Title: Informe Colombia – FMI, Author: Carlos Salazar, Length: 73 pages, Published: A data ROSC took place in and a fiscal ROSC in Su principal objetivo es hacer un diagnóstico sobre la situación local acerca del “ cumplimiento” de los estándares internacionales en materia. INFORME ROSC LINA ARDILA DARSI GUEVAR ¿QUE ES EL INFORME ROSC? 1. MARCO LEGAL: Requisitos jurídicos y legales del país.

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The authorities agreed that adhering to the fiscal plan would require exceptional discipline, but they expressed confidence that the targets would be met given broad consensus for infoeme fiscal rule.

Female informal workers comprised a slightly larger share 53 percent than males.

Economic growth knforme in recent quarters, averaging colombiz. Four of these grants are managed by IFC. Financial Inclusion in Colombia Financial inclusion of households in Colombia has not grown as rapidly as overall credit to the private sector in recent years.

The positive correlation between real appreciation and profit growth may be caused by the presence of imported intermediate inputs, to the extent that the exportweighted real effective exchange rate used in the analysis is correlated with the real effective exchange rate for imported intermediate goods.

The authorities indicated that the 4G would include projects valued at COP 47 trillion about 7 percent of GDP to be undertaken over the next 7 years through publicprivate partnerships PPPs under a revamped legal framework approved in The authorities indicated that the flexible exchange rate would continue to serve as a shock absorber.

Trade is rising, driven by commodity exports, and the economy is receiving substantial foreign direct investment. Efforts to address these challenges need to be sustained through structural reforms in the labor market, the fiscal area, and the financial sector. The current account deficit is more than financed by capital flows, mostly in the form of foreign direct investment. They emphasized that continued efforts to enhance productivity is crucial to raise competitiveness. A small share of informal workers, below 10 percent, were very young or beyond retirement age.


Fund technical assistance missions have placed special emphasis on issues supportive of data quality, including interagency cooperation and procedures to ensure data consistency. In health care, further efforts to contain costs within the current legal framework will also be important. The domestic capital market continued to deepen and expand its product offerings, but remained dominated by government debt Box 7.


Colombia has made important strides in fostering financial inclusion in recent years including through targeted transfers, subsidized bank accounts and mortgages, and expansion of physical infrastructure into rural areas. The total external debt remained broadly stable at 24 percent of GDP.

A Model Application to Colombia. While skill mismatches may play a role in the high rate of unemployment, very high labor costs are the main contributor to the large informal sector. Economic prospects are favorable. About 80 percent of TES issuance is channeled through competitive auctions, held weekly, alternating between fixed rate and UVR bonds each week.

These negative effects more than offset the benefits of stronger U. A significant share of the acquisitions was funded through debt issuance, implying some risk for the acquiring entities.

The authorities are taking actions to minimize fiscal risks from PPPs. The financial system is expected to continue deepening, and the participation of nonresidents in both the local government debt market and the equity market is also projected to rise in the near term. TES yields rose initially by over basis points, posting the second largest increase among emerging markets after Turkey. Fostering more inclusive growth remains a infogme medium-term challenge.

Portfolio inflows by nonresidents remained firm. The RAM is intended to assess reserves for precautionary purposes and not for covering tail risks. Colombia continues to rely on cloombia flexible exchange rate to absorb external shocks. Staff recommended the authorities to remove exceptions to large exposure limits and further simplify the number of separate limits in place, and require banks to hold more capital to reflect concentration risk in line with enhanced supervisory expectations.


Market activity is dominated by government debt securities TESfollowed by equity issuance, while the non-government fixed income market is small. Federal Reserve tapering talk began in May Fiscal consolidation will thus require increased revenue mobilization.

The net effect on the Colombian economy will depend on the relative pace of U. The Latin American trade partners are colpmbia turn exposed to shocks to the global economy, in particular in the U.

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Inliquidity ratios were stable, profitability remained high albeit somewhat lower than inand asset quality continued to be strong, with non-performing loans at 2. However, past experience with PPPs in Colombia has pointed to a high risk of contract renegotiations and the low effectiveness of contract informee.

The growth rate was 4.

The authorities agree with staff that although the outlook is favorable, as other emerging markets EMs Colombia is also subject to a variety of shocks. The report recommends 1 adopting a securities bill as proposed by the securities regulator Supevalores; 2 adopting international standards and creating an independent audit oversight board; 3 improving enforcement; 4 enhancing compliance monitoring with the code of good governance; and 5 creating a director training organization.

Spreads on external government debt also increased. Political or economic distress in Venezuela High Medium Use the exchange rate and international reserves as shock absorber. Staff noted that noncommodity revenues in Colombia are low by international standards and should be the focus of mobilization efforts. The main implications of the rebasing are that the and series are not comparable and the chain index is associated with non-additivity of the components. Success stories of privatizations linked with good corporate governance highlight the importance of the issue.

Staff reiterated that a key priority remains enhancing the independence and legal protection of supervisory staff with regard to the execution of their duties.

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