During the Latin American Forum of Emerging Markets, President Álvaro Uribe Vélez reminded that the national private sector finished last year with a debt of foreign money no higher than 17 thousand million dollars, which is similar to 1997 level.

Bogotá, April 2 (SP). The President of Colombia, Álvaro Uribe Vélez, highlighted that the crisis comes at a time when the private companies are strong to face the situation, due to the reduction of its debt level.

“I think that this new crisis will find Colombian private companies with less debt comparing to the past and with a much more reasonable cost system, much more austere, much more competitive”, pointed the Head of State, at his intervention in the Latin American Forum of Emerging Markets celebrated in Bogotá.

Uribe underlined the debt figures registered by the private sector, thanks to the adjustments made in prior crisis and the responsible management of financing.

“Colombian private industry finished last year with a debt of foreign money no higher than 17 thousand million dollars, similar to the one registered in 1997”, informed the leader.

To an audience conformed by the Finance Minister and some former Presidents of different countries, President Uribe also reminded the importance private initiative to the national economy.