Colombia's external debt reached a record high of $246.8 billion at the end of 2025, equivalent to 53.8% of GDP, after surging $25.8bn (11.7%) in a single year, marking the largest annual increase on record. The public sector accounted for 61.9% of the total, with bond issuances to foreign holders contributing $17.8b. The IMF has warned that rising deficits and debt levels are increasing Colombia's financing costs and has urged the government to pursue fiscal consolidation ahead of the May presidential election. The debt-to-GDP ratio rose 5.2 percentage points in the last three months of 2025. Public sector accounts for 61%.9%.