Colombia hopes to keep credit ratings, prepare pension proposal

Record ID: 905837

  • Title: Colombia hopes to keep credit ratings, prepare pension proposal
  • Date: 9th August 2017
  • Summary: BOGOTA, COLOMBIA (AUGUST 9, 2017) (REUTERS) GENERAL VIEW OF COLOMBIA'S FINANCE MINISTRY SIGN READING (Spanish): "FINANCE MINISTRY" WORKERS WALKING IN AND OUT OF FINANCE MINISTRY GENERAL VIEW OF COLOMBIA'S FINANCE MINISTER, MAURICIO CARDENAS, DURING INTERVIEW (SOUNDBITE) (Spanish) COLOMBIA'S FINANCE MINISTER, MAURICIO CARDENAS, SAYING: "I don't see a shadow in the panorama suggesting Colombia can decline in its rating. In fact the perspective we have, both from Fitch and Moody's is one of stability. Standard and Poor's ranked us negatively last year, before the tax reform. We hope they give us a stable ranking soon."
  • Embargoed: 23rd August 2017 17:16
  • Keywords: Colombia Mauricio Cardenas Investment Summit Latin America economy
  • Location: BOGOTA, COLOMBIA
  • City: BOGOTA, COLOMBIA
  • Country: Colombia
  • Topics: Budget/Taxation/Revenue,Government/Politics
  • Reuters ID: LVA0016TFR39F
  • Aspect Ratio: 16:9
  • Story Text: Colombia's Finance Minister Mauricio Cardenas, sees no risk in the near future for the country's credit rating, as the government remains committed to boosting economic growth with fiscal discipline.
    Rating agencies Fitch and Moody's maintain a "stable" outlook for Colombia. Standard & Poor's rated the outlook for the fourth Latin American economy as "negative" last year, before the approval of the tax reform, but the government is confident that it will rise soon.
    The minister said he was optimistic despite the fact that Moody's said it could be difficult for the country to meet its fiscal targets because of lower economic growth, the risk of higher spending and lower-than-expected revenues.
    Colombia recently lowered its economic growth target to two percent for this year from an initial 2.3 percent and by 2018 set a target of three percent, down from the previous 3.5 percent.
    Before Moody's, Fitch had warned that rating could suffer if the fiscal situation undermines efforts to stabilise or reduce the debt burden in the short term. But the minister said the government remains committed to reducing the fiscal deficit and boosting economic growth, although analysts and economists see risks.
  • Copyright Holder: REUTERS
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