The International Monetary Fund (IMF) yesterday praised the Colombian government for its efforts to dodge impacts from the world financial crisis.

"Colombia has known how to avoid the turbulence," the chief of an IMF mission in Colombia Benedict Clements told reporters.

"Colombian authorities have promptly answered to the crisis of the financial markets by taking several effective measures, which have helped reinforce domestic confidence," Clements said.

IMF officials made a routine visit to Colombia, where they met with officials from the central bank and local economic experts.

Thanks to its large foreign exchange reserves and multiple aid from many regional and world organizations, Colombia is ready to face a global economic slowdown, which will affect the Latin American countries, Clements said.

By Oct. 17 this year, Colombia boasts a foreign exchange reserve of US$23.612 billion and its credits with the World Bank, the Andean Corporation of Development and the Inter-American Development Bank has amounted to US$2.311 billion.