The president of Colombia, Gustavo Petro, launched a proposal for debate on a National Constituent Assembly in view of the obstacles he has encountered in Congress regarding the approval of his reforms.

This Saturday, March 16, the international media reviewed the proposal made by Petro on Friday the 15th in Cali, regarding the possibility of convening a National Constituent Assembly.

The idea, which the president published on his social network account, “has been criticized by politicians of all currents, including some who supported him in the 2022 presidential elections.”

Numerous national sectors have described the proposal as a “balloon of distraction” in the face of the decline in popularity and legislative support for Petro, who, according to former left-wing senator Jorge Robledo, is looking for a distraction, since “he does not have enough votes to approve it in Congress or to approve it among the citizens.”

As a sign of weakness and desperation, Robledo has described the president’s proposal, which has definitely not been well received by the different sectors of Colombian society.

Regarding the proposal, Senator Humberto de la Calle, member of the Centro Esperanza Coalition, described Petro’s argument as “weak” and added: “The reason that the president alleges for convening a constituent assembly is the impossibility of complying with the Constitution, according to his own saying (…) If it were true, it is not the Constitution that must be changed but the way of governing,” the congressman added in a statement.

De la Calle clarified that a Constituent Assembly requires the prior passage of a bill that must pass through Congress, where Petro does not have a majority. In addition, two calls to the population are required: first for them to say whether they want a constitutional reform and, if so, for them to approve any possible changes.

M.Pino

Source: swissinfo

(Reference image source: Unsplash+, in collaboration with Getty Images)

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Within the framework of the 7th plenary session of the Central Committee of the Communist Party of Cuba (PCC), concluded this Saturday in Havana, an ambitious macroeconomic stabilization program has been discussed and evaluated. This initiative aims to address the current monetary, financial and fiscal imbalances that have plunged the country into a deep crisis over the past three years.

The 15 new points proposed at this meeting, intended to be incorporated into the Economic and Social Policy Guidelines of the Party and the Revolution, include crucial measures to boost economic recovery. Among them is a “macroeconomic stabilization programme”, previously demanded by independent experts due to the deterioration of economic indicators.

The programme seeks to establish a monetary, exchange-rate, financial and fiscal environment conducive to economic recovery and growth, as well as the stability of the national currency and the reduction of inflation.

In addition, it has been proposed that the economy be effectively de-dollarized and that an exchange rate based on stable economic criteria be implemented. These measures seek to ensure that variables and prices are not administratively fixed, but reflect the real conditions of the economy.

In this context, the plenary also suggested the elimination of an earlier line advocating the continuation of the Ordinance Task, a set of reforms that sought to put an end to monetary duality and that has generated significant imbalances at the micro and macro levels.

Other recently proposed guidelines seek to reduce the monetary issuance associated with fiscal and quasi-fiscal activity, with the aim of combating inflation and the loss of purchasing power of wages and pensions. It should be noted that Cuba is about to close its fourth consecutive fiscal year with a deficit exceeding 10% of Gross Domestic Product (GDP).

K. Tovar

Source: Bancaynegocios

(Reference image source: JF Martin, Unsplash)

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The third monetary reconversion is imminent, but that strategy will not make citizens prefer the bolivar. This was stated by the economist and former deputy José Guerra, who also indicated the need to create a new currency.

According to the expert, the new currency should be anchored to the dollar, while the economy recovers and subsequently it is necessary to progress to “a floating system on solid fundamentals.”

As a consequence of the damage caused by the economic policies, especially between 2007 and 2020, the former deputy considers that it is impossible to restore the bolivar. He affirmed that, in financially unstable countries, the issuance of local currency must be supported by international reserves so that the public chooses to maintain it and that does not happen in Venezuela.

According to the economist, it is imperative to defeat hyperinflation. This requires the design and application of an extensive program of economic and institutional reforms with external financing, in order to prevent the Central Bank of Venezuela (BCV) from continuing to increase the fiscal deficit.

“The most expeditious recipe for destroying a currency is for the central bank to use its issuing capacity to finance the treasury, a populism tool known as the inorganic issuance of money and it is the strategy most used by all countries that have suffered from hyperinflation”, Guerra concluded.

M. Rodríguez

With information from national media

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