Gustavo Petro's administration ends as Colombia elects new president

Colombia's presidential election on 21 June resulted in a narrow victory for the opposition candidate, who received roughly 13 million votes, edging out the Petro-aligned candidate who garnered about 12.7 million votes—a margin of around 250,000 votes. The outcome follows the conclusion of President Gustavo Petro's four‑year term, which was marked by high political polarization and accusations of fiscal mismanagement. Throughout Petro's tenure, public finances experienced a significant deficit, with reports of extensive campaign‑related spending and alleged misuse of state funds.

In the wake of the transition, the new government appointed Miguel Gómez Martínez as finance minister, tasking him with restoring fiscal stability, safeguarding the independence of the central bank, and reviving key state enterprises such as Ecopetrol. The election outcome reflects a divided electorate, with Petro's supporters mobilizing in unprecedented numbers while the opposition consolidated a broader coalition.

The shift in power signifies a move toward more market‑oriented policies and a departure from the extensive state intervention advocated during Petro's administration.