Colombia central bank could issue bonds to fund victim reparations -president

BOGOTA, April 11 (Reuters) - Colombian President Gustavo Petro said on Tuesday the country's central bank could issue bonds to raise funds to pay reparations to millions of victims of its nearly six-decade conflict, citing a lack of other funding options. The country's victims unit says 9.4 million people have suffered displacement, sexual violence, injury, killings or other victimization during the conflict between the government, right-wing paramilitaries, leftist rebels and crime gangs. Conflict victims are entitled to compensation under Colombian law and total pay-outs would cost some 301 trillion pesos, about $66 billion.

The victims unit's budget for this year is just 2.5 trillion pesos. "We either can't compensate victims or we have to build another way," Petro said during a government event about peace efforts. "If it's not in the budget and its not victimizers (who pay), where will it come from?" "There's only one option, I bring it up for discussion...an issuance done routinely by the central bank, but instead of going to banks it should go on bonds to compensate victims," said Petro. The bonds would allow the government to finish paying out compensation within a maximum of 15 years, Petro added, saying he cannot impose a decision on the central bank.

He did not provide further details. Petro has promised to seek peace or surrender deals with remaining rebels groups and crime gangs to end the conflict, including talks with the ELN rebels and former fighters from the FARC guerrillas who did not join a 2016 peace deal. (Reporting by Nelson Bocanegra and Carlos Vargas Writing by Julia Symmes Cobb; editing by Edward Tobin)

Reuters

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Colombia central bank could issue bonds to fund victim reparations -president

By Reuters

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