Georgia's foreign debt reaches $500mln

Business Materials 17 June 2009 14:32 (UTC +04:00)

Georgia, Tbilisi, June 17 / Trend , N.Kirtskhalia/

As of May 31, 2009, Georgia's foreign debt and the total volume of credits under state guarantee hit $2.9 billion, which is almost by $1.5 billion more of the same period of 2008, the Georgian Finance Ministry reported.

Total debt of Georgia on the basis of bilateral agreements is $5.37.4 million. Bilateral creditors of Georgia are 17 countries, including the largest - Germany ($181 million) and Russia ($119.4 million).

[The total amount of debt of Georgia to Azerbaijan, formed in 1992-1994, as a result of business transactions between enterprises, amounted to $16.189,573]

Georgia's debt on attracted funds under Eurobonds, which were issued in April last year, is $500 million.

Georgia owes $1.9 billion dollars to international financial institutions, which is $0.6 million more than the same period last year. The International Development Association (part of the World Bank group) brought credit to one billion dollars, the European Union - $81 million, the International Monetary Fund - $645 million and the Asian Development Bank - $76.3 million.
The amount of debt on loans, attracted under state quarantine on the balance sheet date amounted to $8.1 million.

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