Sofia’s gross foreign debt came to EUR 12.8 billion at the end of April 2005, up by EUR 538 as compared to the end of 2004. The end-April figure accounted for 60.4% of Bulgaria's annual GDP. The public debt decreased by EUR 683 million after the preliminary withdrawal of the IAB Brady bonds. After the announcement that Bulgaria will retire the remaining USD 608 million FLIRBs ahead of maturity, the debt figure of the country's public sector will be even further reduced. Bulgaria paid EUR 1.02 billion for servicing the public sector's foreign debt over the first four months of the year, which was by nearly EUR 650 million less than in the corresponding period of 2004.