Santos Announces Reforms in New Law of Royalties, Colombia

Posted on July 18, 2011 • Filed under: Business, Colombia, Economy

•Among the reforms in the new Law of Royalties in Colombia, Santos announced that no more unnecessary building works will be commissioned or paid for by the royalties from mining and energy resources.
•El Tiempo reports that a Fund for Savings and Stabilization is to be established which will take a percentage of the resources during economic growth.
•The fund will be used to pay territorial pensions and create savings for the regions, and the Bank of the Republic is to distribute it.
•President Santos announced today in Tumaco, Nariño that these reforms will help to equally distribute funds gained through the mining of non-renewable resources. Read Article

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