Álvaro Leyva, former Minister of Foreign Affairs under Gustavo Petro, made public a letter last week in which he accused the Colombian president of having drug addiction problems. Leyva wrote that Petro seems eager to leave the presidency, to discard institutional forms and the "quid pro quo." However, the vision of a "government of change" promised by Petro appears to have faded in the face of his incoherent policies, corruption scandals, and erratic style.
Financial analysts from Credicorp Capital stated that Colombia's risk premium will remain high due to the macroeconomic outlook. The recent interest rate cut by the Bank of the Republic, followed by Petro's attacks on the issuing entity and the decision of the IMF, has increased uncertainty in the country.
Petro is facing criticism not only for his private life, where ketamine use has been mentioned, but also for his performance as a leader. The expansion of drug trafficking and the resurgence of guerrilla activity under his administration have led to questioning of his "total peace" strategy, causing tensions in relations with the United States.
Despite his populist attempts, such as proposing a referendum on issues like the payment of extra salaries on holidays, Petro has failed to consolidate his leadership. The constant talk of reelection, despite being impossible, seems to be more of a political tactic than a real possibility.
The budget imbalance and the suspension of access to credit lines from the IMF have increased concerns about the Colombian economy. The fiscal deficit has reached high levels, which could lead to a downgrade in the country's credit rating. Additionally, situations like the chaotic live transmission of a cabinet meeting have highlighted the lack of control in his administration.
Despite dismissing allegations of drug addiction, Petro faces growing disapproval, with no significant achievements and no possibility of reelection, putting his continued power at risk in the coming years. The final stage of his term is predicted to be volatile and potentially dangerous, leading the Colombian president to the twilight of his political career.
