13.09.201714:39:00UTC+00COLOMBIA: Congress Passes US$ 80.5 Billion Budget For 2018

The Colombian Congress approved on Tuesday a 235.6 trillion Colombian pesos (US$ 80.5 billion) general budget for 2018.

Almost half of the 2018 budget - 108.5 trillion pesos, or 46% of the total amount - is destined to mandatory spending, while 38.6 trillion pesos (16.4%) correspond to personnel and overhead costs. Debt service will bite 2.2 trillion pesos (22.5%) from the budget, and investments should total 34.3 trillion pesos (14.6%).

"We are passing a budget to continue reducing the fiscal deficit. This year it will be at 3.6% of the Gross Domestic Product of Colombia (GDP), in line with the budgetary guidelines," said Finance Minister Mauricio C?rdenas, adding that the fiscal deficit should fall to 3.1% of the GDP in 2018.

He reported that 2.4 billion Colombian pesos will be directed to implement the peace agreement with the Revolutionary Armed Forces of Colombia (FARC), now turned into a political party.