Company: CIB
Filing Date: 2025-08-15
Form Type: 6-K
Source: 0002058897-25-000035
Chunk: 20

Company: Grupo Cibest S.A.
Filing Date: 2025-08-15
Form: 6-K
Chunk 20
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 confirmed that the country is complying with the commitments made, highlighting advances in fiscal sustainability, financial transparency of state-owned companies and improvements in public procurement. International fiscal and reserve targets were also achieved, and structural reforms in governance and financial resilience continue. By the end of the year, new commitments are expected to be validated, including reforms to the pension system and greater transparency in the use of public funds.

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#### Economic and sectoral environment
In the economic sphere, the first half of 2025 confirmed the continuity of the macroeconomic stabilization process at the global level, supported by a gradual improvement in the pace of growth in several developed and emerging economies. At the same time, upside risks to inflation remain relevant, in an environment of high indexation in services prices and higher trade barriers, which could exert inflationary pressures in the second half of the year. In addition, geopolitical conflicts and deteriorating public finances in some regions have contributed to an increase in volatility in international financial markets.

#### Colombia
The Colombian economy has continued in a phase of macroeconomic stabilization, characterized by greater growth dynamics and declining inflation. Indeed, GDP advanced 2.7% annually in the first quarter of the year, which reinforces our expectation of 2.6% growth in the consolidated 2025 period. At the same time, inflation fell to 4.8% in June, in a gradual process that, in our opinion, would allow the monetary policy target range to be reached by the end of 2026. In line with this behavior, the Bank of the Republic cut its rate once, to 9.25%, from the 9.50% observed at the end of last year. In contrast, the fiscal situation and the environment of international volatility have become the main macroeconomic challenges. On the one hand, the activation of the escape clause of the Fiscal Rule enables the Government to register a fiscal deficit of 7.1% of GDP and a gross debt that, according to our estimates, will exceed 63% of GDP. In addition, the tax revenue projections published in June remain optimistic, so we identify risks of a further deterioration of the fiscal balance. On the other hand, the international context has been dominated by multiple tariff announcements and conflicts in the Middle East, factors that, in our opinion, will continue to generate uncertainty due to their implications on inflation and the trajectory of local monetary policy.

#### Panama
After the negative shock in 2024 following the closure of the Cobre Panama mine, the economy