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COLOMBIA: Government To Support Farmers In Catatumbo Region, Jan Exports Due

COLOMBIA
BulletEM BulletEmerging Market News
  • President Petro said in a televised cabinet meeting yesterday that the government will spend COP 2.7tn ($657mn) to finance programmes to substitute illegal coca crops and support food production to ease the security crisis in the country’s Catatumbo region. Petro said that the government will pay farmers to voluntarily eradicate up to 25,000 hectares of coca crops while it invests in roadbuilding in the region. Financing will come from emergency decrees that impose temporary taxes on online gambling platforms and a surcharge on fossil fuel exports.
  • Today, Finance Minister Guevara and Commerce Minister Luis Carlos Reyes will participate in an event to strengthen access to financial services in Bogota from 1400GMT(0900ET). Meanwhile, Ecopetrol will report its Q4 results after the market closes, with analysts expecting revenue expected to decline, amid lower oil prices and production. Ecopetrol president, Ricardo Roa, will hold a press conference at 2130GMT(1630ET) to discuss the results.
  • On the data front, January export data will be released at 1500GMT(1000ET), with consensus for shipments to decline to $3.86bn, from $4.47bn in December. Q4 current account figures are also due today or tomorrow, with consensus there for a slight widening in the deficit to $2.0bn.
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  • President Petro said in a televised cabinet meeting yesterday that the government will spend COP 2.7tn ($657mn) to finance programmes to substitute illegal coca crops and support food production to ease the security crisis in the country’s Catatumbo region. Petro said that the government will pay farmers to voluntarily eradicate up to 25,000 hectares of coca crops while it invests in roadbuilding in the region. Financing will come from emergency decrees that impose temporary taxes on online gambling platforms and a surcharge on fossil fuel exports.
  • Today, Finance Minister Guevara and Commerce Minister Luis Carlos Reyes will participate in an event to strengthen access to financial services in Bogota from 1400GMT(0900ET). Meanwhile, Ecopetrol will report its Q4 results after the market closes, with analysts expecting revenue expected to decline, amid lower oil prices and production. Ecopetrol president, Ricardo Roa, will hold a press conference at 2130GMT(1630ET) to discuss the results.
  • On the data front, January export data will be released at 1500GMT(1000ET), with consensus for shipments to decline to $3.86bn, from $4.47bn in December. Q4 current account figures are also due today or tomorrow, with consensus there for a slight widening in the deficit to $2.0bn.