Colombian President Gustavo Petro said he would ​submit a new tax reform bill to Congress ‌to balance the 2026 budget, El Colombiano reported on April 7. He noted that if legislators fail to approve the measures, he would declare a new economic emergency and enact them by decree.

Petro did not specify the amount of tax revenue the government expects to collect as a result of the reform. The country's fiscal deficit reached 6.4% of gross domestic product in 2025, the highest in decades. Market analysts estimate that Colombia's fiscal deficit will reach 6.8% of GDP and the primary deficit 3.7% of GDP in 2026. Fiscal concerns led Fitch and S&P to downgrade the country's credit rating to BB in December 2025.