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Investor Presentaiton

Macroeconomic Program 2019-2020 Macroeconomic implications of lack of authorization to international bonds issuance (Alternative scenario) Funding requirements should be met in domestic markets or multilateral loans. Uncertainty. Upward pressure on domestic interest rates. Stress in currency, liquidity and debt markets. Private sector crowding out. Lower GDP growth and employment generation, higher poverty. 48 188

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