Georgia’s external debt at $22.2 billion
The gross external debt of Georgia decreased by $127.1 million during the third quarter of 2022 and stood at $22.2 billion as of September 30. Photo: Nino Alavidze/Agenda.ge
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The gross external debt of Georgia decreased by $127.1 million during the third quarter of 2022 and stood at $22.2 billion as of September 30, the National Bank of Georgia said in its latest update of national debt statistics on Friday.
The Bank said the figure had increased by $373.5 million due to transactions and $5 million through “other changes”, offset by a $485.5 million decrease due to exchange rate and $20.2 million in price changes, resulting in the overall decrease.
The external debt of the public sector reached $9.7 billion, or 42.8 percent of the gross domestic product, while the banking sector’s external debt amounted to $5.9 billion, or 26.2 percent of the GDP, the institution also revealed.
Georgia’s international investment position amounted to -$26.6 billion by September 30 with a net improvement by $288 million compared to the previous quarter. The IIP is a financial statement that explains the value and composition of a country’s external financial assets and liabilities. A positive IIP value indicates a nation is a creditor nation, while a negative value indicates it is a debtor nation, as is the case for Georgia.
Other updated data from the Bank on Georgia’s balance of payment indicated how much money had entered and left the country, with the figures showing the current account had "become positive” and equalled $400.2 million.
The NBG noted the trade of goods and income accounts made a “negative contribution” to the current account, while services accounts and current transfers made a “positive effect”. In the third quarter of 2022, the current account was 5.9 percent of GDP.
Georgia’s gross domestic product per capita will reach $8,000 in 2023 while the current year is on track to close with 10 percent economic growth, Prime Minister Irakli Garibashvili said on Tuesday as part of his end-of-year summary of the Government’s work.
Georgian finance minister Lasha Khutsishvili on Thursday said reducing the country's external debt, which currently stands at $22.3 billion, was among the government's priorities.
Transparency International Georgia has recommended the government of the country to further reduce its budget deficit and consider less foreign debts in next year’s state budget, as the parliament is preparing for the final approval of the financial document.
Georgia’s 2023 budget has been planned with a five percent economic growth forecast, Georgian prime minister Irakli Garibashvili said at today's government meeting.
The Pension Agency of Georgia has estimated the net asset value of the country’s pension fund at ₾2.97 billion ($1.1 bln).
Georgia received $535.3 million from abroad in December 2022, which is 133.2 percent more than the amount in December 2021, the National Bank of Georgia said on Monday.