Colombia’s central bank, Banco de la Republica, announced Thursday that the country’s foreign debt rose by more than $7 billion between 2008 and 2009, reported news source CM&.
According to the bank, Colombia’s foreign debt increased by just over $7.2 billion within the one-year period, going from $46.4 billion in 2008 to just under $53.6 billion in 2009.
Of the total amount owed, $36.9 billion is public debt and $16.6 billion is private sector debt.
Private sector debt saw a reduction of over $300 million.
Statistics show that by the end of 2009, the nation’s debt to foreign banks was equivalent to 23.2% of GDP.