Colombia’s finance ministry has announced a general budget for 2024 totaling 502.6 tln pesos (about USD 128.4 bln), representing 29.6% of the nation’s GDP. The proposed budget exceeds the current year’s budget by 3.3% of GDP but is still within the country’s fiscal constraints. The government views this budget as sustainable, expecting a 1.5% GDP growth and an inflation rate of 5.7% in 2024. Furthermore, the ministry expects the current account deficit to decrease to 3.5% in 2024 from the estimated 4% of GDP in 2023. However, the fiscal deficit would likely increase to 4.4% of GDP in 2024, primarily due to interest payments on public debt.