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COLOMBIA: De-Centralisation Bill Amended To Ease Fiscal Concerns

COLOMBIA
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  • Ahead of the final debate on the de-centralisation bill, lawmakers have made another amendment, reimposing spending limits to ensure compliance with the fiscal rule. The latest version of the bill adds back provisions to ensure that the transfer of central government revenue to regions doesn’t jeopardise the government’s fiscal targets. The authorities must also specify which expenses are no longer going to be the responsibility of the central government.
  • The bill, which aims to increase transfers from the central government to the regions from 26% of revenue to 39.5% by 2039, needs one more debate before approval from Congress.
  • On the data front, the calendar remains light, ahead of October unemployment figures tomorrow. Meanwhile, business representatives, labour unions and the government are expected to start talks on the 2025 minimum-wage increase.
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  • Ahead of the final debate on the de-centralisation bill, lawmakers have made another amendment, reimposing spending limits to ensure compliance with the fiscal rule. The latest version of the bill adds back provisions to ensure that the transfer of central government revenue to regions doesn’t jeopardise the government’s fiscal targets. The authorities must also specify which expenses are no longer going to be the responsibility of the central government.
  • The bill, which aims to increase transfers from the central government to the regions from 26% of revenue to 39.5% by 2039, needs one more debate before approval from Congress.
  • On the data front, the calendar remains light, ahead of October unemployment figures tomorrow. Meanwhile, business representatives, labour unions and the government are expected to start talks on the 2025 minimum-wage increase.