Colombia’s Congress agreed to increase the government’s 2027 budget despite promises by President Abelardo de la Espriella to reduce public spending.
Next year’s budget will be COP634.9 trillion, almost $204 billion, which is 16% more than last year’s budget and 10% higher than the proposal made by former President Gustavo Petro.
According to Finance Minister Miguel Gomez, the budget seeks to bring the State’s finances in line with reality.
The budget was approved in both the Senate and the House of Representatives with the support of De la Espriella’s government coalition.
The Historic Pact, the only leftist opposition party, rejected the budget and boycotted the vote.
On behalf of the national government, I would like to thank you all for your work over the past few months in passing the budget. I would also like to thank the opposition for the strength with which they defended their views. The message that Congress has sent today regarding the government’s economic policy is very important. It is the first step toward putting the country’s economy back on track toward growth, fiscal responsibility, and addressing the nation’s needs.
Finance Minister Miguel Gomez
The budget seeks to reimpose the neoliberal model that had been abandoned by Petro and reduce public debt.
According to Green Party representative Jaime Raul Salamanca, who opposed the budget, funding for free higher education was cut in half from COP800 billion ($254 million) to COP400 billion (127 million).
“This cut raises concerns about its potential impact on the continuity and scope of this policy, which has enabled thousands of young people to enroll in public institutions of higher education,” said Salamanca.
The budget also cut the budget for the war crimes tribunal JEP, which could endanger the future of the peace process with the FARC and is opposed by the government.
