Colombia's new government proposes revised 2027 budget to lawmakers

The government ​of right-wing Colombian President Abelardo De ​La Espriella on Thursday submitted ‌to ​Congress a budget bill for next year totaling 634.95 trillion pesos ($206.02 billion), Finance Minister Miguel Gomez ‌said.

The proposal was presented after lawmakers returned a 575.7 trillion peso ($186.8 billion) budget submitted by the previous leftist administration earlier this month so the new ‌government could adjust it. The budget must be approved by Congress before Oct. ‌20. Congress approved a budget of 555.8 trillion pesos for this year, though it was later reduced by 14.3 trillion pesos because of income constraints. The new government ⁠now plans ​to reduce this ⁠year's budget by an additional 21.9 trillion pesos, Gomez said on Thursday.

Latin America's fourth-largest economy ⁠is facing a deterioration in its fiscal accounts because of declining revenue and rising ​spending. Analysts estimate those pressures will worsen following the powerful earthquake ⁠that struck the country this month. De La Espriella has said a preliminary estimate puts earthquake-related ⁠losses ​at about 30 trillion pesos ($9.7 billion) and he has declared a state of economic emergency to respond to the disaster.

The president, who ⁠took office on August 7, is seeking to build a governing coalition from ⁠a fragmented ⁠right-wing in order to secure a majority in Congress, where the leftist Historic Pact bloc has the largest number ‌of ‌lawmakers. ($1 = 3,081.67 pesos)