Politics · Other · 3 hrs ago
Colombia approves 2027 budget with higher debt payments
Colombia’s Congress approved the country’s 2027 budget early Tuesday.
The budget allocates 634.9 trillion pesos for next year, up from 555.8 trillion pesos for this year.
It sets aside 141 trillion pesos for debt payments, about US$45 billion, compared with about US$30 billion in 2026.
The planned deficit is 9.4% of gross domestic product, leaving Colombia among the region’s countries with the largest fiscal gaps.
The government has not said which expenses it will cut, but promised a plan to reduce public spending by 2.2% of GDP within three months.
Finance Minister Miguel Gómez said the budget would require cuts to investment and a period of austerity.
Colombia’s Congress approved the distribution of the 2027 national budget, which increases funds for public debt payments.
The budget totals 634.9 trillion pesos, or US$201.14 billion, compared with 555.8 trillion pesos for 2026.
It allocates 141 trillion pesos, about US$45 billion, to debt payments, up from about US$30 billion in 2026.
The budget leaves Colombia with a projected fiscal deficit of 9.4% of GDP in 2027.
The government has not specified which expenses it plans to cut, but has promised to propose public spending cuts within three months.
- Who
- Colombia’s Congress approved the budget. President Abelardo De la Espriella’s position was strengthened by the approval.
- What
- Congress approved the distribution of the 2027 budget, including a larger allocation for debt payments.
- When
- Early on October 20, 2026.
- Where
- Colombia.
- Why
- The budget provides more funds for public debt payments. The government said spending adjustments were needed, but the sources do not state why Congress approved the proposal.
This story does not have two clearly opposing sides.
Colombia’s Congress approved the distribution of the 2027 budget.
The government promised to send the legislature a proposal to reduce public spending by 2.2% of GDP.
- 2027 budget
- 634.9 trillion pesos (US$201.14 billion)
- Debt payments in 2027
- 141 trillion pesos (about US$45 billion)
- Debt payments in 2026
- About US$30 billion
- Projected 2027 deficit
- 9.4% of GDP
- Planned public spending reduction
- 2.2% of GDP, with a proposal promised within three months
What people are saying
correct the course of the economy and make the adjustments that allow Colombia to return to growth
a debt that this government did not incur