Bulgaria’s gross foreign debt has increased by 3.8% from the end of last year, reaching EUR 35.38 B at end-April under preliminary estimates, or 76.3% of the projected 2016 GDP, the central bank announced on Tuesday.

On a year-on-year basis, gross foreign debt was 8.7% lower at the end of April 2016, the Bulgarian National Bank (BNB) said in a monthly debt report.

Long-term debt grew by 6.1% from end-2015, reaching EUR 27.80 B. Short-term debt dropped by  3.9% from the end of last year, reaching EUR 7.58 B.

General government’s gross foreign debt totalled EUR 6.72 B at the end of April 2016, increasing by EUR 1.14 B compared with the end of 2015 mostly due to the sale of a double-tranche bond on international capital markets in March 2016, the BNB said.

Year-on-year, general government debt increased by 8% compared with April 2015.

Gross foreign debt service totalled EUR 1.30 B for the first four months of 2016.

Bulgaria’s net foreign debt (gross external debt less gross external assets in debt instruments) totalled EUR 5.71 B at the end of April 2016, a decrease of 16.8% compared with end-2015 as gross external assets grew at a higher rate (+9%) compared with the 3.8% growth in gross foreign debt.