Colombia seeks to raise debt ceiling to counter economic slowdown
The government presented a bill to Congress on Wednesday proposing that the debt ceiling be raised by $13 billion in order to finance social investment projects.
The government presented a bill to Congress on Wednesday proposing that the debt ceiling be raised by $13 billion in order to finance social investment projects.
The Colombian government has put drastic measures in place to prevent potential energy blackouts caused by the affects of the pacific weather phenomenon, “El Niño,” and declining access to oil.
Colombia’s finance ministry has cut $3 billion from the government’s $74.3 budget for 2015 to avoid this year’s deficit exceeds 3% of the country’s GDP.
Colombia’s health, infrastructure and education sectors, among others, continue to fail in terms of international competitiveness, a report by a local economic think tank said.
U.S. automaker General Motors wants to invest nearly $100 million over the next four years in Colombia and export some 2,000 vehicles assembled in the Andean nation to Brazil.
Colombia’s President Juan Manuel Santos on Thursday said the central bank’s recent half-point interest rate hike was excessive, and policymakers should tighten rates more gradually to avoid stifling the economy.
Coffee growers in the Colombian Andes say a drought caused by the El Niño weather phenomenon is threatening their crops, some of the world’s most prized coffee beans.
The Colombian peso bounced back from a year-long devaluation this week, putting the US dollar below the COP2,800 bar.
Komsa, a subsidiary of U.S.-based conglomerate Koch Industries, has purchased majority rights to the petroleum coke that will be produced at Colombia’s newly renovated Reficar refinery in the coming 10…