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COLOMBIA: Lower House Approves De-Centralisation Bill

COLOMBIA
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  • Last night, the lower house of Congress approved the de-centralisation bill, which will increase transfers to the regional authorities to 39.5% of central government revenue by 2039. Having passed the eight debates needed to become law, the bill now needs another vote to reconcile differences between what the senate and the lower house have approved.
  • Interior Minister Juan Fernando Cristo said that the transfer of fiscal revenue must be in line with the country’s fiscal sustainability and the government’s fiscal rule. Congress will now discuss another bill that will make clear what responsibilities the central government will transfer to the regions, to limit the fiscal costs of the constitutional reform.
  • No macro data are due today, with focus ahead on November CPI inflation figures on Friday. Yesterday, the current account deficit remained broadly steady in Q3, coming in at $1.669bn, following a $1.666bn deficit in Q2. This was well below consensus estimates for a $2.4bn deficit and brought the 4-quarter rolling deficit down to 1.87% of GDP, from 1.93%, its smallest since Q4 2006.
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  • Last night, the lower house of Congress approved the de-centralisation bill, which will increase transfers to the regional authorities to 39.5% of central government revenue by 2039. Having passed the eight debates needed to become law, the bill now needs another vote to reconcile differences between what the senate and the lower house have approved.
  • Interior Minister Juan Fernando Cristo said that the transfer of fiscal revenue must be in line with the country’s fiscal sustainability and the government’s fiscal rule. Congress will now discuss another bill that will make clear what responsibilities the central government will transfer to the regions, to limit the fiscal costs of the constitutional reform.
  • No macro data are due today, with focus ahead on November CPI inflation figures on Friday. Yesterday, the current account deficit remained broadly steady in Q3, coming in at $1.669bn, following a $1.666bn deficit in Q2. This was well below consensus estimates for a $2.4bn deficit and brought the 4-quarter rolling deficit down to 1.87% of GDP, from 1.93%, its smallest since Q4 2006.