- Implementation Support Agency (ISA): World Bank
- Total project financing: $750 million
- Funding from GCFF: $31.5 million
- GCFF Financing Approval Date: 01/04/2019
- Project Closing Date: 05/21/2020
- % Disbursed: 100%
- Status: Closed
About the project
Robust macroeconomic policy framework, anchored by an inflation targeting regime, floating exchange rate, and fiscal rule, ensured orderly fiscal and external adjustments to the large terms of trade shock that affected the country since 2014. The project supported Colombia’s efforts to enable fiscal sustainability and further strengthen the foundations for productivity growth in the context of the ongoing peace process and under a less favorable external environment.
Project Development Objective (PDO)
To: (i) help maintain fiscal sustainability through fiscal consolidation measures and improved contingent liabilities management; and (ii) foster productivity in non-extractives sectors by strengthening the policy framework for trade facilitation, investment, competition, business regulation, innovation. The reforms under these two objectives mutually reinforce each other. Both areas of reforms are likely to raise investor confidence, de-risk the economy, reduce costs for the private sector, make the country even more resilient to shocks, and foster growth over the medium term.