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Finance Minister Bonilla Attends Congressional Hearing On Debt Ceiling

COLOMBIA
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  • No macro data are due today, with April unemployment figures to come on Friday. Colombian Finance Minister Bonilla will attend a congressional hearing to discuss a government-backed bill to raise the nation’s debt ceiling.
  • On Friday, President Petro had threatened to cease payments if Congress didn’t lift the debt ceiling, putting local assets under pressure briefly. However, the Finance Ministry has said it remains confident Congress would lift the ceiling.
  • Separately, Colombia’s Constitutional Court rejected the government’s request to postpone paying back royalty taxes to oil and mining companies, saying that the government hadn’t demonstrated that a ruling that overturned royalty taxes last year produced serious impacts on fiscal sustainability. The decision means the government will have to pay back the money it received, with a fiscal impact estimated at $1.7bn.
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  • No macro data are due today, with April unemployment figures to come on Friday. Colombian Finance Minister Bonilla will attend a congressional hearing to discuss a government-backed bill to raise the nation’s debt ceiling.
  • On Friday, President Petro had threatened to cease payments if Congress didn’t lift the debt ceiling, putting local assets under pressure briefly. However, the Finance Ministry has said it remains confident Congress would lift the ceiling.
  • Separately, Colombia’s Constitutional Court rejected the government’s request to postpone paying back royalty taxes to oil and mining companies, saying that the government hadn’t demonstrated that a ruling that overturned royalty taxes last year produced serious impacts on fiscal sustainability. The decision means the government will have to pay back the money it received, with a fiscal impact estimated at $1.7bn.