The 5 necessary conditions for the development of the country, according to Luis C. Sarmiento G. – Financial Sector – Economy

During the 57th Banking Convention that was held in Cartagena, Luis Carlos Sarmiento Gutiérrez, president of Grupo AvalHe spoke of the five minimum conditions that are needed for the development of the country.

The first is the macroeconomic stability, since shocks in this sense tend to have a more adverse effect on households in poverty and on microenterprises. In addition to a efficient public spending, and for this, it is key to respect the fiscal framework.

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Another condition is a financial system stability that contributes to promote the growth of the economy, facilitates the efficient reduction of resources, expands the formal and banked population and minimizes the risks of crisis.

This is in addition to saving, since it is essential to ensure economic stability in times of crisis and to finance long-term investments that contribute to the development of the country. «Institutional savings are as relevant as people’s bank and pension savings,» said Sarmiento Gutiérrez.

Finally, there is the citizen and business tranquilitythat arises from the perception of security and at the same time emerges from the presence and control of the State throughout the national territory.

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The president of Grupo Aval also highlighted the fundamental role played by the private sector in the development process of Colombia.

«Successful countries are those where both the state and civil society, especially the private sector, are strong. The public and the private complement and reinforce each other. The reflection to which he invites is that Colombia is not the exception, ”he said.

During his participation in the panel on the National Development Plan (PND), the banker also highlighted the opportunities that the PND brings and in which the private sector, and especially the financial sector, can contribute.

For example, in the commitment to the development of regions, the financing of infrastructure, the acceleration of the energy transitionin the mandatory open data scheme (open finance) for financial inclusion and the right to financial portability, among others.

What better recipe than that of a strong and efficient state and a private company that is allowed to work and prosperto make possible the execution of this National Development Plan”, assured Luis Carlos Sarmiento Gutiérrez.