December 31, 2007
In 2008, Colombia plans to issue COP22.6trn in TES, marking an 18% pickup in issuance of the country's local currency bonds. In 2007, Colombia raised COP19.1trn, which represented 71% of the country's debt service expense. In the coming year, Colombia plans to continue its net reduction of debt, but new paper will correspond to 90% of the estimated debt service. The ministry of finance also plans to keep the fiscal deficit at 3.3% in 2008, while the budget deficit is set to rise to 1.4% from 0.7% in 2007.