COLOMBIA: Minister Files US$78.8 Billion Budget For The 2018 Fiscal Year

(RTTNews) - Colombian Finance Minister Mauricio C?rdenas filed the National Budget Bill asking for 235.6 trillion Colombian pesos (US$ 78.8 billion) for the 2018 fiscal year, a 1.0% increase compared to the current budget. It will be the last budget executed by the Juan Manuel Santos' government before the end of its term.

According to the minister, the new budget meets the goal of reducing the fiscal deficit from 3.6% in 2017 to 3.1% in 2018. Carden?s said that it is imperative to meet fiscal targets and consolidate Colombia's 'BBB' credit rating, and that's why it will keep austerity.

"Public spending should be boosted with the participation of the private sector in the provision of public goods and services that, as in previous years,will be responsible for promoting the country's economic activity," said the minister.

The budget bill asks 38.6 trillion Colombian pesos (US$ 12.9 billion) for personnel and general expenses, and 108.5 trillion pesos (US$ 36.3 billion) for mandatory spending.