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Georgian Ministry of Finance to provide report on the country’s foreign debt

2011-04-18 18:29

Georgian Ministry of Finance to provide report on the country’s foreign debt. 16006.jpegFree Democrats demand transparency of the situation with Georgia's foreign debt. As was reported by GHN, the party representatives appealed to the Georgian Ministry of Finance demanding a report on Eurobonds refunding term.


In 2011, Georgia's foreign debt exceeded 4 billion dollars, while in 2008 it was less than 2 billion, Free Democrats reported.

"Everyone remembers the conditions on which the Georgian government borrowed 500 million dollars in 2008 with the per cent per annum of 7,5, which is called Eurobonds in financial language. The fact is that this amount was not spent on the construction of a gas reservoir, as it had been announced. No one was held liable for this anti-state step that damaged the country and it is unclear what the money was spent on. Saakashvili's government was to settle this debt in 2013. But as we can see, the authorities have no intention to do it, so the government issued more Eurobonds to the amount of 500 million two years beforehand", - Free Democrats assert.

Party representatives believe that the government is purposefully conducting a policy contradicting the people's interests when the country has to live on external debt. 

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