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Colombia’s foreign debt stood at $53.31 billion in November last year, equivalent to 23.1% of GDP, according to new Central Bank statistics.
This is the highest level since 2006, when foreign debt stood at 24.1% of GDP.
Foreign debt in November of the previous year was 18.9% of GDP.
2009’s rise in foreign debt was led by the public sector, which increased its borrowing from abroad by 27% over the year, while the private sector reduced borrowing by 3%, according to Portfolio.com.
The fall in Colombia’s GDP contributed to the proportionately higher debt level.
