Colombia's Congress Approves 2027 Budget Amid Deepening Fiscal Strains

Colombia's Congress approved the government's 2027 spending budget of 634.9 trillion pesos ($206.6 billion) on Monday, September 14, 2026. This approval occurs amidst a significant deterioration in public finances, with the budget projecting a record fiscal deficit of 9.4% of GDP for the upcoming year, primarily to be financed by an increase in public debt. The government plans to introduce a tax reform package, known as the 'Rescue Law,' aimed at reducing public spending and lowering the fiscal deficit to 7.2% of GDP in 2027.