Colombia’s Congress approves De la Espriella’s 2027 budget
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 […] The post Colombia’s Congress…
Colombia's Congress approved President Abelardo de la Espriella's proposed 2027 budget, despite his earlier pledge to decrease public spending. The new budget stands at COP634.9 trillion, or roughly $204 billion, marking a 16% increase from last year and a 10% rise over former President Gustavo Petro's proposal. Finance Minister Miguel Gomez explained that the budget aims to align the nation's finances with current circumstances.
Both the Senate and House of Representatives voted in favor of the budget, with De la Espriella's government coalition providing support. However, the only leftist opposition party, the Historic Pact, boycotted the vote. Gomez expressed gratitude to Congress and the opposition for their efforts in drafting the budget. He emphasized that this decision marks a crucial step in revitalizing the country's economy, fostering fiscal responsibility, and meeting the nation's demands.
The budget, which seeks to reintroduce the neoliberal model abandoned during Petro's term, reduces funding for free higher education by half, from COP800 billion to COP400 billion. This move has drawn criticism, as it could affect the continuity of this policy that has enabled numerous young individuals to access public universities.
Additionally, the budget slashes the funding for the war crimes tribunal JEP, potentially jeopardizing the ongoing peace process with the FARC rebels.
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