Perspectives on Remittance Flows in 2025
Michael Heydt, senior vice president for global sovereign ratings at Morningstar DBRS: “When the tax reform passed in late 2022, we viewed the legislation positively overall but with some clear drawbacks. From a macroeconomic perspective, the benefits were threefold. First, the reform supported fiscal consolidation, which was needed given the scale of the fiscal deficit. Second, the reform was contractionary in the near term, which helped ensure that fiscal policy was working in concert with monetary policy to moderate inflation. And third, the reform mobilized additional revenue to finance public investment, which was important given Colombia’s large social and physical infrastructure needs. The main drawback was that by focusing on higher corporate and wealth taxes instead of expanding the tax base on individuals, the reform raised an already-high…”
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Gene Kuleta
Editor
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Goette-Luciak
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Int’l Gov’t Relations,
Exxon Mobil
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Georgetown University
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US Education Finance Group
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Chairman,
Grupo Marhnos
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McLarty Associates
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AMLA Consulting
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Head of Latin American Economics, Citi
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President,
IESA
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President, Rozental &
Asociados
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Managing Director,
Sovereigns, Fitch
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