The key aspects of the program are:
Fiscal policy
The program is anchored on improving the underlying primary balance by around 3½ percent of GDP over 3 years, to put the ratio of public debt to GDP on a firm downward path after peaking at 85 percent of GDP in 2024. High quality measures, worth 1½ percent of GDP in 2025, already included in the approved budget, will reduce the wage bill, spending on goods and services, and transfers to municipalities. To ensure fiscal sustainability and a further reduction in borrowing costs, reform efforts will center on strengthening the efficiency of the civil service, the viability of the pension system, and revenue mobilization. Fiscal consolidation will be conducted in a manner that strengthens support for the most vulnerable and protects priority public investment.
Transparency, governance, and resilience
Fiscal transparency is set to be substantially strengthened, starting with early efforts to enhance the fiscal responsibility framework, and to improve the reporting of debt, pension costs, state-owned enterprises ownership, procurement contracts, and beneficiary ownership. Early reforms will also focus on establishing a strong anti-corruption framework and improving the Anti-Money Laundering and Counter-Financial Terrorism (AML/CFT) arrangements in line with international best practices. To boost the business climate and overall resilience, efforts will continue to cut red tape, modernize infrastructure, and implement a climate adaptation strategy with support from development partners.
Reserves
Fiscal and financial sector buffers will be enhanced, including through an early strengthening of the banks’ liquidity framework that is also supportive of continued private sector credit growth. Banks’ required liquidity buffers, currently at 11.5 percent of deposits, will gradually reach 15 percent by end-June 2026. Fund financing will support the central bank’s gross reserves, thereby strengthening its capacity to address shocks. Reforms will continue to align bank regulations with Basel III standards on risk-based supervision.
Digital assets
The potential risks of the Bitcoin project will be diminished significantly in line with Fund policies and evolving international best practices. Legal reforms will make acceptance of Bitcoin by the private sector voluntary. For the public sector, engagement in Bitcoin-related economic activities and transactions in and purchases of Bitcoin will be confined. Taxes will only be paid in U.S. dollars and the government’s participation in the crypto e-wallet (Chivo) will be gradually unwound. Transparency, regulation, and supervision of digital assets will be enhanced to safeguard financial stability, consumer and investor protection, and financial integrity.
