‘Protect the investment’: request of the ex-Minhacienda to the Petro government

President Gustav Petro came to the first 100 days of his government, after his possession on August 7, 2022.

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During this time, his mandate has been marked by some decisions and moments related to the economy: carried out the projects of the General Budget of the Nation (PGN) for 2023 and tax reform, as well as various pronouncements and positions on oil exploration and exploitation and the energy transition.

And on the occasion of his first 100 days, the former Minister of Finance of the government of Iván Duque, Jose Manuel Restrepo He recounted how they handed over the national economy to Petro and company.

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In the first place, Restrepo commented that there was a “outstanding growth in the world with recovery of jobs lost in the pandemic and the largest fiscal adjustment in 29 years after the worst shock in the country’s economic history“.

On economic growth, he said that the rate of 10.7% in 2021 it was “outstanding and tall” and that, by 2022, it is estimated to be 8%, “which would be the highest in OECD countries. This allowed the country’s fastest historical recovery and the second reactivation in the world, according to The Economist at the time.“.

(See: Prices have risen 10.86% from January to October: what is the most expensive).

“After overcoming the worst economic shock in our history (covid 19), in two years achieving the largest fiscal adjustment in 29 years (almost 3% of GDP) and with the forecast of returning in 2023 to a primary fiscal surplus and in 2022 a debt almost at the lower limit (anchor) allowed by the fiscal ruleRestrepo continued.

As for the tax collection, The former official commented that record figures were achieved and that they worked together with the National Tax and Customs Directorate (Dian) to fight against evasion and smuggling, which allowed “have less need for access to financing and an additional almost 14 trillion for investment needs in 2022, after a pandemic“.

Finally, Restrepo called for protect investment and support the country’s private sector.

(See: Informality stood at 58.3% for the July-September quarter).

“The economic challenges continue to exist, but with the possibility of building on what has been built. Now, to protect the investment, take care of the exchange rate, build confidence, an orderly energy transition and support for the private sector, which is the one that generates employment, income and increase“, hill.

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