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COLOMBIA: Government To Cut 2024 Budget Further Amid Weak Tax Collections

COLOMBIA
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  • According to Reuters, two sources from the government said today that it will cut the budget for this year by COP 28.4tn ($6.4bn) as lower-than-expected tax collection weighs on the fiscal position. We noted yesterday concerns from the local ANIF thinktank regarding the 8.2% drop in tax collections so far this year, which they suggest means that caution should be taken with next year’s forecasts. The announcement of this budget cut is a widely expected increase to the COP 20tn cut previously announced in June, though independent estimates suggest that the cut may have to be even larger than this to comply with fiscal constraints.
  • In other news, President Petro said in a post on X yesterday that the government will impose visa restrictions on British citizens visiting the country, in a reciprocal move after the UK government introduced visa rules on Colombian visitors.
  • No macro data are scheduled for release today, with October unemployment figures expected on Friday, followed by Q3 current account, October exports and November CPI inflation next week. Meanwhile, Finance Minister Bonilla will hold a press conference on the sidelines of an infrastructure conference in Cartagena at 1400GMT(0900ET).
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  • According to Reuters, two sources from the government said today that it will cut the budget for this year by COP 28.4tn ($6.4bn) as lower-than-expected tax collection weighs on the fiscal position. We noted yesterday concerns from the local ANIF thinktank regarding the 8.2% drop in tax collections so far this year, which they suggest means that caution should be taken with next year’s forecasts. The announcement of this budget cut is a widely expected increase to the COP 20tn cut previously announced in June, though independent estimates suggest that the cut may have to be even larger than this to comply with fiscal constraints.
  • In other news, President Petro said in a post on X yesterday that the government will impose visa restrictions on British citizens visiting the country, in a reciprocal move after the UK government introduced visa rules on Colombian visitors.
  • No macro data are scheduled for release today, with October unemployment figures expected on Friday, followed by Q3 current account, October exports and November CPI inflation next week. Meanwhile, Finance Minister Bonilla will hold a press conference on the sidelines of an infrastructure conference in Cartagena at 1400GMT(0900ET).