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Georgia to live in debts

2011-03-23 16:16

14960.jpegIn the opinion of Minister of Finance Kakha Baindurashvili, the country's development is impossible without external borrowings, - Novosti Georgia reports.


According to him, Georgia managed to overcome the consequences of the world financial crisis due to significant financial assistance in the amount of 4,5 bln dollars rendered to the country by western allies. One cannot imagine a country's economic growth without debts", - head of the ministry underlined.

"Georgia's state debt does not exceed 43% of GDP, external debt - 35%. In the long-term prospect, Georgia's purpose is to keep the foreign debt from exceeding 60% and, if possible, maintain the figure of 45%", - the minister said.

Meanwhile, the opposition and the independent experts believe that the real level of the country's foreign debt reaches 85%. The reports of the ministry convey only the data on the debt obligations of the country, not the private economic sector.

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