Colombia Finance Chief Quits at Critical Time for Tax Hikes (3)

Colombian finance chief Ricardo Bonilla resigned amid corruption allegations at a critical stage for the government’s bid to raise taxes.

Colombia’s dollar bonds fell on the news erasing gains for the day. The nation’s five-year credit-default swaps jumped four basis points to 201 basis points.

Ricardo Bonilla

Photographer: Santiago Mesa/Bloomberg

Earlier today, President Gustavo Petro said in a post on X that he expected Bonilla’s resignation “not because I think he is guilty, but because they want to tear him apart for being loyal to the government program.”

Bonilla is currently defending himself from allegations of corruption. An adviser accused him of having known ...