid expansion of agricultural and industrial output (see section
on agricultural and industry), and it is assumed that its anti-inflationary
fiscal policy will not lead to curtailment of required expenditures (see
para. 25).
- 28 -

74. Under the assumptions that such conditions exist the average growth
rate in the period 1979-83 is projected to be about 10%. The rate might dec-
line to 8% after 1981 when construction activity on Itaipu and the associated
capital inflows begin to decrease. The reduced capital inflows will make it
difficult to maintain high investment ratios without additional measures to
substantially increase public and private sector savings, and will also imply
additional commercial borrowing on relatively hard terms to finance the exter-
nal gap. However, in the period after peak construction of Itaipu, it should
be feasible to maintain domestic savings rates of about 14%, and to raise
additional external capital of about US$100 million a year from commercial
sources without worsening Paraguay's debt service ratio. Under these cir-
cumstances, the economy could grow at about 8% a year.

75. The pattern of Paraguayan development with Itaipu-related construc-


tion, agricultural growth based on cotton and soybeans, both small farm crops,
and expansion of labor intensive industrial activities should continue to
reduce unemployment and underemployment and improve the economic conditions
of the poorest. If properly carried out, the rural development schemes of
the Government could enable large numbers of smallholders to make the transi-
tion from traditional subsistence agriculture to a higher productivity com-
mercial agriculture. In addition, to encourage institutional change as well
as improve the quality of life the Government should continue emphasizing
social programs related to education and health.

Public Investment Program

76. The public sector investment program discussed below is based on


a review of the investment plans of the major public sector institutions and
estimates of investments by the rest of the public sector. It comprises proj-
ects under execution, projects with firm commitments from external agencies
for the next two to three years, and projections for the later years. The
program implies that investments would average about 5% of GDP during 1979-83
rising gradually from 4.8% in 1979 to 5.3% in 1983, levels that are in line
with past experience. The trend reflects the initial limitations in absorp-
tive capacity as well as a relatively small pipeline of projects. The imme-
diate outlook suggests that the public sector will not be able to improve its
administrative capacity to keep pace with the growth of the rest of the eco-
nomy. Its restrictive expenditure policies have affected the availability
of trained personnel, many of its dependencies face material limitations and
administrative procedures have not yet been adapted to respond to the new
dynamism of the economy.

77. The compositon of the public sector investment program is likely to


continue to be dominated by infrastructure even though there should be an
increase in the proportion going to the productivie sectors and, to a lesser
degree, the social sectors (see Table 10). The share of agriculture is expec-
ted to increase as the MAG begins to execute the second stage of PIDAP 1/
and other rural development projects such as those in Itapua and Eje Norte
supported by assistance from multilateral and bilateral agencies (see Table 10).

1/ Programa Integrado de Desarrollo Agopecuario executed by the Ministry


of Agriculture and Livestock.
Table 9: PROJECTEDNATIONAL ACCOUNTS ii, 1977-83

(billions of 1977 Paraguayan Guaranies)

Average
Share of GDY Annual Growth
1977 1978 1979 1980 1981 1982 1983 1978 1983 1978-83

Gross domestic product 263.6 289.6 322.7 358.9 394.4 426.2 460.5 100.9 100.3 9.7
Gains from terms of trade - -2.7 -2.5 -2.8 -1.2 -2.2 -1.4 .9 0.3 -
Gross domestic income 263.6 286.9 320.5 356.1 393.2 424.0 459.1 100.0 100.0 9.7
Imports of goods and NFS 86.0 88.4 99.5 110.8 119.6 127.8 136.4 30.8 29.7 9.1
Exports of goods and NFS 56.0 -57.5 -67.2 -77.2 -86.7 -95.9 -106.1 20.0 23.1 13.0
Exports (import capacity) 56.0 -54.8 -64.7 -74.4 -85.4 -93.6 -104.6 19.1 22.8 13.6
Resource gap 30.0 33.6 34.8 36.4 34.2 34.2 31.8 11.7 6.9 -

Consumption 228.5 250.2 275.6 305.5 338.5 366.1 394.8 87.2 86.o 9.6
Investment 65.1 70.3 79.4 86.9 88.8 92.1 96.1 24.5 20.9 6.5
Domestic Savings 35.1 36.7 44.6 50.5 54.6 57.9 64.3 12.8 14.0 11.9
National savings 33,3 35,7 41,3 46.4 50.0 51.4 57.1 12.4 12.4 9.8

1/ Unrecorded exports and imports are included in the table. Consequently the resource gap is different
from that in the official figures. Official figures for GDP and investment are used so that the
adjustmentis in savings. Itaipu'transactionswere included only as capital inflows and thus do
not enter into this table.
- 30 -

The sector will also benefit from several rural developmentsand credit
projects (some 60% of Government'sfinancial investmentis expected to go to
agriculture). Thus, the sector should get more support than in the past but
still will leave considerableunsatisfied demands. The pace of execution of
the current projectsand lack of sufficientnew projects in the pipelineare
expected to lead to a reduction in agriculture'sshare in total public sector
investment in 1982-83. Because of the large number of domestic and external
agencies involved, it would be highly desirable to coordinateactions to
optimize results.

78. In the industrialsector firm plans exist for the constructionof


a 100,000-tonsteel plant to be owned and operated by ACEPAR, a public agency,
and this accountsfor the large projected share of industry in total public
sector investment (historicallyit has fluctuatedbetween 0.3 and 11.1%
depending on the state of execution of a few projects). The plant would use
charcoal and iron ore is to be imported. It may face marketing difficulties
as initially,at least, it will have to export part of its output. The
reported rate of return indicatesthat the project is only marginallyviable.
The current technologicaland demand constraintsfacing the plant suggest that
it should be postponed to the late eighties as then it would be more consonant
with Paraguay's stage of economic developmentand also as plentiful energy
would be available. The other major project in the sector is an alcohol
plant. Both of these projectswill be carried out with technicaland finan-
cial assistancefrom Brazil. The expansion of the existing cement plant
or the constructionof a new plant should receive higher priority as the
capacity of the existingone has been exceededby demand and the country
has begun to import cement and a sufficientsupply of raw materials seems
available. However, no firm plans for expanding cement productioncurrently
exist either in the public or private sectors.

Table 10: PARAGUAY - FIXED PUBLIC INVESTMENTPROGRAM, 1979-83 1/


(Percentagedistribution)

1979 1980 1981 1982 1983

Agriculture 7.5 9.1 10.2 8.0 8.0


Industry 13.0 22.3 16.7 7.0 7.0
Energy 5.9 6.3 6.1 8.1 8.0
Transport and
Communications 43.1 37.7 34.3 39.0 40.0
Education 4.1 3.7 4.3 5.0 5.0
Health 15.8 13.9 16.2 17.4 17.5
Others 10.6 7.0 12.2 15.5 14.5

Total 100.0 100.0 100.0 100.0 100.0

1/ Disbursements,excluding Itaipu.

Source: STP and Mission Estimates.


- 31 -

79. Investments in the energy sector reflect a continuation of ANDE's


programs to expand its distribution and transmission network. In spite of
Paraguay's great potential for the production of electricity, the country
still has one of the lowest per-capita consumption indices and coverage
ratios in Latin America. For the later years of the program, as production
from Itaipu becomes imminent, investments in transmission and distribution
lines should be stepped up, particularly to reach the rural areas, as the
availability of electricity would do much to improve agricultural productivity
and to improve the standard of living of the population.

80. In the transport and communications sectors, ANTELCO is expected to


continue with its telecommunications plan with technical and financial support
from Germany and Japan. This program would make its services available to
smaller cities as well as improve the existing services in larger cities.
The total levels of investment envisaged for ANTELCO are lower than those
achieved in the last five years. The greater share in the sector should
be the responsibility of the MOPC, which has an investment program that
calls on average, for a substantial increase over the investment levels
achieved in 1977-78. Some new roads connecting the main growth poles of the
country and related feeder roads are to be constructed. However, MOPC plans
to concentrate on the maintenance and improvement of the current network. To
realize this investment program it will be necessary to prepare new projects
in greater detail as most of them, particularly for the later years, do not
yet have studies. A basis to determine priorities exists in the transport
plans prepared by the Ministry's Planning Office in collaboration with external
consultants. While not officially approved, the proposed plan has been
accepted by the various agencies who are preparing their own programs along the
lines recommended in the plan. Strengthening of the Ministry's Planning Unit
would be required to ensure development of specific projects in conformity
with the broad priorities defined in the plan. This should enable the MOPC to
avoid ad hoc decisions which in the past sometimes resulted in projects that
did not correspond to the country's economic needs (e.g., the Trans Chaco
Road). Implementation of the proposed plan is necessary to integrate the
economy and develop a national market.

81. The already limited administrative capacity of MOPC and its depen-
dencies has been exacerbated by the loss of personnel (especially at the tech-
nical level) because of low salaries and competition from Itaipu and the
private sector. Transport is furthermore affected by Itaipu's demand for con-
struction materials that is raising costs and producing scarcities. Even
though deficits in domestic supply should be met by imports, delays could be
experienced as supply channels are not yet well developed.

82. The share of the education sector increases initially on account


of two externally supported projects on which disbursements are about to start.
Preparation of additional projects is necessary to at least maintain the invest-
ment share of the sector and meet the economy's need for trained manpower.
Also larger current expenditures on education, particularly at the primary
level, are required to improve the quality of education. Though the level of
literacy is high in Paraguay (about 80% of population), the quality of educa-
tion needs to be improved to reduce wastage and increase the supply of skilled
Table 11: PUBLIC INVESTMENT, 1979-83

(millions of current ¢)

1979 1980 1981 1982 1983

Agriculture 1,455 2,220 3,080 3,184 3,848


PIDAP II stage 756 1,260 1,512 668 454
Itapua Agriculture
Project (Japan) 510 734 466 454 70
Crop programs - - 850 1,173 2,097
Unidentified and other 189 226 252 889 1,227

Industry 2,522 5,441 5,043 2,786 3,367


ACEPAR 2,230 5,000 4,035 - -
APAL 292 441 867 - -
Unidentified and other (cement) - - 141 2,786 3,367

Energy (ANDE) _1145 1,537 1,842 3,224 3,850


Current program
expansion of
distribution and
transmission 1,145 1,537 1,500 1,562 -
Unidentified and other - - 342 1,662 3,850

Transport and
Communication 8,361 9,199 10,359 15,522 19,240
ANTELCO II stage
telecommunication
plan 630 693 838 1,114 1,860
Transchaco road 1,300 1,067 1,264 1,411 1,632
Asunci6n airport
terminal 2,596 340 - - -
Itapua rural roads 900 1,100 - - -
Road maintenance
program 1,235 1,631 1,810 2,098 2,421
Route VII 630 340 - - -
Paving Cnl. Oviedo-San
Estanislao road 542 1,045 504 _ _
Acabay- La Lolineve Road 258 804 700 - -
Route VI - 1,260 2,646 1,890 282
Asunci6n-San Lorenzo
Highway - 308 959 491 -
Unidentified and other 270 611 1,638 8,518 13,045
Cont.... Table 11: PARAGUAY - PUBLIC INVESTMENT, 1979-83

1979 1980 1981 1982 1983

Education 795 902 1,299 12990 ,21405


Externally Assisted
Projects 714 802 1,179 1,044 1,263
Constructionand others 81 100 120 946 1,142

Health 3,065 3,384 4,892 6,925 8,417


Rural public health - - 400 368 -
Rural water supply (SENASA) 281 300 516 238 -
Water supply and sewerage (CORPOSANA) 2,746 3,049 3,250 3,500 3,800
Constructionand others 38 45 726 2,819 4,617

Unidentifiedand other 2,057 1,717 3,685 6,169 6,973

Total 19,400 24,400 30,200 39,800 48,100

Source: Investment Plans of Public Sector Institutions and Mission Estimates.


- 34 -

workers to meet the increasing demand. Lack of trained teachers and supplies
has restricted the implementation of the curriculum reform initiated in the
early seventies. Only about 26% of students entering primary school complete
the course (up from 20% in the late sixties). The corresponding figure for
secondary students is 40%. The rural population in particular has access only
to incomplete primary schools programs where repetition and drop out rates are
high. Resources for rural education have been limited as both private and
public financial contributions have been lower than for urban schools. Given
the need for a better trained labor force, technically oriented secondary
education should be expanded and also training for adults. While the needs
are great, expansion of Government programs is constrained by the limited
absorptive capacity of the sector.

83. The health sector faces a similar situation: large deficits and
scarce resources. The small expansion is accounted for mainly by CORPOSANA's
investments for expansion of water and sewerage systems. Two potentially
important projects because of their immediate impact and as models to expand
in the future, are a rural public health services project, and a rural water
supply project in execution, both with external assistance. The later includes
the strengthening of SENASA which may lay a basis for future expansion.

84. Judging from the behavior of the tax system during 1977-78 it should
be possible for the public sector to provide sufficient counterpart funds and
at the same time to expand current expenditures both to meet recurrent costs
of investments and to help ease present administrative and technical con-
straints. The demand for increased public sector services is expected to
lead to higher current expenditures and thereby limit the ability of the
public sector to raise internal savings (see Table 12). Because of expected
high demand by the private sector for capital it is recommended that the
Government continue not to borrow from domestic sources. Apart from greater
resource mobilization through taxes this will probably imply increased recourse
to external borrowing, but such levels of borrowing would not adversely affect
Paraguay's creditworthiness. The main constraint to fulfillment of the public
sector investment program is largely administrative rather than financial.

85. Although the investment program as estimated represents an increase


of investment in absolute terms, it implies a fall as a share of GDP, from
the peak levels of 1975-76, and does not reflect the authorities' stated ob-
jective of expanding the role of the public sector in providing infrastructure
and other services. However, the execution of even this relatively modest
level of investment will require greater efficiency in implementing projects
because the program is larger than in the past and because of the shift in its
composition. In particular it will be necessary to improve the system of
project preparation, evaluation and execution. The key elements in this
effort will be to streamline and speed up the Central Administration's admin-
istrative process. Administrative decisions on a broad range of issues
continue to be centralized so that project processing is often slow. On
the other hand, delays in project execution often originate in the large
number of officials required to approve or negotiate contracts. Releases of
funds also face long administrative delays and are subject to a series of
restrictions which are often detrimental to the projects. Improvements in
Table 12: PUBLIC SECTOR INVESTMENT AND FINANCING, 1979-83 -/

(in billions of Guaranles)

As % of GDP
1979 1980 1981 1982 1983 1979 1983

Resource Requirement 26.6 33.8 42.0 54.8 66.2 6.6 7.3


A. Gross Fixed Investment 19.4 24.4 30.2 39.8 48.1 4.8 5.3
Central Administration 11.0 13.3 16.6 21.6 25.8 2.7 2.8
Public Enterprises 7.0 9.4 11.7 15.3 18.9 1.7 2.1
Rest 1.4 1.7 1.9 2.9 3.4 0.4 0.4
B. Indirect Investment 7.2 9.4 11.8 15.0 18.1 1.8 2.0

Financing 26.6 33.8 42.0 54.8 66.2 6.6 7.3


A. Public Sector Savings 16.2 19.6 24.1 29.7 37.2 4.0 4.1
Central Administration 9.4 11.6 13.7 16.4 20.0 2.3 2.2
Rest 6.8 8.0 10.4 13.3 17.2 1.7 1.9
B. Disbursements (net)
External 10.4 14.2 17.9 25.1 29.0 2.6 3.2

Source: Central Bank and Mission Estimates.


- 36 -

administrativeprocedureswill have to be accompaniedby increasedhiring of


qualified personnel. Improved compensationfor public sector employeesmay be
necessary to compete with the private sector and the binationalpower authori-
ties for such qualified personnel.

86. The acceleratedgrowth of the economy while placing increased demands


on the public sector is potentially creating the necessary resources to fulfill
them. To take advantage of the increased opportunities,it is necessaryto
improve the planning mechanismsso as to identifynew projects. The most ob-
vious cases are the provision of support to small farmers, resourcemanagement
and the deficits in the social sectors. As mentioned earlier, expandingcover-
age of some servicesmight require an analysis of the rates charged for these
services.

87. External developmentassistancecould usefully emphasize technical


and trainingaspects,with the objective of enhancing domestic capacity. As
developmentcomes to depend more and more on improvementsof human capital
rather than creationof physical infrastructure,the compositionof the pro-
posed public investmentprogram may need to be reexaminedand greater stress
placed on education,health services and the general improvementof the present
low standardsof living. The existing constraintsto an immediateexpansion
of investmentsand to current expendituresin the social sectors prevent an
immediateshifting of funds. However, for the medium term (1981-83)for which
funds are not yet committed a relative shift from infrastructureto the social
sectors should be feasible. Furthermore,by that time provision of infrastruc-
ture serviceswill have improved relativelyto social services. Such a shift
will require improvingthe planning and administrativecapacityof the minis-
tries of education and health so that they can develop programs and projects
to effectivelyuse additionalresources.

Balance of Paymentsand External Capital Requirements

88. Achievementof high growth rates and expansion of exports are inter-
twined. Export expansion is necessary to earn the foreign exchange required
for rapid growth as well as to provide a market for the expanded output. Ex-
panded output is a prerequisitefor maintainingan export surplus in the face
of high aggregate demand. The necessity of maintainingrapid growth of output
is particularlyimportantfor some industrialproducts.The continuedexpansion
of agriculturaloutput stimulatedby the Government'sagriculturalpolicies
and programs should enable Paraguay to maintain an exportablesurplus particu-
larly of cotton, soybeans,tobacco and other agriculturalproducts,which face
no externalmarket constraintsfor a small exporter such as Paraguay.

89. In the case of wood exports which have been recoveringfrom the
bottom reached in 1976 a gradual growth can be expected over the next five
years as a result of the reopenningof the traditionalArgentine market and
the penetrationof new markets in Europe and North America with higher value
added products such as laminatedwood. Beef exports are also recovering-
particularlywith the growing importanceof the Brazilian market. Favorable
developmentsin the EEC would improve the prospects for beef exports beyond
- 37 -

what has been projected here. The situation is also favorable for establish-
ing agro-industries and exporting higher value added processed products.

90. The overall growth of real exports of about 13% per annum should
be lead by soybeans and cotton, which are projected to continue to grow rapidly
though at rates lower than those achieved in the years 1973-78 when the base
was much smaller. Thus as against growth rates of 48% and 62% for soybeans
and cotton during the period 1973-77, average growth rates of about 13% and
17% respectively are projected. They are expected to account for over 40%
of commodity exports as against about 35% in 1977-78. The share of beef and
wood exports in merchandise export earnings is expected to remain constant
at the 1977 level about 5% each.

91. The rapid growth of exports and the higher levels of private and
public investment required to maintain a 10% growth rate would imply greatly
expanded import requirements, particularly of capital and intermediate goods.
Import requirements of intermediate goods are projected to grow at about 12%
per year while those for capital goods are projected to grow at about 8% a
year. Imports of capital goods grow less fast than GDP because they are
related to investment and the share of investment in GDP is projected to dec-
line during 1979-83 (see para 74). The volume of petroleum imports is pro-
jected to grow at about 10% a year, while food imports are expected to continue
to grow slowly because of projected rapid agricultural growth.

92. Acceleration in private investment as well as implementation of the


public sector investment program outlined above would lead to an expansion
of Paraguay's gross external capital requirements particularly in 1982-83.
The projected strong export performance would enable the economy to meet its
import requirements as well as substantially reduce the resource gap from
about 11% of GDP in 1977 to 5% by 1983 1/. This resource gap together with
larger factor service payments is expected to lead to a gradual expansion in
the current account deficit from about US$230 million in 1977 to about US$450
million in 1983. The current account deficit is expected to stabilize later
(tentatively projected as the late eighties) when electricity exports begin.
Gross capital requirements to finance the current account deficit as well as
maintain an appropriate level of reserves are projected to be US$2.4 billion
during the period 1979-83. About US$750 million of this is expected to
consist of Itaipu financing. Another US$650 million may be expected in the
form of private capital. Thus only about US$1.0 billion will be needed on the
public account of which US$255 million for amortization. Capital inflows of
this magnitude would permit financing the foreign exchange component of
the projected public sector investment program as well as enable the authorities
to meet the foreign exchange requirements of their financial investment.

1/ The ratio of resource gap to GDP was 5% in 1977 if only registered trade
data are used. Unrecorded exports and imports are included in the pro-
jections in Table 13. They were projected on the basis that the share of
unrecorded to recorded trade would remain the same as the 1975-77 average.
Table 13: PROJECTED EXTERNAL CAPITAL REQUIREMENTS AND FINANCING 1/
(in million of current US$)

1978 1979 1980 1981 1982 1983

Exports of goods and NFS - 462.4 582.2 711.4 865.1 1,005.2 1,191.0
Imports of goods and NFS - 745.2 895.2 1,058.2 1,211.1 1,371.8 1,553.0
Resource balance -282.8 -313.0 -346.8 -346.0 -366.6 -362.0

Net factor payments -32.2 -33.9 -45.7 -53.0 -75.6 --88.4


Interest on public debt -17.6 -19.7 -27.4 -32.8 -53.0 -63.5
Investment income -17.2 -18.9 -20.8 -22.8 -25.1 -27.6
Other 2.6 4.7 2.5 2.6 2.5 2.7

Net transfers 4.0 4.4 4.8 5.3 5.9 6.4


Current account balance -311.0 -342.5 -387.7 -393.7 -436.3 -444.0

Private long term capital (net) 86.2 99.2 114.1 131.2 144.3 158.7
Capital inflows for Itaipu and Yacyreta 240.0 180.0 200.0 160.0 119.0 85.0
Public M&LT loans (net) 80.8 82.4 112.7 142.1 199.6 230.5
Gross-disbursements (133.3) (125.7) 150.2 183.3 265.8 (296.9)
Amortization -(52.5) -(43.3) -(37.5) -(41.2) (66.2) -(66.4)

Other capital inflows 34.0


Change in reserves -130.0 -19.1 -39.1 -39.6 -26.6 -30.2
(-increase)
Debt Service Ratio 15.1 11.1 9.7 9.0 11.9 10.9

1/ Estimates of unrecorded foreign exchange transactions are included in this table.


- 39 -

To meet these disbursements,commitmentsduring this period are projected to


be US$1,195 million with US$745 million coming from multilateraland bilateral
sources and the rest from private financialsources. The average annual dis-
bursement required in constantprices during 1979-81 of US$130 million is
somewhat larger than the US$100.3 million per year disbursed during 1977-78.
However, during the years 1982-83 capital inflows associatedwith the hydro-
electric projectsare projected to decline implying increasedpublic sector
borrowing. Real disbursementsare projected to average about US$200.0 a year
during 1982-83. The projectionsassume a greater reliance on commercial
sources,which will account for about 40% of the disbursementsduring 1979-83
while historicallythey have accounted for less than 30%. The change is
particularlysharp in 1982 and 1983 when they are projected to supply almost
50% of the externalborrowing. Since Paraguayhas in the past obtained the
bulk of its capital needs on concessionaryterms, its present debt service
ratio is low and given the continued expansion of exports, the debt service
ratio is expected to remain at that level.
Table 14: PARAGUAY - Commitments and Disbursements of Medium and Long-term
Credits, 1976-1983 -'
(Millions of US$)
Average Total
1975-78 1979 1980 1981 1982 1983 1979-83

Commitments 115.0 152.0 181.5 215.2 311.1 335.2 1,195.0

Multilateral and Bilateral 90.0 127.0 123.0 140.0 168.0 188.0 746.0
Suppliers and Financial Credits 25.0 25.0 58.5 75.2 143.1 147.2 449.0

Disbursement 76.7 125.7 150.2 183.3 265.8 296.9 1,021.9

Existing Loans 76.7 48.4 35.9 22.4 13.3 5.7 125.7

Multilateral and Bilateral 51.8 37.6 28.7 21.4 13.3 5.7 106.7
Suppliers and Financial 24.9 /1 10.8 7.2 1.0 - - 19.0
Credits

New Loans 77.3 114.3 160.9 252.5 291.2 896,2

Multilateral and Bilateral 54.3 70.0 95.0 130.9 152.2 502.4


Suppliers and Financial 23.0 44.3 65.9 121.6 139.0 393.8
Credits

1/ Excludes loans for Itaipu


- 41 -

ANNEX I - INTERNATIONAL TRADE STATISTICS

Data problems stemming from the large volume of unrecorded trade


and the convention followed for registering expenditures by the Itaipu and
Yacyreta Binational Authorities make an analysis of the Paraguayan trade
picture difficult. The discrepancy between registered trade figures and those
derived from partner country data has been increasing and the underestimation
may be as much as 50%. Unregistered trade does not seem to be in response to
an overvalued exchange rate (the legal free market exchange rate is only about
5% higher than the official exchange rate which has not changed for over 20
years) or because of quantitative controls. Unrecorded foreign exchange
transactions are undertaken through exchange houses and all individuals and
companies can undertake such transactions.

2. The second data problem is related to the treatment of the Binational


Authorities. Strictly speaking half the value of all the Authorities' trans-
actions should be included in Paraguayan data but are not. For instance,
half of the Authorities' purchases of Paraguayan goods and services should
be Paraguayan exports. Similar consistent treatment of all the other transac-
tions of the Authorities would convey the full accounting effect of the
transactions on the balance of payments. Currently, the Authorities exchange
foreign currency at the Central Bank to pay for all purchases of Paraguayan
goods and services and only this amount is included in the official accounts
as a capital inflow. Three different illustrative tables are presented to
show the magnitude of the various transactions. Table (a) shows the official
figures, Table (b) includes an estimate of unregistered trade and Table (c),
in addition, allocates transactions by the Authorities into Paraguayan exports
and imports, as well as the relevant capital inflows and debt service payments.

3. Examination of partner country data shows a wide discrepancy between


figures for Paraguayan external trade as recorded by the Paraguayan Central
Bank and by partner country. The divergence which at times exceeds 50% cannot
be explained merely by the leads and lags in recording transactions in Paraguay
and in the partner country. In 1977, Paraguayan imports as registered by the
Central Bank were US$250 million. Partner country data showed these countries'
exports to Paraguay to be US$420 million or almost 70% higher. Similarly, the
Central Bank registered Paraguayan exports to be US$280 million in 1977 but
according to partner country data, world imports from Paraguay were US$350
million or about 25% higher. Partner country data on its imports from Paraguay
might understate Paraguayan exports. Paraguay could export to an importer in
country B who re-exports it to country C. If exporters in country B receive
subsidies, instead of registering it as a re-export, they might register it
as an export to receive the subsidy. They would thus not report any imports
from Paraguay so that these goods would not appear in country B's data as
imports from Paraguay. Country C's data would show these goods as being
imported from country B rather than Paraguay. For illustrative purposes, such
refinements were ignored in the preparation of Table (b), but might partly
explain the larger volume of unrecorded imports than exports and the larger
trade deficit when unrecorded trade is taken into account.
BALANCE OF PAYMENTS

(a) Official Data /1

1974 1975 1976 1977

Exports of Goods & NFS 205.9 210.0 212.0 332.5


Imports of Goods & NFS 251.3 300.3 306.3 451.5
Resource Balance - 45.4 - 90.3 - 94.3 -119.0

Net Factor Payments - 12.7 - 13.3 - 15.1 - 15.6


Net Transfers 3.9 14.0 4.2 1.2

Current Account Balance - 54.2 - 89.6 -105.2 -133.4


Net Private Long Term
Capital 38.7 52.9 43.9 45.0
Net Capital for Binational Power Entities 1.5 45.6 76.7 149.0
'Net Public Long Term
Capital 14.2 27.9 47.0 90.5
Gross Disbursements 24.7 41.8 58.7 106.6
Amortization 10.5 13.9 11.7 16.1

Short Term Capital Flows and Errors and Omissions 30.1 - 7.8 - 22.4 -42.8

Change in Reserves (- increase) - 30.3 - 29.0 - 40.0 -108.3

1/ These are the official figures as recorded by the Central Bank.


(b) Includes Unrecorded Trade

1974 1975 1976 1977

Exports of Goods & NFS 238.8 263.7 287.6 444.6


Imports of Goods & NFS 309.1 391.6 459.6 683.2
Resource Balance - 70.3 -127.9 -172.0 -238.6

Net Factor Payments - 12.7 - 13.3 - 15.1 - 15.6


Net Transfers 6.9 20.0 24.2 23.1

Current Account Balance - 76.1 -121.2 -162.9 -231.1

Net Private Long Term Capital 53.7 70.4 71.3 75.0


Net Capital Inflow for Binational Power Entities 1.5 45.6 76.7 149.0

Net Public Long Term Capital 14.2 27.9 47.0 90.5


Gross Disbursements 24.7 41.8 58.7 106.6
Amortization 10.5 13.9 11.7 16.1

Short Term Capital Flows and Errors and Omissions 47.7 7.6 18.0 25.5

Change in Reserves (- incre4se) -41.0 - 30.3 - 50.1 -108.9

Source: Central Bank, IMF, "Direction of Trade Statistics," IMF and Bank Staff Estimates.
(c) Includes adjustment for Itaipu

1974 1975 1976 1977

Exports of Goods & NFS 239.1 275.1 314.1 497.0


Imports of Goods & NFS 313.1 436.0 521.6 847.8
Resource Balance - 74.0 -160.9 -207.5 -348.8

Net Factor Payments - 13.6 - 58.6 - 37.4 - 67.2


Net Transfers 6.9 20.0 24.2 23.1

Current Account Balance - 80.7 -199.5 -220.7 -392.9

Net Private Long Term Capital 53.7 70.4 71.3 75.0


Net Capital Inflow for Binational Power Entities 5.3 120.7 129.7 304.7
Net Public Long Term Capital 14.2 27.9 47.0 90.5
Gross Disbursements 24.7 41.8 58.7 106.6
Amortization 10.5 13.9 11.7 16.1

Short Term Capital Flows and Errors and Omissions 48.5 10.8 22.8 31.6

Change in Reserves (- increase) - 41.0 - 30.3 - 50.1 -108.9

Source: Those in Table (b) and in addition, Annual Reports of the Itaipu Binational Authority.
- 45 -

4. Though there may be shortcomingsin the analysis,it suggeststhat


the main differencesare that trade flows are much larger when unregistered
trade is includedshowing the greater importanceof external trade in the
Paraguay economy as well as its more rapid growth than revealedby registered
data. While registeredimports of goods and non-factor servicesgrew at an
average annual rate of 21% between 1974 and 1977, inclusion of estimated
unrecorded imports raises the growth rate to 30%. For exports, inclusion of
unrecorded data raises the growth rate from 17% per annum to 23% per annum.
This, of course, lowers Paraguay'salready modest debt service ratio. Further-
more, while official data show imports and export to be 20% and 15% of GDP,
inclusion of unrecorded trade raises these percentagesto approximately30%
and 20%, respectively.

5. Inclusion of unregisteredtrade increases the 1977 trade deficit


from US$119 million to US$240 million while raising the current account
deficit from US$133 million to about US$230 million. The increaseddeficit
is financed by an inflow of foreign capital,both short term and long term,
the latter probably mainly for land purchase. Private capital flows are
correspondinglylarge when unrecorded transactionswere included. Data on
these were estimated from informationprovidedby exchange houses to the
Central Bank on their transactions. The differences in the change in reserves
figures in Tables (a) and (b) reflects the change in net internationalassets
of commercial banks.

6. Table (c) is derived from Table (b) by allocating transactionsby the


Itaipu and Yacyreta BinationalAuthorities to Paraguay'sbalance of payments.
For instance, in 1977 the BinationalAuthorities purchasedgoods from Paraguay
worth US$95.0 million and goods from non-Paraguayansources worth about
US$300.0 million (the Itaipu Authority accounts for almost all these expendi-
tures as constructionof Yacyreta is still at a preliminarystage). Therefore,
half of the Authorities'purchases of Paraguayangoods, namely US$47.5 million,
would be consideredParaguayan exports,and half of its purchases of non-
Paraguayangoods, US$150.0 million, would be consideredParaguayanimports.
Similar adjustmentswere made to the non-factor service imports and exports.
Half of the Authorities'interest paymentson non-Paraguayandebt would be a
debit item in the Paraguayanbalance of payments so that net interestpayments
in Table (c) are substantiallylarger than in Table (b).

7. The major adjustment in the capital account is made in the entry


"net capital inflow for BinationalPower Authorities." The Binational
Authorities purchaselocal currency from the Paraguayan Central Bank in order
to pay for local goods and services. The foreign exchange that the Central
Bank thus receives is itemized in the official balance of payments as a capital
inflow for the BinationalAuthoritiesand is so depicted in Tables (a) and (b).
Such transactionsreflect purchasesof Paraguayangoods and services and are
thus classifiedas exports and included in the current account. The Autho-
rities have, however, contractedforeign loans, and half of the disbursements
from these loans reflect capital inflow into Paraguay and these amounts are
classifiedas the net capital inflow for BinationalPower Authorities in
Table (c).
- 46 -

8. Inclusionof the BinationalAuthorities'transactionsas well as use


of trading partners' statisticsleads to a large trade deficit of about US$350
million in 1977 and the correspondingcurrent account deficit is about US$390
million. These deficits are substantiallylarger than in Tables (a) and
(b) reflectingthat only about a quarter of the Authorities'expendituresare
on purchases of Paraguayangoods and services. The larger current account
deficit,however, is mainly an accountingone and does not imply an additional
foreign exchange burden on Paraguay as it is covered by an accountinginflow
of foreign capital for constructionof the hydroelectricprojects.
- 47 -

PARAGUAY

STATISTICAL APPENDIX

Table No.

I. POPULATION, LABOR FORCE, EDUCATION

1.1 Vital Statistics, 1950-90


1.2 Population by Sex, 1962-85
1.3 Regional Distribution of Population, 1962, 1972
1.4 Employed Population Classified by Sector of Employment, Type of
Employment, and Sex, 1972
1.5 Employed Population Classified by Level of Education, Years of
Study Completed, Sex and Occupation, 1972

II. NATIONAL ACCOUNTS

2.1 Gross domestic Product by Sector of Origin at Current Prices,


1965, 1970-77
2.2 Gross Domestic Product by Sector of Origin at Constant 1972 Prices,
1965, 1970-77
2.3 Annual Real Growth Rates and Composition of Nominal GDP by
Sector of Origin, 1965, 1970-77
2.4 Expenditure on Gross National Product at Current Prices, 1970-77
2.5 Expenditure on Gross National Product at Current Prices as
Percent of GDP, 1970-77
2.6 Expenditures on Gross National Product at Constant 1972 Prices,
1970-77
2.7 Sources and Uses of Resources, 1970-77, as percent of GDP
2.8 National Income and Product at Current Prices, 1962, 1965, 1970-77

III. BALANCE OF PAYMENTS

3.1 Balance of Payments, 1970-77


3.2 Merchandise Exports, 1967-77
3.2a Export Price Index, 1967-77
3.2b Merchandise Exports in Constant Prices, 1967-77
3.3 Commodity Imports (FOB), 1967-77
3.3a Import Price Index, 1967-77
3.3b Commodity Imports (FOB) in Constant Prices, 1967-77
3.4 Direction of Trade, 1965, 1970-77
3.5 Balance of Payments Projections, 1979-83
3.6 Export Projections, 1979-83
3.7 Import Projections, 1979-83
- 48 -

STATISTICAL APPENDIX (Continued)

Table No.

IV. EXTERNAL DEBT

4.1 External Public Debt Outstanding as of December 31, 1977


(Debt tepayable in foreign currency)
4.2 External Public Debt Transactions for 1969-1977 and Projected
Pipeline, 1978-1986 (Debt repayable in foreign currency)
4.3 External Public Debt Outstanding as of December 31, 1977
(Debt repayable in local currency)
4.4 External Public Transactions for 1972-1977 and Projected
Pipeline, 1978-1986 (Debt repayable in local currency)

V. PUBLIC SECTOR FINANCE

5.1 Public Sector Resources for Investment, 1970-77


5.2 Public Sector Resources for Investment (percentage distribution),
1970-77
5.3 Central Administration Revenues, 1970-77
5.4 Central Administration Operations, 1970-77
5.5 Summary Operations of the Social Security Institutions, 1970-77
5.6 Summarv Operations of the Decentralized Agencies, 1970-77
5.7 Operations of Decentralized Agencies, 1970-77
5.8 Summary Operations of the Municipalities, 1970-77
5.9 Summary Operations of Public Enterprises, 1970-77
5.10 Operations of Public Enterprises, 1970-77
5.11 Summary of Public Sector Operations, 1970-77
5.12 Fixed Public Sector Investment, 1970-77

VI. FINANCIAL SECTOR

6.1 Summary Accounts of the Central Bank, 1973 -August 1978


6.2 Summary Accounts of the National Development Bank, 19i3-August 1978
6.3 Summary Accounts of the Commercial Banks, 1973-August 1978
6.4 Summary Accounts of the Banking System and Velocity of Circulation,
1973-August 1978
6.5 Credit to the Private Sector by Destination, 1966-August 1978
- 49 -

STATISTICAL APPENDIX (Continued)

Table No.

VII. AGRICULTURE

7.1 Structureof Annual Crop Production, 1970-77


7.2 Structureof Permanent Crop Production, 1970-77
7.3 Productionof Annual Crops, 1970-77
7.4 Productionof Permanent Crops, 1970-77
7.5 Index of AgriculturalProduction,1962, 1965, 1970-77
7.6 Crop Productionof Export Crops by Area Harvested by
Department, 1970-77
7.7 Crop Productionof Domestic Crops by Area Harvested by
Department, 1971-77
7.8 Crop Productionof Selected Crops by Area Harvested by
Department, 1976-77
7.9 Average Yield for Ten Major Crops by Department,1976-77
7.10 CommodityPrices for Ten Major Crops by Department, 1976-77
7.11 Livestock Population, 1970-77
7.12 Distributionof Cattle Populationby Sex, Age and Region, 1977
7.13 Slaughtersof Cattle and Average Prices, 1972-77
7.14 Index of Livestock Production, 1970-77

VIII. MANUFACTURINGINDUSTRY

8.1 Value Added in Industry,


1970-77
8.2 PercentageContributionof Agro-industriesto Value Added in
Industry,1962, 1970-77
8.3 Compositionof Value Added in Industry, 1970-77
8.4 Value of IndustrialProduction,1965, 1970-77
8.5 Index of IndustrialProduction,1965, 1970-77
8.6 InvestmentsApprovedUnder Law 216/550 of IndustrialPromotion,
1971-77
8.7 Financing of Industrial Investment in 1977

IX. PRICES AND WAGES

9.1 Implicit Deflators, 1962-77


9.2 Wholesale Price Index, 1973-78
9.3 Consumer Price Index, 1964-78
9.4 Minimum Wages and Wage Index for Laborers, 1969-78
Table 1.1: PARAGUAY - VITAL STATISTlCS

1950- 1955- 1960- 1965- 1970- 1975- 19S5- 1985-


1955 1960 1965 1960 1975 1980 1985 1990

Crude birthrate (per thousand population) 45.5 43.8 42.2 41.4 39.8 39!1 38.0 36.2
Crude deathrate (per thousand population) 15.8 13.5 11.7 '"9.9 8.9 8.1 7.3 6.7
Rate of Nattral increase (per thousand
population) 29.7 30.3 30.5 31.5 30.9 31.0 30.6 29.5
Migration rate /1 (per thousand population) -3.4 -5.1 -4.9 -5.1 -3.0 -1.9 -1.7 -1.7
Total population growthrate (percent) 2,.6 2.5 2.6 2.6 2.8 2.9 2.9 2.8
Life expectancy (in years) 51.5 54.4 57.0 60.1 61.9 63.6 65.2 66.7

Population Structure

Population between 0-14 years (in %) 43.3 45.0 46.2 46.2 45.6 44.7 44.0 43.1
15-64 (in %) 53.0 51.5 50.5 50.5 51.1 51.9 52.6 53.3
65 + (in %) 37 3.5 3.3 3.3 3.3 3.4 3.4 3.6 >
Dependency index /P (0-14)+P(65+)/100 88.5 94.2 98.1 98.1 95.6 92.8 90.2 87.6 0
P(15-64)

/1 Migration estimates from other sources differ considerably. Recent reports from ILO and OAS show migra-
tion rates twice as high.

Source: TPS, Proyecciones de Poblacion 1950-2000; Dec. 1974.


- 51 -

Table 1.2: PARAGUAY - MID-YEAR POPULATION BY SEX, 1962-85

(in thousands)

Rate of
Males Females Total Growth

1962 898.6 920.5 1,819.1 2.60


1963 922.0 944.4 1,866.4 2.60
1964 946.0 969.0 1,915.0 2.60
1965 970.7 994.2 1,964.9 2.60
1966 1,000.6 1,015.5 2,016.1 2.60
1967 1,035.6 1,033.1 2,068.7 2.60
1968 1,053.5 1,069.2 2,122.7 2.60
1969 1,081.1 1,097.2 2,178.3 2.60
1970 1,109.2 1,125.8 2,235.0 2.60
1971 1,141.7 1,151.3 2,293.0 2.60
1972 1,169.1 1,188.9 2,358.0 2.60
1973 1,202.3 1,222.7 2,425.0 2.84
1974 1,236.8 1,257.8 2,494.6 2.87
1975 1,272.7 1,294.2 2,566.9 2.90
1976 1,310.0 1,332.1 2,642.1 2.93
1977 1,348.6 1,371.5 2,720.1 2.95
1978 1,387.7 1,411.2 2,798.9 2.90
1979 1,428.0 1,452.1 2,880.1 2.90
1980 1,469.4 1,494.2 2,963.6 2.90
1981 1,512.0 1,537.6 3,049.6 2.90
1982 1,555.8 1,582.2 3,138.0 2.90
1983 1,601.0 1,628.0 3,229.0 2.90
1984 1,647.4 1,675.3 3,322.7 2.90
1985 1,695.2 1,723.8 3,419.0 2.90
1986 1,744.3 1,773.9 3,518.2 2.90
1987 1,793.2 1,823.5 3,616.7 2.80
1988 1,843.4 1,874.5 3,717.9 2.80
1989 1,895.0 1,927.0 3,822.0 2.80
1990 1,948.0 1,981.1 3,929.1 2.80

Sources: Central Bank, Cuentas Nacionales


TPS, Proyecciones de Poblaci6n, 1950-2000.
Census, 1972.
- 52 -

Table 1.3: PARAGUAY - REGIONAL DISTRIBUTION OF POPULATION

2 Mid-year Population Population Population


Department Area (km ) 1962 1972 Increase (%) per km

Asunci6n 117 288,900 388,958 3.0 3,324.4

Concepci6n 18,051 85,700 108,130 2.3 6.0

San Pedro 20,002 91,800 138,018 4.2 6.9

Cordillera 4,982 188,300 194,218 0.5 39.3

Guaira 3,022 115,000 124,799 0.8 41.3

Caaguazu 12,298 125,100 202,596 4.9 16.5

Caazapa 9,496 92,400 103,139 1.1 10.9

Itapua 16,525 149,800 201,411 3.0 12.2

Misiones 9,556 59,400 69,246 1.5 7.2

Paraguari 8,705 203,000 211,977 0.4 24.4

Alto Parana 14,895 24,000 69,044 11.1 4.6

Central 2,465 229,100 310,390 3.1 125.9

Neembucu 12,147 57,900 73,098 2.4 6.0

12,933 34,500 65,111 6.6 5.0

Pres. Hayes 72,907 29,900 42,338 3.5 0.6

Boquer6n 46,708 40,400 11,768 11.6 0.3

Canendiyu 14,667 - 27,825 - 1.9

Olimpo (Alto
Paraguay) 45,982 3,900 15,080 14.5 0.3

Chaco 36,367 - 656 - *

Nueva
Asuncion 44,9fil - 153 - *

Total
Paraguay 406,752 1,819,100 2,357,955 2.6 6.7
2~~~~
* Less than 0.1 per km2
Source: Census, 1962 and 1972.
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a-a-a-a
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a--a- La-- c-a-Na-a- c-a-Nc-c- a-c- a- [a- Na-a-a-c-c-a-a a


a-Na-a-a-Na-c--ac--a
a-a-a-a-a- a- a-c-a-a-
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a-a-a-ca-aNcNaia
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a-a-a-a-a-
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a-a-a-a-
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a- a-a-a-a-
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a- ac-a-c-c-a-a-c-a-a-a-c-
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a-a-a-c-
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INa-a-c-a-a
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a-a-a-a-a-
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a- a-a-a-a-
a-a 0

a-a-Nc-a-c-a-a-a-a-
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a-a-a-a- Ia-
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a-a-a-a-
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a-a-Na-a-c--
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a-a-a-a-
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a- c-a-a-a-a-c-c-a-a-a-c-a-a-a-Na-a-a
a-a-a-a-
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a-Na-c-a-c-c-ac-Na-a-
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a-a-a-a-
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a-a-c
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c-a-c-a- ja- c-a- 0 c-Nc-a- N a- a a c


- a- a- a-a-a-c--a-a-a a- a- a--a-a-Ha-H-a- a-a-a-a- a- Ila- Ha-a- aa-c-
c-c-a-c-a-a-a-a- a--a-c-a- a- Na-a-ac- a-c-c-a-c-- a-a-a-a-ia-a-c-Na- Na- c-c-a-c- I a- -caa-c-a- cc c-c-a I
* a-la-, a- a-a-a-a- a- a-a-a-a-a- a- a-a-a-a- ja- a-a-a-a-a- a- a-a-a-a- I a- a-a-a- a-a- a-a-a-a- La- a-a-a-a-a- a- a-a-a- I

Na c-[c -c- NIH a-


Ic- c- a- - ON a- a- N H Ia- Nc-a- N c- a a- f
c-a-Na- a- c-a- c- a-a-a-a-a-a-Ha-c-a-c-c-a a-ac-c- aa-a-a-
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Ia- - c- a- -a a- [a-
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NIH
Ia a-a- Ha-
N a- a- a-
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c-a-c-a-c-ac-a-c-c-a-c
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ii,,, a- ia-a-a-Ia- a-a-ba-a- a- a-a-a-a- Ia- lIlli I a-a-a-a- Ia- a-a-,a- a-a- a-a-a-a-la- a-a-ia-a- a- a-a-a-la-

c-a-a- [a c-a-a-c-c-c-a [a- a-Nc- a-Nc--ac-a-c- [a-Na-a-c- a-c- a-


Na-c-a-c-a-Nc-c-a- a-a-a-c-Na--ac-a- a- ja- a-c-c- -ac-a-a- Na-a--aa- a--a a-a-ac- c- a-a-a-c-a- a- Na--c Ia-
a-a-a-a-a- a- a-a-, a- a- a-a-a-a- a- a-a-a-a- a- a-a-i C, a- a-a-ia- a- a-a-a-a- a-a- a-a-a-a- a- a-a-a-a-a- a- a-a-a- a-
Table 2.1: PARAGUAY - GROSS DOMESTIC PRODUCT BY SECTOR OF ORIGIN, 1965, 1970-77

(in millions of current guaranies)

1965 1970 1971 1972 1973 1974 1975 1976 1977

Agriculture 90 517 24,024 27.799 33.395 47.292 59.305 70.284 73.961 89.925
Agriculture 11,761 13,326 15,388 17,020 25,842 32,865 37,727 45,043 59,308
Livestock 6,445 7,283 8,832 12,380 16,443 19,576 23,841 21,313 21,777
Forestry 2,239 3,331 3,519 3,926 4,912 6,740 8,546 7,397 8,590
Hunting and fishing 72 84 60 69 95 124 170 208 250

Industry 10,128 14,656 16,340 18,438 23,665 37,287 43,788 56,219


Mining 104 83 185 212 206 298 365 529 685
Industry 8,666 12,498 13,731 15,693 20,034 30,338 29,759 34,221 44,974
Construction 1,358 2,075 2,424 2,533 3,425 5,343 7,163 9,038 10,560

Infrastructure 2,771 3,790 4 5.093 6,260 8,214 10,339 12,438 14,871


Electricity 300 703 875 1,073 1,631 1,730 2,305 3,208 3,953
Water and sanitation 67 136 182 247 295 346 434 527 654
Transport and communications 2,404 2,951 3,209 3,773 4,334 6,138 7,600 8,703 10,264

Other Services 22,476 32,451 35,331 39,973 48,220 64,520 72,529 83882 102,597
Commerce and finance 12,744 18,291 20,203 22,272 28,890 39,853 43,594 51,502 66,026
General government 2,148 3,943 4,174 4,597 4,786 5,285 6,493 7,623 10,283
Housing 1,878 2,281 2,339 2,599 2,839 4,118 5,018 5,570 6,077
Other 5,706 7,936 8,615 10,505 11,705 15,264 17,424 19,187 20,211

Gross domestic product at m.p. 55,892 74,921 83,736 96,899 125,437 168,018 190,439 214,069 263,612

Source: Central Bank.


Table 2.2: Paraguay - Gross Domestic Product by Sector of Origin, 1965, 1970-77

(in millions of 1972 Guaranies)

1965 1970 1971 1972 1973 1974 1975 1976 1977

Agriculture 29,106 31,711 32,152 33,395 36,295 39,645 41,186 43,229 47,296
Agriculture 14,148 15,666 16,088 17,020 18,988 21,117 21,604 22,885 25,860
Livestock 11,347 12,274 12,209 12,380 13,098 13,884 14,440 15,184 15,792
Forestry 3,524 3,675 3,790 3,926 4,125 4,552 5,023 5,020 5,484
Hunting and fishing 87 96 65 69 84 92 119 140 160

Industry 12,164 16,133 17,334 18,438 20,013 21,964 22,369 24,190 29,301
Mining 120 84 190 212 200 229 290 410 509
Industry 10,568 13,887 14,670 15,693 16,863 18,365 17,998 18,980 22,472
Construction 1,476 2,162 2,474 2,533 2,950 3,370 4,081 4,800 6,320

Infrastructure 3,366 4,287 4,612 5,775 6,399 7,397 8,268 9,047


Electricity 342 751 910 1,073 1,348 1,374 1,676 2,112 2,360
Water and sanitation 93 156 198 247 262 275 316 347 390
Transport and communications 2,931 3,380 3,504 3,773 4,165 4,750 5,405 5,809 6,297

Other Services 27,213 36,160 38,061 42,416 45,143 47,888 52,085 57,214
Commerce and finance 15,541 20,323 21,584 22,272 24,143 26,274 27,443 30,223 33,829
General government 2,620 4,517 4,556 4,597 4,243 4,100 4,785 5,106 5,412
Housing 2,093 2,433 2,514 2,599 2,753 2,900 3,108 3,360 3,639
Other 6,959 8,887 9,407 10,505 11,277 11,869 12,552 13,396 14,334

Gross domestic product at market prices 71,849 88_,21 92,159 96,899 104,499 1 127.772 _142,858

Sources: Central Bank.


T,.ble 2.3: PARAGUAY- ANNUAL REAL GROWITHRATES AND COMPOSIITIONOF NOMINAL GDP BY SECTOR OF ORIGIN, 1965-77

Annual Growth Rates % Composition '2.


1965/7D 1970/71 1971/72 1972/73 1973/74 1974175 1975/76 1976/77 1965 1970 19Y75 tt-9

ARy1cs a 1.7 1.4 3.9 8.7 9.2 3.9 5,0 9.4 36.7 32.1 36.9 34.t
A r in I Lne 1.4 2.7 5,8 11.6 11.2 2.3 S99 13,0 21.1 17.8 19.8 22.5
L: te .,t-. P. 1.7 - 0.5 1.4 5.8 6.0 4.0 5.2 4.0 11.5 9.7 12.5 8.3
Forestry 0.9 3.1 3.6 5.1 10.3 10.4 -0.1 9.2 4.0 4.5 4.5 3,2
Hurting sod fishilog 2.0 - 32.4 5.3 23.0 10.0 27.9 17.6 14.2 0.1 0.1 0.1 0.1

lonissstty
5.6 7.4 6.4 8.5 9.7 1.8 8.1 21.1 13.1 19.6 19.6 21.3
Minning - 6.9 126.9 11.1 5.7 14.9 26.5 41.4 24.1 0.2 O.l 0.2 0.3
Tndusti 5.6 5.6 7.0 7.4 8.9 _ 2.0 5.4 18.4 15.5 16.7 15.6 17.0 1
const7rlnt Ic 7,9 14.4 2.4 16.4 14.2 21.1 17.6 31.7 2.4 2.8 3.8 4.0 u'

in/rn I nqtznre 5.0 7.6 10.4 13.4 10.8 15.6 11.S 9.4 5.0 5.0 5.4 5.7
r loetricity 17.0 Zl.l. 18.0 Z5.6 1.9 72.0 26.0 11f. 0.6 0.9 1.2 1.5
Water and Oanitation 10.9 27.0 24.6 5.9 5.0 14.8 9,8 12.6 O.t 0.2 0.2 0.3
Transport and conunications 2.9 3.7 7.7 10.4 14.0 13.4 7.5 8,4 4.3 3.9 4.0 3.9

Otlbr ervices 5,9 5.3 5.0 6.1 6.4 6.1 8.8 9.9 40.2 43.3 38.2 38.9
7.CoseeTcC nod dirronce 5.5 6.2 3,2 6,4 8.8 4.4 10.t 11.9 22.8 24.4 22.9 25.1
General governmeot 11,5 0.9 0.9 - 7.7 - 3.4 16.7 6.7 6.0 3.8 5.3 3.4 3.9
Housing 3.0 3.3 3.4 5.9 5.3 7.2 8.1 8.3 3.4 3.0 2.6 2.3
CIt ben 5.0 5.9 11.7 7.4 5.2 5.7 6.7 7.0 10.2 10.6 9.2 7.6

Gross domestic product att market prices 4.2 4.4 5.1 7.S 8.7 9.3 7.5 11.8 100.0 100.0 100.0 100.0

snn,,rces: Central Bank; Tables 2.1 and 2.2.


Table 2.4: PARAGUAY - EXPENDITURES ON GROSS DOMESTIC PRODUCTAT CURRENT PRICES, 1970-77

(in millions of guaranies)

1970 1971 1972 1973 1974 1975 1976 1977

1. GDP at mrket prices 74.921 83,736 96,899 125,437 168,018 190,439 214,069 263,612
Plus FSY - 1,242 - 1,255 - 1,413 - 1,264 - 1,594 - 1,675 - 1,901 - 1,974
(a) GNP 73,679 82,481 95,486 124,173 166,424 188,764 212,168 261,638

2. Resource gap 902 2,150 70 -870 2,773 8,846 10,700 13,410


(a) Imports, goods and nfs 12,078 13,350 13,410 17,900 28,830 34,001 37,300 53,010
(b) Exports, goods and nfs 11,176 11,200 13,340 18,770 26,057 25,155 26,600 39,600

3. Available resources (1 + 2) 75,823 85,886 96,969 124,567 170,791 199,285 224,769 277,022

4. Consumption (3 - 5) 64,789 73,691 82,379 100,705 135,520 153,392 172,053 211,950


(a) Private 58,041 66,582 74,610 92,535 126,293 141,420 158,640 195,597
(b) Public 6,748 7,109 7,769 8,170 9,227 11,972 13,413 16,353 9

5. Gross domestic investment 11,034 12,195 14,590 23,862 35,271 45,893 52,716 65,072 m
(a) Fixed capital formation 10,883 11,800 13,270 20,411 30,897 39,543 48,746 62,922
1. General government (1,306) (1,323) (1,826) (1,851) (2,313) (4,437) (7,252) (6,856)
2. State enterprises (1,474) (1,868) (2,506) (2,875) (3,887) (5,808) (6,399) (7,470)
3. Private (8,103) (8,609) (8,938) (15,685) (24,697) (29,298) (35,095) (48,596)
(b) Changes in inventories 151 395 1,320 3,451 4,374 6,350 3,970 2,150

6. Gross domestic savings (5 - 2) 10 132 10 045 14,520 24 732 32,498 37,047 42,016 51,662
(a) Private 9,67 0 12675 26,691 29,445 31,680 38,460
(b) Public 2,495 2,242 1,845 3,496 5,807 7,602 10,336 13,202
Plus FSY - 1,242 - 1,255 - 1,413 - 1,264 _ 1,594 - 1,675 - 1,901 - 1,974
Plus NTR 654 965 817 717 487 1,762 532 153

7. Gross national savings 1 9,544 9,755 13,924 24,185 31,391 37,134 40,647 49,841
(a) Private 7,049 7,513 12,079 20,689 25,584 29,532 30,311 36,639
(b) Public 2,495 2,242 1,845 3,496 5,807 7,602 10,336 13,202

/1 It has been assumed that FSY and NTR are private sector savings. The National Accounts usually assumes that NTR are implied
in the trade figures.

Sources: Central Bank and mission estimates.


Table 2.5: PARAGUAY- EXPENDITUREON GROSS NATIONAL PRODUCT AT CURRENT PRICES, 1970-77

(as percent of GDP)

1970 1971 1972 1973 1974 1975 1976 1977

1. GDP at market prices 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Factor service income - 1.7 - 1.5 - 1.5 - 1.0 - 1.0 - 0.9 0.9 - 0.8
(a) GNP 98.3 98.5 98.5 99.0 99.0 99.1 99.1 99.2

2. Resource gap 1.2 2.6 0.1 - 0.7 1.7 4.7 5.0 5.1
(a) Imports, goods and nfs 16.1 16.0 13.9 14.3 17.2 17.9 17.4 20.1
(b) Exports, goods and nfs 14.9 13.4 13.8 15.0 15.5 13.2 12.4 15.0

3. Available resources 101.2 102.6 100.1 99.3 101.7 104.7 105.0 105.1

4. Consumption 86.5 88.0 85.0 80.3 80.7 80.6 80.4 80.4 .


(a) Private 77.5 79.5 77.0 73.8 75.2 74.3 74.1 74.2
(b) Public 9.0 8.5 8.0 6.5 5.5 6.3 6.3 6.2

5. Investment 14.7 14.6 15.1 19.0 21.0 24.1 24.6 24.7


(a) Fixed capitalformation 14.5 14.1 13.7 16.3 18.4 20.8 22.8 23.9
1. Private (10.8) (10.3) (9.2) (12.5) (14.7) (15.4) (16.4) (18.4)
2. Public (3.7) (3.8) (4.5) (3.8) (3.7) (5.4) (6.4) (5.5)
(b) Change in stocks 0.2 0.5 1.4 2.7 2.6 3.3 1.8 0.8

6. Gross domesticsavings 13.5 12.0 15.0 19.7 19.3 19.4 19.6 19.6
(a) Private 12.9 9.3 13.1 16.9 15.9 15.4 14.8 14.6
(b) Public 3.3 2.7 1.9 2.8 3.4 4.0 4.8 5.0
Plus FSY - 1.7 - 1.5 - 1.5 - 1.0 - 1.0 - 0.9 - 0.9 -0.8
Plus NTR 0.9 1.2 0.8 0.6 0.3 1.0 0.3 0.1

7. Gross national savings 12.7 11.7 14.3 19.3 18.6 19.5 19.0 18.9

Source: Table 2.4.


Table 2.6: PARAGUAY - EXPENDITURES ON GROSS DOMESTIC PRODUCT AT CONSTANT PRICES, 1970-77

(in millions of 1972 guaranies)

1970 1971 1972 1973 1974 1975 1976 1977

Gross domestic vroduct 88,291 92,160 96,899 104,499 113,151 118,840 127.772 142,858
Terms of trade adjustment 14 428 - 3,637 4,087 3,247 6,834 10,949
Gross domestic income 88,305 92,588 96,899 108,136 117,238 122,087 134,606 153,807

Imports, goods and nfs 13,375 14,850 13,410 16,620 19,750 22,325 29,005 36,210
Exports, goods and nfs 12,363 12,030 13,340 13,791 13,760 13,270 13,850 16,100
Exports (capacity to import) 12,377 12,458 13,340 17,428 17,847 16,517 20,684 27,049
Resource gap 998 2,392 70 -808 1,903 5,808 8 321 9,161

Available resources 89,303 94,980 96,969 107,328 119,141 127,895 142,927 162,968

Consumption 76,724 82,379 86.085 95,715 99,130 107,084 118,972


Private 68,994 73,692 74,610 78,842 88,505 90,308 98,100 109,660 0
Public 7,730 7,761 7,769 7,243 7,210 8,822 8,984 9,312

Investment 12,579 13,527 14,590 21,243 23,426 28,765 35,843 43,996


Fixed capital formation 11,692 12,539 13,270 18,349 20,400 24,327 31,729 40,690
1. Private (8,705) (9,148) (8,938) (14,100) (16,306) (18,024) (22,844) (31,425)
2. Public (2,987) (3,391) (4,332) (4,249) (4,094) (6,303) (8,885) (9,265)
Changes in inventories 887 988 1,320 2,894 3,026 4,438 4,114 3,306

Gross domestic savings 11,581 11,135 14,520 22,051 21,523 22,957 27.522 34,835
Factor service income /1 -1,375 -1,396 -1,413 -1,174 -1,092 -1,100 -1,478 -1,348
Net transfers/l 724 1,073 817 666 334 1,157 414 105

Gross national savings 10,930 812 13,924 20,765 23,014 26,458

Gross national product 86,916 90,764 95,486 103,325 112,059 117,740 126,294 141,510

/1 Deflated by the import price index.

Sources: Central Bank and mission estimates.


Table 2.7: PARAGUAY - Sources and Uses of Resources, 1970-77

as percent of Real GDP (1972 = 100)

As Percent of Real GDP (1972 = 100) Percent Change (%)


1970 1971 1972 1973 1974 1975 1976 1977 1970-75 1972-77 1976-77

GDP at market prices 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 6.1 8.1 11.8
Terms of trade adjustment - 0.5 - 3.5 3.6 2.7 5.4 7.7
Gross domestic income 100.0 100.5 100.0 103.5 103.6 102.7 105.4 107.7 6.7 9.7 14.3

Resource gap 1.1 2.6 0.1 -0.8 1.7 4.9 6.5 6.4 . .
Imports, goods and nfs 15.2 16.1 13.9 15.9 17.5 18.8 22.7 25.3 10.8 22.0 24.8
Exports, goods and nfs 14.0 13.1 13.8 13.2 12.2 11.2 10.8 11.3 1.4 3.8 16.3
Exports (capacity to import) 14.0 13.5 13.8 16.7 15.8 13.9 16.2 18.9 5.9 15.2 30.8

Available resources 101.1 103.1 100.1 102.7 105.3 107.6 111.9 114.1 7.5 10.9 14.0

ConsumPtion 86.9 88.4 85.0 82.4 84.6 83.4 83.8 83.3 5.3 7.6 11.1
Private 78.1 80.0 77.0 75.5 78.2 76.0 76.8 76.8 5.5 8.0 11.8
Public 8.8 8.4 8.0 6.9 6.4 7.4 7.0 6.5 2.7 3.7 3.7

Investment 14.2 14.7 15.1 20.3 20.7 24.2 28.0 30.8 18.0 24.0 22.8
Fixed capital formation 13.2 13.6 13.7 17.5 18.0 20.5 24.8 28.5 16.2 25.0 28.2
Private (9.8) (9.9) (9.2) (13.5) (14.4) (15.2) (17.9) (22.0) (15.7) (29.0) (37.6)
Public (3.4) (3,7) (4.5) (4.0) (3.6) (5.3) (6.9) (6.5) (16.1) (16.4) (4.3)
Changes in inventories 1.0 1.1 1.4 2.8 2.7 3.7 3.2 2.3 38.0 20.0 -19.6

Gross domestic savings 13.1 12.1 15.0 21.1 19.0 19.3 21.5 24.4 14.7 19.1 26.6
Factor service income -1.6 -1.5 -1.5 -1.1 -1.0 -0.9 -1.2 -0.9 .
Net transfers 0.8 1.2 0.8 0.6 0.3 1.0 0.3 0.1 .

Gross national savings 12.4 11.7 14.3 20.6 18.4 19.4 20.7 23.5 16.1 19.2 27.0

Gross national product 98.4 98.5 98.5 98.9 99.0 99.1 98.8 99.1 6.3 8.2 12.1

Source: Table 2.6.


Table 2.8: Paraguay - National Income and Product at Current Prices, 1962, 1965, 1970-77

(in millions of guiaranies)

1962 1965 1970 1971 1972 1973 1974 197S 1976 1977

Wages and salaries 15,983.0 19,977.4 25,770.0 30,420.0 35,370.2 41,320.0 58,590,0 65,260.0 76,670.0 91,600.0

Income from businesses of families/


and unincorporated enterprises - 23,294.1 27,768.9 35,981.7 39.668.2 46,280.4 66,504.0 89,034,3 100,479.4 104,603.0 123,188.0

Undistributed profits 65.3 216.7 250.7 230.0 520.0 680.0 1,660.0 2,700.0 2,900.0 4,030.0 o

Direct taxes . 337.8 483.3 800.8 861.8 925.8 1,009.0 1,093.9 1,471.0 1,876.0 2,441.0

Income of public enterprises 313.8 502.7 955.9 937.1 973.1 1,029.0 1,233.4 1,428.5 1,809.0 2,946.0

Interest on domestic public debt 148.3 - 246.5 - 101.6 86.4 - 218.1 - 123.0 - 82.1 - 115.4 - 110.0 - 54.0

National income 39,845.7 48.702.5 63.657.5 72,030.7 83,851.4 110,419.0 151,529.5 171,223.5 187.748.0 224.151.0

NDP at factor cost 40,107.3 49,312.3 65,473.5 73,660.7 85,801.4 1129539.0 153,556 9 172,7599S 191,218.0 228,721.0

Net factor Service income - 261.6 - 609.8 - 1,816.0 - 1,630.0 - 1,950.0 - 2,120.0 - 2.027 0 - 1.936 0 - 3,470.0 - 4,570.0

NNP at factor cost 39.845.7 48.702.5 63,657.5 72,030.7 83,851.4 110.419 0 151529 5 171,223.5 187.748.0 224,151.0

/I Residual.

/2 Income tax and fiscal supervision of private enterprises with limited liabilities.

Source: Central Bank.


- 63 -

Table 3.1: PARAGUAY - BALANCE OF PAYMENTS, 1970-77

(millionsof US$)

1970 1971 1972 1973 1974 1975 1976 1977

Merchandiseexports, FOB 65.3 66.4 85.5 127.0 173.0 176.4 182.3 279.4
Merchandise imports, FOB 76.6 83.0 73.7 122.3 198.3 227.3 236.3 360.1
Trade balance -11.3 -16.6 6.8 4.7 -25.3 -50.9 -54.0 -80.7

Non-factorservice receipts 24.1 22.6 20.0 23.4 32.9 33.6 29.7 53.1
Freight and insurance 2.6 1.6 1.3 1.4 1.6 2.3 1.8 2.4
Travel 14.2 14.7 11.1 12.8 12.1 10.3 14.0 35.4
Otlherservices 7.3 6.3 7.6 9.2 19.2 21.0 13.9 15.3

Non-factor service payments 24.5 26.1 27.4 33.8 53,0 73.0 70.0 91.4
Freight and insurance 9.0 10.6 10.4 15.1 26.6 31.8 31.0 44.0
Travel 5.1 5.9 7.8 10.0 10.1 11.8 12.8 16.5
Other 10.4 9.6 9.2 8.7 16.3 29.4 26.2 30.9

8oods and non-factor service balance -11.7 -20.1 -0.6 -5.7 -45.4 -90.3 -94.3 -119.0

Net factor payments -9.9 -10,0 -11.2 -10.0 -12.7 -13.3 -15.1 -15.6
o.w. Interest (-7.4) (-7.6) (-8.8) '-8.2) (-10.8) (-11.9) (-14.0) (-14.0)

Net unreguitted transfers 5.2 7.7 6.5 5.7 3.9 14.0 4.2 1.2
Private 2.0 3.9 2.4 2.0 0.4 9.3 0.3 -0.6
Public 3.2 3.8 4.1 3.7 3.5 4.7 3.9 1.8

Current account balance -16.4 -22.4 -5.3 -10.0 -54.2 -89.6 -105.2 -133.4

Direct investment 3.8 8.0 2.9 9.2 20.7 14.2 11.4 17.0

Private long-term loans (net), 7.6 8.4 10.0 10.7 18.0 38.7 32.5 35.0
Disbursement 7.6 9.1 10.4 11.8 24.7 49.6 96.1 100.0
Amortization - 0.7 0.4 1.1 6.7 10.9 63.6 65.0

Itaipu Binational(net) - - - - 1.5 43.0 71.9 142.9


Disbursement - - - - 1.5 43.0 71.9 142.9
Amortization - - - - - -

Yacireta Binational net - - - - - 2.6 4.8 6.1


Disbursement - - - - - 2.6 4.8 6.1
Amortization - - - - - - - -

Public long-term loans (net) 7.4 9.5 7.5 9.7 14.2 27.9 47.0 90.5
Disbursement 14.5 17.8 16.3 19.2.8 24.7 418 58.7 106.6
Central government /1 (4.9) (8.7) (5.4) (9.5) (5.5) (23.1) (44.2) (34.6)
Municipalities (-) (-) (-) (0.2) (0.3) (0.5) (1.0) (0.4)
Official banks (7.9) (3.8) (7.6) (3.3) (12.0) (12.3) (7.6) (6.5)
Public corporations (i.7) (5.3) (3.3) (6.8) (6.9) (5.9) (5.9) (65.1)
Amortization 7.1 8.3 3.8 10.1 10.5 13.9 11.7 15.1
Central _overnment (3.4) (3.4) (3.4) (3.5) (4.3) (4.8) (4.1) (7.2)
Municipalities (0.2) (0.2) (0.2) (-) (-) (-) (-) (-)
Official banks (2.4) (1.9) (2.8) (3.8) (4.1) (5.6) (4.2) (4.3)
Public coc?o-ations (1.1) (2.8) (2.4) (2.8) (2.1) (3.5) (3.4) (4.6)
Holdings of Guaranies -0.5 0.7 1.4 -1.1 0.9 -2.7 -3.9 1.7

SDR allocations 2.5 2.0 2.2 - - - - -

Errors and omissions 4.1 -3.3 -8.3 4.1 29.2 -5.1 -18.5 -51.5

Change in net reserves (-increase) -8.5 -2.9 -10.4 -22.6 -30.3 -29.0 -40.0 -108.3
Central bank -5.0 -0.9 -8.2 -21.2 -30.3 -28.7 -38.5 -107.4
Assets (-4.3) (-0.8) (-8.1) (-24.3) (-29.9) (-28.5) (-41.3) (-108.9)
Liabilities (-0.7) (-0.1) (-0.1) (3.1) (-0.4) (-0.2) (2.8) (1.5)
Rest of banking system -3.5 -2.0 -2.2 -1.4 - -0.3 -0.5 -0.9

/1 Includes public debt repayable in local currency.


Sources: Central Bank and World Bank estimates.
_64-
Tbl 3.2: P7R6021T- S80C8A0119 MLPT3, 1967-77 P.g1
(V7.1-:000 (FO7B)1:VOoln ton.)

1967 1968 1969 1970 1971 1972 1973 1974 1975 197b 197

1. Woo Wodooto 7O30 7 982 11653 12.333 10.288a IJ L,783f_ 24,696 go67 12.135 J9J,4j
vl. 7-630 7,882 11.,55 123533 9 . 24,696 12,135 19,912
Vol- 201.273 181,290 197,435 1121936 149.594 103,325 114.625 151,723 116,146 75.452 113.327

1. L..11 -
186,099 5,435 6.248 6,479 4,337 796
VolU0,267 148.3 137,371 130.236 88,410 14,630
M3$lgQ 33.81 36.51 45.48 49.75 49.06 53.67

2. Lu.or 22,184 9.230 15.001


V"lu
1,428 2.156 4,556 4,994 4.770 7,223 9,786 21,213
Volq. 20,471 31.124 56,347 58,457 56,818 83,829 107.431 142,773 107,012 67.308 100.969
Us1/ton 69.76 69.27 S0.96 65.43 83.95 86.16 91.07 148.58 207.30 135.65 156.49

5. Mmnfoctnred
1,060 1.181 1,486 1.997 3,483 5,688 3.005 4,111
3 .1.. 103 291 851
Volo 435 1,323 3,717 4,243 4,366 4,666 7.374 9,940 9,736 8,144 12,358
s5/ton 236.78 219.95 228.95 249.82 270.50 318.47 270.82 389.60 584.Z2 368.98 132.06

11. *iv-tto-k urodoto -i1.01) Z0.012 16.267 13.970 17,990 23.003 34.349 45,720 40.485 34,688 24,563 28.130
1. BS.f
SoloS L7.146 13,568 11,372 15.333 20,890 30,003 40,880 35,172 32,149 21.20. 22.171
alum. 27.693 18,879 10,348 25,786 27,851 38,920 42,274 21,293 22,019 13.86 9.0d97

01 2ann.d mVtz
ouo 1 74 10 900 8,907 9t
a,930 10,964 l2,193 153623 17,518 23,743 13. d5 15
9 0
15.113 13,883 12,550 11.031 10,621 12,395 9,312 105,277 6.o93 .o38
Solv_. 21,947

lotuS 13.454 10,827 8.202 7,020 9,324 10.750 14,179 16,479 23,149 13.121 14.;73
31lg_ 21,921 13.012 13,055 11,146 9,651 9.399 11,221 7,952 14,665 6.273 9.249
CSS/Coe 613.75 721.22 628.27 705.02 966.12 1,143.74 1.263,61 2,098.70 1,578.52 1.3L6.00 1,175.63
ii) lobod b..f
972 594 b12 t27
"I,
5
U /tot
Solon.
-
-
73
60~
722.77
~ ~~~~
520
584
890.41
~~~~~~
745
1,01
735.44
1.308
~~1
1,104
1,182.4
1,204
960
1,254.17
1,147
06
1,298.98
03
1,611.94
412
L4,1.35
376
1,419.05
389
1.611.83
ii) Ctb-r

;oig
-t-od

_6
L ~~ ~ ~ ~ ~ 3
bSof
-185
244
355722
i74
431
239
262
297
291
07
37
5
42
-
-
L-,3S:on '69,23 - 758.20 923.67 946. 72 912.21 1,020.62 1,175.44 - 1.23d.10 -
b) FrottoOtt
Volt. 77 12 784 4,691 7,523 15.537 21,390 11.278 5,707 2.052 3.790
166 22 1,795 9,364 12,128 19,242 20.317 7.243 4,291 1.602 2.*97
Volumo
1ss/ton 463.96 345.45 436.77 490.49 605.33 807.45 1.052.81 1,556.66 1,395.01 1,2S0.90 L.i55.02

1.926 1,204 2,776 4,983 1,849 4.252 2.037


'!1:IV

251stot
Aolo
2,945
~~~~
4,376.92
506 ~~~6301,153
~~~~ 1,241
2,226
4.399.16
4,399.21
286
4,302.24
28843
4,387.24
276
4.362,32
500
5,552.00
421
11.836.10
131
12,238.41
409
11,396.09
4211
4.30,48
d) Boot b-pro-duos.
210. 750 430 40 539 547 1,066 1.091 1,9 51 1.117 1,144
4.930 5,236 2,43S 3.404 5,953 8,781 9,060 5.115 2,700 3.162 436
lolomo
152.13 132.80 184.72 144.22 138.38 121.74 120.39 272,34 215.09 351.04 709.13
265/tot
0
2. or.o moot
Soloo 992 1.401 1,139 840 381 431 763 456 200 Z63 98
Solom 3,649 5,022 3,776 2.394 1.230 1,355 1.027 672 264 439 164
VW5/too 271.86 240.64 301.64 323.82 309.76 322.51 417.62 678.57 757.58 199.09 197.51

5. Odo.e o,td 06mn


.alu
1,451 1.283 1,210 1,619 1,517 3.663 3,909 4,434 1,97S 2,743 5,105
7,936 7,722 7,08d 9,638 0,324 1.0631 9,356 0,364 7,723 S.461 4.064
bolumo
cr55,o- 152.29 140.25 170.71 187.43 182.24 344.56 417.81 536.11 256. .2 02.29 799.31

-. Otnor mot prodooto


lob- .23 215 249 198 213 246 168 2713 361 751 256
%,olo. 965 400 733 504 497 344 591 1,280 058 1,300 1.211
S5, ton, .38.34 537.50 339.70 339.04 430.60 290.78 204.26 345.37 420.75 331.00 35035

211-. Aortcult-sal td-ooto /v30109 19.567 Q..!Q 23,994 3222 30,271 40,321 67 193 98,347 106.060 138,925 225935
- ______
7 6.ot- 11,440 22,017 14.692 13.a58
Solo. 3,370 ..323 5,623 5,765 4.766 6,6d2 7,457
VDIV. |11,562 17,30 19,630 19,344 16,069 21.451 17,524 24,0 2424,959 27,456 22.349
USIS/to 291.47 301.39 286.26 298.03 296.60 311.50 461.53 475.38 401.47 535.11 611.15
2. Cottot
slolo 2,292 1,395 3,206 4,049 834 3,813 11 o22 16,500 20,107 34,610 30,487
Vo,om. 6,271 4,450 61539 11,216 2,007 7,593 18,606 17,465 26,323 32,639 38.i3
U98no 365,49 313.48 374,38 390.91 288.88 393.44 624.64 944.75 '58.24 1,260.42 1,368.52
3. S.rbo. ond oth6r-l.o.
Solo. 523 1.110 913 1,475 1,844 4,983 12,155 22,372 18,092 34,141 58.828
voL 6,748 13 11,66 17.09827 22,237 54,130 59,256 121,244 111,793 219,691 233649
_15/tom 77.50 9.73 79,25 83 92.06 302.83 168 120.79 155.40 231.91
-S65

Table 3.2: P'49060 - Mfl0CHAN91DSE 9E3TS, 1997.7


1e9e6 377
("a.Ie: 000 r33 1F085) Volume: eons)

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977

4. Vegetable.
V.lu. 98 263 173 257 1,053 375 461 2,030 4,432 1.251 1,469
VOlu3 1,093 Z,11 1,501 2,910 6,382 3,900 3,750 9,910 35,790 4,806 3,334
0S$/9/o 80.51 93.56 115.26 91.46 363.0 96.15 12.93 206.93 13 0.1 20 30 415.06
5. Fretb -it.3s
Value 187 127 106 72 322 203 109 616 304 431 344
VOlume 4,264 2.357 1,660 1.081 3,253 3,576 1,723 4.436 2,074 1.8,4 1,776
US1/ton 43.86 53.88 63.96 66.24 90.63 57.90 63.26 138.86 279.75 224.63 238.42
6. Canned frgit
Value 207 440 240 583 678 584 1,026 1,141 1,483 *93 1,054
Volume 339 1,141 674 1,863 2,412 2.219 3,792 2,739 1,943 1,743 1,626
U11/eon 3S4.04 385.63 356.08 312.94 261.39 263.30 270.57 417.18 604.67 760.31 64. 22
7. Cofefee
Value 1,456 1,895 954 961 1,314 3.117 2,061 3,686 6.718 '.SIO 10.092
volume 2,395 2,576 1,717 1,269 1,473 4,130 2.943 4,235 3,935 3,539 1.864
/o 611.32 639.44 625.67 694.25
694.23 6883
699.39 1
751.09 3
735.98 0
790.31 1,4
1,406.387 399.
8. Vegetable oils
Vulue 43570 4 320 4,574 6,992 9,106 5,699 6,611 13,353 17.612 17,321 29.397
Volu2 37,20675 31,60 19,946 22,269 32,139 38,943 21,939 29,497 33,429 30.r 28, 9O0
18:47vn31
s~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~12i9 :41

'else 2,930 2,235 2,421 327 3,745 3,93 1,939 6,495 4,683 l7,173 21,935
EoVIne 14,396 12,940 11,303 12,366 10,33 31,511 6,053 14,041 117057 lb .127 13534l
/ton 373203.67 172.72 220703 350.28 213.60 146.34 291.21 462.57 .23.53 -33.4 1,387.75

1,326 2 ,96 3,077 2,366 3,244 57.96


3 4,388 4.485 3,363
5,229 9,O79 d,640 10.4d9 12,797 7,134 11,632 12,5 7 7.141 10,333 12300d
157/too 201.CS 393.37 208.72 277.33 323.37 333.D5 23941 44:.;6 .23.21 449 4' 177 '3
c loon oent
'aloe . 64 _ 416 195 134 1,266 907 17 133 157
'Volu=e - 303 - 1,309 5a8 279 3,442 1,452 93 220 711
715con _ 251.22 - 344.37 393.963 333.36 367,91 012.31 1,042.33 6364.33 -20.18

lnlue 14 146 25 143 349 133 163 353 1.442 2.012 1,392
'IVolme7 61 533 173 303 1,311 347 199 427 2,239 93,51 2.113
709/Ion 229.31 271,38 243.72 294.29 266.21 3702.59 62.43 940.u9 044.33 127.35 624.49
8. Pelle ond .epelln2e
Salon 3553 979 1,371 2,934 3,036 3,353 11,276 1,964 5,147 3.03S 1.277
Volu9m3 12,893 37,455 32,745 59,673 53,020 67,442 61,327 77,432 71,709 36.913 b6,96
'SI/,oo "2.50 32.L7 39.73 47.49 77.07 55.47 138.31 84.55 71.76 02.37 770.7
lO. PetIt Irate at
V,lue 1,337 1,526 1,392 1,797 1,932 7,029 5,97d 3,342 2,332 3.592 '.910
334 391 396 449 424 357 495 267 '7S 497 317
.SS/c:: 4,302.99 4,045.25 4,020.20 4,011.16 4,536.60 5,?94.29 11,974.75 20,756.55 9,S2.,73 7,227.36 7,3SO32
11. PeopeemunO uol
Value 20 17 56 91 208 744 1,471 2,324 7,353 7.420 3.o69
'Vo:lume3 3 ' 13 22 39 ;60 2992 21 322 008 036
1Sl'oo 6,666.67 ,250.00 4,307.69 4,136.3t 5,333.33 4,C50.00 3,737,67 11,014.22 13,311.49 5.171.91 17,133.70
12. 3ther- o9Ils Cae3ttnl
'ul..e 126 133 101 158 175 133 313 375 177 197 792
0014cc 134 111 63 164 117 164 199 163 42 136 l'7
V10'eon :,311.34 1,108.20 1,016.97 763.41 14895.73 1,427.73 1,606.00 3,096.L6 4,214.Z9 2,30.02 3,387.,4
'3. '.e6renho ust-t
Value 1,965 2.334 1,914 1,961 2,214 2,399 2.435 377 2,343 1.e77 '.S24
Vo:lune3 16,913 17,426 16,119 14,495 15,241 16,734 16,354 5,719 12 665 15.110 14,997
255/Ion 9IL.06 117.7 119.74 133, 145.27 149.23 149.81 165.07 200.79 243.35 352.34
14. Canoed palelen
Velue 1,901 2,057 2,625 4,117 3.215 3.bll 2,079 2,488 3,121 1,417 l.o63
VoItnolre 389S0 4,621 5,64 9.333 6,195 6.55 3,607 3,370 2,464 1,235 1.121
051/ton 473.64 445.14 461.82 493.22 516.97 559.41 576.38 735.29 1,266.64 7,143.n6 1,493.17
15. o-rn
Vallue 193 99 1 635 419 23 216 415 572 1.103
' olune 9,430 3,329 19 23,201 15,439 862 3,241 44,367 5,83 12,770 _
OS/'ton 30.31 Z9.44 52.63 27.29 27.d7 26.68 06.65 90.61 98.37 100.42 -
16. 2tteo ceoenaL
Val1ue 2 3 1 41 152 26 41 467 63 294 102
Volu=e 10 90 33 1,858 2,134 192 362 2,7320 10 1,458 5,105
'176 Oo 65.47 37.50 33.33 22.07 71.23 135.42 72.95 171.69 423.30 271.63 l32.30
l7. u3,ae
Ialu_

110/eon
/uluna
37
.3
t66.67
72
401
179,55
26
332
75.31
32
1~~
211.92
~ ~~~~ ~~~~~~~~~~~~~~
146
962 ~~~~~~~~~51
151.77
2,142
2,43
168.79
1,349
'980
170.96
18,10
20,430
501.74
6,815
.3734
196.31
1.2163
175~
332.5 -9
6

l3. Verbe oate


Value b35 615 586 910 103 311 63 227 269 503 823
Volume 4,971 5,309 5,877 5,330 1,063 2,929 574 1,490 o79 1, 340 1,09
L'5S/tue 27.74 115.04 96.16 95.68 96.90 106.22 109.76 152.35 396.17 '373 .12.4
Table 3.2: PARACUAY MERCHANDISE EXPORTS, 1967-77 Va6e * ci 3

(Value: 000 USS (FOB); VoluIme: tons)

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977

IV. Cement - - 116 318 476 268 124 1,036 647 - -


Value - - 116 318 476 268 124 1;036 647 -
Volume - 4,625 16,580 28,776 16,040 8,195 28,74(0 16,757 -
US$/ton - - 25.08 19.18 16.54 16,71 15.13 36.05 38.61 - -

V. Others 1.052 1,298 1.217 987 1.106 1,744 2.108 5.242 6.933 6.211 4.914
I Palms
Value 85 117 68 108 122 90 38 48 133 23 104
Volume 2,110 2,345 1,526 2,369 2,716 2,000 768 970 1,556 300 1,205
US$/ton 40.28 49.89 44 56 45.59 44,92 45.00 49.48 49.48 85.48 76.t- 86.31
2. Skies of wild animals
Value 536 742 814 516 213 226 259 793 1,063 382 923
Volume 146 178 130 114 83 96 117 156 35 71 69
US$/ton 3,671.23 4,168.54 6,261.54 4,526.32 2,566,27 2,333A33 2,213.68 3,984.92 6,814.10 5,380.20 13,376.89
3. Silkworm cacoons
Value - - - - 128 357 841 965 1,082 1,463 866
Volume - - - - 33 80 116 125 141 126 72 o
US$/ton - - - - 3,878.9 4,462.5(0 7,250.00 7,722.00 7,673.76 11,611.11 12,027.-9
4. Others
Value 431 439 335 363 703 1,073 970 3,436 4,655 4,343 3,021

Total fforo valoe 48.261 47.574 50,952 64.070 65.204 86.187 126.928 169,806 176,711 2 1478.891
4
Balance of payment aljustme-ts 2,139 2,426 4,248 1,230 8,796 22,613 28,()72 36,094 51,989 68.466 123,009

Total merchandise exports 50.400 SO.OOO 55,200 65.300 74.000 108.80(1 ISS.OO 205.900 228,700 250,300 401.900

Non-factor services 11,600 17,500 22,800 24,000 22,600 2(),00() 23,50(0 32,900 35,000 37.300 42,700

Total exports & nfE 62.000 67,500 78.000 89.300 96_600 128.800 178.500 238,800 263,70 287.600 444.600

1/ Starting 1973, export of legs is prohibited under Decree 24.489 of Feb. 18, 1972
2/ Estimate includes canned fruits.
3/ Estimate of total essential oils.
4/ Estimate of imported exports and undervaluated transactions.

Sources: Central Bank; IMF; and mission estimates.


.310-30-300o0 4 -0 -2-0-3-0-2--- - --

a. .3 OF. -30- - -230


- -

00000.000,000'- 3,0 000 0.40.......022 2


0000002.0.3 000 ~~282.."004O'I0
g 000000] OOf :~

p -AI, T ---- I2F- -- -- --

1400000.10.020040.040 10

0 010000000
000 0000000000000000 0000 1 00~0
. 68,

7.bl. 3.2b 7APRAGUA - 00tC068A7NDSEE6 TS i COiSTi0 r PRICES, 1967-77

(In cho.suo4 of 1971 U5)

1967 1968 1969 1970 1975 1972 1973 1974 1975 1976 19'7
8
1.W4 Products 11,582.o 110.3 13.411.4 13,377.8 i11030. 9.!05.0 11.606.4 15,148.4 12,320.d ,392.9 12.635. 2
1. Logs 9680.3 7,988.4 7,372.7 6,989.8 4,745.0 '96.0 -
2 Lumber 1,763.8 2,681.6 4,854.9 5,036.7 4,899.4 7,223.b 9,258.0 12,301.3 9,220.2 5,799.3 8,699.7
3. 'laefaoeors7d 138.5 421.3 1,187.8 2,371.3 7,390.4 1,486.7 2,348.4 2,947.1 3,100.6 2,593.6 7,875.7
9
1L.i-.etok roodues- 2.flLA 24.570.5 2278.6 27.654.d 28,515.8 34.,349.0 372.81.0 1,510.7 241575. 15U753.7 18620.
1. 3..f 2, 669.3 19,915.3 18,873.7 23,672.1 25,106.5 30,003.0 33,896.2 18,798.. 2'1,8.3 13,439.7 13,896 1
a) Cuensd mao 27,095.6 17,296.7 19,d68.3 14,366.1 12,677.2 12,197.0 14,206.5 9,788.9 17,289.6 9,974.6 11,266.4
I) Coreed boaf (25,071.9) (17,169.8) (14,931.3) (12.702,4) (113038.1) (10,750.0) (12,633.9) (8,980.6) (16,772.9) (9,462.2) (10,578.5)
il) cubed bout _ )126.7)
( (732.a) (1,2) (1, (1,3i7.1) (1,204.0) (1,107.4) (758.7) (516.7) (474.1) (487.9)
ii) 00t9r canoed best (23.7) ( - ) (222.6) (393.21 (249.9) (239.0) (265.5) (52.0) - (38.3) )

b) yroaes mo U4134.0 (7.6 1,449.4 7,722.5 10,035.0 15,537.0 16,405.0 5,650.0 3,353.3 1,297.) 7,256.4
o3 .aas retract 2,83953 2,207.3 .247.,6 1,169.1 1,915.1 1,204.0 2,181.2 1,856.7 958.7 (9784.2 1,038.
d) teed by-prodoots 600.2 394.2 290.0 414.4 481.2 1,069.0 1,107.2 627.7 328.7 387.4 '34.6

2. Ores. seat 1,176.8 1,877.7 1,217.98 36.6 396.7 437.0 589.2 216.7 65.1 141.6 52.9
3. 91d . aud skin. 2,735.1 2,660.7 2,442.2 29.76.3 2,868,1 3,663.0 3.223.7 2,061.9 2,661.0 (.6dl.6 1,375.4
.. Other ost products 280.6 116.3 213.: 169.0 144.5 146.0 177.9 314.1 249.5 290.6 295.7
2
771. dorico lir products
-l 1Z,196.2 ZLZ7L.L7 28,207.6 352.L86.& 30,915,0 40.321.0 45.027.Z 52.6Z2. 58.314.5 72,010.0 !2Ž9558
1. Soecco 3,601.6 ,t64.7 161,1.0 6,325.7 5,305 6,682.7 5,458.7 7,493.1 7,774.7 3,5;Z.) j,961.4
2. Cotton) 3,150.8 2,235.9 4,00.4 5,635.4 ,450.5 3,615.0 9,348.4 8,775.1 72924.6 16.398,6 29150.3
3. So-bes. and other s.eds 021.2 1,250.3 1,574.1 1.574.0 2,347.1 4,983.0 05,16.6 11,161.7 10 291.1 20 221,0 23.502.8
4.etablss 105.1 270,3 144.3 270.2 613.6 375.0 360.6 943.2 3,441.2 462,1 339.d
5. Fresh fruits 246.9 136.3 96,1 62.7 205.7 203.0 99.8 256.9 166.4) 100.) q7.2
6. Canned fruit 141,9 300.4 177.5 490,q 645.1 584.0 998.4 720.1 460.3) 074.9 418.
CofOrs 1,791.3 2,161.6 1,139.4 953.1 1,106.3 3,117.3 2,135.3 3,0323. 4,457.7 .673.1 1403.8
3. oils
iegstuile 4,197,9 4,6542 4.565.6 5,546.2 7,400,8 5,695.0 6,212.8 6,664.7 4,617.2 6,924.0 6,398.1
a) Tn a (2,105.21 (1.899.61 (1,610.2) (1,473.5) (2,565.6) (5,090.3) 1975.89) '2,754.9; .1 419.17 036420.39 10710.2I
9
b) Cocos 72,274.2) (2,690.7) (2,944.2) (3,493.4) (4,258,71 (2,366.0) (3.600.7) 74,176.9) (0,345.31 7,331.1l 7,335.2)
:1 hoyt loans ( _ 7(107.2) ( - ) (427.1) (1(9,6) (174.0) '1.017.3) (524.0) (72.9) (-.67 '(, 11
.) _thser_16,3) (160.6) (31.0) 7105.Z) (396.7) (105.01 157.2) (2 67.21 : 15i4.7i 6b9 6
9. Pslisisoroesrellers 715.4) 1,686.2 1,166,4 7,309.9 2.941,0 3,353.0 4,5223 3,908.3 3,977.7 45.22 4,625.1
13. PetIt ar-cn oil 1,955.7 2,207.6 2,294.3 0,595.0 2,456.8 2,326.0 2,668.2 1,347.1 2,510.6 2,979.9 12Z.
11. Psppermint oil 14.0 lS.6 40.5 201,3 181.4 744.0 1,757.6 96i.2 2,421.3 4,232 2 3,960.4
12. 3ther essental ols 147.0 257,7 127.7 033.0 166,2 233.0 066,5 231,6 (9.7 Il.o 252.9
13. Ooe6ruohosoorect 2,509.3 2,600.0 2,405.6 2.161.9 2,274.7 2,396.0 2,396.3 778,0 1090.2 20.25.2 2,2539.
4. Coon-d paleito 2,226.5 2,585.0 3,179.7 4,661.6 3.465,5 3,611.0 2.017,8 1,605.52 ,378.4 S9901 '27.1
15. Cor 251.6 96.6 0.5 621.1 401.2 Z3.0 66.5 122.2
2 l55.2 720.2
76. OStoe oersulo 4,0 l0.8 4.3 251.6 289.0 26.0 76.1 768.3 . 22.3 161.9
(7. Soqar 7.6 67.4 55.a 25.4 161.7 2,140.3 2.326.2 3,386.7 0,308.5 137 0 16.3
18. b uns 520.0 563.9 62663.9
634.1 566.2 11.9 311,0 61,0 158.3 '2.1 143.2 211.8

-. Csrse=e _ _77.3 273.1 480,3 268.0 136.9 460.2 30.0

. _____ 1 013 1 1,398,8 9 01.3 910.0 1,241.4 1,744,0 1.3560.5 2941,6 3,675.1 3,1122. 1,793,1
(ales
1. 95.0 105,0 od.7 l06.6 IZ2.2 90.0 34.6 43.7 70.20 153 (4.0
2. 5kins od olid -noule 340.7 415.3 30.31 266.3 193.7 24.0 275.0 464.3 3.4.0 767. 761.9

1. 9Llk orc onoLne . . 147.3 257.7 517.7 557.8 629.2 (42. 3Z3
4. JOhe-s 904.4 578.0 429.0 437.4 '78.2 1,J73.0 735,2 1,8i5.8 2,611,) 2.371.0 2,254

.7tel- foro -sle 67,676.7 6633.3 695'430 77 206.5 7Z.183.d 96,1S7,0 96 012.0 92,703.1 98s8664 99.269.1 L16AO0.2

Buloons of Pa.-enn adO -st 2,999.6


2nr 3,193.9 5,439.5 1,462.2 9,737.6 22,613.0 21,278.7 19,703.9 29,457., 37,377.3 (1,14;.4
4
T*tal eero*7diss so-orts 70,676.3 65.8Z72Z 70.683. 78668d.7 81,921.4 108,800.0 117.490.7 112,407.0 1t2g324.2 136,b46.9 16719.

4-o.taonr seroLc.s- l4,801.6 22,453.1 28,751.6 27,7456 24,600.0 20,000.0 19,817.3 22,667.6 21,061.5 21.235 1 22,159.3

Ton st4orne6 ._f d5.477.9 8d.280 3 .ud.835. 3 06.4343 ,,52i .,9 728.800,0 137,378,7 135.074.6 149.3857 1, 189,32 .9

J.rl-ted by Aforo pror -ndro.


2 D2sfl-ted by "Inot Onoal price Lost (roe o 7di-y prci fo0recoso, Say 77, 1976.

oo-...a: (trt-i took: 1 .


- 69 -

TsbI 3.3: PALAGU0AY0 00lCfDIlY IWORS (8FOS) 1}67-77

(to thoo.-uOd of 399)

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977

7.278.3 7 932.4 6.700.6 6.258,6 5,687.1 5.566.1 5263.7 14.420.1 8,808.2 14,097. 6 t2651.0
F7d
5,621.2 927. 5 4,35. 4,301.,1 3,6644 3547 3.28993 2
10,721 Z841 98289
Wiset
Insolets
salt 2~~~~
1240.3
~ 5,~~~~~~~48.0
518. 5
191.21
523.'9 333.3
182.3 64.6
3526.7
76.2
421. 8
63.6
442. 5
54.4
479. 6
203 2
75896
297.6
7 '3
432.0
996.9
905.7
Htld- 368.1 514.7 655.2 594.3 533.1 742.3 529.5 223.1 409.4 67.9 256.3
68116c90.7
productS 980.6 1,233.8 985.3 1,056.8 603.7 948.2 2,793.0 3,250.9 3.781.5 S.051,4

0th copercos7.007,3 1004, 14A~.40. 14.080,


6 16.033,2 14,427.9 16.393,
6 53,609.
6 3958. 33,407.
2 497056.1I
Othsr
30s
etes 629.2 1,142. 2.46 ,7 2 7993 5 3 31. i 3,719 0 4,793.4 7,38. 13 322.5 81 101 4 2,201
Ct 31.2 2,052.0 ,894.5 3,7346 5,606 2,39 7. 3 2 6675. 3,7393.7) 4,7949 3,036.2 (3 9.0
218 8r..re 1 10.77 2,046.1) 14,967.6) 13,725.27 3,660) 12375)1
0.650,41 347743)
,0.1 :3741.1 (7.2862
Oh- t.bot..o products ( 20.5) S 5.91 ( 6.9) ( 9.6) 1 20.6) ( 25.0) I 24.6) ( 225.4) 1 75.3) 94.1) (152.9
179.2 294.9 110,1 150.4 197.1 252.4 534.7 I,573.7 398.5 8,156.2 1,162.6
.7ritiog paper
129.2 Z77,2 168.0 25. 338.3 353.6 6 15 Z21,3 243.2 254.4 221.8
took.. elasgesOeS, etc.
.-. ch.s.. 52.4 71. 144.9 46,) 64.5 123.2 203.6
El .cricil ppllsoc.e 1,293,6 1,583.3 1.101,9 1,357.7 2.163,8 3,715.0 3,371.7 6,663.9 7,619.7 48,31.2 63,49.3
poh _tZ-cu cl produc- 2,523.6 2.788.2 3,196.7 3,494,9 4,198.2 3.375.8 4,693.6 10,132.0 9,738.1 9,957 1 12.534
ClohI nd ...cces.or.es 2,148.6 2,055.6 2,352.7 2,254.1 1,859.7 1,291.4 1,974.39 3,774.3 3,020. 3,470.9 S.888.2
wool 120.71 114.2) 1 213.9) ( 224.4) 193.9) ( 169.4) 689.7) ( 57.91 1 49.31 (bo 62.71
1.36d.8) ( 1,207.7) 1 634.7) I 1,561.7) 1 2,922.77 1 2,489.1 (2,342.5) 14544.41
3tL° 1 1,632.3) ( 1,S69.01 1 1.327.8) 1
Arptll-ra* 1 205.4) ( 237.4) ( 386.9) 1 295.8) 277,1) 1 326.8> ( 193.1) ( 37.31 I 9.5) 980.57 1136.81
1 190.5) 1 216.0) ( 224.1) 1865.1) ; 181.0) 7 161.47 ( 124.4) 1 756.61 1 474.0) 1478.4) :1.145.21

_rir -ud Jnero edLato pocd 24,508.3 20,3319 23.736,0 19.039,4 22.1996 1,6902. 2.8 21,5 105.7L 39 26,7 36J.I2~ 4915355
Metal a,402.35 .0, 6.196,6 1,526.2 9,399 6,5. 1,0.1.. 24,066.7 16,072.6 21,379. 16.1771.3
6 105.8 13,t25.7 17.339.4 13,513.2 13,359,7 12,735.2 17.202.4 189187.3 23.18S.1 20,573.3 31,140.0
ch r-

Fuels luboocents 3 .fl,750.0 4,9523 0 4.44 6154 9 56.


346 5 95 6,811 9 41,904.4 31 061 8 372913.83 4,571.3
cod
Nofto 506,1 05.4 294,0 trr tT3T 8239 610.3 2,474.2
1,909.0
1,7.0I39.
7,275.9 3.t20.4
oIls 462.0 620.7 026.3 789.9 971. 3027.4 1.248,1 4,128.2
Coo O1l 0.35 1.0 673.9 143.8 118.9 233.9 4,909.4 2.632.8 4,686 3 3,132.2
Coupe- rsro1sss 2,199.9 3,120.6 2,917.7 3,9d4.7 4,136.8 4,108.6 4,793.0 29,026.0 21,966.0 23I,34.1 23.470.3
Oth-r. 581.5 705.3 396.4 104.3 279.3 73.8 126.4 567.6 1,116.8 1.744.t 1,140.2
3
18,2 21.134.0 18.301.2 20,004.8 14,211,0 45.99 9,188.,& 6 S 157,183.2
cuottol ooods 13.1Lo
Zraoapoprt 1 4,902.7 5,146.4 3,S43.9 63,03S. 5,751.0 s,p09,3 10,554.0 15,570.8 19,2901.' 41940 385i26.4
-8tP88
oocht-sr 636.0 1648 1,766. 1,44.6 1,43.2 1.949,9 4.372,7 5;,12.3 4621,087.) 585.
utSoer-7 63S0
12.37 11 461.7 13.316 10,7683 128 00.6 15,532.4 30,021.7 827,65.7 36,628 L 4.tL9. lh.0562
1
-ocI
=orthedice bWo6r6s 6654 1,2495. 70,428.5 63,034.7 70.272.5 69.849.0 104,790.4 171.396.9 178,361.4 180_216.3 2I5,376.9

2 pY-s.
faleocs tdpsott
a- 4,.45.4 Ll,204.9 10,771.5 12,765.3 13,527.5 30,451.0 48.409.6 94,703.1 135,838.6 196,881.7 318.823.2

cuourre - 655500,0 73,200.0 01.200,0 76,600.0 95.900,5 100,300.0 153.'00.0 2564100.0 314.200.0 379,100.0 ;72.000.0
'ptool rerchcrPss

-tr-L1s 17,100.0 20,600.0 26,600.0 24,i08.0 28,100.0 27,00.0 33,300.0 53,000.0 77,400.0 80,500.0 111,280.0
N-fh-p-cor

proel1 ooporPc 003 'Fe 92.600.0 935008.0 107.800.0 101100-0 11 .900.0 127.7.0 1.S 00. 309.1080 391 O 459,600. 83,200.0

Soocet- Cs-tr-l Bcok pod 10SF.


- 70 -

Table 3.3a: PARAGUAY- IMPORT PRICE INDEX, 1967-77

(1972 = 100)

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977

Food 98.1 97.5 95.1 94.7 93.2 100.0 131.9 217.3 210.2 231,8 229.7
Wheat 103.2 101.1 99.6 93.7 92.6 100.0 158.3 235.1 263.2 242,7 195.3
Salt 90.0 102.7 100.0 97.6 102.5 100.0 104.6 116.9 222.0 271.9 263.9
Fr1Jt. 83.7 82.8 90.6 123.5 108.7 100.0 238.6 157.8 200.0 170.9 174.1
Milk production 78.3 88.5 84.7 95.0 92.6 100.0 6531 136.5 171.5 256,2 162.9
Others 85.0 85.0 86.7 96.7 91.7 100.0 145.0 203.3 166.7 210.0 300.0

Other ransomer goods 89.8 92.5 98.4 105.3 99.0 100.0 141.4 175.0 154.8 214.8 265.6
Beverages 85.9 85.9 91.5 104.2 91.5 100.0 129.6 149.3 140.8 277.5 476.1
Tobacco 90.7 99.5 102.3 110.6 120.4 100.0 124.4 128.9 159.2 184.1 191.1
Others 90.2 91.6 98.4 103.3 95.1 100.0 152.5 198.4 163.9 195.0 244.3

Primary and interiediate eoods 1 93.3 95.3 102.1 107.5 97.4 100.0 150.8 197.0 162.8 184.4 20805
Metals ~~~~~~~100.0
153.2 114.5 119.4
103.3
101.6
95.1
100.0
100.0
148.4
152.5
195.2
198.4
161.5
163.9
162.9
195.1
1627,7
244.3
Others 90.2 91.8 98.4

Faels ad lsbricants 68.1 73.1 75.6 77.4 89.8 100.0 101.4 376.4 359.6 317.6 338.9
Nafra 74.6 86.6 106.2 94.4 132.5 100.0 138.2 417.0 411.4 394.3 391.3
Oils 91.2 89.2 94.1 72.1 77.6 100.0 93.0 153.4 174.9 201.7 1d9.4
Cas Oil 62.5 - 120.0 98.2 150.1 100.0 73.6 405.3 447.3 558.4 3576
Crodedetrcleum 63.5 69.2 69.6 73.5 86.3 100.0 101.8 459.8 377.6 361.2 365.7
Others 68.1 73.1 75.6 77.4 89.8 100.0 101.4 376.4 3S9.6 317.6 338.9

Capital goods 79.4 74,4 75.1 83.4 92.5 100.0 120.4 150.7 174.0 175.7 192.7

lotal merchandise mpocts 86.9 85.9 89.2 94.5 95.3 100.0 129.9 199.3 184.4 210.6 025.7
Balance of paymentes adjst.en. 86.9 85.9 89.2 94.5 95.3 100.0 129.9 199.3 184.4 210.6 205.7
Tactal m-cha'sdise
imports - adjusted 86,9 80.9 89.2 94.5 95.3 100.0 129.9 199.3 184.4 218.6 225.7
Sun-factor services 79.4 74.4 75.1 83.4 92.5 100.0 120.4 150.7 174.0 175.7 192.;

Total npocts and t5 85.2 83.1 85.3 91.5 94.6 100.0 128.1 188.9 182.2 203.5 219.
0

Sources: Centrul Bunk and i-iss- estimates.,


Tal.le 3.3b: IMPORTS (FOB) IN CONSTANT PRICES,
PARACUAY- COHMMODITY 1967-77

(in thousands of 1972 USS)

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977

91
Food 7,419.8 8,134.9 7,043.5 6,606.0 6,101.8 5,566.1 3,S .3 6,637.1 4,190.4 6,081.1 5,520.2
Wheat 5,446.8 5,871.0 4,321.7 4,588.4 3,955.2 3,534.7 2,07S.0 4,5.0- I ,62-.8 3,637.- 2,841.1
Salt 275.7 310.0 323.9 341.5 348.0 421.8 423.0 410.3 344.9 355.8 373.9
Fruits 167.6 218.6 201.3 52.3 70.1 63.6 22.8 128.8 148.8 252.8 462.R
Milk production 470.1 581.7 773.5 625.6 -76.0 742.3 813.6 163.5 238.7 34.3 158.6
Others 1,059.6 1,153.6 1,423.1 998.2 1,152.5 803.7 653.9 1,373.8 1,830.2 1,800.7 1,683.8

Other consumer goods 7.802.8 10,964.3 14,633.6 13,370.1 16,194.3 14,427.9 13,003.9 19,200.8 25,570.2 15,550.9 18,094.7
Beverages 728.9 1,308.0 2,652.1 2,685.7 3,859.1 3.719.0 3,675.5 5,029.8 9,462.0 4,000.4 2,554.1
Tobacco 34.4 2,063.3 4,783.0 3,378.2 3,057.0 2,397.5 2,144.8 2,897.6 3,045.8 2,083.7 3,892.2
Others 7,039.5 7,593.0 7,198.5 7,306.2 9,278.2 8,311.4 7,183.6 11,273.4 13,062.4 9,466.8 11,648.4

Primary and .ntermediate goods 26,258.2 21.341.0 23,236.5 17,709.8 22,781.4 19 690.7 18,975.4 16,383.6 24,112.1 19,608.1 23,942.5
Metals 8,402.5 6,498.2 5,411.9 4,628.3 8,208.6 6,955.5 7,69,.1 7,216.5 9,964.4 9,563.1 11,195.9
Others 17,855.7 14,842.8 17,824.6 13,081.5 14,572.8 12,735.2 11,280.3 9,167.1 14,147.7 10,545.0 12,746.6
92
Fuels and lubricants 5,505.7 6,640.2 5,888 6 7,948.3 7,069.6 5,952.5 6,720.2 11,133.2 _,6 .5 10,939.2 12,561.1
Nafta 678.6 468.3 277.5 743.4 615.5 823.9 441.8 593.3 884.0 1,438.8 1,378.0
Oils 506.4 696.1 878.1 1,095.6 1,251.4 827.4 1,127.4 2,691.0 1,091.4 1,128.1 1,911.3
Gas Oils 0.8 - 15.0 686.5 95.8 118.8 317 8 1,211.0 588.6 1,307.6 2,273.9
Crude petroleum 3,466.2 4,510.6 4,193.9 5,288.1 4,795.8 4,108.6 4.708.5 6.487.1 5,818.0 6,515.3 6,423.1
Others 853.7 965.2 524.1 134.7 311.1 73.8 124.7 150.8 310. .49.4 i74.8

Capital Foods 22. 809.8 24.506.6 28,141.1 21.943.9 21,626.8 24,211.8 37,956.2 32,640.1 34_16.2 353,027.1

Total merc"andise imports 69,796.3 71,587.0 78,943 67 8 73,773.9 61,849 .0 80,647.0 359948 9b,731.4 855590 113,145.6
Balance of payments.adjustment 5,575.8 13,626.2 12,075.7 13,514.0 16,301.1 30,451.0 37,266.8 42,500.3 73,665.2 94,435.8 140,285.0
Total merchandise 92
imports - adjusted 85,213.2 91,019.0 81,0 .1 90,075.0 100,300.0 117,913.8 128,495.1 170,396. 179,994.8
Non-factor services 21 i26 5 27,688.2 35,419.4 29,376.5 28,216.2 27,400.0 2R.073.1 35,169.2 44,482.8 45,816.7 57,704.3

Total imports and pfs 96.908.6 112.901.4 126,438.4 110,468.6 118,291.2 127,700.0 145,9.'6.9 163,664.3 214,879.4 225,811.5 311_131j.9

Sources: Central Bank and mission estimates.


Table 3.4: PARAGUAY - DIRECTION OF TRADE, 1965, 197U-77

(in thousands of US$)

1965 1970 1971 1972 1973 1974 1975 1976 197-

Exports (FOB)

Argentina 14,757 17,573 17,846 15,678 16,206 38,545 49,676 17,950 35,822
Spain 3,412 3,679 2,417 3,216 2,739 4,548 4,610 2,791 3,780
U. K, 5,749 4,701 3,623 7,478 8,618 14,684 18,350 10,910 13,455
U. S. A. 14,476 9,080 10,418 12,799 16,447 19,367 15,521 21,284 39,530
France 1,537 3,388 3,014 3,167 5,426 7,127 7,915 10,416 13,161
Uruguay 2,223 2,654 1,355 621 1,148 1,887 2,281 8,747 12,889
Belgium 976 2,088 2,934 4,210 6,011 5,228 3,752 775 1,076
Holland 2,747 5,481 4,990 6,181 10,482 15,837 15,104 27,120 42,983
Germany 1,425 3,489 3,602 14,057 23,316 22,213 22,050 20,390 28,374
Italy 1,286 378 1,185 701 1,633 2,572 837 2,985 5,548
Switzerland 686 308 402 1,792 6,573 15,605 13,430 21,369 26,326
Brazil 142 1,057 835 729 2,859 6,053 6,173 10,965 16,266
Japan 200 1,170 529 842 1,333 1,800 3,679 6,402 6,403
Others 7,681 9,025 12,054 14,717 24,136 14.340 13,333 19,730 33,278
Total exports 57,267 64,071 65,204 86,188 126,927 169,806 176,711 181,834 278,891

Imports (FOB) ,

Argentina 9,748 11,839 10,119 10,757 27,479 48,372 33,21'9 37,754 43,228
Spain 389 552 785 938 920 1,497 1,289 2,#11 5,945
U. K. 3,212 5,482 6,940 5,770 7,789 10,061 16,179 13,653 13,813
U. S. A. 10,427 14,913 17,900 13,703 17,338 15,551 21,777 18,398 30,867
France 808 1,381 1,953 1,327 1,181 2,546 2,570 2,458 5,184
Uruguay 196 1,487 1,157 1,175 945 2,720 3,509 6,941 8,497
Belgium 535 383 428 488 276 381 1,808 1,445 1,604
Holland 565 656 563 568 636 1,585 999 992 1,028
Germany 9,305 9,238 8,155 9,998 11,841 14,254 14,534 15,321 22,380
Italy 683 1,287 1,429 2,506 3,442 1,308 2,115 2,059 2,231
Switzerland 341 529 673 366 1,175 969 1,006 992 1,199
Brazil 1,487 2,043 5,062 10,400 15,547 28,343 37,151 31,198 53,915
Japan 3,117 4,318 3,942 3,105 4,055 5,794 8,813 8,456 22,847
Sweden 1,587 1,471 1,272 1,031 1,788 2,683 3,141 2,369 3,694
Algeria - 3,836 4,104 3,612 5,370 10,498 19,865 23,144 23.478
Netherland Antilles 2,560 863 736 392 657 2,084 2,131 1,322 2,298
Others 2,399 5,54
3,557 713 4,351 11,764 10,905 13,169
Total imports (FOB) 47,359 63,835 70,272 69,849 104,790 171,397 178,361 180,218 255,377

Source: Central Bank and Mission estimates.


Table 3.5: SUMMARY OF BALANCE OF PAYMENTS PROJECTIONS, 1979-83
(millions of current US$)

Actual Est. . Projected


1974 1977 1978 1979 1980 1981 1982 1983

Exports of goods & nfs 238.8 444.6 462.4 582.3 711.4 865.1 1,005.2 1,191.0
Imports of goods & nfs 309.1 683.2 745.2 895.2 1,058.2 1,211.1 1,371.8 1,553.0
Balance of goods & nfs -70.3 -238.6 -282.8 -312.9 -346.8 -346.0 -366.6 -362.0

Net factor payments -12.7 -15.6 -32.2 -34.0 - 45.7 -53.1 -75.5 -88.4
Net transfers 6.9 23.1 4.0 4.4 4.8 5.3 5.9 6.4

Current account balance -76.1 -231.1 -311.0 -342.5 -387.7 -393.7 -436.3 -444.0

Net private medium and long term capital 53.7 75.0 86.3 99.2 114.1 131.2 144.3 158.7

Net capital from BinationalPower


Entities 1,5 149.0 240.0 180.0 200.0 160.0 119.0 85.0

Net public medium and long term capital 14.2 90.5 80.8 82.4 106.5 128.1 199.9 230.5
Gross disbursements 24.7 106.6 133.3 129.3 147.9 173.2 266.1 296.9
Amortization 10.5 16.1 57.5 46.9 41.4 45.1 66.2 66.4

Short term capital flows and


errors and omissions 47.7 25.5 34.0 - - - - -

Change in reserves (- = increase) -41.0 -108.9 -130.0 -19.1 -32.9 -25.5 -26.8 -30.3

Source: Central Bank, IMF and IBRD Mission estimates.


Table 3.6: EXPORT PROJECTIONS, 1979-83
(in US$ million)

Actual Est. Projected Average Annual Growth Rate


1974 1977 1978 1979 1980 1981 1982 1983 1977-83

Current $

Wood 24.7 19.9 19.5 22.7 29.1 36.6 44.4 53.6 18.0
Beef 40.5 28.1 25.8 34.6 40.5 44.4 49.2 56.7 12.4
Soybeans 20.4 58.8 41.5 61.5 72.8 99.1 107.3 141.0 15.7
Cotton 16.5 80.5 105.7 137.6 180.2 226.9 268.5 313.1 25.3
Other commodities 67.7 91.6 101.4 118.8 138.7 161.7 188.5 219.8 15.7
Unregistered exports 36.1 123.0 118.3 148.2 181.5 216s4 253.8 297.8 15.9
Total 205.9 401.9 412.2 523.4 642,8 785.1 911.7 1,082.0 18.0
Nonfactor services 32.9 42.7 50.2 58.8 68.7 80.0 93.3 108.8 16.8
Total exports and nfs 238.8 444.6 462.4 582.2 711.5 865.1 1,005.0 1,190.8 17.8

Constant 1977 $

Wood 25.5 19.9 20.7 22.7 25.0 27.5 30.3 33.3 9.0
Beef 50.4 28.1 24.6 27.1 29.8 31.3 32.9 34.5 3.4
Soybeans 14.8 58.8 48.8 65.9 79.1 90.9 104.6 120.2 12.6
Cotton 11.4 80.5 104.7 125.6 150.7 173.3 190.6 209.7 17.3
Other commodities 27.3 91.6 100.4 110.4 121.5 133.7 147.0 161.7 9.9
Unregistered exports 27.5 123.0 110.7 130.2 150.3 169.0 187.0 207.0 9.1
Total 156.9 401.9 409.9 481.9 556.4 625.7 692.4 766.4 11.3
Nonfactor services 24.8 42.7 47.0 51.7 56.8 62.5 68.8 75.6 10.0
Total exports and nfs 181.7 444.6 456.9 533.6 613.2 688.2 761.2 842.2 11.2

Source: Central Bank, IMF and Mission estimates.


Table 3.7: IMPORT PROJECTIONS, 1979-83
(in US$ million)

Actual Est. Projected Average Animal Growth Rate


- 1974 1977 1978 1979 1980 1981 1982 1983 1977-83

Current $

Food 14.4 12.7 10.4 10.4 10.8 12.0 13.0 14.5 2.3
Other consumer goods 33.6 48.1 64.2 76.7 91.9 110.1 128.1 148.6 20.7
Intermediate goods 32.3 49.9 59.8 73.5 89.1 105.9 121.5 139.4 18.7
Fuels and lubricants 41.9 42.6 47.1 57.4 67.9 77.5 87.6 96.5 14.6
Capital goods 49.2 102.2 123.3 150.0 175.9 191.1 211.1 234.9 14.8
Unregistered imports 84.7 316.6 309.8 372.2 439.7 501.4 566.5 639.6 12.5
Total 256.1 572.1 614.6 740.2 875.3 998.0 1,127.8 1,273.5 14.3
Nonfactor services 53.0 111.2 130.6 155.0 182.9 213.1 244.0 279.5 16.6
Total imports and nfs 309.1 683.3 745.2 895.2 1,058.2 1,211.1 1,371.8 1,553.0 14.7

Constant 1977 US$

Food 13.7 12.7 12.5 13.1 13.8 14.6 15.2 15.8 3.7
Other consumer goods 22.1 48.1 60.1 67.3 76.1 86.0 94.4 103.3 13.6
Intermediate goods 30.5 49.9 55.9 64.6 73.8 82.7 89.5 96.9 11.7
Fuels and lubricants 46.5 42.6 46.0 50.2 54.7 59.0 62.8 65.3 7.4
Capital goods. 38.5 102.2 115.4 131.8 145.7 149.3 155.5 163.3 8.1
Unregistered imports 74.8 316.6 289.4 326.6 363.5 391.1 417.0 444.0 5.8
Total 226.1 572.1 579.3 653.6 727.6 782.7 834.4 888.6 7.6
Nonfactor services 41.4 111.2 122.2 136.1 151.4 166.4 179.8 194.3 9.7
Total imports and nfs 267.5 683.3 701.5 789.7 879.0 949.1 1,014.2 1,082.9 8.0

Source: Central Bank, IMF, and Mission estimates.


Table 4.1: PARAGUAY Page 1

EXTERNAL PUB2IC DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1977


DEBT REPAYABLE IN FORElGN CURRENCY AND GOODS
(IN THOUSANDS OF U.S. DOLLARS)

D E B T O U T S T A N D I N G : I N A R R E A R S
TYPE OF CREDITOR -----------------------_-----_----_ ---------- _----------
CREDITOR COUNTRY DISBURSED :UNDISBURSED: TOTAL PRINCIPAL : INTEREST
------------------------ ___________ ----------- -----------
____ …-------…--- ___________

SUPPLIERS CREDtTS
ARGENTINA 14,255 2,134 16,389 -
AUSTRIA - 2,000 2,000 - -
BRAZIL 241 - 241 23 -
GERMANY, FED.REP. OF 3,775 16,150 19,925 356 -
ITALY 6,063 363 6,423 131
SPAIN 170 - 176 - -
SWEDEN 161 519 680 - -
SWITZERLAND 164 - 164 - -
UNITED STATES 3,595 1,766 5,361 -
TOTAL SUPPLIERS CREDITS 28,427 22,932 51,359 510 _
FINANCIAL INSTITUTIONS
ARGENTINA 1,606 18,261 19,867 - -
BRAZIL 60,756 1,252 62,008 - -
GERMANY, FED.REP. OF 3,486 - 3,486 - -
PANAMA 4,931 - 4,931 - - a
SWEDEN - 1,800 1,800 - -
SWITZERLAND 1,500 - 1,500 -
UNITED KINGDOM 7,246 - 7,246 - -
UNITED STATES 2,600 4,000 6,600 - -
TOTAL FINANCIAL INSTITUTIONS 82,125 25,313 107,438 - -

NATIONALIZATION
UNITED KINGDOM 87 - 87 - -
TOTAL NATIONALIZATION 87 - 87 -

MULTILATERAL LOANS
IBRD 28,010 60,908 88,918 - -
IDA 33,758 15,256 49,014 - -
IDB 21,435 29,414 50,849 - _
TOTAL MULTILATERAL LOANS 83,203 105,578 188,781 - _

BILATERAL LOANS
ARGENTINA 2,B04 20 2,824 - -
BRAZIL 5,903 13,497 19,400 27
CANADA 731 - 731 - -
GERMANY, FED.REP. OF 24,690 3,214 27,904 - _
ITALY 2,409 - 2,409 - -
JAPAN 6,276 26,023 32,299 -
SOUTH AFRICA 15,531 2,494 18,025 -
SPAIN 15,489 9,031 24,520 -
UNITED KINGDOM 3,465 - 3,465 -
UNITED STATES 45,987 7,096 53,083 - -
Table 4.1: PARAGUAY PAGE 2

EXTERNAL PUBLIC DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1977


DEBT REPAYABLE IN FOREIGN CUJRRENCY AND GOODS
(IN THOUSANDS OF U.S. DOLLARS)

D E B T D U T S T A N D I N G : I N A R R E AR S
TYPE OF CREDITOR -… -
CREDITOR COUNTRY DISUURSED :UNDISBURSED: TOTAL : PRINCIPAL : INTEREST
-____ …___________________________…__
--- ---- --- - ___________ -__ -- __
---- __ -- _-- ___________

TOTAL BILATERAL LOANS 123,285 61,375 184,660 27 -


----------- _____---___------ __---___________________________-__

TOTAL EXTERNAL PUBLIC DEBT 317,127 215,198 532,325 537 -

NOTES: (1) ONLY DEBTS WITH AN ORIGINAL OR EXTENDED MATURITY OF OVER ONE YEAR ARE INCLUDED IN THIS TABLE.
(2) DEBT OUTSTANDING INCLUDES PRINCIPAL IN ARREARS BUT EXCLUDES INTEREST IN ARREARS.

_t

l3
Table 4.2: PARAGUAY
PACE
SERVICE PAY,MENTS, CO2,!MIT,2ENTS,DISEORSEMNENTS AND OUTSTANDING ANlCUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED GN D_LT OUTSTANDING INCLUDING JUNDISBURSED AS OF DEC. 31, 1977

INCLUDES ONLY DEBT CCM'.IITTE3 JAN. 1, 19C0 - DEC. 31, 1978


DEST REPAYAELE IN FOREINt; CURRENCY AND GOODS
(IN THOUSANDS OF U.S. DOLLARS)
TYFE 0F CREGI-C' SUPPLi.RS CREDITS
CN[-OITCR COUNTRY ARGENTINA
YEAR DEET OUTSTANDIN' AT T R k N S A C T I 0 N S D U R I N G P E R I 0 D OTHER CHANGES
: 3..(I.IN,A OF PPI0D

: DIS_URSED INCLUDI. :G COM.MIT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-


ONLY :UNDISOJRSED: MENTS MENTS ……… ----------- :---------- LATIONS :MENT *
PRINCIPAL INTEREST TOTAL
(1)
: (2) (3) (4) (5) (6) (7) (8) (9)

970 575 3,51S 2S6 1,749 525 - 525 - 1


1971 1,S00 3,248 1,819 431 474 167 641 336 -

13072 1,757 4,207 - 25 514 84 598 3 2


1972 1,271 3,692 343 346 378 64 442 - 1
1974 1,240 3,653 16,149 263 560 65 625 - 1
19'5 945 19,2343 144 9,239 197 35 232 - -1
1976 10,035 19,194 323 7,1S0 242 42 284 - 144
1937 16 .55 19,419 a'- 145 2,362 1,649 4,511 - -253 1
1976 14,255 16,389 <

* * *+ * * ~THE FOLLOWING FIGURES ARE PROJECTED * * * * * *

197? 14,255 16,389 - 2,134 3,990 1,073 5,063 - 3


1979 12,1402 12,402 - - 1 760 891 2,651 - -4
1930 10,638 10,638 - - 1,708 763 2,471 - -
1981 8,930 8,930 - - 1,691 633 2,324 - -1
1932 7,238 7,233 - 1,654 510 2,164 - -
1983 5,584 5,53. - - 1,616 387 2,003 - -
1994 3, 9-3 3,962 - - 1,599 267 1,866 - -
1985 2,S69 2,369 - - 1,581 148 1,729 - -
1986 7S3 783 - - 788 29 817 - -

* THIS COLUMN SHOW,S THE AMOUNT OF ARITHMIETIC IMBALANCE IN THE AMOUNT OUTSTANDING INCLUDING UNDISB'JRSED FROM ONE
YEAR TO THE NEXT. THE MOST COf3MONCAUSES OF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGORY TO ANOTHEERIN THE TABLE.
Table 4.2: PARAGUAY
PAGE 2
SERV'ICE PAYMlENTS, CD>;viITNTS, DIS3URSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS EASED ON DEET OUTSTAM':UING,INCLUDING UiNDISBURSED AS OF DEC. 31, 1977

INCLUDES ONLY D;:ET COi'DITTED vAtl. 1 , 1900 - DEC. 31, 1978


DEBT RLPAtAtLE lN FO'EI-GN CURRENCYAND GOODS
(:N THOUSANDS OF U.S. DOLLARS)
TYPE OF CREOITOR SUPPLIERS CREDITS
CFEDIlOC'R COUNTRY AUSTRIA
YEAR DE3T OUTSTANDINO AT T R A N S A C T IO N S D U R I N G P E R IO D OTHER CHANGES
BECLNNlNG O' PERIOD
:
~~~~-------------'----- ------------------------------------------
DISEURSED : IiiCLUD7NG COIA.¶iT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-
: ONLY :UNGISGURSED: NIENTS M:ENTS …-… - - --------- … LATIONS MENT *
:RINCIPAL INTEREST TOTAL
: (1) (2) (3) (4) (5) (6) (7) (8) (9)

1970 - - -
1971 - - -
197W - - -- ----

1973 - - -
1974 - - -

1976 ------
1='77 - 2,000
I 79 - 2,I 0 l
* * 8 * 6 X THE FOLLOWINGFIGURES ARE PRODJECTED
* * * * * *

170 - 2,0CC - 9(0 - - - -


1^"77' 9( 0 2,00 - *000 202 63 270
,1,329 ¾93 - 320 214 87 301
1,4
I il 1, a4 - 140 227 89 316 -
1002 1,"57 1,_E7 - - 241 81 322 -
1SG3 1,116 1,11v - - 255 67 322 -
19s4 9361 8_1 - - 270 52 322 - -1
1985L 5S0 590 - - 287 35 322 1
19EG 304 304 - - 304 1S 322

* THIS COLUlfiN SHOS Th'rEA-UE T CF ARITH;EI2-T'C IMBALANCE IN THE AN;OUNT OUTSTANDING INCLUDING UNDISSURSED FROM ONE
YEAR TO THE NEXT. THE PIO-Si CC'MMONCAU'ES OF IMeALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGGRY To ANCTHER IN THE TAULE.
Table 4.2: PARAGUAY
PAGE 3
SERVICE PAYMEt!TS, COMMITMENTS, DISzEURSEMENTS AND CUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED UN DEBT OU-STAN.''NG INCLUIDI!G LUDISSURSED AS OF DEC. 31, 1977

INCLUDES ONLY DG::T CO'.,tI7TTED JA'.N. 1, 1''CO - DEC. 31, 1978


.EBTREPAYAFL-- IN FOREICN CU?RENCY AND GCOODS
(TN THOUSANDS F U.S. DOLLARS)
TYPE OF CREDITOR SUPPLIERS CREDITS
CRr0IT`R COUNTRY 8RAZIL
YEAR DEOT OUTSTANDING AT Tr R A N S A C T I O N S D U R I N G P E R IO D OTHER CHANGES
: B'-INNING OF 21100

DISCZiRSED: INCLUDING COP':,,1T- DIS3URSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-


ONLY :UNDIS' JRSED: t.MENI5S MENTS… -: - ----------- LATIONS MENT *
PRINCIPAL INTEREST TOTAL
: (1) (2) (3) (4) (5) (6) (7) (8) (9)

1970 23 23 - - - - - -
1 971 23 23 - -
1972 23 23 - - - - - -
1973 23 :'3 8 3 2 - 2 - -
1t74 29 29 - - 2 1 3 - -
117-2' 27 27 322 322 14 - 14 - -
I '7G6 335 335 - - 20 3 23 - -6
1S77 309 309 - - 71 19 90 - 3
1973 241 241 1

* * * * *s THE FOLLOWING FIGURES ARE PROJECTED * * * * * * 0

1978 241 241 - - 84 14 98 - -23 1


19779 134 134 - - 80 a 88 -1
1980 55 55 - - 55 2 57 -

* THIS COLU:N _HCWS 1HE OF .RIRTHMETIC If;MBALANCE IN THE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROG ONE
OIOU'iT
YEAR TO ThE NEXT. THE MLvJlTCOi.l2Q CAUS-ESOF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FRZI.,CNE CATEGORY TO ANOTHER IN THE TABLE.
Table 4.2: PARAGUAY
PAGE 4
SERVTCE PAYMENTS, COUMITVF.NTS, DISBURSEMENTS AND OUTSTANDING AMOUNTS CF EXTERNAL PUBLIC DEBT

PROJECTIOiS BASED ON' DEGT L'iTSTANULING INC _WDING UNDISEURSED AS OF DEC. 31, 1977

1L"CLUCDESONLY D-ET CCJwCITTED JAN. 1, 1500 - DEC. 31, 1978


DEBT REPAYABLE iN FCREIGN CLRRENCy AND GOODS
(IN THOUSAND-S OF U.S. DOLLARS)
TYPE I> CREDITOR SUPPLIERS CREDITS
CREDITOCR COUNTRY GERiMANY, FED.REP. OF
YEAR DEBT OUTSTAND.NrO AT T R A N S A C T I D N S D U R I N G P E R I C D OTHER CHANGES
BEGCIiNING OF PERICOD

: DISBURSED : INCLUDING C IT-


COM.lvi DISBURSE- : S E R V I C E P A Y M E N T S CANCEL- t ADJUST-
: ONLY :UNDISEURSED: MENTS MENTS :-----------:----------------------: LATIONS : MENT *
RINCIPAL
P: INTEREST TOTAL
: (1) (2) (3) (4) (5) . (6) (7) (8) (9)

1970 10,214 10,730 - 201 1,534 660 2,244 3


13~7., 3,833 9,179 - C5 1,363 620 1,986 - 1,013
10:72 8,474 ,I2213 - 75 1,4 09 580 2,069 - 187
1373 7,239 7,524 5 255 1,779 611 2,390 - 1,423
1974 7,C31 7,173 - 8 1,859 514 2,373 - 741
1575 5,062 6,065 - 33 1 902 420 2,322 - -369
1976 3,728 3,7S-1 8,215 741 1,'%4 249 1,713 - 1,033
1977 3,547 11,562 8,070 1j585 1,773 171 1,944 - 2,060
1978 3,775 .9,925

* * * 6 > * THE FOLLOWING FIGURES ARE PROJECTED * * * * * *

1978 3,775 19,925 - 6,899 3,539 520 4,059 - -356


1979 6,779 16,0_0 - 5,1.35 2,360 685 3,045 - -
1930 9,553 13,6,0 - 3,4£6 2,113 831 2,944 - -2
1981 10,925 11,555 - 630 2,113 891 3,004 - -
1S92 9,442 9,442 - - 2,113 747 2,860 - -
19J 7,329 7,329 - - 2,113 570 2,683 - -
cl-
ia I 5,216 5,216 - - 2,113 393 2,506 - -2
1985 3S,01 3,101 - - 2,113 217 2,330 - -
1936 988 988 - - 9S8 63 1,051 - -

* THIS C BLUJIIN SHU,iGS-H-


E AV! J ARITH ETC
A 1 3, IN TLANCE
THE AOUNT OTUT
SANDING I NCLUDING UNDISeURSED FROM, ONE
YEAR TO THE NEXT. TrE i.CST 0cM,~T CAUSES D. IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DESTS
FROM ONE CATEGORY TO ANOTi;ER IN THE TABLE.
Table 4.2: PARAGUAY
PAGE 5
SERVICE PAY,'.IENTS, CG'H.iIT!.E,4TS,
0 S'-RIE'.INTS A,"D CJTSTANDIN,TN AMCUNTS OF EXTERNAL PUBLIC DE3T

PROOECTIONS BASED ON D0 T CUTS1ANC INvLLDINS U,DISB'JPSED AS OF DEC. 31, 1977

1NCLUDESONLY GEBT CovIT-,TEL)U JAN. 1, 1930 - DEC. 31, 1978


DE:T R_PAgABLE IN FOR CTN CURRENCY AND £0035
(IN THOUSANUS OF U.S. DOLLARS)
TYPE OF CR_DTO SUPPLIEFS CROEOITS
ChREDiTO N R I TALY
YEAR DE5T GOTSTANO.I. A : T R A N S A C T I ONS D U R I N G P E R I G : OTihER CHANGES
: SEECINING CF PERI3D :

: DISBU"SED : INCLUDING CO M!T- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-


ONLY :UNDISBORSED: NMENTS ENTS ----------- ---------------------- LATIONS : IENT *
PRINCIPAL INTEREST TOTAL
: ( ! :1) (2) (3) (4) (5) (6) (7) (8) (9)

1970 13,°9B 1b,270 1 ,"' 453 170 623 - -1


1'971 14,S53 15,8106 4,090 4,3__ 2,024 636 2,910 - 73
1972 17,262 17,905 66 252 1,534 614 2,248 - 28
1573 1t,00 o6,515 - 29 1,825 953 2,778 - -62
1074 14,150 14,628 - 8 846 660 1,506 - -89
1S75 13,222 1 3, 693 -- 1,927 761 2,683 - -64
1976 11 ,231 11,702 - 7 1,9gs6 632 2,628 -1 258
1977 7,985 8, 448 - 1G0 2,028 457 2,485 3 1
1978 6,060 6,423 0
* *+ * 8 THE FOLLOWING FIGURES ARE PROJECTED * ** * * *

1978 6,C60 6 423 - 333 2,721 3-1 3,092 - -130


1979 3,572 3,572 - - 2,2353 201 2,557 I1
1933: 1,217 1,217 - - 3'4v 79 427 - -
1981 869 50,c - - 343 55 403 - -
1982 521 521 - - 343 30 378 - 1
1933 174 174 - - 174 6 180 - -

* THIS COLUAIN SHOWS THE AMOUNT OF ARITHMETT^ IMBALANCE IN TFE AMOUNf OUTSTANDING INCLUDING UNDISBURSED FRGM ONE
YEAR TO THE NEXT. THE MOST COMMON CAUSES OF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGORY TO ANOTHER IN THE TABLE.
Table 4.2: PARAGUAY
PAGE 6
SERViCE PAY'ENTS, CO'.'~ITTf,''TS, U SBjRSE'MEN-NS AND "OUSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED GN DEBT OUJTSTANCING INCLUDTN_ UNDISBURSED AS OF DEC. 31, 1977

* DCLE5 ONLY ODFETCOMI'TT-E-CAN. 1, 1900 - DEC. 31, 1978


DEBT REPAYAEhLE IN FOREIGN CLRRENCY AND GOODS
(IN THOUSANDS OF U.S. DOLLARS)
TYPE OF C:.EDITOR SUPF'LIERS CREDITS
CR_DI-iCR COUNTRY JAPAN
YEAR DE-lT CsTSY'.NDING AT T R A N S A C T I O N D
0 U R I N G P E R I 0 D OTHER CHANGES
EMOINNING OF PER1cD ::

:DISURSED : I';OLU5ING COM..IT- :DISBURSE-: S E R V IC E P A Y M E N T S CANCEL- : ADJUST-


: ONLY :UNDIS5JRSED: ri,EN S MENTS :-----------:- --- - --------- : LATIONS : MENT *
PRIiNCIPAL INTEREST TOTAL
: (1) v2) : (2) : (4) (5) () (7) (3) : (9)

197O 202 203 - - 63 12 6D - -


19,-i 135 135 259 259 121 9 130 - -
1972 273 273 - - 1i1 20 131 - -
1973 162 132 - - 41 12 53 - -1
1974 120 120 - - 41 9 50 - -
1E'75 79 79 - - 23 2 25 - -

1976' 56 55 - - 56 2 58 - -
177 - - - - - - _ _ _
1978 -

* * * * * * THE FOLLOWING FIGURES ARE PROJECTED * * * * * *

*IHIS COLUMN SHCWS THE AMIOULNTOF ARITHMETIC ITr'MALANCEIN THE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONE
YEAR TO THE NEXT. CAUSES OF IMR3ALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
THE 7,0OSTCOrMlll,10-i!
FROM ONE CATEGORY TO ANOTHER IN THE TAULE.
Table 4.2: PARAGUAY
PAGE 7
SERVICE PAYMENTS, COr"A`ITm,ENTS,DISCURSE,iiLNTS AND OUTSTANDING AM;OUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON DUET OUTSTANOING INCLUDING Ui,DISBURSED AS OF DEC. 31, 1977

INCLUDES CNJLY DEBT CONIMITTED LAN. 1 , 1900 - DEC. 31, 1978


DEBT REPAYABLE IiN FOREIGN CiURRENCY AND GOODS
(IN THOLSA;iNr,S OF U.S. DOLLARS)
TYPE CF CAEDJTOR SUPPLIEPS CREDITS
CREDITOR COUNTRY SPAIN
YEAR DEBT OUTSTANDING AT T R A N S A C T I 0 N S D U R I N G P E R I 0 D OTHER CHANGES
BEGINNING OF PERiOD

DISBURSED : INCLUDING COM'lMIT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- : ADJUST-.


ONLY :UNDIS3URSED: MENTS : ENTS ………… --------------------- LATIONS : MENT *
PRINCIPAL INTEREST TOTAL
(1) (2) (3) (4) (5) (6) (7) (8) (9)

1970 563 563 - - 216 24 240 - -1


1971 346 346 - - 167 18 185 - -
1972 173 179 - - 57 12 69 - -

1973 122 122 -- 45 9 54 - -

1974 77 77 - - 39 9 48 - -
1975 38 38 - - 34 9 43 - -
1976 4 4 - - 4 - 4 - -
1977 - - 176 176 - - - - l
1978 176 176 0

* * 8 * * S THE FOLLONING FIGURES ARE PROJECTED * * * 8 * *

1978 176 176 - - 176 - 176

* THIS COLU.N SHOD:lSTHE A'OUN OF ARITH.METIC lli3A:ACE IN ThiE AwOUNT OUTSTANDING INCLUDING UNDISBURSED FRO'.tONE
YEAR TO ThtE NEXT. THE MOtST COL`JMUN
CAUELS CF Ifv;EALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROMi ONE CATEGORY TO ANOThER IN ThE TABLE.
Table 4.2: PARACUAY
PAGE 8
SERVICE PAYMENTS, COXX IT;F,:7.!TS, DISBURSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON DEBT OUTSTANDINtG INCLUDING' UNLIS3URSED AS OF DEC. 31, 1977

INC.UDES O`_Y D IBT CJal3'ITTED JAN. 1, 1900 - DEC. 31 , 1978


DEBT REPAYABLE iN FOREIGN CURRE'CY AND GOODS
(IN THOUSANDS OF U.S. DOLLARS)
TYPE OF CREDITOR SUPPLIERS CREDI1S
CRED:T,R COUNTRY SsLDEN
YEAR DEET OUTSTANDING AT : T R A N S A C T ; ON S D U R I N G P E R IO D OTHER CHANGES
SEGINNING OF PERIOD

DS5LR3ED
: : INCLUDING CON1I.!T- DISBURSE- S E R 1 I C E P A Y M E N T S CANCEL- ADJUST-
: ONLY :UNDISEURSED: MENTS :MEWTS ----------- …-----------:----------- LATIONS MENT *
PRINCIPAL INTEREST TOTAL
: (1) (2) (3) 4() (5) (6) (7) (8) (9)

1970 - 1,100 - 238 - 238 -


1971 623 863 - u- 203 28 233 - _
1972 501 658 - 6 204 23 227 - -1
1973 30S 463 750 38 184 18 202 - -
1974 157 1,019 - 49 108 7 115 - -
197,5 S 911 - 133 70 11 81 - -
1975 166 &41 - 67 63 49 112 - -50
1977 121 728 - 89 49 11 60 -1
1978 161 680 I

* * # w * * THE FOLLOwING FIGURES ARE PROJECTED * * * * * *

1978 161 680 - 519 630 23 703 - -

* THIS CCLUMI.N SHCVS THE ANOUNT OF ARITHi,1CTIC IMi,ALANCE TN TH_ AIy'U'JNT


OUTSTANDINC lNCLUDING UNDISCURSED FRO,.' ONE
YEAR TO THE NEXT. THE ,.CST Gi.,!O CAUSE-. OF IMBALANiCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGORY TO ANOiTHlER IN THE TABLE.
Table 4.2: PARAGUAY
PAGE 9
SERVICE PAYMENTS, C0;O!lMi,.'1ENTS, DISt3URSEMENTS AND OUTSTANiDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS EASED ON DErT OUTSTANU-I?NG IiNLU,ING UNDISBURSED AS OF DEC. 31, 1977

INCLLUDS CNLY 'LEBT CGCi.3ITTED 6AN. 1 , 1S00 - DEC. 31, t978


DEBT 9REPAYABLEIN FORE'GN CUR;ENCY AND GOODS
(IN THOUS;ANDS OF U.S. DOLLARS)
TYPF OF CREO-OR SUPPLIERS CRED!TS
CRELGIT3R COUNTRY StL'ITZERLAND
YEAR DECT OJTSTAN3SNG T R A N S A C T I 3 N 5 D U R I N G P E R I 0 D OTHER CHANGES
: E.E-'ii't[!N!oG-F
Pr_RODO ::

DISCURSED : INCLUDING : CC,i,IT- DIS6'JRSE- S E R V I C E P A Y Mi E N T S CANCEL- ADJUST-


C
OLY :UNDISBURSCD: M ENTS MENTS …
----------- -LATIONS : iENT *
PRINCIPAL INTEREST TOTAL
(1)
: : (2) (3) (4) (5) (6) (7) : 8) (9)

l970 18 18 - - 13 1 14 - -
1I71 5 S - - 3 - 3 1
1972 3 3 268 219 3 3 3
.9,3 222 271 - - - -_ 44,
1974 258 315 - 62 12S - 123 - 66
2 5
22 256 - - 63 16 79 - -7
1976 183 138 - - 32 5 37 - 11
1977 167 16/
I - 34 4 38 31 1
1978 164 164

* * + -' FOLLOWING FIGURES


T',THE ARE PROJECTOD * * * * * *

1978 1C4 134 - - 32 11 93 - -


1979 82 82 - - 82 5 87 - -

* THIS COLUN CHO.i5 THE AYC'-AT OF ARITHYMEIC. IMEALANCE IN THE A'vOUNT OUTSTANDING 'NCLUDING UNDISBURSED FROM1ONE
YEAR TO THE NEXT. CAUSES OF ILICALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
THE KCST CGUWM;.AO!
FROM ONE CATEGORY TO ANOTHER IN THE TABLE.
Table 4.2: PARAGUAY
PAGE 10
SERVICE PAYMENTS, COlAMITU2NTS, DISBuRSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PRCJECTIONS BASED ON DEST OUTSTANDiNG INCLUDING UNDISBURSED AS OF DEC. 31, 1977

INCLUDES ONLY DEBT CCrVIAITTED JAN. 1, 1,900 - DEC. 31, 1978


DEST REPAYAL3LE IN FOREIGN CURRENCY AND GOODS
(IN THOUSANDS OF U.S. DOLLARS)
TYPE OF CREDITOR SLPPLIERS CREDITS
CREZDITOR C;UNTRY UNITED STATES
YEAR D:E8TCUTSTA;,'0U-G AT TRANS ACTIONS D U R I N G P E R I O D OTHER CHANGES
:BEGINNING OF PEI'IOD

DISSURSED : INCLUDING CONJIT- DISBU.?SE- : S E R V I C E P A Y M E N T S CANCEL- ADJUST-


: ONLY :UNDIS_URSED: MENTS WEWNTS :-----------:----------------------: LATIONS : MENT *
: PRINCIPAL INTEREST TOTAL
(1) : (2) (3) (4) (5) (6) (7) (8) (9)

19,0 B4 3,334 - 1,16G 394 3 397 - 3


1971 °02 2,94- - 218 227 46 273 - -
1972 793 2,716 - - 313 50 363 1,000 -
1973 430 1,4C3 142 142 286 26 312 - -
1974 336 1,259 199 199 254 17 271 -
iG75 282 1,205 1i7 177 36 - 36 -
1976 424 1,345 1,520 1,520 313 14 327 - -t
1977 1,63D 2,551 3,085 2,240 276 6 282 - l
1978 3,595 5,361

*4 * * * THE FOLLCWING FIGURES ARE PROJECTED * 8 * * * *

1'781 3,593 5,3S1 - 1,179 2,565 307 2,872 - -


1979 2,209 2,790 - 243 1,043 158 1,201 - 2
1930 .1,411 1,7j5 - 202 692 106 798 - -
19£1 921 1,06B - 121 679 65 744 - 1
1982 365 385 - 20 217 26 243 - t
1983 169 169 - - 169 12 181 - -

* THIS COLUMN SHO'W'2S


THE AMN.UNT OF ARITHMETIC IMBALANCE IN THE AMOUNT OUISTANDING INCLUDING UNDISBURSED FROM ONE
YEAR TO THE NEXT. THE MOST COMMON CAUSES OF IMdALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGORY TO ANOTHER IN THE TABLE.
Table 4.2: PARAGUAY
PAGE 11
SERVICE PAYMENTS, DISE,;RSEM.1ENTS AND OUTSTANDING AMOUNTS CF EXTERNAL PUBLIC
CC'.'iIT...LNTS, DEBT

PROJECTIONS BASED ON DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1977

INCLUDES ONLY DEST COrMITTED JAN. 1, 1900 - DEC. 31, 197S


DEST REPAYABLE IN FOREIGN CURRENCY AND GCODS
(IN THOUSANDS OF U.S. DOLLARS)
TYPE CF CREDITOR SUPPLIER:S CREDITS
TOTAL
YEAR DOEB OUTSTANDING AT T R A N S A C T IO N S D U R I N G P E R IO D OTHER CHANGES
: BEGINNING OF PERIOD

: DISBURSED : INCLUDINO CO2l0.%UIT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-.


: ONLY :UNDISBURSED: MENTS MENTS… -------- -------- : LATIONS MENT *
PRINCIPAL INTEREST TOTAL
: (l) : (2) (3) (4) (5! (6) (7) (8) (9)

1970 25,659 35,787 256 5,_ 3,491 870 4,361 _ 6


1971 27.425 82,535 6,
63 5V5. 4,587 1,774 6,361 386 1,087
1972 29,265 34,840 334 57i 4,225 1,583 5,808 1,003 219
1979 29,830 30,165 1,248 318 4,540 1,693 6,233 - 1,405
1G74 23,448 28,278 16,343 539 3,832 1,282 5,114 - 720
1 575 20,911 41,514 643 9,959 4,266 1,254 5,520 - -442
1976 26,138 37,443 10,053 9,515 4,190 996 5,185 - -127 1
1977 30,724 42t, DI 13,416 4,335 7,093 2,317 9,410 - 1,846 O
1978 28,427 51,39

f ,$ * S 6 it THE FOLLOWING FIGURES A,.E FRCJECTED * * * * * I

1973 23,427 51,359 - 12,03,4 13, 837 2,319 16,156 - -506


1's7. 26,118 3?,016 - 5,973 7,883 2,016 9,899 - -
19S0 24,212 29,133 - 4,008 5,130 1,868 6,998 - -2
1931 23,039 21,001 - 8'_1 5,05° 1,733 6,791 - -
19S2 1t,923 iF,943 - 20 4,573 1,394 5,967 - 2
15B3 14,372 14,372 - - 4,327 1,042 5,369 - -
1934 10,045 10,C45 - - 3,982 712 4,694 - -3
19B5 6,060 6,060 - - 3,981 400 4,381 - 1
1936 2,080 2,0U0 - - 2,080 110 2,190 - -

* THIS COL.UM'.N 5f ATITHMETIC


SHON'iSTHE AjM'OUxNT IMBALANCE iN TIE AMOUNT OUTSTANDING INCLUDING UNDIS6URSED FROi.1ONE
YEAR -O THE NEXT. THE MOST CAUSEv GF IMBAtLANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROV ONE CATEGORY TO ANOTHER IN THE TABLE.
Table 4.2: PARAGUlY
PAGE 12
SFR ICE PAY
?iONTS, CC:..:iF7':',^ DISEUR0E:NTS AND OLTS-,-ANDINGAh.CUNTSOF EXTERNAL PUBLIC GEBT
PROJECTIONS BkSED 0IN DE8T CUTSANIUING INCLL'U3NG Ll.DISSURSED AS OF DEC. 31, 1977
INCLUDES CNLI DEBT Cj.,2'ITTEC _AN. 1 , 1500 - DEC. 31 , 1978
DEBT REPAyAYLE -N FGREI CN CJ,2ENCY AND GOODS
:N THQUSANO; 0F U.S. DOLLARS)
TYPE CF CR;D.TDR FINiNCL lNaSTITUTIONS
C.EDiTO:-< CDONTRY AR.;INTINa
YEAR : DEBT CUTSTANDiNG AT T R P N S A C - T O N S 0 U R I N G P E R I 0 0 OTHER CHANGES
: BEGINMIN3 COF PErii :

D!SeURSED I,NOLU9DING CO 1;:I


TT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST--
: ONLY :UNDISEURSED: Mi,ENTS : ENTS : :--: LATIONS MENT *
PPINCIPAL INTEREST TOTAL
: (1) (2) : 3) (4) (5, (6) (7) (8) (9)
13 0 - - - _ - _ _ _
19-1 - - - - _ - _ _-
1972 - -
I S,7
1 _974 - 20,O0C - - - _ _ _
197.5 - 2O,CCC - 571 - - - - -
1976 571 .2,CG0
C - 3 40 34 74 - -2 1
197? 9S5 19,952: - 733 93 84 177 _ 2
1973 1,606 19,667

t* *u 8 + THE F0LL0'U,ING FIGU RES ARE PROJECTED * * * * F *

137
73 ,J,067
1,606 - 12,431 2,830- 715 3,553 - -
1 ?917 1 1,99
1 17.0239 3,303 2,833 903 3,746 - -
1023 11,69-3 14 ,1 22,838 899 3,737
1I31 11,255 11,_S3 _ 2 ,83a 745 3,583 - -1
1_'32 8,514 F3,514 - 2,83a 546 3,384 - -
1993 5,6Z7 5,G,6
' - 2,838 348 3,186 -
1584 2,538 2,839- 2,833 149 2,987 -

* THIS COLUMIN LHCirOtS


Tf,E APEUNT OF .k+RITHr;iETIC IMBALANCE IN THE AYODUNTOUTSTANDING INCLUDING UNDISBURSED FR2'M ONE
YEAR TO THE NEXT. THE IJOT COTN CAUSES 0'F IMB13ALANCESARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DECTS
FROM ONE CATEGORY TO ANOiTHER IN T HE TA6LE.
Table 4.2: PARACUAY
PAGE 13
SERVrCE PAYMENTS, CO-,N`ITLcNTS, DISUCRSEiVENTS ANO OUTSTANDING AMOUNTS OF EXIERNAL PUBLIC DEST

PROJECTIONS CASED ON DE-;r OUTSTANDTING INCLUDING UNDISBURSCD AS OF DEC. 31, 1977

INCLUDES Ct.'.' Dt-i:)T C0'DN:'.!TTED JA?:. , 1,03 - DEC. 31, 1973


G_BT REPAYAtLE . FC.RE! C CLRRENCY AND GOODS
( ,N `FUSANDS OF U. S. DOLLARS)
TYPE OF C.RE1iTGR FINr.NCl r:.,L INSTITUTIONS
CREDITCR COUNTRY vRA7 T L
YEAR DEBT OUTSTANDIlNG AT T R A N S A C T I 0 N S D U R I N G P E R I 0 D OTHER CH,ANGES
CEGINNING GF
B L ERIi ' :

: DISEURSED: INCLU3ING CCNDr;l-r- DIS`URSE- S E R V I C E P A Y M E N T S CANCEL- : ADJUST-


: ONLY :UNDIUCURS Di'.
: MENTS :i ENTS ------------ LATIONS MENT *
PRINCIPAL INTEREST TOTAL
: (1) : (2) : (3) (4) (C) (6) (7) (8) (9)

1970 - - - - - - - _ _
1571 - -

1972 - 11,I03 1,0O0 - 42 42 - -

1973 1,000 1c!000 -.v, 1 43 123 16S - -

1I974 2,G5v IDC C7 - ',031 370D 215 5&5 - -

13-75 6,71 9 '30 7 0 , 000 2,4;B' 2,4E2 648 3,1SD - -1


197v 6,728 :25,10C - 117 1,404 379 1,783 - -2
1C77 5,44C 56,028 6,10o 56,1S36 870 403 1,273 - -
I 9 7d E0,7-5 62,008

* * + *, s X THE FOLLOC;ING FIGURES ARE PROJECTED * * ** * *

1978 6D,7_v 82,022 - ,27 14,153 3,654 17,804 - -

1979 .7,,3 47,UE - 525 14, 150 2,822 16,972


195. .3, 70 3 3, 703 - - 11 , 26 2,022 13,253
1901
922 , 472 22,;'2 - - 11,236 1,348 12,584
19'2 11,236 11,236 - - 11,236 674 11,910

* THIS COLOU1,NSHL3,'S THE A'r'2UNT OF APhlkS'T,,TI_ IM.ALANCE IN THE AM3UNT OUTSTANDING INCLUDINO UNDISSURSED FRO,l iE
YEAR TO THE NEXT. THE M.7ST COM,1'N CtUSES OF IMBALANCES APE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBT'
FROM CNE- CATEGORY TO ANOTHER iN THE TABLE.
Table 4.2: PARAGUAY
PACE 14
SERVICE PAYMENTS, CO?.lMITi,^ENTS, DISSuRS-MENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEST

PROJECTIONS BASED ON DEBT OUTSTANGIt'G INCLUDING UNDISBURS'D AS OF DEC. 31, 1977

IN_LUD'ES ONLY 2_BT CO2iN1ITTED U;.N. 1, 1900 - DEC. 31, 1978


D'_3T REPAYABLE .N FCRED CN CLUiRENCY AND GOODS
(IN THOUSANDS OF U.S. DOLLARS)
TYPE OF CRECITCiR FINA'sCIAL INSTITUTIOtNS
CREDITOR COUNTRY GER'MANY, FED.REP. OF
YEAR CEET OUTSTANDING AT T R A N S A C T I 0 N S D U R I N G P E R I 0 D OTHER CHANCES
DELCINNING OF PERICD
_ __ _ _ _ _ _, - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - --- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

DISEURSED INCLUDI,\G: CDUI T- DISBURSE- S E R V I C E P A Y Ni E N T S CANCEL- ADJUST-


: CNLY UNODSsJRSE D MiENTS MENTS… -------- :------ LATIONS : ENT *
PRINCIPAL INTEREST TOTAL
: (1) : (2) (3) (4) (B) (6) (7) (8) (9)

1970 - - - - - - _ _

1I72 - - - -- - - - _
1973 - - - - _ _ _
19,4 - -4
1C75 - -- - - - _ _
1976 - - 3,655 2,724 73 - 73 - 234
15977 2,824 3,o1i 1,01G 1,010 724 145 869 - -616
1978 3,466 3,486

h*~ *
'- * THE FOLLOWING FIGURES T D *
A.RE PROJECTE_ * * *

197'8 3,4E3,4:5 3,486 - - 1,,56 219 1,375 - 2


1'--79 2.3S2 2,3 2 - - 1,156 161 1,317
iscU 1,176 1,'.76 - - 588 12 690- -
1*61 588 588 -
- 538 44 632

* THIS COLUMN SHOWS THE AN"OiUNTOF ARlTH?vETTC IMBALANCE IN THE A?.'OUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONE
YEAR TO THE NEXT. THE !.:JST C2M,i'ONCAUSES OF lM3ALANCES ARE CHANGES lN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM CNE CATEGORY TO ANCTHER IN THE TABLE.
Table 4. 2:; AA(GUAY

PAGE 15
SERVICE PAYmENTS, COMMITMENTS, DISBURSEMENTS AND OUTSrANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON DEST OUTSTANBINWi INCLUDINL UNDISBURSED AS OF DEC. 31, 1977


INCLUDES ONLY DE5B1CifL'>J'TTEDiAN. 1, 1900 - DEC. 31, 1978
DEBT REPAYABLE IN FOREICN CURRPEiCY AND GOODS
(IN THOUSANDSOF U.S. DOLLARS)
TYPE OF CREDITOR FINANCIAL INSTI1'UTIONS
CREDI-FORCOUNTRY NETHERLANDS
YEAR DEBT CUTSTANDNG AT T R A N S A C T IO N S D U R I N G P E R IO D OTHER CHANGES
: BEGINNING OF PERI5D
: DISBURSED : INCLUDING CONMiT- DISBURSE- S E R V I C E P A Y M E NT S CANCEL- ADJUST,
ONLY :UNDISEURSED: MENT5T S NTS ---------------------- ---------- : LATIONS MENT *
FRINCIPAL INTEREST TOTAL
()
: (2) (3) (4) (5) (6) (7) (8) (S)
1970 - _
1971 - - - - - - -
1972 - - t,500 1,500 - 60 60
1973 1,500 1t,_, - - ,00 108 608
1974 1,0C0 1,000 - - 500 64 564
1975 500 0- - 500 - 500
1976 - - -
1977 - - - _ -
1978 - -

* * * * * * THE FOLLO,VINGFIGURES ARE PRCJECTED * * * * * *

* TFIS COLUMN O.i5 THE A,VVO1NTINCLUDING UNDISBURSED FROM ONE


OF AfITHMETIC :M3ALANC N THE AiOUNT CUTSTANDING
YEAR TO THE NEXT. THE !WiST CO.'M1 CAUSES OF IMBALANCES ARE ChANGESIN EXCHAi'iGERATES AND TRANSFER OF DEBTS
FROM ONE CATEGORYTO ANOTHERIN 7HE TABLE.
Table 4.2: PARPGUAY
PAGE 16
SERViCE PAYMENTS, CCOM.TTMENTS, DIS3:RSEMENTS AN' OUTSTANDIN.G AMOUNTS CF EXTERNAL PUBLIC DEBT

PROJECTICNS BASEL CN DEBT OUTSTANDING INCLUDIr.G UNOISBURSED AS GF DEC. 31, 1977

INCLUDES ONL~ DEBT COMMITTED LDAN. 1, 1900 - DEC. 31, 1978


DcET REPAYArSLE 1', FOREIGN CURRENCY AND GOODS
(IN ThOUSANDS OF 6.S. DOLLARS)
TYPE OF CREDITOR FINANCIAL INSTITUTIONS
CREDITOR COUNTRY PANAMA
YEAR DEBT OUTSTANDING AT T R A N S A C T I 0 N S D U R I N G P E R I 0 D OTHER CHANGES
BEGI,NNING OF PERIOD

DISBURSED : INCLUE2tNG COMMIT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- : ADJUST-


ONLY :UNDISBURSED: MENTS :M,.1ENTS ----------- :----------- ----------- LATIONS : MENT *
PRINCIPAL INTEREST TOTAL
(1)
: : (2) : (3) (4) (5) (6) (7) (8) (9)

1970 - - _ _ -_
1971 - - - - _ _ _
1972 - - - _ _ _ _
1973 - - - - -
19,4 - - 3,000 3,eco - - - - -
1975 3,000 _.000 - - - 129 129 - -
1976 3,000 3,OC0 - - - 136 136 - -
1977 3,000 3,000 2,000 2,000 69 137 206 - I
1978 4,931 4,931

* e 8 + * * THE FOLLOWING FIGURES ARE PROJECTED * * * * * *

1973 4,931 4,931 1,500 585 602 326 928 - -

1979 4,9i4 5,329 - 750 977 358 1,335 - -

1930 4,637 4,852 - 165 977 303 1,280 - -

1581 3,875 3,875 - - 977 222 1,199 - -t


1982 2,897 2,697 - - 977 139 1,116 -
l183 1,920 1,920 - - 2C2 75 277 -
19S4 1,718 1,718 - - 202 67 269
185 1,516 1,516 - 202 59 261
1986 1,314 1,314 - - 202 51 253
1937 1,112 1,112 - - 202 42 244

T'HIS
T COLU;MN SHOWS THE AMO3UNTOF ARITHMETIC IMBALANCF IN ThE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONE
YEAR 10 THE NEXT. THE M5T Co,1MON CAUSES OF IMBiALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBfS
FRCO,.CHE CATEGORY TO ANOTHER IN THE TABLE.
Table 4.2: PARAGUJAY
PAGE 17
SERVICE PAYMIENTS, CC:MiI7fL'>lTS,DIS-,URSEMENTS ANO' OJTSrANDIN AM'UNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED CN DEBr OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1977

i;NCLUDES ONLY DE5T COMiIITTED LJAN. 1 , 1900 - DEC. 31, 1978


DE3T REPPYA[ _ iN FOCCPI-N CU,RRENCY AND GOODS
(i? THOUSANDS CF U.S. DOLLARS)
TYPE OF COF 31D F 1NAN'r L INr5TUTI CNS
CREDITOR COJNTRY S EDEN
YEAR DEBT 'JTSTANDIN;, AT T R A N S, A C T I 0 N S a U R I NG P E R I 0 D OTHER CHANGES
: BECINNlNG OF PERIOD

: DISBURSED : INCLUDING COMNU,T- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-


: CNLY :UNDISB'URSED: MENTS :rlENTS …:
………-……… ------ LATICNS
…--------; MENT *
PR:NCIPAL INTEREST TO7AL
: (1) : (2) (3) (4) (5) (6) (7) (8) (9)

19S0 -- - - _ _ _
1971 - - - - _ _ _
1,72 - - - _ _ _
1973 - - _ _ _ _
1'974 - - - - - - _ _ _
1975 - - - - - _ _ _ _
1976 - -
j977 - 1,800 - - - - - -
97S - 1,030

* * * * $ * THE FOLLOWING FIGURES ARE PROJECTED * * * 4 **

1973 - 1,800 - 1,260 312 68 390 _


1979 948 1,488 - 306 334 78 412 - -1
1980 919 1,1S53 - 234 358 72 430
1981 795 795 - - 384 49 433
1982 411 411 - - 411 22 433

* THIS COLUMN SHOWS THE AMOUNT OF ARITHMETIC IMBALANCE IN THE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONE
YEAR TO THE NEXT. THE MOST COMMON CAUSES OF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGORY TO ANOTHER IN THE TABLE.
Table 4.2: PARAGUAY

PAGE 18
SERVICE PAYMENTS, COMMITMENTS, DISBURSEMENTS AND OJTSTANDING AMlGUNTS OF EXTERNAL PUBLIC DEST

PROJECTIONS BASED CN DEBT OUTSTANDING INCLUDTNG UNDISBURSED AS OF DEC. 31, 1977

INCIUDES ONLY DEBT COMN;ITTE JAN. 1 , 1900 - DEC. 31, 1978


DE_T REPAYABLE IN FOREIGN CUL,RENCY AND GOODS
(IN ThnOUSANDS CF U.S. DOLLARS)
TYPE vF CFREDlTOR FINA%XCIAL INSTITIU'ICNS
CREEITOR CCOUNTRY SWITZERLAND
YEAR DEBT OUTST.:-NDING AT T R A N S A C T l 0 N S D U R I N G P E R I 0 D OTHER CHANGES
: BEGINNING OF PERIOD
-- _-.- _- ___ --- ___ …________.…___.__________-…-____
-----
_--_- _______.------ - ----------------

: DIS'URSED : INCLUDING CO,;IT- DISBURSE- S E R V I _ E P A Y M E N T S CANCEL- ADJUST-


: ONLY :UNDSCJURSED: MENIS MENTS …
…LATIONS -- MENT *
:
. : : : : PRINCIPAL INTEREST TOTAL
: (1) (2) (3) (4) (5) (6) (7) (8) : (9)

17v - - - - - - - - -
197. - - - - - - - _ _
1t37. - - - - - _ _
1 v73 - - 1,500 - - - - - -
1974 - 1,50 - 1,500 - 141 141 - -
1 5_ 1,E0 1,0 OO - - - - - _ _
1976 1,500 5 7, _
- _ 132 132 - -
1t77 1,5GO 1,50o - - - - - _ _
1978 1,500 1,500

*
+ * * + + THE FOLLOWING FIGURES ARE PROJECTED * * * * * I

1IS7 1,500 1,50 - - 1,500 104 1,604

$ THIS COLUMN SHCJS THE AMOUNT CF ARITHMETIC IMBALANCE IN THE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONE
YEAR TO THE NEXT. THE MOST COMMON CAUSES OF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FRCM ONE CATEGORY TO ANOTHER IN THE TABLE.
Table 4.2: PAR-GUAY

PAGE 19
SERVICE PAYMENTS, COMMJITMENTS, DISOURSEr'MENTS AND OUTSTANDING AMDUNTS OF EXTERNAL PUBLIC DEBT

PRCJECTIONS BASED ON DEBT OUTSTAN4TING IINCLUDING LJNDISBURSED AS OF DEC. 31 , 1977

INCLUDES ONLY D!:BT COM'lITTEC JIAN. 1, 1900 - DEC. 31, 1978


DEBT REPAYABLE IN FCREIGN CURRENCY AND GOODS
(!N TKDUSAWODS OF U.S. DOLLARS)
TYPE OF CREDITOR FINANCIAL INSTITUTIONS
CREDITOR COUNTRY UNITED KINGDOM
YEAR : DEBT OUTSTANDING AT T R A N S A C T I 0 N S D U R I N G P E R I O D OTHER CHANGES
: BEGINNING OF PERIOD

: DISBURSED :`NCLUDIN: CO'rJIT1r- DISBURSE- S E R V I C E P A Y M E N T S : CANCEL- : ADJISTi-


: ONLY UNDISBURSE3: MENTS MENTS : ----------- ----------- : LATIONS MENT *
PRINCIPAL INTEREST TOTAL
: (t) : z(2) (3) (4) : 5) : (6) (7) (8) (9)

19,70 - _ _ _ _
1971 -
1972 -
1973 - - 4,400 4,400 - - -
1974 4 40J 4,400 4,015 - 500 253 753 -

1975 3,900 7,915 - 4,015 1,000 770 1,770 -


1976 6,915 6,915 - - 197 880 1,077 - -1
1977 6,717 6,717 1 ,000 982 454 151 605 18
1978 7,246 7,246

* * * * * * THE FOLLOWING FIGURES ARE PROJECTED * * * * * *

1973 7,246 7,2453 5,000 1,400 1,434 649 2,083 - -


1979 7,212 10,912 - 1,975 1,434 669 2,103 - 2
1980 7,755 9,380 - 875 1,434 675 2,109 - -
19E" 7,196 7,946 - 525 1,596 610 2,206 - -
1982 6,125 6,350 - 225 1,788 409 2,277 -
1983 4,563 4,5G3 - - 1,527 356 1,883 - -
1984 3,036 3,C36 - - i,218 223 1,441 - -
1985 1,818 1,018 - - 909 133 1,042 -
1986 909 909 - - 909 57 966 - -

* THIS COLUMN SOFDWSTHE AMOJ OF AiTHMEl IC IMBALANCE I;N T.qE AMOCUNTOUTSTANUING INCLUDING UNDISSURSED FRO'1 ONE
YEAR TO TH' NEXT. J'UA CAUSES O' iMSaLANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
THE i`SET CCL%
FRC;I ONE CATEGORY TO ANOTHER iN THE TAULE.
Table 4.2: PARAGUAY
PAGE 20
SERVICE PAYMENTS, CC.,uTr'_CNTS, DIS2UIRSE..1ENTS AND D3L;TSTANDIr'C AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTICNS BASED ON DEDIT OUT&TAN!)ING Iii1CL_D'NGUNDISBURSED AS OF DEC. 31, 1977

I'NCLUDES ONLY :;LST CL,:..TTEG 'AN. 1, 1900 - DEC. 31, 1978


DEBT REPAYABLL IN FGRElCG CURRENCY AND GOODS
(LN THOUSANDS OF U.S. DOLLARS)
TYPE OF CREDIT^R FINAN:ClAL INSTITUTIONS
CREDITOR COUNTRY UNITED STATES
YEAR DEBT OUTSTANDINSA hT T R A N S A C T IO N S D U R I N C P E R IO D OTHER CHANGES
BEGINNING OF FERIOD

DISBURSED: INCLUDING C 0 10%T- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- : ADJUST-


ONLY :UNDISBURSED: MENT 3 MENTS ----------- …-----------:----------- LATIONS MENT *
PRINCIPAL INTEREST TOTAL
(1)
: : (2) (3) 14) (S) (6) (7) (8) (9)

1970 762 762 33 3 326 22 348 -


1071 766 7C6 - 292 34 326 -
1972 474 474 1,500 1,5CC 469 93 562 _
1973 1,505 1,555 - - 691 127 818 -

1974 814 814 - - 520 85 606 -

1-9,S 254 2.4 3,6J0 1,500 293 24 317 _ -1


1976 1,500 3,600 - 2,100 500 115 615 -

1977 3,100 3,100 4,000 - 500 197 697 I


1978 2,600 6,600

* + X* Y * THE FOLLOWING FIGURES ARE PROJECTED * * * * I

1978 2,600 6,600 15,000 6,340 1,337 377 1,714 -


1Y79 7,603 20,2S3 - 5,760 -,661 625 3,286 - -
1I80 10,702 17,6Li2 - 2,710 2,911 537 3,508 - _
1961 10,501 t' ,S91 - 1,440 2,495 464 2,959 - -
1992 9,446 12,196 - 1,320 1,935 370 2,276 - -
1983 S,860 1C,2'90 - 1,1G0 1,315 324 1,63c9 - 1
1984 8,646 8,676 - 330 1,31' 311 1,626 - -
1935 7,o61 7,661 - - 1,315 298 1,61i - -
19866 6,346 -,340 - 1,315 285 1,600 - -
31387 5,031 5,031 - - 1 ,315 272 1,587 -

* THIS COLUfSN SHOWS THE A:;CUNT L)F AETrHMSTIC GMBALANCE


r;N THE A;',OCUlQNT
OUTSTANOING INCLUDING UNDISOURSED FRO'M ONE
YEAR TO THE NEXT. THE 3510srCC,OIMOEDN
CAUSES OF IFMBALANCES ARE CHrAhGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FRCOMONE CATEGC-,Y -ro ANGTHER IN THE TABLE.
Table 4.2: PARAGUAY
PACE 21
SERVICE PAYMENTS, CDISRITMlNTS, 5!BRSEAENTS AN_ OUTSTANDING AMOUNTS GF EXTERNAL PUBLIC DEBT

PROvECTIONS EASED ON DOET OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1977

INCLUDES ONLY DEBT CO"l.lITTED JAN. 1, 1900 - DEC. 31, 1978


DEBT REPAYAELE IN FOREIGN CUJR"ENCY AND GOODS
(I,! THOUSANDS OF U.S. DOLLARS)
TYPE OF CREDITOR FINANCIAL 1NSTITUTIONS
FTDTAL
YEAR DE'BT OJTSTA-DING AT : R A N S A C T.I O N S D U R I N G P E R I O D OTHE R CHANGES
: BEGINN ING OF P3I CD:

: DISFURSED INCLUDING CONLK.IT- DISBURSE- S E R V I C E P A Y M E N I S CANCEL- ADJUST-


ONLY :UNDI SDRSED: D15ENTS :MENTS - ------------ LAT IONS MENT *
PRINCIPAL INTEREST TOTAL
: (1)
: (2) : ( : (4) : (') * (6) (7) (8) (9)

1970 762 76 32 330 326 22 34Y - -

1971 756 7.2 - - 222 34 323 - -


19772 474 7 114,00)0 4,0C0 469 195 664 - _
1I 7 3 4,005 14,005 r ,9c0 5,501 1,234 358 1,592 - -

1574 8,272 I2, 71 27 ,C15 9,531 1,890 759 2,649 - -

1 97D 1 ,'13 R3,7c i3.600 35,278 4,275 1 ,571 5,846 -2


1973 20,21 2, 1 3 3,G5' 5,377 2,214 1,676 3,890 229
1977 23 ,54-J ', '.9 15,',3U 60,911 2,710 1,117 3,827 18 -613
1t978 02,125 107, 330

* * + + * 0 THE P:ULL0ING FICUPRS ARE PROJECTED

1973 t'2,i25 107 438 21,500 2 .7':3 23,229 6,112 29,441 - 2


9,J 81,51 1D5, I1 12,519 23, 50 5,621 29,171 - I
It5
IC,70,6 f92, O2 - 6,51 20.,342 4,670 25,012 - -
1 u 7, 6: (2D - iI935 20, 1 2,402 23,59ij - -2
1'E62 _C1,s -~~ ',1,Uc-, - 1 545 19,156 2,2-10 21,3936 - 1
1 8J 21 01O 4110 , O 5 832 1 ,1 03 6 ,9q5 - I
15t:'/ 1 0 6 L 330 5,57.3 750 6o,323
1C,p5 1t',95 10 ,995 - - 2,4 26 490 2,916
138a 8C,569 ". 5C-9 - 2,426 393 2,819
133, 6,143 6,143 - 1,317
I 314 1,831

THIS COLU1-,N :);:iWSTHE AMOCUNT 0-;.AkITEMCTIC !MBALANCE IN Ti1E AI!OUNT OUT5TANDING INCLUDING UNDISBURSED FPOAplC:
YEA,' TO THE NE'(T. THE M2'JSTCOYDSN CAUSEf& OF IiVlBALA!N4CESARE CHANCES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROUI ONE CATEGORY TO AN3THER IN TrE TABLE.
Thule 4 . .: PARAGUIlY
PAGE 22
SERVICE PAYMENTS, COMITZNITS, DISBURSEI,ENTS AND CUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON D-BT OUTSTANDING INCLUDiNG UNDISBURSED AS OF DEC. 31, 1977

INCLUDES ONLY DEBT CO.Mi!TTED JAN. 1 , 1O0 - DEC. 31, 1978


DEBT REPAYABLE IN FOREIGN CURRENCY AND GOODS
(TN THOUSANDS OF U.S. DOLLARS)
TYPE OF CRLDITOR NATIONALIZATION
CREDITOR COUNTRY UNiTED <INGDOOM
YEAR DEBT OUTSTANDI''G AT T R A N S A C T I O N S D U R I N G P E R I G D OTHER CHANGES
BEGINNING OF Pz^IG:D

DISBURSED : INCLUDING COM:AIT- DISEURSE- S E R V I C E P A Y M E N T S CANCEL- : ADJUST-


ONLY :UNDISBURSED: MENTS MENTS …
:…-------- :-:
---- LATIONS : MENT *
PRINCIPAL INTEREST TOTAL
(1) (2) (3) (4) (5) (6) (7) (8) (9)

1 97' 28a 2b8 - - 24 - 24


1971 2A4 264 - - 36 - 36 -
1972 228 228 - - 12 - 12 -
1973 216 216 - - 38 - 38 -
1974 178 178 - - 12 - 12 -
1975 163 166 - - 44 - 44 -
1976 122 122 - - 17 - 17 l
1977 105 IC5 - - 17 - 17 - -1
1978 87 87

* *+ * 8 FIGURES ARE PROJECTED *


THE FOLLOQ'rING * * * * *

1978 87 87 - - 25 - 25
1`87 J 62 62 - - 25 - 25
1990 37 37 - 25 - 25
1981 12 12 - - 12 - 12

* THIS COLUMN SHOWS THE AMOUNT OF ARITHMETIC IMBALANCE IN TH'- AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM, ONE
YEAR TO THE NEXT. THE MOST COGi4MN CAUSES Of IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FRONT ONE CATEGORY TO ANOTHER IN THE TADLE.
Table 4.2: PARAGUAY

PAGE 23
SERVICE PAY,NTS, COIII.1iITMENTS,
DISBURSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1977

INCLUDES ONLY DEST COCMMITTED JAN. 1, 1900 - DEC. 31, 1978


DEBT REPAYABLE IN FOREIGN CURRENCY AND GOODS
(IN THOUSANDS OF U.S. DOLLARS)
TYPE OF CRED-ITOR NATIONALIZATIoN
TOTAL
YEAR DE3T OUTSTANDING AT T R A N S A C T I 0 N S D U R I N G P E R I 0 D OTHER CHANGES
BEGiNNING OF PERIOD

: DISBURSED : INCLUDING COM,:NlT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- : ADJUST-.


: ONLY :UNDISBURSED: MENTS MENTS - …----------:
… - - LATIONS : MENT
PRINCIPAL : INTEREST : TOTAL
: (1) (2) (3) (4) (5) (6) (7) (8) (9)
1970 2C8 253 - 24 - 24 - -
1971 264 234 - 36 - 36 - -
1972 228 228 - - 12 - 12 - -
1973 216 216 - _ 38 - 3_
1974 173 178 - - 12 - 12 - _
1975 166 166 - 44 - 44 - -
1976 122 122 - - 17 - 17 -
iC7 1O5 133 - - 17 - 17 - -1
tI73 87 °37
* F * * X THE FOLLOWING
M FIGURES ARE PROJECTED* * * * * *

1 5783 87 37 - - 25 - 25 - -
1t979 62 e2 _ 25 _ 25 - _
18s0 37 37 - - 25 - 25 - _
192.1 12 i2 - 12
1 - 12 - -

* THIS CDLU'>N SH0XS THE A00iU'T Or ARITHji,--tICIM-ALANCE IN 1HE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONE
YEAR TO THE NEXT. THE f,-'ST C0illIh2" CAUSES OF IIM'! A;CES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATCGORY *ro AN-lHErR ItN TrHE TABLE.
Table 4.2: PARAGUAY
PAGE 24
SERVICF PA8NIENTS, CO%'AITMIEN:TS.DISBURSLEiENTS AND OUT7STANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED CN DE8T CUTSTANDING INCLUDIj.C UNCISt3URSED AS OF DEC. 31, 1977

IPCLUDLS ONI.Y D-LT COsS'VITTED OAN. 1, 1500 - DEC. 31, 1978


DEST REPAYAU'Lf: TN FOREIGN CLRRENCY AND G0ODS
THfOUSANDS OF J.S.
Tr4 DOLLARS)
TYPE OF Cr.CITOR MIJLTILATERAL UCA,NS
CREDTTOP COUNTRY AOELA
YEAR ECEE!TC>JSTA.NDNOG A. : T R \ N S A C T IO N S DU R I N G P E R I O D OTHER CHANGES
BESlNNING OF PLiAIOD :
_ __ __ _ _ _ _ - -__
_ _ _ _ _ _ _ _ _ _ _ -__
_ _ _ _ _ -_.__ _ _ ._ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _- - - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ - - _ _ _ _ _

DISeURSED INCLUDIN- COM; IT- DISRJ4SE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-


ON'LY :UtNDISCJRSEO: MENT S MENTS …………
………:LATIONS - --- MENT *
PRINCIPAL INTEREST TOTAL
(1) (2) (3) (4') : E) (6) (7) (8) (9j

t')7 0-
19 1,530 1,5J0 - - -
1971 1,530 1,530 - - 36 151 187
1972 1, 94 1 - 94 - - 253 92 342
1973 1,244 2,•¾T4 - - 4_2 129 561
1974 812 812 - - 463 106 574 - -1
1975 343 343 - - 343 37 380 -
1976 - - - -
_ -

1978 - -

* * * ¢ * i THE FOLLOWING FIGURES Ar,E PROJECTED * * * * * *

* THIS CCLUP.'N _rH0VJSTHE A..'CUNT OF ARITH'Wl1To ' 1MSAIAHCE i. THF A.OUNT OUTSTANDING INCLUDING UNDISSURSED FROM ONE
YEAR TC TnE NEXT. THEL rOST CO'AO' CAUS'S OF IMEALANCES AR_ CHANGES IN ZXCHA,4GE RATES AND TRANSFER OF CEBTS
FRCPOMONE CATEGORY TO ANOTHER iN THE TABLE.
Table 4.2: PARAGUAY
PAGE 25
SERVICE PAYi'iNTS, COY.I1MENTS, DISEURSErAENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PPCJECTIONS EASED ON OEBT CUT.STAINOING INCLUDIF,G UNDISBURSED AS OF DEC. 31, 1977

INCLUDES ONLY DEa3 CC,i';ITTE-5 JAN. 1, tS00 - DEC. 31, 1978


DEeBT PPP^Y4A.L_ IN FCREIG.! CR\CY AND GCOODS
(IN' THCUSA;AlDS OF U.S. DOLLARS)
TYPE CF CREDITOR MULTILATERAL LOANS
CREDITOR COUNTRY BIA AHOUOGS Y FREST.
YEAR : EnT 0UT S ANDINc AT 1' R A N S A C T I O N S D U R I N G P E R I O D OTHER CHANGES
: BlGININi OF PFERIOD

DIS3URSED : 'NCLULING C 1oTII- DISEURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-


ONLY :UNDISEURSED: MENTS
T MtNTS ………- - ------ :-----------: LATIONS : MENT *
PRINCIPAL INTEREST TOTAL
: (1) : (2) : (3) (4) (5) (6) (7) (8) : (3)

1 970 - - - - _ _ _
1°71 - - - - , - - _ _ _
1372 - - - - - - - _ _
9743 - - _

19'i5 - - - - - - _ _ _

19,'6 - - - - - - - - -
15'7 7 - - - - - - - _
1976 -- -- tW
0
* *' * -s ^ XTHE FjLLODXING FIGURES ARE PROJECTED * *' * *

1.^.7 - _ 3,200 12_ - 4 4 - -


1 123 ?.,00
20 - r1G 243 43 291 - -
19u3o 69' 2, 9. - 1,104 435 106 601 - -1
1 (31 1,304 2,-) o - i566 495 122 617 - _
1 9d2 1,465 1, 'I - 363 495 112 607 - -1
139 EZ1,337 l 4!;5 - 120 455 82 577
170 4 970 - - 51 48 99
1i'j- 9319 913 - - '-1 45 96i
1896 86C S -- - 5t 43 94
1937 817 817 - - 51 40 91

* THIS COLUDIN Si023.3STHF AOU 3 FT \R IS'MLET C IM3ALANCE IN THE A13OJtT OUTSTANDING INCLUDING UNDISBURSED FRO,L Ot
YEAR TO THE NTX'. THE CU'.OSTCJ'Ji.. CAUSES OF IMBALANCiES A,tE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGORY TO ANOTHER IN rHE TABLE.
TaDle 4.Z: PARAGUAY

PAGE 26
SERVICE PAYMIENTS, COM`MITTMENTS, DIS2URSE.M.ENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTI10S BASED ON DEBT OUTSTANo'NG INCLUDING UNDISBURSED AS OF DEC. 31, 1977

'NCLUDES ONLY DEBT Co,G!MITTED dAN. 1, 1900 - DEC. 31, 1978


DEBT REPAYABLE IN FOREIGN CURRENCY AND GOODS
(IN THOUSANDS OF U.S. DOLLARS)
TYPE CF CREDITOR MULTILATERAL LCANS
CREDITOR CCUNTRY IB.-.D
YEAR DEBT OUTSTANDING ATr T R A N 5 A C T I 0 N S D U R I N G P E R I 0 D OTHER CHANGES
B_EI!NNIN- GOF REIOD
_________ _____- _________-- _-- __
-- - _-- _---- - -- - -- - -- _-__-
- -- - -- -
__-____- - - - -- ------- _ -__ _ - ------ ------ ------ ----

: DISBURSED : I.-LUDING COMIT- :ISBURSE S E R V I C E P A Y M E N T S CANCEL- ADJUST-


: ONLY :UNDISBURSED: MENTS MENTS… -… -- ----------- : LATIONS MENT *
::RINCIPAL : INTEREST TOTAL
: (1) (2) (3) (4) (5) (6) (7) (8) (9)

1970 4 , 2 11, _ 6, coa 1 95 359 454 - -

1971 6,335 1 7,2_5 - 1 ,9.-. 235 227 462 - -


I7 2 8, 314 17,023 _ 2,481 241 804 1,045 - _
1 S3 1O,234 13,77 9 - 2,773 255 949 1,104 36 -
1974 12,752 16,426 24,500 2,C87 A71 992 1,463 - -
1975 14,968 40,517 - 3,165 498 1,316 1,814 - -
1973 '7,636
I 40,C)9- 12,000 4,593 538 1,517 2,055 - -

1-37 21,694 1,431 30,000 6,879 563 1,961 2,524 - -


1978 2S,010 38,91S

* 9 it * '' THE FOLLOWING FIGURES ARE PROJECTED * * * * * * 0

1978 2B,010 03,91E 33,000 13,283 600 2,537 3,137 - -


1579 40,693 121,313 - 13,0930 935 3,675 4,610 _ _
1200 .57,848 120,383 - 18,457 1,310 5,022 6,332 - -
1581 7*,995 119,073 - 15,411 3,389 6,174 9,563 - -
I982 67, C-7 115,624 - 11i,23 5,573 6,880 12,453 _ -t
19 92,651 110,1 D - 5,4i2 6,793 7,115 13,911 - -2
1904 91,265 103,312 - 3,2S7 7,075 6,947 14,022 - -
1585 81,477 96,237 - 5,510 7,363 6,743 14,106 - -3
19h6 85,621 88,871 - 3,250 7,575 6,513 14,088 - -1
19R7 81,295 81,295 - - 7,807 6,078 13,885 - -1

* THIS COLUMN SHO.CJSTHE AlkiOUNT OF ARITHMETTC IMPALANCE IN THE AMO3UNT O'JTSTANDING INCLUDING UNDISBURSED FROM ONE.
YEAR To THE NEXT. THE MOST COMMONCAUSES OF IMBALANCLS ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGORY TO ANOTHER IN TliE TABLE.
Table 4.2: PARAGUAY

PAGE 27
SERVYCE PAYMENTS, COMMITVENTS, DI53:JRSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON DEBT OUTSTANDING INCLUDING U"'NOISBURSED AS OF DEC. 31, 1977

IRCLUDES ONLY DLET COMMITTED JAN. 1, 1900 - DEC. 31, 1978


DEBT REPAYABLE IN FOREIGrN CURRENCY AND GOODS
(IN THOUSANGS OF U.S. DOLLARS)
TYPE OF CREDITOR MULTILATERAL LOANS
CREDITC4 C3UNTRY IDA
YEAR DEBT OUTSTANDING AIT T R 4 N S A C T I 0 N 5 D U R I N G P E R I 0 D OTHER CHANGES
BEGINNING OF PERIOD

DISBURSED : INCLUDING COMMIT- DISBURSE- S E R V I C E P A\ Y M E N T S CANCEL- : ADJUST-


ONSLY :UNDISEURSED: MENTS MENTS ------------ ----------- ----------- LATIONS : M-NT *
(1) ::RINCIPAL INTEREST TOTAL
(2 : (3) (4) (5) (6) (7) (8) (9)

1970 16,504 21,400 i,318


A - 126 126 -
197t 18,372 211,0r - 1,550 - 71 71 10 5
1972 19,922 2 A3_5 5,100 1,367 63 215 278 - 1,749
1973 22,975 181 - -3 105 90 276 366 - 2,561
1974 25,552 3.,C52 11,000 17 116 191 307 - -
1975 25,453 41.536 4,000 955 116 190 306 - -
1976 26,292 45.420 4,C00 2,653 19-' 201 400 - -
1977 28,736 f9 i,221 - 5,229 207 222 429 -
1970 33,758 49,014 0
THE FOLLC'JING FIGjRES ARE PROJECTED * * * * * *I

1978 33,758 49,014 2, 6E. 205 252 457 -


13799 36,212 e 1 Ci - 3 230 26S 493 - -3
19S3 40,353 L,EiC - v, 258 297 553 - -
1561 43,182 _i8,390 Ii,9G/ 253 321 577 - -2
1282 44,031 43 036 - 1,2'al 427 333 760 - I
1933 45,639 47 ,636 - as, 496 341 837 - -
84 47,'401E46,08 - 79 594 343 937 -1
1935 4e .032 43,545 - 396 698 342 1,040 -
1936 45.730 4-,847 - 117 929 343 1,269 - -1
1987 44,917 44,917 - - 65s 333 1,302 - -

* THIS COLUMN LHCWS THE AACUNT OF ARIThMETIC IlBALANCE IN THE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONE
YEAR TO THE NEXT. THE MOST C,'.:MN CAUSES OF IMEALANCES ARE CHANSES IN EXCHANGE RATES AND TRANSFER OF DESTS
FKOM ONE CATEGORY TO ANOTHER IN THE TABLE.
Table 4.2: PARAGIAY
PACE 28
SERViCE PAYMENTS, COCi.lMIlmENTS, DISCLyRSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROUECTIONS BASED ON DEBT OUTSTANDTNG INCLUDING UrNDISSURSED AS OF DEC. 31, 1977

iNCLUDES ONLY DEET COii,MITTED 11AN. 1, 1500 - DEC. 31, 1978


CEBT RCPAYA6LE IN FOREIGN CURD.ENCY AND GOODS
(IN T'-OUSANDS OF U.S. DOLLARS)
TYPE OF CPRDITBR M,ULTI LA EPAL LOANS
CPEDITCR COUNTRY IDB
YEAR D-L-T
ODUTSTANDINIG AT TR r. NSACTIONS D U R I N G P E R IO D OTHER CHANGES
: BEGAi:ING OF PERlOD

: DISURSED : INCLU'.ING CO,riMIT- DISBURSE- S E R V I C E P A Y M E N T S : CANCEL- : ADjUST-


ONLY :UNOIsE5JNRcD: MENTS MENTS ……… --- :- -------- : LATIONS : MENT *
i-RINCIPAL INTEREST TOTAL
(1) (2) (3) (4) (5) (6) (7) (S) (9)

13?0 J6,563 7,136 - 393 680 351 1, 031 - -

1071 6,215 4
;s21, - 214 703 454 1,157 - 150
17-72 5,846 S,903 - 53 350 322 1,172 4 -
1973 5,049 5,040 - - 714 293 1,007 - 90
1974 -.,495 4,425 t1,500 - 627 290 917 - 152
1975 3,950 15,4c50 26,713 5,69i 572 205 777 - -20
1976 9,351 -41 571 2,300 7 ,25 614 521 1,135 - 58
1977 16,020 43,356 11,000 5,943 533 504 1 037 2,933 -
197-8 21,435 50,849

* * * * > X THE FOLLOWING FIGURES ARE PROJECTED * * 8 * * *

1978 21,435 50,849 17,050 9,137 603 496 1,099 - I


1979 2-9,90 7,297 - 92497C 603 553 1,155 - -2
1980 v , 795
05_ 56 , 072 - 8,6C9 298 680 973 - -
1-D1 47,192 60,394 - 7,713 126 845 972 - -

1_ 2 54,776 6,2833 - 5,147 106 1,022 1,128 - -


1-933 59,817 65,162 - 3,133 371 1,153 1,524 - -1
194 62,577 65w,700 - 1,887 636 1 218 1 854 - -
1805 630,82 65,154 - 1,050 1,308 1,592 2,G00 -
1396 63,570 63,846 - 277 1,773 1,566 3,339 - -

1987 62,073 62,073 - - 1,966 1,568 3,534 - -1

* THIS COLUMN SHO.S THE AMOUNT OF ARiTH,MT-IC IMBALANCE IN rHE ANOUNT OUTSTANDING INCLUDING UNDISBURSED FRO1 ONE
YEAR TO THE NEXT. THE MODSt CCA40N CAUSES OF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FRCNl ONE CATEG,ORY TO ANOTiiER IN THE TABLE.
Table 4.2: PARAGUAY
PAGE 29
SERVICE PAYMENTS, CC'.,vITMENTS, B1SlSRRSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED CN DE5T OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1977

'N-CLUDES ONLY DE5T COUM,,IITTED'JAN. 1, 1900 - DEC. 31, 1978


DEBT REPAYABLE TN FCREIBN CLRRENCY AND GOODS
(IN THD3USANDSOF U.S. DOLLARS)
TYPE OF CREDITOR MULTI,A'ERAL LOANS
1T01AL
YEAR DE3T CUTSTA`DINCG ATT T R A N S A C T I O N S D U R I N G P E R I O D OTHER CHANGES
: SECIN:NINI OF PERIOD

: DISEU SEDE INCLUDIN8: CCOMMI'i


T- DISBU,.SE- S E R V T C E P A Y M E N T S CANCEL- ADJUST-
: ONLY :UNDISBURSED: NIENTS MENTS ----------- :-----------:---------- LATIONS MENT *
PRINCIPAL INTEREST TOTAL
(1) (2) (3) (4) (9) (6) (7) (l) (9)
1970 28,046 9 , 835 7, 530 5,2. 775 636 1,611 -

1971 32,1-.2 46,641 - 3,6>. 974 903 1,877 10 155


1e72 35,276 45,812 5,1G0 3,881 1,404 1,433 2,837 4 1,749
1 973 39 ,502 51 253 - 2,879 1 49: 1 547 3,038 36 2,651
1974 43,541 52,377 47,000 2,704 1,632 1,579 3,261 - 151
1975 44,714 37,846 30,713 9,813 1,529 1,748 3,277 - -20
1976 52,979 127,01v 1B,300 14,i64 1,351 2,239 3,590 - 58
1977 66,450 144,017 49,000 18,056 1,303 2,687 3,990 2,933 -

1973 83,203 183,781 1

* .s
* * * iTHE FOLLOWING FIGURES ARE PROJECTED * * * * * * 0

1978 63,203 188,721 53,250 25,207 1,4v3 3,289 4,697 - I


1979 107,003 240,r24 - 32,715 2,016 4,539 6,555 - -5
1980 137,697 22`,603 - 31,337 2,35S 6,105 8,464 - -1
1281 166,673 235,243 25,6.4 4,266 7,463 11,729 - -2
1E-&2 188,089 231,975 118,007 6,601 8,347 14,948 - -1
1983 199,494 225,373 - 9,528 8,158 8,691 16,849 - -3
1S84 2v0,8£0 217,212 - 5,753 8,356 8,556 16,912 - -1
19E5 198,296 203,055 - 6,956 9,420 8,722 18,142 - -3
1986 195,739 199,432 - 3,644 10,328 8,462 18,790 - -2
1987 189,102 189,102 - - 10,793 8,019 18,812 - -2

* THIS COLUMN SHOWS THE AMOUNT OF ARITHMCTI. IMBALANCE IN THE AMOUNT OUTSTANDINCG INCLUDING UNDISBURSED FROM ONE
YEAR TO THE NEXT. THE MOST COMMON CAUSES OF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGORY TO ANOTHER IN THE TABLE.
lable 4.2: PARAGIUAY

PAGE 30
SERVICE PAYMAENTS, C0 U,T'.!IT.lENTS,
DISBURSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1977

7 CL'UDES ONLY D'BT COM711!TTED JAN. 1, 1500 - DEC. 31, 1978


D_BT REPAYABLE IN FOREIGN CURRENCY AND GCODS
(IN THOUSANDS OF U.S. DOLLARS)
TYPE OF CREDITOR BILATERAL LCANS
CR'DIT0R COUNTRY ARGENTINA
YEAR DEET OUTSTANDiNG AT T R A N S A C T I 0 N S D U R I N G P E R I 0 D OTHER CHANGES
: BEGINNING OF PERIOD

: DISBURSED : INCLUDING COm%l.T- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-


ONLY
O :UNDIcDURSED: MENTS : MENTS ----------- ----------- :----------- LATICNS :IENT *
PRINCIPAL INTEREST TOTAL
: (1) (2) : (3) : (4) (5) (6) (7) (8) (9)

1970 - - _ _ _ _
1 971 - _ 570 -
1972 - 570 7,000 30G - - - -
1 J7.; 308 7,571 - 714 10 1 11 - -1
197L i,011 7,533 - 2,113 33 91 127 - -
1'75 3,083 7,524 - 163 70 169 239 - -
1376 3,181 7,454 - 151 223 i03 326 - -i
197, 3,108 7,230 - 30 385 200 585 4,022 t
1978 2,804 2,824
0
* * x + * * THE FOLLOWING FIGURES ARE FROJECTED * w * * *
+

1978 2,304 2,B24 - 20 594 151 745 -


1S79 2,231 2,231 - - 594 117 711 - -
1900 1,637 1,637 - - 594 83 677 -
198i 1,044 1,044 - - 594 46 542
1982 450 450 - - 30 13 43
19t3 420 'f&20 - - 30 12 42
1;84 390 39' - - 30 11 41
1985 360 3S0 - - 30 11 41
19C6 330 330 - - 30 10 40
1937 300 300 - - 30 9 39

* THIS COLUMN SHOWS THE Ai'O'UNTOF ARITHMETIC IMSALANCE IN THE AP.HOUNTOUTSTANDING INCLUDING UNDISBURSED FROM ONE
YEAR TO THE NEXT. THE iMOST COUM.ONCAUSES CF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGORY TO ANOTHER IN THE TABLE.
Table 4.2: PARAGUAY
PAGE 31
SERVICE PAYiM'EN7S,CQV;lMIT!WENTS,DIS5URSEIMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS EASED ON E-BT OUTSTANGING lI4CLUDING UNO.iSBURSED AS OF DEC. 31 , 1977

INCLUDES ONIY DlET CO,%rYWITTEDJAN. 1, 19C0 - DEC. 31, 1978


DEBT REPAYABLE IN FOR-IE-N C-N:CENCY AND GOODS
(iN THOUSA^NDSOF U.S. DOLLA.RS)
TYPE OF CkEDITOR BILA1ERAL LOANS
CREDITOR COUNTRY B!RAZIL
YEAR :DEBT OUTSTANDINCG AT T R A N S A C T I 0 N S D U R I N G P E R I 0 D OTHER CHANGES
BEGINNING OF PERIOD

DISEURSED : INCLUDING CO Nfi


I I- DISBURSE- S E R V I C E P A Y M E N T S CANCE'- : ADJUST.-
ONLY :UNDISSURSED: MENTS MENTS ------------ :-----------:----------: LATIONS MENT *
PRINCIPAL INTEREST TOTAL
(1) (2) (3) (4) (5) (6) (7) (8) (9)

1070 27 27 - - - - - -
1971 27 27 1,000 - - -_
1972 27 1,027 - 45 5 5
1973 72 1,027 - 4a5 - 4 4 -

1974 537 1, 027 - - 14 19 33 -


1375 523 1,013 10,500 - 64 10 74 -
1S;76 453 1-i,449 6,500 836 14 25 39 490 -

1977 1,2S1 19, 45 212 4,879 257 143 400 - co


1078 5,303 19,400 O

* ; * I * THE FOLLCUING FI_URES A:RE PROJECTED * * * * *

1973 5,900 1M, 00 81,060 1S,125 2,6so 799 3,459 - -27


1979 22,341 97,'773 - 22,815 2,719 1,979 4,698 - I
1980 42,438 95,cs5 - 21,325 2,719 3,347 6,063 - -1
1 :E 61,343 92,335 - 20,860 2,719 4,642 7,361 - _
19-32 79,434 89,616 - 10,133 8,874 5,838 14,7£2 - 1
1933 80,743 80,743 - - 15,0F.8 5,397 20,465 -
1934 65,675 65,,5 -_ 14,414 4,336 18,750 - -1
1_35 51,260 51,2GG - - 13,760 3,34S 17,108 -
198J. 37,500 37,500 - _ 12,530 2,406 14,936 _
1987 24,971 24,971 _ 12,500 1,529 14,029 -

* THIS COLUMN SHONS THE r.MCvT OF AR'ITHjl?_TICIMEALANCE IN THE AEDUNT OUTSTANDING INCLUDING UNDISBURSED FRO1MONE
YEAN,. TO THE NEXT. 1t.iKOST CA'SES OF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
COMMi.','1O
FROM ONE CATEGORY TO ANOTHER IN THE TAdLE.
TaDle 4.2: PARAGUAY

PAGE 32
DISGUIRSEMENTS AN: COUTSTANDINNGAIVIOUNTSOF EXTERNAL PUBLIC
SERVICE PAYMENTS, CO'L>Y,MITG'tEN'TS, DEBT

PROJECTILNS BASED OL DLST CUISTANDING IN''LUDTNG LNDISBURSOD AS OF DEC. 31, 1977

INCLUDES ONLY Di.BT COMMl.ITTED JAN. 1, 1-00 - DEC. 31, 1978


DEBT REPAYA3LE IN FOREIGN CURR/ENCY AND GOODS
(IN THOUSANDS OF U.S. DOLLARS)
TYPE OF CREDITCR BILAIERAL LOANS
CREO:TcOR COUNiTRY CANADA
YEAR DEhT O'ATSTAWDIW.3 AT T R A N c; A C T I 0 N S D U R I N G P E R I 0 D OTHER CHANGES
BEC-INNING OF PERIC-)

DISBURSED : INCLUDING COMDr0IT- DISCURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST--


ONLY :'UNDISBURSED: MENTS MENTS ----------- …:……--------:-----------:LATIONS MENT *
PRINCIPAL INTEREST TOTAL
(1) (2) (3) (4) (5) (6) (7) (8) (9)

1970 593 7Y0 - - 10 10 - 45


107 1 1785 7E- - 10 10 - 13
1972 793 7!D - - 14 14 - 6
1573 804 624 - - - 10 10 - -1
1974 803 603 - - - 10 10 - 4
1B//5 807 807 - - - 10 10 - -20
1976 787 787 - - - 10 10 - 6
1977 793 793 - - - 9 9 - -62
1978 731 731

* * * * * * THE FoLLawING FIGURES ARE PROJECTED * * * * * *

1973 731 731 - - 36 9 47 - -

1079 6S3 693 - - 3B 9 47 - -1


1-30 654 654 - - s 8 46 - -
1-9S1 616 016 - , 8 46 - -1
1932 577 E577 - - 33 7 45 - -
1-_33 539 - - 33 7 45 - -1
1,34 500 5CO - - 38 6 44 - -
19'35 462 402 - - 38 6 44 - -1
1996 423 423 - - 33 5 43 - -
1967 _&5 365 - - 3£ 5 43 - -1

* THIS COLUMN SHCWS THE AMOUNT CF ARITK,'3T7C IMBALANCE IN THE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONE
YEAR TO THE NEXT. TH- WMOOTCOMMJON CAUSLS OF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEB1S
FROM ONE CATEGORY TO ANOTH.R IN THE TABLE.
Table 4.2: PARAGUAI
PAGE 33
SERVICE PAYN_NTS, CM7MIT'ULNTS, DISBUR'EE'_NTS AND OUTSTANDING AiMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASE3 ON DEBT OUTSTANDING; INCLUDING UNDISEURSED AS CF DEC. 31, 1977

TNCLUDES ONLY DOET COM,1ITTED JAN. , 9300 - DEC. 31, 1978


DE3T REPAYA3LE IN FOREIGN CURRENCY AND GOCODS
(IN THOUSANDS OF U.S. DOLLARS)
TYPRE OF CPEM.ITCR BILATF.+L LOANS
CRELUTEN uCOUNTRY CZLCHOSLOV.ANIA
YEAR DE3T OJTST.ANDINC
N r T R A N S A C T I 0 N S D U R I N G P E R I 0 D OTHER CHANGES
: LEGINNING OF PERIOD

: DISL-URSED : INCLUDING C0M,'. TM


T- DISEURSE- S E R V i C E P A Y M E N T S CANCEL- ADJUST-
CNLY
C :UNDISEURSED: WENTS : T--'
S-TS… : ----
…- :-- -…-…----: LATIONS ME NT
PRINCIPAL INTEREST TOTAL
: l1) (2) (3) (4) (5) (6) (7) (8) (9)

1970 3 3 - - 3 - 3
1971 - - - - - -
1972 -
1973 - - - - _ _
1974 - - - - _ _
1 57. - - - _ - _

1977 - - - - _ _
1978 -

* * * * w + THE FOLLOWING WIGURES ARE PROJECTED * * * * * 4 H

* T;1T5 COLUMN '-C!!S THE Ar;OUNT OF ARITH-I'.ET IC IMBALANCE IN THE AM'OUNT OUTSTANDING INCLUDING UNDISBURSED F,:O C
YEAR TO THE NRXT. THE M OST COi7'MXLNCAUSES OF IMALArLOES ARE CHANCES IN EXCHANGERATES AND TRANSFER OF JEB3TK
FROM ONE CATEGORY TO ANOTHER IN THE TAELE.
Table 4.2: PARAGUAY
PAGE 34
SERVICE PAYMENTS, CO!.lllUTY,ENTS, DISnuRSE211ENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DE". 31, 1977

INCLUDES ONLY DEBT CO2.M!ITTED hAN. 1, 1900 - DEC. 31, 1978


DE3T REPAYADLE IN FCREIGN CURRENCY AND GOODS
(IN THOUS;,ANDSOF U.S. DOLLARS)
TYPE OF Cl--7TITOR BILATERAL LOANS
CRED.ITOR COUNTRY GERMANY, FED. REP. OF
YEA;R D_BT OUTSTANDING A" T R A N S A C T I o NS D U R I N G P E R I O D OTHER CHANGES
: EEGINNING OF PERICD
_ __ __ _ _ _ _ _ _ _ -_ - _ _-- _ _ - _- _ _- - _ _- _- _ - _- _ _- __ _._- - - __
- - _-- _- _- -_ --- _- _ _ _ _ _-- -_ _ _- _-- _ _---- -_ _ _ -- -_ _ _ _ _ _ _ _ _ _ _ _ _-- _ _ _ _ _ _ _ _ _-

: DISBURSED: INCLUDING COMMlIT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-


: ONLY :UNDIS3URSED: MENTS MENTS ----------- ----------- - --- LATIONS MENT *
PRINCIPAL INTEREST TOTAL
: (t1) : (2) (3) (4) (5) (6) (7) (8) (9)

1970 3,743 1,464 - 500 372 168 540 - -153


1971 3,S08 10,939 2,869 315 397 247 644 - 796
1972 3,735 14,207 2,352 4,532 483 361 849 - 179
1273 7,765 16,250 1,718 6,G14 754 432 1,186 - 2,127
1974 14, i 44 19,341 _ 3,788 753 613 1 ,366 - 4,213
1975 2m,3-17 22 ,01 4,839 1,403 1,161 752 1,913 _ -2,088
1Y76 13,92; 24,441 - 2,141 1 013 711 1,724 16 2,622
1°77 22, 206 26,034 - 983 1, 193 854 2,047 - 3,064
.973 24,690 27,9C5 1_

* * * * * * THaEFOLLOWING FIGURES ARE PROJECTED * * * * * *

1976 2-;,690 27,9C'5 - 1,789 1,31i 979 2,290 - -t


1t79 25, 68 2't,5923 - 1,02o 1t,1_ 965 2,14-
12230 c5,011 2 ,41 0 - 228 1,427 930 2,357 -
1621 23,313 23,984 - 114 1,566 374 2,440 - -

1982 22,361 22,418 - 57 1,566 814 2,380 - -1


I SC 20.851 20,851 - - 1 ,566 753 2,319 - _
1964 19,235 19,285 - - 1,566 692 2,258 - -

1665 17,719 17,719 - - 1,566 629 2,195 - -1


1986 16,152 16,152 - - 1,566 568 2,134 -

1987 14,587 14,587 - - 1,377 506 1,8S3 - -

* THIS COLUMN SlHiO4S TriE AMOUNT OF AkITHMETIC IMBALANCE iN TFE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONE
YEAR TO THE NEXT. THE M.OST COMMONCAUSES OF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGORY TO ANOTHER IN THE TABLE.
Table 4..2: PARAGIAY
PAGE 35
SERVICE PAYMENTS, COM.1MITMENTS,
DISBURSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON DEET OUTSTANOING INCLUDING UNDISSURRSED AS OF DEC. 31, 1977

INCLUDES ONLY DEST COMS'ITTEDJAN. 1, 1900 - DEC. 31, 1978


DZBT REPAYABLE IN FOilE!GN CURRENCY AND GOODS
(IN THOUSANDS OF U.S. DOLLARS)
TYPE OF CREDITOR BILATERAL LOANS
CREDITOR COUNTRY ITALY
YEAR : DEET OUTSTANDING AT : T R A N S A C T IO N S D U R I N G P E R I O D OTHER CHANGES
: BECINNING OF PERIOD :

: DISBLURSED : INCLUDINS COrmMIT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-


ONLY :UNDISBURSED: MENTS MENTS : - - ----------- ----------- LATIONS :MENT *
PRINCIPAL INTEREST TOTAL
: (1): (2) : (3) : (4) (5) (6) (7) (8) (9)

1970 - - - - _ _ _ _ _
1971 - _ _ _
1972 -
1973 - - - - _ _ _ _ _
19t4 - - 4,300 - _ _ _ - _
1975 - 4,300 - 4,295 215 187 402 - -193
1976 3,692 3,892 - 277 166 443 - -839
1977 2,776 c,776 - - 373 212 585 - 6
1973 2,409 2,4G9

* * + * S * THE FOLLOW!JING FIGURES ARE PROJECTED * * * * * *

1978 2,409 2,409 - - 371 151 522 - -


1979 2,038 2,039 - - 371 126 497 -1
1980 1,G68 1,66G8 - - 371 102 473 -- -
1981 1,297 1,2G7 - - 371 78 449 - I
1932 927 927 - - 37-1 54 425 -
1933 558 553 - - 371 30 401 -
1984 185 185 - - 185 6 191 -

* ThIS COLiU!..N SHECLSTHE A.,OUNT OF ARITH,ETTIC IMBALAHNCE IN THE AMOUNT OUTSTANDING INCLUDING UNGISBURSED FRO.'.tONE
YEAR TO THE NEXT. THE Y.:_ST CC.2N CAl,S-S Or ID';3ALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGORY TO ANOTHER IN THE TABLE.
Table 4.2: PARAGUAY
PAGE 36
SERVICE PAYMENTS, COMMITNMENTS, DISBURSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON DEBT OUTSTANDING INCLUDIN3 UNDISBURSED .AS OF DEC. 31, 1977

INCLUDES ONLY DEBT COi.1M.itTTED


JAN. 1, 1OO - DEC. 31, 1978
DEBT REPAYABLE iN FOFEI7N CURRENCY AND GOODS
(IN THOUSANDS OF U.S. DOLLARS)
TYPE OF CREDITOR BILATERAL LGANS
CREDITOR COUNTRY JAPAN
YEAR DEBT OUTSTANDING AT T R A N S A C T 1 0 N S D U R ; N G P E R I 0 D OTHER CHANGES
BEGINNING OF PERIOD

DISEURSED : INCLUDING CO:MMIT- DIS3UPSE- S E R V I C E P A Y M E N T S CANCEL- : ADJUST--


ONLY :UNDISBURSED: MENTS M--NrS ----------- :---
. ----------- : LATIONS : MENT *
PRINCIPAL INTEREST TOTAL
(1) (2) (3) (4) (5) (6) (7) (8) (9)

197'0 - - - - - - - -
1971 - - - - _ _ _ _ _
1972 -
1 '7 - - 14, 354 - - - - - -427
1-.74 - 13,927 - 127 - 3 3 - -967
1975 123 12,60 6,741 101 - 17 17 - -367
1976 216 19,334 - 4,793 - 7 7 - 815
1977 5,078 20,149 6,912 57 - 4 4 - 5,237 1
1978 6,276 32,298 -

* * * * * ^ THE FOLLOWING FIGURES ARE PROJECrED * * * * * *

19578 ,278 32.2'98 - 9,205 1,586 550 2,136 -


1979 13,895 30,713 - 5,905 1,566 742 2,328 - -1
1980 18,213 29,126 - 4,472 1,586 866 2,452 - -

1981 21,097 27,540 3,1P3 1,563 938 2,524 -


1982 22,69E 25,953 - 2,567 1,585 980 2,566 - -

1983 23,675 24,367 - 538 1,'5B6 950 2,536 - -7


1904 22,626 22,783 - 154 2,228 a95 3,123 - -

19se 20, 55 20,552 - - 2,228 807 3,035 - -2


t986 78,322 18,322 - - 2,228 717 2,945 - -
1987 16,094 16,094 - - 2,220 628 2,956 - -1

* THIS COLUMN vHGOWS THE ARV.vUNT0: aRITHNIETIC IMBALANCE IN THE' AM;O10UNT


OUTSTANDING INCLUDING UNDIa5URSED FRO-''ONE
YEAR TO 1HE NEXT. THE MOSf COUMUt. CAUSES OF iMBALANCES A:sE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM! ONE CATEGGRY 70 ANOTHER IN THE TABLE.
Table 4.2: PARAGUAY
PAGE 37
SERVICE PAYMENTS, COMIMITMIENTS, DIS8URSEMENTS AND CUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIGNS BASED ON LEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1977

INCLUDES ONLY DrBT CONMMITTED JAN. 1, 1900 - DEC. 31, 1978


DEBT REPAYABLE IN FOREIGN CURRENCY AND GOODS
(IN THOUSANDS GF U.S. DOLLARS)
TYPE OF CREDITOR BILATERAL LOANS
CREDITOR COUNTRY SOUTH AFRICA
YEAR DEBT CUTSTAN9ING AT T R A N S A C T IO N S D U R IN G P E R I O D OTHER CHrANGES
BEGINNING OF PERIOD

DISBURSED : INCLUDING CO
DAlMIT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-
ONLY :UNDISBURSED: MENTS MENTS ……-- --- ----------- ----------- : LATIONS : MENT *
PRINCIPAL INTEREST TOTAL
(1) (2) (3) (4) (5) (6) (7) (8) (9)

1970 - - - - - _ _
1971 - -
1972 - -
1973 - - - - - _ _ _
1974 - - - - _ _
1975 - 18,581 - - - - - -2,941
1976 - 15.640 - 8,G53 - - - - -1
1977 8,353 15,63 2,875 7,167 490 757 1,247 - 1
1978 15,531 18,025

* * S , * 6 THE FOLLOWING FIGURES ARE PROJECTED * * * * * *

1973 15,531 18,025 - 2,494 745 1,060 1,805 -


1979 17,2C0 17,280 - - 1,755 1,003 2,758 --
1980 15,525 15,525 - - 1,611 893 2,504 - 1
1981 13,91' 13,915 - - 1,611 797 2,408 - -1
1952 12,303 12,333 - - 1,611 701 2,312 - -2
t933 10,69G 10,600 - - 1,611 605 2,216 -
1984 ',079 9,079 - - 1,611 510 2,121 - 1
1965 7,469 7,469 - - 1,6-1 413 2,024 - -1
1956 5,857 5,857 - - 1,201 325 1,526 - -1
1987 4,655 4,655 - - 1,201 259 1,460 - 1

* THIS COLUMN SHO.JS THE AMOUNT OF ARITHMETIC INiBALANCE IN THE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM ONE
YEAR TO THE NEXT. THE N:'OSTCOMM;ONCAUSES OF IMPBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGORY TO ANOTHER IN THE TABLE.
Table 4.2: PARACUAY
PAGE 38
SERVICE PAYMENTS, COMVfMITMENTS, DISBURSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

P9OJECTICNS BASED ON DEBT OUTSTANDING INCLUDIOsG UNDISBURS2'D AS OF DEC. 31, 1977

INCLUDES ONLY DEBT COMN.lITTED JAN. 1, 1900 - DEC. 31, 1978


DEBT REPAYABLE IN FOREICN CURRENCY AND GOODS
(IN THOUSANDS OF U.S. DOLLARS)
TYPE OF CREDITOR BILArERAL LOANS
CREDITOR COUNTRY SPAIN
YEAR DEBT OUTSTAND'j,IC AT T R A NSACTIONS D U R I N G P E R IO D OTHER CHANGES
BEC:NNING OF PERIOD
_________ - - ------- -- -- ----- ---- -_ - - - -- --- _ _ _-- _ _ _ _ _--- _ _ _ _ - __ ------_ _ _ _ _ _ _-- __ _ _ _ _ -_ - _----- _ _ - -- -- -- --- - -- -- - --- - -- -

DISBURSED : INCLUDiNG
D CDO!AIT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- ADJUST-
: ONLY :UNDISB'URSED: MENTS MENTS …
-------------------------------- : LATIONS MENT
:RINCIPAL INTEREST TOTAL
('(I
* (2j (3) (4) (5) (6) (7) (8) (9)

1970 3,815 4,635 - 709 211 920 1


1971 3,107 3,937J 6LJ 655 234 889 - -

1972 3,1102 3,302 - 200 654 198 852 - -

1973 2,648 2,648 17,500 - so0 186 766 - -850


1t74 1,218 18,718 - - 542 142 684 - -
1975 67O 10,176 - - 561 96 657 11
1397,6 115 17,615 - 8,797 tu5 104 219 - I
1977 8,797 17,_00 7,020 6,692 - 309 309 - -

1978 15,459 24,520

* * * * * * THE FOLLO0W4ING FIGURES ARE PROJECTED * * * * * *

197S 15,439 24,52; - 4,027 2,544 817 3,361 - _


1979 16,972 21,076 - 2,737 2,544 915 3,459 - -
1--.E0 .17,165 S9,432 - 1,264 2,544 912 3,456 - -

1981 15,95 16,033 - a3 2,r;i4 655 3,399 - -


1932 14,344 14,344 - - 2,544 738 3,282 - -1
1983 71,799 11,799 - _ 2,5:14 602 3,146 -
1984 9,255 9,255 - - 2,544 466 3,010 - -

1985 6,711 6,71t - - 2,544 332 2,876 - -

1905 4,167 4,167 - - 2,544 196 2,740 - -

1SS7 1,623 1,623 - - 1,623 60 1,683 - -

* THIS COLUMN SHD.JS THE AM:UNT OF ARITHNETIC IMBALANCE IN THE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROMl ONE
YEAR TO THE NEXT. COMMON CAUSES OF IWPALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
THE 1M.1OST
FRO4 ONE CATEGURY TC AN3ThER IN THE TABLE.
Table 4.2: PARAGUAY
PAGE 39
SERVICE PAYMENTS, COTr`MIITMOIENTS,
DISBURSEMAENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1977

INCLUDES ONLY DEBT COMiITTED JAN. 1, 1900 - DEC. 31, 1978


DEBT REPAYABLE IN FOREIGN CURRENCY AND GOODS
(IN THOUSANDS OF U.S. DOLLARS)
TYPE OF CREDIT0R SILAIERAL LOANS
CRED1iC;f COJNTRY UNITED KINGDOM
YEAR DEBT OUTSTANDING AT T R A N S A C T I 0 N S D U R I N G P E R 1 0 D OTHER CHANGES
: 8EGI,'NING OF PERIOD

* DISBURSED INCLUDING : COMMIT- DISGURSE- S E R V I C E P A Y M E N T S CANCEL- : ADJUST-.


ONLY :UNDIS2URS-D: MENTS V.M-ENTS ----------- ---------------------- : LATIONS MENT *
PRINCIPAL INTEREST TOTAL
: (1) : (2) (3) (4) (5) (6) (7) (a) (9)

1970 - - - _ _ _ _ _
1I71 - - 4,672 - - - - _ 233
1272 - 5,105 - 70 - 13 13 - -409
1S73 66 4,696 - 797 - 32 32 - -50
19','4 820 4,646 - 891 - 58 58 - 51
1975 1,724 4,697 - 1,420 22 89 111 - -648
1976 2,758 4,027 - 797 155 99 254 - -631 1
1077 2,925 3,241 - 325 150 89 239 - 374
1978 3,465 3,465 o

W * * * F * THE FOLLO,1ING FIGURES ARE PROJECTED * * * * * *I

1970 3,465 3,435 - - 187 120 307 - -


1979 3,278 3,278 - - 187 113 300 - -1
1960 3,C90 2,D90 - - 187 107 29i4 - -
1981 2,903 2,903 - - 1S7 100 287 - -
1982 2,716 2,716 - - 187 93 280 - -
1983 2,529 2,B_9 - - 137 87 274 - -1
1994 2,341 2,341 - - 187 80 267 - -
1995 2,154 2,154 - - 1&7 74 261 - -
198G 1,967 1,067 - - 187 67 254 - -1
19S7 1,779 1,779 - - 187 31 248 - -

* THIS COLUMN SHOWS THE AMOUNT OF ARITHMETIC IMBALANCE IN THE AMOUNT OUTSTANDING INCLUDING UNDISBURSED FROM. ONE
YEAR TO THE NEXT. THE M8JST COMMON CAUSES CF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DE3TS
FROM ONE CATEGORY TO ANOTHER IN THE TABLE.
Table 4.2: PARAGUAY
PAGE 40
SERVICE PAYMENTS, C`,;MITi:;ENTS,LISBURSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED G'J DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1977

INCLUDES ONLY DEBT C2WVITTED JAN. 1, 1900 - DEC. 31, 1978


DEBT RLPAYATILE IN FCREICN CURRENCY AND GOODS
(iN THOUSANDS OF U.S. DDLLARS)
TYPE OF CN-E',ITOR BILATERAL LGANsS
CREDiTOR CUONTR{ UNITED STATES
YEAR DEBT OLJTST2NDING AT T R A N S A C T IO N S D U R I N G P E R I D : OTHER CHANGES
BEGINNING OF P'2;R`_ :

DISEURSED : N`CLJDING COMMIT- DISBURSE- S E R V I C E P A Y M E N T S CANCEL- : ADJUST-


ONLY
: :UNDISBUR9E2D: MENTS IUENTS
h1EN----- … - ----- : LATIONS MENT *
PR INCIPAL INTEREST TOTAL
(1'
: : (2) (3) (4) (5) (6) (7) (8) (9)

1370 27,5S5 43,889 5,755 2,e79 1,327 830 2,157 98 -1


13/71 28,915 4'3,218 2,855 7,764 1,324 824 2,148 - -
1972 35,355 49,749 2,000 2,638 1,523 1,079 2,605 - 1
1973 36,459 50,224 2,000 2,C'4 1,456 837 2,293 38 1
1974 37,D77 5V,731 2, 300 4,955 1,755 960 2,715 - -1
1975 40,277 5i,275 7,700 6,0 26 1,733 1,094 2,827 33 -
1G76 44,537 57,209 2,500 2,680 2,237 1,164 3,401 2,190 -107 1
1977 44,875 S7,175 - 3,205 2,097 1,269 3,366 - 5 A
1978 45,987 53,0C83

* * ¢- * S * THE FOLLOGvjING FIGURES ARE PROuECTED * * * * * *

1978 45,907 i-;,03 - 2,027 2,350 1,202 3,552 - -


19,9 0 11,6C4 D' 723 - 1,809 2,4t3 1,18S 3,593 - -2
195-0 4i6,058 43.3. 6 - 1,032 2,501 1,128 3,629 - -4
1183- 44,643 45,821 - 693 2,219 1,077 3,296 - -3
1g-82 43,114 43,599 - 230 2,374 1,056 3,430 - -
1983 40,970 41,225 - 205 1,884 986 2,870 - -2
1J84 39,299 3339 - 50 1,890 929 2,818 - -
19 55 37,449 37 -49
, - - 1,517 903 2,420 - -1
19'°5 35,931 35,g31 - _ 1,539 907 2,446 - -2
1987 34,390 34,390 - _ 1,463 878 2,341 - -4

* THIS CC5LUB,NSHCo,S THE AM:OUNT CF -iRITHMETIC IMBALANCE IN THE A'.NO4UNTOUTSTANDING INCLUDING UNDISSLURSED FROM ONE
YEAR TO THE NEXT. THE Mf,ST CCr,E': CAUSES OF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGORY TO ANOCThER IN THE TABLE.
Table 4.2: PARAGUAY
PAGE 41
SERVICE PAYMENTS, CO..q,iIT[.IENTS, DISSURSEMENTS AND OUTSTANDING ArMIOUNkSOF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED C)'iD'BT OUTSTANDIN6 INTNLUDING UNDISBURSED AS OF DEC. 31, 1977

INCLUDES G' LY 5LEE CCC'IT,ED iAN. 1, 1900 - DEC. 31, 1978


DEBT L-PAYA-'L. FOREIcr CLRREN-Y AND GOODS
,N THEUSANDS OF U.S. DOLLAR5)
TYPE OF CREDITOR BILATERAL LOANS
TO AL
YEAR DEBT O0CTSTANOIDTNG AT T R A N S A C T IO N S D U R I N G P E R I O D CTHER CHANGES
:LriNN'NG OF '-ERIOD

DISSUN SED :NCL!!Dl> : Co0 I T- DISBUPSE- : S R V I C E P A Y M E N T S CANCEL- ADJUST-


:ONLY :UNviS2URSEO: MEiYTS : MENTS…:------------------------------: LATIONS : MENT *
PRIRNC!PAL :INTEREST TOTAL
(1)
: : (2, : (3) : (4) (5) (6) (7) (8) : (9)

197C 35,749 co, 768 5,755 3,7: 2,411 1,219 3,630 98 -108
1971 _G,702 63 926 12.166 8,_ 2,375 1,3'5 3,691 - 1,042
1972 3I7,01, 74 S 3 11,2,2 7,73 2,665 1,670 4,333 - -222
1973 40,132 EJ,:2-0 35,572 1U,CuJ-. 2,800 1,502 4,302 38 799
1974 55.610 1iB,753 6, 6C0 11,374 3,100 1,696 4,996 - 3,300
15.5 67,565 12 5 ;3 48, 411 13,4cB 3,820 2,424 6,250 34 -6,256
1976 74,869 161Tb8, 11,000 29,0438 4,0G4 2,389 6,423 2,696 1,864
1977 100,692 167 Ci62 17,019 23,_9'3 4,945 3,846 8,791 4,022 8,626 1
1978 123,265 1t8,5 O

* Jk > X * * THE FOLLOwING FIGURES ARE PROJECTED * * * * * *

197S 123,2S5 103, G6^ 81 ,060 39,)_i .2,30-5 5,i33S 16,224 - -26
15 979
/ 50 , 560 2_3 , ,OS - 3;t ,225-2 1 3 , .F82 7,157 20,539 - --3
1930 171, 4A7 *'>§,.:23 - 28671 13,578 8,376 21,954 - -2
19b1 183,56 2, 343 - 25,633 13,435 9,417 22,652 - -5
19L'2 1 96,971 212 ''C - 12,967 19,191 10,344 29,525 - -3
19 19t-22,7
/2 193 ,719 - 42 24,fi'5 9,429 34,314 - -5
19i24 168,5j25 1-C 2 - 204 24 ,6f 7,930 32,623 - -
13956 144,1 36 144',V - 22,481 6,523 30,004 - -6
1985 12C,649 1 2-,) - - 21,863 5,201 27,064 -- -2
1987 95,7S4 98,784 - - 20,647 3,935 24,582 - -5

* THIS COLUMN
fiN S TiH A r f OF ARITH'C` TT !IMt9ALA%!N-E IN THE AMiOUNT OUTSTANDING INCLLUDING UNDISBURSED FROM.NE
YEAR TO THE NE XT . THE MlQ2Y CO..MO;5Ni
CAULS3 Of IM,14BALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DE3,.
FROM, ONE CATEGORY TO ANCiTHER IN THE TABLE.
Table 4.2: PARA(=UAY
PAGE 42
SERVICE PAYMENTS, COOM.lITMENTS, DISBURSEMENTS AND OUTSTANDING AMGUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON DEBr 0JTSTA,NCINGINCLUDIN2 UNDISBURSED AS OF DEC. 31, 1977

I'-OLU8ES ONLY D3EB CV2T iTTED tAN. 1, 1900 - DEC. 31, 1978
DEr-T F.EPAYASLE IN FOPREIG:NCLR9S.4CY AND GOODS
(IN THiOUSANDS OF U.S. GOLLARS)
OTa L
YEAR LiT5TAN DIcN
CUTST AT T R A N S A C T I O N S D U R I Ni G P E R IO D OTHER CHANGES

____ ____ - -- _-_____--


-- -- -- _s_-- ---- ----- - - - ---- I- - _ - - ---- -
- _----_ - - _-------
- - - - - - --- __--__-__ __ ___
-- __ __

: OIS6URFSD :CLUDIN C C2iIT- T - ISB'!S'- S E R Vi I C E P A Y M c N T S CANCEL- ADJUST-


: ONLY :UNDiJ SED: M'-NT :E MENTS :*-NWN---…:---:--- LATIG.iS :MENT *
PRINCIPAL INTEREST TOTAL
*(1) t2) (3) (4) (5) (6) (7) (8) (9)

19-I0 S.?,443 137,51I 1 3,f07 14,4 5 7,027 2,947 9,974 98 -102


1971 9I7,BS9 14-75 18,23 3 17.709 8,235 4,026 12,291 396 2,284
1972 103,263 1, 1 t2 3C, 7B6 16,252 3,778 4, t61 13,659 1,007 1,746
1973 117,32'5U6O J2,72. 1',£52 10,103 5,100 15,203 74 4,e s
12-74 1G1,0'- 2M,257 96,2,33 24,6'.Q 10,518 5,516 16,032 - 4,171
1975 149 ,26 30Q,875 133, 367 41,75B 13,940 6,997 20,937 34 -6,720
1976 174,352 419,_48 43,013 58,7C4 11,806 7,300 19,106 2,696 2,024
15/7 221,517 45',033 95,425 10G,700 16,068 9,967 26,035 6,973 9,85S I
1976 317,127 5^-2,325

**t * * f t THE FOLLD',JQNCIFIGURES ARE PROJECTED * * * * * * '

1797 31'7,127 532.,25 155,810 99,671 50,985 17, 558 63,543 - -529
1979 325,281 £'i_621 - 8b,6 4 4, 25, 19,33_ 66,189 - -7
1380 404,C044 , -,7',8 70,O27 41,4-4 21,019 62,453 - -5
1921 123,130 54 3i9 - 5 4,73 42,825 22,095 64,980 - -9
1-'82 444,61 g05,t25 - 32,569 49,511 22,325 71,836 - -1
1933 427,657 55. 9i3 - 11.371 43,252 20,265 63,517 - -7
1 9£4 395,768 412 ,CG4 - 6,287 42,604 17,948 60,552 - -4
1985 3 59,447 37 ,34O - 6,596 39,303 16,135 55,443 - -8
1 9W83 327, 0617 -s , 730 - 3,644 36,697 14,166 50,863 - -4
1987 294,029 294,029 - - 32,957 12,268 45,225 - -7

* THIS COLUMN SH8WS THE AO220T CF ARITHMETIC IMBALANCE IN THE AMOUNT OJTSTANDiNG INCLUDING UNDISBURSED FROM ONE
YEAR TO THE NEXT. THE Mi.OST COr,IWONCAUSES OF IMBALANCES ARE CHANGES IN EXCHANGE RATES AND TRANSFER OF DEBTS
FROM ONE CATEGORY TO ANDTHER IN THE TABLE.
Table 4.3: PARAGUAY PAGE 1

EXTERNAL PUBLIC DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1977


DEBT REPAYABLE IN LOCAL CURRENCY
(IN THOUSANDS OF U.S. DOLLARS)

TYPE OF CREDITOR D E B T O U T S T A N D I N G : I N A R R E A R S
CREDITOR COUNTRY…CO…- …

CURRENCY OF DRAWINGS DISBURSED :UNDISBURSED: TOTAL PRINCIPAL INTEREST

MULTILATERAL LOANS
JDB
DRAWINGS IN LOCAL CURRENCY 46,526 8,031 54,557 -
DRAWINGS IN FOREIGN CURRENCY 64,737 9,937 74,674 - _
TOTAL IDB 111,263 17,968 129,231 -
TOTAL MULTILATERAL LOANS 111,263 17,968 129,231 -

BILATERAL LOANS
UNITED STATES
DRAWINGS IN LOCAL CURRENCY 7,058 - 7,058 -
TOTAL UNITED STATES 7,058 - 7,058
TOTAL BILATERAL LOANS 7,058 - 7,058 -

TOTAL EXTERNAL PUBLIC DEBT 118,321 17,968 136,289 -

NOTES: (1) ONLY DEBTS WITH AN ORIGINAL OR EXTENDED MATURITY OF OVER ONE YEAR ARE INCLUDED IN THIS TABLE. t
(2) DEBT OUTSTANDING INCLUDES PRINCIPAL IN ARREARS BUT EXCLUDES INTEREST IN ARREARS.
Table 4.4: PARAGUAY
SERVICE PAYMENTS, COMMITMENTS, DISBURSEMENTS AND OUTSTANDING AMOUNTS OF EXTERNAL PUBLIC DEBT

PROJECTIONS BASED ON DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DEC. 31, 1977


DEST REPAYABLE IN LOCAL CURRENCY
(IN THOUSANDS OF U.S. DOLLARS)
TYPE OF CREDITOR MULTILATERAL LOANS
CREDITOR COUNTRY IDB
CURRENCY OF DRAWINGS DRAWINGS IN LOCAL CURRENCY
YEAR DEBT OUTSTANDING AT : T R A N S A C T I 0 N S D U R I N G P E R I 0 D OTHER CHANGES
: BEGINNING OF PERIOD
…________.…______________________-
___________________________________________________________- _ _ _ _ _ _- ________________

: DISBURSED : INCLUDING COMI,.IT- DISBURSE- : S E R V I C E P A Y M E N T S CANCEL- : ADJUST-


: ONLY :UNDISBURSED: MENTS : MENTS :-----------:----------- ----------- : LATIONS : MENT *
PRINCIPAL : INTEREST: TOTAL
: (1) (2) (3) (4) (5) : (6) (7) (8) : (9)

1973 9,662 36,708 - 3,951 138 590 728 - -


1974 13,475 36,570 3,900 10,946 333 762 1,095 - 1,000
1975 24,088 41,137 6,887 11,345 335 1,060 1,395 - -
1976 35,097 47,689 900