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COLOMBIA: Government Seeks Funds For Internal Security Crisis

COLOMBIA
BulletEM BulletEmerging Market News
  • Speaking to lawmakers in a Congressional hearing yesterday, Deputy Finance Minister Juanita Villaveces said that the government is seeking to raise COP 1.063tn ($252mn) to finance domestic problems created by the security crisis in the Catatumbo region near the Venezuelan border. Villaveces said that three temporary tax measures lasting 90 days were being considered, including a VAT on online gambling platforms that would raise COP 519bn, a temporary 1% surcharge on oil and coal exports that would raise COP 214bn and a tax on legal documents that would raise COP 330bn.
  • Villaveces’ comments are consistent with previous remarks from Finance Minister Guevara, who said that the government was considering temporary measures to help finance the internal commotion, the emergency state declared by the government last week for the region.
  • On the data front, the calendar is light today, ahead of November trade tomorrow and December unemployment figures on Friday. Focus will then turn to Friday’s BanRep MPC meeting, when the central bank is expected to deliver another 25bp cut to 9.25%, with risks of a pause. A full MNI preview of the meeting, with analyst views, will be published later.
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  • Speaking to lawmakers in a Congressional hearing yesterday, Deputy Finance Minister Juanita Villaveces said that the government is seeking to raise COP 1.063tn ($252mn) to finance domestic problems created by the security crisis in the Catatumbo region near the Venezuelan border. Villaveces said that three temporary tax measures lasting 90 days were being considered, including a VAT on online gambling platforms that would raise COP 519bn, a temporary 1% surcharge on oil and coal exports that would raise COP 214bn and a tax on legal documents that would raise COP 330bn.
  • Villaveces’ comments are consistent with previous remarks from Finance Minister Guevara, who said that the government was considering temporary measures to help finance the internal commotion, the emergency state declared by the government last week for the region.
  • On the data front, the calendar is light today, ahead of November trade tomorrow and December unemployment figures on Friday. Focus will then turn to Friday’s BanRep MPC meeting, when the central bank is expected to deliver another 25bp cut to 9.25%, with risks of a pause. A full MNI preview of the meeting, with analyst views, will be published later.