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Firearms and heavy weapons remain exempt from taxation, along with bottled mineral water and most soft drinks. In a “Let them eat cake” moment, Duque’s finance minister Alberto Carrasquilla in an interview defending the tax package, admitted that he had no idea how much basic...

Ahead of the expected presentation of the tax reform to Congress next week, the 'commission of experts' have spoken with their views as to what needs to happen.

The affirmation reflects Fitch's expectations that Medellin will maintain an adequate operating performance and manageable debt levels in spite of the economic impact of the coronavirus pandemic.

The Colombian government has set minimum legal wages, transportation subsidies, and the integrated wage for higher paid employees for 2021, reflecting a 3.5% increase over 2020 levels.

The negative outlook reflects downside risks to the economic growth outlook and uncertainties about the capacity of the government's policy response to decisively cut deficits and stabilize and eventually lower debt in the coming years, following the sharp rise in general...

The outlook change to negative reflects risks that the economic and fiscal effects of the coronavirus shock, which Moody's identifies as a social risk under its ESG framework, may leave a lasting impact on Colombia's fiscal strength and its overall credit profile.

The number of defaults in 2020 is on pace to exceed that of 2019 with indications there will be more to follow, given 6 group-level defaults YTD compared with 6 in all of 2019, and the high number of ratings at ‘CCC’ or below categories.

On June 15 Colombia’s Fiscal Rule Consultative Committee accepted a proposal by Minhacienda, Colombia’s Finance Ministry, to suspend the application of Colombia’s Fiscal Rule that strictly limited deficit spending, for the years 2020 and 2021. While the government seeks to...

According to Fitch Ratings, Latin America sovereigns' weak public finances make them particularly vulnerable to the coronavirus crisis by limiting both their counter-cyclical policy flexibility and their ability to support post-crisis economic recoveries. The pronounced negative...

Further reductions to our growth forecasts for Chile (A/Negative) and Colombia (BBB-/Negative) due to the coronavirus pandemic will mean faster increases in budget deficits and public debt this year, Fitch Ratings says. The ability to develop credible medium-term plans to reverse...