Investor Presentaiton
-10%
-8%
-6%
2014
-4%
-2%
2015
0%
60%
55%
50%
45%
40%
35%
30%
25%
20%
PUBLIC DEBT TO RISE IN THE SHORT RUN
Public debt
Sources: MOF
Public debt is expected to increase to around 60% of GDP, with
a consolidation plan in place for the medium run
External public debt to GDP, %
2018
Overall Balance (IMF Modified), % of GDP
Source: MOF
-2.0%
-2.3%
-2.8%
-2.7%
-2.7%
-3.0%
2016
2017
2018
2019
-9.1%
-7.6%
2020F
2021F
2022F
2023F
2019
2020F
2021F
2022F
2023F
2024F
Total public debt to GDP, %
2024F
Breakdown of public debt
Source: MOF, as of 31 October 2020
65%
60%
55%
50%
45%
Multilateral
56%
40%
35%
Domestic
21%
External
79%
30%
25%
20%
Current vs Capital Expenditure, % of GDP
Source: MOF
Capital expenditures reached record highs in 2019 and will prove key in the
fiscal stimulus
Bilateral
17%
Eurobond 6%
30%
26.2%
25.1%
23.2%
22.6%
22.8%
22.2%
25%
21.3%
21.0%
-2.6%
-3.1%
20%
-4.4%
15%
7.9%
8.2%
7.9%
7.0%
10%
6.4%
6.3%
6.5%
5.7%
5%
0%
2017
2018
2019
2020F
2021F
2022F
2023F
2024F
...Current Expenditures
Capital Expenditures (Acquisition of Non-financial Assets)
81
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