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Government Now Planning To Auction 34 Trillion Pesos Of TES This Year

COLOMBIA
  • On Wednesday, the finance ministry in Colombia increased its target for bond auctions this year as lower crude prices and weaker economic growth widen the fiscal gap. The government now plans to auction 34 trillion pesos ($8.2 billion) of local government bonds known as TES in 2023, from a previous forecast of 27 trillion, Public Credit Director Jose Roberto Acosta said.
    • Next year, the government plans to sell 37 trillion of the securities, Acosta told reporters in Bogota. The nation also plans to raise $6 billion overseas next year, from debt sales and multilateral loans, according to the Finance Ministry’s medium-term financial plan.
    • The finance ministry is now forecasting a 2023 budget deficit of 4.3% of GDP from a previous estimate of 3.8%, Finance Minister Ricardo Bonilla said in his presentation of the report.
  • Colombia President Gustavo Petro is on an official visit to Germany today, while his commerce and environment ministers speak at separate events. Late yesterday, Petro said that Colombia’s Senate committee approved the pension reform bill. The bill now needs to be approved by the plenary of the Senate.
  • DANE publishes manufacturing production and retail sales data for April. Economists surveyed by Bloomberg forecast annual drops of 3% and 5.2%, respectively.
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