Colombia pitches bulked-up $130 billion government budget for next year

BOGOTA (Reuters) – Colombia’s government proposed on Monday a 523 trillion peso ($130 billion) 2025 budget to lawmakers for their consideration, the finance ministry said in a statement, as mounting fiscal challenges put pressure on President Gustavo Petro’s agenda.

The government budget proposal compares to this year’s 483-trillion-peso budget, which in June was slashed by 20 trillion pesos, the ministry said.

Congress must approve the budget bill by October 20 and could make significant changes to it. Petro lacks a majority in the legislature.

($1 = 4,063.3000 Colombian pesos)

(Reporting by Nelson Bocanegra; Editing by David Alire Garcia)