The Colombian government set a debt quota of $152.25 trillion to finance part of the 2026 General National Budget, according to a Ministry of Finance decree. This amount, lower than in 2025, accounts for four points of GDP and is split between treasury bonds and temporary operations.
The Colombian government published a decree setting the 2026 debt ceiling at $152.25 trillion to cover budgetary obligations. Of this total, $85.25 trillion is allocated to class B treasury bonds (TES), while $67 trillion corresponds to temporary treasury operations (TCO). This quota is lower than the one issued at the start of 2025 and equals four points of GDP, compared to five points the previous year, according to economist Alejandro Rojas from Banco de Bogotá.
Rojas noted that, although moderated, the TES quota remains at historic highs and the TCO is the second highest in the country, only surpassed by those during the covid-19 pandemic. "Se modera el de TES pero sigue en máximos, el de los TCO es el segundo cupo más alto de la historia del país, pues sigue siendo un cupo atípico pese a su moderación en la participación del PIB", he stated. The decree includes thematic bonds such as green, social, sustainable, and blue ones, incorporated into the budget.
TES bond issuance begins the year with rates above 11%, influenced by fiscal risks and the economic situation. The quota could be revised upward during 2026, depending on revenue shortfalls, as happened in 2025. The Autonomous Fiscal Rule Committee (Carf) estimates additional financing needs between $46 and $48 trillion, considering a $30 trillion deficit and spending excesses of $16 to $18 trillion.
Regarding TCOs, Rojas warned that their use goes beyond temporary operations, allowing swaps for long-term debt, which creates fiscal pressures. This impacts public finance health, driven by high spending and insufficient tax collection, potentially leading to more external debt issuances.
