Georgia’s debt to Kazakhstan reduced to $25.48 million

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.