Colombia to Tap IMF Cash Gradually to Prevent Peso Turbulence

Colombia will bring home the $5.3 billion from its International Monetary Fund loan at a gradual pace to avoid causing turbulence in currency markets, deputy Finance Minister Juan Pablo Zarate said, Bloomberg News reported. This cautious approach also improves the chances of the nation getting a more favorable exchange rate, Zarate said in a video interview on Thursday. Colombia will be the first country to tap an IMF flexible credit line, a pre-approved source of funding that comes with no conditions on how it’s spent. The government says it will use the money to finance its response to the pandemic. Colombia is suffering the deepest slump in its history this year, with thousands of bankruptcies and more than three million jobs lost. Read more