Colombian Finance Chief Ricardo Bonilla has stepped down amidst allegations of corruption, a significant development as the government works towards implementing tax reforms.

In response to this news, Colombia's dollar bonds experienced a decline, reversing earlier gains for the day. Additionally, the nation's five-year credit-default swaps rose by four basis points, reaching 201 basis points, indicating increased investor concerns about the country's financial stability.

This resignation comes at a crucial time for President Petro's administration, which is facing complex fiscal challenges.