Obbligazione República Dominicana 4.875% ( USP3579ECH82 ) in USD

Emittente República Dominicana
Prezzo di mercato refresh price now   100 USD  ▲ 
Paese  Rep. Dominicana
Codice isin  USP3579ECH82 ( in USD )
Tasso d'interesse 4.875% per anno ( pagato 2 volte l'anno)
Scadenza 22/09/2032



Prospetto opuscolo dell'obbligazione Dominican Republic USP3579ECH82 en USD 4.875%, scadenza 22/09/2032


Importo minimo 150 000 USD
Importo totale 1 800 000 000 USD
Cusip P3579ECH8
Coupon successivo 23/03/2026 ( In 127 giorni )
Descrizione dettagliata La Repubblica Dominicana è una nazione caraibica che offre spiagge mozzafiato, una ricca storia, una cultura vibrante e una biodiversità straordinaria.

The Obbligazione issued by República Dominicana ( Dominican Republic ) , in USD, with the ISIN code USP3579ECH82, pays a coupon of 4.875% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 22/09/2032








Listing Particulars dated December 22, 2020





The Dominican Republic
US$1,266,000,000 4.875% Bonds due 2032
The Dominican Republic (Legal Entity Identifier: 254900EHU7Q8FGVPI369) (the "Republic") has issued US$1,266,000,000
in principal amount of its 4.875% notes due 2032 (the "Additional Notes"). The Additional Notes are a further issuance of,
and have been consolidated, form a single series, and are fully fungible with the Republic's outstanding 4.875% notes due
2032 issued in an aggregate principal amount of US$1,800,000,000 on September 23, 2020.
The Additional Notes have been accepted for clearance and settlement through The Depository Trust Company ("DTC"),
Euroclear Bank SA/NV as operator of the Euroclear System ("Euroclear") and Clearstream Banking, société anonyme
("Clearstream"). The Additional Notes were issued on December 14, 2020.
Application has been made to have the Additional Notes admitted to trading on the Official List of the Luxembourg Stock
Exchange and to be listed on the Euro MTF Market operated by the Luxembourg Stock Exchange, which is a multilateral
trading facility for the purposes of Directive 2014/65/EU of the European Parliament and of the Council on markets in financial
instruments, as amended, ("MiFID II"), and, therefore, not an EU-regulated market.
The Listing Particulars constitute a prospectus for the purpose of Part IV of the Luxembourg Law of 16 July 2019 on
Prospectuses for Securities.
The Listing Particulars do not constitute a prospectus within the meaning of Regulation (EU) No 1129/2017 of the European
Parliament and of the Council of 14 June 2017 (as amended, the "Prospectus Regulation"). Neither the Luxembourg Financial
Supervisory Authority (Commission de Surveillance du Secteur Financier, or "CSSF"), nor any other "competent authority" (as
defined in the Prospectus Regulation) has approved the Listing Particulars or reviewed information contained in the Listing
Particulars.
You should read the Listing Particulars along with the document appended hereto. The document contains information you
should consider when making your investment decision. The Republic has not authorized anyone else to provide you with
different information. We are responsible for the information contained in the Listing Particulars. We have not authorized
anyone to give you any other information, and we take no responsibility for any other information that others may give you.
The offering memorandum dated December 8, 2020 (the "Additional Notes Offering Memorandum"), appended hereto as Annex
A, is considered part of the Listing Particulars.
Information in the Listing Particulars and the document appended hereto is accurate as of the date on the front of the Listing
Particulars.
The Listing Particulars and the document appended hereto will be published on the internet website of the Luxembourg Stock
Exchange www.bourse.lu and will be available for download free of charge.









Annex A



OFFERING MEMORANDUM
CONFIDENTIAL


The Dominican Republic
US$1,266,000,000 4.875% Bonds due 2032
___________________
We are offering US$1,266,000,000 aggregate principal amount of our 4.875% bonds due 2032 (the "bonds"). The bonds are being offered
as debt securities under an indenture dated as of January 27, 2015 (the "indenture"). The bonds are being offered as additional debt securities
under the indenture, and will constitute a further issuance of, be consolidated, form a single series, and be fully fungible with the Republic's
outstanding 4.875% Bonds due 2032 originally issued on September 23, 2020 in the aggregate principal amount of US$1,800,000,000. After
giving effect to the issuance of the bonds offered hereby, the total principal amount of 4.875% Bonds due 2032 outstanding will be
US$3,066,000,000.
Interest on the bonds will accrue from September 23, 2020 and will be payable semi-annually in arrears on March 23 and September 23 of
each year. The first interest payment on the bonds will be made on March 23, 2021. The bonds will mature on September 23, 2032. We may
redeem the bonds, in whole or in part, at any time by paying the greater of the outstanding principal amount of the bonds and a "make-whole"
amount calculated by the Republic, in each case, plus accrued and unpaid interest to the redemption date. See "Description of the Bonds--
Optional Redemption."
The bonds will be 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 will 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 will apply to list the bonds on the Official List of the Luxembourg Stock Exchange and for trading on the Euro MTF Market.
Investing in the bonds involves risks. See "Risk Factors" beginning on page 21.
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: 107.175% plus accrued interest from (and including) September 23, 2020 to (but excluding) December 14, 2020,
the date on which the Republic expects to deliver the bonds, in the aggregate amount of US$13,886,437.50, and any additional interest
from December 14, 2020, if settlement occurs after that date.
The initial purchasers expect to deliver the bonds to purchasers on or about December 14, 2020, only in book-entry form through the
facilities of The Depository Trust Company ("DTC"), Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking, S.A. ("Clearstream").
__________________
Joint Book-Running Managers
Citigroup
J.P. Morgan




December 8, 2020

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The Republic is responsible for the information contained in this offering 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 offering memorandum is accurate as of any date other than the date on the
front of this offering memorandum.
TABLE OF CONTENTS
Page
Summary...................................................................................................................................................................... 1
Risk Factors ............................................................................................................................................................... 21
Use of Proceeds ......................................................................................................................................................... 28
The Dominican Republic ........................................................................................................................................... 29
The Economy ............................................................................................................................................................. 37
Balance of Payments and Foreign Trade ................................................................................................................... 67
The Monetary System ................................................................................................................................................ 78
Public Sector Finances ............................................................................................................................................... 97
Public Sector Debt ................................................................................................................................................... 114
Description of the Bonds ......................................................................................................................................... 126
Book-Entry Settlement and Clearance ..................................................................................................................... 137
Transfer Restrictions ................................................................................................................................................ 140
Taxation ................................................................................................................................................................... 142
Plan of Distribution ................................................................................................................................................. 145
Official Statements .................................................................................................................................................. 150
Validity of the Bonds ............................................................................................................................................... 150
General Information ................................................................................................................................................ 151
Appendix A -- Global Public Sector External Debt ............................................................................................... A-1



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This offering memorandum is confidential. This offering memorandum has been prepared by the Republic
solely for use in connection with the proposed offering of the securities described in this offering memorandum.
This offering 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 offering
memorandum solely for the purpose of considering the purchase of the bonds. Distribution of this offering
memorandum to any person other than the prospective investor and any person retained to advise such prospective
investor with respect to its purchase is unauthorized, and any disclosure of any of its contents, without the
Republic's prior written consent, is prohibited. Each prospective investor, by accepting delivery of this offering
memorandum, agrees to the foregoing and to make no photocopies of this offering memorandum or any documents
referred to in this offering memorandum.
After having made all reasonable inquiries, the Republic confirms that:
· the information contained in this offering memorandum is true and correct in all material respects and
is not misleading as of the date of this offering memorandum;
· changes may occur in the Republic's affairs after the date of this offering memorandum;
· certain statistical, economic, financial and other information included in this offering 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 offering memorandum;
· the Republic has not omitted other facts the omission of which would make this offering
memorandum, as a whole, misleading in any material respect; and
· the Republic accepts responsibility for the information it has provided in this offering 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 offering 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 offering 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 offering memorandum is, or shall be relied upon as, a promise or
representation to you by the initial purchasers. This offering 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 offering 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 offering
memorandum comes to inform themselves about and to observe any such restrictions. See "Plan of Distribution."
This offering 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.



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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 offering 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
offering memorandum entitled "Plan of Distribution" and "Transfer Restrictions."
NOTICE TO INVESTORS IN THE EUROPEAN ECONOMIC AREA AND THE UNITED KINGDOM
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") or the United
Kingdom. 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 (EU) Directive 2016/97 (as amended, the "Insurance Distribution 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 or the United
Kingdom has been prepared and therefore offering or selling the bonds or otherwise making them available to any
retail investor in the EEA or the United Kingdom may be unlawful under the PRIIPs Regulation.
NOTICE TO INVESTORS IN THE UNITED KINGDOM
This offering 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

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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.

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DEFINED TERMS AND CONVENTIONS
Certain Defined Terms
All references in this offering memorandum to the "Republic" are to the issuer, and all references to the
"Government" or the "Budgetary Government" are all entities within the central government of the Dominican
Republic, which consists of the legislative, judicial and executive branches, and its authorized representatives.
The terms set forth below have the following meanings for the purposes of this offering 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. In this offering memorandum, real GDP figures are based in
terms of volume referenced to their nominal level in 2007 (reference year) and compiled in accordance with the
latest recommendations of the System of National Accounts 2008 that applied to the Dominican context and for
which statistical information was available. GDP growth rates and growth rates included in this offering
memorandum for the various sectors of the Dominican economy are based on real figures, except as otherwise
indicated.
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 in the consumer price index, or
"CPI." 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 CPI is based on a
basket of goods and services identified by the Dominican Central Bank or 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 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.
Currency of Presentation and Exchange Rate
Unless we specify otherwise, references to "U.S. 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, DOP50.20 per US$1.00 and DOP52.90
per US$1.00, respectively, at the close of business on the last business day of 2015, 2016, 2017, 2018 and 2019. 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.

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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 U.S. dollar in the future.

Reference exchange rates(1)

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




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 ..................................................................
52.90
50.21
51.20
52.90
2020:




June ..............................................................
58.18
57.13
57.86
58.18
July ..............................................................
58.39
58.18
58.27
58.39
August .........................................................
58.43
58.30
58.36
58.32
September ....................................................
58.38
58.29
58.34
58.29
October ........................................................
58.38
58.28
58.34
58.35
November ....................................................
58.39
58.15
58.29
58.15

(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 November 30, 2020, the DOP/U.S. dollar "reference" exchange rate was DOP58.15 per US$1.00, as
reported by the Central Bank.
Presentation of Financial and Economic Information
The Republic has presented all annual information in this offering memorandum based upon January 1 to
December 31 periods, unless otherwise indicated. Totals in certain tables in this offering 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 offering 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 offering 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 offering memorandum are
presented on this basis unless otherwise indicated. See "--Certain Defined Terms--GDP." On January 1, 2018, the
Central Bank implemented the 2018 National Household Expenditure and Income Survey, in order to gather
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. In March 2020, the Central Bank published the Encuesta National de
Gastos e Ingresos de los Hogares ENGIH 2018 (the Survey of National Household Expenses and Income 2018),
which provides the main results of the survey and its methodological notes.
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 was expected to be completed in 2021, although the
COVID-19 outbreak has delayed its completion.
Presentation of Fiscal Information
In 2018, as a means to improve transparency and accountability in the administration of public resources,
the Ministry of Finance began publishing fiscal data through the statement of operations, integrating the publication
of the Government's income, expenditures and financing transactions. The fiscal data presented in the statement of

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operations, and in this offering memorandum, has been developed using the International Monetary Fund's
Government Finance Statistics Manual 2014 (the "GFSM 2014"), which provides the principles and guidelines to be
used in compiling fiscal statistics.
Information on the performance of the Budgetary Government has been published since November 2018,
on a monthly basis with a lag of up to 45 days.
The use of the GFSM 2014 has implied certain changes in the presentation and classification of
government revenues, as the methodology differs from the Public Sector's Budget Classifier Manual updated in
2014 and is of mandatory use by all public sector institutions in all stages of the budget cycle (i.e., formulation,
execution, monitoring and evaluation). Some of the material differences are as follows:
· the definition of "income" under the Public Sector's Budget Classifier Manual specifies that income is
the set of non-reimbursable entries, other than grants, which are included as total revenues;
· the GFSM 2014 simplifies the classification of government revenue in taxes (or tax revenues), social
security contributions, grants and other revenues. As such, there is no clear distinction between tax and
non-tax revenues;
· the revenue from property tax under the GFSM 2014 only includes real estate property (Impuesto a la
Propiedad Inmobiliaria - IPI), tax on assets and tax on inheritance and grant, with all other taxes that
had been previously included as property tax (such as taxes on checks, real estate operations, transfer
of personal property and motor vehicle transactions) being registered as "taxes on financial and capital
transactions" under "general taxes on goods and services";
· all fines, indemnity surcharges and interests, which are registered with their respective taxes as per the
Budget Classifier Manual, under the GFSM 2014, must be recorded under "other revenues";
· all gains on placement of premium bonds or accrued interests, which were previously recorded as
revenues, under the GFSM 2014, are to be registered as a reduction in interest expenses;
· the capital revenue classification no longer exists as the sales of non-financial assets are not considered
revenue, while capital transfers are registered under "other revenues"; and
· debt cancellations that were previously part of financing, as a reduction of such debt, under the GSFM
2014, are reclassified as income, as they affect net worth, under "other revenues."
The principal impact of the GFSM 2014 on the Republic's fiscal accounts are the following:
1) Greater detail in revenue and expense accounts, specifically in transfer accounts. Previously, transfers
were classified by institutional sector while under the GFSM 2014 methodology they are classified by type of
expenditure, be they subsidies, social benefits, donations (to government entities) or transfers;
2) Detailed financing operations by type of financial instrument; and
3) Expansion of institutional and transactional coverage.

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