COLOMBIA

On February 17, the National Planning Department (DNP, in Spanish) published the CONPES document and three annexed documents presenting the Economic Reactivation and Recovery Plan, otherwise known as the ‘New Commitment for the Future of Colombia’. The National Government’s strategy aims to achieve a 5% growth in the Colombian economy during 2021. The idea is for the country to begin a process of sustainable and inclusive in the run up to 2026. Certain measures included in the document are likely to be applied in the medium term. 

One of the principal objectives is to create two million jobs, both direct and indirect, in order to offset the shortfall in human capital resulting from the pandemic. The idea is also to make it easier for MSMEs to access the public procurement market and new lines of financing. They will also be provided with technical assistance to help them meet international quality standards, and there are likely to be moves to promote regional technological development and innovation projects.

The Executive branch emphasized that resources will also be earmarked for projects and policies in the areas of housing, road infrastructure, public services, health, education, mining, and energy and agricultural development. Finally, they will strengthen the data integration and updating structure at the Monetary Transfer Platform and the Social Register to identify eligibility criteria for program and subsidy beneficiaries, which means that the VAT rebate program may be available to a higher number of citizens.