Colombia presidential contenders clash on tax cuts, spending and oil and gas exploration plans

Colombia’s presidential race has entered a decisive phase, with rightwing candidate Abelardo De La Espriella calling for sharp cuts in government spending and a restart of oil and gas exploration. Leftist contender Ivan Cepeda is campaigning on higher taxes to expand social spending. Both would have to contend with public debt at 60% of GDP and weak private investment. The election’s policy stakes include potential shifts in crude supply expectations, though implementation could be constrained by a divided Congress and fiscal limits, according to the report.