BOGOTÁ — Colombians eyeing a runoff election face two starkly different economic models against a backdrop of messy government finances.

Rightwing candidate Abelardo de la Espriella wants a leaner state with pro-business policy while leftist Ivan Cepeda is pushing for greater government spending on social programs in the runup to the June 21 election.

Outgoing leftist President Gustavo Petro is finishing his four-year term with high approval ratings among low income people because he has reduced poverty, supported public education, cut unemployment and raised the minimum wage.

But Colombia’s first leftist president has also been criticised for heavy public spending, nasty remarks to the business community and what UN economic experts call the worst fiscal deficit in Latin America after Brazil.

Diego Soler, a businessman in the textile sector, said Petro was downright anti-business. Soler runs a company called American Tactical, which imports and markets tactical equipment such as for protecting police and soldiers.

“We went from paying a 15 per cent tariff in the case of textiles to 40 per cent,” he told AFP.

In Latin America’s fourth-largest economy, his company survived a 23 per cent increase in the minimum wage without having to fire anyone. But it has been unable to expand.

In the runoff election on June 21, Cepeda proposes pushing on with Petro policies to put priority on social spending and the transition away from fossil fuels.

De la Espriella wants to encourage private investment to stimulate the free market and is big on exploiting Colombia’s oil and other natural resources.

Laura Valverde, a 34-year-old accountant, backs Cepeda. She said she is happy with the increase in the minimum wage, a cut in daily working hours and government aid money for her disabled son.

“It frightens me how people can support someone who wants to take a step back after we made progress for four years,” Valverde said.