Colombia's Congress approves $247 billion development plan

Colombia's President Gustavo Petro speaks at the Spanish parliament, in Madrid, Spain, May 3, 2023. REUTERS/Violeta Santos Moura

BOGOTA (Reuters) - Colombia's Congress on Thursday approved a $247.4 billion four-year development plan, paving the way for the government of leftist President Gustavo Petro to implement social and economic reforms.

National Development Plans, presented to Congress by each new government, are generally financed with funds from annual budgets, royalties from oil and mining projects, and resources from municipalities and provinces across the country.