Colombia's Congress on Wednesday approved a budget for investing
billions of dollars in royalties from hydrocarbons and mineral
exploitation, trend reports citing reuters .
The 31.3 trillion peso ($6.369 billion) budget for 2023 and 2024
will fund increased social spending in rural regions of Colombia, a
top promise of leftist President Gustavo Petro, who took office in
'This is another contribution to sustaining economic activity
next year,' said Finance Minister Jose Antonio Ocampo after the
According to the bill, 76% of the total resources will come from
the exploitation of hydrocarbons, with the remaining 24% from
Together the resources represent 2.21% of the South American
country's gross domestic product (GDP).
Energy and Mining Minister Irene Velez called the approval 'very
good news' for parts of Colombia dependent on the extractive
industry, as the budget will fund job creation and spur sustainable
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