A few days before the Ministry of Finance presents its financial plan for 2021, the Autonomous Committee of the Fiscal Rule (CARF), an organization that was created through the 2021 tax reform or Social Investment Law, is already preparing its first concept.
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“From the technical direction we will present technical pronouncements based on documents or public participation in scenarios. The pronouncements of the Technical Committee will also be limited to the analysis of the calendar of publications of fiscal issues, at this moment we do not have conclusions to pronounce ourselves, the first pronouncement on public finances will be on the financial plan”, indicated Andrés Velasco, technical director of the Committee.
The CARF is made up by 7 members, five expert members, and two alternates, among the presidents of the economic commissions of Congress. In addition, the advisory team was made up of 7 technical members and is led by Velasco.
Among the five experts who were appointed last year are the former Minister of Mines, María Fernanda Suárez, the president of the Stock Exchange, Juan Pablo Córdoba, the ECLAC advisor for Latin America, Olga Lucía Acosta; Sylvia Escovar, former president of Terpel and current president of Grupo Keralty and academic Fernando Jaramillo. Maria del Rosario Guerra and Wilmer Carrillo are also part of the Committee.
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According to Velasco, tomorrow the president of the Committee would be defined among these seven members.
It is worth remembering that the fiscal rule is an instrument that the State has to ensure the long-term sustainability of public finances, as well as contributing to the macroeconomic stability of the country. This tends not to exceed the net debt limit of 71% of GDP and maintains the net debt anchor at 55% of GDP. As a result of the pandemic, the mechanism was suspended during 2020 and 2021.
Laura Becerra
