ISTANBUL: Fitch Ratings said Wednesday that it affirmed Colombia's long-term foreign currency issuer default rating at BB+ with a stable outlook. The agency said Colombia's ratings reflect the country's track record of macroeconomic and financial stability. The ratings, however, are constrained by high fiscal deficits, a high-interest burden, and high dependence on commodities. Fitch said it expects the central government's fiscal deficit to widen to 5.6% of GDP this year, from 4.3% last year. Fiscal deficit, meanwhile, is also expected to improve modestly to 5.2% of GDP, as an economic rebound improves revenues while spending is kept relatively flat in nominal terms, the agency said in a statement. It projects consolidated general government debt rising to 57.7% of GDP in 2026, from 53.7% in 2023. Colombia's GDP growth is expected at 1.5% for this year, picking up to 2.8% next year and reaching a pace of 3% in 2026, as less restrictive monetary policy drives higher consumption and investment, the state ment said. "Domestic demand remains weak due to continued tight monetary policy, as ex-ante real rates remain high despite the beginning of the central bank's cutting cycle," it added. Source: Anadolu Agency