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 as of 31 March 2015 amounted to 13.4 billion USD (29.9 billion GEL), which came to 82.8 percent of the last four quarters' GDP. Of that total, public sector external debt was 5.1 billion USD (11.5 billion GEL) or 31.7 percent of GDP. A total of 4.1 billion USD (9.1 billion GEL) or 25.1 percent of GDP was the debt of the general government; the external liabilities of the National Bank amounted to 232.0 million USD (516.9 million GEL) or 1.4 percent of GDP; and the bonds and loans of public enterprises were correspondingly 837.1 million USD (1.9 billion GEL) or 5.2 percent of GDP and 588.1 million USD (1.3 billion GEL) or 3.6 percent of GDP. Banking sector external debt amounted to 2.8 billion USD (6.1 billion GEL) or 17.0 percent of GDP; other sectors' external debt stood at 3.6 billion USD (7.9 billion GEL) or 22.0 percent of GDP; while 2.8 billion USD (6.3 billion GEL) or 17.3 percent of GDP was the debt of intercompany lending. A total of 94.2 percent of the gross external debt of Georgia was denominated in foreign currency.
The net external debt of Georgia totaled 8.8 billion USD (19.6 billion GEL or 54.2 percent of GDP) as of 31 March 2015. Net public sector external debt was 3.2 billion USD (7.2 billion GEL or 20.0 percent of GDP).
During the first quarter of 2015, the gross external debt of Georgia decreased by 151.3 million USD (313.7 million GEL). Out of that, transactions led to an increase of gross external debt by 124.9 million USD (258.8 million GEL), other changes to 94.6 million USD (196.1 million GEL) and price changes led to its increase by 45.8 million USD (94.9 million GEL). During the same period, exchange rate changes led to a decrease of gross external debt by 416.6 million USD (863.5 million GEL).
External liabilities of the government sector decreased by 177.0 million USD (366.9 million GEL) during the first quarter of 2015. Out of that, exchange rate changes and transactions resulted in an decrease of government debt by 172.3 million USD (357.2 million GEL) and 33.9 million USD (70.2 million GEL) respectively. While price changes led to an increase of 29.2 million USD (60.5 million GEL).
External liabilities of the National Bank of Georgia decreased by 19.7 million USD (40.9 million GEL). Out of this, exchange rate changes lead to a decrease of 12.0 million USD (24.9 million GEL) and transactions - to 7.7 million USD (16.0 million GEL). By the end of the first quarter of 2015, the external debt of the National Bank of Georgia amounted to 232.0 million USD, of which 198.6 million USD are Special Driving Rights (SDR)1 which have no maturity date, therefore there is no obligations to repay them as long as Georgia is a member of the IMF.
External liabilities of the banking sector increased by 71.8 million USD (148.8 million GEL), of which 133.1 million USD (275.9 million GEL) grow was led by transactions, and price changes raise banking sector debt by 2.9 million USD (6.0 million GEL). While exchange rate changes decreased banking sector external debt by 64.2 million USD (133.1 million GEL).
Other sectors' external liabilities increased by 23.4 million USD (48.6 million GEL) during the reporting period. Of that amount, nonfinancial corporations' debt increased by 26.0 million USD (54.0 million GEL), and the external liabilities of nonbanking financial corporations' decreased by 2.6 million USD (5.4 million GEL). Other sectors' liabilities increased by 84.1, 18.7 and 13.7 million USD (174.4, 38.7 and 28.4 million GEL) due to transactions, other and price changes, respectively. While exchange rate changes led to a decline of other sector debt liabilities by 93.1 million USD (192.9 million GEL).
Intercompany lending decreased by 49.8 million USD (103.2 million GEL) during the first quarter of 2015. Exchange rate changes and transactions led to decrease of 75.0 and 50.7 million USD (155.4 and 105.2 million GEL) respectively; while Other changes led to grow of lending by 75.9 million USD (157.4 million GEL).
Liabilities denominated in foreign currency decreased by 49.8 million USD (103.2 million GEL) and amounted to 12.7 billion USD (28.2 billion GEL) and liabilities denominated in the national currency decreased by 101.5 million USD (210.5 million GEL) and totaled 773.2 million USD (1.7 billion GEL).
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=304
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.