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Duque Names Jose Manuel Restrepo As New Finance Minister

COLOMBIA
  • After the resignation of Colombia's Finance Minister Alberto Carrasquilla and Deputy Finance Minister Juan Pablo Zarate on Monday, President Duque named Jose Manuel Restrepo, the current Trade Minister, to step in as Finance chief.
  • The reshuffle comes after days of bloody street protests pushed the government to shelve the plan to raise taxes.
  • Carrasquilla faced a backlash from lawmakers from across the political spectrum since presenting his proposal last month, and said in a statement that his continued presence in government would "make it difficult to build the necessary consensus quickly and efficiently."
  • Analysts note that the placement of a fresh official might be able to garner more support with various factions across congress.
  • Markets will now await news about the introduction of a new tax plan, expected to be significantly watered down from the original bill.

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