Page:CREST-Allendes Chile Supply Demand Gap.pdf/15

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Approved For Release 2006/04/19 ; CIA-RDP85T00875RO01700040058-3
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Table3

Chile:Balance of Payments trends
.				Million US$
.	1969	1970	1971 Estimated	1972 Projected
Exports (f.o.b)	1,171	1,129	1,000	900
Of which:
Copper	(926)	(863)	(710)	(680)^[1]
Imports(c.i.f)	-928	-1,021	-1,1150	-1,325
Trade Balance	246	108	-150	-425
Investment Income	-234	-185	-80	-40^[2]
Other Services	-23	-35	-20	-20
Balance on current account	-11	-112	-250	-485
Direct Investment	108	163	20	0
Long-term capital	108	76	0	150
Drawings	278	237	200	190^[3]
Amortization	-170	-161	-200	-40^[4]
Short term capital (including errors and omissions)	9	-57	-91	69^[5]
Balance on Capital account	225	182	-71	219
Total balance of payments	214	70	-321	-266
SDR alloaction	0	21	17	17
Changes in net foreign reserves (a minus sign indicates a decrease)	214	91	-304	-249
Total net foreign reserves (end of year)	252	343	39	-210
Financing of reserve changes
Increase in current liabilities of the monetary authorities (a minus sign indicates a decrease}	.	-62	129	115
Borrowing from the IMF^[6]	.	-46	38	50
Borrowing on swap agreements	.	-7	20	2
Soviet hard currency loans	.	0	0	60^[7]
Chilean commercial borrowing	.	-2	60	0
Other borrowing	.	-7	11	3
Drawdown on disposable reserve assets (a minus sign indicates an addition)	.	-29	175	134
Remaining disposable assets	.	388	214	80
Gold	.	47	47	51
Foreign exchange	.	320	121	29
Other	.	21	46	0
↑ Asssuming no changes in export volume but a slightly lower price because of increased shipments of concentrates. ↑ Assuming interest payments to international agencies, on commercial credits, and to some creditor nations where bilateral debt renegotiation agreements have been signed. ↑ Assuming continued drawings on Western credits in the pipeline and initial drawings on credits from Communist countries. ↑ Assuming amortization payments to international agencies and to some Western creditors where bilateral agreements have been signed. ↑ Net increase in outstanding commerical credits; in part this reflects an increase in payments arrears. ↑ International Monetary Fund ↑ Represents a $50 million line of credit granted by Soviet-owned West European banks. At present Chile has overdrawn this credit by an estimated $10 million.

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Approved For Release 2006/04/19 ; CIA-RDP85T00875RO01700040058-3
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[1] Asssuming no changes in export volume but a slightly lower price because of increased shipments of concentrates.

[2] Assuming interest payments to international agencies, on commercial credits, and to some creditor nations where bilateral debt renegotiation agreements have been signed.

[3] Assuming continued drawings on Western credits in the pipeline and initial drawings on credits from Communist countries.

[4] Assuming amortization payments to international agencies and to some Western creditors where bilateral agreements have been signed.

[5] Net increase in outstanding commerical credits; in part this reflects an increase in payments arrears.

[6] International Monetary Fund

[7] Represents a $50 million line of credit granted by Soviet-owned West European banks. At present Chile has overdrawn this credit by an estimated $10 million.

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