Colombia’s Finance Ministry has lowered the economic growth
expectations for 2009 to three and a half percent, two days after the
National Bank lowered the growth forecast to four percent.
Next year’s target remains at four percent, but the government calculates a growth range between three and four percent.
Finance minister Oscar Ivan Zuluaga announced the country was able to secure a 2.4 billion dollar financial injection from the Inter-American Development Bank, the World Bankand the Corporación Andina de Fomento, securing it can continue investing in the national economy in case the national economy is threatened.
Colombia’s initial budget for 2009 calculated a growth of five percent. Because of the current global financial crisis, the government will drastically have to cut spendings.
