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Summary of Gross External Debt of Georgia

Gross external debt statistics are harmonized with BOP statistics. They include both public sector (general government, public corporations and national bank) and private sector (banking and other sectors) external debt. External debt statistics are compiled according to the methodology provided by the IMF’s “External Debt Statistics: Guide for Compilers and Users” (2003).

The gross external debt of Georgia amounted to 17.2 billion USD (45.1 billion GEL) as of 30th of September 2018. It accounted for 107.4 percent of the last four quarters’ GDP. During the third quarter of 2018 the gross external debt of Georgia decreased by 195.1 million USD. Out of that 145.8 million USD decrease was due to exchange rate changes, transactions led to 65.5 million USD decrease and price changes to 10.9 million USD decrease. At the same time other changes led to 27.0 million USD increase of the external debt.Public sector external debt amounted to 7.1 billion USD (18.3 billion GEL) or 44.3 percent of GDP. Out of which, debt of the general government amounted to 5.1 billion USD (13.4 billion GEL) or 31.9 percent of GDP. External liabilities of the National Bank of Georgia amounted to 328.4 million USD (858.8 million GEL) or 2.0 percent of GDP. And, the bonds and loans of public enterprises were correspondingly 806.3 million USD (2.1 billion GEL) or 5.0 percent of GDP and 864.2 million USD (2.3 billion GEL) and 5.4 percent of GDP.

Banking sector external debt amounted to 3.8 billion USD (9.9 billion GEL) or 23.5 percent of GDP; Other sectors’ external debt stood at 5.5 billion USD (14.5 billion GEL) or 34.5 percent of GDP; While 2.5 billion USD (6.5 billion GEL) or 15.4 percent of GDP was the intercompany lending. The 90.4 percent of the gross external debt of Georgia was denominated in foreign currency.

The net external debt of Georgia amounted to 10.2 billion USD (26.5 billion GEL) or 63.2 percent of GDP as of 30 September 2018. Net public sector external debt was 3.9 billion USD (10.3 billion GEL) or 24.5 percent of GDP.

External liabilities of the National Bank of Georgia decreased by 2.2 million USD, out of that, exchange rate changes contracted the debt by 2.7 million USD. Transactions led to increase of the debt by 0.5 million USD. By the end of the third quarter of 2018, the external debt of the National Bank of Georgia amounted to 328.4 million USD, of which 201.2 million USD are Special Drawing Rights (SDR)1, which have no maturity date, therefore there is no obligation to repay them as long as Georgia is a member of the IMF.