This Friday, in Cartagena, the closing ceremony of the Banking Convention was held, which was attended by the president Gustavo Petro and of Hernando Jose Gomez, president of Asobancaria, the guild of the country’s financial entities.
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In his speech, Petro initially assured: “We are not proposing that the financial sector of a country be eliminated, but how it can serve in the generation of wealth and its democratization.”
(Also read: Gustavo Petro: the 5 recommendations that HRW makes to the president of Colombia)
The president said that “banking is not a generator of wealth in itself, it can transfer it, but it is production that generates it.” And that, in this sense, the financial proposal of his government “is that banks finance production to create wealth“.
For the president, “financing production is equivalent to democratizing access to credit.” And in this line, he also spoke about the ‘drop by drop’, and pointed out: “What the appearance of the ‘drop drop’ implies is an inability of the financial sector to touch the popular economy and the peasant economy, which shows a way to build”.
(Of interest: Petro Government: why do they say they want to return Monomers?)
Petro spoke of “the transfer of wealth through the financial sector to production.” And he explained that this basically means that “the Colombian economy is more egalitarian.”
In the same way, he referred to the financing of activities with fossil fuels: “We have to stop financing carbon activities, which is difficult, because we can find that a good part of the liquidity is with royalties, with the deposits that have to do with the oil industry”. And he stated that “it is not only with pilot plans” but that “it has to be a fast, forceful and substantial movement”.
Thus, on time, the president left the bankers three messages. First, finance production. Second, democratize, through financing, the production. And finally, finance the decarbonization of production.
(Keep reading: Petro tax reform: these are the warnings from Fitch Ratings)
“These are the tasks that I would leave to discuss between you and us. If we don’t do it, Colombia will continue to be rickety, unequal, violent and completely removed from the new technological directions that humanity has to take to overcome the climate crisis,” he added.
‘Our nature is the commitment to Colombia’
At the beginning of the event, Hernando José Gómez pointed out that Asobancaria, in the last two years, has disbursed “860 billion pesos in loans for families and companies and, in the last decade, we have increased the indicator of financial deepening as a percentage of GDP by 16 points “.
(Keep reading: The underlying reasons for banks to tighten the credit key)
He also highlighted that, since 2018, “financial institutions have invested around 1 billion pesos in innovation, giving way to more than 470 incremental and disruptive innovations.”
The president of Asobancaria assured: “We are a solid, innovative, dynamic and purposeful bank. Our nature is the commitment to Colombia. We are playing with the country“.
(Also: Minimum wage: the effects that an ‘overwhelming increase’ would bring)
Ocampo talks about the tax reform
Earlier, José Antonio Ocampo, Minister of Finance, spoke at the event about the tax reform and explained that some of the provisions that were delivered regarding the proposal are already being reviewed.
One of them is to review the list of ultra-processed foods on which what this government has called a ‘health tax’ is going to be imposed. “Maybe we rationalize it a bit, but both taxes, sugary drinks and ultra-processed foods, are going to be discussed in Congress. There are already many public health sectors that ask us to maintain the initiatives,” said the minister.
(See also: Gasoline: how much should it go up to cover the gap in the stabilization fund?)
Ocampo added that “there is much less opposition to sugary taxes than to ultra-processed ones. The proposal that we are going to deliver to the speakers is precisely to rationalize the list of foods.”
In his speech, the minister also spoke of Colombia’s GDP in 2022. He said that the Government expects it to grow, on average, 7% for the end of the yearwhile the most recent Medium-Term Fiscal Framework stated that the figure would be 6.5%.
In addition, he stated that the average growth of the Colombian economy for the second half of 2022 is expected to be of the order of 3.7%.
ELTIEMPO.COM
Gustavo Petro speaks to bankers at the Asobancaria convention – Sectors – Economy
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