The gross foreign debt of Bulgaria became nearly 15.9 billion euro in May, Associated Press reported.

The amount represents an increase of 18.6 per cent compared to the same period last year, data of  Bulgarian National Bank shows.

In the end of April the gross foreign debt reached 15.6 billion euro, Associated Press reported.

According to Bulgarian National Bank the increase resulted from higher private borrowing.

Payments Bulgaria has made to service the gross foreign debt since the beginning of the year total 1.56 billion euro, a bank statement said.

The debt to GDP ratio was 66 per cent in the end of May. The ratio for July 2005 reached 62 per cent, Associated Press reported.