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Colombian fiscal deficit expected to reach 3.6 pct in 2016

Xinhua, December 24, 2015 Adjust font size:

Colombia's fiscal deficit for 2016 would be 3.6 percent of GDP, said Finance Minister Mauricio Cardenas on Wednesday.

He confirmed that the 3 percent fiscal deficit target for 2015 had been met.

Cardenas said the performance of the Colombian economy has been outstanding, considering the difficult international situation, in particular the sharp drop in oil prices and lower growth outlook for major trading partner, according to a statement.

"The projected growth of 3.2 percent in 2015 allows us to be the most dynamic economy among the seven largest in Latin America," he stressed in the statement.

In addition, thanks to the good management of macroeconomic policy of the country, Fitch Ratings and Standard & Poor's adjusted Colombia's investment grade to BBB and the domestic debt BBB+, the government remarked.

The report ensured a "sustainable economic boost" for 2016 after the revision of its Financial Plan.

Cardenas reaffirmed that the priorities for 2016 would be maintaining the level of growth, continuing creating jobs, expanding the middle class and investing in infrastructure. Endi