Colombia's president-elect Abelardo De La Espriella said he has ordered incoming Finance Minister Miguel Gomez to go to Washington to hold talks with international banks and multilateral financial institutions to seek refinancing for the country's public debt and relieve pressure on state finances. De La Espriella said in a post on X that Colombia's net debt is at historically high levels and that refinancing will be one of several steps his administration will take to re-establish fiscal order and rebuild confidence in the economy.
According to the president-elect, Gomez's mission is to open discussions aimed at securing improved debt maturities and lower borrowing costs from international lenders. The outreach is planned in the run-up to the new government taking office on August 7.
Gomez has provided a more detailed assessment of the fiscal position, saying on Wednesday that the fiscal deficit currently stands between 7% and 8% of gross domestic product - a range he said is higher than the figures reported by the outgoing government.
Recent fiscal targets and outcomes underline the scale of the challenge. Earlier in June, the finance ministry adjusted its 2026 fiscal deficit target to 5.3% of GDP from a prior 5.1% target. For 2025, Colombia recorded a fiscal deficit of 6.4% of GDP.
The Autonomous Committee of the Fiscal Rule has quantified the funding shortfall facing Colombia. The committee said last week that meeting the 2026 fiscal target requires an additional 39.6 trillion pesos, equivalent to $11.55 billion, and warned that without further measures the funding gap for 2027 would widen to 46 trillion pesos.
The president-elect framed the refinancing effort as one tool among others to address the country's elevated net debt and fiscal pressures. He has tasked Gomez with beginning meetings in Washington with banks and multilateral institutions to pursue better borrowing terms.
The timing of the outreach comes as market participants and other observers watch for concrete steps from the incoming administration on how it will confront the worsening fiscal outlook. The new government is due to assume office on August 7, and the initial diplomatic and financial contacts are intended to inform its early policy responses.
Key factual points:
- De La Espriella instructed Miguel Gomez to travel to Washington to meet international banks and multilateral lenders to refinance public debt.
- Gomez reported the fiscal deficit at between 7% and 8% of GDP, above outgoing government levels.
- The finance ministry raised its 2026 fiscal deficit target to 5.3% of GDP from 5.1%, and Colombia posted a 6.4% of GDP fiscal deficit in 2025.
- The Autonomous Committee of the Fiscal Rule identified a 39.6 trillion peso shortfall for 2026 and projected a 46 trillion peso gap for 2027 absent additional measures.