Colombia to cut 2024 budget by $6.4 bln amid fiscal troubles-sources
Adds context in paragraph 3 onward
By Carlos Vargas and Nelson Bocanegra
BOGOTA, Nov 27 (Reuters) -Two sources from Colombia's government said on Wednesday it will cut the budget for this year by 28.4 trillion pesos ($6.44 billion) as lower-than-expected tax collection hits public coffers.
The announcement is a widely-anticipated increase to the 20 trillion peso cut previously announced in June, though an independent committee has said the government will need to cut as much as 56 trillion pesos to comply with fiscal constraints.
Finance minister Ricardo Bonilla, who has previously floated a cut of some 33 trillion pesos, is expected to confirm the move in a press conference later on Wednesday morning.
The ministry has set a fiscal deficit goal of 5.6% of GDP for 2024 and 5.1% of GDP for 2025.
The Andean country may also require a budget trim of 39 trillion pesos in 2025, the independent Autonomous Fiscal Rule Committee has said.
The government hopes to push a 12 trillion tax reform through Congress to finance 2025 budget needs, but it has made slow progress.
($1 = 4,405.96 Colombian pesos)
Reporting by Carlos Vargas and Nelson Bocanegra
Writing by Julia Symmes Cobb
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