Public Debt
Ministry of Finance auctions TES worth 450 billion pesos
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The Ministry of Finance held an auction of Treasury Titles (TES) worth 450 billion pesos, denominated in Real Value Units (UVR), maturing in 2031, 2041, 2055, and 2062. The Comptroller General backed the operation, confirming its legality and that it does not create new debt, while President Gustavo Petro defended the move to manage government liquidity.
The Central National Government's debt policy adjusts within parameters of a suspended fiscal rule. In the third quarter of 2025, net debt reached 57.3% of GDP, heading toward the 55% anchor limit. Strategies such as substituting external debt with internal aim to stabilize public finances.
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In a Le Monde op-ed, economist Rémi Jeannin and historian Arnaud Pautet warn against the misleading narrative of France's 'social debt' promoted by BPI director Nicolas Dufourcq. They argue that isolating the social portion of the public deficit makes little sense, as it is artificially created by the state. Their critique targets Dufourcq's book claiming 2,000 billion euros of debt stem from unfunded social benefits over forty years.