Reported 7 months ago
Colombia is facing its largest fiscal deficit since the Covid-19 pandemic due to declining tax revenues, prompting the government to increase its deficit target to 5.6% of GDP in 2024. Investors are nervous, leading to drops in the peso and local currency bonds. The government plans to reduce the budget by 20 trillion pesos and increase bond auctions by 3 trillion pesos to address the deficit. Despite credit downgrades, President Gustavo Petro assures that social programs won't be impacted.
Source: YAHOO