Colombia was the fastest-growing large economy in Latin America and the Caribbean in 2014. It kept its fiscal deficit limited, and attracted strong levels of foreign investment. Further, the country has a low debt ratio, at below 32% of GDP.
"Colombia's strong growth and commitment to controlling fiscal deficits made the finance ministry, led by Finance Minister Mauricio Cárdenas, stand out," says Katie Llanos-Small, LatinFinance's Editor-in-Chief.
The success of Colombia's finance ministry comes amid a difficult year for much of Latin America. Regional growth was sharply lower than 2013, and indeed the lowest for over a decade.
LatinFinance's annual ranking of Latin American finance ministries recognizes outperformance in managing fiscal and external accounts, building sustainable economic growth and contributing to controlled inflation. It takes into account ministries' transparency and clarity in communications with markets, independence and institutional strength.
The decision is made by LatinFinance's editors, based on a series of in-depth interviews with market participants including ratings agencies analysts, private-sector credit analysts and independent economists. The period under examination is the year to December 31, 2014.
To see the full ranking, visit www.latinfinance.com/finmin.
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