Georgia’s external debt reduces

Georgia’s foreign debt has decreased by $80,705 USD in the past 12 months.

Latest monthly data revealed state foreign debt dropped $13,203 from April to May this year.

As of May 31, Georgia’s external debt amounted to $4.26 billion.

Data published by the National Bank of Georgia (NBG) revealed the country amassed a $13.5 billion gross external debt as of December 31, 2014.

Of that amount, external debt generated from within the public sector was $5.9 billion or 35.8 percent of GDP.

A total of $4.2 billion or 25.7 percent of GDP was the debt of the general Government; the external liabilities of the NBG amounted to $251.8 million and the bonds and loans of public enterprises reached $829.3 million and $578.7 million respectively.

The banking sector's external debt amounted to $2.7 billion, while other sectors' external debt stood at $3.5 billion. A total of $2.8 billion was the debt of inter-company lending. Similarly, 93.6 percent of the country's gross external debt was denominated in foreign currency.

NBG noted the net external debt of Georgia totalled $8.5 billion as of December 31, 2014. Net public sector external debt was $3.2 billion and net private sector external debt was $5.4 billion.

• All figures are in US dollar.