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

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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