Economy approves guidelines to update Agrarian Debt Bonds

The Ministry of Economy and Finance approved the guidelines for applying the new update methodology for the Agrarian Debt Bonds in procedures that concluded before July 15, 2026. The decision is contained in Ministerial Resolution No. 508-2026-EF/52, signed on November 6 by Minister Elmer Cuba Bustinza and published in the Official Gazette El Peruano on Sunday, November 8, 2026, in the Legal Norms section. The regulation implements the mandate of Judgment 11/2026 of the Constitutional Court, issued in Case No. 01350-2024-PA/TC.

The regulation is based on the Sole Final Complementary Provision of Supreme Decree No. 135-2026-EF, which tasked the Ministry of Economy and Finance with issuing complementary provisions for files that have already been closed. That supreme decree modified Annex 1 of Supreme Decree No. 242-2017-EF, which approves the Updated Single Text of the regulation for the registration, update, and determination of the payment method for debt derived from bonds issued under Decree Law No. 17716, the Agrarian Reform Law. The stated objective is to establish uniform calculation criteria and prevent each file from being resolved with different parameters.

The regulatory basis invoked in the resolution includes:

• The Political Constitution of Peru and Law No. 27444, Law of General Administrative Procedure.
• Decree Law No. 17716, Agrarian Reform Law.
• Supreme Decree No. 242-2017-EF and Supreme Decree No. 135-2026-EF.
• Directorial Resolution No. 023-2019-EF/52.01, which approves the directive for payment with Sovereign Bonds of the updated value of these bonds.

A process that only advances at the request of the holder

The guidelines are applied by the General Directorate of the Public Treasury, through the Credits Directorate, and apply to holders registered in the Registry of Legitimate Holders of Agrarian Debt Bonds who have a final directorial resolution in two procedures: the administrative update of the debt and the determination of the payment method.

The procedure is not activated ex officio: it begins only at the request of the legitimate holder or their duly accredited representative. The interested party must submit the “Request for Administrative Update of the Debt and Determination of the Complementary Amount” to the ministry’s physical or virtual filing office, indicating the number of the original update directorial resolution.

The resolutions issued are complementary and integrative in nature relative to the originals, which maintain their status as final and binding. Their purpose is to determine the updated value of the debt, establish the balance, and set the payment method.

From calculation in dollars to payment in two business days

Upon receipt of the request, the Credit Directorate has a maximum period of thirty (30) business days to recalculate using the methodology of Annex 1, as modified by Supreme Decree No. 135-2026-EF, and deduct the amounts already paid. The resulting balance is called the complementary amount and is expressed in United States dollars.

Subsequently, the holder chooses the payment method from those provided for in Article 16 of the Updated Single Text. The following deadlines govern the remainder of the process:

• Thirty (30) business days for the directorate to issue the resolution and sign the documents if the proposal is viable.
• Fifteen (15) business days to formulate a counterproposal if the chosen method is not viable.
• Thirty (30) business days for the holder to respond to the counterproposal, under penalty of abandonment of the procedure.
• Two (2) business days to effect payment, counted from the signing of the Payment Agreement for the complementary amount, which is signed on the same day as the resolution that concludes the process.

What happens to pending files

The guidelines specify that administrative procedures currently in process continue to be governed by Supreme Decree No. 242-2017-EF. For matters not provided for, that supreme decree and Supreme Decree No. 135-2026-EF shall apply supplementarily.

The resolution further provides that the regulation and its guidelines be published on the digital portal of the Ministry of Economy and Finance, on the same date as their appearance in the official gazette.

The practical scope is considerable: for decades, thousands of holders of bonds issued by the agrarian reform claimed the updating of payments that remained fixed at historical values. With these rules, the State opens a limited administrative path—only for files already closed and only upon request of the party—to recalculate the debt using the methodology that the Constitutional Court ordered to be corrected and to pay the difference within a limited period of business days.

Source: El Peruano, edition of Sunday, November 8, 2026, Legal Norms section (Economy and Finance), p. 17 (official reference: R.M. No. 508-2026-EF/52).