Approaching the two-year mark of President Claudia Sheinbaum’s administration, Mexico’s federal external debt has surged by over $30 billion, according to quarterly reports released by the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público).
As of June 2026, the federal government’s net external debt stood at $157,448.6 million, up sharply from the $125,755.2 million recorded on September 30, 2024, when Sheinbaum assumed office following the end of Andrés Manuel López Obrador’s term. The total increase during her first 22 months in office reaches $31,693.4 million. Preliminary monthly figures for July indicate the figure pushed even further to $159,846.6 million, representing a cumulative increase exceeding $34 billion.
Dynamic Debt Trajectory Across 22 Months
The rise in foreign obligations followed a fluctuating trajectory over the past two years:
- Late 2024: The administration briefly reduced external debt to $123,879 million by December through scheduled amortizations.
- Full-Year 2025: Debt resumed an upward slope, climbing to $131,084.8 million by March and $134,870 million by June. A major jump occurred in September 2025, when external liabilities hit $150,368.7 million following substantial debt issuances authorized under federal borrowing limits, before closing the year at $149,160.7 million.
- Mid-2026: Liabilities reached $154,480 million in March 2026 before rising to $157,448.6 million in June.
Ministry reports attribute the recent mid-2026 expansion to three key financial factors: net external borrowing of $20,674.1 million (comprising $21,620.1 million in disbursements against $946 million in repayments), an $11,001.4 million buildup in government international foreign-currency reserves, and negative accounting adjustments totaling $1,384.8 million driven by exchange rate fluctuations between the U.S. dollar and other foreign currencies.
Overall Public Sector Balance
Broader metrics place the broader public sector debt—measured by the Historical Balance of Public Sector Financial Requirements (SHRFSP)—at 19.047 trillion Mexican pesos, equivalent to 51.0% of Mexico’s Gross Domestic Product (GDP) at the close of Q2 2026.
Within the overall public debt structure, the external component accounts for 11.1% of national GDP ($236,476.5 million), while domestic debt stands at 14.916 trillion pesos, or 39.9% of GDP. Financial authorities noted that while debt ceiling limits set by Congress were maintained, external borrowing remained an active instrument for managing fiscal commitments and liquidity.
Source: El Financiero
