US EditionColombia Proposes Emergency Economic Decree to Bolster 2026 Budget
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Colombia Proposes Emergency Economic Decree to Bolster 2026 Budget
Colombia Proposes Emergency Economic Decree to Bolster 2026 Budget Colombia's government is set to introduce an economic emergency decree this Friday to amass approximately 16 trillion pesos, equivalent to $4.13 billion, to finance portions of the 2026 budget. This initiative follows Congress's refusal to pass a 16.3 trillion-peso tax reform bill, crucial for funding next year's expenditures.At a press conference, Finance Minister German Avila a…
The Minister of Finance, Germán Ávila, warns that on Friday they will publish the decree declaring the state of emergency, and that next week they will issue the measures to “recover what Congress left unfunded”
The decision of the government of Gustavo Petro to decree an economic emergency after the collapse of the tax reform unleashed a wave of criticism from various sectors. Business associations, former ministers, opposition politicians and analysts agree to point out that the measure lacks technical justification and represents an institutional shortcut to the legislative failure. The president of the National Association of Businessmen of Colombia…
The main argument of the government to do so is that its huge budget for 2026, of 516 billion pesos, is underfunded after Congress has filed the financing law. With the emergency, which will most likely be overthrown by the Constitutional Court, Petro seeks to maintain a high level of public spending in an electoral year without making cuts, using extraordinary powers to put taxes without going through Congress. The mother decree of the economic…
The economic emergency will be Gustavo Petro's Government's Plan B to obtain the necessary resources to finance the budget of 2026, after the defeat suffered by the Executive in Congress, which denied him a tax reform of COP$16.3 billion. See more: Central Bank of Colombia kept interest rates stableGermán Ávila, Minister of Finance, assured at the end of the press conference of monetary policy, that this defeat of the Government in the legislatu…
Bogotá, 19 Dec (Prensa Latina) The Government of Colombia seeks to implement the declaration of Economic Emergency after the collapse of the financing law that was ruined in the Seventh Senate Commission, reported today the Ministry of Finance and Public Credit. The post Government of Colombia will seek to declare Economic Emergency first appeared on Noticias Prensa Latina.
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