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The Colombian Senate’s economics committee rejected the government’s proposed 2025 budget on Wednesday due to concerns about the country’s ability to raise the proposed amount in light of lower-than-expected tax collection. The finance ministry had presented a budget of 523 trillion pesos ($122 billion) to Congress in July, which was subsequently turned down by lawmakers. Despite the government’s efforts to raise additional funds through a new fiscal reform proposal, lawmakers deemed the plans unrealistic. Senate president Efrain Cepada emphasized the need for seriousness and transparency in budget approval, adding that the rejection was necessary to uphold the minimum standards expected in Congress. The rejection of the budget value by the Senate’s economic commission highlights the challenges faced by Colombia’s public finances, with adjustments needed to ensure compliance with fiscal rules.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.
