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Fiscal Council Highlights Risk Of Missing Fiscal Rule

COLOMBIA
  • The Fiscal Council, which is responsible for overseeing the government’s compliance with the country’s fiscal rule has warned that the rule is at risk of not being met. The Council has criticised the government’s plan to include non-permanent revenue, specifically the practice of counting COP 10 trillion from litigation arbitration as structural revenue. To ensure compliance with the fiscal rule, the Council advises an additional fiscal adjustment of COP 10 trillion this year.
  • The government forecast a 5.3% of GDP fiscal deficit this year (vs. 4.3% in 2023), with a net primary structural deficit of 0.2% of GDP. But the Council says that without this adjustment the net primary structural deficit would rise to 0.8% of GDP, which would not comply with the rule.
  • In the speakers schedule, BanRep Governor Villar will speak in a congressional committee to discuss interest rate and growth forecasts at 1500GMT(1100ET). No macro data are due for release today, with the next key data being January industrial production and retail sales on Friday.
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