Colombia: Staff Report for the 1999 Article IV Consultation

December 29, 1999

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Colombia: Staff Report for the 1999 Article IV Consultation, (USA: International Monetary Fund, 1999) accessed November 29, 2024

Summary

This 1999 Article IV Consultation highlights that the recession in Colombia intensified in 1999. The unemployment rate rose to a record 20 percent in September, while inflation fell to 9½ percent and the current account deficit came down sharply. The fiscal position deteriorated markedly during the first half of 1999, largely as a result of weak tax collections and higher outlays on interests, wages, and pensions. As market sentiment toward Colombia remained unfavorable, the peso came under repeated pressure, and on September 27, 1999, the central bank allowed the currency to float.

Subject: Banking, Economic sectors, External debt, Financial sector, Public debt, Public sector, Revenue administration

Keywords: Band system, Colombian authority, CR, Expenditure program, Financial sector, Global, Government, IMF-sponsored seminar, Inflation control, Inflation projection, ISCR, NFPS deficit, Proceeds, Public sector, Rate structure, Tax enforcement

Publication Details

Pages:

62
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 1999/149
Stock No:

1COLEA0021999
ISBN:

9781451808797
ISSN:

1934-7685

Notes

Included with the Staff Report are the text of Public Information Notice No. 99/114--IMF Concludes Article IV Consultation with Colombia and a Statement by Murilo Portugal and R. Junguito, Executive Directors, on December 20, 1999.

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