Obbligazione República Dominicana 6.875% ( USP3579EBK21 ) in USD

República Dominicana

100 USD ⇌

Rep. Dominicana

USP3579EBK21 ( in USD )

6.875% per anno ( pagato 2 volte l'anno)

29/01/2026

Prospetto opuscolo dell'obbligazione Dominican Republic USP3579EBK21 en USD 6.875%, scadenza 29/01/2026

100 000 USD

1 500 000 000 USD

P3579EBK2

BB- ( Non-investment grade speculative )

B1 ( Highly speculative )

29/01/2026 ( In 74 giorni )

La Repubblica Dominicana è una nazione caraibica che offre spiagge mozzafiato, una ricca storia, una cultura vibrante e una biodiversità straordinaria.

L'obbligazione, identificata dai codici ISIN USP3579EBK21 e CUSIP P3579EBK2, è stata emessa dalla Repubblica Dominicana, uno stato sovrano situato nella regione caraibica e suo paese di emissione, per un ammontare totale di 1.500.000.000 USD, con un tasso di interesse fisso del 6.875% e una scadenza fissata al 29 gennaio 2026; il titolo, quotato in USD e attualmente scambiato al 100% del suo valore nominale, prevede pagamenti semestrali di interessi e richiede un importo minimo di acquisto di 100.000 USD, mentre la sua affidabilità creditizia è valutata BB- da Standard & Poor's e B1 da Moody's.

L I S T I N G M E M O R A N D U M

The Dominican Republic
US$500,000,000 6.875% Bonds due 2026
___________________
We made an offer of US$500,000,000 aggregate principal amount of our 6.875% bonds due 2026, which we refer to as the "new bonds." The new bonds
were offered as additional debt securities under an indenture dated January 27, 2015, pursuant to which on January 29, 2016, we previously issued
US$1,000,000,000 aggregate principal amount of our 6.875% bonds due 2026 (the "initial bonds" and, together with the new bonds, the "bonds"). The new
bonds have identical terms and conditions, except for the issue date and issue price, as the initial bonds, and are fungible with the initial bonds, and constitute a
single series and vote as a single class of debt securities under the indenture following expiration of the 40-day restricted period under Regulation S under the
Securities Act (as defined below). The initial bonds and the new bonds have the same ISIN and CUSIP numbers, except that the new bonds offered and sold in
compliance with Regulation S were issued and maintained under temporary ISIN and CUSIP numbers during a 40-day distribution compliance period
commencing on the date of issuance of the new bonds.
After giving effect to the offering, an aggregate of US$1,500,000,000 of bonds are outstanding. Interest on the new bonds will accrue from January 29,
2016, and will be payable semi-annually on January 29 and July 29 of each year. The first interest payment on the new bonds will be made on July 29, 2016. The
bonds will mature on January 29, 2026. The bonds are not redeemable prior to maturity.
The new 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 new 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 new bonds on the Official List of the Luxembourg Stock Exchange and for trading on the Euro MTF Market of the
Luxembourg Stock Exchange. This listing memorandum constitutes a prospectus for the purpose of the Luxembourg law dated July 10, 2005, as amended, on
prospectuses for securities.
Investing in the new bonds involves risks. See "Risk Factors" beginning on page 11.
___________________
The new 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 new bonds will be offered only to qualified institutional buyers in the United States under Rule 144A of the Securities Act and to
non-U.S. persons outside the United States under Regulation S of the Securities Act. Prospective purchasers that are qualified institutional buyers are hereby
notified that the sellers of the new 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.
Any offer or sale of new bonds in any member state of the European Economic Area (the "EEA") that has implemented Directive 2003/71/EC (the
"Prospectus Directive") must be addressed to qualified investors (as defined in the Prospectus Directive).
___________________
Price for new bonds: 109.335% plus accrued interest from January 29, 2016.
Purchasers of the new bonds will be required to pay accrued interest in an aggregate amount of US$30.17 per US$1,000 principal amount of the
new bonds from (and including) January 29, 2016, up to (but excluding) July 7, 2016 (the date we expect to deliver the new bonds).
The initial purchasers delivered the new bonds to purchasers on or about July 7, 2016, only in book-entry form through the facilities of The Depository
Trust Company ("DTC"), Euroclear and Clearstream Banking, Luxembourg.
___________________
Joint Book-Running Managers
Citigroup
J.P. Morgan
Co-Manager
BanReservas

July 19, 2016

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
Notice to Prospective Investors in the United States ................................................................................................... ii
Notice to Prospective Investors in the European Economic Area .............................................................................. iii
Notice to Prospective Investors in Chile ..................................................................................................................... iii
Enforceability of Civil Liabilities ............................................................................................................................... iii
Defined Terms and Conventions ................................................................................................................................. v
Forward-Looking Statements .................................................................................................................................... vii
Summary...................................................................................................................................................................... 1
The Offering ................................................................................................................................................................ 8
Risk Factors ............................................................................................................................................................... 11
Use of Proceeds ......................................................................................................................................................... 17
The Dominican Republic ........................................................................................................................................... 18
The Economy ............................................................................................................................................................. 27
Balance of Payments and Foreign Trade ................................................................................................................... 61
The Monetary System ................................................................................................................................................ 72
Public Sector Finances ............................................................................................................................................... 94
Public Sector Debt ................................................................................................................................................... 111
Description of the New Bonds ................................................................................................................................. 124
Book-Entry Settlement and Clearance ..................................................................................................................... 135
Transfer Restrictions ................................................................................................................................................ 138
Taxation ................................................................................................................................................................... 141
Plan of Distribution ................................................................................................................................................. 144
Official Statements .................................................................................................................................................. 149
Validity of the New Bonds ...................................................................................................................................... 149
General Information ................................................................................................................................................ 150
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 is personal to each offeree
and 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
Republic's new 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 makes 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
securities 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 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 new 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. This listing
memorandum does not constitute an offer of, or an invitation to purchase, any of the new bonds in any jurisdiction in
which such offer or sale would be unlawful.
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 these securities or determined if this listing memorandum is truthful or complete. Any
representation to the contrary is a criminal offense.
The new 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 this
ii

investment for an indefinite period of time. Please refer to the sections in this listing memorandum entitled "Plan of
Distribution" and "Transfer Restrictions."
NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA
In relation to each Member State of the European Economic Area, no offer of bonds which are the subject of
this listing memorandum has been, or will be made to the public in that Member State, other than under the following
exemptions under the Prospectus Directive:
A. to any legal entity which is a "qualified investor" as defined in the Prospectus Directive;
B. to fewer than 150 natural or legal persons (other than "qualified investors" as defined in the Prospectus
Directive), subject to obtaining the prior consent of the initial purchasers for any such offer; or
C. in any other circumstances falling within Article 3(2) of the Prospectus Directive;
provided that no such offer of bonds referred to in A. through C. above shall result in a requirement for us or any initial
purchaser to publish a prospectus pursuant to Article 3 of the Prospectus Directive, or supplement a prospectus
pursuant to Article 16 of the Prospectus Directive.
This listing memorandum has been prepared on the basis that any offer of new bonds in any Member State
will be made pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus
for offers of new bonds. Accordingly, any person making or intending to make an offer in that Member State of new
bonds which are the subject of the offering contemplated in this listing memorandum may only do so in circumstances
in which no obligation arises for us or any initial purchaser to publish a prospectus pursuant to Article 3 of the
Prospectus Directive in relation to such offer. Neither we nor the initial purchasers have authorized, nor do we or they
authorize, the making of any offer of new bonds in circumstances in which an obligation arises for us or the initial
purchasers to publish a prospectus for such offer.
For the purposes of this provision, the expression an "offer of new bonds to the public" in relation to any new
bonds in any Member State means the communication in any form and by any means of sufficient information on the
terms of the offer and the new bonds to be offered so as to enable an investor to decide to purchase or subscribe the
new bonds, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in
that Member State; and the expression "Prospectus Directive" means Directive 2003/71/EC (as amended) and
includes any relevant implementing measure in each Member State.
The above selling restriction is in addition to any other selling restriction set out below.
NOTICE TO PROSPECTIVE INVESTORS IN CHILE
The new bonds will not be registered under the Ley de Mercado de Valores No. 18,045 (the "Securities
Market Law"), as amended, of Chile with the Superintendencia de Valores y Seguros (the "Chilean Securities and
Insurance Commission" or "SVS"), and, accordingly, may not be offered or sold to persons in Chile except in
circumstances that do not constitute a public offering under Chilean law.
Los nuevos bonos que se emitan no serán registrados en la Superintendencia de Valores y Seguros de
conformidad a la ley de Mercado de Valores No.18,045, por lo que de acuerdo a ello, no podrán ser ofrecidos a
personas en Chile excepto en circunstancias que no constituyan una oferta pública de valores de acuerdo a ley
Chilena.
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
iii

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 are exempt from
attachment or other form of execution before or after judgment. See "Description of the New 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 the 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 constant prices 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 on constant values 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 that were not collected in a timely
manner, such as revenues for selected activities and a more detailed production that were not previously accounted,
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.

As a result of the aforementioned changes implemented by the Central Bank, GDP composition by sectors
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. 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 in the composition of GDP 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 basis,
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
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 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 year in two ways: the end of period is the exchange rate reported by the Central Bank on the last
day of such year, while the yearly average corresponds to the daily average exchange rate reported by the Central Bank
for all working days during that year. This is consistent with the way that the International Monetary Fund or the
"IMF" publishes the exchange rates. In all cases, exchange rate information derives from transactions in the spot
market.
We have done all currency conversions, including conversions of pesos to U.S. dollars, for the convenience
of the reader only 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 denomination, at any particular rate or at all.
The DOP/U.S. dollar purchase exchange rate on the spot market, as reported by the Central Bank, was
DOP44.20 per US$1.00, DOP45.47 per US$1.00 and DOP45.73 per US$1.00 at the close of business on December
31, 2014, December 31, 2015, and March 31, 2016, 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.
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.
The Central Bank conducts a 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.
vi

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; and
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;
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.
vii

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 new bonds. You should carefully
read the entire listing memorandum, including "Risk Factors" before purchasing the new bonds.
Selected Economic Information
(in millions of US$, except as otherwise indicated)

As of and for the year ended December 31,

2011
2012
2013
2014
2015
Domestic economy

GDP (at current prices) ...................................................
58,290.6 60,526.2(1) 61,256.0(1) 64,053.4(1) 67,189.9(1)
GDP (in millions of DOP, at current prices) ..................
2,218,428.8 2,377,503.7(1) 2,558,585.6(1) 2,786,229.7(1) 3,023,116.1(1)
Real GDP (in chained indexes referenced to 2007)(14) 115.9
119.0(1) 124.7(1) 133.8(1) 143.1(1)
Real GDP growth rate(2) ..................................................
2.8% 2.6%(1) 4.8%(1) 7.3%(1) 7.0%(1)
Consumer price index (annual rate of change) ...............
7.8% 3.9% 3.9% 1.6% 2.3%
Unemployment rate(3) ......................................................
14.6% 14.7% 15.0% 14.5% 14.0%
Open unemployment rate(4) .............................................
5.8% 6.5% 7.0% 6.4% 5.9%
Exchange rate (end of period, in DOP) ...........................
38.72
40.26
42.67
44.20
45.47

Balance of payments(5)
Total current account(5) ...................................................
(4,356) (3,946) (2,537) (2,141) (1) (1,307) (1)
Of which:

Trade balance (deficit) ...........................................
(8,940) (8,716) (7,377) (7,374) (1) (7,340) (1)
Income from tourism .............................................
4,391 4,687 5,064 5,630(1) 6,118(1)
Personal transfers (workers' remittances) .............
4,008 4,045 4,262 4,571(1) 4,961(1)
Net borrowing/lending ....................................................
(4,326) (3,905) (2,496) (2,141) (1) 780(1)
Financial account balance(5) ............................................
(3,916) (3,596) (4,149) (3,929) (1) (1,669) (1)
Of which:

Foreign direct investment ......................................
(2,277) (3,142) (1,991) (2,209) (1) (2,222) (1)
Errors and omissions(6) ..........................................
572 (131) (312)
(1,140) (1) (1,679) (1)
Overall balance of payments, excluding impact of
163 (440)
1,341 648(1) 770(1)
gold valuation adjustment(7) .......................................
Change in Central Bank gross international reserves
339 (548)
1,146 195(1) 407(1)
(period end) ................................................................
Central Bank net international reserves (period end) .....
3,638 3,210 4,387 4,650 5,195

Public sector balance(1)
Central government revenue(8) ........................................
7,494 8,237 8,920 9,646
11,969
As a % of GDP ...........................................................
12.9% 13.6% 14.6% 15.1% 17.8%
Central government expenditure(9) ..................................
8,953 12,164 10,962 11,422 11,856
As a % of GDP ...........................................................
15.4% 20.1% 17.9% 17.8% 17.6%
Of which:

Current transfers to CDEEE .......................................
689 904 828 926 547
As a % of GDP ...........................................................
1.2% 1.5% 1.4% 1.4% 0.8%
Central government balance............................................
(1,458) (3,927) (2,042) (1,776.2) 114
As a % of GDP ................................................................
(2.5)% (6.5)% (3.3)% (2.8)% 0.2%
Overall non-financial public sector balance(10) ...............
(1,768) (4,130) (2,481) (2,012) (114)
As a % of GDP ................................................................
(3.0)% (6.8)% (4.0)% (3.1)% (0.2)%

Public sector debt(11)
Public sector external debt(12) ..........................................
12,766.8 13,894.4 15,896.8 16,921.5 16,712.5(1)
As a % of GDP ...........................................................
21.9% 23.0% 26.0% 26.4% 24.9%(1)
Public sector domestic debt(13) ........................................
9,219.7(1) 11,177.6(1) 12,375.2(1) 12,410.2(1) 13,933.4(1)
As a % of GDP ...........................................................
15.8%(1) 18.5%(1) 20.2%(1) 19.4%(1) 20.7%(1)
Total public sector debt ...................................................
21,986.5(1) 25,072.0(1) 28,272.1(1) 29,331.7(1) 30,645.9(1)
As a % of GDP ...........................................................
37.7%(1) 41.4%(1) 46.2%(1) 45.8%(1) 45.6%(1)

Public sector external debt service
Amortizations ..................................................................
1,004.4
858.9(1) 1,266.1(1) 1,801.8(1) 3,306.7(1)
Interest payments ............................................................
398.8
462.2(1)
486.4(1)
576.4(1)
743.7(1)
Total external debt service ..............................................
1,403.2
1,321.0(1) 1,752.5(1) 2,378.2(1) 4,050.4(1)
As a % of total exports ....................................................
16.8%
14.8%(1) 18.6%(1) 24.0%(1) 42.5%(1)

(1) Preliminary
data.
(2) Percentage change from previous year.
(3) Refers to population at or above the legal working age that is not employed and is willing to work (even if not actively seeking work), as a
percentage of the total labor force.
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(4) Revised data for 2011-2012; preliminary data as indicated. Refers to population at or above the legal working age that is not employed and is
actively seeking work, as a percentage of the total labor force.
(5) 2011-2013 revised data; preliminary data as indicated. Data for 2011-2015 conforms to IMF's 6th Edition of the Balance of Payments Manual.
For further details of these methodologies and terminologies please refer to the document labeled "Implementación del Sexto Manual de Balanza
de Pagos y Posición de Inversión Internacional del FMI en la República Dominicana" on the webpage of the Central Bank of the Dominican
Republic.
(6) Represents errors and omissions in compiling balance of payment accounts based on double-entry accounting resulting from incomplete or
overlapping coverage, different prices and incomplete times of recording and conversion practices.
(7) As presented in the above table, gold reserves have been valued at their corresponding market prices as of December 31 of each year.
(8) Includes total revenue and foreign grants.
(9) Includes "Statistical Discrepancy" (difference between the overall balance and overall financing).
(10) The non-financial public sector includes the Central Government and non-financial public sector institutions (such as state-owned enterprises
and other decentralized government-owned institutions).
(11) Consolidated public sector debt. Excludes debt owed by Banco de Reservas to foreign creditors.
(12) External debt is defined as all public sector debt issued in foreign countries and under the jurisdiction of a foreign court, independent of the
holder's nationality.
(13) Net of Central Government liabilities held by the Central Bank.
(14) For additional information on this methodology please see "Defined Terms and Conventions--Certain Defined Terms--GDP."
Sources: Central Bank, Ministry of Finance and IMF.

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