Company: CIB
Filing Date: 2025-08-15
Form Type: 6-K
Source: 0002058897-25-000035
Chunk: 18

Company: Grupo Cibest S.A.
Filing Date: 2025-08-15
Form: 6-K
Chunk 18
---
 and public spending would rise by COP $20 billion. In addition, the 2025 Medium-Term Fiscal Framework presented in June, points to the need to process a tax reform for around COP $25 billion.

After the signing of the credit pact between the government and the credit institutions, the President of the Republic has been signaling his disagreement with the amounts disbursed for the so-called popular economy (approximately 35% of the target), which suffers from a delay in disbursements compared to the other sectors (approximately 55% of the target) and insisting on an idea already mentioned above of processing a bill that would create forced investments for the financial sector that allow a greater distribution of resources to these segments of the population. In this regard, the Financial Superintendent has pointed out the existence of difficulties in measuring which credits are classified in this category, implying that it is possible that this amount is underestimated since it is confused with consumer credit in terms of its destination, and it is unlikely that the idea of forced investments will materialize.

In geopolitical matters, relations with the United States, Colombia's main trading partner, continue to go through a complex period, and some fronts could be affected by the interaction between the leaders of both countries. The country's economic conditions could have an impact on account of a reduction in foreign aid from the United States, motivated by the budget cuts that the government of this country intends to make and a possible decertification of Colombia in the fight against drugs. Colombia is also one of the countries whose products face 10% tariffs in the United States. it may affect companies that trade in the international market and the country's external accounts. However, opportunities to compete with countries facing higher tariffs, such as Brazil, may also present themselves on that front.

#### Panama
During the inauguration of the new U.S. government, the interest on the part of that country to retake control of the Panama Canal was mentioned. This situation generated uncertainty in the Panamanian financial markets, falls in consumer confidence and investor confidence. However, after some official visits by the U.S., a

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#### IMF: International Monetary Fund.
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memorandum of understanding was signed between the two countries, in which it is clear that the sovereignty of the Panama Canal will be respected and a program of collaboration and military support was established between the two nations, without affecting Panama's sovereignty.

On the other hand, the Reform of the Social Security Fund (CSS) strengthened the pension system, increased employer contributions and facilitated labor formalization.