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Colombia - Structural Fiscal Adjustment Loan Project (Inglês)

The Structural Fiscal Adjustment Loan Project will support programs focusing on a core set of policies that can strengthen the country's fiscal outlook. This policy package involves a) rationalizing the system of transfers to local governments, and imposing more market-driven and more binding budget constraints on their finances; b) establishing mechanisms to arrest the exploding cost of inefficiency in the provision of public health services; c) halting the accumulation of pension-related contingent liabilities; d) advancing the reorganization of public agencies and their current expenditures; and e) setting up a better system for managing public debt. The combination of measures to improve governmental fiscal relations, rationalize public sector expenditures, and improve financial management of the public sector's assets and liabilities will lead to a more sustainable fiscal path and to greater efficiency in allocation of public resources, including those allocated to the social sectors. Both are necessary to sustain economic growth and poverty reduction efforts, and to improve the provision of key public services. The loan will help to implement fiscal reforms, provide a confidence-building signal to international markets, reduce the cost of borrowing, and lengthen debt maturity. These will in turn grant the government the fiscal space for protecting social sector expenditures and implementing difficult structural measures.




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