Colombia aims to begin implementing its fiscal rule in 2025, a year earlier than planned, to create fiscal space in the upcoming year. Finance Minister Bonilla emphasized the government’s intentions to enhance economic growth through various measures, including a proposed reduction of the corporate tax rate from 35%. The country’s debt-to-GDP ratio was better than expected at 52.8% in 2023, bolstered by the strength of the peso, but it is projected to widen to 57% in 2024. The fiscal deficit for 2024 is forecasted at 5.3% of GDP.