Colombia Must Make Efforts to Reduce Debt - Fitch Director
Colombia Must Make Efforts to Reduce Debt - Fitch Director
"We want to see a fall in debt in terms of GDP, not just that it stabilizes, more efforts are needed [in Colombia],” said Fitch’s Sovereign Ratings Director Richard Francis at AS/COA’s conference in Bogotá.
Colombia must make further efforts to reduce its level of debt, which is higher than that of other countries with the same BBB credit rating, a director from rating agency Fitch said on Wednesday.
Gross domestic product growth will be between 1.8 percent and 2 percent this year, said Richard Francis, the agency's director of sovereign debt, below a previous Fitch estimate of 2.3 percent.
"The debt in terms of GDP is much higher than for the average of debt ratings, it is close to 50 percent, versus a 40 percent for the median (of countries) with BBB," Francis told journalists at an economic conference in Bogota.
"You can say it's necessary to have a larger adjustment next year to maintain the stability of debt in terms of GDP," Francis said. "We want to see a fall in debt in terms of GDP, not just that it stabilizes, more efforts are needed"...
