UPDATE 1-Colombian Senate approves $140 bln 2026 budget, sending to president's desk

Colombia's Senate gave final approval to the government's 546.9 trillion peso ($140.2 billion) 2026 budget on Wednesday, sending it to the president to sign after prior approval in the lower house.

The Senate passed the budget with 50 votes in favor and 27 against. The budget for 2026, as approved by Congress, is 10 trillion pesos ($2.56 billion dollars) less than what President Gustavo Petro's government originally proposed, while still higher than the 511 trillion pesos budgeted for 2025.

To fully finance the approved budget, a tax reform generating 16.3 trillion pesos will also need to be passed. (1 dollar = 3,902.16 Colombian pesos)