Economic challenges faced by the Government in its first 100 days

Economic challenges faced by the Government in its first 100 days

This Tuesday, the National government, headed by President Gustavo Petro and his ministerial cabinet, released the management balance of the first 100 days of administration, in which the achievements made so far were highlighted, as well as some aspects of the roadmap were released which will continue for the next four years.

(Did there change? The milestones that Petro attributes to his first 100 days).

In a brief intervention, during the round of questions, the Minister of Finance and Public Credit, José Antonio Ocampo spoke of the economic outlook facing the country, inflation and tax reform.

According to Minister Ocampo, the economic task “It is complex due to the international effects that are being experienced, due to inflation, which is a global phenomenon that is largely associated with Russia’s invasion of Ukraine, and the impact it has had on the prices of food, fertilizers and in the prices of oil and coal”.

He adds that another factor that makes the economic outlook even more complex is the threat of recession.

(Special: the 100 days of Gustavo Petro’s government).

However, he stressed that in recent weeks there had been “some positive signs that give hope that all the increase in interest rates, which is the issue that most directly affects us, begins to ease.”

“In fact, in recent weeks we have had a significant decrease in our risk margins both in the domestic market and in the international market, on which this effect on the interest rate should be mitigated”he added.

Gustavo Petro, President of Colombia.

Sergio Steel Yacht

However, he warned that in any case, the economy is going to have a deceleration, before which it is expected that some social programs, which are going to be financed with the tax reform, will help to offset the social and economic impact.

“As I said extensively in the tax reform debate, when one imposes taxes, but at the same time transfers them to social issues, the impact on the economy is positive,” Ocampo stated.

(Petro’s messages that have generated nervousness in the markets).

Finally he says that he The government also expects an improvement in inflation contribute to increasing the real income of Colombian workers, which will also have a positive impact on economic activity.

Economic achievements, according to the Government

– Approval of the tax reform.

-The economic commissions of Congress endorsed the royalty budget 2023-2024 in their first discussion. The project reaches an amount of $31.3 trillion, 2.1% of GDP. The initiative will make it possible to increase social spending in the regions.

– Signed a new International Coffee Agreementwhich seeks to face the challenges of the industry and unite all the actors in the sector, in order to work together to improve the conditions of millions of coffee-growing families.

-The project was approved. General Budget of the Nation 2023 for $405.6 billion. The resources will be used mainly for agricultural development, education, health, drinking water and rural housing, peace and social spending.

– The final text of the draft decree on the efficient management of public resources referring to excess liquidity of government entities by the National Treasury of the Ministry of Finance.

– The record was broken inflow of foreign capital to the purchase of national public debt, with the purchase of $5.7 trillion in TES.


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