Weekly Report - 25 February 2016 (WR-16-08)

COLOMBIA | Another budget cut. On 22 February Colombia’s President Juan Manuel Santos announced that his government had agreed to cut the 2016 national budget by Col$6trn (US$1.81m) in response to the persistently low level of international oil prices. “We have taken the decision at the council of ministers to cut spending in 2016 by Col$6trn, almost 3% of the budget,” Santos announced after chairing a ministerial cabinet meeting.