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Georgia’s External Debt Amounted to $14.1 Billion

Georgia’s external debt amounted to $14.1 billion, National Bank of Georgia (NBG) reports.

According to central bank’s data, the total foreign debt of Georgia, as of  June 30, 2015, amounts to $14.1 billion (GEL 31.8 billion), which is 90.9 percent of GDP in the last four quarters; in the second quarter of 2015, Georgia’s total external debt increased by $437.4 million, out of which the debt increased by $341.7 million due to the operational changes.

In the second quarter of 2015, Georgia’s external debt increased by $437.4 million, of which the debt increased  by  $341.7 million due to operating changes.

The state foreign debt amounted to $5.9 billion (GEL 13.3 billion) that is 38.1 percent of  GDP, out of  which the government debt nears $4.3 billion (GEL 9.6 billion,  27.3 percent of  GDP), the National Bank’s liabilities – $233.0 million (GEL 524.0 million; 1.5 percent of GDP), while the state-owned enterprises bonds and loans  – $  837.7 million (GEL 1.9 billion,  5.4 percent of GDP) and $605.5 million (GEL 1.4 billion, 3.9 per cent of GDP) respectively. Private foreign debt amounted to $8.2 billion (GEL 18.5 billion, 52.8 percent  of GDP), of which, the banking sector’s external debt amounted to $2.8 billion (GEL 6.3 billion, 17.9 percent of GDP ), foreign debt of private enterprises – $ 2.5 billion (GEL 5.7 billion,  16.3 percent of GDP) and intercompany debt – $ 2.9 billion (GEL 6.5 billion,  18.6 percent of GDP). 94.9 percent of the total external debt is denominated in foreign currency.

The net external debt of Georgia, as of  June 30, 2015, amounted to $  9.1 billion (GEL 20.5 billion), which is 58.6 percent of GDP in the last four quarters. Thus, the state sector’s net foreign debt totals $ 3.4 billion (GEL 7.7 billion), which is 21.9 percent of GDP.

In 2015 second quarter, the National Bank’s foreign debt increased by $1.0 million. Thus, due to operational changes, the National Bank’s foreign liabilities decreased by $ 3.4 million. At the end of the second quarter of 2015, the National Bank’s total liabilities amounted to $233.0 million. Of these, $202.5 million are the Special Drawing Rights (SDR), which have no maturity and practically its payment obligation will not occur until Georgia is a member of the International Monetary Fund.