Georgia's gross external debt falls 2.9% q/q in first quarter
Georgia's gross external debt fell 2.9% q/q to reach GEL34.6bn (€13.3bn) at the end of March, the country's central bank said on June 30. The change mainly reflected the fact that investors turned their debt into equity capital, the regulator adds.
Foreign debt is a concern for the small Georgian economy, which sustains stubbornly high trade deficits and has used foreign borrowing to upgrade and expand its infrastructure. Gross external debt represents 107.1% of GDP, and could negatively affect demand for planned public Eurobond issuances that the government announced for 2016-2017.
Public sector debt makes of 40% foreign debt, representing 45.4% of GDP. At GEL10.7bn, the general government's debt accounted for 33.1% of GDP; the central bank's liabilities were GEL519.6mn; and public enterprises' bonds and loans were GEL1.9bn and GEL1.6bn, respectively.
Georgia's net external debt stood at GEL21.2bn at end-Marhc, or 65.8% of GDP.
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