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Economy

Colombia’s Congress allows US$4.5 billion debt increase

by Hannah Stone November 27, 2009

Colombia news - congress

Colombia’s Congress voted on Thursday to allow the government to increase the debt by US$4.5 billion, in dollar-demoninated bonds.

The Finance Ministry released a statement saying that this issuance of new bonds will allow the government to take action if the economic situation worsens.

The additional debt is a response to the global financial crisis and the resultant high fiscal deficit, and will bring the consolidated deficit for 2010 to 3.4% of GDP, increasing from 2.6% in 2009.

bondsbudgetdebteconomy

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