Servicing foreign loans – a heavy burden for Georgia
Thursday, January 9According to the Minister of Finance, Nodar Khaduri, in 2013-2014, the Georgian budget has to pay back about $1 billion USD for servicing Georgia’s foreign loans. This is a heavy burden for the country. The 2014 budget is targeted at $9 billion, and $1 billion out of this would go for servicing.
The next date will be in 2021 when the country will have to pay back $500 million USD euro bonds.
In 2014 the country will presumably take an extra $1.6 billion USD loan through issuing treasury bonds, as well as taking foreign loans. Almost 10% of the 2014 budget will go for servicing loans. (The Messenger)