Colombia: Arrangement Under the Flexible Credit Line and Cancellation of Current Arrangement- Press Release; and Staff Report
June 15, 2016
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This paper focuses on recent economic developments as well as the role of the flexible credit line (FCL) arrangement. Despite a large external shock, Colombia’s economy showed remarkable resilience in 2015. The current account deficit reached a record level in 2015, but reserves remained stable. The banking system and corporate sector remained in good financial health. Growth will be subdued in the near future but is projected to gradually return toward potential. The FCL has served Colombia well. The previous FCL arrangements have been instrumental to cope with heightened external risks in recent years, complementing the authorities’ policy response to economic shocks.
Subject: Economic sectors, External debt, Fiscal policy, Fiscal stance, Oil prices, Prices, Public debt, Public sector
Keywords: amount, anchor inflation expectation, Colombia, CR, debt, deficit, fcl arrangement, Fiscal stance, Global, ISCR, macroeconomic policy, Oil prices, policy flexibility, Public sector, two-year arrangement
Pages:
54
Volume:
2016
DOI:
Issue:
154
Series:
Country Report No. 2016/154
Stock No:
1COLEA2016004
ISBN:
9781484390818
ISSN:
1934-7685
