The sale of 10% of Ecopetrol was recommended to the Government by The Comisión Independiente del Gasto Público (Independent Commission of Public Expenditure).
According to them, the value of this sale plus the sale of Isagen, could be used to reduce the foreign debt and to reduce the deficit in the budget.
14 billion pesos is expected for the sale, this equals to 4 percent of the Gross Domestic Product. The Commission also recommended that the stocks be sold in Colombia.
The Commission is made up by Rodrigo Botero, Mauricio Cardenas, Alejandro Gaviria Armando Montenegro and Gabriel Rosas.
