LatinNews Daily - 30 July 2024

*Colombia’s government led by President Gustavo Petro has unveiled its proposed national budget for 2025, which sets out Col$523trn (US$128.6bn) in planned spending, equivalent to 29.4% of GDP. Of this total, 62.7% will go on the general running costs of government, 21.5% on debt servicing, and 15.8% on investment. The budget proposal is 3.9% larger than the 2024 budget, although most of this increase is due to a greater allocation of funds for debt servicing; if the higher debt repayments are excluded, the 2025 budget proposal is only 0.4% larger than the 2024 budget. The budget proposal will now be debated by legislators, who could make significant revisions. Some Col$12trn of planned spending is contingent on legislators approving additional finance for the government, after congress already voted to raise Colombia’s debt ceiling by US$17.6bn last month.