Colombia’s proposed budget for 2011 will reach 147.3 trillion pesos ($79.6 billion), a 2.5% increase from this year, the Finance Ministry said Thursday in a presentation.
The draft, which will be sent to Congress for review, “follows our goal of reducing the deficit,” said Finance Minister Oscar Ivan Zuluaga.
The government expects the deficit this year to reach 4.4% of gross domestic product (GDP) and to shrink in 2011 to 3.9% of GDP.
The 2011 budget was calculated with an economic-growth expectation of 4%, as previously estimated by the government.
The budget was drafted by the administration of outgoing President Alvaro Uribe and could see alterations since it will be President-elect Juan Manuel Santos, who takes office August 7, who will have to see it through Congress. (Darcy Crowe / Dow Jones)