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Colombia's Central Bank, Finance Ministry, and Financial Regulator met today to discuss the rapidly deteriorating global financial situation fueled by coronavirus, outbreak of petroleum price war, and a falling currency value.

“Colombia's creditworthiness could be pressured” if low growth persists and high fiscal deficits undermine the government’s push to reduce debt.

"There is still a long way to go," says Transparency International.

"This report highlights the challenging environment that Colombian consumers are experiencing," says Bancolombia.

S&P made no changes but suggested it could downgrade Colombia's sovereign rating if the country's fiscal debt burden does not improve within the next 18 months.

Though the increase was welcomed by the government, the 126.7 trillion pesos collected came in below the target of 130.1 trillion pesos.

Protestors hit the streets to express their opposition to the tax reform, VAT increase, and minimum wage raise.

Finance Minister Mauricio Cardenas says the overhaul "is a difficult measure that will require a large sacrifice of all Colombians — but it is necessary."