![Annual Report 2005 Annual Report 2005](/media/29558/ia2005-3d-english.jpg)
Annual Report 2005
June 08, 2006
In addition to presenting the usual operating and financial results obtained by CAF, this year’s edition contains a special feature on the role the Corporation has been playing in the social development area through its various programs and funds. (Available in spanish)
A positive economic trend continued in Latin America during 2005 as the region grew 4.6% with
moderate inflation of 6.9%. An export boom, attributed to a favorable external environment, accounts
for the region’s surplus in the current account of the balance of payments. In turn, external capital flows
(especially FDI) returned to the region, although to a lesser extent than during the 1990s. In spite of the
rise in international interest rates, country risk levels in Latin America have continued decreasing. This
is the result of sound economic fundamentals, a healthy external position, robust financial systems and
disciplined macroeconomic management. In general, fiscal policies have been prudent, monetary policies
have been independent and effective, and cautious banking regulation has improved banking
balances in the financial sector.
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