Peso at its weakest since the beginning of November as investors awaited details about new fiscal planA demonstrator holds a placard that reads ‘In Colombia they are killing us’, during a protest against police brutality, outside the Colombian consulate in Buenos Aires, Argentina, May 4 2021. Picture: REUTERS/AGUSTIN MARCARIAN
“There are some points where a consensus can be reached,” he said in a radio interview on Tuesday. What’s needed is “a constructive dialogue, and to understand the importance of the adjustment that Colombia needs”. As Restrepo sought to dial down tensions, it’s clear the government has paid a steep political cost for insisting that the middle class pay more. President Ivan Duque has made remaking the tax code a top priority since taking office, and about 18 months ago, Colombia was hit with similar street protests when he proposed shifting taxes away from companies and onto individuals. This time around, broadening the tax base was just as unpopular.
The peso dropped 0.7% on Tuesday to 3,829 per dollar, its weakest since the beginning of November, as investors awaited details about the fiscal plan. The Colcap index of stocks slipped, falling for a fifth straight day. Benchmark overseas bonds due in 2032 traded slightly lower. Virtually the whole Colombian congress, including Duque’s own Democratic Center party, opposed the government’s initial tax bill because it raised levies on the middle class before a presidential election next year. Carrasquilla said in a statement late on Monday that his continued presence in the government would “make it difficult to build the necessary consensus quickly and efficiently”.
This time around, the amount Restrepo is proposing to raise — equal to about 1.1% of GDP — meets the threshold analysts have said Colombia needs to avoid a downgrade.
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