Gross External Debt of Georgia

Gross External Debt of Georgia

29 March, 2021
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 20.3 billion USD (66.5 billion GEL) as of 31st of December 2020. It accounted for 127.7 percent of 2020 annual GDP. During the fourth quarter of 2020 the gross external debt of Georgia increased by 640.1 million USD. Out of that, 328.3 million USD increase was due to transactions, 276.4 million USD increase - due to exchange rate changes, 34.1 million USD increase due to price changes and 1.2 million USD increase was due to other changes.

Public sector external debt amounted to 9.7 billion USD (31.9 billion GEL) or 61.3 percent of GDP. Out of which, debt of the general government amounted to 7.4 billion USD (24.3 billion GEL) or 46.8 percent of GDP. External liabilities of the National Bank of Georgia amounted to 583.2 million USD (1.9 billion GEL) or 3.7 percent of GDP, and the bonds and loans of public enterprises were correspondingly 802.7 million USD (2.6 billion GEL) or 5.1 percent of GDP and 923.6 million USD (3.0 billion GEL) and 5.8 percent of GDP.

Banking sector external debt amounted to 4.4 billion USD (14.4 billion GEL) or 27.7 percent of GDP; Other sectors' external debt stood at 4.6 billion USD (15.2 billion GEL) or 29.1 percent of GDP; While 3.2 billion USD (10.6 billion GEL) or 20.4 percent of GDP was the intercompany lending. 92.1 percent of the gross external debt of Georgia was denominated in foreign currency.

The net external debt of Georgia amounted to 12.2 billion USD (40.1 billion GEL) or 77.0 percent of GDP as of 31 December 2020. Net public sector external debt was 5.8 billion USD (19.0 billion GEL) or 36.5 percent of GDP.

External liabilities of the National Bank of Georgia increased by 125.4 million USD, out of that, transactions led to increase of the debt by 115.1 million USD; exchange rate changes increase the debt by 10.3 million USD. By the end of the fourth quarter of 2020, the external debt of the National Bank of Georgia amounted to 583.2 million USD, of which 207.4 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.

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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.

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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