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Kazakhstan to Restructure Georgia’s Debt

The Senate of the Parliament of Kazakhstan ratified the agreement on restructuring Georgia’s debt to Kazakhstan.

Finance Minister of Kazakhstan Bakhyt Sultanov, addressing a plenary session of the Chamber of Senate, recalled that the agreement was signed on June 13, 2017.

“The debt of Georgia to Kazakhstan is more than $27.7 million,” Sultanov said.

Under the document, Georgia repays its debt to Kazakhstan under certain conditions. For example, Georgia’s principal debt is reduced by the amount of Kazakhstan’s similar debt. In addition, the interest rate remains at 4 percent per annum.

Thus, according to the agreement, the amount of payments by the Georgian side in a period from 2017 to 2025 will be $37.997 million.