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International Monetary Fund. Western Hemisphere Dept.
The current FCL arrangement for Colombia was approved in May 2020. Colombia was cited for its very strong policy frameworks—anchored by a flexible exchange rate, a credible inflation-targeting regime, effective financial sector supervision and regulation, and a structural fiscal rule—and a track record of very strong policy implementation that served as a basis for the economy’s resilience prior to the Covid-19 pandemic.
International Monetary Fund. Western Hemisphere Dept.
COVID-19 has taken a severe social and economic toll, including almost 60,000 deaths. With over 5 million jobs temporarily affected, Colombia recorded its largest recession on record. Since 2020H2, an uneven recovery with intermittent growth has been underway, led by private domestic demand. Staff expects only a gradual recovery in 2021 with economic activity not expected to return to pre-pandemic levels until the second half of 2022. Vaccinations began in February with plans to effectively cover the adult population. However, both external and domestic risks remain skewed to the downside.
International Monetary Fund. Western Hemisphere Dept.
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