BAKU, Azerbaijan, March 4
By Tamilla Mammadova – Trend:
In order to effectively manage public debt, the Georgian government is preparing for the issuance of a new Eurobond, said Georgian Prime Minister Irakli Garibashvili, Trend reports via Georgian media.
Garibashvili noted that in 2011, Georgia placed $500 million in Eurobonds on the London Stock Exchange with a maturity of 10 years, the principal of which comes due in April 2021. He said that in order to repay the principal of the existing Eurobond, it is necessary to attract financial resources by issuing a new Eurobond.
"To effectively manage debt – which means reducing the refinancing risks in the government debt portfolio, to repay the existing amount of the existing Eurobond – it is necessary to attract financial resources by issuing a new Eurobond and we are preparing for this process", said Garibashvili.
The amount of the external debt of the Georgian government borrowed within the last eight years amounts to 13.3 billion lari ($4.01 billion), thus the total amount of the government’s external debt is now three times more than it was eight years ago.
As of August 2020, government external debt amounted to 19.9 billion lari ($6 billion), while it was 15.7 billion lari ($4.7 billion) as of December 31, 2019.
Government external debt amounted to 3.2 billion lari ($965.2 million) by the end of 2003 and by December 31, 2012 it had increased to 6.6 billion lari ($1.9 billion), more than doubling in nine years.
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