Colombia Faces Fiscal Challenge with Massive Budget Cuts ...Middle East

Colombia is confronted with the necessity to slash its budget by 56 trillion pesos, or $12.7 billion, as per recommendations from an independent experts' committee. This figure drastically exceeds current government discussions, which have capped projected cuts at 33 trillion pesos. Finance Minister Ricardo Bonilla has indicated potential for increasing the government's initial 20 trillion pesos cut.

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