LatinNews Daily - 14 October 2020

* In an interview with national daily, El Tiempo, Colombia’s finance minister Alberto Carrasquilla has warned that tax rises will be implemented to pay off the debt accrued to finance emergency spending in response to the coronavirus (Covid-19) pandemic. Carrasquilla emphasised that the economy will be allowed to recover first, citing the “delicate balance between [economic] activity and the latent threat to public health”, but insisted that “the debt that we had to assume must be paid, and we are going to need more taxes in the future”. Carrasquilla argued that fiscal reform is long overdue in Colombia, citing the government’s struggles to finance welfare spending, especially pensions – “the country is becoming too big for its pension system”, he said.

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