Colombia's government has announced a 5.6% cut to the 2024 budget, equating to a reduction of 28.4 trillion pesos ($6.4 billion), in response to lower-than-expected tax revenue. This decision reflects the administration's commitment to adhere to fiscal spending limits, estimated at 5.6% of GDP for the year.
Colombia is racing to secure up to $10 billion in climate finance from the US before Donald Trump takes office, aiming to transition from a fossil fuel-based economy to green investments. If negotiations fail, China may become an alternative source of funding. The plan, part of a $40 billion strategy, seeks to replace declining fossil fuel revenues and is seen as a potential model for other nations pursuing similar transitions.
Colombia's consumer prices unexpectedly fell by 0.13% in October, marking the first decline in over three years and surprising analysts who had predicted a 0.16% increase. This development strengthens President Gustavo Petro's case for implementing deeper interest rate cuts.
Colombia has launched a $40-billion energy transition plan aimed at reducing reliance on fossil fuels while promoting sustainable tourism and nature restoration. The initiative includes significant investments in ecotourism, sustainable agriculture, and ecosystem conservation, with a focus on mobilizing both public and private financing. As the country prepares to host the COP16 summit, it seeks to establish a donor roundtable to support its ambitious green goals amidst challenges related to its coal industry and high debt levels.
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