The country has benefitted from high commodity prices, and the mining sector in particular seems full of potential, but these short- and medium-term sector-specific booms will not guarantee long-term growth or fiscal sustainability. Moreover, some recent actions to help balance the budget – such as selling shares of Ecopetrol, a government-owned petroleum company – are one-off measures that do not directly address underlying imbalances. Real budget balancing will inevitably require politically controversial reforms, spending cuts and tax increases. Reducing waste due to government corruption, still a major problem, should also be a priority.