Petro criticizes fund investments abroad

President Gustavo Petro honored the agreement with the Colombian Association of Pension and Dismissal Administrators (Asofondos) to conclude their congress in Cartagena.

In his speech, the president acknowledged that health care reform has played a bigger role than labor and pension reform.

“I must confess that the times of debates and public discussions have led us to spend more on health care reform than on pension reform and that means that these debates have not been given enough space in Colombian society,” he said.

He indicated that he knows that there will be an intense debate about the reforms that will no longer be governmental but legislative in nature.

Petro defended the pension’s proposed pillar system, saying that the current model with the two regimes does not deliver savings and will not work if it continues like this.

Similarly, he criticized the fact that private funds make investments abroad, which have increased in recent years, as he believes that these funds should remain in the country.

“There is now more savings outside the country and national savings, which is an important variable for economic growth? What is the net social profit? We fund jobs and growth abroad, with money that is not private,” he added.

He assured that an effort should be made to bring those resources back to the country.

On the other hand, as part of his intervention, Petro also defended the government’s process of raising the price of a gallon of regular gasoline that has already reached $2,050. He said that only 15% of the population in Colombia uses this fuel.

Source: El heraldo