The Government filed before the Congress the bill of the General Budget of the Nation by 2026, for an amount of $ 557 billion, which represents a 9% expenditure growth compared to the current budget with postponements ($ 511 billion) and While he has had a wide defense from the Casa de Nariño, he does not finish convincing experts.
The most recent alert was that of Luis Fernando Mejía, director of Fedesarrollo, who through its social networks, indicated that this increase is completely misaligned with the tax conditions of the country and warned that “the budget is passed by more than $ 20 billion with respect to what a responsible fiscal path should be. It increases much more than the expected inflation of 4.5%”.
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According to Mejía, the increase in spending is not only disproportionate, but also occurs in a context In deterioration of the primary deficit, which would go from 1.4% to 2% of GDP, that is, about $ 38.6 billion and in its concept, the government is repeating the same errors of the previous year.
“More expense, greater deficit and no serious effort to contain public spending is being incurred. Congress should first give discussion about the total amount. A prudent budget should not exceed $ 531 billion,” he emphasized.
National budget accounts concern experts.
Taking into account that the proposal of the Ministry of Finance is $ 556.9 billion, according to the Fedesarrollo account, the PNG of 2026 is left over 25.9 billion, almost what is sought to collect through the tax reform or Financing Law that will also be submitted to the Legislative at the end of August.
Diverse criticism
But Mejía is not the only one who raises his voice. The former Minister of Finance and current rector of the EIA University, José Manuel Restrepo, described the project as a “lousy budget”, not only for its size, but because of the way it is distributed.
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“It continues to grow in bureaucracy, operation and personnel, while social investment and productive loses weight. In fact, when compared against 2022, real investment falls, and bureaucracy shoots at 40%, ”he said.
Restrepo also warned that the budget comes with a hole of $ 26 billion, at a time when the fiscal rule was suspended by activating the exhaust clause, and when the debt and deficit reach historical levels.
Luis Fernando Mejía, executive director of Fedesarrollo.
“It is an impudence to ask for a new tax reform in the midst of this fiscal disorder. There are no sensible limits. And To top it off, resources for culture, sport and science fall in real terms, ”he lamented.
From a more ideological look, the former minister and budget expert Juan Camilo Restrepo also criticized the project approach and in his opinion, the presidential message that accompanies the document is a clear sample of the “statist thinking of the Petro government”.
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As he explained, it is a narrative where it is justified to close fuel exploration fossils, increase the minimum wage above inflation and maintain a policy of more taxes to finance a growing expense.
“It is perhaps the best explanation that has been given of the vision of this government when he said that this is the expense I want to do, these are the taxes I need,” said Restrepo, who added that the great absent in the entire document is the private sector, which is not recognized or given by any prominence.
National budget accounts concern experts.
Together, the three analysts agree that the 2026 budget is inflated, definanced and poorly structured; while alerting about the weakening of fiscal signals at one time in which the country needs credibility in the face of markets, qualifiers and investors.
This is why Congress will now have the task of studying the project thoroughly and, as experts demand, to review not only the articles, but the very concept of sustainability and fiscal efficiency. In the words of José Manuel Restrepo: “or Congress puts the batteries, or this budget will pass without control, as one of the mismatches of this administration.”
Daniel Hernández Naranjo
Portfolio journalist
