Bond República Dominicana 9.75% ( USP3579ECD78 ) in DOP

República Dominicana

100 % ⇌

Dominican Republic

USP3579ECD78 ( in DOP )

9.75% per year ( payment 2 times a year)

05/06/2026

Prospectus brochure of the bond Dominican Republic USP3579ECD78 en DOP 9.75%, maturity 05/06/2026

8 000 000 DOP

68 023 000 000 DOP

P3579ECD7

05/12/2025 ( In 154 days )

The Dominican Republic, occupying the eastern two-thirds of the island of Hispaniola, is a Caribbean nation known for its diverse geography, including lush rainforests, stunning beaches, and the Caribbean's highest mountain peak, Pico Duarte.

The Bond issued by República Dominicana ( Dominican Republic ) , in DOP, with the ISIN code USP3579ECD78, pays a coupon of 9.75% per year.
The coupons are paid 2 times per year and the Bond maturity is 05/06/2026

LISTING MEMORANDUM

The Dominican Republic
DOP50,523,000,000 9.750% Bonds due 2026
Payable in U.S. dollars
___________________
We made an offer of DOP50,523,000,000 aggregate principal amount of our 9.750% bonds due 2026 (the "bonds"). The bonds were
offered as debt securities under an indenture dated as of January 27, 2015 (the "indenture").
Interest on the bonds will accrue from June 5, 2019 and will be payable semi-annually in arrears on June 5 and December 5 of each year.
The first interest payment on the bonds will be made on December 5, 2019. The bonds will mature on June 5, 2026. Payments will be made in
U.S. dollars, based on the Representative Market Rate. See "Description of the Bonds--General Terms of the Bonds."
The bonds are direct, general, unconditional and unsubordinated Public External Debt of the Republic, ranking without any preference
among themselves and equally with all other unsubordinated Public External Debt of the Republic, for which the full faith and credit of the
Republic is pledged.
The bonds contain "collective action clauses." Under these provisions, which differ from the terms of the Republic's Public External Debt
issued prior to January 27, 2015, the Republic may amend the payment provisions of any series of debt securities issued under the indenture
(including the bonds) and other reserve matters listed in the indenture with the consent of the holders of: (1) with respect to a single series of debt
securities, more than 75% of the aggregate principal amount of the outstanding debt securities of such series; (2) with respect to two or more
series of debt securities, if certain "uniformly applicable" requirements are met, more than 75% of the aggregate principal amount of the
outstanding debt securities of all series affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more series of
debt securities, more than 66-2/3% of the aggregate principal amount of the outstanding debt securities of all series affected by the proposed
modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding debt securities of each series
affected by the proposed modification, taken individually.
The Republic has applied to list the bonds on the Official List of the Luxembourg Stock Exchange and to trade them on the Euro MTF
Market. This listing memorandum constitutes a prospectus for purposes of part IV of the Luxembourg law dated July 10, 2005, as amended, on
prospectuses for securities.
Investing in the bonds involves risks. See "Risk Factors" beginning on page 11.
The bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the "Securities Act," or the
securities laws of any other jurisdiction. The bonds will be offered only to qualified institutional buyers in reliance on Rule 144A under the
Securities Act, and outside the United States to persons who are not U.S. persons in reliance on Regulation S of the Securities Act. Prospective
purchasers that are qualified institutional buyers are hereby notified that the sellers of the bonds may be relying on an exemption from the
provisions of Section 5 of the Securities Act provided by Rule 144A under the Securities Act. Outside the United States, the offering is being
made in reliance on Regulation S under the Securities Act.
Price for the bonds: 100.000% plus accrued interest, if any, from June 5 , 2019. Purchasers will make the payment of the issue price
in U.S. dollars based on an exchange rate for the conversion of Dominican pesos into U.S. dollars of DOP50.5230 per US$1.00, which is
the Representative Market Rate in effect on May 28, 2019.
The initial purchasers delivered the bonds to purchasers on June 5, 2019, only in book-entry form through the facilities of The Depository
Trust Company ("DTC"), Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream, Banking").
___________________
Joint Book-Running Managers
BofA Merrill Lynch
J.P. Morgan

June 14, 2019

18

The Republic is responsible for the information contained in this listing memorandum. The Republic
has not authorized anyone to give you any other information, and the Republic takes no responsibility for any
other information that others may give you. You should not assume that the information contained in this
listing memorandum is accurate as of any date other than the date on the front of this listing memorandum.
TABLE OF CONTENTS
Page
Summary...................................................................................................................................................................... 1
Risk Factors ............................................................................................................................................................... 11
Use of Proceeds ......................................................................................................................................................... 18
The Dominican Republic ........................................................................................................................................... 19
The Economy ............................................................................................................................................................. 29
Balance of Payments and Foreign Trade ................................................................................................................... 65
The Monetary System ................................................................................................................................................ 77
Public Sector Finances ............................................................................................................................................... 98
Public Sector Debt ................................................................................................................................................... 116
Description of the Bonds ......................................................................................................................................... 129
Book-Entry Settlement and Clearance ..................................................................................................................... 141
Transfer Restrictions ................................................................................................................................................ 144
Taxation ................................................................................................................................................................... 147
Plan of Distribution ................................................................................................................................................. 151
Official Statements .................................................................................................................................................. 156
Validity of the Bonds ............................................................................................................................................... 156
General Information ................................................................................................................................................ 157
Appendix A -- Global Public Sector External Debt ............................................................................................... A-1

i

This listing memorandum has been prepared by the Republic solely for use in connection with the proposed
offering of the securities described in this listing memorandum. This listing memorandum does not constitute an
offer to any other person or to the public generally to subscribe for or otherwise acquire securities. You are
authorized to use this listing memorandum solely for the purpose of considering the purchase of the bonds. Each
prospective investor, by accepting delivery of this listing memorandum, agrees to the foregoing. This listing
memorandum may only be used for the purpose for which it has been published.
After having made all reasonable inquiries, the Republic confirms that:
the information contained in this listing memorandum is true and correct in all material respects and is
not misleading as of the date of this listing memorandum;
changes may occur in the Republic's affairs after the date of this listing memorandum;
certain statistical, economic, financial and other information included in this listing memorandum
reflects the most recent reliable data readily available to the Republic as of the date hereof;
the Republic holds the opinions and intentions expressed in this listing memorandum;
the Republic has not omitted other facts the omission of which would make this listing memorandum,
as a whole, misleading in any material respect; and
the Republic accepts responsibility for the information it has provided in this listing memorandum and
assumes responsibility for the correct reproduction of the information contained herein.
In making an investment decision, prospective investors must rely on their own examination of the
Republic and the terms of the offering, including the merits and risks involved. Prospective investors should not
construe anything in this listing memorandum as legal, business or tax advice. Each prospective investor should
consult its own advisors as needed to make its investment decision and to determine whether it is legally permitted
to purchase the bonds under applicable legal investment or similar laws or regulations.
The Republic has furnished the information in this listing memorandum. You acknowledge and agree that
the initial purchasers make no representation or warranty, express or implied, as to the accuracy or completeness of
such information, and nothing contained in this listing memorandum is, or shall be relied upon as, a promise or
representation to you by the initial purchasers. This listing memorandum contains summaries believed to be accurate
with respect to certain documents, but reference is made to the actual documents for complete information. All such
summaries are qualified in their entirety by such reference. Copies of documents referred to herein will be made
available to prospective investors upon request to us or the initial purchasers.
The distribution of this listing memorandum and the offering and sale of the bonds in certain jurisdictions
may be restricted by law. The Republic and the initial purchasers require persons into whose possession this listing
memorandum comes to inform themselves about and to observe any such restrictions. See "Plan of Distribution."
This listing memorandum does not constitute an offer of, or an invitation to purchase, any of the bonds in any
jurisdiction in which such offer or sale would be unlawful.

ii

NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED STATES
Neither the U.S. Securities and Exchange Commission ("SEC") nor any state securities commission has
approved or disapproved of the bonds or determined if this listing memorandum is truthful or complete. Any
representation to the contrary is a criminal offense.
The bonds are subject to restrictions on transferability and resale and may not be transferred or resold
except as permitted under the Securities Act and applicable state securities laws pursuant to registration or
exemption therefrom. As a prospective purchaser, you should be aware that you may be required to bear the
financial risks of an investment in the bonds for an indefinite period of time. Please refer to the sections in this
listing memorandum entitled "Plan of Distribution" and "Transfer Restrictions."
NOTICE TO INVESTORS IN THE EUROPEAN ECONOMIC AREA
The bonds are not intended to be offered, sold or otherwise made available to and should not be offered,
sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes,
a retail investor means a person who is one (or more) of (i) a retail client as defined in point (11) of Article 4(1) of
Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive 2002/92/EC (as
amended or superseded, the "Insurance Mediation Directive"), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document
required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the bonds
or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling
the bonds or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs
Regulation.
NOTICE TO INVESTORS IN THE UNITED KINGDOM
This listing memorandum is only being distributed to and is only directed at (i) persons who are outside the
United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to
whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). The bonds are only available to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such bonds will be engaged in only with, relevant persons. Any person
who is not a relevant person should not act or rely on this document or any of its contents.
ENFORCEABILITY OF CIVIL LIABILITIES
The Republic is a sovereign state. Consequently, it may be difficult for investors to obtain or realize in the
United States or elsewhere upon judgments against the Republic. To the fullest extent permitted by applicable law,
including the limitation mandated by the Constitution of the Dominican Republic which submits to the courts and
law of the Dominican Republic all agreements executed between the Government and foreign entities or individuals
domiciled in the Republic, the Republic will irrevocably submit to the jurisdiction of any New York state or U.S.
federal court sitting in The City of New York, Borough of Manhattan, and any appellate court thereof, in any suit,
action or proceeding arising out of or relating to the bonds or the Republic's failure or alleged failure to perform any
obligations under the bonds, and the Republic will irrevocably agree that all claims in respect of any such suit,
action or proceeding may be heard and determined in such New York state or U.S. federal court. The Republic will
irrevocably waive, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the
maintenance of any suit, action or proceeding and any objection to any proceeding whether on the grounds of venue,
residence or domicile. To the extent the Republic has or hereafter may acquire any sovereign or other immunity
from jurisdiction of such courts with respect to any suit, action or proceeding arising out of or relating to the bonds
or the Republic's failure or alleged failure to perform any obligations under the bonds (whether through service of
notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise), the Republic has, to
the fullest extent permitted under applicable law, including the U.S. Foreign Sovereign Immunities Act of 1976,
irrevocably waived such immunity in respect of any such suit, action or proceeding; provided, however, that under
the U.S. Foreign Sovereign Immunities Act of 1976, it may not be possible to enforce in the Republic a judgment
based on such a U.S. judgment, and that under the laws of the Republic, the property and revenues of the Republic

iii

are exempt from attachment or other form of execution before or after judgment. See "Description of the Bonds--
Governing Law" and "--Submission to Jurisdiction."
Notwithstanding the preceding paragraph, the Republic has not consented to service or waived sovereign
immunity with respect to actions brought against it under U.S. federal securities laws or any state securities laws. In
the absence of a waiver of immunity by the Republic with respect to such actions, it would not be possible to obtain
a judgment in such an action brought in a U.S. court against the Republic unless such court were to determine that
the Republic is not entitled under the U.S. Foreign Sovereign Immunities Act of 1976 to sovereign immunity with
respect to such action. Further, even if a U.S. judgment could be obtained in any such action under the U.S. Foreign
Sovereign Immunities Act of 1976, it may not be possible to enforce in the Republic a judgment based on such a
U.S. judgment. Execution upon property of the Republic located in the United States to enforce a U.S. judgment
may not be possible except under the limited circumstances specified in the U.S. Foreign Sovereign Immunities Act
of 1976.

iv

DEFINED TERMS AND CONVENTIONS
Certain Defined Terms
All references in this listing memorandum to the "Republic" are to the issuer, and all references to the
"Government" or the "Central Government" are to the central government of the Dominican Republic and its
authorized representatives.
The terms set forth below have the following meanings for the purposes of this listing memorandum:
GDP
Gross domestic product, or "GDP", is a measure of the total value of final products and services produced
in a country in a specific year. Nominal GDP measures the total value of final production in current prices. Real
GDP measures the total value of final production in terms of volume of a particular year, thus allowing historical
GDP comparisons that exclude the effects of inflation. Historically, real GDP figures were based on constant values
referenced to their nominal level in 1991, the year used by the Banco Central de la República Dominicana, the
Dominican Central Bank or the "Central Bank", for purposes of maintaining real GDP statistics. In this listing
memorandum, however, real GDP figures are based in terms of volume referenced to their nominal level in 2007.
On August 21, 2014, the Central Bank officially released new series of national accounts for the period 2007-2014,
which resulted in the following three major changes: (1) the "reference year" was updated from 1991 to 2007, (2)
the incorporation of the latest recommendations of the United Nation's System of National Accounts ("SNA")
(2008) that applied to the Dominican context and for which statistical information was available, and (3) quarterly
accounts are now estimated using chained indexes and a more comprehensive set of indicators accounting for
production that were not collected in a timely manner, such as revenues for selected activities, and other short term
indicators. GDP growth rates and growth rates included in this listing memorandum for the various sectors of the
Dominican economy are based on real figures, except as otherwise indicated.
As a result of the aforementioned changes implemented by the Central Bank, GDP composition by sector
was updated showing variations in the relative importance of each economic activity. In addition, the components
of GDP by the expenditure approach exhibit significant redistributions in their relative weights compared to the
accounting method in place before the implementation of such changes. These revisions are due to changes in
relative prices, improvements in data sources and methodology, integration of new products into the economy,
among other factors, which have had an impact on the composition of GDP as calculated previously for the years
between 1991 and 2007, the reference years.
Balance of Payments
For balance of payments purposes, imports and exports are calculated based upon statistics reported to the
Republic's customs agency upon entry and departure of goods into the Dominican Republic on a free-on-board or
"FOB" basis, at a given point of departure.
Inflation
The inflation rate provides an aggregate measure of the rate of change in the prices of goods and services in
the economy. The Republic measures the inflation rate by the percentage change between two periods in the
consumer price index, or "CPI", unless otherwise specified. The CPI is based on a basket of goods and services
identified by the Dominican Central Bank or "Central Bank" that reflects the pattern of consumption of Dominican
households. The price for each good and service that makes up the basket is weighted according to its relative
importance in order to calculate the CPI. The annual percentage change in the CPI is calculated by comparing the
index as of a specific December against the index for the immediately preceding December. The annual average
percentage change in the CPI is calculated by comparing the average index for a twelve-month period against the
average index for the immediately preceding twelve-month period. The Republic does not compile statistics to
calculate a producer price index or a wholesale price index, which are other indices often used to measure the rate of
inflation.

v

Currency of Presentation and Exchange Rate
Unless we specify otherwise, references to "U.S. dollars," "dollars" and "US$" are to United States dollars
and references to "pesos" and "DOP" are to Dominican pesos. Unless otherwise indicated, we have calculated the
exchange rate for each period in two ways: the end of period is the exchange rate reported by the Central Bank on
the last day of such period, while the average exchange rate corresponds to the daily average exchange rate reported
by the Central Bank for all working days during that period. This is consistent with the methodology the
International Monetary Fund or the "IMF" uses to calculate currency exchange rates. In all cases, exchange rate
information derives from transactions in the spot market.
We presented herein certain currency conversions, including conversions of peso amounts to U.S. dollars,
solely for the convenience of the reader and you should not interpret these conversions as a representation that the
amounts in question have been, could have been or could be converted into any particular currency, at any particular
rate or at all.
The DOP/U.S. dollar "reference" exchange rate on the spot market, as reported by the Central Bank, was
DOP45.47 per US$1.00, DOP46.62 per US$1.00, DOP48.19 per US$1.00 and DOP50.20 per US$1.00 at the close
of business on December 31, 2015, December 31, 2016, December 31, 2017 and December 31, 2018, respectively.
The spot market exchange rate reported by the Central Bank is used by the accounting departments of private
companies and public entities in the Dominican Republic, including the Central Bank, for revaluation of assets and
liabilities denominated in U.S. dollars.
The following table sets forth the annual high, low, average and period-end "reference" exchange rates for
the periods indicated, expressed in pesos per U.S. dollar and not adjusted for inflation. There can be no assurance
that the peso will not depreciate or appreciate against the dollar in the future.

Exchange rates(1)

High
Low
Average(2)
Period end
Year ended December 31,

2013 ..................................................................
42.90
40.36
41.71
42.67
2014 ..................................................................
44.23
42.68
43.45
44.20
2015 ..................................................................
45.49
44.24
44.94
45.47
2016 ..................................................................
46.65
45.46
45.99
46.62
2017 ..................................................................
48.19
46.63
47.44
48.19
2018 ..................................................................
50.20
48.20
49.43
50.20
2019 month end:

January ...........................................................
50.34
50.21
50.29
50.34
February .........................................................
50.45
50.35
50.40
50.41
March .............................................................
50.45
50.42
50.44
50.45
April ...............................................................
50.46
50.45
50.46
50.46

(1)
Central Bank "reference" exchange rates.
(2)
Average of daily closing quotes as reported by the Central Bank for all working days during the year or period.
Source: Central Bank.
As of May 27, 2019 the DOP/U.S. dollar "reference" exchange rate was DOP50.47 per US$1.00, as
reported by the Central Bank.
Dominican Peso Information
For the purpose of calculating payments to be made in respect of the bonds, all references to "DOP" or
"pesos" are to Dominican pesos.
Payments of principal and interest on the bonds will be translated from Dominican pesos into U.S. dollars
based upon the Observed Exchange Rate (as defined below) on the applicable Rate Calculation Date (as defined
below). See "Description of the Bonds."

vi

On May 28, 2019, the Representative Market Rate (as defined under "Description of the Bonds") was
DOP50.5230 per US$1.00.
Presentation of Financial and Economic Information
The Republic has presented all annual information in this listing memorandum based upon January 1 to
December 31 periods, unless otherwise indicated. Totals in certain tables in this listing memorandum may differ
from the sum of the individual items in such tables due to rounding.
Data are generally classified as "preliminary" following the end of the relevant period until all the basic
statistics and analytical procedures have been completed. The Central Bank conducts a regular review process of the
Republic's official financial and economic statistics. Accordingly, certain financial and economic information
presented in this listing memorandum may be subsequently adjusted or revised. The Government believes that this
review process is substantially similar to the practices of industrialized nations. The Government does not expect
revisions of the data contained in this listing memorandum to be material, although we cannot assure you that
material changes will not be made.
The Central Bank also periodically conducts a rebasing of GDP data it publishes. The most recent rebasing
was completed in 2014 to update the "reference year" to 2007, and all data in this listing memorandum are presented
on this basis unless otherwise indicated. See "--Certain Defined Terms--GDP." On January 1, 2018, the Central
Bank began conducting the 2018 National Household Expenditure and Income Survey, with the purpose of
gathering statistical information throughout the country on the distribution of spending by Dominican families, as
well as the amount and origin of the population's income. This constitutes part of the research underway prior to the
next GDP data rebasing exercise to update the "reference year" from 2007 to 2018. The rebasing exercise is
expected to be completed in 2021.

vii

FORWARD-LOOKING STATEMENTS
This listing memorandum contains forward-looking statements. Forward-looking statements are statements
that are not historical facts, and include statements about the Republic's beliefs and expectations. These statements
are based on current plans, estimates and projections, and, accordingly, you should not place undue reliance on
them. Forward-looking statements speak only as of the date they are made. The Republic undertakes no obligation
to update any of these statements in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. The Republic cannot assure you that
actual events or results will not differ materially from any forward-looking statements contained in this listing
memorandum. In particular, a number of important factors could cause actual results to differ materially from the
Republic's expectations. Such factors include, but are not limited to:
adverse external factors, such as:
o changes in the international prices of commodities and/or international interest rates, which could
increase the Republic's current account deficit and budgetary expenditures;
o changes in import tariffs and exchange rates, recession or low economic growth affecting the
Republic's trading partners, all of which could lower the growth or the level of exports of the
Dominican Republic, reduce the growth or the level of income from tourism of the Dominican
Republic, reduce the growth rate or induce a contraction of the Dominican economy and,
indirectly, reduce tax revenues and other public sector revenues, adversely affecting the
Republic's fiscal accounts;
o decreases in remittances from Dominicans living abroad;
o increased costs of crude oil resulting from increased international demand or from political or
social instability or armed conflict in oil-producing states, including The Bolivarian Republic of
Venezuela ("Venezuela") and countries in the Middle East;
o international financial uncertainty that reduces the Republic's ability to obtain loans to finance
planned infrastructure projects;
o a decline in foreign direct investment, which could adversely affect the Republic's balance of
payments, the stability of the exchange rate and the level of the Central Bank's international
reserves, and a decrease in remittances from Dominicans residing and working abroad;
o changes in the sovereign credit rating of the Dominican Republic; and
o deterioration in relations between the Dominican Republic and its regional partners as well as
main trading partners, such as the United States and the European Union;
adverse domestic factors, such as lower than expected fiscal revenues, which could result in higher
domestic interest rates and an appreciation of the real exchange rate. These factors could lead to lower
economic growth, a decline in exports and income from tourism and a decrease in the Central Bank's
international reserves;
the continuing adverse economic effects of the crisis in the Dominican electricity sector; and
other adverse factors, such as climatic, geological or political events and the factors discussed in the
"Risk Factors" section beginning on page 11 of this listing memorandum.

viii

SUMMARY
This summary highlights information contained elsewhere in this listing memorandum. It is not complete
and may not contain all of the information you should consider before purchasing the bonds. You should carefully
read the entire listing memorandum, including "Risk Factors" before purchasing the bonds.
Selected Economic Information
(in millions of US$, except as otherwise indicated)

As of and for the year ended December 31,

2014
2015
2016
2017
2018
Domestic economy

GDP (at current prices)..........................
66,151
68,890(1)
72,418(1)
76,038(1)
81,283(1)
GDP (in millions of DOP, at current
2,877,528
3,099,651(1)
3,333,419(1)
3,613,147(1)
4,025,092(1)
prices) ...............................................
Real GDP (in chained indexes
135
144(1)
154(1)
161(1)
172(1)
referenced to 2007)(2) ........................
Real GDP growth rate(3) ........................
7.6%
7.0% (1)
6.6% (1)
4.6% (1)
7.0%(1)
Consumer price index (annual rate of
1.6%
2.3%
1.7%
4.2%
1.2%
change) .............................................
Open unemployment rate(4)....................
8.3%(5)
7.3%
7.1%
5.5%
5.7%
Exchange rate (end of period, in DOP) ..
44.20
45.47
46.62
48.19
50.20

Balance of payments(6)
Total current account(6) ..........................
(2,170)
(1,280)
(815)
(133) (1)
(1,160) (1)
Of which:

Trade balance (deficit) ..................
(7,374)
(7,465)
(7,559)
(7,600) (1)
(9,301.3) (1)
Income from tourism ....................
5,630
6,116
6,720
7,184(1)
7,561(1)
Personal transfers (workers'
remittances) ..................................
4,571
4,961
5,261
5,912(1)
6,494(1)
Net (borrowing)/lending ........................
(2,170)
807
(815)
(133) (1)
(1,160) (1)
Financial account balance (deficit)(6) .....
(3,762)
(1,513)
(2,455)
(2,121) (1)
(2,712) (1)
Of which:

Foreign direct investment .............
2,209
2,205
2,407
3,571(1)
2,535(1)
Errors and omissions(7) .................
(941)
(1,550)
(748)
(1260) (1)
(718) (1)
Overall balance of payments, excluding
impact of gold valuation
adjustment(8) ......................................
650
770
892
728(1)
835 (1)
Change in Central Bank gross
international reserves (period end) ....
195
407
780
731
849
Central Bank net international reserves
(period end).......................................
4,650
5,195
6,047
6,781
7,628

Public sector balance(1)
Central government revenue(9) ...............
9,643
11,957
10,550
11,351
12,196
As a % of GDP .................................
14.6%
17.4%
14.6%
14.9%
15.0%
Central government expenditure(10) ......
11,498
11,857
12,602
13,641
13,855
As a % of GDP ................................
17.4%
17.2%
17.4%
17.9%
17.0%
Of which:

Current transfers to CDEEE ..............
925
546
451
370
345.0
As a % of GDP ................................
1.4%
0.8%
0.6%
0.5%
0.4%
Central government balance (deficit)
(1,855)
100
(2,052)
(2,290)
(1,657)
As a % of GDP ...............................
(2.8)%
0.1%
(2.8)%
(3.0)%
(2.0)
Overall non-financial public sector
(2,393)
(137)
(2,044)
(2,419)
(2,209)
balance (deficit)(11) ............................
As a % of GDP ...............................
(3.6)%
(0.2)%
(2.8)%
(3.2)%
(2.7)%

Public sector debt(12)
Public sector external debt(13) ................
17,280
16,928
18,170
19,124
21,860(1)
As a % of GDP .................................
26.1%
24.6%
25.1%
25.2%
26.9%(1)
Public sector domestic debt(14) ...............
12,049
13,715
15,933
18,091
19,115(1)
As a % of GDP .................................
18.2%
19.9%
22.0%
23.8%
23.5% (1)
Total public sector debt .........................
29,329
30,643
34,103
37,215
40,975(1)
As a % of GDP .................................
44.3%
44.5%
47.1%
48.9%
50.4%(1)

Public sector external debt service
Amortizations ........................................
1,938
3,450
1,206
1,332
984(1)
Interest payments ..................................
606
767
918
1,000
1,093(1)
Total external debt service.....................
2,544
4,217
2,124
2,332
2,077(1)

1