Gustavo Petro serves as Colombia’s president until his single four-year term concludes on August 7, 2026, following the May 31 first-round presidential election that will select his successor. Constitutionally barred from consecutive reelection, Petro has focused recent efforts on minimum-wage increases, military pay adjustments, and a signature drive for a constituent assembly to advance social and constitutional reforms. His Historical Pact secured the largest Senate bloc in March legislative voting but lacks a governing majority, prompting coalition-building ahead of the May contest. Approval ratings have climbed toward 50 percent amid these initiatives, though fiscal setbacks and court rulings on emergency funds continue to constrain the administration. The scheduled transition after the June runoff remains the dominant factor shaping trader expectations for an orderly departure.