This Tuesday, The Comptroller General of the Republic launched a balance of the macroeconomic situation of the country and the results, in a few words, show numbers in red. The control body highlighted that Debt service will reach 105 trillion pesos in 2025a figure equivalent to 23% of total public spending. There are serious delays in the health, energy, justice and victim reparation sectors. To know the data in depth, this newspaper contacted Comptroller Jenny Lindo, who prepared the reports that allowed the entity to issue an alert against the Ministry of Finance.
Why is the issue of public debt so worrying for the Comptroller’s Office and what consequences does it have on Colombia’s economy?
In 2025, the debt service payment was 105 billion. However, by 2027 it is planned to pay 150 billion in debt service. This represents an increase of forty-nine percent. What effects does this have? That to the extent that a State becomes increasingly indebted, income does not grow, and what is generating this situation is internal pressure. within the country’s budget very critical.
That is to say, I am getting into so much debt and my income is going down, that this is going to reach a point of a very delicate breaking line. Now, there is a global tension that feels distant, but it is actually very possible that its consequences will reach Colombia very soon. And with this level of debt, I must say that the economy is not prepared and does not have the necessary muscle to withstand a global economic blow..
Jenny Lindo, delegate for Economy and Finance. Photo:Comptroller
In the event that this happens, how will it affect the average citizen?
That is going to affect how, possibly, products and living expenses will be more expensive. We can put many technical details into it, but in short it can be said that life is going to get much more expensive. To the extent that you do not generate more income and you continue to go into debt, there will be an end point that will not end well.
What decisions of this government led to the debt increasing from 2021 to date?
Overestimate the collection. This overestimation of collection leads you to plan ideal budget scenarios that you are not really going to have as a country.. And when you realize that you finally did not achieve the income you expected, and you are going to adjust the plan, it is already too late. In addition, there are sectoral debts that have been increasing, such as health debt, energy debt, justice debt, education debt. All this ends in debt.
That is a structural gap that is increasing in the State and that the next government must address in the first weeks. This is not going to give the next government time. Here we are not talking about the four-year period, we are talking about weeks. VLet me give you an example: Ten billion pesos are owed in energy. If they are not paid between now and September, taking into account that IDEAM has already confirmed that the Niño phenomenon begins in September, there are three companies that we identify that may be at risk of closing their operations.. These are Air-e, ElectroHuila and ElectroCaquetá.
Jenny Lindo Díaz, delegate controller for the Justice sector Photo:Comptroller
What would be that urgent recommendation that you would make to the new president?
Take the list of debts. Make a payment plan and make a comprehensive financial plan that includes a shock strategy to increase income, which should not necessarily be taxes only. I don’t want to use the word reform, but a comprehensive tax plan. It is not short-term reforms. The fiscal situation deserves and needs a comprehensive reform. Because presenting a reform to resolve one month of cash in the national government is not going to solve the fiscal and economic problem that the country has.
The Comptroller’s Office placed special emphasis on the debt that exists to compensate the victims of the armed conflict and on the judicial sentences that have not been paid. Why?
To the extent that the victims are not compensated, as is the State’s commitment, what we are going to be on the verge of re-victimization. We must comply with the victims. This is a very sensitive social risk for the country.. What’s more, it is one of the largest budget debts that currently exists. The debt is 133 billion. And only 1.9 million victims have been repaired, with around 8 million missing.
Jhoan Sebastian Cote Lozano
jhocot@eltiempo.com
@SebasCote95 in X
MORE INFORMATION IN JUSTICE SECTION
