Colombia’s congress agreed to add $4.1 billion (COP16.9 trillion) to the government’s budget for this year.
According to the government of President Gustavo Petro, a tax reform that was approved last year resulted in an increase of tax revenue.
After the addition of these funds, the government’s 2023 budget will be $108.3 billion (COP422.5 trillion).
According to Finance Minister Diego Guevara, the additional budget will be used to counter an economic slowdown.
The additional COP16.9 trillion in spending will be earmarked as a priority to boost reactivation, with an emphasis on programs and projects with the greatest potential to generate multiplier effects on economic activity during the second half of 2023.
Finance Minister Diego Guevara
The increase in spending seeks improved success in priority programs for the
Priorities
- Secure rural reform
- Combat hunger
- Strengthen housing subsidies
- Promote land registry
- Make higher education more accessible
- Guarantee health insurance
- Subsidize energy consumption
- Improve road infrastructure
- Reform pension system
- Protect the environment
The funds will be sent to the ministries and agencies that may help implement the government priority policies.
Top benefactors
