facebook
linkedin
twitter
About Us
  • BFSI
  • Energy
  • Infocom
  • Mining
  • Venture
  • Industry
  • Travel
  • Civic
  • Food, Health, Ag
  • Real Estate
  • Responsibility
  • Economy
  • Law & Justice
  • Interview
  • Analysis
“On the issue of eggs, it depends on its quality. Let’s say $1,800 COP (48 cents, US) a dozen or something like that.”

Finance Minister Alberto Carrasquilla Replaced By José Manuel Restrepo As Colombia’s Finance Minister After Tax Package Leads To Deadly Nationwide Protests

Posted On May 4, 2021
By : Loren Moss
Comment: 0
Tag: alberto carrasquilla, alvaro uribe, colombia, colombian eggs, dozen eggs, inalde, Iván Duque, juan pablo zarate, jusé manuel restrepo, MinCIT, minhacienda, universidad del rosario, university of bath, vicky davila

Yesterday, Colombian finance minister Alberto Carrasquilla (above) submitted his resignation to President Ivan Duque, after the fiscal reform package he authored led to protests and violence across Colombia leaving at least 19 dead. Carrasquilla became the personification and villain of the tax package—and dissatisfaction with the Duque administration more broadly—after admitting to Colombian journalist Vicky Davila in the weeks leading up to the protests that as one of Colombia’s elite, he had no idea how much basic staples like rice or eggs cost the Colombian consumer.

Let them eat eggs

According to Colombia’s public functionary registry, Carrasquillo earns a compensation package of just over $5,000 USD, or roughly 20x the Colombian minimum wage. While the salary is not exorbitant, Carrasquilla doomed himself—and perhaps his tax reform package when he went onto Colombian media to defend the proposal. Colombian journalist Vicky Dávila challenged Carrasquilla about the cost of living faced by Colombians, and the effects of the tax increases, including eggs, which would be taxed under the fiscal reform package—while sugary soft drinks would remain exempt. Carrasquilla’s answer to the cost Colombian consumers pay for a dozen eggs:

“On the issue of eggs, it depends on its quality. Let’s say $1,800 COP (48 cents, US) a dozen or something like that.”

A dozen eggs in Colombia costs an average of approximately $8,000 COP ($2.20 USD), though that price may fluctuate widely based on grade, packaging and purchase channel.

Juan Pablo Zárate, the technical deputy minister of finance, also submitted his resignation yesterday. Like Carrasquilla, Zarate also held finance ministry positions in both the administrations of Alvaro Uribe and Ivan Duque.

“My continuity in the government would make it difficult to quickly and efficiently build the necessary consensus, — Álberto Carrasquilla in his renunciation.

A familiar face takes over

President Duque immediately named current Minister of Commerce, Industry & Trade (MinCIT), José Manuel Restrepo as the new head of Colombia’s finance ministry, MinHacienda. Restrepo has been a longtime fixture of the Duque administration, working on trade deals, exports, and tourism promotion, though he is a well-credentialed economist. Restrepo in the past was a teacher in the faculties of Economics, Jurisprudence, Business Administration and in the postgraduate course in Finance at Colombia’s Universidad del Rosario and has authored a significant number of dissertations and academic articles.

Restrepo holds an undergraduate degree in economics from the same university and holds a master’s degree in Economics from the London School of Economics, Senior Management from INALDE Business School and a PhD in Management of Institutions of Higher Education from the University of Bath.

Despite the strong academic credentials, Restrepo faces a gargantuan task. As the new finance minister late into the term of an unpopular president, he now must figure out how to design a tax reform that can actually shore up Colombia’s fiscal deficits and manage the company’s debt while gaining approval from large swaths of the populace that are prone to oppose anything the Duque administration puts forward. Colombia’s debt rating is in peril, and the administration has little to no remaining political capital to spend on grand initiatives.

Restrepo speaks

José Manuel Restrepo, Colombia’s Minister of Commerce, Industry & Tourism

José Manuel Restrepo immediately took to the airwaves to outline what he hopes to accomplish. In an interview with the Caracol broadcasting network in Colombia, Restrepo said that any fiscal reform package he presents would stand upon three pillars:

  1. To benefit Colombians suffering from the Pandemic: “That we are absolutely aware of so many people who were affected as a result of the impact of a pandemic…young people who do not have the possibility of an employment relationship, all those vulnerable people who need that basic emergency income, the micro and small entrepreneurs who need a break and tax relief and payroll subsidies for an additional time, women over 40 who lost their jobs.”
  2. Send a message to the international markets that Colombia will guarantee stability in its public finances and fiscal responsibilities: Colombia is rapidly losing investor confidence and is in danger of losing its investment grade debt rating. Should that happen, the country’s government and public would face dire monetary and fiscal consequences.
  3. Restart the economy to begin to undo the damage caused by COVID-19 health measures and pandemic lockdowns, the contraction in national GDP, and dearth in tax revenues and mineral royalties. In his previous role, Restrepo oversaw Colombia’s foreign investment promotion efforts and tourism initiatives.
DON'T MISS OUT: The only English-language Colombia news that's strictly business, markets, & investment!
Join global executives & investors by subscribing to our FREE weekly updates
I agree to have my personal information transferred to MailChimp ( more information ) DISCLAIMER: Protección de Datos Personales Artículo 15 de la Constitución Política de Colombia, ley 1581 de 2012 y decreto 1377 de 2013.
We will never spam you or share your email address ¡Nunca Jamás!

Share the news!

  • Facebook
  • Twitter
  • Print
  • WhatsApp
  • LinkedIn
  • Skype

Related

Share your thoughts:

comments

About the Author
Loren Moss is the founder and publisher of Finance Colombia. He has over 20 years of international business experience, including over a decade of experience in securities, insurance, and commercial real estate, at the institutional and international level.
  • google-share
Previous Story

Colombian Fiscal Reform Proposal Defeated By Protests, President Ivan Duque Admits Defeat

Next Story

S&P Lowers Colombian Currency Rating to Junk: BB+

Related Posts

Grand Bahamas photo © Loren Moss
0

Bahamas Seeks Air Connectivity With Colombia

Posted On May 18, 2022
, By Loren Moss
Roberto Kriete, avianca's main shareholder and chairman of the Board of Directors.
0

Shareholders Of Viva, Avianca & Gol Announce The Creation Of Abra Group To Dominate South American Skies

Posted On May 11, 2022
, By Loren Moss
Colombia’s attorney general charged Russian national Sergein Vagin and six other people
0

Alleged Russian Spy Charged…With Running A Gambling Mafia

Posted On April 12, 2022
, By Loren Moss

You must log in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.





Search

RECENT

POPULAR

COMMENTS

The World’s 50 Best Restaurants today reveals Leonor Espinosa of Leo, Bogotá, as the 2022 winner of The World’s Best Female Chef Award, sponsored by Nude Glass

Colombian Leonor Espinosa Named "World's Best Female Chef"

Posted On May 18, 2022
Grand Bahamas photo © Loren Moss

Bahamas Seeks Air Connectivity With Colombia

Posted On May 18, 2022
Roberto Kriete, avianca's main shareholder and chairman of the Board of Directors.

Shareholders Of Viva, Avianca & Gol Announce The Creation Of Abra Group To Dominate South American Skies

Posted On May 11, 2022
Colombia’s attorney general charged Russian national Sergein Vagin and six other people

Alleged Russian Spy Charged…With Running A Gambling Mafia

Posted On April 12, 2022

Viva Launches Nonstop Routes To Buenos Aires, Argentina From Medellín & Bogotá, Colombia

Posted On April 12, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Court Blocks Colombia’s $370 Million USD Emergency Loan To Bankrupt Avianca Airlines

Posted On September 12, 2020

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

AVIANCA IS BANKRUPT

Posted On May 10, 2020

[…] damn what she said. She and...

Posted On April 4, 2022

[…] by short sellers seeking to...

Posted On March 22, 2022

[…] no longer travel freely...

Posted On March 8, 2022

[…] Duque’s administration will...

Posted On March 8, 2022

[…] See also: 13 Police Injured In...

Posted On March 3, 2022

Watch This!

Consider Advertising With Us

Click here to visit Expat Group's English site

Subscribe Free

don't forget to include "http://"
* = required field
Your Background / Function








unsubscribe from list

RECENT

POPULAR

COMMENTS

The World’s 50 Best Restaurants today reveals Leonor Espinosa of Leo, Bogotá, as the 2022 winner of The World’s Best Female Chef Award, sponsored by Nude Glass

Colombian Leonor Espinosa Named "World's Best Female Chef"

Posted On May 18, 2022
Grand Bahamas photo © Loren Moss

Bahamas Seeks Air Connectivity With Colombia

Posted On May 18, 2022
Roberto Kriete, avianca's main shareholder and chairman of the Board of Directors.

Shareholders Of Viva, Avianca & Gol Announce The Creation Of Abra Group To Dominate South American Skies

Posted On May 11, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

[…] damn what she said. She and...

Posted On April 4, 2022

[…] by short sellers seeking to...

Posted On March 22, 2022

[…] no longer travel freely...

Posted On March 8, 2022

Watch This!

Contact Us (Click the image):

Pages

  • About Us
  • Colombia Events, Conferences, Festivals and Important Dates
  • Contact Us
  • main
  • Media Partnerships
  • Privacy Policy
  • Search Results
  • Whatsapp test page
Copyright 2014-2020 Finance Colombia All Rights Reserved. We may earn commissions from qualifying purchases.
Posting....
WhatsApp us
 

Loading Comments...
 

You must be logged in to post a comment.