The proposed sale of Ecopetrol shares to fund government reconstruction projects remains in limbo, as the bill stalls in its progression through congress, newspaper El Tiempo reported Monday.
The sale of 10% of the state-owned shares in the Colombian oil company, if approved, would serve to assist in funding reparations to rain-damaged infrastructure, which has suffered as a result of the year’s intense rains.
However, according to the president of the House of Representatives’ fourth committee, Alvaro Ashton, the Colombian finance minister has now sent a letter to the committee, demanding withdrawal of the bill, after it was already passed through the house fifth committee.
President Juan Manuel Santos warned in April that a request for withdrawal of the bill might occur.
Ashton said that the committee plans to rewrite the bill and present it again in the hope that things will go more smoothly the second time around.