Colombia’s finance minister asked Congress on Monday to earmark $25 billion for social investment, primarily to attend an economic crisis in the countryside.
Finance Minister Mauricio Cardenas and a number of lawmakers asked Congress to modify the 2014 budget to amplify the funds available to eradicate poverty and stimulate the economy in rural areas where economic hardship spurred violent anti-government protests in August.
The proponents of the budget change want Congress to approve the removal of funds for the payment of public debt to order to generate the funds needed for investment.
Apart from social investment in the countryside, the increased funds are also meant for investment in the country’s clogged justice system, defense and housing, reported economic newspaper Portafolio.
Congress has a tight deadline to approve the proposed budget changes as the corresponding congress committees must give its final approval of the budget before Thursday, allowing the chambers of the House and the Senate to approve the budget before its deadline of October 20.