Colombia Weighs Five Ministry Cuts Ahead of Possible Tax Hike
The government of Abelardo de la Espriella is preparing a reform of the structure of the state that includes eliminating five ministries by abolishing some portfolios and merging others, with the goal of reducing public spending and making the national administration smaller. The initiative seeks to reduce the number of ministries in Colombia from 18 […]
Colombia is contemplating the elimination of five ministries as part of the government's austerity measures ahead of a potential tax increase, according to Finance Minister Miguel Gomez. The plan, outlined by the government of President Abelardo de la Espriella, aims to reduce the number of ministries from 18 to 13, thereby decreasing public spending and streamlining the national administration.
The proposal, which has been a campaign promise of de la Espriella, is expected to go through Congress. While Gomez insists that the government will prioritize cutting expenses before proposing new taxes, he has not ruled out the possibility of a tax increase if necessary. The initiative is part of the Fiscal Rescue Law, which seeks to address Colombia's fiscal challenges and contain public debt.
The reduction in the size of the state apparatus will require legal procedures and congressional approval.
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