LatinNews Daily - 11 September 2020

* Colombia’s congressional economic commissions have approved the government’s proposal for a record Col$314trn (US$84.6bn) budget for 2021, in an effort to reactivate the country’s economy, hit hard by lockdown measures aimed at containing the coronavirus (Covid-19) pandemic. This draft budget – the largest in Colombian history – would represent a 13.5% increase on the 2020 total. Of this, Col$53.1trn (US$14.3bn) is earmarked for investment, with Col$185trn to be spent on supporting the functioning of the economy, and Col$75.9trn reserved for servicing debt. Finance Minister Alberto Carrasquilla announced that, contrary to rumours circulating before the announcement, the government currently has no plans to sell off public assets, insisting that “we’re not planning on privatising anything”. Instead, Carrasquilla said that budget shortfalls would be compensated through Col$39.7trn in external credit, and Col$24tn in domestic loans. The congressional economic committees will now decide how the budget is to be distributed, before submitting their decision to the senate and chamber of deputies for approval.

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