Colombian finance minister quits, markets down after tax reform withdrawn

# 07:36
4 May 2021

Colombia's finance minister resigned and the country's currency, bonds and stock markets fell on Monday after President Ivan Duque withdrew a tax reform proposal seen as important for fiscal stability, APA reports quoting Reuters.

Duque retracted the proposal on Sunday after staunch opposition from lawmakers and deadly street protests, sparking market uncertainty and comment from ratings agency Moody's.

"My continuance in the government will complicate the quick and effective construction of the necessary consensus," Finance Minister Alberto Carrasquilla said in a statement, warning Colombia's macroeconomic stability would be "seriously compromised" without reform.

Duque said on Twitter that commerce minister Jose Manuel Restrepo, an economist, would become finance minister.