December 19, 2018
Economy Politics

Colombia’s congress endorses royalties to finance the implementation of the FARC treaty

Colombia’s congress passed legislation today that will assign additional resources from the General System of Royalties (SGR) to finance key components of the country’s treaty with the FARC terrorist organization. The legislation is now only one step away from final approval.

Colombia’s Minister of Finance, Mauricio Cárdenas, explained that this project will assign around US $218 million dollars annually over several years, to finance projects whose objectives are in accordance with the final implementation of the treaty negotiated between the FARC and the Colombian government.

The landmark treaty, which was rejected in a referendum by the general public but pushed through without popular support by Colombian President Juan Manuel Santos, includes mandates for investments into rural areas of the country most affected by the conflict.

Cárdenas emphasized that the last year’s unapproved budget (US $3.4 million dollars) for the Science and Technology Fund will be reassigned to build roads that will enable rural populations to develop, giving them access to health and education services, as well as the opportunity to put more easily sell their local products in neighboring cities.

Senator and prospective presidential candidate Claudia López of the Green Alliance Party demanded the government that resources be in public hearings, so the communities can ensure that funds are spent responsibility.

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