Georgia’s debt to Kazakhstan reduced to $25.48 million
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Georgia’s debt to Kazakhstan has decreased by about $3 million thanks to a new deal between the countries that changed outstanding debt terms.
Georgia’s Finance Minister Dimitry Kumsishvili has today signed a Debt Restructuring Agreement with Kazakhstan.
Per the Agreement Georgia’s debt to Kazakhstan decreased from $27.77 million to $25.48 million.
Debt repayment to Kazakhstan will be implemented on the basis of the agreement reached with the Paris Club Creditors and the debt service will continue until 2025.
The Paris Club is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor countries.
Negotiations with Kazakhstan on debt restructuring started in 2001 and was completed successfully in 2016.
Georgia currently owes $15.5 billion in external debt, and this amount is growing, says the National Bank of Georgia (NBG).
A delegation from Kazakhstan is visiting the Georgian Civil Aviation Agency (GCAA) for an exchange in aviation security.
Georgia, Kazakhstan, Ukraine and Azerbaijan are joining forces to increase freight turnover, ensure uninterrupted traffic, transit of goods between member countries of the Trans-Caspian International Transport Route (TMTM).
Georgia will play an important transit role connecting China, Turkey and Europe via the Trans-Caspian international transport route which runs through China, Kazakhstan, Azerbaijan, Georgia and then through Turkey and Ukraine to Europe.
President of Georgia Giorgi Mrgvelashvili is paying an official visit to Kazakhstan. He met with President Nursultan Nazarbayev and discussed the prospects of further strengthening trade-economic cooperation.
A Georgian consulate has been opened in Kazakhstan, accompanied by a Georgia-Kazakhstan business forum.