Colombia; 2005 Article IV Consultation and Fourth Review Under the Stand-By Arrangement, Requests for Waiver of Nonobservance of Performance Criteria and the Completion of the Fourth Review, and Request for Stand-By Arrangement—Staff Reports; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Colombia

This paper discusses Colombia’s 2005 Article IV Consultation, Fourth Review Under the Stand-By Arrangement (SBA), and Requests for Waiver of Nonobservance of Performance Criteria. Real economic growth in Colombia recovered to 4 percent a year in 2003–04. The national unemployment rate declined from 20 percent at end-2000 to 12 percent at end-2004. The health of the financial system continued to improve. The solvency and profitability of the banking system have recovered, reflecting economic growth, a successful recapitalization scheme, and improved supervision.