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Title: Informe Colombia – FMI, Author: Carlos Salazar, Length: 73 pages, Published: A data ROSC took place in and a fiscal ROSC in Su principal objetivo es hacer un diagnóstico sobre la situación local acerca del “ cumplimiento” de los estándares internacionales en materia. INFORME ROSC LINA ARDILA DARSI GUEVAR ¿QUE ES EL INFORME ROSC? 1. MARCO LEGAL: Requisitos jurídicos y legales del país.

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Political or economic distress in Venezuela High Medium Use the exchange rate and international reserves as shock absorber. In the event of a shock in the Colombian banking system, this channel could be significant for some Central American countries in particular El Salvador and Panama indorme, where Colombian banks have gained a significant share of the market.

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Adjustments colmbia the expenditure side would also be needed to improve the efficiency of spending, including by reducing costs from healthcare provision.

Awareness of the importance of corporate governance issues is growing. A small share of informal workers, below 10 percent, were very young co,ombia beyond retirement age. The supervisory framework is broadly effective, though there is scope for further improvement in some areas. Likelihood Impact Policy Advice Side-effects from global financial conditions: Significant slowdown of growth in The presence of foreign investors is still small, but is rising colommbia, particularly in colombix debt.

The financial system is expected infprme continue deepening, and the participation of nonresidents in both the local government debt market and the equity market is also projected to rise in the near term. The creation of a national financial institution specialized in infrastructure financing FDN. Medium-term challenges The Colombian authorities concur with staff on the important challenges ahead, and want to underscore the progress achieved in deepening inclusive growth and addressing infrastructure gaps.

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The economy has important and growing ties with the global economy. A Model Application to Colombia. Colombian authorities; and Fund staff estimates. The reform was a positive step. Yields on year domestic government debt initially rose by over basis points one of the largest increases among emerging marketsbut later recovered some of the losses as markets began to differentiate between countries with strong economies such as Colombia.

In particular, the profit growth after was, on average, 12 percent lower for those industries that were affected by trade disruption with Venezuela. However, staff estimates that the significant depreciation of the peso in real effective terms of the last few months has reduced the estimated misalignment.

Although financial account vulnerabilities are also present, balance of payments vulnerabilities are primarily concentrated in colojbia current account, especially the vulnerability of export receipts to a decline in commodity prices.

Informe Colombia – FMI

Infrme cautioned that the long-term oil price assumed in computing the structural balance may be too optimistic. Shocks in the infkrme could also be a source of negative spillovers to Colombia. The rule mandates the central government to reduce its structural deficit to 1 percent of GDP by Financial asset prices fell, price volatility increased, traded volumes and market liquidity declined, and government debt spreads rose, especially between end-May and August, at the height of the market turbulence.

TES yields rose initially by over basis points, posting the second largest increase among emerging markets after Turkey.

The authorities have been receptive to Fund advice. As reserves reach higher levels, the opportunity cost of accumulating reserves will warrant a careful cost-benefitanalysis. A high supply of perishable foods thanks to favorable weather conditionsstable fuel prices, and one-off price reductions arising from the implementation of the tax reform contributed to the benign inflation behavior of last year.

A significant portion of the commodity windfall was saved. However, the majority of reserve indicators are still below infore pre-crisis levels. The program of interest subsidies on new mortgages granted to over 5, low income families since has been extended into and will cover up to 5 percentage points of the agreed interest rate for a 7-year period.

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Female informal workers comprised a slightly larger share 53 percent than males. Financial Soundness Indicators In percent, unless otherwise indicated; end-of-period values.

Economic outlook The Colombian economy has continued to perform well. It has been demonstrated across countries that capital market development correlates positively with the degree of shareholder protection and good corporate governance.

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The authorities are committed to significant fiscal consolidation, which is expected to reduce the public debt ratio. IFRS implementation is on track and is expected to be fully applied by January If the long-term oil price is lower, reflecting market projections for a substantial decline over the medium-term, a larger fiscal adjustment would be required to meet the fiscal rule.

More importantly, job creation has been mainly in the formal sector bolstered by the tax reform which significantly reduced labor costs representing an enormous change in the Colombian labor market.

Staff projects the deficit of the central government to decline to 1. However, an action plan currently being implemented by the authorities is aimed to address this issue. Savings and Investment in Colombia Colombia benefited from inform commodity price boom of the past decade. The corporate sector is largely owned and controlled by Colombia scores below upper-middleincome average and the average for LACs on financial inclusion indicators related to households.