PanamaTimes

Thursday, Jul 03, 2025

Colombia’s Finance Minister Ousted by Leftist President

Colombia’s Finance Minister Ousted by Leftist President

Colombia’s newly-elected leftist President Gustavo Petro has ousted his finance minister, who had been serving in the role for just a few weeks. The move comes as Petro faces increasing pressure to deliver on his ambitious campaign promises, which include a major overhaul of the country’s economy.

The finance minister, José Antonio Ocampo, was a respected economist who had previously served as finance minister under two different Colombian presidents. He was seen as a key figure in Petro’s economic team, and his ouster is a major blow to the new government.

Petro has not yet named a replacement for Ocampo, but he has said that he is looking for someone who is “committed to the transformation of Colombia.” The new finance minister will face a daunting task, as Petro has promised to raise taxes, increase spending on social programs, and renegotiate Colombia’s trade deals.

Petro’s election was a historic moment for Colombia, as he is the first leftist president in the country’s history. However, his victory has also been met with some trepidation, as Petro has promised to make significant changes to the Colombian economy. It remains to be seen whether Petro will be able to deliver on his promises, but his ouster of the finance minister is a sign that he is willing to take bold steps to transform Colombia.

Here are some of the reasons why Petro ousted his finance minister:

  • Ocampo was seen as too moderate for Petro’s liking. Petro is a self-described “democratic socialist” who has promised to make significant changes to the Colombian economy. Ocampo, on the other hand, is a more traditional economist who has served in the finance ministry under two different Colombian presidents.
  • Ocampo was not in favor of some of Petro’s key economic policies, such as raising taxes and increasing spending on social programs. Petro has promised to raise taxes on the wealthy and use the money to fund social programs for the poor. Ocampo, on the other hand, was concerned that raising taxes would hurt the Colombian economy.
  • Ocampo was not seen as a team player. Petro has said that he is looking for a finance minister who is “committed to the transformation of Colombia.” Ocampo was seen as more of a technocrat than a politician, and he was not seen as being fully committed to Petro’s vision for Colombia.

The ouster of the finance minister is a sign that Petro is willing to take bold steps to transform Colombia. However, it remains to be seen whether Petro will be able to deliver on his promises.

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Brazilian Congress Rejects Lula's Proposed Tax Increase on Financial Transactions
Landslide in Bello, Colombia, Results in Multiple Casualties
Papa Johns pizza surge near the Pentagon tipped off social media before Trump's decisive Iran strike
Juncker Criticizes EU Inaction on Trump Tariffs
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Sole Survivor of Air India Crash Recounts Escape
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
UK and EU Reach Agreement on Gibraltar's Schengen Integration
Israeli Finance Minister Imposes Banking Penalties on Palestinians
U.S. Inflation Rises to 2.4% in May Amid Trade Tensions
Trump's Policies Prompt Decline in Chinese Student Enrollment in U.S.
Global Oceans Near Record Temperatures as CO₂ Levels Climb
Trump Announces U.S.-China Trade Deal Covering Rare Earths
Smuggled U.S. Fuel Funds Mexican Cartels Amid Crackdown
Protests Erupt in Los Angeles with Symbolic Flag Burning
Trump Administration Issues New Travel Ban Targeting 12 Countries
Man Group Mandates Full-Time Office Return for Quantitative Analysts
JPMorgan Warns Analysts Against Accepting Future-Dated Job Offers
Builder.ai Faces Legal Scrutiny Amid Financial Misreporting Allegations
Japan Grapples with Rice Shortage Amid Soaring Prices
Goldman Sachs Reduces Risk Exposure Amid Market Volatility
HSBC Chairman Mark Tucker to Return to AIA as Non-Executive Chair
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Judge Blocks Trump's Ban on International Students at Harvard
Trump Proposes Travel Ban on 'Uncontrolled' Countries
Panama Port Owner Balances US-China Pressures
Trump Administration Accused of Obstructing Deportation Cases
Trump’s China Strategy Remains a Geopolitical Puzzle
Eurozone Inflation Falls Below ECB Target to 1.9%
Call for a New Chapter in Globalisation Emerges
Blackstone and Rivals Diverge on Private Equity Strategy
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Bangkok Ranked World's Top City for Remote Work in 2025
Denmark Increases Retirement Age to 70, Setting a European Precedent
Netanyahu Accuses Western Leaders of 'Emboldening Hamas'
Escalating Trade Tensions and Market Reactions
OnlyFans Reportedly in Talks for $8 Billion Sale
JBS Gains Shareholder Approval for U.S. Stock Listing
Booz Allen Hamilton to Cut 2,500 Jobs Amid Federal Spending Reductions
Trump Signs Executive Orders to Accelerate Nuclear Energy Development
Harvard Temporarily Blocks Trump Administration's International Student Ban
Nippon Steel Forms Partnership with U.S. Steel, Headquarters to Remain in Pittsburgh
Trump Expands Tariff Threats to Apple and Samsung Devices
Oracle and OpenAI Plan $40 Billion Nvidia Chip Purchase for AI Data Center
Trump Threatens 50% Tariff on EU Goods, Markets React
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Former FBI Director James Comey Questioned by Secret Service Over Social Media Post
×