Conformed Copy - L7201 - Second Programmatic Fiscal and Institutional Structural Adjustment Loan - Loan Agreement

Page 1 CONFORMED COPY LOAN NUMBER 7201-CO Loan Agreement (Second Programmatic Fiscal and Institutional Structural Adjustment Loan) between REPUBLIC OF COLOMBIA and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated November 24, 2003 Page 2 LOAN NUMBER 7201-CO LOAN AGREEMENT AGREEMENT, dated November 24, 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 October 20, 2003, from the Borrower: (i) describing its macroeconomic framework and a program of actions, objectives and policies for fiscal and institutional reform, covering fiscal sustainability, public expenditure management, institutional reform and management of public liabilities (the Program), which Program consists of actions that have already been taken as described in Schedule 3 to this Agreement (the Second Phase of the Program), and actions and policies that the Borrower intends to take and adopt in the near future; (ii) declaring the Borrower