Chile: the balanced view : a recopilation of articles about the Allende years and after

Notes a. Excludes loreign. disinvestment Occasiol1ed by the Chilean Government's purchase 0151 percen! 01 shares in 8raden Copper Corporalion Irom Kennecoti Copper Corpóralion in 1967. Payment was made by the government lo 8radén, which in lurn lent Ihose lunds back to the new company, Sociedad Minera El Teniente (now CODELCO) Those relent repayments aré treated here as long-term loans rather than as direct inveslments, notwithstanding the fact Ihal the Allende governrlJent subsequenlly claimed that conlrol rested with the loreigner during Ihose years and Ihat the movement 01 lunds had no real disinvestmenl eHect (The IMF adjusted ils reporting syslem in 1971 lO accepl Ihe political judgment ollhe current Chilean regime.) Excluded payments (S for 1967, 3910r 1965, and 331m 1969) are cr.edited to public. seclor long-term loans. -' b.. 'Includes relent lunds noted in loolnote a (credilS lór 1967, 391m 1965,and 3310r 1969). Excludes loans received as a consequence 01 debt renegotiations by government(debit20 lor1965, 44 lor 1966, 7 lor 1967, -21m 1968, -13 lor 1969, 54 lor 1971, and 332 lor 1972). Thoselunds are included in Ihecompensalory capilal accounling as a partol .Ihe debl renegotiations ilem. The publie seclor long-term loans figure also includes loans to private sector borrowers whieh are guaranteed by the Chilean government. c. Includesrepayments 01 private sector loans guaranteed by Ihe Chilean government. d. Includes nel roaiís and paymenl agreements (other than agreemenls arrived at in Ihe course 01 debl reschedu– lings). e. Incltldes changes in cenlral ba'nks holdings 01 SDRs (debil 01 22 lor 1970 and 16 lor 1971, and eredil 01 36 for 1972). Also includes receipls Irom "other liabilities" previously aggregated by IMF yearbook in Ihe use-ol-Fund– credit category (credit 01 8 lor 1972). ,. Souree: 1962-S'lrom IMF 1968 payments yearbook; 1969 from 1969 yearbook; 1971-1972 Irom preliminary 1972 .yearbook. g. Exeludes monetary gold (debil 01 -2 lor 1961, -2 lor 1962, and 1 lor 1966). This item is included with other monetary gold in Ihe compensalory capital accounting. h. Excludes short term capital oblained as.a part 01 eommercial debt :eschedulings (debils 01 87 lor 1962, 610r 1963, 27 lor 1964, -19 lor 1965, 5 lor 1966, and -32 for 1969). Exeluded ilem is erediled lor Ihe debt renegotiations figure. . '.' i. Data for loan drawings and repaymenls'nol yet available. The IMF estimales a nel debil on this itellÍ 01 5 for 1972, and the figures here are constructed lo illustra\e Ihe nel paymenl silualion ralher Ihan lo indicate aclual loan or repaymenl amounls. APPENDIX: a document prepared by the staff of the Inter-American DevelopmentBank for general public use AlOE MEMOIRE BACKGROUND PAPER: CHILE AND THE INTER-AMERICAN DEVELOP– MENTBANK DURING THE ADMINISTRATION OF PRESIDENT SALVADOR ALLENDE In January 1971, at the beginnfng of the Administration of the late President Salvador Allende, the Bank extended two loans to Chile on concessionary terms to help expand the Jacilities of two of the leading universities-the Universidad Católica, in Santiago, and the Universidad Austral, in Valdivia. The two loans -the first for $7 million, the other for $4.6 million-were issued from the Fund for Special Operations, the Bank's "soft" loan window, with repayment periods of 25 years, grace periods of 4-1/2 years, and intereslrates of 2-1/2 oercent ayear. The credits, as required by Bank policy, were extended with the fuI! guarantee of the Corporación de Fomento de la Producción (CORFO), the country's development agency. Both universities 150