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Reuters
Reuters
Politics

Colombia's Petro names new finance minister in cabinet reshuffle

Colombian President Gustavo Petro attends an international conference on the political crisis in Venezuela, at Palacio de San Carlos in Bogota, Colombia April 25, 2023. REUTERS/Luisa Gonzalez

Colombian President Gustavo Petro named Ricardo Bonilla as finance minister in a Cabinet reshuffle on Wednesday, despite market anxiety over former minister Jose Antonio Ocampo remaining in the job.

Petro asked for resignations from all of his Cabinet late on Tuesday after a debate on a health reform was abandoned by the lower house because the necessary quorum was not reached.

The reshuffle prompted a fall in the peso, stock market and domestic Treasury bonds, but analysts said an end to the coalition may mean less radical reforms and more stability for businesses.

Ocampo, a longtime public figure who is on public service leave from his job at Columbia University, had been seen as a stabilizing force by the market and guided the approval of an ambitious tax reform last year by congress.

(Reporting by Julia Symmes Cobb; editing by Jonathan Oatis)

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