OREANDA-NEWS. January 17, 2008. Public and publicly guaranteed external debt of Georgia as of December 31, 2007 amounts to 1 790 049 thousand GEL, Georgian Ministry of Finance reports. As of 2006, this indicator equaled 1 697,484 thousand GEL, in 2005 - 1,734, 885 thousand GEL.

According to the creditors, the reduction tendency of the credit amount in the conventional currency is obvious, but the sharp soar of exchange rate of Euro and SDR towards USD caused the boost of the amount of external debt calculated in USD. It is important to maintain the positive trends of external debt sustainability. From this point, annual reduction of external debt amount towards GDP underlines the success of financial-economic policy. This indicator amounted to 44.9% in 2003, but in 2007 it had been 16.8%. According to the forecasts, in 2008 this indicator will equal 12%.

Debt of Georgia to the bilateral creditors as of December 31 amounts to 522,972 thousand USD, including:

Austria – 1,844thousand USD;

Azerbaijan – 14,464 thousand USD;

Turkmenistan – 4, 6541 thousand USD;

Turkey --  47,625 thousand USD;

Iran – 11,356 thousand USD;

Russia – 120,497 thousand USD;

Armenia – 17,508 thousand USD;

Uzbekistan – 382 thousand USD;

Ukraine – 349 thousand USD;

Kazakhstan – 27,774 thousand USD;

Germany – 168,593 thousand USD;

Japan – 47,712  thousand USD;

Kuwait – 14,227  thousand USD;

Netherlands -   6,155 thousand USD;

USA – 39,835 thousand USD.

 
Georgia also has the debt to international institutions, which amounts to 1 253,052 thousand USD, Including:

International Monetary Fund (Recipient National Bank of Georgia) - 249,462 thousand USD;

World Bank, International development Association - 883.465 thousand  USD;

International Agriculture Development Fund - 11,204 thousand USD;

European Union - 84,230 thousand USD;

EBRD - 24,691 thousand USD.

As of November 30 of 2007, the surplus of external debt according to the publicly guaranteed credits amounts to 14,025 thousand USD, including:

European Bank for Reconstruction and Development – 9, 760 thousand USD;

Germany – 4,265 thousand USD.

 
Note: Exchange rate is as of December 31.