Mónica Higuera Garzón, former director of the Financial Regulation Unit (URF), resigned due to her opposition to the government's proposal to repatriate pension savings invested abroad. Finance Minister Germán Ávila announced the measure on December 31, 2025, to raise funds and address the fiscal deficit. President Gustavo Petro defended the initiative, citing economic benefits, sparking a public debate with the ex-official.
On December 31, 2025, Finance Minister Germán Ávila announced the government's intent to repatriate approximately 200 trillion pesos in pension savings from private funds invested abroad, as part of measures to address the fiscal deficit. The proposal drew immediate criticism, including from Mónica Piedad Higuera Garzón, who until then headed the Normative Projection and Financial Regulation Studies Unit of the URF.
Higuera resigned that day, stating her departure stemmed from refusing to support the draft decree. In social media posts, she criticized the measure, noting the funds are invested in medium- and long-term products with penalties for early withdrawal. "Tomen decisiones serias y rigurosas con el país y con los colombianos. ¡Dejen de improvisar!" ("Make serious and rigorous decisions for the country and Colombians. Stop improvising!"), she wrote. She warned that repatriating 125 trillion in six months would be 'fatal' and could trigger macroeconomic risks, such as impacts on exchange rates and securities markets. She stressed the need for technical, legal, and actuarial simulations, and defended investment diversification to protect capital and maximize returns benefiting pensions.
President Gustavo Petro responded by reaffirming his stance, stating the measure had been in place until former President Juan Manuel Santos sent the savings abroad. "Si el ahorro pensional se queda en Colombia, baja la tasa de interés real para préstamos de largo plazo, como la vivienda y se reactiva la industria" ("If pension savings stay in Colombia, it lowers real interest rates for long-term loans like housing and reactivates industry"), he argued. He accused bankers of investing in illiquid assets. In response to criticisms, Petro conceded the return must be gradual, halting further outflows and planning foreign disinvestments for infrastructure like railroads, fiber optics, and housing. "Que no es robo del estado como dicen, porque los mismos administradores privados seguirán controlando el saldo de ahorro de sus cuentahabientes laborales" ("It's not state theft as they say, because the same private administrators will continue controlling their clients' savings balances"), he clarified.
Higuera acknowledged common ground, such as transparency, gradual transitions, and risk mitigation. She offered her expertise to advise the government on a solid approach. The exchange ended in mild consensus on the benefits of increased domestic investment, though Higuera emphasized diversification ensures more savings for pensions and reduces budgetary strain. Her resignation, effective December 31, 2025, highlights tensions between technical criteria and political priorities in pension reform.
