Joydeep Mukherji, managing director of sovereign ratings at S&P Global: “Petro is determined to make substantial economic and social changes in Colombia but lacks a majority in Congress. Moreover, Colombia’s political institutions and powerful interest groups provide considerable checks and balances that limit any president’s room for maneuvering. Facing resistance to his health, pension and labor reforms in Congress, and inside his previous cabinet, Petro is regrouping his coalition to accelerate the implementation of his agenda. The new cabinet, including the finance minister, has people who are politically closer to Petro. However, Petro knows that he must continue to work with other parties in Congress to achieve his aims, despite the announced breakup of the broad coalition he crafted when assuming office. Minister Bonilla has experience in economic policy matters and inherits a favorable fiscal situation in the near term, with abundant fiscal revenues thanks to two previous tax reforms, high fiscal transfers from the energy sector and…”