Colombia elects former guerrilla Petro as first leftist president

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BOGOTA/BUCARAMANGA — Leftist Gustavo Petro, a former member of the M-19 guerrilla motion, who has vowed profound social and financial change, received Colombia’s presidency on Sunday, the primary progressive to take action within the nation’s historical past.

Petro beat development magnate Rodolfo Hernandez with an unexpectedly extensive margin of greater than 700,000 votes in what analysts stated was an indication of Colombians’ eagerness for efforts to fight deep inequality.

Petro, a former mayor of capital Bogota and present senator, has pledged to battle inequality with free college schooling, pension reforms and excessive taxes on unproductive land. He received 50.5% to Hernandez’s 47.3%.

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Petro’s proposals – particularly a ban on new oil initiatives – have startled some buyers, although he has promised to respect present contracts.

His victory was prone to trigger market jitters till his cupboard is introduced, analysts instructed Reuters on Sunday.

“From at present Colombia modifications; Colombia is totally different,” Petro instructed cheering supporters in Bogota’s live performance area. “Change consists exactly in abandoning sectarianism.”

“It’s not a time for hate, this authorities, which is able to start on Aug. 7, is a authorities of life,” he stated.

Alejandro Forero, 40, who makes use of a wheelchair, cried as outcomes got here in.

“Lastly, thank God. I do know he shall be a superb president and he’ll assist these of us who’re least privileged. That is going to vary for the higher,” stated Forero, who’s unemployed.

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Hundreds of individuals took to the streets in Bogota to have fun, with some dancing close to its largest polling place beneath intermittent rain.

This marketing campaign was Petro’s third presidential bid and his victory provides the Andean nation to a listing of Latin American international locations which have elected progressives lately.

Petro’s victory confirmed folks in Colombia – the place practically half the inhabitants lives in some type of poverty – are desperate to battle inequality, stated Daniela Cuellar of FTI Consulting.

“What the Colombian inhabitants demonstrated at present is that they’re in search of a authorities centered on key social points,” she stated. “Colombia’s longstanding illnesses of inequality, which had been exacerbated by COVID-19, have contributed to the voters in search of a shift.”

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However a fragmented congress, the place a dozen events have seats, will act as a test on Petro’s proposals.

“Colombia’s institutional power and rule of legislation seem sufficiently strong for the nation to keep up financial stability,” Cuellar stated. “Furthermore, campaigning just isn’t governing, Petro’s insurance policies shall be extra reasonable.”

“Even when he tries to cross radical reforms, he doesn’t have the congressional help to implement them,” she added.

Petro, 62, stated he was tortured by the navy when he was detained for his involvement with the guerrillas, and his potential victory had high-ranking armed forces officers bracing for change.

Petro’s operating mate, Francia Marquez, a single mom and former housekeeper, would be the nation’s first Afro-Colombian girl vice-president.

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“At the moment I’m voting for my daughter – she turned 15 two weeks in the past and requested for only one reward: that I vote for Petro,” stated safety guard Pedro Vargas, 48, in Bogota’s southwest on Sunday morning.

“I hope this man fulfills the hopes of my daughter, she has lots of religion in his guarantees,” added Vargas, who stated he sometimes doesn’t vote.

Petro has additionally pledged to totally implement a 2016 peace take care of FARC rebels and search talks with the still-active ELN guerrillas.

MARKET JITTERS

Analysts have stated the proposed halt to grease growth may ship funding elsewhere at a time when Colombia is battling low credit score rankings, a big commerce deficit and nationwide debt which has doubled to 72% of GDP over the past decade.

Oil accounts for practically half of exports and near 10% of nationwide earnings, however Petro argues new initiatives needs to be barred for environmental causes and to maneuver Colombia away from dependence on the trade.

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Petro has additionally promised to extend taxes and royalties on extractive industries and cost main landholders for unproductive land, elevating some $5.2 billion. He additionally proposes to lift as much as $3.9 billion by progressively taxing corporations.

“We predict on Tuesday each rates of interest on TES bonds and the trade price will depreciate, however we have to see what sort of rhetoric Petro offers us, what sort of cupboard he’ll give us,” stated Sergio Olarte, head economist for Colombia at Scotiabank.

Monday is a vacation in Colombia.

“The magnitude of actions within the coming buying and selling periods will rely upon the financial line that the brand new president gives,” agreed David Cubides, head economist at Allianz brokerage, who stated he expects native market volatility in the course of the subsequent week.

Present President Ivan Duque tweeted he had referred to as to congratulate Petro, and so they have scheduled a gathering in coming days to make sure a harmonious transition.

Colombian presidents are restricted to at least one time period.

Some 22.6 million folks voted, about 1.2 million greater than within the first spherical. Some 2.3% of voters turned in protest votes, backing neither candidate.

(Reporting by Nelson Bocanegra, Oliver Griffin, Carlos Vargas, Luis Jaime Acosta and Julia Symmes Cobb Writing by Julia Symmes Cobb Enhancing by Grant McCool, Chizu Nomiyama, Lisa Shumaker and Nick Zieminski)