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Colombia cuts 2015 budget to avoid big deficit

Wednesday, November 11, 2015

Colombia’s finance ministry has cut $3 billion from the government’s $74.3 budget for 2015 to avoid this year’s deficit exceeds 3 percent of the country’s GDP.

The nation’s public finances have taken a major hit over the past year because of plummeting commodity prices that were calculated to finance 20 percent of the government’s budget.

Source: Colombia Reports