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"The next administrations in both Chile and Colombia will face challenges to achieving fiscal consolidation," said Fitch.

"The economy is slowing down or not growing much, and on the inflation side we have good news but not good enough," said Echavarría.

With inflation nearing the central bank's target range, some analysts are now wondering if the central bank will make another 50-basis-point cut Colombia's interest rate.

The announcement reaffirms a credit line originally approved by the IMF in June 2016. Colombia’s policymakers say they view this as merely a precautionary source of capital.

After Brazil (51% negative) and Colombia (20%), Fitch Ratings has assigned negative outlooks to 19% of corporates in Chile, 12% in Peru, 9% in Mexico, and 6% in Argentina.

Most analysts are equating the underwhelming growth to low consumption following the recent tax hike that increased Colombia's VAT by 3%.

"Corporates have been negatively affected by elevated interest rates in several countries and rising taxes," said Paula Bunn of Fitch Ratings.

The 25-point cut narrowly won the day among central bank board members with a 4-3 vote. All three dissenters preferred another 50-point reduction.

While the $450 million USD pledged by Obama has been approved, doubt remains as to whether the same level of assistance will keep arriving over the long term.

One analyst firm believes the move "to step up the pace of interest rate cuts is a clear response to the weakness of the recent activity data."