MNI FED WATCH: Powell-No Hurry To Cut Still-Restrictive Rates

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100 BPS TO 13.25%

MNI: Rough Transcript Of Fed Chair Powell's January Presser

MNI: Fed Statement Comparison - January vs. December

MNI INTERVIEW2: New NBH Chief Must Clarify Reaction Function

MNI BRIEF: U.S. Senate Confirms Bessent as Treasury Secretary

EZ/UK Bond Supply Calendar: Italy, UK Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR +3.46M TO 415.1M JAN 24 WK

MNI: US MBA: MARKET COMPOSITE -2.0% SA THRU JAN 24 WK

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

COLOMBIA: Committee Says Further Adjustment Needed To Meet 2025 Fiscal Rule

COLOMBIA
BulletEM BulletEmerging Market News
  • CARF, the committee that oversees Colombia’s fiscal rule, said that its preliminary estimate of the 2024 fiscal position suggests that the government missed its deficit target by around COP 21tn ($5bn). Tax revenue through November was below projections in the mid-term fiscal plan, while central government primary expenditure last year was COP 313.7tn, above the projected COP 303.9tn.
  • CARF also said that government’s plan to reduce the budget by COP 12tn trillion in 2025 is insufficient to meet the fiscal rule this year. It said that the government requires an additional fiscal adjustment of around COP 40tn to comply with this year’s fiscal rule, due to possible overestimation of fiscal revenue projected in the 2025 budget.
  • Yesterday, Finance Minister Guevara said that the government would delay COP 12bn (0.7% of GDP) of spending from this year’s budget as he acknowledged that there is no room for discussion of another tax bill in Congress to cover the budget shortfall. The proposal to delay spending will be published in the coming weeks, he said.
170 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • CARF, the committee that oversees Colombia’s fiscal rule, said that its preliminary estimate of the 2024 fiscal position suggests that the government missed its deficit target by around COP 21tn ($5bn). Tax revenue through November was below projections in the mid-term fiscal plan, while central government primary expenditure last year was COP 313.7tn, above the projected COP 303.9tn.
  • CARF also said that government’s plan to reduce the budget by COP 12tn trillion in 2025 is insufficient to meet the fiscal rule this year. It said that the government requires an additional fiscal adjustment of around COP 40tn to comply with this year’s fiscal rule, due to possible overestimation of fiscal revenue projected in the 2025 budget.
  • Yesterday, Finance Minister Guevara said that the government would delay COP 12bn (0.7% of GDP) of spending from this year’s budget as he acknowledged that there is no room for discussion of another tax bill in Congress to cover the budget shortfall. The proposal to delay spending will be published in the coming weeks, he said.