Joydeep Mukherji, managing director for sovereign ratings at S&P Global: “The leadership of both the executive and legislative branches of government now contains a wider representation of Colombian society, an important positive trend in a country traditionally governed by narrow segments of society. The challenge facing President-elect Petro is to meet the heightened expectations of voters with limited government revenues amid a worsening global economy. His choice of finance minister, along with negotiations with several political parties to cobble together a formal majority in Congress, shows pragmatism and augurs well for fiscal reform. However, Colombian governments have introduced many tax reforms in the last two decades with only modest results. Finance Minister Ocampo, like his predecessors, understands the structural flaws of the current tax system, but he will face the same obstacles as previous ministers in trying to fix them. The statutory corporate tax rate is higher in Colombia than in…”