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$2.7b Additional Spending Will Not Widen Deficit: Finance Minister

COLOMBIA
  • The 10.5 trillion pesos ($2.7b) in additional spending planned in this year's budget won't widen the fiscal deficit which is expected at 8.6% of GDP, Finance Minster Jose Manuel Restrepo said in a phone interview. (Bloomberg)
  • The increased revenue will come from bond sales, higher than expected tax collections from the 2022 withholding tax on companies, spending cuts and higher oil prices.
  • "The principle has been and will continue to be to maintain the deficit as it was in the financial plan and it has been estimated as such. It is consistent with the fiscal framework", Restrepo said.
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