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Georgia’s foreign debt increases

By Messenger Staff
Thursday, April 1
In 2008 Georgia's foreign debt was GEL 3.694 billion, in 2009 it was GEL 4. 532 billion and in 2010 the Georgian Government plans to take on a further 1 billion + in foreign debt. Thus foreign debt will come to over GEL 5 billion. It will take more than GEL 150 million to service these loans in 2010.

Georgia's foreign debts mounted after the Russian intervention, when foreign countries and financial institutions allotted very serious amounts of money to Georgia. But all this has to eventually be repaid. Georgia’s first PM during the Gamsakhurdia era Tengiz Sigua has stated that whatever the country could sell it has sold and therefore to cover further debt Georgia has to take out new ones.