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Friday, 28 October 2016


Tbilisi takes time to pay back

2010-06-11 10:00

6154.jpegGeorgia still owes 3,5 billion dollars to the international creditors. The republic owes almost one third of this amount to the International Monetary Fund (IMF), which, by the way, has stated that Tbilisi has overcome the first wave of the economical crisis. It is notable that the country's authorities have also been talking about the revival of the Georgian economy. However, Georgia's foreign debt does not seem to decrease.


According to the Georgian Foreign Ministry, the republic owes the financial and credit institutes an aggregate amount of almost 2,5 billion dollars. Besides, Georgia owes the donor countries: there are seventeen of them. The largest is Georgia's debt to Germany, which comprises 177,845 million dollars. Despite the break of the diplomatic relations with Russia, the republic owes Moscow 118 million dollars as well.

Within recent years, there have emerged certain tendencies in the accumulation of Georgia's foreign debt. In 2008 the debt comprised two and a half billion dollars, while in a year it increased by half a billion. This year, Georgia owes the donors three and a half billion dollars.

The foreign debt, however, is accumulated in the context of the optimistic statements made by the international financial organizations, rating agencies and the country's authorities.

In winter, the IMF mission presented its final report on the economical situation in the republic. According to the document, Tbilisi has overcome the first wave of the economical crisis, while the country's banking sector has again become beneficial; still, Georgia will hardly be able to do without the foreign investments. The representatives of the foundation think that Georgia has achieved certain success in the economical program realization and has regained the investors' trust. In the opinion of the head of the IMF mission in Georgia Edward Gardner, this year, Tbilisi may expect a two-percent GDP growth should the republic follow the developed program.

Good news came to Georgia from New-York in April. Standard & Poor's international rating agency has increased the republic's long-term sovereign credit ratings on the foreign and national currency obligations. The experts of the agency have come to a conclusion that Georgia has got a better structure of economy and growth prospect than the other countries belonging to the same category, to which fact the rating growth was attributed.

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