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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.

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

"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.

Luis Fernando Mejia offers a candid view of the nation's competitive challenges, the cloud of corruption that Odebrecht has created, and the future of regulations in Colombia.

Colombian Minister of Finance Mauricio Cardenas will sit on three of the four committees.

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