Gustavo Petro has announced plans to declare a new economic emergency and submit a fresh tax reform bill to Congress in an effort to stabilise Colombia's finances.
In a televised address, Petro said the measures were necessary to protect living standards and address a widening budget gap for 2026. He warned that if lawmakers fail to approve the proposals, the government could move forward by decree.
The initiative comes amid tensions with the central bank, following disagreements over interest rate hikes and the resignation of Finance Minister Germán Ávila from its board.
Colombia's Congress has already approved a spending plan that falls short of the country's fiscal needs, while previous attempts at tax reform have been rejected. A similar economic emergency declared last year was partially suspended by the constitutional court.
Political uncertainty also looms, with upcoming elections set to determine Petro's successor and a new Congress due to take office in July.