What specific fiscal measures did Colombia's incoming finance minister Miguel Gómez Martínez announce to address the budget deficit?

Miguel Gómez Martínez pledged that 2027 budget expenditures will increase by less than inflation, committed to reviewing and scaling back or canceling spending and investment projects, and stated that maintaining 19 ministries is fiscally unsustainable.

According to the incoming finance minister, how large is Colombia's actual budget deficit compared to the outgoing government's official projection, and why does he believe the official figure is inaccurate?

Gómez Martínez said the actual budget deficit is closer to 7% to 8% of GDP—significantly wider than the outgoing Petro administration’s projected 5.3% for 2026 and 4.5% for 2027—because the government is not recognizing certain liabilities in sectors such as health and energy.

Colombia’s Incoming Finance Minister Pledges Fiscal Austerity

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Colombia's incoming finance minister pledged tighter fiscal policy due to a wider budget deficit and announced plans to resume oil drilling at state-owned Ecopetrol to meet energy needs.

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