Weekly Report - 12 November 2015 (WR-15-45)

COLOMBIA | A further budget cut. On 9 November Colombia’s council of ministers approved an additional Col$3trn (US$1bn) cut in planned government spending included in this year’s national budget. The sizable cut comes on the back of the deferment of another Col$6trn in spending for this year announced by the government led by President Juan Manuel Santos in March as part of its efforts to rein in spending and exercise fiscal discipline amid lower State revenues resulting from the sharp fall in international oil prices. This means that altogether the Santos government has now cut its original Col$210.6trn 2015 budget by Col$9trn.