Public Debt Evolution in 2025: A First Assessment
We now have the necessary data to draw up a first assessment of the evolution of public debt in 2025.
Key Figures
- The Treasury allocated 24,441.5 billion to debt service, broken down into 6,458.5 billion in interest and 17,983 billion in principal repayment. This amount is down 1.5% compared to 2024, suggesting a relative control of this heavy burden.
- Compared to the budgeted amount in the 2025 Finance Law, there is a saving of 248.5 billion.
Divergent Trends Between Domestic and Foreign Debt
However, this apparent stability hides divergent trends between domestic and foreign debt. There is a shift in pressure towards the local market.
- Interest charges on domestic debt jumped 14.2%, from 4,097.7 billion in 2024 to 4,679.9 billion last year. This significant increase reflects the persistence of expensive financing conditions on the financial market and increased reliance on this type of debt to compensate for reduced external borrowing.
- In contrast, foreign debt service has eased. Interest payments fell 18.9% year-over-year to 1,778.6 billion, and principal repayment decreased 10.9% to 8,308.7 billion.
New Borrowing in 2025
The analysis of new borrowing in 2025 confirms this shift. The total volume of borrowing resources decreased by 4%, standing at 25,644.5 billion.
- Domestic borrowing was reduced by 6%, totaling 21,819.3 billion.
- In contrast, foreign borrowing increased by 9.3%, reaching 3,825.2 billion, including 2,004.4 billion in budget support.
Public Debt Stock
Overall, the public debt stock stood at 141,665.4 billion at the end of 2025, compared to 135,642.3 billion the previous year. Compared to the budgeted amount, there is a reduction of 5,736.6 billion.
- Foreign loans account for 60.8% of this stock (86,178.0 billion), while domestic loans account for 39.2% (55,487.3 billion). Foreign debt reduction continues, with a decline in the stock of 7,052.1 billion.
