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Lao People’s Democratic Republic: Selected Issues and Statistical Appendix

Author(s):
International Monetary Fund
Published Date:
March 2002
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Table 1.Lao P.D.R.: Selected Economic and Financial Indicators, 1997–2000
Nominal GDP (1998):$1,286 million
Population (1998):5.0 million
GDP per capita (1998):$257
Fund quota:SDR 52.9 million
Est.
1997199819992000
Nominal GDP (in billions of kip)2,2014,24010,30413,483
Real GDP growth (percent change)1/7.04.07.35.7
Prices (percent change)
Consumer prices
(12-month rate; end-of-period)26.6141.986.710.6
(monthly; end-of-period) 2/-0.64.9-1.1-0.9
GDP deflator (annual average)19.385.2126.523.8
Government budget (percent of GDP) 3/
Revenue11.39.810.612.7
Grants3.45.36.03.2
Expenditure21.923.620.620.9
Current account balance (excluding grants)0.21.74.44.6
Overall balance (including grants)-7.2-8.5-4.0-5.0
Of which: Bank financing-1.60.8-0.4-0.8
Money and credit (percent change; end-of-period)
Broad money65.8113.378.445.7
Bank credit to the economy110.886.374.241.3
Credit to SOEs226.185.699.244.3
Credit to the private sector83.486.663.639.7
Interest rates (in percent; end-of-period)
On one-year deposits19232424
On short-term loans20-2731-3422-3016-24
External trade
Trade balance (USS millions)-331-216-191-198
Exports (percent change in USS value)-1.46.47.78.3
Imports (percent change in USS value)-6.0-14.70.36.6
Balance of payments (percent of GDP)
Current account balance (including official transfers)-10.7-4.4-1.5-1.6
Overall balance (USS millions)-53-18344
Gross official reserves (USS millions)136112106140
(in months of prospective goods and service imports)2.72.222.4
Net official reserves (USS millions)70505397
External debt (in percent)
Ratio of debt-to-GDP 4/60.995.289.473.4
Debt-service ratio 5/7.39.710.49.2
Exchange rate
Kip per U.S. dollar (end-of-period)
Commercial bank rate2,1354,2747,6008,140
Parallel market rate2,2054,7507,5758,170
Real effective exchange rate (percent change, annual average)4.5-23.15.010.8
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates and projections.

Staff estimate for 1999 real GDP growth is 5.0 percent; the lower estimate of Fund staff is due to their lower estimate of agricultural sector output, in line with observations of relevant international agencies.

Moving average of latest 3 monthly observations.

Fiscal data are on a fiscal year basis (October-September).

Excludes debt in nonconvertible currencies; includes debt to the Fund (SAF and ESAF).

As a ratio of exports of goods and services.

Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates and projections.

Staff estimate for 1999 real GDP growth is 5.0 percent; the lower estimate of Fund staff is due to their lower estimate of agricultural sector output, in line with observations of relevant international agencies.

Moving average of latest 3 monthly observations.

Fiscal data are on a fiscal year basis (October-September).

Excludes debt in nonconvertible currencies; includes debt to the Fund (SAF and ESAF).

As a ratio of exports of goods and services.

Table 2.Lao P.D.R.: Real GDP Growth, 1995–2000
199519961997199819992000
(In percent)
Agriculture3.12.27.53.18.25.0
Crops-2.50.916.26.413.512.9
Livestock and fishery3.74.01.22.52.32.9
Forestry28.21.7-5.2-9.72.3-33.6
Industry13.117.38.19.28.07.6
Mining and quarrying-3.741.250.012.733.517.1
Manufacturing17.719.08.59.67.17.8
Construction6.88.78.3-13.9-0.6-10.5
Electricity, gas, and water-8.815.2-2.362.821.624.3
Services10.28.77.35.56.76.0
Transportation, storage and communication18.215.15.46.65.86.2
Wholesale and retail trade9.310.012.19.77.25.3
Banking, insurance, and real estate42.0-0.87.61.63.03.0
Ownership of dwellings3.44.24.42.52.52.5
Public wage bill-4.50.01.44.36.70.7
Nonprofit institutions2.411.1-4.5-20.0-4.88.0
Hotels and restaurants35.014.516.28.221.619.8
Other15.423.1-6.35.019.631.0
GDP at factor cost6.76.77.65.07.85.8
Import duties24.88.7-15.0-45.3-38.8-3.4
GDP at market prices7.16.87.04.07.35.7
Source: Data provided by the Lao P.D.R. authorities.
Source: Data provided by the Lao P.D.R. authorities.
Table 3.Lao P.D.R.: Real GDP by Industrial Origin, 1995–2000
199519961997199819992000
(In billions of kip, at 1990 constant market prices)
Agriculture454464499514556584
Crops216218253270306346
Livestock and fishery179186188193197203
Forestry596057515335
Industry157184199217234252
Mining and quarrying224456
Manufacturing116138150164176190
Construction283033282825
Electricity, gas, and water111313212531
Services204222238252268284
Transportation, storage, and communication445053566063
Wholesale and retail trade69768593100106
Banking, insurance, and real estate121213131314
Ownership of dwellings283031323233
Public wage bill282828293131
Nonprofit institutions101111889
Hotels and restaurants121417182226
Other122222
GDP at factor cost81587093698310591120
Import duties2123191166
GDP at market prices83689295599310651127
Source: Data provided by the Lao P.D.R. authorities.
Source: Data provided by the Lao P.D.R. authorities.
Table 4.Lao P.D.R.: Nominal GDP by Industrial Origin, 1997–2000
1997199819992000
(In billions of kip)
Agriculture1,1392,2275,5087,129
Crops5791,1683,0314,221
Livestock and fishery4308361,9562,481
Forestry130223521426
Industry4549402,3213,079
Mining and quarrying8185477
Manufacturing3427121,7442,318
Construction74122276304
Electricity, gas, and water2989247378
Services5641,0112,4013,189
Transportation, storage and communication121244591773
Wholesale and retail trade1944059921,288
Banking, insurance, and real estate2975796
Ownership of dwellings70137321406
Public wage bill95123195264
Nonprofit institutions14111112
Hotels and restaurants3877215317
Other371930
Import duties44627584
GDP at market prices2,2014,24010,30413,483
Source: Data provided by the Lao P.D.R. authorities.
Source: Data provided by the Lao P.D.R. authorities.
Table 5.Lao P.D.R.: Output of Major Commodities, 1995–2000
ItemUnit199519961997199819992000
Agriculture
Paddy’000 tons1,4181,4141,6601,6742,1002,200
Corn’000 tons48767810996117
Sweet potatoes and cassava’000 tons99929410781118
Coffee’000 tons91012171824
Tobacco’000 tons272628262333
Livestock
Buffalo’000 tons464747484950
Cattle’000 tons383940424344
Pigs’000 tons818385878991
Poultry’000 tons161617171819
Forestry
Logs’000 M3819659560500568378
Industry
Tintons636736665785691477
Gypsum’000 tons124113151131165200
Manufacturing
Hydropowermillion khw1,0851,2481,2191,9962,4363,036
Beer’000 hectoliter151240286332356399
Soft drinks’000 hectoliter105108122125123117
Cigarettesmillion packs434950553841
Agricultural tools’000 units433444
Corrugated iron sheetmillion sheets1222
Detergenttons877913870912879800
Nailstons61544750624691825
Oxygen’000 bottles17.32424212120
Electric cord’000 m2,1922,4413,1002,2503,5702,700
Plastic productstons5002,9403,5683,2253,9004,225
Salt’000 tons111416161819
Wood furnituremillion kip6,6227,2107,8007,15512,72513,800
Rattan furnituremillion kip133175148
Garmentsmillion pieces18192123
Sugartons147189400
Tobaccotons8131,2191,5601,0007571,190
Plywoodmill, sheets2222,0862,125
Cement1,000 tons597884
Bricksmillion pieces56576953
Wood1,000 meters289231255
Ventilators1,000 units202543420
Source: Data provided by the Lao P.D.R. authorities.
Source: Data provided by the Lao P.D.R. authorities.
Table 6.Lao P.D.R.: Consumer Price Indices, 1997–2000
1997199819992000
(NSC Index; December 1995=100)
January113.0148.3372.0654.5
February115.4167.3419.0665.9
March118.8172.9461.7672.0
April120.7196.1508.4686.2
May127.3207.3529.4694.4
June127.5257.0577.5701.8
July133.0271.1639.0707.3
August139.9279.1670.4715.6
September145.5300.1668.0733.0
October142.8303.3670.7727.4
November139.9330.5642.3713.8
December142.8345.4644.7712.8
(Twelve-month percentage change)
January11.431.3150.875.9
February11.745.0150.558.9
March12.445.6167.145.6
April12.362.4159.335.0
May16.262.8155.431.2
June15.9101.6124.721.5
July19.6103.8135.710.7
August25.799.5140.26.7
September27.7106.3122.69.7
October26.9112.5121.18.5
November25.7136.394.311.1
December26.6141.986.710.6
Period average19.387.4134.027.1
Source: Data provided by the Lao P.D.R. authorities.
Source: Data provided by the Lao P.D.R. authorities.
Table 7:Lao P.D.R.: General Government Operations, 1996/97–2000/01
BudgetEst.Budget
1996/971997/981998/991999/002000/01
(In billions of kip)
Revenue and grants2985671,4612,1602,0182,614
Revenue2283679291,6201,6152,194
Tax1902907451,3761,3231,742
Of which:
Profit tax233380170172316
Turnover tax4063160264252379
Excise tax1851157225211336
Import duties475099173138192
Timber royalty receipts323789270288115
Nontax3977184244293452
Grants70200532540403420
Expenditure4448831,8092,8192,6553,382
Current2243045391,0521,0311,417
Wages and salaries92117181348348417
Materials and supplies5763132137197342
Interest payments163959133103175
Timber royalty financed expenditure323789270184115
Other recurrent274978164199368
Capital and onlending 1/2205791,2701,7681,6231,965
Current balance463390568584776
Overall balance-146-317-348-659-637-769
excluding grants-216-516-879-1,199-1,040-1,189
Financing146317348659637769
Domestic financing3393-527-94213
Bank financing 2/-3230-390-1040
Nonbank financing6463-13710213
Foreign financing (net)114223400658731556
Project loans110249478824792780
Program loans12000960
Amortization82677172157224
(In percent of GDP)
Revenue and grants14.715.116.617.015.917.7
Revenue11.39.810.612.812.714.9
Tax9.37.88.510.810.411.8
Nontax1.92.02.11.92.33.1
Grants3.45.36.04.33.22.8
Expenditure21.923.620.622.220.922.9
Current11.18.16.18.38.19.6
Wages and salaries4.53.12.12.72.72.8
Capital and onlending10.815.514.413.912.813.3
Current balance, excluding grants0.21.74.44.54.65.3
Overall balance-7.2-8.5-4.00.0-5.0-5.2
excluding grants-10.6-13.8-10.0-5.2-8.2-8.1
Financing7.28.54.05.25.05.2
Domestic financing (net)1.62.5-0.60.1-0.71.4
Bank-1.60.8-0.40.0-0.80.0
Nonbank3.21.7-0.10.10.11.4
Foreign financing (net)5.66.04.65.15.83.8
Memorandum item:
Nominal GDP, fiscal year (in billions of kip)202937458,78812,69112,69114,755
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.

Compared to previously used fiscal data, the budget capital expenditures have been revised to exclude irrigation projects financed through bank credit to farmers and state enterprises, mainly in 1997/98.

Bank financing excludes the valuation adjustments on the stock of government foreign currency deposits and credit in all years, as well as reclassification of printing costs by the BOL (KN 78 billion) in 1999/00.

Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.

Compared to previously used fiscal data, the budget capital expenditures have been revised to exclude irrigation projects financed through bank credit to farmers and state enterprises, mainly in 1997/98.

Bank financing excludes the valuation adjustments on the stock of government foreign currency deposits and credit in all years, as well as reclassification of printing costs by the BOL (KN 78 billion) in 1999/00.

Table 8.Lao P.D.R.: General Government Revenue, 1996/97–2000/01
1999/002000/01
1996/971997/981998/99BudgetEstBudget
(In billions of kip)
Tax revenue1902907451,3761,3231,742
Profit tax233380170172316
Income tax12197096116182
Agriculture/land tax3358713
Business licenses000213
Turnover tax4063160264252379
Excise tax1851157225211336
Import duties475099173138192
Export duties6824434462
Registration2256129
Other fees719339946104
Natural resource tax00571411
Timber royalties323789270288115
Hydropower royalties0417142221
Nontax revenue3977184244293452
Leasing51011211520
Concession001123
Fines6119151222
Administrative fees001141019
Depreciation/dividends98222543212
Interest81589658040
Overflight10334098122125
Irrigation, etc.00014911
Total revenue2283679291,6201,6152,194
Source: Data provided the Lao P.D.R. authorities.
Source: Data provided the Lao P.D.R. authorities.
Table 9:Lao P.D.R.: General Government Expenditure, 1996/97–2000/01
1999/002000/01
1996/971997/981998/99BudgetProj.Budget
(In billions of kip)
Current expenditure2243045391,0521,0311,417
Wages and salaries92117182348348419
Base wage8081148223200289
Benefits121325818270
Functions611103
Teacher5764
Medical personnel1211
Length of service6888
Other7534655
Cost of living02410444459
Transfers263058107142269
Spouse3516
Children212857
Scholarship121254
Pensions61129
Emergency4712
Medicine4818
Other53684
Restructuring of SOEs01819000
Materials and supplies5763132137197306
Interest163968133103196
External7325311882141
Domestic9715152155
Timber royalty-financed expenditure323789270184115
Severance payments111334
Other000054130
Capital expenditure and net onlending2205791,2701,7681,6231,965
Local56154297456506805
Loan-funded projects110249478824792780
Grant-funded projects63187519540403420
Onlending (net)-9-10-24-52-78-40
Amortization (External debt)82777172157224
Source: Data provided by the Lao P.D.R. authorities.
Source: Data provided by the Lao P.D.R. authorities.
Table 10.Lao P.D.R.: Monetary Survey, 1997–2000
2000
199719981999MarchJuneSept.Dec.
(In billions of kip; end-of-period)
Net foreign assets2504981,2661,3521,4701,5051,526
Net domestic assets156368278408578577725
Domestic credit3627041,0451,1271,2431,2661,441
Net credit to government-44-52-272-331-328-366-420
Credit to nongovernment sector4067561,3171,4581,5711,6321,861
Public enterprises120224445502579593643
Private sector2865338729569931,0391,218
Other items (net)-207-337-767-719-666-688-716
Broad money4068661,5451,7582,0482,0832,251
Narrow money80169219232253264339
Currency outside banks53637875524867
Demand deposits27106141157201216272
Quasi-money3266971,3261,5261,7951,8191,911
Time and savings deposits9611698132184185200
Foreign currency deposits2305811,2271,3951,6111,6341,712
(Annual percentage increase)
Domestic credit14294483151638
Credit to nongovernment sector111867445123041
Broad money661137858274846
Memorandum items:
Reserve money (in billions of kip)150282482547712804767
Money multiplier 1/2.73.13.23.22.92.62.9
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.

Broad money divided by reserve money.

Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.

Broad money divided by reserve money.

Table 11:Lao P.D.R.: Sources of Broad Money Growth, 1998–2000
199819992000
Dec.MarchJuneSept.Dec.MarchJuneSept.Dec.
(Increase as percent of previous period broad money)
Broad money20.028.370.7-25.79.613.816.53.16.6
Narrow money7.74.2-2.00.42.00.81.20.73.4
Time and savings deposits-2.8-1.01.70.5-2.72.22.90.51.1
Foreign currency deposits15.025.171.0-26.610.310.812.31.92.3
Contributions
Net foreign assets11.221.073.8-25.117.25.56.70.32.3
Net credit to government3.3-11.2-18.09.8-7.7-3.80.2-1.9-2.5
Credit to nongovernment sector6.828.956.4-19.84.29.16.46.37.6
Other items (net)-1.3-10.4-41.59.5-4.23.13.0-1.6-0.8
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.
Table 12.Lao P.D.R.: Balance Sheet of the Bank of the Lao P.D.R., 1997–2000
2000
199719981999MarchJuneSept.Dec.
(In billions of kip; end-of-period)
Net foreign assets147216405389515758799
Foreign assets2904808077728871,1191,147
Foreign liabilities-143-264-401-383-372-361-347
Net claims on government-4814-36-52-212-269-347
Claims on government591199209149156159
Government deposits-53-78-235-260-361-425-506
Claims on state-owned enterprises60113224262296339346
Claims on private sector3872143143142141143
Claims on other banking institutions5880302362475421446
BOL securities-29-43-142-166-167-160-159
Other items (net)-132-170-415-389-337-416-461
Reserve money150282482547712814767
Memorandum items;
Broad money (in billions of kip)4068661,5451,7582,0482,0832,251
Net foreign assets (in millions of U.S. dollars)68505351669497
Source: Data provided by the Lao P.D.R. authorities.
Source: Data provided by the Lao P.D.R. authorities.
Table 13.Lao P.D.R.: All Commercial Banks, 1998–2000
2000
19981999Mar.JuneSept.Dec.
(In billions of kip; end-of-period)
Net foreign assets283861963955720726
Foreign assets4521,1431,2401,2781,0631,076
Foreign liabilities169282276323344349
Net reserves13188137155326199
Reserves212403505655768689
Credit from monetary authorities82314368501442490
Net credit to government-66-236-280-115-99-72
Net credit in kip11-183-220-40-45-18
Net credit in foreign currency-77-53-59-75-53-54
Net domestic assets (excluding net credit to government)
Credit to the economy5729501,0531,1341,2231,371
Of which: Foreign currency429725792841899868
Credit to state enterprises111222240283288297
Credit to private sector4617298148509351,075
Other items, net-117-197-190-133-103-41
Deposits8031,4671,6841,9952,0672,183
Deposits in kip222239289384417472
Deposits in foreign currency5811,2271,3951,6111,6491,712
(In millions of U.S. dollars; end-of-period)
Net foreign assets661131271228988
Foreign currency credit to the economy10095105107111106
Foreign currency net credit to government18781077
Foreign currency deposits136161184206204208
(Annual percentage increase)
Domestic credit4122957-100
Credit to the economy6637-73344
Deposits8362105549
Memorandum items:
NFA coverage of FC deposits497069594442
Reserves to deposits ratio0.30.30.30.30.40.3
Exchange rate, end-of-period (kip per U.S. dollar)4,2747,6007,5607,8358,0858,218
Source: Data provided by the Lao P.D.R. authorities.
Source: Data provided by the Lao P.D.R. authorities.
Table 14.Lao P.D.R.: State Commercial Banks, 1998–2000 1/
2000
19981999Mar.JuneSept.Dec.
(In billions of kip; end-of-period)
Net foreign assets223639740742515482
Foreign assets293769864918695674
Foreign liabilities70131124176180193
Net reserves90303545190102
Reserves137278340458561494
Credit from monetary authorities46249305413371392
Net credit to government-63-203-252-107-89-66
Net credit in kip-63-150-192-33-36-13
Net credit in foreign currency0-53-59-74-53-53
Net domestic assets (exc. Net credit to gov.)3516828028921,0231,189
Credit to the economy309556640689775884
of which in foreign currency431491526586657
Credit to state enterprises100197213235242253
Credit to private sector209359427454534630
Other items, net41126163203247306
Deposits5961,1391,3201,5701,6401,711
Deposits in kip188197239305329372
Deposits in foreign currency4089421,0811,2661,3101,339
(In millions of U.S. dollars; end of period)
Net Foreign Assets528498956459
Foreign currency credit to the economy5765677380
Foreign currency net credit to government0-7-8-10-7-6
Foreign currency deposits95124143162162163
(Annual percentage increase)
Domestic credit4337106132
Credit to the economy8014959
of which in foreign currency25353
Deposits91145950
Memorandum items:
NFA coverage of FC deposits556868593936
Reserves to deposits ratio0.20.240.260.290.340.29
Exchange rate, eop (kip per U.S. dollar)4,2747,6007,5607,8358,0858,218
Source: Data provided by the Lao P.D.R. authorities.

Comprises BCEL, LMB and LXB.

Source: Data provided by the Lao P.D.R. authorities.

Comprises BCEL, LMB and LXB.

Table 15.Lao P.D.R.: Interest Rates, 1998–2001(In percent; end-of-period)
2001
199819992000Feb.
Local Banks (representative rates)
Deposit rates
Savings (U.S. dollar accounts)5.03.03.02.0
Fixed (U.S. dollar accounts)
3 months5.54.54.02.5
6 months6.04.85.03.0
12 months8.05.06.03.5
Savings (Kip accounts)22.06.012.08.0
Fixed (Kip accounts)
3 months22.015.015.012.0
6 months22.020.020.014.0
12 months23.024.024.016.0
Lending rates
Overdraft
Kip36.036.030.024.0
Baht22.018.012.010.0
U.S. dollar18.014.011.011.0
Foreign Banks (representative rates)
Deposit Rates
Savings (U.S. dollar accounts)5.01.01.01.0
Fixed (U.S. dollar accounts)
3 months5.02.01.01.0
6 months5.02.01.51.5
12 months5.02.03.03.0
Lending Rates
Overdraft
Kip33.523.023.023.0
Baht21.517.017.017.0
U.S. dollar15.513.013.013.0
Source: Data provided by the Lao P.D.R. authorities.
Source: Data provided by the Lao P.D.R. authorities.
Table 16:Lao P.D.R.: Summary of Open Market Instruments 2000–2001
Type of BillVolume (billions of kip)Sale DateInterest Rate (percent)Stock Outstanding (billions of kip)
Aug.Sept.Oct.Nov.Dec.Jan.Feb.
BOL bills27.126.826.826.826.626.626.4
20Sept. 96241.81.81.71.71.71.71.7
15Jan. 98264.74.54.54.54.54.54.5
20Nov. 98308.18.18.18.18.07.97.8
50Apr. 996012.412.412.412.412.412.412.4
Treasury bills26.326.326.326.326.326.326.3
13Oct. 9622-241.21.21.21.21.21.21.2
by auctions0.00.00.00.00.00.00.0
55Jan. 993025.125.125.125.125.125.125.1
Source: The Bank of the Lao P.D.R.
Source: The Bank of the Lao P.D.R.
Table 17:Lao P.D.R.: Balance of Payments, 1996–2000
19961997199819992000
(In millions of U.S. dollars)
Current account-226-185-56-22-28
(excluding official transfers)-307-282-130-92-98
Merchandise trade balance-368-331-216-191-198
Exports, f.o.b.321317337363393
(in percent change)(2.6)(-1.4)(6.4)(7.7)(8.3)
Imports, c.i.f.690648553554591
(in percent change)(17.1)(-6.0)(-14.7)(0.3)(6.6)
Services (net)25287198105
Factor income (net)-7-22-34-28-37
Of which: interest payments 1/6-19-26-19-19
Of which: public debt-9-8-10
Transfers (net)12514012399101
Private4343493030
Official8297747071
Of which: technical assistance1419171416
Capital account295155382572
Long-term loans139161866296
Disbursements1551799891120
Amortization16-18-12-29-24
Of which: public debt-7-17-12
Foreign investment (including external loans)176104567930
Of which: hydropower investment60182717
Net foreign assets of commercial banks (increase -)-714-17-4725
Errors and omissions91-125-86-68-79
Overall balance-13-30-18344
Financing-693018-3-44
Central bank net foreign assets-693018-3-44
Assets (increase -)-7431236-33
Liabilities (reduction -)5-1-5-9-10
Memorandum items:
Current account (in percent of GDP)-12.2-10.7-4.4-1.5-1.6
(excluding official transfers)-16.6-16.3-10.1-6.3-5.8
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates and projections.

Includes debt service to official creditors and estimates for debt service to commercial creditors, but does not include obligations to the Russian Federation which are being clarified in the context of bilateral negotiations.

Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates and projections.

Includes debt service to official creditors and estimates for debt service to commercial creditors, but does not include obligations to the Russian Federation which are being clarified in the context of bilateral negotiations.

Table 18:Lao P.D.R.: Composition of Exports, 1996–2000
19961997199819992000
(In millions of U.S. dollars)
Custom data195.3142.3181.9157.1158.7
Wood products124.689.7115.4105.6119.9
Logs34.316.710.5n/a69.0
Timber78.767.487.4n/a41.3
Other11.65.617.5n/a9.6
Coffee25.019.248.015.215.1
Agricultural/forest products17.818.18.48.312.7
Manufactures27.915.310.127.911.0
Garments64.190.570.272.076.9
Motorcycles12.517.117.838.441.0
Car reexports0.00.00.00.00.0
Electricity29.720.866.590.5111.6
Gold reexports15.241.50.00.00.0
Fuel purchases by foreign carriers0.40.50.40.80.9
Adjustment for Russian debt4.24.24.04.04.0
Total exports321.4316.9337.0362.8393.0
Memorandum items:
Total exports/GDP (in percent)17.418.326.224.722.9
Growth rate exports2.6-1.46.47.78.3
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.
Table 19:Lao P.D.R.: Composition of Imports, 1996–2000
19961997199819992000
(In millions of U.S. dollars)
Customs data (c.i.f.)690648461437379
Investment goods277227227184153
Machinery and equipment715244219
Vehicles 1/7254393614
Fuel 1/3338623779
Construction/electrical equipment10183819151
Consumption goods308268234253226
Materials for garments industry7074676767
Motorcycles parts for assembly1225173842
Cara for re-exports00000
Gold and silver 2/1950120
Electricity33699
Fuel purchased abroad by Lao carriers11222
Unrecorded imports 3/91
Total imports (c.i.f.)690648553554591
(percentage change)-17.1-6.0-14.70.36.6
Source: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.

Estimates based on the assumption that 50 percent of total are consumption goods.

Includes gold for re-export.

Estimate included for unrecorded imports in 2000 due to weaknesses in customs data.

Source: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.

Estimates based on the assumption that 50 percent of total are consumption goods.

Includes gold for re-export.

Estimate included for unrecorded imports in 2000 due to weaknesses in customs data.

Table 20:Lao P.D.R.: Composition of Factor Income, 1996–2000
19961997199819992000
(In millions of U.S. dollars)
Receipts8.911.56.910.515.9
Payments to Lao workers by embassies0.50.50.60.60.7
Interest on Bank of Lao reserve assets4.57.34.24.86.3
Interest on commercial banks nostro accounts4.03.72.15.16.8
Income from royalty0.00.00.00.02.2
Payments15.833.140.938.952.6
Payments to foreign workers in Lao embassies0.40.40.40.40.5
Income from direct investment in Laos7.111.913.513.027.5
Interest on official borrowing5.919.08.38.19.1
Interest on Bank of Lao foreign liabilities0.40.40.40.30.5
Interest on commercial banks foreign liabilities2.01.40.57.05.9
Interest payable on other private debt0.00.017.810.19.1
Net factor income-6.8-21.6-34.0-28.4-36.7
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.
Table 21:Lao P.D.R.: Composition of Nonfactor Services, 1996–2000
19961997199819992000
(In millions of U.S. dollars)
Receipts104.3100.4129.7145.5150.7
Transportation16.017.718.818.119.0
Overflight9.910.511.89.3
Freight to Lao carriers (exports)3.33.72.92.8
International fares to Lao carriers1.42.52.23.9
Lao port charges1.51.01.92.1
Travel62.354.080.097.3102.2
Communications0.40.60.70.60.7
Insurance0.40.50.80.80.8
Embassies (nonsalary)25.227.629.428.728.0
Payments79.372.959.147.345.2
Transportation7.16.35.45.25.4
International fares to foreign carriers6.35.44.64.4
Foreign port charges0.80.90.80.8
Travel22.221.017.211.813.0
Communications0.60.70.80.71.5
Construction36.135.426.120.515.0
Hydropower16.912.03.65.7
Other Projects19.223.522.514.8
Technical assistance (50 percent of inflow)9.95.96.36.07.0
Lao embassies abroad (nonsalary)3.43.63.33.13.3
Services (net)25.027.570.698.2105.5
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.
Table 22:Lao P.D.R.: External Aid and Loan Disbursements, 1996–2000
19961997199819992000
(In millions of U.S. dollars)
Grants 1/81.797.573.769.770.5
Bilateral73.277.858.159.770.5
Program grants11.110.48.537.00.0
Project grants62.167.449.622.770.5
Of which: Technical assistance12.611.915.5
Multilateral8.519.615.610.00.0
UN agencies2.39.410.70.00.0
AsDB0.21.52.30.00.0
Other (including NGOs)6.08.72.610.00.0
Loan disbursements154.9179.098.090.9119.7
Program loans23.18.90.00.011.5
IDA19.60.00.00.00.0
AsDB3.58.90.00.011.5
Project loans131.8170.198.090.9108.2
AsDB63.889.071.858.549.0
IDA40.242.017.520.219.0
IFAD2.31.61.41.91.5
OPEC0.00.52.64.43.2
Nordic Fund4.63.62.14.72.3
OECF0.012.02.71.219.0
Other 2/21.021.40.00.011.3
Memorandum item:
Technical assistance14.019.516.713.915.5
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.

Includes project related and general technical assistance.

Includes borrowing for Theun Hinboun and Huay Ho hydropower-projects from bilateral creditors.

Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.

Includes project related and general technical assistance.

Includes borrowing for Theun Hinboun and Huay Ho hydropower-projects from bilateral creditors.

Table 23:Lao P.D.R.; International Reserves, 1996–2000
19961997199819992000
(In millions of U.S. dollars)
Net foreign assets of the banking system163.2118.2116.6166.6185.7
Foreign assets279.3220.3218.0256.6271.6
Foreign liabilities116.1102.1101.489.985.9
Central bank net foreign assets99.669.250.453.497.2
Foreign assets166.6135.5112.2106.2139.6
Foreign liabilities67.066.461.852.842.3
Commercial banks net foreign assets63.649.166.1113.388.5
Foreign assets112.784.8105.8150.4132.0
Foreign liabilities49.235.739.637.143.5
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.
Sources: Data provided by the Lao P.D.R. authorities; and Fund staff estimates.
Table 24:Lao P.D.R.: Debt Stock and Debt Service 1996–2000 1/
19961997199819992000
(In millions of U.S. dollars)
Total debt stock 2/2,177.62,322.12,560.82,617.12,557.8
Bilateral1,421.21,433.51,470.81,456.11,391.9
Of which:
Russian Federation 3/1,350.31,343.51,336.61,303.21,297.5
Multilateral756.4888.5971.41,036.01,042.2
Of which:
AsDB342.7429.8500.0540.4541.5
IDA307.1347.6363.1380.7393.6
IMF 4/67.567.459.555.248.1
Commercial 5/118.6125.0123.7
Total debt service 2/15.530.345.152.850.1
Amortization9.611.318.734.231.4
Bilateral4.42.11.73.83.4
Of which:
Russian Federation 3/6.76.76.70.00.0
Multilateral5.29.211.218.516.1
Of which: IMF 4/3.04.86.34.47.8
Commercial 5/5.811.911.9
Interest payments5.919.026.418.518.7
Bilateral0.711.90.30.50.7
Of which:
Russian Federation 3/0.00.0
Multilateral5.26.88.47.99.0
Of which:
IMF 4/0.60.40.40.30.5
Commercial 5/17.810.19.1
Memorandum items:
New disbursements98.090.9119.7
Of which: Project financing98.090.9108.2
Ratios in percent of GDP
Total debt service 6/0.81.73.53.62.9
Total debt stock117.9133.8199.2178.1149.1
excluding Russian Federation debt44.856.495.289.473.4
Total debt stock (NPV)97.887.473.1
Central government debt service in percent of revenue7.86.34.7
Ratios in percent of exports of goods and services
Total debt service 6/3.67.39.710.49.2
Total debt stock 7/511.5556.5548.7514.9505.3
Total debt stock (NPV) 7/269.3252.7248.0
Sources: Data provided by the Lao authorities; and Fund staff estimates.

Debt service is calculated on the basis of existing debt. It includes all public and publicly-guaranteed debt.

Excluding private debtors.

Debt under negotiation.

Including the new arrangement.

Publicly-guaranteed public enterprise debt.

Excluding the debt service to the Russian Federation which is under negotiation.

Three-year average of exports of goods and services.

Sources: Data provided by the Lao authorities; and Fund staff estimates.

Debt service is calculated on the basis of existing debt. It includes all public and publicly-guaranteed debt.

Excluding private debtors.

Debt under negotiation.

Including the new arrangement.

Publicly-guaranteed public enterprise debt.

Excluding the debt service to the Russian Federation which is under negotiation.

Three-year average of exports of goods and services.

Table 25.Lao P.D.R.: Approved Foreign Investments by Value and Sector, 1996–2000
19961997199819992000 1/
(In millions of U.S. dollars)
By investment value
Less than $100,000
Number of projects977
Total value0.50.40.4
$100,000-$999,000
Number of projects424346
Total value15.62017.9
More than $1,000,000
Number of projects121615
Total value1,276.50122.30104.10
Total investments
Number of projects636668
Total value1,292.60142.40122.50
By economic sector
Agriculture
Number of projects611895
Total value1.96.37.944.74.3
Garments/textiles
Number of projects44713
Total value2.72.650.23.6
Wood-based industries
Number of projects221----
Total value122.12.5----
Other manufacturing
Number of projects1413------
Total value320.113.4------
Mining/petroleum
Number of projects023----
Total value0148.3----
Trade
Number of projects1185111
Total value7.9513.90.2
Hotels/tourism
Number of projects32443
Total value211.70.51.81.10.6
Electric power
Number of projects100----
Total value231.800----
Other
Number of projects2224303227
Total value504.418.59635.111.3
Total investments
Number of projects6366685336
Total value1,292.60142.40122.5083.9019.40
Source: Data provided by the Lao P.D.R. authorities.

First nine months.

Source: Data provided by the Lao P.D.R. authorities.

First nine months.

Table 26.Lao P.D.R.: Approved Foreign Investments by Country Source, 1996–2000
19961997199819992000 1/
(In millions of U.S. dollars)
Thailand17151573
Value761.59.565.62.42.0
United States4425
Value6.70.91.20.9
Taiwan Province of China1232
Value0.50.31.30.3
France851174
Value1.01.02.31.11.9
China64667
Value3.23.56.524.43.5
Malaysia25223
Value211.273.232.53.0
United Kingdom3122
Value17.90.20.30.7
Australia06312
Value0.05.61.51.50.2
South Korea63543
Value276.86.96.60.82.9
Singapore13221
Value10.02.20.40.30.4
Japan4855
Value2.84.322.1
Germany0111
Value0.00.10.40.2
Canada011
Value0.00.20.7
Other111510
Value1.15.830.781.58.4
Total licensed investments 2/6372683426
(Total value in millions of U.S. dollars) 3/1,292.6113.8122.5116.424.6
Source: Data provided by the Lao P.D.R. authorities.

First 9 months.

Some investments have multiple foreign partners.

The total aggregate value of overall investments excludes the proposed capital contributions of domestic Lao investors as well as some energy-related investments.

Source: Data provided by the Lao P.D.R. authorities.

First 9 months.

Some investments have multiple foreign partners.

The total aggregate value of overall investments excludes the proposed capital contributions of domestic Lao investors as well as some energy-related investments.

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