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With a goal to repair 90,000 potholes in 2017, this puts the capital more than two-thirds of the way to the mayor’s target.

Three rigs are now operating in this 15,000-meter exploration campaign, and two more are planned to join the effort later this year.

"These forecasts for Colombia's growth are much higher, compared to the other scenarios in Latin America," said Cárdenas.

Avianca's top executive called it a “difficult decision” to suspend flights for first time in 60 years while citing safety concerns and operational difficulties.

Anna Stylianides, executive chairman of the company’s board, will serve as interim president and interim CEO, said Eco Oro in a statement.

Nautica, owned by the VF Corporation, already has two stores in Bogotá, one in Medellín, and one in Cali.

Last July, the IMF forecasted Colombia's GDP to grow by 3.0% in 2017. In October, that figure fell to 2.7% then, in April, it was cut again to 2.3%. Now it sits at 2.0%.

Repairs have not been completed due to “continued harassment by firing helicopters” and “anti-personnel mines,” said Ecopetrol.

While the rest of Latin America is going one way, Colombia is still lagging behind. Only Ecuador, with a 6.1% drop in the first quarter, performed worse.

Best known in Colombia for its Jumbo brand of hypermarkets, the company's large regional presence highlights its financial stability.