Colombia: Review Under the Flexible Credit Line Arrangement-Press Release and Staff Report

June 29, 2017

Preview Citation

Format: Chicago

Colombia: Review Under the Flexible Credit Line Arrangement-Press Release and Staff Report, (USA: International Monetary Fund, 2017) accessed December 22, 2024

Summary

This paper discusses Colombia’s Review Under the Flexible Credit Line (FCL). Colombia continues to have very strong economic fundamentals and institutional policy frameworks. The policy adjustment to permanently lower oil prices was timely and decisive. Tight monetary policy helped anchor inflation expectations in the face of large but temporary inflation shocks. The exchange rate continued to float. Fiscal policy tightened as prescribed by the fiscal rule, while protecting social and infrastructure spending. A structural tax reform, including a 3 percentage-point increase in the value-added tax, became effective in January 2017. The IMF staff recommends the completion of the review under the FCL arrangement for Colombia.

Subject: Balance of payments, Current account deficits, Economic sectors, External debt, Oil prices, Prices, Public debt, Public sector

Keywords: CR, Current account deficits, FCL arrangement, FCL resource, Global, IMF Executive Board, IMF's Executive Board, ISCR, Oil price shock, Oil prices, Public sector, Reform agenda

Publication Details

Pages:

36
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/149
Stock No:

1COLEA2017003
ISBN:

9781484303320
ISSN:

1934-7685

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