BOGOTA, Oct 6 (Reuters) - Colombia could face a worse fiscal outlook next year than it has in 2015, President Juan Manuel Santos said on Tuesday, as the Andean country’s finances continue to suffer amid the global fall in crude oil prices.
“Hard times are waiting. Next year will also be a very difficult year in a fiscal sense. We could touch bottom next year,” Santos said during a celebration for Finance Minister Mauricio Cardenas, who was awarded Euromoney Finance Minister of the Year.
“But we will get out of the storm stronger,” Santos added, without offering further details.
A global fall in prices for crude, Colombia’s largest export and source of foreign exchange, has lead to curbed growth expectations for the country, which raises a fifth of its national budget from the commodity.
Reporting by Carlos Vargas; Writing by Julia Symmes Cobb; Editing by Lisa Shumaker