Colombia’s Finance Minister Miguel Gomez presented a budget proposal of COP634.9 trillion ($203 billion) for the coming year, a 14% increase compared to last year.

Much of the increase is due to the government’s debt obligations, which went up 55% to 155.4 trillion ($49.8 billion), almost a quarter of the entire budget.

At a presentation, Gomez told press that an earthquake that left tens of thousands homeless in western Colombia earlier this month also forced the administration of Abelardo de la Espriella to increase spending.

In a video, the finance minister also said that the government “has taken deci

The budget bill, a revision of the one that was presented by the former government of former President Gustavo Petro, will have to be approved by Congress before October 20 or be issued as a decree.

The government will also present a Finance Bill, which determines how the government plans to pay for its spending, before December.