BAKU, Azerbaijan, Dec.1
By Tamilla Mammadova – Trend:
The Georgian government is going to borrow 5.3 billion lari ($1.5 million) from multilateral and bilateral donors and partners in external debt in 2021, Trend reports via Georgian media.
However, increased domestic debt is not planned.
Some 3.1 billion lari ($935 million) will be spent on servicing external state debt, while 570 million lari ($171.9 million) will be spent on servicing domestic state debt.
Based on the final version of the state budget for 2021, government debt is forecasted at 60.1 percent of GDP by the end of 2021.
By the end of 2021, the state debt is forecasted to stand at 33.68 billion lari ($10.1 billion), consisting of external debt of 27.73 billion lari ($8.3 billion) and domestic debt of 5.95 billion lari ($1.7 billion).
The foreign debt portfolio of the government is preferential and consists mainly of long-term loans with the weighted average interest rate on the government's external debt is 1.42 percent.
Next year Georgia will have a state budget of 18 billion lari ($5.4 billion) to use for state agencies, projects, and also to alleviate sectors of the economy affected by COVID-19. Out of the 18 billion lari ($5.4 billion) state budget, about 13 billion lari ($3.9 billion) is spent on ministries.
The budget will be distributed among ministries as follows:
Ministry of IDPs from the Labor, Health and Social Affairs – 5.56 billion lari ($1.6 billion),
Ministry of Regional Development and Infrastructure – 2.42 billion lari ($729.9 million),
Ministry of Education, Science, culture, and sport – 1.8 billion lari ($524.9 million),
Ministry of Defense – 900 million lari ($271.4 million),
Ministry of Internal Affairs – 790 million lari ($238.2 million),
Ministry of Economy and Sustainable Development - 469.8 million lari ($141.7 million),
Ministry of Environmental Protection and Agriculture - 463.6 million lari ($139.8 million),
Ministry of Justice – 246.5 million lari ($74.3 million),
Ministry of Foreign Affairs – 174.2 million lari ($52.5 million),
Ministry of Finance – 88.9 million lari ($26.8 million).
Meanwhile, the budget of the State Ministry for Reconciliation and Civic Equality of Georgia amounted to 2.55 million lari ($769.1 million).
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