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 15.5 billion USD (41.0 billion GEL) as of 31 December 2016, 108.2 percent of the annual 2016 GDP. During the fourth quarter of 2016 the gross external debt of Georgia increased by 149.0 million USD. Out of that 496.2 million USD and 37.2 million USD increase were due to transactions and other changes. While price and exchange rate changes lead to its reduction by 45.7 and 338.7 million USD respectively.
Public sector external debt amounted to 6.6 billion USD (17.5 billion GEL) or 46.1 percent of GDP. Out of which, debt of the general government amounted to 4.7 billion USD (12.4 billion GEL) or 32.6 percent of GDP; External liabilities of the National Bank of Georgia amounted to 200.3 million USD (530.1 million GEL) or 1.4 percent of GDP; And the bonds and loans of public enterprises were correspondingly, 871.8 million USD (2.3 billion GEL) 6.1 percent of GDP and 855.9 million USD (2.3 billion GEL) 6.0 percent of GDP.
Banking sector external debt amounted to 3.1 billion USD (8.3 billion GEL) or 21.9 percent of GDP; Other sectors' external debt stood at 5.1 billion USD (13.5 billion GEL) or 35.7 percent of GDP; While 2.4 billion USD (6.3 billion GEL) or 16.5 percent of GDP was the intercompany lending. 93.7 percent of the gross external debt of Georgia was denominated in foreign currency.
The net external debt of Georgia amounted to 9.5 billion USD (25.1 billion GEL or 66.1 percent of GDP) as of 31 December 2016. Net public sector external debt was 3.8 billion USD (10.1 billion GEL or 26.6 percent of GDP).
External liabilities of the National Bank of Georgia decreased by 10.5 million USD, out of that, transactions led to decrease of the debt by 2.6 million USD and exchange rate changes led to 7.9 thousand USD decrease. By the end of the fourth quarter of 2016, the external debt of the National Bank of Georgia amounted to 200.3 million USD, of which 193.6 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
1 Allocated 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.