External debt of Georgia amounts to $19.7 billion
In the third quarter of 2020 the gross external debt of Georgia increased by $781.5 million. Photo: Nino Alavidze/Agenda.ge.
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The gross external debt of Georgia amounted to $19.7 billion as of September 30 which constituted 120.4 percent of the last four quarters' gross domestic product, says the National Bank of Georgia.
In the third quarter of 2020 the gross external debt of Georgia increased by $781.5 million. Out of that, an $83.3 million increase was caused by price changes, while $48.9 million increase was due to exchange rate changes.
Public sector (general government, public corporations and national bank) external debt amounted to $8.9 billion which is 54.6 percent of gross domestic product (GDP).
Public sector debt was divided as follows:
- debt of the general government - $6.8 billion which is 41.4% of GDP
- external liabilities of the National Bank of Georgia - $457.8 million; 2.8%of GDP
- bonds of public enterprises - $794.9 million; 4.9% of GDP
- Loans of public enterprises - $904.4 million; 5.5% of GDP
Banking sector external debt amounted to $4.4 billion which is 27.2 percent of GDP.
As for other sectors' external debt, it stood at $4.7 billion which amounted to 29.1 percent of GDP.
Meanwhile, intercompany lending amounted to $3.3 billion (19.9 percent of GDP).
91.7 percent of the gross external debt of Georgia was denominated in foreign currency.
The net external debt of Georgia amounted to $11.6 billion which is 71.3 percent of GDP as of 30 September 2020.
Net public sector external debt was 5.1 billion USD (16.8 billion GEL) or 31.4 percent of GDP.
Out of the external debt of the National Bank of Georgia which is $457.8 million as for the third quarter of 2020, $202.7 million are Special Drawing Rights, says the NBG noting that SDR is an international reserve asset created by the International Monetary Fund which has no maturity date, therefore there is no obligation to repay them as long as Georgia is a member of the IMF.