Colombia Approves Record 634.9 Trillion Peso Budget

Finance Minister Miguel Gomez defended the spending plan, describing it as the most viable path forward given current economic pressures. The administration now faces the immediate task of managing soaring public debt while attempting to stabilize state coffers.

President Abelardo De La Espriella has proposed a new tax overhaul, branded the "Rescue Law," in a bid to slash the national deficit to 7.2% of GDP. De La Espriella blames the current financial strain on his predecessor, Gustavo Petro, citing systemic corruption and the mismanagement of public resources as the primary drivers of the country's fiscal instability.