Colombian President Orders IMF Talks Over Fiscal Pressures

Colombian President Abelardo De La Espriella said in a televised address on September 27 that he had instructed Finance Minister Miguel Gómez and the government's economic team to begin talks with the International Monetary Fund. He said debt-service payments and operating costs exceeded revenue and described public finances as being 'in the red.' The request seeks negotiations over Colombia's fiscal situation; the address did not announce an IMF loan, financing program or agreement. The president asked the finance ministry to pursue a negotiated response, with any financing terms still to be determined.