- 2 days ago
Germán Ávila, ministro de Hacienda, habló con El Espectador sobre el acuerdo con el Congreso para aprobar el presupuesto 2026 y los ajustes que tendrá la reforma tributaria del Gobierno Petro. El jefe de la cartera explicó qué impuestos se mantienen y cuáles se eliminarán. También se refirió al aumento en el diésel y al déficit fiscal.
Category
🗞
NewsTranscript
00:09Welcome and welcome to Entrevistas El Espectador.
00:12This week we approved the budget for 2026.
00:16And now we continue the debate of the tax reform.
00:18To talk about this and other topics,
00:21we have Germán Ávila, Minister of Hacienda.
00:24Minister, welcome.
00:25Well, Karen, thank you for the presence of you here
00:29and welcome to all the audience that maneja El Espectador.
00:34Thank you, Ministro.
00:35I want to start by asking, before we talk about the tax reform,
00:38how was the agreement for the tax reform with the Congress
00:41and how they chose to report the tax reform?
00:46Well, the construction of the agreement that was done with the Congress
00:50that was a long process of elaboration and development,
00:58starting with a proposal that presented the government
01:01that evaluated the needs of the budget for 2026,
01:07with a proposal of $556.9 billion.
01:12That proposal had associated with a need of financing
01:20of $27.3 billion.
01:27And the proposal originally presented
01:30began a debate in the joint commissions
01:343rd and 4th of Senado and Cámara.
01:38In that debate, we participated in the President Petro.
01:41We had a couple of meetings where the President invited
01:45all members of the joint commissions
01:48to debate and reflect on the proposal that had made the government.
01:53As a result of these conversations and a series of sessions
01:58that we had here in the Ministry of Hacienda,
02:00also with members of the Senado and Cámara,
02:04we reached to a agreement in the sense of reducing
02:08$10 billion,
02:11both the meta of the budget,
02:13the budget of the general budget
02:14and the General Assembly of the Nación
02:15as the proposal of the financial planning
02:19reducing the 26.3 to $16.3 billion.
02:25It had the advantage of the ejercicio
02:28of the great advantage of that,
02:31one of the one,
02:31there was a sense of the people from Congress,
02:35in the sense that
02:36it was not easy to make cuts
02:40to the structure of the budget
02:41and also had the flexibility of the government
02:44to say,
02:46in the medida in which the financial planning
02:47has to reduce it,
02:49we have to make adjustments
02:51both in functioning
02:52as in the investment
02:53in the structure of the budget.
02:56Finally, we reached to a agreement
02:58in this sense.
03:00It was a very dynamic,
03:04propositional exercise.
03:05The aspirations, obviously,
03:06in the Congress were much bigger.
03:08We knew that we had limits,
03:10and, later on,
03:16we had the impact
03:16of the reduction of the budget
03:17we reached to a few agreements
03:21to strengthen
03:22some sectors that were affected
03:25by that reduction
03:26and we did several movements
03:28between the resources
03:30that were destined
03:31to the Ministry
03:32and the Ministry of Hacienda
03:35in order to achieve
03:36some important reductions.
03:37It is to say,
03:39it was a constructive exercise
03:42in which the Congress
03:44opened the doors
03:46to a convenient reflection
03:49and the government
03:50also had in mind
03:51the opinion
03:52of the Congress
03:53and that we did
03:54as a result
03:55that in the committee,
03:56in the plenaries
03:57of Cámara and Senado
03:59was approved
04:00in a very fluid
04:02the proposal
04:03that we have built
04:04that we have built.
04:05Minister, I want to know
04:07what are the impuestos
04:08that are going to be
04:09going to be left
04:09in the tax reform
04:10and what are those
04:11that are going to be left
04:11with this $10 billion
04:13that you mentioned.
04:13Well,
04:15let's say,
04:15there are two things
04:17in which the government
04:20was present
04:21to make the adjustment
04:23in the tax reform
04:24and it is that
04:26to reduce
04:26in $10 billion
04:27the aspirations
04:28that we had
04:31immediately
04:32we could not
04:33have in mind
04:34the most sensitive aspects
04:36to the opinion
04:37and to the community
04:39in general
04:41in relation
04:42to the
04:44tax reform
04:45that we have
04:46planned.
04:47One of them
04:48that caused
04:49a lot of inquietude
04:50is that we had
04:51evaluated
04:52with an impact
04:52much lower
04:53but
04:55it was
04:56a lot of tension
04:58that had to do
04:59with the increase
05:00of salivation
05:01on the gasoline.
05:03We had estimated
05:04that the impact
05:05was much lower
05:06but
05:07there is a general
05:09tension
05:09general
05:09that is produced
05:10with this tax reform
05:11that represented
05:13significant
05:14within the
05:16proposal
05:16of the reform
05:17and that tax reform
05:19to suspend
05:20for the tax
05:21that was generated
05:23and because
05:24it was the only
05:25that somehow
05:26generated
05:26any transfer
05:28to
05:29the family
05:30tax reform
05:31we had
05:32as a
05:33general
05:33that
05:35the reform
05:36of
05:37the
05:37tax reform
05:38to
05:39tax reform
05:39that
05:40would not impact
05:41from any point
05:42of view
05:44the
05:45fundamental
05:45of the
05:46family
05:46and that
05:48should be
05:48totally
05:49progressive.
05:49it is
05:50to
05:51not to
05:51touch
05:51the
05:51population
05:52with
05:52more
05:52high
05:53with
05:53the
05:57new
06:01proposal
06:01that we will
06:02give
06:03to
06:05the
06:05to the
06:07gasoline
06:07and
06:08some
06:09of the
06:12we
06:14can
06:15change
06:18increase
06:19increase
06:20to
06:21improve
06:23health
06:23but
06:23we
06:25have a
06:26sensitivity to
06:27the
06:28tax reform
06:29that we
06:29have to
06:30cut
06:31$10
06:32billion
06:32and
06:34keep
06:35the
06:36increase
06:37of
06:39the
06:40alcohol
06:41alcohol
06:41alcohol
06:42and
06:44these
06:45are
06:46two
06:46the
06:46things
06:47that
06:47will
06:48alleviate
06:49the
06:51tax reform
06:52you
06:54have
06:55mentioned
06:56that
06:56the
06:56consumption
06:58for
06:59concerts
07:00for
07:01over
07:02the
07:02$500,000.
07:03When
07:07originally
07:09we
07:09planned
07:10we
07:11had
07:12an expectation
07:13of
07:13more
07:15important
07:15we
07:16did
07:17a
07:17maximum
07:18$500,000
07:20tope
07:20maximum
07:20in
07:21$500,000
07:22we
07:23know
07:24that
07:24we
07:24are
07:26excluding
07:27the
07:29amount of
07:30$500,000
07:31$500,000
07:33tope
07:33$500,000
07:34tope
07:34$500,000
07:36$500,000
07:38$500,000
07:43tope
07:43$500,000
07:46tope
07:47$500,000
07:48a
07:51drive
07:52$500,000
08:07$500,000
08:08a
08:08$500,000
08:08a
08:09$500,000
08:10$500,000
08:10tope
08:11a
08:16$000,000
08:18That's why we consider the viability of the interest of not having it in mind,
08:22because, of course, there is a very important reduction in the income that we could generate.
08:28You already told me which ones are going to go, which ones are going to go, which ones are going
08:32to stay in the tributary.
08:33Well, there are impuestos on the patrimony, on the rent, on the financial sector,
08:44some environmental impuestos and impuestos on consumption,
08:49on different foods, for example, to the beer,
08:53that they will maintain.
08:55And we believe that, with this,
08:57we concentrate on the greater taxation and the greater level of income that we want to achieve
09:03on the social structures of greater income.
09:07The financial sector that we believe should be able to contribute to the country,
09:13in the recent report,
09:16we observe that there is a high level of rentability in the financial system
09:21and we believe that they should contribute to the needs that currently have the presupuesto,
09:28but, above all, to guarantee the social projects that the Government has in mind
09:32and that are highly redistributive and concentrated in the poor population.
09:41You said that this reform is progressive.
09:44I want to know,
09:46the changes in the income of rent,
09:48are they affected?
09:49How much do I have to pay for this reform?
09:52In general, the project is structured,
09:56so that those people who have income superior to 10,
10:00to 2,000,000,000,000 pesos mensuales,
10:04sean quienes hagan ese tipo de aporte.
10:07It is to say,
10:08we are not going to touch those sectors of the society
10:11and those levels of income or income that are below the 10,000,000,000,000.
10:17It is to say,
10:18the estratos medios,
10:20the estratos of low income,
10:22are not going to be touched
10:24and only begins the contribution
10:26and as long as the ingresos are growing,
10:33the levels of salarial income,
10:40they are going to increase significantly the level of tribute
10:44that has to be done.
10:45we get about the billions of profits
10:49in late teens to 3,000,000,000.
10:50It comes to a redeeming inflation that we have passed
10:52to even a single point increase
10:55in the tariff,
10:56but in the хотите time growth the inflation
10:59going to going leur convenience
11:01significantly our upfront tax.
11:03It is an immediate stretch of income
11:05and which results affect.
11:07Well, also in this topic we have a criteria of progressivity.
11:13Basically, those who have over the 2.000 million dollars
11:17are the ones who are going to have an increase in the Impuesto to Patrimonio
11:23and, of the same way, as they grow the levels of patrimonio,
11:28they will increase significantly the tariffs.
11:32Minister, experts and analysts have said that they could leave the investment in the country.
11:36How do you respond to that?
11:38That is very similar to some of the fantasies that recurrently
11:44are going to be put in progressions,
11:48in the sense that those who have more income,
11:51those who have more patrimonio,
11:54the ones who are going to retire from the country.
11:55The reality is that that is not happening
11:57for a simple reason,
11:59that those greater income and those greater patrimonios
12:03are achieved only in the production in the country.
12:06They are achieved only in the generation of income in the country.
12:10That is why, on the one hand,
12:13they know that their source of income in the high patrimonio
12:17and in the high income is in the investment that is generated in the country.
12:21On the other hand,
12:22we see that our income are reasonably comparables
12:26and in many cases very inferior
12:28to those that they would have in other economies
12:30in other parts of the world.
12:31And,
12:32can there be impacts economic
12:33by the golpe of sectors like the energy energy
12:36or the financial sector?
12:38Well,
12:40the financial system will not have
12:45many changes in its functional structure.
12:48What they will have to do is
12:50to repartir a little bit more
12:51the gains that they obtain
12:52for the entire operation.
12:54I believe that the financial sector
12:55has been one of the great beneficiaries
12:58in the last years
12:59of those high levels of dividend
13:02in their operation.
13:04And,
13:04what we are looking for,
13:05basically,
13:06is that they have a greater contribution
13:09to the country,
13:10and that they have a greater contribution
13:11to the income tax
13:13that they need
13:14for the social projects.
13:16And,
13:16sectors like the energy energy energy,
13:19we are adjusting
13:21to a global reality
13:22that they are going to be accumulating
13:25in the sense that
13:26they are going to be
13:26in the sense that they are
13:27in the sense that
13:28they have to do
13:28to new forms of production
13:32of energy,
13:33that they don't have
13:35the environmental impact
13:37that they have today
13:38and that,
13:39progressively,
13:40in the world
13:41they are going to have
13:42more demand,
13:43not because of this
13:44we are going to put
13:45in the future,
13:46but because there is
13:47a transition
13:48that is going to be
13:49evolving in the world
13:50and that is going to demand
13:51much less
13:52of these combustibles.
13:54Do you think
13:55that there is space
13:55to approve this reform
13:57in a year pre-electoral?
13:59Well,
14:00when we started
14:01the debate
14:01of the budget
14:02there were many
14:03inquiries
14:04and the Congress
14:05would be able to approve
14:06and also
14:07they did the same question.
14:09And the result
14:10that we have obtained
14:11is that the Congress
14:12understood
14:13the importance
14:14of the budget
14:15that the budget
14:16was accorded
14:17that it was a result
14:18of a consensus
14:19between the Government
14:19and the Legislative
14:20and that is why
14:21there was finally
14:22a conclusion
14:24of consensus
14:25between the Government
14:26and the Legislative.
14:28I think
14:29something similar
14:30will happen
14:31with the
14:32Fundamentals.
14:33You have to take
14:34into account
14:34that the
14:35Fundamentals
14:36is associated
14:37with the
14:40Fundamentals
14:40that was approved
14:41by the Congress
14:42is associated
14:43with the Fundamentals.
14:44That the
14:45Fundamentals
14:46understood
14:46and the
14:49Fundamentals
14:50I think
14:51we have created
14:51an environment
14:52of discussion
14:53favorable.
14:54I think
14:55we have
14:55a possibility
14:57to build
14:57mayorities
14:58in the Congress
14:58in the
15:00that we rest
15:01of the year
15:01to advance
15:02this reform
15:03tributary
15:04and that is
15:07the big concern
15:08in the
15:09stages
15:09that we are
15:11going to
15:11any
15:13rubric
15:14that
15:14affect
15:15the
15:16majority
15:18of the
15:20that
15:20will
15:20touch
15:20any
15:22rub
15:22that
15:22affect
15:22family
15:23and that
15:24we are
15:25going to
15:25focus on
15:26the
15:26budget
15:27that
15:29you
15:33see
15:34what
15:35could
15:37happen?
15:37what
15:38would
15:39to
15:39have
15:39to
15:39to
15:40to
15:40have
15:41have
15:41to
15:42have
15:42to
15:43have
15:43have
15:43to
15:43have
15:44have
15:44Just in the structure of the budget, which we have prevailed,
15:49we would have to go to other possible sources of financing,
15:53but I would prefer, in this sense,
15:56to wait for the Congress to make the reasonable debate
16:00and the debate that we hope to conclude with the approval of the reform.
16:04In this process of economic reactivation,
16:07the government insisted on several occasions
16:09that it is necessary to lower the interest rate,
16:12but the latest data from the inflation
16:15has been worried about the analysts and the sector.
16:18Do you think that with those latest data
16:20there is space to lower the rates?
16:22Really, the variations in the inflation
16:25have been quite prudently,
16:30to say it in some way.
16:32We had a latest data that passed from 5.1 to 5.18,
16:36which are really very few significant.
16:39And we still have a very large brecha
16:43between the reference rate of the Bank of the Republic,
16:45which is in 9.5,
16:47with respect to the inflation rate of 5.1,
16:50that brecha is still very large.
16:54And we believe that the margin of maneuver
16:57that would have the Bank of the Republic
16:58to be able to launch a signal
17:01of reactivation and stimulus to the economy
17:05that still has a great possibility.
17:10And what we are insisting at the Bank of the Republic
17:12is that if we want to
17:15that the economic dynamics of the country
17:18continue to grow
17:20reasonable levels,
17:22superiors to the 2.7%
17:24or 3%
17:25that we aspire to reach in this year,
17:28if we don't generate
17:31enough enough
17:31to have a reactivation
17:34much stronger
17:35of the economy,
17:36we are going to keep
17:37increasing growth
17:38that, even though they are positive,
17:40that are above the average of Latin America
17:42we believe
17:44that they are not sufficient
17:44to achieve
17:45structural transformations
17:46in the country.
17:47For that reason,
17:49we insist on the Bank of the Republic
17:51that we reduce the tax of interest,
17:54that we stimulate
17:55the productive dynamics
17:57and that we guarantee
17:59that we have a growth
18:01much more important
18:02in order to
18:03that the Colombian economy
18:05will stabilize
18:06and consolidate
18:07a fiscal structure
18:09because as we resolve
18:11the economic growth
18:12we are solving
18:14the problem
18:14of the fiscal deficit
18:16fiscal
18:16and the
18:18fiscal fiscal
18:18that has been opened
18:19in the country
18:20as a result of all
18:21that we have lived in the last few years.
18:23For this point
18:24of the history,
18:24we have suspended
18:25the fiscal rule
18:27with the clause
18:27of escape
18:28and there are many
18:28concerns about the fiscal deficit
18:30as you mentioned.
18:31What are the causes
18:32of that fiscal deficit
18:33that this government
18:34is attributed to?
18:36Yes,
18:38it is attributed to the government
18:39because
18:40he took the decision
18:43to
18:43to
18:43meet
18:44some
18:46of the
18:49the fiscal perspective that had the government, when arrived the government of the President Petro,
18:56the value of gasoline had been maintained for several years,
19:03and there was a very big gap in the Fondo of Estabilization of Precios and Combustible,
19:10which is like a debt that was very big in the government,
19:14in which permanently subsidized the consumption of gasoline
19:20for all sectors that used this service.
19:27That big gap in the Fondo of Estabilization of Precios and Combustible
19:32came to represent $70 billion,
19:35and those $70 billion in the three first years of the government
19:42were transferred to the Fondo of Estabilization
19:45to cover that breaches that had been opened,
19:48while the government was closing progressively
19:51that desequilibrium,
19:54producto of a difference between the internal value of gasoline
19:58and the international value of gasoline.
20:02The price of gasoline was going up progressively
20:05until we place it on the equivalent level of international price,
20:09but while it was closed that breaches,
20:12it was accumulated what came from the previous government
20:14and this was approximately $79 billion.
20:18This is the main cause of the increase in the fiscal deficit.
20:23The government had to respond to that debt
20:27that had been a product of that decision
20:30that had taken the previous government
20:31of not increasing the value of gasoline
20:33and to resolve and respond to that debt
20:38that we had generated,
20:40we had to invest a very large volume of resources
20:43and, obviously,
20:45to increase the fiscal balance
20:46that increased the fiscal deficit.
20:49We had to add that we had a credit
20:54with the International Fondo of Estabilization
20:56for about $5.300 million
20:59that had been solicited
21:02to attend to the whole phenomenon of the pandemic.
21:05So, we took this credit,
21:08with that credit,
21:09which represents about $20 billion,
21:12which represents about $20 billion,
21:26the three first years were for $2 billion,
21:29and the two next years were for $2 billion.
21:32So, the government had to, in some way,
21:34in these last two years,
21:36had to pay all the costs of the pandemic.
21:40The previous government spent $2 billion
21:42and we had to pay them for $2 billion
21:44and that was another factor
21:46that was fundamentally
21:48in the fiscal structure of the country
21:50and that affected the growth
21:52of that fiscal deficit
21:53with which we had to deal with
21:56this stage of the government.
21:59However,
22:01what we have been building
22:02is a strategy
22:04of stabilisation
22:06of the fiscal structure
22:07and, for that,
22:08we consider that
22:10it was a despropositive
22:11to try to solve
22:13that fiscal breach
22:14that had been opened
22:15in a single fiscal year
22:18and, for that,
22:21the decision
22:22to activate the clause
22:23of escape
22:23had to do with
22:24an adjustment
22:25in a period
22:26much more reasonable
22:28and, for that,
22:29the fiscal fiscal
22:30dejaba
22:31of being,
22:32a factor
22:32of control
22:34on the
22:36fiscal structure
22:37of the country
22:37in a period
22:39a bit more extensive
22:40and not
22:42contra-er
22:42and strangle
22:43the structure
22:44of the national
22:45and the public cost.
22:46Well,
22:47I think that
22:47I mentioned
22:48a few of the key
22:49of the issue of the
22:50diesel.
22:50The diesel
22:52has been a very complicated
22:54for the government.
22:55Do you think
22:56that there will be
22:57soon
22:57or will they leave
22:58quiet?
22:58There are
22:59several factors
23:00that have
23:02crossed the decision
23:03with respect
23:04to the diesel.
23:05The first is that
23:06the international price
23:07has been reduced
23:07so that
23:09has been
23:10alleviated
23:12the gap
23:13that has opened
23:13with the difference
23:15between the international price
23:16and the international price
23:16and the international price
23:17is to say,
23:18it has not
23:18the proportions
23:19that it had in the previous years.
23:22And the second is
23:23that we have completed
23:24the agreement
23:27that we have
23:29developed
23:29the level of consumption
23:31of the ACPM
23:33in vehicles
23:35that are not
23:35of charge
23:36but in the other vehicles
23:39that are
23:39about the 30%
23:40of the vehicles
23:41that use the diesel
23:43that are
23:43all cars
23:44and vehicles
23:45of luxury
23:49that use the diesel
23:52and
23:52if
23:53they
23:54do not
23:54do
23:55the
23:55effort
23:56to
23:57charge
23:57that
24:01range
24:02of consumers
24:03will
24:04disappear
24:05the
24:07value
24:08that
24:08currently
24:09they have
24:10and we hope
24:11that as
24:12as
24:12as
24:13as
24:13as
24:13as
24:13as
24:14as
24:14as
24:14as
24:22they
24:23see
24:23for
24:23score
24:24the
24:25equally
24:25and
24:25last
24:28are
24:28are
24:28as
24:29as
24:31as
24:32but that are the generators of the charge, and we are studying alternatives to increase it through the generators of
24:38the charge.
24:39And I want to ask for the FMI, the government decided to suspend it,
24:43do you think that at some point it will be necessary,
24:45or that this really is a sign that the public finances don't go well, as have said the analysts?
24:51They didn't decide to suspend it, we decided to pay it.
24:54And what we did, and we finished with a last month in December,
24:59is to pay the fee of that flexible credit line,
25:06and within the program and the structure of financing the government,
25:11we have not contemplated the use of the flexible credit line,
25:15we have an opening and a possibility of opening new markets,
25:23and that ensures that the needs of external financing,
25:28the external financing, both in the colocation of bonus,
25:30as in the use of multilaterals,
25:33are asegurados with other different sources
25:36from the line of flexible credit line,
25:38we are not going to use it,
25:39we are going to cancel it,
25:41and we are going to maintain the economic independence of the country
25:44in front of these organizations,
25:46that sometimes,
25:47are not so careful with respect to the independence of the country.
25:51Mr. El Comité Autónomo de la Regla Fiscal
25:53and other calculations have said
25:55that the deficit of the next year will be much more.
25:58I'm going to ask directly,
26:00is the government going to leave the country with a fiscal crisis
26:02or do you think it is a situation manageable?
26:05Mr. El Comité Autónomo de la Regla Fiscal
26:10is that they are attached to the economic reflection
26:14in function of some parameters
26:17of what we call the Regla Fiscal
26:19that sometimes become some parameters
26:22and some visiones estreches and rigid
26:26of the economy.
26:28The economy is not only,
26:30let's say,
26:30some parameters like the Regla Fiscal
26:32but it has a set of components
26:35in the fiscal policy,
26:36in the monetary policy,
26:37in the policy of public investment
26:40and that also have other different references
26:44only to maintain
26:46range of debt
26:48or range of inflation
26:52and that have other important components
26:54that are, for example,
26:55the economic growth.
26:56The vision with which the government has acted
27:00has been that our fundamental reference
27:04is to guarantee the economic growth.
27:06If we, for that,
27:08we have to have fewer rigidities
27:11with respect,
27:12for example,
27:14to the inflation
27:14or, for example,
27:15with respect to the Regla Fiscal
27:18we believe that we have to be flexible
27:19in that vision
27:21of the economy
27:23of the parameters
27:23of the economy.
27:24The economic growth
27:26is the factor
27:27of greater dynamism
27:29for every economy
27:30and is the factor
27:31of greater
27:32impulse
27:33and solution
27:34to any structural problem.
27:36When we talk about
27:37the fiscal deficit
27:37and we say
27:38that we have to do
27:39the economy
27:39what we say is
27:41that if we have to do
27:42the economy,
27:42the deficit will increase
27:44and there will not be a source
27:45of income
27:46that will allow us to solve
27:47the deficit.
27:49For that,
27:51we continue to work
27:53with the vision
27:55that Colombia
27:57needs to increase
27:58its demand
27:59and increase
28:00the capacity
28:01of consumption
28:02in the population.
28:03One of the famous
28:04fetishes
28:04that always
28:05are built
28:06in the economic decisions
28:08is that
28:09if we increase
28:09the minimum salary
28:11will be immediately
28:12inflational
28:13and will generate
28:14immediately
28:14unemployment.
28:15We have three years
28:17demonstrating
28:17to the country
28:18that we make
28:19real increases
28:19in the minimum salary
28:22and we keep
28:23descendant
28:24the inflation
28:25and we keep
28:26descendant
28:27the unemployment
28:29and those
28:29are
28:30paradigms
28:30that are built
28:32on
28:33some
28:35parameters
28:36and
28:38narratives
28:38that
28:39always
28:40are
28:40going to
28:41reconsider
28:42the possibilities
28:43of redistributive economies
28:45and economies
28:46that think
28:47in function
28:48of the population
28:49of lower income
28:50and we are building
28:52some parameters
28:53of the economy
28:54with another vision
28:55in which we say
28:56what builds
28:58economic growth
28:58is that there is
29:00greater capacity
29:01of spending
29:01higher income
29:03in the population
29:03and that
29:04implies
29:05to stimulate
29:06the increased demand
29:07through increases
29:09in the minimum
29:09and that
29:10then
29:10the economy
29:12and the society
29:13with economic growth
29:15which is what
29:16will solve
29:17the issues
29:19that sometimes
29:19concern
29:20the deficit
29:20fiscal
29:21or the issues
29:22of the state
29:24that are
29:25those that
29:26solve
29:28the structure
29:29of the
29:30deficit
29:31fiscal
29:32that
29:32has generated.
29:34The next year
29:35also
29:35will be expected
29:36an increase
29:37in the minimum
29:37minimum
29:37important.
29:38I want to ask you
29:39how are the operations
29:41of the management
29:41of the debt
29:42that is making
29:42your carter
29:43and that even
29:44in the record
29:45of the $10 billion
29:46included $2 billion
29:47in the debt
29:48of the debt
29:49Yes, what
29:50has been done
29:52is a
29:54management
29:56of the debt
29:57public
29:58within
29:59schemes
30:00different
30:00to the conventional
30:01that is also
30:03difficult to break
30:04certain schemes
30:05we are
30:06accustomed to
30:07a debt
30:08in one
30:08dollar
30:08and
30:10we
30:12are
30:13absolutely
30:13absolutely
30:14to
30:16negociations
30:16of the debt
30:16and the management
30:17of the debt
30:18only in function
30:19of one
30:19dollar.
30:20And that also
30:21is to
30:21to
30:21to
30:22to
30:22to
30:23to
30:24to
30:24to
30:24to
30:24to
30:25to
30:25to
30:25to
30:26to
30:26to
30:26to
30:27to
30:27check
30:29the
30:29empowerment
30:29crude
30:30to
30:31borrow
30:32these
30:32commodities
30:33also
30:35two
30:37of
30:38these
30:39the
30:39in
30:45the
30:46to the European markets, to the Middle-Orient markets.
30:50That opening to new markets and the colocation of taxes in these other markets
30:55has allowed to reduce the taxes of interest, improve the period of colocation of the debt
31:02and the projection has also allowed to recalculate the service of the debt
31:10for the budget of the year entrante and we have achieved about 2 billion dollars in the service of the
31:16debt
31:16that allowed us to strengthen the dynamics of investment in other sectors.
31:22These strategies that we are implementing
31:25are fundamentally to an opening the mentality of administration and management of the debt
31:33that until now we have been in a absolute rigidity on those estreches
31:38that we impose absolutely todas the conditions
31:41and when we open it, we have much more broad possibilities
31:44to manage alternatives, to manage options.
31:48This not only will serve the budget of the year entrante,
31:53it will contribute to having more possibilities of investment,
31:58but also it is creating a dynamic that is part of what we want to build
32:04with the financing law, a stability macroeconomic at medium time.
32:09I think that the money to make a pretty small mortgage,
32:13like the revenue management budget,
32:17they are not thinking about the future of the bill of the next year
32:19nor the last seven months of the government of the president Petro.
32:23No, they're thinking about the federal government in the medium-term.
32:27Maybe the great beneficiaries of the decisions we are taking in,
32:31in this moment, are really the next governments.
32:35And the next government will have these finances,
32:40built on a projection of income much more favorable
32:46and a administration of the debt that will have fewer costs
32:51and that all levels of risk, the risk cycle,
32:54will be closed before the actual government.
32:57And the risks of this operation are worried about?
32:59No, not only we are very calm in front of the operations that we have done,
33:04but the results have been evident.
33:06The appetite in the allocation of bonds in the international market has been very high
33:11and we are working, apoyándonos in bonds very solid and bonds
33:15that have a relatively low volatility in front of the international markets.
33:20We have time to go back to the initials with two final questions.
33:25The first one, there was an article that generated polémica ayer in the Congress
33:29that talks about the reform pensional.
33:32And they are saying that they open the door,
33:34that they use the pension bills to pay the pilar solidary,
33:38which is a topic that has been repeated throughout the government.
33:40Is that true?
33:42Is that true?
33:43Is that true?
33:44What we have been doing is extremely prudently.
33:47In the way that the reform pensional has not been formalized by the Court
33:53and we have the expectation that in the next few days
33:57we have resolved the legalization of the entire reform pensional.
34:05In considering that, we have invested new loans
34:10at the swatimos for the pre-sp Ace of Plania
34:14taxes.
34:15In the country and the central plans,
34:24we have to review the revenues for the peace of all of the people
34:33of course, the year in the end, they would have assured the resources for the system
34:37of pensiones. But as we know that if it is in function the new reform
34:43pensional, they are going to reduce the resources necessary because Colpensiones
34:49will have additional resources, a product of the reform.
34:53So, in the way that Colpensiones has those new resources, they are going to reduce
34:57the demand of the resources of part of the national presupuesto.
35:00So, in the moment in which we produce that effect, that article
35:05that we are talking about, is that the resources not necessary to transfer
35:10to Colpensiones can be used in the entire
35:14proyección of the Pilar Solidario system, which pretends to have
35:18another part of the population, which is to the ancients in the country.
35:22Well, Ministro, and to end, one double. First, when will
35:26start to discuss the reform tributary? And second, if you can assure
35:30to the people who are watching that this reform
35:32will not touch the class media?
35:35Well, the reform or the financing plan, we expect
35:41to present it with new adjustments at the end of this month
35:45for that we have two months of discussion in the Congress
35:49and to be able to take it before the end of the year.
35:52And second, there is that there has been a
35:54instruction irrestrictive part of the President, in the sense that
35:58the proposal of the Ley of Financement that we put
36:02in execution, under any circumstances
36:05it touches to the sectors of low income,
36:08nor to the sectors of low income,
36:10nor to the sectors of low income,
36:10nor to the sectors of low income,
36:14nor to the sectors of low income,
36:21in the level of low income,
36:25and those high income sean
36:27quienes sean los que aportan
36:29a los nuevos ingresos tributarios en el país.
36:31Ministro, muchas gracias por acompañarnos,
36:34por recibirnos en su despacho.
36:35Bueno.
36:36Esperamos que haya otras oportunidades
36:37para seguir hablando de estos temas.
36:39Muchas gracias por venir
36:40y en cualquier momento estaremos aquí
36:42dispuestos a venderlos.
36:43Gracias a todas las personas que nos acompañaron
36:46y seguiremos desde la sección de Economía del Espectador
36:48contándoles todo sobre la reforma tributaria.
36:51Gracias a todos.
36:53Gracias a todos.
Comments