News Brief: IMF Announces Conclusion of Staff Negotiations with Colombia
November 11, 1999
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 ½-year grace period.