Colombia Proposes Steep Spending Cuts and Tax Reform
Colombia submitted a fiscal reform bill to cut public spending by 15 percent and raise taxes to avert a deeper financial crisis. Officials warned that rising debt and interest costs threaten the economy as the reform heads to a congressional debate.
Colombia submitted a sweeping fiscal reform bill on Thursday afternoon to cut public spending by 15% and raise revenue. The Rescue Law aims to avert a deeper deterioration in public finances as rising debt and interest costs squeeze the budget. The package is a high-stakes test for the economy, threatening investment and efforts to restore lost investment-grade credit ratings.
