Latam Macro Notes: Colombia – ADLE victory marks a material policy shift, but no silver bullet

研报英文原文证据摘录

Latam Macro Notes: Colombia – ADLE victory marks a material policy shift, but no silver bullet

Deutsche Bank

Research

Emerging Markets Date

Latam Macro Notes 22 June 2026

Colombia – ADLE victory marks a material

Francisco Campos policy shift, but no silver bullet

Chief LatAm Economist

+1-212-250-9764

Key points:

• Abelardo de la Espriella (ADLE) is set to win the runoff election. With the Beatriz Garcia Nunes

vote count virtually finalized, it appears that ADLE will win with 49.66% LatAm Economist

+1-212-250-9584 of the vote against 48.70% for Senator Iván Cepeda, implying a

difference of c. 250k votes.

• The narrow margin may trigger noise in the coming weeks, as President

Petro and the broader left are likely to challenge the outcome through

litigation and social mobilization, even if ADLE is ultimately expected to

take office on August 7.

• ADLE’s runoff victory marks a clear policy shift away from the Petro

administration and toward a more market-friendly agenda centered on

security, fiscal consolidation, private investment, and a revival of

hydrocarbons.

• Markets are likely to quickly shift focus from the election outcome to

governability, especially ADLE’s ability to contain social opposition led by

outgoing Pres. Petro, assemble an operational congressional coalition,

and advance reforms while keeping socio-political opposition

manageable.

• Our base case is an overall improvement in policy direction, particularly

regarding oil and gas, but a fiscal correction that is likely to remain

insufficient to stabilize public debt dynamics over ADLE’s tenure.

Election result: ADLE wins, but does not receive a blank check

Abelardo de la Espriella’s (ADLE) victory suggests that Colombia’s electorate has