The Congress of the Republic of Colombia has taken a crucial step for the country’s finances. The plenary session of the Senate accepted the final text of the General Budget of the Nation, which was previously supported by the House of Representatives, being approved at $546.9 billion.

The approved budget comes with a key commitment: a tax reform that is expected to raise $16.3 billion.

Adjustment and Significant Cuts

The final figure represents a significant adjustment compared to the initial proposal that contemplated an amount of $557 billion. Congress applied a $10 billion cut to the original project.

This budget cut affected key resources, as there are cuts in sensitive sectors such as sports, agriculture and the operation of the Ombudsman’s Office.

The final vote that sealed the approval was 50 votes for yes and 27 for no. Now, the project goes to review and sanction by President Gustavo Petro so that it becomes firm and its execution can begin.

Here more Economic News