With the aim of not being able to go beyond Sunday, September 15, which in real terms translates to Friday the 13th or less time if one takes into account that plenary sessions are not generally held on those days, the Congress of the Republic entered the final stretch of voting to decide whether or not to approve the proposal. of $523 billion spent by the Ministry of Finance in the General Budget of the Nation.
In recent weeks, the economic commissions of the Senate and House have met at least 10 times to review, entity by entity, the amounts that the Government wants to execute in 2025, taking into account the income and expenses of the Nation and the economic transfers, a point that worries legislators and economic study centers, because money would be needed.
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According to the Minhacienda Budget project, the total amount The spending was estimated at $523 billion, with revenues estimated at $511 billion and growing by 7.3%; while expenses amount to $523 billion and increase by 3.9%, that is, below inflation. The difference of $12 billion is expected to be obtained with the respective financing law as stipulated by the law.
When will the vote be held? Fiscal Gap
Having said all of the above, the Congress agenda for this week has already defined the steps to follow in the process of approving the PGN, which will have a lot of movement in the first half, since it is expected to leave everything ready to go into detail and review the projects, works and contracts on which Colombians’ money will be spent.
Colombian pesos
In the programming released by both chambers of the legislative branch, it was established that the final meetings of the joint committees of the Senate and the House of Representatives to finish reviewing to the entities and reach the final vote on Wednesday, September 11, when it is expected to be decided whether or not the $523 billion they requested will be approved.
It should be remembered that the General National Budget project will face an alternative proposal in its process, presented by more than 30 congressmen, which seeks to reduce the proposed accounts by $12 billion, in order not to depend on a financing law that could generate fiscal instability in the future, in case all the money expected from the Dian is not collected.
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That being the case, if the path proposed by Senator Cepeda were followednext year’s budget would drop to $511 billion, eliminating the revenue expected by the financing law, and everything would be set to quickly debate a new tax law in the second half of this legislative period, which begins in February.
The economic slowdown
Fiscal loophole
Currently, as explained by several tax authorities and research centers, the General Budget of the Nation has three major warnings regarding its collection capacity, since the Ministry of Finance points out that the management of the tax authority will translate into additional income of $16 billion for the Nation, a figure that for other experts would not exceed $6 billion.
On the other hand, there is the gap in the fuel fund, which will be raised by at least $7 billion, and the $12 billion that the Government acknowledged it needs and depends on a Financing Law or tax reform to be able to execute them. In this way, at least $29 billion would be needed next year, which for many should lead to talk of a cut in spending, while the Casa de Nariño focuses on investment.
