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Georgia’s foreign debt increasing

By M. Alkhazashvili
(Translated by Diana Dundua)
Wednesday, March 5
Georgia’s foreign debt increased to reach USD 1.9 billion by the end of January, USD 172 million above the same time last year, the newspaper Rezonansi reports.

The Finance Ministry says foreign debt is decreasing in relation to GDP. In 2003 debt was equivalent to 44.9 percent of GDP, in 2007 this figure was 16.8 percent and the target for 2008 is 12 percent, the ministry states.

However economist Lado Papava, an MP and former economy minister, claims government GDP figures are artificially inflated.