Colombia’s first left-wing gov’t has reduced poverty, but has pile of debt
Summary
Colombia’s first left-wing government, led by President Gustavo Petro, introduced a program in 2023 that covers university tuition fees for many students from middle- and low-income families. As the government’s term ends, Colombia faces high national debt and a presidential election between a left-wing candidate who supports continuing Petro’s policies and a far-right candidate focusing on security and tax cuts.Key Facts
- The “zero tuition” program covers full tuition at public universities and has helped 870,000 students since 2023.
- President Gustavo Petro’s government is Colombia’s first left-wing administration.
- The government raised the minimum wage by 23% in June 2023 and improved overtime pay rules.
- Colombia's national debt is 58.5% of its gross domestic product (GDP).
- The upcoming May 31 election features Iván Cepeda, who wants to continue Petro’s social and economic policies, and Abelardo de la Espriella, who promotes security measures and tax cuts for big companies.
- Petro attempted reforms including peace talks with armed groups, pension reform, and new taxes on the wealthy, but not all were approved by Congress.
- The left-wing government supports shifting the economy towards renewable energy and agriculture.
- Some small business owners found the wage increase challenging but accepted it as necessary.
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