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The ruling is a victory for Peace Prize winner President Santos and deals a blow to opposition critics fighting to undo the peace accord.

While the ceasefire is temporary, through January 9, President Santos hopes it can be renewed and become "the first step to achieve peace" with the ELN.

Santos campaign manager Roberto Prieto denied the claims, saying that "never have I even shared a coffee" with the man who allegedly took the bribe.

"It is the largest investment in the history of Bogotá," said President Santos.

Finance Minister Mauricio Cardenas says the overhaul "is a difficult measure that will require a large sacrifice of all Colombians — but it is necessary."