Conformed Copy - L7167 - Programmatic Financial Sector Adjustment Loan - Loan Agreement

Page 1 CONFORMED LOAN NUMBER 7167-CO Loan Agreement (Programmatic Financial Sector Adjustment Loan) between REPUBLIC OF COLOMBIA and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated May 28, 2003 Page 2 LOAN NUMBER 7167-CO LOAN AGREEMENT AGREEMENT, dated May 28, 2003, between the REPUBLIC OF COLOMBIA (the Borrower) and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank). WHEREAS (A) the Bank has received a letter, dated March 31, 2003, from the Borrower: (i) describing its macroeconomic framework and a program of actions, objectives and policies for financial reform, covering financial sustainability, institutional reform and management of public liabilities (the Program), which Program consists of actions that have already been taken as described in Schedule 2 to this Agreement, to the satisfaction of the Bank, (the First Phase of the Program), and actions and policies that the Borrower intends to take and adopt in the near future; (ii) declaring the Borrower