The spending cut caused by the austerity plan prepared by the National Government apparently has several paths to follow, beyond the optimization in execution and the reduction of personnel that is under the modality of service provision contracts,
And again he would set his sights on future periods, although a different way than the one attempted in 2024, through the General Budget of the Nation.
Although at Casa de Nariño they are clear that the commitments made must be fulfilled, even if they do not agree with the high levels of debt that according to them they received, since the end of 2024 they have been reviewing several alternatives to overcome the low liquidity in the National Treasury, with the premise of using where you can, without compromising fiscal stabilization and economic growth.
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Watch out for the Metro
Portafolio learned from a very good source that the National Government would have considered since last year the possibility of rescheduling resources assigned to the first line of the Bogotá Metro to alleviate the pressure on the national treasury, for which it would have asked the district authorities to review the status of the project.
Metro Viaduct
Bogotá Mayor’s Office
This request was raised by the then Minister of Finance, Ricardo Bonilla, who asked to explore alternatives without compromising the progress of the works and with the proviso that the promised word will be fulfilled, although without leaving aside the fiscal reality that, for For example, it led the country to close with the lowest cash levels in the last 15 years in 2024.
This request occurred within the framework of the six meetings that the National and District governments have held, where topics such as the crisis at the San Juan de Dios Hospital, the management of winter emergencies and the resources that the city needs to improve the Transmilenio service, according to sources well versed in the matter.
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Likewise, this medium was able to establish that although these proposals were analyzed by the District and presented to President Petro, no decision was made in this regard and currently, the issue has not been taken up on the government agenda, and its possible discussion would remain in the hands of of the Ministry of Finance.
The sources also assure that the President seems to be focused on other priority issues, putting on hold any eventual change in the allocation of resources for this infrastructure project, which has already reached a development of 46.24% and is expected to be ready for delivery in 2028.
Colombian pesos
iStock
Despite the uncertainty, the Casa de Nariño committed to making the necessary changes to guarantee the development of the metro, while the Bogotá Mayor’s Office has said on several occasions that the project will continue, despite the adversities, given the importance that has this work for the development of the city.
Future validity
After learning of this intention, Portafolio consulted sources from the Ministry of Finance, where it was first clarified that future validity periods are not at risk and that the commitments acquired are assured in the General Budget for 2025. However, they explained that they are working to review which of these are not so urgent.
The proposal seeks to postpone disbursements corresponding to future periods, without affecting the execution of the project or compromising its continuity. Likewise, although some payments could be deferred, this does not mean that they will stop being made, but rather that they would be rescheduled to relieve pressure on public finances.
They also clarified that the validity periods that are already committed and in execution, such as those related to concessionaires, remain guaranteed and will not be affected by this financial review. Finally, they indicated that any adjustment will be designed to maintain the balance between the metro’s financial commitments and fiscal stability.
In this it is worth highlighting that the Metro’s money is insured during this period, since in accordance with the provisions of the liquidation decree for the 2025 National Budget, which is awaiting deferral accounts, $1 was allocated .1 billion in investment expenses.
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Likewise, the Annual Investment Operational Plan, which in simple terms is the roadmap of the investment projects that the country will prioritize, makes it clear that the Treasury sector “participates with 5.39% of the total investment resources.” , which amount to approximately $4.4 billion”, and puts the Metro on the list of scheduled works.
“Resources will be allocated to ensure interest rate coverage for financing new housing that does not correspond to social interest housing committed for future periods; the financing of the project plan We are all PAZcífico; the construction of phases II and III of the extension of the North Quito South trunk of the Soacha Transmilenio System; the construction of the first line of the Bogotá metro; the implementation of the Regiotram de Occidente railway corridor between Bogotá and Facatativá,” the document reads.
President Gustavo Petro
Presidency
However, events like this raise alarm bells in the market, since They relive episodes such as the Budget messes of last year, when the $776,000 million that the work was supposed to receive were bottled up due to the global allocations that the Minhacienda allocated at the time and that had to be discriminated against after the complaints made by Portafolio.
According to the district authorities, the construction of the First Line of the Bogotá Metro remains at $22.3 billion, a value established since 2017 and defined in the Cofinancing Agreement signed between the District, which will pay $6.08 billion and the Nation the $15 .1 billion remaining, under the modality of future validity.
During the last year, the execution of the Bogotá Metro project registered a significant increase of 17.26% and according to the official balance, progress went from 28.98% as of December 31, 2023, to 46.24% at closing from 2024, while by 2025 it is projected to achieve progress of more than 65%.
