Gustavo Petro wins the Historic Pact for Lights and Shadows

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Gustavo Petro was confirmed as the candidate on Sunday. He has been marking the election for a few weeks with favoritism. (Positions in the Historic Pact for Pensions & Inflation)

The victory of the Historic Pact coalition was won by the ex-mayor of Bogota and also the former senator of the Republic. He officially became an official candidate for the presidency of the Republic and is the position he has always wanted to achieve for the third consecutive time.

The huge turnout in the consultations made him the most representative member of the Colombian left. He's also a solid potential presidential candidate despite his controversial opinions and views on numerous fronts. Petro declared his intention to reform the pension system through the creation of an administrator public for pension funds. This will allow Petro to mix the public and private funds to create the form of a "mixed complementar system."

He also stated that Colombia is not a pension system, but instead, a system of bank profits. This is what people believe makes him the most likely choice for the Presidency. Petro has stated that he will not abolish the system, but he will pursue pension reform to ensure that Colombians receive a minimum retirement. Petro said that there is "no requirement" for an increase in the pension age.

(Who are the contenders for the Historic Pact?

Another controversial issue is that he has repeatedly said that he would stop extraction of oil as soon as he assumes office. This has caused uncertainty among investors, and also among the market as a whole.

Experts estimate that Petro’s proposal to stop exploration for oil in Colombia could result in a bill of approximately $4.3 billion.

This plan includes the establishment of an anti-oil front in both the region and the world , which will move the economy away fro fossil fuels. I would invite Gabriel Boric to Chile and LuizInacio Lula de Silva to join me.

Petro said he'd met with Pedro Sanchez, Spain's Prime Minister, in recent times regarding his idea.

His position on health is also controversial. He has demanded the removal of EPS and replaced it with a model of preventive medicine that "guarantees the rights of people and not the bankers' profit margins."

He has also questioned the legitimacy of Banco de la Republica.

Petro claimed that the Bank Board of Directors belonged to the Democratic Center and "What we want is an independent Bank of the Republic (...) it seems crucial that the board of directors includes the participation of the society," the candidate stated in the middle of a debate.

According to Invamer, Petro leads the decision to vote for the presidential election.

The idea of releasing cash to fund government spending was controversial. Petro's proposals concentrate on a sustainable economy that doesn't depend on fossil fuels.

It is also stated that he will implement a tax overhaul that would eliminate exemptions and change the concept of minimum wage into real wage rates based on capital and income.