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

TL;DR

Colombia's total state debt increased from approximately $804 trillion pesos in August 2022 to $1.180 trillion pesos in October 2025, a 46% rise.
This debt growth is primarily funding the Petro government's expenditure.
Both internal debt ($440 trillion to $812 trillion pesos) and external debt ($291 trillion to $368 trillion pesos) have increased significantly.
The cost of borrowing is escalating, with 10-year TES rates at 13.10% and 5-year TES at 12.83%, reflecting higher risk premiums.
The activation of the Fiscal Rule's escape clause in June 2025 projects a primary fiscal deficit of 3.2% of GDP, far exceeding the limit.
Debt management strategies, such as TES swaps, are creating a larger overall borrowing capacity than initially planned.
A direct placement of $6 billion USD in TES to a foreign agent was executed at a higher-than-market rate.
The government's declared economic emergency to raise $16 trillion pesos via decrees faces uncertainty if ruled against by the Constitutional Court.
Gross debt has reached 64.1% of GDP, the highest level since at least 2001.
The government shows a high dependence on short-term financing (19.7% of internal financing) and low cash reserves, increasing refinancing risks.

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