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Miguel Gómez presents a 2027 national budget of $634.9 billion, prioritizing fiscal transparency over initial austerity goals.

Minister of Finance Miguel Gómez presented a new national budget project for 2027 totaling $634.9 billion. This figure represents a significant increase of $59.2 billion over the previous budget prepared by the Petro administration. While the outgoing government initially promised austerity and cost-cutting, the administration announced the new figures to provide a "sincere" account of inherited fiscal obligations that were previously underestimated. Financial institutions JP Morgan and Goldman Sachs noted that the larger deficit is not a sign of indecision, but rather a necessary step toward transparency. They highlighted that the increase was driven by higher interest rates and extra-budgetary expenses from the previous administration. Although the 2027 fiscal deficit is projected to reach a record high of 9.4% of GDP, the Ministry of Finance has already proposed an initial spending reduction of $21 billion for 2026. Miguel Gómez stated that the new budget reflects a commitment to fiscal truth, noting that while the public may not always prefer the truth, transparency remains the core principle for organizing national finances.

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