Argentina - Provincial Development Project

Document of Tht World Bank FOR OMCIL USE ONLY AAJ 3Z o -4i Repwt No. P-5394-AR MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMOUNT EQUIVALENT TO US$200.0 MILLION TO THE ARGENTINE REPUBLIC FOR A PROVINCIAL DEVELOPMENT PROJECT NOVEMBER 21, 1990 This document has a restdcted dstribufton and may be used by redpiens ondy in the performance of their offcial duties. Its contents may not otherwise be disclosed witbout World Bank authorization.  CURRENCY AND EOUIVALENT UNITS Argentine Austral (A) - 100 centavos US$ 1.00 (November 12, 1990) - A 5,375 ABBREIATIONS CEU Project Central Execution Unit FAIP Financial Action and Investment Plan IDB Inter-American Development Bank PEU Provincial Project Execution Unit PGFS Provincial Government Finance Study POM Provincial Project Operations Manual WEIGHTS AND MEASURES The Metric System has been used throughout this report. Ju 1cal Year January 1 - December 31  - ?AV= LOFJIAL USE ONLY . . . .~MQIUB toan and prolct Suimmary Borrower: .Argentine Republic. Benaefiiaries.* -inistry of Economy of the Central Government, the - 23 Provinces, and the Municipality of Buenos Aires. *ljQ - 4Ci US$ 200.0 million. -erms: .- Repay aet in 17 years, including five years of grace, with interest at the Bank's standard variable, .rate.. Relending Terms: Except for approximately one percent of the loan" that would finance institutional development in the national Ministry of 'Economy, all proceeds of the Bank loan would be onlent.to participating provinces, with each province's revenue sharing serving as a guarantee for repayment of subsidiary loans. For onlending to provinces, the Ministry of Economy would euter into a Financial Agency Agreement with an appropriate financial institution (Financial Agent), satisfactory' to the'Bank. The terms and conditions of subsidiary-loans would be established. in Subsidiary Loan Agreements between the Gverniment and each participating province. These terms and conditions would be essentially the same as the Bank loan, including the foreign exchange'risk, as well a.'the costs of (a) the Financial Agent 'and (b)- the Central.Execution Unit's expenditures financed'under the project, in order to ensure that provincial project components would not result in a fiscal burden for the'Central, Goveroment. IUUnaDJUngLla: Provinces US$ 175.0 million IDB US$ 200.0million . IBRD USS 200.0 illion TOTAL USS 575.0 million' Economic "to of RAturn: At least 12 percent. e ' ' staff A: raisal &anot: Report No. 9053-AR ' EaR: - IB 20450 This document has aensktld disubution and may be used by ripiet only in he poefomane I. of their offa dutie Its contents may not othenwse be dicloed without World Bank authoriztld'n.  MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE ARGENTINE REPUBLIC FOR A PROVINCIAL DEVELOPMENT PROJECT 1. The following memorandum and recommendation on a proposed loan to the Argentine Republic for the equivalent of US$ 200.0 million is submitted for approval. The proposed loan would have a term of 17 years, including five years of grace, with interest at the Bank's standard variable rate. Except for approximately one percent of the loan that would finance institutional development in the national Ministry of Economy, all proceeds of the Bank loan would be onlent to participating provinces, with each province's revenue sharing serving as a guarantee for repayment of subsidiary loans. The terms and conditions for subsidiary loans would be essentially the same as the Bank loan, including the foreign exchange risk, as well as the costs of (a) the Financial Agent and (b) the Central Execution Unit's expenditures financed under the project, in order to ensure that provincial project components would not result in a fiscal burden for the Central Government. 2. Cofinancing with the Inter-American Development Bank (IDB) is proposed. Although cofinancing would be on a parallel basis, the Government and both Banks have agreed on project objectives and operational procedures. The IDB's Executive Directors are expected to consider its proposed loan at approximately the same time as the Bank's Executive Directors. 3. Background. Reducing the public sector deficit is of fundamental importance for success of Argentina's medium-term adjustment program, and to address the underlying structural problems and sources of instability in its economy. There have been three major sources of this deficit: the Central Government itself; public enterprises; and provincial governments. For example, the total fiscal deficit of the provinces in 1986 before transfers from the Central Government was 6.2 percent of GDP (about US$4 billion), much higher than the public sector enterprises and social security combined. 4. Provincial governments increasingly are important in overall efforts to improve the efficiency and equity of Argentina's public sector. Over the 1985-89 period, total provincial government expenditures averaged US$7.6 billion, including an average of US$1.5 billion for real investments (respectively, 11 percent and 2 percent of GDP). Implementation of the Central Government's policy to decentralize the public sector should increase substantially this importance. Significant social sector service delivery responsibilities have been decentralized to provinces, and many infrastructure areas are following this pattern. This has profound implications for Bank assistance to Argentina: if the Bank is to support these measures, it must develop new ways to design and supervise projects. The proposed project is a significant step in this direction, as it represents the Bank's first effort to support strengthening of provincial governments on a national scale and across sectors. 5. It is clear that financing of provincial expenditures, increasingly important for national economic stability and growth, cannot continue to depend on large, ad hoc transfers from the Central Government and  - 2 - rediscounts and overdrafts of provincial bank accounts with the Central Bank, as was the case during most of the 1980s. The adjustment program requires that provinces substitute these undisciplined sources of financing for their investments with current account surpluses and responsible borrowing. 6. The proposed project builds on the operational experience gained through the ongoing implementation of the Argentina: Municipal Development Project (Loan No. 2920-AR, approved by the Board on March 22, 1988, providing a US$ 120 million Bank loan for partial financing of US$ 240 million of total eligible costs), as well as the sector work resulting in the "Argentina: Provincial Government Finance Study" (PGFS, Report No. 8176-AR, distributed to the Board on April 16, 1990). Project preparation has benefitted frot Project Preparation Facility Advances approved January 4, 1990 (P-145-AR) and September 27, 1990 (P-161-AR). 7. The Municipal Development Project's disbursements have been severely hindered by the periods of hyperinflation (mid 1989 and early 1990) when practically all LCB procurement was halted because suppliers and contractors refused to make bids. Despite this difficulty, however, political and institutional commitment to the project (with fiscal discipline objectives similar to the proposed project) has remained high. The project's successful implementation is accelerating as progress toward price stabilization is achieved and maintained. The 1990 Investment Plans approved by the Bank for the participating provinces (Buenos Aires, Cordoba, La Pampa, Neuquen and Santa Fe) provide for 221 sub-projects with about US$ 40 million total costs. By mid-1990, about 77 sub-projects, representing approximately US$ 18 million in total costs, had been completed, were being executed or were at an advanced stage of the procurement process. 8. As for the PGFS, the Government has taken concrete measures to implement the report's recommendations, including substantial progress in implementing the Provincial Financial Management Information System and through modification of the criteria for allocation of discretionary transfers among provinces, so that these transfers serve as an incentive for improved provincial financial management. Thus, the Government already is implementing strong measures consistent with recommendations of the PGFS and with the objectives of the proposed project. However, in order to sustain these efforts, it is necessary to broaden these reforms. speed their implementation. and to suRport adequate intergovernmental coordination in implementation of macroeconomic Rolicies. 9. Rationale for Bank Involvement. The Government has requested broad Bank support for implementation of its adjustment program, including assistance for reforms of the national public sector as a whole, including national public enterprises, and the proposed Provincial Development Project. As part of this support, the proposed Bank loan would substitute for the inflation tax, given the short-term provincial investment and financing needs. This is because provincial governments have no access to alternative foreign or domestic credit (save for arrears to domestic suppliers and contractors) other than provincial banks, whose deficits until 1988 were routinely covered by the Central Bank, but which currently are under tighter Central Bank control. As inflation falls to desirable levels, increased availability of  - 3 - foreign resources could permit additions to planned investment up to the full foreign amount without adding to inflationary pressure. 10. The Bank's involvement in the proposed project would provide critical support to the overall adjustment and growth program, primarily through (a) promoting adequate intergovernmental coordination in implementation of macroeconomic policies (e.g., intergovernmental fiscal policies, discipline of provincial banks, financial sustainability of provincial development policies, including direct and indirect cost recovery), and (b) stimulation of cofinancing support when appropriate. The project also would provide international assistance needed for broad provincial institutional development as a prerequisite for complementary Bank support for proposed sector-specific operations at the provincial level. 11. Proiect Obiectives. The overall objective would be to provide financial support and incentives for provinces to undertake their own adjustment programs (own-source revenue enhancement and expenditure control) consistent with the national adjustment program. This would be achieved through providing Bank financing only to provinces that meet strict financial and other eligibility criteria (see paras. 15-16). Specific project objectives are to: (a) implement appropriate financial management reforms that will transform provincial governments from generators of excessive public sector deficits to generators of surpluses chat may finance public infrastructure and services necessary to promote economic development; (b) strengthen provincial governments' capacity to plan, program, finance, execute and monitor expenditure programs that are economically efficient, financially sustainable, institutionally manageable, and environmentally sound; and (c) provide financing for institutional development and physical investments that are consistent with the national adjustment program and that will promote economic development. 12. These objectives should be understood as supporting the first stage of a longer term strategy for adjustment in the financial relationships between the Central and Provincial Governments. The project would assist the Government in moving from having a substantial proportion of provincial investments financed with national resources resulting in excessive fiscal and quasi-fiscal deficits to the financing of provincial investments with provincial savings and official borrowing under the proposed project. However, as (a) the economy stabilizes and resumes growth, (b) the financial sector is strengthened, and (c) provincial financial management is improved, the strategy seeks at its final stage to have provincial investments entirely financed with provincial savings and competitive borrowing through the financial sector. 13. Project Descrivtion. The proposed operation would finance civil works, goods and consultants, to be proposed by provinces and approved by the Central Government's Ministry of Economy and the Bank. Thus, the project would finance a "time-slice' of eligible provincial expenditures, and its components would be detailed during project implementation. 14. The project would have three main components: (a) Institutional Development, (about 10 percent of total project costs) including technical assistance, training and equipment to attain the project's objectives at both the Central and Provincial Government levels; (b) Project Administration,  - 4 - (about 9 percent of total project costs) for recurrent costs of project implementation at the national and provincial levels; and (c) Physical Investments, (about 81 percent of total project costs) encompassing public infrastructure (e.g., roads, bridges, irrigation and drainage), and facilities (e.g., s<n,hls, health posts, bus terminals). These investments would include maintenanze programs, rehabilitation of existing works, completion of unfinished works, and new investments. It is estimated that maintenance and rehabilitation would be by far the largest part financed by this component. 15. Proiect Implementation. The project would be implemented at the national level by the Central Execution Unit (CEU), Ministry of Economy, and at the provincial level by Provincial Execution Units (PEUs). All operational procedures (including provincial financial performance criteria, expenditures eligible for financing, procurement, disbursement and audit guidelines) would be specified in the Project Operations Manual (POM), proposed by the CEU, agreed with the Bank and incorporated into the legal documents. The POM also would provide detailed guidelines to the provinces for preparation of their Financial Action and Investment Plans (FAIPs). Each province's FAIP would determine if, and for what purposes, it may participate in the project. Approval by the CEU and the Bank of a province's FAIP would be required for any project support to the province. The FAIP would provide, inter alia: (a) an analysis of the province's financial status, including current account surplus or deficit, off-budget debt, ratio of total debt service to current revenues, and net variation in short term assets and liabilities; (b) the province's proposals to maintain and/or to improve its financial management status and capacity; and (c) the province's proposals for financing expenditures for institutional development (primarily to implement financial management improvements proposed under (b) above), and in some cases for physical investments. 16. After a province's FAIP has been approved by the CEU and the Bank, the Government and the province would enter into a Subsidiary Loan Agreement, acceptable to the Bank. This Agreement would stipulate that only sub-projects that are part of an approved FAIP would be eligible for subsidiary loans. Provinces with a current account surplus would be eligible to receive financing for any physical investment that complies with the economic, financial, technical and environmental appraisal guidelines specified in the PO. Provinces with a current account deficit would not be eligible to receive financing for new investments, and project financing for maintenance, rehabilitation and completion of unfinished works would be conditioned strictly to each component's tangible contribution to moving the province from a current account deficit to a surplus according to financial performance targets and timetables approved in the FAIP. The Government, through the CEU, would monitor each province's financial performance on a quarterly basis, including meeting the project's financial management criteria and the specific targets and timetables of the approved FAIP. If a province fails to maintain its financial performance (e.g., current account surplus and debt service limitations) and/or if it fails to implement the financial reforms laid out in its FAIP, then uncommitted subsidiary loans for that province would be canceled, and it would not be eligible for further project financial support unless a new FAIP is prepared and approved.  17. The project is estimated to take six years to implement, at a total cost of US$ 575.0 million equivalent with a foreign exchange component of US$ 245.5 million (43.1 percent). A breakdown of costs and the financing plan is shown in Schedule A. Amounts and methods of procurement and of disbursements, and the disbursement schedule are shown in Schedule B. A timetable of key project processing events and the status of the Bank Group operations in Argentina are given in Schedules C and D, respectively. A map also is attached. The Staff Appraisal Report, No. 9053-AR dated November 21, 1990, is being distributed separately. 18. Agreed Actions. The Government's policy is to provide equal. potential access for all provinces to international assistance, and it has proposed that the Bank loan be allocated to each province according to its "quota" in the secondary distribution of the revenue sharing law. It was agreed that provinces that have current account surpluses and are within total debt service limitations laid out in the POM would be eligible for their full quotas, while provinces that do not satisfy fully these criteria would be eligible fox half their quotas. Initially unallocated funds would form a "pool" to be allocated on a "first come, first served" basis for provinces that fully commit their initial quotas and have current account surpluses. Initial allocations not committed during the first two years (giving the poorer provinces some time for fiscal improvement) would go to the pool for allocation in accord with fiscal performance. Furthermore, unsatisfactory implementation of the FAIP by any province would result in cancellation of all uncommitted quota funds, with the balance transferred to the pool. 19. Because of the increasing importance of provinces in providing infrastructure and services, agreement was reached regarding the 2roper coordination and policy consistency of the proposed project with other potential sector-specific operations at the provincial level. To ensure that the Bank does not provide potentially competitive and conflicting financing to provinces and that sectoral policies are adequately coordinated, the following was agreed: (a) When there exists an effective, sector-specific project with Bank financing (e.g., water, health, education, transport) with uncommitted funds for potentially eligible provinces, then those provinces would not receive financing for that sector under the proposed project (ensuring compliance with sectoral policies agreed by the Ministry of Economy and the Bank). (b) All provincial, sector-specific projects would provide financing only to provinces with FAIPs acceptable to the Ministry of Economy and the Bank when the sectoral project would require provincial counterpart financing (including guarantees) of any kind (to ensure that the fiscal objectives of the proposed project are sustained). 20. The following agreements also were reached at negotiations: (a) the project would be carried out in accordance with the POM, satisfactory to the Bank, and it would not be amended without the Bank's prior consent; (b) the CEU would be designated and adequately staffed and otherwise supported in the implementation of its responsibility under the project; (c) the  establishment and adequate staffing of the PEU would be a condition of disbursement in respect of each province; and (d) the CEU and PEUs would carry out environmental protection measures, as provided in the PON in a manner consistent with Bank environmental policy. 21. Benefits. There are three main benefit areas: (a) fiscal, as the project provides incentives to improve provincial financial performance and contributes significantly to the adjustment program; (b) institutional, with improved capacity of provinces to plan, program, implement and monitor resource mobilization and allocation; and (c) socio-economic, resulting from improved infrastructure and service delivery, as well as the creation of about 110,000 person years of low-skilled construction employment, especially important during the difficult adjustment period. 22. Risks. Delays in implementation could result from weak institutional implementation capacity and changing political priorities. This would be mitigated by the large number of potential implementation entities (with allocation of funding based on performance). It is significant to note that at negotiations, the Bank received copies of Development Policy Letters from all 23 Provinces and the Municipality of Buenos Aires. These Letters include the provincial government's agreement with project objectives, eligibility criteria and other operational procedures. This broad support for the project indicates that implementation delays in some provinces may be compensated by a broader participation of other provinces. 23. Recommendation. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank and recommend that the Executive Directors approve the proposed loan. Barber B. Conable President Attachments Washington, D.C. November 21, 1990  -7- hRGENINA PROVINCIAL DEVELPMENT PROJECT ESTIMATED COSTS AND FINANCING PLAN Estimated Costs 1/ Locgd Foreign Total ----(USS million)------- I. Institutional Development 2/ A. Central Government 1. Consultants 4.0 1.0 5.0 2. Goods 0.2 0.8 1.0 B. Provinces 1. Consultants 27.9 3.1 31.0 2. Goods 4.6 1I.A Sub-Total I. 36.7 23.3 60.0 -I. Physical Investments A. Infrastructure 1. Maintenance 28.6 28.6 57.2 2. Rehabilitation 107.2 107.1 214.3 3. Completion 14.3 9.5 23.8 4. New Works 31.4 21.0 52.4 Sub-Total II.A. 181.5 166.2 347.7 B. Facilities 1. Maintenance 9.5 9.6 19.1 2. Rehabilitation 35.7 35.8 71.5 3. Completion 4.6 3.0 7.6 4. New Works 11. 7.6 19.1l Sub-Total II.B 61.3 56.0 117.3 Sub-Total II. 242.8 222.2 465.0 III. Project Administra. 50.0 - 50.0 TOTAL PROJECT COST 5 575.0 / Because the prorosed project would finance a time slice of provincial investments, these estimates of cost allocation are not precise. Costs exclude land, duties, taxes and interest charges. 2/ Including US$ 1.5 million for repayments of the PPF Advances. Linancin lan Local Foreign Total ------(US$ million)------- IBRD 77.2 122.8 200.0 IDB 77.3 122.7 200.0 Provinces 175.0 O.0 175.0 TOTAL 39 2i" 575.  8- ScheduLe I =R9=IAL DEEONT PROJECT PROCUEKNT ET ANID DISBlURSEMET Project Element Procurement Mothod Total ICB LCB Int./Local Other Cost Shgoning ---(US$ million)- civil Work Maintenance 50.0 10.0 60.0 (18.5) (3.7) (22.2) Rehabilitation 100.0 185.8 285.8 (37.4) (68.7) (106.1) Completion and 60.0 42.9 102.9 New Works (22.4) (15.9) (38.3) Goods Maintenance Equip. & Goods 5.0 6.3 5.0 16.3 (2.1) (2.3) (1.8) (6.2) TA Equip. & Goods 5.0 18.0 1.0 24.0 (2.2) (6.6) (0.4) (9.2) Consulting Services . 36.0 36.0 (18.0) (18.0) Project Administration 50.0 50.0 (0.0) (0.0) TOTAL 170.0 303.0 16.0 86.0 575.0 (64.1) (112.0) (5.9) (18.0)(200.0) Note: Figures in parentheses are the respective amounts financed by the Bank. Because the proposed project would finance a time slice of provincial investments, these estimates of allocation by element and method are not precise. Disbursements Category Amount Perc2n0a (US$ million) Civil Works 167.0 75% of local expenditures 100% of foreign expenditures Goods i5.0 75% of local expenditures 100% of foreign expenditures Consulting Services 18.Q 100% of expenditures 200.0 Note: IDB cofinancing is expected to provide for similar categories and disbursement percentages. Estimated Bank Disbursements Bank Fiscal Year 1991 1992 1993 1994 1995 1996 1997 --------------------(US$ million)------------------- Annual 12.0 28.0 56.0 54.0 33.0 14.0 3.0 Cumulative 12.0 40.0 96.0 150.0 183.0 197.0 200.0  -9 .schedule C ARGENT tlQXNCA;DEVELOPMENT PROJECT Timetable of Key Project Processing Events * (a) Time taken to prepare: Eight months (b) Prepared by: Ministries of Economy of the National and Provincial Governments (c) First Bank mission: December 1989 (d) Appraisal mission departure: August 14, 1990 (e) Negotiations: November 12-16, 1990 (f) Planned Date of Effectiveness: March 15, 1991 (g) List of Relevant PCRs and PkARs: None  - 10 - Schedule D Page 1 of 2 THE STAIW OF EUNK 0W OPaRATIOSS STATYENW OF SANK LOAS (As of September 0, 1990) TWIN Fiecal Amount Les Loan No. Year Borrower PUrDOXe Cancellotions Undilbursed (USS mlIlef) Fully disbursed lons (26) 2,111.12 2082 1992 Yacimlentoo Refinery 200.0 0.2 Petrollfcroe Fiscal.. Convorlion 2298 19983 Argentina Highway 100.0 9.8 Sector 2692 1886 Yacimientos Gas UtilI ztion 180.0 97.9 Petrollf ros Fiscal.. & Tech. Assist. 2641 1988 Argentina Water Supply 60.0 47.3 2712 1998 Argntiena PublIc S ctor 183. 4.1 mQt. 2751 1987 Argentina Power Engineerlng 14.0 2.1 2793 8 197 Argentina Small and Medium 125.0 81.4 Scol Ind. Credit 2605 1997 Argentina Port 60.0 43.4 2616 1997 Argentina Trade Policy 496.8 0.4 2664 1997 Serviclos Electricos Power Dist. 276.0 240.8 2920 1966 Argonttno Municipal O-v. 120.0 116.0 2970 1998 Banco de to Hoclon Agric. Credtt 106.6 16.2 2994 1989 Argentina Social Sector 26.0 22.6 2997 1989 Argentina Housing Sector 800.0 264.1 2998 1989 Argentina Electric Power 262.0 3.8 8016 1989 Argentina Tax Admin. T.A. 6.5 5.2 TOTAL 4,444.0 of which hao been reptId 1.141.0 Total now outstanding 8,808.0 Amount Sold 12.8 of which has been repaId 12.6 Total now held by Bank 8,290.2 Total Undisbursed 97,36 10/24/90  - 11. - Schedule 1) Page 2 of 2 STATEMENT OF IFC INVESTMENTS (As of September 80, 1900) Year ObiIgor TYPS of Busnlns Total Egu1t Loans 1960 Acindar Industria Arg. S.A.s* Steel Product* 8.7 - 8.7 1980 Papel-r, Rio Parans, S.A.** Pulp and Paper 8.0 - 8.0 1961 Fadsa S.A.* Automotlve 1.6 - 1.6 1962 Pass. 8.0 - 8.0 19S6/72 Celulosa Argentina, S.A. Pulp end Paper 12.6 - 12.5 1989/76 Dalmine Siderea, S.A.* Steel Products 17.0 - 17.0 1969 Editorial Codex, S.A.* Printing 7.0 2.0 5.0 1971/73 Calors Ave-laneda, S.A.* Cement 6.5 - 6.5 1977/84 Alpargatas S.A.IC. Textiles A Fibers 50.5 6.0 465. 1977 Soyex S.A. Soybean Processing 21.0 - 21.0 1978 Massuh, S.A. Pulp and Paper 29.9 2.4 27.6 1978 Juan Minetti, S.A. Ceent 103.0 - 103.0 1978/79 Ipako-Industries Chemicals and 20.3 2.0 18.8 1969 ASTRA Petrochemicals 87.4 - 87.4 1979/83/94 Alpsoca S.A.* Fisheries 6.8 1.8 5.2 1994/86 Petroquimic. Cuyo S.A.I.C. Petrochemical, 46.1 4.0 42.1 1986/87 ROPASA/SADICAR Capital Markets 2.0 2.0 - 1986 Atanor S.A.W. Chemicals 8.0 1.0 7.0 1987 Hidra Oil Chemicals *nd 107.6 - 107.8 1987 Garavsglio/Zorrequmn Food A Food Proc. 13.0 - 13.0 1987 Torminal 6 Port, Storage 8.5 - 8.6 1980 Bunge y Born Food A Food Proc. 4C.0 - 40.0 1988 Areor Food A Food Proc. 12.0 - 12.0 1988 BRLP Dcv. Finance 80.0 - 30.0 1988 Chiret. Chemicals 5.2 6.2 - 1988 Brides Chemicals 20.6 - 20.6 1988 sanco Gonoral d Negocios Finance 20.0 - 20.0 1989 AIC Capitel Markets 2.0 2.0 - 1989 Chthuidos Chemieals and 5.0 6.0 - Petrochemicals 1989 C..I Money A Cap. Markets .1 .1 - 1989 Banco Frances Devi. Finance 15.0 - 15.0 19806/89 8RSA Money A Capital 20.0 - 20.0 1990 Petroken Chemicals 20.0 - 20.0 1990 CIP Servieos .1 .1 Total Oross Comitments 697.8 82.4 664.90 Loss Concellations, Terminotions Repayments and Sales 816.4 8.0 816.4 Total Comitments now held by IFC 878.9 29.4 349.6 Total Undisbursed (IFC only) 48.6 10.7 82.9 10/81/90  IBRD 20450 :0- q BOLIVIA 6> ! 7K PARAGUAY ,- t 7 X ) ~~~~~~~~B R A Z I L <s SAw TA>_ ~~~~~Clw >,b FORMOA BOtde T UCUMAN gRo/ r8lnoyen b _,1 flK ~~~RESISTENCIA Fi... Posdqt ' Somnaol d ltttel rRIENTES / cJ CT AMARCA ( LCA RIOJA \ | ' 30' t \ t < t / t9/ \. 30- 4 tSA N JUA N C A Con eo 'd .o \ _ S \ ~~~SANTAE PARANA} js )/> MENOOZA SAN RA y toR URUGUAY C H L E / SA N RAFAEL * pRF E .~~~~~~~~~~~~~~V lea L , SANTA ROSA . i ( \ \8~~~~~~~~~~~~AHIA )DEL PLAA/P , , I.liLA '40-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~4 ; (I Po.otoo Modr b A ~~~R G E N T I N A . tS nCoeras d 8ctalorbu \l n ia ~~Pue'to Meo=Lr 0 C.ties and towns - Malor roads 4.Ports ' '