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Government To Borrow $5.5 billion Overseas in 2024

COLOMBIA
  • On Thursday, Colombia’s finance minister and public credit director unveiled the latest financing plan for 2024. Ricardo Bonilla unveiled that Colombia targets a 2024 fiscal deficit of 5.3% of GDP this year, up from 4.3% last year and that the primary deficit will widen to 0.9% of GDP from 0.3% prior.
  • Fiscal revenue will be lower than expected this year, but the government doesn’t estimate spending cuts as it seeks to promote economic growth. The government’s fiscal rule allows for a wider budget deficit.
  • Colombia will borrow $5.5 billion overseas this year, of which around 45% will be from bond sales and the rest from multilateral loans. The nation will not use the IMF’s flexible credit line to get financing, Jose Roberto Acosta said. Colombia will borrow 53.4 trillion pesos internally this year, of which it will auction 37 trillion pesos in the local market.
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