Investor Presentaiton

Central Government's funding needs and financing strategies Flow of funds for 2020 1/ (In USD million) FINANCING NEEDS 4,649 Amortization of Bonds and Loans 1,618 Interest Payments 1,529 Primary Deficit (a) 1,501 Estimated overall deficit of 6,7% of GDP, given a projected real GDP contraction of 3% in 2020. FUNDING SOURCES 4,649 Multilateral Loans 1,520 Domestic and External Bond Issuance 3,750 Net Others 128 Year-to-date: 43% (USD 1612 million) of total estimated bond issuance for 2020 has been completed (through domestic auctions in local currency Treasury Notes). Use of Assets (b) -750 Memo Item: Net Bond Issuance 1/ Projections. 2,132 (a) Excludes extraordinary transfers to the public Social Security Trust Fund. (b) Negative figure indicates an accumulation of Central Government liquid assets. • For the rest of 2020, the Government will strive to rebalance currency mix in international debt market issuances: will aim to develop the global local currency curve (in CPI-linked and/or nominal fixed-rate), to the extent that borrowing costs in local currency remain consistent with sustainable debt dynamics and fiscal restraint. Otherwise, does not rule out re-tapping international debt market in dollars. Source: Debt Management Unit, Ministry of Economy and Finance 22 22

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