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Financial News: COLOMBIA: Congress Approves US$ 80.1 Billion Budget For

COLOMBIA: Congress Approves US$ 80.1 Billion Budget For 2018

10/19/2017 - 19:40:00 (RTTNews)

(RTTNews) - Colombia's Senate and House of Representatives jointly approved a 2018 budget of 235.6 trillion pesos (US$ 80.1 billion), 1% higher than in 2017. Half of that amount will be allocated to public investment.

According to the Colombian Minister of Finance, Mauricio Cárdenas, the investment budget represents 4.1% of the Gross Domestic Product (GDP) and will allow the government to continue with social programs and increase investment in strategic sectors - infrastructure, social inclusion, education and technical training, early childhood and children care, and agricultural and livestock, among others.

Cárdenas stressed that after working with the Congress to achieve a better composition, it was possible to make changes to the budgets of education, health and infrastructure, approving more resources for public universities, hospitals and roads, respectively.

"For no one is it unknown that Colombia has had to adjust to a new reality of lower income associated with the fall in oil revenues," Cárdenas said. "The fiscal rule allowed us for a time to widen the fiscal deficit, that last year reached its maximum, 4% of GDP. This year it will be 3.6%, and next year will be 3.1% of GDP."

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