this rieport is not to be published nor may it be q*oted as...

17
This rieport is not to be published nor may it be q*oted as representing the Bank's views :' .C< .J No. E 120 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT THE EXTERNAL DEBT OF BRAZIL November 15. 1950 Economic Department Prepared by: James J. Lynch Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized

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This rieport is not to be published nor may it be q*oted as representing the Bank's views •

• :' .C< • .J

:;

No. E 120

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

THE EXTERNAL DEBT OF BRAZIL

November 15. 1950

Economic Department

Prepared by: James J. Lynch

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67029

I.

II.

THE EXTM~Tcl.L DEJ3T OF 3RtiZIL

Table of Contents

Description of the ;xternal Debt and Its Service Fa?ments

External Service Payments

Table ,A-I: List of External Debt of Brazil

Table A-2: Estimated Interest and 4mol'tization Payments on the Zxternal Debt of Brazil

1

:3

THE EXTERl'IAL DEBT OF BRAZIL

I. Descri~tion of the External Debt and Its Service Payments

The total external debt of Brazil outstanding in July 1950 was equiva-

lent to approximately $58) million 1/. The major portion of this debt is made

u~ of obligations payable in U.S. dollars amounting to $)88 million; these

include dollar bonds issued in the twenties and subject to n~~erous debt ad-

justment plans since, which, by June )0, 1950 had been reduced to $155 million.

a major portion of the remaining dollar obligations is made up of loans from

the U.S. government amounting to $148 million, mainly the Export-Import ]ar~

loans outstanding of $100 million, and undis'bursed :Bixim loans of $)9 million.

There are also small miscellaneous U.S. government loans. The remainder of

the total d.ollar debt consists of loans from the International Bal".k of US$85.1

million, US$J.l million in Canadian currency, uS$1.6 million in pounds sterling

and US$2J2,OOO in ~liss francs (a total of US$90 million). The rest of the

$58) million debt is made up of sterling obligations amounting to t68 million,

eca.uivalent to US$190 million. This debt represents 1/1hat is left of the olel

sterling bonds issued mainly in the early 1900s.

The dollar and sterl obligations (\vhich, at the time of the permanent

debt adjustment plans amounted to the equivalent of $837 million) have been

reduced by June JO, 1950 to $)45 million. This ~res accomplished by; 1) a re-

duction of principal under Plan B, 2) repatriation, sinking fund retirement

and redemptions, and J) the reduction of value through the sterling devaluation,

Dollar bonds outstanding on November 1, 194J, at the time the debt adjustment

11 This includes the nell! Exim loan of July 20, 1950. It does not take account of si~~ing fund payments made after June JO on publicly-issued external bonds.

- 2 -

plan went into operation, amounted to $286 million; by June 3D, 1950, these

had been reduced to $155 million, while the sterling bonds had been reduced

from I,138 million to I,68 million (US$190 million). Amortization has been

relatively rapid because 1) the bonds have been available at prices well below

par value, and 2) as bonds are retired, the interest which would have been

paid on such bonds becomes available for sinking fund purposes.

Listed below are the total amounts in each category. (For details of

the loans making up these totals, see Table A-I).

External Debt of Brazil

(in millions)

Dollar debt Total dollar bonds, 6/30/50 Total U.S. Government debt lBW Loan

1. U.S. dollar portion Total Dollar Debt . . . .

IBRD Loan cont'd 2. Canadian dollar portion 3. Swiss franc portion 4. Pounds sterling portion

.. .. .. .. . . .. .. . .

Total IBRD loan other than dollar nortion

Amoun't outstanding Currency Expressed of uaylt in U.S.$

$155.0 147·7

85.1 . $387.8

Can$3·2 Sw fr 1.0

:b .5

155.0 147.7

85.1 387.8

Total lBED Loan (including dollar portion) .•..• Total Sterling Debt (excludes rERD b496 ,000) , 6/30/50,

3·1 .2

1.6 4·9

90.0 I,68.0 120.4

TOT_4L EXTEE1~ DEBT . • . . . . . . . . . . . • $583.1

Note: For footnotes and details refer to Table A-I.

. ... / .. ,.

- 3 -

II. External Service Payments

Total service payments estimated. for 1950 amount to the equivalent of

$87.3 million, of '\Thieh $16.6 million is interest and $70.7 million is amorti­

zation. This amortization payment is unusually large and is accounted for by

special accelerated amortization of a number of the sterling bonds, from funds

derived from previously frozen sterling. This extra amortization is equivalent

to ~16.1 million (US$45,024,OOO).

A more representative year in which to analyze the interest and amorti­

zation payments is 1951, ",hen total service payments are estimated to be

equivalent to U8$46.4 million, of "Thieh U8$17.9 million is interest and US$28.)

million amortization. Of these total service payments dollar requirements

call for $32.4 million of "Thieh interest is $13.9 million and amortization

$18.5 million. The rerr~inder is mostly sterling payments equivalent to Ug$13.9

million in 1951 \-,i th interest amounting to US$3.8 million and amortization to

US$lO.l million. Service payments of the Canadian and SVliss franc portions of

the lEW $90 million loan amount to US$138,000 and SvIiss francs US~lC .000

respectively.

Service payments remain around $47 million for 1952 and 1953 and

gradually decline thereafter to about $LW million by 1957, dropping sharply

in 1958 to $34.8 million and gradually d~c1ining to $28.2 million in 1961,

again declining sharply in 1962 to $23.3 million and gradually moving lO\-Jer

thereafter a fe,1' million a year until service payments are dO~1U to $7.9 million

by 1973 and finally drop to $4.9 million in 1974.

Listed on the following page are the total debt and required interest

and amortization payments along Vlith the payments by types of currency. (For

additional details see Table A~2).

. .. / ...

-4-

ESTUTATED UTTEREST aND AHORTlZATION PAYMENTS ON THE EXTERHAL DEET OF BRAZIL

(Expressed in thousands of U.S. dollars)

Tot a 1 Service Pa~ent b~ Curr~ncies Out- Pa~ments Ca- Swiss standing Amorti- Inter- Dollar Sterling nadian franc

Year debt zation est Total debt debt debt de'ot

1950 516,337 70,716 16,578 87,294 28,330 58,822 106 1 1951 516,842 28,519 17,892 46,411 32 ,374 13,817 138 10 1952 496,759 30,106 17,276 47,382 33,345 13,817 138 10 1953 461,248 31,011 15.852 46.863 32 .577 13.817 149 242 1954 420,035 30,597 14.475 45,072 31 ,384 13,417 177 1955 381,555 30,835 13,129 43,964- 31.322 12,373 175 1956 343,983 31,644 11,801 43,445 30,807 12,373 173 1957 304,861 29.117 10,434 39.551 29,535 9.686 215 1958 268,807 25.674 9,152 34,826 29,387 5.046 257 1959 237,637 25,655 8,077 33,732 28,295 .5,046 256 1960 206,934 21,178 7.003 28,181 22,745 5,046 256 1961 182.118 17,092 6,192 23,284 17,851 5,046 253 1962 161,913 15,646 5,555 21,201 17.724 3,093 252 196) 143,624- 13.512 4,935 18,447 17,415 649 250 1964 128,506 13,386 4,360 17,746 16,718 647 249 1965 113,936 11,707 3.801 15 • .508 14,484 647 247 1966 100,461 10,214 3,33.5 13,549 12,526 647 246 1967 88,377 10,571 2,874 13,445 12,425 647 244 1968 75,844 15,413 2,407 17,820 16,802 647 243 1969 58.582 9 • .518 1.946 11.464 10,450 647 240 1970 48,077 6,771 1, 623 8,394 7.425 607 236 1971 40.420 6,775 1,)24 8,099 7,172 56.5 236 1972 32.786 6.883 1,014 7.897 6,975 565 235 1973 25,147 7.168 700 7,868 6,949 565 232 1974 17,160 4,481 375 4,856 4,113 565 118

Table A-I: LIST OF EXTERNAL DEBT OF BRAZIL

(In thousands)

Date

DOLLAR D~BT Dollar bonds

Plan A bonds Brazil 3 1/2%, 1921-1978 12/31/49 Brazil 3 1/2~~, 1922-1978 12/31/49 Brazil :3 3/8;~, 1926-1979 12/31/49 Brazil 3 3/85~, 1927-1979 12/31/49 Brazil 20-year funding :3 3/8%, 1931-1979 12/31/49

State of liaranhao 2 1/8%, 1928-2008 12/31/49 State of Pema.mb'ur.io 2 1/8;;, 1927-

12/31/49 2008 State of Rio de Janeiro 2%, 1929-

12/31/49 2012 Federal District 2 3/8%, 1921-2001 12/31/49 Federal District 2%, 1928-2012 12/31/i[9 F'ederal District 1 7/8%, 1928-2017 12/31/49 State of Sao Paulo 2 1/2%,

12/31/49 1921-1999 State of Sao Paulo 2 1/2%, 1925-1999 12/31/49

State of Sao Paulo 2 1/45;, 12/31/l.~9 1926-2004

State of Sao Paulo 2%, 1928-12/31/49 2012

State of Parana 2 1/8%, 1928-12/31/49 2008

State of Santa Catarina 2 3/8J~, 12/31/49 1922-2001

State of Rio Grande do SuI 2 1/2;;, 1921-1999 12/31/49

State of Rio Grande do Sul 2 1/4/~' 1926-2004 12/31/49

State of Rio Grande do SuI 2%, 1928-2012 12/31/49

State of Hio Grande do SuI 2 1/4J~, 1927-2004 . 12/31/49

State of Minas Gerais 2 1/8~r" 12/)1/49 1928-2008

State of Hinas Gerais 2 1/8~;, 12/31/49 1929-2008 .

City of Sao Paulo 1 7/8%, 1919-2017 . 12/.31/49

City of Sao Paulo 2 3/8%, 12/31/49 1922-2001

City of Sao Paulo 2%, 1927-12/31/49 2012

Q ; i.

Page 1 Amount outstanding

In currency Expressed in of paJ~ent UoS o dollars

t· <ill 8,205 8,205

5:,241 5,241 16;487 16,;487 11,682 11,,682

6,130 6,130 589 589

1,699 1,699

1,523 1,523 2,191 2,191 8,081 8,081

285 285

1,312 1,312

4,738 4,738

2,025 2,025

4,066 4,066

959 959

794 79'-l

1,275 1,275

1,552 1,552

3,232 3,232

572 572

1,521 1,521

1,596 1,596

1~036 1,036

1,030 1,030

1,732 1,732

Table A-I: LIST OF EX'rERNAL DEBT OF BRAZIL -Contd.

(In thousands)

Plan A bonds City of Porto Alegre 2 3/8%, 1922-2001 -

City of Porto Alegre 2 1,/4%~ 1926-2006 -

City of Porto Alegre 2 1/8%, 1928.2008

Total Plan A dollar bonds

Plan B bonds Brazil 3 3/4%, 1921 Brazil 3 3/4%, 1922 Brazil 3 3/4%, 1926 Brazil ) 3/4%, 1927 Brazil 20-year funding 3 3/4%, 1931

State of lJaranhae 3 3/4%, 1928 State ef Pernambuco. 3 3/4%, 1927 State ef Rio de Janeiro. 3 3/4%, 1929

Federal District 3 3/4~{" 1921 Federal District 3 3/4%, 1928 Federal District 3 3/4~~, 1928 State of Sao Paule :3 3/4%, 1921 State ef Sao Paule :3 3/4%, 1925 State of Sao. Paule .3 3/4%, 1926 State of Sao Paulo ) 3/4~;;, 1928 State of Parana 3 3/4~b, 1928 . State of Santa Catarina 3 3/4%, 1922

State ef Rio' Grande de Sul 3 3/4%, 1921

State ef Rio' Grande de Sul J 3/4%, 1926 .

State of Rio Grande de Sul 3 3/4%. 1928

State ef Rio. Grande de Sul 3 3/4%. 1927

State ef l:iinas Geraie 3 3/4%, 1928 .

State ef Minas Gerais 3 3/4%.. 1929

City ef Sao Paulo' 3 3/4%, 1919 City ef Sao Paulo 3 3/4;;; 1922 City ef Sao. Paule 3 3/4%, 1921 City ef Perte Alegre ) 374%, 1922 City ef Perte Alegre 3 3/4%, 1926

Pa~e 2 Amount . outstandin~ .

Date

12/31/49

12/31/49

12/31/49

12/3:)./49 12/31/49 12/31/49 12/31/49

12/31/49 12/31/49 12/31/49

12/)1/49 12/31/49 12/31/49 12/31/49 12/31/49 12/31/49 12/31/49 12/31/49 12/31/49

12/31/49

12/31/49

12/31/49

12/31/49

12/31/49

12/31/49

12/31/49 12/31/49 12/31/49 12/31/49 12/31/49 12/31/49

In currency Expressed in of paJ2Eent I U.S. dollar,!

$ 725

614

466 $l1,358

i

9,235 4;416

15;789 10,655

6,207 308

1,010

1,179 -1,591 5,333

334 . 350

1,829 . 750

1,507 362

602

1,028

1,193

2,083

434

1,273

1,232 971 569 893 572 663

725

614

466 91·,358

9,,235 4,,416

15,789 10,655

6,207 '308

1,010

1,179 1,,$91 5,,333

334 350

1,,829 . -7$0 1,507

362

602

1,028

1,193

2,083

4.34

11273

1,232 971 $69 893 $72 663

". 4" .,'. . P ... s J ,

Table A-I: LIST OF':::;XTERNAL DEBT OF BRAZIL - Contd, _

(In thousands) Ii.

(

Plan B bonds City of Porto Alegre 3 3/4%,

Total Plan B dollar bonds Total dollar bonds

u.s. Goverr~ent debt

1928

Expol~-Import Bank - outstanding 3 1/21~5% - 1970 'QIldisbursed

luaritime Commission 3 1/2% - various maturities

Reconstruction Finance Corporation Surplus property 2 3/8%,1946-1951

Total U.S. Government debt

Date

12/31/49

7/31/50 7/31/50

3/31/50 3/31/50 3/31/50

International Bank loans Sao Francisco Hidro Elec. 4 1/4%,1950-75

. 8/31/50 outstanding undisbursed

Brazilian Traction 4 1/2%, oUtstUlding' undisbursed

Total dollar IBBn TOTAL DOLLAR DEBT

1949-74

IBRD Swiss fcs o 4 1/2;~, 1949 ... 74 IBRD Canadian dollars 4 1/2%, 1949-74 IBRD Sterling 4 1/2%, 1949-'74

TOTAL IBRD (Including dollar IBRD)

STERLING DEBT Sterling bonds - Plan A

Brazil 1 5/8%, 1883-1982 Brazil 1 5/8%, 1888-1990 Brazill 1/2%, 1889-2047 Brazil 1 3/4~;, 1895-2029 Brazil funding 3 3/8%,1898-1965 Y Brazill 1/2,;, 1901-2003 Brazil 2 3/4;6, 1903-1998 Brazil 1 1/2%, 1910-205, Brazil Lloyd Brasiliero 1 1/2j;, 1910-1952 1/

Brazil 1 ~12%, 1911-1978 Brazil 1 1/2%, 1911-2056 11 Brazil 1 3/4%, 1913-2037 Brazil fundin~ 3 3/8%, 1914-198811 Brazil 3 3/8,:>, 1927-2013 Brazil 20-year funding 3 3/8;:-195711 Brazil 40-year funding 3 3/8;0-1979 11

See footnotes on page 6~

8/31/50

10/31/50 10/31/50

10/31/50 10/31/50 10/31/50

12/31/49 12/31/49 12/31/49 12/31/49 12/31/49 12/31/49 12/31/49 12/31/49

12/31/49 12/31/49 12/31/49 12/31/49 12/31/49 12/31/49 12/3]/49 12/31/49

Amount outstanding In currency Expressed:in of payment u.S'2..~~~

100,230 .39,093

5,423 31

2,964 1.47.741

1,157 13,843

40,657 29,b18 85,075

396 2871 SVi fr 998 Can ~r3,192 ,. 496 ""

t -660 1,1.31 5,925 2,476 2,624 2,646 2,385 2,791

56 480 434

1,895 4,220 1,851

516 2,3$3

,329 72,697

164,055

100,230 39,093

5,423 31

2,964 1472741

1,157 13,843

40,657 29,418 85,075 --396..2 871

232 3,071 1,622

902°00

1,847 3,165

16,583 6~930 7~344 7,406 6,675 7,811

157 1,34.3 1,215 5,304

11,811 5,181 1;444 6,586

Table A-l: LIST OF :::;XTE~i.NAL DEBT OF BRAZIL - Contd. .

(In thousands) Pa~eL

Amount outstanding

Date In currency Expressed jjl of payment U"S .. do1~~~

Plan A bonds State of Pernambuco 1 5/8~ 1905 12/31/49 .. 392 1;097 State of Bahia 1 5/8~;, 1904-2103 12/31/49 434 1)215 State of Bahia l S/8p, 1913-2043 12/31/49 308 862 State of Bahia funding 1 5/8%,

12/31/49 1915-2046 393 1,100 State of Bahia 1 7/8~~, 1916-1959 12/31/49 58 162 State of Bahia funding 1 5/8%,

12/31149 381 1928-2091 136 State of Rio de Janeiro 1 3/4%,

12/31/49 1927-2045 429 1,201 State of Rio de Janeiro 2 1/8%,

12/31/49 352 985 1927-2083 Federal District 1 5/8%, 1904 12/31/1~9 135 378 Federal District 1 1/2%, 1912-2052 12/)1/49 449 1,257 State of Sao Paulo 1 3/4%, 1904-

12/31/49 1960 38 106 State of Sao Paulo 1 3/47&, 1905 ....

2018 12/31/L~9 1,334 3,734 State of Sao Paulo 1 3/l:S~, 1907-

2065 12/31/49 863 2,415 State of Sao Paulo 2 1/2%, 1921-

2015 12/31/49 446 1,248 State of Sao Paulo 2 1/4~, 1926-

2061 12/.31/49 688 1,926 State of Sao Paulo 2%, 1928-2042 12/31/49 1,000 2,799 State of Parana 2 1/8/b, 1926-2003 12/31/49 138 386 State of Santa Catarina 1 5/8;;,

12/31/49 1909 39 109 State of JlJin:ts Gerais 1 3/47~, 1913-2053 12/31/49 20 56

State of l'liinas Gerais 2 1/8;;, 12/31/49 1928-2053 338 946

City of Recife 1 5/8~, 1910 12/31/49 98 274 City of i~iteroi 2 1/8;';, 1928-2079 12/31/49 131 367 City of Sao Paulo 1 7/8%, 1908-2010 12/31/49 149 41.7 City of Santos, 2 1/8~, 1927-2068 12/31/49 524 1,467 City of Porto Alegre 1 5/8,;, 1909-

12/31/49 2015 105 294 City of Pelotas 1 5/8%, 1911-2063' 12/31/49 149 417 Sao Paulo Coffee Institute 2 1/2%,

12/31/49 8,956 1926-20J.,7 3,200 Ba~~ of State of Sao Paulo series A,2%, 1927 12/31/49 154 431

Bank of State of Sao Paulo series B,2;b, 1928 12/31/49 233 652

Bank of State of Sao Paulo series C, 2~ 1928 12/31/49 251 702

Total Plan A sterling bonds 45,427 127,l42

'"

Table A-I: LIST OF EXTERNAL DEBT OF BRAZIL - Contd.

(In thousands) Page 5

Amount outstanding

Date In currency Expressed in of payment U.S., dollars

Plan B bonds Brazil 3 3/'4%, 1833 12/31/'49 • 164 '459 Brazil 3 3/4%, 1888 12/31/'49 351 982 Brazil 3 3/4%, 1889 12/31/49 1,,713 4,794 Brazil 3 3/4%, 1895

189sY 12/31/49 1,049 2,9;36

Brazil funding 3 3/4%, 12/31/49 832 2,329 Brazil 3 3/4%, 1901 12/31/49 7'46 2,088 Brazil 3 3/4%, 1903 12/31/49 2,571 7,196 Brazil 3 3/4%, 1910 12/31/49 1,078 3,017 Brazil 3 3/4%, 191111 12/31/49 215 602 Brazil 3 3/4%, 1911 12/31/49 '278 778 Brazil 3 3/4%, 1913

191td1 12/31/49 1,,523 4,263

Brazil fundj.ng 3 3/4;:j, 12/31/49 3,391 9,491 Brazil 3 3/4%, 1927 12/31/49 1,988 5,564 Brazil 20-year funding 3 3/4%, 1931 Y. 12/31/49 217 607

Brazil.40-year funding 3 3/4%, 12/31/49 1931 1/ 1,159 3,244

State of Pernambuco 3 3/4%, 1905 12/31/49 30 84 State of Bahia 3 3/4~6, 1904 12/31/49 245 686 State of Bahia 3 3/45~, 1913 12/31/49 319 893 State of Bahia funding 3 3/4%, 191$ 12/31/49 97 271 State of Bahia funding 33/4,&, 1928 12/31/49 94 263 State of Rio de Janeiro 3 3/4%,1927 12/31/49 572 1,,601 State of Rio de Janeiro 3 3/4;&,1927 12/31/49 737 2,063 Federal District 3 3/4/~, 1904 12/31/49 135 378 Federal District 3 3/'4%, 1912 12/31/49 567 1,587 State of Sao Paulo 3 3/4%, 1904 12/31/49 3 8 State of Sao Paulo 3 3/41';, 1905 12/31/49 272 761 State of Sao Paulo :3 3/41~, 1907 12/31/49 283 792 State of Sao Paulo 3 3/4~~, 1921 12/31/49 427 1,195 State of Sao Paulo 3 3/4~b, 1926 12/31/49 635 1,777 State of Sao Paulo 3 3/4%, 1928 12/31/49 894 2,502 State of Parana 3 3/4~b, 1928 12/31/49 155 434 State of Santa Catarina 3 3/4~;,

12/31/49 1909 1 .3 State of }!linas Gerais .3 3/4';1" 1913 12/31/49 13 36

State of Minas Gerais 3 3/4%, 12/31/49 .582 1,629 1928

City of llecife .3 3/41;, 1910 12/31/49 79 221 City of ~rit~roi 3 3/h~ ~928 12/.31/49 274 767 City or Sao Paulo 3 3, 4%" 1908 12/31/1» 84 235 City of Santos 3 3/4~;, 1927 12/31/49 762 2,133 City 0;[ -Porto A10gre J 3/4~;, 1909 12/31/49 80 --aa4 Cit;r of Pe10tas 3,)/4%, 1911 . " 12/31/49 129 361-8ao Paulo Caftee Institute 3'314%#

12/31/49 1926 1,930 5,LCa Bank 0;[ State of Sao Paulo sene.s A .3 3/41;" 1927 12/31/49 14.5 406

• See footnote on page 6.

(q, iPi

Table A-l: LIST OF EXTERNAL DEBT OF BRAZIL - Contd.

(In thousands)

Plan B bonds Bank of Stat.e of Sao Paulo series B, 3 3/4)~, 1928

Banl~ of State of Sao Paulo series C, 3 J/4~b, 1928

Total Plan B sterling bonds

TOTAL STERLING BQIlIDS

Date

12/31/49

12/31/49

TOTAL STERLING DEBT (includes sterling protion of IBRD loan)

TarAL DEBT

11 Entere issue lvill be called in 1950.

Page ~

Amount outstandin~ In currency ~xpressed in of payment UeS" do11fi~

.. 114

-113 27,oh6 ----72",473 --~

319

316 75,697

202,839 --~

TableA-·2: ESTIdATlID Il~T:illtCST 4iND AlvIORTIZATIOH PAY1CHTS Olf TIIiJ r;XT::;R1fAL DEBT OF BRAZIL

(Expressed in thousands of U.S. dollars;

Paze 1 Dollar bonds

p1-a-n-A~~J.-~-------------------- Plan B~]I~~--------------~T~o~t-al~d-o~ll~ar--~bo-n-d~s

Year Amount PaYments Amount payments Amount pnYments out- Amort i-- In- T' lOut.:.. Amort i- In- Ttl out- Amorti- In- T t 1

, standing _za~ipn tereRt o 'I; a stand:ing zation terest 0 a standing zation teresj;~O a

1950 91,358 2,326 2,574 4,900 72,697 4,187 2:726 61 913 1641 055 6,513 5,300 1:,813 1951 87,549 2,430 2,470 4,900 67,106 L",397 2,516 6,913 154,655 6,827 4,986 11,813 1952 83.567 2,541 2,359 4,900 61,245 4,616 2,297 6.913 14l:j,,812 7,157 4,656 11,81) 1953 78,975 2,655 2,245 4,900 55,092 4,847 2,066 6,,913 1)4t067 7,502 4,311 11,813 1954 75,053 2,773 2,127 4,900 48,631 5,090 1,823 60913 123,684 7',863 3,950 11',813 1955 70,511 2,899 2,001 4 11 900 41,846 5,344 1,569 6,913 112,357 8,243 3',570 11,813 1956 65.763 },028 1,872 4,900 34,722 5,611 1~302 6,913 100,l1-85 8,639 3,174 11',813 1957 60,818 3$165 1,735 4~900 27,243 5,890 1,023 6,913 88,061 9',055 2,758 11',813 1958 55,635 3,108 1,590 4,698 199392 6,186 727 6,913 75~027 9. 294 317 11,611 1959 50,619 2,590 1,454 4,044 11,146 6,495 418 6,913 61,765 9,085 1,872 10,957 1960 46,692 2,710 1,334 4,044 2,488 1,866 93 1,959 49,180 4.576 1,427 6,003 1961 42,583 2,829 1,215 4,044 42,583 2,829 1,215 4,o4L~ 1962 38,295 2,952 1,092 4t04L~ 38,295 2~952 1,092 4,044-1963 33,823 2,897 958 3,855 33,823 2,897 958 3~855 1964 29.527 3.023 829 3,852 29,527 3.023 829 3,852 1965 25,594 3~142 710 3,852 25.594 3,142 710 3,852 1966 20,994 3,281 571 3.852 20,994 3,281 571 3,852 1967 16,132 3,428 424 3,852 16,132 3,428 424 3,852 1968 11,053 3,058 270 3. 11,053 3,058 270 3,328 1969 6,465 656 1:\') 791 6,465 656 135 791 1970 5,153 579 105 684 5,153 579 105 684 1971 3,996 588 80 668 3,996 ~ 80 668 1972 2,820 464 57 521 2,820 464 57 521 1973 1, 891} 511 38 549 1,894 511 38 549 1974 873 365 18 383 873 365 18 383

See footnotes on l)age ~ti

Table A-2: ESTI;,lATLD nrTEHEST ium ,,"iJiORTIZLiTION PAYI,fi':NTS OH TIll~ EXT::HlIAL DEBT OF BRAZIL - Contd.

(Expressed in thousands of U.S. dollars) Page 2

U. S. Government debt I~B"R.D. loans Uo So dollars Canadian dollars -Year Amount I:&ments Amount Palments Amount pa;;lments

out,- Amorti-· In- Total out- P.morti-, In- Total out- Amort i- In- Total standing zation terest stm1ding zntion terest standing zD.tion terest

1950 1081,97oJilo,108 42 360 14,,4J8 417814 2,049 2»049 3,071 106 106 1951 127,377 11~628 5,06'1 16,695 85,075 3,866 3~866 3,071- 138 138 1952 130,709 12,498 5~168 17,666 85,075 31 866 3~866 3,071 138 138 1953 120$896 12,147 4,500 16~647 85,075 251 ),866 4p l17 3~071 11 138 149 1954 106,064 10,593 3i 966 14,559 841 824 1~169 3,843 5,012 3,060 40 137 177 1955 95,471 10,809 3,500 lL~,309 83,655 1?L~15 3,785 5,200 3,020 40 135 175 1956 84,662 10,788 3,050 13,838 82~240 1,436 3,720 5,156 2,980 40 133 173 1957 73,874 9 .. 020 2~610 11.630 80,804 2,437 3,655 6,092 2,940 83 132 215 1958 64,854 8,507 2,234 10~ 7la 78 11 367 3,515 3,520 7,035 2,857 130 127 257 1959 56,347 8,460 1,875 10,335 74,852 3,644 3,359 7,00.3 2,727 135 121 256 1960 47,887 8,2.37 1,537 9 i 774 71,208 3,776 3,192 6,968 2,592 141 115 256 1961 39,650 5,635 1,238 6,S?3 67,11-32 3, 911.} 3,020 6,934 2,451 145 108 253 1962 .34,015 5'1768 1,015 6~783 63,518 4,058 2,839 6,897 2.306 150 102 252 1963 28,247 5~911 788 6,699 59,460 I.}, 207 2,654 6,861 2,156 155 95 250 1964 22,336 5,489 557 6,046 55,253 4~359 2,461 6,820 2.001 161 88 249 1965 16,847 3,.509 342 3,851 50.894 4,519 2,262 6,781 1,84'0 167 80 247 1966 13,338 1,.699 237 1,936 46,375 1+9 683 2,055 6,7.38 1,673 172 74 246 1967 11,639 1,711 168 1,879 41$692 4~855 1.839 6,694 1,501 178 66 244 1968 9,928 6,724 99 6,132.3 36,837 5,033 1,618 6,651 1, 185 243 1969 3,204 3,023 32 ),055 31,804 5,217 1,387 6,604 1, 191 1+9 240 1970 181 181 4 185 26,587 5,408 1,148 6,556 9l}7 196 40 236 1971 21,179 5,605 899 6,504 751 204 32 236 1972 15,5'14 5,811 64.3 6,454 547 212 23 23.5 1973 9,763 6,023 377 ',),400 335 220 12 232 1974 3,740 3,629 101 3,730 115 115 3 118

See footnotes on paE,e ~.

Table 1:1.-2: DSTIUAT:::iD IlJP:::;ro;ST AND AI\iO:t/.TIZi\.TIOlJ PATIENTS ON '::'HE b:AT:.j1.lJAL DEBr:; OF BRAZIL - Contd. /

(Expressed in thousands of U.S. dollars) .Pgge :3

L:O£R~D; loans Sterlin&..- S1:Jis s frE'illcs Totiil,l IBIID loans

Years Amount Pa;'lments Amount ;E a;'lm en ts Amount ~a:t:ments out- Amorti- In-

Total out- Amort i- In-

Total out- Amorti~ In..;..

Total stallcillg: Z'-1.:tiQll tel:e~:t • stalld:ing' zation te~est standing zation terest .

1950 1,622 35 ,35 2,32 1 1 46 t 739 !:±/ ..;. 2,191 2,191 1951 1,622 72 72 232 10 10 90 j OOO 4,086 4,086 1952 1$622 72 72 232 10 10 90s000 4,086 4,086 1953 1,622 6 72 78 2,32 2,32 10 242 90,000 500 4·,086 4,586 1954 1,616 22 72 94 89~500 1,2,31 Lf.,05.3 5.284 1955 1,594 22 72 94 i 269 1,477 3,99.3 5,lJ-70 1956 1,572 22 70 92 86,792 1,498 .3, 92l} 5,422 1957 1,550 45 70 115 85.291..1- 2.565 .3,857 6,422 1958 1,505 69 67 1.36 82,729 .3,714 .3,714 7,428 1959 1,4.36 71 64 1,35 79,015 3,850 ,3,544 7, ,391..Y 1960 1,365 73 61 134 75,165 3,990 3,367 7,357 1961 1,292 77 57 134 71,175 4,136 3,136 7,322 1962 1,215 79 53 132 67,0.39 4,287 2,996 7,283 196,3 1,1,36 82 51 1,3,3 62,'152 4,444 2,799 7,24,3 1964 1,054 85 47 1,32 58,308 4,605 2,596 7,201 1965 969 87 4,3 130 53,70,3 4,77,3 2,386 7,159 1966 882 91 .39 1,30 48,930 4,946 2,168 7,114 1967 791 94 35 129 43~984 .5,127 1,940 7,067 1968 697 97 ,31 128 ,857 5,315 1,706 7.,021 1969 600 101 26 127 33.5l~2 .$,509 1$462 6,971 1970 l~99 105 21 126 28,033 5,'7u9 1,210 6,919 1971 .394 109 17 126 22,324 5,918 947 6,865 1972 285 III 11 122 16,406 6,134 677 6,811 1974 174 115 7 122 10,272 6,358 .396 6,754 197 59 59 1 60 .3,914 ,3~801 105 3,906

See footnotes on pace 5.

Table A-2: :L;STnl.i~T:JD IlJT:':.REST i:JID .hHOI"TIZATIOU :?AYl·i:.CHTS ON TIf.:J ::';::TEPJ,"AL DIJ:BT 0]' J3Rt'\.ZIL - Oontd ..

(E:;:uressed in thousands of U.S. dollars) "-

PaGe 4 Totul dollar debt

Plan A 11 SterJ.ingbonds Plan B y .

Year Amount :;:a~ments Amount Payments Amount Pa;'lments out- lunorti- In- Tot<:Ll

out..:.. Amorti- In-- Total out- Amort i- In- Total standing zation terest standing; z8,tion terest standing zation terest

1950 314,839 16,621 11,709 28,3-30 127,142~ 3~,157jJ 1,889 35,046 75, 696fJ 20,938&/ 2,.838 23,776 1951 367,107 18,455 13,919 )2,)74 91,51}6 ,'?S5 1,755 6,490 53~264 5,)29 1,998 7,)27 1952 360,596 19,655 13,690 3),)45 84,)22 4,873 1,617 6,490 46'416 5 1,749 7,327 1953 )40,038 19,900 12,677 32,577 76,805 5,015 1,475 6~490 39, 80 5: 1,480 7,327 1954 31b:, 572 19,025 11,759 )1, 38Lf 69,102 1.;',772 1,318 6,090 31 p 685 6,138 1,189 7,327 1955 291,483 20,467 10,855 31,)22 61,954 3,860 1,186 5,046 23,504 6,446 881 7,327 1956 267,387 20,863 9,91}4 30,807 .57,132 ),952 1,094 5,046 14,912 6,767 560 7,327 1957 242,739 20,512 9,023 29,535 51,7/n 4,058 938 5,046 5,891 4,419 221 4,640 19.58 218,248 21,316 8,071 29,387 46 .. 197 4,159 5,046 1959 192 .. 964 21,189 7,106 28,295 40,510 4,260 5,046 1960 168,275 16,589 6,156 22,745 34,702 4,375 671 5,046 1961 149.665 12,378 5,1+73 17,851 28,710 4,492 554 5,046 1962 135,828 12,778 4,946 1'7,724 22,564 2,639 454 3,093 1963 121,530 13,015 4,400 17,415 18,802 260 389 649 1964 107,116 12,871 3;847 16,718 13,335 269 378 647 1965 93, 11,170 3,314 14,484 17, 283 364 647 1966 80,707 9,663 2;863 12,526 17j199 359 647 1967 69,463 9.994 2,/}31 12,425 16,622 305 342 61+7 1968 57,818 14,815 1,987 16,002 16,006 316 331 647 1969 41$473 8,896 1,554 10,450 15,371 330 317 647 1970 31,921 6,168 1,257 7.425 14,710 302 305 647 1971 25,17~ 6,193 979 7,172 14,100 269 296 565 1972 18,39 6.,275 700 6,975 13,560 285 280 565 1973 11,657 6,53/+ 415 6,949 12,981 299 266 565 1974 4,613 3,994 119 4,113 12,373 313 252 565

See footnotes on paGe 5.

Tf'ble A-2: :CSTIHATLD AND AHORTIZATIQN PAYUENTS OU THE .l.'J.l~.I..wJ:U' OF BRAZIL - Contd. (~j~ressed in thousands of U.S. dollars) ____________________________________________ --t:F-aee5-

Total sterling ~onds Total sterling ~ebt Amount P:;>;tments Amount Payments Amotmt

out- Amort i- 1n- T t 1 out- knorti- In- ~ tnl out- Amort i- In- Ttl . t t 0 a t d' t" t t _0 ~ t d" t" t t 0 a standing zat~an. cre§ s an ).n~ za :Lon eres s an l.n~ za 10n eres

Year

1950 202,838 54p 095 4,727 58,822 204/1-60 54,095 4,762 58,857 516,337 70,716 16,578 87,294 1951 144,810 10.064 3,753 13,817 146,432 10,064 3,825 13,889 516,842 28,519 17,892 46,411 1952 131,238 10,451 3,366 13,817 132,860 1° 1 451 3,438 13)889 496,759 30,106 17,276 47,382 1953 116,285 10,862 2 t 955 J.J~817 117,907 10,868 3,027 13~895 461,248 31,011 15,B52 46,863 1954 100,787 10,910 2,507 13,417 102, 403 10,932 2,579 13~511 420,035 30,597 14,475 45,072 1955 85,458 10,306 2,067 12,373 87,052 10,328 2,139 12,467 381,555 30,835 13,129 43,964 1956 72,044 10,719 1,654 12,373 73~616 10.?l}! 1,724 12,465 343,983 31,64': 11,801 L~3,445 1957 57,632 8,477 1,?09 9,686 59~182 8~522 1,279 9,801 304,861 29,117 10,434 39,551 1958 46,197 4,159 887 5,046 47~702 4,228 954 5,182 266,807 25't674 9,152 3LI-,826 1959 40,510 4,260 786 5,046 41,946 4,311 850 5,181 237,637 25,655 ,3,077 33,732 1960 34,702 4,375 671 5,046 36 067 4 448 732 ~ 180 206,934 21,178 7,003 28,181 1961 28,710 4,492 5.54 5,046 30;002 4:569 611 5:180 182,118 17,092 6,192 23,284 1962 22,564 2,639 454 3,093 23,779 2,,/18 50? 3,225 161,913 15,646 5,555 21,201 1963 18,802 260 389 649 19,938 342 440 782 143,624 13,512 4,935 18,447 1964 18,335 269 378 647 19,389 354 425 779 128 p 506 13,386 4,360 17,746 1965 17,792 283 364 647 18~ 761 370 L~07 777 113,936 11,707 3,801 15,508 1966 17,199 288 359 647 18,081 379 398 777 100,4,61 10,214 3,335 1),549 196'7 16,622 305 342 647 1'7,413 399 377 776 8S,377 10,571 2,874 13,445 1968 16,006 316 331 647 16,703 413 362 775 75,84L~ 15,413 2,407 17,820 1969 15,371 330 317 647 15 971 431 343 774 58,582 9,518 1,946 11,464 1970 14,710 302 305 607 15:209 407 326 733 48,077 6,771 1,623 8,394 1971 14,100 269 296 565 Ih,494 378 691 40,420 6,'775 1,324 8,099 1972 13,560 285 280 565 13,845 396 687 32,786 6,883 1,014 7,897 1973 12,981 299 266 565 13,155 414 273 687 25,147 7,168 700 7,868 1274 12,373 313 2.52 565 12,432 372 253 62S 17,160 4,481 375 h,856 Y It was assumed that all Pl.".n A bonds of the national government lvou1d be bought in the open market at an average

price of 75 c,nd those of states and munici'oali ties at an averar;e of 50. Y It ,,ras assumed that all Plan II bonds \vould be bought in the ~, at an average :!.)rice of 75. 11 Amount out at the beginning of the year. This a~ount increases in and 1952 because it was assumed

that undisbursed amounts \'lOuld be draim dOlm. ~ Amount outs as of 8/31/50. 51 Includes ~10,203,OOO of bonds to be called in 1950. FJ Includes ~5,877.000 of bonds to be called in 1950.