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Finance Ministry Confident Congress Will Raise Debt Ceiling

COLOMBIA
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  • Colombian assets came under some pressure Friday after President Petro’s threatened to cease payments if Congress didn’t lift the debt ceiling. Most of the move was unwound later in the session as the Finance Ministry said it remained confident Congress would lift the ceiling. BBVA also say that it is highly probable that the bill will be approved, as has been the case historically. They note that the debt ceiling is only related to external debt, and if not approved the government would have to find pesos to convert into dollars, but the default risk is very low.
  • In other news, former Colombian President Alvaro Uribe was charged Friday over an alleged conspiracy to bribe jailed criminals, according to local media. El Espectador reported that he was charged with bribing witnesses and undermining the course of justice. Uribe has repeatedly denied wrongdoing and claimed that he is the victim of political persecution.
  • On the data front, focus this week turns to April unemployment data on Friday. The central bank will also hold a non-monetary policy Board meeting that day.
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  • Colombian assets came under some pressure Friday after President Petro’s threatened to cease payments if Congress didn’t lift the debt ceiling. Most of the move was unwound later in the session as the Finance Ministry said it remained confident Congress would lift the ceiling. BBVA also say that it is highly probable that the bill will be approved, as has been the case historically. They note that the debt ceiling is only related to external debt, and if not approved the government would have to find pesos to convert into dollars, but the default risk is very low.
  • In other news, former Colombian President Alvaro Uribe was charged Friday over an alleged conspiracy to bribe jailed criminals, according to local media. El Espectador reported that he was charged with bribing witnesses and undermining the course of justice. Uribe has repeatedly denied wrongdoing and claimed that he is the victim of political persecution.
  • On the data front, focus this week turns to April unemployment data on Friday. The central bank will also hold a non-monetary policy Board meeting that day.