Colombia to increase 2023 budget proposal, eyes more debt swaps



BOGOTA, Aug 17 (Reuters) - Colombian President Gustavo Petro's administration will send a proposal to increase the government's budget for 2023 in the coming weeks to bolster social programs, Finance Minister Jose Antonio Ocampo said on Wednesday, adding that further public debt swaps could be on the cards.

The budget for next year - which was proposed by the previous government of ex-President Ivan Duque in July - set the amount at 391.4 trillion pesos ($92.8 billion), which is 11.7% higher than the budget for 2022 and represents a new record.

However, his proposal is not enough to cover social programs put forward by the newly elected president, Ocampo said, adding more funds were needed than previously thought. Petro's proposed programs include anti-hunger efforts, free public universities, and aid for elderly people without pensions.

"There are several elements that significantly affect the national budget, and we're going to have to look at how to handle them," Ocampo told a Senate hearing.

In one example, an additional 12 trillion pesos ($2.84 billion) is needed to cover the deficit in Colombia's Fuel Price Stabilization Fund (FEPC) which is used to subsidize gasoline prices, Ocampo said.

While the Andean country could collect an additional 4 trillion pesos ($942 million) in taxes than was originally foreseen in the budget, Ocampo warned that a slowdown in the economy could reduce that amount.

The finance ministry will continue to carry out public debt swaps in order to alleviate the cost of financing the country's public debt, Ocampo said.

The budget for 2023, which needs to be approved by Congress, set aside 78 trillion pesos ($18 billion) for covering public-debt payments.

"The interest rates of TES (treasury bonds) have increased significantly in recent months and that's an additional cost," Ocampo said.

"All kinds of operations are being carried out to see if we can exchange longer-term debts to reduce short-term payment costs," he added.

($1 = 4,218.48 Colombian pesos)
Reporting by Nelson Bocanegra Writing by Oliver Griffin; Editing by Aurora Ellis

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。

所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。

本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。

風險提示:您的資金存在風險。槓桿商品並不適合所有客戶。請詳細閱讀我們的風險聲明