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☆ Colombia's Petro Denies Calling for Cabinet Resignations
▼ + stars: | 2024-02-01 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

Colombian presidents frequently request mass, 'protocol' cabinet resignations in order to make changes to the government, though these are not guaranteed. The three government sources said had Petro asked for the resignations of his ministers during a meeting on Wednesday evening. Rather than the president demanding their resignations, ministers offered to resign, Agriculture Minister Jhenifer Mojica said during a presentation near capital Bogota. Petro last called for ministers' resignations in April after a debate on a health reform was abandoned by the lower house of congress. (Reporting by Oliver Griffin and Luis Jaime Acosta; Additional reporting by Carlos Vargas; Writing by Oliver Griffin; Editing by Sandra Maler)

Persons: Oliver Griffin, Luis Jaime Acosta BOGOTA, Gustavo Petro, Petro, Jhenifer Mojica, Jorge Ivan Gonzalez, Ricardo Bonilla, Jose Antonio Ocampo, Luis Jaime Acosta, Carlos Vargas, Sandra Maler Organizations: Finance Locations: Bogota

☆ Colombia eyes two rate cuts before year-end, finance minister says
▼ + stars: | 2023-10-14 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +2 min

"The expectation is for another cut in December," Bonilla told Reuters on the sidelines of the World Bank and International Monetary Fund meetings in Marrakech. "The message of reducing the key rate is for all the banks, because today the rate is an obstacle for economic recovery," he added. The central bank held the key rate steady at 13.25% in September for the third time in a row, citing stubborn inflation. That was down from highs in 2022, but still more than double the central bank's long-term target of 3%. The central bank's technical team expects Colombia's economy to grow 0.9% this year, compared with an expansion of 7.3% in 2022.

Persons: Ricardo Bonilla, Susana Vera, Bonilla, Gustavo Petro, Jorgelina, Julia Symmes Cobb, Mark Potter, Helen Popper Our Organizations: Colombia's, Reuters, International Monetary Fund, World Bank, REUTERS, Rights, Colombian Finance, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, Israel, Hamas, Rosario

☆ Colombia's central bank cuts 2023 forecasts for inflation, growth
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Luisa GonzalezBOGOTA, Aug 2 (Reuters) - The technical team of Colombia's central bank on Wednesday lowered its outlook for inflation in 2023 to 9%, from 9.5% previously, and cut its forecast growth for Latin America's fourth-largest economy to 0.9%. The technical team previously forecast Colombia's economic growth at 1% for this year. Colombia's 12-month inflation through June 30 hit 12.13%, slightly below the 12.2% expected by analysts who were consulted for a Reuters poll. The technical team forecast that inflation would end 2024 at 3.5%, close to the bank's long-term target of 3%, but above a previous forecast of 3.4%. The current economic context suggests the board should maintain a contractive stance on monetary policy to bring inflation towards the target, the report added.

Persons: Luisa Gonzalez BOGOTA, Ricardo Bonilla, Gustavo Petro, Nelson Bocanegra, Oliver Griffin, Leslie Adler, Christopher Cushing Organizations: REUTERS, Thomson Locations: Bogota, Colombia

☆ Colombia's central bank cuts 2023 inflation forecast to 9%
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Luisa GonzalezBOGOTA, Aug 2 (Reuters) - The technical team of Colombia's central bank on Wednesday lowered its outlook for inflation in 2023 to 9%, from 9.5% previously, citing a recent slowing of consumer price growth. The team also now expects Latin America's fourth largest economy to post growth of 0.9% this year, compared with a previous forecast of 1%. Colombia's 12-month inflation through June 30 hit 12.13%, slightly below the 12.2% expected by analysts who were consulted for a Reuters poll. The technical team forecast that inflation would end 2024 at 3.5%, close to the bank's long-term target of 3%, but above a previous forecast of 3.4%. Reporting by Oliver Griffin and Nelson Bocanegra; Editing by Sandra Maler and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Luisa Gonzalez BOGOTA, Ricardo Bonilla, Gustavo Petro, Oliver Griffin, Nelson Bocanegra, Sandra Maler, Leslie Adler Organizations: REUTERS, Thomson Locations: Bogota, Colombia

☆ Colombia gov't risks incompliance with fiscal rule - committee
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

BOGOTA, July 10 (Reuters) - Colombia risks falling out of compliance with its fiscal rule through greater spending proposed for 2024 and the financial impact of reforms being debated in Congress, an independent committee warned on Monday. Finance Minister Ricardo Bonilla has said the government would respect the 2011 rule which imposes constraints on fiscal policy to block deterioration of public finances. The finance ministry in June presented its medium-term fiscal framework (MFMP), noting that the deficit could increase to 4.5% of Gross Domestic Product in 2024. It revised its debt targets upwards and adjusted its fiscal deficit forecast for 2023 up to 4.3% of GDP from 3.8% originally. The expert Autonomous Fiscal Rule Committee (CARF) said spending increases planned for this year and next could put greater pressure on Colombia's finances and reverse success in reducing the deficit following the coronavirus pandemic.

Persons: Ricardo Bonilla, Gustavo Petro, Nelson Bocanegra, Oliver Griffin, Richard Chang Organizations: . Finance, Gross, Thomson Locations: BOGOTA, Colombia

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