After weeks of intense negotiations and heated floor debates, the national parliament passed the landmark Budget Reform Bill late Thursday evening with a decisive majority vote.
The bill, which allocates an unprecedented increase in funding for public healthcare and primary education, is being hailed by analysts as one of the most significant fiscal reforms in the past two decades.
Opposition leaders raised concerns about the deficit implications, but the ruling coalition maintained that the long-term economic benefits outweigh short-term borrowing costs.
The bill now moves to the upper house for final ratification before it can be signed into law by the head of state.