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COLOMBIA: Government To Issue 2025 Budget By Decree, Industrial Confidence Due

COLOMBIA
BulletEM BulletEmerging Market News
  • The government will circumvent congress and issue the 2025 budget by decree according to Lower House representative Eliecer Salazar, president of a congressional economic committee. The government was said to have taken the decision after failing to agree on spending cuts demanded by Congress yesterday.
  • The government will issue the COP 523tn budget with an increase in taxes to finance a COP 12tn shortfall, as it originally attended, instead of reducing spending. The move is likely to be challenged in the constitutional court, which could potentially reject the budget, according to an opposition senator.
  • On the data front, August industrial and retail confidence figures are due later today. After this, unemployment data for August will be released at the start of next week, just ahead of the BanRep MPC meeting, when the central bank is expected to deliver another 50bp rate cut to 10.25%.
    • Aug. Industrial Confidence, prior -1.2
    • Aug. Retail Confidence, prior 17.0
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  • The government will circumvent congress and issue the 2025 budget by decree according to Lower House representative Eliecer Salazar, president of a congressional economic committee. The government was said to have taken the decision after failing to agree on spending cuts demanded by Congress yesterday.
  • The government will issue the COP 523tn budget with an increase in taxes to finance a COP 12tn shortfall, as it originally attended, instead of reducing spending. The move is likely to be challenged in the constitutional court, which could potentially reject the budget, according to an opposition senator.
  • On the data front, August industrial and retail confidence figures are due later today. After this, unemployment data for August will be released at the start of next week, just ahead of the BanRep MPC meeting, when the central bank is expected to deliver another 50bp rate cut to 10.25%.
    • Aug. Industrial Confidence, prior -1.2
    • Aug. Retail Confidence, prior 17.0