The Colombian government submitted a 523 trillion peso ($130 billion) budget proposal for 2025 to lawmakers on Monday. The Ministry of Finance stated that due to increasing financial pressures, the budget will impact President Gustavo Petro's agenda.
The Ministry mentioned that in comparison to this year's 483 trillion peso budget, the new budget has increased. In June of this year, the budget was cut by 20 trillion pesos.
Petro is approaching the second half of his presidential term but lacks a stable majority in Congress to advance his economic and social priorities.
Congress must approve the budget by October 20 and significant modifications may be made.
Colombian Deputy Minister of Finance, Diego Guevara, stated that the government will seek approximately 12 trillion pesos through a new financing bill to meet the budget plan's requirements.
Budget Director Jairo Bautista said at a press conference: "This is a budget committed to economic recovery." He added, "It successfully targets basic spending goals in key economic areas such as health, education, and infrastructure."
