Gross External Debt of Georgia
The gross external debt of Georgia amounted to 18.8 billion USD (57.3 billion GEL) as of 30th of June 2020. It accounted for 111.5 percent of the last four quarters' GDP. During the second quarter of 2020 the gross external debt of Georgia increased by 435.0 million USD. Out of that, 202.0 million USD increase was due to exchange rate changes, 199.4 million USD increase due to transactions, 33.2 million USD increase due to price changes and 370.5 thousand USD increase due to other changes.
Public sector external debt amounted to 8.3 billion USD (25.3 billion GEL) or 49.2 percent of GDP. Out of which, debt of the general government amounted to 6.2 billion USD (18.8 billion GEL) or 36.6 percent of GDP. External liabilities of the National Bank of Georgia amounted to 447.6 million USD (1.4 billion GEL) or 2.7 percent of GDP. And the bonds and loans of public enterprises were correspondingly 782.8 million USD (2.4 billion GEL) or 4.7 percent of GDP and 893.9 million USD (2.7 billion GEL) and 5.3 percent of GDP.
Banking sector external debt amounted to 4.4 billion USD (13.3 billion GEL) or 25.9 percent of GDP; Other sectors' external debt stood at 4.5 billion USD (13.8 billion GEL) or 26.9 percent of GDP; While 3.3 billion USD (10.1 billion GEL) or 19.6 percent of GDP was the intercompany lending. The 90.5 percent of the gross external debt of Georgia was denominated in foreign currency.
The net external debt of Georgia amounted to 10.9 billion USD (33.4 billion GEL) or 64.9 percent of GDP as of 30 June 2020. Net public sector external debt was 4.6 billion USD (14.1 billion GEL) or 27.5 percent of GDP.
External liabilities of the National Bank of Georgia increased by 3.7 million USD, out of that, exchange rate changes led to increase of the debt by 3.6 million USD, and transactions increased the debt by 74.9 thousand USD. By the end of the second quarter of 2020, the external debt of the National Bank of Georgia amounted to 447.6 million USD, of which 198.1 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.
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.
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