A framework for macroeconomic consistency for Zimbabwe

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Policy,Planning, andResarch

WORKING

PAPERS

Macroeconomic Adjustment andGrowth CountryEconomicsDepartment TheWorldBank December1989 WPS310

A Framework for Macroeconomic Consistency for Zimbabwe Ali Khadr and KlausSchmidt-Hebbel

This framework for macroeconomic consistency (applied here to Zimbabwe) provides an organizing device for checking the consistency of data, a snapshotof the principalresource transfers in an economy, and a tool for financial programing or model building. The Policy, Planning, and Research Complex distnbutes PPR Working Papers to disszminate the findings of work in progress and to cneourage the exchange of ideas among Bank staff and all others interested in development issues. These papers carry the names of the authors, reflort only theirviews, and should be used and cited accordingly. ThneFdings, interpretations, and conclusions are the authors' own.They should not be attributed to the World Bank, its Board of Directors,its managemnent,or any of its member countries.

Plc,Planning, andi Research

MaroeconomicAdjustment and Growth

Khadr and Schmidt-Hebbel apply a framework for consistency, which they developed elsewhere, to Zimbabwe. Using annual data for 1981 and 1987, they illustrate the usefulness of imposing consistency on the flow budget accounts (in both current and co.istant prices) of a developing economy. This economy is represented by six sectors: the central government, public enterprises plus local government, the central bank, the deposit banking system, the nonfinancial private sector, and the external sector.

Such a framework, they contend, provides: * An organizing device with which to check the intemialconsistency of data. * A snapshot of the principal resource transfers in the economy, which can be helpful in diagnosing and analyzing macroeconomic imbalances and unsustainable resource flows. * A tool for financial programing or a first step in a model-building effort that entails specifying behavioral relationships.

This paper is a product of the Macroeconomic Adjustment and Growth Division, Country Economics Department. Copies are available free from the World Bank, 1818 H Street NW, Washington DC 20433. Please contact Susheela Jonnakuty, room NI 1-039, extension 61769 (90 pages with matr.ces and tables).

The PPR Working Paper Series disseminates the findings of work under way in the Bank's Policy. Planning, and Research Complex. An objective of the series is to get these findings out quickly, even if presentations are less than fully polished. The findings, interpretations, and conclusions in these papers do not necessarily represent official policy of the Bank. Produced at the PPR Dissemination Center

TABLE OF CONTENTS Page I. II.

1

, INTRODUCTION............ A METHODOLOGYFOR MACROECONOMICCONSISTENCY

.

4

.

4

II.1 MacroeconomicConsistencyin Nominal Terms. II.2 MacroeconomicConsistencyin Real Terms.12 II.3 Balance Sheets and Net Wealth Definitions.19 III. APPLICATIONTO ZIMBABWE.21 II.1 Macroeconomicand FinancialFlows in Nominal Terms for

21 ...................................

1981 and 1987 ...........

ITI.2 Macroeconomicand FinancialFlows in Real (1980 Z$) Terms for 1981 and 1987 .........

48 .................................

III.3 Balance Sheets and Real Wealth for 1980 and 1986 .... IV.

CONCLUDINGREM.:KS ........

...............

76 ........

............. 83

REFERENCES.85 APPENDIX I .86 APPENDIX II .87

Efficipnt research asistance provided by Perla Aizenman and Anna Muganda is gratefullyacknowledged. This paper has benefitedfrom useful comments by Vittorio Corbo, William Easterly, John Holsen, Michael Walton and participantsat World Bank seminars.

I.

INTRODUCTION

The objective*of this paper is to apply a framework for macroeconomic consistency,developedelsewhere (Khadrand Schmidt-Hebbel,1989), to Zimbabwe. The paper presents a comprehensivesix-sector application,with a detailed discussion of data sources. While the detailedmethodologicaldiscussionis presented in the paper referred to above, here the emphasis is put on the empirical implementationof our consistencyframework. The constructionof a consistencyframeworkinvolvesspecifyingthe budget constraintsfor the different 'agents'or 'accounts"in an economy and ensuring that they are mutually consistent (that is, any receipt or 'source" in one account has a payment or "use' counterpart in another account).

Budget

constraints,if properly specified,must be ex post identities. At the end of a given time period, the sum of expendituresby an agent (whethercurrentor used to acquire assets) must be identicallyequal to the sum of receipts (defined broadly to include receipts from borrowing or the accumulationof liabilities as well as sources of income) during that period. It is thus important to realize that a macroeconomicconsistencyframeworkcontainsno assumptionsabout behavior.

What then is the benefit of constructing a consistency framework and presentingeconomic and financialdata for a given country in this form? This questionis addLessedagain in the conclusionto this paper, but it can be noted here that such a frameworkprovides: (i) an organizingdevice which checks on the internalconsistencyof the data; (ii) a snapshotof the principal resource transfersin the economy,which can be helpful in the diagnosisand analysisof macroeconomicimbalancesand unsustainableresourceflows; and (iii) a tool for financialprogrammingand/or a first step in a model-buildingeffort that entails specifyingbehavioralrelationships.

-2The basic structureof the frameworkemployed in this paper is based on our methodology for macroeconomicconsistency in current and constant prices (Khadr and Schmidt-Hebbel(1989)),which extends previouswork on consistency in current prices (see in particularCrouch (1972),Meyer (1975), Turnovsky (1977), Host-Madsen (1979), Marshall and Schmidt-Hebbel (1988), Easterly (1989)andHolsen (1989))to considerreal variables,relativeprices and capital gains and losses on asset/liabilityholdings in a consistentmacro-accounting framework. In this paper we adopt a six-sectorlbreakdown,extending our previous three-sectorillustrationfor Zimbabweas presented in section 3 of Khadr and Schmidt-Hebbel(1989).2 As in the latter, this paper's applicationto Zimbabwe covers two years: 1981 and 1987. However, in addition to a differentsectoral breakdown,this paper presentsa significantdifferencewith our above-mentioned methodolo3icalpaper by simplifyingthe computationof capitalgains and losses, as discussedbelow. A summaryof the consistencymethodologybased on Khadr and Schmidt-Hebbel (1989) is presentedin sectionII. We begin (subsectionII.1) by specifyingthe budget constraints in nominal (currentlocal currency unit) terms, drawing a distinctionbetween current account and capital account transactions. We also show how all the budget identitiescan be depictedsimultaneouslyin a convenient flow-of-fundssummarymatrix.

1 There are six sectors in terms of (aggregatesof) economic agents. The national accounts identity is sometimesreferred to as a seventh "sector',as in Holsen (1989) and Khadr, Mckay, Schmidt-Hebbel,and Ventura (1989). 2 A five-sectorconsistencyframework in current prices only is applied to Zimbabwe for 1985-1987,in the frameworkof a RMSM-X model, by Khadr. McKay, Schmidt-Hebbel,and Ventura (1989).

- 3In subsectionII.2. we extend the conceptualapparatusto re-specifythe budget constraintsin real terms. We demonstratehow, by distinguishingamong the price deflators for several differentexpenditurecompotients of GDP, real GDP in any given year can be expressed as the sum of two sets of terms. The first set capturesthe real value of the expenditurecomponents.The second set capturesrelativeprice change termqwhich arise from the fact that the deflator for a given expenditure component (e.g., consumption)may have changed at a differentrate from the GDP deflatorvis-a-visthe base year. We also show how for the capital account, the methodology enables us to split asset changes deflated to the base year into (i) asset changes from one year to the next in terms of command over units of GDP; and (ii) capital gainstlosseson asset holdingsdue to inflationand/ornominaldevaluation.Analogouslywith subsection II.1, we also present a matrix depictionof the budget identitiesin real terms. In subsectionII.3, we pr!sent the stock balance sheets that correspondto the flow budget constraints. SectionIII presentsan applicationof the consistencyframeworkto Zimbabwe for the years 1981 and 1987. The flow budget constraintsin nominal terms and the correspondingsummarymatricesare presentedin subsectionIII.1. This subsection also containsa brief discussionof what insightscan be drawn from the exercise. The correspondingreal (1980 Zimbabwedollar) flows are outlinedin subsectionIII.2. Consistentend-of-periodbalance sheets correspondingto the differentaccountsare presented in subsectionIII.3. SectionIV concludeswith a few remarks on the utility of a macroeconomicconsistency framework and possibleextensionsor simplifications.

II.

A METHODOLOGY FOR MACROECONOMIC CONSISTENCY

This section summarizes and simplifies the macroeconomicconsistency methodologyfor currentand constantprices developedby us elsewhere (Khadrand Schmidt-Hebbel(1989)).

11.1

MacroeconomicConsistencyin Nominal Terms We start by presentingthe flow budget constraintsthat correspondto the

different accounts in the economy. Six accountsare consideredhere: two nonfinancialpublic sector accounts (centralgovernment,and a consolidatedpublic enterpriseand local governmentaccount),two financialaccounts (the central bank and the banking systeM),the non-financialprivate sector account,and the external sector account. A distinctionamong the private,public and external sectors appears justified in order to allow for behavioraldifferencesand to distinguishamong private,public, and foreign factor ownership. Further, the financialand non-financialsectorsare separateddue to the importanceof tracing financialand monetaryvariables in the domesticeconomy as well as in the balance of payments. The distinctionbetween two branchesof the public sector can be justified on grounds of data availabilityfor the case study consideredhere and possibie differencesin behavior. The distinctionbetween deposit money banks and the central bank is due to their differingroles and links with the balance of payments and the public sector. If desired,they can be easily consolidatedinto a single monetary system. Alternativelythe central bank, central government, and public enterprisesand local government(LG) could be integratedinto a consolidatedpublic sector,which often is a relevantaggregationfor the analysis of the macroeconomicimpact of the public sector on the principalmacroeconomic

-53 Finally,the private sectorconsolidateshouseholdsand firms into aggregates.

one account,an assumptionwhich could be relaxed subject to data availability and analyticalrequirement. The flow budget constraints simply eflect the basic identity between sources and uses of funds for each sector. The presentationhere separates current and capital account sourcesand uses of funds. Simply put, any capital account source or use of funds impacts on wealth, and therefore future income streams,whereas current account sources do not.

We define saving for each

sector as the 'above the line, or current account excess of sources over uses of funds. This is also identical to the 'below the line' or capital account excess of uses over sources of funds. A simplifyingassumptionmade throughout the paper, which reflectsdata limitationsin most developingcountry applications, is that there are no current account transactionsof the two financial sectors. Since this is assumedto hold true for all time periods,the net wealth or equity of both the central bank and the banking sector is equal to zero. In the capital account, a distinctionis implicitlyd.-awnbetween real assets or physical capital (for which there is no offsetting liability)and financial assets, which have correspondingliabilities. Changes in physical assets are written in terms of flows (capitalstocks are not consideredexplicitly in subsectionsII.1 and II.2), whereas changes in financial assets and liabilitiesare written as first differencesof the correspondingstocks.

3 For a detailedderivationof the consolidatedpublic sectorbudget based on four public subsectors(generalgovernment,public enterprises,centralbank, and other public financialinstitutionssee Marshalland Schmidt-Hebbel(1988).

-6 To specify the flow budget constraints in nominal terms (that is, in current local currency units), begin with the central government i'.ldget constraint.Central governmentsaving is defined ass (1)

CentralgovernmentsavingE centralgovernmentvalue added+ indirecttaxes + direct taxes + net transfers to central govt from ROW + interestfrom private sector + interestfrom LG & parastatals- governmentconsumptionsubsidies - domestic interestpayments - interest payments to ROW.

Note that central governmentvalue added is given by factor income accruingto the factors of productionowned by the central government,and not the value of final output it produces. The same principleapplies to LG & parastatalsand the privatesector. Furthermore,centralgovernmentsaving is identicallyequal to net asset changes: (1') Central governmentsavingE centralgovernmentinvestment+ lendingto the private sector + lendingto LG & parastatals- borrowing from the central bank -borrowingfrom the banking system- borrowingfrom the private sector - borrowing from ROW - capital grants from ROW.

Identity(1) thus definesthe currentaccountbalance for the centralgovernment, and (1') its capital account.Note that, investmentaside, the elements on the right-hand-sideof (1') are measured as changes in stocks. Thus lendingto the private sector is simply the differencebetween the stock of loans outstanding 4 at the end of this period and the stock at the end of last period.

Next, the budget identityfor LG & parastatalsis given by (2) and (2'): (2)

LG & parastatalsaving _ LG & parastatalvalue added - subsidies+ subsidies - interest payments to central government- interestpayments to the private sector - interestpaymentsto the ROW.

4 The exception to this rule is capital grants from abroad, since they do not imply a liabilityaccumulationwhich reduces future income streams.

(2') Lu & parastatal saving I investmentof LG & parastatals- borrowing from central government- borrowing from the private sector - borrowing from central bank - borrowing from banking system - borrowing from ROW.

For both the centralbank (identity(3'))and the banking system (ident'ty (4')), saving and net asset changes are identicallyzero:

(3') 0 1 lending to government+ lendingto LG & parastatals+ lending to banking system + foreign reserve accumulation - increase in vault cash increasein banking system deposits- increasein private sector deposits - currency - borrowing from ROW.

(4') 0 - lending to central government+ lending to LG & parastatals+ lending to the private sector + increasein vault cash + increasein depositsat the central bank + increasein foreign reserves- borrowing from central bank - increase in demand deposits - increase in quasi-money - borrowing from ROW. For the non-financialprivate sector, the budget identity is given by (5) and (5'):

(5)

private saving B private sector value added + transfers from central government+ transfers from ROW + workers' remittances+ interest from central government + interest from local government and parastatals + interestfrom ROW -privateconsumption- direct taxes - profit remittances to ROW - interest payments to central government- interestpayments to ROW.

(5') Private saving - private investment+ increasein currency + increasein demand deposits+ increasein quasi-money+ increasein depositsat central bank + lending to central government+ lending to LG & parastatals + foreignasset accumulation- borrowingfrom centralgovernment- borrowing from central bank - borrowing from banking system investment - borrowing from ROW.

-

direct

foreign

- 8 Finally,the budget identityfor the externalaccount is given by (6) and (6'):

(6)

ROW saving E Profit remittancesto ROW + interestfrom central government + interestfrom LG & parastatals+ interestfrom private sector - resource balance - transfers from ROW to central government- transfersfrom ROW to private sector - workers' remittances- interest from ROW to pxivate sector.

(6') ROW saving - capital grants to centralgovernment+ direct foreigninvestment + central governmentborrowing from ROW + LG & parastatalborrowing from ROW + central bank borrowingfrom ROW + banking system borrowingfrom ROW -accumulationof foreign reservesby central bank - accumulationof foreign reserves by banking system - accumulationof foreign assets by private sector. Appendix I presents the nomenclature for identities (1) - (6'). This nomenclatureis used consistentlythroughoutthe remainderof the paper. The identitiesas written in Appendix I also highlight the fact that, for example, in the resource balance we distinguijhamong imports of capital, intermediate and consumptiongoods. In addition,all transact'onsinvolvingthe rest of the world (ROW)are denominatedin foreigncurrencyand thereforemultipliedby the exchange rate to convert them into local currencyunits. It is worth emphasisingthat all flows which are pure transfers (that is, all flowswhich are not value added) shouldcancel out among agents.Thus summing the current accountbudget identities(1), (2), (5) and (6) yields the identity: (7)

Central governmentsaving + LG & parastatalsaving + private saving + ROW saving _ Central governmentvalue added + .G & parastatalvalue added + private sector value added + indirect taxe- + subsidies - central government consumption - private consumption - resource balance.

Similarly,summing the capital account budget identities(1') to (6') yields: (7') central governmentsaving + LG & parastatalsaving + private saving + ROW saving _ central government investment+ LG & parastatal investment+

-9-

private investment. identityfor the gross Taken together, (7) and (7') give the income-expenditure domestic product. Another way of presentingidentities(1) - (7') is in the form of a summary flow-of-fundsmatrix (see Matrix 1), adapted from Easterly (1989). Mutual consistency amo..g the budget identities is then assured by construction. Briefly, the first set of rows and columns depict the current sources and uses for the different accounts. Thus, line 2 5 of the matrix depicts current sources, and column 2 current uses, of funds for the central government. Treating saving as a "use" ensures that the row and column sums are identical. The second set of rows and columns depicts capital sources and uses for the different accounts. Thus, line 9 shows capital sources,and column 9 capital uses, of funds for the central government. Here, treatingsaving as a "source" ensures the identity between the row and column sums. Note that the boctom right-handsubmatrixcapturesall changes in financialassets and liabilitiec. identity Finally,line 1 and column 1 of the matrix depict the income-expenditure for GDP. To conclude this section,it should be stressedonce again that the exact specificationof the budget identitiespresentedin this paper can (and should) be changed to reflect the case at hand. For example,one may prefer to work with (say)a consolidatedaccount for the monetary system.This would involveadding identities (3') and (4') to obtain a single budget identity for the monetary system. Similarly,one may wish to implementa more detailedbreakdownof (say)

5 The line should be read all the way across the matrix; that is, across the entire length once the two portions(ldbelled"currentaccount"and "capital account", respectively)are placed side by side.

MATRIX I:

Notional Acoeuitt

Central Govornment (C)

NOMINAL"I

Public Enterp*rii and Local Covern_nt (PL)

C1=1Q!4RC

0

F

^ F FLV

Central Bank (CS)

FOR A 6-SETOR

Oanking Sy-te (US)

National Accounts - E HC0

fl

Non-Financial Private Sector (PR)

Eaternal Sector (F)

CoR

E XGS

- E

CentrolCoverneant 6Y

7

-E "DM pR

aCTR

Tl Public Enterprieo and Local ovrnant

FPR

i7 CKpx

TDpR

E NTRCOG

PUFY CUI

- CSU.

Contral Bank Banking Syate Non-Financial PrivateSector

CTR IFY

External Sector

i3

i8 BpO

E i# UF

E iCBFpL

E

MCO

E NTRPR E WlRE E i- RPR E rr EPl LEit

WPR

E MNtpR

SAVIPC & BaRDI

Central Covernent

SC

Public Enterprieo end Local Coverneent

SPL

CentralBank

SCB

0

Banking Syste

SOS *

0

Non-Financial Private Setor

SFR

Eaternal Sector

SF

Total Saving TotalUAa

Y

So

SCU

Total Use

Total Us"

-

T. Ua

0

S

0

SPR

T. U

-0

Totel Ume

Totsl Us"

MATRIXI:

NOlINAL

VCARTAL

ACUTIAL

RUS FO A 6-SICYM

Mon-F nancial Private Sector

Central Government

Enterp ross and Local Covernent

INI

IPL

D4PR

-E

- E iFlpR

Notional Accounts

-E

4IC

banking Sytem

Centrol Bank

IpL

Eternal Sector

Investment

Tot I Sources

Subtot. In.

Y Gros Income

Centrol Government

Crar

PL Income

Public Enterprises and Local Covernmnt Cross CS Inco_m * 0

Central Sank

Cross OS Income * 0 btanking System Croe PR income

Non-Financisl Private Sector External Sector

E "la

Import In.

E MIpR

E IPL

Crroe F Income

~~~~~~~~~~

_ SAVINOA 80RDW4G E KTC Contral Government Public Enterpri;e and Local Covernmnt

d(PL

ADCO

CScS

d80

E WF 0

C Borrowing * Saving

dcpL

dSPL

dlL

E dBFpL

PL Biorrosing* Saving

Cb Bororing

E

Central bank -R Baking System

dW41

dOCiS

85 Borroing * Saving

E fEBg E diFpR

Non-Financial Private Sector

damTR

Eaternal Sector

dR

dCUSR

E dMCO

BRgS E

FRBorrowing * Saving

E dC

F Borrowing * Sewing

E dRpR

Totel Saving

Totel Saving Total Ues

Saving

Aeat Accus.

Aemt Accum.

Aemt Accus.

Ammt Accum.

Asst

Accus.

Total Inves tnt

- 12 -

tax revenueaccruingto the governmentby distinguishing betweenwage and profits taxes. In general, the preferred specificationwill be guided by: (i) data availabilityin a givenapplication;and (ii) the underlyinganalyticalor policy questions,particularlyif the constructionof a macro consistencyframeworkis viewed as a prerequisiteto the specificationof a behavioralmodel that would address these questions.

II.2

MacroeconomicConsistencyin Real Terms We now turn to the specificationin real terms of the budget identities

presentedin the precedingsection. A basic fact to recall is that a budget constraint in real terms is not linearlyindependentof its counterpartin nominal terms, i.e., the former is simply the latter divided by a common deflator. The deflatorwe use here is the GDP deflator (P). The initial step is thereforeto divide (or deflate)all the budget identities(that is, (1) - (7'))by P.6

Once

this is done, there are two further steps. The first step involves splitting up each expenditurecomponent of GDP, once deflated, into a real componentand a relativeprice change component. The second step involvessplittingup nominal asset changes,once deflated, into real asset changesand capital gains/losses. We now outline these steps in turn. For the first step, we begin by derivingand setting aside deflators for all the individualexpenditurecomponentsof GDP. We shall assume here that six such price deflatorsare avaliable:a consumptiondeflator (PC), an investment deflator (PIN),and (domesticcurrency)deflatorsfor exports (PX), intermediate good imports (PINT),consumptiongood imports (PMC)and investmentgood imports

6 We take the GDP identitiesas "budget"identitiesalso.

-

13 -

(PMI). Next, consider all the budget identitieswhich contain an expenditure componentof GDP (i.e.,a consumption,investment,import or export term). For example,the only expenditurecomponentin identity(1) is governmentconsumption. Our objectiveis to divide deflatedgovernmentconsumptioninto two parts. Begin by rewriting identity (1) as

(8)

SG -

TRG - CG

Where TRG denotes total current revenue accruingto the central government.Now divide (8) through by P, and considerthe term CGIP. This term can be decomposed into real consumption (that is, consumptionexpenditurevalued at unit baseperiod prices) and the relativeprice change for consumptiongoods versus gross domestic product as follows:

(9)

(Pct

cGt)

/ Pt

=

cGt + [(PCt

- Pt)/Pt]

cGt

where cG denotes real governmentconsumption,defined as current government consumptiondividedby the consumptiondeflator,and t denotesa time-subscript. This decompositionprocess can be repeated for every deflated expenditure component in the budget identities(1) - (7'). For the second step, we focus on the changes in financialassets and liabilities. Recall that nominal changes in financialassets or liabilitiesare measured as a differencein end of period stocks. The deflatednominal changes can be decomposedinto real asset/liabilitychanges (that is, the change in the number of units of GDP that the asset/liabilitystock can command), and the

- 14 6. capital losseslgainsthat result from inflationand nominal devaluation

Con-

sider for example identity (1'). Once this has been deflatedby the GDP deflator,the deflatedchange in nominal foreigndebt of the central government can be decomposedas follows:

(10)

Et(BFGt - BFGt-l) / Pt

-

(bfGt

-

bfGt_l) + [((t - et) / (1 +

1

t)]

bfGt-l

where bfGt is Et(BFGt/Pt)and bfGtIl is Et_l(BFGt-l/Pt-l)-tt denotes the rate of inflation (proportionalrate of change of the GDP deflator) and et nominal devaluationbetweenperiodst-l and t. The deflatednominalasset change is thus broken down into the change in the real foreign debt of the central government and the capital gain that results from a real appreciation. An equivalentprocedure can be applied to all the other deflatednominal asset/liabilitychanges.

For assets denominated in domestic currency, the

nominal devaluation term et will of course be absent. Finally, all terms in identities(1) - (7')which are neitherexpenditurecomponentsof GDP nor changes in financialassets are simply deflatedby P and left as is. As an example,Table 1 presentsthe budget identityin real terms for the central government, distinguishingby uses and sources of funds using the procedureoutlined above. Real expenditureflows and real financialasset and

6 Here we introduce a significantsimplificationby not distinguishing between the period-averagedeflator (consideredhere) and the end-of-period deflator (not consideredhere). While the former is the relevantfor deflating dated asset and liability flows, the latter is more relevantfor er.d-of-period holdings. An explicitdistinctionbetween both deflators for asset/liability holdingsand its implicationfor measuringcapital gains and losses is drawn in Khadr and Schmidt-Hebbel(1989). section2.2.

Table

11

ZIMBABbE T-Table for Local Governent and Parestatals Millions of Zimbabwe dollars, and as X of GOP U a * 0

S o u r c * a

C u r r e nt 1987

A c c o u nt 1997

1967 %

Local Qovt.A Parost.Soving226.00

2.32

1987 X Non Interest

Non Interest

ValueAdded

496.00 Subsidies froe Cintral Govt. 360.00

5.12 3.60

Subsidies from Control Govt. 360.00

3.60 Interest

Interest

Int. paid to Central Covt. 62.00 Int. paid to PR 137.00 Int. paid to ROW 73.00 Total CA LO A Per. Sources

496.00

6.12

Cap ita 1967

I 1987 i

Total CA LO A Paer.Uses

226.00

2.32

Investment

1987 U

663.00

6.72

663.00

6.72

Asset Changes

Asset Changes

Capitaltransfers from CO

Total

1987

Investmnt/Saving

Saving

from from from from

5.12

Account

Invoestmnt/Saving

Borrowing Borrowing Borrowing Borrowing

498.00

0.64 1.41 0.76

PR ROW bS Central

LO A Par. Sources

Bank

319.00 61.00 -111 90.00 78.00 653.00

(2)

3.28 0.52 -1.14 0.93 0.80 6.72

Total

LO A Par. Uses

Spa a PEFY-OSUB.+SUB-i7.GKPE-I.E.BFpe-iS.Bpe

(2 ) Ipp a Spe.dOKPEdBpe.E.dBFpeodCBSpedOCpe

-

31

-

Table

12

ZIMBABWE millions

T-Table for Central Bank of Zimbabwedollars, and as X of GOP U a

S o u r c * 0

Ca p I t a I 1967

A o a a u n

19187

1917 %

Asset Changes

e X

Asset Change.

Increase In vault cash Incresoo in OS deposlts Incresso in Currency Incroese In PR deposits Forelgn borrowing

-7.00 -0.07 78.00 0.80 0.10 10.00 249.00 2.66 -26.00 -0.27

Lending to Govt. Lending to 8S Lending to PR Lending to LO A Par. Accumulation of net reserves

Total COSource.

804.00

Total CB Uses

3.13

1987

215.00 83.00 -125.00 78.00 63.00 304.00

2.21 0.86 -1.29 0.80 0.65 3.13

(3') dDCg.dDCbs-dDCprE. dRcb.dDCp-a dHbc-dDBBScbdHpr*BPRcb+E.dNfBcb

-

32

-

Table

13

ZZMASWE

Millions

T-Tabie for BankingSystem of Zimbabwe dollars,

and as % of GOP

S a u r c * *

U * * 0

C a p It a I 1987 Asset Changes

A c co

u nt

1987

1987

%

1987

%

Asset Changeo

Borrowing from CS Increase in Demand Deposits Increase in Quasi-Money Borrowing from ROW

83.00 86.00 313.00 0.00

0.86 0.87 3.22 0.00

Lending to Govt. Accumulationof Vault Cash Accumulationof deposits at CB Lending to Private Sector Accum. of not foreign roserves Lending to LG A Par.

-22.00 -0.23 -7.00 -0.07 78.00 0.80 334.00 3.43 8.00 0.08 90.00 0.93

Total

481.00

4.96

Total

481.00

ES Sources

BS Us-

4.96

(4') dCSSg.dHbeodDBSScb.dCBSpr4E dRbe.dCSSpe a dOCbs+dDEPpr*dqMON+E.dNFBbs

-

33

Table

14

ZIM3ABWE T-Tablefor tho Mon-Financial PrivateSector Millions of Zimbabwedollars, and aW X of CDP S o u r c * a Cu

U *e

r r* n t

1987

A c c o u nt

1967

1987

Factor income Transfers from Covt. Net transfers from abroad Workers' remittances

8060.00 82.87 631.00 6.46 -42.00 -0.43 6.00 0.06

Consumption of PR DirectTaxes Profitremittancoo to ROW Saving* of PR

Interest Interest rec'd.fromGovt. Interest on foreign assets Interestr.c'd.fr.LGA Par. TotalCA Priv.Sources

1987

U~~~~~~~~~~~~~~~~~

Non Interest

Non Interost

5568.00 1607.00 98.00 1932.00

67.16 16.60 1.01 19.87

Interest 361.00 55.00 137.00

3.81 0.67 1.41

Interestpaid to Govt. Interest paid to ROW

9095.00 93.63

c ap

9095.00 93.53

A c c o u nt

i t al

197

TotalCA Priv.Usoo

0.00. 0.00 0.00 0.00

1987

1987

1987 X

X

Investmnt/SavIng Savings of PR

Investment/Saying 1932.00

19.87

PrivateInvestment

791.00

8.13

AsoetChanges

AssetChanges Borrowing from Govt. Borrowing from CO Borrowing from 8S Directforeigninvestment BorrowingfromROW

12.00 0.12 -126.00 -1.29 334.00 3.43 -40.00 -0.41 -1.00 -0.01

Lendingto Govt. 613.00 Accumulation of Currency 10.00 Depositsat CB 249.00 DemanddepositswithBS 86.00 313.00 Savingsdepositswith BS 0.00 Accumulation of ForeignAssets 61.00 Lendingto LO A Par.

TotalPrIv.Sources

2112.00 21.72

TotalPriv.Uses

6.30 0.10 2.56 0.87 3.22 0.00 0.62

2112.00 21.72

(5) Spr = PRFY.GTR.i3.8g."ENTRPR.E.UREIhi.E.Rpr.l8.Bpe-Cpr-0.GCKTR -TDpr-r.E.DFI-i.E.BFpr * Spr*dGKTR-dDCpr (6')dBg.dHpr.dD9PRcb.dCEPpr.dQMON.E.dRpr.IprdBpe *dCBSpr.E.dDFI+o.dlFpr

-

34

-

Table

15

ZIMBABWE t-Tablefor The Ront of tho World(ROW) MUilions of Zimbabwodollars,and as % of CDP S o u r c * a

U * * 8

C u r r * nt 1987

Ac co u n t

1987

1967

Non Interest

1987

No" Interost

Pay. for Govt.Consump.Imports 277.00 Profitremittances 9.00 Pay. for PR Consump.Imports 760.00 Paym.for inte rAdiste Imports 668.00 Paym.forGovt.Investe.Importe127.00 Paym.forPR Investment Imports 260.00 Paym.forLO A Por.Investm.Imp.229.00

2.86 1.01 7.82 6.87 1.31 2.88 2.36

Paymentsfor Exports Not Transfers to Govt. Net tronsfors to PR Workers'remittances Savingsof ROW

2681.00 0.00 -42.00 6.00 39.00

27.57 0.00 -0.43 0.05 0.40

Interest --------

Interest

-------Interestrec'd. from Govt. Interestrec'd.fromPR Interestrec'd. fr. LG A Par. TotalCA ROW Sources

226.00 0.00 73.00

Intereston not PR roservos 65.00

2.32 0.00 0.76

TotalCA ROW Uses

2738.00 28.18

C a p I t xI

1987

26.18

A c c ou n t

197

1967

Investment/Saving

1987

Invostment/Saving

Savingo. ROW

39.00

0.40

AssetChanges

AssetChangeo

Increassin CU net-reserves Increasein US not reserves Increasein PR not reserves

Total ROW Sources

2738.00

0.57

53.00 8.00 0.00

100.00 (6)

0.65 0.08 0.00

Inc. in Govt. for.borrowing 158.00 Inc. in CB for. borrowing -26:00 Inc. in OS for. borrowing 0.00 Inc. in PR for, roserves -1.00 Inc. in LO A Par, borrowing -111.00 Direct ForeignInvestment -40.00 Capital Grantsfrom ROW 120.00

1.03

Total ROWUses

100.00

1.82 -0.27 0.00 -0.01 -1.14 -0.41 1.23 1.03

Sf * I.E.Fggi.E.8Fp-eE.Mg-r.E.DFIi .E.8Fpr-E.Mpr-E.MINT.E.Igm .E IpmnE.Ie-E.XGNFS-E.NTROO-E.NTRPR-E.WREM-i .E.Rpr

(6') E.d8Fg.E.dNFcb-E. dNFObs-E.dUFprE.dDFISE .dBFp--E dKTOa Sf*E.dRcb *E.dRbc-E.dRpr

-

35

-

Table

16

ZILABlE T-Tablo for the National Accounts Millions of Zimbabwe dollars, and as X of GOP S o u r ce. 8 C u r re n t

Us e s A c c ou n t

1987

1987 X

1967

1987 X

Control Govt. Consumption 2031.00 Private Consumption 6668.00 Central Govt. Investment 351.00 Private Investment 791.00 LG A Par. Investment 663.00 Exports of GNFS 2681.00 Less Central Govt.Consumption 277.00 Priv. Consumption Imports 760.00 Central Covt.Invest.Importa 127.00 Priv. InvestmentImports 280.00 LO & Par. Invest. Imports 229.00 Intermediategoods Imports 668.00

20.89

GovernmentValue Added 152.00 PR Value Added 8056.00 LO A Par. Value Added 498.00 Indirect Taxes 1366.00 Loss: Subsidies 350.00

1.56 82.87 6.12 14.06

Total NA Sources

9724.00

67.16

3.61 8.13 6.72 27.57

3.60

2.86 7.02 1.31 2.88 2.36 6.67 100.00

Total NA Use

(7)

GOP* Cg+Cpr-Ig-Ipr-Ip.E.

(7')

GOP* CFY.PRFY.PEFY*TI-GSU8

-

36

-

9724.00

(XGNFS-Mig-Mpr-Ig-Ip_-Ie_-IfNT)

100.00

- -

00 LII

""Y

00,(Z

.""

-

in

00193

-

s1

001Wt

UP,'wo

1~~~~~~~~~~aseaesa-

'"" 11 00flhit i.. vIIIqoiI"L

Ji)OP3

00,969 idSg d3M

co-go:

seen

00,9901

gem

is 00M0

0031'9

t

JigsW

003311

0"I

-

Ot!-

00isP

OD'SL

Sg

*U9

VD~~~IDI IIM

--------------------------I---

----------------------------

~

~

00'9 04W

~

~

~

00,099- OO'" ed~~~(r

~

OO'CL

---- …

-

I 3 MI I

~

00 00-sc

035

I

-------

------

---- I-----

--------------------

9

.----------

031

*j3

a"IMYv

igosJI

UIH

…~~~~~~~~~~~~~~~~~~~~ W Y

-*11…I --- ---- --- -- -- ----

--

- --

-- -

-- --

- --

0090wl.300

- - --

--- ---- -- - -----------

---

-- -

-- --

--00 0- -- --

-------------

-- --

- --

V

---

--0 1 -- --

----------

-- - - - -

9131 o, to0I…l

I

-

-

- - - --

IUa

- - - -- - - - -- - - -

ol

--

- - - --

- -s--

jm3 4A3!

0,

- - - -- - - - -- - - - - --

4L'31

-- -- - --

- --

- -

I

'1"""

~~~~~~~~~~~~~I ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~UI

- --

- --

- - -- - --

owo WWN'3li0

-- - -

- --

XIUIVW'i

JO"

- - - -

ej

.

I---------- …~~~~~~~~~~~~~~~~~~~~

------------

I I…---~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~I------…---i----- ---- ----- - - - - - - -- - - - - -- - - - - -- - - - - -- - -0-11-I4I-I - - - -------------00*99~~~~~~~~~ 00193 00L901 00131 003103 mIll J4~~~~~~~~~~~~~~~~~~~~~~~ ------- -------------------------------------------------------

-- - -- --

- - - - --

A3!I…

-- - -- - --

-- -

- - -- --

-

- --

- --

- --

dMZI00M

--

gejU

93i

I ------------

~~olw

)LVW A~~~~~~~~~~~~G1SI9Q~~~ --- -- - - ---- ------- -- -- - --

- - - -

OSIIa,

I…I

---

----

f

------

000 esmw OO'SL~~~I

n.W

lS'J''

033JgI

OD't

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----II…~~~~~~~~~~~~~~~~~~~~~~~~~~--------

----

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awl

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---- ::-------.-.…-.-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~--

…………

JqSSY 00OL-

-

00193V

O

00131

----------------------------------------------

00 353

own

AW - --

- -- --

- --

-- -

II

--

- --

-- - -- -

uou*

ittal Ipr -E.lpa

lita

19slt9ti Eaternal Sector

moo Fin. Pri-Seat.

Total Surce"

In.eatment GOP

640.00 165.I"

:Suto

4433.00

714.00

1

Gross Covernment Income 1068.00 Income

LCA£ ParetAt.

Ora"C

106.00

Pit Incoa

Cros

4265.00 ROlf Incom : C~~~~ros

:

e

:

:

161.00 E.dfFp

123.00

"r SNRAc

41.00 -79.00 E.NOckb

124.00

WDEPr dam

32.00 131.00 E.SNB

---------

__:

0.00

* Sewing of Got. 216.00

----------------------------

:orros ing * Se., of LO £ Par. 351.00 :orro-ing

* Sawing oaf C 120.00

:orroring

* Sawing

0.00

f IS 167.00

Borrowing * Sawing of PA 1001.00

57.00: -14.00

:orro E.Apr

-e

aim

:orroeine ------------

dope

E.4Fpr E.SP;

~~

16.00 116.00 ---------

-------------------

-------

e

ae-in

E.KTO 155.00 E.dOFg

ta dog OD

ina

1614.00

312.00

:Tot.Int.lep

I65.00

E.lp

:

ing * Sawing of ROW 403.00

Total Saving 102s.00

Asset Acorn. -

ALat 1001.00 Acccs. a: _ _

:TotIl 406.00 a Invoetesnt :_:

1026.00 -s _n

- 15 -

liability holdings are denoted by lower case letters.

In addition to tne

interest and non-interestsources and uses of the current account (defined in equation (1), there now appears a relativeprice change term for each aggregate demand component. In the capitalaccount,there is an additionalrelativeprice change term for investment(as comparedto equation (1')). The capital account also introduces the capital gain and loss terms attributable to domestic 7 inflationand nominal exchange rate devaluation.

Again, the six sectors' budget identities (exemplifiedfor the central government in Table 1) can be succinctlypresented in the form of a summary matrix (see Matrix II). Matrix II is the *real terms" counterpartof Matrix I, and depicts explicitlythe relativeprice loss items and the capital gain/loss items. For example, line 1 8 of Matrix I, when divided through by P, can be decomposedinto lines 1 and 2 of Matrix II using the proceduredescribed above. Line 1 of Matrix II thus shows the GDP-expenditureidentityin real or quantum terms (that is, in terms of quantitiesvalued at unit base-periodprices). Line 2 shows the sum of the relativeprice loss terms, which must sum to zero to ensure that the GDP-expenditureidentityholds in both nominaland quantumterms. The bottom right-hand submatrix in Matrix II likewise splits deflated nominal changes in financialassets into real changes (the number of units of GDP a unit of the asset can commandat the end of this year versus what it could command at the end of last year) and capital gains or losses.

7 Tables 1-6 in Khadr and Schmidt-Hebbel (1989) present the budget identitiesof the six sectors. As mentioned above, the only methodological differencebetween those tables and Table 1 of this paper is the distinction between average-periodand end-of-perioddeflators in the capital gains and losses terms of the former paper. 8 Again, the line shouldbe read all the way acrosswhen the two portions of the matrix are put side by side.

- 16

-

TABLE 1

SOURCES AND USES OF FUNDS: CENTRAL GOVERNMENT (In real terms)

ACCOUNTS

1.

Current

SOURCES

USES

GFYt/Pt

cGt

TIt/Pt

GTRt/Pt

Account

1.1 Non-Interest

(Et/Pt 1.2 Interest

) NTRGOt

GSUBt/Pt

iGt GKTRt/Pt

i3t BGt- /Pt

i7t GKPLt1/Pt

(EtPi)

it BFGt_1

[(PCt

P/Pt

1.3 Consumption Relative

-

CGt

Price Change 2.

Capital Account

2.1 Investment

in

Gt 2.2 Investment Relative Price Change 2.3 Capital Grants

'Et/Pt) KTGt

2.4 Real Financial Wealth Changes

dcGt - dcGt-1

gktrt

cbsGt

- CbsGt-l

gkplt

bGt

bGt 1

bfGt 2.5 Real Financial Wealth Gains and Losses

- Pt/P]

[(P

gktrt1 -gkplt1

-bfGt-1

[rt/(1 + +

inGt

J

(dcGt-1++t)]

cbs Gt-1 + bGt-1 + bfGtl)

[(fGt - t3/1 + rt)] bftlG

[ft/(i +

it)

(gktrt

+ gkpl t ]

1

ItTRIX 11: REALMACROECONOMIC A0 FD4CIN

National Accounts

National Accounts

Contral Government (C)

Public E.tarprrnae and Local Covernenzt (P1.)

Contral Bank (CO)(S)

L

6-sEclm EMY

Non-Financisl Private i Sector (PR)

Banking sy(bt.

Co- =-0 P)/PCA 0 (PC - rA (Pmc - P)/P

C

Contral Covernment (CFY * T1)/P P. E. and L. 0. Central

(PLFY* CSU)/P

PR me P)/P eCPR~ (PpxC- P)/P

PRP pC

-

i,

£sternal Sector (F) gnfe'- mint ap f (Pi -t)/P .intpR (r-NTy - P)/P

RK/P

- CSQ"/P

bank

Banking Srytee CTR/P

Mon-Financial Private Sector PRFi/P External Sector

Bc/P (EJP) i* WFO

ec SAYDPO A

EP? NIRFR E/, i3 bRRP 'a (E/P) iO BFpL

(E/P) rr FK FE/P)'P* BFpR PRPR(P#C-P)/P

(PMC-l,/P

MintpR mintPR(PMINT-P)/P

~BaOD4O

I-J

so

CentralCovernent Public Enterprisee and

Local Covernment

ePL C

Central ank

0

Banking Synt_

0

Non-Financial PrivateSector

am

External Sector

F

Total Saving Totsl Use

y

sa

aPL

so

Om I

Total UI ea

Totsl Uno

T. Use * 0

T. Useo a 0

4e

0PR

Total Use

Total UIee

NATRDt 1I NlINAL

National Accounts

Central Oovernment

Public Enterpriae and Locol Covernment

in 0 - ai 0

inpL - ni

anC

(PI _ P/P

-- 'C(HIl Central

- P)/P

_niA(P 1

-NOPL(II

W

ND FINANCIAL FLOWSFOR A 6-SECTOR ECONOMY

OMW

Control Bank

Non-Financial Private Sector

Banking Syate

!npR

E.tornal Sector

Invertsmnt

*pR

inPR (PR I -P /P tqCjl_ P)/P

-P/P - P)/P

Total Sources

0

*i

Subtot.

ow. Cross Income

Covernment

PL Incose

P. E. end L. 0.

Craa

Central bank

Cross Cb Income - 0

blnbing

Croee is Incom

System

Non-Financial Private Soctor

External

Sector

Cross

*iPL *iPL

:i iO(PMII - P)/P

(P",

*iPR ;PR (PHI - P)/P

P)/P

PR Incose

Cross F Inco-n lIport

Inv.

SAVINGS * bWINC Central

Government

Public Enterprias and Local Covern_nt

Central

ddc 0

dgkpl

dcbeG

/0

,) dc0

ddcpL i W)

lr/(1

.)icb,

i/l

dcbepL

c

d60

(E/P)KTC

./Cl

3/(1

* i)

Bank

Sanhing System dn b

dd*ppR */(1

ddcpR

dgktr 9/(l

*

)

dcbpR i

Sector

Total

Savingp

Total

Us

C. Bor. . Saving

CLL CLL.

P* Bor.

(d-e)nfbCn

dRL CLL

CS bor. * E'vino

ti-tbfpR i_-)fk

dRL CLL

PR Bor. * Saving

iSR CL

F Bor. * Sawing

!-e)/ ffb'

bpL

dcPR

u

* i)

dbfPR dfk

cbsPR

drgs (V-4)rc

drpR (ff-C)rBiS

rpR

Totel dRA CLA Asset Accum

dRA CLA Amet Accum.

dRA CA Asset Accus.

dRA Asst

CLA Accu-.

* Saving

(i-e)bfpL

dd

ff

ddcsI

drcS External

dRL

(I

dnfbcd ddR CB

Non-Financial Private Sector

CLL

dbgfc ( dbfpL

dbpL * cbepL I)

9/(dIt

. f)bc

dNA CLA Asset Accus.

dRA

CLA

Asset Accus.

Tot

l Investment

* 0

-

11.3

19

-

Balance Sheets and Net Wealth Definitions This section briefly introducesthe stock ba,ance sheets and the corre-

sponding definitionsof net wealth for each sector. Table 2 introducesthe balance sheet for the central government,consistentwith the corresponding budget constraintin real terms of Table 1. It defines governmentreal wealth as the sum of financialwealth (fw) and non-financialwealth.9

In all but the

private sector,non-financialwealth consistsof non-humanwealth (nhw) or the valued capital stock.

For the private sector, a second component of non-

financialwealth is human wealth (hw). Naturallyall financialand physicalcapitalvariableswhich comprisenet wealth should be consistentwith the correspondingflows and stocks appearing in the flow real budget constraintsof Tables 1 - 6. One differencewhich stems from the fact that balance sheets are by definitionon an accrual basis is that the real cash flows of the flow budget constraintsadjust the changes in real wealth componentsby the correspondingcapital gains and losses.

9 This Table is identical to Table 7 in Khadr and Schmidt-Hebbel(1989). The balance sheets for the remaining five sectors are in Tables 8-12 of that paper.

- 20 TABLE 2

BALANCE SHEET: CENTRAL GOVERNMENT (In real terms, at end of period) WEALTH COMPONENTS

1.

ASSETS

LIABILITIES

gktrt

dcGt

gkplt

cbsGt

Financial Wealth (fwGt )

bGt bfGt

2. Non-Financial Wealth 2.1 Non-Human Wealth (nh,w(t

3.

)

(P KGt ipt)KGt

Net Wealth nWGt

-

21 -

III. APPLICATIONTO ZIMBABWE This section presents an applicationof the methodologicalframeworkoutlined in the preceding section for Zimbabwefor the years 1981 and 1987. The year 1987 was chosen in order to constructthe most recent snapshotof resource transfers in the Zimbabweaneconomy permittedby data availability. 1981 was chosen as a comparison year because, as explained below, it exhibits a significantlydifferent pattern of resource transfers among the different accounts in the economy. SubsectionIII.1 outlines the consistencyframework in nominal (that is, current ZS) terms for 1981 and 1987. SubsectionIII 2 outlinesthe consistency framework in real (1980 Z$) terms. As explained in.the precedingsection, the the methodologyemployedhere permits (i)a splitof deflatednominalexpenditure componentsinto quantitychangesand relativeprice gains/losses, using deflators for the different componentsof the nationalaccounts;and (ii) a decomposition of deflatednominal asset/liabilitychangesinto differencesin real stocks and capital gains/losseson these asset/liabilitystocks. SubsectionIII.3 presentsbriefly firnancial wealth stocks for the different accounts in the economy for the years 1980 and 1986. Notes and referenceson data sources appear in Appendix II at the end of the paper.

III.1 Macroeconomicand financialflows in nominal terms for 1981 and 1987 Tables 3 - 9 depict, in IT-tabular form, the items in the nominalbudget constraintsfor the differentaccountsfor 1981. Tables 10 - 16 presentthe same informationfor 1987. Each set of 7 tables comprisesthe six sectors'T-tables and a table for the nationalaccounts,which is a residualaccount once the six sectors'budget identitiesare satisfied. Table 3 for instance,shows the items

-

22-

in identities (1) and (1') for 1981. Current account sources (uses) in Table 3 appear in identity(1)with a positive(negative)sign.Capital accountsources (uses) in Table 13 appear in identity(1') with a negative (positive)sign. For convenience,central governmentsaving appears as a "use* above the line and a *source'below the line. Analyticalinsightsare more easily drawn from the summarymatrices. Matrix III summarizesthe matrix of 1981 macroeconomicand financialflows in absolute (that is, current Z$) terms. Matrix IV presents the same informationin terms of percentagesof (nominal)GDP. Matrix V and Matrix VI are the counterparts of Matrix III and Matrix IV for 1987. In comparingthe structureof nominal flows Across the two years, the most strikingdifferenceappears in the way that the excess of investmentin the central governmentaccount and the local governmentand parastatalsaccount over their respectivesavingsis "absorbed,by an excess of private saving over private investmenton the one hand versus forcign saving (i.e., a current account deficit)on the other. In 1981, the excess of central government investment over its saving amounted to 6.36 percent of GDP. For LG & parastatals,the excess amounted to 6.95 percent. The correspondingresourcetransferswere an excess of private saving over private investment(1.4 percent) and a current account deficit in the balance of payments (11.91percent). In 1987, the picture is considerably different. The excess of governmentinvestmentover saving (7.74percentof GDP) and the excess of LG & parastatal saving over investment (4.4 percent) are balanced by a much more substantialexcess of private saving over investment (11.74 percent) and a negligiblecurrent accoi-nt deficit (0.4 percent).

Table

3

ZIMBABWE T-Toble for the Non FinancialPublic Sector (Government)

Millionsof Zimbabwedollars,and as X of GDP S o u * e * *

Cu

r

A ec o u nt

r* n t

1961

U a * 8

1981 U

1981

Non Interest Government Volue Added Indirect Taxes Direct Taxes from PR Transfers to Govt. fr.Abr.

s3.00 416.00 136.00 0.00

1.20 10.29 12.14 0.00

Government Consumption Govt. Transfero to PR Govornment Saving Subsidies

Interest Interest Interest

1981 U

Non Interest 684.00 288.00 -147.00 122.00

15.43 6.50 -3.82 2.76

113.00 8.00

2.65 0.18

1068.00

24.09

1981

1961 U

136.00

3.05

3.00 78.00

0.07 1.76

216.00

4.87

Interest rec'd. from PR rec'd.fr. LOPar.

Total CA Cov. Sources

0.00 21.00

0.00 0.47

1068.00

24.09

Cap

i ta

1961 Investment/Saving Government Saving

-147.00

I

Interest Paymnta to ROW Interest Paymentsto PR

Total CA Gov. Uses

Ac c o u n t

19s1 U

Invostment/Saving

-8.32

Investment of Govt.

AssetChanges

AssetChanges

Borrowing from CB Borrowing from 8S Borrowing from PR Borrowing from ROW Capital Grant. from ROW

75.00 0.00 165.00 118.00 15.00

1.69 0.00 3.50 2.66 0.34

Inc.Tn direct lending to PR Inc. In lending to LC A Par

Total

216.00

4.e7

Total

Gov. Sources

Gov. Uses

Note:Lowercased denotesa firstdifference. (1) SguOFY.TI-GSU8TDpr.E.NTRGO.i GKTR.17.GKPE-Cg-i3 .8g-GTR-Ei .8Fg (1') Ig.dGKTR+dGKPEuSg.dCg.dCDSgd9g+E.dPg.+E. dKTG

-

23

-

Table

4

T-Table for Local Gov-rnment and Parastatela Millions otfZmbwbe dollars, and as X of GOP So

u r ce

U asa

C u r r * nt 1961

A cc o u nt 1961

1991 X

Local CoW4.4 Parset.Seving 43.00

0.97

1001 X Non Intereost

Non Interest 106.00 Value Added Subsidies from Central Govt. 122.00

2.44 2.75

Less Subsidies from Central Govt. 122.00

2.75 Interest

Interest

Total CA LO A Par. Sources

100.00

2.44

C a p i ta l 1981 1901 X

Total CA LO A Par. Use

106.00

2.44

1961

1981 X

351.00

7.92

351.00

7.92

Investe-nt/Saving 43.00

Investment

0.97

Asset Change

Asset Changes

from CO 76.00 Capital transfers Borrowing from PR 161.00 Borrowing from ROW 123.00 Borrowing from aS -160 Borrowing from Central Bank 66.00 Total LC A Par. Sources

0.47 0.95 0.05

A c c o un t

Investment/Saving Saving

Int. paid to Centrol Govt. 21.00 42.00 nt. paid to PR 2.00 Int. paid to ROW

351.00

1.76 4.08 2.77 -3.61 1.94 Total LO A Per. Uses

7.92

(2) Spi s PEFY-CSUS+.SUB-17.WlE-i .E.BFpe-1.Bpe (2') Ipe

Spa dGpP.EdlpedE.8Fpp dC8Spe .Cpe

-

24

-

Table

5

ZIMBABWE T-Tabl,for CentralBank Millionsof Zimbabwedollars,and s X of CDP S o u r c * *

U 9 * a

Ca p it a I 1061

A c a o u nt

1961

1961

X

1961 x

Asset Changes

AssetChanges IncreaseIn vaultcash Increso in 8S deposits Increase in Currency Increasein PR deposit. Foreignborrowing

3.00 0.07 11.00 0.70 41.00 0.92 -79.00 -1.76 124.00 2.80

Lendingto Govt. 75.00 1.69 Lendingto 8S 4.00 0.09 Londingto PR 75.00 1.69 Lending to LOG Par. 86.00 1.94 Accumulation of net reserves-120.00 -2.71

Total CB Sources

120.00

Total CB Usoe

-

2.71

120.00

2.71

(3') dDCg*4Cbe+d&Cpr*E.dRcb+dOCpoa dHbeO.4BScb.d4pr.dD3PRcb.E.dNFPcb

-

25

-

Table

6

ZIMSASW

T-Table for BankingSystm Miillione of Zimbabwedollare, and as X of GOP U a e *

S o u r c a s

A cc o u nt

C a p Itl 1961

1931

1931 U

1961 U

Asoot Changes

AssetChang" Borrowing from CS Increasein DemandDeposits Increasein Quasi-Money Borrowing fromROW

4.00 32.00 131.00 0.00

0.09 0.72 2.96 0.00

Total BS Sources

167.00 3.77

Landing to Govt. 0.00 0.00 Accumulation of Vault Cash 3.00 0.07 Accumulation of deposits at CS 31.00 0,70 Lending to PrivateSector 293.00 6.72 Accum. of not foreign reseevoo -6.00 -0.11 -160.00 -3.61 Lending to LO & Par. Total BS Use

167.00

3.77

(4') dCBSg4bo-dDNBIScb.dCESprnE.dRbe.dCSp. a dDCbcdDiEPprndQMGONE .dNFBbs

-

26

-

Table

7

ZINBAUWE T-Table for the Non-FinencielPrivate Sector Milliono of Zimbabwe dollars, and as X of CDP S o u r c * *

C u r r e n t 1961

U 0 * a

Ac c o u nt

1981 X

1981

Non Interest Factor Income Transfers from Qovt.

Net transfersfrom abroad Workers' remittencas

Non Interest 3938.00 236.00

60.63 06C0

Conoumptlion of PR Direct Taxes

-92.00 -2.06 81.00 1.68

Profitreomittances to ROW Savingsof PR

Interest Interestr e d. from Govt. Intereston foreign oseto Interestrec'd.fr.LCA Par. TotalCA Priv.Source.

6.00 0.00 42.00

0.18 0.00 0.95

4266.00 96.21

1961

TotalPriv.Sources

79.00 1.78 602.00 18.68

0.00

0.00

Interestpeid to ROW

0.00

0.00

4266.00 96.21

A e co u nt 1961

1981 X

1961 S

Investment/Saving 602.00 13.5

PrivateInvestment

Asset Chang"

Borrowingfrom 8S Dir-et foreign Investment Borrowing from ROW

68.71 12.14

Interest poid to Govt.

TotalCA Prlv.Uses

Investment/Saving

Borrowing from Govt. Borrowing from CO

3048.00 536.00

Interest

C a pI ta l

Savings of PR

t961 X

540.00 12.18

Asset Changes 3.00 75.00

0.07 1.69

Lending to Govt. Accumulationof Curroncy

165.00 41.00

296.00

6.72

Depoolts at CS

-79.00

-14.00

-0.82

37.00

1001.00

Demand deposits

0.8a

with BS

32.00

Savingsdepositswith 8S 131.00 Accumulation of ForeignAssets 0.00 Lendingto LO A Par. 181.00 Total Priv. Ues

22.56

1001.00

3.50 0.92

-1.78 0.72

2.96 0.00 4.06 22.68

(5) Spr a .PRFY.GTR*13.8g.E.NiTRPR.E.WREM+I.E.Rpr.i8.Bpe-Cpr-i6.GKTR -TDpr-r.E.DFI-i.E.8Fpr (5t) dBgidHpr.dOBPRcb.dDEPpr.dQUON.E.dRpr.lpr.dBpe a Spr*dGKTR.dDCpr +dCB$pr.E.dDFI".dBFpr

-

27

-

Table

8

T-Table for The Rest of the World (ROW) Millions of Zimbabwedoilars, and as X of GDP So u r c * 0

Cu r r 1911 Non Intire-t

n t

A c c o u nt

1961 U

1961 Non Interest

Paym.for Govt.Consump.Imports 118.00 2.M4 Profit rmittances 79.00 1.76 Pay..for PR Conxump.Imports 636.00 12.09 Payn.for intermediate Imports 454.00 10.24 Poyn.for Govt. Inveetm.Imports 41.00 0.92 Paym.for PR Investmnt Imports 165.00 3.72 Paym.for LO A Por.4nveste gp. 106.00 2.39 Interest -------Interest rec'd.from Govt. Interestrec'd.fromPR Interest rec'd.fr. LO A Per. Total CAROW Sources

113.00 0.00 2.00 1614.00

Inventmnt/SavIng Saving of ROW

528.00

total ROWSources

24.76 0.00 -2.06 1.63 11.91

Interest Intereston not PR reservoo 0.00

36.41

Total CA ROW Uses

0.00

1614.00

38.41

A c c o u rt t

1981 _

191

1981 x

Inc. in Govt. for.borrowing Inc. in CS for, borrowing Inc. In 8S for. borrowing Inc. InPR for. r*oorv-e Inc. in LO A Par, borrowing Oirect ForeignInvestment Capital Grants from ROW

118.00 124.00 0.00 37.00 123.00 -14.00 16.00

2.66 2.80 0.00 0.83 2.77 -0.32 0.34

Total ROW Use

403.00

9.09

Investmenit/Svting

11.91 AssetChange.

AssetChange Increasein CB net roesrves Increasein 8S net reserveIncreasein PR net reserve.

1097.00 0.00 -92.00 81.00 628.00

2.65 0.00 0.05

Ca pi t a I 1981

Paymnto for Exports Net Transfero to Oovt. Not transfers to PR Workers'remittance. Savingsof ROW

1981 U

-120.00 -2.71 -6.00 -0.11 0.00 0.00

403.00 (6)

9.09

Sf * I .E.BFgi .E8FpoE"E.Mg+r.E.DFIi .E.8Fpr.E.Upr.E.MINT-E.Iga *E.IpmE.I_-E.XCNFS-E.NTRCO-E.NTRPR-E.WREM-I .ERpr

(6')E.dFg- .dNFBcb'E.dNFBboE. *E.dRbs,E.dRpr

-

28

-

dBFprE .dOFIE. dIFpeE.dKTCTa Sf*E.dRcb

Table

9

ZIMBABWE T-Tablefor the NationalAceounts Millionsof Zimbabwedollars,and as X of GOP So

U ses

u rce

A cc o u nt

C u r re0 n t

191t

1961

1961

CentralGovt.Consumption 684.00 3040.00 PrivoteConsumption 135.00 ContralGovt.Inveetmnt 640.00 PrivateInve-tmnt 361.00 LO A Per. Investm_nt 1097.00 Exportsof GNFS Lese:

ControlOovt.Consumption 118.00 54.00 Imports Priv.Consumption 41.00 CentralGovt.Inveet.Imports 16S.00 Imports Priv. Investment 106.00 LO A Per. Invest.Import 464.00 Intermediat geods Imports Total NA Source.

4483.00

(7)

1961 X

X

GovernmntValueAdded 53.00 3938.00 PR ValueAdded LO & Par. ValueAdded 108.00 460.00 Taxos Indirect Lose: 122.00 Subsidieo

11.43 06.71 3.06 12.18 7.92 24.75

1.20 80.83 2.44 10.29 2.75

2.66 12.09 0.92 3,72 2.89 10.24 Total NA Us"

100.00

4438.00

GOP* Cg.Cpr.Ilg.pr.IpeE.(XGNS-Mg-Mpr-Igm-Ipm-lem-MINT)

(7') GOPa OPY.PRFY*PEFY+TI-GMS

-

29

-

100.00

Table

10

ZIMBABWE T-Table for the Non Financial Public Sector (Government)

Millionsof Zimbabwedollars,and so X of GOP S o u r c * a

C u r re n t 1907

U * * 6

Ac co u n t

1907

162.00 138M.00 1EIJ7.00 0.00

1.56 14.05 16560 0.00

Governmnt Consumption Govt. Transafer to PR GovernmentSaving Subsidie-

Interest rec'd. from PR Interest rse'd.fr. LGCP*r.

0.00 62.00

0.00 0.64

3087.00

31.75

C

ap I t a l 1907

Tota' CA Gov. Uses

226.00 351.00

2.32 3.61

3087.00

31.75

1987

1907 I

A c c o u nt

1987 U Investment/Saving

-402.00

-4.13

Investment

Asset Change Borrowing freo CB

20.69 6.46 -4.13 3.60

Interest Paymentsto ROW Interest Poymnts to PR

Inveetmnt/Seving Government Saving

2031.00 631.D0 -402.00 360.00

Interest

Interest

Total CA Gov. Source.

1987

Non Interest

Non Interest GovernmentVoluoAdded Indirect Txxes Direct Taxes from PR Transfers to Govt. fr.Abr.

1987

of Govt.

351.00

3.61

Asset Changes

Borrowing from SS Borrowing from PR Borrowing from ROW Capital Grant. from ROW

215.00 -22.00 613.00 168.00 120.00

2.21 -0.23 6.30 1.62 1.23

Total Gov. Source.

682.00

7.01

Inc.in diroct lendingto PR 12.00 Inc. In lending to LC & Par 319.00

0.12 3.28

Total

7.01

Note: Lower case d denotes a first (1)

Gov. Uses

682.00

difference.

SgGFY+T!-CSUSTDpr4E.NTRGOCi.GKTRt7. GKPE-Cg-i3 .g-OTR-E .BFg

(1') Ig.dGKTh+dGKPE=Sg.dDCq.dCBSgdEg+E.dBFg+E.dKTC

-

30

-

MATRIXIV

Oov*ra.snt

at,tcnal Account.

~~~Co -EnM

Accounsat WY

ITl

Osa-nMnk

5?EF La a Paraatatal.

batUS

Local Gov.k Paraatat. ase

.ss-assS

.s-5555ssssa

I National

CONSISTENCY FRAIetW( (AO.. percant of .fP)

ACCOUNT

OASST

-

Catral Bank

Banking Syat..

s-asa

ss-ess.s

tEE43 2.163

1.20 10.29

i7.0(E

0.47

Non Fin. Pri-.6.ct.

CAPITALACCflET

Covarnmant

Enternal Sato.

ss-asa

8.T71EXGNFS 12.09 -E.HINT

MO.0M TOpr

0.00 12.14 E.NTrNw

0.00

lankinas spate

-s

24.7511 10 24 II-E.1ga

SOS305I#. 0.92 -E.1I.m

7.92 2.39

II I

2.44 -2.76 CJS

2.75

-… - I…II…-- - - - -- - - - - - - - - - - - - - -- - - - - - - - - - -- - - - - - - - - - - - - - -- - - - - - I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~I

I

- - -

I

I

lank isg Spates

I I

I I

NonFin.Priv.Soct.

I IPRFl

Entarnal Sector

I I I

i.E.Wot

*

so

Central Sank

Central Bank

gssss

s--as

Cpr -EN.Mp

Local Go-&A Patasttt

ENSa

- - - - - - - -- - - - - - - - - - - - - -

-2.05 $ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~E.JARSR

I 01£~~a 66.83 13.8g

- - -- - - - - -

6.50 0.18 iMesa

E.WREM l.E.pr

0.96

2.63

r.E.0PI l.E.SFp

0.06

2.64 itEfiPpa

E.lipr

1.83 0.00 I

I I 10.24 IIEigsa

1.76 0.00

12.09 E.NINT

0.92 E.lm

2.39

ISAVIICS A BtOWiIC tO Oowarnmant LaA&Paraatetalu Central

Bank

bafking

Syst..

IIdQKPE

0.97

Spa

dDlCpa

1 76

Ea.ternal Sad.'

I

Total Saving

Pr

alarm

13.5e

Sf sg

-… - I…II…-- - - - - -- - - I

105P

0.00

1.94 4CUSp.

-3.61

data~~~~~~~~~~~~~~~* 0.07 Dssscb 0.70

I

I

1.69 dCB6o

II 5

NonFint.Pri-.Sect.

TotalI Us"a

IIdDCo

-3.32

-3.32 Sp.

- - - - - - - - ~~~~Total Total 100.00 UOa" .sssssss ~ I-~s-sss~24.09 -s- Us".

0.97

- -- - - -

~

2.44

0.07

~ ~

s-

~

W 21 5

~

0.09

dDCp.

1.69 dCaSpr

sn7

-2.71 E.ak.th

-0.11

11.91 IIE.dflc

11.91 5 aPr 13.86 SI - - - - - - - - - - - - -- - - - - - - - - - - - - - -- - - - - - - - - - Total IIAaaet Aet Total U...

dDCk.

U... -s

36.41 IlAccuse 4.67 Acc.. I I15ss-sssssasasssas

- - - - -- - - - - - - - - - - - - - - - Aseat Asset 7.92

Accua. -s-asassaas-sa

2 71

Accss

3.7?

-2

-t

12.16 3.72

Jew -Et15.

-

f

-

1981 Total Sources

191 Investent

1911 Exeraal Sector

191 ion Fin. Priv.Sect.

.

la

:

Subtatal

I

P

100.00

14.11 Grass Govorneet

Incoas 24.0o

Gra"

LO & Parastat.

IGrase

Incao 2.44

PR Incom. 95.21

Grase

----

d4p.

Eo"1P-

dGWpr 44

O ac

8.41(10 03dSOEA'

0.84 2.66:

4.09 E.dWpe

2.77

0.92 -1.76 E.dWb

dkbr d0eflCb -

-

a----

-------

-----------

J

7

2250 Js

IIF e AcE E.dIPp EADFI

: .

a

.4

:

Borrawing

$

Saving of Govt. 4.87

Borrowing

$

Sav.of LOA&Par.

or rowino * Saving of CS 2.71 .. Siroming

0.00 " : 0.63 -4l2:

nvsoo 2

14 : lorring linrning

E.dIlpt

0.00

Income

--------------

:----

.

-:

0.72 2.06 EANFIe

a

4.6:

Totalztl

a

7.04 :56.41

Tot.lst.Isp

6.72

E1pm

44

* Saving of as 8.7 3: * Sawing a? PR 22.56 . Saving of RN

.9.09

Total Saving 23.14

*.

OO~O~ "',~~V ""v 00Tgt

corn

.n.1y

ccv

jli

4n,

c00t

00U cOO'L 0O'L-

0oct

0015!l- J4OP ..idsov

Hu091Io~g

d1 IO5B

"'1fi0

oules final

I

d

0099T

~"

q'w6 v

i

qW

dSiggyo00L

00 ?5-

BSUY 0011t5

ocei

*d"O

..

I

I

II

- -- - - - - -- -- -- -- -- -- - --

"i-u00

Lais

- - - - - - -- -

---- -- - -- -- -- - - -- - -- -- -- -- ----- ---- --- - - -- -- -- ---- -- -- - - - - -

06iuII

- - -

co-egg

IIcogI cs oI II,cot- - - - - --

- -- --

*A'd3?

OO

Cole!t

adNI!

00,9

wM'

- - -- -- -- - -- -- -- - -- --

- - - -

- - - - - - - - -- - - - - - -

- - - - -

- - - - - - -

".49AS

IIUcor a. .

£901

"i-11u,sq

o-tlat

08i,-11I 00SSI

o-1"*xIIco-te"goe-; i 1-.. ---

coLOST mum-uOO

- -

-- -- -- - -- - -- -

COOgI 1011-u1-

- -

- - - - - - --

"id

coewi

JSC-L!

co-se

co-asT

co-c~~~0'WWIIe

- - - - - - - - -

S~~~~~~~~~~~~uiquig u.~~~~~~~~~~~~~~~~.£g

,

- - -- -- -

- - - - - - - - -

1j,-3

, co

oan

-

c-igo .nns

n

1u.uJ*i .-

fuave

.

.nswi

1961 Leet toot toot Lee! 1901 LUSt - - -- - -- - -- - -- -- - -- - -- - -- - -- - -- - -- - -- - -- -- - -- - -- - -- - -- - -- - -- - -- - -- -

A )(!VLVW

-- --

Iii A-Ml

Sug"-

I co-u

'Hdwa

c-egg40

-=---

LOOt Lgbl ie61 a - -- -- - -- - -- - -- - --- --- --- --- -- - -- - -- - -- - --

- - - - - -…-

v *I'¶'vi"Jd gm co-ow9- wwol co-ow~~~~~~~~~~~~~~~~~~~01g AiudI ocee~~~~~~~~~~~~~~~~~~~~~~~~~~~0ft

II

coes

UON4

x4

VWn

0u To-g

- -- - -- -- -- - -- --

II II co II

flg-gt co-usc

001ffe

- - - - - - - - -- - - - - - -

WI

Jcn"S i'0U"3

II

- -- - -- -- -- -

-

T S?AVS ~~~~~~~~~~~~~~~~I1~~~W

oI4u

CODUZ

wumu - - -- - - - - - - - - - - - - -…-- - - -

- I…-I…---

- - - - - -- - -I--

idmN

IMNI1'00,09i

*

asI

00 cot-

a"c

co-euz

coo S'PP"9

ia'"'

cowsa

udC (wII1

UaN

*so-'A!Jd'1J

'Vq:Op

coo.6

'lI

as

*de cocot-

cow9s

ids

is c0'obee

II006,6

"enOOLO IOO

"en I

Icgg e 11 0Ieo

1,, 6-!O111 nntuu-N604uo

Total

1907 Sourcen

Sector

M:P

791.00 280.00

Ipt -E.l

198? Invaatwet

19S7 Extrnal

1987 Non Fin Priwsbact.

9724.00

1159100

I

:Subtotal

Covarnent Gro *:

Income 13067.00

Gross LO A Parastat.

Incoe 498.00

Gross PR Incom 9095.00

: GramseRw Incom

J

260.00

dB

EAKTO 613.00 E.d.F 6 81.00 E.dOFp

dope " r dOSPRbc

10.00 249.00 Ed. ESb

dOEPpr I J

E5.00 313.00 E.dNfbs E.dW#r E.DFI

2738.00

064.00

:Tot.Iet.Iw

E.lip

.

* Saving of Govt. 6182.00

I borro.ing

* Saw. of 1O A Par.

: Srroming

120.00 a 156.00 -111.00

.63.00

a Sorro;ing

: -28.00:

Slorroling

* Saving of bS 481.00

alorro.ing :

* Saving of PH 2112.00

: 0.00 a -1.00 a -40.00

* Saving of ROW 100.00

:orro.ing *

*

0.00

E.dpr

v Soving of CU 304.00

Total Saving 1795.00 Asst 2112.00 Acces.

Asst Acces. __

_

_

aTotal 100.00 : Invesment _~~

~~~:_ _

1795.00 _

_:

---

96't

~

"valt

qWI3

9000

-

=.=.

--- "2 Iffl ..

ci

set

95 0

0",

-

q'UP'3

---- -- -- - - -- -- - - -- - -- - -

to Ct

c

O

,v

0nII

-s

96

s-e

I"

UMO

n

-

inawl

si-s

n SLT

-MOT gi

-- - --

- - …- -- - --

Ot C'

imw,

XCI

tOilli

I4Md J-1265 96J!JUJfN

6943

~ ~~~~ ~ ~ ~ ~ ~ ~ ~ ~~~~~~~~0,9ae*0'-

ama01T

.4

11

I

W

N'

ot

*nes4-OunDui %Uu'g .nu

ni

s~~~~~~~~~~~~~I

*"*,ts

3 'Juga

mu!VW ji's3

505s'a

a

s ......

*4S3!

W 1W0

II

9

I~~~~O'

561Dl4

soI oiOi.

II0,

Id,, 'tfl'I1a'jd

M''

~~~LgOS iNuIC!

t!Jd !d tmt

1fl5

IOPEl

sc

o&e,

altJ4'

II 566 tell

9lawfl3

- - - - - - - -- - - - - - - - - -- - - - - - - - -

-

-1'11Lgg 3OPI0t

Jnfs

-- - -- - -- -

I

- - -- - - - - - - - … -- - - - -…I…---

II

*da)Qp

w

- - -- - -- - -- - -- - -- - -- - -- - -- -

4

I,

O" 1

I'f

*.qi1 000

ds-

L,1

- - - I I- -- - --

'9*

£60 *d5939 000

-- In

I -- - -- - -- - -- - --

efqp 3mwol

-- -- -- - - - -- -- --- - -- - - - - - - - -- - - - -

cc00-

n

v

is II 0* - -- - -- - -- - - - -- I- -- - -- - -- - -- - -- - --

id-II………I…'O

~~~~SW en

£

mn*l .. l

'AO

quow"0 …II…I…16.6tM7L6t16

wvn.3'uJ

1~1

- - - - - - - -- - - - - - IWMMV -oviti" …II….----I

~

U!-I&~

I- -- 0 0 - - - - - - - -- - - - s- --- - - - - - - - - - -- -t-MDCI!d V II 000 3ailm

-- - -- -- - ------ -- -- -- - -- - - - - - ---

566r1-ic! t~*d1 9

aR

o-, *uII is-Sc

aO~]~

nuw-

5,5013

ct OiLS

'.

3 'liv

gsaag-c

mugsac -41 96

'-II 6TL01L6

- - - - - --

CC? 1004I

enso Ail...

*If'1"U"

V0

- - - -- - - - - - - - - - - - - - - - - - - - - - - -- - - - - -- - 991 AiDNW so

0

…~~~~~~~~~~~~~~~)JD*li

w-

I

.qUlCn

eu.l6

i * Mn Fin Priv.Sect. S

190Z7

-

_:

a13

lpr -E .1$

U

S _

_

_fl

I~-

1907 Total Sources

1907 Invsetment

1907 Etarnal S.ctor U

; COP :SbtotaI

2.88

I

100.00

11.92 Cros G

OovernmentInco" 31.75

Gros. LO A Parastat.

Gros

PR Inca.m

era"

RO Income

Income 5.12

93.63

E.dKTO 0.30 E.dgFa

J., B8 ,

__

Tot.Rnt. Rp

2.00

E.Re.

-

__-

_-___

1.223 1.42

0.83 EdOPpe

-1.14

dt r dOOPRc&

0.10 2.60 E.dWBkb

-0.27

£DEPpr

0.87 3.22 E. *f65

dm

earrowilng

-___ _ _ _ __ _

dl,.

E.4flpr EFI

20.16

0 54

_ _ __

_ _ _ -___ __-

__

_ __

:Borrowing

* Saving of

lo,t. 7.01

_ _ _ __ _ _ _ _

* Sav.of LA & Par. * Sawing of CB 3.13

.Borrowing

Brrowing

.

0.00

* Sawing of DS 4.95

Borrowing * Saving of PR

-0.01 -0.41 321.72

Borrowing # Saving of UM E.dRpr

0.00

.1.03

3Total

Aa.at Accus.

21.72

Aa..t Accus.

1.05

:Total Inveatmet

10.44

Svn

45

-

These figures reflect a trend in governmentpolicy since the early 1980s towards controlling external indebtednessthrough the use of an administered system of foreign exchange allocation. The latter has increasinglyrestricted imports, particularlyto the private sector. In turn, the shortage of imports for the private sector has repressed investment expenditure and generated 'forcedo saving.

The growing excess of private saving over investment has

fostered an increasing transfer of resources from the private to the public sector. This has in turn allowed a persistentlylarge public sector deficit to coexist with a shrinking current account deficit in the balance of payments. In addition,however, gross domestic investmenthas declined from 23.15 percent of GDP in 1981 to 18.46 percent in 1987. most of which is explained by lower private sector investment. This decline in private investmentaccounts partly for the paucity of Zimbabwe'sgrowth performancesince independence. The financialflows (changesin financialassets and liabilities)associated with these resource transfersare shown in the bottom right-handportion of the summary matrices.

In 1981 (see Matrix IV), the overall central government

borrowing requirementwas 8.19 percent of GDP. Credit from the monetary system (1.69percent)was relativelymodest, and the bigger share came from an increase in borrowing from the private sector (3.5 percent) and an increase in foreign borrowing (2.66 percent).Aside from dissavingand investment,these borrowings covered capital transfers by the central government, mainly LT loans to parastatals (1.76 percent of GDP). In 1987 (Matrix VI), the overall borrowing requirement of the central government amounted to 11.14 percent of GDP.

The striking change in its com-

position vis-a-vis 1981 is the much larger share taken up by borrowing from the private sector (6.3 percent of GDP) and smaller share by foreignborrowing (1.62

_ 46

-

percent). The largeroverall borrowingrequirementalso reflects in part .arger capitaltransfers to LG & parastatals(3.28percent). In both years, the limited reliance on credit from the monetary system explains how inflation has been 10 contained despite large governmentdeficits.

For LG & parastatals,the overall borrowing requirementwas 6.95 percent of GDP in 1981. Substantialreliance on foreign borrowing (2.77 percent) and borrowing from the private sector (4.08 percent), as well as LT loans from the central government, offset the reduction in credit from the monetary system (1.67 percent).

However, in 1987 the composition of the overall borrowing

requirement (4.4 percent of GDP) was significantlydifferent. In par\icular, there was a decrease in foreign borrowing amounting to 1.;4Z of GDP. Although this was offset by an increasein credit from the monetary system (1.73percent), the bulk of the borrowingrequirementwas providedby capital transfersfrom the central government (3.28 percent). As indicated above, an tiportant source of finance for central governmentcapital expendituresin 1987 was borrowing from the private sector. For the central bank, a significantdecline in foreignreserves (2.71 percent of GDP) and significantnet foreign borrowing (2.8 percent) served mainly to offset an expansion of credit to the central government (1.69 percent), to LG & parastatals(1.94 percent)and to the private sector (1.69 percent).Highpowered money grew by some 1 percent of GDP, and private sector deposits at the central bank appear to have declined by 1.78 percent of GDP. Again, the principal differencebetween1981 and 1987 arises in foreignasset/liabilitychanges.

10 The reader is referredto Chhibber et al. (1989) for a recent study of the inflationaryprocess in Zimbabwe.

-

47 -

In 1987, there was an accumulationof foreignreserves (0.55 percent of GDP) and a modest decline in foreignborrowing (0.27 percent). There was also a significant increase in credit to the central government (2.21 percent). These flows were largely offset by a decline in credit to the private sector (1.29 percent) and an increase in private sector deposits at the central bank (2.56 percent). High-poweredmoney did not grow appreciably. For the banking sector, a large increase in loans and advances to

the

private sector ((6.72 percent of GDP) was offset mainly by a decline in credit to LG & parastatals(3.61 percent) and an increasein demand deposits (0.72 percent) and espec_'allyquasi-money (2.96 percent of GDP). In 1987, a modest increase in credit to parastatals (0.93 percent of GDP) and a more significant increase in credit to the private sector (3.43 percent) was offset by a modest increase in demand deposits (0.87 percent of GDP). credit from the central bank (0.85 percent) and an increase in quasi-money (3.22 percent of GDP). In 1981. private sector saving (13.58percent of GDP) marginally exceeded its investment (12.18 percent). The private sector also received some credit from the central bank (1.69 percent of GDP) and more substantiallyfrom the banking system (6.72 percent). These sourceswere used mainly to increasethe private sector'sholdings of public sector debt (7.58 percentof GDP) and quasimoney (2.96percent). In 1987, the excess of private saving (19.872of GDP) over investment (8.13 percent)was much larger,but advances from the banking system were smaller (3.43 percent of GDP) and there was a decline in credit from the central bank of 1.29 percent of GDP. The principalasset acquisitionsof the private sector in 1987 were public debt (6.82percent of GDP), quasi-money(3.22 percent) and deposits at the central bank (2.56 percent). Finally, in 1981 the large current account deficit in the balance of pay-

r~~~

U U

I

U -

U

*--

__

*

........

-

48 -

ments (11.91 percent of GDP) was reflected in the significant o:s in foreign reserves by the central bank (2.71 percent of GDP) and the increase in external indebtedness,mainly by LG & parastatals (2.77 percent) and the central bank (2.8 percent). This contrasts sharply with the situation in 1987, when the negligible current account

deficit (0.4 percent of GDP), the modest reserve

accumulationby the central bank (0.55 percent of GDP) and the decline in the foreign indebtedness of parastatals (1.14 percent) were financed mainly by internationalaid grants (1.23 percent)and an increase in foreignborrowingby the central government.

111.2 Macroeconomicand financial flows in real (1980 ZS) terms for 1981 and 1987 Tables 17 - 23 present the 1981 flows in real (that is, 1980 ZS) terms. They are the counterpartsof Tables 3 - 9, for nominal flows. Tables 24 - 30, for 1987, are the counterpartsof Tables 10 - 16. The structureof real flows in 1987 can be comparedwith that in 1981 using accountingmatrices. In particular,MatrixVIII the summaryflow-of-funds/social and Matrix X reproduceMatrix II for 1981 and 1987, respectively,where for each year flows are expressedas percentagesof that year's real (1980 ZS) GDP. In terms of the pattern of resource transfers, the inferences drawn 1'y comparing 1987 with 1981 in real percentage of GDP terms are of course no different from those drawn in the preceding subsection, except that deflated nominal investmentis now be split up into a quantitychange term and a relative price loss term.

For example, in 1981 central governmentdissaving was 3.32

percent of GDP and investment3.04 percent. In quantityterms, however,central governmentinvestmentamounted to 3.2 percent of GDP. The 0.16 percent residual

Table 17 ZIMBABWE T-Table for the Non Financial Public Sector (Government) Millions of 1980 Zimbabwe dollars, and as X ot GOP S o u r c * *

C u r rr

U 0 * a

A e c o u n t

nt

Rool

Roal

Real

Real

1981

1981

1961

l931

X

%

Non Interest

Non Interest

Government Velue Added 47.87 Indirect Taxos 413.87 DirectTaxes fromPR 486.94 Trantfors to Govt. fr.Abr. 0.00

1.20 10.29 12.14 0.00

GovernmentConsumption Covt. Transfers to PR GovernmentSaving Subaidies

Interest

622.00 260.13 -132.77 110.19

16.53 6.60 -3.32 2.76

InterestPaymentsto ROW InterestPaymentsto PR

102.06 7.23

2.66 0.16

Total CA Gov. Uses

968.84

24.20

Iftereot

Intorestrecd. from PR 0.00 Interestrec'd.fr. LGAPar. 18.97 Total CA Gov. Sources

964.66

0.00

0.47 24.09

ReoltivePriceLosses

RolativePriceLosoue Government Consumption

C ap I ta l

Real

Real

Real

Real

1981

1981

1981

1981

126.00

3.12

X~~~~~~~~~~~~~~~ 1. Inveotment/Saving -132.77

-3.32

Investmentof Govt.

2. Relotive PriceLosses

2. RolativePriceLosses Investment of Govt.

3. Real AssetChanges

TotalGov. Sources

C5.94 -41.71 55.61 95.10 13.55

1.40 -1.04 1.39 2.39 0.34

179.09

4.47

Totl.Gov.Real

46.32

1.16

Total

Inc.in direct l-nd.to PR -72.77 Inc.in l-nd.to LC & Per. 67.55

4. CapitalGains/Losses

-0.08

AssetChg.

Gov.Uss

-5.23 116.71

-1.82 1.69

-0.13 2.91

4. CapitalCains/Losses

Borrowing from CS Borrowingfrom BS

11.81 41.71 Borrowing from PR 84.39 Borrowing from ROW 10.88 Capital Grants froo ROW 0.00 Tot. O.Cap.Gains

-3.06

3. Rool Asoot Changes

Borrowing from CB Borrowing from BS Borrowing from PR Borrowing froo ROW Capital Grants from ROW Tot.G.Real Asset Chg.

-0.10

A c c ou n t

1. Investment/Saving Government Soving

-4.19

or Losses 148.78

0.29 1.04 2.11 0.27 0.00

Inc.in direct lend.toPR Inc.ir,lend.toLC 4 Par.

3.72

Tot.Gv.Cap.Gaine

Note: Lowercased denotesa first

or Losses

75.40

1.89

2.90

0.07

78.39

1.96

difference.

(1) SgCGFY.TI-GSUB8TDpr-E.NTRGO-iC.GKTR-i7.GKPE-Cg-13.Bg-GTR-i.E.Bfg (1') Ig.dGKTR+dGKPE-Sg*dDCg.dCBSg.dBg.E.dBFg.E.dKTG

-

49

-

Table

18

ZIMBA8WE T-Tablo for Local Governmentand Paraotatols 4illionsof 1980 Zlmbobwedollars, and as % of GOP U s a a

S o u r a * a

Cu

Acc ou n t

r r ent

Roeal l931

Roal 1931 N

Real Real 1931 1981 N Non Interest

Non Interest ValueAdded Subsidies from CentralGovt. Loss Subsidies from CentralGovt.

97.66 110.19

2.44 2.75

110.19

2.75

Local Govt.A Parost.Saving 38.84

Interest

Interest

nt. paid to Centrol Govt. nt. paid to PR nt. paid to ROW Total CA LO A Par. Sources

97.55

Real 1981

Total CA LO A Per. Uses

2.44

Ca p i t a I

Resl 1931 _

A c c o IJ n t

38.84

0.97

0.47 0.96 0.06

97.66

2.44

Resl l19s

Investent

Resl 1981 %

326.00

8.12

-7.97

-0.20

2. Relative Price Losses

2. Relative PrlceLosses

Invetment 3. Real AsostChanges

3. Real AssetChanges Capital transfer. from CG 67.56 112.68 Borrowingfrom PR 106.78 BorrowingfromROW -177.23 Borrowingfrom BS Bank 72.94 Borrowingfr.Central

1.69 2.81 2.72 -4.48 1.32

Tot.LG Real AssetChange

184.70

4.61

Total LG A Per. Sources

2238.4

6.68

TotalLO A Par. Use 4. Capital Gains/Loose

4. CapitalGains/Losses from CO Capital transfers Borrowing from PR Borrowing fromROW BorrowingfromBS Bank Borrowing fr.Central

18.97 37.94 1.81

1. Investment/Saving

1. Investment/Saving Saving

0.97

2.90 60.81 2.33 32.71 4.74

Total LG Cap.Gnins or Losses 98.49 (2)

0.07 1.27 0.06 0.82 0.12 2.34

.E.BFpe-i8.Spo Spe - PEPY-OSU8.GSUB-i7.GKPE-I

(2') lpe a Spe.dGKPE.dpeE.dBFpedCBSpe.dDCpe

- 50

-

317.03

7.92

Table

19

ZIMSABWS Millions

T-Table for Central Bank of 1980 Zimbabwedollars. and as X of CDP U * e*

S o 4 r c *a

Ca p I t Real lo9

l I

A ccou

nt

Roal 1981

Real 1981

X

I

Rool Aseot Changes IncreaseIn voult cash Increasein 8S deposits IncreaseIn Currency IncreaseIn PR deposits Foreign borrowing Total COAsoot Changes

Roal Asset Changeo -0.39 -0.01 22.97 0.57 21.84 0.65 -74.65 -1.86 107.65 2.89 77.42

Lending to Covt.. 5.94 1.40 Lending to 8S -9.08 -0.23 Lending to PR 67.74 1.69 Lending to LO a Par. 72.94 1.82 Accun. of not reserves -112.03 -2.80 Total CB R AssetChanges

1.93

To1t.C Cap.GOlneor Loose Total CS Soure.

76.62

1.89

Capital Cains/Losooo

CapitalCains/Losses Ineroase in vault cash Incroeso In 8S deposits Incroeo- In Currency Increse- in PR deposits Foreign borrowing

Real 1981

3.10 16.19 3.29 4.35

0.08 0.13 0.38 0.08 0.11

Lending to Qavt. Lending to SS Lending to PR Lending to LO & Per. Accum. of net reserves

11.81 12.86 0.00 4.74 3.64

0.29 0.32 0.00 0.12 0.09

30.96

0.77

Tot.C Cap. Cains or Looose

32.87

0.82

10.809

2.71

Total CS Uses

106.39

2.71

5.03

(3') dDCg.dDCbs.DCpr*E.dRcbdDCpe a dHbs.dDSBScb.dHpr.dDSPRcb.E.dNFBcb

-

51

-

Table

20

ZIMBABWE

Millions

T-Toble for Banking System of 1980 ZImbobwo dollars, and as X of GOP

Usea

S o u r ce s C a p It Real 1981

a I

A cc o u nt

Real 1961 U

Reel Asset Changes Borrowing from CO Inc. In Demand Doposito Increase in Quasi-Woney Borrowing from ROW

Total 8S Asset Changes

Roal 1981

Rool 1981 I

Lending to Covt. -41.71 Accumulationof Vault Cash -0.39 Accum. of deposits at CB 22.97 Lending to Private Soctor 225.03 Accuw.of not forgn. reserves -6.07 Lending to LG A Per. -177.23

.1.04 -0.01 0.67 5.62 -0.13 -4.43

Real Assot Changes -9.06 -0.23 -16.00 -0.40 67.16 1.43 -2.70 -0.07

29.40

Total 8S R Asset Changes

0.73

Capital Gains/Looses

23.61

0.69

41.71 3.10 6.03 44.13 0.55 32.71

1.04 0.08 0.13 1.10 0.01 0.82

Capit l Gains/Losses

Borrowing from CS Inc. In Demand Deposits increase In Quasi-Money Borrowing from ROW

12.66 44.90 61.10 2.70

0.32 1.12 1.63 0.07

Lending to Govt. Accumulationof Vault Cash Accum. of deposits at CS Lending to Private Sector Ac um.of not forgn. reserves Lending to LG * Per.

Tot.85 Cap.Cainc or Loose.

121.44

3.03

Tot.8 Cap.Galns or Looses

127.23

3.18

Total BS Sources

150.84

3.77

Total 8$ Uses

i50.84

3.77

(4') dCBSg.dHbsedD8BScb.dCSSpr.E.dRbs.dC8Spe * dDCbo'dDEPpr.dQMON.E.dNFBbe

-

52

-

Table

21

ZIMBABWE for the Non-FinancialPrivate Sector T-Tablre Millions of 1980 Zimbabwe dollars, and as X of GDP S ao 8 u

r

~U

Real 1981 %

3565.90 260.13 -83.10 73.18

Consumption of PR Direct Taxes Profit remittancesto ROW Savings of PR

88.83 6.60 -2.08 1.83

7.23 0.00 37.94

0.18 0.00 0.96

3852.26

96.21

Interest rec'd. from Govt. Interest on foreign assets Interest rec'd. fr.LO A Pvr.

Interest paid to Govt. Interest paid to ROW Total CA Priv. Uses

2769.00 486.94 71.35 643.74

69.16 12.14 1.78 13.68

0.00 0.00

0.00 0.00

3870.03

96.65

-17.77

-0.44

Relative Price Losses

Relative Price Losses

Consumptionof PR

A c c o un t

C a p i ta l Real

Real

Real

Roal

1981

1981 X

1981

1991 %

600.00

12.49

-12.26

-0.31

66.81 21.84 -74.86 -16.00 57.16 0.00 112.68

1.39 0.65 -1.86 -0.40 1.43 0.00 2.81

Tot.P Real Asset Changes

160.65

3.91

Total Priv. Uses

644.39

16.09

1. Invoetment/Saving

1. Investment/Saving Savings of PR

343.74

Private Investment

13.58

2. Relative Price Loosse

2. Relative Price Lossoo

Private Investment 3. Roal Asoot Changes

3. Roal Asset Changes

Lending to Govt. Accumulationof Curroncy Deposits at CS Demand doposits with 8S Savings deposits with BS Accum. of Foreign Assets Lending to LO A Per.

-72.77 -1.82 Borrow;ng from Govt. 101.74 1.69 Borrowing from CS 6.62 226.03 Borrowing from 8S 0.83 33.42 Borrowing from ROW Direct foreign investment -118.61 -2.96

Tot.PR Roal Aosst Changes

134.81

3.37

Total Priv. Sources

678.65

16.96

4. Capital Gains/Losses

4. Capital Gains/Losses Borrowing from Govt. Borrowing from CS Borrow;ng from 8S Borrowing from ROW Direct foreign investment

Tot.PR Cap.Gains or Losses

Roal 1981 %

Interest

Interest

Total CA Priv. Sources

Real 1981 Non Interest

Non Interest Factor income Transfer* from Govt. from abroad Net transfero Workers' rmittances

a *

A c co u n t

C u r r* nt Real 1981

c

75.48 0.00 44.13 0.00 105.97

1.89 0.00 1.10 0.00 2.66

Lending to Govt. Accumulationof Currency Deposits at CB Demand deposits with SS Savings deposits with BS Accus. of Foreign Asseto Lending to LG A Per.

84.39 15.19 3.29 44.90 61.16 0.00 60.81

2.11 0.38 0.08 1.12 1.63 0.00 1.27

226.68

6.63

Total P Cap.Gaine or Losses

269.74

6.49

(6) Spr = *PRFY.CTR.i3.8g.E.NTRPR.E.WREM+i.E.Rpr.i8.Bpe-Cpr-i6.GKTR .E.BFpr -TDpr-r.E.DFI-i * Spr*dGXTR*dDCpr (6') dBg.dHpr.dDBPRcb.dDEPpr+dQMON+E.dRpr.Ipr.dBpe +dCBSpr*E.dDFI+e.dBFpr -

53 -

Table

22

ZIMB8ABWE T-Tabl for The Rest of the World (ROW) Millionsof 1980Zimbabwedollars,and as W of CDP S o u r c * a

C u r r * nt Real 1981

U a * 0

Ac c o u nt

Real 1961

Non Interest

Non Interest

Pay,a. for Govt.Concump.Importe 111.00 2.77 Prtfitremittances 71.35 1.76 Pe-la for PR Consunp. Import. 508.00 12.69 Pays.for Inter_diateImports 418.00 10.44 Pvym.forGovt.Invest-.Imports 38.00 0.96 Poym.forPR Investment I-port 155.00 3.a7 Paym.forLO A Par.Invoste.I-p. 99.00 2.47

Payments

Interest

Interest

Interestreed, from Covt. Interestrc'd. fromPR Interestrec'd.fr. LC & Par. TotalCA ROW Sources

102.06 0.00 1.81

2.56 0.00 0.05

1604.23 37.57

RelativePriceLosses -0.11 -0.60 -0.20 -0.02 -0.11 -0.08

Total

-1.16

Price

-46.42

Losseo

Ca p i t

l

24.78

0.00

0.00

Not transfers to PR

-83.10

-2.08

Workers'remittances Savingsof ROW

73.16 476.90

1.83 11.91

Intereston not PR reserves 0.00

0.00

TotalCA ROW Usr-

1468.97

36.44

Paymentsfor Exporte

-1.16

-0.03

A c co u n t

Real

Real

Real

1981

1981 U

1981

1981 %

1. Investment/Savinc

Savingof ROW

476.90 11.91

2. RelativePriceLosses

2. RelativePriceLoss-s

S. Real AssotChanges

3. RealAssetChanges

IncroaseIn CS net rwserves -112.03 -2.80 IncreasoinB3 net rb erves -6.07 -0.13 IncreaseIn PR not re-erves 0.00 0.00

-117.10 -2.92

TotalROW Sources

359.81

8.99

4. CapitalGains/Losses

Inc.inGov.for.borrowing95.70 Inc. in CB for.borrowing107.66 Inc. in BS for.borrowing -2.70 Inc. in PR for. reserves 33.42 Inc.lnLC VParborrowing 108.70 DirectForeignInvest. -1183.1 CapitalGrant.from ROW 13.65

2.39 2.69 -0.07 0.83 2.72 -2.96 0.34

Tot. RW Real AssetChanges 237.77

6.94

TotalROW Use

237.77

6.94

Inc.in Gov.for.borrowing10.88 Inc. in CB for.borrowing 4.36 Inc. in 8S for.borrowing 2.70 Inc. in PR for. reorves 0.00 Inc.inLO Pnr.borrowing 2.33 DirectForeignInvest. 106.97 CapitalGrant*fromROW 0.00

0.27 0.11 0.07 0.00 0.06 2.65 0.00

4. CapitalGains/Losses

Increasein CB net reserves Increasein BS not reserves Increasein PR net reserves

Tot. ROW Gainsor Losses

992.00

Real 1. Investment/Saving

Tot. ROW Real AssetChanges

Roal 1981

RelativePricoLosses

Pays. for Govt.Concump.Imports-4.42 Paym. for PR Conump. Imports -23.87 Pay-. for Intermediote Imports' -7.94 Pay-.for Govt. Investe.I-porto -0.97 Payu.for PR Investment Imports -5.97 P-vymufor LO A Par.Invostm.ISp. -3.26 ROWRal.

for Exports

Not Transters to Govt.

Real 1981

3.64 0.66 0.00

0.09 0.01 0.00

4.19

0.10

(6) Sf

TotalRW Gainsor Losses

126.23

3.16

i.E.8Fgi .E.BFp-E.Mg.r.E.OFISi .E.8Fpr-E.Mpr.E.MINT*E.Ign

E.IpmE.I-m-E.XGNFS-E.NTRGO-E.NTRPR-E.IREU-i .E.Rpr (6')E.dBFg.E.dNFScbE.dNFBbn-E. dBFprtE.dOFI+E.dBFpo-E.dKTG * Sf-E.dRcb *E.dRbs#E.dRpr

Table '23 ZIMBABWE T-Tabl- for the National Accounts Millions of 1980 Zimbabwe dollars, and as X of GOP S o u r c a a

U 8 * 0

C u * ra nt

A a c ou n t

Real 1981

Real 1981

Real 1981

Real 1981

Central Govt. Consumption 622.00 Private Conaumption 2789.00 Central Govt. Inveatment 126.00 Private Investment 600.00 LG A Par. Investment 326.00 Exports of CNFS 992.00 Leoe: Centrol Covt.Consu.ption 111.00 Priv. Consumption Import. 508.00 Central Govt.Invest.Imports 38.00 Priv. Investment Imports 155.00 L0 A Per. Invest. Imports 99.00 Intermdiate goods Importx 413.00

1.SB3 69.18 3.12 12.49

GovernmentValue Added 47.87 PR Value Added 3681.90 LO A Par. Value Added 97.56 Indirect Taxes 411.87 Lees: Subaidies 110.19

1.20 88.83 2.44 10.29

Total NA Sources

4004.00

8.12

24.73 2.77 12.09 0.96 3.87 2.47 10.44 100.00

Total NA Uces

Relative Price Looce -0.10 -0.44 -0.08 -0.31 -0.20 -0.03

Total

-0.00

Losos

4004.00

Relative Price Locos

Central Govt. Consumption -4.19 Private Consumption -17.77 Central Govt. Investment -3.06 Private Investment -12.20 La A Per. Investment -7.97 Exports of GNFS -1.16 LoeJ: Central Govt.Consumptlon -4.42 Priv. ConsumptionImports -23.87 Central Govt.Invest.ISports -0.97 Priv. Investment Imports -6.97 LG A Par. Invest. Imports -3.26 Intermdiste goods Ioports -7.94 NA Rl. Price

-0.00

2.76

-0.11 -0.60 -0.02 -0.15 -0.08 -0.20

(7) GOP a Cg.Cpr.Ig.prIpev.E;(XGN (7') COP a GFY+PRFY.PEfY+TI-GU

-

55

-

gS-Mi-pr-Igmo-pm -Se-MINT)

100.00

Table

24

ZIMBABWE T-Table for the Non Financial Public Sector (Government) Millions of 1980 Zimbabwe dollars, and as* of CDP S o u r c *a*

U a * a A cc o u nt

C ur ra n t Real 1987

Real 1987

Real 1967

726.00 234.10 -177.23 164.30

16.91 6.46 -4.13 3.60

99.64 164.74

2.32 3.61

1190.68

27.77

170.40

3.97

Real 1987

Real 1987 S

126.00

2.92

29.74

0.89

U

Non Interest

Non Interest CovernmentValue Added 67.01 Indirect Taxes 602.23 Direct Taxes from PR 864.39 Tronsfors to Govt. fr.Abr. 0.00

1.66 14.06 15.50 0.00

Cov-rnmentConsumption Govt. Transfers to PR GovernmentSaving Subsidies

Interest Interest Interest

Real 1987

Interest rec'd. from PR rec'd.fr. LCAPxr.

Total CA Gov. Sources

0.00 27.33

0.00 0.84

1360.96

31.75

Interest Paymnts to ROW InterestPxymerts to PR Total CA Cov. Uses Rolative Price Losses

Relativ- Price Losre

Government Consumption

C a

pi t a l

Real 1987

A cc o u nt

Real 1987 I 1. Investment/Saving

1. Investment/Saving Government Saving

-177.23

Investmentof Govt.

-4.13

2. Relative Price Losses

2. Relative Price Losses Investment

3. Real Asset Changes

S. Real Asset Changes Borrowing from Borrowing from Borrowing from Borrowing from Capital Gennts

CB BS PR ROW from ROW

Tot.C.Re-lAsset Chg. Total Cov. Sources 4. Capital

90.94 -35.86 183.08 -29.11 62.90

2.12 -0.84 4.27 -0.e8 1.23

281.96

6.11

Totl.Gov.Real

1.98

Total Gov. Uses

84.73

Inc.in direct l-nd.toPR -13.66 Inc.in lond.to LC A Par. 77.99

Goins/Losses

Borrowing from CS Borrowing from 8S Borrowing from PR Borrowing from ROW Capital Grants from ROW Tot. O.Cap.Gaine

of Govt.

4. Capital 3.84 26.16 87.17 98.77 0.00

0.09 0.61 2.03 2.30 0.00

or Losses 215.96

5.04

Asset Chg.

-0.32 1.82

64.44

1.50

219.18

6.11

18.85 82.84

0.44 1.46

81.49

1.90

Caine/Loose

Inc.in direct lend.to PR Inc.in lond.to LC A Par.

Tot.Gv.Crp.Co;nsor Losses

Note: Lower case d denotes a first difference. (1) Sg=CFY.TI-OSU84TDpr.E.NTRGO-i6.GKTR-i7.CKPE-Cg-i3.Bg-GTR-i.E.8Fg (1') lg.dCKTR.dGKPE.Sg.dDCg.dC8S9 d8g-E.dBF9-E.dKTa

-

56 -

Table

25

ZIMBABWE T-Table for Local Govornment and Parsatutala Millions of 1960 Zlmbabwe dollars, and as. of CDP S o u r c * a

U * * a

C u r re n t Real 1987

A c co u n t

Real 1987 %

Real 1967

Non Interest

Non Interest

Value Added 219.55 Subsidies from Contral Govt. 164.30 Loss Subsidi-o from Central Covt. 164.30

6.12 3.60

Local Govt.A Pnraot.Saving

99.64

2.32

27.33 60.40 32.18

0.64 1.41 0.76

219.56

6.12

3.80 Interest

Interest

Int. Int. Int. Total

Roal 1987 X

CA LC & Per. Sources

219.55

C . pit Real

1987

5.12

l

paid to Central paid to PR paid to ROW

Total

Govt.

CA LO & Par. Uses

A c co u n t Real

1987

Real

Real

1987

1987

9~~~~~~~~~~~~~~

1. Invosttment/Saving Saving 2. Relative

1. Inveotment/SavIng 99.64

2.32

Investment

Price Loses.

Investmnt 3. Real Anset Change

3. R.!

Capital transfers from CC 77.99 Borrowing from PR -40.10 Borrowing from ROW -139.97 Borrowing from BS 19.24 Borrowing fr.Control Bank 20.14 Tot.LG Real Asset Changes Total

LG A Par.

4. Capital

Source.

Total

6.41

-71.70

-1.67

27.94

0.C6

Totai

LCA

4. Capital 62.64 71.59 91.04 20.44 14.26

LG Cap.Cnins or Losses 269.96

(2)

Par. Uses Caine/Lossoo

1.46 1.67 2.12 0.46 0.33

6.06

Spi a PEFY-GSU8.OSUJ-i7.G(PE-i.E.BFpe-i8.Bpe

(2') Ip

55.89

1.30

A.4aet Chang-.

1.82 -1.16 -3.27 0.46 0.47

Cains/Losses

Capital transfers from CO Borrowing from PR Borrowing from ROW Borrowing from BS Borrowing fr.Contral Bank

232.00

2. Rolative Price Losses

* Spe.dGKPE.dBptE.d8Fpe.dCBSp.dOCpe

-

57

-

287.89

6.72

Table

26

ZIMBABWE T-Tablefor CentralBank Lillionsof 1980Zimbabwedollars,and as X of GOP S o u rc *

U * ea0

u

C a p it a I Real 19W?

A cc o u n t

Real 1987

Real 1987

%

%

Real AssetChanges

Real AssetChanges

Inereas in vaultcash -C.34 -0.12 Increasein 83 deposits 27.20 0.63 Increasein Currency -11.47 -0.27 Increasein PR doposits 103.17 2.41 Foreignborrowing -15.86 -0.37 TotalCO AssetChanges

97.70

Londingto Govt. Lendingto BS Lendingto PR Lending to LC & Par. Accum.of net reserve. TotalCB R AssetChange.

2.26

CapitalCGain/Loases

90.94 2.12 26.40 0.62 -63.13 -1.47 20.14 0.47 10.48 0.24 64.82

1.9

Lendingto Gowt. Lendingto BS Lendingto PR Lendingto LO A Par. Accu-.of net reosrve.

3.84 10.20 14.25 12.86

0.09 0.24 0.19 0.33 0.30

49.20

1.16

134.02

3.13

CapitalGalns/Lossee

IncreasoIn vaultcash Increas In BS deposita Increao In Currency IncreaseIn PR deposits Foreignborrowing

2.26 7.19 15.88 6.60 4.40

0.05 0.17 0.37 0.15 0.10

Tot.CBCap.GaIno or Losses

36.83

0.6

Tot.CCap.Gainsor Losses

3.13

TotalCS Use

TotalCO Sourcs

Roal 197?

134.02

8.02

(38) dDCg+dDCbs&dDCpr-E.dRcb.dDCpi u dHbsadDBBScbdFMprdOBPRcb4E.dNFBcb

-

58

-

Table

27

ZIMIABII Millions

T-Tablo for BankingSystem of 1980 Zimbabwedollars, and as X of GOP

S a u r c a 8

U *-

Ca p i t a I Real 197

A e c o.u n t

Real 1917 S

Real Asset Chongee 26.40 2.70 80.74 -6.29

0.62 0.06 1.86 -0.12

8S Asoot Change*

104.65

2.44

Lending to Govt. Accumulation of Vault Cash Accum. of deposits at CB Lending to Private S.ctor Accum.of net forgn. r-esrves Lending to LO A Par. Total

Capital Gains/Losos Borrowing from CB Inc. In Demand Deposits Increse In Quasi-Money Borring fromROW

Real

1967

1987 S

Roel Asset Changes

Borrowing from CS Inc. In Demand Deposits Increase In Quasi-Money Borrowing from ROW

Total

Reel

SS R Asset Changes

-35.86 -0.84 -6.34 -0.12 27.20 0.63 90.87 2.11 3.53 0.08 19.24 0.45 99.43

2.32

26.16

0.61

Capitol Gains/Losse 10.20 34.77

57.25 5.29

0.24

Lending to Govt.

0.81

Accumulationof Vault Cash

1.34 0.12

Accum.of depositsat CB Lending to PrivateSector Aacue.ofnot forgn. reserves Lendingto LOA Par. .

2.26

0.06

20.44

0.46

7.19 60.5 0.00

0.17 1.32 0.00

Tot.BS Cap.Goaln or Looses

107.60

2.51

Tot.8 Cap.Golno or Loese

112.62

2.63

Total SS Sources

212.06

4.95

Total BS Uses

212.06

4.96

(4') dCBSg.HbsodD"BScb.dCBSpr4E.dRbs.dCBSpe a dDCbs.dDEPpr+dQMON+E.dNFBbs

-

59

-

Table

28

ZIMBABWE T-Table for th- Non-FinancialPrivate Sector and as X of CDP Millions of 1980 Zimbabwedollars, S o u * c * a

U a * 0

A c c o un t

C u r reo n t Real 1987

Real 1987 X

3652.61 234.10 -18.62 2.20

82.87 6.46 -0.43 0.06

Non Interest

Real 1987

Real 1987 %

1986.00 644.39 43.21 861.76

46.33 16.60 1.01 19.87

0.00 0.00

0.00 0.00

Non Interest

Factor income Transfers from Govt. Net transfers from abroad Workerso remittances

Consumptionof PR Direct Taxes Profit remittancesto ROW Savings of PR

Interest

Interest

-Interestrec'd. from Govt. Interest on for-ign *asets Interest reo'd. fr.LG A Par. Total CA Priv. Sources

164.74 24.2S 60.40

3.61 0.67 1.41

4009.69

93.53

Interest paid to Govt. Interest paid to ROW Total CA Priv. Usv-

Relative Price Losses

3646.36

82.70

464.34

10.83

Real 1987

Real 1987

282.00

6.58

66.73

1.6-

183.08 -11.47 103.17 2.70 80.74 -24.44 -49.10

4.27 -0.27 2.41 0.06 1.88 -0.57 -1.16

Relative Price Losses Consumptionof PR

C a p ;t a I Real 1987

A c c o un t

Real 1987 X

1. Investment/Saving Savings of PR

1. Investment/Saving 861.76

19.87

Privet* Invostment 2. Relatite Price Lossoe

2. Relative Price Losses

Private Investment 3. Real Asset Changes

3. Real Asset Changes Borrowing from Govt. -13.60 Borrowing from CS -63.13 Borrowing from SS 90.87 Borrowing from ROW -4.82 Direct foreign investment -346.21

Tot.PR Real Asoot Changes Total Priv. Sources

Lending to Govt. Accumulationof Currency Deposits at CB Demand deposita with SS Savings deposits with BS Accum. of Foreign Assets Lending to LO A Par.

-0.32 -1.47 2.11 -0.11 -8.06

-336.85

-7.88

Tot.P Real Asset Changes

284.69

6.64

616.90

12.03

Total Priv. Uses

633.41

14.78

87.17 16.88 6.60 34.77 67.26 24.44 71.59

2.03 0.37 0.16 0.81 1.34 0.67 1.67

4. Capital Caine/Losesc Borrowing from Govt. Borrowing from CB Borrowing from 8S Borrowing from ROW Direct foreign investment

Tot.PR Cap.0ains or Losses

4. Capital Gains/Losses 18.86 8.02 66.68 4.18 327.58

0.44 0.19 1.32 0.10 7.64

416.21

9.69

Lending to Govt. Accumulationof Currency Deposits at Cb Demand deposits with SS Savings depoeits with 8S Accum. of Foreign Assets Lending to LO A Par. Total P Cap.Gaino or Losses

297.70

.E.Rpr.i8.Bpe-Cpr-i;.GKTR t6) Spr = +PRFY+4TR.i3.Bg-E.NTRPR-E.WREM; -TDpr-r.E.DFI-i .E.BFpr (6') dBg-dHpr*dDbPRcb.dDEPpr dQMONE.dRpr-Ipr.dBpa SprodGKTR#dDCpr *dCBSpr*E.dDFIe. dBFpr

- 60

-

6.94

Table

29

ZIUDABWE T-Tablo forThe Rest of the World (ROW) Millions of 1980 Zlmbabwedollars,and as # of WOP U a * a

S o u r c a *

Cu r r Real 1987 Non Interest 90.00 Pay.. for govt.Consump.Imports 43.21 Profit remittances Pay-. for PR Consump.Imports 242.00 Imports 163.00 Paym.for Intermediate 46.00 Paym.for Covt. Investo.Imports Imports 106.00 Paym.forPR Investment 86.00 Paym.for LO A Por.Investe.Imp.

A cco un t

nt Real 1987 % 2.10 1.01 6.64 3.57 1.12 2.46 2.01

Non Interest Paymentsfor Exports to Covt. Not Transfer* to PR Not transfers Workers' remittances Savingsof ROW

1661.00 0.00 -18.62 2.20 17.19

Roal 1987 % 38.75 0.00 -0.43 0.06 0.40

Interest

Interest Interestrec'd. Interestrec'd. Interestr-ed.

Real 1987

from Covt. fromPR fr. LG A Par.

Total CA ROW Sourcos

99.64 0.00 32.18

2.32 0.00 0.76

899.02

20.97

Intereston not PR reserves 24.25

Uses TotalCA ROW

39.33

RelativePrice Losses

Relative PriceLosses Pays.for Govt.Consu.p.Imports Pays.for PR Consump.Imports Imports Pay-.for Intermediate Poym.forGovt. Investm.Importo Imports P.ym.for PR Investment Paym.forL3 A Por.Invosta.Imp.

32.12 98.06 141.50 7.99 18.44 14.96

0.76 2.17 3.30 0.19 0.43 0.36

Total ROWRol. Price Losses

308.07

7.19

C a pI t a l

Rcal 1987

Paymentsfor Exports

-479.03

-11.17

Ac co u n t Real 1987

Real 1987 U

Real 1987 U

1. Investment/Saving

1. Investment/Saving Savingof ROW

17.19

0.40

2. Relative PriceLosses

2. RelativePrice Losses

3. Real Assot Changes

3. Real AssetChanges

Increasein CO not reseo vo 10.48 Increase in BS net reser_n~ 3.53 IncreaseinPR net reserves -24.44

-0.67

-10.43

-0.24

Tot. ROWReal AssetChanges Total ROW Sourcoo

8.77

0.24 0.03

0.16

Inc.tn Gov.for.borrowing -29.11 Inc. in CB for.borrowing -16.86 -5.29 Inc. in BS for.borrowing Inc. in PR for. roserves -4.62 Inc.tn LO APar.borrowing -139.97 -346.21 DirectForeign Invest. GrantsfromROW 52.90 Capital Tot. RWReal AssetChanges -487.16

-0.68 -0.37

-0.12 -0.11 -3.27 -8.06 1.23 -11.38

-487.16

-11.36

Inc.tn Cov.for.borrowing 98.77 Inc. In CB for.borrowing 4.40 Inc. in BS for.borrowing 6.29 Inc. in PR for. reserves 4.18 Inc.in LO APar.borrowing 91.04 327.68 Direct For-ign Invoest. CapitalGrants fromROW 0.00

2.30 0.10 0.12 0.10 2.12 7.64 0.00

Uses Total ROW 4. Capital Gains/Losses

4. Capital Coins/Losses Incresso in CB net reservos Increasein BS net roserves Increseo in PR not roserveo

Tot. ROW Gainsor Losses

1666.13

0.67

12.88 0.00 24.44

0.30 0.00 0.67

37.32

0.87

Total RWGainsor Losses

631.26

12.39

(6) Sf a i .E.BFg..E.BFp.E.Mger.E.DFI+i.E.BFpr.E.Mpr.E.MINT.E.Igm .NTRPR-E. WRE-i . E.Rpr .NTRGO-E *E.IpmE. I_o-E .XGNFS-E (6')E. dSFg-E.dNFBcb.E .dNFBbs-E.dBFpr.E.dOFI.E.dBFpe.E.dKTG* Sf.E.dRcb *E.dRbsnE.dRpr

Table

30

ZIMBABW Millions

T-Table for the Notional Accounts of 1960 Zimbabwadollars, and an X of CDP

S o u r c a a

U a a 8

C u r r * nt

A cc o u n t

Real 1917

Real 1967 %

726.00 1986.00 125.00 262.00 232.00 1661.00

16.91 46.83 2.92 6.68 6.41 38.76

Central Govt.Consumption 90.00 Priv. ConsumptionImport. 242.00 Central Govt.Invost.Imports 46.00 Priv. Invetment Imports 105.00 LO A Par. Invost. Imports 66.00 Intermdlate goods Imports 153.00

2.10 6.64 1.12 2.46 2.01 3.67

Control Govt. Consumption Private Consumption Central Govt. Investment Private Investment LO A Per. Invostment Exports of ONFS

Total NA Sources

4287.00

GovernmentVolue Added PR Volue Added LO A Por. Value Added Indiroct Taxes Loom: Subsidies

100.00

Total NA Uses

Relative Price Losses

NA Rol. Price Losses

Real 1967 %

67.01 6562.51 219.66 602.28

1.66 82.87

0.00

8.60

4287.00

100.00

3.97 10.63 0.89 1.66 1.80 -11.17 0.76 2.17 0.19 0.48 0.36 3.30 0.00

(7) CDP a Cg+Cpr.Ig lpr.lpe E.(X0NFS-Mg-Mpr-Ig_ Ip_ emINT) _ (7') GDP a GFY.PRFY+PEFY+TI-OSUB

-

62

-

6.12 14.06

164.30

Relative Price Losses

Central Govt. Consumption 170.40 Private Consumption 464.34 Central Govt. Investment 29.74 Private Investment 86.78 LO A Par. Invastm.nt 65.89 Exports of CNFS -479.08 Less: Central Govt.Consumption 32.12 Priv. ConsumptionImport 98.06 C.ntrul Govt. Invest. Imports 7.99 Priv. Investment Import 1S.44 LG A Per. Invest. Imports 14.96 Intermediate goods Import. 141.60 Total

Real 1967

-

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Canred Dank 1961

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1961

-- -- -- ----- ---- - ---------- --

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-- -- - - -- -- - ---

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Non Fin. Pri.eSeS. list Alpr

12.49

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LP.1p

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2116

1.39

Goans/Laos". External Sector 1901

bternsl seto 1961

- -- -- -- -- - -- -- -

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;Tat.1nt.Im

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Z112

Z116

2132

2114

1.40 2111

0.26

2117

0.12

2120

1.62

2157

Aecet Accem.

Z118

1.04

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0.62

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-4.48

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2121

0.87

2128

0.00,

Z128

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-0.23 Z131

2136

-1.04

2140, Z137

0.00

2156

0.09,

2159

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0.62

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2.11

2121

1.27

Z121

0.53

2130

-1.66

212

0.69

2129

0.06

2134

-0.40

2136

1.43

2133

1.12

Z135

1.53

1.10

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0.01.

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Caion 0.59 Laesee

3. 16

Ast. Ace".

2.89

2148

Z143

0.00

Z141,

0.27

2143

0.06

Z147

0.11

Z149

0.07

2151

0.00

2133

2.68

2.72

2.69

2130-.O

5.62 2139

0.34

Z142

Z144

2.61

0.32

1.69

2115

2144

0.00 2160

0.63

2184

-2.96

0.00

Cain.

16.09 Laoses

Z152

6.49

Asset Ac....

Goias 5. 94 L.e.e.e

3.15

:otal I nveeteet

Total

1_ .t.aat

Sourc-

s

s

100.00

23.14 Total Coins or L1a.

-0.00 Creos Co,ermn.nt Inico. *

~~~~~24.09

Cross La A Parastat.

Inco_ 2.4

Croo, PR Incmee 96.21 Cro.s RN Income 36.41

7.04

00 Borrowing

* ZVing

of Camt

Sorrowing * Sov of LCA Par. 1.92 eerro.ing

a Saving of CB 2.71

Brrowing

* Saving of as 3.1?

Oorr.ing

Oorroeing

* Saving of PR

v Saing

of NW 9.09

Total Saving 23.14

23.14

MIATRIXIX

FRwMEim CONSISTENCY 1960prices) (HIIlionsof Zimbabwe dollfare. Car4r National Accounts

Real

1907

1907

a5

National

Accounts

RealCaine or Ice...

I

4.0l

1061 002.25

IPEFl

219.55

103W -154.30 -I-- -… - - -- -- -…- - …-I

LO A Parmoaetals

I

Banking System

I I

IPWV

Co,ernment.

27.53

=0

- …-

154.30

- - - -- -… - --- -…--

- -… - - --

Emternal Sector Real 1907

Non Fin. lPr,,-5ct'. Real

1907 -I

i-

RCo Rc.Ho,

AXNF 1910 242.00 -AiIEI'

ZIlo 41I07

ZIOS 4404.34 93.00-Z11O

TOpr

…-- - - -- - - - - -- - - - - - -

I1=

.

201.00 I AIo 163.00 II-M.lo.

-479.03IIZI02 141.00 I 1Z200

0.00 044.59 O.W10RG

Government Real 19"7

0.00

E.NTRP 0Th 3555251 i4lSo

E.#%

E.k8l

234.10 154.74 ill0e

122.12i.E.BFpe

i.6.Rp,

00.40

99.0

Real 10

RiDze -RlE.la6

29.74

Z104

7.99

4155

s

232.00 .00

55.09 14.96

I I - - -- - - - - - -

- - - - - - - - -

52.18

r.E.F! i.E.BWp E.Mpr

43.21 0.00 335.06 ENIJET

-10.521

2.201 24.25

I I I

294.50 IIE.19a

El..Im

55.9

100.96

I

Iso

-177.23

$PSo

IIZ163

99.0

11 DNAnk

paretet.

s.a

a.a=a-

125.00 40.00

I I …- - - -II…-- - - - - - - - - - - II II

I

LO A Parwetatale

Central

Local Gov.4

G.ain/Laos" Gov.ramwat Real 1967

I

Sector

A UO11 ~DSAV1lEZ

.

iGoU

i.E.W External

90.00

170.40 32.12 17.0C

I MmnFia.Pr,i.5.ct,.

-

-

.Sa

67.01

jTI

CentralBeank

e

S

725.00 ~~~~RC$

IZICO I ICFY

Government

Lochi Cov.4 Central banking Bank Slot". rarastet. Reael ReelI Resal 1987 1907 1907

Coverament

Real

I

CAPITAL ACCa3E

ACCOMT

77.9

~~~Z102 62.64

I

I

Bankin~g Sysatem

MmnFin.Prlv.Sect.

ISo,

E.ternal Sector

ISf

Total Saving

Iso

Total U...

I 141W

IiziSS

651.70

II

-13.54 Z164

168.5

17.19 11

Spe -177.23 4267.00

~~~~Total Us&.

1300.96

Total Uaea

99.64 219.55

Sor Total Us*&

051.70 St 4009.69

Total Uses

17.19 I 1207.10

I IAaaeL I Acc.w.

Caine 219.18 Losses

01.49

Asset Accu..

287.69

w^ul-

ta

oDo 1hZ 00

tI P-

6 z

991

9*-

392tZ

e3 S-

Mrt

Lt Z

TO

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LttPIZ 99c n-

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311

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ZZ,_

0000

-----------

-----------

--------------

--------

--------------

-----------

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---------------------

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-----

--------

Idi3 0123

iNq "m -4t 1 ___________

-------------

--------------------

-------------------

-----------------

------------------01-----

------------------

___________

-------------

--------------------

---------------------

-----------------

_------------------

---

0080

.9e9 IUi1 ___

,1S13

fl0t/.U!6q __ __

___

__

__

idle

1961

161t

1z61

56t

___

-------

4t 31w 90t ~~~~~~~~~~~~~~~~00

I lvel

__

-----

- ---

-----

_____ -_________________--

----

*0tZ

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__

*Gy

tStZ

*t

S a'sO6Z169

___ ___ __

3912

l V

SW

011

0106 O19Cl3-

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910

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3961Z1

*

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*aO ! ***5~ *i

961I6S

~1o°1

t __

___

__

__

___

@VIJU1U'SttV/ ___ __ __

__

__

___

__

___

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__

___

t11t

3l1t

lad

1"e8 ""f

__

__

!X ___

@v *fgDq..udas *_IN!~o.u5 __ ___ __ __ ___ __

Z901

M6t

__

___

__

__

1961

j.AeOsoi

quoll

qut ___

__

__

___

__

.Iau.

___

__

__

___

__

__

S..oVm!s __ ___

__

In

re Rami 1IW7

Total

taa*t Reatl 1957

42i7.00

791.31

aine or Losses

:Total

0.00

3

Grow 0o,a.a.et

Incoso 11.96

----------------------------

________________-

boom 219.1i

LO A Poartat..

Or0:.

~~~~~4009.641

:

-.4~~~~~~~~~~~~~~

Saving of Govt. 10. 607

*errowiag

Rerrosing * Saw. of LO0A Pe.. * 17.0

3

I

aoulaig

* savling of

I

: rnong

: Socrowing

Co

~~~~~~~18411.02

3

* saving

of

* saving

of PR

1S

:2. of

931 .11

* ibring

* Saving of am 44.09

Total

Saving 79:.116

791.31:

*..

."'v06' Ce:

at,

u-s It

u""II

ouw

4-NI I

--- ---- --- -- - - -- --- -- --- -- --- -- ---- ------ ---

--- - -- - -- - ---- - - - - -

- - - - - - -- -

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95.0

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---

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1961

-

--------,109g

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dill to's Mt

-----

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-- - -- - - --

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- - - - --

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toot--tMT

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lti-

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tim

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I

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1-

Cnii Loc.CoIv.r. lea?

-----

--

--

Ca

. / nne/l.", Central Bank

Cntrat Bank 1967

196?7

--------------------

---------

Crine/Loas.. "an Fin. Pri,Sect. 1967

ia/La.

on Fin. Priv.Saet. 1i?

kbnk.Sy6t.

SBnkingn Sy.ta 187

1967

----------

-

Rlpr -E. 1

* 66 2.46

2103 -7109

1." 0.43

Total

1.23 Z143 -0.66O 7141

Z144 Z114

2.12

Z112

7111 _ao__ __ _ __________

Zile

___

__ __

Z113

0.09

_ _ _ _ _ __ _ _ _ _ __ _ _ _ _

Z120

0.47 Z117

_ _ _ __

__

7126

__ _ _ _ _ _ ____

Z122 Z1l9

0.4U

Z123

0.06

-0.12 0.63 Z125

0.62

Z131

___

_______

__

-0.27

Z130

2.41

0.1?

Me5 0.24

__aa__-

_ __ _ _ _

. ____a.

Z121

7146 1.6?'

Z127

0.37

Z129

0.15

-1.13

Z12M

Z134 Z152

2.03

7115

0.61

0.45

0.53 Z124

_ _ __

2142

4.2?

Zile

-0.64

Z148

7157

Aaat. Anna..

7140

-1.47 Z137

0.19

7133 1.6 MzksO 7135

06

7156

0.30

Caine 1.96 La.a

1.15

7159

0.24

Asaat Acne..

Z156

0.00

716.

0.06

Cains, 2.32 Lasa.e

2.63

Aaaat Amn..

_ __

2.30 _ _ __

_ . _ ,

_ __ __

-3.27 Z145

2.122

714?

0.10

-0.37

-0.12 71Z49

Z154 1.52Z33.4

__ __

1 .4

2.11 7139

__

__ __

0.00

0.06

7152 lIN6

I

------------------------------

---------

----------

-

Cai.n/La.s.. Etarnat Saetor 196i

Eatornal Sector 1967

-0.11

7151 46.03

0 12 0.10

-0.57 ZISO

0.5?

Caine 14.76 La....

6.94

^saat Ancc..

Cain& -11.36 Laa

12.39

:Ttal I-ne*tasnI

_

I

ij ii

t

j

; ~~~~~ .I~~~Ii it

ft

i

i

t