Gustavo Petro, Winner of the Historic Pact: Lights and Shadows

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04 June 2022

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Gustavo Petro was confirmed as the candidate on Sunday. He has been marking the election for a few weeks, displaying favoritism.

(Position of candidates of the Historic Pact on Pensions and inflation).

The former mayor of Bogota and former senator of the Republic managed to win the victory in the Historic Pact coalition and officially becomes a candidate for the presidency of the Republic, a position to which he aspires three times. He's the most authentic figure in Colombian left and a strong potential presidential candidate, despite his controversial ideas and plans on a variety of aspects, including economic.

Petro has stated that he will alter the pension system by establishing a public manager of pension funds. This would allow for the creation of a "mixed system" of private and public funds.

According to the candidate the country of Colombia there no pension system. Instead the system is built on bank profits. Many believe Petro will cut off the possibility of him assuming the President. Petro recently said that while he would not eliminate them however, he will seek to make changes in pensions to guarantee the minimum retirement age for Colombians. He stated, however, that it wasn't necessary to increase the retirement age.

(Who are on the Historic Pact's list of potential candidates).

Another issue that has been a source of controversy is that he's repeatedly said that he would stop extraction of oil when he assumes office. This has led to uncertainty among investors, and also the market in general.

Experts estimate that Petro’s proposal to cease exploration of oil in Colombia would incur a cost of around $4.3 billion.

This proposal also calls for the formation of an anti-oil front both in the region and around the world , which will move the economy away from fossil fuels. I would invite Gabriel Boric to Chile and LuizInacio Lula de Silva to join me.

Petro claimed that he had talked to Pedro Sanchez, Spain's Prime Minister, in recent times regarding his idea.

His position on health concerns is also controversial, as he has insisted on ending EPS and replacing it with a proactive health model that "guarantees the rights of people and not the profits of bankers".

He also challenged the independence of Banco de la Republica, and announced that he will also reform the institution in the event of becoming President.

Petro said that the Bank Board of Directors belongs to the Democratic Center. Accordingly, the candidate in the middle of a discussion stated "What do we really want? Gustavo Petro Gustavo Petro An independent Bank of the Republic (...) It is to me crucial that the board of director has the support of the Society."

Invamer reports that Petro is the top candidate in the voting plans for the presidential election.

The idea of creating money to finance spending on government was not without controversy.

Among the pillars of Petro's plan are an economy that does not depend on fossil fuels, mining and extraction of hydrocarbons. They also emphasize increasing importance to agriculture.

It is also highlighted that he is planning to implement an amendment to the tax code that removes exemptions as well as the replacement of the concept of minimum wage by a real wage that is based on income and capital.

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