Clash between former Finance Minister and Director of Public Credit over Fepc deficit

On social media there was an exchange of statements between the former Minister of Finance, José Manuel Restrepo, and the Director of Public Credit and National Treasury of the Ministry of Finance, José Roberto Acosta. The trigger?: the deficit of the Fuel Price Stabilization Fund (Fepc).

(Read more: The dollar projection in Colombia for the end of 2024, according to ChatGPT)

The discussion began after the Minister of Finance, Ricardo Bonilla, referred to the fund’s accounts in a recent press conference. According to the head of the portfolio, the Government is working to reduce the gap in the finances and pointed out to the former minister, who was in charge of the entity during the Duque administration, leaving the Fepc with a deficit close to $37 billion.

In response to this comment, through his X account, Restrepo reminded the Minhacienda that in 2018 the Fepc was received with a deficit of $17 billion, which was settled in the Development Plan. The former official also mentioned that the Fund sand delivered healthy until the first quarter of 2022 with a payment of $14.2 billion to Ecopetrol and a roadmap was proposed to settle the remaining debt.

“We delivered to President Petro directly in conjunction with the Medium-Term Fiscal Framework, proof of the payment of 14.2 billion of the deficit before leaving and we left 28.5 billion budgeted, as well as other sources of payment,” he highlighted.

Along the same lines, the former Minister of Finance indicated to Bonilla that he could always count on his support for “Improve growth, employment, inflation and public finance figures. This is my commitment as a Colombian.”

(Read more: Petro’s criticism of the fiscal independence referendum: ‘The country will not withstand it’)

(See: What is the ‘fast track’ that Petro proposed at the UN for the 2016 peace agreements?)

Following these statements, the director of Public Credit, José Roberto Acosta, referred again to the “legacy” of the previous Ministry of Finance, highlighting that the high deficit of the Fepc was derived from “not assuming the true price of gasoline and diesel fuel, subsidizing vehicle tanks with taxes that should satisfy the needs of the poorest.”

He also highlighted that in just two years the current administration has managed to reduce the size of the net public debt from 55% of GDPa goal set to be met in four years.

“An incontrovertible result of an unwavering commitment to fiscal sustainability”he added.

(Read more: Irregularities in the Ministry of Sports: fiscal findings of more than $31 billion)

BRIEFCASE