Observer Report New York
President of Colombia Ivan Duque has warned that many developing countries have increased their fiscal deficit to deal with the Covid-19 pandemic, putting at risk their financial capacity to act on other priorities, such as climate change.
“Many (countries) have not begun to process the necessary tax reforms to pay emergency expenses, and today they are being evaluated with pre-pandemic criteria by credit rating agencies”, said Ivan Duque, during his speech to the 76th UN Gen-eral Assembly.
The Colombian Head of State called for a consensus on a new financial risk classification led by the In-ternational Monetary Fund (IMF) and multilateral development banks. “Otherwise, in the short term.
