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Jul 1, 2002

Uribe Makes Key Appointments

Colombia's President-elect Alvaro Uribe has chosen Roberto Junguito to be his finance minister. Junguito was Colombia's representative to the International Monetary Fund and an economist at Bogotá's Los Andes University. Junguito has a long record of public service. He was Colombia's finance minister in 1984-1986, when he implemented fiscal and exchange rate reforms required by the IMF. He was director of the Central Bank from 1991 to 1999. Now, he must make key tax reforms, secure up to $3 billion in fresh loans from multilateral lenders and keep the country's debt-to-GDP level under control. Uribe has said he wants to double spending on the military campaign against the country's guerrilla armies and increase spending on social programs too. One of

Junguito's first tasks is to extend a $2.7 billion Extended Fund Facility accord with the IMF that expires in October, two months after the...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management