Exhibit E
RECENT DEVELOPMENTS IN THE REPUBLIC AS OF FEBRUARY 19, 2015
The information included in this document supplements the information about the Republic of Panama (the “Republic” or “Panama”) contained in Panama’s annual report for the year ended December 31, 2013, on Form 18-K filed with the Commission on September 30, 2014. To the extent the information in this Exhibit E is inconsistent with the information contained in such annual report, the information in this Exhibit E replaces such information. Initially capitalized terms used in this section have the respective meanings assigned to those terms in such annual report.
Presentation of Economic and Other Information
The Office of the Comptroller General has updated the base year used for the System of National Accounts from 1996 to 2007. International best practices call for updating the constant GDP base year at least every 10 years to reflect structural changes in production, consumption and prices and to ensure that the National Accounts provide a more accurate depiction of the economy given its dynamism. Data for the Colón Free Zone (CFZ) and the Panama Canal (Canal) have not yet been published using the new base year.
Government financial statistics and related tables are presented in accordance with the IMF Government Finance Statistics Manual 1986 (GFSM 1986). Real sector statistics are presented in accordance with the UN 1993 System of National Accounts (SNA 1993); however, with the recent change of base year from 1996 to 2007, financial intermediation activity is being measured following the UN SNA 2008. Balance of payments statistics are prepared in accordance with the fifth edition of the IMF Balance of Payments Manual (BPM5).
Open unemployment figures are no longer presented. Unemployment figures are now used.
Political Developments
On May 4, 2014 Panama held general elections for the posts of president, members of the National Assembly (Assembly) and other regional posts. In several individual decisions, the Electoral Tribunal annulled the election results for eleven Assembly seats. These seats were contested again in several rounds of special elections starting on November 16, 2014 and ending on December 21, 2014. The Assembly began its session on January 2, 2015 with 68 of 71 members seated because the results of three of the special elections were being contested before the Electoral Tribunal. The Electoral Tribunal subsequently dismissed these challenges, and issued Decree 1 of January 30, 2015, declaring all cases concerning the 2014 elections formally closed. Currently, in the Assembly, 26 seats belong to the Partido Revolucionario Democrático (PRD), 24 seats belong to Cambio Democrático, 16 seats belong to the governing party, the Partido Panemeñista (PP), three seats belong to the Partido Molirena, one seat belongs to Partido Popular and one seat belongs to an independent. The majority coalition is comprised of the PRD, the PP and the Partido Popular.
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On October 20, 2014, the Assembly suspended Magistrate Judge Alejandro Moncada from the Supreme Court pending a corruption investigation by an Assembly committee for suspected crimes including money laundering and illicit enrichment.
In December 2014, Federico Humbert was elected by the Assembly to become the new Comptroller General. Nitzia de Villarreal was elected as Deputy Comptroller. Humbert replaces Gioconda Torres de Bianchini, whose term ended on December 31, 2014.
Following unanimous ratification by the Assembly, Kenia Porcell Diaz has taken office as the new Attorney General for the 2015-2025 term, replacing Ana Belfon, whose term ended on December 31, 2014.
On January 7, 2015, the cabinet, through Resolution No. 1 of 2015, appointed Rigoberto González Montenegro as the new Procurador de la Administración for the 2015-2025 term, replacing Dr. Oscar Ceville, whose term ended on December 31, 2014.
Recent Government Actions
Executive Decree No. 165 of July 1, 2014, established temporary price caps on twenty-two products that are part of the family food basket. The measure became effective on July 7, 2014 for a six-month period. Executive Decree No. 303 of December 24, 2014 extended the temporary price caps on the twenty-two products for another six months, with certain adjustments to the caps, and became effective on January 7, 2015. According to government estimates, the decree has resulted in a U.S.$52 decrease in the price of the family food basket since it took effect in July 2014.
Law 25 of October, 28, 2014 created a moratorium ending on December 31, 2014 on fines, penalties, interest and surcharges imposed on delinquent franchise taxes of companies and foundations. On December 26, 2014, the Ministry of Economy and Finance announced an extension of the moratorium until January 2, 2015. The amount collected during the moratorium totaled U.S.$141.6 million.
The Social and Fiscal Responsibility Regime established by Law No. 34 of 2008 (Social Fiscal Responsibility Law) required the new government to present, during the first six months of its administration, a multi-year social strategy, a five-year financial plan and the macroeconomic criteria to manage public expenditures and to incentivize current savings. Article 10 of the Social and Fiscal Responsibility Law, as amended by Law 25 of October 28, 2014, increased the permitted Non-Financial Public Sector fiscal deficit limit for 2014 to 4.1% of nominal GDP from the previous 2.7% limit established by Law No. 38 of 2012.
The Government, through Executive Decree No. 689 of December 26, 2014, adopted the five-year Strategic Government Plan, “Un solo país”. The Plan includes the economic and social strategy, the financial programming and a five-year indicative public investment plan that establishes the criteria for public expenditure for prioritized sectors, programs and projects. Such prioritized sectors include, among others, transportation, energy, agriculture and tourism, while projects and programs include a project to provide potable water and a program to improve the quality of education in the country.
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The Government has decided to maintain an electricity subsidy for all sectors, but to increase electricity rates for some sectors. Starting January 1, 2015, the focus of the subsidy has been on low-income individuals that consume less energy. Residential customers of electric power companies who consume up to 300 kilowatts per hour (kWh), representing 73% of total users of the system, will experience no rate increase. Those who consume between 301 kWh and 750 kWh will pay 9% more and those that exceed 750 kWh will have a rate increase of 19%.
The Economy
For the third quarter of 2014, real GDP totaled U.S.$8,909.7 million, representing growth of 6.2% compared to the same period in the previous year. The growth was a result of improved performance in mining and quarrying, construction, wholesale and retail trade, transportation and communications, financial intermediation, and real estate activities. On December 29, 2014, the Ministry of Economy and Finance projected real GDP growth of 6.3% for 2014. In 2013, Panama’s real GDP grew by 8.4% compared to 10.2% in 2012.
The Panama Canal
The Canal plays a significant role in the Panamanian economy. In the Canal’s 2014 fiscal year, canal transits decreased to 13,482 transits from 13,660 transits in 2013, while cargo tonnage increased to 224.9 million long tons from 209.9 million long tons in 2013. According to the Panama Canal Authority (PCA), toll revenues for the fiscal year ended September 30, 2014 reached U.S.$1,910.3 million, an increase of 3.3% over fiscal year 2013.
On average, from the Canal’s 2010 fiscal year to the Canal’s 2014 fiscal year, transits through the Canal decreased by 1.3% and cargo tonnage increased by 2.5%. Factors such as the development of alternative land routes and the increasing size of vessels transiting the Canal have caused the decrease in the number of vessels required to transport cargo between 2010 and 2014. However, on average, from the Canal’s 2010 fiscal year to the Canal’s 2014 fiscal year, toll revenues have increased by 6.7% per annum, primarily due to an increase in tolls.
The following table sets forth the Canal’s statistical information for fiscal years 2010 through 2014 (each ended on September 30):
Panama Canal Principal Statistics
| | | | | | | | | | | | |
Fiscal Year | | Number
of
Transits | | | Tolls
(millions
of U.S.
dollars) | | | Long
Tons of
Cargo
(millions) | |
2010 | | | 14,230 | | | | 1,482.1 | | | | 204.8 | |
2011 | | | 14,684 | | | | 1,730.0 | | | | 222.4 | |
2012 | | | 14,544 | | | | 1,852.4 | | | | 218.1 | |
2013 | | | 13,660 | | | | 1,849.6 | | | | 209.9 | |
2014 | | | 13,482 | | | | 1,910.3 | | | | 224.9 | |
Source: Panama Canal Authority
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After more than one year of informal consultations with representatives from different segments of the maritime industry, the PCA published on January 5, 2015 a proposal for a new structure for tolls. A public comment period began on January 12, 2015, which will include a public hearing to be held on February 27, 2015.
After the comment period, any change in the tolls must be approved by the cabinet. The proposal will affect charges for all segments of the market, except the category of domestic maritime conglomerate, and, subject to approval, is scheduled to enter into effect in April 2016. The new tolls will be applied to traffic using the existing channel, as well as the additional traffic resulting from the construction of the third set of locks. The PCA proposes to modify its system of tolls and measurement rules for the segments of containerships, dry bulk, bulk liquid (tankers and gas tankers), car carriers and ro-ro (roll-on, roll-off) and the creation of a segment for ships carrying liquefied natural gas.
As of September 30, 2014, PCA has received claims relating to alleged cost overruns in the Canal expansion project from the contractor Grupo Unidos por el Canal (GUPCSA) amounting to U.S.$1,690.0 million. These claims are in different stages of the conflict resolution process established under the contract for the construction of the third set of locks. Two of the claims relating to the concrete mix used in the expansion project were rejected by the PCA. As of September 30, 2014, GUPCSA had submitted claims totaling U.S.$464.0 million to the Dispute Adjudication Board (DAB) for resolution. The DAB has recognized approximately U.S.$233.0 million of these claims. The PCA received another claim that amounts to U.S.$898.0 million, concerning an alleged interruption and delay that is still being assessed by the PCA. GUPCSA presented other claims for an aggregate amount of U.S.$92.0 million that were denied by the PCA. Some of these claims may be submitted by GUPCSA to the DAB in the coming months. The DAB also rejected claims that amounted to U.S.$138.0 million. Following the DAB’s decision, GUPCSA submitted claims to an International Chamber of Commerce arbitration tribunal in December 2013 amounting to a total of U.S.$180.0 million. A final hearing has been scheduled for December 2015.
The Panama Canal Expansion Program was scheduled to start operations by year-end 2014. The third set of locks, originally scheduled to be completed by November 2014, is now expected to be completed by the beginning of 2016. On November 13, 2014, the PCA delivered a formal notice of claim to the GUPCSA with respect to the work to be completed after the November 2014 deadline. The PCA is seeking U.S.$300,000 for each day of delay, counting from the original contractually agreed deadline to the project completion date, up to a maximum amount of U.S.$54,600,000. Such amount will not be withheld by the PCA until there is an arbitral decision in accordance with the procedures of the International Chamber of Commerce. The PCA may file future claims for the total amount of any damages caused by the delay.
On January 6, 2015, as part of its legislative oversight function, the Assembly summoned Jorge Luis Quijano, Administrator of the PCA, to appear before the Assembly to address questions about the status and cost overruns related to the Panama Canal Expansion Program, among other related issues. The Administrator appeared before the Assembly on January 19, 2015. In his testimony, the Administrator stated that the PCA had received 17 claims from GUPCSA for a total aggregate amount of U.S.$2,391 million and that the third set of locks should be operational by the first quarter of 2016.
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The Colón Free Zone
In November 2014, the Minister of Commerce and Industry of Panama, Meliton Arrocha, met with the Minister of Economy, Finance and Public Banking of Venezuela, Rodolfo Torres, to express Panama’s interest in creating a timetable for the payment of backlogged debts owed to Copa Airlines, in an amount estimated by Copa Airlines to be U.S.$499 million, and a disputed amount to companies based in the CFZ due in part to exchange controls imposed by Venezuela. As a result of this meeting, two frameworks were created, one to resolve the dispute with regard to Copa Airlines, and the other for the CFZ-based companies.
Employment and Labor
In 2014, Panama’s labor force was preliminarily estimated at 1.781 million persons (up from 1.744 million in 2013), which represented approximately 64% of the total working age population.
As of August 2014, the service segment (principally consisting of real estate, commerce and tourism, public administration, the Canal, banking, the CFZ and public utilities) employed 64.2% of the employed labor force, compared to 15.7% for the primary sector (consisting of agriculture and fisheries) and 20.1% for the industrial sector (consisting of manufacturing and construction).
In 2010, the unemployment rate decreased slightly to 6.5% as a result of new hiring in the private sector (20,710 employees hired) and in the government (15,470 employees hired). In 2011, the unemployment rate decreased to 4.5% primarily due to economic stability and an inflow of foreign direct investment. In 2012, the unemployment rate decreased slightly to 4.1%. In 2013, the unemployment rate remained at 4.1%, the same level as in 2012, primarily as a result of the country’s continued economic stability. In 2014, the unemployment rate increased to 4.8%.
The following table sets forth certain labor force and unemployment statistics for the five years ended August 30, 2010 through August 30, 2014:
| | | | | | | | | | | | | | | | | | | | |
| | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | |
| | | (thousands of persons) | |
Total Population | | | 3,661.8 | | | | 3,723.8 | | | | 3,787.5 | | | | 3,850.7 | | | | 3,913.3 | |
Working-Age Population | | | 2,450.4 | | | | 2,603.4 | | | | 2,659.8 | | | | 2,719.8 | | | | 2,782.1 | |
Labor Force | | | | | | | | | | | | | | | | | | | | |
Employed | | | 1,455.6 | | | | 1,538.1 | | | | 1,617.2 | | | | 1,672.4 | | | | 1,695.4 | |
Unemployed | | | 101.5 | | | | 72.2 | | | | 68.3 | | | | 71.5 | | | | 85.9 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total | | | 1,557.0 | | | | 1,610.2 | | | | 1,685.4 | | | | 1,743.8 | | | | 1,781.3 | |
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| | | | | | | | | | | | | | | | | | | | |
| | | (annual percentage change) | |
Total Population | | | 1.7 | % | | | 1.7 | % | | | 1.7 | % | | | 1.7 | % | | | 1.6 | % |
Working-Age Population | | | 1.9 | % | | | 6.2 | % | | | 2.2 | % | | | 2.3 | % | | | 2.3 | % |
Labor Force | | | | | | | | | | | | | | | | | | | | |
Employed | | | 1.0 | % | | | 5.7 | % | | | 5.1 | % | | | 3.4 | % | | | 1.4 | % |
Unemployed | | | 0.3 | % | | | -28.9 | % | | | -5.4 | % | | | 4.7 | % | | | 20.2 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total | | | 1.0 | % | | | 3.4 | % | | | 4.7 | % | | | 3.5 | % | | | 2.1 | % |
| |
| | | (in percent) | |
Labor Force: | | | | |
Participation Rate(1) | | | 63.5 | | | | 61.9 | | | | 63.4 | | | | 64.1 | | | | 64.0 | |
Employment Rate(2) | | | 93.5 | | | | 95.5 | | | | 95.9 | | | | 95.9 | | | | 95.2 | |
Unemployment Rate | | | 6.5 | | | | 4.5 | | | | 4.1 | | | | 4.1 | | | | 4.8 | |
| (1) | Total labor force as percentage of working-age population |
| (2) | Total labor force as percentage of total labor force. |
Source: Office of the Comptroller General
Public Finance
The Assembly approved Panama’s 2015 budget on November 26, 2014. The 2015 budget contemplates total expenditures of U.S.$19.6 billion, with budget estimates based on an anticipated 10.8% growth in nominal GDP, and an anticipated consolidated non-financial public sector deficit of approximately U.S.$1,032.1 million (or approximately 2.0% of estimated nominal GDP) for 2015. Under the 2015 budget, nominal GDP for 2015 is expected to be U.S.$52.5 billion. The 2015 budget allocates public expenditures approximately as follows: 41.40% to the social sector; 10.57% to production/development; 10.07% to infrastructure; 15.56% to general services; 9.48% to financial services; 0.95% to environmental and technological development and 11.97% to unclassified expenditures.
Period Ended December 31, 2014
The Central Government’s total revenues for the period ended December 31, 2014 totaled U.S.$6,979.5 million, an increase of 0.8% from 2013. Capital expenditures decreased by 5.1% to US$3,623.1 million in 2014 compared to 2013. Current savings reached U.S.$1,414.5 million as of December 31, 2014, which represents 7.6% of the estimated 2014 GDP, a decrease of 1.3 percentage points compared to 2013. The table below sets forth the revenues, by purposes, and the expenditures, by sector, of the Central Government for the periods indicated.
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Fiscal Performance: Central Government
| | | | | | | | |
| | | Period Ended December 31,
(in millions of U.S. dollars) | |
| | | 2013(R) | | | 2014(P) | |
Total Revenues | | | 6,924.1 | | | | 6,979.5 | |
Adjusted Current Revenue | | | 6,796.5 | | | | 6,923.4 | |
Tax Revenue | | | 4,859.3 | | | | 4,826.4 | |
Direct | | | 2,619.6 | | | | 2,468.5 | |
Indirect | | | 2,239.7 | | | | 2,357.9 | |
Non Tax Revenues | | | 1,937.2 | | | | 2,097.1 | |
Income Adjustment | | | 0.0 | | | | 0.0 | |
Capital Income | | | 114.3 | | | | 54.0 | |
Donations | | | 13.3 | | | | 2.1 | |
Total Expenditures | | | 8,613.9 | | | | 9,132.0 | |
Current Expenditures | | | 4,798.0 | | | | 5,508.9 | |
Personnel Expenditures | | | 1,761.2 | | | | 1,976.1 | |
Goods and Services | | | 513.9 | | | | 600.0 | |
Transfers | | | 1,528.5 | | | | 1,892.9 | |
Interest Payments | | | 822.1 | | | | 837.6 | |
Others | | | 172.3 | | | | 202.4 | |
Current Savings | | | 1,998.5 | | | | 1,414.5 | |
Capital Expenditures | | | 3,815.9 | | | | 3,623.1 | |
% of GDP | | | 8.9 | % | | | 7.6 | % |
Deficit | | | (1,689.8 | ) | | | (2,152.6 | ) |
% of GDP | | | (4.0 | )% | | | (4.5 | )% |
Source: Ministry of Economy and Finance.
The non-financial public sector, which includes the Central Government, decentralized agencies (including the Caja de Seguro Social (“CSS”) and public universities) and non-financial public enterprises, had total revenues of U.S.$10,062.9 million as of December 31, 2014, an increase of 1.1% compared with 2013. The increase was due mainly to an increase of Central Government Non-Tax Revenues, as well as higher revenues from the CSS. Current savings for the sector amounted to U.S.$2,200.1 million in the period ended December 31, 2014, a decrease of 21.2% compared to 2013.
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The following table sets forth the revenues, by purpose, and expenditures, by sector, of the consolidated non-public financial sector for the periods indicated.
Fiscal Performance: Non-Financial Public Sector
| | | | | | | | |
| | | Period Ended December 31,
(in millions of U.S. dollars) | |
| | | 2013(R) | | | 2014(P) | |
Total Revenues | | | 9,949.7 | | | | 10,062.9 | |
General Government Current Revenue | | | 9,537.6 | | | | 9,785.5 | |
Central Government | | | 6,673.8 | | | | 6,803.1 | |
Social Security | | | 2,676.7 | | | | 2,793.8 | |
Consolidated Agencies | | | 187.1 | | | | 188.6 | |
Public Enterprises Balance | | | 124.6 | | | | 120.2 | |
Non-consolidated Agencies and Others | | | 91.6 | | | | 77.4 | |
Capital Income | | | 182.5 | | | | 77.7 | |
Donations | | | 13.3 | | | | 2.1 | |
Total Expenditures | | | 10,975.7 | | | | 11,942.9 | |
General Government Current Expenditures (exc. interest) | | | 6,137.7 | | | | 6,940.3 | |
Central Government | | | 3,535.9 | | | | 4,164.8 | |
Social Security | | | 2,401.4 | | | | 2,556.0 | |
Consolidated Agencies | | | 200.4 | | | | 219.5 | |
Interest | | | 823.9 | | | | 842.7 | |
Capital Expenditures | | | 4,014.1 | | | | 4,159.9 | |
Current Savings | | | 2,792.2 | | | | 2,200.1 | |
% of GDP | | | 6.5 | % | | | 4.6 | % |
Deficit | | | (1,026.0 | ) | | | (1,880.1 | ) |
% of GDP | | | (2.4 | )% | | | (4.0 | )% |
Source: Ministry of Economy and Finance.
Financial System
The Banking Sector
Total assets of the banking sector were approximately 7.5% higher at September 30, 2014 than at the same date in 2013. Deposits were approximately 8.5% higher at September 30, 2014 than at the same date in 2013.
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The table below sets forth information on the banking sector at September 30 for each of the years 2013 and 2014:
The Banking Sector
(in millions of U.S. dollars)
| | | | | | | | |
| | | As of September 30, | |
| | | 2013 | | | 2014 | |
Assets: | | | | | | | | |
Liquid Assets: | | | | | | | | |
Deposits in local banks | | | 2,774.1 | | | | 4,027.4 | |
Deposits in foreign banks | | | 12,543.9 | | | | 15,040.1 | |
Other | | | 1,102.7 | | | | 1,005.3 | |
Total Liquid Assets | | | 16,420.7 | | | | 20,072.8 | |
Loans | | | 62,450.9 | | | | 64,374.7 | |
Investments in Securities | | | 15,241.2 | | | | 17,232.6 | |
Other assets | | | 3,608.8 | | | | 3,408.4 | |
Total Assets | | | 97,721.6 | | | | 105,088.5 | |
Liabilities: | | | | | | | | |
Deposits: | | | | | | | | |
Internal: | | | | | | | | |
Official | | | 6,468.9 | | | | 7,150.3 | |
Public | | | 31,055.7 | | | | 34,094.0 | |
Banks | | | 2,658.1 | | | | 4,065.0 | |
Total Internal Deposits | | | 40,182.6 | | | | 45,309.4 | |
External: | | | | | | | | |
Official | | | 57.8 | | | | 58.1 | |
Public | | | 22,263.2 | | | | 22,955.4 | |
Banks | | | 8,036.1 | | | | 8,237.3 | |
Total External Deposits | | | 30,357.1 | | | | 31,250.9 | |
Total Deposits | | | 70,539.8 | | | | 76,560.3 | |
Obligations | | | 14,002.6 | | | | 14,524.8 | |
Other Liabilities | | | 3,194.1 | | | | 2,850.5 | |
Total Liabilities | | | 87,736.4 | | | | 93,935.5 | |
Capital and Reserves | | | 9,985.2 | | | | 11,153.0 | |
Total Liabilities and Capital | | $ | 97,721.6 | | | $ | 105,088.5 | |
Source: Superintendency of Banks.
Foreign Trade and Balance of Payments
Composition of Foreign Trade
Between January and September 2014, Panama’s net exports of goods decreased to U.S.$630.0 million, or by approximately 1.2%, as compared to the same period of 2013. For this same period, Panama’s imports of goods decreased to U.S.$17,540.1 million, or by approximately 3.6%, as compared to 2013.
Between January and September 2014, banana and pineapple exports totaled U.S.$91.0 million, a 9.5% decrease from 2013. The decrease in exports of bananas and pineapples resulted from a decrease from 15 to 13 export destinations for bananas and lower demand from destinations such as the Netherlands, Turkey and Spain.
Between January and September 2014, shrimp exports increased by 57.7% to U.S.$56.3 million. The growth in shrimp exports in 2014 was due to an overall increase in demand from countries such as the United States and Vietnam.
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Between January and September 2014, exports of frozen yellow fin tuna and fresh and frozen fish filets totaled U.S.$36.6 million, reflecting a 53.7% increase from 2013. In 2014, exports increased, even though the number of registered export destinations countries for frozen yellow fin tuna decreased from twelve as of year-end 2013 to seven.
Between January and September 2014, fishmeal exports amounted to U.S.$43.7 million, an increase of 67.3% from 2013 levels. The increase in exports of fishmeal came from increased demand from countries such as Denmark, Japan and China.
Between January and September 2014, petroleum derivatives exports were U.S.$1.1 million, a 34.8% decrease compared to the same period of 2013. The decrease in exports of petroleum derivates came from overall decreased demand from countries such as Jamaica, Puerto Rico and Costa Rica.
For the period ended September 30, 2014, Panama’s largest trading partners for exports were the United States, Germany and China, with exports amounting to U.S.$120.1 million, U.S.$63.8 million and U.S.$58.9 million, respectively.
For the period ended September 30, 2014, Panama’s largest trading partners for imports were the United States, China and Mexico, with imports amounting to U.S.$2,563.4 million, U.S.$833.0 million and U.S.$438.0 million, respectively.
As of September 30, 2014, approximately 8.3% of Panama’s imports came from the CFZ.
The following tables set forth the composition of Panama’s imports and exports for the nine-month period ended on September 30 of the years indicated:
Composition of Merchandise Exports, F.O.B.(1)
(in millions of U.S. dollars)
| | | | | | | | |
| | | Period ended
September 30, | |
| | | 2013(R) | | | 2014(P) | |
Petroleum(2) | | $ | 1.7 | | | $ | 1.1 | |
Non-petroleum Merchandise Exports: | | | | | | | | |
Bananas | | | 67.1 | | | | 66.7 | |
Muskmelon | | | 4.0 | | | | 3.4 | |
Watermelon | | | 16.5 | | | | 17.1 | |
Sugar | | | 22.1 | | | | 23.5 | |
Shrimp | | | 35.7 | | | | 56.3 | |
Coffee | | | 6.7 | | | | 6.0 | |
Fishmeal(3) | | | 26.1 | | | | 43.7 | |
Frozen yellow fin tuna, fresh and frozen fish filet | | | 23.8 | | | | 36.6 | |
Other seafood | | | 0.2 | | | | 0.6 | |
Gold | | | 60.6 | | | | 1.1 | |
Pineapples | | | 33.5 | | | | 24.4 | |
Clothing | | | 5.7 | | | | 3.4 | |
Meat from cattle | | | 19.9 | | | | 16.8 | |
Standing cattle | | | 1.4 | | | | 0.4 | |
Leather and similar products | | | 17.2 | | | | 17.0 | |
Other | | | 296.0 | | | | 312.7 | |
Total | | | 637.9 | | | | 630.0 | |
Re-exports other than CFZ | | | 142.1 | | | | 155.7 | |
Total | | $ | 780.0 | | | $ | 785.7 | |
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| (2) | Excludes maritime and aviation fuel sales. |
Source: Office of the Comptroller General.
Composition of Merchandise Imports, C.I.F.
(in millions of U.S. dollars)
| | | | | | | | |
| | | Period ended
September 30, | |
| | | 2013(R) | | | 2014(P) | |
Consumer Goods | | $ | 4,402.5 | | | $ | 4,736.2 | |
Non-durable | | | 1,212.3 | | | | 1,288.3 | |
Semi-durable | | | 810.3 | | | | 889.1 | |
Domestic utensils | | | 368.8 | | | | 314.3 | |
Fuels and lubricants | | | 2,011.0 | | | | 2,244.5 | |
Intermediate Goods | | | 2,400.6 | | | | 2,700.3 | |
Agricultural raw materials | | | 172.4 | | | | 166.1 | |
Industrial raw materials | | | 1,251.1 | | | | 1,248.5 | |
Construction materials | | | 887.9 | | | | 1,183.7 | |
Other intermediate goods | | | 89.1 | | | | 102.0 | |
Capital Goods | | | 2,792.2 | | | | 2,705.0 | |
Agricultural | | | 44.2 | | | | 46.9 | |
Industrial, construction and electricity | | | 963.4 | | | | 948.4 | |
Transportation equipment and telecommunication | | | 986.5 | | | | 961.5 | |
Other capital goods | | | 798.1 | | | | 748.1 | |
Total | | $ | 9,595.3 | | | $ | 10,141.4 | |
Source: Office of the Comptroller General.
International Trade
The Free Trade Agreement between Panama and Mexico was ratified by the Assembly in October 2014. During the first nine months of 2014, Panamanian exports to Mexico, other than
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CFZ, totaled U.S.$8.8 million (1.4% of total exports for this period). Imports from Mexico, other than CFZ, amounted to U.S.$438.0 million (4.3% of total imports between January and September 2014).
On November 7, 2014, Cuba and Panama signed the First Modifying Protocol of the Partial Scope Agreement, which extends the existing Partial Scope Agreement by covering, among other items, increased cooperation in access to each other’s respective markets, rules of origin, industrial property rules and intellectual property rules. During the first nine months of 2014, Panamanian exports to Cuba, other than CFZ, totaled U.S.$2.0 million (0.3% of total exports for this period). Imports from Cuba, other than CFZ, amounted to U.S.$0.4 million.
On January 23, 2013, Colombia imposed supplemental import tariffs on certain textiles, apparel and footwear coming from countries where no trade agreement had been signed effective March 1, 2013. On June 18, 2013, Panama lodged a complaint at the World Trade Organization (WTO) against Colombia claiming that the effective import tariff on those products is higher than the maximum allowed under the WTO agreement. On January 15, 2014, the Director-General of the WTO established a panel to hear Panama’s complaint. On November 4, 2014, the chair of the panel informed the Dispute Settlement Body that the start of the panel proceedings was to be delayed due to the unavailability of certain parties. However, notwithstanding the delay, the panel expects to issue its final report by August 2015.
Foreign Direct Investment
Panama’s foreign direct investment (FDI) for 2013 was U.S.$4,653.5 million, an increase of U.S.$1,673.9 million, or 56.2%, from the amount recorded in 2012. In 2013, 59.6% of FDI came from reinvested earnings; 28.8% of FDI came from the purchases of shares of domestic companies by non-resident investors, mainly in the hospitality and real estate sectors and in manufacturing; and the remaining 11.6% from other capital. Of this gross amount of investment by non-residents, U.S.$583.4 million corresponds to capital invested in the CFZ in 2013, a decrease of U.S.$46.3 million as compared to the same period of the previous year. FDI inflows for the first nine months of 2014 amounted to U.S.$3.6 billion, a 21.1% increase as compared to the same period in 2013.
The following table sets forth the foreign direct investment in Panama by investor resident country for the years 2010 through 2013.
Foreign Direct Investment in Panama
by Investor Resident Country
| | | | | | | | | | | | | | | | |
Investor Residence Country | | Foreign Direct Investment (in thousands of U.S.$) | | | | |
| | | 2010 | | | 2011(R) | | | 2012(P) | | | 2013(P) | |
TOTAL | | | 2,723,370 | | | | 3,152,605 | | | | 2,979,673 | | | | 4,653,755 | |
EUROPE | | | 607,095 | | | | 888,317 | | | | (199,219 | ) | | | 1,367,509 | |
European Union | | | 155,144 | | | | 667,997 | | | | (350,905 | ) | | | 982,201 | |
Germany | | | 15,275 | | | | 105,824 | | | | 92,712 | | | | 77,047 | |
Belgium | | | 11,348 | | | | 23,472 | | | | (130,462 | ) | | | 427,700 | |
Denmark | | | (6,249 | ) | | | (336 | ) | | | (36,447 | ) | | | 12,378 | |
Spain | | | (49,936 | ) | | | 133,462 | | | | 4,120 | | | | 120,819 | |
France | | | (11,221 | ) | | | 9,869 | | | | 12,659 | | | | 19,600 | |
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| | | | | | | | | | | | | | | | |
Italy | | | (99,914 | ) | | | 76,805 | | | | 20,390 | | | | 28,657 | |
Netherlands | | | 126,034 | | | | (113,557 | ) | | | 304,392 | | | | 87,652 | |
United Kingdom | | | 79,140 | | | | 456,516 | | | | (529,548 | ) | | | 97,225 | |
Sweden | | | 20,466 | | | | 7,982 | | | | 21,676 | | | | 20,210 | |
Other Countries(1): Greece, Hungary, Ireland, Poland, Portugal, and Finland | | | 70,201 | | | | (32,020 | ) | | | (110,397 | ) | | | 90,913 | |
Other European countries | | | 451,951 | | | | 220,320 | | | | 151,686 | | | | 385,308 | |
Andorra | | | 7,974 | | | | (1,915 | ) | | | 8,015 | | | | 2,634 | |
Norway | | | (239 | ) | | | 1,020 | | | | 874 | | | | 660 | |
Switzerland | | | 444,215 | | | | 215,937 | | | | 139,352 | | | | 379,135 | |
Other countries(1): Liechtenstein, Russia and Turkey | | | 1 | | | | 5,278 | | | | 3,445 | | | | 2,879 | |
AFRICA | | | 879,123 | | | | 191,425 | | | | 612,130 | | | | 245,607 | |
South Africa | | | 879,123 | | | | 191,425 | | | | 612,130 | | | | 245,607 | |
AMERICA | | | 1,097,616 | | | | 1,755,018 | | | | 2,065,859 | | | | 2,565,191 | |
North America | | | 1,119,406 | | | | 870,948 | | | | 967,194 | | | | 1,023,006 | |
Canada | | | 8,598 | | | | 47,692 | | | | 1,128,915 | | | | 17,731 | |
United Sates | | | 1,120,021 | | | | 651,965 | | | | (15,813 | ) | | | 788,546 | |
Mexico | | | (9,213 | ) | | | 171,291 | | | | (145,908 | ) | | | 216,729 | |
Central America and Caribbean | | | (214,352 | ) | | | 212,085 | | | | 332,984 | | | | 238,937 | |
Aruba | | | (963 | ) | | | (12,808 | ) | | | 3,589 | | | | 2,315 | |
Bahamas | | | 4,678 | | | | 786 | | | | 35,952 | | | | 4,454 | |
Costa Rica | | | 12,803 | | | | 114,624 | | | | 42,883 | | | | 47,607 | |
Cuba | | | (1,194 | ) | | | 1,229 | | | | 688 | | | | 602 | |
El Salvador | | | (19,547 | ) | | | 22,862 | | | | 37,766 | | | | 21,084 | |
Guatemala | | | 4,358 | | | | 28,494 | | | | 27,656 | | | | 17,820 | |
Honduras | | | 6,563 | | | | (10,739 | ) | | | 36,573 | | | | 4,102 | |
Jamaica | | | (208,920 | ) | | | 4,022 | | | | 11,998 | | | | 33,973 | |
Nicaragua | | | (1,142 | ) | | | (478 | ) | | | 8,944 | | | | 3,015 | |
Puerto Rico | | | (63,109 | ) | | | (101,974 | ) | | | 7,474 | | | | 21,147 | |
Dominican Republic | | | 34,622 | | | | 29,916 | | | | 30,991 | | | | 13,740 | |
Other countries(1): Belize, Haiti, Barbados, Cayman Islands, Leeward Islands (UK), San Martin Island, Virgin Islands (USA), Trinidad, Curaçao and Tobago | | | 17,499 | | | | 133,133 | | | | 88,470 | | | | 69,083 | |
South America | | | 192,562 | | | | 671,985 | | | | 765,681 | | | | 1,303,248 | |
Argentina | | | (21,715 | ) | | | 3,399 | | | | 6,010 | | | | 13,930 | |
Bolivia | | | 5 | | | | (1 | ) | | | 30 | | | | 75 | |
Brazil | | | (1,973 | ) | | | 19,993 | | | | 145,521 | | | | 13,794 | |
Chile | | | 36,848 | | | | (29,929 | ) | | | 7,787 | | | | 8,888 | |
Colombia | | | 82,274 | | | | 486,001 | | | | 428,740 | | | | 1,124,621 | |
Ecuador | | | 8,784 | | | | 12,527 | | | | 9,003 | | | | 5,493 | |
Peru | | | 12,806 | | | | 182,430 | | | | 23,901 | | | | 53,910 | |
Venezuela | | | 75,533 | | | | (2,435 | ) | | | 144,689 | | | | 82,537 | |
ASIA | | | 117,278 | | | | 308,254 | | | | 496,390 | | | | 472,824 | |
Middle and Near East | | | 5,078 | | | | (23,131 | ) | | | 5,975 | | | | 1,256 | |
Israel | | | 5,078 | | | | 484 | | | | 4,921 | | | | 1,256 | |
Lebanon | | | — | | | | (23,615 | ) | | | 5,975 | | | | — | |
Central Asia, southern and other Persian Gulf countries | | | 1,809 | | | | 15,613 | | | | 63,935 | | | | 17,393 | |
India | | | 1,792 | | | | (714 | ) | | | 1,622 | | | | 1,500 | |
Singapore | | | — | | | | 17,468 | | | | 62,195 | | | | 15,109 | |
Other countries(1)(2): Philippines, Pakistan, Saudi Arabia and Lebanon | | | 17 | | | | (1,141 | ) | | | 118 | | | | 784 | |
East Asia | | | 110,391 | | | | 315,772 | | | | 426,480 | | | | 454,175 | |
China, Hong Kong | | | (25,133 | ) | | | 11,310 | | | | 1,649 | | | | 5,995 | |
China, Democratic People’s Republic of Korea (North Korea) | | | (2,835 | ) | | | 548 | | | | 5,753 | | | | 27,515 | |
Republic of Korea (South Korea) | | | (17,646 | ) | | | 184,165 | | | | 410,447 | | | | 51,006 | |
Japan | | | 25,677 | | | | 6,221 | | | | (3,917 | ) | | | 280,757 | |
Republic of China (Taiwan) | | | 130,328 | | | | 113,528 | | | | 12,548 | | | | 88,902 | |
OTHER COUNTRIES: (1) Angola, Australia and Uruguay | | | 22,258 | | | | (13,024 | ) | | | 4,513 | | | | 2,624 | |
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Note: Totals may differ due to rounding.
| (1) | Due to statistical confidentiality, countries with up to two companies of direct investment have been included in this line. |
| (2) | Lebanon is included in this line in 2013 instead of being included in a separate line. |
Source: National Institute of Statistics and Census.
The following table sets forth foreign direct investment in Panama by category of economic of activity for the years 2010 through 2013.
Foreign Direct Investment in Panama by Category of Economic Activity
| | | | | | | | | | | | | | | | |
Category of Economic Activity | | Foreign Direct Investment (in thousands of U.S.$) | |
| | | 2010 | | | 2011(R) | | | 2012 (P) | | | 2013(P) | |
TOTAL | | | 2,723,370 | | | | 3,152,605 | | | | 2,979,673 | | | | 4,653,755 | |
Agriculture, cattle, hunting and forestry | | | 79,133 | | | | 54,542 | | | | 14,274 | | | | 19,757 | |
Mining and quarrying | | | (2,151 | ) | | | 39,446 | | | | 1,149,420 | | | | 11,709 | |
Manufacturing industries | | | (113,757 | ) | | | 297,883 | | | | 520,404 | | | | 363,614 | |
Electricity, gas and water supplies | | | (33,677 | ) | | | 278,613 | | | | (122,648 | ) | | | 526,917 | |
Construction | | | (211,650 | ) | | | 175,444 | | | | 117,198 | | | | 101,132 | |
Wholesale and retail | | | 1,571,905 | | | | 971,776 | | | | 954,586 | | | | 1,424,800 | |
Transport, storage and mail | | | 783,202 | | | | 282,751 | | | | 463,498 | | | | 479,499 | |
Hotels and restaurants | | | (11,997 | ) | | | 39,301 | | | | 623 | | | | 66,580 | |
Information and communication | | | 37,516 | | | | 34,473 | | | | (333,039 | ) | | | 354,310 | |
Finance and insurances activities | | | 360,205 | | | | 642,553 | | | | 178,079 | | | | 1,130,747 | |
Real estate activities | | | 112,235 | | | | 94,901 | | | | 28,514 | | | | 35,769 | |
Professional, scientific and technical activities | | | (12,755 | ) | | | 82,201 | | | | 27,061 | | | | 40,616 | |
Administrative activities and support services | | | 165,292 | | | | 85,330 | | | | (51,000 | ) | | | 36,915 | |
Education | | | (1,525 | ) | | | 12,453 | | | | 11,338 | | | | 9,651 | |
Social and health related services | | | 13,366 | | | | 9,648 | | | | (359 | ) | | | 13,023 | |
Arts, entertainment and related activities | | | (17,697 | ) | | | (6,446 | ) | | | 23,150 | | | | 21,900 | |
Other services activities | | | 5,725 | | | | 57,736 | | | | (1,426 | ) | | | 16,816 | |
NOTE: Totals may differ due to rounding.
Source: National Institute of Statistics and Census.
Balance of Payments
For the first nine months of 2014, the current account balance showed a U.S.$4,060.2 million deficit. For the first nine months of 2014, the capital and financial account balance registered a U.S.$5,058.9 million surplus. For the first nine months of 2013, the current account balance was a U.S.$3,709.1 million deficit. For the first nine months of 2013, the capital and financial account balance had a U.S.$4,263.1 million surplus.
In reviewing Panamanian balance of payments statistics for merchandise imports and exports, it is important to consider the effect of the CFZ and the significant amount of merchandise passing through it. Panama had U.S.$9,204.8 million in non-CFZ merchandise
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imports between January and September 2014, an increase of 5.6% from the same period in 2013, while imports to the CFZ for the period between January and September 2014 were U.S.$8,446.2 million. Similarly, Panama had U.S.$630.0 million in non-CFZ merchandise exports between January and September 2014 (1.2% less than in 2013), while CFZ re-exports for that same period in 2013 were U.S.$9,742.5 million.
Excluding the CFZ, Panama has historically suffered large merchandise trade deficits. As of September 30, 2014, the deficit, excluding the CFZ, was U.S.$7.4 billion (15.5% of the estimated 2014 GDP), an increase from 15.1% of GDP in 2013. However, these deficits have been significantly offset by the economic value added by the CFZ. During the first nine months of 2014, the merchandise trade deficit including the CFZ was U.S.$6.2 billion (13.1% of the estimated 2014 GDP, up from 12.5% during the same period of 2013). Other segments within the service sector of the Panamanian economy, including ports and the Canal, also help offset the merchandise trade deficit. In the first nine months of 2014, the service sector had a net balance of payments surplus of U.S.$4,583.0 billion (a 17.4% increase from the same period of 2013).
The following table sets forth Panama’s balance of payments for the nine-month period ended on September 30, for the years 2012 through 2014:
Balance of Payments(1)
(in millions of U.S. dollars)
| | | | | | | | | | | | |
| | | For the Period Ended
September 30, | |
| | | 2012(R) | | | 2013(P) | | | 2014(P) | |
Current Account: | | | | | | | | | | | | |
Merchandise Trade(2) | | | | | | | | | | | | |
Exports | | | 13,997.9 | | | | 13,129.4 | | | | 11,621.7 | |
Imports | | | (19,104.6 | ) | | | (18,457.9 | ) | | | (17,820.9 | ) |
Balance | | | (5,106.7 | ) | | | (5,328.5 | ) | | | (6,199.2 | ) |
Services | | | 3,650.2 | | | | 3,904.0 | | | | 4,583.0 | |
Rent(3) | | | (1,537.8 | ) | | | (2,376.5 | ) | | | (2,514.3 | ) |
Unilateral Transfers(4) | | | 64.4 | | | | 91.9 | | | | 70.3 | |
Balance | | | (2,929.9 | ) | | | (3,709.1 | ) | | | (4,060.2 | ) |
| | | |
Capital and Financial Account: | | | | | | | | | | | | |
Capital Account | | | 6.8 | | | | 12.4 | | | | 18.5 | |
Financial Account | | | 2,381.7 | | | | 4,250.7 | | | | 5,040.4 | |
Direct Investment | | | 2,225.7 | | | | 3,236.4 | | | | 3,305.1 | |
Portfolio Investment | | | 386.6 | | | | 279.5 | | | | 240.4 | |
Other Capital | | | (230.6 | ) | | | 734.8 | | | | 1,494.9 | |
Assets | | | (2,123.1 | ) | | | (4,155.6 | ) | | | (3,089.0 | ) |
Liabilities | | | 1,892.5 | | | | 4,890.4 | | | | 4,583.9 | |
Balance | | | 2,388.5 | | | | 4,263.1 | | | | 5,058.9 | |
Errors and Omissions (net) | | | 125.2 | | | | (472.7 | ) | | | (358.2 | ) |
Overall Surplus (Deficit) | | | (541.4 | ) | | | 554.0 | | | | 998.7 | |
| | | |
Financing | | | 416.2 | | | | (81.3 | ) | | | (640.5 | ) |
Total Reserves | | | 416.2 | | | | (81.3 | ) | | | (640.5 | ) |
Use of IMF credit and IMF loans | | | — | | | | — | | | | — | |
| (1) | Figures have been calculated pursuant to Fifth Edition of the Balance of Payments Manual prepared by IMF. |
| (3) | Includes wages and investment profits. |
| (4) | Unilateral transfers consist of transactions without a quid pro quo, many of which are gifts and migrant transfers. |
Source: Office of the Comptroller General.
15
Public Debt
Year Ended December 31, 2014.
Internal Debt
At December 31, 2014, Panama’s public sector internal debt represented approximately 21.3% of the total public sector debt. A substantial portion of total public sector internal debt is extended by public sector sources, in particular, official banking institutions and Banco Nacional de Panamá. As of December 31, 2014, Panama’s public sector internal debt totaled approximately U.S.$3.8 billion, an increase of U.S.$426.2 million from December 31, 2013. This increase was due to the issuance of the Treasury Note due 2021. Panama’s public sector internal debt as a percentage of GDP was 8.2% as of December 31, 2014 (based on an estimated GDP of U.S.$47,459.0 million for 2014).
The following table sets forth Panama’s outstanding public sector internal debt at year-end for the years 2010 through 2014:
Public Sector Internal Debt
(in millions of U.S. dollars)
| | | | | | | | | | | | | | | | | | | | |
| | | December 31, | |
| | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | |
Private Sector Sources: | | | | | | | | | | | | | | | | | | | | |
Treasury notes | | $ | 635.1 | | | $ | 1,133.0 | | | $ | 1,133.0 | | | $ | 1,022.8 | | | $ | 1,688.0 | |
Treasury bills | | | 230.0 | | | | 264.1 | | | | 415.1 | | | | 449.5 | | | | 307.0 | |
Domestic bonds | | | 0.0 | | | | 0.0 | | | | 1,364.0 | | | | 1,464.0 | | | | 1,464.0 | |
Long-term private financing | | | 29.1 | | | | 24.8 | | | | 20.5 | | | | 16.1 | | | | 11.7 | |
Total | | $ | 894.2 | | | $ | 1,421.9 | | | $ | 2,932.6 | | | $ | 2,952.4 | | | $ | 3,470.7 | |
Public Sector Sources: | | | | | | | | | | | | | | | | | | | | |
Official banking institutions | | $ | 296.7 | | | $ | 481.9 | | | $ | 550.2 | | | $ | 500.1 | | | $ | 408.0 | |
Total | | $ | 296.7 | | | $ | 481.9 | | | $ | 550.2 | | | $ | 500.1 | | | $ | 408.0 | |
Total Public Sector Internal Debt | | $ | 1,190.9 | | | $ | 1,903.8 | | | $ | 3,482.8 | | | $ | 3,452.5 | | | $ | 3,878.7 | |
Source: Ministry of Economy and Finance.
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External Debt
As of December 31, 2014, total public sector external debt was approximately U.S.$14.4 billion, up from U.S.$12.2 billion as of December 31, 2013. Panama’s public sector external debt as a percentage of GDP was 30.2% as of December 31, 2014 (based on an estimated GDP of U.S.$47,459.0 million for 2014), as compared to 28.7% as of December 31, 2013, with respect to the preliminary 2013 GDP results.
The following tables set forth the composition of public sector external debt outstanding at year-end for the years 2010 through 2014 and the scheduled amortizations for public sector external debt for each of the years indicated:
Public Sector External Debt(1)
(in millions of U.S. dollars)
| | | | | | | | | | | | | | | | | | | | |
| | | December 31, | |
| | | 2010 | | | 2011 | | | 2012 | | | 2013 | | | 2014 | |
Commercial banks | | $ | 216.9 | | | $ | 216.0 | | | $ | 302.2 | | | $ | 693.3 | | | $ | 1,021.4 | |
Bonds | | | 8,070.6 | | | | 8,274.1 | | | | 7,725.7 | | | | 8,307.1 | | | | 9,509.1 | |
Multilateral agencies | | | 1,825.7 | | | | 2,039.4 | | | | 2,403.0 | | | | 2,937.4 | | | | 3,575.6 | |
Bilateral entities | | | 325.4 | | | | 380.9 | | | | 351.6 | | | | 293.3 | | | | 246.2 | |
Total | | $ | 10,438.6 | | | $ | 10,910.4 | | | $ | 10,782.5 | | | $ | 12,231.1 | | | $ | 14,352.2 | |
| (1) | Debt stated at its outstanding principal amount and not at trading value in the secondary market. All external debt of the Republic is funded debt. Currencies other than U.S. dollars are translated into U.S. dollars at the exchange rate as of December 31, 2014. |
Source: Ministry of Economy and Finance.
Public Sector External Debt Amortization
(in millions of U.S. dollars)(1)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2015 | | | 2016 | | | 2017 | | | 2018 | | | 2019 | | | 2020-
2053 | |
Multilaterals | | | | | | | | | | | | | | | | | | | | | | | | |
World Bank | | | 43.0 | | | | 52.9 | | | | 54.5 | | | | 54.3 | | | | 54.3 | | | | 508.8 | |
Inter-American Development Bank | | | 158.2 | | | | 188.2 | | | | 194.6 | | | | 121.2 | | | | 111.9 | | | | 1,134.7 | |
International Agricultural Development Fund | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.2 | |
Andean Development Corporation | | | 33.7 | | | | 43.3 | | | | 45.8 | | | | 48.3 | | | | 56.2 | | | | 551.6 | |
European Investment Bank | | | 3.6 | | | | 3.9 | | | | 4.6 | | | | 4.6 | | | | 4.6 | | | | 27.7 | |
The OPEC Fund for International Development | | | 5.0 | | | | 5.0 | | | | 5.1 | | | | 4.6 | | | | 4.6 | | | | 46.4 | |
Total | | | 243.5 | | | | 293.4 | | | | 304.6 | | | | 233.0 | | | | 231.7 | | | | 2,269.4 | |
Bilaterals | | | 21.3 | | | | 21.0 | | | | 17.3 | | | | 14.1 | | | | 14.1 | | | | 158.3 | |
Bonds | | | 378.8 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 9,130.3 | |
Commercial Debt | | | 130.3 | | | | 144.8 | | | | 144.8 | | | | 106.5 | | | | 93.8 | | | | 401.3 | |
Total | | | 530.4 | | | | 165.8 | | | | 162.1 | | | | 120.6 | | | | 107.9 | | | | 9,689.9 | |
| (1) | Projections based on outstanding balance as of December 31, 2014. |
Source: Ministry of Economy and Finance.
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TABLES AND SUPPLEMENTARY INFORMATION
External Direct Debt of the Republic
Central Government
| | | | | | | | | | | | | | |
| | | Interest | | | Issue Date | | Final
Maturity | | Amortization | | 2014(1) | |
| | | | | | | | | | | | (in millions
of dollars) | |
MULTILATERAL ORGANIZATIONS | | | | | | | | | | | | $ | 3,532.60 | |
Inter-American Development Bank(2) | | | Various | | | Various | | Various | | Semiannually | | | 1,865.84 | |
World Bank | | | Various | | | Various | | Various | | Semiannually | | | 767.88 | |
European Investment Bank | | | Floating | | | Various | | Various | | Semiannually | | | 49.12 | |
Andean Development Corporation | | | Floating | | | Various | | Various | | Semiannually | | | 778.86 | |
International Agricultural Development Fund(2) | | | Floating | | | Various | | Various | | Semiannually | | | 0.33 | |
OPEC Fund for International Development | | | Fixed | | | Various | | Various | | Semiannually | | | 70.57 | |
BILATERAL ORGANIZATIONS | | | | | | | | | | | | $ | 246.15 | |
Banks with Official Guarantees(2) | | | Various | | | Various | | Various | | Semiannually | | | 34.27 | |
Support Groups(2) | | | Fixed | | | Various | | Various | | Semiannually | | | 14.65 | |
Government Direct Creditors(2) | | | Fixed | | | Various | | Various | | Semiannually | | | 197.23 | |
COMMERCIAL BANKS | | | Various | | | Various | | Various | | Various | | $ | 1,021.43 | |
GLOBAL BONDS | | | | | | | | | | | | $ | 9,509.07 | |
Global 2036 | | | 6.70 | % | | Jan 26,
2006 | | Jan 26,
2036 | | Various | | | 2,033.89 | |
Global 2015 | | | 7.25 | % | | Nov 23,
2004 | | Mar 15,
2015 | | Bullet | | | 378.80 | |
Global 2020 | | | 5.20 | % | | Nov 23,
2009 | | Jan 01,
2020 | | Bullet | | | 1,500.00 | |
Global 2020 | | | 10.75 | % | | July 13,
2000 | | May 15,
2020 | | Bullet | | | 30.71 | |
Global 2023 | | | 9.38 | % | | Dec 03,
2002 | | Jan 16,
2023 | | Bullet | | | 138.90 | |
Global 2027 | | | 8.88 | % | | Sep 26,
1997 | | Sep 30,
2027 | | Bullet | | | 975.00 | |
Global 2029 | | | 9.38 | % | | Mar 31,
1999 | | Apr 01,
2029 | | Bullet | | | 951.43 | |
Global 2034 | | | 8.13 | % | | Jan 28,
2004 | | Apr 28,
2034 | | Bullet | | | 172.84 | |
Global 2026 | | | 7.13 | % | | Nov 29,
2005 | | Jan 29,
2026 | | Bullet | | | 980.00 | |
Samurai 2021(3) | | | 1.81 | % | | Jan 26,
2011 | | Jan 25,
2021 | | Bullet | | | 347.51 | |
Global 2053 | | | 4.30 | % | | Apr 29,
2013 | | Apr 29,
2053 | | Bullet | | | 750.00 | |
Global 2024 | | | 4.00 | % | | Sept 15,
2014 | | Sep 22,
2024 | | Bullet | | | 1,250.00 | |
| | | | | |
TOTAL | | | | | | | | | | | | | 14,309.25 | |
| (1) | All obligations are denominated in U.S. dollars unless otherwise indicated. Currencies other than U.S. dollars are translated into U.S. dollars by the exchange rate as of December 31, 2014. |
| (3) | Payable in Japanese Yen. |
Source: Ministry of Economy and Finance.
18
External Debt Guaranteed by the Republic
Decentralized Institutions
| | | | | | | | | | | | | | | | | | | | |
| | | Interest | | | Issue
Date | | | Maturity | | | Amortization | | | 2014(1) | |
| | | | | | | | | | | | | | | (in
millions of
dollars) | |
Multilateral Organizations | | | | | | | | | | | | | | | | | | | | |
Inter-American Development Bank(2) | | | Various | | | | Various | | | | Various | | | | Semiannually | | | $ | 42.98 | |
Total | | | | | | | | | | | | | | | | | | $ | 42.98 | |
| (1) | All obligations are denominated in U.S. dollars unless otherwise indicated. Currencies other than U.S. dollars are translated into U.S. dollars by the exchange rate as of December 31, 2014. |
Source: Ministry of Economy and Finance.
Internal Debt Securities of the Republic
| | | | | | | | | | | | | | |
| | | Interest | | | | | Issuance | | Final | | | |
Name | | Rate | | | Amortization | | Date | | Maturity | | 2014 | |
Bonds | | | | | | | | | | | (in millions
of dollars) | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Jan 30, 2012 | | Jul 25, 2022 | | $ | 399.88 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Mar 16, 2012 | | Jul 25, 2022 | | $ | 100.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Apr 09, 2012 | | Jul 25, 2022 | | $ | 100.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | May 11, 2012 | | Jul 25, 2022 | | $ | 25.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Jun 22, 2012 | | Jul 25, 2022 | | $ | 50.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Jul 06, 2012 | | Jul 25, 2022 | | $ | 100.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Jul 27, 2012 | | Jul 25, 2022 | | $ | 100.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Aug 17, 2012 | | Jul 25, 2022 | | $ | 50.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Aug 24, 2012 | | Jul 25, 2022 | | $ | 25.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Aug 31, 2012 | | Jul 25, 2022 | | $ | 25.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Sep 07, 2012 | | Jul 25, 2022 | | $ | 25.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Sep 18, 2012 | | Jul 25, 2022 | | $ | 25.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Sep 21, 2012 | | Jul 25, 2022 | | $ | 25.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Sep 28, 2012 | | Jul 25, 2022 | | $ | 25.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Oct 05, 2012 | | Jul 25, 2022 | | $ | 13.30 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Oct 19, 2012 | | Jul 25, 2022 | | $ | 25.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Oct 26, 2012 | | Jul 25, 2022 | | $ | 16.75 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Nov 02, 2012 | | Jul 25, 2022 | | $ | 25.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Nov 09, 2012 | | Jul 25, 2022 | | $ | 23.71 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Nov 20, 2012 | | Jul 25, 2022 | | $ | 25.00 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Nov 23, 2012 | | Jul 25, 2022 | | $ | 15.50 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Nov 30, 2012 | | Jul 25, 2022 | | $ | 25.90 | |
Treasury Bonds 2022 | | | 5.6 | % | | Bullet | | Dec 21, 2012 | | Jul 25, 2022 | | $ | 119.00 | |
Total | | | | | | | | | | | | $ | 1,364.04 | |
Treasury Bonds 2024 | | | 4.9 | % | | Bullet | | Nov 25, 2013 | | May 24, 2024 | | $ | 100.00 | |
Total | | | | | | | | | | | | $ | 100.00 | |
Total Treasury Bonds | | | | | | | | | | | | $ | 1,464.04 | |
| | | | | |
Notes | | | | | | | | | | | | | | |
Treasury Notes 2018 | | | 5.0 | % | | Bullet | | Jun 21, 2011 | | Jun 15, 2018 | | $ | 257.97 | |
Treasury Notes 2018 | | | 5.0 | % | | Bullet | | Jul 26, 2011 | | Jun 15, 2018 | | $ | 100.00 | |
Treasury Notes 2018 | | | 5.0 | % | | Bullet | | Sep 20, 2011 | | Jun 15, 2018 | | $ | 80.00 | |
Treasury Notes 2018 | | | 5.0 | % | | Bullet | | Oct 11, 2011 | | Jun 15, 2018 | | $ | 100.00 | |
Treasury Notes 2018 | | | 5.0 | % | | Bullet | | Oct 04, 2012 | | Jun 15, 2018 | | $ | 455.97 | |
Total | | | | | | | | | | | | $ | 993.94 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | Feb 04, 2014 | | Feb 05, 2021 | | $ | 17.22 | |
19
| | | | | | | | | | | | | | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | Feb 25, 2014 | | Feb 25, 2021 | | $ | 105.01 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | Mar 18, 2014 | | Feb 25, 2021 | | $ | 148.50 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | Apr 08, 2014 | | Feb 25, 2021 | | $ | 51.38 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | Apr 22, 2014 | | Feb 25, 2021 | | $ | 34.00 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | May 13, 2014 | | Feb 25, 2021 | | $ | 30.00 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | May 20, 2014 | | Feb 25, 2021 | | $ | 40.00 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | May 27, 2014 | | Feb 25, 2021 | | $ | 30.00 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | Jun 03, 2014 | | Feb 25, 2021 | | $ | 20.00 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | Jun 10, 2014 | | Feb 25, 2021 | | $ | 22.00 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | Jun 17, 2014 | | Feb 25, 2021 | | $ | 35.00 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | Jun 24, 2014 | | Feb 25, 2021 | | $ | 23.00 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | Jul 22, 2014 | | Feb 25, 2021 | | $ | 29.00 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | Aug 05, 2014 | | Feb 25, 2021 | | $ | 34.00 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | Aug 19, 2014 | | Feb 25, 2021 | | $ | 16.00 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | Sep 02, 2014 | | Feb 25, 2021 | | $ | 20.00 | |
Treasury Notes 2021 | | | 4.9 | % | | Bullet | | Oct 07, 2014 | | Feb 25, 2021 | | $ | 10.00 | |
Total | | | | | | | | | | | | $ | 665.20 | |
Treasury Notes 2015 | | | 7.0 | % | | Bullet | | Dec 30, 2005 | | Dec 30, 2015 | | $ | 28.82 | |
Total | | | | | | | | | | | | $ | 28.82 | |
Total Treasury Notes | | | | | | | | | | | | $ | 1,687.96 | |
Source: Ministry of Economy and Finance.
20
