Colombia’s Congress approved the government’s 2024 budget, which includes an 18.9% increase.
The government of President Gustavo Petro will have a budget of $118.2 billion (COP502.6 trillion) next year, considerably more than the $72.7 billion (COP405.6 trillion) for the ongoing year.
The approved value is almost 30% of Colombia’s gross domestic product.
Budget changes
The Education Ministry will have the largest budget, followed by Health Defense and Finance.
The Agriculture Ministry will see the largest budget increase, followed by Social Inclusion, ICT and Equality, which wasn’t founded until earlier this year.
The Petro administration and Congress believe that increased tax revenue will allow the increase in spending.