Treasury authorizes issuance of external debt for 5.2 billion dollars

The Ministry of Finance and Public Credit authorized the Nation to issue, subscribe, and place external public debt securities, including thematic securities, in the international capital markets for up to USD 5.2 billion or its equivalent in other currencies. The decision is contained in Resolution number 2497 of 2026, signed by Minister Miguel Gómez Martínez and published in the Official Gazette, edition 53,670, on Monday, October 26, 2026. The funds will be allocated to the financing of appropriations from the General National Budget for the 2026 and/or 2027 fiscal years.

The legal framework and the two prior opinions

The authorization is issued based on article 2.2.1.3.2 and the second paragraph of article 2.2.1.1.3 of Decree number 1068 of 2015, which require a resolution from the Ministry to issue external debt in the name of the Nation, subject to the fulfillment of two requirements: a favorable opinion from the National Council for Economic and Social Policy (CONPES) and a single opinion from the Inter-parliamentary Commission on Public Credit when dealing with securities with a term exceeding one year.

Both requirements were accredited in the preamble:

• CONPES, through document CONPES 4215 of September 11, 2026, issued a favorable opinion to contract external public credit, including international capital markets and loans with commercial banks, for up to USD 13.4 billion to finance 2026 and 2027.
• The Inter-parliamentary Commission on Public Credit, in a session on October 8, 2026, granted a Favorable Single Opinion under the modality of external bonds for up to USD 5.2 billion for the same fiscal years.

The ceiling authorized by the resolution is, therefore, that of the Inter-parliamentary Commission’s opinion and is equivalent to less than half of the global quota approved by CONPES.

Issuance conditions and related operations

Article 2 refers the financial conditions to the regulations of the Bank of the Republic, specifically External Resolution number 17 of 2015 of its Board of Directors and External Regulatory Circular DODM-145 of October 30, 2015. Article 3 sets the other terms, which will be determined by the General Directorate of Public Credit and National Treasury:

• Redemption term exceeding one year.
• Fixed or variable interest rate.
• Market expenses and commissions typical for this type of operation.

Article 4 further authorizes the Nation to enter into all operations related to the public credit operation, and Article 6 orders compliance with External Resolution number 1 of 2018 of the Bank of the Republic.

Thematic bonds and tax regime

If thematic securities are issued, the Ministry of Finance and Public Credit must comply with the Reference Framework for Sovereign Green, Social, and Sustainable Bonds of Colombia, adopted through Article 1 of Resolution number 2063 of 2022. Article 5 recalls that, pursuant to Article 218 of the Tax Statute, as amended by Article 7 of Law 488 of 1998, the payment of principal, interest, and commissions on external debt is exempt from national taxes and levies only when made to persons without residence or domicile in the country.

The regulation governs from its publication in the Official Gazette, a requirement understood to be fulfilled by the order issued by the Director General of Public Credit and National Treasury, in accordance with Article 18 of Law 185 of 1995. According to memorandum 3-2026-017205 of October 19, 2026, as of that date, the Nation had not carried out any issuance of external bonds within the framework of the CONPES 4215 concept nor that of the Inter-Parliamentary Commission.

Debt management in the same edition

Official Gazette 53,670 also published two other resolutions from the Ministry of Finance and Public Credit that recognize arbitral awards as public debt and order their payment with Treasury Securities TES Class B: Resolution number 2495 of 2026, for $95,540,442,071, corresponding to the award of December 20, 2022, within proceeding 128411, and Resolution number 2496 of 2026, for $24,174,621,590, from the award of October 11, 2024, within proceeding 144059. Both payments benefit Concesionaria Vial de los Andes (Coviandes) S.A.S., with NIT 800235872-7, and are supported by the third paragraph of Article 60 of Law 2559 of 2025, which allows the recognition as public debt of obligations of the National Infrastructure Agency for judgments and settlements up to $500,000 million.

Impact

The authorization defines the external borrowing ceiling with which the Nation may enter international markets in the coming months and enables the use of thematic bonds within the sovereign sustainable finance framework. With this, the Government secures the source of financing for the 2026 and 2027 budget appropriations and leaves room for debt management operations, in a context where the quota approved by CONPES triples the amount authorized by the resolution.

Source: Official Gazette, edition 53,670, Monday, October 26, 2026, Section I (Ministry of Finance and Public Credit), pp. 6-7 (official reference: Resolution number 2497 of 2026).