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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.

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.

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

Findeter recognized Banco de Bogotá for financing an oncology unit at HOMI Foundation – Mercy Hospital in the capital that is helping care for children with cancer.