Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has entered into a formal payment agreement with the Government of Colombia to settle outstanding balances from the Fuel Price Stabilization Fund, known in Spanish as the Fondo de Estabilización de Precios de los Combustibles (FEPC). The agreement, reached through the Ministerio de Hacienda y Crédito Público and the Ministerio de Minas y Energía, addresses $1.6 trillion COP owed for the first quarter of 2025.

Under the terms of Resolutions 00368 and 00369 issued by the Dirección de Hidrocarburos, the total amount is divided between Ecopetrol S.A., which is owed $1.2 trillion COP, and Refinería de Cartagena S.A.S. (Reficar), which is owed $0.4 trillion COP. The repayment schedule began with a cash transfer of $2.89 billion COP on April 1, 2026. The remaining balance of approximately $1.55 trillion COP is scheduled to be paid on December 15, 2026, through the issuance of Treasury Securities, or Títulos de Tesorería (TES). The Colombian state has acknowledged the financial costs associated with the time elapsed until the final December payment.

“The Ecopetrol Group continues to work in close coordination with the Ministries of Finance and Public Credit and of Mines and Energy — the authorities responsible for fuel pricing policy — in the implementation of payment mechanisms and the reduction of FEPC balances.” — Ecopetrol S.A.

Concurrent with the subsidy settlement, Ecopetrol received authorization from the Ministerio de Hacienda y Crédito Público via Resolution 0666 to execute an external public debt management transaction totaling $1.25 billion USD. The five-year loan was secured through a consortium of international lenders including BBVA (BME: BBVA; NYSE: BBVA), Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM), and Bank of China (HKG: 3988). The credit facility carries a floating interest rate indexed to the Secured Overnight Financing Rate (SOFR) and will be repaid in four equal installments.

The proceeds from the $1.25 billion USD loan are designated for the repayment of existing obligations. Specifically, $1.2 billion USD will be used to settle a 2024 loan previously authorized for the acquisition of the state’s interest in Interconexión Eléctrica S.A. E.S.P. (ISA), while the remaining $50 million USD will be applied to an outstanding balance from a 2025 credit agreement. The loan agreement is governed by the laws of the State of New York and includes standard covenants regarding the borrower’s payment capacity and financial integrity.

These financial maneuvers are intended to optimize the maturity profile of the Ecopetrol Group, which remains responsible for over 60% of hydrocarbon production in Colombia. The company continues to operate integrated systems in transportation, refining, and petrochemicals, with additional international operations in the US Permian basin, the Gulf of Mexico, Brazil, and Mexico.

New luxury hospitality project strengthens Cartagena’s investment profile.

Four Seasons Hotel and Residences Cartagena officially opened on April 2, 2026, marking the third property for the hospitality brand in Colombia. The project is a joint venture with San Francisco Investments, a subsidiary of the Valorem holding company. Located in the Getsemaní neighborhood, the hotel is situated near the UNESCO World Heritage Site Walled City and the Cartagena Convention Center.

The development involved the multi-year restoration of several historic buildings, including the 1920s-era former Club Cartagena. The architectural and interior design was led by the late François Catroux, with additional technical expertise provided by WATG and Wimberly Interiors. The food and beverage concepts were developed by SBM Interior Design and AvroKO. Landscape architecture for the rooftop and grounds was managed by Enea Garden Design, led by Carolina Jaimes.

“Welcoming a third Four Seasons to Colombia, joining our Bogotá and Casa Medina Bogotá properties, marks an important milestone in the continued expansion of our global portfolio,” said Rainer Stampfer, Four Seasons President of Global Operations, Hotels and Resorts.

The hotel features 131 guest rooms, 27 of which are colonial-style suites located within the heritage wing. These units include preserved architectural elements and custom furnishings designed by Poli Mallarino. The property also contains Private Residences designed by Rodriguez Valencia Arquitectos. The primary presidential suite, known as the Catroux Suite, features a private elevator and a terrace with a Moorish-inspired fountain by María Cecilia Franco Berón.

There are eight dining and drinking venues on the property. The Grand Grill and Bar Lelarge were conceptualized by Major Food Group, focusing on steakhouse traditions and seasonal cocktails. Additional venues include Café Rialto, Pizzeria Della Chiesa, El Aljibe, El Patio del Limonar, and the rooftop sunset lounge, El Palmar. Lighting for these venues was designed by Lang Lighting Design.

Wellness facilities include the Umari Spa, which offers six treatment rooms and uses botanical ingredients derived from the umari plant. For business events and social functions, the hotel provides several spaces, including the Ballroom de la Veracruz, which can host 300 guests and features a centuries-old fresco. The Ballroom Centenario provides views of the Walled City for smaller gatherings of up to 100 people.

Four Seasons Hotels and Resorts is a global hospitality company partially owned by Kingdom Holding Company (TADAWUL: 4280). The company currently operates 136 hotels and 61 residential properties across 47 countries, with more than 60 projects currently in its development pipeline. In Cartagena, the hotel operations are led by General Manager Annie Monnier.

Now Open: Four Seasons Hotel and Residences Cartagena (PRNewsfoto/Four Seasons Hotels and Resorts)

Arajet seeks to become the dominant low-cost carrier connecting North & South America through its Caribbean hubs in the Dominican Republic.

Dominican airline Arajet has launched a “Hot Sale Colombia” promotion, offering discounted base fares for international travel originating from major Colombian hubs. The campaign targets passengers departing from El Dorado International Airport in Bogotá, José María Córdova International Airport in Medellín, and Rafael Núñez International Airport in Cartagena.

The promotional window is scheduled to run from March 16 through March 22, 2026. During this period, the airline is offering base fares starting at $1 USD. These rates apply to international routes within the carrier’s network and are available across all four of the airline’s service tiers: Basic, Classic, Comfort, and Extra.

Agressive fares through Q3 2026

According to the carrier, the travel window for tickets purchased under this promotion extends from April 15, 2026, to September 30, 2026. The availability of these fares is subject to seat capacity on specific flights. The initiative follows the carrier’s broader strategy to increase its market share in the Colombian aviation sector, which is regulated by the Unidad Administrativa Especial de Aeronáutica Civil (Aerocivil) under the Ministerio de Transporte.

Arajet commenced operations in September 2022 and currently maintains its primary hubs at Las Américas International Airport in Santo Domingo and Punta Cana International Airport. The airline utilizes an all-Boeing fleet, consisting of 14 Boeing 737 MAX aircraft (NYSE: BA). The carrier’s network connects the Dominican Republic with various destinations across North America, Central America, South America, and the Caribbean. In 2023, the airline was recognized as the “Best New Airline in the World” at the CAPA Aviation Trust Summit. The airline’s operations are overseen by the Instituto Dominicano de Aviación Civil (IDAC) in its home jurisdiction. Detailed pricing and baggage policies for the current promotion are available through the company’s digital booking platform.

Drones may now be seized upon a traveler’s entry into Colombia, unless specific conditions are met.

Colombia has modified the rules for bringing drones and their spare parts into the country for security reasons. The measure was established through Resolution 000242 of 2025 issued by the Dirección de Impuestos y Aduanas Nacionales (DIAN) and has been in effect since January 11, 2026.

The regulation was adopted “with the objective of preventing the illegal entry of unmanned aircraft systems (UAS/drones) and mitigating the risks associated with their misuse.” According to the DIAN in a press release, the provisions aim to “strengthen national security against the possible use of these devices in criminal activities, such as indiscriminate attacks against security forces and the civilian population.”

Under the directive, drones may enter the country through two mechanisms. The first is by submitting an Advance Import Declaration (Declaración Anticipada de Importaciones, by its Spanish name), which must be filed five calendar days before travel through the Customs Services (Servicio de Aduanas) section of the official DIAN website at www.dian.gov.co. The second option is to complete DIAN Form 530 upon arrival in the country.

In both cases, travelers must present the original purchase invoice, declare the intended use of the drone, and pay the corresponding import taxes, regardless of the price already paid for the equipment in the country of purchase. In some cases, DIAN may also request an inspection of the device.

The regulation establishes that drones or their parts may only enter the country if they comply with this standard import procedure.

Another key aspect of the resolution is that drones may only enter Colombia through two authorized entry points: the port of Cartagena and El Dorado International Airport in Bogotá. If a drone is brought into the country through any other location, customs authorities may seize it.

DIAN also clarified that travelers should “refrain from bringing this type of merchandise under the traveler import modality.” If they attempt to do so, customs authorities will require the change of modality so that the device can be processed through ordinary import procedures, provided that the arrival occurred through the authorized entry points. Entry through other locations is not permitted and could result in the seizure of the merchandise.

Additionally, the resolution states that drones cannot enter the country through postal shipments or express courier services, meaning international deliveries of these devices may be subject to confiscation.

Retail companies may continue selling drones in the Colombian market, provided they comply with import procedures and pay the applicable taxes. However, these requirements may lead to delays and additional costs for final consumers.

According to the magazine Cambio Colombia, the measure responds to the growing use of drones in criminal activities. These “recreational or productive technologies have begun appearing in high-risk scenarios such as illegal surveillance, the transport of explosives, criminal intelligence operations, and even attacks against security forces.”

Defense Minister, Major General (ret.) Pedro Arnulfo Sánchez Suárez, confirmed that 162 drone attacks against security forces were recorded in the country during the past year. According to the minister, the resolution will make it possible to “know exactly who is purchasing drones and what their intended purpose and use are. This will allow us to protect the population and prevent a tool designed for progress and development from being used to kill Colombians.”

In general terms, Resolution 000242 establishes three main rules for bringing drones into Colombia:

1. Mandatory advance declaration for importers, including travelers.
2. Restriction of entry to two authorized points: the port of Cartagena and El Dorado International Airport in Bogotá.
3. A total ban on postal or express courier shipments of drones.

Additionally, drones that weigh more than 250 grams or are used for professional activities must be registered with Aerocivil, Colombia’s civil aviation authority. Failure to register the device or operating it without authorization may result in fines.

Above photo: DJI drone courtesy DJI

Powerful storm surges and weeks of unusually intense rainfall have triggered widespread flooding across Colombia’s Caribbean coast, affecting more than 50,000 families, damaging homes and infrastructure, and placing hundreds of thousands of livestock at risk, authorities said.

The floods have hit the Magdalena River basin and large swathes of northern Colombia, forcing beach closures in major tourist hubs and leaving vast rural areas under water, particularly in the department of Córdoba, one of the country’s most productive cattle-raising regions.

In Cartagena, Colombia’s flagship Caribbean destination, six-foot waves driven by strong winds washed ashore this week, prompting authorities to close beaches and confine tourists to hotels as storm conditions intensified. Local officials warned that continued rough seas could further disrupt port operations and tourism activity.

Córdoba has borne the brunt of the emergency. According to local authorities, up to 70% of the department remains flooded after rivers burst their banks following sustained heavy rainfall. The National Federation of Cattle Ranchers (Fedegán) said losses to agriculture and livestock production were already “in the millions of dollars.”

Leonardo Fabio de las Salas, Fedegán’s coordinator in Córdoba, said 20 municipalities were flooded, with 4,778 rural properties submerged and more than 263,000 animals at risk. “Córdoba is the most severely affected department so far,” he said.

The floods have killed at least five people in Córdoba and left 24 of its 30 municipalities in a state of emergency, according to Colombia’s disaster management agency.

Carlos Carrillo, director of the National Unit for Disaster Risk Management (UNGRD), confirmed that the entity will oversee the delivery of emergency aid kits to affected families. The agency said more than 7,500 humanitarian kits — including food, hygiene products, cooking supplies and blankets — have already been distributed in municipalities such as Ciénaga de Oro, Montelíbano, Moñitos and Puerto Libertador.

Additional deliveries are being extended to Canalete, Cereté, San Pelayo and San Bernardo del Viento, while a new phase of assistance has been scheduled for towns including Lorica, Sahagún, Valencia and Puerto Escondido, some 6,000 families are expected to receive aid this week.

Córdoba Governor Erasmo Zuleta described the situation as one of the worst climate emergencies the department has faced in recent years. “The balance for Córdoba is very sad, very hard,” Zuleta said in a radio interview. “We have 23 of our 30 municipalities affected, 12 of them in critical condition. Around 20,000 families are currently displaced or severely impacted by the rains.”

The extreme weather has not been confined to Córdoba. In Santa Marta, a diesel tanker ran aground on Los Cocos beach on Tuesday morning near the city’s historic center after losing maneuverability amid strong currents and gale-force winds. The vessel remained stranded overnight, with authorities saying hazardous sea conditions continued to hamper efforts to remove it.

The incident also highlighted the scale of debris and waste washed ashore by the storm surge along Colombia’s Caribbean coastline. Local authorities in Santa Marta, echoing measures taken earlier in Cartagena, ordered the temporary closure of beaches as a cold front from the northern hemisphere intensified rainfall, winds and rough seas across the region.

Residents filmed the cargo vessel as it became lodged in the sand just meters from the shore, near the city’s marina. Officials have not yet said how long it will take to refloat the ship, citing ongoing maritime risks.

The first months of 2026 have been marked by persistent and unusually heavy rainfall across Colombia, from the Caribbean coast to central and western regions. Authorities say swollen rivers, landslides and flash floods have destroyed homes, killed people and animals, and caused widespread material losses.

Meteorological officials have warned that further rainfall is expected in the coming days, raising concerns that flooding could worsen in already saturated areas as emergency services struggle to reach remote communities.

For much of the past decade, Colombia built a reputation as one of travel’s great value destinations: culturally rich, visually stunning, and refreshingly affordable. A strong U.S. dollar, competitive hotel rates, and inexpensive food and transport helped turn cities like Medellín and Cartagena into global favorites, while smaller destinations thrived on a steady flow of backpackers and eco-tourists.

This equation is now changing. And faster than the industry expected.

The Colombian peso has strengthened sharply, trading this week near 3,630 to the U.S. dollar, its highest level since mid-2021. For foreign visitors, the effect is immediate and tangible: fewer pesos per dollar at the ATM, and higher costs across nearly every aspect of a trip – from meals and hotel stays to transportation and tours.

The shift is perhaps most visible at the table. Consider a classic Caribbean staple: deep-fried mojarra, served whole with coconut rice and patacones. At La Estrella, a popular local eatery in Cartagena, the dish costs about COP$40,000 per person. Order the same fish at a beachside stall and the price climbs to COP$60,000. In a high-end Old City restaurant, plated with foraged greens and linen service, it can reach COP$120,000 per person.

At today’s exchange rate, that translates to roughly $11, $16, and $33 — still accessible by international standards, but a noticeable jump from the Colombia many travelers remember.

Currency is only part of the story

While peso strength explains much of the increase, Colombia’s tourism sector is also grappling with sharply higher operating costs following a 23% increase in the national minimum wage, enacted by presidential decree under President Gustavo Petro.

From the government’s perspective, the measure was framed as a necessary response to inflation and cost-of-living pressures. For hotels, tour operators, and travel agencies, however, the speed and scale of the increase have posed significant challenges.

The Colombian Hotel and Tourism Association (Cotelco) has warned that the decision places particular strain on an industry where labor accounts for a large share of costs. According to Cotelco, roughly 70% of hotel workers are part of operational teams — including housekeeping, front desk staff, maintenance, kitchens, and security — leaving businesses highly exposed to wage adjustments.

Cotelco has also pointed to recent changes in labor rules, such as higher pay for Sunday and holiday shifts and the earlier start of night-shift premiums, which further increase payroll expenses. Looking ahead, the sector faces additional pressure in July 2026, when Colombia’s legally mandated reduction of the workweek to 42 hours takes effect, a complex adjustment for hotels that operate around the clock.

Rising costs beyond wages

Labor is not the only expense rising. Hotels and tourism businesses are also absorbing higher energy and gas tariffs, including a 20% energy surcharge introduced in 2025, which disproportionately affects establishments that operate continuously and rely heavily on air conditioning, refrigeration, and water systems.

Transportation costs are climbing as well. Higher toll fees and fuel prices have pushed up the cost of airport transfers, private drivers, and overland travel between destinations, quietly adding to tourists’ final bills. These increases are particularly noticeable for travelers moving between regions — for example, from Cartagena to Santa Marta, or through the Coffee Axis by road.

Price increases are not felt evenly across the country.

In large cities such as Bogotá and Medellín, intense competition has helped cushion the blow. These markets offer a wide range of accommodation, from budget hostels and short-term rentals to international five-star hotels, giving travelers flexibility and keeping price growth relatively contained.

In contrast, smaller resort and nature destinations face sharper pressure. In places like Palomino, wedged between the Caribbean Sea and the Sierra Nevada de Santa Marta, or Salento in the Coffee Axis, accommodation options are limited. Boutique eco-lodges and family-run hotels dominate, and supply cannot easily expand.

In these destinations, rising labor and operating costs are passed on more quickly to guests, making price hikes more visible — and sometimes harder to justify.

According to Anato, Colombia’s association of travel agencies, the wage increase has also disrupted long-term planning. Many tourism businesses had projected annual cost increases of 8% to 12%, not nearly double that figure.

For inbound tourism, which operates on long booking cycles, the timing is especially problematic. Rates, packages, and contracts with international wholesalers for 2026 were often negotiated under different macroeconomic assumptions, limiting companies’ ability to adjust prices after the fact.

Anato has also warned of a double squeeze: rising costs at home combined with a stronger peso, which reduces the real value of revenues earned in foreign currency.

Pay more – Higher expectations

Most travelers are not inherently opposed to paying more for Colombia. What they increasingly expect, however, is visible improvement in exchange.

Higher prices bring sharper scrutiny of cleanliness, waste management, and environmental standards, particularly in coastal areas where beach pollution and informal tourism practices remain persistent concerns. As Colombia positions itself as a higher-value destination, arbitrary pricing, lack of regulation could erode sustainable tourism.

Internal security is another critical factor. As costs rise, long-standing security concerns, especially in rural areas and off-the-beaten path travel corridors, weigh heavily in  destination choice. Travelers paying mid-range or premium prices expect predictability and safety to match the cost.

Looking ahead, a further strengthening of the peso toward 3,500 per dollar would intensify pressure on Colombia’s tourism sector as competition and air connectivity across the region grows fiercer.

Colombia now finds itself competing directly with the all-inclusive efficiency of Mexico’s Riviera Maya and the Dominican Republic, the well-established eco-tourism model of Costa Rica, and the increasingly curated cultural and nature offerings of Guatemala. These destinations have spent years refining price with product, investing in infrastructure, security, and environmental enforcement.

Colombia’s transition from affordable standout to mid-range contender is still underway. Currency strength and wage growth can signal economic maturity, but without tangible improvements in security, the country risks losing travelers to emerging destinations across the Middle East and South East Asia. The message is clear: Colombia remains compelling – but no longer discounted. Whether higher prices translate into a better consumer experience will determine how well the country holds its place in an increasingly crowded travel market.

For a literary festival, silence can be more revealing than speech. The decision by three writers to withdraw from the 2026 Hay Festival in Cartagena over the presence of María Corina Machado, this year’s Nobel Peace Prize laureate and the most prominent figure in Venezuela’s democratic opposition, has exposed a paradox at the heart of contemporary literary culture: a professed devotion to free expression that falters when confronted with an inconvenient voice.

Hay Festival Cartagena, now in its 21st edition, is scheduled to take place from 29 January to 1 February 2026, with parallel events in Barranquilla, Medellín and a special edition in Jericó, Antioquia. Founded three decades ago in Wales and once described by Bill Clinton as “the Woodstock of the mind,” Hay has built its global reputation on the premise that literature flourishes in the presence of disagreement. Its stages have hosted figures as diverse – and divisive – as Salman Rushdie, Jonathan Safran Foer and David Goodhart, writers whose ideas have unsettled orthodoxies across continents.

Yet in Cartagena, dialogue has been recast as contamination.

The Colombian novelist Laura Restrepo, the Barranquilla-born writer Giuseppe Caputo and the Dominican activist Mikaelah Drullard announced they would not attend in protest at Machado’s invitation. Restrepo, winner of the 2004 Alfaguara Prize, had been scheduled to participate in several events, including a conversation with Indian novelist Pankaj Mishra and a session devoted to her most recent book, I Am the Dagger and I Am the Wound. In a public letter addressed to festival director Cristina de la Fuente, Restrepo described Machado’s presence as “a line” crossed.

“I must cancel my attendance at Hay Festival Cartagena 2026,” Restrepo wrote. “The reason is the participation of María Corina Machado, an active supporter of United States military intervention in Latin America.” Granting her a platform, Restrepo argued, amounted to facilitating positions hostile to regional autonomy.

Caputo echoed his reasoning on social media, announcing that “in the current context of escalating imperial violence, it is better to withdraw from a festival taking place opposite the bombarded waters of the Caribbean Sea.” Drullard, five days earlier, said she could not attend an event that “supports pro-genocide and interventionist positions through the mobilisation of those who promote them,” citing Machado’s proximity to the administration of US President Donald Trump.

What remains striking, however, is not merely the severity of these accusations but their selectivity. None of the boycott statements devotes comparable moral energy to denouncing the documented human rights abuses of Nicolás Maduro’s regime: arbitrary detentions, enforced disappearances, torture of political prisoners, or the systematic dismantling of democratic institutions. One is left to ask whether the authors’ moral outrage extends to the lived realities of Venezuelans themselves, or whether it finds expression only when filtered through the optics of geopolitics.

The irony is sharpened by the fact that the same US administration helped secure Machado’s escape from Venezuela on December 8, enabling her to arrive in Oslo hours after her daughter Ana Corina Sosa received the Nobel Peace Prize on her behalf. “When the history of our time is written, it won’t be the names of the authoritarian rulers that stand out – but the names of those who dared resist,” noted the Nobel Foundation. 

The arguments from Machado’s detractors  warrant scrutiny – and above all, debate. What they do not justify is refusal from Latin America’s self-entitled literati. A boycott replaces argument with absence, moral reasoning with pantomime. It is a gesture that confers ethical purity upon the boycotter while foreclosing the very exchange that literature has traditionally claimed to defend. This is the “line” that cannot be crossed.

The Hay Festival’s response has been characteristically diplomatic In a statement following the cancellations, organisers reaffirmed their commitment to pluralism: “We reaffirm our conviction that open, plural and constructive dialogue remains an essential tool for addressing complex realities and for defending the free exchange of ideas and freedom of expression.” They stressed that Hay “does not align itself with or endorse the opinions, positions or statements of those who participate in its activities,” while respecting the decisions of those who chose not to attend.

That insistence on neutrality, however, also reveals a deeper unease. If a literary festival must repeatedly assert its impartiality, it may be because neutrality itself has become suspect. Increasingly, festivals are asked to function as courts of moral arbitration, conferring legitimacy on some voices while quietly disqualifying others. The result is not a more just cultural sphere, but a narrower one—policed less by argument than by consensus.

The controversy has unfolded at a particularly volatile moment for Venezuela’s eight-million diaspora. Machado’s invitation coincides with a renewed escalation in US pressure in the Caribbean Sea. On Tuesday, President Trump ordered a “total and complete blockade” of all sanctioned oil tankers entering or leaving the country, targeting Caracas’s principal source of revenue. His administration also designated Maduro’s government a Foreign Terrorist Organization, accusing it of using “stolen US assets” to finance terrorism, drug trafficking and organised crime.

“Venezuela is completely surrounded by the largest armada ever assembled in the history of South America,” Trump wrote on Truth Social. “It will only get bigger, and the shock to them will be like nothing they have ever seen before – until such time as they return to the United States all of the oil, land and other assets they previously stole from us.”

Against this backdrop, Machado’s high-profile presence at Hay has acquired a symbolic weight that far exceeds literary stages. Yet it is precisely at such moments that intellectual forums are tested. Fiction, after all, teaches empathy, complexity and the capacity to hold contradiction without retreat. To boycott rather than engage is to abandon that lesson – and, with it, democratical ideals.

The reputational cost to Hay Festival Cartagena may prove lasting – not because Machado was invited, but because the limits of reason and tolerance have been publicly exposed. A gathering that once prided itself on hosting difficult conversations now finds itself unsettled by the very principle on which it was founded.

And there is a final inflection. If Hay’s commitment to dialogue is grounded in a leftist agenda – if certain voices render discussion impossible – then Machado herself should reasonably question the value of her remote participation at the festival on January 30, for a scheduled conversation with Venezuelan journalist and former minister Moisés Naím.

In Cartagena, it is not Machado’s words that should concern audiences, but the intellectual impoverishment by those who chose not to speak to her at all.