Temporary Fiscal Bump

While we have raised our 2012 central government fiscal deficit forecast for Colombia from 2.2% of GDP to 2.6% of GDP, we still believe the country will achieve its long-term plans of fiscal consolidation. The country's healthy oil revenues as well as its commitment to fiscal discipline should pave the way for the central government to reach its fiscal deficit target of 1.5% of GDP by 2015.

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