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Ocampo Says Twin Deficits to Narrow Significantly in 2023

COLOMBIA
  • Finance Minister Jose Antonio Ocampo indicated Colombia is committed to improving its fiscal position, speaking in webinar organized by ValoraAnalitik. Ocampo said Colombia’s current account deficit should narrow to around 4% of GDP next year from about 6% in 2022 with imports expected to slow next year and the reopening of the border with Venezuela to help boost exports.
  • Additionally, Ocampo said plans for a pension reform need to take into consideration fiscal sustainability. Any reforms also need to take into account the role local pension fund managers have as buyers of government peso bonds, known as TES.
  • On growth, Ocampo described the latest activity data as robust, however, incoming data for year-end 2022 may have weakened.

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