The President of the Republic, Gustavo Petro, has called the attention of the country’s private banks due to the increase in interest rates that, according to him, put the entire productive economy of Colombia at risk.
“Interest rate hikes put the country’s entire productive economy at risk. The Government must mitigate this risk and that is why I ask private banks to reduce their intermediation rates on loans to the productive sector, including housing, to the maximum. Public banks are already doing it, ”he said.
In his address, Petro highlighted the importance of Social and Environmental Justice as fundamental pillars to achieve peace and a deeper democracy in the country.
The president took stock of the progress his government has made in the last nine months in the fight against the climate crisis, the energy transition, and the revitalization of the Amazon Rainforest. Likewise, he stressed the importance of achieving economic growth that allows stopping the growth of prices in food and public services.
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Petro also announced the implementation of social programs that seek to reduce poverty levels in the country, such as the increase in the minimum wage, aid to the Popular Economy and the Citizen Income Program that delivers 500,000 pesos a month to mothers who are heads of household. with children under five years of age. He also mentioned the program to hand over land to peasants and the Youth in Peace Program to get youth out of violence.
Finally, the President called on the armed organizations to put down their weapons and violence and join processes of transitional and restorative justice, with truth and reparation for the victims. In short, Petro’s speech seeks to highlight his government’s progress in social, environmental and economic matters, while drawing attention to the importance of reducing interest rates to protect the country’s productive economy.