In a session that reflected both the government's political agreements and tensions over spending distribution, the Senate plenary approved the 2026 General Budget of the Nation (PGN) this Thursday, October 16, for a total of $546.9 billion, as agreed upon during the votes in the Joint Economic Committees and the possibility of adjusting the Financing Law.

With 50 votes in favor and 27 against, the Legislature gave the green light to the text that had already been approved by the House of Representatives, which avoids the conciliation process and leaves the budget ready to govern from January 1 of next year.

The approved amount maintains the structure proposed by the Ministry of Finance, with no cuts or modifications compared to the initial draft, in which public spending grows by 5.3% compared to the 2025 budget. This decision marks the closure of a debate that, although resolved with clear majorities, leaves several concerns about fiscal sustainability, the regional distribution of resources, and the prioritization of social spending. Finance Minister Germán Ávila celebrated the approval as a triumph of dialogue between the Government and Congress and stated,"I am especially grateful to the senators and representatives who participated in this debate. We have set a significant example that there are paths to agreement to achieve fundamental strategies for the country's development."

According to the official, the consultations between the economic committees and the plenary sessions of both chambers led to a consensus-based text that guarantees continuity in the National Development Plan programs.

Harsh criticism of the process

However, the mood was not unanimous, and from sectors of the opposition and the political center there was criticism of what they considered an"express" approval without in-depth debate; as was the case with Senator Angélica Lozano, who expressed her refusal to accept the text without modifications, warning that the decision could expose the budget to"risks of nullification," as happened with the pension reform.

He also questioned the elimination of his"lock" proposal, which sought to prevent the possibility of a new $16 billion loan, which he described as"a disguised tax reform." Lozano also criticized the increase in resources for executive entities, particularly an additional $280 billion to the Administrative Department of the Presidency (Dapre) and $587 billion to oversight bodies, while reducing allocations to the Ombudsman's Office; warning that"increasing allocations without clear objectives or adequate controls is a serious mistake in a context of fiscal constraints."

These spending accounts will take effect on January 1, 2026.

Another critical voice was Senator Alfredo Deluque, who voted against the bill, arguing that the budget"turns its back on the regions" and does not respond to the country's true needs. He also noted that"after three years and two months in office, they continue to blame the past to justify their lack of results. This is the government of change, but nothing has changed." From the social sector, Senator Norma Hurtado emphasized the impact on public health, warning that the resources allocated to the social security system"do not reflect the magnitude of the deficit" and ignore the needs of a system that currently affects millions of Colombians awaiting medical treatment.

According to Hurtado, the reduction in contributions to medium- and high-complexity medical care could jeopardize the care of patients with chronic or high-cost illnesses. He joked that"little was said about the system's deficit. I don't know if all the patients were cured and they didn't tell us." Despite the criticism, the government celebrates the approval as a sign of institutional stability and compliance with the fiscal rule; while the Ministry of Finance reaffirms that the spending plan is aligned with the Medium-Term Fiscal Framework and will allow"maintaining social programs, boosting infrastructure, and guaranteeing debt service without compromising macroeconomic sustainability."

These spending accounts will take effect on January 1, 2026.

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The debate now moves to budget execution, where the challenge will be to translate the approved allocations into tangible results, as the discussion on spending priorities, investment efficiency, and territorial equity will remain open, and fiscal warnings remain on the table.

How was it distributed?

Given that the 2026 General National Budget approved by Congress for 2026 will ultimately amount to $546.9 billion, it should be noted that it will be distributed across three major categories, beginning with operational budgets, which account for more than $358 billion. This is followed by the public debt, to which just over $100 billion has been allocated in the coming fiscal year.

It should be noted that operating expenses represent the most rigid component of the budget, since it covers payroll payments, transfers, subsidies, and administrative expenses of ministries, decentralized entities, and oversight bodies; this has been stated on several occasions by the Treasury to justify the money allocated for this task.

Regarding investment, which goes hand in hand with the Petro government's commitments to the National Development Plan, the project stated that there will be little public investment, at $88.4 billion, which translates to a slight increase compared to the $83 billion allocated for this year. In general terms, next year's budget is 4% higher than that of 2024.

The National Government must strengthen the oversight of public resources.

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Thus, the country's attention now turns to what will happen with the financing law, which will be a key element for the Ministry of Finance to balance the year's revenues, as it will contribute $16.3 billion that is currently unavailable. Regarding this project, the stakes are divided, and a lively debate is already predicted in Congress, which must decide whether to approve it or not. If this law, which some sectors have described as a tax reform, does not pass, the government will have to repeat the formula it applied for the current term and freeze said amount in the spending accounts until it guarantees it has the means to back them up. The point is that it has already demonstrated that the path forward would be none other than to seek more debt.