* Govt' sees 4.7 pct economic growth next year
* Sees 1 pct consolidated budget deficit in 2013, 2014
* Cardenas says gov't has flexible resources
By Helen Murphy
BOGOTA, June 14 Colombia revised its 2013 fiscal
accounts and financing plans for next year, lowering the amount
of domestic bond sales this year and stepping up both local and
overseas debt next year, Finance Minister Mauricio Cardenas said
Colombia plans to raise external debt in 2014 worth $5
billion, with $3 billion of that issued in overseas bonds and
the remainder from multilateral lenders, Cardenas said during
the annual revision of accounts.
That is more than the government aims for overseas debt this
year. Cardenas maintained the level of international debt for
this year at $2.6 billion, with $1.6 billion in global bond
sales. Another $1 billion will come from multilateral lenders
this year, he said.
In the local market, Colombia will issue a total of 30.5
trillion pesos ($16.1 billion) of Treasury bonds, known as TES,
next year with 22.5 trillion sold at auction.
Cardenas lowered the total sale of TES bonds this year to 29
trillion pesos from an earlier goal of 30 trillion pesos. Of
that, 21.5 trillion pesos will be sold at auction, down from an
earlier estimate of 23 trillion.
He said the reduction in TES sales this year is possible
because of the "flexible resources" the government has and lower
amortization and interest payments, as well as a
better-than-expected balance sheet at the central bank.
"This financing plan is a pathway to a reduction in deficit
levels and public indebtedness that ratifies the Colombian
government's commitment to responsible management of its public
finances," Cardenas said of the changes to this year's financing
plan. He did not provide details on the increase in debt in
The government expects the economy to grow 4.7 percent next
year, up from the projected 4.5 percent in 2013, Cardenas said.
Inflation will likely end this year at 2.5 percent and 3 percent
IMPROVED 2014 GROWTH
Cardenas on Thursday lowered the government's estimate for
economic growth from 4.8 percent, as weak overseas demand and
sluggish manufacturing dent prospects.
Cardenas said the consolidated budget deficit - which
include states, municipalities and state-run companies - for
this year and next would reach 1 percent of gross domestic
product. He kept the estimate for the central government's
budget deficit at 2.4 percent of GDP for this year, and said it
would be 2.3 percent in 2014.
The numbers were calculated using an estimate of oil at $99
per barrel for this 2013 and $100 per barrel in 2014. Cardenas
gave an average peso currency level of 1,850 per dollar for this
year and 1,874 for next.
The peso closed at 1,881 per dollar on Friday.
Cardenas maintained plans to raise 3 trillion pesos from
privatization of state companies this year and another 1
trillion next year.
The government expects to collect 102.3 trillion pesos in
taxes this year and another 113.8 trillion pesos in 2014,