Gross External Debt of Georgia

Gross External Debt of Georgia

29 September, 2017

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 16.4 billion USD (39.5 billion GEL) as of 30 June 2017, 113.1 percent of the last four quarter GDP. During the second quarter of 2017 the gross external debt of Georgia increased by 617.0 million USD. Out of that 385.1 million USD increase were due to operational changes, and 208.6 million USD increase was due to exchange rate changes. While price and other changes lead to 4.6 and 18.8 million USD increase respectively.

Public sector external debt amounted to 7.0 billion USD (16.8 billion GEL) or 48.0 percent of GDP. Out of which, debt of the general government amounted to 5.0 billion USD (12.0 billion GEL) or 34.4 percent of GDP. External liabilities of the National Bank of Georgia amounted to 244.6 million USD (588.8 million GEL) or 1.7 percent of GDP. And, the bonds and loans of public enterprises were correspondingly: 835.8 million USD (2.0 billion GEL) 5.8 percent of GDP and 885.2 million USD (2.1 billion GEL) 6.1 percent of GDP.

Banking sector external debt amounted to 3.4 billion USD (8.2 billion GEL) or 23.6 percent of GDP; Other sectors' external debt stood at 5.2 billion USD (12.6 billion GEL) or 36.0 percent of GDP; While 2.5 billion USD (6.1 billion GEL) or 17.4 percent of GDP was the intercompany lending. 92.0 percent of the gross external debt of Georgia was denominated in foreign currency.

The net external debt of Georgia amounted to 9.9 billion USD (23.9 billion GEL or 68.4 percent of GDP) as of 30 June 2017. Net public sector external debt was 4.0 billion USD (9.6 billion GEL or 27.4 percent of GDP).

External liabilities of the National Bank of Georgia increased by 46.5 million USD, out of that, transactions led to increase of the debt by 41.2 million USD and exchange rate changes led to 5.4 million USD increase. By the end of the second quarter of 2017, the external debt of the National Bank of Georgia amounted to 244.6 million USD, of which 200.5 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

 

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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.
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