Colombia is prepared to
withstand the worldwide financial tremors that have rocked
markets this week, Finance Minister Oscar Zuluaga said on
Tuesday.
“We are well prepared,” Zuluaga told reporters.
“Our financial system has increased its profitability, its
assets have been strengthened,” he said.
Colombia is concerned about falling commodity prices but,
on the positive side, the central bank holds reserves of more
than $23 billion, he added.
The Andean country is attracting record foreign direct
investment based on a U.S.-backed military crackdown on leftist
rebels. The economy grew by 7.5 percent last year and is
expected by the government to expand about 5 percent in 2008. (REUTERS)