Colombian Finance Minister Diego Guevara resigned shortly after budget cuts negotiations with President Gustavo Petro, signaling concerns over the country’s public finances. President Petro has replaced several ministers recently, increasing uncertainty in economic management, with German Avila set to succeed Guevara.

Colombian Finance Minister Diego Guevara announced his resignation, following conflicts over budget cuts and the recent rejection of a labor reform proposed by President Gustavo Petro. This change raises concerns about the stability of the country’s public finances after only three months in the position. Guevara stated he had a “calm and friendly” discussion with the president but did not elaborate on his resignation’s reasons.

Guevara’s resignation signals a growing uncertainty in Colombia’s financial management, particularly after budget disagreements with President Petro. The appointment of German Avila as his successor adds to this unease due to potential inexperience. With ongoing fiscal challenges and changes in the cabinet, Colombia faces heightened political and economic instability, impacting the central bank’s decisions and currency value.

Original Source: theprint.in