BAKU, Azerbaijan, Aug. 6
By Tamilla Mammadova – Trend:
External debt to start declining this year in Georgia, said Prime Minister of Georgia Irakli Garibashvili, Trend reports via Georgian media.
It has enabled us to adjust the State Budget for 2021 and increase it by 1.2 billion lari (over $388 million), he added.
"Reduction of the budget deficit has also been possible, while external debt will start declining this year," said Garibashvili.
He noted that the external debt indicator is pretty high and it is one of the key challenges in the coming years, along with the current account deficit, which will need to decline.
"Naturally, our country was facing a huge challenge. We incurred a tremendous loss. Government of Georgia has to borrow quite large, significant resources - over $2 billion in total - specifically to manage the pandemic and over $3 billion had to be borrowed last year. Reduction of the budget deficit has also been possible, while external debt will start declining this year. External debt indicator is pretty high and it is one of the main challenges ahead. In general, the current account deficit should be managed and reduced, along with the budget deficit," noted Garibashvili.
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