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President Petro Signs Pension Reform Into Law

COLOMBIA
  • In a speech yesterday, President Petro accused the country’s banks and utility firms of trying to block his reforms, saying that interest rates and energy fees are too high. His remarks came as he signed his pension reform into law yesterday.
  • The law, which makes the government the manager of around 70% of all worker contributions, while private funds will receive the rest, is due to take effect in July 2025. As noted previously, however, there is a risk that the bill may be rejected by the nation’s constitutional court, after it was rushed through the lower house without a debate last month to beat an imminent deadline.
  • In terms of the macro calendar, no data are due today, with attention on May economic activity tomorrow, where analysts expect growth to slow to 1.2% y/y, from 5.5%. This will be followed by May trade balance data on Friday.
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