Colombia's Petro Appoints New Finance Minister Amid Corruption Scandal

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Dec 06, 2024

Above: Colombian Pres. Gustavo Petro delivers a speech during the opening ceremony of the COP16 summit in Cali, Colombia on Oct. 20, 2024. Image copyright: Joaquin Sarmiento/AFP via Getty Imagesstory last updated Dec 07

The Facts

Colombia's Pres. Gustavo Petro announced on Wednesday the promotion of Diego Guevara from deputy to finance minister as a replacement for Ricardo Bonilla. The move was praised by former finance minister José Manuel Restrepo on Thursday, who said Guevara would build confidence in risk rating agencies and the private sector.
A longtime ally of Colombia's first-ever leftist president and the second finance minister in his administration, Bonilla resigned earlier that day over corruption allegations.

The Spin

Left narrative

Make no mistake, Bonilla was forced to step down due to politically motivated persecution as the far-right attempts to derail economic reforms and topple the government. Some technocrats in the Ministry of Finance are loyal to Álvaro Uribe and Iván Duque, rather than to the nation, and they have done all they could to tarnish the reputation of Bonilla.

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Right narrative

It's not just Bonilla who must resign over corruption allegations, but the entire Petro administration. Ever since the leftist president took office, corruption has become systemic in Colombia. The water tankers scandal is just one to have been reported in the UNGRD, with others including contracts awarded to the ELN guerrillas in exchange for peace talks.