Andrés Martínez-Fernández, senior analyst for Latin America at FrontierView: “Colombia’s 2023 budget reveals not only President Petro’s spending priorities but the reality of what his government will pursue amid fiscal limitations and a fragmented Congress. Petro’s platform centers on a more robust role for government in the Colombian economy, particularly through expanded public spending. The president’s tax reform, which seeks to bolster government revenue, continues to be debated in Congress. However, the government’s 2023 budget already moves toward more expansionary public spending with a 4 percent increase from the budget that former President Iván Duque left in place. The Petro administration’s budget also shifts funds toward a series of policy priorities under this government. At the ministry level, the Finance Ministry saw a substantial increase in funding, doubling the funds it received in 2022. This increase centers on…”
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