The Government will allocate 209.1 trillion pesos to operating expenses, 2.6% higher than the current one; as well as 69.6 billion pesos for social investment, 18.8% higher than the current validity.
To service the debt, 71.6 trillion pesos will be allocated, 1.6% more than that assigned for this year.
The Finance Ministry projects that the Colombian economy will expand 4.3% in 2022, below the target of 6% this year and which aims to be higher than what analysts from the Central Bank projected.
The crisis caused by the impact of the coronavirus pandemic led the country to increase its level of indebtedness, which skyrocketed the fiscal deficit target up to 8.6% for this year, which would yield moderately to 7% in 2022.
The sectors that will have the highest allocation of resources in the budget are education with 49.4 billion pesos, defense with 42.6 billion pesos, and health with 41.8 billion pesos.
Precisely, The Government will allocate for the payment of pensions next year a total of 50.4 billion pesos, 16.1% higher than the resources allocated in the 2021 budget.
The project will allow the awarding of works in the regions during the electoral period next year, which, according to the Government, seeks to promote economic reactivation, despite the rejection of the opposition, which denounces a violation of a guarantee law with which influencing people’s vote via public procurement was avoided.
Next year the country will have elections for representatives in Congress and a presidential renewal. Last month, Congress approved a tax reform that guarantees the Government an additional collection of 15.2 trillion pesos (4,035 million dollars), to cover financing needs.
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