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At the start of the week, bankers and the Ministry of Finance jointly announced that they had reached an agreement to avoid the feared forced investment project that President Gustavo Petro was seeking to make a reality, and to use A series of credits targeted at certain sectors of the economy to promote the much-needed economic recovery.
According to the initial statements of the President of the State, the idea was to inject resources into areas such as renewable energy, rural areas, housing and tourism; these areas were prioritized in the dialogue with the banks, led by Asobancaria, to ultimately ensure that the government’s ideas would not be submitted to Congress and direct resources by force.
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It is worth remembering that mandatory investment is a much-criticized proposal; Because sectors say it could ultimately lead to higher credit costs, in addition to increasing risks for the financial sector, which manages the savings of millions of Colombians. Others say it is inconvenient and ultimately will not support an emergency economic recovery.
What does the agreement bring?
The Ministry of Finance and Asobancaria explained the details of the agreement, which they named “Credit Agreement”, initially saying it was the result of a constructive dialogue between the government and the private sector to stop the economic slowdown, but relying on an economy different from what is usually discussed. It is to generate sustainable development.
Government and Asobancaria.
Private Archives
A total of $55 billion in additional credit will be provided to various industries strategy for the next 18 months, which will also give priority to the mass economy, whose doors are usually closed due to the high risks in credit management, but which will now be taken into account in this agreement.
If we add that this money will also go to manufacturing, industry and real estate, then in total there is talk of $249 billion of credit being pumped into the country’s economy to try and put an end to this bad situation. Been appreciating data such as GDP and taking advantage of the small recovery seen in past Danish data.
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By Industry
Better understand the changes made to the destination of letters of credit Over the next year and a half, let’s say, for example, housing went from $31.8 billion to $40.6 billion, or manufacturing had $128.2 billion in loans in recent months and will reach $163.4 billion in the future.
However, the three items that have attracted attention are agriculture, which will increase from $26.1 billion to $32.1 billion, and the mass economy, which previously had a space of $700 billion and will now increase to $4.1 trillion. Finally, it can be seen that the allocation for tourism was previously $6.8 billion, which has now increased to $8.4 billion.
The credit agreement combines public and private banking instruments and its execution is expected under market conditions, as The Ministry of Finance and Asobancaria were launched in September and quickly contributed to the economic recovery.
Government and Asobancaria.
Private Archives
“While 5 sectors are prioritized, the rest of the economic activities will also receive more credit. This agreement between the public and private sectors is a new economic planning mechanism around strategic sectors,” they explained in Minhacienda.
Likewise, the bankers added that the agreement “creates certainty” It is open to domestic and foreign investors. There will be no new compulsory investments in Colombia. Colombians’ savings have never been at risk. The credit agreement preserves the country’s financial stability.”
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Finally, it is worth emphasizing that the agreement reached has verifiable targets and will have monitoring and inter-agency coordination mechanisms. All of this is to ensure that resources reach the sectors intended by the government while also protecting the stability of the financial sector.
Important Steps
The American Chamber of Commerce in Colombia The American Chamber of Commerce in Colombia recently joined the debate.Its president, María Claudia Lacouture, insists that things are continuing to move forward and that what has been announced helps maintain economic stability and builds confidence in the local market and in investors who want to come.
Economic recovery
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“The agreement between the government and the financial sector will allocate $55 billion in loans to key sectors such as housing, industry, manufacturing, agriculture and tourism, as a step towards Colombia’s economic recovery over the next year and a half. This injection of resources will effectively revitalize the basic sectors and also help create jobs and increase sustainable income for Colombian families.”
For Lacourt, it is known that this agreement is a clear example of the capacity for dialogue and coordination between the public and private sectors to achieve common goals; warning that this same example Other goals that the national government wants to achieve can continue to be pursued.
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