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COLOMBIA: Congress Committees Reject 2025 Budget Plan

COLOMBIA
BulletEM BulletEmerging Market News
  • Last night, the economic committees of the lower house and senate rejected the government’s proposal for the COP 523tn budget for 2025 after a joint session. The budget had been submitted by Finance Minister Bonilla in July and was followed by a tax bill which was presented to Congress this week to cover a COP 12tn shortfall in it.
  • As an alternative, lawmakers have proposed to cut COP 12 trillion from the 2025 budget instead, to avoid having to approve the tax reform, but the government has said it will press ahead with the tax bill regardless.
  • On the data front, the domestic calendar is light today, ahead of the next BanRep economist survey, due tomorrow. This survey will include forecasts for the upcoming Sept 30 MPC meeting, when the central bank will consider whether to step up the easing pace following recent softer-than-expected CPI inflation data.
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  • Last night, the economic committees of the lower house and senate rejected the government’s proposal for the COP 523tn budget for 2025 after a joint session. The budget had been submitted by Finance Minister Bonilla in July and was followed by a tax bill which was presented to Congress this week to cover a COP 12tn shortfall in it.
  • As an alternative, lawmakers have proposed to cut COP 12 trillion from the 2025 budget instead, to avoid having to approve the tax reform, but the government has said it will press ahead with the tax bill regardless.
  • On the data front, the domestic calendar is light today, ahead of the next BanRep economist survey, due tomorrow. This survey will include forecasts for the upcoming Sept 30 MPC meeting, when the central bank will consider whether to step up the easing pace following recent softer-than-expected CPI inflation data.