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Colombian Government assesses billion dollars in budget cuts

Bogota, Jun 7 (Prensa Latina) The Colombian Government is assessing a budget cut of nearly 20 trillion pesos (more than 5.2 billion dollars at the current exchange rate) due to the low tax collection affecting the country.

Finance Minister Ricardo Bonilla reiterated that despite the reduction in spending, the social programs and the State’s fundamental activities will not be affected.

Bonilla told Blu Radio station that taking precaution that the year’s goal, in terms of tax collection, will not be completed and adding the decision of the Constitutional Court not to authorize deductibility of royalties, as “a gap in terms of revenue” is generated.

The minister pointed out that this is what we have to adjust on expenditure. This means the budget is not fully financed, and a preventive cut must be made.

He announced the rise in the price of diesel for large consumers, that is, those companies that consume more than 20,000 gallons.

Bonilla noted that this increase will not affect mass transportation or the non-interconnected regions that depend heavily on diesel.