Liberals pitch domestic debt reforms.

BOGOTA -- The Liberal party has renewed a proposal that the Bank of the Republic extend a credit to the government to refinance internal debt and reduce public payments on these obligations.

Supporters say the plan would reduce the cost of the internal debt and allow the savings to be channeled into other areas. Currently, government debts equals one third of GNP, and payments will make up nearly 40% of the 2001 budget.

Detractors say the idea is a proposal of "monumental stupidity." They say the plan would send a message to the IMF and the international financial community that the country is unwilling to make the reforms to state finances necessary to solve fiscal problems and reduce the deficit.