Colombia Congress approves $201B budget, reduces peace tribunal funding

Colombia’s Congress approved a 2027 budget of 634.9 trillion pesos, about $201 billion, a sharp increase over this year’s spending despite President Abelardo de la Espriella’s pledges to reduce public outlays. The budget projects a fiscal deficit of 9.4% of GDP as the country faces rising debt and pressure to restore its investment-grade rating; the government says it plans to seek further cuts through a proposed “Rescue Law.” Opposition lawmakers, led by the Historic Pact, rejected the plan, arguing it prioritizes debt payments and financial interests over education, victims and regional development. The approved allocations also reduce funding for the Special Jurisdiction for Peace, while an opposition lawmaker said funding for free higher education was cut in half, raising concerns about the effects on students and the peace process.