International Monetary Fund
Colombia and the
IMF
Press Release:
IMF Executive Board
Approves US$ 613
million Stand-By
Arrangement for
Colombia
April 29, 2005
Country’s Policy
Intentions Documents
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Colombia: Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding
April 13, 2005
The following item is a Letter of Intent of the government of Colombia, which
describes the policies that Colombia intends to implement in the context of its
request for financial support from the IMF. The document, which is the property
of Colombia, is being made available on the IMF website by agreement with the
member as a service to users of the IMF website.
Bogotá, Colombia
April 13, 2005
Mr. Rodrigo de Rato
Managing Director
International Monetary Fund
Washington, D.C. 20431
Dear Mr. de Rato:
The government remains fully committed to promoting faster sustainable and equitable
economic growth through the implementation of a strong economic program in 2005 and
2006, which is explained in the attached Memorandum of Economic Policies and Technical
Memorandum of Understanding.
We are requesting the Fund’s support for this program through a new 18-month Stand-By
Arrangement (SBA) in the amount of SDR 405 million (35 percent of quota on an annual
basis), with these resources to become available on a quarterly basis. The government will
treat the new arrangement as precautionary. We would also like to cancel the SBA that
expires on May 14, 2005 simultaneously with the approval of the new program.
We are also requesting completion of the final review under the current Stand-By
Arrangement. All quantitative performance criteria at end-2004 have been observed and most
structural benchmarks have been met (Tables 1 and 2). In this regard, we are requesting a
waiver of the condition for the completion of the fourth review calling for