Georgia has 3-year grace period to repay foreign debt taken on amid coronavirus crisis
Kakuridze noted that $1.5 billion was borrowed when the anti-crisis plan was presented, of which $900 million has already been received. Photo: Nino Alavidze/Agenda.ge.
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Georgia will have a three-year grace period to repay foreign debts taken on amid the coronavirus crisis, said Deputy Finance Minister Giorgi Kakauridze earlier today.
Debt taken on because of the crisis will not have to be repaid next year, because each of them has a grace period of at least 3 years, although in general the country has to repay the debt," he said.
Kakuridze noted that $1.5 billion was borrowed when the anti-crisis plan was presented, of which $900 million has already been received.
In 2021, the largest amount we have to repay is $500 million in Eurobonds,” said Kakauridze.
Kakauridze noted that next year Georgia has to repay foreign debts of 2.4 billion GEL which had accumulated apart from coronavirus debts.
As of December 2019, the external debt of Georgia amounted to $18.6 billion, which was 105.1 per cent of the gross domestic product of the year, says the National Bank of Georgia.
Foreign direct investments (FDI) in Georgia amounted to $237.8 million in the second quarter of 2020, which is a 0.5 per cent increase compared to the same period of 2019, show the latest data of the National Statistics Office of Georgia (Geostat). The largest share of FDI was registered in the financial sector, reaching $78.1 million in Q2 2020, the energy sector was the second with $29.6 million, followed by the construction sector with $27.7 million.
Georgia currently owes $18.3 billion in external debt, says the National Bank of Georgia (NBG). During the first quarter of 2020, the gross external debt of Georgia decreased by $350.9 million.
The government of Georgia will take a new loan worth 4.47 billion GEL to handle the crisis caused by the coronavirus pandemic, according to the anti-crisis budget for 2020 presented today.
The amount of the external debt of the Georgian government borrowed within the last eight years amounts to 13.3 billion GEL ($4.1 bln/€3.5 bln), thus the total amount of government’s external debt is now three times more than it was eight years ago.
Georgia currently owes $18.8 billion in external debt, says the National Bank of Georgia (NBG). During the second quarter of 2020 the gross external debt of Georgia increased by $435 million. Out of that $202 million increase was due to exchange rate changes, $199.4 million decrease was due to transactions, $33.2 million increase due to price changes and $370,500 - due to other changes.
Georgia currently owes $20.3 billion in external debt, and this amount is growing, says the National Bank of Georgia (NBG). During the fourth quarter of 2020, the gross external debt of Georgia increased by $640.1 million.