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COLOMBIA: Congress Commissions To Vote On 2025 Budget, Consumer Confidence Due

COLOMBIA
BulletEM BulletEmerging Market News
  • After the government presented a new tax bill to Congress yesterday, seeking to raise COP 11.9tn (0.7% of GDP) in net revenue for next year, the senate and lower house economic commissions are due to vote on the 2025 budget today (from 1500BST/1000ET). Lawmakers will be voting on an alternate proposal to cut COP 12 trillion from the 2025 budget to avoid having to approve the tax reform.
  • On the data front, consumer confidence figures for August are expected later, with consensus for sentiment to recover marginally further.
    • Aug. Consumer Confidence Index, est. -8.0, prior -9.0
  • In other news, Bogota is reported to be at risk of power cuts amidst delays in the construction of new transmission lines. With current demand in the Bogotá region of around 3,150 megawatts and a total installed capacity of 3,500 megawatts, the system is already vulnerable to power restrictions when supply is strained, leading utility Grupo Energía Bogotáo to warn of potential power interruptions as soon as next year.
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  • After the government presented a new tax bill to Congress yesterday, seeking to raise COP 11.9tn (0.7% of GDP) in net revenue for next year, the senate and lower house economic commissions are due to vote on the 2025 budget today (from 1500BST/1000ET). Lawmakers will be voting on an alternate proposal to cut COP 12 trillion from the 2025 budget to avoid having to approve the tax reform.
  • On the data front, consumer confidence figures for August are expected later, with consensus for sentiment to recover marginally further.
    • Aug. Consumer Confidence Index, est. -8.0, prior -9.0
  • In other news, Bogota is reported to be at risk of power cuts amidst delays in the construction of new transmission lines. With current demand in the Bogotá region of around 3,150 megawatts and a total installed capacity of 3,500 megawatts, the system is already vulnerable to power restrictions when supply is strained, leading utility Grupo Energía Bogotáo to warn of potential power interruptions as soon as next year.