Colombia’s Congress approved the government’s 2027 budget of 634.9 trillion pesos ($206.6 billion), after lawmakers returned an initial proposal to allow the recently inaugurated administration of President Abelardo De La Espriella to include additional funding needs, including those linked to the 7.4-magnitude earthquake that struck the country in August. The budget projects a record fiscal deficit of 9.4% of gross domestic product (GDP), which is expected to be financed largely through higher public debt. Finance Minister Miguel Gomez said the plan reflected what the government could afford given the state of the national economy. The administration plans to submit a tax reform package called the Rescue Law, intended to reduce public spending and bring the deficit down to 7.2% of GDP, matching the level projected for 2026. Juan Carlos Ramirez, head of the Independent Committee for Fiscal Rule Management (CARF), warned in late August that public finances would face a more critical situation if the proposal passed. President De La Espriella said Colombia’s fiscal position was critical and blamed predecessor Gustavo Petro’s government for deterioration he attributed to corruption and misuse of resources, without providing evidence.