President Gustavo Petro, constitutionally barred from re-election, enters the final months of his four-year term ending August 7, 2026, amid Colombia's presidential election scheduled for May 31. His Pacto Histórico coalition secured the largest bloc in March congressional elections but lacks a majority, necessitating alliances for reforms like a proposed constituent assembly via signature drive. Recent developments include Petro ordering a military bombing of an ELN camp after ceasefire violations and advancing peace talks with Clan del Golfo leaders, though the Fiscal General rejected suspending capture orders for 29 including extraditables. Tensions persist with Ecopetrol's board and health sector interventions, but no active impeachment proceedings or resignation signals have emerged, positioning traders to monitor election outcomes and late-term stability risks.