IBOV 171,336.99 ▼ 0.52% IPC MEX 71,905.78 ▲ 0.05% MERVAL 2,848,945 — — USD/BRL5.58▼ 0.01% USD/MXN18.58▼ 0.22% USD/CLP983.69▲ 1.70% USD/COP3,294▲ 0.60% USD/PEN3.42▲ 0.36% USD/ARS1,545▼ 0.03% USD/UYU40.43▲ 3.48% USD/PYG6,196▲ 1.99% USD/BOB11.68▲ 1.36% USD/DOP60.46▲ 0.10% USD/CRC445.62▲ 1.58% USD/GTQ7.64▲ 3.18% USD/HNL26.89▲ 0.13% USD/NIO36.62▲ 1.17% USD/VES899.36▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.69▲ 2.46% USD/TTD6.72▲ 2.30% EUR/BRL6.23▲ 0.80% BRENT 92.60 ▲ 1.21% WTI 86.77 ▲ 0.85% IRON ORE 161.91 — — COPPER 6.30 ▲ 1.29% GOLD 4,058 ▲ 0.68% SILVER 52.95 ▲ 3.62% SOY 1,225 — 0.00% CORN 448.00 ▼ 0.22% WHEAT 600.00 ▲ 1.22% COFFEE 270.30 ▼ 0.41% SUGAR 18.16 ▲ 0.39% ORANGE JUICE 146.15 ▲ 5.64% COTTON 82.68 ▲ 5.07% COCOA 4,724 ▼ 5.60% BEEF 219.15 ▲ 1.36% CATTLE 330.48 ▲ 0.65% LITHIUM 59.98 ▼ 2.23% PETR4 44.95 ▼ 0.53% VALE3 64.80 ▼ 1.98% ITUB4 41.20 ▼ 1.25% BBDC4 14.54 ▼ 0.95% ABEV3 15.79 ▲ 1.15% BBAS3 17.10 ▲ 0.47% B3SA3 14.48 ▼ 2.49% WEGE3 50.95 ▲ 0.41% PRIO3 60.02 ▲ 1.06% SUZB3 54.46 ▲ 0.48% RENT3 29.79 ▼ 3.37% AZZA3 14.73 ▼ 2.58% CSAN3 2.68 ▼ 3.25% RAIZ4 0.30 ▼ 98.77% PCAR3 2.56 ▲ 5.35% GMAT3 3.81 ▼ 0.52% PSSA3 46.67 ▲ 2.23% CVCB3 0.86 ▼ 1.15% POSI3 3.15 ▲ 3.96% SLCE3 17.09 ▼ 1.21% NATU3 5.55 ▼ 2.80% BRKM5 2.92 ▼ 3.31% RANI3 8.45 ▼ 3.54% CSNA3 4.38 ▼ 2.45% IBOV 171,336.99 ▼ 0.52% IPC MEX 71,905.78 ▲ 0.05% MERVAL 2,848,945 — — USD/BRL 5.58 ▼ 0.01% USD/MXN 18.57 ▼ 0.28% USD/CLP 983.69 ▲ 1.70% USD/COP 3,294 ▲ 0.60% USD/PEN 3.42 ▲ 0.36% USD/ARS 1,545 ▼ 0.03% USD/UYU 40.43 ▲ 3.48% USD/PYG 6,196 ▲ 2.20% USD/BOB 11.68 ▲ 1.36% USD/DOP 60.46 ▲ 2.41% USD/CRC 445.62 ▲ 1.58% USD/GTQ 7.64 ▲ 3.18% USD/HNL 26.89 ▲ 0.13% USD/NIO 36.62 ▲ 1.17% USD/VES 899.36 ▲ 0.14% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.69 ▲ 2.46% USD/TTD 6.72 ▲ 2.30% EUR/BRL 6.23 ▲ 0.80% BRENT 92.60 ▲ 1.21% WTI 86.77 ▲ 0.85% IRON ORE 161.91 — — COPPER 6.30 ▲ 1.29% GOLD 4,058 ▲ 0.68% SILVER 52.95 ▲ 3.62% SOY 1,225 — 0.00% CORN 448.00 ▼ 0.22% WHEAT 600.00 ▲ 1.22% COFFEE 270.30 ▼ 0.41% SUGAR 18.16 ▲ 0.39% ORANGE JUICE 146.15 ▲ 5.64% COTTON 82.68 ▲ 5.07% COCOA 4,724 ▼ 5.60% BEEF 219.15 ▲ 1.36% CATTLE 330.48 ▲ 0.65% LITHIUM 59.98 ▼ 2.23% PETR4 44.95 ▼ 0.53% VALE3 64.80 ▼ 1.98% ITUB4 41.20 ▼ 1.25% BBDC4 14.54 ▼ 0.95% ABEV3 15.79 ▲ 1.15% BBAS3 17.10 ▲ 0.47% B3SA3 14.48 ▼ 2.49% WEGE3 50.95 ▲ 0.41% PRIO3 60.02 ▲ 1.06% SUZB3 54.46 ▲ 0.48% RENT3 29.79 ▼ 3.37% AZZA3 14.73 ▼ 2.58% CSAN3 2.68 ▼ 3.25% RAIZ4 0.30 ▼ 98.77% PCAR3 2.56 ▲ 5.35% GMAT3 3.81 ▼ 0.52% PSSA3 46.67 ▲ 2.23% CVCB3 0.86 ▼ 1.15% POSI3 3.15 ▲ 3.96% SLCE3 17.09 ▼ 1.21% NATU3 5.55 ▼ 2.80% BRKM5 2.92 ▼ 3.31% RANI3 8.45 ▼ 3.54% CSNA3 4.38 ▼ 2.45%
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Wednesday, November 11, 2026

Colombia Latin America

Colombia’s Top Court Kills Petro’s Emergency Fiscal Decree

By · · 3 min read
Colombia’s Top Court Kills Petro’s Emergency Fiscal Decree

Key Facts

— — Colombia’s Constitutional Court declared Decree 1390 unconstitutional on April 9 in a 6–2 vote, permanently blocking President Petro’s attempt to raise 16.3 trillion pesos (~$4.47 billion) through emergency economic powers

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— — Magistrate Carlos Camargo Assis wrote that the decree “constitutes an affront to the functioning of Congress” and violates the separation of powers by using emergency mechanisms to bypass the legislature’s rejection of the same tax measures

— — Petro responded: “They want to strangle us because we are a different government” — the ruling leaves the 2026 national budget structurally underfunded with no clear path to closing the gap

The Colombia Petro emergency decree was the government’s last-resort attempt to fund a budget that Congress refused to finance. The Constitutional Court’s 6–2 ruling does not just block the money — it establishes that a president cannot use emergency powers to overrule a legislative “no” on taxation.

The Sala Plena issued Sentencia C-075 de 2026 on April 9, declaring Decreto Legislativo 1390 (December 22, 2025) inexequible — unconstitutional — with six magistrates voting to strike it down and two, Vladimir Fernández and Héctor Carvajal, dissenting, as reported by Infobae Colombia, EFE, and El País (Cali). The decree had already been provisionally suspended since January 29 after the Court found preliminary evidence that constitutional requirements for declaring an economic emergency had not been met.

The backstory is straightforward. In December 2025, Congress rejected Petro’s tax reform (ley de financiamiento) that would have raised the 16.3 trillion pesos needed to fully fund the 2026 national budget. Petro then declared a 30-day state of economic, social, and ecological emergency, using the emergency powers to impose the same tax measures the legislature had blocked. The Court found this sequence to be the core constitutional violation: the emergency was not caused by an unforeseeable crisis but by a political disagreement with Congress over spending — a disagreement the Constitution assigns to the legislature, not the executive.

What Happens to the Budget

Two subsidiary decrees — 1474/2025 and 044/2026 — that were issued under the emergency framework also remain without legal effect. The practical consequence is that Colombia’s 2026 budget has a multi-trillion peso hole with no mechanism to fill it. The government’s options are limited: negotiate a smaller tax package with a hostile Congress, cut spending across ministries, or run a larger-than-planned deficit that would further strain the country’s creditworthiness. The S&P downgrade to BB− in Session 15 already reflected the agency’s assessment of Colombia’s deteriorating fiscal position.

Petro’s response was defiant. “They want to strangle us because we are a different government,” he said. The framing is consistent with his broader narrative of institutional resistance to progressive governance, but the political reality is less heroic: his first tax reform passed in 2022, his second was rejected by Congress in late 2025, and now his emergency workaround has been ruled unconstitutional. With the 2026 elections approaching and Iván Cepeda emerging as the progressive movement’s likely presidential candidate, the fiscal crisis will define Petro’s final year in office — and the inheritance his successor receives.

Deep Dive

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error

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