Colombia says no immediate plans for overseas bond sale

Colombian officials said Wednesday that the country isn’t facing any short-term financing needs and that there are no immediate plans to issue bonds overseas.

Public Credit Director German Arce told reporters that the higher-than-expected tax revenue so far this year has eased the country’s finances and that the government doesn’t need to issue any overseas bonds in the short-term.

Finance Minister Juan Carlos Echeverry, in a press conference with Arce, added that the government is maintaining its financing plans for 2011 which sets out foreign bond sales for around $2.24 billion for this year’s budget. “We can take a decision at any time on this, but we’re not in a hurry,” Echeverry added.

Echeverry said that Colombia could issue bonds in the Asian market this year or next. In 2009, Colombia sold $500 million in yen-denominated bonds in Japan, known as Samurai bonds.

The finance minister reiterated that he expects the economy to expand between 5% and 6% this year. The economy posted a higher-than-expected 5.1% in the first quarter of the year.

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