Bloomberg News

Echeverry Says Colombia to Boost TES Bond Auctions in 2012

June 15, 2011

(Updates with economic growth forecasts in fourth paragraph.)

June 15 (Bloomberg) -- Colombia plans to auction 20 trillion ($11.2 billion) worth of peso bonds next year, up from 18 trillion pesos in 2011, Finance Minister Juan Carlos Echeverry said today.

Under the financing plan announced by Echeverry at a conference in Bogota today, Colombia will issue a total of 27.5 trillion pesos worth of peso bonds next year and will also seek to sell $3 billion in overseas bonds next year.

The central government will target a budget deficit next year equal to 3.5 percent of gross domestic product compared with an estimated shortfall of 4 percent of GDP this year, Echeverry said. The consolidated budget deficit, which also includes states, municipalities and state-run companies, should shrink to 2.2 percent of GDP next year from an estimated 3.4 percent this year, he said.

Colombia’s economy will expand 5 percent to 6 percent both this year and next, Echeverry said.

The government will seek $1.36 million in funding from multilateral lenders next year, the minister said.

To contact the reporter on this story: Andrea Jaramillo in Bogota at ajaramillo1@bloomberg.net Helen Murphy in Bogota at hmurphy1@bloomberg.net;

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net


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