Colombia: First Review Under the Stand-By Arrangement, Requests for Modification of Performance Criteria, and Waiver of Nonobservance of Performance Criteria and of Applicability of end-September Performance Criteria

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 392

Publication date: November 2005

ISBN: 9781451808889

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Public Finance , Taxation - General , ISCR , CR , government , deficit , oil price windfall , deficit target , telecommunications company , decentralization scheme , private sector , current account , Public sector , Oil prices , Global

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Summary

This paper discusses key findings of the First Review Under the Stand-By Arrangement for Colombia. The economy is expected to continue to perform well in 2005. Real GDP is expected to grow by 4 percent, with consumer prices rising by 5 percent, as targeted. The external current account deficit is estimated at 1 percent of GDP, compared with 2.8 percent of GDP projected originally. Economic performance under the arrangement has been favorable. IMF staff supports the authorities’ request for completion of the first review, for modification of the fiscal targets, and for waivers.