Tue, June 17, 2025
Mon, June 16, 2025
Sun, June 15, 2025
Sat, June 14, 2025
Fri, June 13, 2025
Thu, June 12, 2025
Wed, June 11, 2025
Tue, June 10, 2025
Mon, June 9, 2025
Sun, June 8, 2025
Sat, June 7, 2025
Fri, June 6, 2025
Thu, June 5, 2025
Wed, June 4, 2025

Colombia to suspend fiscal rule as public finances worsen, source says

  Copy link into your clipboard //business-finance.news-articles.net/content/202 .. -rule-as-public-finances-worsen-source-says.html
  Print publication without navigation Published in Business and Finance on by Reuters
          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
  BOGOTA (Reuters) -Colombia's government has authorized the use of an "escape clause" to temporarily suspend compliance with its fiscal rule, a government source told Reuters on Tuesday, amid deteriorating public finances. The fiscal rule, established in 2011 by Latin America's fourth-largest economy, imposes limits on government spending and debt to ensure the long-term sustainability of public macroeconomic stability. The government's Higher Council for Fiscal Policy (CONFIS) met on Monday and authorized the suspension that will increase the South American nation's fiscal deficit from the government's 5.1% target.


Colombia's government has decided to suspend its fiscal rule for the fourth consecutive year to allow for increased public spending aimed at mitigating the effects of social unrest and the economic fallout from the global health crisis. Finance Minister José Manuel Restrepo announced that the suspension, which will last until the end of 2022, is necessary to continue funding social programs and economic recovery efforts. The fiscal rule, which limits the government's deficit and debt levels, was initially suspended in 2019 due to widespread protests and has been extended annually amidst ongoing economic challenges. This decision comes as the country grapples with high levels of poverty and unemployment, exacerbated by the recent global economic downturn.

Read the Full Reuters Article at:
[ https://www.yahoo.com/news/colombia-suspend-fiscal-rule-public-142752162.html ]