Bulgaria’s foreign debt-to-GDP ratio declined to 65.2% at the end of November 2005, compared with 64.4% at the end of 2004, BNB data show. To reach the Maastricht criteria, Bulgaria has to reduce its debt-to-GDP ratio to 60%. In absolute terms, the gross external debt rose by 10.2% to EUR 13.8 billion. Private sector debt exceeded EUR 9 billion at the end of November, while public debt decreased as a result of the Brady buy-back operations to EUR 4.6 billion. Debt payments for the first 11 months of 2005 totalled EUR 5 billion. The amount repaid by the public sector stood at EUR 2.108 billion.