Georgia reduces its international debt, reveals NBG

Georgia’s financial debts are decreasing and its international assets are increasing, says the National Bank of Georgia.

Latest data from the Bank showed as of April-June 2015 – the second quarter of the year (Q2) – Georgia’s net international investment position (IIP) was -$17.5 billion USD (-39.3 billion GEL), which was -112.3 percent of the country’s Gross Domestic Product (GDP).

This figure had increased by $607.6 million USD compared to Q2 of 2014 and by $356.7 million USD compared to Q1 of 2014.

Transactions and other changes were negative during the quarter, while the exchange rate and price changes were positive, noted NBG.

A country's IIP was a financial statement that set out the value and composition of that country's external financial assets and liabilities. A positive IIP value indicated a nation was a creditor nation, while a negative value indicated it was a debtor nation.

NBG said Georgia’s international assets had increased by $305.5 million USD during the second quarter of this year and by $500.3 million USD compared to Q2 of 2014.

The country’s total assets amounted to $6.4 billion USD (14.3 billion GEL) by the end of second quarter of this year, noted NBG.

Meanwhile Georgia’s liabilities increased by $662.2 million USD compared to the previous quarter and by $1.1 billion USD compared to Q2 of 2014. The country’s total liabilities amounted to $23.8 billion USD (53.6 billion GEL).