Colombia suggests 502.6 trillion pesos for 2024 budget.
Colombia Proposes $127.8 Billion Budget for 2024
The Colombian government has presented a budget proposal worth 502.6 trillion pesos ($127.8 billion) for 2024 to Congress, which is 19% higher than this year’s budget. If approved, it would be the country’s highest budget to date.
Congress must greenlight the government’s budget by Oct. 20. The proposal includes allocating 94.52 trillion pesos for servicing debt and 97.75 trillion pesos for investment.
“The 2024 budget is realistic,” stated the finance ministry.
President Gustavo Petro announced that government ministers worked through Thursday night to finalize the proposal.
The proposed budget allocates 70.5 trillion pesos for education, health, drinking water, and other general purposes, while 57.4 trillion pesos would fund the state pension system.
Colombia’s first leftist president, Gustavo Petro, has pledged various social and economic reforms, including improvements in healthcare and labor conditions, to combat poverty and inequality.
Although the labor reform was initially rejected by Congress, the government plans to reintroduce the bill.
The expert Autonomous Fiscal Rule Committee (CARF) has cautioned that if the reforms are approved, they could impact the country’s finances by increasing costs and potentially jeopardizing compliance with the fiscal rule, a mechanism designed to prevent deterioration of public finances.
($1 = 3,932.04 Colombian pesos)
(Reporting by Nelson Bocanegra and Julia Cobb Symmes; Writing by Oliver Griffin; Editing by Sandra Maler)
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