Gov’t has plans to decrease country’s external debt to 51.1% of GDP

The Georgian government has plans to decrease the country’s external debt to 51.1% of the Gross Domestic Product (GDP) next year, Prime Minister Irakli Garibashvili stated earlier today. 

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Georgia’s external debt amounted to 58.66% of GDP in 2020, nearly 29.3 billion GEL, which increased to a critical 60% of GDP this year. 

Garibashvili said that Georgia has had ‘major economic growth this year, which is expected to continue.’ 

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He stated that economic growth in Georgia in October amounted to about 7%, while growth in the past 10 months totalled 10.5%, calling it ‘unique, unprecedented high growth across Europe.’

This allowed us to increase the budget by more than 1.3 billion GEL,” Garibashvili says. 

Garibashvili stated that the total volume of the country's economy next year will be 65 billion GEL, ‘which means that GDP per capita will exceed 5,500 USD.’ 

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This will be a historical maximum,” Garibashvili said. 

He stated that the salaries of public servants will increase by 10% in 2022, as well as pension and social assistance for veterans.