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Wednesday, 26 October 2016


5 percent of Georgian budget spent on external debt servicing

2011-03-22 17:45

14926.jpegOnly 5 percent of the Georgian 7-billion-lari budget is spent on servicing the country's external debt. As reported by Business Georgia, this data was voiced today by Minister of Finance Kakha Baindurashvili during his speech in parliament. The country has developed a long-term external debt policy implying that the debt should not exceed 60 percent of GDP, the minister underlined. According to short-term plans, the government hopes the external debt would not exceed 45 percent of GDP and there would be an opportunity to tack in case of various crises. According to Baindurashvili, today, Georgia's foreign debt is 43 percent of GDP.


As to the debt structure, the minister remarked that the commercial debt is 10 percent, while the rest are low-interest and long-term credits extended by donor organizations. According to the minister, the average interest rate of the foreign debt is only 2 percent.

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