The Ministry of Finance and Public Credit issued Resolution 1067 of April 29, 2020, defining the requirements and procedures for the celebration of public credit operations by the Nation authorized in Article 6 of Legislative Decree 519 of 2020.
According to Article 6 of Legislative Decree 519 of 2020, "for the duration of the effects that gave rise to the declaration of the State of Economic, Social and Ecological Emergency declared by Decree 417 of 2020, and in order to guarantee the correct execution of the General Budget of the Nation, the national government is authorized to carry out the internal or external public credit operations required to finance the appropriations of the General Budget of the Nation for the fiscal year 2020, without affecting the authorizations granted by Law 1771 of 20115 and the rules that regulate the matter.”
According to the Resolution, in accordance with the mentioned decree, the internal or external public credit operations carried out by the Nation to finance the appropriations of the National General Budget for fiscal year 2020, will only require authorization for their execution given by means of the resolution of the Minister of Finance and Public Credit. For this purpose, the following is required: 1) favorable concept of the Treasury Committee of the Ministry of Finance and Public Credit, 2) final minute of the contract approved by the General Directorate of Public Credit and National Treasury.
With respect to internal or external public credit operations of the Nation, which prior to the declaration of the Economic, Social and Ecological Emergency have initiated the procedure for their authorization, the resources of which are destined to finance the appropriations of the National Budget of the Nation during the fiscal year 2020, shall also be subject to the provisions of Legislative Decree 519 of 2020 and this Resolution.
As for the resources coming from these internal or external public credit operations held by the Nation, and which are dealt with in this resolution, they will be disbursed during fiscal year 2020.
Finally, it should be noted that the General Directorate of Public Credit and National Treasury of the Ministry of Finance and Public Credit will send a report detailing the amounts and financial conditions of each operation to the members of the Inter-Parliamentary Commission for Public Credit and to the technical secretariat of the National Council for Economic and Social Policy (CONPES), within 30 days following the conclusion of each operation.