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Government admits mistakes in royalties distribution system

Monday, April 22nd, 2013 Category: Regulations & Policy

The new royalties distribution system was designed to increase the chances that they were spent on projects that increased economic infrastructure and decrease the chances that they ended up in the pockets of a few well-connected crooks. The plan also intended to allow all regions to compete for funds, not just producer regions. But the process is slow and took too long to get going. Well-run municipalities suffered along with corrupt ones. Now the government is backing down and will look at more direct payments. From a President’s Office press release, translated and with commentary by Hydrocarbons Colombia.

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