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II CONFERENCE ON FINANCING MUNICIPALITIES & SUB-NATIONAL GOVERNMENTS

II CONFERENCE ON FINANCING MUNICIPALITIES & SUB-NATIONAL GOVERNMENTS INSTITUTIONAL MODELS IN ADVANCED ECONOMIES AND THEIR APPLICABILITY TO DEVELOPING COUNTRIES WILSON RISOLIA WASHINGTON, DC. SEPTEMBER 30. Public financial institution with 143 years of existence. 29 million clients

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II CONFERENCE ON FINANCING MUNICIPALITIES & SUB-NATIONAL GOVERNMENTS

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  1. II CONFERENCE ON FINANCING MUNICIPALITIES & SUB-NATIONAL GOVERNMENTS INSTITUTIONAL MODELS IN ADVANCED ECONOMIES AND THEIR APPLICABILITY TO DEVELOPING COUNTRIES WILSON RISOLIA WASHINGTON, DC. SEPTEMBER 30.

  2. Public financial institution with 143 years of existence. 29 million clients Present in the 5,560 Municipalities US$ 55 bi in Assets US$ 30 bi in Third-Party Assets US$ 28 bi in Deposits US$ 9 bi in Credit Porftolio CAIXA ECONÔMICA FEDERAL

  3. CAIXA Credit GrantsValues in US$ billion

  4. WORKING ALL OVER BRAZIL 14.727 Service Units: Agencies, Electronic Services Units, Lottery and Banking Corresponding Facilities Goal: over 6,500 Units as of 2005

  5. URBAN DEVELOPMENT Sanitation Housing • US$ 567 million committed; • Beneficiary population: • 9,4 million; • Job generation: • 842 thousand vacancies. • US$ 1,8 billion committed • Beneficiary Population: • 1,3 million Brazilian citizens; • Job generation: • 450 thousand job units. Investment in 2004: US$ 3,7 Billion

  6. Brazil - deficit in water, sewage and waste – 2002 permanent private homes: 40.7 million 80% deficit: water sewage waste 4,3 million 18,9 million 1,7 million 10.7% 46.4% 4.1% 68% 55% water supply sewage systems waste collection 19% Source: IBGE, PNAD 2002. 16% 16% 12% 10% 9% 5% 5% 2% 1% 1% 1% more than 10 ms undeclared more than 5 - 10 ms up to 3 ms more than 3 - 5 ms

  7. Consolidated Primary Surplus for the Public Sector 6 jun 04 4,54 5 4 3 2 % of GDP 1 0 -1 -2 jul apr jan oct jul apr jan oct jul apr jan oct jul apr 94 95 96 96 97 98 99 99 00 01 02 02 03 04 Fonte: Bacen

  8. Taxa de Desemprego Trends of the Ratio Net Debt / GDP 60 60 55 55 50 50 45 45 % do PIB 40 40 35 35 Median line to Market Expectations 30 30 1994 1994 1996 1996 1998 1998 2000 2000 2002 2002 2004 2004 2006 2006 2008 2008 Fonte: IBGE

  9. Current Account x Trade Balance 7 30 25 0 20 -7 15 Current Account left scale US$ Billion -14 10 US$ Billion 5 -21 Trade Balance right scale 0 -28 -5 -35 -10 jan jan jan jan jan jan jan jan jan 96 97 98 99 00 01 02 03 04

  10. Current Account Surplus:1994/2004 2 1,6 0,8 1 0 -0,3 -1 -2 % of GDP -3 -4 -5 - 4,7 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004*

  11. Unemployment Rate 13,5 12,5 % 11,5 11,2% 10,5 out jan abr jul out jan abr jul out jan abr jun 01 02 02 02 02 03 03 03 03 04 04 04

  12. PARTNERSHIPS FINANCIAL INSTITUTIONS Federal Gov. MULTILATERAL ORGANIZATIONS STATES MUNICIPALITIES DEVELOPMENT AGENCIES ENVIRONMENTAL SANITATION HOUSING

  13. Operation Structure ABS (IPCA indexed) are sell to Mutual Fund ABS (IPCA indexed) Fund issues shares to Investors SPV/ABS Mutual Fund ABS(TR indexed) IFC FMP SWAP TR x IPCA Treasure offer swap from TR index to IPCA index before monetization process IFC can offer credit risk guarantee ABS underlying tariff income and FMP

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