Press Release No. 16/45

Press Release: Statement by Christine Lagarde, IMF’s Managing Director on her Meeting with Juan Manuel Santos, President of Colombia

February 5, 2016

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement after meeting with Mr. Juan Manuel Santos, President of Colombia today in Washington, D.C.:

“I had a very productive and positive discussion with President Santos today. We took stock of recent developments in the global economy, including lower oil and commodity prices and their implications for the overall prospects for Latin America and Colombia.

“Colombia’s economic performance remains solid. I commended the government’s policy response to the sharp drop in world oil prices by strengthening fiscal policy more than required under the fiscal rule and by tightening monetary policy while allowing the exchange rate to depreciate. The agenda to upgrade infrastructure is a key reform that will improve the country’s prospects over the medium term.

“Finally, I congratulated the President for his unwavering commitment to conclude the peace process, which would enhance the climate for investment and growth, especially in rural areas. In this context, I have expressed my support for the government’s tax reform, which will allow the government to accommodate the costs of peace in the face of lower oil revenues.”