News Brief No. 02/100

News Brief: IMF Managing Director Horst Köhler Meets Colombian President Álvaro Uribe

September 25, 2002

The Managing Director of the International Monetary Fund (IMF), Horst Köhler, and the First Deputy Managing Director, Anne Krueger, today met with President Álvaro Uribe of Colombia, Finance Minister Roberto Junguito, and other members of the Colombian delegation currently visiting Washington, DC. The Colombian authorities discussed their economic situation and policy options. The President also reiterated his interest in developing a new stand-by arrangement, to succeed the present extended arrangement that expires in December 2002. Colombia has not needed to draw under the present arrangement.

IMF Management assured President Uribe and his delegation of the Fund's full cooperation in developing an economic program that would maintain macroeconomic stability and lay the foundation for sustainable growth. Public sector reforms and fiscal consolidation are appropriately at the core of the economic agenda of the Uribe administration and would contribute to improving efficiency and reducing the public debt. A first round of discussions has already been held in Bogota and some reforms have been initiated. A Fund mission is expected to continue the dialogue in October. These discussions are being held in close consultation with the World Bank and the Inter-American Development Bank.