The legal ceiling for net indebtedness of the Central Government for 2024 was set at USD 2.3 billion (Law No. 20,212, Article 587, dated November 6, 2023). In December 2024, the Government informed the General Assembly of its decision to invoke the legal safeguard clause, which increases the legal limit for net government indebtedness by up to 30% (to an augmented limit of up to USD 2.99 billion). Significant changes in relative prices, particularly between tradable and non-tradable goods and between retail prices and the GDP deflator, led to a greater-than-expected reduction in inflation in 2023 and 2024. The more rapid decrease in inflation drove a decline in Central Government tax revenues in 2024− compared to what was projected in the Budget Accountability Law presented to Parliament in 2023, when the legal debt ceiling for 2024 was established. Consequently, total net indebtedness equated to USD 2,644 million, below the legal limit of USD 2,990 billion under the fiscal rule.