Colombia’s Gustavo Petro Falsely Claims J.P. Morgan Endorsed His Socialist Agenda

The JP Morgan document criticizes the Colombian candidate’s proposal and raises alarms and distrust in the government plan presented by Petro

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“The international bank J.P. Morgan, one of the largest in the world, sees no alarms or distrust in the government plan that we present to Change Colombia for Life.” This is how Gustavo Petro, Colombian presidential candidate, celebrated a report published by J.P. Morgan.

However, the document criticizes and highlights important points about Petro’s economic proposal. For example, the report calls it an “ambitious plan” that seeks a “radical change” from the current model. It also warns that although “the ends are laudable, the means must be focused and adjusted to the model” that is currently working.

The report further explains that although Petro proposes gradualism in some aspects of his initiatives, the proposal “could produce institutional tensions and major challenges” for Colombia’s fiscal system.

According to El Tiempo, Petro proposes “a tax reform, adjustments in international trade and pensions, as well as changes in the extractive industry.” J.P. Morgan also details that the candidate’s proposal requires “a more statist approach.”

J.P. Morgan report does have caveats

On tax policy, J.P. Morgan indicates that it could mean new taxes, higher rates, and progressive taxation that would affect companies and high earners in order to comply with the welfare package.

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Tatiana Barros, a political analyst, told W Radio that, in spite of the leftist candidate’s statements, the report does show concerns about his economic proposal. “I was in charge of translating the document because I found it curious that the honorable senator says that there are no alarms or distrust on the part of J.P. Morgan regarding his government plan. But, as you read it, you realize that there are,” commented Barros.

Furthermore, she added: “One does not say that there are no social programs (…) but the problem is the fact that they do not have a route line to achieve it or a fiscal cost, and all this has to be played with the economy. If you are looking to be president, how are you going to make a plan that has no fiscal cost, focusing on the social part and that, in general, does not make any reference to the fiscal rule?”

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