Colombia Considers Delay in 2025 Budget Spending, Says Finance Minister

Colombia may delay 2025 budget spending, with specifics to be defined soon. Finance Minister Diego Guevara emphasized the aim to protect social spending while revising other areas. This follows a failed tax reform that necessitated budget cuts and an upcoming new tax proposal.

The Colombian government is contemplating a new postponement of its budget spending for 2025, with specific amounts to be clarified shortly, according to Finance Minister Diego Guevara. During an interview with local radio, Mr. Guevara stated, “We are evaluating delaying some additional areas, that’s true, with a more detailed revision and without affecting social spending but rather grounding some goals a bit.”

The necessity for this spending reevaluation arises from a previous tax reform initiative that did not receive congressional support, prompting a budget reduction. To address these challenges, the government has introduced another tax reform proposal this year, aiming for improved fiscal management and stability.

In summary, Colombia is reviewing its budget spending for 2025 due to the lack of congressional approval for a tax reform. Finance Minister Diego Guevara confirmed that adjustments will be made without compromising social spending. This strategic shift is crucial as the government seeks to navigate fiscal hurdles and presents a renewed tax reform proposal.

Original Source: www.tradingview.com