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Georgia reveals volume of domestic debt

Finance Materials 22 January 2021 17:41
Georgia reveals volume of domestic debt

BAKU, Azerbaijan, Jan. 22

By Tamilla Mammadova – Trend:

The Georgian government borrowed 176 million lari ($53.5 million) more domestic debt than determined by the budget in 2020, Trend reports via the Government administration.

According to a document released by the state treasury, the volume of taken domestic debt amounted to 2.026 billion lari ($616.1 million) last year, instead of 1.85 billion lari ($562.6 million).

However, in parallel with the grown domestic debt, the government borrowed less than planned foreign debt in 2020.

According to the budget, the debt increase should have been 6.19 billion lari ($1.8 billion), instead the amount of transferred liabilities amounted to 5.26 billion lari ($1.5 billion) in the country, which is 930 million lari ($282.8 million) less compared to the planned volume.

Namely, the budget-supported foreign credit plan amounted to 5.15 billion lari ($1.5 billion), of which the country received 3.84 billion lari in commitments.

The loan plan for financing investment projects was 1 billion lari ($304.1 million), while the transferred resources in the country amounted to 1.41 billion lari ($428.8 million).

In total, the Georgian government made new commitments of 7.28 billion lari ($2.2 billion) in 2020.

According to the 2021 budget, the Georgian government plans to take a new foreign debt of 5.27 billion lari ($1.6 billion). However, taking of domestic debt is not planned this year. As a result of the loan increase, Georgia's debt will reach 60 percent of GDP, and the budget deficit will be 7.5 percent.

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