Colombia is selling dollar bonds for the first time since January, as a new administration pledges to rein in the widening budget gap and put the nation’s debt back on a sustainable path.

The nation is issuing dollar bonds due in 2032, 2037 and 2056, with initial price talks around 7.35%, 7.9% and 8.45%, respectively, according to a person familiar with the matter who asked not to be identified.

The deal comes weeks after government officials opened talks with the International Monetary Fund to discuss solutions for what they claim is the widest fiscal gap in history. President Abelardo de la Espriella said Sunday that the government will present a proposal soon with measures aimed at ensuring the sustainability of public finances and securing resources for government priorities.

Last month, Colombia’s top economic officials told investors in New York they’re optimistic that Congress will approve the government’s austerity plan and suggested the country’s external borrowing for next year may be near $15 billion, close to half the amount outlined in the budget.

The new administration has blamed its predecessor Gustavo Petro for the imbalances in the nation’s accounts, which spiraled after he suspended spending limits in 2025. To face the pressure, the government resorted to unorthodox debt management strategies, which included aggressive bond buybacks and a controversial total return swap in Swiss francs. Although the moves generated relief in the short term, they added additional pressure on future debt service costs.

BBVA, Itau and JPMorgan Chase & Co. are managing the deal, according to the person, who requested anonymity because the information is private.