Colombia’s Finance Minister says the country will earn $4.5 billion in royalties in 2012, financial magazine Dinero reported.
Juan Carlos Echeverry made the prediction following a debate in Congress regarding the bill, which regulates the National System of Royalties.
Previously, Echeverry had predicted that the royalties would rise to $4.2 billion but increased his estimate due to an increase in the prices and production of petroleum.
According to the finance minister, the aim of the bill to distribute in a fairer way the resources received as a result of the exploitation of natural resources. In the past, 80% of the resources were concentrated in eight of Colombia’s 32 department.
The bill needs the to go through three more debates in order to be approved by Congress. The government hopes that by December 16, the bill will be approved by the legislative branch.
