En tres años la deuda pública en Colombia ha subido cerca de un 46% tras convertirse en motor de gasto

diciembre 24, 2025

TL;DR

Public debt in Colombia has surged by 46% from August 2022 to October 2025, reaching $1.180 trillion pesos.
This debt growth is primarily financing the current government's expenditure.
Both domestic debt (from $440 trillion to over $812 trillion) and external debt (from $291 trillion to $368 trillion) have increased significantly.
The cost of borrowing is rising, with 10-year government bonds (TES) at 13.10% and 5-year bonds at 12.83%, indicating a higher risk premium.
The activation of the fiscal rule's escape clause in June 2025 removes spending restrictions, allowing for greater reliance on debt.
Debt management strategies, such as TCO for TES swaps, have been used to increase long-term debt issuance, potentially creating a larger global debt limit.
A direct placement of TES to a foreign agent for US$6 billion occurred at a rate above market norms, increasing financial costs.
The government's emergency economic declaration aims to raise $16 trillion, but its fiscal impact is questioned, and potential constitutional challenges add uncertainty.
Gross central government debt reached 64.1% of GDP in October 2025, the highest level since at least 2001.
High dependence on short-term financing (19.7% of internal financing) increases refinancing risks.
The nation's cash reserves are at historically low levels, necessitating increased borrowing for current obligations and reducing fiscal maneuverability.

Continuar leyendo el artículo original