Georgia owes Azerbaijan GEL 18.1M

Georgia owes Azerbaijan GEL 18.1M
Georgia owes Azerbaijan GEL 18.1M

As the Finance Ministry data have it, in January of 2021, Georgia owed Azerbaijan GEL 18.1 mln, while on December 1, the loan amounted to GEL 18.8 mln. The data show that the amount Georgia owns to its neighboring country has slightly reduced in two months.

The country has also resorted to foreign borrowing from its other neighboring countries, Armenia (GEL 18.1 mln), Russia (GEL 134 mln), and Turkey (GEL 35 mln).

Per the Finance Ministry data, the government debt hit GEL 31.57 bln in January of 2021 (GEL 735 mln increase in January only), with GEL 25.7 bln being foreign debt and GEL 5.84 bln domestic debt.

The 2021 budget envisages that the government will take GEL 5.27 bln in loans, with GEL 1.45 to be spent on investment infrastructure projects, GEL 2.17 bln is set to function as budget support credits, and GEL 1.65 bln to be applied to refinance USD 500 mln Eurobonds.

Georgia's domestic loans are as follows:

1) government securities (government bonds) - GEL 5.5 bln;

2) other securities - GEL 52.8 mln;

3) budgetary organization loans - GEL 31 mln.

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