Colombia's new Public Credit director, Javier Cuellar, aims to renew market confidence amid increasing uncertainty due to the country's uncertain fiscal outlook and the recent change in finance ministers. Cuellar, who previously served as president of the National Guarantee Fund, succeeded Jose Roberto Acosta earlier this month.

He has called for a meeting on Tuesday with market-making agents involved in domestic public debt auctions, which are the primary source of financing for public spending after tax collection. 

Cuellar expressed his intention to act swiftly to restore market confidence, stating in a message to a market participant that he will prioritize strengthening investment appetite, promoting fiscal responsibility, and making technical decisions that support public debt sustainability.

At his inauguration last week, Colombia's new Finance Minister, German Avila, indicated that the country must make difficult decisions regarding debt to address its fiscal challenges. The appointment of Avila, who replaced Diego Guevara after a tenure of less than three months, has heightened market uncertainty regarding the future of Colombia's deteriorating public finances.