Public spending advances unstoppably in 2026 and complicates fiscal adjustment goal amid pressure on the deficit

TL;DR

Public spending in Colombia in early 2026 is at levels close to historical averages, indicating no slowdown.
The National General Budget (PGN) for 2026 was approved at $546.9 trillion pesos, with a $16.3 trillion peso funding shortfall.
As of February 28, $68.2 trillion pesos had been committed, with $66.2 trillion paid; excluding debt service, execution is 10.4% of the total, aligned with the historical average of 10.6%.
Operating expenses lead budget execution at 11.5%, followed by debt service at 21.8%, while investment execution is only 5.8%.
Areas with recurring expenses like Foreign Relations, Education, and Health show higher execution rates, whereas Science, Housing, and Agriculture lag due to their reliance on investment projects.
A 2025 budget carry-over of $48.4 trillion pesos adds pressure, with 39.2% already paid by February.
The current spending pace challenges the government's fiscal adjustment goals and casts doubt on the consistency of its financial plan.

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