Petro Says He Will Renegotiate Colombia’s Debt With IMF

(Bloomberg) -- President Gustavo Petro said on Thursday that he will negotiate to extend the terms of Colombia’s debt with the International Monetary Fund.

Most Read from Bloomberg

• Israel Bracing for Unprecedented Direct Iran Attack in Days

• Texas Warns of Possible Power Emergency Next Week

• Stocks Get Hit as War Jitters Fuel Rush to Bonds: Markets Wrap

• Russian Attacks on Ukraine Stoke Fears Army Near Breaking Point

• Apple Plans to Overhaul Entire Mac Line With AI-Focused M4 Chips

Petro said the renegotiation would open “a larger financing space” for social spending and improve the country’s debt profile from a rally in the Northwestern department of Antioquia, without adding any details.

In 2020, the Colombian government withdrew $5.4 billion as part of a flexible credit line arrangement during the coronavirus pandemic. The country transferred $622 million in March to the institution, the first of eight scheduled repayments.

READ: Colombia Gets a New $9.8 Billion IMF Credit Line to Fight Crises

--With assistance from Oscar Medina and Eric Martin.

Most Read from Bloomberg Businessweek

• How a Pioneering Blackjack Master Beats the Odds of Aging

• Toyota Pins Its Hopes on Revamped 4Runner to Beat Ford and Hyundai

• Race for AI Supremacy in Middle East Is Measured in Data Centers

• Cocoa’s Surge Is Drawing Africa’s Farmers Back to the Bean

• Everyone Is Rich, No One Is Happy. The Pro Golf Drama Is Back

©2024 Bloomberg L.P.