News Briefs

Colombia and the IMF





News Brief No. 99/74
November 11, 1999
International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA

IMF Announces Conclusion of Staff Negotiations with Colombia

Claudio Loser, Director of the Western Hemisphere Department of the International Monetary Fund (IMF), announced today that IMF staff and the Colombian authorities have concluded discussions on IMF support under an Extended Fund Facility (EFF)1 credit for Colombia's economic program for the period through 2002.

The program is being submitted to IMF Management for review and approval. Management approval would lead to Board consideration of the program, tentatively scheduled for mid-December. Colombia's access to IMF resources for the three-year period of the credit is proposed to be the equivalent of about US$2.7 billion.


1The EFF is an IMF financing facility that supports medium-term programs that seek to overcome balance of payments difficulties stemming from macroeconomic imbalances and structural problems. The repayment terms are 10 years with a 4 -year grace period.


IMF EXTERNAL RELATIONS DEPARTMENT

Public Affairs    Media Relations
E-mail: publicaffairs@imf.org E-mail: media@imf.org
Fax: 202-623-6278 Phone: 202-623-7100