Colombia’s congress approves $81.7 bn budget for 2021

Colombia’s congress gave final approval to a $81.7 billion “recovery” budget for 2021, the largest in Colombia’s history – 8.3% higher than 2020s. Investment will rise 35.7% to $15 billion in 2021. Just under $19 billion will go toward debt payments, a leap of 31.5% from this year’s spending. The budget is predicated on an economic growth target of 6.6% for 2021, compared with a forecast contraction of 5.5% in 2020 after more than five months of coronavirus quarantine closed businesses and sent unemployment soaring.

Source: Reuters