Colombia’s finance minister published a draft decree in which he outlined the terms of a pending sale of assets with which the government hopes to increase its revenue, according to newspaper El Espectador.
The decree issued by controversial Finance Minister Alberto Carrasquilla said that the government can sell its stake in companies of which it is not the majority shareholder and that do not generate the desired revenue.
Currently, the government cannot sell stakes of companies of which it owns more than 10% of the shares.
According to El Espectador, this means that the government could sell its shares of 70 of the 109 companies that make part of the government’s portfolio.
The draft decree was released weeks after President Ivan Duque signed off on his four-year development plan in which the government said it hoped to receive between $4.7 and $6.2 billion (COP15 and 20 trillion) from selling state assets.
Carrasquilla previously said he was in “no rush” to sell the shares.
