Colombia's fiscal deficit stands between 7% and 8% of GDP, higher than what the current government claims, incoming Finance Minister Miguel Gomez said on Wednesday.
Gomez told Blu Radio in an interview that figures presented by the outgoing finance minister are inaccurate.
"The situation that I am receiving is very bad," Gomez, who will take office with the administration of President-elect Abelardo De La Espriella on August 7, said.
He added that the new government will present tax reform to stimulate growth, not to "crack down" those who currently pay their taxes.
Earlier in June, the finance ministry raised its fiscal deficit target for this year to 5.3% of GDP from 5.1%. For 2027, the outgoing government of Gustavo Petro forecast a fiscal deficit of 4.5% of GDP. The country recorded a fiscal deficit of 6.4% of GDP in 2025.
Colombia's Autonomous Committee of the Fiscal Rule estimated last week that the country's funding shortfall to meet the 2026 fiscal target is 39.6 trillion pesos ($11.55 billion), and without further measures the gap for 2027 would reach 46 trillion pesos.
Outgoing Finance Minister, German Avila, is expected to present on July 20, at the installation of the new Congress, a tax reform of 30 trillion pesos ($8.538 billion) to cover the projected needs for the 2027 spending budget.