The Right Moves

Mar 1, 2012

Colombia comes out on top in this year’s ranking, after Minister Echeverry shows pragmatism and political savvy to push through fiscal reform.

by Karen Schwartz

While Europe teetered, Latin America’s governments have been mostly well regarded for shrewd debt issuance, liability management and, in a few cases, significant fiscal reforms.

The third annual LatinFinance Finance Ministry Scorecard takes the views of economists, analysts and investors on ministries’ performance across several areas, including currency appreciation, inflation management, fiscal performance, independence from political pressure, transparency and clarity of communication with markets as well as use of capital markets and financing innovations.

This year Colombia leads the pack of countries receiving positive feedback, along with Peru, Uruguay and Chile. Minister Juan Carlos Echeverry, who arrived in June 2010 with the new government of Juan Manuel Santos, is seen as moving in the right direction in a rapidly expanding economy that saw internal demand growing sometimes above 11%.

"He knew what he had to do," says Drausio Giacomelli, managing director and head of emerging markets...

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