In a statement, the government said the decision was based on “new macroeconomic and fiscal conditions, associated primarily with the fall in international oil prices”. It stressed that spending on the most vulnerable citizens, including those displaced by the country’s internal conflict, would be ringfenced. Colombia’s fiscal income (including taxes and royalty revenues) has been hit hard by the 60% fall in global crude prices since June 2014. Oil is the country’s biggest export and source of foreign exchange.
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