The Ministry of Economy and Finance (MEF) explains that by opting for a denomination in Swiss francs, the National Government takes advantage of more favorable reference rates and dilutes the exposure of public debt to a single currency. The resources obtained will be allocated to two critical fronts for public finances: Refinancing: The payment of the Treasury Note (PANOTA 3.75%) with maturity on April 17, 2026, which amounts to $1,325 million. Liquidity: Covering operational needs of the General State Budget for the 2026 fiscal year. Through an official communiqué, the MEF reaffirmed its commitment to a “prudent and responsible” debt management. The institution states that by setting the rate at 2.39%, the country achieves predictability in its cash flows, protecting itself from possible increases in international interest rates over the next three years. Increase in debt As of February 2026, the total public debt stood at $60,059 million, according to official data. The State allocated, between February 2025 and February 2026, $3,019.1 million solely to the payment of public debt interest, exceeding the annual contributions of the Panama Canal. This led the Minister of Economy and Finance, Felipe Chapman, to defend a progressive fiscal adjustment to avoid a drastic economic contraction. The Ministry of Economy and Finance (MEF) announced this Monday, April 13, the contracting of a financing with Citibank, N.A. for an amount of up to 1,975 million Swiss francs (CHF), equivalent to approximately $2,519 million. The operation stands out for a fixed annual rate of 2.39% and a three-year term with maturity in March 2029, which, according to official projections, represents a 1.66% savings in the cost of interest compared to other financing alternatives currently available in the US dollar (USD) market. Optimization of the debt profile The main objective of this maneuver is the diversification of financing sources and the reduction of the cost of sovereign debt, the report states. It ensures that these are not improvised decisions, but the strategy of a planning. According to the IDB, the approximate payment of $232.2 million monthly in interest limits the fiscal margin, although a stabilization of the debt is projected from 2027 under strict discipline. Chapman maintains that a progressive adjustment will allow to slow down the pace of indebtedness and gradually reduce the deficit without braking the country's economic engine.
