Reportedly cold country (5)
I believe the answer is:
chile
'country' is the definition.
(Chile is a country)
'reportedly cold' is the wordplay.
'reportedly' shows a homophone (sound like).
'cold' becomes 'chilly' (I've seen this before).
'chilly' sounds like 'CHILE'.
(Other definitions for chile that I've seen before include "Most southerly American country" , "Country liberated by Bernardo O'Higgins" , "Country of S. America" , "S American country, capital Santiago 95)" , "Long, thin country" .)