BOGOTA, July 14 (Reuters) - Colombia’s government seeks to boost its 2016 budget to 167.2 trillion pesos, or $62 billion, up 2.3 percent from this year, Finance Minister Mauricio Cardenas said Tuesday.
The proposal, which does not include debt payments, will be debated by Congress when a new legislative session begins July 20. President Juan Manuel Santos’s governing coalition has a majority in both the Senate and the chamber of representatives.
Colombia’s finances have been dented by a global fall in the price for crude, which provides nearly a quarter of government income.
“The amount excludes total debt payment and will increase from 163.5 trillion this year to 167.2 trillion pesos in 2016, an increase of 2.3 percent,” Cardenas told journalists.
The government’s investment plan will be cut 11.3 percent, to 40.6 trillion pesos ($15 billion), as part of savings measures. ($1=2,693.54 Colombian pesos) (Reporting by Luis Jaime Acosta and Monica Garcia, Writing by Julia Symmes Cobb)