Gross External Debt of Georgia
Gross external debt statistics are harmonized with BOP statistics. They include both public sector (general government, public corporations and national bank) and private sector (banking and other sectors) external debt. External debt statistics are compiled according to the methodology provided by the IMF's "External Debt Statistics: Guide for Compilers and Users" (2003).
The gross external debt of Georgia amounted to 17.2 billion USD (44.6 billion GEL) as of 31st December 2017 and 113.5 percent of the 2017 year GDP. During the fourth quarter of 2017 the gross external debt of Georgia increased by 342.9 million USD. Out of that 335.7 million USD increase were due to transactions, and 12.6 and 10.5 million USD increase was due to price and other changes respectively. While exchange rate changes lead to its decrease by 15.9 million USD.
Public sector external debt amounted to 7.3 billion USD (19.0 billion GEL) or 48.3 percent of GDP. Out of which, debt of the general government amounted to 5.3 billion USD (13.7 billion GEL) or 34.9 percent of GDP. External liabilities of the National Bank of Georgia amounted to 291.4 million USD (755.4 million GEL) or 1.9 percent of GDP. And, the bonds and loans of public enterprises were correspondingly 852.7 million USD (2.2 billion GEL) or 5.6 percent of GDP and 883.5 million USD (2.3 billion GEL) and 5.8 percent of GDP.
Banking sector external debt amounted to 3.7 billion USD (9.5 billion GEL) or 24.2 percent of GDP; Other sectors' external debt stood at 5.4 billion USD (13.9 billion GEL) or 35.3 percent of GDP; While 2.6 billion USD (6.7 billion GEL) or 17.1 percent of GDP was the intercompany lending. The 91.4 percent of the gross external debt of Georgia was denominated in foreign currency.
The net external debt of Georgia amounted to 10.1 billion USD (26.2 billion GEL or 66.6 percent of GDP) as of 31st December 2017. Net public sector external debt was 4.2 billion USD (11.0 billion GEL or 28.0 percent of GDP).
External liabilities of the National Bank of Georgia increased by 43.8 million USD, out of that, transactions and exchange rate changes led to increase of the debt by 41.6 million USD and 2.2 million USD respectively. By the end of the fourth quarter of 2017, the external debt of the National Bank of Georgia amounted to 291.4 million USD, of which 205.3 million USD are Special Drawing Rights (SDR)1, which have no maturity date, therefore there is no obligation to repay them as long as Georgia is a member of the IMF.
The presented statistical information is published on the website of the National Bank of Georgia under the heading "Statistics": https://www.nbg.gov.ge/index.php?m=306&lng=eng#external
1Allocated SDR is international reserve asset created by the IMF that is allocated to member countries in proportion to their IMF quotas. Allocated SDR is a liability that has no maturity date, therefore there is no obligation to repay them as long as the country is a member of the IMF. The amount of the above mentioned allocated SDR is presented in the assets of the National Bank and thereafter the net liability of the National Bank equals zero. From 2009, the IMF changed its methodological treatment towards SDR and, according to the new approach, allocated SDR is also recorded in liabilities.