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The low projection is below the bulk of more optimistic predictions from various other groups that have weighed in.

This was worst performance in eight years — below even the sluggish 1.96% growth of 2016 — and represents the third lowest rate this century.

S&P highlighted Colombia’s “diminished policy flexibility” due to “weakened fiscal and external profiles” in its analysis following the move.

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

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%.

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.

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.

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."

The IMF is predicting 2.3% GDP growth for Colombia in 2017, a decrease from the 2.7% expansion the institution had forecasted in October.

Fitch noted Colombia improving macroeconomic imbalances, current account deficit reduction, and falling inflation rate.