Georgia faces $14.4 billion external debt

Georgia has a current debt of $14.4 billion USD (34.2 billion GEL), latest figures reveal.

This figure was 97.2 percent of the total Gross Domestic Product (GDP) as of September 30, 2015, revealed data published by the National Bank of Georgia (NBG).

Georgia’s gross external debt increased by $114.9 million USD during the third quarter of 2015. Out of that increase $145.6 million USD was due to transactions, explained NBG.

Public sector external debt amounted to $5.9 billion USD (14.0 billion GEL) or 39.8 percent of GDP of which:

• The debt of the general government was $4.3 billion USD (10.2 billion GEL) or 28.9 percent of GDP;
• External liabilities of the NBG amounted to $225.9 million USD (538.0 million GEL) or 1.5 percent of GDP; and
• The bonds and loans of public enterprises were correspondingly $769.2 million USD (1.8 billion GEL) 5.2 percent of GDP and $615.7 million USD (1.5 billion GEL) 4.2 percent of GDP.

Banking sector external debt amounted to $2.8 billion USD (6.6 billion GEL) or 18.9 percent of GDP; other sectors' external debt stood at $4.1 billion USD (9.8 billion GEL) or 27.8 percent of GDP; while 3.0 billion $USD (7.1 billion GEL) or 20.1 percent of GDP was the intercompany lending. 

About 95.2 percent of the gross external debt of Georgia was denominated in foreign currency, said NBG.

The net external debt of Georgia amounted to $9.1 billion USD (21.6 billion GEL or 61.4 percent of GDP) as of 30 September 2015. Net public sector external debt was $3.4 billion USD (8.0 billion GEL or 22.9 percent of GDP).

External liabilities of the NBG decreased by $7.1 million USD, out of that, transactions led to decrease of the debt by $6.7 million USD. By the end of the third quarter of 2015, the external debt of the NBG amounted to $225.9 million USD, of which $202.1 million USD were Special Drawing Rights (SDR) which had no maturity date, therefore there was no obligation to repay them as long as Georgia is a member of the International Monetary Fund (IMF).