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"foreign borrowing" is a correct and usable phrase in written English.
You can use it to refer to money that a country or organization has borrowed from a lender outside of the country or organization. For example: "The country has experienced a sharp increase in foreign borrowing in recent years."
Exact(60)
That resilience reflects the buoyancy of its home market exports accounted for only 26% of its GDP last year and Indonesia's efforts to wean itself off foreign borrowing.
On top of this, Russia's default last August caused investors to flee emerging markets, and raised the cost of Argentina's foreign borrowing.
In its place has come an economy based on asset bubbles and foreign borrowing.
It is also obvious that the United States cannot fall back into the pattern of over-consumption, leading to continuing high trade deficits and foreign borrowing.
Of necessity, this shortfall is made up by net foreign borrowing — essentially, by making use of foreigners' saving to finance part of domestic investment.
The economy relied increasingly on foreign borrowing.
And caution is the watchword in foreign borrowing.
Unlike the tigers, China relies very little on foreign borrowing.
Moreover, foreign borrowing increased, and unemployment and inflation rose steeply.
As a result, foreign borrowing as a share of all emerging-economy borrowing has been climbing.
The counterpart to America's foreign borrowing is a rising trade deficit.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com