IBOV 186,118.29 ▲ 0.48% IPSA 11,310.05 ▼ 0.62% IPC MEX 63,375.93 ▼ 0.78% MERVAL 3,004,554 ▼ 0.58% COLCAP 2,547.60 ▼ 0.02% BVL PERÚ 59,344.04 ▲ 0.07% USD/BRL5.10▼ 0.71% USD/MXN17.20▼ 0.15% USD/CLP945.88▼ 1.42% USD/COP3,193▲ 0.59% USD/PEN3.35▼ 0.78% USD/ARS1,512▼ 0.15% USD/UYU40.14▼ 0.05% USD/PYG5,926▲ 0.34% USD/BOB10.95▲ 10.05% USD/DOP59.26▲ 0.87% USD/CRC443.27▼ 0.27% USD/GTQ7.63▼ 0.05% USD/HNL26.86▲ 0.03% USD/NIO36.62— 0.00% USD/VES847.44▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.76▲ 0.17% EUR/BRL5.86▼ 0.94% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73% IBOV 186,118.29 ▲ 0.48% IPSA 11,310.05 ▼ 0.62% IPC MEX 63,375.93 ▼ 0.78% MERVAL 3,004,554 ▼ 0.58% COLCAP 2,547.60 ▼ 0.02% BVL PERÚ 59,344.04 ▲ 0.07% USD/BRL 5.16 ▲ 0.01% USD/MXN 17.06 ▼ 0.24% USD/CLP 913.98 ▲ 0.04% USD/COP 3,140 ▲ 0.03% USD/PEN 3.36 ▼ 0.66% USD/ARS 1,493 ▲ 0.10% USD/UYU 40.27 ▲ 1.24% USD/PYG 5,939 ▲ 1.68% USD/BOB 11.64 ▼ 0.76% USD/DOP 58.34 ▲ 1.25% USD/CRC 445.92 ▲ 0.89% USD/GTQ 7.62 ▲ 2.21% USD/HNL 26.79 ▲ 1.57% USD/NIO 36.62 ▲ 0.69% USD/VES 762.44 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.28 — 0.00% USD/TTD 6.70 ▲ 0.61% EUR/BRL 5.95 ▲ 1.01% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73%
since 2009
Monday, September 21, 2026

Colombia Latin America

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

By · April 10, 2026 · 3 min read

The LatAm Brief

One email, every weekday morning. What moved in Latin American markets, politics and expat life.

Yesterday’s subject line: “Venezuela's New York week: oil signed, the bounty stays”

Free. We send a confirmation link first — nothing arrives until you click it. Unsubscribe with one click in any edition. If you stop opening us for 30 days we stop sending by ourselves, as we assume the interest is no longer there. See our privacy policy. We never share your email.

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

RT
Ask Rio Times
One-stop reference
Company Intelligence
Every listed company in Latin America — financials, ownership and structure for 1,450+ companies across 26 exchanges, in one place.
Browse the directory →
17 years of Latin America reporting, on demand.
Open the full Ask Rio Times →

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 newsroom system. How we use AI · Report an error

Read More from The Rio Times

The Rio Times · Power Map
See who really holds power in Latin America
Click to open the Power Map

Rotate for Best Experience

This report is optimized for landscape viewing. Rotate your phone for the full experience.