Colombia’s Finance Minister Ricardo Bonilla says that the proposed 2025 budget will remain at COP 523 trillion (approximately USD 123.9 billion) in an interview with Reuters on Tuesday, 17 September 2024.
Earlier, Congress had refused to approve the proposed amount, stating that some of the proposed sources of financing are not realistic.
Bonilla says that should Congress reject the budget, the government may pass it by decree, in line with recent statements from President Gustavo Petro. If the fiscal reform is only partially approved, spending adjustments will be made accordingly.
“The budget is set at COP 523 trillion, of which COP 511 trillion is financed, while a proposed law would cover the remaining COP 12 trillion.”
