Gustavo Petro, Colombia’s first leftist president, serves as a lame duck with his term concluding after the May 2026 presidential election. Recent policy moves, including a near-23 percent minimum wage increase, record cocaine interdictions exceeding 985 tonnes in 2025, and a proposed economic emergency decree plus tax reform to address the 2026 budget, have lifted his approval rating to around 47 percent in April polls. His Historical Pact secured the largest Senate bloc in March congressional voting, yet lacks a majority for major reforms such as constitutional changes or health nationalization. U.S. probes into alleged drug ties have not produced charges, while bilateral security talks with Venezuela underscore ongoing border concerns. These developments shape trader views on any early departure scenario ahead of the scheduled transition.