Contraloría da un espaldarazo a operaciones TES de Hacienda pero prende alertas por futuro de la deuda a 2029
Para la Contraloría, es necesario prestar más atención a la deuda en los próximos años. Foto: Milton Díaz
TL;DR
- The Comptroller General's Office supports the Ministry of Finance's debt operations in December 2025 and January 2026, confirming they fit within the Medium-Term Fiscal Framework and met legal requirements.
- The primary goal of these operations was to mitigate the nation's liquidity risk, particularly due to historically low deposit levels.
- The December operation involved the sale of TES B worth $23.24 trillion to bolster liquidity without issuing new debt, distinguishing it by its large transaction volume.
- The January 2026 operation was an external bond issuance of $4.95 billion to finance the 2026 budget, which also met legal requirements and did not exceed the external borrowing limit.
- A significant concern raised is the concentration of debt maturities in 2029, totaling approximately $89.6 trillion, requiring strong management from the Ministry of Finance.
- The net debt of the government decreased between 2024 and 2025, falling within the fiscal rule's range, but its future trajectory depends on economic factors.
- The article notes the high inflexibility of the National Budget (93%), limiting maneuverability and potentially compromising social investment if revenue growth falters, urging efficient spending.