US EditionColombia Announces Significant Budget Cuts Amid Fiscal Challenges
13 Articles
13 Articles
The government of Gustavo Petro has cut once again the amount of the budget for this year, which of more than 502 billion pesos (about 120 billion dollars) approved by Congress initially, and only 472 billion dollars. “The goal of collection was not achieved, so that part of the budget of 2024 is not adequately funded and we have been forced to make this kind of adjustment,” explained Finance Minister Ricardo Bonilla, on the morning of this Wedn…
Colombia Announces Significant Budget Cuts Amid Fiscal Challenges
Colombia Announces Significant Budget Cuts Amid Fiscal Challenges The Colombian government is set to implement a substantial budget reduction of 28.4 trillion pesos, equivalent to $6.44 billion, as a direct response to lower-than-expected tax revenues impacting the nation's finances. This reduction signifies a notable increase from the initial 20 trillion peso cut announced in June.Finance Minister Ricardo Bonilla is poised to provide further e…
Reducing spending: the way forward after budget cuts announced for 2024 - Latin america News
Finally, the Ministry of Finance uncovered its cards and confirmed the budget adjustment that it will carry out this year, which was far from the $33 billion that was initially proposed by the same Government after the suggestions of the National Fiscal Policy Council and goes in the wrong direction. of the belt-tightening that the economic study centers have been asking for for months. According to Minister Ricardo Bonilla, after this week’s Co…
BOGOTÁ (Sputnik) – The Ministry of Finance and Public Credit (MHCP) of Colombia reported on November 27, following the Council of Ministers led by the President of the Republic, a cut in the expenditure budget for 2025 by 28.4 billion dollars (7.1 billion dollars), equivalent to 5.6% of the total approved for the year.
The National Government faces a budget crisis amounting to $28 billion, equivalent to 5.6% of the budget of 2024, a situation that could extend until 2025 if immediate corrective measures are not taken, as Congressman Wadith Manzur warned during an interview on the country’s fiscal situation. The legislator pointed out as the main political responsible for the crisis to Luis Carlos Reyes, known on social networks as “Mr. Taxes”, who served as di…
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