Colombian economy

Government, Private Sector Muddling-Through Financial Challenges of Coronavirus

Medellin Herald March 30, 2020

Colombia President Ivan Duque on March 29 hailed the move by the Ministry of Finance to extend COP$70 trillion (US$17 billion) in favorable credits to banks and their commercial, industrial and consumer customers — in order to enable broader debt refinancing, maintain employment and keep

Health & Insurance.

Health Ministry Accelerates Payments to Hospitals, Clinics; Antioquia Coronavirus Cases Hit 96

Medellin Herald March 30, 2020

Colombia’s Health Ministry announced March 30 that it’s accelerating national payments totaling COP$2.1 trillion (US$517 million) to hospitals and clinics this year in order to respond to an expected surge of Coronavirus patients. The accelerated payments total a little less than half of the COP$4.5 trillion (US$1.1 billion) in subsidies budgeted for the entire year […]

Health & Insurance.

Antioquia, Colombia Boosting Coronavirus Detection, Treatment, Hospital Capacity, Financing

Medellin Herald March 29, 2020

Colombia’s National Institute of Health (“INS” in Spanish initials) announced March 29 that it’s about to receive high-tech Coronavirus laboratory-analysis equipment donated by the International Atomic Energy Agency (IAEA). “The donated equipment, reagents and biosafety elements, which will arrive in the country in the coming days, will allow the National Institute

Companies

EPM Full-Year 2019 EBITDA Rises 17% Year-on-Year

Medellin Herald March 27, 2020

Medellin-based multinational utilities giant EPM revealed in a March 27 filing with Colombia’s Superfinanciera corporate oversight agency that its full-year 2019 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17% year-on-year, to COP$6 trillion (US$1.5 billion). EBITDA margin hit 33% — best in five years, according to EPM. Out of its

Colombian economy

Colombia President: Coronavirus to Cut 2020 Economic Growth; Fedesarrollo Foresees Feeble 1.2% PIB

Medellin Herald March 27, 2020

Colombia President Ivan Duque announced March 27 that the Coronavirus crisis and the resulting quarantine of most of the population is likely to cut Colombia’s gross domestic product (“PIB” in Spanish initials) this year. While late-2019 and early-2020 forecasts had indicated that Colombia seemed on track for around 3.5% PIB growth this year, Duque stated […]

General News

Postobon, Brinsa, Bancolombia Join Medellin’s Coronavirus Respirator Initiative with COP$10 Billion Investments

Medellin Herald March 26, 2020

Medellin-born multinational bottled-beverages manufacturing giant Postobon announced March 25 that it’s investing COP$9 billion (US$2.2 million) in the “#InnspiraMED” joint project developing special respirators for Coronavirus victims. A day later (March 26), Medellin-based international table-salt (“Refisal”) manufacturer/marketer Brinsa announced that

General News

You Can Help: EPM, Medellin Mayor Create Coronavirus Victims’ Fund

Medellin Herald March 26, 2020

The Mayor of Medellin and utilities giant EPM jointly announced March 25 the creation of “Fondo Abrazando con Amor” charity, whereby individuals and companies can donate funds to help Coronavirus victims within EPM’s area of operations. Donations can be made to the fund’s Bancolombia “cuenta corriente,” account number 598-095455-40, according to EPM. The web page […]

General News

Medellin, Colombia Taking More Steps to Avoid, Contain, Cure Coronavirus

Medellin Herald March 25, 2020

While nearly all Colombia residents (including all of metro Medellin and Antioquia) remain under a national quarantine until April 13, governments, companies, hospitals and health researchers meanwhile are taking more steps to try to contain and (eventually) conquer Coronavirus threats. Among recent examples: “Pico y cedula” restrictions on grocery shopping: While the

General News

Colombia President: Some Coronavirus Restrictions to Continue Past April 13; Emergency Funding Scheme Debuts

Medellin Herald March 25, 2020

Colombia President Ivan Duque announced March 25 that certain measures designed to contain the spread of Coronovirus will continue past the presumptive expiration of the national quarantine on April 13. The announcement came on the heels of a March 25 bulletin from the Ministry of Health indicating that confirmed Coronavirus cases rose to 470 nationally, […]

Companies

EPM Maintains Investment-Grade Rating Following ‘CaribeMar’ Deal; Colombia Power Demand Dips on Coronavirus Crisis

Medellin Herald March 25, 2020

Medellin-based electric power giant EPM announced March 24 that Wall Street bond rater Moody’s just decided to maintain EPM’s “Baa3” investment-grade bond rating following its winning bid for the “CaribeMar” utility in Colombia’s Caribbean region. “After the analysis of non-recurring issues that the company has been going through — such as the [three-year