Yahoo News Colombia’s Petro Accuses Banks, Utilities of Blocking Reforms
(Bloomberg) -- President Gustavo Petro accused the nation’s banking and energy sectors of trying to block his social reforms during the signing of his flagship plan to boost state control over Colombian pensions on Tuesday.
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In a fiery 50-minute speech from downtown Bogotá, Petro said Colombia’s inflation was a “product of speculation” and that his administration has made efforts to reduce poverty despite still-high interest rates. He accused the central bank board of keeping rates high because “it is afraid to open the way for a government of change.” He also blamed the nation’s energy regulator for “kneeling in front of private interests” by not reducing fees.
Petro called the pension reform “the first big change in favor of people” during his remarks. The pension law, which creates a program to expand subsidies for elderly Colombians living in poverty and eliminates competition between the public and private pension systems, will come into effect in July 2025.
The leftist leader also sent a message to the nation’s Constitutional Court, which some experts believe is likely to kill the pension reform after the ruling coalition rushed it through the lower house without debate.
“We can’t let it go to waste,” Petro said. “Justice is social justice, and that cannot be taken away from Colombia’s weakest.”
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