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COLOMBIA: Congress To Vote On Spending Cut Proposal This Week

COLOMBIA
  • President Petro said on Friday that the government will present a tax reform bill to Congress, despite the latter proposing a spending cut to the 2025 budget late last week. To recap, a group of lawmakers proposed a COP 12tn cut to the budget, after Finance Minister Bonilla warned that tax increases would be needed to fill a shortfall in the COP 523tn 2025 budget. The proposal, led by the leader of congress Efraín Cepeda, and signed by members of congressional economic committees from the opposition and independent parties, will be voted on Wednesday.
  • In other news, Ecopetrol said its pipeline unit Cenit reported another attack to its Caño Limon-Coveñas oil pipeline on Sunday, with the army called in again to secure the area. The pipeline has been attacked on multiple occasions in recent weeks, with no group yet claiming responsibility.
  • Datawise, no major releases are due today, with attention on BanRep’s latest economist survey on Friday, which will include interest rate forecasts for the Sept 30 MPC meeting.
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