{ "title": "Press Release: IMF Executive Board Approves New Two-Year US$5.45 Billion Flexible Credit Line Arrangement for Colombia", "publication": "IMF News, June 17, 2015", "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr15281", "canonical": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr15281", "overlayPath": "/en/news/articles/2015/09/14/01/49/pr15281/index.md", "summary": "The Executive Board approved a successor two-year arrangement for Colombia under the Flexible Credit Line (FCL) in an amount equivalent to SDR 3.87 billion (about US$5.45 billion).", "publishDate": "2015-06-17", "sections": [ { "heading": "Approval and key terms", "content": "- The Executive Board approved a successor two-year arrangement for Colombia under the Flexible Credit Line (FCL) in an amount equivalent to SDR 3.87 billion (about US$5.45 billion).\n- The Colombian authorities stated their intention to treat the new arrangement as precautionary and do not intend to draw on it.\n- FCL characteristics described:\n - Renewable credit line approved for either one or two years.\n - Two-year arrangements involve a review of eligibility after the first year.\n - If the country draws on the credit line, the repayment period is between three and five years.\n - There is no cap on access to Fund resources under the FCL; access is determined on a case-by-case basis.\n - Qualified countries have the full amount available up-front, with no ongoing conditions.\n - Flexibility to either draw on the credit line at approval or treat it as precautionary." }, { "heading": "Macroeconomic assessment and policy strengths (statement by Mr. David Lipton, First Deputy Managing Director and Acting Chairman of the Board)", "content": "- Structural and policy strengths highlighted:\n - Inflation-targeting regime.\n - Flexible exchange rate.\n - Effective financial sector supervision and regulation.\n - Fiscal policy guided by a structural balance rule.\n- Policy actions and outcomes:\n - Macroeconomic policies provided flexibility to mitigate the impact of the recent sharp decline in world oil prices.\n - The fiscal rule allows a smooth adjustment of expenditure to a dimmer medium-term oil outlook.\n - The flexible exchange rate regime acts as a shock-absorbing mechanism helping the economy adapt to shifts in global economic and financial conditions.\n - Banking and corporate sectors remain in good financial health.\n - The central bank has used abundant capital inflows to further build up international reserves.\n- Authorities’ commitments:\n - Firm commitment to maintain current policies.\n - Undertake further initiatives to strengthen resilience, boost competitiveness, and foster inclusive growth." }, { "heading": "Risks, role of the FCL, and policy intent", "content": "- External risks:\n - Adverse external risks pose strong headwinds and, if they materialize, could weaken Colombia’s external position.\n- Role of the FCL:\n - Access to the Fund’s FCL will continue to play a significant role in supporting the authorities’ policies in the presence of downside risks.\n - A successor FCL arrangement, treated as precautionary by the authorities, will provide policy flexibility and serve as temporary insurance that reinforces market confidence.\n- Authorities’ stated exit intention:\n - The authorities intend to phase out the use of the FCL facility as global risks affecting Colombia decrease substantially." }, { "heading": "Background on Colombia’s FCL arrangements and the facility", "content": "- Colombia’s prior FCL approvals:\n - First FCL approved on May 11, 2009 (Press Release No. 09/161).\n - Renewals on May 7, 2010 (Press Release No. 10/186), May 6, 2011 (Press Release No. 11/165), and June 24, 2013 (Press Release No. 13/229).\n- FCL history and purpose:\n - The FCL was established on March 24, 2009 and further enhanced on August 30, 2010 (Press Release No. 10/321).\n - The FCL is available to countries with very strong fundamentals, policies, and track records of policy implementation and is particularly useful for crisis prevention purposes.\n - FCL arrangements are approved for countries meeting pre-set qualification criteria (Press Release No. 09/85)." }, { "heading": "Practical contact information (from press release)", "content": "- IMFCOMMUNICATIONS DEPARTMENT, Media Relations\n - E-mail: media@imf.org\n - Phone: 202-623-7100\n\nPress Release No. 15/281 — June 17, 2015\n\n---\n\n\n References\n\n- Colombia and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr15281" } ], "bullets": [ "[Markdown version](/en/news/articles/2015/09/14/01/49/pr15281/index.md)", "[Structured JSON version](/en/news/articles/2015/09/14/01/49/pr15281/index.json)", "[Bundle manifest](/en/news/articles/2015/09/14/01/49/pr15281/bundle-manifest.json)", "Published: June 17, 2015", "The Executive Board approved a successor two-year arrangement for Colombia under the Flexible Credit Line (FCL) in an amount equivalent to SDR 3.87 billion (about US$5.45 billion).", "The Colombian authorities stated their intention to treat the new arrangement as precautionary and do not intend to draw on it.", "FCL characteristics described:", "Structural and policy strengths highlighted:", "Policy actions and outcomes:", "Authorities’ commitments:", "External risks:", "Role of the FCL:", "Authorities’ stated exit intention:", "Colombia’s prior FCL approvals:", "FCL history and purpose:", "IMFCOMMUNICATIONS DEPARTMENT, Media Relations", "[Colombia and the IMF](http://www.imf.org/external/country/COL/index.htm)", "[Press Releases](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2015/09/14/01/49/pr15281/index.md", "json": "/en/news/articles/2015/09/14/01/49/pr15281/index.json", "bundleManifest": "/en/news/articles/2015/09/14/01/49/pr15281/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T21:27:54.423Z" }