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President-Elect Petro Names Ocampo Finance Minister

  • Colombian President-elect Gustavo Petro said Jose Antonio Ocampo will be his Finance Minister.
  • The move should help ease concerns among investors who have been bracing for unpredictable economic policies under the nation’s first leftist government.
    • Ocampo, 69, is one of Colombia’s best-known economists. He has argued for a more “active” use of the exchange rate and has made the case for a tax on commodities exports. He already served as finance minister in the 1990s, and has also been agriculture minister and head of the National Planning Department. More recently, he was a co-director of the central bank and a professor at Columbia University.
  • The President-elect Gustavo Petro also met with the nation’s most powerful leader in recent history, Alvaro Uribe, as he seeks to form a coalition that will allow him to garner a majority in Congress.
    • Petro, who takes office Aug. 7, has been meeting with leaders from the main political parties in a bid to form what he calls a “Broad Front” that will give him enough seats to get an ambitious agenda passed in Congress, including tax and pension reforms. (BBG)

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