Colombia’s external debt closed 2025 at its highest level on record, according to the latest report from the central bank. The total balance reached US$246.8 billion as of December, a figure that reflects the country’s increased borrowing from international markets and is equivalent to 53.8% of gross domestic product (GDP).
The figure confirms a growth trend over the past year. Compared with December 2024, when the balance stood at US$220.95 billion, external debt increased by US$25.8 billion. Although the increase in absolute terms was significant, the ratio relative to the size of the economy saw a more moderate change, rising from 52.7% to 53.8% of GDP.
The level reached reflects both the financing needs of the public sector and the borrowing dynamics of the private sector. It also highlights the growing role of international markets in financing the Colombian economy.
Colombia’s external debt closed 2025 at 53.8% of GDP
The increase in external debt during 2025 was driven mainly by the growth of both short- and long-term obligations. The central bank explained that most of the increase was concentrated in debt with maturities longer than one year.
Specifically, long-term obligations grew by US$24 billion during the year, representing an increase of about 12.8%. Short-term debt, for its part, recorded a more moderate rise of US$1.7 billion, equivalent to growth of 5.4%.
The structure of the borrowing shows that most of the balance corresponds to long-term commitments. By the end of December 2025, 86.1% of external debt had maturities longer than one year, while 13.9% corresponded to short-term obligations.
By type of financial instrument, external borrowing is concentrated mainly in loans and bonds issued in international markets. These mechanisms have been used by both the government and private companies to obtain resources in foreign currency.
The weight of the public sector in the debt: bonds and international financing
The central bank’s report shows that the public sector remains the main driver of the country’s external borrowing. By the end of 2025, the external obligations of the government and other state entities reached US$152.7 billion.
This amount represents 61.9% of Colombia’s total external debt, meaning that nearly two-thirds of external borrowing corresponds to the public sector. The private sector, for its part, accounts for the remaining 38.1%.
The increase in public borrowing was one of the determining factors behind the total rise recorded in 2025. External obligations of the public sector grew by US$20.3 billion compared with the end of 2024, equivalent to an increase of 15.3%.
Within this segment, most of the borrowing corresponds to the Colombian government. According to the report, around 76% of the external public debt balance is held by the central government, while the rest is distributed among decentralized entities and other public borrowers.
A significant part of the growth in external debt is explained by the increase in bonds issued in international markets. These instruments have become a key source of financing for the Colombian state.
The report notes that the largest balance of external public debt mainly comes from obligations with bondholders, which increased by US$17.8 billion during the year. There was also an increase in loans from commercial banks and bilateral entities.
In terms of structure by creditor, about 65% of the balance corresponds to debt securities such as bonds issued abroad or instruments held by foreign investors. Another 21% corresponds to loans from multilateral organizations, while the remaining 14% comes from bilateral credits or international financial institutions.
This structure reflects the importance of external financing to sustain public spending and finance state projects, as well as to refinance existing obligations.
A key indicator for the economy
The level of external debt is one of the indicators most closely watched by investors and analysts to assess a country’s financial stability. In Colombia’s case, the increase recorded in 2025 confirms a trend toward greater reliance on international financing.
Although the weight of the debt relative to GDP remains relatively stable compared with other moments of economic stress, the growth of the total balance poses challenges for fiscal policy and for the sustainability of public finances in the coming years.
The behavior of this indicator will depend largely on economic growth, international market conditions, and the fiscal policy decisions adopted by the country. Meanwhile, the December 2025 figure makes it clear that external debt continues to be one of the central factors in Colombia’s economic outlook.