P&C Insurance and Beverages Business Financial Overview
-1
-1.4
-1.8
-2.2
Low public debt
Public debt as % of GDP is capped at 60%
70%
50%
30%
10%
-10%
Sources: MOF
2010
2011
2012
2013
2014
2015
2016
2017
External public debt to GDP, %
Total public debt to GDP, %
Modified Fiscal Deficit, % of GDP (IMF programme)
Source: MOF
-2.6
-3.0
-3
%
2016
-2.7
2017
Breakdown of public debt
Source: MOF, as of December 2019
50%
40%
30%
Multilateral
56%
20%
Domestic
20%
External
80%
10%
0%
Current vs Capital Expenditure, % of GDP
Bilateral
15%
Eurobond 7%
Source: MOF
30%
24.6%
22.6%
25%
21.3%
21.3% 21.5%
21.6%
21.6%
21.7%
20%
15%
-2.3
-2.4
10%
4.8%
5.7%
6.4%
7.1%
6.9%
6.6%
6.4%
6.2%
-2.5
-2.6
-2.6
-2.7
5%
0%
2016
2017
2018
2019E
2020F
2021F
2022F
2023F
2018
2019E
2020F
2021F
Current Expenditures
Capital Expenditures (Acquisition of Non-financial Assets)
Page 68
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