In Georgia, the depreciation of the national currency impacted Georgia’s state debt negatively. According to statistics released by the Finance Ministry, Georgia’s public external debt was USD 8.12 billion, or GEL 25.63 billion, as of February 28.
State debt climbed by USD 26 million in February compared to January, while the growth made up GEL 908 million in the national currency (nearly 1 billion GEL). This rise was due to the depreciation of the GEL exchange rate. If 1 US dollar was worth Georgian lari 3.05 on January 31, the exchange rate was GEL 3.15 on February 28. The lari has depreciated against the dollar in recent weeks, resulting in an increase in government debt.
Moreover, Georgia owns the largest debt of the World Bank, ranking first. The debt was taken for the development of a number of major infrastructure projects in the country.
The Asian Development Bank, which also finances significant infrastructure projects and Georgia owes a debt of USD 1.86 billion, is in second place. In terms of bilateral loans, France (AFD) is foremost among the nations to whom Georgia owes a USD 691 million debt.
Whose Debt Does Georgia Own:
● World Bank IDA and IBRD – USD 2.03 billion;
● Asian Development Bank (ADB) – USD 1.86 billion;
● European Investment Bank (EIB) – USD 806 million;
● France (AFD) – USD 691 million;
● Germany (KFW) – USD 670 million;
● Eurobond of the Government of Georgia – USD 500 million;
● Debt of the National Bank to the International Monetary Fund (IMF) – USD 466 million;
● European Bank for Reconstruction and Development (EBRD) – USD 229 million;
● Government Debt to the International Monetary Fund (IMF) – USD 205 million;
● Asian Infrastructure Investment Bank (AIIB) – USD 194 million;
● Japan – USD 186 million;
● European Union (EU) – USD 149 million;
● International Fund for Agricultural Development (IFAD) – USD 37 million;
● Russia – USD 25 million;
● Austria – USD 16 million;
● America – USD 13 million;
● Kuwait – USD 11 million;
● Turkey – USD 7 million;
● Council of Europe Development Bank (CEB) – USD 5 million;
● Kazakhstan – USD 4 million;
● Azerbaijan – USD 4 million;
● Armenia – USD 3 million;
● Iran – USD 3 million;
● Scandinavian Environmental Finance Corporation (NEFCO) – USD 2 million;
● China – USD 0.5 million.
