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BanRep Governor Speaks, Ocampo Optimistic On Growth Projections

COLOMBIA
  • BanRep Governor Leonardo Villar will speak at an event in Cartagena – 2000BST/1500ET/1400Local.
  • Overnight Colombian Finance Minister Jose Antonio Ocampo spoke to reporters in congress and these were the headlines that followed:
    • Central bank’s forecast of 1.1% GDP growth next year is “very pessimistic”.
    • Finance Ministry hasn’t published its official forecast yet, but economy may grow 2.5% to 3% over that period, he says.
    • Sees “very good” GDP growth of 6.5% to 7% this year.
    • Tax bill likely to have stimulative effect on the economy.
    • Cabinet hasn’t yet discussed what to do about the deficit on the fuel stabilization fund; this one of the “big concerns”. The cabinet are to discuss this next Mon.
    • People who criticize the proposed tax hikes need to suggest other alternatives to get the rich to contribute more.
    • Tax bill affects those earning more than 10m pesos per month; he himself will face a higher tax bill. (All BBG)

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