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The persistence of fiscal imbalances motivated the downgrade of Colombia's credit rating by S&P.

Ecopetrol refinances $1.25 billion USD in debt and secures a $1.6 trillion COP subsidy payment from the Colombian government.

"The problem is that after years of corruption and mismanagement, the Colombian bank balance isn't in any shape to write the checks needed to move the inequality needle."

Bondholders must submit tenders via direct participants in DTC, Euroclear, or Clearstream; no guaranteed delivery or transmittal letter provided.

This figure is identical to a recent forecast from the central bank and represents an improvement from the disappointing 1.8% registered in 2017.

Ongoing progress to adopt Basel III standards in Colombia should improve both the credit profiles and capital adequacy of banks, said Fitch Ratings

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

"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.

Mejía, an economist, had been serving as deputy director of DNP and joined the agency in September 2012.