For more information, see The Gambia and the IMF

The Gambia: Enhanced Structural Adjustment Facility
Policy Framework Paper, 1998-2000



Table 1. The Gambia: Summary and Timetable of Macroeconomic and
Structural Adjustment Policies, 1998-2000

 
Objectives and Policies
Strategies and Measures
Implementation Period
Technical Assistance
External sector policies
      Exchange rate
Promote efficient resource allocation and diversification of the economy.
Maintain a flexible exchange rate policy; improve the functioning of the interbank market.
1998-2000
      External trade
Further liberalize trade regime to promote private sector development and export diversification.
Maintain a liberal trade system without quantitative restrictions.
1998-2000
Rationalize import tariff structure in two steps:
- reduce maximum duty rate to 25 percent (except for alcohol, tobacco, and vehicles) and reduce number of tariff rates to 19;
July 1998
World Bank, IMF
- implement a limited number of tariff rates with a maximum duty rate of less than 20 percent, and introduce excise taxes on alcohol, tobacco, and vehicles.
January 1999




     Foreign debt
Limit external debt service and maintain normal relations with creditors.
Neither contract nor guarantee any new nonconcessional debt, except for normal import-related loans.
1998-2000
Require prior authorization by Department of State for Finance and Economic Affairs (DOSFEA) for all government or government-guaranteed loans.
1998-2000
Remain current on external obligations and maintain system for managing external debt.
1998-2000
World Bank
Fiscal policy
      Revenue
Improve efficiency of tax and customs administration and broaden tax base.
Implement measures to strengthen customs and tax administration, including computerization and training, integrated with the computerized customs system.
1998-2000
World Bank
Reduce and strictly control customs duty exemptions.
1998-2000
Establish a semiautonomous revenue board with a performance-based pay structure and independent audit.
1999-2000
World Bank
Undertake study on petroleum products price and taxation structure, with a view to adjusting retail prices to world market prices while safeguarding adequate level of government revenue.
June 1998
World Bank
Strictly enforce compliance of parastatals as regards income tax, dividend, and debt- service payments obligations to the government.
1998-2000
      Expenditure
Improve the monitoring and control of public expenditure.
Strengthen staff capacity and computerize expenditure control and the Accountant General's Department.
1998-2000
World Bank
Strengthen budget planning management and execution functions and improve the line-item budget system.
1998-2000
World Bank
Conduct public expenditure reviews (PERs) in the three priority sectors (health, education, and agriculture).
June 1998
World Bank
Refrain from extrabudgetary expenditures.
1998-2000
Improve the structure of current expenditure and pursue a policy of restraint.
Contain the wage bill to D 276.2 million in 1998 and limit any increase in 1999 and 2000.
1998-2000
Implement a policy of no net recruitment in the public services, except for health and education, in line with PER recommendations.
1998-2000
Restrain low-priority spending, including on travel abroad.
1998-2000
World Bank
Increase spending allocated to education and health in line with PERs in these sectors.
1998-2000
World Bank
Improve the programming and monitoring of government investment.
Strengthen the capacity for programming, executing, and monitoring government investment.
1998-2000
World Bank
Adopt the 1999-2001 three-year public investment program with a viable financing plan, taking into account recurrent cost implications and the macroeconomic framework.
December 1998
World Bank
Monetary policy and financial sector reform
Maintain low inflation.
Implement prudent reserve money management and flexible interest rate policies in the context of indirect system of monetary control.
1998-2000
Unify required reserve ratios on all deposits and exclude interbank deposits from reserve base.
1998
Encourage secondary market in government securities.
1998-2000
IMF
Increase efficiency of banking system and improve financial intermediation.
Improve financial transparency by revising guidelines for commercial banks to publish service charges and other financial information.
1998
Allow foreign-currency-denominated deposits at local banks.
1999
Strengthen on- and off-site banking supervision and strictly enforce banking and prudential regulations.
1998-2000
Establish commercial court to strengthen loan recovery.
October 1998
Develop prudential regulatory framework for insurance industry.
1998-2000
Private sector development
Reduce distortions and promote private sector activity.
Maintain liberalized trade and pricing systems.
1998-2000
Develop new investment incentive system, integrated in the tax code.
1998-99
World Bank/ UNCTAD
Simplify procedures for creating new enterprises and conducting business in The Gambia.
1998-99
World Bank
Improve the legal environment and the performance of the judicial system.
Review and rationalize business-related legislation.
1998
World Bank
Adopt an improved labor law.
1999
World Bank
Train judges in commercial law.
1998-2000
Strengthen institutional capacity in support of private sector development.
Institute a public and private sector consultative forum.
1998
Reestablish an independent export and investment promotion agency as "one-stop-shop."
1999
World Bank
Public sector management
Improve effectiveness in the provision of public services.
Initiate a comprehensive civil service reform aimed at creating a leaner, more-focused, and reasonably remunerated administration.
1998-2000
DfID and World Bank
Continue the staff inspection program to identify the scope for lowering staffing levels.
1998-2000
Base civil service incomes policy on availability of budgetary resources, overall productivity gains in the economy, and changes in the cost of living.
1998-2000
Develop a new job evaluation and merit-based pay system.
1998-99
DfID
Adopt a new procurement code.
September 1998
World Bank
Strengthen monitoring and analysis of economic developments, and improve policy implementation.
Convene High-Level Economic Committee to monitor economic and financial developments on a monthly basis.
March 1998
Allocate adequate resources for preparation of economic statistics, notably the national accounts, production data, and the balance of payments.
1998-2000
World Bank, IMF
Strengthen democratic and administrative institutions and procedures to enhance popular participation, transparency, and accountability.
Finalize a comprehensive good governance program.

Implement recommendations made in good governance program.

1998



1998-2000

Public enterprise reform
Improve the efficiency and reduce the size of the public enterprise sector.
Regularize financial relations between the government and public enterprises on basis of memoranda of understanding.
April 1998
Implement settlement of cross debts and adopt timetables for settling remaining debts.
April 1998
Adopt a new divestiture strategy.
November 1998
World Bank
Offer for sale the Trust Bank.
1998
Prepare divestiture of Atlantic Hotel and sale of share in Novotel.
1998-99
Strengthen the unit in charge of managing the public portfolio, including the reporting of comprehensive data on the financial position of public enterprises on a semiannual basis.
1998-2000





Sectoral policies
   Agriculture and
   natural resources
Expand and diversify agricultural production for export and domestic tourism markets in order to increase farm employment and income, and food security.
Finalize agricultural sector strategy incorporating the conclusions of the 1998 National Workshop.
September 1998
Maintain market-based pricing policy for groundnuts and cereals, and for inputs.
1998-2000
Liquidate GCU and agree on settlement of outstanding stock of nonperforming loans.
1998
Improve extension services and introduce new seed varieties in groundnut and other subsectors.
1998
Intensify research and extension services in partnership with the private sector to promote horticulture for domestic (tourist-related) market and exports.
1998-2000
Formulate a microfinance program for rural financial services to the informal sector
1998-2000
Stimulate private investment and increase export activities in fishing sector.
Develop a fisheries resource management program, including artisanal subsector.
1998
Update feasibility study of establishing a fisheries port.
September 1998
Improve the environment with a view to sustaining long-term economic growth.
Continue to implement the National Environmental Action Plan, with emphasis on decentralizing environmental management responsibilities.
1998-2000
World Bank
Strengthen management capacity of Department of State for Natural Resources and the National Environment Agency.
1998-2000
Formulate and implement a coastal resources management program.
1998-99
   Industry
Encourage private investment in industry, especially in export activities.
Introduce legal, regulatory, and incentive frameworks for investors in a reexport and export processing zone, including the introduction of flexibility in the labor legislation governing the port of Banjul.
1999-2000
World Bank
   Tourism
Promote tourism and its contribution to economic growth.
Continue efforts to broaden the tourism market, improve quality standards in hotels and restaurants, and ensure rational use of tourism development area.
1998-2000
   Infrastructure
Deregulate telecommunications.
Establish regulatory framework for telecommunications sector, aimed at deregulation and enhanced private sector participation.
1998-99
World Bank
Restructure GAMTEL by separating telecommunications business from radio and television activities.
1998
World Bank
Reduce the cost of energy.
Prepare energy sector policy, including policies on sustainable woodfuel production from forests and woodlands.
1998
World Bank
Provide guarantees of open access to petroleum storage facilities to increase competition among oil companies.
June 1998
Establish the regulatory framework for electricity power sector.
1999
World Bank
Open capital of NAWEC to private sector.
1999-2000
World Bank
Transfer to local communities the management of forestry resources.
1998-2000
GTZ, UE
Improve the efficiency and effectiveness in the provision of transport services.
Adopt a road maintenance policy .

Establish the Highway Authority.

1998

1999

   Population and health
Reduce the population growth rate.
Continue to implement programs based on existing National Population Policy.
1998-2000
World Bank
Promote family planning.
1998-2000
Improve effectiveness and quality of health care services and their accessability to the rural population.
Implement recommendations of the PER for the health sector.
1998-2000
World Bank
Implement recommendations of Health Sector Requirements Study and equip the Farafenni hospital, in line with PER recommendations.
1998-2000
African Development Bank
Improve basis for health financing policy, including cost-recovery mechanisms.
1998-2000
World Bank
Decentralize responsibility for health care delivery, and expand the primary and secondary health care system and nurse- training programs.
1998-2000
World Bank
Encourage provision of health services by private sector, especially at tertiary level.
1998-2000
World Bank
Promote distribution and use of generic drugs.
1998-2000
World Bank
Education
Improve the availability, effectiveness, and quality of education.
Implement recommendations of the PER for the education sector.
1998-2000
World Bank


Improve the quality of primary education and increase primary enrollment rate to 80 percent in 2000, especially in rural areas and among girls.
1998-2000
World Bank
Improve the adequacy and efficiency of teacher training.
1998-2000
World Bank
Involve students and businesses in financing vocational and technical training.
1998-2000
World Bank
Introduce management information system.
1998-2000
World Bank
Upgrade tertiary education institutions.
1998-2000
World Bank
Poverty alleviation
Improve delivery of basic services to vulnerable groups.
Strengthen implementation of ongoing poverty alleviation program.
1998-2000
Ensure that budgetary allocations to priority sectors better target basic needs.
1998-2000



Table 2. The Gambia: Selected Economic and Financial Indicators, 1994/95-2000 1

  1994/
1995 
1995/
1996 
1996/
1997 
1997 1997 1998 1999 2000
      Est. Proj. Prel.
Program


    (Annual percentage changes,
unless otherwise indicated)
National income and prices                  
      GDP at constant prices   -3.4 5.3 0.8 3.2 5.4 3.8 4.8 5.0
      GDP deflator   4.4 3.3 4.5 2.6 3.0 2.7 2.7 2.7
      Consumer price index (period average)   4.0 4.8 2.1 3.0 2.8 3.0 3.0 3.0
      Consumer price index (end of period)   5.2 0.2 4.8 2.5 0.3 3.0 3.0 3.0
                   
External sector                  
      Exports, f.o.b. (in SDRs)   -7.8 -2.6 -2.7 3.8 3.6 11.2 3.3 5.7
      Imports, f.o.b. (in SDRs)   -22.1 28.2 -5.8 -0.6 -0.2 4.1 4.8 5.9
      Export volume 2   -5.1 -11.0 -25.1 -5.5 -10.8 61.4 4.9 6.0
      Import volume 3   -25.9 41.2 -8.7 -4.1 1.9 7.2 3.7 3.6
      Terms of trade 2 3   14.8 3.8 6.4 1.2 12.0 2.6 -3.9 -4.4
      Nominal effective exchange rate   -0.7 -2.1 2.1 ... 3.9 ... ... ...
      Real effective exchange rate   -7.0 -0.5 1.8 ... 4.5 ... ... ...
                   
Government budget                  
      Revenue   -11.7 -1.2 15.3 13.3 11.1 8.7 8.8 9.4
      Total expenditure and net lending   2.7 28.1 8.6 -10.1 -6.3 -7.0 3.7 4.5
           Current expenditure   0.8 8.1 10.5 13.0 15.8 -3.5 2.2 3.8
            Development expenditure and net lending   -3.0 97.5 6.0 -40.1 -35.9 -15.3 7.7 6.1
                   
Money and credit                  
      Net domestic assets 4   8.9 -11.5 13.2 9.0 15.9 2.7 2.9 4.7
           Credit to the government 4   9.8 8.2 2.8 0.0 2.4 -1.0 -5.7 -5.2
           Credit to the private sector 4 5   5.0 -13.7 2.2 3.7 9.9 3.7 8.6 9.9
      Broad money   8.1 8.8 16.7 9.0 22.3 6.8 7.7 7.8
       Velocity
           (GDP relative to broad money)
  4.2 4.2 3.8 3.8 3.5 3.5 3.5 3.5
      Interest rate on treasury bills                  
          (in percent; end of period)   15.5 16.0 16.0 16.0 16.0
                   
    (In percent of GDP)
Gross domestic investment and savings                  
      Gross investment   16.0 23.4 19.3 17.7 17.6 18.7 19.8 20.7
          Government   6.1 12.9 12.7 8.2 8.4 6.9 6.9 6.8
          Private 5   9.9 10.5 6.6 9.5 9.2 11.8 12.9 13.8
      Gross domestic savings   3.5 2.9 6.0 6.1 6.2 9.6 10.6 11.4
      Gross national savings   11.7 10.0 12.6 12.7 12.5 14.4 15.6 16.6
          Government   10.1 8.0 8.2 9.7 8.0 9.9 10.5 11.1
          Private 5   1.6 2.0 4.4 3.0 4.5 4.5 5.1 5.5
                   
Central government budget                  
      Surplus or deficit (-), excluding grants 6   -5.9 -12.1 -11.4 -6.0 -7.8 -4.0 -2.9 -1.9
      Surplus or deficit (-), including grants 6   -3.3 -9.9 -9.7 -4.9 -6.5 -2.7 -1.7 -0.7
      Basic primary balance   3.7 3.6 5.1 6.9 4.9 7.0 7.4 7.7
      Current balance   0.9 0.1 0.9 1.6 0.1 2.3 3.4 4.3
      Revenue   19.5 17.7 19.4 20.1 19.3 19.6 19.9 20.2
      Net foreign financing   0.1 5.5 7.4 4.0 4.1 3.0 3.4 3.0
      Net domestic financing   3.1 4.2 1.8 0.9 1.5 0.3 -1.5 -2.3
                   
External sector                  
      Current account balance                  
           Excluding official transfers   -12.5 -20.1 -12.8 -11.6 -11.6 -10.6 -10.2 -9.9
           Including official transfers   -4.3 -13.4 -6.7 -5.0 -5.1 -4.3 -4.2 -4.1
       External debt outstanding, including Fund   110.8 113.8 109.6 107.3 102.9 104.6 100.9 96.8
                   
    (In percent of exports and travel income)
      External debt service                  
           Including the Fund   18.1 16.2 13.1 12.9 12.6 10.9 9.9 8.8
           Excluding the Fund   14.4 11.8 8.9 9.5 8.8 8.2 8.0 7.8
                   
    (In millions of SDRs, unless otherwise indicated)
      Current account balance                  
           Excluding official transfers   -30.8 -53.4 -36.3 -33.4 -34.4 -33.0 -34.3 -35.7
           Including official transfers   -10.6 -35.6 -19.0 -14.5 -15.2 -13.3 -14.2 -14.8
      Overall balance of payments   -4.6 12.4 5.2 -2.2 4.0 2.2 1.9 1.4
      Gross official reserves (end of period)   62.5 70.1 70.4 65.0 69.6 76.8 85.4 94.1
           (equivalent months of imports, c.i.f.)   5.9 5.2 5.5 5.0 5.3 5.6 6.0 6.2



Sources: The Gambian authorities; and staff estimates and projections.
1 Until 1996/97, fiscal years (July-June); from 1997, calendar years.
2 Excluding reexports (which accounted for an estimated 86 percent of total exports in 1996/97).
3 Excluding imports for reexports (which accounted for an estimated 33 percent of total imports in 1996/97).
4 In percent of broad money at the beginning of the period.
5 Includes public enterprises.
6 On a commitment basis.






Table 3. The Gambia: Income and Social Indicators

Item
Unit of
Latest Single Year
 
      Program Period
 
Measurement
 1970-75
 1980-85
 1990-95
 
 1997
 1998
 1999
 2000
Population
 
 
 
 
 
 
 
 
 
   Total population
Millions
0.6
0.8
1.1
 
1.2
1.2
1.3
1.3
   Population (midyear)
Millions
0.5
0.7
1.1
 
1.2
1.2
1.2
1.3
   Population growth rate
Percent
3.3
3.0
3.0
 
3.0
3.0
3.0
3.0
   Total fertility rate
Births per woman
...
6.4
6.0
 
...
...
...
...
 
 
 
 
 
 
 
 
 
 
Poverty
 
 
 
 
 
 
 
 
 
   National poverty line
Thousands of dalasi
...
...
...
 
...
...
...
...
   Total
Percent of population
...
...
40
 
...
...
...
...
      Urban poverty
Percent of population
...
...
37
 
...
...
...
...
      Rural poverty
Percent of population
...
...
41
 
...
...
...
...
   National head count index
Percent of population
...
...
64
 
...
...
...
...
Income
 
 
 
 
 
 
 
 
 
   GDP per capita
U.S. dollars
230
240
351
 
346
347
363
384
   Index of real wages
1974 = 100
...
...
...
 
...
...
...
...
      Agricultural
1974 = 100
...
...
...
 
...
...
...
...
      Nonagricultural
1974 = 100
...
...
...
 
...
...
...
...
   Consumer price index
1974 = 100
126
384
1,387
 
1,441
1,484
1,529
1,575
   Food price index
1974 = 100
...
...
1,475
 
1,512
1,557
1,604
1,652
 
 
 
 
 
 
 
 
 
 
Social indicators
 
 
 
 
 
 
 
 
 
Government current expenditures
   Education
Percent of GDP
...
...
3.3
 
3.5
3.2
...
...
   Health
Percent of GDP
...
...
1.5
 
1.5
1.8
...
...
Net primary school enrollment rate
   Total
Percent of age group
...
...
57
 
58
...
...
...
      Male
Percent of age group
...
...
65
 
65
...
...
...
      Female
Percent of age group
...
...
50
 
52
...
...
...
Access to safe water
 
 
 
 
 
 
 
 
 
   Total
Percent of population
24
54
67
 
...
...
...
...
      Urban
Percent of population
97
100
97
 
...
...
...
...
      Rural
Percent of population
3
33
50
 
...
...
...
...
Immunization rate
 
 
 
 
 
 
 
 
 
   Measles
Percent under 12 months
...
...
83
 
...
...
...
...
   DPT
Percent under 12 months
...
...
...
 
...
...
...
...
Children's (under age of 5)
    malnutrition rate
Percent
...
...
12
 
...
...
...
...
Life expectancy at birth
 
 
 
 
 
 
 
 
 
   Total
Years
33
43
55
 
...
...
...
...
      Male
Years
32
41
54
 
...
...
...
...
      Female
Years
34
44
57
 
...
...
...
...
Mortality
 
 
 
 
 
 
 
 
 
   Infant mortality rate
Per thousand live births
217
167
92
 
...
...
...
...
   Under age of 5
         mortality rate
Per thousand live births
285
260
129
 
...
...
...
...
      Male
Per thousand live births
...
...
138
 
...
...
...
...
      Female
Per thousand live births
...
...
120
 
...
...
...
...
   Adult (ages 15-59)
    mortality rate
Per thousand population
...
...
...
 
...
...
...
...
   Maternal mortality ratio
Per thousand live births
...
...
11
 
...
...
...
...


Sources: World Bank; United Nations; the Gambian authorities; and staff estimates and projections.




Table 4. The Gambia: External Financing Requirements, 1994/95-2000
(In millions of SDRs)

 
1994/95
1995/96
1996/97
1997
1998
1999
2000
 
 
 
Est.
Prel.

Program
 
Requirements
-34.4
-76.7
-49.1
-46.3
-51.0
-53.0
-53.5
 
   Current account deficit,
 
 
 
 
 
 
 
       excluding official transfers
-30.8
-53.4
-36.3
-34.4
-33.0
-34.3
-35.7
   Amortizations
-8.2
-10.5
-7.3
-6.9
-6.9
-7.0
-7.4
   Gross official reserves (increase = -)
10.8
-7.6
-0.4
0.1
-7.1
-8.6
-8.7
   IMF repurchases
-3.4
-4.8
-4.8
-4.6
-3.6
-2.6
-1.2
   London Club
-2.8
0.0
0.0
0.0
0.0
0.0
0.0
   Other liabilities, net
0.0
0.0
0.0
0.0
0.0
0.0
0.0
   Amortization (commercial)
0.0
-0.5
-0.3
-0.5
-0.5
-0.5
-0.5
 
Resources
34.4
76.7
49.1
46.3
42.5
43.7
45.1
 
   Official transfers
20.3
17.8
17.4
19.2
19.7
20.2
20.9
   Loan disbursements
15.1
35.6
19.7
15.3
16.9
17.4
17.8
   Private capital inflows 1
-0.9
16.6
11.4
11.3
6.6
6.9
7.1
   Loan disbursements (commercial)
0.0
3.1
0.0
0.0
0.0
0.0
0.0
   Suppliers' credits
...
3.6
0.7
0.0
-0.7
-0.7
-0.7
   Debt relief
0.0
0.0
0.0
0.5
0.0
0.0
0.0
 
Residual financing need
0.0
0.0
0.0
0.0
8.5
9.3
8.5
 
   Use of Fund resources
0.0
0.0
0.0
0.0
6.9
6.9
6.9
       Of which: Enhanced Structural
         Adjustment Facility
0.0
0.0
0.0
0.0
6.9
6.9
6.9
 
   Financing gap
0.0
0.0
0.0
0.0
1.6
2.4
1.6



Sources: The Gambian authorities; and staff estimates and projections.
1 Including errors and omissions.






Table 5. The Gambia: Key Indicators of External Indebtedness, 1997-2000

 
1997
1998
1999
2000
 
(In millions of U.S. dollars, unless otherwise noted)
 
Total debt service
22.4
20.8
19.5
18.4
   Principal
16.4
14.8
13.6
12.6
   Interest
5.9
6.0
5.9
5.9
 
Scheduled debt service on existing contracted debt
22.4
20.7
19.4
18.2
 
   Principal
16.4
14.8
13.6
12.6
      Medium and long term
16.4
14.8
13.6
12.6
          Multilateral 1
13.1
10.9
9.7
8.5
         Official bilateral
2.7
3.3
3.3
3.3
            Paris Club
0.3
0.8
0.8
1.0
                Post-cutoff-date debt
0.3
0.8
0.8
1.0
                Pre-cutoff-date debt
0.0
0.0
0.0
0.0
                  Of which: not previously rescheduled
0.0
0.0
0.0
0.0
            Other official
2.4
2.5
2.5
2.3
         Private creditors
0.6
0.6
0.6
0.7
      Short term
0.0
0.0
0.0
0.0
 
   Interest
5.9
5.9
5.8
5.6
      Medium and long term
5.9
5.9
5.8
5.6
         Multilateral 1
4.1
3.6
3.5
3.4
         Official bilateral
1.9
2.4
2.3
2.2
            Paris Club
0.3
0.8
0.7
0.7
                Post-cutoff-date debt
0.3
0.8
0.7
0.7
               Pre-cutoff-date debt
0.0
0.0
0.0
0.0
                  Of which: not previously rescheduled
0.0
0.0
0.0
0.0
            Other official
1.6
1.6
1.6
1.5
         Private creditors
0.0
0.0
0.0
0.0
      Short term
0.0
0.0
0.0
0.0
 
Debt service on new borrowing
0.0
0.0
0.1
0.2
      Principal
0.0
0.0
0.0
0.0
      Interest
0.0
0.0
0.1
0.2
 
Memorandum items:
 
      Total debt service
22.4
20.8
19.5
18.4
         In percent of exports of goods and nonfactor services
11.7
10.1
9.1
8.0
         In percent of government revenue
28.3
24.9
21.5
18.4
      Total debt service to multilateral lenders
17.2
14.5
13.3
12.2
         In percent of exports of goods and nonfactor services
9.0
7.0
6.2
5.3
         In percent of government revenue
21.8
17.4
14.7
12.2
      Total debt stock
421.9
443.2
461.0
481.7
         In percent of exports of goods and nonfactor services
220.1
214.8
214.2
210.2
         In percent of GDP
102.9
104.6
100.9
96.8
      Net present value of debt contracted before end of 1997
220.1
216.5
213.5
211.8
      Net present value of debt contracted after 1997
0.0
18.2
21.2
26.1
      Net present value of debt
220.1
234.7
234.8
237.9
         In percent of exports of goods and nonfactor services
114.8
113.7
109.1
103.8
         In percent of GDP
53.7
55.4
51.4
47.8



Sources: The Gambian authorities; and staff estimates and projections.
1 Including IMF and nonguaranteed debt owed by public enterprises where the government is the majority shareholder.





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