Economic Committees of Colombia’s Congress Approve De la Espriella’s Budget

In what constitutes an important achievement for the government of Abelardo de la Espriella, the Third and Fourth Economic Committees of the Congress of the Republic approved this Monday, September 14, the amount of the budget bill of 634.9 trillion pesos (US$204.1 million) for 2027.

The proposal by the Historic Pact, an opposition party, which sought to lower the amount to 596 trillion pesos (US$191.6 million), was defeated. That political group opposed the proposal at the beginning of the session, but in the end the majority prevailed, accepting the Government’s arguments for increasing the amount.

Discussion on budget distribution is coming

The discussion in the Fourth Committee of the House of Representatives resulted in a vote of 22 in favor and 6 against. In the Fourth Committee of the Senate, 11 votes in favor and 4 against. The vote in the Third Committee of the Senate was 9 in favor and 3 against. And in the Third Committee of the House of Representatives, the bill was approved by 22 votes in favor and 5 against.

With the approval of the budget, described as “exaggerated” by opposition parties, the government showed the support it has in the economic committees, where there are majorities in favor of De la Espriella’s administration line.

Finance Minister Miguel Gomez Martinez thanked the legislators for their support and said that the distribution of the approved budget now comes next, and that his intention is for Congress and the Executive Branch to reach an agreement on a report that, in his view, will surely improve the budget proposal for 2027.

“We would all agree in this chamber that this budget is not optimal, we still have work to do,” he said regarding the possibility of adjusting it in the allocations.

After the approval, Interior Minister Rodrigo Lara thanked the congressmen for their support and confirmed that the De la Espriella Government has the necessary muscle within the legislature to approve the “regulations the country needs.”

Solid majorities to approve fiscal regulations

“It is gratifying and satisfactory for us to know that the Congress of the Republic, its economic committees and the national government can reach agreements on the most important elements of the country’s public policy,” Minister Lara said, and assured that, thanks to that approval, a “very clear awareness that there are fiscal difficulties facing the Government and that they are the result of an accumulation of factors and uncontrolled spending in recent years” had emerged before the country and the world.

He assured the economic committees of Congress that the Government is aware of Colombia’s fiscal challenges and is facing the country over the problem. “This means that we are going to work hand in hand, Congress and Government, to make an important cut in spending over the next two months,” he said.

He also recalled that the Legislature’s decision to approve the budget amount is an “expression that there are solid and clear majorities to approve the most important fiscal regulations and that means, before domestic and international markets and before bondholders, that there is capacity to act and guarantee Colombia’s obligations.”

“Colombia is a safe fiscal destination and Colombia honors its tradition of responsibility and its custom of fulfilling its obligations,” he concluded.