Colombia Congress Approves Record 2027 Budget as Deficit Hits 9.4% of GDP

Colombia's Congress approved a 2027 budget of 634.9 trillion pesos on Sept. 14, with a projected fiscal deficit of 9.4 percent of GDP. Debt servicing is expected to take 155.4 trillion pesos, roughly one-quarter of planned spending. A second vote on detailed allocations is due by Oct. 20; missing it would let the government issue the budget by decree. Finance Minister Miguel Gomez said the plan is the most feasible under current conditions. President Abelardo De La Espriella proposed a Rescue Law tax package to cut the deficit to 7.2 percent of GDP. The approval came in an extraordinary session after amendments prompted by an August earthquake. What is contested and who says what: The De La Espriella administration blames the fiscal slide on the prior Gustavo Petro government, citing corruption and resource mismanagement. Unnamed fiscal watchdogs warned the budget could deepen financial vulnerabilities. Reported dollar values diverge: The Rio Times puts the total near $204.2 billion at 3,109.30 pesos per dollar, while other coverage uses about $206 billion. The Oct. 20 deadline and the fate of the Rescue Law remain open.