RIA Novosti, Russia
June 21 2005
Georgia’s foreign debt stands at $1.79 billion
19:56
TBILISI, June 21 (RIA Novosti) – The value of Georgia’s foreign debt
and loans received against government guarantees was $1,798,035,000
as of May 31, 2005. The Georgian Finance Ministry’s foreign debt
department said the country owed $682,154,000 to 15 creditor nations.
At the same time, 12 creditor nations restructured Georgia’s foreign
debt in compliance with a decision made by the Paris Club of creditor
nations. They included Austria ($91,997,000), Azerbaijan
($16,190,000), Turkmenistan ($152,395,000), Turkey ($52,457,000),
Iran ($12,456,000), Russia ($154,488,000), the United States
($39,331,000), Armenia ($19,593,000), Uzbekistan ($551,000), Ukraine
($366,000), Kazakhstan ($27,774,000) and China ($3,096,000).
Germany, Japan and Kuwait are not bound by the Paris Club’s decision
because Georgia planned to start repaying its debt to them later.
Georgia owes Germany $51,637,000 and another $57,204,000 on loans
received from it against government guarantees (a total of
$108,841,000). Georgia also owes Japan $45,281,000 and Kuwait
$14,542,000.
Apart from creditor nations, Georgia also took out loans from
international institutions, in particular, the International Monetary
Fund, the World Bank’s International Development Association, and the
International Fund for Agricultural Development, which it owes
$1,058,679,000. Georgia also received a $30,360,000 loan from the
European Bank for Reconstruction and Development against government
guarantees.
The above figures involve acknowledged debt and exclude debt service
funds. Georgia’s foreign debt is based on the exchange rates in
effect on May 31, 2005.