Colombia’s Ministry of Finance on Friday announced that the country’s 2014 budget set is set to be $106 billion or COP199.9 trillion.
According to Finance Minister Mauricio Cardenas, the budget is 5.8% higher than that of this fiscal year.
Of the total budget, the government earmarked $21.5 billion for investment.
in 2014, the government expects the economy to grow by 4.7% with one dollar expected to buy 1,874 Colombian pesos.
The estimated price of oil for next year was set at $100 a barrel, with an expected production of 1,095,000 barrels of oil per day.
Despite announcing a budget cut, it was only earlier this year that the government had to seek emergency funds in the form of 1.8 billion pesos to cope with surging costs.
MORE: Colombia congress commissions approve extra $1.8B for 2013 budget