Gross External Debt of Georgia
The gross external debt of Georgia amounted to 17.2 billion USD (45.1 billion GEL) as of 30th of September 2018. It accounted for 107.4 percent of the last four quarters' GDP. During the third quarter of 2018 the gross external debt of Georgia decreased by 195.1 million USD. Out of that 145.8 million USD decrease was due to exchange rate changes, transactions led to 65.5 million USD decrease and price changes to 10.9 million USD decrease. At the same time other changes led to 27.0 million USD increase of the external debt.
Public sector external debt amounted to 7.1 billion USD (18.3 billion GEL) or 44.3 percent of GDP. Out of which, debt of the general government amounted to 5.1 billion USD (13.4 billion GEL) or 31.9 percent of GDP. External liabilities of the National Bank of Georgia amounted to 328.4 million USD (858.8 million GEL) or 2.0 percent of GDP. And, the bonds and loans of public enterprises were correspondingly 806.3 million USD (2.1 billion GEL) or 5.0 percent of GDP and 864.2 million USD (2.3 billion GEL) and 5.4 percent of GDP.
Banking sector external debt amounted to 3.8 billion USD (9.9 billion GEL) or 23.5 percent of GDP; Other sectors' external debt stood at 5.5 billion USD (14.5 billion GEL) or 34.5 percent of GDP; While 2.5 billion USD (6.5 billion GEL) or 15.4 percent of GDP was the intercompany lending. The 90.4 percent of the gross external debt of Georgia was denominated in foreign currency.
The net external debt of Georgia amounted to 10.2 billion USD (26.5 billion GEL) or 63.2 percent of GDP as of 30 September 2018. Net public sector external debt was 3.9 billion USD (10.3 billion GEL) or 24.5 percent of GDP.
External liabilities of the National Bank of Georgia decreased
by 2.2 million USD, out of that, exchange rate changes contracted the debt by 2.7
million USD. Transactions led to increase of the debt by 0.5 million USD. By
the end of the third quarter of 2018, the external debt of the National Bank of
Georgia amounted to 328.4 million USD, of which 201.2 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.