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Mr. Manuel Guitián

This paper reviews the World Bank lending for structural adjustment. The World Bank has always stressed the need to use limited investable resources efficiently. It has attempted to identify investment priorities in recipient countries and lent for projects that promised a high rate of return. The Bank’s Operational Manual defines structural adjustment lending as nonproject lending to support programs of policy and institutional change necessary to modify the structure of an economy so that it can maintain both its growth rate and the viability of its balance of payments in the medium term.

International Monetary Fund

This paper analyzes Bolivia’s growth performance with a focus on the regional and sectoral patterns of growth, and examines the sources of growth. It discusses the evolution of the hydrocarbon sector, its importance in the economy, and reforms. It also analyzes the intergovernmental fiscal relations system and changes to the revenue sharing arrangements, and suggests possible areas for reform. It assesses measures of reserve adequacy in Bolivia and also provides a look at the external debt after the applications of the main debt relief plans in the past 10 years.

International Monetary Fund

The key findings of Colombia’s 2010 Article IV Consultation on economic developments and policies are presented. The Colombian economy had begun to slow down in early 2008, as policies had been tightened to address overheating, but the global crisis caused private investment to collapse in the last quarter of 2008. The largely domestically owned and locally financed financial system did not experience major strains from the global crisis. Colombian banks did not have complex off-balance sheet financial instruments, and had limited cross-border linkages.

International Monetary Fund. Western Hemisphere Dept.

1. Colombia’s macroeconomic policies and policy frameworks remain very strong. The inflation-targeting regime, flexible exchange rate, sound financial supervision, rules-based fiscal framework, and strong democratic institutions have allowed the country to withstand sizeable external shocks, address internal tensions, and integrate Venezuelan migrants into Colombian society. The current account has been financed by stable sources of funding, mainly FDI, and reserve coverage ratios are adequate for standard shocks and according to the IMF ARA methodology. The 2013 FSAP found that the financial regulatory and supervisory framework was sound and most of the recommendations that were made have been implemented. The 2020 Article IV Staff Report found that Colombia’s public debt is expected to remain sustainable in the medium term and the non-interest current account deficit is lower than its debt-stabilizing level.

International Monetary Fund. Western Hemisphere Dept.

This Selected Issues paper analyzes spillover risks for Colombia. It highlights that external shocks could spill over to the Colombian economy through the country’s important and growing trade and financial linkages with the rest of the world. Colombia would be most exposed to a decline in oil prices, which could have a sizable adverse impact on the balance of payments, the fiscal accounts and growth. Growth shocks in key trading partners could also have a negative impact, particularly in the United States, which is Colombia’s main trading partner. Colombia’s fiscal rule and adjustment in the context of resource wealth is also analyzed.

Thomas Reichmann and Mr. Richard T. Stillson

Countries facing temporary balance of payments problems may use Fund resources, usually in the form of stand-by arrangements, to support programs designed to correct maladjustments in their balance of payments. The authors of this article recently conducted a study of such programs. They report here on their analysis and their evaluation of the policies followed by a selected number of countries which used Fund resources under stand-by arrangements.

International Monetary Fund. Western Hemisphere Dept.

This 2013 Article IV Consultation highlights that during the past two years, macroeconomic developments in Nicaragua have been generally favorable. Real GDP grew by an average of 5¼ percent during 2011–2012, and the annual average inflation was 7¼ percent during the same period. Looking ahead, the macroeconomic outlook also remains broadly positive. Real GDP is expected to grow by 4¼ percent in 2013 and then stabilize at its potential level of 4 percent over the medium-term. Inflation is projected to remain at about 7 percent supported by the crawling-peg exchange rate system that has helped anchor inflation expectations.

International Monetary Fund. Western Hemisphere Dept.

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia

International Monetary Fund. Western Hemisphere Dept.
A 36-month EFF with access of SDR 3.035 billion (435 percent of quota or about US$4.204 billion) was approved on March 11, 2019. Economic activity is projected to decelerate further in 2019 as fiscal consolidation and a slowdown in credit growth weigh on economic growth. However, external financing conditions have improved on the back of rising oil prices and the approval of the IMF program, with sovereign bond spreads falling by 250 basis points since January 1, 2019.