Colombia fiscal watchdog head warns proposed 2027 budget poses 'critical' risk

​Colombia will ​face a ‌more critical public ​finance situation if congress approves the government's ‌proposed 2027 budget, the head of the country's independent Fiscal Rule Committee ‌told Reuters on Friday.

The warning ‌by Juan Carlos Ramirez, president of the Autonomous Fiscal Rule Committee (CARF), followed ⁠the ​finance ministry's ⁠submission of the draft budget to ⁠the legislature on Thursday.

The proposal raised the ​projected fiscal deficit for this year ⁠to 7.2% of gross domestic product (GDP), ⁠up ​from a previous forecast of 5.3%. It also sharply ⁠increased the deficit projection for 2027 to ⁠9.4% ⁠of GDP, compared to the 4.5% previously expected.