Tax revenue will help Colombian fiscal accounts

Finance Minister Juan Carlos Echeverry said on Tuesday that strong tax revenue will help Colombia improve its fiscal accounts, leading to a balanced budget by next year.

Speaking to lawmakers in Congress, Echeverry said the consolidated budget deficit would likely narrow to 0.9 percent of gross domestic product by the end of 2012 from a previous projection of 1.2 percent.

The central government's fiscal deficit would shrink to 2 percent from the 2.4 percent forecast earlier, he added.

Source: Reuters