Colombia: De la Espriella Increases Petro’s 2027 Budget by 10%
The government of President Abelardo De la Espriella presented a new General Budget of the Nation bill for 2027 to Congress totaling 634.9 trillion pesos (approximately US$205 billion), a figure 59.3 trillion pesos (approximately US$19 billion) higher than the proposal left by the previous government of Gustavo Petro. The increase, of around 10%, puts the […]
Colombia's new government has boosted President Gustavo Petro's proposed 2027 budget by 10 percent, increasing it to 634.9 trillion pesos (approximately US$205 billion). This represents a 59.3 trillion peso (US$19 billion) rise compared to the previous administration's proposal. The government of President Abelardo De la Espriella defends the increase, stating it is an attempt to "come clean" about the country's fiscal situation.
Finance Minister Miguel Gómez claims the previous proposal did not adequately account for certain state obligations and could not predict the economic impact of the August 10 earthquake. While the new budget incorporates the earthquake's effects and other expenses, it also significantly increases borrowing and cuts public investment.
This means that much of the budget's additional funds will be used to meet existing obligations rather than fund new projects. The opposition has criticized the budget, arguing that it contradicts the promise of reduced public spending made during the election campaign. They highlight that the new budget includes nearly 100 trillion pesos (US$32 billion) more in capital resources than the previous proposal, while projected tax revenues are lower.
Written by urgent.news from Colombia One's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
