Nearly four years of fiscal mismanagement by Colombia’s first elected leftist leader, President Gustavo Petro, sparked fears of a financial crisis engulfing the strife-torn Andean nation. Much of that worrying decline can be attributed to a sharp drop in foreign drillers investing in Colombia’s oil patch. Colombia’s oil industry is a significant contributor to government income, which means falling production, exports, and profitability are sharply impacting the government. According to Colombia’s tax authority, known by its Spanish initials as the DIAN, the 2025 tax revenue of $79 billion was $2.5 billion short of its target. This dire situation, which continued from 2024 when the deficit soared to 6.8% of gross domestic product, exceeding the 5.6% target, forced Petro to suspend Colombia’s fiscal rule.