Colombia's government has recently announced a reduction in its budget for 2024 in response to fiscal concerns and lower-than-expected tax revenue.

The administration of President Gustavo Petro plans to cut spending by a significant amount, equivalent to approximately $6.4 billion. This decision is in line with the country's fiscal rule, which aims to reach 5.6% of gross domestic product this year.

The government's proactive approach to managing its finances reflects its commitment to adhering to established spending limits and addressing challenging economic conditions.