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Government To Comply With Fiscal Rule Targets

COLOMBIA
  • Via twitter, Colombian President Gustavo Petro announced that Colombia will manage to comply with fiscal rule targets even as the government’s debt load is expected to jump almost 40% next year.
  • The president stated that he met with his cabinet until 5 a.m. Friday to work on the 2024 budget proposal that the government are required to send to Congress. Public investment will increase 10.5% to 95 trillion pesos ($24.2 billion) while the administration reduces the primary deficit, in line with the fiscal rule, Petro said.
  • According to Bloomberg an independent oversight committee had previously warned that the rise in spending and uncertainty over revenue may lead to the government to break its fiscal rule, which aims to keep its deficit in check.
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