Colombia’s congress approves $93.3 billion budget for 2023

BOGOTA (Reuters) – Colombia’s congress on Tuesday accepted a report price range of 405.6 trillion pesos ($93.3 billion) for subsequent yr, together with a spending enhance meant to fund social packages promised by new leftist President Gustavo Petro.

The determine – the best within the nation’s historical past – rose by 14.2 trillion pesos from the preliminary quantity proposed by ex-President Ivan Duque shortly earlier than he left workplace.

“It makes an attempt to answer the federal government’s main priorities, amongst them rural reform, rural growth, some education schemes… assets for the well being sector, for the anti-hunger program, additionally for the peace program, together with substitution of illicit crops and different areas,” Finance Minister Jose Antonio Ocampo mentioned.

Congress has till Oct. 20 to approve the general price range invoice.

The funding uptick additionally incorporates required will increase to public sector salaries and pensions, which should transfer in tandem with inflation.

“The price range was calculated with a projected inflation of 8.5%, however clearly it is going to be greater and we are actually budgeting with an inflation of 10.5%,” Ocampo advised lawmakers.

The extra funds will come from tax income and credit with multilateral banks, he added.

($1 = 4,346.91 Colombian pesos)

(Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Modifying by Invoice Berkrot)