Colombia Proposes $130 Billion 2025 Budget Amid Fiscal Challenges

Colombia's government presented a 523 trillion peso ($130 billion) budget for 2025 to lawmakers. The proposal reflects increasing fiscal pressures on President Gustavo Petro's administration. This budget compares to the 2023 budget of 483 trillion pesos, which was reduced by 20 trillion pesos in June. Congress must approve the proposal by October 20, possibly making significant changes, given that Petro lacks legislative majority.

Colombia's government on Monday proposed a 523 trillion peso ($130 billion) budget for 2025 to lawmakers, reflecting mounting fiscal challenges facing President Gustavo Petro's administration, according to a statement from the finance ministry.

This proposed budget contrasts with this year's 483 trillion peso budget, which was cut by 20 trillion pesos in June. The government remains under pressure as it tries to address these financial difficulties.

Congress has until October 20 to review and approve the budget bill, with potential for significant amendments, particularly as President Petro does not hold a legislative majority.

(With inputs from agencies.)