Courting chaos

COLOMBIA - Report 01 Nov 2022 by Juan Carlos Echeverry and Andrés Escobar Arango

A central tenet of Colombian economic policy is that a finance minister’s economic announcements always have the full backing of the president. That is why, before making key announcements or presenting reforms, the minister always secures the president’s blessing. He then speaks on the president’s behalf, and markets move accordingly, without second-guessing this endorsement.

But these two cornerstones of the macro policy framework have been called into question in recent days. Even though Finance Minister José Antonio Ocampo already has a budget for next year, is about to have his tax reform approved, and recites the mantra of fiscal prudence whenever possible, markets think President Gustavo Petro is not on the same page.

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