Weekly Report - 23 June 2016 (WR-16-24)

COLOMBIA | Denied oil revenues. The Colombian government does not expect to get any income from oil royalties this year, according to a mid-year fiscal report published by the finance ministry on 14 June. Instead the report calculates that the central government will have to refund a total of Col$800bn (US$268m, or 0.1% of GDP) in taxes to oil sector firms that have largely been operating at a loss over the last few months as a result of the persistently low international oil prices.

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