Colombia’s government will issue a decree to expand the 2024 budget spending cut to COP33 trillion (1.9% of GDP) to meet the fiscal rule. This follows a previous budget adjustment in June when a COP 20 trillion cut was made to reduce the fiscal deficit to 5.6% of GDP. However, due to underperforming revenues, the government faced a 4.3% GDP fiscal deficit in the first eight months of the year, the highest since 2020.