Colombian President Juan Manuel Santos spoke about his country’s stable economy at this year’s G20 summit meeting in Los Cabos, Mexico.
Santos told finance ministers and heads of state from the world’s 20 major economies that Colombia had weathered the global economic crisis through “certainty over the future,” and by identifying “actors in the crisis that had to act: the government, banks, businesses and a very important factor, families(…) All these elements were necessary but we only acted on the four we considered sufficient. And that was the short-term plan.”
The head of state added that his government implemented a comprehensive plan of pragmatism, that was “socially sensitive and politically viable.” Santos added that long-term reform, like a Constitutional guarantee that his government would provide “fiscal sustainability as a fundamental right of citizens” was necessary for a stabilized economy.
Colombia’s economy was projected to grow by 4.7% in 2012 and 4.4% in 2013, 0.9% higher than the South American average, according to the International Monetary Fund.
“Last year [Colombia’s economy] grew by 6%, we have 3% inflation. We have a very healthy situation that we hope to maintain,” the president added.
Santos promised Monday that Colombia was prepared to deal with Europe’s ongoing financial crisis. “While we are not completely armor-plated, we are fortunately protected. We have high reserves, low inflation, and an increasing lower fiscal deficit. We are among the countries with the best credit on the planet and additionally we have put in place macroeconomic policies that are exalted around the globe.”
The G20 summit ends Tuesday.