The Colombian government’s health reform will cost from $1.86 billion to $2.64 billion each year for the next decade, the Finance Ministry said on Monday.
President Gustavo Petro presented the bill to Congress in mid-February in a bid to boost disease prevention and timely treatment of illnesses, as well as increase access, raise healthcare worker wages and fight corruption by eliminating payment intermediaries.
If passed, the reform would cost 9 trillion pesos ($1.86 billion) in 2024, before progressively rising over the next 10 years to reach 12.8 trillion pesos ($2.64 billion) in 2033.
The bill is supported by members of Petro’s coalition in Congress but has received criticism from some heavyweight political allies including Senate President Roy Barreras, some cabinet ministers, and opposition figures who have railed against plans to eliminate the current health system.
Analysts have also raised alarms over the bill’s potential fiscal impact on Colombia’s already weak finances.
Petro also plans to present other reforms on labor and pensions, and is also eyeing plans to implement subsidy programs for students who cannot pay to access university as well as for poor families.
($1 = 4,849.65 Colombian pesos)