Submitting to Congress a revision of the Budget Code (Ley Organica del Presupuesto).  This revision will give the Ministry of Finance greater control over the expenditure level and budget execution with the purpose of achieving more transparency and higher budgetary flexibility.  Specific measures will include (a) adoption of budget classification according to international standards that fits into the context of Colombia's legal framework; (b) a requirement to include in the annual budget law information on tax expenditures, quasifiscal activities, subsidies, contingent fiscal liabilities, medium-term fiscal projections, and a fiscal sustainability analysis; (c) the establishment of a mid-year budget report to congress.
At time of P1R0, was a structural benchmark with end-June 2003 test date.  At time of P1R2, budget code was submitted to congress before end-December 2003.  Applicability of the pc for end-December 2003 was waived due to the unavailaiblity of the information at the time of Board's discussion.  Done 12/16/03. Waiver approved.