International Monetary Fund

The efforts that must make fiscal policy to mitigate the impact of the crisis, the Central Bank of Colombia must do its part. The meeting this month, is expected entity to trim its benchmark interest rate again although in December inflation finished at 7.67%. For 2009 the inflationary expectations of the governing entity of the monetary policy in Colombia are located in 5%, which would be the goal which is located precisely at that level (with a margin of half a percentage point to both sides). It is inflationary pressures in the economy to reduce the deterioration of both the internal context as external. But returning to the raised context for the current year in the Colombian economy, beyond these drawbacks that will face the same, the economy is protected against a possible worsening of the situation. It is that the Colombian economy has resources to cope with the crisis situation and any unexpected shock that may affect it, which increases the strength of the same. In this regard, the Minister of Hacienda, Oscar Ivan Zuluaga said that there are several contingent lines that the country could be used before any shortage of liquidity, which in the case of the International Monetary Fund (IMF) could amount to US $6,000 million in if necessary. Colombia has covered its financing program for this year and won't have problems in covering next year's.

This clears the picture of any possible situation is stress due to lack of resources to international financial markets virtually closed. 2009 Will be a year hard to Colombia, although it will not affect its prospects in the medium and long term. Uribe's Government must have objectives to achieve this year, in addition to prevent the deepening of the economic slowdown, continue with the improvement in the competitiveness of the economy and advance the celebration of new free trade agreements (FTA), as faster as possible to reduce external dependence and expand the range of possible of Colombian products target.