It chose Ríos Montt as its candidate, but he was not allowed to stand because of a constitutional ban on former coup leaders such as himself from seeking the presidency.

Contradictory judicial rulings on whether he would be able to stand motivated a march on Guatemala City by FRG supporters bussed in from all over the country on 24 July, resulting in a chaotic situation known as Jueves Negro ("Black Thursday").

Despite a vigorously run campaign, the violence of Jueves Negro, as well as the numerous corruption scandals of the incumbent Portillo administrations, adversely impacted Ríos Montt's popularity and credibility.

In the congressional elections held the same day, 9 November 2003, the FRG won 19.7% of the popular vote and 43 out of 158 seats, dropping to second in the chamber.

In the legislative elections held on September 6, 2015, the PRI secured 57,948 votes (1.25% of the total) in the race for national-list deputies and, save for defections, will have no representation in the 2016-2020 Congress.

Having failed to secure the minimum of 5% of the popular vote or one seat in Congress, the PRI forfeited its official registration as a party.