International Monetary Fund. Western Hemisphere Dept.
1. Colombia’s macroeconomic policy frameworks remain very strong, allowing a timely and coordinated policy response to the pandemic. The authorities have used the flexibility afforded by their policy framework to effectively respond to recent exceptional external shocks— including from oil price swings, Venezuelan migration, and the COVID-19 pandemic. Throughout these shocks, the inflation-targeting regime, flexible exchange rate, and sound financial supervision have been maintained. To create space for the policy response, the authorities temporarily suspended the fiscal rule in response to the pandemic-induced recession and remain committed to sustainable public finances anchored by their medium-term fiscal framework (MTFF). The current account has been financed by stable sources of funding, and reserve coverage ratios remain adequate according to the IMF ARA methodology.
International Monetary Fund. External Relations Dept.
This chapter emphasizes the importance of health policy and its implementation and connection to economic growth. The chapter also offers a different view of progress in the provision of better health facilities. The study looks at today’s health systems—the amalgam of people, practices, rules, and institutions that serve the health needs of a population—and at the economics behind them. The role good health plays in individuals’ and households’ ability to rise and remain above the poverty line is stressed. Several health reports are presented.