Colombia's financial market cringed last week when it learned the government was planning to order pension funds to transfer some $7.34 billion worth of contributions to the public retirement fund.
BOGOTA - Colombia’s financial market cringed last week when it learned the government was planning to order pension funds to transfer some $7.34 billion worth of contributions to the public retirement fund.
Although the measure was later ruled out by the government, a proposed law working its way through congress has kept market worries high. “We ended up in the same place by a different route,” said Munir Jalil, BTG Pactual’s chief economist for the Andean region. “What it shows is the level of cash flow need... for the national government, which makes them consider these ways of getting funds.”
The policy has echoes of Argentina in 2008, analysts said, when private pensions were nationalized to make $24 billion available to the government.
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