Gustavo Petro won the Historic Pact with Lights and Shadows

Gustavo Petro won the Historic Pact with Lights and Shadows

Gustavo Petro was confirmed as the candidate on Sunday. He has been going through the elections for several weeks, displaying favoritism.

(Position of the Candidates for the Historic Pact On Pensions and Inflation). The former mayor of Bogota as well as a former senator of the Republic won the victory in the Historic Pact alliance and officially was elected to the presidency of the Republic which he has aspired to in the past three years.

The overwhelming majority in the polls makes to him being the most representative persona of the Colombian left, and is a strong candidate for president despite his controversial ideas and opinions on various areas, including the economic one.

Petro declared his intention to overhaul the pension system through the creation of a public administrator of the pension funds. The pension system is expected to be "mixed" and complement the private funds.

As per the candidate according to the candidate, in Colombia there is not a pension system. Instead the system is based on bank profits. Many believe Petro will cut off any chance of his assuming the president. However, Petro recently said that he will not abolish them but would pursue reforms to pensions to achieve a minimum pension for Colombians. He has also said there's "no need" to raise the pension age. (Who makes up the Historic Pact candidate list).

Another issue that has been a source of controversy is the fact that he has repeatedly stated that he would cease oil extraction as soon as his appointment. This has caused anxiety among investors and also among the market as a whole.

Experts estimate that Petro's plans to stop exploration for oil would cost Colombia around $4.3 billion.

In addition, this proposal will establish an anti-oil front throughout the region and the globe that would shift the focus of our economy away from fossil fuels. To accomplish this, I would invite Gabriel Boric the Chilean president and LuizInacio Lula Silva to be the Brazilian president. Petro claimed that he's talked to Pedro Sanchez, the Prime Minister of Spain about his proposal.

His position on health has been controversial because he is insistent on ending EPS and replacing it with a preventive model that "guarantees individuals' rights, not bankers' profits".

He also cast doubt on the independence of Banco de la Republica. He also announced that he would implement reforms when he becomes the president. Petro claimed that the Bank Board of Directors of the Bank was part of the Democratic Center, a political party. "What we seek is a completely independent Bank of the Republic (...) and it is to us essential that the board of Directors has the presence of the community," the candidate said in the middle of the debate.

(Petro leads voting intention in the presidential elections (according to Invamer).

The idea of releasing funds to finance government expenditure was also controversial.

Petro's proposal includes a new economy which isn't dependent upon fossil fuels. It also proposes the extraction of hydrocarbons. But, Petro places more emphasis on agriculture.

It is also highlighted that he will propose an overhaul of the tax system that would eliminate exemptions as well as the replacement of the concept of minimum wages to a real-time wage based on income and capital.

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