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The Bogotá Council voted this Friday the historic debt quota for 10.8 billion pesos, with which the Claudia López Administration is authorized to contract loans for that amount.
(You may be interested in: The Council approved the economic reactivation plan of Claudia López)
After a day of about 12 hours of discussion, the councilors decided to vote positively on the seven articles that make up the initiative. Thus, after three attempts, the debt quota becomes a District agreement, and With this, the second part of the so-called Marshall Plan goes ahead of the mayor of Claudia López, which seeks to provide tools for the rapid economic and social recovery of the city, after the impact of isolation as a result of the covid-19 pandemic.
The other part of the Plan is the economic reactivation agreement, which provides benefits in property and ICA and taxes activities that were not affected by quarantines due to the ecovid-19 pandemic, which was approved on Saturday, October 24.
The 10 trillion pesos of debt will also be to finance the TransMilenio trunk lines on Avenida 68 and Avenida Ciudad de Cali -both were awarded this year-, as well as the studies of the second phase of the extension of the subway to Suba and Engativá . These resources will also finance IDU infrastructure works, the construction of schools, medical centers, the creation of 20,000 places for higher education, and social programs aimed at the poorest and most vulnerable population.
(Also read: The package of works promised by the Development Plan for Bogotá)
Faced with the decision of the district council, Mayor Claudia López responded with a message on Twitter: “Thanks to @ConcejoDeBogota that approved the Marshall Plan and $ 10.7 billion of debt quota with which we will generate jobs, support homes, micro-businesses and do works and projects for the well-being and growth of Bogotá! “
The same was done by the Secretary of Government. Luis Ernesto Gómez, who was on the premises with the Secretary of the Treasury, Juan Mauricio Ramírez. “We are very grateful to @ConcejoDeBogota for approving the debt quota for @Bogota. These essential resources will allow the economy to reactivate and generate more than 100,000 jobs.”
During its process in the Council, the quota project had suffered two setbacks in the district corporation, due to times and vices of procedures, one in commission during ordinary sessions and the other in extras in plenary. And although in principle the corporation planned to discuss it for two days (Friday and Saturday), yesterday it was discussed and approved.
During the session the objections to the debt quota were for the amount, given that one sector proposed to reduce them to about 8 billion pesos, and that the public transport system used in the 7th race corridor, one of the projects that will be financed with credit, other than BRT, a system that uses buses. However, both propositions were defeated. The first 16 against 29 and the second 9 against 36.
Councilor Marisol Gómez (Bogotá for the people), who was a speaker on the project on two occasions, stressed that the quota is necessary for the economic reactivation of the city and said that Bogotá has the capacity to borrow an amount of that magnitude. “This is what economists of the caliber of José Antonio Ocampo and Luis Fernando Mejía told me, as well as analysts from risk agencies such as Fitch, whom I consulted to have elements of judgment that would lead me to make the right decision.”
He added that once this quota is approved, the Council has to make a very strict political control so that this money is invested quickly, without delay. The crisis must be attacked now.
Editorial Bogotá
@BogotaET
