Foreign debt falls

in Spain will cut foreign debt to 110 per cent of the country’s GDP by 2025. Meanwhile, France’s foreign debt is set to rise to 115 per cent of its GDP during the same period.

During 2023, the IMF expects that Spain’s for - eign debt will fluctuate around 112.1 per cent, slightly above France’s which will hit 112 per cent this year. By 2024, Spain’s foreign debt is set to fall to just above 110 per cent while France’s will climb to 114 per cent of GDP.

The news is encouraging for Spanish economic ministers who are on track to bring foreign debt down more than 10 percentage points from around 120 per cent of GDP, during the pandemic.

The IMF has also asserted its prediction that Spain will lead economic growth in the Eurozone in coming years.