Key Points
— Colombia’s central government gross debt reached a record 1,238 trillion pesos ($290 billion) in February — the highest for any February since records began in 2002
— Debt has grown by 433 trillion pesos ($101 billion) since Petro took office in August 2022, a roughly 54% increase in three and a half years
— External debt is 30% of the total, with 59.5% denominated in US dollars — leaving Colombia exposed to any further peso depreciation
Colombia government debt hit a new all-time high of 1,238 trillion pesos ($290 billion) in February 2026, according to data published by the Finance Ministry’s Investors Relations Colombia office. The figure marks the highest February reading since the series began in 2002.
The record came despite the government’s cancellation of a Total Return Swap in Swiss francs, which public credit director Javier Cuéllar said reduced gross debt by approximately 100 trillion pesos ($23.4 billion). Without that reduction, the underlying debt trajectory would have been even steeper.
433 Trillion Pesos Added Under Petro
Since President Gustavo Petro assumed office in August 2022, the central government’s gross debt has increased by more than 433 trillion pesos ($101 billion) — a roughly 54% expansion. In the most recent twelve-month period alone, debt grew by over 203 trillion pesos ($47.5 billion).
The acceleration reflects a combination of factors: wider fiscal deficits after Congress rejected the government’s Financing Law, emergency decree spending, a high interest rate environment that raises the cost of rolling over domestic bonds, and currency effects on the external portion of the debt.
Composition: Internal vs. External
Of the 1,238 trillion peso total, 865 trillion pesos ($202 billion) is internal debt — primarily government bonds (TES) held by domestic banks, pension funds, and the central bank. The remaining 372 trillion pesos ($87 billion) is external debt, representing 30.1% of the total.
The external debt breakdown reveals significant currency exposure. US dollar-denominated obligations account for 59.5%, followed by Swiss francs at 24.5% (reflecting legacy TRS positions), euros at 14.3%, and Colombian peso-denominated external debt at just 1.6%.
By funding source, international bonds represent 51% of external debt. Multilateral lenders make up most of the remainder: the World Bank (IBRD) at 17%, the Inter-American Development Bank (IDB) at 11%, and CAF at 4%. The French Development Agency (AFD) and Germany’s KfW each hold 2%.
Why It Matters for Investors
The debt trajectory reinforces the fiscal pressure driving Colombia’s expected 100-basis-point rate hike to 11.25%. Higher rates increase the carry cost of rolling over TES bonds, creating a self-reinforcing dynamic where fiscal deterioration feeds monetary tightening, which in turn raises debt servicing costs.
The 59.5% dollar exposure on external debt means any further peso weakness amplifies the headline number mechanically — even without new borrowing. With Ecopetrol revenues under pressure from global oil volatility and the government’s revenue target of 26.3 trillion pesos relying on emergency surcharges, the gap between Colombia’s ambitions and its fiscal capacity continues to widen.