Colombia to enact 2027 budget by decree after congressional process fails

BOGOTA, Oct 21 (Reuters) - ‌Colombia's government ​said ​on Wednesday it will enact its 2027 budget of 634.9 trillion pesos ($198.83 ‌billion) by decree after a procedural error ⁠in Congress derailed final approval of the bill, testing ‌the new administration's ability ‌to manage public finances and reassure investors.

The Senate and lower chamber passed different versions ​of the budget bill earlier this week without reconciling the changes, causing lawmakers and ⁠legal experts to argue the process was invalid.

• Vice President ​Jose Manuel Restrepo said the government's original proposal, together with the amendments previously ​approved by lawmakers, will ‌now take effect

• The Senate approved the bill on Monday night and ⁠the lower house passed it early Tuesday, but a disputed article was approved with different wording ⁠in each chamber and never went through the required ​conciliation process

• Colombia is facing widening fiscal pressures - the 2027 spending plan is larger than the 2026 budget ‌of 555.8 trillion pesos and projects a fiscal deficit of 9.4% of ‌gross domestic product

($1 = 3,193.1200 Colombian pesos)

(Reporting by ⁠Luis Jaime Acosta ‌and Carlos Vargas; ​Writing by Aida Pelaez-Fernandez and Kylie Madry; Editing by Toby Chopra and Anthony ‌Esposito)

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