RESTRICTED Report No. WH-197a This report was prepared for use within the Bank and its affiliated organizations. They do not accept responsibility for its accuracy or completeness. The report may not be published nor may it be quoted as representing their views. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL DEVELOPMENT ASSOCIATION CURRENT ECONOMIC POSITION AND PROSPECTS OF COLOMBIA February 10, 1970 South America Department CURRENCY EQUIVALENTS (Certificate Market Selling Rate of Exchange) End 1968: 1 US$ = 16.91 Pesos 1 Peso (Col$) = US$0.05913 1 Million Pesos = US$59,130 End 1969: 1 US$ = 17.90 Pesos 1 Peso (Col$) = uS$o.o5586 1 Million Pesos = US$55,860 PREFATORY NOTE The last economic report on Colombia, "Current Economic Position and Prospects of Colombia" (Vrl-18a8% December 30, 1968) anialysed the longer term development problems and prospects. The purpose of this report is to inform members of the Consultative Group of principal economic developinents during 1969 and prospects for 1970. The report reflects the findings of a mission which visited Colombia during October 1969, composed of Messrs. Ben E. Lehbert, Gary L. Hyde and Jose D. Teigeiro. TABLE OF CONTENTS Page Paragraph No, No. PREFATORY NOCTE BASIC DATA i - ii SU1,DWZY AMD CONCLUSIONS i -iii CURREIT ECONOMIC POSITION AND PROSPECTS Economic Growth 1 The Coffee Outloook 2 5 - 7 Money, Credit, and Prices 2 8 - 12 Central Government Finances 3 13 - 20 Sector Policy Developments 1968-69 6 21 - 29 Future Prospects and Creditworthiness 8 30 - 50 APPENDIX 1 6 Coffee Policies and Financial Arrangements (8 tables) APPENDIX 2 1-2 Estimation of Tax Revenues and Excpenditures APPEEDIX 3 Withholding at the Source of Income Tax (1 table) 1 - 3 STATISTICAL APPENDIX 2w National Accounts (2.1 to 2.04) 3. Trade and Payments (3.1 to 3.19) 40 External Debt (4.1 and 4.2) 5. Fiscal Statistics (5e1) 6. Money and Credit (6.1 to 6,7) 9. Prices (9e1 to 9h4) COLOMBIA: BASIC DATA h're.a 439,825 square nriles Popolation Estimate, mid-1969: 20.9 million; Growth Rate 3.3 percent C-ros:s Domestic Product Total GDP in 1968: Col$94.,705 million Approxinate US$ Eouivalent: US$ 5,775 million Real Growrth in 1968: 5.5 Dercent Average Real Growth, 91064-68: 5.0 percent Per Capita GDP in 1968: US$ 285 Percentage Contribution to GDP: l958 1967 Agriculture 37.3 305 Manufacturing ,6.?2 17e2 Othier 46 a5 52e3 Saving ad Investment Gross Fixed Domestic Investment as Percentage of' GDP: 1.966 1967 1968 1508 16.2 16.6 l'ercentage Composition of Investment and Saving in 1967: Gross Fixed "omestic Investment 96.0 Construction 63 5 Trac.-sportation Equipmert 7.7 Machinery and Other Equipment 21,,.8 Inventory Change 4.0 Gross Domestic Investment 100l 0 Corporate Saving 12.8 Personal Saving 7.9 Covernment Saving 26.1 Current Account Deficit 6.8 Capital Consumption Allowance 46.4 Central Government Finances 1967 1968 1969 Current Revenues 6,688 8,057 9,290 Current Expenditures 4 L293 5P183 6,55o Current Surplus 2,395 2,874 2,,740 Investment Outlays 2,626 3,710 4,147 Overall Deficit 231 836 1,407 End End 3.967 3968 1969 Millions of Pesos: 13,l50 15,)435 18,060 Prices 1967 1968 1969 National Consumer Price Index (Annual Averages, 1958-100) 262 281 305 l!holesale Price Index (A-nnual Averages, 1958-100) 252 267 290 EchanMe lRate End End End 1967 1968 1969 Principal Exchange Rate, Selling (Pesos per U.S. Dollar) 1582 16.91 17,86 Balance of Pa.ents in 1968 Ofillions of U.S. Dollars) F.o,b. Merchandise Exports 613.9 (Of wrhich, coffee) (351.L) F.o.b. oMerchandise Imports -615.1 Net Services - 77-n Factor Payments to Foreigners -113.3 Net Transfers 31,5 Current Account Balance -165.' Net Private Capital 47. Net Public Capital 111.5 Errors and Omissions 26.9 Increase in Central Bank Reserves - 7114 Decrease in Commercial Bank Reserves 51.0 External Public Debt Thillions of U.S. Dollars) End 1967 End 1968 IBRD TOTAL IBRD TOTAL- Disbursed 264 794 290 si4 Undisbursed 97 292 J.63 Total 361 1,g T3 1,27ii-. Debt Ser-vice Ratio 1967 1968 1969 10.6 13.7 13o0 Yet International Reserves of the Central Bank (Mi:lons of U.S. Dollars) End End End 1967 1968 1969 -36 35 95 IIT' Pos-.tion at end of 1969 Quota US$125 million Net Drawings US$139 million Fund Holdings of Pesos Col$233 million Fnld Holdings of Pescs SUMMARY AND CONCLUSIONS 11 The purpose of this report is to update the last Bank economic report on Colombia (WH-188a of December 1968), with respect to those a.spects of economic policy and performance identified in that report as being of cri.tical significance for Colombials future prospects0 Report NIo. WH-188a had identified, against a background of long-term trends, the major financial and development policy issues facing Colombia in the next three to five years and their implications for Colombia's development prospects and external capital requirements in this period. Its principal conclusion was that if the quality of Colombia's response to problems continued to be as good in the preVious two years, substantial external support of its accelerating development effof-t would be warrantedO. The 1969 economic mission, examiriig the implications of the recent increases in coffee prices and the rmodifi- cations in Colombia's development program now emerging, found nothing which would alter this conclusion. 2, Colombia's growth objectives are likely to be reached in 1969. Real growth of GDP will probably increase from 5.5 percent in 1968 to 6.5 percent in 1969, thus exceeding the 6 percent target set by the Government0 The drive for export diversification away from heavy reliance on coffee also has made further progress as minor export registrations are likely to reach US$200 million, an increase of 26 percent over 1968. The current account surplus of the central government did not show the expected increase in 1969 but an increase of 30 percent in real terms is expected in 1970 and of 8 percent in 1971. On this basis, public revenues will be sufficient in 1970 to present the financing of a level of public investment 15 percent higher in real terms than in 1969. However, the further growth of publ.i.c investment by 11 percent in real terms in 1971 will require a contribution from the central government beyond that which is likely to be forthcoming from the existing tax base, the required increase being of the order of up to 7 percent-in central government revenues (or Ps 900 million in current prices). 3. Recent developments have departed from the projections made in the last report in one significant respect, namely the rise in the price for Colombian coffee which began in September 1969. The last economic report asstuned a coffee price of 42 //lb in 19$9-73 but there are now good prospects for sustainirng the price for Colombian coffee at least at 50 //lb through 1970e As coffee still represents over half of Colombia's export earnings, this increase in coffee prices could raise Colombig's economic growth rate -- at least in the short run above the 6.5 percent rate provisionally estimated for 1969 if Government policies rGmain sound and foreign asistance to Colombia's development effort continues at the levels achieved in the last two years. 4.Thether higher growth rates can be achieved over tbe longer run w:ll depend on the ability of the Govermnaent to exploi the benefits of the coffee boom so as to improve the basis for long tenn economic grow,zth irrespective of the vagaries of the coffee market, and of course on Colombia's ccntiriuing ability to maintain long term eLternal loan disbursements at levels consistent with growrth targets on the one hand, and creditworthiness considerations on the other,- 5. The coffee sector is already heavily taxed (51 percent up to a coffee price of 57 /llb), but the Government has recently succeeded in negotiating an agreement with coffee growers that any increase in the coffee price above 57 //lb will be split after taxes have been deducted between the National Coffee FInrid (30%), the departmental coffee comriLttees and the Rotating Fund of the Banco Ganadero (35%) and the growers (35$)0 6e lqh^,Wile the National Coffee Fund is likely to use most of its additional income to retire its debt and while the small coffee growers, representing about half of coffee output, will spend such income on consumer goods, most of thle remainder of the additional inflow of funds is likely to find its way into investments, be it in agriculture or industry. 7e As the coffee boom stirulates the entire economy, ongoing efforts to mobilize private savings should be intensified and the selective credit programs already established can be used to channel savings to the sectors promising the highest return on investment. As a boom tends to stimulate demand particularly for manufactured products, industry is likely to become the leading growth sector. Policies shoul.d therefore be directed at facilitating industrial growth, mainly tthrough J.mprcving possibilities of self-financing, easing import restrictions on important industrial inputs and lifting price controls on some industrial products. 8e, 'The thrust of these industrial policies should help in developilng industries that are likely to gradually emerge as export industries, since rapid growth of minor exports will remain the central precondition for sustaining a higher overali growth rate in the long run. Therefore, existing polici.es to encourage minor exports shou:Ld be pursued vigorously, particularly with regard to maintaining an adequate exchange rate and keeping export incentives under constant review to assure their effectivencss. 9. With respect to debt service, the last economic report had orecast that, aking account of new commitments, the ratio of debt service to export earxings would reach 16-17 percent in 1973, and could only level. off thereafter if the annual amount of new borrowing were to be sharply reduced after 1973, However: on the basis of improved debt information it is forecast that the debt service ratio will increase from 13 percent in 1969 to only 14 percent in 1973, rather than the 16-17 percent previously forecast. Looking further ahead, the debt service ratio mray - iii - be expected to peak at about 18 percent in the early 1980's and decline thiereafter, without the need for any drastic reduction in the level of external. borroring after 173, but simply with a gradual decline asso- ciated with a substantial rate of economic growth. This prediction is possihle only because of the exceptionally favorable structure of Colomibia?s existing external debt; it asstumes that the discipline which Colombian Governments have hitherto exercised over external borrowing wLll -continue in the future in a manner to prevent any deterioration in the terms of.borrowingo CURROW iMNOIAIC POSITIONT AND PROSPECTS Ec romi.c Growth le After growi.ng at a rate of 4,4 percent in real terms during the three years 1965-67 Colombia's gross domestic product rose by 5-5 percent in 1968. Preliminary estimates irdicate a real growth of 6.5 percent in 1969, which would raise the 1965-69 average to 5.0 percent, With the recent sharp improvement experienced in world coffee prices Colombia may achi.eve 7.5 percent real growth in 1970. 20 The causes for this acceleration in growth are complex and interrelated, but a few stand out, First, since the end of 1965, major inprovements have occurred in government policies in such fields as monetary, fiscal, exchange rate, wage and price policies, as wiell as in administrative procedures and planning of major public institutions. A.lthough nmuch remains to be done, these improvements have decisively altered the economic climate in Colombia, Second, since 1968 rising fixed domestic investment expendi.Lture9 supported by rising dom.estic savings, have laid the basis for achieving a higher growth rate, Third, the success of the minor export drive provided some relief regardi.ng Colombiats most serious development constraint, as it helped to increase import capacity. Fourth, foreign assis-ance to Colombia's daveloprment effort increased very substantially, also contributing to increase .mport capacity, As the coffee boom promises further improve- rLiDnts in exchlange earnings, a further increase in the growth rate should be possible., 3, Even if the current coffee boom lasts no longer than eighteen months the country has excellent prospects for achieving at least the planned mi.nimum average growth rate of 6,0 percent average in the 1970-74 period. This would raise per capita GDP by 2.7 percent a year, as compared with 1,7 percent recorded during the 1965-69 interval. Per capita GDP (in constant 1968 prices) would reach approximately US$336 by 1974, up from US$294 in 1969 and US$270 in 196h. 4. Gross fixed domestic investment rose by an estimated 8&1 percent in real terms during 1968, significantly above the average growth rate of 2,9 percent attained in the 1965-67 period. The public sector made one-fourth of total fixed investment in 1968, the same proportion as in 1967 but the government investment effort is likely to have played an inmportant role in achieving the increase4l/ Gross fixed domestic invest- ment represented 16.6 percent of GDP in 1968 as compared wAith 16c2 percent in 1967, 158 percent in 1966, 1505 percent in 1965, and 17,0 percent in 1963.2, The rate of capital formation is lower than the rate of 20 percent 2/ Public sector as defined for the national accounts, iae., Government plus Government Enterprises. 2/ Investment coefficients computed from expenditure data in 1958 prices. - 2 - a...vaer during the coffee boom of the early fifties, and a substantial ir.crease should be possibJe if t,he present coffee boom iasts5 The CofThe Outlook 5. The New York price of Colom'bian r,lild coffees rose from 42 cents per pound at the end of Augost 1569 to 57 cents per pound at the end of October, an ircrease of 36 percent in two months. Prices eased slightly in November to 55 cents per pound, but started to increase again in early January 1970, With coffee production accounting for nearly 8 percent of GDP, two-thirds of foreign exchange earnings; and 10 percent of Government revenues, the impact of such a price increase is substantjaal,i/ 4. The price increase occurred because of supply uncertainties associated with severe frost3 that hit the Brazilian coffee-prz ducing states of Sao Paulo and Parana last July0 Reports are that t'ha 1970/71 and 1971/72 Brazilian harvests will be sharply reduced as a result of tree &amage, and the current 1969/70 crop will also fall below expected levels because of the frost and drought conditions that prevailed for several months last summer. Brazil apparently has sufficient coffee cn hand to meet International Coffee Organization (ICO) quotas in the next few years, but it appears likely that its stockpile will be exhausted by 19720 Elimrnation of the overhang of Brazilian stocks from the marcet will heve a buoyant effect on world prices. It is possible that the improved prices of the recent past will prevail for 3-4 years, buit as a minimum they should last for 18 months0 7. The original CO quota for Colombia during the October 1969 - September 1970 coffee year was set at 5,721,OOO bags of 60 kilograms eachO Adding 250,0O0 bags for sales to non-traditional markets raises the total to iust under 6O0 million 'zags, an amount that would yield gross sales revenue of US$333 million at an average price of 42 cents per pound in New York. But assuming three ICO selectivity increases and three reserve releases (as now seem probable) raises Colombia's vc_lumie to 6.7 million bags, which would yield US$443 million at an average price o01 50 cents per pound. The exchange surrender and central Government export tAx receipts associated with these higher volume and price estimates would be rcughly US$400 million and Col$l,135 million, respectively2 36 percent higher than previously estimatec2, Money, Credit, and Prices 80 Colombia's monetary program for 1970 continues the policies that worked well during the 1967-69 period. It is designed to preserve reasonable price stability while permitting an adequate expansion of credit to the private sector. The program also aims at increased domestic saving and an improved allocation of credit to key economic sectorso l/ See Appendix 1 for a description of Colombia's coffee policies and "hi?i reebeni v -3- 9. In 1968 the money supply, i.e., currency in circulation plus demand deposits, rose by 14.8 percent, considerably less than the 21.9 percent increase of 1967. During the first nine months of 1969 the money supply rose by 10.1-percent, as compared to 7.0 percent for the comparable period of 1968. The 1969 gain occurred mainly because of an increase in the central bank's net international reserves, as the expansion of net domestic assets was kept within the ceiling established in Colombia's stand-by agreement with the International Monetary Fund. 10. The overall expansion of credit in 1968 was held to the level of the previous year, but efforts were made to direct a greater share of available funds to agriculture and construction, mainly for housing. During the first half of 1969 the banking systemts portfolio increased by 8.0 percent, with most of the gain taking place in the Agrarian Bank, the Livestock Bank, and the Central Mortgage Bank. Expansion in the portfolio of commercial banks was held to 4 percent. llU Efforts to increase domestic saving are continuing. A National Savings Fund has been set up to receive severance reserves for public employees, and the government has successfully introduced a series of constant-value bonds. Interest rates on term deposits and deposits without fixed term were increased late in 1969. 12. The high rate of price increases (16 to 17 percent) in the early sixties had been brought down to manageable rates in 1967 and 1968. Depending on what price index is used - wholesale or consumer prices index for workers - the increase in 1967 was 6.8 percent and 8.1 respectively. This was brought down further in 1968 to 6.2 and 7.4 percent. In 1969, the increase of prices will be between 8 and 9 percent partly due to the buoyant economic situation and partly to selected freeing of controlled pricesp such as for cement, pharmaceuticals and chocolate. Central Government Finances 13. In the period between 1963 and 1968 Colombia's central governmznt finances underwent a radical change as revenues were increased sharply through new tax measures and by sustained efforts at better assessment and collection. Although the rate of increase slowed down in 1969 a further improvement is likely in 1970 and 1971. (See table 5.1 of the Statistical Appendix.) 14. Revenues not only increased in absolute terms but also in relation to GDP, from 7.1 percent in 1963 to 8.5 percent of GDP in 1968. At the same time the growth of current expenditures was kept within reasonable limits, and as a consequence the surplus on current account increaaed from 18.2 percent to 35.7 percent of current revenues between 1963 and 1968, and trebled in real terms during this period. The substantial current surpluses were used mainly to help finiance large increases in the central government's investment budget, with the exception of the year 1966 when part of the surplus was used to retire a large amount of internal debt to the central Bank as part of a successful effort to reduce the rate of inflation. Thus, the percentage of' the central government's investment budget covered by the current surplus rose from 51 percent in 1963 to 71 percent in 1964 and 1965, and then to an unprecedented 136 percent in 1966. Subsequentl-y, the percentage of the central government's investment budget covered by the surplus declined again to 91 percent in 1967 and 77 percent in 1968. The rapid build-up of central government investment started in 1967, and between 1966 and 1968 investments more than doubled in real terms. 16. Although current revenues are likely to increase in 1969, a decline in the current surplus is to be expected and investments will grow by o-nly 3% in real terms. The 1969 slowdown was due first, to a lag in customs duty receipts on imports early in the year as a result of the New York dock strike and of restrictions on the eligibility of goods for AID financing./ The related shortfall in the generation of counterpart funds reduced the amount of financing available for public inv-estmrent. Second, current expenditures in 1969 are likely to exceed planned figures by some Col$200 million because of unforeseen outlays connected with the administrative reform, which included a long overdue revision of public salary levels, especially for key personnel. 17t Prospects for 1970 and 1971 are better. The recent increase in the price for Colcmoian coffee will lead to substantial increases of central govermnent revenues, both directly through custom duty receipts and increased revenues in the special exchange account and indirectly through generally higher revenues resulting from a buoyant economy. At the sane time substantial additions to income tax revenues can be expected for a few years as the effect of the shift of these taxes to a pay-as-you-go basis gains momentum. However, this element of the Drcjections contains a considerable margin of error due to the uncertainty regarding the degree to which tax liabilities arising from the shlift w111 be actually collected.?/ 18. As a result of improved coffee prices and the potential additions to tax collections from withholding at the source, revenues can be expected to show sharp increases in 1970 and 1971 in real terms, and as a percentage of GDP are likely to increase from 8.5 percent in 1969 to 9.4 percent in 1970 and 9.6 percent in 1971.j In spite of substantial 1/ Imports financed by AID program loans are restricted to a positive list of US goods that can be purchased under these loans. A note showing the implications of the withholding effect is attached as Appendix 3. 3/ If the surcharge effect of withholding is discounted, the percentagc wouli still rise to 9 percent in both years. incietea^s in current expenditure, mainly for education and publl.ic health,. the pey-centage of revenue saved will be 32 percent in both years, 19. In the three year plan presented to Congress in December 1969 (see paragraph 25), the Government proposed three alternative levels of public investment, associated with alternative rates of economic growth. The high alternative was adopted for 1970, implying an increase of 15 percent in real public investment4/ Assuming that the high alternative will also be adopted in 1971, investmeats would rise by 7 percent in real terms over 1970. Although there will be no particular difficulty in financirLg these investments in 1970, some fiscal action would appear to be needed effective in 1971l CENTHAL GOVERNMENT CASH OPERATIONS, 1967-71 (Millions of Current Pesos) Actual Estimate Pr2fLections 1967 1968 1969 1970 1971 Current PLevenues 65688 8,057 9,290 12,080 14,325 Curr .. t Expenditure h 293 5 183 6 550 8170 9 7L0 Current Account Surplus f 2- 3,910 -Tt8 Investment 2,626 3,710 4,147 5,300 6,170 Amortization 899 1,111 678 900 1,150 Internal (613) (850) (398) (583) (775) External (286) (261) (280) (317) (.3725) Total 3,525 h,821 4,825 6,200 7,320 Surplus -2,3L5 -2 874 -2,740 -_3,10 -4k,85 Deficit 1,130 1,974 2,085 2,290 2,735 Financing2grs1 ,130 1,974 2,085 2,290 2,735 Counterpart funds 605 1,229 1,500 1,500 1,000 External credit h8 95 230 620 770 Domestic credit (non BOR) 477 623 355 To be financed - - - 170 965 Projected price index 100 108.5 118.8 1289 j The 1970 budget approved by Congress recently provides for higher investments than the plan, and therefore, the budget figure has bee. chosen here. 20. The table indicates that to cover the high alternative plan target for public investment, Ps 170 million of additional financing would be re4red in 1970, and Ps 965 million in 1971. As no allowance has been made in these forecasts for any gross domestic borrowing from thle private sector by bond issues etc, which have been running at rates of Ps 4oo.-600 million annua-1..y in recent years, it is evident that the continuance of such borrowing at a modest level would cover the finan- cial gap in 1970, and reduce it in 1971e However, some additional revenue measure may be needed to complete the financing of the budget in 1971, Sector PolicyDevelopments in 1968-69 21. The successful Colombian development effort since 1967 has been backed by a number of important policy innovrations in various sectors, most of which have been described in the last economic report (WH 188a). The major thrust of these innovations was in the direction of reorgani- zation of existing and creation of new institutions, frequently combined with closing down of too numerous and inefficient older institutions. Thus, in the field of agricultural policies almost 30 public institutions were reduced to 10, each with fairly clear-cut lines of responsibility. The National Planning Department was considerably strengthened and has recently produced, in collaboration with the respective ministries and institutions, a three-year development plan with some detail on eleven different sectors 4/ 22. In most cases the time elapsed since the changes were made is too short to pass a judgment on their effectiveness. Also, in some sectors it would be urnrealistic to expect spectacular results in the short run, since the problems to be solved are fundamental in character, as for instance the fact that only some 15 percent of the total area planted to crops is in the category of commercial agriculture, the rest being in subsistence farming. 23. The most important sector policy developments since the last economic report occured in agriculture, industry and public utilities. In agriculture there was a notable increase in credit to the sector as indicated by an increase of 27 percent in the Caja Agraria's portfolic in the twelve months ending October 1969. The Caja also expanded its credit to smallagro-based industries in small and medium-sized towns, which is being made at interest rates varying between 9 and 11 percent. j Education, Health, Justice, Housing, Agriculture and Livestock, IndustTy, Enlergy, Transport, Water and Sewerage, Natural Resources, Tourism - 7 - 24. Another significant policy development in 1969 was the expansion and intensification of the activities of INDERENA, the Institute for the Development of Renewable Resources. Funds available to the Institute have been increased considerably over the past few years, mainly through increased contributions from the central government's budget,, which grew from Col$26 million in 1968 to Col$43 million in 1.969 and to an initial appropriation of Col$74 million for 1970G The Instl.tute at present is most active in forestry. The basic problems in this sector are indis- criminate clearing of forests by the rural population, theft of timber, and plague and storm damage to forests, These problems are compounded by the lack of skilled personnel in the field. At present INDRENA, which is operating country-wide, has only 60 forest engirneers and some 160 forest inspectors at its disposal. Schools for inspectors are planned, the first one of which is scheduled tocpen early in 1970. It is hoped that the number of inspectors can be increased to 300-400 by the end of' 1970 which will permit improved control of important forest areas. The Institute is also working on a 10-year reforestation plan to cover an area of 200,000 hectares wiith an estimated total cost of about US$50 million. 25O In fisheries again the problem is indiscriminate exploitation., As a conseouence the fresh water fish populution has been decreasing significantly over the last few decades. INDERENA has now started a campaign to educate the population to avoid excessive exploitation and hunting and fi.shing laws are in preparation. Also the Ins-titute has begun to breed suitable fresh water fish on a larger scale in order to repopulate certain rivers and lakes. In maritime fishing an inventory of aquatic fauna is being prepared for both coasts, afishing school has been opened in Buenaventura and another one on the Atlantic coast is planned. 26. In industry the revival of IFI (the Industrial Development Institute) has accelerated with IFI's investment likely to have more than doubled in 1969, both with regard to direct investment and to loans made. In 1969, the Industrial Financing Fund (Fondo Financiero Industrial) came into operatiorn, It is designed to serve small industry by limiting credit obtained from it to companies whose total assets do not exceed Col$10 million. The Fund has been set up in the Banco de la Repu.blica and serves mainly as a rediscount facility, particularly for the Corporacion Financiera Popular which has already extended over Col$100 million of credits to small business. 27, As part of its employment policies the Governiment in 1968 revived the Artisan Institute (Artesanla de Colombia) which had been founded in 1964 but stopped operating in 1967. By Decree 21 of 1968 the Institute was given access to the Central Government's budget and in the 1970 budget has been appropriated Col$16.2 million as a capital contribution. In addition, IFI opened a Col$8 million credit line for the Institutee Artesania de Colombia is a non-profit organization - 8 - whose major objective is to impiDrove conditions for artisan activities and promot;e domestic and export sales of the products of artisan industries. There are at present some 700,000 artisans in Colombia, and the Institute has a program of creating artisan centers, operated as cooperatives, in many parts of the country. Each center will provide basic machinery, materials, and workrooms to several hundreds of artisans. Cost of job creation at an estimated Col$9,500 per job is extremely low. At present the Institute has three projects with an estimated total cost of Col$1O million under construction. The Institute considers the centers also as an instrument to train artisans for future industrial employment. 28. Public utility tariff policy in 1969 moved into new directions as the Tariff Board began its work. This represents a departure from former practices as the 3oard introduced a new system of analyzing the accounts of public utilities and extended this analysis to all public utilities under its jurisdiction (i.e. Power, Water, Sewerage, Trash Renoval). The Boardfs analysis is directed at developing a set of alternatively structured rate increases, among which the enterprise concerned is free to choose. The alternatives are designed to achieve approximately the same increase of revenue but with differing distributions of the bu-rdeno The local enterprise is than left to choose on the basis of its knowledge about the local situation which of the alternatives might be politically the most acceptable. By November 1969 thie Board had author-ized 49 rate increases, mostly for water supply. The analysis system is computerized. 29. The development of Tourism as a potential foreign exchange earner also gathered momentum in the last two years. There are two institutions dealing with Tourism in Colombia, the IrEmpresa Colombiana de Turismo'l, created in l957 as a publicly owned corporation, Whose objectives were "to develop and industrialize tourism in Colombia". This entity remained fairly insignificant until in 1968 the "Corpora- cion Nacional de Turismo" was created and the A - shares of the Empresa Colombiana de Turismo were transferred to the new corporation. This entity has now been charged with the overall development of the sector, including the preparation of studies and programs. In the 1969 central government budget Col$44 million were appropriated to the corporation and this figure has been raised to Col$65 million in the iritial 1970 budget. The Corporation is active both in the construction of hotels andin granting credit to the sector. A number of proposals from foreign investors for the construction of hotels and other facilities have been received and are under study. Futuie Prospects and Creditworthiness 30, The IBRD Economic Report of December 1968 (14Hf-188a) concluded that: "if the quality of Colombia's response to problems contimnes to he as good as it has been in the past two years, substantial external support of its accelerating development effort continues to be warranted- - 9 - 1L1s Support, which would mace possible official loan disbursements of between US$250 million and US$300 million annually during the next folir years, would represent obligations wlich Colombia could, iith good policies, prudently undertake. They would be incurored as part of a well conceived effort to sustain a more rapid growth of income and employment than has been possible since coffee prices collapsed in the mid--1950's."j' 31. The economic mission which visited Colombia in September- October of 1969 found nothing which would require alteration of these ccnclusions0 The last report had identified the principal requirements for meeting Colombia's 6 percent growth target as being, first an increase in public savings at an annual rate of ten percent in real termis as from 1970. To this end, the report recommended a tax reform to help increase public revenue after 1970 at an annual rate of at least 15 percent. However, the savings of the Central Government are likely to increase by 30 percent in 1970, and another 8 percent in 1971, simply on the basis of the existing revenue structure, and because of the movement of personal income taxes to withholding at the source. 32. Second, the last Bank economic report identified the balance of payments as being the principal constraint upon Colombia's economic growth; emphasized that the solution to this problem lay primarily in the development of exports other than coffee; and endorsed the Govern- ment's target of increasing minor exports at an annual rate of 25 per- cent through 1970, and around 20 percent thereafter. 33. This growth rate was exceeded in 1968 when actual exports were $605 million, as compared with the $574 million estimated in the last report because minor exiorts were well above target. In 1969, minor exports are on target but total exports are now estimated at $650 million as compared with the previous forecast of $614 million, on account of the actual rise in the coffee price to over 50 cents, as against the 42 cents originally assumed. Indications are that coffee will remain at around present levels for some time, increasing Colombia's total exports in 1970 from the $705 million previously forecast, to $775 million. 3h. This increase in exports, combined with the large growth of public savings nowf expected for 1970, opens possibilities of achieving high growth rates of GDP. In 1966, the Government adopted a target of 6 percent for the annual growth of GDP. The growth rate reached 5 5 percent in. 1968. and is estimated at well over 6 percent in 1969. Under the Constitution as modified in 1968, the Government has to present a. three year plan to the Congress every year, starting in 1969, and the first of these plans was thus presented last December. This p an proposed several alternative development programs, each associated with a different target growth rate, ranging from a minimum growth rate of 6 percent, to a maximum of 7.5 percent. j Current Economic Position and Prospects of Colombia (in five volirbes), Rsmo:'t INo. ITH-1.88a, Deoernber 30, 1968 - 10 - 35. The exarination of this plan in detail is to be undertaken by the 1970 Badc economic mission, scheduled to visit Colombia in February; but a preliminary review of the plan suggests that a higher GDr growdth can be realized in the short run, i.e. during 1970 and 1971, given that economic policies will not deteriorate from the standards established in recent years and that Colormbia continues to be able to maintain long term external loan disbursements at the level of US$250 - 300 million achieved in recent years. 36. Whether higher growth rates can be achieved over the longer run -will depend on the ability of the government to exploit the benefits of' the coffee bocm so as to improve the basis for long term economic growth irrespective of the vagaries of the coffee market, and of course on Colombia7s continuing ability to maintain long term external loan disburserents at levels consistent with growth targets on the one hand, and creditworthiness considerations on the other. 37. To exploit the benefits of the coffee boom for long run objectives, economic policies will have to divert the additional inflow of funds duie to higher coffee prices from direct consumption towards productive investment. While up to a coffee price of 57 cents per pound the Colorbian coffee sector is taxed at a rate of about 51 percent, the Government had recently reached an agreement with the growers that any increase in the coffee price beyond 57 cents per pound will be split -- after tax -- three ways: 35 percent to the departmental coffee committees and the Rotating Fund of the Banco Cafetero, 30 percent to the National Coffee Fund and 35 percent to the growers. 38. The departmental committees use part of their funds for local development purposes, such as rural roads, rural education, etc. and part for relief measures in the poorest coffee growing areas. 39. The Rotating Fund of the Banco Cafetero serves mainly to extend credit to coffee growers. It is currently endowed with Col$120 million but may become more important with the funds it might accumulate during the coffee boom. Credit from this and other sources (such as the Coffee Diversification Fund) should be used to induce coffee growers to develop other agricultural activities, not least in order to prevent any substan- tial expansion of coffee production. )30. The additional income of the National Coffee Fund is likely to be used to prepay some of its external and internal debt. Li. The smaller coffee growers, accounting for about half of total output, are likely to spend the additional income on consumer goods, thus ircreasing the market for domestic industry. The larger growers are engaged in other agricultural or industrial activities besides coffee Frowing, and a substantial proportion of the additional income accruing tc, this group is likely to be invested, particularly if additional credit can also be made available to them for new ventures. 42t. Ongoing efforts to mobilize private savirngs should be inten- sified during the coffee boom. The Government has introducen appropriate policy instruments such as constant value bonds. Interest rates have been raised on time deposits and should also be increased on savings deposits. Selective credit programs already established for agriculture and -industry can. be used to channel the savings to the sectors promising the highlest return on investment. These policies will of course be successful only if the rise of domestic prices can be kept within toler- able lindi.ts. 43. The coffee boom will increase the market for industrial products, and provide additional forei.gn exchange to import industrial inputs. Therefore, industry is likely to become the leading growth sector. The industrial sector's major problems today appear to be a lack of equity capital arisi.ng partly from tax legislation which does not permit asset revaluation; difficulties encountered in timely procurement of imported raw materials and supplies; and some price controls which tend to distort relative prices. To alleviate these difficulties and speed up industrial growth in a coffee boom situation, policies regarding the revaluation of assets of industrial enterprises might be reconsidered, or other measures to improve possibilities of self-financing. Imports of selected raw materials and supplies especially important to growing industrial out- put might be liberalized to improve the climate for industrial investment in specific industrial branches. Price controls on a number of industrial products rdght be lifted and this measure complemeinted by increased li- censing of imports of competing products if excessive increases in prices occur. If more rapid industrial growth can be achieved without excessive protection some export industries are likely to gradually emerge which would make a more substantial contribution to the minor export drive than manufactures have hitherto made. 44. Policies to preserve the momentum of growth achieved for minor exports will remain of critical importance as the heavy reliance on exchange earnings from coffee has been the principal restriction upon develoDment in times of low coffee prices. To increase and stabilize the capacity to import even after the present coffee boom recedes should therefore remain the principal objective of economic policies in Colombia if higher growth rates are to be maintained in the long run. To achieve this in a period when buoyant home market conditions may induce exporters to divert some of their potential exports to the domestic market. the exchange rate should, as a minimum, not be permitted to appreciate in real terms and the effectiveness of export incentives should be kept under constant review. The success of these measures will, of course, be linked in considerable measure to successful monetary policies aimed at maintaining a reasonable degree of price stability. 45. Government revenues are likely to be buoyant in a boom situation, but realization of large current account surpluses will depend upon continued restraint of operating expenditures, while con- tinuinig the policy of expanding public investment at the rate reqtuired to su.stPiin a high rate of overall grow Lh - 12 - 46. Turning to the external financing of Colombia's new develop- ment plan, among the plan's assumptions is the maintenance of a flow of external assistance at a level hitherto made possible only by the availability of non project assistance, and it may be difficult for Colombia to continue to attract this kind of assistance now that exports are rising more rapidly than expected. The non project assistance which Colombia is presently receiving was designed to help maintain a 6 per- cent growth rate, and if it is simply substituted by Colombia's own exports, it may still be possible to maintain this rate, but not to achieve the higher growth rates now in prospect. 47. As the growth associated with the coffee boom is likely to take place in the private sector, the economy will be able to use either non project assistance in the form of program and sector loans, or credit lines for agriculture and industry, to maintain the inflow of capital goods and intermediate products required to support a growth of substan- tially more than 6 percent in 1970-71. However, the phasing out of non project assistance, forecast for 1973 in the last economic report is likely to be feasible a year or so earlier, if the coffee boom continues for some years. 48. Apart from this, Colombia's plans for external borrowing remain much as recorded in the last economic report, namely to contract $1.6 billion of new borrowing in the period 1968-73, increasing total external indebtedness from $1.1 billion to $2.3 billion. Colombia's external debt rose as planned from $1.1 billion in December 1967 to $1.3 billion in December 1968, and is expected to reach $1.5 billion in December this year. Thereafter the timing of repayment is such that the debt will grow more slowly through 1973. 49. With respect to debt service, the last economic report had forecast that, taking account of new commitments, debt service would reach 16-17 percent in 1973, and could only level off thereafter if the annual amount of new borrowing were to be sharply reduced (by about 30 percent) after 1973. However, improved information about Colombia's external public debt as well as better export performance than expected indicate that the debt service ratio will increase from 13 percent in 1969 to only 14 percent in 1973, rather than the 16-17 percent previously forecast. 50. Looking further ahead, the debt service ratio may be expected to peak at about 18 percent in the early 1980's declining thereafter without the need for any drastic reduction in the level of external borrowing after 1973, but simply with a gradual decline associated with a substantial rate of economic growth. This prediction is possible only because of the exceptionally favorable structure of Colombia's existing external debt; it assumes that the discipline which Colombian Governments have exercised over external borrowing will continue in the future in a manner to prevent any deterioration in the terms of borrowing. APPENDIX 1 COLOM3IA: COFFEE POLICIES AND FIN.A1CIAL ABYMNGEM1ETTS This appendix describes Colombia's coffee policies and finan- cial arrangements as of November-December 1969. Eight reference tables are attached: 1l WIORLDWIDE SUPPLY AND DISTRIBUTIN OF GREEN COFFEE, 1958/59- 1 969/70 2e INTERUNATIONAL COFFEE ORGANIZATION QUOTAS FOR COFFEE YEARS 1965/66-1969/70 3. AVERAGE ANNUAL PRICES FOR REPrESENTATIVE COFFEES OF FOUR MAJOR CATEGORIES, 1958-69 4. COLOMBIA: COFFEE PRODUCTION, CONSUMPTION, ANI EXPORTATION, 1958/59-1969/70 5. COLOMeIA: COFFEE EXFORTS BY COUNTRY OF DESTINATION, COFFEE YEAR 1968/69 6. COLOMBIA: COFFEE FOREIGIN EXCHANGE SURRENDER AND EXPORT TAX REVENUE ESTfIJATES FOR SELECTED PRICE AND QUANTITY COMBINATIONS, 1970 7. COLOMBIA: COFFEE FINANCIAL DATA, AUGUST-NOVEMBER 1969 8. hYPOTHETICAL COFFEE SUPPLY PROJECTIONS, 1969/7O0197l/72 Background The importance of coffee to Colombia is evident tc the most casual observer. Coffee production constitutes one-fourth of total agricultural output and one-fifth of the cultivated land area. Close to two million persons are occupied in growing coffee, nearly a tenth of the country's population. Coffee production accounts for 7 to 8 per- cent -f the gross domestic product, tiwo-thirds of foreign exchange earn- ings, and 13 percent of government revenue. In Colombia coffee is grown on more than 300,000 fanms, the average size of which probably does not exceed three hectares.l/ Yiajor growing areas are l1ncated in the Central and Western Cordilleras, where three-fourths of the total crop is raised.O/ The range of these areas, from 1 to 11 degrees north latitude, coincides with a pattern of rain- fall distribution that results in two coffee harvests per year. Wfhen 1/ A third of these faris are sraaller than onu hecetaro (one hIccaru equals appro:ximately 2.5 acrcs). 2/ The seven most important Departl;nints are Antioquia, Caldas, Cundinamarca, Quindio, Risaralda, Tolima, and Valle, uihich together account for 85 percent of Colcmbia's production in recent years. the weather is unfavorable in one area it is generally favorable in another, and total output varies relatively little from year to year.i/ Colombian coffee is of the arabica species, varieties typica and bourbon. After the tree-ripened berries are picked they are depulped and left to ferment for 12-24 hours. Following fermentation they are washed to remove the remainrng fleshy coating, then dried. The product at this stage of processing is known as parchment (pergamino) coffee, and almost all coffee grown in Colombia is marketed in this form. It takes about four pounds of ripe berries to yield one pound of dry parchment coffee. Final processing is called threshing or cleaning, wherein the parchment skin is removed to reveal the green coffee underneath. Green coffee is coffee ready for export, and represents 80 percent of the parchment coffee, by weight. Coffees judged unsuitable for export are called pasilla coffees.2/ The National Coffee Growers Federation. a private organization with semi-.official status, is the key entity in Golombia for making and implementing coffee policy. It determines quality standards, buys coffee from farmers, stores surplus production, and controls marketing for domestic consumption.3J The Federation is responsible for the administration of the National Coffee Fund, an account set up on the books of the National Treasury in 1926 to finance the purchase and storage of coffee. This fund is nourished from the proceeds of Federation exports, sales to private exporters and domestic roasters, and the retention tax discussed 1J The main harvests come during the fourth calendar quarter in Antioquia and Caldas, during the second quarter in Quindio, Tolima, and Valle. Secondary harvests occur in the second and fourth quarters, respectively. 2J Pasilla beans are small and may contain up to 20 percent of dark or black beans. Pasilla circulates internally in partially roasted form to distinguish it unmistakably from export grades. 2J An ll-member National Committee sets policy. It is composed of the Ministers of Finance, Development, Foreign Affairs, and Agriculture; the Manager of the Caja Agraria (a government-owned agricultural credit bank); and six representatives from the private sector. Twelve Depart- mental Committees assist with marketing, extension services, and investment operations in rural areas. - 3 - below. In past years the Federation has beert ferced to borrow from the central bark and foreign commercial banks in order to finanice large surpluses 0j The Federation buys about three-Ifourths of Colcnbia1s coffee output each years, It then either exports, sells to private exporters, sells to l.ocalJ dealers, or adds to its stockpile* / For several years the Federation sold relatively more coffee to private exporters than it shipped abroad on its owm account. In 1965 and 1966 private traders exported two-.thirds of all coffee shipped, for example, against one- third by the Federation. The Federationfs share jumped to about fifty percent in 1967 and 1968, however, and at present is somewhere between forty and fifty percent. While shipments to the United States are made chi.efly by private traders the Federation takes care of most European trades0 It also has a mornopoly on exports to non-traditional markets, bilateral agreement countries, and all transactions in aged coffees. Policies and F cialArments The main objectives of the Colombian government with respect to coffee are: (1) to maximize the country;s foreign exchange earrings; (2) to realize sufficient peso income to finance the accumulation and storage of surplus production, in addition to making a substantial con- tribution to the national budget; and (3) to insulate the coffee sector and the cverall economy from short-term fluctuations in world prices, 'Without at the same tiLme generating undesirable incentives to Lnvest in new coffee-growing capacity. The following instruments are used to achieve these objectives: a. Federation Support Price bo Exchange Surrender Requirement c. Coffee Export Tax d. Coffee Retention Quota e. Pasilla Tax 9/ Federation (Fund) debt to the central bank was over Col$].,O00 million at the end of 1966, but has been lowered to Col$617 rimillion at present, The Federation now plans to repay Col$24 million by the end of 1969 and another Col$140 million diuning 1970, which would redllce the debt balance to Cc,1$453 million by the end of next year. An additional US$63 million is owved to foreign creditors. The Federation intends to renay US$10 million of this external debt in 1969, then follow a US$165 million quarterly repayment schedule through 1972. / Aflmacafe, S.A., a subsidiary created in 1965, manages all storage operations. It is owined jointly by the Federation, Banco Cafetero, and th.e regional coffee committees. It maintains a storage capacity for ovrer 40,0oo0 metric tons of parchment coffee. - 4 - The Federation Support Price is set to guarantee an acceptable econmcic retu.rn to growers, as well as to control production incentives. It is adjusted faJrly often to keep up with changes in the domestic price le-rel and extelmal coffee prices0 On September 4 it was raised from CciL$880.oC to Co'.$942 50 per carga (a 125-kilogram lot) of parchlment coffee 4/ It w-as subsequently raised five more times in September and. October, reaching Col.$1,230 per carga on the 29th of October. This re- presents a 40 percent increase in two months, pronpted by an almost equivalent percentage increase in world prices during the period. The Exchange Surrender Requirement determined by the Monetary Board is the amounit of foreign exchange per bag that private exporters are required to surrender to the central bank. It is sometimes set slightj.y above the prevailing external inarket price, which forces exporter!s to purchase additional exchange to meet the requirement. It has also been raised several times in the recent past, with the latest adjusttaent mrade on November 6 from US$80.00 to US$83.60 per 70-kilogram bag.2J The Coffee Export Tax was introduced as part of the March 1967 exchange rerormr, .he special coffee rate then in force was abolished, witn coffee exports becoming subject to the flexible certificate market rate and a 26 percent tax on the peso equivalent of the export value. This t x was lowered in steps of .0025 per month until it reached a level of 2& percent i.n December 1968. F.ur percentage points of the tax go to the INationaL Coffee Fund and sixteezn to the government's Special Excchange Account on the books of the central bank, These special account receipts constitute a major source of income to the government. The Coffee Retention Quota is paid by private exporters to the Federation. It was raised from 19 to 20 percent in September 1968, to 23 percent in April 1969, and to 25 percent in October 1969. It is levied on the quantity of green coffee shipped, payable in the equivalent volume or cash value of parchment, 3/ The proceeds of this tax are used to firance the acquisition and storage of surplus coffee. j On occasion one encounters domestic coffee data expressed in arrobas rather than cargas. Ar. arroba in Colombia is equal to one- tenth of a carga of coffee, i.e., 12.5 kilograms. v Colombian coffee is normally put up in an oversized, 70.kilogram bag rat-her than the more familiar 60-kilogram bag. To convert figures expressed in 7)kilogram bags to 60-kilogram equivralents one must multiply the fornier by a factor of 116667, for the converse by O085714. Since there are 2020462 pounds in a kilogram (0.45359 kilogram per pound), a 60kilogram beg contains J.32.27738 pounds and a 70-kilogram bag contains 154,32361 pounds of coffee, 3/ If an exporter were to pay in kind, for instance, he would currently have to deliver 31.25 bags of parchment for every 10 bags of green coffee that he exports (25 - .8 X 3125). It is much more coimnon, however, for- t4is payment to be nade in cash, 5- The 6 percent Pasilla Tax is also paid by private exporters to the Federation. It is computed on thle volume of green coffee exported, as in the above case, but is payable in the same quantity of low-grade pasilla coffee. It is designed to remove inferior coffees froxn the export market. Whenever possible the Federation sells pasilLa to domestic dealers and gives the peso proceeds to departmental coffee coi,ttees to finance rural investments. The marmer in which these instruments are manipulated is of vital importance to the economy. Coffee growers like to see the Federation Support Price rmioved parallel with external price increases, and the government has been most obliging in recent months. Tab'le 7 reveals that the Support Price was boosted frorn Col$880 per carga on August 28 to Col$1,230 per carga on October 29, following a movement from 42 cernts to 55 cents per pound for >IMWS (Medellins/Armenias/Manizales) on the New Yorlk market. I/ But the "other shoe" was dropped on October 24 when the Co'-ee Retention Quota was raised from 23 to 25 percent. At a Support Price of Col$1,230 per carga these two additional points cost the grower nearly 25 pesos per carga, raising the retention burd'en from Col$283 to Col$308. e An agreement has been reached between the governent and the growers concerning future coffee policies. If and when the Federat;ion Support Price hits Col$1,300 per carga --a level equivalent to about 57 cents per pound in New York-- a sharing arrangement will become activated0 AUl price gains beyond the limit will be divided 35 percenz to producers via further adjustments in the Support Price, 30 percent to the lNtional Coffee Fund, and 35 percent to departmental coffee commi.ttees and a Rotating Fund administered by the Banco Cafetero, 3/ 4/ The table has been constructed so as to allow one to pass, step-by-step, from a New York price in cents per pound to the Federaticn Support Price in pesos per carga. j A 25 percent quota has the effect of reducing a grower's return by 20 percent. E.g., a grower witl five cargas of exportable coffee has to set aside one carga to pay the tax. Even though it is irposed on private exporters rather than directly on the growers, the maintenance of trading margins requires that the final incidence of the retention quota fall on the growers. 2 The Rotating Fund, not to be confused with the Nationzl Coffee Fund, is simply a revolving source of credit to the coffee sector. It is currently endowed at Col$120 million. Referring to Table 8, "Hypothetical Coffee Supply Projections," reports indicate that estimates of 18, 12, and 18 million bags of Brazilian output for the next three crop years are plausible. Starting with stocks of 38 milliori bags, as indicated by the President of the Brazilian Coffee Institute, and allowing lOe5 million bags domestic consumption each year (again, an IBC figure) one ends up with zero stocks in Brazil by 1972. Elimination of tle mrassive overhang of Brazili an stocks woulld clearly have a buoyant effect on world coffee prices, although it is difficult to say how much in dollars and cents. An estimate of 50 cents per pound for Colombian coffee in New York would appear to be a conservative estimate for an average 197(3 price. ab-Le 1, WORLDWIDE SUPPLY AND DISTRIITUTION OF GQPEN COI'FE, 1958/59-1969/70 (Thousands of 60-kilogram Bags) IC0 Apparent Coffee Stocks Consurption Stocks Year Carry- Net in Producing Carry- (Oct-.sppt) In Output Exports Countries Out 1958/59 19,846 61,665 38,977 9,66)4 32,870 959,/60 32,870 78,919 42,351 12,498 56,940 i960/61 56,94o 65,768 44,2220 12,954 62,534a/ 196i/62 62.,534 72,043 45,361 13,768 61,148b/ 1962/63 61,148 67,o44 49,8eO Oi,0ll 64,681- 1963/64 64,681 70,998 49,370 14h,097 72,212 196h/65 72,212 50,613 43,446 14,735 64,644 19651'66 64,644 81,604 50,958 15,360 79,930 1966/67 79,930 60o582 50)018 16,134 714,360 1967/68 714,360 68,459 53,000 16,683 54,736c/ 1968/69 54,736 60,617 52,400 17,566 45,387 12969/70;Sto 45,387 65,130 51,400 17,990 4L1,127 a! Includes 3,000 reduction of stocks for industrial use in Brazil. b/ Includes 14,300 reduction of stocks in Brazil (7,000 destroyed and 7,300 downward revision in IBC stock estimate). cV Includes 18,400 reduction of IBC stock estimate in Brazil. Source3: USDA Foreign Agricultural Service; International Coffee Organization. Table 20 TITWTWATIONAL COFFEE ORGANIZATION QUOTAS FOR '2OFFRE YE;ARS 1965/66-1X99/7o0/ (rThlousands of 60-kilogram Bags) Coffee Years (October thLrough Septemiber) Coffee 71965/66 1966/67 1967/68 1968/69 1969/70 La~t - 9__ --- COLOMBIAN MILDS 6,592 6,520 7,670 7,586 6,996 (Of whlich. ½1omb:s .a) tE5669) (5,421) (,5342 (6,204) (5j 721) OTHER MILD}O, 9,055 8,756 9,807 9,467 9,306 UNWJASHED i68165 18,143 19,020 19,994 18,449 ARABICAS (Of which, Brazil) (16,976) (16,937) (17,672) (18,546) (175103) RtBUSTAS 10i85 11.954 13,194 11,441 12,242 TO TAL 44,697 455373 49,691 43,488 46,coo a/ Quctas ars final, adjusted quotas w-ith the exception of 1969/70,' which is as set in September 1969. Source: Intea'national Gof'fee Organization. Table 3. COJOMBIA: AVERAGE AMMUAL PRICES FOR REPRESZNTTArTIVE COFFEE3, OF FOUR MAJOR CATEBGORIES, 1958-69a/ (New York Spot Price, U.S. Cents per Pound) Guatemala Brazil Angolan Calendar Colombian Prime Santos Ambriz Year _Mams Washed Fov.rs 2-AAs 1958 52.,34 49.81 48.L41 4J25 1953 45.22 42.62 36.97 30.60 1960 44089 41.33 36.60 25.27 1961 43.62 37655 36.01 19.93 1962 4077 35.83 33.96 21.55 1963 39.55 35O40 34,11 28,73 1964 48.80 47.16 46.66 36.38 1965 48.49 45,51 44,71 31659 1966 47.43 42.25 40.83 33.98 1967 41c94 39.23 37.82 33.83 1968 42.6o 39.43 37.43 34.25 1969b/ bl.74 37.74 38.34 32.11 a/ Price averages, not weighted by quantities traded. b/ Average of first nine months. Source: Pan American Coffee Direau, New York. Table 4. COLO5M3IA: COFFEE PRODUCTION, CONSJlPTION, AND EXPORTATION, 1958/59-1969/70 (Thousands of 60-kilogram Bags) Coffee Apparent Available Total Year Harvested Domestic for Recorded (Lct/Sept) Productiong/ Conumption_ Exrt Exports C/ 1958/59 7,700 800 6,900 1959/60 8,000 900 7,100 1960/61 7,700 l,ooo 6,700 1961/62 7,800 1,000 6,800 1962/63 7,500 1,030 6,470 6,055 1963/64 8;200 985 7,215 6,31o 1964/65 7,600 1,100 6.,500 5,7175 1965/66 8,200 1,14h0 7,06o 5,865 1966/67 7,800 1,170 6,630 53635 1967/68 7,600 1,200 6,400 6,595 1968/69 7,900 11240 6,660 6,460 1969/70 7,800 1,270 6,530 a/ USDA estimates. b/ Colombian Coffee Federation estimates. c/ Intem ational Coffee Organization estimates0 Sources: 'JSDA; Colombian Coffee Federation; Internatioial Coffee Organization. Table 5. COLOMBIA: COFFEE EXPORTS BY COUNTRY OF DESTINATION, COFFEE YEAR 1968/69aJ Country Number of Percentage of 60-kilogram of Destination Bags Shipped Total Americas 2,834,771 43.4 Argentina 106,242 1.7 Canada 99,623 1.5 United States 2,623,355 40.2 Other 3,551 .... Europe 2,668,790 40.9 Belgium 149,615 2.3 Czechoslovakia 42,187 o.6 Denmark 67,014 1.0 Finland 232,222 3.6 France 68,769 1.1 Germany, W. 1,217,915 18.6 Greece 1,495 Italy 55,915 0.9 Netherlands 385,236 5.9 Norway 48,504 o.8 Sweden 329,385 5.6 Switzerland 25,153 0.4 United Kingdom 45,18C 0.7 Other Countries 126,722 1.9 Israel 5,862 0.1 Japan 116,823 1.8 Other 4,037 .... Subtotal, Free Converti- bility Countries (5,630,283 (86.2) Bilateral Agreement Countries 903,733 13.8 Bulgaria 7,916 0ol Germany, E. ].38,593 2.1 Hungary 9,166 0.1 Poland 83,413 1.3 Russia 118,335 1.8 Spain 458,805 7.0 Yugoslavia 87,505 1.4 Total, All Countries 6,534,016 l00.0 a/ October 1968 through September 1969. Source: National Coffee Growers Federation. Table 6. COLOMBIA: COFFEE FOREIGN EXCHANGE SURRENDER AflD EXPORT TAX REVENUE ESTIMATES FOR SELECTED PRICE AND QUANTITY COMBINATIONS, 1970 a/ (1) (2) (3) (4) Average Basic 1969/70 Amount (1) Amount (1) Amount (1) New York ICO Quota plus One plus Two plus Three CIF Price (5,721,000) plus Selectivity Selectivity Selectivity in Cents Estimated Annex B Increase and Increaqes and Increases and per Shipments One Reserve Two Reserve Three Reserve Pound (250,000) Total Release Total Releases Total Releases Total and 5,971,000 Bags 6,191,500 Bags 6,443,750 Bags 6,697,0oo Bags Dollars Exchange Tax Exchange Tax Exchange Tax Exchange Tax per Surrender Receipts Surrender Receipts Surrender Receipts Surr6rder Receipts 60-kg. Millions Millions Millions Millions Millions Millions Millions Millions Bagb/ US$2! Col$a/ US$ Col$ US$ Col$ US$ Col$ 40W/$52.91 280 788 290 817 302 850 314 884 41//$54.23 288 811 299 842 311 876 323 910 426/$55.56 296 834 307 865 319 898 332 935 43i/$56.88 304 856 315 887 328 924 341 960 44W/$58.20 312 879 323 910 336 946 350 986 45i/$59.52 320 901 331 932 345 972 358 1,008 46/$6o.85 328 924 340 957 353 994 367 1,033 47W/$62.17 335 943 348 980 362 1,019 376 1,059 48e/$63.49 343 966 356 1,002 370 1,042 385 1,084 49V/$64.82 351 988 364 1,025 379 1,067 394 1,110 5W/$66.14 359 1,011 372 1,048 388 1,093 403 1,135 a/ Although the figures shown are for the ICO 1969/70 coffee year (October-September) they are suitable for calendar 1970 projections if one assumes that the first quarter of the 1970/71 coffee year will not differ significantly from the last three quarters of the 1969/70 year. Colombia became eligible for the first 2.75 percent Selectivity Increase (157,000 bags) when the New York CIF price of Colombian Milds stayed above the ceiling of 44.75/ per pound for 20 consecutive market days. The second and third Selectivity Increases are triggered in the same fashion. The 2,000,000 bag ICO Global Reserve is to be released as follows: 500,000 bags (Colombia 63,500) when the daily Composite Indicator Price for all coffees averages 38.67U per pound for 15 consecutive market days; 750,000 bags (95,250) when CIP aver- ages 39.67V for 15 days; and a final 750,000 bags (95,250) when CIP averages 40.67V for 15 days. b/ Conversion at 132.277 pounds per 60-kilogram bag. A/ After deducting US$3 per bag for CIF charges and US$3 per bag for Coffee Federation Expenses. d/ Comrputed as 16 percent of Exchange Surrender, converted at 1970 Accounting Rate of Col$17.6C. Source: IBR]D Table 7. COLOMBIA: COFFEE FINANCIAL DATA, AUGUST-NOVEMBER 1969 New York Transportation Colombian Exchange Surrender MAMS Price & Related Costs FOB Price Surrender Requirement Cents Dollars Dollars As % of Dollars Dollars Requirement, as % of FOB Date per per 60- per 60- New York per 60- per 70- Dollars per Dollar Pound kg. Bag kg. Bag Price kg. Bag kg. Bag 70-kg, Bag Earnings 8/28 41.75 55.23 3.18 5.8 52.05 60.73 60.25 99.2 9/4 42.50 56.22 3.18 5.7 53.04 61.88 61.80 99.9 9/11 43.50 57.54 3.19 5.5 54.35 63.41 64.00 100.9 9/18 44.75 59.19 3.19 5.4 56.00 65.33 65.60 100.4 9/25 47.00 62.17 3.21 5.2 58.96 68.79 65.60 95.4 10/ 2 50.00 66.14 3.24 4.9 62.90 73.39 73.50 100.1 10/10 50.38 66.64 3.24 4.9 63.40 73.97 73.50 99.4 10/17 52.0o 68.78 3.24 4.7 64.54 75.30 73.50 97.6 10/22 53.25 70.44 3.24 4.6 67.20 78.40 77.00 98.2 10/29 57.00 75.40 3.24 4.3 72.16 84.19 80.00 95.0 11/ 5 57.00 75.40 3.24 4.3 72.16 84.19 80.00 95.0 11/ 7 56.75 75.07 3.24 4.3 71.83 83.80 83.60 99.8 Continued, ... Table 7. COLOMBIA: COFFEE FINANCIAL DATA, AUGUST-NOVEMBER 1969 Continued... Federa- Certif- Federa- Federa- Federa- Federa- tion icate tion ticn tion tion Private Exporters' After-tax Market After-tax Costs & Net Support After-tax Net Receipts, Buying Receipts, Charges, Income, Price, Receipts, Income, Dollars Rate, Pesos Pesos Pesos Pesos Dollars Pesos per 70- Col$ per per / per per per 70- per Date kg. Bagb/ per US$ Carga Carga- Carga Carga kg. Bag Carga 8/28 48.58 17.49 1,517 574 943 880.00 48.58 943 9/ 4 49.50 17.52 1,549 590 959 942.50 49.50 963 9/11 50.73 17.54 1,589 604 985 967.50 51.20 984 9/18 52.26 17.56 1,639 621 1,018 967.50 52.48 1,017 9/25 55.03 17.58 1,728 653 1,075 1,020,00 52.48 1,079 10/ 2 58.71 17.60 1,845 694 1,151 1,100.00 58.80 1,151 10/10 59.18 17.62 1,862 700 1,162 1,100.00 59.18 1,162 10/17 60.24 17.62 1,895 712 1,183 1,100.00 60.25 1,184 10/22 62.72 17.63a/ 1,975 750 1,225 1,190.00 10/29 67.35 17.64a/ 2,122 806 1,316 1,230.00 11/ 5 67.35 17.65'a/ 2,123 807 1,316 1,230.00 11/ 7 67.04 17.66a/ 2,114 803 1,311 1,230.00 ... a/ Estimate. b/ Export tax rate 20 percent throughout the period. c/ These costs and charges average 38 percent of the Federation's after-tax peso receipts. They include US$3.36 and Col$38.50 in expenses per 70-kilogram bag, the Retention Quota, and the Pasilla Tax. Source: Monetary Board. Table 8. HTPOTHETICAL COFFEE SUPPLY PROJECTIONS, 1969/70-1971/72a/ (Millions of 60-kilogram Bags) Other Brazil Colombia Countries Total 1969/70 Coffee Year Beginning Stocks 38.u 4.8 o.6 43.4 Production 18.0 7.8 37.2 63.0 Total Supply 3670 12.6 37.7 106i Domestic Consumption -10.5 -1.3 -8.3 -20.1 Exports -18.0 -6.5 -28.9 -53.4 1970/71 Coffee Year Beginning Stocks 27.5 4.8 o.6 32.9 Production 12.0 7.8 37.2 57.0 Total Supply 39.3 12. 37.6 9.9 Dcmestic Consumption -lo. -1.3 -8.3 -20.1 Exports -18.0 -6.5 -28.9 -53.4 1971/72 Coffee Year Beginning Stocks 11.0 4.8 o.6 16.4 Production _ 18.0 7.8 37.2 63.0 Total Supply 29.0 1-23.6 79.4 Domestic Consumption -10.5 -1.3 -8.3 -20.1 Exports -18.0 -6.5 -28.9 -53.4 Ending Stocks 0.5 4.8 o.6 5.9 a/ Home and export demands held constant. Source: IBRD. APPEMIX 2 ESTIMATION OF TAX REVENUES AND EXPENDITURES (Notes on methods in estimating Central Government current account operations) 1. Revenues The estimates of Central Government revenues in 1970 and 1971 in Table 5.1 of the Statistical Appendix are based on the following assumptions: i. Elasticities. A recent study by the National Planning Department of Colombia indicates that fairly good correlations exist between the growth rate of revenues obtained from individual taxes and the growth rate of GDP. Elasticities resulting from these correlations, calculated for the period 1950 to 1968, have been used to estimate revenues from the following taxes in 1970-and 1971: Elasticity Income Tax 1.118 Sales Tax 1.17 Stamp Tax 1.22 Inheritance Tax 0.934 Other Taxes 0.5 ii. Income Tax Revenue. Revenues in 1970 and 1971 are likely to be heavily influenced by the effect of the switch-over to a pay-as- you-go system. A separate note on this effect is attached. The full effect of withholdings is reduced by the increase in exemptions from the personal income tax recently introduced. iii. The average certificate exchange rate for 1970 and 1971 has been projected at Col$18.60 and Col$20.00 per U.S. dollar. iv. The accounting exchange rate for 1970 and 1971 has been projected at Col$17.60 and Col$18.60 per U.S. dollar. v. The level of CIF reimbursable imports in 1970 and 1971 is projected at US$730 and US$760 million respectively. vi. The average rate of customs duties applicable to reimbursable imports for 1970 and 1971 has been estimated at 18 percent. vii. The price for Colombian coffee has been projected at 50 cents per pound in both years. viii. The growth rate of GDP in real terms in 1970 and 1971 has been projected at 7.5 percent and 6.5 percent. 2. Operating EXpenditures For projecting operating expenditures, the estimate of the last Economic Report on Colombia (WH 188a) has been adopted. The sizable increases in these expenditures partly reflect increased transfers to agencies, departments, and municipalities, and partly more-than-average increases of operating expenditures in the fields of health and education. .3. Interest Estimates of interest payments are fairly arbitrary. It should be mentioned, however, that the estimates include sizable amounts of interest paid to INCORA, the National Savings Fund, and similar institutions for bonds given to them as grants by the Central Govern- ment in previous years. A substantial portion of these payments is probably used for investments rather than current expenditures. 4. Estimate for 1969 This is based on returns for the first ten months of the year. APPENDIX 3 WITHHOLDING AT THE SOURCE OF INCOME TAX (Notes on Central Government's additional tax receipts from withholding at the source of income tax) Wfithholding of income tax at the source was introduced in Colombia in 1967. In 1967 and 1968 the amounts withheld were fairly small, however, and it is only in 1969 that the sums involved are becoming sizable. The withholding provision is being implemented differently for two groups of taxpayers: (a) persons whose income consists of wages, salaries, and dividends, and (b) taxpayers who derive more than 75 percent of their gross income from other sources (principally corporations, personal liability companies, and profes- sionals). For the first group withholding at the source was to be introduced in steps to achieve full collection by 1971. For the second group a decree was issued to move to a pay-as-you-go system covering 5 percent of income tax liabilities in 1967, 10 percent in 1968, and rising by 10 percent annually thereafter until 1977. The decree was struck down by the Supreme Administrative Court in May 1969, however, and pay-as-you-go collections were suspended after June 1969. A bill has recently been passed through Congress to reestablish the system. The attached table shows additional revenue collections by the Central Government based on the original plan for the switch-over. Since the introduction of the system presents administrative difficulties, it was assumed that after a slow start collections of current payments would accelerate, and net withholdingij would approximately double every year, beginning 1969 until the personal income tax group would be on a current basis in 1971. At the same time current payments of corpora- tions, personal liability companies, and professionals were assumed to increase by 10 percent each year as prescribed by law. As can be seen the surcharge effect would reach Col$860 million in 1970, and Col$l,495 million in 1971)2. In 1972 there would be a sharp drop and only the 10 percent increase of current payments from the second group would provide additional revenue over and above due income taxes in any particular year. Whether this schedule can be kept is uncertain. The action by the Supreme Administrative Court will certainly reduce withholding from the second group in 1969, probably to the extent of some Col$70 I/ Net withholdings represent new withholdings added every year only, i.e., total withholdings this year minus total withholdings of the previous year. Only net withholdings are true additions to revenue from income tax in the individual years. Z/ Withholding figures are in 1968 prices. -2- to 100 million. W4ithholding of personal income taxes is likely to fall short by some Col$50 to 70 million. As the Finance Minister has been given the power to increase the percentage of withholding on the personal income tax as he sees fit, there should be no particular legal difficulty to raising it as fast as administratively possible. However, recent indications are that actual collections of tax liabilities arising from the shift to withholding are lagging. Therefore, in the projections shown in table 5.1 only half of the theoretical amount calculated has been added to projected income tax revenue in 1970 and 1971. Table 1: COLOMBIA: CENTRAL GOVERNIDENT: ADDITIONAL TAX RECEIPTS FROM t{ITHHOLDING AT THE SOURCE OF INCOME TAX ./ (Cash Flows, Millions of 1968 Pesos) Income Income Taxes Taxes Revenue Gain Without With From Net Year Withholdinb 1ithholding2/ Withholding 1968 3,520 3,735 215 1969 4,075 4,505 430 1970 4,415 5,275 860 1971 4,710 6,235 1,495 1972 5,030 5,305 275 1973 5,340 5,650 310 1974 5,670 6,015 345 a/ All figures rounded to nearest multiple of 5. For 1968, actual withholding; planned figures in 1968 prices thereafter. iJ Income taxes projected to grow with an elasticity of 1.118 vis-a- vis GDP (average elasticity from i960 to 1968). GDP assumed rea-l growth: 7.5 percent in 1970, 6.5 percent in 1971 and 5.5 percent thereafter. i Withholding calculated in the following manner: First, a number of minor income taxes (3 percent electric and steel tax; 6 percent hcusing tax; 1 percent surcharge; plus lottery, property, livestock and absentee taxes) estimated at 10 percent of the total are decducted from income taxes without withholding. The remainder is split evenly between personal income taxes on the one hand and corporate, personal liability company's and professional's income taxes on the other. This estimate is taken as the basis for applying withholding as described in the attached note. Source: Banco de la Repudblica and staff estimates. STATISTICAL APPENDIX Natienal Accounts 2.1 GROSS DOMESTIC PRODUCT OR EXPENDITURE, 1958-67 2.2 IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT, 1958-67 2.3 GROSS DOMESTIC PRODUCT OR EXPENDITURE, IN 1958 PRICES, 1958-67 2.e4 GROSS DOMESTIC PRODUCT BY INDUSTRY, 1958 AND 1967 2.5 INCOME AND PRODUCT AGGREGATES, 1958-67 2.6 NATIONAL INCOME COMPONENTS, 1958-67 2.7 GENERAL GOVERNMENT CURRENT INCOME RECEIPTS, 1958-67 2.8 GENERAL GOVERN4ENT CURRENT EXPENDITURE AND SAVING, 1958-67 2.9 GROSS SAVING AND INVESTMENT, 1953-67 2.10 COMPOSITION OF GROSS DOMESTIC INVESTMENT, 1958-67 2.11 GROSS DOMESTIC INVESTMENT, BY PUBLIC AND PRIVATE SECTORS, 1958-67 2.12 CURRENT FOREIGN TRANSACTIONS, 1958-67 2.13 NATIONAL ACCOUNTS ESTIMATES FOR 1968 2.14 TOTAL AND PER CAPITA GROSS DCOESTIC PRODUCT, ACTUAL 1964-69 AND PROJECTED 1970-74 Trade and Payments 3.1 MERCHANDISE fIPORTS AND EXPORTS, 1958-68 3.2 CIF MERCHANDISE IMPORTS, BY MAJOR TYPE, 1958-6X 3.3 CIF IMPORTS, BY PRINCIPAL PRODUCT GROUPS, 1958-67 3.4 IMPORT REGISTRATIONS, 1958-68 3.5 IMPORT REGISTRATIONS, BY MONTH, 1967-69 3.6 DETAIL OF REIMBURSABLE IMPORT REGISTRATIONS, BY MONTH, 1967-69 3.7 DETAIL OF AID REIMBURSABLE IMPORT REGISTRATIONS, BY MONTH, 1967-69 3.8 COFFEE EXPORTS, BY VALUE AND QUANTITY, 1958-69 3.9 CRUDE PETROLEUM PRODUCT)DN, DOMESTIC CONSUMPTION, AND EXPORTATION, 1958-69 3.10 EXPORT REGISTRATIONS, 1958-69 3.11 EXPORT REGISTRATIONS, BY MONTH, 1967-69 3.12 MERCHANDISE EXPORT EXCHANGE SURRENDER, 1953-68 3.13 MERCHANDISE EXPORT EXCHANGE SURREER, BY SEMESTER AND QUARTER, 1967-69 3.14 ADVANCE AND NORMAL MERCHANDISE EXPORT EXCHANGE SURRENDER, BY QUARTER, 1966-69 3.15 OFFICIAL MARKET RATES OF EXCHANGE, 1967-69 3.16 CENTRAL BANK GROSS RECEITS OF FOREIGN EXCHANGE, 1963-69 3.17 CENTRAL BANK DISBURSEMENTS OF FOREIGN EXCHANGE, 1963-69 3.18 BALANCE OF PAYMENTS, 1958-63 3.19 EXTERMAL RESOURCE TRANSFERS AND CAPITAL FlOWS, 1964-63 External Debt 4.1 ETERNAL PUBLIC DEBT OUTSTANDING AS OF DECEMBER 31, 1968 4.2 ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL PUBLIC DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1968 Fiscal Statistics 5.1 CENTRAL GOVERNMENT CASH FLOWS, 1963-71 Money and Credit 6.1 COMPOSITION AND GROWTH OF THE MONEY SUPPLY, 1958-69 6.2 GROSS DOMESTIC PRODUCT, MONEY, AND QUASI-MONEY, 1961-69 6.3 FINANCING CAPACITY OF THE BANKING SYSTEM, 1967-69 6.4 SU!MARY ACCOUNTS OF THE CENTRAL BANK, 1965-69 6.5 GROSS RESERVES OF GOLD AND FOREIGN EXCHANGE, 1957-69 6.6 INTERNATIONAL MONETARY LIABILITIES, 1962-69 6.7 INTERNATIONAL MONETARY RESERVES OF THE CENTRAL BANK, 1967-69 Prices 9.1 WHOLESALE PRICE INDICES, 1958-69 9.2 CONSUMER PRICE INDICES, 1958-69 9.3 NATIONAL CONSUMER PRICE INDEX, 1958-69 9.4 NATIONAL CONSUMER PRICES, LINK RELATIVES, 1958-68 Table 2.1: COILMBIA: GROSS DOMESTIC PRODUCT OR EXPENDITURE, 1958-67 (Millions of Pesos) Personal Gross Government Total Consump- Fixed Change Current Net Gross tion Domestic in Purchases Exports Domestic Expend- Invest- Inven- of Goods of Goods Year Product itures ment tories & Services & Services 1958k 20,682.5 15,004.9 3,338.8 523.8 1,196.1 618.9 (100.0) (72.6) (16.1) (2.5) (5.8) (3.0) 1959 23,648.8 17,198.2 3,907.9 487.7 1,369.5 685.5 1960 26,746.7 19,589.3 4,844.9 649.9 1,659.3 13.3 1961 30,421.0 22,584.5 5,580.3 754.7 2,016.0 -514.5 1962 34,199.2 25,699.7 6,136.9 267.8 2,356.o -261.2 1963 43,525.5 33,024.8 7,167.5 677.0 3,149.0 -492.8 1964 53,760.3 41,467.6 8,653.8 948.2 3,483.6 -792.9 1965 60,797.6 45,482.1 9,504.2 1,238.0 3,954.3 619.0 1966 73,612.3 55,842.6 12,303.6 2,736.8 4,910.4 -2,181.1 1967-/ 83,525.2 62,038.5 14,729.1 611.9 5,716.8 428.9 (100.0) (74.3) (17.6) (0.7) (6.9) (0.5) a/ Percentage shares shown in parentheses for years 1958 and 1967. Source: Cuentas Nacionales 1950-67, Banco de la Republica (1969). Table 2.2: COLOMBIA: IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT, 1958-67 (Index Numbers, 1958=100) Govern- ment Current Per- Gross Pur- Gross Gross son- Fixed chases Exports Imports Total al Dom- Change of of of Gross Con- estic in Goods Goods Goods Domestic sump- Invest- Inven- and and and Year Product tion ment tories Services Services Services 1958 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1959 1o6.6 109.0 108.9 100.5 112.8 90.2 99.7 1960 115.7 118.7 114.7 118.9 123.9 92.1 103.5 1961 125.2 128.5 121.7 109.5 142.7 92.9 106.0 1962 133.5 135.0 133.4 121.2 153.9 90.9 101.8 1963 164.5 165.2 169.3 138.7 194.5 116.2 131.0 1964 191.4 190.3 181.6 160.8 212.3 135.4 132.5 1965 208.9 211.2 211.3 172.6 226.6 138.4 143.2 1966 240.1 237.4 253.2 197.2 269.4 180.8 189.2 1967 261.4 260.2 284.2 245.6 298.1 185.5 206.7 Source: Cuentas Nacionales 1950-67, Banco de la Republica (1969). Table 2.3: COLO1WBIA: GROSS DOMESTIC PRODUCT OR EXPENDITURE, IN 1958 PRICES, 1958-67 (Millions of 1958 Pesos) Govern- Net Personal Gross ment Exports Total Consump- Fixed Change Current of Gross tion Domestic in Purchases Goods Domestic Expend- Invest- Inven- of Goods & Year Product itures ment tories & Services Services 1958 20,682.5 15,004.9 3,338.8 523.8 1,196.1 618.9 1959 22,176.9 15,774.2 3,587.7 485.2 1,214.3 1,115.5 1960 23,123.4 16,509.2 4,225.6 546.6 1,339.6 502.4 1961 24,300.2 17,579.1 4,584.7 689.3 1,413.2 33.9 1962 25,615.3 19,031.4 4,602.0 220.9 1,531.2 229.8 1963 26,457.2 19,989.0 4,234.O 488.1 1,619.4 126.7 1964 28,o88.8 21,795.0 4,764.2 589.8 1,641.2 -701.4 1965 29,100.0 21,538.9 4,498.9 717.1 1,744.8 600.3 1966 30,658.2 23,522.9 4,859.7 1,387.9 1,822.7 -935.0 1967 31,947.0 23,840.5 5,182.6 249.1 1,917.7 757.1 Source: Cuentas Nacionales 1950-67, Banco de la Republica (1969). Table 2.4: COLOMBIA: GROSS DOMESTIC PRODUCT BY INDUSTRY, 1958 and 1967 1258 1267 Value at Value at Current Percentage Current Percentage Factor Share of Factor Share of Cost, Total Cost, Total Millions GDP Millions GDP Industry of Pesos Lai of Pesos i/ Agriculture 7,086.1 36.7 23,165.3 29.9 Fishing and Hunting 31.5 0.2 184h4 0.2 Forestry 79.3 0.4 317.4 0.4 Mining 736.5 3.8 1,566.6 2.0 Manufacturing 3,127.0 16.2 13,272.3 17.2 Construction 659.8 3.4 3,792.7 4.9 Commerce 2.,334.8 12.1 10.,840.6 14.0 Transportation 1,109.8 5.7 4,381.9 5.7 Communications 127.5 0.7 712.6 0.9 Electricity, Gas, Water 144.5 0.7 1,159.5 1.5 Personal Services 1,496.2 7.7 5,949.6 7.7 Government Services 997.9 5.2 4,892.8 6.3 Other 1,380.1 7.2 7,147.3 9.3 TOTAL GROSS DOMESTIC PRODUCT 19,311.0 100.0 77,383.0 100.0 a/ Valuation at factor cost differs from the more commen measurement at market prices by the exclusion of indirect business taxes and the inclusion of subsidies. Source: Cuentas Nacionales 1950-67. Banco de la Republica (1969). Table 2.5 : COLOMBIA: INCOHE AND PRODUCT AGGREGATES, 1958-672/ (Millions of Pesos) Net Net Net Domestic Factor National Product Income Product Net Indirect at to at Domestic Business Factor Rest of Factor Year Product Taxes Subsidies Cost World Cost 1958 18,245.9 1,410.6 39.1 16,874.4 393.6 16,480.8 1959 21,107.7 1,564.0 35.5 19,579.2 305.9 19,273.3 1960 24,079.8 1,735.3 61.9 22,406.4 302.3 22,104.1 1961 27,617.2 1,824.3 77.6 25,870.5 394.6 25,475.9 1962 31,066.4 1,844.1 95.4 29,317.7 499.9 28,817.8 1963 39,444.7 2,346.5 115.1 37,213.3 811.4 36,401.9 1964 49,456.1 3,481.6 178.5 46,153.0 797.4 45,355.6 1965 55,8o0.6 4,017.8 113.6 51,897.4 897.6 50,999.8 1966 67,323.0 6,o65.5 345.6 61,603.1 1,242.9 60,360.2 1967 76,414.6 6,335.9 193.7 70,272.4 1,470.7 68,801.7 a Net Domestic Product (at market prices) is Gross Domestic Product after deduction of Capital Consumption Allowances. By subtracting Indirect Business Taxes and adding Subsidies one obtains Net Domestic Product at Factor Cost (Domestic Income), and deducting Net Factor Income to Rest of World leaves Net National Product at Factor Cost (National Income). Source: Cuentas Nacionales 1950-67, Banco de la Republica (1969). Table 2.6: COILOMBIA: NATIONAL INCOIIE COMPONENTS, 1958-67 (Millions of Pesos) Income Inc one from from Property Govern- Inter- and ment est Unincor- Direct Proper- on the porated Corpo- ties and Public Wages & Enter- Corporate rate Enter- Debt National Year Salaries prises Saving Taxes prises (-) Income 1958 6,807.9 8,743.8 451.1 341.4 199.7 63.1 16,480.8 1959 7,880.0 10,163.4 614.0 434.6 247.6 66.3 19,273.3 1960 9,202.0 11,408.2 773.9 538.7 249.5 68.2 22,104.1 1961 10,874.8 13,026.3 754.6 569.2 331.8 80.8 25,475.9 1962 12,816.0 14,427.0 787.6 580.6 341.8 135.2 28,817.8 1963 16,595.6 17,619.9 1,232.0 816,9 315o0 177.5 36,401.9 1964 19,324.0 23,359.6 1,368.3 1,232.8 346.1 275.2 45,355.6 1965 22,300.8 25,586.9 1,675.9 1,247.4 498.0 309.2 50,999.8 1966 26,753.9 29,966.4 2,063.5 1,497.9 566.2 487.7 60,360.2 1967 30,681.8 34,192.7 1,969.0 1,839.9 651.8 533.5 68,801.7 Source: Cuentas Nacionales 1950-67, Banco de la Republica (1969). Table 2.7: COLOMBIA: GENERAL GOVERNMENT CURRENT INCOME RECEIPTS, 1958-67 (Millions of Pesos) Inc ome from Govern- Inter- Other ment est Total Other Total Current Proper- on the Direct Social Direct Direct Transfers Total ties and Public Corpo- Security House- House- from Current Enter- Debt Indirect rate Contri- hold hold House- Incone Year prises (-) Taxes Taxes butions Taxes Taxes holds Receipts 1958 199.7 63.1 1,410.6 341.4 140.5 375.0 515.5 15.1 2,419.2 1959 247.6 66.3 1,564.0 434.6 173.1 443.3 616.4 16.5 2,812.8 1960 249.5 68.2 1,735.3 538.7 207.7 494.0 701.7 24.4 3,181.4 1961 331.8 80.8 1,824.3 569.2 234.8 489.1 723.9 28.0 3,396.4 1962 341.8 135.2 1,844.1 580.6 276.6 531.7 808.3 26.2 3,465.8 1963 315.0 177.5 2,346.5 816.9 333.7 748.0 1,081.7 32.5 4,415.1 1964 346.1 275.2 3,481.6 1,232.8 396.8 979.6 1,376.4 48.o 6,209.7 1965 498.0 309.2 4,017.8 1,247.4 534.4 992.1 1,526.5 49.6 7,030.1 1966 566.2 487.7 6,065.5 1,497.9 772.6 1,191.4 1,964.0 63.1 9,669.0 1967 651.8 533.5 6,335.9 1,839.9 1,143.6 1,592.7 2,736.3 75.1 11,105.5 Source: Cuentas Nacionales 1950-67, Banco de la Republica (1969). Table 2.8 COLOMBIA: GENERAL GOVERNNENT CURRMT EXPENDITURE AND SAVING, 1958-67 (Millions of Pesos) Consumption Outlays Current Total Remu- Purchases Transfers Utilization neration of Goods to of of and House- Current Year Labor Services Total Subsidies holds Savings Income 1958 997.) 198.2 1,196.1 39.1 198.7 985.3 2,419.2 1959 1,151.1 218.4 1,369.5 35.5 196.9 1,210.9 2,812.8 1960 1,373.8 285.5 1,659.3 61.9 211.9 1,248.3 3,181.4 1961 1,718.4 297.6 2,016.0 77.6 260.1 1,042.7 3,396.4 1962 1,992.4 363.6 2,356.0 95.4 391.8 622.6 3,465.8 1963 2,689.9 459.1 3,149.0 115.1 532.8 618.2 4,415.1 1964 3,O25.9 457.7 3,483.6 178.5 601.6 1,946.0 6,209.7 1965 3,394.5 559.8 3,954.3 113.6 759.4 2,202.8 7,030.1 1966 4,298.6 611.8 4,910.4 345.6 966.1 3,446.9 9,669.0 1967 4,892.8 824.0 5,716.8 193.7 1,193.2 4,001.8 11,105.5 Source: Cuentas Nacionales 1950-67, Banco de la Republica (1969). Table 2.9: COWMBIA: GROSS SAVING AND INVESTMENT, 1958-67 (MIillions of Pesos) Capital Gross Current Consump- Domest- Account tion tic Corporate Personal Government Surplus or Allow- Capital Year Saving Saving Saving Deficit (+) ances Formation l958a 451.1 214.9 985.3 -225.3 2,436.6 3,862.6 (11.7) (5.5) (25.5) (-5.8) (63.1) (100.0) 1959 614.0 409.2 1,210.9 -379.6 2,541.1 4,395.6 1960 773.9 506.7 1,248.3 299.0 2,666.9 5,494.8 1961 754.6 824.8 1,042.7 909.1 2,803.8 6,335.0 1962 787.6 1,100.6 622.6 761.1 3,132.8 6,404.7 1963 1,232.0 609.3 618.2 1,304.2 4,o80.8 7,844.5 1964 1,368.3 393.2 1,946.0 1,590.3 4,304.2 9,602.0 1965 1,675.9 1,588.9 2,202.8 278.6 4,996.0 10,742.2 1966 2,063.5 -183.3 3,446.9 3,424.0 6,289.3 15,040.4 1967a-/ 1,969.0 1,217.8 4,001.8 1,041.8 7,110.6 15,341.0 (12.8) (7.9) (26.1) (6.8) (46.4) (100.0) a/ Percentage shares shown in parentheses for years 1958 and 1967. Source: Cuentas Nacionales 1950-67, Banco de la Republica (1969). Table 2.10: COLOMBIA: COIMPOSITION OF GROSS DOIESTIC INVESTMENT, 1958-67 (Millions of Pesos) Gross Fixed Domestic Investment Trans- Rachin- Gross porta- ery and Domes- Percentage Con- tion Other Inven- tic Share of GDI struc- Bquip- Equip- tory Invest- Private Govern- Year tion ment ment Change ment Sector ment 19582/ 1,951.6 356.5 1,030.7 523.8 3,862.6 83.8 16.2 (50.5) (9.2) (26.7) (13.6) (100.0) 1959 2,486.5 480.2 941.2 487.7 4,395.6 83.1 16.9 1960 2,697.1 691.6 1,456.2 649.9 5,494.8 85.3 14.7 1961 3,272.1 746.9 1,561.3 754.7 6,335.0 81.8 18.2 1962 3,841.9 506.1 1,783.9 267.8 6,404.7 79.7 20.3 1963 4,421.1 691.7 2,054.7 677.0 7,844.5 82.3 17.7 1964 5,247.8 931.1 2,474.9 948.2 9,602.0 83.6 16.L 1965 5,976.8 840.5 2,686.9 1,238.0 10,742.2 82.6 17.4 1966 7,468.5 1,126.6 3,708.5 2,736.8 15,040.4 79.7 20.3 19671/ 9,738.3 1,191.0 3,799.8 611.9 15,341.0 71.7 28.3 (63-5) (7-7) (24.8) (4.0) (100.0) a/ Percentage shares shown in parentheses for years 1958 and 1967. Source: Cuentas Nacionales 1950-67, Banco de la Republica (1969). Table 2.11: COLOMBIA: GROSS DOMIESTIC INVEST4ENT,BY PUBLIC AND PRIVATE SECTORS, 1958-67 (lilhions of Pesos) Value in Current Prices: Value in Constant 1958 Prices: Gross rqmestic Investment Gross Domestic Investment Year Public=' Private Total Public a/ % Private % Total 1958 625.6 3,237.0 3,862.6 625.6 16.2 3,237.0 83.8 3,862.6 1959 743.6 3,652.0 4,395.6 636.7 15.6 3,436.2 84.4 4,072.9 1960 808.5 4,686.3 5,494.8 622.4 13.0 4,149.8 87.0 4,772.2 1961 1,150o8 5,184.2 6,335.0 749.2 114.2 4,524.8 85.8 5,274.0 1962 1,303.2 5,101.5 6,404.7 753.3 15.6 4,069.6 84.4 4,822.9 1963 1,387.0 6,457.5 7,844.5 647.5 13.7 4,074.6 86.3 4,722.1 1964 1,573D2 8,028.8 9,602.0 665.8 12.4 4,688.2 87.6 5,354.0 1965 1,866.5 8,875.7 10,742.2 679.9 13.0 4,536.1 87.0 5,216.0 1966 3,048.5 11,991.9 15,040.4 975.8 15.6 5,271.8 84.4 6,247.6 1967 4,337.0 11,004.0 15,341.0 1,290.0 23.7 4,141.7 76.3 5,431.7 a/ Public includes Govemnrent and Government enterprises. Source: Cuentas 1lacionales 1950-67, Banco de la Republica (1969). Table 2.3.2 COLOMBIA: CURRaNT FOREIGN TRANSACTIONS, 1958-67 (Imlillions of Pesos) Net &Eports Imports Factor Current of of Income Account Goods Goods Received Suzplus and and from or Year Services Services Abroad Deficit ( 1958 3,889.9 3,271.0 -393c6 225.3 1959 14,o6g.8 3,384.3 -305 9 379.6 1960 4,163.9 4,160.6 -302.3 -299O0 1961 3,920.2 4,434.7 -39146 -909c1 1962 4,146.6 4,407.8 -499.9 -761.1 1963 t,173.5 5,666.3 -811.4 -1,304.2 1964 6,376.5 7,169.4 -797.4 -1,590.3 1965 6,943.5 6,324.5 -897.6 -278M6 1966 8,916.5 11,097.6 -1,2142o9 -3,424.0 1967 9,950.3 9,521.4 -1,470.7 -1,041B8 Source: enasNacionales 1950-67, Banco de la Republica (1969). Table 2.13: COLOIPBIA: NATIONAL ACCOUNTS ESTIMATES FOR 1968!/ (Milliaos of 1958 Pesos) Gross Dotestic Product 33,702,4 Personal Consumption 3x.penditures 25,366.1 Gross Fixed Dfmestic Investmient 5,604.8bJ Change in Inventories 616.7 Government Current Purchases of Goods and Services 1,994.4 Exports of Goods and Services 5,803.5 Ihports of Goods and Services 5,685.1 llet Ecports (118.4) a/ Data are in constant 1958 prices. In 1968 the GDP Implicit Price De-lator rose 7.5 percent; component deflators not estimated. bJ CCon1struction 3,446.6, Machinery and Equipment 2,158.2; Private Sector 4,215.9, Public Sector 1,388.9. Source: Staff estimates. Table 2.31): COLOMBIA: TOTAL AND PER CAPITA GROSS DOItESTIC PRODUCT, ACTUAl 1964-69 AND FROJECTED 1970-74 Gross Domestic Product Estimated Per in Constant 1968 Prices-/ Annual Population Capita R-M71lons Millions GDP at GDP of of Growth Mid-year in 1968 Year Pesos Dollars (% (i n/ Dollars2/ 1964 78,930 4,815 ... 17.8. 270 1965 81,770 4,985 3.6 18.4 271 1966 86,150 5,255 5.4 19.0 277 1967 89,770 5,475 4.2 19.6 279 1968 94,705 5,775 5.5 20.2 286 1969 o100,860 6,150 6.5 20.9 294 (5 0)Ca/ (50)X/ 1970 108,425 6,610 7.5 21.6 306 1971 115,470 7,040 6.5 22.3 316 1972 121,820 7,425 5.5 23.0 323 1973 128,520 7,835 5.5 23.8 329 1974 135,590 8,265 5 5 24.6 336 a] Derived from official data in 1958 prices. Dollar figure for 1968 obtained by dividing peso GDP by Col$16040, the average certificate market exchange rate, with other years computed by means of incre- mental growth percentages. bJ GDP figure for 1969 is an estimate subject to later revision. J Figures in parentheses are five-year annual averages. The 1970-74 projections reflect a coffee boom throughout 1970 and most of 1971. / Estimated on the basis of an 18.4 million mid-1965 population growing by 3,3 percent yearly. e/ Approximate figures; average anmual growth rate 1.7 percent 1965-69, 2.7 percent 1970-74. Source IBRD. rTble 3.1: CL01BIA: IMERCHANDISE TIPORTS AND EXPORTS, 1958-68a (Thousands oI U.S. Dollars) P_ecorded Exports Total CruFde Year ThIlirts Coffee Petroleum Other Total 1958 399,932 354,514 66,571 39,630 460,715 (77) (14) (9) (100) 1959 415,588 361,240 73,291 38,466 473,003 1960 51.8,585 332,249 79,998 52,331 464,578 1961 557,129 307,827 68,239 58,401 434,467 1962 540,351 332,020 60,584 70,799 463,403 1963 506,023 303,006 77,198 66,453 446,657 1964 586,291 394,228 74,962 78,946 548,136 1965 453,502 343,901 88,169 107,074 539,144 1966 674,146 328,266 70,596 108,729 507,591 1967 496,862 322,372 61,212 126,339 509,923 (63) (12) (25) (100) 1968 643,318 351,441 36,300 170,559 558,300 a/ CJi.f. imports and f.o.b. exports on Customs Clearance basis; export percentage shares shown in parentheses for 1958 and 1967. Source: Departanento Administrativo Nacional de Estadistica (DANE), Table 3.2: COLOMBIA: CIF MERCHANDISE LxPORTS, BY MAJOR TYPE, 1958-68 (Thousands of U.S. Dollars) Unclass- Consumer Intermediate Capital ified Year Goods Goods Goods Goods Total 1958 21,599 173,056 82,805 122,472 399,932 1959 21,548 163,660 98,857 131,493 415,588 1960 37,850 233,604 169,946 77,185 518,585 1961 59,416 262,480 163,852 71,381 557,129 1962 32,751 260,516 166,232 80,852 540,351 1963 28,075 258,505 157,432 62,011 506,023 196)4 26,522 303,915 195,804 60,050 586,291 1965 21,032 182,315 177,164 72,991 453,502 1966 47,359 350,097 207,932 68,758 674,146 1967 34,074 214,673 176,632 71,529 496,908 1968 32,170 235,140 229,940 146,068 643,318 Source: Departamento Administrativo Nacional de Estadistica (DANE). Table 3*3: COLOMBIA: CID IMPORTS, BY PRINCIPAL PRODUCT GEDUPS, 1958-67 (Thousands of U.S. Dollars) Machin- Trans- ery Chem- port Tex- Parelr and icals Vehi- Food- tiles Mate- Elec- and Metals cles stuffs and rials Rubber trical Fharma- and and and Manu- and and Equip- ceuti- Prod- Equip- Bever- fac- Prod- Min- Prod- Year ment cals ucts ment agcs tures ucts erals ucts Other Total 1958 101,238 66,557 55,726 32,151 44,210 24,9214 20,325 15,572 9,955 29,274 399,932 1959 103,309 67,838 53,160 54,772 37,207 23,412 22,032 15,651 8,387 29,820 415,588 1960 146,357 78,644 65,235 77,326 31,373 23,425 26,176 17,495 13)256 36,295 518,585 1961 158,700 87,794 64,620 89,664 43,842 21,609 27,552 20,762 9,800 32,696 557,129 1962 169,402 87,425 62,644 61,134 31,752 20,221 26,311 21,848 12,323 47,291 540,351 1963 148,717 97,557 60,°Ž56 63,983 22,071 22,080 21,988 18,112 12,917 37,642 506,023 1i964 172,632 99,577 78,964 84,o85 35,996 24,255 21,677 14,328 11,576 42,901 586,291 1965 140,327 62,042 46,615 63,864 28,145 20,808 21,943 9,936 22,724 37,098 453,502 12606 169,116 128,819 83,765 89,443 49,691 25,775 32,280 14,128 31,807 49,268 674,092 1967 142,971 76,534 54,485 84,068 26,735 13,551 26,554 12,257 20,534 39,173 496,862 $4.z ce tBanco de la Republica Table 3.4: COLO0BT.A: IMPORT REGISTRATIONS, 1958-68 (Thousands of U.S. Dollars) ReiTbursable lion-reimbursable Total Year Imports Imports Imports 1958 276,528 31,734 308,262 1959 377,109 25,913 403,022 1960 444,547 42,580 487,127 1961 462,517 59,760 522,277 1962 396,662 58,646 455,308 1963 470,798 85,766 556,564 1964 454,739 64,130 518,869 1965 424,230 61,438 485,668 1966 568,582 59,995 628,577 1967 422,208 84,948 507,156 1968 529,064 101,407 630,471 Source: Banco de la Republica. Table 3.5: COLOMBIA: IMPOHT RDGISTRATIONS, BY YONTH, 1967-69-/ (Thousands of U.S. Dollars) Reimbursable IIports Non-reimbursable Imports _ Total Imports Ivlonth 119766 1969 1967 196 B 1969 1967 1966 1iT Jan 25,999 40,221 4k,945 3,640 13,824 3,480 29,639 54,045 48,425 Feb 20,236 42,573 42,900 3,381 6,567 5,698 23,617 49,140 48,59u MAar 16,421 38,845 55,802 7,266 8,684 5,199 23,687 47,529 61,001 Apr 26,932 36,713 56,796 9,397 6,278 20,936 36,329 42,991 77,732 May 37,509 45,565 45,121 14,462 12,765 7,642 51,921 58,330 52,763 June 44,581 53,178 50,239 5,303 5,167 8,998 49,884 58,345 59,237 JTuly 28,771 42,161 59,988 4,762 10,007 16,200 33,533 52,168 76,188 Aug 42,193 45,399 50,382 2,558 4,829 6,300 44,751 50,228 56,682 Sept 44,428 44,857 53,000 13,018 6,845 11,800 57,446 51,702 64,800 Oct 43,629 46,669 5,167 4,813 48,796 51,482 7Tov 48,700 44,551 6,391 7,465 55,091 52,016 Dec 42,809 48,331 9,603 1J,163 52,412 62,494 a/ Revised monthly figures as of September 1969. So".rce: I:vtitutc 2oi-.iano 2t.Cc,v-..o Jxterir 2N--)-I .) -ableZ. 6 . .2;OL0tSB: Ds'r.AT:h OF PEDABtRSAL T: ]APO1)rL1 REGISTRAT.LONS, BY MONTH, 1967-69 (Thousands of U.S. Dollars) Compen- Plan a/ b/ Ordinary AID IBRD sation Vallejo- Total-- 1967 Jan 19,689 1,942 950 3,417 ... 25,998 Feb 17,524 101 123 2,478 .t. 20,236 Mar 10,753 3,267 199 2,202 ... 16,421 Apr 20,769 190 1,210 4,762 ... 26,931 May 28,455 4,554 713 3,795 ... 37,517 June 21,522 14,030 534 8,494 ... 44,580 July 15,807 7,642 2,983 2,340 ... 28,771 Aug 26,680 9,874 1,241 4,397 ... 42,193 Sept 27,813 9,765 1,212 4,397 1,241 44,428 Oct 20,930 11,257 4,402 5,278 1,762 43,629 Nov 26,225 10,284 545 10,431 1,215 48,700 Dec 22,726 12,586 619 5,936 1,041 42,809 1968 Jan 28,201 5,498 313 4,155 1,886 40,221 Feb 30,676 4,931 477 5,410 1,078 42,573 Mar 21,455 10,519 1,059 4,176 712 38,845 Apr 28,988 24 167 5,631 1,360 36,713 May 36,397 1,617 506 5,626 1,41.8 45,565 June 42,179 4,212 1,315 4,849 623 53,178 July 30,642 2,284 245 4,926 2,370 42,161 Aug 31,205 4,757 28 3,373 924 45,399 Sept 29,780 3,581 201 6,582 3,206 44,857 Oct 34,969 5,233 527 3,006 1,739 46,669 Nov 31,613 6,166 252 4,351 1,219 44,551 Dec 27,010 13,788 512 5,605 577 48,331 1969 Jan 29,850 8,801 707 3,940 1,235 44,945 Feb 29,032 9,207 290 1,860 1,435 42,900 Mar 37,359 7,557 818 9,204 863 55,802 Apr 38,601 7,567 422 8,213 1,357 56,796 May 31,938 6,744 248 4,131 1,443 45,121 June 37,023 6,369 261 5,287 674 50,239 July 38,992 10,374 235 9,454 933 59,988 Aug 37,158 7,383 1,478 3,624 739 50,442 Sept 40,174 6,439 460 4,708 1,239 54,000 a/ Smal.1 amounts of Plan Vallejo registrations are included in Ordinary and Compensation columns, hence this column slightly understates total Plan Vlallejo registrations. bJ Total exceeds sum of row by amount of registrations for free ports of Sa.n Andres and Leticia. 1-cure e; nstituto Colombiano de ConercLo Exterior (INCOiMEX). .ab le 7; *; 1Th1IA? D.JTI!TL OF AID Y(ErJB1mSA3 F iiP11T 3MMISTRATIONf BY I'1OICMsl, i967-69 (Thousands of U.S. Dollars) Program/Sector Loans Capital Other Goods Goods AID Loans Total 1967 Janl b ... .. , 1,9142 Feb ... . 101 Mar ... 3,267 Apr ... ... 190 May . .a .4,5514 June 1O9 13 866- 55 11,030 July .1.. 7,193a/ 6248 7,62 Aug 329 9,786=/ 56 9,874 Sept 2,127a/ 7,468E 171 9,765 Oct 684a/ 10573a/ * 11,257 Nov 1,953.' 7 ,577a/ 7514 10,284 Dec 1,483_/ 10879E/ 224 12,586 1968 jan 520a, 14978 1 5,498 Feb 1,3114/ 396o2/ 10 4,931 Mar 9lgi9/ 9,272 f 329 10,519 Apr ...ab/ 1' 10 214 May 99 M/ 1,518 . 1,617 June 107- 4,075SJ 30 4,212 JiuLy 280 2,1OO / 4 2-,23 Aug 1,528 3,182 7/ 147 4,757 Sept 45 3,112b 15 3,581 Oct 600j/ 4,567W 66 5,233 Nov 816' 5,°°5o-/ 346 6,166 Dec 2,591 11,l96t/ 1 13,788 1969 b Jan 6714bv 8,o2lY 106 8,801 Feb 1, 6141- 7,561Ji/ 5 9,207 Mar 3,o098b/ 41398sJ 61 7,557 Apr 1,251ab/ 5:458 / 858 7,567 Na&y 1,4142a/ 5,278 ab 24 6,7144 Junle 8i6g/ 5,53 4 19 6,369 July 2,56W4f 7,42027 390 10,3714 Aug 1,07142 6,911482 161 7,383 Sept 2352 6,09F42 110 6,439 a/. Loan 449 b/ Loans 51-52 c/ Loans 53-54-55 Source: L-istituto rolorabiano de Comercio Er:terior (INCOUKE). Table 3.8: COLOMBIA: O0FFEE EXPORTS, BY VALUE AND QUANTITY, 1958-69 FOB Value in Thousands of Calendar Thousands of 60--kilogram Year U. S. Dollars Bags Shipped 1958 354,514 5,441 1959 361,246 6,413 1960 332,2h9 5,938 1961 307,827 5,651 1962 332,020 6,563 1963 303,006 6,133 1964 394,228 6,413 1965 343,901 5,635 1966 328,266 5,565 1967 322,372 6,o94 1o68 351,441 6,588 1969est' 340,000 6,325 a/ Recorded exports, Customs Clearance Basis. Source: Departamento Adyinistrativo de Estadistica (DANE). Table LJ2e COLOMBIA.: CRUDE PETROLEUtM PRODUCTION, DOIvESTIC CONSUMPrION, AND EXPORTATION, 1958-69i/ Apparent Crude Domestic Petroleum Refinery Production, Consumption, Crude Petroleum Exports Thousands Thousarnds of Thousands Thousands of Year of Barrels Barrelst/ of Barrels US Dollars 1958 46,878 22,489 24,389 66,571 1959 53,574 25,208 28,366 73,292 1960 55,770 24,438 31,332 79,998 1961 53,242 25,712 27,530 68,239 1962 51,908 27,597 24,311 60,584 1963 60,243 29,072 31,171 77,198 1964 62,586 31,874 30,712 74,962 1965 73,206 32,524 40,682 88,169 1966 71,915 36,340 35,575 70,596 1967 69,416 38,268 31,148 61,212 1968 63,573 45,121 18,452 36,333 1969-/ 75,000 47,500 27,500 49,500 a/ Quantities in 42-gallon barrels. b/ Production minus exports. c/ Estimate based on January-August data for production and refinery consumption, with exports determined as a residual quantity and priced at aa. average US$1.80 per barrel. Figures reflect the inauguration of the Trans-Andean Pipeline and output from the new Orito field, plus continued slow decline in output from old fields. Sources: Banco de la Republica; Petroleum Industry Information Center. Table3 1O: COIOMBIA: EXFORT REGISTRATIONS, 1958-'9 a/ (Thousands of U.S. Dollars) Year Coffee Other Total 1958 388,088 21,407 409,495 1959 394,497 23,030 417,527 1960 348,736 33,297 382,033 1961 328,034 45,673 373,707 1962 347,303 53,943 401,246 1963 314,326 48,576 362,902 1964 393,164 73,635 466,799 1965 346,742 96,667 443,409 1966 333,201 105,701 438,902 1967 319,627 122,860 442,487 1968 362,000 158,000 520,000 1967-lst Half 140,200 58,600 198,800 1967-2nd Half 179,427 64,260 243,687 1968-1st Half 171,800 70,200 242,000 1968-2nd Half 190,200 87,800 278,000 1969-is-t Half 159,700 103,100 262,800 aJ Figures not adjusted for cancellations. Source: Banco de la Republica. Table 3 -1l: COLOMIIA: `XTORT REGISTPtATIONS, BY MBiS3TH, 1967-69 (Thousands of U.S. Dollars) Coffee Lxports All Other Exports lotal xports Month 1967 196 b 1969 1967 1_96 1969 1967 196_ 1969 Jan 17,034 32,326 15,660 8,719 10,431 16,338 25,753 42,757 31,998 Feb 28,808 29,761 24,401 8,599 12,620 15,318 37,407 42,381 39,719 Mar 24,398 19,086 32,448 9,251 11,970 20,088 33,649 31,056 52,536 Ap 21,211 32,830 22,416 8,859 11,898 17,384 30,070 44,728 39,800 May 27,148 30,372 33,208 9,998 11,825 17,992 37,1l)6 42,697 51,200 JAne 29,790 26,044 31,627 8,166 9,734 20,515 37,956 35,778 52,142 July 28,657 34,369 24,000 10,503 13,563 17,800 39,160 47,932 41,800 Aug 33,146 39,272 23,100 15,536 16,109 13,600 48,682 55,381 36,700 Sept 22,371 16,560 4d,400 8,044 13,456 19,700 30,415 30,016 61,100 Oct 27,950 29,075 8,370 16,077 36,320 45,152 U.ov 27,110 33,204 7,645 13,888 34,755 47,092 32,004 28,992 9,574 14,532 41,578 43,524 ./ Revised monthly- figures as of September 1.969, not adjjusted fLr cancellations. Sc;urxe: Instituto Colombiano de Comercio Exterior (INTCOMj4EX). &able 3.12: COLOKBIA: MERCHANDISE EXPORT EXCHANGE SURRENDER, 1958-68Jt (Thousands of U.S. Dollars) Commodity 1958 1959 1960 1961 1962 1963 Bananas 8,955 8,969 5,031 5,564 4,195 4,957 Cattle & Meat 40 .. .. 000 .0 e** * Cement e 1,960 1,757 2,021 1,925 1,323 Cotton ... .. 13,293 10,770 20,230 6,212 Hides & S1ins 1,014 1,144 539 884 2,105 2,523 Live Anirials, excl. Ca.ttle ... 1,143 1,560 1,537 1,865 1,596 Mechanical Manufactures *e0 oe. 791 488 650 Metal Mtanufactures ... e. .o iineraLs .. .*. *0 .,. 1,029 Paper & Cardbcard * *0* 0 0 n * IPhaxrma- ceuticals *0* *., r 1,626 Sugar 4 ... ... 5,233 7,451 5,038 Textiles *-e 19 183 1,110 4,336 3,840 Tobacco 1,812 2,246 2,212 3,069 5,111 8,609 liood 1,920 2,279 2,1/05 2,58C 3,861 Other Minor Exports 6,931 5,668 3,397 3,668 3,793 3,919 SJBTOTAL (18,756) (23,069) (30,251) (36,°'14) (14, 02) (145,183) Coffee 350,562 370,729 325,641 326,939 300,089 312,455 TOTAL 369,318 393,798 355,892 363,,i1 354,101 357,638 Continued, Table 3.1: COL0iMBIA: MERC.HANDISE EXPORT EXCHANGE SURRENDER, 1958-68aJ (Thousands of U.oS. Dollars) Continued (page 2) Cormodi.ty 1964 1965 1966 1967 1968 Bananas 17,548 25,384 23,729 19,173 15,571 Cattle & Meat 202 6,079 6,378 4,072 4,471 Cement 2,006 1,463 1,996 3,269 3,978 Cottcn 9,296 6,662 4,954 19,607 33,695 Hides & Skins 3,868 3,668 3,051 3,635 6,276 Live Animals, excl. Cattle 1,728 3,478 1,639 1,627 1,514 Mechanical Manufactures 1,030 949 1,866 2,154 2,409 Metal Mamifactures 9.. 2,388 3,470 3,322 MineraLs 2,568 1,528 170 1, 818 6,C9. Paper & Cardboard 2,7C7 5,283 8,419 Pharmaceuticals 2,085 2,864 1,741 1,695 2,378 Sugar 3,282 7,696 10,043 15,947 22,0D35 Textiles 6,645 11,842 8,450 8,923 16,043 Tobacco 10,904 5,332 4,441 5,072 7,f,72 Wood 4,145 3,688 3,877 4,526 5,647 Other Minor Exports 7,210 17,140 18,299 16,792 39,514 SUBTOTAL (72,517) (98,773) (95,729) (117,063) (178,434) Coffee 439)830 346,675 302,302 318,813 314,144 TOTAL 512,347 445,448 398,031 435,876 492,578 a/ Excludes petroleum. Source: Banco de la Republica. Table 3.13: COLOMBIA: MERCHANDISE EYORT EXCHANGE SURRENDE., BY SEMSTER AND QUARTER, 1967-692/ (Thousands of U.S. Dollars) 1969 Commodity 1967-I 1967-II 1968-I 1968-II 1969--I 3rd Qtr Bananas 11,185 7,988 8,109 7,462 9,746 4,235 Cattle & Mleat 1,016 3,056 2,825 1,646 4,100 4,790 Cement 1,528 1,741 1,543 2,435 1,479 524 Cotton 6,804 12,803 16,231 17,464 23,072 9,126 Hides & Skins 1,723 1,912 3,060 3,216 4,410 2,136 Li-ve Animals, ex-cl. Cattle 79 1,548 727 787 828 388 Mechanical Manufactures 1,102 1,052 1,150 1,259 2,211 951 Metal Manufac'vu.res 2,142 1,328 1,667 1,655 2,200 976 Minerals 364 1,454 2,107 3,983 7,866 2,008 Paper & Cardboard 2,656 2,627 3,593 4,826 1,898 2,086 Phar,aceuticals 780 915 1,883 495 3,818 2,155 Sugar 6,771 9,176 8,344 13,691 7,805 4,78)4 Textiles 4,878 4,045 7,363 8,680 7,778 4,456 Tobacco 1,662 3,410 1,633 5,439 2,208 3,7314 Viood 2,204 2,322 2,889 2,758 4,024 1,632 Other Minor Ecports 7,972 8,820 14,519 24,995 9,299 7,629 SUBTOTA T (51,863) (65,197) (79,017) (99,417) (101,305) (51,570) Coffee 151,225 167,588 161,998 152,146 139,017 9t3,410 TOTAL 203,088 232,785 241,015 251,563 240,322 141,980 a/ Excludes petroleum. Soinrce: Banco de la Republica. Tal : COLOMBIA: ADVANCE AND NORLAL NERCHMNDISE EXPORT 7XCHANGE SURRENDER, BY QUARTER, 196669) (Thousands of U.S. Dollars) Coffee Exports "Minor" _Fiports Advance/ A dv anc e / Year & Advance Normal Total Total. Advance Normal Total Total Quarter Surrender Surrender Surrender P=EnLui Surrender Surrender Suirender Percentage 1966-I 15,946 h3,155 59,101 27.0 6,655 14,779 21,434 31.0 1966-II 42,632 67,137 109,769 38.0 6,956 18,670 25)626 27.1 1966-III 6,L451 6o,491 66,492 10.0 7,219 14,835 22,O05 32.7 1966-IV 14 590 51,900 66i490 21.9 12,296 14 319 26,615 46.2 1966 Total 79 T9 2227 302,302 -2?72.3 3312 62,603 5)72 1967-I 16,575 46,136 62,711 26.4 8,608 10,424 19,032 45.2 1967-II 36,746 51,768 88,514 41.5 15,274 l7,557 32,331 h6.5 1967-_IT 23,005 12,025 70,030 32.9 16,982 15,004 31,986 53.1 1967-IV 41,845 55 713 97,558 42.9 25864 7 357 33,211 77.8 .j967 Total 118,171 318,8 13 3701 ,73 42 117,060 57.0 1968-I 31,808 36,529 68,337 46.5 20,146 13,036 33,182 60.7 1968-II 45,208 L8,453 93,661 48.3 23,901 21,931h 45,835 52.1 1968-IIT 24,730 12,269 71,999 34.4 25,898 17,536 43,434 59.6 1268-TV 34 000 46,147 80147 42.4 29 676 262307 55,83 53.0 3968 Total 1317 ,3 9 31h,lh T. S9 78TT 13 178,43 55.8 .S69-i 21,972 45,666 67,838 3244 2h,L07 21,852 46,259 52.3 i969-TII 33,796 37,383 71,179 47.5 33,017 22,029 55oL6 60o0 1969--III q ... 90,410 . ... ... 51,570 .0. Table 321L: COLO0EIA: ADVANCE AND 1NORi4L MERCHANDISE EXPORT EXCHANGE SURRENDER, BY QUARTER, 1966-69a/ (Thousands of U.S. Dollars) Continued (page 2) Total Merchandise Exnorts Advrance! Year & Advance Normal Total Total Quarter Surrender Suirrervler Surrender Percentage 1l,66-I 22,601 57,934 80,535 28.1 1966-II 49,588 85,807 135395 36.6 1966-lIi 13,670 75,326 88,996 15.4 1)66-IV 26,886 66 219 93,105 28.9 ly66 Total 112,745 2 t,28t 398,031 F.3 1967-I 25,183 56,56o 81,743 30.8 1967-II 52,020 69,325 121,345 42.9 1967-III 39,987 62,029 102,016 39.2 1967-IV 67 699 63,070 130,769 51.8 1967 Total 25m0,9 435,873 42. 1968-I 51,954 49,565 101,519 51.2 1968-II 69,109 70,387 139,496 4?.5 1968-III 50,628 64,805 115,433 43.9 1968-IV 63 676 72,4L5$ 136,130 46.o 1968 Total 7,211 092,57 47.8 1969-I 46,379 67,728 114,097 40.6 1969-IT 66,813 5X,L412 126,225 52.9 1969-III ... ... 1JL,980 . .a, Surrender values identified according to oripinal naturre, i.e.,eith,er advance or normal (em post). M*"-' e: Banco de la Republica. ?able3.3J.: COLOMBIA: OFFICIAL MARKET RATES OF EXCHANGE, 1967_69 (Colombian Pesos per U.S. Dollar) Dollar Purchase Dollar Sale End Dcchau ge Petroleum Exchange Prefer- of Certiiicate Capitl Certi icate entiaJ Period Rate_! Rate -l Rate 0 Rate C 1967r1 13-51 7.67 13.53 9,00 l967,-II J.4.46 7.67 14h51 9.00 1967-.IT] 15.30 7.67 15.30 9.00 1967 -_TIV 15.76 16.25 15.82 9.00 :L5.98 16.25 16.03 9.00 196P8'ri 16.29 16.33 9.00 1968.-fuly ]16.35 16239 9.00 Aug 16.43 16.48 9.00 Sept 16.55 16.57 9.00 Oct' 16.69 16.72 9.00 Nov 16.82 16.85 9.00 Dec 16.88 16.91 9.00 1969-jari 16.90 16.94 9.00 Feb 16,98 17.02 9.00 Mar 17.10 17.14 9.00 Apr 17.13 17.18 9.00 May 17.20 17.23 9.00 J une 17.27 17.31 9,0;s? July 17.33 17237 9 0 t Aug 17.50 17.54 9.00 S,pt 17.57 17,61 9e00 a/ Decree-Law 444L of March 22, 1967, created this flexible Exchange Certificate Pate which remains in force today. b/ Monetary Board Resolution 8 of March 10, 1965, established a rate of 7. e67 for the purchase of dollars (i.e., foreign exchange) brought into Colombia as capital importation by oil companies. Resolution 13 of March 22, 1967, continued this rate and specified precisely thie types cf activities and outlays to which the rate applied. Resolution 58 of November 10, 1967, ruled that a Capital Market buy- irig rate would be used for petroleum company conversions. This rate existed from November 1967 through May 1968 at a constant 16.25. On March 22, 1967, Decree.-Law 444 transferred petroleum capital trans- actions to the Exchange Certificate Market. c/ Tlis Preferential Rate for domestic purchases of crude oil has been maintained at 9 pesos since 1962. Sour-ce: Banco de la Republica. Table j16 COLCMBIA: CENTRAL BANK GROSS RECEIPTS OF FOREIGN EXCHANGE, 1963-69 (Thousands of Ue S. Dollars) Merchandise Purchase of Export Petroleurn Surrenderi21 _ Capital and Year l,, r:,iv :o,+ ;rl J_, rable 3 19: COLi0BIA-: EXTERNAL RESOURCE TRPASFE3TS A.NTD CAPITAL FL0WlSg 1964-68 2/ 1964 1965 1.966 1967 1968 A. Gross Domestic Product (Market Prices) in Millions of Current U.,S Dollarsbj 4,3o5 4,54o0 4,91o0 5275 53775 B. Ecternal Resource Transfer 2/ -65 60 -205 15 -5 C, Transfer as Percentage of GDP (15) (13) (4.2) (0.3) (1i5) D. Factcr Income Payments to Foreigners 75 80 85 105 115 E. Net Capital Inflow2/ 135 15 290 90 195 Fo Debt Amortization 100 145 40 95 100 G. Gross Capital Inflow 2/ 235 160 330 185 295 a All figures rou-nded to nearest multiple of five. A dollar series in constant 1968 prices was obtained by dividing 1968 peso GDP by Col$16.40, the average certificate market exchange rate5 and working backward on the basis of real growth increments to deduce the 1964-67 figures. The dollar estimates in current prices were then computed by adjusting the series by UeS. GNP Implicit Price Deflators for 1965-68 (19, 2.6, 3.1 and 3.8 percent increasess respecti.vely). 2/ Resource transfer refers to Colombia's external balance on goods and services, exclusive of factor incoine paymentsb A negative sign indicaties a trade deficit, hence a resource transfer to Colombia. 2/ Net capital inflowy in this context is identical to the goods and services balance, inclusive of factor income payments. e/ Gross capital inflow here refers to the arithmetic sum required to finance the current trade deficit, interest and profit reirlittances, and debt repayment shown for the year. (Net Unrequited Transfers provide a. part of this required inflow). Source: IBRD Table 4.1 COLOMBIA - EXTERNAL PUBLIC DEBT OUTSTANDDI3 AS OF DECEMBER 31, 1968 /1 WITH MAJORI REPORTED ADDITMNS JANUARY - JUNE, 1969 Debt Repayable in Foreign Currency (In thousands of U.S. dollars) Debt outstanding December 31, 1968 Major reported Source Disbursed Thcluding additions onl undisbursed January-June 1969 TOTAL EXTERNAL PUBLIC DEBT /2 9414,492 1 276 279 155,398 Privately held debt 167,255 209,9771 Publicly-issued bonds 25J570 25 570 _ Suppliers 955384 193 6 5Q1 Belgium 1 ,2 Canada 6,6116 6,6146 France 1,179 2,9g47 Ge many 7,899 8,1AI7 148 Italy 90 4,846 Japan 1,519 4,479 Netherlaiids 229 358 Spain 5,856 28,099 102 Sweden 12,854 17,860 Switzerland 1, 1406 1J,1406 United Kingdom 1,816 1,953 1140 United States 146,121 149,856 201 Others 8,564 8,564 Financial institutions 45 750 47 220 - Belgium wit 2 France 12,676 12,676 _ Netherlands 1,896 1,926 - Sweden 3,158 3,158 Switzerland 2,583 2,583 United Kingdom 7,222 7,222 _ United States 15,0149 16,489 - Others 2,891 2,891 Privately placed bonds 550 550 _ Loans from international organizations 348 967 535,435 142 000 IBRD 7U)O IDA 19,1452 19,500 1DB 39,657 63,320 - Loans from governments 1428 273 112,807 Canada 7 M3 Denmark - 1,867 France 2,019 4,720 Ge nnany 2,992 5,914 5,5146 Netherlands 1,105 1,105 UTnited States 1421,1413 515,519 107,261 /t Debt with an original or extended maturity oT over one year. 75 Includes debt repayable in French francs which are converted at the exchange rate as devaluied in August, 1969, and/or Deutsche marks as revalued in October, 1969. Statistical SerAces Division Economics Department January 5, l970 Table L.2 COLOMDBIA - K3TI1ATED FUTURE SERVICE PAYMENrS ON EXTRNAL PUBLIC DBT OUTSTANDII3 INC-LUDING UNDISBURSED AS OF DECEMBER 31, 1968 WITH MAJOR REPORTED ADDITIONS JANUARY - JUNE, 1969 Debt Repayable in Foreign Currency (In thousands of U.S. dollars) Page 1 DEBT OUTST (BEGIN OF PERIDD) PAYMENTS DURING PERIOD INCLUDING A$ORTIA YEAR UNDISBURBED ZATION INTEREST TOTAL TOTAL EXTERNAL PUBLIC ODET 1909 1,*27,r92 67*239 37.243 104,481 10ro 10344*t12 12.6r? 42.009 114.466 1971 1,291,255 66.376 44,822 111,199 1972 1#224#8?7 87,609 434)39 111343 1973 1,157,268 65s262 41,965 107T245 1974 1092,OO6 63*444 39*040 102*484 19T5 1.028.56t 62.314 36.506 986020 1916 966,24T 61S543 34.100 95M643 191? 904,T04 6O0455 31.823 92.2?6 1916 644,249 62.491 29.T69 92,260 1979 781,758 54,784 27*960 82,744 1900 726*974 533296 25.414 76,110 s161 673P678 52,776 22,972 1,r750 1902 620,900 61*198 20#567 81*765 1903 559.T02 47,495 17.572 65.06? Note: Includes service on all debt listed in Table i prepared January 5, 1970 with the exception of the following, for which repayment terns are not available: Total $3072000 Publicly-issued bonds 32,000 Financial institutions 275,000 Table 4.2 COILOMBIA - ESTIMAITEI) FuTURE SERVICE PAYMENTS ON EXTERNAL PUBLIC DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1968 WiTH MAJOR REPORTED ADDITIONS JANUARY - JUNE, 1969 Debt Repayable in Foreign Currency (In thousands of U.S. dollars) Page 2 OEBT OUTST CBEGIN OF PERIOO) PAY4ENTS DURING PERIOD INCLUDING AkiORTI YEAR UNDISSURSED ZATION INTEREST TOTAL PRIVATELY-HELD DEBT 1969 209.670 37#154 T7976 45.130 1910 M0107 378608 7.762 45,569 1971 135P299 25.#729 06091 32#620 1972 109.570 21.753 5#833 27,616 1973 8.707t 16D*20 4.646 21#56? 1974 71*067 11.626 4.011 15,6)7 1975 59.441 7.64? 3.398 11.245 1976 51.5993 6852 2.966 9,818 197T 44.741 6.614 2*580 9.194 1978 38,127 11.542 2.206 130748 19?9 26.585 5.09t 1.696 6.793 1980 21.468 386)6 1.378 5*262 1981 17.605 3,561 1.123 4.664 1982 14,044 12.832 909 13.741 1903 1.212 6OB 69 877 PUBLICLY*ISSULO BONDS 1969 25#538 3*119 743 3.862 19TO 22#420 5.996 649 6e,6i4 1971 10.424 1.379 482 1,862 1972 15.045 2,068 491 2,508 1973 12.97r 1.253 380 1,033 1974 11,724 1#291 342 1.633 197T 10.433 1.330 303 1,633 1970 9.103 1.370 263 1*633 1971? 7.33 1.411 221 1*633 1970 6.322 6P322 179 6,501 Table 4.2 COLOMBIA - EiTITATED FUTURE SERVICE PAYMENTS ON EXTERNAL PUBLIC DEBT OtlTSSTANDING INCLUD1; DK UNDISBURSED AS OF DECEMBER 31, 1968 WrrH MAJOR REPORTED ADDITIONS JANUARY - JUNE, 1969 Debt Repayable in Foreign Currency (In thousands of U.S. dollars) Page 3 DEST OUTST (BEGIN or PERIOD) PAYMENTSsDURING PERIOD INCLUDING AMORTI* YEAR UNDISSURSED ZATION INTEREST TOTAL PRIVATELYwHELD DEBT SUPPLIERS 1969 136.636 16.591 5.434 24,015 1970 118P636 20.668 5.014 26.282 1971 97.968 199535 5.061 24#,96 19?2 76.433 14.193 4.345 20*.38 asr3 62.240 12.639 3.056 16.296 1974 49.001 9.308 3010 12031 1975 40u293 5.561 2.526 6o067 1976 34.732 4,526 2.197 6#r23 I9ry 30.206 4.240 1sts1 6.163 1976 23.900 4.264 1.048 5#912 1979 21.696 4.141 1,361 53521 1960 17.555 2#92? 1.12? 4,054 1981 149.26 2.605 935 3.540 1962 12.023 12.023 784 12.606 FINANCIAL INSTITUTIONS 1909 46*945 15.335 1.010 17,145 1970 31.610 11,035 1.499 12.535 19to 20.57.4 4,705 1#347 6,052 192 15869 3.413 1.048 4.461 19T3 129451 2*.1 610 3,529 1914 9,?)? 1*032 639 1.0661 1975 86414 950 569 1,525 1976 .T758 956 506 1*462 1977 6.602 956 442 10396 19t8 5o845 950 379 1.335 1979 4.009 956 315 1D271 1960 3&933 956 252 1,208 1981 2P977 956 l88 1t144 1982 2.020 808 125 933 1963 1.212 808 69 877 Table 4.2 COLOMBIA - Eg'3r7LATEI FUTURE SERVICE PAYMES ON EXTERNAL PUBLIC DEBT OUTSTANDING INCLUDING UNDIBISBED AS OF DECEMBER 31, 1968 wITH MAJOR REPORTED ADDITIONS JANUARY - JUNE, 1969 Debt Jepayable in Foreign Currency (In thousands of U.S. dollars) Page 4 DEBT OUTST CeEGIN OF PERIOD) PAYMENTS DURING PCRIOD INCLUDING AMORTIT YEAR UNDISSURSED ZATION INTEREST TOTAL PRIVAT[LYNCELD DEBT PRIVATELY PLACE:D BOJfl 1969 530 109 o10 191o 441 1o t 109 t191 332 109 * 109 1972 223 109 S 109 19r 11s4 109 ' 109 1914 5 5 % 5 LOAIDS FROM IITNTIONLL OKaANIZATIOES 1969 535.435 18,663 21.106 39J989 1970 558,552 21#646 23D067 4#5rtS 19l1 536.706 25.926 240376 52,305 19m2 5100?79 29.496 a.ois 56.S11 1973 461,261 32.442 26.927 59e369 1974 4468.39 34.321 25. l1 59.509 1975 414.511 35.933 23.136 59,049 196t 3786.58 36.234 21v034 5r*268 1,? 3424344 35*010 18.928 530938 19r6 30r*334 31p367 16*899 48.206 1979 275.94T 27.667 15.137 42.024 1606 246,259 27r.17 13.500 40.470 1961 221.088 27*180 11.905 39006 £982 193.9o6 28a0.3 10.286 38,359 1983 165v635 2r.o052 6.625 35.677 Table 4.2 COLOMBIA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL PUBLIC DEBT OUTSTANDIN INCLUDIP-3 UNDISBURSED AS OF DEC&SER 31, 1968 WrrH MAJOR REPORTED ADDITIONS JANUARY - JUNE, 1969 Debt Repayable in Foreign Currency (In thousands of U.S. dollars) Page 5 DEBT OUTST (BEGIN OF PERIOD) PAYMENTS DURING PERIOD INCLUDING AMORTI YEAR UNDI1BURSED ZATION INTEREST TOTAL LOAiS FRDM INrNATIONAL ORGANIZATIONS IBRD 1909 452P615 15,634 186240 33v874 1970 478P901 10,691 20.386 38.07? 1971 461.290 19.550 22.953 42,509 1972 44107)4 23#13? 23*96? 47.104 1913 415.97 26,Oo0l 24.259 50.340 1974 392.S60 2MO9O? 22.890 50.65? 1975 364.549 29.57* 21#222 50.794 1916 334.97? 30.206 19.492 49,698 1977 304.771 26.906 T7r044 46*726 1976 275.09o 27a102 16.045 43.147 1979 240#6.6 25*270 14#500 39.77r 1940 223.409 24.989 12.995 37,984 t961 1960410 25.134- 11*513 36*647 1962 1T3.266 26*4t1 9,969 36.400 1963 146.a75 25.72T 8.366 34113 IA 1969 19.50 ' 146 146 iiro 19.590 ' 146 146 1971 19.500 98 146 244 1912 19.403 195 145 340 1973 19P206 195 144 339 1974 19,013 195 142 337 19135 Io81 195 141 336 1976 13642a 195 139 334 I97T 368428 195 138 333 1978 16.23) 195 136 331 1919 16.0)6 195. 135 330 1900 17#043 195 133 328 1961 1?*646 390 132 522 1982 072568 585 128 713 16.6?) 55 124 709 E_~~~~~~~C a4 ovao o 9 m we in o in e> o #, v a s-i 0 a we e wo M 0 in 40 o ftv% to oD W.I vm~~~~~~~~~~~~~~~~~o 40 Om Om**"roe a a&_MohCoc e"" o o 3~~~~~~~~~~~~~~~~f % ft Cfoo ft30r CWf f tf 4 f0 P,S Pt..0 6 > CO we MW con Q* 0r6 Zs C " 06 W re onso HO\ 0- Fq :s; < ~~~~~0 "Z 0 ta Np in P% O 0 ok. W% ft A _ 4 4 Z- W3Poi OL 6 *b OL 04 ft m 0 4* el ig 40 a a 14. 43 op a 94 0 M Cd g m " ^bo4ooOv PZ c r4 ve Z4 04 B S P3 °X °D* v 0 >~ ~ o gz S*~s*^zooI E"*t˘X K0 X~~~ ff 40 40 W: 4 t Me a-s sltbrW f-' P" O' m- 40 Ch Co a& f*˘u - 0 m a CD 0r *B v w tn~ ~ ~ 9 o in ; m 0 W M a: tv d ft C* mo on on OD 19 0 or -G G4 _w e z 0 I tn crC C) C4 0 rC- 54ftf tf,: tf -r rSE4DtiDOS K f0* o ii . U4" 63 ; e rl * p H :1 we o p d we we we ng W 0 O t H^ > " . i n X fi w o n " . . -4 O ^ b O l 0 0 am w "gd4.c0 W 8 l to N N 4- t t Zt Zt Ch % Oco~~~~~~~~~f ~q q& tn 0W_4^wf ad 0_ *°^˘n SM -9 m fe" U aW C In qo le o -Q0 n eKs PW ino Oin 4t 4e AV cD 'U =; ~ 4 i aw vo &!wO J aA a .4.4.~.4 we4.4 W* .4 W4.4 We." 4 lq .4..4. .4 04 ..4 we 4.4 ....A 4.4 Table 4.2 COLOMBTA - ESTIMATED FU1TJRE SERVICE PAYMErS ON EXTERNAL PUBLIC DEBT OtTSTANDINħ INCLUDIO UNDISBURSED AS OF DECEMBER 31, 1968 WITH MAJOR REPORTED ADDITIONS JANUARY - JUNE, 1969 Debt Repayable in Forsign Currency (In thousands of U.S. dollars) Page 7 DEBT OUTST (BEIN OF PERIOD) PAYMENTS DURING PERIOD INCLUDING AMORTlI YEAR UNOS9UR6ED ZATION INTEREST TOTAL LOANS fROM GOVERNMENTS CANAD& 1969 1*Y43 of 43 131 1t97 1.655 Si 30 126 1971 1.566 as 33 120 19t2 1.440 so 26 11, 19?) 1.393 6s 22 I1o 1974 I1.05 6e if 105 1t9s l.1 o6 12 99 1976 1.0-130 a7 94 1r S9o143 44 l 45 1tO9 999 49 49 1979 950 49 * 49 1960 902 49 * 49 1961 53 49 49 1962 804 40 49 19,3 755 49 * 49 DENMARK 1969 1.667 a - 1970 1i567 S 1971 1,986? e S 1973 IDsG? S 1974 1.073 lots 166r 103 to 1976 10764 10) 103 1977 1P661 103 103 197 1.V59 10) 103 1£99 1456 t03P 103 1960 s@r 103 s 103 1too 1D80 103 1 103 196t .P146 103 ° 103 1963 10045 103 1 103 Table h.2 COIDMBIA - ESTIMATED FUTURE SERVICE PAYMENTS ON EXTERNAL PUBLIC DEBT OUTSTANDING INCLUDING UNDISBURSED AS OF DECEMBER 31, 1968 wITH MAJOR REPORTED ADDITIONS JANUARY - JUNE, 1969 Debt Repayable in Foreign Currency (In thousands of U.S. dollars) Page 8 DEBT OUTST (BEGIN OF PERIOD) PAYMENTS DURING PERIOD INCLUDING AMORTIW YEAR UNDISSURIeC ZATION INTEREST TOTAL LOANS fROM GOVERNMENTS FRAME 1909 4,720 101 to 11? 197O 4.619 295 111 406 s9rt 4.324 368 146 536 19?2 3#9)6 306 134 522 1973 3.034 386 121 509 19T4 3.159 366 10? #95 I9M5 a. tT sS 94 *82 1O?6 2u863 38, so 440 19?? 1g995 366 66 455 197e 8160? 365 53 441 1979 1.216 26? 39 326 1960 931 186 St 217 1961 745 166 24 211 1962 559 186 10 204 1983 3?3 1J86 1 198 1909 5.914 486 312 800 1970 109972 670 4r9 1.o149 1971 109302 607 503 1.173 192a 9062 670 492 1.162 1913 6.903 610 460 1,.150 19?4 8.292 so 461 to220 19t5 7D0334 R6 414 1#261 1976 $.60? 846 365 1.211 LOTT 3*5.1 646 315 1161 1o9e 4,995 646 286 1#112 197'9 4.149 4 216 1.062 1900 3.302 846 167 1,013 19,1 2.456 599 121 721 1962 1.857 41 89 506 1963 1*440 235 72 30r jai21e 4e2 COLOMBIA - ESTIMATED FUTRE SERVICE PAYMhNTS ON EXTERNAL PUBLTI DEBT OUTSTANDING INCLUING UNDISBURSED AS OF DECEMER 31, 1968 WITH MAJOR REPORTED ADDIrIONS JANUARY - JUNE, 1969 Debt Repayable in Foreign Currency (In thousands of U.S. dollars) Page 9 DEBT QUiST (CEGIN OF PERIOD) PAYMENTS DURINS PERIOD INCLUDING ANORT16 YEAR UNDISSURICO ZATION INTEREST TOTAL LOANS FROM GOVERNMENTS 19*9 l1o5 t00 01161 19o0 19005 loo 35 156 19r1 904 too so 130 I9ta 604 Soo 44 145 19?) 703 1OO 39 139 974 60) too 13 134 1t97 502 100 21 126 1976 402 too 22 123 19TY 301 Soo 1T 117 1I9 3o1 10 I0 11 11 t9r9 100 100 6 106 us S TA STEA 19*9 515.519 10,424 7,T79 18.154 1970 6i3,XS6 12a,o7 9.69? 21,?68 1t97 600.885 13#47S 10.019 24,294 193 58*6.10 15*080* 10@190 2sn272 19?3 571,738 14,854 IsS50 24#403 1974 5586764 I6D15 9P229 25,385 lotS 5400t@1 17,00 9.425 26,433 19T6 523#710 16,932 9#62? 26,559 1S?>? 5oa r a 17D330 9,926 27.265 Iota 469.41S 180,07 i@83S! 280410 199 4?Teo3 300615 10a966? 31,J481 19,0 45*0?DS 21.059? 1.DZ39 3to96 l9o1 439u60a 21e1o0 WPT 30,097r sa82 40$05601 19539 99165 28.604 1903 360P042 19.Oe) 6793 27.65? Statistical Serwices Division Economics Department January 59 1970 Table 5C1 COLOMBIA CEN'ThAL GOVERNMNT CASH FLOIVS, 1963-7a (MillioiZ of Pesos) in C,urrent Pesos In 1968 Pesos 1963 19 1 l97b 19 79 9 1970 1'J71 Our'rent Revenue 3,C69 3,8 7 3,9h8 6,027 6 688 8,057 8,565 10,170 l11lel ln .ome Taxes 1,393 1,T876 -9T2 231 2,3C6T2 3,735 Z9 4760 T77 '7ustcm Duties ( 6 n 1,100 1,351 1,345 1i945 1,975 3$ Lxrort Surcharge 90565 659 70 1,911 0 184 225 320 320 Special Exchange Account 532 626 340 346 372 428 460 780 870 Sales Taxes ... ... 222 644 724 770 820 890 uel' Taxes ... 44 56 62 648 689 690 755 820 Stamp Taxes 117 1$2 153 311 410 472 500 545 590 Inheritance Taxes 171 58 114 109 119 150 155 165 175 Other 291 412 411 334 363 416 4135 430 b45 CAT 0 0 0 0 0 -138 -340 -420 -525 Current Revenue as % of GDP (7-1) (7.2) (6.5) (8.2) (8.0) (8.5) (8.5) (9-4) (9.6) Current Expenditure 2,509 2,878 3;010 4,120 4,293 5,183 6,o35 6 880 7,560 0perating ExPenditure 2,335 27,6l2 3.,6 3,979 4,514 o- 1 690 interest Costs 174 198 198 334 314 369 530 695 740 urO1lis cn Current AccoUnt 560 969 938 1,907 2,395 2,5874 2,530 3,290 3, 555 As % of Current Revenues (18.2) (25.2) (23.8) (31.6) (35.8) (35.7) (29.5) (32.3) )32.C) Investment 1,096 1,362 1,330 1,398 2,626 3,710 3,822 4,4160 4,785 Surplus as % of Investment (51.1) (71.1) (70.5) (136.4) (91.2) (77.5) (66.2) (73.8) (7 L43) Index in Corstant Pricesb/ Surplus 10O 147 133 232 269 301 265 351 372 Investment 100 106 96 87 151 198 204 239 255 a/ For projection -ethodS see Annex. b/ Deflated by national cost of living index for workers, 1963 = 100. Source: Banco de la Repuli-ca and staff estimates. 6A'3LT 6.1: COIDMi3IA COMPOSTTION G1 W7G1RilI 0? T0HE MI0VY SUPPLY, 1958-.69a/ (Millions of Pesos) End Money Total Percentage ot Currency with the Demand Money Increase Period Outstanding Public Deoosits Supply durin eiod 1958 1,459 1,360 1,958 3,318 ev 1959 1,605 1,486 2,230 3,716 12,0 1960 1,724 1,606 2,497 4,103 lO.4 1961 1,983 1,846 3,267 5,112 24.6 1652 2,287 2,115 4,054 6,169 20,7 1963 2,743 2,537 4,386 6,923 12.2 1964 3,385 3,115 5,255 8,370 20.9 1965 3,872 3,595 6,085 9,680 15.6 1966 4,358 4,104 6,931 11,035 14aO 1957 5,051 4,759 8,691 13,450 21.9 1968 5,898 5,548 9,887 15,435 14.8 1968(-I 3,715 3,303 10,208 13,510 o.4 1968-II 3,928 3,527 10,492 14,019 3A8 1968-JIiT 3,963 3,442 10,944 14,386 2.6 1q68-iv 5,898 5,548 9,887 15,435 7.3 1969-I 4,566 3,982 1,1859 15,840 2,6 1.690II 4,620 3,993 12,127 16,120 1.8 1969-ll 4,580 4,000 12,990 16,990 5c4 a/ Currency Outstanding less cash holdings of banks equals Money with the Public. Adding Demand Deposits to Money with the Public gives Total Moneyr Supply, defined to exclude deposits of the government and official entities in the central bank. Source: Danco de la Repf.blica. Table 6.2: OOLOIPBIA: GRDSS M-MESTTC PRODUCT, MO0EY, AND QUASI-MONEY, 1961-69 (Millions of Pesos) 1961 1962 1963 1964 1965 1. Gross Domestic Product 30,421 34,199 43,526 53,760 60,798 2. Money Supply (end of period) 5,112 6,169 6,923 8,370 9,680 3. Money Supply as Percentage of GDP 16.8 18.0 15.9 15.6 15.9 4. Quasi-Money 2,154 2,476 2,892 3,510 4,045 Time and Savings Deposits 886 1,000 1,178 1,316 1,562 Other Peso Liabilities 358 474 528 626 841 Foreign Currency LiaVilities 155 206 260 389 391 Mortgage Bonds 755 796 926 1,179 1,251 Constant Value Bonds --- --- --- --- --- National Savings Fund --- --- Titi.es BOR-ICSS --- --- --- --- --- 5. Quasi-Money as Percentage of GDP 7.1 7.2 6.6 6.5 6.6 6. Annual Percentage Increase: GDP 13.7 12.4 27.3 23.5 13.1 Money Supply 24.6 207 12.2 20.9 J.5.6 Quasi-Money --- 14.9 16.8 21.4 15.2 Continued, Table 6.2: mOLOMIA: GLROSS DOMESTIC PRODUCT, YION1N1, AND QUASI-TmONEY, 1961-69 (Millions of Pesos) Continused (page 2) 1966 1967 1968 1969_/ 1. Gross Domestic Product 73,612 83,525 A4,728 109,505 2. Money Supply (end of period) 11,035 13,450 15,435 17,980 3. Money Supply as Percentage of GDP l5.0 16.1 16.3 16.4 4. Quasi-Money 4,425 5,o58 6,797 9,220 Time and Savings Deposits 1,766 2,056 2,367 2,633 Other Peso Liabilities 895 1,176 1,373 1,587 Foreign Currencv Liabilities 405 129 100 100 Mortgage Bonds 1,359 1P562 2,611 4,200 Constant Value Bonds --- 135 346 570 National Savings Fund --- --- --- 100 Titles BOR-ICSS --- --- --- 30 5. Quasi-Money as Percentage of GDP 6.0 6.1 7.2 8.4 6. kAnual Percentage Increase: GDP 21.1 13.5 13.4 15.6 Money Supply 14.0 21.9 14.8 16.5 Q,uasi-Money 9.3 14.3 37.1 35.6 al Estinmate. Source: Banco de la Republica. Tble >O3: C!,If,AB.; FIXANCING CAPACITY OF THE BANKING SYSTEA4, 1967-69 (Millions of Pesos) 1967 1968 1969a, Ekid of Year Balances INet International Reserves -1,401 573 2,529 Credit and Investmernts 22,809 24,882 28,335 Public Sector 5,419 5,619 5,)43 National Coffee Fund 789 914 500 Private Sec tor 16,601 18,349 21,987 Unclassified Assets 1,884 2,274 2,696 Assets = Liabilities 23,292 27,729 33,560 l4oney 13,450 15,435 17,982 Quasi-Nioney 4,958 6,797 9,220 Other Liabilities 29446 2,728 3,231 Capital and Surplus 2,438 2,769 3,127 Aninual Change s Net Tnternational Reserves 8)48 1,974 1,956 Credit and lnivestments 2,126 2,073 3,453 Public Sector 170 200 229 National Coffee Fund -214- 125 -414 Private Sector 2,170 1,748 3,638 Unclassified Assets 451 390 422 Assets = Liabilities 3,425 4,437 5,831 Money 2,415 1,985 2,547 Quasi 4soney 589 1,839 2,L23 Other Liabilities 104 282 503 Capital and Surplus 317 331 358 Ratio of Private Sector Credit to Total Credit (%) 73 7)4 77 Percentage Change for Credit to Private Sector in Current Prices 15 11 20 Percentage Change for Credit to Private Sector in Real Terms 6 3 10 a/ Estimate. Source: Banco de la Republica. Table 6,4: COLOMBIA: SUIMA.RY ACCOUNTS OF THE CTDTRAL BANK, 1965-69a/ (Millions of Pesos) 1968 1)69 1965 1966 1967 September December SEptember I. Currency in Circulation 3,764i,4 4,2)42.2 22348237 4,4337 II. Net International Reserves -472-5 -786.0 -492.5 +14.1 +572.9 +1,202.5 III. Domestic Credit 8J7327 0 9,635.7 10,811.9 11,042.14 12,316.6 12,612.7 1. National Governrent 3, 573 3,250.0 3,651.1 2,937.9 3,074b. 2,b09.2 2. Other Public Sector 342.1 440.6 621.6 669.3 649.8 733.7 3. Specialized Banks 1,035.9 1,201.7 1,591.9 1,739 3 1,954.2 2,344.5 4. Commercial Banks 1,312.1 1,1465.4 1,758.1 2,o96.5 2,684.0 2,757.8 5. Private Sector 1,355,.6 1,285.8 2,050.7 2,517.3 2,665.0 3,129.7 (Of which: Coffee) (581.1) (1002.9) (789.0) (795.7) (913.9) (644.2) 6. Interbank float -257.4 -268.5 -307.7 -325.0 7. Swaps 689.1 728.4 752.0 700.1 701.7 645.5 8. Decree 444/67 ) 875.1 919.0 1,108.7 1,I15.1 9. FIP ) 451.3 1,263.8 -614.2 -754.4 -751.1 -918.9 10. ITnclassified Assets ) 381.0 485.9 537.2 521.1 IV. Liabilities to Banks 1 417.9 1,542.6 2 297.8 3,687.8 3,455.2 5 233.0 1. Deposits t-9 1552.6 3243.8 -3.*6 2. Others ... ... ... 166.1 161.4 396.4 V. Private Sector Deposits 2 578.4 2 679.5 2 913 5 3,143.1 3,164.9 3 483.9 s~~~~~~~~~~~~~~~17 0 1w3- 7 1, _ A__ 1 Import and Export Deposits 1,72.0 ,736 1,507 2306)7 1,-29 ,1 1 2. Swapsr 664,5 676.0 1.002.2 908.9 1,085.2 958.4 3. Otlers 341.9 266.7 350.6 169.8 200.7 360.4 VI. Long*Term FiFe eign Loans for Relending ... 185.7 401r9 514.8 664.6 ?,J Re currency account nverted at the rate Uf Col9 00 p S. dcllar ir 196, Col$>J3.5o in i96bz6i,? and Col;16 jO i-n 169. S.,.˘rZ °j Deaoo de la Republl- a. Table 6o5: COLWOEIA. GROSS RESERVES OF GOLD AND FREIGN zXCHANGE, 1957-69a (Millions of U.S. Dollars) Holdings at end of quarter: Year I II III IV 1957 __ 157.0 I958 128.6 121.8 150.0 172.8 i959 193.5 205.6 195.5 230.4 1960 223e2 214.3 187.6 178.4 1961 189.5 152.5 162.8 170.6 1962 157.9 175.2 143.5 115.8 1963 131.9 147,1 117.8 124.6 1964 152.5 141.3 122.8 147.2 1965 134.6 104 ;1 115.5 145.3 1966 99.4 109.2 119.0 144~1 1967 152.2 142.2 140.4 149,4 1968 123.0 163.1 174.9 217.7 1969 213.5 212.1 233.1 iJ Gross holdings include gold, exchange, securities (IDB and IBRD bonds), net bilateral exchange positions, and IMF gold tranche. Source: Banco de la Republica. Table 6.6: COL0flBIA: INTERNATIONAL MONETARY LIABILITIES, 1962-69aJ (Thousands of U.S. Dollars) Bluances at End of Period: International Total Monetary Foreign Year Ieb t Fund Banks Other 1962 195,307 72,500 122,807 .. 1963 236,585 121,000 Jj.5,585 .. 1964 269,182 108,500 135,682 25,000 1965 206,771 84,500 122,271 .0 1966 238,826 88,750 139,289 10,787 1967 185,617 122,650 57,383 5,584 i968--I 169,842 122,650 42,613 4,579 1968-iI 172,953 126,650 43,o80 3,223 1968-Iii 173,864 133,900 38,037 1,927 1968-IV 182,529 143,900 38,o65 564 1969-I 162,466 130,400 31,910 156 196%-II 161,800 130,400 31,400 1969-III 156,800 130,400 20,400o aj1 Dcterna1 obligations of a short-term and medium-term (10 years or less) nature; when deducted from gross reserves the remainder is referred to as net foreign reserves. Source: Banco de la Republica. Table 6.7: COLOMBIA: INTERNATIONAL YIONETARY RESERVES OF THE CENTRAL BANK, 1967-69 (Millions of U.S. Dollars) End-of-period positions: 1st 2nd 1st 2nd 1st 3rd Half Half Half Half Half Qtr 1967 1967 1968 1968 1969 1969 Gross Reservesai 142.2 149.4 163.1 217.7 212.1 233.1 Gold 28 3 3i.0 32.8 30.b 27.1 YIF Golcd Tranche 31.2 31.2 31.2 31.3 31.2 31.2 Foreign Exchange 44.4 51.3 83.0 141.2 132.8 157.5 Net Bilateral Agreeinents 3703 35.5 15.0 13.6 16.4 13.3 IEB & IBPD Bonds 0.7 0.3 1.0 1.0 3.0 4.0 L.iabijitiesJ! 215.9 185.6 173.0 18265 161.8 156.8 liN4F 110.2 1=. T27.6 1 3 9 130.4 13 Foreign Banks 97.6 57.4 43.1 38.1 31.L 26.4 Othel 8.2 5.6 3.2 o.6 .. ... Net Reserves -73.7 -36.3 -9.9 35.2 50.3 76.3 a/ Figures may not add to totals because of rounding. Liabilities refer to sh"ort-term and medium-term external obligations (10 years or less). Source: Banco de la Republica. Table 9.1: COLOMBIA: WHOLESALE PRICE INDICES, 1958-69S/ General Prices Wholesale Without Year Prices Foodstuffs 19658 100°10 100.0 1959 109.6 109.5 1960 114.2 114.4 1961 121.6 119.8 1962 124.9 125.5 1963 157.7 156.0 1964 18$. 3 170.7 1965 200.6 189.2 1.966 235.5 224.3 1967 251.6 244.6 1968 267.3 258.4 1969-jan l0o.6 100.5 1969-Feb 101.2 102.7 fo969-14ar 102.3 103.7 1969-Apr 103B9 104.2 1969-Nay 104.7 105.3 1969-June 105.4 106.4 1969-July 105.1 107.0 1969-Aug io6.1 107.6" 1969-Sept 106.6 108.4 aJIndices for 1958-68 are annual averages, based on 1958 (base adjusted from the 1952 base used in souirce). Monthly indices for 19690 are based on December 1968. Source: Ban-co de la Republica. Table 9.2: COLCIBIA: CONSUMER PRICE IMDICES, 1958-69-/ Year Barranquilla Bogota Cali Medellin Nation 1958 100M0 100.0 100.0 100.0 100l0 1959 108.0 107.2 10765 109.0 1o8.2 1960 113.7 111.3 113.1 117.1 114.3 196, 123.8 121.0 118.9 127.3 124.0 1962 129.3 124.0 123,9 135.1 129.3 1963 162.6 163.6 156.8 171.7 164.7 ].964 191.8 192.5 184.8 199.4 193.8 1965 213.0 199.3 201.5 209.4 207.5 1966 242.0 238.8 235.4 242.4 242.1 1967 260.8 258.3 250,1 264.6 261,7 1968 280.6 273.4 267.0 287.3 281.0 1969-Jan 100.8 101.2 100.5 102,0 101.2 J.969-Feb 100,3 101.2 1002 10039 100.7 1969-Mar 101.4 102.2 100.9 101.4 o1l.6 1969-Apr 102.6 105.8 102.1 103.5 103.5 1969-.Nay 103.0 108,5 103.0 103.9 104.4 1969-June 103.2 110.1 103.8 104.1 105.0 1969-Jxi1y 104.,2 109.9 104.0 104.1 105.3 1969Aug 104,5 110.0 104.1 104.7 105.7 1969-Sept 106.4 a/ Lndicos for 1958-68 are annual averages, based on 1958 (base adjusted from the 1954/55 base used in source). Monthly indices for 19O9 are based on December 1968. Prices are those paid by wage worlkers (obreros). Source: Banco de la Republica. Table 9-3: COLOMBIA: ITATIONAL CONSUMER PRICE IEEX, 1958-69-i Year Jan Feb Mar Apr _May June July7 Aug Sept Oc t Nov Dec 1y5 100.2 100.3 101.9 103.8 106.0 106. 4 106 n4 107 .1 107.3 107.1 107.4 107.9 1952 102.7 110.8 111.2 113.1 113.9 114.7 115.2 115.3 114.8 114.9 115.2 116.2 1960 116.6 116.2 117.8 119.0 120.0 120.1 120.4 120.8 121.1 122.1 123.6 124.9 1961 125.6 126.1 123.3 131.3 133.0 133.1 133.2 131.3 130.1 130.3 131.0 131.8 1962 132.4 132.4 133.6 135.4 135.4 135.4 136.7 136.7 137.4 137.8 138.6 139.8 1963 145.5 154.4 162.8 170.1 172.2 176.3 177.5 178.0 17'9.8 183.2 187.6 189.4 1.)64 192.1 193.0 197.5 202.5 209.7 213.2 210.6 207.0 205.4 203.5 205.3 205.5 1965 208.7 206.1 208.9 212.7 215.4 218.9 218.6 218.9 220.6 225.5 228.8 234.9 1966 237.9 240.8 246.8 254.7 257.7 257.5 257.1 256.0 258.6 261.5 262.2 264.6 1967 265.8 267.0 270.0 271.0 272.7 277.8 277.a 277.1 277.8 250.0 281.8 283.1 1968 286.1 285.8 288.8 293.6 295.6 297.0 299.3 298o4 298.6 299.8 301.8 301.3 1969 304.8 303.5 306.1 311.8 314,6 316.5 317.4 318.5 320.7 a./ Monthly index valules based on December 1957 (bave adjustoed from the 1951e/55 base used in source). Prices are those paid by wage workers (ohreros). Table 9,4 : COLOMBIA: NATIONAL CONSUMER PRICES, LINK RELATIVES, 1958-681/ Year Jan Feb Mar Apr May, June July Aug Sept Oct Nov Dec 1958 100.2 100.1 lol.6 101.9 102.1 100.4 100.0 100.6 100.2 99.8 100.3 100.5 1959 101.7 101.0 100.4 101.7 100.7 100.7 100.4 100.1 99.6 100.1 100.3 100.9 1960 100.3 99.6 101.4 101.0 100.8 100.1 100.2 100.3 100.2 100.8 101.2 101.0 1961 100.6 100.4 101.7 102.3 101.3 100.1 100.1 98.6 99.1 100.2 100.5 100.6 1962 100.4 100.0 100.9 101.3 100.0 100.0 101.0 100.0 100.5 100.3 100.6 100.9 1963 104.1 16.1 105.4 10145 101.2 102,4 100.7 100.3 101.0 101.9 102.4 101.0 1964 101.4 100o5 102.3 102.5 103.6 101.7 98.8 98.3 99.2 99.1 100.9 100.1 1965 101.6 98.8 101.4 101.8 101.3 101.6 99.9 100.1 100.8 102.2 101.5 102.7 1966 101.3 101.2 102.5 103.2 101.2 99.9 99.8 99.6 101.0 101.1 100.3 100.9 1967 100.4 100.4 101.1 100.4 100.6 101 9 100W0 99.7 100.2 100.8 100.6 100.5 1968 101.0 29.9 101.0 101.7 100.7 100.5 100.8 99.7 100.1 100.4 100.7 99.8 Total 1113.0 1108.0 1119.7 1122.3 1113.5 1109.4 1101.7 1097.3 1101.9 1106.7 1109.3 1108.9 Mean 101.2 100.7 101.8 102.0 101.2 100.8 100.2 99.8 100.2 100.6 100.8 100.8 Median 101.0 100.4 101.4 101.8 101.2 1D0.7 100,1 100.0 100.2 10014 100.6 100.9 Chain Relative 100.0 99.4 101.0 100.4 99.4 99,5 99.4 99.9 100.2 100.2 100.2 100.3 a/ L'iui1 re'ati.ves are nonthly values expressed as a percea.tage of the previous month. Chain relatives are comp'uted fism me!i.ns and constitute an Index of Seaso0n3l Variation bn.sed sn uarnuary. Source: National Corelmur Price I.de.z, B&nco de :a Repubiica,