Colombian President Gustavo Petro on April 7 (local time) announced that the government will submit an emergency economic decree and a tax reform bill to Congress to balance the 2026 budget.
Speaking on television, Mr. Petro said that if economic proposals are not approved by Parliament, he will issue them by decree. The leader emphasized the possibility of applying a new state of economic emergency to protect people's living standards.
We must save our living standards, which are now higher than at any time in history," Mr. Petro said, while affirming that the government is ready to act if necessary.
In parallel with that, the President of Colombia has asked the Minister of Interior to submit a tax reform bill to Congress to find funding for the unbalanced 2026 budget. He did not specify the expected amount of money to be collected from this plan.
The moves of the Colombian Government show efforts to address the budget imbalance in the context of increasing financial pressure. The introduction of both legislative options and the possibility of using decrees reflect the government's determination to implement necessary economic measures.
