IMF Executive Board Completes Second Review of Colombia's Stand-By Arrangement

The Executive Board of the International Monetary Fund (IMF) on June 12, 2006 approved on a lapse-of-time basis the second review of Colombia's performance under an 18-month SDR 405 million (about US$ 597 million) Stand-By Arrangement approved on April 29, 2005 (see Press Release No. 05/95). The Board also approved Colombia's request for a rephasing of the remaining purchases under the arrangement.

Completion of this review makes an amount equivalent to SDR 320.4 million (about US$ 472 million) immediately available to Colombia. However, the authorities continue to treat the arrangement as precautionary, and do not intend to draw on the credit available.