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Opposition Protests To Petro’s Pension Reform Expected Today

COLOMBIA
  • Colombia’s opposition is expected to hold protests in several cities across the country today, including Bogota and Medellin. The opposition are protesting against President Petro’s pension reform proposal, which is set to be debated in congress later. On the data front, the calendar is light today, with focus remaining on tomorrow’s key CPI inflation release, ahead of the March 22 BanRep MPC meeting.
  • In other news, Finance Minister Bonilla said yesterday that the finance ministry will send a bill to congress to increase the debt shelf (the authorised limit on external debt) by around $17bn. He added that this doesn’t mean the government will increase borrowing or affect commitments to the fiscal rule, rather this is needed as payments to the IMF as part of the flexible credit line aren’t included in the fiscal accounts and don’t therefore increase borrowing capacity.
  • Meanwhile, the latest fiscal data reveal that the execution of the national budget was slightly below average at the end of February. The government had executed 10.3% of the annual target, excluding debt service, by the end of last month, which Itaú note was 0.3pp below the average from 2000 to 2022. In particular, investment spending continues to lag, reaching just 5.4% of the annual target so far.
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  • Colombia’s opposition is expected to hold protests in several cities across the country today, including Bogota and Medellin. The opposition are protesting against President Petro’s pension reform proposal, which is set to be debated in congress later. On the data front, the calendar is light today, with focus remaining on tomorrow’s key CPI inflation release, ahead of the March 22 BanRep MPC meeting.
  • In other news, Finance Minister Bonilla said yesterday that the finance ministry will send a bill to congress to increase the debt shelf (the authorised limit on external debt) by around $17bn. He added that this doesn’t mean the government will increase borrowing or affect commitments to the fiscal rule, rather this is needed as payments to the IMF as part of the flexible credit line aren’t included in the fiscal accounts and don’t therefore increase borrowing capacity.
  • Meanwhile, the latest fiscal data reveal that the execution of the national budget was slightly below average at the end of February. The government had executed 10.3% of the annual target, excluding debt service, by the end of last month, which Itaú note was 0.3pp below the average from 2000 to 2022. In particular, investment spending continues to lag, reaching just 5.4% of the annual target so far.