This paper analyses sources of fiscal disequilibrium in Colombia.We assess primary surplus requirements in light of current public debt/GDP ratios and contingent liabilities stemming from PAYG-systems, public roads, energy, and telecommunications guarantees.These forthcoming obligations are likely to demand additional public savings close to 1% of GDP per-year during the following decade.There is a need to advance in a second-generation of fiscal reforms, including reductions in pension liabilities and territorial transfers, as to assure primary surpluses close to 3% of GDP per-year.The pace at which public debt/GDP ratios are to diminish in the near future hinged crucially in the quality of those fiscal reforms and the ability to contain contingent payments.