Colombia has obtained a $300 million loan for fiscal sustainability and economic growth the World Bank, the Finance Minister announced Wednesday.
In a news release, the ministry said the International Bank for Reconstruction and Development, IBRD, a body of the World Bank issued the loan.
Finance Minister Juan Carlos Echeverry said the loan from the IBRD was sought with the aim of continuing the reforms that will contribute to guaranteeing macroeconomic fiscal sustainability, employment generation, encouraging growth in the economy, and achieving advances in productivity.
The finance minister added that the resources must be used within the framework of fiscal rules, a mechanism which will permit the strengthening of fiscal discipline by establishing clear goals regarding the government’s balance sheet.
September 21 the Inter Parliamentary Commission on Public Credit authorized the Finance Ministry to seek this million dollar loan.