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Finance Minister Bonilla To Present Fiscal Framework

COLOMBIA
  • Colombia’s government plans to incorporate an extra 16.9t pesos ($4 billion) into its 2023 budget, according to the text of the budget addition bill sent by the Finance Ministry on Tuesday. The finance ministry updated its macroeconomic forecasts, so the new budget addition is in line with the fiscal rule.
    • Govt sees fiscal deficit of 4.3% of GDP from 5.3% in 2022.
    • Forecasts net debt of 55.8% of GDP from 57.9% in 2022.
    • No longer forecasts a primary fiscal surplus, as it had done in the financial plan presented earlier this year.
    • This afternoon, Finance Minister Ricardo Bonilla will present this year’s medium-term fiscal framework.
  • Separately, BanRep Governor Leonardo Villar and Ecopetrol CEO Ricardo Roa will participate in the first day of the Andesco congress in Cartagena. Villar, together with Colombia’s financial superintendent César Ferrari, will also participate in the opening panel of the Banking Convention that will be held later in the day.
  • Moody’s sovereign analyst, Renzo Merino, will speak about Colombia’s credit profile at an event organized by the rating agency in Bogotá.
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