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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."