In the Headlines
October 29, 2024
Financing Law Heats Up, But the Start of Its Process Is Not in Sight
Portafolio
Tax attorney Juan Carlos Valencia was interviewed by Portafolio about the Financing Law project proposed by the Colombian government. Mr. Valencia analyzed the challenges and potential impacts of this initiative in the country's current economic context. He also expressed concern about the timing of the proposal, considering the weakness of the Colombian economy, and questioned the advisability of increasing public spending and taxation at this time.
"Unfortunately, I don't find positive aspects in the project. First, it's indisputable that compliance with the fiscal rule has allowed Colombia to position itself in a privileged position and access required credits at reasonable rates," he said. "Likewise, the proposal aimed at relaxing the fiscal rule, regardless of the purpose of increased public spending, has received all kinds of criticism and questioning from the international financial community."
READ: Financing Law Heats Up, But the Start of Its Process Is Not in Sight
"Unfortunately, I don't find positive aspects in the project. First, it's indisputable that compliance with the fiscal rule has allowed Colombia to position itself in a privileged position and access required credits at reasonable rates," he said. "Likewise, the proposal aimed at relaxing the fiscal rule, regardless of the purpose of increased public spending, has received all kinds of criticism and questioning from the international financial community."
READ: Financing Law Heats Up, But the Start of Its Process Is Not in Sight