Colombia’s Congress approved a $142.2 billion (COP547 trillion) government budget for 2026.
The proposal passed with 50 votes for and 27 against after the government agreed to cut $2.6 billion (COP10 trillion) in spending from its original budget proposal.
Despite the cuts, next year’s budget is 7% higher than the $133 billion (COP511 trillion) budget that President Gustavo Petro issued by decree last year and will require a minor tax reform to secure its financing.
Finance Minister German Avila welcomed the congressional approval, saying that the compromise “reflects the government’s commitment to responsible fiscal management focused on well-being.”
I am especially grateful to the senators and representatives who participated in this debate. We have set a significant example that there are paths to agreement to achieve fundamental strategies for the country’s development.
German Avila
The approval of the budget is a significant victory for the Petro administration, which secured major support of senators from its own coalition as well as from the Liberal Party, the U Party, and the Conservative Party.
The far-right Democratic Center and the conservative Radical Change parties voted against the compromise as announced when the government first proposed its spending bill.
The Ministry of Education received the largest budget, amounting to $21.3 billion, followed by $18.8 billion for the Health Ministry, $15.8 billion for Defense, $12.7 billion for Labor, and $8.1 billion for the Finance Ministry.
On the opposite side, agriculture, the Ombudsman’s Office, and other sectors had their funding reduced.
With the budget in the pocket, the government is likely to agree the Congress to also approve its finance bill, which seeks to secure the revenue necessary to make the planned expenses.
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