BAKU, Azerbaijan, April 26
Tamilla Mammadova – Trend:
Eurobonds remain the largest debt to be repaid in Georgia, Trend reports via Georgian media.
In addition, the state will have to repay $345 million by the end of the year, which is equivalent to 1.190 billion lari according to the exchange rate as of April 26.
By 2026, if the additional short-term debt or the current one are not restructured the government will have to cover $2.290 million, namely:
In 2021 - $345 million;
In 2022 - $467 million;
In 2023 - $456 million;
In 2024 - $523 million;
In 2025 - $499 million.
Back in October 2020 the 2021 budget submitted to parliament for consideration envisaged the repayment of $500 million in Eurobonds taken in 2011 for this purpose 1.7 billion lari was to be spent.
In December, the government changed its mind and decided to repay the old debt with a new one. Georgia will have to pay off it in 2026.
Tbilisi first tapped Eurobond markets in April 2008. When placing for the first time the bonds interest rate was 7.5 percent, in 2011 - 6.9 percent, and in 2020 - 2.75 percent. Over 13 years loan service cost the country more than $450 million, so the loan principal has not reduced.
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