VII – PUBLIC DEBT AND FINANCIAL ASSETS
VII.1 - VARIATION OF THE PUBLIC SECTOR BALANCE
During the first quarter 2001, the net balance for the Federal Public Sector totalled 120,376 million pesos. The increase in comparison with December 2000 is shown in the following table.
(In Millions $)
|
NET BALANCE at 31/12/2000 |
119.157 |
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|
Plus |
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|
Financial Assets |
8.861 |
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|
GROSS BALANCE at 31/12/2000 |
128.018 |
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|
Plus: |
Total Adjustments at the beginning of the period - Placement of securities for consolidation of debt |
235 |
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|
accrued in prior fiscal years (see a) |
235 |
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|
GROSS BALANCE adjusted at 31/12/2000 |
128.253 |
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|
Variations for the period |
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|
Plus |
Placements and Disbursements |
10.053 |
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|
-Placement of Securities (see b) |
5.835 |
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|
-Misc. Disbursements (see c) |
3.827 |
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|
-Treasury Bills (Net) |
391 |
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|
Minus |
Amortizations |
4.574 |
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|
- Government Securities |
3.649 |
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|
- Multilaterals |
612 |
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|
- Bilaterals |
105 |
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|
- Other |
208 |
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|
Buybacks, Exchanges and Redemptions (see d) |
4.394 |
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|
Sub-total variations for operations |
1.085 |
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|
Plus adjustments for the period |
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|
Exchange rate differences for the period (see e) |
(2.007) |
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|
Capitalization and accrual of interest on gov. securities |
70 |
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|
Sub-total adjustments for the period |
(1.937) |
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|
Variations for the period |
(852) |
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|
GROSS BALANCE at 31/03/2001
|
127.401 |
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|
Minus Financial Assets |
7.025 |
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|
NET BALANCE at 31/03/2001 |
120.376 |
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a. Placement of securities for consolidation of accrued debt in prior fiscal years.
During the period, debt arising from securities allocated to the payment of prior debts, consolidated by various legal instruments, increased as is shown in the chart below.
Securities in Foreign Currency (*)
(million $)
|
S e c u r i t y |
Amount |
|
Consolidation Bonds in US Dollars 2nd Series |
0,56 |
|
Consolidation Bonds in US Dollars 3rd Series |
91.46 |
|
Consolidation Bonds for Social Security Debt in US Dollars 1st Series |
3.54 |
|
Consolidation Bonds for Social Security Debt in US Dollars 2nd Series |
2.94 |
|
Total |
98.50 |
Securities in Pesos (*)
(million $)
|
S e c u r i t y |
Amount |
|
Consolidation Bonds in Pesos 2nd Series |
69.87 |
|
Consolidation Bonds in Pesos 3rd Series |
46.26 |
|
Consolidation Bonds for Social Security Debt in Pesos 1st Series |
10.32 |
|
Consolidation Bonds for Social Security Debt in Pesos 2nd Series |
9.73 |
|
Total |
136.18 |
(*)Capitalized interests not included.
b. Placements of Securities
(In Millions $)
|
S e c u r i t i e s |
Amount |
|
Bonte / USD / 2006 / 11,75 % |
2.608,06 |
|
Global Bond / USD / 2012 / 12,375 % |
1.593,95 |
|
Global Bond / USD / 2031 / 12,00 % |
975,00 |
|
Euroletra / EURO / 2007 / 10,00 % |
457,05 |
|
Bono / USD / 2004 / Encuesta + 4,35 % |
123,10 |
|
Capitalizable Certificate / BNA / USD / 2018 / 10,50% |
50,51 |
| Promissory Note/ USD / Encuesta ó Badlar + Spread |
26,90
|
|
Total
|
5.834,57 |
c. Miscellaneous Disbursements
(In Millions $)
|
Creditor |
Amount |
|
IMF |
2.920,92 |
|
Banco de España |
506,33 |
|
IDB |
244,75 |
|
World Bank |
116,82 |
|
Other |
38,22 |
|
Total |
3.827,04 |
d. Buybacks, Exchanges and Redemptions
(In Millions $)
|
I t e m |
Amount |
|
Bonte / USD / 2003 / 11,75% |
592.895,91 |
|
Floating Rate Bonds / USD / Libor + 0,8125 |
636.157,44 |
|
Bonte / USD / 2004 / 11,25% |
581.909,93 |
|
Consolidation Bonds in Pesos 1st Series |
542.958,35 |
|
Bonte / USD / 2002 / 8,75% |
442.162,00 |
|
Bonte / USD / 2005 / 12,125% |
279.042,99 |
|
Bonte / USD / 2003 / Floating Rate+ 3,20% |
341.691,00 |
|
Consolidation Bonds for Social Security Debt in Pesos 2nd. Series |
208.999,22 |
|
Euroletra / Pesos / 2002 / 8,75% |
157.680,00 |
|
Bono Spread Adjustable / USD / 2002 / SPAN |
157.652,00 |
|
Consolidation Bonds in USD 1st. Series |
105.900,51 |
|
Bonte / USD / 2001 / 9,50% |
82.734,14 |
|
Euroletra / Pesos / 2007 / 11,75% |
96.360,00 |
|
Consolidation Bonds for Social Security Debt in USD 2nd. Series |
40.277,56 |
|
Global Bond / USD / 2005 / 11,00% |
91.818,00 |
|
Global Bond / USD / 2003 / 8,375% |
25.793,00 |
|
Global Bond / USD / 2006 / 11,00% |
9.675,00 |
|
Total |
4.393,71 |
e. Exchange rate differences for the period.
The following table shows the variations in exchange rates for the period.
(millions $)
|
Currency |
Difference |
|
Euro |
(1.116,30) |
|
Yen |
(452,64) |
|
SDR – Special Drawing Rights |
(264,45) |
|
Unit Account – IDB |
(132,97) |
|
Sterling Pound |
(19,97) |
|
Swiss Franc |
(16,95) |
|
Other currencies (1) |
(3,41) |
|
Total |
(2.006,69) |
(1) Includes: Danish Krone, Swedish Krone, Canadian Dollar and Kuwaiti Dinar.
