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

International Monetary Fund

No 2019/141, IMF Staff Country Reports from International Monetary Fund

Abstract: Colombia’s recovery is gaining momentum on the back of strong domestic demand, with a wider current account deficit. As a key external shock, migration flows from Venezuela accelerated in 2018 and by end-December 1.5 million migrants were estimated to live in Colombia. Risks to global growth and financial stability are tilted to the downside and have increased somewhat relative to the last FCL approval according to the April 2019 WEO and GFSR. Given the importance of oil exports and non-resident holdings of local-currency bonds, Colombia remains exposed to lower global growth, including indirectly through lower oil prices, and a sudden reversal in investor sentiment. Colombia weathered last year’s financial and oil market volatility well, however, as evidenced by stable spreads and local currency bond yields.

Keywords: ISCR; CR; FCL arrangement; FCL resource; fcl; use of the facility; Fiscal stance; Oil prices; Public sector; Global (search for similar items in EconPapers)
Pages: 40
Date: 2019-05-22
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