Colombia’s Constitutional Court Blocks Petro’s Emergency Decree, Nullifies 12 Trillion Pesos Revenue

The Colombian Constitutional Court struck down President Gustavo Petro's emergency fiscal decree on April 9, citing breaches of separation of powers, effectively halting plans to generate nearly US$3.1 billion. Despite this judicial setback, the Colombian stock market, COLCAP, responded positively, indicating resilience among investors. Observers should watch how Petro adjusts his economic strategy, including potential new legislation or executive actions in response to this ruling.