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The government plans to gradually reduce the central government fiscal deficit by 3.4pp of GDP.

Breaking the fiscal rule without extraordinary cause may risk overspending, mounting debt, and a blow to Colombia’s economic credibility.

The suspension is due to the lack of a credible fiscal plan under Colombia's current presidential administration.

While Colombia was not included in the IMF's mid-year reassessment, the organization in April projected the nation's economy to grow by 1.0% in 2023 and 1.9% in 2024.

On the markets the Peso had a bumpy week before recovering somewhat by Friday.

Colombia is very rarely, if ever, bereft of news, and this week was no exception. In fact it was a bit of a doozy!

A Colombian government delegation was in Washington this week meeting with IMF, World Bank and US officials.

The sun will rise again. In fact for many it is already showing signs of an appearance and even Colombia still has a story to tell.

We have seen a slight rebound over recent sessions as the peso recovers from the perfect storm of a lost investment grade, a wobbly oil price and forthcoming elections. Another major factor for the peso will be exports and there was good news on that front for July.

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...