Colombia: Review Under the Flexible Credit Line Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Colombia

International Monetary Fund

No 2023/150, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents Colombia’s Review under the Flexible Credit Line (FCL) Arrangement. Colombia has very strong economic fundamentals and policy frameworks anchored by a credible inflation targeting regime, a solid medium-term fiscal framework, a flexible exchange rate, and effective financial sector supervision and regulation. The authorities remain firmly committed to sustain their record of accomplishment of implementing very strong policies and maintain such policies in the future. External risks remain elevated and tilted to the downside. Global financial conditions could become more disorderly with negative effects on commodity prices and growth. An escalation of Russia’s war in Ukraine could disrupt trade and financial flows. Contagion from the international banking sector turmoil could adversely affect economic and financial stability, although continued strong oversight will likely temper these effects. The arrangement under the Flexible Credit Line has and will continue to reinforce market confidence and provide added insurance against external risks.

Keywords: inflation expectation; FCL resource; food inflation; FCL arrangement; monetary policy rate; FCL access; sovereign bond bond yield; Public sector; Credit; Current account deficits; Global; Central America (search for similar items in EconPapers)
Pages: 45
Date: 2023-04-27
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