The International Monetary Fund (IMF) supported the reforms of the Petro Government in Colombia, highlighting the year-on-year growth of the economy after an evaluation carried out by its technical team. According to the report presented to the institution’s executive board, the Colombian economy recorded year-on-year growth of 7.5% in 2022, one of the most dynamic among emerging economies.
Although the good economic performance is recognized, the IMF also warned about the risks facing the country, noting the need to prudently manage and communicate economic reforms to reduce internal and external imbalances. In addition, he highlighted the transition that the Colombian economy is currently undergoing, seeking a more sustainable growth trajectory.
“In this context of a solid recovery, high commodity prices and weather-related shocks, the headline level of inflation stood at 13.3% year-on-year in February 2023, and the current account deficit grew from 5 .6% of GDP in 2021 to 6.2% of GDP in 2022.” I indicate the IMF
In this regard, the Minister of Finance, José Antonio Ocampo, welcomed the support of the IMF and assured “the IMF recognized the implementation of policies, by the economic authorities, aimed at ensuring macroeconomic stability, materializing sustained and environmentally sustainable growth, reduce the incidence of poverty and inequality and continue the process of fiscal consolidation that the country requires”.
In summary, the IMF supports the reforms of the Petro Government in Colombia and recognizes the good economic performance of the country, although it warns about the risks and highlights the importance of continuing to work on a trajectory of sustainable growth.