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Colombia has previously hosted the event four times over the past six decades, mostly recently in 2009 in Medellín.

The funds will significantly reduce the interest rate of some 77,000 mortgages that officials say will be generated by plan.

President Santos said the goal of the negotiation is “to maintain the income of workers but also to avoid a negative effect" for those who earn the minimum.

Mauricio Cárdenas and Juan José Echavarría will both speak at the 2018 Bonds, Loans & Derivatives Andes conference in February.

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

Fitch held the line on Colombia's ratings given the country's “long track record of credible, flexible, and consistent macroeconomic policies."

"This is a government of austerity," said Finance Minister Mauricio Cárdenas about a budget that is below the 2017 levels in real terms.

The Colombian government confirmed that Claro and Movistar have submitted payments for the enormous fines levied against them.

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

"We will continue to reduce spending with the objective of hitting fiscal targets and reinforcing our country’s BBB rating,” said Mauricio Cárdenas.