Colombia Plans to Force Banks to Fund Emergency Spending

Colombia plans to force banks to allocate resources to support government lending guarantees as part of efforts to finance the economic emergency caused by heavy rains and flooding in the nation’s Caribbean region, Finance Minister German Avila said in a televised cabinet meeting.

• The finance minister also defended a proposed wealth tax on companies to help fund the response to the crisis
• Colombia also plans to impose higher taxes on gambling platforms
• The measures will be part of a package to fund a state of economic emergency
• NOTE: Colombia to Levy Corporate ‘Wealth Tax’ to Pay for Flood Damage
• President ...