The outlook for Colombia's fiscal accounts has changed after Jose Antonio Ocampo, the newly appointed finance minister under Gustavo Petro's new government, moderated some of Petro's radical takes on socioeconomic and environmental issues. Ocampo promises to abide by the current fiscal rule and cut the fiscal deficit by 3ppts of GDP across its four-year term, allowing a gradual reduction of public debt as share of GDP. Ocampo also expects the energy transition plan and the hydrocarbon industry halt to be somewhat flexible, allowing gas exploration to expand.
Colombia: Minister Ocampo brings fiscal credibility back to the tableForecast overviewRecent developmentsShort-term outlookkey drivers of our Short-term ForecastEconomic riskEconomic risk evaluationBackgroundEconomic developmentStructure of the economyBalance of paymentsEconomic Policy and politics
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